Full text of Commercial and Financial Chronicle : January 4, 1930, Vol. 130, No. 3367

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The

financial.
hrtintrie

SATURDAY,JANUARY 4 1930.

VOL. 130.

financial Chronicle
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The Financial Situation.
The country seems to be rapidly getting back to a
normal basis, at least financially, after the speculative debauch which eventuated in the stock market
panic of October and, November. Member bank borrowing at the Federal Reserve banks is rapidly
being reduced, there having been a further contraction the past week in amount of $130,360,000; and it
should not be forgotten that it is a healthy sign for
borrowing at the Reserve institutions to show a falling off, when trade itself is declining and there is
really no need for excess banking credits, such as
the Reserve banks supply, in the ordinary commercial requirements of the country. While speculation was raging so wildly on the Stock Exchange,
the country lost sight of this vital fact, and came to
regard member bank borrowing as finding full justification when responding merely to the growing
absorption of credit on the Stock Exchange.
It is gratifying to know that we are now getting
back to first principles and to see bank credit once
more adjusting itself to the true needs of the mercantile world, wholly free from speculative considerations. All the more is it important to bear that
fact in mind as the Federal Reserve banks are still
wedded to the idea that it is their bounden duty to
offset diminished member bank borrowing in the
shape of rediscounts by purchases of Government
securities and bankers' acceptances through their
open market operations, the idea being to keep substantially the same amount of Reserve credit outstanding as before. This is a policy at all times full
of menace, but especially so at the present time, when
the country is confronted with a large outflow of
gold,which will do no harm if left to the operation of
ordinary economic law, but should not be artificially
stimulated, since the process amounts simply to
emitting paper money, in the shape of Federal
Reserve notes, to supplant the gold going out, and,
in fact, actually leads to the expulsion of the gold.




NO. 3367.

As it happens, we have had within the last ten
days a capital illustration going to show how implicitly economic law can be depended upon to work
out its own adjustment in a perfectly normal way
without adventitious interference on the part of any
human agency, whether the Federal Reserve authorities or some other body that attempts to substitute
its own fallible judgment of what should be done for
the sure working of the law of economics. All the
foreign exchanges have suddenly weakened, and gold
exports have ceased, except to France, which has
simply become a sinkhole for the metal. During the
month of December the gold exports aggregated no
less than $72,200,000 in round figures, the outflow
having unquestionably been stimulated by the Federal Reserve policy of thrusting out Reserve credit
when the diminution in member bank borrowing
showed so plainly that no true need existed for the
Reserve credit withdrawn by the member banks. In
addition, $22,000,000 more of gold was ear-marked
for foreign account, making, with the gold exports, a
combined loss of the metal to the country in this
single month of almost $95,000,000.
Such a heavy outflow of the metal in so short a
period undoubtedly furnished occasion for anxiety,
even though we have adequate supplies of the metal.
This week all of a sudden the outflow is checked, no
further engagements of the metal having taken
place, except to France, and as explaining the situation there has been within a week a decided weakening, as already stated, of all the foreign exchanges.
This decline in exchange rates within so brief a span
is such a notable occurrence that it is desirable that
a record of it should be made. Cable transfers on
London were down yesterday to 4.87 17/32 as
against 4.88% on Dec. 23. Dutch guilders sold
down to 40.34 against 40.37 Dec. 24. Swiss francs
in the same manner dropped from 19.46% to 19.40%.
Cable transfers on Berlin fell from 23.961/s to
23.86%. All the Scandinavian exchanges declined
in similar fashion, the Danish crown for cable transfers dropping from 26.84% to 26.78, the Swedish
crown from 26.98 to 26.88, and the Norwegian crown
from 26.84 to 26.78. Even cable transfers on Paris,
which never fluctuate very widely, are down from
3.94 5/16 to 3.93 7/16.
What is the explanation of the sudden weakness in
foreign exchange rates, with the cessation, at least
for the time being, of gold exports, except to France.
The explanation is unquestionably found in the rise
in call loan rates on collateral security at New York.
From Nov. 22 to Dec. 19, inclusive, call loan money
on the New York Stock Exchange was uninterruptedly quoted at 4/
1
2%. On Dec. 20 there was an advance to 5%, on Dec. 23 to 5%7
0, and on Dec. 26 to
6%. And since this latter date up to and including
Thursday (Jan. 2) 6% was the ruling rate for demand loans on security collateral though yesterday

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FINANCIAL CHRONICLE

the rate got back to 5%. Thus all these incidents,
namely, the firming up of the money market, the
weakening of the foreign exchanges, and the let-up
in the gold shipments are seen to be interrelated
events.
It would be hazardous to attempt to say whether
there is in these various incidents we have just related an element of permanency or not, but the
lesson is the same, whether the train of events is
merely of a temporary nature or is permanent. The
one great fact is that they show how surely economic
law, if left unimpeded, works out its own adjustment. The matter is of importance because it demonstrates so plainly that interference or intervention on the part of the Federal Reserve Board is
unnecessary and uncalled for. No credit regulation
of any kind is demanded or justifiable, however
benign the purpose. What is incontrovertibly indicated as the requirement is 'a "hands off" policy on
the part of the Reserve banks. If there is anything
wrong in the existing situation, it can be depended
on, as this experience of the last 10.days so signally
proves, quickly to right itself without the application of artificial means and without extraneous intervention of any kind.

[VoL. 130.

risen during the week from $2,821,640,000 to
$2,857,051,000.
Brokers' loans this week register an increase of
$96,000,000, having risen from $3,328,000,000 Dec. 24
to $3,424,000,000 Dec. 31, but at this latter figure
compare with $5,330,000,000 a year ago. While the
total of these loans on securities to brokers and
dealers by the reporting member banks in New York
City show the increase for the week already noted,
the change in the character of the loaning, to which
attention has been directed in previous weeks, is
again in evidence, only in much more effective manner. The whole of the increase in the grand total
for the week, and more, too, is found in the loans
made by these reporting member banks on their
own account, the amount in this category having
risen from $845,000,000 to $1,167,000,000. Loans for
account of out-of-town banks, on the other hand, are
slightly lower, being down from $716,000,000 to
$709,000,000, while in the third category, comprising
the so-called loans "for account of others," there has
been a shrinkage of $219,000,000, the amount of the
same having dropped during the week from $1,767,000,000 to $1,548,000,000. On Oct. 9 the loans "for
account of others" stood as high as $3,941,000,000.

What is said above is especially pertinent and
In our issue of last week we referred to the large
timely in any consideration of the weekly returns and general losses the railroads were showing in
of the Federal Reserve banks which each week are their November earnings, gross and net, this being
demonstrating anew that the Federal Reserve au- presumably indicative of an almost immediate fallthorities are using adventitious methods in their ing off in traffic as a result of the stock market panic
conduct of Federal Reserve operations and in dis- in October and November. We also noted that
pensing Federal Reserve credit. As already noted, the comparisons of the net results were relatively
what they are engaged in doing is to thrust out new poorer than the comparison's of the gross revenues,
Reserve credit as member banks yield up the use of and suggested that this was probably because the
such credit through reduction of their borrow- managers of the roads, desirous of heeding the inings at the Reserve institutions. It looks, though, junction of President Hoover, were reluctant to curas if now the job along this line were really getting tail expenses in proportion to the falling off in
too big for the Reserve banks, inasmuch as member traffic and gross revenues. Some more returns for
bank borrowing is being reduced so very fast. the month of November have come in the present
This week's statements show that the 12 Reserve week, and they are of the same unfavorable charinstitutions further increased their holdings of acter. Thus the New York Central, as compared
U. S. Government securities in. amount of over $25,- with the November of the previous year, shows a
000,000, the total of such holdings now being $510,- loss of $833,340 in gross revenues and of $350,472 in
587,000, as against $485,043,000 last week, and have net before the deduction of taxes; the Lehigh Valley
at the same time enlarged their holdings of accept- a loss in gross of $1,280,606 and in net of $1,125,397;
ances in the sum of over $37,000,000, the amount the Lackawanna a loss of $664,390 in gross and of
this week at $392,209,000 comparing with $354,- $544,335 in net; the Pere Marquette $487,994 loss in
943,000 last week, and yet this augmentation under grass and $1,058,740 in net; the"Big Four" $446,448
both heads, though reaching $62,810,000, falls far loss in gross and $495,523 in net; the Boston &
short of the reduction in the discount holdings, Maine $295,994 loss in gross and $610,857 in net;
which reached no less than $130,360,000, the amount the "Soo" $790,660 loss in gross and $507,615 in net;
of these discounts, which reflect member bank bor- the Long Island $109,830 loss in gross and $271,592
rowing, being down to $632,421,000 as against $762,- in net; the Atlantic Coast Line, $852,875 loss in
781,000 last week.
gross and $738,220 in net, and the Seaboard Air
The result altogether, therefore, is that the aggre- Line $487,062 loss in gross and $188,489 in net—all
gate of Reserve credit outstanding is substantially roads and systems in widely separated parts of the
less this week than' last week, notwithstanding the country.
large additions during the week to both the holdings
of acceptances, the amount of the bill and security
Business on the Stock Exchange this week has
holdings the present Week being $1,547,517,000 as again been on a light scale, but the market has shown
against $1,612,537,000 last week. As Reserve de- a rising tendency, as a result of which very subposits of the member banks were increased in stantial advances in prices were recorded up to
amount of over $35,000,000 during the week, the Thursday afternoon, when somewhat of a downward
result of the diminished borrowing of the member reaction occurred. Prices moved upward on
Saturbanks is seen in. the reduction in the amount of Fed- day last, and again on Monday and Tuesday, the
aderal Reserve notes in circulation from $1,989,159,000 vances for the three days combined reaching
very
Dec. 24 to $1,909,723,000 Dec. 31. Gold reserves at substantial proportions in the case of nearly
all the
the same time show a recovery of a portion of the leading stocks. On Thursday, the first
day's busilarge losses sustained in previous weeks, having ness in the new year, the initial sales
showed a fur




JAN. 4 1930.]

FINANCIAL CHRONICLE

3

ther upward movement, but in the afternoon con- standing the general rising tendency, quite a few
siderable selling on a light volume of business was more stocks dropped to new low levels for the year,
indulged in, apparently by operators for a decline, the list including the following:
Montgomery Ward & Co. and Sears, Roebuck & Co.
STOCKS MAKING NEW LOWS FOR THE YEAR.
being made special objects of attack on the theory
Industrial (cc Mind!. (Concl.)—
Railroads—
pref.
that profits in the mail order business during the M. St. P.& 5.8. M.Leased Lines. Goodrich
New York Rys. pref.
Grand Stores.
next few months will likely be adversely affected by Norfolk Southern.
Grant (W. T.).
Twin City Rapid Transit.
Hahn Dept. Stores pref.
the slowing down of general business. The down- Twin
Kelly-Springfield Tire.
City Rapid Transit pref.
Lehigh Valley Coal pref.
ward reaction was carried somewhat further on FriIndustrial and Miscellaneous—
Loft.
day morning, but in the afternoon the market re- Abitibi Power & Paper.
Maytag pref.
McCrory Stores class A.
Elec. Appliance.
gained tone and the tendency of prices was again Air-Way
American Beet Sugar pref.
Melville Shoe.
Michigan Steel.
American
Seating.
upward, though only in a moderate way, and with
National Air Transport.
Constable.
the market displaying considerable irregularity. Arnold
Beacon Oil.
National Surety.
Belding-Hemingway.
Newton Steel.
Fox Film, which had broken badly on talk of a receiv- Bloomingdale
Oil Well Supply.
Bros.
ership, enjoyed a brisk recovery on reports that the Brockway Motor Truck pref.
Oppenheim, Collins & Co.
Pittsburgh Terminal Coal.
Bucyrus-Erie pref. (7).
receivership would be avoided.
Butterick Co.
Pressed Steel Car pref.
Punta Alegre Sugar.
As stated above, trading was on a relatively small Cannon Mills.
Cavanagh-Dobbs pref.
Real Silk Hosiery pref.
basis. On the New York Stock Exchange the sales Century Ribbon Mills pref.
Seagrave Corp.
Shubert Theatres.
Products.
at the half-day session on Saturday were 1,634,510 Certain-Teed
City Ice & Fuel.
South Porto Rico Sugar.
shares; on the full day Monday they were 4,159,860 Comm. Investment Trust warrants. Standard Comm. Tobacco.
Consolidated Textile.
Standard Investing.
shares, on Tuesday, 2,678,070 shares; Wednesday Continental Motors.
Standard Plate Glass pref.
Radio.
Symington.
was New Year's Day and a holiday; on Thursday the Crosley
Cuba Cane Sugar prod.
Tobacco Products div. ctfs. B.
United Biscuit.
sales were 2,932,720 shares, and on Friday 2,073,350 Fashion Park Assoc. pref.
Filene's Sons.
United Elec. Coal.
shares. On the New York Curb Exchange the sales Filene's Sons pref.
Universal Pipe & Radiator.
Fisk Rubber.
U. S. Leather class A.
on Saturday were 822,700 shares; on Monday, Fisk
Rubber Ist pref.
Will/a-Overland pref.
1,839,200 shares; on Tuesday, 842,100 shares; on Fox Film class A.
Wilson & Co.
Thursday, 778,900 shares, and on, Friday, 554,400
The steel shares have shared in the general imshares.
provement. United States Steel closed yesterday at
Net changes in prices for the week are generally 168% against 165% on Friday of last week; Bethleon the up side, notwithstanding the reaction on hem Steel at 931/
8 against 91%,and Republic Iron &
Thursday. United Aircraft closed yesterday at 50 Steel at 75% against 74. The motor stocks are also
against 46 on Friday of last week; American Can somewhat higher. General Motors closed yesterday
at 1207
/8 against 1141/2; United States Industrial at 41% against 40% on Friday of last week; Nash
Alcohol at 134% against 134%; Commercial Solv- Motors at 55% against 53; Chrysler at 37% against
ents at 293
/
4 against 291/
4; Corn Products at 90% 36; Packard Motors at 16% against 157
/
8; Hudson
against 887
/8; Shattuck & Co. at 38 against 363
/
4; Motor Car at 59% against 54%, and Hupp Motors
Columbia Graphophone at 29 against 27%; Brook- at 23% against 21. In the rubber group Goodyear
lyn Union Gas at bid 134 against 136%; North Amer- Rubber & Tire closed yesterday
at 63% against 64
ican at 97 against 93; American Water Works at on Friday of last week; B. F. Goodrich at 42 against
911/
4 against 85; Electric Power & Light at 51% 40%; United States Rubber at 243
/
4 against 23%,
against 45%;Pacific Gas & Elec. at 53 against 51%; and the preferred at 50 against 49%.
Standard Gas & Elec. at 113% against 112%; ConRailroad stocks show irregular changes for the
solidated Gas of N. Y. at 99 against 951/s; Columbia week. Pennsylvania RR. closed yesterday at 733
/
4
Gas & Elec. at 741/
8 against 701/
4; Public Service of against 73% on Friday of last week; New York
N. J. at 85 against 767
/
8; International Harvester Central at 170 against 167%; Erie RR. at 5714
at 79% against 775
/
8; Sears, Roebuck & Co. at 84% against 57; Del. & Hudson at 161% against 164;
against 8814; Montgomery Ward & Co. at 47 against Baltimore & Ohio at 116 against 115; New
Haven at
471
/
4; Woolworth at 693
/
4 against 70; Safeway 111% against 111; Union Pacific at 219% against
Stores at 1133
/
4 against 1151/
4; Western Union Tel. 210%;Southern Pacific at 122% against 119%; Misat 196% against 186; Amer. Tel. & Tel. at 221% souri Pacific
at 88 against 88%; Kansas City
against 217%, and Int. Tel. & Tel. at 73% Southern at 82% bid against
81; St. Louis Southagainst 70%.
western at 59% bid against 60; St. Louis-San FranAllied Chemical & Dye closed yesterday at 258 cisco at 107% against
109; Missouri-Kansas-Texas
against 257% on Friday of last week; Davison Chem- at 48% against
44%; Rock Island at 115 against
ical at 29 against 28%; E. I. du Pont de Nemours at 113%; Great
Northern at 90% against 95, and
1177
/8 against 114; Radio Corp. at 423
/
4 against 41%; Northern Pacific at 86 against 85%.
General Electric at 245% against 230%; National
The oil shares fluctuated within a narrow range.
Cash Register at 75 against 74%; Fox Film A at 21 Standard Oil of N.
J.closed yesterday at657
/8 against
against 21; International Combustion Engineering 64% on Friday
of last week; Simms Petroleum at
at 51/
8 against 6%; International Nickel at 31% 261/
8 against 23%; Skelly Oil at 311/
8 against 31%;
against 30%; A. M. Byers at 90% against 84%; Atlantic Refining at 38%
against 37%; Pan AmerTimken Roller Bearing at 78 against 75%; Warner ican B at 60 against 59;
Phillips Petroleum at 35
Bros. Pictures at 40% against 401/
8; Mack Trucks against 34%; Texas Corp. at 55% against 55%;
at 71% against 701%;Yellow Truck & Coach at 14% Richfield Oil at 24%
against 24%; Standard Oil of
against 141/
4; Johns-Manville at 123 against 116%; N. Y. at 327
/
8 against 32%, and Pure Oil at 23%
National Dairy Products at 48% against 46%; Na- against 24.
tional Bellas Hess at 9% against 10%; Associated
The copper shares have fluctuated within a narrow
Dry Goods at 29 against 29%; Lambert Co. at 987/s limit. Anaconda Copper
closed yesterday at 73%
against 95%; Texas Gulf Sulphur at 56% against against 74% on Friday
of last week; Kennecott
5334, and Kolster Radio at 4 against 4. Notwith- Copper at 587
/
8 against 58; Calumet & Hecla at 29%8




4

FINANCIAL CHRONICLE

against 283
/
4; Aiides Copper at bid 33 against 34%;
Inspiration Copper at 271/
4 against 263
/
4; Calumet &
2 against 84; Granby Consolidated
Arizona at 821/
Copper at 53% against 51; American Smelting & Refining at 735/s against 72%, and U. S. Smelting &
Refining at 347
/
8 against 36.

[VoL. 130.

trical shares made the best gains. Buying developed
on a large scale Tuesday at Paris and confidence in
the future of French business appeared to prevail
in all departments of the market. The tendency was
firmer than for many weeks, partly because plenty
of money was available for the year-end settlements
at 21/
2%. The initial sessioh of 1930 also was bright
at Paris. The Bourse was firm and active, with the
advance taking in virtually all stocks. Shares of
the electrical and copper industries, coal mine
stocks and rentes showed the greatest gains. Some
profit-taking was noted at Paris yesterday, but the
list in general remained steady.
The Berlin Boerse was firm in Monday's session,
with trading at a comparatively brisk pace. Gains
up to seven points were registered in the mining
group, shipping stocks, dye trust shares and electrical issues. The German public appeared to take
an interest in the transactions for the first time in a
long while. The Berlin market lost its tone Tuesday and most of the gains of the previous day were
cancelled. The liquidation was attributed largely
to professional operators who were anxious regarding the conference of governments at The Hague.
After an uneasy opening Thursday, the Boerse again
turned upward and the entire list improved. Reductions in private discount rates and the more
favorable outlook in the international money markets were factors in the improvement. The Berlin
market remained firm in yesterday's session.

Share prices on the important European Stock
Exchanges were firm in most sessions of the short
business week now closing, and the markets were
further heartened by an increase in trading activity.
Business was resumed Monday at London and Paris
after a holiday period that took in virtually the entire previous week, while at Berlin also some extension of the holidays took place. In the current
week, however, only the New Year's Day was observed. The market tone in the British and Continental centers improved materially over that prevalent in the closing months of the year now past.
Prices moved off on all European markets late in
1929 to the lowest levels of the year, and in some
instances to the lowest figures in several years.
The hope was general, therefore, that the turn of
the year would in this case prove a turning point of
the markets as well. One important reason for
optimism on the European exchanges,it was pointed
out, is the profound change in the international
financial atmosphere that developed after the crash
in prices at New York. Money rates have fallen
sharply in all centers and gold has again moved
toward Europe in considerable volume. The Bank
of England has been enabled to build up its gold
A degree of uncertainty regarding the five-power
reserve to some extent, while the anomalous posi- naval limitation conference which is to begin in
tion of the Bank of France in international finance London Jan. 21 has been occasioned by the French
is in process of adjustment. On the whole, the de- memorandum outlining more precisely the position
velopments were viewed as favorable from the long of the Paris Government. The memorandum was
range point of view, although much confusion exists drawn up by the French Government in accordance
regarding the immediate outlook.
with the understanding among all five powers that
The London Stock Exchange resumed business in preliminary discussions would be advisable in order
a quiet mood Monday, after the long holiday, but to adjust difficulties in advance of the meeting. It
the tone was generally steady. Gilt-edged securities was dispatched to London Dec. 21, and subsequently
were marked up and some buying also was noted in to Washington, Tokio and Rome, as well as the capithe international list, but the gains in the latter tals of all other powers that have participated in the
were not always maintained. British industrial work of the Preparatory Disarmament Commission
stocks made small adances, while the copper and oil at Geneva. Although published Dec. 27, the official
shares were irregular. Activity increased on the text was not available in Washington until SaturLondon Exchange on the final day of 1929, but price day, Dec. 28. The document reiterated the French
movements were uncertain. Further improvement viewpoint that any agreemnt reached at London
took place in the gilt-edged section, and interna- must be subservient to the general disarmament
tional issues also were traded in at higher levels. plans of the League of Nations; that the problems
Sharp drops were noted, on the other hand,in shares of land, sea and air armaments must be considered
of companies connected with silver production owing as interdependent; that the Kellogg-Briand treaty
to the fall in the price of the metal. India stocks cannot be regarded as a guarantee of the security
also were weak on the political developments. The Of nations; that French naval needs must be based
business of the new year was begun Thursday in a on the requirements of the French Empire, and that
cheerful atmosphere with the volume of trading the sea power problem in the Mediterranean might
about at the previous level. Gilt-edged securities yield to a suggested naval accord to which Britain,
continued their improvement, and a number of the France, Italy and Spain would subscribe.
international issues also gained. India securities
Comment in Washington on the French memoragain sold off. Additional advances were made in andum was, of course, guarded, but it was made
the gilt-edged list yesterday but share prices at Lon- plain in unofficial circles that keen disappointment
don were irregular otherwise.
was felt. "The immediate reaction of interested
Business was resumed on the Paris Bourse Mon- quarters," a Washington report to the New York
day in a quiet but firm session. Transactions were "Times" said, "is that, unless the unexpected should
not numerous, but the list progressed steadily. The happen, France will not sign any treaty for naval
better atmosphere was attributed partly to improve- armament reduction and limitation at London. It
ment in the political situation, while some influence is believed that France has so solidified her position
also was exerted by the action of the French Parlia- that no loophole to permit her participation in a
ment in voting reductions of taxes on securities five-power disarmament agreement is offered." The
dealings. Bank stocks, chemical issues and elec- view was accordingly expressed in Washington that




JAN. 4 1930.]

FINANCIAL CHRONICLE

5

a three-power agreement and possibly a four-power reports early this week indicated that the League of
agreement will eventuate from the London confer- Nations expects an invitation from the powers to
ence. In a dispatch to the New York "Herald Trib- send an "observer" to the London conference. This
une" the point was made that the French memor- expectation was strengthened by the French memoandum "strikes another blow at the plan to abolish .randum. "The fact that such an invitation, which
submarines." A question debated even more seri- the British gave Geneva to understand in September
ously in Washington, the dispatch said, was whether that they would issue, has not already been rethe memorandum might not make the British Admir- ceived," a dispatch to the New York "Times" said,
alty averse to accepting a low cruiser tonnage. "But "is attributed to Prime Minister MacDonald's havthe severest blow from the viewpoint of American ing since become anxious lest even this tenuous link
policy," it was added, "probably comes from the with the League ruffle the American delegation."
Preliminary discussions among the various govFrench refusal to recognize the Kellogg-Briand pact
as a sufficient guarantee of national security to form ernments were continued this week in the hope of
the basis for a naval arms reduction agreement." smoothing out some of the points of difference. ImIt was emphasized in several reports that hopeful portant conversations to this end were begun late
views still prevailed in some official quarters in last week in Paris between Premier Tardieu and
Washington. "But it is evident that the more gen- Ambassador Walter E. Edge. In explaining the
eral view here is that France by its preliminary French standpoint, M. Tardieu was understood to
memorandum has taken itself out of consideration have spoken at these meetings in the same frank way
as a signatory of a disarmament treaty at London," and in the same vein in which the memorandum was
a report of last Saturday to the New York "Times" written. "Aside from what the talks may bring
forth," a Paris special to the New York "Times" said,
said.
Other capitals also discussed the French memoran- "there can be no doubt that they were inspired by
dum with keen interest, but the views were generally the disquieting reaction, in Washington to the
more optimistic than those expressed in Washing- French memorandum." It was indicated in Paris
ton. "British statesmen rather welcome Paris' Monday that Premier Tardieu will probably hold a
frank statement of her position," a London dispatch conference with Secretary of State Stimson before
of last Saturday to the New York "Times" reported. the opening of the London meeting. A meeting pre"They think it has helped the situation rather than liminary to the formal parley also has been arranged
hurt it, since it was inevitable, sooner or later, that between Prime Minister MacDonald and M. Tardieu.
the French would make their attitude known." In Discussions have been started in London, meantime,
London the French note was taken to mean that between British representatives and the Japanese
France is ready to accept limitation on the basis of delegates, who arrived in the British capital Dec. 27.
her naval program, but wishes further political ar- In a formal statement issued in Rome Sunday, Dino
rangements before agreeing to any radical reduc- Grandi, Italian Foreign' Minister, reiterated Italian
tions. There was no inclination, on the other hand, readiness to "reduce armaments to the minimum,
to hide the fact that the French position will com- provided other countries are ready to do the same."
plicate the work of the London conference and lessen
A further stage in the complex and intricate interthe chances of large reduction because of Britain's
desire to maintain a safe situation in the Mediter- national negotiations for placing the Young plan of
ranean. Tokio reports indicated that Japanese offi- German reparations payments in effect was reached
ciate were inclined after study of the French last evening, when representatives of 13 governments
memorandum to take a graver view of the London and an informal delegation from the United States
conference prospects. "The French document cre- gathered at The Hague for the second time to conates the feeling that France is not greatly concerned sider adoption of the new plan. The first Hague
to achieve success," a special cable of Dec. 28 to the conference lasted throughout the month of August
New York "Times" said. Comment in Rome was 1929, and it revealed numerous differences among
restricted to official circles, as no Italian news- the governments of which the most important was
papers discussed the French note. Official quarters the schism between the British and French repreviewed the French position with equanimity, ac- sentatives occasioned by Chancellor Snowden's decording to a Rome dispatch of last Saturday to the mand for an increased share of unconditional anNew York "Times," since it appeared to coincide nuities. Adjustment of this matter proved enorwith the main foundations of the Italian policy.
mously difficult, and it took up most of the first
Among the results of the French statement of Hague session'. The diplomats, unable to elaborate
policy was an immediate increase of interest in the the working sections of the plan, adjourned at the
London conference at Madrid. Premier Primo de end of August after appointing several sub-commitRivera announced last Saturday that he was dis- tees to complete the work of the Paris experts. The
cussing the Spanish position with the Foreign Secre- delegates who assembled last night will consider
tary, "with regard to the disarmament conference the reports of the five important sub-committees,
and the problem of the Mediterranean, in which it is which will be presented in the form of a jurists' combelieved Spain has the duty to interfere on the pre- mittee report, combining all the other reports and
liminary plan because of her geography and his- constituting the international legal form of the
tory." A further announcement made Tuesday was Young plan for adoption of the •interested governto the effect that the Madrid Government had ments. If the document is accepted by the various
handed a naval note to Foreign Minister Briand of delegations, it will be referred back to the several
France through Ambassador de Leon at Paris. The governments for parliamentary ratification and will
note demanded, Madrid dispatches said, that any be placed in effect immediately after it has been thus
parleys on a "Mediterranean Locarno" include approved.
Spain, and requested an exposition by the powers of
Although a number of difficulties still face the
their attitude toward Spanish participation. Geneva delegations at The Hague, the course of the confer-




6

FINANCIAL CHRONICLE

ence will probably be smoothed by the long series
of private discussions among the governments that
have been in progress since the first Hague adjournment. Recent reports have indicated that the governments are in substantial agreement on the allocation of unconditional annuities. Of the differences
still outstanding, the most important appears to be
that of the application of sanctions in the event of
failure by Germany to make the scheduled payments.
Premier Andre Tardieu of France is pledged to insist on sanctions, while the Germans have indicated
plainly that they regard the sanctions permitted
under the Treaty of Versailles as no longer a part of
their reparations policy. A second important point
of possible dissension is believed to center around
the problem of reparations payments by non-German defeated States. The current Hague conference will probably be a short one, as the Ministers
are scheduled to attend several other important
conferences later this month. The British delegation is again headed by Chancellor Philip Snowden.
France sent a delegation of 56 experts, headed by
Premier Tardieu and Foreign Minister Aristide
Briand. The list of German representatives is
headed by Dr. Julius Curtius, Minister for Foreign
Affairs, and Dr. Joseph Wirth, Minister for Occupied Territories. Belgian delegates will be headed
by Premier Henri Jaspar; the Italians by Foreign
Minister Dino Grandi, and the Japanese by ranking
European ambassadors. Chancellor Johann Schober will be present for Austria; Count Stephen Bethlen for Hungary,and Foreign Minister Marinkovitch
for Yugoslavia. Edwin C. Wilson, First Secretary
of the American Embassy at Paris, will serve as
unofficial observer for the United States.
Payment by Germany of American claims arising
out of the World War will be made directly to the
United States Government under the terms of a
special agreement concluded at Berlin last Saturday
after several months of negotiations. Signatures
were attached to the document by Dr. Erwin Ritter
of the German Foreign Office, and Edwin C. Wilson, First Secretary of the American Embassy in
Paris, but the agreement will require the approval
of the United States Congress, to which it is now
to be submitted. Proposals for the agreement are
understood to have been made by the United States
Government in accordance with its frequently expressed desire to remain aloof from European concerns such as reparations. Under the scheme now
elaborated Germany will pay the annuities allocated
to the United States without utilizing the medium
of the Bank for International Settlements, which
is an integral part of the Young plan of reparations
payments signed at Paris June 7 1929. The agreement, however, will go into force on the same date
that effect is given the arrangement by the Reich
with other creditor powers under the Young Plan.
The payments by Germany will be used to liquidate two categories of American claims: those
awarded by the German-American Mixed Claims
Commission, and the United States Government's
claim for army of occupation costs in arrears.
Treasury records show, according to a Washington
report to the New York "Herald Tribune," that on
Sept. 1 these claims were considered to amount to
$256,656,213 on mixed claims account, and $193,936,765 on army of occupation costs, or a total of
$450,592,978. Mixed claims are to be paid in full,




[vol.. 130.

but the army costs will be reduced approximately
10%, while the period of payments will be prolonged. This arrangement was discussed at a White
House conference on May 19 last between President
Hoover and members of his Cabinet, and the majority and minority leaders of both houses of Congress. At that time the Experts' Conference in
Paris was re-arranging the scale of German reparations payments and the United States Government
agreed to a proportionate reduction of its claims.
Announcement that the agreement had been
reached was made both in Berlin and in Washington
last Saturday. The Berlin statement indicated that
the form of the agreement is closely similar to that of
the debt funding agreements existing between the
United States and other powers. The priority of
the Dawes loan of 1924 is maintained. Formal execution of the agreement, it was pointed out, will
take place only after the Reichstag and Congress
give their.consent. The Berlin statement added that
since Germany, under the Young plan, is not the
debtor of the individual powers but of the community of powers, the agreement will have to be
taken into consideration at The Hague conference
in the sense that the American annuities are to be
eliminated. "The two governments are in accord
as to the form and terms of such an agreement," the
Washington statement said, "but it cannot be definitely concluded until the executive branch of the
Government has been so authorized by the Congress.
The purpose of the negotiations was to enable the
executive branch of the Government to submit to
the Congress in definite form an agreement acceptable to the German Government, so that the Congress, before granting the necessary authority, would
have before it the form of the agreement. The schedule of payments conforms to the annuities proposed
by the Young committee for the United States. From
each of the annuities to be received 40,800,000 reichsmarks are to be allocated to the satisfaction of
mixed claims and the balance to the satisfaction of
our Government's claims on account of army costs.
This is substantially in accord with the program
outlined at the White House conference of May 9
1929, which was attended by a number of the leaders
of both houses of Congress.
Several important financial measures were voted
by the French Parliament Monday with the avowed
aim of enhancing the position and prestige of France
in international financial dealings. The most important of the measures approved by the Chamber
of Deputies provides for reduction of the stamp tax
On the sale of foreign securities in France from 4%
of the principal to 2%. It was noted in a Paris
dispatch of Dec. 30 to the New York "Journal of
Commerce" that this step is intended to facilitate
the creation of a market in Paris for foreign bonds.
The large stamp tax previously in force had virtually closed the French market to foreign loans. The
heavy impost of -2% still required leaves a considerable impediment in the way of any extended flotations of foreign securities in France, according to
bankers in New York, but it is thought that some
foreign financing may now be done there because of
the low interest rates prevalent in Paris. The proposal to reduce or do away with the tax on foreign
loans was under discussion in Paris for several
months, with Ministers of Finance Henri Cheron
and M. Moreau, Governor of the Bank of France,

JAN. 4 1930.]

FINANCIAL CHRONICLE

strongly in favor of the move. A second step voted
by the Chamber of Deputies with the aim of reducing the costs of financial dealings in France consists of a reduction in the transfer tax upon securities from 50 centimes per cent. to 40 centimes per
cent. This tax is based upon the average market
price for the preceding year. The financial reform
measures include also the elimination of income
taxes upon the interest of future departmental,
municipal and colonial loans, while the tax on foreign exchange operations also is abolished. The
latter measure, it is believed, will encourage foreign
acceptance financing in Paris, a bank having recently been organized for this purpose by leading
French financiers.
Heavily increased duties on importations of foreign cars into France are contemplated by the Paris
Government, threatening to reopen once again the
protracted discussions on tariff matters that have
been prominent in diplomatic relations between
France and the United States in recent years. The
reported projects are aimed at all foreign cars and
trucks, dispatches say, but since American cars
constitute the only important importations, the
measures appear to be aimed at the American product particularly. "The situation is an alarming one
for Americans, and the whole question has been
brought to the urgent attention of the Embassy
here," a report of last Saturday to the New York
"Times" said. The current developments are considered the outcome of long urging by French automobile manufacturers that the French Government
increase the duties on foreign cars. Although
American sales form only a small portion of the
total sales of cars and trucks in France, they are
steadily increasing and have become a source of
irritation to the French makers. "What Americans
here fear," the "Times" dispatch said, "is that the
project of the new laws now being circulated among
members of the Chamber is the beginning of a movement to drive them from the market, for, if reliable
reports prove correct, the Government plans contemplate two laws. The first would raise the duty
on parts for assembly and replacement to three times
the previous rates, or 125% of the value of the
product. The second measure, which is understood
to be in the hands of the printer, would raise the
duty on completed cars from the present 45% ad
valorem to about 90%."
Further reports on the matter indicated this week
that Ambassador Edge has called the attention of
the French Government officials to the grave fears
expressed by American automobile representatives
in Paris in regard to the plans for almost prohibitive
tariff schedules on foreign cars. Several conferences were held among American automobile representatives in Paris and plans were discussed for
combating the reported step by the Paris Government. It was recalled that European producers
have recently revived their movement of several
years ago for restriction of American imports. This
movement never progressed beyond the stage of conversation, but another meeting is scheduled for
Jan. 15 next, at Prague. In French automobile
circles, existing and increased tariffs were defended
upon the ground of national industrial preservation.
French motor car tariffs are admittedly high, but
so are American ones, it was pointed out, and it was
emphasized that fewer than 1,000 foreign cars are




7

sold in the United States each year. "With an important national motor car industry to protect," a
Paris dispatch to the New York "Times" reported,
"the French hold that the tariff must be considered
only a means to stem the tide of foreign importations." Current sales of American cars in France
are understood to approximate 22,000 cars a year,
most of them being assembled in European plants
from parts of American manufacture.
Dr. Jacob Gould Schurman, American Ambassador to Germany, announced officially in Berlin late
last week that he had resigned his post, thus confirming long current rumors of this impending step.
Although Ambassador Schurman's resignation had
been generally expected ever since the Presidential
elections in the United States, his statement was
recived with genuine regret by the German public
and officials of the Reich Government. He assumed
his post in June 1925, as the successor to Alanson B.
Houghton, who was the first American Ambassador
to Germany after the World War. In a Berlin report of Dec.27,it was stated that the "German press,
without exception, makes a cordial acknowledgment
of Dr. Schurman's services in behalf of a better
understanding between the United States and Germany, citing the widespread esteem and confidence
in which he is held in German official and social
circles." President Hoover took action last Saturday to fill this important post in the diplomatic
service, naming Senator Frederic Moseley Sackett
of Kentucky as his choice to succeed Dr. Schurman.
Senator Sackett is an intimate friend of President
Hoover and served in his Food Administration organization during the World War. He is on the
point of completing his firm term in the Senate,
which he entered after a distinguished business
career. The German Government informed President Hoover, Monday, that Senator Sackett will be
persona grata as American Ambassador to Berlin.
A cabinet crisis in Poland of more than three
weeks' duration was ended last Sunday with the
formation of a new government by Casimir Bartel,
to take the place of the Switalski regime. The
resignation of former Premier Switalski was occasioned Dec. 6 1929 by a conflict in the Polish Diet,
or Sejm, between the forces of the Dictator, Marshal
Joseph Pilsudski and the united Opposition parties.
Although the opposition groups have gained strength
in the last year or two, Poland is still dominated by
Marshal Pilsudski and his famous group of Colonels.
President Moscicki, who also is an adherent of M.
Pilsudski, held numerous consultations with the
military leader during December, and finally issued
a decree on Dec. 21 nominating M. Bartel as Premier to form a new government. The list of Ministers, completed last Sunday, shows only minor
changes beside that of the Premier himself. Four
new Ministers are named and these represent concessions to the Opposition parties, but the Colonels
group is favored in turn by a rearrangement of portfolios and by the retention of Colonel Prystol as
Minister of Labor.
Marshal Pilsudski remains the virtual head of
the government, according to a dispatch of Jan. 1
from Warsaw to the New York "Times." "The real
difficulty with his dictatorship," the dispatch continued, "is that he refuses to be the real dictator.
He tries to work within the constitutional frame-

8

FINANCIAL CHRONICLE

work, which permits the Opposition to block him
quite seriously. Parliament made use of its constitutional rights and threw out the Colonels' Cabinet, but could do nothing more. The Marshal, who
holds the real power, produced another Cabinet,
which is as much Pilsudski's as former Premier
Switalski's. The methods have changed; the system
remains unaltered. The Opposition, in overthrowing the Switalski Government, aimed a deadly blow
at the present regime, but did not succeed in effecting a Parliamentary form of government. So the
Opposition can claim only a partial victory." The
list of new Ministers follows:
Prime Minister—CASIMIR BARTEL.
Foreign Affaira—AUGUST ZALESKI.
Interior—HENRY JOZEFSKI.
War—Marshal JOSEPH PILSUDSKI.
Finance—Colonel IGNAZ MATUSZEWSKI.
Justice—FELIX DUTKIEWICZ.
Education—ADOLF CZERWINSKI.
Communicationa—ALFONSO KUHN.
Commerce and Industry—EUGENE KWAITKOWSKI.
Agricuiture—WIKTOR LESNEWSKI.
Public Works—MAX MATAKIEWICZ.
Labor—Colonel ALEKSANDER PRYSTOL.
Agrarian Reforms—W. STANIEWICZ.
Posts—Colonel IGNAZ BOERNER.

Changes of considerable importance in the plan
of government of the Spanish Dictator, General
Primo de Rivera, are about to be inaugurated, according to press dispatches from Madrid. Much
comment was caused in the Spanish capital last
Sunday by an article in the Madrid newspaper
"A. B. C.," in which General de Rivera declared
that his dictatorship begins to show signs of decay
and that it will be necessary during 1930 to replace
it by some other regime which would act as a
connecting link between the dictatorship and the
future government. It was held in some reports
that Premier de Rivera was about to resign as the
result of a political crisis. All such rumors were
denied by Genet al de Rivera Thursday when, interviewed by a group of newspaper men. He announced, however, that King Alfonso had approved
a "political plan" looking toward reorganization of
the Patriotic Union and that later on another plan
would be submitted for a national government, presumably to replace the present dictatorship. Provincial and municipal elections are to be held
throughout Spain in February and subsequent
months, the Premier said, and the Assembly will at
the same time hold plenary sessions during the
months it will still have of legal life. "When it is
possible to estimate the situation of the country
through the work of the Assembly and through the
renewal of the fourth part of the Municipal Councils and the Provincial legislatures, the Government
will submit to the King another plan calling for
either organism suitable to the situation," the Premier explained. "The plan just approved by the
King will be in force until June or July. As to the
persons affected, there will be no change's for the
present."
Prominence was given at a Nationalist Congress
in Lahore this week to vague stirrings in India
toward nationalism and completely independent
statehood along the lines of Western nations. Similar movements have characterized much of the Orient since the World War and its accompanying
propaganda first impressed upon Eastern peoples
the right of every capable nation to a government of
its own choice. It was known in London for some
months that the Lahore Congress, which lasted from


http://fraser.stlouisfed.org/
fr
Federal
Reserve Bank of St. Louis

[VoL. 130.

Dec. 29 to Jan. 1, would demand either complete
independence or at least dominion status. In order
to reassure Indian leaders, the Labor Government
issued a statement last fall in which it was declared
that dominion status of India was the ultimate aim
of the London Government. Leading figures in
India, such as Mahatma Gandhi and Pundit Nehru,
made clear in December that they would be content
with dominion status only if it were granted immediately, failing which they would declare for complete independence.
In preliminary meetings at Lahore on Dec. 27 a
resolutions to this effect were passed, and as immediate dominion status was obviously not forthcoming, independent statehood was made the aim of
the Congress. This ideal was accordingly placed
before the Congress at its opening, and after a day
of debate it was accepted on Dec. 30 by an overwhelming majority. Although the Congress is
genuinely representative of only a small portion of
India, its influence is great because of the hold on
the popular imagination possessed by such leaders
as Mahatma Gandhi. A working committee organized by the Congress is to continue deliberations on
steps for enforcing the demand for freedom. "Civil
disobedience" or the complete abstention of Indian
Nationalists from compliance with British government and laws, while refraining from payment of
taxes, is considered the probable present resource
of the Nationalist movement. If actually instituted,
such a campaign will prove exceedingly embarrassing to the Label. Government in England, even
though it is considered that the present forces in
India are well able to cope with any situation that
may arise.

Efforts to hasten the abrogation of extraterritorial privileges of foreign nationals in China were
made by the Nanking Nationalist Government on
Jan. 1, in accordance with the much discussed plan
of Nanking for prompt abolition of such rights.
The privileges have been the subject of negotiations
between China and the various world powers for the
past year, and the powers generally have conceded
that gradual relinquishment of extraterritoriality
would take place as Chinese courts and the Chinese
legal system are modernized. Chinese prestige appeared to require, however, that an attempt be made
to end the privileges outright on Jan. 1 in accordance with the prospect long held out by the Nanking
Government to the Chinese people. Accordingly, a
"mandate" was issued in Chinese treaty ports on
Dec. 28 1929 stating that all foreign nationals, beginning Jan. 1,"must abide by all laws, regulations
and orders duly promulgated by either central or
local authorities." The Nationalist Government
promised to "assume full responsibility for the protection of life and property and other legitimate
interests of all foreigners in China." This version
of the "mandate" was supplied by the Kuomin, the
official Nationalist news agency. The official text
of the mandate, as published in Washington and
other capitals, Dec. 30, added the significant paragraph that "The executive Yuan and the judicial
Yuan are hereby ordered to instruct the Ministries
concerned to prepare as soon as possible a plan for
the execution of this mandate and submit it to the
legislative Yuan for examination and deliberation,
with a view to its promulgation and enforcement."
In a Washington report of Jan. 2 to the Associated

JAN. 4 1930.]

FINANCIAL CHRONICLE

Press, Secretary of State Stimson was quoted as
saying that study of this document showed the Chinese Government to be in accord with the American
position on abolition of extraterritoriality.

9

francs. A large gain also appears in note circulation,
namely 1,421,000,000 francs. Due to this gain, the
total of notes outstanding now amount to 68,570.
168,395 francs, which compares with 63,915,978,770
francs in the corresponding week last year. Advances
against securities record a decline of 22,000,000 francs,while creditor current accounts reveal a gain of 266,000,000 francs. A comparison of the various items
of the Bank's return for the past two weeks and also
for the corresponding week last year is shown below:

The Bank of Belgium on Dec. 31 reduced its rate
of discount from 4/
1
2%, the figure in effect since
Nov. 14, to 3/
1
2%. The Riksbank on Jan. 1 reduced
to 4/
1
2%, according to previous announcement
Otherwise there have been no changes this week in
the discount rates of any of the European central
BANK OF FRANCE'S COMPARATIVE STATEMENT.
banks. Rates continue at 7/
Status as of
Changes
1
2% in Austria; at 7%
for Week.
Dec. 28 1929. Dec. 21 1929. Dec. 29 1928.
in Germany and Italy; at 5/
1
2% in Spain; at 5% in
Francs.
Francs.
Franca.
Franc*.
280.793,610.41,668,420.261 41,387,666,642 31.977.034.230
Gold holdings- England, Norway, and Denmark; at 4/
1
2% in Hol- Credit
bats. abed _Dec. 42,000,000 7,248,641,236 7.290.641,236 13.510,491,654
land and Sweden, and at 3/
1
2% in France and Switz- French commercial
bills discounted_Inc. 1367000,000 8,577,057,108 7.210,057,108 1,911,962,980
erland. In the London open market discounts for Bills
bought abr'd _Dec. 78,000,000 18,071,199,824 18,149,199,824 19,139,647,967
agt. secure _ _Dec. 22,000.000 2,521,886,719 2,543,886,719 2,223,117.669
short bills yesterday were 41/
4Q4 5/16% against Adv.
Note circulation..me. 1421000,000 68.570,168,395 67,149,168,395 63,915,978,770
47
/8% on Friday of last week, and 4%% for long Cred.curr. accts
266,000.000 19,588,210,547 19,322,210,547 19,231,290,708
bills against 4 11/16% the previous Friday. Money
on call in Londan yesterday was 31/
4%. At Paris
The Bank of Germany in its statement for the
open market remain at 3/
1
2%, and in Switzerland fourth week of December shows an increase of 18,at 3 3/16%.
452,000 marks, in gold and bullion. This increase
raises the total of the item to 2,283,116,000 marks,
The Bank of England statement for the week as compared with 2,729,331,000 marks last year and
ended Dec. 31 shows the large increase of £40,982,359 1,864,643,000 marks two years ago. Reserves in
in other deposits of which £39,248,495 was to the ac- foreign currency reveal a loss of 2,150,000 marks,
count of bankers and £1,733,864 to other accounts while deposits abroad remain unchanged. Due to an
The marked rise in the first item presumably reflects increase in bills of exchange and checks of 657,933,000
the end of the year settlements. To the same cause marks during the week, the item now aggregates.
may be attributed the increase of £19,870,526 in dis- 3,226,643,000 marks. Notes in circulation record am
counts and advances. This last item together with increase of 464,630,000 marks, bringing the total of
securities, which rose £278,383 makes up loans on the item up to 5,043,677,000 marks, which compares.
other securities, in which an increase of £20,148,909 with 4,930,069,000 marks of the corresponding week
appears. Loans on government securities expanded last year. A decrease appears in silver and other
£14,535,000 and public deposits £3,521,000. Bank coin of 7,747,000 marks, in notes on other German
deposits now total £110,297,026 in comparison with banks of 10,761,000 marks, in other assets of 40,156,£71,048,531 last week and as against £64,016,000 000 marks, and in investments of 89,000 marks. Ada year ago. Discounts and advances now aggregate vances and other daily maturing obligations record
£42,170,602, last week the figure was £22,300,076 increases of 152,649,000 marks and 306,816,000
and last year £47,745,000. Circulation contracted marks, while other liabilities declined 3,315,000
£9,791,000 and this together with a gain of £88,159 marks. Below we furnish a comparison of the Bank's,
in bullion brought about an increase of £9,879,000 items for the past three years:
in reserves. The reserve ratio of 22.68% compares
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
with 22.80% last week and 24.24% a year ago. No
Week.
Dec. 31 1929. Dec. 31 1928. Dec. 31 192T.
change was announced in the 5% discount rate. Assets—
Reichnnarks.
Reichsmarks. Reichsmark*. Retchsmarks.
Gold and bullion
Inc. 18,452,000 2,283,116,000 2,729,331,000 1,864,643,000
Below we furnish a comparison of the various items Of which depos. abr'd_ Unchanged
149,788,000
85,626,000
81,437.000
Res've for'n cure
Dec. 2,150.000 403.227.000 155,273,000 281,986,000
for the past five years:
Bills ofexch. ehecksinc. 657,933,000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1929.
1929.
1928.
1927.
1926.
Dec. 31.
Jan. 2.
Jan. 4.
Jan. 5.
Jan. 6.

Circulation
369,782,000 378,294,000 137,728,370 139,803,280 143.406.685
Public deposits
12,350,000 22,336,000 13,617,917 11,526,613 12,002,444
Other deposits
147,819,829 122,047,000 142,730,261 141,057,054 124,829,091
Bankers accounts 110,297,026 64,016,000
Other accounts
31,522.803 38,030,000
Govt. securities
81,658,855 62,636,000 48,293,992 36,097,634 46.362,526
Other securities_
60,184,105 64,706,000 91,716,288 103,203,152 87.461,097
Mot.& advances 42,170.602 47,745,000
Securities
18,013.503 16,962,000
Reserve notes & coin 36,332,000 35,034,000 34,324,877 31,327,357
21.016,510
Coin and bullion
146,115,746 153.329,533 152,303,247 151,380,637 144,673.195
Proportion of reserve
22.68%
to liabilities
24.24%
21.95%
20.53%
15%
Bank rate
5%
434%
6%
434%
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding •

In its statement for the week ended Dec. 28, the
Bank of France reports an increase of 280,753,619
francs in gold holdings. Total of gold now stands at
41,668,420,261 francs, as compared with 31,977,034,230 francs in the corresponding week last year.
Credit balances abroad and bills bought abroad show
decreases of 42,000,000 francs and 78,000,000 francs
respectively. A large increase is shown in French
commercial bills discounted, namely 1,367,000,000




&
3,226,643,900 2,678,447,000 3,128,656,000
Silver and other coin_ _Dec. 7.747,000
89,111,000
81.766,000
42,727,000
Notes on oth.Ger.bks.Dec. 10.761,000
3,979,000
8.151,000
5,250,000
Advances
Inc. 152,649,000 204,648,000 176,909,000
78,320,000
Investments
Dec.
89,000
92,469,000
92,299,000
93,431,000
Other assets
Dec. 40,156,000 563,167,000 530,015,000 499,248,000
71alitittea—
Notes In circulation-1m 464,630,000 5,043,677,000 4,930,069.000 4,564.047.000
0th. daily mat. oblig _Inc. 306.810,000 755.170,000 816,051,000 779,113,000
Other.labilltles
Dec. 3,315,000 193,209,000 298,238,000 284,920,000

An easier tendency in money rates, traditional
after the turn of the year, was displayed this week
in the New York money market. Although dividend and interest payments were exceptionally heavy
at the year-end just passed, call loan rateszemained
relatively moderate. The official figure for demand
loans on the Stock Exchange was 6% for all transactions Monday, Tuesday and Thursday. With funds
available in increasing volume yesterday, call loans
fell from the opening figure of 6% to 5% for new
business. In contrast with these figures, call loans
at the end of 1928 soared to 12%. Withdrawals by
the banks, Monday, aggregated $50,000,000, but this
development marked the termination of the period
of stringency. Funds were available Tuesday and
Thursday at 5/
1
2% in the unofficial "outside" mar-

10

ket, while such offerings were made yesterday at
4/
1
2%. Time loans were arranged throughout the
/
1@5%. That
week at the unchanged figures of 43
the tendency of money rates throughout the world
is still downward was indicated Tuesday by a reduction in the discount rate of the Belgian central bank
from 4/
1
2% to 3y2%. An advance of $96,000,000 in
brokers'loans against stock and bond collateral was
reported by the Federal Reserve Bank of New York
for the week ended Wednesday night. Gold movements through the port of New York, reported for
the same period, consisted of exports of $11,255,000,
and imports of $99,000. The stock of gold held earmarked for foreign account igcreased $2,000,000 in
the week ended Wednesday. The practice of reporting gold movements daily was inaugurated Thursday by the Federal Reserve Bank, but no movements
occurred on that day. The bank reported exports
of $8,500,000 yesterday.
Dealing in detail with the call loan rates on the
Stock Exchange from day to day, all loans on Monday, Tuesday and Thursday (Wednesday was New
Year's Day and a holiday) were at 6%, including
renewals. On Friday, however, after renewals had
again been effected at 6%, there was a decline in
the rate for new loans to 5%. In time money there
has been little or not activity, and quoted rates have
remained unchanged at 4%@5% for all dates. For
commercial paper in the open market there has been
a good demand, but business has been restricted
owing to the limited offerings. Rates for names of
choice character maturing in four to six months
have continued to rule at 5%, while names less well
known have commanded 514%, with New England
mill paper also quoted at 514%.
The market for prime bankers' acceptances was
active the present week at unchanged discounts
until Thursday, when the rate was reduced /
1
2% for
30, 60 and 90 days in both the bid and the asked
columns. The Federal Reserve Banks further increased their holdings of acceptances during the
week from *354,943,000 to $392,209,000. Their holdings of acceptances for foreign correspondents also
were further increased, rising from $540,863,000 to
047,962,000. Directly and indirectly, therefore, the
Reserve Banks have become the market for over
*940,000,000 of acceptances—in exact figures $940,171,000. The posted rates of the American Acceptance Council are now 4% bid and 3%8% asked for
bills running 30 days, and also for 60 and 90 days;
41/
8% bid and 4% asked for 120 days, and 41/
4% bid
and 41/
8% asked for 150 and 180 days. The Acceptance Council no longer gives the rates for call loans
secured by acceptances, the rates varying widely.
Open market rates for acceptances have also been
reduced and are now as follows:
Prime elle!). MU

Prim.eligible bilis

SPOT DELIVERY.
—150 Does—
—180 Days—
Bid. Asked.
itt& Asked.
434
634
4134
434

—120 Dew—
MC Asked,
Ali

—60Beim—
BM Asked.
4
334

—80Dap5W. Asked.
6
334

—90D038-Bid. Asked.
6
314

FOR DELIVERY WITHIN THIRTY DAYS.
msmber banks
Eligible non-member banks

454 bid
654 bid

There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
Banks:




[Vol.. 130.

FINANCIAL CHRONICLE

DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in
Riled on
434
434
5
5
5
434
434
5
5
434
5
434

Data
Knablished.
Nov.21 1929
Nov. 15 1929
July 28 1928
Aug. 1 1928
July 13 1928
Dec. 10 1929
Nov.23 1929
July 19 1928
May 14 1029
Dec. 20 1929
Mar. 2 1929
Dec. 6 1929

Previotu
Rate.
5
5
OS
434
434
5
5
434
434
5
434
5

Sterling exchange was in some demand during the
early part of the week as a result of final year-end
transfers, but fell sharply in Thursday's and.Friday's
market. The lowest quotation for the week, however, 4.87 17-32 for cable transfers, represents a
rather firm sterling market for this season, when it
is considered that par of exchange is 4.8665. The
range this week has been from 4.87 1-32 to 4.87%
for bankers' sight, compared with 4.87% to
4.87 15-16 last week. The range for cable transfers
has been from 4.87 17-32 to 4.88 5-16, compared with
4.88 5-32 to 4.88 5-16 a week ago. For several
months to come sterling should be seasonally firm
with relation to the dollar. Aside from this, however, the tone of sterling is presently satisfactory
from the English point of view because of the improvement in the London gold situation. The
gradual softening of money rates throughout Europe
and the more normal course of money in New York
are influences affecting the market broadly in a way
to improve the action of foreign exchange for some
months, certainly until toward the autumn of 1930,
when, owing to seasonal factors, exchange should
again turn against London and the Continent in
favor of New York. The London money market
displayed unusually early January ease, with the
expectation of further gold arrivals of about £6,000,000 in the next few weeks.
Although present rates of exchange on London
must be considered firm and even high, and despite
the fact that seasonal factors are now expected to
give a firm tone to sterling, lower quotations are
expected to develop presently as a result of the general easing in money rates. Bankers believe that the
Bank of England will soon make another reduction
in its discount rate, which would naturally cause an
easing in sterling. However, this tendency would
to some extent be counteracted by normal seasonal
strength of London funds and by the decidedly
easier tone in money here which is to be expected
in the next three months. This week the Bank of
England showed an increase in gold holdings of
£88,159, the total standing at £146,115,746, which
compares with £153,329,533 a year ago. Gold
holdings are now only £7,250,000 less than in the
first statement of 1929 and only a little less than
£4,000,000 under the Cunliffe minimum of L150,000,000. It is expected that this figure will be
reached at some time during January and that thereafter it will be the policy of the Bank of England
to maintain the Cunliffe minimum as far as practicable.
On Saturday the Bank of England sold £314,956
in gold bars, received £298,626 in sovereigns from
abroad, exported 0,000 in sovereigns and bought
£17 in foreign gold coin. On Monday the Bank
sold £188,522 and bought £3,990 in gold bars, received £197,240 in sovereigns from abroad, and exported £2,000 in sovereigns. On Tuesday the Bank

JAN. 41930.]

FINANCIAL CHRONICLE

bought £576,304 in gold bars, received £24,875 in
sovereigns from abroad, and set aside £250,000 in
sovereigns. On Thursday the Bank exported £2,000
in sovereigns and sold £12,011 in gold bars. On
Friday it received £922,011 from abroad and released
£250,000 in sovereigns, bought £5,123 in foreign gold
coin and £4,742 in gold bars. Next week £500,000
in sovereigns and £746,000 in gold bars will be available at London and the following week £907,000,
the greater part of which is expected to go into the
Bank of England.
At the Port of New York the gold movement for
the week Dec. 26-Dec. 31 inclusive, as reported by
the Federal Reserve Bank of New York, consisted
of imports of $99,000 from .Latin America. Exports
totaled $11,255,000, shipped to France. There was
an increase of $2,000,000 in gold earmarked for foreign account. In tabular form the gold movement
at the Port of New York for the week ended Dec. 31,
as reported by the Federal Reserve Bank of New
York, was as follows:

11

and seven-day grain bills at 4.86 5-16. Cotton and
grain for payment closed at 4.87.

The Continental exchanges have been dull and
following the completion of year-end operations are
inclined to ease. Further ease is expected until the
beginning of tourist traffic. Foreign exchange quotations are relative, however, and while rates may
drop from recent high figures, they will nevertheless
be maintained at levels proportionate to normal
parity with the dollar. Money rates continue to
work easier at the Continental centers. It is interesting to note that on Tuesday the Bank of Belgium
reduced its rate of re-discount 1% to 332%. As a
natural consequence, there was a slight sagging in
the rate for belgas, but the movement was only a
part of the general trend of the Continental exchanges.
French francs are in the strongest position of all the
Continentals and the Bank of France continues to
increase its gold holdings as the tide of money keeps
sweeping into Paris, compelling the French bankers
to take on gold which they sell to the Bank of France
GOLD MOVEMENT AT NEW YORK,DEC.26-DEC.31,INCLUSIVE and which the Bank is compelled by statute to buy.
Exports.
Imports.
As noted above in the remarks on sterling, the Federal
$99,000 chiefly from Latin America $11,255,000 to France
Reserve Bank of New York reported gold shipments
$11,255,000 total
•
$99,000 total
to France totaling $19,755,000 since Dec. 26. This
Net Change in Gold Earn arked for foreign Account.
week the Bank of France shows an increase in
Increase $2,000,000
gold holdings of 280,753,619 francs, bringing the
In addition to the foregoing the Federal Reserve total as of Dec. 27 to 41,668,000,000 francs, which
Bank has also reported the gold movements for compares with 31,977,000,000 francs at the end of
Thursday and Friday separately and will herafter 1928. Bankers assert that the Bank of France is
supply these daily reports regularly. On Thursday not intervening in any way on the exchange market
there were no imports and no withdrawals, with no and that it grants no special facilities to private banks
change in the amount of gold earmarked. On importing gold, but confines itself to buying at the
Friday there were no receipts of the metal, but a current rate such gold as is offered, which, as stated
withdrawal of $8,500,000 for shipment to France, above, it is bound to do by statute. The Bank's
only means of actually preventing gold imports would
with no change in the amount of gold earmarked.
Canadian exchange continues at a discount. be to purchase foreign exchange on the market in
Bankers do not expect any material improvement sufficient quantities to arrest the rise of franc exin the Canadian rate in the month immediately change before the gold point should be reached. It
ahead, for while Canadian banks have greatly re- did this during the period of de facto stabilization
duced their short- term loans in the New York market preceding legal stabilization, but since the latter acsince October, there is evidence that Canadian money tion the Bank's policy has tended toward reducing
is again seeking investment in this center although foreign exchange reserves, which public opinion in
credit is in demand throughout the Dominion. Paris considers to be excessive. The Bank would cerMeanwhile the disproporiionate trade balance of tainly be blamed if it increased them. Under the
Canada with respect to the United States continues cumstances it is obviously powerless to arrest the
to increase and bankers seem to be of the opinion gold influx. The movement could be stopped if
that even were Canada to ship gold to New York French investors were to purchase foreign securities
the discount on Montreal funds could not be materi- in large quantities and measures have already been
taken in France to facilitate the placing of such seally corrected.
Referring to day-to-day rates sterling exchange on curities in Paris by reduction of the tax on income
Saturday last was firm in a quiet market. Bankers' derived from them. But time must elapse before the
8@ effect of this measure is fully felt.
sight was 4.87%@4.87%; cable transfers 4.883/
4.88 3-16. On Monday an easier tone developed.
German marks, while off from the highs recorded
The range was 4.873
/s@4.87% for bankers' sight and in recent weeks, are firm. As a result of the changed
4.88@4.88 5-16 for cable transfers. On Tuesday the international money conditions in the last quarter,
market was dull but firm. The range was 1.87 7-16@ German interests are looking toward the United
4.87% for bankers' sight and 4.88 3-32@4.88 3-16 States for increased working capital. The extension
for cable transfers. On Wednesday, New Year's, of such credits to Germany and Central Europe is
there was no market. On Thursday sterling devel- expected to give firmness to the undertone of mark
oped a decidedly easier tone. The range was 4.87 5-16 exchange. While German borrowing on this side
@4.879 for bankers'sight and 4.87%@4.88 for cable could be easily increased, it is not expected to reach
transfers. On Friday the market was still easier, the the proportions of a few years ago as there are not
range was 4.87 1-32(4)4.87% for bankers' sig it and wanting signs that home capital in Germany is in4.87 17-32@4.87% for cable transfers. Closing quo- creasing rapidly. The demands for credit are so intations on Friday were 4.873's for demand and 4.87% sistent that money rates in Germany, though easier
for cable transfers. Commercial sight bills finished than they were, are much higher than in the other
at 4.87, sixty-day bills at 4.833, ninety-day bills at important Continental centers and must doubtless
4.81%, documents for payment (60 days) at 4.83%, prove attractive to American and other funds for a




12

FINANCIAL CHRONICLE

[VoL,130.
long time to come. Money rates in Germany are against
26.943/a and 26.963/2; while checks on Norexpected to ease off, however, from the present ex- way finishe
d at 26.76 and cable transfers at 26.78,
ceedingly high ranges, and bankers there anticipate against 26.82
and 26.84. Spanish pesetas closed
a reduction in the Reichsbank's rate of rediscount.
at 13.31 for checks and at 13.32 for cable transfers,
The London check rate on Paris closed at 123.95 which compares
with 13.39 and 13.40 a week earlier.
on Friday of this week, against 123.85 on Friday of
last week. In New York sight bills on the French
The South American exchanges show a slightl
y
centre finished at 3.93 3-16, against 3.933/i on better tone than
in recent weeks, although the fundaFriday a week ago; cable transfers at 3.93 7-16, mental
conditions in all these countries are unagainst 3.943', and commercial sight bills at 3.92%, change
d. This week however, exchange on both
against 3.93%. Antwerp belgas finished at 13.97 Argenti
ne and Brazil closed easier than on Friday of
for checks and at 13.98 for cable transfers, against last week.
The recovery in the Argentine peso since
14.00 and 14.01. Final quotations for Berlin marks the Buenos
Aires Government placed an embargo
were 23.85% for checks and 23.86% for cable trans- on gold a
few weeks ago is only a normal rebound,
fers, in comparison with 23.933 and 23.943 a wtek as the slump
which followed the Government anearlier. Italian lire closed at 5.2314 for bankers' nounce
ment carried the peso unwarrantedly low.
sight and at 5.233/ for cable transfers, against The main difficul
ty affecting exchange on Buenos
5.23% and 5.23% on Friday of last week. Austrian Aires is the
demoralization of the wheat expolt
schillings closed at 141
4 on Friday of this week, season and labor and business
troubles resulting
against 143 on Friday of last week Exchange on partly from
this drawback. Another factor is the
Czechoslovakia finished at 2.96%, against 2.97; on steady increas
e in foreign imports by Argentina,
Bucharest at 0.603', against 0.603/
2; on Poland at especially of manufactured goods and luxuries,
com11.25, against 11.25; and on Finland at 2.52, against ing particu
larly from the United States, which have
2.52. Greek exchange closed at 1.303 and at not been
offset by exports. The fact that Ar1.303/2 for cable transfers, against 1.303 and 1.303/2• gentina has been unable
to borrow successfully
during the past year in the New York market is
The exchanges on the countries neutral during the also a depress
ing element in peso exchange. The
war have moved in lines parallel with sterling and closing of
the conversion office should hardly be
the major Continental units and from the same sea- conside
red as having an important bearing. It is
sonal set of influences. While off from last week, of interes
t to note that between 1914 and 1927
they are firm. Exchange on Amsterdam shows pro- the convers
ion office was closed, which means that
portionately a greater drop, but this is due largely to the countr
y was not on a gold basis. However,
the fact that aside from events normal to exchange between 1923
and 1927 approximately $227,000,000
at the beginning of January the Dutch bankers are of
Argentine external bonds were sold in the New
sending surplus and short term funds to London, New
York market. Now that money conditions have
York, and the German centers. Spanish pesetas have
changed in New York, the South American countries
been fairly steady, although fractionally easier than
are expecting an improvement to result in exchange
a week ago. The fluctuations in the peseta are
with the development of borrowing facilities. Bralargely the result of speculative operations and the zilian
milreis continue to show a weaker tone, as
movements in the currency are hardly related to the there
seems to be little likelihood of immediate
general course of the major foreign exchanges. The
improvement in the coffee situation, although measeasier peseta rates of the last few weeks arise partly ures
have already been adopted by the Coffee
from political uncertainties in Spain and the dearth
Institute of Sao Paula for liquidation of large stocks
of satisfactory financial news as to what course the withhel
d from the market in recent years for price
economic currents may take as a consequence ofpoliti- stabili
zation. Peruvian exchange has been showing
cal dictation. Foreign exchange traders say that the an unsettl
ed tendency recently. This is in large
currency is extremely sensitive and that a trade of measur
e due to radical agitation affecting business
100,000 pesetas can easily cause a fluctuation in the unfavor
ably. A bill has recently been proposed
rate of as much as 10 points. It is understood that in the
Peruvian Senate to place a heavy tax on
the Madrid Government has decreed that all import foreign
interests operating in Peru.
duties must be paid 25% in gold, or in paper with
Argentine paper pesos closed on Friday at 40 11-16,
gold backing. Up to the present duties had to be paid as compared
with 40 13-16 on Friday of last week;
100% in gold or gold exchange. Thus, the prep ent and at 403 for cable transfe
rs, against 40%. Brazil%
ruling makes it possible to pay 75% of duties on im- ian milreis finishe
d at 10.85 for checks, and at 10.88
ports in pesetas. Two reasons seem to have prompted for cable transfe against
rs,
10.97 and 11.00. Chilean
the action. The first is the fact that Spain has a exchange closed at 12.10 for
checks and at 12.15 for
plentiful quantity of gold and could, if it wished, cable transfers, against 123/i
and 12 3-16; Peru at
stabilize the peseta at parity with gold cover beyond 3.77 for checks and at
3.78 for cable transfers,
requirements. The second reason for the action is a against 3.74 and 3.75.
desire to stimulate trade.
Bankers' sight on Amsterdam finished on Friday
The Far Eastern exchanges are essentially unat 40.32, against 40.3532
/ on Friday of last week; changed from recent weeks. The Chinese units
cable transfers at 40.34, against 40.373/2; and com- continue to
be quoted low as a result of the low
mercial sight bills at 40.283/2, against 40.313/2. ruling prices
for silver. There has been very little
Swiss francs closed at 19.391
4 for bankers' sight change in the silver situation since the collapse
and at 19.403i for cable transfers, in comparison of the Chinese pool in silver around
Dec. 23, when
with 19.4431 and 19.453 a week earlier. Copen- the price in London droppe
d to the lowest point
hagen checks finished at 26.76 and cable transfers at which the metal
had been sold in that market
at 26.78, against 26.823/ and 26.843/2. Checks on since 1903, and in New York sold at
its lowest level
Sweden closed at 26.86 and cable transfers at 26.88, since 1915. The
great drop in silver prices is at-




JAN. 4 1930.]

FINANCIAL CHRONICLE

13

Federal Reserve System's par collection scheme. These large credit balances.
tributed largely to the fact that India has adopted the
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
gold. It is estimated that the Indian Government in the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
has sold 30,000,000 ounces of silver during the not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
past year. China is believed to have imported
more silver last year than ever before, but internal
The following table indicates the amount of bulconditions have prevented the country from taking lion in the principal European banks:
as much as it might have absorbed. Japanese yen
Jan. 3 1929.
Jan. 2 1930.
are firm. As announced recently, Japan is expected Banks of
Total.
Silver.
Total.
Gold.
Gold. i Silver.
to remove the embargo on gold completely by
3
£
£
• £
I
153,329,533
146,115,746 153,329,533
_ 146,115.746
Jan. 11. Closing quotations for yen checks yester- England_
(d)
255,816.274
333,347,362 255,816,274
(d)
France a__ 333,347,362
994,600133,179,850
Germany b 106,666,400 c994,600107.661.000132.185,250
day were 49.10®49 3-16, against 49.00®491/g. Hong Spain
_ _ _ _ 102,596,000 28,339,000130,935,000 102,362,000 28,037.000130,399.000
54.638.000
56,120.000 54,638,000
56,120,000
Kong closed at 40%®41 5-16, against 41.75® Italy
37,290,000, 36,214,000 1,861,000 38,075,000
Netherl'ds 37,290,000
25,553,000 1,267,000 26,820,000
1,289,000
34,039,000
32,750,000
Nat.
Belg_
42 5-16; Shanghai at 51%®51%, against 52%@ Switzerl'd 22,449,000 1,108,000 23,557,000 19,258,000 1,856,000 21,114,000
13,122,000
13,331,000 13,122,000
13,331,000
52 8; Manila at 50, against 50; Singapore at 563A Sweden___
491,000 10,091,000
361,000 9,942,000 9,600,000
Denmark_ 9,581,000
8,160,000
8,148,000, 8,160,000
Norway __ 8,148,000
®56%, against 569/8®563/2; Bombay at 36 9-16,
Total week 868,394,508 32.091,600900,486,108 810,238,057 34.506,600844.744,657
against 36 9-16; and Calcutta at 36 9-16, against Prey. week 864,474,855 32,088,600896,563,455808,717,273 34,434,600843,151,873
a These are the gold holdings of the Bank of France as reported in the new form
36 9-16.
of statement. b Gold holdings of the Bank of Germany are exclusive, of gold held
abroad, the amount of which the present year is £7,489.400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.

Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
The Foreign Political Outlook for 1930.
certifying daily to the Secretary of the Treasury the
The beginning of a new year rarely marks, in
buying rate for cable transfers in the different countries of the world. We give below a record for the politics, either the beginning or the end of a definite
historical period. Politics is a continuous affair
-week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE in which balance sheets are drawn up only at irreguBANKS TO TREASURY UNDER TARIFF ACTS OF 1922
lar intervals, and then only for parts of the business
DEC. 28 1929 TO JAN. 3 1930, INCLUSIVE.
rather than for the enterprise as a whole; and while
Transfers
to
New
York
Cable
Rate
for
Buying
Noon
Country and Monetary
Value to United Slates Monett.
the holiday season is usually marked by some slowUnit.
Dec. 28. Dec. 30. Dec. 31. Jan. 1. Jan. 2. Jan. 3.
ing down of political activity, the ceaseless succes$
EUROPE$
sion of events goes on without much reference to
.140702 .140651
Austria,schilling
140656 .140874 .140686
.139926 .139751
Belgium, belga
.140027 .139970 .139960
.007217
the calendar. The year 1930 is something of an
.007222
Bulgaria, ley
.007220 .007237 .007240
.029615 .029602
Czechoslovakia, krone .029690 .029681 .029661
.288040 .267803
exception to the rule in that two important interDenmark, krone
.268291 .288138 .288120
England, pound ster4.878703 .875230
ling
4.881182 4.880991 4.881100
national happenings, the second Hague Conference
.025166 .025160
Finland, markka
.025165 .025171 .025170
.039379 .039334
France, franc
.039401 .039389 .039392
on
the Young Plan and the LondonNaval Conference,
.238830 .238555
Germany, reichsmark .239186 .238930 .238944
.012994 .012988
Greece, drachma
.012997 .012993 .013000
their beginnings in January. For the rest,
have
Holland, guilder
.403406 .403254
.403690 .403427 .403491
.175146 .175032
Hungary, pengo
.175139 .175110 .175167
reviews and forecasts which statesmen
political
the
Italy, lira
.052347 .052327
.052345 .052350 .052349
Norway, krone
.268037 .267801
.268278 .268113 .288102
leaders are accustomed to give out at
political
and
Poland, zloty
.112033
.112008
112005 .112025 .112083
Portugal, escudo
.045000 .044880
.045116 .045133 .044983
the opening of a new year will usually be found to
Rumania,len
.005974 .005975
.005979 .005976 .005991
Spain, peseta
.133395 .133046
.134340 .134797 .133605
deal almost wholly with matters which have their
Sweden,krona
.269071 .268797
.269560 .289206 .269162
Switzerland, franc_ _ - .194478 .194247 .194244 HOLI- .194206 .193958
origin, perhaps,far in the past, which have developed
Yugoslavia. dinar-- .017724 .017735 .017729
DAY
.017729 .017704
ASIAin various ways during the year just closed, and
ChinaChefoo, tael
.634583 .534166
542083 .536866 .534583
which are reasonably certain to influence the course
Hankow, tael
.528908
.527031
.535166 .529531 .527968
Shanghai, tael
.515892 .514017
.520089 .515089 .514642
Tientsin, tael
.542500 .542083
of national or international politics during the year
.550208 .544583 .542500
Hong Kong, dollar. .414285 .412500 .407142
.406160 .405821
Mexican,dollar_ .372500 .369062
.375625 .372187 .371562
to come.
Tientsin or Peiyang,
dollar_
.372916 .372500
.377500 .375000 .372500
The increased interest in international affairs
Yuan, dollar
.374166 .371666 .369166
.369583 .369168
India, rupee
.363760 .363892 .364035
.384035 .363732
which
has developed in this country during the past
Japan, yen
.490390 .490825
.490031 .490428 .490406
Singapore (8.S.) dollar .560000 .560000 .560000
.560000 .560418
decade
is occasionally referred to in a way that
NORTH AMER.Canada, dollar
.988550 .988203
.989843 .989500 .988998
suggests
some confusion of thought regarding the
Cuba, peso
999237 .999237 .999237
.999237 .999237
.479500 .479575 .479300
.479300 .479475
Mexico. MO
relative significance of national and international
Newfoundland, dollar .987375 .987045 .986675
.986125 .985782
SOUTH AMER.interests. It would doubtless be quite wide of the
Argentina, peso (gold) .929396 .933993 .938035
.930527 .918189
Brazil, milrela
.109416 .109277
.109475 .109861 .109933
mark to assume that because Great Britain and
Chile. peso
.120710 .120741
120864 .120862 .121026
Uruguay, peso
944222 .942716 .949384
.952645 .942970
Colombia. peso
France and Germany are specially interested, for
.963900 .963900
963900 .963900 .963900
example, in reparations or naval limitation, and beOwing to a marked disinclination on the part of cause the newspapers give a good deal of front-page
two or three leading institutions among the New display to discussions of those questions, reparaYork, Clearing House banks to keep up compiling
limitation are necessarily the chief
the figures for us, we find ourselves obliged to dis- tions or naval
things
of
which
the peoples of Great Britain or
continue the publication of the table we have been
Germany
are thinking. Every country
France
or
giving for so many years showing the shipments and
has its domestic or local issues which are vital to it,
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Fed- and which are likely, when several countries are
eral Reserve Bank on Dec. 6 1920, it is also no longer considered together, to present a bewildering vapossible to show the effect of Government operations riety of interests; and those domestic issues, often
in the Clearing House institutions. The Federal
quite as much as international ones, determine pubReserve Bank of New York was creditor at the Clearlic opinion and governmental action. What has
ing House each day as follows:
thrown international or world politics to the front
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE
AT CLEARING HOUSE.
since the great war is the world-wide interlacings
Saturday, Monday, Tuesday, Wstbutsd'y. Thursday, Friday,
Antreflate
of industry and trade, the prodigious increase in
Dec. 28. Dec. 30. Dec. 31.
for Week.
Jan. 3.
Jan. 2.
Jan. 1.
the volume and geographical range of foreign travel,
134,000,05 141,000,000 176.000.000 Holiday 227,000,000 217.000,000 Cr. 895.000,000 and the political dependence of one country upon
Note.-The foregoing heavy credits reflec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in he operation of others for the solution of problems common to them




14

FINANCIAL CHRONICLE

[VoL. 130.

all. As far as ease of communication between its and the International
Bank when these matters
parts is concerned, the world is smaller to-day than come up at The Hague,
and its treatment of unemr
it was even a year ago, and ease of communication ployment. At this
latter point no important
brings community of interest in politics as well as amelioration of a distres
sing situation has yet been
in economic and social life.
brought about.
The distinguishing characteristics of world poliThe obvious trend of the MacDonald Government
tics at the moment are, first, the continuance of is toward conservatism.
No one any longer expects
certain instabilities and controversies connected the British Labor Party
to do anything particularly
with what M. Briand has called the liquidation of radical. Its sociali
sm is hardly distinguishable
the war; second, a marked trend toward conserva- now from a progressive
liberalism, and its foreign
tism in government on the part of the larger and policy is essentially at
one with the general policy
better organized states; and, third, the reappearance to which Great Britain
has long been accustomed.
of certain old rivalries and nationalistic ambitions To these indirect but powerfu
l influences affecting
which suggest a preparation for new alliances.
the course of the Government is to be added the
In Germany, for example, we have within a few fact that Mr. MacDonald,
with only a plurality
weeks seen the stability of the Mueller Government party support in the House
of Commons, is dependthreatened by a violent Nationalist attack upon the ent upon the votes or abstent
ion from voting of
Young Plan, and by a sharp reminder from Dr. Liberals or Conservatives to
give him a majority in
Hjalmar Schacht, President of the Reichsbank, that any crucial test of strength; and
when such questhe financial reforms needed to enable Germany to tions as India or national defense
are raised, the
meet its obligations under the Young Plan had not Opposition is pretty certain to
show an underlying
been inaugurated. Fortunately, the popular referen- conservatism.
dum which the Nationalists succeeded in forcing
Conservatism, too, is the prevailing domestic
failed to jeopardize the Young Plan as far as Ger- note in the politics of France
, where the Tardieu
man adherence to it is concerned, while the Mueller Government, profiting by the
long and distinguished
Government, after venting its resentment with some labors of M. Poincare, is laying
broad plans for inaspity upon Dr. Schacht, yielded to his demands ternal reorganization
, tax reduction and public
and carried through the Reichstag the financial legis- works. The Mussolini Govern
ment in Italy, aplation which he had declared to be necessary. Dr. parently as firmly seated
as ever, has passed its
Schacht further succeeded in substituting temporary period of agitation and violenc
e and settled down to
advances from the Reichsbank in place of a pro- a conservative administration
of the country's ecoposed foreign loan, and forced the appointment of a nomic life, with vast project
s of public works and
financial administrator for Berlin as a means of social reforms which bid
fair to make over Italy
checking the financial extravagance of the munici- from one end of the peninsu
la to the other. The
pal council. Whether it was good political policy rumored retirement of
Primo de Rivera, while it
for Dr. Schacht to make himself a kind of financial presages a formal end of
the dictatorship which has
dictator just at this time is a question which can existed in Spain for several
years, is not expected,
be answered with more assurance later, but he has apparently, to carry with
it a return to full repreobviously injected into German politics a strong ele- sentative Government, but
a half-way system whose
ment of conservatism from which German politics keynote will .almost certain
ly be conservative.
as well as German finance should benefit substan- There is no political radical
ism in Switzerland or
tially.
The Netherlands, and the conservatism of CzechoThe immediate future of the British Labor Gov- slovakia amounts almost to reactio
n.
ernment is of special interest, internationally beThe mention of France, Italy, Spain and Czechocause of the approaching London conference, the re- slovakia, on the other hand,
brings us to the other
establishment of diplomatic relations between Great characteristic of Europe
an politics at the moment,
Britain and Russia, and the disturbed situation in namely, the reappearance
of old rivalries and the
India, and nationally because of the unsatisfactory search for alliance
s. Whatever the ultimate effect
state of British industry and the continuance in full of the recent French
note in which the views of the
force of the unemployment crisis. Mr. MacDonald's Tardieu Government regardi
ng naval defense were
natural orientation as Premier is toward an amic- elaborated, the note
has been widely hailed as a
able and speedy liquidation of the remaining war skillful move on the part of
France to block the
issues, a friendly attitude toward Russia notwith- consummation of anything
resembling an Anglostanding its Communist activities, and the extension American alliance, and to
emphasize the predomiof a larger measure of self-government to India. To nant position of France on
the Continent. If M.
these is to be added, apparently, an inclination Tardieu has acted in this matter
in accord with the
toward some kind of political understanding with traditions of French foreign
policy, he is seeking
the United States—an understanding which, to the indirectly the restoration,
in essentials if not in
French mind, takes definitely the form of a working form, of the Anglo-French entente
under which
political alliance. Yet the MacDonald Government Great Britain remained the leading
naval Power
has been as exacting as M. Poincare ever was in and France the leading militar
y Power. To an
insisting upon the full share of reparations due Anglo-French entente, however, France
adds alliunder the Versailles Treaty, it still feels the need ances or suggested alliances
in other directions.
of keeping a sharp watch on Russia, and the out- It has for several years had allianc
es or working
spoken demand for complete Indian independence, agreements, defensive, offensi
ve or both, with
as opposed to dominion status, is one which no Czechoslovakia, Poland and Rumania,
and the reBritish Government is likely soon to grant. The cent naval note shows it reachin
g out tentatively
life of the Government appears to hang upon its toward a naval understanding with
Spain and the
ability to obtain substantial results from the Lon- formation of a Mediterranean Locarno
. Into such
don Conference, its attitude toward the Young Plan an agreement Italy certainly,
and Greece, Turkey




JAN. 4 1930.]

FINANCIAL CHRONICLE

15

and Albania probably, would in time be drawn. It sion more interest in this country and in Europe
is well within the bounds of possibility that the Lon- than during the past year, partly because of the
don Conference should result in the formation of a problems of treaty rights which the Chinese situation presents, and partly because the London ConMediterranean naval bloc.
Italy, which under Mussolini has several times ference, if it yields to the requests of Japan, will
shown a disposition to play an independent role make necessary some revision of naval arrangements
in international affairs, is reaching out on its own in the Pacific. The danger that lurks in the formaaccount for greater influence in the Mediterranean tion of new political alliances or understandings is
and the Balkans. Its demand for a navy equal to that they may bring to life again the old theory of a
that of any other Continental Power, while obvi- balance of power, and by emphasizing rivalries
ously aimed at France, has the Mediterranean par- administer a check to the strong movement for
ticularly in mind. Its connection with the Fascist peace. If that danger can be avoided, there will
or Heimwehr agitation in Austria is obscure, and be appreciably less reason to fear the combinations
its political relations with Jugoslavia have thus far that may be made.
been unhappy, but all the indications point to a
Federal Guaranty for Deposits in
desire on the part of the Mussolini Government to
National Banks.
add to its influence in Balkan affairs. In the conthe utter failure of the guaranty
ding
Notwithstan
troversy which has developed between Rumania and
States where it has been
several
the
in
deposits
of
involving
Hungary over the payment of reparations,
of Ohio has introduced
Brand
ve
Representati
tried,
some
of
wishes
as it does the political rights and
for a $50,000,000 fund
providing
House
the
in
bill
a
the
whom
hundreds of thousands of Hungarians
of the Federal Reserve
banks
in
deposits
guaranty
to
alien
to
transferred
Treaty of Trianon arbitrarily
for maintenance
proviso
additional
an
with
of
System,
commission
special
a
rule (a controversy which
by appropria$25,000,000
of
level
a
at
fund
the
of
and
insoluble,
found
has
Conference
the first Hague
the details of
not
have
which will apparently be ventilated fully at the tions from time to time. We
inprinciples
the
discuss
can
second session of the Conference which has just be- this measure, but we
whether
not
matters
it
And
them.
gun), it is to be expected that Rumania, already volved without
to
backed by Czechoslovakia, will also have the sup- the banks are to be taxed or the Government is
plan
the
depositors,
of
guardian
the
as
alone
stand
port of Italy.
It is not alone with Europe, nor even with Amer- is to be condemned severely as putting the Governica, that European statesmen are at the moment ment directly into the banking business.
As developed by the King resolution for the inconcerned. The political situation in China has
of the broad field of banking in general,
vestigation
The
questions.
anxious
and
again raised perplexing
high hopes that were entertained of the Nationalist it is a most inopportune time to consider this propoGovernment in China have been to a very large ex- sition. For if we are to have nation-wide branch
tent dissipated. What seemed for some months to banking, the Nationals in the Reserve System will
be a well-directed movement toward political reor- have an appeal to the people not possible to the State
ganization has degenerated into a disorderly enter- banks, whether or not these shall have a guaranty
prise which holds out little promise of an early fund under State laws. It is true that a National
restoration of order and little assurance of financial guaranty fund is stronger than that of any State
• stability. A few able and high-minded leaders still fund, but the very fact of providing for subsequent
stick to their posts, but the Chinese war lords are appropriations to keep the fund at a level of $25,again active, the Kuomintang is torn by personal 000,000 is warrant for the belief that no one knows
or partisan intrigues, and war reigns where peace what such a fund should be.
If the National banks are to be taxed to maintain
was looked for. Under such circumstances the formal termination on Jan. 1 of foreign extra-terri- the fund, in some way, their depositors must pay
torial rights in China brings China sharply into for it. If the Government is to establish the fund
the range of European and American interests. The out of general taxes the people must pay for it, for
bright spots in the situation are the apparent will- the benefit of a special class—that of bank deingness of the Nanking Government to put the edict positors. In either case the principle is wrong. The
into effect gradually, thereby giving time for fur- individual depositor has a right to the full return
ther negotiations, and the conclusion of a prelimi- of his deposit, and it cannot be said he should be
nary agreement between China and Russia regarding taxed, though indirectly, to pay depositors in other
banks that perchance may sometime fail. To tax a
the Chinese Eastern Railway.
If recent events are an indication of the future, citizen, not a depositor in a National bank, to pay
the new year is likely to see world politics moving losses to those who voluntarily put their money in
more or less steadily along several clearly marked National banks, is to take property without comlines. Less will be said about universal peace, but pensation, and must be contrary to the Constitution.
more will be done to keep armaments down and deter But the chief objection to any and all such plans is
nations from resorting to war. Every effort, we that it involves rank paternalism and sets up a form
may be sure, will be made at The Hague to remove of protection that is contrary to the spirit of a demothe reparations question from controversial politics, cratic republic where men are free to engage in busiwhile by June 30 at the latest there should be no ness at their will and to handle or hoard their money
more French troops in Germany. Revolutionary as they may see fit. Nothing could more clearly
activities will have to contend with increased con- turn an impersonal government into a Little Father
servatism in government as well as in political tem- than this.
Why not guaranty the money hid away in an old
per, at the same time that stabilized currencies and
reorganized finances should continue to aid eco- stocking against thieves? Why not insure it against
nomic recovery and development. The Far East fire? Why guaranty depositors and not stockholdand the Pacific area generally seem likely to occa- ers? Why protect the depositors against losses and




16

FINANCIAL CHRONICLE

[Von. 130.

not the borrowers against fraudulent investments? den became too heavy to bear and the people sought
Washington is fast becoming the great center for all to escape from the taxation. If the people must
business relief. Men wi// speculate whenever there have a protector for their money, a strong box for
is a chance. Why not insure them against the re- their accumulations, they already have the benefit
curring changes in prices? There is so much the of the Postal Savings Banks. These, contrary to
Government might do! So much it will sometime expectations, have not grown in the public regard
do if it yields to every petition. What has the Gov- and are comparatively sparsely used.
ernment to do with member National banks save to
No; banking is a business. Banks that make no
give them a supervision in a formal manner for the loans are restricted in deposits. Deposit
s make
benefit of all the people. It owns no stock in them. loans; and loans make deposits. Mercha
nts and
If it may be said to temporarily borrow from them, others make deposits that they may have a
safe place
it does so in the open market and is under no obliga- for their funds when not in use, also to
establish a
tion to grant them favors. Though it compelled credit relation which will furnish them added
funds
entrance into the Federal Reserve System, it left for short time use. The Federal Government
has
them otherwise free as independent units to carry on no connection with these transactions. To step
in
their business.
and promise payment to the depositors of failed
In discussing the banking situation, much is made banks is wholly supererogatory and a gratuity
at the
of the large number of failures among the small Na- expense of all the taxpayers. It is another
step
tional banks through the country districts, z.,nd the toward paternalism and socialism. Without sharfurther fact that none of the large city banks have ing in profits, without putting up any of the capital
,
been under stress. No doubt Mr. Brand has these without control in management, the Federal
Govsmall and supposedly weak banks in mind in formu- ernment is to •be asked to pledge the resourc
es of
lating his scheme for the protection of depositors. the country and the energies and accumulations
of
But many of these city central banks are members the people to guaranty that no depositor shall
lose
of the Federal Reserve, and they, too, must be in- by his connection with a National bank. It
is a
cluded in the guaranty. If so, in case of a failure, proposal utterly devoid of merit.
which still is possible, however improbable, the fund
of $25,000,000 would not go very far. Should such
The Recent Lure of "Investment Trusts."
a call be made on the fund it would either hopelessly
The iridescent hues of a bubble are beautiful to
entangle the small member banks or let the Governbehold. But when the bubble vanishes in thin air
ment in, possibly, for hundreds of millions of dol- the
colors are gone. In the midst of prosperity there
lars. To thus put the taxes of the people in jeopardy
are many rainbows, and when the rush and lure are
for the benefit of bank depositors is contrary to
past, we sometimes look in vain for the pot of gold
justice, if indeed it can be permitted under our it
thA rainbow's end. Therefore it is that in the
organic law. The scheme is not only untenable, it Is
lull after the "smash" we may examine prevalent
vicious in the extreme. We have no expectation that
movements, only to find them fashions that caught
such a bill can pass—but there seems to be an inordi- us
unawares. Let us consider for a moment what
nate desire in some minds to make the Government are
known as "investment trusts." It is now apparresponsible for bank failure losses.
ent, though the end is not yet to the initial period
The relation of debtor and creditor prevails be- of
our examination, that there have grown up varitween bank and depositor, and while the bank in ous
kinds of these companies. Though we cannot
some of its ways is a quasi public institution, it is
assume that the entire species is fungous in nature,
the exercise of a right to engage in the business of we
can say that time must elapse before we will be
dealing in credits. All patronage by the people is able
to make a satisfactory classification. It is
voluntary. Capital fltock must be exhausted before
shown, of course, that there have been investment
depositors can lose anything. Examination by
companies of long standing. But these have been
skilled banking accountants is required and gladly few
in number and have sprung from legitimate coraccepted. But no depositor need patronize a bank
porate financial activities, attracting limited popusave by his own free choice. There is, therefore, no lar
attention, and making no sensational appeal for
valid reason why the Government should intervene
stockholders. It is within say five years past, and
in these voluntary relations and contracts between
mainly within the last three years, that so-called
bank and customer. As well ask a Government to
"investment trusts" have grown in the sunlight or
protect the merchant or manufacturer against losses
shadow of a great "prosperity."
from bad debts. The Government has no lawful
In the United States they have been coeval with
right to guaranty deposits.
the widespread passion for buying and selling
As far as these member banks are themselves con- stocks.
They have themselves issued vast quantities
cerned, if a Federal assessment is to be made, it is a of their
own stocks, which, in most cases, met with
wrong to make the good banks pay for the ineffi- quick absorpt
ion. In England, where these comciency of the bad ones. Since the big city banks have panies origina
ted, they were brought into being for
proved good and some of the small country banks two
specific purposes. First, to enable small infaulty, must the city banks be forced to pay these vestors
to participate in the profits of investment
losses? Necessarily it follows,looking at the scheme and operati
ng companies scattered over the world.
as a whole, the added liability, though unexpressed And,
second, to enable these small investors to thus
and contingent, weakens instead of strengthens the partici
pate in the ownership and profits at a minisystem of banking. Though a fascination exists at mum
risk of loss through diversified holdings by
the announcement that the Government backs an the parent compan
y—the "trust." These foreign
enterprise, in truth such a law may be repealed at prototy
pes of ours did not spring up out of feverish
any time, complicating any previous promises, and speculation. They
were for the purpose of "safety
paving the way for interminable lawsuits; as has first."
Small investors could not secure proper inbeen the case with State guarantees, when the bur- formation of these
English investment and trading




JAN. 4 1930.]

FINANCIAL CHRONICLE

17

companies. A holding company organized for that better paid workmen at the bottom, we have, without
purpose could. To own stock in it afforded an oppor- much thought, given our tacit approval to such comtunity. But these "investment trusts" were in fact binations, and have, indeed, become so obsessed with,
"trusts." They bought and held shares for their own their apparently magic power that during the recent
stockholders, and by diversification earned good period of wild speculation and senseless inflation,
dividends at lessened risks and paid them to these any half-dozen of decrepit and moribund industries,
stockholders. This is by no means to say that there by merely pooling their individual debts and inefwere no wrecks along the way in the experimental ficiencies, could attract the public's money to any
stages, for it was the case that the lure of quick and stock issue they chose to float because they were a
exceptional gains caused diversion sometimes from 'combination,' a 'merger,' or a 'holding company.'"
the straight and narrow path of selecting only sub- The warning in these words lies in the charge that
stantial shares in well-established concerns that we have been blindly following what may well be
called a financial fashion. The lure was quick re
could and should be held for long time.
and the method mere imitation.
turn
Turning to the recent phenomenal growth of our
The
fever has run its course. There will be fewer
own so-called "investment trusts," we find them
growing up in the very atmosphere of speculation. of these companies organized in the next three years
They must, therefore, needs buy into new-formed than in the past three. "Investment trusts" will
companies as well as old. Naturally, the greater have time to prove themselves, will have opportunity
profits were in the class of new corporate creations, to free themselves from the get-rich-quick virus, will
and to this lure we may expect they have more or grow gradually into substantial and stable integers
less succumbed. More than this, the rapid increases worthy the purchase of those not schooled in "stocks
in the stock market of shares, old and new, induced and bonds," and will assume a valuable place in ourthe spirit of "trading," of buying and selling for financial machinery. Meantime investors and lawprofits in price. As for earnings, speaking broadly, makers should strive to analyze their peculiar nature
it is too soon to estimate the solidity of these and preserve the good without too severe restric"trusts," for they have not had time to prove their tions and animadversions, allowing the ill-conceived'
earning power through the earning power of their ones to perish by reason of their o.wn frailty.
investments. The "bull market" was long—just at
what point did these "investment trusts" secure James Speyer Analyzes the Situation—Compares the Present with the Past—Conditheir stocks? In view of the sudden and extensive
tions Making for Prosperity.
collapse of values, it is important to know. What
Writing under date of Dec. 31, James Speyer, of Speyer itpart have they sold and what part do they now hold?
says:
Co.,
Since they exemplify a new financial fashion, is it
"The extraordinary activity of our stock markets, despite
not reasonable to believe that the lure of trading
repeated warnings by the Federal Reserve Board and Others,
was a stronger incentive than the lure of invest- with Hi unfortunate consequences, which might have been
ment for holding? Published reports do tell us that much more serious had it not been for prudent and efficient
many of these new creations have been "trading" management by our Stock Exchange authorities, has recompanies. We know that these so-called "invest- suited in a return of our-money and loan markets to more
ment trusts" have sold over a billion dollars of their normal conditions. People with savings to invest, and there
this blessed
own stocks in the few years prior to the smash. will be more millions so to invest each year in
land of ours, will again be mainly guided by considerations
Could they have done so save that the "people" came of safety and actual income return.
to believe that by investing in these new fashioned
"History generally repeats itself—with slight variations.
companies they could reap a part of all the profits We must remember that the prices quoted on the Stock Exchange are not an unfailing barometer of our country's state
on the Exchange?
It would •be invidious to insinuate that any of of trade; but that this barometer is also frequently influenced by speculative pressure one way or another. It Is
these "investment trusts" are financially unstable not unlikely that some well-meaning persons, even if they
at this time. But it is entirely proper to suggest have not been sufferers themselves, will try to find some
that owing to prevalent conditions there are two way to prevent similar occurrences in future, and that they,
classes which we may denominate "sheep" and and some legislators, may propose the usual investigations
"goats." It is our idea that "trading trusts" are with a view to putting the blame on 'Wall Street.' If they
not inherently as sound as "permanent holding will examine the situation calmly, they will find that 'Wall
Street' Is not different from 'Main Street,' and that, in fact,
trusts," for the latter are not as subject to fluctuat- •too many people from 'Main Street,' perhaps somewhat
ing markets. As we are probably to have legislation neglecting their regular business, have been in 'Wall Street'
on this subject if publicity be required at frequent of late. In both 'Streets' there live all sorts of people; but
intervals, stockholders will be enabled to trace the the majority, even if some of them may occasionally be
changes in the stocks held or traded in and to know carried away by their impulses, are hard-working, honest
well-meaning, and have their country's good at heart.
the nature of such stocks, whether preponderately and
"Unlike those of former times, this collapse has found
industrial, public utility, railroad, bank, or what- almost all of our big railroads, financial institutions, and
not.
other corporations well fortified and strong in cash. NotThere is likely to gather about this recent growth withstanding unfortunate individual losses, there is no
a political storm, which bodes ill to careful and reason to expect any important failures, and most of our
corporations, being managed by far-seeing and broad-minded
efficient legislation. As an example, the other day men, will probably be able to avoid—even with a natural
in a political address at Chicago Governor Roose- recession from the great business activity of the last year
velt said in the course of his remarks on the growth or two—the lowering of wages or dismissal of men, so that
and change in the country: "Because we have dis- unemployment Should not assume any large proportions.
"Shipments of gold—which we can spare and which
covered that vast numbers of manufacturers and
long delayed, have at last begun. While
combinations of manufacturers employing hundreds others need—too
they are likely to continue, they should not prove a disturbof thousands of men can produce things which make ing influence; on the contrary, nothing gives more confor our own ease at prices within our incomes, and vincing proof of our country's improved financial position
in so doing can produce millionaires at the top and than these shipments at this time. It is only one or two




18

FINANCIAL CHRONICLE

[VoL. 130.

generations ago that we were dependent upon European totally unfair to Mr. Huston and Mr. Gold. On the contrary, the
capital. Formerly most of our panics were caused through Court of Appeals reversed the lower court's action after reviewing the
entire record in the case, which consisted of more than 2,500 printed
withdrawals of European capital, then required to develop pages, on the ground that the evidence
failed to sustain the charges of
our railroad system and to finance our enterprises gen- criminal misconduct and that a verdict of not guilty should have been
erally. When, at the same time, on account of some finan- directed by the trial judge.
History of Southern Minneeota Bank.
cial heresy or for some other reason, European investors
The Court of Appeals, in its opinion, reviews exhaustively the history
took fright and tried to sell us back our securities, there
of the Southern Minnesota Joint Stock Land Bank and Guy Huston's
were only few purchasers, and this aggravated the panics. connection
with it.
All this is changed now. European credit balances are
The Bank was chartered on June 25 1919. By November 1919, it
had
nearly
$2,000,000
of loans on its books. Then,the constitutionality
small compared to our own money supply and accumulated
of the Farm Loan Act was attacked, and this made it difficult for the
wealth, and, even without considering war debts, it is prob- Bank to sell bonds
and obliged it to stop making loans, so that it ran
ably true to-day that our investments in foreign securities at a loss down to the fall of 1921, and assessments were made on the
stockholders
to
meet
the deficit.
are in excess of European investments in our own bonds
After the Farm Loan Act was held constitutional by the Supreme
and shares. This marks a tremendous transition from a Court, in 1921, the Bank again began the
sale of its bonds. By May 1
1922 the point was reached where no more bonds could be sold, because
debtor to a great creditor nation.
of capital stock limitations. Loans then outstanding were $3,750,000.
"This position as a great creditor nation, however, does Up to that time Mr. Huston
had no connection with the Bank, but did
not make us independent of economic and financial con- have in mind the organization of another Joint Stock Land Bank in the
ditions in foreign countries, which, with the principal ex- same general territory. William H. Gold was then President of the
Bank. He became acquainted with Mr. Huston at meetings of the
ception of France, are not very favorable at the present American Association of Joint Stock
Land Banks, of which Mr. Huston
time. The consequences of the war, or perhaps more cor- was President.
The 1922 Huston Contract.
rectly of the Peace Treaties, are still being felt, especially
The outcome of the situation was that a contract was made between
as contrary to modern business development, Europe was
the Southern Minnesota Joint Stock Land Bank and Mr. Huston, on
cut up into smaller units—not always homogeneous national June 19 1922, for the sale of 10.000 shares of the stock
of the Bank, and
for
the sale of an aggregate of $15,000,000 of bonds to be later issued.
units at that—each one trying to `protect' itself, through
obligated
Huston
himself
1,000
to
buy
shares
at
115,
and to use his
customs barriers.
best efforts to sell the remaining 9,000 shares at 115, retaining as his
• "Through our co-operation, by our foreign loans, and by compensation any excess of price over 115 on the first 4,000 shares,
and
the Dawes and later by the Young plan, we have tried to dividing the profit, if any, with the Bank on the second 5,000 shares.
He was to undertake to sell the bonds at the best price obtainable, at a
help European countries to achieve a more satisfactory price to net the Bank not less than 101.
On the first $7,500,000 bonds
state of affairs; but it is evident that the last word has sold he was to receive one point on each bond sold, payable one-tenth
not yet been spoken in that respect. We may also justly each year for ten years, and two points on each bond as sales cost. On
the second $7,500,000 bonds, he was to receive not more than one-quarter
claim that we have been generous in settling the war debts. of a point profit in any case.
The contract was to remain in force until all the stock and bonds were
Our country is to be particularly congratulated in having at
sold; the stock was to be sold by Jan. 1 1924, and if the stock was not
the head of the Treasury Department Mr. Mellon, a gentle- sold
fast enough to meet the needs of the Bank, Huston could be reman who has unselfishly placed his wide experience and his quired to take up 500 shares a month from Sept. 1 1922.
sound judgment at the service of his countrymen. It must,
Cancellation of 1922 Contract.
of course, be evident to everyone that, quite apart from
Huston had sold all but 1,500 shares of stock, and $1,500,000 of the
purely financial considerations, the amount of moral influ- bonds when this contract
was canceled by agreement, dated in December
ence which our country can exert in European affairs will 1923, but actually effective the previous April or May. The cancellation
enable the Bank to earry out an agreement
contract
to
made
was
depend very largely on how we conduct our own affairs.
with J. S. Bache St Co. to handle the sale of its stock in connection with
It is unfortunate that at this time, when most European a merger which had been arranged with the First Joint Stock
Land Bank
countries have to depend largely on industrial exports, we of Minneapolis. The cancellation contract recited that as there would
have become due to Guy Huston Co., to whom the contract had been
should consider increasing our own tariff, and the delay assigned by Guy Huston, the sum of
$150,000 on the completion of the
and uncertainty of Congressional action in this respect can- contract of June 1922, in consideration of the cancellation, the Southern
not have a favorable influence on our own activities. It is Minnesota Bank promised to pay that sum in twenty semi-annual
installments of $7,500 each, commencing in July 1924.
also unfortunate that the existing prohibition legislation
In the spring of 1924 the situation of the Southern Minnesota Bank
has proved a failure, which does not Increase our prestige was as follows: It had made loans of just under $20,000,000, not including the loans taken over from the Minneapolis Bank of $6,000,000.
abroad.
These loans had been taken in accordance with the Farm Loan Act and
"While excessive optimism was largely responsible for under the safeguards therein provided. It had carried through
a sucour late temporary trouble, we must remember that the cessful merger with the Minneapolis Bank. Its capital stock was $1,800,000. It had paid dividends at the rate of 8% from July 1 1922 to
optimism of *our people has made this country 'what it is, January 1923,
and at the rate of 9% from Jan. 1 1923.
and that American confidence in the future is justified.
The Court of Appeals in its opinion states:
"The
sale
of its stock and bonds after the termination of the 1922 conSituated as we are, fairly immune from foreign aggression tract with Mr.
Huston was much less successful that it had been under
and free from foreign entanglements, blessed with raw that contract. There existed some delinquencies.
Delinquent
interest
on farm loans
$261,830.00
materials and a productive soil, with practically a whole Lands acquired
212,145.69
122,099.96
continent as our heritage, without interior customs bar- Tax certificates
but they were not unusually large in comparison with the volume of busiriers, with one hundred and twenty million contented and ness done."
free people under self government, everyone—without class
No Fraud in 1924 Contract.
distinction— has opportunity to work and progress. Our
On May 15 1924 the Bank and the Guy Huston Co. entered into
people realize all this, and if we remain mindful of our another contract to sell additional stock and bonds to be issued by the
Bank. The stock
to be sold from time to time at such prices as
obligations towards our country, towards each other, and the parties deemed was
should be for the best interest of the Bank, and the
towards foreign nations, our peaceful evolution and prog- Huston Co. was to receive two and one-half points a share as its full
compensation for selling the stock. The bonds were to be sold also at
ress will continue and 'prosperity' (not 'booms' or 'de- such
prices as the parties deemed advisable, but not less than
and
pressions') will in the future, as in the past, be the normal the Huston Co. was to receive as compensation for negotiating101,
the sale
of bonds one-quarter of a point on each bond.
state of the United States of America."
Concerning this contract, the court says:
JAMES SPEYER.
"There Is nothing on the face of the contract which indicates fraud, or
any intention on the part of the parties thereto to defraud.
New York, Dec. 31 1929.
On the contrary,

Findings of U. S. Circuit Court of Appeals Reversing Conviction of Guy Huston of Southern Minnesota Joint Stock Land Bank.
From the "Wall Street Journal" of Dec. 30 we take the
following relative to the opinion of the U. S. Circuit Court
of Appeals, which as we reported in our issue of Nov. 16,
page 3102, reversed the conviction of Guy Huston of the
Southern Minnesota Joint Stock Land Bank:
The text of the opinion of the United States Circuit Court of Appeals
for the Eighth Circuit in the criminal case against Guy Huston, arising
out of the affairs of the Southern Minnesota Joint Stock Land Bank,
completely demolishes the charges that there were criminal irregularities
on the part of Mr. Huston and William H. Gold, former President of
the Bank,in connection with its affairs.
Huston and Gold, in 1927, were convicted by a jury in the United
States District Court in Minnesota on charges of using the mails in a
scheme to defraud in connection with the sale of stock of the Bank.
First press reports were to the effect that the conviction had been reversed by the Court of Appeals on a technicality. This report was




the provisions of Sections 12 and 13 tend to negative the idea that
the contract was part of a scheme to defraud."
The prosecution, however, had charged that this contract was an
essential feature of the alleged scheme to defraud, the other significant
part of which was the formation of a company known as the Farmers
Fund, Inc.
Formation of Farmers Fund,Inc.
Prior to June 1924, the Southern Minnesota Bank had acquired certain lands in the course of its operations by foreclosure of mortgages
and otherwise. This was due, in large part, to the depression in agriculture which existed from 1921 to 1924. The officers of the Bank
thought that these lands should be disposed of to a separate corporation
and handled by it. The matter was taken up with members of the
Farm Loan Board, and the plan of the separate corporation was approved by them.
Accordingly, The Farmers Fund, Inc., was formed on May 15 1925,
with a capital of $100,000. The lands owned by the Southern Minnesota Bank were conveyed to it for a cash consideration of $75,000 and
mortgages taken back covering the full amount of the mortgage loans
originally made upon the lands by the Southern Minnesota Bank,
together with all costs and disbursements. In addition, the Golds and
Guy Huston gave bonds in the total sum of $100,000 to cover any possible loss which might be sustained by the Farmers Fund, Inc., in connection with the transfers of said real estate.

FINANCIAL CHRONICLE

JAN. 4 1930.]

19

the criminal charge against Huston and his associates was based, was
as follows:
"Dividends: The initial dividend was declared as of July 1 1922. at 8%.
"That this plan of having a separate corporation take over the lands In January 1923 the rate was increased to 9% and in May 1925 the board
thus held by the Bank was a very common one, the court will take judicial of directors announced that the dividend rate of the capital stock had
notice; that the plan was approved by members of the Farm Loan Board, been increased from 9 to 10%. The increase to be effective July 1, the
and that it was for the best interest of the Bank, is established by the first quarterly dividend of $2.50 per share will be paid Oct. 1 1925."
uncontroverted evidence.
There was no claim that the dividends were not in fact paid as stated,
"The government contends that the formation of the Farmers Fund,
Inc., wasa mere subterfuge; that whatever capital it hadwasfurnished by the or that the directors had not passed the resolution to increase the diviSouthern Minnesota Bank. A careful examination of the evidence con- dend; but the government claimed that the dividends paid had not in
vinces that the capital was furnished by Guy Huston—$75,000 in cash
and $25,000 in credit on the books of the Guy Huston Co., $15,000 of this fact been earned, and that the failure to disclose in the circular that they
credit was shortly paid over; that the stock of this corporation was taken had not been earned amounted to a fraudulent use of the mails.
Purpose of Farmers Fund Legitimate.

As to this transaction, the court says:

and owned by him with a double liability attached; that the transaction
was bona fide and without the intention on the part of anyone to defraud;
that later on, when the Farmers Fund, Inc., was taken over by the Farms
Co. of Massachusetts, and it became necessary to increase the capitalization, $136,000 more was furnished for that purpose by Guy Huston. In
return he took B stock in Farms Co.of Massachusetts, an issue subordinate
to the A stock.
"That one of the purposes in forming the Farmers Fund, Inc., was to
transform certain non-liquid assets of the Southern Minnesota Bank into
liquid assets is clear from the evidence; that the purpose was accomplished
is also clear; and that such purpose was legitimate and without intent to
defraud anyone is equally clear."
Stock Increase in 1925 Necessary.

The prosecution further claimed that an increase in the stock of the
Bank from $1,800,000 to $3,000,000, i.e., 12,000 shares, which was
voted on Feb. 10 1925, was another step in the alleged scheme to
defraud. At that time the Bank had made loans amounting to $28,900,000 in round numbers. It still had a lee-way for making loans of
$1,500,000 and it had applications for loans equal to that amount.
On this point the Court of Appeals says:
"Clearly, if the Bank was to expand its business, an increase ofstock

All Dividends Paid from Earnings.
The books of the Bank were kept on what is known as the accrual

basis, the basis on which the Farm Loan Board required their hooka
to be kept. The government contended that in determining whether
dividends had been earned, however, the books should be considered
on a cash basis.
On this question the Court says:
"The uncontradicted evidence shows that all dividends paid .. . had

in fact been out of net earnings; and that there were no false representations in reference to such payment . . .
"Much correspondence was had in the fall and winter of 1924 between
William H. Gold and Guy Huston relative to raising the dividend rate to
10%. Misgivings and doubts were expressed at one time or another by
each of them. In the spring of 1925 all of the circumstances seemed favorable to such a step and it was taken. This correspondence, to our mind,
shows integrity of purpose instead of a scheme to defraud. Misgivings
and doubts are indicative of honesty rather than of villainy.
"The foregoing evidence; the fact that dividends of 9% had been earned
and paid; the testimony that it was the belief of the defendants, as well as
of others well informed, that the agricultural depression was about over:
the absence of any substantial evidence to the contrary, lead irresistibly
to the conclusion that the defendants honestly believed and had reasonable

was necessary as a basis for an issue of further bonds. The Farm Loan
ground to believe that a dividend of 10% could and would be paid on the
Board know of the proposed issue of stock.
stock of the bank."
"Commissioner Cooper testified: 'I discussed with W. H. Gold
and also with Mr. Huston, the matter of increasing the capital stock of
In summing up their opinion, the Court says:
the Southern Minnesota Bank . . .
"We have now discussed at some length the more important details of
"'After these conversations with Mr. Gold and Mr. Huston, the capital
the
knew
I
conversations
alleged fraudulent scheme set out in the indictment; the other details
the
these
At
increased.
was
Bank
stock of this
Bank had acquired some land, and believed it would have to take on more. alleged have been examined and considered, but will not be discussed.
which
I told Mr. Gold I thought it would ba advisable to increase his capital We have also discussed a number of the alleged false representations
fraudulent
stock so he could take care of all good applications that I believed at that are claimed to have been made in connection with the alleged
scheme. The remaining alleged false representations have also been
time were available to the Bank.
"'I had on my desk at the time, which I think I either showed him or examined and considered, but will not be discussed."
told him about, a report covering this territory, and particularly the terriNo Fraudulent Scheme Nor Misrepresentations.
tory in which the Southern Minnesota Bank was operating, which showed
that during a period of four or five months previous, mortgage loans in
After enumerating several well established rules of law, the Court
the sum of about $19,000,000 had been made by companies other than
concludes:
Federal or Joint Stock Land Banks, and that made me believe thatitthere
"Applying these rules to the evidence in the case at bar, we are of the
must be available here good business which the Bank could take if had
the necessary capital and was able to sell these bonds, and which it would opinion that the alleged fraudulent scheme and the alleged false represenare without substantial support in the record; and that the items
tations
be desirable for the Bank to do.'"
of evidence pointed out by the government as supporting the indictment
Erroneous Judgment No Crime.
are as consistent with the innocence of the defendants as with guilt on their
part; and that a verdict of not guilty should have been directed by the trial
The court then quotes from the testimony of several of the directors court ... The judgment as to each of the defendants is reversed."

of the Bank, as well as from Mr. Gold and Mr. Huston, to the effect
Unjust Publicity.
that at the time the increase of stock was voted, that they believed
there was opportunity to make good loans if they had funds available,
In view of the wide-spread publicity given by the press of the country
and that the turn had come in the agricultural situation.
to the charges against Mr. Huston and his associates, and to his trial,
On this point the Court of Appeals says:
conviction and sentence in 1927, and in view of the general impression
"All of these men were mistaken in the views they held early in 1925 that seems to prevail that the troubles of the Southern Minnesota Joint
as to the outlook for the future business prosperity of the Bank. They Stock Land Bank arose from criminal misconduct on the part of Mr.
did not foresee the agricultural depression which set in during 1926, nor
justice requires
did they foresee the change in policy soon to be made by the Farm Loan Huston involving misappropriation of funds, common
Board in regard to the payment of dividends, and in regard to the handling that the same publicity should be given to the fact that the Circuit
of lands acquired under foreclosure. But in passing upon the guilt or Court of Appeals has exhaustively reviewed all of the relations between
innocence of these defendants in respect to this increase of stock, due conand the Southern Minnesota Joint Stock Land Bank, and
sideration must be given to the facts and circumstances as they saw them Mr. Huston
in 1925. Erroneous Judgment may be as consistent with good intentions all of his actions in connection with the sale of its securities, and not only
the
stock,
think
we
of
increase
as with bad. And in this matter of the
finds that there was no misconduct, but in describing his conduct repeatrecord fails to show any substantial evidence of bad faith or intent to edly uses such phrases as the following:
defraud on the part of the defendants. At most, the evidence shows
"This shows integrity of purpose instead of a scheme to defraud."
erroneous judgment on their part when considered in the light of subsequent events.''
The Court, moreover, indicates its opinion that the troubles of the
The Alleged Mail Fraud.
Southern Minnesota Joint Stock Land Bank were simply due to the
other wellAfter thus reviewing and disposing of the various steps in the alleged fact that the directors of the Bank, in common with many
in 1925 as
scheme to defraud, the Court of Appeals takes up the specific charge informed people, were mistaken in the view they held early
not
alleged in the indictment against the defendants, namely, that they to the outlook for future agricultural prosperity, in that they did and
This,
1926.
during
in
set
made a fraudulent use of the malls as part of the alleged scheme. To foresee the agricultural depression which
regard to the
sustain this charge, the government relied mainly on a statement in a the change in policy made by the Farm Loan Board In
printed circular, copies of which were distributed by mail by Huston payment of dividends, in regard to the handling of lands acquired
led to
(and various other brokers as well) to investors. This statement, which under foreclostge, were the causes, the Court points out, which
the government claimed was false and fraudulent and upon which claim the troubles of the Bank.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, January 3 1930.
For the first quarter of 1930 the orders thus far as near as
can be judged from the latest returns are of fair to good
size. Railroads and fabricating trades are reported to be
buying steel on a better scale, and production has increased
somewhat, with rail mills operating, it is stated at as high
as 85%. In other words there has been some recovery
from the sluggishness in the inventory period. Some increase in business in textiles here has marked the recent
trading although within the past week the demand has not
been at all brisk. But the feeling is hopeful in the textile
business of the country. It is believed that the consumer
is carrying comparatively small stocks of cotton goods and
other textiles and that after a prolonged period of curtailment the mills themselves are not oversupplied with their
product. There is increased activity in the automobile industry. The increase, is confined largely to the cheaper
cars. Yet it is said that in one case the production of a high
priced car is larger than it was a year ago. This however,
seems to be an instance of the exception proving the rule of
only a moderate degree of activity in output aside from that
of the lower priced cars. Of late stocks have advanced




somewhat with money on call easy to-day at 5%. Sterling
and franc exchanges are below the point where exports of
gold can be made profitably and in December about $72,000,000 of the yellow metal went to Europe.
Wheat has at times advanced sharply, but the net changes
for the week are practically negligible. No big export demand has yet appeared, but what is taken to be well informed
opinion leans to the belief that Europe will have to buy wheat
from the United States on a considerable scale this year,
owing mainly to the sharp decrease in the crop of Argentina.
It is doubted whether Russia will be a large shipper of wheat
to the markets of western Europe. Corn has declined 1 or 2
cents, coincident with a larger movement of the crop and
with prospects of still larger movement with good weather.
Much of the corn is too moist. Other grain markets show
little net change for the week. Cotton has declined slightly
with speculation quiet and not much demand for the actual
staple at the present time. Exports are far behind those of
last year up to this date, and Manchester's trade suffers
from a disturbed political situation in India and China,
especially in India, where the old threats are heard of a boycott of British goods as Nationalists increase their demands
on the British Government. But it appears that England

20

FINANCIAL CHRONICLE

[VOL. 130.

is not overmuch disturbed by the political agitation in India no definite statement can be made as to
the permanency
and thinks that with the police and troops on the scene it will of employment for workers in the textile industry, it is felt
be able to handle the situation. Of course, the mild weather that in this line, as with other industries, efforts will be made
here of late has injured trade more or less. Food prices have to increase production. Providence, R.
I., wired: "The
declined partly on this account, especially in dairy products cotton industry can expect permanent relief from the unand eggs. Declines in prices of commodities during the past satisfactory experience it has undergone in
recent years only
week have predominated rather than gains. Provisions through consolidations and mergers
of existing plants into
have declined slightly, lard falling 13 to 15 points. Sugar larger units, a trend which has already
demonstrated its
has declined with European and Cuban interest selling. practicability, it is declared in the
annual report of the
And yet the Single Selling Agency in Cuba sold the'other day Rhode Island Textile Association. In Maine
there was a
some 50,000 tons and the actual staple has latterly been gain in the volume of employment in
the cotton textile
steadier. European interests were selling here to-day, and industry in 1929 and a continuance of this
improvement is
the actual raw sugar was quiet, at 2 1-16c. cost and freight. expected.
Coffee in an oversold market has advanced sharply. In fact,
In North Carolina the textile mills in several localities have
March Santos is nearly 80 points higher than a week ago and been operaintg on greatly curtailed schedules but
the 1930
May Santos more than half as much. Rio futures have also outlook in this industry is considered brighter.
Charlotte,
advanced some 20 to 30 points under the stimulus of higher N. C. wired that the Davona Mills which have been
idle for
prices in Brazil and a somewhat better tone in Exchange. several months will be started up again in about two
weeks.
Spot Santos and mild coffee have been very firm. Beyond The company has been reorganized during the
period of
.all this however, is the fact that everybody here has been a idleness. About 600 operatives will be employed.
In
bear on coffee until the technical position became so strong South Carolina the textile mills have been operating on curthat a sharp advance was inevitable. Brazil, Europe and tailed schedules with no immediate prospects of any imNew York have all at times been buying while offerings have mediate prospects of any improvement. Manchester,
been comparatively small. Rubber in a dull market has England's trade has suffered from the disturbed political
declined 30 to 40 points. Lumber has been less active in the conditions in India and China and at times from a decline
Pacific Coast States, so far as production is concerned. in silver.
'This may have a stimulating effect later on. There is a reAs to the weather, on Dec. 30 it was 29 to 40 degrees here.
duction of 33 1-3% it appears in the citrus fruit crops in both Boston had 32 to 42 degrees; Chicago, 32 to 46; Cincinnati,
Florida and California. Southern and Central California 36 to 54; Cleveland, 28 to 46; Detroit, 26 to 40; Kansas City,
needs rain.
42 to 64; Milwaukee, 32 to 52; St. Paul, 30 to 46; Montreal,
In most branches of trade collections are not satisfactory. 22 to 32: Omaha,38 to 62; Philadelphia, 30 to 44; Portland,
At best they are only fairly so and in not a few branches they Me., 30 to 40; Portland, Ore., 30 to 50; San Francisco, 40
are actually slow and this has been the case for months past. to 50; Seattle, 44 to 48; St. Louis, 44 to 66; Winnipeg, 30
Comparative warm weather of late has hurt the sale of heavy to 36. On Dec. 31 here it was 37 to 51 degrees. Maximum
clothing. It was 58 degrees here. Storms in some parts of temperatures in the West were in the 40's and upper 50's.
the country have stimulated the sale of rubber goods. On the 2nd inst. the temperatures here were 46 to 55 degrees.
Bituminous coal business has been less active, owing partly To-day the maximum temperatures was 55 degrees. The
to milder weather and partly because of a slowing down of forecast is for fair and colder to-morrow. Overnight Boston
industry in recent weeks. Also there have been some strikes was 44 to 58; New York, 50 to 58; Chicago, 26 to 38; Cinto curtail operations, as well as the usual decrease at the cinnati, 32 to 54; Milwaukee, 26 to 40; St. Paul, 2 to 32;
holiday season. The sales of silks, woolens and worsteds Winnipeg, 10 below to 32 above.
have been comparatively small, but a better business is very
generally expected in all these textiles as well as in cotton Secretary of Commerce Lamont Finds Business in 1929
at Record Levels, Despite Recent Recessions—
goods, before long. Raw silk was rather steadier but trade
Construction Only Branch of Industry Showing
-was still quiet. Wool has been in rather better demand and
Less Activity in 1929.
-steady.
In response to requests for a statement Of conditions and
Retail trade has been on a fair scale but nothing more.
The feeling in wholesale and jobbing lines is cheerful, al- prospects for the coming year, Robert P. Lamont, Secretary
though nobody expects any outburst of activity this month. of Commerce, reports that "American business in 1929
The feeling rather is that there will be a gradual improvement reached higher levels than ever before, notwithstanding
recessions in some lines in the later months." "Measured by
in the national business in the first half of 1930.
On Dec. 31 the stock market was active and 1 to 12 quantities,not value," says Secretary Lamont,"the output of
points higher, including United States Steel, Western Union, our manufacturing industries broke all previous records, being
Allied Chemical and Dye, American Tobacco, America and 8% higher than in 1928. The mineral production shows
'Foreign Power, American Tel. & Tel., General Electric, precisely the same percentage of gain, and here, too, a new
North American Co., Republic Iron and Steel, Sears Roe- high level was established. Freight carloadings rose by 3%.
buck and on through a long list of the market's leaders. The Employment in manufacturing industry and the amount of
sales were 2,678,070 shares. Stocks have latterly been more wage payments were both considerably greater in 1929 than
or less unsettled and to-day for a time were irregular, rallying than in the preceding year." A "continuance of prosperity
Later on, with money down to 5%, and the stock trading and progress" is looked for by Secretary Lamont, who in his
made available Jan. 1, has the following to say:
comparatively light. The feature was the activity in Fox statement,
Our domestic
as indicated by the sales of department stores, mail/
I points higher. It is understood order houses,andtrade,
Film A which ended 33
chain-store systems, attained peaks never before touched.
that call money was rather weak at 5%. Foreign exchange When allowance is made for price changes the latest figures show that in
our foreign commerce also reached new high levels, being much
declined. French francs are below the level at which gold volume,
greater than ever in the abnormal war period.
shipments can be made at a profit to the banks. The inCommodity prices have been steady, with a slight downward tendency.
crease in brokers' loans of $98,000,000 has had no particular There has been no undue accumulation of stocks of goods. Dividend payments of industrial and public-utility corporations were 20% greater than
effect. It was accompanied, it was understood, by not a in
1928. There was a decline of 7% in failures among industrial and comlittle short covering. It seems to have indicated year end mercial concerns, as measured by the amount of liabilities; thismay
be
considered
a dependable indicator of the general soundness of business.
business rather than any marked increase in speculation.
The only important branch of business showing less activity in 1920 than
Bonds to-day were quiet but firm.
the year before was construction—the decrease in new contracts being
very
Fall River, Mass., wired Jan. 1 that the strike at the largely confined to residential building.
The solid economic progress that I have .ndicated was not in any sense
Bourne Mills which caused the closing of the plant for 13 the result of a "boom." Its very substantial character
helped greatly to
weeks was terminated Dec. 31, weavers accepting the offer alleviate the effects of the marked break in prices of stock-exchange securiduring October and November.
of the company to dispense with the multiple system and ties
The most
single indicator of economic activity is the index
allow the weavers to continue operating 20 looms each in- of the outputimportant
of the manufacturing industries. This showed an increase
stead of 40 as the mill had planned to do at the time the of approximately 20% over 1923—a very active year. There was a strong
demand during the year for coal and for the metals. This increased prostrike was called. The mills will reopen with about half of duction
of mineral and manufactured commodities was reflected—as I
its normal force of 500 employees and gradually increase the have already mentioned in a larger movement of railway traffic.
Automobile production last year reached about 5.500,000 units, by far the
number. One hundred and twenty-four weavers were on
output ever attained. Although the closing months showed a
strike. At Fall River, trade was quiet. Heavy selling over largest
greater seasonal decline than usual, the very large production during the
the last week-end of print cloths by the Southern mills at other months brought about an increase, for the year as a whole,
of 27%
out prices had its effect on the trade at Fall River. In as compared with 1928. The exports of automobiles have rapidly increased
reaching a peak total in 1929.
masgachusetts while cotton mill conditions are not bright,
While there was some advance in the general level of
prices in
,increased production is expected. In Rhode Island, while 1928 over 1927, the year 1929 showed a slight recession.wholesale
This was not the




JAN. 4 1930.]

result of any sudden break. During most of the individual months, even
when factories and mines were most active, the prices were somewhat lower
than in the corresponding period of 1928. Increase in industrial efficiency
accounts both for the greater output and the general downward tendency
In prices.
The new construction contracts awarded fell off considerably. But the
back-log of large contracts placed during 1928 and in the early months of
1929 made possible an actual volume of construction nearly as large as that
reported for 1928. There was a lowering in the demand for materials particularly identified with residential construction, such as lumber, brick,
cement, and enameled sanitary ware.
Except possibly for certain branches of the construction industry, legitimate business found funds plentiful and reasonably cheap, despite the
sharp rise of interest rates before the stock-market crash. A widespread
between the rates on brokers' loans and the rates charged to business borrowers was maintained by the Federal Reserve Board,in co-operation with
the nation's bankers. Long-term business borrowing was accomplished very
extensively by floating stocks on a rising market—often to retire bond issues.
Thus the year-end finds most of the lay industries of the country with
stronger capital structures, and in better cash-and-inventory positions, than
at any time in our history.
Following the security liquidation in October and November,interest rates
declined to the lowest levels in eighteen months. Foreign lending, so essential to our export business, was resumed to some extent in the final quarter—
through heavy withdrawals from our market of foreign-owned short-term
funds. k Foreign purchasing power was stimulated, also, by sympathetic
liquidation of securities in every important country.
Exports of American manufactured goods reached the huge total of
approximately 53,250,000,000, about 9% greater than in 1928, and about
80% more than in 1922. This growth of exports has made possible more
continuous employment of American labor and capital. Import trade was
also exceptionally large, especially when allowance is made for the recent
decline in the prices of certain major important commodities. The large
volume of imports is the result of our high purchasing power and of the
increasing productive capacity of many foreign countries.
Although some of our industries lagged behind, there was on the whole.
during 1929,less disparity between slow and active branches of business than
has been apparent in other recent years.
Broadly speaking, the business history of 1929 recorded the continuation
of a movement which has been substantially unbroken for an exceptionally
long period. It is impossible, of course, to forecast what temporary ups and
downs may occur. But the nature of the economic development of the
'United States is such that one may confidently predict, for the long run, a
continuance of prosperity and progress.

Guaranty Trust Survey Looks for Continued Slowing
Down in Early Months of Year with Recovery in
Spring—Over Production a Factor in Business
Recession.
Attempts to appraise the business situation and to forecast the trend for 1930 are occupying the business community
generally, states the current issue of the "Guaranty Survey,"
published Dec. 30 by the Guaranty Trust Co. of New York.
"A concensus of opinion from authoritative sources," continues the "Survey," "seems to indicate a continued business
recession during the early months of the year, some measure
of recovery in the spring, and gradual improvement following, with fairly good results for the year as a whole. The
closing year began well but ended badly. The new year
bids fair to reverse the process by beginning badly and
ending well." Citing the lessons from the stock market
break, the "Survey" says:

Secretary of Treasury Andrew W. Mellon Looks For
Revival of Industrial Activity in Spring and Steady
Progress During 1930.
In a statement given out at Washington on Dec. 31,
Secretary of the Treasury Andrew W. Mellon finds nothing
"in the present situation that is either menacing or warrants
pessimism." "I have every confidence" says Secretary Mellon
"that there will be a revival of activity in the spring and that
during the coming year the country will make steady
progress." Mr. Mellon's statement follows:
Forecasting the future course of business can never be done with any
certainty that it will be borne out by subsequent events. No one can fully
appraise the complex forces which are always at work, and it is hazardous
to attempt doing so.
I see nothing, however,in the present situation that is either menacing or
warrants pessimism. During the winter months there may be some slackness
or unemployment, but hardly more than is usual at this season each year.
I have every confidence that there will be a revival of activity in the spring
and that during the coming year the country will make steady progress.
In the credit situation the trend of money rates is downward. There is
Plenty of credit available, and we have reason to expect that the rates for
new capital in building construction and expansion will be such as to facilitate the promotion and accomplishment of new undertakings.
Statements from the executives of railroad, public utility and industrial
concerns during the President's recent conferences were, almost without
exception, to the effect that their expenditures for new construction and
expansion in 1930 will be as much or more than in 1929.
The Government's finances are in a sound condition, which warrants the
cut in taxes, and the Government itself is in a position to do its part in
helping the country to meet and solve the problems which are ahead.

President Hoover Advised by Department of Commerce
That Holiday Trade This Year Equalled That of a
Year Ago.
President Hoover is much encouraged by reports he has
received from the Department of Commerce showing that
the general volume of Christmas trade for the entire country
this year equalled that of 1928 according to the Washington
advices Dec. 27 to the "Herald-Tribune" which added:
It was said at the White House to-day that the President regarded these
reports as definitely removing all doubt that the American consumer was
not panic-stricken by the recent stock market collapse and that business
could look forward to the coming year with greater assurance.
While some sections reported decreases in trade, most of them due to
industrial fluctuations not attributed to the stock market situation, others
reported increases. The Department of Commerce found that the country
as a whole maintained an even level.
The President also has been greatly encouraged by reports he has received from the Governors of 26 States showing the amount of money to be
expended on public works in the coming year. These 26 States, it was announced,reported public improvement projects aggregating $825,000,000.
The President is confident the remaining States will report proportionately
large estimates.
When President Hoover mustered the business, industrial, agricultural
and labor leaders of the Nation in Washington to survey with them the
general situation in the light of the stock market crash, he also asked the
State Governors by wire to make surveys and report the amount of public
Improvements their respective States contemplated during 1930.
The reports received thus far were in response to that request.




21

FINANCIAL CHRONICLE

"Out of the confusion which followed the reaction on the stock market.
several important conclusions may be reached: first, that general business
conditions have been less affected than was broadly feared: second, that
the most important factor in the Present business recession was over-production in important industries,from which a period of readjustment was
inevitable. The movement of stocks registered an effect rather than a
cause of this condition.
"It is further evident that economic laws have resumed their sway in
important particulars' first, supply and demand must still be correlated if
Industry is to prosper: second, real value is only soundly based on earnings:
third, action begets reaction, and a period of over-speculation and overproduction inevitably brings about deflation and recession.
"Recent developments have fortified the optimism with which business
men regard the prospects for 1930. Although there is no failure to appreciate the importance of the collapse ofstock prices as an influence on general
business or to ignore the historical fact that such a collapse has almost
invariably been followed by a major business recession, emphasis has very
properly been placed on certain fundamental differences between the
conditions that exist at present and those that have usually been witnessed
at similar times in the past.
Unique Features of Present Situation.
"In the first place, the inflation of stock prices was accompanied by no
corresponding advance in prices of commodities and by very little accumulation of inventories; consequently, no corrective process in this
direction is required. In the second place, the inflation involved no crucial
credit strain. The absence of the glutted commodity markets and over-taxed
credit structure that ordinarLy exist during the early stages of a business recession is the most favorable element of the present situation.
"These encouraging factors are at least partly borne out by actual developments, although it is, of course, Still too early to know what the
actual effects of the price collapse on general business may be. While
business activity is unquestionably on the decline, the downward trend
cannot be attributed entirely to developments in the stock market,since it
began some time before the panic took place. Retail trade reports indicate
that the volume of holiday buying, which would naturally be expected to
be very sensitive to a drastic recession in stock prices, was not seriously
curtailed.
"The vigorous measures taken by the Government to combat the downward tendency in business have also injected an element of uncertainty
into the situation. Never before have public agencies interceded in such
a direct and extensive way to alter the course of business, and the results
necessarily unpredictable. There is no doubt, however, that the series of
conferences with business executives emphasized the strong position of the
country's leading industrial concerns and increased public confidence in
their future. The increase in wages at the Ford automobile plants and the
assurance by many other industrial executives that no effort would be
made to reduce the compensation of employees indicated the fundamental
change in labor policies that has contributed to the prosperity of the country
in recent years and that may have an important bearing on the duration
of the present recession. Out of these conferences has grown an organization of business men which, it is hoped, will be able to exert a permanent
stimulating and stabilizing influence on busines trends."

Wholesale Trade in November as Reported to Federal
Reserve Board Indicates More Than Usual Seasonal
Decrease.
Wholesale distribution decreased during November by
somewhat more than is usual at this season, according to
reports made to the Federal Reserve System from firms
in eight lines of trade. The largest decreases over the
previous month were in the sales of furniture, men's clothing,
and boots and shoes. The Board's survey Dec. 28 goes on
to say:
Sales in November were 3.0% smaller than for the corresponding month
in 1928. decreases being reported for all lines of trade, except drugs and
furniture.
The following table summarizes percentage changes in sales by lines
during November, as compared with October 1929 and November 1928:
PERCENTAGE OF INCREASE (+) OR DECREASE (—) IN SALES.
November 1929 Compared with—
October 1929.
Groceries
Meats _
pc9 goods
Men's clothing
Boota and shoes_
Hardware
Drugs
Furniture
Total. elght linee

November 1928.

—10.0
—12.9
—18.6
—45.5
—20.2
—15.2
—15.7
—24.3

—1.0
—3.3
—7.8
—9.1
—13.3
—3.1
+3.5
0.0

—16.5

—3.0

Domestic sales of agricultural implements during November were in
smaller volume than during the previous month but considerably larger
than in the corresponding month a year ago.
More detailed statistics by districts and lines follow:

22

FINANCIAL CHRONICLE

CHANGES IN SALES AND STOCKS OF WHOLESAE FIRMS BY LINES
AND BY FEDERAL RESERVE DISTRICTS.
(Increase (+1 or Decrease (-)Per Cent.)
Sales November 1929
Compared with-

Line and Federal
Reserve District.

Stocks November 1929
Compared with-

Oct. 1929. Nov. 1928. Oct. 1929. Nov. 1928.
GroceriesUnited States
Boston District
New York District
Philadelphia District
•
Cleveland District
Richmond District
Atlanta District
Chicago District
Si. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Dry GoodsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
Boots and ShoesUnited States
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
San Francisco District
HardwareUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
Bt. Louis District
Minneapolis District
Kansas City District
Dallas District
Ban Francisco District
DrugsUnited States
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Kansas City District
Dallas District
San Francisco District
FurnitureUnited States
Atlanta District
Chicago District
St. Louis District
Kansas City District
San Francisco District
Agricultural ImplementsUnited States a
Silk Goods b

Per Cent.
-10.0
-6.0
-7.3
-9.7
-14.4
-16.1
-10.7
-9.4
-12.9
-9.0
-2.0
-10.8
-13.3

Per Cent,
-1.0

-18.6
-20.9
-15.6
-19.5
-22.2
-30.5
-14.5
-15.0
-7.6
-27.7
-3.1

-7.8
-18.3
-11.4
-10.9
-13.0
-14.3
-15.6
+3.1
+1.3
-16.1
+2.2

-0.9
-6.7
-9.8
-1.7
+8.6
-0.9
-11.3
-1.7
-10.7
-14.8
-7.9

-7.2
+1.1
-9.0
-6.6
-7.7
+0.3
+7.0
-11.6
-15.6
-12.6
+1.7

-20.2
-24.3
-18.7
-14.8
-22.1
-33.4
-25.1
-32.4
-29.7
-32.0
-22.4

-13.3
-15.1
-13.7
-16.3
-32.6
-3.1
-13.4
-31.5
-22.9
-16.0
-7.9

+2.4
-0.4
+6.9

-12.1
-2.2
-14.8

-15.2
-16.8
-13.1
-14.6
-17.7
-14.2
-18.3
-13.2
-21.0
-14.7
-11.5
-13.1

-3.1
-11.1
+4.1
-7.5
-15.4
-6.4
-4.0
-14.7
+2.0
+2.8
-6.5
-1.5

-2.3
-4.9
-1.3
-0.2
+1.1
-2.1
-4.1
-4.0
-4.0
+0.9
-4.5
-0.4

+2.0
-3.8
+9.0
+2.7
+1.9
+1.3
+13.0
-6.7
-3.0
+1.9
+1.3
+4.6

-15.7
-25.0
-4.7
-9.7
-9.1
-15.6
-9.9
-1.2
-8.5
-9.1
-17.4

+3.5
+18.4
+2.1
-2.8
-1.1
-4.7
-1.0
+7.6
+9.6
-8.9
+0.7

-6.7
-11.0
-------

+9.7
+13.6
-_ _
----

-24.3
-22.1
-25.4
-27.4
-20.0
-19.4

+0.0
-6.5
+4.8
+1.4
+1.0
-9.6

+3.2
+9.3

+5.2
+5.3

+5.5
+2.5
+2.0

-9.8
+6.7
+7.9

-28.3
-9.6

+20.9
+13.1

+7.7

+4.3

-1.4
+0.0
+2.0
-7.3
-7.5
+0.2
-6.0
+2.0
-9.0
-5.0
+3.9

Per Cent.
+0.7
+2.3
+2.9
+2.3
+3.1
-2.7
+2.1
+2.3
-19.5
+3.0
-8.4
+9.7

Per Cent.
-0.6
-11.0
+16.1
+2.4
-2.9
+3.2
+2.2
-4.6
+5.4
+2.0
-27.8
-1.5
+10.4

-10.8-23.5
-7.4
-7.4
----3.5
-.
-1.9
+11.1
-17.2
-13.0
+5.0
-3.1
-4.7

----2.9

-5:6

--7.3+1.2
-0.9
+12.5
+0.8
-7.4

a Domestic sales only. b Quanti y not value. Reported by Silk Association
of America.
WHOLESALE DISTRIBUTION-EIGHT LINES OF TRADE.
'
(Index Numbers, Monthly Average 1923-25=100.)
Adjusted for
Seasonal Variations.

Groceries
Meats
Dry goods
Men's clothing
Boots and shoes
Hardware
Drugs
Furniture
Total eight lines

Nov.
1929.

Oct.
1929.

Nov.
1928.

97
116
88
88
91
100
122
118r

94
122
91
95
100
100
113
101

99
1129
83
60
91
95
118
106

110
129
102
110
114
112
140r
140

100
117
90
66
105
98
114
106

100

99

96

115

99

Oct.
1929.

Nov.
1928.

93
1169
84
87
87
97
117
101
96

Nov.
1929.

Without
Seasonal Adjustment.

p Preliminary. r Revised.

New York Federal Reserve Bank on Building Operations
in New York and Northern New Jersey.
"Building contracts awarded in the New York and Northern New Jersey district rose sharply in November from the
level of the previous three months and reached a total
24% above that of November 1928," says the Federal
Reserve Bank of New York in its Jan. 1 Monthly Review,
from which we also take the following:

(Vol,. 130.

the New York district, and total residential building contracts in the:37
States remained 43% below the level of November 1928.
The volume of construction work of all types contracted for (luring the
first 11 months of 1929 has been 12% smaller than a year ago, and 7%
smaller than In 1927. In December, the reduction in building activities
appeared to have continued, for the average daily awards during the first
three weeks of the month were 19% under the average of December 1928.
when the tendency toward reduced building activity was already in evidence.

Federal Reserve Board's Survey of Retail Trade in the
United States-November Sales 1% Larger Than
Same Month Last Year.
Department store sales for November were about 1%
larger than in the corresponding month a year ago, according to reports to the Federal Reserve System by 523 stores
in 229 cities. For the first 11 months of 1929 sales were 3%
larger than for the same period last year. The Board's report, dated Dec. 27 also supplies the following data:
Inventories of the reporting department stores at the end of November
were at about the same level as a year ago, according to reports from
433 stores.
Changes in sales and stocks of reporting department stores are summarized by districts in the following table:
DEPARTMENT STORES-DATA BY DISTRICTS-SALES, STOCKS.
(Based on Value Figures.)
% Inc.(+) or Dec. (-): 1929 Compared with Same Period or Date in 1928.

Federal Reserve District.

Sales.

Stocks.

November.a

Jan.-Nov.

-0.1
+0.3
-1.2
-0.0
+4.3
5.3
-1.9
-0.2
+3.0
+3.7
+0.9
+6.2

+1.8
+4.4
-0.5
+3.0
+3.6
-2.0
+2.0
+1.8
-1.0
+3.3
+0.4
+2.8

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
Ban Francisco

Nov. 30.
-3.6
+0.2
-5.4
-3.4
-2.6
-4.2
-0.4
-2.3
-10.0
-1.2
+0.5
+2.8

United States.b
+0.8
+2.8
+0.0
a The month had the same number of business days (25) this year and last year.
b Based on statistics of sales from 523 stores: of stocks, from 433 stores.
DEPARTMENT STORES-DATA BY CITIES-SALES, STOCKS, RATE OF
STOCK TURN.
Increase (+1 or Decrease (-).
1929 Compared with 1928.
Ctty.

Sales.
November. Jan.-Nov.

NortheasternBoston
New Haven
Providence
New York
Bridgeport
Buffalo
Newark
Rochester
Syracuse
Philadelphia

Per cent.
-0.5
-0.7
+2.1
+0.7
-0.9
-2.4
-0.8
+1.3
-5.8
-2.2

MidwesternCleveland
Akron
Cincinnati
Columbus
Dayton
Pittsburgh
Toledo
Chicago
Detroit
Indianapolis
Milwaukee

+2.3
--1.3
--2.3
--1.5
--2.8
-0.0
-9.3
--2.7
--5.1
--1.7
+3.7

SouthernBaltimore
Washington
Atlanta
Birmingham
Chattanooga
Nashville
New Orleans
St. Louis
Little Rock
Louisville
Memphis
Dallas
Fort Worth
Houston

+12.1
+0.6
-7.9
-4.2
-7.6
-3.8
-3.0
+1.4
-3.4
-5.8
+2.6
+5.0
-3.6
-1.3

1929.
Rate of Stock Turn.a

Stocks.
Jan. 1 a
Nov. 30. November. Nov. 30.

Per cent.
+2.1
+0.8
+2.5
+5.3
+1.7
+0.6
+4.9
+2.4
+0.3
-1.0

Per cent.
-3.4
-8.1
-2.1
+1.3
+3.7
-0.6
-5.1
+2.7
+6.3
-5.5

+4.2
+5.5
+1.8
+0.02
+0.4
+2.6
+6.5
+0.0
+6.5
+4.2
+2.1

+0.9
--7.8
--0.01
--6.4
--11.4
--5.1
--3.3
--3.3

+5.6
+3.7
+3.2
-2.4
-3.0
-2.1
-3.7
+3.7
-1.8
-0.7
-2.3
+5.1
-2.1
-1.4

.41
.26
.31
.37
.30
.26
.41
.32
.30
.37

4.03
2.49
3.65
3.82
3.17
2.96
3.75
3.19
3.36
3.73

+26.0
--2.5

.27
.26
.28
.28
.27
.27
.33
.31
.36
.31
.34

3.25
2.93
3.02
3.10
2.87
2.93
3.66
3.20
4.18
3.65
3.45

-6.4
+2.5
-6.5
-1.4
-1.1
+3.9
-6.7
-2.3
-0.8
-1.1
-3.5
+4.7
+0.7
+1.2

.36
.31
.28
.21
.19
.25
.20
.33
.27
.30
.33
.30
.22
.28

3.11
3.15
3.21
2.19
2.09
2.60
1.82
3.64
2.29
2.85
2.95
2.92
2.24
2.89

Western-3.0
+2.0
Minneapolis
-16.0
.54
-5.0
+4.0
Duluth-Superior
-14.0
.34
St. Paul
+5.0
+3.0
-7.0
.36
+3.2
+1.2
Kansas City
-1.4
.25
+8.3
Denver
+2.4
+2.6
.22
+7.3
Oklahoma City
+6.7
+7.6
.28
Omaha
-5.5
+3.2
-0.7
Topeka
+1.6
:ii
L-5-.6
San Francisco
+3.8
+1.6
.25
+2.1
Los Angeles
+8.2
+1.2
+3.8
.26
+18.9
Oakland
+24.1
+6.3
.23
Salt Lake City
+8.2
-2.2
+1.8
.25
Seattle
+4.8
+3.9
.26
+4.9
-6.1
Spokane
-3.3
-3.0
.18
a Ratio of sales during g yen period to average stocks on hand.
SALES OF CHAIN STORES.
(Index Numbers of Sales Monthly Average 1923-1925=10(L)

5.39
3.67
3.84
2.44
2.19
2.89
iTi
2.66
2.92
2.76
2.87
3.05
1.94

The increase was primarily the result of larger contracts for commercial
buildings, including one $35,000,000 office building project and a number
of smaller ones. Also contributing to the increase was a larger volume of
contracts for public works and utilities and for industrial buildings. Contracts for residential work, while nearly double the very small total reported
for September and about the same as in October, were 41% smaller than
in November of last year. Since the first of January, the total Value of
Adjusted for Sea- Without Seasonal
Number of
Stores.
No. of
sonal Variens.a Adjustmeal
contracts awarded In this district has been 19% smaller than in 1928 and
Report
Chains.
about 13% smaller than in 1927.
lop
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
For the 37 States east of the Rockies covered by the F. W. Dodge Corp.
firms. 1929. 1928. 1929.
1928.
1929. 1928.
survey, however, the November total of building contracts was 12% smaller
30,417 29,455 237
34
215
241
219
than in October, and 17% smaller than a year ago. The increase in com- Grocery
3,609 3,200 166
14
Ten
151
174
158
mercial building for the country as a whole was less than in the NewYork Drugcent
13
1,350 1,083 227
178
215
169
district, as contracts for this type of construction work were at a lower
a Figures relate to reportings firms-with no adjustment to eliminate the Inlevel than a year ago In other distr'cts. Public works and utility projects fluence of increase In the number of stores operated; thus Indexes given reflect
the
showed a decline from last year's total, despite the increase reported in full growth of the business of the reporting companies.




JAN. 4

1930.]

FINANCIAL CHRONICLE

DEPARTMENT STORES-DATA BY DEPARTMENTS-SALES. STOCKS
Percentage Increase(4.) or Decrease(-):Nov 1929. Compatod
u-Ult Nov. 1928.
Sales.
Detxtrtm.ent.
Federal Referee District.
Total
(a)

Boston.

San
Franc

New Cleve- Rich- CMYork. land. mond (.go. Louis.

Piece Goods-Bilks & vet vete_ _ -- -10.3 -4.7 -14.1 -16.4 -8.8 -13.0 -9.1 +1.2 -1.8
Woolen dress goods -17.1 -25.3-12.3-28.6 -6.7 -24.5 -17.3 -4.2 -6.4
Cotton wash goods +0.1 -3.7 -1.1 -1.0 +7.8 -1.6 +2.5 +6.6 +1.4
-3.0 -2.9 -3.1 -3.1 \-0.9 -1.3 -10.4 -1.3 +0.7
Linens
Domestics, muffin
ate
-1.3 -7.5 +1.1 -0.9 +5.1 -3.1
-16.2 -3.0
Ready-to-Wear Ac cessori CYNeckwear.scarfs,. -5.2 --18.7 --3.9 -5.7 +9.7 -1.2 -8.1 +0.8 _6.0
-4.9 --9.5 --6.4 -6.7 +6.3 -8.4
Millinery
7.7 -10.8 +0.0
Gloves (women's at
Children's)
+7.4 -2.3 +13.4 +6.4 +10.3 +6.1 +8.1 +28.9 +4.2
Corsets, brassieres +23.7 +19.4 +24.4 +23.9 +33.0 +26.0 +18.4 +27.8 +20.5
Hosiery (women's
& children's)- - +4.6 +0.3 +7.8 +4.0 +9.5 +2.9 -2.2 +2.8 +11.3
Knit underwear_ -- -3.9 -4.0 -5.7 +0.1 +0.9 -5.2 -16.7 -18.3 -0.1
Silk, muslin underwear
+2.9 -6.4 +7.4 +1.5 +2.3 -2.2 +4.3 +8.6 +15.3
Infants' wear
+1.8 --1.8 +3.4 +0.2 +7.8 +0.3 +7.8 +5.5 +2.7
Small leathergood s +0.2 --4.7 +1.8 -0.9 +1.3 -2.9 +6.2 +6.0 +4.3
Women's shoes__ - +4.0 --1.9 +8.1 +2.3 +12.7 +5.0 +7.0 -7.4 +2.5
Children's shoes. _ +3.2
+12.6 +4.8 +10.5 -1.1 -1.0 -33.1 -2.5
Women's WearW'm'n's cols,suita -13.1 -18.4 -2.5 -17.6 -10.3-12.0 -18.0 -2.7
Women's dresses.... +7. -3.9 -2.0 +9.2 +39.4 +1.7 -1.4 +14.7 +21.4
Misses' coats. suits -7.' -11.5 -3.9 -6.5 --7.0 -15.8 -25.0 -10.9 +15.2
Misses' dreases_ - +29. +28.0 +35.7 +25.4 +35.1 +20.9 +47.7 +5.2 +41.3
Juniors', girls'wear +8. +12.1 +12.7 +1.8 +17.5 +8.2 +4.6 -7.5 +17.6
Men's, Boys' We arMen's clothing_ _ _ -3. -6.4 -0.8 -6.1
-2.0 -2.1 +11.7 -8.0
Men's hats, caps_ +3. +1.0 -0.9 +4.5 +13.5 +2.3 +2.6 +13.4 +9.7
Boys' wear
1.2 +1.7 +4.2
+1.4 +4.0 +0.2 -2.7 +16.3 +0.2
Men's, Boys'shoes +2.7 +3.4 +4.1 +1.6 +9.8 +2.3 +8.0 -0.4 -1.5
House Furnish'ys
Furniture
+0.6 +4.0 +0.9 -4.4 -7.2 +6.9 -14.3 -13.0 +10.0
-29.2
Oriental rugs
-9.3
-12.3 +16.3 +4.9 -12.8 -52.1
+1.1
Dora.floor cover'gs +4.7 -F4:15 +10.2 +3.4 +35.2 -12.5 -11.0
Draperies, upholstery
-0.5 ---- -1.0 +3. +9.4 -9.1 -11.2 -13.6 +2.2
China, gla.ssware
-4.9 -9.3 -8.0
+10.8 -3.3 -8.8 -1.2 +0.1
a Departmental data o sales are for about 200 reporting stores with total sales
in listed departments of somewhat less than $850,000,000 per annum and in all
departments of somewhat less than $1,250,000,000 per annuM. More than 50%
Of these sales are for about 40 stores located in six cities: Boston, New York, Pittsburgh, Detroit, Cleveland and Los Angeles. In the individual Federal Reserve
districts, more than half of the reported sales are made by reporting stores in the
following cities: No. 1-Boston; No, 2-New York City; No. 4-Pittsburgh and
Cleveland: No. 5-Washington: No. 7-Detroit and Milwaukee: No. 8-St. Louis:
No. 11-Dallas and Houston; No, 12-Los Angeles and San Francisco.
The number of stores is not uniform for all items. It varies, for the eight districts
combined, from about 65 for certain items to about 175 for certain other items:
in the individual Federal Reserve districts the corresponding ranges are usually about
as follows: No. 1, 8-30; No, 2, 8-12; No. 4, 18-64: No, 5, 7-11; No. 7, 8-30: No. 8.
8-10: No.11,6-14: No. 12.8-20.
DEPARTMENT STORES-SALES AND STOCKS. BY FEDERAL RESERVE
DISTRICTS.
Index Numbers, Monthly Average 1923-1925=100.
Federal Reserve
Districts.

Adjusted for Seasonal
Variations.

No. of
Stores.

1929.

1928.

1VUhout Seasonal
Adjustment.
1929.

Nov.

Oct.

Nov.

Nov.

38
64
60
59
29
44
105
19
20
27
22
36

108
113
91
100
110
98
122
104
88

110
118
106
102
109
96
112
97
77

106
114
90
101
108
105
119
104
86

114
120

105
116

111
114

119
133
114
108
133
112
135
119
91
112
129
125

523

108

109

,108

123

Oct.

Nov.

United States
StocksBeaton
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco

110
95
• 38
97
95
125
107
45
109
106
92
47
103
90
90
96
100
.53
107
97
29
114
09
102
97
100
31
104
95
94
114
81
130
117
117
04
19
103
93
93
16
77
71
78
70
21130
84
83
21
93
85
107
32
119
110
106

!NW.
,t.

1

(a)

Unfilled Orders.
The general index of unfilled orders of manufactured goods showed a
gain as compared with the previous month but was unchanged from Nov.
30 of last year. As compared with the preceding month, unfilled orders
for all groups included within the index were greater except textiles, which
declined. As compared with a year ago, gains in the unfilled orders for
Iron and steel and transportation equipment, principally railroad, were '
sufficient to offset declines in textiles and lumber.
Index Numbers, 1923-1925=100.
ProductionRaw materials:
Animal products
Crops
Forestry
Industrial (compiled by Federal Reserve Board).Minerals
Total manufactures (adjusted)
Iron and steel
Textiles
Food products
Paper and printing
Lumber
Automobiles
Leather and shoes
Cement, brick and glass
Non-ferrous metals
Petroleum refining
Rubber tires
Tobacco manufactures
Commodity StocksTotal
Raw materials
Manufactured goods
Unfilled OrdersTotal
Textiles
Iron and steel
Transportation equipment
Lumber

119
134
114
110
127
120
132
119
91
108
128
118

128

122

105
117
99
108
Ill
104
130
103
78
128
93
114

113
122
104
111
118
110
128
104
86
128
92
116

United States
433
102
115
102
112
101
a Stores for which figures are available since base period, 1923 1925.
b Monthly average 925 equals 100.

Oct.
1929.

Nov.
1929.

Nov.
1928.

103
246
89
117
118
117
124
118
96
124

95
158
83
107
110
106
100
109
95

116
113
141
121
178
113
135

83
106
130
119

iio

93
180
84
112
113
112
120
113
102
115
85
94
97
122
126
159
155
124

155
185
113

156
186
115

137
154
114

72
59
80
78
66

74
52
81
93
68

74
72
76
49
84

New York Federal Reserve Bank's Indexes of Business
Activity-Evidence of Continued Decline.
According to the Jan. 1 Monthly Review of the Federal
Reserve Bank of New York, the bank's indexes generally
give evidence of a decline in business activity in November.
The Bank further states:
Average daily carloadings dropped sharply, and after seasonal and
growth allowance, loadings of merchandise and miscellaneous freight were
down to the level of December 1927, and loadings of bulk freight were the
smallest since last March. Foreign trade was sharply curtailed in November, and some decline is indicated also in the distribution of goods to consumers. Sales of chain stores, other than grocery chains, increased, after
soasonal adjustments, but declines were shown in sales both of mail order
houses and of department stores.
New corporations formed in New York State declined substanti illy in
November, and after seasonal and growth allowance were the am .1Iest
since January 1921.
(Adjusted for seasonal variations and usual year to year growth).
Nov.
1928.

1928.

r•-•

SalesBoston
gew York
Philadelphia
Meveland
Richmond
Atlanta
Ohleago
St. Louis
Minneapolis
Kansas City b
Dallas
San Francisco

23

Primary DestriautionCar loadings, merchandise and miscellaneous_r__
Car loadings, other
Exports
Imports
Panama Canal traffic
Wholesale trade
Distribution to ConsumerDepartment store sales, 2nd District
Chain grocery sales
Other chain store sales
Mall order sales
Life Insurance paid for
Advertising
General Business ACI1V4-Bank debits, outside of New York City
Bank debits, New York CRY
Velocity of bank deposits, outside of N.Y. City
Velocity of bank deposits. N. Y. City
Shares sold on N. Y. Stock Exchange
Postal receipts
Electric power
Employment in the United States
Business failures
Building contracts, 30 States
New corporations formed in N. Y. State
Real estate transfers
General price level
Composite index of wages
rnat nf living.

Oct.
Sept.
1929. 1929.
-----

Nas
lime.

98
98
103
104
88
102

100
98
97
116
84
103

98
92
100
125
92
105

92
88
85
110

97
97
102
108
99
95

104
92
103
134
111
103

98
93
99
119
99
100

93
89
104
115
104
96

108
173
117
191
393
84
107
100
103
118
115
83
178
224

116
203
135
242
428
81
109r
103
99
99
107
76
183
229

117
202
130
189
239
81

172

173

118
218
137
244
540
86
109
102
103
92
108
73
181
228
173

103

100
100
92
87
73
174
226
172

p Preliminary. r Revised.
115

Volume of Production and Trade in 1929 Expected to
Exceed Yearly Records Since 1925 Says New York
Monthly Indexes of Department of Commerce Indicate
Federal Reserve Bank.
Further Decline in Industrial Output.
The following on production and trade in 1929 is from
The Department of Commerce, in its monthly indexes of the Jan. 1 Monthly Review of the New York Federal Reserve
production, stocks and unfilled orders, issued under date of Bank:
•
Dec. 31, says:
Despite the recession in important industries during the closing months
of this year, it appears from a compilation of all of the principal series cf
industrial and business data that the total volume of production and trade
for the full year 1929 will probably prove to have shown a slightly larger
increase over the previous year than for any single year since 1925. An
unweighted average of 161 series of data on production and trade indicates
that the total volume of the nation's business in 1929 was about 4% larger
than in 1928. This preliminary estimate for the full year has been calculated by using the available data, usually for the first 11 months, and
adding estimated figures for the remainder of the year.
In the accompanying diagram is shown the year-to-year growth of
industry and trade since 1919, as reflected in a broad weighted index of a
Commodity Stocks.
large number of series, exclusive of those of financial activity: the f gars
The general index of commodity stocks held in the hands of manufacturers for 1929 is based upon the increase shown by the preliminary unweighted
showed a gain as compared with both the previous month and November of data for the year.
last year, the increase over both periods being largely due to greater holdings
Production of manufactures and series indicative of trade lead the groups
of raw materials, there being no material Change in the stocks of manu- shown below in percentage increase over 1928, followed closely by output
factured goods.
of minerals and metals. The group which includes such general indexes

Production.
Industrial output during November, after adjustments for seasonal conditions, showed a decline from both the preceding month and November of
last year, according to the weighted index of the Federal Reserve Board.
Manufacturing output was likewise lower than in either period. As compared with the preceding month, declines were registered in the output
of all manufacturing groups included within the index, with the greatest
decreases recorded in automobiles and iron and steel. As compared with a
Year ago, all groups showed lower output except leather and shoes, cement,
clay and glass, and tobacco manufacturers, where gains were registered.




24

[VOL. 130.

FINANCIAL CHRONICLE

of business as bank debits, railroad car loadings, and electric power production also showed a substantial increase, and the food and tobacco production classification showed an increase about the same as the average
for all series. Construction projects and the otirput of building materials
were smaller than in 1928, and the quantity output of principal crops
averaged about 5% smaller. In addition to the more important series
listed in the subjoined table, there are numerous other items included in
the group averages.
PER CENT CHANGE-1929 FROM 1928.
Foods and TobaccoManufacturesLocomotives, shipments
+60 Cigarettes
+12
Automobiles, trucks
+52 Butter
+7
Automobiles, passenger cars
+26 Sugar meltings
+4
Cottonseed oil, crude
+16 Wheat flour
+2
Wool consumption
+12 Cigars
+1
Malleable castings
+9 Lard
0
Cotton consumption
+8 Beef
0
Silk consumption
+7 Pork
--I
Boots and shoes
+4 Cheese
-29
Sole leather and belting
Group average
-5
+4
Tires, penumatic
-7
Radiators
-25
Budding Materials & Construction
Group average
+8 Cement
-3
Lumber
-4
Minerals and MetalsBuilding permits
-10
Gasoline
+15 Building contracts
-12
Pig iron
+13 Sand-lime brick
-20
Copper, smelter
+12
Group average
-4
Petroleum, crude
+12
Steel ingots
Trade+9
Bituminous coal
+6 Mail-order sales
+26
Lead
+6 Grocery chain store sales
+12
Zinc
+1 Chain store sales
+11
Anthracite coal
-2 Merchandise imports
+8
Group average
+3
+7 Wholesale trade
Department store sales
+3
CropsMerchandise exports
+3
Tobacco
4-9
Group average
+8
Hay
+8
Cotton
General+3
Rye
-6 Debits, New York City
+24
Corn
-7 Electric power
+11
Rice
-7 Debits, outside New York City____ +9
Wheat
-12 Life insurance sales
+7
Oats
-14 Carloadings, all other
+3
Barley
-14 Employment in United States
+3
Pears
-14 Postal receipts
+2
Potatoes, white
-23 Carloadings, mdse.and miscellaneous +2
Apples
-25
Group average
+6
Peaches
-33
Group average
-5 Average of 161 series
+4

Wholesale Trade in New York Federal Reserve District
Below That of Previous Year.
Regarding wholesale trade the Monthly Review Jan. 1,
of the Federal Reserve Bank of New York states:
According to reports received from wholesale dealers in this district.
November sales averaged 6% smaller than a year previous, the largest decrease since June 1928. Drugs and stationery sales continued to show increases, quantity sales of silk goods were considerably larger than last year
although the value was smaller, and paper sales were about the same as
last year, but all other lines showed decreases. The decrease in shoe sales
was the largest in almost a year, and there were substantial declines in sales
of men's clothing, cotton goods and hardware. Jewelry firms reported a
considerable decrease in November, following increases in sales in recent
months, and diamond dealers reported a decrease of nearly one-half from
the sales of a year ago,the largest reduction in recent years.
Orders reported by the Machine Tool Builders Association were little
more than half as large as in October and were nearly 40% smaller than in
November 1928, doubtless reflecting the effects of the unusually sharp
curtailment of industrial activity which occurred in November.
Stocks of groceries and drugs remained considerably larger than a year
ago at the end of November, and stocks of cotton and silk goods showed
small increases over last year,following decreases in October;stocks of shoes,
hardware and diamonds and jewelry also were smaller than last year. Collections averaged a little slower than in November 1928, although there
were exceptions to this tendency in several lines.
Percentage Change Percentage Change Per Cent of Acc'ts
November 1929
November 1929
Outstanding
Compared n ith
Compared anti
Oct. 31 Collected
October 1929.
November 1928.
in November.
Commodity.
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods*
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
Jewelry

-7.3
-45.5
-22.6
*-9.6
-18.7
-25.0
-16.8
-13.4
-11.5
-35.01
-22.7f

Stock
End of
Month.

Net
Sales.

Stock
End of
Month.

+2.9
-1.4
____
-8.8
-6.7 -12.8
*+7.7 *+13.1
+6.9 -13.7
-11.0 +18.4
-4.9 -11.1
____
+4.1
____
+0.1
+2.41 -46.01
-21.7J

1

1928.

1929.

+16.1
---+1.1
.+4.3
-14.8
+13.6
-3.8

68.1
34.7

69.5
34.4

48.9
45.7
46.2
50.4

4-6:1
42.3
32.4
48.1

____
____
-8.5

62.4
63.0
(24.0

5-8-i
69.4
24.3}

Holiday Trade in Department Stores in New York
-22.2
____
-6.2
-_-60.4
49.2
Weighted average
Federal Reserve District Larger Than Year Ago.
* Quantity, not value. Reported by Silk Association of America.
** Reported by the National Machine Tool Builders' Association.
The Jan. 1 Monthly Review of the Federal Reserve Bank
of New York states that "preliminary reports on holiday
trade obtained from the leading department stores in the November Store Sales in New York Federal Reserve
metropolitan area of New York indicated sales in the first
District 13% Above Volume in Same Month in
24 days of December about 2% larger than the corresponding
1928.
period last year." The Bank also says:
"The total November sales of the reporting chain store
The number of stores reporting increases was about the same as the num- organizations in this district were 13% above those reported
ber reporting decreases, but the increases in sales were somewhat larger than
the decreases. Assuming that the financial reports for December will also in November 1928," the Federal Reserve Bank of New York
show an average Increase of 2%,total sales for the year will show an increase states in its Monthly Review issued Jan. 1. Continuing it
of4% over those of the previous year, the largest increase since 1926.
says:
Final

November department store reports showed sales in about the samo
volume as in November 1928, a more favorable comparison than was indicated by the preliminary reports covering the first half of the month.
Apparel store sales, however,showed a decline from a year ago for the first
time since April.
Stocks of merchandise on hand in department stores at the end of November were practically unchanged from those of a year previous. Collections
on charge accounts remained slightly lower than in 1928.

The increases reported in the sales of grocery, ten cent storo, variety and
candy chains were the largest in at least three months. The drug and shoe
chain systems also showed substantial increases in their sales as compared
with last year.
After allowing for the change in the number of stores operated, however,
the grocery and candy chains were the only organizations that showed sales
per store materially larger than a year previous.
PERCENTAGE CHANGE NOV. 1929 COMPARED WITH NOV. 1928.

Percentage Change
Nov. 1929 Compared
with November 1928.

Per Cent of Accounts
Outstanding Oct. 31
Collected in November.

Locality.
Stock on
Net Sales. Hand End
of Month.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Central New York State
Southern New York State
Hudson River Valley District_
Capital District
Westchester District
All department stores
Apparel stores

+0.7
2.4
+1.3
-5.8
-0.8
-0.9
+2.2
-4.1
-2.3
+0.6
+2.0
+6.6
+6.4
+0.3
-6.4

+1.3
-0.6
+2.7
+6.3
--5.1
+3.7
--4.6

-0.9

1928.

1929.

54.7
54.4
44.8
38.3
45.9
36.7
42.1

52.3
50.3
43.3
33.7
46.1
38.4
38.7

50.8
49.6

4-9:6
48.0

Sales and stocks in the prinicpal departments are compared with those
of a year previous in the following table.

Toys and sporting goods
Books and stationery
Shoes
Toilet articles and drugs
Hosiery
Women's ready-to-wear accessories
Women's and misses' ready-to-wear
Luggage and other leather goods
Furniture
Linens and handkerchiefs
Men's and boys' wear
Home furnishings
Cotton goods
Men's furnishings
Silverware and jewelry
Woolen goods
Silks and velvets
Musical instruments and radio
Miscellaneous




Net Sales
Percentage Change
November 1929
Compared with
November 1928.

Stock on Hand
Percentage Change
Nov. 30 1929.
Compared with
Nov. 30 1928.

+12.3
+10.8
+8.5
+7.9
+7.8
+4.4
+2.0
+1.4
+0.9
+0.1
-0.4
-0.5
-0.7
-0.9
-1.1
-12.3
-15.0
-28.3
-3.8

-1.1
+8.4
-2.7
-4.7
+5.8
+10.9
-6.6
+18.0
+8.9
-3.2
-7.5
-2.3
+7.1
-0.8
+12.0
-2.9
-17.1
-5.7
-7.3

Type of StoreGrocery
Ten cent
Drug
Shoe
Variety
Candy
Total

Total
Sales.

Sales per
Store.

+1.5
+9.0
+11.5
+10.4
+35.0
-0.4

+13.1
+7.1
+11.9
+8.4
+24.4
+5.8

+11.4
-1.7
+0.4
-1.8
-7.8
+6.2

+8.0

+12.7

+4.4

Number of
Stores.

illis H. Booth, President Merchants' Association of
New York, Looks for Satisfactory Business in
1930-Views of L. E. Pierson and Other Directors
of the Association.
The business executives who comprise the directorate of
the Merchants' Association of New York take what Is, on
the whole, an optimistic viewpoint with respect to the
business outlook for 1930. Each of 17 directors has made
a statement to the association, some of which follow:
Banking and Finance.

Willis IL Booth, President of the Merchants' Association
and Vice-President of the Guaranty Trust Co. of New York:
"There is no fundamental reason why business should not find itself
again on the up-grade early in 1930. Low inventories are generally
reported; money is available at low rates; we have ample labor. During
December a sustained volume of retail buying was reported by the department stores. The seasonal reduction in employment has not been accompanied, so far as I can learn, by any decrease in wage levels.
"While the present situation is one which puts a premium on economies
of production and distribution, as well as on the wise expenditure of
money, it nevertheless holds within itself the justification for the prediction that 1930 will, as a whole, be a satisfactory year.
"If the managers of industry, both in production and distribution, will
give more study to all the facts associated with their businesses, there
is no reason why they should not report profitable operations,"

25

FINANCIAL CHRONICLE

J.41930.]

Louis D. Pierson, Chairman of the Board of the Irving
Trust Co.:
"The object lesson to be found in the story of the stock market collapse
of 1929 is a valuable one and will not soon be forgotten. Fortunately
for business, the scars will be borne principally by individuals rather
than by concerns, and the economic balance of the nation is not appreciably
disturbed.
"The early months of 1930 may not be so good in all respects as 1929.
Still there are perfectly valid reasons for believing that the 12 months'
period will round out a good year.
"Banking is sound, credit is ample for all proper purposes, money is
plentiful and cheap, buying power apparently has not been seriously
Impaired, inventories are not excessive, and business men of the nation
have shown that they fully realize as never before the importance of
teamwork in preserving national prosperity."

Richard F. Hoyt, of Hayden, Stone & Co.:
"The recent break in security values has brought us to realize that
our wealth should not be estimated in terms of inflated security prices
and that our expenditures cannot be based on assumed security profits.
Damage has been done, but it can be computed. The result is wholesome.
Whereas people thought chiefly of the prices of stocks, they now speak
with respect of the income they yield. We will be more thrifty for a
while. Corporate earnings in 1930 will very likely be less than they
were in 1929, but dividend payments as a whole should equal or exceed
this year's record. Our essential prosperity is unimpaired."

Arthur Lehman, of Lehman Bros., bankers:
"A year ago, despite the evidence of prosperity and almost universal
optimism, there was some question as to the outlook because it was felt
by many conservative people that production had reached such a volume
that it was difficult for it to continue during another year at such a swift
and expanding pace.
"At the present time, although there has been a definite recession in
business following upon the severe decline at the end of October and early
November, and in spite of the fact that the business horizon appears to
be definitely gloomy, it is my belief that business during the year 1930
will be very much nearer normal than at the moment anticipated. There
is no doubt that it will start off poorly, and the setback will probably
continue during the larger part of the first half of the year, but I feel
that the conditions underlying business are healthier than they were a
year ago and that we are going into 1930 with certain dangerous financial
and speculative maladjustments corrected.
"I am very hopeful that there will be a gradual improvement beginning
with the spring of the year and that by fall business will again be quite
normal."
Refail.

Col. Michael Friedsam, President B. Altman & Co.:
"The present condition of the retail business, so far as my observations
go, warrants an optimistic outlook for 1930. Holiday buying was strong,
especially so toward the end; inventories are unusually clean, with need
of less depreciation; methods of operation have consistently improved, so
that net results should show an increase in ratio to the volume. On the
whole, I think that the retail business is in sound shape, and I am very
cheerful about the coming year."
Textiles.

Bertram H. Borden, President M. C. D. Borden & Sons:
"The recent setback in the security market has undoubtedly had the
effect of slowing up business. On the other hand, I believe that fundamentally we are commercially in a very much sounder condition than when
'the speculative fever was at its height. In my own business, that of the
cotton textile industry, we are to-day mitering from an accumulation of
production which it is very evident must be eliminated before this particular industry can come back to its own.
"I am convinced that this trade has the brightest kind of outlook for
1930 provided there is a strong determination to consistently slow down
machinery until a balance of production to demand has been obtained.
The lowering of prices creates a decided lack of confidence on the part of
the buyers and until such time as the cotton mills as a whole determine to
correct the evil of overproduction we cannot have a stabilized market."

Lincoln Cromwell, William Iselin & Co.:
"The Textile manufacturers have had an average year in 1929. As a
class they are no better off than a year ago. Overproduction and uncontrolled competition make the results unsatisfactory to most of the mills.
"There has been a normal consumption of textiles, and until the last
two months of the year the consumption has equaled the production, and
there has been no increase in the volume of stocks in the hands of manufacturers or dealers. Prices have remained very uniform throughout the
year, and no losses need be taken in inventory.
"The Wall Street crash was due primarily to an excessive production of
securities which accumulated in the hands of dealers and speculators until
the weight of the load they were carrying broke down the speculative air
castle. There has been no such overproduction of textiles and no price
inflation. They are not likely to meet any considerable shrinkage of
consumer demand, but the purchases of textiles for industrial purposes,
which consume an important part of the product, has been slowed down
by the universal feeling of caution. There is a general confidence that
this condition will be short-lived and that buying in the coming spring
months will make up for any lack of orders low."

that the railways may have a guide as to the service they are to be called
upon to perform in a given quarterly period.
Thee.estimates are based on the best information as to the outlook, so
far as transportation requirements are concerned, obtainable at the present
time by the commodity committees of the various boards.
Of the 13 Shippers' Regional Advisory Boards,five anticipate an increase
in their respective districts in transportation requirements for the first
quarter of the year compared with the same period last year. while eight
expect a decrease. In practically every instance, however, the variation,
compared with the same period last year, is small. The five boards which
estimate an increase over the same period in the preceding year are the
Atlantic States, Allegheny, Ohio Valley, Central Western and Southwestern.
Boards estimating a reduction are the New England, Great Lakes, Midwestern, Northwestern, Trans-Missouri-Kansas, Southeastren, Pacific
Coast and Pacific Northwest Boards.
The estimate by each Shippers' Regional Advisory Board as to what
freight loadings by cars are anticipated for the 29 principal commodities
in the first quarter of 1930 compared with the corresponding period in
1929 and the percentage of increase or decrease follows:
BoardCentral Western
Pacific Coast
Pacific Northwest
Great Lakes
Ohio Valley
Mid-West
Northwest
Trans-Mo.-Kansas
Southeast
Southwest
New England
Atlantic States
Allegheny

Actual
1929.

Estimated
1930.

Per Cent of
Inc. or Dec.

329,102
299,000
224,692
450,871
1,122.937
1.209,666
242,242
412,425
838,780
546,216
160,407
782.712
1.045,449

1.3 Increase
1.0 Decrease
5.5 Decrease
8.1 Decrease
0.1 Increase
0.9 Decrease
1.9 Decrease
4.0 Decrease
2.4 Decrease
1.4 Increase
3.6 Decrease
0.9 Increase
5.1 Increase

324,740
302,169
237,649
490,583
1.121,483
1,220,164
246,895
429,731
859,495
538.438
166,321
775,570
995,166

0.6 Decrease
7.664.499
7.708.404
Of the five boards which anticipate an increase in freight car requirements in the first quarter of 1930 compared with the same period in 1929.
the Allegheny Board ranks first due to the anticipated heavier movements
particularly of coal, coke, petroleum and petroleum products, brick and
clay products. In the Atlantic States board territory, it is due to the
anticipated heavier movement of various commodities including coal and
coke, petroleum and petroleum products; paper, paper board and prepared
roofing; and in the Ohio Valley to grain, gravel, sand and stone, coal and
coke; brick and clay products. In the Southwestern, the commodities
particularly affecting the increase are grain, flour and other mill products,
citrus fruits, ore and concentrates,gravel,sand and stone, and sugar,syrup
and molasses. In the Central Western,the estimattd increase is due to the
anticipated heavier movement of grain, farm implements, potatoes, ere
and concentrates, cement and canned goods.
Of the boards reporting reductions in the anticipated freight car requirements for the first quarter, the estimate for the Great Lakes Board showed
a reduction in shipments of automobiles, ore and concentrates, iron and
steel, machinery and boilers, and live stock, although a substantial increase
is expected in grain shipments. In connection with the anticipated reduction in shipments of automobiles, consideration must be given to the
fact that the automatic industry in the first quarter last year was unusually
active with the result that the demand for freight cars for the movement of
automobiles in 1929 was above the average. As to the other boards which
estimate a reduction in freight car requirements during the coming three
months, there were fluctuations in the estimates as to the transportation
needs of the various industries. While the composite picture shows a
tendency downwards,for the most part the reductions are small.
In submitting reports to the Car Service Division, each board estimated
what freight car requirements will be for the principal industries found in
the territory covered by that board. On the basis of this information,
it is estimated that of the 29 commodities, increases in transportation requirements will develop for 15 as follows: Flour, meal and other mill
products, cotton seed and products, except oil, citrus fruits, potatoes,
poultry and dairy products, coal and coke, salt, petroleum and petroleum
products, sugar, syrup and molasses, cement, brick and clay products,
agricultural implements and vehicles other than automobiles, fertilizers,
paper, paper board and prepared roofing and canned goods.
Commodities for which a decrease is estimated totaled 13 as follows:
Grain,hay,straw and alfalfa, cotton, fresh fruits except citrus fruits, fresh
vegetables except potatoes, live stock, ore and concentrates, gravel, sand
and stone, lumber and forest products, iron and steel, lime and plaster,
automobiles, trucks and parts, and chemicals and explosives.
Freight car requirements for machinery and boilers are expected to be
practically the same as those for the first quarter of 1929.
The estimate as to what transportation requirements will be for various
commodities for the first quarter of 1930 compared with the same period
in 1929 follows:
Total

Carloadings.
Commodity--

Actual
1929.

Estimated
1930.

348,409
365,114
Grain, all
239.144
235,609
Flour, meal and other mill products
83,921
84.622
Hay, straw and alfalfa
62,235
68,927
Cotton
48,313
48,217
Cotton seed and products, except oil
47,753
46,751
Citrus fruits
42,175
46,304
Other fresh fruits
64,660
63,970
Potatoes
66.211
69,593
Other fresh vegetables
354,872
365,343
Live stock
Carload Shipments in First Quarter of 1930 Estimated Poultry
31,913
30,619
and dairy products
2.825,398 2,903,720
at 7,664,499 Cars by Shippers' Regional Advisory Coal and coke
131,670
136,502
concentrates
and
Ore
381,532
383,439
Boards-Reduction of 43,905 as Compared With Gravel, sand and stone
30,513
29,529
Salt
Same Period in 1929.
780,177
832,212
Lumber and forest products
528,220
509,490
products
petroleum
and
Shippers of the country, through estimates of the Ship- Petroleum
49,503
48,266
Sugar, syrup and molasses
514,868
539.582
and steel
pers' Regional Advisory Boards, anticipate that carload Iron
48,913
48.894
Machinery and boilers
113,102
109,444
shipments of the 29 principal commodities in the first quarter Cement
129,269
126,660
and clay products
44,310
of 1930 -(the months of January, February and March) will Brick
46,543
Lime and plaster
implements and vehicles, other than
be approximately 7,664,499 cars, a reduction of 43,905 cars Agrlc.
32,445
30,235
automobiles
246,746
285,313
trucks and parts
below the corresponding period in 1929, or six-tenths of 1%, Automobiles,
161,807
159,251
kinds
all
Fertilizers,
105,557
103,593
the Car Service Division of the American Railway Associa- Paper. paperboard and prepared roofing
28,234
28,610
and explosives
tion announced on Jan. 1. The Association's announce- Chemicals
products,
food
Canned Goods-all canned
olives,
jams,
jellies,
catsup,
(includes
ment said:
44,257
42,374
pickles, preserves, &C.)
The Shippers' Regional Advisory Boards, covering the entire United
7.708.404 7.664.400
listed
rammnditIta
all
Total
States, furnish these estimates quarterly to the Car Service Division so




Est.Per CentInc.
%

Dec.
%

-1.5
-_.2
2.1
__
1.1
-__
4.2
2.8
-__
3.3
-3.7
2.6
--_
3.3
2.1
__

4.6
-.8
7.0
--8.9
-4.9
2.9
--3.5
.5

7.3
_
1.6
1.9
__
4.4
_,

673
_4:e
--4.a
13..b
-1:11
. . .'
...6

26

FINANCIAL CHRONICLE

Loading of Railroad Revenue Freight Lower.
Loading of revenue freight for the week ended on Dec. 21
totaled 842,483 cars, the Car Service Division of the American
Railway Association announced Dec. 31. Compared with
the corresponding week in 1928, this was a decrease of
58,137 cars, but an increase of 12,673 cars above the
corresponding week in 1927. The total for the week of
Dec. 21 was a reduction of 80,757 cars under the preceding
week. Details follow:
Miscellaneous freight loading for the week of Dec. 21 totaled 282,344
cars, 34,251 cars below the same week in 1928, but 5,403 cars above the
corresponding week in 1927.
Loading of merchandise less than carload lot freight amounted to 228,484
cars, a reduction of 14,094 cars under the same week in 1928 and 7,559
cars under the same week in 1927.
Coal loading amounted to 202,470 cars, an increase of 10,452 cars above
the same week in 1928 and 25,774 cars above the same week in 1927.
Forest products loading totaled 48,727 cars, 9,602 cars below the same
week in 1928 and 4,389 cars under the corresponding week in 1927.
Ore loading amounted to 8,794 cars, a decrease of 2.151 cars under the
same week in 1928, but 623 cars above the corresponding week in 1927.
Coke loading amounted to 11,087 cars, an increase of 425 cars above the
corresponding week in 1928 and 1.143 cars over the same week in 1927.
Grain and grain products loading for the week totaled 36,167 cars, a
reduction of 7,008 cars under the corresponding week in 1928. and 8,846
cars under the same period in 1927. In the Western districts alone, grain
and grain products loading amounted to 26,046 cars, a reduction of 4,241
cars under the same week in 1928.
Live stock loading totaled 24.410 cars, 1,908 cars below the same week
In 1928, but 524 cars above the corresponding week in 1927. In the Western
districts alone, live stock loading amounted to 19,150. a decrease of 719
cars compared with the same week in 1928.
All districts, except the Pocahontas, reported reductions in the total
loading of all commodities compared with the same week in 1928, but the
Allegheny, Pocahontas, Southern and Southwestern districts reported
Increases compared with the same week in 1927 while the Eastern, Northwestern and Centralwestern districts showed decreases.
Loading of revenue freight in 1929 compared with the two previous
years follows:
1929.
1928.
1927.
Four weeks in January
3,570,978
3,448,895
3,756,660
Four weeks in February
3,767.758
3.590,742
3,801,918
F.ve weeks in March
4,807,944 - 4,752,559
4,982,547
Four weeks in April
3,983,978 3,740.307
3,875,589
Four weeks in May
4,205,709
4,108,472
4,005,155
Five weeks in June
5,260,571
4,924,115
4,995,854
Four weeks in July
4,153,220
3,913,761
3,944,041
Five weeks in August
5,590,853
5,348,407
5,367,206
Four weeks in September
4,538,575
4,470,541
4,370.747
Four weeks in October
4,677,375
4,464,872
4,703,882
Five weeks in November
4.891,835
5,144,208 4,741,390
Week ended Dec 7
936,825
984,773
877,676
Week ended Dec. 14
923,240
963,668
868,750
Week ended Dec.21
842.483
900,620
829,810
Total

[VOL. 130.

PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER
PLANTS IN THE UNITED STATES(IN KILOWATT HOURS).
Total by 'Water Power and Fuels.
September
1929.

October
1929.

November
1929.

New England
546,383,000 612.531,000 574,989,000
Middle Atlantic
2,066,021,000 2,236,952.000 2,160,446,000
East North Central_ 1,898,156,000 2,069,590,000 1,937,937,000
West North Central 486,885,000 516,584,000 493,715,000
South Atlantic
891,752,000 1,088,796,000 1,021,054,000
East South Central_ 317,251,000 313,489,000 303,475,000
West South Central_ 442,543,000 452,268,000 422,180,000
Mountain
335,123,000 326,977,000 315,259,000
Pacific
1,076,729,000 1,089,594,000 1,011,352,000
Total for U.S
_ 8.060,843.000 8.706.781.000 8.240.407,000

Change in Output
from Previous Yr.
October November
1929.
1929.
+9%
+10%
+7%
+14%
+15%
+7%
+16%
+1%
+9%

+4%
+7%
+3%
+10%
+10%
+9%
+14%
-2%
+9%

+10%
+6%
The average daily production of electricity by public-utility power plants
in the United States in November was 274,680,000 k w. h., about 2% less
than the record-breaking average in October of 280,860,000 k. w.-h. per
day. This decrease in the demand for electricity was probably due to the
slowing up of industry during November. The holidays in Novemberelection day, armistice day. and Thanksgiving day-undoubtedly affected
the demand for electricity and caused some part of the 2% decrease from
the October figures.
The decrease in output occurred at fuel-burning plants and the production
of electricity by the use of water power in November was the same as in
October. The water-power output was still considerably below normal,
owing to continued low water in power streams, especially in Pacific States.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1928 AND 1929.

1928.a
January - -- February __.
March
April
May
June
July
August
September_.
October
November
December

7,265,000,000
6.868,000,000
7.241,000,1300
6,845,000,000
7,118,000.000
6,998,000,000
7.142,000,000
7,510,000,000
7,276,000,000
7,922.000.000
7,753.000,000
7,912,000,000

1929.

Increase Inerease
1929
1928
Over
Over
1928.
1927.

8,241,000,000 13%
7.429.000.000 b12%
7,989,000.000 10%
7,881,000,000 15%
8,084,000,000 14%
7,768,000,000 11%
8,012,000,000 12%
8,354,000,000 11%
8,061,000,000 11%
8.706,000.000 10%
8,240,000.000
0%

6%
68%
6%
6%
8%
8%
10%
12%
10%
14%
13%
10%

Produced bil
1Vater Power.
1928.

1929.

38%
38%
39%
43%
45%
44%
43%
40%
38%
36%
38%
35%

33%
33%
39%
42%
43%
40%
38%
34%
31%
31%
32%
.........

Total
87,850,000.000
10%
40%
-___
a Final revision. b Basod on output for 28 days.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 k. w. h. or more per month, engaged in generating
electricity for public use, including central stations and electric-railway
plants. Reports are received from plants representing over 95% of the total
capacity. The output of those plants which do not submit reports is
Estimated: therefore the figures of output and fuel consumption as reported
in the accompanying tables are on a 100% basis.
The Coal Division. Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports

52,.51,344 50,921,913 50,955,252

The "Annalist" Weekly Index of Wholesale
Commodity Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Freight Cars on Order Dec. 1 Totaled 30,569-Greater
Prices stands at 140.9, a decrease of 0.9 points from last
Number Than on Any Similar Date Since 1924.
More freight cars were on order on Dec. 1 this year than on week (141.8) and compares with 147.5 last year at this time.
any similar date since 1924, the Oar Service Division of the The "Annalist" also says:
Lower prices of grains, live stock and eggs have lowered the farm prodAmerican Railway Association announced Dec. 31. Freight ucts
index 2.3 points. The food products index is lowered in sympathy
cars on order on Dec. 1 this year totaled 30,569, the Associa- 1.0 point; the textile is 0.8 point lower because of sharp reductions in cloth
and
yarns;
further reduction in zinc prices to 39.375 cents a pound made
tion reports, and it adds:

Production of Electric Power in the United States in
November 1929 Exceeded Same Month a Year Ago
by About 6%.
According to the Division of Power Resources, Geological
Survey, the output of electrical power by public utility
plants in the United States for the month of November
totaled 8,240,407,000 k. w. h., an increase of around 6%
over the same period in 1928 when production amounted
to approximately 7,753,000,000 k. w. h. Of the total for
November of the current year, 5,598,244,000 k. w. h. were
_Produced by fuels and 2,642,163,000 k. w. h. by water
power. The survey further shows:




for a fractionally lower metal index. The remaining groups remain virtually unchanged. The 1930 index opens 4.5% lower than the average
of prices last year at this time.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)

137.1
145.1
139.4
159.8
125.3
150.6
134.0
123.8
140.9

CO

Dec. 311020. Dec. 24 1929: Dec. 311928.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodltlaa

t3

This was an increase of 16,194 cars above the number on order on Dec. 1
1928. and an increase of 20,719 cars above the same day two Years ago. It
also was an increase of 16,005 cars above Dec. 1 1926, and an increase of
2,848 cars above the number on order on that date in 1925.
Of the freight cars on order on Dec. 1 1929. reports showed 16.326 were
box cars, an increase of 8,867 compared with the same date last year. Coal
cars for which orders have been placed numbered 12,102, an increase of
7,205 compared with the number of such cars on order on Dec. 1 1928.
Refrigerator cars on order totaled 511, Flat cars, 1,580, and other miscellaneous freight cars, 50'.
Locomotives on order on Dec. 1 this year numbered 299, compared with
123 on the same day in 1928,and 69 in 1927. On Dec. 1 1926, the railroads
had 344 on order.
New freight cars placed in service in the first eleven months of 1929
totaled 76,773, of which box cars totaled 37,474; coal cars, 28,638; flat cars,
3,884: refrigerator cars, 3,509. and stock cars, 2.672.' Other classes of
equipment installed in service during that period totaled 596.
IIINew locomotives placed in service in the first eleven months of 1929
totaled 716.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.

147.9
144.8
156.2
166.6
125.0
163.8
134.6
124.2
147.5

Considerable Decline in Industrial Activity in Boston
Federal Reserve District.
In surveying industrial and financial conditions in the
New England District, the Federal Reserve Bank of Boston,
in its Jan. 1 "Review" says:
There was a sharp recession in New England industrial activity during
November from the unusual high levels which prevailed in the second and
third quarters of 1929. and although August marked the high point of the
year, the decline in activity during September and October was relatively
slight. In November, however, there was a substantial decline in activity
in practically all lines of industry, not only in New England but in the entire
country. Carloadings of merchandise and miscellaneous freight during
November in New England fell off considerably, not only from the October
volume but also from the corresponding month a year ago, and when allowances for customary seasonal changes had been made, these New England
car-loadings figures for November were below the average for the throe-year
Period 1923-25 for the first time in five years. Another type of information
which Is Indicative of the trend of distribution is the net sales of department
stores in New England. In November total net sales of all reporting New
England stores were practically the same as in November 1928 and for the
first 11 months of 1929 were 1.7% ahead of the corresponding period a year
ago. During the first three weeks of December sales of reporting Boston de-

JAN. 4 1930.]

FINANCIAL CHRONICLE

partment stores were nearly 2% larger than during the corresponding period
a year ago. Residential building (square feet) in New England continued to
decline during November,and the volume of commercial and industrial contracts awarded likewise declined from October. In each of the first 11
months of 1929 the volume of new residential building in New England
was less than in the corresponding month of 1928. New England textile
activity in November was distinctly curtailed, and the amount of raw cotton consumed was less than in any month since September, 1928. A similar condition prevailed in the consumption of raw wool, but between July
and October New England woolen mills had been reporting a relatively
greater consumption than did the cotton mills. Silk machinery activity in
New England increased slightly in November from October, but less was
than in November 1928. During the first 11 months of 1929 New England
boot and shoe production was about 1.7% greater than in the corresponding
period a year ago,despite a reduction in November ofconsiderably more than
has usually taken place between October and November. On Dec.23in Boston the quick call money rate was 5%,time money (six months) was quoted
at 5%-6% and commercial paper was 5-5ti %. In New York quotations
for brokers' prime commercial paper were'5% during the two weeks ending
Dec. 21. Time money secured by mixed collateral firmed slightly from a
range of 4 ti-431% during the week ending Dec. 7 to 4-5% during the
two weeks ending Dec. 21.

Business Conditions in Philadelphia Federal Reserve
District—Mercantile Activity Below that of Recent
Years.
"Business in the Philadelphia Federal Reserve District
apart from the usual holiday expansion in retail trade, has
been less active than in earlier months," so the Federal Reserve Bank of Philadelphia reports in its Business Review
issued Jan. 1. The Bank further indicates conditions in
its District as follows:
Mercantile activity since the middle of November has resulted in a large
volume of sales, although they have not measured up to the level attained
at the same time in other recent years. Retail sales in November decreased
from October instead of increasing as was to be expected; they were also
somewhat smaller than those of a year earlier:
Wholesale and jobbing trade slackened seasonally. Sales during November generally showed a little more than the usual drop from the October
volume. They were also slightly smaller than in November, 1928, a fact
which may be due in part to the continuance of lower commodity prices.
Quotations In recent weeks, however, have been fairly steady, fluctuating
only within a narrow range.
Railroad shipments in this scetion have declined seasonally in recent
weeks, but the total for the first 11 months of this year was larger than
in the corresponding period last year or two years ago. This favorable
showing was due chiefly to larger shipments of coal, merchandise, and miscellaneous commodities.
Sales of new automobiles, measured by passenger car registrations in this
district, declined in the month a little more sharply than is usual and were
smaller than In November, 1928. In the first 11 months of this year.
however, sales exceeded those in the same period last year by almost 21%.
Sales of ordinary life insurance in this section showed more than the usual
increase from October to November; they were also substantially larger
than in the same month last year. This is also true of the volume of insurance subscribed thus far this year in comparison with last year.
Check payments in the leading cities of this district showed less than the
usual seasonal decline between October and November and were nearly 10%
larger than in November, 1928. In the months prior to September, they
were considerably larger than in other recent years. A portion of this
Increase, especially in some of the principal cities, probably is attributable
to developments in the security markets.
Industrial activity shows marked recession from the high level in October.
Factory employment in this section declined from October to November,
but continued above last year. Similarly, wage payments fell off in the
month, but were larger than in November, 1928. Some of the early reports
for December indicate a further drop in employment, particularly in groups
comprising metal and textile products.
The demand for workers by employers in November declined more
sharply than is usual and was slightly smaller than a year earlier. The
number of workers placed, on the other hand, has increased steadily since
August and was the largest shown for November in the past six years.
The physical output of manufacturers as a rule naturally was smaller in
November than in October, but in many cases it compared rather well with
the volume reported for the same month last year. Production in the first
11 months of this year on the whole surpassed that in the corresponding
Period of last year or two years ago.
The building and real estate situation continues quiet. The volume of
both building contracts awarded and permits issued in leading cities declined
sharply in November and was below the level of a year ago. The recession
in contract awards was due largely to a continuous decline in contracts for
residential buildings, including apartment houses. The real estate market
in Philadelphia shows little change. Forced sales of properties to be made,
while declining from November, were substantially larger than in December,
1928.
Some improvement is noted in the demand for anthracite, owing chiefly
to increased buying by householders induced by colder weather. The market
for bituminous coal also shows betterment, sales to public utilities and,
in some degree, to industries having increased since the middle of last
month. As a result, production of both anthracite and bituminous coal has
increased somewhat In recent weeks. The output of the latter in the first
11 months of this year was noticeably larger than last year, while that of
hard coal was a trifle lower.

RecesGion in Building Activity in Philadelphia Federal
Reserve District.
From the Jan. 1 "Business Review" of the Philadelphia
Federal Reserve Bank we take the following regarding
building and real estate:
Building activity at this time of year usually shows a marked recession
and figures giving the total value of contracts awarded in November and
the first half of December bear this out. Operations have been in smaller
volume throughout the year than they were in 1928 and comparisons with
earlier years show that this year's construction record closely resembles
that for 1926. The decline in the past month was shared by southern
New Jersey and eastern Pennsylvania, but Delaware showed the largest
percentage recession in total awards. Of the larger cities. Trenton was the
only one reporting an increase.




27

The real estate situation in Philadelphia continues quiet. The number
of deeds recorded in the county declined in November, but was slightly
higher than last year. The total value of mortgages recorded, however,
increased in comparison with October, but was smaller than a year ago.
The number of properties offered at Sheriff's sales in December established a new high mark for the month. The total for the year was over
30% larger than last year and in every month except February the figures
exceeded those for the corresponding months in past years.

Business Activity in Cleveland Federal Reserve District
Irregular—Conditions in Rubber and Tire Industry
The Federal Reserve Bank of Cleveland reports, in its
Jan. 1 "Monthly Business Review," that "general activity
in the Fourth [Cleveland]District was it,:egular in November
and early December. Operations at industrial plants
showed a more rapid decline than is usually noted at this
time of year and are now below the level of a year ago," says
the Bank, which adds:
The largest reductions were shown in the iron and steel, automobile, tire
and related industries, which have been declining since mid-summer at a
restricted rate. Prior to November operations were greater than in the
corresponding months of 1928, in spite of the declines noted.
Factory employment receded sharply in November, compared with the
previous month and was less than in the corresponding month of 1928 for
the first time this year. The situation in December was aggravated by
the custom of many plants to curtail operations at the holiday season in
order to take inventory, make repairs and changes before the beginning
of the year.
Though the decline in payrolls has been slightly greater than that shown
In employment, because some plants are operating only part time,the effect
on retail distribution has not been very great as yet. Sales of department
stores in the district, while declining from October, were only 0.9% less in
November than they were in November, 1928. Holiday buying is reported
to have been in good volume, and seems to have been about on the level
of preceding years.
While business might be termed quiet at present, some signs of an
encouraging nature have appeared, particularly in the iron and steel industry, during the past two weeks. Increased inquiries have been received
for material for first quarter delivery and schedules at Youngstown plants
have been advanced slightly because of a few automotive orders. Manufacturers'stocks of tires have been materially reduced by curtailed production and are now only slightly larger than they were a year ago. A general
spirit of optimism seems to prevail throughout the district, judging from
reports received from correspondents during the past month.

With reference to the rubber and tire industry, the
Bank says:
The low rate of factory operations in the Akron territory and elsewhere
In the country during the past three months has had a very favorable effect
on the large tire stocks with which the Industry has been confronted since
early in the year. Stocks of tires have declined 3,800,000 casings since the
high point in June and on Nov. 1 were 9,633,401 casings. The SUPPly
however, is still ample and is nearly 1,000.000 casings larger than it was
last year. Shipments of tires have exceeded production for the past five
months,and, while demand for original equipment has receded, the replacement demand seems to be well maintained.
The volume of spring-dated orders has not been so large as has been
received in former years, possibly because the stocks in hands of dealers
are larger than they were a year ago. The larger manufacturers, however,
state that the volume has been satisfactory in view of the general situation, feeling that the 1930 ordering has only been postponed.
It has been little more than a year since the Stevenson Restriction Act
was withdrawn by the British Government. In that time there has been
a large increase in the shipments of rubber, which was almost inevitable
because of the artificial nature of the Act. Imports of crude rubber to the
United States in the first 11 months of 1929 totaled 517,912 tons, as compared with 399,581 tons in the same period of 1928, an increase of 30%•
World stocks of crude rubber increased 15% in the first 10 months of 1929.
This increase In supply of crude rubber has affected the price level. For
the first 10 months of 1929 the price fluctuated around 20 cents a pound,
showing only seasonal changes. In November, however, the average price
declined to between 16 and 17 cents and is at that level at present. This
is the lowest price for many years and compares with $1,the price in 1925.

Activities and Output in Chicago
Reserve District—Midwest Distribution of
Automobiles.
A decline in the midwest distribution of automobiles and in
the orders and shipments of furniture manufacturers is
indicated in the following which we take from the monthly
Business Conditions Report of the Federal Reserve Bank of
Chicago:
Manufacturing
Federal

Furnilure.
Orders booked and shipments during November by furniture manufacturers in this district were below the October figures. The total volume
of orders booked by 21 firms registered declines of 13.4% and 19%.respectively,from a month and a year previous. Individually, only 4 firms in the
comparison with October and 4 in that with a year ago, did not follow the
downward trend of the group. Shipments dropped 25.4% from the preceding month but gained 4.8% over the corresponding period of 1928. Unfilled
orders on hand Nov. 30 were reduced 18.1% from Oct. 31. and aggregated
12.5% below a year ago. The average rate of operations for 15 companies
dropped from 86.9% for October to 80.5% in November.
Automobile Production and Distribution.
The decline in United States production of passenger automobiles in
November from October averaged 47.1%; output of 163,309 compared with
216,754 in November a year ago, or a decrease of 21.9%. Truck production
of 46,513 represented a reduction of 20.9% from the preceding month and
a gain of 17.2% over last November.
Distribution of automobiles in the Middle West declined further in
November; the number of cars sold by wholesalers was considerably lass
than a month or a year previous, as were sales by retail dealers; used car
sales fell off from the preceding month but remained in excess of the 1928
level. Stocks of both new and used cars continue to increase, and those
on hand and end of November totaled decidedly heavier than a year ago

28

FINANCIAL CHRONICLE

[VOL. 130.

on the same date. Deferred payment sales constituted 53.6% of the total
retail sales by 30 dealers in November, which compares with a ratio of
00.3% in October and with 47.3% last November.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
(Changes in November 1929, from previous months.)
Per Cent Change From
New Cars:
WholesaleNumber sold
Value
RetailNumber sold
Value
On hand Nov.30Number
Value
Used Cars:
Number sold
Salable on HandNumber
Value

Oct. 1929.

Nov. 1928.

-53.7
-48.3

-32.0
-24.7

-23.5
-25.5

-17.7
-20.4

+0.5
+4.3

+64.3
+47.3

-21.5

+11.5

+6.5
+8.2

+41.6
+16.3

end of November averaged 3.0% greater than a month previous and 2.3%
above a year ago. Dealers' collections in November totaled 2.6% more
than in October, but were 6.7% smaller than for last November; accounts
receivable the end of the month declined 4.8% in the monthly and 9.0%
In the year-to-year comparison. Accounts receivable totaled 69.5% of
November sales, which compares with 67.9% in October and 70.1% a
year ago.
Companies Included
November sales of furniture and house furnishings by 24 dealers and
Oct. 1929. Nov. 1928. 26 department stores declined 14.9% in the aggregate from October, and
1.9% from the same month last year. Installment sales by dealers were
17.1% smaller and 0.7% larger in the respective comparisons. Collections
on
installment sales were 3.5% less in November than a month previous
31
29
31
and total collections 6.5% smaller, while as compared with a year ago,
29
Increases of 3.4 and 5.6%, respectively, were shown. Accounts receivable
52
59
Nov. 30 on dealers' books had declined 2.6% from the preceding month a
59
52
were 2.2% below the corresponding date of 1928. Stocks of dealers and
60
53
department stores the end of November averaged 2.9% heavier than on
60
53
Oct. 31 and 0.5% above a year ago.
60
53
60
60

53
53

Merchandising Conditions in Chicago Federal Reserve
District During November-Seasonal Declines in
Wholesale Trade-Increase in Retail Lines.
Seasonal declines in all reporting lines of wholesale trade
during November are reported in the Monthly Business
Conditions Report, dated Dec. 31, issued by the Federal
Reserve Bank of Chicago. An increase of 3.3% in department store sales, as compared with October, are indicated
in the Bank's Monthly Report, which has the following to
say regarding merchandising conditions:

Survey of 1929 by F.0. Wetmore of First National Bank
of Chicago-Deflation of Stock Market Values
Viewed as Having Little Influence on Business.
Surveying the year 1919, Frank 0. Wetmore, Chairman
of the First National Bank of Chicago and the First Union
Trust & Savings Bonk of Chicago, refers to speculation as
"the one outstanding feature of interest during the year";
the belief, however, Is expressed that the deflation of stock
market values "taken by itself has had and will have relatively little influence on business." Mr. Wetmore sees "no
reason why there should not be a fairly satisfactory volume
of business during the first six months of 1930." His statement follows:

Wholesale Trade.-Seasonal declines from October were shown during
The favorable business conditions that existed at the end of the year 1928
November in all reporting lines of wholesale trade, and sales were also less
than for the corresponding month of 1928 in all groups except groceries continued and improved as the year 1929 progressed, to a point where
where a very slight increase was recorded. In the month-to-month com- business generally undoubtedly enjoyed one of the most prosperous years
parison, all the firms shared in the recession except one dry goods, one shoe, in our history. To be sure, there were some lines that did not participate
two drug, and six electrical supply firms; a large majority of companies like- but this is always to be expected. The one outstanding feature of interest
wise shared in the decline from a year ago. In the eleven months of 1929, during the year has been that of speculation, which attained a magnitude
wholesale grocery firms have sold 1.9% more goods than for the same period in volume and number of people interested beyond anything known in the
of 1928, hardware sales have been 5.3% greater, dry goods 1.0%, drugs past. Had the results been confined to the speculative markets only, the
2.0%, and electrical supplies 5.8% larger. while sales of shoes have been consequences would not have been so serious, but attracting, as it did,
4.6% smaller. November 30 stocks in most lines totaled below the pre- money from all countries it was a disturbing factor in the money affairs
ceding month but heavier than a year ago. Collections average fair and of all important nations, and with the deflation of values in the stock
continue good for hardware firms. Prices in general remained at October market the release of funds thereby was promptly reflected in improved
levels, although more numerous reports of a downward tendency have been monetary conditions both at home and abroad. We believe that the
deflation, taken by itself, has had and will have relatively little influence
received.
on business, but it is not surprising that there should be a recession in
WHOLESALE TRADE DURING THE MONTH OF NOVEMBER, 1929.
business from the great volume and the great prosperity we were enjoying
during sa the first eight months of 1929. Business generally is in a sound
Net Sales During Month
Stocks at End of Month
position,
and if we are fortunate enough to have a substantial volume of
Per Cent Change From
Per Cent Change From
cereal and increased volume of cotton exports, the two important dig.
Preceding
Same Month Preceding
Same Month
turbing factors in the present situation will be corrected. We see no
Month.
Last Year.
Month.
Last Year.
reason why there should not be a fairly satisfactory volume of business
during
the first six months of 1930.
Groceries
(25)- 9.4
OP)} 2.3 (18)- 4.5
t25)+ 0.2
Hardware
04)-18.3 (14)- 4.0 (10)- 4.1 (10)+13.0
Dry goods
(8)-14.5
(8)-15.6
(8)+ 7.0
(6)-11.3
Drugs
(11)- 9.9 (11)- 1.0 (10)- 2.9 (10)- 9.0
rthur Reynolds of Continental Illinois Bank
Shoes
(7)-32.4
\
(7)-31.5
8c
(5)- 3.5
(5)+ 1.9
Electrical supplies
(30)-16.5 (30)-16.3 (23)- 5.9 (23)+ 7.4
Trust Co. of Chicago Says
Accounts Outstanding End of Month.
Per Cent Change From
Preceding
Month.
Groceries _
Hardware _
Dry goods_
Drugs
Shoes
Elec. suoPl.
Figures in

Same Month
Last Year.

(23)- 2.2 (23)- 9.2
(14)- 6.9 (141+ 1.9
(8)- 4.0
(8)- 3.3
(10)- 0.6 (10)4- 1.8
(8)4- 4.8
(6)- 7.4
(29)- 4.6 (291+ 0.4
parentheses Indicate number

Ratio to
Net Sales
During
Month.

Collections During M
Per Cent Change F
Preceding
Month.

(23) 97.4 (21)- 6.1
(14) 222.6 (10)- 1.9
(8) 354.2
(7)+ 3.0
(10) 150.9
(6)- 8.4
(8) 435.5
(5)-13.5
(29) 155.8 (19)- 1.5
of firms included.

Same Month
Last Year.
(20)+ 3.5
(l0)+ 1.5
(7)-11.3
(6)4- 0.2
(5)-18.7
(19) -1.9

Department Store Trade.-Totalsales during November by 115 department
stores in the Seventh district increased 3.3% over the preceding month but
showed a decline of 1.9% from November 1928. For the 11 months of this
year, sales have totaled 2.0% heavier than in the corresponding period last
Year. In the comparison with the preceding month, the larger cities and
stores in smaller centers, contributed to the gain. Chicago, Detroit, and
Indianapolis stores effected the aggregate decline shown as compared with
November a year ago, while in the gain for the 11-month period, these cities
and Milwaukee shared. Stocks on hand Nov. 30 averaged 1.8% heavier
than a month previous, but were 0.4% under the corresponding date of 1928.
Stock turnover for the month of .32 times averaged about the same as a year
ago,and that for the cumulative period this year of 3.44 compared with 3.47
times for the 11 months last year. November collections totaled 3.4%
more than in October and 6.9% above a year ago, while accounts receivable
the end of the month were 4.3 and 7.0% heavier in the respective month-tomonth and yearly comparisons. The ratio of November collections to
accounts outstanding a month previous of 42.0% was practically the same
as for the same period last year.
Chain Store Trade.
November sales of 21 chains operating 2,837 stores during the month
aggregated 2.4% larger than in the preceding month and 13.0% more than
a year ago; the number of units increased 3.1 and 16.4% in the respective
comparisons, so that average sales per store declined 0.7 and 2.9%• As
compared with October, sales of drug, five-and-ten cent, men's clothing,
and furniture chains totaled heavier in November, while those of grocery,
cigar, shoe, musical instrument, and women's clothing chains declined.
Aggregate sales in all groups except musical instruments were larger than
In November last year.
Other Retail Trade.
Aggregate gains of 6.5 and 1.1%, respectively, over a month and a Year
previous were recorded in the November sales of 26 retail shoe dealers and
the shoe sections of 22 department stores in the district. For the 11 months
of this year sales have totaled 4.2% heavier than during the corresponding
period of 1928. Individually, the majority of dealers showed declines in all
three comparisons and the majority of department stores shared in the
gains reported. Stocks continue to increase somewhat; those on hand the




Fundamental Conditions
Are Sound and Business Men Can Look Forward
to New Year With Confidence.
In expressing his views as to the business outlook, Arthur

Reynolds, Chairman of the Board of the Continental Illinois
Bank & Trust Co. of Chicago, says:
"Fundamental conditions are sound. Business men can look forward
to the new year with confidence. I believe that at the close of 1930 it
will be found that the volume has been larger than expected and profits
satisfactory."

As to business in 1930, Mr. Raynolds made the further
statement that "If a standard or pattern is needed, it is to
be found in the average of production, trade and profits during 1927." He went on to say:
"The efforts of President Hoover will undoubtedly have an effect, but
the impulse to renewed activity will be the time-honored one of depleted
stocks. An added Impulse will be felt from any increase in construction,
and particularly from the increase in exports that is reasonably to be
expected.
"It is doubtful if new building will exceed the figures for 1929, and it
will be March or April before any increase is likely. But constructionincluding buildings, roads, public works, all kinds of industrial additions
and betterments-should exceed the 1929 figures and the effect of this
should be felt in the second quarter of 1930.
"An outflow of gold, for some months, is probable, and will operate
as a check on the decline in money rates, unless offset by Reserve Bank
purchases of Government securities and perhaps a lowering of interest
rates in Europe.
"The test for the duration of the business recession should be found in
the amount of expansion in the spring. If there is the normal seasonal
increase, prospects will be bright indeed. If an increase, but not as large
as usual, the duration of the recession will be slightly longer.
"It is scarcely a possibility, much less a probability, that industrial
production will drop off to the extremely low figures of June and July
1924, or even to the average for that year, which was below that of
1923-25. The average of industrial production in 1927 seems much more
reasonable, as a minimum.
"The movement of freight-probably the best index of the volume of
trade-should average out as well as in 1927. The spread between pro.
duction and trade will be less than in 1929, with consumption only slightly
below production.
"Profits may approximate the figures for 1928 even more closely than
those for 1927. An examination of the net profits of all corporations in
the United States shows that the business recession of 1924 reduced profits
only pane 12% that year, compared with the figures of the preceding 12
months. The reduction attributable to the recession of 1927 was only a

FINANCIAL CHRONICLE

JAN. 4 1930.]

little over 9%, compared with profits in 1926. If, in 1930, there should
be as much as a 15% reduction from a conservative estimate of profits
for 1929, the result would be a figure nearly as large as in 1928. A 20%
reduction-an absurdly large figure-would still leave profits larger
than in 1927.
"Suggesting a business average at least as large as in 1927 does not
mean that all industries or all concerns in those industries will fare exactly
alike. It would be too much to expect complete uniformity of business
activity and profits in all lines of business and all sections of the country.
And it is certain that profits will depend even more than in recent years
on the quality of business management."

Industrial Employment Conditions in Chicago Federal
Reserve District-Downward Trend Reported.
According to the Monthly Business Conditions Report,
Dec. 31, of the Federal Reserve Bank of Chicago, the downward trend of employment shown in October continued
during November, manufacturing industries of the Seventh
[Chicago] Federal Reserve district reporting a loss of 3.0%
in volume of employment and of 4.8% in payrolls for the
period Oct. 15 to Nov. 15. However, the level of employment is still slightly above a year ago, says the Bank, which
continues:
Of the 10 manufacturing groups included in our survey, 7 shared in the
general decline from October.
Heavy recessions were reported in the rubber,food products,leather, and
vehicles groups. Rubber manufacturing declined 10.5%. Food products
showed a loss of 7.8% in employment and of 1.5% in payrolls, a seasonal
decline in the canning industry offsetting substantially increased activity at
was
Packing plants of the district where a seasonal increase in time schedules
to
effective; Chicago plants also report a general wage increase of about 4%
decreased
ng
manufacturi
plant workers. The number employed in leather
6.5% and their earnings were down 16.1% from the October figures, while
5.9% in
vehicles, reflecting curtailment in the automobile industry, lost
number of men and 6.8% in amount of earnings. Three other groups
and
lumber
and
products,
stone, clay and glass products, metal and metal
wood products-showed smaller numbers employed than in October, with
correspondingly greater decreases in amount of payroll.
paper and printing,
The only group showing a substantial increase was
of the
reflecting the heavy demand for books and stationery at this time
employed and
number
in
5.2%
Year. The gain over October amounted to
4.0% in total earnings. Textiles showed larger numbers employed but
smaller payrolls than in October, while chemicals remained at about the
same level.
Of the non-manufacturing groups, wholesale and retail trade showed a
slight seasonal increase in number employed and in payrolls, while building
and construction work was restricted, and coal mining payrolls declined
sharply. The public utilities maintained approximately the level of October.
The free employment offices of Illinois and Indiana report increasing
difficulty in placing applicants. The ratio of applicants to available
positions in Illinois increased from 147 in October to 181 in November,which
is the highest of any month this year, and the figure for Indiana rose to 141,
as compared with 107 in October. Iowa showed better conditions, partly
due to good demand for corn huskers and other farm help, as the ratio
dropped to 207 from 216 in October.
EMPLOYMENT

AND

EARNINGS-SEVENTH
DISTRICT.

Number of Wage Earners.
industrial Groups.

Week Ended
Per
Nov. 15 Oct. 15 Cent
1929. Change.
1929.

FEDERAL

RESERVE

Total Earnings.
Week Ended
Nov. 15
1929.

Oct. 15
1929.

Per
Cent
Change.

437,441 450,938 -3.9 $11,453,528 $12,034,122 -4.8
All groups (10)
Metals It metal prods.
(0th. than vehicles)_ 206,546 212,511 -2.8 5,298,916 5,664,066 --6.4
42,312 44.981 -5.9 1,282,417 1,376,427 --6.8
Vehicles
657.927 --0.7
653.046
Textiles & textile prod_ 29,804 29,508 +1.0
Food & related prods_ _ 50,954 55,283 -7.8 1,333,692 1,353.683 --1.5
353,430 --5.9
332.545
Stone,clay & glue prod 10,921 11,365 -3.9
691.101
731,592 --5.5
Lumber & Its products_ 29,716 30,169 -1.5
369,906
374,759 --1.3
Chemical products. _ _ _ 12,758 12,796 -0.3
329,839
392,979 --16.1
16,276 17,413 -6.5
Leather products
90,832
98,828 ---8.1
-10.5
4,321
3,869
Rubber products
34.285 32.591 +5.2 1.071.234 1.030.431 +4.0
Paper and printing.

29

Service of
Generally through the district, according to the Employment
marked among
the Department of Labor, a surplus of workers exists, most
and textile mills
unskilled labor and artisans in the building crafts. Lumber
in railroad
reduced their working forces, and fewer persons were employed
ng glass, clay
shops, furniture and shoe factories, and plants manufacturi
building
in
decrease
products, iron and steel goods. There was a sharp
November, the
Permits issued and contracts let for construction during
month since
total dollar value of contracts being the smallest for any
of the district
January,1925. Debits to checking accounts in the chief cities
larger than
in November were smaller by 11.0% than in October, but 6.1%
in savings
in November, 1928. Decreases in both comparisons were shown
accounts.
materially
Demand for anthracite coal and coke for heating purposes was
buying also
augmented by the cold weather in late November. Industrial
and
factories
of
part
the
on
improved slightly, due mainly to a disposition
and Kentucky
Public utilities to build up stocks. In the Indiana. Illinois
tracks at mines
fields there was a substantial reduction of loaded cars on
special grades.
and some operators reported an oversold condition on certain
supply,
excessive
in
In these fields, where screenings had recently been
much stronger
reduced output was accountable for their working into a
November than
position. Taken as a whole, prices were slightly lower in
year. ScreenOctober, but were higher than at the corresponding period last
the extreme
from
ings in the western Kentucky fields advanced moderately
district steamlow point of the preceding month. In the St.Louis industrial
that natural
ing coal was less active than heretofore, due in part to the fact
has replaced coal in
gas from the Louisiana fields has entered the district and
ts between
several important industrial plants. Internecine disagreemen
closing of several
rical miners' unions in the Illinois field resulted in the
For the country as a
mines, but failed to substantially affect production.
calendar year to
whole production of bituminous coal during the present
tons,
December 14, approximately 295 working days, totaled 502,453,000
and 495,592,1928,
against 471,581,000 tons for the corresponding period in
000 tons in 1927.
operating in
As compared with recent months,freight traffic of railroads
total fell below
the district decreased in volume, and during November the
in all
general
that at the corresponding period last year. Decreases were
grain products and
classifications of freight, but most marked in grain and
partly by the
fuel. The decrease in the movement of grain is accounted for
For the
earlier marketing of wheat this year than in previous seasons.
weeks this
country as a whole loadings of revenue freight during the first 48
for the
cars
48,072,852
year, or to Nov. 30,totaled 49,448,796 cars, against
St. Louis
corresponding period last year and 48,379,016 cars in 1927. The
connectTerminal Railway Association, which handles interchanges for 28
loads in
ing lines interchanged 197,835 loads in November, against 248,586
days of
nine
first
the
October,and 196,502loads in November 1928. During
65,732 loads
December the interchange amounted to 57,971 loads, against
the
during the corresponding period in November, and 62,935 loads during
reporting roads
first nine dasy of December 1928. Passenger traffic of the
year.
last
month
decreased 3% in November as compared with the same
Louis and New
Estimated tonnage of the Federal Berge Line between St.
137,021 tons in
Orleans in November was 103,300 tons, which compares with
October and 148,218 tons in November 1928.
reflected conReports relative to collections during the past thirty days
lines and different
siderable irregularity, both in reference to the several
Dec. 1 settlements in
localities. In the large centers wholesalers reported
made in the case of
good volume, with a particularly good showing being
interests complained
dry goods, boots and shoes and hardware. Apparel
Through the
of slow payments and numerous requests for extensions.
season, due partly
south payments were loss satisfactory than earlier in the
was noted in the coal
to the decline in cotton prices. Some improvement
retailers reported
fields, also in the tobacco and rice growing areas. City
than a month and
collections backward, with the volume relatively smaller
ve inrepresentati
to
a year earlier. Answers to questionnaires addressed
the following results:
terests in the several lines through the district showed
Poor
Fair
Good
Excellent
9_3%
65_3%
22_7%
2_7%
November 1929
4-3
60-5
32-4
2_8
October 1929
12_3
52_i
34_2
1A
November 1928
in November,
Commercial failures in the Eighth Federal Reserve District
of 81,773.236.
according to Dun's, numbered 126, involving liabilities
and 125 failures
against 124 failures in October with liabilities of $1,881,464
for a total of $5,740,158 in November 1928.

Building Operations in Kansas City Federal Reserve
District.
In surveying building operations in its District the Federal
Reserve Bank of Kansas City has the following to say in
its Jan. 1 Monthly Review:
effectually

was
While building and general construction work in November
year and little
checked by abnormally cold weather for the time of the
the value of
show
cities
Progressin out-door work was made,the reportsfrom
for the month
Permits for buildings compared favorably with former records
November permits
and season. The reports of 20 cities placed the value of
above the total for
at $7,337,073,or 1.7% above the October total and 6.5%
12 cities decreases
November last year. Eight cities reported increases and
record for the first
in permit values as compared with a year ago. The
Issued in the 20 reporting
11 months of 1929 shows the value of permits
the total for the first
cities was $96,941,200, an increase of $4,693,633 over
In virtually all lines investigated November sales fell below those reported 11 months of 1928. The reports in detail:
were
below
those
for October, and in a large majority of instances the totals
Estimated Cost.
of November 1928. While many of the decreases shown from November to
Permi's.
%
December were seasonal in character, they were larger than the average of
Cleo.
1928.
1929.
1929. 1C28.
the past several years. Slowing down in distribution of commodities was
$211,475 -48.2
quite general, extending to the large urban centers, small towns and rural Albuquerque, N. M
8109,492
61
55
18,850 -80.6
3,665
9
3
areas. Likewise, most classifications of merchandise were affected, though Casper, Wyo
49.750 -75.0
12,460
luxury
13
the
in
9
goods
in
category
were
declines
Cheyenne, Wyo
relatively the most marked
75.3
28,780
50,465
52
35
and materials used by the building industry and certain lines of manufac- Colorado Springs, Colo
821,450 -29.5
579,350
405
292
Denver, Colo
58,335 738.7
ture. Included in the lines showing smaller sales volume than a year earlier Hutchinson, Kan
489,240
49
36
48,600 -65.0
17,000
27
14
were boots and shoes, clothing, groceries, automobiles, hardware, millinery, Joplin. Mo
52.3
109,960
167,465
60
62
stoves and certain iron and steel specialties. Small gains over last Novem- Kansas City, Kan
88.5
1,593,000
3,002,150
159
152
ber were recorded in furniture, dry goods, electrical supplies, farm imple- Kansas City, Mo
338,573 -67.6
109,570
83
65
Lincoln, Nett
22,100 -72.4
6,090
9
ments and men's hats.
14
Muskogee, Okla
258 1.193.925 1,238,607 - 3.6
227
Through the south, trade, both wholesale and retail, was adversely Oklahoma City, Okla
17.8
266,570
314,115
82
61
depressed
price
of
the
Neb
and
Omaha,
affected by the decline in the price of cotton,
79,661 200.0
238,988
99
56
Colo
98.0
wheat, corn and other farm products has served to hold down purchasing of Pueblo,
17,365
34,388
23
15
Kan
Salina,
49,360 -38.0
45
30,607
44
commodities elsewhere in the rural areas. Department store sales in the St. Joseph, Mo
2.9
66,837
68,765
28
25
principal cities, in November were smaller by 0.2% than a year ago, and Shawnee. Okla
61,345 -18.5
64
49,989
48
lines.
Kan
Moderate Topeka,
decreases were shown by retail jewelers and other special
-40.5
1,017,290
183
605,350
256
Okla
gains were reported by five and ten-cent stores, mail order houses and some Tulsa.
789,060 -67.8
147
253,999
155
Wichita, Kan
Chain stores. Christmas shopping got a later start than usual, and was
6.5
Total 20 cities. November-.._. 1,546 1,934 57.337,073 56,886.968
adversely affected by unfavorable weather. Considerable improvement in
5.1
Total 20 cities, 11 months__. 26,071 28,132 98,941,200 92,247,567
distribution of holiday goods, both at wholesale and retail, however. has
developed since the first week of December.

Recessionary Tendencies of Business in St. Louis
Federal Reserve District
Trade and industry in the St. Louis Federal Reserve
District have developed recessionary tendencies, according
to the Monthly Review, issued Dec. 30, by the Federal
Reserve Bank of St. Louis. The Bank likewise says:




30

FINANCIAL CHRONICLE

[VOL. 130.

The value of building contracts awarded in the Tenth District in NovemRegarding wholesale and retail trade the Bank says:
ber was placed at $13,541,217 by the F. W. Dodge Corp. in its monthly
report of building contracts awarded in 37 States. The November
total
Retail Trade.
shows a decrease of $2,855,436 from October and a decrease of
$366,790
Complete reports of November business at 34 department stores in cities
from November last year. Contracts awarded in this District in the
11 of this district show the dollar volume of sales for the month averaged
months of 1929 totaled $217,652,024, which is $13,760,285 less than
the 3.7% larger than for the corresponding month last year. Increased sales
total of $231,412,309 reported for the like period In 1928.
were reported by 22 stores and decreased sales by 12 stores. The increase
in sales was due for the greater part to early purchases for the holidays,
while the unusually low temperatures during the month stimulated sales of
Trends in Northwest Viewed by First National
Bank apparel and other winter goods. The reports revealed that the aggregate
of department store sales for the year to the opening of 'December stood
of St. Paul.
3.3% above that for the like neriod in the preceding year.
Discussing trends in the Northwest, The First National
November sales of men's and women's apparel
reporting
stores
Bank, First Saint Paul Co., and Merchants Trust Co., of In cities averaged about 10% higher than in theatsame monthretail
last year.
Sales of shoe stores were reported smaller than a year ago.
St. Paul, under date of Dec. 26, state:
Sales at retail
furniture houses were smaller than a year ago.
The volume of check payments in the Northwest for the five
weeks
Inventories of department stores at the close of November showed average
ending Dec. 4 1929 increased 7% compared with the same period
last year. stocks were 1.1% larger than on Oct. 31, but were smaller by 1.2%
than
Increases occurred in Minneapolis, Saint Paul, South St. Paul,
and the on Nov. 30 last year.
mixed farming cities; and decreases in Duluth, Superior, and the
wheat
Wholesale
Trade.
belt cities.
The dollar of goods and merchandise sold by wholesale reporting firms
Sales of merchandise by wholesalers, jobbers, and retailers In November
In this district, at their main establishments and branch houses,
were better than a year ago, according to reports from commercial
continued
agencies. through
November at a higher daily average than for October. Since
The value of farm products marketed in the Northwest in November
November included only 24 business days, however, the aggregate sales for
compared with the corresponding month of 1928 as follows, according
to the month was
mailer than that for October, which included 27 business
date published by the Ninth District Federal Reserve Bank: Sales
of wheat, days.
The November sales of wholesalers combined for five lines showed a
rye, and flax declined 54% in dollar value; sales of hogs declined
only 1%;
very small increase of about th of 1% over those for the corresponding
and the value of potatoes sold increased 76%•
month last year.
Wheat, corn, oats, flax, eggs, potatoes, and hogs were higher in price
in
Wholesalers, in their conunents on the state of trade, said frosty weather
November than a year ago; and the prices of rye, butter, milk, hens,
cattle,
and lambs were lower, according to the Dec. 15 summary of business
in
the last two weeks of November helped retail merchants to move winter
conditions by the Ninth District Federal Reserve Bank.
goods in fair quantities and they were buying more freely than usual
There were more freight cars loaded with livestock, coal, and coke
in at this time of year. Business has been interfered with to some extent by
the Northwest in November than in the same month last
year; but the bad roads, but agricultural conditions were said to be exceptionally good.
carloadings of grain and forest products decreased to such
Wholesalers' stocks at the closv of November averaged smaller than one
an extent that
there was a 6% decline in the total number of cars moved of all
commodities. month earlier. Wholesalers' stocks of hardware, furniture and drugs were
Carloadings cf merchandise declined only about 1%.
larger than a year ago, while stocks of dry goods and groceries were
The number of carloads of freight received in St. Paul
increased about sm dier than a year ago.
3%, compared with November 1928, and the carloads of
freight shipped
out of St. Paul increased 10%, according to data
published by the St.
Paul Association. The tonnage of freight shipped out
of St. Paul by motor
Improved Supply-Demand Position Continues in
truck increased 51%.
Contracts awarded for new building in the Northwest
Lumber.
increased 73%.
compared with November 1928. and the value of future
projects in conLumber orders received at 805 leading hardwood and softtemplation increased 66%, according to reports of the
F. W. Dodge Corp.
New building in the Northwest from Jan. 1 to Dec.
1 1929, was 15% wood mills during the week ended Dec. 21 1929 were 88%
ahead of the same period last year.
of current production, as compared with 89% the week
Summary.
The smaller wheat crop, the tendency of farmers to hold
grain, and the
abnormally early crop movement account for the declines
in carloadings,
In value of crops marketed, and in check payments
in Duluth, Superior.
and the wheat belt cities. Other data available gives
no evidence of a
similar decline in manufacturing or merchandising. The
increase in new
building In the Northwest, both for November and for the
year to date,
Is an exception to the downward trend in effect for the rest
of the nation.

Daily Volume of Trade in Kansas City Federal Reserve
District During November Reaches Highest of
Year—Productive Activity Declined.
According to the Jan. 1 issue of the "Monthly Review"
of the Federal Reserve Bank of Kansas City, "empansion in
fall brade in the Tenth [Kansas City] District continued
through November with the daily volume the highest of
the year thus far and higher than a year ago. Productive
activity in most of the industries declined seasonally," says
the Bank,"and the output for the month, on the whole, was
smaller than for the same month last year." The Bank
continues:
•
The accumulated total of general business for the first 11 months
of
1929 was greater than in the first 11 months of 1928. The value of checks
drawn by individuals, firms and corporations and cashed by the banks
in
30 cities during this 11-month period was greater by 11.1% than for
the
like period in the preceding year. The volume of commercial loans of
reporting member banks, after reaching the high level of the year in
November, declined sharply in the early half of December, but was still
above this time last year. Demand deposits of reporting member banks,
and savings deposits of a selected list of banks, declined during November
and were smaller than a year ago.
Distribution of goods by retailers to consumers was increasingly heavy
during November, and in the early half of December when shopping for
Christmas was at its height the volume compared favorably with that for
former seasons. Department stores in cities reported to this bank their
daily sales for 24 trading days in November averaged higher than for the
27 trading days in Oetoh,x, and sales tor the month and first 11 months
this year were larger than for November and the first 11 months in 1928.
Distribution by wholesale firms in November, although approaching the low
period of the year, was practically the same in the dollar value of goods
sold and delivered as in November and the first 11 months of the preceding year.
Production in most of the industries of this district exhibited more than
the customary seasonal decline in November, due in part to the observance
of the two holidays and in part to the early appearance of winter, this
November having been the coldest November of record for this district.
In comparison with November of last year, the statistical reports show
production of crude oil, lead and zinc ores, and flour decreased, while
the production of coal and cement increased. The slaughter of hogs, cattle
and calves at packing plants was larger, while the number of sheep
slaughtered was smaller than in November last year. The returns on
production for the first 11 months of the year show increases over the
same period last year for all industries reported, with the exception of the
slaughter of cattle, calves, and hogs, each of these classes showing a
decrease of less than 1%.
Building activity slowed down during the month but the value of permits
for buildings in 20 cities was larger for November than for either the
preceding month or the corresponding month last year. However, the
value of building contracts awarded in the district as a whole was smaller
than in October this year or November last year.




previous, and about 77% some weeks before that, according
to telegraphic reports to the National Lumber Manufacturers' Association. Shipments were 81% of production,
as compared with 84% a week earlier. These mills give
total production as 320,007,000 feet, while 842 mills the preceding week reported 350,240,000 feet. Unfilled softwood
orders at 494 mills on Dec. 21 were the equivalent of 21 days'
production, the same equivalent reported a week earlier by
529 mills. Three hundred and seventy-four identical softwood mills give production as 7% less, shipments 17% less
and orders 18% under the volume for the same week a year
ago; for hardwoods, 199 identical mills reported production
10% less, shipments 23% less and orders 36% less.
Lumber orders reported for the week ended Dee. 21 1929
by 607 softwood mills totaled 252,716,000 feet, or 9% below
the production of the same mills. Shipments as reported for
the same week wore 228,270,000 feet, or 18% below production. Production was 277,859,000 feet.
Reports from 225 hardwood mills give new business as
27,956,000 feet, or 34% below production. Shipments as
reported for the same week were 31,918,000 feet, or 24%
below production. Production was 42,148,000 feet. The
Association's statement also adds:
Unfilled Orders.
Reports from 494 softwood mills give unfilled orders of 931,812.000 feet,
on Dec. 21 1929, or the equivalent of 21 days' production. This is based
upon production of latest calendar year,300 day year,and may be compared
with unfilled orders of 529 softwood mills on Dec. 211929. of 1,000,392,000
feet, the equivalent of 21 days' production.
The 316 identical softwood mills report unfilled orders as
678,737,000
feet, on Dec. 211929. as compared with 799,812,000 feet for the
same week
a year ago. Last week's production of 374 identical softwood mills was
206,931,000 feet, and a year ago it was 222.385.000 feet; shipments were
respectively 167,062,000 feet and 202,290.000 feet; and orders received
179,262,000 feet and 218,906,000 feet. In the case of hardwoods, 199
Identical mills reported production last week and a year ago 37,818,000 feet
and 42,191.000 feet; shipments 28,492,000 feet and 37.241,000 feet; and
orders 25,402,000 feet and 39.638,000 feet.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 117
mills reporting, shipments were 20% below production, and orders
16%
below production and 5% above shipments. New business taken during
the week amounted to 43.407.000 feet, (previous week 60.522.000 at
149
mills); shipments 41,433.000 feet, (previous week 58.422.000); and production 51.863,000 feet, (previous week 65.356,000). The three-year
average production of these mills is 62,565,000 feet. Orders on hand at
the end of the week were 135,177,000 feet, as reported by 95 mills.
The
108 identical mills reported a decrease in production of 12%, and in new
business a decrease of 14% as compared with the same week a year ago.
The Western Pine Manufacturers As.sociation of Portland, Ore.,
reported
production from 76 mills as 29,976,000 feet, shipments 26,497,000 and new
business 27,537,000 feet. Fifty-seven identical mills reported production
1% less, and new business 16% lass, than that reported for the corresponding week of last year.
The California White & Sugar Pine Manufacturers Association,
of San
Francisco, reported production from 17 mills as 9.834,000 feet,
shipments
10,880.000 and orders 9,518,000 feet. The same number of mills
reported
production 18% less, and orders 12% less, than for the same period
of 1928.

JAN. 4 1930.]

FINANCIAL CHRONICLE

West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 224 mills reporting for the week ended Dec. 21 totaled
154,825,000 feet, of which 68,536,000 feet was for domestic cargo delivery,
and 20,111.000 feet export. New business by rail amounted to 56,643,000
feet. Shipments totaled 130.025,000 feet, of which 51,650,000 feet moved
coastwise and intercoastal, and 23.238,000 feet export. Rail shipments
totaled 45,602,000 feet, and local deliveries 9,535,000 feet. Unshipped
orders totaled 622,003,000 feet, of which domestic cargo orders totaled
293,224,000 feet, foreign 174,320,000 feet and rail trade 154,459.000 feet.
Weekly capacity of these mills is 253,786,000 feet. For the 50 weeks ended
Dec. 14, 137 identical mills reported orders .1% below production, and
shipments were 1% below production. The same mills showed an increase
in inventories of 6.7% on Dec. 14, as compared with Jan. 1.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reported production from 9 mills as 1,145,000 feet, shipments 3,337,000 and
new business 3,120,000. The same number of mills reported a decrease in
production of 69%,and in new business of 57%,in comparison with a
Year
ago.
The Northern Hemlock & Hardwood Manufacturers Association of
OshkoSh, Wis., reported production from 27 mills as 3,775,000 feet, shipments 1,738,000 and orders 1,760,000. The same number of mills reported
an increase in production of 4%, and a decrease in orders of 43%, when
compared with the corresponding week of last year.
The North Carolina Pine Association of Norfolk, Va., reported production from 122 mills, as 10,765,000 feet. shipments 10,138,000 and new
business 7,697,000. Thirty-nine identical mills reported a decrease in
production of 18%, and a decrease in new business of 46%, in comparison
with 1928.
The California Redwood Association of San Francisco, reported production from 15 mills as 6,801,000 feet, shipments 4,222,000 and orders
4,852,000. The same number of mills reported a 3% decrease in production,
and a 29% decrease in orders, compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 198 mills as 36,375,000 feet, shipments 28,556,000 and new
business 24,701,000. Reports from 172 identical mills showed a 10%
decrease in production, and a 37% decrease in new business, when compared
with last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 27 mills as 5,773,000 feet, shipments 3,362,000 and orders 3,255,000. The same munber of mills reported
production 14% less, and orders 24% less, than that reported for the same
period of 1928.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED DEC. 21 1929 AND FOR 51
WEEKS TO DATE.
Produclion
M Ft.

Association,
Southern Pine:
Week-I17 mill reports
51 weeks-7,613 mill reports
West Coast Lumbermen's:
Week-224 mill reports
.51 weeks-10,525 mill reports_
Western Pine Manufacturers:
Week-76 mill reports
51 weeks-3,726 mill reports
California White and Sugar Pine:
Week-17 mill reports
51 weeks-1,316 mill reports
Northern Pine Manufacturers:
Week-9 mill reports
51 weeks-450 mIll reports
No.Hemlock&Hardwood(softwoods):
Week-27 mill reports
51 weeks-2,047 mill reports
North Carolina Pine:
Week-122 mill reports
01 weeks-4,676 mill reports
California Redwood:
Week-15 mill reports
51 weeks-720 mill reports

Ship- P. C.
ments. • of
Prod.
M Ft.

41,433
51,863
3,385,062 3,366.410

80
99

43,407
3,339,600

84
99

130,025
163,700
8.929,940 8,721,261

79
98

154,825
8,794,311

95
98

26,497
29,976
2,241,189 2,138,424

88
95

27,537
2,012,981

92
00

10,880 111
9,834
1,416,097 1,306,151 92

9,518
1,299.683

97
92

1,145
358,081

3,337 291
421,302 118

3,775
235,978

1,738
200,243

46
85

1.760
179,036

47
76

10,765
537,960

10,138
529,475

94
98

7,697
491,737

72
91

6,801
396,728

4,222
381.615

62
96

4,852
393,163

71
99

82
252,716
98 16,891,561

91
97

28,556
36,375
2,055,041 2.012,435

79
98

24,701
2,016,069

68
98

3,362
420,406

58
86

3,255
85,368

56
78

31,918
42,148
_ 2.546.116 2.432.841

76
96

27,956
2.401.437

66
94

Softwood total:
Week-607 mill reports
228.270
277,859
51 weeks-31,073 mill reports_ _ _ 17,501,635 17,064,881
Hardwood Manufacturers Inst.:
Week-198 mill reports ___ _ _
51 weeks-10.473 mill reports..
Northern Hemlock & Hardwood:
Week-27 mill reports
51 weeks-2,047 mill reports
Hardwoods total:
Week-225 mill reports
51 weeks-12.520 mill renorts_

Orders
M Ft.

P. C.
of
Prod.

5,773
491,069

3,120 272
381,050 106

West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 224 mills show that for the week ended Dec. 21
1929, orders' and shipments were 3.38% and 11.86%,
respectively, below output, which totaled 164,066,239 feet
for that period. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
224 mills report for week ending Dec. 21 1929.
(All mills reporting production, orders and shipments.)
Production
163,699,872 feet (100%)
Orders
154,825,100 feet (5.42% under production)
Shipments
130,C24,838 feet (20.57% under production)
WEEKLY COMPARISON (IN FEET) FOR 224 IDENTICAL MILLS-1929.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks).
Dec. 7.
Nov. 30.
Dec.14
Week EndedDec. 21.
Production
163,699,872 164,066,239 174,114,125 154,406,156
Orders
154,825.100 158,526,901 131,043,612 118,505,017
54,633,740
41,867,012
46,718,596
Rail
56,642,685
37,033.865
40.936,131
70,432.511
Domestic cargo
68,535,785
25,597,541
21,116,454
Export
28,463.677
20,111,676
13.778,466
14.585.420
12,912,117
Local
9,534,954
Shipments
130.024.838 144,610,598 133,972,507 142,771,963
45,738,279
44,084,217
41,275.729
Rail
45,602,113
47,712.080
54,022.123
Domestic cargo
61,612.898
51.650,146
26.743.682
30,080,203
Export
28,809,854
23,237,625
14,585,420
13,778,466
Local
12.912,117
9,534.954
Unfilled orders
622,003,003 600,290,931 592,408,858 598.574,770
Rail
154,458,730 143,057,131 137,739,438 130,009,425
Domestic cargo
293,224,285 278,311.260 275.367,485 286,753,968
Export
174,319.988 178,922,540 179.301,935 181,811,377




31

COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (308 IDENTICAL MILLS).
(All mills reporting Production for 1928 and 1929 to date.)
Actual production week ended Dec. 21
185,922.094 feet
Average weekly production, 51 weeks ended Dec. 21
204.400,198 feet
206.188,321 feet Average weekly production during 1928
Average weekly production last three years
212,574,720 feet
*Weekly operating capacity
298,551,834 feet
* Weekly operating capacity Is based on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
112 IDENTICAL MILLS.
(All mills whose reports of production. orders and shipments are complete for 1928
and 1929 to date.)
Average 51
Average 51
Weeks Ended
Week Ended
Weeks Ended
Dec. 21 '29.
Dec.21'29.
Dec. 22'28.
101,772,914
109,495,936
114,193,588
Production (feet)
95,672,398
116,718,735
Orders (feet)
106,900,194
78,808,110
107,824,302
116,018,431
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED DEC. 7 '29 (113 mills.)
Orders on
Hand BeOrders
Oleg Wee*
Dec.7'29. Received.

•
Cancellotions.

Shipmeals.

Unfilled
Orders
Week Ended
Dec.7 29.

Washington & Oregon
Feet.
Feet.
(95 Mills)78,059,426 13,978,804
California
144,320,358 16,173.235
Atlantic Coast
5.530,335 1,947,449
Miscellaneous

Feet.
Feel.
Feet.
98,000 20,012,543 71,927,687
605,051 20,165,234 139,723,308
16,500
240,930 7,220,354

Total Wash.& Oregon 327,910,119 32,099,488

719,551 40,418,707 218.871,349

Sett. Col. (18 Aft123)250,000
2,870,479
California
17,722,476 1,529,000
Atlantic Coast
None
7,589,784
Miscellaneous

909,539 2,010,940
200,000
974.852 1S,126,572
150,052
1,510,694 6,079,090
None

Total Brit. Columbia_ 28,182,739 1,779.000

350,052 3,395,085 26,216,602

0..-....., •••••••••••••••

na••••••

ora nno

°KO RR CIRO A

sa2 1 nee 002 52 R12 709 255 057 951

DOMESTIC CARGO DISTRIBUTION WEEK ENDED DEC. 14'29(110 mills.)
•
Orders on
Orders
Hand Begin'g Week Received
Dec. 14 '29.

Cancellotions.

ShipMVO.

Unfilled
Orders
Week Ended
Dec. 14 '29.

Washington 59 Oregon
Feet.
Feet.
Feet.
Feet.
Feet.
(92 Mills)75,011,764 15,859,583 1,071,977 16,308,943 73,490,427
California
140,993,192 37,530,291 5,399.122 34,634,821 138,489,540
Atlantic Coast
115,130 7,568,324
None
7.220,354
Miscellaneous
436.100
Total Wash.& Oregon 223,225,310 53,852.974 6.471,099 51,058,894 219,548,291
Brit.Col.(18 Mills)California
Atlantic Coast
Miscellaneous

2,010,940
556,000
18,126,572 6,328,500
6,079,090 2,099,000

349.000 2,217,940
None
None 3,603,777 20,851,295
None 2,015,090 6,163.900

Total Brit. Columbia_ 26,216,602 8,983.500

None 5,967,867 29.232.235

0,55.1 oinmemffn nArnes 950 541 0190'528 174 ft 471 1190 57 095 751 245 751928

New Automobile Models and Price Changes-Automobile Show Opens To-Day (Jan. 4th).
The De Soto Motor Corp., a division of the Chrysler
Corp., has announced its new line of De Soto straight eights.
List prices are: Standard sedan, $995; business coupe, $965;
roadster, $985; deluxe coupe, $1,025; de luxe sedan, $1,065;
and touring car, $1,025. The new De Soto model is a companion to the De Soto six.
The new Hudson Motor Car Co. models for 1930 will be
eight-cylinder cars, it is announced. The new Essex to be
introduced, remains in the six-cylinder class, but will be of
newidesignithroughout. The new Hudson line will comprise tenimodels in two chassis lengths-126 in. and 119 in.
The wheel base of the Essex has been increased to 113 in.
and hasYallarger body than before. Production of both
lines has begun. Prices will be announced at the New York
automobile show which will open to-day (Jan. 4).
The PackardiMotor Car Co. will increase prices $110 on
three models in the standard-eight line, effective Jan. 12.
The models are the 5-passenger sedan, 7-passenger sedan
andi7-passenger sedan-limousine.
Outstanding custom body designs mounted on standard
Stutz and Blackhawk chassis will this year distinguish the
Stutz and Blackhawk exhibit at the New York automobile
show, announces Col. E. S. Gorrell, President of the Stutz
Motor Car Co. of America, Inc., Indianapolis, Ind. These
will include the finest coachwork of such companies as Weymann, LeBaron, Hibbard & Darrin, Derham, Brunn and
Fleetwood, selected from a range of forty-six body styles
offered by Stutz and imposed on chassis of 127,134 and
145-inch wheelbase, the announcement adds.
For 1930 the Gardner Motor Co., Inc., offers two new
eight-in-line series and a six-cylinder series. The new line,
outstanding models of which are on display at the automobile show in Grand Central Palace, exhibit B-3, is comprised
of 24 body styles, in open and closed models, more than 50
striking color combinations, and there is a wide range of
prices from $1,195 to $2,345, covering the 24 body styles in
the six and eight-cylinder series which offers the motorist a
wide choice of models from which to choose the car or cars
best suited to his needs and purse. The complete Gardner
line for 1930 which is made up of series "140," "150" and

32

FINANCIAL CHRONICLE

"136," includes the following models all of which are available in the three series; five-passenger sport sedan, fivepassenger brougham, coupe with rumble seat, roadster, fivepassenger phaeton, five-passenger sedan, seven-passenger
sport phaeton, and seven-passenger sedan. The following
Gardner cars are displayed at the automobile show: Series
"140," eight-cylinder sedan and brougham; Series "150,"
eight-cylinder sport phaeton, roadster and brougham; Series
"136," six-cylinder coupe. Basically, the Gardner line for
1930 remains the same as that introduced in the early sum
mer of this year and there have been few mechanical changes,
excepting those of minor importance. •
Price List of Gardner Series "136." "140" and "150."
eSeries
bSeries
&Series
"150."
"140."
"136."
Chassis
$1745
$1395
$ 995
5-passenger sport sedan
1945
1595
1195
5-passenger brougham
1995
1245
1645
Coupe, with rumble seat
1995
1645
1245
Roadster
1995
1645
1245
5-passenger sport phaeton
2045
1295
1695
5-passenger sedan
1295
2045
1695
7-passenger sport phaeton
1545
2295
1945
7-passenger sedan
2345
1995
1595
a Wheelbase 122 In..6-cylinder,70 h.p. b Wheelbase 125 in.,8-cylinder,
90 h.p. c Wheelbase 130 in., 8-cylinder. 126 h.p.
Note.—All prices F. 0. B. St. Louis, Mo.

Motor and Equipment Association Reports Slowing Up
of Manufacturing Operations in Automotive Parts
Industry As Year Ends.
Manufacturing operations in the parts-accessory industry

declined in November and have continued a seasonal recession in December. The business of automotive wholesalers
was also lower, but is still considered generally good, according to the Motor and Equipment Association which, on Dec.
27 said:
Output in the industry will probably resume a moderate upward trend
early in the new year.
Aggregate shipments in October of a large and representative group of
manufacturers in the M.B.A. were 90% of the January. 1925 base as compared with 156 in October and 150 in November a year ago.
Parts and accessory makers selling their product to the car and truck
manufacturers for original equipment made shipments aggregating 81%
of the January 1925 base figure as compared with 160 in October and 163
in November, 1928.
Shipments to the trade in November by makers ofservice parts were 135%
of the 1925 base as compared with 166 in October and 149 in November a
year ago.
Accessory shipments to the trade in November were 75% of the January,
1925, base as compared with 91 in October and 78 in November last year.
Service equipment shipments, that is repair, shop machinery and tools
were 113% as compared with 147 in October and 122 in November, 1928.
Business of wholesaler members of the Association was considered good
in November and was only moderately below October. Accounts receivable
showed a drop from October.

The Paper Industry in 1929—All Previous Records
Broken—Prospects for 1930.
Continuation of business in 1930 along essentially the
same lines as in 1929 is shown by a recent survey of business
prospects in the paper industry, conducted by the American
Paper and Pulp Association, which, underd date of Dec. 31,
says:

[VOL. 130.

"The paper committee of the American Newspaper Publishers' Association has learned to-day from authoritative sources that the Canada
Power and Paper Co. and the Price Brothers Co., large producers of newsprint and members of the Newsprint Institute, are notifying their customers
that the 1929 price for newsprint will be continued during the first six
months of 1930 without the previous requirement of a three-year contract
carrying a $5 per ton increase for the last 30 months.
"It is understood that the price for the last half of 1930 will be determined later in the year."
Officials of the American Newspaper Publishers' Association explained
that this action of the two companies brings all the large newsprint producers, with the exception of the Abitibi Paper and Power Co., into conformity with the arrangement to retain the 1929 newsprint prices for the
first six months of 1930 without the contract requirement.
Some time ago provincial officials in Canada announced that they favored
an increase in the price of newsprint. Agitation for the increase was
followed by protests by newspaper publishers. Subsequently some newsprint companies announced an increase of $5 per ton, stipulating, however,
that for those publishers who would sign a three-year contract the increase
would not be effective for the first six months of 1929. It was this contract requirement to which the A. N. P. A. statement referred.

An item regarding the action of the International Paper
Co. appeared in our issue of Dec. 28 page 4050.
Cotton Outlook as Viewed by I. V. Shannon of
Fenner & Beane.
A substantial betterment of the position of the cotton producer in 1930, resulting from a drastic curtailment in acreage
and the marketing aid of the Federal Farm Board, is predicted by I. V. Shannon of Fenner & Beane, in an article on
"The Cotton Outlook" in the current issue of "Trade Winds,"
the magazine of the Union Trust Co. of Cleveland, Ohio.
Mr. Shannon says:
"I believe that producers will make a material reduction in their acreage
next season, due to the fact that they have been forced to sell this crop
well under the cost of production. A decrease always follows such market
conditions.
"There is another factor which may become a very important, if not
dominating, one in the planting and marketing of the next crop. I refer
to the Federal Farm Board. Its work may be in the experimental stage
this year, but its members apparently have mapped out a large sized job
for nest year. . . .
"There is another factor which may become a very important, if not
and that is through a radical reduction in the acreage. The law creating
the Board gives it ample authority, as I understand it, to take adequate
measures to prevent producers from creating an unavoidable surplus. Statements which some members of the Board have made indicate that they are
favorably disposed to head a campaign early next year for a reduction
in the acreage."

Mr. Shannon reports that 47,569,000 acres were planted
to cotton as of July 1, and increase of 623,000 acres over
1928. The 1929 acreage, he says, is the second largest ever
planted to cotton in the United States. Reviewing the past
season, he writes:
"Planting and marketing the 1929 cotton developed so many new angles
that it may be the advent of a new era in production and marketing of the
Sputh's chief crop, For one thing, it marks the beginning of an effort
on the part of the national government to improve conditions under which
the producer markets his crop, and thus enable him to obtain adequate
returns. After development was the inauguration of Southern deliveries
on New York contracts at the opening of the season.
"This season also apparently records a large increase in the number of
spinners adopting the policy of restricted production and buying raw supplies only on 'call,' or as needed. It also marks in the future market a
further decline in the speculative interest upon which spot merchants are
dependent for the absorption of their hedges. Increasing production of
foreign cotton, and enlarged competition from such cotton because of
improved staple, was another development.
"Field tests also show for the first time that sufficient progress has been
made in perfecting the mechanical picker to indicate possibility of this
becoming an important factor in harvesting the crop. Producers, on the
other hand, failed to take warning of changing conditions in marketing
the crop, some of which were in evidence last year, and continued to plant
and market as they have done for many years."

The volume of business in 1929 broke all previous records. The prospects for a continued increase in volume similar to that of 1929 are not
promising, yet indications point to a volume for 1930 which probably
will equal that of 1929.
Expenditures for plant improvements and maintenance in 1930 approximating normal expenditures for recent years are indicated by reports from
affiliated and grade associations to the American Paper and Pulp Association
A marked decrease in expenditures for the building of new productive
facilities, however, is also revealed. This is looked upon as favorable
rather than unfavorable because of the present over-produced condition
of the industry.
An over-production capacity of approximately 25% exists in the paper
industry. This excess, when viewed in connection with the rapid rise Cotton Trade Review and Outlook by Gardiner H.
in consumption of paper in the United States during the past decade,
Miller, President New York Cotton Exchange.
evidences the fact that expansion has been more than was needed. This
In
reviewing the cotton trade, and picturing the outlook
has resulted in weakening the price structure throughout the industry
and profit margins have been exceedingly narrow. It is expected that for 1930, Gardiner H. Miller, President of the New York
heavy volume and narrow profits will continue throughout 1930.
Cotton Exchange States that "with neither an over-supply
If there is a slight falling off in volume during the first quarter of 1930
in sympathy with general business recession, it is felt that increased volume nor a scarcity of the staple, nor any serious fears at any
during the remainder of the year will bring the total volume to the 1929 time of an excess or a shortage, cotton prices have held
level.
steadier than usual during the year, at not far from the
Planned expenditures for advertising constitutes one of the best indices
of sales volume in certain branches of the paper industry. A recent survey average levels of recent years." President Miller also states:
of proposed expenditures, undertaken by the Association of National
During the past calendar year, world production and world consumption
Advertisers, shows a total for 1930 of 3206,000.000 as compared with of cotton have been approximately in balance. Since the world stock at the
5186,000,000 for 1929. This increase not only indicates sustained business beginning of the year was just about normal or average, this means that
volume but it is as well indicative of the optimism with which business the world stock at the close of the year is about normal or average.
leaders view the future.
As the trade enters 1930. it finds that the balance of supply and consumption is disturbed by the drastic curtailment of mill activity in the
United States, following the break in the stock market. Consumption in
Canadian Firms Retaining 1929 Newsprint Price for this country, the largest user of cotton in the world, is down 10 or 15%
from
the normal level at this time of year. There Is good ground for beFirst Half of 1930.
lieving, however, tnat it will not be long before domestic consumption
From the New York "Times" of Dec. 31 we take the fol- will be pointing upward again, and, with foreign mill activity well maintained on the average, it appears likely that the world will soon be back
lowing:
onto a normal rate of consumption.
W. G. Chandler, chairman of the paper committee of the American again
The trend of world prodution and consumption of cotton is still upNewspaper Publishers' Association, issued the following statement last ward,
and any interruptiodot that trend this year will doubtless prove to
night:
be only temporary.l




MOM

JAN. 4 1930.]

FINANCIAL CHRONICLE

-3

Viewing the outlook for 1930 Mr. Miller looks for probable improvement, voicing his opinion as follows:

60% of normal, but recently they have found bust-T nd they have
expanded their operations to about 75%. Japan
mills have been complaining of narrow margins, and have talked of curtailment for months, but
As to the outlook for 1930, a most important fact to be considered is the they have continued to run at a
relatively high rate.
changed situation in the business world, following the debacle in the stock
A pronounced feature of the mill situation in Europe and the Orient has
market. The immediate effect of the crash in stocks has been a hesitation in been the increased use of
foreign cotton at the expense of American, in
business and commerce throughout the country, which the cloth market consequence of the lower prices of
foreign cotton. The switching has ocand cotton mills have doubtless felt more than many other lines of business. curred mainly from American to Indian
cotton, as the latter has been in
There is good reason for believing that this hesitation in trade and the re- relatively large supply and has
sold one and a half to two cents under the
cession in industrial activity will be only temporary, and that business will usual relationship with American.
revive as the year progresses.
The domestic cotton manufacturing industry could hardly fail to share
Advantageous Hedge in New Future Contract.
in such a revival, since experience has shown that cotton manufacturing
The new southern delivery contract on the New York Exchange, on
tends strongly to rise and fall with general business. As to conditions in which trading began on Jan. 2 1929, has afforded a splendid hedge to
the cotton spinning industry abroad, there is no question that most basic growers, merchants, and spinners. With the contract now providing for
industries abroad have been handicapped during the past year by the high deliveries at five southern ports, and two more to be added,it is more closely
money rates, resulting from the attraction of loanable funds to Wall Street, tied up with spot cotton than ever before. While the price of futures is
and, with the release of these funds, foreign business will be in a position below the average of recent years, this has been offset in part by the higher
to expand more readily.
basis on spot cotton which has prevailed during the marketing season.
The cotton trade can look forward to 1930 with the anticipation that
This past fall, the trade was given one of the most striking demonstraconditions will improve from their present status. There is a basis for a tions ever provided of the valuable services rendered by the Exchanges.
good volume of business in the fact that supplies of cotton are adequate and The South harvested and marketed its crop with unusual rapidity, at a
prices are reasonable. Present prices for cotton are low enough to stimulate time when spinners were unwilling to buy far beyond their needs because
a very high consumption of the staple, under normal economic conditions. of the slowing down of general business, followed by the crash in stocks.
Large production and large consumption are ultimately to the benefit of Spot merchants throughout the South bought millions of bales from the
every one in the trade, from the grower to the spinner. It is to be hoped growers, without having commensurate forward sales against these purthat the grower will obtain a greater advantage from the large and growing chases, as they were able to protect themselves by the sale of hedges on the
use of his product, by restricting his acreage but at the same time producing Exchanges. Through the medium of the Exchanges, speculative and ina larger yield per acre, thus reducing his costs.
vestment buyers were found to take over the deluge of new crop cotton
until spinners were prepared to buy it.
Mr. Miller in his comments also says in part:
Third Largest Acreage on Record.
This country planted in 1929 the third largest acreage on record. Ac- Golden Fleece Fabric and Fashion Revue Jan. 7-10.
cording to the revised figures recently issued by the Department of AgriIn the ballroom suite of the Ritz Carlton Hotel this city,
culture, the planted acreage this year was 47,569,000 acres, compared with
46,946,000 in 1928, a maximum of 48,730,000 in 1926, and an average of from Jan. 7 to 10, a "Golden Fleece Fabric and Fashion
45,662,000 in the past five years. This full acreage was planted in the Revue" will be held daily at 2.30 p. m. and 8.30 p. m.
face of a level of prices prevailing before and during the planting season,
which was well below the average of the past decade, and which was not A. D. Whiteside, President of the Wool Institute, Inc. in a
high as measured by the average of more recent years.
statement regarding the Revue says:
This full planting, following and accompanied by very moderate prices,
The Golden Fleece Fabric and Fashion Revue is to be the forerunner
bears witness to the continuing tendency of the South to plant cotton of spring and fall showings of American loomed woolens and worsteds
heavily and to further increase its cotton acreage, except in years when fashioned into the smartest and most attractive attire for the American
it is definitely discouraged by unusually low prices. It emphasizes the woman for every appropriate occasion.
fact that the problem of securing reasonable prices to the growers must
This initial fashion Revue will demonstrate that the looms of the American
be approached from the standpoint of the suPIPY.
mills have been brought to the highest efficiency in the world. They now
fabrics of every weave, design, weight and color, from the sheerest
produce
Urgent Need of Larger Yield Per Acre.
and coolest gossamers to the warmest but softest materials, which serve
In any consideration of cotton prices and of the returns to the growers, the dual purpose of extreme attractiveness and appropriateness to meet
regarding which there is properly so much concern, it is important to note the varying temperatures peculiar to this country.
that the average yield per acre this past year was only 155.3 pounds, or less
The underlying purpose other than the interest which will be created
than one-third of a bale to the acre. The average yield in the past five In the garments, the workmanship and the material shown is in the forming
Years has been only 162.8 pounds.
of a relationship between all of the factors which must be on a basis of
Even assuming an average price of 20 cents to the farmer, which is well constant contact to properly carry on in this exacting service to the public.
above the average level this past year, a yield of 160 pounds means a gross
It is not the purpose of the Fashion Revue to stimulate an artificial
return to the producer, aside from what he receives for his seed, of only demand for wool products; nor is it a necessity to attain success by usurping
about $32 per acre. Ten acres would yield only $320. Fifteen acres would or encroaching upon the field of other fabrics.
yield only $480. There is no question that such returns are altogether
But it is entirely feasible to expect a new interpretation of the potential
inadequate to hundreds of thousands of growers whose costs are average or utility of these fabrics, and particularly to anticipate a recognition by the
above average.
American woman of the unique and indispensable place for wool apparel
But this problem cannot be solved by the simple method of raising the during those intermediate seasons, which in the past have shown no deselling price. Records of planted acreage in recent years show that, with finable trends in the fabrics, which can only be filled by the products of
anything like an average price for the staple,certainly with 20 cents or more, the woolen and worsted looms.
the cotton growers will add millions of acres to their cotton fields. The big
acreages planted in recent years are bound to result, in some years, in
crops which are far in excess of the amount of cotton which the world will Outlook for Raw Silk Industry Optimistic, According
use at a reasonable price.
to Jerome Lewine, President National Raw Silk
There are only two solutions, and they should be adopted in conjunction:
Exchange.
A restriction of acreage, combined with better seed selection and improved
methods of cultivation which will give a larger yield per acre. Only in these
With
raw silk consumption in the United States registering
ways can the grower permanently improve his position, for only by such
lines of action can the farmers hold their selling prices up while they reduce new monthly all-time records for the past eight months, and
their costs, and thus widen out their net income.
silk prices trending downward, the outlook for steadily
Deterioration of American Cotton Causes Concern.
A disturbing phase of the cotton growing industry of this country is
the deterioration, in recent years, in the quality of our cotton. The decline
has occurred mainly in the length and the character of the staple.
The facts as to this question have been brought to the attention of the
trade in convincing form by a recent report of the Department of Agriculture, which showed that, out of total ginnings of 10,893,200 bales to
Nov. 1 1929, 2.220,800 bales or 20.4% were below seven-eights inch, and
therefore untenderable as to staple. This deterioration of domestic cotton
has coincided with an improvement of foreign crops, particularly Indian.
The importance of this deterioration in the quality of the domestic crop
lies in the stimulus which it gives to the use of foreign cotton. The production of foreign cotton has increased rapidly in recent years, following the
curtailment during and immediately after the World War, and during the
past season foreign spinners have given preference to a very large extent,
to foreign cottons, because of the unsatisfactory quality of the American
staple.
It is vitally important that the cotton growing interests of this country
take every possible action, by using the best seed, by the liberal use of
fertilizer, and by intensive cultivation, to insure the production of character
cotton of full staple, if this country is to hold its place in the world cotton
trade.
World Consumption on High Level.
World consumption of cotton has been on a relatively high level, on an
average, during the past 12 months, but mill activity has fluctuated widely
In this country, and there have been wide differences between the levels of
mill operations in foreign countries.
In the United States, the mills ran at a very high level during the five
months from January to May, but inability to move their full output at
normal margins then forced them to curtail sharply in the Summer. With
the seasonal revival of demand in the Fall, they increased their activities
again, but they had hardly got onto an increased basis of operations when
the panic broke in the stock market, and, with goods business almost at a
standstill, stocks of cloth at the mills began to accumulate with great
rapidity. This necessitated renewed drastic curtailment, and the mills are
ending the year on a relatively low level of activity.
English mills continued to run on about that basis at which the Lancashire cotton trade has become stabilized in recent years, a level equal to
about 80% of the full capacity level of the industry. French and Italian
mills have run practically full. German mills have shared in the general
business depression in that country, with their operations at one time below




widening business for the silk industry in this country is
decidedly optimistic, says Jerome Lewine, President National
Raw Silk Exchange. Mr. Lewine also had the following to
say it) part:
The vogue for silk merchandise continues unabated, and with the lower
levels to which raw silk has receded, there is every reason to believe that
consumer demand for silks will show material expansion during 1930.
For the greater part of the year the raw silk market showed great stability and price fluctuations were narrow. Quotations held close around
$5 per pound in the first quarter, advanced to $5.25 in April as a result of
good trade conditions and depleted stocks, declined to $4.75 in May and
June in anticipation of the new crop in Japan, advanced to $5.10 during
August and early September as a result of excellent trade conditions, and
have since declined to a low point of $4.40.
The year 1929 witnessed a gratifying growth in the functioning of the
National Raw Silk Exchange. . .
Transactions on the Exchange from Jan. 1 to Dec. 15 totaled 217,240
bales. This compares with 177,465 bales transacted on the Yokohama
Raw Silk Bourse during the similar period, conclusive evidence that the
National Raw Silk Exchange has attained supremacy in the world's raw
silk futures market. It is estimated that transactions on our Exchange
for the full year will approximate 230,000 bales. Of this total 60% of the
trading developed from July 1 onward, indicating a growth of 50% in
activity for the second half of 1929 over the first half. Transactions on the
Exchange represented 41% of the volume of raw silk consumed in this
country and 46% of the volume of Japanese raw silk consumed here. Prom
Jan. 1 to Dec. 15 a total of 14,700 bales were tendered upon the Exchange.
representing 7.2% of the total transactions.
In June, a new contract was inaugurated on the Exchange, consisting of
a ten-bale unit, replacing the old five bale contract. The new contract
brings the unit of trading on the Exchange in conformity with the recognized
unit in spot transactions.
Among the factors largely responsible for establishing the Exchange
firmly in the silk industry has been the consistently excellent work of the
Inspection Bureau. From Jan. 1 to Dec. 15,the bureau certificated 19.815
bales and during the same period 18,280 bales of certificated silk were withdrawn and went into consumption. Not since the inception of the Exchange
has there been a single arbitration required to cover certification activities.
During the first five months of the current season, from July 1 onward,
there has been an increase of 21% in world silk production over last year.

34

FINANCIAL CHRONICLE

whereas the increase in world consumption has been only 5.3%. This has
resulted in heavy accumulation of visible supplies in both primary and
secondary markets.
Steps taken in Japan for stabilizing the raw silk market have thus far
failed, because of seasonal and economic conditions in that country arising
from the lifting of the gold embargo. The seasonal urge to sell will disappear shortly and the unsettled conditions attendant upon the return to
the gold standard should improve as the actual date of the lifting of the
embargo draws near. At the same time, the seasonal curtailment of the
filatures plus additional curtailment by agreement among reelers will not
only stop the accumulation of stocks, but will in the course of the next two
months bring the normal reduction in stocks.

[VOL. 130.

of Empire sugar sold heavily on reports that both the preference and the
duty on sugar would be lowered in the next budget. Criticism has also
been directed against fees charged for clearing contract through the
London Produce Clearing House, which amount to 12c. (6d.) for a "round
turn," as against approximately 5d. (10c.) charged for a similar service
by the New York Coffee and Sugar Clearing Association.
The contract of the new Liverpool Sugar Exchange, which is expected
to go into trading in January, calls for the delivery ex-public warehouse
in Liverpool of 50 tons of non-preferential raw cane sugar, basis 96 deg•
polarization, sellers having the option of delivering foreign raw beet sugar,
basis 88% net analysis, with a sliding scale allowance to the buyer. Provision is made through a so-called "supplemental contract" for the delivery of Empire or preferential cane sugar and of home-grown beet sugar
and for delivery c.i.f. United Kingdom ports, c.i.f. or f.o.b. Continental
ports, and f.o.b. Cuba.

Consumption in November of Electrical Power by
Industrial Concerns in Philadelphia Federal
The "Journal of Commerce" adds:
Reserve District Greater Than Year Ago, But
Although invitations have been extended to New York sugar firms to
Below That of Previous Month.
join the Liverpool Sugar Exchange, none has joined as yet, in so far as
could be learned in the trade here yesterday. As outlined in proposals
The Federal Reserve Bank of Philadelphia reports that the received
here, applicants pay an entrance fee ranging from £250 for the
use of electrical energy by industries in this section in first 25 to £1,000 for the last 50; 100 memberships out of 250 being retained
for
a price to be fixed subsequently by the appropriate committee.
November continued substantially above the quantity
consumed last year, but declined in comparison with the
previous month. The Bank adds:
Coffee Trading on Exchange in 1929 Exceeded 1928 by
Total sales of electricity were also much larger than a year ago and
Over 2,500,000 Bags.
Were 2.4% larger than in October owing to the increased lighting requireAccording to the New York Coffee & Sugar Exchange,Inc,
ments at this season of the year. The production of electric power by 12
systems in this district declined over 4% in the month, but was well ahead of a review of the year 1929 reveals a very encouraging developthat produced in Nov. 1928.
ment in the Exchange's business in coffee. The volume of
trading increased more than 2,500,000 bags over 1928,
Change
Change
Electric Power-Philadelphia Federal
from
from
principally in the "D" contract, which exceeded the volume
November.
Reserve District-12 Systems.
October November
of the "A" contract. The review further stated:
1929.
1928.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales

1,917,000 k.w.h. +0.2% +2.3%
618.746,000 k.w.h. -4.3% +16.5%
153,928,000 k.w.h. +6.1% +159.9%
334,773,000 k.w.h. -7.6% -11.3%
130,045,000 k.w.h. -6.6% +37.6%
516,732,000 k.vv.h. +2.4% +19.2%
107,917,000 k.w.h. +20.2% +6.0%
12,655,000 k.w.h. +5.8% +6.6%
95,262,000 k.w.h. +22.5% +5.9%
323,576,000 k.w.h. -2.7% +11.9%
8,265,000 k.w.h. -7.0% +34.8%
59,646,000 k.w.h. +2.3% -2.1%
255,665,000 k.w.h. -3.7% +16.2%
85.239,000 k.w.h. +3.6% +102.9%

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 from data collected by the Bureau of the Census,
is made available by the Federal Reserve Bank of Philadelphia.
PERCENTAGE CHANGES FROM OCTOBER TO NOVEMBER, 1929.
Men's
Women's
Boys'
Misses
Full- Seam- Full- Seam- and
/nTotal, fashion, less. fashion. less. Chirns fangs.
Hosiery knit during month__ -11.3 +1.2 -14.2 -11.6 -27.8
Net shipments
during month_ -5.8 +34.8 -5.4 -5.7 -4.3
Stock on hand at
end of month,
finished and in
-1.6 -7.5 -2.5 -12.0 -9.0
the gray
Orders booked
during month.. -10.7 -10.1 -24.8 -4.4 -52.0
Cancellations
during month_ +16.3 +250.0 +31.0 +13.1 +205.8
Unfilled orders at
end of month_ -3.8 -24.2 -22.4 -8.8 -34.5
• There were no cancellations during either month.

-4.7

Ainlaic

+0.0 +51.3

-23.6 +30.6 +33.5

+28.5 +26.3

-0.1

+38.2 -44.6 +22.0
-65.5 -29.2
4-39.9 +11.6

*

Prices underwent a severe decline, extent of which is readily seen from the
following table:
High.
Month. Date.
Low.
Month.
Date.
Contract "A"
17.33c.
Jan. In Jan.
7.50c.
March
In Oct.
Contract "D"
March In Feb. 11.50c.
March In Oct.
23.75e.
Spot coffee ranged from 18c to 9c for No. 7 and 24lic to 1531"c for Santos 4s.
There was delivered on contract 29,250 bags under Contract "A" and
53,000 bags under Contract "D."
Looking into 1930 it is most heartening to see conditions which bespeak an
Increasing volume of business for the coming year based upon a situation
more normal than in any recent period.
The Mild Coffee Contract, which is based upon Colombian Coffee, has
been adopted by the members and is only awaiting the consummation of the
final details before a date will be definitely fixed when trading will begin.
It Is felt that this contract will meet the needs of that branch of the coffee
trade that heretofore has not had a contract for future delivery exclusively
Its own and in which a large volume of business should be done.
An important amendment to the by-laws was the one increasing the initiation fee for memberships to $50,000. Before this could be accomplished six
memberships were sold at $25.000 leaving six that may now be purchased
at $50,000 from the Exchange.
The highest price paid for a membership during the year, which was also
the highest ever paid, was $31,000. The lowest price recorded in 1929
was $15,000.

Hog Futures to Be Traded In at Chicago.
An Associated Press dispatch from Chicago yesterday
(Jan. 3) appeared as follows in the Brooklyn "Daily Eagle":
Within the next few weeks the Chicago Livestock Exchange will begin
trading in future delivery of hogs.
In announcing this innovation in livestock marketing, Everett C. Brown,
President of the Exchange, said the plant was effected to satisfy the demands of producers and possessors of hogs who "wanted some system
which would afrord them the opportunity to hedge operations and thus
reduce risks incidental to price deflation and minimize risks incidental to
hog ownership."
The Chicago Livestock Exchange, however, will do no trading, merely
providing the necessary space and personnel, Brown said. It was also
pointed out that the future market will in no way interfere with the present
cash market on hogs.

Sugar Exchange in Liverpool Formed-Opposition to
Petroleum and Its Products-Trade Expects Some ReNew Futures Market Voiced by London Trade.
action on Mid-Continent Crude Prices as Result of
The following London advices Dec. 27 appeared in the
Latest Downward Movement of Gasoline and
New York "Journal of Commerce":
Kerosene in Eastern Markets-California Situation
The Liverpool Sugar Exchange, which has been in course of organizaFaces New Difficulty in Completion of 75 New Wells
tion for several months, has been registered here as a public company
-Oklahoma Proration Order Issued.
with a nominal capitalization of £1,250 divided into 250 shares of £5
each. At the same time, there has also been registered the Liverpool
As news of the new price basis of the Standard Oil Co. of
Sugar & General Produce Clearing House, which will provide, regulate
and maintain in Liverpool, or elsewhere, a clearing house for the clearance New Jersey reached the Mid-Continent field, interest cenof contracts in sugar and other produce.
tered in what effect this would have on crude oil prices. For
Registration of the Liverpool Sugar Exchange brings to a head the
some time there has been a feeling that the continued heavy
controversy which arose when it was announced that a new sugar futures
market was to be established in the English port city. At the present consumption of California gasoline would inevitably influence
time there is only one sugar futures market in the United Kingdom, the the Mid-Continent crude fields, as California crude was being
United Terminal Sugar Market Association of London. The opposition
of this association to the new exchange was evidenced in a resolution refined to fill the needs of the East,and Mid-Continent crude
passed by its privileged members (virtually equivalent to clearing members was being accumulated through consequent lack of demand
in American futures exchanges) whereby they agreed not to associate from eastern refining interests. So serious has the California
themselves or their firms with any similar association in the United Kingdom. As the most important members of the British sugar industry influence become that it is estimated that shipments to the
belong to the London Terminal Market, which has been in operation East during the first quarter this year would double those of
for about 40 years, it is believed this resolution will considerably handicap the
same period last year.
the organizers of the Liverpool exchange.
Meanwhile the situation in California is further endangered
London Rules Criticized.
through the fact that about 75 new wells will be completed
Dissatisfaction with some of the rules of the London Terminal Market
has been a contributing factor to the determination to organize the new during the first two weeks of January and another battle with
exchange. In particular, criticism has been directed at the many options over-production looms. These new wells, figured on the
of delivery given sellers. The London contract calls for the delivery of average of 3,600 barrels per well for the new wells which were
beet sugar at any of several Continental ports, but sellers are permitted
to deliver either beet or cane sugar under a large number of conditions brought in during the proration period from Dec. 1 to 15, the
at fixed differentials. Recently the market broke badly when holders completions of the last half of December and the first half of




JAN. 4 1930.]

FINANCIAL CHRONICLE

January may add 200,000 barrels to California's daily output.
However, under the plan of operation which became effective
on Jan. 1, the Santa Fe Springs operators are making every
effort to keep production down to the desired figure of 150,000
barrels daily.
The Oklahoma Corporation Commission has issued its
order continuing proration in that State for the first three
months of 1930. The Commission again forbids purchasers
and carriers of oil to buy or transport oil in quantity which
would constitute violation of the order.
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
Cabe'', W. Va
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, Calif., 22
Spindletop. Texas, grade A
1.20 Huntington. Calif., 26
Spindietop, Texas, below 25
1.05 Ventura. Calif., 30
Winkler. Texas
.65 Petrone. Canada

5.90
.75
1.14
.90
1.23
1.65
1.08
1.20
80
1.09
1.18
1.90

REFINED PRODUCTS-STANDARD OF NEW JERSEY INAUGURATES MOVE TO ESTABLISH GASOLINE AND KEROSENE
PRICES ON NEW BASIS-CHANGE IN PRICES EFFECTIVE
JANUARY
-BUYING FAIRLY ACTIVE DURING PAST

6

WEEK.

35

Gasoline, U. S. Motor, Tankcar Lots, F.O.B. Refinery.
5.0614 North Louisiana_ .$.0734
NY(Bayone)8.081263.0834 Arkansas
.06%
.083( North Texas
West Texas
.0614 California
.07
Chicago
.0914 Los Angeles, export_ .0734 Oklahoma
.0934
New Orleans
07% Gulf Coast. export_ .0834 Pennsylvania
Gasoline, Service Station, Tax Included.
5.182
5.18
Cincinnati
Minneapolis
New York
$.18
195
New Orleans
Denver
.16
Atlanta
21
.188 Philadelphia
.22
Detroit
Baltimore
215
.18
San Francisco
.20 Houston
Boston
205
.24 Spokane
15 Jacksonville
Buffalo
.16
179 St. Louis
15 Kansas City
Chicago
Kerosene, 41-43 Water White, Tankcar Lots, F.O.B. Refinery.
3.0733
3.0514 New Orleans
IMB33011ne)3.07%435.08 Chicago
.064
North Texas
0514 Los Angeles, export- .0514 Tulsa
Fuel 011, 18-22 Degree, F.O.B. Refinery or Terminal.
3.76
3.85iGulf Coast
New York(Bayonne)-31.05ILos Angeles
.95 I Chicago
.55
2.00 I New Orleans
Diesel
Degree,
F.O.B.
Refinery
or
Terminal.
32-36
Gas 011,
S.03ITulsa
5.00
ew York(Bayonne)5.053j I Chicago

Crude Oil Production in United States Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended Dec. 28 1929, was 2,607,700
barrels, as compared with 2,633,800 barrels for the preceding
week, a decrease of 26,100 barrels. Compared with the
output for the week ended Dee. 28 1928, of 2,581,050 barrels
per day, the current figure represents an increase of 26,650
barrels daily. The daily average production east of California for the week ended Dec. 28 1929, was 1,918.300
barrels, as compared with 1,923,200 barrels for the preceding
week,a decrease of 4,900 barrels. The following are estimates
of daily average gross production, by districts:

A general readjustment of gasoline prices, both wholesale
and retail, is promised through the action taken by the
Standard Oil Co. of New Jersey, whereby the company's base
price for gasoline will be established by the cargo market at
DAILY AVERAGE PRODUCTION.
the seaboard. To this cargo market price, covering tank
(Figures in barrels)
steamer quantities, will be added a differential plus the
Week EndedDec. 28 '29. Dec. 21 '29. Dec. 14'29. Dec. 29 '28.
actual freight cost to the designated selling points. This Oklahoma
723,150
647,550
635,650
650,500
111,950
Kansas
113,800
109,850
98.300
drastic change was announced on Thursday, Jan. 2, and will Panhandle
Texas
102,600
110,800
102,750
59,100
88,100
89,650
90,100
87.650
go into effect on Monday, Jan. 6. The new basis will bring North Texas
West Central Texas
54,000
54,400
55,100
53,650
prices from 3 cent to 1% cents per gallon lower than the West Texas
341,200
350,150
349,350
344.350
23,550
21,350
East Central Texas
23,550
20,650
existing schedules. The other companies operating in the Southwest
Texas
74,950
70,450
70,550
36,200
38,000
North Louisiana
38,850
39,600
37,050
same territory will follow the lead of the Standard by taking Arkansas
60,600
61,950
62,550
80,050
138,850
140.900
137,300
114,900
similar action, it is believed. Under the present plan, in Coastal Texas
19,750
22,500
22,100
23,850
Coastal 1.01.11slitna
effect for many years, a basic State-wide tank wagon price Eastern (not incl. Michigan)._ 128,200
126,800
124,600
111,700
14,550
14,550
14,000
2,300
was established and this price was so designed as to absorb Michigan
49,300
52,550
55,450
52,800
Wyoming
10,200
10,500
10,600
10,950
Montana
the average freight costs to all points in the particular State Colorado
5,400
5,450
5,200
6,650
7,700
8,350
8,100
3,150
affected. It is believed that the new price schedule has been New Mexico
689,400
710,600
693,100
California
708,900
heavy
consumption
continued
brought into existence by the
2,607,700 2,633,800 2,622,250 2,581,050
Total
in California gasoline in the Standard of New Jersey's terriThe estimated daily average gross production for the Mid-Continent
tory. California gasoline, shippped here in tankers through
including Oklahoma, Kansas, Panhandle, North, West Central,
the Panama Canal, has been delivered in the East at prices Field.
West, East Central and Southwest Texas, North Louisiana and Arkansas,
under those prevailing at Eastern refineries. As a result for the week ended Dec. 28, was 1,544,350 barrels, as compared with
for the preceding week, an increase of 2,750 barrels. The
certain of the large retail distributors have been steadily in- 1,541,600 barrelsproduction,
excluding Smackover (Arkansas) heavy oil,
Mid-Continent
creasing their purchases of California gasoline.
was 1,502,650 barrels, as compared'with 1,498,550 barrels, an increase of
extensive
marketing
barrels.
the
4.100
all
of
The new price basis will affect
The production figures of certain pools in the various districts for the
territory of the Standard of New Jersey. Under the new current
week, compared with the previous week, in barrels of 42 gallons.
policy points nearest to seaboard will naturally benefit to follow:
-Week Ended-Week Endeddistricts
such
as
Jersey
the greatest extent. For example,
Southwest TexasOklahoma-Dec.28.Dec. 21.
Dec. 28.Dec. 21.
21,250 20.100 Laredo District
9,100 9,200
City, Bayonne, Elizabeth and Newark will be given the Allen Dome
Luling
3,550
Asher
10,700 10,800
gallon.
per
Prices
cents
elsebenefit of a reduction of 13'
23,300 23,750 Salt Flat
28,850 29,800
Bowlegs
North LouisianaBristow-Slick
18,650 18,700
where will depend upon their distance from refinery and the Burbank
17,200 17,350 HayneevIlle
4.650 4,750
Urania
Carr
City
9,850
8,500
5,200 5,500
absorbed.
costs
freight
A rkansasCromwell
7,700 7,550
The Standard of New Jersey, however, will continue to Earlsboro
64,900 66,600 Champagnolle
5,550 5,500
Seminole
4.500 4,650 Smackover (light)
5,700 5,750
maintain the present differential between the standard and East
Little River
59,600 65,750 Smackover (heavy)
41,700 43,050
Coastal TexasCounty
16,250 14,100
premium gasolines. The tank wagon price of kerosene is to Logan
16,900 17,000
Maud
8,200 8,050 Barbera Hill
10,100 10,300
15,150 15,850 Hull
be changed to conform to the conditions applied in fixing Mission
11,800 12,800
79,050 65.500 Pierce Junction
City
gasoline prices. It is understood that the maximum re- Oklahoma
8,900 8,600
10,550 8.300 Raccoon Bend
Aasakwa
49,950
50,650
18,100 18,550
St.
Louis
SpindletoP
one
cent
a
gallon.
duction in kerosene prices will be about
iearight
12,300 12,300
8,050 8,500 Sugarland
24,500 24,550 West Columbia
6,200 6,300
There has been a fair amount of activity in bulk gasoline .3eminole
Tonkawa
8,850 8,850
business during this past week, with the general ruling price
KansasCoastal Louisiana2,000 3.100
County
23,800 23,600 East Hackberry
8% cents per gallon, tank car at refinery. There have been iedgivick
1,750 2,100
Panhandle TexasOld Hackberry
Carson County
9,200 9,750 Sulphur Dome
3,050 3,300
heavy withdrawals against contracts reported, apparently in Gray
65,800 73,000 Vinton
4,300 4,300
County
excess of the volume at this time last year. Kerosene move- Hutchinson County__ 26,300 26,600 WyomingNorth TexasSalt Creek
27,500 32,100
ment has been only fair. The intermittent spells of warm Archer County
18,200 18,300
MontanaWilbarger
County
6,800 6,800
29,600
29,700
Sunburst
fqrtnight
have
which
have
marked
not
the past
been
weather
West Central Texasin
tigu
Brown County
9,500 10,000
orn
erespecially good for kerosene sales in the Eastern territory. Shackelford
Cm
al
County
9.300 9,250 Do
9,000 9.000
Elwood-Goleta
West Tuns24,800 34,700
The price has held steady at 73% cents per gallon for 41-43
Crane
dt
Upton
Counties
43,900
45,450
Huntington
41,500
41,500
Beach
'
water white in tank cars at refinery, and one cent additional Howard County
37,300 37,000 Inglewood
22,500 22,500
143,800 140,700 Kettleman Hills
Pecos County
9,400 9.400
Fuel
to
the
trade.
oil
delivered
nearby
demand
cars
tank
in
17,000 17,500 Long Beach
Reagan County
105,000 106,000
89,450 94.100 Midway-Sunset
77,000 75,000
has been maintained on an unchanged basis. Marine fuel Winkler County
Santa Fe Springs
161,200 173,200
East Central TexasSealBeach
oils continued in steady movement with no price changes
28,500 28,500
6.850
Cortecana-Powell
6,750
Ventura
51,500 51.800
noted.
There has been a general dullness in the export markets
Weekly Refinery Statistics for the United States.
with quotations for bulk goods unchanged. However, the
According to the American Petroleum Institute, companies
inactivity of foreign buyers is not considered anything
unusual, but rather is attributed to the holiday season. A aggregating 3,514,200 barrels, or 95.5% of the 3,678,700
resumption of buying is expected during the coming week. barrel estimated daily potential refining capacity of the plants
operating in the United States during the week ended Dec.
Price changes have been:
Jan. 2 1930-Standard Oil Company of New Jersey announces a change 28 1929, report that the crude runs to stills for the week
the
gasoline
and
On
and
after
January
6
kerosene.
In the base price of
show that these companies operated to 72.3% of their total
price delivered throughout its territory will be based on bulk cargo price
capacity. Figures published last week show that companies
plus a differential and the freight rate to point of delivery.




36

[VOL. 130.

FINANCIAL CHRONICLE

aggregating 3,507,400 barrels, or 95.3% of the 3,678,700
barrels estimated daily potential refining capacity of all
plants operating in the United States during that week,
but which operated to only 73.6% of their total capacity,
contributed to that report. The report for the week ended
Dec. 28 1929 follows:
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED DEC.28 1929. (FIGURESIN BARRELS OF42 GALLONS.)
P. C.
Pamfiat Caputty
Report.

Crude
Runs to
Stills.

P. C.
Oper.
of Total
Capac.
Report.

Gasoline
Stocks.

Gas and
Fuel Oil
Stocks.

I.East Coast
100.0
Appalachian
91.8
Indiana,Illlnols,Kentucky 98.6
Okla., Kansas, Missouri
88.6
Texas
90.7
Louisiana. Arkansas
97.1
Rocky Mountain
93.6
California
99.3

3,363,500
549,900
1,975.300
2,018,300
3,678,700
1,274,000
351,000
4,578,500

79.3
66.8
79.5
70.4
74.7
62.3
36.0
73.4

6,140.000
1,267,000
4,975,000
3,538.000
6,692,000
1,978.000
2.193,000
15,177,000

7,836,000
795,000
3,523,000
3,401.000
14,135,000
4,848,000
1,008.000
109,606,000

95.5
Daily average
Total week Dec. 21 ...._ 95.3
Daily average
Texas Gulf Coast
100.0
Louisiana Gulf Coast
100.0

17,789,200
2.541,300
18.074.000
2.582,000
2,948,100
887.200

72.3

41,960,000

145,152,000

73.6

40,451,000

144,683,000

80.0
71.4

5,646,000
1.698.000

11.153,000
3.958.000

District.

lift). g:revo,+~4
ps Total Week Dec.28._

Note.-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California. stocks of heavy crude and all grades of fuel oil
are included under the heading "Gas and Fuel Oil Stocks." Crude oil runs to stills
Include both foreign and domestic crude.

Production of Crude Petroleum in November at Lowest
Rate Since December 1928-Stocks Decline.
According to reports received by the United States Bureau
of Mines, Department of Commerce, the production of crude
petroleum in the United States during November 1929
amounted to 78,161,000 barrels, a daily average of 2,605,000
barrels. This represents a decline of 237,000 barrels in
daily average production from the previous month and is
the lowest production rate for any month since December
1928. The most important factor in the decline in production in November was a material curtailment at the Long
Beach and Santa Fe Springs, California, fields. West
Texas and Seminole, the most important factors in the MidContinent, also declined in November, but the Oklahoma
City pool, the chief centre of interest at present, recorded
an increase in November. With but one or two exceptions,
all of the remaining States and districts declined in output
in November.
The material decline in production was reflected in crude
stocks east of California, which decreased from 384,502,000
barrels on Nov. 1 to 380,393,000 barrels on Nov. 30. This
decline of 4,109,000 barrels was the largest withdrawal from
these stocks since August 1925. The drop in output at Long
Beach and Santa Fe Springs was reflected in California crude
stocks, both light and heavy grades, in that State declining
for the first time in many months. The Bureau's statement further says:
As was the case in October, all of the flush producing fields of the country,
with the exception of the Oklahoma City pool, declined in output in November. The daily average output of the Oklahoma City field amounted to
55,000 barrels in November as compared with 41,000 barrels in October.
This field continued to hold the spotlight in the Mid-Continent district
and a number of large wells were completed during the month. An outstanding response to the curtailment efforts in California was evidenced at
both Long Beach and Santa Fe Springs, the former declining from a daily
average of 163,000 barrels in October to 116,000 barrels in November, the
latter falling even more noticeablyfrom 268,000 barrels in October to 161.000
barrels in November. Seminole continued to decline steadily, though the
November decrease was less marked than that of October. The daily
average output of the West Texas fields also continued to fall off, the result
principally of the rapid decline in the Hendricks field.
Stocks at Seminole reflected the decline in output and fell off from
18,577,000 barrels on hand the first of the month to 17,754,000 barrels
on Nov. 30.
Oil well completions in the Seminole district declined from 108 in October
to 50 in November, or more than 50%. Fewer wells were completed in
the Long Beach field, but both West Texas and Santa Fe Springs recorded
a material increase in total initial production in November. The total
number of wells drilling on Nov. 30 in the four fields cited above was 760
as compared with 822 a month previous.
PRODUCTION AND GRAVITY (A.P.I.)(BARRELS OF 42 U.S. GALLONS).
October 1929.

November 1929.
Total.

Daily Aver.

Total.

DailyAver.

Seminole.
1 9,790,000
326,000 11,004,000
St. Louis, &c_ J
Oklahoma City 1,644,000
55,000 1,280,000
355,000 11,369,000
West Texas___ 10,652,000
Long Beach_x_ 3,467,000
116,000 5.046,000
161,000 8.320,000
Santa Fe Spr_x 4.838,000
x From American Petroleum Institute.

November 1928.
Total.

Daily Aver.

355,000 18,913,000
13.890,000
41,000
367,000 10,245,000
163,000 5,870,000
268,000 1,641,000

297,000
130.000
342,000
196,000
55,000

RECORD OF WELLS. NOVEMBER 1929.(2)
Completions.
Oil.
Seminole
St. Louis, &c
West Texas
Long Beach
Santa Fe Springs
2 From

Nov. 30 1929.
Producers' stocks
Tank-farm stocks

537.000
17,217,000

525,000
18,052,000

439,000
17,025,000

Total stocks

17,754000

18,577,000

17,464,000

Ineludeg stooks at Seminole only.




Dry.

Total Initial Aver. Initial Drilling
Production Production
Nov.
31.
(Barrels). (Barrel:).

50

4

21

31,100

600

283

73
9
20

-_
-__

42
-_

115,500
5,200
56,600

1,600
600
2,800

258
53
166

& Gas Journal.'

Daily average runs to stills of crude petroleum at refineries during November amounted to 2,702,000 barrels, a
material decline from the previous month, adds the Bureau,
which continues as follows:
Gasoline production for the month totaled 37,350,000 barrels, a daily
average of 1,245,000 barrels, as compared with the record figure of 1,279,000
barrels in October. Imports of gasoline were 984,000 barrels, exports and
shipments totaled 4,094,000 barrels, the latter a material decline from the
previous month. Stocks of gasoline continued to increase and amounted
to 37,780,000 barrels on Nov. 30, as compared with 35,042,000 barrels on
hand Nov. 1. The indicated domestic demand for gasoline totaled 31.502,000 barrels, a daily average of 1,050,000 barrels, which is but slightly
below the October average of 1,059,000 barrels. At the current rate of
domestic demand the gasoline stocks as of Nov. 30 represent 32 days' supply as compared with 28 days' supply on hand a month ago and 29 days'
supply on hand a year ago.
Kerosene exports declined materially-2,252,000 barrels in October and
1,319,000 barrels in November-and stocks increased. Exports of lubricants also fell off materially in November, amounting to only 604,000
barrels as against 1,077,000 barrels in October.
The refinery data of this report were compiled from schedules of 349
refineries with an aggregate daily recorded crude-oil capacity of 3,610,000
barrels, covering, as far as the Bureau is able to determine, all operations
during November. Those refineries operated at 75% of their recorded
capacity, given above, as compared with 351 refineries, operatintg at
79% of their capacity in October.
ANALYSIS OF SUPPLY AND DEMAND OF ALL OILS.
(Including wax, coke and asphalt In thousands of barrels of 42 U. S. gallons.)
,
Nos.
1929.

Oct.
1928.

Nov. Jan.-Nov. Jan.-Nov.
1928.a
1929,
1928.a

78,161
2,605
4.504
245

88,104
2,842
4,912
264

76,123
2,537
3.769
240

925,264
2,770
47,814
2,816

821,981
2,454
38,397
2,557

Total production
Daily average
Imports:
Crude petroleum
Refined products

82,910
2,764

93,280
3,009

80.132
2.671

975,894
2,922

862,935
2,576

4,535
3,347

5,766
3,642

6,908
728

73,028
27,392

72,960
10,794

Total new suPPlY all °Ha
Daily average

90,792
3,026

102,688
3,313

87,768 1076,314
2,926
3,222

946,689
2.826

Increase in stocks, all olls

132,971

3,369

93,763
3,125

New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Bensol

DemandTotal demand
Dally average
Exports: c
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic production over domestic
demand

1,145

64,615

17,960

99,319
3,204

86,623 1011,699
2.887
3,029

928,729
2,772

2,580
10,440
80,743
2,691

2,869
13,940
82.510
2,662

1,691
11,299
73,633
2.454

24,285
123,603
863,811
2,586

17,437
126,044
785,248
2,344

73

347

217

336

232

Stocks (End of Month)Crude petroleum:
Pipe-line, tank-farm, and
refinery:
380,393
East of Californla_a
152,289
California_ d

384,502
153,117

374,230
113,963

380,393
152,289

374.230
113,963

532.682
514
144,623

537,619
490
142,681

488,193
405
126,505

532,682
514
144,623

488,193
405
126,505

Total crude_ d
Natural gasoline at plants
Refined products

Grand total stocks all one-- _ 677,819 680,790 615,103 677,819 615,103
212
213
217
224
Days' supply_e
222
Bunker oil (included above in
4,540
4.110
4,235
48,208
domestic demand)
47,038
a 1928 figures are final and Include producers' stocks. b Decrease. c Inc udes shipments to Alaska, Hawaii and Porto Rico. d Includes fuel oil in California. a Grand
total stocks all oils divided by daily average total demand.
INDICATED DELIVERIES OF CRUDE PETROLEUM, EXCLUSIVE OF
CALIFORNIA GRADES,TO DOMESTIC CONSUMERS(BARRELS).
Domestic Petrol,
by Fields of
Origin.
Appalachian __
Lima-Indiana _
Michigan
Ill. & S. W.Ind
Mid-Continent
Gulf Coast
Rocky Mtn

November 1929.
Total.

Daily Av.

October 1929.
Total.

Daily Av.

Jan.-Oct.
1929.

Jan.-Oct.
1928.

3,151,000 105.000 3,143,000 101,400 31.091,000 30,023,000
3,600
193,000
6.200 2,124,000 1,473,000
108,000
13,100
505,000
393,000
16,300 3,982,000
524,000
19,200
576,000
581,000
18,700 7,645,000 7,736.000
48,406,000 1,613,500 51,129,000 ,649,000 528,590,000 488,172,000
5,448,000 181,600 5,162,000 166,500 48,105.000 42,155,000
75,300 2,408.000
77,700 24,927,000 28,560,000
2,257,000

Deliveries and
exports
60,339.000 2,011,300 63,121,000 2,036,100846,464,000 598,643,000
Deliveries
58,483.000 1,949,400 60,983,000 1,967,200 629,327,000 586,474,000
For'n petrol'm_ 4,520,000 150,700 5,767,000 186,000 73,157,000 72,801,000
Deliveries of domestic & for.
63,003,000 2.100,100 66,750.000 2,153,200 702,484,000 659,275,000
Petroleum
NUMBER OF WELLS COMPLETED.c

STOCKS AT SEMINOLE,ST.LOUIS. &e.(BARRELS OF 42 U.S. GALLONS).
Oct. 31 1929. Nov. 30 1928.7

}

Gat.

On
Gas
Dry
Total

November
1929.

October
1929.

November
1928.

Jan.-Nov.
1929.

Jan.-Nov.
1928.

1,404
303
742

1.535
262
702

1,187
258
621

14,455
2,587
7,292

11,456
2,498
6,473

2 440

2.499

2.066

24.334

20.427

cFrom "011 & Gas Journal' and California office of A. P.2.

PRODUCTION OF CRUDE PETROLEUM BY FIELDS AND STATES WITH
CLASSIFICATION BY GRAVITY (BARRELS OF 42 U. S. GALS.).

SHIPMENTS OF CALIFORNIA OIL THROUGH PANAMA CANAL TO
EASTERN PORTS IN UNITED STATES (BARRELS).

October 1929.

November 1929.
Total.

37

FINANCIAL CHRONICLE

JAN. 4 1930.]

Daily Ay.

Jan -Nov.
1929.

Daily At

Total.

November
1929.

Jan.-Nov.
1928.

November 1 Jan.-Nov. Jan.-Nov.
1928.
1929.
1928.

October
1929.

147,0001 1,299,000 2.301,000

Crude oil
FieldAppals.chlan___
Lim4-1hdiana _
Michigan
111.-S. W. Ind_
Mid-Continent
Gulf Coast
Rocky Mtn
California

97,900 3,201,000 103,300 30,739,000 28,496,000
2,937,000
3,900
115.000
4,300 1,439,000 1,547,000
134,000
523,000
13,100
393.000
16,300 3,982,000
505,000
19,500
584,000
20,700 6,649.000 6,822,000
642,000
45,382,000 1,512,700 49,175,000 1,586,300 537,727,000 504,879,000
5,224,000 174,100 5,209,000 168,000 50,293,000 42,524,000
75,400 24,098,000 26,900,000
73,600 2,338,000
2,208,000
21,318,000 710,600 26,900,000 867,700 270,337,000 f210,290000

U. S. total

78,161,000 2,605,400 88,104,000 2,842,000 925,264,000 821,981,000

StateArkansas
60,200 1,971.000
1,806.000
California
21,318,000 710,600 26,900,000
5,000
168,000
151,000
Colorado
565,000
506,000
Illinois
16,900
82,000
2,800
Indlatut:
83,000
2,600
77.000
78,000
Southwestern
5,000
200
5,000
Northeastern
3,433,000 114,400 3.677,000
Kansas
810,000
725,000
24,200
Kentucky
55,200 1,893,000
1,656,000
Louisiana
694,000
592,000
Gulf Coast
19,700
Rest of State 1,064,000
35,500 1,199,000
505,000
13.100
393,000
Michigan
262,000
8,100
243,000
Montana
241,000
7,900
238.000
New Mexico
289,000
9,400
281.000
New York
596,000
17,700
532,000
Ohio:
467,000
14,000
422.000
Cent. & East
129,000
3,700
110,000
Northwest'n,
19.120.000 637,300 20,669.000
Oklahoma:
1,214,000
OsageCounty
19,455,000
Rest of State
35,100 1,121,000
1,053.000
Pennsylvania
2,000
1.000
Tennessee
24,591,000 819,700 26,174.000
Texas:
Gulf Coast._ 4,632,000 154,400 4.515,000
Rest of State 19,959,000 665,300 21,659,000
512,000
15,200
455,000
West Virginia_
52,600 1,667.000
1,576,000
Wyoming:
992,000
31,000
930,000
Salt Creek
675,000
21,600
646,000
Rest of State

Refined products:
Gasoline
Tops
Kerosene
Gas otl
Fuel oil
Lubricants
Asphalt

63,600 23,201,000 29,553,000
867,700 270,337,000 210,290,000
5,400 2,132,000 2,561,000
18,200 5,814,000 5,948,000
957,000
895,000
2,600
874,000
835,000
2,500
83,000
60,000
100
118,600 39,398,000 35,629,000
26,100 7,065,000 6,762.000
61,100 18,455,000 20,131,000
22,400 6,633,000 6,434,000
38,700 11,822,000 13,697,000
523,000
16,300 3,982,000
8,400 2,946,000 3,665,000
837,000
7,800 1,441,000
9.300 3,048,000 2,338,000
19,300 6,166,000 6,483,000
15,100 4,787,000 5,019,000
4,200 1,379,000 1,464,000
666,700 233,579,000 227,097,000
18,252,000
39,200
208,845,000
627,500
36,200 10,695,000 9,106,000
44,000
19,000
100
844.300 273,387,000 234,993,000
145,600 43,660,000 36,090,000
698.700229,727.000 198,903,000
16,500 5,125,000 5,227.000
53,800 17.579.000 19,831.000
32,000 10,416,000 13,020,000
21,800 7,163,000 6,811,000

STOCKS HELD BY REFINING COMPANIES IN THE UNITED STATES
NOV. 30 1929.

East coast
Appalachian
Indiana, Illinois, Kentucky, &c
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California
Total
Total Oct.31 1929
Texas Gulf coast
Louisiana Gulf roast

Total
Total Oct. 31 1929
Texas Gulf coast
Louisiana Gulf Coast

00.. _0000
8▪ 80

-4..c.wwww

8,695,000 8,940,000
3,208,000 4,067,000
2,952,000 2,830,000
3,199.000 2,859,000
5,372,000 5,305,000
1,702,000 1,798,000
10,519,000 10,144,000
615,000
585,000
1,046,000 1,183,000
3,910,000 4,122.000
1,535.000 1,574,000
1,512,000 1,426,000

44,235.000 44,863,000 40,767,000
Total east of California
Elsewhere than at RefineriesDomestic-Reported by field of origin:
Appalachian-N. Y., Pa., W. Va., Gross 4,787,000 4,890,000 5,318,000
4,473,000 4,572,000 5,023,000
Net
Eastern and Central Ohio
947,000
961,000
828,000
Gross
Kentucky
810,000
805,000
690,000
Net
1,397,000
656.000
663,000
Gross
Lima-Indiana
470,000 1,214,000
477,000
Net
Gross 11,073,000 11,064,000 11,927,000
Illinois-S. W. Indiana
10,371,000 10,363,000 11,260,000
Net
Mid-Continent-Okla., Kan., Pan- Gross 266.157.000 268,994,000 250,505,000
256,147,000 238,581,000
253,425,000
Net
handle, Cent., North Sz West Texas
Gross 25,062,000 25,402,000 28,402,000
Northern Louisiana and Arkansas
21,460.000 21,762,000 25,638,000
Net
Gross 20.879,000 21,137,000 18,826,000
Gulf coast
20,460,000 20,684,000 18,373,000
Net
Gross 24,729,000 24,781.000 25.747,000
Rocky Mountain
24,672,000 24,721,000 25,714,000
Net
Total pipe-line & tank-farm stocksiGross 354,178,000 357,871.000 343,083,000
iNet 336,028,000 339,524,000 326,613,000
east of California
105,000
25,000

Foreign crude petroleum on Atlantic Coast___
Foreign crude petroleum on Gulf Coast

71,000
44,000

67,000
175,000

115,000
130,000
242,000
Total refinery, pipe-line, and tank-farm
stocks of domestic and foreign crude 380,393.000 384,502,000 367,622,000
petroleum east of California
Classification by Gravity (Approximate)East of California:
Light crude (24 deg. and above)
Heavy crude (below 24 deg.)
California-Light (20 deg. and above)
Heavy (including fuel)

341.446,000344,181.000 319,199,000
38.947,000 40,321,000 '48,423.000
41,571,000 42,041.000 16.524,000
110,718,000 111,076,000 97,439,000

Producers' Stocks (not(ncl. above approx.)6,150,000 6,250,000 6,608,000
East of California
694,000
656,000
a
California
g Not available.
IMPORTS AND EXPORTS OF CRUDE PETROLEUM (BARRELS).
(From Bureau of Foreign and Domestic Commerce)
November 1929.
Total.

Daily Av.

October 1929.
Total.

Daily Av.

January- JanuaryNovember November
1929.
1928.

Imports708,000
From Mexico
3,132.000
From Venezuela
From Colombia._ 420,000
From other countr's 275.000

23,600 1,043,000
104,400 3,023,000
14,000 1,591,000
9.200 109,000

33.700 11,951,000 16,291,000
97,500 47,401,000 42,886,000
51,300 10,924,000 10,611,000
3,500 2,752,000 3,172,000

Total imports.- 4,535,000

151,200 5,766,000

186,000 73,028,000 72,960,000

ExportsDomestic crude oil:
2,223,000
To Canada
To other countr's 357,000
Shipments
Foreign crude oil_

74,100 2,428,000
11,900 441,000

78.300 20,593,000 14,095,000
14,200 3.685,000 3,337,000
7.000
4,000
1.000

2,580,000

86,000 2,869,000

92,500 24,285,000 17,437,000

Total exports-




5,055.000
1,153.000
4,488,000
3,249,000
5,771,000
1,664,000
1,917.000
14,483,000

1,287,000 8,118,000
966,000
288,000
1,197,000 3,627,000
1,071,000 4,761,000
1,528,000 15,370,000
755,000 3,272,000
154,000 1,285,000
3,086,000

2,741,000
1,194,000
811,000
435.000
1,720.000
122,000
179,000
915,000

37,780,000

9,366,000 is 37,399000

8,117,000

35,042,000
4,589.000
1,411,000

8,865.000 is 38,717000
1,361,000 11,220,000
709,000 2,206,000

8,021,000
1,678,000

Wax
(Lbs.)
East coast
Appalachian
Ind., Ill., Kentucky, &c
Oklahoma, Kansas, Missouri
Texas
Louisiana and Arkansas
Rocky Mountain
California

is East of California.

Lubricants.

Gas dc
Fuel Oils.

Kerosene.

Gasoline.

(/n Barrels)

Nov. 30
1928.

oo.A.cpw
pcop,obaows.,
....1▪ w4.m .

At Refineries(and in coastwise transit thereto)
Reported by location of storage:
East coast-Domestic
Foreign
ippalachlan
ndiana, Illinois, Kentucky,&c
)klahoma, Kansas, and Missouri
Cexas-Iniand
Gulf coast-Domestic
Foreign
krkansas and inland Louisiana
Louisiana Gulf Coast-Domestic
Foreign
locky Mountain

Oct. 31
1929.

2,518,000 2,886,000 1,648,000 25,192,000 18,691,000

Total refined products

Classification by Gravity (approx.)
69,409,000 2,313,700 79,183,000 2,554,200832,852.000 734,402,000
Light crude
8,752,000 291,700 8,921,000 287,800 92,412,000 87,579.000
Heavy crude
f Includes 6,000 barrels for Alaska and Utah.
STOCKS OF CRUDE PETROLEUM HELD IN THE UNITED STATES (Bbls.)
Nov. 30
1929.

1

2,131,000 2,299,000 1,288,000 21,507,000 14,892,000
339,000
1,000
176,000
54,000
50,000
2,254,000
3,208,000
282,000
491,000
332,000
845.000
104,000
2,000
28,000
3.000
333,000
171,000
73,000
12,000
27.000
26,000
3,000
2,000
2,000

Coke Asphalt
(Tons) (Tons)

Oth.Finish al Unfinished
Oils
Products
(Bbls.)
(Bbls.)

84,400,000 25,600 93,000
19,207,000 5,600 3,300
16,094,000 51,400 56,900
6,104,000 100.300 3,900
6,805,000,286,400 7,900
32,673,0001 58,300 25,800
20,276,000110,600 5,000
I 49,600 38,200
I
185,559.0001687,800 234,000

99,000
55,000
225,000
32.000
24,000
106.000
80,000
214,000

8,415,000
1,540.000
4,490,000
2,230,000
13,048,000
4,594,000
1,498,000
i 9,758.000

835,000

45,623,000

189,094,000 672,100 227,400
6,544,000,272,400 7,800
32,673,0001 58,300 21,800

687,000
12,000
101,000

45,965,000
11,459,000
4,148,000

i Inrludes 3,001.000 barrels tops

Natural Gasoline Production in November Exceeded
Same Month Last Year by 30,900,000 GallonsInventories Higher.
According to the United States Bureau of Mines, Department of Commerce, the output of natural gasoline in the
month of November totaled 189,200,000 gallons, an increase
of 30,900,000 gallons over the same month last year and a
decrease of 48,000,000 gallons as compared with the month
of October 1929. The average daily output in November
this year amounted to 6,310,000 gallons as against 6,650,000
gallons in the preceding month and 5,300,000 gallons in
November 1928. Stocks on hand increased from 20,589,000
gallons at Oct. 31 1929 to 21,583,000 gallons at Nov. 30
1929. The Bureau released the following statistics:
NATURAL GASOLINE (THOUSANDS OF GALLONS).
Stocks End
of Month.

Production.

Nov.
1929.
Appalachian
Illinois, Kentucky, &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total (gallons)
Daily average
Total (barrels)
Daily average

Oct.
1929.

Nov. Jan.-Nov
1929.
1928.

9,400 8,900 9,200
1,300 1.300 1,200
55,600 59,400 55,400
3,100 2,800 3,200
40,900 40,700 30,400
6,100 6,300 4,800
2,700 2,900 2,600
3,900 4,400 3,900
66,200 79,600 47,600

91,300
12,400
622,000
30,900
382.300
57,100
29,700
43,400
739,100

Nov.
1929.
2,603
255
7,509
658
6,837
918
329
628
1,846

Oct.
1929.
2,314
269
6,802
588
7,327
704
270
594
1.721

189,200 206,300 158,300 2,008,200 21,583 20,589
6,013
6,310 6,650 5,300
490
514
47,814
4.504 4,912 3.800
143
127
153
150

Quiet Demand for Non-Ferrous Metals-Inquiry for Copper
Shows Improvement-Prices Generally Firm.
No heavy buying of any of the non-ferrous metals was
expected in the week intervening between Christmas and
New Year's, and the market lived up to expectations, although business was not entirely absent, reports "Engineering and Mining Journal Metal and Mineral Markets,"
adding:

larger
Tin met a fair demand and copper also sold in somewhat from
volume than in recent weeks. Zinc and lead busine§s fell off
the
for
the recent activity in these metals. Prices remain unchanged
major metals and tin prices are practically the same.
yet
Sentiment in the copper market is improved. Orders are not
better
coming in actively, but it seems likely that January will show a that
is
demand than existed in December. The consensus of opinionconsiderno deviation from the 18 cents delivered level is likely for a
able time.
volume
While not so active as earlier in the year, lead sold in good
January
and showed a firm tone. Demand was mainly for prompt and the post'
shipment. Contrasted with the other major non-ferrous metals,

38

FINANCIAL CHRONICLE

tion of lead appears to be most encouraging. To judge from the contract
business booked for 1930, consumers have full confidence in the general
situation. The total volume of December business in lead
was surprisingly good and from present indications shipments will
approximate
55.000 tons.
After two excellent weeks of zinc buying, apparently due to
the very
low levels at which the metal is now being offered, 5.45
cents, East
St. Louis, demand fell off in the past week, although
practically all
producers did a moderate amount of business. That
tin is a buy
below 40 cents seems to be the prevailing idea in the
trade, for prices
refuse to drop much below that figure. The
lowest quotation during
the week was 39
cents for spot Straits.

Steel Production Improves-Prices Unchanged.
Nineteen twenty-nine will be remembered for ten months
of unprecedented production followed by the sharpest
decline since that of December 1907, says the "Iron Age" in
its current summary of market conditions. Notwithstanding
the drop in November and December, steel ingot output for
the year, at 54,600,000 tons, exceeds the previous high total
of 1928 by 8Y2% continues the "Age," Mitch adds:
The pressure for steel resulted in new records also in pig iron production,
Lake shipments of iron ore and imports of iron ore, and,
although no
statistics are available, undoubtedly caused a peak consumption of scrap.
Pig iron ouput, estimated at 42,700,000 tons, exceeded the previous high
total, reached in 1923, by 5.8 per cent, but tell short of 1929 steel ingot
production by 11,900,000 tons.
Of greater concern to the trade than these past performances are the
prospects for the coming quarter. The last seven days of December
saw
ingot output at between 40 and 50% of capacity, compared with 85%
a
year ago, but improvement is already under way and the current week
will find production at 55 to 60% in the Valleys, at 60% at Chicago
and
65% at Pittsburgh.
Producers find encouragement in the undiminished demands of the
railroads, the structural steel industry and farm equipment manufacturer
s, and
in fresh evidence of strength in the scrap market. Railroad freight
cars
now pending total 19,000, including 11,500 for the Van Sweringen
lines,
and equipment buildtrs are assured a high rate of operations
throughout
the first quarter. Rail bookings have been swelled by a Burlington
purchase of 57,100 tons. Fabricated steel awards are moderately
large, at
41,000 tons, and with lettings of 90,000 tons and 51,000 tons,
respectively,
in the two previous weeks, assure an unusually high December total.
The automotive industry continues to take more steel,
although its
orders are mainly for early needs and do not forecast more than
a moderate
increase in motor car production.
Finished steel prices show little change, despite pressure for
concessions,
especially by automobile builders.
The "Iron Age" composite prices remain unchanged,
finished steel at
2.362c. a lb. and pig iron at $18.21 a gross ton, as the following
table shows:
Finished Steel.
Pig Iron.
Dec. 30 1929, 2.362e. a Lb.
Dec. 30 1929. $18.21 a Gross Ton.
One week ago
2.3620. One week ago
318.21
One month ago
2.362e. One month ago
18.29
One year ago
2.391e. One year ago
18.46
10-year pre-war average
1.689e. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire, rails, black pipe and black sheets. furnace and
foundry irons at Chicago.
These products make 87% of the United Philadelphia,
Buffalo. Valley and BirStates output of finished steel.
mingham.
High.
Low.
High.
Low.
1929....2.412e. Apr. 2 2.362e. Oct. 29 1929_618.71 May 14
Dec. 17
1928_2.391c. Dec. 11 2.314e. Jan. 3 1928___ 18.59 Nov.27 $18.21
17.04 July 24
1921_2.453e. Jan. 4 2.293c. Oct. 25 1927._ 19.71 Jan.
17.54 Nov. 1
1921..2.453e. Jan. 5 2.403e. May 18 1926_ 21.54 Jan. 4
5 19.46 July 13
1921-2.560c. Jan. 6 2.396e. Aug. 18 1925___ 22.50 Jan. 13
18.96 July 7

Only once since the war-in troublous 1921-has production of iron and steel in the first quarter of a year failed
to better that of the preceding fourth quarter, and the industry enters 1930 confident of maintaining this tradition,
reports the "Iron Trade Review" of Cleveland, on Jan. 2.
The "Review" also says:

(VoL. 130.

The most active period of ferro alloy contracting has passed, but there is
a
considerable amount of buying of alloys still to be done.
There is no change in the coke situation. The moderate weather
is
restricting the demand for domestic coke, but a cold wave would soon bring
out heavy inquiry to replenish retailers' stocks.

Production of Coal by States in November Lower.
The total production of bituminous coal for the country
as a whole during the month of November, with 24.8 work-

ing days, is estimated at 45,677,000 net tons, according to
the U. S. Bureau of Mines, Department of Commerce. This
is in comparison with 51,235,000 tons for the 27 working days
in October. The average daily output in November was
1,842,000 tons, a decrease of 56,000 tons, or 3%, from the
daily rate of 1,898,000 tons for October.
The production of Pennsylvania anthracite amounted to
6,042,000 net tons in November and 8,332,000 tons in October. The average daily rate of output in November was
252,000 tons, a decrease of 68,000 tons, or 21.3%, from the
daily rate-320,000 tons-in October. The "Bureau's"
statement also shows:
Estimated Production of Coal by States in November (Net Tons).a
StateNov. 1929. Oct. 1929. Nov. 1928. Nov. 1927. Nov. 1923.
Alabama
1,350,000 1,510,000 1,507,000 1,428,000 1,671,000
Arkansas
190,000
235,000
152,000
160,000
116,000
Colorado
1.143,000
989,000 1,000,000
563,000
963,000
Illinois
5,500.000 5,840,000 5,581,000 5,638,000 6,416,000
Indiana
1,525,000 1,650,000 1,456,000 1,495,000 2,188.000
Iowa
440,000
390,000
361,000
218,000
523,000
Kansas
e
e
287,000
303,000
416,000
Kentucky-Eastern
3,760.000 4,630,000 3,941,000 3,388,000 2,957,000
Western
1,170,000 1,348,000 1,392,000 1,339,000
890,000
Maryland
240.000
260,000
251,000
222,000
144,000
Mkhigan
65,000
70,000
11,000
75,00(1
106,000
Missouri
346.000
342,000
335,000
386,000
300,000
Montana
330,000
350,000
346,000
358,000
340,000
New Mexico
255,000
260,000
228,000
289.000
253,000
North Dakota
250,000
232,000
301,000
271,000
143.001)
Ohio
2,160,000 2,600,000 1,896,000
676,000 3,120,000
Oklahoma
370,000
340,000
393,000
405,000
293,000
Pennsylvania (bit.)
11,430,000 13,050.000 12,135,000 9,825,000 12,222,000
Tennessee
510,000
530,000
504,000
406,000
481,000
Texas
58,000
80,000
99,000
105,000
117,000
Utah
595,000
565,000
488,000
522,000
458,000
Virginia
4,118,000 1,244,000 1,178,000
945,000
886,000
216,000
Washington
210,000
228,000
296,000
293,000
W. Vs.-Southern_b
8.723,000 10,005,000 8,727,00(1 7,270,000 5,325,000
Northern_c
2,990,000 3,450.000 3.277,000 3,072,000 3,034,000
Wyoming
685,000
750.000
691,000
780.000
750,000
Other States_d
259,000
305,000
23,000
33,000
20,000

Total bituminous coal_ _45.677,000 51,235,000 46,788,000 40,468,000 44.425,000
Pennsylvania anthracite__ 6.042,000 8,332,000 7,322,000 6,854,000 7,575,000
Total all coal
51,719,000 59,567,000 54,110,000 47,322,000 62,000,000
a Figures for 1028, 1927 and 1923 are lanai revised figures. b Includes operations
on the N.& W., C.& O., Virginian, K.& M.. and Charleston divisinof the
B.& 0.
c Rest of State, including Panhandle. d This group Is not strictly'comparable
in
the several years. e Kansas included in "Other States."
Note.-Above are given the first estimates of production of bituminous
coal, by States,for the month of November. The distribution of the tonnage is based in part (except for certain States which themselves furnish
authentic data) on figures of loadings by railroad divLsions,furnished by the
American Railway Association and by officials of certain roads, and in part
on reports made by the U. S. Engineer offices.
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Dec. 14
amounted to 11,593.000 net tons. This is a decrease of 134,000 tons, or
1.1%,from the output in the preceding week. The following table apportions the tonnage by States and gives comparable figures for other recent
years:
Estimated Weekly Production of Coal by States Net Tons).
Week Ended
Dec. 1923
StateDec. 14'29. Dec. 729. Dec. 1528. Dec. 17'27. Average.°
Alabama
386,000
395,000
414,000
349,000
349,000
Arkansas
54,000
50,000
44,000
32,00025,000
Colorado
244.000
283,000
294,000
178,000
253,000
Illinois
1,492.000 1.658,000 1,340,000 1,465,000 1,535,000
Indiana
401,000
462,000
455,000
355,000
514,000
Iowa
109,000
104,000
81,000
82.000
121.000
Kansas
d
d
86,000
88,000
90,000
Kentucky-Eastern
1.010.000 1,005.000
950,000
798,000
584,000
Western
344,000
358,000
320.000
352,000
204,000
Maryland
62,000
64,000
71,000
49,000
37,00(1
Michigan
17,000
16,000
16,000
19,000
21,000
Missouri
101,000
98,000
78,000
112,000
69,000
Montana
79,000
77,000
43,000
79.000
64,000
New Mexico
65,000
56,000
63,000
72,000
56,000
North Dakota
62,000
66,000
55,000
57,000
27,000
Ohio
523,000
543,000
458,000
144,000
599,000
Oklahoma
94,000
84,000
03,000
107,000
58,000
Pennsylvania Olt.)
2,764,000 2.728,000 2,711,000 2,373,000 2,818,000
Tennessee
124,000
140,000
135,000
103.000
103,000
Texas
15,000
39,000
15,000
24,000
21,000
Utah
130,000
145,000
144,000
138,000
100,000
Virginia
293,000
265,000
298,000
216,000
193,000
Washington
56.000
55,000
47,000
57,000
50,000
W. Va.-Southern_b
2,185,000 2,100,000 1,964,000 1,646,000 1,161,000
Northern_c
730,000
740,000
710,000
672,000
663,000
134,000
Wyoming
149,000
172,000
173,000
185,000
Other States
68,000
71,000
5,000
5,000
5,000

The usual heavy backlog of railroad track material, current inquiry
for
nearly 19,000 freight cars and a carryover of part of 1929's exceptional
orders, and moderately-expanding automotive requirements are harbingers
of improvement.
Producers, on the average, expect shortly to be operating better than at
the low point of December, and while not anticipating they will equal
last January look for progressive improvement. Buffalo mills have averaged
40% the past week, and Pittsburgh and Chicago 50 to 55. Mahoning
valley maker:, especially of hot strip and blue and autobody sheets, have
received hea)i r order mail and the valleys average nearly 60%.
Chesapeake 5 Ohio, Pre Marquette and Hocking Valley are out for
10,623 freight and 91 passenger cars and 130 locomotives, with the other
Van Swering ii lines-Nickel Plate and Erie-yet to inquire. Southern
Pacific has bought 39 locomotives, Chicago Great Western 15 and Seaboard
Air Line 8. Chicago mills have booked 45,000 tons of rails, chiefly from
the Burlington, with 70,000 tons pending. From 10,000 to 12,000 tons
of track fastenings is on inquiry at Chicago, including the Baltimore
&
Ohio and Erie lists.
Sheet prices are somewhat unsteady, with galvanized no higher than
Total bituminous coal__11.593,000 11.727,000 11,035,000 9,750,000 9,900,000
3.40c., Pittsburgh, and blue annealed and autobody being shaded. Nail Pennsylvania
anthracite__ 1,993,000 1,923,000 1,709,000 1,371,000 1.806.000
quotations are unstable in some districts. Pig iron prices remain largely
Total all coal
untested. Iron and steel scrap is stronger. Contracting generally is light.
13,586.000 13,650,000 12,744,000 11,121,000 11,706,000
a Average weekly rate for entire month. b Includes operations on the N. de W.,
Steel producers figuring in recent mergers are holding up raw material
C. & 0., Virginian. K. & M., and Charleston division of the B. & 0. c Rest of
commitments.
State. including Panhandle. d Kansas included in "Other States."
A decline of lc, lowers the "Iron Trade Review" composite to
$35.88,
PENNSYLVANIA ANTHRACITE.
compared with an average of $35.95 for December and $36.25 in
the first
week of last January.
The total production of anthracite in the State of Pennsylvania during
week ended Dec. 21 is estimated at 1.858.000 not tons. Compared
Rogers Brown & Crocker Bros., Inc., again speak very the
with the preceding week, this shows a decrease of 135,000 tons, or 6.8%.
hopefully regarding the outlook for iron, saying under date Production
during the week in 1928 corresponding with that of Dec. 21
amounted to 1,493,000 tons.
of Jan. 2:
The holiday season has had llttle or no effect
Estimated Production of Pennsylvania Anthracite (Net Tons).
on pig iron buying, a fair
1929-1928
tonnage having been booked last week, as was the case in the previous few
Cat. Year
Cat. Year
weeks. The usual holding up of shipments
Week Endedto Date.
Week.
over inventory period is almost
Week.
to Date.a
absent. Both these facts go to show what
70,905,000
7
1.923,000
1,600,000
72,144,000
a small margin of safety now Dec.
Dec. 14.6
1,993,000
72,898.000
exists between sales, shipments and consumption
1,709,000
73,853,000
. Any speeding up of Dec. 21.c
74,750,000
1 858,000
1,493,000
75,346,000
Consumption in January should promptly be
reflected In increased buying.
a Minus one day's production first week In January to equalize number of days
Pig iron prices are well maintained.
in the two years. b Revised. c Subject to revision.




39

FINANCIAL CHRONICLE

JAN. 4 1930.]

pared with 75,346,000 tons in the calendar year to Dec. 22
Output of Bituminous Coal and Anthracite Higher
The Bureau's statement follows:
1928.
Than a Year Ago.
BITUMINOUS COAL.
According to the United States Bureau of Mines, Dept. of
production ofsoft coal during the week ended Dec.21,including
Total
The
Pennsyland
coal
of
production
bituminous
Commerce, the
lignite and coal coked at the mines, is estimated at 11,156,000 net tons.
vania anthracite for the week ended Dec. 21 1929, fell below Compared with the output in the preceding week, this shows a decrease
during the week in 1928 correspondthat for the preceding week but continued to show an in- of 437.000 tons, or 3.8%. Production11,056,000
tons.
Dec. 21 amounted to
crease over that for the same period a year ago. The pro- ing with that of
Estimated United States Production of Bituminous Coal Orel TOM).
duction for the week under review was as follows: Bituminous
1928
1929-Cal. Year
coal, 11,156,000 net tons and Pennsylvania anthracite,
Cal. Year
to Date.a
Week.
Date.
to
Week.
Ended—
Week
1,858,000 net tons. This compares with 11,056,000 net tons Dec. 7
460,546,000
11,211,000
490,883,000
11,727,000
1,599,000
1,869,000
1,703,000
1,955,000
Daily average
of bituminous coal and 1,493,000 net tons of Pennsylvania
471,581,000
11,035,000
502,476,800
11,593,000
Dec. 14_b
year,
1.604,000
last
1,7C6,0001,839.000
anthracite produced in the corresponding week
1,932.000
Daily average
482.637,000
11.056,000
513.632.000
11,156,000
21..c
and 11,593,000 net tons of bituminous coal and 1,993,000 Dec.
1,808,000
1,843,000
1.709,000
1,859,000
Daily average
Dec.
ended
of days in
week
number
the
in
equalize
to
net tons of Pennsylvania anthracite
a Minus one day's production first week in January
the two years. b Revised since last report. c Subject to revision.
14 1929.
The total production of soft coal during the present calendar year to Dec.
For the calendar year ended Dec. 21 1929, the output of
(approximately 301 working days) amounts to 513,632,000 net tons.
bituminous coal amounted to 513,632,000 net tons as against 21
Figures for corresponding periods in other recent years are given below:
482,637,000 tons in the same period in 1928, while production 1928
557,166.000 net tons
482,637,000 net tons 1926
507,784.000 net tons
505,385,000 net tons11925
of Pennsylvania anthracite totaled 74,756,000 tons as com- 1927

Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve Banks on Dec. 31, 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
$130,400,000 in holdings of discounted bills and increases of
$37,300,000 in holdings of bills bought in open market and of
$25,500,000 in U. S. securities. Member bank reserve
deposits increased $35,100,000 and cash reserves $60,200,000,
while Federal Reserve note circulation declined $79,400,000
and Government deposits $1,800,000. Total bills and
securities were $65,000,000 below the amount reported a
week ago. After noting these facts, the Federal Reserve
Board proceeds as follows:

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 show an increase of
$96,000,000. The total on Dec. 31 1929 amounted to
$3,424,000,000 as compared with $6,804,000,000, the high
record in all time established on Oct.2 1929 and with $5,330,000,000 on Jan. 2 1929. The loans "for own account" increased during the week from $845,000,000 to $1,167,000,000,
while the loans "for account of out-of-town banks" decreased
from $716,000,000 to $709,000,000 and loans "for account
of others" decreased from $1,767,000,000 to $1,548,000,000.

Holdings of discounted bills declined at all Federal Reserve banks except
Minneapolis, the principal decreases being: Chicago $31,200,000, New
York $26,000,000, Cleveland $20.400,000, Boston $13,300,000 and St.
Louis $10,700,000. The System's holdings of bills bought in open market
increased $37,300,000. of Treasury notes $14,400,000. of U. S. bonds
$8,100,000 and of certificates and bills $3,000,000.
Federal Reserve note circulation was $79,400,000 less than a week ago,
all of the Federal Reserve Banks reporting decreases in circulation, the
largest declines being:
Cleveland $14,500,000, Chicago $13,100.000.
Philadelphia $12,800,000. San Francisco $7,000.000 and Atlanta $6,500,000.
of books,the Federal Reserve Banks transthe
31
Dec.
closing
Following
ferred $22,538,000 to surplus,increasing that account to $276.936,000.

Loans and investments—total

8,240,000,000 7.892,000,000 7,670,000,000

Loans—total

6,257,000.000 5,906,000,000 5,838,000,000

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 101 and 102. A
summary of the principal assets and liabilities of the Reserve
banks, together with changes during the week and the year
ended Dec. 31 is as follows:

Total reserves
Gold reserves
Total bills and securities

U. S. Government securities, total- 510,587,000
76,817,000
Bonds
215,604,000
Treasury notes
218.166,000
Certificates of Indebtedness

+25,544,000
+8.134,000
+14,368,000
+3.042,000

+266,634.000
+24,151,000
+94,786,000
+147,697,000

Federal Reserve notes in circulation._1,909,723,000 —79,436,000

+80.359,000

+38,464.000
+35,145,000
—1,819,000

—150,058,000
—138,494.000
2.147,000

2,413,675,000
2,355,263.000
28,852,000

Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 101 cities
cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which




On securities
All other
Investments—total
U. S. Government securities
Other securities

3,398.000,000 3,045,000,000 3,259,000,000
2 859,000.000 2,861.000.000 2,579,000,000
1,983.000,000 1.986,000,000 1,832,000,000
1 073.000,000 1.089,000,000 1,100,000,000
911,000,000 897,000,000 731,000.000
679,000,000
61,000.000

Reserve with Federal Reserve Bank_
Cash in vault
Net demand deposits
Time deposits
Government deposits

736,000,000
76,000,000

845,000,000
65,000,000

6,028,000,000 5,662,000,000 5.682,000,000
1,235,000,000 1,195,000,000 1,230,000,000
45,000,000
19,000,000
17,000.000

84.000,000 144,000,000
118,000,000
Due from banks
1,163,000,000 1104.000.000 1,206,000,000
Due to banks
Borrowings from Federal Reserve Bank..
106,000,000 107.000,000 399.000.000
Loans on securities to brokers and dealers
1 167,000,000 845,000,000 1,516,000,000
For own account
709,000,000 716,000,000 1.648.000,000
For account of out-of-town banks
1,548,000,000 1,767,000,000 2,166,000,000
For account of others
Increase (+) or Decrease (—)
During
3,424,000,000 3,328,000,000 5.330,000,000
Total
Year.
Week.
Dec. 31 1923.
4
2,981.000,000 2,886.000.000 4,780.000,000
On demand
+292,403.000
+60,182,000
3,010,928,000
443,000.000 442.000.000 550,000,000
On time
2 857,051,000 +35,411,000 +289,424.000
Chicago.
1,547,517,000 —65,020.000 —342,143.000 Loans and investments—total
2,028,000.000 2,029,000,000 2,089.000,000

632,421,000 —130.360,000 —519.043,000
Bills discounted, total
Secured by U.S. Govt. obliga'ne. 353,559.000 —76,997,000 —403,892.000
278,862.000 —53,363,000 —115„151,000
Other bills discounted
92,149,000
392,209.000 +37.266,000
Bills bought In open market

Total deposits
Members' reserve deposits
Government deposits

New York
Dec. 311929. Dec. 24 1929. Jan. 2 1929.

Loans—total

1,627,000,000 1,634,000,000 1,632,000,000

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
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_

947,000,000
680,000,000

950.000,000
684,000,000

906.000,000
726,000,000

401,000,000

395,000,000

457,000.000

126,000,000
275,000,000

160,000.000
235,000,000

201.000.000
256,000,000

175,000,000
20,000,000

179,000,000
21,000,000

183,000,000
21,000.000

1,248,000,000 1,253,000,000 1,300.000.o00
617,000.000 606,000,000 676,000,000
.5,000,000
9.000,000
7,000,000
148,000,000
314,000,000

137,000,000
311,000,000

182,000,000
357.000,000

37.000,000

51,000.000

81.000.000

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of

40

FINANCIAL CHRONICLE

[VOL. 130.

reporting member banks of the Federal Reserve System for
the week ended with the close of business Dec. 24:

difficult. Failures continue but are less numerous than they were previously_
Exchange for December has averaged 8.550 milreis to the dollar on sight
The Federal Reserve Board's condition statement of weekly reporting drafts. Interest rates continue at 11 to 12% on prime 90 day paper. Exmember banks in leading cities on Dec. 24 shows decreases for the week ports for the first nine months of 1929 were valued at £72,150,000. Imports
of $79,000,000 in net demand deposits and of $21,000.000 in Government for the same period equaled £66,401,000, leaving a favorable visible balance
deposits, and increases of 361.000,000 in time deposits and of $34.000,000 of trade of E5,749,000. The average favorable balance for the past five.
in borrowings from Federal Reserve banks. Total loans and investments Years has been £6,600,000. Coffee exports from Santos from Nov. 21 to
Dec. 20, incl., amounted to 820,082 bags and from Rio to 292,372 bags.
show no net change for the week.
Loans on securities increased 333,000,000 at all reporting banks, $19,- Santos stocks on Dec. 24 were 1.140,231 bags. Daily entries for the month.
averaged
36,496 bags.
000,000 in the New York district, $10,000,000 in the Boston district,
$9,000.000 in the San Francisco district and 36,000,000 in the Cleveland
CANADA.
district. "All other" loans declined 345.000,000 at all reporting banks,
Christmas buying in the Dominion is reported to have been in fairly
$48,000,000 in the New York district, $11,000,000 in the Chicago district good volume but not up to last year's record proportions.
The usual holiand $6.000,000 each in the Philadelphia and Cleveland districts, and day lull characterizes manufacturing but preparations
for the resumption
increased $36.000,000 in the San Francisco district.
of automobile production after the first of the year have created certain.
a
Holdings of U. S. Government securities increased $14,000,000 in the amount of optimism in allied industries. The
employment situation in
San Francisco district, and declined $24,000,000 in the New York district Ontario, with special reference to the number
of casual laborers out of
and 323.000,000 at all reporting banks. Holdings of other securities work, has been relieved by the recent heavy snowfalls
which have concenincreased 321.000.000 in the San Francisco district, $9,000,000 in the trated attention on the clearing of highways for traffic: sales
of snow shovelsBoston district and $35,000,000 at all reporting banks.
and other similar equipment have simultaneously increased. Textile facThe principal changes in borrowings from Federal Reserve banks for tories are fairly active but the shoemakers are quieter
and the leather mar-.
the week comprise increases of $36.000,000 at the Federal Reserve Bank ket inactive. Grocers apparently enjoyed a good holiday turnover.
Ausof Chicago, $21,000.000 at New York and $7,000,000 at Boston, and tralian dried peaches and apricots are in evidence as competitors
of the
decreases of $21,000,000 at San Francisco and $8,000,000 at Minneapolis.
California product. The canned vegetable market is firm. According to
A summary of the principal assets and liabilities of weekly reporting the November export figures. canvas shoes with rubber
soles continue
member banks, together with changes during the week and the year ending the most active line in rubber manufacturing, shipments of this
commodity
Dec. 24 1929 follows:
having increased 17% over exports in November a year ago. In the same
Increase (÷) or Decrease (—) comparison, automobile tires dropped 30% and inner tubes, 33%.
Meat
Dec. 24
Since
exports during November were 42% lower than in November, 1928. Sales
1929.
Dec. 18 1929. Dec. 26 1928.
of passenger automobiles in Quebec Province during that month are reLoans and investments—total____22,942,000,000
+678,000,000 ported to have been 78% above the figure for the previous year, but On*
tario sales registered a decline of 9%•
Loans—total
17,344,000,000 *-12,000,000 +1,060,000,000
CHILE.
On securities
7.931,000,000 *+33,000,000 +701,000,000
Notwithstanding an evident slowing up in the last two months of the.
AU other
9,413,000.000 *-45,000.000 +359,000,000
Year Chile experienced one of its most Prosperous years in 1929. The
Investments—total
5,598,000,000
+11.000,000 —382,000,000 production of all industries was well above that of 1928,imports and exports
were higher. The turnover of merchandise stocks and the banking situation
r!. B. Government securities
2,720,000,000
—23,000.000 —331,000,000 was better than in
the previous year and with practically no unemployment
Other securities
2,879,000,000
+35,000,000
—50.000,000
wages and standards of living have moved steadily upward. Ileavy retail
Reserve with Federal Reti've banks 1,703,000,000
—71,000,000
—73,000,000 buying during the holiday season indicates the increased purchasing power
Cash in vault
291,000,000
—5.000.000
—35,000,000 of the Chilean people and practically all retail stores handling holiday
Net demand deposits
13,597,000,000
—79,000.000 +331,000,000 goods report a substantial increase in turnover in December as compared.
Time deposits
6,763,000,000
+61,000,000 —101,000,000 with the same period of 1928. One large department store estimates tilt ir
Government deposits
92,000,000
—21,000,000 —106.090,000 sales as 15 to 20% higher. Notwithstanding the increased retail trade the
wholesalers, Importers, and manufacturers are somewhat affected by the
Due from banks
1.122,000.000
—44,000.000
—38.000.000
Due to banks
2,797,000,000
—25,000.000 —194,000,000 sluggishness apparent during November which was accentuated in December. This restricted turnover is partly the result of the usual summer
Borrowings from Fed. Res. banks_ 502.000.000
+34,000,000 —416,000,000 slackness, partly the result of inventory and partly owing to the overstocking which has occurred in some few lines. Money is tighter as a result
•Dec. 18 figures revised.
part of the demands of agriculture and the efforts of the banks to improve.
Beginning with the statement of Jan. 9 1929, the loan in
their cash position for the end of the year balance. Discount rates of comfigures exclude "Acceptances of other banks and bills of mercial banks are slightly higher especially with regard to less desirable
exchange or drafts sold with endorsement," and include all risks, but Central Bank rates remain unchanged, Central Bank discounts
and rediscounts steadily mounted as has Its note circulation which amounted
real estate mortgages and mortgage loans held by the banks; to
342,393,000 pesos on Dec. 20, in response to the demands incident to
previously acceptances of other banks and bills sold with movement of crops. Transactions on the stock exchange were less
although
endorsement were included with loans, and some of the prices showed little change. Nitrate production during November. 1929
was somewhat below that of the previous month as well below the producbanks included mortgages in investments. Loans secured by tion in the same month of 1928. Nitrate production
in November amounted
U.S. Government obligations are no longer shown separately, to 2,610.000 metric quintals as compared with 2,860,000 metric quintals
in
only the total of loans on securities being given. Further- November, 1928. Exports during the month totaled 2,490.000 quintals
as against 2,860,000 quintals In the same period of 1928 and world stocks as
more, borrowings at the Federal Reserve are not now sub- of Dec. 1 amounted to 24,546,000 quintals as compared with
19,955,000
divided to show the amount secured by U. S. Government quintals on Dec. 1 1928. Copper production continues at about the same
levels.
conditions
Agricultural
continue
favorable
for
a
heavy
production
obligations and those secured by commercial paper, only a during
the harvesting season which is beginning in the Santiago section.
lump total of the two being given. The figures have also The prices of most agricultural
products continue at about the same levels.
been revised to exclude a bank in the San Francisco district, Manufacturing industries are experiencing some reduction in the output
of certain lines, especially shoes and knitted goods. However, the general
with loans and investments of $135,000,000 on Jan. 2 1929, condition of
industry continues favorable. Imports otagricultural implewhich was merged with a non-memb or bank.
ments are fairly heavy with sales of haying equipment,and ensilage cutters,
but the demand for threshers has been quiet.

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 Jan. 4, the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
Business has been generally quiet but additional rainfall in the maize
producing areas has somewhat relieved the pessimism of last week. The
summer seasonal dullness will probably be accentuated this year, but if the
maize receives adequate rainfall in the next few weeks the situation will
Improve. One local estimate of the linseed crop places the probable yield
of 1,125,000 tons. Textile sales were fair during the first half of December,
but were slower in the second half of the month as a result of the semiannual inventories and uncertainty of exchange. Wholesalers are expected
to place orders in January for supplies needed during the summer season
lasting until March. Wholesalers collections were slower but retail sales
during the Christmas season were reported to be fairly good. A decree
signed Dec. 23 provides for a cattle census as of June 1 1930.
AUSTRALIA.
The holiday business in Australia was disappointing and necessitated
considerable price-cutting to reduce stocks. Jobbers throughout the
country also reported reduced business for the month of December. The
State of New South Wales is continuing operation of one coal mine with
volunteer labor. The drought in northern New South Wales has been
broken by good rains. Victoria's new budget provides for increased taxation on company incomes, stamps, checks, and entertainment tickets.
BRAZIL.
Falling coffee prices and continued large stocks are factors contributing
to increasingly unsettled economic conditions in Brazil. Manufacturing
industries operating on only a part time scale include those producing
textiles and shoes and those engaged in automobile assembly. Many
factories are closed. Prices of imported goods are slightly advanced owing
to a drop in exchange, but domestic goods are quoted at lower figures
owing
to liquidations. A considerable number of salary and wage reductions are
planned for the new year, while the laying off of others is increasing unemployment. A new and more rigid bankruptcy law has been enacted in
Rio. The credit situation is unimproved and collections are in general




ECUADOR.
The economic situation in Ecuador continues unchanged, although business does not improve the banks report fewer requests for extension of
drafts. Locally there is some optimism because of the favorable prospects
for the March-April cacao crop, but it is too early to make any definite
statement regarding the yield.
JAMAICA
Trade and economic conditions in general remain at about the same levels
as in November, and above those of the corresponding period of 1928.
Crops are in good conditions and the prices of most harvested products are
satisfactory. Bank deposits and collections are reported normal and business is better than is usual in December. Banana exports during 1929 are
expected to be approximately 22,000,000 stems, the greatest total in the
island's history. As a result of reduced exportations of coffee, cacao and
pimento,declared exports to the United States in the elapsed part of December have declined 337.000 in value as compared with the same period of
last year. Imports from till countries are slightly below those arriving In
December, 1928. Building and road construction work show moderate
activity. The tourist traffic from Dec. 1 to 26 is some 11% below that of
the same period of last year. The labor situation remains undisturbed.
MEXICO.
General business in Mexico is reported to have been spotty during December. Sales of shoes and cotton goods continue slack. It is stated that in
general crops have been short this year and as a result the purchasing power
of the rural districts has been reduced. Purchases of machinery and electrical equipment and appliances continue strong owing to the increasing
industrialization and investments in public utilities by the large American
companies. Beginning Jan, 1, Federal employees of Mexico City will be
paid by check. The use of checks and other banking facilities are showing
a steady increase in Mexico. The trend of interest rates is downward,
although they still range from 8 to 14% on good collateral. The National
Highway Commission is completing surveys for roads from Mexico City,
to Guadalajara, Vera Cruz and Oaxaca. Work on these roads and on the
balance of the Laredo Highway will be pushed during 1930. The two
weeks strike on the Mexican Ry. slowed down traffic from Vera Cruz
during the month, but the effect is not serious. Aviation week (Dec. 10 to
16) stimulated public interest in aviation and established the ground work
for future air shows. Both the Ericcson and Mexican Telephone Companies
are rapidly extending service to the principal commercial centers. The
former company expects to make connection with the United States early

JAN. 4 1930.1

41

FINANCIAL CHRONICLE

in 1930. On Dec. 21 the latter company inaugurated automatic telephone
service throughout Mexico City. Both the Ericcson and Mexican Telephone
Companies are rapidly extending service to the principal commercial centers.
The former company expects to make connection with the United States
early in 1930. On Dec. 21 the latter company inaugurated automatic
telephone service throughout Mexico City. The acreage planted to tomatoes
on the west coast this season is estimated at 45% less than last year,although
the acreage in peas has increased. The Mexican Government has granted
relief to coffee producers by reducing the export duties on a sliding scale
according to prices. Sugar producers had a good year and forecasts place
this season's crop at about 190.000 tons. Despite the continued decline in
the world silver prices, mineral production up to October, which is the latest
month for which data is available, has shown a steady increase since the
termination of the revolution. Petroleum production is also showing a
slightly upward trend, owing to the increased activities of one of the large
oil companies. According to official statistics petroleum production during
October amounted to 4,014,000 barrels and exports during the same month
totaled 1,873,000 barrels. Substantial reduction in taxes on crude petroleum
and fuel oil have been introduced is the 1930 tax laws.

and gold held abroad for Federal Reserve banks is now included; (3) minor coin (nickels and cents) has been added.
On this basis the figures this time, which are for Nov. 30
1929, show that the money in circulation at that date (including, of course, what is held in bank vaults of member
banks of the Federal Reserve System) was $4,929,421,487,
as against $4,838,184,799 Oct. 31 1929 and $4,990,114,367
Nov. 30 1928, and comparing with $5,698,214,612 on Oct.
31 1920. Just before the outbreak of the World War, that
is, on June 30 1914, the total was only $3,458,059,755.
The following is the statement:
0.3

r
P g,!..1§'rE.,;x
oweloof

Z,rir,,g)
r.

'
10?71 5

.
?14

Evas000ags
0.1is

D
3
)
7
1
D

)1

8.769,600,181
8,281,523,377
8,479,620,824
5,396,596,677
3,796,456,764
1,007,084,483

8,836,658,420

PERU.
.0.000
om
The growing unemployment and the increasing inactivity In business has
public
Government
the
of
become more noticeable as result of the cessation
.-.
t. A
m
works program. Retail holiday buying was comparatively light and little
Improvement is expected in the near future. Congress is concerned with
, leo-o
i.
.pooww.
athe budget. The new revenue measures, including the reported tariff
*"
401
;
WAn
changes and income tax revision will likely be passed. Banks have sold
X,
-0.
;. IO ;D 0:.-. g t8 10 2Z
foreign exchange only sporadically during December and then in small
,...-0.-..0
.
......-..
lots for their own clients in payment of documentary transactions. The
.....
54
present exchange situation has resulted in a tight credit situation which ,.....
tt n
plus the general uncertainty regarding the interpretation of financial decrees :-' 1
a
n.
° tt 14l
.
. .i
....
.
.....
.4..1
have greatly curtailed import orders.
is b••
is 1.'-i"..b
b
;.14bbbb
a
.
.
to
...11.3.00.
.
.
r... 8 V. g El g
URUGUAY.
......
b
b
to bkbbbb
"abbbbb .
to .
04.0.
Business conditions during the month of December were generally dull. 044.0
.
.
k.komo ....o.k
.
Department store sales were considerably below those of the same period
.k .. .
last year. The automotive market is inactive with sales greatly reduced.
50
-•
''' f.'zt
50
!'D -.4
Merchants report a scarcity of money and tourist trade is not up to what .:q....
,z
..
.<nR.,,
.
10
-......a
was expected. November imports were valued at 7,600.000 pesos. Export ...
..
.
.
il
8
a Z
w
g
o
w
wo,..a.o.
figures are not available. Import customs revenues from Dec. 1 to 23 bbbbk -a
b
14
.
a . .2,0
kk
akbb
ZR.q.q;
amounted to 1,230.000 pesos as compared with 1,549,000 pesos for the 00k....
a 0
k
corresponding period of la.st year. Export customs revenues amounted to
g
q'
141,000 pesos for the above period of this year as compared with 283,000
,..,
g
.
prices.
reduced
at
and
slowly
moving
is
clip
wool
The
for
1928.
Pesos
2 .0,_a,,
b
t..
bObbbb
During the first two months of the wool season 7.800.000 pounds were 88.7gz8gt .
.
Cereal
E0
b
rbbb .
clipped as compared with 8,600,000 for a like period of last year.
g S.
a
•
.
Q .A
W
a
crops are generally good but the market is dull. November bank clearings 0 ma.00
.
amounted
circulation
..
.
currency
Monthly
pesos.
amounted to 71,400.000
o
M '0. M
.
to approximately 65.000,000 pesos for September. October, and November.
. .;
es" 8`81
Bank deposits amounted to approximately 178,000,000 pesos for each of
..
b
I.t" 01:i
...
the above months.
;4.
VENEZUELA.
1.k.
.
b..0.4
""
Retail business throughout Venequala has been somewhat affected by
the failure of the National Government to declare the customary extra
W
CO
CO
.
CO
Cm
bk.
w o
month's salary for all Government employees In December. On the 19th ow-ewp&
o o ea&kaw
.kk
to I.C.."..b
...
b
bbbsi,
the Government announced that several building projects, including a .a.a
to
0
...k..
k
.
.
Q,
new post office building, would be undertaken. The slow demand for ....4.... . .....-4.
..
to
bOkbbbb
on :ab
bk
k
an
adverse
have
to
beginning
CO
00
is
a•
prices
0.3.00.0
low
coffee and cacao even at present
0 .
On
CO
Cn 0 CO V
00
Co
.°ZOVAtC
3
effect on wholesale trade. Business in the Maracaibo and Puerto Cabello
..
to
.
CO Cn CI> 0 CA
ri.
0.W.00
kb
.0
- li. In
districts is especially effected. The prinicpal commercial houses are crin- W ;P..4
....a.,0 aako
. ....0,.1
..k0o.
slower.
are
collections
„400
0
4
0.0-bk
servative in placing orders abroad for future delivery:
.., k
OCk b.
a
b'abbbbk
-month,
ba
a
previous
kbk
the
in
than
less
Automobile sales during December were
...a.k.k kokb
.
44.0kok
P.
k 044.0.4aa ...kk
when conditions were considered good. Petroleum production in November abkook
000000
b0b---14kb
OW0t0
b.kk.k.
to
000.53.400amounted to 11,200,000 barrels as compared with 11.500,000 in October. .0
000
ga..CA
,
.4W0
0
,. W^0
Total production for the year Is given as 124.000,000 or 15,000,000 barrels
...
''
more than In 1928. Shipments during November amounted to 10,400.000
.... g ..... ....
as compared with 10,700.000 In the previous month.
b
b bb"..
I..
b147-1.4
Rtglk.
ttt" r
le,',;
a .km.ak
k.bk
boaoo
a 0.0...kw
-oak
.
..E.a.
•
44.-k
b ;1.
b
10
1.
binkb;4.
o..o
0. mocc000
mom.
Secretary of Treasury Mellon Returns to Washington
,,0.0m
o mo.omo
moom
.
o0.0.1.0.
After Holiday Cruise to Bahamas.
s• oo
o Mm.m
o's.".MMO
4.
..1,0
.m.o
0
.omomo
the
at
office
his
50505050.
to
00000m.
returned
Secretary of Treasury Mellon
oomo0o
.
b;i.bkk bkbb k
.Co
.
kbbk
W.P.A.W
it
0,W0Watf...j
04.a...
Treasury Department much rested from his holiday trip
,0A.
Ut14
01..N..40A..

A

MONEY HELD IN THE TREASURY.

1.861,384,4811

I

rt.
0

0

?,

Co
to to

0.410 to
P

50

CO

-10000

b bbbkb.b 4.bbb
. ak.b.k. k..k
41
0
1.
4.
.

..0.0
J. P. Morgan's Yacht "Corsair" Sold to Government kb14;abk
4.......0
.mo.m0. '
Co
Work.
Geodetic
-To Be Used in
§ .
8t§88The following is from the "Wall Street Journal" of Jan 2:. ..

.;1-,,
bq
P

MONEY OUTSIDE ON THE TREASURY.

0.444.a50

In Circulation.

.....
aboo-k

,929,421,487

4

WC,G,O.A.4.

was reported yesterday (Jan. 3) in Washington advices to
-0.0
the "Wall Street Journal". Secretary Mellon had been absent about two weeks. His itinerary included the Bahamas, 0; M'.''.1.' t
bbkbbk
........k
Santo Domingo, Havana, Jamaica and the Florida keys.

r: ..,
ET
-.S, P. A
aa..4.“.
IC aa .5.

•

F.

a Includes UnItea States paper currency In circulation In foreign countries and the
J. P. Morgan's yacht "Corsair" has been sold to the United States
by the Cuban agency of the Federal Reserve Bank of Atlanta.
Government for $1. The yacht was renamed "Oceanographer" by Mr. amount held
or foreign coin other than that held by the TreasS Does not Include gold bullion
Morgan before the sale was made, and it will be placed In the United States ury.
Federal Reserve banks and Federal Reserve agents. Gold held by Federal
Coast anti Geodetic survey. One of the stipulations of the sale was that the ReeiCi‘e banks untie! earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve banks Is included.
yacht shall never be disposed of by the Government until It is scrapped.
c These amounts are not Included in the total since the money held In trust against
The vessel has had a historic career and during the World War it was
gold and silver certificates and Treasury notes of 1890 is included under gold coin
time
when
sh.pp.ng
a
at
tendered and accepted as a Government auxiliary,
and bullion and standard silver dollars, respectively.
facilities were imperatively needed. As a gift from Mr. Morgan the ship
d The amount of money held in trust against gold and silver certificates and Treasagain comes under Federal control and ownership. This will save the ury notes of 1890 should be deducted from this total before combining It with total
Government $450,00‘.
money outside of the Treasury to arrive at the stock of money in the United States.
This total includes $38,398,745 of notes in process of redemption, $76,287,720
References to Mr. Morgan's offer to turn the yacht over ofegold
deposited for redemption of Federal Reserve notes,527,385.270 deposited for
of national bank notes. $1,950 deposited for retirement of additional
to the Goverment appeared in our issues of August 31, page redemption
circulation (Act of May 30 1908). and $7,470.327 deposited as a reserve against
1370 and Oct. 19, page 2485.
postal savings deposits.
Includes money held by Cuban agency of the Federal Reserve Bank of Atlanta.
Note.-Gold certificates are secured dollar for dollar by gold held in the Treasury
Stock of Money in the Country.
for their redemption; silver certificates are secured dollar for dollar by standard silver
held In the Treasury for their redemption: United States notes are secured by
The Treasury Department at Washington has issued the adollars
gold reserve of $1513.039,088 held in the Treasury. This reserve fund may also
be used for the redemption of Treasury notes 01 1890, which are also secured dollar
customary monthly statement showing the stock of money for
dollar by standard sliver dollars held In the Treasury. Federal Reserve notes
of the United States and a first lien on all the assets of the Issuing
in the country and the amount in circulation after deducting are obligations
Federal Reserve bank. Federal Reserve notes are secured by the deposit with FedFedby
and
Treasury
in
the United States
the moneys held
eral Reserve agents of a like amount of gold or of gold and such discounted or Purpaper as is eligible under the terms of the Federal Reserve Act. Federal
eral Reserve banks and agents. It is important to note that, chased
Reserve banks must maintain a gold reserve of at least 40%, including the gold refund, which must be deposited with the United States Treasurer, against
very
demption
several
311927,
the
with
Dec.
of
statement
beginning
Federal Reserve notes in actual circulation. Lawful money has been deposited with
important changes have been made. They are as follows: the Treasurer of the United States for retirement of all outstanding Federal
Reserve
bank notes. National bank notes are
by United States bonds except where
(1) The statement is dated for the end of the month instead lawful money has been deposited withsecured
the Treasurer of the United States for their
retirement. A 5% fund is also maintained in lawful money with the Treasurer of
of for the first of the month;(2) gold held by Federal Reserve the
United States for the redemption ol national bank notes secured by Coverames
banks under earmark for foreign account is now excluded, boadt.




42

FINANCIAL CHRONICLE

Silver Prices Fall to New Low Record.
The following is from the New York "Evening Post" of
Dec. 30:
For the third successive day, silver prices to-day sank into new low
ground. Bar silver here was quoted at 46% cents a fine ounce. London
quoted 21 5-16d. a fine ounce. The London price is 3-16d. lower, the
New York price Yy cent lower than Saturday's. The present level of silver
prices is slightly below even the low levels set November 28 1902.
Bar silver at New York was 57% cents a fine ounce at the beginning of
this year. After an advance of 573i Jan. 10, the price began declining.
The general trend during the last half of last year also was downward.
One theory advanced for the decline in prices is that China, the largest
importer of silver, has ceased buying.
World production of silver in 1929 Is estimated at 255,000,000 ounces
compared with 248,400,000 in 1928; 251.200.000 in 1927 and 241,600 in
1926.

In giving the London bar silver quotations Dec. 30 a
Central News cablegram that day to the New York News
Bureau, noted the low record as follows:
London Dec. 30.—Bar silver quotations to-day were: Spot 21 5-16d.,
off 3-16d.,and forward 21 ad.,off Hid. These are the lowest quotations for
silver in the history of the London market.

Following a slight upward movement, the Dec. 30 figure
was again reached yesterday (Jan. 3), as indicated in the
following Central News cablegram from London:
Bar silver quotations to-day were: Spot and forward, 21 5-16d., both
off 5-16d. These are the lowest silver prices on record in the local market
and equal the low made on Dec. 30 last.

In its comments the "Wall Street News" of Dec. 31 said:

[VOL. 130.

Canada occupies second place with $473,484,200, of which $150,291.500
represented Government, provincial and municipal Issues, the remainder
being corporate securities, among which are included, however, Government-guaranteed obligations.
South America ranks third with $339,921,700, of which $65,770,000 are
investments in Government, State and municipal issues, the balance
representing corporate issues.
Australasia holds fourth place with $99,828,700, followed by Central
America (which includes Mexico, Cuba and the West Indies). with 386,853,000.
Miscellaneous investments, which comprise especially acquisition of mining shares in South Africa, aggregated $32,014,100; while investments
abroad made by American investment companies are estimated at 356,000,000, an admittedly conservative figure when compared with the total
of Investment trust capital raised during 1929.
Details of American foreign investments in 1929 are Presented in the
subjoined table:
Amount
Amount
Net
Europe (Excluding Germany)—
Issued.
Refunded.
Amount.
Governments, States and municipalities_ 520,000,000
$20,000,000
Corporations
413,542,400 210,871.000
402.671,400
Total Europe (excluding Germany)
$433,542,400 $10,871,000 5422,671.400
Germany—
States and municipalities
$77,780,000 $2,000,000
$75.780,000
Corporations
92,776,800 2.000,000
90.776,800
Total Germany
$170,556,800 24,000,000 2166,556,800
Total Europe—
Governments, States and municipalities- $97,780,000 $2,000,000
$95,780,000
Corporations
506,319,200 12,871,000
493,448,200
Total Europe
$604,099,200 $14,871,000 $589,228,200
Canada—
Government, Provinces & municipalities 2163,203,500 212,912,000 $150,291,500
Corporations
354,392,700 31,200,000
323,192,700
Total Canada
2517,596,200 244,112,000 8473.484,200
South America—
Government, States and municipalities_ $65,770,000
265,770,000
Corporations
274,151,700
274.151,700
Total South America
$339,921,700
2339,921,700
Central America (Including Cuba,
Mexico and iVest Indies)—
Governments and municipalities
$12,250,000
212,250,000
Corporations
74,603,000
74.603,000
Total Central America
286,853,000
$86,853,000
Austra/asla—
Governments and municipalities
$25.000,000
225,000,000
Corporations
86,278,700 211,450,000
74,828,700
Total Australasia
$111,278,700 $11,450,000
$99,828,700
Miscellaneous—
Investment companies
$56,000,000
256,000,000
Others
32,014,000
32,014,100
Total miscellaneous
08,014.100
$88,014,100

London bar silver quotations have steadily declined in price throughout
the year. The sharp break on Friday brought quotations close to the lbw
market in London the last of November, 1902, and early in 1903. On
Saturday further recessions set a new low record, and the further loss on
Monday has again set a new low for all time.
China is the most important factor in the silver market, and while there
have been rumors that a Chinese pool had overreached itself market authorities in New York are rather inclined to the opinion that weakness in the
white metal is due to less demand from the Far East, since the recession in
recent weeks has been marked by light offerings and practically no demand. The preparations for the lifting of the Japanese gold embargo on
Jan. 11 have confused the course of the yen so that, as under normal conditions, it has not reflected any speculation by Chinese interests.
In India, the second nation of importance in the silver market, a policy
was adopted last year whereby the Government no longer makes public
any information regarding sales from Government reserves. No indication
therefore can be obtained from that source as to why silver should weaken,
but it Is believed India has been selling the metal in rather large quantities Total Governments, States and municipalities
2364,003,500 214,912,000 $349,091,500
and this has had an unsettling effect. With China unable to consume the Total corporations
1,327,759,400 55,521,000 1,272,238,400
large amount of silver on a weak market and with India selling its surplus Total investment companies
56,000,000
56,000.000
reserves of the white metal, regardless of price levels, it could not be otherGrand total
$1,747,762,900 270,433,000 51,677,329,900
wise than that silver prices should weaken to historically low levels.
The geographical distribution of American foreign investments at the
The fall in silver prices was referred to in the "Chronicle" beginning
of 1930, as compared with previous years, is detailed hereunder:
of Dec. 28, page 4062.
Region—
1930.
1929.
1914.
Europe
$5,107,495,000 $4,798,000,000
8350,000,000
The "Wall Street Journal" of Jan. 2 contained the follow- Canada
4,389,000,000 4,120,000,000
750,000,001
South America
2,785,825,000 2,513,000,000
ing from London regarding the silver depression:
100,000,000
Central America (including Cuba,
Mocatta & Goldsmid's annual bullion circular, discussing reasons for
Mexico and West Indies)
2.936,510,000 2,954,000,000 1,200,000,000
925.837,000
depression of silver, estimates total sales by the Indian Government at Australasia
841,000,000
175,000,0041
459,385,000
375,000,000
50,000,008
30.000,000 ounces. About 10,000.000 ounces of demonetized British silver Miscellaneous
and a similar quantity of French metal were used for coinage or sold in the
Total
216.604,052,000 $15,601,000,000 $2,625,000,0011
market. Total of newly produced silver dealt with in the market during
the past year is estimated at 50,000,000 ounces. Mining production is
Melvin A. Traylor and Jackson E. Reynolds Returnestimated at 10,000,000 to 15,000,000 ounces lower than 1928.
China's imports during the year are expected to approximate record total
ing to Europe to Participate in Hague Deliberations
of 141,000,000 ounces. Mocatta & Goldsmid do not look for any material
on Bank for International Settlements.
decline in production although further price concessions are probable.
Lower levels should stimulate Indian and Chinese demand and further
Melvin A. Traylor, President of the First National Bank
declines in price are expected to be smaller and more gradual than during
of Chicago, and Jackson E. Reynolds, President of the
1929.

American Investments Abroad in 1929 $1,678,039,400
According to Max Winkler—Foreign Financing
During Past Year Declines 22% Compared with
1928.
According to a study which was made public Dec. 23 by
Dr. Max Winkler, Vice-President of Bertron, Griseom &
Co., Inc., American funds invested abroad during 1929
aggregated $1,678,039,400, a decline of almost 22% as compared with 1928 figures. America's total foreign investments, exclusive of inter-Governmental debts, amounted at
the end of 1929 to $16,604,052,000, a gain of about 6.50%
over the previous year. The study further says:

First National Bank of New York are again en route to
Europe, sailing to-day (Jan. 4) on the steamer Berengaria.
They will participate in the further conference looking
toward the creation of the Bank for International Settlements. Messrs. Reynolds and Traylor returned from
abroad a month ago, having served as the American members
of the committee which drew up the preliminary plans for
the International Bank. Under date of Jan. 2 a Chicago
dispatch to the New York "Times" said:

The completion of the organization of the Bank for International
Settlements is to be effected this month, it was announced to-day by Melvin A.
Traylor, President of the First National Bank of Chicago. before he left
on the Twentieth Century Limited for New York, where he will sail for
Europe to attend the organization meeting of the bank committee.
The meeting of the committee has been called for Jan. 12. Prior to it
the bankers will meet with the Governmental representatives at The Hague
in their final conference on the Young plan. The Governmental conference
has been called for to-morrow, but the bankers will not meet with the
Government representatives until the 12th, when they will be ready in
case their advice is needed.
The Bank is to "conduct its affairs with a view to facilitating execution
of the plan," in the language of the Bank statutes, and is to "observe the
provisions of the plan in the administration of the operations of the Bank."
A large part of the work at the conference of the bank committee will be
concerned with subscription of the Bank's stock and the election of the
board of directors. Capital stock of the bank is fixed at 500.000.000 Swiss
francs (about 396,896,500) and is divided into 200.000 shares of which
112,000 must be subscribed before the Dank begins business.
With Mr. Traylor will be Jackson E. Reynolds, President of the First
National Bank of New York, America's other member on the committee.
Both were mentioned at one time for the position of President of the new
institution.

The outstanding feature of our 1929 foreign investments is the pronounced decline in publkly offered loans, a direct result of the speculative
tendency of the past year or more and the prevailing high money rates.
Owing to the speculative mania, purchases were confined almost exclusively to "equities," while high money rates rendered it practically impossible for American banking houses to underwrite and successfully market
fixed income-bearing securities, both domestic and particularly foreign.
Thus, the bulk of our investments abroad during 1929 is represented by the
acquisition of and the investment in foreign properties.
Another equally, if not more, significant feature of our 1929 foreign
investments is that European Government loans repaid in cash to American
holders aggregated, exclusive of sinking fund operations, $92,853,000, or
almost 5 times the total of European State and municipal loans floated
during the entire year. This fact should go a long way towards allaying
whatever fears American investors may have over the possible failure of
Europe to take care of contractual obligations.
Of our total investments abroad, Europe continues to head the list with
$589,228.200, or more than 34%. Investment in Government. State and
In the "Times" of Jan. 3 it was stated:
municipal issues totalled only $95,780,000, corporate investments accountIt is believed that the work of setting up the Bank has now reached a
ing for the remaining $493,448,200. Whereas in previous years. German
financing represented a material part of our total, in 1929, it declined to sufficiently advanced stage so that the actual machinery can be ready
for operation within two or three months. Some further delay after that
less than 10%.




JAN. 4 1930.]

FINANCIAL CHRONICLE

period may be necessary, due to the fact that approval of the Governments involved in the work of the exports must be obtained before the Bank
can begin business.
It is anticipated that one of the first operations undertaken by the institution will be the placing of a block of reparations bonds.
The greater part of these bonds will, in the opinion of bankers here be
taken in France, but a small portion is expected to be offered in this market
this Spring, largely for the purpose of putting the reparations plan "on
record." Similar offerings will be made in other world markets.
Sentiment in France is known to favor the selection of an American
for the Chairmanship of the Bank, but informed bankers here doubt
whether either Mr. Reynolds or Mr. Traylor would care to leave their
present duties to undertake the lob.

43

Insisting its chances of success were precarious, M. Brunet made an
eloquent plea to M. Briand to place the bank under control of the
League of Nations, asserting that was the only way of providing proper
control. He declared, "You could make the bank the backbone of an
organization of Europe's peace."
He protested the hold of the central bankers on the Bank's administration, urging the board of directors be enlarged to include
government representatives.
French Delegates to Hague Conference on Bank for
International Settlements View German Loan of First
Importance—Interested Chiefly in Plans for Reparations
Bonds.
The New York "Times" reports the following from Paris
Jan. 2:
With their attention fixed principally on the necessity of obtaining
a settlement at The Hague which will permit floating the first German
Premier Tardieu, Foreign
reparations loan under good conditions.
Minister Briand, Finance Minister Cheron and a large group of
experts left this morning for the second Hague conference. The success or failure of the Young plan depends on the reception given by
the investing public of every country to the bond issue which will be
floated by the Bank for International Settlements.
How much these issues will be and when they will be made will
not be settled until the Bank has been finally organized, but even
now it is essential that conditions should be prepared which will
create public confidence. If after The Hague meeting and during the
next few months the feeling of uncertainty about Germany's future,
which has been created partly as a result of Dr. Hjalmar Schacht's
differences with the German Government, is allowed to continue it may
be difficult to place German bonds in the international market.
Premier Tardieu is believed to be prepared to insist that the most
important evidence of good faith which Germany can give of her
adherence to the Young plan is for the German people to be the first
subscribers to the loan. In conversations on this matter the German
reply has frequently been that the German losses during the recent
Wall Street collapse have adversely affected the capacity of the country
to subscribe.
M. Tardieu's reply has been, in effect, that everybody else lost and
the fact that German money was lost in Wall Street is simply proof
that the German position is not so bad as it is usually represented.
The French Premier has gone to The Hague prepared to carry
through with the greatest loyalty France's engagements for the evacuation of the Rhineland and the ultimate evacuation of the Sarre
area, which were made by his predecessor. But it is an essential point
in his attitude that the best, indeed the only way in which Germany
can show her sincerity is that she should be the first and biggest
subscriber to the first reparations loan.
If the debt is to be commercialized, it is argued here, it is only
right that Germany, at the same time the benefactor and debtor,
should carry the largest possible risk in the possible failure of this
commercial enterprise.

Premier Tardieu of France Wins Vote on the World Bank—
Chamber by 45 Majority Gives Him Free Hand for
Hague Parley on Young Plan.
From the New York "Times" we take the following Paris
Cablegram Dec. 28:
Premier Tardieu to-night stemmed a violent attack in the Chamber
of Deputies upon the International Bank plan. Now he will go to
The Hague with his hands free to negotiate the Young plan protocol.
The Government victory, however, did not produce such a telling
majority as yesterday's general vote approving the Ministry's foreign
It stood 316 to 271 votes—a margin of just forty-five
policy.
votes.
George Bonnet's interpellation upon the Baden-Baden agreement
turned from the charge that there were not sufficient national guarantees in the bank scheme to a sweeping indictment of what Deputy
Margaine defined as the "dollar diplomacy," by which, he said, the
United States was seeking to establish an economic hegemony over
Europe.
The Chamber was swept at moments by Nationalist emotion similar
to that manifested at the session which preceded the ratification of
the Mellon-Berenger debt agreements which nearly upset the Poincare Government on a question of what all recognized was the only
course of wisdom.
Praises American Aid
Premier Tardieu's reply was an expression of calm surprise at the
Chamber's interpretation of the American part in the international
bank as anything but a valuable collaboration which Europeans could
ill afford to lose.
He revjewed at length the terms of the Biden-Baden statutes to
show that adequate protection was given to national monetary and
financial policies and he demanded a vote of confidence giving him
full power to negotiate the final accord at The Hague.
The motion which was finally passed at I A. M., was worded
precisely in that way, while another resolution instructing the French
delegation to insist on changes in the bank statutes to prevent the
bank from dominating or hindering France's monetary economic policies was rejected.
The attack on the world bank was led by Deputies Margaine and
Georges Bonnet, both Radical Socialists and members of the Finance
Commission of the Chamber, and their repeated assaults against
American financial interests were cheered by almost the entire House. Germany's Delegates to Hague Conference on Reparations
"Though the United States Government takes every occasion to
and Inftrnational Bank—Curtius, Moldenhauer, Schmidt
declare it desires to take no part in European affairs," shouted M.
and Wirth to Go, but Not Mueller or Schacht.
Margaine, "it is strange that every time Europeans gather to discuss
Dr. Fljalmar Schacht, president of the Reichsbank, will
their affairs together they invariably have to ask Americans for advice.
That is a sure and certain sign of the control the United States is not be a permanent member of the German delegation to the
beginning to exercise, financially and economically, over Europe."
second Hague reparations conference, which is to give final
Dangers in Bank Seen
sanction to the Young plan, it was stated in a Berlin mesThe Left deputies united to declare the international bank, devised sage Dec. 28 to the New York "Times" which went on to
by Americans, offers undeniable possibilities for the extension of this
hegemony of international finance, particularly American, over national say:
A decision eliminating him as an active participant in the deliberafinancial institutions. They demanded the government should provide
certain guarantees against the menace of the bank to France's financial tions for the duration of the conference was reached at a Cabinet meeting today. It indicates that apparently no concurrence was reached
independence.
On the basis of the Baden-Baden statutes, the Bank's opponents between him and Chancellor Mueller's Cabinet in connection with the
in the Chamber charged that the bank as now conceived would, if controversy provoked by the projection of his memorandum several
incorporated in the Young plan, provide the following dangers— weeks ago in which he charged that the Government was permitting
first, the danger of inflation; second, a threat of world economic palpable perversion of the provisions and spirit of the Young plan,
control; third, conditions favoring the progress of American influence for which reason he as one of the delegates to the Paris conference
in Europe.
of experts must disclaim responsibility.
"The bank will function even if reparation payments fall down,"
While there was a persistent demand in political quarters that
said Mr. Bonnet. "There is every indication it will become a sort Dr. Schacht be designated as one of the diplomatic delegates to the
of clearing house which will control the exchanges. With an Inter- second Hague conference in view of his sweeping impeachment of the
national Bank, credit movements will no longer function so that government and the further circumstance that he had literally imposed
European banks will no longer be able to modify their discount rates a financial dictatorship on it in connection with its loan policies and
as they do now. They say the bank will stabilize the exchanges, but financial reforms, it was realized that as the head of the central
it can also destroy them. This Bank will not be under the control of German bank he is not answerable to the Reichstag, as are the
any government. It will, therefore, represent international finance members of the Cabinet, and would therefore be outside the pale
in all its omnipotence. In spite of what has been said about the of Parliament's jurisdiction in connection with any decisive influence
restriction of its powers, its functions have been made so great that he might exert on the financial negotiations for the Young plan.
it can become unlimited."
Ready to Help on Bank.
Asks Government Guarantees
As none of the several reparations powers will be represented at
Mr. Bonnet then declared that by means of the inflation of credit The Hague by their chief economic experts who participated in the
through its powers for granting credits to industry, the Bank could Paris conference last Spring, Dr. Schacht believed that his presence in
win immense power over the different governments and could be used that capacity could be dispensed with although he informed the Cabinet
to strengthen American power over Europe.
of his readiness to respond to its call in case his presence was required
Concluding, M. Bonnet asked what guarantees the government could in connection with discussions involving the proposed Bank for Indangers.
such
give against
ternational Settlements. On the larger issues involving the funda"Are we going to be forced," he asked, "to accept the dictatorship mentals of the Young plan, however, his voice will not be heard,
although he let it be known that he still approves of the plan as
of a small financial oligarchy?"
At the night sitting another speaker, Deputy Bergery, who was conceived and drafted in Paris.
The German delegation to The Hague will be headed by Dr.
formerly Chief of Cabinet under Edouard Herriot, proclaimed the
world bank was the international bankers' method for securing control Julius Curtius, Foreign Minister, and will include Dr. Paul Moldenof the reparations question. He said that at the time of the Versailles hauer, newly-appointed Minister of Finance; Robert Schmidt, Minister
Treaty Norman Davis proposed the governments should put reparations of Economics, and Dr. Joseph Wirth, Minister for the Occupied
in the hands of private bankers. He asserted the inclusion of the Bank Areas and former Chancellor. Of the main delegates only Dr. Curtius
in the Young plan was merely a revival of that proposal, which had and Dr. Wirth took part in the first Hague conference and the German
delegation will therefore present a new complexion, especially through
met with no support from the European governments.
Rene Brunet criticized the mobilization plan, saying "it is easy to the absence of Dr. Stresemann, the late Foreign Minister, who
see what speculators will gain by this, but how is it going to be of carried the brunt of the German burden at almost every recent international conference on reparations and other post-war problems.
advantage to France?"




44

FINANCIAL CHRONICLE

{VOL. 130.

Curtius Stresemann's Aide.
Dr. Curtius, who, as Foreign Minister, will now head the delegation, was Dr. Stresemann's chief collaborator at The Hague last
Summer, and the late Foreign Minister repeatedly made frank acknowledgement of his appreciation of Dr. Curtius's ready adaptability
to the requirements of an international conference and its routine.
The Socialists will be represented at the conference through Herr
Schmidt. A large staff of under-secretaries will accompany Dr. Curtius,
among them Dr. von Schubert, Dr. Gauss and Dr. Ritter of the
Foreign Office, in addition to representatives of the Ministries of
Finance and Economics, while Dr. Vocke of the Reichsbank directorate
has been added to the delegation upon the recommendation of Dr.
Schacht. Dr. Melchior, Hamburg banker and one of the German
delegates to the Paris conference, will head the group of German
financial experts.

ness rather of the foreign markets themselves than of France,
according to a wireless message Dec. 27 to the New York
"Times" from Paris, this also stating:

The reduction of the tax on foreign loans to 2% still leaves a very considerable impediment in the way of any extended flotation of foreign securities in France,bankers here say, although the low interest rates in France
make it likely that some foreign financing may be done. Financial authorities here were hesitant to make any precise predictions as to the Immediate
effects of the move, pending a closer study of the subject and more detailed
dispatches from abroad.
Proposal Long Discussed.
The proposal to reduce or do away with the tax on foreign loans has been
under discussion for several months, and it has been understood that the
French Minister of Finance and the Governor of the Bank of France have
been ardently favoring the move. It had not been supposed, however,
that preparations were yet complete,and news of the passage of the measure
by the French Parliament came as a surprise to Wall Street.
At the same time the Government reduced the transfer tax upon securities
from 50 centimes per cent to 40 centimes per cent and completely abolished
the tax on foreign exchange operations. This latter amounted to 15 centimes per 100 francs and applied to foreign drafts. Its abolition is recorded
as a move to encourage the establishment of an acceptance market in Paris.
In this connection there has recently been established the Banque Francaise
d'Acceptation. under the managership of Jean Velay,former representative
of the Irving Trust Co. in Paris.
Gold holdings of the Bank of France have for some weeks been at the
highest point in the history of the bank. Credit in Paris is abundant,
with money rates in the neighborhood of3 to 3;i %. How readily the French
public would respond to the offering of foreign loans remains problematical,
but It is thought likely that a good response could be obtained for bonds
with an attractive coupon.

Despite the great ease in money here.inflow of gold and fresh gold engagements abroad for Paris continued this week. The movement is ascribed
by French financiers to the fact that the financial tide is still sweeping
capital to France from abroad, that it does not seem likely as yet to turn,
and that inflow of capital means gold imports.
The assertion seems again to be made on foreign markets that the Bank
of France is responsible for these gold imports, or at least is promoting
them in order to Increase its own reserve. But financial Paris is aware
that the bank is not intervening in any way on the exchange market and
that it grants no special facilities to gold-importing banks. It confines
itself to buying at the current rate such gold as is offered to it in France,
but this it is bound to do by its statutes.
The Bank's only means of actually preventing gold imports would be to
purchase foreign exchange on the market in sufficient quantities to arrest
the rise of franc exchange before the gold point should be reached. It
did this during the period of de facto stabilization preceding legal stabilization; but, since the latter action, the bank's policy has tended toward reducing foreign exchange reserves, which public opinion here considers to
be excessive.
The Bank would certainly be blamed if it increased them. Under these
circumstances the Bank is obviously powerless to arrest the gold influx,
which it neither instigates nor desires. The movement could be stopped
if French Investors were to purchase foreign securities in large quantity, and
measures have already been taken to facilitate the placing of such securities
here—purely by reduction of the tax on income derived from them. But
some time must elapse before the effect of this measure is fully felt.

The movement has admittedly occurred as a result of the natural Play
of the exchanges and the world having now returned to normal economic
conditions, recourse should be had to the classical measures employed
before the war for regulation of gold movements.
In those days countries needing to protect their own gold reserves advanced their money rate and issued securities in countries whore money
was cheap. This expedient will no doubt be again adopted if the present
gold movement creates actual embarrassment on other markets. But
that is hardly the case at present, since money rates are falling everywhere.

Interest Rate on French Government's"Defense Bonds"
Reduced.
Wall St. Hails Cut in French Loan Tax—Reduction from
Stating that money supplies are growing still more abund4 to 2% on Levy on Foreign Securities Seen as Aid ant on the Paris market, a message from Paris Dec. 27 to
to International Credit—Benefit to Gold Situation. the New York "Times" added:
The interest rate on the two-year defense bonds has been lowered from
Word from Paris that the French Government had reto 3A %. There has even been a steady though slight cheapening of
duced the stamp tax on foreign securities from 4 to 2% was 4%
three months discount rates.
greeted by New York bankers as a most important step
Bills were bought this week for less than the official discount rate of the
in the French program for creating an international money Bank of France. Rumors circulated that the Bank rate Itself would be
but it may be positively said that the Bank does not contemplat
market said the New York "Times" of Dec. 31, which lowered,
that step.
further stated:
The heavy tax on foreign loans which has been in force in France has Bank Not Promoting French Gold Import—Paris
virtually closed that market to foreign loans. It has been one of the chief
Financiers Insist Bank of France Has No Hand in
factors in bringing about the continued flow a gold to France without
Movement.
any compensating outflow of the metal. Lacking the machinery of an
international money market, funds flowing into France have remained
From the New York "Times" of Dec. 30 we take the folthere, even though rates in Paris have been extremely low throughout
lowing Paris advices Dec. 27:
the period of high money rates elsewhere.

Need for Preparation of Market.
Before the war France invested heavily in foreign securities, mainly
securities of countries in which the French Government was politically
interested. The French investor lost heavily during the war, particularly
in Russian issues and as a result,it is said, it may take some time to prepare
the French market for extensive foreign issues.
Interest in the move from the point of view of this market is said to
revolve principally about its implications in connection with the gold
movement at present going on between this country and France. While
bankers here are agreed that this country can well afford to lose a substantial part of its large gold holdings, there has been some disposition to regret
that the metal was moving to France and not to countries more in need of
gold.
It has been felt that gold shipped to France became devitalized in that
It was not made the basis of credit which could be extended to the rest of the
world. Should the tax reduction announced yesterday result in the flotation
in Paris of any considerable amount of foreign loans, some of France's large
gold holdings would find their way to other markets. In this indirect
fashion, bankers point out, the gold shipped from this market and from
England to Paris would find a productive outlet.

$60,000,000 Tax Cuts Voted in France.
Tax reductions amounting to 1,500,000,000 francs ($60,000,000) were voted by the Chamber of Deputies late at
night (Dec. 29) at the close of a long Sunday session which
was resorted to by the Deputies in an effort to wind up their
affairs before the end of the year. We quote from a Paris
cablegram Dec. 29 to the New York "Times", which added:
The cuts, which are to become effective on Jan. 1 and were approved
by 465 votes to none, are provided for in a special law which now goes to
the Senate for consideration.
A 2% reduction in the tax on salaried incomes is provided for and the
12% tax on luxury articles is slashed in half. Other important cuts apply
to the sugar, mineral water and electrical power taxes.
At its morning session the Chamber voted a credit of 300,000,600 francs
($12,000,000) to French municipalities which suffered public calamities
during the year and in the afternoon approved general increases In the
salaries of civil employes.

Paris Declares Other Markets Should Protect Their
Own Gold.
The feeling in French financial circles is that the preventing
of gold export from New York or London to Paris is the busi-




France's Payments to Help Bonds Here—Paris Government Expected in Market Soon to Buy $35,000,000
United States Issues.
Predictions that the market for United States Government bonds will be greatly stimulated in 1930 by active buying received considerable support by the announcement
Dec. 26 that France had paid to the United States Treasury
the balance due on account of annuities under the MellonBeranger war debt funding agreement reached on April 29
1926, but ratified only recently by the United States Senate.
In making these comments in its Dec. 29 issue the New
York "Times" goes on to say:
France now has paid $125,000,000 in United States obligations, which,
under the terms of the agreement, are acceptable at par in lieu of cash.
France must pay by June 30 its instalment for 1930, amounting to 335,000,000. Therefore, between now and that time the French Government
must purchase in the open market a like amount of treasury obligations,
presumably those bearing the lowest rate of interest, since they may be
obtained at better prices than Issues bearing higher coupons. The bulk
of the payment last week was in Treasury 3%s and Liberty 310. isoth
issues are selling under par, so that the French Government will receive
the advantage of the discount.
Payments to Increase.
Except for 1931, 1932 and 1933, when payments of $1.350,000, $11,363,500 and 321,477,135, respectively, will be made, the annual payments will
increase until the maximum of $116,928,195 will be paid in 1986. The
following year will complete the payment, when the final instalment of
$113,694,786 on the total of $4,025,000.000 will be paid.
The French accumulations of United States Government bonds, like
those of Great Britain and other nation's paying off their war debts to the
United States, will not only tend to stimulate the market for these bonds
but will result also in their cancellation, since all such obligations when
Paid into the United States Treasury will be retired and the public debt
reduced accordingly. Thus, war debt payments will operate to reduce
greatly the floating supply of these bonds.
In addition to the principal amount of the war debt,substantial payments
of interest must be made annually, which, like the payments of principal,
may also be made by tender of United States Government obligations.
On the French debt, for example, the rate of interest to be paid will start
on June 15 1930, at 1% per annum. From June 15 1940. until June 15
1950,the rate Is 2%;thereafter, to June 15 1958,2H %;thereafter, to June
15 1965, 3% and thereafter 335%.
Government Issues High.
Only a few weeks ago virtually all Liberty Loans and the principal United
States Treasury issues touched peaks for the year, and at present they are

JAN. 4 1930.]

FINANCIAL CHRONICLE

45

It was noted in an Associated Press dispatch Dec. 23 to the
New York "Herald Tribune" that treasury records show that
on Sept. 1 the American reparations claims against Germany
were considered to amount to $193,936,765 on account of
of the American army of occupation maintained
expenditures
French Bank's Gold Policy in 1930—Will Neither Help in Germany after the armistice, and $256,656,213 on acnor Hinder Imports—Would Not Object to Exports.
count of mixed claims of American citizens and the GovernThe policy of the Bank of France regarding gold will ment against Germany for war damage of various sorts. The
remain unchanged in 1930, says a Paris message Dec. 28 dispatch further said:
to the New York "Times." Continuing, it states:
The Committee of Experts headed by Owen D. Young, who have pro-

only slightly below these levels. Although some fairly large orders were
reported in the market early this month, trading has tapered in the last
week or two. However, the market usually receives considerable impetus
after the turn of the year and dealers are expecting a strong market in
January.

It will consist in refraining from any intervention in the exchange
market in favor of gold imports, but of allowing them to occur when the
gold point is reached. There is good reason to believe that the Bank considers its present gold reserves ample, and that it would not intervene
to prevent an outflow of gold—that, on the contrary, it would welcome
the opportunity of proving by such attitude that the franc is freely convertible into gold and the gold standard is not a vain word but a reality.
It is certain, however,that if the exchanges continue favorable to France.
further gold imports will occur, because the Bank seems to be determined
not to increase its foreign exchange holdings. If the market withdraws
its own foreign balances, that will mean that foreigners do not require
them.

posed tho now pending plan for dealing with all of Germany's reparation
liabilities, proposed to reduce the annuities which the United States would
receive. The Treasury Department has stated that this program "represented a postponement rather than a diminution of payment." as the payments were first planned by the original Dawes Commission, which dealt
with the reparations obligations.
The American Government figures now indicate that the total of the
reparations represented by army of occupations costs will be reduced 10%
by the application of the Young plan, but that the mixed claims will be paid
in full, and that interest at the rate of 3% will be paid during the time
that is consumed in cancelling the entire obligation.
The Young plan contemplates the payment of annuities by Germany to
the United States over a period of 52 years beginning Sept. 1 1929.

Dutch Market's Reaction—Holland Shared in SpecuFrom Berlin Dec. 28 the "Herald Tribune" reported the
lative Excesses—Now Faces Consequences.
following copyright advices:
Negotiations concerning a special agreement on German war payments to
Amsterdam advices Dec. 27 are taken as follows from
the United States were successfully concluded at the Wilhelmstrasse this
the New York "Times":
afternoon by Dr. Erwin Ritter, Minister-Director, for Germany, and

Until the final quarter of the year the situation in Holland was generally
Edwin C. Wilson, First Secretary of the Embassy, for the United States, it
satisfactory—though here also there had been serious exaggeration of
was announced in a joint communique issued by the German Foreign Office
the
of
part
floating
large
a
on
hands
prices, with the stock exchanges laying
American Embassy. The communique read:
capital. At the end of the year trade activity slackened, with a narrower and the
"According to this agreement, Germany will pay the annuities allocated
profit margin.
to the United States under the experts' plan of June 7 1929, not into the
Several Dutch industries, notably incandescent lamps and radio and
International Settlements, but directly to the United States Govclothing, have had to face closer foreign competition, causing decline in Bank for
Out of the German payments will be satisfied two kinds of
prices. For Holland, however, the really serious factor is the crisis in ernment.
American claims: first, those claims which have been awarded by the
markets for several colonial products, such as rubber, tea and coffee,
German-American Mixed Claim Commission, and second, the American
causing remittances from India to be lowered by tens of million guilders.
Claim for costs in arrears of the Army of Occupation.
"The form of the agreement is closely similar to that of the debt funding
Below
$28,000,000
agreements existing between the United States and other powers. The
ate
Spanish Budget for 1930—Estim
priority of the Dawes loan of 1924 is maintained.
1929 Expenses.
"Since Germany,under the Young plan,is not the debtor ofthe individual
reported
"Times"
York
New
the
From Madrid Dec. 30
powers, but of the community of creditor powers, it will have to be taken
into consideration in the forthcoming negotiations at The Hague that the
the following:
The German Government, thereThe spanish budget for 1930, passed to-night, provides for expenditures American annuity is to be eliminated.
fore, will bring the agreement to the knowledge of the other creditor powers.
totaling between $519,000,000 and $521,000,000.
"Formal execution of the agreement will take place only after the ReichLast year's budget amounted to $548,000,000.
will be put into force
The subsidy granted to the Moroccan Government alone has been re- stag and Congress give their consent. The agreement
at the same time as the arrangements with the other creditor powers conduced by the suns of $1,100,000.
Next year's budget includes a sum of $300,000 granted to the City of cerning the Young plan."
The new agreement, it was pointed out, would require ratification by
Barcelona in order to assist the city in turning the Barcelona exposition
Representatives.
into a permanent exhibition. This is in addition to $6,500,000 previously both the American Senate and the House of
advanced to the city to aid in exposition expenses.

Banco Nacional Ultramarino—Exclusive Note Privilege
Contract for Portugal Received for 30 Years.
The "Wall Street Journal" of Dec. 30 announced the
following from London:
Portuguese Government has renewed contract for further 30 years with
Banco Nacional Ultramarino for exclusive privilege of issuing notes in
Portuguese colonies. Capital will be increased to maximum of 200,000,000
escudos with minimum of 135,000,000 escudos from present capital of
50,000,000 escudos. New issue of 85,000,000 escudos will be made, of
which Portuguese Government will subscribe to 200.000 shares of 80
escudos par at 170 escudos a share.
Business at the London office will be taken over on Jan. 1 by AngloPortuguese Colonial & Overseas Bank. Ltd.. with fully paid capital of
.C1.000,000, and the Paris office by Banque Franco Portugais Doutremer,
with capital of 50.000.000 francs.

Dr. Jacob Gould Schurman Resigns as American Ambassador to Germany—Senator F. M. Sackett
Chosen as Successor.
The resignation of Dr. Jacob Gould Schurman (a position
he has held since 1925,) was announced in press advices
from Berlin Dec. 27. The Associated Press accounts said:
The Ambassador, who celebrated his 75th birthday last May,announced
would
that the resignation had been accepted at Washington, but that he
resignation
remain at his post until January. He had been expecting his
left Berlin
to go through for some time and in anticipation his family had
in September and resumed their residence in New York.
Government
German
the
of
cordiality
"I cannot speak too highly of the
manner possible."
and people, who have facilitated my work here in every
in Gerhe said this afternoon. "I shall always look back upon my service
many with the greatest satisfaction."
The Ambassador's resignation brought universal regret in official Germany as well as among the German people. He had attained widespread
the
popularity. Despite his years he had traveled widely throughout
Reich, attended all important functions and was seemingly indefatigable
in living up to innumerable calls on his time and energy.
Dr. Schurman was President of Cornell University from 1892 until 1920.
was apIn 1921 he became American Minister to China and in 1925 he
pointed Ambassador to Germany.

Germany and United States Reach Accord on Terms
of Payments to U. S. for Rhine Army and Mixed
Claims Awards.
The reaching of an accord between the United States and
the German Government as to the terms for the payment
by the latter for Rhine Army costs and mixed claims awards
Under date of Dec. 28, the following was announced from
was announced at Washington on Dec. 28, by Acting Washington in the New York "Herald Tribune":
Frederic
Secretary of the Treasury Ogden L. Mills. His statement
President Hoover has forwarded to Berlin the name of Senator
succeed Dr.
Moseley Sackett, Republican, of Kentucky, as his choice to
follow:
The State Department and the Treasury Department have for some
weeks past conducted conversations with the German Government with a
view to drafting a proposed agreement covering payments by Germany to
the United States on account of Army costs and mixed claims in the annual
amounts recommended by the Young Committee of Experts.
The two Governments are in accord as to the form and terms of such an
agreement, but it cannot be definitely concluded until the executive branch
of the Government has been so authorized by the Congress. The purpose
of the negotiations was to enable the executive branch of the Government to
submit to the Congress in definite form an agreement acceptable to the
German Government, so that the Congress before granting the necessary
authority would have before it the form of the agreement.
The schedule of payments conforms to the annuities proposed by the
Young Committee for the United States. From each of the annuities to be
to the satisfaction of
received. 40,800,000 reichsmarks are to be allocated
mixed claims and the balance to the satisfaction of our Government's claims
on account of Army costs.
This is substantially in accord with the program outlined at the White
House conference of May 19 1929, which was attended by a number of the
loaders of both houses of Congress.
The form of the agreement and the provisions in respect of postponement,
generally speaking, follow the agreements heretofore negotiated for the
settlement of the debts owed the United States by foreign governments.
The execution of this agreement is contingent, of course, upon the coming
Into effect of the Young plan. In the meanwhile the United States retains
all of its existing rights.




Jacob Gould Schurman, retiring Ambassador to Germany.
refused
The selection became known to-night, although the White House
out the
to confirm or deny it in conformity with its policy of never giving
to which
names of diplomatic nominees before hearing from the Capital foreign
the
they are to be assigned whether they will be acceptable to
several days.
Government. Senator Sackett was said to be out of the city for

It was stated in Washington advices Dec. 30 to the New
York "Times" that the German Government had that day
(Dec. 30) informed President Hoover that Senator Sackett
will be persona grate as American Ambassador to that
country; it is added that President Hoover will submit the
nomination of Mr. Sackett to the Senate when that body
meets next Monday after its holiday.
Cost to France of Fortification of Rhineland in 1930.
Associated Press advices from Paris Dec. 28 stated:
Fortification of the Rhineland frontier in Alsace and Lorraine will cost
France 1.000.000.000 francs or about $40,000,000 in 1930.
French
An appropriation bill for that amount has been passed by the
Parliament. acting in the closing days of the current session. The engineering section of the army will have three-quarters of the appropriation.

A

46

FINANCIAL CHRONICLE

[VOL. 130.

Past Year One of Severe Trial for Germany According arisen in the United States, which takes 60% of the output of Antwerp.
Only 1% of the cut diamonds remain in Belgium, the remainder being
to F. Stallforth of Harris, Forbes & Co—New exported.
Figures on Production More Favorable.
The slump in Wall Street and the tariff bill are elements in reducing the
demand from the States. Jewelers there naturally wish to avoid laying
The year 1929 has been a time of trial and a severe text in
stocks, paying the higher duty, when by waiting they may secure them
for Germany, but it is a good sign that in spite of the de- at the lower rate.
In Antwerp there are 5,000 master diamond cutters, merchants and
pressing influences of the past year German production on
travelers, and a similar number is found at Amsterdam. These
two
the whole will show after cartful calculations an increase of centres
are responsible for nine-tenths of the trade of cutting precious
4 to 5%, over that of the preceding year. This is the state- gems. On Dec. 19 the Antwerp master
cutters will hold a meeting to
ment of Frederico Stallforth, of Harris, Forbes & Co., who consider the effects of closing down the works for fifteen days, which has
thrown 25,000 syndicated workers and perhaps
10,000 non-syndicated
has returned from a business trip to Berlin. Mr. Stallforth earning
$14,000,000 in wages annually out of employment. As Amsterpointed to the uncertainty concerning reparation settlements dam has worked half time during this month
stocks will be considerably
and the disappointingly conference of experts at Paris and reduced.
at the Hague as having created a psychology of uneasiness No
Drop Expected in Diamond Prices—Stock Depresand adding to the heavy financial furden, resulting from
sion and Retarded Demand Will Not Affect Industhe first standard payments under the Dawes Plan. A
try, Importer Says—Production Reduced.
further difficulty he mentioned is the cessation of capital
Despite a sharp falling off in the demand for diamonds
inflow from abroad, which from 1926 to 1928 had such a
after the stock depression, diamond prices throughout the
stimulating effect on German economic activity. He said:
"Improvement is most clearly evidenced by the production of iron and United States will remain firm, according to Jerome B. Katz
steel during the first nine months of 1929. Even more favorable are the of Katz Brothers & Au!, diamond importers,
20 West 47th
figures quoted for coal output, the average daily output having exceeded
St., New York, according to the "Times" of Dec. 31, from
the level of 1928 and even that of 1927 which had been the best year since
the stabilization of German currency. This improvement in the German which we take the following:
mining industry which had faced severe difficulties through many years is
doubtless due to the program of reorganization and expansion which has
been carried through since 1925. This program required the expenditure
of large sums, part of which had to be procured from abroad, and the increased production is evidence that the borrowed capital has been S1leeSSfully invested. The same may be said of the German electric industry for
the reorganization and expansion of which a considerable part of the funds
taken up abroad have been employed. Power production in this branch
of industry shows a constant increase, and these results are also proof of
the general good condition of industry in Germany.
"Export and import figures also show an improvement. On the whole.
it may be anticipated that the German export and import figures for 1929
will balance, showing even a slight excess of export as compared with 1928
which showed an import surplus of 1,200 million Rm. It is a most favorable
sign that this equalization of export and import was brought about by an
increase in the total volume of German trade and not by a concurrent
decline of raw material import."

Admitting that the New York market has been quiet for the past two
months, Mr. Katz said: "Immediate and effective curtailment of
production by the diamond syndicate abroad, which practically controls the
world
output, has maintained and will continue to maintain the price levels."
To support his statement he made public a report received by his
house
from the diamond market in Europe which said:
"The curtailing of production helps the diamond trade through a quiet
period. Whereas we see in other lines of business forced sales at strongly
reduced prices, our trade is able to regulate the supply in proportion to
the demand. It is true that the demand is not large at present, but,
on
the other hand, the production is so small that within a short time a scarcity of some articles will be perceivable. The co-operation between Amsterdam and Antwerp cutters is a very rejoicing fact, and without any
doubt also all rough producers are doing their best to make the present
sound situation of the diamond market a permanent one.
"The demand for goods is still small. Prices are keeping up very good."
Recent news dispatches from Brussels reported that employers' and
Workmen's organizations in the diamond-cutting industry in Belgium had
decided to curtail the output of' stones 50% during January. During
December the diamond works in Antwerp did little work and it was estimated that in Belgium 32,500 persons were idle in consequence, with an
estimated wage loss of $400,000.
"It is not true," Mr. Katz said, "that it will be to the advantage of
prospective diamond purchasers to wait in anticipation of a fall in prices.
The opinion seems common in the trade, however, that this impression
on the part of the public is to a considerable extent responsible for the
slow retailing of diamonds at present.
"Furthermore, it should be noted," he continued, "that retail sales of
the more costly diamonds have been affected more than the sale of
the
smaller stones."
Diamonds are not manufactured articles subject to style changes and
are, therefore, subject to stringent curtailment, Mr. Katz pointed out.

On the unfavorable side, Mr. Stallforth mentioned the fact
that unemployment had been worse than in 1928, and that
at the begining of the present month unemployed exceeded
1,250,000, while agricultural conditions have not materially
improved and building conbtruction has not increased although the great need of dwellings remains unchanged. The
chief difficulty, he said, is the great need of capital, This
need of capital has been felt most keenly during this year,
_particularly due to the limited capital inflow from abroad
upon which Germany is still dependent. The spirit of business enterprise, he said, has been considerably impaired, and
all plans of extension have had to be postponed, while internal
loans are also difficult to obtain. With but slight inter- Austria Awaiting Loans from Abroad—Bel
ieves That
ruptions, stock exchange quotations moved on a very low
1930 Will Bring Financial Relief to Central Europe.
level throughout the year and in the fall they suddenly
The following Vienna cablegram Dec. 28, is from the New
dropped to the lowest levels since 1926 and have not since York "Times":
recovered in any substantial degree. Conditions in the
In well-informed financial circles of Austria, the issue of a new foreign
money market have been rendered more difficult by the con- loan for $100.000,000 for which negotiations with Morgan are believed to
stant demand for capital by the Reich and the municipalities. have been already resumed, is considered the cardinal point in the Austrian
economic situation for 1930. Austria, whose national debt amounts to
In this respect, Mr. Stallforth thought that Germany can do $300.000.000,
which has not obtained a foreign loan since the League of
much to improve the situation by reducing the costs of Nations loan, is suffering severely from want of capital, which the foreign
is designed to relieve.
public administration as much as possible. Financial reform loan
In the opinion
leading financiers, 1930 will be marked for the whole
is, after the ratification of the Young Plan perhaps the most of Central Europe,ofincluding
Germany,by measures which will make possible
difficult task which Germany is confronted with. If based new savings and accumulations of working capital, and stop excessive
taxation on production.
on sound and farseeing principles, this reform will signify
a new stimulus to all branches of industry.
Equitable Life Assurance Society Loses Plea in Russian
Concerning other European countries, Mr. Stallforth said
Suit—Appellate Division Rules Company Has No
that France is in a strong financial position due to recent
Valid Defense Against Claimants on Policies.
gold purchases, although Paris has not as yet regained its
A
decision
by the Appellate Division Dec. 27 In test cases
former importance as a financial center. Industry is in full
swing and unemployment is not a problem, while Italy works brought against the Equitable Life Assurance Society on an
energetically to strengthen her position on the Mediter- assigned claim by Russian policyholders to recover the cash
ranean and among the Balkan States. He added that it was value of their policies because of the liquidation of the insurremarkable that the psoition of those countries formed from ance company by the Soviet Government holds that the
the former territory of Austria and Hungary has strengthened Insurance company has no valid defense to the action and
while Czechoslovakia as well as Hungary show improvements. strikes out the important points relied upon in the answer.
The foregoing is from the New York "Times" of Dec. 28,
Continued Restricted Diamond Cutting in Belgium. which also had the following to say:
The decision, it was said yesterday, affects more than 2,000 actions in
The diamond-cutting industry has decided upon a reducwhich the policyholders, many of whom are still in Russia and were unable
tion of 50% in the output in January to prevent overpro- to prosecute
their claims here, had assigned the policies to G. Frank
duction, says a Central News cablegram from Brussels Dec. Dougherty. They are said to involve about $5,000,000.
Two
of
the cases before the Appellate Division yesterday were heard
30 to the "Wall Street News." The limited output in
by Supreme Court Justice Cotillo, who denied an application by the plainDecember was referred to in our issue of Dec. 14, page 3720. tiff's attorneys,
Englehard, Pollak, Pitcher dc Stern, to strike out the answer
Stock Market Crash and Tariff Bill Blamed by Antwerp
for Slump in Demand for Diamonds.
In its issue of Dec. 29, the New York "Times" prints the
following special correspondence from Brussels Dec. 12:
M. Lipschutz, President of the Antwerp Diamond Club, says that the
present slump in the diamond trade Is due to circumstances
which have




and granted an application by the insurance company to dismiss the
complaint.
Justice Cotillo held that when the Soviet Government liquidated its
Russian branches the Equitable Life lost all its assets in that country and
was no longer liable to any of the Russian policyholders, who, he ruled,
had to rely on the Russian assets in taking out their policies.
Justice
Ootillo held that the foreign policyholders should not be permitted
to
enforce their contracts at the expense of the American policyholders
unless some clear reason was shown.

1.

JAN. 4 1930.]

FINANCIAL CHRONICLE

The Appellate Division reversed the decision on. the ground that the
Court of Appeals and the Appellate Division had previously decided in
actions against the New York Life Insurance Co. and in suits against
American banks that the Russian claims were valid. The New York Life
Insurance Co. settled the claims on its policies after the decisions in question were made.

Stabilization of the Czechoslovak Crown.
Supplementing the text of the newly enacted law of Czechoslovakia,for the stabilization of the crown (given in our issue
of Dec. 28, page 4062) we take from the Jan. 1 Monthly
Review of the Federal Reserve Bank of New York, the
following summary of the essential provisions of the new law:
The Czechoslovak crown, which has had de facto stability at around
$0.02961j for more than five years past, became legally convertible on the
gold exchange standard by the passage of a parliamentary Act on Nov. 7,
which went into force on Nov. 27 1929. This Act provides:
1. That the Czechoslovak crown shall have a gold content of 44.58
milligrams of fine gold equivalent to 50.02962853, or approximately Kc.
33.75 to the dollar.
2. That the National Bank of Czechoslovakia shall assume the maintenance of the exchange value of its notes at the legal parity, buying gold
in minimum quantities of 12 kilograms of fine gold (about $8,000, or the
customary "export bar") and converting its notes into gold coin, gold
bullion or gold exchange, at its option, in minimum amounts equivalent
to 12 kilograms of fine gold.
3. That gold coins 900-1000 fine of 100 crowns value shall be minted,
the 100-crown piece to be known as the hrivna and put into circulation at
a future date not yet determined.
4. That the National Bank of Czechoslovakia shall maintain a reserve
of gold and foreign exchange equal to at least 25% of its total notes and
sight liabilities at the end of 1929.* 30% at the end of 1930, and 35% at
the end of 1935 and thereafter, one-half the reserve to consist of gold coin
or bullion.
5. That the present share capital ($12,000,000) of the National Bank
be converted into Kc. 405,000,000, and the Bank be authorized to increase
Its capital, if it so desires, to Kc. 607,500,000 (equal to 818,000,000).
6. That when the State note debt to the Bank, which is now Kc. 3,780
million, has been reduced to Kc. 1,000 million, the Bank shall be authorized
to discount government bills up to a total of Kc. 200 million per annum,
after endorsement by a banking institution, such temporary advances to
be repaid by the end of March of the following year.
7. That the Bank is authorized "to participate in international financial and economic institutions and arrangements of monetary importance."
On Dec. 7 1929 the ratio was 538.9% •

47

Colombian Bonds Weak.
Colombian bonds had been declining for some time prior to the coffee
debacle. Various unfavorable factors in the Colombian situation such as
an uncertain petroleum policy and questionable economy with which much
of the money borrowed in the United Stgtes has been expended had already
influenced an adjustment in the credit rating of that country. Combination of tight money in the United States and further realization of the
extent of Colombia's borrowing in recent years militated against further
advances this year, which in turn caused suspension ot public improvement
programs already initiated. This in turn caused considerable unemployment and led to several communistic uprisings. Coming upon these develupments the coffee depression has only exaggerated an already delicate situation. Colombian bonds have been weak lately more from lack of buyers
than because of volume of liquidation.

Decree Authorizing Acceptance by Argentina of
£5,000,000 Loan in London.
Under date of Dec. 31 Associated Press advices from
Buenos Aires stated:
A Government decree was issued to-night accepting a loan of about $25.000,000 from the London bankers, Baring Brothers Co. and Morgan,
Greenfell Co. The loan is for one year and is not renewable. The interest
rate is 53i%• with a commission of one-half of 1%. Negotiation of the loan
was announced several days ago.

A reference to the above appeared in our issue of Dec. 28,
page 4063.
Loan of $100,000,000 Rumored in Argentina.
From the New York "Times" of Dec. 29 we take the following Associated Press advices from Buenos Aires Dec. 28:
The newspapers Razon and Prensa to-day published rumors that the
government was momentarily expected to announce a $100,000,000 loan
from American bankers "to meet various pending obligations."
Financial circles here had no information about the loan, but it is common knowledge that President Irigoyen recently asked American and
British bankers to submit their terms for a loan of £5,000,000(about 825,000,000).
La Epoca, the government organ, did not publish the rumor.

In its comments the "Times" said:
Latin-America Bonds' Status—Various Factors Responsible for Unsettlement—Position of Argentine
Issues.
The following is from the "Wall Street Journal" of Dec.21:
The year's fluctuations in principal South American bonds have been the
cause of some apprehension on the part of the large number of holders in the
United States. Various unsatisfactory developments in the South American
situation over the past year have contributed to bringing about steady
liquidation of these issues.
While noticeable unsettlement in the South American list has existed for
some time the recent loss of gold by Argentina resulting in closing of the
conversion office and termination of gold exports has produced marked
weakness in Argentine bonds. In view of the premier position among
South American obligations occupied by Argentine issues this weakness
served further to unsettle the general Latin American list.
Banking interests thoroughly familiar with the Argentine situation have
reiterated their confidence in the country's economic stability and stress
the fact that temporary abolition of the gold basis in no way affects the
security underlying Argentine external obligations. The bonds are payable
in dollars and annual interest and amortization charges on the entire
American held external debt involve a relatively small exchange operation
when compared with total Argentine payments in dollars during a yearly
period.
Position of Argentine Issues.
The recent reaction in Argentine issues is regarded as psychological.
Many individuals misinterpreted the significance of recent events and
decided to liquidate. Furthermore, investors have been led to understand
that Argentine obligations were the strongest in South America and many
have felt that outstanding weakness in these issues must mean an adverse
situation. The sharp recovery in Argentine bonds on Thursday was the
result of buying by interests confident as to the fundamental soundness of
these bonds, which could be purchased at their lowest prices in two years.
It is of interest to note that between 1914 and 1927 the Argentine conversion office was closed, which means that the country was not on a gold
basis. However, between 1923 and 1927 about $226,800,000 of Argentine
external bonds were sold in this market. In fact, in January. 1923, practically seven years ago, a $40,000,000 issue of Argentine Government 6%
bonds was sold through New York bankers at 96ji, considerably above
the levels at which these bonds have been available in recent sessions.
Altogether Argentine has about $270,000,000 of external bonds outstanding in the American market, these issues with one exception bearing 6%
coupons. Decline in gold value of the peso should normally restrict imports
While stimulating exports, thus working toward a more favorable trade
balance. For the past several years Argentine has established annually a
substantial balance of exports over imports.

The report that the Argentine Government had about concluded negotiations with a New York banking group for a loan of $100,000,000 was
not confirmed here yesterday by bankers who have brought out Argentine
bond issues in the past. Bankers familiar with the situation said that in
view of the present unsettlement in Argentina due to the closing of the
gold exchange office in Buenos Aires, which is equivalent to the country
leaving the gold basis, the immediate present might not be the most propitious time for the offering of such a loan. In some quarters it was admitted that conversations had been held with the Argentine Government.
The Argentine Government concluded a loan of £5,000,000 in London
a few days ago with Baring Bros. A: Morgan, Grenfell & Co. interests.

Peru Edict onl'Currency Covers Local Deals Only.
Clarification of the recent Peruvian decree relating to
the settlement of business transactions in Peruvian currency
has been issued by the Government, a:ecording to dispatches
received, Dec. 28, by the Finance and Investment Division
of the Department of Commerce says Washington advices
Dec.29 to the New York "Journal of Commerce" which adds:
The rectification, according to the Division's information, prohibits the
specification of foreign currency settlements in future sales and business
contracts made in Peru and having effect only in that country. The decree
as revised in this sense is taken by the business community to exempt
import and export transactions and to allow free movement of capital as
heretofore.
Though full details are not yet available, the present interpretation, according to the division, seems to limit the operation of the whole decree to
local transactions. Apparently the purpose is to prevent the practice of
quoting in terms of foreign currency prices on domestic goods or other
goods now in stock, thus creating a lack of confidence in local currency.

Mexican Bondholders Protest—Publications Say that
They Want Payments to International Bankers'
Committee Stopped.
The "Wall Street Journal" of Dec. 30 reported the following from Mexco City:

"El Universal Grafico" says Mexican Government has been requested.
in communication through Bank of Mexico, by dissatisfied holders of Mexican bonds, that payments to international bankers' committee be stopped.
These bondholders, who, according to statement in "Grafico" charge
their interests have not been protected by the International Committee,
have formed the Mexican Preferred Debt International Protective Association with offices at 49 Broadway, New York. The bondholders charge,
Coffee Situation Reflected.
according to "Grafico's" account, that since 1921 the International ComContinued irregularity has marked bonds of toher South American coun- mittee has received from the Government $43,278,000, of which $32,900,000
tries although some of these issues are moderately above their low levels for was distributed to holders of National Railways of Mexico bonds and that
1929. Bonds of important coffee producing countries such as Brazil and these creditors represent only a part of Mexico's creditors. Of the balance
Colombia have been under pressure for some time, reflecting the position of $10.378.000, it is further charged $5.000,000 was retained by the Interof the coffee industry. There seems to be little likelihood of immediate im- national Committee for "expenses and compensations," and remaining
provement in the coffee situation although measures already have been $5,378,000 was allegedly distributed by the committee to no advantage.
adopted by the Coffee Institute of Sao Paulo, Brazil. for liquidation of Bonds involved are: Government preferred 5%. 1899; 4% 1910,6% series
large stocks of this commodity withheld from the market in recent years for A i913. The dissatisfied bondholders desire to deal directly with the
price stabilization. It was knowledge of these large withholdings accom- Mexican Government.
plished on borrowed money together with a bumper crop in 1928 and reports
of a still larger one for 1929 which precipitated the wholesale selling of
Coffee futures during October. Since establishment of the lows there has Swiss Loan of 1920 Negotiated in United States to be
been little improvement in coffee prices.
Repaid Jan. 1 1931.
This has naturally meant severe reduction in Government revenues for
Press
advices from Berne, Switzerland, Dec.
Associated
coffee producing countries and undoubtedly some budget adjustments will
be necessary in the coming year. It has undermined the confidence of many 27, stated:
The Federal Council decided to-day that the Swiss loan of 1920, negoinvestors who have sold bonds of these countries at depressed levels.
Bankers familiar with 13razilla nconditions have not recommended to tiated in the United States, should be repaid on Jan. 1 1931.
The conditions carried a clause that the loan could be repaid in 1931 at
customers liquidation of these issues at current levels. Brazil has done no
major financing in this market for a long time and economically enjoys 105 or in 1940 at par. The amount, $25.000,000, will be redeemed in
1931 at 105.
greater diversification than the smaller countries.




48

FINANCIAL CHRONICLE

Australian Government's Plans For Conversion Loan.

From.the New York "Times" of Jan..2 we take the following:
According to reports from London yesterday the Water Board. of the
City ofSydney,. Australia, has been unable to negotiate a loan in.New
farrowing closely on the futile efforts of four other Australian public bodies
to float loans here at this time. In this regard, it is understood that the
way Is being left clear for an Australian Government conversion loan of
about $100,000.000 in February or March. It is understood that such correspondence as has taken place between Australian officials and New York
bankers has not been of a very definite nature since the bankers prefer to
wait until the trend of the bond market of 1930 is more clearly defined
before entering into actual negotiations for such a loan.

Australia to Contra/ Goio—Commonwealth Bank
Authorized to Acquire Metal and Regulate Export.
Under the above head the "Wall Street Journal" of Dec.
28 reports the following from Sydney:
The most important action in finance which the new Australian government has taken since it assumed office is the introduction ofa bill authorizing
the Commonwealth Bank to acquire and. control all gold in Australia and
to regulate the export of gold in consultation with the Treasurer. 13111, in
its proposal for the pooling of gold reserves, follows the lines of a measure
passed in England giving the Bank of rngland the same powers.
British practice has been to make notes inconvertible into gold coin. This
has not been provided in the Australian measure because export control
has been established and this provides sufficient protection.
In introducing the bill, E'. G. Theodore, Treasurer, stated the matter
was urgent became of the exchange position and because of the attack
that was being made on.the gold reserves of the Commonwealth Bank. In
view of the heavy rate of telegraphic transfers individuals and institutions
in Australia found it much cheaper to export gold themselsve.
Gold Reserves Threatened.
At present the Commonwealth Bank has no power to refuse specie Payment and the bank is apprehensive of what might happen if the demand
for gold continues_ Mr. Theodore mentioned that the Chairman of the
Bank had told him that one large importing firm might need 510,000.000
for its own requirements and that if such a riem-•ad is extended, it will
bring the Commonwealth Bank's gold reserve-to a low ebb.
Banks had been exercising control over importing interests by making
it more difficult to get credits In London. But at present it is not possible
to exercise control sufficient to prevent commercial houses from shipping
gold themselves. There Is no purpose served in merely mobilizing gold
unless there was also some control over export from Australia.
Mr.Theodore stated that there was $240,000,000 in gold in the hands of
the banks and other institutions of Australia. no expressed the view that
the bill would greatly strengthen the Commonwealth Bank and give it
facilities for dealing with the foreign exchange position.
Commonwealth Bank's View.
The course proposed in the bill had been strongly recommended by
directors of the Commonwealth.Bank, whose Chairman, sir Robert Gibson,
has written a letter to the Prime Minister, .1. H. Scullin, on the subject.
The following extracts from the letter will be found of interest as throwing
considerable light on the financial position of Australia:
"For some considerable time past, the board has viewed with much disquietude the general financial pasithm, more especially its aspect as regards
the situation respecting the availability of Australian credits in London.
The requirements of Australia. fa London have been met from two sources
of supply, namely, through rellzation of exports from Australia, and from
public burrowing by Australia on the London market. The funds so made
available have been used to pay for imports and discharge interest and,debt
obligations accruing in London.
"A. stable exchange postion as between London and Australia can only
be maintained by keeping the financial balance as between Australia and
London on an even keel. Owing to unfavorable borrowing conditions in
London, reduced, values in exports from Australia, and a large reduction
in wool values, a steady adverse drift has been operating against accumulation of funds in London.
"This has been met from time to time by adjusting exchange rates as
between London and Australia, so as to operate adversely against imports
and in favor of exports."
Present London Rate Above Cold Point.
Robert Gibson added that the present rate of exchange between
Australia and London is above "gold point," and it is cheaper to export
gold from Australia to London than pay the high exchange.
The Chairman explained the crisis which prompted the board of the Bank
to recommend the course which Government has now taken. He stated:
"A position arises where those who require London credits, and are unable
to obtain them through the usual banking channels, may present notes
at the Commonwealth Bank, obtain gold against the notes, and ship it
overseas to obtain outside credit. The board now finds itself definitely
faced with proposals whirls must have the effect of depleting the reserve
of gold, and taking the control of the situation out of the board's hands."
Sir Robert expressed the opinion of the board that the last resource would
be any course which might mean even temporary departure from the operation of the gold standard on the part of Australia. Such a measure would
reflect most adversely against Australia in aversea credit and have a most
serious effect upon the ability to raise loans abroad.

Sir

Australia Faces Increased Taxes—Treasurer Proposes
Higher Customs Duties and Income Levy.
E. G. Theodore, Treasurer of Australia, in the new Labor
Government, stated in his budget speech that in some important instances the preceding government had understated expenditure requirements and overestimated probable
revenue. Sydney adviees published in the "Wall Street
Journal" of Dec. 30 in reporting this, said:

Departmental officials found that the estimated receipts from customs
revenue would be reduced by $2,500,000: income tax by 51,500,000, and
land tax by 111,000,000, a deficiency in revenue of $5,000,000. raised by
smaller items to a total of $5,270,000.
The Labor Party had a mandate to remove the increased amusement tax
which had been proposed by the former government, amounting to 33,200,000. Its declared policy was an important issue at the election and was approved by the electors. Added to the shortage inherited from his predecessor, the revenue deficiency Mr. Theodore had to face was $8,470,000.
Mr. Theodore also found that the former Treasurer had underestimated
war pensions and other services by $970,000, old age pensions by $1,500,000
and the estimated surplus on the operations of the Post Office Department
by 3400,000. The cost of the elections, $525,000, was an additional
obligation to be met.




[VOL. 130.

Additional 1110.350,000 Revenue Needed.
The only material reduction,in expenditure the new government decided
So make as a matter of piney was $750,000 for defense. A few other minor
items of expenditure had been underestimated, and the total increased expenditure, coupled with the shortage or revenue, brought the total the
Treasurer had to provide for to balance his accounts to $10,350,000. He
Proposed to meet this by increased customs and excise duties.amounting to
56.000,000 and by increased income tax amounting to $4,425,000; providing
a surplus of $75,000.
The following table shows the original taxation estimates, the shortages
to be met, and.the revised estimates:
Original
Revised
Sources of Revenue—
Estimates.
Shortages. Estimates.
customs & excise
$218,750,000 52,500,000 3222,250,000
Income tax
50,000,000 1,500,000
52,925,000
Land tax
14,000.000 1,000,000
13.000,000
Estate duties
9.500,000
9,500.000
Amusement tax
5.000,000 0,200,000
1,800,000
Total taxation
$297,250,000 $8,200,000 $299,475,000
In dealing with the tariff proposals, Mr. Theodore made it clear that
although the new duties will result in increased customs receipts which will
benefit the current year's revenue,they have been Imposed with the primary
object of protecting Australian industry. The new rates cover a wide
ground, including almost every manufacturing group, and raw materials
such as gasoline and timber in which United States manufacturers and
business interests generally are interested. The increases in many cases are
severe and undoubtedly will affect America's trade with Australia adversely.
Increased Income Taxes Proposed.
Theincome tax proposals comprise a supertax of 20% on the existing rates
for companies and a graduated super-tax on the taxable incomes of individuals ranging from 10% on taxable incomes from $1,005 to $7,500:
15% on taxable incomes from $7,505 to $15,000: and 20% on taxable incomes of $15,005 and upwards.
Discussing these taxes, Mr. Theodore stated: "To comprehend clearly
the relative burden of taxation and the real incidence of its varying forms, it
is necessary to treat all taxes as being deduc,ions from income, as indeed
they always are in the last resort. Ry this means our interest can be sharply
fecuseed on the crucial issue—what incomes have and what have not anability to pay. The Government has kept this doctrine clearly in mind in
formulating the super-tax upon incomes.
"The taxes which can be applied most equitably to the varying capacities
of the individual taxpayers are unquestionably direct taxes_ The administration of the present income tax law in the last few years has brought to.
light many anomalies and defects. In order to cure these and to simplify
the law- as far as practicable, it is intended to submit to Parliament early
next year an amending Income Tax Assessment Bill."

Proposed

Co-Operative Corporation Approved By
Federal Farm Board.
The Federal Farm Board announced on Dec. 31 that the
subcommittee on organization of the 4130,000,000 national
cotton co-operative has finished its work, and the charter
and by-laws prepared by the subcommittee have been approved, by the Farm Board. As was indicated in our issue
of Dec. 14, page 3724, plans for the creation of a Central
Co-operative Marketing Organization were approved at as
joint conference in Memphis, Tenn., of the Federal Farm
Board and directors of the fifteen State Co-operative Associations. In Washington on Dec. 27 the subcommittee.
on organization undertook the completion of the charter and
by-laws, starting its work after a short conference with,
Carl Williams, of the Federal Farm Board. The Board's
announcement of Dec. 31 says:
Cotton

S. L. Morley of Oklahoma City, Okla-, Chairman of the subcommittee, will call a meeting of the general committee to be held at the
offices of the Federal Farm Board in Washington on January 9. At
this meeting of the general committee, the documents prepared. andi
tentatively approved will be submitted for final action. If approved,
the charter will be immediately filed in Delaware, a stockholders meeting will be held at once, officers elected and the corporation made ready
to begin its operations. It is expected that all of these details can be
completed on or before January 15.
The plans for the new corporation closely follow those adopted at a.
general meeting of cotton co-operatives of the South which was held
in Memphis, Tenn., on December 10 and 11. On a basis of present
expectations, the new corporation will immediately include as member
stockholders the state cotton co-operatives associations of North Carolina, South Carolina, Georgia, Alabama, Mississippi (short staple),
Tennessee, Arkansas, Louisiana, Missouri, Oklahoma, Texas, Arizona
and California, representing an immediate marketing size of approximately one million bales of cotton.
The selection of an official name for the new corporation will be
made by the organization committee in its meeting in Washington on
January 9. Selection of headquarters for the general offices of the new
co-operative will also be in the hands of the general committee at that
time. Chairman Morley's subcommittee has recommended that four
cities, Dallas, New Orleans, Memphis and Atlanta be considered and
that spokesmen for these cities should be invited to come before the
general organization committee to present their claims.
Neither the cotton subcommittee nor the Federal Farm Board is ready
to predict when actual business operations of the new national co-operative will begin.
In addition to Chairman Morley, the following members of the subcommittee and Frank Burford of Oklahoma City, counsel for the
subcommittee, were in conference with the Farm Board:
Harry Williams, Texas Farm Bureau Cotton Association, Dallas,
Tex.
N. C. Williamson, Louisiana Farm Bureau Cotton Growers Co-operative Association, New Orleans, La.
Allen Northington, Alabama Farm Bureau Cotton Association, Montgomery, Ala.
U. B. Blalock, North Carolina Cotton Growers Co-operative Association, of Raleigh, N. C.

Associated Press advices from Washington Dec. 27 said:
Broadly, the cotton corporation is to follow the general principles of
the national marketing agencies set up for grain, wool and mohair and'
livestock, Mr. Morley said. It is to provide central marketing facilities
and sales services to buy cotton and cotton by-products, to develop a.
centralized finance system and to lend money to its stockholding members.. Each operation entails many ramifications, among which are the.
acquisition of physical facilities, the handling of cotton seed for planting
purposes and the schooling of farmers to adjust production to prospective demand.

JAN. 4 19301

FINANCIAL CHRONICLE

Further Associated Press accounts from Washington Dec.
28 had the following to say:
Carl Williams, cotton's representative on the Farm Board, interpreted
the draft tonight as differing from the grain corporation in that local
co-operatives will not be allowed to buy outright from their members.
In the plan of the $1,000,000 North Pacific Grain Growers' Co-operative Association farmers can sell on a cash basis to their local co-operative, taking the day's price prevailing at the time of delivery.
"State laws," Williams says, "prohibit such practice on the part of
cotton co-operatives. However, the individual farmer can sell on a
spot market by delivering his cotton to the central organization.
"If he sells directly through his local co-operative, which turns the
cotton over to the corporation for marketing, he has one of two choices.
Either he accepts a certain per cent of the current cash value and
allows his cotton to go into a seasonal pool, to be sold at the discretion
of the corporation, or he sells on an optional basis, taking a stipulated
per cent of the value with the understanding that the remainder is to
be paid, less storage charges, at whatever date he orders the cotton
sold."
Federal Farm Board Denies Reports That It Plans to Buy
Bonds of Sunmaid Raisin Growers' Association.
A statement issued by the Federal Farm Board on Dec.
30 denied reports published in some Eastern papers to the
effect that the Board has made an offer to buy the bonds
of the Sunmaid Raisin Growers' Association. The Board's
statement said:
The Farm Board has not purchased, and is not going to purchase,
the bonds of Sunmaid or any other co-operative. Neither has it entered
into any agreement as to what price shall be paid for the retirement
of bonds of Sunmaid or any other co-operative organization.
The Board has agreed to accept any of its bonds Sunmaid may
offer as part of the collateral for a loan of $4,000,000 to the association.
The purpose of this loan is to protect the physical facilities and Sunmaid trade marks owned by this co-operative organization of California
raisin growers. The Board has no interest in the acquirement by
the association of its funds.

49

weakness on the Liverpool market, which has failed to respond to
domestic price advances in the United States. The market situation is
regarded as interesting in view of Senator Nye's charges that the grain
trade is fighting the Farm Board by manipulating the world price at
Liverpool.
So far as the Farm Board is informed, the Farmers' National Grain
Corporation, although bidding for wheat at the loan value, has been
able to buoy up the price without actually purchasing a single bushel
of grain.
Following declines in the world wheat price at Liverpool a week
ago the Grain Corporation announced that it was going into the American market to buy wheat.
The purchases were to be made, it was said, at the amount being
loaned to co-operatives by the Federal Farm Board, $1.25 at Minneapolis
and $1.18 at Chicago. At the Farm Board offices here it was made known
that only so much buying would be done as might be necessary to
protect the loan value fixed by the board.
Bids were posted in the grain exchanges and, according to Farm
Board advices, nothing more was necessary. The sensitive wheat market responded at once. Whereas prices had been about 2 cents below
the lending figure, they rebounded to several cents above that price.

Rise and Fall of Tobacco Growers' Co-Operative Association of Virginia, North Carolina and South
Carolina.
The story of the rise and fall of the Tobacco Growers'
Co-operative Association of Virginia, North Carolina and
South Carolina, the membership T011 of which numbered
J.
96,000 tobacco growers in the three States, is told by John
Scanlan and J. M. Tinley of the United States Department
of Agriculture in a publication issued by the Department
The publication is Circular No. 100-C, "Business Analysis
of the Tobacco Growers' Co-operative Association," copy
of which may be obtained free from the Office of Information, Department of Agriculture, Washington, D. C. These
Investigators, attached to the Division of Co-operative Marketing, which was then a unit in the Bureau of Agricultural
Federal Farm Board Approves Loan for Southern Idaho
Economics, Department of Agriculture, but has since been
Bean Growers' Association.
made a part of the organization of the Federal Farm Board,
The Federal Farm Board on Dec. 27 announced approval
made an extensive study of all the records of the tobacco
of a supplemental commodity loan of not exceeding $100,co-operative from the membership drives that caused farm000 to the Southern Idaho Bean Growers' Association. The
ers by the hundreds to sign contracts with the association
announcement follows:
for the delivery of their crops, to the appointment of receivThe Federal Farm Board announces that it has approved an appliassociation. Their report, as
cation of the Southern Idaho Bean Growers' Association, Twin Falls, ers in bankruptcy for the
Idaho, for a commodity loan of not exceeding $100,000 to supplement given out Dec. 23 by the Department of Agriculture, says:
a loan of $250,000 from the Intermediate Credit Bank at Spokane,
The association was incorporated Feb. 9 1922, with the main office at
Wash. This loan will enable the association to make additional ad- Raleigh, N. C. Relatively low prices for tobacco in 1920 following high
vances to its grower members. The Intermediate Credit Bank is making prices during the World War, together with a general dissatisfaction with
advances of not exceeding 60% of the market value of the beans and the the auction-floor system of selling tobacco, and encouragement from some
supplemental advances from the Farm Board are not to exceed an addi- men who believed that relief from the conditions then existing could
tional 15% nor more than 1 cent a pound and the aggregate advances be secured through farmers' co-operative associations, were the principal
from both sources are not to exceed 5 cents a pound.
factors which led up to the creation of the association. Nearly 96,000
tobacco growers signed contracts to deliver their tobacco to the association
during the four years of its operation.
Federal Intermediate Credit Bank of Spokane Reduces
The association attempted to secure delivery of over halt of the Virginia
2 to 5%.
/
sun-cured, Virginia dark-fired, and flue-cured types of tobacco grown in
Rates on Loans from 51
States in which it operated, but in 1922, instead of handling
The Federal Intermediate Credit Bank of Spokane an- the three
the anticipated 50 to 60% of the crop, it received only 35.4%. In 1923
nounced Jan. 1 that effective at once its loaning rate would the receipts decreased to 28.6%; in 1924 to 22.9%, and in 1925 to 14.6%.
a total of
be cut from 51
2 to 5%. Associated Press accounts from In June 1926, at the end of its fourth year, after receiving
/
over 531,000,000 pounds of tobacco valued at over $100,000,000 from
Spokane reporting this said:
its members, the association was put in the hands of receivers.
The reduction was described as a New Year's greeting to the agriculThe association had failed to meet the expectations of its members, and
tural and live stock industries," by E. M. Ehrhardt, President of the was discredited throughout the tobacco belt. Although financially solvent,
Bank.
It had failed as a marketing organization. Many factors contributed to this
The reduction, he said, was the result of a "general softening of failure, but it is difficult to assign to any of them a definite rank among
short-time interest rates, and an improvement in the debenture market the causes of failure.
which has enabled the bank to sell its debentures on a more favorable
The factors or causes of failure may be placed under (our general
basis."
headings: (1) Conditions among tobacco growers, (2) policies and practices during the organization of the association, (3) mistakes in policies
and in management, and (4) market conditions and commercial interests
Bureau
Farm
Chester H. Gray of American
Federations
unfavorable to the co-operative marketing of tobacco in the tri-State area.
Sees Move to Force Grain Prices Lower—Predicts
Disloyalty among the members was rampant from the beginning of the
passed.
Exchanges Will Wage Campaign Testing Federal Farm association, and membership defections increased as the years
This failure of the members—whether voluntary or involuntary—to live
Board.
up to their contracts was undoubtedly one of the most important causes
Reiterating the assertion made Dec. 26 by Senator Gerald leading to the failure. This disloyalty, especially during the first years,
educational conP. Nye of North Dakota that the battle between the Federal may be attributed largely to the economic, social, and
ditions of the tobacco fanners in the tri-State area. The percentage of
Farm Board and the grain trade has been transferred from
tenancy its very high; tobacco is often the only cash crop; credit
round table discussion to the wheat markets of the world. facilities are limited and most unsatisfactory. The growers are both
relatively large
Chester H. Gray, Washington representative of the Amer- whites and Negroes, and many have little education and a
percentage are illiterate.
27
that
Dec.
on
Farm
Bureau
declared
ican
Federation,
They were, with few exceptions, inexperienced in co-operative marketing
the grain exchanges in the next few months may be ex- and had little understanding of its principles, possibilities, limitations,
of the farmers
pected to wage a tremendous battle in the world's wheat and necessities. These conditions among a large proportion
to the lure of higher cash prices
susceptible
peculiarly
members
made
down.
The
New
exchange to force the wheat market price
prevailing on the open warehouse markets and to the insidious and effective
York "Journal of Commerce" in stating this in Washington attacks of the opponents of co-operative tobacco marketing. The low
initial advances at first, and later the delay in making further advances
advices Dec. 27, continued:
and final settlements, served to aggravate a situation which was already
Farmers throughout the country will follow the trend of events closely, distressing, partly because of the heavy indebtedness resulting from the
Farm
whether
the
reveal
the
will
because
outcome
Mr. Gray asserted,
unsatisfactory prices of tobacco in 1920 and 1921, and partly because of
Board is successful in revamping the marketing machinery to give pro- the higher standard of living acquired during the war years. It has been
ducers and consumers the benefit of rich profits now collected each year maintained by many persons that the faith and loyalty of the members
in commissions by middlemen. He predicted that if the board wins a were deotroyed by the many evidences of mismanagement and by alleged
clear victory in this fight, farmers in all parts of the country will swarm unwise or dishonest policies of the officials and directors.
into co-operative associations to share in the benefits of farm-owned
The members were allowed, if not led, to believe that an association
and farm controlled marketing agencies.
would have virtually monopoly control of the tri-State tobacco situation.
Extravagant promises and promises not possible of fulfillment were made.
Liverpool Weakness Factor.
It is pointed out that, though wheat prices rebounded after the Farmers' Contracts not revocable resulted not only in non-delivery of tobacco but
from
National sales agency posted its odds, they slumped back today nearer in open antagonism of those who wished to be legally released
the loan figure. This relapse, it was emphasized, is attributable to their contracts. Many mistakes by the management were due to the




50

FINANCIAL CHRONICLE

Inexperience of directors and officials; the management was extravagant
in purchasing and operating warehouses, and in employing personnel.
There was much opposition to the association from those who would be
injured financially if the association were successful.
But in spite of its failure, and in spite of some of the temporarily
harmful effects, the association has to its credit many accomplishments,
some of which will have a lasting and beneficial influence upon the conditions and future of the tobacco growers of Virginia and the Carolinas.
There is reason to believe that a new organization, or organizations, will
eventually be formed in the tri-State area, built upon the principles of
service, stability, and economy for both the tobacco growers and the
tobacco manufacturers, and with co-operation between these two
groups
Instead of opposition.

Organization of Detroit Mortgage Bankers'
Association.
Detroit bankers and realtors prominent in the mortgage
loan field have organized the Detroit Mortgage Bankers'
Association, according to an announcement by Bart H.
Manning, Vice-President of the Union Trust Co. of Detroit,
who is Chairman of the Program and Public Relations Committee of the new group. At the organization meeting held
Dec. 19, Andrew Malott, Vice-President of the Guardian
Trust Co., was elected President, Richard G. Lambrecht
of the Lambrecht Kelly Co., Vice-President, and Joseph
Brandt, Vice-President of the Fidelity Trust Co. was made
Secretary and Treasurer of the new association. The foregoing, together with Bart H. Manning of the Union Trust
Co., Norton Miller of the Detroit Trust Co., Harry Hanson
of the Bankers Trust Co. and Harry H. Fairchild of the
Homer Warren Co., constitute the Board of Governors of
seven Who will have chief responsibility for the administration of the Bankers' Association. On Dec. 20, the newly
elected Board of Governors met at the Guardian Trust Co.
to plan the national convention of mortgage bankers, which
will be held in Detroit In September, 1930. Representatives
of 500 Institutions from 40 States will attend this annual
gathering.
Outstanding Brokers' Loans on New York Stock
Exchange Drop to $3,989,510,273 Dec. 31—Decline
$27,088,496 in Month.
Continued decline is shown in the outstanding brokers'
loans on the New York Stock Exchange, the Dec. 31 figures
of combined time and demand loans aggregating $3,989,510,273. These figures, which were made available yesterday Jan. 3) by the Stock Exchange, compare with $4,016,598,769 on Nov. 30. The peak figure was reached Sept. 30,
when the total was $8,549,383,979. The Dec. 31 total is
made up of demand loans of $3,376,420,785 and time loans
of $613,089,488. The following is the statement issued
yesterday by the Stock Exchange:

[VOL. 130.

"I should feel remiss in my duty as a State Senator and
as a member
of the Senate Banking Committee were I to
fail to press my plea for
the creation of a new commission to study the ramifications
and machinations of a system so close to the public interest and
general prosperity
as is the stock market," he wrote. He went
on to quote opinions of
Charles Evans Hughes when Governor; of Seymour L. Cromwell
when President of the New York Stock Exchange; Myron H. Clark,
when Governor
in 1856, and a recent statement of Dr. Benjamin
H. Anderson, Economist
of the Chase National Bank, to show that
undesirable conditions existed
and that they had long been recognized.
Makes Plea for Regulation.
He criticized the practice of trading when the ticker
was far behind,
and continued: "It has ofttimes been said that an association
or institution—like a stock or commodity exchange—whose influence
is as great
and at times greater even than that of the Government,
that has within
it the power to enhance the value of one security
or depress the value of
another, and to which the State and Nation pay so
much recognition,
should not be permitted to carry on its operations
without some safeguard for the public welfare."
He urged the licensing of brokers, and the bringing of
investment
trusts "within the supervisory and regulatory powers
of the Superintendent of Banks."
"It has become the practice among brokers to lend stocks
to 'short
sellers' so that the latter might make delivery to cover
their commitments," he declared. "A committee appointed by you
may well consider
the soundness of this 'stock lending' and the desirability
of recommending the passage of a law prohibiting it."
Hits at Credit Extension.
He asserted that "it goes without saying that the prodigious speculating in the stock market of recent times would have been
utterly impossible without the most liberal aid of the banks in extending
credit, in
the form of call loans, to brokers." He quoted Dr, Anderson
as saying
that, "basically, our present troubles grew out of the excessively
cheap
money and unlimited bank credit available for capital uses and
speculation. There is no intoxicant more dangerous than cheap money
and
excessive credit."
"I again urge upon your Excellency the appointment of a committee
of reputable and outstanding leaders in the world of commerce
and
finance to undertake a serious and scientific study of this problem
and
of the multitude of influences at work, many of which are susceptible
to the most flagrant and abusive manipulation," Senator Hastings
wrote.
He declared he had received no response to his first letter, which
had
been referred by the Governor to George W. Davison, Chairman of
the
Bank Law Committee. He wrote that Mr. Davison had informed
him
he had written to Governor Roosevelt "at considerable length"
concerning it.

Record Volume of Trading on New York Curb Exchange
in 1929.
The year 1929 will go down in the annals of the New York
Curb Exchange as a memorable year. Trading records
were surpassed in all directions, particularly since last spring.
In reviewing the operations for the year the Exchange
says in part:

According to the records, dealings aggregating 1,000,000 shares to
over
315 million shares per day have been almost in succession since
April
to the middle of October. Then, suddenly, on October 24. unprecedent
ed
activity developed and total sales shot up to 6,337,400 shares, followed
on
October 29, with a record total of 7,096,300 shares. Never before in
history
did the Exchange, or Wall Street in general, experience such active scenes
as attended financial operations on the above-mentioned two days and
the
Total net loans by New York Stock Exchange members
on collateral, trading machinery on the floor was so taxed it became necessary to close the
contracted for and carried in New York as of the close of
market
Nov.
days,
viz.:
for
1
and
two
2,
and
limited trading hours for sevbusiness Dec. 31
1929, aggregated $3,989,510,273.
eral sessions thereafter in order to allow the proper clearance of commitThe detailed tabulation follows:
ments which had been previously made. Prior to the tremendous trading
which developed in October, the two banner days on the Exchange were
(1) Net borrowings on collateral from New York banksDemand Loans. Time Loans.
June 28 and July 24, when the high totals of 3,304,500 shares and 3,584,700
or trust companies
(2) Net borrowings on collateral from private bankers,$2,882.622,226 $487,062,000 shares respectively were established.
brokers, foreign tank agencies or others in the
Before the month of April 1928, there were no "million share sessions"
City of New York
493,798,559 126,027,488 on the Exchange, and only a dozen or so days before that time in which
the volume approached the million share mark. Consequently, the percent$3,376,420,785 $613,089,488 age of increase
in the daily volume of transactions in the past two years,
Combined total of time and demand loans, $3,989,510,2
73.
and particularly since the beginning of 1929, has been without parallel.
The scope of the above compilation is exactly the same as
in the loan Other noteworthy features of the operations on the floor of the
Exchange
report issued by the Exchange a month ago.
occurred on June 14 1929, when 1,032,400 shares of Commonwealth &
The compilations of the Stock Exchange since the issuance Southern Corp.stock changed hands and on Oct. 21, when 1.151,900 shares
Cities Service common stock were dealt in. So far as the records go,
of the monthly figures by it, covering the period from of
no other securities dealt in on any stock exchange in this country
ever
January 1926 to December 1928, were given in our issue presented such tremendous turnovers during a full day's
trading session.
There are 2.500 stocks and bonds traded in on the New York Curb
Dec.7 1929, page 3570. In the following we show the record
Exchange. Of these over 2,000 stocks, both domestic and foreign, about
for each month of 1929:
350 domestic bonds and approximately 100 foreign bonds, while
the total
1929—
Demand Loans.
Time Loans.
Total Doane.
Par value stocks dealt in is more than $20,000,000,000, in addition
Jan. 31
$5,982,672,411
to
$752,491,831
$6,735,164,241 over 700.000.000 shares without
par value. An illustration of the high caliFeb. 28
5,948,149,410
730,396,507
6,678,545,917
Mar.30
ber
of
6,209,998,520
all
regularly
being
dealt
594,458,888
stocks
now
in
is
found in the fact that approx6,804,457,108
Apr. 30
6,203,712,115
571.218.280
6,774,930,395 imately 65% of the total or about 1,300 issues are in the dividend paying
May 31
6,099,920,475
565,217.450
6.665,137,925 class. One day, June 14 1929, 125 stocks
sold
June 29
ex-dividend, thereby es6,444,459,079
626,762,195
7,071,221,275
July 31
6,870.142,664
603.651,630
7.173.794,294 tablishing a new record on the Exchange. The previous record was made
Aug. 31
on
7,161,977,972
Sept.
719,641,454
when
109
14,
1928,
issues
sold ex-dividend.
7,881.619,426
Sept. 30
7,831,991,369
717.392,710
It required but a little over six months for the market to surpass
8,549.383,979
the
Oct. 31
5,238,028,979
870,795,889
6,108,824,868 previous total of 236,043,682 shares
reported traded in during the entire
Nov.30
3,297,293,032
719,305,737
4,016.598,769
Dec. 31
3,376,420,785
613,089,488
3,989,510,273 Year of 1028 and in approaching the half billion sales mark this year, the
New York Curb Exchange will have set a record for volume dealings
in
stocks far in excess of any of its previously reported yearly totals. Since
State Senator Hastings of New York to Press for Action the first of the year, monthly sales have risen
from 27,000,000 shares to a
by Legislature for Inquiry into Stock Market peak of about 63,000,000 shares in October and indications point to a
continuance of heavy dealings up to the close of 1929. On the other hand,
Operations.
the bond market has been comparatively quiet since the first of the
year
According to the New York "Times" of Dec. 29 New York and transactions,so far, have fallen much behind those of a year ago. This
may be attributed to the high rate of money.
State Senator John A. Hastings renewed on Dec. 28 his
Although the daily record number of 763 issues traded in May 9 1928
demand for a Commission to study the stock market by was not equaled or surpassed so far in 1929, broad markets this
year nave
been
more successful than they ever were with from 650 to 750 indiv dual
making public a letter dated Dec. 21 to Governor Roosevelt,
securities traded in per full day. In addition, and aside from the
record
asking why no action had been taken on a similar letter of breaking totals in Commonwealth & Southern
Corp.stock and Cities Service
common stock, mentioned in a preceding paragraph, the former issue
Nov. 15. The "Times" said:
also
In his latest communication he attacks the practice of short selling established record "opening" transactions of 100,000 shares on two separate
days,
namely,
and
June
15
June
28,
1929.
on
And
July 15 1929. the
and the readiness of banks to lend money for speculative purposes.
stock opened on 90,000 shares. In fact, during Juno and July,
initial and




JAN. 4 1930.]

FINANCIAL CHRONICLE

total daily dealings in this issue were the heaviest for any single security
In the history of the Exchange. The only other stock that previously
opened on a 100,000 share block was General Baking common, which did
so on May 14 1928.
However,during the heat of the terrific trading in October, Cities Service
established a new high open record of 150,000 shares on Oct. 24 and then
exceeded this record on Nov. 4 with an intitial block of 225.000 shares
which involved an aggregate money value of $9,421,875. This was the
largest "opening" transaction ever made on any stuck exchange in this
country, if not in the world.
Prior to the establishment on Oct. 29 of a record of 7,096,300 shares of
stock traded in, the turnover on June 28 was noteworthy, in that the
volume, amounting to 3,304,500 shares, passed the three million share
mark for the first time on record. Further, the two-hour Saturday session
on June 15, with a turnover of 1,287,900 shares was notable because transactions on that day exceeded those on any other stock market in the United
States. However, this total was not an Exchange Saturday record, for
on July 13 transactions reached a peak of 1,832,200 shares, which volume
a year ago would have been heralded as a remarkable record even for a
full five-hour session.
Aside from the October figures, it is significant that these records were
made during the summer, for ordinarily, in the hot season, trading is in
restricted volume. This year, however, traders threw custom aside, with
the result that operations during June,July and August were the most active
for similar months in the history of Wall Street.
In addition, the New York Curb Exchange has taken its place with the
great security markets of the world.
Through the medium of American certificates of deposit trading is
carried on in over 100 foreign companies having a total capitalization of
over 600.000,000 shares with a par value exceeding $7,000,000,000

It is also noted that the ticker system of the New York
Curb Exchange has been considerably extended and not
only covers Greater New York but extends from the Atlantic
to the Pacific Coast as well as to the Gulf Coast and the
Southwest and, together with branch lines, embraces over
100 important cities two of which—Toronto and Montreal—
are in Canada.
New York Curb Exchange to Add to Its Quarters.
In order to provide additional quarters for its expanding
business, the New York Curb Exchange, has completed plans
for a modern new building on its plot in Trinity Place,
between Rector St. and Thames St., New York City. It
is expected that construction work will start within the next
30 days and in all probability the new Exchange building
will be completed within a year's time. It will be equipped
with every modern facility for business efficiency. The
announcement Jan. 2 by the Exchange says:
The structure is designed to cover the entire site which is now only
partially occupied by the present building. It will be 14 stories high and will
rise 225 ft. above the sidewalk and extend 35 ft.. 9 inches underground.
The building will embrace an area of 178 ft. front by 181 ft. deep. The
entire Trinity Place facade of the new Exchange will be of carved ornamental
stone, of modern design, nickel bronze metal work and steel windows. The
trading floor area will comprise 14,132 sq. ft. compared with the old board
room area of 9,598 sq. ft. and will contain 24 trading posts of a new and
much improved design as against 16 trading posts now in use. They will
be so planned and arranged as to permit the handling of a record volume of
business. The new posts, several of which are already in use on the present
trading floor, are the result of many experiments made during the record
trading sessions in October and early November 1929.
The height of the new board room will reach 63 ft. and extend 5 stories.
The telephone sections, located on each side of the Exchange floor, will
occupy 6,100 sq. ft. compared with the present area of 4,416 sq. ft. and
there will be 443 telephone booths, as against the present total of 350.
The sixth floor directly above the board room will be occupied by ventilating machinery. The seventh to and including the fourteenth floors will
contain various offices of the Exchange,including the Board of Governors'
room, the President's office, Secretary's office, Committee rooms, Medical,
Educational and other departments.
Provision has been made for a basement and sub-basement with a net
area of 5,428 sq. ft., to house the Night Clearing House Department,locker
rooms, engine room, et cetera.
The entrance to the offices will be on the north side. This will lead into
an ornamental lobby and an elevator foyer from which three high speed
elevators will serve the office floors above. The architects of the new building are Starrett & Van Vleck of New York City.
So rapid has been the expansion of business on the Curb Exchange during
the last few years and so confident are officials and members that this
growth will continue with the coming years, the Board of Governors, with
an eye to the future, have completed plans for even greater working space
than the additional facilities which will be provided when the new Exchange
building is completed. This was made known to-day when announcement
was made that the Hamilton Building, adjoining the present Exchange on
Greenwich Street and Thames St., had been purchased. This will provide
an additional plot with an area of approximately 116 ft. on Thames St. by
82 ft. on Greenwich St. It is not expected, however, that the Exchange
authorities will raze the newly acquired Hamilton Building and immediately
start construction on the site. The property, it is said, was purchased as an
economic necessity to allow of greater expansion of Exchange facilities when
such expansion became necessary.

Chicago Stock Exchange in 1929 Double
Previous Year's Record.
Total shares traded on the Chicago Stock Exchange during
1929, including 296,000 shares on the final day of the year
(Dec. 31) was 82,216,000, more than double the previous
year's record. The Exchange in reporting this says:
Trading on

The former high yearly record was made in 1928 when total trading on the
Chicago Exchange reached 38.940,000 shares. The 1929 trading nearly
equals the 85,000,000 shares traded during all of the five previous years
and is one thousand per cent greater than the trading of ten Years ago.
The $12,000 par value in bonds sold to-day brought the 1929 trading
in bonds to $4,975,500.




51

The average per day trading on the Chicago Exchange during 1929 was
283,500 shares, compared with 132,100 shares per day in 1928. The
Exchange was open 290 days in 1929, of *which 65 were two- and three-hour
trading days. The Exchange was closed 75 days including Sundays.
There was a total of 1298 trading hours during the year, making the
average trading per hour 63,342 shares.

New Building of San Francisco Stock Exchange to
Be Opened To-day (Jan. 4).
The new building of the San Francisco Stock Exchange
will be formally opened to-day, Saturday, Jan. 4, with an
appropriate ceremony on the trading floor. The usual short
Saturday session of the market will be dispensed with in
order that the opening ceremony may be held at 11 o'clock
in the morning and members of the Exchange and their
guests may inspect the building during the day. The first
regular trading session of the Stock Exchange to be held In
the new building will be on Monday, Jan. 6, when the
intricate equipment of the new trading floor of the Exchange
will be put into service. The new building is at the corner
of Pine and Sansome Sts. Pending its construction the
Exchange has been occupying temporary quarters since
July 1928. The trading room wing of the new Stock Exchange occupies the whole of the site of the former United
States Sub-Treasury Building, which was almost completely
wrecked for the new construction of the Stock Exchange
building. This wing faces Pine St. and its facade of Tuscan
columns and broad granite steps was carefully preserved by
the Stock Exchange building. Behind the trading floor
wing is a twelve-story wing accommodating the administrative departments of the Stock Exchange. The public
entrance to the building is at 155 Sansome St., which is the
official address. The exterior of the building is faced in
California granite blasted from the samo quarry that supplied the granite to build the original Sub-Treasury Building. The trading floor of the new building is 122 feet by
68 feet with an area of 8,296 square feet. Constructed at a
cost of approximately $2,750,000, the new structure will
stand as a monument to efforts of the nineteen brokers who
signed the charter of the original Exchange in 1882.
Launched as the "Stock and Bond Exchange" in September
of that year, the new securities market of the West operated
at brief call sessions during which frequently no transactions
were recorded. Later, however, with the issuance of securities by the first street railway companies of San Francisco, small water and gas companies and the State's first
industrial and commercial enterprises, the Exchange developed and became an organized market for investment
securities. Memberships on the Exchange, which were
purchased by its organizers for $50 each, have sold as high
as $225,000.
Roberts & Hall, Cincinnati Brokerage House, Fails—Graham
P. Hunt Appointed Receiver.
Roberts & Hall, widely known Cincinnati brokerage firm,
applied to the Court of Common Pleas on Monday of this
week (Dec. 30) for the appointment of a receiver to take
charge of its partnership affairs, according to the Cincinnati
"Enquirer" of the following day, which stated that the firm
got into financial straits through the illegitimate trading
of a trusted employee, who was buying and selling stocks
for himself, but under various other names; with heavy
added losses through the sudden drop in stock prices and
the inability of legitimate customers to pay what they owed
the company. Immediately following the application for a
receiver, Judge Stanley Struble of the Court of Common
Pleas, appointed Graham P. Hunt, an attorney, receiver for
the firm, fixing his bond at $100,000. The failed firm was a
member of the New York Stock Exchange, Cincinnati Stock
Exchange and the Chicago Board of Trade, and an associate
member of the New York Curb Exchange. The action was
filed through Taft, Stettinius & Hollister, attorneys, by J.
Nevin Roberts against his partner, Walker P. Hall, stating
that they are partners under the firm name of Roberts &
Hall, and conduct a stock and commodity business at 407
Dixie Terminal Building, Cincinnati. After setting forth
"that their capital has become impaired by the action of
one of their employees in buying and selling stocks under
various names without their knowledge and consent, and
permitting said accounts to become indebted to them in
very large sums," and "that, in addition to the losses incurred by the action of their employee, the sudden drop in
values of various securities has resulted in losses to their
customers . . . ," the petition goes on to say:
"That this condition of affairs has resulted in differences of opinion
as to the conduct of the business by plaintiff and defendent, and that

FINANCIAL CHRONICLE

52

the accounts of the partnership are so confused that plaintiff is unable
to determine what course should be followed in carrying on the business at this time.
"That unless a receiver is appointed by the Court to take charge of
their affairs and have them properly administered, large losses may
result to creditors; and while plaintiff believes that said partnership
is solvent, a continuance of the business under the present conditions
may result in insolvency to the detriment of their creditors.
"That plaintiff believes that a receiver should be appointed and a
dissolution of said partnership decreed by this Court."

It was announced, according to the paper mentioned, that
no information could be given out at present regarding the
allegation made against the employee referred to in the
petition, the partners issued the following statement:
"The receivership was decided upon only after every effort to avoid
such action seemed unwise. Owing to certain confusion in accounts,
mentioned in the petition, it will take accountants some time to reach
details. These accountants have been at work and will conclude their
efforts at the earliest possible moment. Until this is done no statement
can be made. The partners firmly believe that all creditors are fully
protected and that with the receiver in charge all persons interested will
be settled with in full."

In its issue of Wednesday, Jan. 1, the "Enquirer" after
stating that a long line of anxious customers beseiged the
offices of the company the previous day, seeking information as to the state of affairs, went on to say:
Many estimates were made in the financial district as to the value of
accounts carried by the brokerage firm, but these are mere guesswork.
Some of these were placed as high as $10,000,000 or $12,000,000.
Announcements were made by the New York Stock Exchange, the
Cincinnati Stock Exchange and the Chicago Board of Trade, suspending
the firm from these exchanges.
Correspondents of the company in New York closed out the accounts
carried by them, resulting in breaks in Proctor & Gamble and Crosley,
large blocks of which were said to have been held for account of Roberts
& Hall. Crosley broke to a new low on both the New York and Cincinnati exchanges, touching 15 on the big board and 1654 here. Subsequent rallies carried the price several points higher. Procter &
Gamble was down to 5234 in New York, but support was quickly encountered.

According to Wednesday's New York "Times" announcement was made from the rostrum of the New York Stock
Exchange the previous day of the suspension of the firm
from that organization for insolvency.
Fluctuations in Bank Stocks—Survey by Hoit, Rose &
Troster Shows Average Price Dec. 31 at 174, Compared with 337 on Oct. 14 and 148 on Nov. 13.

The bank stock market during the second six months of
1929 passed through the most sensational movements in its
history. The average price of fourteen leading New York
institutions as compiled by Hoit, Rose & Troster, specialists
in bank stocks, opened on July 1 at 243, advanced to a
high of 337 on Oct. 14, and then crashed to a low of 148 on
Nov. 13. From that point the recovery was sharp, and the
year closed with the average at 174. Eased on closing bid
prices, the range for the six months, according to the compilation, was as follows:
America
Bankers
Central Hanover
Chase
Chatham
Chemical
City
Corn Exchange
Equitable
Guaranty
Irving
Manhattan
Manufacturers
New York Trust
Weighted average
x Ex-Rights. y New stock.

that/ 1

—High-

1929.
223
161
398
195
178
107
297
208
615
827
72
820
286
316

Oct. 14.
233
242
497
270
165
128
676
449
742
1153
92
1320
270
433
—
337

243

Nov. 13.
135
100
260
135
90
60
190
150
y300
490
45
Y500
90
200

Dec. 31
1929.
129
13534
315
154
114
73
212
178
x98M
675
5334
x123
14834
260

148

174

While the closing trend was uncertain, the Holt, Rose &
Troster analysis states that the overshadowing of selling
interest by the reappearance of investment buying was discernible as the year ended and this augurs a further improvement in tone for the year 1930.
Review of Bond Market By C. W. Sills, of Halsey,
Stuart 8c Co.—Early Resumption of Activity Looked

For.
"The present situation and outlook in the bond market
justifies more optimism than at any time during the past
year and a half," according to C. W. Sills, of Halsey, Stuart
& Co. Inc., who under date of Dec. 30, in presenting a review of 1929, and discussing present tendencies in the bond
market says:
Early resumption of activity in the bond market appears to be a foregone
conclusion. The theory that common stocks had permanently displaced
sound bonds as an investment medium with the great mass of conservative
Investors, Is now shown to be as fallacious a belief as many of the other
economic and financial theories that characterized the recent speculative
boom, and which, indeed, are an inevitable accompaniment of overdone
speculative enthusiasm whenever and wherever it appears. The value of
sound senior obligations, paying a fixed and regular rate of income,Is again




[Vol.. 130.

firmly established. It Is only a question of time until the advantages
of Investment over speculation again receive their due and just recognition
In the securities markets of the country.
The present status of the bond market can perhaps best be understood
through a review of what has taken place in that field during 1929. The
Inactivity and tendency toward softening of prices which carried over from
the second half of last year, persisted into 1929, and became more pronounced with the Increase in speculative activity. Only during the last two
months of the present year has there been a perceptible strengthening in the
prices of high grade bonds, and an increasing interest in the long-neglected
short-term class. . . .
The present situation and outlook in the bond market justifies more
Optimism than at any time during the past year and a half. Speculation.
which occupied the center of the stage throughout the greater part of that
time, rose to such heights that it interfered very greatly with the investment market, and with numerous forms of business developments which required capital at moderate cost. Since October, 1929, the first long step
has been taken toward restoring true investment to its proper place In the
financial scheme of things. That the purchase of bonds by banks is again
under way is indicated by the fact that the reporting member banks of the
Federal Reserve System have in recent weeks shown a substantial increase
in their bond holdings. Various factors in the financial situation have so
far prevented anything like full recovery in the bond market. Such strength
as has appeared has not to any great extent taken away the numerous opportunities for obtaining sound security and liberal income in either short or
long-term bonds. To illustrate the values still prevailing among different
types of bonds, we need only compare the levels prevailing In recent weeks
with those in the early months of 1928. A group of thirty representative
Issues, comprising ten each from the public utility, industrial and railroad
groups, showed average prices of 102.69, 100.57 and 100.85,respectively,
as of Mar. 2 1928. On Dec. 2 1929, the averages for these groups were as
follows: Public utilities, 96.31; industrials, 90.70; railroads, 95.53. In
other words, the public utility bonds were 6.38 points cheaper at the beginning of December 1929 than they were at the beginning of March last
year; the industrials, 9.87 points cheaper; and the railroads, 5.32 points
cheaper. Expressed in terms of income, public utility bonds yielded nearly
34 of 1% more at the beginning of December, 1929, than on Mar. 2
1928; industrials yielded better than ff, of 1% more; and railroads, a third
of 1% more. This is true, notwithstanding the fact that there has undoubtedly been substantial improvement during this time in the security
behind the bonds included in each of these three groups. A similar comparison of 15 representative foreign bonds shows an average price of 103.94
on Mar. 2 1928 and 99.66 as of Dec. 2 1929—a difference of 4.28 points, or
an increase in yield of a third of 1%•
Clearly, we are still in an exceptionally favorable period from the standpoint of the bond investor. With the major obstruction to progress definitely removed, and with an excellent outlook for a period of easier money,
there Is much justification for the view that the coming year will see a
definite resumption of activity In the bond market.

In part Mr. Sills also said:
The supply of high grade bonds has not been great at any time during the
year. The total volume of bonds and notes issued during 1929 will in all
probability not greatly exceed $4,300,000,000, which is approximately 23%
under the total for 1928, and about 21% below the average for the five
Years from 1924 to 1928. Because of the high cost of money and the sluggishness of the market throughout the greater part of the year, dealers have
not been encouraged to carry any very substantial inventories. Undigested
Issues of important size are virtually non-existent. Liquidation by banks
has for some time been quite well out of the way. Furthermore, there has
been a considerable retirement of bonds during the present year, which has
also operated to reduce the available supply. Finally, liquidation of bonds
during the recent stock market crisis did not develop to anything like the
extent that might have been expected.
Consequently,the unabsorbed supply of bonds in the market is small,and
there appears to be little disposition among corporations to add to the supply
through further offerings until their senior securities will commend materially higher prices than those now prevailing on comparable issues. In
view of this situation, any material improvement in the demand for bonds
would undoubtedly have a marked strengthening effect upon the Prices of
those available.
The total volume of public utility obligations offered during this year will
run in the neighborhood of $1,000,000,000, a total which compares with
$1,654,343,900 during 1928. This class of investments has been among the
first to respond to the recent upturn in the price of high grade bonds. The
leading public utility companies of the country, having availed themselves
of the recent popularity of stocks to build up their junior equities, are
admirably situated to accomplish such bond financing as may be necessary
to meet their requirements for the future. Although a good volume ofsuch
financing is in prospect, there is little likelihood that it will be carried
through on an extensive scale until there is a material further improvement
in the prices prevailing on this class of securities.
Reflecting the trend toward a somewhat reduced volume of new construction during 1929, and the disposition among leading investment bankers to scrutinize all new projects with extra care, real estate bond issues have
also appeared in the market In recent months with comparative infrequency.
Such real estate bond financing as has been done during the year, however,
has been distinguished by an increased number of issues of largo size and
recognized merit.
The volume of new municipal financing during the past year has held up
remarkably well, although all classes of public obligations during the
first 10 months showed more liberal yields than the annual average yield for
any of the past five years. The attractive income offered by strictly first
class municipal bonds has for some time kept them within reach of a group
of purchasers which ordinarily confines its Investments mainly to taxable
issues. Undoubtedly, one of the principal reasons for the substantial
volume of tax-exempt bonds absorbed in the face of the unfavorable conditions of the present year, has been the recognition among Institutions that
unusual values were being offered. The demand for tax-exempt bonds,
particularly in long maturities, was fairly active at the beginning of the year,
but showed a declining tendency with the approach of spring. Activity
again Increased the early part of the summer, but had pretty well worn itself
out by August. Demand has again asserted itself since October, with increased interest in short maturities which earlier in the year went begging,
and with a distinct firming of prices. With the approach of the year-end,
the outlook is for further upward revision of prices in the event that a really
strong demand develops In the early months of the new year. An additional factor of importance in this connection should be the renewed activities of hundreds of dealers who have for many months given tax-exempt
bonds little or no attention.
The issuance of bonds for industrial and miscellaneous purposes showed a
substantial decline from the 1928 figure—which, by the way, represented a
reduction of more than one-third from the total for 1927. The reason for
the sharp reduction in the financing of industrial enterprises through bomb,
of course, was the condition whch prevailed in the stock market. So keen

JAN. 4 1930.]

FINANCIAL CHRONICLE

for inhad grown the public appetite for stocks that it was relatively easy
dustrial enterprises, of nearly all types and sizes, to finance their needs
through the issuance of common stock. . .
Railroad financing showed a moderate increase in volume for 1929, as
compared with 1928. The percentage of new capital as distinguished from
refunding was substantially larger this year then last. The remarkable improvement in railroad earnings,resulting primarily from increased efficiency
and operating economics, has steadily enhanced the credit position of the
railways, although the time Is not yet at hand when the 5.'4 % return
allowed under the Transportation Act will be generally realized. Further
increases in railroad earnings are obviously to be desired, since these are
essential to the building up of junior equities and the production of a wellbalanced capital structure. . .
Foreign Bond Financing.
The high money rates in effect throughout the greater part of this year
have operated very effectually toward keeping foreign borrowers out of the
American market. Foreign government bonds marketed in the United
Statesduring the year represent only a small fraction of the amount brought
out in 1928. Foreign bond financing, other than government, also showed
a drastic decline from last year's figures. Since most of the important
foreign countries must continue to look tons 86their principal outside source
of capital, the situation which has prevailed during the past year and a half
has undoubtedly caused a suspension of many worthy enterprises abroad.
both of public and private character. It is an interesting fact that foreign
payments to American investors have for some time been exceeding the
amount of capital sent abroad for investment. In 1928, for example, the
Investors of this country purchased about $1,027,000,000 in foreign securities, but they received 81,066,000,000 in interest and dividends, and the
repayment of capital. In other words, we received about 839,000.000
more from foreign countries than we lent them; and when the figures are
finally cast up for 1929, the amount received from foreign borrowers is sure
to be greatly in excess of the amount they were able to obtain here in the
form of new loans. Eventually, of course,the situation will right itself, and
American Investors will again extend credit in substantial amounts for the
financing of foreign enterprises.

time of its delivery—and we are hence prompted to give it
In its entirety. The address was -presented under the
title, -"Broadening America's Policy to Meet New Economic
Responsibilities," and in it Mr. Austin discussed Federal
Reserve policies, branch and chain banking, security speculation, etc. "Taken as a whole," said Mr. Austin, "the
Federal Reserve System must be regarded as still in process
of evolution through experience." Ile stated that "the
actual effect of Federal Reserve policy in controlling the
general cycles of business, by the use of the discount irate
and by open market operations, is still a matter of sincere
disagreement among even the best-informed practical experts." Mr. Austin added:

Twenty-Eight Bank Mergers Involving Forty-Four New
York Institutions Consummated During 1929, According to Gilbert Eliott & Co.

The year 1929 will go down in financial history as the
peak year of the merger movement among banks. In New
York City alone there were no less than 28 mergers involving 44 banks, according to a compilation by Gilbert
Eliott & Co. Among the largest of the New York banks
to lose their corporate entities through mergers were: The
National Bank of Commerce, the National Park Bank, Seaboard National Bank and the State Bank & Trust Co.
Among the most active banks in the merger field were:
Chase, Bank of Manhattan and the Bank of America. The
latter institution in addition to acquiring control of the
Nassau National Bank and the Traders National Bank, also
merged a private investment banking house, Blair & Co.,
the first instance of such a combination in the history of
New York banking. Later in the year, a similar combination was effected when the Chatham Phenix Corp., the
securities company of the Chatham Phenix National Bank
& Trust Co., absorbed W. R. Compton & Co. The following tabulation prepared by Gilbert Eliott & Co. lists all of
the principal bank mergers since the first of the year:
Merging Banks—
Bank of America

Rink of United States

I rooklyn Trust
Central Hanover

Chase
Chatham-Phenix
Chemical
City
Equitable
Guaranty
International GermanicInterstate Trust Co
Lafayette
Lefcourt
Manhattan
Manufacturers Trust
•Pending.

Absorbed Banks—
(Nassau National
{Traders National
Blair & Co.
,
(Marray Hill Trust
{Municipal Bank
{Colonial Bank
Bank of the Rockawaye
(City Financial Corp
(Mechanics Bank
{Guardian National Bank*
(State Bank of Richmond County*
/Central Usdon Trust
(Hanover National Bank
(Garfield National Bank
{American Express
IPark
W. E. Compton & Co.
United States Mortgage & Trust
Farmers Loan & Trust Co.
Seaboard
National Bank of COIIIIMIVe
_Mutual Trust Co.
Century Bank
-Bedford National
Claremont
fIntornationla Acceptance Beek
{First National of Brooklyn
(New York Title & Mortgagee
State Bank

Address of Challis A. Austin, Delivered the Day Before
His Death—Federal Reserve Policies—Speculation
and Banks—Chain and Branch Banking.
The address of Chellis A. Austin, late President of the
Equitable Trust Co. of New York, delivered in New York
before the annual convention a the Association of Life
Insurance Presidents on Dec. 12, the day before Mr. Austin's
sudden death from an attack of angina pectoris, has claimed
considerable attention—as much since his death as at the




53

"In my own iudgment, Federal Reserve policy as it has worked to date
has materially moderated the severity and possibility the frequency of
the -upswings and downswings of business, but it has not altered in any
substantial way the fundamental conditions which bring those fluctuations
about What the _future may hold in store in these direeticeis it is impossible to guess; nor is it by any means clear what the ultimate gosls
are at which we should aim?'

With regard to branch and chain banking, Mr. Austin
made the statement that it is clear that "some hazards may
be involved in the corporate ownership of banks, as is the
case in the chain system." Stating that "this whole movement cannot be visaed too rapidly or too indiscriminately
without serious risk of danger," he urged that "it should
be a matter of slow development and designed to meet
genuine banking needs." The address in full fellows:
I would like to talk with you about some of the important changes
which have taken 'place in the banking field in recent years, and to discuss
with you certain of the major problems which American banks are now
facing. It requires no demonstration that in many directions the life
insurance companies and the banks have correlated and indeed identical
interests, and that they have played closely analogous roles in the economic
development of the United States. Both the life insurance companies
and the banks are financial nerve centers. On the one side they attract
and administer a large part of the nation's savings; on the other side they
distribute these savings, by invectinent or lending, throughout the channels
of the country's economic life. Thus they encourage the steady increase
of capital assets, and promote the sound and balanced growth of our
national prosperity. In this respect the bankers' task and yours fundamentally are much the same. We both have a position of high obligation
toward the millions of people who entrust their money to us ; and we both
have the further responsibility of helping to control, by the use of that
money, the degree and direction of the country's economic expansion.
American banking has undergone a number of extremely significant
developments since the war which have been largely peculiar to banking
itself, and in which the life insurance companies have necessarily not
shared. In the brief time at my disposal it is not possible for me to do
more than recall to your minds the most conspicuous of these developments.
My purpose is to review first the most significant problems with which our
financial institutions have been confronted at home during the last fifteen
years, then to allude to some of the outstanding factors which have shaped
our banking policies in the larger international field and finally to review
the role our banks have played during the momentous two months of
America's history from which we have just emerged.
Rising Industrial Production and National IVealth.
In the sphere of purely domestic banking developments in this country,
you all know that the outstanding fact has been the large increase in
industrial production. Let me remind you that for the first nine months
of this year the increase in production relative to 1919 amounted to 45%,
and that relative to the low point of 1921 it was not less than 80%. This
advance has been the direct result of our manufacturers' unceasing pursuit
of greater efficiency, commercial and financial as well as technical, which
is making it possible for them to produce ever more goods at the same
or even at lower average prices. The advance has been accompanied by
large corporation earnings, higher wages, and the steadily growing material
welfare of the people at large.
Similarly, despite the relatively depressed condition of agriculture
during much of the past decade, and despite a certain amount of unemployment, our national income has increased almost every year, and is now
estimated at nearly eighty billion dollars annually. Even after allowing
for the changes in general price levels, this is 60% higher than in 1913.
At the same tine, the volume of our national savings has grown year by
year, and now probably reaches about ten billion dollars annually. In
spite of the inevitable fluctuations of business, our general economic
trend has been steadily upward; and the dimensions of American economic
life, however we measure them, are larger than ever before.
Quicl-ened Circulation and Greater Productivity of Catpilai.
Along with this increase in absolute size have gone some changes in
the character and direction of our economic life, which have had pronounced effects an the banking system. The increase in industrial efficiency,
to which I have just referred, has had the result that, on the average,
a given quantity of capital assets will now rapport the production of far
more goods than was thought possible even a few years ago. In addition,
it has been necessary to raise vast amounts of new capital in order to
bring the corresponding technical and other improvements into operation.
On the other hand, the relatively new policy of hand-to-mouth buying in
industry and commerce has made it possible to finance a much larger
volume of business on a given amount of working capital. The steady
improvement in our methods of transportation of all types has had a
similar effect. At the same time, retail installment buying, despite the
dangers to which it is exposed when overdone, has widened the markets
very greatly, and incidentally has shifted some of the responsibility and
burden of credit extension from the banks to the installment finance
companies.
This vast increase in our industrial and agricultural output, the
acoompaeying growth of our national wealth and savings and the improved
methods of prednetion resulting generally in a more efficient use of capital
and credit—In a word, the new rhythm running through the whole body
economic of the country—have necessarily been accompanied by a gradual
evolution in our banking structure, policies and methods.

A

51

FINANCIAL CHRONICLE

[VOL. 130.

The Banking Situation After the War.
It is no exaggeration to say that the
world-wide influence exercised
As you all remember, our banks came out of the
world war approxi- by the nation, politically and commercially,
since the opportunity came
mately twice as large as they had been in 1914,
whether measured by to us in 1914 has extended to our banks
and great financial houses, and
deposits, loans and investments or by total resource
s. But the general that they have succeeded in a relatively
short time in creating on this
level of prices was also twice as high, the value
of money being only side of the Atlantic one of the great
monetary and financial centers of
one-half as great; in other words, in real values
the size of the banks was the world. It is true that favorable
circums
tances have greatly aided in
little if any larger than it had been five years
earlier. It may be this development, but it must be remembe
red that with few exceptions
truthfully stated that in 1919, apart from the rapid
growth of the Federal our American financial institutions
had only limited experience and
Reserve System and the tremendous expansion
of our foreign banking untrained personnel in foreign operations.
activities, the general character of America
Indeed, the outstanding port.
n domestic banking was war fact has been the enormous exportat
ion of American capital, at first
substantially what it had been in 1914. Then
came the post-war boom largely to finance the reconstruction of
Europe, but later in considerable
ending in the collapse in 1920-1921, which
deflated prices to roughly part to initiate or to expand new
American enterprises in all parts of
two-thirds of the peak levels they had attained
, and which placed our the world. Since the war, over eight
billion dollars' worth of foreign
economic organization again on a sounder
if somewhat narrower basis.
capital issues alone have been issued
and sold in the United States. If to
that figure we add those direct investments
Enlarged Resources and Wider Functions.
in other countries which do not
involve security flotations, short-term
But, unfortunately, the setback was only
indebtedness, and the reduced,
of short duration. Since that so-calle
d "present" value of foreign governm
time another rise in deposits, capital, surplus
ental obligations to our
and investments has carried Governm
ent, we reach, as the total of all America
the total resources of our banks as a whole
n investments and claims
to a figure which is some 40% abroad
at the end of 1928, the amazing figure
or more higher than the maximum attained
of twentypreviously. At the same time, much
the largest part of it accumulated since 1914. two billion dollars;
a series of other important changes have
been taking place, to some of
which, for lack of time I can here merely
call your attention. There are,
Growing Exports Surplus and Gold Reserves.
for instance, the steady increase in the use
of American bankers' acceptAt the same time, and often as the direct
ances, both in the United States and all
result of these capital exports,
over the world, which have now
we have had a continuous surplus of merchan
reached the imposing total of $1,500,000,000
dise exports of unprecedented
, the decline in the volume size.
of the commercial paper market and
On the other hand, however, it seems at first
the expansion of time deposits,
glance paradoxical
that until last year we were also very large
relative to deposits payable on demand.
importers of gold. From
1920 to 1927 we imported over a billion and
a
half
dollars'
worth, and our
Bank Mergers.
total holdings in 1927, of four and a half
billions, represented almost
Another interesting occurrende, however,
deserves more than a passing half of the entire world supply of monetary gold. For a time
this rapid
comment. I refer to the recent marked changes
in the structure and inflow of gold threatened to produce credit inflation and general
overorganization of our banks thmselves. These
changes, which have been expansion, but the same policy of the Federal Reserve authorit
ies kept it
especially pronounced in the last three or
four years, have all operated to from having any marked effect on commodity prices and producti
on. It
increase materially the size of the real banking
unit. For several years seems, however, to have been an important factor in our recent tremend
past, tnergers affecting the larger banks in
ous
the principal cities have taken inflation of security values, to which I shall refer in a moment.
place at frequent intervals, and at the present
time no less than five banks
in the country, largely as the result of
New Methods in Corporation Finance.
such mergers, have assets of
roughly one billion dollars or more apiece.
Perhaps the most significant incident of the
Similar though less specpast few years has been
tacular mergers have been going on through
the
change in the general financial policies of
out the country; and since
a number of our great
1920 the size of the average bank has
increased—partly, though of course Industrial corporations. To an ever-increasing extent,
many corporations
not solely, in consequence of mergers—by
more than 60%. This growth have endeavored to meet their growing requirements even
for working
is clearly in line with that even more
marked trend toward combination capital by floating additional securities, rather than by
bank borrowing.
and amalgamation, which has characterized
our entire business and indus- The practice has obvious advantages, but also serious drawbac
ks; and
trial life since the war.
at times when the companies have surplus
funds in consequence of such
issues, the injection of this money into the
Branch and Chain Banking.
call loan market may produce
an unbalanced and even critical situatio
A second line of development has been
n. Thus the withdrawal of such
the uninterrupted formation funds would have
materially aggravated the abruptness and severity
of additional chain and branch banking
of
systems. Over 120 new branch the recent stock
market collapse if the leading New York banks
bank systems have been put together
had not
in the past five years; and of the stepped in and
taken over the burden. It is interesting to note
total number of banking offices in the United
in this
States, some 14% now belong connection that the
to the branch systems. The chain
New York banks in one week of the difficulties
or group banking systems have become more than
absorbed
81,000,000,000 of loans held for others.
even more important in the aggregat
e. According to a report of the
American Bankers' Association, the
chain systems now embrace only some
Vast Increase in Security Issues.
7% of the banks of the country
by number, but they hold combined
Finally, the last five or six years have seen
resources of over thirteen billion
an extraordinary increase
dollars, or 18% of our total banking In the
aggregate volume of new security issues, partly
resources. Unlike the branch systems,
foreign but over
the chain banks operate in almost four-fifths
domestic. In 1919 new security issues amounted
every State in the Union, and without
to three and a
apparent distinction between the half billion
States which allow branch banking and
dollars annually, and even in 1923 were not much
those which restrict or prohibit it. billions,
over four
but in 1928 they reached a total of eight billion
This general Mutation is of the greatest
dollars--over
interest to every banker. We two-thirds
of the entire national savings in that year!
are now witnessing, indeed, a serious
Such an expansion
though comparatively quiet conflict in capital
issues is desirable if it does not preclude careful
between two or even three mutually opposed
theories of bank organization on the part
discrimination
of the Investing public, but the dangers it
and operation. On the one side are the
may contain,
unit banks, which at most may especially
when any large element of speculation develops
also maintain branch offices in the
same city; on the other side are the all too
, have just been
obvious.
branch and chain systems in the full
sense, which extend over considerable
areas which attempt to link together
territories that are actually distinct
Security Speculation.
economically as well as geographically.
Within the past month or two the whole
It is clear that the branch system
American banking system has
has certain advantages in restricted
been
geographical areas unable by means
subjected to a strain that is without precedent since
of the unit bank to produce sufficient
1921; and I am
profits to command sound manage- glad to say that the banks have come through
with a conspicuously sound
ment. There are doubtless good reasons
for broadening our laws to permit record, the general situation originated in the
great increase in the
branch banking where now the chain banking
system must be resorted to. volume of our new security issues and of our total
It is even more clear, however, that some
security transactions,
hazards may be involved in the especially since 1924, to which I have just referred
. In that increase
corporate ownership of banks, as is
the case in the chain system, and alone there would, of course, have been no
danger.
that because of the vast area of this
The increase was
country, raising serious managerial accompanied, however, by a persistent rise in the
prices of most common
problems, as well as the existing
economic independence of almost every stocks. Part of the rise was entirely justifie
d, and on the average represection of the United States, this whole
movement cannot be pushed too sented simply a capitalization of the continued increase
rapidly or too indiscriminately without
in business assets
serious risk of danger. It should and earnings which followed our recovery from
the post-war depression.
be a matter of slow development and
designed to meet genuine banking But to this legitimate rise was added the influenc
e of a speculative mania,
needs.
which spread throughout the country
and which soon threw us into the
full tide of security inflation.
Federal Reserve Policies.
The development of Federal Reserve
policy at home and abroad has
Speculation and Banks.
also been a matter of vital concern to all
bankers and business men. In
the domestic field the Federal Reserve System
To what extent has the recent drastic
Stock Exchange crisis affected the
has done invaluable work
in simplifying and speeding up the daily
routine of inter-bank transac- character or direction of American banking? It seems to me that there
have been rather confused notions
tions; and the supplies of credit which
generally held as to the role
the Reserve Banks can make
which
our leading banks have played
available in times of real stress are, in a
in the promotion of new security
very literal sense, the life
issues
and in the speculative movements which
insurance of our whole banking system. On
we have witnessed. This is
the other hand, the actual
the
time to be outspoken on this subject.
effect of Federal Reserve policy in controll
The impression has prevailed
ing the general cycles of
that
the craze which has seized
business, by the use of the discount rate and by
a certain limited part of our people to
open-market operations,
stake
their all by buying securities on margin,
Is still a matter of sincere disagreement and
has been in some cases encoura
controversy among even the
ged
and to some degree condoned
best-informed practical experts. In my own judgmen
by the great banking institutions
t, Federal Reserve
of the
policy as it has worked to date has materially
country. It has been pointed out that the
moderated the severity and
security holdings of the banks
since 1920 have snore than doubled and
possibly the frequency of the upswings and down
that loans on securities at
-swings of business, but
the
end of September of this year were 45%
it has not altered in any substantial way the
of all loans of the banks which
fundamental conditions
were
which bring those fluctuations about. What the
members of the Federal Reserve System in the
future may hold in store
leading cities.
In these directions it is impossible to guess:
When
the financial history of the last few months
nor is it by any means clear
has been written, I
feel that the following facts will be
what the ultimate goals are, at which we should
more thoroughly appreciated than
aim.
they are now, namely: first, numerou
Taken as a whole, the Federal Reserve System
s American industrial corporations,
must be regarded as
which formerly had been among the higheststill in process of evolution through experience.
class borrowers of the banks,
Mistakes have been
had sold securities to the public instead
made in the past, perhaps inevitably, but the general
of borrowing and the public in
line of development
turn
of the system seems to me to have been admirab
had borrowed substantial amounts from the
le ; and the reality of
banks with which to pay
for these securities. Second, another importa
its services to our business and banking life
is beyond debate. In the
nt part of the loans was
foreign field, too, the Federal Reserve
represen
ted
by
high-class securities subscribed by the American
Banks have played an admirable
investors
part in the post-war stabilization of the
world's currencies, and by informal as a result of the country's active absorption of issues of foreign governco-operation with foreign central banks,
ments and enterprises, which issues promoted the
and in other ways, they also have
domestic and foreign trade
materially aided the sound and orderly
growth of the world's industry and of the United States and were instrumental in bringing substantial business
commerce.
to our manufacturers, exporters and farmers.
Moreover, most of these
loans were carried in the case of the average
'Yoshi Bankers.
bank on such conservative
margins
that
during
the recent collapse in prices they could be
At this point it may be opportune for
either
me to allude briefly to the extended or liquidated
without any loss to the banks. These loans
importance of the foreign relationships
on
established by our banks since securities, however, are
only incidental to the business of our banks.
the war, and the important part which our foreign
They
banking activities are one of the services which our custome
rs request our banks to render
play to-day in the total volume of business
handled by our leading along with many other facilitie which
s
the modern banker is expecte
banking institutions.
d to
provide.




JAN. 4

1930.]

FINANCIAL CHRONICLE

55

appointed Lewis G. Harriman,
The board of directors of this bank has
a director of the Buffalo
Ample Credit for American Commerce.
nt of the M & T Trust Co. of Buffalo. as
Preside
T.
out the Stock Exchange Branch tor a term ot three years from Jan. 1 1930, to succeed Harry
What should be emphasized is this: that through
ate
an, M & T Trust Co., Buffalo.
legitim
chairm
y
rs'
honorar
custome
y
their
all
formerl
d
supply
resigne
to
ed
ll,
Ramsde
inflation the banks continu
the temptation was to New York, whose term expired Dec. 31 1929
industrial and commercial demands, great though
has also reappointed Robert M.
securities. But despite the
loans
against
call
from
The board of directors of this bank
profits
larger
make
year 1930.
the persistent rise of all 0 Hara as Managmg Director of the Buffalo Branch for the
adequacy of the supplies of bank credit itself,
bank and its Buffalo Branch
October smash, made it
With these changes the directorates of this
interest rates, for a considerable period before the
to prevent industry are constituted as follows:
clear that the security speculation was beginning
rm capital required
At New York.
Term
and commerce from obtaining from the public the long-te
When the rise in
Expires
for the purpose of their legitimate business expansion.
pushed
be
Dee. 31
not
could
security prices at last reached levels beyond which it
Class Group
The National City
1 Charles E. Mitchell, N. Y. C., Chairman
1931
farther, a severe reaction became inevitable.
A
Bank of New York
t, Bank of
Presiden
J.,
N.
ir,
Montcla
s,
Banks Sound and Liquid.
Stephen
2 Thomas W.
1932
A
happened in
Montclair
It is unnecessary for me to point out the moral of what
N. Y., Chairman, Peoples Na- 1930
3 Delmer Runkle, Hoosiek Falls,N.
is
A
danger
The
bility.
responsi
the
on
Y
apporti
to
Falls.
attempt
to
October, or
tional Bank of Hoosick
t, American Car
not have to be
1 William H. Woodin, New York City. Presiden
1931
B
over and I think a lesson has been learned which will
your attention
& Foundry Co
Francis H. Legn,
repeated for many years. What I do want to do is to call
Chairma
C..
sh, N. Y.
Whitmar
F.
e
Theodor
The
1932
2
.
B
collapse
market
stock
to a few outstanding facts about the recent
get & Co
1930
d, and
President, Lord ac Taylor
Samuel W.Rayburn, N.Y. C., Chairma
1931
3
first fact is the extraordinary strength which the banks reveale
B
n
n. Despite the
Gates W.McGarrah, N. Y.C.,
C
Chairman. General
the courage and skill with which they met the situatio
n,
Chairma
Deputy
C.,
Y.
N.
Young,
in
D.
Owen
1932
found itself
has
C
ion
institut
banking
larger
no
crisis,
of
the
severity
Electric Co
has failed,
Chairman, American
difficulties; no important New York Stock Exchange firm
Clarence M. Woolley, Greenwich, Conn.,
1930
C
themCorp
banks
Sanitary
d
York
New
Standar
l
Radiator and
and, so far as my knowledge goes, the principa
es,
securiti
ted
undiges
or
debts
bad
At Buffalo
selves, far from being loaded down with
Term
than they were
Expires
are actually in a stronger and more liquid position now
community,
this
of
banks
the
31
Dec.
that
fact
of
is
a
matter
It
before the crash.
intrenched themselves by
& Trust Co.,
anticipating the difficulties which might arise,
President, Niagara County National Bank
1931
Symes,
T.
John
ng
employi
and
loans
1930
taking a most conservative position on collateral
Lockport, N.Y
Co., Batavia, N. Y
with the result that Arthur
1931
G. Hough. President, Wiard Plow Bank
other measures to meet the situation which did arise
of Buffalo
t, Liberty
Presiden
the
whole
st,
of
h
Kleindin
1930
strengt
G.
George
ing
underly
this experience has proven the solid
Trust Co., Buffalo
1932
mass of our George F. Ran, President, Marine
great
Buffalo
the
Co.,
by
Wheel
ed
Car
display
nce
York
confide
New
t,
financial structure. The
1932
Frederick B. Cooley, Presiden
Buffalo
that we have passed Lewis
G. Harriman, President, M & T Trust Co..
people in our banking institutions shows quite clearly
speculative excesses
Robert M.O'Hara, Managing Director.
the stage in our national history when even the worst
economy rests, namely,
GEORGE L.HARRISON,
could affect the fundamental base upon which our
Governor.
our banking system.
ed to
referr
was
Constructive Position of the Press.
ors
direct
B
and
A
The election of Class
be noted has been the
Another fact which is significant and should
3573.
page
7,
newsDec.
The
of
issue
period.
our
whole
in
this
attitude of •the press of the country during
their interpretation of the
papers in the main have been sound as to
influenced by the overwhelming
Gold Movement by Federal Reserve
economic trend. They have not been
last few weeks of stress Daily Report on
optimism which has long prevailed, and in these
of New York.
rumorBank
the
follow
tly to
they have given calm counsel, refusing steadfas
have materially assisted in
of New York inaugurated on
Bank
ve
Reser
al
Feder
mongers or to spread unreliable news. They difficult circumstances.
The
statements of gold movemaintaining the public morale under the most
daily
g
issuin
Jan. 2 a policy of
Object.
ments which have been
state
Commercial Banking Still Chief
y
weekl
the
of
place
in
ments
development of American comg this, the "Times"
Notin
If we now look back over the general
oon.
aftern
day
imThurs
released each
which are of especial
mercial banking since the war, three facts
,
y
balance
and
stabilit
own
of Jan. 3, stated:
portance stand out. First, while preserving its
of gold taken in or sold the
in adapting itself to
In making known each day the amount
our banking system has been extraordinarily quick
pursued by the Bank of
long
e
foreign
in
practic
and
a
ng
home
at
followi
both
be
will
Reserve Bank
the changing economic needs of the country
r to find England. The daily gold statements will provide the financial community
endeavo
the
in
enting
experim
and in view
countries. It has been ceaselessly
business. Despite the with early knowledge of the country's gain or loss of the metal,
new and ever more efficient ways of serving
new procedure
to security transactions of the present movement of gold out of this country the
d
attache
has
public
the
which
nce
undue promine
has been—and still is— will be of great interest to the banking world.
in recent years, the chief business of the banks
no movements of any kind
among this line, and I am
The first of the daily .statements showed
of
commercial banking. Their natural functions lie
d to have taken place yesterday [Jan. 21 and no changes in the amount
centere
be
will
es
activiti
al
princip
confident that it is here that their
growth in Sold held under earmark for foreign account.
steady
the
With
past.
of
the
in
exports
been
have
in the future, as they
the same time, showed
come the realization of
The weekly statement, given out at
size and financial power of our banks, there has
which had been reported unof
$5,000
but
all
,
to
el
France
personn
to
trained
$11,255.000
the necessity for providing skilled management and
came chiefly from Latin America.
ities. There is to-day a officially, and imports of $99,000, which
inset their new problems and their new opportun
sound An increase of $2,000,000 in earmarked gold was shown.
of
ge
knowled
ntal
fundame
a
greater necessity than ever before for
gold statement of
of those who hold high
principles in economics and finance on the part
The only item in the Reserve Bank's
0,000 of gold
$8,50
of
hip.
rawal
l
trustees
withd
positions in financia
yesterday (Jan. 3) was the
The Outlook in Summary.
e.
Franc
to
• pment
lies, I think, the surest fo
In the attainment of those objectives there
and of the maintenance of
guarantee of the future progress of our banks
rch for Federal
occupy both nationally and
. A. Goldenweiser Director of Resea Security Loans
the outstanding position which they now
contin
will
banks
the
of
n
that
datio
nce
Liqui
confide
Reserve Board Finds
internationally. I have the utmost
ir
years, not only in the size of
.
to advance steadily through the coming
Has Improved World Credit Conditions
of their managements, and
"size"
the
call
may
I
what
in
resources but
decline in
the
in
by
grows
country
our
about
as
that,
Liquidation of credit, brought
the "size" of the service they render; and
situation
ever more effectively the high
credit
the
then
streng
to
served
strength and prosperity, they will fulfill which are vested in them.
has
security prices,
on
loans
in
duties of national trust and responsibility
lment
curtai
the

throughout the world, and
in the banking
securities represents "a great improvement
E. A. Goldento
ve
ing
al
Reser
the
accord
Feder
of
situation" of the United States,
Changes in the Official Staff
the Federal
for
tics
tors.
of
Statis
Direc
ment
oint
and
rch
—App
York
Resea
of
or
weiser, Direct
Bank of New
the Amerof
ng
meeti
a
nced
Reserve Board. Speaking before
The Federal Reserve Bank of New York annou
from the
quote
[we
l
27
officia
in
Dec.
es
the
chang
ation,
Associ
ing
follow
tical
ican Statis
yesterday (Jan. 3) the
that the
ed
assert
er
nweis
Golde
"United States Daily"], Mr.
personnel of the Bank:
sharply
ble
divisi
ed
was
been appoint Deputy
Walter S. Logan, formerly General Counsel, has
1929 banking history of this country
market
stock
in
crash
the
Governor and General Counsel.
after
and
two periods—before
ing
J. E. Crane,formerly Assistant Deputy Governor and Secretary, has been Into
follow
the
in
prices. The text of the speech is given
appointed Deputy Governor and Secretary.
":
Daily
been
States
ed
"Unit
the
in
J. M. Rice, formerly Manager of the Accounting Department, has
d
further account carrie
Oct. 1 and told
appointed Assistant Deputy Governor.
g
n, has been
Wesley W. Burt, formerly Chief of the Plannin Divisio
ment.
appointed Manager of the Accounting Depart

The Bank has also issued the following circular relative
to the appointment of directors:
FEDERAL RESERVE BANK OF NEW YORK.
Appointment of Directors.
announcing the election
Supplementing Circular No. 945 of Dec. 2 1929
Federal Reserve Board has
of Class A and B directors of this bank, the
director of this bank for a term
reappointed Owen D. Young as a Class C
redesignated him as Deputy
of three years from Jan 1 1930. and has
rah has been redesignated
Chairman of the Board. Gates W. AlcGar
Agent for the year 1930.
Chairman of the Board and Federal Reserve
ck B. Cooley, PresiThe Federal Reserve Board has reappointed Freder'
, New York, as a director
dent of the New York Car Wheel Co. of Buffalo
1 1930.
Jan.
from
Years
of the Buffalo Branch for a term of three
ed George G. Meindinst,
The Federal Reserve Board in 1929 appoint
r of the Buffalo Branch
President of the Liberty Bank of Buffalo, as directo
to fill the unexpired term ending Dec. 31 1931, of Edward A. Duerr, forof Buffalo, who has
Bank
l
Nationa
merly Chairman of the Community
resigned as a director of the Branch.




loans prior to
He related the steady growth in security beg= after that date non
liquidation
subsethe Association that when the
their loans to banks which
banking lenders were able to transfer
result
outstanding paper rapidly. The
their
reduce
to
able
were
of
quently
finishing the year with an amount
was, he said, that the banks were
break
a little larger than before the
total credit outstanding that is only
in the stock market.
d they
Banks, Mr. Goldenweiser declare ding
As for the Federal Reserve
$200,000,000 less credit outstan
about
with
year
this
would finish
than there was at the end of 1928. Goldenweiser's speech:
Following is the full text of Mr.
,
be divided sharply into two periods
The banking history of 1929 can
to the last week in
year
the
of
ng
beginni
the
the first extending from
the remainder of the year.
October, and the second lasting for
confirst part of the year were in
the
during
ments
develop
g
Bankin
rised
for about two years, characte
es
tinuation of conditions that had lasted
demand for credit by the securiti
chiefly by a continuously growing of the Federal Reserve System. The
policy
money
market and by a firm
and were
came after the stock market crash
last two months of the year
by an easing credit policy,
credit;
bank
of
ion
liquidat
by
characterized
and by a decline in money rates.

56

FINANCIAL CHRONICLE

[VOL. 130.

The period of firm money policy by the
Federal Reserve System began last
In the late autumn of 1927 and was
50 or 60 years. One of its
expressed first by uncompensated gold
curious features was the prodigious rise
in brokers' loans and the
exports; later by security sales;
novel process by which they were
by advances in discount rates, and by
carried to
unheard of heights. The story
discouragement of banks indebted
, in brief, is this:
to the Federal Reserve Banks from
Increasing their loans on the Stock Excha
Befor
nge. The System's firm money broke e the war it was currently estimated in the banks that at the
peak
policy had the effect of arresting the
rs' borrowings might reach
growth of bank credit for about
$1,000,000,000; but this was merel
a an estimate. The total may
year from May 1928 to May 1929.
y
have
risen
consi
derab
highe
ly
r with
remarkable rise of industrial
During that period there was some incre
stock prices in the war boom of 1916. the
ase in security loans and some it was
growth in all other loans of memb
not until 1918 that we began
But
er banks, but there was a correspond
ing
decrease in investments, and the total
At the end of that year New to have definite knowledge.
was at about the same level as a year
York Stock Exchange borrowings
reported as close to $1,000,000
before. This absence of growth
were
of credit at a time when business was
,000; in the short.lived boom
of 1919 they
rose to near $1,800,000,000,
active was a surprising development.
dropping back again in
the collapse that
followed to below $1,000,000
The needs of the Stock Exchange,
,000
however, continued to be supplied,
in 1921.
In the sharp advance in 1923
the funds being furnished by outsi
de lenders rather than by banks.
the Standard Statistics' broad
Be- stock prices did not quite reach
ginning with June of 1929 there was
averages of
the
a resumption of growth of bank credi
t little higher—over $2,000,000,000. peak of 1919, but brokers' loans were a
and a more rapid growth of broke
rs' loans.
They
were
less
than $1,500,000,000
at the end of the year.
The extent to which the situation
changed almost overnight at the time
that the stock market collapsed
is
Spectacular Increase Begins.
Feb. 1 1926 and Oc. 1 1929, a perio indicated by the fact that between
d of 44 months, there was a growt in
,Then began the most spectacula
h
brokers' borrowings, as reported
r increase, undoubtedly, in
to the Stock Exchange, of $5,000,000
stock market
,000. history, probably anywhere in the world
During the following two months
. By
there was a decrease of $4,500,000,000, change borro
wings were $3,500,000,000. At the end of 1925 total exso that the exceptionally rapid growt
the end of 1927 they
h of 44 months was all but wiped nearly $4,500,000
were
out during the following two month
,00, and at the peak of 1929
s.
more than
It is of interest now to recall
A large part of this liquidatio
that there was a wide $8,500,000,000.
n at first was in loans by others than informed
number of wellpersons who found in this enorm
banks, and member banks, in takin
ous increase nothing seriou
g over these loans, increased the total abnormal or
sly
fantistic, or foreboding disast
volume of their credit. After the
first
Then, as we know, came what appea er.
tion proceeded further and was large week or two, however, the liquidars to have been the most
ly in bank loans, so that at the end crash in the
violent
history of the exchange; in a space
of the period the banks have little more
of six weeks more than
credit outstanding than they did half of this vast
before the break in the market.
total of brokers' credit
extraordinary thing was that this enorm had been extinguished. The
The net result of this is that, altho
ous increa
ugh the banks have a larger volum
of security loans and of all other
e accompanied by no corresponding degree of inflat se, and collapse, was
loans than they have had for years
ion of bank loans on
, the stocks and bonds, nor, in a sense, in the total of
total volume of security loans by
banks and others has been radically
bank credit outstanding.
In the five years from the end
curtailed, and this curtailment represents
of
1924,
while
a great improvement in the banking times, or by $8,50
brokers' loans rose 4%
situation.
0,000,000, security loans in the
weekly reporting banks
increased by only about two-thirds
The Federal Reserve Banks are endin
.
The
final
incre
ase in
the
g
year
with about $200,000,000 of over $1,000,000,000,
less of credit outstanding than there
after the panic had started, collateral loans,
was at the end of 1928, the decre
was largely an
ase emergency issue, to cover the withdrawals of loans
representing roughly the net addit
ion
"for the account of
Gold increased during the first 10 month to the gold stock of the country. others," and for non-reporting banks and houses.
s of the year by about $280,000,000
While in the last phase brokers'
and declined in the last two
borrowings were rising at
months by between $80,000,00
more than
0 and 100% a year, total bank credit was increasing
$100,000,000.
at only 5 or 6%, and
terly, in the 12 months preceding
latIn addition to the decrease In Reser
the
panic
,
this
ve
incre
Bank
ase
credit
had
zero. How could such an
, there has been
fallen to
shift in its composition. Security
extraordinary conversion of
holdings of the banks have incre a take place
exist
ing
credit
by about $250,000,000, while
ased
?
their holdings of acceptances decli
In this period, undoubtedly there
ned
about $135,000,000 and discounts
was an excess of credit, beyon
for member banks by $400,000,000. by estimated
d the
The decrease in the indebtedness
requirements of business, for without
of member banks is indicative
such an excess speculatio
of the cannot thrive. In the last four years the
n
easier credit position of the count
incre
ry, because member banks when they
ase
in
the
total of the
not so havily indebted have a more
are nation's product, and trade, has not, despite
lenient attitude toward extending loans contrary,
persistent illusion to the
to customers.
increased at more than about the compu
ted normal or average
of the last 15 or 20 years.
In 1927
High Money Rates Collapse with
distinctly below this normal or avera and 1928 the rate of increase was
Stocks.
ge.
Few
From the international point of
myths
had less foundation
view, the events since the last week than the widespread belief in a "new era."
of October also signalize a great
Experience has shown that an expan
change
sion of credit in excess
of two years the high money rates preva in the situation. For a period requi
of the
rements of trade almost invariably
iling in our market, together with
the difficulty of floating forei
brings a period of specu
and some form of inflation, with
gn securities, and the great attrac
lation
the usual attendant outpour
tiveness
to foreign speculators of the secur
of a heavy
volume of new securities. Thoug
ity market, resulted in a flow of
h these latter are often largel
funds produ
to the United States.
y the
ct of mergers and consolidations,
This flow, in the final analysis,
this financial activity seems
produce the illusion of an unusual
took the form of gold movements,
to
expansion in industry. The
the loss of gold was causing centr
and years
last four
al banks all over the world to raise
were no exception.
discount rates in order to protect
their
their reserves. These advances
were not
In accordance with the requiremen
ts of domestic trade and indus
Market Propitious for New Securi
try and
were made very reluctantly.
ties.
Finding markets propitious to the
This was dramatically indicated
issue of new securities,
of all kinds were not slow to
by the great rapidity with which
corporations
take advantage of them
rates by
were reduced when the situation
and, taking time
the forelock, to issue bonds and
changed in America. The Bank
England reduced its rate from 6%
stocks far beyond their
of
requi
to 6% on Oct. 31, to 5%% on
Nov. 21, the rements. This heavy outpour was swollen by the furth immediate
to 5% on Dec. 12, and other central
er issue of
banks took similar action.
investment trusts, tending to create
an artificial or unusual
It was a great relief to these banks to
for common stocks. The exces
demand
be able to reduce the cost of credi
s of funds so created found
to their industries, which needed encou
t the call
an outlet in
ragement rather than restraint.
loan markets, and as the speculativ
The change in the relative rate levels
e
furor
e
grew and brokers'
interest rates rose accordingl
has also enabled foreign count
y, the attra
to draw gold from the United States
ries incre
.
ased. Apparently new issues were ction for funds correspondingly
To summarize, the last few month
in large part paid for by
deriv
ed
loans
s
security loans which had been growi of 1929 witnessed a liquidation of in turn,from previous new issues, or from the sale of other stocks which
,
ng at an unusual rate for a
were bought on borrowed money.
number
of years and were forcing up the
Apparently what happened was that
cost of money not only in the
United stock
first
States but throughout the world.
one
corpo
ration would issue
s or bonds and, finding no immed
This liquidation has improved
iate use
conditions in the United States and
credit by the
has been an important favorable
high rates in Wall Street, this would for the funds, or attracted
factor marke
In the world credit situation.
be
loane
d
in the call money
t, and other corporations would
issue new securities in turn,
money for the first would event
ually and doubtless by a circui and the
tous route
furnish the funds for the
flotation of the second; and so
Carl Synder of New York Fede
without end.
ral Reserve Bank Holds It was exactly as if John Jones had borrowed $1,000 atonthe
loaned it to his next-door neigh
bank and
Rate of Business Expansion
bor who had passed it to his broth
to Be Subnormal— who paid the real
er-in-law,
estate broker, and so on. Conceivabl
Increase in 1927-28 Below 15
y,
out
singl
of this
e
$1,000 loan, a total borrowing of
-Year Trend—History
$10,
$20,
or even $100,000 might
of Stock Inflation and Recent
built up.
Collapse in Market beAnd
so, it would appear, did the specu
Presented Before American Stat
lative card }Muse actually
istical Association. 12 to 15 months prece
arise. In
ding the panic, by this process of
The rate of American business expa
very little increase
nsion during the last
in the total of collateral loans by turnover, with
the
banks
practi
, and
cally no increase of total deposits
four years has been maintained only
in the banks either in
at the average growth City or throu
New York
ghout the country, total Stock Exchange
trend of the last 15 years, and in 1927
borrowings increased
and 1928 the rate of by nearly $4,000,000,000.
increase has been distinctly below
this long-time trend, It In All this was accompanied, as usual, by a terrific churning
of
which four-, five- and six-mill
was stated Dec. 28 by Carl Snyd
ion-share days came to be so the market,
er, Chief Statistician of excite little comme
frequent as to
nt. This naturally carried with
the Federal Reserve Bank of New
it
a
Incre
ase
corresponding
in the volume of check transactio
York, according to the
ns
and, since there was
"United States Daily" of Dec. 28,
or
little
whose report of Mr. risenoinincrease in the deposits of the New York City banks
, a staggering
the rate of turnover to what appea
Snyder's statement follows:
rs
to
have been the highest
ever known.
The commonly accepted belief that
these have been boom years is
It is somewhat curious and
myth, Mr. Snyder told the Ameri
a
characteristic of the whole
can Statistical Association meeting
high
episode that this
rate of turnover, and the failur
in
Washington, D. Cl., during a discussion
e of New York
of brokers' loans and the pyramiding increase, should not
have attracted more attention than City deposits to
of credit.
it did. The Street
was filled with ideas
Experience has shown that an expan
of a vast inpour of outside and
foreign money,
sion of credit in excess of the require- forgetful apparently
ments of trade almost invariably
that the whole amount of currency
brings a period of speculation and some the country, outsi
in circulation in
de of the banks, is probably much less
form of inflation, with the
than
usual attendant outpour of a heavy volum
$4,00
and
0,000,000,
that, if outside and foreign mone
of new securities, he asserted.
e
y was pouring into Wall Street
Though these latter are often largely
, in
the any such amount, New York deposits should show a
product of mergers and conso
corresponding Increase.
lidations, he stated, this financial activi
seems to produce the illusion
ty
of an unusual expansion in industry.
Actual Increase Surprisingly Small.
Mr.
Snyder said that the last four
years were no exception.
Actually this increase was surpr
isingly small. This impli
either that there was a mecha
ed, then,
1929 Extraordinary Year.
nism by which this vast inflo
w of funds
should flow out again, week
The statement made by Mr. Snyde
by week and month by month, which
r follows in full text:
From a rather extended revie
to understand; or else
was 'hard
w of the evidence, I have gaine
that this balloon of brokers' credit
impression that 1929 may long
was inflated by
d the some such process as
remain as one of the extraordinary
I have described.
years
in our financial history. Much of
Such an outflow would have mean
this evidence suggests that it repret that the whole country,
New York, was selling securi
sented the most extreme outbreak of
outside
ties, in vast volume, to Wall
speculative mania, certainly of the was
Street, which.
clearly the reverse of the fact.




J.41930.]

FINANCIAL CHRONICLE

from
That, on the other hand, there was no such Inflow is fairly evident
In the
the course of the New York money market since the collapse.
000, in
panto the New York banks expanded their loans by $1,250,000,
part, no doubt, to meet urgent new borrowings by holders of securities,
York. But
and in part to meet the withdrawal of outside funds in New
d and
these emergency loans have now been almost entirely extinguishe
most not
the
at
the total outflow that can be measured could probably
exceed $200,000,000 or $300,000,000 to date.
Meanwhile, $4,500,000,000 of brokers' loans have faded into thin air,
by the
with no corresponding change in •the volume of security loans
banks, nor in the deposits of the banks in New York City or elsewhere.
It is quite an amazing story.
My knowledge of financial history is not exhaustive, but so far as I have
quite like it
been able to discover there appears to have been nothing
Sea
since the days of John Law and the Mississippi Bubble, and the South
Bubble in England. And apparently the process was almost identically
s
money—thi
the
the same. In the case of John Law he actually printed
were
I, literal and not fanciful—with which the securities he issued
was hapbought. It appears that Law himself understood clearly what
by shutting
pening and wished to hold the speculative fever within bounds
of this and
off the supply of new notes. But the regent would have none
the
n
apparently forced the further issue of notes until depreciatio began,
public took alarm, and the card house fell.
appears to
With a slight change in the counters, much the same thing
stock boom.
have characterized the last phase of our most spectacular
which the fiction
Our Wall Street financiers seemed to see no limits to
collapse will
of "new issues" could be carried. What repercussion the
to be seen.
remains
country
have upon the industry and employment of the

57

Hits Dictgtion by Board.
"Looking back over the experience of the last year,it appears that during
and the
the spring and early summer,the New York Reserve Bank was right
Reserve Board was wrong," Schneider said.
Board
appointed
politically
Schneider went on to say that certainly a
policies to
assumes a heavy responsibility when it attempts to dictate credit
and
banking officials actually in touch with credit conditions in commercial
regional
financial centers. He asserted that "if the Board is to dictate to the
and
abolished
be
banks the directorates of these institutions might as well
is being
plain recognition given the fact that the country's banking system
operated by a politically appointed Board in Washington."

Withdrawal of Oklahoma Bank From Federal Reserve
System Following Demand for 75% Reduction in
Local Loans—President of Oklahoma Bankers'
Association Finds Dissatisfaction Among Rural
Bankers With Systems Edicts.
Declaring it was necessary for his bank to leave the Federal Reserve System or go out of business, H.S. Emmerson,
President of the National Bank of Davis, Okla., announced
on Dec. 27 that the institution would surrender its National
charter and become a State bank effective Jan. 1. This was
reported in Associated Press accounts from Davis, which also
said:
local loans of the

A. C. Miller of Federal Reserve Board Says Open Market
Rate Promoted Inflation.
of the addresses before the American
accounts
the
Among
Economic Association in Washington, we find the following
with reference to the remarks of A. C. Miller, of the Federal
30:
Reserve Board, in the "Wall Street Journal" of Dec.

while presiding before
Adolph C. Miller, of the Federal Reserve Board,
not proved an effective
the meeting said that the rediscount rate had
purposes and that
check upon the use of the Reserve funds for speculative
possibility in an effort
it would be necessary for the board to explore every
to evolve other checks.
Mr. Miller said, and added
Prosperity makes for speculative excesses,
support prosperity and high
that the problem of furnishing low rates that
by any type of platitude
rates that check sepculation could not be escaped
sr by blame on the foreign situation.
the open market policy of
Previous speakers had stressed the value of
raising of the redisthe Reserve System in checking excesses, saying that
Mr. Miller disagreed
count rate had merely a "psychological" effect.
inflation rather
With them, saying that the open market policy promoted

Demand of a Federal examiner for a 75% reduction in
Mr. Emmerson
bank precipitated the decision to quit the Reserve System,
said.
to Senator
action
Mr. Emmerson said he had protested the examiner's
Davis Bank
W. B. Pine and that Mr. Pine had told him the plight of the
the
was characteristic of banking conditions existing generally throughout
State.
cut
to
bank
his
ordered
The Davis banker said the Federal examiner had
Mr. Emmerson
Its local loans from 3175.000 to not more than 540,000.
on his
said he protested that such action probably would work a hardship
commuaity and that the examiner replied, "To hell with the community:
you are here to make money."
$300,900
The banker said his institution had deposits of approximately
and a capital of $25,000 when the examiner made his demand.

With reference to the attitude of small National banks in
Oklahoma toward the policies of the Reserve System the
"Oklahoman" of Dec. 28 stated:

Hard and fast rules of banking written in abstract form without special
on for local
regard for the small National banker and without considerati
condidons, particularly in Oklahoma and the western part of the United
in
agatnst
this
section
ion
growing
dissatisfact
States are responsible for the
the Federal Reserve system.
Such is the belief of Fred Comstock of Grandfield. President of the State
than checked expansion.
justified itself and Bankers' Association of Oklahoma. Comstock, who is Vice-President of
Mr. Miller declared that the Board had abundantly
position as it was the Home State Bank at Grandfield, expressed that view Friday night
that it was fortunate that the system was in as good a
of
(Dec. 27), In connection with the protest of H. S. Emmerson, Prseident
following the market crash.
and its refusal the National Bank of Davis, against the Federal Reserve bank's demand
The sensitivity of the American public to banking policies
effect upon any for reduction of local loans in which Emmerson announced withdrawal of
to submit to any one group of men will have a tremendous
his institution from the Federal system.
policy adopted by the Federal Reserve Board, he said.
Says Examiners Misunderstand.
The Grandfield banker said that most examiners sent into this section
the small
Federal Reserve Board's Rate Policy Criticized—B, M. are trained in the East and do not understand the methods of
bankers.
Anderson Jr. of Chase National Bank Says 6% Western
and
guarantee
loans
"They are sent here with their stringent set rules on
in 1928 Would Have Lessened Trouble—Criticism deposits from which they cannot deviate." Comstock said, 'and when the
the
banker, through necessity forced by local conditions, deviates from
of Franz Schneider Jr.
ion results."
strict letter, the banker and the examiner cross and dissatisfact
Board,
Reserve
The "cheap money policy" of the Federal
"The Federal officials nor the examiners do not rely upon the judgment
in making loans, and when the loans do not meet the
in effect for the last seven years, was characterized as "un- of the local bankerrule,
the examiner orders the banker to call them in.
situation, by Benjamin strict letter of the

fortunate," with regard to the market
M. Anderson Jr., economist of the Chase National Bank,
in an address in Washington on Dec.30, before the American
Economic and American Statistical Assooiations.
York
Mr. Anderson, according to the account in the New
Reserve
"Journal of Commerce," said that had the Federal
Board raised the rediscount rate to 6% in 1928 it would have
saved a lot of trouble that resulted from the low money
on
rates that had been prevalent. The paper quoted, went
to say:

various situations
Up until this year the Board has been able to control
condition, which was
by moderate restraint, but this year faced a new
brought about by speculative enthusiasm fed on cheap money.
rediscount rate
He declared that the ideal situation would have been a
market policy. Such a
above the market, buttressed by the Board's open
down both customers'
policy, he said, would have been helpful in holding
and brokers' loans.
Gold Plentiful, He Says.
"approaching the
Discussing the gold situation he asserted that we are
its own reserve position
time when the Federal Reserve Board must look at
to protect it.
and emergencies," he
"There is plenty of gold for ordinary conditions
said.
Anderson said, "and
"Since 1921 we have been in an age of gold," Mr.
gold that it could make
the Federal Reserve System has had so much
world is now competing
arbitrary policies, but this time is about over. The
States during the past few
for gold, and the movement from the United
said he expected this
months has been unprecedented." Mr. Anderson
Jan. 1.
movement to continue with renewed momentum after
Comments of Franz Schneider Jr.
Franz Schneider Jr.,
Another criticism of the Reserve System came from
"hesitate greatly to veto
of New York, who declared that the Board should
of their judgment of
action such as the regional banks take as a result
conditions in their respective districts."
in 1929 between the
Schneider discussed the "struggle which took place
increase its discount rate,
Reserve Bank of Now York, which wished to
to permit it, seeking instead
and the Federal Reserve Board, which refused
action' policy, restricting
to have regional banks impose the so-called 'direct
banks making stock market
the discounting privilege in the case of member
loans.




No Alternative Left.
"There is no alternative. The loans are cancelled, no matter how secure
perthe banker may know they are, and the banker has made enemies,
haps injured local business and perhaps hurt customers," he said.
banker,
Davis
the
of
He said he was not familiar with the situation
but said he had heard a constant discussion among small national bankers
of the reduction order on local loans which the national system was making.
"The banker knows the conditions in his community and he can judge
the loans which can be made with safety in the community, and which,
if not made, in some instances might work a hardship on the community
and thus against the bank's business directly." Mr. Comstock added.
Ruling Is Cited.
Mr. Comstock cited the ruling of the Federal system of a guarantee
deposit with the Federal Bank of 7% of the checking account deposits and
3% of the time deposits as one of the principal causes of dissatisfaction.
When the examiner finds a banker has fallen below that percentage a fine
is levied which the bank is forced to pay, without appeal; for the fine is
deducted from the bank's Federal deposits.
'There is no personal contact with understanding officials with whom
matters might be discussed," Mr. Comstock said.
Dissatisfaction with the Federal system which has caused the withdrawal of may banks in this section is directly connected with the tendency
toward chain banks, Mr. Comstock said he believed.

Federal Reserve Board on Branch and Chain Banking
Developments During the Year Ended June 30
1929.
Surveying branch banking developments during the year
ended June 30 1929, the Federal Reserve Board states that
the proportion of the banks of the country operating
branches on June 30 had increased from 2.5% to 3.3% in
the five years from June 30 1924 to June 30 1929. During
the year, the Board reports, the number of branches, in the
case of National banks, increased from 941 to 993, and in
the case of State institutions from 2,289 to 2,447. In the
Information supplied by the Board it is stated:

58

FINANCIAL CHRONICLE

In California the number of branch offices on June 80 (861) was
nearly double the number of banks (455, including the head offices of the
54 branch systems). In Michigan 61 banks in a total of 742 were operating
433 branch offices; in New York 106 banks in a total of 1,141
were
operating 682 branches; in Maryland 33 banks in a total of 235 were
operating 125 branches. The proportion of branches was high also in
Rhode Island, Arizona, and the District of Columbia, although the number
of branches in these areas was not very considerable. Outside of these
States of the branch banking area both the number of branches and the
proportion, relatively, to the number of independent banks was inconsiderable.

[VoL.130.

one-fourth of the branch offices reported in operation on June 30 being
reported for banks in the State of California, and more than one-half
of
such offices from the three States--CalifOrnia, New
York, and Michigan.
For a majority of the States of the branch
banking area there were during
the year only inconsiderable changes, either of increase
or decrease in the
number of banks operating branches or of branches
in operation. The
number of banks operating branches remained
unchanged or decreased in
12 of the 19 States which permit banks to
establish branches, and increased
slightly in seven of these States. In California
the number of banks
operating branches fell off from 63 to 54, although
the number of branches
in operation increased by 35—an increase
exceeded only by New York's
The development of branch and chain banking is thus increase of 75. More than one-half of the total increase
in number of
portrayed by the Reserve Board in its December "Bulletin": branches during the year was in these two States—New York and California.
Within those States of the branch banking area
in
which
the practice
Branch-banking developments during the year ended June 30 were gen- of branch banking has been
relatively more extensive, this practica has been
erally in line with such developments in other recent years. The proportion largely—in some cases
entirely—restricted to urban areas. Two-thirds of
of the banks of the country operating branches on June 30 had Increased all branches reported as
in operation on June 80 (2,862 out of 8,440
from 2.5% to 3.3% in the five years from June 30 1924 to June 30 1929. offices) were home city
branches, and the increase during the period
In each of the periods of approximately two undone-half years, immediately following the passage of the
McFadden Act in the total number of
preceding and following the passage of the amending act of Feb. 25 1927, branches of member and
non-member banks in all States was largely an
the number of banks in the country decreased (by some 2,000 in the Increase in the number of home
city branches, the increase for such
earlier and 1,800 in the later period), the number of banks operating branches being 433 in a total increase
for all branches of
branches increased slightly (by 65 and 39 in the two periods, respectively),
The extent to which branch-banking has been restricted 540.
to certain urban
and the number of branches in operation increased (by 607 and 540). communities will be apparent on
reference to the table giving data for
As 'a result of decrease in the number of banks and increase in the selected cities (Table II), which
shows, for example, that of the 682
number of branches, the proportion of branch offices in the total of branches reported for the State of New
York, 549 were in New York City
banking offices serving the public, increased from 7% in June 1924 to and 71 in Buffalo; of Michigan's
433 branches, 805 were in Detroit; of
10% in Feb. 1927, and to 12% in June 1929. In individual instances Pennsylvania's 169 branches, 122
were in Philadelphia; and even in
very considerable extensions of branch systems were effected during the California, where branch banking
has developed freely on a State-wide
year by reorganizations, merger procedures, and purchases of independent basis, more than one-third of all branch
offices (299 out of 861 offices)
banks, the more important changes of this character being restricted were home-city branches of Los Angeles
and San Francisco banks. Banks
to a few States and urban communities of the branch banking idea. As located in these two cities operated
a very large proportion (787 out
defined in State banking codes and administrative practice, this area of 861) of all branches in the State, including
branches located outside the
remained unchanged, except that two States—West Virginia and Kansas— home city of the parent bank with
home city branches.
in which no banks were operating branches, enacted legislation prohibiting
In California the number of branch offices on June 30
(861) was
the establishment of such offices in the future. It may be noted also that nearly double the number of
banks (455, including the head offices of
additional branches have been authorized since June 30 under special acts the 54 branch systems). In Michigan
61 banks in a total of 742 were
for Atlanta and Savannah banks, although Georgia in 1927 prohibited the operating 433 branch offices; in
New York 106 banks in a total of 1,141
establishment of any branches by Georgia banks. Within the branch were operating 682 branches; in
Maryland 33 banks in a total of 235 were
banking area developments during the year were characterized by growth operating 125 branches.
The proportion of branches was high also in Rhode
in size of the larger branch systems of certain States, rather than by Island, Arizona, and the
District of Columbia, although the number of
Increase in number of banks operating branch offices.
branches in these areas was not very considerable. Outside of these
States
of the branch banking area both the number of branches and the proporChanges 1927-1929.
tion, relatively, to the number of independent banks was inconsiderab
le.
For the year ended June 30 a decrease of 17 is shown in the number of
The proportion of branches in the total of banking offices
serving the
banks operating branches (see Table I). This is a net change for the public has been noted for the country as
a whole. It will be apparent
year, in which 73 banks in fact discontinued branch banking, including from the above figures that this proportion
varies greatly from State to
cases of merger of parent bank with another bank, of suspension of tie State. For the branch banking area as
a whole the proportion last June
parent bank, and of discontinuance of all branches. In the same period, was 23%, or approximately one-fourth;
it was between one-fourth and
however, 56 banks initiated branch banking, giving the net decrease of
17. one-third in Arizona, Maine, Massachusetts, and Louisiana; above one-third
The increase of 210 for the year in number of branches in operation In Michigan, Maryland, and New York;
and rose to 65%, or nearly twosimilarly covered a total of 306 offices newly established during the
year— thirds, in California.
de novo, as branches, or by conversions of independent banks into
Over the year the number of National and of State banks operating
branches
following purchase or merger—from which are deducted cases of
branches branches fell off somewhat, although the number of branches increased—
closed or merked with other branches, and cases of branches discontinued for National banks from 941 to 993
and for State institutions from 2,289
In consequence of suspension of the parent bank.
to 2,447. These classifications, as noted elsewhere, have
been variously
` For branches representing conversions of independent banks into
effected
in
the
States
several
by conversions and merger procedures, which
branches
in the period following the passage of the McFadden Act, a net
increase have in some instances resulted in transfers of branch systems of conis shown of 223, although in this period 279 independent banks
were in siderable size from one class to another, as between National, State member,
fact converted into branches, some of these branches having been
.dis- and non-member banks.
continued before the end of the period.
Detail underlying net changes in number of banks operating
branches
Size of Branch Systems.
and in number of branches, for the year ended June 80 and
for the
Branch systems are classified by size of system for States
period following enactment of the amending law of Feb. 25 1927,
in Table V.
are for
shown in the following table. Some of the difficulty encountered
selected cities in Table II, and for the country as a whole
in
on the
attempting to summarize changes during this period may be inferred from several dates for which data art available in Table I. The large
proportion of small systems will be apparent in the summary figures
the fact that over 900 of the 3,440 branches in operation on June 80
of Table I.
had The
been involved in merger procedures since the passage of the McFadden
number of one and two branch systems, however, decreased
Act, remained
or
many of these branches having been operated under three or four
unchanged during the year ended June 30 in 14 of the 19 States
different
which permit banks to establish branches, and increased only slightly
head offices in succession. Such changes necessarily involved
in
numerous the
five remaining States of this group.
reclassifications of individual branches, as operated by National,
State
No change is shown for the year in the total number of banks
member, or non-member banks, as located in or outside the home
operating
city of
systems of 10 or more branches. The number of such systems
the parent bank, and as embraced in small or large systems.
fell off
from nine to seven in California, and remained unchanged
in New York
with 16, and in Michigan with 11 such systems.
BANKS INITIATING AND DISCONTINUING BRANCH BANKING,
AND
The maximum number of branches in any system, the number
BRANCHES ESTABLISHED AND DISCONTINUED, 1927-1929.
reported
by a California bank, fell off from 289 to 285, this reduction
being effected
by consolidation of offices in several instances where
two offices were
July 1 1928, Feb. 25 1927, located
Detail of Net Change.
in the same town.
to June 30
to June 30
Consolidations resulting in the building up of larger branch systems
1929.
1929.
were
consummated during the year very generally in several
Banks Operating Branches—
States of the
branch banking area. Altogether, 12 California banks, which
Number initiating branch banking
56
165
had
been
Number discontinuing branch banking
operating branches in June 1928, were merged with other
73
126
banks during
Merged with other banks
the year. One National system in Los Angeles,
51
90
operating on June 30
Suspended
5
9
last
144 branches, represented a merger during the year
Discontinued all branches
17
of
two banks—
27
one a National bank which had been operating 97
Net increase t+) or decrease t—)
—17
+39
branches in June 1928,
Branches—
and one a State member bank with 53 branches.
Another Los Angeles
Number established
306
708
bank operating a State-wide system of 140 branches
De novo as branches
in June represented
171
429
mergers during the year of a National bank located in
By conversion of banks
135
279
Los Angeles with 85
Number discontinued
branches, a State bank located in San Francisco
90
168
with
53 branches, and
By parent bank
81
145
some 27 other banks with 22 branches. In New
Through suspension
York City one State bank
15
23
system of 56 branches in June last had been built
Net increase t+)
+210
+540
up by mergers during
the year of three State institutions operating
19, 15, and three branches,
respectively. Seventeen banks in New York State which
Branch Banking Area,
had been operating
branches in June 1928 merged with other banks
during the year, and in
Under State banking codes, branch banking developments have been Pennsylvani
a merger procedures reduced the number of banks operating
restricted to certain States and urban communities. The area within which branches
by 15.
banks were operating branch offices on June 30 was composed of 28 States
On June 30, as shown in the following table, 17
banks were operating
and the District of Columbia. In nine of these States, however, any further systems
of more than 30 branches, and nearly two-fifths (37%)
of all
extension of branch banking has been prohibited by law, leaving 19 States branches
in operation on that date were comprised in these 17
systems,
and the District of Columbia as composing what may be called the branch which
were located in four States—California, New York,
Michigan, and
banking area, to which may perhaps be added Wyoming, whose banking Ohia—_with
bead offices in six cities—two in San Francisco, three
in
code would seem to permit branch banking, although no branch offices Los Angeles,
seven in New York, one in Buffalo, three in Detroit, and
have been reported from this State. In eight of these States (or nine one in
Cleveland. During the year ended June 30 the number of
Including Wyoming) State-wide branch banking is permitted, the estab- systems
such
increased from 14 to 17, and the aggregate of branches
operated
lishment of branches being restricted in the 11 other States to the home in such
systems increased from 1,026 to 1,287, or by 261. In the
same
city of the parent bank or territory nearly contiguous thereto. In the period the
number of smaller systems decreased from 821 to 801,
tables III, IV and V, giving data for the individual States, the States are the number of
and
branches in amaller systems fell off from 2,204 to
2,158,
grouped with reference to the legal status of branch banking, as defined or by 51. Over
the longer period from December 1926 to June 30 1929,
in State banking codes.
the number of these larger systems increased from
13 to 17, and the
Within the branch banking area as defined above, the more important number of their
branches from 689 to 1,287, or by 598, the increase
branch banking developments have been largely restricted to a few States— number of branches
in
for smaller systems over this period being 61




SIZE OF BRANCH SYSTEMS.
Banks Operating
Branches.
Size of Branch System.

Branches.
June
1928.

Dec.
1926.

June
1929.

June
1928.

Dec.
1926.

June
1929.

Less than 3 branches
3 to 30 branches
Over 30 branches
In California
In New York
In Michigan
In Ohio

596
205
17

3
1

619
202
14
7
3
3
1

585
198
13
7
3
2
1

740
1,404
1,287
719
360
156
52

769
1,435
1,026
674
146
154
52

714
1,378
689
411
134
92
52

Total
Percentage, total

818
100

835
100

796
100

3,440
100

3,230
100

2,781
100

73
25
2

74
24
2

73
25
2

22
41
37

24
44
32

50

5

Less than 3 branches
3 to 30 branches
Over 30 branches

25
25

banks
Banks operating only one or two branches include small country
also institutions
operating branch offices in neighboring communities and
the
Of
centers.
of large resources located in some of the larger financial
in places
818 banks operating branches on June 30, 305 were located
operating one
of less than 25,000 population, and of these banks 220 were
banks located
branch only and 53 two branches only. Of the 359 parent
one, and 68 two
in cities of over 100,000 population, 133 were operating
branch systems
branches only. The head offices of all but four of the 55
cities of 100,000
of more than 10 branches, however, were located in the
by size of system
or more population. The distribution of branch systems
shown in the following
and population of the city of the parent bank is
in Table II, for
table. A similar distribution for selected cities is given
June 1929 and 1928, and for December 1926.

that the association
found on investigation in each of these instances
While the chain banking
was clearly not of chain banking character.
of corporately inderelationship implies centralized control over a group
such control nor the
pendent institutions, neither the power to exercise
determined in every instance.
amount of control actually exercised can be
banking there are bound to be
It follows that under any definition of chain
chains for 1929 the agents
doubtful cases. In making up their lists of
of three or more institutions
have included all groups, so far as known,
under centralized control.
definitely operated as a system or group
chain relationship implies a
Generally, although not in every instance, the
held by the controlling
majority stock interest in each member of the chain
either direct ownagency. This controlling stock interest may represent
through a subsidiary
ership by bank, or indirect ownership by a bank
or by an unincorporated
investment company; or ownership by an individual
not a subsidiary of
group of individuals; or by an investment company
ip is further evidenced
any bank. Not infrequently the chain relationsh
tive staffs. Investment
by some interlocking of directorates or administra
stocks may or may not
companies or trusts organized to deal in bank
a degree of control over a
develop through acquirement of such stocks
n of the group as a chain
group of banks sufficient to justify designatio
system.
comparison with those for
Figures for June 1928 are not brought into
returns of data for banking
June 1929 because of inclusion in the earlier
n of the returns
groups excluded from the list of chains in 1929. Compariso
that there was no considerable
for these two dates, however, indicates
of banks comprised
increase during the year ended June 30 in the number
nts of this character having
in banking chains, the principal developme
It is known that certain chain
taken place during subsequent months.
since June 30, and plans for
banking groups have been expanding rapidly
to engage in chain banking
incorporating companies of large resources
enterprises have been announced.

LOCATED IN LARGE
SIZE OF BRANCH SYSTEMS FOR PARENT BANKS
AND SMALL CITIES, JUNE 30 1929.

BANKING DEVELOPMENTS: 1924-29.
TABLE I.-SUMMARY OF BRANCH-

Located in Cities.
Total.

1 branch
2 branches
3 to 5 branches
6 to 10 branches
1110 30 branches
Over 30 branches
Total

Of Over
100,000.

Of Less
Of 50,000 Of 25.000
o 100,000. to 50,000. than25,000.

443
153
129
38
38
17

133
68
83
24
34
17

54
14
13
3

818

359

84

June 30
1929.

Class of Bank or Branch, &c.

Parent Banks.

Size of Branch System.

59

FINANCIAL CHRONICLE

JAN. 4 1930.]

36
18
12
3
1

3
_

70

305

25,115
818

Number of banks
Number of operating branches, total
Member banks, total
National
State
Non-member banks

220
53
21

Size of branch systems: Number of banks
operating1 branch
2 branches
3 to 5 branches
6 to 10 branches
Over 10 branches
Not classified

Urban and Rural Systems.
determined by the location of
The character of branch systems is not
prohibit the establishment
the parent bank, except in those States which
Location of parent bank: Number in cities
bank. California's larger
having in 1920 a population ofof branches outside the home city of the parent
and Los
Francisco
San
in
100,000 or more
located
branch systems are operated by banks
50.000 to 100,000
network of branches.
Angeles, but these systems embrace a State-wide
25,000 to 50,000
head office in San
The largest branch system in the State with the
Less than 25,000
Angeles,
Los
in
43
Not classified
Francisco was operating 42 branches in San Francisco,
California
of
branches
and 200 in other places in the State. Of the 861
Character of systems: Number of banks
and
bank,
parent
the
of
city
banks, 531 were located outside the home
operating2,500 population,
Home-city branches only
of these outside branches 197 were in places of less than
Of the total
branches only
cities.
larger
Outside
in
199
and
10,000,
to
2,500
135 in places of
Home-city and outside branches
city of the parent
number (1,078) of branches located outside the home
of
in
towns
located
were
Branches in operation, total
bank in the country as a whole on June 30, 591
5,000, and 354 in
less than 2,500 population, 133 in places of 2,500 to
which
in
States
Of member banks
other
several
and
larger places. In New York, Michigan,
National
le, however, banks
the development of branch banking has been considerab
State
home city, and the
the
outside
non-member banks
branches
Of
establish
to
permitted
are not
is accordingly restricted
development of branch banking in these States
to urban communities.
Chain Banking.
districts regarding
Data reported by Federal Reserve agents in the several
these are known to the
the extent of chain banking affiliations, so far as
these developagents, are summarized in Table VI. Information regarding
files, examinaments was obtained from various sources, including credit
of banking officers,
tion records of State officers, and personal knowledge
as covering
and the summary figures given for States are not presented
last, the informa30
banks comprised in the chains reported. As of June
For this
tion is as nearly complete as the agents were able to make it.
1,550 banks, of
date a total of 230 chains were listed, embracing over
s.
which nearly 600 were National and over 950 were State institution
d
These banks were definitely linked up in groups and subject to centralize
administrative control.
Chain systems were found operating in a large majority of the States,
bounindividual chain systems extending in many instances beyond State
daries; but group banking developments were relatively more considerable
in the States of Minnesota and North Dakota of the Minneapolis district;
Iowa, Illinois, and Michigan of the Chicago district; Nebraska, Kansas,
and Oklahoma of the Kansas City district; Arkansas of the St. Louis
district; Washington and Utah of the San Francisco district; and in the
States of New York and New Jersey. In eight of these 13 States the
establishments of branches by banks has been prohibited by law, and in
three of them the establishment of branches is restricted to the home city
of the parent bank; in the two remaining States (North Dakota and
Oklahoma), although no provision regarding the development of branch
by banks. Very
banking has been enacted, no branches are being operated
considerable developments of chain banking are, however, reported from
California, which permits State-wide branch banking, and some develop
as well as
merits are found in other States of the branch banking area,
outside this area.
Prohibitions and restrictions enforced upon banks in developing branch
systems in some States may have stimulated the development of chain
so can not be
banking, although the extent to which they have done
to the development
determined. Some of the considerations which have led
such
developments may
of branch systems in States which have permitted
very well account, also, for the development of chain banking In these
and other States generally, since the chain or group system may in
d
individual instances take on many features of centralize control which
characterize branch banking. Chain and branch banking may and do
and
States
sections of the
some
interlock and supplement each other in
country, with the result that extensive affiliations of banks and branch
systems in different States have been built up. The extensive chain
banking developments since June 30, it should be noted, are not covered
In the summary figures given in Table VI. Some affiliations reported in
June 1928 as chains were not reported as such in 1929, it having been




June 30
1928.

Location of branches: Number locatedIn home city of parent bank
Outside home city

Feb. 2,5
1927.

25,950
835

June 30
1924.

a26,973
779

28,996
714

354
164
190
464

355 '
169
186
480

334
145
189
445

299
108
191
415

443
153
130
37
55

469
150
126
35
55

446
127
124
35 1
47

376
129

359
84
70
303

372
81
66
316

353
65 1
61
300

518
252
48

526
262
47

476
261
42

391
283
40

3,440

3,230

2,900

2,293

2,291
993
1.298
1,149

2,161
941
1,220
1,069

1,950
390
1,560
050

1,385
248
1,137

2,362
1,078

2,214
1,016

1,929
971

1,508
785

2,214
853
163

1,996
735
169

Establishment of branches: No. estab'd2,329
De novo as branches
958
By purchase of banks
153
No report of method
banks
private
and
a March 1927. b Mutual savings

176
b33

289
108
284
b33

908

DOMESTIC BRANCHES AND NUMBER
TABLE III.-BANKS OPERATING
1929.
OF BRANCHES, BY STATES, JUNE 30
Number of Banks.

State.

Total

Total

National.

State
Member.

818

164

190

Number of Branches.

NaNonMem- Total. (tonal
Bank.
ber.

State
Bank
Member.

993

1,298

464 3,440

NonMember
Bank.
1,149

State Wide Branch Banking Permitted.
10
12
22
5
2
7
-igg
264
Arizona
109
35 861
6
13
54
10
California
2
12
5
2
7
12
Delaware
ii
23
6
11
95
District of Columbia
228 125
3
33
61
Maryland
10
6
77
33
5
4
42
7
26
North Carolina
2
35
5
4
2
11
40
Rhode Island
2
8
50
7
2
3
12
37
11
South Carolina
12
60
27
3
38
Virginia
---_
Wyoming
536
194
535
1,265
151
26
38
__ 215
Total
Law.a
by
Prohibited
Branches
Estab ishment of
18
19
4
1
5
3
Alabama
3
2
2
14
Arkansas
16
34
9
4
16
2
Georgia
5
2
9
2
1
4
Indiana
6
6
2
2
Minnesota
_
2
2
_
2
2
Nebraska
1
1
1
1
1
Oregon
2
2
5
1
3
2
Washington
3
4
9
2
3
1
6
Wisconsin
40
15
33
88
20
9
12
41
Total
Other
legislation.
ory
prohibi
to
prior
established
a Branches reported were
establishment of branches Include the following
States which have prohibited the
Idaho,
in operation: Colorado, Connecticut, Florida,
In which no branches were
Nevada, New Mexico, TeAft.9, Utah. West
Illinois, Iowa, Missouri. Montana,
provision in State law regarding
Virginia, Kansas. States which have made no
no branches were in operation:
branch banking Include the following, In which, also
,Oklahoma.
New Hampshire, Vermont, North Dakota, South Dakota

60

FINANCIAL CHRONICLE
Branches Restricted as to Location.

[VOL. 130.

TABLE V.-SIZE OF BRANC

H SYSTEMS AND LOCATION OF BRANCHES;
3
.TUNE 1929 AND 1928.
60
58
16
Banks Operating Branches.
54
68
MaxBranches.
10
Num69
58
(mum
1
ber
1
Number of Branches
24
size
Class of Bank or
17
19
of
Total
33
--39
Operating.
31
of Total In
State and Year. Banks. Num
31
40
172
446
64
5y. Num- Home Out8
24
her.
13
177
69
Over fern. ber.
side.
18
16
1.
42
2. 3-5. 6-10 10.
33
94
8
23
44 Total: 1929_ _ _
25,110 818 443 153 129
Total
38 55 285 3,440 2,362 1,078
562
1928
114
155
293 2,087
425 1,089
573 Mem'r bka., tot. 25,943 835 469 150 126 35 55 289 3,230 2,214 1,016
TABLE II.-BRANCH SYSTEMS WITH
HEAD OFFICES IN SELECTED
1929
8,707 354 155 66 69 21
43 285 2,291 1,805
1928
486
CITIES.
8,929 355 164
National: 1929_ _ 7,530 164 86 68 57 23 43 289 2,161 1,662
499
31 24 10 13 285 993
1928
650
343
7,685
169
92 36 17 10 14 289
No. of Banks Operating
State: 1929
941
603
338
1,177 190 69 35 45 11 30
Branches.
96 1,298 1,155
Maxi- No. of Branches.
1928
143
1,244 186 72 32 40 13
City and Date (Cities
29
97 1,220 1,059
mum
Non-mem'r hks.:
161
Arranged by Total
No. of Branches
Size of
1929
16,403 464 288 87 60 17
No. of Branches in
12 140 1,149
Operating.
System
1928
557
592
17,014
480
June 1929.)
305
82 69 12 12
Total.
53 1,069
(Num- Total. Home Out552
517
Oyer
her of
City. We.
Stade Wide Branch Banking Permitte
I. 2. 3-5. 8-10 10. Branches.)
d.
Arizona: 1929 _ _
46
7
3
2
New York:
1
1 ____
10
22 __
1928
22
45
8
4
June 1929
2
1....
1
71 31 12 12
11
23 ____
Californ
3
ia: 1929_
13
23
66
455
549
549
54 26
June 1928
7 11
3
7
76 32 14 11
285
861
330
1928
5
531
14
66
496
488 488
63 31
Dec. 1926
9
10
4
9
77 32 13 14
289
826
340
Delaware: 1929_
7 11
486
62
409 409
48
7
3
San Francisco:
3
1 ____ - _3
12
3
1928
9
48
5
1
June 1929
3 ..___
1 ____
7
6
1 .._
13
3
1
1
2
12
285
402
98 304 Dist. of Col.:
June 1928
8
1
1
2
1
1929
3
289
41
458
11
164
354
6
2
Dec. 1926
2
1 ____
14
6
2
2
23
23
4
1928
2
4
100
247
42
12
75 172
7
2
Los Angeles:
3 --------4
22
22
Maryland:1929_
235
33 11
8
June 1929
9
1
4
9
20
3 --------2
125
68
4
1928
.57
144
238
385
201
32
184
11
June 1928
8
9....
4
10
20
3 --------2
120
64
56
5
97
281 201
80 North Carolina:
Dec. 1926
13
4 --------2
1929
7
95
428
307 214
42 27
93
7
Detroit:
6
2 ___
6
77
11
66
1928
445
43 28
6
June 1929
8
1
_
11
6
79
1
1 _
11
Rhode Island:
68
9
94
305 305
June 1928
12
1
1
1 _
1929
9
93
33
297 297
11
5
2
3 ____
Dec. 1926
1
16
14
2
35
2
16
1
19
1 10
1928
46
284 284
37
11
6
1
Philadelphia:
3
_
_
_
1
14
33
16
South Carolina:
17
June 1929
49 20 11 15
3 ____
1929
10
223
122
122
12
5
3
1
June 1928
2
1
53 28 13 12 --------5
16
50
7
43
1928
262
101
101
15
8
3
Dec. 1926
3
1 ____
53 35
9
36
9
7
9 --------4
29
Virginia: 1929._
481
85
38 26
85
8
Cleveland:
4 --------5
60
27
33
1928
494
39 28
8
June 1929
5 ___ ____
12
6
5
63
1
2 __
31
32
Wyoming: 1929_
3
52
101
87
_____
81
____
20
____
____
June 1928
____
____ _____ --__ ____ ___..
13
9..._
1
1
1928
2
52
94
74
20
Dec. 1926
9
5 ____
--- - -- - - - - - 1
1
2
62
88
69
19
Buffalo:
Branches
Restricte
d
as
to
June 1929
Location.
72
71
1
June 1928
Kentucky: 1929_
6
2 --------2
572
9
5
1 ___
2
33
3 ____
66
65
26
1
24
Dec. 1926
2
1928
6
1 ____
586
2
8
4
2
1 ____
1
32
3 ____
61
60
25
1
Baltimore:
24
1
Louisiana: 1929.
226
42 27
5
6
3
1
108
52
June 1929
56
1928
15
3
5
229
43 26
4 ____
3
7
5
17
4
69
I
111
65
4 Maine: 1929_ __ _
54
June 1928
57
14
3
134
5
24
3_
12
3
5
4
16
3
____
65
61
61
4
6
Dec. 1926
55
1928
16
7
4
140
2
22
1
9
6
2
5
14
2 ____
57
55
54
2 Massachusetts:
Boston:
5
49
June 1929
1929
19
8
6
4a2
2
86
1
57
17
2
9
12
1
2
61
61
154
135
June 1928
19
1928
18 10
3
446
2
81 57 12
1
2
9
1
11
2
53
53
141
122
Dec. 1926
19
Michigan: 1929_
18 12
1
742
61 27 11
2
2
9
1
3 11
11
50
433 430
50
Cincinnati:
3
1928
748
64 32
9
9
3 11
422 418
June 1929
4
13
3
MississIPP:1929
3
312
4
11
1
7
3 --------1
2
11
52
51
25
1
June 1928
1
24
12
1928
2
3
325
4
11
1
7
____
2
3
____
12
1
52
52
25
1
Dec. 1926
24
New Jersey:1929
11
2
2
567
53 33
5.....2
9
9
11
2 __
46
44
103
2
New Orleans:
93
10
1928
567
50 32 10
7
1 ____
82
71
June 1929
New York: 1929 1.141
11
5
1
1
106
47
2
24
1
14
23
5 16
46
46
682
681
June 1928
1
5
1928
1,146 112 50 24 15
1
3
1
20
7 16
48
48
607
Dec. 1926
606
1
Ohio: 1929
5 --------1
1,029
58 27
3
1
7 13
20
3
8
46
46
259
228
Toledo:
31
1928
1,048
59 29
6 13
6
6
250
June 1929
210
31
6
Pennsylvania:
1 ____
2
1
2
17
44
44
June 1928
7
1929
1.
1,589
81 44 15 19
3
2
1
11
3 ____
42
42
169
Dec. 1926
161
8
7
1928
1
1
1,623
84 53 16 1' _. ___
2
3 ____
10
38
37
145
1
Grand Rapids:
137 --Tennessee: 1029
490
31 21
5
2
1
2
67
June 1929
1028
28
39
3
507
27
IS
1
5
2
I
1
15
2
37
RI
OR
37
25
June 1928
3
1
2
15
36
36
Dec. 1926
Establishment of Branches Prohibited by Law-Operation
36
36
of Existing Branches Permitted.
Nashville:
Alabama: 1929 _
June 1929
6
2
1
1.
2
12
31
19
12
1928
June 1928
6
2
1
1 ____
2
12
31
19
12
Arkansas
Dec. 1928
: 1929_
6
2
1
1 ____
2
12
30
18
3
12
1928 __
3 ____
TABLE IV.-BANKS OPERATING DOMESTIC
3
Georgia:
iiii
8
5
BRANCHES AND NUMBER
l ___
9
34
11
23
1928
11
OF BRANCHES, BY STATES, JUNE 1924-JUNE
5
2
1 ____
0
37
12
25
Indiana: 1929_ _
1929.
9
8
1
1928
9
8
1
Minneso
Number of Banks.
ta: 1929
--Number
--of
Branches
.
6
Class of Bank
1928
___ --6
and Slate.
June 30 June 30 Feb. 25 June 30 June
30 June 30 Feb. 25 June 30 Nebraska: 1929_
1
2
1929. 1928. 1927. 1924. 1929.
1928
1928. 1927. 1924.
1
2
Oregon: 1929. _.
National
164
1928
169
145
108
993
941
390
248
State member__ _
1
190
Washington:
186
189
191
1,298 1,220 1,560
1,137
State non-mem'r
398
1929
415
387
387 1,046
973
863
5
3
Mutual savings.
908
2
62
1928
58
50
28
96
86
6
76
(a)
Private
3
3
Wisconsin: 1929
4
7
8
(a)
7
10
11
9
8
(a)
1
1928
9
8
Total
1
818
835
779
714 3,440 3,230 2,900
2,293
No. Branches in Operation.
State 1Vide Branch Banking Permitte
d.
Other States a:
Arizona
7
8
S
1929
8
22
23
California
20
54
63
72
192810,504
99
861
762
538
Delaware
7
5
5
5
12
14
18
a For list of other States which prohibit establis
Dist. of Col
11
12
10
11
hment of branches, or have made
23
20
19 no provision regarding branch banking
Maryland
33
32
35
27
, see note it. table III.
125
113
88
North Carolina_
42
43
40
40
77
74
66
Rhode Island...
11
11
11
9
35
29
21 Senator Couzens Demands Railroad Inqui
louth Carolina
12
15
8
9
ry-Calls
50
25
20
irirginia
38
39
37
for Facts on Merging by Holding Compa
31
60
60
45
Wyoming
nies Before
Kentucky
Louisiana
Maine
Massachusetts
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania
Tennessee

9
42
24
86
61
11
53
106
58
81
31

4
1

2
7
1
16
30

3
34
23
54
21
10
17
35
26
47
23

26
108
61
154
433
25
103
682
259
169
67

10
8

13
40
3
32
306

1

C.C-M.001,
...
CIN

04...ONNOW
WNN
.-...0G* CWWW

Total

228

226

237

1.265

1.215

I.120

RRA

Branches Restricted as to Location.
8
5
4
26
43
41
34
108
22
24
23
61
79
81
61
154
64
68
63
433
11
11
11
25
50
14
14
103
112
106
77
682
59
53
51
259
84
82
67
169
27
22
21
67

25
111
54
141
422
25
82
667
250
145
61

13
106
54
133
401
25
21
517
231
131
55

12
93
47
98
332
25
21
382
203
08
53

9
42
24
86
61
11
53
106
58
81
31
562

561

505
426 2,087 1.923
Branch Banking Prohibited by Law.b
19
19
2
2
2
2
3
3
1
16
19
21
21
34
37
4
4
4
4
9
9
2
2
2
3
8
6
2
2
2
2
2
2
1
1
1
1
1
1
3
4
4
5
5
6
6
7
7
7
9
1 eta!
41
48
48
51
88
92
a Not separate y tabulated. b See note a,table
III.

Alabama
Arlansas
Florida
Oecrgia
Indiana
Minnesota
Nebraska
Oregon
Washington
Wisconsin




..,WWWWAIS.WWWWWW

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MOW.

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4.C.,

AUJWWWWWWwQ.
C04..00004.0,0.40

OWNN
,-, ...-,

Kentucky
Louisiana
Maine
Massachusetts..
Michigan
Mississippi
New Jersey
New York
Ohio
Pennsylvania_
Tennessee

215

1

_____ 1----I----I----I----I----1-----I ----I

0NONNOPCSOC.,
CIN•-•CINNCIMW
00
•-•

2`ntal

Z

1,687

1.344

19
3

19
3
1
53

39

8

6
2
1
8
9
93

11
2
1
9
114

Action on Consolidation-Favors Revie
w by InterState Commerce Commission.

A searching inquiry into the activities
of holding companies and investment trusts organized
to handle railroad
securities was demanded on Dec. 28 by Senat
or Couzens,
Republican, of Michigan, Chairman of the Senat
e Committee
on Inter-State Commerce. This Is
learned from a Washington dispatch to the New York "Time
s," which said:
Such an investigation, the Senator
believes, should pievede any attempt
s
by Congress to pass legislat
ion bearing on railroad consolidation,
and
should be entrusted to the Inter-State
Commerce Commission instead
of to
a committee of the
House or Senate, or a joint committee of Congres
s.
"It is my intention to know
the facts regarding the holding
companies
and whether they influenc
e railroad management," Senator Clemens
said,
"also the extent of holding
s of railroad securities by investment
trusts
and whether they
attempt to influence the managesnent of
railroads.
"It is my opinion that Congres
s cannot legislate intelligeatly
on the
subject of consolidation without knowin
g all of these things, and we
want
to know the motives as well
as the facts.
"I am not averse to turning
this investigation over to the Inter
-State
Commerce Commission. If we can
be assured of a satisfactory investig
ation by the Commission
it perhaps would be advisable to refer
this task
to it."

JAN. 4 1930.]

FINANCIAL CHRONICLE

other members of his
It is said to be the opinion of Mr. amens and
ion already has been
Committee that a large measure of railroad consolidat
is controlled by
effected through the medium of the Pennroad Co., which
on which was
the Pennsylvania Railroad interests, the Allegheny Corporati organizations.
like
formed by the Van Sweringen interests of Cleveland, and
-State ComThis idea was stressed in the last annual report of the Inter should be
companies
merce Commission, which suggested that the holding
brought under its jurisdiction.
legislation would
Senator Couzens gave the impression that railroad
ed and that
be deferred until the holding companies had been investigat the current
at
ion
the inquiry could not be completed in time for considerat
session of Congress.
Chairman Parker
Just before they left Washington for the holidays,
Watson of
of the House Inter-State Commerce Committee and Senators ding Comcorrespon
Indiana and Fess of Ohio, Republican members of the
ations
recommend
n
mittee of the Senate, declared that the Commissio
connection with
relative to holding companies would have consideration in
consolidation bills.

61

gallons; in this month. 183,306 gallons were allowed to the United States
Government; while State and Municipal Governments procured 2.048.922
for non-taxable
gallons. and 297.810 gallons were used by distributors
purposes.

John J. O'Brien, Pres. of Standard Gas & Electric Co.,
Believes Gas and Electric Industry Will Continue
to Expand.
There is every reason to believe that the electric and gas
industries will continue to expand and increase earnings at a
substantial rate during 1930, according to a statement by
John J. O'Brien, President of the Standard Gas & Electric Co. Construction programs, as already planned and
announced, are large, and were made to serve increasing
public demands of a fundamental character. Major proA reference to the rail merger bills appeared in our issue jects, so far as I know, will be carried out as planned in 1930
of Dec. 28, page 4083, the Inter-State Commerce Commis- in the absence of anything in the present situation to warrant
United
sion's railroad consolidation plan was noted in these columns lack of confidence in the growth and prosperity of the
quoted:
is
who
further
,
O'Brien
Mr.
added
States,
e.
pages 4025 to 4038 inclusiv
ng an over-extenW. W. Atterbury, President of Pennsylvania RR.,
Sees Railroads Stabilized Financially.
Describing the changed attitude of the Federal Government to big business, General W. W. Atterbury, President
of the Pennsylvania Railroad, said in an address before the
Girard College student body at New Year's exercises on
Jan. 1 that "the great combinations of industrial enterprise,
once feared and antagonized under the name of trusts, are
now recognized as among our greatest national assets and
absolutely necessary to maintenance of our place in the
world's trade." A dispatch from Philadelphia to the New
York "Times," quotes Gen. Atterbury further as follows:
acclaimed
"The voice of the people," said General Atterbury, "has
, and the Govthe honesty of purpose of big business as now conducted
ts giving
ernment, ever sensitive to popular opinion, is in all departmen
before in our nagreater help and less hindrance to business than ever
tional history."
the railroads
He dated the changed attitude of the Government toward
he said, the
to the passage of the Transportation Act of 1920, although,
earlier.
change in popular opinion began to make itself felt much
Economic Law Prevails.
,
"The wisest students of human affairs," General Atterbury continued
in conflict,
"are agreed that wherever statute law and economic law are
race.
human
the
economic law finally prevails—a good thing for
on
"It is this saving principle which is now compelling the modificati
and
of our anti-trust and anti-merger laws and their judicial application
which is destined to carry the process much further, and with full public
and
approval, or in further deference to a constantly better informed
by
more articulate public opinion on this all-important subject, fortified
the example of other nations.
"This is not the occasion for an extended discussion of railroad affairs,
obserbut having mentioned the subject I cannot refrain from one further
Act in 1920, which
vation. Since the passage of the Transportation
this
of
people
the
allies,
recognized the railroads as public friends and
service ever given
country have been rendered the best transportation
any nation.
Roads Stabilized Financially.
which is the best assur"The railroads have been stabilized financially,
been raised to more nearly
ance of continued good service. Dividends have
invesadequate levels, which has benefited millions of direct and indirect
insurance policy holders.
tors, including all savings bank depositors and
in
railroad
wages
individual
Railroad employes have received the top

So far as can be ascertained there is nothing approachi
The facts
sion or over-production of electric and gas facilities or service.
areasonable
point to the contrary,and this is why expansionwill continue on
ent. Much
earnings basis. Large additional fields of service await developm
and in the long
remains to be done to further interconnect electric systems,
is a shortage
distance transmission of gas. Due to decreased rainfall there
such shortage
of hydro-electric power in the north and west. Even without
provided.
be
will
and
additional steam-electric capacities are needed
construction
Few if any other industries are in better position to finance
position; second,
than the utilities. First is their exceptionally strong cash
the customerthe increased equities built up by junior financing, and third,
in a manner
ownership method of financing, which the utilities developed
progress.
own
most beneficial to the public and their
wide distribuCustomer-ownership with most companies has meant the
vely little in
tion of preferred stocks, which have fluctuated but comparati
ve readspeculati
price and none in return to the investor during the recent
-ownership activities,
justment. The speculative wave decreased customer
potential strength
but this method represents a financing reserve of immense
expensive.
In periods when older forms offinancing are difficult and therebyte in many
The extremes of speculative activity in 1929 were unfortuna the earnthat
ways,including giving the public the erroneous impression
high. Electric and gas comings of utility companies were exhorbitantly
1929, but during this
panies, as a whole, had a reasonably successful year in
ever before. Stock
period probably reduced rates in greater volume than
operators. Anyutility
market prices were, and are, beyond the control of
said to be helpful
thing that serves to give the public false ideas cannot be
In the long run.
careful conOne important phase of electric and gas development deserves increasing
the sharply
sideration by the public and its lawmakers. This is
in their future prodegree of competition which both these industries face
its way against
gress. Electric power from central stations now has to fight
plants, both steam
higher efficiencies than formerly obtained in isolated
of coal and oil cause
and internal combustion engines. Over production
household, where the
lower prices of fuel. These conditions extend to the
cooking and heating.
largest potential uses of electricity and gas are for
competitive and so
The introduction of electric refrigeration is distinctly
Without going into further
is the extension of electric service to the farms.
as other indussame
the
detail, it may be said that our problems are really
selling price and salestries; that is, production cost, distribution expense,
manship.
the competitive struggle
We believc that we can more than hold our own in
improvement individually
as long as the American idea persists of constant
burdened by legal
and collectively, provided we are not unduly or unequally
restrictions.

Which
Bank Pool's Aid Unique in Market—Group
e
Operat
to
Kind
of
First
Stocks
in
Decline
Eased
ies.
Securit
Publicly—Still Holding
pool
The fact that, at the close of the year the banking
history.
most of its
have
to
ood
underst
and
was
,
)
great
prosperity
enjoyed
October
in
has
(formed
whole
a
"Incidentally the nation as
Jan. 1
higher than that ever
we have established for our people a scale of living
securities intact, is noted in the New York "Times" of
will
es
purchas
any
land.
in
these
known
before
right road and which also states it is believed that
"If it is proper to Judge by results, then we are on the
quarters
in
ment
arrange
private
by
of
be
disposed
ly
ultimate
should keep going.
nt
the founder of this college
"That view, I am sure, would be shared by
where they will be likely to remain as more or less permane
and
prohis
his
experience
of
breath
the
on Oct. 24
bring
pool
If he were here to-day to
banking
the
of
on
The
formati
ents.
investm
of our time."
found common sense to bear upon the problems
was
at the time of the collapse of prices on the stock market, ts
commen
noted in our issue of Oct. 26, page 2617. In its
Statistics Regarding Motor Fuel Sold and Used in New regarding the operations of the pool the "Times" in its Jan. 1
York During First Six Months of New Law.
issue said:
formation on Oct.
One of the most unusual developments of 1929 was the
Statistics given out at Albany on Dec. 28, at the offices
banking pool
of the first wide break in the stock market, of a
day
the
24,
n
and
of
Taxatio
ioner
formed not to attempt
of Thomas M. Lynch, Commiss
ofsix of the city's most powerful banks. The pool was
to turn the market upward, but
Finance, show for the six months ending Oct. 31 of this to stop the avalanche of stock selling nor
trading conditions on the floor of the Stock
chaotic
the
of
our
tors
order
totaled
by
distribu
bring
to
d
reporte
year the tax paid motor fuel
Exchange.
flashes over the
774,701,746 gallons. The total quantity of motor fuel sold
Word of the formation of the pool reached Wall Street in
when prices
d
which
include
and
period
that
during
State
news tickers. Shortly after noon on that celebrated Thursday
and used in the
of the
Chairman
Charles E. Mitchell.
tumbling,
were
the
Exchange
on
,547
The
gallons.
788,900
He
both taxable and non-taxable was
Bank,was seen to enter the offices of J.P.Morgan & Co.
City
National
of the
statement shows that refunds on 15,203,852 gallons were was followed in a few moments by Albert H. Wiggin, Chairman
these Chase National Bank. Then William O. Potter. President of the Guaranty
allowed to purchasers of the fuel during that period,
Trust Co..
Co.. and Seward Prosser, Chairman of the Bankers
in
being used for non-taxable purposes by farmers, contractors, Trust
four conferred with Thomas W. Lamont, a partner
These
arrived.
and many others, leaving the net quantity taxable at Morgan & Co. Later they were joined by George F. Baker,Jr. of the First
National Bank.
759,497,894 gallons. It is further announced:
a large sum of money
d to
gallons sold to the
Reported in the non-taxable columns were 2,438.905
sold to the State and MuniUnited States Government; 10,818.914 gallons
rs for nonby
distributo
used
gallons
cipal Governments, and 1,140.982
taxable purposes.
that in August over
Figures for several months preceding October show
by distributors, and
147,000,000 gallons of tax paid motor fuel was reported
in
September nearly
gallons;
that refunds were allowed on over 3,000,000
by distributors, and
128,000,000 gallons of tax paid fuel were reportd
refunds allowed on slightly over 3.500,000 gallons; in October. 124.241,330
gallons were reported as tax paid fuel, and refunds were allowed on 2,887,176




have pledged
Each of the bankers is understoo
for stocks where
to a common fund which was to be used in supplying bids
to
the
absorb the offerings. It was this
market
no takers appeared in
developdisappearance of bids, a condition described by Mr.Lamont as the
demoralizament of "air-pockets." which contributed most actively to the
tion of the market.
became
Under the influence of the banking pool's operations trading
low prices
more orderly, although the decline in prices continued and the after the
weeks
of the break were int reached until Nov. 13, nearly three
formation of the pool.

62

FINANCIAL CHRONICLE

[VOL. 130.

The sum of money which the pool had at its disposal is
known to have
been considerably in excess of $200,000,000, probably about
$250,000,000,
and,in addition large sums were offered by other powerful banks
should the
pool require additional resources in its stabilization measures
.
Not more than half of this great sum was employed;
the remainder was
held in reserve in case further crises developed.
During the first few days of the market's decline members
of the Pool
met twice daily, at noon and again after the close
of the market. After
these meetings Mr. Lamont acted as spokesman for the
group. As the
market depression dragged on, however, the daily
meetings at Morgan's
were abandoned. Instead, members of the group
conferred by telephone
and once or twice met at night at Mr. Lamont's
house.
Although Wall Street always has talked vaguely of
"banking support'
and "banking pools," the organization of this group
last October is believed
to have been the first one in American financial history
concerning which
the financial community had definite knowled
ge of its existence, of ts
personnel and of the details of its meetings and
procedure.

market as banks throughout the
country, as usual, withdrew funds from
New York as their own funds
were withdrawn by their customers.
While currency needs may have been
less than last year, gold movements
were much larger. In 1928 there
had been some loss of gold during the latter
Part of November, chiefly through the
account, a movement unrelated to the earmarking of gold for foreign
This year there was a heavy outflow position of the foreign exchanges.
of gold, directly resulting from the
strength of the foreign exchanges at
New York. In December the loss of
gold, including earmarkings,
amounted to 91 million dollars, and the total
movement from Oct. 28 through
Dec. 31
In addition to these large gold exports amounted to a loss of 116 million.
and the holiday currency demand,
withdrawals of funds from New York
by the rest of the country were much
larger than usual. Between the
middle of November and Christmas net
withdrawals totaled about 300 million
dollars. This movement may be
considered a logical sequel to the events of
the preceding weeks. The events
of September and October caused easy
money
weeks this money did not flow freely to other in New York but for some
districts, probably reflecting
some stoppage of the usual liquidity
of funds duo to disturbances in the
Federal Reserve Bank of New York on Gold Movement security markets. As more normal condition
s were restored, the surplus
in New York,and even funds not surplus,
in December—Effect of Closing of Argentine Con- funds
flowed to other centers.
The triple drain upon New York of currency
, gold, and transfers might
version Office.
well have caused very firm money conditio
ns, but other influences largely
offset this tendency. The first of these was
In ts report of the gold movement during December, of
the continuance of the liquidation
credit after the security price decline. As their
deposits declined the
the Federal Reserve Bank of New York, in its Monthly reserve
requirements of the New York City banks
declined releasing a
Review Jan. 1, refers as follows to the closing of the Argen- Part of their reserves. The liquidation in member bank
credit was partly
security loans, partly in inter-bank loans, which
tine Conversion office (which was alluded to in our issues of in
had been expanded in
November, and partly in other loans. The changes
in total loans and
Dec. 21, page 3893 and Dec. 28, page 4064).
Investments of reporting banks are shown in the
second diagram on the
preceding page.
On Dec. 16 the President of the Argentine Republic declared
the National
A second 1110a113 by which funds were provided
Conversion Office closed to further withdrawals of gold.
to meet the unusual
It is understood demands
that this does not constitute a complete embargo upon
the export of gold, banks. of the month was the open market operations of the Reserve
and that such gold as is held by the banks—over
Between
Nov.
20
and
Dec.
24
their holdings of Government se45,000,000 U. S. dollars— curities
were increased by nearly 160 million dollars
may be shipped at the discretion of the banks. Since
and their holdings of
the beginning of the bankers
acceptances by about 70 million dollars, a considerable
Year Argentina has lost around $150,000,000 of gold. The Conversi
part of the
on purchases
Office is reported to hold at present some 423.000,
being made in New York. Member bank borrowing
000 gold pesos, or about York
at the New
$408,000,000 in gold.
Reserve Bank was increased slightly, but even at the
seasonal peak
on Dec. 26 was only 252 million dollars, consider
The Review's reference to the gold movement follows:
ably less than on the same
date in 1928.
The outflow of gold from the United States, which
It may be further noted that the effect of
began at the end of
the recent movement of funds
October, was greatly accelerated in Decembe
r, and the reduction in the was to enable member banks in other districts to repay
some of their borrowCountry's monetary gold stock reached the largest
total in any month since ings at their local Reserve banks and thus laid the basis
for a somewhat
May 1928.
easier money position in those districts. The effect
was
thus to extend to
In the month of December there were exports of
$47,900,000 in gold to other sections of the country the tendency towards easier money conditio
France, $21,000,000 to England, $1,340,000 to Sweden,
ns
and $1,280,000 to which became apparent in New York in October and November.
Germany. Including small miscellaneous shipment
The usual table of money rates in New York
s for non-monetary
is given below. The peak
purposes, exports totaled $72,200,000 in round
figures. Imports were of the currency demand just before Christmas and preparat
ions for year$3,500,000, of which over $2,000,000 was received
from Argentina, and end statements and disbursements caused a temporary rise in
call loan rata;
$950,000 from Colombia. There was an additiona
l loss to the country's in the last week of December, and rates on short bills advance
gold stock through an increase of $22,000,000 in
d slightly,
gold earmarked for foreign reflecting the temporary curtailment of funds available
for short term
account. The net result according to a prelimin
ary calculation was a loss Investment. Commercial paper rates and customers'
loan rates of New
through exports, imports, and earmarkings,
of $90,800,000, which would York City banks were practically unchanged, and
time money rates rereduce the net gain for 1929 from $228,100
,000 at the end of October to mained close to the lowest level since themiddle
of 1928.
$115,100,000 at the end of December.
MONEY RATES AT NEW YORK.
NET GAIN OR LOSS OF GOLD THROUGH
IMPORTS, EXPORTS, AND
EARMARKING&
Dec. 31 '28. Nov. 29 '29 Dec. 31 '29.
Stock Exchange call loans
*9-12
*4Si
•534-6
Through Na
Stock Exchange 90-day loans
73%
43,'
1929.
43,1-5
Cold Imports
Prime commercial paper
Through
Total.
5kl-534
5-5st
5
or Exports.
Bills, 30-day unindorsed
Earmarktngs.
434
3Si-4
4
7
Customers'rates on commercial loans
25.49
January
x5.73
15.57
+$47,100
Treasury
,000
—$65,000
,000
certificate
—$17,900
s:
,000
February
+25,500,000
Maturing
March15 (yield)
+25,500,000
4.14
March
3.04
2.40
+24,800,000
+7.500.000
+32,300.000 Maturing June 15(yield)
4.42
April
3.13
2.98
+23,100,000
Treasury bills:
+48,600,000
+71,700,000
May
+23,600,000
+16,100,000
+39,700.000 Maturing March 17(offered)
__
June
__
2M
+30,200,000
—7,500.000
+22,700.000 Federal Res. Bank of N.Y.rediscount rate- 5
July
-;1-3;
4%
+34,700,000
—22,000,000
+12,700,000 Fed. Res. Bank of N. Y., buying rate for 90August
+18,400,000
days
bills
—1.000.0
00
+17,400,
000
434
September
4
4
+17,600,000
—6,600,0
00
+11,000,000
October
* Range for preceding week. x Average rate of leading banks at middle of month.
+17,500,000
—4,500.000
+13,000,000
Total
+3262,500,000 —$34,400,000 +3228,100.000
Comments of New York Federal Reserve Bank on New
November
—823,200,000
+31,000,000 —$22,200,000
December
*--68,800,000 *--22,000,000 '
Treasury Bills.
6-90,800,000
Total
Commenting on the recent issue of Treasury Bills, the
•—$92,000,000 •—$21,000,000 •—$113,000,00
Federal Reserve Bank of New York, in its Jan. 1 Monthly
Net total
*-1-3170.500.000 •-355.400.000 •+5115.100.000
Review states:
•Preliminary.
In addition to the usual quarterly transactions of the
Treasury, a new
Between Nov.27 and Dec.26 the Bank of England
added £10,600.000 to feature in December was the sale on a discount basis to the
Its gold stock, bringing up the total to £146,000
highest bidders
,000, or £15,700,000 above of $100,000,000 of Treasury bills dated Dec.
17 1929 and due March 17
the low level reached on Oct. 2. A rough estimate
of the December move- 1930. Tenders for this issue of bills totaled $224,000
,000,
of
ment in London is as follows: Imports from the United
which $100,States, £4,680,000; 000,000 were accepted at an average price of 99.181,
equivalent to an
from Australia, £4,010,000: from Argentina,
£1,750,000; South African average annual rate of about 331% on a bank discount
basis. Immediately
sovereigns paid into the bank, £2,070.000: secured
in the open market, after the 17th, these bills were offered in the market
by security dealers at a
£1,675,000. Exports were negligible except to France
which took a total 33% per annum discount, and during the balance
of the month wore
estimated at £2,300,000, of which £400,000 was taken
on the 3rd and 4th quoted from that rate down to a discount of 2;1
and the balance since the 24th of December.
%. Unlike Treasury
certificate issues, payments for Treasury bills cannot be made
by a credit to
the Government on the books of depositary banks,
but must be made in
cash or immediately available funds on the date
of issue. Due to this
Federal Reserve Bank of New York on Factors Operat- feature,
the Treasury does not have to pay interest on funds borrowed
in
ing Toward Tightening of Money Market in De- advance of requirements, and,
consequently the discount on the first issue.
while nominally higher than themoupon rate on
cember.
the nine months certificate
use, actually represented a lower interest cost
to the Treasury.
Observing that "the money market was subject to conThese Treasury bills have the advantages for
the subscribers that they
are
of shorter maturity than previous offerings
flicting influences during December,as the net result of which
of Government securities,
that the rate of return is established, not by the Treasury
money rates remained little changed, except for the usual and
, but by the
market through competitive bidding.

advance in call loan rates in the final week of the month,"
the Federal Reserve Bank of New York, in its Monthly ITEMS ABOUT BANKS, TRUST COMPANIES, ETC-.
Review, Jan. 1, says:
Arrangements were reported made this week for the transThe principal factors operating toward a tightening of the
money market fer of a New York Stock Exchange membership for $405,0
00,
were large withdrawals of currency from the banks
for the holiday trade, ex-rights.
and a substantial gold export movement. In addition
there

were unusually
heavy withdrawals of funds from New York
to other parts of the country.
The chief factors operating toward easier money conditio
ns were the
further liquidation of bank credit called into emergen
cy use at the end of
October and early in November,and Reserve Bank
open market operations.
The diagram at the left below [this we omit.—Ed shows
the extent of the
holiday currency demand, which is usually the dominan influenc
t
e on the
money market in December. It indicates that while the amount
of currency
called into use during this holiday season has
probably been slightly smaller.
than in 1928, these requirements have constitu
ted a drain upon bank
reserves of about 200 million dollars between Thanksgi
ving and Christmas.
Though this demand was countrywide it drew
heavily on the New York




.1

The second New York Cotton Exchange membership
of William W. Cohen was reported sold this week to
Norris
Sellar for $23,000. Last preceding sale $27,100.
The New York Cocoa Exchange membership of R.
G.
Dale was reported sold to Wessels, Kulenkampff & Co.,
for
another for $3,500, an increase of $500 over the
last preceding sale.

JAN. 4 1930.]

FINANCIAL CHRONICLE

63

rick A.
Chatham Phenix Corp. announces that Frede office.
At a meeting of the directors of the Guaranty Trust Co.
n
Bosto
its
of
tment
joined the sales depar
of New York on Jan. 2, Charles H. Sabin was elected Chair Stevens has
Co., and
&
an
Putm
L.
F.
with
rly
forme
d.
was
ns
retire
Mr. Steve
man of the board to succeed James S. Alexander,
R.
of prior to that with the Boston office of the William
Mr. Alexander's resignation was reported in our issue
Co.
ton
Comp
Dec. 21, page 3906.
The Guaranty Trust Co. announces the appointment of
New York
d
On Jan. 2 Harry A. Kahler, President of the Co. that
William F. Gost, formerly Assistant Secretary, as a Secon
ttan
Manha
the
to
ted
repor
Co.,
age
Mortg
&
Title
with
& MortVice-President of the company. .Mr. Gost is associated
than 75% of the stock of the New York Title
ment by
the bank's Madison Ave. office, at 60th St. Announcement more
agree
an
to
ant
pursu
Co. had been deposited
is also made by the Guaranty Trust Co. of the appointment gage the company becomes affiliated with the Manhattan
of Robert Speedie, formerly Auditor at London offices, as which unit in its group of financial institutions. Following
A. Co. as a
Assistant Comptroller, Foreign offices, and of Harold
Directors of the
the receipt of this information, the Board of
the
of
tary
Secre
as
tary,
Secre
ant
rly
Assist
forme
ck,
Layco
operative.
plan
the
ed
declar
lly
forma
Co.
Manhattan
London office. Mr. Laycock succeds George Rowland
' action, Mr.
olders
stockh
the
of
In announcing the result
had been a
Berkeley, who will give his entire time to the Guaranty
closed
just
year
the
that
out
ed
point
r
Kolle
age Co., as
Executor and Trustee Co., Ltd., of which he is Manager
Mortg
&
Title
York
New
the
profitable one for
and the
and Secretary.
Co.
Trust
can
well as for its subsidiaries, the Ameri
.
Plains
White
the
of
for
Co.
shown
are
County Trust
Resources in excess of two billion dollars
its
first time by the Guaranty Trust Co. of New York in
the Park Row
any
Initial steps toward formal organization of
statement of condition as of Dec. 31 1929. The comp
of the Clarke
site
the
city,
this
St.,
u
Nassa
154
at
9,Trust Co.
reports deposits, including outstanding checks, of $1,30
by the
taken
was
June,
last
failed
which
289, 553, an increase of $33,256,669 over Sept. 27 1929, the Brothers bank
the offer of stock at
with
30
Dec.
on
ttee
commi
s,
profit
zation
ided
organi
date of the last published statement. Undiv
and to
Sept. $32 per share to former Clarke Brothers depositors
the
this
totalling $32,636,024, reflect a gain of $3,827,031 since
ing
report
In
Co.
of the Plaza Trust
27 1929. Capital of $90,000,000 and a surplus fund of $170, stockholders
:
stated
31
Dec.
of
ne"
unTribu
"Herald000,000 give the company total capital, surplus and
$500,000 with a surplus of $250,000
total
The new bank will be capitalized at
0, the committee's subscription
of
$50.00
divided profits of $292,636,023. The statement shows
fund
e
expens
ation
organiz
increase of and an
an
1929,
25,900 shares of $20 par value, the
31
be
Dee.
will
issue
of
as
stock
,332
The
7,119
of
$2,01
ces
stated.
resour
offer
$32 per share. The
of the last surplus and organization funds running the issue up to
$158,462,786 over Sept. 27 1929, the date
money in the Clarke Brothers collapse may
2,200 depositors who lost their
up to 49%of the capital stock issue.
statement.
purchase in proportion to their losses
whose directors acting as individuals
Stockholders of the Plaza Trust Co.,
offered the
city
this
in
Trust organization committee, were
died
Row
sman,
Park
sport
the
se
and
r
compri
Richard T. Wilson, banke
Row Trust Co. for each
subscribing for three shares of the Park
of
1887,
ge
in
n,
Privile
Wilso
Mr.
unity
opport
The
on Dec. 29 at the age of 62 years.
stock held as of record on Dec. 31.
ished five sharesbeofisPlaza
establ
Co.
&
n
rights will be issued and no rights
no
Wilso
and
le,
T.
nsferab
R.
of
non-tra
firm
ng
to subscri
entered the banki
a turfman, accrue, the committee's announcement stated. The subscription lists close
by his father. He was however, better known as
for
the
at 3 p. m. Jan. 10.
ation
Associ
ed of M. H. Cahill, President of
and was President of the Saratoga
The organization committee is compos
a
also
was
nt
He
of the New York State Bankers
s.
preside
Horse
former
and
of
Co.
Trust
the Plaza
Co.;
Improvement of the Breed
President of Dexter-Carpenter Coal
ter,
a
Carpen
and
H.
ation
W.
Associ
tion;
Associa
g
director of the Westchester Racin
Maxwell,President Crowell PublishThomas R. Cowell,oil and gas; Lee W.
Chairman of James Stewart & Co.; Frank
steward of the Jockey Club.
ing Co.; Alexander M. Stewart.
Herbert Turrell,
York, Utilities Corp.;
J. Stoltz. President of Central New

,

of Spencer, White & Prentis
Trust Co. Investment banker; Lazarus White, Presidentdent
of Conde Nast PublicaThe newly elected President of the Equitable
L. Wurzburg, Vice-Presi
Francis
and
Inc.,
message
of New York, Winthrop W.Aldrich, in a New Year
tions. Inc.
of the
the Park Row
to the clients, stockholders and correspondents
A reference to the proposed organization of
3743.
page
14,
Dec.
of
issue
in
institution, says part:
Trust Co. appeared in our
President, Chellis A. Austin,
Because of the sad and untimely death of our
or to address a brief
by the State
it unexpectedly becomes my privilege as his success in carrying on the
purpose,
Further referring to the closing on Dec. 24
New Year's message to you. It is my earnest
& Trust
Bank
gth
Mr.
Stren
which
d
policies
Unite
the
the
Banking Department of
task which has been entrested to me, to follow out
vigorous a manner.
Bank & Trust
S.
U.
the
as
n
know
r
(bette
Austin had instituted in so constructive and
elphia
Philad
and the Equitable Trust Co. of
4084, we learn
The merger of the Seaboard National Bank
but the opportunities Co.), noted in our issue of Dec. 28, page
Co. has been completed in its fundamental aspects
the previous
capital
that
of
e
3
increas
Jan.
uent
subseq
from the Philadelphia "Ledger" of
for progress, created by that merger and the
Court of
of the forward steps we have
the
in
s
eding
proce
tion
injunc
funds, have not yet been realized. As a result
began
Trust Co. is in a favorable posi- day the bank
State
on,
Camer
J.
taken in the last few months, the Equitable
Peter
l
compe
ever before.
Common Pleas No. 2 to
tion to serve its clients more effectively than
l of the institucontro
uish
relinq
to
ng,
ution
Banki
instit
the
of
of
dent
ary
Secret
The election of Mr. Aldrich as Presi
ing Mr.
In its Dec.31 tion's affairs. Judge Lewis granted a rule requir
was noted in our issue of Dec. 21, page 3906.
y, Jan.
Frida
next
on
reports capital of Cameron to answer the bank's petiti
statement of condition the Equitable
said:
paper
elphia
Philad
of
ts
the
11,004; deposi
10. Continuing
the Banking Department to
$50,000,000; surplus and profits of $63,6 ,799.
The petition denies it was necessary for
having been in "an unsafe condiof
Instead
did.
it
$625,427,576 and total assets of $1,013,970
action
the
taken
have
n insists the institution was
to continue business," as alleged, the petitio due regard for the safety
cal tion
Chemi
the
of
ors
s in "an orderly manner with
direct
busines
its
ting
the
conduc
of
2
Jan.
on
At a meeting
lders."
was added to of its depositors, creditors and stockho
was
y, signed the petition. It
Bank & Trust Co. of New York, $5,000,000
C. Stuart White, President of the compan
and
s
week'
this
At
gs.
r Salus, Roy Martin Boyd
earnin
Senato
d
State
by
ulate
Lewis
accum
Judge
from
ed
to
s
fund
present
surplu
& Trust Harris W. Watkins, as counsel for the bank.
meeting also the directors of the Chemical Bank
was an abuse of power on
His
It asserts "the taking possession of the bank liquidation of the bank's
ent.
Vice-Presid
ant
adds
and
g,"
elected Jerre L. Dowling an Assist
of
Bankin
ry
of the Secreta
cost
of Ozark, the part
"be carried out with great
early education was received in the public schools
assets by the Banking Department would
thereby causing
In
petitioner will be sacrificed,
l.
your
of
Schoo
High
Assets
y
e.
Count
expens
and
Ala., graduating from the Dale
and stockholders."
of the Uni- undue hardship and loss to depositors, creditors
October, 1918, he entered the Freshman class
to the United
New York as
versity of Alabama; appointed as a cadet
The statement of the Empire Trust Co. of
was graduated
resources
show
to
t
repor
l
States Military Academy in October, 1918 and
annua
first
a of Dec. 31 1929, is the
as
r
army
regula
the
82 comin
581,6
ed
$105,
ssion
was
of
commi
in 1922. He
The total
enter the Credit in excess of $100,000,000.
represents,
and
1929,
27
lieutenant of cavalry; resigned in 1922 to
Sept.
on
4
65,98
Bank. In 1923 he pares with $94,6
its
Department of the Chemical National
of $10,915,698 in 3 months. Depos
Chemical National therefore, an increase
the
of
$78,525,789.
ve
from
5
31,60
$90,0
to
was made Southern representati
period
that
in
sed
appointed Assistant increa
$12,976,893
Bank and in January, 1928, he was
The item of cash increased to $20,273,398 from municipal
tance
an
accep
up
ng
buildi
in
sful
and
succes
Cashier and later was
ngs of Government
profitable to the Bank. and the company's holdi
.
business to a point where it was very
edd to $11,476,279 from $6,550,987
expan
were
ties
securi
dent
Vice-Presi
ant
Assist
from
8
nted
45,76
appoi
$45,3
was
to
he
ed
were reduc
In May 1928,
the Pacific coast to Street and demand loans
of the Bank of America and was sent to experience with the $46,663,940, while time loans and bills purchased increased
This
study their systems and methods.
6 from $13,680,431. The statement shows
thoroughly familiar with to $15,430,59
Bank of America has made him
ided profits of $9,300,592, as against
undiv
and
us
surpl
connection with the
after
branch banking facilities. During his
of
$6,000,000. The item of profits was
ad and public capital stock
railro
the
3%
of
the
study
and
a
end
made
divid
he
ca,
rly
Bank of Ameri
89th regular quarte
familiar with these deducting the
utility industries, and is thoroughly
extra dividend.
two industries.




64

FINANCIAL CHRONICLE

[Vox,. 130.

Since William J. Large assumed the Presidency
of the
Long Island National Bank, Astoria (Borough
of Queens),
New York, leas than three months ago, on Oct.
8, 1929,
1,173 new accounts have been opened, according to
an announcement by Meyer Boskey, Chairman of the
Board. Mr.
Boskey added that the bank now has more than 8,000
accounts and predicted a steady growth for the institution
in
view of the building and industrial activity expect
ed in
Astoria and Long Island City during 1930.

ville, Ind., had been consolidated with
the Hope State Bank
of Hope, Ind., according to an annou
ncement made the
previous day. The consolidated bank
will continue the
name of the Hope State Bank and
will be operated in the
building of that institution. The combi
ned resources of the
institutions, it was said, will be somew
hat over $250,000.
Arthur May is President of the Hope
State Bank; Arthur
Betner,Vice-President, and Mrs. Edna
May Carty, Cashier.
The dispatch quoted Luther F. Symon
s, State Bank Commissio
It is now proposed to consolidate the American Trust
ner for Indiana, under whose superv
Co.
was brought about, as saying that the ision the merger
of Boston with the First National Bank of Boston,
union was in the
with
interest of good banking.
which the Old Colony Trust Co. of Boston was merge
d on
Dec. 16. Special meetings of the respective stockholders
of
the institutions will be held on Jan. 27 to vote on the
The Progressive State Bank, a small Chicag
proo bank located
posed union. In the official notice of the special meetin at 2200 West Divisi
on St., was closed on Dec. 28 by State
g
of the American Trust Co.'s shareholders as published
in the Auditor Nelson at the request of the directors after a
small
Boston "Herald" of Dec. 28, the merger plan was outlin
ed "run" on the institution had depleted cash reserves, accord
as follows:
ing to the Chicago "Journal of Commerce"
of the same date.
American Trust Co. now has a capital
of $1,500,000, represented by The directors were reported as
saying that there was no basis
15,000 shares of the par value of $100 each. The First
National Bank has a for the
"run" and there would be no loss to
capital of $43,500,000. represented by 2,175,0
00 shares of the par value of
depositors.
$20 each.
The bank, which is capitalized at $200,000,
has deposits of
The plan contemplates that American Trust Co. and
the First National $616,000 and total resources of
Bank will be consolidated under the charter
more than $1,000,000. The
of the latter in accordance with
closed bank was not a member of the
the provisions of Federal law. The capital of the First
National Bank will
Clearing House.
be increased to $44,500,000, this increase to
be represented by 50,000 ad- Officers are Gerson Guthman, President;
Fred F. Block,
ditional shares of the par value of $20 each. These
additional 50,000 shares Vice-President; Frank A.
Munch, Cashier, and R. J. Gill,
will be issued to American Trust Co. in return for
its assets, as then existAssistant Cashier.
ing, for distribution to its stockholders, being 3 1-3
shares of stock of the

First National Bank in respect of each of the
15,000 shares of stock in the
American Trust Co.
Stock of Old Colony Trust Co.and stock of the First
National Old Colony
Corp. is now held by trustees or otherwise for
the pro rata benefit of holders
of existing shares of the First National
Bank. The beneficial interests in
the stocks so held are attached to and pass
upon transfer of the existing
shares of stock of the First National Bank.
No such beneficial interests
will attach at date of issue to the 50,000 additio
nal shares referred to.
Therefore, in order that similar beneficial interest
s may be acquired and
attach to these 50,000 shares, the plan contemp
lates that prior to the
effective date of the consolidation assets
of American Trust Co. having
an approximate value of $800,000 will be segrega
ted and eventually utilized
for acquiring such beneficial interests.
It is contemplated that prior to the effectiv
e date of the consolidation
American Trust Co. will, so far as practica
ble and compatible with the
wishes of interested parties, transfer its trust
and transfer business to Old
Colony Trust Co.
Accordingly, upon final consummation of
the plan stockholders of American Trust Co. will become shareholders
of the First National Bank and,
upon compliance with the provisions of the
plan, will become entitled as
shareholders of the First National Bank
to beneficial interests in stock of
Old Colony Trust Co. and stock of the
First National Old Colony Corp.
held by trustees as stated above.

Net earnings of the Continental Illinois Bank
& Trust
Co., Chicago, for the calendar year 1929
were reported
Jan. 2 by Arthur Reynolds, Chairman of
the Board, to be
considerably in

excess of the combined 1928 earnings of
the
two banks (the Continental National Bank
& Trust Co. and
the Illinois Merchants Trust Co.), which
were consolidated
in March, 1929, giving Chicago a billion
-dollar bank. After
setting aside $5,500,000 for taxes and provid
ing amply for
losses, actual and anticipated, net earnings for
1929 were
$20,443,107, compared with $16,527,845 for both
banks in

1928. These earnings are equivalent to 27.3%
on the capita

l
stock of the bank, or 12.5% on the total invest
ed capital.
Dividends in 1929 amounted to $12,000,000, leavin
g $8,443,167
to be added to the undivided profits account.
Included in
the bank's statement of earnings are profits
of the Continental Illinois Co., the bank's affiliated invest
ment organization. "The earnings of the company,"
Mr. Reynolds
stated, "exceeded earlier estimates." "One of the
developments in connection with the company," we quote
Mr. Reynolds, "was the acquisition by it of an intere
st in the
Continental Chicago Corporation. Through their
ownership of the Continental Illinois Co., the stockh
olders of the
bank have this interest in the operations of the
corporation,
and I believe that this ownership of stock will be
a means
of further augmenting the profits accruing to stockh
olders
of the bank." The Continental Illinois Co. has just
sent an

On Dec. 31 the proposed merger of the Security Saving
s
Bank of Newark, N. J., with the Howard Saving
s Institution of that city—indicated in our issue of
Nov. 9,
page 2961—was effected. The new organization,
which is
known as the Security Savings Bank of the City of
Newark,
on and after Jan. 13 will be located in the buildi
ng of the
Howard Savings Institution, 764-768 Broad Street
.
The proposed consolidation of the National Bank
of Baltimore, with the Union Trust Co. of that city,
was approved official representative to Europe, who will have headquarby the shareholders of the latter institution
on Dec. 27. ters in London, and in February an office of the company
The merger plan calls for the exchange of
53.1 shares of will be opened in San Francisco.
Union Trust Co. stock (par value $10 a share)
Commenting on the trend of the bank's loans and deposi
for one share
ts,
of National Bank of Baltimore stock (par value
$100 a share). Mr. Reynolds stated that during the first week of the stock
Our last reference to the approaching union of
marke
t
crisis, collateral loans naturally increased, but
these banks
appeared in the "Chronicle" of Dec. 21, page
afterwards loans to brokers were substantially
3909.
reduced and
At a special meeting held Dec. 23 the stockholders
of the
National Bank of Delaware at Wilmington, Wilmington
,
Del., unanimously voted to merge the institution with
the
Security Trust Co. of that city. The business of the forme
r
will be transferred to the Security Trust Co. to-day (Jan.
4).
Its affairs will be liquidated and it will go out of existence.
Items referring to the proposed consolidation of these
banks
appeared in our issues of Nov. 16 and Dec. 21, pages
3118
and 3908, respectively.
The Title Guarantee & Trust Co. of Cincinnati, 0., announces the appointment of Charles A. Moore as
Resident
Manager of the Detroit, Mich., offices of the instit
ution at
2034 Dime Bank Building, that city.
A special meeting of the stockholders of the Weste
rn Bank
& 'Trust Co. of Cincinnati, Ohio, will be held on
Jan. 8
to vote on a proposed increase in the bank's capita
l from
$1,000,000 to $1,250,000 and also on a propos
ed reduction
in the par value of the bank's stock from $100 a share
to
$10 a share.
Advices from Columbus, Ind., on Dec. 19 to the Indian
apolis "News" stated that the First National Bank of Harts-




the trend of the bank's loans, both secured and
unsecured,
had been downward. The bank's deposits, he said,
increased
immediately after the first break in stock prices
, then
worked somewhat lower, keeping in line with change
s in the
deposits of all banks that report weekly to the
Reserve
authorities.

We are advised that during the year 1929
the Personal
Loan & Savings Bank of Chicago made over
50,000 personal
loans, amounting to $12,800,000—an increase
of 25% over
the volume of the preceding year. Willoughby
G. Walling,
President of the bank, stated that this increase is not
noticeably traceable to any recent financial pressure, but
that the volume of business has been steadily mounting
since the bank moved to the corner of Madison and
Clark
Streets in April, and particularly since July 1 when
the
name was changed to the Personal Loan & Savings Bank.
Commenting upon the reasons for borrowing, Mr. Walling
said:
In good times or bad, doctor bills, repairs to the home,
money for
educational purposes, and other similar demands fall
upon the family.
In times of great prosperity there is a tendency
for people to borrow
larger amounts than in times of dullness. In dull
times the need for
money to meet demands on the family may be
more widespread, but
people are more cautious in assuming obligations
beyond their capacity
to repay.

JAN. 4 1930.]

FINANCIAL CHRONICLE

65

Miles City,
the livestock and agricultural areas surrounding
deposits of
has
0,
$50,00
at
ized
capital
is
It
it was stated.
Savage is
$631,000 and total resources of $737,647. F. R.
H. E.
and
Bank
s
ent,
Saving
-Presid
and
Vice
Loan
er,
al
Person
Findlat
the
P.
of
R.
rs
nt;
Preside
The directo
2
of
2
1
/
%,
nd
r.
divide
ly
Cashie
Richard, Vice-President and
have authorized the regular quarter
to be paid on Dec. 21.
Dec. 24
According to a dispatch from Sumter, S. C., on
South
of
Bank
al
Nation
",
the
James P. McManus, formerly Vice-President of the First to the Columbia (S. C.)"State
National
City
the
24
Dec.
,
on
ed
Dodge
absorb
Fort
at
Sumter
ly
of
sudden
na
died
o,
Caroli
National Bank of Chicag
ted Bank of that place, the former taking over all the assets and
Iowa, on Dec. 23. Mr. McManus was actively connec
of that
this
of
31
Jan.
g
retirin
years,
guaranteeing all deposits of the City National Bank as
six
thirtyfor
with the bank
head
to
ue
contin
would
said,
was
it
d,
Rowlan
G.
date. C.
year.
ent
Presid
former
,
L.
Ricker
George
the enlarged bank, while
Active Vicebecome
would
Bank,
al
bank,
o
Nation
Chicag
new
City
a
the
for
of
d
A State charter has been grante
financial statement of the National
the Uptown State Bank, which has been organized by inter- President. The last
na, it was said, showed capital of $300,ests identified with the First National Bank of that city to Bank of South Caroli
00, undivided profits of $53,189
$230,0
o,
of
Chicag
of
Bank
s
000, surplus
take over the Fidelity Trust & Saving
,439, while the statement of the City
according to the Chicago "Journal of Commerce" of Dec. 23. and deposits of $1,376
capital of $150,000,surplus of $50,000,
presthe
showed
said,
was
Bank
it
al
,
Nation
The new institution, which will occupy
and deposits of $798,995.
$1,556
at
Wilson undivided profits of
ent quarters of the Fidelity Trust & Savings Bank
with
00,
at
$500,0
ized
capital
Ave. and Broadway, will be
Hickman,
Closing of the Hickman Bank & Trust Co. of
surplus of $100,000 and undivided profits and reserves of
of the
affairs
the
of
over
turning
the
imately Ky., on Dec. 30 and
$500,000. Its initial deposits will total approx
rs
directo
its
by
sioner
Commis
nt instituion to the State Banking
$5,000,000. Edward M. Warner, Assistant Vice-Preside
in an Assoed
report
was
ors,
deposit
the
protect
to
n
of the First National Bank, will head the Uptow State in order
in
L. ciated Press dispatch from that place on Dec. 30, printed
Bank as President, while other officers will be: H.
The dispatch
date.
ng
followi
the
of
s"
"Time
the
York
First
of
New
the
ment
Benson, now Manager of the credit depart
r
on to say:
r nd John Pyle,
National Bank, Vice-President; E. C. Dose, former Cashie went
was given as the reason for the closing
F. J. "Frozen assets':deposito
had assets
rs would be fully protected as the bank
of the Fidelity Trust & Savings Bank, Cashier, and
cashier, said that
ly of almost two to one for its deposits. Its last published statement showed
former
(also
Kahn
E.
L.
and
urn
Woodb
M.
R.
Brockhoff,
deposits of almost $700.000.
the community, but
of the Fidelity Trust & Savings Bank), Assistant Cashiers.
closing temporarily paralyzed the business of

with an increase of over
It is significant that during the year 1929,
less. The losses of
$2,000,000 in loan volume, losses were $25,000
of 1%.
the bank have never exceeded 2/5

with referSupplementing our items of Dec. 21 (page 3909)
ble Trust
Equita
the
of
dation
consoli
ence to the proposed
Co. of Detroit and the Central Trust Co. of that city, under
the title of the Equitable & Central Trust Co., stockholders
of both banks on Dec. 27 approved the proposed union, according to the Detroit "Free Press" of Dec. 28. The Equita
the
to
name
its
change
will
ble Trust Co., it was stated,
will be inEquitable & Central Trust Co., and its capital
s
and unSurplu
00).
$500,0
(from
,000
creased to $1,000
redivided profits will be approximately $700,000 and total
sources will aggregate about $4,000,000. Outlining the
stock basis under which the merger will be consummated,
the paper mentioned said:

The
a new bank.
steps were taken at once to reorganize and open

were anPlans for the organization of a banking chain
of the
ent
Presid
n,
Presto
R.
s
Thoma
by
21
Dec.
nounced on
ing
accord
Tenn.,
nooga,
Hamilton National Bank of Chatta
The plans
date.
that
of
"
"News
nooga
Chatta
to the
name of
involve the establishment of an organization, the
tes, Inc.,
which will probably be the Hamilton Bank Associa
the Chattawhich will own and operate a number of banks in
investment
an
as
act
also
will
nooga section, it was said, and
corponown
well-k
of
r
numbe
a
in
stock
sing
purcha
trust,
a
paid,
fully
when
have,
will
ny
compa
rations. The new
and surplus
capital of $20,000,000, par value $25 a share,
a premium,
of $4,000,000. All the stock will be sold at
capital stock having
. According to Mr.
Capital will be represented by 50,000 shares of
surplus
the
uting
constit
m
premiu
to
present
the
ted
distribu
a par value of $20 a share; 20,000 shares will be
of
new stock for each Preston, the organization will have a working capital
Equitable stockholders on the basis of four shares of the
sale
to
the
subh
right
the
throug
receive
ed
will
obtain
ders
cash,
stockhol
in
share previously held, and these
imately $4,000,000
four new shares owned. approx
All the banks entering
scribe to one additional share at $40 for each
the present Central of about 125,000 shares of the stock.
Twenty thousand shares will also be distributed among
north Alabama and
see,
CenTennes
of
share
each
in
for
stock
located
the group will be
shareholders, on the basis of two shares of new
stockholders will also
will be between twelve
there
start
the
At
tral Trust Co. stock previously owned, and these
a.
Georgi
north
for each four shares of new
total resources
receive rights to purchase one share of new stock
and fourteen banks joining the group, with
stock held.
0,000 and
$50,00
n
betwee
ing their trust funds) of
Thomas Neal, President of the Equitable Trust Co., will (includ
number
the
that
r,
howeve
,
plated
contem
is
It
s will $60,000,000.
head the consolidated bank,it was said, and other officer
reach
ally
eventu
es
resourc
the
and
will be increased
be announced after the annual meeting, to be held Jan. 15. of banks
officials or
the
in
change
no
be
will
There
.
00,000
$100,0
In conclusion, the Detroit paper said that it is expected that,
was said.
organizations of the banks entering the group, it
l
temporarily at least, present quarters of the Centra Trust
head the new organization and C. M.
will
n
Presto
Mr.
Co. will be continued.
-Presidents.
Preston and Frank Underwood will be active Vice
tions as
connec
present
According to advices from Minneapolis yesterday, Jan. 3, These officials will continue their
An
stated.
was
it
Bank,
been
al
just
has
ny
Nation
compa
on
new
Hamilt
the
a
of
l,"
officers
to the "Wall Street Journa
paper
the
in
printed
and
as
,
rite
official statement in the matter
organized, the Banenorthwest Co., which will underw
distribute investment securities on a National scale and will mentioned, follows:
n National Bank and the execu1. The board of directors of the Hamiltomatter
be affiliated with tho 96 other banking or investment orof group banking and inthe
had
have
branches
the
of
The
tive board
have unaniganization in the Northwest Bancorporation group.
under consideration for some time, and they
trusts
t
vestmen
es.
new company, the dispatch went on to say, will take over mously approved the organization of the Hamilton National Associat$4.fully paid, of $20,000,000 and a surplus of
the business formerly conducted by the Minnesota Co., Inc., with a capital, whenper
the
,
share, all stock to be sold at a premium
par value of $25
subsidiary of the Minnesota Loan & Trust Co. of Min- 000.000;
d shares will be allotted
premium constituting the surplus. Forty thousan
in
the
ed
banks
affiliat
Bank, a considerable portion
neapolis. The bond departments of
to the shareholders of the Hamilton National
interests
been underwritten. Some large out-of-town
Northwest Bancorporation will also be associated with the of which has already
both amounts to be
will subscribe for between 40,000 and 50,000 shares,
Co.,
al
Duluth
Nation
offered
be
First
will
shares
new institution, as well as the
Paid for in cash at $30 per share. In addition, 40,000
ng shares will be used
the Iowa Des Moines Co., now being formed at Des Moines; to the public on a basis of$35 per share. The remaini
The Hamilton
exchange for other bank stocks from time to time.
Spokane Eastern Co. and the United States National Co. in
Inc., will thus have a working capital of approximately
es,
Associat
National
rer
and
ent
Terasu
of Omaha. Henry D. Thrall, Vice-Presid
$4,000,000 in cash.
at a later date, to
2. It Is contemplated that this corporation will offer,
of the Minnesota Co., will be President of the Bancnorthof exchangthe shareholders of the Hamilton National Bank, the privilege
Hamilton Sewest Co.
ing their stock on the basis of $350 per share (including the
Mont.,
Affiliation of the Bank of Miles City, Miles City,
with the Northwest Bancorporation of Minneapolis, was
of the
announced on Doc. 28, by E. W. Decker, President
al"
"Journ
polis
Minnea
the
to
holding company, according
of Dec. 29. This makes the 87th bank to join the Northwest
the orBancorporation, and brings the total resources of
bank
ed
acquir
The
said.
ganization to $475,000,000, it is
was founded in 1925 to provide a financial institution for




Associates, Inc..
curities Corporation) for stock In the Hamilton National
the Hamilton
on the basis of $30 per share. This places a valuation on
National Bank stock of $7,000,000.
what we con3. The group will be confined to high class banks located in
and North
sider our economic territory—that is, Tennessee, North Alabama
various
Georgia. The stock to be purchased by the corporation in these might
ders
banks shall be paid for, either in cash or in stock, as the sharehol
coming
banks
14
elect. At the beginning, there will be between 12 and
between
into the group, with total resources (including their trust funds) of
this will later be
250,000.000 and $60.000.000. It Is contemplated that
will become
increased to $100,000,000. While large out-of-town interests

66

FINANCIAL CHRONICLE

shareholders, the actual control of the Hamilton National
Associates, Inc.,
will be entirely with banks coming into the group.
4. The corporation will not only be a group banking propositio
n, but will
also partake of the nature of an investment trust. In addition
to bank
stocks, it is to own small blocks of such high class stocks
as the National
Life Insurance Co. of Nashville, Provident Life & Accident
Insurance Co.,
Volunteer State Life Insurance Co. and the Interstate Life
& Accident Co.,
all of Chattanooga; Standard Oil Co.of New Jersey, Nashville
, Chattanooga
& St. Louis Railway Co., Southern Railway Co., Louisville
& Nashville
Railway Co., Tennessee Electric Power Co., Coca-Cola
Co., StandardCoosa-Thatcher Co. and possibly other stocks.
The corporation will also deal in municipal,
state and other high-class
bonds.
5. The board of directors of the corporation is yet to be selected.
A
number of the present board of the Hamilton National
Bank will also be
members of the board,together with a number of other
outstanding business
men, both from Chattanooga and other sections. The offices
of the corporation will occupy the second floor of the Hamilton
National Bank
Building just as soon as the necessary changes can
be made. Only pa rtof
the officials have been contingently agreed upon as follows:
T. R. Preston,
President; C. M. Preston, Vice-President; F. L. Underwoo
d. Vice-President; T. R. Preston to be in active charge, the others
to be inactive. All
are to retain their present positions with the Hamilton
National Bank.

According to the Atlanta "Constitution" of Dec. 27, announcement was made on the previous day by William
Murphy, President of the Citizens' & Southern Co., holding
company of the Citizens' & Southern National Bank (head
office Savannah, Ga.), that control of the Albany Exchange
National Bank, Albany, Ga., had been acquired by his organization. The Citizens' & Southern Co. controls leading
banks, it was stated, in La Grange, Thomaston and Dublin,
Ga., and Charleston, S. C. The only official change in the
personnel after the consummation of the merger, according
to the announcement, it was said, will be the addition of
Mr. Murphy to the Board of Directors as Chairman. P. J.
Brown, President of the acquired bank, will continue as
President. The deposits of the Albany Exchange National
Bank are at present, it is understood, $2,012,000, and its
total resources $2,800,000. Continuing, the Atlanta paper
said, in part:
The stockholders will be given the privilege
of disposing of their stock
at the same price for which the control was
sold.
The Citizens' & Southern National Bank has followed
a progressive expansion program for more han 25 years, and during
that time has established outstanding offices in the cities of Athens,
Atlanta, Augusta, Macon,
Savannah and Valdosta, and its resources have
increased from less than
$3,000,000 to more than $80,000,000.

[VOL. 130.

by A. J. Mount, President of the institution, which show
that total resources as of December 1929, amounted
to
$1,055,113,373, a gain of more than 8207,589,000 for the
year 1929 and an increase of over $400,000,000 since March
23 1927. In two years and nine months the bank
has recorded a gain of over 60% in resources, an accomplishment
said to be unequaled in American banking. The stateme
nt
by the bank goes on to say in part:
Added to this remarkable showing is the
increase in deposits in a year
generally unfavorable, deposits on Dec.
31, last, aggregating 8893,892,733,
an increase of $195,843,921 for the year.
In slightly over two years, deposits have enhanced approximately
50%.
The statement of the bank shows a strong
cash position, the ratio of
cash and marketable securities (chiefly U.
S. Government bonds or notes).
to deposits being 48% and its condition nearly
50% liquid. This compares
with a liquidity of about 43% a year ago.
The bank, which is barely 25
Years old, is the first institution west of Chicago
to attain billion dollar
size.
Resources to-day are almost 50 times those of 15
years ago and represent
a growth of approximately 1,000% since the war.

Directors of the Anglo & London Paris National Bank,
San Francisco, on Dec. 17 declared an extra
dividend of $1
per share, in addition to the regular quarterly dividen
d of
$2.50 a share, both payable Jan. 2 1930 to stockholders
of
record Dec. 21, according to the San Francisco "Chronicle"
of the next day. Following the meeting, it was said, announcement was made by the directors that Miss Mary J.
Creech of the securities department of the institution, had
been promoted to an Assistant Cashier. Miss Creech, who
has been with the Anglo & London Paris National Bank
for the past 10 years, is the first woman to be named an
official of the bank, it was stated. The paper mentioned
further stated that the directors of the Anglo National
Corp., also met Dec. 17, and declared the regular semiannual dividend on the class "A" common stock of the
corporation at the rate of $1 a share, payable Jan. 15 1930,
to stockholders of record Jan. 4. Transfer books of the
corporation would be closed after 12 o'clock noon, Jan. 4,
in respect to this dividend, it was said.

The annual report of the Royal Bank of Canada (head
office Montreal) for the fiscal year ended Nov. 30 1929,
reveals total assets at $1,001,442,741, a gain of $92,046,856
On Dee. 28 the proposed consolidation of the North Texas over the total shown at the close of the preceding fiscal
National Bank in Dallas, Tex. (capitalized at $1,000,000), year, and marking the first time, it is said, that the resources
with the Republic National Bank and Trust Co. of Dallas of a Canadian banking institution have crossed the billion(capitalized at $3,500,000) was consummated. The result- dollar mark. Of the total assets of $1,001,442,741, $409,ing institution continues the name of the Republic National 275,965 are liquid assets, or equal to 36.91% of the bank's
Bank & Trust Co. and is capitalized at $4,000,000. The liabilities to the public. The statement also shows record
profits for the year, net profits, after deducting charges of
approaching merger of these institutions was indicated in
our
Issue of Oct.19and Nov.23,pages 2491 and 3280,respectively. management, accrued interest on deposits, full provision
for all bad and doubtful debts and rebate of interest on
Announcement of an increase of $900,000 in the capital of unmatured bills, amounting to no less than $7,145,
137, as
the California Trust Co. of Los Angeles, effective Dec. 31, compared with $5,881,253 the previous year. After
adding
was made on Dec. 23 by A. M. Chaffey, President of
the to the net profits, $2,361,086, representing balance to
California Bank of Los Angeles, of which the trust
com- credit of profit and loss brought forward from the preceding
pany is an affiliated institution, according to the
Los year, the sum of $9,506,223 was available for distribution,
Angeles "Times" of Dec. 24. As a result of the Increase which was appropriated as follows: $4,722,072 to pay four
,
the California Trust Co. would have, it was said, an
out- quarterly dividends at the rate of 12% per annum ($4,023,
standing capital of $1,000,000, surplus of $500,000, and
undi- 939), together with a bonus of 2% ($698,133); 8200,000 convided profits of more than *250,000. The Los Angeles tributed to officers' pension fund; $400,000 written off bank
paper'went on to say:
premises, and $610,000 reserved for Dominion Government
At a meeting late yesterday under the authorizat
ion of the Board of taxes (including tax on bank note circulation), leaving a
Directors, the Executive Committee approved the purchase
by California balance of $3,574,151 to be carried forward to the current
Bank of 5,000 shares of California Trust Co. stack.
All stock of the fiscal year's profit and loss account. Deposit
s bearing interest
trust company with the exception of directors' qualifying
shares is owned
by the California Bank.
now stand at $591,380,470, an increase during the year of
"This is the second step in increased financing
of California Bank $67,728,562, while non-interest bearing deposits amount
to
Group units," said Mr. Chaffey. "Early in 1929 this organizati
on embarked $180,707,298, compared with
$183,814,937 a year ago.
on a five-year program of development, both internal
and external.
"The growth of all units of California Bank Group
has been extrerdely Commercial loans in Canada now stand at $364,055,352 up
rapid during the past year; on Oct. 9 the Board of
Directors of California from $292,315,472 last year, an increase of more than
Bank, in order to take care of this progress, authorized
the immediate 871,000,000. During the year under
review the paid up
Issuance of 20,000 additional shares of California Bank
stock, thus increasing
the capital account of California Bank *2,000,000.
This financing was capital of the bank was increased from $30,000,000 to
completed the 15th inst."
835,000,000 and at the same time the premium on the new
On completion of the California Trust Co. financing
the 31st inst., the stock permitted an increase of $5,000,
000 in the bank's
total invested capital of California Bank Group will
exceed $13,000,000,
with total resources more than $130,000,000.
reserve fund, making the same of equal amount with the
capital, namely $35,000,000. A footnote to the report states
According to advices from Los Angeles, Dec. 27, appeari
that the Royal Bank of Canada (France) has been incorng
in the "Wall Street News" of the same date, the
directors porated under the laws of France to conduct the business
of the Union Bank & Trust Co. of Los Angeles
have ap- of the bank in Paris, and that as the entire capital stock of
pointed Herman F. Hahn a Vice-President of the Institu- the Royal Bank of Canada (France) is owned
by the Royal
tion. Mr. Hahn, who was to assume his new duties shortly Bank of Canada, the assets and liabiliti of
es
the former are
after Jan. 1, was formerly a Vice-President of the Californ
ia included in the general statement. The Royal Bank of
Bank, Los Angeles, the dispatch said.
Canada maintains 805 branches in Canada and Newfoundland and 106 offices abroad. Sir Herbert S. Holt is President;
That the Bank of Italy National Trust & Savings Association, head office San Francisco, has grown to a billion E. L. Pease, Vice-President; C. E. Neil, Vice-President and
dollar institution is revealed by figures made public Jan. 2 Managing Director and M. W. Wilson, General Manager.




67

FINANCIAL CHRONICLE

JAN. 4 1930.]

prevailing in the world's principal

"Believing that the state of uncertainty
The 55th annual report of the Banque Canadienne Na- financial centres is influencing Argentina's currency adversely and is causing
t has revoked
ended
year
an efflux of gold without justifiable cause, the Governmen
tionale (head office Montreal), covering the fiscal
enactDecree of Aug. 25 1927. and has decreed the revival of the former
the
other
of
case
the
in
as
and
been
published
has
1929
Nov. 30
deliver gold
ments whereby the obligation of the Caja de Conversion to
the
for
showing
Canadian banks, makes a very favorable
for paper is suspended."
have
The following movements of gold to and from the Bank of England
period. Net earnings, after deducting expenses of manageshowing a net influx of £3,490,526 during the week under
announced,
been
on
interest
unearned
on
deposits,
ment, interest accrued
review:
Dec. 12. Dec. 13. Dec. 14. Dec. 18. Dec. 17. Dec. 18.
discounts, and making full provision for all bad and doubt£1,500,502 £591.500 £464.673
E1,435 £1,007,400
Received
this
and
0,
$1,053,10
2.000
8.571
as
in
the
report
are
shown
20.872 £19,507
debts,
ful
Withdrawn _ _ - £24.034
of
from Australia, E690.000
credit
sovereigns
to
amount to_ ether with $549,944, the balance
The receipts include £2.000.000
Argentina, and £500,000 from South Africa.
profit and loss brought forward from the preceding fiscal from
of gold
The following were the United Kingdom imports and exports
stock,
new
on
ing
premium
inst.:
year, and $925,264, represent
registered from mid-day on the 9th inst. to mid-day on the 16th
almade $2,528.308 available for distribution. This sum
Exports.
Imports.
£142.305
£31.969 Germany
West Africa
located as follows: $626,015 to take care of four quarterly British South
42.263
s
Netherland
874.557
Africa
British
35.562
France
$40,000
stock;
8,984
dividends and interest on instalments on new
France
27.285
1,100 Switzerland
countries
Other
21.865
Austria
contributed to pension fund; $105,000 to pay Dominion
44,332
British India
payfor
provision
ing
represent
6.887
Government taxes; $125,000
Other countries
ment to the Treasurer of the Province of Quebec under
£320,499
£916,610
Statute 14 Geo. V. Ch. 3, and $1,500,000 added to the
SILVER.
bank's rest fund, leaving a balance of $132,293 to be carried
demand from China had sufficed to keep the market
yesterday
Until
forward to the current fiscal year's profit and loss account. steady. For the first four working days of the week under review the
unchanged at 22 9-16d.,
The bank's total assets are shown in the statement at $155,- price for two months' delivery had remained
when it was quoted a
with cash at the same figure except for one day
245,639 (an increase of $5,232,735 during the 12 months), 1-16d.
from the Far East,
selling
to
discount. Yesterday, however, owing
meeting
of which $77,972,214 are liquid assets, or equal to 55.73% prices declined 3-16d. for cash and 3id. for two months' before
fall of ;id. to-day due to the
of the institution's liabilities to the public. A foot-note to with moderate resistance, and atofurther
respective
223id. and 22 5-16d. for the
cause, reduced quotations
Nov. 14 1914.
the report states that the assets and liabilities of the Banque same
deliveries. The price for cash is the lowest recorded since
d
Indian Bazaars
considere
being
same
Canadienne Nationale (France), the
Buyers generally have been hesitant, although the
rather more willing to
a branch operating as a subsidiary of the Banque Canadienne have given some support, but America has been
sell than of late.
there are as
Nationale, are included in the balance sheet. Total deposits
Although somewhat uncertain following the sharp fall,
006
$101,886,
are given in the report as $120,818,196, of which
yet no indications of any steadying factor.
of silver
The following were the United Kingdom imports and exports
are interest bearing deposits, and current loans and dis- registered
from mid-day on the 9th inst. to mid-day on the 16th inst.:
of
capital
paid-up
The
76.
counts in Canada at $68,599,0
Exports.
Imports.
£61.490
£10.181 British India
the bank now stands at $6,997,990 and its rest fund (in- Germany
7.653
countries
Other
29,224
cluding the addition of $1,500,000 mentioned above) at France
258,445
Mexico
Cana95.356
Banque
the
British India
$7,000,000. F. L. Beigue is President of
8,073
Other countries
dienne Nationale and Beaudry Leman is General Manage.
£401.279

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 18 1929:
GOLD.
The Bank of England gold reserve against notes amounted to £137,006.947
on the 11th inst. (as compared with $133,725,605 on the previous Wednesday),and represents a decrease of £16,899,368 since April 29 1925-when an
effective gold standard was resumed.
On the 12th inst. the Bank of England lowered its official rate of discount
from 53i to 5%.
About £570,000 bar gold was available in the open market yesterday.
At the fixed price of 84s. 1031d. per fine ounce. India took £55,000, the
Continental trade £74,000 and the Horne trade £22,000, while the Bank of
England secured E365,000 at the statutory buying price.
In view of the large arrivals of sovereigns from Argentina, which have
is
been a feature of the latter part of the year, special interest attached to
the news that the Argentine Government has closed the Cala de Conversion.
A message from the Buenos Aires correspondent of the "Times" under
yesterday's date states that:

£69,143

INDIAN CURRENCY RETURNS.
Dec. 7. Nov. 30. Nov. 22.
(In Lacs of Rupees)18425
18077
17973
Notes in circulation
.1.1241
11116
10970
Silver coin and bullion in India
India
of
out
bullion
and
coin
Silver
5222
a. ii
3222
Gold coin and bullion in India
Gold coin and bullion out of India
5e52
65 .
.
5
3661
)
Government
(Indian
Securities
330
107
120
Securities (British Government)
of about 84.800.000
consisted
inst.
14th
the
on
Shanghai
in
stock
The
silver bars, as compared with
ounces in sycee. 126.000.000 dollars and 8,540
dollars and 5,800 silver
about 84.600.000 ounces in sycee, 128.000.000
week:
bars on the 7th inst. Quotations during the
Bar Gold
Bar Silver per Oz. Std.
per Oz. Fine
2 Mos.
Cash.
Ms.
11;4d.
9-16d.
22
22 9-16d.
Dec. 12
84s. Ilga.
22 916d.
22Md.
Dec. 13
84s. 1114d.
22 9-16d.
9-16d.
22
Dec. 14
84. .113.4d.
22 9-16d.
22 9-156.
Dec. 16
84s. 10 d.
22 7-16d.
22, d.
Dec. 17
84s. 10 d.
22 5-16d.
223.d.
Dec. 18
84s.11.17d.
22.500d.
69d.
22.
Average
months' delivery are
The silver quotations to-day for cash and two
ago.
respectively %d. and 5-16d. below those fixed a week

.
PRICES IN 1929 AT THE NEW YORK STOCK EXCHANGE
New York Stock Exchange
The tables on the following pages show the lowest and highest prices at the
ent and State securities,
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Governm
resolution of the
for each month of the past year. The tables are all compiled from actual sales. Under a
Jan. 1 1909 have
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since
or quotation.
been on a new basis. The buyer now pays accrued interest in addition to the stated price
interest. Income
Previous to 1909 the quotations were "flat"-that is, the price included all accrued
bonds and bonds upon which interest is in default are still dealt in "flat."
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS.
1929.
BONDS

December
August September Odober November Low
July
June
April
March
May
High
January February
High Low High Low High
Low High Low High Low High Low High Low High Low High Low High Low High Low

•
10012 10018 -------RAILROAD BONDS.
10312 10312 --------101 101 100 10014 10014 10014 9918 10018 9918 991s 991s 991s
_
__ 9112 9112 _
Ala Gt Sou let Si ser A_ _ __I943 10234 10234 ___
3 93
; 93 931s 9318 9312 93 9318 --------93 93 --------9
1943 93 94 9318 -9-33
81 8312 ii5 -1z 13-4
8328
Ist cons 42 series B
8278
____-83
83
82
82
8612 8612 3612 8612 83 83 81 83 82 82
-------4
86
85
8414
------848
3)0_1946
gu
&
1st
--------Snag
&
Albany
_ _ 84 84 --------_ _
_ _
90 9212 _ _
92 92
9
Allegh West 1st a au 4s1998 --------90 90
4 la
i
92 9238
1942 --------95 95 92% 95 iii IiI2 iiii2 1212 iiiz WI 62 Iiils
783s 76 79
Alleg Val gen guar 4s
7214 74 7214 7512 7214 7212 7212 75 73
7212
72
72
7512
7312
71
74
72
4
,
76
78
78
7614
1995
9018 03 91 95 9214 95
9114
Ann Arbor 1st g 4s___July
90
92
90
92
001s
92
9012
93
9012
9012
907
94
8
03
9212
92
Atch Top & S F gen 8 48_1995 92 9334 9014
87 87 --------8784 8738 90 9112 92 92 92
1995 8914 907s 8912 891t --------85 92 --------87 8814
Registered
8614 89 851s 8934 8718 93
8612 85 86 85 88 85 88 843s 8712 85 90 853s 92 86 8812
92
89
92
89
87
Adjustment g 45.--July 1995 86 8732 843s 87
8614
8512
85
4
893
851s
8918
85
90
8612
84 87 833s 88 861s 8878
, 847s
5 8614
July 1995 8512 887
Stamped
-----------------------85 85 --------8
---- ---- ---- 8014 8034 85 85 --------Registered
88 --------85 88 8812 881 8512 8814
88
8812
8612
88
85
8714
89
89
8914
8714
8714
8714
1955 8818 90 8914
Cony 9,41 of 1909
851s 89 85 883s 8612 88 8514 88 85ls 88 871s 90
1955 90 91 89 91 87 8834 87 9012 87 9012 85 90
Cony g 4s of 1905
8614 8614 8614 8614 85 871s --------8884 8834
90 90 8514 90 8584 86 8138 88 8212 8514 85 85 149
1960
Cony 948 of 1910
166 15278 165 127 159 126 143 12514 13512
157
132
131
116
120
119
111 11414 1117
1948 --------1l512 11614 10812
Cony deb 4Si s
___ 8312 84 8412 87 8812 89 88 92
----------_ 89 89 89 89
_ ---_
Rock Mtn Div let 42 set A1965 9134 92 9111s 9134 -------8612 -88 8618 88 8638 88 8734 90 90 9134
88
8511
891,
85ss
We
91313
8712
89
8912
lls
8853
89
Trans-Cont Short L 1st 4s'58 0114 93
99
93 9534 95 97 96 98z 97 99
9511
9612
9511
4
3
Cal-Ariz 1st & ref 4;4s A.1962 9714 9814 9734 9818 9512 981s 967s 9814 9714 100 97 09
----------------------101 101 10112 102 103 103
Atl Knox & Nor 1st 8 5s 1946 10314 10314 ----------------103 103 ------------------




• 68

FINANCIAL CHRONICLE

[Vol,. 130.

1929—Continued.
BONDS

January February
March
April
May
June
July
August September Odober
November December
Low High Low High Low High Low High Lots High Low High
Low High Low High Low High Low High Low High Low High
At l& Char A L 41-Is ser A_ _1944 96 96 --------95 95
9412 9412 93 93 95 9818 -------------------- ---1st 30-yr 5s series B
93 9434 9238 96
1944 101 102 10
10
102 104 10112 102 10158 103 1014 1024 10158 102 1004 10212
99 1
9978 101
Atlan City 1st con gu g 4s_1951 --------------------------------84
9912 102 102 1-0285 _
. 84 8712 AD Coast L 1st g as__ _July 1952
4 9242 914
99814 92 554 "9-2- 8914 91 561-2 -O2- iii2 -61-- -iii2 -91- -OF -ii" -55" "is-Registered
9014 9934
Gen unified 434s ser A__1964 9714 9778 66 iiol1 54
9i45i 5413 i9913 iiia lii iii's "5114 iira -9I ia lii ii "91 oi" 99 963k iiii -56f2 19-4Loulsv & Nashv collg 45-1952 8814 91
8934 9034 881 8912 8873 8978 86 8958 86 8912 87 88
84 87
8618 87 8633 90 87 911 9038 9333
Atlantic & Danv 1st g 48_ A948 73 75
70 75
70 7278 69 7058 65 6514 65 69
67 69 65 65
631 6412 59 70
2d 45
58 69
1948 68 6712 66 66
56 65
6412
62 63 ----------------53 5978 5312 62
56 5938 53 60
Atl & Yadkin 1st gu 45_ ---1949 ----------------81 67
53 52
53 59
81 --------81 81
81 83 801
79 7912 82 84 8178 84
Austin & N W 1st 5s
1941 100 100 ----------------10314 10314 95 97 --------9534 8312 8012 8012 78 78
994 9812 9812 97 9812 --------9812 9812 ____ ____
Bait & Ohio 1st 6 45
1948 90 93 91 9212 9054 9214 9034 9314 9034 9258 9014 92 8958 9114 884
9114 90 92
8912 9318 90 927 9112 9314
Registered
9114 9114 8912 8912 --------9114 92 --------87 89
87h 8713 ----------------87
20-year convertible 4 Ms_1933 98 99
__ 8958 90
984 9812 9634 9814 964 9812 9512 93/
1 9634 974 9534 974 9414 9718 9413 89
1
4
9614
97
9712 -96- -9-i38 9812 9912
Refund & gen 58 series A 1995 10012 10218 100 102
9934 10178 101 10212 99 102
1
993
4
10114
9912 10112 99 101
9912 10013 99 103
99 103 10118 10312
Registered
-------------------------------- ------------ ---- 99149914
1st g 5s
1948 1034 112 112
4
lops 10414 10138 10238 10112 1
Ref& gen 6s series C_
4
_ _I995 10834 110 10812 10912 10734 10912 108 10912 108 10934 10714 10838 10734 102 2 101 16214 101 162-18 1004 fiii la' 155" la" I0E4-3109 10714 10812 1074 10812 10634 10914 10513 10834 10814 110
P LE & W Va Sys ref 1345
- 1941 9234 94
93 9334 91
90 9215 90 93
934 9014 92
90 9012 8935 908 8914 9318 9038 934 8512 9358
Southwestern Div lit 55-1950 100h 10313 10012 10212 9938 1011
917 9312
/
4 10012 102/
1
4 10012 10258 10 11210112 9938 10312 100 10314 9934 10112 9934 103 99
Tol & Cin Div Ist&ref 4sA '59 824 8514 8178 8234 8018 8212 81
8312 8254 8358 7812 8278 7912 8243 81 8312 8034 8112 81 8618 8218 10318 10184 10414
88
Ref58 series D
8434 87
2000 10014 102 101 102 100 101 100 103
99 10112 9978 10078 994 10378 9914 10034 9914 10012 9912
102h 9913 10214 101 103
Bangor & Aroostook 1st 5s 1943 103 103 103 105 100 100 100 101 101 101
99 102
99 99 100 10013 102 105
98 99
99 99 10014 10014
Con ref 4s
1951 8318 83% 8312 8434 8418 8614 804 8314 8018 83
78 8014 7838 81
7914 8012 81 82
81 83
Beech Creek 1st gu 45
8212
8278 8578
1936 --------9412 9412 9412 9458 95 9512 95 95 96 96
___ ____ 93 93 9358 9414 9358 96 9318 8513
941 9414 944

i c4 ,

Big Sandy 1st 4s
1944 9114 9114 91
91
89 9138 --------931 934 85 85
__ 8518 8518 --------88 90
___
- 8918 8978
Boston & Maine 1st 5s A C_1967967 97h 99
9512 98
911 96
9214 9712 934 97
9318 9512 9334 _95,4 934 9512 93 9514 9312 99 --__9414 0112 97 99
Boston & NY Air List 4s_1955 8012 8112 7012 8114 78 80
7612 7712 78 79
7812 7818 7612 761 76 77
76 79
76 82
7712 82
79 8134
Brunswick & West 1st gu 4s'38 9413 9458 9512 95h 93 9512 92 92 --------92
92
984 9814 100h 10012 9012 9012 9012 9012 __
_
_ - __ _ _
Buff Roch & Pitts gong 5s 1937 --------------------------------99 10012 99 100
99 10058 100 10034 10014 10054 100 101
914 101
- - 100 102
- -Consol 434s
1957 9034 9234 9013 927s 91 92
88 92
857s 8934 8512 8712 85 88
86
89! 8512 88
87 90 8518 90 90 9234
Bur Ced Rap & Nor 1st 58_1934 10014 102 100 10014 100 10034 10112 10112 10012 10112 9934 9834 97
9934 9934 9934 9512 97
9834 98/
1
4 98 994 9938100
Canada Sou cons gu Si A.1962 105 10634 10333 105 10312 104 10312 10518 10112 10512 1011s 102
10114
102
101
102
1014
100
1015
8
10214
10312
10414 10213 105
Canadian Nat 43s__Sept 15'54 9514 9634 9418 9534 934 9514 93 9512 93 9412 9211 9412 92
9412 9212 94
91 9234 90 9234 9034 9412 9318 05
5-yr g 43s
Feb 15 1930 9858 9912 9914 9934 99 9935 9734 9953 9858 99
9778 9913 99 9838 99 9912 Ms 9912 9918 9958 9933 100
9934 100
Gold 4;is
1957 9478 96
944 9558 9312 96
9312 9534 92 9434 92 9514 921 9313 924 9338 9012 9314 90 93
9112 944 94 96
Gold 41.45
1968 ____ ____ ____ ___- ---- ---- 9418 95
92 9412 9112 94
91 9313 9134 93 9014 9218 8834 9154 91 94
9312 9518
5s
1969 _
9914 100
9934 101
Canadian Nor s f 75
1940 11118 11238 11058 113 10818 112 10812 11038 110 111 10914 112 10818 112 10978 111 110
112 10812 111 108 1104 10934 112
25-year deb s f 6 s g_ _1946 114131163€ 1144 11638 114 11812 114 115 113 11514 11213 114 1134 114
11213 115 11314 11414 11334 115 112 11514 114 11614
Registered
10-yr 4%5
Feb 15 1935 9733 99
9814 9834 9714 904 9514 98
9
.7
7 -9878 9538 -lii E1514 -9812 9514 iiils 65 I714 961* lig,z fil iiii, iii 1914
Canadian Pac 4% coup deb stk 84 88 8358 85
8318 85 85 86
8058 86
81 84 8114 8414 80,8 8212 8014 8512 8073 8412 8418 854
8112 85
Coll trust 434s
1946 9714 99
96 9734 964 98
9714 988 9618 9812 9634 9834 9514 97 95 97
9614 98
9614 98 96 98
974 9812
55 equip tr temp ctfs_ _ _1944 ------------------------ -------------------------------99 100
9978 1014 9834 10112 9978 10214 1005
Carolina Cent 1st con g 4s_1949 80
018 --- --- ---- 74 7 14 Il7s E ----------------70 7014 72 7334 73 75 80 80 ___4 103 _
Carolina Clinch &01st 5s1938 100 10113 100 1-0112 101 1-0-1-38 100 10138 100 10113 98 102
100 0014 99 10014 9914 10013 99 10013 9912 102 10014 16
- -12
1st & con 6s series AU.._1952 107 10838 10712 10858 10712 109 10734 109 106 10712 106 10812 1963810838
1064 10718 10612 10712 10634 10713 106h 1074 10612 10912
Carthage & Adir 1st gu 43_1981 --------878 874 -------------------------------------------------------80 86 8712 8712 ---- --Cent Branch Un Pac 1st 4,1948 8412 8412 ---- ---- 8412 85 --------------------------------798
4 7934 7812 7912 78 79
77 78
81 8112
Cent of Ca Ry 1st g 5s Nov 1945 --------------------------------10111 10212 -----------------------10153 10312 10112 10112 102 102 101h 10112
Consol gold 5s
1945 112 103 100 102 10049
99 100 10114 9814 1003
10252
4 98
8
103
993
9918
8
99
9258
103
101
98
10018
997
8 103,4
Registered
1945 100 100
10-yr secur 65
June 1929 9978 10018 Ws 1-66 156i4 1-0-6 6514 1534 66.4 -9-534 -- ___ ---- -- --,- - ,,,, _.- ,,,,, _-. ,-,- -- -- • -Ref & gen 5.i4•set B___ -1959 105 10512 10378 10434 102 10412 102 105 994 1045
1-04 10133 1-0434 103 1-03-3-4 100 1-01- 10058 1-0-3 101 1-0-4 10418 10-514
Ref & gen 5s series C---1959 10118 10118 10012 10112 ----------------9814 99 8 1004
984 9812 95/
1
4 9812 941 963 9514 97 9514 991 99 1014 99 101
Macon & Nor div 1st 5s 1946 101 101
- 9973 997
Mobile Div 1st g 5s
1946 --------------_
_ _
--------------_
--95is iii, ----------------- 101 101 .
106 1-00
-Cent New Eng 1st gu 45_1961 liii2 -i4- iii4 13-12 it-is -8-4:;;
1 7938 80
ii4 gli
91547514
77 804 7618 7914 ii If ii 83 66
3
Cent Ohloreorg 1st con 4 y45'30 974 99
9713 9712 98 9914 97 9712 ------------------ 100 100 -----------------------98 98
Cent RR & ekg of Ga col g 5s'37 977 9914 9712 98
95 9818 95 95
9512 97 99 99 95 95 97 97
95 97
95 9714 95 9534 9512 9812
Central of N J gen g 5s
1987 110 11118 10914 110 10758 109 10813 10912 108 III 108 109 105 108 10653 1074
10513 10712 107 10912 107 10913 10818 110
Registered
109 10958 --------107 107 107 10753 10758 10814 1074 10758 10353 107 --------104
14 107 10538 10512 10613 10612 10638 107
General 45
1987
Central Pac 1st ref gu 4s-1946 --------89603s
8
9114 664 If 56 lii 66 l9112 55 16 5514 -9-6 88i4 i9133 iii, 16934 5613 04 iiis -Os 91 92
Registered
874 8714 --------89 89
Mort gu g 3s
Aug 1929 99 99
99 99
99 99
99 9938 99 99
99 99
Through St L 1st gu g 45 1954 9034 9134 91
9158 91
91
9014 91
9014 9134 88 88 --------90 90 87 ivi 87 90 8938 9933
8912 0212
Guar g 5s
1960 102 103 10158 103
993 102
9934 10212 9934 101% 998 101
997 10114 99 100
99 1004 994 102 100 103 10014 10312

iiii;

Ches & Ohio 1st cons g 53_1939 1031 10412 10212 10312 10158 1031 10134 10318 10134 10312 102 10318
10138 10218 10212 10312 10153 103 10112 10212 10114 103 10134 10818
Registered
9718 9718
Gen gold 4 As
1992 9614 10014 9518 97
9458 96
9412 99
9638 984 9514 97 - 954 9834 94 964 94 958 945 -6712 951-4 1814 9612 1-00
Registered
954 954 --------921 924 --------98 98 ------------------------9184 911 ---------------96 96
20-yr convertible 046_1930 99 991298 9812 9914 9812 994
9853 9933 984 9988 99 9934 1)812 100
98,4 9912 II 9914 5914 997 99%10012
Ref & Inapt 4345 ser A---1993 --------95 95 904 95
904 9434 9214 9558 924 64 93 95 93 9513 93 9412 92 96
93 96
9458 9634
Registered __ __ _ ----_
_ 024 9218 - _ ..--- --- _
. ____ ____ ____ ---- 904 9034 ---- ---- ---- ---- ---- ---_
Craig Valley 1st g-5s__ _iiii 55=4 itiss 156i2 1-60-12
Potts Creek Branch 1st-48'46 ----------------8811 8813 8812 8813 881z 88'l
Rich & Alleg Div 1st con 4s'89 86 8618 86 8634 86 86
83 8612 84 85
8612 -licit ilia 02 66 li 8112 I253 ii IE
- 2 -------2d cons g 4s
1989 8278 83 --------86 86
81 8112 8114 814 8114 814 82 82 ------------------------8114 0
8114 82 8313
Warm Spr Val 1st g 55_1941 100 100 --------100 100
_ ..,..,- .
_-2 — ---- _ ____
_ ____ _ — - - - ---- - — ----- 99 99
Chesa'ke Corp con 58 May 15'47 99 100
9914 10012 98 100 984 -94
- 34 97 -9914 96 -9938 96h 100
- 38 98 -994 9673 -9912
- 95 -9834 93 -9912 98 9912
Chic & Alt RR ref g 3s_ _.1949 69 70
69 7078 68 69
667g 6712 66 6614 66 6818 64 67 65 66 65 66 6314 7014 64 67
6512 69
Ctf of dep stpd Oct 1929 int__ _ _
_ _ _
_ _ _ _
_
_ _
_ _
_
_ _ _
_ _ - 65 70 65 65
Cris dep stpd Apr '28 int_ _ _ 55 -55 65 -55 56 6i" -al-2 6,-i- 58
- 15 a5r4 -if - -ii -6-i ifi "Iii ii -as ----------------66
ii
Chic & Alt Ry 1st 1 3;0-1950 68 71
68 7012 67 69
664 70
68 6915 664 6814 66 67
67 70
6812 7158 664 70
5878 63
59 62
Ctfs dep Jan'23 sub coup
attached
68 71
69 70 6712 68
67 69
68 8812 8814 8614 8572 6612 67 69
71
70
70
70
60 63
59 6112
Chic Burl 8500-111 Div 334s'49 8512 86
8438 8553 83 8512 83 86
82 8458 82 85 82 84 8214 8338 81 83 817* 84 8212 84
8212 87
Registered
1949
Illinois Division 4s
1949 9212 9338 9034 94
9112 9234 905 9212 iiiis 9238 66 ii 564 ii 8812 -90-12 8131.2 1914 654 if% 88i1 VC 61i8 -5312
General 45
1958 9134 9312 9034 9278 9014 93 894 9212 90 9214 8912 91
89 90 881s 8938 8814 90 884 9114 90 9258 91
9314
1st & ref 414s ser B
1977 97 9912 974 9812 95 97
95 9712 95 9712 96 9614 9312 954 9335 9534 954 96
9434 96
9713 9912
1st & ref. Steer A
1971 1048 105 103 10412 10118 10312 10112 106 10318 10514 10134 10412 10218 10314 103 104 10234 10418 10312 1064 9412 98
10238 10553 10434 106
Chic & East III Ist con 611_1934 105 105 106 106 - — ---—
--- 10118 10118 10114 105 --------9978 101
98 101 10212 102' 10018 102 10112 10112
Chic & E Ill(new co) gen 5s'51 81 8518 81 83 i034 -834 81 -83
79/
1
4 8314 7834 804 74h 79
75 774 74 76
7538 82
7218 77
72 77
Chicago & Erie lit gold 5s 1982 10312 106 102 104
9938 103 10053 104 101 104 10213 104 101 102 101 101 100 10034 10058 10213 101h
10114 10134 10314
Chicago Gt Western 1st 4s 1959 6813 694 6634 69
6612 6933 66 6718 634 6613 52 64 63 6512 63 68
6612 68
66% 68
6312 6884
5714 65
Chic Indlanap &Louisville
Ref g 65
1947 11334 11334 11012 1134 103/
1
4 112 10712 10914 10018 10018 10414 10958 10928 11012 10914 10914 10852 10135s 10958 112
11213 11212 11034 1104
Refunding gold 5s
1947 100 10312 101/
1
4 10114 --------108 108 10018 10015 10016 10012 ------------------------9953 101 100
10178 10158 102
Refunding 45 series C
I947 92 92 ------------------------------823 8233 8534 87
91 --------88 88 ____ 8712 89
91
98 95i 97$4 10013 954 98
1st & gen 53 ser A
1966 9934 1014%95 1004 9558 98
96 9612 9473 96
95 97
9478
1
4 9914 1-0-0 100 10112
let & gen 6s ser B_May 1966 106 10812 106 107 103 100 103 10634 1044 10514 10412 110 105 10934 104 10914 10312 105 103 98/
105 103 112 105 10612
Chic Ind & Sou 50-yr 4s....1956 --------8753 944 -----------.
---- 8812 89 -------- ----------------8553 8612 86 86
8575 8618 80 89
Chic Lake Sit & E lit 4Ms 1969 ----------------04 94 -----------_
. -------------------9112 94 93 93
9312 9312 _ _
Chic Mil & St P gen 45 A 1989 8378 864 8318 8412 81 84
83 8412 SU
8012 82 8012 8112 81 84
54 8 80 84 3112 8
gii3 -ii ii58 -8-7Registered
- ---- ---- -- -___ -- 80 80 -- _ . ____ . _ __-_ . _ 7618 7618 --------7712 80
Gen a 334s ser B__May 1989 75 75
7113 7112 7112 -74- 711 -72- 71 -71- 70 72
7312 7412 7112 73
70 70
70 72
72 1418 724 17414
Gen 4345 series C
1989 9414 9534 944 95 9218 94h 9212 95 92 9412 9034 9132 90 9128 90 92
90 9154 8958 94 9212 9458 9453 978
Gen 41.6s ser E___May 1 1989 9353 9512 92 9413 914 96
92 96
90 95 8714 924 90 9112 8914 91
8878 9034 8912 94 90 9414 9312 96
Chic Mil St P & Pac 512._ 1975 93 94
9112 9312 9014 9212 9012 93 89 93 8958 9112 8812 9114 8612 90 8653 894 87 9454 86
94
9112 9334
Cony adj Si
6914 7312 6934 7258 7158 7812 7434 801* 75 7958 6013 7634 63 73
2000 77 80
77 7978 7512 78% 7184 74
71
7434
Chic & No West genl a 330'87 7978 8012 76
7273 754 74 7512 72 74
7812 7734 78
73 74
7334 744 7334 74h 7334 7512 75 75
7612 7738
1382 8E08 0112 8918 9158 87 8912 85 8918 8512 884 854 89 84 86
General 48
83 8458 85 874 87 9018 89 92
8312 86
------------------------84
Registered
Stamped 4s_
__ -1987 ---- ---- 894 9014
841 -Iii12 _—_
s 94 87 87
__ iirs lifts ----------------8353 832
;--------00 16'
Gent4315 stpd Fed inctax'87 -----------------------------99
7,
-----90 -9-9
N
9712 9713 99 99
98 102 104 1044 101 10433
Gen'Si'Cod Fed inc tax 1987 10513 10934 107 10812 105 106 10334 105 10558 10534 054 10518 104 10518 10412 105 104 10434 103 105
10414 10412
-Registered
Sinking fund ---------------------------------------101_18796s_ _
9___
9918 100 -_-- ---- 9912 991 994 100 992 99'2
1014
o
Sinking fund 5s-1879-1929 9912 10012 iiir, 1-00
984 994 9935 9955 --------9914 9934 ------------------------100 fals
981 994 99 100
Registered
----------------99
Sinking fund deb 5s____1933 1 /2 1134 00 1004 1004 1004 EilYis 1-0612 594 1004 994 551
: 5672 1E52
9738 99 1004 994 10078 100 10212 ---- -Registered
1933 10038 10034 -----------------------------— - 100 100 ----------------98 98
10-year sec g 7s
1930 10178 103 10053 10234 1004 1024 10034 102 101 1011 11134
-2 101 10158 1004 1014 10012 10113 100 10118 1664 1-01 100 1-0-14
15-yr secured g 634s..._1936 11014 1114 109 110 10712 10914 10712 108 10718 1084 10634 108 10614 10712 107 10835 107 10812
107 10812 1054 10758 10758 10914
1st & ref a 55
May 2027 10413 10558 103 104 101h 10314 1024 10412 10214 1034 1084 10254 10078 10218 101 102 101 10234 102
12 10118 10312 10418 107
1st & ref 43.0
May 2037 9534 9784 9514 9612 94 9534 9312 9514 9012 948 91 9314 92 9312 9012 9334 9034 9312 9034 103
974 9313 9714 9434 9712
Subscrlotrctspartpaid
,_ ____ 100 10014




ga

io

JAN. 4 1930.]

69

FINANCIAL CHRONICLE
1929—Continued.

November December
October
September
Auctssi
July
June
Mph Low 114h Low Mph
Lem Fltah Low High Dow High Low High Low
874 8914
8514 90
8514 8612 8212 8712 8134 834 8314 91
8614 8812 8614 87
8512 8712 8518 88
8712 89
8634 89
Chic RI & Fac Ry gen 45_1988
9112 9514 53 9514 944 0575
Registered
93
62
9212
94
94
5
927
9334
9214
9412
9215
4
943
9415 9415
935 .4 9434 93 9434 0212
1934 93i4 95---- --- 94 94
Refunding, gold 4s
88 -11412 8912 9534 0275 9412
Registered
59 -9-2-12 iil s -62-4 a1f2 -61- 571-4 -9-0-3-4 86 -8915 8714 8914
9514 50i2 -62-12 58 -9-2- .
1952 01
Secured 43,Is ser A
-- - __ 83 83 84 84 --------87 87 - -- _ 1- -- _—
Chic St L & N 0—
_
_-__
8455 8712 87 88 ____
85 88
1951
Memph Div 1st 4s
-----------------101 10334 _ _ _ _ _ _ 102 6212 - — - - - - 102 10312
-1951 105 105 10312 104 ----------------10412 10412
Gold 55
Gold 3145 reg
5
____ 1 -8-1-4 81. -31--9914
1
____ ____
5
9
____ ____ _______
1
____ ____ ____
June 15
—__ ____
4s
-------------------Gold 33,
-9-9-12 100 100 --------100 100
‘,_
,s _,
10035 9912 10014 100 100 ---------9912 10035 10015 101
9915 100
9812 100
Chic S L & Pitts 1st con 55_1932 101 101 100 10075 9053 10012 99 9934 9812 912 97 1004 9834 10018 US18 UU
10014
101
100
'30
-- 97 07
6s
971g 9712 9914 9914
Chic St P Minn & 0 cons
_ ---------------------------------------------9534 9534 ---994 997 10012
0012
9912
9914
9
97%
0915
5
977
Cons 6s reduced to 394s.1930 9614 97
9814
9815
97
9614 0978 97 16 96
98 931g 9755 98
10015 10015
1930 9815 101
Debenture 5s
4 9734 9712 9812 9835 9914 9914 0975 9912 9934
973
0712
------9712
---------9814
9814
9915
9618 9812
9818 9315 994
93 97
9214 9012 07
Stamped
95 0612 8912 9512 91
9512 9815 9514 98
14 97
9815
91
99
8812 95
8814
1
8
8712
857
8212
8314
78%
85
Chic Terre II & S'east 1st 5s'60 98 10012 9712
8314
8
87 8914 86 873
1960 9015 9212 9015 9218 85 9114 85 8812 87 00
9635 10312 9712 99
Income guar 55
9612 9012 9714 92 9434 93 97
9534
97
9512
990
97
984
9714
9812
97
100
105
Chic Union Sta 1st 45g5 A 1963 9914 10014 9812 10412 10134 10255 101 10312 101 10234 10112 10415 101%10314 10234 10314 101 103 1001210415 102 10312 10212 10314
102
1963 10212 103 102
1st 55 ser II
10014 10212 100 10134 10035 102 10014 103 10014 104 10134 10212 115 1154
1944 10134 10212 100 102 101 10212 101 102 10015 10212
1
11255 116 112 115 111%115
115
Guar g 5,
112
4
1133
112
115
112
5
1163
114
8
1163
11415
1963 114 116 11412 11638 112 115
1st 6845 ser C
--10018 10015 --------10014 10014 9914 10012 ---- --- -,,._ _ 10114 10114 -----------------------------8412 -8815 8730 -8-9-18
8434 8534 84 88
Chic & West Indiana gen 65'32 ____
8312 86
85 8634 85 8614 8312 8512 83% 85
1952 8715 -8914 8618 8814 8412 86
10058 104 10334 10434
10412
4
1003
10215
4
993
Cons 50-year 45
1034
9912
10335
101
103
10014
10312
99 100 100
1962 10334 105 1014 104 101 10314 101 104 101
98
1st & ref 5,4s ser A
9912 102h ___ _._- ____ — - ---- _--- 9712 98
----------------10012 101
Choctaw Okla & G cons 5s1952 --------10034 10112
93 --------9612 97
92
-------------------93 93 ---------9455 03 93
93 93 -_-- ---- 9415 9115
Gin Horn & Dayton 2d 4148 1937 9412 9413 9458 9455 9412
9 --------93 93
5 9612 --------95 95 94 9612
Gin Indiana')St L &C 1st 45'36 --------0413 9614 --------9
----92340234
-_ ---- __-_ --_- __-_ ____ --- ---- ---- ---- ---87-12 _ _ _ - 2 -85C
-------86
86
Registered
86
86
-_ 9014 9014
8734 88 9535 9014 95 ---34
__88 -90
88 --------81
1942 88
8412 8612 8415 8812 86 87
Gin Leb & N 1st con au 4s A942
86
8712 8834 8738 8914 8512 -8-735 8412 8512 8458 99
90
88 8858 88
9855 9734 9912 99 10012
98
994
9812
Ciev Cin Chic & St L gen 4s'93 89 91
98
9812
97
97 0812 97 9734
-------104%
1931 074 9834 98 9918 9734 9834 98 99
5
1047
3
0
10112
--------10
4
20-yr deb 454s
10312 10312 104 104
2
1993 112 112 ------------------------1031210334 105 105
General 5s ser B
- r,,, __,.. ,_ __,... .....„._ ____- ,,,,
_ _ — __
99% 994 ____
13 10
9934 100
03% 104 1-04 103 1-03 1034 1-94-3-4
Ref'g & knot 68 set A---1929 094 10012 9975 10015 9934 1015
10538 10412 104% 10034 1-04-12 103 1-04-112 1031 21- 4 99 1034 10015
105
5
1047
1024
10412
105
1024
10414
4
105
1033
104
1941
C
ser
65
Ref & imp
10034 10134 9955 1013
1963 1013 10334 10034 10134 98 10134 9814 102 10112 10312 9912 10112 9934103
9314 9314 93 93
Ref & imp 5s ser D
9112 ----------------90 93
91
92
91
8414
83
5
5
8234
8-412
1939 __-_ - _ 9312 9312 ---------------- 93 93
824
SO
80
Cairo Div 1st gold 4s
82 82 --------8012 90 80
82 84
80 85
82
81
Cm n %Yob & 81 Div 1st 45_1991 87 91 83 8475 81 02
83 83 --------80 8212
86 86
86 86
_
_ _
87511 8734 8615 8734 85 87
_ _ _
_ _
_ _ _
_ _ _
St Louis Div 1st col tr 451990 8734 8812 _8555 8734_ 9215
_ _
_ _
92% _ _
_
_
_
6(. 1, 6518 1-6612
6312
45_1940
1st
-612
9
2
Div
iir-,
-6i
i2
i
6
Springf & Col
63
i
6
3
9
5i
4
9
ii
12
9
foii4
-12
6
10215
9
10234
101
Ref & imp 434* ser E1977 65 -is- iiii2 -6612
4 102 103 ----------------101
1934 104 104 104 104 103 10415 103 103 10034 10034 10014 100% 100%1003
97 9714 9914 9912 9914 9914 10012 10012
Cleve Col Gin & In 6s
97 100
9712 9712 9912 100
98
98
99 99
99 99
96
---------------------- 01
Clay Lor & W con 1st 455-1933 100 10112 100 10015
---------95
---------------95
9814
9614
9614
Cleve & Marietta 1st 4845_1935 96 9614 9614 964 9618
BONDS

May
Apr61
March
February
January
Low High bow Il(gh Low High Low High Low If

xon 1021,

99 96 O- i

43414 series A
_
..... ___.„.:
1948
____ ____ ____ ___.
334s ser C
_ _ ____ ____ ____ -___ ____ ____ ____ 95
___
_ _ --,- _-_-_ ..„,..
1950 8934 -3-934 _
9313 0615 9512 -914 96% -9-7-75
93
33,4s ser D
92 96
4 551-4 -99-12 96 -9734 9712 -9-8-1-2 -9715 -97-12 96 961s 95 9612 106
993
10712
98
105
8
10634
10_1961
1051210
4
1st
Line
10612
10512
10512
Short
108
Cleve
10634
1054 10634 106 10712 10578 10815 10575 10612 10575 107
Ciev Un Term 1st s f 534s A 1972 106 109 10512 10658 10114 105 10112 10434 102 10412 102 10578 102 103 10014 10212 10034102 10034104 10034 10312 103
97 97
1973 10.114 10514 10412 10514
957 96
97 97
1st s f 5s. ser II
_ _ 9615 98
7 9812 96 9738 -.-- ---- --_
0812
98
2
,
97
5
993
98
9914
101
87
1977
C
1st s 6 guar 4545
- 8412 8412 --------87
1 -8412
1945 90 9015 --------85 9055 --------8812 8312 --------84 2
_ _ - 9615 9834 9514 -97-12 9715 -9-94
__- __-_
_ ____
Coal RI, Ry 1st gu 4s
__ _
_ ____
-- ____
---93% -9712 - --- - - - - - - -- - - -- - - -- -- -Coto & South'n 1st g 45_ I929 9912 9978 _.- - -- 5 9615 -9-7
-67-34 9315 -96
ii4
-37
9
2
f
9:3
9
712
9512
9
5
7
963
9979512
12
Refunding & Ext 4 Ygs _1935 9512 97
8913
8812 8812
------------------------8418 -344
9034 91 --------89'2
Col & Hock Val 1st int g 4s 1948 ---------------9113 9112 ------------------------92 -66- 82 82
Columbus &Tot 1st 688 43_1952
__ _ _
_ _ _
_ _
_
_
_
_
_
_
_
------0413 944
-6-958 --------67 73
Consol Ry non-con deb 43_1930 ---------76 58 7-6 55 -66 a- 12 -ii 5i
io
76
38
812
--------67
6912
6712
--------6
73
6712
73
72
7
75
Non-cony deben 4s
67 67 —__ ___.
1954 74
6714 70 68 69
7178 --------67 69
--__ .--- 6814 6814 --------69 69
Non-cony deb 4s J & J.1985 72 72 --------69
__ _ _ _
____ -- ____ ____ — ____ ___.
____
_
_ ___
_
Non-cony deb 4s_ _A &0 1955
___ _--____
___
Non-cony deb 45
65 76
SO
75
78 8034 79 81
78 84
79 81
81
8212 81
8578 79 82
8112 86
8214 8684 80 8834 8012 85
1942 8912 9314 85 90
Cuba Nor Ry 1st 53.4s
83 854 80 85
8412 88
927o 89 9084 89 9034 8514 90
93%100
0834100
98 100
92 944 89
9912
98
100
Cuba RR 1st 50-yr 55 g_ _1952 94 06
99
10112
9914
9914 100
101 102 100 102
9234 9112 920 90 9053
924 9112 9234 91
1st 1 & ref 734s, ser A...1936 10058 106 102 103 101 10212
93 93 9012 9112 91
96
96
9112 03 94 98
--. 9815 9915
1936 9578 08
97 9912
9112 95
-----1st 1 & 5 f 6s ser B
---------974
97
1
9714
9714
9812 9812 97 9714
9034 9212 9215 9114
1931 0724 9734 0784 0734 9714 97
Day & Mich 1st con 4 As
8814 597s 89 9014 90 9412-9112 93
8915 92
9212 8912 924 89 91
3 10012 10012
9678 98,
97 97
1943 9134 0412 9134 921 89
101
Del & Dud 1st ref 4s
10018 1001s 100 100 10112 10214 10214 10214 102 102 --------97 10312 10112 10512 10112 10312 10212 104
10012
10212
30-year convertible 58-1935 10412 10412 97 9934 100 10212 10112
101
103%
10114 103 10212
105
5
103
102
10312
1027
10634 10155
105
102
8
10312
1003
8
7
100
1937
10014
102
8
334s
1003
10218
15-year
10212 10012
884 9234 92 94
1930 101 10314 1015 10214 101 102 Iowa 102 101 10212 10034 1021s 10014
8834 92
894 874 89
10-year 7s
9414 96
8814 8918 8815 90 8858 90 8814
94
88 90
88 90
90
93
8812
9018
9018
924
4
Deny & Rio G 1st cons 45-A936 00 9234 8912 91
913
8912 93
9155 9234 90 9178 9014 92
9412 9112 93
1936 03 9412 91
8312 9434 82 922 9012 93.12
Consol gold 434s
9212 9312 89 934 89 90
87 91
9034 9314 9115 93
94
9214 9712 01
80 9078 85 91
8
847
4
823
8853
Den & R G West gen 55 Aug'55 93 9634 96 98
8412
89
87
8914
25 25
_-_ 23 25
1978 9012 9334 90 015 87 9014 87 9053 8678 8938 8712
55 series II
--------------------- 3014 304 ---- 2618
--------35
25
3014
33
39
35
-------- 25 25
___
Des Moines & Ft D 1st gu 45'35 33 40
714 2714 27 27_ ___- 2615
28 30
2712 2712 2518 201s 25 25
2914 34
30 36
Temp act of deposit
- ---- --- - --- --__ ____ - __ ____ --_- ____ ---. ____ ____ -___ 65 ----------------60 60
9255 9238 ---- ---- ____
65
Des Plaines Val 1st guar 4;0'47 ---71
5 -7-5 ----------------71
8 -5612
--------7
7614
--------.5
76
66
-14
7614
76
4s__1995
----65
g
1
1st
-------Mackinac
-------Dot 8t
15 934
75 75 ----------------75
9518 9712 9555 9755
93 96
1995 75 75
9314 95
Gold 4s
95 96
98 98% 9714 9834 02 812 97 98 10015 10034 9515 9714 ---------410011 -------- 10112 10112
------1003
Detroit River Tun lit Ois 1961 98 10014_ ____
100%
3
____ 103 10314 10234 10234 10314 10314 --------1008
9934 9915 9912 10012 10012 16312
15 9912 99 99
Dul Mlssabe & Nor gen 55 _1941
--__ 1014 1014 9915 10134 99 9938 ---- ---- 9715 99
_
Dul & Iron Range 1st 5s_ I937 ioo4 1-6175 7512 7514 7212 7214 73
/5
8
7
7;4'
76
Registered
-757
0
8 i
34 76
74 764 7612 --------87
Dul So Shore & Atl g 55 _ _ _1937 8012 8112 --------70
9312 94 ------------------------ ----------------87
94
9513
-66 oi li 9912 300
1019814
99
East ity Minn No Div 1st 48 1948 94
9812
18 !
2 9912 i
1 12 9 12
8 718
99
10434 100 105
East T \in & Ga els, a 55_1930 99 9012 99
10312 10412 1023410414 101 10312 101 10134 10118 10212 102
1956 10418 10412 105 105 1043 1053 10414 10414 103%104
9958 103 100 10014 10012 10012
100
99
4
993
Con lit g 55
9914
99
99
100
9712
99 09
100 105 102 104
----------------9914 10012
98
98
9834
Elgin Joliet 5k East 1st g5s 1941 101 10312 10212 10212
. _,,_ --- 951g
10012 10012 100 10015 _,__
10135 100 1112 1014 10134
El Paso & SW 1st & ref __ 1965 10235 10514 10212 10212 100 10034
-2-12 101 102 10012 10112 10014 10114 100 85
8434 88
86
81
1930 10212 104 10112 104 100 10212 101 102 100% 10175 10138 1-0
8058 82% 8014
Erie 1st cons gold 75
8012 8412 82 83% 8115 83 8614 834 8055 82
8313
85
85%
84
854
8412
1996
777 --------8212 8212
4s
prior
7734
.-..
g
Erie 1st con
_
---------- -8113 8112 7955 8034 ----------------------------74 7912 7412 8012 80 8234
7512
.—
Registered
7415
7612
7412
7'
4
743
78
2
7572 7712 7612 79
81 81
7
7434 7812 7518
73 78
1996 78 801 2 il-P.8
1st cons gen lien g 45
774 7718 --------73 73
7234 723 7334 7338 --------7113 7112 _ _
10112 10112 101 101
..r.:- ---- - - -76 76
Registered
111, 10118 102 16112 112 10112 10173 10112 10112 10112 10112 10112 10112 7912 8434 81 4 8612
1951 10034 10114 10115 1014 101 10114
8512
7834
Penn colt trust g 4s
7918
4
813
7975
812i
8112
80
8212 80 818
784 8212 80
7955 8478 8124 854
1953 8234 8412 81 82% 7512 82
7875 84
50-year con 54s ser A
804 8112 80 8115 8015 8112 7915 81
82
80 8212 SO
8315 831s
1953 8234 837 82 8412 7912 84
8212 8238 82 82
50-yr con g 4s ser IS
82 83
82 82
93, ------7934 82 8014 81% 82 82
11 ---------9512 9734
1958---------------9112 98
4
973
Gen cony 4s ser D
91
93
9114
93
9215 9438 9114
9412
93
2
98
2
4 112
92
1103
97
4
924
4
942
110
9612
110
110
1967
5s
109
Ref & Impt
10735 109 10812 108 10712 10914 1 1134 11114 105 11112 10612111 10734 11012 10734 107%
108 111 11034 112
109
Erie & Jersey 1st 5 f 65 _ _1955 110 11012
105
10614
105
10712
105
1074
4 107
Genesee RI,RR 1st a f6s 1957 109 11112 107I, 109 10612 10712 10715 112 107 11114 107 1073
2_,_ ____
8,7, 85 8 _
____ _ _ _ _ ____ ____ ___ _ _
857
,- _-_- Erie 8c Pitts gen gu 384s C_1940 ggls ggls
8875 88 8 ------------------------ - -8 -85% -__ ___ __-- --10312 fo5
104
1940
02
45 B
106
Gen guar 31"
103 102
1312
1954 10315 10412 104 105 1011, 1-0415 102 103% 1024 1-03% 10212 10355 10212 1034 12
------- 98
97
Est RR esti if 7s
----___
-963-4 97 -9/
P/30 ------------------------08 98 _
Fla Cent & Pen ext IL 55
___ 93 96 96
. ___
88 9034
1943 99 6914 -------- 85 9512 8355 9512 _ --- --- - -ii5i2 If- --__
Consol gold 5s
8812 90 8812 90
-90
-i516-8912
-91
9312
9235
1
-9192
94
91
9312
9112 924 5i 2 -11-37L
58% 6512 48 58
64 68
Florida East Coast 1st &Sig 1959 932
75 64 70 64 69 6612 69
68
75 77
7734 7915 7512 78
1974 75 80
75 77
275* 3012 267 2834
2912 35
1st 8c ref 55 ser A
3234 35
29 33% 28 36
3212 35
32 35
3212 38
36 38
14 ---37 44
6i4
4
933
9334
933
93
_
Fonda Johnst & Gtov 4Igs_1952 2512 50
--------94 94 _
1-6ii2 ioai4 110312
105
5
--------10
Fort St 41D Co 1st g 4 ygs._1941 94 94
1961 ---------------- 1- 0714 10714 1584 10-61-4 -_-__-: --_--_ 10413 104 10414 166- iO4T4 1-64.14 --------100 101 102 10214 10212 10212
Ft Worth & DC 1st 6s
10014
*
8
10014
101
100
103
102
102
103 10218 1-02-4 102
_1933 10334 1 34 1334 10375 103
Frem Elk & 5Io V lit 6s
9512 934 99 100
_ 9812 9712 9715 100
99 99
9775 9912 96
9534 9612 9914 99 9935 __-_
31 9014 9914 99% 100
9938 100
— 9P2 9914 9812 99
G H & S A. M & P 1st 58-19
9614 ____
9812 9912 99 0914 9614 --97 100
98 100
99 100
9935 9934
1931 9914 9912 993 100
96
94
9512
95
98
5
2d guar exten 55
92 9712 --------9
9812 92 92
96
9812 9912 --------94 100
_ _1933 0812 09
86 86 _--- ---86 86
86
Gal, nous & Ilen 1st 5s_
8512
8612
8512
88
8512
86
854
89
89
86
86
88
86
85 86
-, --:.------Ga & Ala 1st cons 53_ _Oct 1945 8514 86
------------84
9
9812
93 9914 100 100
9418 99
9834 99
_ 554 -66%
1929 0678 9834 97 9734 074 98
_ _
_ _
__ _
_
_
Ga Car & No 1st gss g 55
7815.
7934 7934 7434 7434 7312 731 74
1946 743 75
-64-12 9553 9534
64
2
-667
5i
8
665Georgia 11114112nd 1st 35
94i,
6:1i2
8
-363
3
53
Q
-.
612
9
8 97 --------0534 9512 5iis
- 95,
96 97
1085s 111 10512110 10834 11014
(It R & I ex 1st go a 4 s_ _ _1941 11115
11214 iii‘ 1-ii 10814 11114 108,
8 111 110 11134 109% 1104 10912 11014 10915 111 109 111
10312 10512
1940
Grand Trunk RY 5 f 7s
102%105 1021210412 103 10534 102%10615
1936 105 108 10478 10578 10314 106 103 104 10358 10434 10314 106 10214 105 ____ _ __ 93 93 9255 9712 ,--_-- 77,7 ::"...
15-year s f 65
__
____
__
____
__
----97 97
---------109%11112
---------5s.....1947
g
0
-1
go
1
1st
107
Ter
10712
110
Pt
4
Grays
14 112 109 11034 109 1101 iiiii2 1-1-0 108 1-1-0 10835171-012 108 11-0 1088.1 1093 ____
1238
__ 10812 10812
_ _ _
_
___ 1071210712 ____
Gt Nor gen 75C B & 13 coil A'36 1111.1
_ ____
4
9434 964
9735:1
i
Registered
93
4
-398
9212
92
93
9314
-9-412 92
63C4 -66- 5i -6i 9212 95 .95 -9-4-18 oii2 10714
10712 10834
1st & refund 41,45 ser A __1961 9612 93
1051210612 10512 10714 1051210812 1051210814 105 10814
1952 1083 10934 106 108% 108 107 10412 10875 106 10812 10512 103
10114 1041s 10334 10512
10312
101
103
10012
102
10012
Gen g 510 ser B
10214
10112
101
10434
102
1973 10212 104 10178 10334 1004 10115 101 10375
9412 9615 9312 9614 9534 9712
9212 95
Can Si series C
9414 9212 94% 9115 94
95 9734
1976 944 0714 0314 944 93 9412 0212 9612 92 9612 9314 9412 9312 9455 9312 9434 9334 9514 9234 967 9312 97
Gen 43-4s series D
9634 92 9612 93
24 2712
1977 9512 9735 93 945g 911s 9412 94
7
27 2812 20 22
28
2913
265
8
26
Gen 4345 series 17
3012
2
24
22 24% --------2
22
25 26
2955 25 28
28
rs__
cas
deb
West
&
Bay
Green
------------------9124 9134
------------------9114
914
---------oi 1-0138
11001.195 99T8 16612 150is 1-66 96%
Greenbrier Ry 1st go 45_1940
1078
9934
---- --__ 10012 10114 f)g 012
9634 98 98
9684 97
Gulf Mob & Nor 1st 5141_1950 108 106
95 96 --------100 100
97 97
1950 --------------------------------99 99
Ss set C

Ys

oiT,

10212 10212

.
1st




70

FINANCIAL CHRONICLE

[Vol,. 130.

1929—Continued.
BONDS

January February
March
April
June
July
August
Low High Lou High Low High Low High LowMay
October
November December
High Low High Low High Low High September
Low High Low High Low High Low High
Gulf & S 1 1st ref & ter 5s 1952 108 108 ____
__
10418
10414
-----------------------101 101 1014104
Hocking Val lot con 430_1999 9834
99
103%10434 103%10358 --------10518 10518
98 -9-9
9612 9734 95 97
94 95 9412 95
Registered
9412 9514 9138 92
9212 93
92 9314 93 98
9658 974
Housatonic RR con 5s____1937 98
-604 9i4 -6/3-4 9S -iti --------97 -6i5-8
-9333 9353
Hous &Tex C 1st Saint gu-193, ------ii3i,
-if
iii3s
17
59
.
-64. 5:1 -54- 55 -9-9-12 55i2 -9-512
---------10214 10214 102 102 -----97 974
- 102 102,8 ---- ---- ---- ---- 10118
Waco & N W div Ist 6s..._1930 102 109 -------10118 100 100 --------99 10018
-10014 10034 _ - --- ---, — - --- - _-_- - ---- __ .___
Houston Belt & Term 5s—..1937 99 993
_ - ____ _
4
4
9912 100
9912 -9-912 9834 1-00
___ 100 100
Houston E & W Tex lot 53..1933 ------9834 1-0012 98 -983-4
.6812 --------95
9812 --------99 99 -------91-3- -98
---------9519 9543 9812
97 9712
lot gu g 5s redeemable_1933 10014 10014-0812
9612 9918 9538 9913 9734
9714 10218 ____
_ _ __
_ _ ___
_ ____
. 0814 Nip 9618 9712 9712 9712 9818 9714 --------9878 9914
Ilud & Man h 1st & ref 58_1957 9538 98
9538 98
97
90 -953l
4 90 -93-34 90 -9-2-34 89 -9-1- 8732
614
983
Adjustment income 5s--1957 8112 84
4 9938
8912 87 89 8834 9214 90 9812
7258 78
90 97
Illinois Central—ist g 4s A951 91 954 79 844 7212 80
7518 7714 75 7612 7612 7812 7334 78
9534 9778
7112 76
94 9412 9112 9312 91 92
7112 79
7014 78
9114 9212 90 90 894 9014 ------76 7812
Register
ed
3
-9033 91
09014 9034 91 9238 93 .93
1st gold 3
1951 ____ ____ 55E8 1538 -------808
'
1 -i618 §-14 -ii 16 -ii go -16
---- ---14 55 -16 ____ ____ 824 8218
i0E8 If 84105
1st g 3s sterling
1951
Collateral trust g 4s1952 ii -9-6
'3
4
iiii4
9
6
14
8778 9934 iii -9-614 iit -8-9-4 8812 894 0i178 -81
1st refunding 45
78 iii1.4 -1E54 00E8 -8Y14 9
1955 91
9238 91
.038 -81
924 90 915s 90 9114 8912 9138 89 91
1612 -55-111-Purchased lines 330
88 8914 87,4 8812 8712 88
1952 8258
8634 9018
8 92
90140138
Coll tr il 45 L NO &T_1953 873 9334 8334 834 ----------------80 82
. ____
___
8158 8158 7638 824 8312 8312 887
4
89
854 91
77 77
84 8658 85 8838 85 8758 ____-83 , 83
Registered
8414 86
844 -85 844 85 854 854 8512 90,
8 87 8918 87 .,. 89
___ ____
Ref 5s
_ _ 8312 8312 ----------------8513
1955 10.5E4 1-6g3-4 la- 1-6g - lili- 1-64-38 109- 1.
.
8512
- 6i 103 1-0512 101 1-04- 10014 10134 10134
15-year secured 630_ .1936 110 111
103 10212 10314 10212
110 11138 107 10938 107 10912 108 10834 107
40-year 4345
1084 10614 10812 108 10812 107 10834 105 10378 10312 1-0412 10324 16-41;
Aug 11966 99 10012 9734 9914 97
108 106 107
9834 97 99
9614 9834 9512 9712 96 9834 9412 9814
9434 984 9434 9812 9534 10012 104 „11018
97. 9934
Litchfield div 1st g 3s___1951 ---------------7134 754 .
72 -7-i --------73Es -7-118 iiE4 -isi ----------------74
Lou's div & term'lg 33.6s 1953 8212 8453 -----1 7412
----------81 8114 814 8138 --------79
Omaha Div 1st g 35
79
793
80
1951 ----------------74
4
79
80
-------77 -79 -i17172 93
74 --------7434 7412 ---------------- 7214 7214
St L di. & term e 3As...19518358 8612
7212 7212 7238 77
8 12 8212 81 81 --------80
734 7314 7334 80
Registered
81
82 82 84 84 ---- ___ 8178
------------------------------------ 80 --------78 814 81
------------76
83
Gold 3s
Western Lines 1st g 4s_1951
_
Ill Cent & Chic St L & NO
-libi 55 Ili
Joint 1st 5s ser A
1963 10112 10514 10112 10212 100 102 100
10314 10084 102 10012 10134 10034 10114 9934 101
1st ref 41-45 ser C
1963 9412 9712 944 96
9912 10112 9912 10312 10014 104 10212 10434
9434 9534 9412 97
95
95
3
4
Ind 111 & la 1st gold 45_
9412
9412
9212
9412 9218 94
1950 92 92
94 9412 93 9614 9112 97,2 9612 9712
924 9214 ------------------------8714
Indianan & Louis 1st g 4s _1956 ____
- 86_
8614 8812 8812 8758 875
-- 8814 8814 --------8413 86 --------85 89
hid Union gen & ref 55 A..1965 103 103
80 81
82 82 --------8112 8112 ------ 8 90 9012
-103 103 103 103 102 102 ------------85
--87 8814
Gen & ref 5s ser B
----98,2 100
9612 9818 99 1112 100 100
1965 103 103 103 103 103 103 ------97 100's 99,
8 101
lot & Gt No 1st 6s A
__ 100 100
1952 103 106 105 1064 10014 10612 102 16 ---------101 101 101 101 ____
9912 100 --------0812
102
1054
1014
Adjust m 6s see A
1043
4
10212
3
1037
99
1952 9034 96
1033
- 4 100 10112 99 108 100 103 103 101
91
96
9212 95
89 91
104
85 90
86 8912 87% 92
1st 55 ser B
884 8934 8618 90
1956 94
80
9653 9514 9638 9112 9214 92 94
89
78
85 8212 90
924 9334 93 9612 9218 93
1st 5s ser C
90 90
1956 94 95 95 9512 91
89 9334 8814 964 924 97
93
92 94
915
8
92 94
97
9212 94
92 95
94 9434 9334 934 9078 95
9434 9634 9218 96
Intern Rys Cen Amer 1st 5s '72 7912 82
80 8114 78 8012 78 81
76 81
72
tat col tr 6% notes
7912 7714 80
76
7812
1941 94 9412 934 94
72 78
7434 78
7314 75
93 9634 9312
75 7912
34 90 93 90 93, 93 9414 9118 94
1st 1 & ref 630
1941 96 971_ 9678 9833 9478 9674 03 93
91 9412 94 9512 94 9512 934 9512
9612 0412 9614 9478 97
lows Central 1st g Ss
9312 9714 93 95 89 93 90 9514 903
1938 40 61
49 50
4012 43
4 92
4034 4158 40 4012 3712 3912 3858 40
92
95
Certificates of deposit
36 38
4912 50
36 3712 36
4812 511. 40 4078 42 42
3812 35 36
33 38
40 40
Refunding gold 4s
3734 38
38 38
1951 15 20
36 38 --------36 40
16
1712 14
1478 12
3514 36
14
3038 3411
1012 13
James Frank'& Clear 1st 45'59 8778 8912 88
11
1214
11
1112
1012
11
1 2 11
1014 1512 878 1014 812
88
85 85
SS 88
92 92 --------8334 85 844 8514
Kai Allegan & G R 1st gu 5s'38 994 100
912
10018 --------10014 10014 -------------------- ---- 99 99 ---- ---- 8684 8634 ---- ---- ---- --__
Kanawha & Mich 1st gu 45 '90 8414 8412 100
---- ---8414 841 8412 8412 84 8414 82 84
-- ---- --- ____
___
8112 82 --------91
K C Ft S & 111 Ry ref g 45_1936 9114 924 910
91
8112 0
- 2 8218 1218 80 -83
4 93 89 994 89 9212 9018 93
8414 -8412
91
K C & M fly & Bdge 1st e 5s'29 99
934 9038 9 12 91
9258 90 9114 90 9458 924 95
--------9812 9838 98
98
94 9512
9818 984 99 99
Kan City South 1st g 38-1950 74 9912
99 99
76
7214 7434 70 73
---- ---- ____
7138 7514 7212 7512 724 7414 7118 7358 99 99 ---- --- ---__
Ref and improv 5s_April 1950 9814 9934 9814 99
714 7312 714 -73
7212 -7638 --------75 /712
9512 984 9534 99
9234 99
9434 9812 9534 98
Kan City Term 1st 4s
1960 88 901
9434 97
9512 100
9512 9934 9612 100
99
8412 8534 85 8614 864 89
10
Kentucky Central g 45_1987 894 903 8733 8934 8618 894 8612 89
112
84 8758 8514 8638 8412 89
8 87 8912 8814 894 89 891a 8834 8834
--------86 86,8 85 85 ---- ---- 8312 8434 8612 8838 8814 90
8338 85 8434 8912
Kentucky & Ind Term 430'61 95 95
8912 8912 ---- ---- ----Stamped
--.,----1961 -------- -------- --------. --- -----,-r------87
-90
-- 85 85
87
-87
Plain
87 -8712 8812 --85
8812 85 -85 85 - _ _ _ _ _ _ _ --,--95 95
87 87
----------9058 93
89 94
91
91 -------- ----------------84 -Lake Erie & West 1st 55_1937 10038 10038 -----84 --------8334 8338
101 101
9934 100
9978 10018 98 100
9014 9014
2nd gold 58
99 10018 99 100 100 101
1941 994100
97 99
98 101
100 -----------------9912 102,8 994 10012
.
-----Lake Shore & 51 Sou 5330 1997 7912 8112 99
.
98
98
96%
-----963
4
---------95
7812 8112 78 80
33 9538 9558
7812 81
9419 984
7812 7934 7634 764 7634
Registered
794 794 764 7812 7712 7812 78 99
1997 ----------------7534 7636 7612
7312 ----------------7658 7818
80
7912 81
25-year gold 4s
7614 ____ _ __ 7412 78 -----1931 974 9814 9714 9814 963 9812
--77 77
3
964 9912 9634 9738 94
7738 7812
Leh Val Harbor Term 1st 5s '54 105 10518
98
9656
9854
963
1753
8
971
98
9678 814 97 9838 984
102
Leh V (N Y) 1st gu g 430_1940 9934 9934 987 104 10212 10312 102 102 103 103 10184 10318 102 10318 102 102 10078 102
994
101 103 101 10312 104 10412
8 9912 9512 96
954 96
9512 96
Lehigh Val (Pa) gen con 4s2003 86 8814
97 9914 -------9512 95% 9618 97
8418 8578 8414 85
97 100
8418 8612 84 87 8378 8534 8334 8512 96 98
9712
100
Registered
83 85 8334 85 834 8834 83 8734
8714 90
General consol 434s.. __2003 9634 9914
9:1E2 1-66 .
6ii2 -ii12 iii -6i 5:t -9-i 04 -9-7. 04
-Lehigh Val RR gen con-5s_2003 107 10714
. -9-01
4 5.51'2 -9-i ii9 -9114 9212 96
10318 10612
Leh V Ter Ry 1st gu g 55_ _1941 10312 10312 10312 10312 10138 10318 10234 10434 104 10514 103 105 10078 104 102 104 10112 105 102 10318 99.38 -6ii 97 99,4
10312 10312 1004 103
10278 10554 105 107
994 10212 10134 10212 10018 100,8 100 102 10018
Lehigh &N Y lot gu g 49.1945 -----------------102
99
101
-----101
-----------------------10138 10212
Lexington & East 1st Au 5s 1965
8738 88 ------------------------86 10212
1 78
1 3
4 112 14 10
86
87 87
121 12
Little Miami gen 4s A
1
9818 wo
1962 ._ _ _
--------102
21
2 lova 10334 _ __
_
Long Dock con g 65
--.- ---- --- - - --1935 10412 10412 ___ 1---- ---- ____
__
_
_
.
_
_ __
____ ____ 10912 10212 -----------------------9412
--8734
Long Island 1st con 5s July '31 10114 10114 99E8
--------100 100 1004 100,
00 --------9812 9934 9734 98 -----Ist con gold 4s-___July 1931 97 97 100 100
--98 98
9314 9734 ----------------98 99 8 1014 10118
-----------------------------------99 100
Gen gold 4s
------------963497 _
1938 93 93
_ _
9034 9034 li 0t
_. _
_
94
9212
. 9212
Geld 4s
1932
1 9
2 9
9114 92is if)T4 -if iii
:iii ii -tii
Unified gold 4s
1949 89 9018 8914 8914 8914 904
88
88
8814
89
85
£i.
Deb gold 5s
012 85 16-18 ----------------8634
1934 99 100
98 98 --------98 98
-9-6 --------8611
96 98
95 96
20-year deben 5s
97 97
1937 96 984 96 97
9734 98 ------------------------9812 8612
9634 9634 9612 9938 9812 9914 —
994
... 93 9334 93 94
Guar ref gold 4s
1949 90 90% 90 91
2 9
4 9 78
9814 9612 9818
90
913
88
8
893
4
887
8
887
8
85
18 843
N Sh Bch 1st con els 5s Oct'32 100 100 --------9934
8538 87
8478 90 86 88
100
9812 9812 ---------------95 4 8618 8434 88
8618 9214
95
95 97
9714 9912 9514 99
9558 97
9812 9812
Lou &Jeff Bdge Co gu g 4s 1945 -------89 90
8412 89
86 90 89 89
Loulsv & Nash gold 5s
8814 8812 88 80
1937 10214 10212 --------101 101
85 8834 8812 8812 8878 8878 ---- 10014 102
89 8912
101 101
Unified gold 45
9912
10118
1940 9434 9534 93
10112
10138
-------101 10112 100 1013
12 9278 9478 9234 9438 ------- -4 10034 10314
92 9478 92 93
Registered
9112 93
9134 9312 9134 9314 9212 94 9212 9412 94
9534
Coll trust gold 5s
1931 10014 100,
8 10018 10038 9912 106 9818 984 159E2 10s6
55
66
7% notes
12
55
1
1-6612 55 -6612 55 2 166 55 1-66 55j2 166 557
1930 101 10234 10134 103 10012 102 10012 102
8 16612
1st & ref 530 ser A
2003 10558 10734 10412 10612 104 10518 10438 1057 10012 10112 10012 10138 1003810118 100 10112 10033 101 10018 101 1004 101 10034
10112
1st & ref 5s ser 13
2003 104 1054 10212 10412 103 104 10014 103 9 103 10618 104 105 100.2 10414 10312 105 10212 105,4 102 105 103 106 10518 107
10218 10334 10112 10134 101 10134 101 10134
1st & ref 43-4s sec C
2003 97% 99
101 10214 101
9234 10
9714 9853 9714 98
00
4 10
05
1114
21
10
04
1 10
9718 9812 9712 9814 95 97
068
27
12 10
08
514
96 98
N 0 & Mobile 1st g 6s._ _1930 9934 10034 997s 10014 -----92 95
9118 9258
--9934 10012 9934 101
9934 10014 10033100-34 100 10014 9912 9978 9912 1005
N 0 & M 2d fi 65
1930 --------10014 10014 ------- 100
8 9934 10012 9978 100,8
-----100
--------Paducah & Mem Div 4s 1946 ----------------9134
9953 9934 ____ ____ 9912 9912 9933 994 9958 10132
9114 __-- 9018 9018 ---- --- 85 85 --------87 87
10038
St Louis Div 2d gold 34_1080 --------8514 6712 0438
90 90 90 90%90 10038
664 6414 --65
61 6512 61 -63 - 914
Mobile & Montg 1st g 43-44 '45 ------------------ 604 63 6134 6212 62 6212 644 65
----------6634 6634
------------------9353
Southern Ry joint Mon 43'52 89 8912 88 89
52
34
853
8
1
8
Atl Knox Sc Cm n Div 45 1955 9112 92
2
i12
0:1E2
412
86
8
85
85 88
0012 -6614 5512 -66 55
9153 9158 8978 9012 8978 91
89 91
89 90
-9-o-12
Louis Cm n & Lex g 430-1931 9878 9912 9812 99 -----89 89
86 8734 8612 8812 89
89 89
--98 98
97 98
9112 9112
974 974 97 98 --------97 97 96 90
Mahoning Coal RR 1st 5s 1934 ____
___ 100 100 --------100 100 -------------9612 07 97
9812
984
-- 9978 100 100 100
Manila RR Sou Lines 1st 4s'39 74 -7412 74 7414 74
9714 9812 9712 9712 9812 99
75
734 7412 74
74
74 7412 74 74
1st extended 4s
72 74
74 75
1959 --------747 77 _
74 77
74 7414 6612 -7-5
69 69
69 69 _-__
__ 68 68 —- 65 65 --------73
Maillto S W Colon's g 5s.- -1934 9878 9378 9934 9934 99E2 1-00-18 99
9958 99 9912 99 -73 6612 6612
9914 9934 100 100 1-00 --------9714 974
Man G 11 & W 1st gu 3301941 ------------------------8612
97 9834 98 9912
8812 8612 8611 ___ ___ 8538 8534 -----Meit Nat RR 1st cons 4s
--8538 8538 --- ---____ ____ ____ ____
N
Assented
1977------- - -- ---- ---- Mich Cent Del & BC 5s
1931 9912 9912 --------100 100 100 100 100 100
-------------4
100 100 -- „-- -9014 9934 ----Registered
:
..
-: 914 -9134
- -1
4

-- -ii-

iiih.

io.
i --46,4 ________i5ii -i614 - ii --6ths ________________i
i --8i ------------------------8853

Michigan Air Line 4s____1940 ------------------------9214
93 -----------Ist gold 330
1952 8053 86 --------8336 8412 8212 8212 -- -- ---- 82 ------------------------------------92 92
9312 9312
8212 80 80's 8212 8212 78
Debenture 4s
78 82 82
1929 9938 9934 99'2 9958 9934 094 ---- --.- ---- --78 8014 ---- ---- ---- -- _ _
_ _ _
Midland of NJ 1st ext 53..1940 9634 9634 964
_ _ _
_ _ _
_ _ _
_ _
_
963
-----4
4
93
94
---------------8758 -81 55 -9-1- in -9114 55 -62-14
Mil L S & West ext s f 5s_ _1929
9912 9912
iii4 -0014
Mil & Nor RR 1st 430(1880)'34 -___— _ 90 -9- -------------- __ ---- ---- 884 90
6
-----51
61
Con ext 4365(1884)
--92
92
92 92
95 95 9514 98
1934 --------94 94 --------94 95
94
94 -------- ------------ ----92 92
Mil Spar & NW 1st gu 45..1947 9112 92
9212 9212 93 95
91
91
95 97%
90 91
9034 9014 ------88 8812
-Minn & St List cons 5s_I934 60 5434 5238 554 ---8714 8712 8713 9112 8912 8912 89 89
50
-51
50
51
4
63
464
4
43 -4-7- 43 154 4333 45
Temp ctfs of deposit
4314 46
37 42
49 534 49 61
3678 3812
48 -49
47 4818 4612 4818 46
4612 43 4418 40 4314 44 44
1st & refund gold 4s_-__1949 1918 35
43
44
3712
394 37
24
3012 2312 2638 23 2512 21
3812
2312 22 27
21 2214 21
Ref & ext 5s ser A
22
20 2112 18 23
1218 1912 14
1962 1534 20
1634 1812 1634 1714 19 21
20
16
2012
18
22
18
18
18
Certificates of deposit16
19
18
19
187k 23
18 20
16 ------------------------------ 19
15
1534
1912 1712 1712 1712 1712 M St P & S S NI cons 4s stpd '38 8834 8914
-- ---.7..:- ---- ---_----86
874
84
U's
884
894
87
87
3
-.
85
84
8814 864 8778 6414 86
1st consol 5s
85 8712 8512 --8
1938 9334 99
84 8814 -91- 1
9412 97
9412 99
9712 99
9658 98
90 9478 9012 9638 9212 9512 90 954 90 -1st cons 58 gu as to lot...1938 9634 99
9814 9212 9814 91
97 9938 984 994 98 9914 91312 0834 94 95
95
I
9414
9738
924
Col tr 634s
9412 944 9718 9012 9738 9412 97
1931 100 101
9712 9914
9714 10014 99 1004 9812 10014 9714 100
99 10014 9818 100
1st & ref 65 sec A
99 994 9734 100
9778 100
98 9912 9812 10034
1946 101 102
9912 100
9814 9814 974 98
9812 100 1004 101
96
964
25-year e 5365
93
9412
91
98
95
9934 95 9834 9712 101.
1949 92 94
93 95
914 92
92 95
8874 9812 88 90
85 90
lot Chicago Term s f0 _1941
87 88
83 88
8712 91
81
9134 82.82.86

fia -if

Mississippi Central 1st 55._1949 98
Mo Kan & Texas 1st 4s—..1990 84




995g 9812 9812 ___
___ 9812 9734 96
9612 95 95
8568 84 8512 8155 -8438 8234 80
8134 85
823s 84

98 98 ----------------90 96
8214 8512 8112 8312 811* 82
8153 85

96
96
834 87

381
____ _
85181'16

JAN. 4 1930.]

FINANCIAL CHRONICLE

71

1929—Continued.
BONDS

January February
March
April
May
Juno
July
August
September
October
November December
Low High Low Hieh Low High Low High Low High Low
High Low High Low High Low High Low High Low High Low High
Sto-Kan-Texas RR Ss A_ 1962 10013 102
9878 10114 9938 10033 9812 102
9612 10078 965 9934 97 101
96% 9933 9558 99% 9512 1007 9812 10138 9912 10214
Prior lien 4s ser 11
1962 85 8658 83 8512 8112
8514 8234 8434 81
81
84
8312 8218 8412 80 83
7014 83
804 8518 8312 8634 8418 8912
Prior lien 4148 ser D
1978 924 9412 9034 93
89 8912 9012 9213 8913 9214 9014 91
9014 9134 8778 89
88 8814 8712 93 93 9412 9358 95
Cum ad) Ss ser A
1967 10358 10434 102 10512 10234 105 10214 10714 1021210714
103 10534 10434 10614 10212 10412 10212 108
9913 104
94 103 10114 104
Missouri Pacific RR 1st Ss A '65 08 10133 9712 100
9513
98
,
8
97 10038 9733 100
9634 984 9618 9812 954 9818 9512 97
96,2 10133 9734 101 10014 10112
General 4s
1975 75 77
7334 76
70 75
7112 7534 71
74
7212 7114 7314 7012 73
71
707 7658 73 7712
7012 72
70 77
1st & ref 5s ser F
1977 9712 99
96
9814 9512 97
95
9913
97%
94%
9523
9534
9514
97
98
97
9412
9634 95 9934 96 9978 9818 10012
3d 7s, ext at 4%
1938 -------- 0134 9178 907 90% 9018 9078 8912 8912
9014 9014 8912 9038 --------931, 9712 8914 8933 91
1st 8r ref Ss ser G
91
91
91
2
1978 97 9834 96
98
9418 9612 95%100
9418 9838 95 97
9434 9712 954 974 -------- 95 9934 9618 100
Convertible gold 5 Si's- — 1949 ---98%10014
---- ---- -- - - — 10012 106 106411438 115 12512 114 120 113 1734 100 116
10912
Mobile & Birm pr lien g 5s_1945 --------97
10512
109
--- --------993
1
4
00-Small
Mortgage gold 4s
1945 iiii4 16 86
90
55 -66 55i4 18-3-4 --------85 1i --------88 1i ----------------86 -6612-100100
Small
6612 86+2
86
--------8512 89
8512 8512 55 55 ----------------------------------------99 99
Mobile & Ohio gen gold 48_1938 9212 8618
75 97,2
93 --------9112 933$ 93 9313 --------91
91 __-_ ____ ____ ____ ____ ___- ____ ____ 81% 8158 89 92
Montgom Div 1st g Ss__ _1947.--f,
100 ------------------------97 97
__-- 99 99
97 99 100 10018 9818 9918
Ref & impt 45's
1977 94 95
9212 974 90 9213 9012 9334 9253 94
s 934 91
9234 9212 9212 92 92
91
9512 95 97
Mob & Mal 1st gu g 48
9512 97
1991 8513 86
851g 8514 8412 8412 --- -- - 83% 84
8338 87
8214 8212 8258 8278 8312 86
824 85
86 86
Montana Cent 1st gu 6s__ _1937 106 106
106 106 106 106 196 106
10412 102 10612 --------103 103 10212 106 10338 1-0333
--,7 — ---- ---. 10410
.
1st guar gold Ss
1937 101 101 10034 101 ----------------100341-003-4 ____
___
_
--__
_
_
_- - 9312 9518 100 100
Morris & Essex 1st ref 3Ms_2000 7812 8012
777 7773 7613 77
7112 -7734 7412 -7i i514 -75-14 7512 77
76'8 77
75 77
75 7512 'it's -7534 7812 79
Nash Chatt & St L 4s
1978 8913 908 8912 9078 8912 90
8923 90
89,
4 90 ---- --- 85% 8712 8514 8514 851g 8518 85 87
864 9113 90 9114
Nashv Fla & Shef 1st au Ss 1937 --------------- 10034 102
--------9813
99
99
9914
99
9812 99 99 ---- ---- ---- ---- ---- ---- ---- ---Nat Ry of Me: prior In 434s 1957
Ass't cash war&scr retNo.3on 1212
1334 1218 134 912 1218 912 1012 9 1233 9 11
10
10
1134 1014 1112 9
8
84 712 814 678 84
Guar 70-year $ f 4s
1977
Asetcash war&scr rctNo.3 on 1518 158
123$ 14
1514 1523 1214 15
1212 1212 12
8
12
1212 --------12
9% 8
8
814 714 S12
9
Nat RR of Me, pr lien 4481926
Ass'tcash war&scrrctNo.3 on --------19 2212 1913
2018 2034 2034 18
1812 1612 19
1934 1912 1934 17
1934 15
1712 14
1923
14
---- --- 1st cons gold 4s
1951
Ass'tcash war&scr rctNo.3on 10
114 912 10
712 934 712 934 8
812 734 10
814 912 84 934 858 912 614 914 64 7
514 612
Naugatuck RR 1st 4%
I954 -------------------------------- ------82 82 ----------------76 76
New England RR cons 5s 1945 --------98_
2 72725695 95 5 9
434 _„.,_ _„. 5ii2 -66 55 -66-_,Cons guar 4s
1945 8618 864 864 8638 8618 8618 --------82 83 --------82 83 80 82
80 -802 8018 8412 84 96
85'2 33-S54
N Jersey Jct RR gu 1st 48_1986 ----------------88
88 ------------------------------------------------7814 7814 83 83 __-- ---N 0 & Northeast 45s A 1952 9718 9718 9634 9634 93 95
93 93
9312 9312 9112 92% 9112 9112 90 90
91 9223 ____
90 90
8518 92
-New Or! Term 1st 4s ser A..195 89 91
8914 91
88 88% 8714 90
8539 88
8533 9112 8578 8712 8639 87
8312 8312 85 86
86 87
8673 -89
New Orl Tex & Meg Ss ser A 1935 9812 9918 100 100
98 9933 98 98
96
96
90 9234 9433 9439 9234 9234 92 93 92 97
9313 971_ 9533 97
1st Ss set II
1954 9812 9934 99 10012 9734 9912 93 9758 9014 95
904 94
9338 9718 97 99
9112 98
90 95
93 984 9578 991:
1st 5s ser C
1956 --------100 101
9812 100
98 10018 98
98
98
98
9812 10014 9812 9812 98 98
98 9934 9712 9914 9818 9911
1st 4 34s ser D
1956 95 96
9212 9418 89 9212 8812 8912 90 01
9358 95
88
92
8518 88
8513 86
8612 9114 8914 898 90 93
1st 53.4s ser A
1954 10312 10518 10218 10412 10018 10278 1003g 10112 10038 102 10112 103 101 102
9878 102
98 1013 9912 1034 10012 103 102 103
Npt & Cm n Bdge gen gu 4 348'45 --------9413 95
9412 9412 9518 9534 9512 9512 95 05 ---- ---- ____
___ — - --- 9312 9334 93 9312 97 97
NY Ilklyn & M B con 5s_ _ _1935 ----------------97 97
951 97
9678 964 95 95 --------9333 -95
97 -97
N Y Central RR cv del) 63_1935 106 108 104 106 10214 10612 104 10614 104 106 103 10512
105 10738 106 10834 104 106 10278 11573 10014 10558 19413 1-06
Registered
106 106
Consul 4s series A
1998 883$ 894 iii -8
.67-8
16 5512 -884
16 543$ -6112 8514 8734 ii 66 5,-172 1514 55 16'2 55 134 8534 -91.5;
Ref & impt 4 348 ser A_ _ _2013 90%10012 9918 100
97 974 9714 9912 97 994 9512 974 944 96
94 96
9434 96
9533 9734 96 9833 97%100
Ref & impt Ss ser C
2013 106 10712 106 10678 1041210612 10418 106,4 102 106 10234 104 10234 10412 10234 104 103 10412 102
10612 102 10512 10412 106
NY Cent & Hudson 3148-1997 797g 8214 7738 80
78 8034 7812 8012 774 8012 76
7818 76
78
7658 7912 74 77
7512 80
78 8014 7912 86
Registered
1997 78% 784 7712 7712 --------7712 78
7717412 7412 7413 75
76 76
8 7718
-- 744 76 ____
__ 77 781'
Debenture gold 4s
1934 9534 9713 9534 97
9334 9712 9412 9578 95 9578 94 96
9334 97
94 96 -----9433 9618 9514 9734 9514 -97
9653 977,
Registered
1934 95 95
30-year deben 4s_ _ _1912-1942 94 9439 5i T4 V2712 9El 116 6.-1Fg -4/5-4 55 -6
.6 --------9678 968 6811.8 -62-12 55 -62-12 551-2 -665; 9.2.:i3 1418 iii -911
Lake Shore coll g 3;48_1998 79 8134 7634 7912 7414 7614 76 7714 7538 7612 743
8 78
75,8 7523 75 7512 7318 7.5
7
.
3
73 7523 768 77
78 787,
Registered
1998
--- 7358 735g 741a 7418 75
75 --------74 74 --------7433 76
76
76
75 76
Mich Cent colt g 3148_1998 7718 784 784 79
7434 7534 7534 7934 74
i1;i4 -78
74 7512 7512 8012 75 75
75
7334 7334 7412 76
80 80
Registered
1998
7614 7614 78 78 --------7423742373
--------74
73
74
75
75
NY Chic & St L 1st g 48-1937 95 96
9313 9434 9113 9358 9314 94
94 96
9314 9413 93% 94
9314 94
917 9.539 -9412 1712 9434 09-1
9323 96
----------------------------------------9013 90,•
Registered
--- ____
-- 9214 92%
25-year deben 4s
1931 9614 977 0712 98
9733 9734 9623 98
----9734 9834 9533 -9623 9823 9633 98
9812 9612 9814 9658 -98
67 -9833 9839 19-2
2c1 & imps 68 A. B & C_1931 10012 10212 1001210214 10018 102 100%10138 10012
10114 100 100,s 10014 102 100 10112 10038 10212 10018 10134 10018 10112 10118 102
Ref g Slis ger A
1974 10534 10714 106 10714 104%106% 10412 106% 10414 10639 10412 105, 10358 10512 10118 106 10238 10414 10134 105%
10378 10718 10514 107
Refunding 514s ger B1975 106 107 10618 107 105 10612 10518 10612 1054 10614 10412 10512 103%10512
104 10512 101 104 10118 10578 105 10618 105 1061
Ref 434s ser C
1978 9414 9434 9438 9512 93 9434 9314 9512 9012 9514 91
92 93
94
9239 9312 9314 95
9223 94
9512 97
938 96
NY Connect RR 1st 4 344. A 1953 9418 97
9312
9513
9512
9712 944
0412 9714 9434
92 9423 9312 9534 89 9234 9278 93
927 9514 95 9558 9512 981
1st gu Ss ser B
1953 100 10138 1021210212 9914 10238 99%10012 --------101 10212 96 100 --------100 10212 10258 10223 9613
9612 9814 100
N Y Sc Erie-1st ext g ;Is _1947 90 90
90 90 ----------------89 89
90 90
90 90
8918 8918 88 89
88 88
4th ext gold 5s
NY & Greenw I. gtd 11 58_ _1946 98 98
_----------9438 943 ---- ----95 8 96 -------------,)
------------9961
____
____
2
96 -66 --------93 -16
NY & Harlem g 3 yis
2000
____
8
Registered_ __ _ ____
-- ---- ---- ---- ---- ---- 7514 7514 --------------NY Lack & W 1st 8c ref Ss A '73 ____ _ __ 10018 1
N Y Lake E & W ext 7s_ _1930 -------------------------------------------------983
_ __
3% 1 58 _ _ - r
_- - _ .7.7_ _-_-_- i9958 1-68iz
New York Sc Jersey 1st Ss_ _1932 100 10012 100 10012 100 100 --------97
9914 92 95
96 0812 97 9
9812 9534 -9 12 98 -98% 9918 1001
98
__ _
N Y & N E Boston Ter 1-t 4s '39 ------------------------------------------------9513
-9112 -,.7_7 _7_,- -=7 2 - -,2- ---.
---- --,2
NY N H & H non-cony 48..1947 ------------------------80 80
79
79 80
79
78% -79
7413 81
7912 -79-12 80 -8-011 --------83 -83Non-convertible 3348-1947
34 638 7734 --- ----75 75 --------73 73
75 --------------------- 7412 7412 7318 74
7814 80
Non-cony deb 3 Y4s
6014 72
1954 7453 7434 73 75
7014 717 71 74 6914 7114 694 6914 6812 7018 7018 71
7058 7513 73 7318 7378 76'4
Non-cony deb 48
1955 8178 8418 7923 82
74 7739 7534 814 78 81
79 7913 74 78
78 79
7712 80
7818 82% 8133 8212 8218 84
Non-cony deb 4s
1956 8178 84144 7938 8214 7618 7878 76 83
7514 80
7614 79
7912 7412 77
77
77
7914 7612 83 80 82
82 85
Convertible deb 31443
1956 74
73% 748 6914 7114 701 72 6834 7212 70 72
75
6914 7114 6918 73 6934 7112 694 75
73 7312 75 77 8
Convertible deb 68
1948 11712 12014 119 126 117 123 116 12414 120 12312 12018 129 127 137 13014 1353$ 127 13612 124 137
120 133 124 130
Registered
115 115 11712 11712 117 119 11612 118 --------118 119 129 129 12812 12812 12434 1243 12014
12014
Collateral trust 6s
1940 19414 10512 10414105-39 102 10412 10214 105 10334 105 103%10413 10312 10414 104 105 103 105,4 10412 10514 125 125
10412 10512 1044 1-05 4
Debenture 4s
1957 75
7812 72 7814 7078 75
704 7612 7412 79
71
7012 74
7213 76
76
7412 7712 7312 78
70 7478 75 79
1st & ref 4 34s set of 1927-1967 8923 9212 89 9014 85'2 8834 8618
14 8814 8412 89
9014
8414
87
8512
85
9014
7
86
87
,
4
8612
91
88 9312 9133 93 4
Han Rly Sc Pt Ches 1st 4s 1954 50 9012 8913 9012 89 894 8812 894 89
90 87 88
8614 8912 8518 874 86 87
848 88
8434 88
854 88 4
N Y Ont & West 1st 43 48-1992 6914 7434 67 6912 6734 70 67 69 653
4 687 6414 6712 64 657 64 6514 6312 65
62 6578 60 75 60 63
General 48
1955 70 7114 68% 6874 62 64
62 6214 60 6314 60 61
58
50 53
598 56 56
51
5512 523 5278 53 53
NY Pros,& llos gen 4s
1942
N Y & Put 1st con Ma g 4s 1998 55j2 1612 iifs -667-a --------8533
. -gi
_ _ gi -8-74 iii2 -8-4
N Y Susn Sc West 1st ref 31 5837 82 8212 8612 864 8014 844 801g 851 8218 824 8512 854 ------------ 83 -8-i _ _ _ _
8118 8212 74% 81 13 7818 8512 8118 824 80 82
7812 -8-0
82 87
General gold 5s
748 82
1940 7013 82
7512 7814 72 77
7114 73
7013
7212
71
7012
73
7212
7212
7012
70
71
69%
72
70 7433 7614 80
Terminal 1st gold Ss
1943 10113 10112 991g 0913 ---------------------------------------- 91
91
NY Westch & I3os 1st 4$.s I '46 81
83
7938 8212 81
85
80 83% 80 8
82 83
83
81
3
8012 1214 8014 1614 81 -8-7
85 13 2
Nord Ry esti of g 6148
1950 1001210234 10212 105 101 103 10034 1028 100 10112 100 10134 10012 10114 100%10212 101 10212
100 10212 100 1024 10112 10272
Norf & Sou 1st & ref 58 A-1961 8812 904 85 89
83 86
8312 88
8012 8414 754 78
73 7413 71
72 75
75%
6912
72
5914
697
1st gold 5s
8
55 68 Is
1941 100 10018 9934 9934 102 102
9712 99
-----99 99
9934 9934 99%100 ----------99
Norf Sc West RR gen g 68-1931 10113 10314 10112 10234 102 102 -------- ------------------ 100 102 101 102 100 102 101 10158 10013 1014 )18-----99
1138 101 10114
Improvem`t & ext g 6s__ _1934 ----------------105 105 -___
_ _
_ --- ---_1043
1043$
1
____
____
--102
10212
New River 1st g 6s
1932 __
99%1034 1014 10118 __
___ 10312 104
_
--- 10112 10112 -------------- 102
___-102
-" 10113 10112
- - 102 102
Norf &West Ry 1st cons 4s 1996 91 -9214 9012 9134 89 91
8933 92
90 "92
90 9112 90 978 8812 92
34
884 90
88
89
9212
9114
92
Registered
12
1996 ____
___ 8912 8912 ------------------------87 87 ------------------------86
86
Div 1st lien & gong 48_ _ _1944 9134 -92
.
9023 94
2
9014
2 58
34 89 901g
2 122
9012 92
5114 -62 15113 12
10-year convert 6s
1929 --------1321313233 ----------------234r,
,
250
234
1.50
250
250
--------91
9238 ____ ____ ___
_
Foca C & C joint 4s
1941 9218 937 9212 93
9112 924 0112 953 9123 9178 9112 9112 9114 912 9014 92
4
9114 9178 -___ ---- ___
__ 9218 -92 1Nor Cen gen & ref Ss A - - -.1974 10778 10778 ---- --- ----- ---- -- ---- _
--_ -- --- — -- — - _ --__
__
____
90
9
5
Con Sc ref 4 348 A stn1Pd -I97S 9612 99
9578 -95% 9834 -983-4 97 -99 - ---- ---- ------ ------------------96 -9-6
96 -96-14 --------9834 -6-I 33
Northern Ohio 1st gu g 58_1945 96
96
96 9614 --,- ,_-_- -,7
--91
92 --------8812
Nor roc prior lien g 4s__1997 8812 90
8814 90 87 -89% 87 -90 8514 8914 -- --8434 87
8412 8678 84 8618
8933 9: 34
Registered
1997 87 89
8612 8634 86 8623 8534 87
8512 8712 83% 844 8414 8414 ----------------8412 8412 864 90
___- r - - 8412 9:
Jan 2047 66 6712 65 6678 63,8 66,2 63 6512
Gen lien g 3s
604
66
61
65
6314
65%
6312
6218
6412
64
61
65
64
65
14
6418 61
Registered
Jan 2047 ---- ---- 63 6312 62 63 ____
_ _ -- _
--- - _ -___
-- 62 62 --------6133 6,
Ref & impt 4 34s A
2047 96
i 78 9714 9838 96 9734 9614 -967
; 9513 96% 9412 96
9358 1614 894 1312 9138 1312 92. 964 9258 98
96
Ref & imp 6s ser 11
Of
2047 11234 11313 11034 11234 110%1117g 1103 1117 10914
11212 109 11034 10912 11034 10914 11058 10934 11114 11018 11212 10984 11214 11112 11.
Ref & imp Ss ser C
2047 10314 105 103 104 1011210234 101 10234 102 103
10012 10112 101 103 101 10112 102 103 10178 1047 10118 103 10312 10.
2047 103 10488 103 104 10112 10234 101 104 101
Ref & imp Ss set h)
101 10118 101 103 101 10123 10112 102 102 10318 10012 103% 1
Nor P Term Co 1st g 6s...1933 --------10934 1094 -------------------- 104
0358 10
----------------------------10934 10934 109 109 107
107_ No Ity ol Cal guar goid 58_1938 ---- ---------------------------- 99 6
----------------100 100
Oil & L Ch 1st Cu g 45
1948 l2
12
2
8 8 12
34 8 12 78 80
77
7612
75
79
ft
727
7
6
7039 7112 74 -7613 74- -71
Ohio Rio RR lot g Ss
1936 ____
_ _ __ ___- --._ 9918 9912
88 98
9912 9912 99 99
9812 9812 96% 97
Gen gold 58
1937 100 1-081 59is -Ni
s ---- ---- 9938 9933 9914 ig14 --------9913
9912 ---------------- 97 97
9714 9714 9758 -9'
Ejro RR Sc Nov con g 4.;
1946 92 9218 92 9212 90 91
8934 904 9013 9034
8712
85
1
3
4
4
014
874
9014
8778 9014 8858 9112 9038 9:
Ore Short L 1st cons g 6s_ _1946 10514 10638 104 10558 103 10334 10213 1023
1st con Ss guar
1946 10534 106 106 106 102,210558 10212 103 102 10258 10112 102 --------10033 10218 10018 10218 10034 102% 103 10418 103 10
10314 104 10212 10412 102 10212 1001g 102 10134 10218 102 10314 103 10418 1032410
Guar refund g 45
1929 US 9914 9858 9914 9812 99
9812 99
Oregon-Wash 1st & ref 48_1961 8712 8918 86 8778 8412 87% 85 8813 984 987g 977 9914 99 9933 99 9933 9918 9912 9933 9958 9938 9978 - - - - 85 8812 85 8678 84% 8618 8312 864 84 858 8433 8914 85 8914 8814
Pacific Coast Co 1st g 5s.....1946 75 80
-9
78% 86
76
7914 7312 7612 74
7612 70 7113 70 71
69% 71
64 65
66 6812 64 6912 60 6,
pae RR of mo 1st ext g 4s 1938 92 9418 9158 9218 --------903
4 9034 904 9034 8914 904 8912 92 8914 8914 --------91
91
91
91
---2d extended gold 58
1938 ----------------9014 99
9734 9849739 98
964 96% 9658 97 --------98 981g 97 97 --------0714 -9
Paducah Sc III 1st s f 43441_1955 -------------------------------98 98
9113 9112 ___. _ _ ---- -- ---. ..
____ •--- 9418 944 9434 9
Paris-Lyons-Med RR ext 6s 1958 983401
9934 10034 9734 100
9712 10018 99%10014 9934 100% 9914 100
9939 993-4 9812 -997g
_- 991211012 9912 10134 100 10 14
Esti 8 f 7s
1958 10358 10418 1031210412 10112 10434 1021210414 10134 10334 10214 104% 10234 105
102 10458 10141031s 10114 10414 10054 105 103 10




gag.

ga

[VOL. 130.

FINANCIAL CHRONICLE

72

1929—Continued.
BONDS

May
March
April
June
July
August September
January February
October
November December
Low High Low High Low High Low High Low High Low High LOW High Low High Low High Low High Low High Low High

_ _
_ _ _
--- - - Paris-Orleans RR 8 f 78____1954 --------95 9633 93 9553 933s 9358 4 "ig' 55r8 1-661
-6i 0
. -66 &Ng -itii4 55 -9114 iiis -9-618 5:68 -6618 )
1968 1,
14
12 ------------------------9414
Ertl s f 5;0
991 10034 97 101
1942 10234 103 10234 103 10234 104 10112 103 10112 10378 10212 103 100 103
97 98
9814 100
99/
1
4 100
Paulista Ry let & ref 78
9318 9334 94 94 ------------------------9214 9214 9233 9238 92 9212 90 93,2
9314 9412 94
1943 9334 94
95
Penn RR con g 4s
9158 9312 9158 9214 8958 9214 9012 9213 9058 9212 9114 9314 90% 94
9158 94
1948 9234 9334 9212 9359 9214 94
92 9312
Con gold 48
9058 9212 9058 9212 911 9234 9312 9312
90 92/
1
4 9012 91
93 9334 9212 9314 9158 93 9012 91
9214 93
Sterling stamped dol bds__ 9234 93
Registered
Stamped92
84 9234
i58166 5; f66 654f66355;1-6618 58 5; f6634 1W2 6671960 5578 1-6f12 ioor4 11f14 lob f6f12 155 16i
4 155 WI, Igo 10534
Congo' 4 Hs
95 993 9334 9612 9412 9658 95 9618 9412 9834 947 9834 97 9834
1965 99 10014 9812 10012 9714 9934 9818 9912 97 99
General 434s ser A
1
4 10318 108 1038 10558 10558 1081g
1968 107 10812 10534 10758 10618 10712 10534 10758 10412 10814 10318 106 10214 1044 10334 10514 104 105/
General 5s ser B
1930 102 103 10158 10253 1005810214 10034 10211 101 10178 100%10134 10012 10178 10038 101% 10013 101 10018 10034 10014 1007g 10014 19134
10-year 7s
15-year secured 6Hs— _1936 11058111 110 111 10712 110 10712 109 10718 109 10634 10812 10612 10918 107 109 10712 109 10612 10858 105 108 1073 10912
40-year secured g 58
1964 103 105 10112 104 101 10334 10114 103% 10114 10412 10114 103 10112 103 101 10313 101 10358 100 10312 10013 10512 1021 105
84 84
Penn Co coll tr 3Hs ser A_ _1937 ------------------------89 4 89% --------90 90 90 90
o 87
solz 8613 --------8412 8412 --------8358 -66;
1941 8412 8712 85 85 --------8518 so
5 ii; -6
,
114 ---- ---Gu 334s colt tr ctfs B
__ _ ____ ____
89 89 ----------------838 8514 ------------------------8359 8353 ---- ---- ____
I942 89 89
Gu g 3Hs tr ctfs ser C
1944 --------85 85 --------84 84% 87 87 --------8184 8114 8138 81% 82 82 --------8184 8212 Go g 334s tr ctfs ser D
/
4
9714 9734 91312 9712 9634 9859 gii4 -9-9-1
97 9813 9612 9818 9718 9858 9714 9734 9712 98% 9714 98
1931 98 9918 973 98
Guar g 15-25-yr 4s
8814 8614 8814 8614 86 89 86 8812 8812 887
1952 888 90 89% 92 8814 8814 ------ 8559 86 --------86 88
Guar 48 series E
1
4 98
9412 9634 951s 9834 95 9812 95 984 9712 9934
9512 98
9612 9834 9718 9834 96 9814 95/
/
4 98 99
1963 9814 991
Secured gold 4%s
957 9712
931 9334 91 96
9512 96
9334 9412 9312 94
94,2 95
95
9634 94
92 96
931 95
Pa 0& Det 1st & ref4Hs A 1977 95 9714 94
8012 84
7914 81
80 82
80 82 83 86
8059 84
8334 854 8312 8512 8312 8512 8134 83
8312 85
Peoria & East 1st cons 43_1940 8418 87
-------4112
33
----------------32
38
36
38
4112
38
373
4
29% 3514
30
37
41
42
298
38
45
1990
48
Income
9934 10014 100 101 101 101 100 10178 10014 1013g
Peoria &Pekin Un 1st 5348 1974 10112 10112 10112 102 10218 10212 10134 103 10114 10114 100 10112 10014 101
Pere Marquette 1st 58 A I956 10218 1047g 10034 10234 10014 10333 10012 103% 100 10278 10012 102 10012 102 10034 10212 100%10112 100 10318 10014 10212 102 104
/
4 8718 8614 874 8612 8634 8812 8912 8738 91
9013 91
1956 86 901
/
4 8918 9178 87 8838 884 90 8714 891 8612 8613 861
1st 45 series B
928 9334 90 9234 91
9058 9058 9234 9234 9038 938 92 92
91
9212 921.
9259 93
94 9414 9414 95
1943 9214 94
Philo Bait & W 1st g 4s
1974 107 107 10714 108 107 108 107 107 10714 10714 --------------------------------1021 10512 10318 10313 100%10334
Gen 58 series B
26 28
29 3814 27 29
35 36% 32 357.1 33 3418 '2 214
35/
1
4 36
3512 3834 35 36
39
Philippine Ry 1st 30-yr s f 45'37 36
1932 ----------------103 103 ------------------------101 101 ----------------102 102 100 100
Pine Creek reg guar 6s
94 94
93 14
Pitts & West Vs 1st 41413_ _ 1958 ----------------94 96 ---- ___ 94 94% 92 92 ----------------92 92
9734 9714
P C C & St L gu g 4Hs A_1940 99 9934 958 9834 9712 97,2 971 9712 9712 -9814 97% 9759 978 9734 9753 9758 9753 9758 --------97 97
1942 99 10012 --------9614 9712 97 9712 9834 9712 9712 9759 971 9731 97 8 9759 9538 9712 __-- ____ 9578 9618 9734 9734
Con gu g 430 ser B
1942 9934 9934 ---------------9713 9712 ------------------------9758 975s 971 9712 --------9714 9714 97% 9712
Con gu g 43s ser C
1945 9413 95 --------9618 951 954 951 96 9613 9514 96' 9434 95 4
Con gu g 4s ser D
-----------------------------------93
1949
Con gu g 3315 5cr E
614_ 9814
.._..„ _-,— ---- -- ---- ---- ---- ---- ---- ---- ---- ---,
.
8 -----------------------9
1953 fiiE8 9 5Con gu g 4s set F
9218 94 ---- -/
4 -8314 951g 9612 9014 -901-4 -9614 -9014 ----------------94 94
---- ---- 1101
1957 --------95
Con gu g 48 ser G
1960 ___- — - 95 95 --------9613 9612 9612 9512 ----------------------------------------9218 94 ---- -Con gu g 4s ser H
______
7
961
/
4 98
__
9912
9812
99
--------90
903
4
963
4
983
4
985
8
--------9658
9612 1612
8834
99
983
4
993
4
100
1963
ser
1
Yis
g
4
Con gu
1964 -----9934 9934 ---- ___ 9912 9912 967 967 97 97 ----------------98 98
Con gu g 4Hs ser J
General 5s series A
1970 107 108% 10578 107 10534 1-0612 10534 107 10334 107 10312 10413 103 10418 10212 101 10212 103 102%1-06 10212 1-0512 10512 1-664
Registered
Gen mtge 5s series B__1975 10734 10812 10858 10812 106 10714 10658108 104 10712 10212 10412 103 foi 155 166 10i318 feig jai 1-6714 10284 164 10558 19658
Pitts McK & Y 1st gu 6s_ _1932 --------------------------------10114 10114 --------------------------------10158102 100 100
---- ---- --------991410018 10013 10012 99 99 100 1-00%
Pittsb Shen & L E 1st g 58_1940 10012 10012 ----------------997 9978 ---- ---- 99% 9073 ---Pitts Y & Ash 1st gen 4s A.1948 93% 9318 ---- ---_ 9312 9312 9114 9112 -------------------- ------------------------------------90 90
1 14 -„- _-_-4 1 78
___
_ 1ms io3i8 ____ ____ 121 18 ___ ___ _ __ ____ ___
1962 1st gen 5s ser B
70 74 --------7314 -75,2 ---- -..._
- -73
7112 73 ----------------71 -71 --------71
Providence Secur deb 4s_ _1957 --------74 74
_ _ 8018 8018 79,2 8412 80 8053 - —
_ _
_ ___
_
84 84 --------84 84 ---- - - ---- Providence Term 1st 48_1956 84 84
111 -9-2-14
Reading Co jer Cen col 48_1951 92 9312 92 9314 9012 9214 90 9212 90 -91- 90 -91-3-4 iiii -61-12 91 -91-53 __-- -- 8812 9113 86 91
98
--------9414
9318
95
4
975
93
9539618
961
/
4
92
99
97
8
94
98
94
97
96
9612
9814
98
993
4
A
1997
ser
98
,
2
ref
4
Hs
Gen &
Rests & Saratoga 20-yr 6a..1941
Richmond Ter Ry 1st gu 58 1952 oor2 -6612 55r2 1-6/ ------------------------------------------------102 icii i55 1-66 --------100 1-66
93 93 --------94 94
94 94
92/
1
4 9238 --------93 93
Rio Grande Jct 1st gu g 58_1939 --------------------------------917 92
8912 904 91 92
85 92
Rio Grande West 1st g 48_1939 91 9214 8912 9114 86 90 85% 8778 87 8914 8634 8872 87 88 82 8814 85% 88
7078 85
78 83/
1
4 78 8279 8112 8278 80 82% 8058 8214 78 7912 7812 814 7858 83
8112 84,2
1st cons & coil tr 4s A_1949 8412 8638 83 85
9312 96
93/
1
4 9512 9512 9512
93 94
RI Ark & La 1st 4345
1934 9434 9617 948 9512 9312 9614 9334 9434 93 9434 93 9414 9313 9559 917s 94
1
4 79
. 73/
--- — - 81 81 ----------------75 80
Rutland-Can 1st gu g 4s 1949
8414 85 _
84 84 ------8114 U
86 88
Rutland RR Ist cons 64;01941 9012 9012 ___. — 87 8912 87 87 _--- ..-- __-- --- 8013 81
8378 8812 8438 87
803 81
87 -87 84 -85 84 84
83 84
80% 83
1947 8818 8818 8818 -8814 87 87
87- 181-2
St Jos & G 181 1st g 4s

-----fli
1996 ------------------------------------------------100 100 ii!1
2d gold 68
.
7- -- ---- 9634 97-1-1/V4 181
97 -9
9813 9718 9638 9813 9512 9612 9534 9538 9512 98,
4 98 9834 98 96
1931 967 97
St L & Cairo guar 45
4
So
Ry—
Mtn
&
St L Iron
99 100
99 100
98 100
9934 10012 98 10034 98 10034 97 10034 9713 985 9818 99 9913 100
Gen con stPd gu g 5s
1931 9928 101
9978 10034
1929 99 9912 9918 9914 99 9933 9859 100 9914 9934 9812 9934 9934 993 ---- --- ---- _,_- - ----. -- --.-- -Unit & ref gold 4s
9234 9334 92 -9314 9212 -95% 888 -95
9338 96 -61-5f3 96River & Gulf div 1st g 48_1933 938 9412 94 943 9234 9438 93 9434 9238 9434 9234 94
99 99
99 99
99 99
__
9712 9734 9834 984 9634 9712 9712 99
St L M Bdge Ter gtd g 58 1930 99 99 --------9712 100
99 100
7g 89
8312
8318
85
8512
8912
843
8
8312
____84
87
3
4
84
84
85
83
3
4
85%
8759
8312
854
8512
8612
8618
8812
A.1950
8634 8912
pr
lien
4s
Fran
St L-San
8314 8514 834 9034 86 91
8814 8834 834 8612 84% 891, 8512 89 8534 8759 8514 8734 848 86
89/
1
4 9138
1978 81334 89
Con mtge 43.4s set A
9714 99/
1
4 97%102
9778 10138 10012 10214
1
4 10014 9834 10014 9814 101
9834 100 9934 10034 9914 10113 971 10078 98/
1950 100 101
Prior lien 5s ser B
99 100 100 100 100 101 100 10014 9814 10078 9934 101 100 10133 10034 10114
St L & San Fran Ry gen 63_1931 10013 10178 102 102 101 10112 101 102
1
9813 9912 9814 9914 97 9914 985 998 9812 100 109 10018
1931 9934 10014 9934 9934 95%10014 98 10014 99 logh 9718 100
General g 5s
__- 9812 9914 9812 9912 9812 10253 9938 9938
_- ____
1948 10318 10318 --------102 102 102%10212 10012 102% ____
St L Peo & NW 1st 5s
/
4 981
- 9618 981
/
4 -9-61
/
4 9718 96 9718 951
. Ms -96,8 -- - r - ---- r - -,-'' ..- --.... --- _
St L Southern 1st gu g 4s 1931 95% 97
iii, Ii14 8312 8412 8114 84
8 8258 -8712 821i2 -i7-1-2
83% 84
87 89
8134 8312 8i -83 8012 -81-12 8113 -8471989 86 89
St L Southw 1st g 4s
72 7258 7034 8618 7173 75% 78 79/
8014 8014 7712 771g --------72 76
1
4
2d g 4a inc bd ctfs_Nov 1989 7934 8114 7914 7314 7914 7934 79 89
9334
94 95
9312 9538 94%
/
4 95 98
12 96
1932 9512 98% 951 9838 95 961
97 9884
Congo! gold 4s
7 98
93
9312
3
4
9814
9114
93
943
4
97
99
98
10013
1011
/
4
9512
9912
941
/
4
958
9912
92%
97
99
93
/
1
4
983
8
101%
4
993
1952
unify
5s
1st term &
90/
1
4 931g 9112 94
/
4 8914 92
9334 9512
891
/
4 911
/
4 941 9158 93 8934 9412 90 9314 9012 9214 9018 93
1
4 921
St P & K C Sh List 430_1941 9312 95/
981
/
4 9818 --------10059 10034
98 9814 ---- --- 9912 9912 -------- 99 99
1931 ------------------------98 98
St Paul & Duluth 1st 5s
1st cons g 4s
-- ---/
4 961/4 9712
9472 9473 ---- --- 9572 9572 --------9212 9212 94 9412 92 951
St P Minn & Man cons 48_1933 ----------------9612 9812 9412 95
--------100
1023
8
1013
4
103
10314
101%10418
10212
102
10312
----------------10312
/
4
10359 --------10128 1031
1933
102 10322
1st consol g 6s
- 10E13 102% _
-0501144
- 100% 10
- - -- 1933 --------103 103 ---- ---- _ - Registered
fci624 ii -6512 9734 99
___ itif2 -6112 iliii2 12' --_ ---- 501.2 -Iiiii4 in -ii12 iirs Ili
/
1
4 98 gs ____
Gold 6s reduced to 4Hs_1933 lt34
89 9359
--- ---- ---- „. - -r,- -,- 88% 8812 8858 8859 -___ -_-- 8912 8912 8912 94
94 -94
95 95
1937 95 95
Mont ext 1st gold 4s
93% 93% -.-- -- 9112 -91-12 91 -95 _
--- - -- ---- --- ---- --- _
Registered
8912 -8912 88- -8-9-88% 8-812 89 -89
__
_
_
3 8938 86 8912 __
Pac ext sterling gu 48_ _1940 ----------------------------------------894
4 10118 10234 1021s 107 10212 10412 103.,%
sr paw Un Dep 1st & ref 5s 1972 103 10514 10234 103 102340318 101 03,8 101%0434 10114 10234 102 10214 100 1-0239159
87%
875
90
3
4
883
8
90%
90
874
90
5
8912
90
863
8
8714
9112 91
8812
9014
89
897
9212
87
90
s
8912
91
1948
P
1st
gu g 4s
S A&A
95 10014
9822 19
0812
0 17
Santa Fe Pres &Phoenix 581942 --------102 102 --------102 102 ----------------------- _ 10034 10034 --------98 100
8178
2
__ ---_ ____ 106 106 ---- ---- ---- - - ---- ---- 104 104
1934 --- ---- --.- --__ 102 102 102 102,8 10212 102,2
Say Fl & W 1st g 6s
98/
1
4
-_ 98 98
1
4 9814 10212 10212
- - __
_ --.. -__ ____
--- _ _
---4 9934 ---- ___ 10012 10012 98/
1934 993
1st g 5s
55 16 88 -8818 88 -18% 87 90
Scioto V & NE 1st gu 4s _1989 ---- --- 90 -9012 89 90 8812 90 8834 8834 90 -90
/
4 6234 6813 68 1971
4 --------54 64 65 7378 6514 5538 5559 551
7272 73/
74 74
73 74
8 0
1950 74 -74
.2 -6-ii;
Seaboard Air L Ry g 4s
61
1
4 68 89% 6378 68 64 66
71
651
63 8538 60% 86
7114 73 87% 73/
74 75/
1
4 72 75
/
4 6913 56 6818
Stamped
39/
1
4 5014 44 51
55 58 53 84
41 48
3558 44
50 57% 5413 60
/
4 52
4112 45
4212 4812 471
1949 38 45
Adjustment 5s
-------------------------------4113
....
4313 42 4712 4714 5512 542 57% 50 5712 39 48
45 52
Ctfs of deposit
5112 5412 537 5314 54 00
541
/
4 49 55
51
1959 5738 60% 5814 60 5713 5913 5613 5934 5412 -57 521 55
51 60
Refunding 4s
72
7912
723
4
78%
75
77
77
70 7312 72 7614 6912 85
75
65 7414 67 763
6914
80
7314
1945
7532 6434 72
cons
68
ser
A
1st &
____
-___ _
r-- ---- ---- --Registered
85 89
88 89
-66 ii 8512 53- Ii- -55- -16 -55; -8212 78 84
7934 8414 8312 88
gii2 ICC
Atlanta & Birm 1st 4s1933 -87% 88

on 9512 9734

9518 94349693

5a

ga

8712 6534 6738 65 6714 6112 5412 5912 6258 130 6314 63 711 60 81
5712 6712 89 71
Seaboard All Fla 1st gu 6s A'35 645g 7114 64 6814 65
8578 70 62 8012 80 67
80 79
1935 65 7017 65 68 6478 6712 64% 66% 8514 8814 8312 6418 67 537 58 80
Series B
_ __ _ _______ ____ 9712 9712 97 97
97 9814 ---- ---- 9712 98
Scab & Roanoke 1st 5s ext 1931 _. _ .._ _
_
_
_
_
_ ____ ____ ____ ____ ____ ___ _
,
8 9934 9958 9934 --------9959 0958 ---So Car & Ga 1st extd 5,10_1929 99
---- ------------ --------99
-66 55T8 -663-8 55; -6638
_.
1936 --------------------------1001310013.
So &No Ala con gu g 5s
_ _
/
4 10534 10534 10434 10512 106 107 _ _
_ 1121:103 10214 103 103 103% 10218 10218 10714 1-0712
1963 10634 106 10814 1081
Gen cons gu 53
8212
8614
90
8614
90
867
8
90
8713
88
86
90
8878 9113
8512
90
8553
89
873
2
8012
I1
-12i812
908
917
9012
s
4s_1949
coll
So Pac Co Cent Pac
1
4 8618 88
8773 3773
---- ---- ---- 8514 85/
Registered
_63-4 _
1929 9914 9938 9914 9934 9914 9934 9938 9959 11'533 1
Convertible 4s
55 -6612 55; -6314 55 94l8
.
6 52Ts -94
iii2 -9-6
1st 434s (Oregon Lines) A '77 9812 9914 9812 9914 9812 9834 95 9614 95 9734 9312 -5
1
4 101
9812 10013 10018 10159 101 102
97/
/
4 MO 100 10012 10014 102
Convertible 5s
1934 100 10112 100 101 100 10112 10034 10112 9912 101,2 971
91
93/
1
4 91
951
/
4 9253 9712 95 964
9234 9534 9332 9512 8934 9434 8812 92
9072 9212 92 94
Gold 434s
1968 95 9712 95 96
9312 9959 98 9912
9614 99
1
4 9034 93
9212 97% 9612 9914 97 100
Gold 434s w 1____May 1 1969 -------------------9438 9412 8814 94/
4 871 3312 5714 8912 87 88 8672 88
8912 661
8714 88 8714 88 87 8834 8612 9014 91 92
90 91
San Fran Term 1st 4s-- _1950 89 90
Registered____ ___ ____ ____ sat, 83
981410013
____ -_--___ --- 1g1
---- ---100 1-12 i55
7"
6612 ------10014 100
.115T8iiiiii8 -55i466
____ ---__-- 11
lool2
SoPac of Cal 1st con gu 58_1937 --------103 103 --------100 10112 100 100 ---12
_
_ _
---- --- ---- - - ---- _ _ 9514 9514
1
4 9514 ---- ---___ 9512 9512 9538 9538 95/
Sou Pac Coast 1st gu g 4s 1937 ---_
90
/
1
4
92
8912
921
/
4
02
8914
1
4
86
-9112 87 -91.- 8918 92/
863
4
88
9212
884 -9012 ii -6678 87 -863-4
Sou Pac RR 1st ref gu 48_1955 9113 -9212 91
8812 --------89 89
Registered ---------------------------------9034 9034 ------------------------ ------- -351_
, 4 14 105 106 10518 108 10434 107 10478 foi io5i, foi
8 10912 10614 10858 10018 10814 10512 10812 10412 Ifi
4 11
Southern Ry 1st con s
_
__ 10312 10312 ---- -r- -,.., ,- -,Registered
- ---- -,7:,
1994 --------108 108 10659108 105 10814 105 105 -------1
4 84 8912 8412 89
83 -90 8012 -90
/
4 8412 -8-6
84 87,2 8412 8612 85 -871
8812 -61-14
1956 87 8812 8434 87% 8318 85/
Devel & gen 45 ser A
Devei &gen 6s
1956 11418 114% 11158 114 10912 11314 11113 115 113 115 11118 113 11114 112': 11134 112% 11112 11212 11118 118 11312 118 116 120
/
4 11912 117 120 11712 11812 11712 11812 11758 12134 1081:123 12112 12318
1956 121 12212 117 11912 11712 11912 11812 12153 11814 122 1171
Devel & gen 634s A
- _ ____
_ 1027g 103 106 106,4
__ 104 10459 104 1043 103 10384 10212 102% 10212 1028
1996 --------1061., 10814 ____
Mem Div lit g 5s
1
4 851s 8818 86 86
8612 8858 8638 87 8812
85 8612 85 --85/
1
4 8512 8614 87 88/
Ms 8513 85 -8
82% 84% ----St Louis Div Ist gold 48_1951
97% 9718 97 99% 9834 98% _ ----- -rrr
9014 100
_ 99 100
r - - r2- ,- -,-- --- ---- -East Tenn reorg lien 58 _1938 --__
9212 9234 92 93 90% 92
907 91
0212 9313 ____---93
8514 9012 8958 -91- 8714 -6(112 8958 "n1.- 91 -9114 90 -93 Mob & Ohio coil tr g 4s_1938 9112 --70 75 --------64 67
Spokane I nternat 181 g 58-1955 8138 8112 80 3138 7572 7712 7212 73 --------6714 70 65 70 --------65 67




56 -ii

JAN. 4 1930.]

FINANCIAL CHRONICLE

73

1929—Continued.
BONDS.

January February
March
April
lune
May
July
Auourt Beygember
Odober
November December
Low High Low High Low High Low High Low High Low Mph Low Inoh Low High Low High Low High LOW High Low IMOb

Term Assn of St L lat g 4 As'39 98 98
98 98
98 98
98 98
98 98 95 96 9658 9634 9838 9912 97 97
95 97
9612 977s
95 96
1894-1944 --------1027 10278 1024 103 100 10234 10014 10112 9814 10014 100 102/
lit con g 5s
1
4 --------9913 10234 9812 10112 9914 10112 10112 1024
1953 88 89
Gen ref s f gold 4s
87 89
85 8712 88 90
86 90 8558 87 88 88
86 87 8012 87
85 8714 83 89
89 9012
Texark 8c Ft Sm lit 535s A-1950 10212 1041 10234 1041 10112 10238 90012 10214 10012 10212 10034 10134 1004 10112 100 10114 9814 101
9924 10412 102 105 103 10434
1943 ----------------98 98 ------------------------------Texas & NO coos Si
-------------------------79 95
98 98
_
Texas &Pacific 1st 45a___ _2000 108 1
10738 1087 10558 108 1053 107 10512 10714 104 10312 11312 104 102 105 10112 103 103 ools loot 10612 106 10712
2000
2d gold income 5s
Gen & ref 5s ser B
1977 ---------------------------------95951214
81
iols7s9958
9678 99 51 -ii kis Iiis iiis lilt iiEs Iris; 9434 16614 978 101ibo 1-61
_ _
Gen & ref Si series C___ _1979
_ _
_ 991
: ggs8 gg
9912 9614 9734 96 97 95 9718 9458 9584 95 10018 9714 10078 9912 1014
La Div B L lit g Si
1931 -95,14 1-66 56i8 1-66 58i2 1-66
9812 9918 9714 9934 99 •997 9914 10135 9918 10018 9818 1001g 9934 9934 9914 104 100 1005±
Tex Pac-Mo Pac Ter 5Hs._I964 10814 10614 1021210534 105 10514 10314 105 103 10518 10018 10044 10438 10234 102 10234 10234 103 10234 10312 103 10314 103 105
Tol & Ohio Cent lit a 5s 1935 98 10112 9834 100
9812 9612 9834 9912 9912 9912 ----------------97 98
99 99
9734 9834 99 99
9914
Western Div 1st 4 5s__1935 10112 10112 ___ -__ 9912 9912 103 103 --------------------------------------------------------98 994
98
Gen gold 50
1935 98 9912 100 10018 95 95
994 991 99 9912 _ --- ---- 96 9712 97 97
95 9634.
.
._ _ __ _ 95 95
97 97
Tol Peoria & W 1st 46 (flat) '17
Tot St L & West 50-yr g 40_1950 90 91
8934 9038 8812 8812 87 88
8718 88
8758 2734 874 88
-6-712
86 87
3343i2
Fr 1612 8/3 1612 504 9112
-9898
lit gu 4s ser C
1942 ---------------- -------- 9912 9912 iiis Ii12 --------------------------------9811 lilt --------92 12
Toronto Ham & Buf 1st 40_1946 887: 871
: s% 881
: , 14 --------85 85
8:4 864
, 8412 86
8458 0438 8458 89 87 8712 88 90
con
g
5s_
1st
_ _1928 55 80
Ulster & Del
707g 85
68 82
12 77 77
72 9114 85 9858 944 9412 99 99
6712 77
79 79
70 75
Stpd as to Dec'28&J'ne'29 lot
_ 76 77
75 75
75 8534
748 86
Certificates of deposit
55 85
78 80 69 70
63 6612 - — - _ _
70 76 _._
72
_ _ _ 74 75 _ — - — 67 7634 72 _-1st refunding g 4s
1952 33 35
50 -50 --------4784 4734 43 47/
524 621/ 53 597 53 54
1
4 48 60 57_-60 --------54 -544
Union Pac RR & Id grt g 4s1947 94 954 93 9434 9114 9334 92 9312 9178 934 92 9212 9214 94 92 9414 9112 944 914 93% 9234 9412 9314 9514
Registered
1947 --------92 92
90 90
90 9112 ----------------90
_
90 90 90 --------931 931390 90 934 9312
1st & ref 4s
2008 89 9078 8724 8922 86 8934 86% 8913 8812 894 854 88 85 8712 8312 90 8514 8712 80 8918 8712 921s 8918 92
Gold 434s
1967 9734 9912 9838 98/
93 9734 98 98
9518 974 95 9612 95 9714 93 97
1
4 9334 9573 94% 9814 92 97
95 9814
lit & ref 5s
2008 108 10818 10678 10778 108 10812 10812 1084 10834 10914 10618 10812 10514 107 105 108 10518 10514. 10518 108 105 107 108 108
40-year 4s
1968 8712 8914 8514 8734 8534 8712 8238 8773 8314 87
8412 8588 8414 8714 85 8814 8314 86 823 8912 85 8914 87 8914
Untd NJ RR & Can gen 4s1944 ----------------98 96
92 92
924 9212 --------91 91 --------93 94 _
- ---- ---- ---- --Vandalia consol 4 4s
Consol 49 ser B
1957 93 94
Vera Cruz & P asstg lit 4H s'34 17
1712 - - - - 9484. 2 1 12 1412 1412 12
13
13
13
ii -11 ii
ii --------12 Is/ "is 1-6 i I ti 12
Vi Mid 56 ser F
193
10018 10018 ------------------------9734 97% ------------ ---98 98 98 9812 --- - General Si
1936 100 10012 1001g 100% 10018 10018 10618 ools Iceol
- _ s mu2
99981
98 10014 10014 101
9844 --------98 9918 99 100
Vi & Southwest 1st gu 5s_2003 100 100 ----------------9914 9914 9914 997 -------- 97 8 97% --------93 98 ___.--- 98 99
98 98
lit consol 50-yr 5s
1958 944 954 934 954 90 92
89% 9112 9034 91
83 96
8878 894
787 87
84 98
- 8814 90 --------82 83
Virginian Ry 50-yr ser A 58 1962 1034 10434 10314 10412 10134 10412 10158 1037 10018 10378 10012 10134 10018 103
997 1014 100 101 10012 108 102 104,
4 10318 108
Wabash lit it Si
1939 10114 102 10114 10314 1004 103 101 10212 10014 10134 10018 101 1004 10218 10014 10112 10034 102
9912 104 100 102 101 10212
2d gold Se
1939 100 1014 9914 10114 987s 10014 97 10112 9914 1014 97 100
9812 100
9534 100 99 10012 9518 99
984 101 100 103
Ref a f 514s ser A
1975 10178 10414 10134 103 10134 103 100 10212 10012 103 10112 104 10134 103 100 10134 9812 10112 9913 104 9834 10434 1011±10413
Ref & gen 5s ser B
1976 9812 10014 974 9812 948 974 96% 10012 957 100
95 9612 95 9634 9334 974 9434 9812 95 994 967s 10018 99 1004
lit lien 50-yr gold term 40 '54 --------------------------------------------------------7634 7734 ----------------------- -80 84
1941
1
Det & Ch Ex 1st a 5s
--------101 1
2 1 12
2 1 12 --------100
i
98
12 --------9923 1
Des Moines Div let g 40_1939 --------88 88 _
_. _ _
_ _
_ _ _
_ _
_ 87 87
Omaha Div 1st 4 3340-1941 i
8 i514 -163-4 iiis -EV ii -jilt iiTs -16 iOis -Eli ii li iiii '7-912 7914 794 iiit Ills
8334 8534 iii4 -7-9-7Tol & Chicago Div 1st g 40'41 9012 9012 --- - --- - - --- -- 78,8 784 ------------------------8112 85 87 8712 85 8734 ____ _
Ref & gen 430 C
1978 88 908 24112 -88-78
- Ws -Mit 8412 -21112 8614 8878 8614 88
2 612 8418 8512 84 92 89 92 9012 -91-4
MN 8744
--------

Wash Cent Ry lit g 40.— _1948 8414 8414 --------8424 8424 ------- --- — - ---- ---- -:-- -- ---- -- ---- --- ---- ---- -,,- _-_,- -,-- _-,Wash Term 1st gu 3Hs _ _1945 85 85 84 22 --------83 83
231g -834 --------8212 -2212 824 -84
8312 -8312 --------83 -343 8434 -854
li guar 40-year 4s
1945 --------91 91 ---- ---- 884 884 89 89 88 U' 798 88
85 85 --------7722 90 ---- t
_-,.. --- -Weathf MW &NW 1st 50_1930 --------97 97 --------------------------------------------------------98 98 98 98
11114 -Ms
West Maryland 1st 4 42_1952
4
80 82
rt 12
1414s
74 t'
74 82
7812 81
76 81
lit & ref 534* A
1977 98 9978 98 9914 93 987 9278 9534 9518 975± 9512 9812 9412 100
9612
9158 93 8914
92 96
91/
1
4 984 9424 974
7
West N Y & Penn 1st 4 5s-1937 10111 10118 997 1014 99 10034 100 10056 100 100/
9912 100% 1004 10118 10014 10012 100 10034 100 10014 1004 10112
1
4 9834 100
Generale 45
1943 8834 9112 8812 8834 8812 9012 88 8712 8712 88
8414 86
8512 8714 8512 87
85 88
8712 875k 8434 88
8588 8712
Western Pacific RR lit 50 A'46 973 100
9518 98/
1
4 9634 99
98 99
9412 9812 9512 MA 96 9814
9534 9912 95 99
984 99 95 98
95 97
Registered
.
954 9512
West Shore 1st 40 gu
8412 8614 8412 U
2361 8434 -87812 - 85 87
84,4 8812 84 8512 8212 8812 8818 8812 83 88 84 8812 85 88
86 8912
Registered
2261 8412 8838 837g 8412 8138 83 83 86 --------82 84
8178 8312 84 874 8212 8614 81 85 8234 8578 85 864
Wheeling & Lake Erie—
Eaten & !mot 4 sti
1930 ___ ____ ____ ____ _-- ------ ---- ---- ____ --- ---- ---- ---- - ___ ____ _-- __ _ ___ 98 10012 -------Refunding 434* ser A_1926 90 90
90 9034 ---- ---- ---- ---- 8538 8534 --------92 92
85 8528 8512 -8512 8512 -86 864 87 857s881±
Refunding 58 ser B
1966
Wh & L ERR 1st con g 40_1949 8'7 -814 8612 87
S.
7i2 18- iiEg -8-5
.
18 8;1r4 -8-i S8 -817-g iii2 -844 141.2 -3412 8312 8-412 85% 8834 it5i2 1655 88 90
Wilk & East 1st gu 4 58_1942 6512 7212 72 7312 68
7318 67 70
6512 70
651 6678 6548 888 61 6178 8118 6212 58 62 5778 58
5818 85
Winston-Salem S B let ;10_1960 ----------------------------------------85_
--------------------------------------------98i815s 82
t ----------------84
8 18
Wisconsin Cent lit gen 4 45'49 8218 244 8234 244 7773 7778 7712 794 7712 79
7114 72% 7212 7912 7478 79
784 7812 7712 79
7712 79
78
Sup & Dul Div 1st 40_1936 8912 9112 8814 8812 8778 8818 88 88
844 85
8734 9018 88
8514 86
878 894 87 874 8534 8714 86 89

-2013
90

MANUFAC. & INDUS. BONDS
Abitibi Pow & Paper 1st 50.1953 -------- ----------------------------------------8312 844 --------834 85 81 84 81 84 82 837g
Abraham & Straus deb 530'43
with warrants
113 120 1114 1157 110 118 107 111 10214 109 10212 112 10814 11812 10712 112 107 1114 9714 109 937 1017 9812 10214
Adams Express col tr 940_1948 834 85 85 877 85 8834 84 8578 8312 851* 84 877 84 87
84 8418 84 85 837 85
7614 844 844 87
Adriatic Elec Co ext 78 _1952 94 98
95% 9678 954 984 94 974 9412 9634 9814 9934 9412 99
9534 98
94 9418 91% 9612 93 96
95 100
Ajax Rubber 1st 15-yr s f-811 1936 1034 10412 10218 10412 102 104 1004 10714 100 10112 89% 997 76 90
72 80 72 79 73 105 6978 74 60 66%
Alaska Gold deb 6s A
1925
------------------------34
Cony deb 6s ser B
1926 2
----------------------------------------10 lo --------534514 514
-8- -------------- -3
9578 9112 37g 9512 92 9334 92 924 9112 9112 9112 9112 ----------------88 90
Albany Pert Paper 60
1948 978 9834 9634 98
80 914
Allegheny Corp coil tr 501944
106 11012 102 10812 98 1054 100 10314 98 10214 98 101 10034 11112 10612 1114 107 1 134 99 1074 97 10212 981±10234
—
Collateral & cony 5s
1949 --------------------------------100 10034 9734 10078 100%1114 10612 11114 10612 11112 9812 107
93 1031 9812 1027
Allis-Chalmers Mfg deb 58_1937 99 101
911 1012 99 1611
9844 104 9812 100Is 98 994 9812 994 984 9914 99 100
9834 100
971110012 99 101
Alpine Montan Steel 1st 7.1955 9312 95 9412 98
9312 98
914 95
94 964 9334 96
9024 9312 9214 95 95 97
92 94
86 9012 9012 9418
Am Agric Chem 1st ref 734s 1941 1043 10612 10434 1064 104 106 104 105 10312 105 10418 10512 105 106 105 106 105 10514 104 10512 10312 105's 103 104
Amer Beet Sug cony deb 60 1935 86 8918 80 8938 88 8812 8612 83 87 90 85 87 85 87
83 86
84 85 82 85
80 8238 75 79
Amer Chain Co deb s f 60_1933 9834 99
9512 9834 9812 99
9814 98
94 974 934 9618 9334 97
9712 99
95 99
9614 98
95 987k 98 97
9812 985± 9818 9914 9818 994 9818 9814 9814 99 984 984 9818 99
Amer Cot Oil deb Si
9814 90
1931 98 99
9818 9818 984 99
9834 994
9412 9612 9412 98
Amer Cyanamid deb5s_....1942 9334 9512 95 98
9414 9534 94 95 94 95 944 9512 9414 9634 96 9712 9612 9834 96 99/
1
4
Amer Ice if deb 50
1953 9034 9212 90 9912 90 9212 90 91
871g 90
89
8912 91
90 9112 868 9010
915± 91 9118 91 914 8978 91
Amer 1 G Chem 5 Hs w I_ _1949 _—_
-- ---- --- 9518 99
__ _-9812 11012 9934 10338 102 135 116 127 11058 119
95 11712 9615 108 10118 107
101 10712 10218 10434 10214 108 10214 10878 10812 118 10714 1165± 10934 12214 100 116
Amer Internet Corpconv5120.49 10912 111
-105 111
_87 102
9212 99
Amer Mach & Fdy a f 6s_ _ _1939 10334 104 10334 10334 10334 10334 10334 1044 10334 10414 ---- -— 10330 10334 10414 10414 10334 10334 10334 10334 10334 104 104 105
AmerNatGasCorpdeb6zsl942 9412 9638 90 9412 85 9012 7512 85
75 79
1111
78 8018 78 83 82 92
78
7018 92 6434 754 70 85
Amer Smelt & Ref lit A 5s_1947 10014 10134 100 102 100 101 100 102
9912 10134 9814 101
99 10112 9924 102
99 101
98 10212 99 10212 100 1024
Amer Sugar Ref 15-year 65.i937 104 10478 10312 10414 10112 10438 103,2 10414 102 10334 102 10338 102 104 103 10414 10212 10334 10212 10414 1024 1034
10212 104
Amer Tel & Tel cot tr 4s_l929 994 9958 9914 100
9918 9912 99 9958 9938 995± 995± 9978 ---- --- ---- --- ---- --- --:r .-- -,,- _-_-_--,- _-2-Convertible 4s
193 971 9712 9434 9934 91%9434 9412 95
7
94 953* 9678 97
9434 964 9134 9312 93 98
934
96
927
8
9
4
4
9612 98
20-year cony 4140
99 9944 9658 9978 9778 9958 98 981* 9814 10018 9814 100
99 100
1933 99 101
994100 98 1005* 98 10012 98 9934
30-year coil trust 5s___ _1946 10334 1047 10254 10412 101 10412 102 10414 10214 10358 10114 103 10112 103 101 10312 10112 10312 100 10314
10012 103 10218 104
Registered
101 101
35-year s f deb 55
1960 10438 1054 loss loss, iiiis 16412 10134 1-0-178 lairs fat ioi iiii ioirt fiii ioi iiii ioiii 1-65-38 loofa Ili's 'jai fa lags fair_
20-year s f 53.65
1943 10614 10734 106 107 1044 10838 1047 10834 10434 10812 105 10558 105 10534 10434 10638 104/
1
4 106 103 1054 103 106 10512 10714
Convertible deb 4Hs_ _ 1939 -------------------------------_
119 142 12014 14712 14414 191 185 22212 202 227 118 224 123 162 132 153
Amer Type Founders deb
.-2s'40 10412 1045
195
8 10414 192
14 10418
103% 10412 102 109 10318 ICH 10312 10412 1031g 10334 10318 10518 103 105 10312 1944 104 10512
col
Wks
&
Elee
Wat
50
'34
Amer
9718 993* 9714 9812 9712 9834 98 9834 9512 9812 98
9812 9612 9834 984 10012 96%10014 9614 1004 98 10014 9912 10114
:10418 101 1044 101 10334 103 104 10212 104 1011 104 102 104
1975 103 10534 1021
Deb a 60 ser A
101/
1
4 10512 10218 1052 101 105 10312 105%
8478 8214 84
1947 8314 8512 81
81
Am Writ Paper 1st 60
8234 754 81
78 8378 8112 84
73 764 67 7535
79 82
80 8112 74 81
Anaconda Copper Mining 60'53 105 10534 10334 1054 10334 105 10334 10412 10414 105 10414 105 10458 105 ---- ---- ---- -- — ---- ---- ---- ---- ---- -Registered------------------------ 102 103 __--- ____ ____ ____ __-- ---- ---- ---- ---- ---268
228
210
15-year cony deb 7s
1938 188 1994 193 21914
238 180- 1-81 170 1804 189 18314 ---- ---- ---- ---- ---- ---- ---- ---- ---- -196 200
Registered
Anglo-Chilean Nitrate s f
9712 100
98 9812 95 9734 9312 97 9312 9612 9312 98
1945 9412 100
debenture 711
9712 100
955± 9712 88 9534 80 9012 84 88
Antilla(Comp Az) 734s A 1939 75 7978 69 271338 6518 70
70 72
65 7134 60 6234 58 60
44 5912 4418 5034 513* 54
47 53
47 53
Ark4kmem Ry Rdge&Ter Si '64 1014 10112 102 103 10312 10312 97 97
94 95 94 94 --------93 94 9418 9812 98 98% 97 9812 987 983*
Armour & Co lit 49.4.
1939 9034 924 9012 1)212 90 9112 904 9114 88 9118 87/
1
4 8914 8738 897g 87/
1
4 90 864 90 8412 9018 85 894 8812 901:
Armour & Co(1)e1) 1st 5tigA•43 9014 9212 9058 9217 9018 9112 9012 9111 88 9118 88 8912 8778 8914 8344 89
85 8678 82 88
7912 854 80 8672
Associated Oil 6% notes 1935 102 10318 1023* 103 1015± 103 1011±1025± 100 102 100341015± 101 10112 10194103 10112 1024 1011±102 100 102 10112 10217
Atl Gulf & W 1 Ss L col r:5.59
4937
Atlantic Res deb 8 54
Baldwin Loc Wks lit s f 50_1900
Bement'(Comp Az) 7Ha_ _1937

67 7912 691g 7134 6912 75
72 77
70 74
7034 73
:100 102 100 10214 100 10234 100 10134 100 10078
10034 1021
10812 1065* 1064 107 106 10612 10612 10812 10612 1034 10812 10612
9512 974 8712 93 84 8714 8312 S8
97 98
98 99

Deb 6s(without 1 war)_ _1940 98% 997 55/
1
4 1-66 --,- -, --_ ____
Batavian Petro deb 4 Hs- —1942 927 934 9112 9314 9012 92-34 90 -9-2- 8912 -9'2-14 11234 -93
Belding-lieminway 60
8912 9112 9014 9012 8834 92
1936 90 92
90 9014 90 948s
Bell Tel of Pa 1st & ref 511_ A948 10494 10512 1043* 10534 103 105 103 10412 103 104 10218 10378
1960 10714 10814 107 1077* 104 1074 1041210612 104 108 104 105
lit & ref 52 A &0
9212
9412
9278
91
95
630_1951
92/
1
4 9012 93 904 9258 91 9330
Berlin City Mee Co
Deb s f 614s




71
7312
724 74
100 10134 100 10312
10612 10712 10812 10858
8614 863*
84 89

7114 74
8812 75
65 7134
994 10012 997 10114 100 1017
10612 10653 10412 10712 10612 10612
863 87 864 92
884 9518

7014 744
100 10212
10512 1053
92 95

914 9134 9012 11-78 904 -91. 90 1318 90 1312 9012 1418
90 90/
1
4 9018 91
904 9016 85 88% 74 8012 75 77
102 104 102 103 10214 104 102 104 1024 1034 10314 1054
10334 105 103 104 10214 10312 10212 10578 10314 1053g 10412 105%
89 92
87 914 87 8912 8.5
9112 79 8734 68 89/
1
4
8414 8934
11 80 89

74

FINANCIAL CHRONICLE

[VOL. 130.

1929—Continued.
BONDS

May
January February
March
April
June
July
November December
August September
October
Low High Low High Low High Low High Low High Low High Low High Low High Lew High Low High Low High Low High

Berlin Elec Elev 1st 639-1956 92 9378 91
9014 9234 9014 93 884 91
9358 89 9212 8978 93
87 8912 7334 8612 84 8714
8714 8912 8612 90
Beth Steel 1st 8c ref 58 ser A '42 10212 104 10238 10278 10034 10314 9934 10314 9912 10214 98 10112 9778 101 10038 10212 9914 10112 99 10012 100 1031 10118 10312
9834 10014 9778 9978 9712 101
99 101
Purchase money 5s
1936 10018 102
99 102
9934 101
99 10218 100 10134
9834 10034 9712 100
9912 101
1
Con 30-years 165 ser A I948 104 10534 1044 105 10212 10558 10314 10558 103 10434 103 10412 103 4 10512 10414 10512 104 10534 10334 105 104 105 10434 10512
Con 30-yr s f 59s ser B 1953 10212 104 10078 104 10034 10318 10034 10412 10112 104 10112 10212 10134 103 10214 10334 10318 105 103 105 10378 10518 10412 107
04 9512 92 95 93 9312 90 94
Bing & Bing deb 63.6s
1950 9812 100
9434 9514 95 96
95
98 9914 94 9734 94
8612 9314 8858 8858
Botany Consol Mills 6%5_1934 7112 7318 71
50 604 40 5014
7212 69 7414 63 6912 6012 67 64 684 60 '6412 5878 6134 4978 5934 52 63
9912 10312 101 1024 10034 102 10118 102
9612 9712 97 100
9612 98
98
9934 98 99
98 100
9918 100
Bowman-Biltmore Hotels 7s '34 9812 100
66
704 67 70
68 74
B'y & 7th Av 1st con g 5s_ _1943 724 7718 7212 7514 73 75
6378 6678 5978 60 --------538
704 74
7 5378 3518 4710
84 8634 83 8414 8334 8514 84 85 83 85 83 834 8178 8338 8038 824
Bklyn City RR 1st 58_1916-'41 8814 92
86 98
88,
4 9212 88 89
Brooklyn Edison gen 5s
1949 10414 10512 10412 105 10212 105 10258 10412 10312 1044 102 104 101 10334 10012 10378 10212 10318 102 10334 10114 104 103 10414
9934 101 100 10014 9934 10234 9934 10018 100 101
9978 101
Gen 6s series B
1930 10034 103 10018 102 100 101 100 102 100 101
9978 10034
91
9434 89 93 8912 93
9214 95
9314 95
89 9514 86 9514 9314 97
Bklyn-Man Tr sec s f
_1968 9712 9812 9612 9812 94 98
94 96
69 7658 6978 75 67 7112 6812 74
66 7538 65 72
Bklyn Q Co & S gu g 6s__5a stpd '41 63 75
69 70
77
69 85
75 7812 70
72 76
7658 7658 6812 7514 7014 84
83 83
7312 7312
Bklyn Q Co &S 1st 5s stpd 1941 80 82
70 70
83 83 ------------------------73 73
_ _ _
Bklyn R T 1st ref cony g 4s2002 ____
___ ___- ------------9212 9912 -,-_ _ ____
-- --- -- -,-- -- ---85 - -7912 1341-2 -80- 841-2 -8234
4 84 -8412 -8
_-94 85 -8738612 8934 8334 86
615 -91-12 8512 -9012 85 90
212 90
1950 91 1Bklyn Un El 1st g 4-5s
81
85 8734 83 87
8314 80 84
85 8978 83 8434 84 87
8234 86
Stamped guaranteed_1950 904 93 8978 9078 8714 9012 86 90
Bklyn Un Gas Co 1st est g 58'45 105 10614 10512 106 103 10558 10212 105 103 105 10234 10334 10212 105 10112 104 10238 10318 10218 105 10214 105 10418 1064
1st lien & ref 68 A
1947 11778 118 11718 118 11612 11738 116 118 116 116 11412 116 --------112 11214 112 115 114 115 11434 11518 114 114
1936 359 400 36014 36018 35412 35412 354 354 --------390 402 402 402 489 489 46014 46014 255 397
Cone deb 530
12 ----------------------------------------- ---- -93 93
- 9412 9412 9212
Buff & Susq Iron Ist s f 58.1932 ----------------9412 9618 _ _
871, _
4 6142 8 8
8714 8734 Si -E:i 8538 87 8612 as58i
.4 s
Bush Terminal 1st 4s
1952
.4 7
9558 95- 98
93
7
8 93 9458 9234 95 90 944 8912 9612 91
92
91
9658
8
Consol 58
1955 9718 99
9712 9912 9612 9934 95 987
9812
100 974 10014 10018 10278
Bush Term Bldge stpd 1st 58'60 10212 10458 102 10314 100 10238 100 10112 964 10113 9712 9912 9412 10012 9814 10012 8938 101
99 10014 9814 10078 100 105
By-Prod Coke 1st 53.4.1 A_ 1945 101 102 100 101 100 101 100 10034 100 10012 100 10034 100 10014 9934 10012 9914 100
9912 100 10018 102
99 100
98 100
98 101
9934 10012 10018 10114 9918 101
9914 10212 9934 101
Calif Gas & E unit & ref 5s 1937 10178 10234 1021810
94 95
9112 96
9212 9712 95 9658 92 96
9512 97
9534 9914 9534 10112 9612 9914 9534 98
Calif Petrol cony deb s f 58_1939 100 10114 99 102
9614 9934 94 99
9812 100
9712 10012 9612 100
9934 10114 9814 100
98 994
Cony deb s f 51is
1938 10134 10314 102 10234 9934 10214 10014 102
57 754 5778 6414
71 75
72 73
9158 934 82 9214 76 9118 80 8312 72 80
90 93
Camaguey Sugar 1st s 1 79_1942 95 9712 90 94
9714 9834 97 9712 95 9534 88 9658 9512 96
9758 98
98 99
97 100
1941 10012 10112 100 10058 9834 0012 9812 100
Canada S S Lines 1st 6s
1943 10312 104 10218 10312 10212 10414 100 103 101 10214 10118 102 10114 10134 10114 10114 10114 10114 10012 10234 10012 10158 102 102
Central Dist Tel 1st 5s
Central Fdy 1st s f 20-yr 6s_1931 9612 9634 9812 9812 --------9773 974 ---- ---- -------- --------------------------------82 82
_ _.100 100 10078 102 10114 10134 10112 1-041
100 102 _ _ _ _
;
Cent Hud G &E 5s____Jan 1957
_
.
12114 123 121 124 12034 12134 12034 12112
1941 12334 12412 12312 12-4-18 122 12812 12214 12214 12218 123 12214 12314 12214 12212 12114 12212
Central Steel 1st s f 8s
68 734 63 7018 54 66
7012 76
7512 831s 70 7712 75 76
6912 7378 7112 79
69 75
Certain-teed Prod 534s A..1948 794 83 68 80
84
84
85
85
85
8718
884
95
9012
9218
9134
9014
94
96
9534 9712 08 100
Cespedes Sugar Co 1st 7%s '39 95 99 97 98
7214 7214 ---------------83 83
72
71
Chicago City & Con fly 58_1927 65 65
6734 69
Chic Gas L & C 1st gug 5s_1937 1014 10212 10158 103 10012 10114 100 102 10014 10112 100 10 34 100 100 100 1-0012 9912 1-6012 9934 1-01-14 95,8 1-01-18 10012 foi
7614
78 7918 70 7814 6814 744 73
77 85
7712 8012 80 8212 82 8312 8258 85 8258 86
7814 79
83
1927 81
Chicago Rys 1st 20-yr 5s
9314 9638 9334 9614
93 9512 9212 97
94 9512 94 95 93 95
9618 94 96
1947 9414 9534 9514 9618 9313 9612 94
Chili Copper Co deb 5s
8712
9012
8912
86
8414
8818
84
8514
86
84
85
3
4
873
4
,85
863
4
88
8512
8634
8812
86
87
873
4
CID Gas & Elec 1st mtge 4s1968 8814 8914 8614
--------------------------------6773
Clearfield Bit Coal 1st 4s 1940
38 1 1/5-33 55 -5614 55118 -9-4 62 8478 6858 .669434 98
11018 11958 105i2 111-7, 105 109 104 10812 95 106
Colon Oil 6s int ctfs
94
92,8 9512
97 98 --------9173 9314 934 9712 91
9712 9712 9712 98
97 98
Colorado Fuel & 1 gen s 1 5s1943 98 9912 98 9912 9712 99
90 9414 9012 9312 90 9414 90 92
93 94
90 9318
9278 96
95
Colorado Indus 1st coll tr 5s'34 94 95 94 9518 94 9878 9312 9678 94
10058
9918
9712
10058
1004
963
4
964
9812
9612
98523
9914
9712
98
9912
1004
973
4
98
10012
4
9714
993
99
100
99
100
A952
Columbia G & E deb 55.— 9612 9834 9658 9812 97 10014 9712 10034 9912 10034
Debenture 5s April 15 1952 -------- -------- ------------------------98 9878 9712 99
9512 96
Columbus Gas 1st g 5s____1932 97 98
974 9934 9712 s% --------96 981, 95 95 ---------------------------- 92 92
8812 9112 8938 9234 92 94
8834 89
9034 92
9134 93
Columbus fly P & L 4%8_1957 9134 9312 9214 9312 92 93 9012 9312 9212 9334 9178 93
-rrr
_-_- -zrz
--- - - - ---- -,- -rr- _-_- -r-- _- ----- ---Commercial Cable 1st g 4s..2397 ---------------- 8712 8712 ---90 -98-78
,
8 9034 -9-6-58
8 9312 -9-5
97
98799
9712
99
4
9612
9
9
12
9512
96
9
8
9
9
94
97
987
8
9912
Commercial Credit s 1 6s- A934 98,2 99,2 9812
8712 904
854 90
90 92
91
92
92
9234 89 9312 91
91
94
91
93 9412 92 97
Coll tr s 1 5,14% notes_ _1935 9312 9634 93 94
9112 9514
9014 9318 93 9714 8812 95
904 9214 904 95
91 94
CommlInvest Trust deb 6s 1948 9614 9812 94 98
94 95 13234 9412 9118 94
82 88
80 93
9514 10014 98 11014 10112 10814 85 105
9014 95
1949 --------105 105
97 10514 94 9914 9014 97
Cone deb 5)4s
Comput-Tab-Rec 30-yr 51 6s'41 1044 106 1054 106 105 1054 10473 105 10478 105 10434 10478 10412 105 10412 10512 10334 105 10412 105 10278 10534 103 104
Conn Ry&Lt Ist&gen 41.is 1951 9612 99
9612 9612 9614 9612 --------95 95 --------95 95 --------------------------------93 93
95 96
9214 9378 9478 9512 9018 904 8938 9012 8813 8818 89 8938 93 9312
9612 99
Stamped guaranteed
97 9812 9614 9714 9512 9
7512 83
7474 81
7812 814 79 84
Consol Agri La 64s...1958 ----------------84 8712 8338 8734 80 8738 814 8512 83 8518 7918 83
Hydro
El
Works
of
Consol
89 9178
9212 9412 9114 9214 8114 9378 90 92
9212 93
9114 93
944 9734 9534 9612 8914 95 904 93
Upper Wuertemburg 72_1956 95 97
60 6313
67 7212 62 71
63 664 65 68
65 68
6812 69
66
70
6714 72
Consol Coal 1st & ref 5s___ 1950 6912 7334 66
73 654 70
Consol Gas(NY)deb 5%s..1945 105 10634 10434 10534 10434 10614 104 106 10414 10538 (0414 1054 10412 10534 10412 10514 104% 105 102 105 103 10614 105 107
9934 9914 100 10112 10112
09 100 10012 10012 9934 9934 9812 100 100 10018 91
Consum Gas Co 1st gu g 5s 1936 10138 10158 10118 10112 10034 10114 9912 101
10058 10212 10114 10312
Consum Pr 1st I & unit 5s C'52 1034 104 10112 10358 102 10312 101 104 10012 104 10114 10212 10114 102 100 102 100 10212 100 10212
9313 914 93
95
9214 9,534 91
91
91
94
89 9134 89 91
91
94
92 96
98
1946 98 10012 98 9912 91
Container Corp 1st 6s
72 7512 70 75
74 76
7514 80
7812 8314 7112 8034 66 7312 7312 76
82 88
85 90
1943 90 9112 90 91
15-year deb g 6s
97 97
-97 97
Coot Paper& Bag Mills 634s'44
9912 1-66 ------------------------89 licilz ------------------------9158 -6i12
9914 100
Copenhagen Telep esti 6s.1950 Siii, 1-6612 99 100
2 9
)8
___ ___
4 92 ---- --Feb 15 1945
Esti s(6 5s
60
78 1-004 10014 1-0033 100 10038 100 10014 10014 10034 102 1-02
0612 101 1.
Corn Prod Ref 1st 25-yr s f 5s'34 9913 103 10158 10158 101 10134 101 103 101 102
9558 99
95 99
9512 9712 9612 9812 9812 994 9814 9978 9634 99
95 9814 97 98
9812 9912 9712 99
Crown Cork & Seal 1st s 16s'42 98 100
99 10118 99 10118 10014 103
Crown-Willamette Pap 6s_1951 101 10314 99 102 10018 10114 1004 10214 9912 10218 9834 10012 9912 101 100 10114 99 101
40 4978 3612 42
57 6112 55 5812 5212 56
59 6412 5912 6112 60 68
6012 68
Cuba Cane Sug cony deb 7s'30 7514 794 7014 7678 1,517 735 4218
3918 50
56
5718
5014 56
-------deposit-___
Certificates of
5512 6812 5218 5618 3912 5218 3712 43
1;018 6612 59 65
5912 6112 5958 6818 57 61
65 72
1930 77 80
70 78
Cony deb stpd 8s
4412
38
5114
56
57
55
574
50434's
574
____
_
_
deposit
_
_
_
of
Certificates
9938 100
9958 10034 9912 9978 9912 10012 9938 100
Cuban-Amer Sug 1st coll 88'31 100 10334 9912 10312 100 101 10612 10112 100 10112 9934 10058 994 10012
40 54
57 6184 45 59
59 65
60 72
90 0112 74 9014 65 7212 60 69
Cuban-Domin Sug 1st 7(45 1944 94 974 9012 947g 8812 92
40 45
46 59
58 63
5912 63
-------------------------------------------------------- -63 70
Certificates of deposit
10012 10234
Curnb'I'd T & T 1st & gen 5s'37 102 10214 10178 103 10112 10234 10118 10158 99 10158 99 100 100 10012 00 10012 9912 1002 9812 10034 9934 10012
1034
10012
100,
8
974
100
98
98
,
4
98
2
9814
99
9778
9812
98
9712
99
98
9914
98
9914
9984
9912
100
9912
102
AA.940
Cuyamel Fruit 1st s I 6s
97 10012
9634 984 97 9934 98 9912 97 9812 98 10134 97,8 100
97 9812 98 10012 9734 100
98 100
Denver Gas & El 1s1 & ref 58'51 100 101
98 10112
9778 9834 97 10184 9812 100
9714 99
98 100
90 9738 9634 99
97 9812 98 100
Stamped as to Penne tax __. 9858 101
9714 100
61 64
55 59
63 63 ----------------55 55
6912 7012 --------65 65
Dery (D G) Corp 1st s 1 78_1942 70 73
5278 -54
48 -48
534 62
53 64
60
51
63 63 53 55
62 67 65 6512 63 64
---- - - 64 70
Second stamPed..--- - 10114 98 10138 101 103
97
102
100
100
3
4
1004
10112
994
9912
100
9878
10078
1004
10184
100
10112
10018
10112
10012
1
06
1933
1st
col
tr
--Detroit Edison
1
1003
4 104
100
4
102
9912
10212
10114
10312
10114
99
10012
10112
1940 102 10434 10178 103 10114 10273 101 10334 100 10228 10038 10112
1st & ref 5s ser A
9978 102 100 10212 10012 10212 10138 1024
1940 10234 10414 102 10314 10034 10212 101 10258 10034 10212 10053 102 10034 10114 100 102
Gen & ref 5s ser A
14 107 107 10834
104
1083
4
106
10712
10618
1077
8
1063
4
1073
8
10512
4
10712
10512
1073
1053
4
1940 107 10814 10718 10812 10534 10814 106 1074
1st & ref 6s set B
10234 100.2 1024 102 10328
1955 10358 10438 10212 104 10014 10378 10138 103 101 10258 10034 102 101 10112 10114 10312 100 10358 10012
Gen & ref 5s ser 13
10312
1962 105 10518 10478 105 103 10378 103 103 10012 10234 10012 10214 1014 103 100 1034 101 10138 100 102.2 10114 10212 102
Series C
9534 97
934 96
937
8
94
9612
9612
9612
9612
9712
9612
97
9612
9612 9712 9658 0712 9658 97
DetUnitedRylstconsg4501932 97 9712 97 98
8712 96
9112 95
9412 98
9912 10014 97 100
1940 10212 10412 100 10334 97 10012 9812 1057* 100 10378 10014 101 100 101
Dodge Bros deb 6$
74 76
79
69 70,8
76
79
78
7878 80
87 8712 85 8518 80 85
874 88
8712 88
87 88
Dold (Jacob) Pack 1st 6s I942 8634 88
904 904 --------_ 90 90 --------90 10112
9778 98
Dominion I & S con s 1 55_1939 ----------------------------------------90 90
024 101,2 1024 0112 102 102 1024
10112
1013
8
102
10118
102
10112
101
10118
101
10014
101
10012
10012
100
101
983
4
10014
ref
7s
AA
'42
Steel
1st
&
Donner
105 10214 104 10012 10334 103 10812
Duke-Price Power 1st 6s A-1966 10434 10512 104 10514 103 105 103 10414 10134 10334 10218 103 10212 104 1024 105 10212
9812 100
9634 9814 9612 9734 96 9713 96 9714 96 9838 9512 99
98 100
9658 100
Duquesne Light 1st 4)4s_1967 9758 10078 99 10078 98 100
8738 79 86
79 80 60 69
82
8812
86
90
82
79
82
80
833
4
8712
79
83
81
94
87
9212
97
7348_1937
Eastern Cuba Stag s I
9512
9458
937
8
9412
94
9412
933
4
9312
953
4
9358 9412 9312
9312 9518___
95 97
96 96
Ed El III Bklyn 1st cons 648'39 9512 9634 96 96
--------10524196 106 106 10578 10634 108 108
Ed El Ill (NY) 1st cons 5s_1995 11012 11012 11078 11078 110 11012 10814 109 106 10818 1054 1-665;
Edith Rockefeller McCormick's
99 10012 0912 10214
84 9934 100 10218 101 10212 101 102 100 101
1934 ----------------------------------------90
__
Trust coll 6% notes
89 9234 90 93
8912 92
9012 92
8712 934 9014 92 89 92
4
9112 0312 92
3 96
854
,338
9
El Pow Cor9(Germany)6%s '50 9212 94
9112
80 85
887
8 94
90
3
4
9512
91
93
9114
9212
9314 9314 9212 9312 94 94
9134
Elk Horn Coal 1st & ref 6%3'31 90 9012 93 0518 9212 93
73 85
91
91
6912 80
7212 73
7512
7212
764
76
77
7712
76
7712
79
78
81
,
8
8118
-Deb 7% notes (with svar)193I -,,
_ ___
95 994 9914 10018
-------- 98 9918 ----------------Equit Gas Lt N. Y 1st 5s 1932 991.8 1-0-0 9978 10018 9914 9978 9914 9914 9914 9914
94 98,8
9312 05
9414 9478 95 91, 95 9614 944 9612 92 95 914 9512 92 94
Federal Lt & Trac 1st I 5s_1942 9214 9634 9412 9518 9212 94
91
9612 0218 9518 95 96
9034 95
9412 95
9518
9412
96
93
93
7
8
97
9412
9612
9314
973
4
9214
95
7
8
97
95
1st lien s 1 5s stamped_ _1942
10114
102
10218
10114
102
103
10114
10312
103
10214
10212
1st lien s f 6s stamped_1942 10112 10334 102 104 10158 103 102 10334 101 104 101 104 101
94121013* 9178 9314
96 9858 98 10214 9678 103
9514 99
98 99
97 99
964 09
99 10014 9718 99
1954 9915 101
30-year deb 6s ser B
99 10018
98
96
9712
1005
8
100
102
9912
10012
101
100
101
100
1007
8
102
105
10418
987
8
1004
104
10278
1939 102 10338
Federated Metals s f 7s
09 10612 105 11312
14112 130 137 117 130 114 125 101 115
Flat deb 7s (with warr)—1946 158 171 155 16914 140 156 137 146 130 14812 130
9234 9414 90 9212 8914 0134 84 9114 87 9134 90 9112
9212 94
9412 9712 9412 9534 9112 95
97 100
Without stk purch warr__ _ 9034 103
7434 88
83 89
9912
87
90
104
106
84
1077
8
103
1941 113,8 11412 11312 11478 111 11312 111 1124 110 11212 10434 110
Fisk Rubber 1st s f 8s
10138 105 10314 10514 104 10514 102 104 102 103 10214 104 101 10434 994 10412 10334 1044
Framerican Ind & Dvd 754s'42 10434 10612 10434 10512 10258 10534
04 9534
95
9412
9712
94
18518
95
99
96
100
9812
9712
99
10012
99
1023
4
Francisco Sugar 1st s f 73.6s '42 10418 10558 10558 109 103 108 100
1014 10212 10138 10214 10134 103 10158 103 10014 10212 10014 103 10212 10312
French Nat Mail SS Lines 78'49 10134 10212 10134 10234 10034 10212 10034 102 10058 10218
9012 9212 90 9212 87 8812 88 9034
8434 8734 85 92
90,4 93 87 90
1943•-----------------------93 95
Gannett Co deb 68
-100 100
-105 100
Gas&EI Bergen Cocoa 5s 1049
10412
10412
110
10434 ---- -- -- ---- ---- ---. -._ 109
105
1033
4
1(15
1063
4
057
8
1
0112
1
04
104
10614
Gen Asphalt cony 63
1939 1.0i1-8 1-0-912 105 1-1ii
944 9712 96 9912 97 9958 984 9934
9858 9912 98 9934 98 9912 9712 9914 9634 9814 97 9838 96 98
General Cable 1st s f g 534s'47 9818 100
9212
92 9412 91
94 94
9458 9458 9338 94
--------9484
8
945
8
945
9438
9434
943
4
943
4
4
943
95
96
9458
9458
General Elec deb 334s_.1942
10212 101 10212 9012 10234 10012 103 10112 103 100 10234 9778 10012 9812 102
Gen Elec(Germany)20-yr 7s'45 10014 10414 101 1034 100 1112 10012 10212 10138 120 122 12514 1214 12412 124 130 125 125 11414 125 10214 10658 109 110
S 1 deb 634s with warr_1940 115 123 11118 11118 112 1154 115 121 117
9334 99
9434 974 9212 9512 9112 94
96 9714 95 9714 944 97
9134 98
924 99
98 99
Without warr attached_ 9712 9812 9818 99
89 9214 894 9312 8612 9138 8914 92
8712 91
9312 89 92
89 9278 89 9112 88 8912 91
_1948 9212 9412 914 94
Sinking fund deb
98 10034 100 102
10158 10212 101 10212 98 102
102
101
102
10014
10014
10112
10214
10012
8
1023
100
Gen Mot Accep Corp6s_.debes'37 10238 10334 10134 10334
0812 10012 10014 10212
9938 10034 100,4 101 100,4 10212 10018 10034 99 1004 99 100
1940 10012 102 10012 10112 9934 10118 9934 101
Gen Petrol 1st s f 5s
85 9934 904 97
99 111
___
_ ---- ---- --__ ____ -___ ___ 108 122 10912 115
___
__
___ __ __
Gen Pub Serv deb 5%s
---- ---- ---------------------_
_
107121.0712
------107
10614
1952 105 107 10358 107
Gen Refractories 1st g 6/1 A 193910012
10234 10012 103
993
4
10318
10214
100
104
.,.,„14
-1
.
106 .OST2 1-0-218 17
Gen Steel Castings 1st 5%81949 -------------------------------------100rs
9034 9412 90 94
9114 06
9212 96
96
9314
93
95
95
9714
97
9
1
9612
99
95
7s1945
98121
97581078
Good Hope Steel & I sec
1064 10714 10612 10714 104 10714 10412 10634 105 106
Goodrich (B F) Co 1st 6(-4s 1947 107 108 107 10814 10634 108 1064 10714 10612 107 10658 1074 10634 10712
9012 9218
8814 92
88 9112 85 93
9218 90 92
9118 924 91
94
91
9258 9112 95
9314 91
Goodyear Tire & Rub 1st 5s'57 9258 934 91
90 934
9112 85 90
88
89% 92
9158 94
94
94
974
93
994
97
984
100
100
9912
9912 100
Gotham Silk Hosiery deb 6s'36 9912 100
70
68
69
08
71
684
7112
6912
73
60
774
724
7418 76
7414 Si
70 72
8912 70 684 71
73
Gould Coupler 1st a f6s-1940 71




JAN. 4 1930.]

FINANCIAL CHRONICLE

75

1929-Continued.
BONDS
Gt Cons El Pow (Japan)75 1944
1950
1st & gen s f 6318
Great Falls Power lot 58_1940
Gulf States Steel deb 53s 1942

January February
November 'December
October
March
August September
April
July
May
June
Low High Low High Low High Low High Low High Low 1110 Low High Low High Low High Law High Low High Low High
9818 9912 98 9914 9812 991
9314 9512 9324 9512 9112 91%
10434 10534 10434 10478 10412 107
9634 99
9811 97 99
96

971s 9912
96 99
9714 100
96 99
, 9514 98
96 98% 9678 981 9612 9814 96 983
9058 94
92 9312 9012 93% 8714 9314 86% 888 8712 9114 90 9112 90 93 894 9212
10612 106,
2-- - --- -- - --87T4 -Si 55i2 -6/12 55 -66 ilia - 7- 53.53 -91 552 -ii951-2 Ii12 io -97796% 9814 .

Hackensack Water tat 18_1952 87 87
8434 8434 8412 85
87% 87,8 87 87 84 84
84 8818 8212 8212 84 85 8418 8418 8412 8912 8412 85
Harpen Mining Co 68 w w_1949 ---- ------------------------------------ --------904 9134 90 92
8912 94 8734 9018 8434 8734 87 88
Hartford St Ry 1st 4s
1930
9612 9612
Havana Elec Ry cons g 58_1952 81
83
- - -84 --------83 8312 83i2 -iih i5f2 -81 43,-1 -8112 84 -8112
81
87- - -86% -g-S ----825, ---1951 59 6318 63 65
Deb 53s ser of 1926
6518 70% 6558 8714 668 6712 6712 6818 6734 694 6212 6512 64 6612
6212 6512 65% 70,2 65% 69
Hoe(R)& Co 1st6s
9418 85 92
82 83
7458 8178
83 91
1934 85 8712 87 8712 86 89
8678 935 91
83 89 84 9012 84 92
Holland-Amer Lines f 6s 1947 1025,10212 10234 103 10258 103% 1025, 103 100 1017s 10012 101% 101 101
9434 964 95 95
98 100
99 10058 98 100
Hudson Coal 1st a f 58 A-1962 808 85
7312 69 7312 65 70
64% 70
7612 7112 7512 71
7412 8238 75 81
75 762 75% 7624 71
75 77
Hudson Co Gas 1st g 5s
1949 10334 105 10314 105 102 103 10012 102
9958 10034 100 10212 100 10034 100 10058 101 10118
9958 101
99 10014 995,100
Humble Oil & Ref deb 5 Js 1832 10012 10218 10058 10158 10014 10134 10012 10112 100 101% 100 101 100 1008 100 101
995,1005, 98 10038 99 101 10034 102
Debenture 6 55
1937 9934 1011 9912 10014 9934 10014 9934 101 100 10058 9934 1004 100 10058 998 1003, 9912 99% 97 100
9812 101
9934 100%
Illinois Bell Telep lot 5s A-1956 10358 1947 104 104% 10172 404 10112 103% 10112 104 110% 103% 102 1027 10114 102% 1013, 10212 101% 103,2 102 1034 10212 105
975, 9958 97 9912
Illinois Steel deb 43.4s
12
1940 98 985, 9378 98ss .
9814
93
995
8
973
4
100
o8
98
9812
97
9814
96
,
4
100
98
97'2
95
14
,,74 9924
Ilseder Steel Corps f 78_1946 103 10312 103 103 103 103 --------100 100 ---- - - -,,.-7---- -M,--:
-=-,-,--:68 int ctfs w 1
; 77 -82
1948 8612 9214 86 8812 83,4 8712 8312 86,2 8618 8934 81 1512 8112 1414 8212 -84,4 80 -8338 78% 113
82 -8b14
Indiana Limestone 1st 8 1 68'41 9012 92 90 9134 9012 9134 90 91% 89% 9034 87 901, 85 8814 80 85
77 90
764 7834 6734 78
75 80
101
,
8
10118
10114 10118 10112 100 10012
Indiana Nat Gas & Oil ref 58'36
_.,- 971 99'2 100 100% 100%10034 10012 102 10012 10114 10128 10118 10118 10114 10118
Indiana Steel tat 58
_
1952 10234 f115 102 103% 10112 10312 10114 1043, 101% 104 1011s 104 10114 104 10112 104% 10412 105 1043, 10434 ---- _-_.Inland Steel a 1 4s A
90 913 9018 9212 9012
1978 92 93
14 ___,--894 9112 8934 92
9134 9378
915, 93
9034 92
90% 92% 89% 921 8934 91
9912 101,4 10018 101
1118131ration Con Coon 6 /is 1931 101 102 101 10134 101 10212 101 101% 10034 101i 10118 10118 10118 10114 101% 102 10058 1011s 100 101
Inter-Metrop coil tr 44s_1956 _ _
_ _
_
_ _ _
_ 19% 191 - --- ----- Interboro R T 1st St ref 58_1966 ii -512 iii, -fi- iii2 -i114 7 0 IS.
8 52i2 If iiiiz "iiiks So -66 85T8 6412 ioi4 -613% 87 7058 6
4
.:11.2 1/12 65T8 -617Stamped
6212 6612 59 6712 58 6412 60 6558
78 7912 76% 7912 7312 7812 69 76
6634 70'4 64 6834 60 6634 6212 68
Registered
78't 761
47 57
10.year 6% notes
1932 ii iilt io li 76 82
547 54 5812 45 5814 40 58
51
4912 56
ii ii
10-year cony 7% notes_1932 9834 9934 98'2 9911 WI 99% 91
78 91
8712 901 85 90
82 92
93 9412 9258 9312 89 931 90 92
97
lot Agric Corp 1st & col tr 5s'32 92 93
9212 9212 9212 93 93 9314 9312 9312 9312 93,2
9112 9112 92 92
9084 93
9034 95 9034 9078 9012 91
72 7212 72 7214
Stamped extended to
72 73
1942 80 8112 7912 8012 7734 81
72 73
7714 81
7712 7734 7658 81% 78 7914 7612 17
Internet Cement cony deb 58'48 1095,116 111 11812 102 114 10314 110 102 108 102 1042 99% 105
88 97
91 98
94%10134 81 97
9812 105
Internet Match deb s f 58_1947 9714 99
92 9714 97 98%
9212 98
9612 9814 9334 9734 94 9738 9434 9814 9418 96% 9412 957 93 9512 93 95
1 9712 9812 90 98
97 98
lot Id M 1st col tr 8 f 68-1941 99',102
9934 10112 10012 10112 101 10112 100 10112 100 100114 100 10114 100 10012 99 100,
lot Paper 1st st ref cony 5s A'47 9412 965
88 95 86 9413 8912 9512
85 88
, 9412 2612 93 95% 92 9512 8812 9218 8712 905, 84 8812 84 87
89 9614 8534 9118 86 9214
1955 9434 97
Ref s f 65 ser A
88 9478 874 89 8812 91
9314 9812 93 958 93 9513 89 93% 8812 91
lot Tel & Tel deb g 43.(s....1952 9234 9512 9234 9334 9234 94
9034 9514 9318 9412
9214 94
9212 915, 93 8814 921 90 917 9114 04
8912 9334 91
Cony deb 43.,
1939 10912 11934 11212 120 11234 131 11812 12834 11712 130 12012 157 152 170 1641222212 188 224 116 20112 110 148 119 132
Kan City P & List 55 ser A 1952 10312 10434 10312 1054 10118 104 10112 103 102 1035, 101 10314 1012,1023, 10034 10214 10012 102 101 103 10012 103 10258 104
1957 10018 10012 9912 10012 98 997k ------------------------ ------------ --------------------96 9612 97 9812
1st 4 As series B
Kansas G & E 1st 8 f 63 ser A'52 10018 106 10412 10578 103 105 10318 10512 10334 10512 102 141412 11133415% .18 10478 10158 104 10134 10434 102 106 104 10534
1943 _
70 75
Karstadt (R) 6s
___ ____ ____ ____ ____ ____ ____ ____ ___. ____ ____ ____ ____ ___ ---- --__ __-_ ......_ ____ 6434 75
Kayser(Jullus)conv deb 5 Yis'47 128'z141
Keith (13 F) Corp 1st 68_1946 94
7412 80
i
f%
97
9234 .9623 624 "Oa 55 iii 55 -9212 ici Ifiiis 16 51i2 12-12 7914 12
Kelly-Sp Tire 8% notes__ _193I 110 11014 110 11014 110 11014 110 11012 110 110 __-_ ---. -- ---- ---- ---. ---- ---- ---- ---- ---- ---- ---- - - - -

ai -if ii --Si

ia 9114 8412

Kendall Co 5).s with warr 1948 -------- 95 9512 9312 9658 92 94
88 90 865, 9112 88 9831
91
91
9212 9112 93 89 91
94
9034 92
----------------- ----91
Keystone 'Feleph 1st 5s_ _ -1935
91
88 95 _-_- - - ---- - - 79% 80 82 82
8912 90% 85 88
Kings Co El L & P 1st g 58-1937 --------1025,10312 10214 1025
10012
1013%101 101 101 101 101
- - 10112 101
8 10412 10412 10012
- -12 --------9912 9934 10112 1-02
Purchase money 65
2812 12812 12814 12814 12814 12858 128%129 12812 12812 128 128 127 127 12518 12512 12318 1251,12314 125 124 1251,
1997 130 130
Kings Co Elev RR 1st g 45_1949 80 8212 81
_ 7638 7612 7612 74311
81
82
82 85
81
81
81
80 8014 80 80 --------78 80 ____
Stamped guarenteed_1949 7914 8112 7914 8178 80 82
79 81
7912 7612 7612 75 751!
79 797s 78 --7912 80% 7912 81314 7912 81
7912 81
Kings Co Ltg tat & ref 58 1954 1047,105 105 10514 10412105- 10312 10312 102 103 102%10238 --------101 10112 10012 10218 100 100 10014 101'4
1954 11614 11614 11514 11514 11514 11514 ii5,-1st & ref 6 Y18
4 11114 11412 115 11418 115 113 11418 115 115 112 113 112 114 114 114 112 112
Kinney(G R)Co cony 73.s 1936 10518 10612 10518 107 10614 10714 105% 107 10518 10714 10418 106 103%105 1035,10512 103 10414 1023,104 10012 103 100 1011,
Kresge Found col tr 6s---1936 103 104 10212 103 1013,10212 10112 103 10112 103'z 101 10112 100 103 10014 10414 101 10412 101 102 10012 10112 10158 103,4
_
_
_ 98 99
98 98
Krueger &Toll 58 with warr'59
98 9814 9712 9884 96 10412 99 10312 98%10214 87 10014 8412 947 9114 9631
Lack Steel 1st cons 58 ser A '50 .1158i4 1-E12 ilio 1-0.1-12 99 100 9912 100% 100 10114 96 1003, 9714 100
9934 10111
9958 10014 9978 10118 99 10024 9814 101
Laclede Gas L ref 1st g 5s.1934 10012 101% 100 101% 9812 101 100 1014 9734 10012 975, 99
9712 100
9812 10018 98,2100
98 1001 9818 102 100 101
1953 1045,10512 102,2 104,2 101%10314 102',104'z 102 104 10012 103 101 103 10114 103 1015,103 10158 1041 9918 103 103 10411
Col & ref 5 yis ser c
Lautaro Nitrate Co 68_ - 1954
------------ ----------------------------99 9914 99 103
With warrants
09 104
9612 9978 90 98 82 9012 74 8614
Lehigh C & N con s f 4;0 A '54 9912 9934 ____ --9418 9512 93 951 923, 9834 9618 98
2 7
9418 95
5 s 9718 97 98
93 95
Lehigh Vol Coal Co lot g 55'33 99 101
9814 9912 9814 992 967 100
99 100
983 99 9814 9912 9814 99
99 1-0018 984 998 985, 9914 9734 99
1st 40 yr int red to 4%..A933 ---- --------------------101 101 ----------------------------------------96 96
1934
1st & ref s f 58
101 101
_
_ _
1
11 --------101 101 --------80 161
11
1
i
1944 -55i4 -9is-4 iii2 -9112 --------80 92 88 91 --------------------------------7--- --------80 80
list a( ref s f 5s
1954 917 9312 92 9212 -------- 91
1st & ref s 1 5s
91
80 80 --------72 72
88 88 ----------------7938 79% 7112 75
1964
Ist & ref 5s
1974 ii- -6618 ii Iti __,_
tat & ref a t 5,
_
-ii
_
_
__ ____
__ 72 76
__
_
_
__ ____
Liggett & Myers Tob 78_ _1944 118 12012 120 12112 118 11112 1.1.8 166 iiii, lulls 116 ifsu 115 fists 11433 ifs 11632 11-814 117 121 117 12012 lii ffi
5s
1951 102 103
99 103 10114 103
9912 1024 99 104
9912 10214 9812 10114 98 10014 995,102 100 10078 981 103
9914 101
Loew's Inc deb 68 with war '41 11358 121% 116 123 1101 12318 11012 11312 1031 11112 103 1061, 10518 109 10434 10712 10512 10712 96 108
97 105 102 1035,
Without stk purch warrants 99 10012 9812 9934 97 9878 97 9912 97 99
9112 96
88 937 89 96
9534 9734 93 97% 9312 955, 9112 95
Lombard Elm lot 78 w w_1952 9978 102 100 102 9734 100% 97 9812 9514 971 9714 99
93 97
9312 971 9012 98
99 9912 98% 9912 98 99
92 941
without warrants
90 96
93 9414 90 9414 92 9512 9134 954 92 9512 93 9734 93 9634 92 94
90 9214 89% 94
1944 10912 11312 109 112 109 112 10612 10812 10618 10912 1043%108 107% 110 107 108% 107 108 106 1101 10412 1063) 105 1057
Lorillard (P) 7s
____ ____ ____ ____ ____ ____ ____ -- _-_ 10558 1055) 102341023
Registered- 79 821
1951 86
Ss
79 84
917 8414 8718 80 8634 8034 8714 80 8718 7812 80% 80 83,2 8014 83
79 8112 79 86
1937 8612 89
8512 87
Deb 5).(s
79 851) 82 89
85 898 8514 87
84 8612 8418 8612 85 8818 8514 87'2 85 88
8034 91
Louisv G & El lot & ref 58_1952 10212 104 102%10312 10012 10212 1130,4 103 100 10314 9934 102 10014 101
99 10118 99 102 10018 10158 10018 10211 10034 103
Louisv Ry 1st con 5s
90 90 _ --- ---- --.- --1930 90 932 90 9012 --------92 94
92 92 __-- ---- ---- ---- 8912 90
93'295
Lower Austria Hydro Elec Co-81
8512 8112 84
1944 8612 87% 85% 86
1st s f 634s
767 80
785, 8812
83 834 82 8514 82 89
8012 83
80 87
7812 81
McCrory Stores deb 5 As--1941 98 99
98 9914 9814 991 96 99
98 99
92 97
98 98% 9534 9712 96 9634 9534 9734 9618 971: 9618 97
938 96
Manati Sugar 1st s 1 73i13-1942 987s 1001, 99 10012 94 100
5912 691
94 9512 90 94
90 9512 8014 9418 80 8318 81 831) 60 80
56% 6212 56 5912 5518 5738 53 5612 52% 6012 56 5934 5112 58
Manhat Ry(N Y)con g 48_1990 6634 677 6614 68 65 6734 60 87
52 62
2013 59 605, 60 60 60 605 5834 5912 ----------------------------------------50 50 ____ __. 451s 451
2d 4s
10018
101 10412 101 10212 9812 102% 9812 96% 935
Manila El Ry & L Ist&col 55'
9518 954 --------------55
53 9718 10012 9912
2
7 9
I
Marion Steam Shovel a f g 6s'47 98 9912 9712 9812 98 98
94
94
l
92 92
9234 87 90 89 89
91
87 89
8234 91
Mfrs Tr Co ctf of partie in A I
Namm & Son 1st s f 68-1943 102 105 102 10212 102 10278 1018 10234 101 102 100 101 100 10038 9412 100
95 98
9518 9814 98 9812 97 98
Market St Ry 1st 7s ser A..1940 95
8514 90 883, 92 8312 90 832 88
9732 80 95
87 921
87 89
87 91
8312 87
878 91
87 93
Meridionale Mee 1st 7s A_1957 9134 9712 9512 9814 93 9658 9434 9612 96% 9814 9714 98
96 9758 9514 9834 9414 97
9714 9958 9512 10014 96 995
Metrop Edison 1st & ref 55 C'53 10112 103 102 10234 9934 103 101 10212 10114 102 10012 10212 10034 101% 9812 101
9912 10114 10012 10214 10012 10114 10112 1021
Met-West Side El (Chic) 4s 1938 78 8014 77 7812 72 7612 7214 74
7412 75
70 70
73 75 --------72 7312 69 70
72 7412 73 75
MIRA WU Mach 7s with wart'56 95 9838 9334 98
97 98
9212 9212 9314 95
933, 9358 --------93 94
Without warrants
85 87
90 9412 88 93% 87 91
89 -89
8534 8812 84 933s 8412 88
86 88
8478 18
82 -85
81 -87
105
Mid-Cont Pet lot 61.6s
1940 105 10514 104
_ 80 84
Midvale St & ore Cony 8 f 5s'36 995, 100', 99181os
Si 1612 9724 -6634 5i32 -6652 57i2 -6152 98581-66.- -55i2 f66- -on- iiii- -5784 -6658 513 1-66 9958 low4
11111 El Ry Sc 1-4 ref & ext 4348'31 97,2 9912 981, 9918 9734 9834 9734 99
98 99
98 99
9712 99
98 99
9734 993 9734 9812 98 9912 99 9912
Gen & ref 5s
1951 102%103 10214 1027s 100 100 100 101
9934 10134 98 100 100 10114 10114 10114 _-__ - 9712 10012 9912 10012 10012 1011
1st & ref 5s ser B
1961 100 101 10014 10114 9734 10078 9814 101% 98 10034 9714 9934 9838 100
97%10014 9658 -9812 97 10012 98 10014 98821031
Montana Pow 1st 5s tier A-1943 102 104 10134 1024 9912 10214 100 10178 98 10134 99,4 101 10012 10214 101 1015, 100 10214 9934 10234 100 103 1015, 10314
Deb 544 ser A
9914 10038 97 9934 9714 9912 97 101
1962 9934 101
972 9834 9734 98% 97 98
Ms 9712 9512 9612 9614 9912 99 1001
Montecatini Min & AgrDeb 78 with warr
1937 118 137 118 12612 113 121 11112 118 109 11412 107 11312 10934 112 105 111 104 110 10138 10434 10012 101
99 1041
Without warrants
9334 95
93 9424 9334 95
9378 96
9512 961
9512 9634 9514 0838 904 9914 9414 9812 941s 96
95 98
9434 97
Montreal Tram 1st & ref A 58'41 9858 9938 9814 99
9634 9778 94 9738 94 975, 9512 9814 9512 98
92 9414 95 96
1003
9514
4
96
91
9412
9612
Gen & ref s t 5s set A___1955 9834 963 -------- --------937 0512 --------95 95 ---- ---- ---- ---- ---- -- 90 95 -__- -___ 91% 92
1955 ____
Series II
--------9514
___
_
4 fl4
514
_
_
___ - ,_
-_ s312 2312 -„,,
_-- -,,- ,-- -..,.: ..-...Morris & Co 1st 8 f 41is
1939 8712 -881 8758 8838 87 8814 86% 8714 84 8714 83 -85 - -8178 -86 - -82- -84
/012 -8h
7734 -8-0% 7512 -810
773 82
Mortgage Bond Co 4s ser 2_1966 --------8112 8112 .....7 _.,..,.
....•.
--- ---- -_-- ---75
75 ------------------------731 7314
1931 97 971 94334 97
10-20-year 58 ser 3
9634 -963-4 95% -9614 96 9618 9518 9578 95
9512 95 95
95 9512 95 9712 9478 9518 95 961
1934 9934 102 100 102
Murray Body 1st 6 SO
9934 10114 9814 100,2 9834 10012 987g 9034 98% 100
89 961
9812 9914 973, 9914 93 9818 8912 93
Mutual Fuel Gas lot AU g 5s 47 10978 104 10212 10278 10212 10334 102111022± 102 102,2 --------9912 101 1001 100% 100 100% 100 101 100 100 10118 104
---------------------------- -------_ -------_ ------------ 98
Namm(A I)& Sons-see iitta Tr
5712 6012 5684 60
Nassau Elec RR 1st ft 4s
1961 55 62
59 64
50 57
5034 55
51
5112 50 5378 4518 481 4812 51
52
50 5212 51
National Acme 1st a 1 6s _1942 10114 101% 10114 10314 10114 102 10114 102 101 10112 10114 10114 101 10134 10134 10134 10134 102 10178 102 101 1017 10112 102
9358 951 9312 97% 95 9714 95 97
Nat Dairy Prod deb 5%8_1948 9512 977 95 98
9558 0712 9218 9834 9312 9812 973 99
9512 9714 9514 97
_ ____
Nat Enam & St 1st 20-yr 58_1929 101 101 101 101 ---- --- ---_ _ _
_ _
_ _
_ ____
_ _ _
_ _
_
7612 8214 7012 -78
Nat Radiator deb 6318___ _1947 74 82
71 .
.
767-2 66 13-12 :15 -61 ii -gil2 -iir4 -66 55i4 -4-i 25i4 -4-6 His -2-974 20 -25
National Starch 20-yr deb 58'30 --------08 98 ------------------------ 99 9958 99 9912 99 99
9814 9814 98 9812 9812 9812 99 994
National Tube 1st guar 58.1952 10334 1045s 10214 103 100%10318 lss 1 12 103 104 103 103
99 102 10012 10412 1041s 10412 10412 10434 --------------..
Newark Cons Gas cons 58 g '48 - _
99 99 100 10014 10014 10012 10058 100% isms MP
- 103%10312 10012 10312 10114 102 10112 10212 10114 10114 ____ -_
clip- 10534 107
10618 10438 106 10312 10512 1017810334 102 10314 102 10314 102 1027 102 105 101 105 104 107
New Eng] & T 30-yr 58_ _1953 10534104
T
97 993 9712 9912 97 99
tat g 45.4s see B
1961 9934 10014 99% 100
98 984 96
97 97% 97% 98
98
9614 9814 96% 98,2 98 99
New On Pub Set, 1st 58 A_1952 95 9634 95 9818 9131 96
9158 9514 9134 953 89% 92% 8812 9212 8812 90 81
89
82 90 86 89% 8443 91
1st & ref 5s ser B
1955 947 961 94% 96% 9014 9558 92 9514 91
821.4 88
95
8934 925s 89 90% 85 9018 8412 8634 7912 8818 85 88
NY Dock 50-yr g 4s
8238 8058 8514 80% 82 80 8314 8012 8214 79 8014 7912 82
1951 8212 873 8218 84131 8134 8238 81
7312 8218 777k 83
8814 88% 84% 87
80 87
Serial 5% gold notes_ 1938 88 90
5j 7612 70 77
77 80
8012 8314 78 83
80% 8512 80 82
7412 78
73
NY Edison 1st & ref 6(45 A '41 11134 1151 113 11534 113 11514 1125,11312 112 1138
,11112 113 11114 11134 111 11212 11012 11134 11012 113
11218 11112 114
lit lien & ref 53 ser _ _1944 1037 105 10418 105 10212 10478 102 103% 101 10334 10138 102% 10112 103 10114 10212 10112 10212 100 103 110
10014 10312 10212 103
NY Gas El Lt H & Pr Co
13-(Is '48 10612 1071 108%107 10312 10838 10312 10518 104 10612 1035,10434 104 10434 104 104% 10318 10434 9814 105 1035 105 10434 105II
Purch money coll tr 4 48-1949 93 94
9212 9314 9112 923 9112 9218 91
93
91
917 90 9212 90 91
913, 93
9534 92,2 93
9018 92% 91
NY L E & W Dock & Impt 55'43 ----------------98 98 ---------------- 9815 9812 9718 97% ---- ---972 99 -___ ___ - ---- ---- ------




76

FINANCIAL CHRONICLE

[VOL. 130.

1929—Continued.
BONDS

January February
March
April
May
Juno
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Lois High Low High Low High Low High Low High
NY & Queens EL.& P 55_1930 9914 10018 --------9954 9914 98 9912 98 99 988* 9858 99 99
9818 9812 90 99
98 988 9814 9934 9958 1004
New York Rys 1st & ref 45_1942 56 56
- ---____ ____ ____ ____ ____---Trust Co cas of deposit
5614 -5614 ia ii -------------------------------------------56 58
Adjbacorne5s
Trust Co ctfs of deposit
ii2 1 --------2
2 ---- ---1
1
1
1
NY Rys Coro Inc 6s_Jan 1965 20 2412 21
l
2312 1812
1112 If 10 "III; -16"
11
9
If' i" "II;
12 --§T2 11-1:1
0'2
Prior lien 6s ser A
1965 84 87
8534 8,578 8412 8412 78 85
75 78
75
77
75 75
7213
7312 7412 68 75
6478 684 63 66
NY & Rich Gas 1st 6s.1951 10514 106 10518 10512 105,2 10512 10012 10412 103 10312 103 105 103 105 10114 76
10312
1037
8
104
103
103
1035s
103
7s 10178 105
NY State Rys 1st cons 43-s'62 45 53 4718 54
42 497 4112 437 3812 42
3818 48
1912 2512
30 3812 2512 3118 255 29
154 26
1014 21
50-yr 1st con 604s, set 6_1962 5712 69
57 6578 50 55
6118 70
4914 52
48 51
4818 30 35
27 3212 17
30
1014
25
387s
1814 25
New York Steam 1st 25-yr 6s'47 106 10734 105 107 105 106 10414 10612 10518 10612 103 1047 103 107 10112
10612 1044 108 103 10512 10278 107% 104 10678
N Y Tei 1st & gen 5 f4 Xs--1939 9934 101
9912 10012 9814 9934 9734 9934 9712 9934 98 99
97 9812 96 9773 97 9812 9712 9912 97 9918 97 9934
30-year deben 6s
1949 110 11034 110 111 110 11118 110 11034 10934 111 10934 11012 10978 11012 109
78 111 110 111 10912 11114 10912 110% 11014 112
20-yr refunding 68
1941 10612 10812 106 106% 10534 107 10514 10612 10434 10612 10434 10634 105 10612 10534 107 10514 10712 10418
107 1044 10614 10534 10712
NY Trap Rock 1st s f 6g_1946 9912 101
99%10012 9912 10012 9812 100
9712 9912 9612 9812 98 97
94
96
97 9912 9513 98
9212 94
94 9718
Niagara Falls Pow 1st 5s 1932 102 10218 1021s 1023 100 10134 100 103 10014 10214 100 100 100
997 10012 9912 101 10014 101
10114 100 10012 9918100
Ref & gen 6s
Jan 1932 102 10318 101 103 101 10234 102 10288 10014 103 101 10134 10012
102 101 10114 101 10213 10018 10114 100 10112 10112 102%
Niag Lock & Ont P 1st 5s__1955 103 1044 1021210318 10115 10312 101 103% 99%103,4 10012 102 100
102
99 9912 994 101 100 10414 100 10214 10158 10212
Norddeutsche Lloyd (Bremen)
20-yr s f 6s
1947 9134 94
90 9212 9112 93
914 9312 90 93
8678 92
9012 9134 90 92
9114 93
8714 91
8412 8814 8512 91
No Am Cement 6;is A w war'40 70 80 72 76
70 7218 68
72 7534 70 73
7.5
49 60
51
70
70 74
6912 76
417 5118 5018 61
No Amer Edison deb 5s ser A'57 10034 102 10034102 99%10114 99%100% 99 10088 90 100
9812 100
97 9912 99 101
9914 10012 9812 10014 98%100
Deb 5348 ser B__Aug 15 1963 10012 10112 1004Ion 99 10114 100 10112 9912 10112 9934 101
9912 101 100 10112 9912 10038 09 1038 9978 102 10114 10212
No Ohio Tr &Light gen 63_1947 10114 10314 10112 103,4 10012103 1001210212 99 10112 993410058 9912 10214 100 10112 97 10012 9612 98
94 9812 9758 100
Northern States Pow 5s A-1941 10034 10134 9978 10112 9834 100% 100 10112 9834 10114 9834 100
9734 100% 9734 10034 99 103 10014 10238
9834 10034 974 100
1st 8s ref 6s ser B
1941 105 10612 105 10534 104 1054 104 1054 104 10514 105 1054 10478 106
04 10512 104 10514 104 106 100 1054 105 1055
Northwest Tel 1st 454s guar'34 ---- ----9734 10534
__ - - 9734 9734 ---- - - 96 96
9434 9434 98 98
918 915r 948 95
- 8912 92
Norwegian Hydro Elec 534s '57 914 9212 9018 9214 is) -9112
88 -51.- 89 9114 8758 90
874 89 8512 90 86 8812 8738 -518814 -91
Ohio Public Serv 714s ser A '46 11218 11312 11112 11214 11012 1127s 111 113 11012 113 1104 111 10912 112 110 111 10914 11112 10912 11212 10918 11018 110 112
1947 1134 1154 109%11012 110 11114 11012 11114 111 11214 11034 11212 11014 111 10914111 10914 110 10914 11218 110 112 109 111
1st 8s ref 75 ser B
Ohio River Edi 1st fos 3 & J '48 10534 10612 10578 107 105 107 1051810712 105 10512 102 104 103 10634 1024 104 102 104 10314 105 10234 10412 10334 10533
Old Ben Coal 1st g 63
1944 8914 91
89 8914 89 90 89 90
8814 89 8712 8812 8234 8714 821s 83 83 84 83 878 8214 83
70% 78
Ontario Power N F 1st 5s 1943 10012 102 991810118 99 10114 99 10034 9914 10012 9914 10034 10014 10258 10212 10278 9812 10258 98 10012 9814 100
9912 102
Ontario Transmission 5s..1945 103 103 102 102 101 10114 9914 100 100 10018 97 9812 100 101
9912 10014 08 9812 98 98 100 10212 10038 10033
Oriental Devel Co guar 6s-1953 9613 97% 983* 9712 95 98 9518 97
92 97
91 10118 91 95
90 94
9218 9534 9014 9418 90 92
9358 9514
8618 8812 854 8812 8553 863 84 8638 8333 8533 83 8518 8434 88
Esti debt 5.54s int ctfs 1958 8838 90 8612 8858 8534 87
85 8712 8514 8812
9214 9012 9213 88 9012 8812 92
Oslo Gas &El esti 8 I g 5s_1963 9218 934 9218 9234 91
88 92
86 88 8634 88
90 94
85 90 8718 88
Otis Steel 1st m 6s ser A_ —1941 100 103 100 10312 1003410112 100 101 100 101 100 10114 03034 10212 10018103 101 102 100 10212 9918 10158 100 10113
Pacific G & E gen &ref 58_1942 10118 10212 10018 10178 99 101 100 10214 9914 1011/ 9912 10012 9912 10118 997 101
9912 101
9914 102
99 10034 10018 10314
Pacific Pow & Lt Isr& ref 5s'30 9914 100 9914 10014 9814 10012 98%1004 9812 9958 9713 9938 99 100
9714 100 984 100 100 10034
99 10012 9734 100
Pacific Tel & Tel 1st 5s.__ _1937 10214 1034 1021810234 1001110258 100 10238 101 10254 9934 10112 100 10134 9912 10134 100 10158 10018 10158 10034 1034 10133 103
1952 1941810518 10418 10514 10114 10434 10112 10414 10134 104 1017s 103 10214 103 101 10278 10118 102 10118 103 10078 1038* 10258 10434
Ref m 5s, series A
Pan-Am Pet & T cony s f 6s 1934 104 106 10211104
0212 10513 10414 10958 1061210812 1061210812 10634 11014 106 1094 107 11014 101 10712 10112 105 103 10458
1930 1025310434 1041210434 1045810434 10412 105 10412 10484 10412 10434 10412 10478 0312 10412 10434 10434 10412 10412 10412 105 10412 10514
1st lien 75
92 9512 95 9734 9312 9814
Pan-Am Pet (of Cal) cony 68'40 9512 971g 95 97
9234 96
9234 98
93 97
93 9438 9312 9712 9312 9812 9234 96
Paramount-Bway 1st 5;0.1951 10118 10912 1001210212 101 103 101 10214 100 10214 977, 10014 97i2 997 9813 100
9712 10013 9718 110
97 9912 997 10212
99
994
100i4
10034
10012 9812 997 9658 9914 97 9812 9634 98% 97 9912 97 9913 9112 99
9914
ST68_1947
Para-Famous Lasky
93 9834 9413 100
8312 88
91
92
Park-Lexing 1st lease 6Hs-1953 9438 9513 91
928 90 9212 8912 90 8513 8512 82 8914 82 90 8212 86
74 8312 70 77
Parmelee Trans cony 6s
83 86
79 84
_ _
Paterson & Passaic G& E 58'49 10312 10312 10412 105 102 102 1017s 102 10112 101-% 99121-06- _-- 100 10012 9912102 10034 10034
_
- __
_ _ __
Lathe Exchange deb 78193
—
78 8158 79 81
7 784 84
78 7934 75 8112 704 76
66C
4 4 -ii Ls -7112 48% 6814 4634 544 2918 5114
72- 663 -_1941
Cement
6s
A_
948* 9714 944 9714 91 9212 9158 9312 90 944 85 89% 825* 86
Penn-Dixie
60 76
70 83 64 74
7014 754
83 86
People's Gas & Coke 1st 6s 1943 11212 113 ----------------11112 113 111411212 110 111 110 11112 11014 11014 110 110 11014 111 113 113 11112 1114
Refunding g 5s
1947 1004 105% 10434 10512 104 105,4 10158 10412 101 10314 101 102 10114 10212 10014 10218 101 10214 10034 105 10114 10212 1014 104
Registered
____ ____ ____ ____ _-__ ____ ____ __-- 99 99 --------100 100

-fit; 754

------

Phlia Co ser 5s, series A-1967 9812 100 98 9933 964 9834 964100 96 99
9612 98
9612 98
96 9714 9534 9634 96 994 9512 9838 9714 99
1967 994 9938 9914 10012 98 100
Phila F.lec Co 1st 4348
9614 9914
9618 98
9818 9938 9712 99
96 9914 96 988 90 98
954 9714 9614 97
924 9312 924 94 88 9278 90 9138 8114 9034 81 89
Phila & Read C & I ref s f 5s'73 8978 93
8214 8518
85 877 8112 8612 8214 90 8478 91
-----------------------1949
i
Cony deb 6s w
100 101 100 10034 9114 10014 93 117 10612 118 10412 11712 90 11512 80 10214 90 98
Phillips Petro deb 511s. _ _1939 92 94
9058 9212 89 9134 8814 90 88 90 88 90 88 90 8613 91
90 9218 8912 91
85 92,2 9112 93
Pierce Arrow Mot Car deb 85'43 10618 10712 10612 10718 10618 107 106 10712 10614 10714 10658 109 10838 109% 10934 10934 10512 10512 ,-,- -,--- ---- --Pierce 011 Corp deb at 8s 1931 106 107 106 106 106 106 106 107 105141058* 10534 1064 1054 10534 10512 10512 1054 105,2 103 10512
103 103 103 103
----Pillsbury Fl Mills 20-yr 6s-1943 104 105 1034 105 102 105 10212 105 103 106 102 105 102 105 1024 10412 101 10312 10113 105 102 10358 103 10514
cony
78_
(Haw
A952
119 15412 13112 148 12512 1374 123 135 12812 138 12814 14412 144 153 143 143 136 140 12934 12934 10714 111 10714 109
Pirelli Co
944 9412 9412 95
Pocahontas Con coil 1st 5s 1957 944 0412 9412 95
9412 9434 9412 944 9412 9412 9412 9412 9412 9412 9413 9412 9412 9412 9413 9412
Pt Arthur Can & Dock 6s A '53 104 10534 10438 105 10438 10512 100 104 102 104 103 10412 10014 102 10112 103 101 103 102 10312 102 104 102 104
1st m 6s ser B
1953 103%105 105 1058 10441054 --------10113 10212 04 1044 --------10212 10212
- 10218 103 10114 1024 -------Portland Mee Pow 1st 6s B 1947 102 10314 10118 103 100 10214 1H 102
96 9834 95 98,2 ---- -_-971g 79
9812 101
s I01 99 10078 ------98%101
Portland Gen Elec 1st 58 -1935 100 102 --------100 100
98 9934 99 9938 9878 994 99 9912 9814 9912 9814 9814 9212 98
964 984 964 8812
96 9712 9612 9712 97 974 951 9712 953* 9678 9534 9714 964 9658 9634 98
96 97
Portland Ry 1st & ref 5s-1930 9612 99
96 963 98 10118
1942 984 9914 9812 99
9612 99
96 9858 9612 99
Port Ry L & P cony 5s
9634 9714 95 965* 964 9738
954 100
9613 9834 9718 975* 97 98
1st lien & ref 6s, ser B-1947 102 10212 101 10214 100 10112 100 10114 98 101
9612 994 9912 100
99 10014 97 975* 92 98
93 9712 9412 9534
1946 107 10718 10718 10713 107 1074 107 107 107 107 106 107 106 10638 105 10712 106 1004 104 10513 102 10438 9512 9712
1st & ref 7)4s, ser A
Porto Rican Amer Tab 63_1942 10012 102,2 101 107 100 10434 100 1014 99 101
89 96
90 9334 89 94 10458 10712
9412 97
97 99
9834 100
1953 933* 95
9134 9378 89 9213 894 942 92 948 9954 94
90 95
Postal Tel & Cable 55
91
893* 93 90 92
90 95
95
92 94
944 9714 9358 9811 95 97 8858 95 89 9214 8812 93 8812 92 83 88
80 8814 75 8214 934 95
Pressed Steel Car cony 58_1933 96 99
- 35 180
Prod & Ref 8s with warr--1931 -------- --------111 111 ------------------------------------ ----------------- 1
77 8234
11- 11ls 1411 34 10912 11034
Without warrants
. 21112 -------- -------------- -106 fiii
,-, 1-2 :;::; -.;::: iiii. fii7212 300 limn Cos.
Pub Serv Corp N J deb 4;40948 181'2208'4 185 205% 172 200 175 187 180 204 193 253 240 270 241 270
Pub Ser El & Gas 1st & ref 53'65 1034105 10314 10412 101 1035* 10112 10412 10114 10378 0114 10212 10112 103 10118 10318 10014 10312 10114 103 1004 1-03 1014 104
1967 99 99% 99 9934 972g 9955 971s 99
96 9814
9534 97
9613 9834
954 100
9618 97
1st & ref 4145
9618 9938 984 9734 96 97
70 76
5512 64
56 70
Punta Alegre Su con deb 78'27 86 88
77 80
84 8612 76 8312 76 80
76 80 75 78
75 7612 76 80
Pure Oils I 534% notes_ 1937 9912 10014 9934 904 97 9812 97 9812 9713 99
97 9812 9714 994 9714 9814 974 9912 96% 9914 9812 10014
9718 98
1948 94 95
91
9314 95
95 9634
933* 89% 9258 90 935/ 9018 9334 9034 9458 9018 918s 9078 9278 9014 95 8978 96
Purity Bakeries s f 5s
Remington Arms Ist 6sser A '37190 101
94 9612
9378 9534 9212 9434 9212 96
98 10012 9714 100
9714 99 9713 9934 95 9713 95 9713 95 97
88 9714 92 954
89 99
9312 9412 9314 9418 9114 94
Rem-Rand deb 5148, W. WA947 934 9518 94 95
96 98 9412 98
9114 9378 93 98
7
_ ioi_
_ 102 10312 102 10312
___ ____
Republic Brass 6s—Auly 1948
02381035* 101 10314 10278 10314 101 10258 101 10314 99 10258 101 102
Republic 1 & 35 f 5s
1618 10012102 10012 102 100%1004 10034 10078 10014 100% 100 10012 1003810212 100,2 10212 102 10212
-_102 103 101 10314
1940 .___Ref & gen 5345 ser A war 1953 1021210358 10112 103 101 103 101 104 100 102
9912 1004 10012 10212 10018 10312 102 10212 10112 103 101 103 100 10212
Rbeinelbe Union 78w warr1946 103 104 10278 10412 102 10334 100 10334 99 10112 101 108 10434 106
997 10512 100 10612 99 10112 89 997 984 100,2
96 9714 94 9614 93 95
91
964 747 9334 924 9612
Without stock purch war1946 9612 98
92 9434 9312 9678 9512 9658 9534 98 914 96
9612 100 100 10312
97 99
Rhine-Main-Danube 7s ser A'50 100 10212 10034 10234 100 1021s 9712 10212 10078 102,4 100t8 10313 100 10134 9978 10112 98 100
Rhine-Westphalia El Pow 78'50 101 102 100 10134 100 10078 100 10112 100 10113 100 102 100 102 100 1018 100 10034 100 101
9913 101 100 10214
1952 915 937 874 9278 8712 92 87 90 88 8912 89 9214 87 9078 87 8935 8512 8812 85 91
71 89 85 8911
Direct nage g 6s
8312 917 86 9114 85 92
9012 9334 90 92 90 4 94
9114 93 90% 93 90 93
Cons mtge 68 ctfs w 1-1953 944 9838 924 944 90 95
86 8712 834 85
Without warrants
8612 8712 85 86 8512 87
1
1
9718 9934
Richfield Oil of Calif 6s_ __1944 -------------------------------- -------- ------------ 9984 10212 9912 102
9534 10012
34 914 934 94
96
i34
1955 91
9613 9812 91 94
4 9334 9112 9334 91 9112 91 9214 92 9334 89 92
Rime Steel 1st 8 178
Rochester Gen & El Is ser B'46 10838110 10812 10978 10712 109 107 108 10578 10834 105 107 106 10814 10434 108 10578 108 10612 1094 106 108 10614 108
1948 108 10614 10618 10814 106 907 10512 106 10514 10'554 10312 10434 104 10512 10434 10438 10355 105 10414 106 104 10578 103 105
Gen m 514s ser C
Gen mtge 4345 series D 1977 10015 1004 ---- --- 9918 9918 997s 9978 ---- ___ ____ __ ____ ____ --- ---- ---_—
-- ---- ---- ---- --- ____
_ ____ __ 90 -9-0 _ --- --- 90 -9412 9518 -97
_
-95
Rods & Pitts C & 1 pur in 58'46 -------- ------------------------95
98 9814 114 9534 9434 96 -3-g12 W8; "941.4 1458 9313 94 9358 9412 9312 -9412 94 95 94 9412
9534 96
St Jos Ry L H & P 1st 5s_ _1937 9558 96
99 99
StiosStockYdslst434i_.l930 99 99
iiii -7-4:3
; 6-678 704 11./34 Ili a lifi iL "ii iiiTs 6712 6113 6413 6112 6212 56 lii iiii 12
75 76
St L R Mtn &P lst 55 stpd_1955 75 77
92 02
St Paul City Ry Cable 5s.,..1937 92 92 ----------------92 94 -------_.
-_,- :7z= --- ---- ---- ---- _-:-- 8973 90 .7z=7 .r-San Anton Pub Sere 6s ger A'52 1031s 10434 10334 105 1014 105 10213 106 105 10713 03 10412 1554 fo5 162.4 fix 10112 10334 997 1-04 102 1038 10313 1-074
9812 10018 9612 99% 96 99
9212 971 9212 95
9212 984 90 96
9312 98,4 9512 984 954 98
92 9633
Saxon Pub Wks(Ger'y) 78_1945 984 100
91
934 8712 9113 884 92 8914 9212 88
8413 90
9134 835* 88
1951 934 9434 923* 9413 92 93
84% 90
7912 88
Gen ref guarA Ms
82 80 8014 7158 8012 65 754 50 69
90
99
3
4
92
80
903410038
100
101
100
100
3
4
I946
83
95
;4_
guar
s
f
6
81
8378 89
Schulco Co
50 66
80 82 80 80,8 70 80,4 65 70
9914 1004 9814 10012 90 9858 85 9312 804 87
1940 100 101
Guar 5 I6.14s B
80 82
9413 9634 95 9634 9488 9634 9512 9634 9512 97
96 9712 9612 9734 97 10014 94 9812 94 9634
Sharon Steel Hoop 1st 5128 1948 967 974 9612 97
9218 9614
9118 94
95 9612 94 9514 9333 954 9334 9538 9312 9484 9134 95
92 93% 91 94 91 94
Shell Pipe Lines s f deb 55.1952 95 97
94 97
9112 95
9214 9615 9212 95
94 97
9412 98
95 9738 94 967, 94 98
Shell Union Oils f deb 58_1934 9613 988 964 9758 94 97
85 8912 8518 8911 8312 88 85 90 8638 90 86,
85 934 8912 91
4 8834 864 874 8334 07
Shlnyetim El Pow 1st 6148_1952 9014 9112 90 94
8214 8912 7734 8,5
82 87
47 54
6258 7914 8813 75 65 7512 5212 62
6218 79
75 83
Shubert Th deb 6s_June 15'42 89 9113 83 89
9912 10312
98 100
Siemens & Halske at 78_ _ _1935 102 105 102 102'z 100 10378 9912 102 101410238 101 10234 100 10314 102 10312 101 103 101 103
1951 10612 108 102 10712 10212 10412 103 10434 1001210334 0212 10534 10514 10658 10312 10814 102 105 100 1043s 100 10214 100% 102,8
Deb s f 6348
_ _ _ _ ___ ___ _ _ _ _
_ ____ ____ __ _ _ __ _ _ _ _ _ _
_
S 1634.allot ctf 50% pd_195I 0334 106 101 105 102 103 103 104 ____ _ __
9658 988 9714 9918 98 99
97 9812 9834 9934
9414 9518 94 97
95 98
99 101
Sierra & S F Power 1st 5s_1949 004 101
kis 614

aii. -ciii

77 85 80 88
70 83
Silesia Elec Corp 8 f 6;48_1946 88 88 87 884 85 87 8314 85 834 8328 8334 8414 854 8518 82 8614 7912 81
94 9614 9034 944 8913 91
9614 974 9618 97 9618 97
97 98
90 94
957 97
Silesian-Am Corp coil It 78 1941 98 99 97% 99
953 97
9912 100 100 100 100 100 ____ ____ ____ ____
99 100 --------99 9912 --------99
Simms Petrol 6% notes_ _ _1929 100 100
9912 9912 100
_
9613 101% 984 1015* 10014 10212
3 1011 103 101 10318 101 102 10034 102 101 10215 101 102
Sinclair Cons Oil 1st 7s ser A'37 10134 103 102 10312 10112 1034
9812 100
98 9914 9811 9912 984 100
98 9913 98 9834 9812 99% 98 9933 9912 10012
lit lien coil 68 ser D_ _ _1930 9834 100
9914 9934 9812 100
96 9938 9878 10034
9834 9914 96 100
981* 1014 99 100
97% 100
1st lien coil 634s ser B_ _1938 10053 10134 100 10138 9878 10013 99 101
99 100
914 97
96
964 9712
Sinclair Cr Oil Purch 510 A'38 9613 9734 9534 9714 948 9758 9512 9712 Mt 9712 9312 9512 9412 984 944 9818 9234 9512 91
94 95
92 9373 92,8 9314 894 9312 9113 95
93 9434 934 94% 93 944 93 94
Sinclair Pipe Line 8 f 55_1942 93 9478 934 95 93 94
8913 9012 88 91
84% 92
9218 95
Skelly Oil deb 6345
1939 92 9334 92 9318 92 9312 9238 9518 9318 9412 9214 947 91
93 90 91
Smith (A 0)Corp 1st 63.48_1933 102 10213 102 10258 10112 102,2 9978 10112 10012 10112 101 10112 1014 10238 101 10212 10114 10212 10114 104 10034 10112 101 102
Solvay Am Invest 5s
924 92 9512
_ --- -- --- --- --- 91
_
- — _ — - ---- --- — - ____ -__ ____ -_ __
____ ___ __
1942___
10313 10414 19.414 10512
111012 111014
105 10814 101 10558 1044 105 10434 105
105% 106 105,2 106 1061
4 102 4
- __- 10312 1053South Porto Rico sug •f 75'41 1054 107
South Bell T & That if 52_1941 1034 10414 10234 1034 102 103 101 10284 10118 10212 10014 10134 9978 10112 100 102 10058 102 100 10112 10012 10134 10114 10418
_
____ ____ 100 101 10014 10114 101 10235
When issued
- -- 100 10134 10058 10312 10013 10214 10134 10412
Southern Colo Pow lit 6s A.'47 1034 10412 102 10312 1014 10278 10111 10212 100 103 100 WY 1014 103 101 102
Southsv Bell Tel lit & ref 58'54 10334 105 10418 10514 10112 10411 1017s 10334 101 10314 101 101 10112 103 10112 10214 10118 102% 1014 104 101 10314 10212 104




JAN. 4 1930.]

FINANCIAL CH_RONICLE

77

1929—Concluded.
BONDS

January February
March
April
May
June
August September
July
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Spring Valley Water 1st g 5s'48 ---------------9712 9712 9878 100
is 112 92 114 9978 10058 9812 102
Standard Milling 1st at 58_1930
1945 103 104 102 10234 10258 105 100 102
tot & ref 5 Ms
Stand 0of NJ deb 5s-Dec 15'46 102 10338 10114 1027 101 103 10034 10234
Stand Oil of NY deb 410_1951 96
98
9512 9834 9534 9612 9538 968
Stevens Hotel 1st 6s set A_1945 9834 100
977 9934 9612 9834 973 9812
Sugar Est Oriente 1st a f 78'42 9434 98
90 93 91
90 96
93

9734 971 97 98
9612 97
98 9912 98 1001, 9814 100
983 10214 9534 101
9958 101
10014 10212 10014 1015 100 10112
94 97
1
4 9818
9412 957 94/
95 98
95 9712 9412 9612
80 92 65 80
78 78

98 10112 98 98 ---9734 98% 98
9812 100
9834 100% 102 10214 101
10034 102 100 10114 100
93 95 9212 94 93
9312 9834 8934 9458 90
77
71 76
71
71

--- ---- -- ---9951-611-0234 988 1-00
10212 10112 103 10212 104
102 10012 102 10012 10314
97,4 9212 9612 96 977
9312 861 90 88 90
75
49 5614
58 75

Syracuse Ltg Co 1846 5_1951 105 106 1053 10534 10512 107 10412 1055 10414 10412 10312 10412 103 103 102 102 102 102 103
10312 103 103 103 1004
Tenn CI & RR gen 55
1951 10133 10314 10218 10312 102 10214 10134 103 10212 102% 102 102
_ 102 10512 10014 10014 100 100 10018 10214 10218 102%
Tenn Copp & Chem deb 6s 1941 104 114 106 113 10614 113 10434 115 10434 113 10458 10514 l5,-114 16- 634 1024 10514 10312 10533 --------88 98
96/
1
4 9912
6s
series
B.. _ _ _1944 ------------------------10038107 100 10612 10018 102 101 105 101%10412 10312 110
Cony deb
89 106
Tenn El Pow 1st & ref 62-1947 106 107 105% 107 105 07 10412 1057 10312 10512
10212 10458 10312 105 104 10534 10212 10414 102 10614 1021210578 10518 10612
Texas Corp cony deb 5s__ _1944 ____
_ ____
_
____
___ _ _ _
_ _ ___
__
_ ____ ___ ____
___ ___
__ 98 103
9812 102 101 10214
Third Ave 1st ref 4s
1960 6312 -el 60 -63-3-4 5818 -83% 58 -61-38 50 -58 -55‘ -ili15 5112 -571 53 -56
54
47 53% 4712 5258
51
5212 -5-8
Ad)inc 5s taxes N Y
1960 6114 6434 6012 6412 55 5212 4484 5714 38 4634 3912 4312 35 397 35 38
391 3212 35
35
22 3214 25 34
Third Ave RR 1st gold 53_1937 9814 9714 9515 iThir 9418 95 92 94
91
9412 90 DO
9112 92
91
9214 92 9233 91/
91
9214 9034 92
1
4 9414
Toho Elec Pow 1st 7s
1955 9814 9958 9814 9933 98 9934 96
98
96 9812 96 987 96 9714 9512 9638 9512 9912 9614 9812 97 9812 9818 100
6% gold notes___JulY 15 1929 987 9934 988 9934 9812 9934 9914 9934 9914 9938 9914
9514
1001j
96
997
8
101)
96%
----—
6% gold notes
96 9638 ----------------9534
96,4 963s 96 9634 --------95
'o967
-8 96% --974
Tokyo Elec Co1st ni 6s $ series.June 15 1953 8914 91
90 9112 8914 9114 8958 9012 881 9014 88 8934 8712 8938 86 89
85 8912 8534 8812 8633 8834
8614 89
Toledo Tr L & Pr 5M% nts 1930 9912 10012 9934 10012 9914 10012 9914 100
9834 9934 9833 9912 9812 9912 9838 991 99% 9938 98% 100
99
10012
99%10038
Transcontinental Oil610 with warrants
1938 100 104% 9734 10112 96 10014 97 100
9734 10234 9612 10034 97 100
97 10212 94 9838 98 99,2
9812 10434 100 104
Without warrants
---------------------------------------- -------- --------91 91
9212
--------87 87
92
87 89,4
Trenton Gas & Elec 1st 5s_1949 ---- --------------------10013 10012 ----------------98 98
99% 9912 10112 10112 10112
9833 9838 9858 9833
Truax-Traer Coal cony 634s .43 100 1312 9814 100
97 9912 96 9712 90 9634 61112 92
/
4 95
78 80
1
4 9214 9514 871
90 9212 92 94/
7512 80
Trumbull Steel 1st s f 6s....1940 10238 10318 10218 103 10218 10334 10112 103 101 10212 101 10234 101 10212 102 103 10112 1025 101% 10234 10118 10212 101%
103
Twenty-third St Ry imp 581962 ---- ----60 62
58 58 ----------------57 57 ------------------------497 497
_
39
39
Tyrol Hydro El Pr 1st 79s 1955 9812 9914 9834 9912 98 9912 97 98
9112 94 91 95 85 -62-12 90 92
2
9512 9858 9612 9812
Guar sec s f 78
1952 90 92
9214
90%
90 9212 89 91
8818 90 88 90
85 89
89 92 87% 90 87 9112 8612 91
85 87
Ujigawa Elec Pow a i 78_1945 98 9912 9834 100
98 100
95 9912 95 9912 96 97
9514 9833 9512 96% 9618 98% 9612 98% 96 9812 9612 99
Union Elec L &P(Mo) 1st 58'32 10038 1004 100 100% 100 100
9818 101
9914 9933 992 9978 98% 9934 99 9933 99 99% 97 9812 981
/
4 9912 99 10012
Ref & ext 58
1933 100% 101% 100% 10138 100 10114 9912 101
9812 904 9733 9933 98% 9912 9812 9912 98 100 97 98
9678 9912 9914 100,4
Union El 1,8c P (III) 1st 5 Ms'54 101 104 10138 10233 10018 10212 101 10214 10058 102 10018 10112 10038 101
1
4 10138103,4
10014 101 10018 10038 100 10112 10012 102/
Union El Ry (Chic) lst 5s_ _1945 85 8712 85 85,8 83 85
8312 85
83 83 81 81 --------------------------------------76 78
Union Oil Cal 1st Ilen s f 58 1931 ----------------10112 10133 98 10112 10114 10114 10114 10114 ____
- 9934 993
_ -4 96%10018 9634 100% 98 98%
30-yr 6s, set A
May 1942 108% 10912 1087 109 1087 109 10638 108 105 10612 10438 1067s 106 107
10514 106 105 1053
- 4 105 106% 104 10618 106 10753
1st lien a f 5s, ser C
1935 9818 10158 98 99
97 9912 971
/
4 9814 94 9934 95 96
9533 9712 96 9633 96% 99
904 97
96 908 98 9934
Unit Biscuit of Amer deb 68'42 98 99% 99% 100
9818 10012 98 9912 957 99
9934 100
98 1004
96 100
9618 9814 957 98
95 99
9412 98
United Drug—
Trust rcts for 25-yr 58-1953 9612 9714 9434 9638 9412 96
9411 9833 9433 9612 9212 95 92 95
92 87% 9634 87 9512 9312 9614
91
90 93
United Rye St L 1st 6 _ _1934 82 84
1
84 841 83% 84 4 83 8314 8212 83
8012 8133 7934 81
7814 7912 76 78
70 7512 69 71% 6934 74
United Steamship 15-yr
4s68 1937 9778 100
9812 99
97 99
98% 9934 9812 100
9652 9912 97% 99
90 987k 9618 98
9412 97
95 9734 ma 99
Un Steel Works6s A without
warrants
1951 89 9012 8718 90
84 8758 84 8612 85/
1
4 88
8618 8934 8412 8712 8212 87 80% 85 8058 8634 7912 84/
1
4 85 89
With stock purch warrants.. 89 9034 8712 92
8433 8812 84 87 8514 87
86 8933 __
____
— - --_
----- ---- -- --- - Series C without warrants__ 88 8934 8712 893 85% 872 83 88
8614 88
8412 89 85% -8638212 -8318 83 8-74 8112 -85
81 -84 80 -86
With stk purch warrants_ 88 9014 89/
8518 8713 8514 8812 8434 88% _--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---1
4 895 86 86
Unit St Wks of Burbach-Esch
Dudelange 7s
1951 103 105 104 10514 10412 108 10314 10815 103 10518 10212 1045 10358 10434 10018 1048 10114 10212 10112 10312 10112 10312 103 10434
US Rubber 1st & ref 5s ser A'47 8912 9234 90 9234 88 911 89,2 911 8814 9112 88 89 8712 90
8512 89% 85 87
8312 90 80% 86
80 88
10-yr sec 7M% notes_.
_ ...1930
1930 10112 102% 10058 102's 10014 10l'z 100 101 100 101 10014 101 100%101 100 101
9912 10034 9612 10038 977 100% 997g 10058
US Steel Corps f e 5e_Apr
- 1963 107 109,2 10714 1091 107% 109 10734 109 10814 10834 10812 109 10834 10912 10938 109% 10914 10934 10958 109% ---- ---- ---- -Registered
10718 107's 10634 107/
1
4 10712 10712 10712 108 108 109 108 108 109 109 10834 10834 --- -- ,
-, _,-Universal Pipe & Rad deb 68'36 8914 90
8534 891 8634 863 871
/
4 8734 85 8512 8412 85% 7914 86
78% 8012 7614 7814 6934 7534 66% -604 5834 -65
Unterelbe Power & Ltg 6s_1953 --------------------------------89 91
85 90
85 88
77 80 80 85
77 82
77 85
83 89
7
Utah Li & Tr 1st & ref 58_1944 9412 9612 9278 9514 9238 93% 925 98
89 93
8912 9158 8912 9212 8912 93/
1
4 90 92 89/
1
4 94,8 951210038 93 9434
Utah Pow & Lt lot 5s
1
4 99 100
973 100
1944 997 100
9958 100/
97 9912 9518 97 961
97 99% 96 98 95 10012 --------9858 101
/
4 100
Utica El L & Pr 1st s f g 58_1950- ---- 104 10434 --------1025310238 10234 10234 10258 102% 103 103 --------102 103 103 103
Utica Gas & El ref & est 5s 1957 10434 10878 10658 107 1061
/
4 106% 106 106%108 10618 103 106 10512 10512 102 102 102 10212 10112 103 100 1-02 10212 104/
1
4
Utilities Pr & Lt deb g 5148 1947 9314 98
95 9738 92% 9514 9138 93
90 92/
1
4 90 91
8912 93 8978 93 89 9012 87 9012 8653 897s 8612 8978
Vertientes sugar 1st a f 78-1942 94 9738 91
91
9278 82 92
9018 93
94
66 82
70% 7512 59 751s 56 65
80 81% 72 8012 74 79
Victor Fuel 1st a 1 5s
37 38% 3812 38's 3434 3534 31% 31% 28 30
1953 3478 3534 3612 40
30 3012 2518 3012 2018 26
2018 30
30 30
Va Iron Coal & Coke 1st g 58'49 811
/
4 82
74
8112 8112 74 74
74
70 741 71
721s 69 69 69 69
69 70 687s 6914 8914 69/
1
4 69/
1
4 70
Virginia Ry & Pow let 5s1934 9914 10012 99 100- 9712 10012 98 99
991419033 98%100% 99 101
98% 99/
1
4 99/
1
4 100
9814 101
99 101
9958 10011
Walworth Co deb 6 Ms w war'35 91
95
9612 103
95 99
96 10012 92% 9934 8712 100
9712 101
9734 101
9753104
86 104,2 85% 99
89 96
Without warrants
--— ----- 85 85 85 8712 85 8634 8478 8638 8434 92 85 86
86 87
late f 6s series A
1945 90 91
91 92% 88 93 -89 -MI
8512 -90
88 89
85 901 85 8812
8378 95
8714 90 8634 90 83% 88
Warner Sugar Ref 1st a f 7s 1941 106 107 106 106 106 107 106 108 10534 107 1055 1061
/
4 102 10712 99 103
9578 102 101 10212 10118 102% 101 10258
Warner Sug Cor 1st & ref 7e'39 8353 85% 85 8514 84 85
75 80
7712 80
67 70
60 70 65 70 5938 83 6012 61% 50 60
5112 5812
Stamped
Warner-Quinlan deb 68_1939
-5ii2 991
/
4 95 9834 94 96
95 -9-7-12 51. -9i 53 -94-14 87 90
94 98
94 98
Wash Water Pow 1st ref 5s 1939 10212 10258 100 101 101 10112 101 10314 10114 102 10014 101
9914 991 9934 9934 98%10012 9812 9912 98 9934 100 1013
Westchester Ltg Se stpd gu '50 10438 10518 10438 10538 10253 105,8 10358 104 10111101's 101 101--------102 102 100%10312 10014 102 100%10314 103 103
West Penn Pow 1st 5s set A '46 10212 104 10212 103 1004 102% 10024 102 10012 10214 10012 10114
8 117s 10014 10112 9934 10134 100 105
9912 10138 101 10214
1st 5s, series E
1963 10334 105 10314 105 10178 104 10218 10312 10112 10318 10034 10134 10114 101% 100 10114 10014 101 101 105 100%10414 102% 105
1st 6 510, aeries F
1953 10434 105 104 10514 10312 10512 102 10512 101 105 10112 104 102%10414 10118 104% 10118 104 10234 104 102 104 10212 10414
1st sec 58 series G
1956 1031 10434 103 10434 10158 103 10134 1027s 10012 10214 100 10112 10034 10212 100 10153 100 10111 100 105 10018 1017e 10112 103
%Vest Va C & C 1st 6s
1
4 26 27
33 25 31/
1950 2978 3314 31
25 26
1314 2378 18 22
15
1114 14
23 29
18
1318 18
2038 22
West Elec 20-yr deb 5s_ —1944 102 10312 102 10334 10134 10312 10112 10312 10058 10312 10118 103 10058 103 10078 10212 10012 102 100 10212 10034 10312 10212 105
West Union Teleg col tr-5s 1938 10258 10412 10212 10434 10214 10311 100 10312 10014 1025* 100 102 100 10214 100 102 100 10278 100%102% 10014 10314 100%10234
7
k
Fund & real eat 434. g 1950 98 9914 96 97
95 98
95% 98
96 98
957k 98
95 95'I 9512 99
97 98
9558 9812 9514 9614 96
97
15-year gold 6148
1936 10912 111 10812 109% 107 109 10714 10918 107 109 10714 10814 10714 108% 10612 10818 10612 10834 10518 10912 106 10878 107 110
25-year gold 58
991 109 10014 1017s 100 10214 100/
1951 10218 10338 10118 10234 1003s 102
/
4 100 102 10014 1027s 100 10312 101%102%
1
4 10214 9934 1021
W•house El & Mfg 211-yr g 5s'46 10414 106 10434 105
Westphalia tin El Pr 6e-1953 8712 go
4
-18 52
1
4 5212 14 ii 'ili Ws; 55 ifisi ia iils 7914 -ii ii 0
86 88/
- 1 iii -ii 7ii2 -Os ii -8-114
Wheeling Steel Corp 1st 534a'48 100 102 10034 10114 9912 102
98% 10012 98 9978 9812 10034 9958 mil 985810012 98 9912 981:1011: 997 10112 10058 102
1st & ref 4145 series B.--1953 --------------------------------86 8714 85 87
8412 864 85 87
8518 8612 85/
1
4 88 85/
1
4 87% 8638 8918
White Eag 0& Ref deb 534s'37
With stock purch warrants- 101 1057s 9978 10318 9914 102% 10112 1027 99 102
9910 10012 98 993 99 1011 10012 103
99 102
White Sew Mach 66(w war)1936 130 130 125 128 --------105 105 102 10512 --------98
55 -99 5516 i103
9935 9834 10018 100 100% 99 99
Without warrants
9814 98% 947 9912 9312 947k 84
97 99
94
80 1,5
83 8678 88
92
9212 86
81 86% 79 82 7412 81
Partic a I deb 6s
1940 9978 10012 99% 10012 9512 09
93 95
88 9412 89 88 87% 8878 85 90
8214 87
75 81
81
8212
80 87
WIckw Span St Corp let 7s 1935 4454 5012 48 50
42 4812 42 61
50 57
4e14 46% 42 49 411 49 40 4312 33 4133 30 35 27% 31
Ctfs dep Chase Net Ban k_ _ _ ---- --- ---- ---- ---- ---- ---- ---- ---- ---- 39% 4112 41% 5212 4038 47
40 43
34 41 ____ ____ 2518 30
Stamped
Spence St Co 7s Jan '35 -----------------------------------------------41o
8 4 i s N4Wickw
48 4814 --7s 4
43 50
2
is 91 42% 52 4i -,16 55f2 -4-i 52T2 -4-1- 25 -3-5- 5514 31
Ctfs deposit Chase Nat Bank ----------------------------------------4014 4112 4034 52
33 42
/
1
4 41,8 477 41% 45
28 32 25% 31
Stamped ____ ___ .... ____
__-- --- ---- ---- -_- - .,==- - - --_ 4114 4218 4512 4512 Willys-Oyerland let- a f-i-3;14 '33 101 1-0-2-5S 101 1-02 10118 1-0-2- 10112 102-1s 10012 1-02- 16II 10-1-1; 10018 101 100 10112
99 10011
101 10112 9912 10112 98 100
Wilson & Co lots f as ear A 41 10134 10312 101 103 100 10178 100/
1
4 102 100 102
9984 1007 9915 10014 98 100
9815 100
9712 10014 9675 98
9711 101
Winches Rep Arms let 734e '41 10712 108 10734 108 10712 107% 107 1073* 10612 10714 10612 107 1061 107
106,2 107% 1061
/
4 107 10612 107 10412 10612 9011 106
Younget Sh & Tube 1st 5a_1978 100 101 100 10034 904 10078 9934 1007a 99,2 100% 9912 1001 9941001
4
9914 10012 9938 1001
/
4 99/
1
4 101
9912 101 19012 102

Chatham Phenix National Bank & Trust Co.—Estimates January Dividend and Interest Payments at
Record Total of Probable $1,250,000,000.
Dividend and interest disbursements during the current
month may aggregate $1,250,000,000, according to the
Chatham Phenix National Bank and Trust Co.in its monthly
"Outline of Business," just issued. The bank points out that
during the past year interest and dividend disbursements
totaled $6,929,000,000, which was more than in any previous
year in the history of tile nation's business. Since January
disbursements are being made largely from profits of 1929,
a measure of the industrial and commercial prosperity of
the past year is indicated by the total of payments for the
13 months which amounts to at least $7,929,000,000, says
the bank, which adds that this figure stands for wealth "in




a degree never before created in a similar fashion in any
country of the world."
The bank states that there is at the present time a total of
more than $28,000,000,000 to the credit of depositors in
savings accounts in the banks and trust companies of the
country, and that approximately $12,650,000,000 income
for agriculture in the current crop year is estimated. It
further points to the fact that during the 11 months ended
with November, total purchase of life insurance broke all previous records when they amounted to $11,650,000,000. January dividend and interest payments are expected to
strengthen the nation's purchasing power in a large way,
according to the review, which also points out that commercial failures have been fewer than were anticipated.
The prediction is made that 1930 will undoubtedly run
below 1929 in volume of business, but that the year should
equal that of 1928 "which would be quite satisfactory."

78

FINANCIAL CFIRONTCLE

[Vol,. 130.

DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT N. Y. STOCK EXCHANGE IN 1929.
BONDS

January February
March
April
May
June
July
August September
November December
October
Low High Low High Low High Low High Low High Low High Low High Low Nigh Low High Low High Low High Low High

FOREIGN GOVT SECURS. S.
•
1947 8712 9012 87 8912 9412 89 84 8512 8112 85
Agric Mtg Bank s f 6s
79% 82
80 8414 7712 84
73 7612 73 7678 65 73
Sinking fund 6s_ _Apr 15 1948 88 90 8614 89 8412 87
8212 85
80 82
84 86
7914 81
74 80
73% 7612 73 7634 65 73
1963 88 8912 8718 885s 86 881s 8512 8712 8412 8712 8512 89
Akershus (Dept) 5s
8658 88
84 87
8414 8414 8418 8658 80 8734
Antionuia (Dept) col 7s A_1945 94% 9634 9212 94
9212 90 9318 854 91
92% 91
9114 9378 9134 9314 91
84 87
69 8112
82 87
1945 93,8 94% 9212 9378 91
9212 91
External s f 78 ser B
91
92
9378 9112 93
89 92
8614 9018 8312 87
82 8711 6912 01
Esti s f 7s ser C
1945 9212 9578 9212 94
92 9212 90 9214 86
92 92
9112 93
9112 93
9214 84 86
81
8712 69 81
Esti s f 78 series D
1945 93 9414 9134 937s 91
9012 924 89 91
91
93
93
9512 91
86 8912 84 8534 81
8612 72 844
Esti 7s 1st series
1957 91
89 90
90 91
88 93
90 92
95
9314 91
8618 8912 85 87
85 8712 80 86
69 79
2d series trust rcts
86% 96
9278 90 94
89 89% 89% 91
8914 92
91
8618 88
85 8712 85 86
80 8418 65
79
Esti s f Is 3rd series
1957 9118 93
91
93 8812 9212 8734 9012 89,4 91,4 8914 92
8612 8914 85 85
83 86
82 8512 6934 81
9212
Antwerp (City) esti loan 5s '58
9012
90 93 86 9178 8978 92
914 92
9018 93
9012 924 89 92
Argentine Govt Pub Wks 6s '60 995$ 1007 -553
10013 9812 100,4 9814 100 984 9934 984 100 9918 10014 98,4 9934 9758 10014 95 9834
.4 110.
1;
Argentine Nation, Govt of1959 .9958 10118 9914 10034 98 10012 98% 10018 9838 100
S f 6s of June 1925
9812 9934 99 100
98 9934 97 9978 95
9914 100
99
1959 99% 10034 9934 10058 9818 10012 9814 100
9814 100
Esti s f 6s of Oct 1925
9838 9912 99 100
98 100
99 100
97 9934 954 99
1957 9934 101
S f g 6s series A
9812 1005s 99 10034 99 10012 99 10014 9918 1001g 99 10034 98 100
9934 101
974 10012 95 99,4
Esti $ f 6s series B
1958 99% 10034 9934 10034 9812 10033
9834 9934 99 100
9812 100
100
9918 1004 9734 100
97 9914 94% 99,4
Esti $ f 6s of May 1926_ 1960 9953 10034 9978 10034 9812 10034 984 10058 9814 10038 9834 100
9918 10058 981g 100
99 100
97 10018 95
99
Esti s f 6s (State Ry)_ __ _1960 99%10034 9934 10034 98 10012 9814 100
984 100 98% 9934 99 10012 9914 1004 9814 10034 97
9912 95 0918
Esti 6s San Wks(Feb'27)_ 1961 9934 10078 9934 10034 98 101
9812 9934 99 10018 99 10018 98 9978 97 9934 9434 09
98-58100
98 100
Pub Wks eat'6s(May '27)1961 9912 10034 9978 10014 98 10014 98 100
9834 9912 99 100
9814 100
9918 100,4 98 9912 97 9978 95 9914
Pub Wks Esti 514s
94% 96
9514 96
9673 95 9634 945s 96
1962 9434 97,4 90
92 9538 9012 9712
9134 94
9312 9538 9234 95
Argentine (Republic)8914 9214 9012 9214 907g 9212 90 9414 80% 91
1945 91
Intl 5s of 1909
8914 9012 89% 9014
91% 9112 9214 90 9134 894 91
92% 9514 93% 9512 9118 9512 924 95
9412 96
Australia 5s
July 15 1955 95% 97
9134 05
91
95
9412 9514 9334 95
90 94
Esti 5s of 1927___June 1957 9514 9612 94 9512 9234 95
93 9558 91% 9512 93% 95
9134 95
94
88 9314
9534 94 9512 9012 95
1956 8712 88,4 87 8712 8412 8712 8512 87
85 86% 8514 8658 86 8712 85 8738 85 8612 8118 86
Esti s f 414s of 1928
82 8534
1943 10218 103 10114 103 102 10312 102 10312 10214 10312 10218 1044 10218 105 102 104 10112 103 10014 10212 10114 104
Austrian (Govt) $ f 7s

sn

9014 92
92 96
Bavaria (Free State) 614s_1945 95 9612 9412 9614 9312 94% 9158 95
90 0212 9112 9478 90 9312
93 9638 9012 95
Belgium (Kingd of) esti 714s'45 11412 11512 11438 11558 1124 114% 11334 115 11334 115 11312 11514 11412 11512 11458 115 114-58115 11414 11518 11458116
1941 108 110 10934 110 108 10912 10812 10912 10712 109 10734 10912 10512 10914 108 10912 10858 10912 10734 110 107 11012
20-year s f 8s
25-year external 614s_ _ _ _1949 10512 107 10514 107 10218 10534 10234 l04% 104 105% 104 10512 16438 10534 10434 106 10338 105 104 106 10312 10534
1955 100 10978 100 10012 98 100,4 9734 100,4 9918 10014 9911 1004 9934 101 100 10118 9914 10012 9038 101% 9912 101
External s f 6s
1955 10734 108% 107%109 107 10852 10634 107% 10714 108 10714 108 10712 1081g 10738 108 107 108 10634 10778 10634 108
External s f 7s
Stabilization loan 7s_ __ _1956 10534 1064 10512 10612 10412 1054 10418 105% 10412 106 10518 1054 10514 10612 10512 10612 105121061,, 105 10614 105 106%
Bergen, City of (Norway)
1945 110 11212 11058112 10938 11112 110% 11112 109 111 110 11012 110 111 110 111 110 111 110 11034 1104 11012
Sinking fund 8$
1949 100 101 100 101
99
984 10012 99 10014 97
9912 100
9238 10012
25-year s f 6s
9612 100
98 10012 96410012 9612 100
8712 9612
9312 96
94 98
95 97
89 93 93 09
9512 98
9612 99
9314 9738 9112 94
Berlin (Germany) 6Ms_ _ _1950 9734 99
1958 9012 92
8578 90
8712 91
8012 8911
85 9
8734 9034 8712 8978 8334 89
89 92
90 91
External s f 65
8112 87
9112 9814
98 100,4 9912 104
Bogota (City) esti $ f 8a _..1945 10212 104 10112 10312 10112 104 10112 104 101 103 100 10278 101 104 08 101
I947 102 104 10018 10234 10018 10214 10014 10314 100% 103 100 101
9914 100,4 9312 10012 87 97
98 100
Bolivia (Rep of) era 8s_
9912 101
1958 9012 95
70 8114
87 9012 85 8834 85 8712 8334 87
8812 91
8712 92
81 8412 79 84
88 94
Ertl sec 7s temp
1969
6434 774
87 8934 87 90,4 8412 89
8412 87
87 92
Esti $ I 7s
8412 8714 80 86% 80 8278 74% 81
99 10014 99'2 100% 9812 101,4
9814 10034 984 10012 9834 10014 9912 10014 9912 10014 9934 101
Bordeaux (City of) 15-yr 6s 1934 9918 10012 100 101
1941 10534 109 10612 109 106 10838 106 10812 105 10814 105 10612 10514 10658 105 10612 105 106 105 10512 8518 10514
Brazil (U S of) esti 8s
1957 9418 964 9434 9612 91
65 88
92 95,4 9034 9314 9014 92
96
Rafts f6Ms of 1926
88 9112 8638 8878 80 88
9012 92
1957 94 96
79 88,8 70 88
95
9658 92 95,4 92 95,4 9078 9314 9034 9214 9012 9112 8812 9112 8612 89
Ertl $ f 614s of 1927
1952 100 102 100 10012 96 10014 9558 10018 94 9712 9434 98
85 95% 74 9114
Cent Ry 30-year Is
9412 96
9753 9934 94% 100
S f 73-ft (coffee secured)
1952 10512 10512 10512 10758 105 10712 1064 10618 10512 107 10134 10512 104 10512 104 106 104 10512 10234 10512 97 10278
loan of 1922
9934 10012 9934 100
99% 100% 99,4 100,2 99 10034
9934 10034 100 10112 9934 101
Bremen (State) external 7s 1935 10114 10212 100 10138 9912 101
1957 914 93
8414 88
91
9214 90 9312 8518 9234 8614 8934 8934 9112 884 90 90 9118 86 01
9018 92
Brisbane (City) a f 55
1958
89% 9112 84 9012 84 89
9012 9178 90 9112 89 9134 8958 93
86 90 8814 89% 86 90
1,7S f gold 5s
8312 8014 81,2 79 8114 7912 8012 7614 80
7712 8112 774 7918 7514 78
Budapest (City) esti $ f 6s.1962 81
70 75% 70 7534 70 7712
95 9978 95 10034
9934 10134 99 100 100 102 100 10114 100 101
Buenos Aires (City) esti 6 M s'55 10014 10112 10012 102 100 10278 9913 102
1960 9912 100,8 964 100
96 994 9418 9912 954 97
9734 100
Esti s I 6s ser C-2
9814 10018 9414 9712 96 9712 95 9012
96 98
1960 9912 100
96 9658
9838 9914 9834 99,4 9612 9734 94 99% 96 97
Exti s f 6s ser C-3
9612 98,2 98 9934 9614 9612 984 97
Buenos Aires (Province)1961 9212 9334 9278 9334 92 9334 9138 9212 9112 9234 92 94
8212 90
8812 01
Ref esti s f 6s
9134 9312 9058 9212 89% 92
7412 7612 74 80
7212 75
75% 78
Bulgaria (Kingd) $ f 7s_ _ _ _1967 88 90 88 8812 85 8634 8178 8412 80 8212 80 84
80 83
8412 87% 83 8512 78 8634 75 85
8518 8778 8512 89
Stabiliz'n s f 714s Nov 15 1968 97 9714 8834 9718 861s 8912 8634 88
87 90

65
63
87
72
75
7314
72
68
68
67%
0058
92

7312
7978
91
8118
8512
81
844
7918
80
80
04

007s

90 9912
924 9910
9214 100
0012 9934
00% 9912
90 9912
90 9934
9078 9912
88 9512
85 9012
9158 9414
94
91
8112 87
0234 1044
9012 9512
15 11638
0812 11112
05 106

0014 10112
0734 11112
0534 10712

10 111
99 10114
0118 9718
8478 91
95 9838
90 9614
72 834
7018 83
0112 10318
92 10138
7178 84
7112 8212
8512 91
9912 10112
97 101
86 90
88 8912
72 78
96 10112
95 98
9478 984
8318 9012
73 77
8212 8514

Caldas,Dept of(Colombia)
9712 9912 96% 98
1946 98 101
87 90
9312 97
9414 9718 9312 97
80 86
76 88
8912 9458 8718 91
73-s
94 97
9812 100
9812 10012 98% 101
99% 100% 9834 100
Canada, Dominion of, 5s_ _1931 100 10158 9958 10012 9912 10114 9934 101
00 10212
99 101 1004 101
1929 100 10038 9934 10018 9918 100
9914 10014 9938 9978 9958 99% 9958 101
10-year 514s
1952 103 10514 10334 10534 10234 105 10134 104 10212 104 10058 10318 9934 102 ioiEs
02 10334
.16112 16-31-2 ioois 1025; 100 103
30-year gold 5s
1936 9814 995s 98
9734 09
9553 98
96% 9812 9514 97
9918 97 9814 97 9778 9758 9818 9714 9778 96 974 9634 98
414s
Carlsbad (City of) s f 8s_ _ _1954 106 10712 10614 10712 104%107 106 107 10418 107 10312 10414 10318 104 10334 10412 103 10412 104 10412 9834 10212 03 101
8938 96
9712 9818 95% 98
813 90
76 85
Cauca Vol (Dept) Colom 715s'46 10014 102 99 10112 9712 100 9714 9938 9758 9934 97 99
9712 99
Cent Agric Bank (Germany)
90 9434 92 95
92 96
9312 96
924 9612 9234 99
97 9834 9512 971 9378 99
1st lien s f Is farm loan _ _1950 96 99
9518 9634 9234 97
1st 65 farm loanJ&J 15 1960_ 86 8838 8514 88 83 86
70 8012 7512 8112
8312 8512 7812 844 8212 8414 82 8514 77 8234 77 8012 7634 83
lot ctf
76 81%
7512 83
70 81
83 8614 8212 8478 79 84
A&O 15 1960 8612 88
8214 86
85 87
lot cif w I
8112 85 772 8234 7612 80
102
8612
63
14
2
8
85 8858 80 88
8412 864 8512 87
Farm loan 6s series A_ _ _1938 8834 9034 8812 9012 8618 90 8638 90 85 883s 8712 92% 8412 89
98
Chile (Rep) 20-yr esti $ f Is 1942 100 103 10158 103 10018 1021 10018 101% 100 10212 10014 102 100,4 102 100 10238 9934 10112 9934 10214 96 101
89 92
1960 9234 94
9158 931 9134 9358 9134 9212 91 9212 8812 9212 88 91% 84 9218 86 91
9212 9312 9112 94
External s f 6s
2
8858 9214
1961 9212 94
9134 93% 92 9312 9134 93
924 9414 9112 94
External s f 6s
9078 93 894 9238 88 9114 8734 9214 8614 00
1961 9234 94
9134 931 9134 9334 91% 93
9214 9338 91% 94
Ry external s f 6s
91 93 90 9212 894 9112 8812 9218 8618 90,4 8814 9214
8912 9314 8912 91
1961 93 94
8934 92
9214 93% 9214 9334 9134 9334 90 94
9134 94
9212 94
9112 94
Esti s f 68 lot ctfs
80 90
1962
9114 9212 90 9218 88 9114 8858 92
914 9314 9l'2 93
9158 94
Esti s f 6s
9534 99 9512 9614 9912 9714 9512 9714 944 964 9114 951 9034 9714 8312 93 92 9712
4 96 99
Chile Mtge Bk 614s June 30 '57 9634 li39212 95
30
1961
98
9914
9912
983
8
100
I926__June
97
9712
614s
of
98 9934 95,4 9914 9758 99,8 96% 98 9012 98
10078
S
9714 99,4
8718 011 8578 9012 8312 90
1961 9112 93
89 91% 89% 921 8912 93
9012 94
9212 9034 92
9014 94
Guar s I g 6s
91
22 2634
2912 37
37
35
35 40
37 391 35 3812 34 38
3912 4438 37 41
Chinese Gov Hukuang Ry 5s'51 35 39
35 39
00
2847223a8
1i 19
0
29967111534
8
9938 10112 198
9818 100
Christiania (Oslo) s f 6s_..1954 101 10112 9934 10012 9912 100% 99 997 99 100% 9814 100% 9814 100
9912 101,4 100 102
92 95
92 9414 9114 9312 87% 93 89 93% 9218 0618 90 934
Cologne (City) Ger 6 54 s_ _1950 95 97% 93 9578 9234 96
95
1 96
7712
7812 81,2 70 7814 6
85% 89,2 8412 874 8634 88 824 8834 82 8412 82 86
Colombia(Rep of)ext1 68 J&J'61 8834 91
7638 8314 77 80
62 7712 65 78
77 80
82 88
1961 88% 91
77 80
85% 8912 844 87% 8658 88
8158 84
Ertl s 1 6s of 1928
82 8634 76,4 83
7112 75
64 73
54 71
79 8414 79 83
83 8612 8058 84
Colombia Mtge Bk 61,5s _ _1947 8434 8812 8538 88
7512 8012 76 79
7914 82
71
76
881 78 83% 70 79
1946 89 9214 894 91
8812 93
8812 93,4 8814 91
8612 9112 84 8778 83 8512 81
S f 7s of 1926
78 833 59 7612 70 75
1947 8912 95,4 8812 95
82 90
91% 94,2 90 95
894 9314 8912 95
82 85
85 90
S f 7s of 1917
Copenhagen (City of)9414 97,4
91 951 9312 95
9412 96
1952 964 97
94 9614 94 96
9418 9512 93% 96
95 97
9412 96
95
94
External 5s
8814 91
1953 8712 8812 8734 89,8 8612 8814 8638 873 8512 88
8434 8614 84 851 84 89,4 8712 90
8514 88
8412 88
Gold 414s
941
90% 9614 8412 974 7612 9712
9312
_1957
93
963
98
957
s
944
97
9312
94%
96
943
51
7s_
9434 96
s 9634
9634
94 9614
Cordoba (City) exit
92 93 92 95 88 9414 8712 92
Nov 15 1937 9512 9612 9518 9678 94 95,2 9414 971 9418 961 94 95
93 94
934 95
Esti $ t 7s
9934 100% 0418 1001 9534 991 9634 98
93 97
Cordoba (Prov) Argon 7s_ A942 99% 10018 99% 100% 9518 10014 96 100% 99 9958 9838 10012 9918 101
8934 8612 9114
90 93 81
9112 93 90 92
9212 947s 9212 96
Costa Rica (Repub) esti 78 1951 95 95% 94 9514 9212 95,4 9212 95,4 9234 96
9912 1011 9734 102,2 100 100,8
99 10018 99 10012 994 100 10014 10212 10012 102
Cuba Rep of 5s of 1904_ _ _ _1944 0014 10112 101 10212 10018 10034 99% 101
1949 10112 10218 10134 10214 101 10234 100 100 10012 101 10012 10012 9734 100 101 101% 103 103 10212 103 10212 10212
Esti 5s of 1914 ser A
9512 973 9512 993 9634 97 -6iEs WI;
9612 99
1949 19614 9712 97 9714 9412 96,2 94 9612 9312 94
0312 94
9418 98
External 414s
1953 101% 10338 10258 104 10112 10312 100 10112 100 10212 9734 1011 10034 10314 10114 10212 10034 102 100 1021 994 101 100 10118
5Ms
30-yr s f
Cundinamarca (Dept), Colom
66 75
8218 8512 80 8478 80 827s 794 8112 74% 7914 72 781 6918 77
65 75
82 86
1959 8812 8914 85 88
Ertl $ I 6148
Czechoslovak (Rep) esti 8s 1951 109 111 109 11012 10914 110,2 10914 1105$ 10912 11014 10953110'! 10914 1101 109 109% 10834 1093 1064 1091 10712 111 10814 11012
Sinking fund 8s series B_I952 10958 111 108 11012 10918 11014 109 11012 10934 11014 10934 110 109 110 109 109% 10834 1097 10612 110 10712 110 108,4 109%
111
Danish Municipal 85 ser A..I946 10914 111 109 110 108% 10912 10918 10978 109'111034 10914 1103 10778 110 10812 110 10812 10912 10718 1097 107% 1091 109
1946 109 11011 10834 110 10712 10912 108%11012 10912 11012 10914 1093 107% 1091 108 110 10812 10922 108 1001 10734 1091 10912 11034
88 series B
Denmark (Kingdom of)
194 10418 10478 10314 10458 102 10414 10314 104 10318 10378 1034 1037 103 1031 10234 104% 10218 104 101% 1041 10218 1041 103 1(1458
20-year esti 6s
9914 10014 9938 10014 9912 10212 9834 1003 9912 10112
9914 100 9058 10012 984 10014 98% 1001 9918 100
1955 100 10134 9878 101
Ext1 gold 514s
874 901 90 02
8518 8612 8512 89
1962 8838 8978 88% 89% 8718 89 8614 88,4 8618 8812 8678 881 864 873 8518 87
Trust rcts gold 434s
96 97
9612 9678 9612 971 9612 971 96% 9712 9612 9712 0614 9812 0612 1021 9614 0934
Deutsche Bk Am part ctf 6s1932 9714 981s 97 9812 9612 99
92 95 92 9614
92%
95
9112
96
923
4
0112
94
9612
991
9512
97
99
972
4
06
924
9534
9712
9718
94
95
Dominic Rep Cust Admr 515s'42
9112 93 8814 9112 89 9234 8814 92 89 07
96
92 95
9312 9458 9012 95
96
91
1940 9612 981 96 9734 95
1st sec 514s of 1926
931 89 96,4
87
90
9414
9112
93
3
95
923
8
4
90
9514
9312
9514
957
92
947
9012
96
9012
973
4
9412
973
9312
1940
2d series s f 5145
9934 100,4 95 991 8912 97
9818 991 99 100
9914 10112 9814 10013 99 991 98 100
194 100 1011 100 10152 100 101
Dresden (City) esti 78
1041 10214 1021 102 10278 10118 102 10138 10214
Dutch E Indies 25-yr esti 6s'
4 10318 1033 103 1031 102 10312 10134 103 102 10212 10218 103 10214 103 10214 1025 10214 10258 102 102% 101 1021 10112
10258
196 103 1047 10318 1031 10238 1031 10134 103 102 10212 1024 103 10238 103 10214
40-year esti $ f 65
101 10112 101
Externals f 515s-2518E8195 10258 103 10212 10314 10034 10234 101 101% 10138 10212 1014 102,2 101341025$ 10153 1033* 10058 10278 10112 10214 100 102 10114 10214
10214
1015
8
10218
1015
8
102
1021
101%
1024
10112
10112
10212
8
101
102,
10134
1021
103
10112
1023
4
10312
195
1023
4
10314
s___M&N
Externals f 5 14
110 109 110 10834 110 108 109 106 108 107 110 107 109 102 108 103 108
El Salvador(Rep)Customs 8s'4 110 111 110 11058 110 1101 108
73 8034
6912 82
79 811 74 79
79 82
8112 84
8638 861 8412 8658 82 8412 8111 82
196
Estonia (Rep of) Is
9312
88 0078 87 00 87
8658 89
951 934 96
92 934 89 9278 8818 91
94
Finland (Rep of) esti 6s_ 1945 9512 9714 9514 9738 92 96
9712 99,4
9212 97
98 991 95 99
99 10014 984 100
9712 10038 98 1001 99 10014 9858196
External sink fund 7s_..1950 100 10012 100 101
943 9053 941 89 95
89
927
9134
941
90
3
4
95
9812
95
98
94
97
9512
98
9612
94
97
9812
1956
0712
9912
External s f 614s
84 8718
83 86
8212 85
8712 8812 864 8812 854 88,2 85 863 8438 86
89 90% 85 8812 8714 89
1958 90 92
Externals f 514s
89 904 884 9234
90 92
93 953 9114 94
Finnish Mun Ln 614s A_1954 9612 9912 9518 9712 9514 9634 95 961 9418 9714 95,4 9614 9512 97
911
88 92%
88
90
893
4
905
94
8
915
8
953
8
974
9218
9458
9612
955
8
95%
9253
96
9812
95%
1954 96 9814 97 974
External 614s ser 13
114 11112 11338 110 116 11114 119 117% 119
French Repub extl 714 s_ _ _1941 112 115 11034 113% 10938 11178 110 113 11012 114 11212 113% 11312 11438 111
10714 111 109% 11312
10714
110
1083
4
10912
1101
108%
107
111
114
1073
10512
10814
1077
8
10814
109
10512
107%
108%
1949
10634
1924
1083
4
of
External Is
00

basis of $5 to the E.




JAN. 4 1930.]

FINANCIAL CHRONICLE

79

DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE IN 1929.—Concluded.
BONDS

January February
March
June
May
August
September
April
July
November December
Odober
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

German Roo ern loan 7s_1949 10534 10734 10512 108 10514 10614110518 10618 10434 10834 105 10634 10512 10634 10512 106 10458 10534 102 10718 104 107 10534 1067s
Graz (Municipality) 8s_ _1954 10034 1024 101 101,2 100%101% 99 1004 98 100
981g 9914 93 988 93 96
94 9538
927 95
9818 98% 988 100
Gt Brit & Ireland (Un Kingd)
20-year 514s
1937 10318 10412 103 104 10314 10458 103 104 10234 1034 10214 1034 102 103 10112 10212 1014 10258 10114 1047g 101%103% 102 164
1937 ---- ----1022
Registered
10-year cony Vis
1929
4 1112 9934 116% --------99 166 56 -51 56 -oil: 55i14 166
4% fund optional 1960 L-1990 868 874 c8412 e8718 (.38 c877 c8418 c85 c8378 c8518 c8234 c8412 c8212 c8234 c8018 c8214 c7934 c8134 c818 c8434 c8158 c84 c8312 c8358
5% War Loan £ opt'29 _ _1947 984 100 r9712 c998 c96 e9734 (9812 c9712 (9718 (9918 c98 c98 c96 c98 c9534 c9812 0612 c9612 c9678 c9712 ___
-(9612 c98
Greater Prague 71,s of'22_1952 104 10612 10612 10712 105 10712 10514 10634 10512 107 10538 107 105 10634 10512 107 10514 106 10434 106 10214 1-65 103 10434
Greek Govt of sec 7s
1964 96 98
95 9812 9158 9612 9158 95
9118 99
01
96
9514 9814 97 99
98 9814
96
97 9814 96
99
99
Sinking fund sec 6s
1968 8412 87% 85 86
7812 8214 7612 8234 7612 85
82 85
7534 82
82 8512 82 84
8178 8312
83 85
8212 86
Haiti(Rep of) customs 68_1952 100 101
9612 9912 97 10012 9758 100
078 9914 9712 9812 97 9812
9912 10014 99 10014 98 100
9912 10014 98 100
Hamburg (State) 65
0212 9512
93 96
8934 9514 92 95
1946 943 9658 9414 96
93 9512 93 97
93 9412 90 93
94 974 9258 97
Heidelberg (Germany)—
External 7,,s
1950 10312 10412 10278 10312 101 10214 101 10212 10078 10112 10212 10234 10134 1023 100% 10212 100 101
9918 10212 0818 10312 101 10312
Hungarian Munic Ln 73,68_1945 958 100
88 90
844 91
8458 9058 8612 9358
92 9512 8812 94
9212 96
9612 9712 9512 97
9158 9312 93 9458
External sink fund 7s Sept'46 9134 94
8812 9212 8652 91
8512 8978
8658 8938 8514 8912 8018 90% 8858 9014 ------------------------73 85
External s(7s__ _Sept 1 1941
4
89
4 9
---- ---Hungarian Land mtg Inst74s
9012 9212
8634 9112 8518 92
1961 95 9814 96 9712 95 977o 93 10012 9334 9412 9212 9412 92 9414 8918 9212 8912 93
S f 714s series B
1961 -------- ---- ---- --------9313 9312 9312 9412 9212 9414 9212 9312 92 9214 91
9214 90 94% 88
90 9212
92
Pungary(King of) s f 74,8_1944 09%10112 934 1 58
9934 101
998 10012 9934 10112 96 10014 99 102
9934 101
99%101
21
99% 10078 9934 101
Irish Free State 5s
1960 9514 9714 9512 9634 9512 9614 958 97
9512 9612 95 98
95
9718 9614 9634 9614 9658 95 9612 9512, 9612 9512 97
9412 9614 941 9534 9434 954 92 9684 9158 96
9312 9612
9412 97
1951 9634 9734 9612 9712 0412 9758 95
95
96
97
Italy (Ring('of) cid 7a
Italian Cred Consort Is A.1937 944 9612 9434 96
9312 9512 9358 9512 9312 9512 9314 9512 9118 964 9012 94
9234 97
94
9612 94 9512 9414 96
Fan sec of 7s see B
9314 9412 9312 9434 9314 9512 9314 9484 9258 95 9212 9412 9118 9412 8912 9212 9012 9312 9258 9434
1947 9314 948 9334 95
Italian Pub COI ext1 7s
1952 94 9512 93 9434
Japanese Govt £ loan 4s-1931 9158 94
9214 9234
External sinlc fund 614sA954 10012 10214 10012 102
Jugoslavia (State Mtge Bk)—
1957 _
Second of g 7s
Leipzig (Germany) a f 7, 1947 9912 10012 99 10012
LowerAustria(Prov)see71,s 50 9612 9914 97 98
Lyons (City of) 15-year 6s_1934 99 100
9912 10034
Marseilles (City of) 15-yr 6s 34 9834 100
9934 101

92
92 9512 9012 9314 90 9214 89 93 8934 93
9018 9312 9018 9317 904 94
914 94
9218 938 9034 937 9212 9412 94
9214 92 9414 92 9314 9214 93
90 921z 9114 9214 91
9934 10112 100 10114 9934 100% 99%10114 994 10014 09 10012 100 103 100 10234 10012 103 101
98 100
9218 97
9814 101
9812 10012

9734 9912
9314 9334
9812 10014
98% 10014

95 9734
9634 9978
981210014
9812 101

99
96
98 99
994 100
9914 100

- - -98 100
9312 9714
9912 10014
99 10014

- -97 9914
9214 95
9934 1004
9912 10034

____ __-_
97 98
9412 9714
9912 10014
9914 10014

____ __-9712 100
9612 100
9912 10014
998 10134

93
98
10278

69% 8012 76 8134
9634 9912 9712 99
9512 99
9412 10134
9812 1014 10112 103
9812 1014 10071 103

Medellen (Munic) esti 615s 1954 858 894 8412 87
67 71
75
69
8312 86
83 8612 SO
75 8278 75 7634 73 77
87
8012 82
Mexican Irrigation 410—A943 25 25
1912 15
17
14
17
17 ---- ---- 18
18
1712 19
1612 20
24 2412 2112 22
1943
Assenting a f 41is
_ __ - _ _ -- _ - _ _ i8i4 -15-84
. __
- - -Mexico (U S of)—
Assenting 5s of 1899_ _ 1945 33 35
1614
13
20 22
28 28
2912 2514 2514 2212 25
20 24
30 3214 2814 30
25 2934 25
Assenting 5s large
28 28 ----------------20 20 ---- ---3312 3312 3134 3134 34 34
2834 2834 2712 2712 26 26
1954
4s goid debs of 1904
14
Assenting 4s of 1904
1-4-17 i6
1-918 ia -11 /61-2 -111i 1i
2158 16r2 -2-6 17
11-78
2134 22% 20
1-0 14f2 1-612 io
Assenting 4s of 1910 large
144 1012 1412
18
1712 1912 17
1618 20
2212 173 28
10
18
18 20 --------18
2314 21
21
1218
Assenting 4s of 1910 small
1414 10
193 16
17
2134 224 1912 20% 16
16
19 --------16
1312 1614 10
1534 18
17
Trees 6s of '13 July '24 coup
2512
2718 2718 --------30 30
2512 2512 16
Large
354 3712 3212 3418 29 2910 30 30
25 25
29 29
Small
25 25
25 25 ------------------------1958 1914 15 20
25 27
33 355 3012 3012 30 30
Milan (City, Italy) esti 65,s1952 --------894 9012 87'8 89% 8712 89% 8712 1 312 87% 89
2
84
8 84 891
8812 913
88
80 874 8212 8612
Minas Geraes (State of)—
Esti secs f g 616s
1958 03 9512 93 94
92% 94
86 8812 86
9212 947 90 93
85 91
75 83
90
82 87
9012 92
External 6s ser A
1959 _
83 8714 78 834
--- --- ---- 87 87
Montevideo (City ot) g 7s_1952 101 10358 10112 103 101 102 101 103 10034 10158 100 10112 it66- 1-6134 991710034 9718 997 98 100
95 991
Esti a f g 6s series
_1959
:Netherland (Kingdom
A_of)—
Sinking fund 65 A
1972 105 107 10614 108 103 10358 103 10414 10312 105 105 1057g 10514 107 --------10214 10334 103 105 10212 105
30-year esti s f 6
1954 100 10013 9958 10014 9934 100
,
998 100
New South Wales (State)—
External 5s
1957 9314 95
88 9114
00 9212 9014 92
91
9378 9012 9212 92 93
9012 9338 9112 9234 9112 93
9258 95
External a f 5s
Apr 1958 938 9434 93 9434 9012 93
8812 92
91
9012 9212 9112 924 9014 9212 893 92
92
9234 91
9234 91
Norway (Kingd of) ext of 6s'
43 10214 10314 102 103 10018 10212 100 10212 10018 102 10118 1024 10114 10212 10134 10258 1001310234 10018 10178 10112 103
External s f 6s
1944 10218 10314 10218 103 100 10258 10014 10214 100%10234 10118 103 101 10214 101 103 101 10212 10018 10218 10112 10258
External a(6s
1952 102 104 10214 10312 100 10212 10014 10214 10012 10134 10118 1021 10018 103 101 10314 10018 10218 10014 10112 100 10214
40-year a f 545s
9812 10112 9914 10013
9913100
9812 100
9918 10014 9914 100
9912 10072 9912 101
1965 10018 1017 99%10184 9912 101
External 5s
Mar 1963 964 9738 06
94 9614
94 95
93 9434 9134 96
9312 9612 938 9612 94 9612 94 9532 94 95
97
141unic'l Ilk esti s f 5s___1967 8978 08
9138 9312 89 9112 8918 9012 8814 9112 8914 921 8918 9212 894 93
90 9158 9058 9218 92 944
Nuremburg (City) exit 6s_1952 88% 897o 88'2 9012 8772 8912 85 8678 8218 8514 8412 8712 8212 868 82 8612 82 84
80 8312
80 87

iaf.,

6478 7412
_ - - 16
1-64
16
1814
154 18
i5 -1-i
1118 1334
104 1314
17 20
1034 2034
84 874
70 81
65 8111
97 10114
10312 1044
87 9251
8712 9231
10258 105
10258 1031:
10112 103
1004 1021:
9558 97
93 943,
84 86

Oslo (City) 30-yr a f 65
9812 102
99 10112 10012 103
9978 101
9812 101
1955 10014 10258 10012 10178 9934 101
9934 1(1012 9912 102
991s 10112 9918 101
Sinking fund 51,s
1946 9934 10114 98
9414 10012 96 9814 97 9812 97 99
9934 9914 9934 95
99
9812 9958 9812 9914 9534 9613 9612 102
Panama (Rep)ext of 5168_1953 10218 10212 10114 1024 100 102 100 1017 100 10012 9938 10012 9818 10012 98%100% 9918 108
9914 1008 10012 1024
9812 101
Externals f 658s
1961 10114 101'2
Esti a f 5s ser A__May 15 1963 93 9414 65 14-14 65T2 13
55 11-17 55 -9-2-1:
6i14
55i2
17
5i
5512
6:i
-9-i3-7 55 -9-1
1
7 62T2 -1:
4
- 14 52 -6f14 66T4 -6i17
Pernambuco (State of)—
70 81
External 7s
1947 9358 95
93
91
86 8812 84 874 73 80
87 90
9314 91
9212 90 9358 90 94
9214 9334 91
Peru (Republic of)—
Esti a f sec 7,4s(of 1926).1956 107 10712
_
—
-- -- --- --- Ertl at sec 7s
1959 10034 10212 181 1-60 ioo 1-6i i66 1-6ti 55 1-6i 55 1-6617 65:17 1-61- 65 1-6614 6-5i4 166 55 -91 -55C7 -9-5-- -617-8 -9-0•
Nat Loan exti 8 f 68
1960 8814 9014 86 8914 85 8612 851.i 8878 85 8812 85 8634 844 8157 8334 8614 78
8414 77 8268 74 8012 68 81
S f 6s lot c..is w 1
78
854 8812 85 90 85 8612 84 8572 8312 8512 79 8434 7834 8314 71
67
1961 89 9038 8534 8912 85 87
791:
Poland (Rep of) gold 6s
7418 78
79
75 7814 72 77
1940 81
75 79
76 80
8312 8114 823 80 8158 7718 81
74
78
76 7834 71
85
8112 8558 8412 8618 85 8638 801s 8512 72 8458 73 854 70 85
8312 8514 81
Stabilization loan of 7s_1947 8714 884 8058 8812 83 87
Esti s f a 8s
96
9058 961
96 98
9412 9558 9058 9514 89 947 81
955 97
1950 98 99
93 97
9412 9714 9518 93
968 99
Porto Alegre (City of) a f 8s 196 10514 10612 10518 106 105 106 10434 106 10114 10612 102 10578 102 104 102 103 10014 10234 9934 10112 9212 9914 8912 991
Ext1 guar at 7)a
8712 94
83 90
9518 9838 89% 96
9818 100
9912 10012 991s 101
1966 10012 102% 10014 10158 100 10112 9712 100
96'8 99
Queensland (State of)esti 78'4 10812 11058 11050113 10834 111% 1077o 112 10834 111 10614 11012 10653 10914 10818 11014 10814 110 10818 110 106 10958 108 110
External s 165
1947 10312 10478 103% 10434 102 104 102 10478 10214 104 100 10212 10114 103 10234 10312 1024 10334 10214 10314 100 10212 10114 104
Rio Grande do Sul (State of)—
External Its
1946 10514 106 10514 106 10514 106 105 10512 105 10512 10514 105% 105 10614 105 10512 10434 10512 10514 10512 9414 103
9334 1001
Esti a f 6s temp
87 89% 86 8814 86 89
8612 89
1968 8914 92
8612 8818 84 874 811g 86
65
7812 8112 69 80
7614 65 77
95 9812 964 9812 95 98
Esti s f 75 o1926
1966 9714 994 9712 99
69 877 747 873
9112 93
74 94
95 9712 95 9678 9234 95
Est( a f 7s munic loan_ 1967 . _
8914 9158 8812 93 838 9112 86 9212 72 84
70 897
. •
R10 de Janeiro (City) F f 8s_1946 loi 16612 105 10612 105 10612 105 10531 105 10614 105 10534 105 10614 105 10512 10014 10514 10212 10514 89 101
9212 1021
92 9412 9212 9514 91
External, f 614s
1953 93 9534 9312 95
947 92 9412 9114 9212 8914 92
857 8912 79 87% 70 8418 6712 831
Rome (city) ext1 658s
8534 8714 81
1952f34 9134 90 913.1 88 90% 8814 904 8718 904 88 8978 8814 9114 8614 90
8812 8212 86% 87 90
10412 10312 104 10312 10414 10212 10358 10134 103% 10212 103% 10234 10414 103 10412 103 104 10318 10414 10038 10434 103%1051
Rotterdam (City) esti a f 6,1964 11
Saarbrueeken (City) 6s_ _1953 • i
9112 8912 91 18 83 90% 87 87 --------86 8612 --------8212 83 83% 85
85 86
83 8518 79 79
San Paulo (City) (Brazil) 8s '52 111 11412 113 11312 118 115 111 113 110 12 10734 110 108 110 10858 110 108 110
9312 1041
9934 102
9934 110
Ertl s f 658s 01 1927
93 9712 9258 98
6712 85
9434 9712 94 9612 9214 96
1957 96
9812 96.1 98
90 922 8814 9018 75 90
80 88
San Paulo (State) ext a f 8s 1936 10578 108 105 107 10514 107 10412 106 104 105 103 1054 10314 10512 10312 105 10134 10312 98 103
90 97
Externals f 8s
1950 10512 10712 105 10712 105 106 103 1064 10114 105 10318 104 102 105 101 10412 101 103
86
9534
89 102
External water loan 7s-1956 100 102 100 102 100 10134 97 10114 100 102
9678 100
9834 100
9934 102
9412 9912 91
9312 82 90
Ext1 a f 6s $ int rets
1968 91
88 9012 8512 8918 8234 8814 8258 86
9314 884 92% 8712 9012 88 91
75 8114 6434 7712
8212 88
Santa Fe (Prov Arg Rep)78 1942 9634 98
9712 96 977 95 9778 958 977 95 97
96
89 94
9414 9712 9414 9512 95 97
9312 97
Saxon State Mtge lnst 7s...1945 9814 9878 9712 10018 9612 9758 9512 9734 95 9658 97 9814 9412 9712 92 9514 9112 9412 93 97
87 93
S f gold 61 j.t4
Dec 1946 94 95
92 9434 9111 9312 8712 93
9212 95
8914 9114 9012 9118 87 8758 8614 864 85 8912 83 90
Seine (Dept of, France)—
External 7s
1942 10512 103 10534 10812 10312 10612 10218 10458 10334 1084 105 107 106 10812 1065s 108 1041s 10714 10334 107 104 1068
Serbs, Croats and Slovenes
(Kingdom of) 8,
1962 9312 96
93 9438 89 9312 8912 914 88
91
8812 89% 88 90
8412 8378 82 8534 7912 8712 7512 86
Esti sec Is series II
1962 79 8112 7914 81
77 8058 7834 8114 761 81
7012 89
73 SO
7558 7814 74
77
7214 76
73 74
Silesia (Prov) esti a f 7s
1948 ____
___
_ __,- ,- -7,- - - 774 7758 76 80
65 7434
7634 7812 7334 7714 6912 7512 70 75
Silesian Landowners Assn 6.'47 8218 -847
- 77 -8414
_- 7912 -8212
71
77
75 80.8 75 82
__8 80 -8412
75
7814 73 7714 6912 7034 69 78
Solasons (city) 15-yr 6s
1936 98
99
9818 9958 98 9958 9758 99
9818 99
98%10014 98% 100
9818 9914 99 995 98% 9934 9814 100
Styria (Prov) esti Is
1946 904 93
9112 9212 914 9371 9212 94
89% 9212 90 92
90
89% 9134 83 89
824 8678 85 8678 84
Sweden (Kingd) 20-yr 68_1939 10178 10414 10134 1025, 10134 10338 10214 10312 10212 10334 102 104 102 193 102 1041 10138 10214 10114 102 10112 10218
External 558s
1954 10358105 1034 10478 101 18 10314 10034 10412 10212 10414 1015810514 10212 104 10234 10414 10112 10314 10218 104 102 104
Swiss Confederation a f 89_1940 10958 11034
Switzerland Gov esti 5 tia_1946 10250 1037s
Tokyo (City) loan of 1912 53 '52 7712 7834
External s 1 5 sis guar
1961 8812 9012
Tolima (Dept) 7s
1947 90 91
Trondjhem (City)1st external 51411
1957 9434 96
Upper Austria (Frov) 7s
1945 9612 9812
Externals f 614s June 15 1957 8614 8758
Uruguay (Rep)est! 8s
1946 108 10914
External a(65
1960 9718 9912
Venetian Prov Mtge Bk 78_1952 90 94
Vienna (City) esti 6s
1952 8614 88
Warsaw(City of)ext1 at g 7s1958 8212 8514
Yokohama (City) esti 6s_1961 95 9814

c On the basis of $5 to the E.




10858 11058
1028 10378
774 78
8712 8834
9014 92

10818 10934 10818 110
10058 1038 10112 10258
75 7714 76
77
86 8812 86 8812
90 9112 88
91

108 11012 10734 10912
101%10312 10214 105%
7418 767 7514 767s
8514 8850 8512 8612
87% 90
85 8812

94% 9614
9712 9812
8578 8734
10814 10914
9738 09
90 92
8614 8814
8034 844
93 954

93 98
9614 9812
8614 8712
10814 109
98 9934
9014 92
8512 8712
80 8234
92 9414

95 95
95 96
8812 8918
10612 10814
97 99
874 90
85 87
76 81
924 95

93 9334
9434 973
87 89
10712 109%
9818 100
90 918
84% 87
81
83
92 9478

10758 108%
10218 10312
74
7558
834 8634
8512 89

10712 110
103 10434
734 74
8312 8412
83% 85%

10734 11012
10114 10314
7334 76
8334 854
78 80

10758 10812 10712 11034
100 104 10134 10312
7212 7518 7234 7534
8412 877 8534 8812
79 8014 79 85

9058 9212 91 92
9018 937 9138 9214 9214 9458
9712
_
94 9612 90 9312 91
923
96
8312
8834 8478 8612 80 86
893
__4
88% 90
8814
10412 108 105% 10734 10612 108 10512 108 10614 109
96
98
977 9512 97
9512 98
9612 98
96
89 9112 86
9318 8618 8812 8612 88
88 9014
8614 8714 86
8712 8512 8634 8114 86
81
843
79 8212 77 . 82
75 80
75
78
71
792
924 937 894 93% 90
91
9014 9250 91
94's

9112 95
9178 923
834 84
99 10612
957 97
90
88
8012 84
7714
67
9212 9517

95 100
904 100
80 907
65 78
8978 985
9018 95
84 90
106 10812
90
86
75 SO
70 751
72 77
10014 102
8512 8612
10134 102'
10314 105134
108 111
10212 10412
7434 76
87 90
7118 76
9318 951
897 97
8334 87
10414 109'
917 97'
90
86
82 85
79'
70
954 96

80

[VOL. 130.

FINANCIAL CHRONICLE

COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1929.
BONDS

January
February
May
March
April
June
July
August
September
November December
October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

New York City334s Corp stock____Nov 1954 8812 8812 ----------------------------------------87
4s Registered
4% Corporate stock

1956
1957 9738 9812 98% 99

95

87

87

8814 8684 87

jai" fa- 1831'4
2 182 --------102
---- ---" icii" ---_ ____ ____ 10234 10234 --------104 104 ----------------102 102 101
434s Corp stock__ _Nov 1957 _
----------------10112101
1958 9712 9712
4% Corporate .tock
1960 iiii8 -66;3; _

Cis

_

8538 8538 ---- ---- ---- ----

- - ---- ---- ---- ---- 95

95 -- ---:

_ 1604 1-6018 ----------------98

98

----------------97

97

9512 9438 9438

---- "—
1611i iiiii2 f62-1
2
98 102 10178 10178 10212 10212
9414 9414 ---- -9712 9812 98

98

--------------------------------101
43s Corporate stock.._I972 ----------------9314 814 --------10118 101,2 101

101 ____ ____ ---_ _-_- 107;21072 992 9912 ---- _--38
43.2s Corporate stock
1963 le/4 176i 16-14 1-6214 10212 10238
_ ____ ____ 10234 10234 ----------------10184 10512 991 102 10114 100
18
434s Corporate ,tock_.A965
101 101 -------- 1
- 02 102
434s Co
Corp stock_ __July 1967 5812 1-6418 ------------------------------------------------102 102 101 102 100 101
9734 10134

0814 98¼
---- ---_
---- ------- ------- ----

4s Canal

COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1929.
1929.
STOCKS

January February
March
April
May
June
July
October
August September
November December
Low High Low High Low High LOW High Low High Low High Low High LOW High Low High Low High Low High Low High

Par $ per share $ per share 3 per share $ per share $ per share $ per share $ per share $ per share 3 per share 3 per share $ zstr share $ per share
Alabama & Vicksburg
100 118 118 ----------------11484 11412 _ __
__ ____ ____ ____ ____ ____ ____ ____ ____ 10812 1084 108 11112 ____ ____
Albany & Susquehanna_100 --------2101421511 --------21034211 21112 21512
-- --------------------------------207 207 ____ __-_ - — ____
Alleghany & Western
100 _
100 _
Ann Arbor
Preferred
_100 ----------------71
71
__ ____
__ ____ --_ __ _
__ ____
_ ____
__ ____ ____ ____ ___ 86 86
Atch, Top & Santa Fe
100 19614205344
195409% 20478 198
196 2
____-203 197 22412
-- 21012 237 23534 26014
-- 221 28738 200 245
-- 25114 298
.--48 267 295
21578 23414
Preferred
100 10212 10378 103 10384 103 10384 102h 104
99 103 101 10314 10012 10234 10012 10212 10012 10414 101 104 100 104 10212 1047
Rights,.138 238 2
284
Atlantic Coast Line
100 169 18312 186 19134 1i5; 111 iiiiTs 116 iiii2 iiii. iii fif 1504 /6612 iiiii4 fii ii5 6662 165 iii lid 116 i.5
fs112
Baltimore & Ohio
100 11878 12512 120 131 11818 133 12014 12634 11518 122 11612 12612 12338 13838 12712 14138 132 1454 112 1354 105 1248 113 12134
Preferred
100 78 8014 79 7912 79 8012 77 7978 76 7912 75 80
7518 79
7512 771k 7534 7934 7614 8014 78 8034 7812 81
Certifs full paid ----------------------------------------------------12318 12334 12434 13634 13112 14012 139 14184 ____ ---- ---- ---- ---- -._.
Part paid
Rights
----------------------------------------81214
178
14
a
12
_-_---Bangor & Aroostook
50 6612 72
65 7018 65 72
6512 6834 6412 72
70 775 76 -8814 79 -i137
; 8012 1038 55 -861
8 5514 -68 6112 -7-052
Preferred
100 10634 11012 108 110 10514 109 105 107 107 11038 107 108 10612 10978 10714 11012 10638 115 10314 115 105 110 10834 1117
Rts__
___.
4
412
12
178
12
114
--- ---- ---- ---- ---- -- -- -Beech Creek
50 411 4112 4012 4012 _ __
— - 37 37
38
38
.. _ _
_ - 36% 3634 ------------------------40 40
Bklyn-Manhattan tr ctfs
• 7214 8078 7212 8178 6518 -7934 84
7514
604 664 _-__-- 5712 6114 59 6634 40 6512 48 60% 57 6738
6238 6638 594 -8112
Trust ctfs„ preferred
• 8978 9212 8834 9238 84 90
3712 90
81 834 798 8314 761/ 84
8212 841g
83 86
81
85 874 79 854 81

.,,, ...,

50 56
Preferr
ed----- - --- ____ ______ 57 65
Boston
& Maine
100 91 10934 98 103
96 984 85 92 88 9934 95 108
10118 145 123 138 1304 140 111 140
Buff. Roch & Pittsburgh
100 9812 9812 ------------------------77 77
80 80
98 99 ----------------74 74
Preferred
100 98 101
--------100 1
wo loo ----------------100 1
loo 106
Buffalo & SUS9uehanne100 5434 57
56 82
6212 85 --------60 65
77 84
70 724 65 65
53 66
66 85
Preferred
100 5312 60
59 60
55 6812 55 58
55 56
5112 52
5118 65 6514 8112 7134 7212 70 77

44 50
100 115
165
64

5038 5912
100 117

166 ---------72 67 -7-4

Canadian Pacific
100 23312 255% 24012697g 225'258'z 23114 24178 218 24112 221 23414 22452491s 2231223714 21814 23614 19118 22078 18938 207 185 20134
1st paid
Second paid
Third paid
Ctfs full paid
Rights
100 58 58
Canadian Southern
57 6112 5534 5914 5514 59
55 57
4 8614 If 5:62 -6:614 56 -66 5812 -66
55 55
158E1 -ii 451i4 -f;63Carolina, Clinch & Ohio
100 --------8914 9234 91
92% 84 8934 82 85
82 8312 80 8012 80 84
7914 82 85 88
8314 8412 83 84
Stamped
100 100 101 10014 101
97 1014 08 9912 98 9812 95 96
93 95
9112 95 9338 10112
9012 95
904 95
9434 97
Central RR of NJ
100 326 325 328 360 30514 325 305 315 305 324 308 338 331 35712 325 34934 337 355 275 326 240 28384 251 300
Chesapeake & Ohio
100 21212 22114 411 22712 210 227 213 22914 195 230 21312 23312 23384 27712 2W 27712 253 27934 200 27012 160 213 19638 21334
Preferred
100 2131221312 216 216 ---- -----Rights
253s 1518 23 28714 28
33 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---100 1118 1473 144 1934 1312 1778 14
Chicago & Alton
1578 12
1538 8
1518 412 812 8
738 534 678 438 712 4
578 43, 518
Preferred
100 1738 2138 1918 2534 16
237k 1714 1934 14
19
11
204 612 124 84 94 814 934 614 104 34 74 5% 6%
Preferred certificate.... .100
-16
16
Chic & Eastern Illinois_ _100 -io
"41
1
4 ii -4i 37 37
ii 14
55 16 ii 16 51 Ii ii li --------2724 -1634 --------15 Ii
Preferred
100 60 63 5812 66% 61 64
54 59
50 5414 49 574 58 63 5614 60
__ 3634 41
50 57 ___
53 58
100 -------- ------------ ------------ 248 248 260 260 255 275 270 274 265 265 240 263 225 225
C C C & St Louis
_- --__ ____
Preferred
100 106 106 ____
_ 105 105 104 104 108 108 108 108 103 105 105 105 -__ - — 10014 105 __— 0811 9812
100 19 2338 194 -2-37
Chic, Great Western
; 1412 2238 164 2038 1234 1838 1312 1678 1514 1838 1434 1738 1434 1-04 711 1734 7 12-4 934 18
Preferred
100 464 6338 554 627s 4938 8214 504 571 4314 523 38 4534 4118 4878 42 4038 4514 5738 22 5638 1712 3734 2912 4314
------7414 7414
Chi, Indiana & Lousy, pfd _100 75 75 -------7484 745
7114 72 6912 7014 ____ ___ 6534 6534
7214 7214 74 74
Chic, Milw, St Paul & Pac---• 34 3838 354 397
; 31
3812 314 3434 2734 3438 2978 -3338 3114 43
35 447 37 445 20 4038 16 2738 2114 283s
100 55 8112 554 6334 5034 623s 5112 561 4618 537s 4938 63
Preferred
394 5014
5114 6314 5534 6838 5918 6778 30 6178 2812 46
100 8678 9078 8634 9414 8134 92
Chic & Northwestern
8212 86
804 8534 82 883 8818 9714 8712 10312 93 108h 793410083 75 9014 83 90
Preferred
100 135 140 136 145 138 140 134 136 134 137 134 136 134 138 13314 140 140 144 1384 1414 136 140 138 140
100 13012 1398 12712 13914 123 13578 12212 12678 115 128 122 1344 13012 14278 132 143 132 14312 110 13812 101 125 11178 122
Chic, Rock lei & Pac
100 10614 10814 10512 10734 10514 10878 10578 107 106 1077$ 10514 10618 10514 106 10512 107 10514 107 10434 109 100 107 1044108
7% preferred
100 100 10138 10012 1027s 100 10118 100 10112 9914 1024 984 997 99 10018 9834 10014 9834 10238 9878 10212 9478 10314 9912 10018
6% preferred
Chic St P Minn & Omaha I00
50 _
_. _
Chic Sand & Cleve pref
- 633i4 -6114 ---- ---- -- -- - 8484 4
34 554 1214
50 iii4 -i9-12 .71-3 -7-7-4 74 7814 iais -ii7Cleveland & Pittsburgh
8 ---- ---- 'lift -7-8-3
; ails /6 iiii Iiii 75 lii oi Vi 8978 8978 7118 7414
50 4538 451 --------------------------------435 4348 44 44
Special
42 42 --- --_
__
414 4214
100 112 120 1111, 812 110 122 10978 122 101
Colorado & Southern
12 10512 115.
128
120
1
25%
10012 1-1-8
7 115 135 121
98 -99 8614 944
lit preferred
6812 73 6814 70
7614 70
703k 79
76 7638 75 77
69h 7114
100 76 80
7014 75 68 75
6512 70 874 71
100 8912 71
7012 7012 7212 7212 64 70
68 7138 88 7112 70 7414 88 70
2nd preferred
70 70 88 8812_-- 6712 6712
pref_100
6512
83 67 6212 66
7038 66 70
4812 6212
51 84
Contin'i RR of Cuba,
50 5778 53 57
5314 57
52 61% 45 -04
54 62
7812 8012 7512 8012 70 70
100 78 81
60 65
Cuba RR, preferred
80 69
63 71
72 76
7712 7712 1334 6338 60 68
100 190 20612 190 20714 182 20034 184 19038 185 198 189 20138 19934 226 206 2254 1981222434 14112 20312 1501-7-1f34 162 1814
Delaware & Hudson
Delaware, Lackw & West
-50 127 13318 1244 13314 12512 133 123 128 12012 125 12014 125 12312 16012 141 1644 150 16934 137 16734 13338152 137 164
5714 7784 62 7738 84 704 59 68 84 6878 68 764 70 754 6538 71
Deny & Rio Cr & West, pf_100 5514 60
49 6614 5438 6518 5812 62
10040 60
55 55
Detroit & Mackinac
---- .66 -66 ____ ---- 6 16 6 "66 '
100 _
Preferred
6 11 6 16 ____ ---- ---- ---65 "
66 6754 6738
34 a
Duluth S S & Atlanta
100 is
4
f "
ii 52
a
i -474 a4
-94
f -1
34 iiii 11s iis 112 172 -24 De 212
27
6
712 5
512 414 434 4
Preferred
54 5
100 514 6
. 334 4
3% 338 211 352
614 --- —. --_
438 5
65 784 6838 774 7518 8178 7838 8634 80 01
78
Erie
100 6634 72% 6613 753s 134
5312 6612
8014 -0312 43 8512 4112 61
lit preferred
100 81 6338 5912 644 57 6414 5816 6212 573 8138 6054 68
62 664 604 627* 6038 63 574 8514 5512 84 60 6412
2nd preferred
5714 5834 56 58
56 60
100 68 6014 57 60
6812 6312 61 634 5812 6038 5814 1304 57 6314 52 5834 58 60
..

iis 112 i4 "24
3-

Erie & Pittsburgh
6138 6118 ---SO 6112 6112 --------6104 1314 ___
- 6034 6014 8038 8038 5812 5812 56 59 60 6214 6914 6112
101 10878 10712 1107
Great Northern, pref
100 10734 112% 10634 11312 102 11878 10214 10714
8514 10112 921 101
- ;109 12814 115 127 112 12514 93 108
Preferred certificates
100 10514 109% 1041±11012 1004 112 102 105 100 10512 103 10812 10612 12214 109 120 110 118
9312 11478 8512 9934 88 99
Iron Ore properties
1918 2814
• 2738 373* 3234 3914 2778 35 2838 3212 254 3012 28 3014 2812 32
2838 317 2834 3138 19 3212 20 26
Green Bay & Western
8212 8212 --100 _
-- --- __
— 80 80 80 80 80 80 ---- --- 75 75
Gulf. Mobile &Northern_100 51
45 4912 3238 -20 474 18 -32
48
5638 5012 59
4312 58
4014 -44% 43 -55
45 5278 40 48
2912 42
Preferred
9012 9012 91 9812 9312 9514 92 96
9712 9984 91 97
9138 9614 7511 94
100 102 103 100 103
98 100
93 9812
H
Elec Ry
734 1112 838 10
738 73
9 104 814 9
8
• 712 838 7
914 711 8
613 Pa 9
634 7
612 84
Preferred
897k 73
55 60
70 73
58 60
100 58 80
7112 7231 871 70 69 70 6812 70 8911 7038 --._ 70 7334
Hocking Valley
100 410 450 412 439 375 445 412 41714 404 445 400 471 460 525 480 583 555 580 438 600 370 485
-- 415 450
Hudson & Manhattan
100 5218 5832 50 561s 424 5273 4034 4512 3412 4438 38 4274 4018 4838 401s 5714 5118 5634 3838 5634 4018 517k 4314 494
Preferred
100 82 84
79 8312 744 7912 74 7512 74 76
70 7312 7038 7814 74 7914 74 77
60 77
68 7514 74 804
Illinois Central
100 14014 14338 14012 152 134 14434 1354 13812 13212 13711 135 14334 142 15312 141 1484 13718 14914 123 140 116 13278 12838 13278
6% preferred series"A"_100 141 14212 13934 14514 135 143 13834 140 13312 135 13514 144 1431 15112 1444 14418 141 143 120 120 125 125 130 130
1
line
stock
Leased
78 80
100 79
7938 7914 80
7384 80
7384 75
72 74
7318 70 7214
72 743 72 731s 7114 733 7134 737 71
RR sec stock ctts
1000 7738 7912 7818 8018 7714 7978 77 78
75 774 7514 7738 7234 75
7212 7614 7138 734 7178 75
70 72
70 7112
*No par value.




JAN. 4 1930.]

FINANCIAL CHRONICLE

81

1929—Continued.
STOCKS

January February
March
May
Norember December
April
June
October
July
August September
Low High Low Mph Low High LOW High Low Nigh Low Ilfgh Low H(gh Low High Low High Low High Low High Low High

Par $ Per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share
Interboro Rap Transit
100 4838 .577 47 567 39 5512 28/
32
2212 26
24
1
4 55
15 3212 1573 2014 17 27
195 238 2014 2314 2114 34
let Rys of Cent Amer
100 51
59
4914 56
43 48
43 48
4312 5012 4812 5114 44 4834 45% 468 34 4018 25 34
25 2912
4578 53
Certificates
• 50
5912 51) 5638 50
___ 4058 4312 4214 4318 3312 41 --------23 29
4018 44 ____
50
4512 4512 42 43
Preferred
100 77/
7318 -78
1
4 8014 75 78/
7512 721s 7434 7272 7412 6912 75
1
4 73
734 75
6114 68
7234 7434 64
73,8 64,2
Iowa Central
100 314 414 37
314
334 3/
414 334 4
1
4 314 212 213 218 218 ----------------113 212 112 112 ____ ____
Joliet & Chicago RR
100 _139 139
Kansas City Southern
100 8914 988 8634 961
82 -8212 iii-2 -8-i ii 1-4 -96-12 9
..6 1-0978 ii 1-6238 iL 1373 73 IA;
/
4 78 95
4 945 10612 ZO
987Preferred
100 6858 7012 6612 6878 671
/
4 6914 6412 685$ 6414 6538 6312 6712 6318 6612 66 6712 66 68
6538 67,2 63 67
657s Ws
Lehigh Valley
50 96 102
92 10214 8634 100
8378 9658 74 857 65 74
7934 9113 90 998 88 94
7018 8278
7734 89
8812 92
Louisville Ac Nashville
100 14513 152 146 15312 13834 14934 140 145 13812 144 141 14434 143 152 142 15112 143 15434 110 145 11538 134 127 135
Manhattan Ry, guar
100 8314 87
64 65
84 86
64 68
6114 6812 5314 65
6214 68
49 5814
79 8234 604 86
6014 68
64 69
Mod guar
100 53 5712 50 56
454 54
4638 2518 3212 2914 4212
3113 5412 3312 41N 3314 3834 3333 3714 3512 3914 3814 5012 24
Market Street Ry
100 4
438 334 4/
118 138 114 114
3
3
214 21
/
4 --------214 212 238 238 2
2
3
1
4 278 334 3
Preferred
100 14
7
15
6
13
9
13 --------10
10 ----------------812 812 --------9
7/
1
4 8
Prior preferred
100 38
16
18
30
24 2534 2213 2414 20
2212 1412 18
27
3912 3114 3713 3112 3112 3018 3112 20 28/
1
4 2112 26
2nd preferred
712 772 634 634 ----------------512 512 --------5
100
5 --------5
312 312 334 412
5
Minneapolis & St Louis_ _ _100 234 334 212 3
138 213
234 11
/
4 2
212 2
2
212 2
214 3
253 2
318
214 253 2
2/
1
4 2
Minn St Paul & S S Marie_100 4072 48
3912 4714 42% 4334 ---40 497 36 36
38 4312 4212 4712 42 5018 5014 6114 5014 60
- 35 38
Preferred
100 71
87
1
4 7434 7634 78
78
77 8138 72 801
8134 76
73 78
72- 6812 6812 68/
8134 75 75 66 66
/
4 7134 ;
Leased line
100 611 66
5658 62
56 5734 55 58
5812 61
57 60
5614
52 5612 51
65 6534 5914 62
5712 60
5712 60
Missouri Kansas &Texas
46
55
• 4918 54
1
4 5558 6534 51 6034 5114 5634 30 6258 2718 4212 3612 52/
4212 537 4412 5218 4334 51
4714 58/
1
4
Preferred
937 10234 101 10412
100 10318 1047 10438 10512 10214 10534 102 10712 10214 107 10312 10528 10358 10678 10312 10514 10313 10434 99 104
Missouri Pacific
7k
100 6212 717 7014 7934 724 87% 76 85
55 100
/
4 8712 97
46 76/
1
4 6812 911
80 9613 87,4 9512 9212 10138 89 961
/
4
Preferred
100 120 133 12884 1341s 12712 13733 131 1351
1
4 137 147 138 14178 135 142 120 149 105 12814 12413 140
/
4 131 13838 13334 138/
Rights
_ ____ ---_ ____ ____ ____ ____ ____ ____ ____ ____ ____ ---- --_/
4/
1
4 11
Mobile & Birmingham pref.100 74 - 74
69
76 ------------------------70 70 --------74
- 76
Morris & Essex
7914 22 92
100 ii- 96-5; -ii- -2f1-2 -iii2 9212 7814 83
77
7533 7718 78
12 77 811:
,
8
Nashville Chatt & St Louis_100 189 195 190 19912 189 198 190 202 191 204 20012 224 223 239 222 240 21012 234 19912 222 173 201 194 194
Nat Rys of Mex 1st pref__ _ _100 6
412 514 --------------- _ __
6/
1
4 512 612 434 434 5
518 ____ ____
2d preferred
212 1
100 3
134 1
i2-4 __-3
134 1
218 212 11
112
234 134 2
1
4 134 214 2
/
4 2/
333 234 314 2
New On Texas & Mexico_ _ _100 13512 137 135 14012 133 138 130 13414 135 156 14314 149 140 140 14012 14012 140 141 12014 141 11012 126 124 126
New York Central
100 18658 200 18614 20414 17812 200 17812 1867 17914 196 19214 21014 209 245 22618 25612 218 25633 175 23034 160 20214 1664 18312
Rights
_
513 614 5
624
NY Chicago & St Louis
;14414 iiii" 15413 1923-8 iii- 1-9-2-.5$ 156- 184 - 110 155 1221,142
100 133 1408 133 145 12818 142 ii5- iiii" HO- iii" iiii4 11E1
Preferred
100 10714 10914 10534 10878 10578 109 107 1087 100 10814 10334 10738 10412 10712 10413 107 105 108 101 10834 102 10612 106 110
New York & Ilarlem
50 335 379 301 359 285 335 29018 330 286 305 27712 337 295 340 290 315 263 300 155 290 175 224 176 220
N Y Lackawanna & West_ _100 108 108 106 10612 10733 10812 10338 107 --------10133 106 102 103/
1
4 1015s 10133 99 103
9912 9912 9914 10014 104 10412
NY New Ila•en & Hartford _100 807 9314 857 98/
1iN
10518 114 10918 115/
1
4 11333 12612 11718 1297o 87 13212 93 114 10712 11812
1
4 8214 9434 8512 10438
Preferred
100 1141
1
4 11658 11g12 118 123 120 125 12234 13112 120 12878 120 13434 11814 125 122 12812
/
4 118 11633 11958 115 117 11514 119/
NY Ontario & Western,..l00 27 29% 2714 32
1
4
22
8
1624 1278 17/
2078 265$ 12
25 311
2818 2312 2614 2438 2812 24 27
/
4 2512 2912 24
N Y Rys pref trust ctfs
1
4
2 3
112 234
5
• 6/
9
1
4 934 712 97
4
/
4 4/
64 7
512 312 4,2 3
312 314 3,2 214 634 11
us 312
NY State itys
218 5
14
10
__ 914 91
1414 ----------------13
- _-_/
4 1
13
100
Preferred
2614 32
1012 3
35 41
2314 2614 1418 24 178 18 ------61
/
4 114 512
91
/
4 -18
1418 22
714 934 6
100 30 41
Norfolk Southern
2634 1412 22
16
3412 3713 32 348 1913 30
36 44
100 43 4658 44 4812 41
48
331
/
4 40
42
33 39
39
Norfolk & Western
2491
215
225 238
28312
2792
19514
236
4
258
193
213
263
290
2093237
24614
100 191 20412 192 206 19112201 19114 198/
1
4
Preferred
85/
1
4 864
85 8718 82 86
8512 8512 8434 86
86 87
83 8312 8333 85
8312 86
100 847 86
85 8714 85 87
Northern Central
82
80 8114 82 86
50 85 86
83 8214 821
85 8614 86 86
8518 8518 8538 8528 8434 8518 8334 8334 81
/
4 81
Northern Pacific
/
4 114
1
4 100 112
85 10458 7518 94 8418 947;
1
4 11212 1051
100 107/
09331145$ 1011310512 9512 105 10134 1084 10634 11878 10438 112/
Certificates
9934 11178 99 10434 96 10338 997 105% 10412 11458 10312 10878 9918 10834 8712 10214 75 94 83/
1
4 95
100 10414 1098 104 112
478 1412
Pacific Coast
3834 43
30 33
20 43
100 2112 26
35 3812 --------2112 3612 3014 3012 --------20 24 ____ ____
1st preferred
40 4478 36
32 38
25 32 --------18 25
32 50
3512 38
36 36
3712 48
100 36 41
41
41
41
2d preferred
21
15 20
30 32
2713 31
29
2712 3112 25 2758 2018 2018 21
32
25 40
100 2112 30
30
3514 30 31
Pennsylvania RR
7413 8333 7414 82
9014 110
9758 10934 75 10412 74 9438 7234 8358
/
4 7538 8114 7212 80
1
4 99
50 7612 821
7614 8434 83/
-----------------------------------------234
Rights
Peoria & F,astern
--------17 2112
34 _ _ ------ 22 2
3413 33 34-7-8 -5i2 -3212 -32- 32 - 274 2834 2512 3114
35
100 30
Pere Marquette
150 170
100 148 169 157 17434 151 166 151 166 154 164 160 179 177 203/
1
4 190 260 21812 245 183 21712 140 1
Prior preferred
1
4 101
9734 100
98/
94 961 9514 98
1
4 9514 98
1
4 100
100 96 9924 98/
96 99
96 9814 96 9734 96 9734 9613 97/
Preferred
96
92 94,8 92 9412 94 95
90 96
94
9412 9412 9412 96
9458 96
94 95
100 9312 97
9312 95 9212 94
Philadelphia Rapid Transit.50 50
61 ----------------43 43
39 40
45 45
51
50 --- --- --- -- 494----------------51
Preferred
4912 4912 4912 4912 44 47/
50 50
50 -58
50
4912 50
50 -50
4912 4934 4912 4912 4912 51
1
4 ---- - --- --- - --Pitts CC & St Louis
103 110 ----------------10014 10014
100
--- -Pitts & West Virginia
.
112-3;3 HO irii.12 io hi ii4 1-2-6-34
1
4 12534 14278 iii ail. ii 1i 2 1 74
100 138 1483 136 1481 130 145
4-313 i3
,3 1 /
Pitts Ft Wayne & Chicago_ _100 ------- -__
:--------------------------------13717 13712 _ _
_
_
_
_
_
-------- --------13813 1381
Preferred
(8 152 14634 148 1,
100 --------15134 1312
,
1-i2 li2 112 iii 1-2063 145 14634 14
2
i 146
------------------------------------------------51
Pitts Young & Ashtabula pf100
_ 14372 fici iii 1.-,
Reading Co
50 kl5f4 1-1-278
- Hi 1-3-3-18 124 147/
1
4 113 13434 HIS- fiii, iiii4 fif
loO14 1-1-4- iii 116-78
1st preferred
4212 4112 4212 4112 44
50 42 43
4314 4812 4534 47
44 50
4213 4314 42
45 46
44 47
43 44
46 47
2d preferred
50 4612 4912 47 49/
1
4 4538 4612 4412 46
47 5012
48 6034 4514 52
4514 49
4514 49
43/
1
4 46
43/
1
4 453 4518 50
Rensselaer & Saratoga
100 138 140 136 137 133 135 13312 13312 ----------------130 130 --------128 129 12714 128 125 133 no 1304
Rutland RR pref
100 66 68
6314 6518 6473 6834 634 654 65 7
1
4 6914 --------60 60
67 7012 --------67 7414 59/
67 67
St Louis-San Francisco—AO° 11512 1207 1164 12212 111 1187 11114 113/
/
4 133 124 13334 123 13234 104 125 101 1478 10614 113N
1
4 10912 125 113 131 1211
Preferred 1st paid
9314
100 04 96
9412 9612 9214 96
9278 06
87 931
/
4 91
9312 9514 9334 95
0334 9578 9378 9513 93 9412 904 95
St Louis Southwestern_ _ _ _100 102 11353 102 11534 96121 11412 9618 104
82 9978 8534 9558 94 11212 9534 10414 8714 1007 60 9314 50 7633 57,2 7072
Preferred
90 9212 8734 94
90 92
100 9012 02
90 92 84 9112 84 89/
1
4 86 8712
90 9378 87 8972 8934 9212 90 90
Seaboard Air Line
100 1612 2034 1753 2014 17 2134 1612 1914 15
1212 18
918 1112
1512 1958 1318 1778 10
17
12
14% 13
18
12
Preferred
2134 18
2018 2414 2112 2412 19 22
100 20 24
26/
4133 2014 2712 2312 30
1
4 2518 3513 26
18
1812 2212 1614 21
Southern Pacific Co
100 128 13738 1294 13338 124 13434 12514 12834 12434 13212 129 1357 134 150 13613 154 142 15712 1154 14334 105 130 117 1243
(
Rights
838
- iii- 1921
Southern Ry
4 141 147 138 144 14112 150 14758 16012 148 1547 15234 16218 126 152 109 14112 13018 14112
1
4 15- :100 14612 15758 146/
Preferred
/
4 9518 9812 9514 98/
100 9812 99
984 99
1
4 97 9912 94 98 96 100
97'8 9834 95 9673 93 9512 94 961
9712 99
Mobile Ac Ohio ctfg
100 12712 14078 12212 130 109 121 104 13312 117 13834 118 122 110 116 10734 125 108 111
85 105
74
90 90 106

ious iyii, ii5i-8 1-1-3-i, 103f, 1-68-17 in-ii, fi-6.
:-

Texas & Pacific
100 165 17712 16412 178 15612 178 157 171 155 181 159 165 161 181 161 170 150 165 12214 153 115 131 118 136
Third Avenue
30
38
1812 38
100 33 378 3212 39
10
14
11
1334 18
1214 15
16
16
18
1
4 1471
98 1614 612 934 8/
Twin City Rapid Transit _ _ _100 44
44
55
5814 48
54
45 48
40 4233 38 40/
39 42
1
4 32
43 48
40 45
3812 27
33 2014 30
99 99
Preferred
98
100 9712 100 100 100
9934 95 98
93 9412 8734 8734 85 87
95 97
85 92
75 SO
84 88
209
Union Pacific
231
230
213 21934 21614 22814 1234 235 23514 27612 262 29758 264 29678 23014 27434 200 23512 21013 228
/
4 21818
100 21434 2241
8178 8433 8113 8334 82 84
Preferred
8212 8018 841 8134 8513 8078 841j 80 8218 8214 85
100 8234 83% 8234 84
8114 8233 81
Vicks Shreve & Pacific
100 10018 10014 9833 9833 98
98 ---------------- 95 95
9.5 95
9314 9314 88 88
90 9214 88 90 95 95
Preferred
__
_ 103 103 ____
_ _ _
_ 95 95 --------97 97 --------9014 9014 ------------.
Wabash
100--100 70 8138 68 7934 61 6473 62 9234 a -66-12 6378 72
70 7653 6612 75 6324 7113 47
4012 2
441
45
65
Preferred A
9112
96
92 9312 92 9314 91
100 04 10473 9414 98
8814 9013 8912 91
93 90 94
86 88
9312 82 89
90
Preferred B
8614 8314 8314 8014 8112 79 82
86
100 8212 91
8412 8412 84 86 --------83 84
771
/
4 82 --------75 76
Western Maryland
3212 5214 3714 4612 3814 47/
4614 4218 54
738 3713 4018 10 30/
100 41
1
4 4014 44/
1
4 4314 513s 41
1
4 12/
1
4 2412 1978 3231
2d preferred
100 4124 4613 43 5312 3858 5218 40 46
3813 4713 42 4434 4438 50% 42 44
2012 32
42 4214 17
38
14/
1
4 22
Western Pacific
3318 4178 33 37
3412 41
291;
100 3318 37
32 3734 3214 3634 3434 403 3418 3934 33 38
2612 20
17
15 36
Preferred
1
100 57 5978 5814 64 2 57 6433 5714 61
56
6114 5734 6012 591
/
4 6734 60 65
57/
1
4 6214 4613 6118 3712 51
424 50
Wheeling & Lake Erie
_
100 9812 981: ----------------70
70
98 118 --------100 10018 --------100 100 110 110
-Preferred
70 70
70
75 75
100 75 89
79 ---- ---- 75 -85
89 110 ----------------100 1014 100 100 110 110
INDUSTRIAL & MISCELL.
Abitibi Power & Paper
• 4018 547 4514 5214 3914 4813 391 4533 3818 43
3912 4514 4112 5118 49/
1
4 5778 4912 56
344 403,
1
4 3618 44
3713 57/
6% preferred
100 83 885s 83 8513 80 85
79 8012 79 8634 82 85,7 82 88
83 8714 81
7934 7318 81
82
69
84% 76
Abraham & Straus
• 13813 15913 128 14873 134 142 120 135 101 120 101 13812 115 142 110 13112 119 130 102 116
58 73
43 72
Ctfs
106 108 120 123
9912 102
59 7014 ---Preferred
100 10934 112 110 112 110 112 10934 112 10934 111 - 106 108 108 11034 106
--;103 11212 10012 108 102 107
110 10612 1087
Adams Express
100 389 424 390 560 515 595 500 750 486 730 525 665 575 644 555 632
500 660 255 563 210 250 ---- -_.
New
20 34
221
/
4 -32
Preferred
95 9578 03 96
100 93/
1
4 96
92 9512 85- -9-6-- -i4i4 -8-7-78 -8514 89185 90
4 -8834 -ici- ---86g 90 84 86
Rights
• 3153 35 8 30 34
Adams Millis
2834 3338 2812 30
27/
1
4 3512 501-8 21-1
5014 947-3 3918 103-4 291'2, ii 244 -3-6-34 19 -21 21
/
4
Advance Rumely
100 48
56
5412 741_ 6514 0712 82 10214 27 104% 31
24
8
3138 7
16 100
4314 32 4312 28
3558 15
11:: 14
13
6
Preferred
100 5812 6424 5812 7334 6613 94
84% 10938 4014 119
15 35
1634 25
484 6212 50 6113 40 50
33 43
19% 267
• 9678 114/
Air Reduction new
1
4 10158 11112 981
/
4 11212 9518 12138 11838 133 12514 153% 14534 18134 16818 21634 19478 21878 10014 22338 77 14218
•
Air-Way Elm Appliance
1
4112 3512 3934 25 39
1
4 1818 263
2018 27/
3712 404 37 4 4873 4012 4338 3914 4412 36
• 912 1114 9
Ajax Rubber
ION 778 1034 712 812 412 724 41
1
27
2
6
3/
1
4
4
5
212 478 212 37
/
4 612 47
Ahumada Lead
1 312 458 334 478 312 412 278 334 2
112 134
3
2
112 178
34 112
2/
1
4 112 212
/
1
4 1,4
/
1
4 1
Alaska Juneau Gold Mines_ _10 778 1014 718 9
558 828 714 834 412 8/
514 914 6'8 712 41
513 7
/
4 714 412 7
1
4 414 6/
1
4
5
/
1
4
8
Albany Pert Wrap Paper_• 23 25
2133 1618 2112 12 20
2012 2353 17
16
2012 18 2218 16
19
1214 20
5
16
8/
1
4
11 8
10
2753 3738 2913 36
Alleghany Corp ___________ • ____ ____ 2812 37
3712 3812 5438 464 5338 48
31
5613 181
311
/
4 2233 282
/
4 4812 17
3612 33
100 Preferred
_ 101 10512 100 104
9918 102 100 10238 10013 10112 10112 11834 11218 11812 112 11812 95 112
90 101
9518 100
Preferred ex warrants
---- ---- 8212 85
82 8612 8018 8312 84
92 85 9018 8724 91
Receipts
---- ---- ---- --__ 10038 1001-2 1001
/
4 10034 10112 118 11112 11678 11112 11834 lOS!3 112
Pref receipt; ex
85 85
82,4 8534 80 8378 83 86/
1
4 ---- ---- ---- _ __
Righta
Alliance Realty
• 05 105
_
_ -ii 00
89/
1
4 96
92 100
91 120 1.13 1-3-5 iiii 11611 iTh fit: 10834 10634 i.-5 192
/
1
4 o-i icki
ftii• 2001,30534 26618 292 270 30234 277 328 302 34634 302 35434 31219 35412
Allied Chemical & Dye
• 241 290 i'i
1
4 323 197 256 240 285
204/
Preferred
ISO 121 123 122 12314 121 123 12014 125 121 12418 12034 12214 12038 122 121 1221
/
4 121 123 12012 123 11812 12312 121 1241
Allis-Chalmers Mfg
100 175 194 16712 188 166 186 16514 206 180 212 18014 288 259 284,2
287 317
New
sr
mil 5714 -6i34 55Ts 1614 iLi'
i 397
Rights
358 5
24 5 ---- ---_ ____ ____
_
_ _
i
3
7
/
1
4 (44
2
Alpha Portland Cement
•
29
3012 23 364 28
34
•Ne par value.




-

ie

[Vol.. 130.

FINANCIAL CHRONICLE
1929-Continued.
STOCKS

January February
May
June
April
July
March
August September
Odober
November December
Low High Low High Low High Low High Low High Law High Low High Low High Low High Low High Low High Low High

Par $ per share $ per share $ per share $ per share $ Per share $ per share $ per share $ per share $ per share per share $ per share $ per sham
712 612 7
Amalgamated Leather
558 614 515 6
5
• 97s 1118 8
5% 6
10
234 212 438
984 512 7
8
378 5,4 2
Preferred
100 7014 73 60 65 60 68
46
55
59 63 5514 56
27
57 59
19
42 45
2014 35
38 40
Amerada Corp
2412
2212
343
8
25
2412
333
4
28
2218
3112 4258 30 3518 3018 34,
1712 22
3014 27 3012 1712 2778 18 25
35
4
Amer Agricult Chem
100 201z 2358 1814 2114 1413 2058 1518 181s 1018 1612 1058 1312 1112 1312 1138 1234 914 1238 4
10
54 778 618 814
Preferred
100 6734 7334 6114 70
42 4812 384 46% 2512 41
18 2978 2418 34
5334 6178 4058 5512 41 4834 4134 50
5314 76
Amer Bank Note
10 12258 13178 12412 13414 110 12712 114 12212 11112 13112 116 137 133 14878 132 14912 14014 155 02 157 65 110
75 109
Preferred
50 60 61
6012 6534 57 6012 5712 5934 57h 63 58 6514 57 6312 61 65
6014 62
6014 6012 6012 6212 6012 62
• 17 2012 16
Amer Beet Sugar
7l8 912 514 8
1638 1378 15,8 11
1934 1458 1634 1412 1612 13
14
1514 184 1512 161a 15
20
Preferred
100 51 60
50 5112 50 5112 50 51
5034 5238 49
48 55
3412 4212
46 52
5112 49 49
60 6014 5012 52
Am-Bosch Magneto
• 41% 4718 4012 5134 47 6078 5112 6318 4814 7314 4912 6234 5518 63
59 6738 6514 7612 2878 6938 27 40
3014 48
6018 6978 5112 51312 4912 5514 5012 5612 5358 5812 57 6178 55 5978 43h 5712 4012 49% 4514 495,
Am Brake Shoe & Foundry_ * 45 51
5012 62
Preferred
100 124 124 12212 125 122 12612 12212 12612 12212 125 120 124 117 120 117 119 117 11712 11612 120 113 11934 11818 120
Am Brown Boveri El
2518 3238 1512 27
1518 2034 1812 2484 2038 2618 2418 3334 27 3338 2814 3434 2838 33
614 1255 818 13
418 20
Preferred
81
88 82 8778 77 85 60 80 53 7214 5714 66
83 104
100 4934 74
70 8114 75 9438 8712 95
6514 82
American Can
25 10912 11878 10734 12118 11018 129 11612 1444 12512 15118 134 154 151% 169 15612 18412 16414 18234 110 18134 86 132 10412 126
Preferred
100 141 14178 14058 14112 141 142 141 14112 140 141 139 14012 13612 139 138 13978 13758 140 136 142 13318 14034 14078 145
Amer Car & Foundry
• 9712 10612 93 10012 9434 105
9734 10112 92 10012 9412 10112 9618 10512 11518 10234 9412 10278 76 06% 75 89
77 8814
Preferred
100 11634 120 11612 118 117 118 116 11712 117 120 114 11812 114 11712 11378 116 11434 11638 11012 11414 11212 115 11312 117%
80 8375 81 8934 80 95,8 77 8018 7414 80
7014 7712 75 80
80 86
Amer Chain, pref
100 7238 77
75 8234 74 8512 7314 80
Amer Chicle New
3414 425,
5634 52 595s 54 6034 5914 6634 59 7338 654 8118 35 665, 27 45
5012 5812 4634 5534 49
4718 58
_
Prior preferred
• 10912 11414 11014 11014
_
118 178
Rights
"4312 16- 45 5328
Amer Commercial Alcohol ___*
161-4 -4212 114 -4812 167-8 14 118 20 32 273 3534
1,
8
1
Rights
____ ---912
Amer Druggist Syndicate___10 9 If- 918 lO's 9
Am. Encaustic Tiling
8612 98
* 83 88
29 325s 28 3i7s -2015 16- 1814 27-4 225 281,
New
4318 4734 -51 455, 35 443g 2384 411 2713 335 29 37
79 9812 35 8212 23 43
30 40%
8238 9312 86 95
Am European Secs
•
205 250
American Express
_100 288 298 280 324 300 330 300 409 311 339
309 332 5io- 325
Certificates
i86.1.2 1161-4 50 17514 51 8614 7178 10134
79 1-1-61; 8212 11712 9514 117 102 12212 11353 h398 iiaAm Sc Foreign Power
7514 10112 o
10512 108 10612 10812 10638 10812 10412 108 106 10812 105 107 104 107 10514 108 10514 los 104 107 10112 10718 10514 10818
Preferred
94 9914 8614 9912 8778 9212 94 9734
93 97
9212 98
2nd preferred
9214 10184 88 9373 89 93 8912 97
9812 103
9678 101
9612 9658 9134 96
98 9912 9534 96
96 99,2 98 100
95 98
9958 9958 95 100
95 95
Preferred (6%)
58 112
12 3
Rights
33 -66710
8 "324 37 271 33 -i5T8 -34'- i9 5 25 1711 -223-4
Amer Hawaiian S S Co
-iiTs 30 2418 3212 2512 42 36 4114 -551-2
934 758 878 5
7
7
,
4 35s 538 34 57a
6
100 9
10
Amer Hide & Leather
814 834 818 858 614 712 638 878 712 EN 6
2314 3434 2818 3434
52
3318 5214 4412 5214 31
3238 34
100 3214 38
3014 3614 3114 357a 3034 3514 32 4038 3412 42
Preferred
40 58
5434 6178
6434 7214 4018 65
75 85% 76 8314 7518 82% 75 83 66 80 64 7212 7112 77% 69 75
Amer Home Products
2918 3812 3514 40
4114 4538 4258 4812 4612 5312 46 5212 29 47
3818 431s 3912 4334 38 4212 3834 417s 3912 46
American Ice
8378 8818
91 9312 90 9114 8712 9212 86 90
91
9412 90 95
9012 9412 8934 94
100 9212 94
Preferred
9012 9418 94 96
14058 150% 13614 148
Amer International Corp
-2313 16(2 -55ii 1E7;
795; 68 -661-4 -HI- -663-4 -56- -Ai;
7034 76,4 62 7412 5734 Vi3-4 6O's 6634 5213 7284 55I 71l
New
412 512 44 434 212 412 212 3% 213 3
714 512 718 412 534 412 5
734 6
Amer-La France Foamite___10 714 8% 612 838 6
2712 43
4538 5512 43 50
3214 38
60 65 60 63
6018 66
100 67 72
551s 6034 45 60
64 69
66
75
Preferred
99 11814 90 11212 9814 11078
2 136 121 1317s 113 125
108 115 10258 11112 10618 123 11312 12112 10812 119 11312 126% 124,
American Locomotive
11612 11212 120
11114
113
117
112
11518
113
1197
116
11814
8
115
113
116
11914
115
1194
115
117
11712
113
118
100
114
Preferred
-

--_-

____

176 18834 170 18414 166 183 150 167,4 148 15912 14714 17134 169 192 177 232 20934 27912 161 27934 142 212 205 234
Amer Machine & Foundry..
225 228
Preferred
11312 11612 11212 115'- iio- 113 iio- 112 ioi" 1-66r 100 11-6" 112 114)4 105- 1-16- 112 115 11612 11134 100 10814 100 109
Preferred ex-warrants
• 6014 74
69 8134 5512 73% 5712 6434 50 6134 54% 65 6018 6612 63 773s 72 7934 4118 7278 31h 5238 4154 5234
American Metal
100 117 12614 118 135 1185,125 11534 122 11338 11912 115 120 12012 122 120 131 125 134 125 12712 106 112 11112 11312
Preferred (6)
134 378
212 4
Rights
66'4 85 -So- 16- 70's 90 -8S- 74 65 72
80 92 67 80 -iO- 75 -i6- 75
Am Natural Gas pref__ ____I00 9478 9814 85 95
514 8
5
53
4
5
3
914 1
612 10
334 4
• 13 1778 1314 16
h 234
4
5
4
918 14
American Piano
16 3012 8 20,8 4
11
30
20 2258 21
1812 3012 20 25
36 414 3014 38
100 38 5412 43 5312 41
54
.Preferred
4 10238 117 11318 14378 13514 1585, 13538 156% 155 17534 7334 154 6414 87 68% 9412
8118 120 10012 11658 89 11438 9312 109,
Amer Power & Light
9214 10212 95 10018 9912 10134
9912 10034 98% 10038 9938 10012 9812 10012 99 104
99 101
• 991/10158 101 105
9878 103
Preferred
7312 7512 71
7112 75
744 7214 77
70 7478 72 7434 73 7414 73 75
7414 75
• 73 76
74 77
76 80
Preferred A
7812 8112 7612 84
7278 82
7812 8212
• 8034 8212 8134 8434 79 8278 7912 8114 7934 8134 7934 8234 78 8112 7914 83
Preferred A stamped
25 18712 210 187 205 165 18212 17112 18912 185 205
American Radiator
.--- _ - -- 25
180 190 17514 182
Certificates
---100 140- 195 170 195 17014 184 181 185
Preferred
8 468 5558 28 48's 28 377s 2811 15-7;
44 474 -i6F8 5258 4284 4714 4513 5413 45 497Am Rad & Stand Sanitary __*
135 139 135 135 125 130 125 130
Preferred
138 284
134 --17
Rights
;
100 12978 143 134 11214 150 iii3-4 150 188 1514 16212
4 141 C/3-3Amer Rys Express
-44 3E3; 15 4134 121, 24's 20 27s
4 -31- Wig 3
4612 614 52% 6134 4318 57% 45 5238 -40F8 /83• 5215 6434 44 56
Amer Republics
11238 12034 10612 12138 107% 12058 11212 134,8 12118 12978 12612 14438 72 143 60 9878 75 9438
25
American Rolling MiII
85 115
38 114
h 3
Rights
100 68 -7434 6
./ 73 -62 70 6312 70 6214 707k 61 658 6234 661, 6:64 6-912 -6414 6959 5114 70 44 5712 564 61,4
Amer Safety Razor
3218
17
22
2112
27
2714
30
3512
32
35
41
367
8
3413
3818
3414
34
417
8
*
33
33 35
3678 3234 3538
3212
Amer Seating
112
1
358 218 318
h 258 114 2
3
434 312 414
3h 4
414 514 4
* 338 518 418 7
Amer Ship & Commerce
70 85 8212 8912
70 97
100 90 94
82 88
87 102,4 9914 11218 91 107
86 9312 87 90 85 00
Amer Shipbuilding
Amer Smelting & Refining_100 28778 29512
8 6711 -7958
4 -in" 11-61-4 62- -g7.
-54- nisi;
4 ioliTs
10413 11214 1161-4 1211-2 iii- 1161* 9312 11734 11013 123 102 12-i3New
100 137 138 13512 13612 13514 13612 13512 13612 130 16312 133 13312 13314 135 132 13514 13458 13534 134 13712 12318 136 134 135
Preferred
100 200 20512 200 206 19312 202 194 199 188 199,4 17912 183 180 18312 185 185
American Snuff
38 447; 40 4513
25
4314 4634 4312 4812 -55- 45
4678 49
New
98 10058 10012 10312
100 110 112 - 108
- 109 ii5- 112 10812 112 i66- 109 107 1-66- 10112 106 102 10712 10312 110 10012 103
Preferred
4214 50
52
40
65
57
593
8
68
71
3584
56
695
8
6312
62
747
8
797
8
Foundries
*
643
4
6218
5918
6514
78
6958 6212 68s
Amer Steel
100 11012 11234 11114 11234 11012 114 11012 112 111 112 110 11278 11012 112% 11012 11234 110 11212 110 112713 110 11114 11012 113
Preferred
2
338 218 3
Rights
40 -tii34 40 S2 -ii; WI;
66 80 61 -7014 "i8Fs 73 65 694 66 70
7812 85
American Stores
58,8 6312
56 68
100 8318 9484 82 9hz 72's 86
7112 825s 76,4 86% 76 8218 7612 8638 7658 8334 7634 8478 66 78
Amer Sugar Refining
100 10612 11078 10912 111 10734 11012 10512 108 106 109 10438 10712 10512 1081s 10712 10812 10614 10812 10012 1061a 99 10414 10212 105
Preferred
18
2638
4534 49
36 4834 3514 42
52 5834 4618 54
54 60
365s 4378 3718 4318 381s 4738 2612 4114 18 34
Amer Sumatra Tob
h
-18 34
Rights
2414
-i81
2112
4
1/2112
213
4
24
-i5T8
1884
_100
227
8
29
23
27
Cable
If
21
25
17
19
2212 2512 -2
Amer Telegraph &
.418 -2-7-1-2 -iir;
Amer Telephone & Telegr__100 19314 222 2053822078 208 224 21412 23812 205h 23258 20612 23414 228 273 266 30312 280 3104 204 305,2 19714 24814 20934 235
612 314 8
3
Rights
212-1-2 17014 210 19014 21513
2-661-4
16212 16734 161 17814 168 17412 170 184' 176 205
50 175 18612 17212 18312 lio" if
American Tobacco
50 17411 188 173 184 16014 17614 16314 169 16012 16958 169 174% 170 184% 176 205 170 20334 160 235 170',207h 19014 21513
Class "B"
118 11458 11834 119 12034
115
117
115
11714
11614
120
11934
120
11812
12018
100
115
115
11914
12018
12114
12014
117 115 11614
Preferred
812 1234
_
Rights--------------------115 fiEl; 126 136
135
173
181
1538
4
163
140
14014
ii5
112
-100
13612
155
145
1
6612
14884
iio114
-3:1
155
1453
4
Founders
143
116Type
Amer
100 10712 11012 108 11112 108 11112 10712 112 10714 11012 10712 110 10712 110 10812 112 109 11112 10734 110 103 108 105'4 110
Preferred

Jai-

7113 108
65 18814 50 97
79 8978 83 11812 11014 14612 125 146 181h 17312 167 199
* 6714 9212 81 9078 76 94
Am Water Works & El
99 102 100 10312
9918 102 100 102 100 10214 99 100,8 9934 10078 100 10112 100 104
99 10212
• 97 104
1st preferred
57
1553
8
17%
107
8
18
213
2612
8
16%
15
183
8
215
8
4
0
20%
100
2012
101
22
7
s
2314
27
.
4
614 9,2
165
8
18%
1618
20
Woolen
Amer
4514 5012 4318 4938 4312 52% 3912 4512 3934 4438 3618 4478 36 3012 20h 3634 1512 2712 1714 234
100 50 584 47 57
Preferred
514
5
618 13% 4
0
9
111
1014 1418 1012 12
15% 13h 16
014 1358 1114 1618 12
Amer Writing Paper, ctfs 100 1214 1514 1112 14
34
31
3914 4034 3014 4312 41
3934 41
41,
28 38
8 4334 4034 46
100 4134 44
4434 39 4434 4134 4512 34 43
Preferred ctfs
13% 74 1178
Am Zinc, Lead & Smelting__25 3712 4478 3518 4478 3038 49,4 3118 4178 2414 3712 2514 3238 221s 2814 2334 3078 1912 2758 8,8 22% 7
95 102
117141%4 96 103
92 107% 9712 10778 7914 97% 4934 70,8 5212 624
9412 99
25 10314 108 101 108
9112 96
Preferred
13558 15534 100 14678
50 11514 12878 12412 14818 14928's
Anaconda Copper
12012 140 11418 1303, 09 12112 if/Zig 1191-4 10938 fift2 114 129 11514 13384 7513 11914 70 9838 67'4 84s
50 -------New
2612 3518 24 .3114 1712 2718 1838 2314
Rights
68 86,4 6234 704 6612 72 -67- if" 78'2 8984 64 16- -5513 "Ws 46 54's
Anaconda Wire & Cable
5214 Ai 44 56% 43 4812 44 53
30 4978 327s 45
50 57
62
624
,
4 54h 76% 25 80
-5iTs
52
5812
-131
.
3
Anchor Cap
9938 110
109
11712 10234 109 102h 108 105 112 11312 150 105 15412 96 106
112
11912
124
11114
112
121
• 112 119
Preferred
12 112
Rights
533
.
51.14 -3
.
/13
5113
4328
-444
5884
53
-Ws
5155
583
30
1614
114
5858
51
68%
-i/Ogs
495
664
5438
34
48
Andes Copper Mining Co... -•
2318 28,
4
29 3078 29 3338 29 32,8 3012 37
,
4 3334 3475 224 458 1812 31
* 9812 11078 9178 10412 x3614 9814 3678 41
Archer Daniels Midland
103 105
105
103
11414
11412
103
10511
4
107
115
102h
105
105
115
11412
114
11412
III
114
114
114
1034
115
114
100
Preferred
12
ig
8
4
-.8
Rights
7912 11-78
75 82
75 85
'1)-61; -Sorts
(-)f3 95 852 Vi4 885, -A-5" If 84s 8913 835, 0114
Armour (Del) preferred__ 100 9134 95 5h 1078 512 7% 514 713
1034 13
4 1058 1178 1012 1378 1014 13
1778 1218 1618 1212 1414 1038 14,
Armour of Illinois Cl "A"____25 1612 18,8 15
912 612 838 612 778 558 712 5% 612 534 714 512 678 5.14 634 312 618 234 414 278 418
25 814 1014 8
Class "B"
5814 67
57 68
60 72
77 7834 72 7838 7114 7534 72 7434 704 74,4 7012 79
7512 83
82 85
100 82 86
Preferred
1914 25% 2078 2314 19
4 738 1412 614 1014
21,
4 20 2734 2434 2834 1034 25,
• 35 4078 2934 36,2 25 3112 25 27
Arnold Constable Corp
1811 231g
1955 23
20 2412 16h 20
2412 27,4 25 27% 24 3614 21
2434 20 21
26 27
• 2712 2934 2818 30
Artioom Corp
95 95
9214 9214 9014 92
94 100
9414 9414 9414 9414
9814 9912 9814 98% 97 100
100 9712 100
Preferred
233
4 27,
2512
4
2014
2912
20
25 274
27's
27 2834 2634 -211-2 28 2912 2818
10 2914 3012 2918 30% 2734 30% 28 29
Art Metal Construction
4658 52
35 4914 34 3978 3414 3712
53,4 5512 4958 53% 50 5834 5118 571s 4812 53
3.658
Assoc Apparel Industries -___•
264
4
5634
393
5018
25
28
523
8
48s
43
56%
*
533
4614
50
,
2
43
4
523
4
4512 5534
- -LC -6546318 70 -8iI4 16%
Associated Dry Goods
87 90
91
93 90 93 85 86
9412 9712 90 9114 8814 9078 9078 94
100 102 107 10112 104 10014 104 100 101
1st preferred
_ 8018 854
9412 96
95 964 9412 9712 95 9512 90 90
100 107 110 105 108 105 10612 10312 10312 94 101
2nd preferred
3412 3912
40
40
4478
4334
45
4514
4518
4013
4714
44
4314
45,4 41
45% 44 45
43 461z 43 45
25 4334 47
Associated Oil
6738 8314
6234 8478 67 8612 6314 77
Atlantic Gulf & WI SS Lines_* 3618 434 321s 4234 39 47,2 45 6212 58 6612 6012 6734 5614 65 5958 6878
571
54
,
8
7
8
62
5
44 624
5414
623
4
59
51
57
418
53
5
8
6112
533
4
55
594
5
53h
58%
100 48 554 4534 5558 5014 56%
Preferred
3614 43,2
5412 6212 6412 6578 5558 6658 6238 7112 6314 7314 6312 7778 6214 7112 5818 6678 30 6038 3514 47
25 5312 68
Atlantic Refining new
-_-116
114
11512
11714
11512
117
100
115
---1173
8
Preferred
---518 812
---Rights

91874

-iai,

-9-6-

*No par value. S Ex-dividend.




JAN. 4 1930.]

FINANCIAL CHRONICLE

83

1929—Continued.
STOCKS

January February
March
April
May
October
June
November December
August September
July
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Far $ Per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share $ per share
Atlas Powder
* 103 115
9912 112
92 1061 90 9934 90 9912 92 1098 100 10712 96 11738 10712 140
80 1378 70% 9934 7634 9878
Preferred
100 105 10612 103 106 100 10412 100 104 10012 10214 100 10114 9812 102% 100 102 1011.106
99 10412 90 9938 97 100
Atlas Tack Corn
* 1112 1512 1013 121 1033 127 121g 157 1212 1534 12
15
15
1778
1414
16
1312
1314 5
144
10
10
6
8
Auburn Automobile ---------- ----------------_ --------_ --------_ 221 25534 24012 345 32514 424 383
500 401 514 120 440 13014 215 150 225
Austin, Nichols 8c Co
•
8
18
7
534 714 512 812 512 7
513 64 514 1134 814 1133 314 84 312 514 4
5
Preferred
100 37
421 34
3612 18
36
32 34
3612 34 4178 3612 3712 32
3212 4012 36 4014 36 403 36
30
19 30
Austrian Credit Anstalt
6212 65
60 64
5912 63
69
58 --------5112 5414 53 5418 53 55
73
54
5712 4912 5412 5312 57
52

g

Auto Sales
• 2212 2913 221 235 2312 2933 2718 3538 2734 3418 28
2838 3512 2834 3114 23 30
3378 2973 32
22 2412 4
1134
Preferred
50 38 4333 37 3914 3614 3912 3973 43
3914 4113 3914 4133 39 45% 40 44
3714 41
3612 40
32
3914 13 29
Rights
14
1
AutoStrop Sat Razor A
• 434 so
iii, 18-18 444 4812 iri 1612 4322 1g.ls •-fg4 -41 i.g4 ------------1241 2 3834 40 57 -1i7,-s 54 ii iiis -3-9-7s
Aviation Cotp
- ---- ____
__ _
_
1218 1712 6
---- -- 1634 20
1278 58
8% 412 713
Baldwin Locomotive
100 240 248 230 240 225 27112 242 268 210 255 2j712256 235 25334 245 257
New
_____ ________ ____ ____ ______
6112 6633 i -6312 iL -ii io -3673
-33-13
Preferred
100 11534 120 116C4 1-1134 116 11912 11712 125 118 12134 11412 121 11612 122 11533121 117 12038 115 11934 10912 117 110 11873
Bomberger (L) & Co pref _ _100 10814 110 10814 11012 10814 10934 10814 110 10614 1091 104 108 104
109 10412 108 104 109 104 10778 9312 106 105 10912
4
Bank of N Y 8c Trust Co _100 775 775 840 840 ------------------------89
0 890 ---- ---- ---- - --- ---- ---- ---- ---- ----Barker Bros
• 2813 3334 30 33
29
32
29
25
23 -2-7-33 18 -.
30
27
28
26 28
23.13 16 -.
3133 26 3034 2712 30
20
Preferred
100 8934 97
97 97
92 92
92 92 89 89
8532 9312 9212 9418 9232 9412 89 93
913o 97
70 75
70 75
Barnet Leather
* 2438 2914 20 2513 17 23
1612 18
1114 1518 7
7
8
312 7
1113 813 104 718 11
333 5
212 4
Preferred
40 40 --------45 45
,
- ---- --- - 45 45
Barnsdall Corp, class A
25 40 4678.
5313 18..2812 -4634 -,-12E3 16.5;.,37g -5.
612 -CA 331 4133 335 3978 20 3512 2178 2712 2214 2812
4
1118
19
-1g
.
1
6T8
Class B
25 40 46
39
49
3812 48
43 45
Bayuk Cigars Inc
• 106 11334 10412 110
95 106
90 96
.12 55 -fci ia
1.
003
89 100
; Oa iiii 66 fOi 615 -66. 75 -13-5
87 .
1st preferred
100 105 10634 104 106 105 106 10113 105 100 103
9913 10214 9813 101
99 10012 9833 100
95 9934 95 97
95 101
Beacon Oil
* 2134 2812 20 2414 20% 244 22 2374 2233 26
17
30
15 2238 1212 1773
243g 2912 271s 328 27 3214 2714 31
Beatrice Creamery
50
9314 114 109 12734 75 131
7312 9312 69 87
95 96
Preferred
_-- ---- ---- ---- ---- ---- ---- 105 105 105 10612 105 105 105 10512 10412 10412 100 10012
Beech-Nut Packing
20 90 101 -8LT4 iiii-2 -§ii4 15 ---- --7734 86
45 7812 5712 65
82 8814 8234 89
83 9414 67 85
Belding Bros
• 1218 1434 1118 1338 1158 1414 1314 1734 1212 1534 1112 1314 II
1134 9
1112 913 1112 818 10,2 514 712 412 74
Belgian Nat Rys partic pref...... 81 847 8114 8314 8133 8233
75 7833 7734 8113
8214 83
82 8312 80 8418 7812 80
8133 8234 82 84
81
82
Bendix Aviation
* _ _
78 8333 8114 9314 88'4 10433 8633 984 7018 9533 2818 7412 25 417 3018 3933
-- ---Best & Co
* 8534 9312 831s 89
7534 9112 7714 9134 7838 9333 8014 9278 8914 9614 8912 10034 99%12312 53214 60% 25 43
2313 387
Bethlehem Steel Corp
100 8218 8834 8513 10312 95 11178 9858 11833 93 11412 9518 11212 111 12412 11818 14034 114 14038 80 120% 7814 97% 8612 10013
7% preferred
100 12134 123 12112 12212 11634 121 11712 12018 116-33120 117 11913 117%123 120 1234 121 128 122 12618 118 12412 121% 125
Rights
_
_ _
14 312 _ _
213 313 233 738 ----------------212 518
-Bloomingdale Bros
• 4214 54% 4318 5113 47 533s 5013 61% 48 69
8 -ig 2234 -3-17,5
48 527s 46 50% 4633 578 2812 52
44 52
Cas
___ ____ __ 28 28
23 30
Preferred
100 110 111 110 11012 110 110 10812 10834 10812 109 104 108 105 106 102 10518 107 107 10014 108 100 103 100 103
Blumenthal & Co pref
100 102 118
97 103
98 103 102 106 10214 105 102 10512 95 98
9212 99
85 9178 80 85
95 102
703 80
Bohn Aluminum & Brass
--------- ----------------114 13212 11014 13634 11112 125 116 133 114 127 11018 128
37 65
4712 114
4012 64
Bon Ansi, class A
• 33 8913 8112 8514 7812 8412 SO
8838 8214 8512 8112 848 80 83
85
81
70 85
80 83
71
75
7014 7434
Booth Fisheries
• 914 1134 7
912 6
8
61
83s 633 834 6
73* 614 77
73* 512 633 312 534 338 514 3
41,
833
1st preferred
100 53% 6334 52 5318 48
56
45 54
44 47 --------35 39
21
21
18 2511
4533 5234 4713 51% 48 52
Borden Co
50 1741220134 184 20334 175 19112 177 194% 18714 19212 _ _
_ _
_ _
_
._ _
_ _ - _
New
25
9312 9534 8318 98
ii/-1 -9- 3 5i E8 1-661.1 Oi T8 -67-4 §ii2 li :i5 -61-1, .6 -ii iiii -717-1
Borg-Warner Corp
10-1211413278 10734 14333 107 1228 10712 1227,3 07712 12273 6514 8533 2914 6712 26 445 31 381,
Botany Cons Mills A
50 1134 14
1273 10
1512 12
13
104 9
1018 834 1018 812 97
8
912 6
812 6
8
5
6
21 2 5
--------------------------------- ---- -------- ----36 4312 353 398 3518 3933 25 3813 20 313
Ragas & Stratton
4 1733 241;
*
Bristol-Myers
11514 129 121 138 12834 13814 123 130
British Empire Steel
55
100 413 6% —47
312 334 3% 412 314 418 28 312 2
334 518 333 412 3% 37
3
133 -212 113 13/
1st preferred
100
3818 3618 -------- -------- ------------------------33 33
31
33 --------23 293,
2nd preferred
100 534 1312 9
7
11
933 812 714 612 658 578 618 628 8
7
10
658 914 4
612 3% 5% 4
51,
Brockway Motor Truck
• 67 737 5912 69% 51
661s 52
5838 4212 54
45 537 4014 528 3912 4412 3312 4414 19 3473 14 218 16
24
Preferred
100 1363414 5 121 128 126 130 106 106 110 110 110 110 106 110
- ____ ---- 79 8712 75 85
714 77
Brooklyn Edison Inc

-6-6.12

Brooklyn Union Gas
• 175 20012 172 19514 17012 190 170 18313 170 18714 171 21234 200%22612 216 24813 22614 247 100 22712 99 138
Brown Shoe Inc
4112 4414 3813 4212 3313 4412 3913 4212 3833 4812 4333 49
* 4334 47
47 48
48 5112 36 5112 4018 45
Preferred
100 118 119 117 11912 117 117 11714 11712 11713 118 11712 11712 11734 1174 11112 117 116 11834 114 121 11334 114
Briggs Manufacturing
• 5212 634, 4312 5714 3314 5238 4012 4833 30
3612 3133 3933 32 3712 25 37223 1018 2612 813 157
50
31
Brunswick-Balke-Collender_ _• 4914 5514 4512 5334 42 5433 447 4873 3812 49
1614 301
3833 417 3512 4134 3618 4233 38% 4312 2213 41
Brunswick Term 82 Ry sec 100 37
4418 3412 4314 28
38
2533 3112 18
18 2438 1412 20
2814 19 26
31
412 18
18
712 12
Bucyrus-Erie Co
10 3612 4234 3733 4134 3233 3914 3233 3678 2518 3418 2718 3112 2912 35% 2712 317 30 3814 14
3112
17
2333
Convertible preferred
5 4533 495 4534 50
415 4712 4214 4534 3833 44
4013 4278 4012 4634 3818 4178 3912 4412 2612 4033 2714 357
Preferred (7%)
100 112 115 1143311612 11214 116 1138g 117 114 115 11234 11512 1111211353 11134 112 11112 11214 11112 113% 10912 11214
Right
Budd CF. G) mfg
____ ____ __-- ---- ____ --- ____ ____ ___- -___ --__ ___. ____ ____ ____ ____
9 2273 9% 15
Budd Wheel_
____ ____ ____ ____ ____
_
Bullard Co
46 4978 4634 5433 44 4833 42 508 39 537 25 39
Bulova Watch
•3
- - -- ---- ---- 0
---- _
12 3233 214 32
---- ---- ---- ---- ---Burns Bros
• 120 127 iio- 11-7-7,, 1i1 118 109 110
99 108% 98 101
9614 10638 94 9512 95 09
9618 105
88 9618
Preferred
100 10314 10514 1033 105 10334 105 100 104
99 10334 9514 100
88 9612
97 100
9514 99
07 100
90 98
5 3053 39
Class B
2
3034 3413 3113 35 8 30 3113 245 30
2712 2933 2812 3312 25 3212 23 26
2258 2412 2778 32
Burroughs Adding Mach
• 234 25014 238 24712 247 29514 272 29712 28478 3293 300 327 31014 324% 56214 319
7014 943* 29 968 33 6212
Bush Terminal Co
7013 891 65 77
* 744 84
6034 6812 5614 6633 5512 6012 5434 62
5412 6012 5334 62
33 6012 3114 44
Debenture Stock
100 10514 10834 107 110 108 11012 10412 110 10312 10872 10214 10612 10214 10534 10334 106 102 1068 97 10412 9118 103
Bush Terminal Bldgs pref—f00 114 11634 115 11812 110 116 112 115 11312
116 113 1164 113 11534 110 115 108 11512 10712 112 10534 112
Butte Copper & Zinc
5 818 912 778 912 7
912 61
8
412 758 458 533 412 5
37g 434 37
418 234 414
434 2
Butterick
100 3378 41
31
36,8 29 323 29 347 29
34
28 3418 2918 3212 291 4012 33,2 39,2 2712 3612 _-__
Butte Sc Superior Mining___10 1018 1233 9
1034 812 1012 8
912 64 812 634 8
612 97
8
834 733 878 5
738 5 --.634
Byers & Co
• 15512119278 13514 16312 134 16734 146 16912 12234 1667 12714 14433 13174 14834 12014 14938 13418 1667 60 17578 50 89
Preferred
100 110 12114 112 116 112 116 105 115 11014 113 11014 11112 110 111 119 111 117 118 100 112 109 110
Rights

121 1553,
4018 44
1210 115,
17 25
92 22
2018 247,
3358 381:
10734 III
818 111;
734 121:
28
331;
2518 34
9412 103
95 961,
2618 30
4014 541
33 44
10014 1041.
10812 1121
2% 41.
1712 24
438 61
67 1045
109 110

By-Products Coke Corp
• 108 12933 106 1247 10414 12214 108 123 119 138 120 132 127 1444 -- -New
•
-317 373* 5iT8 '3158 5T9 if13 io -4-i18 HIT., ii7-4 ii.T2 -i7
Calif Packing Corp
• 7413 7812 7414 8158 7218 7978 7318 79
7312 8012 731 7673 75 827 75 8473 7814 84
6312 507 6512 7312 68 70
Calif Petroleum certificates_25 27 2978 27 28
263 27
27 30
27 27
25 2712 26 27
2713 3412 2978 31
28 28
2933 31
28 28
Callahan Zinc-Lead
10 3
4
3
3% 3
333 212 314
11
17
24 178 2
134 I% 233 1
2
118 158 1
112 2
11
Calumet & Arizona Mining....1012114 131 126 13933 12133 1422 12133 13833 13214 13634 - -- -New
20 _
- --- - — - 12413 125 120 1-i3-.
38 Hi 1-3.1.58 12
.6i4 13-6-4 iiiis 1-3Oi
1
21
91
7
.
3
3
2
1
0i
i214
Calumet & ilecla
25 44 60
52 604 42T3 -6
.
1.72 4412 -54
3633 473* 3912 4434 3918 43% 4118 473 4118 4734 28 434 26 40
2712 341
Campbell W & C Foundry _• ----------------------------------------------- 451 483 43 4912 4012 4714 22 4014 20 29
19
25
*
Canada Dry Ginger Ale
878
i 8612 79 8934 8014 8313
i, 83
893, 8713 9874 ash 9414 8524 911s 45 91 50 69 6018 71
Cannon Mills
38 4473 38 4033 38 4414 36 39
• 4413 4812 44 46
354 373 35 4818 41
2818 3612 27
317
4834 30 44
Capital Administration CIA _• ---- ---- ---- ------1812 34
--------------- ___ ____ _--- ---- ---- ---- ____ ____ 31 6518 17 42
Preferred A--- 34 3978 29 3734 30 3414
Case (1 1) Threshing Mach_100 468 500 445 47934 412- it1-9.1.
2 15(5- iSii- iii299
Certificates stamped
100 --------------------------------------- 308 33412 312 388% 310 374 342 467 160 375 130 215 1794 2231
_
Preferred
2
100 124
122 130 120
25 125 2 18 125 17
2534 120 120
Preferred ctfs stamped
100 ------------------------------------------------ 120 12/ 121 1121- 121- 122 - 119- 121- 113- 121 12312123-1
Rights
.._ —
----------------------------------------------------81.
Caterpillar Tractor Co
•
._
_ ____ _
-_-__-Slit - 1
Cavanagh-Dobbs
4118 32 3334 223 313 23 1514 22 23
• 3412 35
3312 42% 3314 .
1834 2212 16
2078 13
1812 8% 12
614 9
Preferred
100 104 104 104 105 102 10512 9318 102
94 98
93 93% 9014 9112 88 8912 82 8612 7312 8112 60 66
58 841
Celo
• 6914
tcx2
78
6712 793* 65 7133 621 7434 52 75% 56 61
5334 61
5338 5934 55 65
46
3412
3214
40
31
5614
Preferred
100 89 9012 90 9312 90 93
87 90
8813 90
8514 88% 8513 8612 86 86
8414 89 80 88 --------72 72
Rights
_
1-64 34 ---- ---- -- ---Central Aguirre Associates-- * 374 -.
4.
8.
34 -io- -4-713 3112 43
3412 -39.12 3634 -4012 30 I812 5112 ii" -3314 353; -5ii8 IS- "ii- 16- -ii" -2-64 -25- ii
Central Alloy Steel
* 461s 5214 44
5212 4012 5113 43 4934 4053 4933 4158 473* 4614 557 4712 56'4 5034 59
35 5934 2618 4234 3012 37'
Preferred
100 111 11223 11213 11212 10714 112 10534 11112 10912 11112 109 11112 10912 111 1091211112
1073 111 103 11212 108 110 10712 111
Century Ribbon Mills
• 19 2012 17
1712 13
13
18
19
12
16
14
15
10
1112 8
10
7
9
3
9
833 3
4
5
Preferred
100 7614 82
70 74
74 78
7413 80
73 75 --------6924 70 6612 6612 623 6234 59 6234 57 60
5014 60
Cerro de Pasco Copper
0614 109
8838 10478 90 10238 925 10014 9418 10014
• 10178 113 10478 117 10014 120
68
92%10412 6812 9314 5214 8178 5812
Certain-teed Products
2312 1612 2578 2212 2634 2333 27
• 2418 2853 2034 2512 20
23 32
27 3112 2634 2958 12 2718 1112 18
107 16'
7% Preferred
4712 55
100 7778 8112 60 65
50 59
55 64
6612 8022 70 7014 73 73
75 75
50 74
4512 55'
46 60
Certo Corp
• 7713 9214 82 89
568 63
57 67
65 6834 ---- ---- ---- ---- ____ __
-Chandler-CleyelandMotor_..* 20 23
21
21
2O'a 22
-Certificates
Preferred
- _-__ ___--Preferred certificates
-Checker Cab mfg
---------------------------------------------------704
3
Chesapeake Corp
.T2 8734 7912 90
8612 99 48413 10412 79 112
* 8013 867s 8112 89%
S
7714
90
46
8312
68
8
58
4218
647
Rights
_-__
_ __-- _ _ 1312 15
1413 20
Chic Pneumatic Tool new __-..* 2934 3578 30
3478 2814 3314 2912 -3i12 30 393 32% 3633 3433 1433 42T4 ii
.-;19- lili -His -4538 -22- il-- -22- -21
Preferred
• 55
5614 5113 5514 4813 4214 4912 5233 Wig 5333 5013 5234 5112 5633 5314 58
491 598 47 5238 5133 .55
54% 61
-Chicago Yellow Cab
* 3133 36
31
3312 3032 35
3228 3338 30
33
2812 3113 28% 3233 29 3218 28 24
2178 30
25 28
24 28
Chickasha Cotton Oil
4512 4834 4118 4512 4012 4238 3812 44
10 46
50
3712 40
36 3812 36 37
35
37
29 36
2713
25 23;
-Childs Co
5814 47
447 5878 4512 8073 45
• 5233 6012 5213 53
7478 6911, 7433 67% 7078 673* 757 50 75% 4414 308
54 61
62
Chile Copper
25 7h'4 927 9012 10712 105% 12712 9814 11634 8833 104
87 101 --------100 100 100 100
55
60 65
53 75
Christie-Brown
• 102 105 110 115 110 110 100 110
9934 100 ____ .. _
_ _
__ ____ ____ ____ 95 ____
____ 125 125
Chrysler Corp
• 11212 135
9838 11534 8934 11414 874 98,4 66 9538 6858 -78-14 6713 -i -rs 6578 -7-612 os78 7438 2814 ____
0078 ----32 33
•No par value. a Ex-dly. 50% n stock, b Ex-d1v. 100% In common stock




4-4-6- - iie- ---- --- - ---- -- ---- - -

7

[VOL. 130.

FINANCIAL CHRONICLE
1929—Continued.
STOCKS

City Ice & Fuel
Preferred
City Investing
City Stores. class A
Class B
New
Class B rights
Rights
Clark Equipment
Cluett Peabody & Co
Preferred
Coca Cola
New
Class A
Coca-Cola Int'l Corp
Collins & Aikman
Preferred
Colorado Fuel & Iron
Preferred
Columbia Gas & Electric
New
Preferred
Preferred B
Rights -------- __
- paid
Receipts part
Receipts full paid
Columbia Graphophone
Full pald ctfs
Rights

July
June
ductal September October
Namibia December
April
March
May
Allman; February
Low High Low Iltgh Low High Low High Low High Low High Low Malt Low Mph Low High Low High Low High Low High
Pat $ per share $ per share 8 per share $ per share $ per share $ per share $ per shoes $ per share 8 per share $ per share 3 per share $ per Man
61
557 5912 40 5612 397 4912 3912.48 i
56 60
49 5314 51
54
5.512 53 58
55 59
* 6034 624 59 62
98 99 9812 99
100 10514 1054 10434 10434 18312 105 103 104 10212 10312 99 100 100 103 100 100
9612 9818 9834 9912
100 ---- ---- 156 156 160 160 160 205 190 190 ----------------220 220 185 200 --------165 175 14713 14712
401l42
4834 4934 48 4834 4612 47 ---- ---- 38 45
38 41
4912 5114 4914 50
• 50 52
4912 50
4912 51
9812 101 _
• 9812 109
--—
-- - -- - --; 5441612
21-14 iT, "IF; a 11-7
3 iL "
iois li 20i4 -ii iOis -2118 isii; lits itiFs Ifis iiis 16;
• 2412 2514 2212 27
424 512 24 512
-I
-_- _—_
__ 56 81% 2& -ins 55 -,11
•
4 -'1:1i4 -56 - 41 -4-51s 3834 4812 3518 407 3412 38
4 -&§f4 -61- -i21-8 -5136-3-14
- -Li- -66-34 -65" -713; -6-2f4 -7-1-- "iiiis "
100 6634 7-239012 99
97 10014 9314 100
100 1147 119 11378 11514 110 115 110 112 110 112 105,2 10714 10312 107 100 107 100 105

iia- 1-5-i4

2
iitir4 Ili" ioi" iii" i2234116765131164 ii5" 1-641
-.
125f4 13-4-12
- 12i14 1117
73's 14
70
812 :1681z 1727a 130
- HE13-8 12-3-14
;ii614 111-14
4
4612 4778 4434 48
4612 47
_ 4812 50
45 491 481 505s
4738 4812 47 4812 4612 47
4838 4912 4812 49
•
* 344 344
57
16
Li
41
12
66
in
66
7
ii
ii
14
ii
if
ii
61
"
2-6—i2i4 -I- i
54312 5113 1614 Li 1214 Li -6-6-38
* so
91
9312 90 93 88 9318 80 9014 78 80
93 93
85 754
95 97
100 93 98
9934 10312 94 9512 97 99
100 6618 7712 65 7534 59 7812 62 7238 56 6912 56 6512 6112 727 64 7112 59 6814 3514 847 2734 4312 3112 397$
100 --------13314 134 133 133 ------------------------133 133 133 133 133 13714 126 127 132 134 126 126
_..
• 13612 150 14214 157 13334 152 13738 143
5214 16414 52 14
8 -0&; 91 1-40
; 8212 -94,
2 87,
65 -79-12 72; 861
624 -6314
5818 6438 5312 6214 5438 67
* 57 66
9912 10514 10418 107
100 10518 10778 10512 10714 1037a 106 10378 10514 10372 108 1051210718 1057g 109 10512 107 106%109 100 109
917 9613 8812 93
_ _ ___ ____ ____ ___ ____ ____ ____ 86 86
88 90% 89 90489 95
70 91
_
_ _
_ _
_ _ _
7 _ _
____ ____ ____ ____ ____ ____ ____ ___ ____ ____ 44 578 513 634 6
8
.8- 1-3-6 oLi 11614 iii4 "i618 i5i4 -iti
_ _
58% 76as
--- 50 72
65 8738 6714 8712 5514 753 .6'212 7312 60 6918 5518 7234 1734 -58% 1618 29
2314 3834
- 8418 81
7138 8834 6618 -8-134
____ -___ ____ ___ ---- ____ ____ ____ ____ 61 6612 61 6714 60 7012 47 57
_
----------------------------------------5348

199 183 207 1821222812 200 299 119 344 105 168 145 20312
Columbian Carbon
* 124 148 135 15478 12114 150 126 15418 139 16778 148
_ _
_
34 10% 114 314 212 434
_ ____ ___ ____ ___- ---- ---- ____ - - - -- ---- - __ --_-____ ____ ____
Rights
1134 1534
_
_ --------------------------------------------------------10 245 1014 16
_
Commonwealth & Southern_*
160
215 110 112 105 11514
210
222
220
236
220
2393
8
1823
4
246
13812
14
134
s
Commonwealth Power
• 3074 162-12 Hi 166
Commerce National Bank
770900
Commercial Credit
• 5134 6218 ii lit, ii lias ii li ii "iils 451s -6211 iLis ii 4414 liis iiis 5378 5414 4912 ii 1478 ims "ii
28 3812 30 37
50 -------- -------- ----------------------------------------50 5112 4634 51% 33 49
Class A
20 2312 22 237
23 26
24 2631 2434 26
2413 2614 24 25
2434 2512 4 2
25 2412 26
4 26
44 26
Preferred 7%
2212 2612 2038 2412 2118 2314
2514 2778 26 28
254 28
2514 27
2534 26
2512 26
25 25
2712 26 2714 2518 27
Preferred B
70 9434 7434 84
9218 95
9212 96
76 79
9212 101
95% 99
96 9834 9634 102
25 102 10534 100 104
9818 104
1st preferred
65 80
73 7714
8338 86
8618 88
8618 89
--------------------------------85 884 90 95 89 92
Preferred (63,4) ex-warr
3845143184.18
Rights
_
_
;_
-3-4 13538 161 i3614 169% 162 18-112 III 2-66% 15238 2-12-12 iii 1683
2 1537-_4 1-64
• 13112 194 170 _ 195 _ i6LI 1-8-1-7
Com Investment Trust
.
_ _ _ __ _
._ _ _ _ _ _ _ ___ ____ ____ ____
_
2ifs 1633118 79
4 2ifg -46
•
New
96 9838 99 10034
-4 98 103
1-02- 10212 1-0-2-12 10112 10-1-12 104 1-04 --------102141043
100 104 107 ioi 1i09 16i14 1-lig14 iifi
Preferred
911s
87 9018 89
91
9434 90 94
92 95
96
96
9212 95
99
100 94
93 974 94 9514 92 96
96 99
6H% preferred
5912 6912 30 5712 10
124 9
15
45 5812 4413 68
40
52
5914 4214 5114 368 45
100 2714 6178 5018 627 51
Warrants
Commercial Solvents B
* 22712248 22514 274 24213 283 2584 260 32212 370 3345 4464 430 492 45112 504 484 700 425 666
_ _ _
_ _ ___
_ _ __
__ _ _
__ ____
__ ____
2014 -367
__ 20% 63
; 25% -353$
•
New
56 6014 35 48
,8 -68- 5918 -7-5 6:
63 -6-9 60 -6-5
734 -7-8
398 48
-ii- -8-4-12 .5i4 -76- 597
93-Conde Nast Publications
• 80
2518 1134 16% 13
17
2312 22 2718 2112 2514 2218 28% 11
Congoieum-Nairn
• 2718 3534 27 3318 2212 2978 2318 2632 1912 2614 20
43 5518 44% 561k
69
7912
50
7118
67
71
68
12
68
7214
7514
7512
76
814
Cigar
69
8712
Congress
• 7918 854 82
92-18 76
12
bg
Sg
12
12
24
52
58
78
14
12
88
84 1
84 1
11
14
/
1
4
114
* 1
78 112 1
Conley Tin Foil
378 63% 834 6314
100 _ _
- _ ____ ____ ---- ____ --__ ____ ____ ____ ____ ____ ____ ---_ ____ ____ ____ -__ _ 65 8512
Preferred
4212 -5534
7734 8838 754 84
6012 7612 6418 748 62 69 40 6214 40 -52
8234 89
81
92
Consolidated Cigar
• 9112 -96-14 8914 94
8118 8712 70 8114 7612 80
85 90
94 98
8914 98
9412 100
83 91 12 8114 90
100 99 99
93 100
927 99
Preferred
63 75
67 74/
1
4
78 848 70 83
84 9012 7718 8914 7512 84
100 93 96
9012 9412 9112 937 87 24
94
95
Prior preferred (634)
Prior pref ex warrants
Consol Film Industry
• --------------------------------------------------------22 -2114 2134 -213-8 io -2378 iii8 -2034 1ii2 fi
243 2618 1518 2512 16% 22
19
2134
8 2612 2818 25 2712 2512 3034 2538 29,4 25 26% 25 2612 2434 26
• 2514 28,
Prof
2 132,
8834 107/
8 12512 152 14618 182 15218 18314 33121613* 8018 108
• 10318 11812 103% 117% 9512 11312 100% 11118 10518 119 109,
1
4
Consolidated Gas
9212 9938 9834 10012
9718 9834 9734 9912 9718 993 9314 100
Preferred
* 9812 9934 9914 9934 98%10038 99 992 983* 9934 9612 99
Rights773984 614 8's
18 1-12
114 238 I
278
-1-24
2/
1
4 -3-12 2C2 -3-14 2E8 i
2'1.2 -2-7-8 2
2f2 -4-12 2f2 -4Consolidated Textile
* 4% -6% 414 11y
121
121 ....•5
1312 -1234 ...-4
1612 2014 15 22
1414 1678 1414 18
17
1612 13
1438 19% 12
2134 1778 21
20 20 2312 19
Container Corp class A
218 6'2 4
7
9% 412 2
1112 9
• 10
612 818 63* 77
1114 83* 1014 6
5%
-14 8% 63* 8
9/
1
4 6
Class B
32 4634 37 4034
658 7912 7214 8434 7934 90
78
778 8614 73 8518 2514 74
5712 67% 60
Continental Baking class A • 471 6078 53 67
1134 1434 1218 1514 1112 1312 1034 14% 418 111
9% 1238 101! 14
418 712 512 712
• 818 1334 912 1212 812 12
Class B
9734 94 9734 8314 , '2 7012 0084 87 9312
95
91
9612 9213 9712 95 100
9412 100
8912 96
9014 96
100 8812 97
Preferred
33 41
.i0 ------------------------------------------------5884 6112 56 584 54 6212 45 6334 38 46
Continental Bank of N
4 126 125 126 125 126 12434 125 125 125 12434 125 12434 12534 123 12434 115 125 12434 12512 124 127
4
100 1214 12,
Continental Can pre(
4012 883* 4312 64
65 7612 6712 7812 753* 823* 7318 9178 82 92
46 56/
* 60 6434 6234 7438 68 8018 7118 78
1
4
Common
Rights
_ _,,_
__ ____
_ ___
_ _ __-- - - ---_ __
-- - - - - 25i4 -2-9% .261-2 -63-4
_ ____ _ . ____
Continental Diamond Fibre__• ____
K1
1
01
9512
1
1
014
-3
2
4618 7334 56 67/
79 -8-9-14 80 -8-5% 80 -9
10 8712 -9-4-12 8318 931
4
1 8058 -8-7-18 84 1-0018 8618 1-06
Continental Insurance
1712 12 153
712 934 613 814
612 13
• 1918 2818 22 2512 17% 2418 1912 2414 1718 237 1413 187 1312 1618 13
Continental Motors
114
8 112 1
Rights
-----------------------------------------3413 "
3i1 1 i --ii7
; ii -;
26
, 2113 -lilt;
58 "
;i
i iia
i -667 is
iA iis
Continental Oil
-- - - 2612 4574
-.
• -Continental Shares
- - 8618101
89 K178 9714 10718 9512 11118 10838 118% 90 12618 70 104
Corn Products Refining- -- -25 8614 917 83 907 82 864 82 10178 8618 99
100 143 14434 14114 14414 14114 14212 14138 142 14118 14112 141 1423 1391814114 13934 143 140 14212 13814 142 137 141 140 143
Preferred
100 759 759 800 810 - --- - --- - -Corn Exchange Bank
• 7118 8214 645* 7478 Li li iLfs 6-634 LiTs -6112 Li -6-6 Lii; Iils LiEs -6614 LLgs -673-4 HIFI; ii iigs -3 14 22E8 11-7;
Coty Inc new
Rights
iW2 167;
li
__
.
,i
____
_-___
-______ ____ ____
*
Cream of Wheat
20 2414 15
18
27 3013 20 27
2618 578 3218 4012 30 -31-30 3534 30 31
34 40
2718 33
100 2218 30
Crex Carpet
25
92
4.
17
3714
4
104
15 2938.
90
3
8513
9718
11312
8612
11714
11418
86
8712
87
97
9013
125
83
93
Crosley Radio Corp

-iiii2 -8178-

6934 737 40 7212 3712 5124 4012 5311
45 51
4214 45 44 7112 67 79
_
_ _
_
•
Crown Cork 8c Seal
92 9512 90 96
92% 94
9514 97
955k 9614 92 9512 9418 963* 9238 95
* 998 10114 100 10034 101 10114 97 98
.1rown Willamette 1st Pref
2312 17 1912 18
2438 1934 2118 1834 2134 1818 2014 1812 20
19
1912 223* 2038 2418 17
• 2218 2534 22 2418 21
3rown Zelierbach
78 90314
91
86 923* 8514 9212 8634 1037 1011210618 10378 12134 104 1207 7712 10734 71
8512 9212 85 92
1rucible Steel of America--100 8513 94
100 109 11518 115 11634 11414 116 4 11414 115 110 11012 10914 10914 111 113 10912 110 111 114 109 11218 103 10714 106 109
Preferred
12
812 111
/
4
17 2212 1112 2118 13
• 2112 2412 2012 237 17 21
163s 1314 18% 1338 1614 134 1812 7 1612 5
Cuba Co
34 114
34 112
2
312 4
34 114
218 4
312 17a 3
518 313 4
• 478 512 4
34 238 114 134
l'uba Cane Sugar
118 l's
Cris
914 1212 638 088 5% 9
1% 3%
1118 14
7 1238 278 73* ;112 634 234 412 234 4
100 1613 187 1134 17
Preferred
Preferred certificates
97
7
1214 11
1312 11
878 814
1112 1212 11
1-413-4 1.31-8 16-14 i2.i2 -1414 12 1234 7% 12
10 1534 17
113 16
2uban American Sugar
60 65
65 71
701y 73
56 86%
6114 6412 601 6514 63% 80 69 78
63 66
66
6114 9014 61
100 9312 95
Preferred
41g 514 2
234 3% 1
4
* 512 624 518 6
3
1
2%
412 212 414 318 412 3
434 6
43* 6
;uban Dominion Sugar
7
548
38
3814
50
49
3
4
5312
45%
563
4
44
49
5318
49%
54
60%
48
55
5014
8
51
52
5218
58
847
8
61
677
50
Packing
1udahy
78 1,8 ____
114 178
--- ---,-- ---- ---- ---- ---- ---- ---- --Rights
7;12412 119 123 1071±132 100 11412 108 115'4
117 1-2-9 118 12-734 117 1-2-6-- 122- 1-21- iHo" iii- H5'
*
l'urtis Publishing Co
Preferred113
12 118 115 11734 11578 12134 11312 117 11412 11512 114 11614 11434 11712 11212 116 11218 115 11418 11612
13912
17114
161
14313 172 146 17034 157 16812 149 16814 132 165 120 130 8038 874 50 60
:lil 165 145 17312 13518
1urtiss Aeroplane Motor
_ i_ --_
_ __
.16212 16512 158 170
-Ctfs
i ii
ia
28% 3018 -ii_"
iii
s II
iI_ii
Ls 93$
•
1urtiss-Wright Corp
37 3778 2918 378 14 3138 15 2078 1314 20
Class A
-- ----- ----- ---:221 22514 ----------------20714 20714 22034 221 22034 22084 325 325 ---:ushman's Sons
12114 122 12034 123 120 125 120 12012 1201212-012 1 1814 1-63 119 111- 11814 120; 110 ifi
100 12018 124 12014 122 12034 13
7% preferred
104
110
110
110
110
115
110
11012
11012
112
111
1113
4
11012
111
112
1093
4
110
110
/
1
4
11012
112
10812
11514
110
11014
•
8% preferred
76 89
58 89
8 12114 6038 118
8 984 93,
loo 62 6534 60 6212 5818 6412 59 62 6014 837 59% 67 6414 10112 90,
:utler-Hammer Mfg
99 Ill
7718 84
8514 12612 9014 108
8138 91
91
9734 9514 10434 102 108
7518 8312 7118 80
• 63 7512 75 85
1uyamel Fruit
3
3
261s 35
25
3718
2114
4718
54
427
5912
59
5618
4512
5212
43
3
4
5618
50
8
533
4
49
677
38%
688
8918
50%
• 5918
lavison Chemical
23% ----------------14 207s
21
2234 21
23 24
23 23
23 23
244 25
/48 Beers Consol Mines-- __ --- - -- ---- 22 2212 223* 25
20 2614
s 271s
3034 373 2712 3318
3512 3614 3318 35,2 3312 35
lebenhamSecurities_5sc-hirgs 3812 467 4012 452 3714 4134 387 38% 3612 39
12112 114 119
HO 126 128 116 126 118 12434 120 123 120 12534 1168 121 117 12034 111518 120 116 1197 11714 12012 109
Mere & Co prof
18818 2174
151
272
270
370
336
376
38.5
250
265
33814
255
255
28414
335
294
250
240%
280
252
23912
250
100 224
letroit Edison
1012 32
2884 34
1612 2212.
_
---------------------------------------------- Rights
38%
4878 44% 484 33 46% 24 3918 31
s 4414 55% 42'12 -3-2-38 438 6178 4512
2 I,563
80yoe & Reynolds A
• 5512 5912 57 64%
10712
--------102
114
12
112
115
115
115
115
115
115
114%
11538
115
11314
11512
115
114%
1st preferred
100 112 11512 11412 11512
--84 138 ____
% 258
_ - ----- -77_-- ---, .,- ---- --*---7—
Rights
liarnond Match
100 157 164% 15414 160 14814 158 135 148 141 145 14014 158 130 110 12814 14-0 12814 1-3-3 12518 1-3-7 117 1-30 12712 135,8
6
752 034 712
1018 912 1014 93* 1114 872 1014 612 9
5 918 1038 914 103* 82 1038 878 1034 918 103* 9
Some Mines Ltd
5014 5378 43 53
4434 5312 45 5414 4018 498 38 4434 12 397 17 2578 1812 2714
*
kominion Stores
18 212
182 1st ---- ___
---- ---- ---- ---- -- --,- ,yy.-- ---,
,
y
Rights
89
9112
71
1177
8
75 -8512
4 11012 1208
;10912 1-193• 11534 12434 11634 12618 110 120 11014 111;18 105 11814 106 11078 10834 1147
Irug Inc
6
7 ----------------6
814 -------- -------- 5
10
1214 --------8
8
iuluth-Superior Traction_100 8
1003030
Preferred
25 5512 30 4412 31 I6Zi
84 71 -6214 -7-2- Li "6-678 4734 564 :11-3 13 4612 52
8412 747 66 73
• 73 92
iunhill International
Rights
1-612 14
ii
Errs Iiiz ii -261, 2118 2412 2118 -21% 21-11-i4 ii RITA -ii 20 217 131± 2038 Ho
• 2612 2878 23 28
luplan Silk
99 99
90 100
99 90
9814 100
92 99
9518 95% --------94 9834 92 100
100 102 102 100 10018 98 100
Preferred
98120 14 9812 10012 9712 100 100 100/
1
4
8 9978 10038 9912 10078 100 10014 100 10024 9838 10012 954 9914 0612 99
mnuenne L111122 1st oret
100 4912 100,
*No par value.




JAN. 4 1930.1

FINANCIAL CHRONICLE

85

1929—Continued.
STOCKS

January February
March
April
May
'June
July
August September
Oaober
November December
Low High Low High Low High Loto High Low Nigh Low
SW Low High Lam met Lam High Dm High Low High
Low High
i Per Share $ per share $ per share $ per share $ per share $ per share $ per share $ per
share $ per share $ per share $ per share $ per share
Durham HosierY Mills B
50 514 7
614 111
1112
614
6
83
8
5%
718
5
612
4
6
412
5
414 573 3
Preferred
4
212 3
100 36 3714 36 40
212 4
37 44
40 45
41 45
40 41
40 4238 40 48
42 45
41 4712 4112 43
Eastern Rolling Mill
43 50
*
32 3912 19 3212 20 25
Eastman Kodak
19 25
* 18114 188 181 19412 172 18514 170 18312 168 18434 169 18431 18014 20778 191 22718 199 2257 162 26434 150 205 16614 19014
Preferred
100 126 127 12633 12712 12618 128 12612 128 127
12714 12534 12614 12513 12814 12514 128 123%12334 12334 12334 117 12434 12012 126
Rights
612 tra 47
Eaton Axle & Spring
724 -----------------------• 61
74
__
85 7834 8014 713 82 8814 56 71
578 684 5938 6833 564 6273 55 6214 27 5634 18 36
28 307S
E I du Pont de Nemours & Co-• 493 665 875 680 ------------------------------182
186
202
222
18812
231
New
80 195
90 13612 108 12878
20 15534 195 174 19812 17214 19178 175 1853
4 158 180 157 8714 113 11712 112 11934 11534 11812 111 116% 10712 116 115 119
6% cumulative preferred_100 11534 1187 117 118 11714
11818 11718 119 11534 117% 11534 11612 ---- ---- ---- ---Eisenlohr (Otto) Bros
---- ---- ---- ---- ---- ---- ---- ---25 958 112l 1071 108
Preferred
1009312100
Eitingon Schild
• 3618 3938 52 if% 2938 ii tii ii 2617 li Fr I812
iti 16.13 iiis 19 iiiz 2738 1138 "H iti To' i 12l2
Preferred
100 10812 113 10434 10813 98 104 100 102
9512 101
928 97
9012 9414 881 94
8478 89 608 838 5.514 61
Electric-Auto Lite new
39 59
• 13418 170 148 16912 12634 16538 138 15278 14018 172 143
168 15912 174 14718 16512 136 15812 50 147
Preferred
641 9214 75 90
100 109 113 11012 11218 11214 11312 11314 115 113 114 110 118 108 111
109 10912 108 10812 10534 11053 102%107 106 106
Electric Boat
• 1212 1534 1212 15
13
1838
14
168 12
1812 1112 1414 1018 14
914 1153 8 118 314 812 4
Elec Pr & Lt pref 40% paid__ 12212 13412 132
612 44 578
138 c136 136 13212 13212 13212 13212 133 14012 140 140 135 14012 --------118
Certificates
13714 106 106 120 134
4318 6424 5818 6412 58
7018 5912 703 60
7214 6412 8114 7514 8414 7238 8218 7358 8658 3212 7513 2918 447k 4113 5234
Preferred certificates
10618 10814 107 10914 106 10834 105 10812 10513 109 103 107
104 107 10512 10773 108 108 102 1074 98 108 106 10914
Pref certificates full paid
125 126 13512 13512_
-88-3-_______ 13212 13412
-8-514__ _______ 1494 1498 14034 14034 127 13614 105 114 13414 13414
Electric Storage Battery
8312 8833 828 9278 77
7973 -83% 7858 8573 _4 7838
820 -8914 83 9038 83 9214 73 10412 64 9012 6434 75
Elk Horn Coal Corp
50 6
612 514 614 412 558 4
434 37
414 3% 413 434 434 334 414 314 4
3% 1012 5
638 412 5
Preferred
50 1214 13
9
1214 814 10
83s 9
812 10
813 9
812 914 8
1212
934 734 812 718 24
11
1012 13
Emerson-Brantingham A
• 1058 1234 1034 2212 1238 1714 1153 1414 5
157
673 1012 713 912 88 8
7
824
63
8
Class B
314
712
4
5
312 5
• 4
558 712 13
713 9 --------412 812 ----------------438 453 218 4
11
Emporium Corp
3
3
312 4
3
• 2712 28
27 38
33
28
35
33
2434 2812 -------28 28
24 26
26
27
Endicott-Johnson
2524 26
20 20
1712 19
50 7738 833 7473 7733 7212 7812 7114 73
6814 72
66
7CI 6612 7012 5738 88
61 67 59 6418 4914 6314 50 598
Preferred
100 123 123 121 12414 123 124 123 12312 12313 12312 12318 12318 ____
____ 109%11018 10814 1104 10814 111 10814 10914 109 11112
Engineers Public Service
• 4812 8014 5212 5912 47 5834 4818 5114 48 5334 4918 82
5% Preferred
5818 7112 6718 7938 6718 7414 31
7138 3213 458 37 431k
• 00 10412 9038 98
92
973
4
90
9314
9112
95
9012 9912 96 112 10912 12314 10818 11333 0014 109 80 97
90 94
Preferred (534)
9914 9978 96,8 9938 96 97
*
94 9712 924 961 98 107
Rights
85 93 9012 9412
99'8 10838 100 10612 84%109
Equitable Office Building new* 3114 33
3218 3638 3418 3714 aii2 -3-9-78 57% if titii2 -47618 Lii4 -3-9-78 55
74 -41 55 16 55i2 "3-614
Preferred
42
100
Equitable Trust
100 493 550 515 648 592 765 686 737 7150 750 663 663
65
.
_
ioo
Eureka Vacuum Cleaner
700____
___
__
---* 45 5234 4412 504 4714 54
49 52
45 50
47 52
50 iiii--53 4514 5212 4814 51
Evans Auto Loading
39 -5014 37 -41- 5612 -4114
s
6658 68
55 7334 6134 664 5518 63
5518 8312 50 63
46 5234 42 5012 30 46
Exchange Buffet Corp
2012 26
15 30
• 2214 2212 228 2412 2424 248 2418 25
24
2524 25 2534 25 2714 2614 27
Fair (The) Co
2214 2414
2534 28124 2514 268 2334 25
• 4514 5178 4234 4814 3414 4858 37 3973 3433 3812 35 36
3453 3834 3512 40
3634 41
Preferred
35
3858 2912 3514 2512 32
100 10812 110 10412 110 106 110 109 110 107 10912 107 107
10511107 10512 110 10924110 10814 11014 102 10514 103 103
Fairbanks Co
25 414 534 ____
__ -___
__
714 10 ----------------5
5
5
5
Preferred
4
4
1334
814 334 812 6
7
100 19 35
14 -19 -23
25
11
22
11
25
14
16
18 30
25 3234 26
35
Fairbanks-Morse
2238 3412
15
2733 1858 29
• 4378 5134 46
5138 4313 49
4334 4612 4038 4413 4034 4713 4114 4712 4113
4933 47 548 2934 4712 3013 41
7% preferred
323o 3712
100 108 1107 10714 10914 108 110 108 110 10634 110 10834 110
107 108 106 110 108 10834 106 108 103 107 10124105
Fam Players Lasky, new
* 2512 6534 60 674 5912 70% 8114 694 61
7138 61
8612 83 8938 6438 74
6818 7412 35 7512 4118 58
Fashion Park Associates
4418 5512
-----------------69 7258 6514 7134 6418 71
8534 70 64 68
58 8634 558 8373 40 5614 2514 42
Preferred
22 3012
100----------------101 10118 99 101
9612 9712 97 9712 96% 9612 9034 94
8834 9018 9058 913% 86
Federal Department Stores__ _• ---86
73 80
- - -Federal Lt & Traction
2512 33
15 6818 1412 76% -8434 7812 85
8012 87
8012 90
884 109
87 102
8914 9-7-- 8834 if - 888 -68-1-4 50% -70 - 70 7712
Preferred
* 9934 103 100 104
9814 10112 9812 10134 9712 100
9914 102
98 1004 997 102 100 101
9812 10112 90 96
9018 9518
Federal Mine & Smelting_100 234 270 275 310 266 266 225 265
215 230 240 250 245 280 --------237 245 195 220 190 190
Preferred
170 195
100 100 10034 100 100
9814 9914 9814 9912 99 100
9012 100% 10014 102
9914 9934 99 99
Federal Motor Truck
95 9852 9718 9812 96 97
• 1818 2078 18
2238 1413 1938 16
18
14
1734 1334 1733 1412 1612 134 1434 1214 14
Federal Water Service cl A ___• ---5
13
9
6
958 8
-- -----r--,------__--_
____
__ 50 5614 40 51
FidelityPhoenix Fire Ins newl0 101 106
28 4184 31
3934
-95 1048
--- 9014 --9912 93 102
-_-- 9212 112
-9314 10212
--- 9834 114
--99%12012
11018
Fifth Ave Bus
123
63
115
4712
83
63
75
31
* 1178 13
1112 1314 1058 1334 1058 1312 10
1112 953 1014 612 1014 712 912 7
914 6
Filene's Sons
9
614 812 718 814
• 90 9734 85 9812 84 97
8014 90
86 82
66 72 65 8014 67
72
7114 7834 49 75
Ctfs
5512 30 45
33
-----------------------------------------70 70
70 7612 55 75
Preferred
30 41%
47
31
100 106 107 10514 107 103
6
l'
10212 97 10012 96 998 958 997 97 99
Firestone Tire & Rubber_ _ _ _10 ____ ---84 9712
_ --- - Preferred
100.__ ____ ____ ____ ____ ____ ____ ____
____ ____ .....- ---- ___---- ____ ____ 83% 89%
First Nat Pict, 1st pref
100 10418 10514 10512 10612 105 11018 10834 115 11412 11514 11514 11614 _ .
_ ___. --- ---First Nat Stores
- ___- --- ---- --- --,- _-,_
• 86
7173 64 74
6453 7478 62 71
63 7112 8418 6953 5712 -7673 7138 -8512 81 --90
Rights
58 -8818 4412 -70
48 -6431
-__ _ - I% 2
Fisk Rubber
133 158 ____ _ _ -___
-• 1 558 2018 1538 19
1218 1938 1073 133 838 117
75
938 72 914 614 -8634 9
1st preferred
312
55
8
312
83
9
24
-414
100 65 7212 6018 78
60 7053 58 63
51
58
4014 49
5134 355 4212 37 4534 15
41
1st preferred cony
3812 16
8
22
1812
100 6813 8212 6812 7812 65 78
60 65
5734 60
45 4658 3914 50
33 44
35 46
Receipts 50% paid
204 3934 15 28
8
197
Rights
Fleischmann Co
• 7718 8438 72 78% 6838 7934 654 7312 5
. 558 -ili
7:1 ii% ii -Slits 3.5 -66 igi.4 1115Ctrs
8 ____ ____ ____ ____ ---- ----,r- ,
-_- -.- - - - ---- 8814 9773 8713 9913 9814 10912
Florshelm Shoe class A.
_ ____
__ ---- ---5112 54 ---4912 53
7 -503
49
513
4
47
•
-8 46 --43
4612 51
4812 5053 50 5178 ___-3934 43
PreferreeL
42 53
45
38 -100 99 10218 99 10012 9714 10013 9912 101 100 101 100 101
9912
10013
93
8
95
993
9612
Follansbee Bros_
9018
94 977
9112
95
9013
• 62 688 62 6914 5912 7334 6212 6853 5714 717 6118 68
65 758 86 8234 69 804 3514 7412 324 48
35 4512
Foster-Wheeler Corp
•
---- ---- ---- ---- ---- ---- -___ ---- 6814 73
5012 6912
6113 95
45 94
Preferred
33 54
• -------------------------------------------------------175 175 185 230 21014 23014 110 110 ---- -Foundation Co
• 45 ----6414 49 6214 53 69% 44 6873 4814
a 46 5814
4612 35 43% 2012 4112 1234 25
Fox Film "A"
1412 23%
* 9314 101
84 983s 82 9438 8034 9813 825 8934 8512 9414 4014
8514 9S
84 100,
8 9234 10558 40 10212 51
Franklin Simon, pref
794 1913 5753
100 110 110 10612 110 10412 110 10612 109 10634 109 10414 105
4 1044 100 10434 9812 101
9812 100
Freeport Texas Co
96 9978 9434 9611
* 4813 547 4518 5134 38 .5014 44 4778 3814 4712 3734 48% 1043
4112 48
4134 5112 4318 5134 24 4534 2334 387s 3334 3931
Fuller Co, prior preferred.._• 101 104 101 10612 99 106 10118 10434 10414
10712 102 10834 102 102 10212 10314
10512 9912 105
8212 9912 94 98
Gabriel Snubbers "A"
• 24 29.58 28
3378 20 3112 2012 247o 2112 2714 214 2714 2014 2534 1812 22 100
14
20
5
914 5
1812 5
7
Gamewell Co
•
----------------------------------------77 8312 75 7714 76 813
4
6514
67% 73
80
Gardner Motor
3
6518
4
* 15 25
15 24
678
18 113
8 1
4 618 1258 157 1113 1458 8 1258 334 912 4 70
3
411
6
Gen Amer Tank Car
• 94 102
86 99
8113 87
8418 9124 81
943
4
85
7
957
8
8712
99
9514 11173 107% 12078 8312 12312 75 10034 8958 103%
Gen Asphalt
100 717 8114 8633 75
7178 63 7812 75 8412 8012 8733 8278 91% 8518 943
81
4
80
3
4
884
47
873
4
4214
56
458
57
5% Preferred
100 114 12014 1083 11612 10412 113 106 11912 117 12334 123 131 125 136 130 141
123 130 110 1275 -__ Rights
---- --Gen Baking, preferred
• 13038 136 138 1-4(i 1.35 1-3i 1.5i 1-3-5
. i55; fii i5i Ts flits
ii
i5ois
651.5658
11112 130 133 121 128 i55 127
8
1
3
GeneralBronze
• --------------------------------551
__
6038
693
59
4
8018 8514 5734 6314 5234 59
Gen Cable
26 53
2414 34
24 37
• 3712 544 61112 61
4313 6034 45 5418 3818 55
39 46
4112 4814 4233 5712 48
59
3218 54
Preferred
23 3934 25 3311
_00 ma 10712 106 10718 105 107 104 106 10412 106 10412 10518 10512 106
104 106 105 10812 10314 107 102 10314 10212 10811
Class "A"
• 81 10914 10312 12012 95 11934 9612 11134 8513 110
8814
100
90
Gen Cigar, Inc
70 10814 851 9312 6318 771
6514 7112 6612 7234 6612 7212 6712 7238 694 9713 90 1158 102 117
67 74
• 63 71
7318 6712 73
6534 7012 42 6712 4513 58
50 5571
Preferred (7)
100 11214 122 118 122 11714 118 11714 120 11512 120 11714 119 11734 120
11534 119 11534 116 116 11617 111 118 112 11211
Rights

ia -in, 5a..

10i

s 10212

3,

Gen Electric
New when issued
Special
Gen Foods Corp
Gen Gas & Elec cl"A"
Class"B"
Preferred "A"(7)
Preferred "A"(8)
Preferred "B"(7)
Rights
General Ice Cream
General Mills
Preferred
Rights
Gen Motors Corp
when issued
Preferred 7%
Preferred 6%
Deb 6%
Gen Outdoor Adv "A"
Trust certificates
General Public Service
Gen Ry Signal
Preferred
Gen Refractories
Rights
Gillette Safety Razor
Gimbel Bros
7% preferred
Rights
Glidden Co
7% prior preferred
Rights
Gebel (Adolf)
Gold & Stock Teleg
• No par value.

• 222 26114 224 26238 219 251 225'2246 243 295 266383247o
32534 377,
4 36513 403 35214 397 210 3791 18818 249 212 257
•_
_
____ _
_ 55% 631,
10 1i
I-1-12 1114 1134 111-3 II% 1118 1114 1i- 113 11
1114 11
1114 11
113 -11- 1112 1118 1138 11- 11-14 1114 111;
- -mr- -,,_ ---- ___ 7314 778 6814 74
454 521;
6313
5034
7314
35
394
6538
•• 70 89
82-87 8812 73 -9_-89
0
793s -8-i14 797 -8114 7978 10233 98 109 10114 112
70 103 5934 8014 6612 8211
* 76 10412 90 94
9114 102
95 112 105
10014 106 104 105 105 115 116 118
100 100
90
100
• 115 11612 10812 11813 107 114 108 112 105 109---112 103 1-1-1-3-4 102 108 104 108 10313 10812 99 10914 99 10212 10114 108
• 12112 134 121 135 127 134 124 13112 11813 129 120
123 11112 120 114 120 116 12214 11634 124 11412 11818 115 118
• 108 10912 10714 115 107 113 104 111 105 11014
99 106 ---- ---- ---- ---- ---- ---- ---- ----- -- - ------•
----------------------------------------14
• 104 108 108 10934 797 97 105 110 --11
• 83 894 85 8813 74 857i 7412 8018 88_ ._ _
-7712 6732 74% 71 -7512 71 -7838 55 737; 6 "flit:,
iiirti W67-8 ii) 547;
100 98 100
9714 977 96
9734 9512 97
98 9634 94 9558 91
96
92 95
91
8734 92
93
8912 924
8 7% 92
__ ____ ____ ---- ---25 19413 21434
78 88
7;
51 -ii 7is
T -51-134 gi4 8113 558 -8i iF
i8
-A*
T" ia4
iiis li7iNew
T Vi14 iii4 Vii4 iiW.%55i2
ii14 ii
.
100 12434 12612 12434 126 12414 126 12412 1264 12213 125 123
124 192%12412 12234 12414 12258 12514 11738 124 112 120 119 122
100 ------------------------109 109 109 109 ---------------10814
1051.
100 109 11014 10914 10934 110 11012 10912 10934 ---- ____ 10712 107% ------------ 10814 10712 10712 106 106 --------10538 1051,
----10712 10918 1075310753 104 1
10514
• 5014 52
4934 51
5012 52
4953 51
47 5034 45 497 44 4734 4312 48
48
30 497 35 4278 35 413.
* 3212 35
3312 394 33 4078 33 3814 2712 347 30 3312 43
32
367 3318 41
2712 3112 91 3178 1518 23
15.58 201
•---r- - --57 64
62 737 72% 98
75 8578 25 76
20 42
28 413,
• 95 10418 9712 11018 9312 11112 -,,-95 108-12 108 11
--6-78 10414 11912 1123812258 10812 12612 11318 126
70
1147
70
97
79
92
103
10218
101%
10312
100
103
99
100
105 105 105 104 10412 10314 10412 10414 10412 106 106
1021
• 74 8173 75 8612 71% 82
68
8412 7138 857 7253 7933 77 8413 8212 8812 8134 88 103 10612 --------101
54 8434 r
7314 59 677
100 116 12634 11434 1-21 11038 11834 110
. 115.7-3 iiiii4 1-26 11.71i 112- 155% 1-2-1-12 iii5; iiiii iiii4 Ili iiiii Ili
• 43 4813 4213 45
377 4312 3814 417 3418 4038 31
3412 2914 4034 30 36
33 397 1758 3512 1012 2173 11
197
815g 8412 8113 83% 8113 8214 81 82
100 8414 90
8318 85
80 85
7812 8013 801 92
72 94
71
8212 56 773
-- ---14 214
'II
1st
----• 3678 4414 3818 4178
- -55% -4-f:- -ii.- -i0-1-2 -45- -4-9-34 -4.L1-4 -6-1-3
;-+3/ -6118 -Li- -61- -L318 63
26
5812 27
385 3113 -39
100 10312 105 10412 105 104 10514 10338 10613 1013 1053 1011 103 103 105 10378 105 10214 105
99 10412 95 103 10014 103
--- ---113 313 -------------------------7_
__
8 13a
1
112 ____
_ _ ___ _
____
• 52 8438 5418 -66-- 44 61% 4412 5214 4413 5214 45 5 12 384 4814 284 3912 3018 3518
10 -32913 1-5.78 12 -El

10




164

go 1-4-6 iiks 1-i-6

[Vol.. 130.

FINANCIAL CHRONICLE

86

1929—Continued.
STOCKS

November December
August September October
July
June
May
April
March
January February
Low High Low High Low High Low High Low High Low Htgh Low High Z.012 High Low High Low High Low High Law 11505

Par $ per share $ per share $ Per share $ per share $ per share $ per share spar share $ Per share 5 per share $ Per share $ 14er share 5 Per share
* 14338 146
Gold Dust certficates
iii ei /11-4 .5-5i4 -Oil 6038 iliia -5112 WI; -64; -ii% 38's 1E7;
• 7112 82
New
•
120 120 110 114 110 110 10612 10814 107 11414 106 107 105 11412 105 1147 95 1953, 9712 10412
Preferred
3814 53
83% 10078 81 924 73 8612 7313 8214 754 8634 7218 7773 68 7334 42 7134 42 56
• 9413 10534 8718 101
Goodrich (B F)
9512 101
984 105
100 113 115 11418 1154 113 11518 113 11378 11234 11318 111 113 11112 11218 11113 113 10712 10934 10412 108
7% preferred
Rights
4 6131.3 118-4 io fthiii "ii II iiis 7/7-14
166 1-2-i33.
• 12212 140 112 1344 12312 15412 12818 13934 i iii4 1104 iii hi% iiii5.8 1-i23Goodyear Tire & Rubber
14 9912 10112 94 101
87 9578 92% 9538
• 102 10378 10214 10473 10134 10434 10258 1043 101 10378 101 102 101 10218 1014 101
1st preferred
Rights
71
521k
74
81I
63
* 701
Gotham Silk Hosiery
____ __-_ ____ ____
-_ _
_.
..
._
_
-.
• 65 2412 64 7212 5312 71 _
New nonvoting.
194 28
; :864 1112 al if% 55% -3112 5613 1E12 26Ts 1i11-4 14 27
' iiii4 113
art - fi
5153 57
New
75 80 68 754
8418
--------80
8712
--------85
94
94
95
93
98
4
943
100
100 9812 10114 10012 10012 97
Preferred, new
---------8418
----84%
-- ----- --9314 9334 92 90 ---994 100
97 98
98 100
Preferred ex-warrants...100 97 100
1073 64 1334 7
812
4
714 --9
1214 818 -10
1034 1178 978 -812 74 818 714 1114 1014 14
7
• 713 10
Gould Coupler"A"
73
8
1112
12
175
27
247
1814
8
224
788
33
3212
2514
8
441g
383
35%
25
2638
4414 5018 3918 5112
• 41318 54
Graham-Paige Motors
97
8
12
733 1612 8
15 22
18 24
3112 35
20 2934 224 27
4612 3112 39
• 4314 4912 43 474 38
Certificates
----- -- ---- ---- — -- — - — ---- --- -- 7g 2 ____
14 11.1
Rights
0
6
-4918
4
693
52
464
8
7
6I
8/Si
841
75
8
4
3
85
824 8678 6812 -79% 7533
100 85 9188 8654 95 81 10278 8112 98
Granby Cons M S & P

iii. Vifs iiis 753i4 11014 .eift iiis -till, 5414

39 5473 33 44,2
78 8214 79 8634 4318 81
80 86
82 9611 8438 9278 7918 9233 8134 87
7734 94
100 7734 86
Grand (F W) Stores
878810388 90 94
106 106 10312 105
100 115 110 11478 115 110 11512 107 113 108 111 107 1074 10512 107 106 s 108
Preferred
918 1634 1134 15
914
8
283
52
23
2818
247s
243
2
293
8
5
23
2838
2812
22
2118
8
295
2912 21
• 2634 327s 23 2734 2018
Grand Union
7g
3234 38
3018 38
4614
30
4438 5014 464 4878 4338 47
44 5034 43 5178 43 47
50
• 5034 5438 48 5238 41
Preferred
32 45
3314 4184
34 6338 40 56
53
62
4
493
56
44
4334
464
•
Granite City Steel
324 4214
55
414
13618
a51
13714
12712
130
12512
133
• 1161±12788 127 14438 11812 129 11412 126 11558 12514 116 12214 122
Grant(W T)Stores
278
1
3
__ ____ ___ 3
_ _ ____
____
_
Rights
3312 2818 /113
4032 5iig -3-ifs 3472 -37-12 3612 -3-814 3614 -3838 301g 3714 28
35 3938 36
3234. 40
3614 42
• 37 44
Great Western Sugar
8 11338 1161± 113 11634 105 115 10988115
100 11612 119 116 11912 115 1194 1134 11614 115 11714 11212 11614 114 11678 114 1167
Preferred
121 179 106 135 112 118
20012
17414
193
171
181
16614
17014
138
3
16812
1364
4
172
8
1555
8
1975
8
1525
1873
168
s
100 168 1867
Greene Cananea Copper
20 6958 1414 347 1738 244
--------------------------- ----5588 6312 5558 70
•
Grigsby-Grunow Co
44 1 ____ . _
Rights..
238 114 -21
33
3
2
312
212
212
433
3
4
3
212
213
4
312
47
414
4
3
3
512 414 5
•
Guantanamo Sugar
44
4412
6014 - 44
46
44
4612
4612
46 52
50
48
50 52
6014 7334 50 55
75 89
100 88 90
;
8% preferred
7278 65 6934 62 7278 42 5514 46 143
68
4
727
6314
7
14
85
8
555
5514
4
6718
667
4
613
79
6212
74
697
4
743
100 66
Gulf States Steel
9934 103
108 10032 105 101 105 10038 103
100 107 10812 107 109 107 109 103 106 107 107 10112 103 10112 10612 100
7% 1st preferred
Rights
2738 /9-12 .2638 ii 2612 1214 26 27
26i.4 -273-4 2812 It; 2514 ii
20 28
25 25 2634 26 29
Hackensack Water
27 29
2334 23
27 28
2714 2878 2712 28
2718 2912 27 29 27 29
2713 30
29 31
27 28
25 28 30
Preferred
2612
26 2714 26
27 284 27 30
30
2612 2712 27
28
27
27
27
28
27
27
27
28
27
29
26
25
Preferred "A"
18
12
1238 19
3112
12
3714
30
35
3114
3418
384
7
4
4112
3414
4
3
45
4352
3838
333
5358 424 5012
8212
4
Hahn Department Stores ----• 494 5634 45
713
8312
7414
9118
8212
9418
8912
9614
90
100 10812 115 106 11178 98 10738 9934 1017 9512 1014 9512 10112 9612 99
Preferred
27 2978
____ ____-- ____
10-Hall Printing
99 102 101 101
8 10058 102 100 103
100 101 10558 10034 10234 101 103 103 10412 10112 105 101 10212 10012 103 100 1017
Hamilton Watch, pref
99 11312 984 110 102 11014
98 10312 10118 112
106
9518
98
96
9212
94
9414
9713
95
98
95
94
4
3
99
91
'A"_.....100
Hanna 1st pref ser
66 8778 60 65 62 62
58 6038 5934 644 5912 63 63 72
5912 6034 5814 60
58 60
54 .58
• 54 55
Harb-Walk Refract new
112 112 11214 112 112
100 112 11214 112 112 11212 11212 112 112 ---- ---- 11212 114 11112 112 112
Preferred

in -in. ii -in

2012 2358
31
167s 3014 2111 25
25 2578 2418 2512 235g 2512 2414 2414 24 254 2414 2878 27
2512 26
• 2518 27
Hartman Corp cl "A"
18
1312 1878 14
30
2214 2474 2252 4178 2912 4014 13
25
21
• 3118 3938 3014 3438 23% 3174 24 2914 2078 28
Class "B"
63 7134 59714 63 55 6614
70
6818
7218
3
5
63
0614
6412
66
64
--------60
65
62'2
6612
1118
618
Hawaiian Pineapple Co,Ltd-20 6012 63 60 6112
1312
512
2412
8
8
307
21
39
8
287
42
•
5012 6634 4412 6838 3734 5374 28
Hayes Body Corp
---- _-_-244 78 ---- 7'4 1'2
- - ---- ---- ---- ---Rights
84 -99-7-3 84 -95
105
85
106
100
103
4
973
105
100
107
106
105
100
WI(
106
foita
104
25 110 11812 110 115
Helme (G W)
12834 12834 127 127 125 127 12334 130
100 12334 12412 124 12418 124 12414 12412 125 13214 136 12834 13013 12834 1284 13212 13212
7% preferred
___ 251/4 3312 25 2912 2112 2512
___ ____
__ ___
____ . —
•
Hercules Motors
80 90 844 8758
90 90
123 1-23
2458
I
120"
130
iii4
"
•.
--Hercules Powder
120 --------120 120 120 121 11614 11614 11218 11538
------------120
----------------------------------100
Preferred
8434 84%
14378 45 95
85
13514
118
4
1283
10214
3
108
92
4
3
86
7018
8413
7512
95
93
66
84
• 65 7212 64 7078
Hershey Chocolate
88 14314 60381071± 78 9114
947 108 1038 12834 11814 135
• 8038 857 80 82% 8112 8712 8238 9312 89 9934 8934 99
Preferred
10538 10614 106 10638 105 106 10518 10512
106
104
106
10412
106
1054
10618
104
10618
104
106
105
10512
10412
100 104 10518
Prior preferred
1234 17
1612 19
264 2884 20 27
24% 3112 2618 33
5 18
15 26
2034 1738 1912 17 2178 1612 187 1518 18
Hoe(R)& Co. cl"A"
30
2418 2938
347 4414 347 41% 30 4434 4018 444 3633 4112 26 3934 21
44 497 42 5034 40 45
• 4114 50
Holland Furnace
--- ---- --22
18
4312
---2014
8
5
24
204
2314
4
163
1818
17%
1312
1814
1012
20
1338
175 1912 151
• 174 22
Hollander (A)& Son
7612 -80
7534 8514 65 -80
7518 93 80 88
72 75
7534 76% 7212 76
7214 7334 724 7414 7212 76
100 7312 76
Homestake Mining
18 23
13 23
495 424 4912 4138 4712 4154 5234 18 44
Houdaille Hershey class B___• -------------------------------- 39 6234 374
4912
5114
4
463
494
5214
51
4514
49
45
4
3
50
4955
8
493
5018
Household Finance pr pref __50 ----------------------------------------50
57
40
5213
4
643
68
40
6914
4
623
72
6233 74 62 6873 6518 7212 6612
72
7612 6512 7478 68
• 74 7912 71
Household Products
9814 26 9634 35 5412 4713 04
74
3
7
83
6812
834
7214
8
843
7012
724
109
100
92
10612
8212 93 804
100 8634 107
Houston 011 of Texas
36 4178
59 70% 4412 617 3434 49
564 7313 58 6934 6314 727 130 70
• 6514 72 697 7934 70 8212 67 76
Howe Sound
7738 8938 84 914 8114 8733 7434 864 43 8218 38 5412 4614 5814
8112 9312 84% 8978 7518 92
83 90
93
• 84
Hudson Motor Car
7 3934 4714 1858 4312 18 2512 1834 2278
43
40
3
48%
3812
8
497
4038
7612 5018 6878 3912 57
10 7513 82 6758 8014 60
Hupp Motor Car Corp
1734 3134 21 257s 2012 2534
8 2918 3412 30 33
• 30 3514 304 32,8 307s 348 3212 3812 35 391s 3488 3714 3058 355
Independent Oil & Gas
518 712 312 512
312 101
4
153
5
2712
1312
213
s
18
• 2018 3212 2312 2938 2234 2612 20 2312 1734 2812 19 2314
Indian Motocycle
25 25
--------------30 35
92 952489 90 --------70 8712 -----------------100 95 95
418
.
7% preferred
4534 1513 2534 1618 -2
134
51
4213
53
3914
4712
4018
8
5013
8
5
52
5014
3812
34%
3714
4438
3313
10 29 4234 32 37
Indian Refining
15 2378 '15 23
1112 44
3814 457 38 5114 40 48
10 28 4238 3034 3714 32 407 37,3 4834 3113 467 3434 48
Certificates
165
165
165
160
Preferred
Rights
Certificates rights
80T4 iiiitt7s ii If 78i4 IA; 6812 1E 55 11712
• 121 135 120 132 110 12812 112 12034 ii ifi ii Ws; ii 1612
Industrial Rayon Corp
142 16434 154 205 189 201 140 22312 130 177 146 175
• 120 137 125 136 12412 131 129 15313 122 148 133 146
Ingersoll-Rand
118 11012 11012 11012 11011
111 111 --------111 115 111 111 115 115 116 116 10914 1017s 7478 89
114 114 ____
100 _
76
71
Preferred
80
96 107
8 89 9414 8412 93 8758 9258 90 9878 92 113
80 9214 86 -9-6-7• 7812 92
3
2434 378 2538 3258
Iale nd Steel
24
22
4
49
41
484 6512 4558 6612 465 578 3818 518 414 4738 4112 4738 424 4778
1558
12
16
15
Int_4ration Cons Conner----20 434 49
..
IntesharesCorpofDel cl A
54
64 4
% 812 0 it 553 978 2
4 818 934 812 1114 812
1414 1054 1414 1018 1334 84 1034 813 103Intercontinental Rubber__ • 11
6
534
4
4
8
73
4
712
778 638
1778 1434 1678 125 1634 1212 1412 814 1378 84 1034 7 1033 612 58
• 15
Internet Agricultural
53 6312 40 5712 48 5511
56
5314
53
64
6814
67
58
8034
7414
139
75
834
100 8312 8812 7914 8512 81
Prior Preferred
4 228 24134 175 255 109 18434 141 172
• 14038 15534 151 16434 15114 16812 15512 17978 175 19434 17912 210 2174 24612 22535 2433
48 63 554 6338
Int'l Business Machines
83 9134 7712 8414 6751 7912 6614 7112 5412 68
8518 9434 8412 95
• 8958 9678 9014 10234 86 98
414 1612
143
International Cement
9
8 54
5212 74
74
64
7
20
8
5512 627
9858 6714 7634 5412 8033 55
• 6818 8512 8233 10312 61
1812 47
Int'l Combustion Engine
30 59
10314
55
9912 11134 99 10234 101 10878 106 109 103,4 109
• 10812 11212 11212 121 11038 11814 10914 112
Preferred
-,,_----,.---,,-,--7,-r-------------13
5441
II
---- --89ie
74 -897Rights -------------------------------------75 1-1012 65 -94
% 1127 92 11934 9412 10933 10534 127 11414 1-42 115 142
9858 1134 983 11373
Harvester new-5 9284 115
137 139 13814 140 13914 14012 137 14014 140 1421:
100 14212 145 142 143 14014 14212 14112 143 140 14158 140 141 1381±1401± 48 537 48 5913 30 5718 23 417 29 3855
7% Preferred
-----5412
-----------------4712
_
-2
_ — __lot Hydro-Elec System cl A___•.
9414 82 94 8118 894 77 8634 55 8312- -47 73 _62 7155i6i2 -75 87
International Match pref-35 63 16212 87; -9712 6514 9334 764 854
-- 534 _
412 64 4
512 5
513 7
7
678 54 714 5
ti5i2 "ii
Int'l Mercantile Marine....100 6
; '26 .6612 a6i2 1618
6612 -2-i3
100 ------------------------------------------------27 2912
Ctfs
---- ---- ---- ---- ---- -- - ---------44%
---4912
38
7
4
5114
483
4
393
4712
3814
4514
3714
47
4
363
3612
3912
100
6% Preferred
121
----------------------120
Internet Nickel pref ctts— 100 -----------------.6 16 28s 1E14
2614 17-12 2
134 .
/
51l2 -1
s l
45 4412
a 812 12 f12
• i4 234
Int Nickel of Canada
122 12212 12212 --------120 120 112 113 11634 118
100 118 120 12012 123 121 128 121 121 ---------------- 122
___ 57 60
____
Preferred
112
--------82
898
3
893
60 69____
• 5712 724 72 774 72 7712 73 83
8012 87
International Paper
; 8712 -8912 88 9034 863 8934 88 9312 77 -89
8812 9314 87 90'4 8514 87 8512 -883
100 894 9412 9058 94
254 3114
32
20
4414
23
7% Preferred
36
33
3712
33
3514
4
33
4
29
25
283
3662
304
21313
4 3012 3533
2958 34,
2014
14
21
12
8
337
2112
19
8
3
8
25
247
lot Paper & Power class A __ • 2712 35
22
23
17
1434 1818 1512 18
1914 2412 1634 23
• 153g 2212 1812 22
1734 1118 1631
1112 2618 9
Class B
174 1612 20
15
1512
13
1714
1214
1614
103
1414
4
1212
4
133
3
107
1634
1312
• 1055 1638
8 86
785
88
77
Class C
90
95
87
8618
91
8612
87
8513 87
8478 8934 83
.
100 884 93 89 9254 8714 9233 80 89
Preferred new
____ ____ ____ ____ _ ----- __ ____ ____ ____
_ _ _
14 — __
------------1-128
14 34 _
4612 51
4 5014 5978 5512 6234 4514 68% 40 50
Rights
437 "ii ii 14-3; 749— Ii352 5814 515 58
Ei62 61.
• 5712 63
99
3
943
90
8
917
103
92
Int Printing Ink
100
8
975
9812
97
9712
98 103
9712 9934 95 9612 9512
100 106
100 100 1054
63 65 61 69
63 76
Preferred
7512 80
7358 72 75
71
70 80
70 75
7518 9034 74 87
100 5512 764 73 -90
International Salt
- 737 7712 54 76% 56 6512 5934 6311
- -------------------------------------------95 13012 100 1191;
145
14312
120
lot Shoe
13214 42-38 125 14212
I4i 134 146 13813 -- 4312
1 12 15
* 131 14934 134 14
100
International Silver
10914 1104 110 11818 11014 11014 10314 116 104 110 105 1071;
100 11214 119 115 1184 115 116 115 118 108 1154 10914 112
7% Preferred
_ _
_ _ _
_ _ _
_
_
24114 28112 _ _
leo 19714 22712 202 226 2054 279 239 27214 78
ii iii ii 133-4 iii4 -0,
Int'l Telep & Teieg
943 ii 1-0-7- ioi" 1115; ioir4 filii4 iiiiziW4
------------------------------100
New
57
Rights
lig% aaEs 6412 aaT2 6838 2618 37% 2612 IA
8 ii ii4 69'8 8314 6912 7614 1344 7012 i5T4 __• 80 9312 iil -112-5-3 ii -8-i3Interstate Dept Stores
891±100
98 105
Certificates
130 1ai 12714 12714 --------------92 105
74 -7-9
100 130 150 -----------------------82 8930 7518 79
Preferred
18 8614 84 86
914
9212 9418 3
160 ----------------------------- 0114 97
17 2612 20 25,
Preferred ex-warrants
30
2418
4
363
33
3814
3312 38% 35
2912 3478 3212 3812 32 34
4 2978 34
317s 29 34,
• 29
5812 1212 33 1714 23
28
Intertype Corp
...— 64 7212 59 59
____
____
____.—
____
____
____
*
Investors Equity
5112 494 5312 39 5014 39 4512 41 46
4934 55
5
50 5234 50 5212 50
1 53 5738 54 6178 5312 69
Island Creek Coal
--- 103 105 105 105 103 105 105 105
_ 10512 10512 --------105 105 105 105 105 105 ____ 7812
4114 49
Preferred
55
1
6478 7012 40 6912 39
69
8412
8
1503
1357
140
71
4
3
153 882 14713
• 1467 158 140 1624 136 15214
Jewel Tea Inc
7% Preferred
141± 1634
Rights
4 i'i518 205 100% 21914 107 21138 90 137 105 1403
-00312112
• 18012 237 ioi Ty 2-4-2-3-4 i13514 21i 162 187 15213 1-if iiiii2 1-ii ii6F2 2
Johns-Manville Corp
120 122 1191, 121 120 122 119 122 118 12112 12034
100 119 12012 11912 12112 12012 122 121 122 121 123 121 123
7% Preferred
Jones Bros Tea Inc

lir, -213;

5338 ini. -ni-t,- nii, -56I4

•No par value.




•

JAN. 4 1930.]

FINANCIAL CHRONICLE

87

1929—Continued.
STOCKS

January February
March
June
April
May
July
August September
October
November Detember
LOW High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

•
Par i Per share $ per share $ per share $ per share 5 per share $ per share $ per share $ per share $ per share $ per share $ per share $ Per share
Jones &Loughlin Steel prof100 11812 122 120 12112 120 1224 12014 122 121 122 117 122 118 121 11812 12112 120 12212 11918 126 118 11912 118 12012
Jordan Motor Car
• 1212 1612 12
Ws 8
1112 634 8
133s 93g3 1178 7
112 47
412 518
528 7
8
2
278
214 4
154
Rights
164 - --12 ---------------------------------------Ili
- -- -- ,
Kansas City Light 1st pref 13.• 11214 11234 106 112 10812 10912 10818 109 10912 1014 10914 11033 10612 10814 108 10812 1074 0914 109 109 107 1-0712 111S1-8 1-08-34
_ _
_ _
_
_
_
_
_ _
____ ____ ____ ____ ____ ____ 10% 13% 1134 1212
Karstadt Rudolph
Kayser (J) & Co
; ii54 -8-8-- -86 17-3-2 ii -8-2-12 ii4 -8-2-5;-ii52 -817-2 i5- -8-5.12 85T4 -a7-2 - 5014 5812 ii 14-14 •-2814 -54-4 io
*
New
_
52-24 56 4222 8814 lit,
Kaufmann Dept Stores__ 812.50 294 33
25 314 26
2912 2534 288 2018 2712 1818 22
2634 2838 25 2712 25 28
30
3718 278 33
1714 1812
Keith-Albee-Orpheum
2612 38
35 41
• 38 46
25 3112 27 3712 2618 36
35 4018 3328 37
3412 40
3612 3718 1512 2314 1612 2212
Preferred
957 120
100 119 138 110 127
96% 112 11138 12212 1104 12614 108 117
9412 10814 9514 115
70 8534 7312 89
76 120
Kelly-Springfield Tire new-- -• 2012 237 18
177 1318 1914 1334 165s 12
2218 15
4
1014 37
16
2228 11
3
5
7
98 1314 734 11
6% Preferred
100 9812 100
95 98
93 9312 85 90 ----------------75 75
26 37
70
75 --------30 5934 33 40
8% Preferred
100 89 948 8118 90
50 6212 3412 51
8018 8812 7514 80
16 27
2612 35
55 62
59 73
4 7414 70 75
Kelsey-Hayes Wheel
• 4734 5614 5358 6134 474 614 49
52 607
M
New
*
4014 5934 ii12 -Elia i54 1912 iii4 -4'5-34 iii2 168 02 -ii34 ii52 ii ii -2-6Preferred
100 109 110 110 110 108 110 10614 109% 10614 10912 __
- - ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---Rights
Kelvinator Corp
* 15
1814 1512 1914 12
1334 1738 1434 1812 1414 1718 15
17
84 -1182 ii4 -912
- 8 -1-i
. 17-18 i;lig -1-7-4 i5 15-72
Kendall Co pref A
*
8912 94
91 94
9212 96
8012 83
84 8734 75 88
91
93 87 92% 85 89
91
9258 91
93
Kennecott Copper
• 15012 16318 15234 16514
New
--7- f-iE
Fi58 1171
•
8 iiTs -1712 85i2 -137358 11-7; ii; Vila 88 -iii i532 -fi 8,-2 -6-3-4
8 8
Kimberley-Clark
• ____------------------------4514
___ -- ---5034 4612 5114 49 528 5012 5612 52 5614 47 5733 48 5134 4878 5034
- ---Kinney (G R)
_ _
_
_
_ _
_ _
_ _
_ _
• 51 -5814 562 -6578 5634 -1578 6212 6612 _ _
14 59 /67New
•
; 2-i -21
2712 3318 51 -12- iiiis 1418 4ii4 1118 ilia -i11-2 :Iii4 42-18 2ii2 -2-43
8% Preferred
100 93% 9778 97 105 10314 10934 101 10534 99 10234 98 10234 9834 10234 99 10178 9638 100 80 98
85 93
8714 92
Rights
112 214
832
Kolster Radio Corp______ ----* 64 7883 5618 7183 475 6638 31
518 2614 6
53% 2518 44
133
312 77
2514 137
; 3112 -3912 26,
8 1538 2518 32
Rights
1
854
18
Kraft Cheese new
7338 44% 7614 27 5012 524 43
3234 377 334 4214 4034 4914 4412 5034 47% 5412 4914 5518
34
,
8 38
• 3538 39
Preferred
100 98 9934 9612 9712 96 98
98 10034
9538 10578 95 98
9514 974 9534 98
95 97
97 100 974 101
95 100
Kresge (S S) Co
10 84 91
80 8778 8118 824 ---- - - ---- -- - ----- ---- --- ------ ---New
10 ---- ------------46 4 574 4818 -52-34 ,71:1T8 -8-1- :1:113 -4-933414 -4-9-34 28 -3-934 32 -3-712
; it-3 -11 4812 -53
4 463 -507
7% Preferred
100 109 11314 111 1137 111 115 114 115 114 11458 11214 116 11212 11414 11234 116 11078 116 11078 11214 10313 10934 109 11012
85
Kresge Dept Stores
11
154
1812
1234
18
• 20 23
164 10
1234 1612 1312 15
1914 1614 1912 13
137s 1678 16
2058 15 20
8% Preferred
7318 7314 72 7312 70
7112 72
100 72 72
6912 7012 6812 7214 7034 724 714 76
6518 7018 62 6812 60 65
72
Kress (S 11) & Co
5314 6978 614 71
97 102
• 1098 114 107 11012 9612 106
95 10512 9214 9514 8612 93
86 90 8718 Ms 67 91
3
Kreuger & Toll
3612 427 37 4 4528 3518 4638 3534 39
3313 39% 35 3814 3514 4338 3'7
35
,
8 3912 2412 3938 2218 30% 22% 2638
4.2
Rights12158
Kroger Grocery & Baking-*
.
113 12212 10283 11683 85 10812 8718 9634 iLi2 If i54 -ii 85 -452 ii -ii22 88 9478 :11. iii 3814 5978 ii38 0
...•4
Ku ppenheimer
32
32
* ----------------4312 4312 34 34 ----------------36 38
33 35
36 36
36
36
36 36
Preferred
100 110 110 --------110 110 ----------------112 11214 110 110 ------------------------105 105 105 105
Laclede Gas (St Louis). _ _ _100 235 241 235 243 23534 245 235 24412 23112 234 245 245 242 260 250 325 235 26112 195 23412 175 185 200 21014
5% Preferred
100 102 102 10012 10012 100 101 100 10018 10012 10012 100 100 100 10212 100 103 100 105 100 100
98 101
9712 102
Lago 011 & Transport
27 3114 28
3312 26
2614 30
• 2712 33
20 24
29 3234 24 3234 1612 25
3078 2714 3838 32 3578 2912 35
Lambert Co
• 12718 13612 128 14112 13618 15714 13618 147 131 14758 13212 148 1444 15378 136 146 12914 14333 901s 13078 8018 110
9114 1067
51
438 67
Rights
78
Lee Rubber & Tire
194
23
ii -2-1 i6
1g1.3 -2-1
• 2134 25
4 151-2 -I-31-612 1a -1-134 iiC4 -1-5-34 iii4 ii58fs 17-2
i
1-1i); -114
Lehigh Portland Cement_ __50 5612 62
55 6314 50 61
4612 34 4112 30 4214 33 3914
5078 61
584 65
43 4818 41
4734 51
50
55
Preferred
100 10634 110 10914 11038 108,8 11012 109 11058 10934 1103 108 110 107 110 10812 10934 1074 10912 102 10812 100 105 10212 105
2034 254 20% 2858 2114 26
Lehigh Valley Coal
19 26
13 2078 1314 18
204 26
•
208 2812 224 27
2358 2938 10 32
3514 40
3412 40
Preferred
39 40
3734 4434 38 41
3914 43
37 41
50
38,8 42% 3712 4218 3712 3934 31 38
Lehn & Fink
* 6234 6814 5818 6812
Libby-Owens Glass
•
Life Savers
; a ii2 11
• iii4 -113
Lima Locomotive Works
• 4512 5212 45 497
Liggett & Myers Tob pref._ 100 136 13614 13634 13714
Common
25 92 10512 8912 9812
B New
25 8958 10312 891s 9812
Link Belt Co
•
54 61
Liquid Carbonic
• 10312 1137o 79 10978
Rights
Loews Inc
7038 8412
• 63% 80
Preferred
• 10238 11034 10412 11018
Preferred ex-warrants ------------ __ ____ _
Loft Inc
7
,
8 -8-7-8
• 712 10
Rights
Long Bell Lumber A
• 2814 -3212 2814 31
Loose-Wiles Biscuit
35 644 7458 6418 72
1st Preferred
100 11612 118 11712 120
Lorillard (P) pref
100 88
90 92
93
Common
35 2412 283s 24 264
Rights
Louisiana Oil
• 14
1312 1614
18
65. % Preferred
100 8912 95 89 10014

521

8214 53

58

iiTs .-H

4684 ii

13514 137,2
8112 9214
8118 9412
5358 5818
7138 87%

13512 136
85 8938
8412 90
53 5512
7583 8938

51

4254 51-7-8 ii ii
13412 13512
87 93
8614 9333
52
5418
75 88

6034 8378 5838 6432 4812
98 10874 97 10118 9512
9178 92
90 95
91 14
8% 1112 814
74 9
29
3014
594 7112
11612 120
86 92
20 2514
1234 15
91
93

27 2978
59,2 6958
118 12112
86
8812
20% 243

564 5034 5312 4834 5212 40 49
3938 43
1344 13414
82 86
8118 86
4978 5112
774 9138

.5238 573-4 45 -5-6-72
125 132 125 12912
8612 9634
8312 92
8338 90% 8612 974
4834 524
50 53
8758 10178 83 9712

42
37

488 3512 45
39
4212 17

4852 IN
128 131
8712 9634
87 97
48
5112
835 9414

584 'Ifi
128 13212
8012 106
8212 1064
447 4814
40 86

28% 3414
28
37
184 2878 19 22
51 -3i12
128 13612
8014 97
80 97
3758 43
4018 5912

5514 -8-7-72
137 140
91 100
9014 100
39 4058
4912 5812

5772 itiTs -61-78 8538 1214 88; 8018 55 -64I2 58 -8152 4ii12 -/17i
9212 98
951s 93 96
85 90
90
95 9658 80 997 81
89 9012 8112 8812 8034 8412 86 86
8818 90
8978 90
92
4
6
8
34 47
,
8 9% 712 914 4
8
1118 7
11
_
12
1412
1834 1212 15
24
251s 1812 2312 13
25 2712 24 25
585 6828 63 7114 6212 7514 70 878 4518 8278 3918 5972 4514 5818
11534 11734 116 11634 11612 11814 11613 119 11614 11712 11712 119% 11814 11914
9012 9914 67 83
9338 94
91
9214 92 94
92 93
85 9212
2512 1414 30% 141's 2012 144 1938
2314 2738 21
2412 2812 2212 26

6338 53
9812 9212
90
92
1114 91s

27 2834
56 6858
11734 1184
8412 9712
204 3112

1218 i
1334 1612 1258 1512 1212 1312 114 13
11
,
8 i% 1
8
. ,2 - -1038
1038 1312 11
88% 904 80 8558 80 84
92 9234 9038 9012 9038 94
89 9312 90 9234 904 92

Louisville Gas & Elec A
357 4038 3718 48% 44 59
4018 4538 38 447 . 38 41
48is 5734 52 7252 28 664 3012 4284 35 45
• 3658 47
Rights
Ludlum Steel
New
4 ii 45
6812 8012 6612 -8134 iii -ii 7884 1008412 IVA 581-2 16-88 85 -9934 86T2 1-61 io i0i7356 4334
•
9838 10012 99 102 108 108 1097 118 113 117i1 110 110 10878 11334 9534 11214 76 96
Preferred
• 100 10278 100 101
77 90
Rights
7112 75
McCall Corp
714 8014 79 102
7114 78
70 82 a3914 45
97 10434 9434 104
• 73 80
9214 9734 96 10412 76 108
McCrory Stores
• 10034 109 10612 11334 102 11212 100 105
9818 8412 98
96 10012 91
74 8834
98 10014 97,2 101,
8 100 10112 9512 101
Class 111
• 101 110 106 11512 100 11412 100 104
79 95,8 70 8114
8734 98
98 106
9814 104
9718 10458 98 10112 9714 104
6,
7 Preferred
100 11378 115 114 120 115 120 III 115 10812110 107 115 107 109 100 108 102'2108
91 100
S6'103
98 110
418 4654 414 4612 407 42
42 47
Mcdraw-liill Publishing Co ...• --------433 48
3212 36
33 49
3978 42
4012 43
30 40
4034 45
McIntyre Port Mines
19,8 2312 19
1212 14
1938 16
2312 2014 21
5 21
1334 1518 1314 15
16
1414 15
15% 15
18
157 1612 15
McKeesport Tin Plate
7212 66 8014 677 7234 68 737 6738 734 6818 7538 58 7134 54
72 8134 6212 777 66
• 714 82
6034 5812 6814
5114 5812 49 49
51
McKesson & Robbins
• 49 53
517 4513 4933 2118 467 3014 38
557 4912 56
3018 3378
46
50 5314 50 54
55 6078 57 59
Preferred
_50 5714 6078 58 62
5712 62
5712 6014 54 5712 40 5412 40 484 44 4818
587 63
5813 61
McLellan Stores Co
•
Preferred
100
93 9418 9112 9112 84 90
9312 96
MacAndrews & Forbes
40 43
• 4213 46
37 40
4058 45
3812 40% 3014 3934 32 35
37
32 3614
3712 4012 34 38
3712 40
39
Preferred
100 104 106 ____ __ 10612 107 10734 10734 10734 1075 10714 10734 10558 105,8 105581055* 106 106 107 107 10412 10412 ---- ---Mackay Co's
--------140
140 140 140 --------150 150 --------90 90 --------125 130 110 110
100 122 12518
4% Preferred
84
100 8318 8418 8318 8318 8312 8334 84
84
84 ----------------834 844 --------84 84 ---- -- --Mack Truck Inc
• 104 11414 10438 11434 91 110,
8 9512 10838 91 10858 93 10134 93 101
9412 10434 66
5518 -7978 68 -1613
9513 101
98
Macy
• 168 18634 16234 173 148 168 150 165 156 17334 15812 217 19634 22214 205 249% 22334 25512 12012 23934 110 16414 12912 165
Rights
438 678 612 712 ---- - -- ---- - -- ----2338 1812 2178 18
19
Madison Square Garden
• 1814 21% 19 24
1812 1714 1814 1334 1818 1112 15 78 12's -15
1978 1714 19% 1712 1918 16
Magma Copper
* 66
7212 685 7812 6812 8212 6734 7434 60
35 5812 48 5758
6618 751s 6634 772 50 74
7434 6412 7034 63 70
Mallinson (II R) & Co
2412 3012 2414 3212 2414 3112 2518 2838 18 2878 15 2012 15
• 32 3938 28 33
812
117
s
1014
6
173
1934 10
7% Preferred
9533 100 --------99 10373 9714 98
100 101 10512 100 104
80 8912 78 82
95 974 87 93 84 85
Mental Sugar
1912 2118 --------151 20
100 20 26
6
134 157 124 15
678 1012 3
1112 15
15
15
15 20
15 26
7% Preferred
100 4314 5012 44 50
38 44
43 44
3678 41
35 43
31
37
32 3418 20 297 1978 24
35 35
40 40
Mandel Bros
• 31
30 3412 28 304 24 2814 22 25
37
3412 28 3712 31
14
24
14
2512 1934 24
2312 25
23 24
Manhattan Floc Supply
• 3014 3734 32 36
283s 3314 2838 31
2518 3234 25 2738 2412 317 2414 2978 2538 2978 22
27% 197 2312 20 2972
Manhattan Shirt
35 3212 3558 2958 3358 30 3134 28
3014 2558 30
1914 22
27 3233 2814 30
21 3018 1934 25
2634 2812 27 28
Preferred
100 120 120 120 120 119 119 119 120
119 119 --------------------------------11714 11714 ---- - .
Maracaibo 011 Expl
1212 17
15
1714 12
• 14
14
1812 13 -1-7
518 -134
10
,
8 134 1514 134 1618 1428 1612 1214 1514 1114 1514 10
Marland 011
• 374 474 357 414 3714 43
3912 447 3318 4114 334 364 3414 35% ____
_
_
..-----------------------Marlin-Rockwell
• 74
7978 6912 7734 6918 77
70
7312 7234 897 77 8358 7314 7912 7312 -8-378 7312 -86-14 30 -7-778 30 5314 38 -5-214
• 6912 84
Marmon Motor Car
6834 7934 7018 797 7312 92,4 74 104
23 2988
19 35
4714
71
3
4
3
95
3
4
74
92
25
3
77
93
3
43
8538
4
334 6
Rights
• 1614 Is
1414 1624 ii
Martin Perry Corp
1534 15T2 1112 i Iii-ill
- --- --- —54 --i- 258 112 5
- --74 -15; ----------958
2 —7
• 175 21634 179 218 172 204 250 21012 4214 5534 4538 5834 5458 683 5314 6314 5713 723 29
Mathieson Alkali Works
3412 447g
7118 33 46
100 120 125 121 125 123 125 123 124 123 124 12114 1234 12214 12334 12214 125 122 125 12212 123 12212 123 122 12431
7% Preferred
Rights
134 318 _
_
_ _
35 96 10812 9018 10212 83 9878 83 887 'jail: if- -i3I2 -811; -iiiTs -ilia; -gois -iii 7712 105
May Dept Stores
4
- ii ii3-4 iii2 11-7.
iiTs -9-i34
_
Rights
1.4 34 _
14
78
* 2214 2414 2112 2278 2034 2438 2134 25
Maytag Co new
19- -2-2-1-2 -iii2 -2I- -ioT4 -2-9-1-4 -i5% -19-12 -21 16- 1538 2218 1534 184 lEi8 1-9-7-1
• 4258 454 4214 4312 4112 4334 41
424 40 42
Preferred
38 4212 334 4014 2914 3414 2814 32
3834 4014 3834 4914 40 47
• 88 904 8712 8812 8712 88
1st Preferred
80 8712 8012 85 80 84
7811
76
8318 8612 82 8314 7812 8214 7512 80
82 86
• 6218 72
Melville Shoe Corp
6278 71
5612 65 8 5912 6534 5834 68
59 6412 40
60 6914 6034 65
59
59 61
30 45
2618 35
7
2712
•
Mengel Co
22 27
34
2518 315 20 30
25 2978 22 2778 9 2858 12
2118 30
197 147 1871
2158 2758 2638 30
100
Preferred
99 99 102 102 ----------------101 101 --------9634 97 --------86 92
Rights
--_ ____ ___ ____ __ ____ ___
4 If i&38 -2.634 58.12 -2-814 5812 -21- -i418 IA -lig 2i18- -i,-112 25-- ---Metro-Goldwyn Pic pref.__ 27 24 26 0
24 2512 2112 243s 22 2312 23 2n
Mexican Petroleum
100 240 275 --------226 242 242 295 222 242 210 220 212 212 218 218 202 202 --------176 195 180 180
100 ------------------------105 105 .--------------------------------------- 102 102 - - _ _ _
Preferred
4112 56
Mexican Seaboard Oil
• 4612 602 4212 54
4514 ao
s I2 914 3434 ii fii14 iLi4 IA
4 34 2 134
8 2
_ _
Rights
-. - —
114 258 14 35 - -- -Miami Copper
i 56% 11 iiia 14-3-4 iirs -144 ii W2 35 4612 384 434 io -414 iii's 16 ii5r4 1134 io lila iiia ii- -25- III•
Michigan Steal
•------------------------10014 10134 95 105 85 10814 1073s 12278 104 11434 104 112
59 1027s 50 73
44 597;
*No par ualue. a Equals ex-div. 1 additional share for each share held.




88

FINANCIAL CHRONICLE

[Vol,. 130.

1929—Continued.
STOCKS

January February
'Una
March
April
May
18418
August September
Odober
November December
Low High Low High Low High Low High Low High Low Ingb Lao lingli Low High Lino High Low High Low
High Lou High
Par 6 per share $ per share $ per share $ per share $ Per share $ Per share 5 oar share $ per share $ per share $
per
share
$
per
6 per share
share
Mid-Cont'l Petroleum
• 3112 3973 3012 3334 31
3612 3334 36/
1
4 332 3634 3314 3534 314 3434 31 3618 3178 3434 2312 3412 2218 3034 2514 2934
7% Preferred
100 12014 121 12012 l2O8
14
Rights
112
-.. ---- ---- ---- ---- ---- - -- ---- ---- ---- ---Middle States 011
10 414 515 ii8 -4-1
8 514 i
118 514 1
34 512 -4-is 5T2 -412 212 418 1/
1
4 2/
1
4 1
138 134 ---- ----2
New
10.
2/
1
4 812 2
2
133 134 1
1/
1
4 ---- - Certificates
10 3
312 238 313 238 312 278 312 238 314 214 3
214 338 2
78 178
312 158 214
34 114
74 -1-14
Midland Steel Prod pref____100 238 26314 225 25134 24334 26614 25214 275 22712 26934 238 250 24434 30334 271 321 290 309 135
285 138 18434 15/12 19434
Miller Rubber
18
• 224 2834 2212 2434 2312 2878 2383 2612 1914 2312 1734 aolt 14
1158 1434 914 1334 514 1238 51
53
934
34
Milwaukee El Ry & Lt pref_100 101 101 104 104 106 10634 10912 10912 104 105 101 105 ----------------106 106 10312 110
105 10512 103 103
Minn-Honeywell Regulator * ____ ____ ____ ____ ____ ____ ___ ____ ____ ____ ___
_ _ ...„.,_ ,.___ ____
__ 115 12.314 88 117
59
92
/
1
4
6312
80
Minn Moline Power lmpl
3614 -40- 38 -4338 31 -3-914 2712 368 10 3034 121
*
/
4 1778 11
177
5
Preferred
97 10014 9.5 102
93 9934 9018 05 80 8912 65 75
70 79
Mohawk Carpet Mills
• 7012 79314 69138 ----6512 8014 6812 n
6012 75 65 7213 66 7253 6/12 68
63 7134 4714 13834 35 4714 36 61
Monsanto Chemical Works5
60 8012 47 71
47 55
Montana Power
/14 1-7-2- i66 1-7-0- _ --- leo i37
--- - - ---- ---- - ----- ---- - ---- - -Montgomery Ward &Co new_44. 13412 15678 120 14512 11114 1403
-- -- 108 1377
99 1327
8 10012 118 10512 130
-- -8 118 13773 -:164 11713 4914 Iii4 130%
- -4 111,
Rights
17% 2114 1938 2718
Moon Motor Car
• 612 8
312 438 3
5
573 4
714 538 634 4
8/
1
4 712 -5
413 212 -5
113 1
-- --- New
•
_
_
113 5
153413 324 5
Morrell (I) & Co
*
7514 7878 72/
- 353 42 8153 5412 6612 57 63
1
4 7914 75 805370 --- -- 7
Mother Lode Coalition
• 312 334 3
323 278 334 238 3
6
313 378 3
413 612 378 2
3
4
113 212 138 24 1.12 214
Motion Picture Corp
I
. 1212 1834 1518 30
29 4353 34 4012 3614 4414 37 8053 48 5941 45 .5212 34 4514 14 38,
2 ---Motor-Meter class A
___ ---- ---- ---• 20 25% 19 2212 1818 2412 LS 2114 1434 2078 1534 1834 1734 2112
___ ---- --_-Class A certificates
*
16% 18
/4
18
/613 19
1823 fi% -,-,- ---Moto-Meter Gauge & Equip...* ---------------------------------------- -------- 26 31
2614 313 16 --31
314 ---1678 5- --818 --i- --612
Motor Products
• 165 19444 5 203177 206 y111 182/
1
4 0612 13712
140 1/8 133 115 14514 1944 125 60 107
36 634 4913 63
Rights
• 4212 4624 4312 4712 39 4512 42 4738 43i.
Motor Wheel
02 5512 12-3; 551-2 1614 ii "
8 114 4612 8514 Zile iii; ii 3
-41; iZ- -ill;
Mullins mg
= 7113 8174 60 75 5814 6712 60 64 48 6714 4214 5073 44 511
/
4 35 4512 32 3314 10 33
10
1534 12/
1
4 19
Preferred new
• 98 10212 92 10174 9212 9812 904 94 91 99
8414 88
72 87
75 8334 74 81
86
93
5812 67
55 67
Munsing Wear
• 53 5612 5212 5938 5012 56
5018 59
4012
5414
54,8 6134 54 6118 5612 6038 5314 58
5253
53
38 50 43 5413
5
63 7744 67 7712 62 78/
Murray Body
1478 28
1
4 634 92 85 994 894 10078 87 9438 80 9134 60 6812 20 65
1873 27/
1
4
Rights
14
1612 1/13 15
44) 4412 43 6334 55 Ii71-2 544 4747-5518 lisi
Slyer F E & Bros
.10214 1187 10314 11412 94 113 9612 10274 8113 9934 8118 8753 8214 90% 841s 9236 7618 8753 40 8178 45 5938 504 6953
Nash Motors Co
10 2814 3153 2834 3912 2814 3912 2918 347 3153 39
National Acme stamped
3534 4178 3312 3878 3034 363 1518 3338 1438 2153 L5/
3233 38
1
4 2153
National Air Transport
•
3712 4814 38 423 35 4312 38 4334 27 3818 13 3214 1313 18
10 14
100 195 234 19113 216,
National Bell Hess
-2_
-- -- __
- New
:Ifilz :tit —4i- lti ii 13-18 iiik Ii3-4 i5 11-7i ais Tic
*
- 8 -iii2 i514 -663i, :lir., 1/4 Ur
65 7078 01318 -if 667
7% Preferred
.100 11514 118 110 11513 109 110 105 108 10312 10714 10234 10338 103 110
7944 91
91
98
98 104
80 • 8378 5612 76
National Biscuit
_25 18712205 180 19534,168 18413 17012 1873a 16612 13874 170 19253 194
)23653198 215 19512223 142 236 140 1914 165 19114
New
25
4858.4
73
7% Preferred
100 14312 114 14153144 143 144 142 8 144 14112 14353 141% 14253 1414 iii 145 141g iii 11314 14113 148 '140 14114 142 14512
National Cash Register A____. 96%14334 118 139 11812 14834 12012 134 10334 130 14414 12212 118 1321s 116 13012 12212 14234 64 12778 59 887 6753 8614
Rights
___
National Dairy Products
• 12612 137% 12'24 1-ii12 iiii8 iii iii5 iii12 iii.T2 13712 -- - - New
*
8218 6953 5514 "iii2 -iir2 85
- ii -5i.- -ii -al;
7653 -1612 iii4 IA; 58 -714
--Rights
272
_
---- ---- ---- ---- 2
National Dept Stores
1
4 3474 32 3412 34 3734 33 34
• 28/
1
4 34/
1
4 26 3172834 3112 28/
8 2014 2838
2818 35
29 33
2818 30
7% 1st preferred
100 94 94
9214 93
90 9314 89 91
92 9412 92 94 90 94
93 9412 93 95
93 9314 9418 96 93 96
National Distilled Prod
* 37 4338 35 4334 33 5512 40
45 5234 42 5112 45 5438 15 5078 26,8 4714 28 38
4312 58
5434 401a 52
* 6912 7534 6713 848 7138 8612 75 848 7538 8538 7718 10712 10414 10912 10912 11038 ---- --- ---- --- ____
Preferred
__ ___
National Enamel & Stamp_ — 1, 5212 62,
50 -5514 41 -52
4 5283 5914 498 58
2614 -89 2512 114
4912 4312 544 48 57
43 5514 44
5012 50
National Lead
100 132 15812 141 15134 145 173 144 15712 142 15212 142 153 143 154 143 17812 162 19434 141 210 1294 150 13344 157
Preferred A
100 140 14012 140 14112 140 14112 140 14112 140 1401
/
4 13814 141 13814 13914 1384 141) 139 140 139 141 138 140 138 140
Preferred B
100 118 120 118 122 118 118 118 12334 118 118 118 120 117 119 116 117 116 11618 116 11.8 116 11678 /111 120
National Power & Light
• 4212 5913 5153 58
1
4 2514 617s 23 4014 2918 3718
4214 6153 46% 541 4618 5618 4912 63
1
4 70/
5714 6714 6512 7134 59/
National Radiator
• 1414 17
412 314 38 14 3%
1
4 2
1018 1514 1038 1212 10
1
4 653 453 5/
612 11
12
553 712 5/
7/
1
4 9
Preferred
190 38 41
6 1034 6
934 18
15
13
3714 39/
1
4 30 36
1253 19
112 6
914
18 20
30 3114 17 32
National Supply
50 120 144 11384133 1115312453 116 127 120 13078 12078 12884 120 12934 120 12612 12/ 133 11)01213284 9812 115
9914 112
7% Preferred_
100 11512 116 1141i115 115 118 115 117 115 11573 115 116 111 115 115 115 --------112 115 11212 115 11134 115
National Surety ne44_____50 140 15212 13912 155 129 137 12324 130 115 133
1
4 12744 110 12874 85 112
80 9434 704 5,524
101 114 1034 12334 106/
National Tea Co
•341) 370 334)12358 358 361
New
•
4 55 i644-4 04 li- -5,ii.
84 897k 70 90/
1
4 31- -81-12 ii -14-3; 5514 16,
2 5512 iiii 55 76 5112 "6/34 ii34
1
14
Rights
*
Neisner Bros
-------- ------ ------------------------- ----------------85
9812 50 60
464 54%
Nevada Cons Copper
1
4 54/
41138 43/
• 3944 4853 4518 58
1
4 25 485 234 3812 2653 3374
44% 6274
1
4 46114 44
i
E 48 40 5312 4318 48414 42/
Newport Co class A
so
43 4812 4513 5278 48 72
43 44
71 9853 8812 103 60 9934 45 65 48 80
56 78
Newton Steel
9514 10414 as tos 50 98
•
_-- 106 1/034 93 11134 97 10324 4813 113
3514 5944 35 50
Rights53183
NY Air Brake
• 4253 4773 46 4912 4112 4934 45 4813 4112 46
4218 4712 4312 4512 43 4778 4278 4634 3512 4614 36 43 42 4434
100 49 5638 48 5853 414 4814 4314 .52
N Y Dock
1
4 50 5314 50 56 38 54
40 5/12 4018 5288 48 55/
33 40
3414 404
5% Preferred
100 8513 89 83 88
8614 87
8312 8312 83's 884 84 8718 -- - - --- -38
87 90
84 8712 8214 85
84 87
86 871g
• 100 103 100 102
97 10053 9313 -98
NY Steam peel (6)
9718 101
47 10214 99 10112 9318 102
9812 101
9812 100
98
99
97 100
* 11213 114 113 11414 1114 114 1111411312 11114 11312 1104 112 11014 111% 11014 115 11014 115 10812 11478 107 112
7% 1st preferred
1081311112
North American Co
* 901 106 98 10912 98 109
6612 106
85 1054
9712 11012 107 12112 118 148 1413318283 18338 188% 16214 18634 70 164
6% Preferred
50 5214 5453 5212 5344 5134 5353 02 5353 52 54
52 5378 5113 5274 5/34 53 5114 5353 48
5174 61 54
5114 53
Rights
12 653
44 174 ___ ___
,- ---- ---- 612 718
North American Edison pref4* 1017.8 10334 101 10314 4978 102 155- 102- 105- WW2 RIO- fai. 15518 10284 100 10214 99 1014 100 10114 98 1007 WO% 1.112/
1
4
58 6414 55 58/
North German Lloyd w I
1
4 5453 6018' 6012 6618 4818 541g 52 557g 5253 5812 5112 5412 4934 5378 4512 5218 46 4938 4112 474
44 46 41
4512 41
4312 46
Northwester,/ Telegraph____50 484 4912 4812 4912 46 50 45 4714 --------4353 474 4512 46
4553 4012 42
34 2
1
4
10 5
1
153 1
Ws 514 614 5
Norwalk Tire & Rubber
114
1
4 153 214 134 2/
1
4 312 214 2/
438 2/
574 338 512 3
21/
1
4 2114 20 20
12
Preferred
_100 4014 45 __
17
_ _ 37 37 40 40 2018 3344 21/
19 2114 2114 25
8 /0
1
4 22
• 612 7
/ii2 1
Nunnally Co
54 514 ------ 2
5
514 -------- -5
618 512 3
814 614 6
5
4
7
7
12 -17
15 20
)11 Well Supply
1634 254 9 21
25 2814 22
2414 29/
1
4 2253 28/
1
4 2212 264e 20 2512 1734 2153 18 29
74 12
96 9934 97 97 38% 43
7% Preferred
100 1.0218 10613 102 10413 99 10212 9553 EV
92 9934 93 9853 9513 9953 96 10014 96 101
/liver Fano Equipment
•
121.4 18/
1
4
35 4353 2512 4733 3853 454 3512 41344 8 3934 12 41
1
4 81
5814 6413 34/
Conv participating
•
85 6953 49/
17
5134 264 3978 2534 28
1
4 58/
58
54 5012 58% 51
5714 51
1
4 51
Preferred A
•
70 81 641k 76
98 9953 93 0912 go 9484 91
9553 9/ 94 88 9253 82 90
• 613 10
71
/maibus Corp
753 1053 778 1014 712 1014 8 1038 8 938
1
4 8% 618 712 213 614 2% 413 2/
938 8/
1
4 34
8% Preferred
140 8353 87 83 90
70 80% 65 73 85 70/
80 89/
- 8314 8314 8073 82
1
4 83 86
80 80
1
4
-28
-,
- -714 -.70
- -- -7-5- 69 724 71% 7744 80 7212 50 50 45 5634
/ppenhe:cn Collins &Co
• 73 79% 7214 79% 78 82% 77 84/
1
4 76 79% -7
/rpheum Circuit
--__ 75 75
._
_
PreferrA
1011 88 9534 85 87/
55 -65
1
4 -09
71
7944 50/
-ei
1
4 71 84 -F0- -fi- III 16- -ff -iii2 -iii- 8412 75 85
50 276 335 277 325 300 345 391 33112 307 357 334 37214 367 405 36653405 4011244534 273 450 195 297 23553309
his Elevator
100 122 125 122 124/
6% Pgeferred
1
4122 1.2411 122 1231
/
4123% 124 - 12153125 121114 12412 120 123 120 12014 11878 12014 119 121 119 123
• 3714 4234 3738 4212 4018 4838 42 4534 37 4412 3778 4538 44% 5133 42 5214 43 505s 3114 55
2214 4312 28 3634
Ills Steel
9953 100
97 1001
100 101 103 101 103 1047 104/
Prior preferred
/
4 8934 9838 897* 93
1
4 101 10214 100 10253 96% WO 109 10014 9744 100
7012 80
* 92 95/
1
4 904 9114 88 88
hitlet Co
78 82 74 80
84 86.4-4 83 113 80 85
59 731 4944 60
100 108 109 11)8 100 108 109 110 110 tia ita anti 110 107 no tos 108 103 11312 108 10812 98 109
Preferred
98 101)
95 91 96¼ 90 9$74 84 93 81 85
23 81
/wens Bottle
76 -8-fil2 is5 WI ii "icii4 iF 594
4 r
25 --------------------------------78 84 'HI -i3T3 ii -fe- i64 -i9-3/wens-Illinois Glass Co
80
7
4
9344
97
5353
25
31
843
68
73
/
1
4
884
Gas
&
Electric
4 42 5974 4878 68
56
5412 5812 5453 57
57 67
'acific
86%
58/
1
4 713: 66
353 353 27* 353
Rights
Rights class A__
14 11
8 ---- ---- ---- ---__ ---- ---- ---- ---- 334 34
Rights No 5
_,- ---- ---- ---- 312 614 314 6 ___- — --- —
• TO 8124 72 794 747* 85
7312 80 79 8412 -7114 -ifili 92 1111* 11112 13453 120 14,653 7334 137
5818 IPA sti/
'acific Lighting Corp
1
4 jai
2812 3078 30 34
22 3134 1712 25 18 22
30 37
28 37
100 3014 3312 29 3278 29 32
'acific Mills
2712 3053 29 32
1/
1
4 1
14
1
• 14 14 118 14 1
14
1/
14 1
28 14
1
1
4 1
us
14 1
'acific 011
78 1
7s 1Is
100 159 182 170 179 1744 200 176 190 175 188 172 las 188 220 193 219 19512 207% 160 205 131 170 149 164
'acific Telep & Teleg
___ 12714 128 12714 130 1.274 1274 125% 130 130 132 134 136 133 138 125 las 118 140
1110 11644 128 126 129 ___
6% Preferred _ _ ____
10 139 153 12014 14912 11653 1-52 12453127¼ 12712 15353 12753 13" 12733 141 12934 15612 147 16112
'ackard Motor Car
*
__ 26% 3134 2512 3212 1312 -2778 13 1973 1434 -1753
New
6134 67
50 8812 55 83 .56
a
6253
411
/
4 5214 49 8234 5534 83 63 6i484 53 6212 .58 89
'an-Amer Petrol & Transp__50 42
51 4274 5153 4912 4553 41 53 49 6512 5612 6653 554 6353 555 6444 5634 6914 6112 6712 50 6634 55 63 56 6234
Class B
1312 1412 1278 1353
14
1514 1453 14% 1353 1453 1334 1438 13% 15
• 1753 1753 1438 1012 1453 16
'an-Amer West P B
7 10
913 1412 12 141g 912 1334 958 11
5
734 3
* 974 1514 912 11
'anhandIe Prod & Ref
77
818 978 71a 11
458 144
55 59 5012 5912 4914 55 50 53 50 51)18
62 67
52 65
56
70
473 85
8% preferred
55 55
60 62
100 70 76
24 34
2412 30
6012 5714 50 6534 47 6138 5278 GI
8812 74
4812 53 4434 4812 23 51
'ark & Tilford
100 79 8778 7018 84
3
334
'ark Utah Cons Mines
10
1 1114 1' 111 1372 10 1378 912 1144 7
7
8/
1
4 57s 724 632 632 4
614 312 634 312 5
1712 1918 1513 21
4
94 374 534 2% 5/
2
'athe Exchange
fii; 1 f6li i14 975 77, 1012 84 11
• iii4 lila iii4 fil; -W8 -1-iia -TiT4 -1111
4
/
4 .5
19
812 1234 412 9%
1
4 173 28
Class"A"
1914 23/
1718 2134 17 2134 1712 211
184 21
2314 2774 1312 28
• 25 30
/
4 47/
'atino Mines ix Ent___20 344 3438 36 4253 381
3444 3832 35 4134 3853 43 3641 414 2478 2873 25 3278 2714 317
1
4 3853 4338 3444 42
/
4 1138 512 91
1
4 .51
814 744
eeriess Motor
12 138 833 12/
/
4 15
50 1914 2212 171 2053 151 2018 1513 1878 14% 1912 111
1153 18
enick & Ford
49 5812 5614 6034 5212 58s 5224 6078 30 5578 22 3834 253a 3153
5478 4818 5712 4878 58
• 38 4453 39
553
, 48
7% preferred ___ _ _ _____100 10433110 106 109 107 109 100 10678 10613 10953 107 109 107 108 107 10844 10753109 107 108 104 107 104 107
313 1074 54 9
5/
1
4 4
814 10
enn-Dille Cement..
18 2314 17 2453 1353 1812 1144 1512 814 14
• 21 27
2053 24% 17 23
80 8312 55 75
7% preferred
/
4 43 28 44)
83 86
136 8613 94
88 93 84 90
5478 7012 5014 6912 40 5012 33 4014 201
70% 62
'enney (I C)_______ ___
•
_
_------ -- -- ---- __ ------- ---- ---- ------ 90 10514 66 44
-_-. 93 95
Preferred
95 97
93 95
so
9
12
—922
1
4 ypi 24.14 81
x02 8/
71, g
st. 1112- -ii" 14 6 1112 514 974 7 9
enn Coal & Coke
533 gr, __
eoPle's Gas Lt & Coke____11111 208 2
240 2724 255 28712-25914270 262 2894 238 3044 295 385 375 404 363 383 240 37424 22434 25912 • A.2276
___ _--- -___ _______ -___ ___ __-_
_ __ _
Rights
15
*No par value.




JAN. 4 1930.]

89

FINANCIAL CHRONICLE
1929—Continued.

,
November December
Separnber I Oaober
August
July
June
May
April
March
January February
Low High Low High Low High
High
High,Low
Low
High
Law
High
Low
Low High Low High Low High Low High Low High
I
share $ per thare'S per share $ per share $ per share
Par $ per share $ per share $ Per share S Per share S per share $ per share $ per share $ per 334 2912 311 2118 2934 20 2212 1S4 21
28
31 39
3318 3534 33 3718 3112 33
• 4218 4512 39 4314 337g 39
Pet Milk
*
Pettilsone-Mulliken
100110110 111 112
1st preferred
; 3.818 45
; 51 -487
; 55 .1418 iiii -1:2 421-4 -345
5512 /17-8 555 -61 55 -513
25
Phelps Dodge Corp
4
283 274 285 178 195 180 2243
50 159 180----------------15712 165 16312 165 165 18414 18014 220 220 219 248
Philadelphia Co
50% 513
5012
4712
52%
5012
53
5112
54
5212
53%
5278 5034 521 5058 5234 5112
51
50 53 5378 53 5334 5212 54
,preferred
6
48 48 ---- ---50 --------48 49
47%
49
49
51
49
51
49
49
-----49
49
--49
50
preferred
4812 4814
54
104 16
2012 1818 2834 24 283.3 2222 293 10 2778 94 18%
Phila. Reading Coal & Iron--• 30 34
3018 3334 2122 3214 1958 2414 1738 2258 18
--_ __-- ---- ---- ---- ---- ---- ---- ---- --- ---13
----------------1
Rights
8 114 1-64
23 26
27
1912
3612
30
40
36
47
39
51
38
4.514 5934
73
42 6334 61
48
* 48 48 --------41
Phillips-Jones Corp
70 75
75
65
70 85
84 85
8314 91
89 89
91
91
90 96
92
8912 8912 90
9i5
100 8814 9012 89
Preferred
10
978 1514 94 114 534 1334 618 10% 84 40
157w 14
15
1712 14
10 17
Phillip Morris & Co
20
16% 2314 1512 2038 1312 1712 14
3112
39
2414
4212
27
3918
8
3
36
4018
3714 4018 374 4312 4012 4438 3834 4318 3618 403 3512 3812 35 2614 21
Phillips Petroleum
13
11
• 3734 47
1812
1112
1058 21
23
22
24
21
25
2412 3134 24
31
25
2512 31
5 33 3758 2614 34
Phoenix Hosiery
9112 9212 ____ ___ ---_ _-- ---- --9314 95 94 94% 94 9414 9112 94
95 98
98 100
100 9914 9912 9812 100
7% preferred
6734 71
70 -80 68 -75
80 84
78 8512 80 8518 83 8712 83 864 82 84
Pierce-Arrow Motor Car pf. 100 7212 8612 80 8318 73 84
2414
3178 3.534 3014 3434 21 30% 18 2312 194
3158 36
3034 34
2712 3438 294 3512 3214 36
138
2834 3778 34112 35
Class A
112 I
1
24
1
14
2
158
214
112
218
23) 178
25 212 278 214 278 214 338 212 214 214 234 2
Pierce Oil Corp
20
3434
2612
2212
3312 .5134 20 47
35 42
3812 40
37 40
30 44
3512 5112 4158 50% 3814 44
100 30 35
8% preferred
314 2'4 278
212
412
12
8
47
55
8
37
512
434
4
8
47
578 458 512 434 512 438 534 438 554 414
• 5
Pierce Petroleum
33 3712
3134 40
4414 5012 47 5178 30 48
42 47 4358 51
4918 5378 3918 52
• 57 6378 52 5958 4814 58
Pillsbury Flour Mills
43 47'i
100 143 1563
Preferred
4
2
52
46
68)
4314
8
637
2
5
59
68
2
61
67
6018
12
5512 64
534 63
64 6512 59 6478 5012 5934 5214 65
Pirelli Co of Italy
54 70 644 76
6412 6812 6412 8034 7012 7912 56 82
727s 544 67
58
6112 71
71
Pittsburgh Coal (of Pa.)___100 70 8334 6212 7414 61
993 9212 110 89 102% 977s 104
95
8534 8712 861s 100
84 S712 8312 91
8634 90
8718 9612 90 91
1912
100 90 100
6% preferred
171 204 17
1
244
20
8
1
26
24
12
27
_ 26%
_ _
_- _
- - - - - - - - -_ -Pitts Screw & Bolt
•
12 981i 103
96
-ii 5; iiiti 5521-66 98 1o0l2 ioo 10114 too 110 20 103
5i i§
5i 6i
18
Pitts Steel, prof
4 16
iio - 7t*- - i WI -iiil 25
241
2618
2012
2512
21
2614
23
27
22
20 25
23 26
24
24
27
42 45
100 3014 348 27 30
Pitts Terminal Coal
52 52
55 65
55 60
55 59
55 55
5258 5912 5212 61
60 63
65 70
71
7814 70
100 70
6% preferred
2612 314
32
20
4
413
25
7
8
397
3112
43
3412
2812 27 427
-----------------------------------------26
Poor & Co class B
6111 744
7514 7712 714 76 60 77% 51 66
8234 7612 80
79 87 79
9534 83 89
1012 2034
Porto Rico Am Tob, cl "A"..100 77 84.38 7812 8434
8 19
32
9
30
4
243
4
3
33
3012
36
23
36
8
301
4
3
45
4
333
3734 4938 4014 47
5034 3612 44
* 36
Class "B"
991210134 93 10078 9634 99
10114 104 102 10334102 10414 10114 104
Postal Teleg & Cable pref __100 103 105 104 105 102 105 1024 103 1014 103
-2- -7,- Z..: -- -- ---.
-- 7314 7934 —
6312 7714 6934 818 714 76
• 7034 7838 6814 7634 6234 74
Postum Co
4012 -55% 45 -564 5932 5634
5333
5812 5124 60
6012 55
5612 59%
25 58 6558 5818 6212 5818 642 5912 6314 55
Prairie 011 & Gas
60 6314 45 6278 5314 59
65
59
5
60
6118
5812
5912
6
8
617
8
583
60
56
8
587
5414
60
5512
57
25 5358
50 60%
Prairie Pipe Line
74 7612 7334 7734 75 79 6738 7412 62 7118 57 68
73 79
77 SO
77 81
712 1151
Pressed Steel Car 7% pref_100 7612 7912 7412 80
1034
61s
1814
1014
1812
15
2114 1312 1834 1612 2034 164 19
5218 604
• 2034 234 1'J5 2312 2018 2538 20% 2334 15
Common
____ 9912 gg
85 9.5 65 8812 4318 72
__
_
1134
934 7
Procter & Gamble
6
4
8
7
15
1434
1212
17
1112
>0
-.
1812
15
12
Is
-1:818 -ii"
4.2 ---23-3-4 -55- -i-,.ii- -30 33
50 1934 254 1814 21% lo.4
Producers & Refs Corp
251 33
34 3812 37 4218 30 38
4058 44
3734 42
4312
45
40
4112
4
463
40
404
46
3814
36
43
50 3912
7% preferred
35 414 35 39
40 48
50
48 51
5534 50 51
55 60
59 63
63 65
• 6018 8234 63 66
143 1447i
Prophylactic Brush Co
4 146 149 14814 150 14712 15014 150 15014 14812 151 14812 151 13912 150
8634
Pub Serv Corp of NJ 8% pf_100 14518 148 147 150 14934 15012 145 14638
11314 13734 7134 1244 54 834 71
12434
108
8
1245
10614
4
1141
4
863
8
933
S0%
853
7512
4
903
75
9234
• 8138 9434 82
120 11812 120
Common
105
1224
119
123
119
121
119
8
1173
11912
4
120
1173
121
118
12012
118
10522
100 119 124% 121 12358 120 12234
7% preferred
14174
106
98
10818
105
10334 10512 10312 107 105 107 10512 107 106 107%
9212 93
100 104 108 10512 10818 104 107 104 10512
6% preferred
95 95 9534 9212 95
95
9512 9512 9512 9512 9534 9512 9512 9552 95 9534 951 9514 95 95
• 9512 98
5% preferred
12158
112
108
114134
los
Rights
ifif
.i iiiii4 ii.) fcTi34 io; f6iis iooi-2 f6i74 iiii3i4 f6i12 i"6-ii2
109 io,iis iiii joU4 1-6.i io
100 108 10944 10814 10918 10534
Pub Sect El &Gas. pfd
8334 9914 7518 9778 73 83% 794 8811
5
78 8334 7934 8814 8.514 9134 8112 89
8 8014 85
83.
6
100 8333 917 8058 8612 79 867
Pullman Co
93
12
812
173
17
5 164 18
1433 1512 15 2112 1512 1912 143
1434 17
50 1612 2114 154 1878 1518 17
Punta Alegre sugar
'
243
20
22
8
3014
253
2018
12
27
2512
28
2814
2514
241
2912
2618
4
303
2812 2718
114
25 2312 2812 2314 2578 233 2718 25 11412
Pure OIL
11222 11412 Ill 11373 112 11334 112 11314 11012 11314 10814 115 108 111 11014
100 112 11512 112 116 112 115 112 12912 10938 12814 1143
Preferred
13812 5818 ggis 70 881
55
1454
135
148%
13212
8
1477
4
1263
11814
4
123
7
13412
115
• 131 13014 127 139
Purity ilakerles
331 491
*349 410 333 404 368 549
Radio Corp of Amer
- tiii; ii -6434 ii ii
751-4 -614 76113 9234 'rine 1-66 fait
7312 io934 55 1-652.2 iii. ifi 7
6814 83
78
53 5434
• 71
New
50 53
5312 5412 53 55
5412 5512 534 5434 52 5478 5212 55
55 5658 5434 5534 54 50
7% preferred "A"
50 55 57
731
68
75
62
7714
68
78
7958 7514 7834 74
77
7834 75 8212 7734 8212 7658 SO
1618 2314
Preferred it --------------------------------74
12 39% 14 23
39
3312
418
344
7
4018
3414
36
8
,
26
38
2512
4
313
24
39
19
4
Radio-Kelth-Orpheum Cl ____ 371s 4678 3418 423
Rights
-3-4.2
s 5i.4 -6178 i:ti2 -6-d.12 ii li7i
--- 2r-- i5 -S-4-k: i5C4 1i12 i5 -517•
Railway & Express
25 25
32 3514 30 30
35 35
-35'i2 16-1-2 -361.2 -i61-2 -35- -ii. - -35 -36 --------3412 35 --------5112
-47
Rand Mines
3
'
28 42
5812 3214 56
-----------------------------------------5612
44
893
4
______
*Raybestos-Manhattan
4018 747 3614
70 79
2
li
75
1i4
s
34
i4
Real Silk Hosiery
I0 73/ -165-11 U2i4 2;58
95
8614
90
87
9718
88
100
9514
9912
98
99
9512
99
9712 98118 95 9812 98
99 10212 974 102
61
8
5
3
190 97 100
Preferred
7
95
44
118 5 11
1112 74 1218 1018 1212 9 13
1433 1014 1434 6
• 1112 14% 114 1614 9
Reis (Robs) & Co
40 50
60 8312 50 55
60 7434 6634 7314 6112 844 60 85
72
60
321
1st preferred
25
100 80 94 8812 10812 70 947 7014 80
39
s
3
20
4
573
27
5114
46
51
3612 50% 4214
2858 3358 284 3514 28% 37
• 277 34
3034 353 28 33
Remington-Rand
923 91 93
9214 9534 85 9612 Si
9414 95
94
9312 95
03 9414 93 9412 92 5414 92
96
91
100 9014 91
1st preferred
99 9912 99 9978 99 10018 99 99 ---- --95 100
9914 100
94 99
9978 93 9412 9312 101
96
2nd preferred.
100 9312 96
4
105
1003
105
1033
10234
4
1023
4
-------109
109
Rein'ton Typew 1st pfd_100
-..
104 104 100 102 11112 112 107 11012 105 105 105 105
128
8% 2nd preferred
1110
; 1018 1812 104 134 1078
20 /438 1818 223
Re0 Motor Car
10 2S1s 317 2718 2912 2558 314 2618 2934 =14 2934 23 24% 2014 2438
521 3114 447 25 3712 ---- -44
50
41
547 4414 4914 44 48
Republic Brass
• ------------------------4814 5334 4234
75 86 ---- --99 10512 84 101
98 103
9838 IIX) 100 100
9352 111
----------------102 108
•
Class A
105 10812 103 105 ---- --10512
100
107
106
107
107
8
107
1067
106
105
100 --------------------------Preferred
8814 70 67
6214
13314
70
1213412614
13012
921s finis 8714 16212 8614 loos, 88 1014 10014 115 105
1071
Republic Iron & Steel__ _100 87 88% 7914 92
4 110 11212 110 112 108411178 10334 11012 10512
100 10878 11312 11014 11512 109 11412 109 115 111 112 10912 1114 10918 1123
7% preferred
311
Rights
51-ii4 -3112 25
70 761
-___ ____ ____ ---- 78 78
- -_-- --_ --- ____ __-_ ____ -_-- --__ -_-_ ____ __-- -___ ____ __..
•
Class A
100 _
Preferred
3% 5
68 1214 9 -1214 514 1012 354 7
oi4 73
1
1114 718 1118 814 16
8 6
177
• 1038 1214 10
4
Reynolds Spring Co
is 1
la
1
1
____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ ____ _
Rights
25 155 163 150 139
Reynolds(RJ)Tob cl 11
;i :i 38 53'
,
-6 "El., 55 .
16 5
i
5.
.3.4
16
54
5622
:iii.
66
63
55
a424
10
55
1.i
55
ei
:4
57
1
513
a
'
i-i
11 new
25190191 150190
Class "A"
iiiz 7c-ii
75 -76 --------70 1614 i45 -76 io 7612 T7.ii4 'if 75 ifil2 iL 16
764 75 16
76
,
10 -------A new
47'
,52 5774 58 6312 55 5914 56 584 544 574 4712 5472 4514 5034 4278
53 5612 55 6034 84 6014
Rhine Westphalia El & Pr w 1 55 64
5 29
4012 4734 4012 43% 3934 434 384 4434 384 4212 2418 4033 2618 317 223
25 4134 4958 395.1 4558 40% 465s 4114 47
22
Richfield Oil of Calif__
18
23
1818
8
297
15
3
29
7
27
4
323
2512
32
2612
3214
2514
37
4034
4
4212
3
33
3412
8
2
,
30
423
36'4
• 34% 417
Rio Grande 011
45 51
40 55
50 66
65 6978 6318 6714 62 67
.--------------------------------59 6034 5912 70
Ritter Dental Mfg
,-,2
__.
Rossia Insurance
23 23334 25534 226 25412 251 310 265 285 281 281
74
28 50 " .
42 75
6314 -7274 60% 76 6814 7912 6912 82
New
__ 10 --------------------------------63 98
734 10 _
. 7% 121
- - - -- - - -Rights
3512 331s -363
;-5,-lis 3912 -55- --fil-3. -5,-til -34i-4 -ii" I3I2 :::: :::
331 28
1 -,i0-14 27
8 50 15.12 5.
3.81
• 3112 ill4 55
Royal Baking Powder
-- ---------------------------- ---- ------------36
Ctfs
997
110 11154 1144114% ---- ____ ___- __-_ ---- —
1134
95
--------901210213
9812
110
10312
106
994
96
10212
100
Preferred
109 111
_
•
---- ---- ---- ---_ ____ _
Preferred ctfs
55
5
s"
,
.45; 5033 5914 551s -64 -i5T5 -614 45 /i
,-5lia 544 5134 gig; SIC: -gal4 Th-his -alRoyal Dutch Co NY Sheres.100 5014 5534 494 5212 51
Rights
3812 574 46 68
SO
5912 692 6534 7334 6212 7234 112
7014 8612 6414 8718 6434 7378 63 7444 6614 72
St Joseph Lead
94
10 62
13434 10512 131
Safeway stores
• 1764 10514 158 18114 157 175 15514 16734 15414 172 156 16712 16214 18012 167 179% 174 187 100417834 9018