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VOL. 133.
lirtintrie
SATURDAY,JULY 111931.
NO. 3446
the credit of her business men that they have come
to the rescue of the situation in the way they have
PUBLISHED WEEKLY
done the present week.
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12 Mos. 6 Mos.
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has
been rather disappointing. When news first
In Dominion of Canada
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7.75 came from President Hoover himself of the Hoover
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quickening influ$6.00 Per year; for all the others is $5.00 per year each. Add 50 cente to
each for postage outside the United States and Canada.
ence at once extended to all the marts of the country,
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change responded with a rise in prices which has
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had few equals in the past. The present week, on
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On request the other hand, with the announcement that an
CHICAGO OFFicio--In Charge of Fred. H. Gray, Western Representative, actual accord had
been reached, the stock market
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith. 1 Drapers' Gardens. London, E. C. broke badly, selling
off several points. But the
WILLIAM B. DANA COMPANY, Publishers,
market often does that, when the good news which
William Street, Corner Spruce, New York.
has been heralded in advance is all out. The explanaPublished every Saturday morning by WILLIAM B. DANA COMPANY. tion is that
those who have bought stocks on the
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert: Soc., Herbert D.Seibert. Addressee of all, Office of Co.
strength of the beneficial effects that are to result
from the favorable happening take the opportunity
The Financial Situation.
to dispose of their holdings when confirmation
The immediate results of the accord reached on comes of the event upon
which they had counted,
Monday night by the United States with France on thus vindicating their
good judgment. Besides, on
President Hoover's proposal for the suspension of the present occasion
the benefits to result from the
all intergovernmental debt payments, including Ger- new era to be inaugurate
d have been well discounted,
man reparations, for a year has been disappointing. inasmuch
as the pace on the Stock Exchange in the
Perhaps the accord, in the form in which it was early stage
of the uprush was fast and furious and
reached, was itself disappointing inasmuch as it has prices rose in
a manner and to an extent rarely
left certain points still open for settlement—techni- experienced in
an equal space of time.
cal questions to be left for the determination of
As a few illustrations of the extent of the rise,
experts, but, nevertheless, some of them of vital im- we may note that Atchison stock,
which had dropped
portance in the successful carrying out of the scheme. to 132% June 2, recovered
to 173% June 27; that
We can only hope that a speedy dechtion will be New York Central, which had
broken to 711/2 June 2,
reached regarding the points still in dispute.
recovered to 99 June 26; that Union Pacific, which
It is plain to see that France gave rather grudging had sold down to
137 June 2, recovered to 1751/
4
assent to Mr. Hoover's proposition. She must be June 27, and that United
States Steel, which had
credited, however, with having acted in entire good sold down to 831/
8 June 2, recovered to 104% June 27.
faith in finally reaching an agreement with Mr. That a portion of
these large advances should now be
Hoover, and unquestionably, also she means to act in lost is of little significanc
e, and is for from indicating
good faith in seeing the arrangement carried out. It that expectatio
ns of a revival in business at an early
is rather curious to note that the Young plan, which date
will not be realized.
was hailed as a departure which would eliminate
It is a mistake, however, to suppose that the
for the future all political considerations, leaving revival
will at once assume large dimensions. That
purely economic factors alone to control, is now in is not in the
nature of things. On the contrary, the
the last analysis to be dependent upon the whims of recovery
in trade for quite a considerable while will
politicians. Instead of the heads of state being rele- be slow and
perhaps be quite gradual. The most
gated to the rear, they remain firmly at the helm. that
can be said just now is that from current indicaHowever, that is a matter that cannot be helped, and tions the
corner has been definitely turned. In
a great point, nevertheless, must be said to have
other words, there appear to be good reasons for
been gained in that France has now been induced to thinking
that the extreme of the depression has been
accept, even if only in principle, and some of the reached
and that any further change now will be a
immediate benefits that are to accrue are already in change for the better,
even though for a time the
evidence. Germany is proceeding on the theory that improvement
may not be very pronounced. No one
the plan will be carried through and that no hitch should feel discourage even if
d,
for the time being
of a serious nature will be encouraged in putting the indications of trade revival remain
very faint.
the plan into execution. The Bank of Germany still
The same may be said of the many apparent setappears to be under a great strain, but will, no doubt, backs in trade which have
seemingly been encounget all the assistance she needs, and it is greatly to tered the present week. The
country has really had
financial Chronicle
168
FINANCIAL CHRONICLE
[VoL. 133.
The slide back in this instance simply indicates
a very bad budget of news, from a trade standpoint,
the present week, and this may have acted as a wet that the sudden advance three weeks ago was someblanket upon the stock market. But undue im- what premature, and that business revival or busiportance should not be attached to these happenings ness recovery has not yet reached the stage where
and events. They may simply be the dying embers in the recent advance was warranted. The reduction
the long period of depression. Unquestionably, also, in tire prices, which has also been one of the features
some serious problems remain to be solved. There is, of the present week, is to be viewed in the same light.
for instance, the question of what to do with the 200,- Sears, Roebuck & Co., leading mail order house, and
000,000 bushels or more of wheat which the Federal one of the largest distributers of automobile tires,
Farm Board has acquired in its effort to maintain on Wednesday initiated a reduction of 5% in the
an unnatural level of prices. One of the unfavorable price of its best selling line. Very promptly the
and depressing factors of the wheat situation the Goodyear, the Goodrich, and the General Tire compresent week has been the further great drop in the panies announced that they would meet the new
market value of the grain. Both the July and Sep- price with full reduction of prices on lines competing
tember options for wheat at Chicago have this week with the Sears, Roebuck & Co. product. There is
dropped to new low levels—the lowest since 1896, or nothing very remarkable about this reduction. The
in 35 years. The July option for wheat in Chicago automobile industry has suffered beyond all others
4c., which is a decline from during the present depression in trade. The price
/
yesterday dropped to 523
57I/4c. on July 1, while the September .option sold of rubber is at almost unheard-of low figures, and
the motor car, being so largely an article of luxury,
to 54c. against 5834c. on July 1.
This occurred, too, at a time when current con- business revival will have to get actively in progress
ditions would ordinarily be quite propitious for a before it will find reflection in the automobile trade,
rise. The Agricultural Bureau at Washington, and no one claims that business revival has yet
yesterday afternoon, made public its report on the reached any such advanced stage or is likely to reach
condition of the growing crops as of July 1, and it it. All that even the most optimistic contend is that
showed the spring wheat crop of the Northwest to the country has just entered,or is about to enter,upon
be in a bad way, the lowest ever reported at this a state or stage of recovery. In these circumstances
season of the year. We discuss the report in a sepa- the decline in the price of rubber tires reflects past
rate paragraph further below, and will only say here conditions, not present or coming conditions.
Another of the adverse developments of the week,
that it indicates a falling off of 95,000,000 bushels
up the budget of bad news to which we have
making
harvested
crop
wheat
as compared with the spring
This
further above has been the renewed smash
referred
large
one.
a
was
by
means
no
which
last year,
is a large loss. The Canadian crop in the Prairie in the price of petroleum and also in some of its
Provinces has suffered from the same conditions of products—gasoline, for instance. On Wednesday
heat and drouth. As a consequence, it, too, is likely the Humble Oil & Refining Co., a subsidiary of the
to be short to an even greater extent. Our winter Standard Oil Co. of N. J., inaugurated a general
wheat yield the present season, very fortunately, has reduction in oil prices in the entire Texas area. As
been of exceptional size, but with such a loss as is a result of this reduction, and which was later
indicated in the spring wheat crop in the United extended to Oklahoma, Kansas and other competStates and Canada combined the wheat market now ing fields, Texas oil is selling as low in some inought to be booming and the price of wheat, judging stances as 9c. a barrel, and the average of all the
from past experience, might be selling almost $1 a different grades for the whole of Texas under the new
bushel higher than at present, say $1.50, the price schedule is believed to be no higher than 20c. a barrel
frequently reached under favorable conditions in —that is, only about 1/5 or 1/10 of the prices prethe past. But the Federal Farm Board accumula- vailing a year ago. But the question of how to regutions of 200,000,000 bushels are hanging like a pall late the flew of oil, with new fields being added all
over the market. How to deal with this great and the time, and with the East Texas area an entirely
grave problem remains for the future to determine. new development, is a problem all by itself, having
In the meantime it is an obstacle to full recovery no connection with state of trade or business, and it
will probably remain to vex the producers for some
in trade.
As to the other adverse features of the week, they time to come.
It is when we come to the iron and steel trade
would appear to be merely the remnants of the long
we find the old evidences of depression with
that
depression through which the country has been passor no modification for the better. The "Iron
little
emerging
ing and from which apparently it is now
this week reports that the steel mills of the
Age"
the
not
past,
the
or about to emerge. They reflect
are now engaged to only 33 or 34% of
country
renewed
the
particularly,
future. We may mention,
which is certainly a low level. Moreover,
capacity,
followflare-up
the
In
copper.
drop in the price of
it
that this does not take into consideration
appears
moraHoover's
President
of
announcement
ing the
holiday suspension of work, and with
customary
the
had
which
copper,
of
price
the
proposal,
torium
according to the "Wall
fallen into a state of almost complete demoraliza- this taken into account,
was only 23% of
production
Journal,"
Street
tion and had touched the extraordinarily low figure
could not drop much
production
Assuredly
capacity.
4c. a pound for the metal delivered at the fac/
of 73
complete
a
to
standstill. Here
coming
without
lower
suctories in Connecticut, recovered by quick and
a
change
for the better.
be
must
change
any
certainly
deurgent
cessive stages to 9c. on a very active and
"Iron
the
by
Age"
made
appeals very
comment
One
Lataccount.
mand both for export and on home
says:
of the
"Age"
us.
to
The
"Appraisal
strongly
back
dropping
been
terly, however, the metal has
that
most
suggests
may
recovery
prospects
near-term
Sc.
a
to
more
once
down
again, and this week sold
from
improvegeneral
business
expected
be
logically
have
reductions
repeated
pound. At the same time,
brought the export price of the metal back to 8.775c. ment in many sources rather than from largely increased requirements of any one or two major lines of
C. i. f. European base ports.
JULY 11 1931.]
FINANCIAL CHRONICLE
consumption." "General business improvement" is
what is most likely to come as a result of President
Hoover's efforts to plant a new hope in the 'hearts
of man, an effort in which he has already obtained
a large measure of success, and it is in that direction
we must look in coming weeks for genuine indications
of business revival.
The report of the New York Central RR. for the
calendar year 1930 has made its appearance the
present week and has attracted no little attention.
It is the first year of the operation of the leased
lines, namely, the Michigan Central, the Big Four,
and the Chicago Kalamazoo & Saginaw Railway.
These have now been merged in the parent company's
accounts, thereby presenting a complete picture of
the consolidated company's operations. The leases
referred to did not take effect until Feb. 1 1930, but
for the purpose of comparison figures are given made
up on the basis of the results for the leased lines for
the full 12 months. The accounts for the preceding
year are also restated so as to include the operations
of the leased lines for that year likewise. The comparison on that basis therefore is entirely accurate.
The first point to attract attention is the magnitude of the falling off, which the system sustained
by reason of the unexampled depression through
which the country has been passing. As compared
with 1929, operating revenues were reduced in the
hnge sum of $111,090,276, and net railway operating
income for 1930 fell to $57,235,527, a decrease of no
less than $46,467,252, while net income amounted to
only $35,981,791, a decrease of $41,446,791, the decrease in net railway operating income having been
partly offset by an increase of $5,594,969 in nonoperating income. In brief, the company's income
was more than cut in two. Yet the system was able
to show 7.21% earned on the capital stock outstanding, which, however, compares with 16.70% earned
on the outstanding capital stock in the calendar
year preceding.
Very drastic reductions in expenses were necessary to bring about such a relatively good showing,
and in particular the- maintenance outlays had to be
severely curtailed. On that point the report says:
"With due consideration for the requirements of safe
operation there were substantial reductions in most
of the accounts comprising the maintenance of way
and structures group, the most important decreases
having been in expenditures for roadway maintenance, track laying and surfacing, rail, tie and ballast renewals, repairs to station and office buildings and shops and enginehouses and the removal
of snow and ice. The decrease in the cost of maintaining equipment was due to a reduced program of
repairs and renewals of all classes of equipment, to
less intensive use and to a reduction in the number
of units retired, offset in part by increased accruals
for depreciation due to additional equipment acquired!' In short, the company had a hard time
of it during 1930. The present year, as a result of
the continuance of business depression in a greatly
aggravated form, the company has suffered further
heavy losses in traffic and income, which it was possible to offset only in part by curtailment of the
expense outlays. • For the five months ending May 31
1931 gross operating revenues were reduced in
amount of $41,389,265, and net income from railway
in amount of $12,831,779. To meet this changed
situation the company on May 1 1931 reduced the
169
quarterly dividend on its stock from 2% to 1/
1
2%.
In other words, it dropped from a basis of 8% per
year to .6%.
Brokers' loans this week, according to the weekly
return of the Federal Reserve Bank of New York,
again show a decrease, the grand total of the loans
having fallen from $1,479,000,000 July 1 to $1,455,000,000 July 8. This evidently reflects the diminished activity on the New York Stock Exchange.
This week's decrease of $24,000,000 follows $73,000,000 increase the previous week, and that, in turn,
followed 10 consecutive weeks of decreased loan
totals during which the aggregate contraction
reached no less than $443,000,000. In this week's
decrease of $24,000,000, the outside loans did not
share. Loans for own account by the reporting
member banks decreased during the week from
$1,129,000,000 to $1,090,000,000, but loans for account of out-of-town banks increased from $181,000,000 to $194,000,000, and loans "for account of
others" from $169,000,000 to $171,000,000.
In the condition statements of the Reserve banks
themselves the changes are along previous lines.
Holdings of acceptances have again diminished, the
Federal Reserve banks being unable to add to their
holdings even though they stand ready to buy bills
on the basis of only 1% per annum. The acceptance
holdings of the 12 Reserve banks fell during the week
from $103,341,000 to $91,788,000. Discounts were
a little larger the present week at $162,386,000 as
against $150,200,000. The Reserve banks have also
further enlarged their holdings of Government
securities, which this week stand at $667,953,000 as
against $663,399,000 last week. Total bill and
security holdings, as a result of the changes indicated, stand at $932,102,000 against $927,541,000
last week. Federal Reserve notes in circulation for
the first time in many weeks show a decrease, the
amount this week being $1,736,922,000 as against
$1,738,396,000 last week. At the same time gold
reserves have further increased and now are $3,427,905,000 as against $3,412,011,000 last week.
The grain crops in the United States are certainly
making satisfactory progress this year. The midyear report of the Department of Agriculture on the
growing crops was issued late yesterday afternoon
at Washington, and tells of the condition on July 1
as in the main being very good. The important
feature of yesterday's report was the first estimate
on corn. The area planted to corn this year is indicated by the Department at 105,557,000 acres, which
compares with 101,413,000 acres the revised figures
for last year. The July 1 condition for corn is placed
at 83.7% of normal, which is somewhat higher than
the July 1 condition of 79.9% of last year. Based on
this preliminary estimate, a yield of 2,968,000,000
bushels is now shown. A year ago the July 1 estimate for corn was 2,802,442,000 bushels, but the final
yield of corn last year fell to only 2,081,048,000
bushels.
Winter wheat has made further progress during
the past month, and the July 1 condition of 82.3% of
normal compares with 84.3% for June 1 this year,
a decline of two points for the past month. It also
compares with a condition of 73.8% on July 1 a year
ago, for the winter wheat crop harvested in that
year, when there was a gain of 2.1 points during
June. Winter wheat conditions this year, however,
170
FINANCIAL CHRONICLE
have been quite different from those of a year ago,
when the early progress made by the winter wheat
crop was rather backward. The final estimate of
the yield of winter wheat last year was quite large,
being 604,337;000 bushels, and considerably in excess of the production indicated in the July 1 1930
estimate, which was 557,719,000 bushels. The yield
this year of winter wheat is now placed by the Department at 713,000,000 bushels, based on the July 1
condition, and the harvest of the crop is now making
rapid progress. A month earlier this year the winter
wheat yield was indicated at 649,000,000 bushels.
Spring wheat, on the other hand, is in a bad way.
There has been no improvement during June and the
condition this year is very low. For July 1 durum
is placed at 57.9% of normal, and other spring wheat
at 53.4%. The condition of spring wheat on-June 1
last was indicated as 67.9%, BO that there has been
a loss the past month of 10 or 12 points. The July 1
condition of spring wheat last year was 74.7% of
normal, and showed a decline of 11 points during
June—by Aug.1 it had further declined to 60.7% of
normal. The probable yield this year of spring wheat
is now placed by the Department at 156,000,000
bushels compared with last year's harvest of 251,000,000 bushels. This will make altogether a total
yield of wheat this year, both of winter and spring
wheat, of 869,000,000 bushels. Last year the total
yield was 863,000,000 bushels.
Other grain crops are in good shape. For oats,
the yield is estimated in the report issued yesterday
at 1,306,000,000 bushels; barley, 267;000,000 bushels,
and rye, 38,300,000 bushels.
Cotton acreage this year is officially announced
as 41,491,000 acres. Every State excepting Florida
has contributed to the reduction in area, and cotton.
production in Florida is not important. On the other
hand, Texas, with nearly 40% of the total cotton
area (to be accurate, 38.9%) within its own confines, makes some reduction in the planting this year.
Relatively, the decline for Texas, however, is not
so great as for some of the other important cotton
States in the South—not so much as Arkansas; not
nearly so great as the reduction in Oklahoma, not
so much as Georgia or the Carolinas. It might even
come to pass that the production of cotton this year
in Texas on the area now announced will exceed that
of any preceding year. Texas is at times more or
less of an unknown quantity in the yield of cotton.
Picking in that State may continue well into the
spring months of the succeeding year, and in some
of the recent years Texas has contributed enormous
yields to the general output.
Outside of Texas, a somewhat larger reduction
appears for the other States as a whole. As noted
above, these States include Oklahoma, Arkansas,
Georgia, and the Carolinas. A considerable reduction also appears for Mississippi, Louisiana and
Alabama. Notwithstanding this, the area for these
States is still large. It is not so many years ago that
the acreage now calculated for these States would
have been considered quite full and complete. There
is also a small reduction in area for Tennessee and
Missouri and for the less important States, where
cotton is usually planted. It was only in 1923 and
the year prior thereto that the cotton acreage was
under that now announced for this year. In 1923 the
area planted was 38,701,000 acres. Since then the
increase has been quite marked; the area the very
[Vor... 133.
next year (1924) was in excess of 42,641,000 acres.
The high point was 48,730,000 acres in 1926. Last
year it was 16,078,000 acres, so that the reduction
this year is exactly 9.9%.
•The stock market this week quite unexpectedly
took a downward turn. There was no session on
Saturday last, it being Independence Day and a holiday. When business was resumed on Monday, after
a two-day interlude, the market was distinctly weak.
Traders appeared to be awaiting the outcome of the
negotiations between the American and the French
governments for French approval of President Hoover's proposal for the suspension of German reparations and other intergovernmental debt payments
for the period of one year. The outcome of these
negotiations appeared to be in doubt. Late on Monday night the negotiations reached a point where
Mr. Hoover was able to announce that the French
Government had accepted the proposal in principle,
though there were some technical differences which
were to be left for the decision of a committee of
experts.
The response of the market on Tuesday was a
severe break all around, considerable selling pressure
being in evidence in all parts of the market, which
may have reflected sales to realize profits or again
may have been due to bear operations. On Wednesday the market suffered further heavy declines. On
Thursday the course of prices was still downward
in the early part of the day, but with a sharp rally
in the afternoon which left a great majority of stocks
showing moderate gains as compared with the close
on Wednesday. On Friday, with a moderate volume
of trading, the market continued more or less unsettled, but with prices on the whole somewhat
higher.
The news of the week was mostly unfavorable, and
this played its part in affecting the course of prices.
Steel production, as already indicated in the earlier
portion of this article, dropped to a still lower level,
and in this state of things there was no inducement
to conduct operations for higher prices in the case
of the steel shares. The price of'copper further weakened, and this found reflection in renewed weakness
of the copper shares. Reduction in the price of
rubber tires affected adversely the rubber shares.
The drop in the price of wheat to the lowest level
reached in 35 years was a general depressing influence, as it indicated that no betterment was taking
place in the unfortunate condition of that great consuming class, the farmers. One development of an
opposite nature was the action taken by leading r3tail distributers of cigarettes in increasing prices.
This followed the action of the manufacturers two
or three weeks ago in raising wholesale prices to
the retailers. A new slash in oil prices, involving all
the Texas fields, not merely East Texas alone, played
its part in further unsettling the prices of the oil
shares. Only 16 stocks attained new low levels for
the year during the present week and 16 stocks attained new high levels. As for so many preceding
2% in the call
weeks, there was no deviation from 11/
loan rate on the Stock Exchange. Mobile & Ohio RR..
omitted the semi-annual dividend usually paid at
this time. Cerro de Pasco Copper made its quarterly
dividend only 25c. a share against 37/
1
2c. May 1 and
50c. on Feb. 2.
Trading has continued light. Saturday being Independence Day and a holiday, the Stock Exchange
JULY 11 1931.]
FINANCIAL CHRONICLE
171
remained closed. Sales on the New York Stock Ex- last week; United States Rubber at 15/
1
4 against
change on Monday were 1,044,872 shares; on Tues- 161/
8, and the preferred at 26 against 27.
day, 3,009,967 shares; on Wednesday, 2,357,192
The railroad stocks have continued to sag. Pennshares; on Thursday, 1,513,530 shares, and on Fri- sylvania RR. closed yesterday at 47% against 49%
day, 1,285,440 shares. On the New York Curb Ex- on Friday of last week; Erie RR. at 22% against
change the sales were 241,765 shares on Monday; 25%; New York Central at 89% against 941/
4; Baltion Tuesday, 484,560 shares; on Wednesday, 320,833 more & Ohio at 601/
4 against 63%; New Haven at 75
shares; on Thursday, 245,855 shares, and on Friday, bid against 771/4; Union Pacific at 1661/
4 against
230,745 shares.
1717
/
8; Southern Pacific at 85 against 86; Missouri
As compared with Friday of last week, prices are Pacific at 27% against 29%; Missouri-Kansas-Texas
quite generally lower—in most cases 3 and 4 points at 15% against 167
/
8; St. Louis-San Francisco at
lower, but in many cases a great deal more than that. 18/
1
4 bid against 21; Southern Railway at 33%
General Electric closed yesterday at 43% against against 37%; Chesapeake & Ohio at 37 against 38/
1
4;
447
/8 on Friday of last week; Warner Bros. Pictures Northern Pacific at 40 against 45, and Great
at 7% against 8%; Elec. Power & Light at 39% Northern at 47% against 52.
against 43%; United Corp. at 23 against 25; North
The oil stocks have been adversely affected by the
American at 69% against 72/
1
4; Pacific Gas & Elec. renewed slash in oil prices. Standard Oil of N. J.
at 47 against 48%; Standard Gas & Elec. at 65% closed yesterday at 38% against 39% on Friday of
against 69/
1
4; Consolidated Gas of N. Y. at 963
/
4 last week; Standard Oil of N. Y. at 17% against
against 993
/
8; Columbia Gas & Elec. at 31% against 17%; Standard Oil of Calif. at 37/
1
4 against 38%;
34; International Harvester at 44% against 48; Atlantic Refining at 16 against 16%; Texas Corp.
J. I. Case Threshing Machine at 80% against 90%; at 23% against 24; Richfield Oil at 1% against 11/8;
Sears, Roebuck & Co. at 557
/8 against 57%; Mont- Phillips Petroleum at 77
/8 against 8%,and Pure Oil
gomery Ward & Co. at 20% against 221
/
4; Woolworth at 71/
4 against 8%.
at 69% against 717
/8; Safeway Stores at 57 against
The copper stocks have suffered by reason of the
55%; Western Union Telegraph at 116% against further decline in the price of the metal. Anaconda
119%; American Tel. & Tel. at 178Y8 against 1837
/8; Copper closed yesterday at 25% ex-div. against 30%
Int. Tel. & Tel. at 33% against 367
/8; American Can on Friday of last week; Kennecott Copper at 20%
at 108 against 114; United States Industrial Alco- against 22%; Calumet & Hecla at 7% against 71/
4;
hol at 31 against 33/
1
4; Commercial Solvents at 17 Granby Consolidated Copper at 14 against 15¼;
against 151/
4; Shattuck & Co. at 217
/8 against 22%; American Smelting & Refining at 34% ex-div. against
Corn Products at 73 against 73%, and Columbia 39%, and U. S. Smelting & Refining at 016½ bid
Graphophone at 10% against 10%.
against 19%.
Allied Chemical & Dye closed yesterday at 1233
/
4
ex-div. against 132 on Friday of last week; E. I.
Stock exchanges in the important European finandu Pont de Nemours at 89% against 92; National cial centers were irregular this week, with the gains
Cash Register at 261/
4 against 27¼; International and losses of successive sessions about equal, notNickel at 14% against 161/
8; Timken Roller Bearing withstanding the consummation of the debt suspenat 37/
1
4 against 39%; Mack Trucks at 32% against sion project. The favorable influence again exerted
33%; Yellow Truck & Coach at 8% against 9%; by the successful conclusion of the negotiations in
Johns-Manville at 53% against 59; Gillette Safety Paris was offset to a great degree by some grave
Razor at 20% against 24%;National Dairy Products aspects of international finance. The delay of sevat 34% against 36%; National Bellas Hess at 6% eral weeks that followed the Hoover pronouncement
against 8; Associated Dry Goods at 213/s against also occasioned a loss of the bouyancy that character22%; Texas Gulf Sulphur at 35% against 37%; ized the markets at first. Foremost in importance,
American & Foreign Power at 32% against 38%; however, were the strenuous efforts of the ReichsGeneral American Tank Car at 59% against 62¼; bank to protect its gold holdings and diminish the
Air Reduction at 84 against 861/
4; United Gas Im- flight of capital from Germany, these endeavors reprovement at 297
/
8 against 31%; Columbian Carbon flecting the seriousness of the situation faced by the
at 77% against 81; Universal Leaf Tobacco at 33% Central European countries. Hungary was added
bid against 347
/
8; American Tobacco at 119 against this week to the list of nations in need of interna121; Liggett & Myers at 71% bid against 77%; Rey- tional credit aid, and this also produced a depressing
nolds Tobacco class B at 517
/8 against 52; Lorillard effect. A large bank suspension in Spain also conat 18% against 191/
4,and Tobacco Products class A tributed to the financial unsettlement. In the light
at 11 against 10% bid.
of these conflicting influences, traders and investors
The steel shares have been especially weak. U. S. in the large European capital markets resumed their
Steel closed yesterday at 98 against 105 on Friday attitude of aloofness, and trading dwindled at Lonof last week; Bethlehem Steel at 47% against 53%; don, Paris and Berlin. Quotations moved spasVanadium at 32% against 36%; Republic Iron & modically, but in a rather narrow range. Trade and
Steel at 15% against 17, and Crucible Steel at 43% industrial reports from Europe, meanwhile, show no
bid against 471/
4. The motor stocks have moved change of any importance.
quietly outside of Auburn Auto, which closed yesterThe London Stock Exchange was uncertain Monday at 177 against 190 on Friday of last week; Gen- day, as the debt negotiations were in progress
eral Motors at 377
/
8 against 39%; Chrysler at 23 throughout the session with the results vague and
against 24i4; Nash Motors at 29% against 311/
8; indefinite. Prices were inclined to drop at first,
Packard Motors at 7% against 77
/
8; Hudson Motor but a rally toward the close wiped out most of the
Car at 14% against 15%, and Hupp Motors at 7% losses. British funds were dull and easier, and
inagainst 8%. The rubber stocks have suffered because dustrial stocks in both the British and
international
of the cut in tire prices. Goodyear Tire & Rubber classifications followed a similar course.
Tuesday's
closed yesterday at 41 against 42% on Friday of session was spirited and prices gained
through much
172
FINANCIAL CHRONICLE
of the day, owing to the overnight announcement of
the Franco-American debt agreement. British Government bonds advanced and equity issues also
gained. International stocks were lively, but the
best figures were not maintained. Some hesitation
was caused by reduction of the Westminster Bank
dividend to 9%,from last year's figure of 10%. Reports of credit difficulties on the Continent were
followed by liquidation Wednesday, and quotations
dropped in all sections of the Stock Exchange. Overnight reports of the declining tendency at New York
also were unfavorable. The recessions were fairly
extensive. Thursday's dealings were quiet, with a
definite price trend lacking. British funds were
steady, but uneasiness in regard to the German
position brought selling in most sections and prices
tended to ease. Toward the close these losses were
regained, largely on the basis of firmer advices from
New York. Prices declined slightly at London in a
very quiet market yesterday.
A week tone prevailed on the Paris Bourse in the
initial session of the current week. The lack of agreement on the debt negotiations and gloomy news from
Berlin encouraged bear operators, reports said, and
values dropped in all departments of the market.
Liquidation was heavy throughout, and the recessions sizable. Following the news of an agreement
on the debt suspension, quotations moved forward
on the Bourse, Tuesday. Enthusiasm was lacking,
however, and the gains were not maintained. The
majority of stocks nevertheless finished' at better
levels.
Wednesday's session on the Bourse was decidedly adverse, with extensive liquidation induced
by fears of economic collapse in Germany notwithstanding the debt agreement. The reports of financial difficulties in Spain added to the unsettlement,
and prices dropped throughout the session. Mixed
trends were reported Thursday, with French stocks
moving upward while international issues declined.
The entire market was weak at the opening, but apprehension regarding Germany were overcome during the day and improvement quickly appeared. Foreign issues remained unpopular, however, and this
section did not join the upswing. Trading was dull
at Paris yesterday, and price movements unimportant.
The Berlin Boerse was depressed Monday, with
stocks in plentiful supply as the Reichsbank losses
of foreign currencies continued and agreement at
Paris appeared as far off as ever. Bank and industrial stocks were very heavy, and losses of as much
as 7 points were recorded in the more volatile issues.
Although the favorable announcement on the debt
negotiations was made overnight, Tuesday's dealings
on the Boerse remained dull. Prices advanced at
the start on professional buying, it was reported,
and most of these gains were maintained. Public
interest was lacking, however, owing to the uncertainty occasioned by the continued demand for foreign currencies. The Berlin market fell sharply
Wednesday, with liquidation general throughout the
list. Reports of the credit difficulties of Central
Europe caused heavy selling and most issues dropped
3 to 4 points, with some extreme losses of 10 to 12
points recorded. The tone Thursday was irregular,
but the movements of the day cancelled each other
and changes at the close were unimportant. The
Reichsbank statement was more favorable than expected, but this was offset by the continued export
For,. 133.
of capital. The trend was soft at Berlin yesterday,
almost all stocks losing ground.
Although the tonic effects of President Hoover's
proposal for a one-year suspension of payments on
intergovernmental debts were somewhat dampened
by the two weeks of arduous negotiations that followed between France and the United States, the
formal announcement Monday that an accord had
been reached in principle was hailed everywhere as
a signal achievement and one that is sure to exercise
a profoundly beneficial influence on the current
world-wide economic crisis. Relief was general that
the debt negotiations had been successful, and the
fervent hope was expressed on all sides that they
had been successful in time to prevent financial collapse in Germany. Not a few doubts remained on
this score early in the week, as the flight of capital
from the Reich diminished with a slowness that
caused much anxiety. The very steps taken within
Germany for the mobilization of that country's
credit resources, while reassuring in a sense, gave
evidence of the seriousness of the situation. With
these matters now gradually reaching adjustment,
greater assurance is felt that President Hoover's
announced purpose of "giving the forthcoming year
to the economic recovery of the world" will be
realized.
The negotiations between France and the United
States remained involved and delicate to the last,
with the series of hopeful statements losing their
effect through sheer repetition. The need of the
Reichebank for fella from the strain of capital exports became more and more pronounced, and in
accordance with the universal rule of such situations,
this fact tended for a while to accentuate the flight
of capital. It may be surmised, indeed, that these
considerations hastened the accord between the
French and American Governments. As formally
announced late Monday, the agreement preserves
the spirit of Mr. Hoover's proposal. It provides a
moratorium for the year beginning July I, 1931, on
the reparations and intergovernmental debt payments growing out of the World War. The disturbing effect of these huge overhead transfers on international trade and finance has become increasingly
apparent as the economic crisis continued and deepened, and the salve now provided through the agreement is undoubtedly one of the most wholesome that
Governments could apply.
Sacrifices entailed in the agreement will fall
chiefly on the United States and France, with respective amounts of about $246,000,000 and close to
$100,000,000 involved in the postponements. Great
Britain will sacrifice about $55,000,000, owing partly
to the extension of the moratorium arrangement to
the Dominions and the Government of India, while
Italy will forego receipts of $9,000,000 over and above
the sum that would normally have been transferred
to other Governments. Germany will be the chief
beneficiary, as the postponed payments on reparations, United States Army of occupation and other
clftims will amount to about $394,000,000. As the
debt negotiations proceeded, there was a growing
realization that the French sacrifice is proportionately greater than that of the United States when
the smaller population and resources of France are
taken into consideration. This occasioned an understanding of the French position that was not general
in this country at first.
JULY 11 1931.]
FINANCIAL CHRONICLE
•
173
In the agreement reached Monday, the main fac- the American people and by the Allied governments,
tor is of course that of the one-year suspension of who are with all others suffering from world-wide
payments, but three additional points stand out as depression and deficits in governmental budgets.
of prime importance. These relate to the uncondi- The economic load most seriously oppressing the
tional annuities and the amortization of the post- peoples of Germany and Central Europe will be
poned payments. It is provided that Germany will immensely lightened.
pay the unconditional annuity due during the year
"While the plan is particularly aimed to afford
of suspension, but the payment is to be invested by economic relief, yet economic relief means the swingthe Bank for International Settlements in bonds ing of men's minds from fear to confidence, the
guaranteed by the German railways, so that the swinging of nations from the apprehension of disfunds will not actually leave the Reich. The sus- order and governmental collapse to hope and conpended payments are to be amortized in ten annual fidence of the future. It means tangible aid to unpayments beginning July 1, 1933, and they are to employment and agriculture. The almost unanimous
bear interest as suggested by the United States Gov- support in the United States is again profound eviernment, or in other words at the average rate paid dence of the sincere humanity of the American
by the creditor Governments on their own public people. And in this year, devoted to economic updebt at the end of the preceding fiscal year. These building, the world has need of solemn thought on
conditions, moreover, are also to apply to the bonds the causes which have contributed to the depression.
issued by the German railroads.
I need not repeat that one of these causes is the
Three further points were touched upon by the burdens imposed and the fears aroused by competiFrench Government, although it was remarked tive armaments. Contemplation of the past few
specifically in the agreement that they do not con- weeks should bring a realization that we must find
cern the United States Government. It was ob- relief from these fundamental burdens which to-day
served that a "common. action by the principal cen- amount to several times the amount of intergoverntral banks acting through the medium of the B. I. S. mental debts."
shall be organized to assist the countries of Europe
An equally important statement announcing the
which would be particularly affected by the post- conclusion of the accord was made in Paris at the
ponement of the payment as proposed." A pre- same time by Premier Pierre Laval. "It is an imliminary understanding was stipulated, secondly, portant decision which involves a severe sacrifice
between France and the B.I. S. in order that France for my country," M. Laval declared. "It will be
shall not supply the guarantee fund provided for in readily understood that the Government desired to
the Young plan in the event of a moratorium except maintain Franco-American solidarity, on which
by monthly payments in accordance with the needs more than ever is contingent the work of interof the.B. I. S. after actual transfers of payments by national co-operation for peace. It will be observed
Germany. The third of these points concerned the that the French Government has not permitted
question of deliveries in kind, and the various modi- France's inviolable right to reparations to be limited.
fications which will become necessary as a result of If the accord which has been reached gives rise to
the application of the American proposal and the the rebirth of confidence in the world, our gesture
agreement as finally reached. This question is to will not have been in vain, and if Germany underbe studied by a committee of experts named by the stands the extent and meaning of our generous attiprincipal powers, "which shall reconcile the ma- tude a new era will be open for these two peoples."
terial necessities with the spirit of President Hoover's Secretary of the Treasury Andrew W. Mellon, who
proposal." France specifically reserved the right, bore the brunt of the work in the negotiations at
moreover, to request of the German Government Paris, stated to press representatives Monday that
"indispensable assurances concerning the utilization all meetings of the French and American negotiators
for exclusively economic purposes of the sums freed had been most congenial and pleasant.
to the Reich budget."
This agreement was reached only after the most
The accord thus outlined was announced late strenuous efforts in Washington and Paris to adjust
Monday by President Hoover, who stated that the the differences between the French and American
"American proposal for one year's postponement of viewpoints that appeared during the discussions.
all intergovernmental debts and reparations has now Substantial agreement on all but a few minor points
been accepted in principle by all of the important was believed to have been reached as early as last
creditor governments." The terms, he cautioned, are Saturday,and signature of the accord was considered
subject to the approval of the other interested pow- a matter of a few hours. Premier Laval, who had
ers. While certain payments are to be made by Ger- been subjected to much questioning in the French
many on reparations account, Mr. Hoover added, Parliament, adjourned that body for the summer in
the substance of the proposal is retained as the sums accordance with his prerogative, and devoted himself
so paid are immediately reloaned to Germany. "The thereafter entirely to the negotiations. A statement
technical difficulties arising from many complicated issued in Paris early last Saturday indicated that
international agreements which involve the aggre- the United States had decided to accept the continugate payment between governments of over $800,- ance of unconditional annuities by Germany under
000,000 per annum are now in the course of solution the Young plan. "Other divergencies were smoothed
by the good-will and earnest co-operation of govern- away in the discussions," the French official statemental leaders everywhere," Mr. Hoover said. "The ment said. "It seems clear that the accord on the
American part of the plan is, of course, subject to technical and financial sides of the negotiations
approval by Congress, but I have received the indi- must—under the reserve of the adhesion of the other
vidual assurances of support from a very large interested powers—be very soon achieved." There
majority of the members of both the Senate and the were rather definite indications of disappointment
House, irrespective of political affiliations. The in Washington, however, that details of the accord
acceptance of this proposal has meant sacrifices by still remained unsettled. Under-Secretary of State
174
FINANCIAL CHRONICLE
William R. Castle, Jr., when asked whether he regarded the French official statement as meaning
French acceptance of Mr. Hoover's proposal in principle, replied: "I should not—not at this time."
It appeared early last Sunday that a further perplexing difficulty had arisen over payments of German reparations in kind. This was disclosed in a
memorandum dispatched to Paris Saturday by the
State Department,in which the status of the negotiations at that time was fully treated. Washington
stated in its note to the Quai d'Orsay that the American Government has consistently taken the attitude
that the solution of the problem arising from existing contracts in the year of suspension should be a
matter for later discussion and solution by experts
of the different interested powers. "It appears,
therefore," the note continued, "that on the major
questions, namely, the principle of continuity of unconditional payments, the method of affording complete relief to Germany by the reloaning of the sum
deposited on account of the unconditional payment
with the B. I. S., the principle of complete suspension of all payments for one year, and the period of
the funding of the suspended payment, the two governments are in substantial accord. The other questions do not appear to be of such a character as to
justify further postponing of final agreement between the two governments, particularly as they
involve difficult technical questions under the
Young plan, to which the United States is not a
party. The American Government suggests that
they could, with propriety, be left to a committee of
experts from the Treasuries of the principal interested powers, but that they should be settled within
the spirit of the President's proposal."
Premier Laval made known early Sunday in
Paris, after a protracted conference with Secretary
Mellon and Ambassador Edge, that the text of a
"basis of agreement" had' been approved by the
French Cabinet. The text was said to be based on a
position taken in an unpublished French note, and it
was suggested that a final decision would be reached
early Monday of this week. In Washington, however, a serious obstacle to agreement was considered
as having arisen owing to the French demand that
Treasury experts have a free hand in working out
questions still remaining, especially those relating to
deliveries in kind. It was held that the experts must
be instructed to conform their decisions to the spirit
of Mr. Hoover's proposal. The President conferred
at length on this matter with Acting Secretary of
State Castle, and Acting Secretary of the Treasury
Mills, Washington dispatches said, and new instructions were prepared for the guidance of Secretary
Mellon and Ambassador Edge. Until Monday afternoon doubts were entertained in Washington on this
point. Mr. Castle issued a statement early Monday
indicating that France had' not accepted the American note as a basis of accord, and that several new
points had been brought up by Paris, most of them
"entirely outside of the province of our Government." A new and simplified formula had been communicated to Mr. Mellon, it was added, and the hope
expressed that it would prove acceptable. "We feel
that it should offer a constructive solution to the
various difficulties," Mr. Castle said. The success
of this final attempt to adjust the differences was
announced by President Hoover at 4:30 Monday
afternoon, and at a corresponding hour in Paris by
Premier Laval.
[VOL. 133.
Rejoicing was general among the nations when
the agreement of the debt suspension proposal was
finally announced. It was quickly seen that some
difficult points remained to be settled, and it was
also realized that the delay of two weeks had somewhat vitiated the good effects, but such considerations were of small moment compared to the outstanding fact that a breathing space of a year would
be provided in the payment of intergovernmental
debts. Relief was naturally most pronounced in
Germany, where the outcome of the negotiations had
been awaited with ever-increasing anxiety. "If ever
help came in the nick of time,it is President Hoover's
aid to Germany,for which the track has at last been
cleared," a Berlin dispatch to the Associated Press
said. Dr. Julius Curtius, Foreign Minister of the
Reich, remarked that "it was the very highest time,
not only for us butfor all concerned." Paul von Hindenburg, the venerable President of Germany, dispatched a message of thanks to President Hoover
Tuesday. He expressed the hope that the whole
world may be led into a new era of peaceful and confident co-operation. Mr. Hoover replied Thursday,
saying that he also hoped the proposal would revive
confidence and promote prosperity among all
peoples.
The British Government promptly took the initiative Tuesday toward the conference of Treasury experts which is to settle technical questions remaining. Prime Minister Ramsay MacDonald announced
in the House of Commons, in reply to a question,
that his Government had renewed its invitation of a
week earlier for a London gathering of the powers
concerned. He recalled the fact that the original
invitation had been issued in anticipation of a possible breakdown of the Paris negotiations, and added
that the invitation had been renewed in view of the
"several important points which will require to be
discussed between the governments chiefly concerned." It was at first reported that the experts'
meeting might begin in London July 13, but after
an exchange with the Quai d'Orsay, the Foreign
Office in London indicated that the gathering would
begin July 17. The United States will be represented
at that parley, late reports indicate, by Hugh S. Gibson, United States Ambassador to Belgium, who
will act as an unofficial observer. It is further stated
that Frederick Livesey, State Department official,
will act as technical adviser to Mr. Gibson.
A question that was discussed rather broadly in
the public prints, but apparently not in official exchanges, was cleared up early in the week by Chancellor Heinrich Bruening of Germany, who gave
assurances to United States Ambassador Frederic
M. Sackett that the financial relief extended Germany would not be devoted to an increase of German
armaments. The text of the Chancellor's statement
was published at Washington last Sunday, and there
were assurances at the same time that it was not due
to external suggestions. "In view of the fears which
have sprung up in some circles," the Chancellor said,
"that the amounts released in the German budget
by the relief from reparations payments might be
used to increase armaments, I declare that an increase in the appropriations for the army and navy
during the holiday year has never been contemplated,
nor will it take place. The aggregate alleviations
accruing to Germany from the Hoover plan are required and will be used in their entirety to cover the
deficits in revenue which are to be expected, to con-
JULY 11 1931.]
FINANCIAL CHRONICLE
solidate financial conditions and to save German
economic life." This assurance was communicated
to the French Government Wednesday, by Leopold
von Hoesch, the German Ambassador to Paris.
Owing to the form of the Franco-American agreement, some uncertainty was expressed in Washington late this week regarding the date on which the
accord is effective. It was pointed out that a "preliminary understanding" between France and the
B. I. S. is called for on the guarantee fund. Mr.
Castle expressed the opinion Thursday, however, that
both France and the United States regarded it as
fully in force. The same official issued a statement
Wednesday to correct mistaken impressions in some
quarters that the President had given consideration
to a permanent revision of the foreign debt settlements. "The subject has been considered solely in
the aspect of relief to the temporary conditions created by the world-wide depression," he remarked.
Mr. Castle also discussed the debt suspension agreement in a general sense in a radio address, Wednesday. He outlined the negotiations leading to the
adoption of the plan, revealing that Mr. Hoover felt
more than two months ago that some definite step
must be taken to break up the d'espair which was
growing out of the world-wide depression. "It is
impossible to put in action at once all the forces of
recuperation," he remarked, "but the President felt
that this one method of relief might well open the
door of hope and thus lead to general economic recovery. That, I firmly believe, it will do if the
people of the country will stand strongly back of
the Government in optimism, and in that determination to carry through which is one of the characteristics of the American people."
In order to dispel completely the uncertainty expressed in some quarters regarding the date on which
the moratorium agreement is to be effective, President Hoover issued a statement late Thursday indicating that in the view of the United States Government it is already in force. In Washington and Berlin it is thus held that the agreement is effective as
of July 1, but Paris dispatches reflected further
uncertainty on this point even yesterday,the expectation apparently prevailing in some official circles
that Germany should make the payment due July 15.
The Washington statement indicated that "President Hoover considers his plan as much in full force
and effect as if it had received the formal and
official sanction of all the nations concerned." No
• further part is to be taken in the London conference
by this Government, it was added, nor have any
diplomatic exchanges been undertaken to assure the
release of the Reich from the July 15 payment. It
was added, however, that "Germany will not be
obliged to pay one penny of the installment if formal
and official sanction is lacking, even from France,
by July 15." In London announcement was made
yesterday that so far as the British Government is
concerned the agreement is already effective.
Emergency measures were found necessary in
Germany this week to meet the credit strain occasioned by the immense flight of capital from the
Reich. The outward flow of funds has been
especially pronounced since the Chequers conversations five weeks ago, German estimates placing the
figure at about $500,000,000. It is believed that an
equal sum left the Reich in the few months following
the general elections of last September, when Fascist
175
and Communist adherents made wide gains at the
polls. Thus, approximately *1,000,000,000 is estimated to have been withdrawn from Germany by
foreign investors and sent out of the country by German nationals since last summer. The credit of
$100,000,000 extended the Reichsbank June 25 by the
Federal Reserve.Banks, the Bank of England, the
Bank of France, and the B. I. S., was rapidly used
up in the endeavors to bolster mark exchange. This
credit terminates July 15, but it was stated in Berlin last Saturday that prolongation probably would
be requested. In view of the alarming depletion of
the Reichsbank's reserves of gold and foreign exchange, credit restriction measures were considered
for a time last week but were not applied.
Expedients adopted this week were of a nature
not only to furnish immediate protection for the
mark, but also to supply the means of meeting further requirements should the drain continue. It was
reported from Berlin, Monday, and confirmed here
Tuesday, that the Reichsbank had begun to draw on
a $50,000,000 credit granted its subsidiary, the Gold
Discount Bank, by an American banking syndicate
headed by the International Acceptance Bank, Inc.
This secured credit, the latter institution announced
Tuesday, was originally granted in 1924 for a smaller
amount, and gradually increased since. An impressive step, designed to demonstrate the solidarity
of German bankers and industrialists and their willingness to assist the Reich Government, was announced in Berlin Tuesday. A pledge was given by
1,000 financial and industrial leaders to place at
the disposal of the Gold Discount Bank a security
guarantee of 500,000,000 marks ($119,000,000) to
back foreign credits. A joint letter addressed by the
1,000 organizations to Dr. Hans Luther, President
of the Reichsbank, remarked that they desired to
restore confidence in Germany and prevent further
credit withdrawals. "Under the leadership of the
Gold Discount Bank," the letter continued,"a guaranty syndicate will be formed, consisting of German
industrial, banking, shipping and commercial organizations, which will assume collateral guaranty to
the extent of 500,000,000 marks,in order through this
guaranty sum to strengthen the power of action of
the German Gold Discount Bank. This liability sum
will be apportioned by us according to a certain
method among 1,000 of the leading German organizations by means of a distribution key which has
already been conceived." Legal effect was given this
offer Wednesday, when an emergency decree was
issued by the Bruening Government empowering the
Gold Discount Bank to engage in the suggested credit
operations "in the interest of the maintenance of
German foreign credit."
To these measures was added, Thursday, the sudden departure of Dr. Hans Luther for London and
Paris, in order, it is said, to negotiate a huge credit
estimated at $400,000,000 to $500,000,000. The
Reichsbank head left Berlin by airplane after frequent telephone conversations with Montagu Norman, Governor of the Bank of England, and arrived
in London the same day. After a hurried consultation with Ambassador von Neurath, he met Mr. Norman by appointment and the two bank heads journeyed together on a boat train for Dover, with Basle
as their ultimate destination. Dr. Luther conferred
yesterday with Governor Clement Moret, of the Bank
of France. Reports from Berlin, London and Paris
all suggest that Dr. Luther will attempt to arrange
176
FINANCIAL CHRONICLE
a credit of 1,500,000,000 marks or more with the
Banks of England and France, and the Federal Reserve Bank of New York. Berlin dispatches state
that he will use the joint guaranty offer of the 1,000
German firms as one of the important resources backing the proposed credit.
The troublesome and frequently-discussed question
of disarmament came to the fore in international
relations this week, owing chiefly to the arrival in
Italy, Tuesday, of Secretary of State Henry L. Stimson, for the beginning of his tour of European capitals. On landing at Naples, Mr. Stimson gave a
statement to the press in which he emphasized the
unofficial character of his visit to Europe. He declared that he had no political mission of any sort.
Throughout Europe, however, the impression prevails that his visit is connected with the impasse in
the Franco-Italian naval disarmament negotiations,
which indirectly imperils the London naval agreement of 1930. Building in accordance with their
present programs by the French and Italian governments will result,it has been indicated, in expansion
of the British program and therefore in a revision
of the established relationship among the navies of
Britain, the United States and Japan. The famous
"escalator clause" in the London treaty was designed
to meet contingencies of this sort. Even before the
arrival of Secretary Stimson in Rome, Foreign Minister Dino Grandi indicated that disarmament questions were much in the minds of Italian diplomatists.
Praising the Hoover debt suspension proposal on
July 3, he declared that this step had brought a relaxation in world tension and an atmosphere of goodwill that "must be utilized for disarmament." Significant also was an announcement in Rome,
Wednesday, that the Italian Government had received word from Paris of a new French proposal
on naval disarmaments under consideration by experts of the Quai d'Orsay. In Washington an announcement was made Thursday that the United
States Government will accept within a few days the
invitation of the League of Nations to participate
in the world disarmament conference at Geneva next
February.
Financial troubles of a grave nature were added
this week to the political unsettlement prevalent in
Spain during recent months. Concern was caused
throughout the nation, Tuesday, when payments were
suspended by the Bank of Catalonia, one of the leading Spanish institutions with headquarters in Barcelona and 30 branches in that city and other Catalonian towns. "The suspension of payments by the
Bank of Catalonia is regarded as serious, as a number of industrial firms had large deposits," a special
report to the New York "Times" said. "Not only
business, but agricultural enterprises, and, according to the reports, one of the leading Spanish railways, will be affected." Resources of the closed bank
were estimated at P2,000,000. A nation-wide strike
of communication workers was called Monday by the
powerful Sindicato Unico organization of Spanish
labor, but it was only partially successful. General
strikes occurred in several cities at the same time.
In order to curb the growing unrest and restrict
the export of capital from Spain, the Bank of Spain
2%,
raised its discount rate Tuesday by Y2% to 61/
while orders were issued for the closing of the Barcelona Curb Market. Catalan political circles an-
[voL. 133.
nounced Wednesday that attempts will be made to
secure complete regional independence for Catalonia
under the Madrid Constitutional project.
Differences between the Holy See and the Fascist
regime of Italy over the dissolution of the Catholic
Action organization flared up anew this week, owing
to the publication of an encyclical letter in which
Pope Pius XI stoutly defended the Church organization. The controversy arose some weeks ago, when
the Italian Government ordered the disbandment of
the Catholic Action on charges that members had
participated in political activities. Such charges
were denied with vigor by the Pontiff, who declared
in his letter that the accusations "are nothing but
a pretext," designed to tear the young Catholics away
from the 'Church. Copies of the letter were distributed in Italian churches, but it did not gain
general circulation throughout the country. No
secret was made, however, of the resentment felt by
Fascist officials at the criticisms. An attempt to
smooth matters again was made by the Vatican late
Sunday, when a statement was issued to the effect
that the letter should not be considered an attack on
the Fascist regime. There was some talk in the
press of a definite break in the diplomatic relations
between the Vatican and the Italian Government, but
the newspapers on both sides adopted a more conciliatory attitude this week and the tension appeared
for a time to be passing. It was renewed Thursday,
however, when Premier Mussolini placed a ban on
Fascist membership in Catholic Action organizations, on a ruling by the Fascist party that membership in both groups is incompatible. This brings
up more definitely than ever the possibility of abrogation of the Lateran treaty, it is said.
The Bank of Spain on Monday raised its rate of
discount for commercial !ills fom 6% to 61A%.
There have been no other changes in the discount
rates of any of the central banks of Europe. Rates
are 73/2% in Austria; 7% in Germany and Hungary;
63'% in Spain; 53/2% in Italy; 4% in Norway; 33'%
in Denmark and Ireland; 3% in Sweden; 23/2% in
England and Belgium, and 2% in France, Holland,
and Switzerland. In the London open market discounts for short bills yesterday were 1 15-16@2%
against 1%@1 15-16% on Friday of last week, arid
for three months' bills 2@2 1-16% against 1 15-16%
the previous Friday. Money on call in London on
Friday was 13,%. At Paris the open market rate
/%.
remains at 17
/
3%, and in Switzerland at 11
The Bank of England statement for the week
ended July 8 shows a gain of £1,389,838 in gold
holdings, bringing the total up to £165,810,946.
A year ago the Bank held £156,585,454 of gold. As
circulation expanded £1,828,000, the increase in gold
was more than counter-balanced and so reserves fell
off.£438,000. Public deposits increased £4,244,000,
while other deposits decreased £33,963,366. Other
deposits consist of bankers accounts and other accounts. The former dropped £34,858,483 which follows a gain of £37,758,021 last week, and the latter
increased £895,117. Loans on government securities
fell off £1,105,000 and those on other securities
£28,125,617. The latter includes discounts and advances and securities which decreased £27,216,932
and £908,685 respectively. The reserve ratio is at
57.73% compared with 46.20% a week ago and
4
JULY 11 1931.]
FINANCIAL CHRONICLE
59.11% two weeks ago. A year ago the ratio was
45.88%. The discount rate remains 23/2%. Below
we show a comparison of the different items for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931
1930
1929
1928
1927
July 8
July 9
July 10
July 11
Jnly13
Circulation a
359,258,000
Public deposits
15,734,000
Other deposits
99,529,705
Bankers' accounts 64,543,324
Other accounts_ __ 34,986,381
Governm't securities 31,825,906
Other securities_ _ _ _ 34,939,855
Disci. dc advances 7,102,368
Securities
27,837,487
Res've notes & coin.. 66,553,000
Coin and bulllon-165,810,946
Proportion of res've
to liabilities
57.73%
Bank rate
%
363,803,626
9,264,376
105,769,921
69,532,815
36,237,106
54,125,547
26,176,439
6,265,564
19,910,875
52,781,828
156,585,454
368,839,800
9,230,390
102,527,832
65,360,123
37,167,709
43,291,855
39,649,422
16,182,431
23,466,991
46,871,907
155,711,707
45.88%
3%
41.93%
354%
136,361,115 137,584,580
16,210,144 10,033,559
104,703,036 100,424,862
30,628,885 48,916,982
50,588,324 46,362,296
57,745,802 33,233,847
174,356,917 151,068,427
474% 301-16%
434%
434%
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.
177
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 4 1931. July 5 1930. July 6 1929.
Francs.
Franz:.
Frame.
Francs.
Gold holdings— —Dec. 196,930,680 56,228,692,706 44,169,983,820 36,650,055,730
Credit bats. abed_Ine. 526,000,000 6,945,336,765 6,904,264,230 7,304,435.094
French commercial
bills discountcd_Inc.1143,000,000 6,445,928,408 5,532.536,384 7,889,983.815
Bills bought abed_Inc.1103,000,000 20,869,470,699 18,698,728,217 18,439,896,786
Adv.asst.securs__Inc. 114,000,000 2,891,971,635 2,836,496,348 2.525,350,025
Note oirculation—Inc.1682,000,000 78,609,604,605 73,259,797,915 64,840,868.040
Cred, curt. acets_Dec.2729000,000 20,971,257,517 14,074,282,326 17,996,838.936
Money rates were quiet and unchanged this week
in all departments of the New York market.
Although a heavy repatriation of short-term credits
previously extended Central European countries
was in progress, these accessions were merely
added to the already distended credit reservoir here,
and they exercised no effect whatever on rates. Call
loans were 11/
2% on the Stock Exchange throughout
the week, both renewals and new loans being fixed
at this figure. In the unofficial "Street" market a
rate of 1% was quoted every day for the surplus
funds of investment banking firms. On the Curb
Exchange demand loans were 270, in accordance
with the usual differential of 1/270 above the Stock
Exchange level. Demand was slack, while funds
were available in huge amounts. After the upswing
of last week, brokers' loans against stock and bond
collateral resumed their downward tendency in the
compilation of the Federal Reserve Bank of New
York. The report for the week to Wednesday night
showed a drop of $24,000,000. Gold movements reported for the same weekly period consisted of imports of $5,641,000. There were no exports and no
net change in the stock of gold held earmarked for
foreign account.
The Imperial Bank of Germany, in its statement
dated July 7, shows a gain in gold and bullion of
661,000 marks. The total of bullion now stands
at 1,421,756,000 marks, in comparison with 2,618,808,000 marks last year and 1,994,459,000 marks
the year before. Reserve in foreign currency, silver
and other coin, notes on other German banks and
other assets record increases of 71,415,000 marks,
6,363,000 marks, 6,470,000 marks and 5,568,000
marks, while bills of exchange and checks, advances
and investments declined 93,915,000 marks, 130,702,000 marks and 501,000 marks. Notes in circulation fell off 184,267,000 marks, reducing the total
of the item to 4,110,418,000 marks, as compared
with 4,492,023,000 marks last year and 4,610,013,000
marks two yeaxs ago. The item of deposits abroad
now aggregates 117,688,000 marks. Other daily
maturing obligations show a loss of 55,187,000 marks,
Dealing in detail with call loan rates on the Stock
while other liabilities rose 104,813,000 marks. A Exchang
e from day to day, there was again no
comparison of the various items for the past three
deviation at any time from the figure of 11/
270, this
years is furnished below:
having been the quotation both for new loans and
REICHSBANK'S COMPARATIVE STATEMENT.
for renewals on every day of the week. Trading in
Changes
for Week.
July 7 1931. July 7 1930, July 7 1929, time money has continued
at a minimum, about the
Assets—
Reichsmark:.
Retchsmarks. Retchamarks, Reichsmark:.
Gold and bullion
Inc.
661,000 1,421,756,000 2,618,808,000 1,994 459,000 only business being an occasional transaction in
Of which depos.abed- Unchanged
117,688,000 149,738.000 101,017,000
loans for four months, usually at some concession
Res've in foen
71,415,000 370,989,000 325,217,000 368,928,000
Bills of exch. & checksDec. 93,915,000 2,558,412,000 1,646,270,000
2,798,568,000 from quoted figures. Quotations now are 11
/
4@11/
27
0
Silver and other coin_ _Inc. 6,363,000 207,354,000 139,690,000
116,891,000
for 60 days, also for 90 days and for four months,
Notes on oth.Ger.bks_Inc. 6,470,000
8,788,000
14,838,000
12,505,000
Advances
Dec. 130,702,000 224,477,000
55,827,000
79,852,000 and 11
/2(4)1%70 for five months, and 1%@270 for
Investments
Dec.
501,000 102,264,000 101,102,000
92,878,000
Other assets
Inc. 5,568,000 861,431,000 585,753,000 523,135,000 six months. The market for prime'commerc
ial paper
Llablitlfes—
showed a healthy tone during the week, the greater
Notes in circulation...Dec. 184,267,000 4,110,418,000 4,492,023,000
4,810,013,000
Oth.dally matur.oblig.Dec. 55,187,000 342,762,000 381,053.000
803,845,000 part of the demand coming from country banks and
Other liabilities
Inc. 104,813,000 691,960,000 218,013,000 330,982,000
Middle West financial institutions. The amount of
The statement of the Bank of France for the paper available continued limited. Rates for choice
week ended July 4 shows a loss in gold holdings names of four to six months' maturity remain at 270.
of 196,930,680 francs. Owing to this loss the Names less well known and shorter choice names are
/
47
0.
total of gold now stands at 56,228,692,706 francs, still quoted at 2y2@v23
which compares with 44,169,983,802 francs the corresponding week last year and 36,650,055,730 francs
The market for prime bank acceptances met with
the year before. Increases appear in credit balances an excellent demand
most of the week, but the volabroad of 526,000,000 francs and in bills bought ume of business remained small,
owing to the dearth
abroad of 1,103,000,000 francs. Notes in circula- of satisfactory paper.
The quotations of the Amertion show an expansion of 1,682,000,000 francs, ican Acceptance Council continue
at: For bills up
raising the total of the item to 78,609,604,605 to 90 days,170 bid,/
78% asked; for four months' bills,
francs. Circulation the same time last year stood 11/
87
0 bid, 1% asked; for five and six months, 1%7
0
at 73,259,797,915 francs and two years ago at bid and 11470 asked. The Federal
Reserve banks
64,840,868,040 francs. French commercial bills dis- suffered a further decrease
in their holdings of
counted and advances against securities record in- acceptances during the week from
$103,341,000 to
creases of 1,143,000,000 francs and 114,000,000 $91,788,000. Their holdings of
acceptances for forfrancs, while creditor current accounts declined eign correspondents dropped
further from $335,2,729,000,000 francs. Below we furnish a com- 334,000 to $302,020,000. Open
market rates for acparison of the various items for three years:
ceptances also remain unchanged, as follows:
FINANCIAL CHRONICLE
178
Prime eligible bills
Prime eligible bins
SPOT DELIVERY.
-180 Daps- -180 Days- -120 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
154
134
154
134
154
-90Days- -80 Days- -30 Days
Asked
Bid
Bid. Asked.
Bid. Asked.
1
84
1
54
1
14
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
Eligible non-member banks
154 bid
154 bid
There have been no changes this week in the rediscount rates of any 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:
ALL CLASSES
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Rank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on July 10.
Date
Established.
Previous
Rate.
2
134
3
234
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
214
2
314
3
331
354
3
3
4
334
335
3
3
234
234
354
3
3
234
Sterling exchange is dull and irregular, but on one
or two days, especially on Thursday, the market was
active and sterling was in sufficient demand to display on balance a fractionally firmer tone than last
week. There was no market in New York on
Saturday of last week, July 4. The entire foreign
exchange list continues to be dominated by the
critical financial situation in Germany. The range
5i
for sterling this week has been from 4.863 to 4.86/
for bankers' sight bills, compared with 4.86 1-32 to
4.86 9-16 last week. The range for cable transfers
has been from 4.86 M to 4.86 11-16, compared with
4.86 9-32 to 4.86 11-16 a week ago. Aside from the
closing of the New York market on the July 4 holiday,
the trading was dull and hesitant until Thursday, as
there was a rather vague feeling that the Bank of
England might reduce its rate of rediscount from
the present 23/2%. On Thursday, when no change
was announced in the Bank rate, traders adopted a
more positive attitude in their transactions. The
continuance of financial difficulties in Germany,
coupled with renewed weakness of the sterling rate
on Paris, has dampened hopes of an early reduction
in the British bank rate. The weakness of the sterling rate on Paris is understood to be due to withdrawals of funds from London by the French Treasury for its temporary needs, but there appear to have
been no withdrawls for private account. The market
was the more confident this week that the London
rate would be lowered as London bill rates on Monday declined still further to new record lows, when
three-months bills were quoted 1 13-16%-1%% in
anticipation of a reduction in the Bank of England's
rate on Thursday. On Thursday London bill rates
firmed up fractionally and three-months bills were
quoted 1%% to 1 15-16%. All other maturities
moved up the same fraction.
The Bank of England statement for the week ended
July 9 showed a much stronger reserve position than
a week ago, as the inflated conditions incidental to
the half-year gave way to a more normal state of
things. Proportion of reserves to liabilities increased
11.53% to 57.73%. Go'_d holdings were up £1,389,838
while an additional amount of £1,193,178 was received from Argentina on the day after the issuance
of the Bank statement. This week the Bank of
England shows gold holdings at £165,810,946, as
[VOL. 133.
compared with £164,421,108 on July 1 and with
£156,585,454 on July 9 1930. On Saturday the
Bank of England received £6,000 in sovereigns from
abroad and exported £2,000 in sovereigns; on Monday the Bank exported £9,000 in sovereigns; on
Tuesday the Bank bought £797,300 in gold bars and
exported £8,000 in sovereigns. The bar gold bought
was part of the £1,000,000 South African gold available in the open market. The Continent absorbed
approximately £150,000 at the price of 84s. 103d.
The balance was unsold. On Wednesday the Bank
of England released £250,000 in sovereigns and exported £13,000 in sovereigns. On Thursday the
Bank received £1,193,178 in sovereigns from Argentina, released £75,000 in sovereigns, exported
£17,000 in sovereigns, and bought £5,895 in gold bars.
On Friday the Bank of England released £250,000 in
sovereigns and exported £8,000 in sovereigns.
At the Port of New York the gold movement for the
week ended July 8, as reported by the Federal Reserve
Bank of New York, cons'sted of imports of $5,641,000
of which $4,213,000 came from Argentina, $1,000,000
from Canada, and $428,000 chiefly from Latin
Amer can countries. There were no gold exports
and there was no change in gold earmarked for foreign account. In tabular form the gold movement
at the Port of New York for the week ended July 8,
as reported by the Federal Reserve Bank of New
York, was as follows:
GOLD MOVEMENT AT NEW YORK,JULY 2-JULY 8,INCLUSIVE.
Imports.
$4,213,000 from Argentina
1,000,000 from Canada
428,000 chiefly from Latin
America
Exports.
None
$5,641,000 total
Net Change in Gold Earmarked for Foreign Account.
None.
During the week approximately $450,000 of gold
was received at San Francisco from Japan.
Canadian exchange continues at a heavy discount,
which accounts for the gold imports from Canada
throughout the past few weeks. It is believed that
more go'd will be shipped to New York soon and
bankers are not prepared to say how far the movement may go. On Monday Montreal funds were at
a discount of 5-16 of 1%, on Tuesday at 19-64; on
Wednesday at 9-32, on Thursday at %, and on
Friday at % of 1% discount.
Referring to day-to-day rates: On Saturday last,
July 4, there was no market in New York. On
Monday sterling was dull and easy. Bankers' sight
2@
was 4.863.®4.86 7-16, cable transfers 4.863/
4.86 9-16. On Tuesday the market was more active
and sterling firmer. The range was 4.86 7-16®
4.86% for bankers' sight and 4.86%®4.86 11-16 for
cable transfers. On Wednesday sterling was dull,
opened weak but firmed up in the late trading. The
range was 4.86 5-16@4.863/ for bankers' sight bills
and 4.86 9-16®4.869/ for cable transfers. On Thursday the market was steady. Bankers' sight was
transfers, 4.86 19-32®
4.86%®4.86; cable
4.86 11-16. On Friday sterling was firm; the range
bankers' sight and
was 4.86 13-32®4.863/ for
4.86 19-32@4.86 11-16 for cable transfers. Closing
quotations on Friday were 4.863/ for demand and
4.86 11-16 for cable transfers. Commercial sight bills
2;90-day bills
finished at 4.86%,60-day bills at 4.843/
for
(60-days) at
payment
at 4.83%; documents
2, and seven-day grain bills at 4.86 1-16. Cot4.843/
ton and grain for payment closed at 4.86%.
JULY 11 19311
FINANCIAL CHRONICLE
179
Exchange on the Con-Cnental countries continues vigor. It was reported from Berlin that demands
to be dominated by the crucial situation in German at the Reichsbank for foreign exchange during the
exchange, as it has been since the end of May. day totaled 60,000,000 reichsmarks ($14,292,000).
German marks have been irregularly weak and have This was the largest amount of devisen lost since the
been prevented from sagging still further only be- capital efflux slowed up a little more than a week
cause of the strenuous efforts made by the Reichs- ago. On Tuesday 40,000,000 reichsmarks was withbank to overcome the severe drain on the mark. drawn and on Wednesday 25,000,000 reichsThe unit has, however, been held by the Reichs- marks.
bank's endeavors very close to 23.713
4 to 23.7332 for
Following upon the voluntary agreement of more.
cable transfers. Swiss, Belgian, and Dutch ex- than 1,000 German financial and industrial instituchange are ruling at higher levels, which leads the tions to guarantee a credit up to Rm. 500,000,000
market to believe that the movement of these cur- and the recent favorable settlement of the Franco
rencies is indicative of fresh fiscal difficulCes in American agreement on debt postponements, PresiGermany. The flight of capital from Germany con- dent von Hindenburg issued an emergency decree
tinues, although on a reduced scale. It is believed levying on all important business concerns for guarin some quarters, however, that there are signs of a antees to protect German credit. The decree, issued
movement of capital into Germany and that this under Article 48 of the Constitution, empowers the
movement will be greatly accelerated now that very Government to impose on all business concerns having
large credits have been arranged for the Reichsbank property exceeding 5,000,000 marks ($1,190,000) in
and the Gold Discount Bank with further large value proportionate guarantees up to a maximum of
credits in prospect. The low ruling rate for marks 50,000,000 marks for debt of the Reich Gold Discount
this week gave rise to discussions of the possibility Bank and the contracts for the protection of German
of further imports of gold from Germany, although capital. The Bank for Industrial Debentures estabexchange circles are not at all certain that shipments lished under the Dawes plan may act as trustee for
will be made. The upward trend of the three ex- the guarantee fund. The decree, which was issued
changes—Dutch, Swiss, and Belgian—indicated how- on Wednesday, legalizes Tuesday night's offer of
ever, that funds were being moved out of Germany to leading German firms, as noted above, to guarantee a
those centres and metal would probably go there first. credit up to Rm. 500,000,000 for the Reich's debts.
The market was intensely interested in the announce- The market is full of rumors, which doubtless are
ment on Wednesday that 1,000 German banking and founded on fact that the Reichsbank is seeking large
industrial firms have joined to guarantee a sum of credits, variously estimated at from $250,000,000 to
Rm. 500,000,000 to the Gold Discount Bank. It is $500,000,000 through the agency of the leading censaid that on the basis of this guarantee the Gold Dis- tral banks, especially through co-operation from
count Bank will have rediscount facilities up to London, New York and Paris. Foreign cables to
Rm.1,500,000,000, which will go far to overcome the German banks, according to dispatches from Berlin
effects of heavy withdrawals of short-term credits on Thursday, prove that there is some misunderfrom Germany in the past month.
standing in financial circles regarding the guarantee
Finance Minister Dietrich recently stated that the to the Gold Discount Bank by German industries.
tremendous amount of foreign short-term capital in According to the Reichsbank the guarantee is not a
Germany is the root of the withdrawal evil and relief measure for the Gold Discount Bank, as that
through the new machinery now set up it is hoped institution has no debts due and is absolutely liquid.
ultimately to consolidate the short-term advances, The Gold Discount Bank was chosen for the guarwhich will be domestic in origin, into long-term antee because of its strength and position as particuissues, thus removing an exceedingly unstable factor larly equipped to handle the foreign credit problem.
from the German economic situation. The German The Reichsbank condensed statement for the week
outlook is of course improved by the fact that the ended July 7 shows an improved position over that of
international debt moratorium is virtually in effect. June 30. Gold holdings are up 661,000 marks to 1,On Tuesday the International Acceptance Bank, 421,756,000 marks. Foreign currency reserves are up
Inc. of New York issued a statement that the Gold 71,415,000 marks, while circulation is down 184,Discount Bank (which is owned entirely by the 267,000 marks to 4,110,418,000 marks. The ratio
Reichsbank) is about to make use of the $50,000,000 of gold and foreign currency to notes stands at
credit which had previously been granted by a 43.8%, compared with 40.1% on June 30.
syndicate of more than 30 American institutions
Belgian exchange is unusually firm and ranged
under the leadership of the International Acceptance during the greater part of the week from 13.94 to
Bank. F. Abbott Goodhue, President of the Inter- 13.97. The exceptional firmness in belgas, which
national Acceptance Bank, stated with respect to are at the highest since last Jan. 1, is attributed to
the credit: "The credit was originally granted in withdrawals of Belgian funds from Germany. French
1924 for a smaller amount and has since then been francs have been firm both with respect to dollars and
increased to its present size. While it has been in pounds sterling. The firmness in the franc is partly
existence since 1924 and the Gold Discount Bank seasonal, much of it derived from heavy tourist rehas paid regularly its commitment charge to the quirements, but the rate is also affected by the withAmerican syndicate as compensation for keeping drawal of short-term funds from London as well as
this credit at their disposal, it has been availed of from Berlin. The Bank of France statement for the
only once—in 1924—and since then has not been week ended July 4 again shows a reduction in gold
used. The credit has long continued one of the holdings, this time of 196,930,680 francs. Total
hidden reserves of the Reichsbank, as the Gold gold holdings stand at 56,228,692,706 francs as of
Discount Bank is directly controlled by that institu- July 4, which compares with 44,169,983,820 francs
tion." Events on Monday made it necessary for on July 5 1930. The Bank's ratio of reserves to
the Reichsbank to draw upon this credit, as the liabilities, however, shows an improvement, standflight of capital from Germany was renewed with ing at 56.47% on July 4, compared with 56.07% on.
180
June 27, with 50.58% on July 5 1930, and with legal
requirements of 35%.
The London check rate on Paris closed at 123.96
on Friday of this week, against 124.28 on Friday of
last week. In New York sight bills on the French
%, against 3.91 9-16; cable
centre finished at 3.925
%, and comagainst 3.915
11-16,
3.92
at
transfers
mercial sight bills at 3.92 7-16, against 3.91%.
Antwerp belgas finished at 13.95% for checks and at
13.963/2for cable transfers, against 13.933 and r3.94.
Final quotations for Berlin marks were 23.72 for
bankers' sight bills and 23.723/ for cable transfers,
2. Italian lire
in comparison with 23.73 and 23.733/
bills and at
sight
bankers'
closed at 5.233
% for
5.23% and
against
transfers,
cable
5.23 9-16 for
at 14.05,
closed
schillings
Austrian
9-16.
5.23
against 14.05; exchange on Czechoslovakia at 2.96,.
against 2.96; on Bucharest at 0.593/2, against 0.593/2;
on Poland at 11.20, against 11.20, and on Finland
8. Greek exchange closed
/
at 2.51%, against 2.515
at 1.293/2 for bankers' sight bills and at 1.29 11-16
for cable transfers, against 1.293/i and 1.29 11-16.
Exchange on the countries neutral during the war
is following much the same trend as during the past
five or six weeks. As noted above, Holland guilders
and Swiss francs are exceptionally firm. It is
believed that the firmness in these currencies is due
largely to withdrawals of funds from Germany, but
much of the firmness is also attributable to seasonal
factors, chiefly to heavy tourist requirements.
Exchange on the Scandinavian countries is steady.
These currencies are of course favorably affected by
seasonal factors, notably by tourist demands.
Exchange on Spain continues to display an undertone of weakness. On Wednesday the Bank of
Spain increased its discount rates. The rate for
commercial discounts will be 63/2%, for loans guaranteed by industrial bonds 6%, and for personal
credits 7%. On loans guaranteed by State bonds,
however, the present rate of discount will continue
at 5% and 532%, depending on certain technical
banking details. The peseta market was disturbed
by the announcement on Tuesday from Barcelona
that the Bank of Catalonia had suspended payments.
The bank was a 430,000,000 peseta institution and
the effects of the failure can hardly be expected to
be confined to Barcelona as the bank has 28 branches
scattered throughout Spain. The Bank of Spain is
apparently supporting exchange, as pesetas were not
greatly affected by the collapse. According to
Madrid dispatches on Thursday confidence is expressed by Government authorities that the present
banking difficulties, particularly in Catalonia will
shortly be overcome. There were heavy withdrawals from other banks, as the public became
nervous over the failure. The Bank of Spain joined
with private banking houses to assist banks in trouble.
The stock exchange at Barcelona was ordered closed
until readjustments could be effected, but banking
leaders assured the public that difficulties would
soon be under control. The Finance Minister issued
a communique reiterating the necessity of a plan for
the stabilization of the Spanish currency. The
people must be convinced of the necessity of stabilization, the note said, "abandoning the illusion still
maintained by many that our peseta can reach a
value par with gold coin" under present conditions.
A plan for stabilizing the peseta at a value lower
than present par was favored.
[vol.. 133.
FINANCIAL CHRONICLE
Bankers' sight on Amsterdam finished on Friday
at 40.27, against 40.233 on Friday of last week;
2, and comcable transfers at 40.293, against 40.243/
2, against 40.20. Swiss
mercial sight bills at 40.243/
francs closed at 19.403/i for bankers' sight bills and
2.
at 19.41 for cable transfers, against 19.37 and 19.373/
Copenhagen checks finished at 26.78 and cable
transfers at 26.79, against 26.773/i and 26.783/2.
Checks on Sweden closed at 26.81 and cable transfers at 26.82, against 26.813 and 26.823, while
checks on Norway finished at 26.78 and cable transfers at 26.79, against 26.773/ and 26.783/2. Spanish
pesetas closed at 9.53 for bankers' sight bills and at
9.54 for cable transfers, against 9.49 and 9.50.
Exchange on the South American countries displays no new trend. Argentine pesos have been
reasonably steady, but greatly to the disappointment of banking circles in Buenos Aires the rate
has frequently gone below 32.00. The peso is,
however, considerably firmer than it was a few
weeks ago. The foreign trade of Argentina shows
a favorable balance of 20,245,000 gold pesos (the
gold peso is worth approximately 96.48c.) for the
first five months of this year, compared with an
unfavorable balance of 28,760,000 gold pesos for
the same period of 1930. The improvement in the
trade balance is due largely to the restriction of
imports, which to May 31 of this year amounted to
251,799,000 gold pesos, against 331,187,000 gold
pesos in the same period of 1930, a reduction of 24%.
Brazilian milreis continue to be nominally quoted
and the undertone of the unit is decidedly weak.
Argentine paper pesos closed at 31 11-16 for checks,
against 31% on Friday of last week and at 313 for
cable transfers, against 32. Brazilian milreis are
nominally quoted 7.45 for bankers' sight bills and
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 4 1931 TO JULY 10 1931, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers fa New York,
Value in United States Money.
July 4.
July 6.
July 7.
8
EUROPEAustria,schliling
Belgium, belga
Bulgaria, ley
Czechoslovakia, kron
Denmark. krone
England. pound
sterling
Finland, markka
France, franc
Germany. reictutmark
Greece, drachma
Holland, gulider
Hungary. pengo
Italy, Bra
Norway, krone
Poland. zloty
Portugal, escudo
Rumania,leu
Spain. peseta
Sweden, krona
Switzerland. (rano_
Yugoslavia. dinar-.
H01,1ASIADAY
ChinaChefoo tael
Hankow tael
Shanghai tad
Tientsin tad_
Hong Kong dollar..
Mexican dollar_
Tientsin or Pelya
dollar
Yuan dollar
India. rupee
$
.140467
.139490
.007205
.029621
.267809
$
.140446
.139631
.007200
.029622
.267865
Japan. yen
Singapore (8.3.) dol
NORTH AMER
Canada. dollar
Cuba. Pee°
Mexico. peso
Newfoundland. doll
SOUTH AMER.
Argentina, peso (gold)
Brasil. milrels
Chile. Peso
Uruguay. vraa
r...a......m.. moan
July 10.
July 8.
July 9.
8
.140460
5
5
.140471
.139623
.007196
.029619
.267846
.140448
.139937
.007197
.029620
.267838
.139585
.007200
.029623
.267826
.865099 4.868041 4.865757 4.866279 4.866190
.025169 .025172 .025172 .025176 .025170
.039159 .039188 .039202 .039202 .039249
.237226 .237267 .237197 .237285 .237278
.012946 .012954 .012955 .012952 .012952
.402445 .402558 .402880 .402713 .402685
.174425 .174492 .164432 .174436 .174459
.052351 .052355 .052351 .052352 .052349
.267804 .267879 .267827 .267845 .267836
.112010 .111970 .112002 .111984 .112002
.044117 .044135 .044097 .044133 .044240
.005947 .005948 .005951 .005951 .004950
.094980 .095447 .094957 .095114 .095280
.268130 .268181 .268158 .268163 .268146
.193877 .193907 .193993 .194007 .194054
.017877 .017690 .017685 .017688 .017679
.335625
.331041
.322321
.340208
.256160
.233125
.334791
.327658
.322589
.339375
.255535
.233437
.331458
.323593
.317125
.335208
.253400
.229062
.323750
.316250
.310821
.327500
.249410
.225312
.327708
.319843
.314017
.331458
.251339
.227187
.236666
.233333
.380050
.493753
.560600
.237083
.233750
.360368
.493728
.580566
.232500
.229166
.360450
.493728
.580566
.228333
.225000
.360537
.492703
.560800
.230833
.227500
.380883
.493721
.560600
.998769
.999112
.490100
.994250
.996884
.999112
.490000
.994375
.996937
.999112
.490086
.994406
.997408
.999112
.490000
.995000
.097578
.999112
.490000
.995227
.727802
.075312
.121091
.582000
Oft c7f111
.725078
.074140
.121068
.585250
05x700
.724102
.073952
.121030
.583500
64.0700
.719823
.074000
.121034
.581833
oenvon
.715979
.073668
.121025
.580168
0007nn
7.50 for cable transfers, against 7.65 and 7.70.
Chilean exchange closed at ,12.10 for banIcers' sight
'bills and at 12.13 for cable transfers, against 12.10
and 12.13. Peru at 28.00, against 27.85..
JULY 11 1931.]
FINANCIAL CHRONICLE
Exchange on the Far Eastern countries is dull and
the Chinese units are quoted lower as a result of a
drop in the price of silver below the 29c. level which
prevailed last week. Japanese yen are steady. The
business outlook in Japan is much more promising
and it is felt that the heavy drain upon the Japanese
gold supply is about at an end. Closing quotations
for yen checks yesterday were 49.34@49.50, against
49.34@49.50. Hong Kong closed at 254@25 7-16,
against 26/
1 s@26 3-16; Shanghai at 32%@32 11-16,
against 33 1-16@33/
1 8; Manila at 49 8,against 49%;
Singapore at 563i@56%, against 564
1 @56%;Bombay at 363, against 364
1 and Calcutta at 364
1,
against 363'.
The following table indicates the amount of bullion in the principal European banks:
July 9 1931.
Baas of
Gold.
Silver.
£
July 19 1930.
I Total.
Gold.
I1165,810,946156,585,454
£
Silver.
I
Total.
England__ 165,810,946
156,585,454
France a__ 449,829,541
449.829,541353,359,871,
d
d
353,359,871
Germany b 65,203,400 c994,600 66,198,000 123,451,0001
994,600,124,445,600
Spain ____ 96,995,000 27,658,000124,653,000 98,849,000, 28,942,000127,791,000
Italy
57,510,000
1 56,301.000
1 57.519.000 56 301 000,
Nethlands 41,451,000 3,196,000 44,647,000 35.993,0001 2,204,000 38,197,000
Nat. 13elg. 40,978,000
40,978,000 34,335,000,
.335.000
Switzland. 29,417.000
29.417.000i 23,156,000'
23,156.003
Sweden_ __ 13.266,000
13.266,000 13,490,0001
13,490,000
Denmark
9,551,000
9,551,000 9,570,000
9,570,000
Norway __ 8,132,000
8,132,000 8,144,0001
8,144,000
Total week 978,152,887 31,848,60010100014871913,234,3251, 32,140,600945,374,925
Prey. week 965,633,245 31,915.600 997.548,845902,927,430 31,974,600934,902,030
a These are the gold holdings of the Bank of France as reported In the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £5,884,400. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Franco-American Agreement—Questions
Still Open.
The accord which was reached at Paris on Monday
between the French and American Governments regarding Mr. Hoover's proposal of a temporary suspension of reparations and war debt payments
brought to a close two weeks of difficult and delicate negotiations. Mr. Hoover, in an official statement, announced that the American proposal had
been accepted "in principle" by all the important
creditor Governments, although the French terms
of acceptance were of course subject to the approval
of the other interested Powers, and that the "technical difficulties" involved in agreements which
called for the payment of more than 00,000,000 annually "are now in the course of solution by the
good-will and earnest co-operation of governmental
leaders everywhere." Advantage was taken of the
occasion to call attention again to the burden of
competitive armaments. Premier Laval, while professing the desire of the French Government to
"maintain Franco-American solidarity," reminded
the representatives of the press that "it will be observed that the French Government has not permitted France's inviolable right to reparations to be
limited," and declared that "if Germany understands the extent and meaning of our generous attitude a new era will be open for these two peoples."
Whether the accord is in all respects as complete
as the press dispatches from Paris and Washington
have indicated can best be determined, perhaps, by
comparing the terms of the American memorandum
of July 1, in which the French objections to the
Hoover proposal were comprehensively traversed,
with the text of the agreement approved and initialed at Paris on Monday. After indicating a number of points in which the two Governments were
already in accord or in regard to which the American
Government expressed its willingness to accept the
181
French contention, the American memorandum took
up four remaining points of difference. The first
was the desire of the French Government that the
sums to be reloaned to Germany should be paid to
industrial and financial concerns and not to the
German Government. The memorandum pointed
out that this would be incompatible with the Hoover
plan of giving relief directly to Governments. The
second point was the French demand that 25,000,000 of the unconditional payments paid into the
Bank for International Settlements should be made
available for loans to certain Central European
countries whose budgets would be affected by the
suspension of reparations payments. This demand
the American Government rejected as contrary to
its proposal to suspend all intergovernmental payments, and the suggestion was made that such loans
be arranged through the central banks. On the third
point, the length of time over which the deferred
payments should be funded, the American Government, while reiterating its preference for twenty-five
years, indicated its willingness to compromise. The
fourth difference involved the obligation of France
to pay approximately $120,000,000 into the guarantee fund created by the Young Plan in case the conditional German payments were suspended. The
American memorandum pointed out that what the
French objection amounted to was a demand that
the sums paid by Germany to the Bank for International Settlements and then reloaned to it "must
be credited to the guarantee fund just as if France
herself had actually made the deposit, thus relieving
France of any future obligation in respect of the
guarantee fund." To this arrangement the American Government naturally declined to agree.
The Paris accord expresses the agreement of the
French Government with Mr. Hoover's proposal to
postpone from July 1 1931 to June 30 1932,"the payment of intergovernmental debts," but stipulates
that the Reich shall pay the amount of the unconditional annuities. To this latter requirement,insisted
upon by France as necessary to maintain the integrity of the Young Plan, the American Government had already agreed in its memorandum of
July 1. The amounts so paid, however, instead of
being reloaned to Germany•as the American memorandum had insisted, are to be "placed by the Bank
for International Settlements in guaranteed bonds
of the German Railroads," repayment of the bonds
to be spread over ten years beginning with July 1
1933, the same as the suspended payments on reparations and war debts.
On three points "which it is recognized do not
directly concern the American Government" the
Paris accord contains the following "observations"
of the French Government: first, the financial
assistance to be extended to -other countries of
Europe is to be organized by the central banks
through the agency of the Bank for International
Settlements; second, "a preliminary understanding
should take place between France and the Bank for
International Settlements in order that France shall
not supply the guarantee fund provided for in the
Young Plan in the event of a moratorium except by
monthly payments in accordance with the needs"
of the Bank "after actual transfer of payments by
Germany;" and third, the question of deliveries in
kind and other modifications required by the application of the American proposal are to be studied
by a committee of experts representing the interested
182
FINANCIAL CHRONICLE
Powers, "which shall reconcile the material necessities with the spirit of President Hoover's proposal."
France, however, "reserves the right to request of
the German Government indispensable assurances
concerning the utilization for exclusively economic
purposes of the sums freed to the Reich budget."
Acceptance "in principle," accordingly, presupposes some important qualifications. The war debts
and the conditional reparations payments are to be
suspended for one year, but the unconditional share
of reparations, which were included in Mr. Hoover's
original proposal along with the rest, are, at the
demand of France, actually to be paid into the Bank
for International Settlements, and are then to be
invested in German railway bonds. The latter arrangement, while it returns the payments to Germany in the form of a loan, does not return them to
the German Government, as Mr. Hoover's memorandum of July 1 insisted should be the case, but yields
the French contention that the Reich should not receive the loan directly, on the ground that the Bank
is not authorized to make loans to governments.
The American demand for a funding period of 25
years for suspended payments is cut down to ten
years, and no part of the German payments is to
be used for loans to other European countries. The
obligation of France to the guarantee fund, on the
other hand, is greatly relaxed, if indeed it does not
turn out to have been waived altogether, by a provision for monthly payments, and then only in case
the Bank for International Settlements needs the
money. All other questions arising out of the application of the American proposal are to be referred
to a committee of experts, subject to the requirement that the "material necessities" of the plan,
whatever they may be, are to be kept in harmony
with the "spirit" of Mr. Hoover's proposal.
It is evident that the committee of experts, which
is to meet at London on July 17, will have some
complicated questions to deal with, and that until
the committee has acted the statue of the plan will
be rather up in the air. Another instalment of reparations will be due on July 15, two days before the
experts convene, and it is not clear whether the moratorium granted by the plan will apply to that payment or not. Washington seemed at first to be in
doubt regarding the exact status of the plan, and
Acting Secretary of State Castle was quoted on
Wednesday as saying, in reply to an inquiry as to
whether the plan was actually in force and effect,
that he "could not answer because he did not know."
The peculiar wording of Paragraph (B) of the text
of the Paris agreement, specifying "a preliminary
understanding" between France and the Bank for
International Settlements regarding the guarantee
fund, together with an intimation from Paris that
the provision might be used to delay the operation
of the plan until after the report of the experts had
been completed and accepted, may have been the basis
for the report that the Powers were being sounded by
Washington with a view to insuring the immediate
effectiveness of the plan, but the report was later
officially denied. Mr. Hoover himself is reported
as holding that the plan has become "morally
effective" from July 1, and that no reparations or
war debt payments due after that date will be called
for during the moratorium period. With this view
the British Government has stated that it is in
accord. In any case the consent of Congress is necessary, and delay beyond Dec. 15 would carry the ques-
[VoL. 133.
tion over beyond the date at which another reparations payment is due.
One of the most troublesome questions to come
before the experts is likely to be that of providing
for the use by Germany, during the moratorium year,
of so much of the unconditional annuities as are represented by payments in kind. According to Mr.
Castle, only about $20,000,000 of such payments is
involved in the case of France, but payments in kind
are part of the reparations due to some other countries, and "four or five other Governments," Mr.
Castle is quoted as saying, have notified the United
States "that they must make exceptions to the President's plan if exceptions are made to any one." Payments in kind, it will be noticed, are mentioned in
the Paris accord as one of the matters to be referred
to the committee of experts, and it appears to be a
fact that the subject was one upon which the Paris
negotiators found themselves hopelessly divided.
We have now to await the outcome of the London
conference, which is to be followed, it is now announced, by a conference of the Powers to sanction
the proposed modifications of the Young plan. The
United States, not being a signatory of the Young
plan, will be represented at the experts' conference by
an observer,and it has been announced that Ambassador Gibson will serve in that capacity. The leading
part in the discussions, however, seems likely to be
taken by Great Britain, which from the first has
manifested complete accord with the Hoover plan.
How far the concessions which France has been able
to obtain will prove acceptable to other Powers remains to be seen, but Mr. Snowden, Chancellor of
the Exchequer, has stated positively that Great
Britain will assume no greater obligations than it
has already undertaken in connection with the plan
unless other countries reciprocate. The Italian Government has been friendly from the start, and the
replies of the smaller European Powers that are
more or less influenced by French opinion, while
they have not always been without reserve, have
indicated in general a purpose to co-operate. The
assurance given by Germany to France of its intention to use the funds placed at its disposal for strictly
economic purposes has not, however, as was hoped,
removed the danger of the injection into the London
debates of political suspicions or demands, and Friday's dispatches reported a disposition in France,
and even in Great Britain, to insist that Germany
drop the question of a customs union with Austria
and suspend work on its second "pocket" cruiser now
under construction.
The moderate degree of enthusiasm with which the
news of the conclusion of an agreement at Paris was
received is doubtless to be explained in part by the
long delay in coming to terms, and in part by the
realization that the relief to be accorded to Germany
is only one element in a many-sided process of world
recovery. The alternate advances and recessions of
the stock market have probably reflected this feeling. There is no apparent disposition, however, to
view Mr. Hoover's action in any other light than
that of a timely and useful contribution to the treatment of a complicated situation which was becoming
extremely grave, and the country has 74r. Hoover's
word for it that he does not propose a moratorium
in debt payments as an entering wedge for the general cancellation of the war debts. The German
loans which are being talked about seem somewhat
ambitious, but there appears much reason to expect
JULY 11 1931.]
FINANCIAL CHRONICLE
that either through domestic or foreign loans, the
latter participated in by European central banks,
or else by the action of the Reichsbank in more or
less drastically curtailing credit and checking the
outflow of gold, the financial anxiety which has been
oppressing Germany may before long be materially
lessened. Probably the chief effect of Mr. Hoover's
action has been in arousing confidence, and that of
itself, at the present moment, is a very considerable
service.
Let Zeal Be Unrestrained.
With the signing of the war debt moratorium the
people of the United States should manifest no relaxation in efforts to make this country lead the
world in a healthy and well-balanced recovery from
the depression of 1930-1931, which has adversely
affected nearly all nations. Welfare of the whole
people and an attitude of fairness towards foreign
nations ought to rise above petty politics for the
purpose of reaping the full and widespread benefits
made possible by the international agreement and
accomplishing this end as quickly as is consistent
with safety and an assured steady recovery.
Americans are accustomed to look upon the period
of a presidential campaign as an "off year." The
present is none too nearly to resolve to make 1932 a
year of bountiful activity and prosperity. Our leaders at Washington, who conceived the master stroke
and worked so continuously, wisely and laboriously
to accomplish the desired end, deserve now the wholehearted support of all citizens in an honest and vigorous effort to show the rest of the world our sincerity of purpose, our faith in the measure, and our
ability to achieve great beneficial results by reason
of the general accord for which American statesmen
strove.
Ever since the climax of the speculative boom in
the fall of 1929 the Government at Washington has
had the unrestrained aid of the whole country's successful business men, regardless of political affiliations, in efforts to right business conditions and
calm the troubled waters of trade seas.
Efforts along these lines have not been wholly
without avail. Some progress has been made—
enough to inspire hope of better things during the
second half of the current year. Of course meddling
with things outside the province of government
should be avoided. It is now generally recognized
that the effort of the Federal Government to maintain the price of wheat and of cotton was a mistake
and should not be repeated or continued. But with
Europe and the United States in accord, the hands
of Americans who have been making a worthy effort
to improve industry and trade should now be upheld.
This encouragement ought naturally to induce new
and greater domestic efforts in behalf of trade
revival.
In addition to the work of public spirited citizens,
municipalities and many private persons may be of
material aid. States and cities have been tremendously extravagant in recent years, and taxes have
risen accordingly, often imposing undue burdens on
persons who can ill afford to meet the increased
obligations. The wise local politician will now see
that measures of greatest need to his community
should be pushed, avoiding extravagant expenditures
and thereby paving the way for reduced taxation.
All citizens can help along the prosperity movement by promptly paying their individual and busi-
183
ness debts. There is no debt moratorium here.
Prompt payment of all obligations due will •be a
mighty force towards business revival. It will help
lubricate the wheels of industry. With united
effort America can make 1932 an "onward year."
The Remedies for Unemployment.
It will be a happy day when every man is at work
at the task which pleases him best. But that day
will never come. In the first place, being free men,
we live by trial and error. Few of us know what
work will please us best. In the course of a. lifetime
many of us try many things. If we were in the hands
of the State and forced to work at that task which
pleases the State best we would be worse off, as far
as personal happiness is concerned, than we are now.
That way certainly lies no relief. Being free to
choose, and compelled to choose in advance, we make
many mistakes. Going from one occupation to another it is a toss-up between success and failure. In
"business," itself, it is estimated that at some time
in life a majority of men record a failure. But
throughout all the "ups and downs" we maintain
our freedom. And since happiness is personal and
beyond the choice of the State we cling to our guaranteed liberty and take our chances as best we may.
Initiative and enterprise are more precious to us
than any foreordained employment furnished by a
government or a law. There is no possible happiness
in slavery.
We forget this fundamental personal equation in
many of our schemes to banish unemployment.
Until the State takes charge of the person of the
worker and forces him to work under its orders there
will always be some men "out of a job." This is an
important and perhaps an unpleasant fact in considering "unemployment." In truth we do not know
how many of the five or six millions of the unemployed of to-day are out of work by their own desire
or choice. Many have sought easy jobs and lost them
for one reason or another. Some have secured employment for which they were not fitted, and been
forced out by the logic of events. Others have overreached themselves in seeking higher wages, only to
find that want and wages are not synchronous.
Taste, pride, home-life, ill health, envy, overleaping
hope, overweening ambition, obligations to family,
accidents of time and place, have all contributed to
changes in occupation that have ended in enforced
idleness. As long as men are what they are, changelings in desire, they will become at times unemployed.
Is there any "plan" which can overcome these
causal characteristics and leave men free? If not,
then like the poor, the unemployed will always be
with us. Now the machine, unlike the man, and
doing the work of many men, has no mind to change.
It does not seek another task; it does not strike, and
it does not demand "higher wages." In production
it is a great stabilizer. Consequently, technological
unemployment is also with us to stay. Further,
binding men into labor organizations, forbidding
freedom in apprenticeships, requiring men to work
at one trade and no other, limiting the personal output of the worker, all tend to force men into a groove
and to unfit them for any other task, so that once a
job is lost the worker is a long time idle. These influences, though silent, are compelling. How much
they contribute to the five or six millions of to-day
we have no way of knowing. We know, however,
184
FINANCIAL CHRONICLE
[VOL. 133.
that while done in the interest of "labor," they foster ings and thrift to spend in adverse times. The way
the installment of labor-saving machines, and turn to overcome technological unemployment is to cultivate personal power to work at new and varied tasks.
men adrift in ever-increasing numbers.
We are concerned,for the moment, with the multi- The way to prevent adversity "from outside causes"
plying "plans" to abolish unemployment. No per- is to cultivate peace and confine prosperity by the
fect "plan" has been evolved. Organized "labor" frugal and simple life. The way to prevent "colfurnishes us with numerous statistics, more startling lapses" is to avoid inflation and speculation. The
than germane. We are shown how much more way to mitigate the influence of the machine is to
rapidly production has increased, in percentages, avoid the production of luxuries we do not need, and
than wages. How much the machine did to augment the overproduction of things we do need, by sober
this production we are not told. The per capita pro- living and normal business enterprise. These are
duction is figured out,showing an increase less than fundamental remedies for unemployment!
the percentage total, and it is argued that something
Around The World In 8 Days, 15 Hours.
should be done to keep the percentage increase in
It is a feat worth recording in big letters! Jules
wages parallel to the percentage increase in total
production. Alas, there is no such parallel possible. Verne's "Around the World in 80 Days" stands out
And if there were, the free worker must be allowed as a tyro's dream by comparison with this practical
to seek a new and better job, or he must be chained accomplishment in aeronautics. The names of Wiley
to his "last" and thus lose his liberty. So that in Post and Harold Gatty, now well known to readers
all our "plans" we must save the individual, a much of newspapers everywhere, are blazoned on the
more important consideration than the abolition of scrolls of aviation, at least, forever. For the present
unemployment. Better, then, a free progress than they are,redoubtable pioneers and worthy of the
acclaim so heartily accorded them. The only detail
an enslaving prosperity.
The lover of his kind would like to see every man that it concerns us to write down is that they traveled
at work. He would like to see jobs enough to go 15,474 miles in four days 10 hours'flying time, averround. He would like to see an equality of produc- aging 145 miles an hour, and "had only 15 hours'
tion and consumption. But since a man cannot be sleep." The name of the monoplane,"Winnie May,"
happy when forced to work at a task he does not like, may also be set down to give the whole performance
he does not discover the right plan. "Capital" is free a romantic tinge.
Passing by the incidents of the trip, which were
to investment that promises the highest profits.
Capital makes mistakes, also, and ends in failure. for the most part commonplace, the chief points in
Some say profits is an ignoble end and aim. Some the circle are indicated as follows: New York to
say capital is not "humane." But is not profit as Harbor Grace, then successively to Chester, Berlin,
high a motive as "high wages"—wages beyond the Moscow, Novo Sibirsk, Irkutsk, Khavarovsk, Solonecessities of life, and beyond the ability of capital mon Beach, Fairbanks, Edmonton, Oleveland and
to pay? If the worker is not to be free to choose, back to New York—including,of course, the crossing
free to please his personal happiness, can he reach of the Atlantic in one flight and a single flight of
the goal by throttling capital through which and by 2,500 miles from Khabarovsk to Solomon Beach
which his labor is ensured. And how can capital (near Nome, Alaska), over Siberian wastes, the latinvestment please the personal likes of a thousand ter fraught with many untried dangers. The
men, each with his own peculiar aspiration? It is machine used worked almost perfectly, landing
inevitable that there shall be unemployment. No places were few and poorly appointed,friendly facilities were abundant throughout, but the most sigreconcilement of men and machines is possible.
Yet it is pointed out to us that new industries, like nificant features, to us, are the extreme of personal
the auto and radio, are constantly appearing, fur- endurance and the unsurpassed skill in navigation.
nishing new jobs, seeking new men from the ranks These men deserve their plaudits and have shown
of the idle, taking up the slack in unemployment. modesty in their determination and accomplishment.
We may he only at the beginning of our conquest
But not fast enough; themselves introducing new
machinery. Meanwhile the discharged or superseded of the air. The upper reaches that have been attained
workman is going from post to pillar asking for indicate that an almost miraculous speed may yet
work. Well, where is the "plan" which will obviate be a near development. No doubt improvements in
this inevitable consequence? Shall we declare a safety are imminent, as shown in the auto-gyro.
moratorium on machinery, machine-production, or Engines are being perfected constantly. Commercial
the introduction of new industries? Another and and mail routes are multiplying. While many 'accifinal result ensues. Overproduction is met by idle dents and much loss of life occur this new form of
men, lowered consuming power, "hard times." The transport stands up well in its initial stages, and
piper of perpetual prosperity is met by "no funds." there is an unmistakable appeal to the people in its
Is there a plan that will stop this? Does it lie in the rapid growth. But after all is said the future uses
State, the machine, or the man? All of us insist on. of the airplane must outline its plea for universal
industrial and occupational freedom. The State does adoption.
As we consider this, stirred to thought by these
not think. The machine does not desire. We come
back to the individual man—the cause and cure of marvelous flights that from time to time are made,
all things material. How can he prevent recurring it is borne in upon us that the value in use depends
upon the character of the users. There must be more
"unemployment" and "hard times"?
reason
as a basis for continuance than the mere
makes
his
own
It is hard to say. But when man
annihilation
of time and space. It is a common saywastes
his
subhe
'bed he must sleep in it. When
the
ing
that
airplane is a messenger of good-will
suffer
he
must
prosperity
stance in riotous living in
for his own acts. The time to prevent unemployment and brings all peoples together in a common unit.
is when men are most employed. The time to acquire In a sense it may do this, but only when the users
consuming power is when men lay by money in say- bear with them that good-will which feels "the
JULY 11 1931.]
FINANCIAL CHRONICLE
185
brotherhood of man and the fatherhood of God." If airplane bombs and submarine torpedoes, but initithose who establish commercial routes across oceans ate, foster, cultivate and crown all the means
of
and continents are animated by the old selfishness, good-will—including trade that does not, through
national and economic, in trade, the rapidity and constriction and repression, set the mines for war,
ease of interchange may intensify the conflicts which and all the means of education and friendly interresult in war with its death •and destruction. It change of goods for goods—that the actual unity
may seem like going from the sublime to the ridicu- of the world may ensue? We must not extend airlous, but the old "covered wagon" of our American plane manufacture and use merely to avoid technopioneer days carried nothing but "good-will" and a logical unemployment or to show our prowess in
good-will that was anxious to accept the new life at heroic achievements. We must rest extension upon
the end of the route and to foregather with all other our own personal ideals of a world more closely
pioneers in the common development of civics and knitted to brotherhood and undying peace.
politics. And so commercial aviation to the far corners of the earth must be willing to find good in all The Business Insolvency Record for June
and
peoples and to trade on equal terms with those it
the Half Year.
encounters if the new world-transport is to attain
Insolvencies in June among business concerns in
its highest ends.
the United States were much fewer in number than
We may never put this invention to much use in they have
been for many months. The records of
actual heavy transport, but the rapid growth Of uses R.
G. Dun & Co. show 1,993 such defaults in June
in the auto truck suggests a coming possibility. and
a total of $51,655,648 of liabilities. These figures
Trade, we hold, does make for peace in and of itself. compare
with 2,248 similar defaults in May, involvAnd trade over world-spaces will do so if the national ing $53,371
,212 of indebtedness, and 2,026 in June
and personal carriers are themselves imbued with of last year
for $63,130,762. There were fewer busithe spirit of "live and let live." It was somewhat ness failure
s in June this year than occurred a year
carelessly said at the outset of airplane travel that- ago, and there
was a considerable reduction in the
it sounded the doom of tariffs and custom houses liabilit
ies. This was the first decrease in the numby obliterating international lines. This thought ber of failures
in over 18 months, or since November
was of short duration and of little consequence. But 1929. Some
falling off in the number of failures is
it still remains true that airplane transport and to be expecte
d as the year advances, but this year
trade, though it eventuate in small rivalry with ships the decline has
been far greater than in the precedand cars, is but a waste of time and money unless its ing years. Both in the
number of business defaults
power and prescience to free trade from its present and in the indebtedness,
the reduction from January
shackles shall be given full sway. If we are to con- to June has been
in excess of 40%; in 1930 a similar
tinue to build walls in the shape of restrictive laws computation shows decline
a
during the same period
around our nations, exciting rivalry, distrust, and of 26.6%, while
the liabilities in June 1930 actually
hate, between and by peoples, we can hope for little exceeded those
of January, which were also heavy.
benefit by quick contacts and a more intimate
The mortality among business concerns for the
knowledge.
half year was in excess of any previous record.
And as we look upon the recurring triumphs of There were
during the first six months of this year
these voyagers of the air we shudder to think of the 15,107
business defaults and the total liabilities
improper use to which the airplane may be put in
were $370,497,369. For the same time in 1930 the
war. If in any future of international developments
number was 13,771 and the indebtedness $337,and contacts which the airplane is to foster, it is to
089,083, an increase of 9.7% in number and 9.9% in
be used,in time of conflict, to drop poison gas bombs
the liabilities. Going back to 1922, when there was
on innocents in cities in war, it were far better it
a period of liquidations not greatly dissimilar in
had never been invented. But it does nothing of many
of its characteristics, to that through which
itself. It must be fueled, guided, manned, by citizens
we have been passing for the last year and a half,
or subjects of countries, that through the cultivathere were 13,384 business failures reported in the
tion of peace and good-will in individuals, make it a
first six months, with liabilities of $373,716,338.
beneficence instead of a curse. If flying over oceans
The amount involved in that year was slightly larger
and mountain ranges is to become a mere by-play of
than in this year, but the number of defaults was less.
air navigation there must come somehow a consens
us
Separated by geographical sections, there are two
of opinion against the manufacture of bombs.
There divisions, the New England States, and those of the
must come a feeling of amity between nations
and Western or Mountain group, which report fewer
peoples that through international law and world
failures this year to date than a year ago. Of the
opinion will hold this modern invention from the
other six sections, the States of the Central South
madness of war. This flight around the world shows make
relatively the most unsatisfactory showing as
that distance of separation is no bar to the horribl
e to business defaults for the past six months. The
uses to which the airplane may be put. Starting out
direct cause of this is undoubtedly the disturbance
in good-will it may end in deviltry incarnate.
due to the many banking suspensions that occurred
We may be accused of drawing a pessimistic pic- during
the closing months of last year. The increase
ture from a praiseworthy deed. Perhaps we do. But in
the number of business failures so far this year
are not the consequences we suggest possible? Did in
the section last mentioned was 36.9%. For the
we not recently have a notable exhibition of military
South Atlantic States the increase was 9.4%,
while
planes, booming and zooming over our own peaceful liabilit
ies were actually smaller this year to
date
cities? Have not these round-the-world fliers un- than
they were last year.
wittingly demonstrated that no nation, no people, is
For the Middle Atlantic divisions busines
s desafe from the ravages that may come through this faults
this year exceeded those a year ago by
7.1%,
instrumentality? And must not every people not but
the liabilities this year were conside
rably less
only proceed to disarmament complete, including than
last year. In large measure the
reduction in
186
FINANCIAL CHRONICLE
[VOL. 133.
Hoover's proposed moratorium, Senator
liabilities was due to the fact that in the first six ing on President
he
was in favor of it, but that he did not
said
Copeland
months of 1930 suite a number of failures occurred believe that a year was sufficiently long. He declared that
among stock brokerage concerns with a heavy in- ultimate cancellation of both wet debts and reparations was
debtedness, following the collapse in the stock mar- necessary if Germany was not to be effected by the Comket during the last part of the preceding year. The munistic virus of Russia. Referring to the complaints of the
Central Eastern States, including, among others, farmers, the speaker remarked that "the great stores of
the
'Ohio and Illinois, show an increase in business fail- grain now resting in government warehouses are like
of the American farmer."
head
the
over
of
sword
Damocles
in
,
liabilities
ures this year of 10.4%. Furthermore
In his remarks on the financial situation, the New York
this section were extremely heavy owing to some "Herald Tribune," in its issue of July 5,quotes him assaying:
large defaults. For the Central Western division "I am sure that no student of the subject can reach any other conclusion
and the Pacific Coast an increase appears, though
the liabilities for the first mentioned division were
smaller this year than last. The decrease in the
number of failures in the New England States is
accompanied by very much heavier indebtedness this
year, due to a single very large default in that section in February.
Federal Reserve Banks Aid Speculation, Says Senator
Copeland—Federal Board Helped Ruin Moderate
Investor, Senator Tells Brooklyn Audience.
Charging that the Federal Reserve banks have played into
the bands of speculators and that "hysteria" now ruled the
banking world, Senator Royal S. Copeland, at the Fourth of
July celebration of the Knights of Columbus at Music Grove,
Prospect Park, Brooklyn, on July 4, devoted his address to
an analysis of present world economic conditions. Comment-
other than that the Federal Reserve Banks have played into the hands of
the speculators. Instead of guarding against the repeated crashes on Wall
Street, the Federal Reserve Board has promoted speculation. Its actions,
whether so intended or not, have assisted the super-rich and ruined the
moderate investor. Those of us who have an unselfish interest in the welfare of the American people cry out against this abuse of financial power.
"The pernicious influence of the hidden forces back of the Federal Reserve Board reach down into the humblest of banks. The legitimate use of
money by the small merchants, modest builders, business men and farmers
is made impossible, legitimate loans are curtailed, and the business of many
a community is destroyed by the fear of the bankers. It seems to me that no
other term than hysteria is the one to apply to the state of mind controlling
the banking world."
The low price of silver was cited as one of the chief causes of the depression in such countries as China, Mexico and South America, where the financial system was on a silver basis. Silver was so low, he said, that "it takes
a hatful of it to buy a sovereign or a five-dollar gold piece."
He favored the protective tariff to maintain the American standard of living, and said that New York State products should be protected, but he
bitterly attacked the sugar tariff, saying, "In order that states represented
by powerful and influential members of the Congress might have inordinate
protection for their sugar, the American housewife has added to her sugar
bill at least three hundred millions of dollars. I need not tell you that
this is an outrageous invasion of the rights of the people. Yet it is only one
example of a good many tariffs which never ought to have been enacted."
The New Capital Flotations During the Month of June and for the
Half Year Ending with June.
Our record of the new capital flotations for the month of
June furnishes a fitting close to a half yearly period that has
all along been marked by certain distinctive characteristics
and which are as strongly in evidence in the results for June
as in those for previous months. The first of these characteristics is the diminutive nature of the financing, it having
fallen to small amounts. The second is that the offerings on
behalf of corporate entities are exceptionally light, quite the
reverse of what municipal financing has been until the past
month; and it is for that reason that the total of the capital
flotations reaches such relatively small proportions. Business depression, involving the undermining of corporate
profits, is obviously not favorable to the bringing out of new
corporate obligations except those of the highest type. New
stock issues at such a time are completely taboo because of
the uncertainty concerning profits for the immediate future
and also because the shares generally rule much below par—
this last being conspicuously true on the present occasion,
when stock prices for the last twenty months or more have
suffered depreciation to an unparalleled extent.
There are several other distinctive features of corporate
financing to which previous reference has been made here
and which should not escape notice. One of these features
is that the new financing on behalf of private corporations
in quite considerable part represents issues brought out to
take up or refund existing issues, and hence cannot be regarded as strictly new capital. Another feature is that the
financing is being done in large blocks by the bigger corporations rather than consisting of numerous offerings of
small or moderately large amounts. Finally, it is to be
said that foreign financing, except for Canadian Government
and corporate issues, has almost entirely disappeared.
Our compilations, as in preceding months, include the
stock, bond and note issues by corporations, by holding,
investment and trading companies, and by States and municipalities, foreign and domestic, and also farm loan emissions.
The grand total of the offerings of securities in this country
under these various heads during June aggregated $402,165,076. This compares with $425,652,922 in May, with $590.091,926 in April, with $698,780,382 in March, but with only
$221,497,966 in February, with $648,635,186 in January, with
$394,889,991 in December, with $267,743,332 in November,
with $449,357,451 in October, with $496,256,737 in September,
with $290,999,219 in August, and with $585,629,585 in July.
At $402,165,076 the total of all classes of financing for
June 1931, compares with $780,568,030 in June 1930, with
$802,194,350 in June 1929, and with $1,037,890,061 in June
1928—which affords an idea of how great the contraction in
the emission of new securities has been as a result of the
unfavorable conditions for appeals for new capital to the
investment markets. The contrast becomes more striking
still when allowance Is made for the fact that an unusually
large portion of the new issues brought out were for refunding purposes—that is for the taking up or retiring of issues
already outstanding. Of the grand total of $402,165,076 of
new financing done in June the present year, $161,144,500
was of this character, that is, was for refunding purposes.
In June 1930, when the new issues aggregated $780,568,030,
the refunding portion amounted to only $71,256,250 and in
June 1929, when the total of the new emissions aggregated
$802,194,350, the refunding portion comprised no more than
$16,706,217. Eliminating the portion representing refunding,
the amount remaining as representing strictly new capital,
was only $251,020,576 in June 1931, as compared with $709,311,780 in June 1930, $785,488,133 in June 1929 and $802,909,348 in June 1928.
The new financing in June was light under all the main
beads, but particularly in the floating of new issues by corporations. No foreign government issues were brought out,
aside from the $8,500,000 of Canadian municipal bonds
floated in this market, and even the State and municipal
awards in this country, which previously had been conspicuously heavy, fell below the amounts for the same month
in the years immediately preceding, though this followed
entirely from the absence of conspicuously large municipal
issues such as had marked the course of other months. In
June 1931, the municipal contribution was only $120,452,286,
as against $151,639,581 in June 1930, and $150,703,034 In
June 1929.
. New financing by corporations, even including the refunding issues, footed up only $252,917,790 for June of the present year, against $512,678,449 in June 1930, $641,129,316 In
June 1929, and $830,933,575 in June 1928. Eliminating the
refunding portion and confining ourselves entirely to strictly
new capital, the amount of the corporate additions dwindles
to only $131,342,790 for June 1931, against $445,363,199 in
June 1930, $624,907,099 in June 1929, and $613,9017,775 in
June 1928. What is more—and illustrative of what has been
going on during the whole of the last 18 months—new financing now is being done almost entirely by means of bond and
note issues, the stock issues having almost vanished. The
JuLY 11 1931.]
FINANCIAL CHRONICLE
depreciation in the market values of stocks renders
the
putting out of new stock practically out of the question
in
the great majority of cases. Of the total of $252,917
„790, new
capital issues of all kinds by corporations during the month
only $3,183,790 consisted of common stock issues
and but
$2,700,000 of preferred stocks.
Only two issues were floated in June bearing converti
ble
features. The issues were:
187
THE RESULTS FOR THE HALF YEAR.
The first point to attract attention in the new financing
for the half year is its diminutive character. And that is
true whether we make comparisons on the basis of the
grand total of the new issues brought out, or only on the
basis of that portion representing strictly new capital (after
eliminating the portions intended to take up or retire issues
already outstanding). The grand total of the new securities
$2,500,000 Louis Friedman Realty Corp. cony. 6s
1986, each $1,000 brought out during the
bond convertible at any time prior to maturity,
half year of 1931 was only $2,991,or
earlier
redemption, into 25 shares of common stock at $40 per
share. 823,402, as against $5,196,189,289 in the first half of 1930
Bonds of $500 and $100 denomination carry
proportionate
privilege.
and $6,313,824,452 in the first half of 1929. This shows what
500,000 Rainier Pulp & Paper Co. let mtge. cony.
6s
1946, con- a change in this particular was wrought by the stock market
vertible into class A and class B common stockA in
one share of class A and 1.23 shares of class B stock on ratio of collapse
basis of
of 1929. It happens, moreover, as already indicated
$20 per share for class A and $10.84 per share
for class B stock.
by our comments on the figures for the month of June, conFixed investment trust financing during June was
confined sidered separately, that a much larger
proportion than usual
to announcement of the formation of New-Day Trust
shares, of the new financing done in 1931
was for refunding purseries A, this being a semi-fixed type of trust sponsor
ed by poses, making the contrast with
the earlier years still
New-Day Depositor Corp.
stronger. Plainly enough a considerable portion even of the
Continuing with our analysis of the corporate offering
s reduced financing of 1931 was not to provide for new
capital
made during June 1931, we find that public utilities
led in needs, but to take up maturing issues
or in other ways to
volume with $220,416,000, or about 87% of
the corporate replace existing issues. Of the
grand total of $2,991,823,402
total of $252,917,790. This total for utilities compare
s with of new securities, offered in the first six
months of 1931,
$210,250,000 put out in May. Industrial and miscella
neous $771,351,200 represented provision for taking
up securities
financing aggregated only $16,388,790 for June as
against already outstanding. In the first half of
1930, on the other
$18,065,000 for May while railroad issues totaled
$16,113,000 hand, out of a total of $5,196,189,289
of new emissions, only
in June as compared to $22,500,000 during May.
$328,542,412 was to provide for old issues outstanding. In
Total corporate offerings of all kinds during June
were, the first half of 1929 the refunding portion was even
larger
as previously stated, $252,917,790, and of this amount
long- in amount than for the current half year but proporti
onately
term bonds and notes, including $2,500,000
Canadian and was very much smaller as the total of the new
security issues
$22,800,000 other foreign, accounted for $212,901,000;
short- brought out in that year was so much larger. In other words,
term bonds and notes, all domestic, aggregated
$34,130,000, in that year, out of a grand aggregate of $6,313,824,452
new
while stock issues, all domestic, amounted to only
$5,883,790. Issues of all kinds floated (or the peak of the new financin
g
The portion of the month's financing raised
for refunding for the first half of any year), $880,203,704 represen
ted new
purposes was $121,575,000, or over 48%. In May
the refund- security emissions intended to take up or provide for existing
ing portion was $81,230,000, or over 32%.
In April the issues. On the basis therefore of strictly new capital,
the
amount was $189,206,500, or about 41%; in
March it was capital flotations in the first half of 1931 were only $2,220,$132,199,200, or about 32%; in February it was
$13,975,000, 472,202, as compared with $4,867,646,877 in the first six
or about 16% of the total aid in January it
was $180,858,000, months of 1930 and $5,433,620,748 in the first half
of 1929.
or somewhat over 31% of the month's total.
In June of last Thus, as compared with either of the previous
two years, the
year the amount for refunding was $67,315,250,
or about 13% amount of strictly new capital was less than half
of what it
of the total.
had been. And the showing is the more noteworthy inasmuch
There were two large refunding issues
during June, as the amount of municipal issues included was exceptio
nally
natnely: $85,000,000 Detroit Edison Co. gen.
and ref. mtge. heavy and served to that extent
to swell the total of the
4/
1
2s D 1961, of which approximately
$65,750,000 comprised new security issues. In the
first six months of 1931 $850,the refunding portion and $32,000,000 Jersey
Central Power 160,201 of State and municipal
issues were disposed of, as
& Light Co. 1st mtge. 4/
1
2s C 1961, of which $20,800,000 was
against $765,536,582 in the first half of 1930 and $670,383,755
for refunding.
in the first half of 1929. That, indeed, was one of the
The total of $121,575,000 raised for refunding
in June con- distinctive features of the new
financing of 1931; namely,
sisted of $93,974,000 new long-term bonds and notes
to refund that it consisted to an unusually large
extent of obligations
existing long-term; $10,000,000 new long-term to
refund ex- put out by States, cities, towns, &c.—in other
words, municiisting short-term; $16,841,000 new short-te
rm to refund pal financing. There was
all through 1931 (except for some
existing long-term and $760,000 new short-te
rm to refund slackening in June) an exceedin
gly keen demand for municiexisting short-term.
pal issues. Obviously municipal bonds stand on a higher
Foreign corporate financing in this country during
June plane than the securities of private corporations. They
are
totaled $25,300,000. The issues were: Canadian—$2500
,000 not subject to the vicissitudes to which
corporate issues are
British Columbia Telephone Co. 1st mtge. 55 A
1960, of- liable, being, in short, government
issues dependent for the
fered at par. Other foreign—$22,800,006 Taiwan
Electric payment of principal and interest
upon taxes, and hence
Pr. Co., Ltd. (Japan), 40-year 5/
1
2s 1971, issued at 93/
1
2, to resting upon the credit and standing of
the municipality putyield 5.90%. No foreign government issues were
offered ting out the obligations. Public revenue
s are their source of
here during June.
support, not business conditions or profits. They always
Among the domestic corporate flotations during
June the command special favor and
particularly so in times of trade
largest was $85,000,000 Commonwealth Edison Co.
1st mtge. depression, like the present,
when uncertainty exists con4s F 1981, floated at 94/
1
2,to yield 4.25%. Other large utility
cerning the probable earnings and profits of the compani
es
issues were: $32,000,000 Jersey Central Pr. &
Light Co. engaged in floating the
corporate obligations offered for sale.
1st mtge.4/
1
2s C 1961, offered at 101, to yield 4.45%; $21,000,
- Easy money was of course also great advanta
a
ge to States
000 Safe Harbor Water Pr. Corp. 1st mtge. 4/
1
2s 1979, issued and municipalities
by enabling them to make provision for
at 96/
1
2, to yield 4.68%, and $15,016,000 The Detroit
Edison their current needs on favorable terms.
Not only has it been
Co. gen. and ref. mtge. 4/
1
2s D 1961, offered at 103/
1
2, to possible to find a ready market
for large amounts of new
yield 4.28%.
municipal issues, but the cost of municipal borrowing steadily
Railroad financing during June was featured by
the pri- decreased.
vate sale of $10,000,000 St. Louis-San Francisco Ry,
cons.
One of the anomalies of the new financing during
1931 has
mtge. Os B 1936, while the only issues of importance
among been the complete absence of any flotatio
ns on foreign govour grouping of industrial and miscellaneous
companies ernment account aside from the
placing here of the usual
comprised $4,000,930 Sun Oil Co. 3-year 5% notes, July
1 amounts of Provincial and municip
al issues of the Dominion
1934, offered at 99%, to yield 5.10% and $4,000,000
Consoli- of Canada. The Canadian municip
al issues placed in the
dation.Coal Co., Inc. 5% coll. trust notes, sold at par,
net to United States in the first six months of 1931
were in amount
the company.
about the same as in the first six months of
1930, the comIncluded in the financing of June was an issue of
$20,000,- parison being between $50,422,000 in 1931
and $51,300,000 in
000 Federal Intermediate Credit Bank debentures,
dated 1930, but no other foreign government
issues were brought
June 15, 1931, and due in 3-6-11 and 12 months, offered
at out in this country during the current
year, while contrariprice on application.
wise in 1930 foreign government issues
distinct from those of
188
FINANCIAL CHRONICLE
[VoL. 133.
parisons both for the domestic corporate issues separately
the Dominion of Canada footed up no less than $374,706,000.
for the domestic and foreign issues combined:
and
of
plethora
We call this an anomaly since there was a great
DOMESTIC CORPORATE ISSUES.
loanable funds in the New York market, with huge amounts
1928.
1929.
1930.
1931.
Jan. 1 to June 30—
$2,249,542,000
could
t
employmen
Bonds and notes----$1,612,890,150 $2,343,998,660 $1A83,588,300
of idle capital, for which remunerative
754,407,536
888,097,906
307,097,946
126,948,667
-..
stocks_
Preferred
785,883,866
926,162,101 2,485,538,044
122,707,384
not be found. As an indication of the extreme ease prevailing Commonstocks
83,789,833,402
85,057,224,250
in the money market, it is only necessary to say that the
$3,577,258,707
$1,862,546,201
Total
rediscount rate of the Federal Reserve Bank of New York
DOMESTIC AND FOREIGN, INCLUDING CANADIAN.
1928.
1929.
1930.
1931.
not
figure
Jan. 1 to June 30-lowest
1
per annum, the
$2,805,314,000
was marked down to 1,%
Bonds and notes----$1.780,690,150 82,708,151,660 82,029,748,300
809,257,536
1,000,810,106
320,097,946
126,948 A67
only ever recorded during the history of the Federal Reserve Preferred stocks_ _-- 122,707,384
821,485,616
936.222,101 2,532,525,291
Commonstocks
System, but lower than any discount rate ever established
$3,964,471,707 $5,563,083,697 $4,436,057.152
$2,030,346,201
Total
by any central bank in the world, as far as records are availTHE PART PLAYED BY INVESTMENT TRUSTS AND HOLDING
able, these records going to show that prior to 1931 no cenCOMPANIES.
tral bank ever had established a rate of less than 2%.
Investment trusts and holding companies, which in 1929
Easy money, however, proved of no avail. Owing to the were so prominent in emitting new securities and contributed
great depreciation in security values which has occurred so greatly to swell the total of the new issues in that year,
since the stock market crash of the autumn of 1929, there have now almost completely fallen out of the picture, and
has been great distrust of security issues generally, except of this has been one of the factors in the great falling off which
the gilt-edge kind and excepting also U. S. Government obli- has occurred during the last two years in the total of new
gations and the obligations of States and municipalities, and financing. In the six months of 1931 their contribution to
this distrust naturally extended also to foreign government the total was only $2,800,000, against $149,237,079 in the
issues, especially in view of the military uprisings in so first half of 1930 and no less than $929,466,562 in the first
many of the countries of Latin America, besides which con- half of 1929. In the following we show the figures for each
ditions in Europe also were not such as to bring the issues of month of 1931 separately and also indicate what portion of
European countries into favor. Indeed the state of things in the financing by these investment trusts and holding comEurope were such that President Hoover, in June, deemed it panies was in the shape of bonds and notes and what portion
incumbent to make his proposal for a one-year suspension consisted of stock Issues:
of all inter-governmental debt payments, including German FINANCING BY INVESTMENT TRUSTS, TRADING AND HOLDING
COMPANIES DURING FIRST SIX MONTHS OF 1931.
reparations.
Grand.
Short-Term
Long-Term
Total.
Stocks.
The biggest falling off of course in the new capital flotaBonds & Notes. Bonds.6 Notes.
1931.
January
done
the
financing
in
was
1931
of
months
six
the
tions during
$2,050,000
$2,050,000
February
250,000
250,000
on behalf of corporations and in this contraction financing on March
500,000
$500,000
April
corTotal
shared.
s
naturally
corporation
May
foreign
of
behalf
June
porate emissions, foreign and domestic, aggregated only
$2,800,000
$2,300,000
$500,000
Total
72,987,079 149,237,079
$2,030,346,201 in the first six months of 1931, against $3,964,- First
1,000,000
$75,250,000
half of 1930
929,466,562
836,466,562
93,000,000
1929
of
First
half
in
697
471,707 in the first six months of 1930 and $5,563,083,
400,000 204,712,018 286,512,018
First half of 192881,400,000
100,073,228
47,573,228
1,000,000
51,500,000
the first six months of 1929. It is in the case of corporate First half of 1927
51,050,000
37,550,000
4,000,000
9,500,000
First half of 1926
was
to
refunding
e
financing that the amount attributabl
However, the investment trusts, as previously explained
especially large, and when this portion is eliminated in the in these columns, have by no means disappeared. These
comparisons the strictly new capital appeal to the investment trusts, now, however, are not of the type that was so Promimarket is found to have been no more than $1,311,302,501 in nent in 1928 and 1929. They do not consist of large new
the first six months of 1931 as against $3,666,395,707 in the capital issues offered for public subscription in the way
corresponding period of 1930 and $4,698,574,519 in the same common prior to 1930 and in the way always done by public
period of 1929. Canadian corporate issues and other foreign utility, railroad, industrial and other corporations. The
corporate issues which found their way to market in the practice now is to gather blocks of securities of one kind or
United States, suffered a corresponding shrinkage. The another and to issue participating interests in the same,
Canadian Corporate issues of all kinds placed here in the split up into small units. These units are then disposed
first half of 1931 footed up only $90,000,000, as against $183,- of over the counter by distributing groups or syndicates.
138,000 in the first half of 1930, and the other foreign cor- Excepting two or three instances, however, no information
porate issues placed in the United States during the half of the extent of these sales is forthcoming, and being sales
year of 1931, were only $77,800,000, as against $204,075,000 over the counter it is impossible to make estimates regarding
in the first half of 1930 and $288,195,547 in the first half of their amount. Of course, in magnitude the disposals of this
1929. The domestic corporate issues, including those for re- character over the counter do not anywhere near approach
funding, aggregated only $1,862,546,201 in the first six those in the old form and yet they can hardly be treated as
months of 1931 as against $3,577,258,707 in the first half of entirely insignificant, even though trust participations of
1930 and $5,057,224,250 in the first half of 1929.
this kind have no proper place in compilations of new capital
And here on examination we find revealed what has been issues. At all events, however, nothing definite is available
one of the most pronounced characteristics of the change in as to the extent of the sales of these investment trusts, or
new financing which has been in progress ever since the fixed trusts as they are commonly termed. In this state of
stock market breakdown in 1929, by which we refer to the things, the only way to indicate the presence of these trusts is
almost complete displacing of new stock issues by new bond to enumerate the offerings made from month to month. In
Issues, one reason for this being the great depreciation, as the following table we show the different offerings made in
already stated, in the market value of stocks, rendering it the first six months of 1931:
difficult to market new stocks and the other being the dis- NEW FIXED TRUST OFFERINGS DURING FIRST HALF OF 1931.
January—
favor into which stock issues generally have fallen as a
six
A.B C Trust Shares Series E, offered by Allied Business Corporation
result of the circumstances mentioned. In the first
Inc., N. Y., at market, about $834 per share.
of Shares,
Capital Trust Shares Series A,offered by The Capital Depositor Corp..
months of 1929, out of total domestic corporate issues
N. Y at market, about $4 per share.
$5,057,224,250, no less than $2,485,538,044 consisted of comLow-Priced Shares, offered by Hemphill, Noyes & Co. and James C.
isstock
Wilson & Co. at market, about 1734 per share.
mon stock and $888,097,906 comprised preferred
National Trust Shares, offered by Dillon, Read & CO. at market.
of the
sues. In the first six months of 1930, with the total
Representative Trust Shares,offered by Cassatt & Co.; Hornblower &
$926,Weeks;E.F. Hutton & Co.; Ed.B.Smith & Co.; Mitchell, Hutchins & Co.,
domestic corporate financing at $3,577,258,707, only
and G. H.Walker & Co., St. L.at market,about$15.35 per share.
Chicago,
6 con162,101 comprised common stock issues and $307,097,94
Trustee Standard Investment Shares Series C(Maximum Accumufor
offered by Trustee Standard Shares, Inc., N. Y., at market,
lation),
sisted of preferred stock issues. It remained, however,
about $434 per share.
which
a
of
change
measure
Standard Investment Shares Series D (maximum Distribufull
Trustee
the 1931 figures to show the
tion), offered by Trustee Standard Shares, Inc., N. Y., at market, about
has occurred. For the first half of 1931 out of total cor- $434 per share.
February—
porate emissions of $1,862,546,201, only $122,707,384 consisted
Business Recovery Trust Shares (Accumulation Type), offered
of common stocks and $126,948,667 of preferred stocks, by Stein Bros. & Boyce. N. Y., at price on application.
Deposited Bank Shares, N. Y. Series A Trust Shares (Cumulawhile $1,612,890,150 comprised bond and note issues. Com- tive
or distributive at option of holder), offered by Bank and Insurthe
ance Shares, Inc., at $734 per share.
plete details regarding these various items appear in
Trust Shares (Distributive Type) offered by Lane.
Frontenac
First Securities Corp. of Minn.,
full-page tables given on pages 191 and 192, but for the Piper & Jaffray, Inc., BancNorthwest
at $17Si per share.
and Wells-Dickey Co..Co.,
Co..
&
Kalman
purpose of furnishing a tabular analysis in brief form, we
Super-Corporations of America Trust Shares Series C (Distributive
introduce here the table which follows. We give the com- Type), offered by S. W.Straus & Co.. Inc., at $1134 per share.
JULY 11 1931.]
FINANCIAL CHRONICLE
Super Corporations of America Trust Shares Series D
(Cumulative
Type), offered by S. W. Straus & Co., Inc.,
at $10( per share.
March—
Five Year Fixed Trust Shares, offered through American
Depositor
Corp. at market, about $9 per share.
First Bank Trust Shares, series A and B, bearer certificate
s, offered
by First Bancshares Corporation, New York, at market.
Ford Investors, Inc., organized during March and to be offered
publicly
by Conservative Security Corp., N. Y.
Home State Shares, series A, bearer certificates, offered
by Home
State Shares, Inc., Bridgeport, Conn. at market, about
$83( per share.
Arpil—
Atlantic National Trust Shares,serial A.offered by Atlantic
Shares Corp.; F. V. Nixon & Co., Inc.; and Lyon, Clokey & Co. National
at market.
Century Securities Corp., offered by Century Securities
Corp. of
Chicago at market.
Commonwealth Trust Shares, offered by Dawes & Co.,
Inc..
Chicago,
at market (about $8 per share).
Deposited Insurance Shares,series A trust certificate
s, offered through
Bank & Insurance Shares, Inc., at market (about
$73i Per share).
Ford Investors', Inc., offered by Conservative Security
Corp., New
York, at market.
Leverage Fixed Trust Shares,offered by Steelman &
Birkins at market.
National Industries Shares, series B, offered
by Palmer & Co. at the
market.
Primary Trust Shares, series A, offered by Great
Northern Bond &
Share Co. price on application.
Supervised American Fixed Equities,
offered by Supervised Shares
Corp., New York, at the market.
Trust Shares of America (fixed
of capital accumulation type),
offered by National Assured Estates,trust
Inc., at the market.
Universal Trust Shares, offered by
Transconti
nental Shares Corp.
at the market.
May—
Diversified Trustee Shares,series D,offered
by Brown Bros. Harriman
& Co. at market.
Grizzard Trusteed Investment Shares,
offered
by General Distributors, Inc., of Illinois at market.
Income Trust Shares (a fixed trust of the
maximum
distribution type),
offered by Pirnie, Simons & Co., Inc., at market,
about $4% Per share.
United American Trust Shares, offered
by United American Shares
Corp., New York, at market. about $4.26
per share.
June—
The one new fixed trust organized has already
been mentioned above
In our analysis of the financing done during
June.
One feature of the old method of financing continue
s to
be followed to some degree. We allude to the tendency
to
make bond issues and preferred stocks more
attractive by
according to the purchaser rights
acquire common stock.
In the following we bring together the more conspicu
ous
issues floated during each month of the present year
containing convertible features of one kind or another, or carrying subscription rights or warrants to subscribe
for or acquire
new stock:
Lo
189
THE FOREIGN ISSUES PLACED IN THE UNITED STATES.
As already stated, not a single foreign government issue
was floated in the United States during the first half of 1931
outside of those placed here by Canada, its Provinces and
municipalities. The Canadian issues aggregated $50,422,000
in the six months of 1931 against $51,300,000 in the first
six months of 1930. There having been no other foreign
government issues in 1931, the Canadian issues at $50,422,000
constitute the whole of the foreign government issues for
1931. At that figure they compare with $426,006,000 in the
six months of 1930 but with only $78,362,000 for the half
year of 1929, and with $530,314,000 for the first six months
of 1928; with $477,757,800 for the six months of 1927; $302,764,000 in the first half of 1926, $312,311,000 in the first half
of 1925, and $353,407,562 in the first half of 1924. The refunding portion was no more than $9,500,000 in 1931, against
$12,658,000 in 1930, $8,000,000 in 1929, $100,538,413 in the
first half of 1928; $58,469,000 in the first half of 1927,
$60,873,000 in the first half of 1926, and $92,522,000 in the
first half of 1925. The foreign corporate offerings in 1931
were also on a reduced scale, footing up only $167,800,000,
against $387,213,000 in the six months of 1930, $505,859,447
in the six months of 1929, and $646,223,750 in the six months
of 1928; only $315,168,625 in the six months of 1927, $313,694,040 in the first half of 1926, $254,695,000 in the first half
of 1925, and but $31,330,000 in the first half of 1924. The
aggregate borrowings, therefore, in the United States on
behalf of foreign nations, government and corporate, in the
first six months of 1931, amounted to only $218,222,000,
against $813,219,000 in the first half of 1930, $584,221,447 in
the six months of 1929, and $1,176,537,750 in the first six
months of 1928. In the first half of 1927 the foreign flotations aggregated $792,926,425, and this compares with $616,458,040 in 1926, $567,006,000 in 1925, $384,737,562 in 1924,
and $193,646,279 in 1923. The following carries the yearly
comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA, ITS PROVINCES AND MUNICIPALITIES).
Half-Year to June 301931—
New Capital. Refunding.
Total.
Canada, its Provinces and municipalities 840,922,000
$9,500,000 $50.422,000
Other foreign government
CONSPICUOUS ISSUES FLOATED IN THE FIRST
HALF OF 1931
CARRYING CONVERTIBLE FEATURES OR
SUBSCRIPTION
RIGHTS OR WARRANTS.
Total foreign government
$40,922,000
59,500,000 $50,422,000
Canadian corporate issues
January—
90,000,000
90,000,000
Other
foreign corporate issues
72,800,000
5,000,000
$50,000.000 International Match Corp. cony. deb.
77,800,000
5s,
1941,
convertible
at any time into 12H shs. of participating
preference stock of
Grand total
$203,722,000 $14,500,000 $218,222,000
the corporation per $1,000 debenture, this privilege
terminatin
g
on the redemption date in case of call for
redemption.
First half of 1930
$758,561,000 $54,658,000 $813,219,000
10,000,000 Standard Gas & Electric Co.
6% cony. notes, due Oct. 1
1929
563,788,730
20,432,717 584,221,447
1935. convertible at any time prior to
1928
935.088.837 241.448,913 1,176,537,750
of redemption, at any time up to 10 maturity, or, in event
1927
days
prior
701,947,42
to
90,979.000
5
date
792,926,425
fixed
for redemption, into $4 cumulative
1926
524,707,740
91,750,300 616,458,040
16 shares for each $1,000 of notes. preferred stock on basis of
1925
456,734,000 110,272,000 567,006,000
February1924
230,087,562 154,650,000 384,737,562
1923
172,704,600
20,941,679 193,646,279
1.750,000 Appalachian Gas Corp. cony. deb.
1915, each $1,000
1922
507,576,650 119,500,000 627,076,650
debenture convertible at any time prior6s,
to maturity or earlier
1921
213,224,000
50,000,000 263,224,000
redemption into 100 shares of common
stock. Each $500
1920
214,860,000
8,498,000 223,358,000
debenture similarly convertible into 50 shares.
1919
69,535,300
34,979,000 104,514,300
March7,000,000 Beneficial Industrial Loan Corp.
It is always interesting to analyze the foreign issues, and,
cony. deb. 6s, 1946,
convertible at any time until maturity or
prior redemption at therefore, we bring them together below. As
face amount into common stock
already stated
at prices ranging from $20 to
830 per share.
no foreign government loans were offered here during the
5,000,000 Vanadium Corp. of America cony.
deb.
58,
1941.
convertible at any time prior to maturity or redemptio
n at face amount first half year. Canada, its Provinces and municipalities,
into common stock at $80 per share.
however, raised $50,422,000 in our market.
5,000,000 Warren Bros. Co. cony. deb. 6s,
1941, convertible at any
time until maturity into common stock
In respect to corporate issues, Canada heads all countries
at prices ranging from
$45 to $55 per share.
1,500,000 General Aggregates Corp. first
with
$90,000,000. Sweden ranks second with $50,000,000 and
mortgage
&
leasehold 6Iis,
1941, each $1,600 bond carrying a
detachable warrant to Japan third with $22,800,000 while
purchase 30 shares of common stock
the remainder consisted
at
$10
per
share
until
March 15 1941. Bonds of smaller denominat
ion carry propor- of $3,000,000 for Cuba and $2,000,000 for Central America.
tionate warrants.
AprilIn the following we furnish full details of the foreign
30,000,000 Fox Film Corp. 5-year cony.
deb. 6s,'1936, Convertible at government and foreign corporat
any time after Oct. 1 1931 until
e issues brought out in the
class A stock for each $1,000 bond.maturity into 30 shares of United
States during the first half of 1931:
9,752,000 St. Joseph Lead Co. cony.
deb. 5I4s, 1941, convertible into
capital stock at $33 1-3 a :share.
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
4,940,000 Panhandle Corp. 2-yr. coll. tr.
PLACED IN UNITED STATES IN HALF-YEAR ENDED JUNE 301931.
1933. Each note carrying
a warrant to purchase 10 shares6s.
of
Missouri
-Kansas
Pipe Line
Co. class A common stock at $15
Yield
January—
2.100,000 Mid-West States Utilities Co. per share until April 1 1936.
Price. Per Cent.
gen. & ref. mtge. 6s, A, 1945. $12,000,000 Ontario (Province of) 434s, 1932-1971
each $1,000 bond carrying a non
98.669
4.60
-detachable warrant to purchase 20 shares of class A common
Februaryprices ranging from $25 to $45 per stock until Jan. 1 1936 at
3,500,000 British Columbia (Province of) *is, 1936
share.
98.40
4.51
1,250.000 Continental Credit Corp.
600,000 Ottawa, Ont., 430, 1931-1960
99.238
cony.
4.62
prof.
stock,
convertible
200,000 London, Ont., 434s and 58, 1931-1950
into class A common stock in ratio
101.025
4.78
2 shares of class A common stock. of 1 share of preferred for
March1.000,000 Appalachian Gas Corp. cony.
3,685,000 Montreal, Que., 4345, 1951-1971
deb. 6s, 1945. Each $1,000
4.55
debenture convertible prior to maturity
2,000,000 Alberta (Province of) ref. 434s and 434s, 1935-196L.. 99.207
or
earlier
redemption
into 100 shares of common stock.
Each $500 debenture
Aprilsimilarly convertible into 50 shares
of common stock.
5,000,000 Toronto, Ont., 434s. 1 10 30 years
May100.359
4.457
4,500,000 Quebec (Province of) Ofs. 1961
98.06
4.37
8,000,000 Dominion Gas & Electric Co.
3,943,000 Alberta (Province of) 4145, 1934-1935
1st
lion
each 81.000 bond ($500 denomination in & coll. 614s. 1945.
1,250,000
Montreal, Que., 4.45, 1971
98.867
proportion) accompanied by a non-detachable warrant
1.100,000 Winnipeg, Man., 434s, 1938-1961
entitling holder to purchase
4.64
15 shares of common stock at $10 per
1,000,000 Ontario (Hydro-Electric Power Commission) 4I48 97.78
share at any time prior
to July 1 1940.
and 5s, 1943-1960
103.67
4.54
2,000,000 The Saxet Co. 1st lien coll. cony.
1,000,000 Vancouver, B. C., 58, 1940-1970
104.70
68. A, 1945, convertible at
4.71
principal amount into common stock
May
at
prices
ranging from
$12 to $30 per share.
2,144,000 Montreal Metropolitan Commission, Que.,434s, 1965_ 98.91
550,000 Pittsburgh-Erie Saw Corp.
4.56
deb.654s, 1946,each $1,000
June-debenture convertible at any cony.
time into 50 shares of com.
8,500.000 Montreal, Que., 434s, $7,500,000 refunding and}
stock.
June—
&lir
4.35
$1,000,000 new capital, 1932-1971
The conspicuous issues for this month have
4.45
already been mentioned in
our analysis of the financing for the
$50,422,000
grand
(comprising
total
$40,922,000
new capital and
month.
59,500,000 refunding).
4-i6
[VOL. 133.
FINANCIAL CHRONICLE
190
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING THE FIRST HALF OF 1931.
GOVERNMENT AND MUNICIPAL.
./anuar9 to June—None.
CANADIAN CORPORATE ISSUES.
Yiekl.
Price.
January4.60
98)1
National Ry.Co.45s. 1956
Comunan
70.O00.000
February—
None
March8,500.000 Gatineau Power Co., 1st 5s. 1956
1,000,000 Manitoba Power Co., Ltd., let 53-4s, B, 1952
April—
None
May8,000,000 Dominion Gas & Electric Co. BYO, 1945
June2,500,000 British Columbia Telephone Co. 1st 5s, A. 1960
92:4
923.4
5.55
6.13
96
6.90
100
5.06
$90,000,000 Grand total (all new capital).
OTHER FOREIGN CORPORATE ISSUES.
Price.
January—
98
$50,000,000 International Match Corp. cony. 5s, 1941
February—
None
March—
90
.3,000,000 Cuban-American Sugar Co. Ss, 1936
A prilnotes,
6%
Amer.
2,000,000 International Rys. of Central
100
April 1 1932
May—
None
June-22,800,000 Taiwan Elec. Power Co., Ltd.(Japan) 53.48, 1971— 9334
Yield.
5.50
ISSUES NOT REPRESENTING NEW FINANCING.
During the first half of 1931 offerings of securities not
representing new financing by the companies themselves
amounted to only $20,476,666 as compared with $62,208,755
in the first six months of 1930. These figures, as already
stated, are not included in our totals of new financing. A
six-months' comparison for the two years follows:
1931.
6.00
5.90
$77,800,000 Grand total (of which $72,800,000 now capital and
$5,000,000 for refunding).
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
Domestic corporate offerings of exceptional size during the
first half of 1931 in addition to those for June already mentioned were as follows:
January.—$61,200,000 Missouri Pacific R. R. Co. 1st and
ref. mtge. 5s 1981, offered at 95, to yield 5.25%; $50,000,000
Columbia Gas & Electric Corp. deb. 5s 1961, sold at 98, to
yield 5.13%; $40,000,000 Philadelphia Electric Co. 1st and
ref. mtge. 4s 1971, offered at 93%, to yield 4.34%; $34,984,000 Detroit Edison Co. gen. and ref. mtge. 4%s D 1961,
floated at par; $27,000,000 Kansas City Pr. & Lt. Co. 1st
mtge. 41/2s 1961, offered at 102%, to yield 4.33%; $25,000,000
North American Co. deb. 5s 1961, issued at 97, to yield 5.20%
and $25,000,000 Pacific Gas & Electric Co. 1st and ref. mtge.
4%s F 1960, offered at 98, to yield 4%%.
February.—$15,000,000 Central Illinois Electric & Gas Co.
1st & ref. mtge. 5s 1951, offered at 941h, yielding 5.45%,
and $8,000,000 Pere Marquette Ry. Co. 1st mtge. 4%s C 1980,
offered at 99%, to yield 4.52%.
March.—$75,000,000 New York Central R. R. ref. and imp.
mtge. 4%s A 2013, offered at par; $50,000,000 Pennsylvania
4s D 1981, priced at 96%, to yield
R. R. Co. gen. mtge. 41/
2s 1981, issued
1
4.42%; $50,000,000 Southern Pacific Co. 4/
at 96%, to yield 4.67%; $26,000,000 Public Service Electric
& Gas Co. 1st and ref. 45 1971, offered at 93%, to yield 4.33%
and $25,000,000 Youngstown Sheet & Tube Co. 1st mtge 5s
1970, priced at 101, to yield 4.94%.
April.—$100,000,000 Pennsylvania Pr. & Lt. Co. 1st mtge.
4%s 1981, priced at 96%, to yield 4.68%; $40,000,000 capital
stock of American Telephone & Telegraph Co. offered to
employees at $150 per share, involving $60,000,000; $40,000,000 Public Service Co. of Northern Illinois 1st lien and ref.
2,to yield 4%%;$40,000,000
mtge. 4%s F 1981, floated at 971/
National Steel Corp. 1st coll. 5s 1956, priced at 99, to yield
5.05%; $35,000,000 Northern States Pr. Co. ref. mtge. 41/2s
1961, sold at 97%, yielding 4.65% and $30,000,000 Fox Film
Corp. cony. deb. Os 1936, offered at 98, to yield 6.45%.
2s
1
May.—*60,000,000 Consolidated Gas Co. of N. Y. deb. 4/
Public
shares
300,000
4.42%;
yield
to
101,
1951, offered at
Service Electric & Gas Co. $5 cum. pref. stock, offered at
103% per share, involving $31,050,000; $20,000,000 Illinois
Central R. R. Co. 3-year 4%% notes, June 1, 1934, placed
privately at 99%,to yield 4.64% and $18,000,000 Consolidated
Gas, Electric, Light & Power Co. of Baltimore 1st ref. mtge.
4s 1981, issued at 954, to yield 4.21%.
June.—The large domestic corporate issues for this month
have already been enumerated in our remarks further above
In analyzing the financing done during June.
THE CHIEF REFUNDING ISSUES.
The most conspicuous issues brought out during the first
six months which were used wholly or partly for refunding
comprised the following: $42,874,000 out of $61,200,000
Missouri Pacific R. R. Co. 1st and ref. mtge. 58 I 1981,
offered in January; $34,984,000 Detroit Edison Co. gen. &
ref. mtge. -41/2s D 1961, used entirely for refunding, also
offered in January; $57,841,700 out of $75,000,000 New York
Central R. R. Co. ref. and imp. mtge.4%s A 2013, sold during
March; $70,000,000 out of an issue of $100,000,000 Pennsylvania Pr. & Lt. Co. 1st mtge. 4%s 1981, offered in April;
$37,250,000 out of $40,000,000 Public Service Co. of Northern
2s F 1981,also offered during
1
Illinois 1st lien and ref. mtge.4/
April. In May an issue of 300,000 shares of Public Service
Electric & Gas Co. $5 cum. pref. stock was put out to provide
$31,050,000 for the purpose of retiring an outstanding preferred stock issue. The conspicuous refunding issues offered
during June have already been mentioned above in our analysis of the month's financing.
January
February
March
April
May
June
8,920,000
5,500,000
6,056,666
820,476,666
Total
1930.
$25,349,155
10,236,100
14,884,000
3,674,500
7,300,000
765,000
862,208,755
FARM LOAN ISSUES.
Farm loan issues brought out in the first half of 1931
totaled $60,600,000 as against only $30,500,000 for the same
period last year. The current half year's offerings comprised five separate issues of Federal Intermediate Credit
Bank debentures aggregating $60,000,000 and two small joint
stock land bank issues amounting to $600,000.
FINAL SUMMARY.
The following is a comprete summary of the new financing
—corporate, State and city, foreign Government, as well as
farm loan issues—for June and for the six months ended
with June:
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1931.
•
New Capital. Refunding.
MONTH OF JUNE—
Domestic—Long term bonds and notes...
Short term
Preferred stocks
Common stocks
Canadian—Long term bonds and notes-Short term
Preferred stocks
Common stocks
Other foreign—Long term bonds dc notes
Short term
Preferred stocks
Common stocks
$
83,630,000
16,529,000
2,700,000
3.183,790
2,500,000
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Municipal, States. Cities, dm
United States Possessions
131,342,790
1,000,000
Grand total
SIX MONTHS ENDED JUNE 30—
Domestic—Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian—Long term bonds and notes.Short term
Preferred stocks
Common stocks
Dther foreign—Long term bonds de notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm loan issues
Slunicipal, States, Cities, dm
United States Possessions
Grand total
$
103,974,000
17,601,000
22,800,000
118,382,786
295,000
251,020,576
Total.
I
187,604,000
34,130,000
2,700,000
3,183,790
2,500,000
22,800,000
121,575,000
7,500,000
252,917,790
8,500,000
20,000,000
2,069,500
20,000,000
120,452,286
295,000
151,144,500
402,165,076
773,570,100 618,334,200 1,389,904,300
66,659,500 222,985,850
156,326,350
31,050,000 126,948,667
95,898,667
122,707,384
122,707,384
90,000,000
90,000,000
72,800,000
5,000,000
1,311,302,501
40,922,000
29,600,000
838,352,701
295,000
2.220.472.202
72,800,000
5.000,000
719,043,700 2,030,348,201
9,500,000
50,422,000
31,000,000
11,807,500
60,600,000
850,160,201
295,000
771.351.200 2.991 823 408
In the elaborate and comprehensive tables on tl e succeeding pages we compare the foregoing figures for 1931 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the different classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during June, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
of the half year can be found in the monthly articles for
those months, these articles appearing usually on the first
or the second Saturday of the month.
2,605,000
2,605,000
5.360,000
4,000,000
52,000,000
1.017,283
1.485.000
52,000,000
11,450.000
1.485.000
624,907.099
3,882,000
6,000,000
16,222.217
641,129,316
3,862,000
6,000.000
150,219.034
500.000
785,488,133
484.000
150.703,034
500,000
802,194,350
445,363.199
67,315,250
512.678,449
103.250,000
7,500.000
147.698.581
5.500,000
709,311.780
3,941.000
103,250.000
7.500,000
151.639.581
5.500,000
780,568.030
71.256,250
10,432.717
16,706,217
122,600.000
4,000.000
1.600.000
613,907,775
24,000.000
217,025,800
Total.
3
183.240,700
6,832.000
132,811,230
275,699,645
Total.
$
424,989,00C
38.192.50(1
54,524,550
101,002.017
80,150.000
45,000,000
20.000,000
65.000.000
146,600,000
4.000.000
10,990,000
12.510,000
23,500,000
1,600,000
830,933,575
39,605,087
8,944,913
48,550.000
27,100,000
27.100,000
120.796,486
9.010,000 129,808,486
1.500.000
1,500.000
802.909.348 234.980.713 1.037,890.061
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH
OF JUNE FOR FIVE YEARS.
1931.
1930.
1929.
1928.
MONTH OF JUNE.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long Term BondsaruiNotes—
$
Railroads
5,689,000
424,000
6,113,000
82,653,000
57.508,000 140.161,000
91,350,000
91,350,000
Public utilities
98.316,000 103,550,000 201.866.000
28,519.000
4.395.000
32,914.000
34.287.000
34,287,000
105,938,000
30,975,000 136,913,000
Iron, steel, coal, copper, dm
52,000.000
52,000,000
800.000
987,000
1.787,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
500.000
500,000
14.981.000
350,000
15,331,000
6,025.000
6,025,000
57,560,000
56,200.000 113,760,000
Oil
62.500.000
62.500.000
300,000
300.000
17,000,000
17,000,000
Land, buildings, dm
3,425,000
3,425.000
11.092.500
11,092,500
19,625,000
400.000
20.025,000
51.410,700
14,953,000
66,363,700
Rubber
Shipping
Inv. trusts, trading, holding, &c
250,000
250.000
8.000.000
8.000.000
11,000,000
11,000.000
Miscellaneous
1,000,000
1,000.000
14.985.000
14,985,000
35,950,000
35,950,000
55,156,200
8,010.800
63,167,000
Total
108.930,000 103.974.000 212.904.000
214.980,500
62.253,000 277.233.500
247,537,000
400,000 247.937.000
298,864,900 111.125,800 409,990,700
Short Term Bonds and Notes—
Railroads
•
10,000.000
10,000.000
Public utilities
11,350,000
4.500.000
15,850.000
63.500,000
2,500,000
66,000,000
2,367,283
11,232,717
13.600,000
7.397,000
250.000
7,647,000
Iron, steel, coal, copper, &c
899,000
3,101,000
4,000,000
5.000,000
5,000,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
3.650.000
3,650,000
120,000
120,000
Oil
4.000,000
4.000,000
3,500.000
3,500,000
Land, buildings, &c
280,000
280.000
4,290,000
4,290,000
16.932,800
16.932.800
2,115,000
2.115,000
Rubber
Shipping
Inv. trusts, trading, holding, &c
Miscellaneous
1.700,000
1.706,000
950.000
950.000
Total
16,529,000
17.601.000
34,130,000
2.500.000
77.990.000
80,490.000
22.950.083
11,232.717
34,182,800
10,582.000
250,000
Stocks—
10,832,000
Railroads
38.305,600
38.305,600
42,158,300
42.158,300
Public utilities
2,700,000
2,700.000
2,562.250
70.615.000
73,177,250
90,915,443
749,500
91.684,943
190,382,125
38,647,500 229,029,625
Iron, steel, coal, copper, Szc
1,500,000
1,500,000
565,000
565,000
15,000,000
15,000,000
Equipment manufacturers
Motors and accessories
• 8,125.680
8.125.680
4,082,500
' Other industrial and manufacturing
4,062,500
350,000
350.000
35,822,364
35.622,384
2,340,000
32,499,175
34.839,175
51,143,485
4,483,200
Oil
55,626,685
1,000.000
1.000,000
45.340,750
45,340,750
3,040,540
3,040,540
Land, buildings, &c
108,000
108,000
3,885,000
3.885,000
5.592,500
5,592,500
Rubber
Shipping
Inv. trusts, trading, holding, &c_
3,889,735
3.889,735
63.906.224
1,500,000
65,406,224
21,338,750
2,964,500
Miscellaneous
24,303.250
225.790
225,790
3,960.000
3.960.000
109 182.744
109.182,744
28.900,975
2,396,500
31,297,475
Total
5,883,790
5.883,790
152,392,699
2,562.250 154,954,949
4,549,500 359.009,516
354,420,016
304,460.875 105,650,000 410,110,875
Total—
Railroads
5,689.000
10.424,000
16,113.000
57,508,000 178,466,600
120,958,600
91,350,600
91,350,000
42,158,300
42.158.300
Public utilities
112,366,000 108,050,000 220,416.000
162,634,000
9,457.250 172,091,250
127,569,726
11.982,217 139.551.943
303,717.125
69.872,500 373,589.625
Iron, steel, coal, copper, &c
2,399,000
3,101,000
5,500,000
5.000,000
5,000,000
52.565,000
52,565,000
800,000
15.987,000
16.787.000
Equipment manufacturers
Motors and accessories
8.125,680
8,125,680
4.062,500
4.062.500
Other industrial and manufacturing
850,000
850,000
50.603.364
350.000
50,953,364
2,340.000
42,174,175
44,514,175
108,823,485
60,683,200 169,506,685
Oil
5,000,000
5,000,000
66.000,000
66.000.000
45,640,750
45,640,750
20,040,540
20,040,540
Land, buildings, &c
3.813,000
3.813.000
15.382,500
15,382,500
400.000
40,442,800
40.842,800
59,118,200
14,953,000
74,071.200
Rubber
Shipping
Inv. trusts, trading, holding, &c_
4.139.735
4.139,735
71,906,224
1.500,000
73.406,224
32,338,750
2,964,500
35,303,250
Miscellaneous
1,225,790
1,225,790
20,645,000
20.645.000
145,132,744
145,132,744
85,007,175
10.407,300
95,414,475
Total corporate securities
131.342.790 121.575,000 252.917.790
445,363,199
67.315.250 512.678.449
624,907,099
16,222,217 641,129.316
613.907,775 217,025,800 830,933.575
1927.
New Capital. Refunding.
$
$
334.053,100
90,935,900
36.997,500
1,195,000
51,350,550
3.174,000
59,564,217
41,437,800
['MT TT A'mf
5.360,000
4,000,000
FIVE YEARS.
340.000'340.000
538,295,367 169,252,700 707.548,067
54,400,000
1.750,000
155,002.019
3,435,000
752,882.386
New Capital.
77.610,200
104.750,400
43,720,000
1474-o-ci,666
3.860.300
173.113,000
1927.
Refunding.
58,626,800
22,346,100
4.780,000
1.750,000
158,862.319
3,435,000
925,995,386
Total.
136.237,000
127.096,500
48.500.000
57,485,000
12,115.000
69,600,000
52,370,500
16.185.000
68,555,500
15,000,000
39.107.000
390.043,100
9,393,000
123,445.900
15.000,000
48.500.000
513.489,000
3,430.000
1,195,000
4,62-5,000
1,400,000
1.400,000
30.000,000
1.842,500
30,000,000
1,842,500
325.000
36,997.500
32,985.687
22.034.750
4,420.000
2,018,790
30,987,000
1.195.000
35,000,000
1,250.000
2.840.800
4,321.750
325,000
38,192.500
67,985.687
23,284.750
4.420,000
2,018,790
33.827.800
4,321,750
3,500,000
10,986.790
111,254.767
44,611,800
3,500,000
16,507.790
155,866,567
110,595.887
130,215.150
48,140,000
93,626.800
24.791,100
4.780.000
204,222,687
155.006,250
52.920,000
3.418.790
88,472,000
30,000,000
58.534.750
14.955,800
18,500.000
50.418,790
538.295,367
6,121666
16,115;666
3,418,790
103.427,800
30.000.000
74.719,750
14,914,000
169,252,700
18,500.000
65,332,790
707.548.067
armiNoullo
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR
THE MONTH OF JUNE FOR
1930.
1929.
1928.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
i
$
$
i
$
S
3
3
156,370,500
42.253.000 198.623,500
90.537,000
400,000
90.937.000
146.114,900
37.125.800
68.990.000
2,500,000
71,490,000
21,932,800
800.000
22,732.800
6,582,000
250,000
74,700,000
74.700.000
114.374.420
749,500 115,123,920
70.260,530
62.550,700
77.692,699
2,562,250
80.254,949
235,955,596
3,840,000 239,795,596
232,600,345
43,099,300
53,250,000
20,000.000
73,250.000
105.000,000
105,000.000
30,150,000
50,000,000
5.000.000
5,000,000
MONTH OF JUNE.
1931.
New Capital. Refunding.
Corporate—
Total.
Domestic—
$
$
$
Long term bonds and notes_
83.630.000 103,974,000 187,604,000
Short term
16,529.000
17,601,000
34,130,000
Preferred stocks
2,700,000
2,700,000
Common stocks
3,183,790
3.183,790
Canadian—
Long term bonds and notes..
2,500,000
2,500.000
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes_
22,800,000
22,800,000
Short term
Preferred stocks
Common stocks
Total corporate
131,342,790 121.575,000 252,917,790
Canadian Government
1,000,000
7,500,000
8,500,000
Other foreign Government_
Farm Loan issues
20.000,000
20.000,000
114tuniciplal,States,cities,tkc
118,382,786
2.089,500 120.452,286
United States Possessions
295.000
295,000
Grand Total
251.020.576 151,144,500 402,165.076
•
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
1931.
SIX MONTHS ENDED JUNE 30.
New Capital. Refunding.
Total.
Corporate—
$
Domestic—
$
$
773,570,100 616.334.200 1,389,904,300
Long term bonds and notes_
Short term
156,326,350
66.659,500 222.985.850
Preferred stocks
95.898,667
31.050,000 126,948.667
Common stocks
122,707,384
122.707,384
Canadian—
Long term bonds and notes_
90,000,000
90.000.000
Short term
Preferred stocks
Common stocks
Other foreign—
Long term bonds and notes_
72,800,000
72,800.000
Short term
5,000,000
5,000,000
Preferred stocks
Common stocks
Total corporate
1,311,302,501 719,043,700 2,030,346.201
Canadian Government
40.922,000
9,500,000
50,422.000
Other Foreign Government
Farm Loan Issues
29.600,000
31,000,000
60,600,000
11unicipal, States, cities: &c
838,362,701
11,807,500 850,160,201
United States Pions..
295,000
295,000
Grand Total
2,220.472,202 771.351,200 2,991,823.402
1927.
1928.
1929.
1930.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
New Capital. Refunding.
$
$
$
3
$
$
$
$
S
$
$
$
2,505,934,000
851,431,810
1,810,489,160 190,447,250 2.000,936,410 1,173.483,840 374,605,260 1,548.089.100 1.200,083.100 923.832.400 2.123,915.500 1.654,502.190
27,011.000 132.598.500
105,587,500
34,332.300 125,626,600
52,313,000 343,062,250
21,897,500 135.499.200
290,749,250
91,294,200
113,601,700
36,559.250 455.389.075
418,829,825
524,614.236 229,793,300 754,407.536
307.097.946 --__
307.097,946
93.251,540 888.097.906
794,846.366
68,651.100 432,885,465
364,234.385
13,315,750 926,162,101 2,123,215,883 362.322,161 2,485,538,044
912,846,351
646,518,156 139.385,710 785,883,866
20.000,000 135,963.000
115,963,000
152,272.000
68,792,000
127,138.000
189,100.000
38,000,000 165,138,000
83.480,000
189.100,000
2.000,000
2,000,000
5,000.000
5,000,000
1,000,000
1,000.000
45,000,000
26,000,000
19,000,000
10,400,000
13,000,000
10,400,000
13,000,000
8,320,000
18.163,900
8,320,000
18,163.900
169,015.000
21,000,000
4,000,000
173,015,000
21,000,000
10.060.000
10,060.000
3.666,395,707 298,076.000 3,964.471.707
44.142.000
7,158.000
51.300,000
369.206.000
5.500,000 374,706,000
30,500.000
30,500,000
747,728,170
17,808.412 765,536,582
9,675,000
9,675.000
4,867.646,877 328,542,412 5.196,189,289
k.;
12.510.000 162,850,000
150.340,000
46,118,500 393,500,000
145,010,000
347,381,500
8.000,000
10,000.000
8,000.000
12,050,000
10,000.000
9,850.000
9.850,000
102.312.200
5,355,621
5.355.625
27,281.750
27,281,750
28,823,347
864.509,178 5.563,083.697 2,967.822,942 1,468.234,210 4,436,057,152 2,825,812,505 1,016,163,160 3.841,975,661
67,479,000
28,969,000
38,510,000
28,840,000
8.000,000
36.612,000
28,840,000
29.500,000 410.278.800
380,778,800
41,750,000
400.935.587 100.538,413 501.474,000
92.800,000 142,550,000
37,100,000
49,750.000
37,100,000
20,463,300 882.820,72(
862,357,420
28,341,689 778,419,445
750,077,756
662,689,229
7,694,526 670,383.755
5.345,00(
5,345.000
5,685,000
1,995,000
5.685.000
1.995.000
5,433,620,748 880,203,704 6.313.824,452 4.190.461.285 1.597,114.312 5.787.575.597 4.162.553,725 1,187,895.460 5.350,449.181
143,010,009
1,617,283
102.312,200
28,823,347
4,698.574,519
28,612,000
41,750,000
2,008.000
10,432.717
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
IVO/.
1930.
SIX MONTHS ENDED JUNE 30. New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
$
Long Term Bonds and Notes—
$
$
$
$
$
247,815,300 146,319,700 394,135,000
Railroads
568,777.250 169,951,750 738,729,000
Public utilities
462,492.000 458,538.000 921,030.000
54,000.500 998,196,000
944,195,500
102,939,800
Iron, steel, coal, copper, &c
17,500.000
6.062,500 109,002.300
17,500.000
11.970,000
Equipment manufacturers
7,750.000
11,970.000
7,750.000
Motors and accessories
Other industrial and manufacturing
455.000 155.516.910
66.167.000
1,500.000
67.667,000
155,061.910
2,000,000
Oil
_--- —
6,950.000 149.500,000
2,000,000
142.550.000
Land. buildings, &c
92,342,500
1.220.000
92,272,500
70,000
29,050,000
30.270.000
30,000,000
30,000,000
Rubber
10,000,000
10,000,000
1,650,000
Shipping
1,650,000
Inv. trusts, trading, holding. &c_
75,250,000
75.250,000-2.694.000
.020,1111111 64.305,000
f--Miscellaneous
14,980,000
63.285,000
12,286.000
Total
936,370,100 616,334.200 1,552.704,300 2,106,642,160 232,447,250 2,339.089.410
Short Term Bonds and Notes—
14.500.000
37.500.000
24.970,000
Railroads
12,530.000
12,000,000
2,500.000
19.837.500
15,628.000 140,750,000
72.387,500
Public utilities
92,225,000
125,122,000
Iron, steel, coal, copper, &c
28,000,000
3.101,000
28.000.000
899.000
4,000,000
12,000.000
12.000,000
Equipment manufacturers
2,600,000
2,600,000
Motors and accessories
87,055,000
33,500.000
70,155.000
16.900.000
21.385.000
Other industrial and manufacturing
54,885.000
7,250,000
6,650.000
600,000
9,649,000
791.000
10,440.000
Oil
45,907,250
45,222,250
685.000
1,400,000
8,335,850
6,935,850
Land, buildings, &c
15,800,000
15.000,000
Rubber
800,000
Shipping
1.000,000
500,000
500.000
1.000.000
Inv. trusts, trading, holding. &c
14,200.000
20,100.000
1.000.000
20,100.000
Miscellaneous
13,200.000
316,749,250
Total
52.313,000 369.062.250
71,659.500 227.985,850
156,326,350
Stocks—
66.055,600
66.055,600
Railroads
11,562,250 661,344,011
31,050.000 212.613,511
649.771.761
Public utilities
181,563,511
115,879.875
115.879,875
1,500,000
1,500.000
Iron, steel, coal, copper, &c
Equipment manufacturers
___
4,132,662
4,132.662
Motors and accessories
13.606.250
13.606.250
174.142,395
1,371,500 175,513,895
Other industrial and manufacturing
81.698.463
3,052,500
81,698,463
3,052.500
Oil
12,265.000
12.265.000
1,390,500
1.390,500
Land, buildings. &c
Rubber
Shipping
72.987,079
72.987.079
2,300,000
2,300.000
Inv. trusts. trading, holding, &c
66,453,462
66,071.462
382.000
15.193.290
15,193,290
Miscellaneous
13,315.750 1,256.320.047
31,050,000 249.656,051 1,243,004,297
Total
218,606.051
Total—
646,832,850 172,451.750 819,284,600
272,785,300 158,849,700 431,635,000
Railroads
81.190,750 1,800,280,011
716,443,011 509,425,500 1,225,868,511 1,719,089,261
Public utilities
161.379,875
161.379,875
9.163.500 114,502,300
105.338,800
Iron, steel, coal, copper. &c
19.750,000
19.750.000
11,970.000
11,970.000
Equipment manufacturers
6,732,662
6,732,662
Motors and accessories
18,726,500 418.085.805
399.359.305
Other industrial and manufacturing 101.158,250
35.000.000 136,158.250
7,550.000 238.448.463
791,000
15.492.500
230.898.463
14,701.500
011
149.759,750
755,000 150,514,750
2,620,000
39.996.350
Land. buildings. &c
37.376.350
45,800.000
15,000,000
30,800,000
Rubber
10,000,000
10,000,000
1.650,000
1,650.000
Shipping
500,000
149,237,079
2,800,000
149,237,079
2,300,000
Inv. trusts, trading, bolding, &c
47,579.290
50.273.290
142,556.462
2,402,000 144.958.462
2,694,000
Miscellaneous
Total corporate securities__ 1.311.302.501 719.043.700 2.030.346.201 3.666.395.707 298.076.000 3.964.471.707
New Capital.
266,497,240
415,591.500
121.063,500
1,150.000
1929.
Refunding.
112,143,760
228,390,000
3,188,500
Total.
378.641,000
643.981,500
124.250,000
1.150,000
New Capital.
1928.
Refunding.
Total.
101,682,500 205,797,500 307.480.000
511,893,500 530,439,300 1,042,332.800
61.744,300 145,252,000
83,507.700
4.816,000
4,816,000
780,000
5,800,000
5,020,000
208,534.700 104,301,300 312,836,000
47,500,000
26,011,000
21.489,000
68.950,000 396,930,700
327,980,700
1,300,000
1,300,000
New Capital.
279,962,490
570.606.600
50,317.000
5,195.000
50.000,000
250,999,000
199.716,600
289.846,000
259,167,510
389.685,900
9.883,000
20,895,000
575,000 140,528,000
139,953,000
15,418.000
34.300.000
18,884,000
3,689.000 228,148,600
224.459.60)
1,000.000
1,000,000
273-6-0;666
6,000,000
9,100.000
3,100.000
51.500,000
81.400,000
1,012,000
93,000,000
80,388,000
93.000,000
7.-2-01:666 228.100.000 284.332,500 39.707.500 324,040,000 170,302.500
220.895.000
1,505,593.840 376.605,260 1,882,199.100 1,630,944,600 1,038,742,900 2.669.687,500 1,920,805,190
1.500,000
52.790.000
13.500,000
40,422,000
400.000
500,000
13.150,000
500.000
13.150,000
54.589,200
54,589,200
1.200,000
4,103,900
6,505.800
12,687.500
1,500.000
22.376.283
23.103,500
115,218.983
71,107,700
605,150,393
138.794,385
59,277,002
494.176,589
83,218,994
105,077.330
54,233.534
23.178,000
834,966.562
608.581,207
3.077.761,69
30.413.717
1.916,600
32.330,217
25,020.000
147.549,200
52,206.590
263,020.200
71,107,700
657.356,983
401,814,585
5,511.852
84.832,220
41.751,939
408,500
64,788.854
579.008,809
124,970,933
105,485,830
54.233,534
23,178.000
1.500.000 836.466.562
6.342,400 614,923.607
455.573.701 3,533.335.397
400,000
22.075.000
101,294.200
17,000.000
4,150.000
30,500,000
44,572,000
400.000
2,488,100
10,694,200
1,200,000
6.592.000
17,200,000
12.687,500
30.130,000
2,300.000
1,200,000
4,400,000
9,150,000
30.200,000
19,847.500
400.000
22.075,000
135,626,500
125,000
1,000,000
17,235,000
115.587,500
34,332,300
34,097,650 139,954,700 174,052,350
462,243,342 147,818,048 610,061,390
55,400,581
17,200,000
38,200,581
1,920,000
1,920.000
9,278,400
1,250,000
8.028,400
62,115,622 283,584,521
221,468,899
7,096,180
7,096,180
44,570,033
1,346.000
43,224.033
12,405.375
1,042.400
11.362.975
6,212,500
6,212,500
2.964.500 204,712,018
201,747,518
21,467,740 221,449,804
199,982.064
1,235,584,142 395.159.010 1.630.743,152
1927.
Refunding.
48,081,887
438,836,055
5,143.750
27.018,790
105.544,385
11,062,500
21,446.750
2.701.675
47.573,228
82,010.795
789.419.815
Total.
539,130.000
960,292.500
60,200,000
5,195.000
50,000,000
67,673,000 318,672.000
46,683,400 246,400,000
28.271.000 318,117,000
60.000,000
60,000.000
2,360,000
51,500,000
2i:ff000 192,880,500
883,941,810 2,804,747,000
50-21,666
1,666,000
2.300,000
1.200,000
4,400,000
13,600,000
30,200,000
21,513,500
27,011,000
125,000
1,000,000
17,235.000
142,598,500
4,450,000
35,000,000
29,870,000
16,737,100
100,000
2i.lba:536
105,210.350
83,081,887
468,706.055
5.143,750
27,018.790
122,281,485
11.062,500
21,546.750
2.701.675
47,573.228
105.514,045
894,630,165
328.044.377 294,167.510 622,211.887
149,280.150 362,752.200 512,032.350
112,143,760 451,248,700
339,104.94
311,010,307 1.354,128,483 1,014.558,842 682.407,348 1.696,966,190 1,039,572,655 440.450,900 1.480,023,555
1.043,118,17
9.883,000
67,643,750
57,760.750
78.944.300 201,052,581
122,108,281
266,206,700 526.064.585
259.857.88
6,395,000
6.736,000
6,395.000
6.736.000
1.150.000
1,150,000
81,418,790
81.418,790
16,278,400
2.030,000
14.248,400
5.511.852
65,288.854
59,777.002
8-611-,160 454.553,485
88,365.693.385
85,407,220 732,686,809
434,107.499 168,905,022 603,012,521
647.279,589
46,683,400 287,662.500
240.979,100
71.796.180
36,705,200
35,090.980
57,167.939 159,270,933
102.102,994
30,037,000 361.177,250
331,140,250
70.298.000 454.188,233
383,892,233
4.097.500 388.223.630
384.126.130
62.701,675
60,000,000
2,701,675
13,705,375
1.042.400
55,233.534
12,662.975
55,233.534
2,485.000
2,485,000
6.212,500
6,212.500
6,000,000
32,278,000
26,278,000
100.073.228
100,073,228
3,976,500 288,512,018
282,535,518
1.500,000 929,466.562
927,966.562
46.081,250 315.629,545
269,548.295
61.175.240 567.564.804
506.389.564
15,463,900 868.043.607
852.579.707
4.698,574,519 864,509.178 5.583.083,697 2,967.822.942 1,468.234.210 4.436.057.152 2,825,812,505 1.016,163,1603.841.975,665
0
CAD
JULY 11 1931.]
FINANCIAL CHRONICLE
193
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1931.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads$
424,000 Refunding
3,094,000 New equipment
2,595,000 New equipment
97
6,113,000
Public Utilities2,500,000 Extensions and betterments
3,200,000 Extensions and additions
500,000 Acquisitions, additions, Ac
To Yield
About.
Company and Issue, and by Whom Offered.
Galveston Wharf Co.Ref. M.5%% Bonds. Underwritten by Hutchings-Sealy Nat.Bk., Galveston.
2.00-95 New York Central RR.Equipment Trust 4%s, 1945. Offered by Halsey Stuart & Co., Inc.
2.25-4.15 New York New Haven & Hartford RR. Co. Equipment Trust 43.s, 1946. Offered by First Nat.
Bank and Salomon Bros. & Hutzler.
100
5.00 British Columbia Telephone Co.lot M.5s,"A."1960. Offered by Harris.Forbes & Co..Inc.. Boston.
92
4.93 Central Illinois Public Service Co. lot M.4its,"H,"1981. Offered by Halsey. Stuart &
nc.
Prices on applic'n Central Power Co. lot M.Is, "D," 1957. Offered by Hill. Joiner di Co., Inc., and Halsey,
Co..thuart
& Co., Inc.
85,000,000 Refunding, capital expenditures_ _ _
94%
4.25 Commonwealth Edison Co. 1st M.4s,"F." 1981. Offered by Halsey,Stuart & Co..Inc.
15,016,000 Additions
103%
4.28 The Detroit Edison Co. Gen. & Ref. M.4%s,"D." 1961. Offered by Coffin & Burr, Inc.: Barrie.
Forbes & Co.; Spencer, Trask & Co.;Bankers Coot N. Y.,and First Detroit Co.,Inc.
4,500,000 Refunding;other corp. purposes-- _ 98%
4.57 Houston Lighting & Power Co. lot Ref. M.410, 1981. Offered by Halsey, Stuart & Co., Inc.
150,000 General corp. purposes
100
6.00 Investment Water Corp., Ltd., let (Closed) H.68, 1950. Offered by Banks, Huntley & Co.
32,000,000 Refunding, acquisitions
101
4.45 Jersey Central Power & Light Co. 1st H. 43is, "C." 1961. Offered by E. H. Rollins & Sons,
Inc.; Halsey, Stuart & Co.; Hill, Joiner & Co.. Inc.; A. B. Leach & Co., Inc.; Myth & Co.. Inc.;
H. M. Byllesby & Co., Inc.; Harris, Forbes & Co.; W.C. Langley & Co.; Emery. Peck & Rockwood Co.; Chatham-Phenix Corp.; Chemical Securities Corp.; Eastman, Dillon & Co.. and Hoagland, Alium & Co., Inc.
10,000,000 Refunding
98%
4.59 Northern States Power Co.(Minn.) Ref. M.4iis, 1961. Offered by Harris, Forbes & Co.; R. H.
Byllesby & Co.. Inc.; W.C. Langley & Co.; Guaranty Co. of N.Y.; A. C. Allyn & Co., Inc.. and
J. Henry Schroder Banking Corp.
21,000,000 Expenditures, working capital_ _ _ 96%
4.68 Safe Harbor Water Power Corp. let H.43is, 1979. Offered by Aldred & Co.; Lee, Higginson &
Co.; Chase Securities Corp.; Guaranty Co. of N.Y.;Brown Brothers, Harriman & Co.;The First
Nat. Old Colony Corp.; Jackson & Curtis; Spencer Trask & Co., and Minsch, Monell & Co.. Inc.
22.800.000 Expansion
93%
5.90 Taiwan Electric Power Co. Ltd., 5%s. 1971. Offered by J. P. Morgan & Co.; Kuhn, Loeb &
Co.; Nat. City Co.; First Nat. Bank, and The Yokohama Specie Bank, Ltd.
200,000
Acquis.; other corp. purposes
'
Prices on applie'n Tri-County Telephone Co. let "A." kits, 1957. Offered by National Republic Co., Chicago.
5.000.000 Refunding, additions
100%
4.47 Wisconsin-Michigan Power Co.1st M.4%s.1961. Offered by Harris. Forbes & Co.;First Wisconsin
Co., Inc., and Spencer Trask & Co.
201.866,000
Other Industrial Sv mtg.500.000 Working cap., impts.. betterments 91%
6.92 Rainier Pulp & Paper Co. let M.Cony. 135, "A." 1946. (Convertible into"A" and "B" common stock
in ratio of 1 share of class "A" stock and 1.23 shares of class "B" stock an basis of $20 per share for
class"A"and $10.84 per share for class "B"stock). Offered by company to stockholders.
Land, Buildings, &c.500,000 Constr, new bldg.. 0th. corp.purp_ 100
5.50 De La Salle Institute let H. 5%ii, 1946. Offered by T. A. Oakey & Co., and Banks. Huntley &
Co.. Los Angeles.
2.000,000 Working cap.; other corp. purp--- 100
6.00 Louis Friedman Realty Corp. Cony. 6s, 1086. (Each S1,090 bond convertible at any time prior to
maturity or earlier redemption into 25 shares of common stock at $40 per share ($500 and $100 bonds
convertible in proportion). Offered by Louis Frieda an Realty Corp.
125,000 Real estate mortgage
6.00 Katz Building(Marilyn Realty Co.) 1st H.Leasehold es, 1941. Offered by Stern Bros.& CO4K.Cs
100
500,000 Construct new building
5.15 St. Mary's College and Academy let M.58, 1946. Offered by First Detiolt Co.. Inc,
98%
225,000 Real estate mortgage
6.50 The Salvation Army lot H.5%s, 1942. Offered by Dean Witter & Co
100
75.000 Real estate mortgage
6.00 Vitagraph Building (Vitagraph, Inc.) 1st 65, 1941. Offered by Stern Bros. & Co., Kansas City.
100
3,425,000
Miscellaneous1.000,000 General corporate purposes
Placed privately. South Shore Dock Co.let M.5% Bonds. Sold to First Securities Corp. of Minnesota at 97.
SHORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads10,000,000 Refunding
To Yield
About.
Placed privately
Public Utilities1,250,000 Retire current debt; other corporate purposes
1,500,000 Retire current debt; other corporate purposes
100
4,500.000 Refunding
100
100
800,000 Retire mtge. debt, bank loans, &c.
99%
7,500,000 New construction; working capital
99%
300,000 General corporate Purposes
100
15,850,000
Iron,Steel,Coal,Copper,&c.4.000.000 Refunding;other corp. purposes0114,000.000 Plant improvements
100
99%
Land, Buildings, &c.
70.000 Provide funds for loan purposes
100
100,000 Provide funds for loan purposes__.
110,000 Realestate mortgage
100
280,000
Company and Issue, and by Whom Offered.
St. Louis-San Francisco Ry. Cons. H.(is, B, 1936. Sold to Chase Securities Corp. and Dillon,
Read & Co.
4.50 Birmingham Gas Co.
% Notes, Oct. 1 1932. Offered by Bonbright & Co.. Inc., and W. C.
Langley & Co.
3.00 Lowell Gas Light Co. 3% Notes. June 15 1932. Offered by Harris. Forbes & Co.; Halsey, Stuart
& Co.. Inc., and Estabrook & Co.
3.00 New Bedford Gas & Edison Light Co.3% Notes, June 15 1932. Offered by Harris, Forbes & Co.:
Halsey. Stuart & Co.. Inc.; The First National Old Colony Corp.; E. H. Rollins & Sons, Inc.:
F. S. Moseley & Co.; Coffin Ss Burr, Inc., and General Utility Securities, Inc.
6.25 Northeastern Utility Associates 1-Year Coll. Tr. Is, June 1 1932. Offered by Stone & Webster
and Blodget, Inc., and F. L. Putnam & Co., Inc.
4.60 Portland General Electric Co. 4% Notes, Jan. 1 1933. Offered by Harris. Forbes & Co.; IL M.
Byllesby & Co.. Inc.; National City Co.; Halsey, Stuart & Co.. Inc.; Continental Illinois CO..Inc.:
E. H. Rollins & Sons. Inc.; W. C. Langley & Co., and Albert E. Peirce & Co.
6.00 Utility Natural Gas Co.(Dallas, Tex.) let M.6s, June 1 1932-36. Offered by Mercantile Securities Corp.. Dallas, Tex.
5.00 Consolidation Coal Co., Inc., Coll. Tr.5% Notes. Placed privately.
5.10 Sun Oil Co.3-Year 5% Notes, July 1 1934. Offered by Brown Bros. Harriman & Co. and Edward
B. Smith di Co.
5.50 Commercial National Co., Inc.(Shreveport, La.) let Participating 5%% Ctfs., Nov. 1 1931-33,
Offered by company.
5.25 Fletcher American Co. 1st M. 5As,"A W," May 15 1934. Offered by Fletcher American Co.;
Indianapolis.
6.00 Texas Theatre (R.& R. Realty Co.) let H.6s, 1931-36. Offered by Mercantile Securities Corp..
Dallas, Tex.
STOCKS.
Par or No.
of Shares.
(a) Amount Price
To Yield
Involved. per Share. About.
Purpose of Issue.
Public Utilities1.000,000 Capital expenditures, &c
Company and Issue, and by Whom Offered,
1.000,000 100
700,000 Additions, extensions, &e
1.000.000 Retire bank loans, acquisitions, Am
Iron,Steel,Coal,Copper,&c.*100,0000hs Equipment; other corp. purposes-Other Industrial & Mfg.*20,000shs Equip achl'l stores & sodamats
011100,000shs Development
Land, Buildings, &c.
4,000shs Additional capital
Miscellaneous*112,895shs Retire current debt, dm
6.00 Indianapolis Power & Light Co.6% Cum.Pref. Offered by Utilities Power& Light Secuties Co., Indianapolis.
700,000 Price on application Long Island Lighting Co.6% Pref. Offered by W.C. Langley & Co.
1,000,000 100
7.00 Telephone Bond & Share Co.7% 1st Pref. Offered by Telephone Securities Co..I.H.
Simon & Co. and Bauer Bros. Brokerage Co.
2,700,000
1.500,000
350,000
1.000,000
15
International Steel Corp. Common. Offered by Geo. B. Caldwell & Co..Inc., N.Y.
17%
Sodamat Corp. Common. Offered by Stickney & Co., Inc.. New York.
10
Bigelow Gas Corp. Capital Stock. Offered by I. W.Steele & Co., Rochester, N. Y.
108,000
27b
Kent Garage Investing Corp. Class A Stmt. Offered by company to stockholders.
225.790
2
American Department Stores Corp. (Del.) Common. Offered by company tostockholders.
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by
%
20,000.000 Federal Intermediate Credit Bank debentures, dated June 15 1931 and due
in 3,6. 11 and 12 months (refunding)
Price on application Chas. R.Dunn,fiscal agent.
a Preferred stocks of a stated par value are taken at par, while
* Shares of no par value.
preferred stocks of no par value and all classes of common stock
b Each four shares paid for in full in 30 days carries
are computed at their offering prices.
bonus of one share of class B stock and each five shares pald for in
ten installments carries bonus of one share of class B stock.
New Capital Issues in Great Britain During First Six
Months, in Comparison with Previous Year.
The following statistics relating to the new capital issues
in Great Britain during the first half of 1931, in comparison
with the first half of previous years, have been compiled
by the Midland Bank Limited of London. It is pointed
out that the compilations, which are subject to revision,
exclude all borrowings by the British Government for purely
financial purposes, shares issued to vendors, allotments
arising from the capitalization of reserve funds and undivided profits, issues for conversion or redemption of
FINANCIAL CHRONICLE
194
securities previously held in the United Kingdom, shortdated bills sold in anticipation of long-term borrowings,
and loans by municipal and county authorities except in
cases where there is a specified limit to the total subscription. They do not include issues of capital by private
companies except where particulars are publicly announced.
In all cases the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN UNITED KINGDOM.
[Compiled by the Midland Bank Limited.]
Month of June.
6 Months to June 30. Year to June 30.
£
80,299,000
241,232,000
124,221.000
168,147,000
123,525,000
106,215,000
124,354,000
131,636,000
159,694,000
202,616,000
195,543,000
141,860,000
70,915,000
£
16,823,000
27,560,000
33,919,000
21,990,000
34,763,000
19,322,000
23,652,000
29,222,000
19,965,000
41,372,000
25,398,000
13,225,000
12,832,000
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
£
132,815,000
398,474,000
267,199,000
259,722,000
191,046,000
186,451,000
241,885,000
227,178,000
281,325,000
357,636,000
355,447,000
200,066,000
165,215.000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
January
February
March
April
May
June
6 months
July
August
September
October
November
December
1931.
1928.
1929.
1930.
£
33,794,534
27,871,778
41,695,433
18,606,444
39,275,330
41.372,346
£
47,418,161
33,047,526
33,781.109
34,767,420
21,131,112
25,397,926
£
16,925,542
26,154,781
26.384,167
21,270,785
37,899,317
13,225,111
£
12,332,412
19,606,243
13,446,859
1,687,195
11,009,880
12,832,397
202,615,865
195,543,254
141,859,703
70,914,986
41,820,109
6,512,400
18,305,996
40,598,510
27,969,767
24,696,516
22,211,044
3,592,305
2,664.579
11,509,702
12,945,198
5,283,190
16,432,065
6,559,832
5,039,251
30,496,787
19,909,853
15,862,175
236.159.666
253.749.272
362,519.163
Year
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
India and Other British Foreign
United
Countries. Countries.
Ceylon.
Kingdom.
1929-January
February
March
April
May
June
£
18,046,000
26,184,000
24,774.000
28,756,000
12,298,000
14,010,000
6 months__ 124,068,000
July
August
September
October
November
December_
Year
1930-January
February
March
April
May
June
13,887,000
2,214,000
1,459,000
7,455,000
6,273,000
4,046,000
£
£
9,280,000 15,730,000
2,621,000
219,000 1,081,000
118,000 2,219,000
27,000 7,373,000
119,000 4,206,000
£
4,362,000
4,243,000
7,707,000
3,675,000
1,433,000
7,063,000
Total.
£
47,418,000
33,048,000
33.781,000
34,768,000
21,131,000
25.398,000
9,763,000 33,230,000 28,483,000 195,544,000
311,000
18,000
30,000
10,000
5,663,000
439,000
658,000
465,000
3,119,000
706,000
2,350,000 22,211,000
939,000 3,592,000
547,000 2,664,000
3,572,000 11,510,000
3,523,000 12,945,000
521,000 5,283,000
159,402,000 10,132,000 44,280,000 39,935,000 253,749.000
11,337,000
7.965,000
16,948,000
11,890,000
17,816,000
7,703,000
1,247,000
5,940,000
50,000
7,200,000
266,000
1,656,000
4,679,000
5,716,000
67,000
8,489,000
4,381,000
2,685,000
7,571,000
3,720,000
9,264,000
4,394,000
875,000
16,925,000
26,155,000
26,384,000
21,271,000
37,899,000
13,225,000
6 months__ 73,659,000 14,703.000 24,988,000 28,509,000 141,859,000
July
August
September
October
November
December
Year
1931-January
February
March
April
May
June
88,000
13,108,000
125,000
3,454,000
2,409,000 1,662,000
12,763,000 12,000,000
75,000
11,516,000
8,000
10,447,000
211,000
2,530,000
460,000
1,413,000
7,529,000
4,254,000
3,025,000
451,000
508,000
4,321,000
790,000
1,153,000
16,432,000
6,560,000
5,039,000
30,497,000
19,910,000
15,862,000
127,356,000 28,661,000 41,385,000 38,757,000 236,159,000
150,000
7,843,000
5,952,000 12,115,000
119,000
7,442,000
1.371,000
924,000 10,025,000
22,000
4,366,000
994,000
1,529,000
3,458,000
12,000
50,000
5,344,000
6 months __ 27 898 non 22.432.000 11.386.000
3,346,000
10,000
2,428,000
304,000
11,000
3,100,000
12,333,000
19,606,000
13,447,000
1,687,000
11,010,000
12,832,000
9.199.000 70.915,000
Balance of International Payments of the United
States for 1930-Reduced Turnover on Account
of Lower Commodity Movements-American Capital
Export $733,000,000 or $280,000,000 Above EightYear Average.
A turnover in international payments to and from the
United States during last year of $17,050,000,000, as compared with $20,185,000,000 in 1929, the establishment of
new records in the repurchase by foreigners of $806,000,000
of foreign securities held by Americans, and in the outflow of
American short-term investments to foreign countries, are
shown in the annual report on the "Balance of International
Payments of the United States in 1930" made public by
the Department of Commerce on July 8. This is one of the
most elaborate and comprehensive reports relating to international trade and financial operations issued by any nation
of the world. Among other facts disclosed is an increase in
the net export of American capital during 1930 to $733,000,000, as compared with an annual average for the preceding
[VOL. 133.
eight years of about $450,000,000, and the continuation of
heavy expenditures by American tourists. A great increase
in the repatriation of foreign securities is accounted for by
the ability of foreigners to repurchase their obligations at
discounts because of the fall of values on the American
Exchange. William L. Cooper, director of the Bureau of
Foreign and Domestic Commerce, states in an introductory
paragraph that the international turnover of the United
States in 1930 was about $1,500,000,000 monthly. "Any
analysis of this turover," he says, "raises all the implications
of our trade balance, our stupendous underwriting of foreign
securities, the war debt receipts, the problems of our merchant marine, the recent large gold shipments and our new
status in international banking. Through what is herein
called 'promotive' and "detractive" influences no single
item is without some bearing upon nearly all the others."
Long-Term Investments Were High.
Dr. Julius Klein, Assistant Secretary of Commerce, in a
foreword to the report, says:
The international economic relations of the United States concern,
not simply the much discussed interchanges of merchandise, but also
those equally important, but far less widely understood items of services,
loans, and many other so-called "imponderables" and "Invisibles." A
detailed study of all such factors is presented herewith. This is the ninth
successive year for which the Commerce Department has prosecuted
such a study, benefited by methods of increasing precision and by widening co-operation of the financial and commercial institutions most importantly concerned.
The 1930 survey of the American balance of international payments.
covering as it does a period marked by world depression, discloses a
number of striking reversals of world trends in trade and finance, the
measurement of which is obviously a matter of vital interest in all quarters
of our economic community. Unfortunately, there Is no comparable
record of the last world depression, that of 1920-1922. The 1930 report
should, therefore, prove to be the first definite enrichment of our knowledge
of business cycles in these important aspects. For, in the modern world,
the international phases of prosperity, depression, and recovery are recognized to be of prime importance.
Amonth the more significant of the many revelations of this study are
those having to do with the unparalleled use made of the 1930 opportunity by foreign debtors to Americans to repay, at discounts, obligations
held here; the persistence of huge foreign travel expenditures by the
American people; and the continued uncrease in this country's monetary
gold stock under conditions which usually are deemed "unfavorable."
Nor can we overlook the fact that, while falling commodity prices and
declining business activity throughout the world led to a sharp decline
in international commodity movements, there was no corresponding contraction in international financial operations, some of which are closely
related to commercial transactions. In fact, while the movement of goods
was being greatly curtailed, our receipts from interest, bond redemptions
and amortization on American long-term investments abroad, including
payments on our Government's war-loan account, reached a new record
total of 61,300,000,000.
Although Americans bought foreign stocks and bonds in the international
security markets to the amount of $360,000,000, the purchase and repatriation by foreigners of foreign securities previously accumulated
here involved total payments of $806.000,000; with the result that these
operations necessitated the remittance to this country by foreign banks
or other transfer agencies of a net sum of nearly $450,000,000. These
payments, together with the fact that the year's purchases by foreigners
of American stocks and bonds were more than $100,000,000 in excess of
the amount paid here for American securities repurchased from foreign
holders, accounted largely for the year's relatively small net export of
$290,000,000 in long-term capital.
In addition to the decline in the net export of long-term capital, the
year's international transactions were characterized by an unusually
large outflow of funds from the American money market which foreigners
had carried on deposit here or had invested in the financial markets on a
short-term basis. About $443,000,000 of such bank deposits, and of
capital loaned for short periods, went abroad-some of it in the form
of credit advances to foreigners by Americans. Differences in interest
rates here and abroad only partially explain this movement. The heavy
premium on American dollars, existing htroughout most of the year,
was possibly more influential In causing the conversion of foreign dollar
holdings into foreign currencies-one of various operations which offered
a profit to foreigners. Also, the increase of American short-term advances
to foreigners possibly represented a piling up of items made temporarily
uncollectible by the depression, and no less than 635,000,000 of those
advances consisted of assistance rendered by the Federal Reserve banks
through the purchase of acceptances In foreign countries.
Thus, while the foreign repurchase of evidences of debt to America
cut down our export of long-term capital, the counterflow of bank deposits and short-term loans resulted in the net showing for the year of an
actual increase in our total foreign lending. The net export of capital
from the United States for the year is placed at $733,000,000, as compared with an annual average of about $450,000,000 for the preceding
eight years. With the fall of interest rates on call loans in the American
security markets last year, foreign lending assumed larger proportions
than it had in 1929. The successive annual studies of this country's balance
of payments have revealed wide swings in our foreign lending operations,
and these have apparently been important factors in the marked shifts
frequently featuring the gold movements. In 1928 our net export of
capital amounted to the huge total of $944,000,000, in 1929 it fell to
6306,000,000. and in 1930 it returned to a higher total of 6733,000,000.
American tourists last year are estimated to have left abroad a total
of $811,000,000, a relatively small decline from the record tourist expenditures of $868,000,000 in 1929. These outlays amounted to approximately
the same as the total receipts by the United States from the sum of the
country's foreign long-term investments, the yield of which was placed
at $826,000,000. The number of Americans who traveled actually increased as compared with the previous year, but careful investigation
disclosed that average expenditures were less than in previous years.
Motorists to Canada increased their numbers by one-fifth; travelers overseas numbered 476,932, or 27520 more than during 1929. Receipts of
approximately $58,000,000 by Mesico last year gives that country third
rank in the list of national recipients of American tourist expenditures.
These outlays by the people of the United States, only very slightly offset
JULY 11 1931.]
FINANCIAL CHRONICLE
by expenditures of foreign tourists in this country, bulk more and more
as a factor offering support to international exchange and increasing the
total of international purchasing power. During 1930 the aggregate
expenditures of American tourists abroad were equivalent to more than
one-fourth of the total value represented by our merchandise imports.
This year's study shows that during 1930 gold flowed into the United
States in the face of an increase in capital exports, a decline in merchandise
exports, and a decrease in the "favorable" balance of trade. The movement
resulted in a net gain of this country's monetary metal, after allowing for
earmarked deposits representing the property of foreign financial institutions, of $278.000,000.
195
bonds) greatly exceeding our purchases of miscellaneous foreign securities
from Stock Exchanges abroad.
"In 1930 this excess of reparations over our purchases of securitieslin
small blocks from abroad was $493.000,000, or more than double the previous eight-year record established in 1927. Furthermore, for certain
purposes this stupendous total should be increased by, say, one-sixth,
since it relates to market values, not par values."
Capital Export Set Record.
The report shows that during 1930 American deposits and other shortterm funds abroad increased by $159,000,000, while foreign funds deThe report, which is largely the work of Dr. Ray 0. Hall, posited or invested at short term in our money markets was drawn down
the extent of $284,000,000.
recently assistant chief of the department's Finance and toAs
a result, our net
indebtedness to foreign countries deInvestment Division, points out that the largest items in clined by $443,000,000.short-term
This net export of short-term capital during
our balance of payments are imports and exports of mer- 1930 was the largest on record, the next largest being for 1928, which
$226,000,000.
chandise. The New York "Times" summarizes the prin- was
The effect of the depression was reflected in remittances by resident
cipal features of the report as follows:
aliens to friends and relatives in their native countries. The total for
The total for exports and imports of merchandise as adjusted, including 1930, exclusive of sums sent to Canadian destinations, was estimated at
silver, during 1930 was placed in the report at $4.097,000,000 and $3,339,- $195,000,000, or a reduction of about one-sixth from the estimate for 1929
of $247,000,000, based on reports from American officials in 37 countries.
000,000. leaving a favorable balance of $758.000,000.
The reduction in the value of American foreign trade of 1930 below Including Canada.
The report further showed that during 1930 our total exports and imthat of the preceding year was placed at $3,810,000,000.
ports of silver were, respectively, $54,157,000 and $42,761.000, while tots)
"American travel overseas, as well as over our frontiers, increased
imexports and imports of gold were $115,967,000 and $396,054,000 reportantly during 1930 despite the depression, although expenditures
despectively.
clined somewhat," said Dr. Hall. "The number of American
citizens
The annual average excess of silver exports during the five-year period
going overseas increased by 27,520, or more than 6%, and established
a
ended with 1930 was $18,669,000. The excess for 1930 was $11,403,000.
new record for all time."
or the lowest since 1923, as a result of the drop in silver prices to the lowest
A large part o4the increase was attributed to the 52,172
Americans
point on record.
attracted to the decennial Passion Play at Oberammergau
and to the
pilgrimage of 3,653 Gold Star mothers to the cemeteries of
Exact Figures Difficult to Get.
France.
The number of American tourists who went abroad in 1930
In explaining the discrepancy in the balance of payments of$374,000,000.
was 461.254.
They spent in all countries about $811,000,000. of which
about $265,961.000 which was the largest on record, the department said it had been unwas on European soil. This took no account, however,
of expenditures usually difficult to obtain exact figures in many instances because during
by American sailors nor payments by Americans for passage on
European the period the business cycle was marked by a swing from one extreme to
vessels.
the other. The report stated that adjustments in this discrepancy would
First-Class Travel Drop Shown.
be made when further detailed study of the question had been made.
"A curious feature of the transatlantic travel
Smuggling of liquor, diamonds and drugs, together with losses on bad
of our citizens in 1930
was the decline of about 20,000 travelers by
first class," thus creating debts and underestimates of import values resulted during 1930 in a debit
the business balance sheet of the United States of $171,000.000.
"an enormous surplus of first-class accommodations
on
on the Atlantic,"
Also included in the debit item of $171,000,000 were payments by Amerthe report said.
ican exporters to foreign consular offices in the United States for consular
In the following table estimated American tourist expenditures
for 1928.
insular fees. On this point the department remarked:"In some instances
1929 and 1930 are compared (in thousands of dollars):
SUMMARY OF ESTIMATED TOURIST EXPENDITURES IN RECENT these fees were so high as to resemble taxes."
CALENDAR YEARS.
We also take from the report the following summary of
Class of Tourist.
1928,
Revised.
1929,
Revised.
1930.
Foreign Services to American Touristt-5
$
$
Canada—Motorists
188,973,000 215,577,000 202,409.000
Rail-and-steamer tourists
72,521,000 80,008.000 63.874.000
Mexican border
32,041,000 38.000.000 55,842.000
Citizen tourists overseas—
West Indies and Middle America
85,740,000 87,872,000 82,334.000
Europe and rest of world
336,115,000 335,443,000 309,136,000
Citizens permanently residing abroad.
32,000.000 33,000.000 30,000,000
Mien-American tourists (Immigrants visiting fatherland)
85,000,000 87,000.000 76,000,000
Citizens visiting insular possessions
1,326,000
1,348,000
1,326,000
American sailors on shore leave abroad
7,000.000
7,000,000
7.000,000
Grosstotal
840,716,000 885,243,000 827,721.000
Deduct merchandise declared
2,000,000
2,000,000
2,000.000
Deduct commis. of steamship agenclee, ase. 15,000,000 15,000,000
15,000,000
Total deductions
17,000,000 17,000,000 17,000,000
Net total
American Services to Foreign Visitors—
Canada—Motorists
Rail-and-steamer visitors
Mexican border
Foreign visitors from overseas
Visitors from insular possessions
Foreign sailors on shore leave here
823.718,000 868,248,000 0810,721.000
57,186,000
24,633,000
6,210,000
58,696.000
9,427,000
7,000.000
65.055.000
29,372,000
7,000,000
64,220.000
10,245,000
'7,000,000
63,489,000
22,266,000
12,760,000
56,632,000
8,837,000
7,000.000
Total
163,152,000 182,892.000 170,984,000
* Includes, however, expenditures by Americans on American ships for passage
and incidentals.
a Of this sum about $108,000.000 was spent on foreign vessels and about 528,000,000 on American vessels. The latter is deducted, in the section on "Oceanborne passenger traffic," since it Involved no international transfer of cash.
American investments abroad at the end of 1930 were between $14,884,000,000 and $15,384.000,000. The median of this figure was estimated
by the department at $15,134,000,000.
Analyzing the total of all American investments abroad, Dr. Hall declared:
"Foreign securities publicly offered in the United States and still outstanding at the end of 1930 totaled $7,836,000,000.
"From this total, however. $668,000,000 is deducted for the difference
between (a) all repatriations of American-held foreign securities and (b)
American acquisitions of foreign securities on foreign stock markets, as
derived chiefly from the balances of payments for 1930 and previous years.
"Direct investments at the end of 1930 totaled $7,841,000,000, Plus an
additional $125,000,000 for the long-berm capital employed abroad by
financial institutions. The direct investments include about $1,300,000,000
of the obligations of American corporations operating abroad that were
publicly offered in the United States.
"Of the total of foreign securities held by Americans, whether acquired
by public offering, by 'private taking' or on foreign stock exchanges,
about $7,600,000,000 was in bonds."
Interest Receipts Were Large.
Of the total of American capital devoted to so-called portfolio investments, or holdings by Americans in foreign securities, there were yielded
during 1930, $428,558,000. In addition, the income derived from direct investments in foreign business and industrial enterprises amounted to
$397.518,000,of which $123,428,000 was derived from Canada,$108,240,000
from Europe, $120,700,000 from Latin America and $45,150,000 from
Africa. Asia and Oceania.
During 1930 foreigners increased their holdings of American stocks
and bonds by market values aggregating about $180.000,000 net.
The revised figures for 1929 and 1928, marked by security speculation,
are, respectively, $507,000,000 and $477,000,000. Thus, foreign holdings
of American securities have increased by something like $1,164,000,000
during the last three calendar years.
"In 1930, as in five of the previous eight years," the report says, "foreigners bought back from us listed foreign securities (mostly dollar currency
all the leading items for 1930 as compared with the eight
years preceding:
BALANCES OF INTERNATIONAL PAYMENTS OF THE UNITED STATES.
CALENDAR YEARS 1922-1930--A CONDENSATION OF REVISED
ESTIMATES.
(In millions of dollars.)
1930
Class of Transactions 1922 1923 11924 1925 1926 1927 1928 1929 (Urn.(Gross of Net)
vised)
Commodites (AdJus.)
Exports
4,121 4.368 4,8341 5,177, 5,0441 5.091 5,333, 5,447 4,097
Imports
3.419 4,162 3,952 4.544 4,768 4,50 4,466 4,799 3.339
1
Bal. of trade (adi.)- +702 +206 +882 +633 +278 +583 +885, +648 +758
Misc. Invisible Item
Freight: Ocean, Grea
Lakes & rwy.(net)_ —79 —83 —64 —84 —95I —66 —32 —66 —96
Exp.by Amer.tourists:
Can.& Mex.fronti —100 —131 —159 —185 —201 —231 —293' —334 —322
Overseas. including
West Indies
—345 —313 —374 —400 —422 —465 —5311 —534 —48
Exp. by foreign tourists in U. S
A- 87 +10 +10 +112 +148 +163 +1631 +183 +171
Ocean-borne passent
ger traffic a
+5 +6 +5 +63 +09 +89 +141 +47 +49
Int. on Amer. private
funds abroad Bo
and short term)
+55 +59 +63 +689 +740 +800 A-2961 A-979 A-904
Int. On foreign fund.
In U. S. (long and
short term)
—14 —180 —19 —229,—268 —281 --359!--414 --310
War-debt receipts:
1
Principal
+3 +9 +2 +26' +35 +46
Interest
+12 +167 +16 +160 +160 +160 +157 A-2122 At677
4
Other governmental
transactions (net)._ —4 —66 —5 —61 —49 —29 —57 —92 —81
Immigrant remittances (net)
—255 —229 —22 —235 —218 —206 —21 —223 —166
Charitable & missionary contributions
—55 —50 —46 —49 —51 —49
—75
OF
Other items (net) 5--- +46
+68 +7 +74 +7 +2 +25 +7
Total, commodity &
miscell. (net)
+802 +513 +205 +588 +658
+557
+617
New Private Loans. I
vestments vt: Deposits.
Net Increase in American long term invest
meats (abroad (p
value)
—857 --258 --859 —872 —808 —972-1,31 —791 —406
Deduct bond discoun
&underwriters'com
missions on above__ +101 A-4 A-125 +119 +121 +119 +122
+26 +66
Net cash paymen
for above
—756 --21 --744 --753 —687 —853-1,19
Net Increase in longterm investments in
U. S. by foreigners
+3 A-240 A-11 A-193 +147 +158 +47
+50
ChangeIn net debt o
American banks to
foreigners
+375 +3 +216 —81 +359
—228
Net private capital
movement (lo
and short term)
+33 —517 —621 —181 —895 —9 —30
Other Balancing Items.
Gold shinned or
marked (net)
—234 —295 —216 +102 —72 +15 +272 —120 —278
Shipmentsof America
paper money (net). +40 +50 —20 —30
---+20
Add for net discrepancy due to Macon
rate figures, °ads
dons,kc
A-4 --49 +36 +48 —V +1 +49 +374
1-15
a Largely a deduction from American tourist expenditures overseas.
b Includes insurance, motion-picture royalties, cable charges, Canadian
electr
power. press subscriptions: patents and copyrights and advertising.
196
FINANCIAL CHRONICLE
[VoL. 133.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 10 1931.
There is an undercurrent of rather greater confidence in
business despite the disappointing decline in the stock
market this week on the realizing of profits as the success of
Mr. Hoover's moratorium plan for Germany became apparent. Wall Street is apt to sell stocks on bullish news
once it is out. Latterly the stock trading has slackened
and the tone has become somewhat better in Wall Street.
As regards wholesale and retail trade in this country there
is no evidence of any notable improvement. Quite the
contrary. Summer dullness has American business in its
grip. Retail business has died down. Meanwhile summer
apparel meets with a readier sale and prices for merchandise
on the whole are steadier. In some branches of the wholesale and jobbing trade there is a slight increase in business,
1314 it is only slight. This is not the time to expect any
marked improvement. It would seem strange if it should
occur at near the middle of July. Commodity markets have
been affected by the chilling downward drift of the stock
market. Wheat is off 3 cents or more, partly however,
because of the big supplies and a lack of a foreign market.
Also there is some nervousness as to what the Farm Board
might actually do. Moreover the receipts of new wheat
are naturally increasing. In Liverpool July wheat was
clown to a price in the neighborhood of 56 cents, said to be
the lowest in a couple of centuries. In Chicago hedge
selling against purchases of new wheat in the Southwest
was a weakening feature. The Farm Board bought July
wheat in Minneapolis and sold in Chicago. Farm Board
officials are quoted as saying that they will not sell wheat
below 85 cents, or 30 cents or more above the price at
Chicago.. July corn at Chicago at something over 60 cents
was the highest priced grain on the list. Corn has declined
a cent or two, partly because of good weather and partly for
the reason that wheat has declined and partly because of
unexpected liquidation of big July holdings. The situation
in July one day was considered tight; the next day it loosened
up very plainly. There was no activity in grain; that is the
one great trouble. Oats yielded only moderately despite the
decline in other grain. The rye crop in parts of Canada is
almost a failure with the condition as low as 33%, though it
is much better than that in some other parts of Canada. The
American crop is about 12,000,000 bushels smaller than that
of last year. But the fatal drawback in this branch of the
grain trade is the absence of an export outlet.
Cotton declined about a centin sympathy with the drop in
stocks and the consequent big liquidation in cotton. Much
of this was attributed to the financial district. It is understood that the Co-operative Associations also sold heavily.
One estimate was 60,000 bales on Thursday. The ending
to-day was steady after a sharp rally from the low price of
the morning, that is about $1.50 a bale. The consumption
at
in this country is noticeably larger than that of last year
this time, and the exports have caught up to those of last
year, whereas earlier in the year there was a deficit of about
quiet
half a million bales. Cotton goods of late have been
are cutting
and there are reports that second hand holders
prices gc. Manchester is dull and more or less depressed,
the raw material. Cotton
as usual after a big decline in
better trade and
somewhat
a
haviog
are
South
the
mills at
of
profit is better.
margin
their
lines
certain
it is said that in
June it is stated Were 156%
in
here
concern
one
of
Sales
yarn grey goods have been for
of their production. Coarse
and they are not helped by
the most part quiet this week,
decrease of only about 10%
a
of
estimate
s
Government'
the
total will be the smallest
the
though
year
in the acreage this
woolens and worsteds have had
of
lines
Some
years.
in eight
of higher prices before
a rather better sale in eecpectation
coatings and dress goods were
long. Some goods orders for
suitings were in better
received. Low-priced men's wear
at clearance sales of
and
dull
were
demand. Broad silks
prices were accepted.
low
strikingly
rather
stocks
surplus
Flour and feed
It was almost anything for a turnover.
production is falling
quotations have declined. Automobile
had been exoff, and the June output is even smaller than
toward
tendency
a
is
there
trade
pected. In the petroleum
oil
optimism not unmingled however with caution. But
still
litigation
oil
Texas
The
normal.
stooks are below the
hangs fire. Mining operations are even smaller than they
were. Copper has declined. Steel has been slow, and the
unfilled orders of the United States Steel Corp. in June
decreased 141,129 tons. Production of steel is slightly
smaller than it was last week. Wool has been in fair demand
and steady after an opening decline in London this week of
5 to 15%. Drygoods and millinery meet with a poor demand. Retail failures increased this week.
But some think prices of merchandise in the United
States are gradually crystallizing into stabilization. Of
course, this would be a big gain. It would mean that the
prolonged decline had culminated. This of itself, once
proven, would have a tendency to help business. Buyers,
of course, hesitate to enter declining markets. Minneapolis
is having a rather better business owing to some increase in
fall orders. It is nothing great, but it may be more or less
significant for all that. Philadelphia has had a fair wholesale business in men's clothing for future delivtry. Woolen
piece goods are dull in Philadelphia. In New York such
goods are selling better than they did a year ago. In
Boston the leather market is steady, with a little more
activity in some cases and prices firm. Wholesale failures
like those in the retail line increased during the week. This
is hardly avoidable, with the turnover so slow.
Provisions declined somewhat, lard ending 7 to 18 points
lower on September and October. Coffee has changed
very little. Brazil has now and then given support, but the
cost and freight prices have on the whole declined. Brazil
proceeds steadily with its program of destroying certain
grades of coffee. Sugar has been more active and futures
ended 2 to 4 points higher. Rubber declined 22 to 30 points
with London dull, spot rubber here declining and futures
more or less affected by the drop in the stock market.
Hides have been active and futures end 25 to 35 points higher,
while Chicago prices have risen gc. Cocoa is off 29 to
35 points and silk 8 to 9.
The stook market has had a disappointing week. Wall
*Street took profits on the bullish moratorium news once it
was out and a fact beyond dispute. On the 7th inst. the
transactions suddenly ran up to 3,000,000 shares and prices
fell. There was also profit taking in bonds and prices were
irregular. In stocks the net declines were 2 to 10 points in
the leaders. Auburn dropped 18g. U. S. Steel fell nearly
5. The average loss on 50 stocks was about 53' points.
Steel's drop below par had a certain moral effect that there
is no use minimizing. American Can fell 3%; American
Telephone, 43; New York Central, 7; and Westinghouse
Electric, 43/2. Bear operators took the aggressive once
more after having been overawed by the recent advance
on the Hoover plan for Germany. German exchange ad% and the drain on the Reichsbank slackened.
vanced 13
Later in the week stocks were irregular with slight net changes
at times. Copper stocks fell as the metal fell. Prices of
other stocks declined partly because of reported difficulties
of a large Spanish bank. Rumors too were afloat of troubles
among some German and Hungarian banks, but no serious
trouble occurred in Germany and those in Hungary were
son adjusted. It is a mystery who is calling German loans
and draining Germany of gold. On the 8th inst. the transactions fell to 2,357,000 shares here with net declines of
g point in United States Steel; 13j in American Can; 3 in
Allied Chemical; 23 in Anaconda;23 in American Smelting;
13/i in Radio and 1% in J. I. Case. On the other hand New
York Central, Auburn Auto and Ingersoll-Rand had respectable advances.
To-day stocks advanced sluggishly in slow trading and
bonds were also higher except German, which declined.
Money was easier. A rise in cotton had some effect.
The trading in stocks shrank to 1,285,000 shares with a
sprinkling of advances, however, that testified to a certain
nervousness among some of the shorts. Columbian Carbon
ran up 6 points and Allied Chemical over 3. Armour of
Delaware preferred fell 3, Tidewater Oil preferred 4 and
Southern Ry. Mobile & Ohio guaranteed 7. Advances
of 2 to 3 points took place in Safeway Stores, Western Union,
Liggett & Myers preferred and Eastman Kodak. Gillette
dropped 2 points. Steel, Electric and Telephone encouraged
the market a little by advances. United States Steel common ended 13/i higher, Telephone %, General Electric %,
moms11111\
JULY 111931.]
FINANCIAL CHRONICLE
-
197
Anaconda M and so on. At one time to-day United States
New Set of Economic Forces Seen by Brookmirelas
Steel was 953 against 1053
% a week ago, but the ending toDetermining Business Activity of Coming Era.
day was at 98. And the tone of the stock market, though
For the first time since last summer clearly marked
not demonstrative, was steady. Money was 1M% officially
processes of development in the nation's business are eviand 1% outside.
At Lawrence, Mass., on July 7 protesting against the dent, according to the Brookmire Economic Service, Inc..
introduction of an efficiency or time card system, 78 skilled which points out that the outlines of a new period of ecotradesmen in the repair department of the Pacific Print nomic history are slowly taking form.
Works were idle to-day as a result of leaving their work in
"They indicate that the coming era is to be a less dynamic and conthe plant yesterday. Every mechanic in the mill was re- structive period than the decade past. The ocuntry is to be engaged in a
ported to have quit his post. The union men claim the struggle, and a partly losing struggle, to retain what it has achieved.
This is
to say that nothing new will develop, that no progress will
mill officials are attempting to make the tradesmen compete be made,not
but rather that such developments will be over-shadowed by the
against each other in tin matter of time spent on certain struggle between radicalism and conservatism.
"Furthermore this view of things does not preclude the possibility of
types of repair work. The mill men claim that the system
recurring periods of moderate prosperity in the next few years. Nor does
does not operate to the detriment of the workmen,
while it deny the prospect of a start towards such a period in the near future.
it gives the employer an accurate check on the time and In fact, the turn of events in June-first, the very pronounced slump in
business activity and, second, the energetic steps above discussed (Debt
cost of each operation incident to repair work. The
mill moratorium and railroad rate increase) have made
it by so much the easier
officials had asked the mechanics to give the system a trial for
recovery to get under way. There is now increased possibility of the
for a month. In many industries it is understood that inception of a lasting, though perhaps restrained
and irregular, recovery
in the last half of the year.
operatives deliberately loaf on the job.
ve leadership is rallying the forces of individualism around
Richmond, Va., wired July 6 that employes of the Mar- a "Conservati
three-point program of ootnbating radical agitation, alleviating debtor
tinsville Cotton Mill Co. at Martinsville, Va., several distress by emergency measures
and protection of creditors' interests
hundred in number, who have been on an enforced vacation through maintenance, as far as possible, of capital values. On this platof a week, returned to work this week. This mill is a unit form next year's Presidential election will be fought out. On this basis
we may anticipate a constructive administration program for the balance
of the Chadwick-Hoskins concern, with main office in of Mr. Hoover's term."
Charlotte, N. C.
London cabled July 6 that it was reported to the general Annalist Weekly Index of Wholesal
e Commodity Prices.
committee of the Master Cotton Spinners' Federation that
The Annalist weekly index of wholesale commodity prices
111 spinning firms, members of the organization, are closed
advanced to 102.6 on Tuesday, July 7, a gain of 0.3 since
down indefinitely and excused from paying Federation
last week, and of 2.1 for the four weeks of rise since it touched
levies. The majority of mills involved are those working on
post-war low of 100.5. None of the groups changed
yarns spun from American cotton, but a fair number of its
much, as declines offset advances in most. A preponderplants using Egyptian staple are also closed.
ance of individual gains in the farm and food products
Providence, R. I., wired July 8 that 500 employees of the and fuel groups
resulted in a net gain for each, while
Weybossett Mill of the American Woolen Co. walked out declines
in single commodities brought losses to each of
on strike late yesterday afternoon when they received notice
the other groups except the chemicals.
that the 123% wage reduction put into effect last winter THE ANNALIST WEEKLY INDEX
OF WHOLESALE COMMODITY PRICES
would not be restored. They paraded the streets of the
(1913=100)
district in an effort to induce workers of the National ProviJuly 7 1931. June 30 1931. July 8 1930.
dence Worsted Mill of the same company to leave their jobs.
Farm products
89.7
None of 850 workers at this plant left his job.
*88.9
114.0
Food products
110.5
110.2
128.9
Chicago wired that Montgomery, Ward & Co.'s catalogue Textile products
97.8
*97.9
118.5
123.0
122.6
153.6
for fall and winter would be mailed within the next few Fuels
Metals
103.3
103.9
110.8
Building materials
116.9
117.4
142.7
days, carrying price reductions that average more than Chemicals
99.7
99.7
107.2
10% below the spring and summer quotations. Pre- Miscellaneous
85.0
85.1
104.7
•n onmmnititloo
liminary figures on the volume of department store sales
1025
*1022
1942
show a decrease of 6% from May to June on an average
*Revised.
daily basis. The Federal Reserve Board's index, which
Loading of Railroad Revenue Freight for First
makes allowance both for number of business days and
for
26 Weeks of 1931 18.2% Below 1930 and 25.9%
usual seasonal changes was 96 in June, on the basis of
the
Below 1929.
1923-1925 average as 100, compared with 97 in May and
Loading of revenue freight for the week ended on June 27
106 in April.
There was a decline of 2.8% in the volume of electricity totaled 759,290 ears, the car service division of the American
generated last week by power plants of the electric light and Railway Association announced on July 8. This was an
power industry as compared to the corresponding week of increase of 20,174 cars above the preceding week this year,
1930 said the National Electric LightAssociation. This decline but a decrease of 177,400 cars below the corresponding
compares with 3.9% reported in the previous week, but is week last year and a reduction of 337,279 cars under the
accounted for in large part by the fact that the Fourth of July same week two years ago.
Loading of revenue freight for the first 26 weeks of 1931
holiday came on a Saturday this year while last year, coming
totaled 18,979,984 cars. This was a reduction of 4,220,592
on a Friday, it occasioned a two-day industrial holiday.
On the 5th inst. temperatures here were 69 to 79 degrees cars, or 18.2% under the same period in 1930 and a reducwith humidity 64 to 90. Boston had 66 to 72; Chicago tion of 6,636,969 cars, or 25.9% under the same period in
70 to 82; Cincinnati, 74 to 90; Cleveland, 70 to 92; Denver, 1929. The usual weekly particulars are summarized as
52 to 90; Detroit, 70 to 90; Kansas City, 62 to 78; Mil- follows:
Miscellaneous freight loading for the week of June 27 totaled
waukee, 62 to 82; St. Paul, 58 to 76; Montreal, 58 to
297,403
80; cars, an increase of 3,779 cars above
the preceding week this year. but
New Orleans, 80 to 92; Omaha, 56 to 82; Philadelp
hia, 72 74,461 cars under the corresponding week
in
1930
143,038
and
cars
under
to 86; Phoenix,82 to 110; Portland, Me.,60 to 72; Portland, the same week in 1929.
Grain and grain products loading for the week totaled
Ore., 58 to 82; San Diego, 68 to 74; San Francisco, 62 to 80;
41,859 cars, an
of 9,096 cars above the preceding week this year, but 6,987
Seattle, 54 to 72; St. Louis, 72 to 80; Winnipeg, 48 to 80. increase
cars
under the same week last year and 10.104 cars below
corresponding
the
The week has been a trying one here from excessive humidity week two years ago. In the Western districts alone
grain and grain prodrather than from high temperatures. The maxima have ucts loading for the week ended on June 27 totaled 30,579 cars, a decrease
of 6,264 cars compared with the same week last year.
around
been
78 to 82, but the humidity much of the time
.
Forest products loading totaled 30,621 cars,
an increase of seven cabs
has been in the 90s. On Thursday night it began to cool a above the preceding week this year. but 17,326 cars
under the same week
1930 and 38,877 cars below the corresponding week
little. The temperatures on the 9th were 70 to 78. To-day In Ore
two years ago.
loading amounted to 30,152 cars, a decrease of 488
cars below the
they were 70 to 74, with humidity at 81 to 93, but more week before, 30,882 cars below the corresponding week
last year and 46,505
bearable because of the lowered heat. The forecast was cars under the same week in 1929.
Loading of merchandise less than carload lot freight
totaled 216,229
for fair weather and moderate temperatures. On the 9th, cars,
a decrease of 904 cars below the
week this year and 23,315
Boston had 70 to 78; Philadelphia, 72 to 86; Portland, Me., cars below the same week last year. preceding
It also was 44,476 cars under
the
64 to 70; Chicago, 64 to 74; Cincinnati, 62 to 86; Cleveland, same week two Years ago.
Coal loading amounted to 119,137 cars, 9,800
cars
above
the preceding
68 to 78; Detroit,60 to 86; Milwaukee,62 to 78; New Orleans, week, but 18,384 cars below the correspondi
ng week last year and
42,918
80 to 98; Kansas City, 70 to 84; St. Paul, 54 to 78; St. Louis, cars under the same week in 1923.
Coke loading amounted to 5,079 cars, a decrease
66 to 88 Denver, 62 to 84; Los Angeles, 68 to 90; Portland, preceding
of 372 cars below the
week this year
4,312 cars under the same
week 'art year.
Ore., 56 to 76; San Francisco, 56 to 72; Seattle 56 to 64; Compared with the same and
week two years ago, it also was
a reduction of
Hamilton, Bermuda, 74 to 86; Montreal, 68 to 88, and 7,198 cars.
Livestock loading amounted to 18,810 cars,
a decrease of 744 c rsIbe
Winnipeg, 54 to 78.
the preceding week.this
year and 1,733.cars below the same
week sat year
[VOL. 133.
FINANCIAL CHRONICLE
198
4,163
cars below the same week two years ago. In the Western
It also was
amounted to
districts alone livestock loading for the week ended June
cars compared with the same week last year.
cars, a decrease of
commodities,
all
of
loading
All districts reported reductions in the total
but also with the same week
compared not only with the same week in
in
compared with the two previous
Loading of revenue freight in
years follows:
1930.
1931.
4,246,552
3,490,542
Five week in January
3,506,899
2,835,680
Four weeks in February
3,515,733
2,939,817
Four weeks in March
3,618,960
2,985,719
Four weeks in April
4,593,449
3,736,477
Five weeks in May
3,718,983
2,991.749
Four weeks in June
27
1,261
14,393
1930
1929.
1931
tinued less than a year ago. Discounts for member banks by
the Federal Reserve Bank increased between May 13 and
June 10, but loans and investments of weekly reporting
member banks declined. Debits to individual accounts at
26 clearing house centers of the District declined 2% in
May compared with April and were 19% less than in May
1930. The Bank's survey of conditions in the Sixth District
further states:
1929.
4,518,609
3,797,183
sales by reporting department stores declined less than 1% compared
3,837,736 May
with April, and were 8.3% less than In May 1930. Wholesale distribution
3,989,142 decreased
5.9% from April to May and averaged 23.7% smaller than in
6,182,402
a year ago. For the first five months of the year retail trade has been
4,291,881 9May
8% and wholesale trade 25.4%, smaller than in that period of 1930. the
Building permits reported from 20 cities decined substantially from
25,616,953 April
23,200,576
18,979,984
Total
total, which included several large projects, and were 45.7% less than
in May last year. Total contract awards in the Sixth District were 66%
Consumption
Chain Store Sales Showed Improvement During June. and residential contracts 37.3% less than in May a year ago.
of cotton in May by mills in Georgia was 12.4%, and in Alabama 1.1%,
According to a compilation issued by Merrill, Lynch & smaller than in May 1930. Output of cotton cloth mills increased over the
yarn
of
Co. of this city, the early reports of sales of chain store month and was slightly larger than a year ago, but production in
comProduction of coal in Alabama and Tennessee declined
companies for June show a distinct upward trend in the declined.
of pig
output
and
was
April,
less than a year ago, but total
parison with
sales of the 5-and-10-cent stores. The results of eight iron in Alabama gained 3.7% from April to May. For the first five months
of 1931 pig iron production has been 25.5% less in Alabama, and 38.2%
5-and-10-cent store companies for June were reported at less
In the United States as a whole, than in that period last year. Pro$47,823,024, as compared with $45,447,988 in June 1930, duction of turpentine and rosin, reflected in receipts at the three principal
of
months
six
first
the
for
sales
of the District, show decreases in May of 24.1% in turpentine, and
while
markets
of
5,22%,
increase
an
in rosin, compared with May last year.
the current year for these 5-and-10-cent store companies 19.7%
The lack of rainfall and lower than usual temperatures,continued through
were $272,919,539, compared with $271,581,621 in Ire May in many parts of the District, and most crops have been affected to
some
extent by both of these factors. Some rains have improved con0.49%.
of
corresponding period of 1930, an increase
ditions during the first half of June. Peaches are reported much better
Results for June 1931 as reported by 36 chain store com- than
a year ago, and a larger crop is estimated by the United States Departpanies, including three mail order concerns, show total ment of Agriculture. Sales of fertilizer tags in this District from August
May have averaged 30.4% less than in that part of the preceding
through
1930,
sales of $186,109,544, against $190,083,782 in June
season.
a decrease of 2.09%. The three mail order concerns alone
Details of wholesale and retail trade in the District are
show sales for June of $52,415,360, against $58,696,781,
as follows by the Bank:
given
a decrease of 10.70%. Excluding the mail order concerns,
Wholesale Trade.
33 chain store companies show sales for June of $133,694,184,
Distribution of merchandise at wholesale In this District reflected in
against $131,387,001, an increase of 1.75%.
sales figures reported by 124 wholesale firms declined 5.9% in May comThirty-six chain store companies, including three mail pared with April, and was smaller by 23.7% than in May last year. During
the past 10 years wholesale trade has increased from April to May in only
order concerns, show total sales for the first six months of two
instances. The decrease at the same time last year was 4%. There
1931 of $1,063,604,219, against $1,111,984,917 in the corre- were small increases reported over April in sales by firms dealing in furniture
and collections also
sponding period of 1930, a decrease of 4.35%. The three and electrical supplies. Stocks, accounts receivable
and were at lower levels than in May last year.
mail order companies alone show sales for the first six months declined
averaged 25.4%
have
1931
of
months
five
first
the
for
sales
Cumulative
of 1931 of $284,376,737, against $320,741,561 in the first less than in that period of 1930, comparisons for individual lines being inThis cumulative comparison is
six months of 1930, a decrease of 11.33%. Excluding the dicated in the following percentages.
followed by a table showing detailed percentage comparisons for the month.
mail order concerns, 33 companies show sales for the six
and make no allowance for
figures
dollar
of
are
comparisons
All of these
months of 1931 of $779,227,482, against sales of $791,243,356 the difference in the prevailing level of prices.
Percentage Comparison ofSales
in the same period of 1930, a decrease of 1.51%. A comJanuary-211ay. 1931 Compared
With Same Period in 1930.
parative table follows:
First Six Months
Month of June
1940. Change
1931.
Change • 1931.
1930.
Sears, Roebuck_ _ -a29,813,876 *31.475,143 5.36158,968,370b172,278,013 7.7
F. W. Woolworth__ 21,978,075 20,715,593 18.1 130,276,318 131,313,486 0.8
Kroger Groc.& Bak.c19,297,748 c20.302,915 4.06119,696,2406123,942,778 3.4
Montgomery Ward_ 10,219.335 23,989,300 19.8 107,791,365 130,185,103 17.2
17,679,219 17,700,1270.1 104,580,365 110.186,173 5.0
Safeway Stores
5. S. Kresge Co.-- 11,895,598 11,400,123 x4.3 67,238,602 67,457,612 0.3
MacMarr Stores,Inc. 6,899,086 7,015,305 1.6 39,241,208 43,404,336 9.6
6,288,559 5,483,832 x15.1 33,087,804 30,007,418 :10.3
W.T.Grant
National Tea Co
6,260,040 6,643,263 5.8 38,660,954 43,114,329 10.3
Walgreen Co
4,800,866 4,304.225 111.5 27,221598 25,939,186 xt.0
Nat. Belies Hess
3,382.119 3,232,338 x4.6 17,617,002 18,280,445 3.6
McCrory Stores
3,240,273 3,211,579 x0.9 19,885,153 19,410,102 x0.9
n9
FAW.Grand-Sliver. 3,110,863 3,182,379 2.2 16,703,255 16,747,011
Melville Shoe Corp_ 2,915,308 3,249,730 10.2 13,941,393 14,499,350 8.8
Grand Union
e2,761,806 e2,869,E83 3.7 h18,687,473 1117,394,267 4.0
H.C.Bohack
e2,672,560 e2,418,355 110.5 116,999,287 114,911.580 :14.0
J.J. Newberry
2.551,078 2,232,773 x14.2 12,818,110 12,198,386 15.0
Lerner Stores Corp_ 2,394,964 2,106.577 x9.0 12,568,971 11,297,263 x11.3
Daniel Reeves, Inc_ f2,285,559 f2,563,674 10.8 1116,727,585 1118,202,704 8.1
x4.0
DominionStores,Ltd e1,986,876 el 027.028 x8.7 112,797.565 112,296,796
1.6
McLellan Stores
1,780,7F9 1,884,510 5.5 9,447.418 9.506,610 x19.1
7,101,013
8,461,702
G. C. Murphy
1,550,353 1,288,917 x21.7
Peoples Drug Stores 1,405 548 1.324.020 x6.1 8,602,092 8,211,484 x4.7
1.451,262 1,342,223 x8.1 7,356,858 6,932.251 x6.1
Nelsner Bros
1,371,117 1,674.074 18.1 7,250,020 8,813,729 17.7
G.R. Kinney
Waldorf System__ _ _ 1.245,410 1,2137,045 0.9 7,798,483 8,009,273 2.6
Western Auto Rip1,185,000 1,273,338 6.9 5.691,000 6,369,838 10.6
ply (Kan. Clty)
g1,031.722 81.138.040 9.1 k6,480,660 k7,341.980 11.7
Jewel Tea
876,382 x13.7 4,890,440 4,695,255 x4.1
995,955
Schiff Co
379,276 x62.9 3,336,823 2,266,761 x47.2
618,056
Edison Bros
463,965 x32.3 3,945,286 2,892,805 x36.3
614,064
Blcktords
438 x31.7 2,397,536 2,027,555 x18.2
339,502,237 1,
Kline Bros38
360.905 6.0 1,781.955 2,014,606 11.5
National Shirt Shops
825,150 125.0
189,891 x29.7 1,032,033
248,333
M.IL Fishman__....
843,377 124.1
962,621
130,192 x23.9
161,334
Kaybee Stores
2.7
978,712
951,665
x32.4
118,735
157,279
Morison Elec. Supp_
1
-23.2
-27.2
-29.8
-24.9
-28.2
-29.2
• +1.8
-16.6
Groceries
Dry Goods
Hardware
Furniture
Electrical Supplies
Shoes
Stationery
Drugs
-25.4
Total
Retail Trade.
from February to April,
Following a gain of a little more than
retail distribution of merchandise through department stores reporting to
the Federal Reserve Bank declined less than 1% in May, and continued
somewhat less in dollar volume than at the same time last year. Stocks
continued to decline but the rate of turnover is higher than a year ago.
cities of the
reporting department stores located in
May sales by
smaller
less than in April, and were
Sixth District averaged
April
over
increases
reported
from New
There were
than in May
and
and
an
Nashville,
increase
at
Chattanooga
Birmingham.
Orleans,
Atlanta over May last year. but these increases were offset in the District
average by decreases at other points. Department store sales during the
less than in that period of
first five months of the year average
These comparisons are of dollar amounts and do not make allowance for the lower level of prices. Reports from some of these firms inlower than
dicate that their prices in May averaged approximately
a year ago.
May
of
averaged
end
the
at
smaller
than a
merchandise
Stocks of
less than a year ago, and the rate of stock turnmonth earlier, and
over was higher for the month, and for the first five months of the year
Accounts receivable at the end of May
than for those periods in
smaller than for May
Increased 1% over those for April, but were
over the month and were
last year, and collections declined
smaller than a year ago.
The ratio of collections during May te accounts receivable and due
36 chain & mall
4.35
1111984917
firms was
1063604219
2.09
compared with
at the beginning of the month for
186 109,544 190,083.782
order cos
320,741,561 11.33
for May last year. For April the ratio
for April, and with
3 man order cos.__ 52,415.360 58.696.781 10.70 284,376,737
regular
against
accounts
and the
firms
was
these
by
collections
of
1.51
791,243,356
33 chain store cos_133,694,184 131,387,001 x1.75 779,227,482
ratio of collections against installment accounts for 11 firms was
20.
June
ended
weeks
Four
c
18.
June
to
a Four weeks to June 18. 1,24 weeks
f 27 days to June 27. g Four weeks
d'Year to June 20. e Four weeks to June 27. to
June 27. 1 26 weeks to June 27.
to June 13. h Year to June 27. I 2 weeks
k 24 weeks to June 13.
Relatively Little Change in Business Conditions in
z Increase.
33%
41
1930.
23
8.3%
0.9%
9.8%
1930.
19%
3.2%
17.1%
1930.
3.2%
32.3%
31.4%
33
5.8%
31.3%,
33.5%,
9.5%
17.4%4
Store Trade and Wholesale Trade in
Federal Reserve District During May
Department
Atlanta
Below Year Ago.
Richmond Federal Reserve District in May and
First Half of June.
Summarizing business conditions in the Fifth District,
the Federal Reserve Bank of Richmond says:
The Federal Reserve Bank of Atlanta in its June 30
"Monthly Review" states that "varying trends are indicated
in the available series of statistics relating to business,
finance, industry and agriculture in the Sixth District during
May. Department store trade was in about the same volume
as in April but wholesale trade declined, and both con-
There was no marked change in business or industry in the Fifth Federal
Reserve District in May and the first half of June. Trade appears to be
marking time: immediate needs are being filled as they arise, but few
advanced orders are being placed or future commitments made. At the
Federal Reserve Bank of Richmond, credit extended to member banks
increased moderately between May 15 and June 15, and the Bank further
increased its total earning assets by purchases of bankers' acceptances In
the open market. Federal Reserve notes in actual circulation declined
•
JULY 11 1931.]
FINANCIAL CHRONICLE
seasonally last month, by about the usual amount. Loans
by member
banks in leading cities of the Fifth District declined slightly
between the
middle of May and the middle of June, and the banks also
decreased their
investments in stocks and bonds, but their deposits increased a
little during
the period. Outstanding loans on June 10 1931 were 13%
less than a year
ago, but aggregate deposits were slightly higher on the 1931
date. Debits
to individual accounts figures in 24 trade centres of the
Fifth District
were lower in the aggregate during the four weeks ended June
10 than during the preceding like period ended May 13, but on a daily basis
the later
period was a little higher than the earlier one. Debits in the
four weeks
ended June 10 1931 were 9.7% less than debits in the
four weeks ended
June 11 1930, a not very unfavorable comparison in view
of price changes
during the year. No material change in the number of unemployed
workers
in the district occurred in May and early June. The
most important occurrence during the period under review in labor circles was
approval by the
workmen affected of the Southern Railway's plan to put
all shop employees
on a five-day week basis at the same hourly wage,
this being done in prefer
ence to further reduction in the number of workers.
Coal production in
May continued relatively low, but on a daily basis
slightly exceeded the
rate of production in April. The textile industry
as a whole failed last
month to measure up to the rate of operations in
the preceding year. but
Fifth District mills did better than the average
for the Nation and consumed
more cotton than in May 1930. Spot
cotton prices continued downward
during the past month and early in June
reached the lowest point since
the early days of the World War, but
turned upward slightly at the middle
of the month. Tobacco manufacturing
continued in larger volume than
in May 1930, the increase being entirely
in cigarette production, of which
the Fifth District makes about
87.5% of the national output. Permits
for building issued in the leading
cities of the district in May exceeded in
total valuation the permits issued in
May last year, but the increase was
due to high figures in a few cities
and in most localities construction is still
far below normal for this season
of the year. Retail trade in May. as
reflected in department store
sales, was approximately 9% less in dollar
value than trade in May last year,
and sales in the first five months of this
year averaged 4% less than
sales in the corresponding period last Year.
The district percentages for
both May and the first five months of the
year were better than the figures
for the nation as a whole. After last
year's severe drouth and low
prices for farm products, much depends upon
the results of farming this
year. It Is too early in the season to form any
opinion as to prospective production
except for grain crops, all of which are
turning out well on reduced acreage
in most sections. However,conditions
for agriculture have thus
far been favorable, and hay crops, grasses and
trees have shown remarkable
recovery from last summer's damage. Early
season indications point to
good results this year insofar as quantity is
concerned, but there are as yet no
signs of material improvement in prices
for the chief money crops of
the Fifth District.
In its report as to retail and wholesale trade,
the Bank
continues:
Retail Trade.
Department store sales in the Fifth Reserve
District in May were 9.2%
less in dollar amount than in
May 1930. but on an actual daily basis the
decline was only 5.6%, most of which
was doubtless due to price recessions
during the year. Aggregate sales in the
first five months of 1931 were 4.2%
less than total sales in the correspondi
ng period last Year.
lit Stocks on the shelves of the reporting
stores on May 31 1931 totaled
11.6% less, at retail selling values,
than stocks on May 31 1930, and also
showed a decline of 1.3% since April
30 this year. Stocks were turned an
average of .326 times during the month of
May, and since Jan. 1 stocks
have been turned an average of 1.537
times, a considerably higher figure
than 1.358 times stocks were turned during
the first five months of 1930.
Collections in the 35 reporting stores
averaged 28.2% of receivables
outstanding on May 1, exactly the same
percentage of outstanding receivables collected in May last
year.
Wholesale Trade.
Wholesale trade in the Fifth Reserve District
in May 1931, as reflected
in reports from 65 firms representin
g five lines, was in less volume than in
the preceding month, April, and was also
below the level of May 1930 except
in shoes, which showed a small increase
in sales in the 1931 month. In
total sales since Jan. 1, all lines show
smaller sales than in the first five
months of last year.
Stocks of groceries increased slightly during
May, but at the end of that
month all lines showed smaller stocks than
those on hand on May 31 1930.
Wholesale collections slowed up distinctly during May. The
percentages
of outstanding receivables collected
in all lines..except hardware were lower
than the percentages for April this year,
lower
were
also
and
in all lines
except shoes than in May 1930.
Less Than Seasonal Increase in Business Activity
From April to May in San Francisco Federal Reserve District.
The Federal Reserve Bank of San Francisco in its June
20 "Monthly Business Review" covering business condition
s
In the 12th district, says:
Expansion of business activity in the 12th Federal Reserve
District
from April to May was not quite as great as
is usual between those months.
Industrial operations increased by slightly less than
the seasonal amount,
and trade activity changed little. There were
few drastic reductions in
prices of individual commodities, but declines were
widespread and average
wholesale commodity prices continued to move downward
sharply. There
was an increase in the amount of Reserve Bank credit in
use in the District
during the last week of May and discounts at the Federal
Reserve Bank of
San Francisco averaged higher during the first 20 days
of June than at
any time since last December. Further reductions in interest
rates paid
on deposits were announced during the first half of June while
rates charged
customers advanced slightly.
Less favorable growing conditions—principally insufficient soil
moisture
and irrigation water—resulted in a decline in the condition of most of
the
District's crop during May. The June 1 estimate of winter wheat production, while considerably larger than last year's harvest, was well below
the
May 1 estimate. Most deciduous fruit crops in California were reported to
be in good condition on June 1 and the present outlook is for crops only
moderately smaller than in 1930, in which year deciduous fruit production
In the 12th District was unusually large. Livestock have been maintained
in fairly good condition throughout the District by shifting from one range
area to another. Ranges generally show the effects of lack of sufficient
rainfall. There have been few outstanding changes in the level of agricultural prices during the past month, and relatively low prices prevail for
most fann products.
Lumber production Increased seasonally during May and output of flour
mills declined less than is customary during that month. There was a
199
small increase in the output of crude oil. Reduced activity at petroleum
refineries and increased consumer demand resulted in a further substantial
reduction of gasoline stocks. A slight decline in copper production was
accompanied by a decrease in stocks of blister copper, but refined inventories increased considerably during the month. Increases in building
activity in San Francisco and in several of the medium-sized cities of the
District were more than offset by declines in most large cities and the
total value of building permits issued in the District declined during the
month, contrary to the usual tendency. Engineering contracts awarded
were smaller in value than in April. A relatively small part of the year's
fruit and vegetable canning has been done, but operations of canneries
thus far have been at a lower rate than in 1930. Employment increased
seasonally in a few industries during May, while further wage reductions
were reported.
Sales at wholesale and the volume of intercoastal trade showed some
contraction between April and May, after allowance for seasonal tendencies.
The adjusted index of carloadings advanced moderately and registrations
of new automobiles and retail trade showed little change.
Reserve Bank credit employed in the 12th District expanded considerably
during late May and has been substantially larger in volume since the
beginning of June, than during any similar period since the first of this
year. The increase in credit extended by this Bank followed an outflow
of funds from the District in settlement of trade balances. Partly as a
result of these inter-district payments, both demand and time deposits of
reporting member banks were reduced substantially during the four weeks
ending June 17. Banks and individuals in the 12th District were allotted
approximately 35 million dollars of the United States Government bonds
issued June 15. As a result member bank holdings of Government securities increased sharply as did Government deposits, since the bonds were
purchased to a considerable extent with deposits credited to the account
of the Treasurer of the United States.
Improvement in Distribution of Merchandise in Dallas
Federal Reserve District.
A well sustained demand for merchandise in both wholesale and retail channels of distribution was in evidence in
the Eleventh Federal Reserve District during the past month
says the July 1 "Monthly Business Review" of the Federal
Reserve Bank of Dallas, which adds:
Department store sales were again slightly larger than in the previous
month, and the 12% decline from the corresponding month of 1930 was
the same as that shown for April. Wholesale distribution was slightly
smaller than in April and continued considerably below the volume for
May 1930; Yet the size of the decline from a year ago was smaller than
was shown in April. Merchants continue to make purchases on a handto-mouth basis, and the sustained consumer demand has been reflected
in frequent reorders from wholesale establishments. While Southwestern
carloadings during May reflected a seasonal decline as compared to the
previous month, it was less than usual, and the decline from the corresponding month of a year ago was the smallest during the current year.
The prevalence of more normal temperatures since the latter part of
May
has stimulated the growth of row crops which are gradually overcoming
the handicaps of adverse factors earlier in the season; yet the lateness of
certain crops, particularly corn and cotton, still remains as an important
factor in the prospective production. Farmers have made rapid progress
with field work and reports indicate that crops generally are in a good state
of cultivation. While some parts of the district are in need of rain to
replenish surface moisture, a good subsoil season obtains in practically
all sections of the district, and this will be an important factor in sustaining
crop growth during the summer months. The district's farmers
are now
harvesting small grain crops and indications are that
the yields will be
very heavy. The physical condition of ranges and livestock continued
good to excellent throughout the district, and present indications point
toward a good supply of grass for summer grazing. Tempering to some
extent the good physical outlook, however, was the drastic decline in
livestock prices during May. While cattle prices have shown some
recovery from the low point in May, they are still considerabl below
the
y
level obtaining at the end of April.
The demand for funds for agricultural purposes was reflected
in a steady
expansion of Federal Reserve Bank loans to member banks. These
loans rose from $8,345,000 on May 15 to $10,019.000
on June 15, but on
the latter date they were slightly lower than at the middle of June
1930.
The combined net demand and time deposits of member banks reflected
a small seasonal decline, the daily average for May being
$796,875,000
as compared to $801,150.000 in April, and $864,711,000 in May a year
ago. The commercial loans of reserve city banks reflected a
further
decline during the month and were considerably smaller
than a year WI.
The exceedingly large amount of funds seeking an investment outlet was
evidenced by subscriptions to the June 15 issue
of 3 % United States
Treasury bonds totaling $137,870,650. against which allotments
of $22.786.750 were made.
Construction activity, as evidenced by the valuation of building permits
Issued in principal cities in the district showed a further gain of s% over
the previous month, but was 16% less than in May
a year ago. The
May production and shipments of cement were larger than in April and
shipments exceeded those in the corresponding month of 1930.
Wholesale and retail trade conditions in the District are
further indicated by the Bank:
Business—Wholesale Trade.
Although mixed trends were visible, the volume of merchandise distribution at wholesale during May was fairly wellsustained. Sales of groceries,
hardware and drugs were smaller than in the previous month, but those of
dry goods and farm implements increased. The further gain in dry goods
sales may be attributed in part to the fact that merchants bought sparingly
early in the season and have found it necessary to make frequent reorders
to supply consumer demand. lathe case offarm implements,the unusually
large grain crops created a heavy demand for harvesting machinery.
As compared to May 1930, sales in all lines except farm implements
refleeted a substantial decline; yet the comparisons generally were more
favorable than in April. Reports indicate that retailers are still adhering
to the policy of keeping purchases closely aligned to consumer
demand.
Collections in two reporting lines were larger than in the previous
month,
while they were smaller in three lines.
Although the volume of business transacted by reporting
wholesale
dry goods firms was 1.7% larger in May than in April, the number
of firms
participating in the gain was smaller than the number that
reported decreases. Sales during May were 15.4% less than in the
corresponding
month a year ago, as against 27.4% in April, and this
comparison is the
most favorable presented shine October 1929. Cumulative
sales for the
first five months of the year showed a decline of 29.0% as compared to the
same months in 1930. Inventories were reduced 6.7% during the month.
and on May 31 they were 37.1% smaller thaan a year ago. Collections
were in larger volume during May than in April.
Following the large expansion during April, the May sales of reporting
wholesale farm implement firms reflected considerably more than the usual
seasonal increase, and for the first time since October 1929 were larger than
In the corresponding month a year previous. An important factor contributing to the increase was the heavy buying of harvesting machinery
for use in harvesting the large grain crops. Sales during May were 35.5%
greater than in April, and while they showed a gain of 32.5% over May
1930, the total from Jan. 1 to May 31 was 44.9% less than in the same
period last year. There was a general decrease in collections.
While the distribution of hardware through wholesale channels during
May was 9.9% below that of April, the decline was tempered somewhat
by the fact that each of the two preceding months witnessed material
increases, the April gain being contrary to the seasonal trend. Business
during May was on a scale 23.9% below that of a year ago. Merchants
are keeping orders in strict alignment with consumer demand. There
was a slight falling-off in the month's collections.
The demand for drugs at wholesale during May in the Eleventh Federal
Reserve District reflected a slight decrease of 2.5% as compared to the
previous month, and was 11.4% smaller than in May last year. While
In a few sections business was fair to good, in others it continued to be
in unsatisfactory volume. The collections situation reflected a slight
but general improvement.
Sales of groceries at wholesale during May were 3.1% smaller than
In April, and showed a decline of 14.8% as compared to May a year ago.
While reports continued to reflect an unsatisfactory volume of distribution
In practically all sections of the district except the East Texas oil area.
it Is indicated that since June 1 a somewhat stronger tone of confidence
has been evident: Total sales from January to May, inclusive, were
17.3% less than in the same months of 1930. The month witnessed a
perceptible decline in collections.
CONDITION OF WHOLESALE TRADE DURING MAY 1931.
Percentage of increase or decrease in:
May
1930.
April
1931.
Net Sales
Jan. 1
to Date
Compared
With Same
Period
Last Year.
-14.8
-15.4
+32.5
-23.9
-11.4
-3.1
+L7
+35.5
-9.9
-2.5
-17.3
-20.0
-44.9
-25.1
-11.1
Net Sales
May 1931
Compared
With
Groceries
Dry goods
Farm implemls_
Hardware
Drugs
[Vol,. 133.
FINANCIAL CHRONICLE
200
May
1930.
April
1931.
Ratio of
Collections
During May
to Accounts
and Notes
Outstanding
on April 30.
-10.5
-37.1
-4.1
-0.3
-16.8
-2.5
-6.7
+2.5
-1.3
-8A
85.7
26.5
3.2
32.7
39.1
Stocks
May 1931
Compared
With
Retail Trade.
The volume of sales at department stores in larger cities of the Eleventh
District reflected a further seasonal expansion during May. Sales averaged
1% greater than in April, but fell 11.8% under those in the same month
last year. This decline, however, is slightly smaller than that in the
preceding month. Recent reports indicate that consumer demand generally was well sustained during the first two weeks of June, due principally
to favorable weather which stimulated the buying of summer merchandise.
Sales during the period from Jan. 1 to May 31 averaged 10.3% less than
In the same period of 1930.
Stocks of merchandise on hand at the close of May were 5% less than
a month earlier and 15.7% below those a year ago. The rate of stock
turnover during the first five months of 1931 was 1.23 as compared to
1.20 in the corresponding period of 1930.
Collections evidenced a slight decline during the month. The ratio
of charge accounts collected during May was 34.1% as against 34.4%
in April and 36.5% in May 1930.
June Motor Production Estimated at 254,760 UnitsOutput Follows Consumption in Seasonal Decline.
Passenger car and truck produotion for June is estimated
at 254,760 units in a statement issued Thursday by the
National Automobile Chamber of Commerce. This is 22%
under May and 27% under June of last year. The output
for the entire industry during the first half of 1931 was estimated at 1,632,971 vehicles, or 29% under the production
for the corresponding period a year ago.
The Chamber estimate indicates that motor manufacturers
are still regulating production closely to demand in line with
the trend shown in a recent report from the U. S. Department of Commerce to the effect that the output for the first
five months of the year had exceeded the total of new car
registrations and export sales by only 1%. Chamber production estimates are based on motor manufacturers'
factory shipment reports.
New Chrysler and Stutz Automobile Models.
The Chrysler Corp. announces the addition of a5-passenger
coupe to its de luxe line, listing at $1,565 f. o. b. Detroit.
The Stutz Motor Car Co. of America, Inc., announces
the new DV-32 as its contribution to the mid-year presentation of new models by the automobile industry. The DV-32
is announced by its makers as the first appearance of the
dual valve overhead camshaft principle in a stock car under
$10,000. This new line includes the new Stutz }Ramat
and a representative line of all popular body types both in
standard and custom design.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 222 mills show that for the week ended June 27
1931 there were produced a total of 108,433,127 feet of
lumber, 109,254,770 feet ordered and 114,110,805 feet
shipped. This compares with 111,705,332 feet produced,
111,049,761 feet ordered and 105,882,584 feet shipped
during the preceding week. The Association's statement
follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS
223 mills report for week ending June 27 1931.
(All mills reporting production, orders and shipments for last week.)
108.445,127 feet (100%).
Production
109,285.789 feet (0.78% over production)
Orders
114,110,805 feet (5.22% over production)
Shipments
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (347 IDENTICAL MILLS).
mills reporting production for 1930 and 1931 to date.)
125.831.312 feet
Actual production week ended June 27 1931
126.420,942 feet
Average weekly production 25 weeks ended June 27 1931
158,860,610 feet
1930
during
production
Average weekly
195,860,399 feet
Average weekly production last three years
298,599,042 feet
x.Weekly operating capacity
x Weekly operating capacity is bed on average hourly production for the 12
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 222 IDENTICAL MILLS-1931.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
June 6.
June 27.
June 13.
Week Ended108,433,127 111,705,332 112,760,492 117,011,749
Production
109,254,770 111,049,761 105,803,409 112,879,703
Orders (100%)
35,611,772 37,293,800 38,144,117 33,209,382
Rail (32%)
.43,760,962 47,089.888 40.506,824 42.173,390
.
Domestic cargo(40%)-22,454.117 17,968,683 19.011,537 26,603,670
Export (21%)
7,427,919
8,699,390 10,141,131 10.893.261
Local(7%)
114,110.805 105,882,584 118,223,134 105,460,828
Shipments (100%)
36,725,706 37.044,206 35,718,821 37,796,981
Rail (32%)
Domestic cargo (44%)--- - 50,007,117 37,236,417 43,195,898 41,743,560
19,950,063 22,902,571 27,167,284 15.027,026
Export (17%)
7,427,919
8,699,390 10,141,131 10,893.261
Local(7%)
374,790,853 379,203,115 379.125,729 391,657.242
Unfilled orders (100%)
84,236,236 87,828,393 88,799,171 88.630,115
Rail (23%)
Domestic cargo (49%)._ _ _184,825.001 188,993,649 182,187,114 185,730,903
105,729.616 102,383,073 108,139,444 117,296,224
Export (28%)
194 IDENTICAL MILLS.
All mills whose reports oI production, orders and shipments are complete for 1930
and 1931 to date.)
Average 25
Average 25
Weeks Ended
Weeks Ended
Week Ended
June 27 1931. June 27 1931. June 28 1930.
155,784,795
105,052,485
104,588,083
Production (feet)
143,247,891
107,156,882
106,569,842
Orders (feet)
148,578,019
109,175.321
110.511,162
Shipments (feet)
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JUNE 27 '31 (107 mills)
CancelOrders on
lotion
Orders
Hand Begin': Week Received. AdJustm'ts
June 27'31.
Skipmeals.
Unfilled
Orders
Week Ended
June 27'31.
Washington & Oregon
Feet.
Peet.
Feet.
Feet.
Feel.
(96 Mills)50,161,101 13,902,185 +3353232 15,083,121 52,353,377
California, 71 mills
29,587,433 117,327,224
Atlantic Coast,82 mills. 123,115,091 25,055,291 1,275,725
None 1,575,189 2,023,788
399,116
14 mills. 3,199,861
Mcellaneous,
is
Total Wash.& Oregon 176,476,053 39,356,572 +2077507 46.205,743 171.704,389
•
Reporting dom. cargo
None 488,193
426,876
276,000
638.869
only.4 mills
Totals
Brit. Col. (11 MR10California. 3 mills
Atlantlo Coast. 10 mills_
Miscellaneous. 9 mills
177,114,922 32,832.572 +207750746,893.936 172,131,065
99,000
597,975
5,413,309 1,924,390
5,887,443 2,105.000
Total Brit. Columbia_ 11,878,727 4,128,390
Reporting dom. cargo
None
None
only
11,878,727 4,128,390
Totals
543,218
None
None 1,302,983
None 1,487.000
153,757
8,034,738
6,505,443
None 3,313,181 12,693,936
None
None
None
None 3,313,181 12,693,938
Tntal Anmeette metro_ 186.993.849 43.760.962 +2077507 50.007.117 1R4 ARM nal
Output of Pneumatic Casings and Tubes Again
Increased During May-Inventories Higher.
According to statistics compiled by the Rubber Manufacturers Association, Inc., from figures estimated to
represent 80% of the industry, there were produced during
the month of May 1931 a total of 4,543,003 pneumatic
casings-balloons and cores-and 11,369 solid and cushion
tires, as compared with 3,955,491 pneumatic casings and
11,610 solid and cushion tires in the preceding month and
4,573,895 pneumatic casings and 16,752 solid and cushion
tires in the corresponding period last year. Shipments
during May 1931 amounted to 4,332,137 pneumatic casings
and 15,566 solid and cushion tires as against 4,173,177
pneumatic casings and 24,426 solid and cushion tires in the
same month in 1930 and 3,945,525 pneumatic casings and
15,445 solid and cushion tires in April 1931. Pneumatic
casings on hand at May 31 1931 totaled 8,249,856, as compared with 8,025,135 a month earlier and 10,745,389 at
May 311930.
Output of balloon and high pressure inner tubes during
May 1931 amounted to 4,329,731 as against 3,693,222 in
the preceding month and 4,428,367 in the corresponding
month a year ago. Shipments totaled 4,224,594 inner
tubes as compared with 4,058,847 inner tubes in May 1930
and 3,708,949 inner tubes in April 1931. Inventories at
May 31 1931 were 8,438,798 inner tubes as against 8,330,155
at April 30 1931 and 11,081,523 at May 311930.
The Association, in its bulletin, dated July 8 1931, gave
the following statistics:
1
JULY 11 1931.]
FINANCIAL CHRONICLE
PRODUCTION AND SHIPMENTS OF PNEUMATIC
CASINGS AND INNER
TUBES (BY MONTHS).
From figures estimated to represent 80% of the industry.)
Pneumatic Casings.
OutPut.
Shipments.
Incastory.
OutPut.
Shipmenis.
7,165.846
7,628,520
8.011,592
8,025,135
8,249,856
2.939,702
3.188,274
3,730,061
3,955,491
4,543,003
2.995.479
2,721,347
3,297.225
3,945.525
4,322.137
7,551,503
7,936.773
8.379,974
8,330.155
8.438,799
2,898.405
3,132.770
3.559,644
3.693,222
4.329,731
3.249,734
2.720,135
3.031,279
3.708.949
4,224,594
9.539,353
9,928,838
10.010.173
10.461,208
10.745,389
10.621.634
9,449.318
8,678,184
7.849.411
7.842,150
7.675.786
7,202,750
3,588,862
3,644.606
3,890,981
4.518,034
4.573.695
4.097.808
3,193,057
3.332.489
2,692.355
2.865.933
2.123.089
2,251,269
3.505.404 10,163.267
3,356.104 10,428.968
3,773,865 10,543,026
4.071,822 11,027,711
4,173.177 11.081,523
4.234,994 10,889,444
4.357.836 9,325,602
4,139,900 8,589.304
3,524,141 8.052.121
2.799.440 8,413.578
2.267.465 8,250,432
2,688,960 7,090,477
3.685.410
3,707,066
3,952.921
4,408,030
4.428.367
3,959,972
3,151.107
3,836.880
3,053.424
3,161.048
4,143.609
2,448,195
3.885.717
3,469.919
3,781.780
3.078.697
4.058.847
4.212,082
4.684.182
4,609,856
3.632.458
2.777.985
2,230.654
2,729,973
1931January
February
March
April
May
1930January
February
March
April
May
June
July
August
September--October
November...December
Inner Tubes.
Inventory.
CONSUMPTION OF COTTON FABRICS AND CRUDE
RUBBER IN THE
PRODUCTION OF CASINGS. TUBES, SOLIDS AND CUSHION
TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Consumption.
Calendar Years.
1926
1927
1928
1929
1930
Month of Jan. 1931
Month of 1 eb. 1931
Month of Mar. 1931
Month of Apr. 1931
Month of May 1931
Cotton
Fabrics
(80%).
Crude
Rubber
(80%).
(Pounds)
165,963.182
177,979,818
222,243,398
208.824,653
158,812,462
12.738,467
12,002,161
14,040.803
15,243.625
18,009,764
x Production.
Gasoline
(100%).
(Pounds)
(Gallons).
518,043.062 10.708.068,000
514,994.728 12.512.976,000
600.413.401 13,633.452.000
598,994.708 14,748.552,000
476.755.707 16,200894.000
36,318,980 1.127.'432.000
30,051.119 1,097,208,000
41.850.638 1,303.302.000
45,016,344 1,402,800,000
53,417,709 1,499,901,000
Passenger
Cars.
Trucks
(100%). (100%).
3.929,535
3,093,428
4,024,590
4,811,107
2,939,791
144,878
189,264
241,728
299,736
280.041
535.006
486,952
576.540
810.549
569,271
33.521
39,975
47.606
53.131
47.812
x These figures Include Canadian production
and ears assembled abroad. the Parts
of which were manufactured in the United
States.
Note.-With the exception of gasoline
on and car and truck production
the figures shown above since January consumpti
are estimated to represent approximately 80% of the Industry as compared1929,
with 75% for prior years.
The Paper and Pulp Industry in May-Decrease in
Total Paper Production.
According to identical mill reports to the Statistical
Department of the American Paper and Pulp Association
from members and co-operating organizations,
the daily
average of total paper production in May decrease
d 2%
under April, and was 8% under May 1930. The
daily
average wood pulp production in May was 1% below
April
1931, and 14% under May 1930. The Association's
survey
July 3 continued:
Compared with May a year ago, the daily average
production registered
the following grades: Newsprint, uncoated
book, bag, wrapping, writing, hanging and building papers.
Compared with April 1931, the
following percentage decreases were registered
in the daily average production: Newsprint, 1.2%; uncoated book,
0.4%; paperboard. 2.8%*
wrapping, 1.2%; writing, 5.2%; tissue, 5.0%; and
hanging. 4.8%. Total
shipments of all major grades decreased 11% during
the first five months
of 1931 as compared with the first five months of
1930.
Identical pulp mill reports for the first five months
of 1931 indicated
that the total pulp consumed by reporting mills was 17%
less than for the
first five months of 1930, while total shipments
to the open market during
the first five months were 28% below the total for the same
period of 1930.
Pulp inventories showed a decrease, and at the end
of May, total stocks
of all grades of pulp were 24% below the level of the
preceding year. As
compared with the end of April 1931, groundwood, news
grade sulphite
and kraft pulps were the only grades showing a decrease
in inventory.
REPORT OF PAPER OPERATIONS IN IDENTICAL
MILLS FOR THE
MONTH OF MAY 1931.
a decrease in
Grade.
Production,
Tons.
Shipments.
Tons.
Stocks on Hand
End of Month,
Tone.
101,202
76,933
158,820
44,675
12,272
24,634
5,966
3,108
5,607
16,504
102,555
74,176
160,529
43,806
12,378
25,195
5.470
3,172
5,760
17,261
32,956
48,786
61.614
44,521
5.993
49,406
4,444
4,201
2,623
14,447
449,721
450,311
268.991
Newsprint
Book, uncoated
Paperboard
Wrapping
Bag
Writing, &o
Tissue
Hanging
Building
Other grades
Total all grades-May 1031.
REPORT OF WOOD PULP OPERATIONS IN
IDENTICAL MILLS FOR THE
MONTH OF MAY 1931.
Shipped Dur- Stocks on Hand
Used During ing Month, End of Month,
Month, Tons,
Tons.
Tons.
Grade.
Production,
Tons.
Groundwood
Sulphite news grade_ _ _
Sulphite bleached
Sulphite easy bleaching
But
mitscherlich
Kraft pulp
Soda pulp
Pulp, other grades_ _._
89,542
26,542
19,131
2,295
3.331
28,919
17,666
257
75.733
26,342
16,820
2,068
2.493
24,810
14,372
461
1,783
789
1,900
103
802
4,522
3,251
75
72,561
4,712
2,509
696
1.432
7,198
2,844
103
187,683
163,099
13,225
92,055
Total, all gradesMay 1931
201
Agricultural Department's Official Report on
Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late Friday afternoon,
July 10, its forecasts and estimates of the grain crops of the
United States as of July 1, based on reports and data furnished' by crop correspondents, field statisticians and cooperating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 713,000,000 bushels, which compares with
the Department's estimate of 649,000,000 bushels a month
ago and with 612,000,000 bushels harvested in 1930. The
July 1 condition of winter wheat is given as 82.3% of normal,
which compares with the June 1 1931 condition of 84.3%
and the July 1 1930 condition of 73.8%. The 10-year
average condition of winter wheat is 75.8%. The production
of spring wheat is estimated as of July 1 to be only 156,000,000 bushels, which compares with a production of
251,000,000 bushels in 1930 and a 5-year average production
of 274,000,000 bushels. The condition of durum wheat
for July 1 1931 is placed at 57.9% of normal and of other
spring wheat at 53.4% of normal, as compared with a
June 1 1931 condition of all spring wheat of 67.9% and with
74.7% the condition on July 1 a year ago. The probable
production of corn is placed a 2,968,000,000 bushels, which
compares with 2,094,000,000 bushels harvested last year,
2,614,000,000 bushels harvested two years ago and a 5-year
average production of 2,761,000,000 bushels. The condition
of corn on July 1 was 83.7%, comparing with 79.9% on
July 1 1930 and a 10-year average of 80.8%. Corn, winter
wheat, oats and tame hay show an increase in the area
planted, while spring wheat, barley, rye and flaxseed show
decreases in the area planted. We give below summaries
of the principal crops, full details will appear in our issue
of next Saturday:
Crop Report as of July 1 1931.
The Crop Reporting Board of the United States Departme
nt of Agriculture makes the following forecasts and estimates for the
United States.
from reports and data furnished by crop correspondents, field statistici
ans
and co-operating State Boards (or Departments) of Agriculture
and Agricultural Colleges:
Acreage (1,000 Acres).
Crop.
Corn
bush.
Winter wheat
"
Durum wheat,4 States-- "
Other spring wheat, U.S. "
All wheat
"
Oats
Barley
Rye
Flaxseed
Hay,all tame
tons
5. Year
Average
1925- 1930.
1929.
Yield per Acre.
10- Year
Average
1931. 19201929.
99,568 101,413 105.557 28.0
36,466 39,514 b40,692 14.9
5,380 4,769 3,543 12.4
15,604 16,243 13,434 c12.8
57,449 60,526 57,669 14.2
42,553 40,125 41,248 31.1
10,222 12,901 12,771 25.2
3,601 3,525 b3,294 13.5
2,909 3.692 3,132
7.6
59,172 54,080 54,591 1.56
'
Indicated
yCond'n
1930.
July 1
1931.a
20.6
15.5
12.0
11.9
14.3
33.8
26.0
13.7
5.8
1.44
28.1
17.5
9.1
9.2
15.1
31.7
20.9
11.6
5.7
1.45
a Indicated yield increases or decreases w th changing conditions
during the
season. b Acres remaining for harvest. c All spring wheat.
Condition.
Total Prod'n in Millions
July I,
10-tic.or. July 1
920-29. 1930.
Indicated
July 1 5-Yr.
by Cond'n.a
1931. A rye. 1930.
925Junel July1
Per Cent. Per Cent. Per Cent. 1929.
1931. 1931.
Corn
bush. 80.8
79.9
83.7 2,761 2,094
2,968
Winter wheat
75.8
73.8
82.3
547 612
713
Durum wheat, 4 States
" b78.0
81.1
57.9
67
57
32
Other spring wheat, U.S. " c80.5
74.7
53.4
207 194
124
All wheat
77.2
74.5
75.2
822
863
869
06
Oats
79.7
80.7
80.1 1,317 1.358
1,306
00
Barley
81.5
84.3
70.7
265 335
267
Rye
79.8
79.6
68.2
46.1
48.1
43.8
38.3
Flaxseed
82.0
78.4
60.2
20.9 21.4
17.9
Rice, 5 States
87.9
84.7
40.9 41.3
40.7
Hay, all tame
tons 679.9
72.4
94.4 77.8
73.6
79.1
Hay, wild
b78.5
79.9
13.1 11.8
9.4
a Indicated production increases or decreases with changing conditions
during
the season. b Short time average. c All spring wheat.
Crop.
--sie
Agricultural Conditions in Central and Eastern Canada
Are Better Than A Year Ago,But Poor in the Prairie
Provinces, Says the Canadian Bank of Commerce.
"In Eastern and Central Canada the general outlook for
agriculture, as far as the new crops are concerned, is better
than at this time last year, and practically the only qualifying
factors in this area (where about 60% of the rural population is situated) are first, that normal weather will be
essential during the rest of the season, and secondly, that
the financial returns from the sale of most farm products
have continued sub-normal, although moving within a comparatively narrow range during the last few months. In
British Columbia serious damage to the crops was averted
by unusually heavy June rains," says General Manager
S. H.
Logan, of The Canadian Bank of Commerce.
202
"Having regard to the severe handicap under which graingrowing commenced in the Prairie Provinces," continued
Mr. Logan, "it is not surprising that fully 50% of the
Western wheat deteriorated greatly during June. The encouraging feature was the almost general improvement in
Alberta, where there were frequent and timely rains. The
rains over the greater part of the Saskatchewan and' Manitoba grain belts did not come in time and were not sufficiently heavy to prevent irreparable damage in the southern
and central sections of the former, and in the western half
of the latter. Southern Saskatchewan as a whole will harvest its third successive short crop, while many fields in
this area will not be worth cutting. The damage was not
only to wheat, but to coarse grains, pastures and ranges,
while there was also a serious shortage of water; rain in
the closing days of June, however, brought about improvement as fax as feed crops and water supply were concerned.
Northern Saskatchewan has been favored with better
weather, and at the beginning of the season had a greater
reservoir of sub-soil moisture; accordingly, the condition of
all crops is better than in the southern part of the province."
Canada's Wheat Put At Only Half Normal—Crop of
225,000,000 Bushels Is Indicated on the Canadian
Reports at Ottawa.
In dispatches from Ottawa, Can., July 9, it was stated
that while the Government crop reports had not so far
made an estimate of this year's western wheat yield, yet
they indicate it would be only slightly above 50% of normal. The normal wheat yield is about 425,000,000 bushels
and this would place this year's crop at about 225,000,000
bushels. Grain companies, it was stated, are more optimistic, placing the yield at 250,000,000, and this optimism
is a result of recent general rains which have improved
crop prospects in northern areas, but are too late to benefit
the large drouth area in southern Saskatchewan, southern
Alberta and western Manitoba.
There was a decrease of about 10%, or 2,100,000 acres,
in area seeded, but to this must be added at least 7,000,000
acres where drouth has brought a total failure of wheat,
barley, oats and rye. These accounts furthermore say
that about 100,000 farmers and their families will have
to be provided with fuel, food and seed.
James Richardson, the largest wheat exporter, told the
House of Commons Committee on Agriculture that Canada's
wheat carry-over from last year's crop would be at least
130,000,000 bushels, which with a crop of 225,000,000
this year would make the total stock 355,000,000 and
of this there would be an exportable surplus of 200,000,000
bushels. He pointed out that the combined United States
and Canadian wheat surplus would be nearly 500,000,000
bushels, which he said was 200,000,000 bushels "too great
for comfort." The Canadian wheat crop is the worst in
the history of western wheat farming. Premier Bennett
has described it as "a national calamity." Yet the heavy
carry-over bears heavily on the price, and even the short
crop will have to be sold at less than cost of production.
of Montreal Report on the Crops of the
Dominion of Canada.
Below will be found a brief synopsis of telegraphic reports
received at the head office of the Bank of Montreal from its
branches. The branch managers have complete and intimate
knowledge of each local situation and are in close touch with
crop conditions in all sections of the districts mentioned:
The Bank
GENERAL.
In all the Eastern Provinces, and also in the far West, crop conditions
generally contique to be highly encouraging and in some instances exceptionally so, while in the Prairie Provinces general rains have improved
conditions, though they have been too late to save crops in many areas
cool
of Southern Saskatchewan and Western Manitoba. Since the rains,
now is
weather has been retarding growth on the prairies. The situation
that Alberta crops are in favorable condition, but backward, while in many
sections in Southern Saskatchewan and Western Manitoba it Is doubtful
if the harvest will yield more than seed and feed. In Quebec, crops show
have been followed by
good growth. In Ontario, 10 days of hot weather
heavy rain and most crops are progressing satisfactorily, with the exception
of canning peas. In the Maritime Provinces weather conditions have been
ideal, except for lack of moisture in some parts of New Brunswick. In
British Columbia warm, favorable growing weather prevails. Details
follow:
PRAIRIE PROVINCES.
EarlyAlberta Northeastern Area.—Moisture conditions are satisfactory.
sown wheat is in head; straw is short. Later-sown wheat is promising and
is
wheat
Area.—Late-sown
largely in shot blade. Alberta Southeastern
making fair progress; the condition of early-sown wheat is poor. The
pasturage situation has improved. Alberta Western Area—Conditions
generally are favorable. In the Lethbridge and Drumheller districts conditions show improvement, but prospects are still uncertain and further
[VoL. 133.
FINANCIAL CHRONICLE
moisture will be required shortly. The sugar beet crop is making fair
progress. Saskatchewan Northern Area.—Heavy rainfall, fairly general,
has created moisture sufficient for two to three weeks. About 25% of the
wheat is now headed out, with average height six to 15 inches. All crops are
patchy and, even with favorable weather, the yield will be considerably
below average. Saskatchewan Southern Area.—Good rains have improved
conditions generally, but in most sections the precipitation has come too
late to yield more than seed and feed. Crops are heading prematurely,
with very short straw. Re-seeding to coarse grains for feed purposes is
fairly general. Manitoba.—Heavy rains during the past week have improved
conditions generally and the seed and feed situation is less acute. Wheat
averages 12 inches in height; approximately 50% is headed. Coarse grains
promise to be light; late sowings are showing improvement. In the northern
and eastern area conditions are now favorable, but are well below normal.
In the western area there is some improvement, but a very light crop is
expected. Crops on summer-fallow are making the best progress.
PROVINCE OF QUEBEC.
Haying, while not yet general, will show a high average cut of good
quality. Potatoes and other root crops are doing well. Cereal crops show
rapid growth. Orchard fruits are promising; small fruits are abundant.
Pastures are in good condition.
PROVINCE OF ONTARIO.
Fall wheat is filling well and ripening rap'dly, and cutting will be general
within the next week. Barley and oats are well headed out and making
excellent growth. Canning peas have been seriously affected by unfavorable
weather conditions and this, with root rot and aphis, has reduced the yield
to such an extent that with the small acreage the pack will be light. The
harvesting of a heavy hay crop is well under way. Corn has made exceptional progress. Early potatoes are yielding well and other root crops
are in a satisfactory condition. While the June drop was heavier than
usual, there is a fairly uniform set of apples and the condition at this date
is up to average. Tobacco continues to show satisfactory growth.
MARITIME PROVINCES.
Cutting of hay has commenced in some sections and a good average crop
seems assured. Cereal crops are progressing favorably. Potatoes and other
roots show satisfactory progress. Apples have set well; small fruits are
plentiful. Pastures are in good condition.
PROVINCE OF BRITISH COLUMBIA.
An excellent apricot crop is now being marketed. Picking of the strawberry crop, which was only 50% of average, is practically completed. Other
small fruits, including raspberries, loganberries and currants, are plentiful
although in some districts they are smaller in size than usual. The early
cherry crop Is about 50 to 75% of average; indications point to a 100% sour
cherry crop. Tree fruits as a whole continue to show good growth. Potatoes
and tomatoes are progressing satisfactorily. Haying is general. Both roots
and grains appear to assure 95 to 100% crops. Pasturage is plentiful and
livestock is in good condition.
Production of Boots and Shoes for May 1931 Shows
16.4% Falling Off From 1930.
The Department of Commerce announces the following
statistics on the production of boots and shoes, by classes
and by States, for May 1931, representing 1,193 factories.
The revised figures for April 1931, represent 1,214 factories.
The establishments included in these statistics manufacture
more than 98% of the total output of footwear, other than
rubber, in the United States. The total production of footwear in factories reporting for May 1931, indicates a decrease of 4.9% from April 1931, and of 16.4% increase over
May 1930. Production during the period January-May 1931,
shows a decrease of 2.1% as compared with the corresponding
period of 1930. March and April figures have been segregated
to show the current production of shoes with fabric and partfabric uppers and leather soles. These were previously
included with the data for all-leather shoes.
TABLE 1.—PRODUCTION OF BOOTS AND SHOES, BY CLASSES: MAY
1930; AND JAN.-MAY 1931 AND 1930.
Number of Pairs.
Rind.
May
1931.
May
1930.
Jan.-May
1931,
Jan.-May
1930.
P.C. of
Inc. n
Jan.-Map
1930-'31.
—2.1
Boots and shoes, total__ 28,533,274 24,512,279 131,759,060 134,570,854
High & low cutileathen,
—4.0
23,358,570 20,855,089 113,981,487 118,783,970
total
6,668,712 6,366,801 30,483,805 34,734,257 —12.3
Men's
—2.2
Boys' and youths'.- _ 1,619,883 1,450,818 7,874,746 8,055,133
10,128,844 8,748,597 50,725,426 51,254.812
—1.0
Women's
4.9
Misses' and children's 3,179,812 2,697,018 16,226,210 15,467,717
1,761,319 1,593,855 8,891,500 9,272,051
—6.3
Infants'
750,350
798,533
151,385
148.120
—8.0
Athletic and sporting-aa
2,581,939
z
a
957,738
Part-leatherdtpart-fabrlc
All-fabric (satin, can228,704 1,785,244 1,370,293
881,823
30.4
vas, &c.)11
Slippers & moccasins for
2,820,878 2,731,818 9,342,928 10,952,780 —14.7
house wear, total_
420.931 2,108,721 1,871,724
597,829
All-leather
12.7
Part-leather, felt, &c. 2,023,047 2,310,685 7,234,207 9,981,056 —20.3
Barefoot sandals, Play
shoes 5; all other footOK 0
&IA 4RA 3287112 2R/1597R
7AR 140
WARP
x A minus sign(—) denotes decrease. a Excludes footwear with fabric uppers
and rubber soles. z No data available.
Imports of Raw Silk Increased in June—Approximate
Deliveries to American Mills Below Those of Preceding Month, But Show Large Increase Over Same
Month in 1930—Inventories Higher.
According to the Silk Association of America,Inc.,imports
of raw silk showed a further increase during the month of
June, while approximate deliveries to American mills fell
off as compared with the preceding month. Imports
amounted to 46,825 bales of raw silk, as against 42,264
bales in the preceding month and 22,369 bales in June 1930.
Approximate deliveries totaled 42,161 bales, as compared
JULY 11 1931.]
FINANCIAL CHRONICLE
with 45,073 bales in May 1931 and 29,396 bales in the corresponding month last year. Raw silk in storage at July 1
1931 amounted to 37,352 bales, as against 28,450 bales a
year previous and 32,688 bales at June 1 1931.
Raw silk imports for the first half of 1931 were 31.3%
higher than during the same period of 1930. Deliveries to
mills showed an increase of 8.9%. The Association's statement shows:
RAW SILK IN STORAGE JULY 1 1931.
(As reported by the principal public warehouses In New York
City and Hoboken)
(Figures in Bales.)
European.
Japan. All Other.
Total.
In storage, June 1 1931
668
24,223
7,797
32,688
Imports, month of June 19311
2,084
42,896
2,045
46,825
Total available during June
2.752
66,919
9,842
79,513
In storage, July 1 1931 z
1,088
29.824
6,440
37,352
Approximate deliveries to American mills
during June 1931 y
1,664
37,905
3,402
42,161
SUMMARY.
Imports During the Month.x
Storage at End of Month a
1931.
49.294
47,827
57,391
29,446
42.264
46.825
1930.
43,175
42.234
39.990
37,515
22,596
22.369
47,063
51,147
58,292
65,594
55.293
64,616
1931.
51,814
45,399
47,407
35,497
82.688
37,352
1930.
76,264
68,646
57.773
53.704
35,477
28,450
35,565
44.978
47.621
51,278
49,238
58,430
1929.
49.943
46.993
45,218
39,125
89,898
47,425
42.596
48,408
55.104
64,129
76,452
90,772
Total
273,047
Average monthly.. 45.508
549,884
45.824
41.693
50.619
53.839
January
February
March
April
May
June
July
August
September
October
November
December
1929.'
58.384
43,278
48,103
47.762
49,894
54.031
46,795
65,516
59.970
66.514
62,885
58.470
661.611
55.134
Approximate Ddiseries
to American MIUs.y
January
February
March
April
May
June
July
August
September
October
November
December
Approximate AMOU7a of Japan
SOt In Transit Between Japan
and New York End of Month.
1931.
1930.
1929.
1931.
1930.
1929.
55.910
54,242
55.383
41,356
45.073
42,161
57,683
49,852
50,863
41,584
40.823
29,396
30,948
41,734
55.649
61.937
57.333
55,424
57.349
46,228
49,878
53.855
49.121
46.504
51,624
59,704
53.274
57.489
50,562
44,159
37,700
37,700
21,300
24,800
36,900
33,400
37,000
24,000
17,800
8.000
7,700
16,300
31.200
41,700
51,600
48.400
45,600
35.600
31,000
30.000
29,000
30,700
28.000
21.200
34,100
41900
39,000
49,000
41,000
88.000
Total
294,125 582,226 619,747
Average monthly__ 49.021
48.519
51.646
31,967
80.375
34,383
x Covered by European manifests. 23 to 27, incl., Asiatic
manifests. 11980 142.
Incl. y Includes re-exports. z Includes
1,758
bales
at
held
terminals
at end of
month. Stocks in warehouses include National Raw Silk
Exchange certified stocks,
1,330 bales.
Federal Farm Board Bars Amtorg Cotton Bid-Lack
of
Recognition of Soviet Causes Rejection of Offer
for 260,000 Bales-Credit Also Questioned
-Cooperatives Holding Supplies Also Decline to
Do
Business with the Russians.
The Federal Farm Board on July 9 refused to
consider
an offer made by the Amtorg Trading Corp. to buy
about
250,000 bales of cotton on credit. The proposal wasrejected.
Carl Williams, Vice-Chairman of the Board, said, chiefly
because of the fact that the United States does not recognize
the Russian Soviet Government. A second consideration,
he indicated, was that the credit offered by the Amtorg
Trading Corp. was not entirely satisfactory. Co-operatives
that own a large amount of cotton also were approached by
the trading corporation, it was said, and declined to do
business with it.
Although the Farm Board's stabilization corporation is
embarassed by its large holdings of cotton, Mr. Williams
said that it could not afford to ease its situation by violating
a policy of the Government, which has refused official recognition to the Russian Government. Mr. Williams pointed
out that though the Stabilization Corporation is a Federal
Government agency, the co-operatives are not, and said that
their officials could have entered into an agreement with the
Amtorg Trading Corp. if they had desired.
Cotton producers have been besieging the Federal Board
for a definite decision on its holdings of cotton, amounting
to about 1,300,000 bales. The pressure, however, news
accounts say, is not of the character applied by the wheat
producers, who demanded that the 1930 wheat surplus
should be held off the present market. The cotton men
are simply asking for a declaration of policy, without attempting to dictate. It is probable that such a statement will be
made early next month by the Board. Mr. Williams,
who is the Cotton Representative on the Board, said that
the cotton producers and mills were entitled to know the
Board's policy. He said that the Board could control action
only on its holdings of 1,300,000 bales and had no jurisdiction
over more than 200,000 bales held by State co-operatives.
The Farm Board's position in reference to cotton, up to
this time, has been that it will not market its holdings in a
203
manner which would depress the market. Mr. Williams
estimates that the world carry-over of American cotton on
Aug. 1 will be about 8,750 000 bales.
Petroleum and Its Products-Special Session of Texas
Legislature Will Consider New Conservation LawPrice Cuts Posted in Mid-Continent and Texas
Fields.
With a definite date set for the special session of the
Texas State Legislature called for July 14 for the express
purpose of passing oil conservation laws that would enable
the State regulatory bodies to stop the wide-spread violations
of the State proration measures which have weakened the
nation's oil markets, sentiment in the oil trade favors the
bullish side despite the wide-spread price reductions posted
during the week.
With the majority of the Texas Legislature said to favor
the move, Tuesday will see the introduction of a State measure that will place the State's oil fields under efficient supervision of a governing force. If present indications are correct, a new commission to deal with the oil problem will
be formed and the work of regulating production will be
removed from the hands of the Railroad Commission which
is seriously hampered by the fact that it has to take charge of
all transportation matters in the State as well as handle
all conservation problems. It is known that Governor
Sterling favors such a step and will introduce a bill forming
a commission to take charge of oil, gas, water and land
conservation and furthermore pass a measure giving them
the authority to force obedience to their orders concerning
curtailment moves. It is expected that the Legislature
will pass the bill by a sufficient majority so that it will be
effective at once.
Humble Oil eic Refining posted reductions ranging from
9 to 17 cents a barrel in Texas, the cuts affecting all fields
with the exception of East Texas, where the company
withdrew its price schedule a month ago. A flat reduction
of 15 cents a barrel was made in North and North Central
Texas, the new prices ranging from 10 cents for below 29
gravity to 22 cents on 40 degrees and above. The company
cut prices in West Texas and Lea County,
Mex., 15 cents
a barrel, the new price being 10 cents. Gulf Coast crude
was reduced 13 cents a barrel, the new prices being 31 cents
for below 25 gravity to 42 cents for 35 degrees and above.
Other price cuts, ranging from 9 to 17 cents, were posted
throughout this area.
The Texas Co. met the Humble cuts, posting 40 degrees
and above in the Gulf Coast fields at 47 cents, however.
Following these reductions, the Sinclair Refining Co.
reduced its Oklahoma crude oil prices to conform with the
new Texas prices. The new schedule ranges from 10 cents
a barrel for 29 gravity oil, with a 1-cent differential for
each degree higher, to 22 cents for 40 gravity and above.
The Stanolind Crude Oil Purchasing Co., subsidiary of
the Standard Oil Co. of Indiana, reduced prices for Oklahoma, Kansas, North and North Central Texas crude oil
to a new schedule ranging from 10 cents a barrel for oil below
29 degrees, with a 1-cent differential for each degree higher,
to 22 cents a barrel for 40 gravity and above.
This action brought the company's postings in the MidContinent into line with prices posted by the Humble Oil &
Refining Co. and Texas Co. in North Texas, as well as the
prices posted by Sinclair Refining in Oklahoma.
Price changes follow:
Houston, July 8-The Humble Oil & Refining
Co., effective to-daY,
posted the following reductions in crude oil prices
in Texas and New Mexico.
making a flat cut of 15 cents a barrel in North
and North Central Texas
oil. Gray County crude was reduced 11 cents
a barrel and a cut of 10 cents
a barrel was made in Carson and Hutchinson counties.
West Texas and
Lea County. N. Mex., crudes were lowered
to 10 cents a barrel, while
Gulf Coast oil was reduced 13 cents a barrel.
Refugio heavy oil and
Mirando crude were cut 9 cents, while
Refugio light crude was cut 13 cents.
Salt Flat and Darst Creek oil were
cut 17 cents a barrel, and Pettus crude
was lowered 15 cents. The Texas
Co. met the reductions immediately.
Tulsa, July 9.-The Sinclair Refining
Co. and the Stanolind Crude Oil
Purchasing Co. posted new price schedules
for Mid-Continent oil explaining
that the reductions posted yesterday
by Humble Oil and the Texas Co. in
Texas crude oil prices made their
action necessary. The new schedule
ranges from 10 cents a barrel
for 29 degrees, with a 1-cont differential for
each degree higher, to 22 cents for 40 degrees
and above. The Stanolind
posting also covered Kansas and North and
North Central Texas fields.
On July 8, Sinclair withdrew its posting in the East
Texas fields.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
Bradford. Pa
$1.75 Smackover, Ark., 24 and over
$0.87
Corning. Ohio
.65 Eldorado, Ark.. 40
.25
Cabell. W. Va
1.05 Rusk. Texas. 40 and over
.15
Illinois
.55 Salt Creek, Wyo., 40 and over -- .20
Western Kentucky
.50 Sunburst, Mont
Mideontinent, Okla.. 37
.22 Santa Fe Springs, Calif..40 and over .85
.75
Hutchinson, Texas, 40 and over
.26 Huntington, Calif.. 26
.72
Spindletop. Texas, 40 and over-_ .60 Petrolia. Canada
1.50
Winkler; Texas
.25
[Vol.. 133.
FINANCIAL CHRONICLE
204
REFINED PRODUCTS-LOCAL GASOLINE MARKET FIRMER
REON NEWS OF STRONG CHICAGO MARKET-PRICES
PRODUCTS
UNCHANGED, HOWEVER-MINOR
MAIN
QUIET.
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended July 4, from companies aggregating
3,646,100 barrels, or 94.7%, of the 3,848,500 barrel estimated daily potential refining capacity of the United States,
indicate that 2,324,700 barrels of crude oil were run to stills
daily, and that these same companies had in storage at
refineries at the end of the week 39,698,000 barrels of gasoline and 131,367,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking process
indicate that companies owning 94.9% of the potential
charging capacity of all cracking units manufactured 3,089,000 barrels of cracked gasoline during the week. The
complete report for the week ended July 4 1931 follows:
The strong tone of the Chicago bulk gasoline market
during the past week was reflected in slightly improved
sentiment in the local refined products market, although as
yet this has not been reflected in the price lists. Movements of gasoline in tank car lots here have been heavy,
indicating that the trade is not certain how much longer
the period of low prices will last. Another factor in the
situation was the drop of over 2,000,000 barrels of gasoline
in storage last week, reflecting the heavy increase in seasonal
demand and the continued decline of refinery operations
throughout the country. Minor refined products re- CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS-WEEK ENDED JULY 4 1931.
mained largely unchanged, although slight price concessions
(Figures in barrels of 42 gallons each.)
were available on firm bids.
at
be
taken
will
of
action
sort
Per Cent
Per Cen '
. The certainty that some
Gas and
Oper.
Crude
Potential
Fuel Oil
the special meeting of the Texas Legislature next Tuesday
of Total a Gasoline
Runs to
Capacity
District.
Stocks.
Stocks.
Capacity
StUls.
Reportthus
in
them"
with
teeth
laws
"proration
passing
toward
Report.
ins.
removing the flood of cheap oil from these fields from the
9,587,000
7,134,000
72.5
3,215,000
100.0
East Coast
1,202,000
1,479,000
62.9
605,000
91.8
open market, coupled with the closing down of many wells Appalachian
3,804,000
6,094,000
73.0
2,153,000
Illinois, Kentucky 96.6
4,834,000
2,876,000
in the Mid-Continent fields has strengthened the Chicago Ind.,
62.9
1,917,000
Dkla., Kans., Missouri_ 89.6
10,405,000
7,262,000
68.3
3,662,000
91.3
4-3c. Texas
gasoline market, with quotations now ranging from 23
2,745,000
1,360,000
72.0
1,161,000
Louisiana-Arkansas.... 98.9
853,000
1,766,000
29.8
ago.
time
297,000
89.3
short
a
Mountain
with
23.1-2%c.
Rocky
compared
as
a gallon,
97,937,000
*11,727,000
53.0
3.263,000
96.5
California
Increased seasonal demand due to farm demands in the
39,698,000 131,367,000
63.8
16,273,000
94.7
Total week July 4surrounding territory also was an important factor in the
2,324,700
Daily average
41,868,000 131,045,000
66.3
16,918,000
June
27
week
94.7
Total
firmness of the market.
2,416,900
Daily average
2-6c. a
While gasoline remains posted in New York at 53/
49.034,000 139.138,000
70.2
17,348,000
Total July 5 1930_ __ _
made
being
are
movements
heavy
lots,
car
2,478,300
95.7
Daily avorage
gallon in tank
a
5c.
7,401,000
6,118,000
at around 5Xc. with some independents accepting
78.8
2,931,000
b Texas Gulf Coaat--- - 99.8
1,839,000
1,266,000
77.4
799,000
gallon on firm bids. Buying is reported extremely heavy b Louisiana Gulf Coast 100.0
column
this
in
figures
California,
market
except
the
on
indicated
districts
exerted
refining
the
pressure
a In all
due to indications that the
represent gasoline stocks at refineries. * In California they represent the total
distillate held by reporting companies
from gasoline made from cheap East Texas crude will be inventory of finished gasoline and engine
located within continental United States (stocks at refineries, water terremoved shortly. However, no advances in prices are wherever
minals and all sales distributing stations, including products in transit thereto).
b
the
take
above in table for week ended July 4 1931.
will
it
Included
that
expected for some time due to the fact
definitions. Crude
Note.-All figures follow exactly the present Bureau of Mines
of
Include both foreign and domestic crude. In California, stocks
market some weeks to absorb the present stocks of bargain oil runs to stills
heading "Gas and
the
under
included
are
oil
fuel
of
grades
all
and
crude
heavy
gasoline.
Fuel 011 stooks."
Standard Oil of New Jersey posted a reduction of 1. a
gallon in the tankif wagon price of gasoline throughout its Receipts of California Oil at Atlantic and Gulf Coast
Ports Again Decline.
territory, with the exception of Delaware. Competition for
gallonage coupled with the present low prices of bulk gasoReceipts of California oil, (crude and refined oils) at
line are responsible for the slash and it is expected that other Atlantic and Gulf Coast Ports for the month of June,
major companies would meet the cut within a few days. totaled 1,176,000 barrels, a daily average of 39,200 barrels,
However, none of the companies had met the reduction up compared with 1,465,000 barrels, a daily average of 47,258
to last night.
barrels for the month of May, reports the American PetroGrade C bunker fuel oil was •in slightly improved de- leum Institute. Receipts at Atlantic and Gulf Coast Ports
mand during the week, holding at 85c. a barrel, refinery, for the week ended July 4, totaled 348,000 barrels, a daily
while Diesel oil moved in a moderately active manner at average of 49,714 barrels, compared with 156,000 barrels,
4c. a daily average of 22,286 barrels for the week ended June 27.
$1.15 a barrel, spot. Kerosene was freely offered at 43
a gallon for 41-43 water-white, in tank cars at the refinery, The Association's statement shows:
CALIFORNIA 00. RECEIPTS AT ATLANTIC AND GULF COAST PORTS.
but little interest was shown by buyers.
(Barrels of 42 gallons.)
Price changes follow:
New York, July S.-Standard Oil Co. of New Jersey to-day announced
throughout
a reduction of lc. a gallon in the tank wagon price of gasoline
its territory, with the exception of Delaware, effective July 7.
Cleveland, July 8.-The Standard Oil Co. of Ohio yesterday lowered
the price of tank wagon and service station gasoline lc. a gallon in Cuyahoga
and Summit counties.
Dayton, July 6.-Standard 011 Co. of Ohio reduced the price of service
station gasoline 2c. a gallon in Dayton and Springfield, aad lc. in Montof
gomery county, in which Dayton is located. This brings the price
regular gasoline to 14c. and 17c. for high test, including the 4c. State tax.
immeIndian Refining, Cities Service and Shell Petroleum met the cut
diately and Sinclair and San's Oil officials have stated that they would
comhighly
probably bring their prices into line. Cuts are a result of
price
petitive conditions in this area and have no effect on the general
status throughout the State.
Gasoline, U. S. Motor. Tank Car Lots. F.O.B. Refinery.
$.04-.04 ti
Arkansas
N. Y.N.Y.(Bayonne).05-.07
Colonial-Beacon_ _$.05M California
Stand. Oil, N. J__$0.55
Los A ngelcs.ex .044-.07
06
Crew Levick
*Stand. Oil, N.Y. .054
.04-.04 M
Louisiana
North
.0534
tTexas
.053
Tide Water 011 Co
.05M North Texas. .0314-.0314
Gulf
Richfield 011(Cal.) .06X
.0534 Oklahoma_ __ .0314-.04
Continental
Warner-QuianCo .0514
05'4
.0214-03
PennaylvanlaPan-Am.Pet. Co.. .0534 Chicago
Sawn Esatern Pet_ .0534 New Orleans, ex 03 M-.03M
•Plus freight. t"Texaco" is 6M c.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station. Tax Included.
$ 16 Kansas City
8.153 Cincinnati
.15 Minneapolis
.20 Cleveland
18 New Orleans
.144 Denver
13 Philadelphia
.165 Detroit
.18, San Francisco
128 Houston
.19
.14 Jacksonville
8.149
162
.11e
.16
.17
Kerosene..41-43 Water White, Tank Car Lots. F.O.B. Refinery.
$.035
$ 0274-.0334 I New Orleans, ex
N.Y.(Bayonne).- 8.0134 I Chicago
M
.04
North Texas- .$234-.03 I LosAngeles.ex. .0434-e6 I Tulsa
Fuel 011, F.O.B. Refinery or Terminal.
Gulf Coast "C".... 8.65,70
California 27 plus D
New York (Bayonne)8.75-1.001 Chicago 18-22 D..4234,50
$.85
Bunker "C"
.90
"C"---Orleans
New
1.55
28-3013
Diesel
N.Y.(Bayonne)131)
Gas 011. F.O.B. Refinery or Terminal.
I TulsaI Chicago32-35D IncL2.0134-.02 I 32-96D Ind.3.016(-.02
Month of
June.
At Atlantic Coast PortsBaltimore
Boston
Now York
Philadelphia
Others
Total
Daily average
At Gulf Coast PortsTotal
Daily average
At Atlantic & Gulf Coast PortsTotal
Daily average
Week Ended
May.
July 4.
June 27.
138,000
753,000
190.000
105,000
138,000
05,000
617,000
348,000
194,000
210,000
1,176,000
39,200
1,392,000
44,903
348,000
49,714
156,000
22,286
348,000
49,714
156,000
22,286
128,000
75,000
81,000
73,000
2,355
1,176,000
39,200
1,465,000
47,258
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 gallons.)
Month of
June.
At Atlantic Coast PortsGasoline
Kerosene
Fuel oil
Lubricants
Total
At Gulf Coast PortsGasoline
Total
Week Ended
May.
1,168,000
1,294,000
8,000
95,000
3,000
1,176,000
1,392,000
July 4.
June 27.
301,000
47,000
148,000
348,000
156,000
8,000
73,000
73,000
-- -Imports of Petroleum at Principal United States Ports
Increase.
According to figures collected by the American Petroleum
Institute, imports of petroleum, (crude and refined oils) at
the principal ports for the month of June, totaled 6,384,000
barrels, a daily average of 212,800 barrels, compared with
JUIN' 111931.]
FINANCIAL CHRONICLE
205
_
6,202,900 barrels, n daily afferage of 200,065 barrels for
the month of May.
Imports at the principal United States ports for the week
ended July 4, totaled 1,910,000 barrels, a daily average of
272,857 barrels, compared with 1,083,000 barrels, a daily
average of 154,714 barrels for the week ended June 27. The
Association's statement further shows:
IMPORTS 010 PETROLEUM AT PRINCIPAL UNITED STATES PORTS
(Barrels of 42 gallons)
Month of
June.
AC AfWelk COW
Baltimore
Boston
New York
Philadelphia
Others
Total
Daily average
Al Gulf Conn PortsOstOeston ttletrlet
New Orleans and Baton RougePort Arthur and Sabine district
*Tampa
Total
?Daily average
At All United States Furts'Total
IDally average
Week Ended
May.
July 4.
June 27.
902,000
325,000
3,353,000
810,000
625,000
'9'34,000
272,000
11,317,000
789,000
828,000
902,0001
roo,000l
2O8,O00
174,000
83,000
462,000
137,000
167,000
6,015,000
200,500
6,140,000
198,065
1,753,000
250,419
1,023,000
140,143
99,00
165,060
65,000
40,000
62:000
95,000
60,000
62,000
12,300
62,090
2,000
157,000
22,428
60,000
8,571
6,354,000
102,800
6,202,081
200,06
1,910,000
272,857
1,083,900
154,714
ass;000
343,0001
DIZSTRIPPIUTION OF TOTAL IMPeaTS.
(13extets of 42 Gallons)
•
Month Of
June,
'Crude
'Gasoline__
Gas oilIFuel oil
Total
4,085,000
1,047,000
178,000
1,074,005
Week Ended
July 4.
2.;8711.,000
1„105,000
1,221,000
6,384,04301 .6,411f2,000
i June 27.
1,058,000
473,000
1306,000
40,000
379,000
'237,000
1,910,0041 941383,000
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedJuly 421. June 27 '31. June 20'31. July 5 '30
Oklahoma
655.900
591,600
557,850
544,300
Kansas
131,650
103,150
101,050
102,100
Panhandle Texas
105.150
58,900
59,450
66,200
North Texas
81,450
60,350
58,300
60,350
West Central Texas
59,450
28,250
29,550
29,550
West Texas
301,350
209.850
205,250
213,750
East Central Terns
39,300
60,150
60,750
59,800
East Texas
351,950
359,700
371,350
Southweet Texas
71,200
57,650
58,650
57,750
North Louisiana
40,050
35,950
35,200
35,700
Arkansas
55,350
43,900
44,850
44,200
Coastal Texas
181,800
143,700
139,550
140,000
Coastal Louisiana
24,150
23,250
23,700
22,650
Eastern (not Including Michigan)
127,000
99,650
100,750
100,750
Michigan
9,950
7,850
7,900
7,900
Wyoming
53,750
42,100
41,500
40.150
Montana
9,050
8,250
8,100
7,600
Colorado
4,550
4,550
4,450
4,650
New Mexico
26,900
43,950
44,750
44,550
California
603.500
521,100
509,500
506,600
Total
2,482,500 2,441.950 2,482,350 2,581,500
The estimated daily average gross production for the Mid-Continent field.
Including Oklahoma, Kansas, Panhandle, North, West Central, West.
East Central, East and Southwest Texas, North Louisiana and Arkansas.
for the week ended July 4 was 1,604,350 barrels, as compared with 1,563,650
barrels for the preceding week, an increase of 40,700 barrels. The Mid-,
Continent production, excluding Smackover (Arkansas) heavy Oil, Was
1,575,050 barrels, as compared with 1,533,600 barrels, an Increase of
41,450 barrels.
The production figures of certain pools in the various districts for the current week,compared with the previous week.In barrels of 42 gallons,follow:
-Week Ended-Week EndedOklahomaJuly 4. June 27.
Southwest TexasJuly 4. June 27.
Bowlegs
12,650 15,000 Chapmann-Abbott
2,800 2,900•
Bristow-Slick
12,800 12,850 Darst Creek
19,400 20,650Burbank
13,150 13,150 Luling
8,000 8,100•
Carr CB,
10,800 12,350 Salt Fiat
12,050 11,500
Earlsboro
17,150 17,800
North LouisianaEast Earlshoro
15,300 16,350 Sarepta-CartervIllo
1,000 1,000South Eurlsboro
5,100 5,050 Zwolle
7,100 7,200Konawa
6,300 7,900
Little River
23,100 23,300
ArkansatEast Little River
5,000 5,250 Smackover, light
4,050 3,900Maud
Smackover, heavy
29,300 30,038
Mission
6,700 8,500
Coastal TexasOklahoma City
214,450 155,500 Barbers Bill
21,800 21,150
St. Louis
20,400 21,300 Raccoon Bend
7,300 7,350
Searight
4,000 4,4511 Refuel° County
26,500 27,550
Seminole
12,950 13,350 Sugarland
11,800 11,100
East Seminole_
1,500 1,650
KansasCoastal 1-aufslattaRita
5,500 5,850 East Hackberry---700
750
Sedgwick County
15,550 15,250 Old Hack berry _ ___._.700
700
Voshe1I
16,850 16,350
WyomingPanhandle TexasSalt Creek
24,800 24,300
()ray County
46,100 41,909
MontanaHutchinson County.._ _ 12,300 10,200 Kevin-Sunburst
4,600 4,400
North TexasNew ilfertenArcher County
13,000 12,900 Hobbs ill•M
38,300 37,800
North Young County___ 9,200 9,200 Balance Lea County
4,100 4,300
WIlbarger County
11,900 12,000
CaliforniaWest Central DelosElwood-Oolevi
26,000 25 600
Smith Young County
3,650 3,550 I-Watts/ton Beach
18,300 20.700
lrest TexasInglevrood
14,000 13.200
Crane & Upton Counties 20,250 21,000 Kettleman Hills
70,200 60,500
Ector County
5,900 6,300 Long Beach
75,200 76.500
Howard County
29,000 29,900 Midway-Sunset
48,700 49,000
Reagan County
24,900 27,300 Playa on Rey
24,e00 25,300
Winkler County
41,200 42,400 Santa Fe Springs
62,200 63,700
Yates
70,
68,550 Seal Beach
9,800 11,400
Balance Pecos County._ 3,200 2,900 Ventura Avenue
39,900 40,300
Ean Central TexasPennsylranfa GradeVan Zandt county
50,400 49,950 Allegany
7,000 7.750
East Tema-Bradford
21,900 21,600
RA.1k County:
Kane to Butler
6,600 6,600
Joiner
112,350 114,400 Southeastern Ohio
6,500 6,650
Kilgore
144,650 163,100
rn Penna..- 3,300 3,400
Gregg County, Longview 94,950 82,200 Southweste
West Virginia
13,450 13,250
Humble ea'Cats Prices in Texas-'Quotations Reduced
to Lowest Levels on Recoril for a Large AreaNew I1laer42ca3a Barrel.
The ihrniblie Oil .'& Refining no., a subsidiary of the
Standard 'Oil
if New Jersey, on July 8 cut -crude coil
pricesiaTexesTroni9 to 17centsaliarrel, bringingsauotations
to the lowesitlevellor any large area in the historycef the oil.
industay. 'Me new prices range bora 10 cents to 42 oents
barrel, clepeading %upon the gravity and the location of the
oil. Although .Humble's reduction applies only to Texas,
the belief im :the iindustry is that it means a further cut in
virtual:Ey all the;aids east of California. In the'north
and
central Texas fieldc a flat redaction of 15 cents a'barrel was
made, the mew :prices ranging from 10 cents a barrel for
oil be1aw29 gravity to 22 cents(Oa 40 gravity andabove.
In
Gray County., Texas Panhandle,, the reduction is 11 mints
a
barrel, making Alm new prices 13 cents on oil ;below .35
gravity to lacentson 40 gi-avitymnd above_ In narson and
'Shell Petroleum Corp. Posts Six Cents a Barrel Price
Hutchison (Counties prices were'lowered 10 eeniss a barrel
in East Texas Area.
to 11 ecints for.belaw 35 gravity to 17 cents for 40 gravity
What was believed to be the lowest posted
and shove.
price for crude
All West Texas:laud Lea Coungy (N. M.)crude oils were oil in the history of the industry was to become effective
reduced 15 ceents to.a flat price-of 10 cents a baraal. Gulf on July 10 in the Toborg-Tippett shallow pool northeast of
Coast ortude oils wars cut 13 cents a barrel, new, priaes being the Yates area in Pecos County, where Shell Petroleum
Corp. announced it would pay a flat rate
31 cents for liaelow 25 gravity to 42 cants on 35 gravity
of 6c. per barrel.
and
higher. Refugio .and Miranda crude oils were cut 9 cents Royalty owners and producers living in Fort Worth werenotified of Shell's action by messages from
and Salt Flatcand Dant Creek oils 17 cents a barrel.
Tulsa to-day.
J. A. Walker, State Land Commiss
Explaining the crude oil price eats announced by Humble,
ioner, was quoted in
dispatch
es from Austin as saying the State would
W. S. Parish, President, issued -the following statement:
not accept,
the price offered by Shell. Some
With East Texas crude all selling at almost
of the producers are on
any price a buyer is willing
to pay, product prices have declined from-the deplorabl
State
school
land. Governor Sterling is said to have asked
y low basis existing
a month ago when we withdrew our East Texas
posting. We had hoped for that Shell's offer be
refused.
:improvement; the -reverse has happened. Litigation
has already
begun to
-make ineffectual the latest order of the
Railroad Commission; the volume
.of East Texas production continues to dominate
product prices and our
-entire market structure. Under these condition
s it is impossible to maintain
,the parity of prices announced in our April
21 price bulletin and it is Impossible for Humble Oil ,Sc Raining to longer
pay the prices for other
crude oils named in its June 3 price bulletin.
Crude Oil Production in United States Shows
Increase.
The American Petroleum Institute estimate
s that the
daily average gross crude oil production in the
United States
for the week ended July 4 1931 was 2,482,500
barrels, as
compared with 2,441,950 barrels for the
preceding week,
increase
of 40,550 barrels. Compared with
an
the
for the week ended July 5 1930 of 2,581,500 barrels output
per day,
the current figure represents a decrease of
99,000 barrels
daily. The daily average production east
of California for
the week ended July 4 1931 was 1,975,900 barrels,
as compared with 1,932,450 barrels during the
preceding week,
an increase of 43,450 barrels. The following are
estimates
of daily average gross production, by districts:
Government of Siam Adopts Tin Restric
tion Provisionally-Country's Adherence Will
Cut Annual
World Production Approximately 3,000
Tons.
The Government of Siam has agreed to
adopt the international tin quota scheme providing its quota
shall not be
less than 10,000 tons annually, accordi
ng to an official
announcement made by the International Tin
Committee
in London on Thursday. Siam's decision
, effective from
Sept. 1, is subject to two other minor reservat
ions. The
Siamese Government's adoption of restriction
brings con-.
trolled production, it is stated, up to 92% of
the world's
total and eliminates the one remaining source of
danger to
the success of the scheme.
Of the non-participating countries, Siam alone
is
of increasing production. Siamese tin output capable
in 1929
amounted to 9,939 tons; in 1930, 11,124 tons;
and this year
was at the rate of 13,000 tons annually.
The
uncontrolled sources-Cornwall, Australia, and remaining
Indo-China
FINANCIAL CHRONICLE
206
-not only are refraining from increasing tin production,
but also are obliged to curtail at a rate greater than the
curtailment in participating countries. The net reduction
of world output resulting from Siam's adherence results in
an amount approximating 3,000 tons. Production before
and after Siam's entry is as follows:
Before Siam's EntryParticipating Countries:
(Federated Malay States, Bolivia, Nigeria, Dutch East
Indies)
After Siam's EntryParticipating Countries:
(Federated Malay States. Bolivia, Nigeria, Dutch East
Indies, Siam)
Production.
Estimated
Uncontrolled
Production.
Total
World
Production,
105,844
16,156
125,000
115,844
6.156
122,000
Cigarette Retail Price Up-Tobacco Chains to Sell
Popular Brands at 14 Cents a Package.
The expected rise in the retail price of popular cigarette
brands,following the increase in the wholesale price by manufacturers and the retail increase by the Great Atlantic and
Pacific Tea Co., was announced on July 8 by the Schulte
Retail Stores and the United Cigar Stores Co. The cigar
chain stores will adopt the prices set last week by the A.& P.
stores, 14 cents a package, 27 cents for two packages, 33
cents a tin of 50, and $1.32 a carton. The new prices will go
into effect next Monday.
Officials said that because of the wholesale increase from
$6.40 to $6.85 a thousand, the margin of profit in the new
prices would be barely 2% greater.
Production of Slab Zinc Declined During June 1931Shipments Higher-Inventories Also Fall Off.
According to the American Zinc Institute, Inc., there
were produced during the month of June, 1931, a total of
23,483 short tons of slab zinc as compared with 25,688 tons
in the preceding month and 43,458 tons in the corresponding
month last year. Shipments amounted to 27,604 tons during
June 1931 as against 36,448 tons in June last year and 25,851
tons in May 1931. Stocks at the end of June 1931 amounted
to 138,928 tons as compared with 143,049 tons at May 31
1931 and 113,090 tons at June 30 1930.
Production during the first six months of June 1931 totaled
172,720 short tons of slab zinc, as against 277,206 tons in
the same period last year, while shipments amounted to
177,410 tons as compared with 239,546 tons in the first six
months of 1930. The Association's statement follows:
SLAB ZINC STATISTICS(ALL GRADES)1929. 1930 & 1931 (Tons of 2,000 lbs.)
Produced
During
Month.
Shipped
During
Month.
50,862
48,057
55.107
55,203
57,475
52.532
54,447
55,708
51,994
54,513
48,411
47.292
50,234
52,395
58,463
58.334
58,226
49,182
47,943
51.980
47,202
48.777
43.148
36,717
Total
1930.
January
February
March
ApriL
May
June
July
August
September
October
November
December
631,601
602.601
52,010
44,628
48,119
44,435
44.556
43,458
40,023
41,012
40.470
40,922
32,097
32,733
40,704
41.296
41.820
40,597
38,681
36,448
35,389
31,901
32,470
32,430
30.285
34,254
Total
1931.
January
February
March
LprIL
!4ay
June
504,463
436,275
32,522
29,562
32,328
29,137
25.688
23,483
31,064
30,249
35,224
27,418
25.851
27,604
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Reg" Unfilled
Stook at a Ship- OperaPg Orders Daily
End of pod for End of End of Aver.
Month. Export. Month. Month. Prod.
47,058
42,720
39.364
36,233
35,482
38,832
45,338
49,064
53,856
59.592
64,855
75.430
1,551
1.014
1,025
1,227
690
235
185
185
123
67
39
11
63,698
68,127
68,015
70.455
70,533
69,703
69,911
59.408
69,468
67.636
58,723
57,999
58.726
59.610
79.995
55.571
42,883
36,127
32,031
24.283
20.270
14.844
11,872
18,585
1,841
1,716
1,778
1,840
1,854
1,751
1,756
1.797
1.733
1,758
1,614
1,528
59,457
57,929
51,300
50,038
52,072
52,428
46,030
50,404
44,974
41.004
37.492
33,640
39,017
32.962
29,330
29,203
30.515
28.979
34,135
28,972
27,108
29,510
24,481
26.651
1,678
1,594
1,552
1,481
1,437
1.449
1,291
1,323
1,349
1,320
1,070
1,056
35,835
35,518
34,221
29,072
23,024
21,422
30.251
33,453
31,218
36,150
31,146
33,088
1,049
1,056
1,043
971
829
783
6,352
86.736
90,068
96,367
100,205
106,080
113,090
117.724
126,835
134,835
143,327
145,139
143.618
20
6
17
26
31
37
31
17
11
0
0
0
198
145.076
144,389
141.493
143,212
143,049
138,928
1
0
0
0
20
0
21
172,720 177.410
Total
x Export shipments are included In total shipments.
of 1931.
Average Retorts Operating During First Six Months
March. February. January.
April.
May.
June.
35,137
36,823
33.047
29.165
23,032
22,298
1931
81,612
58,403
54,809
50,261
52,104
52,440
1930
corrections
of
number
to include a
Note.-The foregoing figures have been adjusted
submitted to the Institute.
made by slab zinc producers in their reports as originally
in the method of reporting and
The corrections were made to insure uniformityslab
at the reporting Plants.
sine
all
Hand"
on
"Stock
in
include
to
Particularly
regardless of whether sold or unsold.
Export Copper Price Cut-Reduced 34-Cent to 8.775
Cents a Pound-Domestic Sales Made at 8 Cents.
As a result of reductions in the domestic price of copper
and a slump in buying of the metal here and abroad, the
[VOL. 133.
export price of copper was reduced on. July 8 a quarter cent
a pound to 8.775 cents,c.i. f. European base ports, by Copper
Exporters, Inc. Copper was sold in the domestic market on
July 8 as low as 8 cents a pound, compared with a high price
last week of 9 cents a pound. Owing to the decline in the
price of copper, Revere Copper & Brass, Inc., announced
yesterday that it had reduced the price of its copper and
brass products to a basis of 83' cents a, pound for the electrolytic metal. The American Metal Co. has shut down its
Presidio and Aehotia mines and its Blackwell zinc smelter,
with a view to conserving its ore reserves.
The General Cable Corp. announced on July 7 a reduction
of a half-cent a pound in the price of bare copper wire,
making the price 1034 cents a pound in carload lots.
Unfilled Steel Tonnage Off in June.
The United States Steel Corp. in its latest monthly statement of the unfilled orders on the books of its subsidiaries,
given out at noon yesterday, reports a decrease of 141,129
tons during June, the tonnage at June 30 standing at 3,479,323 tons in comparison with 3,620,452 tons at the end of
May. On June 30 1930 the backlog was 3,968,064 tons.
Below we give the monthly figures back to January, 1926.
Figures for earlier periods appear in the April 17 1926 issue
of the "Chronicle," page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
1929.
1928.
1930.
1927.
1920.
Endo!Month. 1931.
4,132.351 4.468,710 4,109,487 4,275.947 3.800,177 4,882,739
January
3 965,194 4.479.748 4,144,341 4.398.189 3,597,119 4,616,822
February
3,995.330 4.570.653 4,410,718 4,335,208 3,553,140 4,379,935
March_
3 897.729 4,354,220 4,427.763 3,872,133 3,458,132 3,867,976
April
3 620,452 4,059,227 4,304,167 3,416,822 3,050,941 3,649,250
May
3,479,323 3,968,064 4,256,910 3,637,009 3,053,246 3,478,642
June
4.022.055 4,088,177 3.570,927 3,142,014 3,602,522
July
3,580,204 3,658,211 3,624,043 3.198,037 3,542,335
August
3,424,338 3.902.581 3,698,368 3,148,113 3,593,509
September_..
3,481,763 4,086,582 3.751,030 3,341,040 3,683,661
October
3.639,636 4,125,345 3,643.000 3,454,444 3,807,447
November3,943.598 4.417.193 3.976,712 3.972.874 3,960.969
December
Curtailment of Steel Output Continues-June 1931
Production (Excluding That for December 1930)
Reached Lowest Point Since July 1924-Prices
Unchanged.
Effects upon the business world of the final accord in
international debt suspensions are not yet tangible, reports
the "Iron Age" of July 9, but the steel industry is confident
that when the adverse seasonal influences are out of the way
there will be a gradual recovery from current low levels.
Meanwhile, curtailment of steel production continues, the
average rate for the country this week being estimated at
33% of capacity against 35% a week ago. The belief is
gaining ground that July will represent the minimum of
demands and that August will bring at least a slight upward
turn. The "Age" continues:
Pig iron and steel output figures for June reflect the sharpness of the
decline in consumption. The pig iron total for June was 1.638,627 tons, a
drop of18% from May. and the smallest total for any month since February
1622. There was a net loss of 14 blast furnaces, bringing the number in
service on July 1 to 01, or less than for any month since September 1921
The daily pig iron output in June was 54,621 tons against 64,325 tons in
May. Excepting last December. this daily rate was the lowest since
January 1922.
Steel ingot production in June reached a point which, with last December
omitted, was the lowest since July 1924, based on the average daily rate of
79,843 tons, a drop of 17% from that of May. The total output for the
month was 2,075.910 tons and that for the six months was 15,258,519 tons,
or 35% below the total for the corresponding period of 1930, and the smallest
first-half total since 1922.
In the past, such extremely low production records in pig iron and steel
have almost invariably been followed within a short time by fairly decided
gains.
Appraisal of the near-term prospects suggests that recovery may most
logically be expected from general business improvement in many sources
rather than from largely increased requirements of any one or two major
lines of consumption. The automobile industry anticipates no marked
gains in schedules during July and August. and its current low output and
expected shutdowns are cutting severely into orders for steel. Cars to be
produced this month will number not much above 200,000 against 250,000
to 280,000 estimated for June.
Building construction Is one of the mainstays of current steel production
and offers promise of further expansion in the light of the large number of
large projects pending. Hope for increased railroad buying revolves around
the prospective advance in freight rates, but, as latest developments indicate
that higher rates, if allowed, will not become effective before late in the
year, this influence cannot yet be reckoned with either as to early railroad
purchases or in hastening a general buying movement.
Returning confidence has added further strength to scrap markets at
Pittsburgh and Detroit, has greatly improved the competitive situation in
steel with respect to prices and has turned the attention of the steel industry
to future prospects rather than to magnification of the ills of the present.
Although the price of heavy melting steel scrap at Pittsburgh is unchanged, other steel-making grades are higher, and bids submitted on
railroad offerings of scrap were fully 50c. a ton higher than those of a month
ago. Strength in scrap has come not from consumer buying, but from
speculative purchases of dealers, who foresee possible profits in the early
fall from stocks bought now.
Except for some irregularities in reinforcing bars in a few districts, steel
prices are more stable than they have been in months. The apparent
success of sheet and strip makers in establishing higher levels for the third
quarter, although these prices have not yet had a real test, is bolstering
JULY 11 1931.]
FINANCIAL CHRONICLE
quotations on nearly all products. Last-minute buying of sheets at the
old prices brought in sufficient tonnage to give a fair operation to some
sheet mills that might have been shut down for part of this month.
Pig iron sales have gained in some districts. At Cleveland and New York
they have been the largest for any week since March. However, the usual
quarterly buying movement is not under way, most consumers preferring
to take iron as they need it.
Structural steel awards were only 15,500 tons in the week, while new
projects amounted to 26,500 tons. The Lycoming Natural Gas Co. has
ordered 20.000 tons of 20-in. pipe, mostly seamless, from Pittsburgh mills.
The "Iron Age" composite prices are unchanged. Finished steel is
2.137c. a lb., pig iron $15.59 a ton and heavy melting scrap $9.17. Finished
steel is 96c. a ton lower than a year ago, pig iron is off $1.66 and scrap is
$3.91 lower. A comparative table follows;
Finished Steel.
July 7 1931. 2.137e. a Lb.
Based on steel bars, beams, tank plates,
One week ago
2 137o. wire, rails, black pipe and sheets.
One month ago
2.102s. These products make 87% of the
One year ago
2.185e. United States output.
High.
Low.
1931
2.142e, Jan. 13
2.102c. June 2
1930
2.362c. Jan. 7
2.121o, Dec. 5
1829
2.417e. Apr. 2
2.382c. Oct. 23
1928
2.3clo. Dec. 11
2.314o. Jan. 3
1927
4530. Jan, 4
3.293e. Oct. 25
1925
2 453o. Jan, 5
2.403c. May 18
1925
2 560o. Jan. 6
2.396o, Aug. 18
Pig Iron.
July 7 1931, $15.59 a Gross Ton.
Based on average of baste Iron Si valley
One week ago
$15.59 furnace and foundry irons at Chicago.
One month ago
15.63 Philadelphia, Buffalo, Valley and BirOne year ago
17.42
mingharn.
High.
Low.
1931
$15.90 Jan. 6
115.59 June 30
1930
18.21 Jan. 7
15.90 Dee. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
1926
21.54 Jan. 5
19.46 JULY 13
1925
22.50 Jan. 13
18.96 JUIZI T
Steel Scrap.
July 7 1931, $9.17 a Gross Ton.
Based on No. 1 heavy melting steel quoOne week ago
$9.17 Unions at Pittsburgh. Philadelphia
One month ago
9.50 and Chicago.
One year ago
13.08
High.
Low.
1931
111.33 Jan. 6
$9.08 June 23
1030
16.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.60 Dec. 31
13.08 Jul: 2
1927
15.25 Jan. 11
13.08 Nov.23
1926
17.25 Jan. 5
14.00 June 1
1925
20.83 Jan. 13
15.08 May 5
32% before Friday night (July 3) and ran at 21% for the entire week. This
compares with a shade over 33% in the previous seven days and with 35%
two weeks ago.
There were resumptions of activities in many plants at midnight Sunday.
but it is not likely that the rate this week will get back to what it was before
the plants were closed for the holiday period.
A year ago the average for the week was 48%. although the rate was
around 64%, before the plants were closed for Independence Day. U. S.
Steel was at 69% prior to shut downs and averaged 55% for the week.
while independents, which had been at 59%, came down to 42% because
of the closings.
In the corresponding week of 1929 the average was 783.6%, with U. S.
Steel at 84% and leading independents around 74%. For the like week
of 1928 the steel industry was at 57%, with U. S. Steel at 62% and leading
independents around 54%.
Steel Ingot Production Shows Sharp Drop.
Steel ingot output by all companies, as calculated by
the American Iron & Steel Institute, was 429,575 tons less
in June than in the previous month. This compares with
a decrease of 564,380 tons between May and June 1930,
and of 383,291 tons between those months in 1929. The
output for the 26 working days in June was 2,075,910 tons,
while in May, which had the same number of working days,
there were produced 2,505,485 tons. In June 1930, in
which month there were only 25 working days, the output
was 3,418,535 tons. Daily production in June 1931 averaged
79,843 tons, and in May 96,365 tons. These figures contrast sharply with the approximate daily output of 136,741
tons in June 1930. Below we print the figures as reported
by the Institute for the months since January 1930:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1930 TO JUNE
193I-GROSS TONS.
Reported by companies which made 95.21% er the open-hearth and Bessemer
steel ingot production In 1930.
Month.
1930.
Jan
Feb
March __ _
April
May
June
6 mos
July
Aug
Sept
Oct
Nov
Dec
OpenHearth.
3,157,761
3,335,428
3,513,269
3,405,671
3,265,353
2,849,079
Bessemer.
441.572
508,618
539,616
509,234
528,968
407,585
Monthly
Calculated No.of Approx. Per
Monthly Work- Daily
Output
Cent.
Companies Output All Ow Output OperaReporting. Companies. Days. All Co.. tion.a
3,599,333
3.844,046
4,052,885
3,914,905
3,794,321
3,256,665
3,778,235
4,035,111
4,254,331
4,109,492
3,982,915
3,418,535
27
24
26
26
27
25
19,526,581 2,935,594 22,462,155 23,578,619 155
2,430,128
2,541,367
2,275,910
2,165,341
1.807,133
1,659,026
353,723
374,467
429,975
399,704
300,337
226,788
2,783.851
2,915,834
2,705,885
2,565,045
2,107,470
1,885,814
2,922,220
3,060.763
2,840,379
2,692,539
2,212,220
1,979,547
CoOts0e0
OINNNNN
Steelworks operations are making a quick recovery from
the widespread July 4 shutdown, indicating that the rate of
production cannot go much lower, announces "Steel" of
July 9. Though irregularity is characteristic of July operations thus far, the belief persists the bottom will be reached
this month and the industry really is at the turning point.
Many steel producers are resuming pre-holiday schedules
this week, and operations are at 33-34% down only 1 point
from last week. "Steel" further states:
207
139,935
168,130
163,628
158,057
147,515
136,741
69.89
83.98
81.73
78.95
73.68
68.30
152,120 75.98
112,393
117,722
109,245
99,724
88,489
76,136
56.14
58.80
54.56
49.81
44.20
38.03
Total _ 32,405.466 5.020,588 37,426,054 39,286,237 311 126,322 63.09
To fairly substantial specifications which could not be filled last week
must be ascribed the relatively short duration of the dip in operations.
1931.
There is nothing in the immdeiate outlook justifying expectations of con- Jan
296,620 2,340,918 2.458,689 27
2,044,298
91,063 42.86
siderable improvement until seasonal influences develop in the fall. The Feb
296,974 2,382,503 2,502,366 24 104.265 49.08
2,085,529
346,137 2,850,197 2,993,590 26 115,138 54.20
• 2,504,060
present slack period appears to be building confidence in that recovery. March
• 2,275,401
316,668 2,592,072 2,722,479 26 104,711 49.29
The edge has been taken off the proposed freight increase as a spur to April
• 2,083,833 301,639 2,385,472 2,505,485 26
May96,365 45.36
buying, since the Inter-State Commerce Commission has decided to hold June
• 1,730,109
246,365 1.976,474 2,075,910 26
79,843 37.58
public hearings in July and August. strengthening the impression that
12
723
222
L804401
mos.
14.527.038 15.258.519 155
6
08.442 40_24
final action will be deferred until late in the year. Meanwhile, the proceedings effectually stop the railroads from giving attention to wages.
a The figures of "per cent of operation" in 1930 are based on the annual capacity
Railroads are slow to issue releases for steel, and there now seems no possi- as of Dec. 31 1929, of 62,265,670 gross tons for Bessemer and open-haerth steel
bility of secondary rail buying this season. The Northern Pacific is ex- Ingots,and In 1931 are based on the annual capacity as of Dec.31 1930.of66,069.570
gross tons for Bessemer and open-hearth steel ingots.
pected to place 500 underframes soon.
While demand from the automotive industry continues to taper, no steep
recession is expected this month. Output for the four producers introPig Iron Output at Low Point of Year.
ducing new models will be higher in July than in June, and weekly proBlast furnaces were blown out during June in greater
duction for the industry as a whole remains fairly constant around 61,000
units.
numbers than for many months, says the "Iron Age" of
Important plate releases are developing from the financing of East
Texas storage tank projects. An order for 20,000 tons of plates for a July 9. The toll was 17 put out and three blown in, repre20-inch gas line from Tioga County. Pa., to Syracuse, N. Y., for the senting a net loss of 14, and bringing the active stacks to
Lycoming Natural Gas Co. has been placed with National Tube Co. and
Spang, Chalfant & Co. This line is among the last of the more active 91, compared with 105 on June 1. The number in blast
ones pending. Standard Oil of New Jersey is inquiring for 5.000 tons of July 1 was the lowest since Oct. 1 1921, when 82 stacks
cast iron pipe for a refinery in France.
were making iron. The "Age" further goes on to say:
Structural steel awards this week approximate 33.000 tons, compared
Coke pig iron production in June was 1,638,627 gross tons, a decline
with 19,199 tons last week. Fresh inquiry amounts to 60,730 tons, inof 18% from the 1.994,082 tons in the 31 days of May. The total was
cluding 45.000 tons for the Chicago postoffice.
the
smallest for June since 1921, and represented a shrinkage of about
Daily output of steel ingots in June amounted to 79,843 gross tons,down
17% from the 96,365 tons in May, and the lowest since last December. 36% from last year. It was lower than the aggregate of last December.
Total production for June was 2,075,910 tons; and for the first six months but on account of the smaller number of days represented a slightly
this year, 15,258,519 tons, or 64% of the 23,578.619 tons made in the higher daily average output. In the aggregate, the June output was the
lowest for any month since February 1922.
first half of last year.
On the daily basis, production was at the rate of 54.621 tons-almost
Dally average pig iron production in June at 54,599 gross tons dropped
15.2% from the 64,355 tons in May, lowest since January, 1922. Total 10,000 tons below the 64,325 tons of May. This compares with 53,732
tons
last December, the smallest figure since that of January 1922.
output for June was 1,637,998 tons, and for the first six months of the year
In six months the total production has amounted to 11,105,473 tons.
11,498,122 tons, a reduction of 39.2% from 18,304,614 tons produced
in the first half of 1930. Active stacks June 30 numbered 91. 14 fewer than This shows a drop of more than 7,000.000 tons, or approximately 39%,
from the output in the first half of 1930, and is only slightly greater than
May 31.
"Steel's iron and steel composite this week is unchanged at $31.11; the half the total in the first half of 1929. The output during the first half
composite representing finished steel also in unchanged, at $48.82. while was the smallest for that period since 1921, when only 9,428.166 tons
were made. It is actually at a smaller percentage of capacity than was
the steelworks scrap composite is up 8 cents to $8.58.
the case at that time, owing to the much greater present total capacity
Steel ingot production last week, prior to the Independence of our producing furnaces.
Day suspensions was at a shade over 32% of theoretical
Net Loss of 14 Furnaces.
capacity, according to the compilation of Dow, Jones & Co.,
Seventeen furnaces were blown out during June and only three were
blown in. This leaves 91 active stacks on July 1 against 105 on June 1
Inc., states the "Wall Street Journal" of July 8. Including and
brings us back to four stacks less than the 95 active at the beginning
the holiday period the rate is estimated at about 23%. This of the year. Furnaces in blast July 1 are estimated to have been
makhag
compares with around 3334% in the preceding week and Iron on that date at the daily rate of 50,855 tons. This contrasts with
61,085 tons a day for the 105 furnaces active on June 1.
The
"Journal" adds:
with 35% two weeks ago.
Some districts held up in June much better than did others. The
U. S. Steel ran at about 32 % for the week before the closing of plants. Wheeling district, for instance, lost only 2,000 tons during
the whole
period,
against above 333% a week month, or less than 2%. In Alabama the loss was about
and was about 25% for the entire
14,500 tons
earlier and 35% two weeks ago. Leading independents averaged about or 7
Southern Ohio held up within about 6% of May. Western
FINANCIAL CHRONICLE
208
Pennsylvania actually exceeded the May output by almost 100 tons and
the Schuylkill Valley held witin 3% of May. Lehigh Valley went above
May about 8,000 tons, making the largest output since last March.
Against these are recorded losses of more than 100,000 tons, or 23%,
in the Pittsburgh district; almost 50% in the Shenange Valley; more than
50,000 tons, or almost 30%, in central and northern Ohio; and 88,000
tons, or 32%, in Illinois and Indiana. The two largest districts in the
country suffered heavy losses.
Furnace Changes in June.
Only three furnaces were blown in in June-one being a Susquehanna
stack of the Hanna Furnace Co. in the Buffalo district, another the F
furnace of the Cambria plant of the Bethlehem Steel Co. in western
Pennsylvania. In addition, the Jisco furnace of the Jackson Iron & Steel
Co. in southern Ohio was taken off the bank.
Furnaces blown out included F of the Lackawanna plant of the Bethlehem Steel Co. in the Buffalo district; No. 3 and No. 4 in the Duquesne
plant of the Carnegie Steel Co.; 11 and K of the Bethlehem Cambria plant;
No. 2 of the Haselton plant of the Republic Steel Corp., and D furnace
in the Campbell plant of the Youngstown Sheet & Tube Co., both in
the Mahoning Valley; No. 2 in the Newcastle plant of the Carnegie Steel
Co., and one Shenango furnace, in the Shenango Valley, Pa.; No. 5 in
the National Tube Co. plant in northern Ohio; No. 4 in the Joliet plant,
No. 2 and E in the South Chioago plant of the Illinois Steel Co., and
No. 3 in the Gary plant of the same company, all of these being in the
Chicago district; one Detroit (Zug) furnace in Michigan, one furnace
of the Colorado Fuel & Iron Co. at Pueblo, and the Gulf States Steel Co.
stack at Alabama City, Ala.
As a result of these changes in furnaces in blast, the United States
Steel Corp. has eight furnaces fewer in operation than a month ago, independent steel companies have lost six stacks, while merchant stacks show
a loss of two offset by a gain of the same number.
[VOL. 133.
Output of Bituminous Coal and Pennsylvania Anthracite for Week Ended June 27 1931 Exceeds that of
Preceding Week, but Continues Below Rate for
Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal amounted
to 6,742,000 net tons for the week ended June 27 1931, while
Pennsylvania Anthracite output totaled 1,262,000 net tons.
This compares with 6,635,000 tons of bituminous coal and
950,000 tons of Pennsylvania anthracite produced during the
previous week and 7,995,000 tons of bituminous coal and
1,423,000 tons of Pennsylvania anthracite in the week ended
June 28 1930.
During the calendar year to Juno 27 1931 a total of
187,248,000 net tons of bituminous coal were produced as
against 227,149,000 tons in the calendar year to June 28
1930. The Bureau's statement follows:
wwwoxwwocow-4000,000-atomowao..-oo
iP 0.0
.4.
0.0
,15C004 ..10'0'0'00-40100000000.000'0'
W.WW.<00pc0-4l..PC,
4g,
OW..WWWCRWWCOM*VtOCCA
BITUMINOUS COAL.
The total production of soft coal during the week ended June 27 1931.
including lignite and coal coked at the mines, is estimated at 6,742,000 net
tons. Compared with the output in the preceding week this is an increase
of 107,000 tons or 1.6%. Production during the week in 1930 corresponding
with that of June 27 amounted to 7,095,000 tons.
Estimated United States Production of Bituminous Coat (Net Tons).
1931
1930
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS.
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
to Dates
Week.
June 13
6,674,000 173,871,0120
7,986.000 211,156,000
Total Pig IronDaily average
1,112,000
1,247,000
1,514,000
1,331,000
Spiegel and Ferromanganese.
Ferromanganese.x
June 20_b
6,635,000 180,506,000
7,998,000 219,154,000
Daily average
1,106,000
1,241,000
1,333,000
1,506.000
1931.
1931.
1929.
1930.
1929.
1930.
June 27_c
6,742,000 187,248.000
7,995,000 227,149,000
Daily average
1,124,000
1,237,000
1,333,000
1,499,000
2,651,416 2,214,875 1,422,382 28,208 27,260
14,251
January
2,498,901 2,284,234 1,389,304 35,978 21.310
19,480
a Minus one day's production first week in January to equalize number
February
2,959,295 2,600,980 1,676,316 24,978 23,345
27,899 of days in the two years. b Revised since last report. c Subject to
March
revision.
The
total production of soft coal during the present calendar year to
8,109,612 7,100,089 4,488,002 79,164 71,915
61,630
3 months
2,826,028 2,564,681 1,615,375 22,413 27,777
25,456 June 27 (approximately 151 working days) amount to 187.248.000 net tons.
April
3,105,404 2,613,628 1.584,511 25,896 30,296
23,959 Figures for corresponding periods in other recent calendar years are given
May
2.999,798 2,304,223 1,302,345 33,363 27,327
11,243 below.
June
227,149,000 net tons11928
232.364,000 net tons
17,040,842 14,582,621 8,990,233 160,836 151,325 122,288 1930
Half-year
1929
253,996,000 net tons11927
268,404,000 net tons
3,039,370 2,075,414
31,040 17,728
July
1922
189,754,000 net tons
3,065,874 2,010,572
28,461 20,909
August
2,862,799 1,870,269
27.505 21,181
September
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 20
247,842 217,143
26,008.885 20,538,876
9 months
amounted to 6,635.000 net tons. This is a decrease of 39.000 tons of 0.6%
2,902.960 1,791,421
31,108 24,480
October
2.498,291
1,491,927
28,285 18,619
from the output in the preceding week. The following table apportions
November
2,112,074 1,269,529
28,564 16,288
December
the tonnage by States and gives comparable figures for other recent years:
335.709 276.530
33,522.840 25.101.753
Estimated Weekly Production of Coal by Stales (Net Tons).
Year
z Includes output of merchant furnaces.
Week Ended
June '23
June 21
June 22
June 20
June 13
Average
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS-GROSS TONS
Slate1931.1929.
(a).
Alabama
217.000 220,060 260,060
298,000
387,000
Arkansas
15,000
8,000
16,000
10,000
22,000
Steel Works.
Merchants.*
Total,
Colorado
88,000
57,000
96,000
56,000
175,000
Illinois
618.000 661,000 747,000
819,000 1.243.000
25,514
111,044
1929-January
Indiana
289,000
199,000 212,000 242,000
416,000
25,261
February
114,507
Iowa
44,000
48,000
48,000
55,000
88,000
24,361
119,822
March
Kansas
28,000
30,000
32,000
36,000
73,000
26,407
122,087
April
Kentucky-Eastern., 613,000 616,000 709,000
840,000
661,000
25.571
125,745
May
Western
153,000
105,000
208,000
114,000
183,000
23,915
123,908
June
40,000
Maryland
30,000
29,000
44,000
47,000
24,056
122,100
July
Michigan
10,000
2,000
14.000
2,000
12,000
22,251
121,151
August
Missouri
41.000
57,000
38,000
57,000
55,000
21,159
116,585
September
Montana
29,000
34,000
44,000
47,000
38,000
22,101
115,745
October
New
Mexico
34,000
26,000
27.000
43,000
51.000
22,771
106,047
November
North Dakota
13,000
17.000
11,000
16,000
14.000
23,361
91,513
December
Ohio
398.000 435,000 450,000
441,000
888,000
19,762
91,209
1630-January
Oklahoma
21,000
29,000
38,000
23,000
48,000
19,810
101,390
February
Pennsylvania (bit.)_1,766,000 1,759.000 2,295.000 2,754,000 3,613,000
20,815
104.715
March
Tennessee
64,000
89.000
63.000
97,000
113,000
20,573
106,062
April
Texas
7,00012,000
20,000
7.000
21,000
19,973
104,283
May
Utah
3j1,00034,000
19,000
57,000
89,000
19,921
97,804
June
Virginia
196.000
199.000
190,000
225.000
240,000
18,197
85,146
July
Washington
24,000
24,000
40.000
42,000
44,000
16,560
81,417
August
W.Va.-Southernb_1,556,000 1,438,000 1,601,000 1,901,000 1,380,000
13,548
75,890
September
Northern_ c
471,000
525,000 594,000
711,600
856,000
12,043
69,831
October
Wyoming
62,000
77,000
66,000
83,000
104,000
12,507
62,237
November
Other States_d
1,000
1,000
3,000
2,000
5,000
11,780
53,732
December
9,416
55,299
1931-January
Total bitum. coal_6,635,000 6,674,000 7,998,000 9,244,000 10,866,000
11,332
60,950
February
Penna.
anthracite
950,000
850,000
1,096,000
1,173,000 1,956,000
65,556
11.481
March
67,317
13,439
AprIl
Total all coal
7,585,000 7,524,000 9,094,000 10,417,000 12,822,000
84,325
13,212
May
a Average weekly rate for the entire month. b Includes operations on
54,621
11,209
June
the N.& W.; C. & 0.; Virginian, and K.& M. c Rest of State, including
•Includes pig iron made for the market by steel companies.
Panhandle. d Figures are not strictly comparable in the several years.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
PENNSYLVANIA ANTHRACITE.
STATES BY MONTHS SINCE JAN. I 1926-GROSS TONS.
The total production of Pennsylvania anthracite during the week ended
estimated
at 1,262,000 net tons. This is an increase of 312,000
is
June 27
1931.
1930.
1929.
1928.
1927.
tons or 32.8% over the output in the preceding week. Production during
1926.
week in 1930 corresponding with that of Juno 27 amounted to 1,423,000
55,299 the
91,209
92,573 111,044
106,974 100,123
January
60,950 tons.
104,408 105,024 100,004 114,507 101,390
February
Estimated Production of Pennsylvania Anthracite (Net Tons).
65.556
March
111,032 112,366 103,215 119,822 104,715
67.317
AprII
115,004 114,074 106,183 122,087 106,062
1931
1930
-----64.325
112,304 109,385 105,931 125,746 104,283
May
Daily
Daily
97,804
54,621
June
107,844 102,988 102,733 123,908
Week,
Average.
Week,
Week EndedAverage,
61,344
101,763
119,564
100,891
First six months_ _ _ 109,660 107,331
850,000
141,700
June 13
1.182,000
197,000
99,091 122,100
85,146
103.978
95,199
July
950,000
158,300
1,096,000
June 20
182,700
103,241
95,073 101,180 121.151
81.417
August
1,262,000
210.300
1,423,000
June
27
237,200
104,543
92.498 102.077 116,585
75,890
September
69,831
107,553
89,810 108,832 115.745
October
88,279 110,084 106,047
62,237
November
107,890
99,712
86,960 108.705
91.513
53,732
December
Max Winkler on Causes for Economic Disturbances.
12 months'average_ _ 107.043
99.268 103.382 115.851
86.025
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JULY 1 1928-GROSS TONS.
1931.
1928.
1930.
1029.
1929.
1930.
3,071,824 3,785,120 2,639,537
Jan___ 3,442,370 2,827,464 1,714,266 July
Feb___ 3,206,185 2,838,920 1.706,621 Aug __ 3,136,570 3,755,680 2,523,921
Mar__ 3,714,473 3,246,171 2,032,248 Sept. _ 3,062,314 3,497,564 2,276,770
Apr.__ 3,662,625 3,181,868 2,019,529 Oct.__ 3,373,806 3,588,118 2,164,768
May__ 3,896,082 3,232,760 1,994,088 Nov.._ 3,302,523 3,181,411 1,867,107
June__ 3,717,225 2,934.129 1,638,627 Dec __ 3,369,846 2.836,916 1.665,690
34 yr_21,640,960 18,261,312 11,105,373 Year*_37,837,804 42,285,769 31,399,105
• These totals do not include charcoa pig iron. The 1930 production of this
Iron was 96.580 groea tons, as compared with 138,193 gross tons In 1929 and 142,960
gross tons in 1928.
Speaking on "Depressions, Ancient and Modern," under
the auspices of the Business Policy Forum of the College of
the City of New York, on May 19, Dr. Max Winkler,
Vice-President of Bertron, Griscom & Co., Inc., and special
lecturer of the School of Business and Civic Administration,
said in part:
Irrespective of the period in which depression occurs, ono finds almost
invariably the same causes for economic disturbance. Tills is especially
true of those which have occurred within the past 150 years, including the
present. Among the principal causes of these disturbances, one may oil70
the following:
JULY 11 1931.]
FINANCIAL CHRONICLE
209
1. Tnases occasioned by wars.
2. Large inter-governmental indebtedness arising from wars.
3. Excessive speculation.
4. Heavy military expenditure.
5. High tariffs.
6. Unsettled international affairs.
7. Ma'distribution of gold.
8. Depreciation of silver.
9. Unproductiveness of foreign loans.
10. Plethora of idle capital.
Economic developments within the past 2,500 years have been characterized by a series of trade depressions and trade inflations, of confident
adventure and complete helplessness, of booms and crises; and economic
history In the future is likely to be characterized by the same, or similar,
developments.
fact that, of the 25 depressions, both major and minor in
character, which have occurred within the past 150 years,
only one which occurred during the past century had lasted
five years. Only two continued for a four-year period, while
the majority lasted two or, at most, three years. Those
which occurred in the course of one single year were only
minor disturbances. Of the depressions which occurred
during the twentieth century, two extended for a three-year
period, one lasted for two years and one for about one year.
"One is indeed reminded," said Dr. Winkler, "of the lines
in Ecclesiastes: 'Is there anything whereof it may be said,
See, this is new? It hath been already of old time, which
After discussing economic disturbances in the past, going was before us.' This great truth applies to economic crises.
as far back as the upheavals in 594 B. C., in the days of It applies at least as forcefully to revivals of business and
Solon, attention was directed by Dr. Winkler to the curious prosperity."
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank
credit outstanding during the week ending July 8, as reported by the 12 Federal Reserve banks, was $971,000,000,
an increase of $17,000,000 compared with the preceding week
and a decrease of $104,000,000 compared with the corresponding week in 1930. After noting these facts, the Federal Reserve Board proceeds as follows:
$960,000.000.
On July 8 total Reserve Bank credit amounted to
an increase of $10.000,000 for the week. This increase corresponds with an
Increase of $51,000,000 in member bank reserve balances, offset in part by
increases of $8,000,000 in monetary gold stock and $28,000.000 In Treasury
currency, adjusted, and a decrease of
in money in circulation.
Holdings of discounted bills declined 83,000,000 at the Federal Reserve
Bank of Boston and increased
at San Francisco and $12,000,000
at all Federal Reserve banks. The system's holdings of bills bought in
open market declined $11.000,000. of U. S. bonds 85,000,000 and of Treasury notes
while holdings of Treasury certificates and bills
Increased
$6,000,000
819,000,000
$9,000,000,
$19,000,000.
crease of $24,000,000 follows an increase of $73,000,000 last
week but decreases in each of the 10 preceding weeks amounting to $443,000,000. Loans "for own account" of the reporting member banks fell during the week from $1,129,000,000 to $1,090,000,000, but loans "for account of outof-town banks"increased from 8181,000,000 to $194,000,000,
and loans "for account of others" from $169,000,000 to
$171,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
New York.
July 8 1931. July 1 1931. July 9 1930.
3
$
7,789,000,000 7,844.000.000 7.979.000.000
Loans—total
On securities
All other
5,146,000,000 5.191,000.000 5.916,000.000
s.
2,803.000,000 2,862,000,000 3,498,000,1100
2 343,000,000 2,329,000.000 2,418,000.000
2,643,000,000 2,653.000,000 2,083,000,000
Beginning with the statement of May 28 1930, the text Investments—total
U.S. Government securities
accompanying the weekly conditions statement of the Federal
1,603,000.000 1,607,000,000 1,088,000,000
Other securities
1,040,000,000 1,046,000.000 975,000,000
Reserve banks was changed to show the amount of Reserve
with Federal Reserve Bank
849,000,000 825.000,000 766,000,000
Bank credit outstanding and certain other items not pre- Reserve
Cash in vault
44,000.000
44,000.000
42.000,000
viously included in the condition statement, such as moneNet demand deposits
5,786,000,000 5.863,000,000 5,480,000.000
tary gold stock and money in circulation. The Federal Time deposits
1 182,000,000 1,189,000,000 1,435.000,000
95,000,000 108.000,000
49.000,000
Reserve Board explanation of the changes, together with Government deposits
banks
96,000,000 135,000,000 110.000,000
the definition of the different items, was published in the Due from
Due to banks
1.321.000,000 1.406,000.000 1,103,000,000
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended July 8, in com- Borrowings from Federal Reserve Bank_
on secur. to brokers & dealers
parison with the preceding week and with the corresponding Loans
For own account
1,090,000,000 1,129,000.000 1,563,000,000
date last year, will be found on subsequent pages—namely, For account of out-of-town banks
194,000,000 181,000,000 760,000,000
For account of others
171.000,000 169,000,000 880,000,000
pages 246 and 247.
Total
1,455,000,000
1,479,000,000 3,203,000.000
Changes in the amount of Reserve Bank credit outstanddemand
1,072,000,000 1,098,000,000 2,579,000.000
ing and in related items during the week and the year ended On
Oil time
383,000,000 381,000,000 624,000,000
July 8 1931 were as follows:
Chicago.
Increase (+) Or DeCTOOSO (—)
Bills discounted
Bills bought
United States securities
Other Reserve bank credit
TOTAL RES'VE BANK CREDIT
Treasury currency adjusted
SitICO
July 8 1931. JAI 1 1931,
July 9 1930.
$
162,000,000 +12.000,000
--74,000,000
92,000,000 —11,000,000
—57,000,000
668,000,000
+5,000.000
+77,000,000
38.000.000
+5,000.000
+2,000,000
960,000,000 +10.000,000
4,962,000,000
+8,000,000
1,794,000,000 +28.000,000
Money in circulation
2
'
440,000,000
Member bank reserve balance
Unexpended capital funds, non-member deposits, d‘c
442,000,000
—52,000.000
+426,000,000
+13.000,000
+51:000,0
0(10
°
+346,000,000
+23,000,000
+1,000.000
+18.000.000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as thus issued in advance of the full statement of the
member banks, which latter will not be available until the
coming Monday. The New York statement, of course, also
includes the brokers' loans of reporting member banks.
The grand aggregate of brokers' loans the present week
records a decrease of $24,000,000, the amount on July 8
1931 standing at $1,455,000,000. The present week's de-
Loans and investments—total
1,907,000.000 1,829,000,000 2,004,000,000
Loans—total
1,276,000,000 1,256,000,000 1,579,000,000
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
727,000,000
549,000,000
718,000,000
538,000,000
948,000,000
630.000.000
631,000,000
573,000,000
425.000.000
335,000,000
296,000,000
339,000,000
234,000.000
180.000,000
246,000.000
186,000,000
20,000,000
175,000,000
21,000,000
198,000,000
16,000,000
1,256,000,000 1,170,000,000 1.301,000.000
535,000,000 539,000,000 630,000,000
7,000,000
22,000,000
25,000.000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
178,000,000
359,000.000
197,000,000
354,000.000
163,000.000
374.000.000
1.000,000
1,000,000
1.000.000
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 Thursday,
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
reporting member banks of the Federal Reserve System for
this previous week, namely the week ended with the close of
business on July 1:
The Federal Reserve Board's condition statement a weekly
reporting
member banks in leading cities on July 1 shows increases for the
week o
FINANCIAL CHRONICLE
210
143,000,000 in loans and investments and $402.000,000 in net demand
deposits, and a decline of $41,000,000 in borrowings from Federal Reserve
Banks. Time deposits show a small increase for the week.
Loans on securities increased $73,000,000 at reporting banks in the
New York district and declined $19,000,000 in the Chicago district. $7,000.000 in the San Francisco district and $6,000,000 in the Cleveland district,
all reporting banks showing a net increase of $43,000,000. "All other"
loans increased $92.000,000 in the New York district. $12,000,000 in the
Boston district, $6,000.000 in the Atlanta district and $108,000,000 at all
reporting banks.
Holdings of United States Government securities increased $82,000,000
In the New York district and $35.000,000 at all reporting banks, and declined $17,000,000 in the San Francisco district. $9,000,000 in the Cleveland district and $8,000,000 in the Boston district. Holdings of other
securities declined $26,000,000 in the New York district, $12,000,000 in
the Chicago district, $7,000,000 in the Richmond district and $43,000.000
at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $22,000,000 on July 1 the principal changes for the week
being decreases of $23,000,000 at the Federal Reserve Bank of San Francisco and $5,000,000 each at New York and Richmond.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
July 1 1931 follows:
Increase (+) or Decrease (—)
July 2 1930.
June 24 1931.
July 1 1931.
$
Loans and investments—total_ _ __22,486,000,000 +143,000,000 —594,000,000
Loans--total
On securities
All other
Investments—total
U.S. Government securities
Other securities
14,691,000,000
+151.000,000 —2,269,000,000
6,746.000,000
7,945,000,000
+43,000,000 —1,689,000,000
+108,000,000 —580,000,000
7,705,000,000
—8,000,000 +1,675,000,000
4,129,000,000
3,666,000,000
+35,000,000 +1.278.000,000
—43,000,000 +397,000.000
Reserve with Federal Res've banks 1,808,000,000
233,000,000
Cash in vault
—71,000,000
+1,000.000
+16,000,000
+3,000,000
13,688,000,000
7,172,000,000
309,000,000
+402,000,000
+3,000,000
—52,000,000
—143,000.000
+116,000.000
1,719,000,600
3,780,000,000
+196,000,000
+441,000,000
+136,000,000
+379.000,000
22,600,000
—11,000,000
—62,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
President Hoover Announces Acceptance of His Moratorium Plan by France.
President Hoover announced officiallrat the White House
July 6 that the American proposal for one year's postponement of all intergovernmental debts "has now been accepted in principle by all of the important creditor governments." The President said certain technical problems remain to be solved, but that the substance of his proposal is
retained and all these problems are to be worked out by an
international committee of experts under the broad principles
of his original plan. President Hoover stated that the American people through Congress would approve the debt holiday
and that he already had been given assurances by a "very
large majority" in both Houses of Congress that it would be
approved. He said that acceptance of the plan would be another evidence of the sincere humanity of the American
people in leading this effort to revive the world from its
economic slump. The announcement followed a conference
at the White House between the President, William R. Castel
Jr., Acting Secretary of State, Ogden L. Mills, Acting
Secretary of the Treasury and Senator Reed (Rep.), of
Pennsylvania, at which the President's plan for a year's
moratorium on war debt payments was discussed. Asked
why he had participated in the conference Senator Reed
replied that he had participated in the discussions for the
past two days and that he did so as "a friend of the family."
The President's announcement follows in full text:
I am glad to announce that the American proposal for one year's postponement of all inter-governmental debts and reparations has now been accepted
of
in principle by all of the important creditor governments. The terms
apacceptance by the French Government are, of course, subject to the
Government
proval of the other interested powers, for whom the American
certain
naturally cannot speak. Without going Into technical terms, while
substance
the
account,
payments are made by Germany for reparations
immediately
of the President's proposal is retained as the sums so paid are
reloaned to Germany.
international
The technical difficulties arising from many complicated
governments
agreements, which involve the aggregate payment between
by the
of over 8600.000.000 per annum are now in the course of solution
good-will and earnest co-operation of governmental leaders everywhere.
approval by
The American part of the plan is, of course, subject to the
of support front a
Congress, but I have received the individual assurances
very large majority of the members of both Senate and House, irrespective
of political affiliations.
Sacrifices Involved.
The acceptance of this proposal has meant sacrifices by the American
others
people and by the former allied governments, who are with all
budgets!
suffering from world-wide depression and deficits in governmental
The economic load most seriously oppressing the peoples of Germany and
Central Europe will be immensely lightened.
While the plan is particularly aimed to economic relief, yet economic
relief means the swinging of men's minds from fear to confidence, the
swinging of nations from the apprehension of disorder and governmental
collapse to hope and confidence of the future. It means tangible aid to
Unemployment and agriculture.
The almost unanimous support in the United 'States is again profound
evidence of the sincere humanity of the American people. And in this year,
devoted to economic upbuilding, the world has need of solemn thought
[VOL. 133.
on the causes which have contributed to the depression. I need not repeat
that one of these causes is the burdens imposed and the fears aroused by
competitive armament. Contemplation of the past few weeks should bring
a realization that we must find relieffrom these fundamental burdens which
to-day amount to several times the amount of inter-governmental debts.
It was stated orally at the Department of State the •
"United States Daily" of July 7 said, that the French
Government had acceded to the American point of view
that the question of "payments in kind" should be referred
to a committee of experts who would be bound by the spirit
of the President's proposal. Previously the French Government had taken the stand that the proposed committee
of experts should not be limited in their decisions, it was
explained.
The American Government dispatched a new and simplified formula which it felt offered a constructive solution
to the difficulties raised by France to acceptance of President
Hoover's plan for a year's moratorium on war debt payments, according to a statement issued July 6 by the Acting
Secretary of State, William R. Castle Jr. The new formula
was sent, Mr. Castle explained, because the Secretary of the
Treasury, Andrew W. Mellon, who was in Paris conducting
negotiations with the French Government, felt that the
American Government could not accept France's note of
July 5 as a basis for settlement,since it raised new and serious
difficulties and did not accept President Hoover's plan in
principle, which had been accepted by all the other principal
governments.
The new formula proposed, Mr. Castle said, that the
two governments agree in principle on certain major questions, and that all technical questions and reparations in
kind and every other question should be referred to a "committee of treasury experts" of the different powers who
should solve them within the broad principles of the President's plan.
In response to questions, Assistant Secretary Castle
stated that in the July 4 memorandum to the French Government, the American Government went into details very
much the same as are in the new formula. Although the
original note gave the same formula, since then the two
governments had been disucssing it in much greater detail,
he said, the United States seeking to point out that tb bring
it within the spirit of the President's plan did not mean
any specific arrangement in the "reparations in kind."
He said that whether the French Government reloans
to the Germans the money paid to it by the French contractors was merely one way out and added "there may be
others." The only thing the United States wanted to
maintain, he explained, was the broad principle that no
government during the year of suspension of payments
should benefit at the expense of any other government.
The simplified note was dispatched July 5 to Secretary
Mellon to be presented by him at the conference with the
French officials planned for the next day (July 6).
Text of Moratorium Accord.
The State Department made public late on the night of
Monday, July 6, the text of the agreement between France
and the United States, which indicated universal acceptance
in principle of President Hoover's debt holiday plan. The
text follows:
After exchange of views, the French Government states that it Is in
agreement with the United States on the essential principle of President
Hoover's proposal and on the following propositions which may be expressed thus:
1. The payment of inter-governmental debts is postponed from July 1
1931 to June 30 1932.
2. However, the Reich will pay the amount of the unconditional annuity. The French Government agrees, in so far as it is concerned, that the
payments thus made by the Reich shall be placed by the Bank of International Settlements in guaranteed bonds of the German railways.
3. All suspended payments shall be subject to interest in accordance
with the conditions suggested by the American Government, payable in
10 annual installments beginning with July 1 1933.
4. The same conditions shall apply to the bonds to be issued by the
German railways.
On the three points which, it is recognized, do not directly concern the
American Government, the French Government makes the following
observations:
(A) A common action by the principal Central banks, acting through
the medium of the Bank of International Settlements, shall be organized
to assist the countries of Europe which would be particularly affected by the
postponement of the payment as proposed.
(B) A preliminary understanding should take place between France
and the Bank of International Settlements in order that France shall not
supply the guaranty fund provided for in the Young Plan in the event of a
moratorium except by monthly payments in accordance with the acknowledged rights of the creditor States after the actual transfer of payments
by Germany.
(0) The question of deliveries in kind and the va'rious modifications
which will become necessary as a result of the application of the American
proposal and the present agreement shall be studied by a committee
experts named by the Interested powers which shall reconcile the material
necessities with the spirit of President Helovers' Proposal.
or
JULY 11 1931.]
FINANCIAL CHRONICLE
France reserves the right to request
of the German Government indispensable assurances concerning the utilizat
ion for exclusively economic
purposes of the sums freed to the Reich
budget.
211
The United States will play no further part-in the
matter other than
to have observers sit in at the conferences of Europe
an nations to be held
in London to work out the details of the plan.
Since last Monday, when
the French and American Governments reached
their accord on the President's proposal, tne proposal became one of
purely European concern. -4
Neither President Hoover nor the State Depart
ment has undertaken
diplomatic exchanges with European Govern
ments to bring about an
understanding by which Germany will not
be obliged to pay,her next
reparations instalment, due July 15, formal
if
and official sanction to the
Hoover plan has not been given by all Govern
ments by that time.
Germany will not be obliged to pay one
penny of the instalment ifformal
and official sanction is lacking, even from
France, by July 15.
Bank for International Settlements June 30
Statement
Shows Effects of Strain—Reflects World
Slump
and German and Austrian Failures.
Heavy withdrawals to meet semi-annual inter-allied
debt
payments to the United States a few days before
President
Hoover offered his moratorium proposal were reflec
ted in the
June statement of the Bank for International
All of which means Washington corresponden
Settlements,
ts say that
Issued for publication July 6, according to a
cablegram to President Hoover has not the slightest doubt that his prothe New York "Times." The dispatch went on to
posal is already effective. He sees no necessity of sound
say:
ing
The statement shows the bank's resources totaled
$342,388,288, which is
$66,500,000 less than on May 31. It is, however
, $38,000,000 more than
the bank had on Dec. 31, 1930, after the previou
s debt payment.
Although its total resources are now greater
than last December, the
B. I. S. suffered through these payments a
setback of only $57,500,000,
or $9,000,000 less than it did in June. Since
the payments were the same
in both cases, namely, about $110,000,000,
this means that the bank's
recovery has not been quite as rapid as was
expected.
In view of the fact that the world's financia
l situation in June up to the
time Mr. Hoover offered his moratorium plan
on June 20 was considerably worse than in December, and in view
of the fact that the Bank
for International Settlements bad a heavy load
to carry on account of
difficulties in Austrian and German banking circles,
the bank's recovery
during the past fortnight is regarded as quite satisfac
tory. What it would
have been if Mr. Hoover had not made his move
is, of course, another
question.
Withdrawals are reflected in the statement in a decrease
of $84,000,000
In short-term and sight deposits of the central banks
for the accounts of
others, namely, their governments. The recovery was due
in part to the
central banks increasing their corresponding deposits for
their own accounts
by $17,000,000.
The existing situation and the bank's attitude toward
it can perhaps best be indicated by the fact that 51% of its assets
can now be realized
Immediately, although its sight liabilities total only
31% of its entire
liabilities. A month ago its sight assets totaled only
37%, against 23%
for sight liabilities.
In the following will be found a translation of
the June statement,
signed by Gates W. McGarrah, President, with Swiss
gold francs converted into dollars at 5.20 to the dollar.
BANK FOR INTERNATIONAL SETTLEMENTS.
Situation as of June 30 1931.
ASSETS.
I. Cash on hand and on current account with banks
$2,145,552
II. Sight funds at interest
32.401.002
III. Rediscount bills and acceptances (at cost):
(1) Commercial bills and bankers' acceptances
884,258,623
(2) Treasury bills
56,364.322
Total
140,622,945
IV. Time funds at Interest:
\
(1) Not exceeding three months
8114,232,438
(2) Between three and six months
4,740,458
Total
118,972,896
V. Sundry investments (at cost):
(1) Not exceeding one year
840.617,108
(2) Between one and two years
5,678,239
Total
46.295.347
VI. Other assets
1,950.546
Total assets
$342,388.288
LIABILITIES.
1. Capital(authorized capital,200,000shares of 2,500 Swi‘s gold francs
each; 173,600 shares Issued, 883,461,536. one-fourth paid in)-- $20,865
,384
II. Reserve:
(1) Legal res-rv,fund.
$107,563
(2) Dividend reserve fund
210,420
(3) French Government guarantee fund
420.642
Total
III. Long-term deposits:
(1) Annuity trust account
(2) German Government deposit
(3) French Government guarantee fund
829,627,860
14,813,930
13,230.999
Total
IV. Short-terin and sight deposits:
(1) Central banks for their own account;
(a) Between three and six months
(b) Not exceeding three months
(C) Sight
$789,398
106,135.207
74,796,511
Total
(2) Central banks for account of others:
(a) Between three and six months
(b) Not exceeding three months
(c) Sight
Total
(3) Other depositors:
(a) Sight
V. Profits allocated for distribution on July 1 1931:
(I) Dividend to shareholders at rate of 6% per ann_
(2) Participation of long-term depositors, as per
Article 53E of the statutes
738,825
57,872,789
181:721,116
86,011,394
39,095,013
32.500,109
'77,606,516
out France and other allied powers to find if Germa
ny will
be held in default if she does not come forwa
rd with the
July 15 installment of her reparations annuit
y. It is added:
To make such representation
s would be to question the good faith
of the nations which accepted the
Hoover proposals in principle. This
applies as much to France as
it does to Great Britain, Italy and other
Governments which wholeheartedly
and enthusiastically accepted and
endorsed the program for a year's
suspension of payments of German reparations and all other inter-govern
mental debts.
Nor Is the Administration, with
President Hoover included, in any
way worried over the fact
that Congress must sanction the suspension of
Allied debt payment to the
United States before the Treasury Department
will be fully authorized to permit
our European debtors to withhold debt
payments during the Hoover
moratorium year.
The latest check-up at the
White House shows that 70 Senators and
295 Representatives have
assured the President that they will vote for
the legislation necessary to
give Congressional sanction to his proposal.
A majority of the Senate is
49. A majority of the House of Representatives is 218.
Since this check-up was
made an additional number of Senators and
Representatives have informed
President Hoover by letter and otherwise
that they will vote for the
enabling legislation.
Greek Payment Being Held.
A little incident explains
the attitude of the Hoover Administration.
A few days ago an instalm
ent of $110,000 was due from Greece on the
funding of her wartime
borrowing from the United States. A member
of the Greek Legation called
personally on Ogden L. Mills, Acting Secretary of the Treasury, showed
him a check for the amount of instalm
ent,
and was reported to have said
in effect:
"But I do not have to pay
this, as payments on all intergovernmental
debts have been suspended
for a year."
As the story was told to a
high
paperman, when information on governmental official to-day by a newsthe subject was sought, Mr. Mills grabbe
d
the check and said the Greek
Congress had not ratified the representative certainly did pay, because
debt suspension agreement. It was asserte
d
also that Mr. Mills said that,
if the Greek payment was not accepted and
Congress failed to ratify the
agreement, those American officials concerned
would be impeached.
It is true that the check
•
of
treasury, but its amount has the Greek government Is being held by the
not been entered on the
treasury books as
a receipt and the check will
not be cashed. Its acceptance was a mere
matter of form pending the
proposal by Congress. Greeceratification of the Hoover debt suspension
will not be a penny out of pocket and the
treasury's cash box will not
profit by a penny.
When Congress passes
legislation for a modification of the Europe
debt-funding arrangements so
an
as to sanction the suspension of paymen
ts
due between July 1 1931.
and June 30 1932. the Greek Government's
check will be handed back
to that government.
Gibson to Sit With Experts.
Hugh S. Gibson, Ambass
ador to Belgium, will be the American
server who will sit with the
obto work out the details of the international committee of treasury experts
Hoover
plan.
He
will be assisted by Frederick
Livesey. assistant economic
adviser of the State Department.
William R. Castle Jr.,
Acting Secretary of State, said that,
Instructions had been sent
while no
to Mr. Gibson, he had been asked
last night if he would serve
by cable
as observer on the expert commit
tee and today an affirmative answer
was received from him. The expert
committee
will meet in London on
July 17.
No announcement has yet
been made as to who will represent the United
States as observer in the
"Confe
Government for the purpose rence of Nations." to be called by the British
of giving formal assent to the principl
Hoover proposal.
es of the
In this conference the
British representatives will seek to have agreed
that a longer period than
it
the eleven years set down in the Franco-Ameri
can
accord shall be given all
intergovernmental debtors to pay back the amount
of debt instalments
s
suspended In the moratorium year
of 1931-32. Other
changes will be suggest
ed.
Whatever modification
may be made in the details of the Hoover
proposal are certain to be of
a Liberal character and will be accepta
ble to President Hoover.
Stimson to Be in Touch.
As the "Conference
of Nations" is to be participated in by Prime
Ministers and Foreign
Ministers of the interested governments, the
$991,587
natural
suggestion has been made
that Colonel Henry L. Stimson, Secretary of
State. who is now In
420,832
Europe, will be the American observer, but the
impression conveyed here
Total
is that he will not be chosen for that import
ant
office,
1,412,42
9
although be will be In constan
VI. Miscellaneous liabilities
touch
t
with
the progress of the "Con2,153,083 ference of
Nations."
Total liabilities
Opinion here is that
8342,388,288
Ambassador Gibson will be designated as the
States observer at the
United
"Conference of Nations," in addition to being
our
observe
r with the international commit
President Hoover Considers Moratorium Plan Now
tee
treasur
of
y experts.
Acting Secretary Castle
in
said that Ambassador Gibson would be an
Effect—Reparations Details Are Left to Europ
e, server" and not an "unofficial observer" with the expert committee."obHe
;with no Demand on Berlin July 15 Expected—. said that "unofficial observer" was a foolish term and there
was no such
thing as that kind of observe
r.
Gibson to Act in Parley—:Ambassador Is Made
He rejected the suggest
that "umpire" might be more correct
"Observer" on Experts Committee and May Sit in explained that the Unitedion
,
States intended to avoid very carefully and
placed in a situatoin where
being
British Conference.
Mr. Gibson Would occupy an umpire's
position.
Asked as to Mr. Gibson's duties, the
Acting Secretary said that he
An authoritative statement of the status of President report to the State Department concern
would
ing the
tee, and Mr. Castle had no doubt that proceedings of the expert
Hoover's intergovernmental debt holiday proposal was commit
the committee
would call on Mr. Gibosn to ascerta
sometimes
in whether he felt that its
obtained on July 9. Its substance follows:
within the spirit of Preside Hoover'
decisions Were
nt
s proposal.
President Hoover considers his plan as much in full force and
effect
German "Default" Not Likely.
as if it had received the formal and official sanction of all the nations conConcerning reports that the German
cerned.
Government would be
pay the reparations Instalment
obliged to
due July 15 if the Hoover
proposal were not
218,148
212
FINANCIAL CHRONICLE
that date, Mr. Castle said that
ratified by all European governments by
that time so that Germany
undoubtedly arrangement would be made before
consequently would not be techniwould not have to make payment and
cally in default.
not a concern of the United
This question, however, he explained was
He expressed the opinStates, as it received no payments from Germany.
thoroughly realized the situation, as
ion that the other nations involved
various Ambassadors who
certainly he had pointed it out casually to the
had been to see him.
Department was perturbed over
Mr. Castle denied reports that the State
would be wrecked if certain
the possibility that the entire Hoover plan
guarantee fund were not
arrangements concerning the intricate French
reparations instalment is due.
made prior to July 15, when the next German
in any way nor had it
The Department, he said, had not been disturbed
with any nation. It was a
been carrying on conversations on this subject
payments,
reparations
question of interpretation of the Young Plan of
do, and would have to be
with which the United States had nothing to
treasury experts.
worked out by the international committee of
concerning the French
As previously announced, the whole point raised
between France and the
guarantee fund during the recent negotiations
affected this Government.
United States had been dropped as far as it
matter for adjustment.
Mr. Castle said that it did not seem to be a difficult
thought the French and
In answer to a question, Mr. Castle said he
the Hoover plan was
on
American Governments felt that their agreement
fully in effect.
Great Britain Declares Debt Pact in Effect—Notifies
Germany Payment Due Next Week Will Not Be
Expected.
m
The British Government is putting the Hoover moratoriu
for
Into operation immediately by informing the Bank
International Settlements that she will not expect payments
of the German annuity due on July 15. This intimation
was contained in a letter sent to the bank by the Government to-day.
The Government also sent official invitations to-day to
and
the United States, France, Germany, Italy, Belgium
Japan to attend the conference of Young Plan experts which
opens here next Friday.
The letter to the world bank points out that some details
of the moratorium remain to be settled; it asserts that
since Great Britain has accepted the Hoover plan in principle it would be inconsistent to demand payment of the
German installment due next week,and therefore the Government had decided to renounce that payment.
The letter follows:
[Vat« 133.
Bar the Austrian Issue.
the almost
On the former issue it was observed in these quarters that
inception
"fanatic zeal" with which this project has been pursued since its
has only served to popularize it in German public opinion and also that
questhe
of
out
was
its injection into the current international discussions
but is
tion because the issue is to be considered in The Hague Court,
extraneous to Mr. Hoover's plan.
For a variety of reasons the government would also decline to interrupt
the cruiser construction now in progress. It is observed with considerable
atmosphere
emphasis that the intrusion of both these issues into the
created by Mr. Hoover's action is in palpable contradiction to the spirit
and scope of the plan as he conceived it and desires to have it executed.
Mr. Hoover's initiative, it is contended here, was primarily dictated by
in
a desire to come to Germany's relief as well as that of world economy
general and its advancement was not to be encumbered by political Issues
of any sort.
Notice Served on France.
This attitude, it was stated, was communicated to the French Government by Dr. Von Hoesch, the German Ambassador to Paris, when he
officially informed Premier Laval of the contents of the statement made
by Chancellor Bruening to United States Ambassador Sackett to the effect
that Germany would not divert any of the reparations moneys to the expansion of her armaments.
The government's determination not to permit the execution of the
Hoover plan to become enmeshed in political issues which it considers to
be outside the pale of the holiday year is promptly supported by the press,
which suggests that if other military and naval States are alarmed over
German warships which are still in the making, they might set an example
by calling off their own armament activities during the holiday year,
thereby preparing an auspicious atmosphere for next year's arms conference.
The editors agree that any yielding to foreign pressure in connection
with cruiser building, or on the customs union with Austria or on a
guaranty to France with respect to German fiscal or administrative procedure during the holiday year would be tantamount to accepting foreign
financial and political control over Germany.
Reichswehr Maneuvers Limited.
On the question of halting work on the new cruisers, It is stated that
this is technically impossible, as the work under way could not be stopped
without entailing financial losses and leaving the shipyards idle. The
annual autumn maneuvers of the Reichswehr, however, have been called
off by the Ministry of Defense and will be replaced by field exercises of
the various divisions. This action is said to have been dictated by a desire
for economy.
One of the early effects of Mr. Hoover's holiday year on the internal
political situation is expected to develop in connection with the Steel
Helmets' plebiscite for dissolution of the Prussian Diet, which is to be
held Aug. 9. By a vote of 229 to 190 the Diet to-day declined to dissolve
Itself and the Prussian electorate will now decide the issue in a referendum, which must be carried by 13,000,000 votes to be successful. Dr.
Alfred Hugenberg, the Nationalist leader, and Adolf Hitler, the Nazis
major-demo, conferred in Berlin to-day on campaign plans.
With the visible improvement in the political situation, the chances
the proposal
His Majesty's Government have accepted in principle
the reactionaries will capture Prussia seem very small, as they polled
that
payental
intergovernm
of
suspension
made by President Hoover for
1 1931, less than 6,000,000 votes in the initial balloting for the referendum.
July
from
due
falling
payments,
reparations
ments, including
to June 30 1932.
as regards the method
As you are aware, certain outstanding questions
by the Governments
of giving effect to the proposal remain to be settled
President von Hindenburg Thanks President Hoover
concerned.
on Behalf of German People.
of the German annuity
installment
monthly
the
meantime,
the
In
even if the German Government
Hindenburg thanked President Hoover on
von
President
falls due on the 15th of this month, but
demand it would be maniwere in position to transfer this installment, to
Hoover's July 7for the war debt moratorium in the following message:
President
of
principle
in
acceptance
with
festly inconsistent
Berlin, July 7 1931.
proposal.
No Payments Claimed.
To His Excellency, The President of the United States of America,
so
to refrain, in
The White House, Washington, D. C.
His Majesty's Government, therefore, have decided
any payment in respect of inSince the Paris negotiations have now arrived at a conclusion and the
far as they are concerned, from claiming
due
falling
annuities
conditional
one-year moratorium proposed by you has begun. I desire to express the
stallments of both unconditional and
of bondholders of the German thanks of the German people to you and to the American people. My
on the 15th, without prejudice to the rights
international
5%%
Government
German
the
and
1924
of
most sincere wish is that owing to your initiative the whole world may
external loan
that the terms and conditions be led into a new era of peaceful and confident co-operation.
loan of 1930, and on the understanding
amount
the
of
transfer
eventual
VON HINDENBURG.
of suspension of this payment and of
hereafter for giving effect to
President of the Reich.
suspended will be those to be agreed upon
proposal.
President Hoover's
to add that their decision
His Majesty's Government feel it necessary
immediate relief to the existl Leaders Pledge Themselves
has been taken with the object of giving
President Hoover's proposal, Financial and Industria
ing difficulties in Germany in accordance with
00
marks at the Disposal of
kind), and it
in
500,000,0
or
cash
to
in
Place
(whether
transfers
of
by complete suspension
implying any derogation from the
German Gold Discount Bank.
must not, of course, be understood as
any
as
far
so
in
agreements,
rights of this Government under the Hague
Berlin advices July 7 stated that 1,000 of the nation's
payments may be transferred by Germany.
ed to the other Govern- leading financial, industrial, shipping and other commercial
The terms of this letter are being communicat
Govthe
20 1930. and to
ments signatory to the Hague agreement of Jan.
enterprises had that night organized a syndicate which placed
ernment of the United States.
MoraGermany Sets July 1 As Date of Beginning of
As
torium—Hoover and Hindenburg Statements
Effect.
in
Now
Is
It
Proof That
There is a very definite understanding here, says a cablethat
gram from Berlin July 9, to the New York "Times,"
President Hoover's debt holiday year officially got under
way July 1. Reports from abroad indicating doubt on that
score were brushed aside on that day, it is stated, with references to President Hoover's proclamation setting that
date and President von Hindenburg's message to Mr. Hoover
confirming it. Neither has been challenged, it is pointed
out. The report goes on to say:
The government's legal experts comment that if Germany was expected
the Lonto pay another monthly instalment of her reparations on July 15
Dr.
don conference obviously would not have been set for July 17 and
Hans Luther, head of the Reichsbank, would not now be journeying by
credits.
airplane over Europe in search of heavy
There was chagrin in official quarters over the proposals advanced in
her
some London newspapers that Germany should officially announce
abandonment of the proposed customs union with Austria and also discontinue construction work on the second of her new cruisers.
a security guarantee of 500,000,000 marks ($119,000,000)
at the disposal of the German Gold Discount Bank in order
to enable it to obtain foreign loans. The move was made
with the avowed purpose of putting an end to further withdrawals of foreign funds from Germany. The step was
announced in a letter signed by the leading German corporations and addressed to Dr. Hans Luther, President of the
Reichsbank, who communicated it to representatives of the
foreign press at a conference called at night at the Reichsbank. Commenting on the letter, Dr. Luther declared that
the guarantee represented the contribution of German business to the success of the Hoover debt moratorium. It was
the first time, he declared, that the business men of a nation
had organized themselves overnight in a gigantic effort to
save the credit of their country.
The tremendous withdrawals of foreign investments since May were
not provoked by any internal events but were merely the consequence of
the world depression and the failures of large corporations abroad,especially
of the Austrian Creditanstalt," Dr. Luther said. "But the prolonged
drain on our reserves finally resulted in dragging Germany into a serious
financial position, which in turn caused panic abroad.
"Despite the successful conclusion of the Paris negotiations, to-day's
withdrawals are still far too large. This development had to be checked
JULY 11 1931.]
FINANCIAL CHRONICLE
and we hope that this consolidated move by German business men will
bring back the world's confidence."
Dr. Luther said that those who had signed the letter
were well aware of the danger that foreign creditors would
now withdraw their credits from individual debtors and place
their funds with the Gold Discount Bank in order to benefit
from the security it offers. That, however, had to be risked,
he said, and it would be the task of the bank's wise management to avoid such consequences.
The letter reads in part:
President Hoover's message opened the eyes of the world to the seriousness of the German situation. Between the announcement of his message
and its acceptance the situation has been aggravated. The objective must
now be to build up again confidence in Germany. prevent further credit
withdrawals and check the tide of foreign exchange, and we have made up
our mind to contribute to this end by aligning all German economic forces
in a common front.
Under the leadership of the German Gold Discount Bank, German industrial, banking, shipping and commercial enterprises are creating a
syndicate which pledges a guarantee of 500.000.000 marks in order to
strengthen the power of action of the Gold Discount Bank. This amount
will be distributed among 1,000 of the biggest German enterprises.
This guarantee can only produce effects if the Reichsbank's directorate,
in co-operation with foreign Central banks, succeeds in providing the easements necessary for German business and the credit situation.
The letter was signed, among others, by all the leading
Berlin and provincial banks, the Hamburg-American and
North German Lloyd shipping lines, the A. E.-G. electrical
trust, the potash syndicate, the I. G. Farbenindustrie (dye
trust), the house of Krupp, the electrical concern of Siemens
and Schuckert, the United Steelworks, and all the major
Rhineland coal, iron and steel companies.
Dr. Luther declared that, backed by this guarantee, the
Gold Discount Bank would be able to contract loans many
times in excess of the amount of the guarantee.
213
It is presumed by local bankers that the Reichsbank will now include the
$50,000,000 in its foreign currency reserves which should be reflected in the
next statement of the Bank which will be as of to-day. Details of collateral
are still being worked out but this presumably will consist of prime commercial bills. The fund will probably be held in New York and will be paid
out on cable order of the Rekhsbank to meet demands for foreign currency
arising in Berlin.
Monday's events made it necessary to draw upon this credit as. pending
a satisfactory settlement of the debt negotiations between the American
and French governments, flight of capital from Germany was resumed with
new vigor. It was reported from Berlin that demands at the Reichsbank
for foreign exchange during the day totaled Rm.60,000.000 ($14,292.000)•
This was the largest amount of devisen lost since the capital efflux slowed
down somewhat.
Loan of $400,000,000 is Sought by Germany in London
and Paris—Dr. Luther Makes Hurried Trip as Gold
Drain on Berlin Continues—Gold Coverage for
Currency Increases.
After frequent telephone conversations from Berlin with
Montagu Norman, Governor of the Bank of England, for
three days, Dr. Hans Luther, President of the Reichsbank,
flew to London on July 9, arriving unannounced at the
Croyden airport at noon. He motored to the German
Embassy and had a consultation with Ambassador von
Neurath, after which he rushed to Victoria Station, where he
met Mr. Norman by appointment, and the two bank chiefs
left together on a boat train for Dover, a compartment having been reserved for them in which to confer undisturbed.
A cablegram to the New York "Times" on July 9in reporting
this, also went on to say:
Mr. Norman's destination is Basle for the conference of officials of the
Bank for International Settlements beginning to-morrow. Dr. Luther also
is going to Basle but it is reported here he is going to Paris on the way for
a conference with officials of the Bank of France.
The purpose of Dr. Luther's flying visit to London for the sake of the
train ride with Mr. Norman was to develop the negotiations already
started by telephone for raising a huge long-term credit loan to pull the
Reichsbank out of its present emergency. London speculation as to the
amount of the loan contemplated ranges from $400,000,000 to $500,000.000. to be divided UD among London. New York and Paris.
Chancellor Bruening Pledges Reich Will Not Use
Financial Relief to Increase Defense.
Assurance that Germany would not use to increase her
Associated Press dispatches from London, July 9, disarmaments the financial relief hoped for from President cussed the matter as follows:
Hoover's one-year debt suspension proposal was received
Dr. Hans Luther's plans to fly to Brussels to-night were abandoned in
at Washington on July 5 in the form of a statement by Dr. favor of a train and boat journey to Paris. The reason for this change in
Heinrich Bruening, Chancellor of the Reich, forwarded by plans was not disclosed, it is Staten.
Dr. Hans Luther, President of the German Reichsbank,
Frederic M. Sackett, American Ambassador at Berlin.
arrived in Paris at 11.15 at night July 9, having come from
The statement follows:
In view of the fears which have sprung up in some circles that the amounts London. Beseiged by dozens of correspondents, who crowded
released in the German budget by the relief from reparations payments the platform at the Gare du Nord with the hope of obtaining
might be used to increase armaments, I declare that an increase in the
appropriations for the army and navy during the holiday year has never some direct indication of the significance of his visit, Dr.
been contemplated, nor will it take place.
Luther parried all questions with the answer that he would
The aggregate alleviations accruing to Germany from the Hoover plan see Governor Clement
Moret of the Bank of France early the
are required and will be used in their entirety to cover the deficits in revenue
which are to be expected, to consolidate financial conditions, and to save next morning. Beyond that, he stated, he could not go.
German economic life.
From unquestioned sources, however, the New York
The State Department denied that any external sugges- "Times" Paris correspondent, it was disclosed that Dr.
tions to Germany had evoked the pledge, but there was a Luther's flying visits to London and Paris on the eve of
belief here that Ambassador Sackett had assured Dr. the important Monday meeting of the board of the Bank
Bruening of the psychological good such a statement might for International Settlements at Basle concerned largely the
produce. As late as the day before there were intimations question of obtaining further credits for Germany. The
from Paris that the French Government still was seeking French banking leaders are anxious to hear the latestinformapolitical guarantees from Germany to insure Parliamentary tion from the Reichsbank chief, but dominating Dr. Luther's
brief sojourn in Paris—he probably will leave for Basle
sanction of the Hoover plan.
Saturday night—is the problem of convincing the French of
the necessity of placing more of their vast store of capital
The International Acceptance Bank on Its Credit to at the service of the German financial situation. The
correspondent also said:
the Gold Discount Bank of Germany.
In his two-day visit it may be assumed that Dr. Luther will talk with
The "Wall Street Journal" in its issue of July 7 called
P. E. Flandin, Minister of Finance, and the heads of the largest private
attention to the fact that the International Acceptance Bank, credit
institutions.
Inc., states the Gold Discount Bank (which is entirely owned
According to one reliable report, the object of Dr. Luther's visits to
by the Reichsbank) is about to make use of the $50,000,000 London and Paris is to try to arrange for the opening with the banks of
England and France and the Federal Reserve Bank of New York of a
credit which had previously been granted by a syndicate of credit
of 1,500.000,000 marks ($360,000,000). This may explain the
over 30 American institutions under the leadership of the Impression here that Dr. Luther while in Paris will also confer with important
American bankers.
International Acceptance Bank. Despite the reports of the
French
opinion is unanimous in the conviction that further
past few days, this credit had not been touched up until .assistance official
to the Reich should be granted only upon normal assurances
Monday afternoon, the "Wall Street Journal" says. F. Ab- that Germany will not pursue her Pan-German movement beginning with
the proposed Austro-German customs union. Aside from all this, howbott Goodhue, President of the International Acceptance ever,
Dr. Luther's visit cannot but assist in advancing financial understandBank, stated, as regards the credit:
ing between Berlin and Paris. The French press is almost unanimous
The credit was originally arranged in 1924 for a smaller amount, and has. to-day In admitting the urgent need for direct Franco-German conversince then, been increased to its present size. While it has been in existence sations.
Closely allied with this feeling is the widespread view that France must
since 1924 and the Gold Discount Bank has paid regularly its commitment
charge to the American syndicate as compensation for keeping this credit insist upon political guarantees during the life of the war debt moratorium.
Thus
to-night's semi-official "Le Temps" backs the suggestion of the
at their disposal, it has been availed of only once—in 1924—and since then
"London Times" that Germany should suspend all further work on the
it has not been used.
Ersatz Lothringer, sister cruiser to the Deutschland, and that Germany
No announcement was made regarding the interest rate should renounce temporarily the process ofeconomic assimulation of Austria.
to be paid on the amount of the credit made use of. The
credit itself runs until July 1932. This credit has long constituted one of the "hidden" reserves of the Reichsbank as
the Gold Discount Bank is directly controlled by that institution, the "Wall Street Journal" says in its comments,
adding:
From Berlin, July 9, came the news that the hurried departure of Dr. Hans Luther, head of the Reichsbank, for
London, the day's exceedingly high demand for exchange
at the Reichsbank and the fact that the Boerse, despite the
acceptance of the Hoover moratorium and the guarantee
pledge of German industrialists and bankers, failed to show
214
FINANCIAL CHEONICLE
any signs of material recovery, had created distinct nervousness in Berlin. The uneasiness was further discussed as
follows:
This was somewhat appeased only when it was reliably learned late tonight that Dr. Luther and Montagu Norman in London had agreed upon the
extension of the Reichsbank's rediscount credit to about $240,000,000.
The fact that new rediscount credit for the Reichsbank, instead of longterm loans to Germany, formed the topic of the London discussions revealed that the situation was more pressing than had been assumed in many
quarters and that the recent developments which found their climax in the
Paris agreement and the guarantee pledge of German industry far from
relieved the Reichsbank.
Dr. Luther and Reichsbank officials maintained strict silence as to
the moves they were contemplating. Although the weekly statement shows
a slight improvement in the Reichsbank's status over last week, there
could be no doubt that its position was still extremely strained.
Withdrawals Continue.
Withdrawals of foreign funds, as reflected in the demand for foreign
exchange,continued unabated to-day and no effect of the guarantee pledged
by German banks and industries was evident. To-day's demand of about
$12,000,000 exceeded yesterday's by several millions.
Only the fact that the gold exchange coverage of currency, according
to the weekly statement, went up to 43.6%, whereas last week it was only
one-tenth of 1% above the legal limit of 40%, prevented the pessimism
prevailing in to-day's Boerse from resulting in a serious slump.
The improvement in coverage was caused partly by a decrease in the
amount of money in circulation by 213,000,000 to 5,761,000,000 marks,
which is nearly 300,000,000 marks less than at the same time last year. It
Is asserted that this effectively disproves the rumors of impending inflation, which, it is assumed, precipitated the run on investments.
The level of coverage was maintained with the help of the remaining
part of the recent $100,000,000 rediscount credit and part of the Gold
Discount Bank's $50.000.000 credit with the International Acceptance
Bank. The statement includes only the week ended July 4, and since then
the Reichsbank has lost another $55,000.000, thereby probably using the
rest of the $50.000,000 Gold Discount Bank credit and some of its own
reserves in addition. From the figures in the statement it must be concluded
that the Reichsbank within the last five weeks has lost approximately
$360,000,000 in gold.
Long-Term Loans Needed.
Although in view of this situation any help would be welcome, it is emphasized here that the extension of the Reichsbank credit will hardly
touch the roots of Germany's financial troubles, but will only enable
the bank to continue helping to pay the loans and other short-term credits
which are being continually withdrawn by foreign investors. The obiective of all international negotiations, as seen here, must be to prevent
further withdrawals of foreign funds, and that, it is agreed, can be done
best by large long-term loans which would bring Germany back to where
she was before the run on foreign investments started. Germany's immediate need is placed by financiers at about $500,000,000 or possibly more.
The first positive effect of the Hoover moratorium was noted her. when
the government announced it did not wish to prolong the 250,000,000-mark
credit which was granted by German banks to cover the budgetary deficit.
Only 184,000.000 marks of it has been used This amount will flow back
into the German money market on July 16, when the credit is due. The
government, in keeping with its pledge, will use the money saved through
the Hoover moratorium to reduce the floating debt, it was announced. This
announcement is regarded here as proving the conviction of the government
that the moratorium will suffice to cover fully the deficit in the budgets
of the Reich States and municipalities. It is also asserted in this connection
that the credits sought by Dr. Luther would not be used to balance the
budgets but would directly benefit German economy.
[VOL. 133.
Germany in the last six weeks. Some doubt also exists as to the means that
could be used to extend substantial financial relief to Germany.
Credit Exhausted. Banks Feel.
Many important New York banks feel that they have advanced all the
credit to Germany that they can afford now. Since the public is not now in
a receptive mood for long-term German bonds, the banks would have to
make the advance out of their own resources. It was pointed out that the
Federal Reserve might make an arrangement with the Reichsbank similar
to that made with the Bank of England six years ago when sterling was
being stabilized.
On that occasion the Federal Reserve agreed to lend $200,000,000 gold
to the Bank of England for two years, accepting as security sterling bills
Indorsed by the British bank of issue. In that way funds not callable in
two years might be placed at the disposal of the Reichsbank. It is longterm funds that Germany needs. At the Federal Reserve Bank of New
York, however, it could not be learned whether a credit arrangement of
this sort with the Reichsbank was under consideration.
In spite of the fact that about 25,000.000 more marks of foreign exchange
were lost by the Reichsbank yesterday, the German mark was higher
against the dollar, closing up 1 111 points.
Credits Extended to Hungarian Bank—New York
Reserve Bank May Announce Participation in
B. I. S. Loan.
In addition to the opening of a $20,000,000 credit for the
Hungarian National Bank by a group of central banks
headed by the Bank for International Settlements, the
issuance of $25,000,000 Hungarian Treasury notes eased
the banking situation in Hungary, said a Berlin dispatch
to the New York "Journal of Commerce" on July 7. The
Bank for International Settlements was able to secure for
the benefit of the Hungarian National Bank the continuation
of credits held in Amsterdam. The loss of these credits,
it is held, would have occasioned new difficulties for the
Hungarian banks.
The following further comment also appeared in the
New York "Journal of Commerce":
According to reports in local banking quarters the credit issued to the
Hungarian National Bank by the Bank for International Settlements has
been in existence for several weeks. The participants other than the Bank
for International Settlements were said to be the Bank of England, the
Bank of France and the Federal Reserve Bank of New York.
The Federal Reserve Bank of New York made no announcement of its
participation in the Hungarian credit because the Hungarian bank officials
considered publicity undesirable at the time. On the other hand, wken
credits were issued to Germany and to Austria through the Central banks of
those countries, the official announcements were said to have created a
valuable sentimental effect upon the exchange markets.
The local Reserve bank is said to have entered into several credit agreements with the Central banks of the countries of Southeastern Europe. If
requested to do so local officials will presumably announce the existence of
these credits.
Government Will Aid Bank of Geneva in Run—Withdrawals Lessen with News.
The Federal Council of Berne, Switzerland, moved on
July 7 to assist the Bank of Geneva, which is in financial
difficulties as a result of a run that began last week. The
Finance Department is expected to place a substantial sum
at the disposal of the Canton of Geneva, which in collaboration with Geneva banks will support the institution. Only
a small number of depositors appeared to withdraw funds
this morning. The run had its origin in the circulation of
reports that the bank had been affected by mismanagement
and losses. The institution is the oldest bank in the Canton
of Geneva but not the strongest in resources.
Curb on Credit By German Reichsbank Is Urged Here
—New York Financiers Feel Severe Restriction Is
Essential to Foreign Loan Plan.
Certain leading New York bankers were disinclined yesterday (July 9) said the New York "Herald Tribune" on July
10 to believe that Germany would make much headway in
her reported attempt to raise a huge foreign loan so long as
the Reichsbank refused to resort to severe restriction of
credit. It is understood that the Reichsbank recently has
been scrutinizing more closely all bills presented for disDebt Payment to United
these accounts said, and has been rationing credit Greece Makes Inter-Allied
coil
Hold Payment on Deposit
Will
States—Treasury
quietly, but that it has not taken steps to emulate the credit
Until Congress Acts.
restriction tactics which Dr. Hjalmar Schacht found serviceinternational agreement on a debt moratorium,
Despite
able in 1924 and again in 1929. The same advices added:
payment to the United S,tates July 1, the
Definite information was lacking here regarding the report that Dr. Hans Greece made a
Luther, governor of the Reichsbank, had gone to London, Paris and Basle to first day of the 12-month holiday, and will make another
raise such a credit. In some quarters it was believed more likely that he Nov. 10. These payments, Washington advices said,
was talking over with the governors of the Bank of England and of the
made because Congress does not meet until DecemBank of France the renewal of the $100,000,000 international credit to the must be
Reichsbank that falls due on July 17. Perhaps, also, it was believed, he ber, and until the moratorium has received its formal apwas discussing the likelihood that the credit would have to be increased proval, United States debt funding agreements continue in
soon.
full effect. However, the Treasury deposited Greece's
Some Here Urge Credit Curb.
$110,000 payment in a special account, where it will be held
Some bankers here are strongly in favor of credit restriction by the
Reichsbank because of information reaching them that the mark is suffer- until after Congress approves the debt suspension. Then
ing more from the flight of German capital than from foreign withdrawals. it will be returned to Greece if the moratorium is made reIt was said that the memory of the deflation in 1923 was still so keen in
the minds of many Germans that they were preparing against the repetition troactive as is expected.
The payments on the great majority of the $246,000,000
of those times by sending their funds to other countries.
The only way to cope with this situation, New York bankers said, was owed the United States under agreements during
the year
to restrictcredit closely, forcing a contraction of the German credit structure and a curtailment of the currency circulation. This device would work do not fall due until Dec. 15,giving Congress a week to act.
some hardship on German industry, but Dr. Schacht found it extremely
useful on two occasions.
The belief here is that Germany is hesitant to impose such restrictions
on credit because of the unpopular public response it would evoke. It was
admitted that a government which contenanced credit restriction would
run a real risk of being overthrown, but certain New York bankers are sure
that the plan would promptly bring the desired relief to the German mark.
*Until credit restriction is attempted, New York bankers feel, Germany
will notfind leading capital markets ready to extend credit in large amounts
to take the place of the approximately $500,000,000 of funds that has left
Spain's Banking Troubles—Bank of Catalonia Forced
to Suspend—Closing Results in Serious Runs on
Other Barcelona Houses.
Consternation was caused in Spanish banking circles of
the nation on July 7, said a Madrid cablegram to the New
York "Times," by the suspension of payments by the Bank
JULY 11 1931.]
FINANCIAL CHRONICLE
of Catalonia, one of Spain's leading banks, with headquarters
and ten branches in Barcelona and twenty branches in other
Catalonian cities and towns. Coming within a few days
after the suspension of payments by the Madrid bank of
Bauer & Co., the failure had a disquieting effect in financial
circles and caused a run on the Arnus Bank and its branches
in Barcelona and heavy withdrawals of funds from other
banks, including the powerful Spanish-American Bank.
The suspension of payments by the Bank of Catalonia was
regarded as serious, since a number of industrial firms in
Catalonia had large deposits. Not only business, but agricultural enterprises and, according to reports, one of the
leading Spanish railways, will be affected.
The Bank of Catalonia's total assets are put at 420,000,000
pesetas (about $42,000,000) and its liabilities at 370,000,000
pesetas (about $37,000,000). It is understood that the bank
which had been closely connected with the Government
petroleum monopoly and other somewhat dubious enterprises of the Primo de Rivera dictatorship and that bank
officers had been carrying on manipulations which, if not
actually crossing the deadline of legality, came very close,to
it and that this was responsible for the suspensions.
Close Barcelona Exchange—Bank of Spain Lifts Rate.
The Stock Exchange at Barcelona has temporarily suspended operations. This followed the closing on July 7
of the largest bank in that district.
The Bank of Spain increased its rate of discount by a
decision of the Council on July 8. Commercial discounts
will be 63%. The rate for loans guaranteed by industrial
bond will be 6% and the rate for personal loans 7%. Loans
guaranteed by State bonds will continue at the present rates
of 5% and 53%.
Secretary Stimson Is Informed by Mussolini That
Italy Desires Peace—Secretary of State Devotes
Entire Day to Conferences with Premier and
Foreign Minister.
Premier Mussolini stressed to Secretary of State Stimson
at a conference at Rome on July 9, according to a wireless
on that day to the New York "Times" that Italy favored
vast cuts in armaments at the Geneva conference next
year. They agreed that there must be no postponement of
the arms parley, because its success would restore the
confidence of the peoples of the world. The "Times"
correspondent treated at length of the conference as follows:
Secretary Stimson began his series of political consultations
with Italian
leaders when he was received this morning by Foreign
Minister Grandi
for a three-quarters of an hour talk at the Palazzo Chigi.
He
with Premier Mussolini for an hour this evening at the Palazzoconferred
Venezia.
Foreign Minister Grandi returned the visit of Colonel
Stimson in the
afternoon at the American Embassy and remained with the
Secretary of
State more than two hours. Premier Mussolini and Colonel
Samson met
again at a dinner given at the embassy in the latter's honor and
had another
long talk after dinner. Ambassador Garrett was present at the
first meeting
between Colonel Stimson and Signor Grandi, but did not join
the conference with the Premier at the Palazzo Venezia,
Italians Discuss Conferences.
The only news of to-day's meetings was obtained from Italian
sources.
Colonel Stimson did not leave the embassy except to drive to his appointments with Premier Mussolini and Foreign Minister Grand'. The embassy
was heavily guarded, no outsiders being allowed to approach it.
Some
inkling of what passed between the Secretary of State and the Italian
statesmen was gained from Foreign Minister Grand', who entertained
American journalists at lunch and from Premier Mussolini, who received
American correspondents after Colonel Stimson's departure
from the
Palazzo Venezia.
Signor Grandi limited himself to dropping broad hints that naval
questions had formed a large part of his conversation with Colonel
Stimson and
to saying that it had been "very profitable," but Premier
Mussolini was
more expansive and spoke with less reserve.
Premier Mussolini first laid at rest fears that the general disarmament
conference at Geneva which is scheduled for next year may be postponed
for 12 months. He and Secretary Stimson found
themselves in perfect
agreement, he said, that the conference must open on the date originally
fixed.
Says Public Expects Parley.
"The conference," said Premier Mussolini, "must take
place next
year. The date of Feb. 2 has been fixed and punctually on
Feb. 2 the
conference must open. Public opinion expects it and public opinion
must
not be disappointed.
"If the conference were postponed it would deal a severe blow
to the
people's confidence and this in turn would react most unfavorably on
the
economic situation. The present crisis is largely psychological and
we must
do everything which is likely to help the world overcome it. The
people
need confidence and we must give it to them it we can."
Secretary Stimson and Premier Mussolini also agreed that It is imperative
that the disarmament conference be a complete success.
"Secretary of State Stimson told me," said Premier Mussolini,
"that
there must be a revival of prosperity if the Geneva disarmament
conference
Is to be successful. In this opinion I concur completely. The
conference
must be successful.
"It must be successful because we cannot afford it to be
otherwise. If
It failed the peoples' confidence In their governments would
be destroyed
215
and they would hold their governments strictly accountable. I repeat
that
the present world crisis is principally psychological and it is difficult
to
gauge the harm which would be done by the distrust and enmity which
would certainly be caused by an unsuccessful termination of the
conference. This, however, is so generally realized that I am sure all nations
will go to Geneva with a sincere desire to make the conference a success."
Praises Hoover Debt Plan.
The Premier said his conversation with Secretary of State Stimson
dealt
with two main subjects, the Hoover debt holiday proposal and
disarmament. He told the correspondents he considered the Hoover plan one of
the
greatest events in post-war history and stressed that Italy showed her full
appreciation of its importance by accepting it immediately and unreservedly
and by being the first power to put it into effect.
Regarding disarmament Premier Mussolini continued:
"Secretary of State Stimson said to me that next year the world would
be at the parting of the ways. Each nation must choose between war and
peace. I replied that Italy already had made her choice—peace."
Italy, he added, has no preference for any method of disarmament, by
limitation of budget appropriations for war purposes or by the direct
limitation of the instruments of war, if it results in an actual decrease in
armaments for all nations.
"Italy is ready to go to any limit." he continued. "If it is desired to
leave Italy only 10,000 rifles, that is all right, provided nobody has
15,000,
because that would be like pitting a man armed only with a stick against
a man with a revolver. But disarmament is the thing. If that can be
achieved the method is of secondary importance.
"What is wanted is not only military disarmament but political, economic
and spiritual disarmament. All these are necessary to establish that state
of
economic tranquillity which in Secretary Stimson's opinion is imperative
if the world is to recover and prosperity is to return. I assured Secretary
Stimson of Italy's full co-operation along these lines."
Compliment to Secretary Stimson.
Premier Mussolini ended by paying a compliment to Colonel Stimson:
"He is not only a pleasant, cordial gentleman, but also a wise, farsighted statesman," Signor Mussolini said. "I attach the greatest importance to his visit to Europe, even though it Is unofficial. Secretary
Samson told me he was a mere tourist. I replied that was all right, but
he, Mr. Stimson. is the Secretary of State of the world's greatest republic
just the same."
The Premier received the American newspaper men in the Palazzo
Venezia in the first group audience to the foreign press since the one he
granted in 1922 soon after his march on Rome. The hall in which he received
them is an enormous room without furniture, except for a desk placed in a
corner opposite the visitors' entrance.
Signor Mussolini wore a white linen suit. He was in the best good humor.
He walked up and down in front of his visitors and laughed and joked with
them. He evidently was in the best of health and spirits. He greeted the
newspaper men cordially, shaking each warmly by hand and showing by
his remarks that he knew the "newspaper" each represented.
Secretary Stimson was the guest of honor at a dinner given at the American Embassy this evening. Premier Mussolini, Foreign Minister Grand'
and several other Cabinet Ministers were present. Because of the unofficial
character of Colonel Stimson's visit and because the Court is in mourning
for the death of the Duke of Aosta there were no toasts. To-morrow Secretary Stimson will attend a luncheon in his honor given by Signor Grandi in
the Casino Borghese in the beautiful Borghese gardens.
To-morrow evening Colonel Stimson will be entertained at an illumination of the Forum, specially staged for his benefit. He will hold no more
meetings with Italian statesmen during his stay in Rome which will ter
minate Saturday when he leaves by automobile for Florence.
France at Work on the Naval Armament Issue.
Prospects for the resumption of naval negotiations with
Italy after the immediate questions of reparations and
disarmament have been disposed of appear bright, said an
Associated Press cable from Paris on July 9.
The Navy Department and the Foreign Ministry have
been exchanging views on the matter, it was stated, and it
was revealed by a Foreign Office spokesman that the French
and Italian experts had maintained their contact since the
negotiations were interrupted last April. The spokesman,
however, discounted the importance of reports that France
had presented a new basis of compromise to Italy, explaining that the government had not had time to consider
the matter.
United States to Accept Invitation to the League of
Nations General Disarmament Conference Next
February.
State Department officials had virtually completed the
draft of America's acceptance of the League of Nations
invitation to the general disarmament conference next
February, it was stated in press dispatches from Washington
on July 9. There was no accouncement at the State Department regarding the receipt of the invitation which
arrived from Geneva Wednesday. Acting Secretary Castle,
in response to questions indicated, however, that the
American Government would wholeheartedly accept.
Great Britain Extends Time on Credits to Russia—
Allow 30 Months on Exports of Heavy Engineering
Products in Move to Gain Trade.
In a move to increase British exports to Soviet Russia
the British Government announced July 9 through William
Graham, President of the Board of Trade, that exports
credit would be extended for a period of 30 months instead
of 24 months, as at present. This arrangement will be
limited to heavy engineering products. The British move has
resulted from other European countries, notably Italy,
216
FINANCIAL CHRONICLE
[VOL. 133.
a uniform plan of acreage reduction." He further says,
"the plan offers no help in solving the difficult problem of
disposing of an existing surplus, in a world market glutted
with wheat. The Grain Stabilization Corporation has a
heavy burden in carrying and disposing of the wheat that
it will hold when the new crop begins to move. It would not
be advantageous to add to this burden in the near future."
Mr. Stone likewise says: "the plan contemplates a continuous policy of semi-governmental disposition of our surplus over domestic requirements by concentrating this surplus in the hands of an agency to be dumped into world
markets for what it will bring. In the light of the existing
world wheat situation and outlook, and of a great deal of
study of international economic relations, the Federal
Farm Board believes that such a policy could not be carried
out to the advantage of our wheat growers." In conclusion
Chairman Stone said, the Board is already committed to
a policy of dealing with the wheat situation with the cooperation of farmers and their organizations. The Farmers
National Grain Corporation and its affiliated co-operatives
will be in a position to handle their members' grain to
advantage. The Grain Stabilization Corporation will play
its part in meeting the situation. The Board and the Department of Agriculture will do their utmost to give farmers
essential facts on which to base their decisions." Chairman Stone's letter to Mr. Wilmer follows:
Results of San Paulo 7% Coffee Realization Loan for
May 13 1931.
having extended their export credit schemes for Russia to
30 months.
The announcement, made in the House of Commons,
disposed of reports in the British press that the Labor
Government planned to extend a new credit of approximately $30,000,000 to Russia. It was learned authoritatively
Associated Press advices said, that British exports credit
arrangements for Russia remain unchanged except in
relation to the extension of time limit. The 30-month limit
includes the period of manufacture. Of approximately
$125,000,000 available for Russian export credits, it is
understood not more than $50,000,000 or $60,000,000 has
been employed at any one time. About $20,000,000 in
British government guarantees for goods bought by Russia
statehas been employed in recent months. Mr. Graham's
ment was prompted by a question whether the Labor Government intended to extend British credits to Russia for shipbuilding. His answer was that, in view of an existing
glut of tonnage, the government did not intend to extend
guarantees for the building or sale of oceangoing vessels for
Russia or any other country. A member of the Conservative
side sought to raise the old question of approximately
$1,250,000,000 British investments in Russia during the
Czarist regime, still a controversial subject, but Mr. Graham
said that was another matter.
First Year of Operation.
Speyer & Co. and J. Henry Schroder Banking Corp.,fisca
agents for the State of San Paulo 7% Coffee Realization
Loan, have received the results of the Coffee Realization
Plan of San Paulo for June, completing the first year of
the plan's operation. Receipts from the sale of pledged
coffee for the year totalled $9,733,000 for the sinking fund
(of which $4,866,500 were used for the April 1 1931 redemption and the balance is applicable to the Oct. 1 1931
redemption) and $486,650 for the reserve account for the
whole loan.
The interest on the bonds is provided for by a special tax
on all coffee transported for export from any point within
the State of San Paulo. The receipts from this special tax
for June were $913,359, and for the nine months ending
June 30 1931 equalled $7,195,159, as against actual interest
requirements for the loan of approximately $5,024,661 for
this period.
Bonds Drawn for Sinking Fund of City of Oslo(Norway)
Municipal Loan of 1926.
Kuhn, Loeb & Co., fiscal agents, have issued a notice to
holders of City of Oslo (Norway) municipal external loan
of 1926 twenty-year 51V-2% sinking fund gold bonds due
Feb. 1 1946 that $104,000 principal amount of these bonds
have been drawn by lot for redemption on Aug. 1 1931, at
par. Bonds designated for redemption will be paid at the
office of the fiscal agents out of sinking fund moneys upon
presentation and surrender on or after Aug. 1 next, together
Drawn
with all coupons maturing on or after that date.
bonds cease to bear interest from Aug. 1.
Chairman Stone of Federal Farm Board Cites Objections to Wilmer Plan to Control Surplus Wheat
Crops.
farmers,
A plan for a Nation-wide campaign by organized
Federal Farm
the
from
support
moral
and
aid
financial
with
the wheat crops
Board, to obtain control of the surplus of
limit the surplus from the
to
and
1933,
and
1932
1931,
of
at least 75% of the
crops of 1932 and 1933, by getting
control association
surplus
national
a
join
to
growers
wheat
each signer
bonding
contract
membership
with a three-year
C. Stone, Chairman
James
by
impracticable
be
to
held
is
F. J. Wilof the Farm Board. The plan was proposed by
mer, of the North Pacific Grain Growers' Co-operative
reAssociation, of Rosalia, Wash. and the Board's views
garding it are contained in a letter addressed to Mr. Wilmer
on May 13 made public May 15. Chairman Stone says, "we
do not believe that reduction by a fixed and equal percentage
in all regions and on all farmers, such as would probably
be necessary in a uniform contract, would be an economic
method." "So great are the variations in appropriate adjustments on individual farms from region to region and
from farmer to farmer," says Mr. Stone, "that it is not
practical or economically desirable to secure adherence to
Mr. P. J. Wilmer, North Pacific Grain Growers Co-operative Association,
Rosalie, Washington.
Dear Mr. Wilmer:—The Federal Farm Board has been giving careful
consideration to a large number of proposals for dealing, in some new
way, with the wheat situation that the country faces during the coming
year and more. We have welcomed your suggestions on this subject, including those which grow out of the deliberations of an informal committee
under your chairmanship in Chicago April 8-10. Without dismissing
the subject from consideration, we wish to give you, without further delay,
our present position in regard to the plan that you have put before us.
In summary form, your proposal is that a nation-wide campaign be
made by organized farmers, with financial aid and moral support from
the Federal Farm Board, to obtain control of the surplus of the wheat
crops of 1931, 1932, and 1933, and to limit the surplus from the crops
of 1932 and 1933, by getting at least 75% of the wheat growers to join
a National Surplus Control Association with a three-year membership
contract binding each signer:
(1) to hold on his farm or to deliver to the Association without advance
payment such proportion of his wheat crop as the Board of Directors of
the Association might determine on a percentage basis for the crop as a
whole, grain so delivered to be sold through the Farmers National Grain
Corporation in such a way as not to affect the domestic market for milling
wheat, the surplus over cost of handling and transportation to be returned
to the grower, and
(2) to limit his acreage sown for the crops of 1932 and 1933 in such
percentage as the said Board of Directors would designate. The theory
underlying this proposal evidently is that if such a campaign were successful, wheat growers would obtain better returns for their wheat of
the 1931 and subsequent crops.
The Board is much pleased with evidence from many quarters that
farmers are giving serious thought to our national wheat problem and are
eager to share in organized efforts to cope with it. This attitude and
efforts deserve encouragement and should yield valuable results. Yet it
is important to think through any general plan for common action before
embarking on it. The Farm Board has studied this proposal in the hope
that it might provide a solution for our wheat surplus problem. We
regret to conclude, however, that it would prove impossible to put this
plan into operation in such a manner as to yield net advantages to wheat
growers as a whole, to say nothing of other farmers.
The history of even regional sign-up campaigns among farmers is extremely discouraging, and so is the evidence of results to farmers from
such campaigns. All of those who are in close touch with farmers are
aware of widespread reluctance on their part to sign contracts affecting
their future actions, particularly where actions two years or more in
advance are involved; and of the certainty that, under stress of circumstances or by reason of changes in conditions, 100% performance of such
contracts could not be expected. Even to keep track of the degree to
which such contracts were lived up to would be an enormous administrative task; and the enforcement of performance would be administratively if not legally impossible. The obstacles to securing signatures,
great in any case, would be vastly greater if it could not be convincingly
shown that those who signed would gain by the general adherence to such
contracts; and the obstacles to performance of obligations would be vastly
Increased if those outside the Association stood to gain more than those
who signed.
The proposed plan would require very large restrictions upon signers
in marketing their wheat. Our surplus over total domestic requirements
for food, seed, and feed is seldom over 25% of the crop; but the percentage covered by the proposed contract would be much higher. Domestic
food requirements for 1931-32 will probably absorb about 60% of the
1931 wheat crop. If all wheat growers were to sign contracts to retain
on their farms or deliver to a surplus control association the entire surplus
over domestic food requirements, each farmer would be restricted to
selling only 60% of his crop; out of the other 40% he would retain some
for seed and some for feed if he so desired, and deliver the balance
without initial payment to an agency designated by the Association. If
only 75% of the wheat crop were effectually covered by such contracts,
It would be necessary to raise the surplus percentage to about 50%. If
less than 75% of the crop were effectually covered, the surplus percentage
for the contracting farmers would have to be raised still further, and the
percentage that each was free to sell would be still lower.
All other considerations aside, we cannot believe that wheat growers
generally would sign contracts, even for a single year and without other
commitments, that would so greatly restrict them in the sale of their
JULY 11 1931.1
FINANCIAL CHRONICLE
217
wheat of the 1931 crop. If the contract applied similarly to the crops
The Board is already committed to a policy of dealing with the wheat
of 1932 and 1933, and required signers to reduce their acreage for the situation with the co-operation
of farmers and their organizations. The
crops of 1932 and 1933 by a percentage to be later specified, the "sales Farmers' National Grain Corp. and
its affiliated co-operatives will be
resistance" to the plan would be still greater.
in a position to handle their members' grain to advantage. The Grain
Nor do we believe that sound arguments could be presented to persuade Stabilization Corp. will play its part in meeting the situation. The
farmers generally that to sign such contracts would be in their individual Board and the Department of Agriculture will do their utmost to give
interests; and there is a real danger that in trying to get the maximum farmers essential facts on which to base their decisions. We count upon
sign-up expectations would be aroused that could only lead to disap- the intelligent and effective efforts of formers' organizations and co-operapointment. Conditions among wheat growers vary widely. Some farmers tive associations, as well as of Federal and State agencies already in
are in a position to use a large percentage of their wheat crop for feed, operation and of new groups that may be formed, to help bring these
while others can use little or none. Many farmers, particularly east of facts and their local application home to wheat growers in all sections.
the Mississippi and in the spring wheat belt, can count upon their wheat We are confident that in such ways as these the difficulties of the
situabeing used in the domestic market, for food, seed, or feed; others, par- tion will be met and surmounted.
ticularly in the Southwest and the Pacific Northwest, must expect, under
Very truly yours,
present conditions, a large fraction of their crop to be exported. Some
(Signed) JAMES C. STONE, Chairman.
farmers will be in a financial position to hold back for future sale a
large part of the crop they will harvest next summer; others
will be
under the necessity of selling all that they can. Because of existing Market Value of Listed Shares on New York Stock
financial obligations and the pressure from their creditors, many farmers
Exchange July 1,$47,417,147,581, Compared with
would not be free to sign such a contract or to comply with it
if they
$42,533,985,679 on June 1-Classification of Listed
had signed IL To ask wheat growers in every section of the
country
to sign a uniform agreement of the sort proposed would be
Stocks.
to ignore this
great diversity of conditions which would make the success
of the plan
As of July 1 1931 there were 1,297 stock issues aggreextremely difficult.
gating 1,303,489,082 shares listed on the New York Stock
The Federal Farm Board has emphasized the importance of
a general
reduction of wheat acreage in every region. Distressingly low
Exchange, with a total market value of $47,417,147,581.
wheat
prices are bringing this argument home to growers, in other exporting This compares
with 1,297 stock issues listed on June 1,
countries as well as here. Yet we do not believe that reduction
by a aggregating 1,305,516,716 shares with a total market
fixed and equal percentage In all regions and on all farms,
such as would
probably be necessary in a uniform contract, would be an economic method. value of $42,533,985,679 and 1,297 stock issues listed
In some regions and on some farms the reduction should
be greater, in on the Exchange on May 1 aggregating 1,304,765,685 shares,
others less, than the average. Every farmer who can find
alternative with a total market value of $48,569,988,485. In making
farm enterprises, or a different combination of enterprises,
that promise
public the June 1 figures, the Stock Exchange said:
better net returns will do well to shift, partly or wholly, out of
wheatAs of July 1 1931 the New York Stock Exchange member borrowings
raising. Some farmers who can produce wheat only at high cost may
on security collateral amounted to $1,391.324,922. The ratio of security
have to quit raising it, regardless of alternatives. So great
are the varia- loans
to market values of all listed stocks on this date was therefore 2.93%•
tions in appropriate adjustments on individual farms from region
to
region and from farmer to farmer, that it is not practical or economically
In the following table, covering July 1 and June 1, listed
desirable to secure adherence to a uniform plan of acreage reduction.
stocks are classified by leading industrial groups, with
It is a practical certainty, in our opinion, that the maximum possible
co-operation among farmers on the plan proposed would not be sufficient aggregate market value and average share price for each.
to ensure the effective control of our exportable surplus and its elimination in 1932 and 1933; and growers who remained outside would stand
Julv 1 1931.
June 1 1931.
to gain at the expense of those who came in. Even if it were possible,
Aver.
Market
Market
Ayer.
however, to obtain 100% loyal adherence to the plan at the outset, there
Price.
Values.
Values.
Price.
is no assurance that the plan would succeed in bringing growers better
$
$
returns for their 1931 crop than they would otherwise get. The operation'
$
$
Autos and
;,713,339,051 24.97 2,411,012,588 22.19
of the plan would not automatically raise prices above an export basis. Financial accessories
1,447,726,141 24.63 1,330;5(71,826 22.44
Growers would be Impelled to market promptly the limited portion of Chemical
3,628,804,305 54.14 3,184,157.104 47.51
the crop that they were free to sell in the domestic market. If they Building
398015.889 24.68 350,839,699 21.75
Electrical equipment manufacturing
1,612,255,673 39.34 1,431,335,462 34.92
dii so, there would be no shortage in domestic markets, and it is not Foods
2,789,259,918
39.10 2,561,084,855 35.90
clear that prices in these markets would •be appreciably higher than if Rubber and tires
280,870,499 22.86 235,872,324 19.18
there were no such plan. It is even possible that the plan itself might Farm machinery
439,470.107 39.15 420,925,512 '37.50
Amusements
367,349,787 17.37 312,927.734 14.80
cause or intensify market congestion that would react to the grower's Land
and realty
94.734,741 '1710
99,723,546 18.80
disadvantage.
Machinery and metals
1,311,264,710 26.60 1,168,890,638 23.75
The problem facing the country is not only one of control of the wheat 'Mining (excluding iron)
1,270,127,011 22.32 1.091.210,997 118.78
Petroleum
3,120,740,080 1940 2,680,973,925 116.65
surplus after it has been produced, but of the sale of this surplus and the Paper and publishing
401,729,941 25.02 385,996,079'24.32
limitation of future production so as to prevent surpluses over market Retail merchandising
2,549,018,755 35.76 2,378,992,458 '33.37
requirements. The plan offers no help in solving the difficult problem Railroads and equipments
6,449,556,448 55.83 5,692,985,321 '49.28
Steel, iron and coke
2,307,929.667 60.02 2,096.614,054 •54.53
of disposing of an existing surplus, in a world market glutted with
wheat. Textiles
167,506,310 15.38 151,256.026 '13.89
The Grain Stabilization Corp. has a heavy burden in carrying and
Gas and electric (operating)
3,822,673,673 55.92 3.492,004,583 50.93
dis- Gas
and electric (holding)
posing of the wheat that it will hold when the new crop begins to
3,193,672,832 33.55 2,971,639,505 31.05
move. Communications (cable, tel. & radio). 4,127,182,635
110.15 3,755,947.496 100.32
It would not be advantageous to add to this burden in the near
future. Miscellaneous utilities
265,511,899 26.16 252,589.468 24.81
The Board has therefore already announced that, for reasons that
191,704,324 10.74 153,031,808 8.74
have Aviation
been generally recognized by farmers as sound, it would not authorize Business and office equipment
346,821,092 33.22 286,744.844 27.46
Shipping services
25.546,861 12.26
27,465,898 13.17
stabilization, purchases from the new crop. If farmers should deliver a Ship
operating and building
25,596,385 8.03
22,525.309 7.28
specified portion of the new crop at country elevators without
any Miscellaneous business
157,916,627 27.05 145,042,525 24.84
advance payment, for disposition only outside the ordinary domestic mar- Leather and boots
280,896,005 39.96 254,842,874 36.25
Tobacco
ket, either through an existing organization or a new one such
1,706,917,366 53.51 1.547,834,413 48.52
as the Garments
24,269.478 1206.
25,801,828 12.84
proposed National Surplus Control Association, this burden would be con- U.S. companies
operating abroad
1,016,176.356 28.15 852,867,189 23.63
siderably enlarged.
Foreign companies (incl. Can.& Cuba) 877,194,099 20.02 765,846,907 17.49
Furthermore, the plan contemplates a continuous policy of semi-governAll listed companies
47,417.147.581 36.38 42,533,985,679 32.58
mental disposition of our surplus over domestic requirements by concentrating this surplus in the hands of an agency to be dumped into world
The May 1 and June 1 figures were given in our issue of
markets for what it will bring. In the light of the existing world wheat June 13, page
4342.
situation and outlook, and of a great deal of study of international
economic relations, the Federal Farm Board believes that such a policy
could not be carried out to the advantage of our wheat growers.
With Detailed Report of Bank of United States To Be Issued
excessive carryovers in exporting countries, with current exportable surWithin Three Weeks-State Superintendent of
pluses ample to cover importers' demands, with Russia's return as
a large
wheat exporter, and with limited opportunities to increase wheat
Banks to File Statement and May Ask to Disburse
consumption in importing countries except at extremely low prices,
50% Dividend.
to
wheat upon world markets would be disastrous in its effects upon force
wheat
That a detailed report of the financial status of the failed
prices, here as well as abroad, and have serious international
consequences
as well.
Bank of United States of this city-the first issued officially
The Board's conclusion is, therefore, that the plan does not
afford a since the State closed the banks doors on Dec. 11 last-is to
practical way of dealing with our wheat surplus problem. We
believe be made public
it would be impossible, even with intensive efforts, to get enough
by Joseph A.Broderick,State Superintendent
farmers
to co-operate under the proposed contracts to give the plan a fair
chance of Banks, within three weeks, was reported in the New York
of success. A uniform nation-wide contract for simple control or
acreage "Herald Tribune" on Wednesday of this week, July 8.
reduction would not be appropriate under widely diverse conditions.
This statement is required by law and must be filed with the
Whatever benefits the plan might yield would go most heavily to
those
farmers who did not share in its obligations. There is no assurance that County Clerk. It must give in detail all claims against the
it would actually yield the majority of signers better returns for
their bank held by depositors, stockholders or other persons;
wheat than they will otherwise get. The plan would put large additional
what money the bank actually has on hand; what securities,
burdens or, the agency charged with disposing of the surplus, and
commit
us to a continuous policy of export dumping that, we believe, would prove real estate or other properties it possesses; what money is
injurious to our wheat growers in the long run.
owed to the institution, and all other information necessary
More important than any new comprehensive plan for nation-wide adoption is that wheat growers in all sections should know what the conditions to afford a complete picture of the bank's condition. The
really are, and be in position to take steps that are best suited to their paper mentioned went on to say:
individual circumstances and in their locality. Among other things, the
Any reorganization plan designed to make early restitution to the depossituation will encourage liberal feed use of wheat next summer, by farm- itors in full will be based on these figures. Several groups are said to be
ers who are in position to feed it on their farms. It will lead many working in harmony toward such a plan, and that while little difficulty
farmers to store wheat on their farms in the hope of a better market. has been experienced in obtaining the necessary financial backing for the
It will lead wheat growers generally to plan for substantial curtailment Proposed reorganization program, some trouble has been met in finding
of wheat acreage. The surplus from certain regions should flow freely suitable management personnel.
Superintendent Broderick still is going ahead with his liquidation plans.
into export, and the wheat most directly affected by export prices will
be from regions which have most expanded their wheat production in All claims of depositors and others against the bank had to be filed with the
Superintendent
of Banks by June 29 last. Claims not in by that time will
recent years.
be taken as they are found on the books of the bank.
218
FINANCIAL CHRONICLE
[vol.. 133.
In the summary of assets, the report lists stocks, bonds and other securagainst the bank,
pledged with
Approximately 161,930 persons have filed claims so far
aggregating ities of a value of $12,484.841, most of which, however, were
money
of
sums
borrowed
who
125,000
the
to
of$515,666.44; New York
this in addition
the basis of their financial institutions as collateral for loans;cash
seat, $7.100;
$79,204,000 from several clearing-house institutions on
Exchange
Stock
of these borrowers Stock Exchange seat, $250.000; Philadelphia
Bank of United States deposit.books. Claims in behalf
and New York Curb seat, $92,000; office furnishings and equipment.
banks
lending
the
by
superintendent
will be filed with the
529,556.12, and accounts clue from customers, $64,275.26.
50 Per Cent Dividend Likely.
Our last reference to the affairs of this firm appeared
County Clerk about
On the basis of the report which he will file with the
20, page 4509.
June
justice and apply
July 29 Mr. Broderick may go before a Supreme Court
depositors
the
among
assets
bank's
the
of
portion
a
divide
to
for permission
then be asked
and others to whom the bank owes money. The Court will
claiming Henry & Kirkbride (Philadelphia) Failure—Firm Lists
to rule on the question of preference dividends, these creditors
The number
paid.
are
creditors
ordinary
their money in full before the
Assets at $736,402 and Liabilities at $784,602.
of the preference claimants, however, is said to be small.
According to the Philadelphia "Finance Journal" of July
It is generally believed that the superintendent will announce a 50%
reordividend some time between Sept. 1 and Oct. 1, unless a workable
2, schedules of the brokerage firm of Henry & Kirkbride,
ganization plan is presented before then.
1430 South Penn Square, Philadelphia, which went into voluntary bankruptcy June 2, were filed in the U. S. District
Court in that city on July 2 and show the firm's liabilities
are $784,602 and its assets $736,402. The paper mentioned
went on to say:
Rogers Caldwell, Former President of the Failed Firm
of Caldwell & Co., Found "Guilty" of Fraudulent
Breach of Trust—Other State and Federal Charges
Pending—Defendant's Attorney Gives Notice They
Will File Motion for a New Trial.
The principal assets consist of stocks and bonds and other securities valued
$517,886, most of which had been pledged as collateral with banks and
at
bankNashville
the
of
President
former
Rogers Caldwell,
trust companies, which are listed as secured creditors to the sum of
ing investment firm of Caldwell & Co. and the Bank of $434,565.
Unsecured creditors, which include many of the customers of the firm,
Tennessee (which acted as a financial agent for the firm) have claims totaling $349,235 while debit balances to the firm from other
lists its seat on the Philadelphia
both of which failed in November 1930, was found "guilty" customers are given as $196,068. The firm to
$4,933.
Stock Exchange at $10,500. Cash amounts
on Monday of this week, July 6, in the Davidson County
The failure of this firm was noted in our June 6 issue, page
Criminal Court on a charge of fraudulent breach of trust. 4165.
The jury fixed the penalty at not more than three years in
tne penitentiary. Nashville advices on Monday to the New U. S. Government Revenues for Fiscal Year Ending
June 30 1931—Big Falling Off.
York "Times",from which the above information is obtained,
of the United States Government from all
income
The
went on to say:
in the fiscal year 1931 was $2,428,180,220.45,
sources
new
taxable
a
for
motion
a
file
would
they
that
notice
Caldwell's attorneys gave
a decrease of $611,965,512.72 from the fiscal year 1930,
trial. They have ten days in which to present the motion.
Caldwell, who in addition to heading the two Nashville companies, was when tax receipts totaled $3,040,145,733.17, the Treasury
the dominating factor in several life-insurance concerns, as well as in
announced on July 8in a table showing total internal revenue
industrial enterprises, received the verdict with apparent calm.
"The verdict came as a tremendous surprise," he said. "I shall use every receipts on the basis of reports telegraphed by collectors
means I can to fight it. I am just starting the fight and am confident of on June 30, when the fiscal year ended. Receipts from
complete vindication."
income taxes suffered the heaviest cut. Individual returns
Road Bond Trust at Issue.
showed far greater effects from the depression than did rethe
M.,
With the defendant when the verdict was announced at 9:15 A.
turns from corporations. The corporations paid approxihis
wife,
his
were
Saturday,
jury having received the case at 5:30 P. 11.,
the
of
latter,
President
The
18% less than in 1930, while individuals paid 27.3%
mately
Caldwell.
E.
mother and his father, James
largest banking combination in Nashville until a few months ago, saw his less. Miscellaneous receipts, such as customs and tobacco
business of half a century shattered and sold out when the son's spectacular stamps, dropped 9.8%. The decline for total income tax
failure came on November 5, 1930.
The direct charge on which Caldwell was convicted involved fraudulent receipts was 22.8%.
New York State led the country in the amount of income
breach of trust in connection with the purchase of a 200,000 road bond issue
from Herdsman County, Tenn. It was charged that, instead of securities taxes paid, both for corporations and individuals. The
agreed upon to be deposited as collateral for the proceeds retained in the
contributions in income taxes were $614,Caldwell banks, bonds and stocks which were of little or no value were State's total
97/,434.23, or more than 25% of the total collected for
substituted.
Another indictment on the same charge, in connection with $270,000 of the entire country. Of this, $308,363,743.86 was from
road bonds of the same county, is pending and set for the September term
corporations and $306,633,690.37 from individuals. The
of court. A third charges Caldwell with receiving deposits when the instituin
trial
for
set
is
also
charge
latter
total tax collected from corporations throughout the country
This
condition.
failing
a
in
was
tion
September.
was $1,026,443,530.11, so that corporations in New York
Faces Federal Indictment.
alone paid more than 25% of it. The total individual in33,758,110.96. From
Caldwell also is indicted in Knoxville in the Federal court in connection come tai for the country was
with the failure of Holston-Union National Bank and in Louisville in con- New York State there came, therefore, nearly 40% of the
nection with the Banco-Kentucky debacle.
income tax collected by the Federal GovernThe trial began on June 6, after Judge Chester Hart had overruled a total individual
motion for a change of venue when it was charged that the Impeachment ment. Decreases in New York taxes were proportionate
efforts against Governor Henry H. Horton was prejudicial to the defendant. with the remainder of the country. Washington advices
The chief witness against Caldwell was Dewitt Carter, a former Vicealso say:
President of the two Caldwell firms in Nashville, who received immunity.
Miscellaneous taxes for the fiscal year 1931 were $567.978,579.38, as
He gave substantially the same testimony before the Tennessee legislative
in the fiscal year 1930, a decrease of $61,committee as be gave at the trial. Carter said that bad situations in the compared with $629,886,502.89
Carolina, the great tobacco growing State, contributed
trust department were brought to the attention of Caldwell repeatedly and, 907,923.51. North
of miscellaneous taxes, with $249,128,997.89. Virginia,
though the defendant promised to right them, he never made an effort to do the heaviest share
another tobacco State, contributed 594.554,618.45. New York's total in
so until just before the failure.
the miscellaneous column was approximately $60,000.000.
The rate of decreases in all categories caused no surprise for Treasury
officials. The factor which caused some concern, however, was that the
West & Co. Failure—Schedules Filed By the Phila- statistics disclosed that the slump in income tax receipts was greater in
delphia Brokerage House in Federal District the last half of the year than in the first half. Considered in round figures,
incomes yielded only approximately $330,000,000 in taxes
Court Shows Liabilities of $14,235,404 and Assets Individual
In the last half of the fiscal year, whereas they contributed $503,000,000
of $13,670,903.
months. Similarly, corporation taxes for the last six months
six
in the first
$422,000,000 and for the first six months, $604,000,000.
Referring further to the affairs of the Philadelphia Stock •were
It is clear that no improvement is possible in the first half of the current
Exchange firm of West & Co., which failed April 27 last, fiscal year of 1932, since the income taxes to be collected in September and
the
carried
following:
10
July
December are fixed by the returns on incomes earned in the calendar year
the Philadelphia "Ledger" of
With the effects of the depression continuing far into the current
When West & Co., stock brokers, went into voluntary bankruptcy 1930.
year, little improvement is expected in such collections during the
April 27 last, their liabilities totaled $14,235,404.25 and their assets $13,- calendar
second half of this fiscal year, nor the first half of the fiscal year which will
670,902.81, or $564,301.44 short of equaling the obligations, according
1933.
to schedules the brokerage firm filed in the United States District Court end on June 30
It was the failure of the Government's taxable sources to yield their
here yesterday (July 9). The business of West & Co. has been taken over by
the latter half of the last fiscal year, coupled with
during
return
normal
Stock
York
New
Exchange,
Montgomery, Scott & Co., members of the
heavy Government expenditures, which caused the Treasury to wind up
who have offices here and in New York.
in excess of $900,000,000 the first time
The deficit, however, is said to be greater, as the value of assets, is the fiscal period 1931 with a deficit
richest nation has balanced its books on the debit side.
predicated upon the face value of the securities the firm held, and the in a decade the
cost prices of other assets, and not at the market values, which were con- In addition, it was necessary to increase the public debt substantially.
siderably lower.
The following table showing tax receipts of the Federal
The firm owes to Its more than 1,400 marginal customers, who are
sources for the fiscal year 1931, with
listed as unsecured creditors. $6,516,832.23, and to various banks, trust Government from all
companies and financial Institutions. 87.688,000. but these institutions a comparison with the fiscal year 1930, was released on July 8
were protected by stocks, bonds and other securities, of a face value of by the Treasury, based upon collectors'
telegraphic reports
510,241,749. The report also dicloses that the brokerage firm owes $22.as of June 30:
515.55 in wages and salaries to its employees and $8,056 for rents.
JULY 11 1931.]
FINANCIAL CHRONICLE
219
INTERNAL REVENUE RECEIPTS FOR THE FISCAL
YEAR 1931 (BASED UPON COLLECTORS'TELEGRAPHIC
TOGETHER WITH COMPARATIVE FIGURE
REPORTS OF JUNE 30)
S OF TOTAL RECEIPTS FOR THE FISCAL YEAR
1930.
Districts.
Corporation.
Alabama
$2,298,149.11
Arizona
1,114,554.29
Arkansas
1,199,466.28
1st California
27,676,387.10
6th California
22,211,454.96
Colorado
11,934,765.67
Connecticut
16,287,040.31
Delaware
23,134,00
0.44
Florida
2,608,219.36
Georgia
3,707,961
.90
Hawaii
3,169,014.10
Idaho
484,110.77
1st Illinois
97,897.682.84
8th Illinois
3,914.662.80
Indiana
10,838,411.80
Iowa
6,191,871
.86
Kansas
10,945,386.68
Kentucky
6,569,880
.19
Louisiana
4,955,705.93
Maine
3,637,853.90
Maryland, including District
of Columbia
21,191,578.52
Massachusetts
37,840,826.83
Michigan
58,147,32
0.15
Minnesota
12,787,808.77
Mississilnd
985,206.4
6
1st Missouri
19,012,119.86
5th Missouri
6.651,212.38
Montana
780,133.18
Nebraska
2,710.596.76
Nevada
863.628.7
5
New Hampshire
1.173,609.62
1st New Jersey
5,124,836.06
5th New Jersey
30,526,978.80
New Mexico
281,779.84
1st New York
10,902,442.07
2d New York
174,214,5
02.56
3d New York
85,539,798.79
14th New York
16,938,43
3.43
list New York
4,810.543.32
18th New York
15.93&,023.69
North Carolina
10,239,452.04
North Dakota
238,377.20
1st Ohio
13,395,89
3.58
10th Ohio
7,336,630.89
11th Ohio
4,545,777.88
18th Ohio
34,893,240.78
Oklahoma
9,511.829.55
Oregon
2,391,325.43
1st Pennsylvania
54,840,67
6.48
12th Pennsylvania
8.225,969.25
23d Pennsylvania
35,177,56
9.26
Rhode Island
4,710,422.97
South Carolina
1,300,848.49
South Dakota
390,943.97
rennessee
5,523,290.96
1st Texas
10.670,134.75
Id Texas
7,278,828.06
Utah
1,649,584.25
Vermont
842.158.06
Virginia
16,157,273.02
Washington, incl. Alaska
5.543,945.39
West Virginia
6,472.075.37
Wisconsin
17,604,559.43
Wyoming
304,762.92
Philippine Islands
Sales of documentary stamps
by Postmasters
internal revenue receipts
through Customs Offices
Total
51,026.443,530.11
• s only.
even months collection
112,010,276.22
1,079,933.07
617,189.27
16,965,943.50
26,739,368.64
3,337,521.35
18,708,143.83
9.743,127.24
5,245,859.62
2,703,636.70
1,213,041.28
200,735.92
69,782,701.58
2.093,013.45
8,256,692.22
3,705,530.80
2,394,232.04
4,141,125.63
2,712,931.66
2,756,349.58
19,982,751.48
45,592,833.88
44,220,653.78
8,015.242.99
517,881.89
11,018,726.49
4,226,952.81
910,113.45
1,862,065.57
434,552.13
1,600,002.01
7.225,108.28
28,781,429.78
326,856.22
23,021,913.50
173,334,903.49
75,291,934.99
17,557,229.23
5,330,468.95
12,097,240.21
3,481,361.66
113,255.22
11,047,557.33
3,897.466.63
3,135 927.34
17,760,738.72
5,145,725.73
1.719,410.40
42,673,908.16
4,305,900.59
29,021.666.48
6,145.799.69
509,575.43
330,065.15
3,761,422.74
7,227,321.66
6,432.082.51
718.433.11
858,101.00
3,049,480.64
5,219,307.69
2,200,745.66
8,981,110.63
265,532.06
Sept.30 1930
Dec. 31 1930
Mar.31 1931
June 30 1931
Total fiscal year 1931
Total fiscal year 1930
Decrease 1931
June Quarter 1931.
April
May
Juno (collectors' telegrams)
Total (as above)
5833.758.110.96
Total, Fiscal
Year 1931.
Total, Fiscal
Year 1930.
$4,308,425.33
2,194,487.36
1,816,655.55
44.642,330.60
48,950,823.60
15,272,287.02
34,995.184.14
32,877,127.68
7,854,078.98
6,411,598.60
4,382,055.38
684,846.69
167,680,384.42
6,007.676.25
19,095,104.02
9,897,402.66
13,339,618.72
10,711,005.82
7,668,637.59
6,394,203.48
41,174,330.00
83.433,660.71
102.367,973.93
20,803,051.76
1,503,088.35
30,030,846.35
10,878,165.19
1,690,246.63
4,572,662.33
1,298.180.88
2,773.611.63
12,349,944.34
59.308,408.58
608.636.06
33,924.355.57
347,549,406.05
160.831,733.78
34,495,662.66
10.141,012.27
28,035.263.90
13,720,813.70
351,632.42
24,443,450.91
11.234,097.52
7.681,705.22
52.653,979.50
14,657,555.28
4,110,735.83
97.514,584.64
12,531,869.84
64,199,235.74
10,856,222.66
1,810.423.92
721,009.12
9,284,713.70
17,897,456.41
13,710.910.57
2.368,017.36
1,700,259.06
19.206.753.66
10,763,253.08
8.672.821.03
26,585,670.06
570,294.98
$305,838.98
68,132.16
91,630.41
15,835,270.20
3.648,501.06
394,946.32
2,884,432.79
1,164.738.21
3,668,144.78
323.640.04
433,023.63
31,542.23
15.513,454.83
1.597,888.36
2,336,120.95
498,816.524
350,946.40 A
17,774.729.02.
1.232,093.24
355,647.19/
3.684,246.22
5,063,247.86 4
4,996,586.96
2,480,375.45A.
61,415.43 ii
10.112,026.111
717,695.27
102,285.54
206,274.19
47,880.96
781,565.58
1,986.066.42
23,956,647.94
81,538.12
4,381,421.43
35.396,230.11
11,364,271.46
3,533,309.67
837,461.01
1,126,038.56
249.128,997.89
13,600.42
11,004.998.81
3,394,736.01
465,051.32
2,066,868.59
264,639.77
321,479.82
11,635,824.62
1,843,187.78
2.540,151.30
425,012.13
170,803.32
27,798.89
3,848.342.48
682,189.93
512.781.96
58,932.94
50,752.00
94.554.618.45
738,369.57
2,481,822.13
1.579.709.22
26,308.77
*298,001.28
$4,614,264.31
2,262,619.52
1.908,335.96
60,477.600.80
52,599,324.66
15,667,233.34
37,879,616.93
34.041.865.89
11,522.223.76
6.735,238.64
4,815,079.01
716.388.92
183.193,839.25
7.605.564.61
21.431.224.97
10.396,219.18
13,690,565.12
28.485,734.84
8,900,730.83
6,749,850.67
57.161,054.93
2.965.710.01
3.156,507.34
83,653.870.44
65,634.438.40
12.468,450.77
48,391,389.35
40,145.321.90
16.735.335.80
12.520,618.54
5,515.914.45
868,067.52
238.174.524.95
8,963.112.93
26,298,542.30
13,368,665.48
17.133,836.23
32,378.183.96
12,199,672.94
8,670,813.09
$1.860,201,641.07
44.858,576.22
88,496.908.57
107,364,560.89
23,283.427.21
1.564,503.78
40,142,872.46
11,595.850.46
1,792,532.17
4,778,936.52
1,346,061.84
3.555.177.21
14,336.010.76
83,265,056.52
690,174.18
38.305.777.00
382,945.636.16
172,196,005.24
38,028,972.33
10,978,473.28
29.161,302.46
262.849,811.59
365,232.84
35,448,449.72
14,628,833.53
8,146,756.54
54,720,848.09
14,922,195.05
4,432.215.65
109,150,409.26
14,375,057.62
66,739,387.04
11,281,234.79
1.981,227.24
748,808.01
13,133,056.18
18,579.646.34
14,223,692.53
2,426,950.30
1,751,011.06
113,761,372.11
11,501,622.65
11,154.643.16
28,165,379.28
596,603.75
298,001.28
54,208,727.71
115,742,594.54
137,076,199.84
30,438,665.11
2,099,915.16
49,077,189.17
12,946,702.22
2,610,739.32
5,705,779.81
1,879,708.88
3.758,973.25
19.114.613.44
104.833,827.87
924,647.51
58,510,200.79
538,872,184.77
224,814,697.23
49,883,402.08
15,718,635.72
41,155,900.58
274,257,525.21
556,292.43
45,479,655.55
19,874.902.87
9,144,562.85
71,130,652.74
18,079,569.43
5,744.794.79
133.212,737.97
17.900,789.14
79.089.537.21
15,307,494.16
3,108,204.30
887,611.88
16,478,693.78
22,263,373.29
16,621,147.72
3,225,694.42
2.229.415.73
96,694.138.88
14.441,936.62
12.139,820.37
35,512,796.15
752,334.55
324,815.00
411,801.69
*5,626.68
5,626.68
$567,978,579.38
$2.428,180.220.45
$3,040,145,733.17
DURING FISCAL YEAR 1931(BASED ON COLLEC
TORS'TELEGRAMS OF JUNE 30)•
Corporation.
Individual.
Total Income Tax.
$302,675,618.79
301,569,511.27
214,057,514.70
208,140.885.35
Miscellaneous Taxes.
$251,050,206.07
252,016,755.34
184,483,550.18
146.207,599.37
$1.026,443,530.11
1,263.414,466.60
8553,725,824.86
553,586,266.61
398,541,064.88
354,348.484.72
$154,637,882.85
134,322,101.65
135,219,025.88
143,799,569.00
$708,363,707.71
687,908,368.26
533,760,090.76
498,148,053.72
$833,758,110.96
1,146.844,763.68
$236,970,936.49
$1,860,201,641.07
2,410,259,230.28
$567,978,579.38
629.886,502.89
$2,428,180,220.45
3,040,145,733.17
$313,086.652.72
$17.703,648.28
16.478,568.00
173,958.669.07
8208.140.885.35
$550,057,589.21
$61,907,923.51
$611,965.512.72
$13.516,727.75
12,287,146.71
120,403.724.91
$31.220,376,03
28,765,714.71
294,362,393.98
$444,248,178.39
48.099,533.53
51,451.857.08
$75,468,554.42
76.865.248.24
345,814.251.06
$146.207,599,37
Deputy Comptroller of Currency Await Before
New
Jersey Bankers' Association Counsels Bank Directors Against Lessening of Vigilance.
Bankers' associations throughout the country were urged
by P. G. Await, Deputy Comptroller of the Currenc
y, on
May 15, to promote sound bank management by
campaigns
of education as to the duties and responsibilities
of bank
directors. He asserted in a speech 'before the
convention
of the New Jersey Bankers' Association that lack
of knowledge by directors of their obligations still remains the
cause
of many bank failures. The "United States Daily",
in its
account of his speech, further reports him as
follows:
The office of the Comptroller of the Currency feels that
better banking
conditions will result from dissemination of such informatio
n as he suggested, he said, adding that it was knowledge which
the directors were
entitled to have as a means of protecting themselves
as well as the bank
depositors for whom they act in the relation of trustee.
Mr. Awalt's speech follows in full text:
The President of your Association has assigned to
me the subject,
"Director and Officer Responsibility". My remarks
will be largely confined to the duties and responsibilities of directors since
In my humble
opinion there is no excuse for any active officer of a bank
not knowing
his responsibility. If he does not know his responsibility
he should not
be in the bank and nothing I could say here would remedy his
condition..
The experience of the Comptroller's office has shown
conclusively that
many bank directors have little or no conception of their
duties and
responsibilities and that some directors ignore their duties
even when called
Miscellaneous
Taxes.
*411,801.69
SUMMARY OF INTERNAL REVENUE COLLECTED
Quarter Ended.
Total
Income Tax.
Individual.
Total (All Sources).
$354,348.484.72
$498.148.053.72
$143.799.569.00
to their attention. It is for this reason
that the Comptroller's office feels
that the subject under discussion
is of great importance and that the
active officers of banks should make available
to their directors such
information as will enable them to better understand their duties and
responsibilities. Such a course will not only make for better banks but
is one to which the directors
are entitled.
Lack of Knowledge Still is Encountered.
The Economic Policy Commission of the American Bankers' Association,
in its report to the Houston Conventio
n in 1927, recognized the importance
of the subject, and much has been written in regard thereto, but the lack
of knowledge of their responsibilities still remains the cause of many
bank failures. I believe that the American Bankers' Association and
the
State Associations, such as this Association, could do no better thing
to
promote sound bank management than to carry out a plan of education
of
bank directors in their duties and responsibilities.
Why do we place such emphasis on the duties and responsibil
ities of
bank directors as compared with other corporations? Directors
of private
corporations, as a rule, have as their principal object the interest
and
protection of what may be termed their partners in business,
stockholders,
and also the bondholders. The directors of the banks, quasi
public corporations, have their first duty to the depositors of these
institutions, and
this duty comes above their duty to the stockholders.
They are in the
nature of trustees.
When the depositor places his money in the bank he in
effect says:
"In consideration of receiving my money and any
interest paid, you
can have its use but only on the condition that its
use conforms to the
safeguards provided by law." Such safeguards are
not merely the mechanical safeguards surrounding the proper custody of
the many phases of banking, provided by statutory funds but cover all
enactment or court
decision. On whom does the responsibility of
this contract fall?—the
directors.
220
FINANCIAL CHRONICLE
In most banking laws the entire structure is built around the directors.
It is upon the directors that the National Bank Law and the New Jersey
law places the management of banks in specific language, when they
provide in the case of National banks that:
"The affairs of each association shall be managed by not less than flve directors
..." and in the case of New Jersey State banks: "The affairs of every bank shall
be managed by a board of not less than five directors."
It is the director who Is held responsible for any violation of the National Bank
Act when it provides:
I. "Every director., shall be held liable In his personal and individual capacity
for all damages which the association, its shareholders, or any other person shall
have sustained In consequence of such violation."
Director Who Is Held Responsible Under Act.
It is the director of the member bank who is held responsible for violations of the Federal Reserve Act by the provisions of that Act.
The director is required both by the National Bank Act and the New
Jersey State Act when elected or appointed to take an oath that he will,
so far as the duty devolves on him, diligently and honestly administer the
affairs of such association and will not knowingly violate, or willingly
permit to be violated any of the provisions of the Act.
Obviously the law did not contemplate that a director be placed on the
board merely to confer an honor on such director; that his directorship
Is purely a means of bringing business to the bank; that he should be a
figurehead or that he should attend meetings merely to get his director's
fee. In this connection your State statute specifically provides, in addition to the general duties of directors, definite provisions with respect
to directors in the declaration of dividends, the appointment of examining
committees, the making of loans, and the making of statements and entries.
Since the duties and liabilities of directors are interwoven, the definition
of their duties has in some measure been given in suits to enforce liability,
and while the courts have used different language in defining the general
duties of directors, a clear idea of their scope may be gained from the
following excerpts of decisions:
Defense of Nonattendance At Meetings Offered.
One
The defense offered of not attending meetings is a common one.
example of this character is very vividly impressed on my mind—that
failed
a
of
director
of a distinguished United States Senator and the
by the
National bank, now dead, whom I admired and liked. When told
liability, he
Comptroller that he was to be sued on account of director's
to his
was astounded and took the position that since he was attending
that
duties in Washington he could not attend meetings of the directors;
and
bank
the
he had had implicit confidence in those who were running
own
his
by
but
contention
that it was not his fault. He was sincere in his
the opinion
admissions made out a case against himself. We ventured
because he
that unquestionably many people had deposited in the bank
had violated
was on the board and they had confidence in him, and he
office
that confidence by paying no attention to the business. He left the
The duty of the board of directors is not discharged by merely selecting officers of
good reputation for ability and integrity, and then leaving the affairs of the bank in
such
their hands without any other supervision or examination than mere inquiry of their
officers, and relying upon their statement until some cause for suspicion attracts to
attention. The board is bound to maintain a supervision of the bank's affairs,
which
have a general knowledge of the character of the business and the manner in
are
It Is conducted, and to know at least on what security its large lines of credit
given.
In the
prudence
and
care
ordinary
exercise
must
bank
national
the
of
Directors
more than
administration of the affairs of a bank, and this includes somethingthe banking
officiating as figureheads. They are entitled under the law to commit not absolve
does
this
but
officers:
authorized
duly
business, as defined, to their
to be permitted to
them from the duty of reasonable supervision, nor ought they
be shielded from liability because of want of knowledge of wrong-doing, if that
inattention.
ignorance is the result of gross
manageS. A board of directors of a banking corporation is elected primarily for the to the
authority
ment of the corporate affairs; and when the board delegates its ent
and
disaster
and
mismanagem
executive officers and through their carelessness
members of the board
Ices to the stockholders and creditors ensue, the individual
transof
the
unfortunate
know
not
did
they
that
showing
by
cannot escape liability
actions and were ignorant of the business of the corporation.
been
In your own State courts the question of directors' liability has
in
passed on a number of times, and while I have no desire to bore you
two
from
in
extracts
reading decisions, I believe you may be interested
a suit against the
New Jersey State court cases. The first case involved
as Campdirectors of the Middlesex County Bank of Perth Amboy, known
bell v. Watson. Said the Court, in part:
a debt, and the man who makes a
The man who accepts a bank note in paymentaof
right to rely upon the character of
deposit in bank, has, each, in my judgement,
will perform their sworn duty
they
that
and
bank,
the
of
officers
and
directors
the
according to law, and devote to its affairs the
for he died
with the remark that he would not pay a cent. He never did,
after the suit was filed, but his estate paid.
bank has
It is the duty of the Comptroller's office, when a National
on the
failed and there is sufficient cause, to collect for the depositors
failure
directors' liability. Otter failure of the bank means the financial
been
of the directors and there is nothing to collect, but collections have
made in substantial amounts.
Governor Roosevelt of New York on the Excessive
Cost of Local Government—Calls for Reducing
and Simplifying Forms of "Ox-Cart Age" to Meet
Changed Conditions.
In two addresses delivered at Charlottesville, Va., on July
6, before the University of Virginia's Institute of Public
Affairs, Franklin D.Roosevelt, Governor of New York,called
upon the people of the country to rise to the responsibility
resting upon them to work out for themselves the problems
Involved in remolding the forms of government devised by the
founding fathers, according to their own excellent and flexible
plan,in order to make it more serviceable to all the people and
more responsive to their present needs. In his speech on the
"Excessive Cost of Local Government," he told how a citizen
of New York might live under "ten layers" of government, all
of which levied taxes on this"ten-layer" citizen, and he attributed this to the survival of outworn forms established in the
"oxcart age" of the seventeenth century. With more than
half of the country's annual tax burden of $12,000,000,000
being the cost of local government, he said, the only hope for
lower taxes or less rapid increases lay in a reduction and
simplification of local government and a reallocation of its
functions. Illustrating his contention that there is "too much
local government," the Governor said:
to manage the affairs of the bank
diligent men pay to their own
same diligent attention which ordinary, prudent,
experience has shown it is proper
affairs; and, I add, such diligence and attention as business In order to reasonably
that
to
and necessary that bank directors should give
protect the bank and its creditors against loss
and are a guaranty to
Their names give credit and standing to the institution,prudence
and care, and
dealers that its affairs will be conducted with reasonable
acquaint themselves with the
to
bound
opinion,
my
in
are,
They
law.
to
according
ed banking
well-conduct
of
officers
by
extent and mode of supervision exercised
suggestion of some of the
Institutions in the neighborhood. I cannot yield toInthe
a small country
was
question
institution
the
that
fact
the
that
defendants' counsel
measures for protection
bank relieved its directors from adopting the same pmtical
In the larger towns.
against frauds and thefts as were In use by its greater neighbors
The second is known as Williams v. McKay:
Is applicable to persona
Viewed in its general aspect, the equitable rule which
these defendants, is not In doubt.
holding official positions, such as were held by
care for the moneys into
one
plain
a
is
situation
a
such
to
The duty belonging
charter, and to exercise ordinary
trusted to them in the manner provided in the defendants were unpaid servants,
the
that
true
It
is
doing.
so
in
prudence
and
care
and vigilance was nole the less
but the duty of bringing to their office ordinary skill
known to the law between
on that account: for, to this extent, there is no distinction
held themselves out to the
defendants
These
agent.
salaried
a
and
a volunteer
severally engaged to
they
doing,
so
by
public as the managers of this bank, and
prudence and skill conduct a
carry it on in the same way that men of common of the responsibility of officers
measure
is
the
This
themselves.
Similar business for
of this kind ..
that this board of managers could leave the
And I entirely repudiate the notion
committeemen and then, when disaster to the
entire affairs of this bank to certain
ensued, stifle all complaints of their neglects
Innocent and helpless cestuis que trustent and we know nothing about them."
things.
by saying:"We did not do these
Two Main Divisions of Directors' Liability.
liability—statutory and comThere are two main divisions of directors'
listed such liabilities as loans in
be
may
statutory
the
Under
mon law.
law; injury or damage to persons relying
excess of the limit as fixed by
a bank; dividends paid out of other than
of
condition
of
reports
false
on
therefrom all losses and bad debts; payment
net profits, after deducting
Reserve
of loans when reserves with the Federal
of dividends or snaking
prohibited, or ultra vires transactions and
Bank are deficient; unlawful,
operations.
may be listed the making of loans when
Under common law liability
, certifying or permitting to be certified,
insufficient
is
taken
the security
accounts; failure to appoint a dischecks on insufficient or overdrawn
examining committee of the directors
count and loan committee, or an
the volume of the bank's business,
when required by the by-laws and/or
function if appointed; failure to
or a failure to see that such committees
of the bank periodically, or to
condition
and
affairs
audit or examine the
failure to use reasonable efforts
examined;
or
audited
be
to
cause same
directors may also be liable for
to collect slow or doubtful assets. The
from a failure to charge off
allowing overdrafts; for damages resulting representing such assets to be
assets at the direction of the examiner, or
from failure to require proper
good after such notice; for losses resulting
bank.
the
of
employees
and
bond from officers
to their office by
The directors cannot discharge the duties incident
business of such meetholding meetings at rare intervals and limiting the
for failure to
ings to such perfunctory matters as electing officers; and
may be
attend meetings, even though residing at a distance, the directors
held liable, and they cannot shield themselves from liability by pleading
Ignorance of transactions in which they did not participate, when their
Ignorance is a result of their negligent inattention.
[VOL. 133.
of government.
"In this country it is said that we have 500,000 units
cities. We go
Take my own State. We have sixty-two counties and sixty
525 villages, 9,600
on from these larger wheels of the machine to 932 towns,
sidewalk districts,
school districts and 2,865 fire, water, lighting, sewer and
a total of 13,544 separate, independent units."
As an example of the increase of local taxes he cited the
fifty-nine-fold rise in one county of the State from $337,000
to $22,000,000 between 1900 and 1929, while property values
Increased only thirty-five times and population five and a
half times. Of the measures to remedy this situation, including abolition of a direct State tax on real estate and pergrantsonal property, sharing State-collected taxes locally,
Govnt,
the
governme
local
ing
reorganiz
and
aid
ing State
ernor said that all except the last had been evoked in New
York. Asserting that this had been advocated by both
Governor Smith and himself, he added:
"The Legislature, for various reasons, has almost wholly neglected or
, or to make a
refused to act on proposals to simplify local government
comprehensive study of local government looking toward improvements."
The Governor's ideal in working out governmental changes
to meet present conditions was expressed in the morning
when he took part in the discussions of the round table on
"Regionalism." No Federal plan, "no mere yardstick laid
down in Washington," the Governor declared, "will give in
the long run as good an answer to our present problems as
will plans worked out on the principles laid down by Thomas
Jefferson in the laboratories of our forty-eight States." He
urged the need of nation-wide State and regional planning to
deal with the problems presented by the shift of the population from the rural districts, in the interests alike of agriculture, of industry and of the people themselves, declaring
the task to be one "of such interest that young people today
seem to me to haw,the greatest chance that any generation
ever had." In every locality, community, county and State,
he said,"we have an opportunity to do what is not merely a
good thing to do, but what is a common sense thing for the
generation that is coming after us." •
The address of Governor Roosevelt of New York on
"Excessive Cost of Local Government," at the University
of Virginia's Institute of Public Affairs on July 0 at Charlottesville, Va., as published in the New York "Times" on
July 7 was as follows:
JULY 11 1931.]
FINANCIAL CHRONICLE
The cost of government in this country, particularly that of local government, is causing considerable concern. We are told that the aggregate
expenditure of Federal, State and local government is approximately $12,000,000,000 or $13,000,000,000 yearly. Of this sum the Federal
government
spends approximately one-third, State governments about 13 per
cent., leaving considerably more than one-half as the cost of local government
.
Notwithstanding the influence of the war on Federal governmental expenditures, these ratios have existed with slight variations since 1890. It
is
manifest that inasmuch as the cost of local government constitutes the major
portion of our aggregate tax bill, we must, if we hope for lower taxes
or less
rapid increases in taxes, analyze local government and see if its workings may
not be simplified and made less expensive for the taxpayers.
The form of local county and town government as we know it in
most of
our States dates back to the Duke of York's laws, enacted about
1670. The
design was to meet conditions as they existed at the time and was
continued
by American States after the Revolutionary War. It is astonishing
how few
changes have been made in the form since the formation of our
nation.
We may assume that at the time of its adoption it was suited
to the
conditions of that period. You will recall that no steamboats,
railroads,
telephones, telegraphs, motor vehicles or good roads were in
existence. Means
of transportation and communication were meagre. The
swiftest methods
of travel or of communication were the saddle horse, the stage
coach and
the canal.
Revert to "Ox-Cart Age."
Sometimes we refer to that age as the "horse and buggy
age." Perhaps
it would be more accurate to describe it as the "ox-c
art age." We had no
urban centres, only a few overgrown villages.
Our population was almost
exclusively rural. In those days at least eight
out of every ten workers
obtained a living by tilling the soil. The people
lived in small territorial
groups and led local community lives. They subsisted
almost entirely on the
things which they produced or which were produced
by others in their
locality. A town form of government was the
natural form. It suited the
conditions of the time.
Moreover, the need for governmental service was
not extensive. Trails
met the need of the limited intercornmunity travel
where expensive motor
routes are now necessary. Little attention
was given to public health.
There might be a village pump, but otherwise
each citizen took care of his
own water supply, and, drainage and garbage disposal
were family concerns.
At first, police and fire protection were not considered
municipal functions.
Every community made provision for its own
poor. An education in the
three It's was deemed sufficient for the average
child.
But conditions have changed. We have witnessed
a most remarkable
growth in population and an astonishing transformat
ion in social and economic conditions. Factory production and a high
degree of specialization
even in our agriculture have kept step with improved methods
of transportation and communication, with the result that community
living on the old
pattern has vanished.
Instead of producing for our own families and neighbors
to consume, we
are putting our thought and labor on products that
go to distant cities and
States and even to foreign lands. We clothe ourselves
in the fabrics of
distant factories, we build our homes of materials transported perhaps thousands of miles and our food is collected from the four corners
of our own
continent and from all the other continents and the seas of all
the world.
Our population, too, has become in part transient. We follow the call
of
Industry, of ambition or of whim from community to
community and from
State to State. It is not only in the newer regions of America
that the old
resident may find himself in the minority. The personnel
and even the
character of the population in any village in one of our
older States may
change within a few years. Every village and every city
and every community is made up of rapidly shifting groups whose
members are units in
a national economic and social scheme rather than fixed
residents of any
community. The untraveled person has become comparative
ly a rarity.
Interests Are Now Wide.
Things which originally were of local or community
concern are now of
much wider interest. This applies, as you will readily
agree, to such things
as roads, schools, public health, the care of the socially
dependent arid
virtually every activity of local government. Yet we have
continued to use
the machine designed under radically different conditions as
the major instrument through which to sell governmental service in this age
of bewildering
movement.
Let us inspect the machinery of local government as it exists
today. In
this country of ours we have, it is said, 500,000 units of government
. They
range from the Federal government down to the smallest school
or special
district.
Take my own State as an instance. We have, first, 62
counties and 60
cities, but this is a mere beginning. We go on from these larger
wheels of
the machine to find 932 towns, and according to the last count, 525
villages,
9,600 school districts and 2,365 fire, water, lighting, sewer and
sidewalk
districts, a grand total of 13,544 separate, independent government
al units.
Carrying the analysis a step further, let me cite an example, a
small,
densely populated suburban county adjacent to New York City
where we
have 3 towns and 2 cities. Again, that is only a start. To
these we must
add 40 villages, 44 school districts and 156 special districts
in order to
understand how complicated the local governmental problem in that
county
really is—a total of 246 governmental units in one county.
The expenditures of local government have increased at an
astonishing
rate. In 1890 local government in the entire nation cost
$487,000,000. In
1927, the last year for which complete figures are available,
the government of lesser units within States cost $6,454,000,000. It
increased from a
per capita of $7.73 in 1890 to $54.41 in 1927. Just that you
may see what
has happened in a small unit such as a county, let me say
that in the suburban county to which I have referred all local taxes in 1900
amounted to
$337,000 and in 1929, in round figures, $22,000,000. In that
space of time
the valuation of taxable property increased thirty-five times,
but the taxes
increased sixty-five times, while population multiplied only five
and onehalf times.
In another case, that of a rural, agricultural county, local taxes
amounted
to $158,000 in 1900 and to $1,150,000 in 1929. In this case taxes
were
multiplied seven times, tax valuations slightly more than two times,
while
the population of the county actually decreased 5 per cent. In the
suburban
county per capita local taxes in 1900 were $6 and in the rural county
$4.30.
But by 1929 per capita taxes were $90 in the suburban county
and $52 in
the rural community.
These figures demonstrate, first, the very rapid growth in the
cost of
rural government; second, that such growth was very much more
rapid than
the increase in either taxable wealth or population, and, third, it
presents
sharply the question whether we are obta'ning our money's
worth through
this method of buying governmental service.
221
Real Estate Taxed Largely.
These conditions have presented in my State, and I think similar problems are present in every State, the question of how to finance local government. In the main, local government must depend for its revenue upon
a
general property tax. To a very great extent that tax has degenerated into
a tax on real estate only, and as local expenditures have increased the tax
on real estate has mounted.
In the two counties to which I have referred the tax rates ranged in the
suburban county in 1900 from $14 to $17 per 1,000 and in the rural
county
from $7 to $21 per 1,000. In 1929 the suburban county rates ranged from
$24 to $46, while the rates in the rural county were from $25 to $54.
The increase in taxes on farm real estate indicates in a striking way
the
increases in taxation that have occurred and the added burden which
this
places upon agriculture. Here are some illustrations from New York State:
On a selected group of good farms taxes just doubled in the period from
1914 to 1923. During the same period the general price level increased only
27 per cent. In another case on three farms in an average agricultural
county
of the State where records are available for 100 years, the increases
in taxes
from 1825 to 1925 were as follows:
Farm No. 1, from $2.48 to $101.44
Farm No. 2, from $2.33 to $140.36
Farm No. 3, from $2.38 to $115.20
These are typical of increases on several other farms where records
are
available. This is perhaps the mcst graphic method of showing
the increase
on farm property.
On the same group of farms mentioned above it required
three bushels of
wheat on the average to pay the taxes on one
farm in 1825. In 1925 it
required 104 bushels of wheat. In other words,
the tax burden per farm on
the average of six farms increased in 100 years from
three bushels of wheat
to 104 bushels of wheat. On these same six farms it
required at the going
rates fcr labor six days of labor to pay for the taxes
per farm in 1825 and
thirty-seven days of labor per farm in 1925.
Poorer Farms Burdened.
Taxes bear more heavily upon the poor farms than upon
the good farms.
In one township where approximately 40 per cent of
the farms were abandoned, the taxes averaged 3.4 per cent of the real value
of the farms. On
six farms in that township the taxes were over 10
per cent of what the
farmer considered to be the market value of his farm.
Many other figures
could be cited from our available farm cost data to indicate
similar changes
that have taken place in farm taxes.
Accompanying these increases in local rates has been an
increasing demand
for relief of the burden on real estate. A study was made in
New York of
the trend in the tax burden on real property covering a period
from 1915 to
1927. That study disclosed that in the wealthy growing counties
of the
State the true burden on realty increased 16% per cent in those
twelve years,
while in the rural agricultural counties the increase in the burden
was 43 per
cent. This established to our satisfaction that something
must be done to
equalize the burden of taxation as between different counties
and communities. Various remedies were suggested, which grouped
themselves as
follows:
1. To abolish the direct State tax on real estate and personal
property.
2. To share with localities State-collected taxes.
3. To grant State aid; and
4. To reorganize local governments, or at least transfer
from local government to larger units of athninistraticn some of the functions
now
performed locally.
In New York we have invoked all of these methods except
that of reorganizing or simplifying local government. That has been
advocated by my
distinguished predecessor in office and by me. As yet nothing
has been
accomplished in that direction. The Legislature, for various
reasons, has
almost wholly neglected or refused to act on any of the
proposals either to
simplify local government or to make a comprehensive study
of local government looking toward improvements.
For instance, based upon the report of a commission
of eminent health
authorities, I urged the enactment of a law this year
which would establish
the county as the unit for health administration,
thereby reducing from
more than 1,000 to about 100 the number of health
administrative units.
I believed the service would be improved, the
public health better protected, more efficient use of the tax dollar
obtained and discrimination
against the rural population as compared with the
urban population eliminated. That proposal was allowed to die in the
Legislature.
In another case I proposed to eliminate from the
fee system for handling
State aid for public education an expenditure of
more than $300,000 now
being made under the present system in the form
of a fee of 1 per cent paid
to town supervisors for acting as intermediaries
in the transfer of funds,
and again the Legislature failed to approve.
One of the remedies proposed was to abolish
the direct State tax on real
and personal property. That we accomplished in
New York during the first
year of my first term. In that respect we followed
Virginia's course, established by your distinguished Governor Byrd.
A second remedy that we have embraced in New
York is that of sharing
with the localities certain taxes collected by
the State. During the last
completed fiscal year the State returned to the various units
of local government more than $85,000,000 as their share of
the taxes collected by the
State. While I am on this point, let me say that this remedy
is not without
Its dangers. I incline strongly to the view that it
should be adoped only when
some form of guarantee is exacted that the funds
so distributed will be
efficiently and economically used. Too frequently, I fear,
do the local
officials view revenue obtained in this way as "easy money"
and spend it
accordingly. I am convinced that it is not always used to
reduce the
general property tax.
I am opposing the further development of this program in New
York unless
more adequate and complete guarantees are required of the
subdivisions that
the funds will be distributed so as actually to reduce
the local tax burden or
to provide on an efficient basis for services really needed.
Specific State Aid.
Still another remedy that New York has applied for the excessive
local
tax load is that of granting State aid to local governments for
specified
projects and services. This year the State is appropriating $100,000,0
00
for the aid of public schools, more than $3.000.000 for
county highways
and something more than $4.000,000 for town highways.
More than
one-third of the New 'York State budget consists of items
of this form
of aid to localities.
This method of relieving the local tax burden is subject to
the same
dangers as that of sharing taxes with the subdivisions of the
State: It
Is apt to lead to extravagance and to result in the inefficient
use of money.
As I see the situation under the present distribution of
functions, State
aid is essential in Now York and probably the same
conditions
obtain in
Other American States. Too frequently. however.
State aid is granted
and the money turned over to the localities
without requiring that Its
222
FINANCIAL CHRONICLE
expenditure shall be subject to State supervision, without exacting any
guarantees that the aid so granted will be economically used or applied
to reduce the local tax load. In this regard I think our New York system
is lax, and I venture to believe that may be truthfully said of similar aid
granted in other States.
Finally we come to the remedy of lightening the local tax burden by
transferring from local government to the State Government, or at least
to a larger division of government, some functions of local government—
that is to say, transferring the responsibility or the obligation to pay for
certain improvements or governmental services.
This method of local tax relief is rather extensively used in New York.
. After my election in 1928 I appointed a commission known as the Agricultural Advisory Commission. The purpose put before its distinguished
members was to devise methods of assisting and promoting the interests
of the rural population of the State, and of agriculture as an industry in
the State, and to see if and to what extent Justice might be done by way
of equalizing taxes as between the rural and the urban communities.
Highway Construction Plan.
The first reform the Commission recommended was that the State
assume the entire cost of completing and maintaining the State highway
system. Under the then existing law the counties were required to contribute 35% of the cost ofsuch highways and to pay approximately $600.000
annually for their maintenance. It worked out this way: One of the
wealthiest counties could pay its share of the cost of completing the State
highway system by levying a tax of 37 cents per $1,000 of taxable valuation, while in a poor rural county a tax of $46 per $1.000 would have
to be levied.
The recommendation of the Commission was adopted. Thereby the
State relieved the counties of an aggregate expenditure of $54,000.000
for construction and an annual charge of $500.000 for maintenance.
The next recommendation of the Commission was based on the town
highway, or "dirt road," situation. The State had been granting State aid
to the towns, but under a plan which permitted the wealthiest town in the
State to obtain out of the State Treasury $1,500 for each mile of town highway, while the most that any one of the 600 or 700 poor towns succeeded
in obtaining was $25 per mile. Tax rates for the maintenance of town highways ranged from a dollar or two to as high as $16 or $18 per $1,000 of
taxable valuation. The high taxes were invariably found in the poor rural
towns.
To remedy this condition a law was enacted which provided in substance
that no town need have a tax rate higher than $3 per $1,000 and that the
State would give to a town as State aid the difference between the proceeds
of a three-mill levy and a sum needed to create a fund equal to $100 for each
mile of town highway. You will readily see that this tended greatly to
relieve excessive local taxation and also to equalize the burden of supporting the town highway system.
Rural School Situation.
• The Commission then turned to rural schools. They found that school
tax rates varied from $1 to more than $20 per 1.000. As in the case of
highway taxes, the very high rates were found to obtain in the rural,
agricultural communities. The principle of equalization was invoked here
with the result that rural schools in our State can now be supported adequately with a tax rate no higher than $4 per 1.000. the State contributing
the difference between the proceeds of such a tax and a sum sufficient to
maintain the schools.
Attention was then given to bridges in the State highway system. The
in
State had required the counties to pay 35% of the cost of all bridges
the State system. The Commission proposed, and a law was enacted,
pursuant to which the State assumed the entire cost of building bridges and
the
of maintaining them when constructed. This automatically relieved
counties from an expenditure of $34,750,000. and to that extent eased local
taxes.
In addition to these things, the State relieved the counties of $20,000.000
for grade crossing eliminations; and engaged to pay one-half of the cost of
snow removal.
I have mentioned these things that you may know of the effort we have
made in New York to take from the sub-divisions of the State the burden
of excessive local taxation. and I think you will agree with me that we have
gone a long way.
You will readily realize, however, that in our effort thus far we have
merely shifted from local government to the State government expenditures
for these purposes. It is true that in some Instances the State is certainly
doing these things better and more economically than the localities would
have done them, and in that way genuine economy has resulted. It is also
true that through these measures we have gone far toward equalizing the
we are still supporting
tax load in New York State: but the fact remains that
which seems to me and to many
a complicated machine of local government
inefficient.
and
wasteful
expensive,
others unreasonably
In our effort thus far we have succeeded in reducing somewhat in the
aggregate cost of this elaborate machine. Is it not time that we should
analyze this form of local government and see how far it is suited to the
conditions of to-day?
Think of It in this light if you will: No citizen of New York can live under
city. If one lives
less than four governments, Federal. State, county and
under five layers of government, Federal,
in a tt.trn outside of a village. he is
lives In an incorporated village,
State. 'ounty, town and school. If he
village, he may
anothe. 'ayer is added. If he lives in a town outside of the
sewer and sidewalk district. in which case there
be in a Ate, water, lighting,
are 10 layers of government.
Too Much Government.
much governmental machinery to
A citizen so situated has Just too
understand. He Tray not sense
watch. It is too complicated for him to
appropriating Public funds, levying
or realize that 10 sets of officials are
attention is not usually centred on local
taxes and issuing bonds. His
know what sums are being approgovernment, for seldom. If ever, does he
what bonds issued. Means for
priated, what taxes are being levied or
are altogether Inadequate.
things
these
concerning
gaining information
for so many overlapping units
I question whether there is any real need
view that much can and will be
of government. I incline strongly to the
machinery of local governaccomplished by reorganizing and simplifying the
ment.
was made in the State
Recently a comprehensive study of this problem
report of that survey
of North Carolina. The conclusion reached in the
Is needed. It is inis that a radical reorganization of local government
the county as a unit
that
and
timated that county government is obsolete
that it will take
of administration may well be eliminated. It is conceded
time to secure majority support for that proposal. and in the meantime ills
urged that counties be consolidated and a greatly simplified form of county
government be set up to replace present cumbersome forms and many
Officials. The report et a similar study in New Jersey reaches substantially
the same conclusion.
I am quite convinced that the excessive cost of local government can most
OfrectiVelY be reduced by simplifying the local governmental organization
[vol.. 133.
and structure and by reallocating the responsibility for performing various
services, according to a logical analysis rather than by accident or tradition.
I think we need to consider each service and decide what administrative
unit and what size unit can most effectively and economically perform that
service.
The smaller units of rural government are so unequal in wealth that some
are unable to maintain satisfactory roads and schools even with excessively
high tax rates, while others with very low rates are able to spend generously
and even extravagantly.
All overlapping of local jurisdictions should be abolished. I incline.to
agree with those who hold that one or at most two layers of local government subordinate to the sovereignty of the State is adequate and that we
ought seriously to undertake the radical reorganization and reallocation of
functions necessary to accomplish the elimination of all others.
Control of Expenditures.
There remains to be mentioned another remedy for the excessive cost of
local government, the controlling of local expenditures by State or district
authority. It is familiarly referred to as the "Indiana plan." In that
State 10 or more taxpayers in a tax district may appeal to the State Tax
Commission from the local budget or from a proposed bond issue. After
hearing, the State Tax Commission may reduce the proposed appropriation
or the amount for which bonds may be issued, or eliminate the item altogether.
Much can be said in favor of this method ofcontrolling local expenditures.
It has passed beyond the experimental stage In Indiana. and the information
before me indicates it is supported by public sentiment. Colorado and
New Mexico have modified forms of the Indiana plan. Ohio. Oklahoma
and Oregon have adopted the idea, but the control is exercised through
district boards. This general method of controlling the excessive cost of
local government is worthy ofconsideration by the authorities ofevery State.
If you will permit me to be conservatively prophetic. I foresee in all of the
States of the Union in coming years a progressively strengthening movement
for reform of the local governmental scheme. It has already. I believe,
been much too long delayed and this fact has cost us many an unncessary
dollar in taxation, and on the other hand has deprived us of improvements
and services in the way of better protection of our lives and property and
of better facilities for orderly, happy living that we might have had with the
same expenditure.
We all of us recognize. I think, that much of the increase in the aggregate
of governmental expense has been inevitable and necessary. Our limited
glimpse to-day of the functions of.local government has been sufficient to
show that government has been quite properly called upon to assume an
increasing number of responsibilities that once belonged to the individual
and the family.
In the same way the larger units of government have been properly and
logically forced to assume fuuctions that once belonged to the lesser units.
The demands of a different sort of civilization and a different sort of national
economy have forced us to redistribute the burdens which the public service
imposes.
Roads, for instance, are no longer merely local facilities. They are
avenues of communication and channels of necessary commerce between all
communities of a State and between a State and its neighbors close and
distant. So we have been compelled to build them on a greater scale and to
find new ways of meeting and distributing the cost OA far as possible upon
those who are benefited.
Mandate for Education.
We face the question of education and we find a mandate from the State
as sovereign that the children of all shall be given opportunities to learn.
In fact it is more than a State mandate, for the American system of education Is in fulfillment of a national purpose intimately associated with the
great experiment in democracy we are still carrying on after the lapse of
three centuries since our forefathers came here to undertake it and to pass
its responsibilities on to us along with the inspired Ideal which created them.
The State's responsibility for education cannot be escaped by passing
it on in one case to a city of teeming millions and in another to a dozen
farmers scattered over miles of countryside. It is not soley on an altruistic
basis that we consider the educational needs of the farm boy and girl as well
as those of the tenement children in the city. The character and training
of our fellow-foot-loose Americans of the future are a matter of concern to
us and to our descendants. They will have their part in making up the
civilization in which we shall live a generation hence.
We are beginning to recognize, too, that the public health is more than a
local responsibility. Disease knows nothing about town lines, nor do
bacilli undertake to inquire about local Jurisdictions. Their carriers are
on the public highways and riding in the railroad trains. If we care nothing
about the fact that a farmer's children are dying of infection or malnutrition
—and that can happen In the country, too—we can still give some thought
to the weaklings and the sufferers whom we may have to support in some day
not far off.
Crime ceased to be a local matter and the criminal adopted a State-wide
or national range, if not a broader citizenship, long before we thought it
necessary to do anything about it. But that is a question too far-reaching
to discuss here further than to say that along with the general administration of justice and penology and along the with care of the defective and
the insane, the problem of crime has long since transcended the scope of
petty jurisdictions. State sovereignty alone can cope with it, and that
must be reinforced by better and more adequate and less antiquated means
of co-operation between the States.
As to all these matters, I expect to see an increased measure of assumption
of functions and responsibilities by the State. through one means or another.
We have seen how the effort to equalize the tax burden has made the State
the holder of the purse strings as to a large proportion of local expenditures.
This creates a responsibility for wise expenditure that can hardly be avoided
by the State, in justice to those who have been taxed on a State-wide basis
to replenish the State's treasury.
This responsibility, it seems to me, is fairly certain to result in much
closer and more authoritative supervision of all local expenditures. This
will mean Inevitably a closer integration of local authority with State-wide
authority, based on the fact that as to many functions some competent
State authority with expert staffs and State-wide Information will possess
both an advisory and a veto power over the use of fund,' for local expenditure.
It seems entirely logical that local authority must consolidate, eliminating
many of the local government layers, in order to retain any appropriate
measure of home rule over local affairs. Certainly the time has come to give
serious consideration to the consolidation of a great many local jurisdictions of one kind and another.
Attention to Issues Needed.
I should like the privilege of stating as forcibly as I can one general conclusion that has long been in my mind. That is, that too many of us have
been lazy-minded in this matter of government. We like to talk in large
terms about the comparative advantages and defects of democracy and
autocracy; we like to admire patriotically the work of our forefathers in
devising forms of government or to criticize them as too slavish imitators.
JULY 11. 1931.1
FINANCIAL CHRONICLE
but we are terrifically dilatory in following our forefather's example by
seeking to plan and devise for our own immediate needs and for the future.
Particularly, we hate the details of government. We talk about Russia's
Five-Year Plan and the excellence or iniquity of Mussolini's system, in
preference to giving consideration of the question whether a town supervisor
is good for anything or inquiring what a village health officer does to earn
his pay. This may be because it is easier to form a judgment on matters
that are more remote. I hate to think that It is because we prefer to have
some one else form our judgments for us.
This suggests to me that those who hold public office should not be contenet merely to take the duties of their Jobs as they find them and to carry
them out according to precedent. Those who have had experience in
operating the machine should be able to tell of its defects. I once heard of
a public official who recommended that his job be abolished as useless. It
would be a heartening and refreshing thing If there were a lot more like him.
We heard a great deal during the late war about the challenge to democracy, and I think it was a good thing for our complacency to learn that
democracy was being challenged. But I think, too, that democracy is
being challenged to-day lust as forcibly if not as clamorously. The challenge is heard right here among us from all who complain about the inefficiency, the stupidity and the expense of government.
It may be read in the statistics of crime and seen in the ugliness of many
of our communities. It Is expressed in all the newspaper accounts of official
graft and blundering. It Is written on our tax rolls and even in the patriotic-seeming textbooks that our children study in their schools. It looms
large on election day when voters see before them long lists of names of
men and women of whom they have never heard to be voted upon as candidates for salaried offices of whose duties and functions the voter has but
the haziest impression.
The men addressed themselves to the task of laying the framework of
our National Government, after freedom had been won, wrote down in
enduring words that their aim was to form "a more perfect union." In
writing that ideal into the preamble of the Constitution of the United States,
I think they set a task for us as well as for themselves.
They were forming a new government, suited, as they believed, to the
conditions of their day; but they were wise enough to look into the future
and to recognize that the conditions of life and the demands upon government were bound to change as they had been changing through ages past.
and so the plan of government that they prepared was made, not rigid, but
flexible, adapted to change and to progress.
We cannot call ourselves either wise or patriotic if we seek to escape the
responsibility of remolding government to make it more serviceable to all
the people and more responsive to modern needs.
Committee of Missouri Bankers' Association Advocates
Wage Reductions—Opposes National Bank Note
Issue—Also Suggests New International Body to
Deal With Monetary Stabilization.
At the meeting of the Missouri Bankers' Association at
Excelsior Springs, Mo., on May 13, the Committee on
Stabilization of the Money Standard, in its annual report,
took a stand on three matters of widespread interest. It
advocated wage reduction unless "the general level of prices
shall be made to rise again"; opposed an increase of National Bank Notes, at this time, saying, "In view of the
present easy money and the disinclination of people, either
to borrow or to lend, we cannot quite see how the expansion
of National Bank Note circulation, to go into the same stagnant pool, would help matters to any very great extent";
and proposed a new international body to deal with the
problem of monetary stabilization, saying that "It may become necessary for the world to create some new institution,
competent to deal constructively with all of the factors involved and with all of the agencies which tend to influence
them." The report of the Committee was presented by its
Chairman, E. H. Zimmerman, as follows:
The Report of your Committee on Stabilization of the
Money Standard
takes the loran of a resume of events bearing on the subject,
since ur
report of last year, rather than any definite recommendations of a
far
reaching character. Inasmuch as the subject is one which
has been occupying the minds of the world's leading economists for a number of
years and because of the continued shrinkage in the general price level,
the deep interest in the subject, which has heretofore prevailed,
has he.
conic intensified and a more determined effort to get a thorough
understanding of the problem of monetary stabilization is a development
which
lends hope of an ultimate solution of the problem.
Your committee therefore begs leave to submit the following
report:
The anomalous situation referred to in our last report has
continued
and, indeed, has become intensified. That is, the decline in the
general
level of prices has continued, with slight, temporary interruptions, and
this decline in prices has developed a widespread and constructive
interest
in the whole problem of stabilizing the purchasing power of
money.
Also, a growing feeling of necessity that something; constructive
shall be
done in this field has largely taken the place of the old attitude that
the
fluctuations of the business cycle are inevitable, must "run their course",
must be allowed to "work themselves out".
The new feeling is that something can be done to prevent them. This
feeling was admirably expressed by President Hoover in his address before
the Ameriean Bankers' Association, at Cleveland, last October, as follows:
"The economic fatalist believes that these crises are Inevitable and hound to be
recurrent. I would remind these pessimists that exactly the same thing
WM once
said of typhoid, cholera, and smallpox. If medical science had sat down In a spirit
of weak-kneed resignation and accepted these scourges as uncontrollable visitations
of Providence, we would still have them with 119. This Is not the spirit of modern
science. Science girds Itself with painstaking research to find the nature and origin
of disease and to devise methods for Its prevention. That should be our attitude
towards these economic pestilences. They are not dispensations of Providence,
am confident In the faith that their control, so far as the causes lie within our own
boundaries, Is within the genius of modern business."
More definitely pointed references to a possible solution were made by
Sir Charles Addis in his address before the Bond Club, in New York, last
November, in which he said:
". . . something can be done to give us a reasonable amount of stability In our
currency."
. . If the directors of the Bank for International Settlements can secure the
support of public opinion—because that Is all-Important In this country and Great
Britain—they will. I believe, rise to the height of their great opportunity. . ."
223
"• . . It is simply unthinkable that we shall continue tosit with folded hands
while industry and trade throughout the world are becoming the sport of our ineffectual monetary systems. We must be masters in our own house. the rulers, and
not the slaves of money."
An interesting suggestion was made by Mr. 0. E. Neill, Managing
Director of the Royal Bank of Canada, in his annual address, in January,
which was devoted almost exclusively to this subject, to the effect that
a committee of the world's outstanding economists be appointed to consider this problem, particularly the relationship thereto of central bank
policies and operating technique.
Ile concluded as fellows:
". . . The problem is well understood, and, given the will to do no and the
absence of political interference, it can undoubtedly be solved.
"I am well aware that the question of central hank policy and its Infuence on prim
Is a much-debated one; even in recent time, for example. many bankers in the United
States have expressed the opinion that the Federal Reserve System exercises no
dominant influence in the price field. Followed to their logical conclusion on a
world-wide basis, these opinions indicate a belief that the stability of the world's
medium of exchange Is practically at the mercy of the elements; that man Is Incapable oh controlling an instrument of his own devising; and that the instability
which for generations has caused untold losses to business and suffering to workers
must continue to exert its evil influence as chance dictates. I cannot subscribe to
any such views. The situation can be remedied. It must be remedied."
The Gold Delegation of the League of Nations has had several meetings
for the purpose of discussing the whole matter of stabilizing the purchasing power of gold and has made two valuable reports which have
been widely discussed.
The American member of this Delegation, Mr. George E. Roberts, 'VicePresident of the National City Bank of New York, has recently published
an article giving his views on the whole subject, in which article the
following sentences occur:
"I had been accustomed to hold it one of the strong points for a metallic currency
that it required no management . . . But over since credit began to be the predominating element in currency, it has been evident that management had become
a factor of increasing importance . . . If there must be management, let us
still bear in mind the Importance of maintaining an international standard, and
endeavor to secure international co-operation In maintaining Its stability."
These views of Mr. Roberts are doubtless those of the Gold Delegation
as a whole.
It is encouraging to note that important and representative organizations, such as, the Chamber of Commerce of the United States, the
American Engineering Council, and others, have appointed committees to
study this whole problem of employment and business stabilization. It
is hoped that they will not shirk the admittedly difficult but basin
monetary factor of the larger problem.
Bankers should bestir themselves concerning this subject of monetary
stabilization. We hope we may be pardoned for saying that we as
bankers have not given the subject that degree of attention which it
demands. Our failure to do this is bound to bring criticism upon us and
upon our profession. Bankers are the unofficial mentors or the public
on matters related to money and they cannot dodge the responsibility
which is theirs as a result.
Thus, one sees bankers blamed for the movement looking to the reduction of the hourly wages paid by industry, which movement is now becoming widespread and serious. It is maintained by these critics that
bankers are leading in the effort to cause wages to be reduced.
An appearance of justification is given to these charges by the expressions which have been voiced on the part of a few leading bankers that
the only way out of the present difficult situation is that such a reduction of wages shall take place.
Of course, it stands to reason that industry generally cannot continue
to pay the old scale of wages if it cannot sell its products in volume and
at the old prices. A few businesses might continue to pay the old wage,
even though prices were reduced, if sufficient economies of production
could be introduced; but it is hardly likely that there could be devised
general economies large enough to counter-act such a fall in the general
level of prices as has recently taken place. The only possible alternative,
therefore, to general wage reduction, is that the general level of prices
shall be made to rise again until it has regained at least a considerable
part of its recent losses. How to cause this to happen is the world-wide
problem of the moment.
It has been suggested in some quarters that the volume of National
Bank Notes should now be increased; that the government should issue
new bonds bearing the circulation privilege, the proceeds being used by
the government to finance the loans to veterans recently authorized, which
would result in a net gain to the Treasury in that the interest on loans
to veterans is figured on a 0/2% basis, whereas the new bonds could be
easily sold on a basis of 2% or less. Such bonds issued by the goverarnent would be purchased by national banks desiring to increase their
circulation accounts, would then be deposited with the Treasury as security for their notes and the notes themselves would be put in circulation
by the banks immediately, thereby increasing, the volume of money in
circulation and exercising a very perceptible, if not controlling the upward influence upon the general level of prices.
The suggestion carries the provision that, when the price level has been
restored, say to the level of 1928, the bonds might be retired, thus putting
into the hands of our Treasury officials power to prevent these National
Bank Notes from becoming an instrument of inflation—the evils of whIcia
are perhaps just as serious, when carried to an extreme, as are the evils
of deflation.
This proposal is based on the thesis, now almost universally accepted
by competent monetary experts, that the objective of monetary management should be to keep the volume of money and credit in circulation and
in use, in balance with the sound needs of business; a fall in the price
level indicating that there is an inadequate monetary supply, and a rising
price level indicating that there is a superabundant monetary supply.
This Principle of Balance is founded upon the law of demand and supply,
which teaches us that when anything is scarce, relative to the demand,
its price increases, and that, when the supply of anything is in excess of
demand, its price or value falls. The same rule applies to money. Too
much money and its value decreases, that is, prices in terms of money
rise. Too little money and its price increases that is, the general level
of prices falls. This is the condition with which we are now confronted.
The advocates of increased National Bank circulation say time remedy
is to supply more money. This they argue is not inflation, but merely
rational opposition to unreasoning deflation. They say we must either
have more money or the money now in circulation must be used
more
efficiently, that is, its velocity of circulation increased.
Your committee cannot join in the above recommendation to
increase
National Bank Note circulation. We have always felt that the
orig,inal
plan contemplated by the Federal Reserve Act, which was
eventually to
do away with National Bank Note circulation, was sound,
arid, further,
in view of the present easy money and the disinclination of
people, either
to borrow or to lend, we cannot quite see how the
expansion of National
Bank Note circulation, to go into the same stagnant
pool, would help
224
FINANCIAL CHRONICLE
matters to any very great extent. While the picture of deflation is not
a pleasant one, its operation following inflation, seems to be inevitable
and we are apprehensive lest artificial measures might delay the normal
swing back, rather than help.
We cannot close this report without adverting to the fact that, since
the gold standard is international, and since the world's economic machinery—that of gold standard . countries and that of silver standard
countries—is practically one unit, therefore, there should be the most
active and definite world cooperation to the end that all of the world's
monetary units shall have greater stability of purchasing power.
Dr. 0. E. Neill, Managing Director of the Royal Bank of Canada in
his annual address of last January to which I have already referred,
stated as follows:
"Having allowed deflation to proceed to the extent which it has, it seems likely
that it will be a prolonged process to restore financial equilibrium, which involves:
(1) Reducing costa of production in the proportion that the price level has fallen, or
(2) Bringing back average prices to the relatively stable level of 1922-1928; (3) A
combination of these two policies. Increased efficiency In industry, Particularly,
at a time when production is far below normal, cannot provide the readjustments in
costs which are necessary to restore normal profits, without which depression must
continue. A general reduction in wages will be resisted, and it would, therefore,
seem that the easiest way out is a restoration of the previous stabilized price level.
To accomplish this, money must again flow freely through the financial arteries of
the world. Business depression and resultant falling government revenue, and social
and political unrest, have created conditions in a large proportion of the countries
Of the world which have seriously affected their credit. The average price of the
bonds of all South American countries has fallen to panic levels, and it is obvious
further borrowings cannot be arranged until the price at these securities has been
restored to something approaching parity. The same condition is true of the securities of a number of European countries. It is, however, precisely in these countries
placed.
where capital could find its roost profitable employment and. If intelligently
would undoubtedly be quite safe. A gesture of confidence in the form of financial
assistance to such countries would be of the greatest importance in changing the world
outlook.
the
"This matter is so important that I believe it justifies a conference between
the idea of
financial leaders of Great Britain, the United States and France, with
which
countries
these
between
relations
financial
normal
hasten
devising a scheme to
alterhave surplus money to invest and those that urgently require it. I make the
interests
native suggestion for discussion: that a syndicate of the British financial complete
the
have
would
which
capital
substantial
might create an organization with
Confidence of the money markets of New York and Paris and through such an organization borrow at reasonable rates for the purpose of relending to other markets at
rates commensurate with the greater risk involved."
It has been the hope that the Bank for International Settlements will
become the agency through which this desirable effort toward monetary
stabilization will take place, but it is entirely possible that the Directors
of the Bank for International Settlements will not feel it incumbent upon
them to assume the entire responsibility for its success, inasmuch as they
have other matters of a more strictly banking nature with which they
are charged.
Therefore, it may become necessary for the world to create some new
Institution, competent to deal constructively with all of the factors involved and with all of the agencies which tend to influence them.
Lacking such an institution, all that seems possible at the moment is
banks
to encourage the utmost co-operation between the world's central
and other monetary authorities to the end that greater stability in the
purchasing power of the world's monetary units may result.
The Stable Money Association with headquarters in New York City,
a leading organization of its kind in the world, to which we have referred
In previous reports, is now making a searching and determined effort to
of
promote a solution of this problem. It is bringing the attention
economists and world experts to bear on this question, spreading the
and
results of their studies, encouraging business leaders, banking, labor
promoting confarm organizations to address themselves to the problem,
and
ferences with responsible authorities and developing public interest
understanding.
have already referred,
In the address of Sir Charles Addis, to which I
Mr. Addis states as follows:
of the money
"World stabilization of commodity prices, through stabilization
the existing depression.'
markets of the world, is one of the essentials needed to end
men and
It is our responsibility, that of the bankers, business
The
economists to contribute In every possible manner to the efforts of
in this
competent
those
Stable Money Association, the efforts of not only
of
those
efforts
the
to
but
movement,
country to assist in this great
in every way poscompetent in other countries; that all may contribute
that we may
sible to find a solution of this great question, to the end
again enjoy stable business and minimum unemployment.
Study by Personnel Research Bureau Finds Restriction
Deeply lntrenched in Habits of American Laborers
—Over-Speeded Industrial Worker "Largely a
Myth."
The over-speeded American industrial worker is "largely
a-myth," declares a report of an investigation of restriction
of output among unorganized workers, sponsored by the
Personnel Research Federation under a grant from the Social
Science Research Council. Workmen in many types of industry are habitually holding back on production, the survey
discloses. "Restriction is a widespread ,institution, deeply
intrenched in the working habits of American laboring
people," says the report. Bonuses, piece rates, and other
schemes devised by efficiency experts to prevent restriction
are actually contributing to it, the report reveals. It is
stated that the study arose from a situation at Antioch
College, Yellow Springs, 0., where students spend half the
a
time on real jobs, and set forth to work assuming that as
matter of course the new worker does his best. They came
back again and again to the director of personnel administration, Stanley B. Mathewson, and told him that apparently
holding back on output is the common thing, and that honest
sustained effort is frowned upon. The advices from the
Social Service Research Council go on to say:
of overalls,
To test these observations Mr. Mathewson bought a pair
how widely
and, aided by sin fellow investigators, set out to discover
to, and
resorted
is
it
why
restriction is practiced, what methods are used,
hew it can be eliminated.
In the course of the investigation Mr. Mathewson held eleven different
lobe, working as a laborer, machine operator, bencn assembler, conveyor
[VOL. 133.
assembler, and skilled mechanic, and living among his fellow workers.
Plants manufacturing automobiles, tires, electrical appliances, radio instruments, auto accessories, airplanes, and textiles, were among the types
of industry studied.
The report of the study, published under the title, "Restriction of Output Among Unorganized Workers," records 223 instances of restriction in
105 establishments, ranging over 47 localities and representing 25 classified
Industries and 14 miscellaneous ones.
"My experiences and the experiences of my co-workers dispelled any impression we may have had that restriction is a sporadic practice engaged in
by only a few scattered and disgruntled workmen who have a personal
grudge or who have been misled by a labor organization," Mr. Mathewson
says.
"The draftman in Boston, the clerk In Chicago, and the mechanic in
Missouri all apparently respond to the same urge. Each in his own manner
purposely goes out of his way to do what he feels is less than the normal
amount of work.
"Further, these workers are practicing restriction under modern management conditions in the same manner and for much the same reasons that
their industrial grandfathers practiced 'ca'canny' and 'soldiering' in this
country and Great Britain in years gone by."
Among Mr. Mathewson's cases are those of young workers who were
disturbed by the pressure to "look busy" while really loafing, and those of
older hands who accepted the prevailing practices. In one textile mill
operators were found restricting output to 400 yards a day for each machine,
though the speedier workers could have turned out 500 to 700 yards.
In an Indiana machine shop a new worker found that the operators
had set 250 pieces as the maximum for the night shift. After a few nights
he discovered that he could do 250 pieces in half the shift. On another
machine job the time allowed was thirty minutes a piece, though it was
passible to finish each piece in a lot of 100 in ten minutes. The total time
allowed for the lot, 50 hours, was thus three times the actual time needed.
Bonus rates and piece rates failed to produce capacity output in many
of the plants Mr. Mathewson observed because of the conviction among
workers that the rate would be cut if too much work was done. Wage
earners believe, he explains, that "more than average output by any
member of the group means greater demands with no increase in pay."
The practice of deceiving the time-study man by working at slow speed
while the job was being timed was encountered frequently by the investigators. In an Ohio truck plant, for ezample, assemblies dropped from
20 to 15 a day when the timers were expected.
Fear of unemployment was found to be another cause of slackened
effort among workers. In some industries operators lowered their speed
periodically as the dull season approached in an effort to make toe work
hold out as long as possible.
"The wage earner's method of stabilizing wages may be a mistaken one,
Mr. Mathewson comments,"but the cases leave little doubt that the more
the employer fails to stabilize employment, the more the wage earner attempts to steady his job by stretching out his work to cover slack periods."
One of the workmen is quoted as saying,"Our gang believes that the only
way to have steady Jobs is to watch production and suit our rate of work
to the orders on hand."
"Hiding out," concealing tools, lamming the machinery, packing and
re-packing, performing jobs by hand which could be done by machine, and
plain loafing were among the devices employed by workers to lower the
rate of production. In an automobile service station in New York City
some of the mechanics were found damaging good parts in order to have
the job of repairing them during the latter part of the week when work
was slack.
Interviews with executives revealed that most of them were unaware
of the extent to which restriction existed. Managers, Mr. Mathewson
points out, have been so content with the increased man-hour production
resulting from the use of new types of machinery that only superficial
attention has been given to the workers' contribution or lack of contribution to the increased yield.
The report is supplemented by interpretative comment by Dr. William
Leiserson, Professor of Economics in Antioch College. Henry S. Dennison, President of the Dennison Manufacturing Co., and Dr. Arthur E.
Morgan, President of Antioch.
Continuous scientific research rather than expediency is urged by Mr.
Dennison as the basis for determining work conditions, rates of PaY. volume
of output per worker, and all the other details in the economic process.
"This study gives American managers occasion to examine one of their
major problems more closely and in a new light," he says. "It shows
restriction to be a practice confined not to a few occupations but extending
over a wide variety; inspired not by shallow whims but by intuitions and
group traditions now deeply set.
"It shows a degree of managerial ignorance of the real conditions too great
to be overlooked even if restriction itself were to be brushed aside as an unimportant issue. It shows the fears and suspicions and toe defensive
separatist attitude which always go with ignorance. It shows how far
managers have still to go to develop the feelings of hearty co-operation
ascribed to us by enthusiastic foreign visitors."
Restriction is closely related to the larger problem of over-production,
in the opinion of Prof. Leiserson. "Is not limitation of output a means of
preventing an over-abundance of labor, as it is of any other thing that has
to be sold at a price?" he asks. "Since the laborer is bound to limit his
output to prevent demoralization of his market. In the same way as business
men do. why not frankly recognize the fact and make it a matter of open
business negotiation?"
President Morgan, viewing the social and moral consequences of restriction as most serious, discusses the benefits to be gained from stabilized
employment and shorter working periods.
"A six-hour day or a five-day week, or both, may seem to be radical
Innovation." he says. "Yet it would give increased leisure, make possible
increased consumption, and add quality and interest to our lives. At the
present time, we are getting probably less than the equivalent production
of a six-hour day and a five-day week, but with destruction of self-respect
and character, by the policy of loafing on the job and restricting output.
"Restriction of output is a very complex phenomenon. It results from
insecurity of employment, from security of employment, from laxity in
management, from ruthlessness in management. All surreptitious restriction of output, or any restriction which prevents a worker from doing
his best, is destructive to personal character and to permanent well-being.
For management to surrender to it, whether in a spirit of cynicism or of
sentimentality, is unwise.
"It is the business of management to remove those conditions which
tend to justify labor in feeling that surreptitious restriction is necessary
to self-protection, and therefore to be accepted as a normal condition of life.
"When this is done, and when there remain no incentives to restriction
of output except laziness, selfishness, and similar undesirable motives, the
battle will largely be won, for the spirit of self-respect and craftsmanship
no longer confused by the need for self-protection, will gradually sot the
standards for workers in industry."
JULY 11 1931.]
FINANCIAL CHRONICLE
President Hoover Asked to Call Conference of Federal
and State Tax Officials.
The calling of a conference of Federal and State tax officials to co-ordinate Federal, State and local tax systems
was proposed to President Hoover May 28 by tax officials
of New York, Illinois and Massachusetts who conferred with
him at the White House. These officials, says the "United
States Daily," were Mark Graves, Tax Commissioner of
New York; H. S. Hicks, Tax Commissioner of Illinois, and
Henry Long, Tax Commissioner of Massachusetts. According to the paper quoted the President has taken the request
under advisement, it was stated orally at the White House.
Mr. Graves is quoted by the "Daily" as saying:
"We suggested to President Hoover that State and Federal
revenue systems ought to be better co-ordinated. We told the President
that heretofore
Congress has planned Federal finances without much reference
to what the
various States were doing and each of the States planning
its own revenue
system without much reference to what the Federal
Government was doing
along that line.
Conference Proposed.
"It seemed to us that the time has come when there
ought to be a little
better aggregate planning on the question between
the Federal and State
Governments. We therefore suggested to the President
that a conference
of Federal and State officials regarding the
raising of taxes would be a
good idea. We have not, however, proceeded far
enough in our consideration of the matter to suggest any definite lines
for such a conference.
"In a case where one State passes a tax law which
is not in effect in other
States, it naturally works a hardship and it
would therefore seem more
advantageous to have more uniform tax laws.
"This could not be done by legislation, but it
is my opinion that a meeting of tax specialists representing the
various States could undoubtedly
work out a better situation.
Federal Road System.
"The snatching of dollar for dollar by the
Federal and State Governments is a very dangerous practice. There are
certain things like roads.
I believe there is a need for Federal road
system. The State of New York
pays $7 for every $1 it gets back, while in many
States it is spent in roads.
"But, of course, the thing that disturbs
me is that new projects are
bobbing up all the time where the representati
ves from the 30-odd States are
spending the money of the 15 or 16 States. In New
York we do not take
the stand that the Federal Government should
want no State aid at all.
If we have a heavy income we would want to see the
other 47 States prosperous. Maternity welfare and rehabilitation of people
injured in industry
is more a State than a National problem."
Mr. Graves expressed the opinion that the question of
better co-ordination
of the Federal, State and local revenue systems was
a long range proposition. "We do not expect it to mature very soon," he
added.
The paper from which we quote added:
Mr. Hicks stated that the State tax officials
discussed with President
Hoover the relation between State and Federal revenues
with the idea that
there might be something done in the way of
bringing about a greater
degree of uniformity between the States in the matter
of raising revenues
for State and local purposes. Anything like that
would probably have to
be brought about through a conference which we
suggested to the President."
Senator Harrison Declares Against a Tax
Rise—Says
People Not in Position to Pay Increase—Critici
zes
Secretary Mellon's Speech.
Opposition to tax increases was expressed on May
27 by
Senator Harrison, Democrat, of Mississippi, a
member of
the Finance Committee. He critized Secretary
Mellon's
recent suggestions about tax revision, declaring
that such
utterances by the head of the Treasury Department
"frighten"
business. A despatch from Washington to the
New York
"Times" further indicated as follows what
Senator Harrison had to say:
The American people, Senator Harrison said,
were in no position to
stand an increase in taxes. If the administration
would stop "studying
plans and charts" and show courageous leadership, he
declared, tax increases
would be unnecessary and in a short time
it would be possible to reduce the
Federal levies.
The Senator contended that the deficit could
be handled by the issue of
short-term securities, a course he held warranted,
because in recent years
public debt had been reduced $3,500,000,000 by
the use of surplus revenues
In excess of sinking-fund provisions.
No Time for New Policy, He Says.
"The country is in a terrible plight and every
one, without respect to
political affiliations, ought to do what he can
toward
that business may get on its feet and let normalcy restoring confidence,
predominate," Senator
Harrison said.
"James A. Farrell of the United States Steel
Corporation says idle talk
Is doing more harm than anything else. My
position has been not to
aggravate the situation. I cannot understand how Mr.
Mellon can criticize
Congress for having reduced taxes too much, and
give the impression that
there ought to be a tax revision program.
Such utterances from him
frighten business and check the restoration of
confidence.
"I am against any tax increase. The people are
in no position to pay
Increased taxes. It is not the proper time for Congress
to form a permanent
tax policy different from that enacted in 1928.
"I don't suppose Mr. Mellon, a dominating force in
so many
enterprises, advises the adoption of a policy for those institutions industrial
of paying
off all liabilities at such a rapid rate as not to provide for
"The good business man that he is would naturally advise lean years.
his own business
to prepare for a rainy day. He has pursued with
respect to government
financing just the opposite policy.
Critizes Operations for the Debt.
"The government adopted a policy in 1919 that was
unanimously approved
by both e-11,5ea1 parties, and financiers, that we should
create a Onking
225
fund to provide for orderly retirement of the national debt. It was agreed
that about 31 years would be a proper time for liquidating the debt.
"Instead of following that policy, Mr. Mellon, and the administration,
every year over the protest of Congress have gouged the taxpayer in
excessive tax requirements over and above those necessary for replenishing
the sinking fund and the orderly administration of government, in the
sum of $3,500,000,000.
"They have taken that out and applied it to the national debt, until
we are seven years ahead of the program. There should be a let-up in the
too rapid retirement of the national debt.
"Congress has lodged proper authority in the treasury to refund its
operations. The secretary tells us he has affected great savings in the
reduction of interest charges and the money market is now easy. He can,
therefore, very easily take care of any deficit this or next year in the issuance
of short-time certificates without at this time placing additional burdens
on trade.
Calls for Retrenchment.
"Instead of talking so much about increased taxes, let the administration retrench and draw in some of the large expenditures we see, everywhere, especially in Washington.
"Mr. Mellon and the administration are making an attempt to relieve
themselves of the many mistakes they have made by blaming it on Congress.
Every one familiar with tax legislation for ten years knows taxes are as
light as they are because of the insistence of Congress, in spite of the
administration."
Senator Harrison pointed to the various surplusses at the end of recent
fiscal years.
"All these surpluses went to debt retirement," he continued. "Mr. Mellon
says these large reductions in many instances were done over his protest.
In the fall of 1929 31r. Mellon called to his office the ranking members
of the Ways and Means and Finance Committees, and suggested to us for
1929 a 1% tax reduction. The argument was made it might restore confidence and check the financial stampede.
"We joined in that request because we wanted to help the situation. I
am not for increasing taxes. If the administration, instead of studying
plans and charts, would courageously take hold, assume leadership and let
us catch up with the debt-retiring program, we will not need to increase
taxes, but in a short time would be able to reduce them."
Porter R. Lee, Formerly Member of President Hoover's
Emergency Employment Committee, on Social
Work in Combatting Unemployment—Tax on
Wealth to End Distress of Unemployed Urged.
Taxation of wealth and income and the governmental
regulation of industry as methods by which serious unemployment distress may be averted were advocated on
May 28 by Dr. Porter R. Lee, director of the New York
School of Social Work and former member of President
Hoover's Emergency Committee on Unemployment, according to the New York "Herald Tribune." Before the
City Conference of Social Work of the Welfare Council of
New York City on May 20 Mr. Lee discussed "What can
social work do in the face of unemployment and industrial
depression?" An abstract of his address follows:
The three most distinctive contributions which social work makes to
collective effort to deal with the unemployment emergency are:
1. Admintstration of relief.
2. The organization of community effort.
3. The collection and interpretation of facts which disclose the human cost
of
unemployment.
These contributions seem to me distinctive in the sense that the community in order to secure them must depend more upon the experience
and authority of the social worker than upon the experience and
authority
derived from any other field. In addition to these, there are other aspects
of an unemployment program for which social work has an important
contribution, but which call for equally important contributions from other
fields of thought and experience.
Among these may be mentioned the economic aspects of unemployment,
legislative measures directed towards a deviation of unemployjent or
its
consequences, studies of the aftermath of unemployment.
The contribution of social work is partly unique, partly co-operativ
e.
In the latter area it shows responsibility with economics, industry,
politics
and with other professional groups.
Thus far in the present emergency social work has met the first test—
the effectiveness of its distinctive contribution—with success. Evidence
of this is found; (1) In the acceptance of normal relief agencies everywhere
for the administration of the present tremendous relief programs; (2) in
the place given to the leadership of social workers in co-ordinating organizations all over the country: and (3) in the widespread recognition accorded
social work as a factor in the present situation by other groups previously
less aware of the contributions which it has to wake both to an understanding of unemployment and to programs for dealing with It.
The most serious limitation to the usefulness of social work in the present
emergency as I see it is the fact that the achievement upon which its present
status rests is registered almost exclusively in what we may call the"common
knowledge" of the public and in experience of the personnel of social work.
Its formulation in a usable record when compared with the need for such
a record has been almost negligible. There is so great a lack of statistics,
descriptive material, collected facts and interpretation of assembled data
growing out of our experience that we can give little of the chapter and
verse support to our suggestions which is essential in sound planning and
continuing leadership. This is especially significant because the acceptance
of the social worker as collaborator with industrial economists, industrial
managers, political scientists and administrators in pursuing studies of
unemployment and the drafting of legislative programs will, in the long
run, rest in the record of his own distinctive achievement in a form which
would enable others to judge of its value.
To cite one illustration—our statistics of relief, excellent as they begin
to be, are not yet comprehensive and they are not available promptly
enough to be of great value as a picture of current trends and the foundation for concurrent planning. In both particulars they contrast with
statistics of employment and business trends. Such statistics of relief
are
Indispensable if we are to engage in anything more than the opportunis
t
kind of effort. The most useful literature for the guidance of local committees in organization and relief during the past winter, with a
few outstanding exceptions, was prepared last autumn after the emergency
was
well under way.
226
FINANCIAL CHRONICLE
of the social worker is partly
The second limitation upon the usefulness
bookshelf record. It is the tendency to
the result of our somewhat barren
and measures, chiefly legislative
take strong positions regarding policies
of 10 social workers whom I talked
without adequate facts. For example,
advocates, and not merely sympawith in succession last winter, all earnest
had never read the Bill.
thetic supporters of the Wagner Bill, eight
work Is to finish the job In which
For the future the first task of social
next winter will make even
that
certain
it is now engaged. It is practically
made last winter. It may be more
heavier demands in some ways tnan were
probably be better
difficult to get money and other resources but we shall gained Last year.
of the experience
able to cope with the situation because
g standards which
recoverin
is that of
A second important task for the future
them even lost, in the tremendous
have inevitably been prejudiced, some of
ions have suffered through the
pressure of work last year. Relief organizat
of social work curtailment
sheer weight of the load carried. In other fields
the largest possible funds for
has been forced in the effort to make available
Impairment of standards
relief. There has been much apprehension lest the
nal worker's standards of
in social work should be permanent. Tne professio
real standards they
practice may have suffered, but in so far as these were
t and should be
were likely to continue as a part of permanent equipmen
conditions
recovered without difficulty once the pressure of abnormal
lowered may
lets us. Community standards of welfare which have been
by social worker,
be more difficult to recover. This must be regarded
ty leadership.
less as a permanent loss than as a new test of its communi
unuival degree of
the
be
may
One new asset in dealing with this problem
all kinds of
interest in social welfare which its widespread activity by
co:umunity groups this winter indicates.
making its
of
Another task for the future faced by social work is that
ent of new
contribution co-operatively with other fields to the developm
control unemploysocial measures, legislative and otherwise, designed to
stated that tnIs
ment or to mitigate its consequences. Here again it may be
by an accurate
contribution is likely to win greater respect if it is backed
by their
taught
lessons
and adequate formulation by social workers of the
own experience.
n In any sense has
Tne question is asked whether the present depressio
permanently injured,
shaken confidence in social work, whether it has been
work as futile.
even whether it has disclosed grounds for thinking of social
sion on any one of these
I do not believe that there is reason for apprehen
the country that the
points. There seems to me to be general conviction in
largely because of the
emergency situation has been saved from disaster
the breach at certain
availability of organized social work to step into
that the very fact that
strategic points. I think there is recognition also
evidence of Its having helped
social work was ready to do so is indirect
community's organize equipestablish itself as an indispensable part of a
ment for the promotion of human welfare.
k"—Address
James A. Farrell on "World Trade Outloo
Before National Foreign Trade Council—Sees Conin
fusion of Thought Regarding Tariff as Factor
Trade Recession.
United
In the view of James A. Farrell, President of the
States Steel Corporation "there is much confusion of thought
regarding our tariff schedule as a factor in our present trade
recession." This statement was made by Mr. Farrell in an
at the
address on "The World Trade Outlook" delivered
ion
Convent
Trade
Foreign
l
Nationa
the
of
session on May 27
Nationa
held in New York. Mr.Farrell is Chairman of the
Foreign Trade Council.
As to the Tariff Mr. Farrell said:
to $3,843.The total value of our:merchandising exports in IMO amounted
a recession to the
000,000, a drop of 27% from the high level of 1929, and
Mira
1922 level.
30% below
Our aggregate merchandising imports of $3,661,000.000 was
to the level of 1921. In volume, however,these
ropping
the 1929 record—d
Imports were within 3% of the five year average-1925-29.
bulk of our raw
With non-European countries, from which we draw the
sales to European
materials and foodstuffs, our exports fell off 31%. Our
of finished manucountries—from which we took 58% of our total imports
imports,showed a
factures, and 40% of the total of our semi-manufactured
particularly the
decline of only 21%. The heavy fall in prices depressed
South America.
value of our imports from Asia, Oceania. Africa and
d to a little less
Our total commerce with Latin America last year amounte
in 1929. Imthan 135 billion dollars, in comparison with $2,080,000,000
The decline
ports and exports fell off in equal proportions—about 29.7%.
in volume was considerably less.
, our export
As the largest customers of the South American republics exports of
for the
trade is determined largely by the trend of world prices
suffered
nitrates
these countries. Brazilian coffee, Cuban sugar and Chilton
g of these comseverely, but with arrangements for more orderly marketin
the Latin American
modities, the outlook has improved. Competition in
the market in
countries is keener, but American products still command
service. The close
adaptability to local needs, and in quality, price and
America, and the
relation between the drop in value of imports from South
which these
decline of our exports to that area, is significant of the extent to
. In the
countries rely upon the United States, as their best customer
accomplished since
Argentine considerable reconstruction work has been
American
for
g
promisin
the change of government, and the outlook is more
on this
trade. A better understanding prevails between all the nations
continent.
favorably
Our trade with the Orient, in spite of all difficulties, compares
value
with that of other areas. Our total exports in 1930 were reduced in
average
by 33.7% as compared with previous year. This was 10% below the
this fivevalue of our exports for the five-year period-1922-26. Based on
year average, our shipments to the Philippines, India, New Zealand.
declined
East
Malaya, showed an increase. Our imports from the Far
and
33.6% in value. The decline in our imports was chiefly in cotton
petroleum, which were reduced by one-third.
failure
Conditions in Australia have been brought about chiefly through
stage of into take early steps to effect economies in a country still in the
to
taken
steps
The
s.
borrowing
external
ternal development based upon
Insure balanced budgets,rigid economy,and the discountenancing of extreme
elapse
measures should in time prove effective. While some time must
the
before Australia is in the market for any large quantities of imports,
powers
ive
recuperat
,
has
great
resources
Commonwealth is rich in natural
its
and, with moderate opinion at the helm, should be able to emerge from
rains in the
difficulties. The firmer trend of wool prices, and much needed
the
of
e
future
the
immediat
dry belts, have inspired greater confidence in
Commonwealth.
e is being
In other parts of the world, including South Africa, confidenc
es greater than
gradually restored. South Africa has natural advantag
red
mineral
diversifie
most countries in withstanding bad times. Her
life of the country. Our
sources are a great stabilizing factor in the general
types of machinlargest Items of exports to South Africa are non-classified
ery, for which there was less demand.
regarding the
some
quarters
I do not share in the pessimism that exists in
the war. When we
future of countries with difficulties arising out of
, we are impressed,
examine,for example,conditions in tho United Kingdom
by the remarkable
not by British inability to solve all these difficulties, but
impairment of
source displayed in advancing thus far without any serious
inately to all coun Seeing that the unfavorable conditions apply indiscrim
alike, it must be obvious that
tries, low tariff, high tariff and free trade
of thought are of academic
tariff discussions between opposing schools
adjustment of our difficulties.
interest only, in a period that calls for early
has suffered through the present
To those who complain that American trade
similar complaints were made
tariff law, I need only point to the fact that
of 1913. In neither case
schedule
tariff
concerning the effects of the lower
business slump. In 1914, under a
has the existing law availed to prevent a
of trade stagnation which was only
low tariff, we entered upon a period
In 1930, with a higher tariff,
relieved by the abnormal demands of war.
to stand? Obviously, we must
trade fell off. On which side shall we elect
which have tended to disturb the
look to other causes as the major factors
ion throughout the world.
balance between production and consumpt
According to Mr. Farrell "an examination of the statistics
especially
of world trade fot the last four or five years, and
recession
the
volume
in
that
fact
those for 1930, discloses the
on to say:
went
He
value."
in
as
great
so
nearly
been
not
has
satisfac-
the patient, provide no
Statistics which record the pulse beats of
which ho is suffering. On this occasion
tory diagnosis of the disease from
revelation chiefly of a substantial decline,
we find in trade figures for 1930 a
of our foreign trade, followed by a further reboth in volume and value,
present year. These figures are ofsecondcession in the first quarter of the
discussion of world trade problems.
ary importance only in the
has fallen off considerably, it still maintains
While our foreign trade
of our progress in the past decade. Our
salient features characteristic
retain their key position as a stabilizing
exports of finished manufactures
in export values, and constituting
influence—showing the smallest decline
abroad.
50% of our total sales
our imports of manufactured goods last year
It is noteworthy also, that
than those of crude materials and foodshowed a smaller decline in prices , in common with our own,find in the
stuffs—evidence that other countries
for highest skill in production and marketing,
f.nished manufactures that call
period of depression.
a
in
resistant
effective
Cal most
of last year's trading were the increased sales
A further satisfactory aspect
products, which through greater diverAbroad in a number of manufactured
widened the circle of buying attraction.
sification of our industries, have
sale of several million doiars worth of
Among these I need only mention the
and an increase of 65% in sales of
sound equipment for motion pictures, establish the claim that our strong
aeronautic equipment to the Orient, to
is a guarantee of an expanding
lead In diversified finished manufactures
for those things that enter
world,
the
of
parts
many
in
goods
market for our
80 freely into our own standard of living.
the substantial decline in
In conformity with the fall in commodity prices,
respect of value than of
our aggregate foreign trade was more marked in
our imports.
Quantity, and more pronounced in the case of
year was about equal
The total volume of our merchandising exports last
below the average
to that of 1925, 19% below the record for 1929,and 12%
of the five years-1925-29.
[Vol.. 133.
economic strength.
economic
British banking remains the great buttress of the nation's
enterprise in
strength. The British industrialist has displayed remarkable
trade
surveying world markets and in making preparations for increased
in America.
abroad. We are so accustomed to the note of despondency
England.
that we should avoid Interpreting too literally complaints in
t with
These are indicative not so much of despair, as of a healthy disconten
future
the slowness of progress. Americans have no Illusions regarding the
ability
the
g
concernin
ions
of British industry, nor have we any apprehens
s
of both countries to find ample room for trade expansion, on continent
where Increasing demands for a higher scale of living open doors of opportunity both to buyer and seller.
of that
Turning to our neighbor. Canada, our confidence in the future
increased investments
d
progressive nation has been strikingly illustrate by
last five years
of American capital last year of $230,000.000, making in the
In the Dominion
a net increase of one billion dollars. Our investments
could be
assurance
stronger
No
represent 61% of the total outside capital.
of Canada. Few, if
given of our belief and interest in the future destiny
ped resources that
any, countries possess the per capita wealth in undevelo
e of continued inCanada enjoys. One of her richest assets—a guarante
power, which Is
water
of
supply
dustrial development—is her inexhaustible
now employed in every important manufacturing center.
this is Canada's
It was the proud boast of Canadians in 1900, that
realized may be found in the
century. How fully that ambition has been
nation, Canada is excelled
trade returns of the Dominion. As a trading
1929, her total foreign
only by four leading countries. Between 1900 and
her total trade with the
period,
trade increased by 646%. In the same
her exports consist more
United States increased by 756%. Since 1900,
These make up
largely of manufactured and semi-manufactured products.
are her best customers.
about 50% of her exports,for some of which we
buys from the United
Canada sells to Europe more than she buys, and
States more than she sells. In this, the Dominion follows the natural
buying the things
and
Europe,
to
s
channels of trade—shipping foodstuff
the past 62 years—
she needs in her nearest and cheapest market. During
since Confederation—Canada's total excess of exports to the United Kingdom was practically balanced in the same period by her excess of imports
from the United States. It Is thus the United States balances its trade—
buying from some countries more than we sell, and soiling to Other countries
more than we buy. It is a sound economic principle to sell in markets
where the product is needed for consumption, and where there is no surplus
of the same commodity. The United States continues to be Canada's best
customer, while Canada buys more from us than any other country. The
excess of her imports is considerably reduced by the annual expenditure of
our tourists to the Dominion. amounting approximately to $200,000,0001
Proximity of markets, and a vast community of interest must always
bind the two nations together In friendliest intercourse. Particularly
gratifying to us is the closer contact between the two countries through
exchange of diplomatic representatives. Rivals only in seeking the highest
Interest of our people through the development of our economic life, we
shall go down the years together, as we have travelled for more than a century—with no boundary line to foreshadow peril of strife.
All great wars leave legacies of unrest. It is not astonishing to find that
the greatest war In human history did not entirely end with the Armistice.
The absence In China of a strong central administration; contemplated
JULY 11 1931.]
FINANCIAL CHRONICLE
changes in India; governmental changes in Latin America; earthquakes
In Japan and Nicaragua; failure of valorization schemes in a number of
countries; depreciation of silver with the unfavorable repercussions in
South America and the Far East; fixation of wheat prices in the United
States and Canada—these factors are local in character in the main, and
form an impressive commentary upon some of the causes contributory to
world trade stagnation,
It is difficult to draw a line between economics and politics, where one
obviously reacts upon the other. While we must take Into account all
the factors that enter into our commercial relations with other countries,
we shall gain a much clearer perspective in regard to our own position in
world commerce by concentrating our attention upon the things it is possible for us to accomplish. We should avoid laying too much stress upon
internal complications in other countries which it is not within our power
to remove, but rather emphasize those things that lb within our own sphere
of action.
Whatever the losses sustained during the past two years, the world has
gained materially by toe chastening discipline of hard times. Demands
have been made upon industry to repair defects in the economic structure;
to abandon policies that violate fundamental laws, and to apply more
scientific methods in overcoming obstacles to readjustment to new conditions. This house cleaning has been rendered necessary by the derangements of a war which caught the Western World in a transition stage
between a Nineteen Century industrial era dragging to its close, and
the
beginning of a new industrial revolution to which scientific research
and
invention had given birth on the American Continent.
It is natural that the problems arising out of this transition period should
engage the thought of economists and command the attention of visitors
to this country. We have been advised recently by a leading
industrialist.
Dr. Pirelli of Italy, against making comparisons between two such dissimilar continents as Europe and America. To the "great size and remarkable uniformity" of our domestic market, contrasted with the
"more highly
differentiated markets of Europe," Dr. Pirelli attributes
our "relatively
lower costs of production, achieved by mass production, standardization
and mechanization." He further expresses the opinion
that the higher
wage scales, and higher standards of living, prevailing in the United States,
are the results, not the causes, of conditions dependent
upon the size and
uniformity of our home market.
To a very large extent our domestic market is the result, not the
cause,
of our industrial supremacy. If we have succeeded in building up a nation
of 120 millions of people; in finding employment for the millions of European
Immigrants who nave landed upon our shores, and in maintaining
this
large population in normal times on a higher scale of comfort than that of
any other country, we must look for the primary
cause, not to the area or
population of this market, but that welch really differentiates America
from Europe industrially, the extent to which we have encouraged
and
utilized scientific research and inventive genius in the development
of our
natural resources and in the application to industry of the most efficient
methods.
So far back as 1918. the Balfour Committee reported to the British
Parliament that the major problem before that country was the lowering
of costs through greater industrial efficiency such as the United States
possessed. That is the problem which still confronts Europe. So let us
not abandon the road which American industry has traveled so prosperously.
Let us not contemplate with indifference any impairment of our home
market by lowered standards of living. In a very real sense we take out
of this home market only what we put into it.
While it is vital to our prosperity as a nation to find a market overseas
for at least 10% of our total production, we should not forget the rock
from whence successful foreign trade is hewn, the industrial foundations
that have been so wed and deeply laid in our home market. While our
foreign trade must always be more susceptible to world conditions, it should
be possible for us to discover means of making our domestic market a
stronger stabilizing influence in periods of world depression. We
have
overcome great obstacles in the evolution of our present industrial
system.
Concentrated study and intense effort must in time bring equally satisfactory results in maintaining throughout tne years a steady average of
employment In conformity with our recognized standards of living. We
cannot, even if we would, eliminate the human equation from industry.
The happiness and contentment of 120 millions of people is the end toward
which the wheels of industry turn. Tne more successful we are in making
American industry serve the interests of our country and people, the greater
the opportunity that awaits us of serving the interest of other peoples with
whom we trade.
We have been slow as a people to envisage our trade as national in scope
and in its benefits. With the knowledge that our country must be prepared
to meet keener competition in world markets. It seems unwise for individual
States of the Union to continue imposing harassing regulations and legislative enactments that tend to Impede the free course of transcontinental
commerce. It has been well said that "the participation of the State In
tee collective activities of the nation Is essential for the higher development
of the nation." Tnere can be no return to tee early days of State trade
wars without disastrous consequences to the nation at large. Thousands
of State laws have been passed that serve to strengthen bureaucratic control
of the nation's business. Experience conclusively shows that industry
prospers beat when the function of the State is confined to its legitimate
task of removing all impediments to lawful business enterprise.
The interdependence of agriculture and industry, the necessity for
maintaining an economic balance between the two, must make us at all
times sympathetic to any well-considered plans for improving agricultural
conditions. Fixation of prices without control of production is one of the
root causes of the present world depression. Wherever tried it has wrought
disaster. The troubles that beset so many countries to-day are self-imposed, in their departure from established principles of economic development.
Our foreign trade is increasingly dependent upon the services rendered
by our American shipping. About 33% in value, and about 40% in volume
of our total foreign trade is carried In American bottoms. A large number
of our merchant vessels are obsolete and require to be replaced by modern
ships, to enable them to compete on more equal terms with foreign vessels
which are constructed and operated at much lower costs. Progress in this
direction is being made under the Jones-White Act, but it should be remembered that our ships need cargoes both ways and we deal with all
maritime problems on a live and let live policy.
*5*
The problem of European countries would be much more critical to-day,
were it not for our readiness to absorb the 13.000,000 immigrants who
landed in the United States between 1901 and 1914. and the millions who
followed at the end of the war. When we estimate the causes of our unemployment, including excess immigration, and our responsibility to the
world as a creditor nation, we should not overlook the part our country
is now playing in carrying a large share of Europe's burden of unemployment.
An essential requirement of the present economic situation is an advance
in commodity prices. When prices fall, buyers withdraw from the market.
227
It Is rising prices that stimulate buying and consumption, and a return
of prosperous times. Anything, therefore, which tends to postpone recovery in commodity prices, more especially those influences which are
unfair and uneconomic in character, should be discountenanced at the
present time.
The importance of fair prices cannot be overestimated In determining the
influences favorable to an advance in commodity prices and the restoration
of trade. Competition is unfair to industry and to the community when
price cutting has the tendency, as in all uneconomic activities, of taking the
form of profitless merchandising.
We have heard much lately of the malign influence of the machine upon
our modern civilization. How easy it is, by the mere reiteration of a phrase
sometimes, to excite the prejudice of the unthinking and uninformed. The
machine is the creation and the servant of Man. It can only be transformed into a Frankenstein when Man ceases to be intelligent. Inventive
and resourceful. There are some who still cling to oil and gas in preference
to electric light; who ignore the usefulness of the telephone. Others, more
progressive, find satisfaction and enjoyment in the employment of hive*.
dons that ease human burdens and minister to human pleasures.
Someone has said that there is no field of human activity in which ideals
applied are of more value than in business. American genius in industry
Is not wholly materialistic and quantitative in expression. It is highly
qualitative when properly estimated in relation to the service rendered.
The benefits of mechanical aid in every department of life so completely
encompass us as to admit of no return to an age when these mechanical
Inventions were unknown. We can no more rid ourselves of this mechanical aid to a more spacious life without injury to our civilization than
we can hope to cure a disease by killing the patient.
The most economical use of machinery is always found where those who
Operate it enjoy a fair standard of living and comfort. It is not without
significance in this connection, that it is in those manufactured products
which yield highest wages that we find in increasing proportion the mainstay of our foreign trade. No one grasping the full import of the relation
of our foreign commerce to national well-being, can fail to appreciate the
importance of a right sense of proportion in the discussion of problems inherent in our industrial system.
To the success which has attended American industry, in its search for
qualitative satisfaction, must be attributed the discovery of recent years
that business is a profession. Our business world is rich in opportunity for
men who, conscious of their responsibility to society, seek the goal of supreme human satisfaction. Here true philanthropy can find an outlet in
combining individual success with a wider diffusion of human comfort. In
the eighteenth century and later a business transaction was supposed to
benefit the seller only. We have long since come to regard sound and
legitimate business as reciprocal in its advantages.
Modern industry has opened a wide field of opportunity for the specialist.
It has drawn to itself from every branch of science and learning men spedally equipped to enrich the stock ofknowledge and experience,and to unlock
the doors to new fields of enterprise. No profession is more richly endowed
intellectually or more highly organized to accomplish the ends in view, than
the profession of business. It is intimately bound up with the welfare and
security of the nation. The field of knowledge requisite to success has
been greatly extended by the enormous growth of our overseas trade;
reflected also In the extended functions of the Department of Commerce,
the activities of the numerous Foreign Trade Clubs. Chambers of Commerce, and the National Foreign Trade Council. Men of the keenest intellect are engaged in analyzing the causes of business fluctuations, and in
the discussion of remedies to be applied.
No one contemplating the vast resources of the United States; the baste
soundness of our institutions; our financial and industrial integrity which
so powerfully has sustained our country In the perplexing and trying
period through which we have been passing; our creditor position in the
world; our unimpaired efficiency and economic strength, and the splendid
morale of our people, can have any doubt that we possess within ourselves
the power to lead in world trade recovery.
Trust Companies Agree With Bar Association of New
York and County Lawyers Association in Matter
of Procedure in Drawing of Wills and Personal
Trusts.
With respect to a working agreement which has developed
between lawyers and Corporate fiduciaries—the trust departments of banks—in the matter of drawing of wills and
personal trusts, the New York "Times" of May 11 observes
that the move is designed to avert friction in the future.
It also says:
The agreement is between the Bar Association of the City of New York
and the Corporate Fiduciaries Association. The latter, formed fifteen
years ago, includes practically all the leading trust companies in New
York, The New York County Lawyers Association subscribed to the
principles of the agreement in a joint statement by it and the Bar Auoelation.
The various statements issued in the matter follow:
May 12, 1981.
To the Members of The Association of the Bar
of the City of New York:
Throughout the past year your Association, through various 'tending
and special committees, has given active consideration to certain problems
which have arisen as an incident to changing practices in the field of
wills and personal trusts. Following intensive study and exchange of
views within our Association, the Executive Committee, In January, 1931,
entered into direct discussion with the Corporate Fiduciaries Association
with a view to developing a program designed to minimize the risk of
wills being drawn or trusts established without the testator or creator
of the trust being adequately advised as to the legal aspects of his proposed action. The Corporate Fiduciaries Association evidenced its entire
sympathy with this objective and in March of this year the Executive
Committee of that Association voted to recommend to their members that
they adopt certain rules formulated in the interest of testators and creators
of personal trusts and designed to ensure that, in drawing wills and
personal treks and attending to the legal aspects of their administration,
the services of personal counsel of each testator or settler would normally
be availed of as being the lawyer familiar with such testator's or settler',
circumstances and intentions.
It was further _agreed between the Executive Committee of this Association and the Executhe Committee of the Corporate Fiduciaries Association that the interests of prospective testators and creators of personal
228
FINANCIAL CHRONICLE
[VOL. 133.
case he may do
and that, to this end, a in regard to his will or a contemplated trust. In such
trusts would be promoted by co-operative study,
so, irrespective of relations with the prospective fiduciary, if after full
Associations.
joint committee would be set up by the two
the Executive Com- disclosure the client so requests.
Annexed hereto is a statement of the action which
Lawyers should refrain from assisting in or encouraging the distribution
taken in respect of
mittee of the Corporate Fiduciaries Association has
and
adoption, and a state- to laymen of form wills or trust indentures or similar documents,
for
members
their
to
recommended
be
to
the rules
in the use
joint committee to be should endeavor to stop the practice, because of the danger
ment as to the constitution and the functions of the were publicly issued of such documents without the revisions and corrections that are necessary
established by the two Associations. These statements
of
11, 1931, and you will to meet the needs and intentions of the individual client under advice
by the Corporate Fiduciaries Association on May
adopt his own counsel.
which
fiduciaries
corporate
the
of
names
the
of
shortly be advised
Association, as aforesaid, and of
the rules recommended to them by their
be constituted by that Association
to
committee
joint
the
cf
personnel
the
London is Still the World's Largest City—Its 8,202,818
and the Association of the Bar.
Committee and the
Tops New York by 1,220,891.
The Association of the Bar, through its Executive
of the Law,
Committees on Professional Ethics and The Unlawful Practice
Lawyers
ry
British census figures for 1931, Published
County
York
Prelimina
New
the
with
collaborating
actively
has also been
ethical July 6, indicate that officially and technically London is
Association in the endeavor to formulate a statement of certain
in connection
principles applicable to lawyers whose services are sought
populous city, says a cablegram from
matters was finally easily the world's most
with fiduciary matters. A joint statement on these
York "Times," adding:
New
the
to
6
County
July
York
New
London,
the
of
directors
the
by
week
arrived at and adopted last
Association
The Greater London population is given as 8,202,818, whereas New
Lawyers Association and by the Executive Committee of the
the Presidents of York has 6,981,927. This puts London 1,220,891 ahead.
of the Bar and publicly announced on May 11, 1931, by
hereto for
The County of London, forming the central portion of the metropolis,
these two Associations. A copy of such statement is appended
has 4.396,821 persons living in it. The great "outer ring" has grown by
your information.
810,319 persons in the last 10 years until its population now numbers
CHARLES C. BURLINGHAM,
President.
3,805.997.
STEWART,
W. A. W.
Together these are known as Greater London, extending for nearly
Chairman of the Executive Committee.
30 miles. The whole area, except for the tiny City of London, or financial
JOHN FOSTER DULLES,
Police,
Chairman of sub-committee of the Execu- district, comes under the jurisdiction of the London Metropolitanhave to
tive Committee.
whereas a corresponding area in the New York district would
and
Mount
Yonkers
3.;
N.
City,
include cities like Newark and Jersey
Statement Adopted by the Executive Committee of the Corporate Vernon, N. Y., and near-by Long Island.
Fiduciaries Association.
The growth of London's "outer ring" has been as phenomenal In the past
of
The Corporate Fiduciaries Association believe that, in the drawing
10 years as that of New York's suburbs, but the County of London has
aspects
legal
the
to
attending
in
and
agreements
trust
personal
wills and
a decrease of87,702. Areas in Surrey. Middlesex and Essex Counties
of personal shown
of their administration, the interest of testators and creators
have leaped ahead In many instances by more than 100%.
the
of
The census figures show a sharp drop in the British birth rate for the last
trusts will normally best be served by availing of the services
personal lawyer of each testator or settler as being familiar with such 10 years. The birth rate of 16.3 a thousand is lower than for any country
Assothe
Accordingly
intentions.
and
s
except Sweden. As a result the British population is expected to decrease
testator'e or settler's circumstance
ciation will recommend that their members adopt the following rules and after 1954.
The population of the whole of Great Britain is now 44,790,485, an
instruct their regular counsel to collaborate in giving effect thereto:
or personal trust agreement increase of 2,021,289 since 1921. England and Wales together have 39,(a) If any corporate fiduciary is dealing with a willend
counsel,
the
personal
that
recom
937,931, with an excess of 1,670,243 females over males. This represents
under which it Is to be named as fiduciary, it will
to the appropriateness of the doculiany, of the testator or settlor be consulted as such
a density of 685 persons a square mile, which, with the possiblo exception
be
affirmatively
consultation
unless
thereof,
terms
for which there are records.
ment and the form and
event, it will point out to the testator of Belgium, is higher than for any country
opposed by the testator or settler. In anywill
or personal trust agreement requires
Birmingham passes the million mark, reporting 1,002,413. Liverpool
or settler that the preparatilon of a suitable
probpersonal
with 766,333 and Sheffield
the
mind
into
legal
a
of
Manchester
Insight
with 855,539, then
not only technical drafting skill but the
and scrutiny from such standpoint comes next
lems.affairs and relations of the person concerned,
with 511,742.
be
best
can
this
normally
and
that
fiduciary,
proposed
the
of
powers
ofthe duties and
the testator or settlor is neversupplied by the personal counsel. In the event that
corporate fiduciary or sugtheless advised by an attorney who Is counsel for the
or indirectly, compensate such National Association of Mutual Savings Banks Advodirectly
not,
will
fiduciary
gested by it, the corporate
attorney for his services to the testator or settlor. (See foot-note.)circumstances, of
cates Legislation Providing for Admission of
under certain
"Note.—ThIs rule, In admitting the possibility,
or settlor, Is not to be
counsel for a corporate fiduciary also acting for the testatorby
Mutual Savings Banks to Federal Reserve System.
the Canons of Legal
understood as countenancing any relationship disapproved
inconflicting
of
representation
the
with
deal
which
Ethics, notably those canons
At the closing session, on May 22, of its annual conventerests and with the Indirect procurement of business through advertising, die.
counsel
as
retain
practice,
general
of
matter
tion in Washington, D. C., the National Association of Mu(b) The corporate fiduciary will, as a
trusts the personal counsel,
in the adminstration of testamentary estates or personal
Inaffirmatively
tual Savings Banks adopted a resolution authorizing its
has
settlor
or
testator
the
unless
settlor
or
If any, of the testator
however. In any way impairing the
Committee to seek to bring about an
dicated that he does not desire this, without, counsel
In an associate or exclusive Federal Legislative
the exercise of its discretion to employ other administratio
n of the trust or estate, amendment to the Federal Reserve Act so as to provide
capacity, for the purpose of effecting a better
or for other proper Purpose.
for admission of Mutual Savings Banks to the Federal ReProvision for a Joint Committee of the Association of the Bar of the City
serve System. The resolution reads:
of New York and the Corporate Fiduciaries Association.
"That membership in the Federal Reserve System is important and
The Corporate Fiduciaries Association and the Association of the Bar
of this Association, and that this convention
of the City of New York, believing that the interests of prospective tes- desirable for certain members Legislative Corsmittee to endeavor to obtain
Federal
tators and creators of personal trusts can be promoted by co-operative hereby authorizes its
permitting mutual savings banks to become
study, will constitute a joint committee of six, whereof three members the passage of an amendment
Reserve System, such membership to be optional
will be named by each association. The Committee will have authority to members of the Federal
consider complaints of any alleged unlawful practice of the law by cor- with each bank."
As to the Association's action the Philadelphia "Public
porate fiduciaries or any alleged departure from the above rules on the
part of any corporate fiduciary, or counsel for any corporate fiduciary, Ledger" had the following to say in its Washington advices,
cirwhich may have adopted the same. In cases where it believes the
22:
cumstances warrant, the Committee may endeavor to secure such voluntary May
There is a sharp division in the Association on this point. Many of the
action as will eradicate the causes of complaint and prevent their repetition.
Federal Reserve membership at all, but there
The Committee will have no authority to make general rules or take bankers are not interested in
thought that those desiring membership ought
any public action, but any member may make recommendations in these was a strong majority who
by which the Association
to be allowed to have it. Hence the resolution
respects to the Association which appointed him.
subject specified that such membership must
The Corporate Fiduciaries Association and the Association of the Bar took its new position on the
banks.
will advise their members of the creation and functions of the Committee remain optional with the mutual
above provided for and also of the rules above referred to and the names
of the corporate fiduciaries which have adopted the Lame.
McFadden Opposes Admission of Mutual
Joint Statement of the Executive Committee of the Association of the Representative
Bar of the City of New York and the Directors of the New York
Savings Bank to Federal Reserve System—Criticizes
County Lawyers Association.
Inflation Through Federal Reserve Board—Views
Persons contemplating the making of a will or the establishment of a
Wage Cuts.
on
on
decision
before
counsel
own
their
by
trust should be fully advised
L. T. McFadden, Chairman of the House Committee on
matters such as (a) whether a trust should be created at all, (b) what
should be its duration, (c) whether it should be revocable or irrevocable, Banking and Currency, in addressing the Luncheon of the
how
(d) what qualifications are desirable for executor or trustee, (e)
Association of Mutual Savings Banks at Washingmany fiduciaries should be named, and (f) what should be the powers, National
fiduciary.
on May 21, voiced definite opposition to memberC.,
D.
Immunities and compensation of any such
ton,
and in many
Decisions on all et these points are of serious importance
savings banks in the Federal Reserve System,
mutual
of
ship
fremay
fiduciary
prospective
a
of
desires
cases Irrevocable; and the
the
of
or
creator
he could see no particular benefit to mutual
the
testator
of
that'
interests
indicating
best
the
quently conflict with
to have membership in the Federal Reserve
banks
trust or of the beneficiaries thereof.
savings
part of the lawyer
There should be no divided allegiance upon the
System, but that it would be much better for them to maintrust agreement.
drawing or advising with respect to a will or
not advise a pros- tain their independent position in the control of the 10
should
lawyer
a
In the judgment of the Associations
or trust if the lawyer
pective testator or donor as to the making of a will
billion dollars' worth of banking assets owned mostly by
already occupies a relationship to a proposed or potential fiduciary which
as to all matters in- the poor. He expressed the thought that trustees of mutual
freely
and
fully
advising
in
him
might embarrass
Such embarrass- savings banks might be helpful on the boards of commercial
volved in the formation and terms of such will or trust.
ment exists where the prospective testator or creator of the trust has banks and trust companies, but stated that he could not
come to the attorney at the instance of any person or institution seeking
see where directors of commercial banks could be helpful
to be named as fiduciary.
Moreover, if an attorney habitually obtains clients as a result of solicita- to mutual savings banks, indicating the dangers of control
tion of fiduciary relationships by a corporate fiduciary, and such solicita- of the investment of the funds of mutual savings banks for
tion is known to the attorney, he is acquiescing in the indirect procurement
commercial purposes.
of professional employment and taking the benefits thereof.
The Associations recognize as an exception to the foregoing principles,
In speaking of the present-day situation, Mr. McFadden
that past relations of trust and confidence may result in an attorney being
further said:
peculiarly qualified, and consequently under a duty, to advise a client
JULY 111931.1
FINANCIAL CHRONICLE
"It is only fair to say that everyone is interested at the present time in a
solution of the °commie, business, and financial situation that confronts
the country. We are all interested also in an analysis of the causes that
have led up to this disastrous debacle. In scanning the happinings of the
past few years we can reasonably conclude as one of the main contributing
causes—inflation—deliberately entered into and carried through by the
Federal Reserve System, no doubt prompted by the new-born theory advocated by business and financial economists. We were led to believe that a
new era had developed and that prosperity would continue for all time.
These experts in finance and business enterprise also pointed out the great
demand, because of the increased wealth of this country and the world,
for the best class of securities in the great business organizations engaged
In mass pr-eduction, that because of this demand there would be a shortage
of these securities and if they were once sold might not be repurchased
except at exorbitantly higher prices. And so the innocent were beguiled
Into the orgy of speculation and eventually utterly doomed. '
"It seems to me that it is a practical situation with which we are
confronted and will only be solved by the practical application of hard
work and getting back to fundamental principles."
Mr. McFadden also paid his respects to the economists in
the following manner:
"These economic guessers should be relegated among the other theorists,
and those interested in readjustment of business problems who deal with
facts and experiences only should be reinstated. The belief that economic
forces can be controlled completely by organization has been proven much
of a fallacy."
229
persons who have savings accounts, most of this writing is a total loss.
The statement of the late William E. Knox that a savings account would
change a communist into a responsible citizen has been widely quoted and
Its truthfulness vindicated. During the last year the number of unemployed persons possibly has been greater than at any other time in the
nation's history; yet the suffering is nowise as great as that in other countries where there has been unemployment. There is no doubt in my mind
that our situation was materially relleved because of the great amount of
money in savings accounts in the United States, aggregating more than
1128,000.000,000.
"Time and time again we have been told that New England has suffered
least on account of the industrial depression. Does this mean that New
England has not had lessened employment or that the amount paid out
during the last year. compared with that of two years ago, has not been
greatly reduced_ It means nothing of the kind. It means that the
greater reserve buying power of New England, because of Its savings accounts, was a powerful aid in keeping its people comfortable.
"The end of the depression is not yet in sight. For six months the
soothsayers have been proclaiming that prosperity was just around the
corner. Irrespective of what the next three months, or six months, or a
year or two years may hold in store for us in the matter of industry, those
districts in which the people have the greatest backlog of savings will
suffer the least. At present we are confronted with as great an Industrial
and financial turmoil as that which followed the World War. The problem then was to readjust production and distribution to cover the former
producing areas which were in eclipse. Those producing areas have now
been restored. Their products are competing with the products of the
areas which developed production since the war. Until world stability in
production and distribution shall have been achieved, the industrial and
financial world will be in turmoil. Those are general situations which
Impinge in various ways upon the individual jobs of almost every person
in the United States; and not only in the United States, but in the civilized
world."
Ur. McFadden at the same time referred to the part that
the investment of surpluses of our large industrial companies played in the stock market speculation of 1929 and
suggested that much purchasing power was tied up in these
big surpluses which, if distributed to stockholders, would State Railroad Commissions to Co-operate on Petition
of Railroads for 15% Advance in Freight Rates.
bring forth present-day purchasing power.
It was reported from Washington on July 7 that repreBearing on the discussion pertaining to reduction of wages
because of the depression, Mr. McFadden had the following sentatives of State Railroad Commissions in the rate groups
throughout the country had met on that day and acted on
to say:
"Just at the present moment administrative heads are wrestling with the the invitation of the Inter-State Commerce Commission
heads of industry relative to the maintaining of the present wage. It seems for co-operative action between Federal and State Comto use in this connection that so long as price levels continue to fall, just missions on the proposed
15% increase in freight rates.
so long will the business recovery be held back. Until these great forces
The Eastern group met at the offices of the National Assowhich affect price levels are steadied, any readjustment of wage levels are
bound to be inequitable. There can be no just settlement of proper wage ciation of Railroad and Utilities Commissioners in Washscale until price levels are settled permanently. Price levels affect the ington and voted unanimously to accept the invitation for
cost of living, and standards of living decide or should decide price of co-operative action.
Two members were appointed to sit
wages. The maintenance of the present standard of living in the United
States is vital to the maintenance of our present form of government and with the Inter-State Commerce Commission at hearings on
every force and element to sustain this is necessary. In times like this the rate question. These were W. D. B. Ainey, Chairman
there are always people who cry out against the fixing of what they term of the Pennsylvania Railroad Commission,
and Herbert
political wage, but who at the same time strain every never to get a
Trafton of the Maine Commission. The statement also said:
political price by tariffs, combines and credit control."
Other commissioners who attended the conference were F. M. Wintermute, Chief of the Michigan Traffic Bureau; Frank J. McArdle, Chief of
the rate department of the Maine Commission; Harold E. West and Frank
Harper, Chairman and Secretary respectively of the Maryland Commission,
"Would-be critics who wish to regulate the New York Stock Exchange and Alexander M. Mayhood, member of the West Virginia
Commission.
by the introduction of term settlements are really making a plea for usury.
No word was received as to what the conferees in the other groups had
What they actually wish is that no low shall prevent them frotn making a done, but it was assumed they had taken similar action.
legal contract for time money at more than 6%. Eugene Meyer, who is
Commissioners Ainey and Tratton, like other members of the State Comconnected with the Federal Reserve Board, is opposed to term settlements missions, will have no voice in the disposition of the case in so far as it
on the New York Stock Exchange. Mr. Meyer says:
applies to inter-State increases. They may take part in any discussions
"'The New York Stock Exchange represents in many respects the best at the hearings on the evidence presented and will study the arguments
market for securities in the world. The ideal of such a market is freedom
offered with a vice to determining the reasonableness of the proposed
for the transfer of securities in the most simple and convenient
manner,
with the least possible friction and the fewest possible restrictions
con- increases as applied to intra-State traffic.
sistent with the protection of the rights of the owners and dealers in securiThe Federal Commission has expressed a desire to avoid any conflict
ties. In these respects the New York stock market is far superior to the
London market, or to any of the continental markets. It conforms more between its own and the decisions of the State Commissions and therefore
closely than those markets to the economic principle that capital should asked the latter to act jointly in determining the reasonableness of the
be free to move without friction where it will, because it provides for a proposed rates.
daily test of the value of securities and the ability of persona dealing on
According to an Associated Press dispatch from Atlanta,
the Exchange to execute their contracts. In London. where the
of fortnightly and monthly settlements prevails, this test is not so Osten'
rigidly July 7, the South-eastern Association of Railroad and
applied.
"I trust it will be a long time before the State of New York gives up Public Utilities Commissioners on that day named Harvey
its usury statute for the purpose of permitting the establishment of term H. Hannah of the Tennessee Railroad Commission and
settlements on the New York Stock Exchange. As custodians of the savings
Hugh White, President of the Alabama Public Service
of the poor, you will not, I am sure, favor such a backward step."
Mr. McFadden also made the following statement in regard
to term settlements on the Stock Exchange:
President Stephenson of American Bankers' Association on Bankers Campaign for Promoting Thrift.
Rome C. Stephenson, President of the American Bankers'
Association, and Vice-President of the St. Joseph County
Savings Bank, South Bend, Ind., discussed "The Banks'
Campaign for Promoting Thrift" before the National Association of Mutual Savings Banks in Washington. He said
in part:
"All of us have lived so close to actual events that we have not as yet
had time for retrospect. Each one of us, among our own friends and
acquaintances, knows of the tremendous losses sustained. We have only
to take the financial sections of the newspapers in August of 1929 and compare them with financial pages of today. Professional writers have stated
that the losses sustained during these 20 months are paper losses. You
and I know that to the majority of the people they are real losses.
"Suppose you make this test. As your friends tell you of losses, note
how much has been sustained by reason of bank failures, and how much
by reason of investment in projects unable to face the test of the last two
years. You will find the losses from bank failures are infinitesimally small
compared with the other. When a bank fails, its closing Is regarded as
first page news. When a project passes out of the picture, which has
possibly taken hundreds of thousands of dollars which otherwise would
have been deposited in a savings bank, its demise is not even mentioned
by the newspapers.
"As hankers we assume a financial intelligence on the part of the people
which they do not possess and which they cannot possess. Most of the
financial writing in the United States is geared for the reading of persons
actively interested in financial occupations. To the 53,000.000 and more
Commission to represent it at the Inter-State Commerce
Commission hearings on freight rate increases asked by the
railroads. Resolutions were adopted by the Association
empowering the Commissions of the eight States represented
to name staff ratd experts to act in an advisory capacity
with the official representatives. The Association made it
plain it considered "that the action of the Inter-State Commerce Commission and these selected State commissioners
would not be binding upon any State Commission."
Public Utility Commissioners of 10 Western States
decided on July 7, according to an Associated Press dispatch
from Salt Lake City to move together in opposing the freight
rate increase asked by railroads. William J. Carr of the
California Commission was selected to sit with the InterState Commerce Commission at its first hearing on the
railroad's petition. The Commission was also asked to
allow the Western States a second representative. Subject
to its approval, J. M. Thompson of the Idaho Commission
was named.
Paul Walker of the Oklahoma Corporation Commission
and A. R. McDonald of the Wisconsin Commission were
appointed on July 7 to represent 11 Mid-West States at the
Inter-State Commerce Commission hearing to be held on
July 15 on the proposed freight rate increase. The meeting
as a whole and 10 of the States refrained from any expression
230
FINANCIAL CHRONICLE
of policy, but J. W. Scott of the Kansas Commission voiced
decided opposition to any increase. Other States represented
were Iowa, North and South Dakota, Nebraska, Arkansas,
Colorado, Minnesota, Wisconsin, Oklahoma and Missouri.
[vol.. '133.
in intrastate rates, asked Mr. Henderson if the protest meant that the Iowa
Commission had already prejudged the case which is also to be submitted to
it without having heard any of the testimony and evidence to be presented
before the Federal and State Commissions. Mr. Cole is Chairman of the
Committee of Southern Railroad Presidents in charge of the presentation
of the rate case to the Commission.
Board of Trade Backs Increase in Rates Requested by Political Influence and the Petition of the Railroads
Railroads.
for a 15% Advance in Rates.
The managing directors of the New York Board of Trade,
Attempts of politicians to influence the decision of the
Inc., on July 7 forwarded to the Inter-State Commerce Interstate Commerce Commission in the proceedings begun
Commission a resolution asking that body immediately to
by the railways for an advance in rates are denounced by the
approve the application of the railroads for an increase of
Age" in its current issue. "The Interstate Com"Railway
all
that
they
asked
time
the
same
At
rates.
15% in freight
is supposed to be left free from political
Commission
merce
business insist upon a price for goods and services that
"Just how free it is
should be equal to that which it expends, plus a reasonable influence," says the "Railway Age."
recent utterances of
is
by
influence
such
indicated
from
profit.
of Kansas
The resolution, which was the result of a report of the Secretary of Agriculture Hyde and Senator Capper
written
has
Capper
Senator
of
Idaho.
Thomas
Senator
and
that
stated
on
transportation,
railway
committee
Board's
It was evident that the railroads were not earning enough a letter to the Chairman of the Interstate Commerce Commoney on the tonnage that they were carrying at the rates mission against the advance in rates. Senator Thomas has
permitted to meet their obligations, and that no busines expressed the hope in an interview that farm organizations,
could continue to exist if it did not earn an amount equal to Public Utilities Commission, and the various Chambers of
what it expended, plus a reasonable profit. It added that the Commerce 'will co-operate with us in Washington in opposrailroad industry was "entitled to the aid of every forward- ing the plea of the railroads for a higher rate.' Secretary
looking business man and organization to secure rate in- of Agriculture Hyde, in an address at Indianapolis, said he
creases."
ventured to hope that the Commission would take into consideration various matters, and so phrased his statements
President Hoover Declares Railroad Petition for Ad- as to cause them to be quoted as an argument against advance in Rates Is Up to Inter-State Commerce vances on agricultural products.
Commission—Wires Shipper He Has No Right to
"Members of the Commission are appointed by the President and conInterfere With Commission's Work.
firmed by the Senate. The statements of Senator Capper and Thomas
easily be construed as indicating that they would not look with
could
President Hoover, who has received many protests from
favor upon confirmation of the reappointment of any member of the
in
increase
freight
the
against
proposed
others
shippers and
Commission who voted for an advance in rates. The railroads obviously
rates sought by the railroads, is taking the position that it is must either have advances of rates or reductions of wages. If Secretary
Hyde's statement reflects the attitude of the administration, has President
not within his province to make suggestions to the Inter-State Hoover
changed his mind regarding reductions of wages? It would be
Commerce Commission on the subject. Many such letters quite as appropriate for the President, who appoints members of the
the proposed advance
have been referred by the White House to the Commission, Commission, to state publicly his attitude toward
In rates as it is for his Secretary of Agriculture and United States Senait is stated. In a telegram in reply to one sent by J. H. tors to state theirs.
Johnston, Traffic Manager of the Oklahoma Cottonseed
"Many newspapers and business men emphatically endorse the application for an advance in rates and declare it should be granted, both
Crushers' Association, the White House said:
business. Many ques"The President of the United States has no authority or right to intervene
or make suggestions to the Inter-State Commerce Commission in questions
of rates. The Commission was expressly set up as an agency independent
of Administrative control, as are the courts. For this reason I recommend
that you take the matter up directly with the Commission."
Mr. Johnson, through whom the correspondence was made
public, however, still thinks he was right in addressing the
President on the subject because he was trying to make an
Issue of the policy of the Federal Government in developing
waterways in competition with the railways. At the same
time, he held, the railways are seeking higher rates because
they have lost so much traffic. In a reply to the President
he said that the Commission alone could not remedy the
situation, as it would require joint action of the Executive
Department and Congress, and that, therefore, he had
brought it to the President's attention. The New York
"Journal of Commerce," after noting this in a dispatch
from its Washington Bureau, July 6, goes on to say:
In his original telegram to the President, a copy of which WRS also sent
to the Commission, Mr. Johnson said that "if the application of the carriers
Is to be taken seriously and not as an outstanding argument against Government competition in operating inland waterways and contributing Federal funds to build highways for almost free use by competing trucks,
then we want to earnestly and vigorously protest such increase as being
the most absurd proposition ever suggested by tilt carriers in their own
behalf and most tatjust to the interior shippers whose sole dependence is
on rail transportation."
He added that on June 23 the War Department opened a hearing in Fort
Worth, Tex., for the consideration of the canalization of Little Trinity
River, "at huge expense to the Government and its citizens, for the sole
purpose of further reducing freight rates 20%."
to protect the railroads and to stimulate general
tion the desirability of an advance, the reason most often given being that,
because of the outside competition to which the railways are subject, it
might drive traffic from them and cause them to lose more revenues than
they would gain. The preponderance of business and public sentiment
undoubtedly favors the advance both as a means of saving many railways
from disaster and of helping revive general business.
"The railroads are a sick industry. A fable might be written about
what is now occurring and will continue to occur if those who concede
that the railroads need help, but oppose the advance in rates for which
a fable might
the railway executives have asked, are successful. Such
read as follows:
Railway
Doctor
Executive,
"'Mr. Railroad System was very sick.
Doctor Statesman, Doctor Editor and Doctor Business Man were called
of
in
the case.
charge
was
who
Commission,
in consultation with Doctor
They agreed in diagnosing the patient's trouble as creeping starvation,
feed him
and Doctor Railway Executive advised Doctor Commission to
opposed giving him more
more revenues. The other consultants all
ComDoctor
treatment,
other
revenues, and, although they suggested no
pained, and
mission followed their advice. All the doctors were deeply
greatly surprised, when
all excepting Doctor Railway Executive were
responsibility for this grievous
the patient died, but the others put all the
not been able
outcome upon Doctor Railway Executive because he had
except to feed him more.'"
to think of any thing to do for a starving patient
New Freight Rates on Grain Ordered:Effective Aug.1—
Inter-State Commerce Commission's Action Follows
Dissolution of Injunction by Federal District
Court—Action Under the Hoch-Smith Resolution.
Downward revision of the Nation's grain rate structure,
ordered by the Inter-State Commerce Commission a year
ago this month and involving an annual loss to the railroads
of $20,000,000 in freight revenues, according to carrier
estimates, will go into effect on Aug. 1, according-to an
order of the Commission just made public. The Commission's
action follows that taken by the United States District
Court at Chicago dissolving a temporary restraining order
issued at the instance of the carriers, which prevented the
reduced rates from becoming effective on June 1 as scheduled.
The Court upheld the Commission's contention that it was
acting solely within its rights in revising the freight rate
structure on grain and grain products from points in the
western district to trans-continental destinations, and for
export. The Court further supported the Commission's
contention that the Federal regulatory body was wholly
within its rights in refusing the carriers' united plea for a
further consideration of the matter. The "United States
Daily" from which the foregoing is taken, goes on to say:
What a Howling Farce.
"What a howlirg farce," he said, "taxing all of the people to grant a
few a mess of pork in the expenditure of the appropriation and a 20%
reduction in freight rates and then saddle not only the cost of the so-called
Improvement but the resulting railroad earnings' deficit on the backs of
the already overburdened inland shippers by the addition of a 15% increase."
In his reply he said that the War Department is under the President's
immediate supervision "and you can perhaps have some influence in regard to its reports and recommendations for the further expenditure of
public funds for transportation purposes."
W. It. Cole, President of the Louisville lz Nashville RR., has furnished
the Inter-State Commerce Commission with a copy of a letter addressed
to J. H. Henderson, commerce counsel o: the Iowa Board of Railroad
Commissioners, asking if the letter and telegram of protest against the proposed 15% increase in freight rates asked by the railroads means that the
Iowa Commission has "prejudged" the case.
Mr. Henderson, in his telegram to the Cantuission, declared that the
proposed increases, as applied to Iowa traffic, would create unjust and burdensome rates.
Mr. Cole, calling attention to the fact that the railroads have also apThe reduced grain rates will become effective at the conclusion of the
plied to all the State Commissions for authority to make a similar increase first ofa series of hearings to be held this summer on the united application
Jurx 11 1931.]
FINANCIAL CHRONICLE
of all the railroads of the United States for a 15% blanket freight rate
increase on the ground than an emergency exists throughout the country
which is jeopardizing the carriers' credit, as well as their ability to provide
an "adequate and efficient transportation service to the pulbic."
The first hearings on the 15% horizontal freight rate advance application
Is scheduled for July 15 at the office of the Commission in Washington,
D. C. This hearing will be devoted entirely, according to official announcement of the Commission, to the presentation of testimony in support of the
carriers' application, and will be made by the carriers and by those parties
aligned with the carriers.
Second Hearing.
The second hearing, scheduled to commence on Aug.31, also at Washington, will be for cross-examination of supporting witnesses, and for the
presentation of data opposed to the rate increase plea.
Other hearings will be scheduled at a later date to take place at other
parts of the country.
The grain case is a part of the Commission's General Rate Structure
Investigation (Docket No. 17000, Part 7), which was instituted by the
Federal body pursuant to the requirements of the Hoch-Smith joint congressional resolution of 1925. The resolution required the Commission
to enter into an investigation of the entire rate structure of the country,
with a view to "ironing out" discriminations, preferences and prejudices
found to exist in the present rate structure. It was to be accomplished by
shifting the rate burden from traffic which could not bear it to traffic
which could.
The order in the case, which involved both increase and reductions from
the existing rate level, but which had a general downward tendency, was
Issued a year ago. The effective date of the order, however, was postponed
from time to time at the instance of the carriers, and upon varying grounds,
UP until June 1 of this year, when the entire matter was taken to court and
an injunction sought to restrain the Commission from making the order
effective as planned.
In answer to the carriers' petition for a temporary restraining order
pending action on the application for a final injunction, the Commission
declared that it was wholly within the rights vested in it by the Congress,
in making such order. It was contended that the carriers had caused
postponement of the order long enough and that the shippers in the Western
district had been deprived for almost a year from the "just" rates ordered
In the decision. The 'Court was asked to dismiss the carriers' application
and allow the rates to become effective on June 1, as the grain shipping
season was now open and if the shippers were to benefit, the rates must go
into effect without further delay.
A restraining order was entered, however, and the effective date again
postponed until action of the Court dissolving the temporary restraining
order, and upholding the Commission's stand in the proceedings.
Meanwhile, protests against the carriers' plea for a blanket freight rate
advance are continuing to arrive at the Commission's offices in Washington.
These protests come from all parts of the United States and range from
letters from individuals, including farmers, mechanics, lawyers and bankers,
to large and small commercial firms and large shipping associations and
organizations.
Hearings Are Set.
The Commission on June 30 effected its organization for the hearings
which begin on July 15 in Washington. A division composed of Commissioners Meyer, Lewis and Lee, to take administrative charge of the
hearings, has been created. The Commissioners will be assisted by Examiners
Disque, Mattingly and Homer.
The Commission's order making the reduced grain rates effective not
later than Aug. 1, follows in full text:
The Commission July 7, adopted the following order:
It is ordered, That the order originally entered in this proceedings, as
modified by subsequent orders postponing its effective date to June 11931.
and as stayed in operation from May 7 1931 to July 6 1931, by order of the
United States District Court for the Northern District of Illinois, be further
modified to become effective on or before Aug. 1 1931, upon notice to the
Commission and to the general public by not less than 10 days' filing and
posting in the manner prescribed in section 6 of the Inter-State Commerce
Act.
Banking Situation in the South and Middle West.
In the State of Mississippi, a dispatch from Hattiesburg
July 3 to the Jackson "News," stated that liquidation of the
Commercial National Bank of Hattiesburg, which closed
its doors June 2, had been begun, according to an announcement by Louis G. Selig, the receiver appointed by the
National Banking Department. The dispatch continued as
follows:
In about two weeks claim forms will be ready and notice of claimants
will be advertised for a period of three calendar months.
As soon as this notice appears, claims may be filled out, sworn to before
a notary and filed. In return, the receiver will issue a certificate, specifying the amount the holder of the certificate has in the bank.
Mr. Selig said that Hattiesburg shows the least signs of an economic
depression of any city he has visited, and that he has seen fewer vacant
business buildings here than anywhere in the South.
The Commercial National Bank is the first and only Hattiesburg bank
to close its doors and statements published on the first of this month show
the other two banks in firm condition.
In the State of Arkansas, Little Rock advices July 4,
printed in the Jackson (Miss.) "News," reported that A. B.
Banks, former President of the closed American Exchange
Trust Co. of Little Rock, and until a few months ago one of
the foremost financiers of Arkansas, was convicted by a
jury early that day of accepting a deposit in an insolvent
bank. The dispatch, after stating that the jury fixed his
sentence at imprisonment for one year, went on to say:
The case went to the jury at 10 o'clock last night (July 3) and the verdict
was returned at 9.30 o'clock this morning in Circuit Judge Abner McGehee's
court.
Banks went to trial a week ago yesterday. The charge upon which he was
tried was that he assentpd to acceptance of $672 deposit from Mrs. Lillie
Rotschild in the American Exchange on last Nov. 15, the last day the bank
was open for business.
The closing of the American Exchange was followed by the failure of
more than 40 other banks in which Mr. Banks was interested and the collapse of his insurance companies.
In the State of Kentucky the Louisville "Courier-Journal"
of July 4, with reference to the affairs of the Louisville Trust
231
Co., stated that assessment of the maximum liability
imposed by statute against stockholders of the institution
was ordered on July 3 in a judgment entered by Circuit
Judge Lafon Allen, instructing the Fidelity & Columbia
Trust Co.,receiver, to take that action is required to enforce
the liability. We quote furthermore from the paper mentioned:
The judgment pointed out that the Louisville Trust Co.'s indebtedness
over and above its total assets is in excess of 51,750,000. The receiver is
authorized to take what steps are necessary to collect the assessment and
enforce the liability on all stockholders and persons or estates subject to
the court order.
The judgment, in part, follows:
"It is considered and adjudged by the Court that at the time of the
closing of the Louisville Trust Co. on Nov. 17 1930 the Louisville Trust
Co. was and now is insolvent to such an extent that the amount of its
indebtedness over and above the total value of its assets then was and now
is in excess of $1,750,000. the aggregate amount of the par value of its
shares of capital stock outstanding in the hands of its stockholders at the
time of the closing of said company as aforesaid, and that it is necessary,
under and for the proper administration of the assets and settlement of the
estate of the Louisville Trust Co. in the hands of its aforesaid receiver,
that an assessment of the maximum liability imposed by law upon the
stockholders of the Louisville Trust Co. and all persons and estates subject
to such stockholders' liability be now made by the said Fidelity & Columbia
Trust Co. in its capacity as receiver of the Louisville Trust Co., and that
said receiver bring such actions and take such proceedings as may be necessary and proper to enforce the maximum liability of all persons and estates
subject thereto."
The Guaranty Bank & Trust Co. of Lexington, Ky.,
which suspended last February, reopened on July 3 as the
Citizens Bank & Trust Co., according to advices from that
city to the Louisville "Courier-Journal" on the date named.
The new institution is capitalized at $200,000 with surplus
of like amount. "Many depositors," we quote from the
dispatch, "are taking advantage of the bank's offer to allow
a full year's interest on savings accounts and certificates of
deposit allowed to remain in the bank until Dec. 31, it was
announced." Officers of the reorganized bank are as follows: W. A. Dieken, former State Banking Commissioner
for Kentucky, President; Thomas C. Bradley,former Mayor
of Lexington, and Frank P. Drake, Vice-Presidents; Frank
L. Snyder, Cashier, and A. G. Manious, J. Edward Fennell
and William Kelley, Assistant Cashiers.
In the State of North Carolina, Associated Press advices
from Gastonia, N. C., on July 3, stated that Gurney P.
Hood, State Commissioner of Banks for North Carolina,
had announced on that day that he would recommend that
charges of "general mismanagement," as defined by the
State banking laws, be filed against the officers and directors
of the Bank of Lowell, at Lowell, and the Commercial Bank
& Trust Co. of Gastonia. (The former bank failed in November last and the latter on April 6 1929.) The Gastonia
bank had branches at Mount Holly, Lincolnton and Kings
Mountain. We quote furthermore from the advices as
follows:
Mr. Hood said he would recommend that no charges be filed against
Mr. Henson, one of the directors of the Commercial Bank & Trust Co.
He explained that Henson was a State bank examiner and had been employed
as a Vice-President and Cashier of the bank. In January 1929 he was elected
a director and the bank was closed the following April.
Mr. Hood said he did not think Henson could be held responsible for
the bank's condition in view of his short service.
The Commissioner also announced he had granted the petition of the
Gaston Loan & Trust Co. (Gastonia) and the Peoples Bank of West Gastonia to reopen provided they combined and met certain obligations.
The Gaston Loan & Trust Co.. under the reopening plan, would be required to pay in $58,000, including $25,000 capital and $5,000 paid in surplus.
The Peoples Bank would have to pay in $36,000, including $25.000 capital
and $5.000 paid in surplus.
The combined bank would be allowed to reopen then, he said, with $50,000
capital and $10,000 paid in surplus.
The Commissioner came here early to-day (July 3) to discuss reopening
plans with bank officials and to investigate conditions which brought
about the closing of the banks.
In the State of Ohio the Toledo "Blade" of July 7 stated
that a plan of reorganization of the Security-Home Trust
Co., which failed June 17 last, had been made public on
that day. The plan was devised by the depositors' protective committee and was announced by Charles E. Chittenden, Chairman of the committee, and L. T. Konopak,
author of the plan. The plan, which, to be effective, must
be accepted by all of the depositors and stockholders, contemplates that the depositors will agree to subscribe the
capital stock in the reorganized bank and also to certificates
in a participating trust fund in an amount equal to 30%
of the balances now in their accounts. The Toledo paper
goes on to say in part:
Of this 30%, one-half or 15% will be subscribed for certificates in the
participating trust fund and the remaining one-half will be subscribed for
capital stock in the reorganized bank.
The plan provides also that the present stockholders will be requested
to surrender their stock of a par value of $1,500,000 and to subscribe
5500.000 in cash to the participating trust fund. In addition thereto, the
stockholders will be asked to subscribe $1,000,000 in cash for capital stock
of the reorganized bank
232
FINANCIAL CHRONICLE
Under the plan the bank would issue 160,000 shares of stock of a par
value of $25 and have a capital of $5,000.000.
Under the plan the depositors will immediately have 70% of the balances
In their deposit accounts made available for ordinary checking uses.
* * *
Judge Chittenden, in outlining details of the plan, said that it will have
net
this
effect:
Seventy per cent of depositors' balances will be free for ordinary uses.
Fifteen per cent of their deposit balances will be in stock of the reorganized
bank having a value of the full amount of their investment.
Fifteen per cent of their deposit balances will be in certificztes of the
participating trust fund redeemable to the extent of cash realized upon the
liquidation of the resources in the trust fund over the bank's equity.
Under this plan of reorganization the bank would be in woncjorful condition. Judge Chittenden says, with all doubtful assets removed, with a
capital of $4,000,000 and a surplus of $1,000,000.
* • *
No fractional shares will be issued. Additional stock in the reorganized
bank will be available for sale at $31.25 a share and depositors and others
will have the privilege of subscribing for it.
The resources to be transferred to the participating trust fund will
represent loans in which there may be some lasses upon collection and real
estate owned but not used by the bank. These resources at the cost now
carried on-the bank's books are as follows:
Mortgage loans, $2,000,000: other loans, $3,103,076.44; real estate and
leaseholds, $2,755,590.15; certificates payable, $612,669.17; net equity in
real estate, $2,142,920.98, or total net resources of the trust fund. $7.245,997.42.
Deducting the $3,195,997.42 of the Security-Home Bank in these resources, there would be a balance available of $4.050,000 after liquidation
of these resources for redemption of $2,600,000 of participating certificates
held by depositors.
Under the plan, Judge Chittenden pointed out, the reorganized bank
would start out with all doubtful assets eliminated. The bank, if the plan
Is accepted by depositors and stockholders, without exception, could be
reopened quickly.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements wore reported made this week for the sale
of a New York Stock Exchange membership for $250,000.
The New York Cotton Exchange membership of J.
Carson Moore was reported sold this week to Daniel Schnakenberge for another for $15,700. Last preceding sale $17,500.
[VOL. 133.
end of 1930, and $144,015,281 on June 30 1930, all figures
being exclusive of dividends declared but unpaid on the
various dates. Total resources were $193,150,465 against
$189,600,758 on March 25, $186,888,694 on Dec. 31 1930, and
$201,311,458 on June 30 1930.
As of June 24 1931, the Merchants National Bank of
Plattsburg, N. Y., was placed in voluntary liquidation.
The institution, which was capitalized at $200,000, was
succeeded by the Merchants National Bank of Plattsburg.
Effective June 4 1931, the First National Bank & Trust
Co. of Middletown, N. Y., with capital of $100,000, was
placed in voluntary liquidation. The institution was sueceeded by the First National Bank & Trust Co. of Middletown.
As of July 1, the Catskill National Bank, Catskill, N. Y.,
changed its title to the Catskill National Bank & Trust Co.
Edgar A. Hildreth, Chairman of the Board of Directors
of the Southampton Bank, at Southampton, N. Y., and trustee
of the Sag Harbor Savings Bank, died unexpectedly in
Southampton on July 5. Mr. Hildreth was also President
of the firm of E. A. & H. Hildreth.
It is learned from the Boston "Transcript" of July 6 that
Chandler Hovey has been elected a director of the National
Shawmut Bank of that city. Mr. Hovey, who formerly
headed the New York Stock Exchange firm of Chandler
Hovey & Co., became a partner in Kidder, Peabody & Co.,
when the firm was reorganized last March.
Lewis A. Shea, former National Bank Examiner, who for
the last 10 years has been affiliated with the Second Federal
The statement of The Chase National Bank of this city Reserve District, was recently elected Vice-President of the
for June 30 1931, published this week, showed an increase First National Bank & Trust Co. of Bridgeport, Conn.,
in deposits over the last preceding statement, that of March and assumed his new office July 1.
25. The total of deposits, $1,897,544,000, represented an
increase of $13,735,000. Combined capital, surplus and unIncident to the proposed sale of the assets of the closed
divided profits of the Bank on June 30 1931 amounted to People's Banking & Trust Co. of Elizabeth, N. J., by the
$324,579,802, as compared with $359,006,746 on March 25. Elizabeth Trust Co. of that city, Trenton advices on July 7,
In the figures as of June 30 the Bank,in accordance with its printed in the New York "Herald Tribune" of July 8, reestablished policy, has made provision for all known losses, ported that Vice-Chancellor Malcolm C. Buchanan on July 7
reduced its holdings of securities to the market value and formally approved the application of Frank H.'Smith, State
set up substantial reserves to cover possible future conBanking Commissioner for New Jersey, for permission to
tingencies.
sell the assets of the institution to the Elizabeth Trust Co.
In indicating the earnings of the Continental Bank & The dispatch also said:
The People's Bank & Trust Co. was taken over last December by the
Trust Co. of this city for the first half of 1931, as compared
Department of Banking and Insurance. The Elizabeth Trust On.
with the same period last year, in our issue of last week, State
offered $250,000 for fixtures of the closed bank and for Its offices on
page 46, some errors crept in. The Bank for the first half Broad Street, and also offered to assume 80% of deposit liabilities. 009believed acceptance of his
of 1931 earned $362,093.05, or 61c. per share, which com- missioner Smith told the Vice-Chancellor he reopening
of the bank.
insuring a speedy
pared with 72c. per share for the same period last year. offer was the best method of
share.
per
$1.32
For the entire year of 1930, earnings were
The statement of condition of the Discount Corporation
of New York as of June 30 lists total assets of $279,343,157,
as against $186,739,847 on March 31. The statement reveals that during the quarter the institution's bill portfolio
declined from $55,768,834 to $40,625,361 in spite of the cuts
in bill rates during the three months to new low levels for
the American acceptance market. Undivided profits increased from $816,683 to $900,787.
Acceptances discounted on June 30 totaled $144,399,101,
compared with $173,058,970 on March 31, while acceptances
rediscounted and sold with indorsement amounted to $103,773,739, against $117,290,145 at the end of March. United
States government securities and bought under resale agreement amounted to $132,053,264, with repurchase agreements
of $63,000,000, compared with governments bought under
resale agreement of $9,734,183 and repurchase agreements of
$2,050,000 on March 31.
The statement of condition of the Brooklyn Trust Co. as
of June 30 1931, recently issued, showed a transfer of
$3,000,000 from surplus to reserves. Surplus of $15,000,000
was shown against $18,000,000 on March 25, while reserves
were $6,285,427 against $3,330,206 on preceding call date.
Undivided profits were $3,112,162 against $3,086,316 on
March 25. It was stated that the transfer of surplus to
reserves was made in accordance with conservative banking
practice. Deposits of $136,452,760 were shown by the statement against $127,987,246 on March 25, $131,391,043 at the
The Second Bank & Trust Co. of Hoboken, N. J., on Thursday morning, July 9, was merged with the Trust Co. of New
Jersey, of Jersey City, one of the three largest banks in
Hudson County. Announcement of the taking over of the
institution was made Wednesday night by William C. Heppenheimer, Chairman of the Board of the Trust Co. of New
Jersey, following a joint meeting of the directors of the
institutions. Mr. Heppenheimer stated that as a result of
the merger 100 cents on the dollar was guaranteed to the
depositors. The directors of the acquired bank had put up
a bond of $200,000 to insure the Trust Co. of New Jersey
against loss, Mr. Heppenheimer said, and the Hudson County
bankers' group of the North Jersey Clearing House Association, whose assets total $600,000,000, have guaranteed any
amount beyond the total of the bond. The New York "Times"
of July 9, from which the above information is obtained,
continued as follows:
The merger was necessary, Mr. Heppenheimer said, because of a seepage
of depesits from the Hoboken bank since the closing there of the Steneck
Trust Co. Its proximity to the Steneck Trust 00., being only 50 yards
from the main office at Newark and River Streets, was blamed for the
sympathetic disturbance, since the deposits of no other bank in Hoboken
have been affected, Mr. Heppenheimer said.
In its statement of June 30 1931 the Second Bank & Trust Co. reported
deposits of $3,945,578 and total resources of $4,847,566. About $1,000,000
of the deposits, according to one banker at the ;meting, had been withdrawn since the State Banking Department took over the Steneck Trust.
The merger of the affected bank, one of the smaller banks in Hudson
County, but one of the oldest, with the Trust Co. of New Jersey, an institution with assets of $95,579,844 (as of June 30 1931), was approved by
Frank H. Smith, New Jersey State Banking Commissioner, and by the
Hudson members of the North Jersey Clearing House Association, which
JULY 11 1931.]
FINANCIAL CHRONICLE
233
had recommended that it should be absorbed
by one of the three largest Bank
& Trust Co. of Paoli, Pa. Mr. Horsey began his bankbanks at a previous meeting.
The action fulfilled the pledge of the Hudson County
bankers' group, ing career twelve years ago in the office of the National
made after the Steneck Trust Co. was closed, that it
would protect the Bank Examiners, Third Federal Reserve
District, and subdepositors of all banks in Hudson County from being affected,
by support- sequent
ing any bank which suffered a sympathetic disturbance.
ly, prior to his connection with the 69th Street TerBeginning to-day (July 9) the Second Bank will be operated
as a unit minal Title & Trust Co., was in turn Assistant Cashier of
of the Trust Co. of New Jersey, the second largest bank
in New Jersey, the Farmers & Mechani
cs National Bank of Woodbury, N. J.,
Mr. Ileppenheimer said, adding: "We contemplate no change
in personnel."
The President of the Second Bank is John W. Bellis.
Its other officers and Secretary of the Northern Trust Co. of Philadelphia.
are Allen N. Terbell, Vice-President; Sidney H. Stevenson
, Treasurer, and Mr. Horsey is a graduate of the University of Delaware and
Martin M. Rafter, Assistant Treasurer. Until four years
ago it was known during the
World War served one year as Lieutenant in the
as the Second National Bank of Hoboken, reorganizing
at that time under
a State charter.
United States Infantry.
According to last night's New York "Evening Post,"
formal approval of the absorption of the Second Bank
& Trust
Co. by the Trust Co. of New Jersey was given
yesterday
(July 10) by the respective directors of the institut
ions at a
joint meeting held at the Trust Co. of New Jersey Buildin
g
In Jersey City. The same paper added:
Paul B. Huyette, previously a Vice-President of the
Lehigh National Bank of Philadelphia, has been promoted
to the Presidency of the institution, according to the Philadelphia "Ledger" of July 10. Mr. Huyette succeeds the late
Dr. M.E. Sullivan. At the same meeting the directors
also
appointed the following Vice-Presidents: Ralph A. Dungan,
Withdrawals by depositors of the Second Bank
& Trust Co. yesterday
(July 9), which were comparatively few, were
checked by the transfer of Herman S. Zahn and Harry M. Wagner.
more than $500,000 from
the Trust Co. of New Jersey to the smaller
bank and a display of the funds. Approxima
tely $70,000 was withdrawn
by uneasy depositors.
The Mellon National Bank of Pittsburgh, Pa.,
added
$1,000,000 to surplus on July 6 1931.
The surplus is now
$16,000,000; capital, $7,500,000; total capital
Further referring to the affairs of the Steneck Trust
and surplus,
Co.
$23,500,000.
of Hoboken, N. J., which was closed by the Bankin
g Commissioner of New Jersey on June 27, the New York "Herald
A small Maryland bank, the First Nationa
Tribune," in its issue of Thursday, July 9, stated
l Bank of Fedthat at a eralsburg, failed
to open on July 6, according to Associated
meeting of the stockholders of the closed bank, held
in Jersey Press advices
from that place on the same date. An announceCity the previous night, it was decided to place the
bank's ment stated
that the institution was closed by the Comptroller
affairs in the hands of a committee which will try to
reopen of the Currency.
The bank was 25 years old and was
the institution as soon as possible. The 100 stockho
lders capitalized at $25,000,
the dispatch said.
present, it was said, were hopeful of a reopening and
expressed confidence that negotiations with Vice-Ch
ancellor
E. T. McCue, former Cashier of the Commer
Fielder would be successful. Assisting in the rehabili
cial Bank of
tation
Middletown, Ohio, on July 1, was sentenced to
plan is Henry C. Steneck, head of the closed bank,
three years'
who was
Imprisonment in the Ohio Penitentiary by Judge
present at the gathering. We quote furthermore, in
Charles S.
part,
Bell, of Hamilton County, according to advices
from the paper mentioned as follows:
from Hamilton on the date named to the Cincinnati "Enquir
The meeting was held in the office of Marshall Van Winkle,
er". The
1 Exchange
Place, Jersey City, who, with Samuel S. Stern, is counsel
for the stock- advices continuing said:
holders. . . .
Judge Bell was assigned to preside at the trial
at which McCue was found
Appointed on the committee are William A. D. Evans, President
of the guilty of having embezzled money from the firemen's
Cooper Hewitt Electric Co.; Joseph J. Garibaldi, realty
pension fund at the
dealer; Charles bank, which was closed a year ago.
Wagner, President Wagner Litho Machine Co.; George Lankering
After overruling a motion for a new trial and
, cigar
manufacturer; Edward A. Schmalz, President Schmalz
passing sentence, Judge Bell
Dairy Farm;
said:
Springrneyer and William H. Gilfert, Director of Finance,
City of Hoboken.
"If I had the power I would have no hesitancy
It was revealed that Mr. Steneck has only 3,200 shares
in ordering an investigation
of the bank's stock to determine why the bank closed and
instead of the 22,000 shares attributed to him in
who was responsible
previous reports. The
Kimball Scott, Acting Prosecuting Attorney, informed for the closing."
Steneck family has a total of 18,000 shares, out of
the Court that the
40,000 shares held by a state had not completed its
investigation. McCue has been named in 13
total of 330 stockholders. The bank has 33,000 depositors
.
indictments. He was tried on one and was acquitted
Fred A. Seide, publisher of "The Hoboken Observer,
in
the
Court of Judge
" was criticized by a Clinton D. Boyd, of Butler County.
stockholder for withdrawing $100,000 the day before
Then he was brought for trial on
the bank was closed. another before Judge Bell.
Mr. Seide, who was present, said he had something
like
Defense attorneys have not indicated whether they
bank besides the $50,000 in mortgage certificates which $44,000 left in the
will file an appeal
he did not attempt
to draw out. He said he had a perfect right
Our last reference to the affairs of the Commer
to draw out the money if he
cial Bank
wanted to.
of Middletown appeared in the Apr. 4 (1931)
Mr. Steneck declared he was anxious to reopen
issue
of the
the bank, and would suffer
a heavy financial loss should the negotiations fail.
"Chronicle", page 2521.
The proposal for refinancing and rehabilitating
the company which was
presented but on which no action was taken, shows
the following condition
Two Kenton, Ohio, banks, the First National Bank
of the bank:
and
Present capital in Steneck Trust Co.
Steneck Title & Mortgage Guaranty Co.
New stock to be issued
Surplus, Steneck Trust Co.
Surplus, Steneck Title & Mortgage Co.
Undivided profits, reserve, interest
$1,000,000
400,000
600,000
500,000
200,000
502,580
$3,202,580
Stocks and bonds depreciation
Depreciation since examination
Uncertainties provided for
$971,000
300,000
28,500
the Commercial Bank, both capitalized • at $50,000
, were
consolidated July 3 under the title of the First Commercial
National Bank of Kenton with capital of $100,000.
The Hamilton County Court-of Ohio, on June 6, in a
written opinion, affirmed the conviction of Frank J. Dorger
and Clarence A. Dorger, formerly a Vice-President and a
director, respectively, of the defunct Cosmopolitan Bank &
Trust Co. of Cincinnati, according to the Toledo "Blade" of
the same date, which furthermore said:
Mr. Dorger and his son, Clarence, both attorneys and owners of 60% of
the stock of the bank, were found guilty of embezzling $4,950, the property
of the bank, of misapplication of credit of the bank, of making false entries
on the books of the bank in that amount, of the misapplication of $165,000
of the bank's money, and of making false entries in that amount.
They were fined $5,000 and sentenced to 10 years in Ohio Penitentiary.
The Court of Appeals holds that the evidence discloses that for a number
of years preceding the failure of the bank the Dorgers were engaged in a
conspiracy, the substance of which was to violate the banking laws
of
Ohio and to unlawfully enrich themselves at the expense of the bank.
The offenses charged in the indictment were the natural result of
the
• carrying out of that conspiracy, the higher Court concluded. Each
A Trenton dispatch on July 7 to the
defendant
New York "Times," is bound by the acts and conduct of the other in furtheran
ce of the
with reference to the affairs of the closed
trust company. conspiracy.
$642,500
This leaves a new capital structure of
$2,560,080, which would provide
the base for the rehabilitation. It
was suggested that the stockholders
furnish the increased capital, and several
of those present indicated that
such a plan would meet with approval
of those whose interests were heavy.
A few days before the bank was closed
the State Department of Banking
and Insurance gave the institution a
certain period within which to raise
$1,000,000 which the State officials deemed
that had been exhausted. Mr. Steneck said necessary to create a surplus
he thought this offer was still
good, in which case permission would be
given immediately for reopening
if the sum were raised.
contained the following:
The State Receivership Commission, which
has taken over supervision of
the fiscal affairs of North Bergen Township
in Hudson County, decided
to-day (July 7) it could not grant the request of
the closed Steneck Trust Co.
of Hoboken to guarantee payment in full of the
township's notes for
$5,000,000 until there has been a reassessment
of the municipality's ratables.
•
Our last reference to the affairs of the Cosmopolitan Bank
& Trust Co. of Cincinnati, which was closed June 10 19
39,
and subsequently acquired by the Fifth Third Union
Trust
Co. of Cincinnati, appeared in our Aug. 16 issue, page 1051.
Donald P. Horsey, heretofore Vice-President
The Roseland State Savings Bank, 11431 South
Michigan
and TreasAve.,
urer of the 69th Street Terminal Title & Trust
Co. of Phila- IllinoisChicago, was closed on Monday, July 6, by the
State Auditor at the request of its directors, accordi
delphia, was recently appointed Vice-President
ng
of the Paoli to the Chicago
"Post" of that date. The institution
was
234
[VoL. 133.
FINANCIAL CHRONICLE
An application to organize the Klein National Bank of
capitalized at $200,000 with surplus of like amount and at
"Post"
Minn., with capital of $50,000, was approved by the
Madison,
The
$1,800,000.
of
deposits
had
closed
it
the time
added that recent heavy withdrawals was given as the Comptroller of the Currency on June 27.
reason for the bank's closing.
Alleged shortages in the accounts of Arthur B. Borlaug,
The Immel State Bank, at 2800 Belmont Avenue, Chicago, Cashier of the Farmers' State Bank of Kenyon, Minn.,
with capital of $300,000 and surplus of $100,000, was closed resulted in the closing of the institution on July 2 by John N.
by the State Auditor for Illinois at the request of the direc- Peyton, the State Commissioner of Banking for Minnesota,
tors on July 3, according to advices from that city to the according to the Minneapolis "Journal" of that date. The
"Wall Street Journal." The closing of the institution was closed bank had combined capital and surplus of $35,000
due to heavy withdrawals. Deposits totaled $640,000 as and deposits of $370,000. The paper mentioned continuing
compared with $1,400,000 as of March 25 last, it was stated. said:
Arthur B. Borlaug, Cashier of the bank, has signed a written confession that he has withheld deposit slips from day to day over a two-year
period, applying the cash to his own account, Mr. Peyton said:
The bank was closed, the commissioner announced. in order to protect
Its assets. It was feared announcement of the cashier's defalcations would
precipitate a "run", possibly spreading to the two other Kenyon banks,
which are financially sound.
Mr.Peyton turned a full report of the case over to Theodore N. Ofstedahl
of Red Wing, Goodhue County attorney.
A complete checkup Is being made by bank examiners, the commissioner
The Evanston• Clearing House Association has raised a guaranty fund,
the amount of which NVIIS not disclosed, to indemnify the City National said.
Bank & Trust Co. against loss.
The City National Bank & Trust Co. of Evanston, Ill., has
taken over the Central State Bank of Evanston, and has
assumed all the deposit liabilities of the latter, approximating $500,000, according to a dispatch from Chicago on July 2
to the "Wall Street Journal," which added: •
J. B. Croskery, for the past two years Vice-President and
Cashier of the State Savings Bank at Frankfort, Mich., was
recently appointed Cashier of the Grant State Bank at Grant,
Mich., and has assumed his new duties. Prior to his connection with the Frankfort bank, Mr. Croskery, who is 33 years
of age,served for three years as an examiner for the Michigan
State Banking Department, and before that time was for
several years with the State Savings Bank at Ionia, Mich.
Mr. Croskery is a nephew of the IIon. Royal A. Hawley,
Circuit Judge of Ionia and Montcalm Counties, who is now
the President of the State Savings Bank at Ionia, Michigan.
H. McKinley is President of the Grant State Bank.
The First National Bank of Clarence, Iowa, with capital
of $30,000, was placed in voluntary liquidation on June 19.
The institution was absorbed by the Clarence Savings Bank
of the same place.
The First National Bank of Ashdown, Ark., was placed
in voluntary liquidation on May 19 last. The institution,
which was capitalized at $50,000, was succeeded by the
First National Bank in Ashdown.
The First National Bank of Gresham, Neb., with capital
of $30,000, was placed in voluntary liquidation on June 29.
It was taken over by the Gresham State Bank at Gresham.
On June 24 last, the Alpena National Bank of Alpena,
The First National Bank of McGehee, Ark., with capital
Mich., capitalized at $150,000, was placed in voluntary of $100,000, went into voluntary liquidation July 1. It has
liquidation. It was taken over by the Alpena Trust & been succeeded by the McGehee Bank & Trust Co.
Savings Bank of the same place.
Ray Baker, who has been connected with the Farmers
The Central National Bank of Battle Creek, Mich., on National Bank of Princeton, Ky., for thirty-one years, was
July 1 changed its title to the Central National Bank & appointed President of the institution to succeed the late
Trust Co. of Battle Creek. Reference was made to the John C. Gates, Princeton banker and lawyer, by the Board
proposed change in our May 2 issue, page 3277.
of Directors on June 30, according to advices from that place
to the Louisville "Courier-Journal".
The Northwestern State Bank of Chippewa Falls, Wis.,
John Marion Wood of Cobb, Ky., it was also said, was
was reported closed by order of its directors in a press dis- elected a Vice-President of the bank to succeed Mr. Baker.
patch from that place July 1, appearing in the Minneapolis
"Journal" of the same date. The dispatch added:
The directors of the Citizens' Bank of Pulaski, Tenn., have
J. H. Kelly, president, said the closed bank hopes to consolidate with one
decided to liquidate the institution as the result of the suicide
of the two other banks here.
of W. L. Abernathy, President of the institution, on June 26,
The First National Bank of Whitewater, Wis., chartered according to the following dispatch from Pulaski on June 29
1863, and the Citizens State Bank of Whitewater, chartered to the Nashville "Banner":
1894, were consolidated on June 29, continuing business in
Acting on the advice of State Bank Superintendent D. D. Robertson, it was
the Citizens' Bank for a few
the First National Bank quarters under the name of the decided by the Board of Directors not to opencause
a "run" on the bank by
days as such action, more than likely would
First Citizens State Bank of Whitewater. These banks had uneasy depositors. Instead, the directors adopted a resolution to go into
same
the
by
governed
been affiliated institutions since'1894,
liquidation and let the bank remain in the hands of Mr. Robertson for the
of a receiver
Board of Directors and owned by the same stockholders present. A bill is in preparation authorizing the appointment
and this bill will name Mr. Robertson as receiver and he will proceed as
no
present
at
is
There
amounts.
even
in approximately
rapidly as possible with the collection of assets to be applied to the payment
change in the Board of Directors or active personnel. The of depositors. The bank's president, W. L. Abernathy, killed himself Friday
officers are: T. M. Blackman, President; H. G. Andersen, (June 26) and was buried here Sunday.
As an inventory of the bank's assets and liabilities has not been completed,
Vice-President and Cashier; C. W. Tra,tt, Vice-President the exact condition is not yet known, but Mr. Robertson's experience in
and R. G. O'Connor, Assistant Cashier.
handling the affairs of banks in liquidation will tend to strengthen the conIn its statement to the Wisconsin Banking Commission fidence of the people in the belief that matters will be brought to a satisfacsettlement in the near future.
at the close of business June 30 the consolidated institution tory
In its last statement, May 12, the bank listed its assets as $1,477,946.
of
profits
undivided
and
surplus
$125,000;
of
showed capital
Among the liabilities were listed individual deposits, subject to check,
$307,128; postal savings of $3,434 and other items running the total demand
$53,827 and deposits of $1,806,945.
Minneapolis advices, July 3, to the "Wall Street Journal",
reported that the First National Bank of Wheaton, Minn.,
has joined the First Bank Stock Corporation (headquarters
St. Paul and Minneapolis), making the 112th member of the
system, according to an announcement by P. J. Leeman, VicePresident and General Manager of the corporation. The dispatch furthermore stated that the acquired bank had a total
capital structure of $65,000, deposits of $638,000 and total
resources of $682,265.
deposits up to $313,637. Savings deposits were given as $481,412, and bonds
deposited amounted to $360,650. The bank was capitalized at $100,000 with
a $50,000 surplus. The actual cash on hand was $22,235, with $31,198, due
from other banks. Total deposits were $795,462.
It is probable the bank will be reorganized after liquidation.
Effective June 30 last, the Commercial National Bank of
Lafayette, La., capitalized at $100,000, went into voluntary
liquidation. The institution was succeeded by the Commercial Bank of Lafayette & Trust Co. of the same place.
Effective June 23, the Liberty National Bank of Paris,
One June 27, the Comptroller of the Currency approved an Tex., capitalized at $150,000, was placed in voluntary liquidaapplication to organize the Northwestern National Bank of tion. The institution was succeeded by the Liberty National
Bank in Paris.
Dawson, Minn., capitalized at $25,000.
•-••
0
JULY
11 1931.]
FINANCIAL CHRONICLE
235
As of June 16, last, the First National Bank of
Kaufman,
Tex., with capital of $100,000, was placed
in voluntary
liquidation. This bank, as noted in our issue
of May 23,
page 3828, was absorbed by the Farmers' &
Merchants'
National Bank of Kaufman.
3 points to 84; American Can, 35% points to 1083%; Amer.
Tel. & Tel., 43% points to 1773
4; Auburn Auto, 18 points
to 1693%; Eastman Kodak, 43% points to 1453
4; Foster
Wheeler, 35% points to 265
/
s; Houston Oil, 6 points to 40;
Johns-Manville, 5 points to 53; National Lead, 47/
s points
to 1163%; Westinghouse, 43% points to 673
Effective May 16, the First National Bank of
Worthi
ngton
4
;
Borger, Tex., Pump,
33
4 points to 50%; and Woolworth, 23% points to
capitalized at $50,000, went into voluntary liquida
tion. It 68%. The losses in the
public utility group included among
has been taken over by the Borger State Bank
of Borger.
others American & Foreign Power, 33% points; American
Power & Light, 33% points; American Water Works, 23%
From the San Francisco "Chronicle" of
July 2, it is points; Electri
c Power & Light, 2 points; Brooklyn Union
learned that A. J. Lowrey has resigned as
Vice-President Gas, 53
4 points; Consolidated Gas, 33
and Manager of the Crocker First Co. Securit
4 points; Detroit
ies, affiliate Edison, 13%
points; Public Service of New Jersey, 3 points;
of the Crocker First National Bank of San
Francisco. The and Pacific Gas
& Electric, 13% points.
affairs of the company are to be conducted
by William
The stock market broke from 1 to 5 points during the
Pflueger, Treasurer of the firm and Assistant
Cashier of the heavy selling on
Wednesday. Just before the close a modest
bank, and E. W. Kirchen, Secretary, under
the super- rally carried some
vision of W. W. Jones, Vice-President,
of Crocker First but the upswin of the more active stocks to higher levels,
g came too late to make very much change
National Bank. Mr. Lowery had been
connected with the in the
closing figures. The early trading drifted along
Crocker First Co. since its organization
in June 1928.
with many prominent stocks under selling pressure which
lasted well into the afternoon. Active stocks closing on
It is learned from Seattle advices July 7,
by the Associated the
side of the decline included such market favorites as
Press that A. E.Pierce, Vice-President of
the Home Savings United
States Steel 13% points; Allied Chemical & Dye, 3
& Loan Association of Seattle was arreste
d on that day points; Americ
an Can, 13% points; J. I. Case Threshing
for the alleged embezzlement of approx
imately $1,000,000 Machine,
13% points; Radio Corporation, 13% points and
of the institution's funds. Mr. Pierce
was subsequently American
Smelting, 23% points. Several prominent issues
released in $10,000 bail. The dispatch went
on to say:
moved against the market, the list including such speculaThe embezzlements are said
to have been made from the Savings &
Loan Association and its affiliate
d company. the Washington Loan & tive favorites as Ingersoll-Rand, which moved ahead 2
Securities Co. State officials
conferred with association officers to-night points; National Biscuit, which
improved 13% points; Union
(July 7) to see if the institution could
be saved.
Pacific, which advanced 1 point; Peoples Gas, which gained
The First National Bank of Mount Angel,
Ore., capitalized 1 point and New York Central, which closed 134 points
at $30,000, went into voluntary liquidation on June
10 last. higher.
The institution has been taken over by the Bank
Stocks drifted around in a dull market during most of the
of Mount
Angel.
session on Thursday, but improved somewhat toward the
end of the session and closed near the best levels of the day.
The directors of the Midland Bank, Ltd., of Londo
n, Prices were somewhat lower at the opening, and during the
Eng., announce an interim dividend for the half-year ended early trading dullness was
the predominating feature. As
June 30 last at the rate of 16% per annum less income tax, the day advanced the marke
t grew moderately firmer and
payable on July 15 next.
some of the losses of the early part of the day were regain
ed.
United States Steel and American Can were higher at
the
THE WEEK ON THE NEW YORK STOCK EXCHANGE close and a few of the specialties and other pivotal issues
. were somew
hat stronger, but most of the issues in the general
The stock market has had another bad week, and
with list moved within a narrow
range, and the new high speed
the exception of one or two brief periods of recovery, prices
tickers were frequently silent, particularly between 12 and
have gradually drifted downward. Steel stocks have
been and 2 p. m. The princip
al changes on the side of the
weak and United States Steel has again dropped below
par. advance were Auburn Auto, %
33 points to 1763
The weekly statement of the Federal Reserve Bank
%; Detroit
published Edison, 7 points to 159; Wester
n Union Telegraph, 1 point
after the close of business on Thursday showed a
decrease to 114, and Consolidated
Gas 13
of $24,000,000 in brokers' loans in this district. Call
4 points to 96.
money
Following an early setback, stocks moved sharply upward
renewed at 13%% on Monday, continued
unchanged at on Friday, and while
price movements were within a narrow
that rate throughout the week.
range most of the popular speculative favorites were able
Prices were generally lower as the market
resumed to close the session
with modest gains. The volume of
operations after the two day holiday, though
a few trading was again small,
the turnover for the day reaching
of the more active stocks showed modest advances
at the only 125. United States
Steel was the center of interest,
close. Some selling was apparent during the early
trading and despite the
fact that the unfilled order statement showed
and many active issues dropped from one to five
or more a drop of more
than 140,000 tons during the month of
points. In the early afternoon stocks reached their
best June it held the
market leadership during the greater part
levels following a brief rally, but eased off thereafter
until of the day. The
early trading was dull and uninteresting,
the market closed. The turnover was very small and
barely but as the day
progressed buying slowly increased, the
exceeded a million shares for the full day, and at times
the strongest period
ticker service was at an absolute standstill. Includ
following the news of the move by London
ed in the in makin
g the debt moratorium effective on German paylosses recorded at the close of the market
were United ments
due on July 15. The principal changes on the side
States Steel, 13
% points; Allied Chemical & Dye, 2 points;
of the advance were Allied Chemical & Dye, 33% points to
Amer. Tel. & Tel., 13% points; Eastman Kodak
, 33% points;
J. I. Case Threshing Machine, 15
4; J. I. Case Co., 23% points to 803%; Columbian Car% points; Auburn Auto, 1233
2 points; Western Union Telegraph,
bon, 43% points to 773%; Eastman Kodak, 334 points to
2 points; American
1473%; Western Union Telegraph, 23
Can, 13% points; and Johns-Manville,
% points to 116%;
1 point. Railraod
Houston Oil, 3 points to 43; and Consolidated Cigar, 23
shares were down all along the line, the
4
principal losses in points
to 363%. United States Steel closed at 98 with a
this group including Union Pacific, 33
4 points; Atchison,
net gain of
13% points; Baltimore & Ohio, 13% points; Rock
points on the day. Atchison moved up 234
Island, points to 13%
1653%; Rock Island improved 3 points to 44; and
13% points; Southern Railway, 13% points; and Southe
rn Westinghouse
Pacific, 1 point.
gained 134 points to 683%, and moderate gains
were recorded by the utilities and specialties. At the
The market opened fairly firm on Tuesday, but
close
declined the
market had eased off somewhat from the best
rather sharply under realizing sales as the day
prices of
advanced. the day.
Transactions were higher than on the previous
day by
approximately 1,900,000 shares, due largely to the
TRANSACTIONS AT THE NEW YORK
heavy
STOCK EXCHANGE
selling in the main body of the list, most of which
DAILY, WEEKLY AND YEARLY.
was
under pressure during the greater part of the aftern
oon.
Stocks.
In the early trading, stocks were from a fraction to a point
Railroad,
State.
United
Week Ended
Total
Number of
sk Misc. MUnkipal &
Stales
higher, but had dropped off from 1 to 5 or more points
July 10 1931.
Bond
Shares.
Bonds.
For'n Bonds.
by
Bonds.
Sales.
noon, the downward movement becoming quite acute as Saturday
HOLIDAY —INDEPE
Monday
1.044,872 84,771,000 83,320.000 NDENCED AY.
tho session neared the closing hour. Public utilities
8282,000 38.373,000
were Tuesday
3.009,987
7,570.000
3,594.000
383,000 11.547,000
Wednesday
hard pressed and so were some of the high priced special
2,357.192
5,409,000
2,752,000
ties. Thursday
130,000
8,291,000
1,513.530
5,506,000
2,990,000
The principal changes of the day on the side of the
218,000
FrldaY
1,285,44
8,714,000
0
8.362,00
0
decline I
3,040,000
278,000
9,680,000
were United States Steel, 43% points to 983%; Air Reduct
9.211.001 329.618.000 215 ROR (Inn II
ion, I Total
neln
001
!AO Mile •rn•
[VOL. 133.
FINANCIAL CHRONICLE
236
% and closed to-day at 67. Amer. & Foreign Power
675
% and finished
4,sold up to 193
% to 173
fell from 213
warrants
1930.
1931.
1930.
lost about
corn.
1931.
Share,
&
Bond
to-day at 1934. Electric
505,888.930
346,300,361
% and ended
-to 423
5
8.085,990
again
9,211.001
upward
moved
to
%,
39
Points
Stocks-No. of shares_
5%
Bonds.
$63.634,400 the week at 4134. United Light & Power, class A declined
891,918.200
$1,291,000 $2,513,500
Government bonds.367,482.000
424,480,100
12,423,000
show
State & foreign bonds_ 15,898,000 30,318,000
975,917,700 1,102,988,500 from 223
4 to 2034 and sold finally at 213. Oil stocks
Railroad & misc. bonds 29,618,000
was down
Ref.
&
Oil
Humble
ce.
importan
of
900
changes
few
81,534,084,
848,605.000 $45,254,500 81,492,316,000
Total bonds
at
from 6634 to 60%, recovered to 62 and closed to-day
PHILADELPHIA AND
from 28 to 26 the
DAILY TRANSACTIONS AT THE BOSTON,
weakened
)
(Indiana
Oil
Standard
.
613
4
S.
BALTIMORE EXCHANGE
final transaction to-day being at 26%. Vacuum Oil, dropped
Baltimore.
Philaddphia.
Boston.
4334 to 4034 and moved back again to 4334. Gulf Oil
from
Week Ended
Sales Shares. Bond Sales. on few transactions sold down from 6034 to 55 and to-day
Bond
Shares.
Sales.
Bond
Shares.
1931.
July 10
l and
HOLI DAY
moving up to 5834 with the close at 58. Industria
Saturday
84,000
1,049
84,000 a18,073 $21,200
Aluminum Co.
24,886
feature.
without
Monday
were
issues
eous
10,000
miscellan
1,770
20,100
22,000 a48,839
56,433
Tuesday
a final
3,000
687
30.000
27,000 a35,601
38,564
Wednesday
of Amer. corn. was down from 145 to 12334 with
998
33,000
11,000 a20,252
22,044
to 26
Thursday
30%
from
declined
10,000
914
2,110
4,000
3,317
recovery to 13234. Deere & Co.
Friday
receded from
A
class
Canada,
of
Ford
28.
at
827.000
finally
5,418
sold
and
145,224
$68,000 122,870 8104,300
Total
finished to-day at 1734.
871,100 183i to 163 sold up to 17Yi and
8,365
Prey, week revised 198,103 $26,050 180,189 $148,000
from 33 to 2934
declined
corn.
nts,
Investme
Utility
Insull
Wednesday,
1,100;
a In addition, sales of rights were: Monday, 500; Tuesday,
& Co. lost 434
Johnson
Mead,
3034.
at
350; Thursday, 100. Sales of warrants were: Thursday, 10.
to-day
and sold
953 to 90
from
dropped
Proof
points to 86. Parker Rust
PRICES ON PARIS BOURSE.
and closed to-day at 9034. Stutz Motor Car fell from 16%
4.
Quotations of representative stocks on the Paris Bourse to 1134 and sold to-day at 143
Exchange transactions for the
Curb
of
record
been
complete
have
A
week
past
the
of
day
each
as received by cable
266.
page
on
found
be
will
week
as follows:
July 8 July 9 July 10
E.
Sales at
New York Stock
Exchange.
Jan.1 to July 10.
Week Ended July 10.
July 4 July 6 July 7
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
16.600 16.800 16,500 16,500 16,700
Bank of France
1,115
1,125
1,175
1,158
Banque Nationale de Credlt
2,350 2,410. 2,320 2,330 1,556
Banque de Paris et Pays Bea
1,205
1,290
1,245 1,275
Banque de Union Parislenne_ _
-ilia
696
694
702
727
Canadian Paeltio
16,100 16,200 15,700 15,800 15,800
Canal de Sues
2,715
2.700
2,770
2,740
e
Cie Distr. d'Electriciti
2,900 2,910 2,840 2,860 2,880
Cie Generale crElectricttle
249
241
260
250
Cie Ole. Trans-Atientique
650
640
640
680
870
Citroen B
1,550
1,570 1,580 1,560 1,540
Comptoir Nationale d'Escompte
580
580
560
580
560
CotY. Inc
861
---855
895
880
Courrieres
1,118 1,130 1.090 1,090
Credit Commerciale de France2,550 2,560 2,450 2,470 2:440
Credit Lyonnais
2,850 2,890 2,830 2,820 2,780
Eaux Lyonnais
__ __
865
856
900
870
Energie Electrique du Nord
1,282 1,257
1,280
1,272
Littoral
Energie Electrique du
204
"iiii
201
205
202
Ford of France
250
250
240
260
250
French Line
130
130
130
130
130
Gales Lafayette
900
900
900
900
920
HollGas Le Bon
600
520
510
530
520
day
Kuhlmann
950
970
960
970 1,010
L'Air Liquid°
1,500 1,500 1,500 1,485
Lion (P. L. M.)
2,100 2,110 2:140
2,140
2,210
Nord Ry
154
150
158
158
Pathe Capital
1950,1,960 1,960
2.010 2.060
Pechiney
87.40 87.90 88.00 88.20 88.30
Rentes 3%
137.00 137.10 137.10 136.90 137.00
Rentes 5% 1920
104.40 104.60 104.50 104.60 104.70
Rentes 4% 1917
103.80 103.80 103.90 104.00 104.00
Rentes 5% 1915
103.20 103.20 103.20 103.40 103.40
1920
6%
Rentes
2,480 2,530 *2,330 2,280 2,270
Royal Dutch
2,940 2,970 2,890 2,895
Saint Cobh', C.di C
1,290 1,295 1,280 1,230
CR
Schneider &
2,880 2,850 2,800
2,870
Societe LyonnaL4
-902
900
894
900
Marseille's°
Societe
312
310
324
302
Tobin Artificial Silk, prof
1:110
1,170 1,180 1.160 1,130
Union d'Electricitie
510
500
500
500 `5 510
Union dee Mines
210
209
225 'i 223
Wagons-Lits
EXCHANG
DAILY TRANSACTIONS AT THE NEW YORK CURB
Week Ended
July 101931.
Stocks
(Number
of
Slimes).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
241,765
484,660
320,833
245,855
230,745
Bonds(Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
1,523,758 814.967.000
Total
Sales at
New York Curb
Exchange.
Total.
Honda y-Indepen deuce Day.
$100,000 $2,634.000
$117,000
$2,417,000
135,000 3,820,000
157,000
3,528,000
58,000 3,139.000
89,000
2,992.000
70,000 3.469.000
101,000
3,298.000
2,918,000
87,000
99,000
2,732,000
1931.
1.523,758
Stocks-No,of shares_
4.1 Bonds.
$14,967,000
Domestic
583.000
Foreign Government...
450.000
Foreigncorporate
8450,000 $15,980,000
5503,000
Jan. 1 to July 10.
Week Ended July 10.
1930.
1931.
1930.
2,076,800
67,477,861
86,640,385
$8,825,000
710,000
680.000
$499,225,000
16,082,000
22,635,000
$467,183,000
17,880,000
22,696,000
8507.759.000
$537,922,000
515,980,000 '910,215,000
Total
separately.
Note.-In the above tables we now give the foreign corporate bonds
Formerly they were included with the foreign government bonds'
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (Saturday, July 11), bank exchanges for all the cities of the
Unired States from which it is possible to obtain weekly
will be 18.2% below those for the corresponding
returns
*Ex-dividend.
week last year. Our preliminary total stands at $8,591,603, 868, against $10,502,509,051 for the same week in 1930.
PRICES ON BERLIN STOCK EXCHANGE.
At this center there is a loss for the five days ended Friday of
Closing quotations of representative stocks on the Berlin 15.7%. Our comparative summary for the week follows:
Stock Exchange as received by cable each day of the past
Per
Clearings-Rdurns by Telegraph
week have been as follows:
Cent.
1930.
1931.
July July
July July
9.
8.
7.
Per Cent of Par
85
85
87
86
(5)
(Ades)
Credit
Alle. Deutsche
103 104 103 102
Berlin Hendels Gee.(8)
100
101
100 101
Commers-und-Privat Bank (7)
100
102 103 101
(8)
k
Darmstaedter ti. Nationalban
100
100
101
100
Deutsche Bank U. Dieconto Gee. (6)
100 100
101
100
Dresdner Bank (6)
128 134 133 128
Reichsbank (12)
76( 813 77g 75g
Algermeene Kunstailde (Alm) (0)
90
91
94
87
Allg. Elektr. Gies. (A.E.G.) (7)
43
45
48
46
Deutsche Ton- u. Stelnxeugwerke (11)
17444 173 17241 -(10)
Berlin
Co.,
Ford Motor
69
71
69
HOLIGelsenkirchen liergwerk (8)
DAY 103 110 108 103
Gestuerel (9)
45
46
47
45
Hamburg-American Line (Hariag) (8)
107 109 108 107
Hamburg Electric Co. (10)
58
59
61
60
Harpener Dergbau (6)
85
85
88
86
Hotelbetrieb (10)
128
128 134 131
I. 0. Farben Indus.(Dye Trust) (12)
25
26
28
26
liarstadt (12)
60
62
65
61
Mannesmann Tubes (7)
49
49
50
49
(6)
Lloyd
North German
41
44
46
44
Phoenix Bergbau (4.44)
114 119 117 115
Polyphonwerke (20)
102
114 111
111
Rhein-Westf. Elektr. (n.w.E.)
73
73
74
74
Sitelmenwerk Licht a. Kraft(75)
147
151
147 157
Siemens & Halake (14)
39
43
44
42
Yee. Stahlwerke (United Steel Works)(4)July
4.
July
6.
10.
85
102
100
100
100
100
126
73g
87
43
172)
*58
101
44
106
55
83
128
25
59
-114
104
71
145
37
•Ex-dlvidend.
THE CURB EXCHANGE.
under pressure in the fore part of the
were
Curb stocks
week and prices dropped sharply. Later a firmer tendency
market
appeared and resulted in some recovery though the
dull
business
with
state
irregular
lapsed eventually into an
and price movements narrow. Among utilities American
Gas & Elec. com, dropped from 71% to 6434, recovered to
Week Ended July 11.
-15.7
-33.8
-19.8
-15.5
-29.5
-24.0
-12.6
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
Now Orleans
$4,643,447,364 85,504.000,000
524,945,584
347,571,441
429,000,000
344,000,000
381,000,000
322,000,000
114,529,673
80,704,798
101.800.000
77,400,000
149,640,000
130,837,469
No longer will report clearings.
140.004,472
114,745,535
119,308,075
96,973,011
102,395,379
90,825,208
106,220,614
87,167,211
36,935,179
38,745,603
Twelve cities. 5 days
Other cities, 5 days
$6,352,417,640
807,252,250
87,899,778,976
890,898,150
-17.5
-9.4
Total all cities, 5 days
All cities, 1 day
87.159.689,890
1,431,933,978
88,590,675,126
1,911,833,935
tin RAO Kcin nal
-16.7
-38.3
Te...I ell Attiea fnv arsAlr
tn Rai An2 Ran
-18.1
-18.8
-11.3
-36.8
-0.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had.to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 4.
For that week there is a decrease of 22.2%, the aggregate of
clearings for the whole country being $8,809,616,216, against
$11,156,519,278 in the same week.of 1930. Outside of this
city there is a decrease of 16.6%, the bank clearings at this
JULY 11 1931.]
FINANCIAL CHRONICLE
center recording a loss of 18.3%. We group the cities now
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, these is a loss of
18.2%, in the Boston Reserve District of 22.1% and in
the Philadelphia Reserve District of 15.1%. In the Cleveland Reserve District the totals are smaller by 34.9%,
in the Richmond Reserve District by 8.2% and in the Atlanta
Reserve District by 11.9%. The Chimp Reserve District
shows a contraction of 38.6%, the St. Louis Reserve District
of 31.6% and the Minneapolis Reserve District of 24.6%.
In the Kansas City Reserve District the decrease is 29.1%,
in the Dallas Reserve District 20.3% and in the San Francisco Reserve District 24.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Jury 4 1931.
1931.
1930.
Federal Reserve Dist.
5
let Boston_ .. _ _12 cities
435,035,159
2nd New York_12 "
6,151,574,983
3rd Philadelphial0 "
478,293,107
4511 Cleveland__ 8 "
304.067,760
5th Richmond _ 6 "
141,256,607
6511 Atianta____11 "
109,403,546
7th Chicago...20 "
562,639,942
8th 195. Louis__ 8 "
124,626,426
9th Minneapolis 7 "
82,683,967
10th Kansas City 11 "
122,238,637
11th Dallas
5 "
46,048,171
12th San Fran..14 "
251,697,911
Total
124 eittes
Outside N.Y. City
Canada
32 cities
5
558,509,760
7,516,516,391
562,962,720
467,072,331
153,867,933
124,292,644
916,199,666
183,773,106
109,521,688
172,388,111
67,765,739
333,509,224
Inc.or
Dec.
1929.
1928.
%
$
$
-22.1
656,259,996
651,829,834
-18.2 10,185,176,304 7,969,952,558
-15.1
684.319,424
617,061,082
-34.9
457,580,617
462,431,768
-8.2
190,328,653
194,037,739
-11.9
166,850,415
173,481,369
-38.6 1,009,963,171 1.091.342,768
-31.6
194,887,353
198,455,618
-24.6
119,566,328
123,610,732
-29.1
209,853,451
197,609,423
-20.3
72,508,014
66,924,408
-24.6
358,503,260
375,080,717
8,809,616,216 11,156,519,278 -22.2 14,305,794,986 12,021,817,816
2.808,144,717 3,827,462,429 -16.6 4,353,888,110 4,225,268,224
291,794,665
428,966,222 -31.7
543,834,618
612,861,618
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 4.
Clearings at
1931.
Firat Federal
Me.-Baugor_ _ _
Portland
Mass.-Boston- _
Fall River__ - Lowell
New Bedford
Springfield...Worcester
Conn.-Hartford
New HavenR.I.-Providence
N.H.-Manchea'r
1930.
Inc.or
Dec.
$
Reserve Dist rict-Boston
834,561
680,187 +22.7
3,475,216
4,182,928 -26.8
383,679,062 503,173,479 -23.8
920,657
955,841 -3.7
406,644
446,602 -8.9
2,315,479
1,092,244 +112.0
4,827,697
5,386,650 -10.4
2,957,946
3.733,767 -20.8
14,265,387
18,372,186 -22.3
7.880,768
8,578,747 -8.2
12.575,700
10,974.500 +14.6
896.042
1,032,629 -13.2
1929.
962,786
4.870.841
584,000.000
1,118,004
1,333,461
1.136,444
6.927.450
4,073,276
21,734,004
10,920 195
17,569,400
1,314,135
1928.
764,507
4,374,189
487,000.000
1,194,524
1,230,133
1.101,873
6,813,203
4,516,314
17,555,353
11,183.771
14,991,100
1,104,667
Total(12 cities)
435,035,159 558,609.760 -22.1 656,259,996
551.829,634
Second Feder at Reserve D strIct-New York
N. Y.-Albany..
8,609.264
7,593,440 +13.4
8,023,997
8,278,859
Binghamton...
1,573,525
1,900,969 -17.2
2,063,734
1,858,075
Buffalo
46,973,880
57,977,162 -18.9
74.767,413
57,755,605
Elmira
1.344,307
1,377,444 -2.0
1,522,189
1,286,233
Jamestown.
969,448
1,481,696 .-34.6
1,758,836
1,700.989
New York.... 5,991,471,499 7,329,056.849 -18.3 9,951,908,87
6 7,796,549,592
Rochester
12,683,949
17,984,930 -29.5
25,037,374
21,652,397
Syracuse
6,504,148
8.135,162 -20.1
10,707,998
8,796,857
Conn.-Stamford
3,669,629
4,827,960 -24.0
6,513.929
4,405,389
N. J.-Montclair
998,130
1,046.503
1,237,534
920,541
Newark
30,137,842
37,039,081 -18.6
42,130,952
29,720,362
Northern N. J_
40,634,362
48.095,189 -3.1
59,503,472
37.027,569
Total(12 cities) 6.151,574,983 7,516,516,391 -18.2 10185176,304
7.969,952,558
Third Federal Reserve Dist riot-Philad elphia
Pa.-Altoona_ _
564,766
1,423,603 -60.4
1,708.280
1,637,037
Bethlehem....
3,927,915
4,859,437 -19.2
5.342,867
5.141,340
Cheater
1,370,072 -25.8
1,016,145
2,032.618
1,353,472
Lancaster
2,278,483
1,849,074 +23.8
2,045,957
2,025,520
Philadelphia_
453,000,000 533,000,000 -15.1 644,000,000 577,000,000
Reading
3,965,361 -21.0
3,131,465
5.085,925
4.459.542
Scranton
4,263,518
4,998,310 -14.7
6.527,867
7.355.194
W ilkes-Barre
4,474,044 -32.4
3,024,221
4,681,263
4.926.620
York
1.651,594
1,797,819 -8.1
2,468,923
3,011.047
N.J.-Trenton
5,435,000
5,224,000 +4.0
9,525,724
10,151,310
Total(10 cities)
478,293,107
562,962,720 -15.1
Fourth Feder al Reserve 1)'strict-Clay eland
Ohio-Akron _...
4,653,000 -4(1.8
2,472,000
Canton
3,769,062 -55.2
1,690.229
Cincinnati- - - 65.323;555 -22.8
50.456,393
Cleveland
100.190,228 135,064,016 -25.9
Columbus
15,070,700 -26.4
11,092,900
Mansfield
1,978,857 -29.1
1,402.530
Youngstown _ _
6,519.279 -18.9
5,289,561
Pa.-Pittaburgh - 131.473,919 234,693,812 -44.0
684,319,424
617,061,082
7,006,000
4,526,755
76.176,615
149.653,835
18,107,500
1,867.888
6.260,339
193,981,685
7,125,000
4,045,345
73.070,075
140,763,931
18,039.600
1,625,002
6.866,591
210,896.224
467,072.281 -34.9
457,580,617
462.431.768
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Huntin'n
1,131.599 -55.6
502.734
Va.-Norfolk
_
3,479.455 +8.8
3,784,966
Richmond
37,298,631 -9.4
33,808,038
S.C.-Charleston
2.500,000 -29.6
1.759,637
Md.-BaltImore89,403.631 -12.3
78,422,209
D.C.--WashIng'n
20,054,622 +14.6
22.979,023
1,358,392
5.254,636
39,845,736
3,000.000
110,857.658
30,010,231
1,495,892
7,879,619
42,176,000
2.887.493
112,211,181
27,387,554
190,326.653
194037,73 9
Total(8 cities).
Total(6 cities)-
304,067,760
141,256,607
153,867,938
-8.2
Sixth Federal Reserve Dist rict-Atlant 0Tenn.-Knoxville
3.000.000 +44.6
4,340.860
Nashville
16,594.836 -36.8
10,485,401
Ga.-Atlanta _
28,930.601 +6.0
30,670,910
Augusta
1,471.199 -29.9
1,164,450
Macon
742,859
1,400,000 -47.0
Fla.-JacksonV'le
10.867.557 -14.4
9,290,187
Ala.-IiIrming'm
17,505.864 -34.2
11,519,309
Mobile
1,781.860 -33.0
1,194.880
Miss.-Jackson2,214.328 -29.3
1.566,000
Vicks burg
235.809 -27.9
169.978
La.-N Orleans..
38,258,712
41,290,500 -7.4
Total(11 citles)
109,403.546
121.292,644 -11.9
•
3.500.000
21,382,787
48,875.777
1,638,310
1,790,124
12,326.763
21,103.640
2,110.148
3,095,000
4061437
50,615,429
3,525,437
20,316,168
44,490,338
1,639,684
2,158,958
15.108,655
24,315.687
1.895.974
2,142,986
505,230
57,382,252
166.850,415
173,481,369
237
Week Ended July 4.
Clearings at
1031.
1930.
108.07
Dec.
1929.
,
'
1928.
5
$
$
%
$
Seventh Fede r al Reserve D strict-Chi cagoMich.-Adrian..
164,289
217.967 -24.8
379.304
296.708
Ann Arbor....
751,834
784,508 -4.1
1.329,995
1.190,382
Detroit
118,261,033 162,098,081 -27.1 196,557 622 183.086.763
Grand Rapids.
3.929.950
5,293.403 -25.8
6,994,362
8.040,088
Lansing
2,986,201
3,298.679 -9.5
4,330.000
3,710.231
Ind.-Ft. Wayn
1,925,419
3,591,043 -46.4
4.729,005
4,458,403
Indianapolis...
18.541,000
25.119,000 -26.2
29,298,000
26,906,000
South Bend...
1,240,949
6,118,438 -79.8
5.885,011
3,794.986
Terre Haute_ _.
6.336.899
6,073.588 +4.3
6.983,133
7.921,110
Wis.-Milwauk a
23,998,900
33.299,153 -27.9
41.369,316
47,095,796
Iowa-Cad.Rap.
2,548.350
3 180.964 -19.9
3.681.326
3,476,280
Des Moines...
5.222,429
7.356,639 -29.0
10,733,145
11,649.006
SiouxCity_ --.
3.781,807
5,728,663 -34.0
6.785.500
6,308,599
Waterloo _ - _ -.
795.373
1,264 000 -37.1
1.818.672
1,722.050
Ill.-Bloom'ton_.
1.493,427
1.769.444 -15.6
1,826,353
1,724.305
Chicago
. 364,054.868 639,479,267 -43.1 672,972,471 765,728,178
Decatur
.
922.057
1.192.641 -22.6
1.175,269
1,191.456
Peoria
3,082.040
4,810,504 -36.0
6.095,481
5.809,208
Rockford
.
1,298,620
3.394,057 -66.8
4.367.398
4.232.101
Springfield_ ..-.
1,304,497
2,129.627 -38.8
2.651,808
3,001,118
Total(20 cities) 562.639,942 0)6.199,666 -38.6 1,009,963,171 1,091,342.768
Eighth Feder a I Reserve Die Wet-St. LouisInd.-Evansville4.961,860
4,476.182 +10.8
Mo.-St. Louis_. 83,200.000 112,600.000 -26.1
Ky.-Louisville...
18,527,237
37.821.160 -51.1
Owensboro_ .
211,101
331,076 -36.2
Te n n.-Mem ph 4
10,851.851
16.398.372 -33.9
Ark.-LittleRoc s
5,834,008
10,892,899 -46.5
III.-Jacksonvll18
*100,000
166,052 -39.8
Quincy
940,369
1,087,385 -13.3
5,541,472
121,600,000
34,248.224
370,763
17,884,192
12,970,596
482,297
1,789,809
6,135,480
128,100.000
35.061,914
356.837
17,031.680
9,838.234
423,643
1,507.830
124,626,426 183,773,106 -31.6 194,887,353
Ninth Federa1 Reserve Die trict-Minn eapolisMinn.-Duluth_.
3,729,918
5,057,070 -26.3
8 796.546
Minneapolis...
. 56,372,327
76.760,684 -26.5
77.666,802
St. Paul
. 17,742,606
22.088.897 -19.7
25,759.617
N. Dak.-Fargo.
1,677,894
1.868,004 -10.3
2.123,176
B. D.-Aberdee n
751,629
946,067 -20.6
1,130,394
Mont.-Billings _
439,599
627,363 -29.9
735.793
Helena
1,969,994
2,213.603 -11.0
3,354,000
198,455.618
Total(8 cities)
6.178 337
80,423,374
29,764,340
1.986,641
1,326,693
601,347
3,330,000
Total(7 cities) _
82,683,967 109,561,688 -24.6 119,566,328 123,610,732
Tenth Feders 1 Reserve Die Wet-Kane as CityNeb.-Fremont._
299,049
318,954 -6.2
433.476
525.069
Hastings
_
510.221
514,221 -0.8
624.964
566 449
Lincoln
3,102,048
3,670.145 -15.5
4,340.068
5,429,804
Omaha
27,688,873
39.129,402 -29.3
42,251,385
41,538 872
Kan.-Topeka.3 127,365
3.995,225 -21.7
4.045.235
4,310.433
Wichita
5,744,719
8.597,725 -33.2
10,971,174
12,612,711
830.-Kan. City _
76,071,908 109,002,364 -30.3 137,390.601 123.433,806
St. Joseph _ _ _ _
3,731,223
4.908,1135 -24.0
6.273,082
6.040,210
Col.-Col. Spgs _
668,310
1,006,656 -33.7
1,565,898
1,627,418
Denver
a
a
a
a
a
Pueblo
1.344,921
1.245,264 +8.8
1,957.568
1.524,651
Total(11 cities) 122,288,637 172.388,121 -29.1 209,853,451
197,609,423
Eleventh Fed e rat Reserve District-Da Has•
Texas-Austin.._
1,482,354
1,528,534 -3.0
1,945,439
1,642,581
Dallas
30,427,749
36 658.059 -17.0
47,290.714
42,647 290
Fort Worth ..
8,479.958
10,283,662 -17.5
13,740,214
12 751 086
Galveston_ __ _.
2,534,000
4,177,000 -46.5
4,172,000
4,379,000
La.-Shreveport.
3,424,110
5,118,484 -33.1
6,359,647
5,504,451
Total(5 cities) _
46,048,171
57,765,739 -20.3
72,503,014
66,924,408
Twelfth Fed cal Reserve D istrict-San Franci co-Wash.-Seattle- _
28,672.805
37,635.324 -23.8
49,300,780
46,519,430
Spokane
8,898,000
14.643.000 -24.6
13,447,000
13,587.000
Yakima
734.840
974,623 -23.6
1,614.010
1,731,214
Ore.-Portland._
25,661,319
34.060,352 -24,9
39 696,637
38,818,502
Utah.-S.L.CBy
13,995,544
18,311.176 -23.6
20,408,056
17,021.935
Calif.-L'g Besch
5,336,326
7,269,951 -26.6
9,072.873
8,277.647
Los Angeles.- _ No longer will report clearin go.
Pasadena _ _ _
4,258,627
5.564,107 -23.5
6,819.268
6,208,146
Sacramento-- _
9,284,537
7,758,053 +19.3
5,984,898
7,950.303
San Diego__ _
3,863,944
5,548,511 -28.6
6.990,073
6,622,979
San Francisco _ 142,830,076 194,919,699 -26.8 193.218,958 215,485,000
San Jose
_
3,389,838
3,473.459 -2.1
4,492,100
4,433,133
Santa Barbara _
1,635.575
2,097,220 -22.0
2,075,849
2.047,246
Santa Monica.
1,400,680
1,979,449 -29.3
2.375.458
2,296,402
Stockton
_
1,835.800
2,273.400 -19.3
3,007,300
3,201,700
Total(14 clti 0 251,697,911 333,509,224 -24.6 358,503,260 375,080.717
Grand total (1 4
cities)
- 8,809,616,216 11166 519,278 -22.2 14305794,986 12021817,810
Outside N.Y.. _ 2,808,144,717 3,827,462,429 -16.6,4,353,886,110 4.225.268,224
1
Week Ended July 2.
Clearings at1931.
1930.
Inc. Or
Dec.
1929.
1928.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminstr
Medicine Hat....
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
105,008,206
88,953,483
33,036,113
15.491,177
5,342.058
5,188,199
2,528,359
4,760,259
5,148,313
1,688,769
1.691,717
2,850,741
4,216,700
2,617,718
350,399
371.667
1,402,342
688,707
884,029
560.539
617.827
236,435
549,266
805,844
830,460
2,458,112
352,806
813,801
727,693
523,768
420,861
678,300
$
170,874,346
104,141,679
59,110,731
19,164,644
6,858,944
8,919,718
3,415041
6,476,226
7,973,348
2,263,882
2,629,042
3,685,684
6,276.375
4,502,699
465,814
549,602
1,922,392
1,272.870
1,205.674
797,652
918,578
408,251
930,535
871,434
1,173,641
4,623,335
473,444
1,033,575
1,246,199
635.016
685,188
1,460,663
%
-38.6
-14.6
-44.1
-19.2
-22.1
-41.8
-26.0
-26.5
-35.5
-25.6
-35.7
-22.6
-32.8
-41.9
-24.8
-32.4
-27.1
-45.9
-26.6
-29.3
-32.7
-42.1
-40.9
-7.5
-29.2
-46.8
-25.5
-21.3
-41.7
-17.5
-38.6
-53.5
$
208,038,403
145,690,903
81,016,256
22,196,747
8,059,186
9,051,688
4,819,838
7,240,367
10,585,955
3.117,314
3,503,085
3,890,347
6,920.340
7,139,032
700,275
662,734
2,482.455
1,653,266
1,583,832
1,055,999
1,090.649
621,860
1,111,574
1,042,287
1,278,619
5,146,702
526.425
1,060,087
1,167.601
838,825
541.96$
$
179,776,732
138,035,530
91,521,469
22,693,964
7,449,665
7.923,821
3.492,463
7,320,570
10.524.999
2,889,884
3,669,944
4,081.273
6,718,589
5,022,349
675,138
749,585
2,461,058
1,456,881
1,645,389
1.227,727
1,002,099
518.509
616,329
1,134,523
1,301,408
4,792,626
471.513
962,652
1,291.40$
698,111
735.430
Total(32 skies)
291,794,665
426,966.222 -31.7
543,834,618
512,861.618
a No longer reports weekly clearings. •Estimated.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
July 9. July 10.
July 8.
July 7.
July 6.
July 4.
13 15-16
1334
123.1
1334
13 9-16
Silver. p. oz_d_ 1331
846.1054d
Gold.p.fine oz_ 84-5.1031d. 84.3.10%d. 84s.1034d. 84s.10Xd. 84s.1031el.
6014
6034
6038
6031
6034
Consols.234%. 6038
10334
10334
10334
10338
10334
British. 5%_ -10134
10134
10131
10134
10134
British, 434%_
French Rentes
88.30
88.20
88.00
87.90
87.40
(in Paris)_fr. __-French War L'n
104.00
104.00
103.90
103.80
103.80
(in Paris)..fr_ ----
The price of silver in New York on the same days has been:
Sliver In N. Y., per oz.(cts.):
29
2934
Foreign
2934
2834
2834
663.732.774
121,304.177
454,728,880
123.931.053
168.910,237 620,307.344
127,849.923 148,363.361
41,080,314 471.943.983
Available cash balance. 542,423.597 330.797.827
*Includes July 1. 811.642.772 silver bullion and $4,603,649 minor. &c., coin
not included in statement "Stock of Money."
Preliminary Debt Statement of the United States
June 1931.
The preliminary statement of the public debt of the United
States June 30 1931, as made upon the basis of the daily
Treasury statement, is as follows:
.
Consuls of 1930
9% Console
2% PtillaM11.13 of 1916-36
2% Panama's of 1918-38
2% Panama's of 1961
3% Conversion bonds
231% Postal Savings bonds
First Liberty Loan of 1932-4731.392,239,350.00
33.4% bonds
5,003,950 00
4% bonds_
536.285.000.00
434% bonds_
AM% Fourth Liberty Loan of 1933-38
Treasury bonds of 1947-52
834%Treasury
bonds of 1944-54
bonds of 1948-56
bonds of 1943-47
bowls of 1940-43
bonds of 1941-43
bonds of 1946-49
Total bonds
Treasury NotesS34% Series C 1930-32, called for redemption
Dec. 15 1931
4% Civil Service-Serfea 1932 to 1936
E% Foreign Service-Series 1933 to 1938
Treasury Cen6/kale.234% Series TS 1931, maturing Sept. 15 1931
131% Series TS2-1931, maturing Sept. 15 '31
134% Flerlea TD-1931, maturing Dec. 15 1931
134% Series TD2-1931, maturing Dec. 15 1931
2% Series TA1-1932, maturing Mar.16 1932-
3599.724,050.00
48.954.180 00
25.947.400 00
49,800,000.00
28.894,500.00
22,834.660.00
$776.154.790.00
81,933,528.300.00
6.268.218.450.00
8.201.746.750.00
$758,983,300.00
1.036,834,500.00
489,087,100.00
493,037,750.00
359.042,950.00
594,230,050.00
821.406,000.00
4,552,621.650.00
213,530.523,190.00
3451,718.950.00
167,900.000.00
1,289,000.00
$334,211,000.00
300,176,000.00
268,381,000.00
275,118,000.00
623.891.500.00
$1,801,777,500.00
121,800,000.00
Treasury Bias (Maturity Value)Maturing July 1 1931
Maturing July 2 1931
Maturing July 17 1931
Maturing July 27 1931
Maturing Aug. 3 1931
Maturing Aug. 10 1931
Maturing Aug. 17 1931
Maturing Aug. 31 1931
850,427.000.00
50,428,000.00
50,102,000.00
53.510,000.00
60.100,000.00
50,000.000.00
50,000,000.00
80.013,000.00
1,923,577,500.00
$190,641,927.97
33,788,385.00
2,042,294.51
3,401,148.97
229,873.756.45
$16,801,281,491.71
COMPARATIVE PUBLIC DEBT STATEMENT
[On the basis of daily Treasury statements.]
Aug. 31 1919
When War Debt Was June 30 1930.
A Year Ago.
at its Peat.
Gross debt
326.596.701.648.01 $16.185,309,831.43
318,607,168.11
Net balance in general fund
1.118,109.534.76
Gross debt less net balance in general fund.$25,478,592.113.25 $15.866,702,663.32
March 31 1931.
May 31 1931.
Last Quarter.
Last Month.
June 30 1931.
316,582.868.436.72 $18,527,128,569.77 $16.801,281,491.71
Gross debt
41.060,313.95
542.428.597.48
471,943.983.32
Net bal. In general fundGross debt less net balance In general fund.$16,040,439,839.24 $16.488.068.255.82 $16,329,337,508.39
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for June] 1931
and 1930 and the twelve months of the fiscal years 19304931
and 1929-1930:
Twelve Months
-Month of June1930-1931.
1929-1930.
1931,
1930.
Receipts.
Ordinary$
8
$
8
28,985,726 72,170,328 378,354,005 587,000,903
Customs
Internal revenue:
295,765,414 526,443.936 1,860,394,295 2,410,986,977
Income tax
Miami'. Internal revenue-- 51,274,839 57,560,459 569,386,721 628,308,036
Miscellaneous receiptsProceeds Govt.-owned secure.:
Foreign obligations19,962,525 45,786,468
51,588,133
Principal
97,634.288
91,873,025 71,355.131 184,474.622 141,931,519
Interest
466,192
16,767.028
11,485.515
Railroad securities
245,489
All others
1,106,015 1,012.315
11,558,914
8.785.658
Trust fund receipts (reappropriated for investan't) 6.821,325 4.260,080
46.397,682
61.159.058
Proceeds sale of sure. prop- 5,994.317 8,438.270
8.641,223
15,830.587
Panama Canal tolls, &a._ 1,848.689 2,086,736
26,624.253
28.253,128
Other miscellaneous
9,016,408 13.915.049 148,285,242 201.327,409
Total ordinary
$16.519.588.640.00
512.893,772 803,494,964 3,317.233,494 4.177,941,702
Excess of ordinary receipts
over total expends, chargeable against ordinary rcts_ _137,741,247 386,695,631
Excess of total expenditures
chargeable against ordinary
receipts over ordinary rots.
183,789,215
902,716,845
Expenditures,
Ordinary(Checks & warrants paid, &c.)
General expenditures
230,966,713 186,806,439 2,390,477.277 2,162,708,935
Interest on public debt.a.--- 94,153,634 98,569,619 611,559.704 659,347,613
Refund of receipts:
1,737.199 2,751,394
21,369,007
24,091,809
Customs
7,279,192 19,423,081
69,887,929 133,852,183
Internal revenue
26,626,298 16.639.580 145.643,613
91,714,451
Postal deficiency
681.225
755.205
9,299,057
11,328.542
Panama Canal
Operations in special accounts:
59.536
55,909 •
5245,610
Railroads
54.795,788
889
172.154
War Finance Corporation_
178.927
558,839
10,138,396 9,135,988
33,961,996
Shipping Board
31,695,159
Agricultural marketing fund
521,265.973 36,838.474 190,540.855 149,958.274
(net)
49,619
524.260
1.185,836
Alien property funds
968.986
190,194 224,216,286 112,312.727
Adjusted-service ctf. fund__ 51,026,706
573,587
20,304.248
Civil service retirement fund_ 5112,915
20,433,867
Investment of trust funds:
59,626.371
Government life Insurance- 6,437,936 4,229.763
43,469,105
District of Columbia teach30.317
570,582
ers' retirement
516,706
42,000
14.000
336,930
Foreign service retirement313,282
383.389
962,104
General railroad contingent
2,411,872
356,163,025 375,346,632 3,779,868,339 3.440.268,884
Pub. debt retirements chargeable against ord. receipts:
Sinking fund
Purchases & retirements
from foreign repayrols 18,980,500 41,452,500
Received from foreign govts
under debt settlements
Received for estate taxes
Purchases & retirements
from franchise tax receipts (F. R. and Fed.
Intermediate cred bks.)
200
9.000
Forfeitures, gifts, &c____
Total
444.580.000.00
51,819,095.26
3346,681,016.00
156,039.088.03
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency...
Thrift and Treasury savings stamps, unclassified sales, dm
Total ordinary
620,907,950.00
tt% Adjusted Service Certificate fund, series
maturing Jan. 11(132
Total Interest-bearing debt
Debt Bearing No InterestUnited States notes
Less gold reserve
$1,639.970.26
3,994,300.00
6,514,350.00
20,650 00
1,233,650.00
33,312.600.00
3,988,300.00
10.000 00
1,105,275.00
2834
11931.
11•5114sys at U.S. Treasury Apr. 11931. May 1 1931. June 1 1931. July
$
$
$
$
217,525,649
Net gold coin and Wilma- 213,220,953 209.526,569 207,187.134
15.551,377
15.656.989
15,539,433
13,558,690
Ne teilver coin and bullion
3,523.480
3.059.069
2.754,399
3,468,022
Net United States novae..
17.890.685
18.193,898
19.136,376
16,417,496
Net national bank notes _.
1,413,350
1,289,190
1,000.255
1.018,580
notes
Reserve
Federal
Net
42,487
26.644
40,981
23.801
Net Fed'I Rea, bank notes
5,693.530
6,282,726
6,656,039
6,441.850
Net subsidiary aUver____.
5,398.080
5.245.390
5,590,172
5,448,997
tfittnor coin, &el
Total cash in Treasury _ 259.598,389 260,244,224 256.936.940 *267.038,638
156.039,088
Leo gold reserve fund- 156.039.088 156.039.088 156.039,088
Cash balance in Treas'y 103.559,301 104,205.136 100,897.852 110.999,550
Dep.In'peel depositories,
account Treatey bonds,
Treasury notes and cer12,435.000 413,125,000
tificates of indebtedness 475,081,000 276,270,000
63,590,332
25.075,400
45.784,638
55.570,762
Dep. in Fed') Rea. bank
Dep. In national bents:
7.832,610
7.176,928
7,962,488
7,511.134
To credit Treas. U. B.20.457,532
19.599,718
19,278,336
18.536.269
To credit disb. officers_
979,650
892,595
512,440
876,293
Gash in Philippine Islands
3,322,670
2,832,744
1.545.410
1,768,467
Deposits in foreign depts.
banks.
Land
Dep.In Fed'I
Net cash in Treasury
and in banks
Deduct current liabilities_
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to Apr. 1 1917
Second Liberty Loan bonds of 1927-42
Third Liberty Loan bonds of 1928
834% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury bills
Treasury savings certificates
Total gross debt
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury
at the beginning of business on the first of April, May,
June and July 1931:
6%
334% Treasury
334% Treasury
334% 'Treasury
3111% Treasury
EH% Treasury
[VOL. 133.
FINANCIAL CHRONICLE
238
18.989,500 41,452,700
391,660,000
48,245,950
388,368,950
51,135,000
109,790,850
73,100
91,400
84,650
4,455,000
60,703
440,082.000
553.883,603
Total expends, chargeable against ord.rcts.375,152,525 416.799,332 4.219,950,339 3,994.152,487
Receipts and expenditures for June reaching the Treasury In July are included.
a The figures for the month include 841.418.86 and for the fiscal year 1931 to
date $426.758.61 accrued discount on war-savings certificates of matured series.
and for the corresponding periods last year the figures include $39,773.72 and
3423,090.98. respectively.
S Excess of credits (deduct).
JULY 11 1931.]
FINANCIAL CHRONICLE
239
Treasury Cash and Current Liabilities.
The exports from the several seaboard ports for the week
The cash holdings of the Government as the items stood ending Saturday, July 4, 1931, are shown in the annexed
June 30 1931 are set out in the following. The figures are statement:
Exports fromliTheat.
Corn.
Flour.
taken entirely from the daily statement of the United States
Oats.
Rye.
Barley.
Treasury as of June 30 1931.
Bushels. Bushels. Barrels. Bushels. Bushels, Bushels.
New York
CURRENT ASSETS AND LIABILITIES.
GOLD.
duets-LiabilitiesGold coin
798,176.225.02 Gold Ms.outstanding-1,701,520,889.00
Gold Million
2.897,560.600.98 Gold fund. Fed. Reserve
Board (Act of Dec. 23
1913. as amended June
21 1917)
1.776,690.377.86
Gold reserve
156,039.088.03
Gold in generalfund
61,486.561.11
Total
3,695.736.916.00 Total
3,695.736.916.00
Note.-Reserve against $346,681,016 o U. S. notes and $1,239,750
of Treasury
notes of 1890 outstanding. Treasury notes of 1890
are also secured by silver dollars
In the Treasury.
AssetsSilver dollara
Total
SILVER DOLLARS.
Liabilities498,497,381.00 Silver ctts. outstanding- 493.349.028.00
Treasury notes of 1890
outstanding
1,239,750.00
Silver dollars in gen.fund
3,908,605.00
498.497.381.00 Total
498,497.381.00
GENERAL FUND.
Liabilities61,486,561.11 Treasurer's cheeks out3,908.605.00 standing
599.832.93
3,523,480.00 Deena. of Gov. officers.
1,413,350.00
Post Office Dept
6,366.796.72
42,487.00 Board of Trustees,
17,890,685.00
Postal Say. System.
5,693,530.40
5% reserve. law4.603,649.38
ful money
11,823,947.72
11,642,772.02
Other deposits10,379,978.99
Postmeaters, clerks of
794,430.90
courts, disbursing
officers, dm
58,389,177.58
63,590,331.42 Deposits for:
Redemption of F. It.
notes(5% fd., gold) 30,166,138.13
Redemption of nat'l
413,125,000.00
bank notes(5% M..
lawful money)
29,496,218.38
1,000,245.51
Retirement of add'I
eke:Mali notes. Act
2,322,424.56
May 30 1908
1.350.00
Uncollected items. ex7,832,609.74
changes, dm
1.139,920.71
AsseteGold (see above)
Sliver dollars (see above)
United Staten notes.
FederalIteeerve notee...
Fed. Res. bank note:I-National bank notes.___
Subsidiary sliver coinMinor coin
Sliver bullion
Unclassified, collections,
Ac
Deposits in Federal Reserve banks
Deposits in special de.
Deaneries acct. of sales
of Treasury bonds and
etre. of indebtethess
Deposits in foreign dep.
Tocred itofTress.U.S.
To credit of other Government officers_ __
Deposits in nat'l banks
To creditofTreas.U.S.
To credit of other Government officers __- 20,457,532.26
Dep.in Ph illp pInt:Trees
148,363,361.14
TocreditofTreas.U.S.
979,650.17 Net balance
471,1143,983.32
Total
620,307.344.46
Total
620.307.344.46
Note.-The amount to the credit of disbursing offleets and agencies to-day
was
$300,915,204.82.
Under the Acts of July 14 1890, and Dec. 23 1913. deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve
Bank notes are
paid in to the Treasury as miscellaneous receipts, and these obligations
are made,
under the Acts mentioned, a part of the public debt. The
amount of such obligations to-day was 833.788.385.
$1,139,730 in Federal Reserve notes and $17,859,975 in
bank notes are
In the Treasury in process of redemption and are charges National
against the deposits for
the respective 5% redemption funds.
grnninercialand paiscellitmeonsgem
Breadstuffs figures brought from page 318.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour. 1 Wheal. I Corn, .1 _ Oats.
Barley.1._ Rc
i
bbls.1961bs. bush.60 lbs. bush. 55 lbs.bush. 32 lbs. bush.481bs.trush.56lbs.
148,000
Chicago
681,000 2,071,000
194.000
35,000
Minneapolis_
737,000
99,000
71,000
93,000
53,000
Duluth
1,301,000
43,000
6.000
63.000
22,000
Milwaukee
11,000
171,000,
70,000
175,000
41,000
Toledo
147,000,
15,000
19.000
1,000
Detroit.
8,000
8,000
4,000
Indianapolis.19,000
7 ::'
451,
0
140.000
St. Louis__ _
84,000
483,000
448.0001
66,000
3.000
Peoria
1,000
12,000
15,000
190,0001
39,000
1,000
Kansas CitY
5,172.000
435.000
4.000
Omaha
84000
,
223000
,
2,000
St. Joseph-203.000
100.000
8,000
Wichita
2,562,000
14,000
Sioux City_
12,000
11.000
6,000
1,0001
Total wk. '31 244,000 11.489,000 4,140.000
751,000
80.000
Same wk. '30 318,000 5,848,000 2,470,000 1,215,000 274,000
49,000
Same wk. '29 427,000 11,393,000 5,787,000 2,003.000 297,000
625,000 118,000
Since Aug.1I
1930
19,648,000424,731,000194,077,000
7,113,00020,643,000
1929
20,443,000354,582,000 248,013,0001103,716.0004
31,643.000 63,305,00023,146,000
1928
23,232,000476,326,000262.970,000 138.511.0009
1.706,00025,615,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 4, 1931 follow:
k
Receipts at- Flour.I Wheat.
Corn.
I Barley.
Rye.
-.--.
Lows
r-------------- --0b1s.19filbs.bush.60 lbs. bush.56 lbs. h.32 tbs.bush.481bs
.bush.5431bs.
New York
148,000
817,000
53,000
35.0001 228,00o
Philadelphia_
25,000
29,000
18,000,
1.0001
Baltimore....
13,000
141,000
l7.000i
31,000,
5,000
New Orleans*
180.000
60,000
15,000
21.0001
Galveston1,721,090
Montreal-75,000
908,000
257,000! 948.000
26,000
Boston
21,0901
6,000
Total wk. '31 342,000 3,796,000
86.000
388,000 1,176.000
Since Jan.1'31 10,570,000 84,270.000 1,769,000 5,009,000 15,487,000 . 31.000
1,708,000
Week 1930- 272.000 1,537,000
55,000
74,0001
3,0001
1,000
Since Jan.1'3012,677,000 54.870,000 2,480,000 2,558,000 375.000 392,000
*Receipts do not include grain passing through New Orleans for foreign
ports
on through hills of lading.
Philadelphia
Baltimore
Norfolk
Sorel
New Orleans
Oslveston
Montreal
Houston
Quebec
1,208,000
208,000
388.000
270,000
230,000
120.000
80,000
908.000
Total week 1931.. 3,412,000
Sameweek 1930- 2,707,000
22,979
10,000
352.000
2,000
9,000
9,000
2.000
16,000
1,000
75,000
2,000
2,000
257,000
26,000 948,000
119,979
205,885
263,000
59,000
28.000 1,300.000
30,000
The destinat on of these exports for the week and since
July 1, 1931 is as below:
Exports for Week
and Since
July 1 to-
Flour.
Week
July 4
1931.
Since
July 1
1931.
wneog.
Week
July 4
1931.
Barrels. Barrels. Bushels.
United Kingdom_ 88.959
88,959 1,873,000
Continent
15,020
15,020 1,400,000
So.0, Cent. Amer_ 3.000
3.000
20.000
West Indies
10,000
10,000
6,000
Other countries_._ 3,000
3,000
113,000
Total1931
119,979
119,979 3,412,000
Total 1930
205.865
205.865 2.707.000
Since
July 1
1931.
corn.
Week
Julit 4
1931.
Since
July 1
1931.
Bushels. Bushels. Bushels.
1,873,000
1,400,000
20.000
6,000
9,000
9,000
113.000
3.412,000
2.707.000
9.000
2.000
9,000
2.000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Curreney, Treasury Department:
CHARTERS ISSUED.
June 27-First National Bank In Wheaton, Minn
President, Andrew Peterson. Cashier, Gordon Kristensen.
June 29-First National Bank in Ord, Neb
President, Frank Koupal. Cashier, W.C. H. Noll.
June 29-The First National Bank In Reading, Mass
President, Clarence 0. White. Cashler, Guy W.
Stantial.
June 29-First National Bank In Montgomery, New York____
President, William J. Mould, Cashier, Kenneth E.
Greene.
June 30-First National Bank in Avon-by-the Sea, N
J
President, S. Thomas Penna. Cashier, Ernest
B.
Messier.
July 3-The Klein National Bank of Madison, Minn
President, C. H. Klein. Cashier, 0, W. Schulz,
VOLUNTARY LIQUIDATIONS,
June 29-The First National Bank of Whitewater, Wig
Effective close of business June 27 1931. Liquidating
Commission: T. M.Blackman, H. G. Andersen and
M.G. Halverson, all of Whitewater, Wis. Absorbed
by Citizens State Bank, Whitewater, Wis.
June 29-The First National Bank of Hendricks, Minn
Effective June 25 1931. Liquidating Agents: Chas. C.
Swenson and L. A. Larson, Hendricks, Minn.
Absorbed by the Farmers National Bank of Hendricks. No. 9457.
June 29-The Hartford National Bank, Hartford, Kan
Effective June 23 1931. Liquidating Commission:
R. D. Carpenter,(8.0. Gardner and Wm. F. Neinstedt, care of the liquidating bank. Absorbed
by
Hartford State Bank, Hartford, Kan.
June 29-The First National Bank of Green Forest, Ark
Effective Juno 23 1931. Liquidating Commission:
F.0. Butt, C. C. O'Neal and C. P. Irby, care of the
liquidating bank. Succeeded by the First National
Bank in Green Forest, No. 13543.
June 30-The Merchants National Bank of Plattsburgh, N.
Y
Effective June 24 1931. Liquidating Commission
:
Jay A. Freeman, B. E. Holden and Donald H.
Guibord,care of the liquidating bank. Succeeded by
Merchants National Bank in Plattsburg, No. 13548.
June 30-The Garfield National Bank, Garfield, Wash
Effective June 261931. Liquidating Commission: J. E.
Miller and A. F. McClaine Jr.,care of the liquidating
bank. Absorbed by the State National Bank of
Garfield, No. 12231.
June 30-The First National Bank of Ducor, Calif
Effective June 18 1931. Liquidating Agent: F. W.
Veil°, care of Bank of America, Porterville, Calif.
Absorbed by Bank of America of California, Los
Angeles, Calif.
June 30-The Security National Bank of Florence. Colo
Effective June 26 1931. Liquidating Agent: J. M.
Dodson, Florence, Colo. Absorbed by the First
National Bank of Florence, No. 5381.
July 1-The Alpena National Bank, Alpena, Mich
Effective June 24 1931. Liquidating Commission:
Carl R. Henry, Arthur Christopherson and Nason
C. Johnson, care of the liquidating bank. Absorbed
by Alpena Trust & Savings Bank, Alpena. Mick.
July2-The First National Bank of McGehee. Ark
Effective July 1 1931. Liquidating Agent: W. E.
Thompson, McGehee, Ark. Succeeded by McGehee
Bank & Trust Co., McGehee, Ark.
July 2-The Commercial National Bank of Lafayette, La
Effective June 30 1931. Liquidating Agent: T. L.
Evans, Lafayette, La. Succeeded by the Commercial Bank of Lafayette & Trust.Co., Lafayette,
La.
July 3-First National Bank & Trust Co. of Middletown, N.Y.
Effective June 4 1931. Liquidating Agent: The First
Merchants National Bank & Trust Co. of Middletown, N. Y. Succeeded by the First Merchants National Bank & Trust Co. of Middletown, N. Y. No,
13528.
July 3-The First National Bank of Gresham, Nebr
Effective June 29 1931. Liquidating Commission:
H.I. Hylton, W. N. Hylton and Arthur Watford, all
of Gresham, Nebr. Absorbed by Gresham State
Bank, Gresham, Nebr.
CONSOLIDATION.
July 3-The First National Bank of Kenton, Ohio
July 3-The Commercial Bank. Kenton, Ohio
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of the
First National Bank of Kenton, No. 2500, and under
the corpora:A title of "the First Commercial
tional Data of Keaton," with .capital stockNaof
1100.000.
Capital.
150.000
60,000
100.000
40.000
50.000
50,000
1100,000
25,000
25,000
25.00
200,000
25,000
25,000
25,000
150.000
1.00,000
100.000
100,000
30,000
350.000
50.000
July
[Vol.. 133.
FINANCIAL CHRONICLE
240
CHANGES OF TITLE.
1-The Catskill National Bank, Catskill, New York to
"Catskill National Bank & Trust Co."
1-Central National Hank of Hattie Creek, Michigan, to
"Central National Bank & Trust Co. of Battle Creek."
Name of Cornpang.
When
Per
Cent. Payable
Books Closea.
Days Inausles.
Public Utilities (Concluded).
Old Colony Light & Power,corn.(quar.)_ •600. July 2 *Holders of rec. June
*194 July 2 *Holders of rec. June
Preferred (quar.)
Pacific Gas & Elec.,6% pref. (quar.)___ *37340 Aug. 15 *Holders of rec. July
9.34540 Aug. 15 *Holders of rec. July
554% preferred (Oust.)
following,
the
Auction Sales.-Among other securities,
Pacific N. W.Pub.Serv., pref.(quar.).:. *1.80 Aug. 1 *Holders of rec. July
*21.25 July 10 *Holders of rec. June
& Northern fly.(guar.)
not actually dealt in at the Stock Exchange, were sold at auction Piedmont
"15.1 Aug. 1 *Holders of rec. July
Potomac
Edison,7% pref.(quar.)
Wedneson
in New York, Boston, Philadelphia and Buffalo
*194 Aug. 1 *Holders of rec. July
6% preferred (quar.)
*500. July 15 *Holders of rec. July
Public Electric Light
day of this week:
Rhode Island Pub. Serv., el. A (guard-- 51 Aug. 1 Holders of rec. July
50c. Aug. 1 Holders of rec. July
By Adrian H. Muller & Son, New York:
(quer.)
Preferred
70. Aug. 1 Holders of rec. July
$ Per Sh. Seaboard Utilities, corn.(quar.)
Per Sh. Shares. Stocks.
Shares. Stocks.
Pro34 July 1 *Holders of rec. June
'1
Power
Institutions
pref.
Telluride
Co..
(guar.)
Educational
950
$15 lot Underground Elec. Rys. of Londontective Assn., no par
1 East 235th St. Corp., Par 2500:
*3
Amer. dep. rcts. ord. reg. (Interim)
25 Empire State Bancorporation.
5 First Aid Supply of the Red
$29 lot Union Electric Co. (Paris)Inc.. el.B,no par
Cross, pref.; 10 Geoffrey & Co.:
Per Cent.
Amer. dep. rcts. for ord. bearer shs.*11 54 fr. July 8 'Holders of roe. July
Bonds.
66 Pinelawn Cemetery. Ott. of
Share
&
Un. Lt, Rys.(Del.), 7% pt. (mthly.)' 58 1-3c Aug. 1 *Holders of rec. July
Bondholders
Amer.
$25,000
int., no par: 18 2-3 Richmond
*53r. Aug. 1 *Holders of rec. July
25
6.36% prior preferred. (quar.)
Corp. deb. 450, 2027
$410 lot
Hosiery Mills, pref. B
.050c. Aug. 1 *Holders of rec. July
6% prior preferred (quar.)
$75 lot $1,000 Troy City RY. 1st 5s, 1942,
100 Dorman Mills(W.Va.)
*50c. Aug. 1 *Holders of rec. July
Pow.,
&
April
(qu)
Western
A
Light
Cl.
Telep.,
duplicate.
reg.: marked
100 Peter & Saul's Character
•1541 July 31 *Holders of rec. July
$11 let Wisconsin Telephone, pref.(quar.)
1930& sub.coup.attached
$2,141 lot
Clothes. Inc., no par
July
By R. L. Day & Co., Boston:
$ Per Sh.
Shares. Stocks.
• McKinley Gold Placer, corn.
trustees receipt par.$5:200 Socold
Refrigerating Co., pref., par. $10;
2 Nashua St. fly., pref., par $50_$5 lot
10 Merchants Nat. Bank_ _500 ex. Mr.
100
SChariestown Trust Co
107)1
nudlow Mfg.Associates
5 Per Sh.
Shares. Stocks.
39 No. Bost. Ltg. Properties, core.
60
v.t.c
17 10-30 National Service Co.. pref. 30
Per Cent.
Bonds.
$2,000 Kinney Mfg. Co.7s, Aug.'42 9555
$5,000 Imperial Russian Govt.,534s
$75 lot
Dec. 1921
By Wise, Hobbs & Arnold, Boston:
1 per Sh.
Shares. Stocks.
12 Dartmouth Mfg. Corp.,com---- 255f
5 TYpon Theatre Ticket Agency.
$1 lot
pref
15
2 units First Peoples Trust
$ per Sh.
Shares. Stocks.
71 10-30 National Service Cos., pf_23-30
125 lot
Corp.,par
Zinc
&
Lead
Etna
2,000
15-1554
21 units First Peoples Trust
13 special units First Peoples Trust_ 3
By Barnes & Lofland, Philadelphia:
per Sh.
Shares. Stocks.
10 Central-Penn Nat. Bk., par $10_ 493i
10 Central-Penn Nat. Bk., par $10_ 49
3643
2 First Nat. Bk.of Phila
38 Philadelphia Nat. Bank, par $20111
116
2 Audubon (N. J.) Nat. Bank
10 Commercial Nat. Bk.Sr Tr. Co.,
16
par $10
10 Adelphia Bk.& Tr. Co., par $10 655
Co.,
Tr.
&
Bk.
Nat.
Exch.
Corn
34
895(
par $20
50 Real Estate-Land Title & Trust
27
Co., par $10
$ per share.
Shares. Stocks.
155
4 Real Estate Trust Co
130341
$10
par
Co.,
Trust
Girard
10
36 Pa. Co. tor Ins. on Lives, dm,
7352
par $10
Per Cent.
Bonds.
$3,000 Terminals & Transp. Corp.
of America let coll. 6558. ser. A,
$10 lot
1947, ctf.of deposit
$10 lot
1947, ctf. of deposit
$2,000 Huntingdon dr Broad TOP
Mtn.RR.dr Coal, cons. 58, 1940- 551
By A. J. Wright & Co., Buffalo:
$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
10 International Rustleas Iron,
500 Creighton Fairbanks Mines.
500.
21
par
lot
21
par $1
110.
igc 5 Zenda Gold Mines, par $1
1,000 Area Mines, par 21
By Baker, Simi:Inds & Co., Detroit, on Friday, July 3:
Per Cent.
Bonds.
Per Cent.
Bonds.
$4.000 Republic Finance & Inv. Co.
$5,000 Crowley Milner & Co. deb.
lot
$80.25
A.
1932
ser.
notes,
coll.
6%
lot
890.75
1937
$3,000 Union Trust Bldg. 2d mtge.
$90 lot
1947
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Cuba RR., preferred
H.C. St. I.. & Chic.,6% pref. (quar.)
Michigan Central
Mobile & Ohio-Dividend omitted
Hudson 44 Manhattan, pref
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
3
Aug. 1 Holders of rec. July 20
*194 Aug. 1 *Holders of rec. July 17
July 31 *Holden of rec. July 21
*25
*25i Aug. 15 *Holders of rec. Aug.
1
Public Utilities.
Arkansas-Missouri Power. pref.(Ward - 4.11 Aug. 1 *Holders of rec. July 15
July 15
Associated Telep., Ltd., pref. (guar.) *3755c Aug. 1 *Holders of rec. Sept.
30
Oct. 15 'Holders of rec.
Associated Telco. Utilities, corn.(qu.) *12
16
Sept.
rec.
of
*Holders
1
Oct.
*$1.50
pref.,
(quar.)
A
series
cony.
28
31
Aug.
rec.
of
*Holders
15
Sept.
*21.50
$6 cum. pref.(quar.)
*21.75 Sept.15 *Holders of rec. Aug. 31
$7 cum, prior pref.(quar.)
11
Atlantic City Electric, 26 pref.(quer.)-- *51.50 Aug. 1 *Holders of roe. July 31
25c. Sept. 1 Holden.) of rec. July
Brazilian Tr., L. & P., ord. (guar.)
114 Aug. 1 Holders of rec. July 15
Calgary Power Co.. pref. (quar.)
Canadian West. Natural Gas Light,
June 30 'Holders of roe. June 30
*El
Heat & Power, cont.(guard
*50c. June 30 *Holders of rec. June 30
Common (extra)
*215 July 1 *Holders of rec. June 24
Carolina Tel. & Tel. (quar.)
1 'Holders of rec. July 15
Central Power & Light, 7% pref.(qu.)-- •155 Aug.
•135 Aug. 1 *Holders of rec. July 15
6% preferred (guar.)
•$1.75 Aug. 15 'Holders of rec. July 31
Cent.& S. W. Mil.. 27 pref.(quar.)
*51.75 Aug. 15 *Holders of rec. July 31
$7 prior lien preferred (quar.)
411.50 Aug. 15 *Holders of rec. July 31
26 prior lien pref. (quar.)
"a234 Aug. 1 *Holders of rec. July 15
Central West Pub. Serv., cl. A (qu.)•02 Aug. 1 *Holders of rec. July 15
Preferred A (quar.)
*151 Aug. 1 *Holders of rec. July 15
Preferred 13 (quar.)
1 *Holders of rec. June 30
Charleston Interurban RR., pref.(qu.) •194 July
*17.21c Aug. 1 *Holders of rec. July 15
Cities Service, bankers' shares
Aug. 1 *Holders of rec. July 20
City Water Co. of Chattanooga, pf.(qu.) '134 July
1 *Holders of rec. June 16
Columbus fly., P.& L., lot pf. A (qu.) '11.4
*1.63 Aug. 1 *Holders of rec. July 15
Preferred B (quar.)
Aug. 1 Holders of rec. July 21a
6295c
corn
Light,
&
Power
Community
51.50 Aug. 1 Holders of rec. July 2Ia
First preferred (quar.)
75c. Aug. 1 Holders of rec. July 23
Fall River Gas Works (quar.)
4.75c. Aug. 1 'Holders of rec. July 15
Greenfield Gas Light. pref. (guar.)
July 20 *Holders of ree. July 15
•158.
Hawaiian Elec. Co.(monthly)
•151 July 1 *Holders of rec. June 21
Home Tel. dr Tel..7% pref.(quar.)
July 20 *Holders of rec July 15
•134.
Honolulu Gas(monthly)
Aug. I *Holders of rm. July 15
Illinois Northern Utilities, corn.(quer.)- "2
Aug. 1 *Holders of rec. July 15
*21.75
(quar.)
$7 junior preferred
Aug. 1 *Holders of rec. July 20
•194
Kokomo Water Works, pref.(quar.)_ *65c. Aug. 1 *Holders of rec. July 15
Lowell Electric Light (quar.)
Aug. 1 *Holders of rec. July 15
*$1.50
Malone Light, Heat & Power, pt.(quar.)
of rec. July 15
Mississippi Pow & Lt., pref. (quar.)---- '$1.50 Aug. 1 *Holders
rec. Aug. 1
Monmouth Con3ol. Witter, pref.(quar.)- *134 Aug. 15 *Holders of
of rec. July 18
*Holders
1
Aug.
age.
Mutual Telep.(Hawaii)(monthly)
•87c. Aug. 1 *Holders of rec. July 17
Nat.Tel.& Tel., Cl839 A (guar.)
+.151 Aug. 1 *Holders of rec. July 17
Preerred (guar.)
•565e July 1 *Holders of rec. Juno 16
New Orleans Public Service, corn
.31.50 Aug. 1 *Holders of rec. July 22
Newport Water, prof.(guar.)
North American Gas & Elec., cl A (qu.)- *40c. Aug. 1 *Holders of rec. July 20
Ohio Telephone Service. Prof.(guard_ - •154 July 1 *Holders of rec. June 24
Fire Insurance.
National Liberty Insurance
25c. July 15 Holders of reo. July
18
18
31
31
15
30
20
20
11
150
15a
13
30
2
15
15
15
15
20
8
Miscellaneous.
*Me July 27 *Holders of roe. June 30
A.B.C.Cigar (quar.)
•30c Aug. 1 'Holders of rec. July 15
Adams (J. D.) Mfg., corn. (quar.)
*50c Aug. 1 *Holders of roc. July 24
Allied Internat. Invest., 23 pref.(qu.)
50c July 31 Holders of rec. July 150
Amerada Corp. (quar.)
Amer. European Securities, pref.(guar-) 21.50 Aug. 14 Holders of roe. July 31
'500 Sept. 1 *Holders of rec. Aug. 25
American Hosiery (guar.)
*25c July 2 *Holders of rec. Juno 29
American Lace Mfg.(quar.)
*50c July 1 *Holders of rec. Juno 23
American Optical, corn
'Be. July 15 *Holders of rec. July 15
Amer. Secur. Shares (guar.)
*50c. July 1 *Holders of roe. July 1
American Steam Pump (quar.)
'114 July......
American Steamship ((mar.)
•154 Oct. 2 *Holders of rec. Sept. 5
Amer. Sugar ROL. corn. (quar.)
•151 Oct. 2 *Holders of rec. Sept. 5
Preferred (quar.)
Amsterdam Trading Co. Amer. shares.... 50c. July 15 Holders of rec. July 13
AssociatedDry Goods, corn. (guar.)._ •63e. Aug. 1 'Holders of rec. July 17
*154 Sept. 1 *Holders of rec. Aug. 14
First preferred(quar.)
154 Sept. 1 *Holders of rec. Aug. 14
Second preferred iquar.)
Associated Rayon. cony. pref. (quar.)_. •194 Sept. 1 *Holders of roc. Aug. 25
July 15 *Holders of rec. June 30
.35c.
1
pref
Atlantic Fin. & Discount, 7%
*10 July 1 *Holders of roe. June 30
Avondale Mills(quar.)
*$1.50 July I *Holders of roe. July 1
Baird Machine pref.(quar.)
Beneficial Industrial Loan, corn.(quar.) 3734c. July 30 Holders of rec. July 12
8795c. July 30 Holders of rec. July 15
Preferred A (quar.)
•1215c Aug. 1 *Holders of rec. July 15
Birtmau Electric Co., corn. (quar.)*21.75 Aug. 1 *Holders of rec. July 15
Preferred (quar,)
17c. Aug. 1 Holders of rec. July 15
Blue Ribbon Corp., corn. (quar.)
8154c. Aug. 1 Holders of rec. July 15
Preferred (quar.)
•734. Sept. 1 *Holders of rec. Aug. 15
Borden Co.(guar.)
British American Tobacco*19c. July 7 *Holders of roe. June 5
Am,dep. rcts. for ord. bear. shares*19c. July 7
Am.dep.rots,for ord.reg.shares
134 Aug. 1 Holders of rec. July 20
Brown Shoe, pref.(quar.)
*50c. Aug. 1 *Holders of rec. July 26
Bunte Bros., com. (quar.)
*Holders of rec. July 25
*1541 Aug.
Preferred (quar.)
*154 July 1 *Holders of rec. June 29
Butler Mfg.(quar.)
*30c. June 30
Can. Amer.Trust Shares
Capital Management Corp. (quar.)..--- •25c. Aug. 1 'Holders of rec. July 22
•97c. July 15 *Holders of rec. June 30
Capital Trust Shares
*373'4c Aug. 1 *Holders of rec. July 20
Central Ills. Securities. prof.(guar-)
250. Aug. 1 Holders of rec. July 16
Cerro de Pasco Copper Corp.(quar.)Aug. 1 Holders of rec. Jtliy 20
Chain & General Equities, pref.(quar.)- Si
*154 July 1 *Holders of rec. June 20
Charles Street Garage, pref.(quar.)
Cluett Peabody & Co., Inc., cony. (qr.) The. Aug. 1 Holders of rec. July 21
Cockshutt Plow, corn -Dividend Omit ted.
56c. Aug. 4 Holders of rec. July 17
Columbia Graphophone, Amer. shares
*21.25 Aug. 1 *Holders of rec. July 17
Columbian Carbon Co.(guar.)
Consolidated Cigar Corp., prior pf.(qu.) 154 Aug. 1 Holders of rec. July 16a
151 Sept. 1 Holders of rec. Aug. 15a
Preferred (guar.)
*20c. Aug. 1 *Holders of rec. July 15
Consolidated Industries (guar.)
*2 Aug. 1 *Holders of rec. July 21
Consolidated Rendering Pref.(guar.)
6234c. Aug. 15 Holders of rec. Aug. la
Continental Can, corn.(guar.)
*200. Aug. 1 *Holders of rec. July 13
Coon(W.B.) Co.. corn.(Oust'.)
Corn.(payable in common stock)
Aug. 1 *Holders of rec. July 13
tfl
Preferred (Oust.)
"134 Aug. 1 *Holders of rec. July 13
Coronet Phosphate-Dividend passed.
.25e. July 1 *Holders of rm. June 10
Creameries of America (quar.)
•16.8c July 15 *Hold. of coupon No.2.
Cumulative Trust Shares
*130. Aug. 1 *Holders of rec. July 1
Deposited Insurance Shares, set'. A
*50c. July 15 *Holders of rec. July 10
Devonshire Investing (quar.)
Distillers Co., Ltd.(m) Aug. 7 *Holders of rec. July 6
Am.dep. rcts. for ord.reg.shares
75e. Oct. 1 Holders of rec. July 1
Eastern Food Corp., class A (quer.).
The. Jan 1'32 Holders of rm. July 1
Class A (quar.)
734. Ap 1'32
Clam A (quar.)
734. Jiy 1'32
Clam A (guar.)
"334 July 1 *Holders of rm. Juno 30
Eau Claire Sawmills, prof
•31.75 July 1
Edwards Motor (quar.)
Aug. 1 Holders of roc. July 20
1
Empire Title & Guarantee (guar.)
3794c. July 31 Holders of rec. July 16
Exchange Buffet(guar.)
'13.4 July 1 *Holders of roc. Juno 25
Federal Chemical, pref.(quar.)
'6234c Aug. 1 *Holders of rec. July 15
Federal Knitting Mills (Oust.)
"15c. July 31 *Holders of rec. July 15
Federated Publications,Inc.(guar.).
July 15 Holders of roc. July 10
6
Felln (John J.)& Co.,Inc., cone
154 July 15 Holders of rec. July 10
Preferred (quar.)
Five Year Fixed Trust Shares(No. 1).._* 15.56c June 3 0
*100. July 6 *Holders of rec. Juno 27
Franklin Capital Corp
4.200. Aug. 1 *Holders of rec. July 25
Fuller Brush Co., class A (quar.)
.500. July 15 *Holders of roe. July 14
Galveston Wharf Co. (monthly)
*31 Aug. 1 Holders of rec. July 17
General Cigar. corn. (quar.)
•152 Sept. 1 *Holders of reo. Aug. 22
Preferred (guar.)
German Credit & Invest. Corp., pref.._ •354 Aug. 1 *Holders of rec. July 20
Aug. 1 *Holders of roc. July 20
*8755c
25%
paid
certificates
Allotment
Gramophone, Ltd.Aug. 4 *Holders of rec. July 17
*15
Am.dep. rots, for ord. shares
*lo. July 1 *Holders of rec. June 22
Granite Gold Mining (quar.)
*300. July 15 *Holders of roc. July 10
Hawaiian Sugar (monthly)
Haiku Pineapple, Ltd., pref. (quar.).-- •4334 Aug. 1'Holders of roc. July 15
*50c. July 25 *Holders of rec. July 20
Homestake Mining (monthly)
•75o. Aug. 1 *Holders of roc. July 20
Houston Oil, preferred ($25 par)
Aug. 1 *Holders of roe. July 20
*3
Preferred 5100 par
*50o. July 1 *Holders of rec. June 30
Impervious Varnish (quar.)
ted.
omit
d
Equities,
class
International
A-DIviden
Internat. Tea Co's Stores, Ltd.
•18 Aug. 3 *Holders of rec. July 3
Am.dep. rcts.for ord. reg.shares
154 Aug. 1 Holders of rec. July 20a
Interstate Department Stores. pf.(qu.)
Interstate, Equities, class A-Dividend °mitt e
*25c. Aug. 1 *Holders of rec. July 20
Kress (S'. II.) & Co. eon).(guar.)
*15c. Aug. 1 *Holders of reo. July 20
Special preferred (quer)
Laclede-Christy Clay Prods., pref.-D1v1 dend o mated.
d.
Lawrence Hotel, pref.-Dividend oulitte
50e. Aug. 1 Holders of roe. July 21
Lincoln Printing, common (quar.)
8734e Aug. 1 Holders of rec. July 21
Preferred (quay'.)
*15c. Aug. 1 *Holders of roe. July 18
Loow's Boston Theatres (quar.)
Manischewitz (B.) & CO., COM.(quar.)_ '6254c Sept. 1 *Holders of rec. Aug. 20
*25c. July 20
Manufacturers Distrib. (quar.)
Masbach Hardware, let pref. (quar.)___ *155 July 15 "Holders of rec. July 1
34c. July 20 Holders of rec. July 8
Massachusetts Investors Trust(guard_
el July 20 Holders of rec. July 8
Stock dividend
•50o. Aug. 1 *Holders of rec. July'27
Melville Shoo, common (quar.)
*154 Aug. 1 *Holders of roe. July 17
First preferred (quar.)
'7)50. Aug. 1 *Holders of rec. July . 17
Second preferred (quar.)
Mercantile Guaranty Corp., common "21.25 July 15 *Holders of reo. Juno 30
July 15 *Holders of roe. June-30
*4
8% preferred (quer.)
oig
July 15 *Holders of roe. June 30
6% preferred (quar.)
FINANCIAL CHRONICLE
Jurx 11 1931.]
Natne of Company.
Per
When
Cent. Payable.
Books Closet.
Days Inclusive.
Miscellaneous (Concluded).
Mercantile Amer. Realty, pref. (guar.) '13 July 15 *Holders of rec. July 15
Metropolitan Industries, pref. (guar.).- *51.50 Aug. 1 *Holders of rec. July 20
Pref. allot. etts. 50% paid (guar.)
*75e. Aug. 1 *Holders of rec. July 20
Midland & Pacific Grain. pref. (guar.). •1,1 July 1 *Holders of rec. June 23
Mitten Bank Securities Corp., com.-DI vIdend passed
Preferred-Dividend action deferred
750. Aug. I Holders of rec. July 20
Modine Mfg., corn. (guar.)
*51
Aug. 1 *Holders of rec. July 20
Nash Motors (guar.)
National Credit Association, Ore!.-Div idend action d eferre I.
National Dept. Stores, lot pref.(guar.). *S1 Aug. 1 *Holders of rec. July 15
*624c Aug. 1 *Holders of rec. July 22
National Investment Shares. pref
National Licorice, corn
52.50 July 24 Holders of rec. July 16
National Republic Invest. TrustPref. allotment certificates(quar.)
*50e. Aug, 1 *Holders of rec. July 25
National Shares Corp., cl. A (quar.)---• 434(c.
*Holders of rec. June 30
Class A (extra)
*Holders of rec. June 30
*133(e.
National Weaving (gum.)
*51.75
Acceunt of accumulated dividends-- *10
Neisnee Bras., Inc., pref.(guar.)
14( Aug. 1 Holders of rec. July 15
New Haven Clock, pref.(guar.)
*134 Aug 1 *Holders of rec. July 24
New York Merchandise Co.,corn.(qu.). *25c. Aug. 1 *Holders of rec. July 20
Preferred (guar.)
*1 M Aug. 1 *Holders of rec. July 20
Nicholson File (guar.)
*50e. July 1 Holders of rec. June 20
Oil City Industrial Loan
*3
July 20 *Holders of rec. June 30
011 Shares, Inc., pref.(guar.)
25c. July 17 Holders of rec. July 7a
Oppenheim Collins & Co., corn.(guar.).
75c. Aug. 15 Holders of rec. July 31
Peerless Cement Co., pref.-Dividend o mitted.
Petrolite Corp.,com.-Dividend omitted .
Pittsburgh-Erie Saw Corp., pref.(guar.) $1.75 Aug. 1 Holders of rec. July 20
Plymouth Rubber, pref. (guar.)
•11( July 15
Pogue (H. & S.) Co., pref. (guar.)
'13 Aug 1 *Holders of roe. July 15
Power di Rail Trust Shares
•12c. July 15 *Holders of rec. June 30
Primary Trust Shares, class A
*35e. June 30 *Holders of coupon No.1
Process Corp.. coin. (qua?.)
*5c. Aug. 1 *Holders of rec. July 21
Pyrene Mfg.(guar.)
•10e. Aug 1 *Holders of rec. July 17
Realty Shares (guar.)
*75e. July 1 *Holders of rec. June 15
Special (payable in stock)
Aug. 15 *Holders of roe. June 25
*e3
Riverside Cement, 1st pref.(guar.)
*$1.50 Aug. 1 *Holders of rec. July 15
Rose's 5-10 & 25e. Stores, pro!.(guar._ •14( Aug. 1 *Holders of rec. Aug. 1
Royalties & Standard Share, pres.-Dlyi dend o mitted.
St. Croix Paper (quar.)
*3
July 15 *Holders of reo. July '6
Seaboard Surety (guar.)
124c Aug. 15 Holders of rec. July 31
Seaboard Utilities Shares of Del., com-. •70. Aug. 1 *Holders of rec. July 13
Securities Co.(N. Y.)
'235 Aug. 15 *Holders of rec. July 30
Shell Transport & Tradingill
American shares
•76 3-5e July 23 *Holders of roe. Jul)/ 15
Shumacher Wall Board, patio. pf.(qu.) *500. Aug. 15 *Holders of rec. Aug. 5
Shuron Optical Co., pref.(guar.)
*I J. July 1 *Holders of rec. June 30
Silent Glow 011 Burner, corn.(guar.)
_ *6214e July 1 *Holders of rm. June 30
74% first preferred (guar.)
•14 July 1 *Holders of rec. June 30
7% second preferred (guar.)
*11( July 1 *Holders of rec. June 30
SlIverwood's Dairies, corn.(guar.)
*250. July 1 *Holders of me. June 27
Preferred (guar.)
*1M July 1 *Holders of rec. June 27
Class A (guar.)
•25e. July 1 *Holders of rec. June 27
Southwestern Portland Cem., corn.(qu.) *I14 July 1 *Holders of rec. June 30
Preferred (guar.)
July 1 *Holders of rec. June 30
*2
Spang Chalfant & Co.. Inc.. pref.(qu.).- *14 Oct. 1 *Holders of rec. Sept. 15
Squibb (E. R.)& Sons. corn.(quar.)__._ •250. Aug. 1 *Holders of rec. July 15
First preferred (guar.)
*I 34 Aug. 1 *Holders of rec. July 15
Suburban Elec. Securities 1st pf. (qu.)
'1)4 Aug. 1 *Holders of rec. July 15
Telephone Invest. Corp.(monthly)
•20e. Aug. 1 *Holders of rec. July 20
Texas Creosoting, com.-DIvidend omitt ed.
Tietz (Leonhard) A. CL shares
Holt of coup.No.4or $
8
Traymore, Ltd., pref. (guar.)
350. July 15 Holders of rec. July 10
•500. Aug. 1 *Holders of rec. July 20
Trimount Dredging, class A (qua
Trustee Standard 011 Shares class A....* 20.46e July 15 *Holders of rec. June 30
Union 011 Associates (guar.)
.500. Aug. 9 *Holders of rec. July 18
Union 011 of Calif.(guar.)
*500. Aug. 10 *Holders of rm. July 18
U.S. Elec. Power, pref. (guar.)
*115 Aug. 1 *Holders of rec. July 2
Upressit Metal Cap, pref. (guar.)
•$1 Oct. 1 *Holders of rec. Sept. 15
Utilities Hydro & Rails Shares
*100. Aug. 1 *Holders of rec. July 9
Walker Mfg. Co.$3 pref.(guar.)
•75e. Aug. 1 *Holders of rec. July 20
Washington Motor Coach, pref. (guar.). *51 July I *Holders of rec. July 1
Westchester Service, $7 prior pt. (qu.)- - *31.75 July 1 *Holders of rec. June 18
Western Pipe & Steel, pref
.35c. July 15 *Holders of rm. June 30
Western Steel Products, pref. (guar.)... '134 Aug. 1 *Holders of roe. July 15
Western Tablet & Stationery, corn -Div Idend action d eferred.
Western United Corp., pref. (quar.)._._. *134 Aug. 1 *Holders of rec. July 15
Whlttenton Manufacturing, pref.-Divi deed o mitted.
Wilson Stationers & Env. 1st Pt.(qu.)
*51.75 July 15
Wolverine Petroleum Corp.(special).- $4
July 25 Holders of rec. July 20
Woolworth (F. W.) Co.(guar.)
•600. Sept. 1 *Holders of rec. Aug. 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great South., ordinary pref_ -- 52
Aug. 15 Holders of roe. July 10
Preferred (extra)
$1.50 Aug. 15 Holders of rec. July 10
Ateh. Topeka & Santa Fe. corn.(quar.). 23.4 Sept. 1 Holders of reo. July 310
Preferred
2)4 Aug. 1 Holders of rm. June 26a
Atlanta & Charlotte Air Line Hy.
*944 Sept. 1 *Holders of rec. Aug. 20
Baltimore & Ohio,corn.(guar.)
14 Sept. 1 Holders of rec. July 180
Preferred (guar.)
1
Sept. 1 Holders of rec. July 18a
Boston Sr Providence (guar.)
'2)4 001. 1 *Holders of ree. Sops. 19
Canada Southern
134 Aug. 1 Holders of rec. June 260
Central RR. of N. J. (guar.)
2
Aug. 15 Holders of roe. Aug. 5a
Chicago Great Western, prof
50e. July 20 Holders of rec. June 25a
Cinetueati Union Terminal, pref.(qu.)._ •111 Oct. I *Holders of rec. Sept.
Preferred (quar.).
•11.4 Jan.F22 *Holders of rec. Dee. 19
Cleve., Cinn.,Chic.& St. Louis, corn
•5
July 31 *Holders of me. July 21
Preferred (quar.)
.1g
July 31 *Holders of roe. July 21
Connecticut & Pasaumpsio Rivers
*3
Aug. 1
Delaware de Hudson Co.(guar.)
21( Sept. 21 Holders of rm. Aug. 280
Delaware Lackawanna & West. (guar.) $1
July 20 Holders of rec. July 60
Detroit River Tunnel
4
July 15 Holders of roe. July 80
East Pennsylvania RR
*51.50 July 21 *Holders of rec. July 11
Georgia RR.& Banking (guar.)
24( July 15 Holders of roe. July 1
Great Northern, preferred
134 Aug. 1 Holders of rec. June 300
Internat. Rys. of Cent. America. PL.((BO
1M Aug. 15 Holders of rec. July 31a
Kansas City Southern, corn.(guar.)50e. Aug. 1 Holders of rec. June 30a
Preferred (guar.)
1
July 15 Holders of roe. June 30a
Little Schuylkill Nay. RR. & Coal
$1.11 Jul) 15 June 13 to July 15
Louisville & Nashville, common
214 Aug. 10 Holders of roe. July 15a
Mahoning Coal RR.. emu. (guar.)
$12.50 Aug. 1 Holders of rm. July 15a
Messawippi Valley
*3 Aug. 1 *Holders of rec. July 1
Michigan Central
*525 July 31 *Holders of rec. July 21
Missouri-Kansas-Texas, pref. A (gU.)13.4 Sept. 30 Holders of rec. Sept. 5a
N. Y. Central RR.(guar.)
115 Aug. 1 Holders of roe. June 260
Norfolk & Western, com.(guar.)
2
Sept.19 Holders of rec. Aug. 31a
Adjustment Prof.(guar.)
1
Aug. 19 Holders of rec. July 31a
North Carolina 'RR.. 7% guar. stock... •314 Aug. 1 *Holders of rec. July 20
NorthernCentral
$2
July 15 Holders of rec. June 300
Northern Pacifie (quar.)
AUg. 1 Holders of ree. July 60
1
Pennsylvania RR.(guar.)
75e. Aug. 31 Holders of res. Aug. la
Pennroad Corp
20e. Sept.15 Holders of rec. Aug. 190
Pere Marquette, pf. and prior pt. (qu.) 1
Aug. 1 Hoidens of rec. July it..
Pittsb., Cin., Chic.& St. Louts
234 July 20 Holders of rec. July 100
Pittsburgh & Lake Erie
2.50 Aug. 1 Holders of rec. Juno 20a
Reading Company, common (guar.)._ $1
Aug. 13 Holders of rec. July lea
First preferred (guar.)
50e. Sept.10 Holders of rec. Aug. 20a
Second preferred (guar.)
50e. Oct. 8 Holders of rec. Sept. 170
Bt. Louts-San Fran:ism,6% Prof.(qu.). 194 Aug. I Holders of rec. July la
115 Nov. 2 Holders of roe. Oct. 13
6% preferred (guar.)
Name of Company.
Railroads (Steam) (Concluded).
Shamokin Valley & Pottsville
Southern By., corn
Common
Preferred (guar.)
Virginian By,Preferred
241
When
Per
Cent. Payable.
•$1.50
535e.
31.65
11(
•3
Books Closed.
Days MCIUSl06.
Aug. 1 *Holders of rec. July
Aug. 1 Holders of rm. July
tug, 1 Holders of rec. July
July 15 Holders of roe. June
Aug. 1 *Holders of rec. July
15
10
13
220
18
Public Utilities.
Alabama Power $5 pref. (guar.)
51.25 Aug. 1 Holders of rec. July 15
Amer. Cities Power & Light, Cl. A (qu.) ee75o. Aug. 1 *Holders of rec. July 3
Class B (In Maas B stook)
05
Aug. 1 Holders of roe. July 34
Am. Com'wealths Pow. com.A&B (qu.)- 1234 July 25 Holders of rec. June 30
First pref. series A (guar.)
$1.75 Aug. 1 Holders of rec. July 15
$6.50 first preferred (guar.)
$1.62 Aug. 1 Holders of me. July 15
$6 first preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 15
Second preferred series A (guar.)
$1.75 Aug. I Holders of rec. July 15
Amer. Dist. Teleg. of N. J., cons. (qu.).
July 15 *Holders of roe. June 15
Preferred (quar.)
•14( July 15 *Holders of roe. June 15
Amer. Gas & Elec., pref.(guar.)
$1.50 Aug. 1 Holders of rec. J1119 8
Amer. Light & Tract., corn.(guar.)
6214o. Aug. I Holders of rms. July 173
Preferred (guar.)
3741o. Aug. 1 Holders of roe. July 173
Amer. Telep. & Teleg. (guar.)
234 July 15 Holders of roe. June 204
Amer. Water Wks.& Elec., corn.(qua
75e. Aug. 1 Holders of rec. July 104
Common (guar.)
750. Aug. 1 Holders of roe. July 10
$6 let preferred (quur.)
51.50 Oct. 1 Holders of rm. Sept. 113
Associated Gas& Elec., class A (guar.)
aa Aug. 1 *Holders of rec. June 30
$4 pref. (guar.)
aa Aug. 1 *Holders of rec. June 30
Associated Telep. Utilities, corn.(qu.).. 12
July 15 Holders of rec. June 30
Bangor Hydro-Elee., corn.(guar.)
*50e. Aug. 1 *Holders of roe. July 10
Bell Telephone of Canada (guar.)
2
July 1 Holders of rec. June 23
Bell Telephone of Pa..64% pref.(qu.)_
144 July 1 Holders of roe. June 203
Bridgeport Hydraulic Co. (guar.)
•40o. July 15 *Holders of roe. June 30
British Columbia Elec. Ry., pref
*214 July 1 *Holders of rm. June 30
British Columbia Power. el. A (qu,)__._
50e. July I Holders of roe. June 30
Broad River Power,7% pref. (quar.).._ •1
Aug. 1 *Holders of rec. June 30
Brockton Gas Light (guar.)
*50o. July 15 *Holders of roe. July 3
Brooklyn-Manhattan Transit. corn.(qu.) $1
July 15 Holders of rec. July 13
Preferred series A (guar.)
$1.50 July 15 Holders of rec. July 13
Preferred series A (guar.)
$1.50 Oct. 15 Holders of rec. Oct. 16
Preferred series A (guar.)
$1.50 Jan15•3 Holders of rec. Doe. 316
Preferred series A (guar.)
$1.50 4/15/3 Holders of rec. Arir112a
Buff. Niagara & Eastern PowerFirst preferred (guar.)
*Holders of rec. July 15
•$1.25 Aug.
California-Oregon Power,7% pref.(gu.)- 11( July 1 Holders of rec. June 30
11
15H j
Ju
uly 15 Holders of rec. June 30
6% preferred (guar.)
6% prefeared ser. 1927(qu.)
15 Holders of rec. June 30
Canada Northern Power. corn.(quar.).. 120e.
2
1 Holders of reo. June 30
,4
Preferred (guar.)
July
Holders of roe. June 30
Central Hudson Gas & Elm. corn.(qu.). *20e. Aug. 1 *Holders of rec. June 30
Central Ills. Pub, Eery.,6% pref.(qu.). •114 July 1 *Holder, of rec. June 30
•51.50 July 1 *Holders of rec. June 30
Itt preferred (guar.)
•15i July 1 *Holders of roe. June 30
Central Power,7% pref.(qual.)
July 1 *Holders of reo. June 30
6% preferred (guar.)
Central & S. W. CUL, corn,(quar.).... 11X July 1 Holders of rec. June 30
Cent. Vermont Pub. Serv.,$6 pref.(OIL) $1.50 Aug. 1 Holders of rec. July 31
Chesapeake & Pot. Tel.,Balt. p1.(gu.)
1)4 IJuly 1 Holders of rec. June 30
Chester & Philadelphia fly
•3794c July 15 *Holders of rec. July 8
Gin. Newport & Coy. L &
411.50'July 15 *Holders of roe. June 30
corn.(oil.)
• $1.125 July 15 *Holders of rec. June 30
Preferred (guar.)
Cities Service Pow.& Lt.$7 pf.(=My.) 68 140 July 15 Holders of roe. July 13
$6 preferred (monthly)
50o. Jule 15 Holders of roe. July 16
$5 preferred (monthly)
41 2-se July 15 Holders of reo. July 13
584e. Aug. 15 Holders of rec. Aug. 16
$7 preferred (guar.)
50e. Aug. 15 Holders of rec. Aug. 16
$6 preferred (guar.)
$5 preferred (guar.)
41 2-3e Aug. 15 Holders of rec. Aug. 10
Cleveland Elec. Ilium,, pref. (quar.)... •14 Sept. 1 *Holders of roe. Aug. 15
Clinton Water Works, pref.(guar.)
'1)4 July 15 *Holders of rm. July 1
Columbia Gas & Elea.. cons.(quar.)....
50e. Aug. 15 Holders of rec. July 206
6% preferred (guar.)
134 Aug. 15 Holders of rec. July 206
5% preferred (guar.)
tg Aug. 15 Holders of rm. July 20e
Commonwealth-Edison Co.(guar.)
Aug. 1 *Holders of roe. July 15
*2
Commonwealth Tel., pref. (guar.)
*114 July 15 *Holders of rec. June 30
Community Water Sent.(in corn.stk.).. 13 Aug. 1 Holders of roe. July 10
Concord Elec. Co., prof (guar.)
•114 July 15 *Holders of roe. July 6
Consolidated Gas of N.Y., pref.(guar.)- 51.25 Aug. 1 Holders of roe. June 300
Consolidated Traction, N. J
*2
July 15 *Holders of rm. June 30
Jul
Detroit Edison Co.(guar.)
y15
J
j
uly
y1
5
5 Holders of roe. June 20a
2
Diamond State Tel., 634% pref. (qu.)
*Holders of rec. June 20
Duquesne Light, 5% first pref. (guar.)._
134 July 15 Holders of roe. June 15a
Eastern Utilities Associates, corn. (rm.).
50e Aug. 15 Holders of rec. July 17
Edison Elec. III.(Boston)(guar.)
3.40 Aug. 1 Holders of rec. July 10
Electric Bond & Share, common (guar.). f134 July 15 Holders of rec. June 5
$6 preferred (guar.)
51.50 Aug. 1 Holders of roe. July 6
$5 preferred (guar.)
$1.25 Aug. 1 Holders of roe. July 6
Electric Power Assoclatee,corn.& el. A.
25c Aug. 1 Holders of roe. July 15
Electric Power & Light, corn.(guar.)
25e Aug. 1 Holders of rec. July 110
28 preferred A (guar.)
•14( Aug. 1 *Holders of rec. July 11
Allotment ctfs. full paid (guar.)
1234cAug. 1 Holders of roe. July 110
Allotment etre. 80% paid (quar,)..
Holders of rec. July 110
10e. Aug.
El Paso Electric Co.(Del.), pref. A (q11.) *1H July 1 *Holders of rec. July I
Preferred B (guar.)
'
134 July 1 1*Holders of rm. July 1
Empire Dist El. Co.. 6% pf. (nthly.).
50c. Aug. 1 Holders of roe. July 150
Empire Gas Fuel Co..8% pt.(mthly.) 66 2-3e Aug. 1 Holders of me. July 150
7% preferred (monthly)
Aug. 1 Holders of rec. July I50
64% preferred (monthly)
58
54 1-3
-6c
c Aug. 1 Holders of me. July 153
6% Preferred (monthly)
50c. Aug. 1 Holders of rec. July 15a
English Electric (Canada) class A (qua
*75e July 15 *Holders of rec. June 30
Federal Pub. Serv., 634% pref. (quar.). •144 July 15 *Holders of roe. June 30
Fitchburg Gas & Elec. Light (guar.)
*69c July 15 *Holders of roe. July 3
•4
Gardner Electric Light,corn
July 15 *Holders of rec. June 30
Gas & Elec.Securities Co., eons.(mthly.)
50e Aug. 1 Holders of roe. July 150
Common (payable In corn. stock)
Aug. 1 Holders of roe. July 150
Preferred (monthly)
58 1-3c Aug. 1 Holders of roe. July 150
Gas Securities Co., corn. (monthly).... ati Aug. 1 Holders of roe. July 15a
Preferred (monthly)
50c Aug. 1 Holders of me. July 150
Hamilton Bridge, 615% pref. (guar.)- 1)4 Aug. 1 Holders of rec. July 15
•15.4 July 15 *Holders of rec. June 30
Harrisburg Gas, pref.(guar.)
Hartford Electric Light (guar.)
*639(c Aug. 1 *Holders of rec. July 15
Havana Elec.& Utilities, cum. pref.(qu.) $1.2 Aug. 15 Holders of roe. July 18
First preferred (guar.)
11.4 Aug. 15 Holders of rec. July 18
Illinois Commercial Telep., Prof. (qu.)- '134 July 15 *Holders of rec. June 30
Illinois Northern Utilities, pref. (qu.) '
134 Aug. 1 *Holders of ree. July 15
Illinois Power & Light. 6% pref.(guar.) $1.50 Aug. 1 Holders of roe. July 10
Internat. Hydro Elec. System,el A(qu.)_ (e)
July 15 Holders of rec. June 250
$3.50 convertible Prof.(guar.)
8734e. July 15 Holders of rec. June 25
International Top. & Teleg. (guar.)._ _
50o. July 15 Holders of rec. June 196
Internat. Utilities Corp., class A (guar.) 8734 c. July 15 Holders of rec. June 260
$7 preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 170
Joplin Water Works,6% pref.(quar.)
'134 July 15 *Holders of rec. July 1
Kentucky Securities Corp., pref. (guar.) 145 July 15 Holders of rec. June 20a
Kentucky Utilities, pref.(guar.)
'13.4 July 15 *Holden, of roe. June 25
Keystone Telephone, $3 pref.(qual.)...
750. Aug. 1 Holders of rec. July 22
Lawrence Gas & Elec.(guar.)
*65e. Aug. 1 *Holders of rec. July 15
Lexington Telep., 619% pref.(qua?.)...'
1 54 July 15 *Holders of rec. June 30
Lockhart Power, preferred
Sept.30 *Holders of rec. Sept.30
Long Island Ltg.. corn.(guar.)
Aug. 1 Holders of rec. July 15
Louisville Gas & Elec.(Ky.),7% pf.(qu)
July 15 Holders of rec. June 30
6% preferred (quar.)
July 15 Holders of rec. June 30
5% preferred (quar.)
July 15 Holders of roe. June 30
Maine Gas Co. .corn.(guar.)
July 15 *Holders of roe. July 1
Preferred (guar.)
July 15 *Holders of rec. July 1
Mass. Ltg. Cos., 8% prof. (guar.)
July 15 *Holders of rec. June 25
*2
6% preferred
*115 July 15 *Holders of rec. June 25 '
Mass. Utilities Aasoctates, pref. (qu.)_. *6295e July 15 *Holders of rec. June 30'
Memphis Natural Gas. coin. (quar.)
15e. July 15 Holders of rec. June 30
Mexican UtiUtles. pref. (guar.)
'
1)4 July 15 *Holders of roe. June 30
Michigan Gas & Elec., prior lien (guar.) •131 Aug. 1 *Holders of roe. July 15 '
Preferred (guar
'13.4 Aug. 1 *Holders of rec. July 15
Middle West Utilities, corn. (quar.).... 12
Aug. 15 Holders of rec. July 15
$8 preferred (guar.)
$1.50 Aug. 16 Holders of tee. July 151
Milwaukee Elec. Ity. dr Light, pref.(qu.) 194 July 31 Holders of roe. July 20a
6% pref., aortae of 1921 (guar.)
'
1 94 Sept. 1 *Holders of rec. Aug. 15
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days
'
,
delusive.
Public Utilities (Continued).
Mississippi Val. Utli., pr. pref. (gust.)-.. 051.50 Aug. 1 *Holders of rec. July 16
Missouri CI. & E. Sere., prior lien (guar.) "11( July 15 "Holders of rec. June 20
Missouri Public Service. $6 pref (qu.)_. 41.50 July 15 *Holders of tee. June 30
Missouri Riv.-Sioux City Bdge- pf.(qu.) $1.75 July 15 Holders of rec. June 30
Mohawk Hudson Power Co.. 1st pf.(qu.) •14 Aug. 1 *Holders of rec. Jthy 15
Monongahela Valley Water, pref (qu.)-- '156 July 15 *Holders of rec. July 1
Montana Power Co.. pref. (gust.)
'114 Aug. 1 *Holders of reo. July 13
38e. July 31 Holders of rec. June 30
Montreal Lt, Ht. de Pow. Congo!. (qua 80e. July 15 Holders of me. June 30
Montreal Telegraph (guar.)
Montreal Tran)ways Co. (quar.)
234 July 15 Holders of tee. July 8
Mount Holly Water
"No. Oct. 1 'Holders of roe. Sept. 9
Mountain States Power, pref. (guar.)._
1 36 July 20 Holders of roe. June 30
Mountain States Tel. & Tel.(quar.)_
•2
July 15 *Holders of rec. June 30
Municipal Service Co., pref. (guar.)._
134 Aug. 1 Holders of tea. July 15
Mutual Telephone (Hawaii)(monthly)
"8c. July 31 "Holders of reo. July 18
National Electric Power, corn. A (quar.) •450. Aug. 1 *Holders of rec. July 10
National Fuel Gas(guar.)
•25e. July 15 *Holders of rec. June 30
National Power & Light. $6 pref. (quar.) $1.50 Aug. 1 Holders of rec. July 11
Nevada-Calif. Elec., pref. (guar.)
1H Aug. 1 Holders of rec. June 30a
New Bedford Gas & Edison Light (qu.),
75e July 15 Holders of tee. June 25a
New Brunswick Telephone (guar.)
.20e. July 15 *Holders of reo. June 30
New Engl. Power Assn.. corn. (ariar.).50e July 15 Holders of rec. June 30
New Engl. Pub. Service. adj. pref. (qu.) $1.75 July 15 Holders of rec. June 30
$7 preferred (quar.)
$1.76 July 15 Holders of roe. June 30
$6 preferred (guar.)
51.50 July 15 Holders of roe. June 30
$1.50 July 15 Holders of roe. June 30
$6 cony. preferred (guar.)
New York Telephone Co.,616% pf.(qu.) lot July 15 Holders of roe. June 20
I% July 15 Holders of reo. June 20
Preferred (gar.)
North American Edison. pref.
- _ $1.50 Sept. 1 Holders of rec. Aug. 150
Aug. 15 Holders of rec. July 20
North Amer. Light & Power. corn. (qu.) 12
Preferred (guar.)
*$1.50 Oct. 1 'Holders of rec. Sept. 19
No. Boston Lighting Prop., corn. (qu.). '$1
July 15 "Holders of ree. July 3
Preferred (quar.)
•750. July 15 *Holders of ree. July 3
Nor. Indiana Pub. Serv.. 7% pf.(qu.)
116 July 14 Holders of rec. June 30
6% preferred (guar.)
1(4 July 14 Holders of reo. June 30
516% preferred (guar.)
134 July 14 Holders of rec. June 30
'204 July 15 "Holders of roe. June 30
Northern N. Y. Telephone (mar.)
Northern N. Y. Utilities. pref. (guar.).- 116 Aug. 1 Holders of tee. July 10
Northern Ontario Power Ltd..com.(qu) 50c July 25 Holders of rec. June 80
136 July 25 Holders of roe. June 311
6% preferred (guar.)
Aug. 1 Holders of rect. June 30
Northern States Power, corn. A (quar.), 2
7% preferred (guar.)
11; July 20 Holders of rec. June 30
1H July 20 Holders of rec. June 30
6% preferred (gnar.)
N'western Bell Telep., 614% Pref. (au.) 116 July 15 Holders of rec. June 20
Ohio Public Service, 7% pref.(mthly.) 58 1-3e Aug. 1 Holders of roe. July 150
50e. Aug. 1 Holders of rec. July 15a
6% Preferred (monthly)
41 2-3e Aug. 1 Holders of roe. July 15a
5% preferred (monthly)
"2
Aug. 1 *Holders of reo. July 25
Orange & Rockland Elea (quar.)
50o. July 15 Holders of rec. June 30a
Pacific Gas & Electric, corn. (quar.)---700. Aug. 15 Holders of rec. July 20a
Pacific Lighting, corn. (quar.)
11.50 July 15 Holders of tee. June 30
$6 preferred (guar.)
Pacific Public Service, corn. A (guar.)._ "32160 Aug. 1 *Holders of rec. July 15
- 1.16 July 15 Holders of rec. June 30s
Pacific Telep. de Teleg., pref. (guar.),
55e. Aug. 1 Holders of rec. July 20
Pennsylvania Power. $6.80 pref.(m'thly)
55c. Sept. 1 Holders of roe. Aug. 20
$6.60 preferred (monthly)
$1.50 Sept. 1 Holders of tee. Aug. 20
56 preferred (quar.)
2
July 17 Holders of rec. July 30
Peoples Gas Light Sr Coke (guar.)
35e. July 31 Holders of reo. July la
Philadelphia Co., corn.(quar.)
$1.75 July 31 Holders of reo. July la
Common old, ($650 par) (qmar.)
Philadelphia Electric Co., $5 pref. (qu.) $1.25 Aug. 1 Holders of roe. July 100
50e, Oct. 1 Holders of rec. Sept. lea
Philadelphia Elec. Power. 8% pf. (qu.)
Sept. 1 Holders of roe. Aug. 120
Phila. Suburban Water Co.. pref.(guar.) 1
500. Aug. 20 Holders of reo. July 31
Power Corp. of Canada, corn.(quar.)
116 July 15 Holders of reo. June 30
L 6% preferred (guar.)
75e. July 15 Holders of reo. June 30
Participating preferred (guar.)
Public Serv. Co. of Colo.,7% pf.(mthly.) 58 1-3e Aug. 1 Holders of res. July 156
50e, Aug. 1 Holders of reo. July 15a
6% preferred (monthly)
5% preferred (monthly)
41 2-3e Aug. 1 Holders of reo. July 15a
Pub. Serv. Co. of Hid.. $7 pr. pf. (qu.). 51.75 July 15 Holders of roe. June 30
Public Service Co. of Nor. IllinoisAug. 1 *Holders of rec. July 15
42
Common (no par) (guar.)
•2
Aug. 1 *Holders of reo. July 15
Common. $100 par (quar.)
•116 Aug. 1 'Holders of rec. July 15
7% preferred (guar.)
'1)4 Aug. 1 'Holders of rec. July 15
6% preferred (quar.)
850. Sept. 30 Holders of tee. Sept. la
Public Service Corp. of N.J. corn.(qu.)_
2
Sept.30 Holders of rec. Sept. la
8% preferred (guar.)
134 Sept.30 Holders of tee. Sept. la
7% preferred (guar.)
$5 preferred (guar.)
$1.25 Sept. 30 Holders of rec. Sept. la
500 July 31 Holders of rec. July la
6% preferred (monthly)
50e. Aug. 31 Holders of reo. Aug. la
8% preferred (monthly)
500. Sept.30 Holders of rec. Sept. la
6% preferred (monthly)
Puget Sound Power & Light, $6 pret.(qu) *51.50 July 15 *Holders of roe. June 19
"51.25 July 15 *Holders of rec. June 19
$5 prior preferred (guar.)
6216e July 15 Holders of reo. June 25
Quebec Power (guar.)
.0220. Aug. 1 *Holders of ree. July 15
Rockland Light & Power (glum)
San Diego Consol. G.& E.. pref.(an.).. 134 July 15 Holders of roe. June 30
'116 July 15'Holders of ree. July 1
Seattle Gas, pref. (gust.)
'134 July 15 *Holders of roe. July 1
Sedalia Water Co., pref. (quar.)
Sioux City Gas & Elec., pref.(quar.)---- "116 Aug. 10'Holders of reo. July 31
South Pittsburgh Water,7% pref.(an.). •11i July 15 *Holders of reo. July 1
*114 July 15'Holders of reo. July I
6% preferred (guar.)
'1(4 Aug. 19'Holders of roe. Aug. 8
5% preferred (guar.)
50o. Aug. 15 Holders of rec. July 20a
Southern Calif. Fdison, corn.(quar.)
MM. July 15 Holders of ree. June 20
Orig. preferred (guar.)
3416 July 15 Holders of rec. June 20
5)4% preferred series C (guar.)
So. Calif. Gas Co.. pref.& pf. A (an.)... *37140 July 15 *Holders of reo. June 30
25e Aug. 15 Holders of ree. July 31
Southern Canada Power. corn. (quer.).14 July 15 Holders of rec. June 20
6% preferred (guar.)
Southern Counties Gas.6% pref.(qu.).. •116 July 15 *Holders of reo. June 30
July 15 *Holders of ren. June 30
•2
Southern N. E. Telephone (guar.)
•75o July 15 *Holders of reo. July 3
Springfield Gas Light (guar.)
Oct.
1 "Holders of rec. Sept. 20
111.75
epriegfield City Water. mot. A (guar.)
'$2.50 July 15 "Holders of rec. June 30
Stamford Gas & Electric (quar.)
Standard Gas & Elec., cons. (guar.)._ 8716e July 25 Holders of reo. June 30a
$1.50 July 25 Holders of reo. June 306
$6 prior preference (guar.)
51.75 July 25 Holders of reo. June 300
$7 prior preference (quar.)
500. Sept. 1 Holders of roe. Aug. 11
Standard Pow.& Lt., corn.& corn. BOBO
21.75 Aug. 1 Holders of reo. July le
Preferred (quar.)
Aug. 1 *Holden of rec. July 15
"51.75
(guar.).
pref.
Telephone.
$7
Standard
Telephone Bond & Share, corn.(guar.)- - r50e July 15 Holders of tee. June 25
116 July 15 Holders of reo. June 25
Preferred (quar.)
$1
July 15 Holders of ree. June 25
partie. preferred (guar.)
Tennessee Rice. Pow.,5% 1st pf.(qu.).. 1H Oct. 1 Holders of rec. Sept. 15
116
Oct.
1 Holders of reo. Sept. 15
preferred
6% first
(guar.)
134 Oct. 1 Holders of me. Sept. 15
7% first preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (quar.)
50o. Aug. 1 Holders of reo. July 15
8% first preferred (monthly)
500. Sept. 1 Holders of reo. Aug. 15
6% first Preferred (monthly)
60o.
Oct. 1 Holders of reo. Sept. 15
(monthly)
preferred
first
8%
80o. Aug. 1 Holders of rec. July 15
7.2% first preferred (monthly)
60e. Sept. 1 Holders of reo. Aug. 15
7.2% first preferred (monthly)
800. Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
Toledo Edison Co..7% pref.(mthIll.)- 58 I-3c Aug. 1 Holders of res. July 15a
50e. Aug. 1 Holders of rec. July 15a
(monthly)
preferred
6%
41 2-30 Aug. 1 Holders of reo. July 15a
5% preferred (monthly)
"42 He July 15 *Holders of rec. June 30
Union Telephone, pref. (guar.)
234 July 15 Holders of ree. June 30
United Gas dr Elec. Co.. pref
30c. Sept. 30 Holders of rec. Aug. 810
United Gas Improvement, com.(quar.).
$1.25 Sept.30 Holders of roe. Aug. 31a
$5 preferred (guar.)
25o. Aug. 1 Holders of rec. July 150
United Lt.& Pow corn. A & B (guar.)._
United Ohio Utilities. 8% pr. pref. (qu.) '1)4 Aug. 1 'Holders of rec. July 10
United Pr. dr Lt.(Kan.), pref. (gust.).. 4,11( Sept. 1 "Holders of rec. Aug. 15
500. July 15 Holders of tee. June 23
United Securities, common (quar.)-July 15 *Holders of roe. June 30
United Telep. (Kan.), corn. (gust.).... *2
'1)4 July 15 *Holders of reo. Juno 30
7% preferred (quar.)
*51.50 Aug. 1 'Holders of tee. July 20
Utica Gas & Elec. $6 pref. (gust.)
West Penn. Elec. Co., 7% prof.(guar.). 1H Aug. 15 Holders of reo. July 200
6% preferred (quar.)
134 Aug. 15 Holders of reo. July 201
West Penn Power Co.,7% Pt.(guar.).
134 Aug. 1 Holders of refs. July fla
6% preferred (guar.)
1)4 Aug. 1 Holders of reo. July fla
Western Union Telegraph (guar.)
July 15 Holders of reo. June 25a
2
[Vol.. 133.
FINANCIAL CHRONICLE
242
Name of Company.
Per
When 1
Cent. Payable
Books Closed.
Days inclusive.
Public Utilities (Concluded).
•1
July 15 *Holders of reo. July 1
Wichita Water. 7% pref. (guar.)
July 15 *Holders of reo. June 30
Wisconsin Gas de Elec., pref. A (guar.).•146 July 15 'Holders of rec. June 30
Preferred B (guar.)
•116 July 15 *Holders of reo. June 30
Preferred C (guar.)
Trust Companies.
1
American Express Bank & Trust (qu.)-Corn Exchange Bank & Trust (quar.)
51
3
Federation Bank & Trust (gum.)
3
Quarterly
Fire Insurance.
Amer. Alliance (quer.)
American Reserve (quar.)
Great American (guar.)
Lincoln Fire (guar.)
Insommee.
North Elver Ina.(guar.)
July 15
Aug. I
Sept.30
Dec. 31
*40e. July
•750. July
•40e July
*60e. July
Holders of reo. July 6
Holders of tee. July 230
Holder) of reo. Sept.30
Holders of reo. Dec. 31
15 'Holders of tee. July
15 "Holders of roe. July
15 "Holders of rec. July
15 *Holders of reo. July
8
6
8
6
60o. Sept.10 Holders of tee. Sept. 1
Miscellaneous.
114 Aug. 1 Holders of rec. July 156
Abraham dr Straus. Inc., pref. (guar.)._
"316 Aug. 10 *Holders of reo. July 31
Acme Farmers Dairy, Ltd., pref
Air Reduetion (guar.)
75e. July 15 Holders of rec. June 300
10e. Aug. 1 Holders of tee. July 10a
Alaska Juneau Gold Mining (quar.)
100. July 18 Holders of reo. June 300
Allegheny Steel, common (monthly)..
•136 Sept. 1 *Holders of roe. Aug. 15
Preferred (guar.)
01 m Dee. I *Holders of roe. Nov.IS
Preferred (guar.)
Alliance Realty, common (guar.)
75o. July 21 Holders of reo. July 7a
14 Sept. 1 Holders of roe Aug 20
Preferred (guar.)
Preterrod fenar.) .
134 Dee. 1 Holders of roe Nnv 20
$1.50 Aug. 1 Holders of roe. July 100
Allied Chemical & Dye, corn. (guar.)
75o. July 15 Holders of tee. June 30
Allied General Corp.. $3 pref. (guar.) -Allis-Chalmers Mfg. (quar.)
50o. Aug. 15 Holders of rec. July 240
250. July 25 Holders of rec. July la
Alpha Portland Cement, corn. (guar.)._
75e. Aug. 1 Holders of rec. July 15
Altorfer Bros. Co.. $3 pref. (guar.)
Aluminum Manufactures,Inc.. stom.(qu) *50e. Sept.30 'Holders of reo. Sept. 15
•50e. Dec. 31 *Holders of reo. Dee. 16
Common (guar.)
Preferred (guar.)
•134 Sept.Si) *Holders of tee. Sept. Ili
▪ lid Dee. 31 *Herders of tee. Dee. 15
Preferred (gust,)
Amalgamated Laundries, peel
*53.50 July 16 *Holders of reo. June 16
'116 July 15 'Holders of tee. June 30
American Art Works (guar.)
July 15 'Holders of reo. June 30
2
Amer. Asphalt Roofing, pref. (guar.),_
51
Aug, 15 Holders of tee. July 3I6
American Can,common (guar.)
Aug. 2
American Coal (gust.)
Aug. I July 12 to
51
10o. July 15 Holders of ree July 6
American Electric Securities, corn
25e. Aug. 1 Holders of reo. July 20
Participating pref.(S-monthly)
American Envelope, 7% prof. qular.).. •116 Sept. 1 *Holders of reo. Aug. 26
'
7% preferred ((mar.)
134 Dee. 1 *Holders of rem. Nov.25
American Fork & Hoe, pref.(gust.).... •14 July 15 "Holders of reo. July 3
Amer. Founders Corp., tat pref. A (go.). 8714o Aug. 1 Holders of ree. July 2
87160 Aug. 1 Holders of reo. July 2
First preferred series B (guar.)
75e. Aug. 1 Holders of reo. July 2
First preferred series D (guar.)
134 July 11
Amer. Furniture Co., pref. A (gust.)...'
250. Sept. 30 Holders of reo. Sept. 150
Amer. Hawaiian Steamship. (gust.)..,.
250. Dec. 31 Holders of tee. Dee. lea
Quarterly
350. Aug. 1 Holders of reo. July I46
Amer. Home Products Corp.(monthly).
75e. July 25 Holders of rec. July ea
American Ice, common (guar.)
$1.50 July 25 Holders of roe. July ea
Preferred (quar.)
51.50 Oct 28 Holders of ree. Oct. 20
Preferred (gear.)
35o. Aug. 1 Holders of rec. July 176
Amer. Mach.& Fdy., common (guar.).•750. July 31 "Holders of roe. July 15
American Meter (guar.)
50o. July 15 Holders of me. July 30
American News (hi-monthly)
American Optical Co.. lei Pref. (guar.). 114 Oct. 1 Holders of tee. Sept. 190
116 Dec. 31 Holders of reo. Dec. 200
FRO preferred (guar.)
*40e. July 15
Amer. Railway Trust Shares
Amer. Rolling Mill, old pref. (gust.).... '114 July 15 *Holders of tee. June 30
Amer. Shipbuilding, corn. (guar.)
$1.25 Aug. 1 Holders of reo. July 156
136 Aug. 1 Holders of roe. July 15
Preferred (guar.)
500. Aug. 1 Holders of roe. July 100
Amer.Smelting & Refining, Wm. (qu.).
Preferred (guar.)
114 Sept. 1 Holders of reo. Aug. 70
116 Sept. 1 Holders of roe. Aug, 70
Second preferred (guar.)
American Steel Foundries, corn. (guar.).
25c. July 15 Holders of reo. July la
Amer. Thermos Bottle, corn. (quar.)._ •150. Aug. I 'Holders of rec. July 20
Amer. Type Founders, corn.(gust.),... 2
July 15 Holders of rec. July 30
Preferred (guar.)
134 July 15 Holder, of roe. July 3a
Anaconda Copper Mining (quar,)
37160 Aug. 17 Holders of rec. July lla
Anaconda Wire de Cable (guar.)
250. Aug. 10 Holders of reo. July I la
Anchor Post Fence, 8% pref. (guar.)... *2
Aug. 1 *Holders of rec. July 22
•134 Aug. I *Holders of reo. July 22
7% Preferred (guar.)
Anglo National Corp., corn. A (guar.).50o. July 15 Holders of reo. July 3
Anglo-Persian Oil Co., Ltd.
ral0 Aug. 6 Holders of rec. June 26
Amer. dep, rots ord. tog
"w4
Aug. 8 *Holders of reo. June 26
Amer. dep. refs. for 1st pref
"w416 Aug. 8 *Holders of rec. June 26
Amer. dep. rots. for 2d pref
Archer-Daniels-Midland Co.. pf. (qu.).114 Aug. I Holders of roe. July 210
July 15 'Holders of rec. July 8
•52
Aspinook Co.(guar.)
Oct. 15 *Holders of rec. Oct. 8
•52
Quarterly
17,64e July 15 *Hold. of Coup. No, 3
Associated Standard Oil Stocks
Atiantle Guff & W.I. B.S. unes. nf.(an.) 1(4 Sept.80 Holders of reo. Sept. 10.
101 floe. 30 Holders of ree. Dee. 100
Preferred (Guar.)
.50o. July 15 'Holders of reo. July 1
Atlas Plywood (gust.)..
134 Aug. 1 Holders of rec. July 206
Atlas Powder, pref.(guar.)
Austin Nichols & Co.lno.pr.A stk.(qu.)
75e. Aug. 1 Holders of rec. July 15.
Auto Finance, pref
*8714e July 15 *Holders of reo. June 30
•116 Oct. 1 'Holders of reo. Sept. 20
Babcock & Wilcox (guar.)
•750. Oct. 3 *Holders of rec. Sept. 15
Balaban & Katz, common (guar.)
Preferred (guar.)
•134 Oct. 3'Holders of rec. Sept. 15
Bancroft (Joseph) & Sons Co., pf. (au.)
1H July 31 Holders of rec. July 15
Brandin! Petroleum (monthly)
•50. July 20 'Holders of roe. June 30
Bankers Investment Trust of America*150. SeDt.30!*Holders of roe. Seed. 18
Debenture stook (gust,)
•150. Dee. 31 *Holders of reo. Deo. 16
Debenture Mock (quiz.)
75e. July 15 Holders of tee. June 300
Elayuk Cigars, Inc., corn. (guar.)
First preferred (guar.)
1)4 July 16 Holders of rec. June 30a
Beatty Bros., 1st Prof. A (guar.)
134 Aug. 1 Holders of rec. July 15
Beech-Nut Packing, pref. A (guar.).- "51.75 July 15 *Holders of reo. July I
Belding Cortioelli. Ltd., common (goar.) 134 Aug. 1 Holders of roe. July 16
Bethlehem Steel, corn.(guar.)
$I Aug. 15 Holders of rec. July Isla
Oct. 1 Holders of roe. Sept. 20
Bliss(E. W.) Co.. com.(pay.In com.stk) 12
Bloch Bros. Tobacco, oom.(guar)
'37150 Aug. 15 'Holders of tee. Aug. 10
Common (guar.)
'3134e Nov. 16 *Holders of reo. Nov. 10
Preferred (guar.)
'134 Sept. 30 *Holders of ree. Sept. 24
Preferred (guar.)
'14 Dee. 31 *Holders Of reo. Doe. 24
Bloomingdale Bros., Mo., pref. (twat.). 14( Aug. 1 Holders of reo. July 20a
Blue Ridge Corp., pref. (quar.)
dd Sept. 1 Holders of tee. Aug. 5
Si July 31 Holders of tee. July ISa
Bon Aml Co., common A (guar.)
July 31 Holders of roe. July lila
Common A (extra)
81
Brandrarn-Henderson. Ltd.. eons. (go,)
•50o. Aug. 1 *Holders of rec. July 2
July 15 Holders of rec. June 20
Brantford Cordage, pref. (guar.)
2
seer. 1 *Holders of reo. Aug. 20
Brennan Packing • Cl. A (guar.)
Class A (guar.)
•51 Dec. 1 'Holders of rec. Nov. 20
•250. Sept. 1 *Holders of res. Aug. 20
Class B (quar.)
•25e. Dee. 1 "Holders of reel Nov. 20
Clam B (gust.)
Briggs Manufacturing (guar.)
37140 July 25 Holders of reo. July 10
British Type Investors, class A
M3o. Aug. 31 *Holders of reo. July 31
Burger Bros., 8% pref.(Qar.)
w51 Ost. 1 "Holders of tee. Sept. 115
Bush Terminal, eon). (guar.)
62)40 Aug. 1 Holders of rec. July 100
Debenture stoek (gust.)
134 July 15 Holders of reo. July la
Byers (A. M.) Co.. pref. (guar.)
134 Aug. 1 Holders of reo. July 15a
Calaveras Cement,7% prof.(guar.)._ •11( July 15 'Holders of tee. June 30
Canspe Corp.. Prof. (guar.)
*I% Aug. 1 'Holders of rec. July 15
Canada Bud Breweries, corn. (guar.).25e. July 15 Holders of rec. June 30
Canada Dry Ginger Ale (guar.)
75o. July 15 Holders of tee. July la
Canada Foundries & Forge cl A (GIL).
3714e. July 15 Holders of tee. June 30
Canada Miseries, Ltd.(quit.)
'12)40 July 15 *Holders of tee. June 30
Canada Wire & Cable, olam A (guar.).- $I
fiept.13 Holders of rec. Aug. 31
DM, 15 Holders of rec. Nov.so
Class A (guar.) _
SI
Canadian Bronze, corn.(gnar.)
82140 Aug. 1 Holders of tee. July 20
Preferred (guar.)
1)4 Aug. 1 Holders of roe. July 20
Canadian Car & Fdy. ord..(guar.).
43o. Aug. 31 Holders of me. Aug. 15
JULY 11 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Close.
Days Inclusive.
Miscellaneous (Continued).
Canadian Converters. Ltd. (guar.)
1
Aug. 15 Holders of rec. July 31
Canadian Dredge & Dock, corn.(quar.)750 Aug. 1 Holders of roe. July 16
Preferred (guar.)
144 Aug. 1 Holders of roe. July 16
Canadian Fairbanks-Morse, pref. (au.). 144 July 15 Holders of roe. June 30
Canadian Industries, Ltd.,cons.(guar.). '62340 July 31 'Holders of roe. June 30
Common (extra)
.50e. July 31 *Holders of roe. June 30
Preferred (guar.)
•134 July 15'Holders of rec. June 30
Canadian Power dr Paper, pref.(guar.).- 62 Ao. Aug. 15 Holders of roe. July 20
Canadian Wineries (guar.)
12 Sic. July 15 Holders of reel. June 30
Carnation Co.. pref. (guar.)
•134 Oct. 1 *Holders of roe. Sept. 20
•1M Jan 2'32 *Holders of roe. Dec. 21
Preferred (guar.)
Cartier, Inc.. pref.(guar.)
*$1.75 July 30 *Holders of rec. July 15
Centrifugal Pipe (QUAL)
15c Aug. 15 Holders of roe. Aug. 5
Quarterly
18. Nov. 16 Holders of roe. Nov. 5
Century Co
2
Oct. 21
Century Ribbon Mills. Prof.(quar.)Sept. 1 *Holders of rec. Aug. 20
Century Shares Trust, earth/.shares- - -- "70e. Aug. I "Holders of rec. July 15
Chapman Ice Cream (guar.)
•31440 July 15 *Holders of roe. June 25
•1% Oct. 1 'Holders of roe. Sept.20
Chatham Mfg.7% Pref.(guar.)
•1% Oct. 1 *Holders of roe. Sept.
6% preferred (guar.)
20
Cherry-Burrell Corp., prof (guar.).- el% Aug.
*Holders of re*. July 15
Chicago Yellow Cab (monthly)
25e Aug.
Holders of rec. July 20a
Monthly
25e. Sept.
Holders of roe. Aug. AM
Churngold Corp.(guar.).
•36c. Aug. 1 'Holders of rec. Aug. I
Quarterly
•35o Nov.1 *Holders of ree. Nov. 1
Cincinnati Advertising Products (qua?.) •750. Oct. 1 *Holders of roe. Sept.19
Quarterly
*75e. Jan 1'32 *Holders of reo. Dec. 19
.3
Obscienati Land Shares
Sept. 15 "Holders of roe. Sept. I
Cincinnati Milling Mach., pref.(qu.)
•1 44 July 15 "Holders of rec. June 30
Cincinnati Post. Term, Realty, pf. (qtr.) $154 July 15 "Holders of roe. July 3
Cincinnati Rubber Mfg., tisS prof.(qu.) •1% Sept.lb 'Holders of roe.
Sept. 1
6% preferred (guar.)
'134 Dec. 15 "Holders of roe. Dee. 1
Cities Service Co., corn.(monthly.)
2140. Aug. 1 Holders of roe. July 150
Corn.(payable In corn. stock)(mthly.) 1.45 Aug. 1 Holders of rec. July 15a
Preference B (monthly)
50. Aug. 1 Holders of rec. July 156
Preferred and pref. BB (mthly.)
50e. Aug. 1 Holders of rec. July I50
City Union Corp., corn.(guar.)
.25e. July 15 'Holders of roe. June 30
Common (guar.)
•250. Oct. 15 *Holders of roe. Sept.30
Common (guar.)
•250. Jan151 "Holders of rec. Doe. 31
Coca Cola Bottling (quarterly)
250. July 15 Holders of rec. July 3
Quarterly
25e Oct. 15 Holders of rec. Oct. 5
Colgate-Palmelive-Peet Co., corn.(q.). 6214e July 21 Holders of rec. July lla
Collins Co.(guar.)
411 July 15 *Holders of roe. June 24
Colonial Finance Corp., prof
•1% July 15 "Holders of rec. July 1
Colorado Utility, pref
*S1.75 July 15'Holders of rec. June 15
Connecticut Invest. Mgnt. Corp., corn- •I0e. Aug. 1 'Holders of rec. July 20
Consolidated Car Heating (guar.)
"144 July 15'Holders of rec. June 30
Extra
*2
July 15 "Holders of rec. June 30
Consol. Chem. Industries, class A
•37140 Aug. 1 'Holders of rec. July 15
Consolidated Ice (Pittsb.), pref.(qaur.)- "75c. July 15 *Holders of rec. July 3
Consolidated Industries
20e. Aug. 1 Holders of rec. July 15
Consolidated Mining & Smelting Co._ $1.25 July 15 Holders of rec. June 23
Stock div. (I sir. for each 20 held).Holders of rec. June 23
July 1
Consolidated Royalty Oil (guar.)
•50. July 2 'Holders of rec. July 15
Construction Materials, pref. (quar.)
'87%c Aug. 1 'Holders of rec. July 20
Continental Sec. Corp., coin.(quar.)_. •50c. July 1 *Holders of roe. July 1
Corn Products Refining, corn. (guar.).
75e. July 20 Holders of rec. July 3a
Common (extra)
50e July 20 Holders of rec. July 3a
Preferred (quar.)
144 July 15 Holders of roe. July 3a
Corporation Sec. of Chic., pref. (quar.)- *n75e. Aug.
'Holders of rec. July 10
•3% Aug.
Crowell Publishing, preferred
*Holders of rec. July 24
Crum & Forster, corn. (guar.)
•250. July 1 *Holders of rec. July 3
Crunden-Martin Mfg
'3%
•I'eiders of roe. Aug. 3
Cudahy Packing Co., corn. (guar.)
$1
Holders of ree. July 30
July 1
Cuneo Press. eons.(guar.)
•8244e Aug.
*Holders of roe. July 15
•1% Sept. 15 "Holders of rec. Sept.
644% preferred (guar.)
Curtis Publishing, corn. (monthly)
33 1-3e Aug.
Holders of roe. July 20a
Preferred (guar.)
$1.75 Oct.
Holders of rec. Sept. 1941
Curtis-Wright Export Corp., pf.
*$1.50 July 1 *Holders of rec. June 30
Davidson Co., pref. (guar.)
"144 Sept.3 "Holders of rec. Sept. 20
Preferred (guar.)
4.1 Se Oct. I •Holders of me. Sept. 20
Preferred (quar.)
•144 Doe. 31 "Holders of rec. Dec. 20
Preferred (quar.)
el% Jan 1'32 *Holders of roe. Dee. 20
Decker (Alfred) & Cohn pref. (quar.)__ •1% Sept.
"Holders of ree. Aug. 20
Dennison Mtg.. pref.(guar.)
144 Aug.
Holders of roe. July 20
Debenture stock (guar.)
2
Holders of rec. July 20
Aug.
Detroit Motorbus
*15e. July 1 *Holders of rec. July 6
Dictaphone Corp. corn.(guar.)
•500. Sept.
*Holders of rec. Aug. 14
Preferred (M114
*2
Sept.
*Holders of rec. Aug. 14
Dr. Pepper Co.. common (guar.)
30e. Sept.
Holders of roe. Aug. lb
Common (qua?.)
30e Dee.
Welders of roe. Noe Is
Dome Mines, Ltd
25e. July 2 Holders of roe. June 30z
Dominion Bridge, cons. (guar.)
750. Aug. 1 Holders of roe. July 31
Common (quar.)
75e Nov. 1 Holders of rec. Oct. 31
Dominion Tar to Chemical. pref. (qu.).... 1% Aug.
Holders of rec. July 6
Dominion Textile. Ltd., pref.(guar.).- 1;4 July 1 Holders of rec. June 30
Duplan Silk Corp., common
50c. Aug. 1 Holders of rec. Aug. 1
DuPont (E. I.) deNemours ,t Co.
Debenture stook (guar.)
1;4 July 2 Holders of roe. July 10a
Eastern Dairies. Ltd.. corn. (quar.).......
25e. Aug.
Holders of roe. June 30
Preferred (guar.)
'134 July 1 *Holders of rec. June 30
Eastern Theatres, Ltd. prof
344 July 3 Holders of rec. June 30
Eastern Utilities Investing, part. pf.(qt1) $1.75 Aug.
Holders of roe. June 30
$6 preferred (guar.)
$1.50 Sept.
Holders of rec. July 31
$7 preferred (guar.)
$1.75 Sept.
Holders of rec. July 31
$5 prior pref. (guar.)
$1.25 Oct.
Holders of rec. Aug. 31
Eaton Axle & Spring. corn. (guar.)
40e. Aug.
Holders of rec. July 15a
Economy Grocery Stores (guar.)
25e. July 1
Holders of rec. July 1
Edison Bros. Stores, corn. (guar.)
•1210 July 2 'Holders of rec. June 30
Electric Household Utilities (guar.)50c. July 2 Holders of rec. July 11
Electrical Securities Corp., $5 pref.(ge.) 411.25 Aug.
*Holders of rect. June 15
Ely dr Walker Dry Goods, first pref.-- 314 July 1
Holders of rec. July 3
Second preferred
3
July 1
Holders of rec. July 3
Eureka Pipe Line (guar.)
Si.
Aug.
Holders of rec. July 15
Ewa Plantation (guar.)
•60o. Aug. 1 "Holders of roe. Aug. 5
•1,‘ Aug.
Faber, Coe & Gregg, pref. (guar.)
'Holders of rec. July 20
Preferred (guar.)
'134 Noy. "Holden of rec. Oct. 20
Preferred (guar.)
•Hold, of rec. Jan. 20'32
Fair (The), corn. (quar.)
60c. Aug.
Holders of roe. July 21a
Preferred (guar.)
1% Aug.
Holders of rec. July 21a
Faultless Rubber (guar.)
"6214c Oct.
"Holders of rec. Sept. 15
Federal Electric, $7 pref.(guar.)
*81.75 Aug.
'Holders
of rec. July 15
$6 preferred (guar.)
411.50 Aug.
*Holders of rec. July 15
7% preferred (old) (guar.)
4•114 Aug.
'Holders of rec. July 15
Federal Terra Colts (guar.)
412
Sept. 1 "Holders of roe. Sept. 5
Finance Co. of Am. Bali., oom.A&B(qu.) 20e July 1
Holders of rec. July 6
7% preferred (quar.)
43he July 1
Holders of rec. July 6
7% preferred class A (guar.)
8140 July I
Holders of rec. July 6
Firestone Tire & Rubber, corn.(guar.)._
25e. July 2 Holders of reo. July 3a
First National Corp.A & B (Portland. Ore.) (guar.)
*50c. July 15 'Holders of rec. June 25
Fishman (M. H.) Co.•1% July 15 'Holders of rec. July 1
Preferred A dr B (guar.)
Food Machinery Corp., corn. (guar.)--- 37440 July 15 Holders of roe. Juno 30a
6%% preferred (monthly)
*50o July lb *Holders of roe. July 10
8)4% preferred (monthly)
*50o. Aug 15 *Holden of roe. Ans. 10
614.4 preferred (monthly)
*50e. geld.15 *Holdere of re
,Sent le
Ford Hotels Co., Inc
•500. Aug. 1 "Holders of rec. Jeer is
Ford Hotels Co., Inc
*50c. Oct. 31 *Holders of rec. Oct 18
Foreign Power Securities. pref.(guar.).-114 Aug. 15 Holders of rec. July 31
Foundation Co.of Canada. corn. (qu.)...
25e. Aug. 15 Holders of rec. July 31
Fox Rim Corp., corn. A & B (guar.).- 621.4c July 16 Holders of roe. June 30a
Fyr-Fyter Co., class A (guar.)
*50e. July 15 *Holders of rec. June 30
Galland Mercantile Laundry (quar.)
*I3714c Sept. I *Holders of roe. Aug. 15
Quarterly
411711e Dee. 1 "Holders of rect. Nov. le
Gardner-Denver Co.. pref. (guar.)
•1% Aug. 1 •Golders of res. July 20
Gelsenkirchen MiningAm.dep. rcts.(subj.te meet. July 8) ista3
July 16 *Holders of rec. July 9
GeneralElectric. common (guar.)
60e. July 25 Holders of rec. June 254
15e. July 25 Holders of roe. June 264
I Special stock (guar.)
General Foods Corp., corn.(guar.)
75e. Aug. 1 Holders of roe. July 15a
Name of Company.
243
When
Per
Cent. Payable.
Books Mona.
Days Inclusive.
Miscellaneous (Continued).
General Electric, Ltd.
Am. dep. rcts. ord. reg. shares
*w10 July 28 'Fielders of rec. June 26
General Mills, Inc., corn. (guar.)
750. Aug. 1 Holders of rec. July 15a
General Motors Corp.. prof.(qua?),... 81.25 Aug. 1 Holders of roe. July 6a
General Public Service, $6 pref. (quar.)- •$1.50 Aug. 1 'Holders of rect. July 10
$5.50 preferred (guar.)
• $1.375 Aug. 1 *Holders of roe. July 10
General Realty & Utilities. pref.(quar.)
, (r) July 15 Holders of roe. June 20a
General Stock Yards. corn. (guar.)
50c Aug. 1 Holders of rec. July 15
Common (extra)
25c Aug. 1 Holders of roe. July 15
Preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 15
Georgian, Inc., prof. A (guar.)
401, July 15 Holders of rec. July 3
Gibson Art Co., common gam.)
41150 Oct. I *Holders of roe. Sept. 19
Common (quar
4.650 Jan1'32 'Holders of roe. Dec. le
Gillette Safety Razor, Prof. (guar.)
$1.25 Aug. 1 Holders of rec. July la
Gimbel Bros., pref.(guar.)
144 Aug. 1 Holders of rec. July 156
Globe Discount & Finance, cam.(guar.). *250 July 15 'Holders of roe. July 1
G'st e Knitting Works prat
.35e July 25 *Holders of rect. July 7
Gold Dust Corp., common (guar.)
62
Aug. 1 Holders of rec. July 100
Goodyear Tire & Bubb., corn. (guar.)._
75c. Aug. 1 Holders of rec. July 3a
Gotham Silk Hosiery, 7% prof. (guar.) 144 Aug. 1 Holders of rec. July 100
•3% July 15 'Holders of res. June 30
Gramm Motors. Inc.. pref
Granby Consol. Min.Smelt. to Pow.(gul
250 Aug. 1 Holders of roe. July 176
Grand (F.& W.) 5-10-25e. Sts..com.(gu)
25e. July 20 Holders of rec. July 13
Preferred (guru'.)
134 Aug. 1 Holders of rec. July 136
Grand (F. dr W.)-Silver Stores, com.(qu)
25c. July 23 Holders of roe. July 136
Grant Lunch Corp.. eons
4100. July 31
•200. Sept. 30 *Holders of roe. Sept.30
8% preferred (guar.)
*200. Dec. 31 *Holders of reo. Dec. 15
8% Preferred (guar.)
Greenway Corp.. corn
•30e. Aug. 15 *Holders of reo. Aug. 1
Common B
•300. Aug. 16 *Holders of roe. Aug. 1
Participating preferred
*31.50 Aug. 15 *Holders of roe. Aug. 1
Participating preferred (extra)
•500. Aug. 16 *Holders of rec. Aug. 1
•144 Aug. 1 "Floillers of roe. July 29
Gruen Watch, met (guar.)
Guardian ftealty. pref. (guar.)
'134 July 15 'Holders of roe. June 30
Guggenheim & Co.. 1st pref. (guar.)_.. 4,144 A ug. 15 'Holders of re. July 29
.2
July 15 'Holders of res. June 30
Hamilton Woolen,corn
Hammond Clock (guar.)
"500. July 15 "Holders of rec. dJuly 6
Harbison-Walker Remo.. Prof. (qua?.). 1% July 20 Holders of rec. July 106
Aug. 81 'Holders of roe. Aug. 15
Hart, Schaffner & Marx. corn. (quar.)- *I
,
*I
COMMOn (guar
Nov.80 *Holder, of roe Nov. 14
4.75c. Aug. 15'Holders of rec. Aug. 1
Hartford Times, Inc., pref.(guar.)
Hathaway Bakeries. inc., or. Cl. B (qu.)
250. July 15 Holders of roe. June 30
Hercules Powder, pref. (guar.)
144 Aug. 15 Holders of roe Aug. 40
'11.25 Aug. 15 *Holders of rec. July 25
Hershey Chocolate, corn.(guar.)
411 Aug. 15'Holders of roe. July 25
Preferred (guar.)
Hewitt Bros. Soap. pref. (guar.)
Oct. 1 'Holders of roe. Sept. 20
*2
*2
Jaill'3 "Holders of rec. Dee. 20
Preferred (guar.)
Heyden Chemical, corn.(guar-)
50e. Aug. 1 Holders of rec. July 15
Hibbard. Spencer, Bartlett Co. (m'thlY)
20e. July 31 Holders of rec. July 24
Monthly
20o. Aug. 28 Holders of rec. Aug. 28
Monthly
20e. Sept.25 Holders of roe. Sept. 18
Hollinger Consol. Gold Mines
50. July 15 Holders of rec. June 30
•6214c July 1 'Holders of rec. June 30
Holly Development (guar.)
Horn & Hardart Co. of N Y.,corn.(qu.) 62%e Aug. 1 Holders of rec. July 11
Household Finance, corn. A & B (qtr.)._
90e. July 15 Holders of roe. June 306
Participating, pref. (guar.)
$1
July 15 Holders, of rec. June 30a
Howe Bound Co.(guar.)
50e. July 15 Holders of rec. June 306
Howes Bros.,7% Preferred (guar.)
'134 Oct. 1 'Holders of roe. Sept. 20
7% preferred (guar.)
•144 Dee. 31 *Homers el rec. Dec. 20
6% preferred (guar.)
*I% Oct. 1 *Holders of rec. Sept.20
6% preferred (quar.)
*1 SS Dee. 31 "Holders of rec. Dot'. 20
Humberstone Shoe, common (guar.).50e Aug. 1 Holders of roe. July 15
linnets Brick (gum.)
•300. July 15 "Holders of roe. July 3
Quarterly
*30o. Oct. 15 *Holders of me Oct. 8
Illinois Pacific Coast Co.. pref.(guar.).- •750 Aug. 11"Holders of rec. July 21
Imperial Sugar,$7 pref.(guar.)
•$1.75 Oct. 1 *Holders of roe Sept.20
$7 preferred (quar.)
•SI 75 Janl 32 *Holders of roe. Dee. 20
Incorporated Investors (guar.)
*25e. July 15'Holder, of roe. June 18
Sock dividend
*2% Oct. 15 *Holders of reo Sept 91
Indiana Pipe Line (guar.)
25e. Aug. 15 Holders of rec. July 24
industrial to Power Securities (guar.)._ •25c Sept 1 "Holders of roe Aug. 1
Quarterly
4,21Se Dec. 1 *Holders of roe Nov. 1
Insult Utility Investments, com.(qu,)._ •11 14 July 15 *Holders of rec. June 15
InsuranceInvestment corp.. pref.(qu.)
4,2e. July 31 *Holders of roe. June 12
Preferred (extra)
'lc.July 31
Insurance Securities Co., Inc.(guar.)_ _
100. July 15 Holders of ree. June 30
Interallied Investing, Corp., ol. A
350. July 15 Holders of roe. July 10
Internat. Business Machines, corn, (g11.) $1.50 Oct. 10 Holders of rec. Sept. 226
International Cellucotton, corn. (quar.). .$1
Oct. 1 *Holders of roe. Sept 25
Common (guar.)
Ja n1'32 *Holders of rect. Dee. 25
•$1
First preferred (gyp.)
'114 Oct. 1 *Holders of rec. Sept 25
First preferred (sae.)
*114 Janl'32 *Holders of rec. Dec. 25
Internat. Cigar Machinery (guar.)
6215e. Aug. 1 Holders of rec. July 17
International Harvester, corn lunar,)... 6214e July 15 Holders of rec. June 200
International Match. corn. (guar.)
July 15 Holders of ree. June 250
Sl
Participating preferred (guar.)
$1
July 15 Holders of rec. June 250
Internat. Nickel of Can.. pref. (guar.),_
I% Aug. 1 Holders of rec. July 25
Internat. Paints. Ltd.. pantie. pref.(qu.) 56%e. July 15 Holders of roe. June 30
Internat. Printing Ink. pref.(quar.)_ _
134 Aug. 1 Holders of roe. July 136
International Products, preferred
3
July 15 Holders of roe. July 34
Inter. Securs. Corp. of Am.corn, A (WI.)
25e. Sept. 1 Holders of rec. Aug. 15
64% preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15
6% preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 15
Internat. Shoe. pref. (monthly)
•500. Aug. 1 'Holders of rec. July 15
Preferred (monthly)
•50e. Sept. 1 *Holders of rec. Aug. 16
Preferred (monthly)
*50e. Oct. 1 'Holders of roe. Sept. 15
Preferred (monthly)
*50e Nov. 1 'Holders of roe. Oct. 15
Preferred (monthly)
•50o Dee, 1 'Holders of ree.•Nov. 15
intertype Corp., corn. (guar.)
25e. Aug. 15 Holders of rec. July 316
Investment Trust Associates, COM.(qu.) 12%c Aug. t Holders of rec. JUIY 15
Jantzen Knitting Mills, common (guar.) •15e. Aug. 1 'Holders of rec. July 15
Preferred (guar.)
•144 Sept. I *Holders of rec. Aug. 20
Jewel Tea, Inc., corn. (guar.)
July 15 Holders of rec. July la
$1
John,-Manville Corp., corn. (guar.).760 July 15 Holders of roe. June 24a
Kalam moo Vegetable Parchment(qu,)
•150 setts. 30 "Holden of roe. Sept. IS
(Jearterly
.161. nee. 31 "Holders of ree. Dee. 21
Kaufmann Dept. Stores. cons. (quar.)-25e July 28 Holders of rec. July 10a
Kaybee Stores, Inc., common (quar.)
150 July 15 Holders of roe. July 1
Kayser (Julius) to Co.. corn,(guar.).
250 Aug. 1 Holders of roe. July I5a
Kelsey Hayes Wheel,pf.,ser.W.W.(qu.). 134 Aug. 1 Holders of rec. July 21
Preferred ser. K.H.(guar.)
134 Aug. 1 *Holders of rec. July 21
Kemper-Thomas Co., eons. (guar.).
"75e Oct. 1 "Holders of reo. Sept. 20
C,ommon (guar.)
•75e in 1'32 'Holders of rec. Dee. 20
Preferred (guar.)
•144 Sept. 1 "Holders of rec. Aug 20
Preferred (attar.'
'1 54 nee. 1 .14nlelers of roe Nov 20
Keystone Steel to Wire, pref. (quar.)
'134 July 15 'Holders of rec. June 30
Knott Corp., corn. (guar.)
•cc25e. July 15 *Holders of rec. July 3
Knudsen Creamery,el A to B Mara_
"3714c Aug. 20 "Holders of rec. July 31
Kroger Grocery to Bak.. 2nd pref.(qu.) '134 Aug. 1 'Holders of rec. July 21
Lamont. Corliss to Co.. coin
•$1.50 July 10 "Holders of ree. June 25
Land to Bldg. Investing Corp., pref
31,4 July 15 Holders of rec. June 30
Landis MachIne common (guar.)
75c. Aug. 15 Holders of rec. Aug. 5
Common (guars
75e Noe.15 Fielders of reo. Nov. e
Preferred (Qua?.)
0144 Sept.15 *Holders of roe. Sept. 8
Preferred (Guar.)
0134 Dee. 15 *Holders of reo Dee. e
Lane Bryant, Inc., pref.(guar.)
lei Aug. 1 Holders of rec. July 15
Langendort United Bakeries, cl. A (qu.)_ .
1 'Holders of rm
. 15
rec.8
Je
.
J11
*250e.0
ups
ne 2
30
3
!arum er Bro. Co Preferred (guar.).Lawbeck Corp.. pref.(guar.)
•134 Aug. 1 *Holders of roe. July 20
Lazarus(F.& R.) Co.. pref.(quar.)ti Aug. 1 "Holden of rec. July 20
Lefeourt Rea ty Corp., corn.(qua?.).....
40e. Aug. 15 Holders of rec. Aug. 5
Preference (guar.)
75e. July 15 Holders of rec. July 6
Lehigh Coal to Navigation, corn
30c, Aug. 31 Holders of rec. July 31
Limestone Products,7% pref.(quar.)... '62%e Oct. I 'Holders of roe. Sept. 15
7% preferred (guar.)
•6214e hot'32 *Holders of roe. Dec. 15
7% preferred (guar.)
.6214() A prl'32 *Holds. of reo.Mar 15'32
Lincoln Stores
*2
ege
e:Set.
1.1nk-Beit Co.. corn. (guar.)
Sept.pt
ri
1 Aug. 16 to Aug. 31
Liquid Carbonic Corp., corn. (guar,)...
750. Aug. 1 Holders of roe. July 20a
•2
Lock Joint Pipe Co., pref. (qua?.)
Oct. 1 *Holders of roe. Oct. 1
Preferred (guar)
*2
Doo. 31 *Holden of roe. Doe. 81
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cont(nued)
*51.75 July 31 *Holders of rec. July 1
Little, Brown & Co., pref. (guar.)
Loewe, Inc., preferred (quar.)
$1.625 Aug. 15 Holders of reo. July 31a
Loew's (Marcus) Theatres,(Tor.) pref..- 34 July 15 Holders of roe. June 30
650. Aug. 1 Holders of roe. July 170
Loose-Wiles Biscuit, cons. (guar.)
Common (extra)
10o. Aug. 1 Holders of reo. July 170
Lord dr Taylor, 2nd pref. (guar.)
2
Aug. 1 Holders of rec. July 17a
Lucky Tiger Combination Gold Min.
•3c. July 20 *Holders of rec. July 10
Common
•3c. Oct. 20 *Holders of rec. Oct. 10
Common
Common
'Sc. Jan2032'Holders of rec. Jan. 10
Common
41c. Ap20'32 *Holders of rec. Apr. 10
Lunkenheimer Co.. preferred (guar.).-- *14 Oct. 1 *Holders iff reo. Sept-21
*14 Jan 1'32 *Holders of reo. Dee. 22
Preferred (guar.)
50c. July 15 Holders of rec. June 30a
MaoAndrews & Forbes, corn. (quar.)...
Preferred (quar.)
134 July 15 Holders of roe. June 30a
MacKinnon Steel Corp., Ltd., pf. (qu.) I% Aug. 1 Holders of reo. July 15
750. Aug. 15 Holders of reo. July 240
Macy(R. H.)& Co.,corn.(guar.)
150. July 16 Holders of reo. July f3a
Madison Square Garden Co.(guar.) --Magma Copper Co. (guar.)
25o. July 15 Holders of reo. June 30a
Magnin (I.) & Co.. common (quar.)
'37)40 July 15 *Holders of reo. June 30
*14 Aug. 15 'Holders of reo. Aug. 5
0% preferred (guar.)
*1
Nov.15 *Holders of rec. Nov. 5
6% preferred (quar.)
Mahon(R.C.) Co., pref.(guar.)
*55c. July 15 *Holders of rec. June 30
Mansfield Theatres. pref
*34 July 31 *Holders of rec. June 30
Marathon Razor Blade,Inc.(monthly).. •340. July 15 *Holders of rec. July 1
Monthly
•34o. Aug. 15 *Holders of rec. Aug. 1
Monthly
•34e. Sept.15 *Holders of rec. Sept. 1
*34o. Oct. 15 *Holders of roe. Oct. 1
Monthly
Monthly
•34o. Nov.15 *Holders of roe. Nov. 1
•114e. Dee. 15 *Holders of reo. Dec. 1
Monthly
•350. July 15 *Holders of rec. June 30
Merchant Calculating Machine
May Department Stores. corn.(guar.)._ 624e Sept. 1 Holders of rec. Aug. 15a
Maytag Co., 1st pref.(guar.)
$1.50 Aug.
1Holders of rec. July 15
Cumulative preference (guar.)
750. Aug. 1 Holders of rec. July 15
McCall Corp. (guar.)
6234o Aug. 1 Holders of rec. July 200
McColl Frontenac 011, pref. (quar.)
lee July 16 Holders of reo. June 30
McCrory Stores Corp., pref. (quar.)_._ 14 Aug. 1 Holders of rec. July 200
McKee(Arthur G.) Co., class B
•874c Oct. 1 *Holders of reo. Sept. 20
Mead Corporation (guar.)
•250 July 15 *Holders of rec. July 1
Medicine Hat Greenhouses. pt.(qu.)
*lee July 15 *Holders of rec. June 30
Merchants & Mfrs. Secur., pt. (quar.).. •874c July 15 *Holders of reo. July 1
Metal Textile Corp., partio. Pt. (quar.). 81H0 Sept. 1 Holders of reo. Aug. 20
Metal Thermit Corp., corn.(quar.)
*$1.50 Aug 1 *Holders of reo. July 20
Mexican Eagle Oil, ordinary
11.94c July 14 Holders of coup. No. 23
Participating preferred
15.92c July 14 Holders of coup. No. 30
Mexican Petroleum, pref. (guar.)
2
July 20 Holders of rec. June 304
Meyer Blanke Co., common
15e. Aug. 15 Holders of rec. Aug. 5
Mickelberry's Food ProductsCommon (payable in corn. etock).o1234 Aug. 15 *Holders of reo. Aug. 1
Common (payable In corn. etock)-... '1334 Nov.16 *Holden of reo. Nov. 2
Minnesota Valley Can, pref.(quar.)'1% Aug. 1 *Holders of reo. July 20
*lei Nov. 1 *Holders of reo. Oct. 20
Preferred (guar.)
Preferred (quar.)
13j Febl'32 Holders of reo. Jan. 20'32
MIss.Val. Utility Invest., prior pref.(qu.) *$1.50 Aug. 1 *Holders of rec. July 15
50o July 31 Holders of reo. July 16
Missouri Portland Cement (guar.)
Mitchell (Robert) Co.. Ltd.. core. (au.) 25o July 15 Holders of reo. June 30
Mohawk Investment (guar.)
•50o July 15 *Holders of rec. July 1
Moloney Electric, common A (guar.)... 51
July 15 Holders of rec. July 1
Monarch Mtge.dc Inv.. pref. (quar.)........ 2
July 15 Holders of reo. June 30
Morris (Philip) & Co., Ltd
25e July 15 Holders of reo. July 1
Morris Plan Bank (Bridgeport)(guar.)._ •75e July 15'Holders of rec. July 14
Mullins Mtg., pref. (guar.)
$1.75 Aug. 1 Holders of rec. July 154
Munsingwear Corp.. cote.(guar.)
50o Sept. 1 Holders of rec. Aug. 140
Common (guar.)
500 Dec. 1 Holders of reo. Nov. 16a
National Biscuit, core.(guar.)
700 July 15 Holders of reo. June 190
Common(quar.)
70o Oct. 15 Holders of reo. Sept. 18a
131 Aug. 31 Holders of rec. Aug. 144
Preferred (guar.)
2
Aug. 1 Holders of refs. July 200
National Carbon. prof. (quar.)
50e Aug. 1 Holders of reo. July 15a
National Distillers Products, cons. (qu.)
National Fireproofing. prof. (guar.).- 75o July 15 Holders of rec. July 1
Nat. Guar.& Fin.. 1st dr lnd pref. (qu.) '131 Aug. 1 'Holders of reo. July 10
14 Aug. 1 Holders of rec. July 17a
National Lead, preferred B (guar.)
National Short Term Securities15e. Aug. 1 Holders of roc. July 10
Common A (guar.)
174e Aug. 1 Holders of rec. July 10
Preferred (guar.
13310 Aug. 1 Holders of rec. July 14
National Tea, prof.(guar.)
*lel July 15 *Holders of reo. July 1
Neilson (Wm.), Ltd., pref.(guar.)
*lei Sept. 1 *Holders of rec. Aug 20
Neiman-Marcus Co., pref. (guar.)
*lee Dee. 1 *Holders of rec. Nov. 20
Preferred (quar.)
2
Aug. 15 Holders of reo: Aug. le
Neptune Meter, preferred(guar.)
2
Nov.15 Holders of rec. Nov. la
Preferred ((mer.)
New England Grain Prod.
Aug. 1 *Holders of reo. My 14
Corn.(1-100 share In pref. A stook)
Febl'32 *Hold, of rec. Jan. 14'32
Corn.(1-100 share In Prof. A stook)
•$1.75 Oct. 1 *Holders of ree. Sept.20
$7 preferred (Qum.)
Jan2'32 *Holders of reo. Dee. 20
$7 preferred (quar.)
*51.50 July 15 *Holders of reo. July 1
Preferred A (guar.)
411.50 Oot. 15 *Holders of reo. Oct. 1
Preferred A (guar.)
•$1.50 Ja 15'32 *Hold, of reo. Jan. 2'32
Preferred A (qual.)
50e. Aug. 10 Holders of rec. July 20a
New Jersey Zinc (guar.)
25c. Aug. 1 Holders of rec. July 74
New York Air Brake (guar.)
N. Y.& Foreign Investing. pref. (guar.) 14 July 15 Holders of reo. July 10
3
July 15 Holders of reo. July 6
New York Investors. Inc., let pref
150. July 15 Holders of roe. June 26
New York Traneit (guar.)
100. July 15 Holders of reo. June 26
Extra
14 Aug. 1 Holders of rec. July 16
Newberry (J. J.) Realty, pref. A
B (guar.)
(Quar.)Pefd
134 Aug. 1 Holders of recs. July 16
Newhall Bldg. Trust, pref. (guar.)
131 July 15 Holders of reo. July 1
Northern -Discount, pref. A (mthly.),.,.' 862-Sc Aug. 1 'Holders of rec. July 15
•66 2-3e Sept. 1 *Holders of reo. Aug. 15
Preferred A (monthly)
•06 2-3c Oct. 1 *Holders of reo. Sept.15
Preferred A (monthly)
•60 2-3c Nov. 1 *Holders of rec. OM. 15
Preferred A (monthly)
•66 2-3c Dec. 1 *Holders of res. Nov.15
Preferred A (monthly)
•082-3e Janl'32 *Holders of roe. Dee. 15
Preferred A (monthly)
*1
Aug 1 *Holders of reo. July 15
Preferred C (monthly)
•1
Sept. 1 +Holden of reo. Aug. 16
Preferred 0(monthly)
*1
Oct.
1 *Holders of roe. Sept. 113
(montele)
Preferred C
*1
Nov. 1 *Holders of rec. Oct. 15
Preferred 0(monthly)
•1
Doe. 1 *Holders of reo. Nov.15
Preferred C (monthly)
*I
J'n 1'32 'Holders of reo. Doe. 15
Preferred C (monthly)
•20e. Aug. 1 *Holders of ree. July 25
Niagara Arbitrage Corp.(No. 1)
100.
July
15 Holders of reo. June 25
(quar.)
Niagara Share Corp. of Md.
Nineteen Hundred Corp., ol. A (quar.)..- •50e. Aug. 16 *Holders of reo. Aug. 1
*50e. Nov.15 *Holders of rect. Nov. 1
Class A (guar.)
Northland Greyhound Lines. pf.(q1.)-• $1.625 Oct. 1 *Holders of rec. Sept.20
•250. Aug. 1 'Holders of rec. Jule 15
Northwest Engineering (guar.)
*150. July 15 *Holders of rec. July 12
Oahu Ry. & Land (monthly)
*100. July 15 *Holders of reo. July 6
Oahu Sugar Co. (monthly)
50c. July 15 Holders of reo. June 30
Ohio Brass, cote. A & B (guar.)
134 July 15 Holders of reo. June 30
Preferred (guar.)
Oliver United Filters, class A (guar.).- *50c. Aug. 1 *Holders of rec. July 20
•20e. July 20 *Holders of reo. July 10
Onomea Sugar (monthly)
Oct.
Ontario Tobacco Plantations. prof. eV.) 1
Jan.'32
1
Preferred (quarterly)
6240 July 15 Holders of rect. June 30a
Otis Elevator. common (guar.)
14 July 15 Holders of reo. June 304
Preferred (guar.)
el
Aug. 1 Holders of rec. July 204
Outlet Co.. common (guar.)
lei Aug. 1 Holders of rec. July 200
First preferred (qual.)
14 Aug. 1 Holders of rec. July 20
Second preferred (guar.)
250. July 15 Holders of rec. June 300
Packard Electric (guar.)
400. July 20 Holders of reo. June 304
Pan-Amer.Petr.& Transp.,corn & coin II
Parke, Austin A Lipscombe, pref. (qu.) •50c. July 15 *Holders of rec. July 1
*14 Aug. 1 *Holders of roe. July 15
Peabody, Coal, pref. (guar.)
•
Sept.30 *Holders of reo. Sept.20
Peabody Engineering. pref. (guar.)'131 Dee. 31 *Holders of roe. Doe. 30
Preferred (guar.)
Peaslee-Gaulben Corp.. pref. (guar.).- *lee Oct. 1 *Holders of reo. Sept. 25
Aug. 15 Holders of reo. Aug. 5
$1
Penmans Ltd., common (qual.)
14 Aug. 1 Holden of rec. July 21
Preferred (guar.)
Penn Traffic Co
734e Aug. 1 Holders of reo. July 150
Pennsylvania Bankshares & See. Pt.(qu.) *62340 Sept. 1 *Holders of reo. Aug. 15
Preferred (quar.)
'62340 Doe. I *Holden Of reo. Nov. 15
[VOL. 133.
FINANCIAL CHRONICLE
244
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Pennsylvania Industries, Inc. pref.(qu.) *1)4 Aug. 1 *Holders of rec. July 15
*14 Nov. 2 *Holders of rec. Oct. 15
Preferred (guar.)
Pennsylvania Salt Mfg. (guar.)
75o. July 15 Holders of rec. June 3011
Petroleum Landowners Corp. (monthly) *25c. July 15 *Holders of rec. June 30
Philo, Insulated Wire
$1.50 Aug. 1 Holders of rec. July 150
131 Aug. 1 Holders of rec. July 20a
Phillips-Jones Corp., pref.(guar.)
*50o Oct. 10 *Holders of reo. Sept.30
Phoenix Finance Corp.. pref.(quar.)...
Preferred (guar.)
*50o. Je1.012 *Holders of reo. Dee. 31
*e2 Oct. 1 *Holders of rec. Sept. 15
Pltney-Bowes Postage Meter On stock)
174e July 25 Holders of reo. June 300
Pittsburgh Screw & Bolt (guar.)
Pittsburgh Steel Fdy.. common (guar.). *124c July 15 *Holders of rec. July 8
Pittsburgh United Corp., pref.(guar.).- 131 Aug. 1 Holders of rec. July 114
*14 July 20 *Holders of reo. June 30
Plymouth Cordage (guar.)
Port Huron Sulphite & Paper(qual.).
15c. Aug. 1 Holders of rec. July 15
Holders of reo. July 1
5
1831rJ
ita
uly
y 15
Premier Shares. Inc.(guar.)
Holders of reo. June 254
Procter & Gamble Co..8% pref. (quar.)Producern Royalty. core.(guar.)(in stk.) f234 July 16 Holders of ree. June 30
Prudential Investors, Inc.. $5 PI. (mi.)... *51.50 July 15 *Holders of rec. Juno 30
Public Service Trust Ohs.ser. A reg---•1 8.932c July 15 *Holders of rec. June 30
Series A coupon
8.932e July 15 *Holders of coup. No. 3
Pullman, Inc.(quar.)
$1 Aug. 15 Hoiders of reo. July 244
Quaker Oats, cons.(guar.)
*II July 15 *Holders of reo. July 1
•ji Aug. 31 *Holders of roe. Aug. 1
Preferred (guar.)
Queen City Petrol Prod..7% pref.(a). •1 3.4 July 14 *Holders of rec. July
*50c Aug. 1 *Holders of rec. July 25
Randall Corp., class A (guar.)
*75c Aug. 1 *Holders of rec. July 20
Raymond Concrete Pile. pref. (guar.)
50c Aug. 1 Holders of rec. July 21
Reed(C. A.) Co., class A (guar.)
Class B
124c Aug. 1 Holders of rec. July 21
750. Oct. 15 Holders of reo. Oct. 1
Republic Swale Co. (guar.)
Revere Copper & Brass, pref. (guar.).- 1)4 Aug. 1 Holders of rec. July 104
*90e Aug. 1 *Holders of no. July 15
Rollins Hosiery Mills,pref
'313(0 Aug. 1 *Holders of reo. July 15
Roos Bros.. common (quar.)
1 *Holders of roe. July 15
y. 17
Preferred (guar.)
• 5511.625
July
Holders of rec. June 10
Royal Typewriter, common
Holders of rec. July 10
7% pref.(tor first quarter of 193I)_
131 July 17 Holders of rec. July 10
7% prof. (for second guar. of 1931).
A
Auug
ly. 17
1 Holders of rec. July 15
Russell Motor Car., common (guar.)... 175o. 7
Holders of rec. July 15
Preferred (guar.)
Ruud Manufacturing common (quar.)... *50c Aug. 1 *Holders of rect. July 20
*50e. Nov. 1 *Holders of rec. Oct. 20
Common (guar.)
250. Sept.21 Sept.11 to Sept.21
St. Joseph Lead Co.(guar.)
250. Dec. 21 Dec. 11 to Dec. 21
Quarterly
350. Aug. 1 Holders of rec. July 15a
Salt Creek Producers Assn.(guar.)
*200. July 15 *Holders of rec. July 7
San Carlos Milling (monthly)
Sept. 1 *Holders of rec. Aug. 13
Saranac Pulp & Paper, nook dividend... 'is
*14 Aug. 15 *Holders of rec. Aug. 1
SavageArms, 2nd pref. (guar.)
Schnebbe Fire Protect-Eng.. corn.(au). *12140 July 15 *Holders of rec. July 1
*60c. July 15 *Holders of roe. July 1
Class A (guar.)
*75e. July 15 *Holders of rec. July 1
$3 preferred (guar.)
1)4 Aug. 1 Holders of reo. July 17
Scott Paper Co., pref. A (qua?.)
134 Aug. 1 Holders of rec. July 17
Preferred B (guar.)
15e. July 15 Holders of reo. June 300
Seagrave Corp., cons.(guar.)
Sears, Roebuck & Co.. corn.(guar.).-- 624o Aug. 1 Holders of rec. July 90
750. Aug. 1 Holders of rec. July 15
Seeman Bros.. corn.(guar.)
Segal Lock & Hardware. pref. (quar.)-'
- 8714c Jun 15 *Holders of reo. June 30
Service Station. Ltd.. 6% pref. guar.). 134 Aug. 1 Holders of rec. July 15
'134 Aug. 1 *Holders of reo. July 15
6% preference, series A (guar.)
*250 Aug. 1 *Holders of rec. July 16
Beton Leather, common (guar.)
Sharp & Dohme,Inc., pref. A (guar.).- 8734e. Aug. 1 Holders of rec. July 17a
Sept. 15 'Holders of rec. Sept. 1
.31
Seeaffer (W. A.) Pen Co., oommon
*2
July 20 *Holders of reo. June 30
Preferred (guar.)
Oot. 20 *Holders of rec. Sept. 50
*2
Preferred (qual.)
Aug.
Holders of rec. July 3
Shenandoah Corp.. cony. pref.(qu.)-- bb
Silver (Isaac) dr Bros. Co.,corn.(qu.).-_ *250 July 20 *Holders of rec. July 13
*lee Aug 1 *Holders of rec. July 13
Proferred (guar.)
Solvay Amer. Investment, pref. (quar.)_ 14 Aug. 15 Holders of rec. July 150
1115o Ally 15 *Holders of rec. July 1
Southland Royalty (guar.)
Holders of reo. June 300
tilludding (A. G.) & Bros.. cons. (quar.)
Spicer Mfg., pref. A (quar.)
513°
750 July
y 15
5 Holders of rec. July la
Standard Coosa Thatcher. pref. an.)... '1)4 July 15 *Holders of rec. July 15
Standard 011 (Ohlo) pref. guar)
1
July 15 Holders of rec. June 304
Stand. Wholesale Phos.& Acid Wks.(qu) •300. MY 15 *Holders of rec. Juno 30
Stanley Works, pref. (guar.)
'37)40 Aug. 15 *Holders of rec. Aug. 1
State Street Investment (guar.)
July 15 *Holders of reo. July 1
Steel Co. of Canada, eons. & pfd.(quar.) 43310Aug.
4*75ca
1 Holders of reo. July 7
Stetson (John B.) Co., prof
Holders of rec. July Its
$1
Site Baer & Fuller, Prof.(guar.)
*4354o B1'1
J0 .3
10
5 *Holders of rec. Sept.15
Preferred (guar.)
•43310 Dee. 31 *Holders of reo. Dee. 15
Stone & Webster, Hie.(guar.)
750. July 15 Holders of reo. June 180
Sturtevant(B. F.) Co.. pref. (quar.)---- *114 July 15 *Holders of rec. June 29
Suburban Elec. Securities, let pref.(qu.) '134 Aug. 1 *Holders of reo. July 15
Sun Investing Co., pref. (guar.)
75c. Aug. 1 Holders of rec. July 20
624o. July 15 Holders of reo. July bra
Superheater Co. (guar.)
Superior Portland Cement,cl. A (mthly.) *2740 Aug. 1 *Holders of rec. July 23
215% Aug. 115 Holders of reo. July 15
Sweets Co. of America, lee.(quar)
$
Swift International
Aug.
Holders of reo. July 15
150. Aug. 1 July 18 to July 31
Teck-Hughes Gold Mines.Ltd
35e. Aug. 1 Holders of reo. July 15a
Telautograph Corp., cons. (guar.)
90e. Aug. 15 Holders of rec. Aug. 5
Thatcher Mfg., cony. pref.(guar.)
1
Aug. 15 Holders of rec. July 16a
Tide Water 011, pref.(guar.)
20e. Aug. 15 Holders of reo. July 24a
Tobacco Products Corp.. class A (guar.)
lei July 15 Holders of ree. June 30
Tooke Bros., Ltd., pref. (guar.)
Toronto Elevators, Ltd.. 7% pref. (qu.) .0131 July 15 Holders of reo. July 1
100. July 25 Holders of rec. July 6a
Transamerica Corp.(qual.)
2
150. 7
Juuly 15 Holders of roc. June 30a
Transue & Wins. Steel Fon.(guar.).-Holders of reo. June 25a
Truscon Steel, eons. (guar.)
150. Oct. 15 Holders of rec. Sept. 25a
Common (gear.)
'131 Sept. 1 *Holders of reo. Aug. 21
Preferred (guar.)
134 July 15 Holders of reo. June 30
Timken Tobacco, pref. (guar.)
Tung-Sol Lamp Works,Inc., corn.(qu.). *25c. Aug. 1 Holders of rec. July 20
*750. Aug. 1 Holders of rec. July 20
Preferred (quar.)
Twenty Wacker Drive Bldg., pf.(qu.) 411.50 July 15 Holders of roe. June 30
40o. July 15 Holders of reo. July le
Ulan & Co., corn.(guar.)
pt
.
. 1 Holders of rec. Aug. 15a
15x
0o. S
Aeug
United Biscuit of America, oom.
Holders of reo. July 16.2
Preferred (guar.)
100. July 15 Holders of rec. July 1
United-Carr Fastener, common
Un1ted Cigar Stores of Amer., pref.(qu.) 14 Aug. 1 Holders of rec. July 10a
134 Nov. 2 Holden of rec. Oct. 9a
Preferred (guar.)
•30e. July 10 Holders of reo. June 30
United Financial it Realty Tr.(quar.)
United Linen Supply, class B (quar.)... •$1.50 July 20 Holders of rec. July 1
United Place Dye Works,cons.(qual.).. 500. Aug. 1 Holders of roe. Jun 154
60o. Nov. 1 Holders of rec. Oct. 15a
Common (qua?.)
1 Holders of reo. Sept. 19a
Oct.1)4
Preferred (guar.)
134 Jan1'32 Holders of ree. Dee. 19a
Preferred (quar.)
United Retail Chemists. prof. (guar.).- .8734e July 15 Holders of rec. June 22
100. Aug. 1 Holders of rec. July 15
U.S. & Brit. Internat. Co., COM. A (au.)
75c. Aug. 1 Holders of rec. July 15
$3 preferred (guar.)
'
134 July 15 Holders of rec. June 15
U.S. Capital, class A special)
U. S. Elec. Power Corp., pref. (quar.)... •31.50 Aug. 1 Holders of reo. July 2
U.S. dx Foreign Securities, let pref.(qu.) $1.50 Aug. 1 Holders of reo. July lie
500. July 20 Holders of reo. June 304
United States Pipe & Fdy., coin.(au.)._
50c. Oct. 20 Holders of reo. Sept. 30a
Common (quar.)
50e In211'32 Holders of reo. Doe. 31a
Common (qual.)
30e July 20 Holders of roe. June 300
First preferred (guar.)
800. Oct. 20 Holders of rec. Sept.30a
First preferred (guar.)
30e. Jn20'32 Holdere of no. Dee, 31a
First preferred (quar.)
U.S. Smelt., Refg.& Mining. corn.(qu) 250. July 15 Holders of rec. July 2a
874c. July 15 Holders of rec. July 2a
Preferred (quar.)
25c. Aug. 1 Holders of rec. July 20
United Verde Extension Mining (guar.)
75o. Aug. 1 Holders of me. July 170
Universal Leaf Tobacco, cam. (quar.)..
*304. July 15 Holders of rec. June 30
Universal Trust Shares
'134 Sept. 10 Holders of red. Sept. 1
Vapor Car Renew. prof. (qual.)
*le( Dec. 10 Holders of roe. Dee. 1
Preferred (quar.)
1
July 20 Holders of reo. July 75
Vulcan Detinning. corn.(guar.)
1
Oct. 20 Holders of reo. Oct. Ta
Common (guar.)
1.34 July 20 Holders of reo. July 70
Preferred (guar.)
1)4 Oct. 20 Holden of reo. Oct. 70
Preferred(guar.)
*50e. Oct
1 *Holders of reo. Sept.21
Waltham Watch,6% pref. guar.)
250. July 16 Holders of reo. June 300
Warner (Jo., common (guar.)
Westchester First National Corp., pref *874c July 20 *Holders of reo. June 30
*8740 Dec. 201*Holders of reo. June 30
Preferred
245
FINANCIAL CHRONICLE
JULY 11 1931.]
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
West Va. Pulp & Paper,6% pref. du.). 1)-I Aug. 15 Holders of rec. Aug. 1
6% preferred (guar.)
134 Nov. 16 Holders of rec. Nov. 2
14 July 15 Holders of rec. June 200
Western Grocers, Ltd., pref. (quar.)Western Insurance Security, cl. A (qu.)- •6234c Aug. 1 *Holders of rec. July 15
Aug. 1 *Holders of rec. July 15
•1
Preferred (guar.)
50c. July 31 Holders of rec. June 300
Westinghouse Airbrake (guar.)
Westinghouse Elec. Mfg.,corn.(quar.)-- Si July 31 Holders of rec. July ea
$1 July 31 Holders of rec. July (la
Preferred (quar.)
30c. Oct. 1 Holders of rec. Sept. 150
Westmoreland, Inc. (quar.)
*25e. July 31 *Holders of rec. July 20
Wilcox Rich Corp., class B
100. Aug. 15 Holders of rec. Aug. 1
Will & Deemer Candle, corn. (quar.)
334 Aug. 15 Holders of rec. July 15
Wilson Line,Inc.,7% pref
.2m Aug. 1 •130loers of rec. July 16
Winsted Hosiery, cons. (guar.)
*24 Nov. 1 •Holdere of rec. Oct. 15
Common (Qum.)
*1)4 Aug. 15 *Holders of rec. Aug. 8
Worcester Salt Co., pref. guar-)
550c. July 15 *Holders of rec. June 30
Worthington Ball, class A (quar.)
25e. Aug. 1 Holders of rec. July 20a
Wrigley (Wm.)Jr. Co.(monthly)
50e. Sept. 1 Holders of rec. Aug. 20a
Monthly
25c. Oct. 1 Holders of rec. Sept. 20a
Monthly
250. Nov. 2 Holders of rec. Oct. 20a
Monthly
"42c. July 15 "Holders of rec. June 30
York Share Corp.(No. 1)
Zinke Renewing Shoe Corp.. corn.(qu.) '1140. Oct. 2 *Holders of ree. Sept. 5
Oct. 2 "Holders of rec. Sept.15
Preferred (rivar.)
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dee. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending July 3:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 3 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans.
Disc. and
Invest.
OtherCash Res. Dep.. Dep. Other
Gross
Including N. F. and Banks and
Gold. Blc.Notes. Elsewhere. Trust Cos. Deposits.
$
$
$
$
$
Manhattan$
1,106,600
280.900
52,300
1,361,600 42,800
Bryant Park Bk_
•From unofficial sources, f The New York Stock Exchange has ruled that Grace National__ 19,465,443 1,600
94,160 2,012,439 2,382,098 18,982,481
stock will not be quoted ex-dividend on this date and not until further notice.
Brooklyn729,600 5,989.600
526,800
S The New York Curb Exchange Association hae ruled that stock will not be quoted Brooklyn Nat'l_- 8,199,500 16,800 116,600
143,000 6,800,000
468,000
6,608,000 5,000 103,000
Peoples Nat'l___
x-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
4 Correction. e Payable in stock.
TRUST COMPANIES-Average Figures,
f Payable in common stock. o Payable in scrip. h On account of accumulated
dividends. jPayable in preferred stock.
f American Commonwealth Power corn. A & B dividends are payable in corn. A
Res. Dep., Dep. Other
Loans,
tock at rate of one-fortieth share.
Gross
Disc. and
N. Y. and Banks and
k The dividend of 35c. on Southern Ry. corn. stock Is payable out of 1930 earnings
Elsewhere. Trust Cos. Deposits.
Invest.
Cash.
and with the $1.65 declared out of 1929 earnings makes $2 payable Aug. 1 on com$
mon stook. No further dividend will be paid in 1931 on common stock.
$
$
$
Manhattan-$
12,562.100
167,950
688,593
Bank of Europe & Tr 13.332,100
m Distillers Co., Ltd., dividend Is 2s. 6d.
71,635,300 *4,126,900 17,367.700 3,722,500 81,324,200
O Corporation Securities Co. pref. dividend is payable In common stock at rate Empire
369,333 16,386,560
141,844 1,157.801
16.535,018
Federation
of 1-40th share. Holders desiring cash must notify company on or before July 10.
172,700 17,895,200
19,131,700 *2,433,100
913,000
Fulton
o Central West Pub. Serv. class A div. Is payable in class A stock. Stockholders United States
61,471,962
72,463,186 5,040,000 13,680,472
have option of taking cosh at rate of 3734c. per share. On the pref. stock outstanding
Brooklynlees than two years only 1,4% will be paid.
918,000 130,853,000
Brooklyn
111,789,000 2,386,000 39,043,000
27.800,243
p American Cities Power & Light class B div. Is payable in class 13 stock.
Kings County
28.478,295 2,098,679 3,890,112
Bayonne. N. J.
r General Realty & Utilities $8 pref. div. will be paid in common stock 60-1000ths
302,881 8,419,044
962,433
203,150
8,271,345
of a share unless holder notifies company on or before July 1 1931 of his desire to Mechanics
take cash, $1.50.
to Less deduction for expenses of depositary.
•Includes amount with Federal Reserve Bank as follows: Empire, $2.655,500:
Internat. Hydro-Elm System class A dividend is optional, either 500. cash or Fulton, $2,224,900.
1-50th share class A stock. Stockholders desiring cash must notify company before
July 8.
aa Associated Gas & Electric class A dividend is 1-50th share class A stock.
Holders have option of taking 1-200th share of $5 pref. or 25c. cash in place of the
Boston Clearing House Weekly Returns.-In the folclass A stock dividend. The $4 preferred dividend is optional either 1-70th share
$4 Preferred stock or $1 cash. Holders desiring cash must notify company on lowing we furnish a summary of all the items in the Boston
or before July 10.
bb Shenandoah Corp. pref stock dividend will be paid one-thirty-second share Clearing House weekly statement for a series of weeks:
com,stock unless holder notifies company on or before July 13 of his desire to take
cash-75c. per share.
BOSTON CLEARING HOUSE MEMBERS.
cc Knott Corp. corn. div. is payable in cash or two-twenty-fifths share cora, stock.
dd Blue Ridge Co. pref. dividend will be paid 1-32d share common stock unless;
Week Ended Changesfrom Week Ended Week Ended
holder notifies company on or before Aug. 15 of his desire to take cash-75c. per sh.
June 24
July 1
July 8
Previous
ee American Cities Power & Light class A dividend is payable in class B stock
1931.
Week.
1931.
1931.
at rate of I-32d share unless holder notifies company by July 14 of his desire to
take cash-75c.
s
S
$
$
94,075,00
93,875,000
Capital
93,875,000 Unchanged
97,219,000
97,219,000
95,859,000 -1,360,000
Surplus and profits
dLsc'ts & Invest'ts. 1,008,937,000 +7,146,000 1,001,791,000 1,007,381,000
Weekly Return of New York City Clearing House.- Loans,
625,325,000 +6,801,000 618,524,000 606,700,000
Individual deposits
169,215,000 +24,045,000 145,170.000 141.772,000
Due to banks
Beginning with March 311928, the New York City Clearing Time
269,610,000
-45,000 269.655,000 269,140.000
deposits
18,662,000
18,067,000
United
States
deposits
17.363,000 -1,304,000
House Association discontinued giving out all statements Exchanges for Clg. House 21,093,000
15,258,000
21,181,000
-88,000
previously issued and now makes only the barest kind of Due from other banks_ _ _ 128,849,000 +12.275,000 118,574,000 104,638,000
79,999,000
79,809,000
Res've in legal depositles
85,200,000 +5,391,000
but
the
deposits, Cash in bank
a report. The new returns show nothing
6,172,006
5,999,000
-74,000
5,925,000
3,188,006
2.768.000
Rereve in excess in F.R.Bk
5.737.000 +2.969.000
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $178,546,000
to the net demand deposits and $104,302,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 4 1931,
Clearing House
Members.
• Capital.
*Surplus and Na Demand
Undivided
Deposits,
Profits.
Average.
$
6.000,0001 14.368,800
63,564,000
Dank of N. Y.& Tr. Co__
22,250,0001 54,517,900
263,959,000
Bk. of Manhattan Tr. Co_
125,751,000
Bk.of America. Nat. Assn. 36,775,300, 33,423,200
110,000,000, 114.744.200a1,055.146.000
National City Bank
21,000,000, 43,709,800
237,439 000
Chemical Bank de Tr. Co_
90,000.0001 208,068,600 5915,426,000
Guaranty Trust Co
16,200,0001
16,528,000
152,760,000
Chat. Phenix N.B.&Tr.Co
21,000,0001 88,207,800
426,447,000
Cent Hanover Bk.&Tr Co
175,700,000
15,000,0001 32,579.200
Corn Exch. Bank Tr. Co_
279,006,000
10,000,000, 115,830,900
First National Bank
375,364,000
50,000,0001 85,285,400
Irving Trust Co
11,088,000
6,000.000, 11,341,900
Continental Bk. AL Tr. Co_
148,000,0001 210,812,700 c1,362.962,000
Chase National Bank
3,897,100
26.245,000
500,000,
First Avenue Bank
25,000,000 87,395,200 d452,437,000
Bankers Trust Co
35,085,000
10,000,0001 24,988.800
Title Guarantee & Tr. Co.
53,329,000
9,551,400
10,000,000,
MarineMidland Tr. Co..
15,440,000
4,526,500
3,000 000
LawyersTrust Co
188,272,000
12,50(0001 36,051,800
New York Trust Co
50,249,000
10,013,800
7,000,000
Comml Nat. Bk.& Tr.Co
2,642,200
25,753.000
2,000,000,
Harriman N.Bk.& Tr.Co.
40,821,000
8,250.003, 13,805,400
Public Nat. 13k. & Tr. Co_
23,947,700
137,725,000
27,500,000
Manufacturers Trust Co
Clearing Non-Member.
Mech. Tr. Co.. Bayonne_
Totals
500,0001,
909,700
2.707,000
Time
Deposits,
Average.
15,717,000
54,161,000
48,104,000
190,464,000
30.368,000
146,779,000
33,136,000
90,654,000
36,394,000
23,981.000
57,007,000
1,294,000
172,219,000
3,126,000
81,111,000
1,943,000
7,835,000
2,799,000
42,464,000
6,338,000
6,284,000
35,077,000
69,225,000
5,343,000
658,475,3001,247,148,000 6,472,675,000 1,161,821,000
* As per official reports: National, March 25 1931; State, March 25 1931; trust
eempanies. March 25 1931.
• Includes deposits in foreign branches: (a) 8293,287,000; (5) $104,162.000; (c)
$127,296,000; (d) $59,900,000.
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
July 4
1931,
Changes from
Previous
Week.
Week Ended
June 27
1931.
Week Ended
June 20
1931.
$
$
a
$
Capital
83,202,000 Unchanged
83,202,000
83,202,000
+166,000 258.561,000 258,561,000
Surplus and profits
258,727,000
Loans,(Buts, and invest_ 1,509,754,000 -2,770,000 1.512,524,000 1,515.703,000
47,126,000 +21,179,000
Exch.for Clearing House_
25,947,000
30,134,000
166,885,000 +29,503.000 137,382,000 142,103,000
Due from banks
238,777,000 +13,533.000 225,244,000 227.831,000
Bank deposits
801,111,000 +33,453,000 767,658,000 780,544.000
Individual deposits
432,230,000 +5,381,000 426,849,000 424,107.000
Time deposits
1,472,118,000 +52,367,000 1,419,751,000 1,432,482,000
Total deposits
Reserve with F. R. Bank_ 124,161,000 +5,402,000 118.719.000 l20 n84 non
246
FINANCIAL CHRONICLE
[Vor,. 133.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 9, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 209 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
CLOSE OF BUSINESS JULY 8 1831
July 8 1931. July 1 1931. June 241931. June 17 1931. June 10 1931.
Jtins 3 1931. May 27 1931. May 20 1931. July 9 1930.
RESOURCES.
8
$
Gold with Federal Reserve agents
1,964.784,000 1,933,564.000 1,903,284.000 1,908,344,000 1,833,674,000
1,778.164,000 1,792,364.000 1,790.864.000 1,597,514,000
29,616,000
Gold redemption fund with U. 5. Trees_
30,167.000
30.166.000
32,666,000
33.114.000
32,614,000
32,514,000
36,675,000
32,514,000
Gold held exclusively 'girt F. R. notes 1,994.380,000 1,963.731,000 1,933.450.000 1,941,010.000 1,916.788.000
Gold settlement fund with F. R. Board
489.921,000 514.492.000 475.278.000 466.969.000 492,820.000 1,810,778.000 1,824.878.000 1,823.378,000 1,634,189,000
Gold and gold certificates held by banks_ 943,604,000 933.818.000 97.3.2M.000 947.310,000 867.395.000 585,115,000 579.154.000 583.418.000 569,123,000
883,217.000 855.241,000 816,491,000 814,819,000
Total gold reserves
3,427,905.000 3,412,041,000 3,382.589.000 3,355.289.000 3.277,003.000 3,259,110,004)3,259
,273,000 3.223,287,000 3,018,131,000
Reserves other than gold
164,042.000 167.257,000 175,059,000 170.985.000 167.599,000 167,948,000
173.241,000 176,615,000 159,635,000
Total reserves
3,591,947,000 3,579.298,000 3,557,648.000 3,526,274,000 3,444,602.000 3,427,058,000
3.432.514,000 3,399.902.000 3,177,766,000
Non-reserve cash
68,713,000
65,011,000
74.422,000
71.114,000
74,673,000
67.930,000
70,730,000
67,962,000
75.046.000
Bills discounted:
Secured by U. S. Govt. obligations...
59.787,000
46,395,000
86.008.000
76,323.000
77,098.000
67,140.000
50,439.000
90,952,000
49.375.000
Otherbills dismounted
102,599.000 103.305,000 111,672.000 109,065,000 107,657,000 105.636,000
102,363,000
99,001.000 145,363,000
Total bills discounted
162,386.000 150,200,000 197,678.000 185,388.000 184.755,000 172.826,000
Bills bought In open market
91,788,000 103,341.000 106,390,000 106,814,000 127,217,000 134,155,000 152.852.000 148.876.000 236,315,000
124,501,000 131.007,000 148,945,000
U. S. Government securities:
Bends
183,393,000 183.395.000 136,840.000 117,209.000
77,118,000
73.715.000
59.085.000
59,171,000
46,708.000
Treasury notes
51,748 000
60.741.000
53,882.000
52.233.000
52.227,000
52.223.000
52.227.000
52.231,000 233,534.000
Certificates and bale
432,812.000 414,263.000 427,781,000 429,562,000 469,679,000 472.405.000
487.058,000 487.134.000 310,338,000
Total U.S. Government securities,.....
Other securities (see note)
Foreign loans on gold
667,953.000
9,975,000
663,399.000
10,601,000
618.503.000
8.063.000
16.700,000
599,004,000
9,248.000
599,024,000
1.687,000
598.348.000
1.687,000
598,368.000
768.000
598.536.000
767.000
590,580,000
7,301,000
Total buns and securities (see sole).- 932,102.000
Due from foreign banks (see note)
3,726.000
Federal Reserve notes of other banks
14,201.000
Uncollected items
498,736.000
Bank premises
58,834.000
All other resources
25,999.000
927.541.000
1,426,000
14,942.000
533,070,000
58,783.000
26,425.000
947.334.000
2.699.000
17,464,000
446,117.000
58,782.000
22,702.000
900.454.000
699.000
15,467.000
570.441.000
58.730.000
22,692,000
912.883.000
698.000
15.309.000
468,173.000
58.618.000
21,045,000
907,0163)00
698.000
15,121,000
547.349,000
58.585.000
876.489.000
699.000
15.463.000
451.313.000
58.580.000
19.393.000
879.186.000
699.000
16.492.000
512.172.000
58.580.000
10.130.000
983,141,000
704,000
20,017,000
596,535,000
59,561,000
12.257,000
Total resource.
LIABILITIES.
F. R. notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,194,258,000 5.208,496,000 5.127,168,000 5.165,871.000 4.995,801,000
Total deposits
Deferred avallablitty items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of gold reserves to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposits and
F. R. note liabilities combined
Oonlingent liability on bills Purchased
for foreign correspondents
1,736,922.000 1,738,396,000 1.674,189,000 1,668.313,000 1.641.949,000 1,533,574,000 1,551,808.000
1.551,458.000 1,406,600,000
2,439,578,000 2,389,211,000 2,457.474,000 2,401,112,000 2,397,856,000 2,388.535,000 2.424.670,000
2,410.799,000 2,417,306,000
16,060,000
41,182,000
59.459,000
43,573.000
14,313,000 *58,482,000
19,267,000
15.445.0001
30,105,000
39,875.000
35.625,000
19,987.000
5.676,000
7,396.000
6,542.000
6.693,000
5.727,000
5,666,000
31,833,000
34,830,000
19,918,000
22,136,000
19.772.000
30,379.000
21,149,000
20.553.000
28,036,000
2,527,346.000 2,500,848,000 2,556.838.000 2,472.490,000 2.440,011,000 *2,403,933,000 2.471.105.000
2.452.524,000
2,481,113,000
474,368,000 511,815,000 435.785.000i 564.842,000 453,037,000 817.116.000 442.526.000
167.979.000 108,170,000 168,244,000! 168.325.000 168,370.000 168.419.000 168.428.000 497,812,000 568,542 000
274,6341,000 274,636,000 274.636,000 274.636,000 274.636,000 274.636.000 274,638,000 168.476,000 169,554,000
274.636.000 276,936,000
13,007,000
12,631,000
17,476.000
17.256,000
16.678,0001
17,798.000
16,991,000
16,301,000
15,198,000
5,194,258,000 5,206,496,000 5,127,168.000 5,165,871,000
4,99.5,801.000 *5,014,674,000 4,925,181,000 4,961,207,000 4,917,943,000
80.3%
80.4%
79.9%
81.0%
80.3%
80.1%
81.0%
80.5%
77.6%
84.2%
84.4%
84.1%
85.2%
84.4%
84.2%
85.3%
84.9%
81.7%
302,020,000
335,334,000
367,700,000
378,717,000
370,185.000
375,331,000
381.570.000
383.698,000
477,930.000
52,076,000
116,071.000
19,617.000
02,110,000
107.845,000
22,352.000
46.582,000
86.762,000
50.995,000
83.721.000
90,897,000
137,809,000
29,757,000
39.003.000
16,426.000
39,300,000
33.242.000
14.893,090
39.300,000
30,805.000
13,313,000
65.375.000
36.388.000
14.460,000
81.866,000
31,137,000
20,196,000
30.927.000
21,433,000
51.350,000
34,418,000
21,324,000
35.500,000
42.768.000
23,513.000
52,300.000
35.799.000
22,806,000
51.300,000
5.034.000
13.330,000
50.125,000
37.000
177,000
17,495.000
309.287,000
4.008.000
12,185,000
59,050.000
37,000
377.000
10,779,000
316,203.000
3.848.000
12.864.000
57,550.000
18.000
498.000
16,400,000
831,000
7.233.000
12,573.000
56,550,000
17.000
612.000
15,316.000
297,418,000
21,029.000
32,150,000
43,080,000
51,000
3.715,000
26,328.000
119,657,000
Maturity Distribution of Bilis and
Sbort-Tont Secur4tiss1-15 days bills boughs In open market.
35,702,000
52.167.000
57,073,000
49,808,000
1-15 days bills diseounted
94,801,000
82.508,000 128,332.000 116.017,000
1-15 days U.S. certlf of indebtedness.
5,500.000
9,300,000
1-15 days municipal warrants
10-80 days bills bought to open market12,203.000
18,788.000
27.832.000
32,025.000
10-30 days bills discounted
13.676.000
12.509.000
14.470.000
15.101.000
16-30 days U.S. certif. of indebtedness
26,850.000
10.500,000
15.500,000
20,500,000
16-30 days municipal warrants
11-60 days bills bought In open market14,688,000
16.157.000
17.260.000
20.665,000
31-60 days bills discounted
19,987,000
19.765,000
22,208.000
20,938.000
31-60 day, U.S. certif. of indebtedness
55,125.000
37,550,000
57,550.000
31,850.000
31-60 days municipal warrants
75,000
76,000
63,000
48,000
01-90 daye bills bought in open market__
28,996,000
16.223,000
4,086.000
4,200,000
0140 days bills discounted
18,857.000
15,976,000
15.907.000
14,767,000
61-90 days U. S. certif. of indebtednees
96,171,000 124,597,000 131,615,000 155,297,000
(21-90 days municipal warrants
Over 90 days bills bought in open market
114.000
6.000
117,000
116,000
15,615,000
Over 90 days Mils discounted
19,442.000
18.761,000
18.565,000
249,166.000 241,616,000 223,116.000 212.615,000
Over 90 days certif. of Indebtedness
Over 90 days municipal warrants
Federal Reserve NotesIssued to F. R. 13k. by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
.20.917,000
*5,044,674,002 4.925,181,000 4,961,207,000 4,917,943,000
2,167,000
19,832.000
117,844,000
2,132,684.000 2,111,944,000 2,097.809,000 2,099,010,000 2,076,103,000 1.964.821,000 1,957,603,000 1,955.838,000
395,762.000 373,548.000 423,620,000 430.706,000 434.154,000 381,247,000 405,795,000 404.380,000 1,750,561,000
343.961,000
1,736.922,000 1,738.396,000 1,674,189 000 1.668.313,000 1,641,949,000 1.583,574,000 1,551,808.000 1,551.458.000
1,406,600,000
Collateral Held by Agent as Security for
Notes Issued to Bank612,834,000 612.334,000 612,354,000 612.364.000 612,394.000 008.384,000 616.884.000 616.884,000
By gold and gold certificates
402,908,000
Gold redemption fund
1,352,430.000 1,321.230.000 1,290,930,000 1,295.980,000 1.271.280.000 1,169,780.000 1,175.480.000
Gold fund-Federal Reserve Board
216,206,000 222,597,000 285.405.000 277,190,000 301,972,000 284,062,000 267.779,000 1,173.980.000 1,194,278,000
By eligible paper
269.780.000 346,764,000
2,1S0,970.000 2.156,181,000 2,188,689.000 2,185.534,000 2,185.646.000 2.062.226.000 2,060 143,000
Total -----2.060.644,000 1 944 278 000
NOTE,_neginning with the statement of Oct. 7 1925, two new items were added in order to show separate y the amount
of balance held abroad and amount, d ue to
foreign correspondents. In addition, the caption -Ali other earning assets,- previously made up of Federal Intermediate Credit Bank debentures was
changed to "Other
securities"and the caption, "Total earning assets" to "Total hills and securities." The latter term was adopted as a more accurate description of the total
of the discounts'
provisions
Sections
of
13 and 14 of the Federal Reserve Act, which, it was stated, are the only
acceptances and securities acquired under the
Items included therein.
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF itAcH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
JULY 8 1831
Two (Aptsers (LW) uruttugl.
Boston. New Fork. P.4414. Cl/seta's'. Richmond sillinste. Chteago. St. Louts Mtnneap Kan.City,
Total.
Federal Reserve Bost ofDallas, San Nagy
$
$
2
$
$
$
$
2
2
2
$
398,919.0 160,000,0 207,550,0 60,570.0 116,600,0 451.900.0 72.730.0
49,465,0 61.000,0 22,350,0 215.763.0
12,845,01
847,0 2,348,0 1.050.0 1.131,0 3,916,0 1,483,0
652,0 1,319,0 1,054,0 1,915.0
409.764,0 160,847,0 209,5913,0 61,620,0 117,731.0455,810.0 74,213,0 50,117,0
140,210,0, 61,405.01 50,290,0 13,276,0 7,863.0 75,372,0 17,595,0 13,712,0 62,319.0 23,044,0 217,678.0
16,2140.0 11,320.0 39,725,0
638,325,01 29.045,0 65,896.0 5,274,0 8,094,0 93,090,0 10,721.0
4.549,0 0.680,0 3,445,0 41,487,0
Tots,/ gold reserves
3,427.905,0 227,846,0 1,188,299,0 251,297,0 326,092,0 80.170,0 133.688,0 824.278,0 102.529,0 68.378,0
54,747,01 6,919.0 15,428,0 11,222,0! 8.144,0 20.548,0 8,988,0 3,181.0 88,279,0 38,169,0 298.890.0
164.042.01 12,015,0
Reserve'other than gold
7,371,0 8,325,01 7.154,0
Total reserves
3,591,947,0 239,861,0 1,243,046,0 253,218.0 341,510,0 91,392,0 141,832,0 644,826.0 111.517,0 71,559,0
95,650,0
Non-reserve sash
19,305,01
3,613,0
2,904,0 3.785,0 5,313,0 8,718.0 4,896.0 2.089,0 1,784,0 46.494,0 306,044.0
68,713,0 8,273,0
3,390,0 4,843.0
Bills discounted:
See. by U. 5. Govt. obligations
4,853,0
6,772,0
1,463,0
59,787,0 3,246,0
434,0 3,276.0 2,213,0
14.698,01
419.0
822,0
268,0 21,323,0
Other bills discounted
11,643,0 10,348,0 8,948,0 15,282,0 10,865,0 6.957,0 5,031,0 3,760.0
102,599,0 5.113,0
8,684,0 9,852,0 6,116.0
Total bilis discounted
26,341,0
15.201,0 15,720,0 16,745,0 11,299,0 10,233.0 7,244,0 4,179,0
162,386,0 8,359,0
10,120,0 27,439.0
BEL bought la open market
al 7ASI n 6.4032.0
25.387.0 2,922.0 8.839,0 3,481,0 9.621,0 9.426.0 4.917.0 2.878.0 9,508,0
5.6143.0 4 IRO n 7 046 0
s
s
RESOURCES.
Gold with Federal Reserve Agents 1,964.764,0 149,917,0
29,616,01 1,053,0
Gold red'n fund with U.S.Tress_
,
Gold held exel. ago.F.R.notes 1,994,380,0 150,975,0
Gold settle't fund with FR.Board 439,921,01 42,873,0
Gold and gold cif& held by banks_ 943,804,01 33,998,0
http://fraser.stlouisfed.org/
Air
Federal
Reserve Bank of St. Louis
JULY 11 1931.]
247
FINANCIAL CHRONICLE
Two Ciphers (00) omitted.
PESOURCRS (Conetuded)Us B. Government seouritles:
Bonds
Treasury notes
Certificates and bills
Total.
Boston.
New York.
Phila.
$
$
$
$
183,393,0 11,262,0
51,748,0 1,945,0
432,812,0 38,997,0
Cleveland. Richmond Atlanta. Chicago. St. Louts. 3,finneap. Kan.Citp. Dallas. SanFran.
a
$
$
$
$
$
$
$
$
51,453,0 12,687.0 12,739,0 6,496,0 3.705,0 37,155,0 6,174,0 11,420,0 7 894,0 14,733,0 7,675,0
829.0 10,809,0
785.0 1,440.0
684,0 4,000,0 2,630,0 4,220.0
7,319,0 5,000.0 12,087,0
107,377,0 35,780,0 45,964,0 23,853,0 13,990,0 53,815,0 19,409,0 15,564,0 29,016,0 16,668,0 32,379,0
667,953,0 52,204,0 166,149.0 53,467,0 70,790,0 31,033,0 21,695,0 93,600,0 29,803,0 27,769,0 38,350,0 32,230,0 50,863,0
500,0
855,0
180,0
300,0
225,0
735,0
750,0
535,0
245,0
230,0
435,0 . 4,985,0
9,975,0
Total U. S. Govt. securities
Other securities
932,102,0 67,630,0
3,726.0
52,0
283.0
14,201,0
498,736,0 58,131,0
58,83.1,0 3,458,0
695,0
25,999,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
all other resources
222,862,0 72,340,0 95,884,0 51,504,0 42,845,0 113,994,0 42,189,0 35,126,0 54,314,0 46,666.0 86,748,0
48,0
21,0
20,0
16,0
69,0
25.0
3,257.0
71,0
94,0
28.0
25,0
414.0 1,667.0
534,0 1,206,0
3,396,0
253,0 1,186,0 1.124,0
850,0 1,984,0 1.304,0
130,725,0 44,163,0 45,281,0 37,287,0 13,640.0 63,230,0 21,527,0 10,299,0 28.937,0 16.735,0 28,781,0
15,240,0 2,614,0 7,489,0 3,583,0 2,573,0 8,061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
896,0
906,0
645,0
854,0
11,044,0 1,052,0 1,877.0 1,398,0 3,266,0 2,229,0 1,137,0
5,194,258,0 378,383,0 1,648,875,0 382,320,0 496,202,0 190,101,0 210,344,0 843,136,0 186,230,0 122,403,0 186,359.0 116,457,0 433,448,0
Total [Manses
LIABILITIES.
Ft R. notes in actual circulation__ 1,736,922,0 138,364,0 294,881,0 145,511,0 201,115,0 71.076,0 118,822,0 371,111.0 73,113,0 50,975,0 63,288,0 27,793.0 180,843.0
Deposits:
Member bank-reserve account 2,439,578,0 145,470,0 1,050,978,0 148,013 0 199.115,0 62,096,0 57,352,0 338,449.0 70,363.0 48,739,0 81,369,0 54,935,0 182.699,0
819,0
170,0 1,498,0
16,060,0 1,261,0
2,436,0
824,0 1,329,0 1,627,0 1,529,0 2,483,0
936,0 1,148,0
Government
820,0 1,034,0 1,069,0 2,424,0
39,875,0 2,674,0
15,954,0 3,529,0 3,601,0 1,426,0 1,283,0 4,813,0 1,248,0
Foreign bank
60.0 7,253,0
68.0
86,0
17,491,0
248,0
31.833,0
181,0 2.362,0
273,0
Other deposits
113,0
124,0 3,574,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,527.346,0 149,491,0 1,086,859,0 152,547.0 206,407.0 65.262,0 60,288,0 349,319,0 72,820,0 50,955,0 82,641,0 57,562.0 193,195.0
474,368,0 57,275,0 117.469,0 40,354.0 43,133,0 35,233,0 13,152,0 61,243,0 23,670,0 9,611,0 27,111,0 17,176,0 28.941,0
167,979,0 11,835,0
65,456,0 16,734,0 15,692,0 5,690.0 5,191,0 19,694,0 4,816,0 2,997,0 4,222,0 4,234,0 11,418,0
274,636,0 21,299,0
80,575,0 27,065,0 28,971.0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702,0 8,936,0 18,475.0
576,0
756,0
395,0
13.007,0
119,0
721,0
3,635,0
79,0
884,0
726,0 2,034,0 1,833,0 1.249,0
Total liabilities
5,194,258,0 378,383,0 1,648,875,0 382,320,0 496,202,0 190.101,0 210,344,0 843,136,0 186,230,0 122.403,0 186,359.0 116,457,0 433,448,0
Memoranda.
81.8
Reserve ratio (per cent)
65.5
54.5
84.2
83.3
86.6
83.8
67.0
89.5
70.2
90.0
79.2
76.4
Contingent liability on bills purchased for foreign oorrespondlts 302.020.0 22.943.0
96.761.0 30.284.0 30.896.0 12.236.0 11.012.0 41.296.0 10.707.0 7.036.0 8.871.0 9.177,0 20.801.0
FEDERAL RESERVE NO FE STATEMENT.
Federal HUME AVM al-
Total.
Boston.
New York. 1 MM. IC/Mee/an& Richmond Atlanta.
Chicago.
St. Louts. Afinneap. Kan City. Dallas. San Fran,
.-,
Two Cipher,(00) omitted.
$
Federal Reserve notes:
I
5
Issued to F.R. bk. by F.R. Agt. 2,132,684,0 161,615,0
Held by Federal Reserve bank. 395,762,0 23,251.0
3
3
$
$
428,683,0 171,159,0 227,637,0 78,274,0 136,060,0 461.110,0 83,170,0 55,458,0 68,396,0 34.423,0 226.699,0
133,802,0 25,618,0 26,522.0 7,198,0 17,238,0 89,999,0 10,057,0 4,483,0 5,108,0 6,630.0 45,856,0
In actual circulation
1,736,922,0 138.364,0
(bilateral held by Agt,as security
for notes teemed to bank:
Gold and gold certificates
612,334,0 35,300,0
Gold fund-F.R. Board
1,352,430,0 114,617,0
Eligible paper
216,206,0, 14,932,0
Total °asters!
$
294,881,0145,541,0 201,115,0 71,076,0 118,822,0 371,111,0 73,113,0 50,975,0 63,288,0 27,793.0 180,843,0
2.180,970,0 164,849,0
8.300.0 50,000,0
351,919,0 38,700,0 12,550,0 10,070.0 10,900,0 73,900,0 13,930,0 6,765.0
45,000,0 121,300,0 195,000,0 50,500.0 105,700,0 378.000.0 58,800,0 42,700,0 61,000,0 14,050,0 165.763,0
34,908,0 13,728,0 21,555,0 18,775,0, 19,775,01 15,211,0 10,671,0 6,272,0 13,962,0 13,193,0, 33,224,0
431,827,0 173,728.0 229,105,0 79,345,0 136,375.0 467,111,0 83,401,0 55,737,0 74,962,0 35,543,0 248,987,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following Is the weekly statement Issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 209, immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Deeming with the statement of Jan. 0 1929, the loan figures exclude "Aoceptances of other banks and bills of exchange or drafts sold with endorsement, and Inelude all real estate mortgages and mortgage loans held by the bank. Previously aeceptances of other banks and bills sold with endorsement were included with loans:
WI some of the banks included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on
securities behug given. Furthermore, borrowing at the Federal Reserve ts not any more subdivided to show the amount secured by U. S. obligations and those secured
by commercial Paper, only a lump total being given. The number of reporting banks hi now omitted: In Its place the number of cities included (then 101) was for a time
litIven, but begInning Oct. 9 1929 even this has' been omitted. The figures have also been revised to exclude a bank hi the San Francisco Matelot with loans and Investments of 5135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given in round millions Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 1 1931 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New Yorkl Phila.
3
2,237
5,979
817
3,220
2,759
421
396
3,077
1,769
1,308
Loans and Investments-total
$
1,453
$
9,056
Loans--total
14,691
987
6,746
7,945
384
603
7,795
466
4,129
3,666
204
262
On securities
All other
investmente--total
.S. Government securities
Otker securities
Cleveland. Richmond Atlanta. Chicago. St. L001.1. Minscap..Kan.Ctty. Dallas. SanFrarts
5
1,364
$
22,486
$
641
373
640
435
$
1,944
2,208
414
234
369
299
1,209
1.052
1,156
170
244
60
174
101
268
94
205
327
882
181
940
227
139
271
136
735
90
91
547
393
80
147
64
75
119
152
77
59
376
359
254
46
1.771
1,235
35
327
517
9
45
7
377
230
6
69
115
1
24
5
215
151
1
79
91
56
12
459
204
4
156
216
32
6
271
147
12
98
103
108
19
732
1,055
21
202
254
1
628
567
$
3,148
1,376
413
386
642
734
159
254
116
270
547
861
215
225
322
477
384
101
114
$
$
Reserve with F. R. Bank
888
93
139
91
39
39
1,808
Cash in vault
13
32
14
8
14
57
233
Net demand deposits
793
328
6,465
1,096
307
13.688
874
Time deposits
1,721
268
394
1,015
233
7,172
519
Government deposits
29
29
114
18
21
19
309
Due from hanks
222
143
127
120
90
86
1,719
Due to banks
271
1,496
343
115
106
3,780
153
Borrowings from F 01'name
991
1
7
1
A
*Exclusive of figures for one bank In New York City, closed Dec. 11. Last report of bank showed loans
and
$
$
$
investments of about 5190,000.000.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business July 8 1931,
In comparison with the previous week and the corresponding date last year:
July 8 1931. July 11931. July 9 1930.
$
$
Resources (Concluded)$
396,919,000 388.919.000 258,594,000 Due from foreign banks(see note)
12,845.000
14,852,000 Federal Reserve notes of other banks
12,960,000
Uncollected items
Gold held exclusively nest. F.II. notes_ 409,764,000 399.879.000 273.446.000 Bank premises
Cold settlement fund ;vita F. It. Board__ 140,210.000 151,727,000 121.360,000 All other resources
Gold and goal etre. held by bank
638.325.000 631,798,000 506,500,000
Total resources
Total gold reserves
1,188.299.000 1,183,404,000 904,306,000
Reserves other than gold
54,747,000
56,796,000
49,763,000
ResourcesGold with Federal Reserve agent
Old redeuip.fund with U. b. Treasury__
Total reserves
1,243,046,000 1,240,200,000
Non-reserve cash
19,305,000
17,328,000
Bills discountedSecured by U. S. Govt. obligations__
14.698.000
15.413.000
11,643,000
Other bills discounted
12,455,000
Total bills dlscounted
Bills bought In oven market
U.6.Government secur:tiesBonds
Treasury notes
Certificates and bills
July 8 1931. July 11531. July 91930.
$
$
$
231,000
3,257,000
957.000
4,394,000
4.869.000
3.396,000
130,725.000 160.117.000 155.736,000
15,664,000
15.240.000
15.240.000
4,874.000
10,194.000
11,044.000
1,648,875,000 1,684.124.000 1,455,636,000
954.069,000 Fecrl Reserve notes In actual circulation 294,881.000 306.521.000
18,828,000 Deposits-Member bank, reserve fleet__ 1,050.987.000 1,030.090.000
Government
10.270.000
2,436.000
29,964,000
Foreign Dank (see note)
13.921.000
15.954,000
17,290,000
22,345.000
Other deposits
17,491.000
164,709,000
976,740,000
4,378,000
1,573,000
14,096,000
47,254,000
Total deposits
1,086.859,000 1.076.626.000 996,787,000
54,712,000 Deferred availability Items
117.469,000 151.703.000 143,908,000
Capital paid in
65.454.000
65,456,000
65.278,000
3,391,000 Surplus
51,453,000
47.998.000
80.575,000
80,575,000
80,001,000
9,591,000
74,711,000 All other liabilities
7,319,000
3.245,000
3,635,000
4,933,000
107,377,000 110,152,000 116,512,000
TotallIabliities
1,648,875,000 1.684,124.000 1,455,636,000
Total U.S. Government securities_ 166,149.000 167,741.000 194,624,000
5,250,000 Ratio of total reserves to deposit and
4,985.000
5,910,000
Other seeuritles (see nele)
Fed]Reserve note liabilities combined_
Foreign loans on gold
90.0%
89.7%
82.1%
Contingent liability on bills purchased
for foreign correspondents
96,761.000 102.759.000 155,603,000
Total bill, and sectirttles (mee stoo)_ _.... 222.862,000 235,210,000 301,840,000
NOTE.-Beginning with the statement of Oct. 7 1921, two new Items were added In order to show 'separately the amount of balances held abroad and amounts due to
°reign correspondents. In addition, the caption "All other earnings assets." preeho sly made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted ass more accurate description of the total of the discount.
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which. it was stated, are the only Items included therein.
26,341,000
25,387,000
27.868.000
33,700,000
248
FINANCIAL CHRONICLE
[Vim.. 133.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty Loan and Treasury certificates on the New York
Wall Street Friday Night, July 10 1931.
Stock Exchange. The transactions in registered bonds are
Railroad and Miscellaneous Stocks.—The review of the given in a footnote at the end of the tabulation.
Stock Market is given this week on page 235.
•
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond•Prices, July
4. .7uly 6. July 7. July 8. July 9. July10
week of shares not represented in our detailed list on the
1081 ,,1021045 102",,10217.5 102"s
First
Liberty
LoanHigh
pages which follow:
10210n 102ahr 10210n 10217n 10210s
334% bonds of 1932-47-4Low_
102nr, 10210n Mugs 102nn 102"n
(First 334s)
Close
14
1
9
60
17
Total sales in $1,000 units-STOCKS.Sales
Range Since Jan. l.
Rangefop Week.
Vaulters'
azette.
------__
---__-_
Converted 4% bonds origh
1932-47 (First 4s)
Low..
---- -- ---- -- -Close
Total sales in $1,000 units__
Railroads—
Par. Shares $ per share. $ per share. $ per share.$ per share.
10sr
-- 101'
-- 10-3-nn
103nm
---- 10-3-nrr
Converted 434% bonds(High
---- 10313n
lgh
Caro Clinch & Ohio
10310n 10310n 103",,103n 10310. 103",,103n
of 1932-47 (First 44s) Low_
Certlfs stamped_ _100
Apr
20 98 July
98 July 8 964 July 102
1031012 103ns 103len 103Wn 103":2
Close
Colo & Sou 1st pref_100
Apr 60
Jan
300 56 July
57 July 8 55
5
3
29
7
37
Total sales in $1,000 units-Cuba RR pref
Feb
140 33 July
100
35 July 10 3039 June 44
Second converted 44%/High
---------------- 102
Ill Cent leased line..100
July 78
Jan
30 61 July
61 July 9 61
----------------102
bonds of 1932-47 (First Low_
Manhat Elev guar...100
Feb
190 53 July 1 584 July 8 5015 Apr 61
Second 435s)
---------------- 102
Close
Rensselaer & Sara 10
Jan 14831 Mar
20 140 July 140 July 9 137
1
Total sales in 81,000 units-Sou Sty M &0 ctfs_100
Jan
100 55 July 1 55 July 10 54 June 76
Fourth Liberty Loan
4i.7
;10-4:Wr-r 104%
I 10104
{High
--.
041 1C4-0i:
104",,10400s
1042532
1042432
104111,
1
44%
bonds
of
1933-38._
Low_
Indus. & MIscell.—
(Fourth 43‘s)
10410n 10420n 104nn 10400s 10400n
Close
Allegheny Steel
•
10 30 July 7 30 July 7 2839 May 464 Feb
118
137
Total sales in $1,000 units__
53
43
118
Amalgamated Leather•
500 2 July 8 2 July 8 1
Jan 234 Mar
---____ 11310,5 11312n
11310.
1111gh
Amer Agri° Chem(Del)*
400 1534 July
164 July 6 1135 June 294 Feb Treasury
44s, 1947-52
____ 113",, 113"ss -116'',,
I ow_
Amer Beet Sugar p1.100
130 11 July 6 12 July 10 7 June 1734 Jan
--11610n
__ 113% 113"is
Close
Amer Chain pref. __100
100 76 July 9 76 July 9 67 June 88
Jan
Total sales in $1,000 undo.... Fioll.,,,,1
1
--4
Amer Coal
25
30 50 July 9 50 July 9 50 June 60 Mar
{High day
10800n 10810; 108% 1082882 108nss
Amer Radiator & Stand
4s, 1944-1954
Low.
108",,10800s 10820n 108nrs 10801s
Sanitary pref..- -100
Apr
10140 July 10 140 July 101 133 June 150
10800n 10810n 10800,1 108nat 108
Close
"
23
Amer Water Works &
55
1
Total
sales
in
81,000
10
16
units__
5
47
Feb
Electric Mb
51 July 6, 38 June 804
3,100
July
(High
---—_ 106% 1060)n
--Ass° Dry Gds 26 p1.100
200 84 July • 7 85 July 7, 80
Jan 85 July
352s, 1946-1956
____ 10610. 1062022 -Low_
____
Austin Nichols prior A *
July
28 July 7, 1834 June 28
90 26 July
____ 10610:2 1061in
--__
Close
-Barnet Leather
100 14 July
14 July (I; 134 May 235 Mar
Total sales in $1,000 units__2
Brown Shoe pref.- -100
100 11834 July 11834 July 8,1174 Mar 118% June
10-2W; 102",,10200n 102"n
{High
---Certain-Teed Products350, 1943-1947
102"al 10203, 10217,2 102"32
Low_
---100 25 July
1st preferred
25 July 61 11
Jan 254 Mar
100
10225n 10200n 102n. 10200ss
Close
-20 13 July
13 July 9; 1234 May 25
City Stores class A_ __•
Feb
Total sales in $1,000 units-10
31
10
58
300 90 July 7 91 July 10, 894 June 974 May
Col Gas & Rice pf B 100
---____ 1022133
102Son 1022442
(High
11 July 7, 6 June 114 July
Col Graphophone ctfs_ _ 46,500
354s, 1940-1943
_ 10216n_
10220,5 102",,
Low_
---Comm Cred pref (7)_25
Jan 25 July
140 244 July
25 July 9, 20
---- 102"82 -1022.as 10251,1
Close
701014July 6 1014 July 610134 June 104 Mar
Corn Inv Tr pf(BID 100
Total sales in 81,000 units__
_ __ _
60
3
250 74 July 1 76 July 10 6434 Jan 80
Consol Cigar pf (7).100
Apr
{High
102",,102",,1021.n 102",,102":s
400 134 July
Consol Laundries
1339 July 7 1135 June 1535 Mar
•
33.45. 1941-43
10221n 102urr 10224n 1020% 10200,1
Low_
400 30 July
Crown Cork & Seal pf..*
30 July 6 294 June 344 Feb
102nn 102wn 10221:g 1022832 102,13,
Close
Cuban Dom Sugar._• 1,000
59 July
% July
14 May 114 Jan
2
Total sales in $1,000 units__
1
20
52
6
Devoe &Stern lot p1100
30 10034 July 1.0035 July 6 100 June 109 Mar
101",,101",,10113n 10111. 10110n
(High
Douglas Aircraft Co_ _s 2,700 1734 July
194 July 7 1735 July 214 Juno
3398, 1946-49
1011n 1011% 10111,5 1011315 101",,
Low_
94 July 9 935 July 94 July
Elec & Music Ind w I._ _ 3,700 934 July
Close
101nn 101nn 101nn mien 10114n
Jan
100 84 July
Emporium Capwell •
6% July 8 8 June 10
82
34
Id
69
36
Total sales in 51.000 units_
20 5 July
Fairbanks Co pf pHs 100
Apr
5 July 7 44 July 12
500 42 July 7 42 July 7 3034 June 80
Federal Mln & Sm__100
Feb
Note.—The above table includes only sales of coupon
100 70 July
Preferred
Feb
70 July 8 70 July 94
10
100 1734 July
*
Food Machinery
1735 July 6 16 May 3134 Apr bonds. Transactions in registered bonds were:
10 724 July
Franklin Simon pf__100
Jan
724 July 067 Mar 75
104"st to 104ns
General Baking
5 3,900 20 July 7 214 July 6 1739 June 2534 Apr 6 4th 445
General Cigar pref._100
2011434 July 11439 July 6 10735 Jan 11651 May
360 213i July
General Print Ink _ _ _ _*
Mar
2434 July 6 15 May 31
CURRENT NOTICES.
50107 July 1094 July 910434 Jan 114
Gen Sty Signal pref-100
Mar
Gob:II:oust pref
111 July 8 104
Jan 11734 May
8001111 July
—Announcement is made of the formation of A. W. Porter & Co., Inc.
Gotham Silk Hosiery
10 684 July II 6834 July 10 52
Prefex-warrants _ _100
Mar 7334 June to specialize in the wholesale distribution of investment securities. The
30 64 July
Guantanamo Sug p1.100
ex July 9 634 June 123.4 Jan now corporation plans to offer secondary market operations through its
30 28 July
Hack'sack Wat pf A_25
30 July 9 264 Mar 30
Apr
3 31 July
Hawaiian Plneapple_20
31 July 6 254 June 4235 Jan national wholesale organization and will maintain offices at 50 Pine St.,
Houston 011 new._ _25 4,40 859 July 7 10 July 6 6 June 1439 Feb New York. A. W.Porter, President, is well known among security dealers
10 164 July 6 1639 July 6 9 May 26
IndlanMotor cycle p1100
Feb and investment bankers throughout the country and has been actively
30 63 July 6 65 July 6 5834 May 9034 Mar engaged for a number of years in the origination and distribution of securiInternet silver pref_100
40 33 July 7 33 July 7 3235 Mar 35
Kresge Dept Sts pref100
Jan
50 99 July 9100 July 9 97 June 10135 May ties through large wholesale organizations. He was recently associated
Laclede Gas pref.-_100
600 244 July 6 25 July 7 24 July 2639 Jane with the firm of Prince & Whitely. For a period of 14 years he held an
Llly Tulip Cup Corp_ _*
30 120 July 9120 July 9 118
1,-WilesEta1st pf_100
Jan 126 34 Jan executive position with E. I. du Pont de Nemours 6c Co., Inc. and later
100 9934 July 9 9934 July 7 9039 Jan 102 June Joined General
Lorillard Co pref-100
Motors Corp. as assistant to one of the vice-presidents.
McLellan stores Pf-100
10 70 July 6 70 Julyil 6 42 May 70 June
20 20 July 9 20 Julyj 9 20 July 20 July He is a graduate of the University of Virginia and Delaware College as a
Mallinson & Co p1..-100
40 60 July 6 604 July; 6 574 June 70
Mengel Co pref._ - _100
Feb chemical engineer. Other officers of the corporation are J. B. Warren,
Milwaukee El Sty &LtVice-President, who has been connected with the steel industry in an execu100 110 July 7110 July 7 104
Preferred
100
Jan 110 July tive capacity for over
30 years; S. G. Ebert, Secretary, who has been assoNoranda Mines Ltd_ _* 14,6
1734 July 8 203.4 July 7 15% May 2935 May
30 15 July 9 15 July 9 9
Norwalk T &Rub p1100
Jan 15 June ciated with several Wall Street firms including Eastman, Dillon & Co., and
Pac Tel & Tel pref.-100
Jan 1324 July G. E. Barrett & Co., Inc.; and H. D. Kearsh, Treasurer, formerly with
2013234 July 713234 July 7 24
100 44 July 10 44 July l(
Penn Coal & Coke— -50
0
1 4
Jan 534 Feb White, Weld & Co. for 14 years.
Peoples Drug St pf _100
10100 July 1 00 July 10( 9639 Feb 103
Apr
—The great undeveloped field lying before the electrical industry war1004 July 610034 July 6 95% Jan 10234 May
Phila Co 6% pf new_'
10010034
Pierce-Arrow Co p1.100
400 60 July 6 61 July 7 5835 June 724 Feb rants the expectancy of a tremendous surge in the use of power in the next
few
Proctor &(lamb pf _100
years, M.0.Ripley, well-known electrical engineer and power authority
Feb 112 Mar
1011034 July 7 11035 July 7 107
10 30 July 8 30 July 8 2639 June 344 Apr of Schenectady, N.Y.,stated this in an address at the Bankers' Club before
Rand Mines
290 24 July 6 234 July 8 24 July 4
Spear & Co
Feb a group
of 225 investment bankers, as guests of Calvin Bullock. "Demand
140 239 July 7 239 July 7 2
United Dyewood---100
Jan 334 May
10 48 July 7 48 July 7 4034 Feb 48 July for electrical energy will triple in three years," Mr. Ripley said, "resulting
Preferred
100
10 104 July 7 104 July 7 102
United Piece Dye p1.100
Jan 10834 Mar from the enrollment of new industrial and domestic customers, the sale of
120 105 July 9 105 July 9-102
Linty Leaf Tob pre7.100
Mar
Feb 110
20 40 July 7 45 July 8 224 Feb 60 June more appliances to old customers, and the distribution to both old and new
Van Raalte 1st p1...100
100 9434 July 10 9435 July 10, 90
Walgreen Co pref_ _100
Feb 9854 June customers of appliances not yet introduced. Whereas authorities have
1,257 2034 July 7 2034 July 7, 204 July 204 July always underestimated the rate of electrical growth in the past, it is reasonWheeling Steel
100 70 July6 70 July6' 70 July 70 July able to expect the continuation of such a remarkable record." Mr. Ripley
Preferred
10
100 264 July 6 2634 July 6, 20
Wilcox-Rich class A_ _•
Mar
Jan 30
1 1,200 12 July 8 134 July 6! 11 June 14 June is a writer on electrical phenomena and has spent many years in research
&mite Products
laboratories In contact with such men as Dr. Steinmetz and Dr. Langmuir.
par
value.
* No
Hugh Bullock, of the firm of Calvin Bullock, presided at the meeting.
—Orvis Brothers & Co. have ready for distribution the 20th edition of
their "Cotton Chart." This compilation carries in a compact manner the
Foreign Exchange.—
vital
cotton statistics on the condition of the crop and ginning reports over
To-day's (Friday's) actual rates for sterling exchange were 4.86 13-32
@4.8634 for checks and 4.86 19-.32@4.86 11-16 for cables. Commercial a period of 10 years; monthly consumption of cotton in the United States
on banks, sight, 4.86 3-32@4.8634; sixty days, 4.8334@4.8434; ninety for three years past; world spindles and consumption for the previous year;
days, 4.823404.8334, and documents for payment, 4.83404.8434. Cotton and all kinds of cotton at specified locations,
together with the world's
for payment, 4.86 1-16, and grain for payment, 4.86 1-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 5-16 cotton crops reduced to bales of 478 pounds lint.
—James Talcott, Inc. has been appointed factor for C. K. & N. H•
®3.9234 for short. Amsterdam bankers guilders were 40.2534 ®40.27.
Exchange for Paris on London, 123.96; week's range, 124.22 francs Aronsohn, Inc., Montoursville, Pa., manufacturers of silks and
General
high and 123.96 francs low.
Textile Corp., Webster, Mass., manufacturers of woolens.
The week's range for exchange rates follows:
—Buell
McKeever, a senior partner of the Chicago law firm of IshaM.
Checks.
Cables.
Sterling, Actual—
4.86-11-16 Lincoln & Beale, has been elected a director of the Greenhall Co., Inc..
High for the week
4.8634
New York, dealers in bank and insurance stocks.
Low for the week
4.8634
4.8634
Paris Bankers' Francs—
—Jack 0. Sturtevant has been appointed by Potter & Co., members of
3.92%
High for the week
39.2 11-16 the
New York Stock Exchange, to head their now office which was opened
3.9134
Low for the week
3.9154
on
July 7 in the Board of Trade Bldg., Chicago.
Germany Bankers' Marks-High for the week
23.7334
23.7334
—Announcement is made of the formation of Jerome Anderson & Co.,
Low for the week
23.7034
23.7134
with offices at 1790 Broadway, for the transaction of a general investment
Amsterdam Bankers' Guilders—
business in real estate bonds.
High for the week
40.2834
40.2934
Low for the week
40.2234
—Howard B. Driscoll, recently with Graves, McClelsh & Campbell,
40.24
has become associated with Donahue, Coe & Mayer, advertising agency,
as account executive.Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
-William G. Werner, formerly with Lee, Higginson & Co., has become
associated with R. H. Johnson & Co., Inc. in charge of their Trenton office.
Maturity,
Rate. I Bid. Asked.
Maturity.
Rol4. Bid. Asked.
—Salomon Bros. & Hutzler announce the appointment of Wm. Jenks
Wright as manager of their Philadelphia office.
Sept.16 1931.-- 234% 100nn 100"2, Mar. 15 1932.._ 2%
10011,1 1000023
—Sylvester A. Miniter, formerly with Hayden, Stone & Co. is now
nel:4.15 1931__- 14% 1000n 101'st Dec. 15 1931-32 33-4% 10110n 1011%
INber 15 1931__- 1 ti 95 100s,, 1002 n
associated with Morgan Davis & Co.
Week Ended July 10.
for
Week.1- Lowest.
Lowest.
Highest.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 4.
Monday
July 6.
, Tuesday
1 July 7.
Wednesday , Thursday
I July 8. 1 July 9.
Friday
July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-snore 109.
L049681.
Iltottest.
per share $ per share $ per share I $ per share $ per share Shares
Railmads
Par 3 Per share 3 per Share
168 16812 15912 16978 15712 16112 15912 16312 162 16514 7,100 Atoll Topeka & Santa Fe_-100 13234June 2 20333 Feb 24
yoo
•1054 10612 10514 10512 *10518 106 106 10612. 10512 10512
Preferred
100 10012June 2 10814 Apr 13
.95
99
99
96
91
94 .9214 99
*9214 954
300 Atlantio Coast Line RR-100 78 June 3 120 Jan 23
6112 6278 57 . 6238 57
59
5812 604 59
61
23,500 Baltimore & Ohlo
100 4312June 2 8774 Feb 24
7014 7014 71
71
71 - 71
7018 7038 .7038 7114
Preferred
500
100 6512June 4 8012 Feb 27
58
.52
55
56 .52
400
*52
55
5712 54
Bangor & Aroostook
54
50 47 June 2 68* Feb 26
.106 111 .106 110 .109 111 1.109 111 *109 111
Preferred
100 9934June 3 1131251ar g
.33
50 .30
40 .30
40 1 .32
40 .33
Batton & Mains
40
100 32 June 4 66 Feb 211
.1114 1318 1134 1134 *1114 1112' 1114 1114 1114 12
500 Brooklyn & Queens Tr_NO par
712June 2 1313June 20
*63
6412 6214 6412: .62
65 1 .6214 65
*6214 65
Preferred
400
No Dar 5134M
4 6434June 27
61
6112 59
6112. 59
60
60
61
6178 6314 6,700 Bklyn-Mainis Tran v 1 o No par 5378 Apr 29 6938 Mar 2
9012 9012 8712 91 1 8812 8812, 91
9314 .91
Preferred v t e
No par 5538 Jim 21 941
9212 1,900
/
4 Feb 11
.412 512. .412 538
45g 458
438 412
600 Brunswick Ter& Fly Sec No par
433
3 May 27
94 Feb 10
2738 2778
274 2578 27 1 264 27
27
16,200 Canadian Pacille
27
25 2t'sJune 19 4518 Feb 24
3712 35
354 3812 3434 364, 3512 37
36
3712 14,600 Chespeake & Ohio
25 27 June 2 464 Feb 10
.118 14
118
1181
112 112
112 112'
1
1
509 Chicago & Anon
100
*June 2
234 Jan 12
*34
1
*84 1 I
*34 1
*58 1
*58 1
Preferred
100
58June 18
178 Jan 12
612 71.1
612 714, 614 7,81 64 678
673 673 3,400 Chicago Great Weaten1_100
4 June 2
7/
1
4 Feb 10
2514 2673 2412 27121 2412 2541 254 261, 2512 264 11,800
Preferred
100 1534June 3 271:July 7
6
6
6
6121
534 6
512 512
512 512 1,600 Cbleago 5191w St Paul & Pee__
3/
1
4
June
2
84
Jan 23
9* 1014
933 1012' 914 934
Preferred
913 938
94 94 5,600
434June 2 1513 Feb 10
*33'4 34
3212 34 1 3212 33181 3212 3278 3118 32
3,700 Chicago & North Weetern.100 25 June 2 4512 Fah 24
.
82
96
.81
96 .81
06 .81
96
*81
96
Preferred
100 89 Juno 4 110 Mar Pi
45
46
4214 4612 4112 43
41
43
44
4,800, Chicago Rook DO es Pacifle_100 2212June 3 6512 Jan 27
44
.74
80
74
7418. 74
74 .72
80
*72
3001 7% preferred
80
100 50 May 29 101 Mar 24
.
68
70
6934 69141 67
67 I .65
66 I
66
70
6% preferred
300
100 50 May 29 90 Jan 28
.2518 45 .251 4' I *251
/
4 45 i .206 45 .2518 45
Colorado & Southern
100 2438june 1 48 Jall 1.1
.26
3114 .26
31141 ..s84
3114 *26
3112 3112 3112
100 Cowed RR of Cubs pref....100 25 June 3 4212 Fob 24
.133 135
130 130
129 130 1.12912 135 .131 135
500 Delaware & FIudsoo
100 10712June 3 1574 Feb 25
.66
*5912 62 .60
69
6012 66
5834 60
800 Delaware Leek & Western_100 4514June 2 102 Jan 8
65
.
24
26 .24
26 .24
26 .24
26
.24
'Ii(2134
Deny .t Rio Or West pref_100 1138June 3 45* Feb 10
2534 2534 234 2512 2258 2312 2238 2314 221s
4,400 Erie
100 1312Juno 2 3914 Feb 24
35
3512 3312 334 313212 34 1 *33
*3312 36
36
300
First preferred
100 25 June 3 4512 Feb 27
.17
39 .__ 37 •____ 36 .15
38
*18
seeonel preferred
38
100 1712June 1 4012 Jan 5
5134 5134 49
5134 47
5012 46
47
47
48
4,000 Great Northern preferred 11.10 4318June 3 69s4 Feb 24,
.15
25
*1414 20 .1412 25 1 1414 1414 .14
17
100 Golf Mobile.t Northern_ 200 1378June 5 274 Feb 17
*20
50 .20
50 .190
46 .20
46 .20
46
Preferred
100 5112 Feb 10 75 Jan 9
Stock
40
40
3914 3914 *3914 404 3914 3914
1,300 Hudson et Manhattan
100 337,June 1 4412 Feb 17
*5212 55
51
53
49
49 .48
51
t012 1,000 Illinois Central
411 2Juno 3 89 Feb 24
100
Exchange .
41
40
.40
41
40
40
40
40
40
40
100
RR Flee etock oertifleates___
37 May 23 01 Jan 23
23
23
2014 23
2114 22
22
2212 2234 2438 5.400 Interboro Rapid 'Fran v t e_100 1912June 2 34 Mar 2
Closed
*3012 32
3134 3134 .28
32 .29
31
*2912 31
100 Kansas City Southern
100 25 June 3 45 Feb 26
.4814 51
50
50
4312 481 .4812 51
Preferred
200
100 40 June 2 154 Feb 9
Indepen- .42
4412 43
43 .42
421
4212 4212 ::112 ,
1112
200 Lehigh Valley
50 3714June 1 90
Jan 9
*75
8434 80
80
1379
85
7712 80
*78
85
300 Louisville & Nashville
100 6114June 3 II i
Feb 9
dence
*3318 3334 3212 3314 3134 3214 32
3238 324 35
4.600 Manilla Elm, modified guar100 30 May 2 39 Feb 28
.812 13
.812 13 .1112 13
01112 13
.1112 13
Market St Sty prior pre/ _100 12 June 3 22 Feb 18
Day
12
*14
12
*14
1.
*14
12
*14
12
*14
Minneapolis & St Louie __100
14 Apr 18
* Jan 12
*572 7
*534 7
*534 7 1 *534 712 *531 7
Minn St Paul es S If Marlo_100
5 June 1 1112 Feb 10
.33
38 .33
38 .33
3318 30
30 .25
43
Leased linos
100
100 29 July 3 45 Mar 11
1612 1678 1518 1678 1412 1514; 1438 1512 1478 1512 5,500 Mo-Kan-Texaa RR__ ,..No par
978June 3 2034 Jan 20
*5812 6012 584 5812 *5712 59 1 58
58
60
60
Preferred
300
100 3934June 3 85 Jan 10
2812 2914 25
2938 24
2512 2418 2734 2712 2734 4,100 Missouri Paelfio
14
100
June 3 4234 Feb 16
73
7312 6814 7212 70
70 •69
74
*69
70
Preferred
600
100 50 June 2 107 Feb 11
.
60
62 .55
60 .55
63 1 .56
63 .56
63
Nash Chatt er St Luuts.___100 47 June 11 80 Feb 25
12
•/
1
4
*14
12
12,
14
14
*14
12
500 Nat Rya of Mexico
4 Jan 5
1451ay 28
9234 94,4 8612 9438 8558 88 1 8714 8912 874 90,4 64,400 New York Contrail 3d pref_100
100 7112June 2 13314 Feb 24
*48
474 48 .45
50
50 .45
50 .45
50
200 NY Chlo & St Louis Co_100 40 June 11 88 Feb 11
6712 6712 6812 68,2 .60
6812 •60
68,4 •60
6814
Preferred
600
100 50 June 2 94 Mar 9
.16858 178
167 16714 15912 16514 *160 16912 *16014 16912
90 N.Y.& Harlem
50 14712June 2 227 Feb 24
753 7612 7034 7478 70* 72/
1
41 73
.7"
76
3,100 N.Y. N. H & Flee/ford...100 63 Juno 2 1141
/
4 Feb 24
11412 11412 116 116
11534 116 1•11312 11512 115 115
Preferred
800
I0412June 8 119* Feb 24
1138 12
104 114 1134 11341 .11,4 1178 114 12
2,400 N. Y. Ontario & Weetern__100
53
8
Jan
2
134June
26
*72
1
*7
8
1
*78
1
1
1
1378
1
100 N. Y. Railways prer___No Par
2 Feb 27
7,June 5
*412 54
412 412 *4
5
"3,s 578 .
4
578
109 Norfolk Southern
100
212May 25
84 Jan 9
.174 178
17234 17512 170,s 170,s 17012 17112 17012 17112 1,400 Norfolk & Weetern
100 139 June 2 217 Feb 26
.9052 01
*90,
2 91
*9038 91 1 .9058 91
.9038 91
Preferred
100 89 Jan 8 93 Mar 31
x43
40
44
44
384 4012 40
40
41
42
5,100 Northern Pacifies
3012May 18 60/
100
1
4 Jan 27
.134 234 •134 234 .1* 2341 •134 234 •131 234
Pacific Coast
114June 1
100
7 Mar 23
4918 494 4733 50
47
47731 47
4812 4678 48
28,400 Pennsylvania
50 4218June 2 64 Feb 10
8
.4
.4 ec 8
.4
8 1 '34
.
4
8
8
Peoria & Eastern
4 May I
100
IP, Jan 9
•2918 52 .2918 45 .30
30
33 .30
38 .
38
Pere Marquette
100 28 June 11 85 Feb 10
*6212 70
6212 6212 *5734 70
*5734 70
*5734 70
Prior preferred
50
100 50 June 1 9214 Feb 25
.56
59
56
56
*5334 59 .5334 59 •5334 59
100
Preferred
100 50 May 28 80 Jan 8
.40
60 .40
50
40
40 .35
*38
50
50
300 Pittsburgh & West Virginla 100 40 July 8 86 Jac 9
.
73
78
.724 78 .724 78 .724 78
72
72
100 Reading
50 8038 Apr 27 974 Feb 11
.
43
4412 *43
4478 .43
4478 •43
44
.43
44
First preferred
60 37 June 3 46 Jan 5
.4214 444 •4214 4412 .4214 4412 *4214 441
44
44
Seeond preferred
100
50 41 May 29 67 Jan 16
21
21
1814 214 1734 1814 18
•1814 1912 1,700 St Louis-San Francisw____100
19
9 June 2 63* ./
1
44E327
3612 3612 3314 3734 321 2 3314 32
3,8119
First preferred
334 324 33
100 1518June 1 76 Jan 27
.21
22
19
2012 1734 1734 .17
18
1818 1818
500 St. Louts Southwettern
100
27 334 Jan 9
7
May
.
31
40 .30
40 1 30
30 .
2834 40
*2834 40
100
Preferred
100 18 May 27 60 Feb 24
34
34'
58
38
as 10.500 Seaboard Air Line
No par
38May 21
Ise Jan 12
112 *us 112. •112
.1
138 .1
112
112 .1
Preferred
53May 21
100
21a Jan 12
84
85
81
86 1 8112 83 1 8238 84
8312 85
6,800 Southern Paciflo Co
100
1 10912 Feb 11
6714eune
36
37
3314 3512 334 344 3314 34
334 3,800 Southern Railway
33
100 27 June 2 4578 Feb 10
58
58
58
58
*53
58
.5172 53
*53
58
200
Preferred
100 53 June 3 83 Feb 10
.
5014 85 .5014 85
*504 95 .5014 85
Texas & Paelfte
•504 85
100 90 afar 10 100 Jan 14
14
1412 134 1412 13
13,4 .13
1314 1312 1514 2,100 Third Avenue
100
512 Apr 29 15'4 July 10
*8
812 we
10 1
012 *8
8
8 1 *8
812
100 Twin City Raold Transit-100
1358June 5 17'8 Feb 17
*3518 45 .3518 45 .3518 45 1 .3518 45
*3518 45
Preferred
100 3518June 1 62 Fob 9
16812 17134, 16312 16712 162 16514 164 166
184
100 137 June 2 2084 Feb 21
8514 85341 8512 8512' 8514 8514 8478 844 8478 16614 6,600 Union Paelflo
85
1,400
Preferred
100 834 Jan 5 87 May 18
1512 1512' 144 144 *134 17
1478 144 •1412 1512
300 Wabash
8 June 1 28 Jan 9 I
1001
.26
29 I 26
26 1 25
25 1 .23
23 .2112 27
Preferred A
200
100 19 June 4 (51 Jan 9
1358 1438 1214 1412 1212 1334 1338 1338 13
133
4
Western
0,300
Maryland
June 2 1933 Feb 24
100
9
.13
1612 *12,4 144 .
124 1478 *1234 144 .13
1534
Second preferred
Ivo
914June 3 20 Feb 24
.9
10 1 .9
10
9
*914 10
9 1 *914 10
300 Western Pacific
4
June
100
2 1472 Feb 91
.17
1934' 16,2 1612 1612 1612 '
316
1934 .16
19
Preferred
200
to° 1018May 25 31* Feb 24
Vper share
PER SHARE
Range for PreNoes
Year 1030.
Lowest.
Highest.
$ per share 3 per share
1811 Dee 24212 Mar
100 Dos 10834 Einpli
954 Dec 1754 Mao
5538 Des 1221
/
4 Ma'
7014 Dee 84/
1
4 July
50/
1
4 Dee 841, Mar
10611 Dee 11814 Juno
44 Dee 112 Feb
618 Dee 15/
1
4 May
53 Ma/ 6612 NiftY
55/
1
4 Dee 7833 Mar
83 13
984 Sept
54 Nov 33/
1
4 Apr
854 Dee 5214 May
3238 Dee 51F4 Sept
/
1
4 Dee 10 Apr
4 Dee 10, Ara
4/
1
4 Dee 1733 Mar
12 Dec /52%
44 Boo 2638 Feb
7* Dee 46,4 Feb
2812 Doe 89/
1
4 Feb
101 Dee 140/
1
4 Juno
4514 Dec 125/
1
4 Feb
92 Dec 11033 Mat
81 Dec 104/
1
4 114.rr
4018 Dec 95 Fen
30 Dec 62 Apr
13018 Dec 131 Feb
6912 Dec 153 Feb
251, Dee 80 Mar
2218 Dec 6334 Feb
27 Dee 6753 Feb
28 Dec 624 Feb
51 Dee 102 Mat
1018 Nov 464 Feb
554 Nov 984 Mar
344 Dec 5318 Med'
65s4 Doe 13814 Ape
88 Dec 77 May
2038 Jan 394 Mar
84 Deo 853
,Mar
53 Dec 70 Ara
40 Nov 8478 Mar
84 Dee 13812 APT
24 June 421s Sept
13 Dec 2512 Feb
24 Apr
14 Oct
8/
1
4 Dec 85 Feb
Al Nov 5912 Feb
144 Deo Ws Are:
60 Boo 1084 Mar
2038 Dee 984 mat
79 Dec 1454 Mar
70 Dec 132 Mai
4 Dec
112 July
1051
/
4 Dec 19234 Feb
73 Dee 144 Feb
75 Dec 11033 May
152 Dee 324 Feb
674 Dec 12818 Mar
10612 Dec 1851,Mai
3/
1
4 Doe 174 Mai
1
41
/
4 Jan
Oct
418 Des 3312 Feb
1811, Dec 285 Feb
83 Feb 924 Oct
4238 Des 97 Feb
814 Deo 19/
1
4 Apr
53 Dee 8838 Ma,
412 Dee 244 Me,
784 Dee 16418 Abe
90 Dee 101 May
911, Oct 99 Apr
481, Dee 121* Feb
73 Dec 1414 Feb
444 Mar 53 Feb
66 Dec 57 Fel)
3934 Dec 118/
1
4 Mar
Ant
624 Dec 101
1712 Dee 78* Ma,
85 Dec 9434 July
1 Dec 121, Feb
4 Dee 28 Feb
88 Dec 127 Feb
464 Dec 188/
1
4 Jan
76 Dec 101 Mar
85 Dec 145 Alw
4 Dee 1512 Mar
74 Oct 3111 Jan
4434 Dee 79 Feb
16114 Dee 24234 Mar
8214 :an 88* Sept
114 Dee 67* Apr
39 Dec 8914 Apr
10 Be, 86 Mat
111
/
4 Dec 38 Mar
712 Dee 3012 Mar
28 Dee 584 Mar
Industrial & Mhtertilsneous
Abitibi Power & Paper_Na par
3128,fay 21, 144 Feb 28,
8 Dee 42/
1
4 Apt
Preferred
100 15 June 3. 52 Feb 201 38 Nov 884 Apr
Abraham& Strane__ __No par 25 .h4.1 22. 3812May 13
21 Dee 68
API
Preferred
100 100 Jan 8 10612May 41 102 Nov 1104 Aug
Adam. Expreeo
144 Dec 37* Mar
No 1poo
ar 1118June 3 2812 Feb 211
Preferred
1
4 Deo 94 Sept
8312 JAI] 5 92 Apr 61 80/
Adams Millis
Oct82k
34 Mnr
No par 22'8 Jan 14 33* Apr I' 21
Addreesograub lot CerpNer par 18 Apr 23 2%1s
1
sF
fe
atir 17
Dee
211
Jung
Advance Rime!) new_ Na Par
412Juue 3
2012
Feb 161. 10 Dar 41.14 Jan
_100 1112 JAI, 29
Preferred
--__ ---______ Ahumada Lead
7 Feb 27
4June 4
4
1
,
Ms/
-85'4 "ii-1 "iirs -g7-3-4 -iii; 14.3.1 ---82
84 I 83 -};4-1-2
,
Air Reduction Ine__No par 7014June 1 lob% Feb 241 374 Decl 15638.1000
5
5
5
5
478 44
5
5 1
5
5
7001 Atr-way Elea ApplianeeNo par
312 Apr 30 1918 Fob 241
64 nee; 85 Mar
Max Rubber Inc
Is Jan 51
14 Jot, 2
par
4 Dec' 211 Jan
-12F4 -111711 -135.8 -1
.
1;
1 -14- 15781 154
2151* 164 2-56.500i Alaska Juneau Gold MIn!.
41,Junel
7 Jan 2 2018June 41
N ..lO
Ole Jaz
1
1541
I
'BId and asked prices: no sales on this day, a Er-dividend and
ex-rights. S 60% stook dividend paid. x Ex-dlvidend. e Rs-rights
44 5
458 .5 I
414 4*
438 438
412 434 2,500
.
1812 19
1812 1812 1812 1812 .18
1014 .1712
.
3238 37 .3118 37
*30
37 1 *30
37 .30
19200
38
10414 10534 *10434 10534 .105 10534 *105 10534,13105
10534
1612 164 1512 1878 1518 154 1514 15341
1518 16
8,100
.87
88
88
88
87
87 i .37
83 1 .87
110
88
.
26
2712 .234 26
.24
2512' .2358 27121
•1812 19 .1812 19 .1813 19 1 18,2 1812' .234 2534
.1812
19
100
.534 6,4 .534 6
54 578' 534 534 .5
200
6
250
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here, see second page preceding.
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
July 10.
July 9.
July 8.
July 7.
July 6.
July 4.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SNARE
flange Since Jan. 1.
On tali. of )bare lots.
L4W441.
Incises!.
PER SNARE
Banos for Pres(ey.
Year I9M.
Lowest.
IItotal.
Fb
$ per stare $ Per *taro
rci Feb; starei
per stare
share 5 per share Shares Induce. A \Retell. (Cos.) Par
$ Per share $ per share $ per share 5 per share $ per
6 Dee 1512 Feb
No par
5 June 3
600 A P W Paper Co
81 1 814 *814 812
81,
5,4 814
8
.814 8,2
tira Dec 3514 M32
24
Feb
124
2
-Paulus
par
No
2
Corp
1
Allegheny
714 758
7 4 7 8 22,400
74
7
738 838
7% 838
3814 DOI) 10718 ?,:n
Fret A with 130 warr__100 2018June 3 59,8 Feb 25
100
*2712 34
*274 341
: *2718 35
32
32
35
*32
11
374 Dee 994 Apr
Fe b 28
88,2
59
3
June
15
warr____100
240
with
A
Prof
200
34
*2112
30
*20
30
*21
30
3212 3212 30
8434 Oct 084 Feb
Prat A without wart,,,.._100 14 June 3
36
*IS
*2113 32
30
*IS
32
*20
26
*28
Dye_Ner par 10234June 1 18234 Feb 24 17014 Doe 343 Apr
129 13012 12114 13134 119 12514 11912 124 z12038 1244 53,200 -Mod Chemical .43
Apr
34 Dee 1204 AO
120
7
0
r
14284
8
12
8June
1217
100
Preferred
200
126
126
*120 12933 •126 1284 *126 1284 126 126
3114 I)eo 58 Mel
1838June 3 4234 Feb 26
2514 2534 4,900 Allle-Chairners Mfg___No Par
25
2678 2414 2514 24
2612 2612 25
114 Dec 4214 Mar
Feb
8 May 27
par
No
Cement
Portland
Alpha
700
144
1414
1118
1418
1413
1418
1512
•13
14
14
ups Deo 314 Juno
1512June 2 23 Mar 21
No par
1834 1834 1834 1,900 Amerada Corp
3 *18
1973 204 181; 2012 1734 18,
454 Nov 9738 Mat
10 3434June 3 824 Feb 13
600 American Bank Note
40
40
40
4114 40
411.1 4114 41
*4114 43
2 6014 Nov 564 Jan
Feb 28
.bib
4
1
44
864
4
Juno
54
50
Frefernal
20
61
61
*60
*60
61
61
61
61
*60
150
24 Deo 12 Jan
112June 15
300 American Beet Sugar_No pal
314 34
338 338 *234 314 *234 313
338
*3
30 Dec 6438 Mel
300 Am Brake Shoe A Fdy_Ne par 2578May 27 38 Feb '24
3012 3012
*3013 31
3112 311'. 3138 3138 *30,2 31
July 128 Feb
10
34
r
b
les
F
113
14.2.
1
12.4
12
1
Juno
115
100
Preferred
*11414 120 *115 120 *115 120 *115 120 *115 120
54 Oct 2134 Apr
558June 3
714 714 1,100 Amer Brown Boverl ELM Par
612 7
713 718
712 74
74 712
33 Oct 84 Sept
Apr 29 72 June 12
31
100
Preferred
480
69
69
4
683
6914
69
69
*4714 68
72
69
.
25 9214June 1 121214 Mar 26 10418 Dec 15612 Apr
ee Can
rifcan
11138 113,4 103 11328 10638 10938 10.534 108% 10038 1094 210,800, Amee
100 145 Feb 4 15212 Apr 30 13014 Jan 15078 001
•1484 152,2 •14813 15212 *14818 150 *1481 1521* *14818 15212
241s Dec 8212 Feb
1.003 American Car A Fdy__No par 11 June 3 3814 Feb 24
1878 IS's 19
20
2012 *18
20
19
22
*20
Jan
70 Dec 116
100 5814Ame 22 8,3 Mar 18
Preferred
69,2 6912
6212 66
6423 6578 *6238 61
6578 06
Deo 697s API
24
lob
4
431
15
27
par
2
No
June
330 Amerloan Chain
1834 1834 *1814 11) *1818 18%
*1912 1978 1978 20
1) 215 Dee 614 Atal
184 NFIeabr 27
Vs gar 334 Jan 2 214
Chicle
American
1,403
41
41
43
43
44
4223 *42
42
41
44
1573 Dec 22 Oct
300 Amer Colortype Co_ _ _No par 10 June 11
13,4
1334 1212 1212 *12
14
1334 *13
•12
13
ma
Nov 38
578 Apr 29 144 Feb 16
74 84 3,400 Am Cornell Aleobol___Ne par
819
8
*84 814
814 9
812
2
2
Mar
16
8 Nov 304 'far
518Juue
pat
Taing_Ne
Eticauatio
Amer
71
*6
4
73
*312
713
4
*6
*512 734 *512 73
Ilse
5912
Dec
3318
17
1
24
Feb
181:June
par
Secee_Ne
930 Amer European
*2312 2.112
24
25
2312 2312 24
2512 2512 21
25 Dee 10144 Apt
%3 Amer A Forn Power___No par 2114Juue 3
10
1 '31,4
13
3;
112 0
30
*0
3614 374 3358 3834 39% 3112 3078 33
84 Dec 11118 Apt
0
abr 24
rc
1s4 M
.10
NO Par 854 Jan 3 118
Prenzrtel
911
93 *90
90
90
90
90
90
6318 Dec 10084 Juni
NO par 4612June 3 7912 Fob 25
20 preferred
1,600
60
'35
57
57
5912
63
59,2
63
60
63
73 Dec 101 May
No par 74 Jan 3 90 Feb 26
$13 preferred
200
*78% 81
835
*78
80
*73
81
79
81
*78
8 Ma/
512 Dee 33,
64 Apr 27 1053 Jan II
10
201 Am FIE4'.vallan 8800
*714 8
77
*734 8
773 *714 8
714 714
7 ADS
14 Jan 7
118 Dec
Amer Hide ..4 Leather_ No par
300
012
6
6
.912
6
*412
6
*511
*412 612
Aps
Dee
344
14
8
30
812
100
3
1
6
3
Jan
Apr
1011
Preferred
400
29
*27
*2312 27
2212 2212 2214 2212 .2318 26
484 Doe 8934 MAP
Amer Home Produeta_cYo par 4528June 2 84 Mar 20
5918 5934 5858 5934 58,13 5334 5331 5938 5012 6318 5,003 American lee
No par 13',May 20 314 Fob 0
2412 Deo ars M411
1,800
2112
2112
241
*24
2512 *2334 2412
225
25% 24
914June 3 26 Feb 26
15 Dec 364 Aral
No par
11,100 Amer Lnternai Corp
15
15
15
1512 1414 16,3 1358 1438 1412 15
12J 000 I 21(1
Apt
63
1 ji ol 20
ls Dec
00 Am L FranceakFotituite_Ne par
78
s 1,38
t37ig
.34
1
1
1
1
14 118
7 Dec 34 Feb
100
1
.14May
Preferred
t3'
13
13
13
15
*13
15
*13
15
•13
Jae
184
3
105
Dec
par
1318June
Locomollve_No
803 American
1014 1914 *1814 20
18
1912 1912 1312 1838 18
6814 Dee 11812 Mat
100 8914June 25 8414 Mar 0
Preferred
500
764 *7518 7618
*75
78
754 7538 *75
75
75
45
19
Mar
Dec
4
1
434
29
Saul
3
June
23
par
nosr..No
Fdy
Mash
h
Amer
3312 3318 3314 3212 3312 3.400
3312 3212 3114 33
33
7 Mar 2
8 Dec 14t2 7n17
2 Mal 27
200 Amer Mach A aletala_No par
43
338 338
3% 338 *314 31
314 *Vs 3 I
1318 Dec 514 Feb
818June 3 2314 Feb 24
1,900 Amer Metal Co Ltd......Ne par
1212 121
1012 11
13
1313 1328 1238 1328 12
100 531251ay 21 8018 Feb a
Deo 116 Fe
80
C6%)
Preferred
81
81
*5612
*5612
*5612 81 1 *5612 81
*5612 81
'40 Dec
5 May 29 354 Jan 211
20 Amer Nat One pref____Ne per
12
*11 12 1212 12
*1112 14
1478 *1112 14
*12
354 Dee 11018
Power dc Light____No par 307sJune 2 0478 Feb 26
Am
8,300
381
3712
4
373
3618
4
373
8
355
4114
4
36,
3912 4014
18) Dec 107 Mao
No par 88 June 17 102 Mar 27
Preferred
400
*9078 9114
91
91
91
*9034 9112 9114 91141 91
741; Dee 4778 Bo171
No par 7334July 1 84 Apr 9
Preferred A
*7334 76
*7334 76
*7334 75 I *7438 75
*7334 75
7424 Deo 894 Bent
734July 2 85 Apr 4
par
No
stamped
A
Fret
1,200
7514
7514
75
75
7
75
75
7413 74,3 7512,
*73
Mar 20
15 Dec 3034 An/
1312 1318 13;8 1312 133t 10,700 Ant Rad A Stand Satey_No par 111:Juee 1 2113
1314 14121 13
1338 14
518 Dec 87 Mat
5 Apr 27 1288 Feb 27
American Republlas_ __No par
*612 8
*6
7 I *512 71 2 *534 7
*612 8
23 Dec 1004 Feb
23 1.518June 2 374 Feb 20
2112 2133 2213 11,400 American Rolling Mill
2318 2334 2118 2378 20,2 2133 21
June 674 AD/
b
e
F
524
8
62
400 American Safety ittsor-NO Par 46 June 3
48
48 .48
48,4 43
49 I 43
*48
49
49
34
5 Dee 4613 Feb
4 June 2
Amer Seating v s o____No -par
512 *4
512
512 *4
4
5,2 *4
512
Stock
*4
Dec
12
84May
24
27
b
eb
,o
F
.r
8
0
4
1
58
29
12May
par
_No
Comm_
A
Ship
Amer
900
34
12
%
12
4
53I
34
85 Deo 544 June
810 Amer f3h1pbulldIng new..No par 28 July 8 42 Jan 0
28
*27
28
28
2853 29
*2958 30
31
31
Exchange
374 Dec 7912 AO
3
24%June
par
IlefB_No
Amer
A
Smelting
29,300
3412
3
2327
4
333
3214
8
387
4
353
3212
3818
3538
3723
100 1171:May 14 1384 Mar 27 131 Dee 141 Apr
100
Preferred
12618 12018 *126 123
*12212 130 *126 128 1 *126 128
Closed
9338 Dec 1034 Aug
100 S31:June 5 10214 Mar 12
6% ouca 20 pref
300
*9212 93
*9212 93
92,2 9212 .9212 93 .9212 93
3578 Deo 434 Jae
25 3514June 3 424 Mar 10
Snuff
American
400
4
373
4
373
38
33
38
33
37,2 38 .37,2 33
Indepea- .
22
Jan 112 Sept
1004
Juno
110
100
1
1024July
Preferred
50
107 108 *107 10978
*10358 108 *10323 103 1.107 103
412 Feb 16
2 Dec 2218 Mar
117Juno 16
112 112 1,200 Amer Solvents A Cheln_No per
14 178 `1,2 134
134 17 '
*134 178'
dence
Ott 3314 Mat
24
Feb
1112
Ma
17
2I4June
par
No
Preferred
500
*3$8 33
3
328 312
3
3341
3,4 314
*3
2318 Dec 824 Mar
1,700 Amer Steel Foundries-No par 1118June 2 314 Feb30
17
1614 18141 161,2 1638 1718 1714 17
18
18
Day .1
Feb20
Dec
116 VeD
110
100 1001:June 4 113
Preferred
10
10414 10414 *105 107 *104 107 *104 106 *104 103
3612 Dec 5518 Apt
No par 37 Jan 7 4314 Mar II
300 American Stoma
4212
42
*4013 44 .404 4412 424 4214 *4012 43
3914 Duo 6978 Mar
100 42 June 2 60 Mar 25
1,500 Amer Sugar Randier
5212 5218 5238 5278 54
5538 52
54
5112 55
Apr
05 Nov 110
100 96 Jan 2 10812Mar 16
Preferred
500
107 107
107 107
106 106
106 106
106 106
5 Nov 2634 Feb
858June 3 114 Feb 13
Am Sumatra Tobecoo._No Dm
9
*3
9
834 *8
*8
9
873 *8
*8
15 Dec 2712 Feb
Amer Telcg ar Cable Co-_100 1514 Jun 12 2312 Feb18
100 1501:June 2 20134 Feb 26 17088 Dee 2714 Apr
176 17933 -66,700 Amer Telep dr Telex
176'S 11.371; 174s 17834 air fi
181 181
5811 Dec 127 Sept
1,900 American Formerfo new WI 25 9318June 2 12834 Apr 14
11714 118
119 119
11724 119
1171* 120
120 120
594 Doe 1304 Sept
Common claw B new w 1_25 10218June 2 132 Apr 14
12333 12114 121 18 12538 12012 12278 122 12314 122 12412 17,300
3
5
Jan
May
132
120
Feb 129 Sept
1244
100
Preferred
300
129
*12712
123
128
12912 12912
130 130
*12934 130
95 Nov 1414 Apr
American Type Founnent_100 58 June 4 105 Jan 16
*56
70
70
*55
70
*55
70
*o()
70
*57
_100 85 June 2 1104 Feb 28 1034 Nov 11434 July
Preferred
10
100
4
*881
100
*8314
92
92
100
*8814
100
*8314
474 Dec 1244 AV
0,
42412
o 23
1
ne
ieb 21
38Ju2
.
1‘,
014F
87
3 10
5012 50
5034 25018 5034 6,500 Am Water Wka dc Elee_tio par 2
49
5314 5334 5014 55
98 Nov 10818 Oct
1s1 ureferred
600
9b4 9914
9334 9914 *9878 103
99
99
*9334 100
1178 Jan 12
3
4Juue
538 Nov 2014 Feb
51
100
Woolen
ArnerMan
1,500
4
63
63
63
4
63
7
4
63
678 714
6% 7
23
ar
M
3918
2
8June
3
20
1.553 Nov 4478 Feb
100
Preferred
1,600
29
8 29
3014 2334 284 2358 28,
*2812 2978 29
4 Jan 28
9 Map
118 Dec
1 13 Apr 29
100 Am Writing Paper etts_Ne par
*218 278 *158 24
2,4 214 *218 3
*214 3
104 Dec 44% Feb
100 10 Juno 2 18 Feb 20
200
Preferred eartlficatea
16
*8
10
10
16
10
16
*10
16
*10
34 Dec 174 Fait
8May 26
834 Feb 20
3,
200 Ara Zhao Lead A Smelt-Ye par
•538 513 *538 512 *5,4 512
538 6
*512 6
2614 Dec 7978 Jan
23 20 Jan 10 4034 Mar 11
3912Preferred
3918 *32
3918 *3112 3918 *3113 39,a *32
•311
25 Dec 3118 Apr
50 1334Juue 3 434 Feb 27
2353 2934 2712 30,2 2533 2733 2458 25% x24% 2313 137.100 Anaconda Copper Mialug
19 Deo 6314 Feb
20 June 101 2614 Mar 10
100 Anaconda Wire A Cable No par
*1978 21
21
*20
23
2112 23
2412 *23
*23
24 Dec 5184 Apr
Feb
80
21
21
194June
per
No
Anchor
300
Carr
24
*2318
2418
*22
*2318 25 I 235 2313 2278 23
1018 Deo 374 Apr
9 June 13 194 Feb 27
Andes Copper Mining-N,Par
14
4.12
*104 14
15 I *1178 15 .114 15
*12
134 Dec 294 Apr
8 May 18 IS Feb 4
1,700 Archer Daniel, MIdl'el_No par
1012 1012 *1012 1034 10,2 II
1034 1034 1012 11
00 Dec 8278 June
June 2 72 Jan 7
32
_100
pre!
(Del)
Co,
A
Armour
600
5013
4312
53
*4912
5112
5014 *4913
*4812 51 I *49
214 Nov
812 Jan 6
112May 29
81s Mar
218 214 3,900 Armour of Illinois] elate A___25
218 214
218 2,4
214 213
238 238
112 Nov
24 Jan 7
438 a,iar
1 May 28
25
Clan 8
138 1.100
1 14
138 *114
138 138
112 112
138 138
47 Jan 6
2514 Nov 65 June
2
1018June
100
Preferred.
700
1512
162
*1514
1312
1538 1612 1612
1512 1512 15
9 July 3
34 Dee 1314 Apr
34 Jan 2
3,000 Arnold Conateble Corp.No par
3
738
813. *718 718
7
713 81sj
5 Jan 13 1012 lam 20
*58, 678
414 Dec 204 Apr
No pin
4)1 Artlooirs Corp
*534 634. 634 634, *534 673 154 678
20 Nov 484 Mar
54 Apr 24 284 Feb 10
834 84 4,200 !twee:dated Apparel Ind_ Ne par
812 84
81s 84
934
938 978! 8
19 Dee 6012 AM"
Nap's' 1614June 3 293824ar 20
2212 20,8 2034 2078 2134 214 2138 2,900 Assoc Dry Good,'
2238 2238; 21
30 Dec .51 June
23 20 May 20 31 Feb 18
Aasoolaterl 011
*2012 26
*2012 26
*2012 26
*2012 26 I *2012 26
33 Dec 8038 Jan
1512July 8 39 Jan 7
200 All 0 A W I 13 S LIne_No par
17
*1518 1712 *15
1734 1512 16
1734 *16
*16
48 Doe 0514 tab
100 33 June 3' 534 Jan 21
Preferred
100
31
*29
31
31
31
*29
31
*29
31
*29
24
Feb
4
1
/
23
164 Dee 5138 Apr
2
llsJune
1
25
Atlantic,
9,000
Rending
16
1514
1534 154 15,
8
1538 1634 15
16
16
42 Dee 106 Mar
No par 30 June 3 54 Feb II
400 Atlas Powder
38
38
33
38
39
*38
39
*38
39
*38
994 Jan 16
Nov 108 Mar
97
100
27
844June
Preferred
20
86
*8412
86
•3412
86
*84
I
86
86
80
86
7 May 29 1312 Feb 10
74 Doe 37 May,
No pat
Atlas Stores Corp
*8's 834 *1318 9
*314 834
*818 94 *818 9
312 Jan 5
No par
2 May 15
34 Oct
84 MaZ
Tack
Alias
3
3
*2
*212
3
2
,
*2
3
*21
*212 3
504 Nov 2634 Al'.
No Dar 10111 Jan 14 29512 Apr 14
173 18012 66.900 Auburn Automebtle
184 18934 16614 19212 16414 17612 172 178
214 Mar 30
1 June 17
138 Dee
No par
7 Ma ,
100 Austin Nichols
*14 14,' *14 138 *138 14
1
1
138'
*1
212July 2
1 Jon 2
78 1313c 1038
No par
3114 1,800 Atitogaler Corp
1
14
8 :2
8: *112 1,
1,
1
1:
134
118
112 178
5 Feb 27
2 Apr 28
54)
4 Des 25 Mae
Preferred
10
312' *234 312
34 318 *312 4,4 *24
We Mar 2
3 Jan 2
No Dor
24 Dee
33
33
972 Apr
334 7.400 Avlatlen Corp
338 334
334
334 37
334 34
274 Mar 19
104 Jane 38 Fen
018June
LialdwIn Loco Worse-No Par
1618 1453 16331 1414 15 I1334 14,2 14,4 1414 3,700
16
1044
or
111
la
22
June
Dee
100
70
Jun
134
116
Preferred
20
85
*80
85
*80
80
*78
78
78
80
.78
Dam burger(L)& Co pref_100 101'4 Apr 30 107 Fob 11 103 Dec 1104 Yob
•1031.t 10412 *10314 10412'010314 10112 *10314 10412 *10314 10112
2
Jan
10
par
3
8Junc
27
8
Brothers
No
Nor
Ilerket
Mar
204
10
4
.312
4
2
,
*3
3% 3%
*358 4 I *358 4 I
58 Doe 81 Mar
_ 100 3914 ant 30 (2) Aiar 10
Preferred
*3338 40
*33% 40
*333 40
*3318 40
*3338 40
534June 2 1412 Feb 26
25
818 Dee 31 MM
77s 814 8,500 Barnadall Corp fleas•
778
7
'
82
7'2 8
77g 834
84
27
19
Apr
Jan
22
8$
28 Nov 68 Feb
par
No
lue
Cifpull
Bayuk
31
*2318
31
*2318
*2318 3112 .2313 3112 *2338 31
89 Dec 101 July
100 213 June 3 PO afar 6
Mitt preferred
*8414 86
86
*3114
86
*8414
I
86
*8414
1
86
*8414
62 Dee 92 Apt
50 531:June 2 81 Mar 19
Creamery
6014 *5323 6212 5934 5934 6214 62,4 1,000 Beatrice
6212 62/2 59
100 106 Jan Li Ill Mar 18 1011a Mar 50914 Bent
Preferred
200
2
*110 11014 *11018 11014. 110 110,4 *110 11012 *110 110,
(Jo,,.,ii)) 441:June '2 (12 Apr 9
60114 Nov 704 Jun
Pericles
Below-Nu)
100
53
.51
53
*51
51
51
I
*5158 53 1 *5112 53
4 Jan 30
134June 1
24 Dec
Vs Jai
500 Balding Renews, On_ _No par
313 338 *212 . 338 *212 314
334
334! *3
*3
7614 Doc 854 Mat
500 Belgian Nat Rye part prof._ _. 77,8 lune 25 8034 Jan 22
*7758 79
79
*7712
1
79
*7712
4!
773
7712
*7738 73141
254
21
Feb
144
2
No
Nov
144.1une
Au,
par
Aviation
67t8
Baudlx
'2018
2012
3
3
2813142
192
20
21121 19
2078 21 14! 19
No par 311 1Juue 3 4.614 Mar 19
&Ss Doc 5614 API
323:610000 Bess I Co
3712
*3718 387
33
3918. 3714 3812 37
39
4 Feb •48
1
474 Dee 11(114 Apt
Bethlehem Steel Corp....No fcx 381:June 1 70-/
110,600
4312
45%
4312
4718
49%
47
5313'
515 53 I 481
100 984June 8 1234 Mat 6 11214 D131 184 Mat
Preferred(7%)
10934 109341
600
110 110
*110 11134 11113 111% 11034 112
No per
Id June 2 29 Feb 21
API
23 Ott
500 Blaw-Knox Co
19
*IS
19
*13
1912 20 1 1938 1912 *1734 19
164 Dee 294 AILpar 184 Jan 8 204 Mar 25
Bloomingdale
Brothere_No
21)
8
*185
20
8
2
*18
20
9828
*1828 20
*1858 20
Oae
85
May 15 95 Jan 9
95 Dix 104
100
Preferred
--- '
-- *94
___ 91
'94___ 91
100 63 Juno 3 8212afay 11
Blumenthal A Co pref
74 Feb 90 Al'?
•-r-_ 82 •____ -82 ,*____ -82 1*.___ 82 "---_ 82
Apr
par
Noe
4013
89
4
Br__No
3
ele
20
164
2
14)
Aluminum
Jan
Apr
Bohn
3,700
31
8
337
3438, 3214 3314 *3112 33
33,2 3412 32
1
1
•Bid and raked edges; no 4.146 on OW day. s Ex-dividend. p Ex-ri4Lte.
251
New York Stock Record-Continued-Page 3
Foe sales during the week of stocks not recorded here, see third page preceding.
PER SHARE
STOCKS
Sales
Range Since Jan. 1.
NEW YORK STOCK
for
Oatla
of 100-share lots.
On
Saturday
Monday I Tuesday
1Vednesday Thursday
Friday
EXCLIANGE.
the
July 4.
Highest.
Lowest.
July G.
July 10.
July 7.
July 8. 1 July 9.
Week.
-- -3 per share $ per share $ per share l$ per share l$ per share $ per share Shares Indus. Ac Miscell.(Cona Par
per share S per share
Bon Anal elan A
Na par 60 Jan 6 x6614 April
.6014 65 .6014 65
*6014 65 1 *6014 65 .618 65
1
*1
11
1
11
*1
3 Feb 20
13
*1
11
1 June 13
l4
Booth Fishertee
No par
lit prefaxT04
*5
7
•5
7
.5
7
*5
7 1 *5
100
7
3 June 13 1714 Feb 20
05 47 June 1 MI Mar 20
5913 6038 5813 601
/
4 573 598 58
598 23,900 Borden Co
504 59
1034 2014 1813 2012 1833 19141 19
10 1412June 2 3034 Feb 27
1912 1913 20,4 13,300 Borg-Warner Corp
114
114 *1
114 *1
114 *1
141 *1
*1
232 Mar 13
Botany Cons Mills clam A_50
1141May 22
1353 1438 1313 148 1233 13531 134 1334 x1234 1314 30,100 Briggs Manufactufaug_No par
1
4 Mar 25
814June 2 22/
*1713 1712 17
1713 17
17 1 *17
1712 *17
1712
900 Briggs & dtratton
No par 15 June 1 2412 Mar 24
*212 3
3
314
212 2/
1
4 *214 3
.212 3
51.41alar 2
2 Jan 2
500 Brockway Mot Truck_Ne par
*1212 18
*1213 13 •1213 18 I *124 18
*1212 18
Preferrea 7%
100 1012 Apr 22 26 Feb 17
.11513 117
11114 113
111 11114 109 109 *111 114
1
4alar 10
1,100 Brooklyn Onion Gae___No pa x90 June 1 129/
42
4213 *41
4212 .41
4213. *41
4212 "4112 4212
200 Brown Shoe Co
No pa
32/
1
4 .lan 22 4314 July 1
10
10
8/
1
4 9
*9
10
9
9
*9
10
1,600 Bruns-Belke-Colleuder_No par
8 May 4 15 Feb 13
•1333 14
13
1333 1313 1314 1314 1314 13% 133
900 Bueyrus-Erie Co
10 1134June 2 2078 Feb 19
211 213
248 2434 *2334 25 .2312 25
24.4 2414 25
Preferred
10 201 2June 3 3472 Feb 10
1,100
*103 109 *10512 100 *105 109 *105 109 *105 109
Preferred
104 June 24 114 Apr 21
(7)
100
*37
4
4
414
4
4
4
4
4
434 3,200 Budd (E G) Mir
Vs pa
Wahine 1
538 Feb 25
918 97
*953 98
853 94 *834 918
878 94 2,700 Budd Wheel
713 Apr 29 13 Feb 27
Vs par
1014 1014 *1012 103 1013 1013 *10
1013 10
104
800 Bulova Watch
812June 6 1534 Jan 30
No par
*1134 1213; *11
12
*11
12
*II
12
*11
12
Bullard Co
No par
812June 3 28 Feb 26
.11
1612 *11.
1612
1612 *11
1612 *11
1512 *11
Burns Broe new claneerNo par 1212June 2 1212June 2
6
*113 6
*112 6
*112 6
New elms B vi o___No par
3 June 23
3 June 23
*5
03 60
5
*5112 60
*5112 63
*5112 60
Preferred
109 '22 Mar 17 85 Jae 20
*112
6 .02
*112 61
2534 253
4 24
2534 *2333 2438 24
2412 *24
2414 2,400 Burroughs Add Marn_No par 1918June 1 324 Feb
•2213 2314 22/
1
4 2234 2114 2233 *2112 22
*20
22
No par 17 Apr 23 Si Feb 24
803 Bush Terminal
*8112 SO 1 *8112 89
*8112 89 .8113 8912 *811 891
Debauture
100 70 Apt 23 104 Jan 23
*101 105 *102 105 41102 105 *102 105
101 102
100 Bnah Terra Bldg& prof
100 954 Apr 29 113 Mar 17
*1
113i *1
14 *1
14 *1
34May 7
113 •1
Butte & Superior aflulug__10
11
113
/
4 Feb 20
233 212,
23s 212
214 253
212 212
212 212 3,800 Butte Copper & BID°
5
Fauna 19
2s July 2
*1018 11 1 *1038 1114' 1014 1014' *1014 1114 *1014 11141
9 June 2 2032 Feb 26
100 Buiterlek Co
No par
3512 3733 334 377
3133 3133' 311s 3312 3214 3413. 44,130 Byers & Co (A M)
No Par 2338June 2 8924 Feb 20
*82
96 1 954 9534 *82
Preferred
95
100 80 June 3 106% Feb 26
95
95
*82
95 1
60
*2514 2612 2514 2533 25.; 254 *24
2512 2414 2414, 1,800 California Packittg___No par 2012May 1 53 Feb Id
*1
/
4 '3 1 14
10
%June 29
08
*12
zit
133 Mar 2
200 Callahan 3100-1-weil
12;
4
1
12
*12
*33
33
*3314 37
33 i 3433 •3233 33
3233 3312a
500 Calumet & Arizona MinIng_20 2312June 2 4333 Mar 17
712 712
712 8
73
714 712
25
5 June 2 114 Feb 24
734 2,800 Calumet de Fletaa
734
734 1031
•1013 1112I *11
1112 *11 f 112 11
Campbell W & C FdrY-Ne Par 104June 20 1638 Mar 23
11
100 Ca
.1031
4134 42 1 4012
4014 4014 4012 4112, 4,700 Carrells Dry Ginger Ale No par 29111 J811 19 45 June 25
43I 4038 .41
*21
2112 21
21 I *2014 2112 *2038 2113 *2013 2112'
Ns par 1734 Jan 2 25 Mac 24
100 Column Mills_
•1573 16 1 16
16
94 Jan 3 16 Feb 28
154 a.154' *1514 16
*1512 15331
200 Capital Adanlals el A-Nc par
*35
3712, .35
033
3712 *35 .0712 3'
50 29 May 18 3636 Feb 25
35
100. Preferred A
3712,
88
80,
3! 79
9014 7414' 8114 7553 7812 77
100 5912June 3 13112 Feb 24
81121303,200 Casa(J1 Co)
*100 105 1 100 100 •10314 105 ,*100 105
Preferred oertifleatea.....1001 95 May 14 116 Mar 21
90
100 100 I
2353 26, 22,
1 26 I 23
17,000 Caterpillar Traetor____No pal 21 13June '3 52% Feb 17
2378 243 2412 2414 25
*3
313 •3
2 Juno 5
Cavanah
4 Fob 27
g-I/ebbe Bre_ _No vat
4
*3
4
*3
312 *3
312
*1012 2234 *1012 2234 *1012 2234 *1012 2212 *1013 22121
100 15 Juno 9 26 Mar 7
Preferred
1212 1212' 13
1312 *1234 13
878alay 20 lb Feb 23
Colaaase Oen) of Am_No par
134
1,500
1318
14.1
la
.
612 8 1 *612
54 Apr 24 1432Mar 2
Celotot Corp
Nu par
*612 8
*612 8
8 1 *635 8
*512 7 1
353June 3 1334 Mar 21
No par
633 632 *6
Certificates
64
6
200
6
.512 633
1812 1813 1912 1913 1912 1913 *1812 20
Preferred
No par
14 June 1 3714 AIar 21
50
*1812 20
2373 2378' 22
2312 *2134 24
23
2318 1.000 Central Aguirre Aoso_No par 1773June 3 24% Jan
*2113 24
*5
512
212 Jan 6
*64
534 4/
1
4 *434 512 *434 512
014 Feb 21
500 Century Ribbon Milla_No pat
*55
*55
60
rerred
100 50 May 23 70 Feb 26
60
Pid
GO
GO
*55
*55
52
5 I
.
20
21
1812 203
14 Juno 3 304 Feb24
17
1714 1713 1712 5,800 Cerro de Facto Cepper_No ear
1318 17
Stock
53
533 Pa
51
214 Jan 2
714 Mar 33
400 Certain-Teed Produata_No era
512 512 *553 512 .
534 6
3134 3173 3158 317
No kar 30 June 17 37% Feb 25
3133 3153' 31% 317
1,200 City lee & Fuel
31% 317
Exchange
8012 8012 •8134 8012 *8014 8012 8012 8012 8012 8012
Preferred
100 7712 Jan 14 90 Apr 21
40
1114 11,
738June 1 '2314 Feb 7
4 1034 1138 104 1053' 1012 1012 *1014 10/
No per
1
4 1.10(1 Citeaker Cab
Closed
41
41
38
42 1 37
33
No par 2712June 2 544 lob 24
1
3714 371 i 3934 39/
4 1,700 Cbegapeake Corp
914 914
812 812
838 333 •712 912 .71
1 1518 Feb 26
75112jjAus 2.
No p:r
ar
, 1.5
8%
400 Chirtago Pueumat Tool_N
Indepen20
20
2038 21 1 1973 1978 194 20
*1312 20%
Preferred
35 Feb 20
900
1912 1913 19
19 I •1712 19
July
1712 1712 1838 1833
200 Meager Yellow Cab_14 p
23 Jan 9
deuce
10
10
•10
1012 *10
1012 *10
10 10 June 3 12/
1012 10
10
200 Cbtakasha Cotton 011
1
4 Mar 30
2212 2253 2114 22 1 21
2114 21
21 13 *2112 2233 1,200 010168 Co
No par 1738June 3 3314 Feb10
Day
234 2434 21/
1
4 24/
1
4 2153 23
2212 2312 2234 2312 399.400 Chrysler Coro
No par 1212June 2 2534 Mar 9
3
313
3
1; 3
3
3
3
3
433 Feb 11
3
2 June 2
No par
2,200 City Storea now
•1514 1512 1514 1514 •1412 15 .1413 15
*1413 15
No par 14 June 8 3272 Mar 25
.
3178 33
3112 32 1 3112 32
32
32
32
32
1.100 Cluett Peabody & Co__No par 24 Maly 19 344 Feb 17
•103
*103
__ *103
*103
Preferred
100 95 Jan 28 103'8July 2
14612 14612 14512 14512 14434 116
14453 14453 *145 1.16-1.
Vs par 133 June 3 170 Feo ae
3 1,100 Coca Cola Co
52
52
*52
524 *52
.5213 5214
5214 52
52
Class A
5012 Jan 2 5312Juue 4
200
45
45
45
4512 4434 45
441
/
4 45
z1413 4434 1,000 Oolgate-Palmelive-Peet N
op
pa
ar 40 June 2 504 Mar18
NI
10258 103
103 103 1 103 103
1034 10314 *103 10314 1,100
1
4 Apr 21 104 Feb 16
8% preferred
100 101/
1512 16
14141412 1412 1453 1453 3,900 Collins & Alkrean
14
164 14
9 Jan 30 17121une 26
Vo par
.84
84 1 82
84,4 84
82
*81
841
/
4 *81
8414
Preferred non-voting_ - _ _100 71 Apr 30 84 July 2
218
812 812 "712 812
812 84 *712 833 *712 8%
1014 Jan 8
712June
700 Colonial Beacon 011Co _No par
18
18
16
1734 16
16
*15
16
16
1612 1,500 ColoradeFuelAIre a now No par
934June 2 19123une 27
7834 8012 7334 8112 7214 7434' 73
74
74
79
15.100 Corumblan Carbon v I o No par 55 June 2 11158 Feb 26
3314 3414 3112 3478' 31
32% 3112 3214 3114 3213 45,200 Columbia Gas & Klee-No Dar 20,
8June 2 4532 Mar 19
10512 10512 107 107 1 10712 10734 108 108
105 107
Preferred
2,00
100 93 June 3 10912 Mar 18
1012 11
934 1133
914 1014
953 1014 10
1033 27.200 Columbia Graphopnone
6 June 2 1614 Mar 13
17% 18
1813 181
/
4 17
17 1 17
17
1612 17
1,60 Commerels, Credlt_---No Par 13 NIay 27 334 Feb 28
*35
3513 35
35
*35
3518 35
35
35
35
Clam A
40
50 3058Juue 3 3572 Feb 24
25
25
*2434 25
2512 2514 2514
2134 241
/
4 25
Preferred B
311 2112 Jan 20 25I2July 9
170
8713 8712 *87
88
*87
8712 *87
8712 8713 8713
41
let preferred (834 %)___100 754 Jan 29 89 June 30
*2678 29
26
2614 2418 27 1 2434 2514 2518 2518 4,200 Corn Inveat Trust___No par 22 May 26 84 Mar 19
*8512 88
8512 8512 85
8512 08414 88
*444 88
300, Con, prGIorregVI pa
82 Jul 20 90 Jan 20
.313 412 *34 413 *34 412 *313 412 *313 413
Warrants etamped
1
8 Feb 27
20's Jka 7
1434 154 14
1513 1413 14781, 141
/
4 1612 1613 1713 126.4001 Conan Solvents
No par 1034June 2 214 Feb 24
853 9
812 9 1
812 8/
833 834' 8% 8/
1
4 34.430 CornmonwIth & Soaarn No par
1
4
673June 2 12 Feb 24
0534 9578 9513 911
9534 96 I 957 96
96
9G14 3,030
$8 preferred gerlri
No par 90 June 8 lows Mar 16
*30
31
*30
31
*30
*3(1
31
31 .30
31
Conde Nast Publioa___No par 30 June 3 344 Feb 16
1114 1114 1034 1158 10/
1
4 10381 1038 1012 103 1153 3,309 Con.goleum-Naira Inc-Na Par
872 Jun 2 1234 Mar 27
2012 2012 *1912 2014; 1912 1912: *19
*19
2012
21
201) Conan= Cigar
No per 1812June 2 3934 Max 10
*3412 37
34
3433' 3312 334; 3312 3312 3614 3614
600 Consolidated Clgar
No per 254 Jan 8 3734.1une 27
*65
66
6513 66 1 *65
654 6712
68 1 *65
20(0
Prior preferred
68
100 55 Jan 2 73 Mar 19
714 714
714 8
713 7%;
*738 773 1,300 Conaal Film ludus---Ne par
714 8
334June 3 it. Feb 17
1412 1412 1418 1413 1414 14141 1414 1414 *1414 1453
61)0
Preferred
No pa" 1012June 2 1872 Feb 17
9713 99
•
04 13 9933 9333 9534 908 96
9712 99,400 Conrad Choi(N Y)
95
NO jiff 824 Jars 2 10038 Mar 111
10512 10512 105 105 1 105 10513 10513 10512 10514 10512 1,3(a)
lie per 10112 Feb 37 .3100'3June 30
Preferred
53
12
58
12
114
*12
,
8
14 Jan 2
% 7.000 Consolidated Textile__ _No par
12
12
134 Mar lit
*314 4
*314 4 1 *314 4 1 *314 4
Container Corp A vot_No par
*314 4
3 June 3
812 Jan 9
•1 13. 114
113 118 2113 114. *113 114 .113 114
200
Clam B voting
No par
118May 29
3 Jan 12
15
1512 15
1614 13/
1
4 1412' 14% 1412 1513 1534 8.4001 Continental Bak' al A_No per
9,4June 2 30 Feb 25
18 2
1% 17
17s
2
I%
Claw 13
1,703
I%
134
134
No ear
114June 3
3% Feb 2
.6034 61
5973 61 13 58
58 1 58
Preferred
58
*5913 603
800
100 4472 Apr 30 7712 Feb 37
34
53
53
5114 5353 5018 524 5014 5112 5012 524 16,003 ContMeatal Can Ine_Ne par 40%June 3 6234 Mar 24
*1012 11
*101 11 1 *1012 11 1 01012 11
*1012 11
(Meta Dtrunond Flbre_No par
S18June 2 18% Feb 27
44
44
42
41 13 4112 41 14 42
41
2,000 Continental Ina
41
10 31 June 1 5178 Feb 24
234 234
2/
2/
1
4 24
1
4 273'
24 2/
234 234
1
4 2,009 Continental Motore___No par
3
412 Feb 27
314June
734 9 1
853 9
713
7/
1
4 8 1
853 18,403 Continental 011
N par
5 June 2 12 Feb 13
514 53
5
5
518 514 11.4301 Continental leharea____Ne par/ 312May 21 12 Feb 24
514. ' 54
5131
721 1 74
7014 7478 7014 7212' 7078 73
72
73
10,500 Corn Prod cur Refining_...iO3
25 11
.I. 6 8632 Feb 17
.67
55%3Ju:e2
•14714 150 *14714 150 I 150 150 1.14712 150 .14712 150
20
Preferred
13212 Apr 2
873 913
853 834; 858 878
812 834 4,100 Cosy Inc
853 973
No par
81(June I
18 Feb 27
*28
2873 2734 23 1 .27
2312; 2734 28
700 Cream of Wheat
*2613 23
No
par!
3612June
3
3412Mar 11
19
19
1812 1812 *1512 181
200 Om Carpet
/
4 *1512 11334 *1512 19
1001 1214June 1 19% Apr 11
*434 7
434 434 •5
.5
6 1 *5
6
100 Croaiey Reale Corp___No pee l
6
412 Jan 2
834 Feb 25
.23
2412 24
24 1 *23
2412 *2312 2410 *2314 2312'
100 Crown Cork & lical _-__No Par 15101100 I 3314 Feb 24
314 3,4 *313 318 .34 311 *314 312 *314 333
300 Crown Zellorbaatt
No par,
vs Jan 12
2 June 2
4633 4612 4418 463
42
43
1
4212
4334 *4312 4412' 3,900 Cruelble Steel of Amerfas_1001 3018June 2 63 Feb 11
4
90
90
89
89
89 1 874 89
89
140
*8712 89
Preferred
-100 SO June 4 106 Jan 3
*434 514
514 54' *413 5
*4
5
5
5
300 Cuba Co
No par
3 May 11)
572 Jan 8
j.1
138
132 112
112 113
114
112
112 15 . 5,303 Cuba Cane Fri-elects_ No par
%June 1
2% Jan 8
*453 5
412 5 1
414 47
412 412
434 513' 2,300 Cuban-American SUgar____ 10
218 Apr 30
6/
1
4 Mar 24
28
28
*28
29 1 *28
29
028
29
29
29
80
Preferred
100 16 June 8 33 Jan 9
40
40
40
*40
42
. 41
41
41
4038 *331
303 Cudahy Peeling
60 3534:May 21 4878 Mar 19
.72
74
7.
72 , *7013 73 "704 73
72
724
300 Curtis Publishing Oo___No tan' 69 Juno 8 100 Feb 7
11312 11312 1134 11312 113 11341 11312 11312 113 113 1 1,5(10
Preferred
No We 11212.Inno 11 118% Mar 5
312 334
312 37
314 333; 34 312
314 312 2),30) Curtirre-WrIght
No par
2I8June 2
5% Feb 27
514 514
54 533
5
5 1
5
5
434 474.
Class A
800
_100
3 June 2
84 Mar 2
2273 2313 2014 2414! 2014 201 1 021
22% *21
22731
800 Cutler-Rammer alfg
Ne
par
171gune
2
41
Jan 7
13
1312 1233 1312 12
1214, 12
1312 134 1334 8,300 Daytton Chemloal
are par
96Juue 2 23 Feb 24
I
!
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
•Bld and asked priced; no seam on this day. 2 Ex-dividend. Kg-dividend and ezp.
Nat
PER SHARE
Easye for Pretiest
Year 1030.
Loreest.
Highest,
$ per share S per share
591s Oct 78 AP)
3 Mat
Oct
1
44 Dec 3314 Jan
,Ma7
6012 Jan 901
15 Nov 5012 Max
5 Mar
34 Deo
1213 Oct 2533 July
1514 Nov 3,512 AV
138 Dec 3214 Map
13 Dee 85 ADS
9818 Deo 1784 Mar
33/
1
4 Nov 42 Feb
10 Dee 3059 Mar
1118 Dec 31% Mar
21 Dee 43 Mar
10734 Jan 117 Bept
3 Dee 1633 ADP
Ws Feb
542 Oct
812 D3o 43 Mar
978 Dee 74 Apr
711
/
4 Dec
18% Dec
2112 Dee
97 Nov
Oct
108
72 Dec
14 Dec
10 Nov
334 Dec
106 Dee
414 Dee
36 Deo
33% Dee
74 Dec
10 Nov
304 Dec
1812 Dee
712 Dee
394 Dee
834 Dec
113 Dec
22 Des
112 Dec
24 Dec
912 Dec
Dec
3 Dec
1712 Dec
13 Dec
24 Dec
61 Feb
21 Dec
2 Dec
3278 Dee
79 Oot
1438 Dee
324 Dee
738 Nov
2212 Nov
2012 Dec
104 Dec
22% Dec
1412 Dec
212 Duo
1512 Dec
21 Dec
9114 Jan
1334 Jan
484 Jan
44 Dee
97 Mar
12 Oct
73 Jan
834 Dee
100 Feb
51% Mal
4012 1sta;
110 Mar
Apr
118
5/
1
4 Jan
44 Feb
2931 Feb
112% Apr
Jan
114
7710 Mar
1112 Feb
89% Jan
Mao Jan
30 Mai
75% Mar
3414 Mar
384i Apt
42 Mae
3534 A r r
132 My
71034 API
1378 Jan
75 Jan
204 Oct
50 Mal
12 Sept
844 Apr
au12 May
84 Mar
697g July
654 Jan
1572 Feb
49 Bee
984 Feb
5772 Mar
8312 &Las
37 Mat
5572 Mar
32 Mar
324 Apr
574 June
43 Apr
134 Apt
4411 Apt
60 Apr
105 Ape
19132 June
53 Mar
5472May
104 Deo
3534 Feb
92 May
2032 Apr
1)553 Dec 596 Map
303* Dec 87 Ape
99 Nov 110 Apr
718 Dec 8783 Apt
1512 Dec 604 Ape
3012 Dee 44% Apr
2012 Dec 28 Apr
7614 Jan 954 Sept
211
/
4 Dec 51, Mar
80 June 87 Mat
312 Dec
6 Ott
14 Dec 38 Apr
712 Dee 20/
1
4 AD1
814 Dec 10434 June
314 Dec 57 Mar
1
4 Mar
511.8 Dec 19/
1814 Beet 3678 Mar
2453 Dec 594 Mar
53 Dec 30 le,nr
77 Dee 3734 34ar
1312 Dee 294 Jan 7814 Dee 13878 Ape
9012 Jan 10512 Sept
2
Jan
14 Dec
54 Dee 2212 Feb
812 Feb
2 Dec
1634 Dee 5212 Feb
2 Dec
7 Feb
62 Dec 947g Feb
4202 Dee 713* Mar
914 Dee 3733 Ayr
374 Dec 7755 Mar
24 Nov
314 Feb
734 Dec 3012 apt
102 Dee 4072 Apr
06 Dec 1114 Apr
140 Feb 1514 Oct
74 Deo 33 Feb
2612 Jan 3332 Mar
I Jan
294 Mar
314 Dec 22 Jan
31 Dec 596 Apr
434 Dee 1812 Feb
Ws Dee (1333 Mal
1014 Dec 117 Mar
24 Dec 1912 May
1
Oat
7 Mar
2 Dec
9 Feb
20 Dee 4554 Feb
8812 Juno 48
Jan
85 170o 12612 May
112 Dec 12113 Max
11
/
4 Dee 1472 Apt
3 Dee 1934 Ant
35 Dec 904 Mar
10 Dee 48*1 Mar
New York Stock Record-Continued-Page 4
252
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 4.
Monday
July 6.
Wednesday
, Tuesday
I July 7. I July 8.
Thursday
July 9.
Friday
July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots:
Highest.
Lowest.
per share $ per share
8 per share 8 per share , $ per share $ per share $ per share $ per share Shares Indus. & Misceil.(Con.) Par
614May 25 124 Jan 28
DebenhamSeourities____5 kfch
*5
10
*7
10
/
4 10
*778 10 I *732 10 I *71
20 1934June 9 22 Jan 5
1,800 Deere & Co prof
20
20
19/
1
4 20 *1978 20
20
20
20 20
100 1401
/
4June 2 195 Feb 11
1,000 Detroit Edison
159 161
*155 160 152 155 *15234 160 159 159
800 Devoe & Reynolds A..-No par 11 June 17 1912 Feb 18
15
15 *13
1412 *1314 1712 *13
*1412 1713 14
No par 1472 Jan 15 23 Mar 6
19,000 Diamond Matt%
1952 2014 1914 2012 1852 1914 18% 1834 1812 20
25 2432 Jan 7 2734July 6
2734 2734 27 27 i 27 2718 2714 2714 2714 2712 1,000 Preferred
No par
87s Jan 2 21313 Mar 31
5,800 Dome Mines Ltd
1112 1158 1114 1132 1133 1214 1152 1153 1158 12
144 Jan 2 24 Apr 13
No
par
1,700
Dominion
Stores
215
2153
2113
2112
218
215
22 2212 21% 2234
No par 6114 Jan 2 7814 kfar 29
7514 33,932 Drug Ine
72
72%. 7114 73 1 7034 7112 7214 7313 73
84 Mar 19
5 June 1
Dunhill Intenuitional_No NU
512
54 *5
54 *5
6 I *5
6 1 *5
*5
1
4 Feb 9
Duplan Silk
No par 11 June 3 14/
*12
1973 *12
197 *1314 197 *1314 19% *1314 194
Duquesne Light let pref__100 102 Jan 5 10634June 3
*10513 10712 *10618 10712 *10714 10712 *10714 10712 *10714 10712
134
Mar 2
1
4June
per
63
1
Eastern
Rolling
Mill_No
812'
*73
8
8
2
*74 818 *718 84 *753 812 *753
14813 150
14313 15234 14113 146 1 142 14514 144 14934 17,000 Eastman Kodak Co____No par 118 June 3 18514 Fob 24
1
4 Jan 8 1314 Mar 23
100 128/
6•7 sum pre(
*130 ____ *130 ____ *130 ____ *130 ____ *130 ____
/
4 Mar 19
914June 3 211
1413 1512 16,500 Eaton Axle & Boring-NO Dar
164 16/
1
4 14
17/
1
4 1412 1513 1434 15
20 71 June 3 107 Mar 19
99'8 64,000 E I du Pont de Nem
8934 9133 8518 9128 8518 8778 86
8734 87
100 11834 Jan 9 124 Apr 9
230 6% non-vot deb
*123 124
123 123 ,*123 12414 *12313 12414 x12214 12214
314 Jan 2 1113 Feb 17
Eltingon Sohtld
No par
*74 734 *713 734 *713 734 *733 812 *712 734
100 354 Jan 5 69 Feb 18
300 Prererred 614%
5512!
55121 55 55 *55
55121 *55
5512 5538 *55
No per 3418June 2 7412 Mar 10
4418 454 4138 4571 4072 4272' 4112 4212 42 42%1 28,600 Eleetrie Autolite
100 106 MO 29 110 Jan 7
10 Preferred
•10312 108
108 103 *10512 1032
*1061 103 *10613 108
2 May 7
412July 10
No Par
4
412 30,030 Electric Boat
332 312
3
3141
312 414
332 358
3012June 1 8014 Fee 251
421
/
4 4312 4013 4414 334 404. 39 4014 Z393 41 101,509 Electric+ Power 02Lt--...No pa
No par 92,2June 6 10812 Mar 20
9912 9953 9914 93341 9913 100 1 190 100 10138 10134 1,709 Preferred
No par 80 Juni 8 9814 Mar 17
200 Preferred (6)
91
91
*8958 91 I
91
*89% 91
*8914 91 I 91
4913June 2 66 Mar 19
1,200 Eleo Storage Battery-No pa
5312 5312 5334 51
1
4 5412 53 63
*5412 5613 52/
1
114 Feb 26
*5
1
*
1.,
34May 15
Elk Horn Coal Corp-No Par
*38
i
1.,
•
/
1
4
•38
2/
1
4 Mar 25
34 Apr 24
A___No
oar
el
Emerson-Brant
17s;
138
*32
*,
is
17
s
141
*52
*53
*4 172
414' 1,600 Endloott-Johnson Corp----50 80 Feb 10 41z July 10
3914 4113 41
40
40
3834 3914 *3813 40
100 10212 Apr 15 113 Feb LO
Preferred
*107 115 *107 115 '5107 115 *107 115 *107 115
37
203 Engineers Public Berv-No pm 2512Jurte 3 49 Mar 12
*32
37 37
33
510 33 *30
*32 38
No par 7814June 3 87 Jan 27
Preferred 85
80 *76 80
*76 80 *76
81
81
*76
*76
No par 27913Julie 16 91 Mar 12
109 Preferred(6/
82
1
4)
797 7973 *80 8514 *80 89 *80 8213 *80
par 27 June 25 3538 Jan 12
Bldsg-No
Egnttable
Offiee
1,309
287
3
23
23
1
4 287
*284
23 28/
1
4 2814 2814 *28/
5,2June 11 1234 Mar 17
603 Eureka Vacuum Olean-No par
612 612
512 512
534 6 I *512 6
*6
612
852 Feb 24
4 June 2
6
203 Evans Auto Loading
15
5
5
5
514
514 *5
514 *5
*5
June 22 25 Jan 7
17
Corp_No
par
Exchange
Buffet
20
173
4
173.1 17/
1
4 •1718
17/
1
4 17/
1
4' *1734 18 I *1734 18
3 Mar 20
1 Jan 3
25
Fairbanks Co
*114 234 *114 212 *114 212 *112 2,2 *112 213
412 Feb 25 13 June 27
100
9
Preferred
*5
*513 9
9
9 1 *5
9 I .5
*8
No Par 154June 2 '2938 Mar It
2031 Fairbanks Moree
1
4 19
*1534 1734
1
4 18 *16/
*17
19
17/
1
4 1814' *16/
100 80 July 10 10972 Feb 2
180. Preferred
83
80
82/
1
4 8914 81
83 1 *81
83 *81
*81
612 Feb 24
313 Jan 21
390 Fashion Park Assoe----NO Par
414 44
*3,2 441 *34 44/ *314 44 *314 44
15 30 May 26 4972 Feb 25
36
60'J Federal Light & Trao
515
515 38
35
35
35
35
35
35
No per 84 June 23 92 Mar 25
40 Preferred
8813 8318 83,8 8813
*8414 94 *85 94 *8512 92
5 Apr 28
752 Feb 2.
*512 51
/
4
500 Federal Motor Truok_fjo par
*512 6
*513 6
512 512 *54 6
412Jane 6 1512 Feb 21
*558 514
600 Federal Screw Works No pa?
534 514 *512 6 I
538
558 51
5'
1,900 Federal Water Sera A No par 1114June 10 30 Jan 31
17
1734 17
/
4 1712 *17
17/
1
4 171
1714 17121 17
609 Federated Dept Stores_No par 1512 Jan 5 26 May 12
24 I 2212 224 224 2212 *2212 27
26 I 24
*21
4412 4113 2,100 Fidel Then Fire In N Y_.....10 3814June 2 564 Feb 24
44
45
41/
1
4 45
4513 46
*4513 46
9 Feb 21
672 Jan 16
No par
Fifth Ave Bus
/
4 913 *7/3 913
*713 912 *713 912 *752 913 *71
100 Filene's Sons
No par 10 Jan 27 22 Feb 25
22
22
22
22
26
26 1 *22
512 26 ' 512
100 854 Feb 10 104 May 12
170 Preferred
100 100 *9913 100 *9918 100 103 100 *109
19 "fi" 1,200 Firestone Tire & Rubber-10 13 Apr 27 20 June 26
1
4 1812 19 *1852 19
1
4 19/
•19
2014 18/
100 5614 Apr 29 66'sJune 29
1
4
500. Preferred
6212 62/
*6312 65 I *6313 65 1 6312 6338 *6258 64
Stock
an 2 59 June 23
5134 53
54
5413 5413 5458 5434 2,900 First National Stores-No par 41
5378 5413 53
12 2,400 Flak Rubber
12
12
No par
12
12
12
73 Feb 24
/
1
4June 16
22
52.
12
52
Exchange
3 Feb 7
1 May 18
100
150 1e1 preferred
*172 214
172 2
1/
1
4 178
172 2 I
178 1731
31s Mar 8
let Dret convertible
100
1 sMay 15
4
4' *138 234 *152 234 *152 2,
*158 2141 *138 2,
Closed
Floreheim Shoe clam A-No /No 22 June 2 3513 Jan 8
2512
2513 *23
*23 26 I *23 2512 *23' 2513 *23
100 9012May 28 10212 Mar 18
Preferred a ey
Indepen- *101 102 '5'101 102 '51101 102 *101 102 *10t 102
8 June 2 1934 Feb 25
Follansbee Bros
No per
1213 *10
1212
13 *10
151013 13 I *1013 1232 *10
No par 2112June 3 644 Feb 24
2814 2634 2812' 2712 2812 13,400 Foster-Wheeler
2912 3012 2614 3138 26
ce
200 Foundation Co
4% Jan 5 1612Mar 9
No par
1
4 12 1 *712 12 I *74 12
914 913 *7/
*913 12 I
1 2012June 2 8213 Feb 24
23 28 1 27 2812 2714 274' 2732 27331 2712 2712 3,030 Fourth Nat Invest w w
1
4 Feb 17
par 11%May 21 38/
1838 1553 1714 54,300 Fox Film Class A
19/
1
4 20121 19 20% 1812 1914 17
No par 22 June 2 4314 Mar 23
28
2838 2714 2852 2613 2712' 2013 2634 2612 26% 6,800 Freeport Texas Co-_No
Fuller Co prior prof....No par 75 Jan 5 85 Apr 6
65 *___ - 65 *____ 65 *__ __ 65
65 *
Gabriel Co (The) al A-No par
6% Feb 25
4
3
4
8 May 7
*3
313
*313 334 *34 313 *3
No par 42 June 2 60 Feb 26
'50 Gemewell Co
*47 4712 *4714 4712 4714 4713 *4714 4713 4712 4732
*58
72
509
Gardner
%May
233 Mar 23
24
Motor5
ed
2
3
4
53
53
34
34
*52
34'
.534 6
534 534
514 512
44 Jan 15
900 Gen Amerveeters-No
er
par
776 Mar 19
*534 633 *534 6
*76
85
100 74 June 1 88 Mar 12
85
*80 85 I *78 85 *78 85 *78
59 594 5,900 Gen Amer Tank Oar-No par 5272June 1 7312 Feb 26
59% 6112 58 594 584 59
6114 62
No par 1514June 2 47 Mar 26
2113 23
2134 2214 2212 2312 7,900 General Asphalt
25% 2212 26
25
94 Feb 16
512 54 '6
•6/
1
4 673' .614 6%
614800 General Bronze
5 June 3
No par
614 614
314May 28 13 Feb 24
7
100 General Cable
64 *6
No par
*6
*6
7
7
*7
772' 7
7 June 3 2513 Feb 24
200 Clam A
• No par
15
134 14 *1213 1334 *1212 134
*14
15 I *14
330 7% cum prof
100 2712May 26 65 Jan 12
3512* 3614 3614 3614
42
3813 40
41% 4214, 40
200 General Cigar Inc
No per 31 June 2 4813 Feb 10
38
37
3612 3613 3612 3612 *37
*3534 38I *36
No par 36 June 2 5414 Feb 26
/
4 4314 96,900 General Electric,
4134 4238 4134 4253 411
44 4434 4214 45
Ills Apr 29 1212 Jan 27
111
/
4 1114' 114 114 111 1114 114 1114 1114 1114 10,500 Special
No par 43 June 1 56 Apr 13
4812 4913 43% 4913 14,000 General Foods
49 4934 48% 49% 4838 49
813 Feb 21
44 Jan 2
8,000
Gael
Gm
41
/
4
5
&
Elee
5
5
A----NO
Par
5
4
/
1
4
47
2
514
5
512
60
Cony prof ser A
No Par 54 Jan 2 7814 Mar 20
5157 60 *57 60 *57 60 *57 60 *57
1
4 Mar 6
Gen Ital Edison Elea Corp-- 27 June 9 35/
31
*2832 308
3114 *28
3197s 3113 *294 3112 *2813
3734 3734 3314 381, •37
3812 1,800 General Mills
No par 36 June 3 50 Mar 21
3814 3832 3738 3834
100 98 Jan 19 100 Apr 15
600 Preferred
*9512 97 I
*9513 97 *9532 97
98
96
9613 98
1
10 3118June 2 48 Mar 21
3712 3838 3712 3812 317,500 General Motors Corp
3812 39% 37 3972 3634 38
No par 95 Jan 2 10314 Mar 21
1
4 2,400 85 preferred
x102 10214 102 10213 10212 10233 10213 102% 10212 102/
Gen
700
Outdoor Adv A
NO Par 13 July 6 28 Jan 28
13
13
13 *1213 13
13
13
13
1314 13
5 July 3 104 Feb 25
No par
400 Common
5
514 *513 512 •54 54
5
5
*5
514
23 Feb 26
84June
Geo
Public
Service
NO
Par
2,000
133
4
14
1334
1353 144 14
154 1534 1334 16
8412 Mar 2
No par 4612June
500 Gen Ry Signal
5512
52 *52
*5212 5512 5212 5212 5213 5212 52
912Mar 6
2/
1
4June
312 313 3,500 Gen Realty & Etllitiee_No par
312 334
34 334
4
4 ' 334 4
741
/
4 Mar 10
31
June
preferred
$6
1,200
514
3
3614 34
38
38
5136
3713 36
*36
40
5732 Feb 26
er; 29 June
pa
Noo o
1,400 General Retraetories-N
38
39
3713 3712 374 3934 38h 39
*39 40
Apr 9
65
1
June
par
35
pref
_No
Cast
$13
Gen
Steel
Ni
50
*35
50
*35
50 *35
50 *35
*35
313 Apr 27 1513 Feb 18
44 412
372 4 42,100 GenTheatree Equip vie No par
44 414
41
/
4 453
4
414
3834May 11
27821233 24763:1
2212 2313 2034 224 1912 2158 1914 2112 69.400 Gillette Safety Rasor-NO Par 194 July 1
oo 62/4 Jan 21 7678May 26
Cony preferred
8 7232 7232 71 7212 69 7114 834 6954 .
7/
1
4 Feb 18
4 June '
par
1,700
1.700 Gimbel Bros
66
534 612
552 558 '512 6
52 July 7
100
Mauna
Preferred
800
50
50
50
52
5014
5014
50
5014
50
*4812
1612
Feb 20
7
3
4June
Glidden
Co
No
star
913 912 1,600
914 1014
813 912
81
/
4 9
934 9/
1
4
78 Jan 15
100 48 May
70 Prior preferred
657 65%
65% 654 6572 65% 654 66 *65 66
Mar
9
9
7
s
4
Jan
par
No
(Adolf)
Gebel
14,490
8
63
4
612 6/
1
4
1338 658
6
612
614 632
424 Mar 20
2913 24,803 Gold Dust Corp v 6 o-No par 21 June
2913 3114 2813 2933 2334 2938 329
29/
1
4 31
814June 2 207s Feb 21
No Par
1
4 1214 1238 1212 124 1234 1314 6,209 Goodrich Co (J1 F)
1273 1312 1238 13/
100 35 Apr 27 68 Feb 10
400 Preferred
5214 49 49 *49
5214
49 49 *42
52
*49
4114 9,700 Goodyear Tire & Rob.-No par 3053June 2 524 Feb 21
3912 39
4114 411
/
4 3914 4212 3814 404 39
No
par 71 June 2 91 Feb 25
preferred
lit
84
500.
*8312
84
84
84
1
8313
84
8314
*8312 85
No Par 44 Jan 5 13/4 Apr 11
900 Gotham SUk Boa
1014 1014 10,4 *914 1014
1012 1012 1012 1012 10
100 50 Jan 26 72 Apr 28
Preferred
4170 80 *70 80 *70 80 *70 80 *70 80
(1e8 Feb 6
2 June 22
No Par
Gould Coupler A
*212 3
*2,3 3
*24 3
514 3
*24 3
612May 5
3,4June 2
par
3
Gralsam-Palge
Meters-No
31
3 4 334
334
3/
1
4 334 2,600
3/
1
4 4
3/
1
4 4
4/
1
4 Feb 9
34 Feb 28
No Pa
Certificates
22%
Feb 24
3
10
June
8m
&
Pr-100
Cone
NI
Granby
1,503
"ii"
14
"ii"
1438
14'4 14'4
"ii" 15 15 "fi" •1513
13 June 19 254 Mar 24
800 Grand Silver Stores--No pa
15
15 9513 17
17
174 18 1712 13%
1872 Mar 24
Jan
16
1052
Co
No
pa
olon
Grand
II
1,900
1613
1512
1512
1614
1514
1512
154
*1552 1612 15%
No per 36 Jan 15 46 May 13
200 Preferred
42
43
4142 44 *42 44 *42 43 *42 43
No par 1878June 3 2914 Feb 25
200 Granite City Steel
24
24 *23
24 *23
2313 24 *23
3134 24
(W
T)
No par 2534 Jan 2 3973June 22
Grant
1,500
3812
384
377
8
3814
377
3
1
4 38
3913 3913 38,3 38/
1914 194 1914 *1914 1912 1,000 GI Nor Iron Ore Prop-No par 17,2June 8 2312 Apr g
194 1912 1912 1914 1914
74June 1 1172 Jan 8
Great
Western
Sugar
-No
pa
2,000
*914
912
93
4
*914
912
91
4
1014
934 10
9%
100 8012May 26 9613 Jan 8
390 Preferred
8314
834 844 82
8312 84131 *8414 90 *8434 90
644 Mar 10
34 352 5,200 Grigeby-GrunoW
Mauna 3
No PIT
332 34
1
4
312 353
312 313
34 3/
11
/
4 Jan 8
*4
34
/8 Jan 6
400 Guantanamo Sugar-No par
34
34
72.
34
*12
*34
84
*12
No per .10IsJune 2 874 Feb 24
400 Gulf States Steel
18
1714 •15
1458 1514 .15
*16
19 1 *514 17
80
37
June
21
100
Mar 4
Preferred
51
*37
51
*37
51
*37
51
51
*37
*3713
25 2613June 5 3012 Mar26
100 Hackensack Wate?
152712 2814 51712 2312 *2712 281
28
28
*27/
1
4 28
/
4
934 Mar 26
412June 2
534 3.51
614 2,800 Hahn Dent Stores-No par
53
6
1
4
614 614, 553 6/
100 50 Jan 3 6372 Mar 30
5512 5312 5334 5312 5312 5312 5412 1,109 Preferred
*5413 5513' *54
10 12 May 6 19% Star 21
1,400 Hall Printing
154 1414 15
15% 15
*15
16
154 16 I 15
•Bid and asked prides; no sales on this daY,
IOU-dividend.
v Ex-rights.
EX-d1v1dendth
PER SHARE
Ramo for Previous
Year 1930.
Lowest.
Highest.
$ per chars
Per share
94 Dec 30 Apr
20 June 244 May
161 Dec 25544 Apr
1
4 Mar
1113 Dec 42/
614 Jan loss Asp.
12 Nov 3011 API
57% Dee $712 MCI
5 Dec 6313 API
13 Oct 19 Sept
100 Jan 10614 Oat
614 Dec oh Jan
14212 Dec 25514 AM
12072 Feb 184 Nov
1152 Dec 3714 Feb
8012 Dec 14514 AP1
11412 Feb 123 Sept
213 Got 1074 Feb
85 Nov 62
83 Oct 1147s Ma/
1034 Oat 11014 Jltb
914 Mar
21s Dee
8422s Dee 1034 /49/
99 Dec 112 Apr
8414 Dec 102 Sept
474 Nov 794 Pell
511 Mar
12 Dec
7111 Jan
52 Dee
1
4 Des 59/s Jan
36/
10712 Jan 116 Nov
3672 Nov 674 API
80% Dec 1072e May
, Ape
8912 Dec 1047
8513 Dec 5034 June
653 OM 4353 Mao
4 Oct 30/4 Feb
21% Dec 274 Sept
11
/
4 July
Ws Jan
313 Dec 8104 Jan
1913 Dec 5011 May
102 Jan 1114 May
24 Dec 274 FeD
4314 Dec 904 MCI
/
4 Aga
85 Dec 981
54 Nov 124 Feb
10 Dec 254 Sept
174 Dec 68 Ma/
1212 Dee 88 Apr
4314 Dee 89/4 Ma/
6/
1
4 Dee 1012 Apr
16 Dec 404 Jan
89 Dec 10014 Sept
15as Oat 334 Jan
5332 Oct on Mar
3853 Deo 61/1 Jan
4 Dee
ah ApI
14 Dee 21 AM
114 Dee 2134 Apr
30 Dec 52s Mu
94 Dec 10012 Oat
12 Dee 5072 Mar
8713 Dec 1044 June
312 Dee 2834 Apr
1814 Dec 50 AI/2
1618 Jan 5782 Apt
gs14 Dee 8513 Apr
76 Dec 9511 MAP
/
4 Apr
2/
1
4 Nov 111
50 Oct 80 Mar
7/4 Fab
1 Nov
813 Dec 164 Feb
74 Dec 105 Apr
5312 Dee 1117s Apr
2232 Dee 714 Apr
54 Dee 8812 Feb
613 Dec 8412 Mil
1314 Dec 7484 Yob
1
4 Apr
86 Dec 109/
30 Dec 61 Mar
6112 Dee 95/8 Apt
114 Oct 12 Aug
448p Dee 614 may
1
4 Air
372 Dee 18/
88 Dec 10612 Ain
2834 Dec 441s Feb
4012 Jun
59/4 Apr
9814 Des
89 Jun
Nov
544 Apr
8112
91/
1
4 Dee 10072 Sep'
2011 Dee 414 Apo
21/4 Apr
5 Sep
12/4 De
527s Apr
56 Oct 10674 Mar
812 Dec lfos Apr
49 Dee 100 Apt
89 Dec 90 Mat
80 Dec 101 Mao
54 Dec 10 Dee
18 Dec 10614 Jan
5614 Dee 7054 Nov
4,4 Dec 2074 Apt
39 Dee 821s AD/
7 Dee 88 Mai
634 Dee 1051s Mar
3 Dee 19 Fab
29 Dee 477s API
154 Oct 584 Mar
62 Dec 1044 Mar
351g Oct 957s Mar
784 Ott 1024 A91
314 Dee 2871 Mai
50 Nov 824 Apt
Dee 15/s Apt
8 Dee 111/4 APP
84 Nov 1084 Apt
12 Nov 6972 Apt
16 Dee 52 ADO
10 June 20es Feb
81 Dec 44 Aug
18 Dec 6038 Apt
2612 Dee 43 Jan
174 Des, 2518 Mar
7 Dec 844 Jan
85 Dee 120 Mar
212 Dec 28 J111111
4 Feb
4 Dec
15 Dee 80 Feb
834 Dec 109 Apr
26 Jan 38 July
612 Dee 2814 Apr
4512 Dec 8612 Apr
16 Deo $1114 Mar
253
New York Stock Record-Continued-Page 5
vo. 4•I.. during tee week of stooks not recorded foam, 1.,••(Mb page preceding.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Saturday
Wednesday Thursday
Monday
Tuesday
Friday
July 4,
July 9.
July 10.
July 8,
July 6.
July 7.
---------------------E_per share $ per share $ per share S per share $ per share
o
r
,
er sh[4z, Shares Indus. & Miscall.(Con.) Pat
$,ip
Hamilton Watch pref____100
.95
9312 *95
9814 .95
984 *95
834
*87
8812 *87
90
89
.87
89 .87
90
No Par
10 Hanna pre' new
*27
2812 27
27 .2634 30 .2512 30
*2618 30
100 Ilarbleon-Walk Retrao_No par
*278 3
*278 3
Hartman Corp Maas B_No par
*3
338 *278 338 *278 3
Class A
5
*412 6
*4
*412 5
100
No par
412 412 .44 5
200 Playas Body Corp
No par
314 314
314 34 *3
*314 4
*314 4
314
93
*83
Helme(0 W)
93
93 .83
*83 .93
*83
93 .83
25
1012 1012 1014 10,4
*1012 1178 *1012 117 *1012 117
200 Hercule, Motors
No par
*45
46
*45
*45
*45
43
46
46
*45
Hercules Powder_ ._..No par
46
11214 1124 11218 1124 11412 11412 *11218 115 *11218 115
120 Ileroulei Powder $7 oum p1301)
9512 9512 9534 964 9312 9414 *9312 9512 *9412 95
1.300 Hershey Ch000late____No par
1028 10238 10178 1034 10112 10112 10214 1024 *102 103
1,003
Preferred
No par
*414 5
*414 5
*414 5
*414 47
Hoe (It) & Co
No par
*414 47
*2818 3134 *2818 3134 *2818 31
*2818 31
Holland Furnace
*2818 31
No par
1712 21,300 Hollander & Sons(A) No par
1534 1634 1614 1634 154 1612 17
1712 17
.87
93
*87
93 .90
98
*90
98
*90
98
Ilomeetake Mining
100
518 514
514 538
5
5
478 5
5
514 2.800 Houdaille-Henihey el B No par
5914 5914 59
59
5912 59
*59
5912 *59
60
800 Household Maw* part pf _50
45
46
40
46% 3914 42
3812 4018 41
4334 10,500 Houston 011of Tex lees Ws 100
2014 2112 1914 0
2112 22
194
2 1914 *1914 2114 2,800 Howe Sound
No par
154 15% 1412 1512 14
1411 14
14
No par
1414 1412 4.700 Hudson Motor Car
712 818
84 8,4
7
,
e 7,
4
712 712
7,4 712 6,200 H1400 Motor Car Corp____10
.214 212 *214 212 *214 212, *214 238 *214 238
Indian Motooyele
No par
*218 212
218 24 *218 234, *21
*21
3
3
100 Indian Refining
10
*3314 34% 3014 3312 2818 3018' 2812 29
3012 3012 5,600 Industrial Rayon
No par
*102 105
100 106
101 102 1 101 102 *100 105
1,400 Ingersoll Rand
No par
*48
58
48
48,4 •45
47
47
47
47
47
500 inland Steel
No par
8
8
712 812
718 734
713 7181 *714 734 2,400 Inspiration Cons Copper___20
•6% 7
•6% 7
*8% 7
*638 7
6% 6%
100 Insuransharee Otte Ino_ No par
*1034 12
*11
13
•11
13
*11
Insuransharea Corp of Del_ __I
13
*11
13
•238 3
*214 312 *238 3
*238 3121 *238 312
Intercont'l Rubber____No par
*8
8%
8
8
303 Interlake Iron
*734 812 *74 84, 8
8
No par
.238 738
2
2
.178 258 *178 238i *178 258
200 Internet! Agrieul
No par
*18
19
•18
19
1834 1834 174 17121 *17
19
Prior preferred
200
100
14712 14712 14512 15134 147 147
146 15110147 15112 1.400 Int Huainan Maohinee_No par
*858 94
812 9
8,2 9
834 87
*834 9
2,600 Internet Carriers Ltd__No par
3514 3514 36
36
3333 3334 3234 3234, 34
34
900 International Cemenl_No Pa
2
2
1% 214
134 2
134
1341
134 212 9,100 Inter Comb Eng Corp_No par
.17
171, 16
17
17
17
*16
100
17
Preferred
16
2112 1,300
46
47
4334 4734 43% 4534 4434 4518, 4414 46 1 10,200 Internal Ilarvester____No p3r
*13412 1347g 13412 13478.13478 13474 13478 13478,*134 1347
100
Preferred
400
25
2534 2118 2534 24
254 2334 2434 2418 2512 13.200 Int Hydro-El Sys 01 A_No par
62
63
6134 6314 5812 6112 60
61
61
61 1 5.400 International Match prer___25
012 91z
9
500 lot hlernantlle Marine olfe_100
934 .
853 934 *834 934 *84 912
1538 1618 1438 1612 1378 1434 1418 1458 1434 1478 140,000 Int Nickel of Canada_No par
•117 119 .116 119 *116 119 .116 119 *116 119
100
Preferred
*2334 28
2312 25
60 Internal Paper peel (7%)_100
23
27
23
25
27
27
6
6
*512 6
.5
*54 6
6
100 Inter Pap & Pow al ANo par
*512 6
*3
312
Class 1.1
400
No par
312 378
34 318 *34 38 .3
4
*24 212
Class C
212 212
400
No par
214 212 *238 258 *218 234
Preferred
2434 2434 2434 244 .2312 2412 2312 2312 238 2412
800
100
*1014 11
14
1014 1014 .10
*10
*10
200 Int PrIntIng Ink Corp-No Par
14
14
*58
65
Preferred
*53
100
*58
65
65 .58
65
*58
85
*3478 3512 3478 36
3412 3114 3,400 International Salt
100
35
3434 3514 34
Stock
51 18 5134 4918 51
4958 49
49
498 4912 5138 4,200 International Shoe.___No par
*20
*22
30
30
200 International Silver
30
*2014 30
2934 294 *24
100
Exchange
35
3612 3278 3673 314 3338 3178 3338 3214 3334 420,800 Inter Telep & Telog __No par
*1434 15
*1414 15
700 Interstate Dept Stores_No par
1412. 15
1414 1414 141 15
Closed
Preferred el-warrants.. _100
*62
*6212 64
6734 *6238 65 .6258 65
20
64
64
14
*1314 138 .1314 137 *1334 1414 *1334 14
1412
400 Intertype Corp
No par
4,512 532
512 512
Indepen54 514 *48 514 *478 514
400 Investors Equity
No par
28
.2712 28
28
*2834 2712 2634 2634 *2612 27
200 Island Creek Coal
1
dence
*4212 43
4212 424 42
45
45
*43
43
45
500 Jewel Tea lee
No par
5712 5878 5214 594 5138 _52
51_
5214 5412 78,00 Johna-Manville
.
33..t *1%18.
No Par
Day
121 121 *119 ____ •
11812 11912
Preferred
110
100
*11812 11934 *118 119 .118 119 .118 119
11878 11912
110 Jones & Laugh Steel prof _100
------ Jordan Motor Car
No pa
.iiL*HP,20 K C P & Lt let pt eer li No pa
234 234
212 212 *214 234
218 214 *218 212
500 Karstadt(Rudolph)
•1312 14 I *1312 14
3.1312 14
11334 134
*1312 14
10 Kaufmann Dept Storee_812.50
•1312 137o 1378 1378 1318 1312 1234 13
1334 134 1,500 Kayser (2) Co vS o____No par
40 *
40
40
40
Keith-Albee-Orpheurn _ _100
.75
8412 .70
8412 *70
8412 *70
8411 *70
Preferred 7%
8412
100
218 24, 2
214
2
2
2
218
2
218 6,900 Kelly-Springfield Tire--No Par
*1414 1534 1414 1414 .10
14
14
14
8% preferred
*1014 14
140
100
.28
34 I *28
34
023
34
34 .28
*28
34
6% preferred
100
*1112 117
10
1134 *10
3o14
912 912
9% 10
1,900 Kelacry Hayes Wheel_No par
11
Ills 1018 1114 10
1038 1104 1038 1018 1012 16,300 Kelvinator Corp
No par
45
45 I *44
45
44
46
*4514 55
*47
55
120 Kendall Co prof
"To par
21
2178, 20
2212 1838 2014 1852 1938 1834 208 63,600 Kenneoott Copper
No par
•3112 3634: *3112 3634 *3112 3634 *3112 364 *3112 3634
Kimberley-Clark
No par
•13
1712 *13
1712 .13
1712 *131s 15
*1314 1712
Kinney Co
No par
.2812 37
3014 31
*3018 38
.30
33 *3018 38
Preferred
100
20
------ Kolater Radio Corp___ _No par
Certificates
27
27's -2611 27
.74 2612 26's 26o --6;i65 Kresge(88)Co
2614 2612 - 6
10
'43's 46
*434 46
•4318 45
444 4434 *4318 45
loo Kral, Co
No par
2214 22% 224 2318 21% 2218 21% 22% 2134 2214 35,403 Kreuger & Toll
28% 2914 2838 2978 2612 2812 2714 28,4 28
2874 21,400 Kroger Groa & Bak__No par
70
7038 6612 70% 6518 67
No par
65,2 884 6734 6938 5,400 Lambert CO
•10
1212 •I0
Lane Bryant
1014 *10
10,4 •10
1014
10,4 *10
No par
.312 3% *312 334
312 312
.312 373 •34 37
100 Lee Rubber & Ture
No par
1114 1114 1114 111 •10
1112 *10
1114 •10
1114
200 LehLgb Portland Cement___30
*8814 10012 *8812 1001 •8812 100,2 *8812 10012 *8812 1001
Preferred 7%
100
5% 5%
6
6
.578 6
300 Lehigh Valley Coal..---No Par
5% 5% •512 6
30
30
*29
30
•29
29
29
30
29
29
400
Preferred
50
58
5812 5614 59
54
5638 5458 551
5514 561
9,900 Lehman Corp (The)___No par
*2612 27
2578 261
2512 26
*2612 27
26
26
800 I.ehn & Fink
No par
1712 1712 17
18
1712 1914 p18
5,400 Libby Owens Olaas
18% 1712 18
No par
.7512 77
73
751 *70
723 .71
73
.7112 73
400 Liggett & Myers Toba0e0_25
77
7712 74
724 74
777
7212 7438 72% 741 10,100
Serial B
25
14134 143
141 141 *141 143 •141 143
143 143
Preferred
500
100
25ls 2534 2412 241 .2458 251 .2458 26
*2434 25
600 Lima L000mot Worka__No par
.28
23
30
•28
30
28
028
30
*23
30
100 Link Belt Co
No par
31 12 3112 3034 32
3014 31
31
3138 *31
31% 2,900 Liquid Carbonic
No par
4534 4638 4312 463
4234 44% 433s 4434 44
46
41,900 Loew's Inoorporated- No par
.8712 91
87
87 .86
88
88
91
Preferred
*86
91
200
No par
_
Fret ex-warranta
No par
5z 538
54 -13-4
rt1
514 514 -533 -.
538
6:,-400 Loft Incorporated
Vo par
51 -•].
•1
3%
34 1
34 •1
378
1
1
300 Long Bell Lumber A__No par
48
48, 47
4514 4653 4512 45,2 48
47
48
1,000 Loose-Wiles Biscuit
25
IQ
1912 1812 1912 1774 1834 1818 1838 1838 l8o 39,300 Lorillard
25
253
_
*258 3
.
500 Louisiana 011
253 *258 3
No par
253 3
.30 -35- .30
35 .30
35
*30
35
34
34
10
Preferred
100
*2912 30
2912 30
2912 2912 294 2912 2912 2012 1,100 Louisville 0 & El A___No par
•1214 1234 1138 1234 11
1172 114 1118 .78
85
2,300 Ludlum Steel
No par
*22
52
*22
48
*30
35
.52
.30
Preferred
*30
35
No par
•17
01312 19
1818 .17
17 .15
19
1314 17
1.00 NfaeAndrewe & Porbet_No par
3234 3234 3058 33
31
31
3018 31
3158 32'z 4.100 Mack Trucks Inc
No par
38
88
85
83
8012 85
84
3,400 Macy Co
81
8112 84
No par
.0
7
6
6
6
6
6
64
6
8
1.100 Madison Sq Garden_No par
164 1612 •144 1614 15
15
1,000 Magma Copper
1414 14,4 1314 14
No par
2
2
2
2
*178 212 *2
300 Mallison(H (1) & Co No par
238 0178 213
212 212 *112 434 .212 412 *112 412 0112 4'l
30 Manatl Sugar
100
•5
81
814 *5
814 .5
814 *5
Preferred
8'4 *5
100
7
*34 774 *338 78
7
.358 778 *358 77g
100 Manuel Bros
No par
9
9
*9
10
*9
10
.9
11
*9
200 Manhattan Shirt
9'l
25
•2
212
2
2
02
213
212 *2
212 .2
100 Maraealbo Oil Explor__No Par
.2014 2034 2018 2014 .204 2038 2014 2014 2014 2034 1,000 Marine Midland
10
Corp
*2112 23
21
22
*20
21
*20
21
2018 2018
400 Marlin
_ _ _No par
*412 4$4
4
412
4
44
4
4
*4
418 1,300 Marmon
Motor Cn___54 par
-Rockwell_2614 2614 25:13 2638 2512 2578 2578 21338 2638 2612. 2.400 Marshall Field & Co __ _No par
*112 212, 0112 212 •112 212 .113 2,2 *11r 212,
Martin-Parry Corp....No par
• 111,1 and asked prices; no sales on this_day. z Ex-thvidend. p Ex-rigida.
PER SHARE
Range Since Jan. 1.
On basis of 100-share Iota.
$ per share
94 June 18
86 June 22
3412.June 11
238June 2
4 June 18
212June 3
81 June 2
1178June 1
40 May 7
III June 11
8318June I
93 Jan 2
3142une 22
20 Jan 3
538 Jan 2
81 Jan 6
4)4 Jan 2
5814June 6
27 June 2
13 June 3
11 June 1
534June I
2 May 28
2 May 15
2112June 3
74 May 28
3918June 2
418June 2
54June 8
1014Juue 9
134 Apr 24
5 June 3
158May 21
1612Juoe 3
117 June 2
814June 10
2734May 21
114June 1
13 May 28
3858J4ne 3
131 Jan 2
1634June 3
50 June 2
84May 26
912June 2
112 June 2
18 June 3
4 June 2
212 Apr 30
134June 2
1812June 3
7 June 2
54 Feb 11
2914June 2
4614Juns 19
24 June 20
1834 Jan 2
1112June 2
58 Jan 26
10 May 25
358.1une 2
20 June 2
3618J une 2
40%May 27
105 June 19
11614Ju0o 19
'*May 8
11314 Mar 17
2 June 11
12 June 8
1012June 2
$ Per share
108 Jan 8
94 Feb 19
7.414 Feb 16
152 Feb -A
1058 Feb 2
8 Mar 6
100 Feb 18
18 Mar 24
268 Mar 13
11912 Mar 10
10334Mar 27
104 Mar 27
812Mar 3
37 Feb 27
1918 Apr 8
104 Mar 31
934 Mar 10
85 Mar 17
8812 Feb 24
2912 Feb 24
28 Jan 3
1312 Feb 24
434 Feb 27
658 Feb 11
88 Feb 24
182 Jan 3
71 Feb 27
1153 Feb 24
93 Feb 24
1114July 3
44 Feb 21
13 Jan 23
514 Feb 24
5114 Feb 24
1794 Feb 24
1253 Feb 24
024 Feb 10
4 Feb 2
3934 Feb 16
804 Mar 2
14312Mat 21
81 Feb 23
7314 Mar 20
1812 Jan 5
2018 Feb24
123 Mat 31
42 Mar 26
1014 Feb 26
6 Jan 26
412 Feb 26
4312Mar 27
1814 Feb 28
6912811*7 6
42 Feb SI
54 June 29
51, Mar 10
384 Feb 24
2153 Feb 20
6712Ma1 24
181z Feb24
94 Feb 24
31 Jun 14
574 Feb 11
804 Mar 19
126 Apr 10
12312Mar 21
14 Feb 21
11512 Apr 9
7 Jan 5
18 Feb16
2438 Mar 19
80 May 9
13, Jan 2
912 Jan 5
28 Juno 5
8 June 3
818June 2
20 Jan 6
1438June 3
80% Apr 29
11 May 5
2334May 2
12Mar 31
,3 Apr 16
25 Jan 29
42 June 3
x1778June 8
18 Jan 2
56 June 3
10 Apr 27
214 Apr 28
914June 3
884June 20
412May 14
18 Mar 3I
4518.1une 2
2233June 2
1114 Jau 28
60 June 1
6012June 1
13712 Jan 7
1914June 3
22 June 10
20'sJune 2
3618June 2
83 May 15
83 Jan 2
24 Jan 2
'4 July 10
401sjune I
1153 Jan 2
2 May 22
34 July 10
25 Jene 1
818June 2
3312Ju1,e 25
16 Juno I
21 12June
8g14Jyann
e 3
1014 Feb 41
34 Mar 20
28 Ma: 21
45 NIar 24
2914 Feb 25
1512 Mar 19
60 Apr 6
8112 Feb 24
41 Jan 9
204 Jan 9
70 Jan 21
2% Feb 25
138 Feb 28
8
29 May
55 Feb 21
274 Mar 25
23512May 8
8772Mar 19
174 Jan 6
434 Mar 28
1834 Feb 25
10112 Feb 3
838 Jan 14
30 July 0
8938 Feb 24
344 Feb 27
2078 Apr 16
91 Feb 7
9134 Feb 24
146 May 13
3434 Feb 28
83 Feb 11
5512 Feb 24
6312 Feb16
99 Mar 19
gs Feb 7
612 Apr 24
4 Jan 8
5478 Mar 25
20782uno 25
44 Feb 10
55 Jan 15
35% Feb 26
19 Mar 19
5214 Feb 17
25 Feb 24
4372 Feb 24
100% Me27
F
7
abr 24
27/
1
4 Feb 24
44 Mar 2
5 Mar 25
12% Jan 8
8 Juno 16
12 Feb 25
834 Feb14
2414 Feb 24
3253 Feb 24
10 Feb 25
3258 Feb 24
318 Jan 30
104June 3
14 Aix 25
12 Jan 2
3i4 Jan 2
314June 2
.an 2
1 May 22
1814May 27
1838June 3
2 May 18
23's Jan 21
214 Jan 15
1
FER SH Alta
&mos for Prestos.
Year 1930.
Lowest.
iltoltest.
$ per share
Oa
Jan
Jan
85
38 Dec
24 Dec
714 Dec
2% Nov
7718 Dec
1312 Dec
50 Dec
11012 Nov
70 Jan
834 Jan
4 Deo
2014 Jan
5 June
72 July
4 Dec
19 Mar
294 Dee
20 Nov
18 Nov
74 Dee
2 Nov
3 Dec
Oct
81
1474 Nov
58 Nov
638 Dec
6 Dee
$ per chore
10518 Om
98 A03
7214 At,,
23 Pell
3314 Mar
1714 Apt
92% Feb
Apt
81
85 Jan
1234 June
109 Mar
108% June
354 Feb
4114 Mat
1253 Jan
83 Sent
29 Feb
1833 Oct
118% API
4172 Feb
02% Jan
2058 Apr
17 Mar
'2838 Mar
124
Jan
239 Apr
98 Mar
3078 Feb
1312 Jul,
712 Apr
14 Deo
1114 Dee 3878 Apr
812 Apt
353 Dec
624 Oct 8714 Apr
1 Mat
131
Oct 197,
8% Dec 1934 Mar
694 Dec 75% Apr
114 Dee 1412 Mar
13 Dec 78 Ain
4514 Dec 11634 Al,;
133 Dec 1481213*01
184 Dee 54 Apr
124 Dec 93 Apr
15 Nov 83 Apr
1244 Dec 4418 Apr
114 Dec 123 Apr
28 Dec 80 Aot
512 Dec 8118 Mn'
1153 Dec 2214 Apt
2 Dec 18 Apr
21 Dee 88 Mar
10 Doc 584 Apr
55 Deo 101
Apr
31
Oct 4514 JUBe
474 Dee 02 Jan
26 Dec 119 Feb
1712 Dee 771 Apr
1453 Dec 60 Feb
5858 Dec 80 Aug
12 Dee 32 Apr
64 Dec 29 Feb
25 Oct43 Mar
87 Dee 4012 Ape
4853 Dec11853 Feb
117 Deo 1234 Nov
118 Dee' 12312 Apr
54 Apr
4 Oct
108
Jan 118 Nov
1418 Dec 134 Jan
14 Dec 2012 Mar
2412 Dec 4112 Jan
81
Jan 45 Ant
Jan 150 Apr
5
84 Apr
1 Dee
29 Dec 12 Jan
17 Dec 55
Jan
94 Oct 3912 Apr
738 Nov 284 Apr
25 Dec 89 Mar
204 Dec 02% Feb
38 Dec 59 Mar
174 Dee 4012Juna
51 Dec 97 Apr
t Dec
84 Apr
l: D
jau
38%
3 July
281 Oct
39 Nov 70 Jan
2053 Dee 3538 Art
1718 Dec 4818 Jan
7053 Nov 113 Apt
17 Dec 2312 Oct
84 Nov 11 mu
11 Dec 42 APT
9853 Dec 1084 Mar
414 Dec 1712 Mar
1678 Dec 374 Mar
51% Dec 9714 Apr
21
Oct 88 Apr
1018 Nov 814 Mar
784 Dec 11353 Apr
7814 Dec 11453 Apr
12714 Dec 148 Sept
184 Oct 6914 Feb
28 Dee 4532 Feb
39 Dec 8172 Mar
4114 Dee 95% May
8552 Jan 11238 June
7858May tiala Oct
63s Feb
24 Dec
8 Dec IA Mar
4014 Dec 704 Apr
854 Dee 284 Mar
34 Dee12 Apr
60 Dec 90 Sept
25 Dec 514 Apr
914 Dec 447s Mar
3453 Dec 9934 Mar
.
s.jA per
3:4
20 Dec 8
3358 Dec8812 Mar
8152 Dee 1139'g Feb
41s Dee
1914 Dec 524 Jan
)ec 1(
1 July
.
a
13
4 Dec
514
5
812
1.4
174
3114
414
24
2,4
Dee
Dec
Dec
Dee
Dec
Dec
Dec
Dee
Dec
50
15
2453
1038
3212
51
sn'Is
484
8
Jan
Jan
Jan
Mar
A.ic
Feb
Apr
A er
Oct
New York Stock Record-Continued-Page 6
254
Pot salsa dosing the week of stocks not recorded here see girth page preirefing
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 4.
Monday
July 6.
I
Tuesday 'Wednesday
July 8.
July 7.
ThursdayI Friday
July 10.
July 9.
Sales
for
the
Fleet.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share l$ per share 1$ per share $ per share $ per share Shares Indus.& MisceII.(Cos.) Par
21
21 '2214 2278 2,600 Matialeson Alkali WorkeNo par
2214 235& 2112 22
2278 ' 1
Preferred
100
70
*115 1181
/
4 115 1181,l114 115 *114 11818 *114 118%
25
3312 358 3412 3534 358 3614 21,800 May Dept Eliores
3514 37
38
37
200 Maytag Co
No par
1
4
41/4 413 *414 4/
*412 45
414 414 *414 5
Preferred
Ne par
300
16
17
17
20 "16
1512 16 *16
"16
22
Prior preferred
No par
900
*61
65
61
61
62 83
*63 65 *63 64
1,800 MeCall Corp
No par
29 29
28
2872 3012 28
*29
2914 2914 30
McCrory Stores class A No par
4712 *44 4712
*44
46 *44 48 *44
*44 46
Olsen B
No par
4634 '42 4634 *42 4634
*42 4634 *42 4634 *42
100
Preferred
200
85
*83
81
81
82 83
85
*83 85 *83
400 McGraw-Hill Publiea's No par
27
27 *25
2412 2512 *25
25
2512 *25 27
221g 2218 3,000 McIntyre Porcupine Mine2-5
22
2218 2212 22
2134 2218 22 22
8012 818 8112 8212 10,100 McKeesport Tin Plate_No par
8014 83
/
4 86
8512 8614 811
914 1012
1018 10%
934 98 17.200 MoKeseon & Robbizte_No par
91
/
4 98
91
/
4 10
Preferred
600
50
32
*30
*30
30% 30% 3118 32
31
3012 31
*712 75
714
712 712 1,400 McLellan Stored
714
714 734
73, 774
No par
Melville Shoe
No per
*2512 27 '2614 27 *2512 27 *2512 27 *2512 27
Mengel Co(The)
-No Par
*434 5
*434 5
'412 5
*434 5
*412 5
100 Metro-Goldwyn Pie prof---27
*2412 25
*2434 2474 *2432 2434 244 243 *2438 25
15/
1
4 1614 1412 162 141
/
4 15
1414 14% 143 1512 25,600 Mexioan Seaboard 011-../fe ear
8
612 618 1.700 Miami Copper
612 634
'6% 678
64 6%
64 7
No per
918 10
914 10
84 9
8% 914 6,200 Mid-Cone Petrol
8% 8%
1812 1812 2.000 Midland Steel Priv:L.-No par
"2012 21
1934 2134 1914 1914 1812 19
100
200 8% cum lin prof
75
75 *70
7434 75 *70
'75 80 "75 85
Minn-Honeywell 1141171-14'o Par
/
4 44
*391
/
4 44 *391
/
4 44 *3918 44 *391
/
4 44 *391
Minn-Moline
Pow
Impl
No
par
300
11
*312
4
"312
4
4
*3
"212
4
3
3
4
334
Preferred
No par
35
*20
35 "20 35 *20
35 *20
35 *20
200 Mohawk Carpel Mille-No par
12
121
/
4 12
*13
14
1214 *12
13
13 *12
200 Monsanto Chem Wks_No per
2312 231 "23% 25 '23% 24
*2312 2412 *2312 25
1
4,117,800 Mont Ward Co 111 Corp No par
2114 2114 19% 224 1834 2018 1878 1978 191 20/
Morrell(J)& Co
No par
*3812 4012 "3812 4012 *3812 401 *3812 4012 *3812 4012'
870 Mother Lode Coalition-No Par
381
*12
12
12
58
12
%
%
%
%
*17
400 MotoMeter Gaugers WIN° per
1178 2 ,
2 :
'178 2
2
2
2/
1
4 218
Motor Produela Oorp-No par
*2812 30
*2512 30 *263, 30
*26
30 *28% 30
200 Motor Wheel
1114
N.par
1114 *10
10 *10
*10
1114 '10
1114 10
Nips,
1
4 4,800 Mullins Mfg Oo
23
23% 23 25/
231
/
4 24
25 2514 23% 26
Preferred
No per
58
48 *45
60 *46
59 *46
*52 60 *55
200 Muneingwear Intl
Ne par
20
1914 *18 20 *18
19
20 *1812 20
'18
3,000 Murray Body
No par
8
8
814
8
8
814
818 9
8% 9
No par
400 Myers I'& B 13ros
*37 42
40 *39 41
4018 4018 40
'40
42
N.par
2912 2912 2978 13.000 Naabls.fotonsOo
288 29
29% 30% 2818 308 28
800 National Aeme stamped----18
612 61
6/
1
4 61
/
4
612 6% '64 8%
64 6%
Nat Air Transport
12
Ne per
*7
12
*7
12
*7
*1018 12 *1018 12
No Per
61
/
4 614 6,304 Nat Belles Hue
6
84
6
612
7% 77
7'2 71
100
Preferred
300
30
30 *20
25 25 *20
30
*20
30 *20
10
64,800 National Biscuit new
61
58% 60% 5712 601
/
4 58% 5978 5912 607s 59
100
7% cam prof
151 15112 *151 15112 *151 15112 *151 15112 *151 1511
24
25% 2412 25% 2538 261 12,900 Nat Cash Resister•w iNo per
2614 2612 2478 277
No par
3534 363, 34721 3718 3414 3512 3412 3538 3434 3578 47,900 Nat Dairy Prod
600 Nat Department Stoma No par
4
4
*334 4
37g 374 *334 4
*312 4
100
Preferred
40 *35 40
40 *35
40 '35
*35 40 *35
2714 28
2,000 Nat Distil Prod etbi--No par
27 274 *2714 28
2714 2714 26% 28
*20
22
23
2012 2012 *20
200 Nat Roam St Stamping...-100
21
21 "2012 23
100
700 National Load
11814 125 11614 122 114 11412 114 114 *11214 114
100
Preferred A
50
141 141 *141 14334 *141 14314
*141 1434 141 141
Stock
100
Preferred 13
*119 121 *119 121 *119 121 *119 121 '119 121
N.par
2718 278 258 28'2 24% 2614 244 254 2512 264 27,700 National Pr & Lt
Exchange
*32
1
.22
1
*32
12
*22
1
*38
12
Ne per
National Radiator
.14 2
*14 2
No par
Preferred
*38 2
*38 2
*38 2
Closed
No par
1,200 Nat Steel Corp
391
391 *39
384 40 *39
41
4134 4178 40
30
400 National SUDD17
27% *27
23 *27
*2712 28
28
29
2914 28
IndepenPreferred
100
10
77
77 *73
77 *73
77 *73
764 764 *73
1,300 National Surety
50
361
3418 3418 .34
34
34
36
3614 34
36
dence
No per
800 National Tea Ce
15
15
15
15
151 *1434 15! 15
*15
17
No par
200 Nehmer Bros
12
12 *11
104 104 *11
11 111
*11
12
Day
11,600 Nevada Dowel00PDer-NO par
9% 1014
912 11
10
9% 98 10
1114 1112
No par
800 Newport Co
*15
17
17 *1412 17
17
17 *15
1634 17
Class A
*4312 51
50
*4312 51
*4312 51
*4312 57 *4312 51
2,200 Newton Steel
No per
101
/
4 1214 1018 103, 1018 1014 1012 11
12
12
100 NY Air Brake
NO par
15
15 *1518 1714 *1478 1714
16
*15
17 *15
New York Dock
100
18
18 *16
16 $ "18
20 *15
*16
25 *16
Preferred
100
40 *20 40 '20 40
40 *20
*20
55 *20
014 1,400 N Y Invaders Ina-----No par
614 et
'6
63, 6/
1
4
1
61
612 838
NY Steam Wel (41)----No par
*105 107 1'110512 107 *10512 107* *10312 106 *10512 106
1st preferred(7)
40
115 11512 *115 1151 *115 11512 11512 115121 11512 11512
No par
704 6812 6954 69
69 7318 68
71
72
70'4 44,000 North American Co--No par
Preferred
55 5512 5512 5512 5512 5512 5512 552 1,500
55
50
55
814 812
812 814
gis 9i4
812 8% 8,800 North Amer Aviation-No par
812 81
105 10512 105% 10518 *10518 ---- *10514 ---- 1055 1055n
400 No Amer Edison pref-No per
North German Lloyd
24
*2214 2412 *23 251 *2214 231 *221s 2312 *22
60 Northwestern Telegraph-50
45
45 *44
45 2 *44
45 45 '44
45
45
Norwalk Tire & Rubber----10
*78 1
*78 1
"78 1
*78 1
*78 1
97 11
Nepal'
12,200 Ohio 011 Oo
11
1014 10
934 1014 10
1012 10%
800 Oliver Farm HMO New No par
*3
314
3
3
*3
312
234 3
234 3
Preferred A
No par
200
*14
15
15
15 *13% 15 1 15
158
*15
16
No par
4% 47
5
5
5
5
514 514 2,700 Omnibus Core
5
53,
Oppenheim Coll & Co_ _No Dar
23
23 *20
23 i *20
2234 *20
*20
224 *20
OrDheum Circuit Inc pref-100
4934 *3978 4914
"398 64% *397 4934 *397 4934 '41
No par
3914 3.100 Otte Elevator
384 3934 364 3812 3814 3814 38
*3814 397
100
10
Preferred
*12618 --- *12618 ____ 12614 12614 "12618 130 *12618 130
Never
800 Otis Steel
10
9
938 *9
10
10
11
1114 1114 11
Prior preferred
100
150
47
44
4418 45
44 45
50
45 45 *45
400 Owens-Illinois Glue Co---25
33
3212 3212 *3012 3212 *3212 33 *31
33
33
25
5,000 Pactifle Ges & Electric
4614 47
48
4838 4634 4814 46
4638 4614 47
No par
5534 5534 1.600 Paelflo Leg Corp
55
5414 5512 53% 537, 54
5512 56
1
Pacific Mills
*1814 20 *1814 20 *1814 20 "1814 20 *1814 20
100
400 Pacific Telep & Teleg
125 126
12714 12714 *12534 ---- 127 127
12478 126
73
7% 8
8
73, 712 49,000 Packard Motor Car____No par
714 712
714 75
Pan-Amer Pete & Trans_-50
3512 *24
3512 '24
*24
45 *24
3512
3512 "24
50
Class B
35 *24
*24 45 *24
2912 '24
30 4 *24
2912
Park & Tilford Inc
No per
7% *6
*6
71z *6
712 *6
7% '6
7%
314 418
318 4
314 314
314 314 *3
312 4,200 Parmelee Transporta'n_No per
400 Panhandle Prod & Ret_No par
*2
2
2
218
2
2
214
*2
214
*2
No Par
1
4 2734 244 2534 245 2512 24% 258 43,600 Paramount Publlx
26% 2714 25/
1
138 112
112 112
112 112
138 138 1,300 Park Utah 0 M
138 138
No par
9,600 Pathe Exchange
178 2
17, 17
112 134
112 2
13, 2
77
Class A
No par
61,8 712
61
/
4 8
7% 714 21.100
7
818
7
*91 10
1018 102 *912 10
1,900 Patino Mined & Entrepr____20
108 1038 1078 11
33
33,
50
1,100 Peerless Motor Car
3'4 314 *31
/
4 38
3% 33
*332 312
No par
371a 3774 361g 3734 3614 3612 3638 3638 *3614 31312 5,000 Peniek & Ford
N
.3
,
44.
34
3514 33
3214 33
3314 3312 7.400 Penney(JO)
3412 34
34
100
Preferred
•9312 95 *9312 95 *9312 9512 *9312 9512 *9312 9512
23, 2% *214 284
200 Penn-Dlide Cement--No par
27, 23, *238 28
.12% 278
100
Preferred
100
*11
15
15
114 1134 *1118 15 *11
*1118 15
People's Drug Storee_No par
33 *30
33
33 '30
33 *30
*2812 30 *30
1,900 People's G L &0(Chle)--100
203 205 198 205% 199 199 198 19912 199 201
No per
14 *13
100 Pet Milk
*13
14
14
14 *13
14
14
*12
714 738 3,100 Petroleum Corp of Am_Ne per
Vs 782
738 758
'7
738
7i4 714
147 15
25
15
15
•1512 1612 15
3.200 Pbelpii-Dodge Core
15
1514 15
peuegeipeek Co (pitteb).„30
*100 200 *100 200 *100 200 *100 200 *100 200
50
500 6% preferred
5512 5614 5614
561 *56
5634 5534 56 *55
*55
7% 734 4.600 Plitiht Ali Read 0& I---No per
712 734
738 734
814
8
814 838
10
Phillip
Morrli
&
Co
Ltd
200
11
11
1012
1012
'10
1184
1134
*104
113
4
*1034
Phillips Jona Corp---1/0 for
141 *1212 1412 *1112 1212
141 *11
1412 *12
*11
100
PIIW1lai Jona Orel
*4814 50
*4814 50
*4814 50 *4814 50 *4314 513
71
No per
714 78 14,800 Phillips Petroleum
7%
Ps 87a . 7% 814
838 878
Phoenix Hosiery
5
*7
10
*7
10
10
*5
10
*7
10
*7
Pleree-Aerow dem A--No per
*1314 13
15 *1314 15
157 '13
*13
15 *13
22
24
84
700 Pierce Ott Corp
34
34
34
*38
14
*58
38
58
100
200
12'z
Preferred
1014 1014 '10
12
1112 111 *10
*1112 13
No par
•178 214 *17g 2'4 3,300 Pewee Petroleum
2
214 233
2
214 2/
1
4
400 Pillsbury Floor Mille-NO par
2914 2914 *2812 30 *284 2934 *2814 291a
30,8 30,
*33% 3524 *3234 35% *3134 3414 *311 3414 '3134 3414
Pirelli CO of Italy
•Bel and asked prime;120 sales on this day. b El-dividend and ax-rights a Ex-dividend. y
-rights.
PER SHARE
Range .4173Cd Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.
$ per share $ per share
1738June 2 3112 Jan 8
112 Apr 29 12532Mar 24
28 May 27 39 Mar 2
414 July6
Va Feb 13
143 Apr 29 24% Mar 21
61 July 9 7112 Mar 24
23 June 3 36 Jan 7
34 Jan 24 5114 Feb 17
35 Jan 19 51% Feb 16
1
4Mar 30
76 Jan 22 93/
2412Ju1y 8 29 Feb 20
1972May 27 2612Mar 81
7112 Jan 2 10313 Apr 2
718June 3 17 Jan 30
20 June 20 3738 Feb 26
414June 3 10121Sar 8
2214June 16 84 Mar 5
81 Feb 24
31aune 2
32 May 29 27 Apr 10
10% Jan 2 2034 Apr 11
1
4 Feb 24
41zJune 3 10/
534June 2 16% Jan 3
1338June 3 811k Feb 34
6814June 2 94 Feb 20
38 Apr 22 5812 Feb 9
7/
1
4 Feb 10
212June 19
2812May 14 48 May 2
10% Jan 3 2138Mar 10
1812 Apr 28 261s Mar 21
1514 Jan 2 2914 Feb 26
37 June 9 58 Feb 10
34 Feb 20
%June 6
418 Mar 26
'sauna 8
237aune 2 47% Apr 6
834June 2 19% Feb 18
83 Jan 2 3672 Mar 26
36 Feb 10 7212Mar 5
1812June 15 81% Jan 26
612June 2 18% Mar 10
36 June 8 4512 Mar 26
20 June 2 4072Mia 20
472May 8 111014Mar 0
81 Jan 5 13 Mar 20
324 Jan 2 10 Feb 28
17 Jan 3 32 Feb 27
5712July 7 8314 Feb 24
14.3 Jan 8 15314May 8
1878June 2 8334 Feb 26
2614June 1 6084 Mar 25
712 Feb 26
3 May 11
29 Apr 30 00 Jan 9
1914 Jan 6 3618 Feb 24
18 June 19 2772 Feb 20
85 June 2 182 Jan 9
136 Jan 2 143 June 4
118 Jan 8 120 Jan 14
2014June 2 4414 Feb 24
18May 29
i's Feb 3
2/
1
4 Jan 7
114 Mar 3
33 June 1 5812 Feb 27
28 June 3 7024 Feb 27
75 June 18 111 Feb 27
31 June 2 7612 Mar 26
13 June 2 2478Mar 24
1
4 Feb 9
10 J11110 19 25/
618June 1 1434 Feb 24
1012June 2 2072 Mar 24
41 Juno 5 53 Mar 24
7 June 3 24 Feb 20
12 May 27 25 Jan 23
8 May 28 3734 Jan 29
32 Apr 27 80 Jan 26
1 Jan 27
5 May 8 12,
100 Jan 7 10734 Mar 12
11114 Jan 3 118 Apr 20
5614June 3 90% Feb26
53 Jan 5 57 Mar 27
45 Jan 2 11 Apr 13
102 Jan 2 10614May 6
21121une 9 3534 Apr 7
43 Jan 31 4712May 5
112 Mar 12
12 Jan 9
7 June 2 1972 Jan 8
2 June 2
658 Feb 8
10 June 2 26 Jan 12
3% Jan 8
61 Mar 27
20 June 19 2812 Feb 28
35 June 9 72 Mar 11
3178June 3 5812 Jan 12
124% Feb 16 12912Mar 30
814June 2 1618 Feb 26
30 June 2 6912 Feb 2
2512.June 3 39% Jan 20
38 June 3 5478Mar 10
4812June 2 8912Mar 20
15 May 28 2624 Mar 23
116 Apr 29 181% Mar 19
514June 2 1178 Feb 24
25 May 26 3512 Jan 29
24 June 3 80% Jan 9
5/
1
4 Jan 2 11 Mar 19
Vs Jan 21
214 Apr 25
112MaY 19
414 Feb 13
1938June 2 5014 Feb 24
214Mar 11,
1 June 3
27* Feb 20
1 May 26
3 28e le
838July 3
6 June 3 1512 Feb 24
432 Feb 24
23aune 2
2812.1une 2 4612 Feb 19
28% Jan 2 8922 Feb 17
90 Jan 8 9912 Mar 27
51 Feb 10
2 May 29
10 Juno 9 29 Jan 30
23 Jan 2 1512Mar 31
18314June 2 MO Feb 10
1012June 4 1712 Jan 30
1 Feb 20
6 June 3 10,
11 June 3 25% Feb 34
160 May 21 155 June 23
5212 Jan 5 54112Mar 12
614June 2 1214 Mar 23
9 Jan 6 1212June 25
11 Jan 5 12% Mar 18
4814 Apr 1 52 Jan 5
434June 2 1654 Jan 5
9 Feb 14 1014 Apr 6
14 June 2 2714 Feb 11
%may 26
112 Feb 28
61aune 3 2314 Feb 27
8/
1
4 Feb 27
1 June 2
25 June 2 37 may 9
2814June 2 8942 Mar li
PER SHARE
Range for Previous
Year 1930.
Lowest.
Highest
$ per share $ vs? share
3012 Dec 51% Mal
115 Jan 130 Gel
27% Dec 618, Jam
5 Nov 23 Mee
IA% Nov 4012 Ain
68 Dec 8412 Mae
33 Dee 50 Apt
37 Dec 74 Jan
3814 Dee 70 Jan
78 Oct 97 Mao
27 Dec 44 APS
14% Jan 2014 Del
61 Jan 891211102
10% Nov 37% Am
1
4 API
25% Get 49/
0 Dec 2014 Jan
25 Nov 43 AN
5 Deo 23% Mal
23 Dec 26% May
9% Nov 37 AV
7 Dec 33% Feb
11 Dec 83 Apr
151j Nov 53 Feb
74 Nov 110 Feb
37 Deo 76% M131
814 Dec 287g Mao
64 Dec 9314 May
91e Dec 60 Jae
188, Dee 63% AP/
1512 Dec 497 Jan
4872 Oct 92 Feb
2 Jan
12 Dec
1% Oct 1112 Apr
25 Dee 81 61:111
1414 Dec 84 Mar
1114 Nov 20% Feb
3512 Dec 6472 Jan
2512 Dec 58% Feb
9 Nov 2514 Ape
34 Oct 4912 Mal
2114 Dec 5812 Jan
534 Dee 2614 Feb
6 Dec 89% AV
214 Dee 20 AO
1312 Dec 82 Jan
an Nov 98 May
14212 Jan 152 Dot
2712 Dec 8312 Fab
35 Dec 02 June
3% Dee 2412 Feb
80 Dee 90 Jan
1818 Dec 39% Feb
1714 June 3312 Mat
114 Dec 18972 Feb
185 Dee 144 Sept
116 Jan 120 Nov
30 Nov 8884 Api
41 Jan
12 Dee
114 Dec 11 Jae
41 Nov 62 July
00 Dec 124% Apo
10812 Aug 116 July
35 Dec 9818 Mar
13 Dec 4178 Feb
20 Dec 54 Apr
9 Deal 328* Jar
1512 1.)ecI 1714 Dec
30 Deol 85 Mar
11% Deo 68 AN
21% Dec1 47 Feb
22 Del 48 Apr
7712 Doo1 8812 API
9% Dec 82 Ape
98 Dee 10628 Sept
108% Deel 117 Aug
Bra Dee 13272 AIM
51 Jan 57 June
414 Die1 147s Ara
990g Dee 105% 061
2872 Dec1 88,
4 June
41% Dec 6011 Mao
a Mal
12 Deal
16 Dec 82 Aug
125, Dod
28 OdIl
22 Dccl
60 Del
2814 Nov
11812 Jan
9% Dec
75 Dec
32 Dee
2012 Dec
46 Dec
15 Dec
11412 Dee
714 Nov
42 Nov
30 Dec
5 Dec
2% Dec
114 Dec
3434 Dee
Ds Dee
14 Dee
272 Dec
812 Dee
8 Nov
2612 Jan
27% Dee
90 _Dee
2/
1
4 Dee
16 Dee
2124 Dec
185/
1
4 Dee
17 Dee
57 Dee
19% Dee
170 Oeit
5012 Jan
61, Dee
814 Jan
101i Dee
52 Dee
11% Dee
7 Dec
10 Dee
Is Dec
71 Dee
its Dee
254 Des
8012 Doe
9014 May
832 Mai
56 Apr
9972 Ape
80% Mat
12814 IMPS
3872 Mar
99 Ape
0072 Feb
7272 Mae
10778 Mae
30 Fel)
178 Feb
238S Mae
641, Map
6711 May
8514 Ape
20% Maii
12% May
7714 mar
alls APO
9 APO
198, AIN
327, pat
14 Pea
55 Apr
80% Jan
101% Sett
12 Mar
5512 Mao
6018 Ape
325 May
221/
1
4 AIM
27/4 June
445$ Api
248% Api
5772 Seel
2512 mu
15/
1
4 Mar
277t Feb
75 Feb
4414 API
2012 API
33 Apr
212 Mai
52 Mal
712 All
2224 Apt
8014 lal
New York Stock Record-Continued--Page
255
For sales during the week of stocks not recorded here. see seventh page preceding,
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 4.
Monday
July 6.
Tuesday 'Wednesday
July 7.
July 8.
Thursday I Friday
July 9.
July 10.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARI
Banfffor Previa=
Year 1930.
Hirliewie
Lowest.
per share $ Per shoe $ yet share $ per ghats
2 per share $ per share $ per share 12 per share $ per share 2 per share Shares Indus.112 Weasel. Mona per
18 Dec 7812 Jan
PIttabnrgh Coal of Pa
*1378 20
*1378 20 *1378 20 *137 20 "138 20
100 1514June 17 21101 Jan 12
66 Dec 110 Jan
Preferred
*55 6514 *--_ - 6514 •56
100 54 June 17 30 Jan 27
57 *____ 57 *___ _ 5612
1812 Dee 2278 Feb
*912 1014 1 *10
1014 *10
1014 10
10
400 Pitleb Screw & Bolt-No par
9%June 16 154 Feb 24
10
10
8412 Dee 103 Jan
*48
55
5
20 Pitts Steel 7% aura pref-100 45 June 2 87 Jan 15
'5561
55
55 I
5
*512 8
11 Dec 1914 Oct
4 May 27 15 Feb 27
*512 11
Pittsburgh United
25
*512 734 *512 8
*512 11
Preferred
9112 Dec 103 Oet
*80 82 I *80 81
81
83
82
82
100
81
81
100 7412June 2 100 Apr24
*1338 15 '
51338 15
*13% 15 *1338 15 *1338 15
Phaeton Oo
181,4 Doe 2272 AN
No pox 1378June 4 184 Jan 5
912 '
58
9
*8
9
Poor A Co elan /I
*814 912 *814 9% *8
No par
0 Apr 28 184 Jan 10 1018 Dec $ees Mai
12 *11
1238 12
1212 1,300 Portonloan-AmTob e1A---100 10 May 22 27 Feb 28
1234 1234 12
13 '•12
144 Dec $018 Jul/
*31
37
33
37
*313 4
4
400
4 Oct 2714 Ma/
4
4
4
Claes B
8 Feb 27
234June 2
No par
*2534 27
2512 25
25 *23
25
25% 2578 *23
200 Postal Tel & Cable 7% peel 100 18 A pr 29 8911 Jan 9 20 Dec 103 Jan
1012 1033 1012 10341 10
912 10
1053
978 1014 3.900 Prairie 011 & Osa
1114 Dec 56 Apr
612June 2 20% Feb 26
25
1618 Deo 6012 Feb
1814 1812 1734 1833 174 1778 1712 18
1712 1734 5.700 Prairie Pipe Line
28 1458June 3 2612 Feb 26
*334 4
1,300 Pressed Steel Car
418 418
4
4 I
334 4
*378 4
34 Nov 1652 Feb
234May 29
718 Feb 19
No per
*30
32
2912 2938, 2912 3012 *28
31
*28
31
400
Preferred
100 26 May 19 4718 Feb 19 26 Dec 7812 Feb
64 64
63 134121 62 6234 63
63% 63 64
3,200 Procter Gamble
5214 Jan 7878 June
No per 56 June 3 714 Mar 10
314 314
3
3141
3
3
*234 3
*234 3
600 Produeers & Refiners Otwp_150
1 Dec 1172 Mae
6 Feb 27
178June 3
*7
1012 *8
10,2, *8
1012 *8
114 Dec 40 Mat
1012 *8
1012
Preferred
50
612May 7 18 Feb 27
5414 8514 82 88121 80 83 1 8014 82
81
8278 25.000 Pub Su Corp of N J-i
_iro
Ne p
p:: 72 Jan 18 9812 Mar 19 08 Dec 12514 Apr
9934 997s' 9934 99781 998 998 9934 100
991 100
5,700
35 preferred
9144 JIM 100 Oil
05 Jan 2 10212May 16
118 1184 118 11814 11818 11818 11814 11814 *11818 11812
800 6% preferred
100 10214 Jan 8 118'4 July7 10414 Dee 117 Sept
*136 13814 *13612 13814 *13618 138 13614 13614 "13618 13812
100
7% preferred
100 12814 Jan 3 13734 Apr 9 121 Jan 13514 OH
*15612 15734 158 158
157 15718 *15618 158 '515618 159
400
8% preferred
100 148 Jan 6 158 July 8 1442 Des 188 June
10478 1047a 1047 105 105 10514 10318 10514 10314 1054 2,000 PubServElee&Gaa pi$5 No par 10318June 4 10514 July 8 1074 Feb 112 May
39
3938 371 3934 37
3734 3712 3734 3753 3814 5,600 Pullman Ins
No par 28 June 2 884 Feb 27 67 Dee 8918 Jan
818 Jan
Oct
2 Jan 9
la Jan 8
50
78
78
*58
34
34
34 1,300 Punta Alegre Sugar
34
58
34
34
Vs Doe 2714 Apr
8
512 Apr 28 1178 Jan 8
714 712
25
8'8
712 8
7
714
7
714 6,600 Pure 011 (The)
11414
Dft
76
Apr
064
Jan
8
76
76% 7678 75% 7712 77
79
280 8% preferred
7712 78
100 6638May 27 10178
32 32
86 Des 8878 Feb
31
3212 3034 31
4,300 Purity Bakeries
3138 3214 32 32
No par 2414June 2 5514 Mar 17
1118 Dee 6918 Apr
204 21
1853 2138 168 188 17
171
1738 1818 308,300 Badly Corp of Arner......No par 12 Jan 2 274 Feb 25
*47
51
4912 4912 '
54834 4934 *4334 4934 *4834 49
100
Preferred
se 45 June 23 5518 Mar 26 47 Dee 57 Arr
42
42
314 Dec 85 Apr
39 4334 39
39
1,900
Preferred B
39
No par all:June 1 60 Mar 21
39
39
39
1558 164 15
1418 Dee 50 Apr
164 1414 1514 1412 1518 1453 1514 58,600 Radio-Keith-Ore el A-N.par 1114June 1 2412 Mar 21
*2184 2212 *214 2214 2012 2053 2034 2034 20
1678 Dee 58,1 Apr
500 Raybartee Manhattan-No Par 1712June 3 2912 Mar 25
20
224 Dee 0478 Mal
814 84
814 812
10
5 June 11 30% Feb10
900 Real Silk Hosiery
812 812 *814 833
814 814
*24
4012 '524 402 •35
150
4012
Preferred
100 22 July 1 90 Feb 8 83 Dec 100 Max
26 *25
4012 26
Dec
54 Feb
17s Jan 8
78
78
*38 1
100 Eels(Robs)& Co
78 Jan 5
*78 I
*38 1
No Pa
*78 1
9
8 Nay 37 Jan
8% July 6 13 Apr 22
9
*9 2312 *9
10
First
preferred
100
1312 *9
2312 *9
2312
10
924 97
104
913 914
1418 Nov 464 API
912 1078
918 913
57sJune 2 1914 Feb 27
5,100 Remington-Rand
No Par
•50 6178 •50
617 *50 6178 *50 613 *50 8178
First preferred
100 4934J une 4 38 Jan 7 84 Noy 10078 Ma/
69 69 *6912 70 *6912 70 "6912 70
10
*6912 70
Second preferred
100 51 June 17 98 Jan 6 93 Jan 104 July
64 612
8 May 21 1018 Feb 11
612 634
714 Dee 1478 Ma/
10
614 612 *618 6% *638 6% 1,300 Boo Motor Oar
15% 1812 147 1678 1418 1518 15
1012 Dee 7918 AD/
1533 1518 1534 17,300 Republie Steel Carp..-.No par 10 June 2 3538 Feb 24
Des WsMay
19
28
Feb
*3514 3634 *3412 3512 3212 321
54
June
17
900
Preferred
'env
6%
100
27
33
33
33
33
514 Dec 30 Jan
6
'
8
614May 8 18 Jan 2
*6
8
*6
8
Revere Capper & Bram No par
*6
8
*6
8
*712 25
*712 25
*712 25
Clara A
No per 27 Jan 6 30 Jan 6 84 Dee 72 Jan
*712 25
*712 25
1338 1353 13
1
4 Apr
10 Dec 34/
1314 *1234 1314 *1234 131 *1234 1314
No par 11 June 3 22% Mar 10
500 Reynolds Motel Co
87
*7
9
512 Feb 18 1814 Mar 12
'
57
*7
83
Reynolds Spring new --No per
*7
88
*7
834
5112 5218 503 5173 5078 5112 51
5112 5114 52 15,700 Reynolds(R J) Tab dam B-10 alis Jan 2 5412June 24 40 Dec 884 Mal
70
70
70 June 80 Jan
8918 70 .169
7112 69
711
Clam A
10 69 June 25 7812 Feb 19
69 1 *69
300
.112 18 *112 134
44 Dee
94 Dee
8% Jan 6
112 1581
112 158
1 June 1
14 112
900 Richfield 011 of CalLt___Ns SW
5 Dec 25% Arm
4% 438
414 438
37
433
Nepal'
4
31sJune 2 1014 Feb 24
4
4
418 3,600 Me Grande 011
*21
23 '
521
23 *2012 23 *2178 23 *2012 2212
Ritter Dented Mfg
No Par 20 May 21 4184 Mar 2 254 Dec abed Feb
*21
2134 2012 2133 203 2014 1912 2014 1934 1934 1,700 Rossia Insurance Co
144 Dee 4814 Mar
18 1534June 1 26 Feb 24
Stock
32
32% 314 3212 31
3634 Dec 564 Apr
31 I 3012 3012, *3012 33
1,900 Royal Dutch 00 or Y Harm) 2478June 2 42% Feb 10
1914 Deo 5714 Feb
3038 Feb 20
2033 208 18% 2012 17
1712, 1712 1814 4.300 St Joseph Lead
188 17
10 1414June
Exchange
55
573
55
3814 Doe 1224 Jan
52% 5534 53
5414, 5412 5484 56
4,800 Safeway Storm
NO Par 3858 Jan lb 6514 Mar 24
00
90 *8934 92
84 Dee 9978 Feb
*90
92 I *9012 92 I *9012 92
100 86 Jan 19 96 Mar 20
50
Preferred (6)
Closed
*106 10612 *106 10612 *108 10612 *106 10612 10612 10812
H Oct 10972 Mar
100 98 Jan 21 107 Apr 15
20
Preferred (7)
-I
1334 15
1312 1614 1312 14
1334 1434' 1414 1414 4,500 Savage Arms Coro
1214 Dee 3114 APT
No far 1218June 30 204 Feb 27
8%
713 812
Indepen8
Dee 1311 Jan
734 734
4 Jan 13 1118 Mar 30
714 7121 "74 714 1,100 Schulte Retail Stores-No par
*5118 55 •5112 55
5118 5114 *51% 53 I *5118 53
Preferred
20
100 40 June 8 65 Mar 27 85 Jan 75 Jan
dence
*5
6
6
6
*5
614 *5
614 *5
Ms Dec 1414 Mae
812May 28 11 Feb 27
534
No par
200 Seagrave Corp
5614 5778 5514 5814 54 5578 z.3312 548 541 5578 20,100 Seam Roebuck & Co No par 6478 Jan 2 634 Feb 26
434 Dec 10018 Jan
Day
4
4
84 Feb 27
*312 4
*312 4
•34 4 1 *312 4
214 Deo 23 Yell
212May 27
1
100 Second Nat Investors
4914 4914 47
4712 47
Dec 8244 Mal1
Feb
27
2
47 *4734 49121 474 473
85
June
Preferred
1 33
5818
500
114 14
1% Feb 11
118 114 *14 114 *118 114) 118 118
84 Jan
%May 26
1 Dee
No par
700 Seneca Copper
9
914
833 938
853 9
318 Nov 1312 Apo
88 9181 9
918 31,700 Servel the
No per
44 Jan 2 1184 Apr V
22
2233 2114 • 2212 2018 211 2 2013 2114 2034 2178 4,500 Shattuck (F G)
204 Nov 52 Ape
No per 1614Juue 1 294 Feb 20
*8
10
8
8
*634 034 *7
9
*7
9 Dee 82/
1
4 Feb
612June 1 1378 Feb18
9
No par
200 Sharon Steel Hoop
1314 1314 1234 1234 1212 1212 1212 1212 1214 1212 1,500 Sharp & Dohme
114 Dec 274 Ma,
No par 1018June 3 21 Mar 25
58
58 *5718 68
5718 5718 *57
54 Jan 634 Mar
5912 *57
Preferred
No per 5314 Jan 23 6118Mar 25
5912
200
738 712
612 733
653 64
688 7
514 Dec 254 Apr
412May 15 1014 Jan 12
612 7 14.400 Shell Union Oil
No Par
56
58
5412 58
55
55 Dee 10614 An
5512 *54
5514 5384 55
Preferred
100 2512May 8 78 Feb17
1,500
*318 338
313 318 *318 38 *318 33
Cs Nov 85 Ara
94 Mar 6
2)8June 22
34 318
200 Shubert Theatre Corp-Ns par
1634 1814 1614 1878 1534 174 1614 174 1612 1734 35,600 Simmons Co
11 Nov 944 Jan
Nepal' 1018June 3 3334 Feb 26
77
*7
*634 73
*614 734
8
5 June 17 11 Feb 26
8
Ms Des 27 Mar
"612 712
10
100 Simms Petroleum
1078 1153
934 li'a
914 Dee 3
938 1028
912 1018
978 1078 68.600 Sinclair Cone 011 Corp-No Par
AP1
6143one 2 157s Feb 26
'85 93 *85
93 *85
9112
9112 '85
9112 *85
100 77 June 11 103 Mar14 86 Dee 11214 APt
Preferred
58
8
534 53
58
*518 534 *518 514
104 Dec 42 API
818June 3 1278 Jan 7
25
5
54
500 Skelly 011 Co
*22% 25
22
221 *21
25
25 *21
*2112 25
42 Dec 9934 June
Preferred..100 10 May 28 82 Jan 8
600
*183 212
15
414 Feb 16
138 •188 253 *134 212 *134 212
112may 19
14 Nov
8 Jae
No per
100 Snider Packing
e612 16
*8
812 812 *612 878
10
*8
81
8 D
3614 Feb
6 May 19 15% Feb 18
Preferred
No Par
200
88 88
88 88 *84
87 *84
87
*84 87 • 300 Solvay Am Inv Trust prof..100 80 June 10 95 Mar 19
9038 Dec 1214 Am
135k 1334 1212 14
141
12% 1333 13
1378 1334
1018 Dee 3034 Jan
714June 1 1712 Jan 8
12,800 So Porto Rico Sugar_No pot
*104 105 *104 105 *104 105 105 105 *105 110
Preferred
100 0612Mar 9 112 Jan 8 103 Aug121 :an
20
45
4512 4414 4512 44
5418 Feb 26
444 4414 4433 4433 4433 4,500 Southern Call!Edison
204 Dec 72 Ape
25 36 June
5
3
*3
5 I '
5338 5
51388 5 I *332 5
*333 5
312 Jan
5 Mar12
9 Mal
3 Apr 18
Southern Dairies el B-No per
29
29 •27
30
2812 2812 *26
29
2614 2614
300 Spalding Bros
21 June 3 36 Jan 6 82 Dec 45 Mar
*11212 11312 *11212 114 *11212 114 *11212 114 *11212 114
. let preferred
7
Jan
18
11512May
108
Jan
115
111
No 10(l
Aug
ar
•15
20 '
515
20 *15
20 *15
20 '
515
20
Spang Chalfant/400'mo No Per 228 Apr 36 274 Feb17
1953 Jan 374 June
78
78 *
75
75
*-- 75
70
92 Jan 96 ..an
20
Preferred
109 68'21U110229212 JA/1111
812 81
812 88
814 812 *8
838
818 818 1,200 Sparks Withington--- _No par
8 Dec 8018 AO
6 June 2 1315Mar 16
'14
1612 *14
161 *14
16 I *14
151 *14
834 Dee 25 Apt
Spencer Kellogg & Sons No per 10 Jan 3 1612Mar 25
1S2
*94 1134
934 934 *934 113
878 913
878 10
858 Apr 22 174 Feb 21
7es Dee 86% Feb
300 Sploer Mfg 00
No Par
*25
28 *25
28
25
25 I *25
28 *25 28100 Preferred A
28 Dec 4518 Maf
No per 2412May 22 3312 Feb 20
918 94
812 9
8
8
8
812
8
8
54 Jan IS 1712Mar 24
44 Dee 52 Feb
1,500 Spiegel-May-Stern Co_No pa
1814 1812 1734 183
1714 18 I 1734 1814 1734 18 25,100 Standard Brands
No per 1478June 2 204 Feb 25 144 Nov 294 Feb
*12278 132 *12278 132 '
5122% 132 1'12278 125
123 123
Preferred
100
No par 118 Jan 5 124 July 1 112 Nov 12112 8110
*212 273 *212 27
212 212 *212 3
2.12 Dec
*212 3
290 Stand Comm Tobsoeo_No Par
74 Feb
253June 19, 4 Feb 10
6814 89
654 09'2 8314 66 I 6312 65
64
6534 13,100 Standard Gag & Elea CoNo pa
534 Dec 12914 Apr
5518June 21 8838 Mar 10
597k 59e 60 80
60 80
60 601z 60 60
1,300
Preferred
No par 5058 Jan 8 6478 Mar 23 52 Dee 67 May
*92
98 •92
98 '
592 98 *92
98 *92
98
9234 Dee 104 Sept
86 cum prior pref--No par 9213 Jan 16 101 Me 23
*102 103 10312 10353 104 104 *104 104'2 10412 10412
300
37 cum prior pref....No par 101 July 3' 1094 Mar 6 9312 Dec 11414 Sept
*258 3
'24 27
*234 27t
2
23
*2
212 1,300 Stand Investing Corp-No par
112 Nov 1512 MU
44
Feb
13
13
4June
2
•10212 103 10212 10212 *102 10278 *102 1027 *10218 10278
148 Feb 106% Oct
100 Standard 011 Ennui prof-100 994June 3 10514 Apr 13
38 384 3678 3812 3638 3733 364 3684 3614 3712 16,200 Stanclard 011 of
4214 Dee 75 Apr
3118June
Feb
13
Callf_--No
par
2
5114
•12
1334 1134 1134: •1214 1332 *11
1353 *12
1312
100 Stand Oil of Kansas
1138 Dee 49 Are
834June 3 19 Jan 8
28
39 394 3738 3978i 3678 38 I 3678 3713 37
3953 82,200 Standard 011 of New Jersey _25 3052June 2 5212 Feb 24
434 Dee 8478 Apr
l7I2 17
1318, 17
2 18
17
1753 174 178 49,900 Standard 011 of New York-25 1372,thne 3 26 Feb 10
1934 Dec 401e Ape
*18
20 I •18
1912 *18
1914. *18
1912 *18
20
Starrett Oo(The)L S-No pia 1618-3une 21 1143.4 Feb 26
19 Dee 1174 Apr
*353 4 I
4
4 I *358 378
358 358 *312 358
24 Dec 204 Mar
478 Feb 10
600, Staling Securities el A-No per
212May 27
812 812 *84 834, 812 834
834 834 "814 834 1,500
Preferred
Dee 144 Mai
9% Feb 16
Na per
5 June 2
3712 3712 36
3712, 36
36
*3512 3834 *3534 37
600
Convertible Preforre4__--50 2912June 3 40 him 26
3018 Nov 63 Map
124 1238, 1012 127/11
9% 11
1013 1058 11
1114 8,300 Stewart-Warner Sp CerP-10
1414 Dee 47 Apr
Marl°
8
May
27
217
2
35
3653 323 37 I 3212 3314 3112 3312 32
3353 16,430 Stone & Webster
3712 Dee 11318 Ape
No par 2512June 2 5412 Mar 21
1834 191/ 18
1912, 18
1838 1818 1812 1814 1811 7,400 Studob'r Corp(The)-No per 1418June 2 26 Mar 211
134 Nov 474 Feb
•11018 11134 *11018 11134; 110 11018 •111% 11178 *110% 11184
30
Preferred
100 110 May 26 1184 Apr 6 116 Jan 128 Mar
--- ---- ----I ---- ---- ---- -- -----Submarine Boat
18 Jan 2
id Dee
14 Mar
4 Jan
No per
36
30
3512 3512' *3512 39 .3513 39 *36
39 ---ioo Sun 011
70 Apr
-No per 81 June 2 4514 Feb 28 39
10134 10134 10134 10134 *10114 10112 10112 10112 10134 1013
4
Preferred
94
100
MO'18 1044 Feb 2 9784 Des 10812 Bel
33% 3353 *3312 3484, 3312 3313 *33/8 3388 *3318 3333
200 Supeeheater Co(The)__No par 30 Apr 16 40% Feb 9 39 Nov 45I July
*34
78
84
34,
34
34.
34
34
38
34 3,100 Superior 011
Dee
144 Feb17
Vs May
14 Jan 2
No per
*11
12
10
*9
108g' *912 10
9%
913 912
70() Superior Steel
614 Des 994 Mae
0 May 27 1878 Mar
100
*13
1478 •13
14121 13
13 '
513
14 •13
14
200 Sweets Cool Ameriat
84 Jan 1578 Mar
60 1176 Jan 7 1814 Feb 20
•1
112 *1
14 *1
112 *1
112 *1
112
24 Feb 2
Symington
7 A pe
1 Feb 4
1531)
No pat
•234 312
3
3
*212 312 *234 312 *234 312
100
Class A
64 Jan 88
174 AM
212.1une 2
Ns per
195 1953 1812 198 1812 1812 1853 1853 *1838 1334
700 Telautograph Corp
1512 Jan 264 Ape
214
Mar
163
4June
8
No
per
7
7
*612 7121 *612 7
678 678 .613 7
700 Tenuesee Corp
7/4 Dee 17 Apt
sna Jan 5
512June 2
-No
2312 2378 23
2414, 217s 23
22
2212 22
2312 17,900 Texas Corporation
284 Dee 6011 May
-25 18 June 2 3578 Jan 1
38
37
8414 37341 8338 3433 3334 35
3453 3512 10.700 Texas Clair Sulphur__N• par 29laJune 3 Mk Feb 24
4014
Dee 6732 Mal
*334 414 *312 418
3133 332 *338 412
312 312
200 Terne NOM Coal & 011....-10
4 D.c 144 Mat
2,2June 2
64 Jan 9
913 1114
1071 11,4
934 1014
934 113
10
11
10,600 Tons Pao Land Trust
10 Dec 11218 Was
1
712June 1 174 Feb 18
.4
•Bld and asked Mom no sales on this day. 2 Ex-dividend. r EX-rights.
New York Stock Record-Concluded-Page 8
256
rue sales during the week of stock, not reenacted here. see eighth page preceding
HIGH AND LOW BALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 4.
Monday
July 6.
i
I
Tuesday
July 7.
Friday
Wednesday , Thursday
July 8. I July 9. 1 July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range hinge Jan. 1.
On basis of 100-share iota.
Lowest.
Highest.
PER SIIARE
Rang.for Precious
Year 1930.
Lowest.
per MGM
Per share $ per skate
per Mare
per share 3 per share $ per share ;3 per share
Per share Sharer Indus.& Miseell.(Concl.) Par
1213 Dec 36/
1
4 apt
No par
11
1212 1.600 Thatcher Mfg
914June 2 22 Feb 27
13
13
13 *1238 13 I *12
*1212 13
Preferred
No par 3334June 3 41 Mar 5 85 Dec 48 Iglu
100
3512 3512
*3514 38 *3514 3614 *35% 3614 *3512 36
82
Jan
214
Deo
23
Jan
9
The
No
par
1814June
2
Fair
600
19
19
1319
19%
19
19
1912 1912 1914 20
Preferred 7%
100 99 June 19 1084 Feb 26 102 Jan 110 Feb
-----102
Ps Dec 26,May
9 Feb 13
4 May 29
300 Thera/old Co
"244
No par
412 112 ;i4
154 Dec 46% Ain
1 16 June 2 27 Feb 21
412314 26
300 Third Nat Investors
: *2314 2312 *2314 26
2338 23381 2312 231
25 1514July 2 35 Mat 2 28 Dec 474 Mar
300 Thompson (J R) Co
1514 15141 1812 1612 *1538 1712 *153, 1712 1538 153,
10 Nov 8913 Ape
100 Thompson Products InoNo pat
034June 1 18 Feb 24
113, 113 •1012 1178 *1012 1178 *1018 1178 *1018 1112
*41
312 Dec 18% Mar
8/
1
4 Mar 7
600 Thompson-Starrett Co_No par
4
*4
Vs
312June 2
418 412
4
4
4
458
2358 Dee 4958 Mar
$3.60 cum prof
*2818 31
No Par 2412 Feb 4 844 Mar 19
*2818 31
*28
31
31 I *29
31
*29
514
5i
Dec 1714 Apr
5%
53, 534
9
Jan
7
4
June
2
Tidewater
7,000
Aasoo
011
5
54
No
Par
514
54 534
457
53 Dec 8934 Mar
4618
Preferred
46
46 *45
700
100 38 June 2 68 Jan 8
47
45
47% 47% 46
Tide Water 011
12 Dec 81 Apr
100 104 Jan 31 18 Mar 16
15 *10
15
*10
15
*10
15
1310
15 *10
100
68 Dec 9472 Apr
Preferred
60
55
55
100 54 June 4 83 Feb 28
60
1355 60 *56
60 *55
*56
300 Timken Detroit Axle
8 Oat 2114 Apr
10
*612 678 *612 6%
512June 10 12 Feb 20
7
7
7
7
7
7
6018 Dec 894 Apr
3812 40
37 38
37
3712 3714 374 1,900 Timken Roller Bearing:No par 32 June 3 59 Feb 17
39
39
54 Jan
2 Dec
33.4 Apr 9
Panne 3
258 234 15,800 Tobacco Products Corp No par
234 234
24 212
24 212
24 24
Class A
758 Jan 1814 J111.7
No par 1014June 17 14 • Apr 10
11
1112 3,300
11
11
*1012 11
1012 1012 *103, 11
75
734 8 16,800 Transamerica Corp
103s Dec 25% Sep
25
812
712 78
7/
1
4 8
652June 13 18 Feb 26
28
838
Tranaue & Williams St'l No par
1
4 Jan
612 Nov 28/
7
rs Jan 3 1712 Mar 6
*1034 13 *1034 12 *1034 1212 *1034 128 *1034 12,
93, 91
93,
5% Deo 204 Apr
613 Jan 2 1134 Feb 24
9
934
9
9
914
94 912 4,500 Tr -Continental CorpNo par
6% preferred
1
4 Apr 964 Sept
100 21324 Mar 16 94141une 15 89/
9314 934 9314 9314 9314 934, 9314 9314 9314 9314 6,200
1,400 Theo Prod/lens Corp_--No par 2818June 1 46% Feb 27
26/
1
4 Oct 41% Mar
*30
3612 3414 3534 3318 3312 3338 3338 3338 337
94 Dec 22 Mar
4 June 15 10 Jan 20
200 Trusa-Traer Coal
No Par
*4
5
*4
5
*4
5
*4
5
4
4
10 12 June 2 24 Feb 24
400 Trnsoon Steel
20% Nov 37% Mat
1318 134 *134 1312
1334 13/
1
4 1312 1312 131 131
912May 29 21% Mar 10
No par
*1034 11
600 Ulen & Co
144 Dec 24 Sept
11/
1
4 1138 1114 1214 311034 11
*103 11
1,200 Under Elliott Fisher CO No par 40 June 2 7534 Feb 27
5412 551k 534 55
5312 54
49 Dee 138 Mar
*58
5812 57 57
814June 3 1312 Mar 27
*1018 11
1,300 Union Bag&Paper Corp No par
838 Dec 1914 Sept
*11
13
p934 10
1310
11
11
12
53 84
514 544 5038 5238 5118 52% 517 534 45,300 Union Carbide & Carb_No par x4312June 2 72 Feb 24
524 Dee 10638 Mar
25 14 Apr 28 2652 Feb 13
2012 Dec 60 Apr
184 1834 173, 183, 1738 18
1734 1814 17's l8's 4,700 Union 011 California
No Par 20 Apr 1 2518 Jan 3 23 Dec 3812 Apt
1,300 Union Tank Oar
*20 2112 2014 2014 20/4 21
2012 20% 2012 201
18% Dec 99 Apr
*3038 3012 274 313, 2612 283, 263, 28
2712 28% 132,100 United Aircraft & Tran_No par 2078June 3 38% Mar 26
Preferred
50 46 Jan 2 6038June 30 4134 Dec 7734 Apr
900
30
3034 57/
571 5814
1
4 5812 5712 581
/
4 *5734 58
United Am Booth Corp No par 10 May 28 2712 Mar 2 154 Dec 54% Feb
1315
16
*15
16 *141 15
*14
15
1314
17
3413 35/
No par 31 June 2 4134 Mar 26
600 United Biscuit
8213 Dec 5838 May
*3558 39
1
4 *3412 3772 *3412 39 *3412 387
Preferred
100 1134 Feb 2 122 Mar 23 115 Oct 142 May
130
119 1194 11912 11912 411194 120 *11912 120 *11912 120
No Par 13 June 2 2834 Feb 11
2,900 United Carbon
16
1612 1512 17
15 4 154 15
16
16
14/
1
4 Dec 84 Apr
15
53
45
47
712 Apr 9
4 Jan 2
512
5
538
4% 5
5
4,800 United Cigar Storee......No par
314 Dec
5
812 June
Preferred
100 5218May 29 476 Apr 10
100
26 Jan 88 June
*60 66
6014 8014 *8014 6534 *60
6534 *5812 6512
No par 11318 Jan 2 3114 Mar 19
2414 2434 23
25
22 1 233, 2218 2314 2258 2338 268,200 United Corp
1378 Dec 52 Apr
No par 44% Jan 2 524 Mar 26 ‘312 Dec 534 Apr
Preferred
504 50% 5012 5078 5012 5038 5014 50/
1
4 5014 50/
1
4 12,300
8 Jan 2 12 Feb 27
700 United Electric/ Coal.__No Par
24 Dec 19% Feb
54 54
54 514 *5141 612 *538 612 *512 612
No par 4814June 21 07114 Fob 27 404 Dec 105 Jan
1
4 59 1 5612 58
5614 5712 577 5814 4,200 United Fruit
57 5712 56/
2538Jwae 2 374 Mar 17
244 Dee 4938 May
2912 3114 28% 30
2914 293, 2938 30 29,800 United Gas & Improve_No pa
3012 307
No par 9812 Jan 30 10534May 18
Preferred
07 Jan 1003 Oct
300
10434 10434 10478 10478 *10438 10473
*104 10478 *10412 105
212July 3
United Paperboard
100
34 Jan 7
24 Dec 14 Mar
3 *____
3 *____
3
*218 3 1*---3 13---201a Dec 8278 AP'
2212 20
21
21
2112 20
234 2378. 22
2034 2,600 United Piece Dye Wks_No par 20 July 8 8184 Feb 19
51
4 June 9
93, Apr 9
54 518
514 512 4,200 United Stores el A____No par
4% Jan 1,172 June
434
558 534
512 6 1
Preferred clam A___ _No Dar 35 June 23 52 Apr 9 154 Jan AO% July
43 44
400
*4012 45 1 *4012 4478, 4(02 4012 *3712 42
1978 Aug 39 Mar
34 *3334 34
500 Universal Leaf Tobacco No par 28 Jan 2 4112 Apr 11
344 34181 3438 3438 3438 34.38 34
27 Dec 76 May
3014 3014 11130/
1
4 35 1 *304 37 *3012 37
20 Universal Pictures let pfd_100 24 May 11 42 Mar 21
33
33
114May 28
4 Feb 9
Universal Pipe & Itad„No Par
9 Apr
2 Dec
*178 2
*178 2
*178 24, 13178 24 •170) 2
20 20 June 3 374 Mar 26
1
4 Apr
3:8815 U. S. Pipe & Fdy 19111 Jan 88/
24
2534 2534; 2418 2534; 2378 24181 2312 2312 24
let preferred
No par 1714 Apr 29 2014 Mar 26
15% Jan 21 Mal
19 1 *18
1812 1812 1812
200
18/
1
4 18341 1318 4 19 I *18
712 912 e74 94 *8
U El Distrlb Corp
7 Dec 2038 Jan
678June 2 10 Mar 20
No par
9% *8
9
*8
9
Stock it .
4/
1
4 Apr
U S Kaaren
%Jane 8
134 Jan 7
100
14 Dee
*/
1
4 1
*4 1 1
*58 1 1
*58 1 I
*1
/
4 1
164 Dec 108 Apo
No par 1034May 27 304 Mar 24
1914 191
1814 19%, 41184 1914 *1818 1834
1912 21
800 US Freight
Exchange
6 June 1 1212 Feb 24
(1172 Dee 3278 Mat
700 U S& Foreign Seout-No par
9
9
84 812 *814 84, 814 814
8
8
8112 82 1 '
3814 8212, 8238 8238 *814 82
400
Preferred
83 83
No par 76 June 2 90 Feb 17 73 Dec 101 Mar
1 Closed
4012 394 4012 37/
*38
1
4 37341 38
900 U ll GYPeum
20 33 June 2 50 Mar 27
3814 *3758 384
'
•
57 Jan 2 1238 Apr 1
8 Dec 905e Mat
1138 1138 1112 1112. 1112 1112 11
500 US Hoff Mach Corp__-Ns Par
11
*104 12
Indepen
5012 Dec 139% Jan
9,500 0 S Industrial Alcohol_ No pox 2438June 19 Ws Feb 25
3114 3212 293r 3212 28% 30
31
2914 30
30
r
71
1:1
8
314 Doe 1512 Apr
338
Jan 2 1034 Mar 19
Leather
No
par
814
1,300
8
841
8
..1,'
814
8
8
8
7'2
deuce
,L
13 t 14 1 114 134, 12
•
514 Dec 26 Apr
Claes A
*12
14
1,700
7 Jan 2 1578 Mar 19
No par
1214 124 13
Prior preferred
400
*824 8312 84 a 84 a *8412 8512. *84
8512 84
84
100 624 Jan 7 8538May 5 644 Dec 94 June
DaY
28 Dec 754 Mar
17 1 18141 1514 1612, 16
16
1614 1678 3,900 U S Realty & Im pt----No par 1312June 1 864 Feb 28
18 1118
11 Oct 85 API
147, 141 147g 144 1512 9,300 United States Rubber__No par 101:June 2 2038 Mar 20
1538 164 1178 1634, 14
let preferred
3,200
25
1
4 2512. 2134 25
194 Dec 037e ADP
26
27 427% 2512 28 1 - 24/
100 17 June 2 3618 Mat 21
174 July 3612 Jan
900 T:1 S Smelting Ref & Min---50 1314June 3 2558Mar 10
*18/209341 171 1812: 1614 1634, 1612 1612 131612 18
Preferred
•I *4212 45 1 *41
42 *41
42
*4212. 45 *422 45:
40 Dec 5812 Jan
60 40 May 22 47 Apr 1
10234 10458 9858 10434 947 9834 9438 9678 9514 99 608.200 United States Steel Corp 100 8318June 2 152% Feb 26 13438 Dec 19834 Apr
Preferred
/
4 2,600
14118 14134, 1418 14178 14114 14138, 14114 14114 14138 1411
100 13612June 2 150 Mar 20 140 Jan 1614 Sept
500 U S Tobaeoo
70
8834 6834 70
7041 6934 69% 6978 697 *68
No par 6018 Jan 6 7178Mar 11 894 Dec 08 Feb
24.100 Utilles Pow & LS A.- No Par 194 Apr 27 31 Feb 28
1
4 2314 233
2352 24
2412 2478. 2318 2478; 23 1 23/
1914 Dec 45% Apr
3
4
3
3
4
12 Oct
1,700 Va4i300 Sales
2 Feb28
58May 29
34
74 Mar
34
7s
34 *34
No par
*34
72
20 *14
1212 Dee 69% Apr
Preferred
20
20 1 *14
201 '141 20 I *14
*14
100 14 May 19 28 Feb 16
3278 31% 3338 155,600 Vanadium Corp
4413 Nov 1434 Apr
347 3612 3158 37381 3038 3338, 31
No par 2318June 2 7634 Mar 25
11
/
4 Dee
814 Feb 20
300 Virginia-Caro Chera......No par
134 134i
134 134 *134 14
1 June 3
*134 1781
134 134
878 API
13
1311
13
9 Dec 3414 ADP
*1118 13 *114 13 ,1 *1114 13 *10
718June 4 17 Feb 19
6% Preferred
100
*63 86
7% Preferred
138134 6512. *6134 67 *8134 66
136134 66
100 5914June 10 7184 Jan 7 6712 Dec 8238 Apr
20 Virginia El& Pow of(6)No Pat 9814 Jan 2 109 May 12 100 Dec 10712 Ord
*10558 10618 '1061 10618. 10578 1057s, 105% 1051 *10512 10618
350 Vulcan Detinning
8618 Dec 156 Mar
100 3812.1une 1 7138 Feb 24
47 5238 24714 5138, 4714 4712, 4714 4712 4714 4$12
2334 2334 2,00() Waldorf System
21% Dec 3134 AP:
No par 21 Apr 29 2778 Feb 17
2514 2514 2412 213,1 24'1 24141 23% 24
1012 Dec 4238 Apr
600 Waiworth Co
6 June 1 15 Feb 18
No par
*834 7 1 812 6/
1
4
612 612, 834 634 *64 6%
16
64 Apr 29 2712 Mar 12
200 Ward Bakeries class A No var
*1414 16
1218 Dec 54 Mar
*15 I 167/ 15 4 15,1 '141 16 I *14
Clam B
4
438
8 Dec 15% AP
8% Jan 80
3 June 1
418 458 3,600
4 . 4
414 4141
4j 4
No Par
45 Dec 7718 Apr
46
Preferred
100
*4114 46
lila 24 Apr 29 5712 Jan 30
48 1 46 *401, 47' 3140 I 48 I *40
434May 19 20% Feb 17
914 Dec 804 Mar
7% 758 39.900 Warner Bros PictureeNo par
84 838
74 84
741 7/
1
41
714 734
1034May 22 6012 Jan 9 81 Dec 704 Mar
Preferred
No pa
300
18
*1778 2017
I
78 1771 111718 19 I 1718 1718 '17
7/
1
4 Feb 4
13:June 2
27 Apr
414 De
No pa
31:
200 Warner Quinlan
3
3
314 314 *3 j 3121 *3
312 *3
2838 Dec 6312 Apr
1
4 Feb 27
22
No Par 1412June 1 48/
2278 2578 22 1 23
2334 24
2214 2234 2338 3,800 Warren Bros new
30 June 3 4972 Feb 27 .104 Nov 56 Sept
Cony pref
No pa
31354 38
13354 3834, 111354 3834 *35/
1
4 38, *3516 38
224 Dec 43', May
22 July 1 32 Feb 20
132234 23
200 Warren Fdy &MI:ie....No Pa
24 I 132234 24 I 2238 22321 *2238 23
24
24 Dec
8 Feb 24
94 Mar
2 June 5
No pa
Webster Eleenlohr
312
*2
312 *3
341 132.1 312, *2
312 *2
17%May 28 2614 Mar 20 1958 Dec 2978 M:r
20
200 Weeaon 011 & Snowdrift No Pa
22
20
*2078 22 1 *2078 22121 203 2041 1320
5012 Jan 5912 Apr
51 June 2 5718 Feb 11
24318 8618 584 8614 8612 5812 1356
Preferred
No pa
5612 56
56
700
11714 11712, 11314 118 .1 11214 116 I 112 11434 116 11834 7,200 Western Union Telegraph_100 1618June 2 15034 Feb 24 1224 Dec 21938 Feb
8114 Dec 52 Feb
20 June 1 864 Feb 21
2,100 Weatingh'se Air Brake_No Pa
267 2678! 284 2612 26 I 2638 2534 2534 254 253
8818 Dec 20112 Apr
6638 6914 166,650 Westinghouse El & Mfg---50 5414June 18 1074 Feb 26
73
654 6812 6618 677
27012 7212 66% 991
let preferred
50 8718 Apr 30 1194 Feb 27 107118 Nov 19734 Apr
*97 101
120
95 4
9649 96 * 7 101
*99 101
1711 Dec 4872 Mar
Weston Elm Inatruml-No Par 15 June 2 28 Feb 21
*19
19
20 *18
19 98
2114 *20 I 21
O20
Claim A
No Par 3234June 11 8814 Jan 5 88 June 86 Jan
34
34 *32
34 *32
3132 '34 *32 I 34 *32
95 Dec 110 ADC
*9518 99
30 West Penn Klee class A-No Par 9514June 26 1054 Apr 22
96
96
*954 100 *954 984 *954 96
Preferred
100 10212July 1 112 Mar 27 102 Nov 113% Sept
150
105 103 *108 10812 106 4 10811 10612 1064 1064 107
Preferred (6)
100 92 June 3 103 Mar 19 9014 Dec 104 July
70
97
97
97
9878 9834 96% 9672, 9834 9634 *96
50 Weet Penn Power pref..---100 114 Jan 5 120 Feb 17 11913 Jan 11811 June
g11712 1174 *11712 118 1 11712 118 *118 11812 *118 11812
100 1034 Jan 2 11312July 10 10314 Dec 11113 Sept
50 8% preferred
..... 112 112 113 11312
4
4,
*1094 11014
20 Oct 50 Mat
600 West Dairy Prod Cl A_-No Par 1712June 2 4412 Feb 20
1
4 -2558 2512 2512 28
26
28 .1 25/
27
29 ,1 29
4% Jan 2 12% NIar 25
Class B
No par
44 Nov 244 Apt
734 838 v818 872 2,800
8
84
834 914
918 94
18 Dec 15911 Feb
900 Westvaco Chlorine ProdNo par 18 June 2 40 Mar 16
2634 2634 2478 2614, 23 2434 2334 2334 *234 2514
2% Jan 3
18June 15
Wextark Radio Storea_No par
78 Dec 21 Jan
---No par 1512June 3 26/4 Jan 12
21% Dec 43 Apr
18
18
500 White Motor
18 18 1 *1612 18
*184 19 1 1814 18141
4784
Mar
20
6
30/8
3918
32 Dec 5478 Mar
39
*38 40
200 White Rock Min Spring et'-50 3612June
*38
39 ,I 39
48
*39
5 Apr 6
212 Jan 3
White Sewing Machine-No Par
24 Dec 127S Mar
34 *254 312
312, *3
4,24 3121 *3 312. *3
6 Jan 5 1034 Apr 13
Preferred
No par
4 Dec 3978 Apr
712
8 1 *5
8
*5
77v *5
az , 778, *8
9% Mar 26
312June 3
200 Wilcox Oil & Gee
*5
6
No par
6
*5
64 Dec 21 Apr
• 8 I *512 612, *512 6
8 Mar 19
334June 2
44 414
5
8% Oct 11 Aft/
4% 14 3,900 Willye-Overland (The)
414 412; 44 414
414 412
Preferred
100 444 Jan 30 5614May 9
200
1346
80 *46
41512 Nov 85 Apr
80
*46121180 1 461 48
46
48
4 Feb 10
118June 1
Wilson & Co Inc
*14 2
No Par
1% Dec
*112 2
784 Mar
'
31341„,2 1 *134 2
*112 2
418June 1 1084 Feb 17
6
Class A
*5
6
*5
4% Nov 13 Mar
No Par
*441' 54 '54 6
*412 6
Preferred
100 21 May 25 BM Jan 12
85 Dee 8412 Mar
3314 3314 33. 3314 1,200
35 1,11133 1L35
35 *33
1332
10 We Jan 2 7258May 13 514 Dm 7ale Jan
1
4 6914 6714 68% 6734 6912 82,400 Woolworth (F W)Co
6818 717 1 66/
7038 71
100 3718June 1 106% Feb 24
47 Dec 169 Apt
534 gat 49
5638 ?4738 151% 4938 5138 5014 5238 48,500 Worthing P ,t M
Preferred A
82 *70
82
100 6612June 17 95 Mar 7 88 Jan 107 Apr
89 I *70 • 89 *70
*70 89 *70
8858Mar
Preferred
B
9
84
June
24
*60
65
65
100
63
1362
Dec 98 Mar
165
*60
L
70 *60 '.70
*60
Wright Aeronautical---No par
*144 21
9 June 3 27 Feb 25
*144 21
1012 Dec 5912 Mar
*1538 2012 *1538 • 21 _311418 421
7134 7214 7312 73/2 4,100 Wrigley(Wm)Jr(Del)-No par 8834 Jan 2 8038 Mar 4 65 Dee 80 July
7134 7312 :. 718 172
7312 74
*2312 24
500 Yale & Towne
25 21 May 28 80 Jan 23
*2312 25
25 Dec 77 Mkt
2418 124 2.24
2434 24
1324
538June 2 1518 Mar 20
832 8% 25,900 Yellow Truck & Coach el B.10
812 Nov 8234 tor
818 838
8 •, 834
83,- ' 972
94 934
42 June 4 76 Mar 19 50 Dee 105 Ape
7
Preferred
454
10
4518
100
Ir477
*4512
477
8
477
47
*4512
.46
.
46
19
1,000 Young Spring .5 WIre__No par 1412May 29 29 Feb 24
*187 19
19 Oct 67 Mar
187 ,187s - 1812 i1812 184 1812 19
*35
400 Youngetown Shen &'T _No par 3912June 2 78 Feb 28 894 Dee 182 An,
75
55
59 1 _ 49 ' 50 *47
*50
5512 *51
514 Feb 27
400 Zenith Radio Corp--N par
238 Jan 2
2 Dec 16% Jane
234 2% *258 2%
27
3
234 .2% :..*234. -. 2%
I
...Bid and aelecl:prlees: no.aalneon thie,:day. s Ex-dlvIden8. Y EX-righta.
Lyer share
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
257
Jan. 1 1909 tlie Eschange method of tugging bonds was elsanged and races are now "awl interest----essept for Nooses and defaulted bonds,
BONDS
X.'Y. STOCK EXCHANGE.
Week Ended July 10.
E.4
t4
4?.
Price
Friday
July 10.
Week's
Ranoe or
Last Sale.
Range
Since
Jan. 1.
U. S. Government.
Bid
Ask Low
mob No.
First Liberty Loan3aa % of 1032-47
is)10291, Sale 10213..1029a 101
Cony 4% of 1932-47
is)
102 June'31
Cony
% of 193247
JD 17-13i3-4,Sale 103104,10317n 99
20 cony 4 St% of 1932-47
is)102
1
Sale 102
102
Fourth Liberty LoanAO 104w., Sale 104214,104204, 449
434% of 1933-38
Conversion Is coupon
32
100 Sept'30
Trauma 434s
1947-1952 AO 1173-1.5.4-411-3-22
113134,113w.,
5
;
1944-1954 J D 1085.4, Sale 103114,108284, 86
Treasury 48
Treasury 334s
19473-1956 M S 1065.4.1063.4, 1061.4,10023i
4
Treasury 33.4s
1943-1947 .1 D 10127., 101.81 102254,10273n 109
Treasury 33'6 June 15 1940 1943 J D 1017.4, 101274: 102154,102754, 63
Registered
102104aune'31
1941-1943 M S 102274, Sale 102154,1027.n 80
Treasury 83.4s
Treasury 334s June 15A946-1949 D 1011.4. Sale 1013.2 10111., 235
Panama Canal Is
Q
M
101
1961
9835 Sept'30
State and City Securities.
NY C 334% Corp st_Nov 1954 61 N
92 Nov'30
Saa
1955 MN
9234 Apr'31
Is registered
1930 MN
10012 Apr'31
Cs registered
N
1955
9912 Jan'31
a% corporate stock
1957 MN
102 alay'31
N
43.4 corporate stock
1957
107 Apr'31
634% corporate stock _1957 MN
109 May'31
4% corporate stock
1953 SIN 10013
10012 Apr'31
4% corporate stock
1959 MN 10012
10012 Apr'31
% corporate, stock _ __ _1960 M
101
10034 alar'31
434% corporate stock __ _1971 J
10814 Nov'30
644% corporate stock __ _1963 MS
10614 Dec'30
43.4% corporate 'stock _ _1985 is)
10512 Dee'30
6 aa% corporate stock July 1967 J J
10718 Nov'30
New York State canal Imp 481981 J
101 June'30
dais
1963 SI S
112
Jan'31
Foreign Gant. & Municipals.
Agrie Mtge Bank sf6a
1947 F A 673j Sale 6734
8918 30
a:raking fund 6s A_ _Apr 15 1948 A 0 64
6734 68
69
16
Akershus (Dept) eat 5s
1983 SI N 9618 Sale 9618
961e
4
Antioquia (Dept) col 78 A 1945 J .7 61 Sale 6078
6212 26
Externalst7sserB
6212, 13
1945J J 62 Sale 60
External e 78 ser C
1945, 2 60
65
61.
16
63
Erternal s f 7s 8er D
1945J J 60% 61
4
62
60
External a t 7s let ser_
1957 A 0 50
5312 50
5
50
External see a 1 7s 2d ser_1957 A 0 50
52% 50
5412 11
External sue a I 7s 3d ser_1957 A 0 50
53% 52
C55
3
Antwerp (City) external 54_1958 J D 10034 102
10212
5
Argentine Govt Pub W11285_1960 A 0 8012 Sale 10034
9014 27
8612
Argentine Nation (Goat of)—
Sink fund Os of June 1925_1959 .1 D 8718 Sale 8618
9112 72
Extl e t Os ot Oct 1925...1959 A 0 8618 Sale 8714
9012 57
Sink fund Os series A
1957 M
8712 Sale 8614
9014 82
External Gs sedum B_ _Dee 1958 J D 8634 Sale 8634
33
90
Kati s t 68 of May 1928_1960 MN
8678 Sale 87
35
90
External 1, f 73.. (State Ity)_1960 lit $ 8612 Sale 8634
89% 49
Extl fai Saaltary Works_ _ _1961 F A 87 Sale 86
9012 23
Exti 611 pub wits(May'27)_196 I MN 8712 Sale 8612
90
60
Public Works eat! &34s-1962 F A
7912 Sale 7912
83
20
Argentine Treasury Is E__ _ _1043 M $ 8014 81
80 July'31
Au3tralia 30-yr 5s_July 15 19153 J 7014 Sale 69
117
71
External be of 1927_ _Sept 1957 M S 7014 Sale 6814
7078 86
External g 434s of 1928_1950 MN 64 Sale 04
6512 122
Austrian (Govt) 1 is
1943.3 D 10578 Sale 10512 10634 120
International a t 7s
191)7.3 J 86 Sale 8412
8812 34
attends (Free State)6 S45.._1945 FA
Belgium 25-yr ext1133.4s
194S1 SI S
Externals 173s
J
1955
External 30-year s t Ta_ _1955 is)
Stabilization loan is
1956 St N
Benton Norway)—
Eat!sink fund 5a_ _Oct 15 1949 A0
External sink fund 5s_ _ _1960 151 S
Berlin (Germany) 1 830-1950 AO
External sink fund 6a
1958 3D
Bogota (City) eat' S I 8s!945 AO
Bolivia (Republic of) 6:U80_1947 MN
External securities 78 (flat)'58 J J
External 5 1 713 (flag)
1969 MS
Bordeaux (City of) 15-yr 136_1934 MN
Brazil (U 9 of) external 85_ _1941 JD
Externals I 834s of 1938_1957 A0
Exti 5 f 03.5801 1927
1957 AO
73(Central Railway)
1952 is)
7358 (coffee occur) £(flat)1952 AO
Bremen (State of) exti 7s_ _ _1935 MS
Brisbane (City) a f Is
1957 MS
Sinking fund gold Is
1958 FA
20-years f 6s
1950 D
Budapest (City) extl s I 6a_ _1902 J D
Buenos Aires(City)6 Sas 2 B 1955Ii
External at Cs ser C-2_ _1980 AO
External Cf 6s ser C-3....,.1960 AO
Buenos Aires (Prov) ant i:1.1_1961
S
Eat' 5 1 6 Sas
1981 FA
Bulgaria (Kingdom) t 75 1967'3
Stalall'n s 1 734e Nov 15 '68
74
109
10414
114%
10834
7612 7614
Sale 10834
Sale 10334
Sale 11414
Sale 10834
112
45
45
9412
43
43
43
43
35
37
37
9614
67
1E75
7312
97
89
c6912
68
68
683s
67
85
104
98%
58
9818
9812
62
9812
02
62
9814
06
9833
9834
85
6618 9812
65
0344
60
92
88
69
E212 76
62
75
6934
48
1033410812
8412 9712
71
87%
10738 111
101% 105
11012 11618
10734 111
98
99
10
99
100
9
73
77
22
6434
69% 50
78
7912 14
3334
34
16
2112 2712 2578
28
10
23 Sale 23
2653 26
10534 106 10534 10614 42
7612 Sale 75
80
21
5814 Salo 5814
6312 194
5314 Sale 5312
6312 238
55
GO
5812
61
15
102 10378 10112 June'31
85318 Sale 87
94
27
571, 593 59
61% 10
58 Sale 58
59
2
7012 6218
84
63
2
71
70 Sale 6918
48
82
82
77
4
8512
85
77 June'31
78
_
78
80
77 June'31
6278 Sale 61
66% 49
64 Sale 04
6712 28
6412 Sale 6412
66
9
7612 Sale 7512
18
79
95 100
9412 100
88
91
57 :84
54
92
15
55
12% 38
11% 38%
103% 10614
49
92
33
7012
32
70
38
7612
99 105
85
99%
3958 7212
397, 69
4434 83
62
78
64
95
71) 9612
69
9314
4958 8312
4912 851g
60
77
69
85
99
9912
73
6434
78
Sale
Sale
Salo
Sale
Sale
Caldas Dept of(Colembla)734s'48'3 69 Sale 89
42
71
40
76
Canada(Domin of) 30-yr 48_1060 AO 0534 Sale 9512
94% 97
95% 105
Is
1952 MN 10714 Sale 10614
10714 58 10312 10814
{Hs
1930 FA 10234 Sale 10212 10318 89 100.53 10314
Carlsbad (City) s f Is
1954 ii ____ 10758 10612 107%
3 103 10912
Owes Val (Dept) Colom 734s '46 AO 63 Sale 68
44
11
70
7718
Central Aorta Bank (Germany)—
Farm Loan
t 78.Sept 15 1950 lit S 82 Sale 79
8714 48
95
76
Farm Ivan if 8s_July 15 1960
J 7114 Sale 6734
76
8814 84
119
Farm Loan a1 0s-Oct 15 1960 A 0 7114 Sale
66
4
8334
6912 191
Farm Loan 6e set A Apr 15 1938 A 0 79 Sale 673
78
8312 102
74% 88%
(Rep)—ext s 2 is
1942 M N
7012 Sale 7012
8412 24
07 100
External sinking fund 60_196(J A 0 55 Sale 54
6012 97
4812 86
External a t 08
1961 F A 55 Sale 54
62
49
86
48
Ry ref eat! s 1 Gs
1961 J J .55 Salo 55
6034 62
50
80
Eat' sinking fund 65
1981 M S 57 Sale 54
60
6034 110
87
Extl sinking fund Gs
1962 M S 59 Sale 57
62
51
86
86
Ext1 sinking fund 73s
1963 M N
5414 Sale 5414
6012 88
50
86
Chile Mtge lik 634e June 30 1957 J D
5312 Sale 5414
63
69
64
88
SI 6345 of 1928__June 30 1961 J D 63 Salo 60
66
54
29
90
Guar*.f Gs.
Apr 30 1961 A 0 5134 Salo 50
597 225
50
85
Guar /I ds
1082 M N
52 Sale 52
59
.50
85
72
Chilean Cons Munk)78
1960 AI S 57 Sale 5612
60
50
36
8812
Chinese (ilukuang Ry) 51_1951 J I) 2112 24
2112 June'31
14% 28
Christiania (Oslo) 30-yr s t 6s '54 M S 10118 103 10034 10234
0 100 10338
Cologue(CityGermany 634s 1950 M S 71 Sale 71
76
0912 8914
22
Colombia (Republic) 613._ _1961 J J 68 Sale 88
7212 95
42
78
Externals I Os of 192&_..1961 A 0 68 Sale 68
7212 134
4112 78
Colombia Nita Bank 6 Sas of 1047 A 0 5334 61
GI
81
4814 73
7
Sinking fund 7s of 1928 1946 MN 62
64
62
66
9
60
83
Sinking fund 75 of 1927_1947 F A 56
65
627
6334 15
50
7614
Copenhagen (City) 58
1952 .1 1) 101 Sale 10012 101
61
9612 101
25-yr g 4 Ms
1953 M N
9678 Sale 9612
9712 52
9314 9938
Cordoba (City) extl 5 t 75 1957 F A 6034 Salo 80
61
40
10
7.5
External S t 7.3.--Nov 15 1937 M N
70
85
70 June'31
55
92
Cordoba (Prow) Argentina 74 '42
6712 70
77
80
10
60
8814
Costa Elea (Repub) extl 75_1951 SIN 69 70 69
71
55
13
7914
Cuba (Republic) 5.1 of 1904_1944 M S 89 Sale 89
9412
0
89
98
External 5801 1914 set A _19441 F A
9634 96%
90% 10
96 100
External loan 43.4s set C._1949 F A 7412 SO I 7458
7458
2
73
54714
Cash sale.
a On the basis Of 35 to sterling.
a Option asie.
,3
Price
Friday
July 10.
Low
Iliob
BO
Ask
Cuba (Republic)(Cm:cast:eaSinking fund 534s Jan 15 1953• J 9412 Sale
101154,10221n
Public wks 53.45 June ao 1945 J O 6712 Sale
102 )02114.
4t10
031%, Cundlnamarca (Dept) Colombia _
ea',, 10
External a I 6 ais
1959 M
60 Sale
Czechoaloyakia (Rep of) 88_1951 AO 108 Sale
102244,1052n
Sinking fund 8e ser B
1952 AO 10734 Sale
Denmark 20-year eat,' 68_1942'.3 106 Sale
10011,, 1-143
1955• A 101 101%
; External g 534e
10533.4109w,,
External g 4 aaaApr 15 1962 AO 98% Sale
I0424,10772
. Deutche Bk Am part Ott 68_1932
$ 9512 Sale
10023,11032%, Dominican Rep Clan Ad 5345'42
S 87
90
10012.0.0310,1
let err 534s of 11)26_ _ _A940 A0 8718 90
0210..10212a
26 series sinking fund 534,1940 AO 89 Sale
101
1031.., Dresden (City) external 78_1945 MN 82 Sale
1012.4,10117., Dutch East Indies ext.' 1313_1947
'
3 10118 10134
40-yr external 68
MS 10134 Sale
30-yr external 53.4s
1953
962 MS 101% Sale
30-yr external .5344
1953 MN 102 Sale
9.E4-4 El Salvador (Republic) 8s_1948 2.3 10112 103
10012 10012 Estonia (Republic of) 7s— —1907 3, 6114 Sale
9912 Oa% Finland (Republic) extl 6s_1945 MS 85 Sale
102 102
External sinking fund 7,1_1950
S 92 Sale
2
1061k 107,
External sinking fund 6 As 1956 NI S 82 Sale
10712 109
External sinking fund 514s 1958 P A 8012 Sale
10012 10012 Finnish Mun Loan 6345 A 1954 AO 88 Sale
100 10012
External 8 Sas aeries B
1954 AO 86 Sale
10014 10034 Frankfort (City of) a 010_1953 MN
7118 Sale
French Republic ext 734s- 1941• D 125 Sale
External is of 1924_ _
1942 3D 118 Sale
15
47
44
77
45
7718
10938
10414
115
10912
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 10.
West's
Range or
Last Sale.
Low
9438
6618
59
108
10734
10614
101
9818
94
89
8778
89
82
101
10114
101,
4
1014
100
61
8414
92
86
80
85%
8414
7118
12412
118
g
503
Range
Since
Jan. 1.
Mob No. Low
95
69
55
126
61
52
7
108
4
10312
10614 23
10114
19
99
136
9612 913
89
1
887g
9
89
18
4
87
10114 13
10134 36
10134
3
102
6
9
10112
6112 41
6
8734
9212
8
88
6
82
34
86
3
5
86
71%
6
12512 90
118% 16
German Government International-35-yr 5 Moot 1930_1965 in 7238 Sale 6812
70 1899
German Republic extl 78_ ,._1949 A0 10012 Sale 9914
10058 770
Graz (Municipality) 8s- -.1954 NI. N 96
9712 96 July'31 __ _ _
Gt Brit & Ina(UK of) 534o_1937 FA 10812 Sale 10814
10834 95
FA
Registered
107 June'31
e4% fund loan £ opt 1960_1990 MN e9233 9433 59134
9434
5
eb% War Loan E opt 19241_1947 J D e9958 100 el00 June'31
Greater Prague (City) 7Sa8.1952 MN 105 Sale 104
105
3
Greek Government s I set 78 1964 MN C10358 Sale 101
6
e10333
Sinking fund seo 6s___- 1988 P A
87 Sale 84%
8734 26
194
956
Haiti (Republic) a f 68
2 AO 90
92
9038
90%
1
AO 8012 Sale 80
Hamburg (State) Ca
8112 19
Heidelberg(Germany)extl 734s'5)) J J 88
921e 88
88
1
Heisingfors(City) ext0 Sas_ _1980 AO 8818 Sale 8514
88% 22
Hungarian Munio Loan 71as 1945 J , 79 Sale 79
8134 14
Sept 1 1940 J J
External sf 75
72
7612 7814
7814
5
Hungarian Land M lust 734s '81 MN 801, 82
81
82
3
Sinking fund 73,45 sec B_1081 MN
80 Sale 80
80
7
Hungary (Kingd 01)517 3.4s.1944 P A
94
9734 9712
9812 43
Irish Free State eat) 51 5s___1960 MN 10512 Sale 10512 10718
7
Italy (Kingdom of) eat' 78_1951 J O 10018 Sale 100
10053 156
Italian Cred Consortium is A '37 MS 99
9934 99
6
99%
External see St 7s ser B _1947 MS 9512 Sale 95
9512 13
Italian Public Utility extl 75_1952 J J 93 Sale 9234
93% 27
Japanesealovt30-year a 634a 1054 FA 107 Sale 107
10758 171,
Eat' sinking fund 5 Sia - —96
1055
7 MN
9814 Sale 9614
9878 2251
Jugoslavia (State Mtge Bank)—
A0 79
Secured a I g is
7914 78%
79
71
Leipzig (Germany) a f 7s_ __ _1947 FA
85 Sale 85
85%
3
Lower AustrLs (Prov) 7340,1950 J O 9i)
90%
93
93
2
Lyons(City of) 15-year 80_1934 MN 10534 Sale 10534
108
28,
1
Marseilles(City of) 15-yr 68..1934 MN 10534 Sale 1053
106
23
Medellin (Colombia)(I Ad- —1954 3D 5112 54
54
56
10
alexlean Irrigat Aseang 4 30_1043
7 Mar'31
Mexico (US) ext1 50 01 1899 '45 Q J
26 Apr'30
Assenting 51, of 1899
1945
812 July'31
5
40
Assenting 55 large
11
Feb'31
12
Assenting 4s of 1904
612 June'31
7
10
Assenting 4s of 1910
_
634 June'31
8% 11
Assenting 48011910 large
712 June'31
6
61
Assenting is of 1910 emall
June'31
'fleas 66 of'13 assent(large)'33'.3
8%
812
8
818 Sale
Small_
818 Sale
8
858 10
Milan (City.Italy) sill C Sas 1952 AO 8814 Sale 8714
90
72
Minas Geraes (State) Brazil—
External s 18 ais _1958 MS 42
441 42
47
14
Est!sec 0 Sas aeriee A __1959 M $ 41
44
45
4734
9
Montevideo (City of) 7e___1952• D 77
85
75
SO
4
External St 6s ',erica A _ _ _A959 MN 65% 677 65 June'31
_
Netherlands 65 (flat yrices)_ _1972 M
105
1051s - - - - 105
3
New So Wales (State) eat' as 1957 FA
61 Sale 61
63
13
Apr 1958 AO 81 Sale 61
6134 14
Norway 20-year eat!65
1943 F A 106 Sale 106
10618 29
20-year external Gs
1944 F A 106 Sale 106
10612 44
30-year external es
1952 A 0 10314 Sale 10234 103
29
40-year a 57-as
1965
D 10358 Sale 10318
103% 39
External a f 5s___Niar 15 1903 M
10112 Sale 10118
57
10112
Municipal Bank extl sISs 1967 J D 100
__ -- 100
100
1
Municipal Batik eitl 0158.1970
D 10234 103 102%
10234
5
Nuremburg (City) m31813_1952 F A 66 Sale 66
69
18
Oslo(City) 30-years
_ _1956 M N 10234 Sale 10218
103
17
Sinking fund 5SasF
119163J D
A 10114 102 10114
10134
Panama (Rep) extl Sas_.
10318 104 10312 July'31
Eat's t 58 tier A afay 15 1963 M N
00 Sale 89
90
25
Pernambuco (State of) eat' 7,'47'M 13 38 Sale 3.,
40
30
Peru (Rep of) external 7a_ _1959 SI S 3658 39
3512
38
14
Nat Loan exit e f 13a let set 1960 J o 23 Sale 22
2414 49
Nat Loan extl a f 652d aer_1901 AO 23 Sale 22
2312 47
Poland (Rep Of) gold 68____1940 A0 70% Sale 6814
7012 30
Stabilization loan s I 7e-- _1947 AO 75% Sale 7312
7612 72
External sink tund c Is__ 1951) J J 8212 Sale 82
8334 32
Porto A iogre (City of) 88_....1961 J o 5812 60
64
1
64
Ext1 guar sink fund 7 ajs_ _1980 J .1
50 Sale 4534
50
30
Prussia (Free State) call Baas '61 SI S 74% Sale 7058
69
77
External St 65
1952 AO 7234 Sale 7112
142
76
Queensland (State)Intl Sf 75 1941 A0 8912 Sale 88
12
90
25-year external 6e
1947 P A
72
16
72 Sale 68
Rio Grande do Sul a:08 186-1946 A0 72 Sale 70
7
72
External slaking Bind 135_1908 ID 34 Sale 34
40
83
External s I 7s of 1920_- —1966 MN 45 Sale 38
47
7
External 517,munic loan_1987 ▪ 1) 36
5
4312
43
4312
Rio de Janeiro 25-years I 81-1946 AO 6612
9
6712
Sale 6612
External t 0 aas
1053 P A
46
50
4312 Sale 4312
Rome (City) WI 63.48
1952 AO 8812 Sale 83%
91
78
Rotterdam (City) eat! 65_1964 MN 106
10
-- 10512 106
Roumania(Monopollea) 78_19.59 FA
77
757 Sale 7512
8
Saarbruecken (City) fly
82
1953 J J 82
8212 82
Sao Paulo(City)518s_ _Mar 1952 MN
5
6614
85 Sale 65
Externals I 0;as of 1927_ _1957 MN 4512 Sale 4412
50
47
Ban Paulo (State) Intl S f 8s_1938
'
3 80% Sale 80,2
81
8
External sec 518s
'
3 65 Sale 8134
100
1950
66
External 81 75 Water L'n..1958 MS 6012 Sale 60
28
70
External a f 8,
4712 53
1968 J J 41 Salo 41
Secured a I 78
82
53
1940 AO 79 Salo 79
Santa Fe (Prov Arg Rep) 75_1942 MS 79
79
81
27
SO
Saxon State Mtge Inst 7s._1945 J
83 June'31
78
76
Sinking fund g S4s-_Dec 1916 J
7812 77 June'31
Seine. Dept of (France)ext175 '42 J J 107 Sale 107
10714 106
Serbs. Croats & Slovene., 8E1_1982
N 89 Sale 88
8934 10
External seo is set B
80
23
1982 MN 7812 Sale 7812
Sydney (City) sI 53.4s
5912 12
5658 Sale 5658
1955 FA
Silesia Gamy of) extl 7s
60
1958 is) 57 Sale 57
14
Sheehan Landowners Amin 83_1947 FA 6914 74
70
70%
9
SO1880118(City of) extl 68._ 1930 MN 10718 -- 10718
10714
7
AtTrIx (Prnvl external 76_1946 FA 8614 89
8614
8712
3
High
9012 99
5258 81
45
8912
105 111
10734 1104
1047s 10714
10014 102
933a 9978
94 10012
116
88
91
85
94
84
7912 90
1004 10212
101 102,
4
10044 10312
100,
4 102%
99 107
62
72
80
97
8612 99
801g 96
71% 8834
78
94
77% 9312
80
87
124 127
117 121%
63 84
9358 10512
9358 10112
105 10834
107 107
615% 94%
/9814 1011/
103 106
9518c1e338
82
gala
79
97
7878 92
8212 9812
80
9114
7412 9112
71
87%
77
95
7,112 94%
93 102
101% 10713
9270101
9214 100
85
94
97
78
102% 107,
s
91h 984
7644 8512
77% 95
89 100,4
10334 1061a
103% 10712
40
7.5
7
634
64
11
5
55
532
434
812
5,8
75%
.
121.
4
11,
4
10
11,4
1014
944
Mg
1314
91
2312 05
23% 63
92
50
45
8444
10312410614
391 6912
40
6812
10412410812
10444 1074
10114 103
1014
,1034
10015 162
9974 19214
10018 103
8012 8312
10012 10414
9912 10214
10012 10412
938
75
1612 87
25
al
15
6014
18% 40
63% 73
83
71
73
90
28
80
2112 71
8712
70
68
83
69
911
5014 8758
35
8812
21% 5514
29
65
27
64
44
87%
22
68
78
91%
103 108
7133 83
7912 SU
3912 93
25h 644
38
ti3
25
8414
25h 7012
2014 544
65
88
41
90
77
98
73 493h
10512 103
84
93
78
8412
40
76
53
6914
60
80
103 410814
3313 9512
New York Bond Record-Continued-Page Z
258
BOND.
N. Y. sTOCK EXCHANGE
Week Ended July 10.
H
Price
Friday
Ju2y 10.
eek's
Range or
Last Sale.
g
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 10.
e,
Price
Pridag
July 10.
Week's
Range OY
Last Sale.
:4'
BO
Ask Low
High No.
High
High No. Low
Ma
Ark I.4110
lf*reign Gest. & Municipals.
3 2
Chicago A East III let Oil..,_1934 A0 5018 9278 9
8 10418 107
39
312 May'31
Sweden external loan 548-1254 MN 10514 10512 10512 10514
_1951
58
102
CI
A
se
4
ts
)
5
er
Sale
MN
C
Ellilt:1
Ee
(
2
16
34
103
8
752
Sale
AG
17
0
7
37
4
10514
10514
106%
Switierland Govt esti 5ie..1946
gold
1982 MN 19513 10712 105 June'31
rokyo City 56 loan of 1913_1962 M S 8312 8412 8338 June'31
130
8812 9712 Chicago Great Wen let 413_1959 MS 68 Sale 6638
68
97,2 58
Exterrnal it She guar____1961 AO 9612 Sale 9618
1
4018 711
Chic Ind A Lonely ref 68__.1547 3.3
10513 10512 July'31
60
follma(Dept of) ext1 7s_ ___1947 MN 5934 6034 60
1
Apr'31
97 101)14
Refund1r344 gold 54
9938 101
196
40
7J J
9912 98 • 98
Trondhjem (City) let 5%8_1957 M N 99
91
Apr'31
91
Refunding 4$seriesseries
series C
1947 3.7 65
Upper Austria (Prov) 73____1945 J D 100 101 10018 July'31
let A gen 513
9
87
7 "0"
184
75 July'31
MN 6018 70
8914
Extern& I If 8 48 June 15 1957 3D 8914 9012 8914
lilt & gen Os err Is_ _May 1966 33 7714 Sale 7714
3
7714
92
91
9178
Uruguay Republic) oxt1 88_1946 FA 90
7
40
9 1"
8872 ettle Ind dr. Sou 50-yr 4
26
71
N 69% Sale 6758
-8
1956 .7.7 9412 ___ 95 June'31
External a f 6$
1960
11
71
673 67
N 62
5114 8838 Chic L It A East lilt 494e1969 J D 10038 ____ 1004 June'30
May 1 1984
ExtiefGa
1
8312
9338 1(k)18 Ch MA 51 1' gen 43 A_May 1989 J J 8312 Sale_ 83
99
99
Venetian Pray Mtge Bank 7e '52 AO 99 100
79
0
8814 31
84
Oct'30
81352
8 8
Regletered
Vienna (City of) era f 6e__1952 MN 8412 Sale 8412
@
42
Gen g 34s ver B
62
-7:458 72 June'31
May 1989 J J
Warraw (CRY) external 73_1958 FA 60 Sale 60
95 10114
9338
Gen 4138series C.
Yokohama (City) eat! 5s___1961 J D 10114 Sale 10013 10114 11
May 1989 J J 9338 Sale 9338
9312
Gen 4 iss aeries E_MaY 1989 J J 9338 Sale 9338
Gen 443series F_ _ _ _May 1989
Railroad
.▪1 95,2 9814 95 June'31
16 1024 105
104/8 Sale 10473 1047
664 244
Chic Milw St P A Pao Es_ _1975 FA 6334 Sale 6212
Ala Cl Sou let coos A Sc.._ _1943 J
9414 10
923 9134
Couv adj 58
2712 270
1943J D 9434 Sale 9434
lot cone 4a eer B
Janri 2006 AD 254 Sale 241.
8198 9214 Chic A No West gen g 348_1987 MN 7714 Sale 7512
7714 17
1946 A 0 887 9112 9134 June'31
Alb & Sued lot guar 34e
86
9014
894 9014 June'31
_
Registered
80
794 Mar'31
_1998 A 0 88
O F 70
AIN* & West 1st g gu
267
9912
9958 9918 July'31
99
8738 26
General 4e_
1942 M
Allog Val gen guar g 4e
1987 11 N 873 Sale 8612
8014
68
75 68 June'31
Stud 4e non-p Fed Inc tax'87 MN 87 Sale 87
87
3
Ann Arbor jut a Se____July 1995 Q -11 70
1
100
134
99
Gen 44e etpd Fed Me tax 1987 Si 94 10134 10214 0214 June'31
98
758 10
ASch Top & 8 Fe-Gen g 48-1995 A 0 9934 Sala 9934
Gen Is stpd Fed Inc tax1987 MN 10413
9812June'31
10638 June'31
Registered_
A 0
9912
4
9313 6912
054 July'30 _
Si N
Adlustment gold 4e__July 1995 Nov 9312 9713 0512
24
6
0714
98,2
131nrieg
ingfu
isterni deb So
Stamped
1933 MN 10124 foi 101 June'31
July 1995 MN 9714 Sale 96
9412 May'31
9318 9413
99 June'31
MN
MN 9118 95
Registered
9434 9714
974
5
15
-year
151
iegis:sell
10678
9
Cony gold 4r1 of 1009
11166.3 D 974 ____ 97
Ohs..1536
g 64
1935 WI 8 10938 Sale 106l
08
3
rot
9314 112
Cony 48 of 1905
D 98 Sale 98
May 2037 3D 93 Sale 92
'1955
9t
9
4 918114
let & ref the
83
116
Cony g 4e imam of 1910
May 2037 J D 8212 8378 82
i980i D 9414 9734 9414 Apr'31
129 111 12 122
let & ref 44s err C May 2037 J D 83 Sale 8212
116
8312 48
Cony deb 4344
D 1137 11558 114
1948
9314 98
Cony 454o aeries A __1940 51 N 79 Sale 774
0718 973 98 June'31
82
495
Rocky Mtu Div lot 48_ _1965 J
9878
95 10014
Traub-Con Short L let 48_1958 .1 J 9914 10012 9878
ill
393
0 102 106
1,
14
90
20
Pltall way gen 48 1988 .3 .1 8912 Sale
Cal-Arts let & ref 44e A_19132 M 6 10412 ____ 10458 1043
2 1035
994
11
Registered
10234 ____ 10312 Feb'31
10
97
3,
12
91
Jan'31
.• 1
A tl Kutatv & Nor let g 6s 1946.7
1
93
98
Refolding gold 46
9434 203
Ad& Chad AL 1st 4340A,_1944 J J 9634 99
1934 * 0 94 Sale 9314
1 10
103
045
4
82
812 19
9614 Apr'31
Registered
AO
1st 30-year Si aeries B
J J 103 104 103
89 Mar'31
Secured 414s swim A __1952 M S 8212 Sale 824
83
22
Adautic City let cone 48_ _1951 J
97z38
Cony if 4 aie
98
95
8112 231
A ti Coast Lliae 1st cone 4.e July 62 M S 9712 Sale 964
1960 MN 7978 Sale 79
Ch St L & N 0 548.June 15 1951 .71) 10318 ____ 0278 July'31
9212 Nlay'30
Rettletered
M
"iii" kW'
100 June'31
Registered
.723 100
General unified 434s
J D 9712 11013 10012 June'31
10
90
86
8512 May'31
9234
Gold 394s
L4rN coifgold 48 _.,Oct 1962 MN 90 Sale 894
June 151911 J D 825g 16
to
52
4514 19
9112 May'31
90
Memphis Div let g 41,_ _ _ _1051 30
19483 .3 45 Sale 4414
ALI & Dan let g se
41
3614 June'31
30
ILO
Cla St L & P 1st cons g 531932 AO 101T8
0178 Mar'31
2643
111483 .1 37
2
6012
60
6014
01 Feb'31
A0
All A lad 1st guar 48
1049 A 0 65
19
0%114
41
70
4
511 Chi
InceI11118,H,
75
T
6
tietA're
So
a East let Is. .11190 J O 75 Sale 75
Amide & NW let gu g 18
1941 .7 .1 104 10478 104 May'31
9878 27
65
2
Bait &Ohio letic de__ July 1948 A 0 9834 Sala 9838
Deo 1 11160 Ml) 6312 6812 65
027
8
9713 Chic Un Sta'nlet aol 44e A_1963 J J 10412 Sale 10378 10412 27
9712 June'31
9638 98
July 1948 Q
182
o
l,
stAIra
6
98 10138
s enetreices
i,
,
B
20-yeer cony 430
1963 3.7 106 l06 10614 10638
1933 M 8 101 Sale 10038 101
9934 Dec'30
_
8 105
105
4
3D 105 105,
M S
Registered
10034 127
let guar 64s settee C _12
8
9738 lQ4J.
Refund & gala 51) eerie* A 19115.7 0 i0534 Sale 10018
94
63
4• j 11538 116 11512 116
9912
905
June'31
907
8
Sale
8
91
103
Chic
A
28
994
'
3
Weal
D
Ind
con 48
1952
rtegistered
10712
8 104,8 11)9
let ref 534,writs A _1969 61 s 10514 Sale 1011a
10514
1
lot gold be
July 1948 A 0 10738 Sale 10714
034 Apr'31
10812 Sale 10838 10934 21 1054 11012 Choc Okla de Gulf eons 58_1952
N 10112
Ref A gen Oratorios C ___1995 J
9512 99
9718 50
9918 -_ 9918 May'31
Cin II & 2324 gold 494e__,1937 .8
P LE& W Va Sye ref 48_1941 MN 972 Sale 974
10334 53 1004 10513 0181L & C 1st g 45-Aug 2 1936 Q F 9918 ---- 9812 June'31
1960.7 .1 103 3.11e 103
8outhw Div let Se
13
84
83
567s
Reelaterod
Aug 2 1936•F 1)538____ 9818 Apr'31
Tui k Chi Div let ref 4eA_1969 J .1 833 Sale 33
9413
10114 63
Ml 11444 Cin Leh & Nor 1st eon gu 413_1942 MN 9412 9538 9412
Ref & gen 58 series D_20110 51 S 10114 Sale 100
105,
4 Sale lO534 10571 14
9134 129
Cln Union Term let 440_2020 .1
so 41/11
1960 F A 91 Sale 9012
Cony 4 ais
Apr'31
June'31
101-_
9814
1038
105
10312
105
103
Clearfield
J
J
A
J
Mali
60.._1943
1st
go 58__1943
Bangor A Aroostook let
9318
8813 9212 Cleve Cln Ch St L gen 48_1993 3D 9318 937
3
92
1
-8 9318
'1151.7 .1 905 93 _ 92
Con collie
71
Feb'31
_
-- 10 Feb'31
_
Gehend 54 mem B
1993'SD 101
Battle Crk A SUIT lot gu 83_1989 J
7
97
1
13
10,9
7
10412
1
1
10412
June'31
10412
115
100
loo
Ref
.7'
&inapt
I
.1
63 tier C
1935
Beech Creek lingo g 41/
100
Ref & inapt 5e
Jan'30
D
19363 J
19
96
43
1 '.7 10312 Sale 10312 10434 17
2d guars 5e_
9312 43
Ref & Rapt 4 he tier E---19773' 9338 Sale 9818
854 88
1951 A 0 8714 ____ 88 Mar'31
Beech (Irk ext let g 1194 e
10112 Jan'31:When Baled
Belvidere Del eons gu 3943_1943 J .1 8914 -"0£33
- WI, 08
Cairo Dly 1st gold 4s____1939 J J 9758 991_ 9814 June'31
1944 .3 D 9578 --_
Big Sandy let 42 guar
3
91,
1
9134
97
4
99
99%
23
923
4
Cha
W
0
Sale
10
&
117's
M
.73
S
10314
M
DB
,
C-1967
let g 4s1991
Soeton & Maine let 51 A
92 June'31
92
St L Div let coil tr g 48-1990 MN 86
17
9434 10314
1955 MN 998 998 9914 100
item 614 merles 2
Spr & Col Div 1st g 4a----1940 MS 9612 ____ 9534 Feb'31
9513 51
94% 9512
1961 A 0 9514 Sale 9434
ietg4seerJJ
0518 Apr'31
W W Val Div let g 48-__1940
81
J 965
85
Boeton & N Y Air Line let 43 1966 F A 8318 85 85 June'31
10414
98 June'31
1044 1-0514 10414
98
9814 COCA I gen cone g 6o____1934 J
98
Bruns A West Bat gu 411-1938 J
1
10118
10118
8_
10314
1
June'31
1015
Clev
0414
10314
AO
Lot
A
10/12
MS
10314
W
58._1937
lilt
con
g
Se__
1933
Roch
&
Pitts
gen
a
Buff
1
14
Cleve]& Mahon Val g 63____1938 J J 10134 1-02-12 10112 10112
81
72% 90
1957 MN 80 Sale 80
Consol 414e
___ 1004 May'31
102
13 100 10234 Ci & Mar lat gu g 4
N 101
Burl B.A Nor lot& coil &a_ 1934 A 0 102 Sale 102
Cleve & P gen gu 4%a ser 13_1
932
194
5 A0 10112 ____ 98 Dec'30
107
1 19
see
kriert lAi 3
09
5 1008
7;2
4 le
1962 A 0 10738 1033 107
Canada boo cons gu 63 A
1942 A0 924 ____ 87 Mar'29
16
Canadian Nat 4}4t-Sept 16 1954 61 S 10078 Sale 1008 1007
1942 .1 J 10018 ____ 10114 Nov'80
9714 10223
9113 ____ 0253 Jan'31
N
Seriee C 312e
1967.7 .1 101 Sale 10013 10118 40
30-year gold 448
1948
8618 May'26
Series D 34s
974 10212
1988.7 D 1004 Sale 10012 10138 22
Gold 44e
1950 P A
103
1-04 104 June'31
Gen 414e ser A
P
A
Guaranteed g 55--Jul7 19603 1 10614 Sale 10614 10634 55 104 1084
1977
10414 June'31
Guaranteed g as __Oct 1989 A 0 10638 Sale 10638 10038 23 10338 10814 Cleve Sher Lino let gu 4941L1961 AO 104
10614
5 104 10734 Chive Union Term lot 64s_1972 AG 11018 1-1-012 110 June'31
1979 F A 10618 10613 10614
Guaranteed g 58
10738
181 160 eerlee 38
13 1004 104
1273 A0 10711. Sale 10714
Guar gold 44,8 _ _Juno 161965)D 10258 Sale 10212 103
10314
1
islet guar 434e eerie. C 1977 A0 10312 10378 10314
5 11018 11312
Grenadian North deb 81 78-1940 J D 11234 Sale 11212 11234
9558 ____ 92 Apr'31
Coal River Ry let gu 4s
19463 J 11938 Sale 11914 11938 19 11512 121
1945 J
26-year s f deb 648
1013
8
10112
27
1013
Sale
31
Cole
102
MN
10318
1001s
10212
29
103%
& South ref A ext 440_1935
A 102
10-yr gold 4348......Feb 15 1935
8934 8624 July'31
87
8614 108
Gerd ra 4 4s am A
8458 8912
1980 M
Canadian Pao Ity 4% deb stock .1 J 8458 Sale 3453
10014 20
98 10112 Col A 11 V lot ext g 48
S 10012 101 100
1946 MB
1948 AO 9414 ____ 9514 June'31
Col kr 44e
u :3
110
614 JD
_ 90
P A
Col dr Tol let ext 48
J 10538 Sale 10434 1054 18 102 107
1944
6a equip tr riffs
so
19 10111 10612 Conn & Pasount Iffy let 48_1
Deo 1 1954 J D 1027 Sale 10214 103
1943
955 A 0
Coll tr g 6s
June'31
74
73
-7
5
975
8
98
Consol
Sale
9812
86
190
Ry
9814
non-cony 48
1954 .1 J
19803 J
Collateral tnist 443
Non-cony deb 4s
-- 9838 Oct'30
76 July'31
1965
J 733 75
Carbondale dr Shaw let g 48_1932 M
_ 7214 Apr'31
Nou-cony deb 4e
5514 6738 68 Mar'31.
1955 A0 7338
Cato Cent 1st eons g 46 ._1949i 7 98-5
7312
7312
j
j
733
8
_
10312
10312
10318
5
Non-conv debenture 48_1956
Cart/Clinch &0 let 30-yr5e_1938 J
40
25
'SD 40 Sale 3812
1
Cuba Nor Icy let 5 lie
79
-- 4 108
08
72 % 1:
10814
3 16
let & con g Os oar A Dec 16 '52 J D 108 108363
21)
65
65
64
.7.7
8038__
_92
Apr'31
91
92
Cuba
RR
let
50-year
94
5
2
he
g....21.9
te
1981.1
Cart & Ad let ou g
438
78
7318 Sale 734
7318
9
let ref 734s aeries A
78 May'31
79
1936 J
1948 J 13
Cent Branch U P let g 4e
7414 7102 July'31
181 lien A ref de ear B _1936 J O 69
10334 June'31
101 10334
Central of Gs let g 6e__Nov 1945 F A 152
9518
9518
1
Sale
94
1024
1945 M N 9518
Comm]gold 68
9714 37
Del & Hudson 151 & ref 48_1943 MN 9634 Sale 0G12
100 Feb'30
MN
Regtetered
30-year cony to
_ -8534 1-66
1935 AD 10412 107 106 June'31
-85 - 3534 June'31
Ref & gen 54e series 13--1959 A 0
105
195
12
10514
MN
105
3
15-year
9
634*
1937
70%
8
709538
.7
6
'Re A gen 6s &tides C__ ___1959 A 0 79 Sale 77
____ 100 Apr'31
D RR A Bridge let go a 4e.._1936 P A 98
8712 May'31
88
Chaff Div put money g 48_1951 .1 D 85
5
Sale
94
94
9412
66
•
J
Den
A
It
(I
1st
cowl
g
4e
1936
9314
June'31
102
J
J
9314
9338
Mack Nor Div let g 68_1946
96
96
Comm] gold 4 4s____ ._ 1936 J J 944 97
10212 Sept'30
Mid Ga & Itl DIY pur 13369 '47 JI J
6314
6434 85
10112 Apr'31
/0138 10.1-5; Den ARC West gen 66.Aug 1935 P A 6138 66
1945 .3 J 93
Mobile Div let g 44
7
7338
2
7
0
8
752
2
10
AO
721
8914
55
Her
de
Ref & islet
B_Apr 1978
8914 June'31
1961 J .1 89
Cent New Eng let gu e_
8212Apr'31
.• 1
9484 9914 Dos M & Ft D lot gu 4o
1936
94 15 9434 June'31
co116s 1937 M
Cent 1113 & B kg of Oa dCertlfleates
of
depoeit
8
1134
,
1
17
2
1
1
8
2
Itr
16
0
.
1133
8
1135
11312 ---5
Central of N gen gold 511-1987 J J
8218
r'30
1
572 _1_5_ 945 June'31'3
11258 July'31
10912 11412 Des Plaines Val lit gen 448_1947 M
11238 _
1987 Q
Registered
30
35 Apr'31
Del & Mao 1st lieu g do
9734 Jan'31
9712
19873
General 413..
38
25
40
Dec'30
3
43
971
Gold
9512
99
4s__1
12
1
9812 27
Cent Pao let ref gu 4 48-.1949 F A 97 4 gale
1024
10218
10212
4
Detroit River Tunnel 4
96
96 June'31
F A 9534
Registered
Dui Mietiabe A Nor gen 59 1941
J 10412 1-05-14 10418 Juue'31
13
97
97
Through Short L let gu 481964 A 0 9678
950'"4
993
., 10
1937 A 0 1033t Sale 10312 maly93
3314
998
6
74 Dui dr Iron Range let 64
.
7
10418 46
1980 F A 10334 Sale 103
Guaranteed g 58
47 June'31
50
Dul Sou Shore & All g 0.. _ _1937 J J 46
_ _ 111 June'31
109 111
Charleston A Say'll let 7e-1936 .1 .1 110
9718
- 10638 107
16 104% 10711 East Ity Minn Nor DB/ let 4e '43 A 0 9714
1939 MN 10612 gale
Chas & 0190 let con g 66
1
10
0
7
712 Ju7
0432 1-1-01f
'7
0
e 31
101 10312 East T Va & Ga Div lot 5o.._1958 MN 1104
_ _ 10314 Mar'31
1939 M N
Registered
58
43 Sale 10538 10534 26 1034 19678 Elgin Joliet & East let g 56_1941 MN
11/92 M S
General gold 440
103 fol 106 June'31
102 10238 El Palm & W lat Eas
2;4
2 ----10238 May'31
M 8 102
Registered
10
1:
91
102
8812 10314 Erie 1st cony 48 prior
5I
1028 48
1
A(
.
)
.1
_1993 A 0
Ref & Inept 443
8
80
57
4 June
8
'
83112 _
Registered
9911 10254
Ref & Rapt 4348 ver B __1995 J J 10213 Sale 10218 10214 28
76
7:: S8
a9
le 7614
lot Conan! gen Ilen g 4ii_ __ _1006 .1 .3 8
7758 41
10158 10312
102 June'31
Craig Valley let 68....May 194113 J 1027
944 0538
68 Dec'30
_
Registered
1998) J
9514
2
J 9512 ___ 9514
Potts Creek Branch let 93_1946
1155 161 101 June'31
Penn cell trust gold 45 _1951 F
04
4
2
,2,
0314
4e10
5
974
9712
98
& A Div let con g 4e-1989 J J 97
7734 76 June'31
60-year cony.48 eerles A 1963 A 0 75
1989 J J 9312 ____ 933 June'31
20 oonwol gold is
76
7
104% 10434
1953 A 0 76 Sale 75
Warm Spring V let g 58-1941 M 81 10314 ____ 10434 May'31
Gen cony 48 series 13
1953 A 0
6
87
8% 10
73
1%
99,4 103
Cheep Corp cony 5s.May 15 '47 MN 9838 Sale 0738
Sale
---- 7
7
014
5
7
8
5
314
2
Ref
A
Rapt
8
7
5
1
5'
541
8
2
1967
M
N
69
218
1
5
694
69
69
0
A
Chic dr Alton RR ref g 38. _1949
17712__
8 Sale
Ref & Rapt 5e of 1930_ 1976 A 0 17
6518 70
rt/ dep stpd Apr 1 1931 kit....... 654 ____ 6518 June'31
7
12
812 June
Edo A Jersey 1819 165
8
'
13141 235_
7954 7914
1963_
79% ____ 7934 June'31
Railicay fires lien 3
_ _ _1950
Genenee River let s f 6a 1957 J .3 11212 1-1-4 11212
11212 ---1
2
01)4
9112
onto Burl A 0-10 Div 345_1949 J J 9138 92
9358 May'31
Erie A Pitts
g 34o ear B 1940 J J 9518
Jan'31
91
.1 .1
Registered
7 Aug'29
951
96
9891%
99211
__
85
Serial
C
34s
19403
.1
1304
13
10014
8
995
10034.
4
993
Minnie I/lab/ion 441
1949J
85
844 June'31
Fla Cent & Pea lift nous be '43 J J 80 8-9812 100
9934 115
9934 Sale 99
General 4.1
1958 PA
80
75
75
D 75
1
9 100 101 12 Florida Emit Coast let 448_1959
103%
let & ref 4 he err B
1077IF A 1037 Sale 102%
...• • --a 4. ...Ina A
aor.. a
Sqlq
.114
911.
2
21
1
t
1874M5
II()
ill
let & ref
series A
.1971 F A 11018
c Caen aide. •Optkou We.
.
L NDD
2
/tangs
Since
Jan. 1,
Low
Hihh
99 10113
30
60
1041s 108
58
6484
10478 110
100% 102%
91
9314
6778 90%
7238 100
9318 9(1
995 10111
7914 8738
69a 753.1
90
9613
884 9612
95 101
50
76
15
36
754 81
774 7912
8578 91
864 91
10218410312
106 1104
100
99
106
83
80
78
65
10234
1014
1001s
103
98
9073
93
86
1,16
91
91
854 9913
064 0812
75
96%
6512 9312
111278 10414
1610 101)
8513 8612
90
9113
101 10178
101 101
60
8858
51
77
10'2% 10516
104% 16614
10538 10612
11448 116%
8712 99
10038 1057s
101% 10313
93 100
98
9913
9813 9813
93
96
10284 106
9134 9514
1.12
97
10958 110
103% 105
1034 106
9614 101%
100 10154
9018
97
91
94
90 9312
9514 2634
115,3 9,314
10313 10438
10118 101%
101 10112
10012 101
92sa 921g
foi- 16510214 10413
10814 11114
1044 10913
10/12 10434
92
9618
99 10218
8523 97-4
92
0671
931s 9614
-6014
68
70
68%
3413
65
70
59
-7474
10
7254
75
47
704
804
7034
954 994
10011 116
1034 loolj
964 100
8914 99
9312 101
42
83
644 8534
8
8
s
-51 Is
-
7711;-2 1111-2
10441 104'e
1(12 104.
3612 601n
9834 974
10434 105
104 10712
10218 106%
8414 8934
8012 5713
70
794
0814 1014
6813 784
68
7012 7512
0513 114q
55
84
109 1134
1061A
93% 113%
141
93
6718 St)
31
17
II
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 10.
Prue
Friclas
July 10,
Week's
Ran: or
Last Sala.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 10.
t
259
Price
Friday
July 10.
Week's
Range or
Last Sale.
El;
Range
Since
Jan. 1.
BM
Ask Low
Mels No. Low
High
B81
445 Low
Ingls No Low
High
16
18
4
16
18
16
2811 Mid of NJ Let ext 59 _____ _ _1940 AO 81
8412 80 June'31
80
8714
95/
1
4 9712 9618 Aug'30
1411.5 Nor let ext 4 Ms(1880)1934 113 10138
_ 101 June'31
0712 10214
105
____ 10578 June'31
19578 10714
Cone ext 4 Ms(1884)
1934
D _
-91 97 June'31
97 100
10418 1048 10418 June'31
111312 10512 Mil Spar & NW let gu 44_ _ _1947 MS 5.58 96
9213
2
93
9214 95
10014 Mar'31
99/2 10034 5111w & State Line let 3 Ms _ _1941 .13
90
A pr'28
-9512 9714 97 June'31
0612 100
Minn A St Louis let cons 55_1934
N
1814 June'31
34
20
3918 50
3712
10
40
30
SO
1934
Ctfa of depoeit
5712
N
13
16 May'31
24
16 30
let & refunding gold 45_ _1949 MS
512
8 Sale
4
8
3
9
60
86
86
1
86
85
96
Ref A est 5G-yr 5e ser A _ 1962• F
8
814 8 May'31
8
8
Jan'31
73
73
73
Certificates of depoalt ______
____
834 10 Nov'30
10312 Apr'31
10312 100
M St P & SS M eon 6 48 mt g11
12 -7312 Ili%
79
7812
'
38 3,1 ____ 83
ini
_ 1011
/
4 June'31
093s 1011
1st eons 5a
/
4
4
1938 J J
60
71
70
74
70
8412
11212 gale 11214
113
16 11018 11314
1st coos 52 gu ae to int__ --1938 J J
7912 81
7
80
79/
1
4
7978 9412
10818 Sale 108
10814
7 10514 108/
10-year roll trust6 54s _ _ _1931 SI S 9878 9914 99
1
4
1
90 10612
99
48
__
96 Nov'30
let & ref descries A
go
8I
1946 3.1
Apr'31
81
68
11012 Salo 10978
11012 105 l08' 112
25-year5Sis
1049 M
_ 62
50 June'31
72
50
10912 May'31
109 110
let ref 5 He sex 11
1978 JJ iL14 89% 93 June'31
91
99/
1
4
9912 Sale 9834
9912 25
9834 102
let Chicago Term a f 4.s. _ -1941 St
9453 _ _ 95/
1
4 Dee'30
10818 Sale 108
10834 31 10734 111
103 Sale 10212 10314 04 101 8108
MiseiseiPPI Central lit 58-1949 3, 89
9418
88
97
9912 9312
9618 Sale 9534
96% 22
9514 100
tlo-Ill RR 1815e sec A
1959 J J 50 Sale 50
50
6
51
6514
9612 Sale 9558
9512 79
95
9934 Mo Kan & Tex 1st gold te
1990 ID 89% Sale 8838
8914 35
92
87
5018 75
6712 Apr'31
074 0712 Mo-K-T RR pr Oen Sc aor .A.1962 3 3 98% 100
24
9712
1
4
8218 103/
9512
734 16
712 June'31
7% 21
40-year 4e .Jerlee B
1962 J
84 Sale 834
77/
1
4
9
84
92
963
9538 Mar'31 _-__
9538 95/
1
4
Prior lien 4 Me eer D
1978 J J 8612 90
87 July'31
93
Si
8412
8-95
9612 997,
97 Mar'31 _-_Cum adjust 5s ser A_Jan 1987 AG 82 Sale 81.
9
82
6913 93
8312 89
83 June'31 _-_7918 92
610 Pac lat ref 5eser A-.1985 FA
8718 8934 88
80 100
8934 15
10178
1011
/
4 June'31 ____ 101%
MS 64% Sale 6334
3634 75
6512 151
1904
10312 1-65 10334
10412
8 MD, 10674
lot & ref 08 merles F
1977 MS 8714 Sale 8634
102
7612 9932
88
,
2
10012 Apr'31
10012 10013
let &ref g 55serG
1978 MN
87 Sale 8658
7812 99
8812 73
9714 993 9714
9714
9714 10114
Cone gold 5 Ms
1949 MN 81 Sale 79
81% 1871 60 101
10158 _
10158 June'31
100 10153
Ist ref g 58 eerlesH
1980 *0 87 Sale 87
53
881
76% 99
10212 1-0314 102 June'31
10014 103
1st & ref 58 ser I
1981 FA
8714 Sale 8612
7612 05/
8858 332
1
4
10114 May'31
1001a 10114 Mo Pae 34 78 ext at4% July 1938 MN
9512
_
97
May'31
9512
99
101 102" 10112 June'31
100 1011
/
4 Mob &Bit'prior den g bs
1945 J .)
_ 100 Mar'30
._
99 Sale 9812
9914 95
98 10214
Small
J
96
97
-95- 96,4 96 May'31
7878 Sale 78%
73
79
,
4 66
let M gold 48
7934
1945 31 88
_ _ 8914 June'31
85/
1
4 93
Small
J
8014
_ 87,2 June'31
80
79
Illinois Central let gold 45
1951'3 9434 _
9434 May'31
93%
96
Mobile & Ohio gen gold 4a _ __Bali PrO S
SO May'31
83
80
1st gold 3 As
1951'3 8018 -911
- 8518
1
83,s 8534
851
/
4
Montgomery Div 1st g 52_1947 FA --__ 96
9912 Apr'31
9012 KO
Reginezed
J
gm, se'.
8614 June'31
Ref & inapt 4 Ms
1977 St S 47 Sale 47
1
47
47
6958
Extended let gold 3Ms_ _1951 *0 -118T8 87
8512 May'31
8512 87
See 5% notee
1638 MS 55 Sale 55
15
55
35
let gold 38 sterling
90%
1951 M
70 Mar'30
Mob & Mal let
MS 9012 93
9038 June'31
38
9314
Collateral trust gold 45_1952 AO 8534 88
86 June'31
Ttia 9(8 Mont C let gu tlsgu gold 43-1901
1937 J i 108/
1
4 110 10878 June'31
9914 10914
lat refunding 48
19.55 MN 82 Sale 82
83
63
76's 93
Int guar gold ba
1937 J
104 Sale 104
104
1024 104
Purchased Erica 3%s
1952 Si 8318 8814 8434 June'31
RI) 8814 Morris& hkeex Ist gu 3M/3 2000 3D
_ 84
83%
6 8338 66
84
Collateral trust gold 4e_._1953 MN
7614 77
19
7538
73
76
9014
Constr M 588er A
1955 MN 107 Sale 107
16 106 108%
107
Refunding fal
1955 MN 9734 9912 98 June'31
9513 106
Constr M 4 Ms ear B
1955 MN 10034 10112 10012 101
7 10012 103
15-year secured 8 Ms g _ _ _1936
106 Sale 106
5 106 110
106
MI-year 4(s
kug 1 1966 PA 81 Sale 8034
7113 100
Nash Chatt& StL 4,98er A....1978 F A 94% 95
83% 34
9438
943
10
8
9112 AA
Cairo Bridge gold 48
1951) Jo 9014
_
90 June'31
90
93
1937 F A 104% _
N Fla & let inl Se
10418 June'31
10218 10415
Litchfield Div let gold 38_1951'3 7512
7612
2
7.513 7812 Nat Ry of Mel pr lien 4 Ma _ _1957 I J
7612
1834 July'2
Louley Div & Term a 334s 1953 .1 1
__
8312 June'31
8234 8514
July 1914 coupon OD
J
1234 July'2
_
Omaha Div let gold 38_ _ _1901 PA 82347112 773-4 7612
7512 713
2
Assent cash war rot No.4 on
7612
i" -112 278 June'31
2
434
St Louis Div & Term s 38_1051 J J
75
79
7518 June'31
7518 78
Guar 4s Apr'14 eoupon-1977 A
3 Mar'31
3
3
Go1(13 M5
1951 31 8114 83
84 June'31
8112 8314
Asaent cash war mt. No. Son
2
312 318 May'31
3,8 E
Springfield Div 136 8342-1951'3 _ _ 83
85
85 Feb'31
Nat
Met
Oct
85
'20
RR
or
3
Oen
43.4s
July'2
3512
Western Lines let g _ _ _1951 PA 92 Sale 92
7
Assent cash war rot No.4 on
8934 93
92
4
412 4 June'31
El Cent and Chic St 44L A N ()let consoles
1951
22 A pr'2
Joint let ref be series A. _1963 3D 88 Sale 88
6612 10214
89
70
cash
400
ret
Assent
No.
war
2
212 3 June'31
2
414
let& ret4
5eries C
D
1083
8234 8013
8012 10
96
79
Naugetuck 1111 1st g 4s
1954 MN
__ 86
Apr'31
/46
87
Ind Bloom & Went let est 45_1940 *0 94
911
/
4 911
981., 9138 Jan'31
/
4 New England ItR eons be_ _1945 J J 101
8610312 June'31
10312
9934 le313
had Ill& Iowa 1st g la
1950 3' 9612
9458 9712
95 June'31
_
()ousel
1945
J J
guar 48
91
92
91 July'31
93
88
250.5 Louisville let gU 4a--1956 J
7.514 8712 Feb31
8434 8812 N 3 June RR guar lst 4e. _ _ _1986 F A 85
9012 92 Mar'30
Ind Union Ry gen Isaac A __ _1965 J
10234 103 103
1
4 N O&N E let ref & Rept 443,1'52 .1 J 7618 85
103
5 10238 103/
7618 June'31
85
Gen& ref 68 aerie:ill
1965
J 10234 _ _
102/
1
4 June'31
10238 10412 New Orleans Term let 411._ .,11453 J
9034 Sale 9034
4
92
@FedFRASER