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SATURDAY,JULY 12 1930.

VOL. 131.

financial Chronicle
PUBLISHED WEEKLY

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WILLIAM B. DANA COMPANY, Publishers,
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Published every Saturday morning by WILLIAM B. DANA COMPANY:
president and Editor, Jacob Seibert: Business Manager, William D. Riggs.
Treas., William Dana Seibert;Sec., Herbert!). Seibert. Addresses of all,()Moe of Co.

Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
Into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City.
P. 0. Box 958, City Hall Station.

The Financial Situation.
No change in the trade and industrial situation
is yet observable. While there are many unfavorable factors, all telling of trade relapse in a very
severe form, the most troublesome and most disturbing feature, charged with unknown possibilities
of harm, is unquestionably the failure of agricultural products to respond to Government efforts at
price maintenance, particularly in the case of wheat
and cotton. Notwithstanding that the Federal
Farm Board, through its co-operative subsidiaries,
has the past season acquired enormous quantities of
both wheat and cotton, and is holding fast to the
stocks thus acquired, the market value of both commodities keeps steadily drifting lower, and it is
becoming increasingly apparent that Farm Board
policy, however well intended, has been no advantage
whatever either to the Western farmer or the Southern planter, if it has not been a positive detriment to
them both.
The present week there have been renewed declines in wheat, as in cotton, and it seems impossible
to stem the downward plunge of market values. On
the one hand, the resistless downward sweep is evi-




NO.3394.

dence that the Farm Board's efforts have proved
futile, while on the other hand the Farm Board is,
at the same time, being made painfully aware of the
fact that buying large quantities of any commodity
constitutes only one phase of the problem, the least
important one at that. Much the more serious. matter is what to do with purchased stuff. When the
Farm Board, through the co-operatives, buys either
wheat or cotton, it does not'buy to supply consumptive needs. It.buys for the purpose of resale. The
wheat and the cotton remain the same as before.
They have simply changed hands. Final lodgment
with the ultimate consumer is still to be attained.
And the job of disposing of the supplies is rendered
all the more difficult because of their concentration
under a single control; by reason of their magnitude
the task becomes appalling, besides which these
vast stocks have been piled up in full knowledge
of the whole world, which is only too well aware that
sooner or later they must find their way to market.
In the meantime, they hang as an incubus over the
market, with no chance of sustained recovery until
the incubus has been removed.
That is the problem that has to be wrestled with.
Meanwhile, trade prostration, so omnipresent at the
moment, is daily becoming intensified by reason of
that very fact. The present week both cotton and
wheat have touched even lower figures than in June.
The spot price of cotton in New York on Tuesday fell
to 13.15c., and after a recovery to 13.30c., Thursday,
yesterday dropped still lower, to 13.10c. Last mpnth
the low figure was 13.25c., reached June 24, and this
compared with 16.15c., the price at the opening of
June., The Agricultural Bureau's estimate of the
acreage planted in cotton appeared on June 8 and
showed, as did our own statement issued two weeks
ago, only a relatively small reduction from the area
planted last season.
Wheat also took a further downward plunge the
present week. It may be remembered that on June
25 the July option for wheat in Chicago touched
Ac.
873 a bushel, as against 1.0878 June 2, a decline
/
of over 21c., being the lowest figure reached since
1914-15. On Tuesday of the present week July
wheat, which had climbed back to 92c. July 2, tumbled to 86c., and after a recovery to 911 8c. July 9,
/
yesterday fell to 8578c.
/
The Agricultural Bureau report, issued after the
close of business on Thursday, pointed to a wheat
crop in this country in 1930 substantially the same
as that harvested last season. The winter wheat
yield is placed at 557,000,000 bushels this year
against 578,000,000 bushels last year, and the spring
wheat yield 250,000,000 bushels against 228,000,000c
bushels, making the combined yield for 1930
807,000,000 bushels against 806,000,000 bushels.
With such a large crop in prospect, and with the

156

FINANCIAL CHRONICLE

farm co-operatives holding 70,000,000 bushels or
more, and a vast quantity of other wheat held over,
there is of course only a slim chance of bringing
about any substantial recovery in prices.
But the foregoing does not reveal the real reason
for the special depression that has recently been developing in the agricultural markets. Members of
the Farm Board are disgruntled because the injunction to reduce acreage has not been heeded, and are
going through the country expressing themselves in
a very discouraging way. As an example, here is an
Associated Press dispatch from Amarillo, Texas,
which appeared in the New York "Evening Post"
last night under the sensational title of "Legge
Warns Farmers Wheat Buying Is Over": "Ending
a two-day campaign in Kansas expounding the Farm
Board's wheat acreage reduction program, Alexander Legge, Chairman of the Board, and Arthur M.
Hyde, Secretary of Agriculture,to-day brought their
proposals to the Texas Panhandle. Mr. Legge gave
notice the Farm Board would not buy more wheat.
He told his audience the Board was spending
$1,000,000 a month to carry more than 60,000,000
bushels of the 1929 surplus. He urged wheat raisers
to 'sit tight,' predicting if they did so the market
would improve 25c. a bushel. Secretary Hyde said
the farmer had the choice of cutting production or
continuing to suffer from large surpluses." In a
word, the farmer is now curtly told that he must
look out for himself. Is it strange, under these
circumstances, that the grain markets have now
reached the point of utter demoralization?
At this juncture come expression of views from
ex-PresideUtCalvin Coolidge. The New York"Herald
Tribune is publishing each day, under the fetching title "Calvin Coolidge Says," a short article prepared by Mr. Coolidge. Accordingly, the latter,
who had previously gained quite a reputation as a
disciple of silence, is now declaring himself on every
week-day morning on one of the topics of the day,
thereby forsaking his adherence to silence. On Tuesday he took for his topic the activities of the Farm
Board. With his usual attitude of caution Mr. Coolidge refrains from commiting himself on the subject, but indulges in some Delphic utterances, which,
however, are meaty and well put. "It would certainly be fair, and probably wise," says Mr. Coolidge,
"to defer judgment on the reported actions of the
Federal Farm Board 'until-the results are fully matured and they are in a position to reveal what they
have done and why they did it." Mr. Coolidge
thinks that "this Board is so well supplied with hardheaded business experience that they are entitled to
the presumption of having used the best judgment
possible in executing the law under existing conditions." Mr. Coolidge goes on to observe that "the
reported use of public money in the direct attempt
to steady the market may turn out to have been
justified." He follows, however, immediately with
the further remark that "it did not prevent a decline
in cotton and wheat, but it may have lessened it."
Mr. Coolidge is not afraid to say that "possibly it
will make a bad matter worse." Mr. Coolidge then
proceeds with the further observation that "buying
to steady the market with the expectation of a loss,
however, can scarcely be termed speculation, which
is trading with the expectation of a profit."
The most significant 'portion, however, of what
Mr. Coolidge says is contained in his closing remarks, as follows: "But there is one possibility that




[VOL. 131.

may turn out to be all important. If at the very
outset of its career the action of the Farm Board
demonstrates to the country that even the United
States Treasury cannot maintain a fixed price for
farm produce, while the lesson may be expensive, it
will be worth all it costs. We shall learn, through
experience, that that kind of farm relief will not
work." It will be noted that Mr. Coolidge here
contemplates the possibility of ultimate abandonment of the whole undertaking and expresses the
opinion that in that event the experience, though ex.
pensive, would be worth all it costs. In this Mr.Coolidge gives expression to precious words of wisdom.
As a matter of fact, if the Farm Board could be
authorized to dispose of the whole of its accumulated supplies by gift—say, giving the whole to
stricken China, where there are starving millions—
the whole world would be all the better for it, always
provided that further attempts at price regulation
should be abandoned, once and for all. The cost in
that contingency would well be worth incurring,
since it would mean starting afresh on a new and
correct basis, with the past and its errors behind us.
Left to themselves, the grain markets would resume
their natural, normal course, wholly free from mischievous efforts to regulate their course and allowed
to find their true levels in accord with the operation
of economic law. And this law, we may be sure,
would quickly supply its own corrective, if it
should turn out that crops were being produced in
excess of current needs. At the same time, trade
and industry, now so seriously depressed, additionally so by reason of the mistaken action of the Farm
Board, would immediately feel the quickening influence, and start on the road to recovery. As it is,
with the Farm Board's huge supplies of wheat and
cotton hanging over the market, no one can tell what
the outcome will be and when the end is to come.
That is really the gravest problem confronting the
country at the present time, namely, the involved
and complicated agricultural situation. Business
depression has reached such a depth that it would
seem it could not go much further without bringing
recovery in sight, though it would be a mistake to
count upon a revival Of activity on the great scale
prevailing before the collapse of last autumn, inasmuch as that activity was to an extent artificially
induced by the hectic conditions then prevailing on
the Stock Exchange. A slow recovery, we may be
sure, could be depended upon if it were not for the
threatening agricultural state of things. One favorable feature is already beginning to appear, and
that is improvement in the bond market. Within
the last two weeks the donand for bonds of the
higher grade has greatly increased, bringing with it
a gradual, even if small, appreciation in market
values of bonds. In the past this has always been a
good sign, and there appears to be no reason why
it should not be on the present occasion. With the
bond market stronger, the way will be paved for a
recovery in the stock market, too.
There have been some further adverse developments the present week, but they are really nothing
more than outcroppings of the existing depressed
conditions of things and which would quickly change
with the removal of the obstacles we have enumerated above, and which tend to restrict production
and consumption alike through the whole range of
commodities and manufactured articles of every description. Of the steel trade, the trade papers

JULY 12 1930.]

FINANCIAL CHRONICLE

157

/
merely tell us what we are all prepared to hear. interest rate of about 178% on an annual basis.
Thus "Steel," formerly bearing the name of the "Iron The lowest bid accepted was 99.660, equivalent to
Trade Review," tells us that a slight accumulation an interest rate of about 1.94%. This is the best
of orders has given mild impetus to those steel fin- price yet realized on any sale of Treasury bills on
ishing mills which had shut down entirely last week a discount basis. In the offering circular, partic—that otherwise the steel market situation con- ular attention was "invited to the fact that by the
tinues to drift. This publication adds that forecasts Act of Congress approved June 17 1930 Treasury
that demand, production and prices all are scraping bills were given on additional tax exemption feature.
bottom are numerous, but that "they emanate That Act provides that any gain from the sale or
chiefly outside the industry—that producers them- other disposition of Treasury bills issued after June
selves look for a slight rebound in the early fall, but 17 1930 shall be exempt from all taxation, except
until the railroads and the automotive industry estate or inheritance taxes, and that no loss from
again become vigorous consumers, with concurrent the sale or other disposition thereof shall be allowed
activity in affected lines, there is no substantial basis as a deduction, or otherwise recognized, for the purfor noteworthy movement." In the copper trade, pose of any tax now or hereafter imposed by the
too, accounts are not altogether favorable. On United States or any of its possessions. AccordThursday the newspapers told us that copper was ingly, these Treasury bills are exempt, as to prinbeing offered in the domestic market by large pro- cipal and interest, and any gain from the sale or
ducers at 11 c. a pound, equaling the recent low other disposition thereof will also be exempt from
/
1
2
price for the year. Some custom smelters had been all taxation, except estate or inheritance taxes."
Endowed with this additional advantage, it was
selling at that level for several days, it was stated,
while large producers were holding out for 12c. It natural that a better price should be realized than
was considered likely that custom smelters, to sell at any preceding sale. The tenders altogether aggretheir intake, would drop their price to 11c., or lower. gated $328,968,000, and of these $50,920,000 were acCopper for foreign shipment, which had been selling cepted. This was the fifth offering of these bills.
/ above domestic parity, was expected to be re- Previous offerings, however, were 90-day bills. The
1
2
c.
duced to 11.80c. from 12.30c., to induce European present offering, as already stated, was of bills runbuying again.
ning for only 60 days. At the May offering of
Prime Western zinc, it was reported on Thursday, $100,000,000 90-day bills the average price realized
was now quoted nominally at 4.10c. a pound at East was 99.356, or a discount basis of 2.54%.
St. Louis, and this was the lowest price, it was
stated, in over 20 years. It compared with the high
Brokers' loans this week show no great change
for 1930 at 5.45c., and the high for 1929 at 6.80c. as far as the grand aggregate of the loans under the
Automobile production, of course, continues on a different headings is concerned. This total the
low scale. The National Automobile Chamber of present week (July 9) is $3,203,000,000 as against
Commerce estimates that during June the present $3,219,000,000 last week (July 2). In other words,
year 343,000 cars and trucks were turned out in the on top of the heavy decreases in previous weeks,
United States and Canada against 567,424 in June there was a further decrease the present week of
last year. Another development of the week has *16,000,000. This follows $197,000,000 decrease last
been the action of the mail order concerns in an- week,$371,000,000 decrease the previous week,$211,nouncing sweeping price reductions in their new 000,000 decrease the week preceding, and $103,autumn and winter catalogues now to be issued. 000,000 decrease in the week before that, giving altoMontgomery Ward & Co. announced immediate dras- gether a contraction for the five weeks in amount
tic cuts in the company's retail stores to the lowest of no less than $898,000,000, which testifies strongly
levels in many years; not only that, but with a view to the liquidation which has been in progress on
to stimulating sales during the ordinary dull retail. the Stock Exchange. In one particular the figures
months of July and August the company has begun for the latest week differ sharply from those of premailing 10,000,000 circulars to customers giving de- vious weeks. In these previous weeks the loans made
tails of a time payment plan beginning immediately by the reporting member banks in New York City
and continuing until Sept. 15. The company will sell for their own account steadily and heavily increased,
any merchandise shown in its catalogues or retail while the loans for outside lenders as steadily destores, except groceries, on the easy payment plan, creased. The present week the comparisons are
provided the order totals $25 or more. At the same again reversed, and lending on behalf of outsiders
time, news came that Sears, Roebuck & Co.'s new has increased, while loaning on own account was
fall and winter catalogue will be mailed shortly and heavily diminished. In other words, loans for own
shows average price cuts of about 10%, and that account the present week are down to $1,563,000,000
many of the reductions run as high at 25%. But from $1,710,000,000 last week, while loans for acall this is in the line of what was to be expected.
count of out-of-town banks are up from $654,000,000
to $760,000,000, and loans "for account of others"
The Secretary of the United States Treasury gave from $856,000,000 to $880,000,000.
public notice on Monday, July 7, of the offering of
The Federal Reserve Banks in their own returns
another $50,000,000, "or thereabouts," of Treasury show only relatively slight changes, all in the direcbills, to be sold on a discount basis. Tenders for tion of a diminished use of Reserve credit. Member
these bills, which have a maturity of only 60 days, bank borrowing, as represented by the discount holdbeing dated July 14 1930, and maturing on Sept. 15 ings, has fallen from $260,413,000 to $236,315,000;
1930 (whereas previous issues were 90-day bills), holdings of acceptances purchased in the open marwere received up to 2 o'clock p. m., Eastern Standard ket are also lower, at $148,945,000 against $157,time, on Thursday, July 10. The offering, it need 485,000, while holdings of United States Governhardly be said, proved entirely successful, the whole ment securities stand at $590,580,000 against $595,amount being disposed of at 99.672, equivalent to an 953,000. Altogether, the total of bill and security




158

FINANCIAL CHRONICLE

holdings aggregates $983,141,000 the present week
against $1,021,152,000 last week. Federal Reserve
notes in circulation have been reduced during the
week from $1,432,252,000 to $1,406,600,000. At the
same time, gold reserves have increased from
$2,993,409,000 to $3,018,131,000.

[Vol,. 131.

wheat area remaining for harvest of 38,490,000 acres
compares with 39,885,000 acres harvested last year.
In addition to the above, a total yield of 250,000,000
bushels of spring wheat is foretold, against 228,172,000 bushels of spring wheat harvested last year.
The July 1 condition of spring wheat is 74.7% of
normal, compared with 74.4% on July 1 1929 and
71.7% two years ago, when the harvest of spring
wheat was 336,203,000 bushels) Including both
winter and spring wheat the yield for this year is
now placed at 807,265,000 bushels and compares with
the actual harvest last year of 806,508,000 bushels.
The Department estimates that the stocks of wheat
remaining on farms on July 1 this year were 46,834,000 bushels, which was 5.8% of last year's production. This estimate clearly takes no account of
the immense quantity in storage held under the
direction of the National Farm Loan Board. Stocks
in farmers' hands on July 1 1929 held over from the
crop of 1928 were estimated by the Department a
year ago at 44,741,000 bushels, or 4.96% of the yield
of the preceding year, and at 23,555,000 bushels held
on July 1 1928 from the year before.

There is much that is favorable in the July report
of the Department of Agriculture on the grain crops,
issued at Washington on Thursday of this week. The
first estimate on corn is for a somewhat larger area
planted than for a number of years past,in part due,
it is stated, to the substitution of corn for cotton
acreage in the South. While the July 1 condition
of corn is only fairly satisfactory, it is higher than
in four of the five preceding years. Furthermore,
the indicated yield at this time is in excess of the
harvest of three of those same five years. With a
large acreage and exceptionally favorable weather
in July and August, particularly the latter month,
there is no telling what the yield of corn will be.
Winter wheat, too, improved considerably during
June, and much of the loss which that crop sustained in May was recovered during the past month.
The official estimate of cotton • acreage planted
The first estimate for the spring wheat crop of this
year shows a condition somewhat better for the open- this year, issued by the Government at Washington,
saltaat a& aitnpniaa
ing of the growing season.than in either of the two on Tuesday of this urPAIK,
preceding years, and an estimate of yield nearly as The area of 45,815,000 acres differs only slightly
large as that of last year. The report states that from that shown in our own compilation two weeks
there has also been an increase in acreage in oats, ago. The decline in the area planted for this ear's
rye, rice, beans, potatoes, sweet potatoes, tobacco, crop of cotton from the revised figures for 1929 is
and sugar beets, with a large gain for flaxseed and 2.7%. In four of the five years prior to 1930, or
broom corn. For one or two other crops, including with the exception of 1927, the cotton acreage excotton, there has been a decrease in area so that the ceeded that now indicated for this year, but the
combined acreage of the principal field crops is now figures for 1930 continue well up with the high
placed at 360,600,000 acres, and shows an increase of record of the four years mentioned. Production this
year will depend on the yield per acre, which may
less than 1% over the acreage last year.
The area planted to corn is indicated by the De- be as high as it was in 1925 and 1926. For the past
partment as 101,531,000 acres, compared with 98,- six years the average production has been high, and
333,000 acres planted last year. With the exception that of 1929 was by no means a poor one. Account
of 1928, the area this year is the largest since 1923. is yet to be taken of the area abandoned, which for
The July 1 condition of corn at 79.9% of normal the past 10 years has averaged 3.7%, the latter the
compares with 77.6% at the corresponding date a average ratio of decline from the official acreage
year ago. In 1925 the corn crop opened the season planted and that picked. The greatest reduction was
with a condition of 86.4% of normal, and prior to in 1925, one of the years of a bumper crop, but the
1924,for a number of years, the July 1 condition was loss in that year was only a small fraction above
well in the eighties, in 1921 being exceptionally high the 10-year average.
Several of the States of heavy production have
at 91.1%. Those were the days when production for
several years was in excess of 3,000,000,000 bushels. moderately reduced their acreage this year. For
The estimated yield for this year, based on the July 1 Texas, the Government report indicates an area of
condition, is now placed at 2,802,442,000 bushels. 17,500,000 acres, which is 729,000 acres less than
Last year the harvest was 2,614,000,000 bushels. A was planted last year. For Oklahoma, too, there is
certain substitution of corn acreage for cotton in a smaller area this year, amounting for that State
the South, and of corn for hay in the North is noted to 354,000 acres less than last year. Alabama shows
by the Department. Furthermore, in the Eastern a reduction of 75,000 acres; Louisiana, 64,000 acres;
corn belt States the July 1 condition this year was North Carolina, 192,000 acres, and South Carolina,
82.7%, compared with 74.9% a year ago, and in the 68,000 acres, while for Georgia no change appears.
West 81.6% against 79.4% July 1 1929. Favorable On the other hand,for Arkansas the increased plantweather this year permitted earlier planting in most ing this year is indicated at 79,000 acres; for Missisof the leading States. Throughout most of the terri- sippi, 85,000 acres; for Tennessee, 80,000 acres, and
tory fields are clean and in good shape, and warm Missouri, 35,000 acres. For the States of small yield
there is a net decline, nearly all of which is credited
weather has promoted good growth.
wheat yield is now placed at 557,- to California.
The winter
719,000 bushels, a gain of 25,719,000 bushels over the
The stock market this week, after early weakness,
June 1 estimate this year, and comparing with last
year's harvest of 578,336,000 bushels. The July 1 gradually developed strength. The dealings, howcondition is placed at 73.8% of normal against ever, have been of meager proportions. The Stock
71.7% for June 1 this year and 75.9% on July 1 Exchange was closed on Saturday last, as it was on
1929 for the crop harvested in that year. Harvesting Friday, Independence Day. When business was
of winter wheat is now well under way. The winter resumed on Monday, after the three-day intermis-




JULY 12 1930.]

FINANCIAL CHRONICLE

sion, quite extensive selling orders were encountered, as usually happens after a long suspension
of trading, and these selling orders had the effect of
dragging prices down all around. Quite a number
of new low records for the year were established,
mainly in the case of inactive issues, with infrequent
dealings. On Tuesday the market yielded further at the
opening,with brokers very much discouraged as to the
course of values, with expectations of a permanently
better market as a result of last week's recovery almost completely shattered. In the afternoon of
Tuesday the market steadied itself. Beginning with
Wednesday it began slowly to creep up, though trade
developments were not in any way encouraging, and
both the grain market and cotton market continued
their downward course, which served to accentuate
the weakness noted on Monday and Tuesday. Some
encouragement was derived from the decision of the
Inter-State Commerce Commission allowing advances
in both Eastern class rates and Western trunk line
class rates, though the precise benefits to accrue
appeared difficult to calculate. Money rates, at
least in the call loan branch of the market were
somewhat stiffer on Monday, rising from 2% to 3%,
/%
but fell back to 21 2 on Tuesday and remained at
that figure the rest of the week until Friday, when,
after loans had been renewed at 21 2%, the rate on
/
new loans dropped to 2%. The following shows the
stocks which the present week touched new low figures for the year:
STOCKS MAKING NEW LOWS.
frRailroada—
Industrial & Miscell. (Concl.)—
Atlantic Coast Line
Insttranshares Corp.
Brunswick Terminal & Ry. Secs. International Salt new
Minn. St. Paul & S. S. Marie
International Silver
Nashv. Chattanooga & St. Louis Island Creek Coal
Peoria & Eastern
Johns
-Manville
-San Francisco
St. Louis
Karstadt (Rudolph)
Twin City Rapid Transit
Lehigh Portland Cement
Industrial and Miscellaneous—
Manati Sugar
Air Reduction
Mandell Bros.
Am. Brake Shoe & Foundry
National Belles Hess
American Locomotive
National Cash Register
American Seating
New York Air Brake
Austin Nichols
North American Co.
Barker Bros.
Pacific Mills
Butte & Superior Mining
Poor Jr Co. class B
Childs Co.
Porto Rican-Am. Tobacco cl. A new
City Stores
Prairie Oil ec Gas
Columbia Graphophone
Reis (Robert) & Co.
Debenham Secs.
Safeway Stores
Devoe & Reynolds class A
Sharon Steel Hoop
E.I. du Pont de Nemours
Simmons Co.
Firestone Tire & Rubber
Spencer Kellogg & Sons
General Am. Investors
Spiegel-May-Stern
General Am. Tank Car
Sterling Securities class A
General Cable
Timken Roller Bearing
General Outdoor Advertising
Truax Traer Coal
Gillette Safety Razor
United Elec, Coal
Glidden Co.
U. S. Express
Granite City Steel
U. S. Smelting. Ref. & Mining
Grigsby-Grunow
Webster Eisenlohr
Gulf States Steel
Wextark Radio Stores

The volume of trading continued light, though increasing somewhat on Thursday. The Stock Exchange was closed on Saturday last in continuation
of the Independence Day holiday on Friday. On
Monday the sales were 1,480,640 shares; on Tuesday,
1,554,710 shares; on Wednesday, 1,358,020 shares;
on Thursday, 2,167,050 shares, and on Friday,
1,525,570 shares. On the New York Curb Exchange
the sales on Monday were 426,800 shares; on Tuesday, 381,900 shares; on Wednesday, 390,500 shares;
on Thursday, 475,500 shares, and on Friday, 402,100
shares.
As compared with last week, Thursday, moderate
net gains appear, though interspersed with losses.
Fox Film A closed yesterday at 40% against 40% on
Thursday of last week; General Electric at 67%
against 67; Warner Bros. Pictures at 411 2 against
/
411 2; Elec. Power & Light at 671 2 ex-div. against
/
/
.671 2; United Corp. at 311 2 against 31%; Brooklyn
/
/




159

Union Gas at 126 against 126 bid; American Water
/
3
4
Works at 87 against 83%; North American at 92
14
against 94%;Pacific Gas & Elec. at 57 against 55/;
Standard Gas & Elec. at 90% against 90; Consolidated Gas of N. Y. at 107% against 106%; Columbia
58;
/
Gas & Elec. at 6314 against 62/ International Har/
/
vester at 801 8 against 8214; Sears, Roebuck & Co.
/
/
at 6514 against 6278; Montgomery Ward & Co. at
/
1
4
/
341 2 against 34%; Woolworth at 5618 against 57 ;
/
/
/
Safeway Stores at 7614 against 7958; Western
Union Telegraph at 165 against 162%; American
/
Tel. & Tel. at 208 against 207; Int. Tel. & Tel. at 4378
/
1
2
against 43%; American Can at 120 against 117 ;
/
United States Industrial Alcohol at 68 against 681 2;
/
/
4
Commercial Solvents at 223 against 221 2; Corn
/
/
3
4
Products at 92 against 9214; Shattuck & Co. at 36
against 37%, and Columbia Graphophone at 16%
,
against 171 4.
/
3
4
Allied Chemical & Dye closed yesterday at 258
ex-div. against 255 on Thursday of last week; Davison Chemical at 265/s against 27%; E. I. du Pont de
/
Nemours at 101% against 1001 8; National Cash
Register at 44 against 47; International Nickel at
/
/
1
4
/
241 2 against 241 2; A. M.Byers at 71 against 7178;
/
Simmons & Co. at 23 against 23%; Timken Roller
/
1
4
Bearing at 58 against 57%; Mack Trucks at 54
/
against 521 2; Yellow Truck & Coach at 26% against
/
1
4
/
3
4
25; Johns-Manville at 72 against 77 ; Gillette
/
3
4
Safety Razor at 671 2 against 63 ; National Dairy
/
Products at 501 2 against 49; National Bellas Hess
/
at 9 against 9%; Associated Dry Goods at 36%
/
/
1
4
ex-div. against 36 bid; Lambert Co. at 8218 against
/
3
4
8278; Texas Gulf Sulphur at 53% against 52 ,and
/
/
1
4
Kolster Radio at 278 against 3 .
/
The steel shares have kept even with the general
market, notwithstanding the further contraction in
the steel business. United States Steel closed yes/
/
3
4
terday at 157 against 15778 on Thursday of last
/
week; Bethlehem Steel at 811 2 against 79%, and Re/
.
/
public Iron & Steel at 421 2 ex-div. against 411 2
The motor stocks have also moved upward with the
general market. General Motors closed yesterday at
41% against 40% on Thursday of last week; Nash
/
Motors at 341 2 against 33%; Chrysler at 28 against
/
271 2; Auburn Auto at 1081 2 against 97; Packard
/
/
Motors at 13% against 1378; Hudson Motor Car at
/,
32 against 301 8 and Hupp Motors at 14% against
.
1378 The rubber stocks are also higher. Goodyear
/
Rubber & Tire closed yesterday at 60% against 57
on Thursday of last week; B. F. Goodrich at 25
against 25; United States Rubber at 21% against
/
.
211 2 and the preferred at 43% against 421 8
/,
The railroad stocks, after early weakness, have re-S.
sponded to the decision of the I. C. Commission
in favor of higher class rates. Pennsylvania RR.
/
closed yesterday at 751 2 against 74 on Thursday
/
1
4
/
of last week; New York Central at 1611 2 against
/
/
159; Erie RR. at 4278 against 391 2; Del. & Hudson
/
/
at 1571 2 bid against 152; Baltimore & Ohio at 10578
against 102 ; New Haven at 107 against 101; Union
/
1
4
Pacific at 218 against 207; Southern Pacific at 116
/
3
4
against 114%; Missouri-Kansas-Texas at 38%
/
3
4
against 35 ; Missouri Pacific at 68% against 60 ;
/
1
4
Southern Railway at 95 against 9218; St. Louis-San
/
/
Francisco at 911 2 bid against 88 ; Rock Island at
/
1
4
/
1031 2 bid against 98; Great Northern at 781 2 bid
/
against 79%, and Northern Pacific at 74
/
.
against 721 2
The oil shares have not failed to participate in
the general upward movement. Standard Oil of

160

FINANCIAL CHRONICLE

N. J. closed yesterday at 68% against 65 on Thursday of last week; Simms Petroleum at 22 bid against
21 ; Skelly Oil at 30 against 2914; Atlantic Re/
1
4
/
fining at 35% against 35 ; Texas Corp. at 51%
/
1
4
against 5118; Pan American B at 58 against 58 ;
/
/
1
4
Phillips Petroleum at 3212 against 32; Richfield Oil
/
/
1
4
at 18 against 1614; Standard Oil of N. Y. at 32
/
against 32, and Pure Oil at 21 against 20%.
The copper stocks have continued to lag behind
owing to the renewed weakness in the price of the
metal. Anaconda Copper closed yesterday at 48%
ex-div. against 50 on Thursday of last week; Kennecott Copper at 38 against 381 8; Calumet & Hecla
/
1
4
/
at 15 against 15 ; Andes Copper at 21% against
/
1
4
/
1
2
/
22/ Calumet & Arizona at 5414 against 5178;
12;
/
Granby Consolidated Copper at 21 against 2178;
/
/
1
2
American Smelting & Refining at 6218 ex-div.
/
against 5918 and U. S. Smelting & Refining at 17%
/,
%.
against 181
Stock exchanges in all the important European
financial centers showed some improvement this
week, notwithstanding considerable irregularity in
the earlier sessions. Trading was again in small
volume at London,Paris and Berlin, and the markets
thus gave the appearance of being largely professional affairs, with public interest almost entirely
lacking. Money remains extremely easy in these
large markets, while the possibility of still lower
rates is under discussion in London and Berlin.
London again lost some gold to the Continent this
week, and this, it is believed, will cause further postponement of the further discount rate reduction by
the Bank of England looked for by some. A more
imminent possibility, according to Berlin reports,
is a cut in the Reichsbank discount rate, as the
present level is materially higher than the open market money rates in the German center. Indications
of improvement in trade conditions are lacking as
yet in Britain and Germany, and the problem of unemployment remains acute in both countries. In
France depression is less pronounced, but straitened
circumstances prevail there also. European crop
reports remain fairly favorable, with some drought
reported in Central Europe.
Trading was started in cheerful fashion on the
London Stock Exchange Monday morning. British
funds were well supported, while British industrials
and home rails also registered gains. A little selling developed in these sections of the market later
in the day, and the advances were partially erased.
Cables & Wireless, Ltd., issues were weak on a company report which the market considered unfavorable. International issues were sluggish in the absence of any week-end indications from New York.
Further improvement in the gilt-edged list and in
home rails was recorded' Tuesday at London, but
industrial stocks followed an irregular course.
Cables & Wireless, Ltd., continued to drop, upsetting the market to some extent. Anglo--American
stocks were soft on reports of some new low prices
for the movement at New York. A turn for the better in international issues produced a cheerful tone
at London Wednesday. Gilt-edged securities lost
ground in this session, however, on an announced
sale of 011,421 in gold bars by the Bank of England.
Cables & Wireless issues fell further, but British
industrials were firm. A rather general advance
took place on the English market Thursday, with
the gilt-edged securities among the more buoyant




[Vol,. 131.

issues. British industrial stocks and the AngloAmerican issues also joined in the movement. The
volume of business also expanded somewhat in this
session, adding to the cheerfulness. Prices were
irregular on the London market yesterday, but
changes were small. Gilt-edged issues lost ground
on further gold exports.
The Paris Bourse was firm in the initial session
of the week, stocks rising most of the day, although
some selling appeared toward the close. The highest
figures of the day were not maintained, but gains
were general, with the most substantial advances
taking place in utilities issues, bank stocks, and
chemical shares. Business was of small scope, and
professional traders were said to have been responsible for the improvement. In Tuesday's session the Bourse relapsed into the inactivity that
has been so pronounced all this year. Prices dropped
again, and most of the gains of the previous day were
wiped out. The Paris market remained very quiet
Wednesday, but a firmer tone was apparent, and the
general tendency turned upward as the session progressed. Trading, however, was again limited to
professionals, a dispatch to the New York "Herald
Tribune" said. With transactions again small
Thursday, further gains were made on the Bourse,
and many stocks closed substantially higher. The
fact that the Parliamentary session is approaching
its end contributed to the better sentiment. Movements at Paris yesterday were irregular, but most
of the previous gains were maintained.
Sluggish trading and an erratic price tendency
marked the initial session of the week on the Berlin
Boerse. In the absence of week-end indications from
the New York market, the tendency was to await the
opening in London and New York before making
commitments. Turnover thus remained very small,
and prices, as a whole, moved slightly downward.
Unfavorable overnight reports from other markets
caused a weak opening in Berlin Tuesday, many
issues dropping three to five points. The looked for
selling orders from abroad did not materialize, however, and the market quickly turned upward and regained its earlier losses. The Boerse continued its
uncertain course Wednesday, but in this session
early gains were again lost in the later dealings.
Comparatively active business in senior securities
was reported, but the market otherwise was dull.
The demand for fixed-income securities showed further gains Thursday, but trading in equity issues
was again moderate. Buying predominated, however, and the list showed some substantial advances.
The German market was quiet yesterday, with the
trend uncertain.
Although debate on the London naval treaty of
1930 was continued this week in all the three countries chiefly concerned, the most active discussion
of the agreement naturally developed in Washington, where the United States Senate convened in a
special session called by President Hoover for the
sole purpose of securing early ratification. Mr. Hoover's proclamation of July 4 brought the Senate into
extra session last Monday with 58 Senators present.
This is nine more than a quorum, and the fears at
first entertained of the lack of a quorum thus proved
unjustified. Strenuous efforts by the Administration were necessary to secure this result, however,
as many Senators were admittedly anxious to leave
Washington for their homes after 19 months of

JULY 12 1930.]

FINANCIAL CHRONICLE

almost continuous sessions. Opponents of the naval
treaty in the Senate are not numerous, and no informed observer has yet suggested that the pact may
fail of ultimate ratification. Favorable action is
considered assured, but a group of Senators is
attempting, for their own political ends, to delay
ratification until after the November congressional
elections. The group that desires this delay is expected to employ obstructionist tactics in the hope
that additional members of the Senate will leave
Washington and thus leave that body without a
quorum and without the ability to act on the treaty
at this time. Administration supporters are, nevertheless, hopeful of securing ratification within a few
weeks.
The special session of the Senate was begun with
the reading of a message from the White House in
which President Hoover presented his views of the
treaty. This action was considered necessary by
the Executive, "because of misinformation and misrepresentation which have been widespread by those
who in reality are opposed to all limitation and reduction in naval arms." Mr. Hoover remarked in
his message that the same type of minds in Great
Britain and Japan are also in opposition to the
pact. The conviction was expressed, however, that
the overwhelming majority of the American people
are opposed to the conceptions of these groups, and
that the people believe military strength should aim
solely at national defense. The treaty was described
in the message as one that offers the necessary safeguards and at the same time advances the ideal
of world peace through the abolition of naval competition by agreement. "It is folly to think that
because we are the richest nation in the world we
can outbuild all other countries," the President said.
"Other nations will make any sacrifice to maintain
their instrument of defense against us, and we shall
eventually reap in their hostility and
the full
measure of their additional burden which we may
thus impose upon them. The very entry of the
United States into such courses as this would invite
the consolidation of the rest of the world against us
and bring our peace and independence into jeopardy." Most of the message, which is reprinted in
full in subsequent pages of this issue, was devoted
to a brief summary of recent negotiations for naval
limitation and a technical consideration of the significance of the present agreement. Mr. Hoover
stated in conclusion that the treaty marks an important step in disarmament and in world peace.
Urging that it be dealt with at once, he declared:
"If we fail now the world will be plunged backward from its progress toward peace." Immediately
after the reading of this message, opponents of
the
treaty offered a resolution calling upon the Adminis
tration to make public all documents bearing
on the
negotiation of the treaty. Debate on this resolution
occupied the Senate most of the current week.
In the British House of Commons Prime Ministe
r
Ramsay MacDonald was closely questioned Monday
regarding the scope of the legislation necessa
ry
under the terms of the treaty and the probable
time
of its introduction by the Government. The
treaty
itself does not require ratification at the hands
of
Parliament, as the Government in power possess
es
the right to enter upon international commitments.
Mr. MacDonald explained that the London treaty,
like the Washington treaty of 1922, prescribes certain restrictions as to the character of certain war-




161

ships which may be constructed within the jurisdiction of the high contracting parties, and in order to.
be effective these restrictions require statutory authority such as that given by Parliament in 1922 by
the Treaty of Washington Act. The legislation will
take the form, the Prime Minister added, of an
amendment to the Treaty of Washington Act. "I
cannot state precisely the date for the introduction
of this legislation," he said, "but it is hoped to pass
the bill throughout all its stages before the end of
the present session." Additional discussion was
caused by the publication Wednesday of Admiralty
estimates of naval expenditures in the current financial year for naval construction allowed Great
Britain under the terms of the treaty. The estimates apply, however, to construction previously
announced. Important naval circles in Japan continued to oppose the treaty this week, notwithstanding efforts by the Cabinet at a meeting Tuesday to
compose the differences existing in Tokio between
naval groups supporting the treaty and others that
are furthering a new defense plan. Ratification of
the treaty by the Privy Council is not considered
in doubt, however, as the agreement is strongly supported by public opinion and the press in Japan.
A summary of the present status of Franco-Italian
naval negotiations was given by Foreign Minister
Aristide Briand in the course of an exposition of
French international relations before the Foreign
Affairs Committee of the Chamber of Deputies
Thursday. Both France and Italy agreed to certain
limited provisions of the London naval treaty, and
assurances were given at the time of signature that
they would try to reach general agreement in subsequent negotiations. M. Briand counseled the committee to leave the matter in the hands of the French
and Italian Ambassadors until the ground could be
prepared again for direct naval conversations regarding a limitation agreement. "The French Ambassador at Rome and the Italian Ambassador here
are working to render possible a new advance later,"
M. Briand said. Referring to the recent speech of
Foreign Minister Dino Grandi at Rome suggesting
a naval holiday during the diplomatic conversations,
M. Briand said that since France was actually in
the midst of a naval holiday with no new construction planned before December, this could be ruled
out as a serious proposal. "France made a friendly
gesture to Italy," the French statesman continued,
"in not signing a four-power treaty, which she could
well have done except that she did not want to isolate Italy." Naval conversations were again started
at Geneva, he revealed, and were continued until
Premier Mussolini made his inflammatory speeche
s
at Milan and Florence, after which they were suspended in order to await a more cordial atmosphere.
Replies were made by several European governments this week to the proposal for discussion of a
European Federal Union as set forth in a French
memorandum of May 17 to the 26 other European
member States of the League of Nations. The proposal, sponsored by Foreign Minister Aristide
Briand of France, was viewed favorably in princip
le
by the governments of Spain, Holland and Italy, but
the reservations attached in every instance indicate
that general agreement along the lines laid down
by M. Briand is not an early probability. The idea
of a European federation, while not new, was first
broached officially by the French statesman,at a

162

FINANCIAL CHRONICLE

function in Geneva last September, arranged in connection with the meeting of the League of Nations
Assembly. Encouragement then received resulted
in the tentative arrangement at a subsequent meeting of the League of Nations Economic Commission
of a two-year tariff truce among European member
States of the League, but this arrangement has since
been denounced by important European countries
and it will not come into effect. Undeterred by the
failure of the initial attempt to give practical expression to the idea, M. Briand continued to foster
his idea. His memorandum of May 17 set forth
numerous suggestions regarding the formation of a
partly political and partly economic federation,
fashioned somewhat along the lines of the League
of Nations but subordinate to that organization.
Comments on the suggestions were requested by
July 15, in preparation for a further discussion
among the 27 European member States of the League
of Nations at Geneva next September, when the
Assembly meets again.
Of the replies so far received at the Quai d'Orsay,
much the most interest attaches to the Italian
communication. Relations between France and
Italy have been more than a little strained lately
by the bellicose speeches of Premier Mussolini and
the increased military expenditures of both countries. It was assumed in many quarters, in consequence, that the Rome Government would content
itself with a curt rejection of the French proposal.
Actually, however, the reply, published Monday,
promised the willing collaboration of Italy in the
discussion of the ambitious scheme. Added interest
was taken in the reply because of a preliminary discussion of M. Briand's proposal by Premier Mussolini contained in an interview printed by the 'Petit
Parisien" late last week. As a preliminary to any
European federation, Il Duce stressed the necessity
of a general revision of the peace treaties owing to
the dissatisfaction of some victorious nations with
the settlements arranged. "The nations which
emerged victorious from the war are not satisfied
with what victory has given them," Signor Mussolini said, "and before tranquillity is restored the
retouching of the pacts, which are at the base of
European relations, must take place." Some concern was expressed in Paris regarding these remarks,
which were viewed as placing the Italian Prime
Minister in the leadership of nations in Europe that
are discontented with the war settlements.
Although the formal Italian reply which followed
was favorable to discussion of the proposal, several
major reservations were contained in the 10-page
document, and as these bring up some of the fundamental differences between the French and Italian
viewpoints, much difficult and intricate discussion
is considered in store at Geneva next September.
Most important of the reservations, although it was
stated last by Foreign Minister Grandi, is one to
the effect that the union of Europe must be preceded by a solution of the problem of the general
reduction of armaments. In view of the failure of
France and Italy to agree on naval limitation at
London and of their mutual increases in military
expenditures, the tendency in Paris was to consider
this Italian reservation as slightly tinged with
irony. It was remarked in a Paris dispatch to the
New York "Herald Tribune" that this statement
alone, if strictly adhered to, would appear to push
M. Briand's project several years into the future,




[VoL. 131.

even as an initial experiment. A second Italian
reservation that is likely to produce difficulty requires that Soviet Russia and Turkey, the two European States which are not members of the League of
Nations, be invited to join the proposed federation
and participate in the first general conference on
the project. A radical Italian divergence from the
French suggestions was also contained in Foreign
Minister Grandi's views on the method of framing
the federation and in his demand that it should not
be similar to the League in its chief divisions. In
order to avoid the launching of rival economic systems in Europe, the Fascist Government considers
the federation "conceivable only as a union of all
the States of Europe, or at least all those States
whose economic and political power is a determinant
factor in the life of Europe." In the light of these
difficult stipulations, unofficial Paris considered the
Italian reply rather a thorny one, not calculated 0
smooth the discussion of the project. Some satisfaction was expressed, however, over the fact that Premier Mussolini did not simply reject the suggestion.
The reply of the Netherlands Government to M.
Briand's proposal was a warm endorsement of the
principle involved, but important reservations were
made in accordance with the free trade policy of
The Hague in the extensive Dutch colonial possessions. The only justification for any attempt at a
European union, the note set forth, would be its
contribution toward universal international comity.
Any union which might set one continent against
another would be worse than none, it was added,
and the Dutch Government declared flatly its inability to "collaborate in the institution of an international instrument of discrimination." Emphasis
was placed on the necessity for internal lowering
of European tariff barriers, and it was suggested
that the inauguration of this movement does not
necessarily have to wait upon political organization
of the federation. A Spanish note on the project,
really the first to be received at the Quai d'Orsay,
contained the official approval of the Madrid Government. The only Spanish reservation reported is
to the effect that the close relations of the country
with the Latin American Republics must not in
any way be jeopardized. Consideration of the project was given by the Ministries of all other invited
European States this week, and the full quota of replies is expected by July 15.
Proposals which will result in curtailment of
international trade were discussed in several countries this week, with at least one of the projects
consisting of a direct reprisal against the high
duties of the Hawiley-Smoot tariff, applied last
month in the United States. The Portuguese Government, according to a Lisbon dispatch to the
Associated Press, intends to issue a decree raising
the duties on American goods in proportion to the
higher rates affecting Portuguese exports in the
new American schedules. No official protest is contemplated, it was said, but the situation is to be
brought to the attention of the Lisbon Cabinet.
In France preparations were continued for an exhaustive survey of the position of French industrial
products under the new tariff schedules of the
Hawley-Smoot Act. When completed, this study
is expected to result in an official French protest
and a request for application of the flexible provisions of the Act. The sharp increases applied last

JULY 12 1930.]

FINANCIAL CHRONICLE

week by the Italian Government on automotive im•
ports into Italy were considered in a statement
issued by Secretary of Commerce Lamont in Washington. The Department of Commerce, Mr. Lamont
said, does not consider that the Italian action is
in the nature of a reprisal for the increased American duties, as it appears to constitute an effort to
conserve the automobile industry in Italy and relieve unemployment in that country. Of interest
are numerous protests made against the Italian
rates by representatives of the French automobile
industry. Restriction of sound-film imports into
Germany is proposed in a new program sponsored
by Dr. Joseph Wirth, Minister of the Interior, for
the purpose of "protecting the cultural interests of
Germany." Far-reaching increases in Australian
tariff schedules are proposed in a new budget which
Prime Minister Scullin placed before the legislature
in Canberra Wednesday. The increases are general
and are in addition to those previously announced
in the effort to overcome the economic depression in
Australia.
Defeat of the British Labor Government headed
by Prime Minister Ramsay MacDonald was averted
by the narrowest of margins Wednesday, when all
but four Liberal M. P.'s joined the Conservatives in
a division on an unimportant bill. The Laborites,
who came into office in June last year, have been
in a precarious position, as they were outnumbered
in the House of Commons by the combined Liberal
and Conservative members. They have been supported by the Liberals, however, on any important
divisions, while in a few instances where Liberal
support was in doubt, a sufficient number of Conservative members absented themselves to insure a
division favorable to the Labor Government. This
was in accordance with the general understanding
that the Labor Government would be granted at least
two years in office to try out its much-vaunted
ability to solve the unemployment and other problems. Of late, dissension has appeared within the
ranks of all three British political parties, and continuance of this understanding has become more
and more doubtful. Tlie party leaders, on the other
hand, are all anxious to avoid responsibility for
defeat of the Government, as this would require an
expensive general election only a year after the
last plebiscite.
In these circumstances the division that occurred
Wednesday was an interesting and extremely com,plicated affair. "As it turned out," a London report to the New York "Times" said, "it was as
much a crisis for the Liberal party, and, in a lesser
degree,for the Conservatives as for the Labor party."
The division came on a Liberal amendment to a
finance bill presented by Chancellor of the Exchequer Philip Snowden. This amendment would
have exempted from the income tax for a period of
three years expenditures for factory equipment in
excess of the average of the past five years. When
Mr. Snowden stigmatized the amendment as "wild
nonsense," the division followed. Apparently in
defiance of Mr. Stanley Baldwin's leadership, approximately 50 Conservative M. P.'s had hidden
away in a club across the way from the Houses of
Parliament, and when the bell rang for the division,
these "Young Conservatives" crowded into the Opposition lobby. Liberal adherents, with the exception of four members, also voted against the Govern-




163

ment in this instance, and the Labor Government
thus came perilously close to defeat by the announced vote of 278 for the Government and 275
against. A recount on Thursday indicated that the
vote was actually 277 to 275, so that the margin of
safety was only two votes. The development caused
much dissatisfaction among the Liberal members
with the leadership of Lloyd George, and it was indicated that an important and influential section of
the party will vote with the Labor Government for
some time hereafter in order to keep Labor in office
and avoid the general election that would follow
defeat.
Significant of the trend of British political
thought was the publication of a manifesto on July 4,
signed by leading figures in Britain's financial and
indhstrial world,favoring free trade for the Empire,
but immediate tariffs against other countries. One
of the outstanding signers was Reginald McKenna,
a Liberal and a former Chancellor of the Exchequer. The declaration against the traditional
free trade policy of Great Britain produced a considerable stir and changed the political situation
materially. Advocates of Empire free trade and
safeguarding duties otherwise were jubilant. The
effect on the Conservative party leaders was pronounced,as a resolution was introduced in the House
of Commons Monday'callingfor censure of the Labor
Government on the ground that it has "reversed the
policy of safeguarding, instead of extending it." In
some circles this action was viewed as a formal acceptance of the policy of high duties against nonEmpire goods by the Conservatives, but elsewhere it
was considered largely a political maneuver designed
to test sentiment.
Relations between France and Germany were
somewhat ruffled this week, notwithstanding the
improvement in European prospects occasioned by
the application of the Young plan and the consequent evacuation of the German Rhineland by
French troops on June 30. Germans in the Rhineland, immediately after the evacuation, took occasion to vent their wrath against persons who were
active in the Separatist movement fostered by the
French some years ago. Separatists with more pronounced French sympathies suffered some destruction of property. This development aroused a storm
of protest in some sections of the French press, which
declared that Germany had violated its pledge to
grant amnesty to Separatists in the evacuated
region. Foreign Minister Briand of France conferred in Paris with the German Ambassador, Dr.
van Hoesch, and is understood to have protested
against the demonstrations. France's Ambassador
to Berlin, Pierre Demargerie, visited the Wilhelmstrasse Monday in further protest against the antiSeparatist riots, a Berlin report to the New York
"Times" said.
The perturbation caused in Fiance by this development was paralleled in Germany by indefinite
postponement of negotiations 'between France and
Germany for early return of the Saar Valley to the
Reich. Discussions to this end were started months
ago by a special commission in Paris, but successive
delays were encountered owing to the difficulty of
arriving at a satisfactory adjustment of the compensation to France for coal mines in the area.
Official announcement of a deadlock in the negotiations was made in Paris, Monday, but it was indi-

164

FINANCIAL CHRONICLE

[Vol.. 131.

cated that the "serious divergencies which continue
to exist on certain questions" will be re-examined in
order to discover if resumption of the discussions
will be possible next autumn. It was indicated in a
Berlin dispatch to the New York "Times" that suspension of the negotiations provoked "uniform bitterness" in Germany, and the suspicion that France
is not anxious to bring about settlement of the issue.
One phase of the Rhineland evacuation that caused
comment this week was the publication in Moscow
of a telegram of congratulation on the freeing of
German territory sent by Acting Foreign Commissar
Litvinof to Dr. Julius Curtius, Foreign Minister of
the Berlin Government.

naval patrols. The gunboat Guam was on such duty
when the American seaman was killed by Chinese
rifle fire. Reports of the current week from Shanghai to the Associated Press indicate that attacks
of this kind are on the increase in the upper reaches
of the Yangtze, where steamers have been subjected
to showers of bullets from both banks of the river.
In the struggles of the Nanking Nationalist forces
against their circle of enemies they were reported
late last week to have won a decisive victory against
rebellious elements in the South, enabling them to
concentrate on the more direct fight waged on Nanking by the Northern Coalition. Government troops
are striving to recapture Tsinanfu in Shantung
Province, it is said, and drive the rebels across the
Comparatively quiet conditions have prevailed in Yellow River.
India in the last two weeks, pending the opening of
the Indian Legislative Assembly at Simla and the
The National Bank of Switzerland yesterday reexpected statement from the Viceroy, Lord Irwin, duced its discount
rate from 3% to 2 %. This fol/
1
2
on the Simon Commission report. The civil diso- lows a reduction on
April 3 from 3 % to 3%. The
/
1
2
bedience campaign of the Nationalists has been con- Imperial Bank of
India on Thursday reduced from
tinued, but with much less vigor than formerly, and 6% to 5%. Rates
remain at 5 % in Austria, Hun/
1
2
unfortunate developments have been few in number. gary, Italy, and
Spain; at 41 2% in Norway; at 4%
/
Some effect also was exercised by an appeal of King in Germany,
Denmark, and Ireland; at 31 2% in
/
George V in London, Tuesday, for a new and wider Sweden; at 3%
in England, Holland, Belgium, and
sympathy between the peoples of Great Britain and Switzerland,
and at 21 2% in France. In the London
/
India. The British monarch made the appeal at the open market
discounts for short bills yesterday were
opening of London's new India House on Aldwych, 2%% against
23 1
/ 6% on Friday of last week, and
just off the Strand. Lord Irwin's speech was de- 2%7 also for
0
/
long bills against 214% the previous
livered at Simla Wednesday before the Legislative Friday. Money
on call in London yesterday was
Assembly, and several important statements in the 13
4%. At Paris the open market rate continues at
address produced a moderating effect on Indian sen- 21 2%, and in
/
Switzerland at 2%.
timent. The Viceroy repeated his pledge of last November that dominion status would be "the natural
The Bank of Fngland statement for the week
completion of India's constitutional growth," and he
ended July 9 shows a loss of £642,554 in bullion
also declared the coming London round table conbringing the total down to £156,585,454 as comference would be free and unfettered to plan India's
pared with £155,711,707 a year ago. Circulation,
political future. Owing to the opposition aroused
increased £221,000 and reserves, therefore, fell off
in India by the Simon Commission report, this state£863,000. Public deposits decreased £2,406,000 and
ment was highly important. The Simon report was
other deposits £16,598,019. The latter includes
described by the Viceroy as a "weighty and conbankers accounts and other accounts which fell
structive contribution to a most difficult problem,"
off £14,772,431 and £1,828,588 respectively. The
but the London gathering will nevertheless approach
proportion of reserves to liabilities is 45.88% now,
its task "greatly assisted but with its liberty unimin comparison with 40.02 a week ago, and 41.93%
paired by the report." The civil disobedience camlast year. Loans on government securities increased
paign was sternly denounced and India was urged to
£5,050,000, whereas those on other securities dereturn to lawful methods of co-operation. The Govcreased £23,148,300. Other securkies consist of
ernment, Lord Irwin declared, would continue to
"discounts and advances" and "securities." The
resist to the utmost the Nationalist tactics of open
former showed a decrease of £23,651,256, while the
defiance. Such tactics, he warned, may some day
cripple an Indian Government of the future, such as latter rose £502,956. The discount rate remains at
3%. Below we give a comparison of the different
the Nationalists are now trying to create.
items for five years:
BANK OF ENGLAND'S COMPARATIVE
1930
.

STATEMENT.
Little change occurred this week in the positions
1929.
1928.
1927.
1926.
July 9.
July 10.
July 11.
July 13.
July 14.
of the military groups in China that are engaged in
'.0
Circulation
363,803,000 368,839.000 136,362,000 137,584,580 141,468,970
a struggle for political supremacy in the country. Public deposits
9,264,000 9,230,000 16,210,000 10,033,559 9,352.400
de o
Anti-foreign sentiment is visibly on the increase, Other105,769,921 102,527,832 104.703,000 100.424,862 114,011,892
Bankers asita
ccounts_ 69,532.815 65.360,123
however, and it resulted last Saturday in another Other accounts_ _ 36.237,106 37,167,709
of the unfortunate incidents that develop in every Govt. securities...... 54,125,547 43,291,855 30,629,000 48,916,982 38,925,328
Other securities
movement in China. An American seaman, Samuel Disct. & advances 26,176,439 39,649,422 50,588,000 46,362,296 72,876,165
6,265,564 16.182,431
Securities
Elkins, of Brooklyn, N. Y., was killed during an Reserve notes & coin 19.910,875 23,466.991
52.782,000 46,872,000 57,746,000 33,233,847 29,616,114
attack by Chinese bandits on the gunboat Guam at Coin and bullion__ _156,585,454 155,711,707 174,356,917 151,068,427 151,335,084
Proportion of reserve
the city of Yochow, 700 miles up the Yangtze River to liabilities
45.88%
41.93%
47.76%
30.09%
24%
3%
45%
555%
4
from Shanghai. It is understood that American Bank rate
5%
a On Nov. 29 1928 the fiduciary currency was amalgamated
with Bank of Engdiplomatic representatives will protest to the Na- land note Issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
tionalist Government against this and other instances of mistreatment of Americans in China.
The Bank of France in its statement for the
Firing on foreign vessels in the Yangtze is an every- week ended July 5
shows an increase in gold holdday occurrence, and for this reason vessels are ings of 118,093,491 francs, raising
the total of gold
usually convoyed by American, British or Japanese to 44,169,983,820 francs.
Gold holdings at the




JULY 12 1930.]

FINANCIAL CHRONICLE

corresponding date a year ago stood at 36,650,055,730
francs and the year before at 29,175,976,951 francs.
French commercial bills discounted underwent a
reduction of 617,000,000 francs during the week.
A gain of 3,000,000 francs is shown in bills bought
abroad while credit balances abroad remained unchanged. Note circulation expanded 666,000,000
francs, bringing the total of notes outstanding up
to 73,260,224,025 francs, as compared with 64,840,648,715 francs the same time last year. Advances against securities rose 144,000,000 francs,
while creditor current accounts declined 1,284,000,000 francs. Below we give a detailed comparative
statement for the past three years:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold holdings_ __ _Inc. 118,093,491
Credit bals. abr'd_ Unchanged
French commercial
bills discounted_Dee. 617,000.000
Bills bought abr'd_Inc. 3,000,000
Adv. Mt.secure_ _Inc. 144,000.000
Note circulation_ _Inc. 666,000.000
Cred. cur?. acets__Dec. 1254000000

COMPARATIVE STATEMENT.
Status as of
July 5 1930. July 6 1929. July 7 1928.
Francs.
Francs.
Francs.
44,169,983.820 36,650,055,730 29,175,976,951
6,904,285,279 7,304,755,436 15,920,276,401
5,539.628,798 7.679,559,675 2,188,000,000
18,700,038.260 18,441,377,006 12,694,000,000
2,836,874,879 2,524,757,064 1,961,000,000
73.260,224,025 64,840,648,715 60.295,000,000
14,074,268,144 17,996,633,745 6,609,000,000

165

Wednesday and Thursday, but in all these sessions
loans were reported in the unofficial "outside" market at 270. Renewals yesterday were again fixed
at 2 7, but money was freely offered and the rate
/0
1
2
0
for new loans dropped to 27 on the Stock Exchange,
while some deals were rumored in the outside market
at a very slight concession from this figure. Money
brokers here noted yesterday that the Swiss central
/0
1 .
2
0
bank reduced its 'discount rate from 37 to 2 7
This was accepted as an indication of the continued
downward trend of rates in international money
markets. Brokers' loans, as reported by the Federal Reserve Bank of New York for the week ended
Wednesday night,showed a reduction of $16,000,000.
Gold movements reported by the Bank for the same
period consisted of imports of $519,000. There were
no exports, but the stock of gold held ear-marked
for foreign account increased $3,000,000.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, on Monday, after
renewals had been effected at 27, the rate on new
0
loans advanced to 370. On Tuesday, Wednesday and
Thursday all loans were at 2 7, including re/0
1
2
newals. On Friday, after renewals had again been
/
1
2
put through at 2 70, there was a reduction in the
rate for new loans to 270. In time money the volume of transactions showed little improvement, the
market remaining dull and without noteworthy
movement. Rates remained unchanged until late on
Tuesday, when they slightly stiffened, and have
/
1
2
since been quoted at 2 @2%70 for 30 days, 2%@
0
37 for 60 and 90 days, 3@3%7 for four and five
0
2
months, and 3%@3y % for six months. Prime
commercial paper in the open market continued in
sharp demand, the inquiry coming to a large extent
from the Middle West. Rates remained unchanged
/
until Wednesday, when they were reduced 1 8%.
Rates now are 3@3%% for names of choice charac/(4)31 2
ter of four to six months maturity, and 31 4 /%
for other names.

The statement7of the German Reichsbank for the
first week of July shows a decrease in note circulation of 193,413,000 marks. The total of note
circulation now is 4,528,023,000 marks. The same
item in 1929 stood at 4,610,013,000 marks and the
year before at 4,426,661,000 marks. Other liabilities rose 4,391,000 marks, while other daily maturing
obligations declined 110,571,000 marks. The asset
side of the account reveals a considerable number of
decreases. Gold and bullion fell off 66,000 marks,
reducing the total of the item to 2,618,808,000 marks,
as compared with 1,994,459,000 marks last year and
2,105,378,000 marks in 1928. Reserve in foreign
currency contracted 33,617,000 marks, bills of exchange and checks 137,335,000 marks, silver and
other coin, 2,831,000 marks and other assets 3,517,000 marks. On the other hand, notes on other
German banks expanded 10,395,000 marks, advances
130,002,000 marks and investments 80,000 marks,
while the item of deposits abroad remains unchanged.
Prime bank acceptances were moderately active
A comparison of the various items for the past three this week, only a limited supply of paper being availyears is furnished below:
able on the shorter maturities. Long-term accommoREICHSBANK'S COMPARATIVE STATEMENT.
dation was in good supply, and as a result of the
Changes
July 7 1930. July 6 1929. July 7 1928.
abundant offerings rates were boosted on Wednesfor Week.
Assets—
Retchsmarks. Retchsmarks. Retchsmarks. Retchsmarks.
8
Gold and bullion
Dec.
66,000 2,618,808,000 1,994,459,000 2,105,378,000 day Y of 1% on five and six month maturities. The
Of which does.abed.
Unchanged 149,788,000
59,147,000
85,626.000 12 Reserve Banks reduced their holdings of acceptRes've in forn cum Dec. 33,617,000 325,217,000 368,928,000 239,549,000
Bills of exch. dr cheeks.Dec. 137,335,000 1,646,270,000 2,798,568,000 2,305,256,000 ances during the week from $157,485,000 to $148,Silver and other coin _ _Dec. 2,831,000 139,690,000 116,891,000
84,290,000
945,000. At the same time they reduced their holdNotes on oth.Ger.bks_Inc. 10,395.000
14,838.000
12,505,000
16,289,000
Advances
Inc. 130,002.000 315,831,000
79,852,000
27,255,000 ings of acceptances for their foreign correspondents
Inc.
Investments
80,000 101,102,000
92,878,000
93,996,000
Dec. 3.517,000 585,753,000 523,135,000 604,253,000 from $481,269,000 to $477,930,000. The posted rates
Other assets
Liabilities—
Notes in circulation—Dec. 193,413,000 4,528,023,000 4,610,013,000 4,426,661,000 of the American Acceptance Council are now 2% bid
Oth.dally matur.oblig.Dee. 110,571,000 381,053,000 603,845,000 483,769,000 and 178% asked for bills running 30 days, and also
/
Other liabilities
Inc. 4,391,000 218,013,000 330,962,000 215,836,000
for 60 and 90 days; 2 % bid and 27 asked for 120
0
/
1
2
0
/ 0
Money rates in the New York market showed little days, and 2%7 bid and 21 47 asked for 150 days
deviation this week from previous levels, although and 180 days. The Acceptance Council no longer
some signs of upward adjustment were apparent in gives the rates for call loans secured by acceptances,
time money and in bankers' bills of more distant the rates varying widely. Open market rates for
maturities. The slight revisions effected were con- acceptances also were advanced for the longer masidered seasonal, as money brokers and bill dealers turities, as follows:
SPOT DELIVERY.
look for the usual increase in monetary requirements
-—180 Days— —150 Days— —120 Days
the autumn. Rates for call money fluctuated but
in
Bid. Asked.
Bid. Asked.
Bid. Asked.
24
214
2%
214
254
214
little after a small initial flurry Monday. With- Prime eligible bills
—90Days— —60Days— —30Days
drawals by the banks on that occasion amounted to
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
2
2
114
114
$60,000,000, and this had the effect of increasing Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
the charge for call loans from a renewal figure of
24 bid
Eligible member banks
0
27 to a rate of 37 for new loans. An official fig- Eligible non-member banks
0
2% bid
/
1
2
ure of 2 % prevailed undeviatingly on Tuesday,




166

FINANCIAL CHRONICLE

The Federal Reserve Bank of Atlanta has reduced
its rediscount rate from 4% to 3 %; the reduction,
/
1
2
announced yesterday, becomes effective to-day
(July 12). There have been no other 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:
DISCOUNT RATES OF FEDERAL RESERVE BANES ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York

Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in
Effect on
Juts 12.
3
2%
334
334
4
314
334
4
4

4
4
4

Date
Established.

Previous
Rate.

July 3 1930
June 20 1910
July 3 1930
June 7 1930
Apr. 11 1930
July 12 1930
June 21 1930
Apr. 12 1930
Apr. 15 1930
Feb. 15 1930
Apr. 8 1930
Mar.2I 1930

331
3
4
4
434
4
4

434
455
434
454
434

[voL. 131.

the total standing at £156,585,454, compared with
£155,711,707 on July 11 last year. On Monday
the Bank of England released £100,000 and sold
£129,351 in gold bars. On Tuesday the Bank of
England received from abroad 00,137 in sovereigns
and sold £201,030 in gold bars. London bullion
brokers stated that on Tuesday there was £1,100,000
gold available in the open market, of which approximately £1,000,000 was taken for shipment to
France and the rest by the trade and India at
85s. %d. On Wednesday the Bank sold 011,421 in gold bars and on Thursday sold 001,129 in
gold bars and exported 0,000 in sovereigns. On
Friday the Bank released £600,000 in sovereigns,
sold £113,626 in gold bars, and exported £4,000
in sovereigns. It is believed that all the gold sold
by the Bank was for shipment to Paris.
At the Port of New York the gold movement for
the week July 3-July 9 inclusive as reported by the
Federal Reserve Bank of New York, consisted . of
imports of $519,000, all from Latin America. There
were no gold exports. There was an increase of
$3,000,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended July 9, as reported by
the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK,JULY 3 JULY 9, INCLUSIVE.

Sterling exchange is irregular and dull, although
ruling on average higher than in several weeks.
Owing to the Independence Day holiday on Friday
of last week the market in New York was practically at a standstill from the close of business on
Thursday until Monday. On Monday sterling was
in strong demand and the rate moved up sharply so
that cable transfers sold as high as 4.86 17-32.
Subsequently trading became fitful and quotations
dropped back, but on Friday the market moved still
Imports.
Exports.
from Brazil
None
higher. Sterling has also been firm throughout the 8'35,000 from Ecuador
122,000
week with respect to exchange on Berlin, and the 62,000 chiefly from other LatinAmerican countries
weakness with respect to Paris which has been char
8519,000 total.
acteristic of the foreign exchange market during the
Net Change in Gold Earmarked for Foreign Account.
past few months became even more accentuated,
Increase: $3,000,000.
with the result that Paris was again able to draw
On July 5 a shipment of $160,000 gold was received
down a large quantity of gold from London. The
at San Francisco from China.
firmness of sterling exchange with respect to the
Canadian exchange has been ruling firmer. On
dollar gives rise to speculation as to the probable
Saturday, Monday and Tuesday Montreal funds
outward movement of gold from New York to
were at par. On Wednesday Montreal funds went
London within a short time. Bankers are also into a premium of 1-32%, and on Thursday to a preclined to think that there will be a movement of
mium of 3-64 of 1%, at which rate it stayed on
gold from New York to other European countries. Friday.
They point out that there is a spread between
New York and London money rates which favors
Sterling exchange on Saturday last was dull, the
London and which is likely to continue for some market in New York having been
practically at a
time. Bill rates in London are now working higher, standstill since Thursday, as Friday
was the Indeand this is taken to indicate that there can be no pendence Day holiday. Bankers' sight
was 4.86 3-16
further reduction in the Bank of England's rate @4.86 6-16; cable transfers 4.86%@4.86
15-32. On
of rediscount. Another factor favoring firmer ex- Monday sterling was firm and in
demand. The range
change in the immediate future and the probability was 4.863'I@4.86M for bankers'
sight and 4.86 17-32
of gold exports from New York is the large volume @4.86 11-32 for cable transfers.
On Tuesday the
of foreign financing now being contracted in New market was again firm. The
range was 4.86 5-16@
York, which is likely to increase noticeably in the 4.86 7-16 for bankers'
sight and 4.86 9-16@4.86M
next few months. These operations, coupled with for cable transfers.
On Wednesday sterling was
the substantial reduction in exports and record tourist irregular and inclined to ease.
The range was 4.863
trade, should, it is thought, push foreign exchange @4.86% for bankers'
sight and 4.86 7-16@4.86 9-16
rates to higher levels.
for cable transfers. On Thursday the market conThese views are based on the supposition that tinued irregular. The range was 4.86
7-32@4.869/
there will not be a repetition of the stock market for bankers' sight and 4.86 7-16@4.86 17-32 for
speculation and credit stringency which was seen cable transfers. On Friday the market was again
in New York in the first half of 1929. It is also firm; the range was 4.863/@4.86 5-16 for bankers'
8
pointed out in banking circles that there is a general sight and 4.869'@4.86 13-16 for cable transfers.
belief that seasonal strain on sterling this fall will Closing quotations on Friday were 4.86 7-32 for
not be as severe as usual, due both to the con- demand and 4.86 13-16 for cable transfers. Comtraction of cotton shipments to England and to mercial sight bills finished at 4.86 3-16, sixty-day
the fact that much of the financing of cotton and bills at 4.837 , ninety-day bills at 4.82 15-16, docu4
other crops will be done in New York rather than ments for payment (60 days) at 4.83%, and sevenLondon because of the cheaper commercial credits day grain bills at 4.85 11-16. Cotton and grain for
available here. This week the Bank of England payment closed at 4.86 3-16.
shows a decrease in gold holdings of £642,544,




JULY 12 1930.]

FINANCIAL CHRONICLE

167

Exchange on the Continental countries has been sent of the Italian Treasury. The ban had been
ruling firmer, with French francs noticeably strong. designed to prevent speculation in lire exchange and
As noted above, French francs have also been ex- its removal was an official indication that the
ceptionally firm with respect to sterling exchange, so Government felt that at last the Italian currency
that London lost a little short of £2,000,000 in gold was strong enough to hold its own without official
to Paris, including £1,000,000 of open market gold interference. When the gold standard was resumed
and nearly as much from the vaults of the Bank of in December 1927, critics argued that the exchange
England. In Tuesday's trading in New York French was stabilized at too high a level, but since the
francs advanced to new high ground on the current removal of the restriction lira has given a good
movement, when cable transfers sold as high as account of itself and the quotations have been re3.93 7-16, bringing the rate within striking distance markably steady, although the rate has remained
of the gold export point, which is variously estimated several points below the actual parity of 5.26.
at from 3.93% to 3.94. New York bankers are
The London check rate closed at 123.65 on Friday
watching the situation closely and it is believed that of this week, against 123.71 on Thursday of last
the possibility is growing that France will draw gold week. In New York sight bills on the French centre
from here within the next few weeks. Two factors finished at 3.93 5-16, against 3.931 8 on Thursday
/
are giving strength to French exchange at this time. of last week; cable transfers at 3.93 7-16, against
The visible balance of payments against France 3.931 ; and commercial sight bills at 3.93 1-16,
4
arising from foreign trade is'considerably less than it against 3.923/s. Antwerp belgas finished at 13.96
was a year ago. At present there is a strong demand for checks and at 13.97 for cable transfers, against
for francs for tourist requirements. The Bank of 13.96 and 13.97. Final quotations for Berlin marks
France statement for the week ending July 4 shows an were 23.85 for bankers' sight bills and 23.86 for
increase in gold holdings of 118,000,000 francs, the cable transfers, in comparison with 23.83% and
4
total standing at the record level of 44,169,000,000 23.843 a week earlier. Italian lire closed at 5.23%
francs. This compares with 36,650,000,000 francs a for bankers' sight bills and at 5.23% for cable transyear ago, and with 28,935,000,000 francs reported in fers, against 5.23% and 5.24 1-16 on Thursday of
the first statement following stabilization of the last week. Austrian schillings closed at 14.12,
/
franc in June 1928. According to Paris dispatches, against 141 8; exchange on Czechoslovakia at 2.961
/,
the Bank of England's recent decisions concerning against 2.963 ; on Bucharest at 0.593 , against
4
%
gold released only had the effect of lowering the export 0.60; on Poland at 11.22, against 11.25; and on Fingold point and of depreciating sterling with respect land at 2.513 ,against 2.52. Greek exchange closed
4
to Paris. London's refining capacity does not seem at 1.29 7-16 for bankers' sight bills and at 1.29 11-16
to exceed £300,000 and even it is now said £200,000 for cable transfers, against 1.29 7-16 and 1.29 11-16.
daily. Furthermore the refining charge has been
raised, but this does not prevent the continuation of
Exchange on the countries neutral during the war
gold exports to Paris. As to the cause of the deficit has been steady and inclined to firmness. Holland
in England's balance of payments which is covered guilders appear to be an exception. The comparative
by gold exports, it is ascribed by the Paris bankers ease in the guilder is attributed largely to the flow
to voluntary exports of capital by the English public. of Dutch funds to other markets where returns and
The movement seems occasioned by the fears felt opportunities for employment are better than in
by the wealthy classes because of the presence of Holland. The Scandinavian currencies have been
the Labor Party in power.
ruling on average fractionally nigher. The firmGerman marks have been steady, ruling on average ness is due partly to sympathetic relation to the
slightly firmer than last week. Money continues firmer quotations for sterling and the major Contieasy and plentiful in Berlin, and hence the opinion nentals, but is attributed also to seasonal factors,
prevails there that the Reichsbank will be forced the most important of which are tourist demands.
to reduce its rediscount rate to 332%, as since the A feature of the neutral exchanges is the sharp upcut to 4% on June 21 there has been no sign that the turn in Swiss francs. The Swiss franc has been exReichsbank has any relation to the money market. ceptionally firm since the organization of the Bank
The money market ignores the Reichsbank as a for International Settlements, as the requirements
source of credit. The big commercial banks buy of the bank necessitated large transfers of other curup and keep all first-class bills of exchange, and rencies to Swiss francs. These operations continue
the Reichsbank's function is largely reduced to to play an important part in the firmness of Swiss
acting as intermediary for the Gold Discount Bank, exchange, although at present much of the upturn
for which it buys private discounts at 3/ of 1% must be attributed to seasonal factors and especially
below its own rate. Business circles are demanding to tourist demand for Swiss currency. In Tuesday's
a cut in the Reichsbank rate and point to the fact market the Swiss franc was quoted as high as 19.43,
that for the first time since the war German short which compares with dollar parity of 19.30. This
credit rates'are practically down to the level of other is the highest for Swiss francs since Jan. 2. Spanish
leading commercial countries.
pesetas continue to fluctuate widely, but are ruling
Italian lire are firm. A few days ago cable ad- much higher than in several weeks. The higher
vices from Europe stated that the Italian Government average quotations are attributed to dispatches a
was imposing a tax upon foreign exchange dealings. week ago from Madrid stating that plans for stabilSubsequent cables from official sources deny that ization of the currency were in preparation. Latest
any such tax has been imposed or is contemplated. dispatches from Madrid, however, state that actual
It will be recalled that the Italian Government in stabilization of the currency is not yet in sight, notthe middle of March removed all restrictions upon withstanding the Spanish Government's decision to
foreign exchange operations. Prior to that time make drastic reductions in expenditures and to cenall transactions involving amounts in excess of tralize exchange operations under the supervision
10,000 lire were permissible only with the con- of the Bank of Spain.




168

FINANCIAL CHRONICLE

Bankers' sight on Amsterdam finished on Friday
at 40.213, against 40.214 on Thursday of last
week; cable transfers at 40.223/, against 40.23;
2
and commercial sight bills at 40.18, against 40.18/.
1
Swiss francs closed at 19.434 for bankers' sight
bills and at 19.443/ for cable transfers, in comparison with 19.39% and 19.403. Copenhagen
checks finished at 26.773 and cable transfers at
26.783/, against 26.77 and 26.783.. Checks on
2
Sweden closed at 26.864 and cable transfers at
26.88, against 26.863 and 26.87k; while checks
on Norway finished at 26.773 and cable transfers
at 26.783, against 26.78 and 26.793'. Spanish
pesetas closed at 11.59 for bankers' sight bills and
at 11.60 for cable transfers, which compares with
11.54 and 11.55 a week earlier.

[VOL. 131.

trade is due in part, of course, to world-wide decline
in business, but especially to the demoralized state of
trade with China, which is Japan's principal customer. The comparative firmness in yen is due to
gold exports which have taken place to New York
and London since January and to arrangements
made at that time by the Japanese Government with
New York and London bankers to give support to
yen exchange. On Thursday a London dispatch
stated that the Imperial Bank of India had reduced
its rediscount rate to 5% from 6%. Closing quotations for yen checks on Friday were 49.35@49.50,
against 49 7-16@49. Hong Kong closed at 313
@,31 5-16, against 313'@31 3-16; Shanghai at 374,
3
against 369.'@36%; Manila at 494, against 49%;
7
Singapore at 56 3-16@56%, against 56 3-16@56%;
Bombay at 363, against 363, and Calcutta at
Exchange on the South American countries is 363., against 363.
essentially unaltered in main features from the past
Pursuant to the requirements of Section 522 of the
several weeks. Exchange on Buenos Aires and Rio
de Janeiro is exceptionally dull and of unsatisfactory Tariff Act of 1922, the Federal Reserve Bank is now
tone. On Monday dispatches from Rio de Janeiro certifying daily to the Secretary of the Treasury the
gave belated information that the Banco do Brazil buying rate for cable transfers in the different counhas withdrawn its support from milreis exchange. tries of the world. We give below a record for the
This action was taken at the advice of President- week just passed:
elect Prestes after conference with London and New FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
York bankers, who thought it wise to allow the
JULY 5 1930 TO JULY 11 1930, INCLUSIVE.
exchange to seek its natural level in foreign markets
Neon Buying Rate for Cable Transfers On New . ork,
without official support. Apparently the withdrawal Country and Monetary
Value in United States Money.
Unit.
rusg a
duty 5
of support took place at least in part about June 11,
Iilly b
July a
duty Ill .Guy al
EUROPE$
s
when the milreis began to decline sharply for reasons Austria,whining
s
$
$
$
.140992 .141016 .141019 .141001 .141035 .141039
Belgium. belga
.139676 .139709 .139728 .139691 .139667 .139661
then unknown to the market. On June 13 the rate Bulgaria. ley
007219 .007216 .007230 .007241 .007222 .007225
Czechaeloyakia,
.029663 .029665
.029668
fell from 11.61 (cable transfers) to 11.20, recovering Denmark. kronekrone .029663 .267848 .267945 .029668 .267865 .029863
.267780
.287911
.267888
slightly thereafter, but slipped again after the turn England. pound
sterling
4 864437 4.865562 4.865866 4.864900 4.864598 4.884343
Finland, markka
.025175 .025175 .025177 .025168 .025171 .025172
of the month. Dispatches also state that the de- France. franc
.039326 .039328 .039335 .039339 .039338 .039344
Germany. reichsmark .238431 .238480 .238494 .238502 .238514 .238599
preciation of the currency, coupled with fall in coffee Greece. drachma
.012955 .012961 .012960 .021960 .012963 .012959
.402141 .402290 .402285 .402128 .402080 .402172
Holland.
prices, is rapidly creating an acute situation. A news Hangar,.guilder
Pengo
.174939 .174954 .175003 .175015 .175043 .175057
Italy. lira
052378 .052377 .052368 .052372 .052375 .052375
dispatch from Buenos Aires makes public the fact Norway. krone
.267846 .267877 .267056 .287012 .267875 .267871
Poland, slot,
.112045 .112025 .112040 .112010 .112020 .112025
that the aggregate liabilities of failures in Argentina Portugal. escudo
.045025 .045025 .045060 .045025 .045025 .045000
Rumania.leu
.005952 .005954 .005954 .005953 .005954 .005954
Spain. peseta
.117497 .118130 .116571 .117247 .117373 .116350
during the first six months of 1930 reached a total of Sweden,
krona
.268748 .268744 .268765 .268763 .268743 .268748
franc_
.194116 .194235 .194230
105,000,000 pesos, compared with 72,000,000 pesos Switzerland.dinar__ .194070 .017678 .017691 .017676 .194229 .194282
Yugoslavia,
.017669
.017689 .017695
ASIAin the first six months of 1929 and with 86,000,000 Chlna-Chefoo tad .374166 .376041 .377708 .377708 .370375
.379375
Hankow tart
.374375 .374843 .376718 .376406 .378906 .379218
pesos in the same period in 1928. News dispatches Shanghai tael
.363125 .363482 .365357 .365267 .368303 .388839
Tientsin tadl
.379166 .380208
.381875 .383541 .383958
on Saturday stated that the partial failure of another Hongkong dollar- .308482 .309017 .382708 .309553 .310892 .311250
.309464
Mexican
Argentine bond issue in London, that of the Buenos Tientsin or Faintly .260(100 .260625 .262500 .262500 .263437 .265000
dollar._-.
dollar
.265833 .282500 .264166 .264166 .265416 .266666
Aires & Pacific Railway, which was 43% unsold, was Yuan dollar
.262500 .259188 .260833 .260833 .262083 .263333
India. rupee
.360835 .360921 .360921 .360921 .360364 .360750
Japan. yen
a factor in wiping out the recent slight recovery in Singapore(SA,
494128 .494178 .494165 .494203 .494103
dollar .559208 .559208 .559208 .559308 .559208 .493682
.559275
NORTH
peso exchange. Present rates are again near the .."Iumela. AMER dollar
.999728 .999894 .999871 1.000045 1.000295 1.000544
Cuba. peso
currency's lowest level.
.999093 .999093 .999081 .999081 .999081 .999143
Medoo. peso
.471450 .471100 .471125 .470525 .470350
.469700
Argentine paper pesos closed at 36 3-16 for checks, Newfoundland. dollar .997218 .997312 .997187 .997405 .997537 .998100
SOUTH AMER.Argentina. Peso
.816384 .815160
as compared with 35 15-16 on Thursday of last Brasil. nen& (gold) .109735 .109710 .819126 .817954 .818041 .818819
.108900 .108921 .108680
120976 .120986 .120971 .120963 .120952 .108750
week; and at 363. for cable transfers, against 36. ehfle, peso
.120959
Uruguay. peso
.854175 .854800 .857140 .858050 .858703 .858887
Dolocubla. pato....._ .966400 .966400 .968400
Brazilian milreis finished at 11.10 for bankers' sight
.965300 .965300 .985300
bills and at 11.13 for cable transfers, against 11.10
As the Sub-Treasury was taken over by the Fedand 11.13. Chilean exchange closed at 12 1-16 for
eral Reserve Bank on Dec.6 1920, it is also no longer
checks and at 123/i for cable transfers, against 12 1-16
possible to show the effect of Government operations
and 123'; Peru at 37, against 37.
in the Clearing House institutions. The Federal
Exchange on the Far Eastern countries is un- Reserve Bank of New York was creditor at the Clearchanged in all important respects from the past few ing House each day as follows:
months. The silver units of China continue de- DAILY CREDIT BALANCES OP' NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
moralized owing to the low ruling prices for silver,
with the consequent heavy drop in its purchasing Saturday, I Monday, Tuesday, Wednesd'y. Thursday. Friday, Aggregate
July 5
July 7
July 8
July 9
July 10
July 11
for Week
power and increase in living costs in China. Of
$
I
$
I
3
3
2)5,000,000 130.000,000 183,000,000I 155,000,000 169,000.000 141.000,000
course, the continued depredations of the warring
Cr. 983,000.000
-The foregoing heavy credits reflect the huge mass of cheeks
Note.
which come
factions are a grave detriment to the economic posi- to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection
These large credit
tion of the country and a weight upon exchange. however, reflect only a part of the Reservescheme. operations with the balances,
Bank's
Clearing
House Institutions, as only the items payable in New York City
in the daily balances. The large volume of checks on institutions are represented
Japanese yen continue firm, although the foreign of New York are not
located outside
accounted for in arriving at these balances, as such checks
do not pass through the Clearing House but are
trade of Japan for the first five months of 1930 shows Bank for collection for the account of the local deposited with the Federal Reserve
Clearing House banks.
a drop of 35% from 1929. The drop in Japanese




JULY 12 19301

FINANCIAL CHRONICLE

169

The following table indicates the amount of bul- Poincare retired from public life, and the Young
lion in the principal European banks:
Committee completed its reparations program, did
France show much sign of relenting. Moreover, it is
July 10 1930.
July 11 1929.
upon the strict maintenance of the peace settlement
Banks of—
Gold.
Bitter. I Total. I
Gold.
Total.
Saver.
that the whole foreign policy of France, as far as
I
£
£
England -- 150,585,454
156.585,454155,711.707
155,711,707 European relations go, has been based. It was to inFrance a _ _ 353,359,871
353.359.871 293,200,445
(d)
(d)
293,200,445
Germany b 123,451,000
c994,600124,445,600 96,765,600
994,600 97,760,200 sure permanence to victory that France has labored
Spain
98,849,000 28,942,000 127,791,000 102,456,000 28,904,000 131,360,000
Italy
56,301,000
56,301,000 55,434,000
55,434,000 to perfect its network of alliances in eastern Europe.
Netherrds. 35,993,000 2,204,000 38,197,000 36,398,000 1,805,000 38,203,000
Nat'l Bela. 34,335,000
34,335,000 28,561,000 1,270,000 29,831,000 Its persistent demand for security has rested upon
Switzerl'd. 23,156,000
23,156,000 19,839,000 1,462,000 21,301,000
Sweden_ _ 13,490,000
13,490,000 12,968,000
12,968,000 the assumption that, without the guarantees which
Denmark _ 9,570,0
9,570,000 9,591,000
431,000 10,022,000
Norway - - 8,144,000
8,144,000 8,155,000
8,155,000 it has asked for, Germany might again become an
Total week 913,234,325 32,140,600945,374,925819,079,752 34,866,600853,946,352
Prey. week 902,927,430 31,974,600934,902,030814,719,386 34,936.600849,655,988 aggressor and the existence of France be once more
a These are the gold holdings of the Bank of France as reported in the new form
threatened. To suggest, as Mussolini did in his arof statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £7,489,000. c As of Oct. 7 1924. ticle, that the victors in the war were not satisfied
d Sliver is now reported at only a trifling sum.
and that the peace treaties must be revised threw
wide open a question which France in particular has
Italian Leadership in Europe—Treaty Revision insisted must be regarded as closed.
and the Briand Plan.
There is no reason to expect from this that the
Whether or not there has been, since the World treaties will immediately be reconsidered. The inWar,a "leading State"in Europe is a question which ternational relations which the treaties established
the partisans of one Government or another have, are too complicated, and too many rights and privifrom time to time, debated with some earnestness. leges have been asserted or claimed, to make the
There has been a general impression that nothing question of revision any but a serious one. But the
very serious that Great Britain opposed was likely question has now been sharply raised, and not by
to be done, although British policy has been, on the one of the defeated Powers but by a Power which
whole, a .moderating rather than a constructive was one of the important beneficiaries of the peace.
force., Great Britain, in other words, appears to Whatever Mussolini's motive, it will no longer be
have felt that Europe needed time to settle down, possible to dismiss the subject as academic, or to
and it has been content to aid the process without brand it as merely the contention of those who were
seeking to give it definite direction. As long as Ger- opposed to the war. Particularly in eastern Europe,
man reparations were an acute issue, France in- where nationalistic politics keep rivalries alive, and
clined strongly toward an aggressive attitude on that where the multiplicity of races, languages and resubject, and it is France that has been the most out- ligions makes political stability incredibly difficult,
spoken defender of the League of Nations. The past the words of Mussolini may well add fuel to the
few weeks, however, have witnessed an unexpected flame. When the day of revision comes, it will not
assumption of leadership, or at least some significant be forgotten that Italy voiced the demand.
steps in that direction, on the part of Italy, and the
Close on the heels of this gesture of leadership has
centre of political interest, as far as the affairs of come another in the shape of a formal reply of the
Europe in the large are concerned, has been for the Italian Government to M. Briand's European federamoment transferred from London and Paris to tion scheme. In an elaborate memorandum made
Rome.
public on Monday the Italian Foreign Minister, SigOn July 3 Premier Mussolini, in an article in the nor Grandi, while expressing the willingness of Italy
Paris "Petit Parisien," one of the most widely cir- to join in the discussion of the plan which is schedculated dailies in France,startled Europe by remark- uled to take place at Geneva in September, submits
ing that "there must be a serious and sincere revision the plan to a 'dissection which leaves much doubt as
of the existing treaties" before the Briand plan of to how much farther than discussion Italy may be
a European federation could be put into operation. prepared to go. It is the first time, as far as pub"The nations which emerged victorious from the lished documents show, that the Briand proposal
war," Mussolini continued, "are not satisfied with has been thoroughly traversed by any of the Govwhat victory has given them, and before tranquillity ernments that were asked to coneur in it, and what
is restored the retouching of the pacts, which are at is said merits serious consideration.
the basis of European relations, must take place."
Signor Grandi agrees with M. Briand in holding
Whether the Italian dictator meant that the victors that the proposed federation should be based "on the.
in the war were dissatisfied with what they had ob. idea of union and not on the idea of unity," that
tamed from their former enemies and wanted more, "federal ties must not in the slightest harm the
or whether he intended to suggest some readjust- sovereign rights of member States," and that the
ments which would make the distribution of the union should in general be harmonious with the purspoils of war more equitable, is by no means clear, pose of the League of Nations. He is diametrically
for the language is obscure, but the plain intimation opposed, however, to limiting the membership of the
that there could be no permanent peace under the federation to members of the League, or to organizpeace arrangements as they stand was of itself ing the federation on League lines. As to the former
enough to cause concern in every country in Europe. point, he suggests that Russia and Turkey, neither
The irritated comments of the French press show of which beyongs to the League and neither of which
how deeply Mussolini's words stirred France. Every- has been invited to join the federation, should be
body knows that France, under the lead of Clemen- included with the approval of France and the other
ceau, dominated the Peace Conference in its insist- Powers, since otherwise those two States, if asked
ence upon a drastic punishment of the Central later, might decline to enter a federation which they
Powers, and since then it has outdone all the other had not had a part in creating. "European solidarAllies in insisting upon a literal and uncompromis- ity," he remarks, "should mean the solidarity of all
ing observance of the peace stipulations. Not until European States." Signor Grandi emphasizes the




170

FINANCIAL CHRONICLE

danger of so organizing the union as to favor, or at
least permit, the organization of opposition groups
of States, thereby splitting Europe into two or more
camps, notwithstanding that a Continental union is
the object professedly sought. The Briand plan, he
intimates, is faulty in that it appears to contemplate
a union only of such States as have a common political or economic system or substantially similiar relations with other nations of the world.
As to the second point, Signor Grandi urges that
if a federal union were formed on the same lines as
the League, its relations with the League would be
complicated and many of the member States would
be dissatisfied. The Briand plan calls for an assembly in which all the States shall be represented, a
council made up of representatives of certain States,
and a permanent secretariat. Signor Grandi points
out that unless all the member States are represented in the Council, the smaller States in particular will be excluded from any permanent voice in
proceedings and will regard the place assigned to
them as inferior. He accordingly proposes a single
deliberative and executive body, with permanent
representation accorded to every State.
A further weighty objection to the Briand plan
is contained in the criticism that, in the matter of
disarmament and security, it puts the cart before
the horse. "The French Government," the memorandum poihts out, "appears to wish to establish a
rigid logical sequence between security, a European
federal union and a regime of economic solidarity,
which elements would follow one another rigorously
in that order." From this method the Italian Government vigorously dissents. , If the proposed union
is to fit in with the League, the political premises
upon which it rests "can be none other than those
which form .the foundation of the Covenant and
which are not merely premises of security." The
Covenant, in explicit terms, pledges the League to
general disarmament, not as a consequence of security but as a condition preliminary to it. Instead,
therefore, of looking to a federal union as one of the
elements of security, after whose attainment the nations may consider disarmament, the Italian Government insists that the requirements of the Covenant shall first be carried out. "Disarmament," the
memorandum declares, "that essential principle
which in the French memorandum is not expressly
or incidentally formulated, constitutes, in the view
of the Fascist Government, the fundamental starting-point for the efficacious work of moral cohesion
among the nations, for the integral solution of the
general problem of security, and for giving practical
consistency and elementary reason for existence to
any project of a federal European union."
The Italian memorandum leaves the Briand plan
in a different light from that in which it has been
generally considered heretofore. It makes clear that
the plan, by imitating the organization of the League
of Nations, would perpetuate in the European union
all of the disadvantages, all the occasions for criticism or national rivalry, and all the opportunities
for domination of the union by a few great Powers,
which the history of the League has demonstrated
from the first. It shows the plan, whatever its other
merits, as another device for obtaining the security
upon which France has harped so persistently, and
for postponing still longer the general disarmament
which the Covenant of the League enjoins. It is not
to be wondered at, perhaps, that the French press,




[VOL. 131.

irritated at the rough handling given to the work of
the popular Foreign Minister of France, should assail the Italian memorandum as evidence of the
hostility of Italy to the idea of union, and of its
ambition to play a part in European councils to
which it is not entitled.
What it means, of course, is that Italy has for the
time being assumed the leadership. By criticizing
the peace treaties it has opened the way to a reconsideration and readjustment of the entire political
system upon which Europe, outside of the former
neutral States, now rests, and to a similar reconsideration and readjustment of the partitioning
which was made of the former German overseas possessions. By eviscerating the Briand plan it has
virtually invited every other Government that has
doubts about the plan or specific objections to it to
state them with equal frankness, at the same time
that it has made itself the champion of the cause
of small nations in controversies with the large. The
strokes are bold ones, rather brilliant as political
matters go. Taken in connection with the refusal
of Italy to subordinate itself to France in regard
to the size and character of its navy, and the startling report on Friday that Italy had made overtures
to Germany for an alliance which would insure German neutrality in case of war between Italy and
France, they bring into bold relief the apparent purpose of Mussolini to challenge the position of France
in European deliberations, and to give notice that
the voice of Italy is also to be heard.

Lower Prices for Commodities.
Whether or not labor is a commodity, it is not, on
the whole,selling much lower than during war times,
and in certain trades—notably the printing trades—
is actually higher than during the war and higher
than ever before. Yet wheat at the opening of the
1930 harvest has sold as low as 85c. a bushel in
Chicago. Copper has sold down to 112 a pound.
/
1
c.
Cotton is low, oscillating rapidly in price. Other
grains follow wheat. The fall in the last two months
has been marked by all economists. There are various reasons offered. The facts remain. Analysis,
at the last, comes down to the invincible law of supply and demand. But there are many causes. Foreign conditions and crops; legislative interferences
at home; the power of organized labor; the inevitable
recession from general inflation; in some degree the
precipitous fall in prices of stocks, are all contributing factors. It is a far cry from wheat guaranteed
at $2.20. And it is a long time since the war. It
augurs little real benefit from the Federal Farm
Board, with its half a billion funds to aid co-operatives, and the actual power of its "stabilization corporation." At the very time of the passage of the
Hawley-Smoot tariff law, boosting the prices of
manufactured articles, and, as claimed, agricultural
products, this condition of commodity prices occurs.
The buying power of high wages remains about the
same. The worker does not pay more for his bread
than the market price, though he has more with
which to pay. Will wages come down in proportion
to the fall in stocks and commodities? Eventually,
yes; but not soon. The total bulk of wages earned
is now coming down through unemployment. When
this lack of men at work becomes acute wages must
come down per man. No union card can feed an
idle man.

JULY 12 1930.]

FINANCIAL CHRONICLE

All these influences are at work and they must
sometime tell on the price of wages—the last thing
to come down. Of course our new tariff may work
a: miracle, and in the constant flux prices of commodities may rise like a shooting star. Miracles of
this kind do not often happen. The force of our
final readjustment, like the flood beating upon a
dike, having now topped the embankment, will sweep
on until there is a cessation of the flow. All theories
vanish before the facts. If we are in a period of
depression it must run its course.
We see that wages are the last to fall. This seems
a reversal of the old accepted law. There is a potent
reason for this seeming reversal. Machinery is doing
the work. And were it not for the advent of new
inventions that attract the people, taking up, in
part, those rendered idle by mass-production, the
old law of wages being the first to fall would be
evident now. Why, then, are commodities falling?
Writers detail to us world conditions—greater production by restored countries; the return of the
stabilizing influence of the gold standard; the quickening power of transportation on sea and land; the
cheapening of credit throughout the world! The
transcendent fact of all is that surpluses have been
creeping upon the peoples of earth, almost unawares.
There is a large carry-over in wheat at home and
abroad. Certain wheat-raising countries are seeking foreign markets. In the United States machinery and mass-production have glutted the home
market—industries must sell the surplus abroad, or
put up factories on foreign shores. Universal peace
has brought plenty to the poor man. Governments
have established budgets and are trying to live up to
them. Inflation has put momentum at top speed—
and it is now losing potency.
Supply, therefore, is greater than demand. Overproduction lowers price; scarcity raises it. A hollow argument prevails that wages must be kept up
to provide an increase in consuming power, thus to
keep up prices, especially in agriculture. Wages
are low on the farm; high at the factory. Out of
approximately 40,000,000 workers 4,000,000 are paid
high wages. They consume the farmer's grist much
more than they do their own. The farmers are in
the reverse. No such argument can explain conditions. A man receiving high wages does not eat
more thereby as an economic factor. There must be
a sharp contrast between poverty and riches to produce this effect. No such condition prevails with
us. Commodities are falling because wages remain
too high in proportion to prices of the necessaries of
life. It sounds like a paradox, but is more true than
that commodity prices are kept up by high wages.
At any rate, these prices are falling, and the prices
of wages are not. When wages remain too high,
the employer introduces a machine. It does not eat
or wear or need a special shelter. We have reached
the end of the row in an unnatural prosperity. Readjustment is at its last stand. We must go back.
The tariff just finished, after a year and a half
travail, augurs no return of good times and higher
commodity prices. The employee does not pay out
his wages as a benevolence to those who must take
lower prices for commodities that sell in the world's
marts. He buys wheat as low as he can. But his
employer does not lower price of manufactured
articles simply because a "protective" law shuts out
foreign competition. Not by any means. He sells




171 '

at home for all he can get—and abroad for as little
as he must. Neither employer nor employee in the factory is an angelic benefactor. And so prices of
grains and other original products are coming down.
What will bring them up? Probably, nothing—save
possibly a general world shortage. Federal Farm
Boards have little effect on the collectivist farms in
broad Russia. They cannot stop the increase in
Western Canada. They cannot prevent England
from encouraging cotton in the colonies. Nor can
protective tariffs inhibit favoritism in trade between
Australia and Canada and Great Britain. But
when the artificial barriers are burned away by the
frenzy of trade, when the interferences are abolished
by the power of supply and demand', when wages follow the leveling of prices in commodities, Olen there
will be a completion of readjustment!
Commodities, raw materials, first products, despite the "protection" of statute laws, are not likely
soon to advance in price. Cotton and corn, for example, are staples. In their original form they may
be said to be two products, no more; though cotton
manufactures may go to many intricate forms and
patterns, while corn, it is said, may go into a hundred kinds of foodstuffs. Here is one fundamental
source of disparity between agriculture and manufacture, The multiplicity of manufactured articles
is immeasureable. We know not what invention
may yet do aided by chemistry and the machine.
But wheat and oats, and clover and timothy are not
susceptible to this large variety. The surplus, measured by the world's needs, is sooner attained. On
the other hand, tastes, fashions, desires of mankind
in made things is well nigh insatiable. And this
demonstrates the folly of tryineto "equalize" them
by tariff law bolstering. It cannot be done. If
ever there was an inopportune time for the experiment it is now—when the earth in ravished countries is becoming more fruitful than ever before, and
when no war looms on the horizon. Yet this is
just what the United States, by its Congress, is
trying to do. "To him that hath more shall be
given r' And the "poor farmer" has become the excuse for aiding manufactures that need no aid.
High levels or low levels, it matters little, so that
there is a level. Unrestricted trade is the potency
that will best and soonest bring this about. High
tariffs that prevail in all countries, now reaching
the plane of resentful reprisals, are laying the
groundwork for a coming renunciation of this whole
political falsity. There is a divine scattering of
basic resources. There is an abiding strength in
man's intellect and energy. There is room for all
workers, according to the inherent natural riches
of domain and the ambitions of individuals who must
labor to live.
When we look at the long sweep of time we perceive that machines and manufactures have fastened
the ittention of all peoples to the detriment of the
oldest vocation, and the most indispensable one—
agriculture. Yet we have among us theorists who
talk loudly of larger farms, machine-ruled, when we
already produce more than we consume, more than
we can sell abroad at a fair profit. We are acivally
establishing capital-plants in other countries hoping
to gain more trade; we cannot take our farms
abroad; they are fixed for all time. Commodity
prices are following the natural laws of long-time
effort.

172

FINANCIAL CHRONICLE

"Breaking the Record."
/Remaining more than 23 days in the air (the final
score was 553 hours, 41 minutes and 30 seconds),
John and Kenneth Hunter, brothers, have broken the
endurance record, in their plane City of Chicago,
flying over Sky Harbor airport. A dispatch says:
"During its stay in the air the City of Chicago had
223 contacts with the refueling plane, used 7,630
gallons of gasoline and 400 of oil, and covered approximately 41,475 miles." In another dispatch one
day during the flight we find this: "Offers continue
to reach the Hunter brothers. A theater in Joliet,
111., offered them $500 for a three-day engagement,
an ignition manufacturing company in Omaha
offered them $1 an hour for every hour over the
record that they remain in the air. Wilson Herren,
flight manager, said the fliers had accepted no contracts of any sort, but that negotiations were going
on." . . . "The Deep Rock Oil Corp. is paying
$100 an hour for every hour of flight beyond the
record."
As to the physical condition of these men, a note
dropped from the plane said: `Worries? None at
all. But let's have less delicate food. We want hot
dogs and hard boiled eggs. No more chicken or duck
for a while. We're fed up on it. We're actually
gaining weight. I feel three pounds heavier at least,
and John looks fatter." . . . "Dale Jackson of
St. Louis, who with Forrest O'Brine, set the previous endurance record of 420-plus hours in the St.
Louis Robin, visited Sky Harbor to-day. He flew
from St. Louis in one hour and 18 minutes, which he
said was the record for the 280 miles."
Aviation is undoubtedly making rapid and tremendous strides. How much it is proving its real
worth to mankind and to civilization must be determined by each man for himself. Thousands of miles
of mail routes in this country and others are established and in operation. Passengers are, increasingly, carried swiftly to their destinations. As to
the number of accidents, in comparison to the beginnings of other forms of travel, statistics are marshaled.in profusion to show its relative safety. Stunt
flying continues, but there are plenty of evidences
that aviation is settling down to its real purpose.
That we need swift travel communication many big
business men will testify. That peoples are drawn
closer together by this form of contact innumerable
voices aver. And we may well admit that there is
sinister aim or effect in commercial flying.
no s
The seas, at least, have been conquered, initially,
by the heavier-than-air machine. We might almost
say, now, that the next decade will demonstrate its
feasibility if not its final worth. Recently the
stormy Atlantic has been spanned by a flight from
East to West. Hardly a day passes without some
new form of test by increasing distance, endurance,
or rapidity of flight. But the end is not yet; and
flight, though in its infancy, is not a proven large
advantage.
"Breaking the record" in this field of human activity is to be expected for many years to come.
And new inventions such as the helicopter may soon
change the whole outlook of the industry. Rising
vertically from the ground, and alighting without
the runway, is an alleged embryo accomplishment.
Ultimate of speed,size and safety is not now reached.
But after all is said, the flying machine has not
taken the place of the ship and car, and there are




FoL. 131.

good reasons to believe it never will. Meantime,
those who contribute by daring tests to its perfection deserve a reasonable commendation, for if they
do nothing else they contribute to the spirit of courage, conquest, and character. Yet in the mixed motives of our advance we may question seriously the
abiding worth of "breaking the record." American
life seems to have taken on this purpose in many
ways and fields. In economics and in business, in
politics and in legislation, in social and religious
We, this motive of super-excellence seems to have
taken a firm foothold. Yet if we examine it ethically
we must admit that it is not the best of motives.
Reasons are numerous: It distorts the true relationships of life. To do more than another simply
to beat him "at the game" is to lose sight of the real
worth of effort. It thrusts the winner into undue
prominence and casts a shadow on honest work.
We have an illustration in our school examinations
based on percentages of merit, themselves faulty.
Another example is in the partially false laudations
we give to the winners of prizes we bestow. In business we deceive ourselves by the efforts we make in
mass-production. In social life the most lavish entertainment reaches the front page, but does not
add to the growth of true hospitality. This overemphasis of bigness, of doing something better than
anyone else, of reaching the spotlight, does not contribute to the equality of living and life. On the
contrary, it creates, though it should not, a spirit
of mere rivalry, and engenders jealousy and even
The true measure of the worth of a life must take
into account its opportunities, its endeavors, its
environment, and its period in time. There are thousands among us unsung, simply because they have
performed the duty nearest at hand rather than to
dare all in "breaking a record." We become heroworshipers, little thinking of those content to work
though they do not win. As we have said, enterprise is inspiration to all of us, but the slow plodding of the unknowns is the real mainspring of our
progress.
It is not the great artist, explorer, soldier, statesman, blazing the way, who really establish civilization. They are inspiration, and worthy of lasting
praise. But those who follow, and maintain the
ideals, are the real makers of things as they are.
And to recur to our caption, this endurance test in
one field of aviation has its high place in our daily
chronicles, but scores of airmail pilots, pressing on
through the night of storm and stress, are the true
demonstrators of the practical worth of flying. And
the genius of accomplishment urges these late victors to step down into the ranks after their record
is made that the plain business of flying may be
maintained. And to the commoners we also owe our
praise. In justice, then, to ourselves, hoping to make
life even and enjoyable for all, we should put a
check upon our desire in all walks of life to "break
the record." Not to do something better than another, but to do it as well, if it be right and worthy,
should be our motive. It is not the height of the
mountain but the fertility of the vale that should
most interest and engage us. Spectacle is not accomplishment. "Breaking the record" continually leads
to perilous endeavors, and a false estimate of true
benefits.
We waste time, mind and money for these "records" that now so attract us. The very momentum

JULY 12 1930.]

FINANCIAL CHRONICLE

of thoughtful, useful endeavor will bring the "record" in its own good time. Stunts that show possibilities are useful in a way—but to engage in them
for fame or fortune does not rightly further the

173

cause of truth and usefulness. We are all endeavorers, and the combined efforts of all, though in the
prosaic fields of life, make up the warp and woof of
our changing, mounting civilization.

Gross and Net Earnings of United States Railroads for the
Month of May
Our compilation of the gross and net earnings of
United States railroads for the month of May is of
the same unfavorable character as were the compilations for all the months preceding back to last November, and, of course, no material change for the
better is to be looked for so long as trade and business remain so extremely prostrated as is now the
case, the falling off in the traffic and the revenues of
these great transportation lines being almost wholly
ascribable to this great depression in trade. The
ratio of falling off in May does not differ greatly
from that for previous months. But the mere percentage of change, either in gross or net, hardly furnishes
an adequate notion of the extent of the shrinkage
which is occurring. The amount of the falling off
serves a great deal better to indicate the losses that
are being encountered.
;Judged by this standard, that is, by the magnitude
of the losses, the May comparisons are the very worst
that have thus far come to hand. In May the present
year the railroads of the United States earned $75,131,912 less than they did in May last year, which
is far in excess of the decrease in gross in any pre
ceding month (the falling off in April having been
$63,195,964 and in March $64;595,796) and is at the
rate of over $900,000,000 a year. The roads managed to offset this $75,131,912 decrease in gross by a
reduction in expenses in amount of $39,420,636, but
that still left a loss in the net in amount of $35,711,276, which last, it will be observed, is at the rate
of over $428,000,000 a year. This latter is the striking, the significant fact, namely, that the railroads
of the United States, treated as a whole, are running
behind in their net income, taking the results for
May as a guide, at the rate of $428,000,000 a year.
For the month of May by itself the railroads earned
only $111,387,758 net the present year (before the
deduction of taxes) as against $147,099,034 in May
1929, the decrease being, as already stated, $35,711,276, which is a little in excess of 24%. This
does not differ greatly from the showing for April,
when there was a shrinkage in the net of $34,815,878,
or 24.54%, and is somewhat better than the result
for the month of March, when the decrease in net
was $38,202,064, or 27.46%. There is thus encouragement, to this extent at least, that the showing
as to the net is not getting any worse, even though
the losses in the gross revenues are proving heavier.
In tabular form a comparison of the general totals
for the month of May is as follows:
Month of May—
1929.
1930.
(+) or Dec.(—).
Miles of road (171 roads)„....
242,158
241,758
+398
0.18%
Gross earnings
$482,444,002 8537,575,914 —$75,131,912 13.95%
Operating expenses
351,056,244 390,476,880
—39,420,638 10.09%
Ratio of earnings to expenses_
72.65%
75.89%
+3.24%
Net earnings
$1i.387,758 3147,099,034 —$35,711,276 24.22%

It will doubtless be urged that in comparing with
1929 we are coniparing with revenue totals of unusual size. As far as the country's so-called key
industries are concerned, the early months of last
year were undoubtedly a period of great activity—
one might really say of unwonted activity. But, as
happens, this activity was reflected at the time only




in minor degree in the revenue returns of the railroads. Our compilations for May last year did show
improvement over 1928, but the increases were relatively small after all, being only $26,179,817, or
4.86%, in the gross, and $17,754,001, or 12.09%, in
the net. Moreover, this very moderate improvement
came after poor, or indifferent, results in May 1928
and May 1927, one reason for this being that the
agricultural communities of the country were even
at that time already suffering depression, greatly
impairing their purchasing and consuming capacity,
though the situation in that respect was not so
strongly accentuated as it has since become. Building construction also was already showing a decline,
the contracts awarded in May 1929 representing a
total 12% smaller than that of May 1928. It follows that in comparing with the earnings of 1929 we
are comparing with totals that had not been unduly
swollen by reason of the great activity in manufacturing lines which at that time was the distinguishing feature of the period. In any event, losses the
present year of $75,131,912 in gross and $35,711,276
in net make the increases enjoyed last year of only
$26,179,817 in gross and $17,754,001 in net, look
insignificant.
Evidence of the part played by trade depression in
reducing the traffic and revenues of the roads is seen
on every side. One looks naturally, first of all, at
the statistics relating to the automotive industry.
There it is found that the May production of motor
vehicles in the United 'States the present year was
only 417,154, as against 604,691 in May 1929 and
425,783 in May 1928. The iron and steel trades show
a similar diminution of activity, in part as the
result of the diminished requirements of the automobile makers and in part as a result of general
trade depression. In May last year steel production
was of unparalleled magnitude, the calculated output of steel ingots, according to the American Iron &
Steel Institute, being 5,286,339 tons, this comparing
with 4,207,212 tons in May 1928. For May the
present year the production of steel ingots is put
at only 4,024,778 tons. A new high record in the
make of pig iron was also reached in May 1929.
The "Iron Age" of this city at that time put the
production of iron in May 1929 at 3,898,082 tons, as
against 3,283,856 tons in May 1928 and 3,390,940
tons in May 1927. Back in May 1923, which held
the previous high record, the production was
3,867,694 tons. For May the present year the make
of iron, according to the same authority, was only
3,232,760 tons, which is smaller than in any of the
other years given. The early opening of navigation
on the Great Lakes was another advantage enjoyed
last year, which was not repeated the present year.
This advantage was of special importance to the orecarrying roads, both those transporting the ore from
the mines to the head of Lake Superior and those
carrying it from the lower lake ports to the iron
furnaces. The later opening of navigation the present year will explain the heavy losses in earnings

174

FINANCIAL CHRONICLE

the present year (after very large gains last year)
shown by roads like the Duluth Missabe & Northern
(now including the Duluth & Iron Range), on the
one hand, and the Elgin Joliet & Eastern on the
other hand. Doubtless, also, the falling off in the
ore traffic served greatly to swell the loss of the
Great Northern, as compared with the Northern Pacific, which is without ore-carrying lines, and as
compared with the Chicago Milwaukee St. Paul &
Pacific.
As a general item of tonnage, the coal traffic is
perhaps as important as any other, and in the case
of some of the big railroad systems it constitutes the
largest single item of traffic.; It is important, therefore, to know the quantity of coal mined during the
month the present year, as compared with the same
month last year. Here again the influence of trade
depression is seen, and in a very pronounced measure. Only 35,954,000 tons of bituminous coal were
mined in the United States in May 1930 as against
40,706,000 tons in May 1929 and 37,218,000 tons in
May 1928. The production of Pennsylvania anthracite was also heavily reduced, reaching only 5,947,000
tons in,May 1930 against 6,308,000 tons in May 1929
and 7,977,000 tons in May 1928. The product of
hard and soft coal combined was only 41,901,000 tons
in 1930 against 47,014,000 tons in May 1929 and
45,195,000 tons in May 1928.
We need hardly say that the falling off in new
construction work has been a prominent factor in
the depression in trade, and furnishes the strongest
evidence of its presence. Using the figures compiled
by the F. W.Dodge Corp., the construction contracts
awarded during May in the 37 Eastern States represented an outlay of only $457,416,000 in the month
the present year as against $587,765,900 in May 1929
and $668,097,200 in May 1928. To all this must
be added the effects of the special depression suffered by the agricultural communities of the West
and the South, owing to the depreciation in the market values of their main products—grain and cotton. It happens that the grain receipts at the Western primary markets were somewhat heavier than
in May last year (due almost entirely to a heavier
movement of corn), but in that year the grain receipts had been heavily reduced, and it needs no
argument, or facts, or figures, to prove that the
Western farmer was badly off last year, and is still
worse off the present year. Finally, as a sort of
composite of the separate items of the different
classes of traffic to which we have been referring we
have the statistics relating to the loading of revenue
freight covering the entire body of roads for the
whole country. These tell the story of the falling
off in railroad tonnage as the outgrowth of business
depression most convincingly of all. From these
figures it appears that in the five weeks ending
May 31 the loading of revenue freight comprised
4,598,555 cars, as against 5,182,402 cars in the corresponding five weeks of 1929 and 4,939,828 cars in
the same five weeks of 1928. It will be seen that as
compared with last year there has been a reduction
of 583,847 cars and as compared with 1928 a reduction of 341,273 cars.
With all these various statistics, demonstrating
so conclusively the falling off in the traffic and revenues which the roads have sustained owing to
diminished trade activity, it can be deemed no surprise that in the case of the separate roads and
systems the record is one of large and general losses




[vol.. 131.

and that no group of roads or section of the country
has escaped in the general falling off. To undertake to enumerate all the roads which have suffered
heavy decreases would mean to name virtually all
the roads contributing returns. We shall confine
ourselves, therefore, to mentioning merely a few of
the roads most conspicuous in that respect. For
magnitude of losses, the New York Central and Pennsylvania head the list, as would be expected. The
New York Central reports $8,873,433 decrease in
gross and $4,305,636 decrease in net. This is the
result for the New York Central as merged with the
Michigan Central, the Big Four, the Cincinnati
Northern and the Evansville Indianapolis & Terre
Haute. If the Pittsburgh & Lake Erie and the
Indiana Harbor Belt were also included, so as to
cover all the New York Central Lines, the result
would be $9,504,010 decrease in gross and $4,438,488
decrease in net. In May last year the New York
Central lines showed increases, but the amount was
only $3,612,496 in gross and $1,510,217 in net. The
Pennsylvania RR., on the lines both east and west
of Pittsburgh and Erie, shows for the present year
$8,744,071 loss in gross and $3,844,967 loss in net,
which follows $4,785,314 gain in gross and $2,887,781
gain in net in May last year. The Baltimore & Ohio
this time reports $2,525,608 decrease in gross and
$1,015,711 decrease in net, following $1,969,665 increase in gross and $1,144,815 increase in net in May
last year.
In the Southwest the losses are also very large.
Thus the Southern Pacific reports $3,837,153 loss in
gross and *2,188,934 loss in net, following $1,207,461
increase in gross and $1,107,112 increase in net in
May last year. The Atchison Topeka & Santa Fe
shows $3,226,172 falling off in gross and $2,785,156
falling off in net after $1,462,714 gain in gross and
$1,882,834 gain in net last year. In the Northwest
the exhibits are the same. The Great Northern, by
reason of its heavy ore traffic and the late opening
of navigation as compared with the early opening
last season, here heads the list, with $2,255,110 decrease in gross and $1,763,270 decrease in net. In
May 1929 the Great Northern showed $1,759,344 increase in gross and $1,445,993 increase in net. The
Northern Pacific this time runs behind $1,486,493 in
gross and $745,641 in net, this coming after $246,301
gain in gross and $562,282 gain in net in May last
year. The Milwaukee & St. Paul the present year
has suffered a decrease of $2,222,045 in gross and
of $1,156,741 in net, following $342,755 addition to
gross, but $50,096 loss in net in 1929. In the South
the Louisville & Nashville reports $1,397,627 falling
off in gross and $526,098 in net. This follows a
heavy decrease in May of both of the preceding years.
The Southern Railway reports $1,579,160 shrinkage
in gross and $859,000 shrinkage in net; this also following decreases in the years immediately preceding, but relatively light ones. . The Atlantic Coast
Line this time falls $1,697,337 behind in gross and
$987,844 in net, following moderate gains in May
1929, but heavy losses in the two years preceding,
which also is true of the Seaboard Air Line, which
in May the present year suffered a decrease of
$1,085,356 in gross and of $738,540 in net. The
Florida East Coast, as it happens, has a small gain
this time ($30,850), with an inconsequential loss in
net ($15,094), but this follows heavy losses in the
previous three years. In the following we show all
changes for the separate roads for amounts in excess

175

FINANCIAL CHRONICLE

JULY 12 1930.]

of $100,000, whether increases or decreases, and in
both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF MAY 1930.
Decrease.
Increase. Boston & Maine

$469.924
459,421
420,095
397.881
357,256
340,713
339,652
330,768
307.239
319.409
306,706
300,705
296,052
291.399
245.652
239.582
225.529
223.019
210,550
200,902
196,544
191,986
191,381
188.888
178.977
171,156
154,106
151,271
150.002
149.080
123.648
118,418
114,326
114,135
107,156
104,788
103,834
103.331

. New Orl Tex & Mex (3 rds) $260.453 Pittsburgh & Lake Erie
224,572 Bessemer & Lake Erie_ _ _ _
Bangor & Aroostook
Chesapeake & Ohio
Total (4 roads)
$485,025 Central of Georgia
Decrease. Los Angeles & Salt Lake.._
New York Central
148.873,433 Virginian
' Pennsylvania
„ Wheeling & Lake Erie_ __ _
Southern Pacific (2 roads) 3,8.37,153 Chic Ind & Louisville....
Atch Top & S Fe (3 rds)..- 3.226.172 Delaware & Hudson
2,525,608 Nash Chatt & St Louis
Baltimore & Ohio
2,255,110 Elgin Joliet & Eastern_
Great Northern
2,222,045 Colo & Southern (2 rds)Chic Mil St P & l'ac
Union Pacific (4 rds)--- 2.209,892 Chic & Eastern Illinois_ _ _
1,881,671 Denver & Rio Gr West._ _
Erie (3 roads)
Chicago & North Western 1,734,9501 Union
1,697,337. Central of New Jersey.Atlantic Coast Line
1.579,160 Long Island
. Southern Railway
1.575,303 Internat Great Northern_
Illinois Central
1,520,725 Mobile & Ohio
Chic Burl & Quincy
NY N H & Hartford__ 1,507,435 Buffalo Roch & Pitts. _ _ 1,486,493 Western Pacific
• Northern Pacific
St Louis-San Fran (3 rds)_ 1,462,555 Chicago Great Western
Louisville & Nashville_ ___ 1,397.627 Chicago & Alton
1,363.353 Rich Fred & Potomac....
Norfolk & Western
Chic R I & Pac(2 roads)._ 1,317,263 Indiana Harbor Belt
1,143.350 Alabama Great Southern_
Del Lack Ss Western
1.085,356 St Louis Southwestern_ .. _
Seaboard Air Line
1,004,899 Term Ry Assn of St Louis
Wabash
1,001.592 Norfolk Southern
Missouri Pacific
Minn St Paul St S S Marie 918.911 Yazoo & Mississippi Valley
Grand Trunk Western__ _ 885,208 Lake SUP & Ishpeming__ _
861,751 Detroit Toledo & Ironton_
Lehigh Valley
Missouri-Kansas-Texas__ _ 818,648 Detroit Terminal
New York Chicago & St L 771.216 Chic St P Minn & Omaha_
697.249 Detroit & Toledo Shore L.
Reading
686,156 Monongahela
Texas & Pacific
677.185 Akron Canton & Youngs.
Pere Marquette
Duluth Missabe & North_ 629.065
$73,009,000
Total (84 roads)
(Mn New Orl & Tex Vac_._ 515.567

Net Earnings
District and Region.
1929. Inc.(+) or Dec.(-)
1930.
Month of May. --Mileage--6
%
$
1929.
$
1930.
Eastern District5,967.061 6,208,290 -241,229 3.89
7.114
New England region_ _ 7,182
Great Lakes region__ 27,916 27,941 21,776,308 29,868,260 -8,091,952 27.10
Central Eastern region 24,241 24,151 28,172,053 34.984,305 -6,812,252 19.49
59,339 59,206 55.915,422 71.060,855 -15,145,433 21.34
Total
Southern District
40,091 39,742 10.745,340 15,638,438 -4,893,098 31.29
Southern region _
9,985,640 -1,054,022 10.56
5,980 8,931,618
Pocahontas region_ _ _ 5,984
Total
Western District
Northwestern region
Central Western reg'n
Southwestern region_
Total

46,075 45,722

19.676.958 25,624,078 -5,947,120 26.10

49,041 48,977
52,648 52,622
35,053 35,231

11.466,319 17,766,995 --6,300,676 35.48
15,104,430 21.748,895 -6,344,465 29.20
8,924,629 10,898,211 -1,973,582 28.36

136,742 136,830

35,795.378

50,414,101 -14,618,723 29.01

Total all districts_ ...242,156 241.758 111,387,758 147,099,034 -35,711,276 24.22
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions.
EASTERN DISTRICT.
-This region comprises the New England States.
New England Region.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
-This region comprises the section south of the Great
Central Eastern Region.
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.

SOUTHERN DISTRICT.
Pocahontas Region.-Thie region comprises the •ection north of the southern
boundary of Virginia east of Kentucky and the Ohio River north to Parkersburg.
W.Va..and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
-This region comprises the section adjoining Canada lying
Northwestern Region.
figures cover the operations of the New York Central and the west of the Great Lakes region, north of a line from Chicago to Omaha and thence
a These
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central, to Portland and by the Columbia River to the Pacific.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Includ-This region comprises the section south of the NorthContra, Western Region.
ing Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a western region, west of a line from Chicago to Peoria and thence to St. Lou s. and
decrease of $9,504,010.
of a line from St. Louis to Kansas City and thence to El Paso and by the
north
the Pacific.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH Mexican boundary to -This region comprises the section lying between the Mkt
Southwestern Region.
OF MAY 1930.
Liston' River south of St. Louis and a line from St. Louis to Kansas City and thence
Decrease. o El Paso and by the Rio Grande to the Girt of Mexico.
Increase.

$316.115 NY Chicago & St Louis._ $402,051
Chesapeake & Ohio
180.780 Elgin Joliet & Eastern.... 337,293
Bangor & Aroostook
New Orl Tex & M (3 rds). 170.2331 Nash Chatt & St Louis_ __ 331,862
I eine New Orl & Tex Pac__
326,650
316,624
$667.128 Illinois Central
Total (5 roads)
Decrease. Virginian

a$4,305.636
New York Central
3,844,967
Pennsylvania
Atch Top & 5 Fe (3 rds)- 2.785,156
Southern Pacific (2 rds)__ 2,188,934
1,763,270
Great Northern
1,156.741
Chic Mil St Paul & Pac
1,015.711
Baltimore & Ohio
957,844
Atlantic Coast Line
972,725
Norfolk & Western
936,707
Union Pacific (4 rds)
Chicago & Northwestern- 904,578
859.000
Southern Railway
745,641
Northern Pacific
738,540
Seaboard Air Line
731,276
Erie (3 roads)
Minn St I'& 55 Marie... 693.254
Duluth Missabe & Nor... 622,964
Grand Trunk Western... 563,216
526,098
Louisville & Nashville... _ _
Chicago Burl & Quincy__ 480.566
448.192
Lehigh Valley
433,215
St Louis-San Fran (3 rds)_
421,948
Del Lack & Western
419.523
Bessemer it Lake Erie_ _ _ _

N 1r N H & Hartford-Wabash
Texas & Pacific
Pere Marquette
Missouri-Kansas-Texas...
Western Pacific
Union
Delaware & Hudson
Chicago & Alton
Chicago Ind. & Louisville
Los Angeles & Salt Lake._
Wheeling & Lake Erie....
Reading
Boston & Maine
Chic St Paul Minn & Om_
Long Island
Internat Great Northern_
Central of Georgia
Term By Assn of St Louis_
Alabama Great Southern_
Chic RI & Pac (2 roads).
Mobile & Ohio
Total (64 roads)

°
1
2 304
3 864
268.553
255.427
240.276
224.113
211,537
210,195
169,982
167.386
161.113
159.377
157.029
153,582
130.155
126,202
121,559
118,610
118,119
116,197
115,815
111.277
101,836

$34.291.690

a These figures cover the operat oils of the New York Central and

leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central. Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Including the Pittsburgh &_La_k_e Erie and the Indiana Harbor Belt, the
result is a decrease of

When the roads are arranged in groups, or geographical divisions, according to their location, each
one of the three leading districts-the Eastern, the
Southern, and the Western-as well as all the different regions in these districts, show reduced totals,
both in gross and net, as would be expected from
what has been said above with reference to the universal ill effects of the setback in trade and business.
Our summary by groups is as below. As previously
. explained, we group the roads to conform with the
, classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table:
SUMMARY BY DISTRICTS AND REGIONS.
Gross Earnings
District and Region.
1930.
Month of May.
1929.
Inc. (-I-) or Dec.
$
Eastern District$
New England region (10 roads)._ _ _ 21,043,108
22,889,543 -1,846,435 816
92.387,407 110,329,124 -17.941,717 16.85
Great Lakes region (31 roads)
Central Eastern region (24 roads)._101,712,095 116,690,573 -14,978,478 22.73

(-).

Total(65 roads)
Southern District
Southern region (30 roads)
Pocahontas region (4 roads)

215,142.610

Total all districts (171 raads)




4.66

55,449,785
22.920,101

Total(34 roads)
Western District
Northwestern region (17 roads). ___
Central Western retTion (25 roads).
Southwestern region (30 roads)___
Total(72 roads)

249.909,240 -34.766,630
65,198,498
25,199,964

-9,748,713
-2.279,863

14.96
9.10

78,369,886

90,398,462 -12,028,576

13.31

54,921,239
73,848.237
40,162,030

65,357,352 -10,436,113 15.95
85,672,025 -11,823.788 13.82
46,238,835 -6,076.805 13.13

168,931.506

197,268,212 -28,336.706

432,411.032 537,575,914 -75.131,912

14.38
13.95

As already indicated, Western roads in May the
present year had a somewhat larger grain traffic,
but this was after a heavily reduced movement last
year. The increase the present year follows almost
entirely as the result of a heavier movement of corn.
Barring a slight increase in corn, the movement of
all the other cereals was, in greater or lesser degree,
on a reduced scale, even as compared with the small
totals of last year. The receipts of wheat at the
Western primary markets for the five weeks ending
May 31 1930 were 18,393,000 bushels as against 20,643,000 bushels in the corresponding five weeks of
1929; the receipts of corn, 18,773,000 bushels as compared with 13,138,000 bushels; the receipts of oats,
11,970,000 bushels as compared with 11,355,000; of
barley, 2,904,000 as against 3,052,000 bushels, and of
rye, 1,463,000 bushels against 1,524,000 bushels. For
the five cereals (wheat, corn, oats, barley, and rye)
combined, the receipts aggregated 53,503,000 bushels
in the five weeks of May 1930 as against 49,712,000
bushels in the corresponding five weeks of 1929, but
comparing with 71,396,000 bushels in the same five
weeks of 1928. The details of the Western grain
movement in our usual form are set out in the table
we now present:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat.
(Bush.)
(Bush.)
(Bush.)
(Bush.)

5 Wks.End. Flour.
May 31.
(Bbls.)
Chicago
1930
985,000
1929 ____ 1,151,000
Minneapolis
1930
1929 _
Duluth
1930 _
1929
liffitoakkea1930 _-97,000
223,000
1929
Toledo
1930 ____
1929
Detroit
1930 _
1929
St. Louis
559.000
1930
662,000
1929 ___
Peoria
193,000
1930
263.000
1929 ____
Kansas City
1930
1929.

Rye.
(Bush.)

1,148,000
441,000

6.234.000 4,038.000
2,590,000 4,264.000

407.000
472.000

23.000
546,000

4,218.000
5,975,000

894,000
548,000
569,000 1.050,000

883.000
823,000

398.000
500,000

2,546,000
6,033,000

85.000
5,000

152.000
23,000

100.000
897,000

791.000
407.000

83.000
270,000

637,000
471,000

590.000
466,000

1,068,000
549,000

207.000
40.000

1,642.000
641,000

123,000
603,000

514.000
794,000

2,000
5,000

3.000
5.000

120,000
124,000

66,000
60,000

68.000
99,000

37.000

21,000

2,165,000 1,921.000
2,252,000 2,198,000

78.000
23,000

13,000

858,000
234,000

2,821,000
2,080.000
86,000
224,000

2.318,000
1.758,000

543.000
592,000

3.637,000
2,756,000

2,097,000
2.080,000

782.000
382,000

28.000

5.000

176
Wheat.
Flour.
5 Wks. End.
(Bets.)
May 31.
(Bush.)
Omaha & indfanapolls1,438,000
1930 ---1929 _
917,000
Se. Joseph
1930 -178.000
1929 ____
317.000
Wichita
406,000
.
1930
1929 ___
889.000
CnyMous
1930 _---70,000
1929
176,000

FINANCIAL CHRONICLE
Corn.
(Bush.)

Oats.
(Bush.)

Barley.
(Basta.)

Rye.
(Bush.)

[VOL. 131.

indeed, gains that look small alongside the heavy losses now
shown for May 1930. The gains were only $26,179,817, or
3,378,000 2.066.000
1,568,000 1,142,000
2,000
4.86%, in the gross, and $17,754,001, or 12.09%, in net.
Moreover, as also already indicated, the results for May
726,000
224.000
627,000
105,000
1928 and May 1927 were either poor or indifferent. In
May 1928 our tabulations showed $8,823,323 decrease in
208.000
37,000
250,000
22,000
gross with $840,317 increase in net, and in May 1927 our
188,000
141,000
8,000
tables also showed relatively slight changes, namely, $1,218,000
309,000
10,000
088,017 increase in gross, with $1,063,507 decrease in net.
Mae/1S1930 „... 1,834.000 18,393,000 18.773.000 11,970,000 2.904.000 1.463,000 An important fact to remember, however, is
that this fol1929 ____ 2,299,000 20,643,000 13,138,000 11,355.000 3,052,000 1,524,000
lowed quite substantial improvement (we are speaking of
Wheat.
5 Mos.End. Flour.
Barley.
Corn.
Oats.
Rye.
the roads as a whole) in May 1926 over May 1925, when
(Bush.)
May 31. (13513.)
(Bush.)
(Bush.)
(Bush.)
(Bush.)
Chicago
our compilation showed $28,515,298 gain in gross, or
1930 -- 4.780.000 3.324.000 37,818,000 10,710,000 2,168.000
5.85%,
998.000
1929 ____ 5,099,000 5,841,000 38.920,000 12,591,000 3,273,000 1,431,000 and $15,677,492 gain in net,
or 13.89%. Moreover, these
Milwaukee
465,000
1930
453,000 6,146,000 1,518,000 3,994.000
261.000 gains in 1926 succeeded substantial improvement in 1925
1929 ____ 824,000
751,000 5,404,000 1,934.000 3,444.000
219,000 over 1924, our
tabulations for May 1925 having recorded
St. Louis
1930 ____ 2.919,000 11,138,000 13,309,000 8,953,000
297,000
16.000 $11,114,584 increase in gross and $16,805,030 increase in net.
1929 ____ 2,786,000 13,116,000 16,304,000 10.212,000
572,000
2.000
On the other hand, it is essential to bear in mind that these
Toledo
1930
4,144,000
634,000 2.011.000
9.000
9.000 Increases for 1926 and 1925 came after
tremendous decreases
1929 _
5,404.000
784,000 2,990,000
44,000
35.000
In 1924, and to that extent constituted merely recovery of
Detroit
1930 635,000
235.000
280,000
21,000
107.000
1929 639,000
332,000
114,000 what was then lost. Our statement for May 1924 showed
520,000
72,000
Peoria
no less than $70,476,133 falling off in the gross and $30,1930 -- 990,000
611,000 11,381,000 2,416,000 1,766,000
13,000
1929 _-- 1,349,000
716,000 10,201,000 2,627,000 1.542.000
88,000 448,063 falling off in the net. But these losses, in turn, folDuluth
lowed prodigious gains in the year preceding—that is, in
1930
14,191,000
538.000
736,000 1,360.000
981,000
1929 _
17,903,000
724,000
781,000 2,760.000 1,379,000 May 1923, when the totals
were of exceptional size. In
Mintaeayolis1930 22.905,000 5.654,000 4,814.000 5,420.000 1.886,000 May of that year the roads were in enjoyment of an un1929 _
31,676,000 4,304,000 6,404,000 6,665,000 2,274,000
exampled volume of traffic, and our compilations showed
Kansas City
1930 19,568,000 15,888,000 3,247.000
an addition to the gross (as compared with the preceding
1929 _
21,583,000 19,782,000 1,990.000
45,000
year) of no less than $97,510,054, or 21.77%, and an addition
Omaha & Indianapolis
1930 _
6.291,000 26,308,000 8,515,000
3,000
4,000 to the net in the
sum of $32,573,715, or nearly 35%. It
1929 _
8,939,000 18,038,000 7,900.000
2,000
Mout City
should be remembered, too, that the 1923 gains in net were
1930 369,000 3,279,000 1,129.000
65,000
2,000
1929 649,000 2,607,000 1,234,000
32,000
1,000 simply the topmost of a series of increases that began long
St. Joseph
before 1923. Thus, in May 1922, when business revival had
1930 _
1.920,000 6,477,000
738,000
1929 _
2,514,000 5,588,000
547,000
already begun, but when the carriers suffered a very notable
Wichita
reduction of their coal tonnage by reason of the strike at the
1930 3,134,000 2,430,000
157.000
1929
5,275,000 2,779,000
232,000
unionized coal mines then prevailing throughout the counTotal
try (coal loadings then having fallen of 47.4% as compared
1930 ---- 9.164,000 88,683,000 129,997,000 45.469,000 14,477,000 4,656.000
1929 —10,058,000 115,006,000 123,747,000 49,962,000 18,451,000 5,543,000 with May of the year
before) there was only a very small
The Western livestock movement appears to have improvement in the gross earnings—only $4,069,751, or less
been on a smaller scale than in May last year. At than 1%—but there was at the same time a contraction in
Chicago the receipts comprised 16,378 carloads dur- expenses of $23,995,177, and this brought about an augmentation in the
ing May the present year, as compared with 16,935 There was net in amount of $28,064,928, or, roughly, 43%.
improvement also in the net in
carload's in May 1929, and at Kansas City 5,892 Car- ing (1921), though gross at that time was the year preceddeclining, owing
loads, against 6,908 cars, but at Omaha they were to the collapse in trade. The decrease in the gross
then
was $13,214,331, but it was accompanied by a reduction In
6,528 cars against 6,050 cars.
Coming now to the cotton movement in the South, expenses of $58,054,141, thus leaving a gain of $44,839,810
this was a little heavier than in May a year ago, In the net earnings. The loss in the gross at that time was
only
both as regards the shipments overland and the re- great2.89%, which, of course, failed to reflect either the
falling off in traffic or
ceipts of the staple at the Southern outports. Gross the depression in trade under the extent and magnitude of
which the country was then
shipments overland were 44,635 bales, as against laboring, the reason being that railroad rates, both passenger
35,141 bales in May last year, 47,472 bales in May and freight, had been advanced and the added revenue from
1928,75,379 bales in 1927, 63,513 bales in 1926,29,004 the higher rates served to that extent to offset the loss in
bales in 1925, 40,534 bales in 1924, and 65,395 bales earnings resulting from the shrinkage in the volume of
in 1923. Receipts of the staple at the Southern out- traffic. Contrariwise, the saving in expenses then achieved
was effected in face of
ports aggregated 205,975 bales in May 1930 against Labor Board having the higher wage scales, the Railroad
previous summer awarded a 20%
134,735 bales in 1929, but comparing with 369,125 increase to the employees, at the same time
that the Interbales in 1928. In the following table we show the State Commerce Commission granted the carriers authority
details of the cotton receipts at the different South- to put into effect higher rate schedules for passengers and
freight. Had business and traffic remained normal, the
ern ports for the last three years:
higher rate schedules would, according to the computations
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND SINCE
made at the time, have added $125,000,000 a month to the
JAN. 1 TO MAY 311930, 1929 AND 1928.
gross revenues, and the higher wage schedules would have
May.
Sin*, Jan. 1.
added $50,000,000 a month to the payroll of the carriers, as
1930.
1929.
1928,
1930.
1929.
1928.
was pointed out by us at the time.
Galveston
20,515
35.771 114.794 265,371 556.279 348.084
On the other hand, in any attempt to appraise correctly
Texas City, dro
25,549
26.540
60,898 351.520 537.079 406,982
New Orleans
68,921
43,782
94.462 425.089 514,429 492.983 the big reduction in expenses effected in 1922 and 1921,
Mobile
8.515
7.504
24.341
89.433
83.133
75.363
Pensacola, &o
35
424
179
4.467
1.048
1,602 and the steady improvement in operating efficiency since
Savannah
33.153
7,016
36,131
82,151
72.743 164.753 then, the
fact should not be overlooked that, as a result
Charleston
28.580
6,473
18.781
51,239
30,172
72.176
Wilmington
560
1,166
8,628
14,930
21.898
52.669 of the antecedent prodigious increases
in the expenses, net
Norfolk
14.634
6.059
10,811
43.275
41,135 60.742
Corpus Christi
3,271
13,397
earnings in 1920 had been reduced to very low levels. High
Lake Charles
2.242
100
4,707
1.024
Beaumont
operating costs had been a feature of the returns for many
789
Total
205.975 134.735 369.125 1.348.368 1.857.912 1.666.952 years preceding, and It so happened that in May 1920 the
so-called "outlaw" strike, which served so seriously to
RESULTS FOR EARLIER YEARS.
interfere with railroad operations the previous month, conAs indicated at the outset of our remarks, at the beginning tinued with greatly aggravated consequences.
In these cirof this article, the present year's losses of $75,131,012 in cumstances, it was no surprise to find that although
gross
gross and of $35,711,276 in net, speaking of the roads as a earnings increased $38,629,073 over the amount
for May of
whole, follow gains in May 1929, but relatively light gains— the previous year, the augmentation in expenses
reached




JULY 12 1930.]

FINANCIAL CHRONICLE

no less than $61,001,464, leaving a loss in net of $22,372,391.
But,as already stated, the 1920 decrease In net was merely
one of a series of losses in net that had been continuing
through successive years. As indicating how expenses had
been mounting up, it is only necessary to note that in May
1919, though gross earnings increased as compared with
1918 in amount of $35,132,305, the augmentation in expenses
reached $69,091,093, leaving a diminution in the net of $33,958,788. Similarly for May 1918 our compilations registered
$31,773,655 increase in gross, but $14,459,024 decrease in
net, owing to an increase of $46,232,679 in expenses. For
the three years combined, therefore, the loss in net for this
single month was $70,790,203, in face of an increase in gross
earnings of $105,535,033. Expenses in the three years for
this month increased $176,325,236. Even prior to 1918 rising
expenses were a feature of the returns, though not, of
course, to anywhere near the extent which subsequently
developed. In the following we show the May comparisons
for each year back to 1907. We give the results Just as
registered by our own tables each year, though in 1908 and
prior years a portion of the railroad mileage of the country
was unrepresented in the totals, owing to the refusal at
that time of some of the Toads to furnish monthly figures
for publication.
Gross Earnings.

Nei Earnings.

Year.
Year
Given.

Year
Preceding.

May.
$
$
1907 _ 144.267.760 121,074,984
1908 _ 133,680,555 172,218,497
1909 196,826,686 170.600.041
1910 _ 230,033.834 198,049.990
1911 _ 226,442.818231,066,896
1912 .232,229.364226,184.666
1913 263.406,033232.879.970
1914 .239.427.102265,436,022
1915 _244,692,738243.367,953
1916 .308,029,096244.580.685
1917 353,825.032308,132.969
1918 .374,237.097342,463,442
1919 _ 413,190,468 378,058,163
87.330,487 348,701,414
1920
1921 .444,028,885457.243.216
1922 447,299,150 443.229.399
1923 .545.503.898447.993,844
1924 476.456.749546,934.883
1925 .487,664.385476,549,801
1926 .516,467.480487,962.182
1927 517,543.010 516,454,998
1928 _ 509.746.395518,569,718
1929 536,723.030510,543.213
_ 462,444,002 537,575.914

Increase or
Decrease.

Year
Given.

Year
I Increase or
Decrease.
Preceding.

$
$
+23,192,776 43.765,836 37,319.290
—38.537,943 38.076.927 50.922.678
+26,226,645 64,690,920 40.780,800
+31.983,395 70.084,170 64,857.343
—4,624,078 69,173,574 70,868.645
+6.044.698 66,035,597 68,488,263
+30,816,063 73,672,313 66,499.918
—26.007,920 57.628,765 73,385,635
+1,324.785 71,958.563 57,339,166
+63,448.411105.598.25 71,791,320
+45,692.063109.307.435105.782.717
+31,773,655 91.996.194106.454,218
+35,132,305 58,293,249 92.252.037
+38,629.073 28,684,058 51,056,449
—13.214,331 64,882,813 20,043.003
+4.069,751 92,931,56 64,866,637
+97.51 0.054126.173,54693,599,82
—70,476.133 96.048,087 126,496,15
+ 11,114,584 112,859.524 96,054,49
+28,515,298 128,581,566 112,904,07
+1,088,016 126,757.878 127,821,38
—8,823,323 128,780,393 127,940,07
+26,179,817 146,798.792 129,044,79
—75,131,912 111,387,758 147,099.03

+6,446,546
—12.845,751
+14,901.120
+5.226.827
—1,695,071
—2,452.666
+7.172,397
—15.756,870
+14,619,397
+33.806.935
+3.524,718
—14,459,024
—33,958,788
—22,372.391
+44,839,810
+28.064.928
+32,573,715
—30.448.063
+16,805.030
+15,677,492
—1.063,507
+840.317
+17,754,001
—35,711.276

Note—Includes for May 92 roads In 1907; in 1908 the returns were based on 143,310 miles of road; in 1909. 220.514; in 1910, 229,345: in 1911, 236,230; in 1912, 235,410 in 1913, 239,445; In 1914, 246,070; in 1915, 247,747: in 1916. 248,006; in 1917.
:
248,312; in 1918, 230,355: in 1919, 233,931; In 1920, 213,206; in 1921, 235,333: in
1922, 234,931: in 1923, 235,186; in 1924. 235,894; In 1925, 236,663; in 1926, 236,833;
a 1927, 238,025; in 1928, 240,120; in 1929, 241,280; in 1930, 242,156.

177

Mrs. Thomas A. Edison Urges Women to Return
to the Home;Lose Prestige in Business, She
Says on Radio—"Chic" Sale's Comments.
Mrs. Thomas A. Edison, wife of the inventor and daughter
of Lewis Miller, co-founder of Chautauqua Institution, in a
radio talk July 7 from Station WJZ urged women to return
to home-making and to pay less heed to the allurements of
professional and business careers. We quote from the New
York "Times" which gave the following account of her
message to women:
Because of the art of home-making has declined so much in recent years,
due to trends originating in woman suffrage and the World War.according
to Mrs. Edison, the country is facing a situation of widespread restlessness.
Men no longer find satisfaction in their homes,she explained.
"Unless the women of America make a decided effort to return to the
business of home-making, the most vital institution of the country is
threatened." she said. "America is essentially a nation of homes. The
woman who doesn't want to make a home is undermining our nation.**
There was an aversion to housekeeping, Mrs. Edison admitted, on the
ground that there was too much drudgery connected with it, but "every
business and everything in life is 98% drudgery,"she said.
As a matter of fact,she asserted, a good home-maker must have executive
ability and be a good purchasing agent,an economist,something of a chemist
to supervise the diet of her family and a gracious hostess. She also should
be versed in music, art and literature to have a proper background and to
be able to entertain herself, her husband and her friends, according to MS.
Edison.
A college education is invaluable for such a home-maker, she continued;
adding that if the family finances make it necessary to choose between sending a boy or a girl to college, the girl should be the one selected. The boy
can get his broadening contacts in business and elsewhere, Mrs. Edison
declared.
The college woman, however, must realize that home-making is her highest goal and that it is a full-time proposition which is as much of a business as
running an office, she said. Her opinion was that in flocking into outside
business, women had lost their prestige in their own field without making up
for it by accomplishment on a par with that of men in business.
"Deep down in her heart every woman wants a home, and most woman
want children," Mrs. Edison said. She spoke under the auspices of the
Chautauqua, which is offering a series of radio talks on adult education.

In the New York "Evening World" "Chic" Sale thus
commented on Mrs. Edison's remarks:
"Unless the women of America make a decided effort to return to the
business of home-makin' the most vital institution of the country is threatened." says Mrs. Thomas Edison, wife of the man who is so tickled over
inventin' electric lights that he hates to sleep nights. Well, sir, Mrs.
Edison is right. and I'll tell you why:
The way thin a are runnin now the wife just drops by home now and then
to unload her bridge prizes, the grown daughter comes dashin' in every few
days to repaint, the grown son shows up at midnight to fill his flask, and the
smaller children visit there in the spring long enough to put away their
school books and get out their summer camp clothes. The only time the
head of the house can be sure of findin' anybody at home is when he gets a
pay day.
The home is no longer an American institution. It is more like a railroad
station where everybody is just passin' through. Things are gettin' so in
this country that, I'll bet, even the poet, Eddie Guest, don't stay at home.
CHARLES "CHIC" SALE.
Copyright, 1930, John F. Dills Company.

Revision of Class Rates on Freight in Eastern Territory Prescribed—Inter-State
Commerce Commission Provides Distance Scale and 2g Classifications at
Varying Percentages of First Class Rate.
Maximum reasonable class rates for application in Eastern
States comprising what is known as "official territory" were
prescribed by the Inter-State Commerce Commission July 8.
The Commission's decision proposes a general revision of
the class rate structure in eastern territory, involving both
increases and reductions from the present rate level, although
no increases were made in rates on fresh domestic fruits and
vegetables, hay and dairy products. A basic distance scale
of class rates for use in official territory is prescribed. The
decision, it is stated, is designed to add between $40,000,000
and $60,000,000 annually to total revenues of roads operating
in the East.
While no formal order was entered by the Commission,
the new schedules are expected to be made effective by
Nov. 1 next. "There is no good reason, in our opinion,
why they should not become effective on or before that
date," the Commission says.
As an example of the new rates proposed, the traffic
coming under the classification of "first class," would be
charged 152 cents per 100 pounds between Chicago and New
York; 154 cents from Chicago to Boston; 145 cents from
Chicago to Philadelphia; 140 cents from Chicago to Baltimore and 151 cents from Chicago to Norfolk.
Rates under the distance scales are required to be based
on the shortest routes over which carload traffic can be
moved without transfer of lading. With slight modifications
the report approves the grouping and basis of rates proposed
by the carriers for N. Y. City, Philadelphia and Baltimore.




The report provides for grouping Jersey City, N. J., and
certain other places in its vicinity with N. Y. City under
rates to and from New England.
Official territory is sub-divided into three sub-territories,
which have been recognized in rate making for many years.
These are New England, lying east of the eastern boundary
of New York; trunk-line territory, which extends westward
from there to a line drawn through Buffalo and Salamanca,
N. Y., Warren, Oil City, Pittsburgh and Washington, Pa.,
Wheeling, Parkersburg, Charleston and Gauley, W. Va.,
these cities being usually referred to as the "western termini"
of the trunk lines; and central freight association territory,
referred to herein as central territory, lying west of that line.
The Commission's conclusions follow:
Upon general investigation on Commission's own motion of Inter-State
class rates within official territory; found:
1. That, for the future, class rate tariffs in official territory should contain 23 columns of rates, bearing the following percentage relations to
first class: 100. 92.5, 85. 77.5. 70. 65. 60, 55..50. 45,40, 37.5, 35. 32.5.

30, 27.5. 25. 22.5. 20. 17.5. 16. 14.5, 13.

2. That the present principal classes should bear the following percentage
rdl ltions to first class: First, 100; second, 85; rule 25 and third, 70; rule 26.
55; fourth, 50: fifth. 35: sixth, 27.5.
3. Th it except as otherwise indicated maximum reasonable class rate*
for standard lines will be rates based on the distance scale set forth.
4. That in computing distances for the application of the distance scales
prescribed herein, the shortest routes shall be used over which carload
traffic can be moved without transfer of lading.
5. That maximum reasonable class rates between points in zone A in New
England will be rates based on the distance scale set forth in appendix G.
6. That maximum reasonable class rates between points in zone B in New
England will be rates based on the distance scale set forth, and between such

178

FINANCIAL CHRONICLE

points and points in zone A in New England. rates based on the distance
scale set forth plus arbitraries shown.
7. That maximum reasonable class rates between points in trunk-line
territory on the one hand, and points in zone 13 in New England, certain
branch-line points on the New York Central and Delaware & Hudson in
Northern New York, points on the Baltimore & Ohio and Western Maryland south of the main line of the Baltimore & Ohio in trunk-line territory,
and points on the Greenbrier division and the Ashland-Louisville line of
the Chesapeake & Ohio, on the other hand, will be rates based on the
distance scale set forth plus arbitraries shown.

[VOL. 131.

rail termini in New Jersey or New York City, namely, Weehawken, N.J.,
via New York, Ontario & Western Railway, Erie RR., or West Shore RR.;
Jersey City, N. J., via New York Susquehanna & Western RR., Erie RR.,
Central RR. of New Jersey, Lehigh Valley RR. or Pennsylvania RR.;
Hoboken, N. J., via Delaware Lackawanna & Western RR.; Spuyten
Duyvil, N. Y., via New York Central RR.
1. All regular station deliveries on the New York Central, Yonkers,
Nepperhan and Mount Vernon, and stations south thereof, including Port
Morris, via routes in connection with the New York Central.
2. Points on and east of the lines in New Jersey, beginning at Perth
Amboy (including South Amboy), thence following the Perth
Sets Maximum Rates.
Amboy
branch of the Pennsylvania to Rahway; thence via air line to Cranford
8. That maximum reasonable rates between points on certain branch Junction;
thence via the Central of New Jersey to Aldene; thence via
lines of the Virginian, Chesapeake & Ohio, and Norfolk & Western in Rahway
Valley RR. to Newark Heights; thence via air lines to Milburn
Virginia, West Virginia. and Kentucky, on the one hand and other points
(Delaware Lackawanna and Western), northward to Essex Fells and to
in official territory on the other hand, will be rates to and from junction Pompton
Junction; thence following New York Susquehanna and Western
points plus arbitraries set forth for distance included in such branch lines. to
Hackensack; thence via an imaginary line east through West Engle9. That maximum reasonable class rates for application between points wood,
N. J., on the West Shore, and on the Erie to Fort Lee, N. J., on
in zone C in Michigan and other points in central territory will be rates the
Hudson River.
set forth plus arbitraries shown.
3. Floatage or lighterage deliveries or stations of all trunk lines in Man10. That the key rates set forth will be maximum reasonable rates for
application between points listed therein, covering mostly inter-territorial hattan, Bronx, Brooklyn or Long Island City.
4. Points within free-lighterage limits of New York Harbor.
movements between central territory on the one hand and trunk-line
5. Stations on Long Island RR. within the city limits of N. V. City.
territory and New England, on the other hand.
6. Stations on Staten Island Rapid Transit By.
11. That fresh domestic fruits and vegetables and hay, moving on class
7. Stations on Bush Terminal RR.
rates in official territory are affected by depression and should be excepted
8. Stations on Hoboken Manufacturers RR.
from any increases in rates in this proceeding, and that rates on dairy
9. Stations on New York Dock By.
products, including oleomargarine, should remain unchanged pending
disposition of formal complaints involving those commodities.
B. Short-Haul Rates To and From Points in Trunk-Line Territory.
12. That maximum reasonable rates to, from, or between points on
To and from points in short-haul territory, defined as including
all
lines other than standard lines, as defined on the report, will be the rates stations on trunk
lines west of the line defined in B (1), and east of the
prescribed for standard lines, plus distance arbitraries similar to those following
points: Treichlen, Pa., on the Central of New Jersey; Mount
shown, but not necessarily the same in amounts.
Pocono, Pa., on the Delaware, Lackawanna & Western; Port
Jervis. N.
13. That maximum class rates to and from New York, N. Y., and its on the Erie;
Delps, Pa., on the Lehigh & New England; Treichler, Pa., on
environs should be constructed as described.
the Lehigh Valley; Greendale, N. Y., on the New York Central; Summitville, N. Y., on the New York Ontario & Western; Tannersville, Pa., on
Harbor Mileage Added.
14. That in computing rates over routes including an interchange move- the New York Susquehanna & Western; Philadelphia, Pa., on the Pennment across New York Harbor (a) 30 miles should be added to all-rail sylvania and the Reading, and Saugerties, N. Y.. on the West Shore,
distances where the distance is figured over the New York. New Haven & class rates should be made as outlined below.
1. Rail deliveries:
Hartford. and (b) 20 miles should be added where the distance is figured
(a) To and from all stations in New Jersey on trunk lines and on the
over the New York Central.
15. That maximum class rates to and from points in the Baltimore and Hoboken Manufacturers RR. east of Newark Bay and the Hackensack
Philadelphia groups should be based on actual distances to certain named River, following the line of the Erie from the Hackensack River to Weehawken, N. J., thence via the West Shore and New York Susquehanna &
key points plus 10 miles.
16. The maximum reasonable rail-lake class rates between New England, Western to Undercliff, N. J., class rates shall be based on distance 10
trunk line, and border points on the one hand and Lake Michigan ports miles over the distance to any of the following rail termini in New Jersey:
on the other hand over standard routes will be 90% of the corresponding Weehawken, N. J., via New York Ontario & Western, Erie. or
all-rail rates, subject to a maximum differential of 16 cents on first class. West Shore; Jersey City, N. J., via New York Susquehanna & Western.
17. That maximum reasonable rates between Baltimore, Md.,and points Erie, Central of New Jersey, Lehigh Valley. or Pennsylvania; Hoboken.
on the Delaware-Maryland-Virginia Peninsula over water-rail rates via N. J., via Delaware Lackawanna & Western; except that where carload
Love Point, Md.,should be based on actual short-line distances over such freight is loaded or unloaded at the carriers' expense the New York rats
shall apply. Between the aforesaid stations in New Jersey and shortroutes.
haul points on the New York Central class rates shall be based on distance
A summary of the Commission's findings follows:
between such short-haul points and Spuyten Duyvil, N. Y., plus 10 miles
The report prescribes a basic distance scale of class rates for use in offi- plus an arbitrary of 5 cents per 100 pounds on each class.
2. Lighterage or floatage deliveries or stations:
cial territory, except as otherwise provided. The progression and level of
Class rates to and from—
the scale are briefly indicated in the following first-class rates:
(a) Floatage or lighterage deliveries or stations of all trunk lines, except
Miles.
Cents.
Cents. Miles.
the New York Central, in Manhattan. Bronx, Brooklyn, or Long Island
5
99
30 400
City;
111
75
51 500
(b) Points within free lighterage limits in New York Harbor;
100
56 600
123
(c) Bush Terminal Railroad stations:
150
135
66 700
(d) New York Dock Railway stations:
79 800
145
240
should be based on arbitraries of 5 cents per 100 pounds over the rate on
300
87
Below first class 22 other rate columns are provided fixed at percentages each class to or from any of the following rail termini in New Jersey or
class ranging from 92.5 to 13. The principal present classes are New York City; Weehawken, N. J., via New York Ontario & Western,
of first
Erie, or West Shore; Jersey City, N. J.. via New York Susquehanna &
given the following percentages: Second, 85; Rule 25 and third, 70; Rule
Western, Erie, Central of New Jersey, Lehigh Valley, or Pennsylvania:
26, 55; fourth, 50; fifth. 35: sixth, 27.5.
Hoboken, N. J., via the Delaware Lackawanna & Western. Class rates
Between points in Zonc C in Michigan, Zone B in New England, cerfor 110 miles shall be observed as maxima.
tain branch lines of the New York Central and Delaware & Hudson in
3. Staten Island Rapid Transit Railway stations;
northern New York, and certain branch lines in Virginia, West Virginia,
Class rates between points on railroads west of the Hudson River and
and Kentucky on the one hand and other points in the territory a level Points on the
Staten Island Rapid Transit Railway should be made on
higher than the basic scale is prescribed. To and from certain lines of actual
distance to and from St. George plus 10 miles, except that where
the Chesapeake & Ohio, Norfolk & Western, and Virginian a still higher the Staten Island
Rapid Transit Railway loads or unloads carload freight,
basis is prescribed. Within Zone A in New England a scale 5% higher the
New York Harbor rates should apply as minima.
than the basic scale will apply, and within Zone B New England a scale
4. Rates within the New York City group:
10% higher than that for Zona A.
(a) Between points in New Jersey north of the Kill van Kull, east of
For application between central territory on the one hand and trunk-line Newark Bay and the
Hackensack River and south of Edgewater-Undercliff.
territory and New England on the other hand, and to a limited extent
and New York lighterage, floatage, and Brooklyn water-front stations
between trunk-line territory and New England a large number of specified class rates
should be bailed on the distance scale for 10 miles,
Plus 5 cents
key rates between the more important points are prescribed. These rates per 100 pounds on
each class.
are based on distance to a considerable extent but also take into account
(b) Between points in New Jersey referred to in: (4) (a) and points
on
certain other elements. They do not reflect the present McGraham per- the
Long Island RR. within the city limits of New York City, class
rates
centages or the so-called port differentials. Some of the more important should
be based on the distance scale for 20 miles plus 5 cents per
100
of these key rates (first class) are shown below:
pounds on each class.
Between—and
New York. Boston. Phila. Balti. Norfolk.
C. Rates To and Front Points in Nets England.
140
151
152
145
154
Chicago
1. Where short
-line distance is via the New York Central, the basis
160
153
160
175
St. Louis
187
governing rates to and from points in trunk-line territory should
139
Detroit
123
130
120
123
be applied.
2. Where short-line distance is via the New York, New Haven &
Cleveland
107
123
122
102
116
Hartford to and from—
Cincinnati
116
127
127
148
136
(a) New York City pier stations of the New York, New Haven & HartRates under the distance scales are required to be based on the shortest
routes over which carload traffic can be moved without transfer of lading. ford, stations on the Long Island RR. within the city limits of New York
With slight modifications the report approves the grouping and basis of City, Brooklyn contract terminals, lighterage deliveries within the lighterrates proposed by the carriers for New York City, Philadelphia, and Bal- age limits of New York Harbor and points in New Jersey north of the
timore. The report provides for grouping Jersey City, N. J., and certain Kill van Kull, east of Newark Bay and the Hackensack River and south
other places in its vicinity with New York City under rates to and from of Edgewater-Undercliff rates should be based on 40 miles added to the
distance to the all-rail terminal of the New York. New Haven & Ilartford
New England.
The report prescribes rail-lake rates between Lake Michigan ports and at Harlem River, N. Y.;
(b) Points on Staten Island and in New Jersey (except those referred
eastern territory 90% of the corresponding all-rail rates subject to a maximum difference of 16 cents on first class. Between Baltimore and the to in C-2 (a) on and east of a line beginning at Perth Amboy (including
peninsula rail-water rates via Love Point, Md., are required South Amboy): thence following the Perth Amboy branch of the PennsylDel-Mar-Va
vania to Rahway;thence via air line to Cranford Junction; thence via the
to be based on actual distances over such routes.
Increased rates on fresh domestic fruits and vegetables, hay, and dairy Central of New Jersey to Aldene; thence via the Rahway Valley to Newark
Heights; thence via air line to Milburn (Delaware Lackawanna & Western),
products are not authorized by the report.
northward to Essex Fells and Pompton Junction; thence following the
Maximum reasonable rates only are prescribed in the report.
New York Susquehanna & Western to liackensack;lhence via
The decision also holds that maximum class rates to and ary line east through West Englewood, N. J., on the West Shore an imaginand EngleNew York City and its environs should be constructed wood, N. J., on the Erie to Fort Lee, N. J., rates should be based on 50
from
miles added to the distance to the all-rail terminal of the New York, New
as follows:
Haven & Hartford at Harlem River, N. Y.
I D. Rates To and From Points on Long Island Outside New York City.
A. Long-Haul Rates To and Front Points in Trunk-Line Territory.
from points referred to in paragraphs 1 to 9 below • 1. To and from Points on the Long Island RR. outside the city limits of
Class rates to and
should be based on distances ten miles over the distance to any of the New York City class rates should be constructed by adding the following




JULY 121930.]

FINANCIAL CHRONICLE

179

amounts to the first class rates to and from Group A (embracing all points 1 on other classes to be determined by use
of the uniform class percentages
within the city limits of New York City served by the Long Island), rates (a) Group B,7 cents; (b) Group 0, 11
cents; (c) Group D. 21 cents.

Revision of Rail Class Rates in Western Region Approved—Decision of InterState Commerce Commission May Add $10,000,000 to $12,000,000 to Revenues
of Trunk Line Railroads.
General revision of railroad class rates in Western trunk
line territory as distinguished from rates in Western territory
generally, involving both increases and reductions contrasted
with the present rate level, but with the general effect of increasing the revenues of railroads serving the territory by
upwards of $10,000,000 to $12,000,000 annually, is contemplated in a decision of the Inter-State Commerce Commission announced July 8. The report is in conformity with
the Hoch-Smith Resolution passed by Congress in 1925
directing the Commission to study rates with special relation
to agricultural products. The decision was written by the
Chairman of Commission, Commissioner Frank McManamy.
According to a statement made public with the decision,
"the two primary and outstanding matters presented for
consideration, namely,(1) a comprehensive and harmonious
readjustment of the class rates within Western trunk line
territory and between that and official territory; and (2) increases in the revenues of Western trunk line railroads, will
result from the Commission's findings."
"However," said the Commission's explanatory statement,
"some rate reductions will follow in Western trunk line
territory, especially for the longer hauls; and many reductions
in rates to and from official territory. The measure of increase is substantially greater in Western trunk line zone I
than in other zones. The bases prescribed are designed with
relation to _adjustmentsIn adjoining territories.
"While it is impossible accurately to determine the revenue effect of the entire new rate adjustment, it is roughly
estimated that if applied intraterritorially and interterritorially, inter-State and intra-State, the Western trunk line
railroads, revenues will be increased by $10,000,000 or
$12,000,000. It is belived that the financial conditions of
those railroads warrants such increase."
Commissioner Claude R. Porter dissented from the majority opinion of the Commission, while Commissioners Brainerd and Woodlock wrote separate opinions, concurring in
part.
"I dissent from the findings of the majority," said Commissioner Porter, "because I cannot go with any level of
rates in Western trunk line, zone I, which, based on the
average first-class rates, approximates 125% of the rate level
in central territory.
"In other words, I am in thorough disagreement with the
pieseription of any rate level in Wisconsin, eastern Minnesota, Iowa and northern Missouri which is as much as 25%
higher than the rate level in Illinois. One can look in vain
over the Commission's reports during its approximate 43
years of service for a single important case in which it has
ever approved or prescribed a rate on any commodity in
Western trunk line, zone 1, as much as 25% higher than the
rate which it approved or prescribed for Illinois."
An authorized summary of the Commission's findings
follows:
The rates is issue in these proceedings, generally speaking, are those on
class-rate traffic between points within the area termed w. t. I.
territory and
between points in that territory and points in the entire country
east of the
Mississippi River and Lake Michigan. W. t. I. territory may be
roughly
described as extending west from Lake Michigan and the Mississippi
River
to the Rocky Mountains and north from and including Kansas and
northern
Missouri to the Canadian border. Class rates over lake-rail routes
between
w. t. 1. and eastern territories are included.
For many years the W. t. I. class-rate structure has been the cause of
widespread dissatisfcation and a prolific source ofcompalints. Piecemeal
adjustment did not effect a general cure. As early as June 1923, the
railroads
contemplated a general revision of these rates. Late in 1925 during
the
course of the hearings in revenues in the Western district. 113 I. C.
C. 3,
they filed a petition praying for a complete revision of the w.t. I. class rates
in order to secure not only a harmonious rate basis but to obtain additional
revenues.
A considerable period elapsed during which shippers and railroads attempted to reach an agreement upon a mutually satisfactory basis by conference, but without success. The curernt general rate investigation, No.
17000, to the extent that it involved the issues roughly outlined In the next
preceding paragraph, was thereupon set for hearing together with the railroads' petition and numerous complaints and investigatoins pending before
the Commission involving class rates within or to or from w. t. I. territory.
Hearings began in January 1927, and continued with varying intervals until
May 1928. Briefs were filed in August 1928, and the proposed report of
the examiners was served on Aug. 7 1929. A week of oral argument was
had in October 1929.
The railroads filed similar petitions covering the intra-State rates with the
State commissions of the w. t. 1. States, and the proceedings have been
handled on a co-operative plan throughout.




In the decision now released, w. t. I. territory, exclusive of designated
parts of eastern and southeastern Wisconsin, is divided into three zones for
rate-making purposes. The lowest rated zone, designated zone I, includes
roughly the area east of the Missouri River and the Sioux Falls-Twin CitiesDuluth line and west and north of the Mississippi River and a line extending
through Dodgeville, Madison, Watertown, and Green Bay, Wis. The
intermediate rated zone lies west of zone I and comprises the portion of
Kansas included in Kansas-Missouri scale territory in the Consolidated
Southwestern Cases, and the portions of Nebraska, South Dakota, North
Dakota and Minnesota, and on east of a line drawn through Superior.
Kearney, Long Pine, Neb., Winner, Chamberlain, Wolsey and Aberdeen.
8. Dak., and Oakes, New Rockford, Leeds, and Bisbee. N. Dak. The
highest-rated zone III lies west thereof.
For application between points in zone III, a scale is prescribed which
approximates in general level the scale prescribed for Oklahoma and other
southwestern States In Consolidated Southwestern Cases but with a somewhat more constant rate of progression. The rates in Scales I and II
prescribed for application within zones I and II are about 83 and 93%
respectively of the scale III rates.
The measure and progression of the scales are briefly indicated in cent
by the following first-class rates.
&ale II.
Scale I.
Mites.
Scale III.
Cents
Cents
Cents
34
32
5
36
76
68
100
82
104
92
200
112
123
110
300
132
141
="--;
-% 126
400
152
195
174
700
210
209
186
800
225
270
302
1.500
325
The basis prescribed for determining rates bewteen points in different
zones is to apply the lower or lowest scale for the entire distance plus differentials for the distance or distances in the higher rated zone or zones.
Between the w. t. I. rate zones and that portion of official territory embracing Ohio. the southeastern corner of Michigan and east thereof, specific
key rates between selected points of origin and destination are prescribed
which, with appropriate grouping in the manner indicated, will provide
reasonable interterritorial rates between these areas. Between tr e w. t. I.
zones and official and Illinois territories west of the area from and to which
key rates are prescribed, the plan for constructing rates is ismilar to that
employed between the zones in w.t. I. territory. A basic scale approximating 70% of the scale III rates is to be applied for the entire distance, plus a
differential or differentials for the hauls in w. t. I. territory.
The key rates described above are based on distance, but other relevant
conditions have been given consideration. They do not purport to be precisely on the distance plan for determining interterritorial rates for shorter
hauls. For the portion of Wisconsin now included in Illinois territory and
for a narrow strip of that State lying north of Illinois territory and on and
east of a line from Watertown to Green Bay and between these portions of
Wisconsin and official territory and the remainder of Illinois territory the
bases fixed are the same as those prescribed in the Eastern Class Rate Case.
for corresponding sections of Illinois and Michigan.
It is found that the record is inadequate upon which to prescribe joint
lake-rail rates between w.t.l. and official territories. However, a related
and harmonious adjustment of joint lake-rail rates between these territories is found necessary. Rail and lake lines are required to establish a
complete structure of such rates not later than the opening of navigation
on the Great Lakes in 1931. governed in a general way by the basis prescribed for inter-territorial all-rail rates.
The record is also found inadequate to determine the general blsis of
class rates between w.t.l. and southern territories. The railroads will be
expected to adjust rates between the south and southern Wisconsin, the
Twin Cities and other w.t.l. points entitled to similar treatment with
relation to rates fixed in the Southern Class Rate Case.
Distances are to be computed over the shortest routes over which carload traffic can be transported without change of lading.
The western classification will govern the inter-territorial rates to and
from points within the w.t.l. rate zone. The percentage relations of both
intra-territorial and inter-territorial rates governed by western classification will be the same on the existing classes as those prescribed in Consolidated Southwestern Cases, except that the relation of fifth class to first class
will be 37.5%. It is further provided that in publishing tariffs in conformity with the findings, the railroads shall include 13 additional scales
of rates bearing stated relations to the first class rates prescribed.
Official classification will govern tbe rates prescribed within the eastern
and southeastern portions of Wisconsin above described, and between
these portions of Wisconsin and Illinois and official territories.
Large groupings of points in w.t.1.territory based on commercialreasons are
disapproved. As stated, grouping is provided in connection with the key
rates; prescribed and a limited grouping, somewhat liberalized for longer
hauls, is permitted in connection with rates based on the distance formula.
The full measure of the increased class rates is not to be applied on
certain commodities including agricultural implements, dairy products.
canned goods and iron and steel articles, but they are accorded rates based
on certain percentages of first class lower than would result by application
of the full class bases. No increases are permitted in these proceedings
on certain agricultural products such as hay, and wool in the grease, without prejudice to the modification of the rates thereon by usual methods
and independently of these proceedings.
As these proceedings were heard co-operatively with the State Commissions of the various w.t.l. states, no finding is made with respect to the
intrastate rates at this time, other than those in Kansas, in order that the
State Conunissions may pursue the course under the law of their respective
states. The Kansas intrastate situation is treated in a separate report
on complaints filed and heard subsequent to the close of hearings in the
present proceedings. That report is also served today.
In order to permit of more elasticity in minor matters in publishing the
rates required by the report, no general order is or will be entered pending
advice from the railroads whether the findings will be complied with without order. In the event no order is entered. Nov. 1 1930, is fixed as the
effective date of the tariffs containing all the new schedules.N

FINANCIAL CHRONICLE

180
The Commission's conclusions follow:

1. General level of class rates in western trunk-line territory found
relatively low, and increase therein found justified.
2. Western trunk-line respondents found entitled to the increased revenues expected to be yieded by the increased class rates herein found justified, because of their financial condition, and because this class-rate traffic
can reasonably bear such rates.
3. Economic condition in western trunk-line territory of the agriculture
Industry is considerably improved, but agriculture has not fully recovered
from the post-war depression while other industries are generally in a
better condition. Western trunk-line territory generally believed able to
bear these Incrtrsed class rates. No increases permitted on certain ordinary agricultural products, as specified in report
4. Motor-truck competition is primarily railroads' problem. Respective
services are inherently different. This competition given some consideration, but not controlling weight, in devising scale rates for shorter reaches
5. Dual scale of class rates suggested by certain shipper interests, with
one set for less-carloads and another for carloads, believed not feasible for
western trunk-line territory alone for practical reasons, and not founded
upon sound basis.
6. Manner of construction and mode of progression in distance scales
of class rates prescribed represent modifications of those features in southwestern scale. Progression is more constant.
7. Respondents required to publish tariffs containing rate tables providing for 23 classes on specified percentages of class 1. Percentages prescribed
for 10 classes heretofore existing are the same as in southwestern scale,
except 37.5 instead of 40% for cl ss 5.
,
8. Distances over shortest possible route over which carload traffic can
be interchanged without transfer of lading prescribed for use in determining rates made on distance bass, except as noted. Car-ferry routes and
dstances across Lake Michigan sLould be treated same as rail routes and
d stances
.
9. Grouping of points authorized to the extent specified. Except to
that extent, respondents' proposed grouping of Missouri River cities, and
of Milwaukee, Wis., with Chcago. Ill., found unduly preferential and
prejudicial.
10. Western trunk-line territory, exclusive of designated parts of eastern and southeastern Wisconsin, dividend into three zones for rate-making
purposes, decided upon differences in average conditions.
11. Maximum reasonable distance scales of class rates prescribed for
application within the respective western trunk-line zones, and for application interzone by addition of differentials.
12. Intrastate class rates and classification exceptions within western
trunk-line states and under consideration by respective state commissions.
Latter are co-operating with us. Therefore, except as to Kansas, there
are no compelling reasons for findings under section 13 of the Interstate
Commerce Act until they have had reasonable opportunity to exercise
their judgment. Kansas situation has been presented in later cases and
will be disposed of in separate report.
13. Maximum reasonable specifc key rates prescribed between designated key points in western trunk-line rate zones and official territory,
respectively, covering the longer hauls, with provision for grouping intermediate and related points.

[Vol.. 131.

14. Maximum reasonable distance scales of class rates and differentials
prescribed for constructing inter-territorial joint rates between points in
western trunk-line rate zones on the one hand, and on the other Wisconsin
embraced in extended Zonce C and Illinois territory, and covered 1, the
preceding paragraph
15. Maximum reasonable class rates prescribed between parts of Wisconsin embraced in (a) extended Zone C and (b) Illinois territory on the
one hand, and on the other official territory and Illinois, on same basis
as fixed in eastern class rate investigation to and from points in (a) Michigan Zone C and (b) Illinois,respectively, with key rates for relatively longer
hauls and distance basis for shorter hauls.
16. Joint lake-rail inter-territorial class rates between western trunk-line
and official territories on a related and harmonious adjustment are essential in order to avoid widespread undue prejudice, Record found inadequate upon which to prescribe basis. Respondents expected to establish
such rates in conformity with conclusions stated in report.
17. Record found inadequate upon which to determine basis for all-rail
class rates between western trunk-line and southern territories.
18. Lawful relations in joint barge-rall class rates as between Fargo.
N. Dak„ and Twin Cities on traffic from New Orleans, La., and Vicksburg, Miss., can not be determined because of inadequacy of record.
19. Western classification prescribed for governing inter-territorial class
rates between western trunk-line rate zones and all territory east thereof;
and official classification between Wisconsin east of Zone I and official
territory and Illinois.
20. Class rates under consideration found not unreasonable in the past.
No damage shown by reason of any undue prejudice which may have
existed. Prayers for reparation in complaints embraced in report denied.
21. Applications for relief from fourth section of Interstate Commerce
Act protecting class rates under consideration and embraced in this report,
denied because of failure to justify. Appropriate order entered. Upon
seasonable applications by respondents, consideration will be given to
the granting of relief covering the revised rates.
22. No finding made with respect to present interstate exceptions to
classification and less car-load commodity rates, because of lack of evidence.
23. Maximum reasonable rates prescribed on certain articles now moving
in car-loads under class rate by affording rates on specified percentages of
class 1 which are lower than under present full classification basis.
24. Certain agricultural products now moving in carloads under class
rates, accorded continuance of present rates subject to rates herein pro-'
scribed as maximums. Similar basis, limited as specified, provided for
excelsior and excelsior pads, in carloads.
25. Specific maximum reasonable rates prescribed on certain paper
articles, in cariods, to Kansas City, Kans., from Cincinnati and other
Ohio points, and from Three Rivers, Mich.
26. Complainants desiring to proceed further with allegations in their
complaints embraced in this report, but beyond scope of these proceedings, required to file amended complaints.
27. No general order giving effect to findings will be entered, pending
ad
from respondents. It is expected that.entire all-rail rate adjustment required, intra-territorially and inter-territorially, will be made
effective same date; and Nov. 1 1930, fixed. Lake-rall rates expected
to be established not later than the opening of season of navigation on the
Great Lakes in 1931.

Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, July 111930.
Extraordinary heat at the West and the South, reaching
semi-tropical heights like 108 to 111 degrees in parts of the
grain and cotton belts have stimulated the sale of summer
goods to some extent but take it for all in all, it is a dull
summer. That is more and more plainly manifest as time
goes on. Trade in both jobbing and wholesale lines lags.
Perhaps one of the significant signs of the time in its way is
the announcement that the two principal mail order houses
of this country have just issued catalogues quoting prices for
merchandise that are the lowest for 10 years past. The intense heat at the Northwest is said to have injured the spring
wheat to some extent, but on the other hand the winter
wheat yield is likely to be larger than it was at one time expected. The difference in the size of the yield as compared
with that of last year however will be small. The corn crop
will be larger. Meanwhile more strikes are reported. Cutting of wages was on a much larger scale in June. The Department of Commerce recently said that one in 50 workers
was unemployed. A labor bureau asserts that one in 20 is
idle. It is plain enough in any case that there is a good deal
of unemployment in this country. Of course this is a temporary condition. This is not a country that abandons hope
and lies down. Sooner or later it will resume its old-time
titanic activity in a thousand walks of industry. Meanwhile,
however, there is no disguising the dullness of the times.
Prices are much lower than they were last year. Wheat is
some 2834% lower than then on July (at Minneapolis it is
40c. lower than a year ago), corn is off 22%, oats 25, rye 50,
lard 22,sugar 38,coffee 45 to 60,copper 36, tin 34,rubber 46,
4
silk 42, hides 22, July cotton 29% and silver sells at 337 as
against 52 cents a year ago. The question is whether prices
are not in the popular phrase beginning "to scrape bottom."
Certainly it would seem that dullness can go no further.
The next change must almost certainly be for the better.
At any rate this idea is prevalent among not a few reflective
business men in different parts of this country. Speculative
markets meanwhile are quiet. At the Stock Exchange a fair




business nowadays is about 1,500,000 shares. There is
nothing like the former hectic totals of 5,000,000 shares and
upward with feverish fluctuations to match. The trading is
conservative in all the big speculative markets. They were
all lower to-day and stocks for the moment reacted, though
not on a disturbing scale. Iron and steel are quiet and to al
appearance more or less depressed. There are no signs of
immediate betterment in these trades. The plate mills make
the best showing with pipe active.
Automobile production was smaller in June than in May,
and for the year up to June 30 the decrease was nearly 40%
as compared with the same periods last year.
Trading on the Great Lakes is smaller than a year ago as
iron ore and lumbering operations are on a lessened scale.
Coal mining has fallen off in Kentucky, Western Pennsylvania and Kansas. The decrease in building in June was
smaller than in many previous months. Department store
sales in June which contained one Saturday less than a year
ago decreased 9% from June last year. The decrease for
six months as compared with the same period in 1929 is
only 4%. Chain store sales in June dropped 334% below
those of last year, but for six months there is a gain of 434%
compared with alike period in 1929. Radio production has
markedly increased. Road building is active. That helped
the trade in cement and concrete bars. Lumber production
has fallen off. The grain crops are larger than those of last
year. From present appearances the cotton yield is likely
to be smaller than then.
Wheat declined on liquidation of late as the technical
position weakened and export trade was disappointing.
Liverpool has reported increasing offerings of foreign wheat.
And to-day Chairman Legge of the Farm Board was quoted
as saying that the Farm Board intends to enter into no
further operations to support wheat prices but is going to
let the market take its course. Naturally that statement
attracted no small attention. It may have had something
to do with the sudden decline also in cotton. The Government estimate of the winter wheat crop of 557,719,000
bushels is only 21,000,000 less than the last crop. The total

JULY 121930.]

FINANCIAL CHRONICLE

of spring and winter is put at 807,265,000 bushels or about
half a million bushels more than last year. Corn advanced
a couple of cents on the hot wave in the Southwest and
damage to the crop there and an excellent cash demand.
The crop is estimated by the Government at 2,802,442,000
bushels or nearly 200,000,000 bushels larger than last year.
Oats advanced with corn, and rye fell with wheat. Flour
was in better demand at mill centers. Provisions declined
with lard, off 5 to 10 points.
Cotton declined 60 points on July under liquidation
linked to persistent issues of moderate amounts of July
notices of delivery. Other months are down 30 points net,
falling to-day some 30 to 35 points owing to liquidation in a
market whose technical position had been weakened by
recent covering. To all appearance dry hot weather with
temperatures up to 110 on both sides of the Atlantic States
was detrimental in many sections to the plant, but to-day
a very circumscribed market suddenly gave way under
selling orders from Wall Street and elsewhere as prices
refused to respond to what was at least theoretically bad
weather news. Moreover the textile figures on standard
cloths showed that even after much restricted production
the sales in June were only 65.5% of it and that unfilled
orders decreased at the same time 193% following a decrease
in May of 24.
Rubber declined fully a cent a pound. The fact that
recently new plans have been outlined for curtailing production and exports suggests that both are conspicuously outrunning the trade requirements and has a more or less depressing effect. Meanwhile rubber factories are taking their
time about buying crude rubber. Coffee declined only
slightly for Rio in spite of some decline in Brazilian exchange
and more or less European and local selling. July Santos
Coffee was at one time strong with a sharp demand from
shorts but when they had largely covered there came a reaction. Still September and December had advanced nearly
Me. net at the expense of what seems to be a perennial short
interest. Raw sugar prices sought new lows as Cuban continued to sell though they were steady at times on the
covering of hedges as the actual sugar was sold at around
3.30 to 3.330. delivered. The net decline in futures was
some 5 to 10 points. Hides dropped 1 to 1%c. under rather
heavy selling. Silk fell 10 to 15 points and cocoa was irregular, July rising a couple of points, September showing
no net change and December about 10 points lower.
On the 9th inst. the stock market rally continued from the
previous day. Railroad shares were stimulated by the revision of the basis of freight rates in trunk line territory by
the Inter-State Commerce Commission. The market in
general showed very plainly its ability to resist pressure.
The trading was on a conservative scale reaching 1,360,000
shares against 1,550,000 the day before. On the 10th inst.
a rally on a more expansive scale took place. Brokers' loans
fell off $16,000,000. A member of a large firm was suspended
by the Exchange for three years. Copper fell to 113'2c. and
there was a decrease in unfilled steel orders of 91,163 tons.
But the market was in no mood to give much heed to these
things. The technical position was plainly better with the
demand centered largely on such stocks as United States
Steel, American Can, American Telephone and Telegraph,
Consolidated Gas, Eastman Kodak, Santa Fe, New Haven,
New York Central, Radio, General Motors, Westinghouse
Electric and Union Pacific. To-day stocks had an irregular
8
decline of 1 to 4% points in the livelier issues which seemed
to be nothing more than a natural profit taking reaction after
a number of days of rising prices. This reactionary note was
most perceptible in stocks like U. S. Steel; Eastman Kodak,
Johns-Manville and Air Reduction, not to mention Railroad
shares. The trading was off to 1,525,000 shares or some
600,000 less than on the previous day. Money was down
to 2%. Speculative commodities as a rule were lower including wheat, which broke 4 cents from the morning's high,
as well as cotton, sugar, coffee, rubber, hides and cocoa.
Bonds advanced with a larger demand for the better issues.
Chicago wired that Sears, .Roebuck & Co. and Montgomery Ward Sr Co., the largest mail-order houses in the
United States have announced drastic reductions in the
prices of merchandise and that their new catalogue quotations are the lowest in the past ten years. On the 9th inst.
denims fell here to the lowest price in nine years. The new
prices are based on 123 cents for 28 inch 2.20 yard "white
back" denims for July and August delivery. The previous
price was 15 cents, which has been in effect since Dec. 11
1929. Bad trade explains the drop. Greenville, S. C.,




181

wired July 6th that thousands of textile operatives over.
the Piedmont section will resume their labors at once,
following a week's vacation. The majority of plants in
this section were closed all last week, and all of which will
resume on the 7th inst. A few plants were in operation
half the week. Mills will go back to the regular plan of
operation, or half the full-time production.
Charlotte,N.C., wired, quotes the head of the Cramerton
Mills as expressing the opinion that things will begin to look
up in the textile and other industries in the Fall, that stocks
of goods in warehouses and stores will be exhausted and
that the extended uses found for cotton goods should help.
Richmond, Va.,wired July 8 that the Virginia Maid Hosiery
Mills, Inc., of Pulaski, Va. resumed operations at full
capacity Monday morning having been shut down a week.
At Fort Mill, S. C., the Fort Mill Manufacturing Co. resumed operations July 7 after having closed down Thursday
afternoon for the Fourth of July holidays. Charlotte wired
later that a somewhat better feeling and a generally improved
market tone has been in evidence in the textile situation this
week, bringing about a more general feeling that if the
worst is not actually over, then the market is at the bottom
now and the next move should be upward.
Manchester, England, reported a better demand for cloths
from both India and China. The world's output of autos
has gained 3,092,826 in a year. The registrations total is
35,127,398 of which 26,653,450 are in the United States.
New Zealand ties Canada. They are in second place and
Austria is third.
Gross sales of 25 of the leading chain stores systems for
the month of June are reported to have dropped about 4%
compared with the same period last year. For the sixmonths' period ending with June, their sales were reported
to have increased about % of 1% over last year. F. W.
Woolworth Co.'s sales for June were reported to have reached
$20,714,731, a decrease of 12.2% from June last year.
On the 8th inst. New York temperatures were 67 to 80,
Boston 64 to 82, Chicago 62 to 78, Cincinnati 62 to 94,
Cleveland 64 to 78, Detroit 64 to 84, Kansas City 76 to 98,
Los Angeles 60 to 76, Milwaukee 64 to 74, St. Paul 70 to 90,
Montreal 62 to 82, Omaha 78 to 102, Philadelphia 68 to 84,
Phoenix 76 to 100, Portland, Me.,60 to 80, Portland, Ore.,
52 to 80, San Francisco 52 to 62, Seattle 50 to 72, St. Louis
76 to 98, Winnipeg 70 to 90. In New York on the 10th
inst. the temperatures were 63 to 79 degrees, Chicago had
68 to 78, Cincinnati 72 to 92, Cleveland 64 to 78, Kansas
City 78 to 100, Milwaukee 68 to 82, Minneapolis 76 to 98,
Montreal 60 to 82, Omaha 82 to 104. It has been very hot
in the West this week with 108 degrees at times in South
Dakota. On the 9th 20 persons were killed by the heat
in the Central West with 100 degrees and above persisted
for most of the week. On the 10th 30 more were killed.
In Kansas many farmers were harvesting their wheat by
moonlight to avoid the heat. The hot wave reached as far
northwest as Montana, where Miles City reported 108, and
as far southwest as Arizona. It was near 95 in most of
Ohio and Indiana and sections of Tennessee and Kentucky
reported 100 or higher.
To-day the temperatures here were 64 to 75 degrees.
Overnight, Chicago had 80 to 100, Cincinnati 70 to 92,
Cleveland 68 to 78, Detroit 68 to 84, Indianapolis 74 to 90,
Louisville 70 to 96, Milwaukee 66 to 82, Bismarck 68 to 78,
Kansas City 80 to 86, St. Paul 76 to 96, Oklajoma City
74 to 96, St. Louis 84 to 102, Winnipeg 66 to 82, Boston
60 to 72, Philadelphia 66 to 82, Montreal 60 to 62.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States
-Increase in Volume of Business Measured by Checks.
According to the weekly statement of the Department of
Commerce business for the week ended July 5, as measured
by the volume of checks presented for payment, was 18%
greater than the preceding week, but was lower than the
corresponding period in 1929.
Wholesale prices, as a whole, remained at the same level
as a week ago, but showed a decrease of 13% when compared with the week ended July 6 1929. The average price
of wheat at tansas City declined slightly from the preceding
week and was lower than last year. Iron and steel prices,
as measured by the composite index, although showing no
change from the week ended June 28, were 9% lower than
the same period in 1929.
Bank loans and discounts showed a slight decline from last
week, but were greater than the corresponding week in 1929.

[VOL. 131.

FINANCIAL CHRONICLE

182

Average prices for stocks showed a gain of 3% over the preceding week, but were lower when compared with the same
period a year ago. Representative bond prices registered
gains over both prior periods. Interest rates for call money
were slightly higher than the preceding period, but showed
a marked decline from a year ago. Interest rates for time
money showed declines from both comparative periods.
Business failures were reported to be fewer than during the
previous week.
The activity of steel mills at the end of the week of June 28
showed a slight decline from the week of June 21 and was
well below the level of a year ago. The volume of building,
as measured by the number of contracts awarded during
the week ended June 28 showed considerable gains over
both prior periods.
Check payments, bank loans and discounts, and stock
prices for the week ended July 5 1930, registered increases
when compared with the week ended July 7 1928.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=100.)
1929.

1930.

1928.

oovwoom
.7ww.c

84.2 86.8
Steel operations
. .
Bituminous coal production . ____ 82.1 .82.1
_Petroleum produc'n (daily avge.) --------124.8
.___ ____ 96.0
Freight car loadings
_ - __ - .___ ____ 81.4
_
a Lumber production
-Building contracts, --- 204.4 141.2
(daily average)
62.2 57.4
Wheat receipts
18.8 27.3
Cotton receipts
52.2 87.7
Cattle receipts
80.3 80.6
Hog receipts
63.6 65.1 69.8
Price No.2 wheat
50.0 51.8
Price cotton middling
80.5 80.8 81.0
Price iron .!t steel composite
____ 84.1 85.5
Copper, electrolytic price
85.6 85.7 86.2
Fisher's index (1928=100)
150.3 127.5 134.9
Cheek payments
135.9 136.5 137.0
Bank loans and discounts
57.6 54.5 60.6
Interest rates, call money
106.9 120.4 119.7
Business failures
197.3 192.2 197.7
Stock prices
108.2 106.1 106.4
Bond prices
68.6 74.3 81.8
Interest rates, time money
1104.1108.0 107.5
Perieral reserve ratio

.
cl000&watast000cece-at.t.7.":1
aoca...a
tonowesoc. c®
i.aeaaO.,eoabaacbo

June June Jane July June July June
6. 29.
28. 21. 14.
7. 30.

oppo.e.gow.wwwa.....1.scoo.m

July
5.

125.0 93.0 95.0
98.5 70.1 86.6
135.1 114.5 114.5
114.3 88.7 104.6
149.0
94.5
36.5
72.5
81.7
84.5
68.0
89.0
129.0
97.7
125.3
133.4
212.1
104.4
268.2
104.2
217.1
97.2

152.1 175.9
93.2 53.5
24.6 26.5
61.4 76.6
66.6 76.7
105.4 112.4
84.2 83.8
84.4 84.7
105.1 105.1
98.8 98.4
133.6 119.0
128.7 126.0
157.6 166.7
108.6 108.4
195.4 191.8
108.6 108.4
137.1 137.1
84.4 88.6

can Ry. Association announced on July 8. This was an
increase of 15,989 cars above the preceding week but a reduction of 159,721 cars under the same week in 1929 and 66,851
cars below the same week in 1928. Other details follow:
Miscellaneous freight loading for the week of June 28 totaled 371,999
cars, 68,442 cars under the same week in 1929 and 20,653 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 239,544
cars, a decrease of 21,161 cars below the corresponding week last year
and 19,355 cars below the same week two years ago.
Coal loading amounted to 137,521 cars, a decrease of 24,534 cars below
the same week in 1929 and 8,768 cars below the same week in 1928.
Forest products loading amounted to 47,947 cars, 21,551 cars under the
same week in 1929 and 18,862 cars under the corresponding week in 1928.
Ore loading amounted to 61,034 cars, a decrease of 15,623 cars below
the same week in 1929 and 7,301 cars below the corresponding week two
years ago.
Coke loading amounted to 9,391 cars, a decrease of 2,886 cars below the
corresponding week last year and 314 cars below the same week in 1928.
Grain and grain products loading for the week totaled 48,847 cars, a
decrease of 3,116 cars below the corresponding week in 1929 but 12,050
cars above the same week in 1928. In the western districts alone, grain
and grain products loading amounted to 36,843 cars, a decrease of2,166
cars below the same week in 1929.
Live stock loading totaled 20,565 cars, 2,408 cars under the same week
in 1929 and 3,648 cars under the corresponding week in 1928. In the
western districts alone, live stock loading amounted to 15,676 cars, a decrease of 2,238 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
compared with the same week in 1929, while all reported reductions compared with the same week on 1928 except the central western which reported a small increase.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1929.
1928.
1930.
Four weeks in January
3,448,895
3,571,455
3,349,424
Four weeks in February
3,590,742
3,766,136
3,505,962
Five weeks in March
4,752,559
4,815,937
4,414,625
Four weeks in April
3,740,307
3,989,142
3,619,293
Five weeks in May
4,939.828
5.182,402
4,598,555
Four weeks in June
3.989,442
4,291,881
3,719.447
Total

23,207.306

25.616.953 24,461,773

Canada Anticipates Summer Trade Upswing-Tourist
Business at $300,000,000 in 1929 Double That of
Five Years Ago, According to Canadian Bank of
Commerce.
• Revised. a Relative to weekly average 1927-1929 for week shown.
While Canada is awaiting the fate of her new crops and
expecting improvement in the economic conditions of others,
"Annalist Weekly" Index of Wholesale Commodity the prospects for summer business are reassuring, according
Prices.
to General Manager S. H. Logan of the Canadian Bank of
Further declines in the prices of wheat, steers, cotton, Commerce in the bank's July commercial letter. He says:
flour, raw silk, gasoline, pig iron and rubber have sent the
The tourist trade is now the fourth largest industry in Canada, having
"Annalist Weekly" Index of Wholesale Commodity Prices doubled in five years' time and providing a total revenue in 1929 of about
from American visitors
3300,000,000, most
to a new low at 124.2, a decline of 1.2 point for the week. country 40% of the of which cameexpended in pleasure andwho left in this
business travel
vast sum they
The index now shows a decline of 16.6% from the correspond- outside the United States. Canada is rapidly capitalizing her tourist
business by putting an increasing proportion of the large income she derives
in 1929. The "Annalist," continues:
ing date

source into the improvement of highways,transportation facilities
Wheat, spot New York, at 31.09
a bushel, is equivalent to about 70 from this
and hotel accommodation. Activity in this direction is to be seen on every
cents at the farms, and about 40 cents a bushel less than at this time last
the extension of harbor, railway terminal and waterway facilities are
side;
year. Beef prices are at the lowest point since December, 1926; and cotton
the world's major projects of their kind; a record amount of highway
prices, now slightly above 13 cents, are rapidly going down to the low among
construction is under way, involving an outlay by provincial authorities
levels of 1926. Government reports on wheat condition and cotton crop
alone of about 360.000,000, while new hotel construction is valued at nearly
acreage, published during the week, held out no hope that the exuberant
All this is being done to extend an already great network
production of these commodities are in any way checked. In spite of $20,000,000.
of tourist facilities.
voluntary measures to stabilize the pig crop, hog prices have generally
Following is the bank's summary of Canadian business for the first part
been on a downward trend, through less rapid than the declining corn prices
of this year compared with the same period last year:
(which usually foretell the course of hog prices) would indicate. During this
January to May
week there has been some advance in hog prices, in spite of lower corn
1929.
prices, and sympathetic advances in pork prices. On the whole, farm Newsprint production (tons)
1,070,288
1,086,419
products are now bringing 22.2% less than on the corresponding date last Automobile production (No. of vehicles)
95.595
166,869
533,672
619,337
year. It is safe to estimate that the total farm income for the year will be Steel production (tons)
Pig iron production (tons)
385,105
428,684
less by about 8% than last year.
Grabs exports (bushels)
86,122,177
163,854,135
11185,818,000 6203,300,000
TIIE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES. Construction contracts awarded
Mineral production (four months)
(1913=100)
103,956,820
Copper (lbs.)
75,474,431
Lead (lbs.)
116,687,295
96,266,602
July 8 1930. July 11930. July 9 1929.
Zinc (lbs.)
80,968,266
68,854,107
Nickel (lbs.)
36,989,935
36,360.452
115.3
146.5
114.0
Farm products
Coal (tons)
4,852,650
6,017,050
130.3
153.4
Food products
128.9
Gold (oz.)
632,487
605,618
products
118.0
117.7
147.3
Textile
Silver (oz.)
7,933,672
5,581,369
154.2
163.1
153.6
Fuels
110.9
128.3
110.8
Metals
"Encouragement is to be found." says Mr. Logan, "especially in the
153.1
142.7
142.7
Building materials
continued activity of base metal mining and hydro-electric development.
128.8
Chemicals
128.8
134.6
and in the relatively large export trade in wheat at a time of almost universal
Miscellaneous
104.8
130.7
104.7
1910
19C')
1/12 ft
stagnation."

Chain Store Sales Reflect Commodity Price Declines.
Dun's Commodity Price Index.
According to a tabulation released by Merrill, Lynch &
Monthly comparisons of Dun's inaex number of wholesale
prices, based on the per capita consumption of each of the Co., 47 chain store companies reported aggregate gross sales
for June amounting to $235,424,558, compared with $242,many/ commodities included in the compilation, follow:
is the second time this year
July 1
July 1 008,758 for June 1929. This
June 1
July 1
July 1
1930,
-1930.
1928,
GT0108
1929.
1927. that aggregate sales of such a large number of companies
28.345
30.546
32.398
38.385
33.519
Breadstuffs
20.070
21.243
23.591
22.102
19.329 have shown a decrease over the corresponding month of
3..eat
19.692
20.905
20.733
19.983
21.058
Dairy and garden
18.928 the previous year. On the face of it, the results seem to be
17.998
17.944
19.110
19.806
Other food
30.657
31.265
34.578
36.543
33.187 disappointing, but upon proper analysis the situation
Clothing
is not
22.351
19.925
20.006
21.314
2t.796
Metals
34.911
35.253
36.640
36.646
37.551 as bad as appearances would indicate, state Merrill, Lynch
Miscellaneous
171.598 176.240 188.689
195.183 185.598 & Co. in its statement, which goes on to say:
Total
In the first place, the decrease reflects a curtailment of business in the
retail trade in general.

On the other hand, there were only four Saturdays

Loading of Railroad Revenue Freight Continues Small. In June of this year as compared with five Saturdays in June of 1929.
While April of this year had four Saturdays compared with an equal numLoading of revenue freight for the week ended on June 28 ber in 1929, the 47 chain store companies reporting results in April showed
totaled 936,848 cars, the Car Service Division of the Ameri- an increase of 10.78% over results for April 1929, This Increase was due




JULY 12 1930.]

FINANCIAL CHRONICLE

183

principally to the fact that Easter came in April this year, while in 1929 The nearest approach
to that number was in 1922, when
it fell in March.
Retail merchandise and commodity prices have shown declines ranging 13,384 insolvencies were reported to R. G. Dun & Co. In
from 5% to 30% in important items. The result is that while the dollar the first half of 1929 failures numbered 12,172, the current
volume shows a decline in many of the chain stores, this decline is so small returns
therefore showing an increase of some 13% over
in comparison with the decline in conunodity prices that there is no doubt
that most chain stores show substantial increases in units of sales. This those of the immediately preceding year.
proves that so far as the number of transactions is concerned,the business
Monthly and quarterly failures, showing number and
of the chains, taken as a whole, is really ahead of results shown in 1929.
liabilities, are contrasted below for the periods mentioned:
An official of J. C. Penney Co., in commenting on the decline of 7.46%
in the sales of his company for June, said that this decline was due to extensive price readjustments made in June. which affected many of the
Number.
Liabilities.
heaviest selling lines of his company, and which readjustments amounted
1930. 1929. 1928.
1930.
1929.
1928.
In some instances to as much as 30%. While the prices of apparel and
foodstuffs and other objects which are not sold on a fixed price basis can June
2,026 1,767 1,947 863,130,762 $31,374,761 $29,827,073
be reduced to reflect the drop in commodity prices, merchandise sold in May
2,179 1,897 2,008
55,541.462 41,215,865 36,116,990
2,198 2,021
1,818
49,059,308 35,269,702 37,985,145
the 5
-and
-cent chain stores have a fixed price and cannot be reduced April
in the same fashion. Rather, the 5-and-lOs have been able to pass along
. 2d quarter--- 6,403 5,685 5,773 $167,731,532 $107,860,328 $103,929,208
these economies to the consumer in goods of a better quality for the same
fixed price.
March
2,347 1,987 2,236 356,846,015 $38.355,691 $54,814.145
2.262 1,965 2,176
51,326,365 34.035,772 45,070,642
Owing to the conditions under which many chain stores have operated February
2,759 2,535 2,843
61,185.171 53.877,145 47,634,411
during the past six months, there has been a curtailment in the opening January
of new stores and the principal effort of the managements has been to put
1st quarter.-- 7,368 6.487 7,055 $169,357,551 $124,288,608 1147,519.198
operating efficiencies into effect rather than to strive for increased volume.
1929. 1928. 1927.
1929.
1928.
In many cases there has been a curtailment or discontinuance of loss leaders
1927.
which added to volume but cut down profits. A greater effort is
2,037 1,943 2.162 887,465,114 $40,774,160 $51,262,253
being December
made to show profits at least comparable to those of last year, but in many November
1,796 1,838 1,864
52,045,863 40,601,435 36,146.573
October
1,822 2,023 1,787
cases it is expected that profits will exceed those of last year
31,313.581 34,900,474 38,235.872
even on decreased gross volume owing to efficiencies and savings put into
effect
4th quarter- 5,655 5.804 5,813 $150,824,558 1116.366,069 3123,644,698
during the past six months.
According to the tabulation compiled by Merrill, Lynch &
1,568 1,635 1,573 $34,124,731 333,056,686 $32,786.125
Co., these September
1,762 1.852 1,708
August
33,746,452 58,201,830 39,195,953
same 47 chain store companies reported aggregate gross sales for the
first July
1,752 1.723 1,756
32,425,519 29,586,633 43,149,974
six months of $1.380.658,784. against $1,339,888,103 for the
corresponding
period of 1929, an increase of 3.04%.
5,082 5,210 5,037 3100,296.702 1121.745.149 $115,132,052
3d quarter
-Month of June
- In& -6 Mos. End. June 30- Inc.
The record shows that of the 2,026 commercial defaults
1929.
1930.
1930.
1929.
$
last month, which was an unprecedented number for the
Sears, 1toebuck._a31,475,143 234,008,389 x7.4 172,276,013 178,187,493
23.3
Montg. Ward_....., 23,989,300 21,953,639
9.2 130,185,103 122,807,540
period, 507 were in manufacturing lines, 1,293 among traders
F. W. Woolworth 20,714.731 23,610.762 x12.2 131,318,974 135,809,952 6.0
Kroger or.& Bak. 20,317,241 21,899,357 x7.2 132,451,942 138,729,409 13.3
and 126 in the classification embracing agents, brokers and
14.5
Safeway St., Inc. 17,709,128 18,672,979 25.16 110,637,315 101,790,235
8.69
firms and individuals which cannot properly be in4
`3. C. Penney__ 15,828,201 17,104,336
7.46 86,459,119 83,086,233 4.06 other
*S. S. Kresge Co_ 11,400,123 12.571,795 19.3 67,457,612 67,644,458
10.3
cluded in either the manufacturing or trading divisions.
American Stores. 10.950,207 10,755,963
1.8
71,538,496 70.726,749
1.1
MacMarr Stores_ 6,993,238
7,448,285 x8.11 43,315.206 41,003,612
5.63 The manufacturing insolvencies in June represented about
*National Tea Co. 6,643,263
7,540,865 111.9
43,114,329 45,015,044 x4.22
W.T.Grant
5,469,000
5,374,000 1.76 30,012,000 26,871,000 11.68 25% of the total number for the month, the trading reverses
8.11. ICress Co.__ 5,220,761
4,884,522
6.9
30,314,684 28,772,649
5.4
*Walgreen Co _ _ _ 4.308,357
were equivalent to 68.7% and the failures among agents
3,887,705 10.8
25,939,166 21,011,092 23.5
*Melville Shoe_ _ _ b3.247,827
2,516,076 29.08 d14,498,597 12,612,891 14.95 and brokers formed approximately
6.2% of the aggregate
Nat. 13ellas Hess_ 3,232,338
4.250,666 x23.9
18,280,445 25,367,665 127.9
McCrory Stores
3,211,795
3,334,669 x3.7
of all defaults. A year ago in June, when all insolvencies
19,410,320 19,025,734
2.0
F. & W. GrandSilver
2,565,268
2,501,576
2.5
13,665,838 12,314,900 10.97 numbered 1,767,496 were among manufacturers, 1,154 in
*Daniel Reeves
2,563,674
2,492,221
2.86 18,202,704 17,488,681
4.08 trading:occupations and 117 were among agents, brokers,
J.J. Newberry.__ 2,232,866
2,224,184 0.04 12,198,479 10,711,781 13.9
Schulte United.... 2,164,460
1,473.039 46.9
The:respective percentages of the total at that time
11,783,250 6,086,727 93.6
*Lerner Stores
2,196,577
1,726,747 27.2
11,297,263
7,908,112 42.8
Childs Co
2,102,793
2,221 616 15,3
were about 28% for manufacturing, approximately 65.3%
13,581,158 13,625,931 x0.3
McLellan Stores. 1,882,401
1,780,463
5.8
9,594,525
9,030.001
6.6
Diamond Shoe_
for traders and 6.6% for agents, brokers, &c.
1,818,385
1,653,826
9.9
9,141,122
7,884,685 15.9
'Lane Bryant,Inc c1,771,387
1,536,975 15.2
e8,939,193
8,276,342
8.0
Further analysis of the June insolvency statement shows
Weisner Bros _ _
1,344,264
1,246,679
7.8
6,934,295
5,738,859 20.8
Metrop. Chain St. 1,337,460
1,464,140 x8.6
numerical reductions in eight of the fifteen separate manu7,157,376
6,786,810
5.4
*Peoples Drug.._1,324,020
1,259,319
5.1
8,211,379
7,114,596 15.4
G.C. Murphy Co. 1,288,917
facturing classifications, while in two groups-namely,
1,228,777
4.89
7,101,013
Waldorf System.... 1,255,063
1,273,163 21.4
8,003,895
7,886,201
1.5
machinery, &c., and milling and baking-no change ocSouthern Stores
1,170,800
1,173,100 20.2
8,366,015
7,410,779 12.9
David Ponder,..
1,210,879 14.0
1,161,477
7,792,744
7,504,504
curred. The occupations in which decreases were reported
3.8
Jewel Tea
1,249,698
1,136,040
9.1
7.341,980
7,618,130 13.6
Schiff Co
748,169 17.1
876,566
were iron and foundries, woolens, &c., cottons and lace,
4,695,439
3,770,675 24.5
Exchange Buffet_
502,799
0.73
506,197
3,373,801
3,273,881
0.34 lumber, &c., chemicals and drugs, paints
Bickford, Inc
and oils, printing,
416,265 11.4
463,951
2,867,880
2,583,346 11.0
*Winn & Lovett
&c., and leather and shoes. The declines enumerated,
Grocery
496,626 221.8
388,534
2,890,088
3,122,296 27.44
Kline Bros. Co..
450,409 x15.0
382,687
2,039,188
however, were more than offset by the increases in the other
1,993,289
2.3
Edison Bros. St.._
325,695 16.4
379,304
2,266,941
1,751,563 29.4
Nedicks
374,415
453,075 217.3
groups, the largest of which were in clothing and millinery
1,703,031
1,854,794 28.1
Nat. Shirt Shops_
399,586 19.0
360,905
2,014,606
1,829,259 10.1
Fed. Bake Shops_
and miscellaneous. Among traders the only numerical im339,336 6.7
316,549
2,259,649
2,194,517 x2.9
B-0 Sandwich Sh.
256,117
242,283 5.71
provement last month was in groceries and meats, although
1,727,130
1,579,439 9.35
M. H. Fishman..
189,904
178,758
6.2
825,164
651,471 26.6
Kaybee Stores_ _ _
the number of failures for hardware and stoves and for books
130,194
117,867 10.4
848,590
625,734 35.6
Morrison El Sup-118,735
133,184 x10.8
978,712
and papers was the same as in June 1929. The largest
797,497 22.7
increases were in clothing and furnishings, dry goods and
Total
3.25 1325011,769 1294293,884
224,770.863 232,334.462
2.37
carpets, shoes, &c., furniture and crockery, chemicals and
a Four weeks ended June 18. b Include sales of Traveler
Shoe Co. c Include drugs and miscellaneous.
sales of Coward Shoe Co. d Traveler Shoe sales for three
months Included. e Coward Shoe salee for two months included. a Decrease.
FAILURES BY BRANCHES OF BUSINESS
-JUNE 1930.

-10

- -Dun's Report of Failures for June and the Half Year.
The seasonal trend toward decline in the number of corn-.
mercial failures in the United States continues, but the
business mortality remains much above the average. At
2,026, as reported by R. G. Dun & Co., last month's defaults wore at the lowest point of the present year, yet in
no other June has the 2,000 level been reached. The
decrease from the 2,179 insolvencies of May approximated
7%,but there was an increase of close to 15% over the 1,767
failures of June 1929. Moreover, the previous maximum
for the month, established in 1928, was exceeded by 4%.
Despite the smaller number of defaults last month than
in May, the liabilities rose sharply to $63,130,762. That
represents the highest amount this year. Comparison with
the $31,374,761 of June 1929 shows a heavy expansion, and
the latest total is the largest on record for the period. The
indebtedness in recent months has been swelled by a number
of insolvencies of exceptional size, and the amount for the
half year was unusually large, at $337,089,083, but was
appreciably less than the $373,716,338 of 1922. For the
corresponding six months of 1929 the liabilities approximated
$232,000,000.
With the number of commercial defaults in the United
States remaining above 2,000 in each month this year, the
aggregate for the half year was unprecedented, at 13,771.




Number.

Ltattlites.

1930 1929. 1928.
ManufadurersIron, foundries and nails__
Machinery and tools
Woolens, carpets & knit gds.
Cottons, lace and hoslery
Lumber, carpenters and
coopers
Clothing and millinery
Huts, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving.
Milling and bakers
Leather, shoes & harness...
Tobacco, &ts
Glass, earthenware & brick
All other
Total manufacturing..Traders
General stores
Groceries, meat and fish...
Hotels and restaurants
Tobacco, &c
Clothing and furnishings
Dry goods and carpets
Shoes, rubbers and trunks.
Furniture and crockery.
Hardware. stoves & tools.
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
Total United States

1930.

1929.

1928.

185,206
770,320
145.061

$216,800
601,342
32,400

$182,832
724,060
93,134

50,000
4,441,900
399,500
134,800
253,200
86,800
212,715
424,800
134,300
34,800
454,300
5,243,444

60.000
3,452.854
1,143,134
127,883
78,400
40,000
239,784
516,909
177,949
54,997
256,4E0
5,574,161

3
25
2

15
25
5

__
85
63
10
7
2
22
45
8
6
7
222

1
107
35
6
16
3
23
45
12
3
6
194

1
76 4,508,503
56 1,178,115
7
156,027
6
141,541
1
18,080
18
277,920
45
1,153,204
11
440,617
5
29,807
9
619,302
235 16,749,414

507

496

513 $26,273,117 $12,721,101 $12,722,577

73
251
93
21
185
98
66
73
43
83
10
45
13
13
326

68
275
81
17
149
71
45
54
43
45
5
32
13
8
248

78
309
106
11
185
96
57
52
31
53
4
49
7
6
281

14
26
3

$642,771
1,941,824
985,548
366,263
3,392,004
2,518,002
569,213
1,482,190
.583,500
670,113
96,191
1,536,503
183,500
159,118
7,697,890

1608,235
1,971,680
826,300
8,8200
2,329,684
767,500
482.003
1,313,900
520,200
328,200
44.900
617,500
54,600
177,100
3,800,558

$786,145
2,281,471
783,589
79,698
1,789,963
1,267,084
636,930
847,613
479,707
479,707
19.600
564,479
28,900
76,000
3,530,303

_
1,393 1,154 1,325 322,824,630 313,930,961 $13,780,748
126 117 109 14,033,015 4.722,699 3,323,748
2.026 1,767 1.947 563.130.762 $31,374,761 $29,827,073

•

•

Real Estate Activity Continues to Increase During May,
According to National Association of Real Estate Boards.
An increase of real estate market activity for May over
April is reported by the National Association of Real
Estate Boards following the compilation of its regular
monthly index finger on real estate activity. The figure 73
indicating real estate market activity for April showed an
increase of 2.7 over the figure for March, and the figure
73.5 inricating May activity, shows an increase of 0.5, making a total increase of more than three points during the
past two months. The index is based upon official reports
of the total number of deeds recorded in 64 typical cities
throughout the countdy. Real estate activity for the year
1926 is taken as the base year in computing the monthly
figure.
Further Decline in Commodity Prices Reported by National
Fertilizer Company.
A decline of three-tenths of one per cent is shown by the
wholesale price index of the National Fertilizer Association for the week ended July 5. The advices from the
Association also state:
Four groups declined and three advanced slightly. Of the total items
29 declined and 17 advanced. The larger declines occurred in foods
other than fats, metals, coffee, rubber and cotton. Recoveries were
noted in wheat, corn and hogs.
Based on 1926-1928 as 100 and on 476 quotations, the index stood at
86.8 for the week ended July 5; 87.1 for July 28; and 87.8 for June 21.

Preliminary Report on Department Store Trade to
Federal Reserve Board-Sales in June 9% Below
Last Year.
Department store sales in Juno were 9% smaller than in
the corresponding month a year ago, according to preliminary
reports made to the Federal Reserve system by 490 stores
located in leading cities of all Federal Reserve districts.
Sales during the first half of this year were 4% below the
level of a year ago. Details are presented as follows by
the Board July 8.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
June.*

Federal Reserve District.

Jan. 1
to
June 30.•

Number of
Reporting
Mores.

-8

,

.,......... !ACM •ttwal

-3
-13
-13
-5
-9
-17
-14
-13
-5
-7
-6

-0
+1
-5
-7

102
46
32
37

-10
-10
-8
-8
-4
-7
-3

29
57
21
15
24
17

-0

Boston
New York
Philadeinhla
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

--•

L011

so

o

se

•Junefigures preliminary.

Production of Electric Power in the United States in
May 1930 Approximately 1% Below that for the
Same Month Last Year.
,
According to the Division of Power Resources, Geological
Survey, the production of electric power by public utility
plants in the United States for the month of May 1930
amounted to approximately 8,006,351,000 kwh., a decrease
of about 1% as compared with the corresponding month in
1929 when a total of around 8,086,000,000 kwh. were produced. Of the figure for the month of May this year,
4,823,439,000 kwh. were produced by fuels and 3,182,912,000
kwh. by water power. The Survey's statement shows:
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
PLANTS IN THE UNITED STATES (IN EILOWATT-HOURS).
Total by Water Power and Fuels.
March.

April.

Change in Output
from Precious Year.

May.

April.

May.

553,845,000 519,938,000 513,411,000
New England
Middle Atiantio.- 2,100,008,000 2,036,729,000 2,071,687,000
East North Central_ 1,935,338,000 1,874,501,000 1,887,999,000
West North Central_ 488,976,000 500.351,000 500,366,000
1,088,576,000 1,017,303,000 915,189,000
South Atlantic
East South Central_ 306,908,000 301.118.000 305,399,000
Central_ 397,062,000 405,108,000 412,944,000
West South
306,070,000 310,986,000 321.004,000
Mountain
998,056,000 1.034,287.000 1,078,352,000
Pacific

-3%
+4%
-4%
+16%
-2%
+8%
+7%
-5%
+4%

-2%
+3%
-2%
+8%
-16%
+4%
+7%
-9%
-1%

8,174,839.000 8.000,319,000 8,006,351.000

+1%

-1%

Total for U.

[VOL. 131.

FINANCIAL CHRONICLE

184

The average daily production of electricity by public ut lity power plants
in the United States in May was 258,300,000 kwh., about 3% less than
the daily output for April.
The total production of electricity by public utility power plants in May
of this year was about 1% less than in May 1929. Any comparison of the
monthly figures of production of electricity for 1930 and 1929 will be
distorted on account of the rather large monthly production of electricity
by public utility power plants during the greater part of 1929, especially
mind in
in the first part of the year. This condition should be kept in
comparing monthly figures of output in 1930 with those for 1929.




There was a decided decrease in the production of electricity by the use
of water power from April to May, due to continued low water in the
streams used for water power in many sections of the country.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC
UTILITY POWER PLANTS IN 1929 AND 1930.
Incr.:se !arrears
1929
1930
Oter
Ow
1928
1029

1929a
(kwh)
January _ - - February....
March
April
May
June
July
August
3eptember _
October
Nor•mber ...
December
Tntx1

1930.
(kwh)

8,240,000.000
7.431.000,000
7.992.000.000
7,832,000.000
8.088.000.000
7,768,000.000
8.072.000.000
8.356.000.000

8,652.000.000
7.618,000,000
8.175.000,000
8.000 000.000
8,006,000,000

8.062.000.000

8,709,000.000
8.242,000.000
8,512,000,000
07 552 11All Ann

Produced bp
Water Power.
1929.

1980.

13%
b12%
10%
15%
14%
11%
13%
11%
11%
10%
6%
8%

33%
33%
39%
42%
43%
)',
400
38%
34%
31%
31%
32%
32%

34%
35%
40%
41%
40%
-..------------

,,on

5%
3%
2%
1%
cl%

5501

...-

a Revised. b Based on output for 28 days. c Decrease.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations and electric railway
plants. Reports are received from plants representing over 95% of the
total capacity. The output of those plants which do not submit reports
is estimated: therefore, the figures of output and fuel consumption as reported in the accompanying tables are on a 100% basis.
(The Coal Division. Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]

April Gas Sales and Production Higher Than A Year
Ago.
During the month of April 1930, there were sold 31,943,694,000 oubic feet of gas, according to returns by 143 manufactured gas companies in the United States made to the
statistical department of the American Gas Association.
This compares with gas sales in April 1929 amounting to
30,005,945,000 cubic feet. Total gas produced and purchased in April 1930 reached 33,316,061,000 cubic feet as
against 32,442,104,000 cubic feet in the corresponding month
last year (see also "Chronicle" of June 21, page 4314).
For the four months ended April 30 1930, gas sales by
these same 143 manufactured gas companies amounted to
128,879,324,000 cubic feet as compared with 124,814,541,000
cubic feet in the same month in 1929. Total gas produced
and purchased in the latter period amounted to 138,652,955,000 cubic feet as against 136,200,582,000 cubic feet in
the first four months of 1929. The Association's statement
also shows:
COMPARATIVE STATISTICS OF 143 MANUFACTURED GAS COMPANIES*
P.C.Inc
1929.
1930.
Month of April8,673,264 +1.9
8.835.930
Customers
31,943,694,000 30,005.945,000 +6.5
Gas sales (cubic feet)
331,741,999 +4.0
333,008.128
Revenue
Gas Produced (Cubic Feet)
Water gas
Coal gas
00 gas
Coke oven gas
Reformed oil still gas
Total gas produced
Gas Purchased (Cubic Peen
Coke oven gas
011 still and natural gas
Total gas purchased
Total gas produced and purchased
Four Months Ended April 30Customers
Gas sales (cubic feet)
Revenue
Gas Produced (Cubic Feet"
Water gas
,
II
Coal gas
011 gas
Coke oven gas
Reformed oil still gas
Total gas Produced
Gas Purchased (Cubic Feet)
Coke oven gas
011 still and natural gas
Total gas Purchased
Total gas produced and purchased

I6 459,921,000
2.580,001,000
602,495,000
4,100.004.000
142,185,000
23.884,606,000

16,628.016,000 -1.0
2,574,632.000 +0.2
697.196,000 -13.6
+6.2
3,859,242.000
23.759,086,000

41.5

8,433,848.000 +9.4
249,172.000 -17.9
4-8.6
8.683.018.000
+2.7
32,442,104,000
P.C.Inc.
1929.
0cc April
+3.3
128.879,324,000 124,814,541,000
+2.1
$131,564,808
3134,286,725
9,226,806.000
204,649.000
9,431,455.000
33,316,061,000
1930.

69,460.066,000 72,913,202,000
10,727,605,000
10,618,432,000
3,303,923.000
3,077.741.000
16,182,434,000 15,253,431,000
598,800,000
99,937,473,000 102,198,161,000

-4.7
-1.0
-8.8
+6.1
-2.2

37,818,356,000 32,908.401,000 +14.9
1.094.020.000 -18.0
897,126,000
38,715,482,000 34,002,421,000 +13.9
+1.5
138.652,955,000 136,200,582,000

Further Price Cuts By Montgomery Ward & Co. and Sears,
Roebuck & Co.
Sears, Roebuck & Co. and Montgomery Ward & Co.,
which on May 15 announced reductions in prices of tires
and general merchandise (as noted in our issue of May 17,
page 3450), this week made further cuts, bringing the
prices down to the lowest in some years. A dispatch from
Chicago, July 10, to the New York "Times" in reporting
the latest reductions said:
Sears, Roebuck & Co. and Montgomery Ward & Co., the largest
mail order houses in the country, have announced drastic reductions in
the price of merchandise.
The two concerns handle between them more than 14% of the
retail sales volume of the United States.
The statement of Montgomery Ward & Co. was made in a leter
from President George B. Everitt, mailed out to 10,000,000 customers.
That of Sears, Roebuck & Co. follows:
"Prices in the new Autumn catalogue of Sears, Roebuck & Co. are
the lowest in the last ten years," said General R. E. Wood, president of
Sears, Roebuck & Co. "Item by item and page by page, they are the
lowest shown in our catalogue in that period."

JULY 12 1930.]

FINANCIAL CHRONICLE

The Sears, Roebuck Fall catalogue is
expected soon. If the practice
of other years is followed, it will be
sent out by Aug. 1, although
no announcement to this effect has
been made by the company.
Reductions are in many cases said to
be startling, amounting to 10 to
25% on individual items. Every item
in the catalogue has been improved in quality or reduced in price,
General Wood said.
On the part of Montgomery Ward
& Co., which began the price cut,
the new prices are effective immedia
tely, the announcement states.

135

tional conditions cannot be achieved; there is
no reasonable doubt that at
this time such adjustment of rates to a lower level
would prove an impcatant
and effective means of stimulating one of the
basic lines of enterprise of the
entire Coast. Bankers, this is your problem.

Bank of Montreal Reports Benefit to Crops
in Prairie
Provinces Through General Rains.
Details of the announcement of Presid
ent Everitt of
In its crop report dated July 3 the Bank
Montgomery Ward & Co. are given
of Montreal prein the following which
sents a synopsis of telegraphic advices receiv
we quote from the "Wall Street Journ
ed at its head
al" of July 10:
office from its branches relative to crop condit
According to George E. Everitt,
ions. Sumlowest quoted by Montgomery Ward president, the new prices are the marizing these
advices the bank says:
in many years, being practically
on
a pre-war

basis.
With a view to stimulating sales
during the ordinarily dull retail
months of July and August, Ward
has also begun mailing 10,000,
000
announcements to customers, giving
details of a time payment plan
whereby beginning immediately and
company will sell any merchandise continuing until September 15,
shown in its catalogues or retail
stores (excepting groceries) on
the easy payment plan providi
ng
order totals $25 or more.
In announcing lower prices and the
more liberal easy payment plan,
Mr. Everitt said in part:
"Despite unemployment, the present
average weekly payroll of
America is estimated at $840,000,000.
But we believe that general busines There is ample paying power.
s
buying public are satisfied that prices will improve only when the
to them reflect the new low
commodity levels.
"In our judgment, commodity prices
are scraping bottom today. We
do not say that there will not be
some further declines, but broadly
speaking, current prices are the lowest
in years, in some cases the lowest in 15 to 20 years.
P'Montgomery Ward & Co. is placing
worth of merchandise at these new low ordcrs for million., of dollars
120,000,000 American people to be fed, commodity levels. There are
tained; and regardless of unemployment clothed, sheltered and enter, poor export business, low
agricultural prices, etc., the requirements
of the American nation total
a huge sum.
"For many years it has been the custom
of Montgomery Ward to
make fall prices effective when our
fall and winter catalogue is distributed, about September 1.
"Months ago we cut prices. During
the past 60 days there have
been further declines in the cost
prices of many items of merchan
dise
and all these low prices we are
making effective at once. Ward's
prices are down now to the new
commodity levels."

Genera/.
General rains have benefited crops in
the Prairie Provinces, with the
exception of those in some sections
of southern Saskatchewan and Alberta,
where more moisture is needed. Copious
Showers have repaired to some
extent the heavy damage from wind and
soil drifting in Saskatchewan and
Alberta. Wheat is largely in shot blade, and some
is heading out. In Quebec
rains have been frequent, and warm,
dry weather is now essential. At
present crops are in a satisfactory conditio
n except on low-lying lands. In
Ontario spring and root crops looking
exceptionally well, and the season
is a week ahead of the average. Frequen
t showers and ample warmth continue to promote rapid growth. In
the Maritim
tions in general continue to be good, though e Provinces weather condiin some sections crops have
suffered from lack of rain. In British
Columbia cool weather with showers
continues, and nearly all crops are two
weeks later than usual.

Strike Halts Work on Building For Depar
tment of Commerce--Higher Wages Sought.
Under date of July 9 Associated
Press advices from
Washington to the New York "Times"
said:
Work on the Department of Commerce
building and half a dozen
private construction operations was halted
today by a strike of union
lathers, demanding increased

pay.
The lathers, now receiving $12 a day,
recentl
crease to $13, effective July 1, and a further y demanded an inincrease to $14 on
Oct. 1. The demand was refused by the
Employing Plasterers Association and the workers walked out.
Other phases of the Commerce Depart
ment building construction
have not been interrupted.

Talks on Easy Payment Plan.
With reference to the new easy
Decline in Detroit Employment.
payment plan he said:
"We consider it a constructive
The following from Detroit is from the
move (one of the very few that
"Wall Street
have been made thus far) to
stimulate consumer buying Even
a small Journal" of July 9:
upturn in demand will start orders
to factories, wheels turning, unemEmployment index of the industrial department of
ployment lessening and a resultant
the Detroit Board
upward trend to our general business structure and prosperity.
of Commerce on June 30 was 99 compared with 109.2
Many will praise as for this move,
on May
some will criticize us.
128 at the end of June, 1929. June employment was affected 31 and
by vacation shut-downs in some plants.
We are selling annually many
millions of dollars of goods on easy
The index covers two-thirds of the industrial employ
payments. Over a period of
ment in Demany years, our experience has
been troit and is based on the monthly average for the
thoroughly satisfactory and our bad debt
year 1923 to 1925
losses negligible."
taken as 100.

53 Day Week in Effect at Sears,
Roebuck Cincinnati
Gain in Cleveland Employment in June.
Store.
The "Wall Street Journal" of July 10 in Cleveland advice
A 5% day-week involving Tuesd
s
ay afternoon closing to says:
go into effect at Sears, Roebuck
& Co. Cincinnati store
Cleveland employment in June totaled 71,575 compared
with 74,322
July 8, said the "Wall Street Journ
al" of July 3. Whether in May and 85,535 in June last year according to figures compiled
other Sears stores will change hours
by the Cleveland Chamber of Commerce.
not learned.
Outlook for Buying Power on Pacifi
c Coast as Viewed
by Silberling Research Corporatio
n.
According to tile Silberling Resea
rch Corporation "the
general condition of buying-powe
r and business activity on
the Pacific Coast showed
very little change during May."
Under date of June 28 the Corpor
ation likewise says:
In some areas further

1

declines
Froth the tentative data for the neutralized improvement in other sections.
that a level of stabilization hasmonth of June it can be safely concluded
now been reached from which
recovery
will develop, starting gradually and
with considerable local irregula
rity, but
striking a more rapid and confide
nt pace during the early winter
months.
Among the important extractive
industries of this territory, lumber and
oil are now in process of a curtailment
in operations which, while it represents reduction in payrolls, will neverthe
less
sounder position. The lumber industry in eventually place both lines in a
particular, as illustrated in the
detailed graphic analysis below, has been slow
conditions in the national building field which to adjust itself to impending
were clearly indicated many
months ago; the readjustment now is painful,
but merely illustrates the
point that without application of economic
measurements and forecasts
no industry and no section can hope to achieve
stability or freedom from
the risks of recurring periods of distress.
The Coast agricultural situation, by and large,
promises a fair return
to growers, although in the case of some of the
leading fruits the general
weakness in the commodity markets will almost
certainly intensify the
effect of bumper yields and the money value of
the crops may prove dieappointing. Canners this year should, however,
be able to offer prices
which take some account of moderate inventories
and better prospects of
demand for their products during 1031. The
economic position of the
grape industry, particularly in the San Joaquin
valley, appears at the
moment highly dubious and we would advise serious
consider
tives of the situation here as it may apply to their own ation by execuproblems if the
attempt to secure satisfactory cooperative control of
the grape crops does
not succeed. In the Northwest the lower money return
from the wheat
crop will be an unfavorable local factor.
The building program on the Pacific Coast is still
waiting for the
stimulus of restored buying-power and cheaper credit. The
level of interest
rates here is higher than appears warranted by either the
general credit
situation or the capital resources of this territory. There
seems no good
reason why a more prompt adjustment of the local price of
capital to na-




Chicago Plumbers Get Pay Increase.
From its Chicago bureau the "Wall Street Journal" of
July 3 reported the following:
After several months of negotiating, new contract has been
siglid
by plumbers' union of Chicago with Plumbing Contractors'
Associa
.
tion whereby plumbers will receive a wage increase of 7%
cents an
hour to $1.70, or from $13 to $13.60 a day.

McKeesport Miners Reject Wage Cut.
The "Wall Street Journal" of July 1 reported the following from Pittsburgh:
Refusing to accept a 10% wage reduction, approximately
300 miners
employed at the McKeesport Mine of the McKeesport
Coal & Coke
Co. struck. Normally between 400 and 500 men are employ
ed at the
McKeesport Mine.
Company officials refuse to comment on the
strike.

Plant of General Electric Co. at Lynn to Close for
Two
Weeks.
The "Wall Street Journal" of July 3, said:

Beginning July 4, plant of General Electric
Co. at Lynn will be
closed for two weeks, first time in company's history
that plant has
been entirely closed for so long a period. About 2,800 workers
affected,
of whom 2,200 who have been in company's service three years
or
more will receive wages for at least one week of the vacation period.

Woonsocket Rubber Plant at Nangatuck, Conn., to Close.
From Naugatuck, Conn., the "Wall Street Journal" of
July 7 reported the following:
Woonsocket Rubber Co. plant, a subsidiary of U. S. Rubber Co..
will close July 12 to August 4 and thereafter production at the plant
will be curtailed, and upon completion of orders in hand it will be
closed down indefinitely. It is stated that the plant will be closed
permanently not later than October 1. It is probable that Goodye
ar
Glove & Shoe Co. will take over the production requirements.

186

FINANCIAL CHRONICLE

[Vol,. 131.

banks. The daily average of net demand and time deposits of member
banks reflected a further seasonal decline during May, the average for the
month being $864,711,000 as compared to $367,303,000 in the previous
month and $903,888,000 in the same month of 1929. The large volume
of funds in the district seeking an investment outlet was disclosed by subscriptions to , the United States Treasury Certificates of Indebtedness dated
plant June 15 and bearing 2%.% interest. Subscriptions to this issue amounted
manufacturing
Two hundred workmen employed in the brick
out today in preference to $47,273,500 against which allotments totaling $12,824,500 were made.
of the Dennings Point Brick Company walked
So far as physical conditions are concerned, the agricultural outlook is
to accepting a 10% reduction in wages.
tariff placed now much brighter than it was a month ago. The heavy rains which ocThe employees who quit their posts were told that the
market for the cured at frequent intervals during the first three weeks of May caused an
upon bricks recently would not materially help the
in Roseton- almost complete suspension of farm work, and weeds and grass grew
present and that slack conditions were affecting brick yards
rapidly. Furthermore, row crops suffered considerable damage as a result
Jova and Haverstraw, as well as in Beacon.
work, but the of the packing and washing of the soil. This, together with the grassy
The manufacturing department of the yard ceased
fields, made it necessary for farmers to replant a considerable percentage
shipping department was not affected by the walkout.
of the cotton crop in some portions of the district. However, the generally fair weather prevailing during the past three weeks has enabled
farmers to largely overcome the effects of the setback during May and
Hat Workers' Strike in Montreal.
crops are now reported to be in a good state of cultivation. The persistence
following Montreal advices July 2 are from the of cool nights has prevented cropS from making the best development. The
The
physical condition of the district's ranges and livestock reflected a marked
New York "Times":
A strike of workers of the Modern Hat Co. has been called by the Improvement during May but it is still below a year ago. Nevertheless, the
Union Local abundance of pasturage and the ample supply of stock water in most secCloth Hat, Cap and Millinery Workers International
About twenty-five workers tions presage a further betterment in the condition of livestock.
49, it was announced by officials today.
are involved.
retail trade the Bank

-Two Hundred Refuse
Beacon (N. Y.) Brickmakers Quit
10% Cut in Wages-Tariff a Factor.
to Take
from
The New York "Times" reports the following
Beacon, N. Y., July 2:

Slight Improvement in Michigan Business Reported
by First National Bank of Detroit.
The month just passed saw a further slight improvement
In Michigan business over the preceding month, according
to the July issue of "Michigan Graphic," published by the
First National Bank in Detroit. Bank clearings, building
awards and the production of cement all showed increases
in considerable degree, with motor vehicle production alone
showed a decline, with public utility activity and Industrial
consumption of electric power remaining about the same.
The review says:
Bank clearings for May showed 20.5% lees activity than last year, with
the same decline holding for the five months' period. Building contracts
were awarded in May in an amount 63.8% below last year. When it is
remembered, however, that May 1929 awards were the largest for any
month in the past five years, the extremely unfavorable comparison apparent loses some of its weight. All types of construction participated in the
decline from last May.
The public utility industry continues to show better results than two
years ago, although not quite so good as last year, April totals of electric
energy production being 5.8% below 1929, with the year to date showing
little variation from the April comparisons, 1930 being 5.9% below 1929
and 8.4% above 1928.
Manufacturing activity reached peak levels during April and May 1929.
With this fact in mind, the May 1930 figure, which was 19.7% below
1929, and 4.4% above 1928, is not so discouraging as might appear at
first glance. Cement production in Michigan continues on a level below
both 1929 and 1928. For April, the decline from last year amounted to
41.7%. Very similar results are shown in the year to date, with production
31.3% below the same period of last year.
May motor vehicle production was 31.1% below last year and 2.1% below 1928. Again comparison is with a record-breaking year, which fact
has a bearing on interpretation of the decline. Taxicabs showed the greatest percentage decline from last year (61%) but the production of trucks
and passenger cars also was smaller in May, 38.6 and 29.7% respectively.
Results for the first five months have been 29.7% respectively. Results
for the first five months have been 29.7% below 1929, but 4.2% above
two years ago.
No definite trend is discernible from evidence at hand regarding Michigan industry. The measure of public utility activity was lower than
last year but above 1928. The latter index (industrial power consumption)
probably is the best measure of general conditions which is at hand. Bank
clearings, building awards, and cement production were below both last
year and the year before. Motor vehicle production, an important index
to Michigan was below 1929's peak levels and about even with those prevalent two years ago.

Business:at Low Level in Dallas Federal Reserve
District.
The Federal Reserve Bank of Dallas reports that business
and industry in its District during May "Continued at a
generally low level." In its July 1 Monthly Business Review
the Bank also says:
Department store sales showed but little change from the previous month
and were 8% less than in the corresponding month a year ago. Wholesale
distribution showed a larger recession than is usual at this season and
was considerably smaller than in May, 1929. Consumer demand in rural
sections was on a small scale during the greater part of May on account
of the torrential rains over a large area of the district which for a time
seriously impaired the outlook for agricultural production. However, since
the appearance of fair weather and the general improvement in the agricultural situation, reports indicate a strengthening of confidence and a moderate
increase in buying.
Construction activity as measured by the valuation of building permits
Issued at principal cities, reflected a decline of 26% as compared to the
previous month and was 30% less than in the corresponding month of last
year. The production, shipments, and new orders for lumber showed a
further recession from the previous month, and the production and shipments of cement reflected a sharp decline as compared to April.
Financial statistics disclose a falling off in the demand for commercial
banks
funds and a further easing in money rates. Loans to customers by
month. Due
In reserve cities showed a substantial decline during the
for funds for agricultural purposes, Federal Reprincipally to the demand
15 to
serve Bank loans to member banks rose from $7,765,883 on May
than
$10,647,450 on June 15 but on the latter date were $11,983,811 less
smaller volume of loans this year
a year ago. It should be noted that the
borrowings on the part of the reserve city
Is due almost entirely to reduced




In its survey of wholesale and
states:

A general recession in the demand for merchandise in wholesale channels was in evidence during the past month. Sales in all reporting lines
reflected more than the usual seasonal decline and were materially smaller
than in the corresponding month a year ago. While the smaller volume
of buying at wholesale was largely an outcome of the decreased consumer
demand resulting from the poor crop outlook caused by the heavy rains
at frequent intervals during the greater part of May, retailers are holding
commitments to a minimum to await developments in the commodity price
situation and to obtain a clearer perception of the agricultural outlook.
Reports indicate that consumer buying has shown a moderate improvement
since the return of fair weather and the betterment in the agricultural situation. Collections were reported to be slow in most lines.
A sharp decline in the sales of reporting wholesale dry goods firms was
in evidence during May. The total for the month was not only 12.7% less
than in the previous month, but was 24.0% smaller than in the corresponding month last year. While the decline was in part seasonal, it was
due more directly to the unseasonal temperatures, the uncertain agricultural
outlook, and the conservative buying policies being followed by retailers.
Collections were generally poor. Prices continued downward on numerous
items.
The demand for farm implements at wholesale continued on a small scale
during the past month. Sales of reporting•firms showed a further decline
of 18.5% from the previous month and were 46.2% smaller than in the same
month last year. While the farm implement business has shown a downward
trend since January due in part to seasonal factors, the decline was accentuated in May by the suspension of work and the uncertainty surrounding the prospects for agricultural production. Prices remained generally
firm.
The sales of reporting wholesale drug firms reflected a seasonal declins
of 1.2% as compared to the previous month and were 12.4% less than in
the corresponding month last year. Reports indicate that business has
continued slow in most sections of the district. Retailers generally are
still following the policy of buying in small lots. Collections were slightly
smaller than in the previous month.
The distribution of hardware at wholesale showed a decline of 8.6%
as compared to the previous month and was 16.1% below that in the corresponding month of 1929. Sales for the five months of the current year
averaged 16.8% less than in the same period a year ago. The decline ia
. business during May was general throughout the district. Collections reflected a considerable improvement over the previous month.
While the May sales of reporting wholesale grocery firms were 3.7% less
than a month earlier and 8.1% smaller than a year ago, trade was somewhat spotty. Buying, which was affected by the varying agricultural outlook, continued fair to good in some sections but poor in others. Prices
generally reflected a further downward trend. Collections were not as good
as in the previous month.
The volume of distribution at retail in larger cities as evidenced by department store sales was about the same as in the previous month, but fell
8.0% under that in the same month last year. While trade usually show.
an expansion in May, it should be borne in mind that sales in April this
year were larger than usual on account of the lateness of Easter. Business
was affected to some extent by the unseasonable temperatures and the
large percentage of rainy days during the month. Sales during the first
five months of the current year averaged 7.2% less than in the same period
of 1929. The demand for summer merchandise has been stimulated to some
extent recently by the more favorable weather.
Stocks on hand at the end of May were 5.9% smaller than a year ago
and 4.4% below those on hand a month earlier. The rate of stock turnover during the first five months of 1930 was 1.14 as compared to 1.20
during the corresponding period of the previous year.
Collections showed some improvement in May. The ratio of May collections to accounts outstanding on May 1 was 36.5% as compared to 35.2%
In April, and 37.1% in May, 1929.

Business in Richmond Federal Reserve District
Irregular During May.
Stating that "May business was irregular in the Fifth
[Richmond] Federal Reserve District," and that "there was
no marked change from other recent months in any special
line," the Federal Reserve Bank of Richmond in its June 30
"Monthly Review" adds:
Between the middle of May and the middle of June there was some
increase in rediscount holdings at the Federal Reserve Bank of Richmond,
a later expansion of credit than usually develops in the spring. Member
bank loans on securities showed an increase during the past month, but all
other loans by reporting member banks declined by approximately the
same amount. Debits to individual accounts figures, considered a fairly
good indicator of business activity, were materially lower during the four
weeks ended June 11 than in the preceding four weeks this year and the
corresponding four weeks in 1929, the decline being uniformly distributed

JULY 12 1930.]

FINANCIAL CHRONICLE

over the entire district. In comparing this year's figure with
those of
last year, however, some allowance should be made for lower
prices. Business failures in the Fifth District in May were 6% more numerous
than
failures in May last year, and liabilities involved in inaolvencies
last month
showed an increase of approximately 50% over the May
1929 liabilities.
Employment conditions did not improve as much as
seasonal activities
might have implied, and it cannot be said that prospects
for early improvement are at present any better than they were a month
or six weeks ago.
Coal production in the district was smaller in May than in
either April this
year or May last year. Conditions show no improvement
in the textile
field in the Fifth District, except that the mills have
put into effect a
schedule of curtailment and are thus keeping down
the accumulation of
manufactured goods in their warehouses. Cotton
prices declined further
between the middle of May of and the middle of June,
making the accumulation of finished products at textile mills more
undesirable than usual.
Cotton consumption in the district last month totaled only
199,858 bales,
compared with 283,623 bales used in May 1929. The
district used a smaller
percentage of the country's total consumption in May than
in any other
month for a considerable period. Conditions for this
year's crops were on
the whole quite unfavorable in May in the Fifth District,
due to cool
weather and frosts, and a marked deficiency in rainfall.
All crops were
retarded in growth, and some of them quite seriously damaged
by the cold
and dryness. Construction work provided for in permits
issued in cities
and contracts actually awarded for both urban and rural
construction was
in considerably lower volume last month than in May
1929, and May last
year was itself a rather poor month in this respect.
Wholesale trade in
five leading lines was in lees volume last month than in
the same month
last year, and collections were also slower in nearly all
lines.
Last month was not without favorable signs. Deposits
have recently
increased considerably in reporting member banks and
at the middle of
June totaled more than aggregate deposits a year earlier,
which would seem
to indicate that aggregate purchasing power of the
banking public is
increasing in spite of much unemployment and losses in
last fall's decline
in stock prices. Another favorable sign at present is
the comfortable
position in which both member banks and the Reserve
Bank find themselves, with their funds in a relatively liquid condition
and with ample
resources to care for legitimate needs as they arise.
Business failures,
while more numerous than a year ago, were fewer in May
than in April,
and last month's liabilities were only about half the exceptionally
high
figures of the preceding month. Retail trade as reflected in
department
store sales in May was on the whole better in most of the
district than
in May last year, and the stores are operating with smaller
stocks than last
year, thus increasing their rate of stock turnover. Finally,
copious rains in
nearly all sections of the district at the end of May and
in the first three
weeks of June distinctly improved agricultural prospects
since the official
June 1 condition reports were issued.

Department store and wholesale trade Is indicated as follows in the Bank's "Review":
Department store sales in the Fifth Reserve District
in May 1930 averaged 3.6% higher than 'sales in May 1929, according
to confidential reports
from 35 stores. Baltimore stores, with a gain of 6.9%,
made the best
record. Cumulative sales in the 35 stores since Jan.
1 now show an
increase of three-tenths of 1% over sales in the first five
months of 1929,
this increase being due entirely to an increase of 4.5%
in Baltimore. In
Washington total sales since the first of the year lack
two-tenths of 1%
of equaling sales in the corresponding period last year,
and the stores in
the Other Cities group are 7.0% behind their 1929 sales
to the end of
May. Most of these decreases were due to the unfavorable
comparison of
March 1930 sales with those of March 1929, the other
four months this
year comparing quite favorably in a majority of the reporting
stores with
last year's business.
There was a seasonal decline in stocks carried by the reporting
stores
during May, and at the end of the month stocks on hand
averaged 5.0%
less than stocks on hand on May 31 1929. Smaller stocks
and larger sales
last month resulted in a better turnover rate than in May
last year, stocks
being turned .304 times in comparison with .284 times a year
ago. Since
January 1 1930 the reporting stores have turned their stock
1.358 times,
compared with 1.329 times in the first five months of 1929.
Collections in the reporting stores averaged 28.2% of receivables outstanding on May 1, a slightly lower rate than 28.7% of outstanding
receivables collected in May 1929. Washington and the Other Cities
collections were slightly better last month than a year ago, but Baltimore stores
reported an average decrease.
Sixty-seven wholesale firms, representing five important lines
of trade
in the Fifth Reserve District, reported to the Federal
Reserve Bank of
Richmond on their May business. Sales last month were
lower in every
line than sales in May 1929, drugs showing the smallest
decline and hardware the largest. In comparison with sales during April
this year, May
sales gained in groceries, but declined in dry goods, shoes,
hardware and
drugs. In total sales since Jan. 1 all lines for which figures
are available
except shoes show smaller sales than in the first five months
of 1929.
Stocks of shoes on the shelves of the reporting firms at
the end of May
were larger than stocks on May 31 last year, but grocery, dry
goods and
hardware stocks were smaller. Shoe stocks increased in
May over the
April 30 figures, but the other three lines declined.
Collections in May were better than in April in all lines,
chiefly a sea•
sonal development, but were somewhat slower in all lines
except shoes
than in May last year.

187

Debits to Individual Accounts by banks reporting to the Federal Reserve,
showed declines in May over May a year ago, in the three general areas,
New York City, outside New York City and Kansas City district, but an
an increase of 1.3% by banks in Oklahoma. Oklahoma centres reporting
also showed an increase from April to May.
Petroleum overproduction has been eased somewhat both by concerted
efforts at pro ration and curtailment and due to the fact that burdensome
gasoline stocks are approaching the unloading period. It is to be hoped
that the prospects of the big gasoline consumption just ahead will not
cause a let-up in efforts at preventing overproduction.
In addition to a large increase in gasoline consumption from March to
April, the rate of consumption in April was 10.4% above the figure for
April 1929.
Building Permits reported by eight cities in Oklahoma,including the two
largest cities, increased in volume 30% from April to May. May 1930
permit volume, however, was 15.6% below the volume in May last year.
Tulsa and Oklahoma City both showed increased from April, both falling
off from May last year to this.
Livestock operations at packing centres fell off in both monthly and yearly
comparisons. Receipts of livestock in May were 34.1% below receipts
In May last year, while shipments fell 8.4%. Receipts and shipments in
May 1930. declined 17.3 and 20.0%,respectively.from May last year.
Employment and Payrolls.
There was a betterment of 2.4% In employment and 8.5% in payrolls in
Oklahoma during May as compared to conditions in April. The index on
employment, however, was 1.3 points. or 1.1% lower in May this year than
last. The index on payrolls in May was below the May 1929 index by 3.4
points, or 2.6%.
Employment and payrolls conditions were better in four industries and
a poorer condition existed in six industries. The greatest slumps, however, were present in seasonal industries such as cotton seed oil mills, which
could be expected at this time of the year.
The oil industry showed a betterment of 2.2% in employment and 25.8%
in payrolls. The fact that payrolls indexes increased faster than employment indexes indicates a substantial increase in levels of wages in spite of
a slower employment situation in other respects and the unemployment
condition which seems to exist at present.
TABLE I
-EMPLOYMENT IN SELECTED GROUPS OF INDUSTRIES
IN OKLAHOMA.
(Average month 1925=100.)
Industry.
Cotton seed oil mills
Food products
Lead and zinc
Metal and machinery
Oil industry
Printing
Public utilities
Stone, clay. glass
Textile and cleaning
Woodwork
All industries

Firms.

May
1930
Index.

Apra
1930
Index.

May
1929
Index.

Per Cent
Change for
Month.

13
144
63
83
189
24
67
32
61
34

30.2
122.4
67.7
100.2
141.9
110.8
161.6
103.2
97.6
189.3

43.6
126.9
63.3
110.7
138.8
107.7
167.7
102.8
101.1
184.5

99.3
122.7
89.4
110.7
119.1
103.8
166.7
117.6
114.3
199.2

-30.3
-3.6
+7.0
-14.4
+2.2
+2.9
-3.6
-0.4
-3.5
+2.6

710

118.1

115.1

119.4

+2.4

The general betterment in employment in the State In both numbers
employed and volume of payrolls would indicate some relief from the
business recession said to exist over the country.
-PAYROLLS IN SELECTED GROUPS OF INDUSTRIES IN
TABLE II
OKLAHOMA.
(Average month 1925=100.)
Industry.
Cotton seed oil mills
Food products
Lead and zinc
Metals and machinery
011 industry
Printing
Public utilities
Stone, clay, glass
Textile and cleaning
Woodwork
All Industries

Firms.

May
1930
Index.

April
1930
Index.

May
1929
Index.

Per Cent
Change for
Month.

13
144
63
83
189
24
67
32
61
34

38.7
126.1
58.5
103.4
171.4
121.2
178.2
102.0
107.5
173.4

50.9
124.1
53.8
121.1
136.3
115.7
182.7
103.3
105.7
177.4

25.1
124.1
82.9
115.1
121.3
115.5
178.2
113.3
112.4
194.5

-24.0
+1.1
+8.7
-14.6
+25.8
+4.8
-2.5
-1.3
+1.7
-2.3

710

129.6

119.4

133.0

+8.5

On the other hand, judging from placements made by Federal-State
employment offices, it would seem that unemployment conditions are worse.
There were only 3,942 placements made in May by the four placement
offices in Oklahoma as compared with 5,064 made in May last year. There
were more placements made in May, however, than in April, which would
indicate some current betterment.
-PLACEMENTS MADE BY FEDERAL STATE EMPLOYMENT
TABLE III
OFFICES.
Source: Oklahoma State Department of Labor.
Industry.
Agriculture
Building and construction
Clerical
Manufacturing industry
Personal service
Miscellaneous

May 1930.

April 1930.

May 1929.

367
194
5
62
988
2,326

835
231
6
75
1.289
2,510

831
252
5
218
1,339
2,418

Review of Oklahoma Business Conditions by Bureau
Total
3,942
2,510
2,418
of Business Research, University of Oklahoma
- Office Placements
Enid
354
Improved Employment Conditions.
419
477
Muskogee
562
998
662
1,984
The Oklahoma Business Bulletin issued June 20 by the Oklahoma City
2,155
2,189
1%flna
1,142
1,473
1,736
Bureau of Business Research, College of Business Administration, University of Oklahoma, states that employment
New Models Announced by Studebaker Corp.
and payroll conditions showed improvement from April
The Studebaker Corp. is introducing new President and
to May. We quote further from the Bulletin as follows:
Commander 8-cylinder models embodying an engineering
The index on employment rose 2.4% and on payroll volume
8.5%.
The employment index for May 1930, however, was 1.1% below that development known as "free wheeling," which enables the
of May 1929. The pay roll index was 3.4% below the index of May last driver to shift gears between high and second even
at the
year.
Placements made by Federal-State employment offices were fewer in highest speeds without using the clutch. In addition greater
May 1930, than In May 1929, but were greater than they were in April of power and longer wheel-base are included in the new models.
this year.
The new prices on the President 130-inch wheel-base line
Retail Sales volume in May, as indicated by reports from 41 firms in four
lines of business increased 3.9% from April to May. The May 1930 range from $1,950 to $2,050, which compares with prices
volume, of sales, however, was 2.6% below May 1929.
on the farmer 125-inch line ranging from $1,795 to $1,995.




FINANCIAL CHRONICLE

188

the 136-inch line prices range from $1,850 to $2,600,
which compare with a range on the former 135-linch me
of $1,845 to $2,595. The new Commander eight line of
124-inch wheelbase is priced at $1,585 to $1,785, as against
prices of $1,495 to $1,845 on the former Commander 120inch line.
On its six-cylinder models, the Studebaker Corp. has
set a new low price range from $795 to $995 with four-door
three-window sedan at $895. This compares with the
former price range of $895 to $1,125 with the four-door
sedan at $985. The reduction is not made in anticipation
of any model changes.

On

Paper and Pulp Industry in May-Decrease in Paper
Production-Increase in Wood Pulp Output.
According to identical mill reports to the Statistical
Department of the American Paper and Pulp Association
from members and co-operating organizations, paper production in May showed a decrease of 2% under April 1930
and a decrease of 11% under May 1929. The total wood
pulp production in May registered an increase of 1% over
April 1930, and a decrease of 4% under May 1929. The
survey of the Association issued July 3 also says:
The May production of newsprint, uncoated book, paperboard, wrapping
bag, writing, tissue and building papers registered a decrease under May
-month
1929 output. The production of all grades of paper during the 5
period ending May 1930, excepting uncoated book and hanging papers,
registered decreases under the totals for the same period of 1929. Shipments of all paper grades, excepting hanging paper, registered decreases
-month period of 1930 as compared with the same period of 1929.
during the 5
All grades of paper, excepting bag and building papers, showed incre ises
In inventory at the end of May 1930 as compared with the end of April
1930. As compared with May 1929, all grades, excepting wrapping and
hag papers, registered increases in inventory.
Identical pulp mill reports for the 5
-month period ending May 1930
Indicated that 11% more mitscherlich sulphite pulp, 5% more bleached
sulphite pulp and 2% more kraft pulp was consumed by reporting mills
than for the same period of 1929. The total shipments to outside markets
of all grades of pulp during the first 5 months of 1930 were 7% below tee
total for the same period of 1929.
New grade sulphite, 'craft and soda pulps were the only grades that
showed a decrease in inventory at the end of May as compared with the
end of April 1930. As compared with May 1929 groundwood and soda
pulps were the only grades whose inventory was lower than at the end of
May 1930.
REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS FOR THE
MONTH OF MAY 1930.
Stocks on Nona
End of Month.
Tons.

Production,
Tons.

Shipments.
Tons.

Newsprint
Book (unnoated)
Paperboard
Wrapping
Bag
Writing, cover. etc.
Tissue
Hanging
Building
Other grades

118,093
84,041
184,456
48,647
14,480
30,951
11,434
5,513
6,221
21,993

114,702
78,764
183,674
48.081
15.126
30,440
10,677
5,509
6,575
22,102

27,924
62.302
63,139
46,406
6,103
48,181
10.616
4,271
4,343
17.777

Total
-All grades

525.829

515.650

291,062

Grads.

REPORT OP' WOOD PULP OPERATIONS IN IDENTICAL MILLS FOR
THE MONTH OF MAY 1930.

105,581
36,171
26,369
3,226
7,374
31,579
25.024
94

88.353
34,117
24,838
2,924
6,119
26,155
15,866

1,242
2.320
1,488
204
997
5,578
9,277
84

Total-Ail grades

235.418

198.372

21.190

WOO...COCO.

Used During
Month, Tons.

Groundwood
Sulphite DEMI grade
Sulphite bleached
Sulphite easy bleaching
Sulphite mitscherlich
Kraft pulp
Soda pulp
-Other grades...
Pulp

1

Production,
Tons.

to CO
•-•00C4-4•10,33-.1

Shipped Dur- :lock on liana
ing Month. End of Month.
Tons.
Tens

Grade.

122,040

Lumber Industry in United States Reported Operating
at from 25% to 50% Below Capacity-Demand Low.
.
Faced by an abnormally low demand for lumber, the entire
lumber industry of the United States is now operating at
from 25% to 50% below capacity, according to Dr. Wilson
Compton, Secretary-Manager of the National Lumber
Manufacturers Association, Washington, D. C. He had
but recently reported that southern pine mills are now operating at 25% below capacity. His observations on lumber
conditions throughout the country, as given to the West
Coast Lumbermen's Association, follow:
All regions of lumber industry, for the first time in the industry's history,
are sharing the burden of keeping production of lumber within the range
of consumption. Southern pine mills have accordingly reduced their
production by 25%;the small mills in the southeastern Statesfrom 40 to 50%
the hardwoods 30%.
ne-essities of the lumber industry's situation are apparent in
The cle
the fact that during the past 52 weeks new supply has exceeded new demand
by the equivalent of over 27 days of production. This is shown in reduced
unfilled order files or in increased stocks on hand.
That this condition is nation-wide and by no means confined to the Pacific
Northwest is evident in the record of the principal lumbering regions during
the past year. In Southern pine the production has exceeded the demand by
over6% or 19 days production; in southern hardwoods 27 days production;




[Vol,. 131.

North Carolina pine 40 days; northern hardwoods 80 days; northern hemlock over 70 days; northern pine 14 days; western pine 41 days; California
pine 19 days: California redwood, 18 days and West Coast 23 days. The
lumber stocks in the hands of the sawmills throughout the country generally
were not immoderate early last fall but since that time have increased to
unwieldy proportions with consequent extensive price reductions, reduced
operations and irregular employment.
Substantial and sustained improvement is to be looked for only as the
Industry systematically reduces its overload of unsold stocks. Lumbermen
throughout the country are accepting this responsibility and continuous
gradual improvement in this respect is looked for.
A fundamental favorable factor is the accumulating evidence that lumber
is more than holding its own in competition with other materials. Also
there has been a marked trend toward a return to the single family dwelling
type of house construction. This type Is the largest user of lumber. The
decline in small house construction during the past year hrs been less than
half of the decline in apartment construction which comp watively uses
little lumber. When the National residential building volume returns to
within 10% of its 1929 level it is probable therefore that the consumption
of lumber for building purposes will be as great as it was a year ago. It
is now about 40% less.
I look for a gradual improvement in the lumber situation because of the
better control of production which now Characterizes almost the entire
lumber industry. Improvement from this source is dependent wholly
upon the determination of lumber manufacturers themselves. Any substantial increase in demand is in my judgment not to be looked for this summer or fall. I believe that we shall see marked improvement during the
winter and a broad advance in business activity next spring and not until
then.

Holiday Shutdown Affects Lumber Production.
Due to the holiday shutdown, coupled with the midsummer lethargy, lumber production, during the week ended
July 5 declined considerably, according to telegraphic reports
received on July 11 by the National Lumber Manufacturers
Association from 895 of the leading hardwood and softwood
lumber mills. Orders were 6% and shipments 22% above
production, which totaled 208,391,000 feet.for the week.
For the preceding week orders were 19% and shipments
6% below production, which totaled 337,591,000 feet.
Lumber orders reported for the week ended July 5 1930
by 623 softwood mills totaled 193,qI5,000 feet, or 12%
above the production of the same mills. Shipments as reported for the same week were 223,029,000 feet, or 28%
above production. Production was 173.891,000 feet.
Reports from 292 hardwood mills give new business as
26,400,000 feet, or 23% below production. Shipments as
reported for the same week were 30,302,000 feet, or 12%
below production. Production was 34,500,000 feet.
Unfilled Orders.
Reports from 499 softwood mills give unfilled orders of 790.288,000
feet on July 5 1930, or the equivalent of 16 days' production. This is
based upon production of latest calendar year-300
-day year-and may
be compared with unfilled orders of 512 softwood mills on June 28 1930
of 845.211,000 feet, the equivalent of 16 days' production.
The 371 identical softwood mills report unfilled orders as 702.438.000
feet on July 5 1930 as compared with 1,070,028,000 feet for the same week
a year ago. Last week's production of 479 identical softwood mills was
158,782.000 feet. and a year ago it was 217.311.000: shipments were respectively 201,031.000 feet and 240,354,000: and orders received. 176,862,000 feet and 248.607,000 feet. In the case of hardwoods, 208 identical
mills reported production last week and a year ago 27.986.000 feet and
37.922,000 shipments, 24.354,000 feet and 36.855,000; and orders, 20.349.000 feet and 35,392.000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that
new business for the 222 mills reporting for the week ended July 5 totaled
100.754.000 feet. of which 32,451.000 feet was for domestic cargo delivery,
and 16,693,000 feet export. New business by rail amounted to 39.142.000
feet. Shipments totaled 126,509,000 feet. of which 51.792.000 feet moved
coastwise and intercoastal, and 24.458.000 feet export. Rail shipments
totaled 37,791,000 feet, and local deliveries 12.468,000 feet. Unshipped
orders totaled 428,774.000 feet, of which domestic cargo orders totaled
152.449.000 feet. foreign 155.100.000 feet, and rail trade 121,225.000
feet. Weekly capacity of these mills is 246,692,000 feet. For the 26 weeks
ended June 28 139 identical mills reported orders 8.2% below production
and shipments were 4.1% below production. The same mills showed an
increase in inventories of 10% on June 28 as compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for 146
mills reporting, shipments were 2% below production, and orders 7% below
production and 5% below shipments. New business taken during the week
amounted to 40.110.000 feet (previous week 45,86,
1.000 at 135 mills):
shipments, 42,315,000 feet (previous week. 47.334,000): and production,
43.225,000 feet (previous week, 52,536.000). The three-year average
production of these 146 mills is 70.031.001) feet. Orders on hand at the
end of the week at 125 mills were 131,901.000 feet. The 129 Identical
mills reported a decrease in production of 22%. and in new business a
decrease of 31%. as compared with the ssine week a year ago.
The Western Pine Manufacturers Association of Portland, Ore., reported production from 87 mills as 26.519,000 feet, shipments 27.439.000
and new business 29,831.000 feet. Sixty-five identical mills reported
a decrease in production of 33%, and a decrease in new business of 21%,
when compared with last year.
The California White & Sugar Pine Manufacturers Association of San
Francisco reported production from 15 mills as 12.110.000 feet, shipments
9.027.000 and orders 9,263,000 feet. The same number of mills reported
a decrease of 13% in production, and a decrease of 2% in orders, in comparison with 1929.
The Northern Pine Manufactuers Association of Minneapolis. Minn.,
reported production from seven mills as 5.481.000 feet. shipments 3.476.000
and new business 2,578.000. The same number of mills reported production
16% below and new business 6% above, that reported for the corresponding
week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 20 mills as 2,362,000 feet, ship-

JULY 12 1930.]

FINANCIAL CHRONICLE

ments 1,339,000 and orders 1,239,000. The same number of mills reported a decrease In production of 23% and a decrease In orders of 38%.
when compared with 1929.
The North Carolina Pine Association of Norfolk, Va., reported production from 112 mills as 5,914,000 feet, shipments 7,437,000 and new
business 5,863,000. Forty-eight identical mills reported production 36%
less and new business 24% less than that reported for the same period
last year.
The California Redwood Association of San Francisco reported production from 12 mills as 1,931,000 feet, shipments 5,087,000 and orders
3,142,000. The same number of mills reported a decrease in production
of 29%, and a decrease in orders of 36%.In comparison with a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 272 mills as 31.909.000 feet, shipments 29,000.000 and
new business 25,742,000. Reports from 188 identical mills showed a decrease in production of 28%, and a decrease in new business of 40%. when
compared with last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 20 mills as 2,591,000 feet, shipments 1,302,000 and orders 658,000. Reports from the same number of
mills showed an increase of 3% in production, and a decrease of 74% in
orders, in comparison with 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 5 1930 AND FOR 27 WEEKS
TO DATE.

189

as corn, oats, rye, rice, beans, potatoes and tobacco, have
been planted on somewhat larger acreages. Below is the
report in full:
Farmers have increa'sed somewhat the acreages of corn, oats, rye, rice,
beans, soy beans, covrpeas, potatoes, sweet potatoes, tobacco and sugar
beets, and have sharply increased the acreage for flaxseed and broomcorn
according to the Crop Reporting Board of the United States Department
of Agriculture. On the other hand decreased acreages have been planted
to wheat, barley, hay, peanuts and cotton so that the combined acreage
of the principal field crops, now placed at 360.600.000 acres, shows an increase of less than 1% over the acreage last year. Although large areas
in the Northeastern and North Central States had favorable weather for
getting in the crops, the spring has in many sections been too dry for
satisfactory crop growth, and crop prospects as a whole point to yields
per acre about 1% above those secured last year and 2.2% below the average
during the preceding 10 years.

CORN.
The area planted to corn this year is about 3.6% above the acreage
harvested in 1929 and 2% greater than the 5-year average acreage from
1925-1929. Corn acreage is estimated at 101,531.000 acres which is larger
than for any year since 1923. An increase in acreage is indicated for praotically all important corn States. There appears to have been a shift
from hay to corn in the North and from cotton to corn in much of the South.
The condition of corn on July 1 was 79.9%, or 2.3 points higher than
one year ago. The 10
-year average condition (1919-28) was 81.7. In the
Eastern Corn Belt States, the condition was 82.7 as compared with 74.9%
•
ProdueShip- P. C.
P. C. last year, and in the Western Corn Belt States, 81.6% against 79.4% a
Son
Association.
ments.
of
Orders
of
year ago. Favorable weather during the early part of the season enabled
M Ft.
AI Ft. Prod, M Ft. Prod.
farmers to plant a larger acreage than last year and also permitted earlier
Southern Pine:
planting in most of the leading States. Warm weather has promoted good
Week-146 mills reports
43,225
42,315 98
40.110 93
growth throughout the greater part of the Corn Belt. Moisture has been
27 weeks-3,819 mill reports
1.580.384 1,485,359 93 1.447.688 92
generally ample in the Western Corn Belt except Missouri, but the rainfall
West Coast I umbermen's:
has been deficient over the eastern Corn Belt. with a marked shortage
Week-224 mill reports
76.349
126.909 168
102.279 134
27 weeks-5,80I mill reports
4,239,344 4,077,080 98 4.019.035 95
in the Ohio Valley. Fields are clean and in a good state of cultivation with
Western Pine Manufacturers:
the exception of Wisconsin where heavy rains have caused them to become
Week-87 mIllreports
26.519
27.439 103
29,831 112
weedy.
27 weeks-2,425 mill reports
1,098.477 958,975 87
938.884 85
The July 1 condition indicates a production of about 2.802.000.000
California White and Sugar Pine:
Week-15 mill resorts
12.110
9.027 75
bushels as compared with 2,614.000,000 bushels harvested in 1929. If
9.283 76
27 weeks-678 mill reports
451,498
552,360 122
561,898 124
this production is realized it will be a gain of about 7% over last year.
Northern Pine Manufacturers:
and 1.5% above the average for the five years, 1925 to 1929.
Week-7 mill reports
5,481
3.478 63
2,578 47
-214 mill resorts
27 weeks
110,345
113,799 103
106,894 97
WHEAT.
No. Hemlock & Hardwood(softwood)
Week-20 mill reports
2.362
The 1930 wheat crop is forecast at 807.000.000 bushels, which is practi1,339 57
1,239 52
27 weeks-858 mIti reports
88,902
81,943 70
58,721 66
cally the same as the crop harvested in 1929, and is about 3% below the
.
North Camila.' Pine
-year average production.
Week-112 mill rePnrts
5,914
7.437 126
5,863 99 5
The production of winter wheat Indicated by July 1 condition is 558.27 weeks-3,000 mill reports
256.829
243,437 95
200.884 78
Califomia Redwood:
000.000 bushels,an increase of 26.000.000 bushels above the June 1 forecast.
Week-12 mill reports
1.931
5.087 263
3.142 153
Weather influences during June appear to have been generally favorable
27 weeks
-396 tn111 reports
193.000
177.831 92
177,239 92 for filling and ripening the crop, and
increases in probable yield were found
Week-823 mill reports
in nearly all important winter wheat producing States. Condition Is re173.891
223,029 128
194.305 112
27 weeks-17.191 mill reports.-- _ 8,016,759 7.650.784 95 7,509.021 94
ported at 73.8% compared with the 10
-year average of 77.1%. Allowing
for losses since May 1, the acreage remaining for harvest is estimated at
Hardwood Manufscturers Institute:
38.490,000 acres, a decrease of little more than 4% from the acreage harWeek-272 mill reports
31.909
29,000 91
25.742 81
27 weeks-6,905 mill reports
vested in 1929. This acreage however, is 8% greater than the average
962.433 858,547 89
832.362 86
Northern Hemlock & Hardwood:
-year period, 1924-1928.
of the 5
Week-20 mill resorts
2.591
1,302 50
658 25
Spring Wheat Other than Durum.
-The 1930 crop of spring bread wheat
27 weeks-858 mill reports
224,691
131.810 59
112.519 50
indicated by July 1 condition is 193.000,000 bushels, which is about 10%
Hardwood total:
greater than harvested in 1929. but 10% less than the 5
-year average.
Week-292 mill reports
34.500
30.302 88
26,400 77
Condition on July 1 is given at 74.7% compared with the 10
-year average
27 weeks -7,763 mill reports
1,187.124 990.337 83
944.881 80
of 81.3%. The acreage for harvest in 1930 is estimated at 18.163,000
acres, an increase of 3.3% above the 1929 acreage, and 7.5% above the
Grand total:
Week-895 mill reports
208,391
average acreage of the 5
253.331 122
220.705 100
-year period 1924-1928.
27 weeks-24,096 mill reoorts---- 9,203.883 8,641,141 94 8,453.902 92
-The acreage of durum wheat has been further reduced
Durum Wheal.
and is estimated at 4,371,000 acres, 17.8% less than harvested in 1929,
and 13.3% below the 5
-year average. Condition on July 1 is reported at
Canadian National Livestock Exchange Formed in Calgary. 81.1%.compared with an average condition of79.7%. A crop of 57.000.000
bushels is Indicated, compared with 52.000,000 produced in 1929, and a5
The following Canadian press advices from Calgary, year average of 69.000.000 bushels.
On July 1 drought conditions in part of the spring wheat area were becomAlberta, July 10, are from the New York "Times":
severe. This report, however,relates to conditions as they existed
The Canadian National Live Stock Exchange was formed here today ing rather
on July 1 and no attempt has been made to forecast the duration or relative
at a meeting of repreesntatives of various stock yards and live stock
sever ty of such drought conditions or its effect upon the final outturn
exchanges in Eastern and Western Canada.
the spring wheat crop.
The organization will co-ordinate the interests of the exchanges, handle of
Stocks of Wheat on Farms on July 1 are estimated at 46.834.000 bushels,
matters of administration where governments, railways and other bodies
5.8% of the 1929 crop, as compared with 45.483,000 bushels on July 1
are to be approached, and prevent overlapping of operation.
1929. and 28,454,000 bushels, the average stocks on July 1 for the 5 years.
'Live stock exchange representatives of Montreal, Toronto, 'Win- 1924-1928.
nipeg, Moose Jaw. Calgary and Edmonton attended the meeting. Charles
OATS.
Mpybee of Winnipeg was chosen president. Among the vice presidents
The oat acreage, which has been declining quite rapidly since 1925 has
are W. H. Maher for Montreal and Harry Talbot for Toronto.
this year been increased 4.2%, to a total of 41.898.000 acres, the increase
being due principally to unusually favorable conditions for spring seeding
and to a shift from barley. Growing conditions have been unfavorable
Agricultural Department's Complete Official Report in the Ohio Valley, North Dakota and Montana. offsetting in part the more
favorable conditions elsewhere. The yield is expected to average 31.7
on Cereals, &c.
bushels per acre compared
year and
The Crop Reporting Board of the United States Depart- 31.0 during the previous 10 with 30.8 bushels lastforecast at an average of
years. Production Is
1.329.407.000
Agriculture made public on July 10 its forecasts bushels, about 7% above production In 1929 and about 3% below the averment of
age of the previous 5 years.
and estimates of the grain crops of the United States as of
RYE.
July 1, based on reports and data furnished by crop corThe acreage in rye is now estimated at 3.498.000, an increase of 8.7%
respondents, field statisticians and co-operating State over the very low acreage harvested last season. The present acreage
Boards (or Departments) of Agriculture. This report shows is about the same as that harvested in 1928 and is below that harvested
in any of the
years. Most
the Increase over last year
that the production of winter wheat is now placed at 558,- has occurred In previous 10 of States fromofMinnesota west to Montana.
the group
000,000 bushels which compares with the Department's esti- In the eastern part of this area the prospects are rather promising. but
elsewhere
mate of 532,469,000 bushels a month ago and with 578,000,- compared they are only fair. The average yield is forecast at 13.7 bushels
with 12.6
bushels
1929. The July 1 condition is for the previous tenbushels per acre last year and an average of 13.4 bushels
000 bushels harvested in
years. Production is estimated at 47.858,000
given as 73.8% of normal, which compares with the June 1 compared with 40.500.000 bushels last season.

1930 condition of 71.7% and the July 1 1929 condition of
75.9%. The 10-year average condition of winter wheat is
77.1%. The probable production of corn is placed at 2,802,000,000 bushels, which compares with 2,614,000,000
bushels harvested in 1929 and a 5-year average production
of 2,700,000,000 bushels. The condition of corn on July 1
was 79.9% comparing with 77.6% on July 1 1929 and a
10-year average of 81.7%. Some of the principal crops
show a decrease in area planted; among these being wheat,
barley, hay and cotton, while other important crops such




BARLEY.
The acreage in barley this year is estimated at 12.780.000. This is a
de..rease about 3% below the acreage harvested in 1929. but it substantially
exceeds the acreage of earlier years. The decreases in acreage are for the
most part in souse States where the weather was favorable for getting
in a full acreage of(MIA. The yield is expected to he a little above the usual
average and the forecast of production is 332 million bushels. 9% above
production last year and about 7% below the record crop of 1928.
FLAX.
Increases in flax acreage averaging close to 50% are reported from
all the more important flax States, the total acreage being estimated
at 4,389,000 compared with 2,992,000 acres last year or an increaser or
the United States of 46.7%. The present acreage of flails by a substantial

crop has,
margin the largest acreage ever planted in this country. The
however, been suffering from drought in some sections and an average
is now expected. The most probable production of
yield of only 6.9 bushels
flaxseed is now placed at 30,100,000 bushels compared with 16,844,000
harvested last year. This is still considerably below domestic requirements.
RICE.
Rice acreage is estimated at 983,000 acres compared with 893.000 harvested last year, and an average of 947.000 for the previous five years.
While this year's acreage is 10% higher than last year's,it pas been exceeded
several times since 1917. Dry weather in southwest Louisiana has adversely
affected the crop. Irrigation water from wells is limited, and salt water
is said to have appeared in the Vermillion and Mermentau River. Production for the United States this year is now forecast at 38,332,000 bushels,
compared with 40,217.000 bushels last year and an average of 39,022,000
bushels during the preceding five years.
HAY.
The total tame hay acreage in the United States is estimated at 59,807.000
nearly 2% below the fairly large acreage harvested last season. With
spring weather generally favorable for getting in other crops, the acreage in
tame hay has been reduced in practically all States from New York to the
Dakotas, Nebraska being the only corn belt State showing an increase.
In most of the South and West the hay acreage shows but little change.
The generally dry spring has not been favorable for hay crops, and yields
in many States are expected to be usually low. Iowa, Nebraska, Kansas
and California are outstanding exceptions, having promise of unusually
good yields while Michigan, Wisconsin, Minnesota. South Dakota and the
North Atlantic States expect yields close to their usual average. The
tonnage to be finally harvested is still largely dependent upon summer
rains, but present conditions point to a total tame hay crop of only 85,431.000 tons, which would be the smallest crop since 1925. The acreage of
wild hay cut is expected to be about the same as was cut last year and
production seems likely to be around 13,600,000 tons or about 5% over
production in either of the last two years.
POTATOES.
The July 1 estimate of 1930 plantings of potatoes totals 3,482,000 acres
for the United States. This is an increase of 3 1-3% over both the 1929
-year average. Increases in Southern States
acreage and the previous 5
average about 13%. There is little change in acreage in the North Central
States where a material increase in Wisconsin has been offset by decreases
in Minnesota and the Dakotas. Changes are small in the North Atlantic
States outside of Maine where the acreage for 1930 is estimated to be the
largest on record.
The condition of the potato crop on July 1 was 83.4% compared with
83.1% on the same date in 1929 and 85.5%. the average condition on
July 1. Present indications point to a crop totaling 398 million bushels
compared with 360 million bushels, the revised estimate of 1929 production.
In the Southern States the expected crop does not differ materially from
that of last year in spite of the material increase in acreage. The expected
crop in the North Central States where yields were light in 1929 is 28 million
bushels greater than the crop harvested last year. The North Atlantic
States and Western States expect increases of 7 and 4 million bushels
respectively.
TOBACCO.
The tobacco acreage has been increased 5.1% from a revised total
of 2,037,000 acres harvested in 1929 to 2,140,500 acres planted in 1930.
Nearly all types have participated in the increase, the exceptions being
shade grown wrapper tobacco which shows a decrease of 17% in acreage
from last year, the Green River air-cured type of Kentucky, the acreage
of which
of which shows no change, and Eastern Ohio export, the acreage
was cut in half.
cigaret types. flue-cured acreage was increased 3.5%, burley
Among the
a little over 7% and Maryland 12.5% •
Increases in acreage took place in the dark air-cured group, other than
Green River, already noted. One-sucker increased 7% and Virginia suncured about 10%.
Fire-cured typos increased about 8% in acreage, with Virginia dark
showing a 20% rise, Clarksville and Hopkinsville 3.5%. Paducah 11%
and Henderson fire-cured 6%.
Cigar types as a whole increased about 7%, comprising an increase of
of 17% in wrapper
4% in filler types, 16% in binder types, and a decrease
types.
condition of tobacco on July 1 is reported
For all districts combined the
during
at 76.4% compared with 77.3 last year and a July 1 average of 78.4
although
the previous 10 years. Flue-cured tobacco is reported at 76%.
ConIn the Eastern Carolina district a condition of only 68 is reported.
ditions in the fire-cured districts in general are good, 79.5% being the
general average.
Burley condition averaged 70%. the lowest reports being 55% for West
Virginia and 62% for Ohio and Indiana. The large Kentucky crop is reported at 70% and that of Tennessee at 77%•
Excellent conditions are reported from the cigar-tobacco districts, excepting only the Ohio filler district where the condition on July 1 was
65% compared with a general cigar-leaf average of 86.
The production of all tobacco indicated by present conditions is 1,597.670.000 pounds, compared with 1,520,674,000 pounds, the revised estimate
of production in 1929.
SUGAR CROP.
Sugar beet acreage is estimated to be 814,000 acres compared with 772,000
or
planted last year. Since about 90% of the acreage reported as planted
expected to be planted is usually actually harvested, about 736.000 acres
unless unusual conditions occur before
will probably be harvested this year
the average
or at harvest time. Last year 688,000 acres were harvested and
for the previous 5 years is 701,000 acres.
last
The preliminary (or "planted") acreage this year is larger than
Utah, and California
in the Great Lakes and Mississippi Valley areas.
year in most other States.
and less than last
Sugar beet production this year is now forecast at 789,800 tons compared
tons for the previous
with 731,800 tons last year and an average of 738,900
5 years.
acres of sugar cane are growing in the 22 parishes of LouisAbout 195,000
iana Sugar Belt, this acreage being 11% more than the 176,000 acres
harvested last year, not including 40,000 acres lost by freezes in December.
to be used for making
Of this year's acreage about 171,000 acres are expected
sugar and 13,000 for making sirup.
CROP REPORT AS OF JULY 1 1930.
of AgriThe Crop Reporting Board of the United States Department
States.
culture makes the following forecasts and estimates for the United
correspondents, field statisticians,
from reports and data furnished by crop
of Agriculture and Agriand co-operating State Boards (or Departments)
cultural Colleges:




[VOL. 131.

FINANCIAL CHRONICLE

190

ACREAGE.
Crop.

YIELD PER ACRE,

Harvested.
5-Yr.
1930.
Aver.
10-Yr.
1924-28 Per Cl.
1929.
1,000
1.000 Average
of
Acres. 1929. Acres, 1919-28.

Indicated
by
Condition
July 1
1930.5

27.6
28.2
26.7
Corn, bushels
100.169 103.6 101.531
14.4
14.5
15.0
35,585 85.9 b38,490
Winter wheat, bushels9.9
13.0
12.3
4,371
Durum wheat,4 States, bu. 5.040 82.2
11.2
11.9
Other psr. WI, t, U. S., bu 15,038 103.3 16,163 c12.5
14.1
13.2
13.7
All wheat, bushels
55,663 96.6 59.024
31.7
31.0
30.7
Oats, bushels
42,967 104.2 41,898
23.2
26.0
25.0
8.993 97.7 12,780
Barley, bushels
12.6
13.7
13.4
Rye, bushels
3,766 108.7 b3,498
6.9
5.6
7.6
4,389
2,893 146.7
Flaxseed, bushels
39.0
45.0
40.3
983
947 110.1
Rice, 5 States, bushels
1.43
1.67
Hay, all tame, tons
1.54
59,301 98.1 59,807
0.96
0.91
Hay, wild, tons
1.00
14,125 100.1 14,100
Hay, all clover ez timothy,
1.59
tons_ d
33,458 95.2 31,685
2.45
2.61
2.59
Hay, alfalfa, tons
11,031 100.0 11,495
10.2
10.6
11.3
2,163
Beans, dry, edible, bush_e 1,614 111.9
Soy beans.f
113.4
90.1
Peanuts_ f
_
CowPeas_f
113.0
100.8
Velvet beans.f
114.4
6
106.7
3,482 1- 11
3,363 103.3
Potatoes, bushels
86.2
95.2
103.0
858
806 104.4
Sweet potatoes, bushels.-746
746
2,140 764
1,720 105.1
Tobacco, pounds
10.2
10.6
10.7
014
701 105.4
Sugar beets, tons
74.1
81.2
75.7
372
368 107.5
Sorgo for sirup, gallons___
168.1
189.0
120 183.2
124 102.6
Sugar cane for sirup, gals-353.4
311.6
396 318
298 130.7
Broomcorn, pounds_e-__
1,334
853
19 1.254
22 77.1
Hops. pounds.e
Indicated yield increases or decreases with changing conditions during the
season. b Acres remaining tor harvest. c All spring wheat. d Including "sweet
clover" and lespedeza.
Principal producing States. (See sheets for separate
crops.) f Grown alone for all purposes. g Planted acreage. 90% of which is
usually harvested.
The amount of wheat remaining on farms in the United States on July 1
1930 is estimated at 5.8% of the crop of 1929, or about 46,834,000 bushels,
as compared with 45,483,000 bushels on July 1 1929 and 26,454,000 bushels,
the average stocks of wheat on July 1 for the five years 1924-1928.
Condition.
Crop.

Total Production in Millions.

Indicated by
July 1
Harvested.
Condi fons.5
10-Yr. July 1 July 1
1913-28 1929. 1930. Aver, 1929. Junel Julu 1
Per Cl. Per Cf. Per Cl. 1924-28
1930. 1930.

81.7
__ 2,802
77.6
Corn. bush
7t.9 2,700 2,614
558
Winter wheat, bush
77.1
532
78.9
73.8
551
578
57
81.1
Durum wh't,4 States, bu b79.7
67.5
52
69
74.4
74.7
193
Othe spr. wh't IL S., bu. c81.3
___
214
176
78.4
74.9
74.5
All wheat, bush
833
806
_-__
807
80.5
79.0
80.7 1,372 1,234
Oats, bush
____ 1,329
84.3
82.5
241
76.7
332
304
Barley. bush
____
80.8
76.2
47.9
79.8
Rye, bush
46.7
50.9
40.5
71.5
16.8
78.4
82.2
__
23.8
30.1
FlaNseed, bush
83.7
40.2
84.7
88.4
____
39.0
38.3
Rice, 5 States, bush
b79.1
__
93.6 101.8
85.2
85.4
72.4
Hay, all tame, tons
b78.3
13.5
80.2
12.9
79.9
Hay, wild, tons
____
13.6
Hay, all clover de timothy
47.5
53.7
70.4
87.8
1.0 LIS,,I
b77.7
28.1
29.8
79.1
Hay, alfalfa, tons
86.2
____
28.7
84.5
Pasture
19.7
____
17.3
23.0
82.7
83.1
Beans, dry edible, bush_e 84.3
81.5
b82.1
81.4
Soy beans
Peanuts
72.4
b76.2
75,9
Cowpeas
71.2
Velvet beans
b77.O
80.0
142
.-__ 145
50.5 180
Apples, total crop, bush_ 59.9
53.7
29.0
-___
32.4
29.0
55.8
57.2
Apples, com'l crop, bbls_ b62.3
45.8
45.4
58.8
47.8
46.5
49.8
Peaches, total crop, bush. 63.3
21.
22.7
21.5
24.0
81.1
Pears, total crop, bush_ .. 61.7
52.8
62.34
2.10 --__
80.6
2.31
70.0
85.7
Grapes. tons
27.6
35.5
50.8
Pecans, lbs
58.3
61.0
360
--__ 398
83.4 393
Potatoes, bush
83.1
85.5
74.1
84.7
69.9
_-__
74.0
Sweet potatoes, bush_ _ . 82.6
79.4
____ 1,598
76.4 1.302 1,621
Tobacco, lbs
77.3
78.4
7.32 ---..
7.39
7.90
85.8
Sugar beets, tons
85.1
85.6
28.4
27.6
26.2
70.1
___74.6
Sonzo for sirup, glas
b80.3
20.2
22.1
____
20.8
66.0
78.9
Sugar cane tor sirup. gals. b75.2
____
69.9
80.5 951.2 647.2
Broomcorn. tons_e
78.5
78.4
33.2
____
30.3
16.4
66.3
flops, lbs _e
90.2
87.4
a indicated production increases or decreases with changing conditions during
the seasons. b Short-time average. c All spring wheat. d Including "sweet
clover." e Principal producing States. f For fresh fruit, Juice, and raisins, including some not harvested. g Thousands of tons.

Foreign Crop Prospects.
The latest available information pertaining to cored
crops in foreign countries, as reported by the Foreign Service
of the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on July 10, is as follows:
WHEAT.
The 1930 wheat production in 11 foreign countries reported to date
is forecast at 1,100,441,000 bushels against 1,021,640,000 bushels in these
11 countries in 1929 when they produced about h of the estimated world
wheat crop exclusive of Russia and China, according to reports received
by the Foreign Service of the Bureau of Agricultural Economics.
The official preliminary estimate of the 1930 acreage in Canada will
be issued to-day. The crop season is backward throughout the greater
part of Canada and in many important regions moisture has been limiting
both the stand and the growth of the crop. The wheat crop was seeded
more than a week earlier than last year but was generally more backward
at the beginning of July this year. Conditions in the Prairie Provinces
improved slightly toward the end of June but timely rains will be needed
during July. Conditions in Manitoba appear to be more favorable than in
either Saskatchewan or Alberta.
The 1930 crop in six European countries has been reported at 654,967,000
bushels against 638,776,000 bushels in 1929. Unfavorable weather conditions in France and Italy have caused considerable deterioration in the
wheat crops and the combined reduction in both countries is estimated at
about 100 million bushels. The present outlook in other European countries
appears favorable. The harvesting of winter wheat has been started in the
lower Danube basin and a good crop is expected. The extremely hot dry
weather during June has affected the grains in central and western Europe
and the condition reports as of July 1 were somewhat lower than a month
earlier.
The forecasts of the wheat crops in Algeria and Tunis indicate a production in these two countries of about 38 ,million bushels compared with
45.6 million bushels a year ago. No forecast of the crop in Morocco has

JULY 12 1930.]

FINANCIAL CHRONICLE

191

been received but acreage was reduced 3% and condition reports indicate
Crop Conditions Variable According to July 1 Report
a crop smaller than last year.
of Department of Agriculture.
RYE.
The 1930 rye acreage in 14 European countries has been reported at 25.The crops now begin to show the variable conditions which
652,000 acres against 25,348,000 acres in 1929. Conditions in Germany
and Poland, the two most important rye producing countries aside from usually develop in mid-season, says the Bureau of AgriRussia, were very favorable until the recent hot, dry weather. The winter cultural Economics, U. S. Department of Agriculture, in its
crop in both countries was above average on July 1 but was somewhat July 1 report on the farm situation.
The report says:
lower than on June 1.
Corn has made a fair start, on the whole. The crop is generally well
FEED GRAINS.
cultivated, but corn was damaged somewhat last month in Iowa by storms.
The acreage sown to the three feed grains, barley, oats and corn, in the and in Ohio by drought. Corn is late in Nebraska and Indiana but is coming
European countries so far reported is less than the acreage sown in the same along rapidly now.
countries in 1929. Ten countries report an increase of 0.2% in the acreage
Raying is under way with reports of rather light crop from many eastern
sown to barley while six countries report a decrease of 1% in oats acreage sections. Cotton has made fair progress, and has been helped by the
and three countries report a decrease of 9% in the corn acreage. The con- recent warm weather. Cotton is still considered somewhat late in the
dition of the feed grains has also deteriorated due to the unfavorable weather western belt, but is generally in a fair state of cultivation.
conditions. The condition of oats in both Germany and Poland was below
The bulk of the fruit supply this season apparently will come from the
average on July 1, while the condition of winter barley was above average. West. California grapes are already moving to market in good volume.
The corn crop in the Danubian countries has also been unfavorably affected The country's total production of apples and peaches promises to be about
by the dry weather according to unofficial reports.
the same as last year. The citrus fruit crops will be much heavier.
Wheat harvest is in full swing. The crop has matured early and so far
WHEAT.
has been cut under favorable conditions, barring some interruption by rains
WHEAT: PRODUCTION, AVERAGE 1909-13, 1923-27; ANNUAL 1928-30. In eastern Kansas and Oklahoma. Threshing returns in the Southwest
have shown irregular yields. However, the quality of the grain is high,
Average
Average
and is generally of good weight and high in protein content. Yields are poor
1930
I
Country.
1909-13. 1923-27.
1928.
1929.
Prelim.
in the Ohio Valley.
Terminal storage space is still about half filled with old grain. World
1,000 bu. 1,000 bu. 1,000 bu. 1,000 bu. 1,000 Mt.
United States
890.108
809.868
878,374
805,790
807.265 stocks of wheat are still relatively heavy,though they are probably 100,000,Mexico
a11,481
11,090
11,031
11,333
11.572 000 bushels smaller than a year ago-this decrease being chiefly in ArgenBelgium
15,199
13,988
17,215
13,225
b15,873 tina which was offering large quantities of wheat in competition with AmerSpain
130,446
146,581
119,885
154,249
160.568 ican grain at this time last season.
184,393
Italy
210,456
228,598
260.669
220.000
Hungary
71.493
68,558
99,211
74,985
81.129
37,823
34,771
Bulgaria
49,153
34,448
53.682
Rumania
a158,672
96,980
115,544
101,200
123,715
35.161
27,542
Algeria
30.302
33,307
29.174 Portugal Seeks Wheat
-Bakers Ask Foreign Quota
6,224
9,627
Tunis
12,125
12,309
9,002
351.841
Raise, Fearing Shortage.
344.729
India
090.864
317.595
386,848
6,898
9,736
Chosen
8,595
8,320
8,878
1,699.739 1,783.726 1.860.897 1.827.450 1 007 705
a Four-year average. b Winter only; about 99% of the total crop.

Total

GRAINS: ACREAGE, AVERAGE 1909-13, ANNUAL 1927-30,
Crop and Countries Reporting in 1930.a

1928.

1929.

1930.

1,000 1,000 1,000 1,000 1.000
Acres. Acres. Acres. Acres. Acres.
47,097 58,784 58,272 61,103 59,024
c1,019
853
819
834
636
62,174 1,311 1,283
1,293 1,224
20
23
20
18
13

WheatUnited States
Canada_ b
Mexico
Guatemala
Total North America (4)
Europe (13)
North Africa (4)
Asia (2)
Chile

50,310 60,971 60,394 63,248 60,897
59.542 65,433 56,301 56,862 56.958
6,571 7,168 8,358 8.392 8,140
30,124 32,313 33,152 32,804 32,332
1,003 1,842 1,715 1,758 1.646

Total above countries (24)
Est, world total, excl. Russia and China
RyeUnited States
Canada_b
Europe (12)
Total above countries

Aver.
1909-13 1927.

GO

Est, world total, excl. Russia and China
BarleyUnited States
Europe (10)
Africa (4)
Asia (1)
Total above countries (16)

147,550 157.727 159,920 162,864 159,973
204,200 240,100 244,800 244,400

----

2,238 3,848 3,480 3,219 3,498
117
588
599
664
765
26,742 22,768 24,928 25,348 25,652
29,095 26,984 29.007 29,231 29,915
48,300 48,400 46.700 48.600
7.620
9,580
7 883
,
450

--

9,476 12,598 13,079 12,780
9,697 9,993 10,156 10,177
8.769 7,830 8,114 7,778
655
892
750
818

25,513 28,597 31,313 32,099 31,553

Est, world total, excl. Russia and China

65,100 65.200 70,900 74,400

OafsUnited States
Europe (6)
Africa (3)
Asia (1)
Chile

37,357 41,941 41,734 40,212 41.898
15,350 14,031 14,200 14,202 14,024
607
679
831
851
12
66 779
28
18
28
78
195
220
243
193

Total above countries(12)

53.404 56,912 56,961 55,536 56,969
102,400 106,300 106,800 106.400

Corn-United States
Europe (3)

104,229 98,393 100,673 97,957 101,531
5,058 5,781 5,667 5,995 5,453

--

110,187 104,174 106,340103,952 106,984

Est, world total, excl. Russia and China 172,400 178,400 184,600 187,700
---a Figures in parenthesis indicate the number of countries included. b Winter
only. c Four-year average. d Two-year average.

Canadian Acreage Off 3%-24,583,300 Total Estimated for
Wheat, Drop of 671,702 From 1929.
From Ottawa, July 10, a Canadian press dispatch to the
New York "Times" said:
The estimated area sown to wheat in Canada for the 1930 season is
24,583,300 acres, compared with 25,255,002 acres finally reported for
1929, according to the weekly crop report issued today by the Dominion Bureau of Statistics. This is a decrease of 671,702 acres, or
about 3%.
The area of Fall wheat to be harvested is estimated at 636,300 acres,
compared with 834,284 acres in 1929, a decrease of 197,984 acres, or
24%.
Spring wheat occupies 23,947,000 acres, against 24,420,718 acres in
1929, a decrease of 473,718 acres, or about 2%.
Fall rye occupies 765,400 acres compared with 664,193 in 1929, and
Spring rye 326,800 acres, against 327,751 last year. Flax seed shows
an area of 451,500 acres, compared with 382,359 in 1929. The area
planted to potatoes is estimated at 557,000 acres compared with 543,727,
an increase of 2%.




The National Association of Bakers and Flour Mill Owners to-day
petitioned the Minister of Agriculture to raise the quota of foreign wheat
authorized to enter Portugal in order to maintain high quality in bread.
The action was taken because of rapid exhaustion of wheat stocks owing
to poor crops and delay in transportation by bad roads. The petitioners
said they feared a bread shortage, pointing out that the new harvest had
been greatly delayed by recent bad storms.

Transactions in Grain Futures During June on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of June, together with monthly
totals for all "contract markets" as reported by the Grain
Futures Administration of the U. S. Department of Agriculture, were made public July 8 by the Grain Exchange
Supervisor at Chicago. For the month of June this year
the total transactions at all markets reached 1,833,817,000
bushels, compared with 1,952,454,000 bushels in the same
month last year. On the Chicago Board of Trade the transactions in June 1930 totaled 1,576,990,000 bushels, as
against 1,653,226,000 bushels in the same month in 1929.
Below we give details for June, the figures representing
sales only, there being an equal volume of purchases:
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i.e. 000 Omitted,

----

Est, world total, excl. Russia and China

Total above countries(4)

Lisbon Associated Press advices, published in the New
York "Evening Post" said:

June 1930.
1 Sunday
2
3
4
5

a

7
8 Sunday
9
10
11
12
13
14
15 Sunday
16
17
18
19
20
21
22 Sunday
23
24
25
26
27
28
29 Sunday
30

Wheat.

Corn,

Oats.

Rye.

Parley, Flax.

Total,

39,230 10,539
27,488 9,749
42,002 10,103
33,543 13,317
27,298 7,717
16,532 6,474

1,303
669
1,533
639
989
719

1,049
1,443
849
1,743
959
1,124

---- ---52,121
--------39,349
--------54,487
--------49,242
--------38,963
--- ---24,849

24,357 5.868
26,628 3,952
38.498 10,260
47.240 8,294
55,485 13.302
53.680 23,368

691
.721
1,383
2,338
3.383
2,660

728 --------31,642
930 --------32,229
1,859 ---- ---52,000
3,325 --------61,197
4,878 --------77,048
3,918 ---- 83,626

71,216
45.722
65,696
32,519
58.145
49,573

23.338
13.308
19.224
9.413
11.559
12.065

3,424
1.756
1,890
1.552
1.608
1,984

5,056
2,876
2,899
1,921
2.381
2,765

--------103,032
--------63,680
___ ____
89.709
--------45,405
--------71,693
--------66,387

81.033
71,394
55,355
74.435
56,773
83,350

18,707
13,887
13,407
14.51
8,740
7,887

2,364
1,287
1,116
1,573
1,424
1,295

2,707
2,055
3,428
2,159
2,044
2,193

--------102,811
--------88,603
--------73,306
--------92,680
--------68,981
--------44,705

53.187 10.080

3,538

4,462

--------71,285

Chicago Board of Tr_ 1,178.377 297,025 41,837 59,751 --------1.576,990
36,119 7,403
Chicago Open Board
245
94 --------43,861
96,695
Minneapolis C. of C.. 71.748
856
-___ 8,721 7,449 8,191
----------------72,394
56,593 15,801
Kansas City Bd. of Tr_
35,432
____
85 1,258
Duluth Board of Trade_ *28,972
____ 5,117
----------------1,196
1.066
130
St. Louis hierch. Exch_
Milwaukee C. of C....
2,288 1,741
485
357 --------4,871
898
Seattle Grain Exch__
------- ------------1,472
1.472
Portland Grain Exch
Los Angeles GrainExch_8
San Francisco C.of C____
---Tot.all markets June'30 1,377.263322.100 51,288 72.768 8,284 2,114 1,833,817
Tot.all markets June'29 1,390.637 475.150 44,009 32,940 7,203 2,515 1.952,454
Tot. Chic. Bd. June '29 1.151.259 438.467 37.387 28.113 --------1,653.226
•Durum wheat with the except on of 500 wheat.

192

FINANCIAL CHRONICLE

"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR JUNE 1930 (BUSHELS).
(Short side of contracts only, there being an equal amount open on the long side.)

Wheat.

June 1930.

Corn.

Oats.

Rye.

124,648,000
124.485,000
126.612.000
127,557.000
126.878,000
126,814.000

5
e

7
8 Sunday
9
10
11
12
13
14
15 Sunday
16
17
18
19
20
21
22 Sunday
23
24

127,460,000 48,218,000
127.230.000 47.974.000
126.754,000 a48,875,000
127,322,000 48,277,000
a128.245,000 47,910.000
127,041.000 46,098,000

20.376,000
20.634.000
20.611.000
20.757.000
20,850,000
20.973,000

208.055,000
208,282.000
210,558.000
210,786.000
210.707,000
210,986,000

15,511,000 20,901,000 212,090.000
15,635,000 21,107,000 211,946.000
15,700.000 a21,289.000 212,618,000
15,843.000 20,606.000 212,048.000
15,967.000 20.544.000 a212,666,000
15,790.000 19,894.000 208,823,000

127,046,000
124,956,000
125,932.000
125,413,000
126.235,000
126,478,000

26
27
28

43,525,000
42,988.000
42,063.000
41,695,000
41,807.000
42,008,000

15,261,000
15,107,000
15,263,000
15.248,000
15,373,000
15,126,000

19,594,000
19,210,000
19.101,000
18,581,000
18,801,000
18,849.000

205,426,000
202,261,000
202.359,000
200,937,000
202,216.000
202,461,001)

117,925.000
117,974.000
115,341.000
112,847.000
110.777,000
108.413,000

25

41.918,000 15.588,000
41,368.000 15.652,000
40,126.000 15,814,000
39.795.000 15.937.000
38.896.000 a15,977,000
38,673,000 15,955,000

18,658.000
18,472.000
18,365.000
18.387.000
18,488.000
18,203,000

194.089,000
193.466 000
189,646,000
186,966,000
184,138.000
181,244,000

29 Sunday
30

*105,171,000 *37,906,000 16,360,000 *18,164.000 *176,601,000

Average—
June 1930
June 1929
May 1930
April 1930
March 1930
February 1930._
January 1930._
December 1929
November 1929._
October 1929
September 1920
August 1929
v.o., 1020

a High.

47.900,000 15.131,000
48,067,000 *15.096,000
47,855.000 15,480,000
47.016.000 15,456,000
47.482,000 15,508.000
47,741,000 16,458,000

122,622,000
129,161.000
130,654.000
161,151,000
172,168.000
194,850,000
196,559.000
185,959,000
202.549.000
238,356,000
227.863,000
218.044.000
172 Rim nnn

Dr. Gutierrez will discuss the Cuban sugar situation with American
sugar interests.
He is returning to Havana on Wednesday.

TOW.

1 13unday

2
g
4

[VOL. 131.

44,246,000
51,210,000
48,494.000
49.962,000
49,827,000
43.440.000
34,348,000
34,283.000
35,650.000
42,787,000
46.419,000
46,998,000

15,529,000
15.376.000
18,460,000
25,410,000
30,327,000
35,322,000
38,795,000
40,762,000
44.710.000
47,666,000
47,772,000
42,208,000

45 5A7 AAA

19,657.000
9.334,000
19,359,000
21.150.000
15.512,000
18,996,000
18,894.000
22.298,000
24,615,000
19.395,000
15,000.000
12,377.000

9929(1(1(1(1

202.055.000
205.081,000
216,067,000
2.57.672000
267,834,000
292,608,000
288,596,000
283.302,000
307,524.000
348.204.000
337,054,000
319,627.000

7 07F WW1

9.A9 R51 111111

•Low.

Tories for Sugar Tax Rise—Bill in British House of Commons for 50% Increase Fails.
The following London cablegram July 7 is from the New
York "Times":
Empire preference as it would affect the sugar industry of the West
Indies and Mauritius was debated in the House of Commons today
in
discussion of the Chancellor of the Exchequer's finance bill,
when the
Conservatives unsuccessfully urged that the preference, now
about one
cent, should be 135 cents a pound on empire•grown sugar.
J. A. Tinne said the imperial supply of sugar ought to be under
British control. "If the industry of the West Indies is destroyed,
the
this country once it is in their hands," he asserted.
high credit standing, having punctually paid principal and interest

All-Russian Textile Syndicate Purchases Cuban Sugar.
It was announced July 9 that the All-Russian Textile
Syndicate, Inc., in New York, has just placed an order
with a group of Cuban Sugar Growers for 50,000 tons of
raw sugar to be shipped to the Soviet Union this month.
This is the third purchase of Cuban sugar this year, 50,000
tons having been purchased in February and 135,000 tons
in May. Credits, it is said, were extended by the sellers
to the All Russian Textile Syndicate for more than half
the value of the purchase.
Harvest Wheat by Moon—Heat of Day Found Too
Much in Parts of Kansas—Damage from Drought
and Heat in West Virginia.
Unable to work in the blazing sun, crews have begun to
harvest wheat by moonlight in parts of Kansas, said an
Associated Press dispatch from Kansas City July 10 published in the New York "Evening Post." From Charleston,
W. Va., the same paper reported the following Associated
Press dispatch July 10:

Coffee Deliveries in U. S. and Europe in Crop Year
Ended June 30, 21,628,834 Bags—New High Record.
Deliveries of coffee in the United States and Europe
during the crop year ended June 30 1930 totaled 21,628,834
bags and established a new high record, it was announced
by the New York Coffee & Sugar Exchange on July 10.
Crop damage resulting from a prolonged drought and hot weather
in
It is noted that as deliveries of coffee are commonly used as a West Virginia was estimated at $1,000,000 to-day by John W. Smith.
State Commissioner of A riculture.
basis for arriving at consumption, this means that the
Smith said the estimate was conservative, pointing out that
United States and Europe combined drank more coffee has been general all year but reached its greatest intensity the drought
during the last
month.
during this time than during any crop year in the past
half century, which is as far back as the records of the
-Pound Transaction Made
Exchange go. The announcement by the Exchange also says: Virginia Wool Sale-40,000
Through United Growers' Association—Up 25c. a
Arrivals of coffee in both countries combined also established a new high
Pound.
record with a total of 21,740,127 bags. Arrivals in the United States alone
reached 11,332,754 bags and were the greatest In any crop year except
From Richmond the "Wall Street Journal" of July 10
1927-1928 when 11.480,711 bags arrived. European arrivals totaled 10.407,373 bags, which figure, however, has been largely exceeded in several reported the following:
years, notably in 1906-1907 when the arrivals were 13,385,000 bags.
Sale of 40,000 pounds of wool has been announced by Eastern Virginia
The following table shows the Increase in coffee arrivals and approximate Wool Association. Sale was made through the United Wool
Growers'
consumption in the United States and Europe:
Association on the Federal Farm Board plan.
Advances will be made on wool as received. This advance will
—U. and Europe—
S.
be
25 cents a pound, which is approximately the market price at
Crop Year Ended June 30Arrivals.
Deliveries.
present. A
1930
21,740,127 21,628,834 settlement will be made after the full delivery has been completed.
Wool will be graded when stored with the Producers'
1929
20.272,669 20,482.180
Co-operative
1928
21,253,316 20.870,g19 Exchange.
1900
14,754,747
14,972,699
1883
11,161.279
9,458,257 Cling Peach
Agreement—California Canners Agree to
Arrivals of coffee in the United States half a century ago were well under
Cut Pack to 13,000,000 Cases and Purchase Surplus.
4,000.000 bags a year. In the crop year 1882-1883 they totaled only 3,576,899 bags,compared with 11,332,754 bags for the last crop year.
Canners and growers representing

approximately 96%
of the probable pack of cling peaches in California have
signed an agreement making it possible to reduce the
Mexican Sugar Project.
pack to
Mexico City advices published in the "Wall Street not more than 13,000,000 cases say San Francisco advices
to the "Wall Street Journal" of July 10. The account
Journal" of July 10, said:
goes
Approximately $12,500,000 (25,000,000 pesos) has been subscribed on to say:

entirely by Mexicans for sugar plantations and a refinery project near
the town of Cuautla, State of Morelos, said Governor Vicente Estrada
Cajigal, of the state.
A number of small refineries are buying much cane, said Governor
Cajigal, and the sugar business is extending throughout the state. It
is believed Morelos will regain its position as the leading sugar center
in Mexico, which it held some years ago. He declared that negotiations
for building the Cuautla refinery are well advanced and the plant will
be designed to handle sugar cane output of the state.

Plan agreed upon provides that all
No. 1 clings not under contract will
be purchased on basis of $20 a ton delivered to
receiving points, with deduction of $7 for cost of picking and handling in
instances where the fruit
in not picked. In addition, the canners
an growers organizations will
contribute a fund of $1,750,000 for purpose of
purchasing the surplus crop.
This is a cost against the canner over and above
the $20 price basis.

Production, Sales and Shipment of Cotton Cloth—
Production in Four Weeks of June 198,539,000
Yards.
International Sugar Accord Unlikely According to Dr.
Statistical reports of production, sales and shipments of
Gutierrez, Chairman of Dissolved Cuban Sugar Ex- standard cotton cloths during the month of June
1930
were made public July 10 by the Association of Cotton
port Agency.
The following is from the "Wall Street Journal" of Textile Merchants of New York. The figures cover a period
of four weeks. Production during June amounted
July 7:
to
Dr. Viriato Gutierrez, Cuban senator and chairman of the lately 198,539,000 yards, or at the rate of 49,635,000 yards
per
dissolved Cuban Sugar Export Agency (known as the "single seller"), week. This compares
with 275,801,000 yards produced
on his arrival from Europe stated that, after discussions with the presi- during
the five weeks of May, or at the rate of 55,160,000
dent of the Sugar Conference of Brussels, it was decided that nothing
could be done now in favor of an international sugar parley, the at- yards. In making available the June statistics, the Associatitude of Java preventing this at present.
tion says:
"Java is asking too much," Dr. Gutierrez stated, "so the only thing
Shipments during the month
June

for Cuba to do under the circumstances is to continue the sugar
struggle. The fittest, or the most resisting, will survive."




of
were 182,652,000 yards, equivalent
to 92% of production. Sales during the month were 129,947,000 yards
or 65.5% of production.

JULY 121930.]

FINANCIAL CHRONICLE

Stocks on hand at the end of the month amounted to 466,368,000 yards,
representing an increase of 3.5% during the month. Unfilled orders on
June 30 were 219,040,000 yards, representing a decrease of 19.4% during
the month.
The rate of production during June was 10% less than during May 1930,
which was the lowest recorded since January 1928, when those reports
became comparable. The peak production during this period of 254 years
was at the rate of 75,081.000 yards per week, and the average (excluding
May and June 1930) was 67,765.000 yards per week. The new low production rate established during June 1930 is 34% less than the peak and
27% less than the average.
These statistics on the manufacture and sale of standard cotton cloths are
compiled from data supplied by 23 groups of manufacturers and selling
agents reporting through the Association of Cotton Textile Merchants
of New York and the Cotton-Textile Institute, Inc. Tie groups cover
upwards of 300 classifications or constructions of standard cotton cloths
and represent a large part of the production of these fabrics in the United
States,
Production Statistics
-June 1930.
The following statistics cover upwards of 300 classifications or con
structions of standard cotton cloths, and represent a very large part of
the total production of these fabrics in the United States. This report
represents yardage reported to our association and the Cotton-Textile
Institute, Inc. It is a consolidation of the same 23 groups covered by
our
reports since October 1927. The figures for the month of June cover
a
period of four weeks.
June 1930
(Four Weeks).
Production was
198.539,000 yards
Sales were
129,947,000 yards
Ratio of sales to production
65 5%
Shipments were
182,652,000 yards
Ratio of shipments to production
92.0%
Stocks on hand June 1 were
450,481,000 yards
Stocks on hand June 30 were
466,368.000 yards
Change in stocks
Increase 3.5%
Unfilled orders June 1 were
271,745,000 yards
Unfilled orders June 30 were
219,040,000 yards
Change in unfilled orders
Decrease 19.4%

193

for the protection of its own members that it was advisable to
enter the National at this time.

not

Texas Wool Premium-National Corporation Members
Receive 10% Higher Prices Than Offered Locally.
The following from San Angelo appeared in the "Wall
Street Journal" of July 1:
Texas wool growers who are members of the National Wool Corporation a co-operative, have received 10% higher prices so far this
season than offered locally, according to J. M. Lea, Texas manager
of the wool cooperative. Distribution this season to Texas co-operative
growers totals above $3,000,000, with some 13,000,000 pounds of
spring wool still to be sold.
National Wool Corporation has signed up approximately 90,000,000
pounds throughout the nation.
Co-operatives got 20,000,000 pounds of wool and mohair out of the
Texas spring clip estimated in the state at 42,000,000, Mr. Lea said.
Co-operatives took over two pools of Texas Wool & Mohair Warehouse Association, mohair pool of 6,000,000 and eight months wool
pool of 5,000,000. Eight months wool pool was taken over after two
auction sales had returned no bids acceptable to sales committee.
Wool season in Texas is over, with prices off 20% to 25% from
last year's. Sales began in San Angelo with 12 months' wool bringing 27 cents and high price for this class of wool was 2854 cents
paid in Del Rio. Top advance made by Co-operatives in the state
was 26 cents on 12 months and 22 cents on eight months.

Raw Silk Imports Again Decline-June Deliveries to
American Mills Drop Sharply-Inventories Lower.
According to the Silk Association of America, Inc.,
imports of raw silk again declined, falling to 22,369 bales in
June as against 22,596 bales in the preceding month and 54,Cloth Trade Hurt by Boycott in India-April Piece 031 bales in June 1929. Approximate deliveries to American
Goods Imports Off 50,000,000 Yards from 1929
- mills in June 1930 amounted to 29,396 bales, a record low
figure, and compares with 46,504 bales in the corresponding
Native Spinning Curbed.
A cablegram from Bombay (India), June 27, to the New month last year and 40,823 bales in May 1930. Raw silk
in storage at the close of June 1930 totaled 28,450 bales as
York "Times" said, in part:
While it is not yet possible to examine statistically the effect of Mahatma against 35,477 bales at May 31 1930 and 47,425 bales at
Gandhi's boycott, the official trade return for April shows that
the June 30 1929. The Association's statement follows:
imports of piece goods

were 165,000,000 yards, compared to 215,000,000
yards in April 1929, and 188,000,000 yards in April 1928.
Despite the attempt to boycott the government, the paper prices
of
Indian Government securities remain remarkably steady.
Picketing continues in Bombay, but the police have
withdrawn
been
from the principal shops affected by the congress campaign. The crowds
still are showing curiosity, and one English customer complained
to the
authorities about the crowd's hostile attitude.
The picketing of liquor shops also has attracted large crowds, which have
been by no means wholly composed of peaceful onlookers. Indian Christians and Sikhs have reported being molested when leaving liquor 'shops and
released by the crowds only after their faces had been smeared with black
shoe polish.
Bombay mill owners still are discussing an agreement with Gandhi's
followers and have agreed to fix the prices of their products, which contrasts with the Ahmedabad agreement in which the fixing of prices applies
to only 40% of the production. The mill owners now are faced with a
new danger because the merchants dealing in their products have asked the
mill owners not to insist on immediate fulfilment of outstanding contracts.
This may necessitate a curtailment of production, because, if delivery of
old stocks is not taken, the mill owners will not be able to take advantage
of the present low prices of cotton.

Associated Press accounts from Bombay, June 27, published in the "Times," said, in part:
The Gandhi campaign against the use of British cloth, involving the
picketing of shops and the spinning of cotton on small native spinning
wheels, to•day was challenged by authorities in the Madras Presidency.
Government agents prohibited the wearing of the Gandhi caps
-white
cotton head-coverings adopted as the Nationalist symbol-and acted against
the use of the wheels.
The spinning wheel has been one emblem of the Mahatma Gandhi civil
disobedience movement. When the Mahatma was interned in Yerovda
prison at Poona, he took along his small wheel, and thousands of his
followers, when balked in a march by the police, have sat down
in the road
and spun briskly to pass the time.
So industriously have the Gandhists spun that their output for individual
use, coupled with their picketing of shops, has seriously injured trade in
British cloth.
The boycott of British goods In Madras Presidency is said to be increasing, with the Nationalists planning to begin a house-to-house campaign
tomorrow.

RAW SILK IN STORAGE JULY 1 1930.
(As reported by the principal warehouses In New York City and Hoboken )
(Figures in Bales)
European. Japan, AU Other. Total.
Stocks June 1 1930
1,175
26,189
8,113
3.5,477
Imports month of June 1930_:
2,101
14,644
5,624
22,369

Total available during June
Stocks July 1 1930_z

3,276
1,227

40,833
18,443

13,737
8,777

57,846
28,450

Approx. deliveries to American mills during
June 1930_3
,
2,049
SUMMARY.

22,387

4,950

29,396

Imports During the Month

Storage at End of Month.s

1930.
January
February
March
April
May
June
July
August
September
October
November
December

1929.

1928.

1930.

1929.

1928.

43.175
42,234
39.990
37.515
22,596
22,369

58.384
43,378
48.103
47.762
49,894
54,031
48.795
65.516
69.970
66,514
62,885
58,479

46.408
44,828
60.520
36.555
52,972
45,090
88,670
62.930
47,286
48,857
48,134
44,128

76,264
68.648
57.775
53,704
28.450

49.943
46,993
45,218
39,125
89.898
47,425
42,596
48.408
55.104
64.129
76.452
90,773

47.528
41.677
40,186
35,483
42.088
41,127
38,866
60.976
50.4414
49,881
69.806
48,903

53,386

53.839

44,707

Total
207,879
Average monthly _ 34,647
.

661,611 568,378
55,134 47.108

Approximate Deliveries
to American 31i111.7

Approximate Amount of Japan
Silk in Transit Between Japan
and New York End ofMonth.

1930.
January
February
March
April
May
June
July
August
September
October
November
December

1929.

1928.

1930.

1929.

1928.

67.683
49,852
50,863
41.584
40.823
29,396

57,349
46.228
49,878
53.1155
49,121
46,504
51.624
59.704
53.274
57.489
50.562
44,159

52,420
60,679
52,011
41.258
46.367
46,051
40,931
50.821
47.797
49.940
47.709
45,026

87.000
24.000
17,800
8.000
7.700
16,300

31.000
30.000
29.000
30,700
28.000
21,200
34,100
41,600
39.000
49,000
41,000
38.000

25.000
23.500
19.200
28.500
24.000
17,600
32,300
27,500
25.600
31,200
22,800
42,500

Total
270,201 619,747 571.010
Average monthly
45,034
51,646
47.584
18,467
34.383
26,642
a Imports at New York dur ng current month and at Pacific
ports
the time allowed In transit across the Continent(covered by Manifests previous to
126 to 151,
Inclusive). y Includes re-exports. z Includes 527 bales
held at railroad
at end of month. Stocks In warehouses Include National Raw Silk terminals
Exchange
certified stocks, 1.770 bales.

Ohio Wool Growers Co-operative Association Gives Reasons
for Withdrawal from Farm Board's National Wool
Marketing Corporation.
The following is from the Central City (Neb.) Republican
Petroleum and Its Products-Pennsylvania Crude Oil
of June 26:
Drops-Oklahoma Producers Plan to Curb ProIn conclusion let us briefly reiterate the reason for Ohio staying
out of the National Wool Marketing corporation:
duction 20% More-Wilbur Praises Unit Operation
1. A decentralization of concentration points rather than a cenProduction Plan.
tralization.
2. A determined effort on the part of the National to break up
Aggravation of present serious conditions in the Pennexisting co-operative wool pools who do not see fit to submit to its
sylvania oil industry, further and extensive curtailment in
policies in toto.
3. A grave possibility of a dealer-controlled, dealerminded organ. the Oklahoma territory and the championing of the unit
ization only interested in co-operation so long as it beat serves their operation plan by Secretary of the Interior Wilbur
were
financial ends.
the highlights of the week in the crude petroleum picture.
4. An increase in expense of operation with less efficient service
Prices of Pennsylvania crude, which have been declining
instead of a decrease with more efficient service.
Because of these factors the Ohio Wool Growers Co-operative since July of last year, were reduced another 15 cents
a
Association has decided that in the best interests of co-operation and barrel on Friday. The
new prices in the various pipelines




194

FINANCIAL CHRONICLE

follow: National Transit, $2.05; South West Pennsylvania
Pipe Lines, $2; Eureka Pipe Line Co. lines, $1.90, and
Buckeye lines, $1.75. The cut, which results from the
continued excess of output over demand, brings values to
the lowest in several years.
Earlier in the week, Rodney J. Alexander, Secretary of
the Pennsylvania Grade Crude Oil Association expressed the
opinion that producers are satisfied their industry is on a
sound basis and that no drastic steps are necessary at the
present time. Mr. Alexander's remarks were made after
a meeting of the association in the William Penn Hotel,
Admission, however, was made at the
Pittsburgh.
meeting that the industry has suffered overproduction.
Prices are half what they were a year ago and with the aid
of modern methods fields are producing more oil than can
be absorbed, Alexander explained.
A report disclosed the fact that 45,000 barrels of crude
oil were produced daily in 1923-24 as compared with 64,000
barrels daily last year. This figure has since increased and
during April daily production was averaging 80,000 barrels.
This sharp spurt in output has naturally been reflected in a
sharp increase in storage.
Oklahoma producers will meet to-morrow to formulate
plans for an additional 20% reduction in allowable production. The new plan will mean a new slash of 130,000 barrels
daily and will bring average daily flow down to 520,000
barrels. This latest proposal is a reflection of a reduction in
runs to stills by refiners in order to prevent a surplus output
of gasoline. Operators of the South Oklahoma City oil field
are flowing their wells to capacity only one day out of the 12
in the proration period instead of two as allowed by their
agreement.
Agreement with legislation authorizing unit operation of
oil fields, recommended by the Federal Oil Conservation
Board, has been expressed by Secretary of the Interior
Wilbur in a letter addressed to William Reinhardt, Chairman
of the North Dome Committee of the Kettleman Hills fields.
Secretary Wilbur said in part:
"It is with satisfaction that I can announce to your Committee the signing by the President of the bill amending the
General Leasing Act. This constitutes fulfillment of the
undertaking set forth in the North Dome agreement of July
25, a year ago, 'that the Secretary of the Interior will propose the necessary legislation enabling the Government's
participation in the proposed co-operative plan'. I trust
your committee may now bring to a conclusion its constructive drafting of the plan of unit development so essential to
the interest of both private and public owners of this gas
and oil field.
"This official recognition by the legislative and executive
branches of our Government of the economic principle of unit
operation has already been heralded in the press as marking
the high point in the progress of public understanding of the
problems of the oil industry. And the response of both
houses of Congress to the request for this legislation was most
gratifying.
"The unit-operation plan isco-operative and notcompetitive
and the drilling and operating program disregards all property lines within the pool, seeking economy in expenditures
and large recovery of resources rather than the usual haste
and consequent waste. Necessarily a longer life of the
field being thus promoted,it is essential that the Government
lessees have the assurance of a tenure beyond 20 years;
hence the amendment to Section 17 is absolutely necessary.
"Discretionary power is also needed by the Secretary of
the Interior in adjusting certain operating requirements of
existing law to meet the new conditions of subsittuting an
engineering program of rational well distribution for the
competitive offsetting, which is unduly expensive, but,
worse than that, almost criminally wasteful. The net result
of this more rational plan is expected to be larger profits to
the Government lessees and larger royalty returns to the
Government as lessor."
A 15-cent drop in Pennsylvania crude was the only change
posted this week:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
82.10 Smackover, Ark., 24 and over
Bradford, Pa
1.75 Smackover, At... below 2
Corning, Ohio
1.35 Eldorado, Ark., 34
CabeII, W.Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
wogtern Kentucky
1.23 Sunburst, Mont
Mldcontinent, Okla.. 37
.80 Artesia, N. Mex
Corsicana. Texas, heavy
.87 Santa Fe Springs, Calif.. 33
Hutchinson, Texas, 35
1.00 Midway-Sunset, Calif., 22
Luling, Texas
1.20 Huntington, Calif., 26
.
Spindletop. Texas, grade A
1.05 Ventura, Calif.. 30
Spindletop. Texas, below 2a
.85 Petrona, Canada
Winkler. Texas




8.90
.75
1.14
.90
1.23
1.85
1.08
1.75
1.05
1.34
1.13
1.90

{yoL. 131.

REFINED PRODUCTS
-CURTAILMENT OF OUTPUT STRENGTHENS MARKET
-PRICE WAR RAGING ON WESTERN COAST
STOCKS DROP LOWER-DULL MARKETS FOR MINOR
REFINED PRODUCTS.

Record consumption of gasoline over the triple holiday
last week-end coupled with the general feeling of optimism
in the trade brought several jobbers into the market for
large future purchases. Although some low-priced gasoline
is available, this does not seem to affect the general situation
to any great degree. Conditions in the Mid-West have improved more rapidly than in the East but refiners are confident that improvement will spread throughout the country.
The reduction of refinery runs has been another important
factor in the improvement of the market. It has been
learned that the Tide Water Associated Oil Co. has agreed
to follow the Federal Oil Conservation Board's schedule for
cutting refinery runs and will reduce its refining of gasoline
15% for the months of July and August. Prairie Oil and
Gas has also announced a cut of 40,000 barrels daily from
June'sfigures.
With the gas war among retailers still raging on the Pacific
Coast gasoline is being sold as low as 8 cents a gallon in
Tacoma, while at Los Angeles the price to the consumer is
10 cents. The range at Seattle is now 11 to 13 cents a gallon.
Joseph H. Devencenzi, President of the California Retail
Service Stations Dealers' Association, has appealed to
Gov. C. C. Young to interfere in the situation. He suggests
that oil companies be classified as public utilities and be
placed under control of the State Railroad Commission.
Unless prompt action is taken, he further stated, members
of his association would be forced to sell gas at cost.
Holdings of gasoline at domestic refineries for the week
ended July 5 were 49,034,000 barrels, a decrease of 666,000
barrels. This shows a drop of 4,223,000 barrels from the
total of June 7.
Both U. S. Motor and premium grades remained unchanged in the tankwagon end of the business. There is
still a small quantity of "bootleg" gas offered at slightly
lower than the price levels maintained by the larger companies. No announcement has been made of any advance in
tankwagon and service station prices in Standard Oil of New
Jersey territory although the trade is expecting one daily.
The tankcar market remained at the same prices as last
week, with fairly strong demand sustaining the market. One
of the smaller cut-rate operators is offering gasoline at 83'
cents a gallon, in tank cars at the refinery, which is M cent
under the generally quoted price.
Kersosene and other lesser refined products were dull and
weak. A slight improvement was noted in domestic oil
movements, although no substantial buying is expected until
the fall.
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery.
N.Y.
(Bayo'n)8.0915.10
N.Y.
-Sinclair Ref- .09
California
.08H
Stand.011, N. J__ .09
Beacon Oil
.09
Los Angeles, export_ .07%
Stand. 011, N. Y_ .098
.08% Gulf Coast, export__ .08%
Carson Pet
TicieWater011Co. .09
.09
North Louisiana.-- .075f
Crew Levin
Richfield 011 Co__ .10
West Texas
.06% North Texas
06H
Warner-QulanCo
Chicago
.09 Si Oklahoma
.os
Pan-Arn. Pet. Co_ .09% New Orleans
.07H Pennsylvania
093.
Shell Eastern Pet_ .10
.08%
Arkansas
Gasoline, Service Station, Tax Included.
New York
$.183 CIncinnat
8.19
Minneapolis
3 182
Atlanta
Denver
New Orleans
195
Baltimore
22
.188 Philadelphia
Detroit
21
Boston
.20
18
Houston
San Francisco
251
Buffalo
.15
.24
Jacksonville
Spokane
195
Chicago
.15 • Kansas City
179 St. Louis
16
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)$.07(41.07H Chicago
8.05% New Orleans
$.07(
North Texas
.05% Los Angeles, export_ .0534 Tulsa
.0834
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or Terminal.
New York (Bayonne) $1.15 Los Angeles
8.85 Gulf Coast
$.75
Diesel
2.00 New Orleans
.95 Chicago
.55
Gas 011, 32-34 Degrees, F.O.B. Refinery or Terminal.
N.Y.(BaYOnne)---$.0534'Chicago
8.03 'Tulsa
8.03

Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute,companies
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400
barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
July 5 1930, report that the crude runs to stills for the week
show that these companies operated to 70.2% of their total
capacity. Figures published last week show that companies
aggregating 3,527,400 barrels, or 95.7% of the 3,686,400
barrel estimated daily potential refining capacity of all plants
operating in the United States during that week, but which
operated to only 74.5% of their total capacity, contributed
to that report. The report for the week ended July 5 1930,
appears on the following page. For the sake of comparison,
total figures for the United States for the previous week are
also shown.

195

FINANCIAL CHRONICLE

JULY 12 1930.]

• The United States total figures for last year shown on the day. The daily average production east of California for
following page are not comparable with this years totals the week ended July 5 1930 was 1,978,000 barrels, as combecause of the difference in the percentage capacity reporting. pared with 2,013,650 barrels for the preceding week, a
CRUDE RUNS TO STILLS
-GASOLINE AND GAS AND FUEL OIL STOCKS decrease of 35,650 barrels. The following are estimates of
WEEK ENDED JULY 5 1930.
daily average gross production, by districts:
(Figures In Barrels of 42 Gallons)

District.

Per Cent
Potential
Capacity
Report,tag.

76.9
59.9
76.4
67.8
78.5
63.7
41.2
65.4
70.2

49,034,000

139,138,000

74.5

49,700,000

139,437,000

86.3

39,140,000

137,391,000

79.6
79.4

5,656,000
1,936,000

3,275,000
493,000
2,036,000
1,972,000
3,919,000
1,168,000
402,000
4,083,000

Total week July 5.-Daily average
Total week June 28-Daily average
Total July 6 1929.x.
Daily average

95.7
95.7

17,348,000
2.478,300
18,392,000
2,627,400
18,128,000
2,589,700

Texas Gulf Coast y
Louisiana Gulf Coast y _

89.9
100.0
100.0

DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedJuly .5 '30. June 28 '30. June 21 '30. July 6 '29.
Oklahoma
666,950
655,900
600
,
131.650
Kansas
122.400
131,650
134,200
Panhandle Texas
105,150
88,400
107,100
108,000
North Texas
83,850
81,450
81,800
82,000
West Central Texas
59,450
52.450
61,850
61,000
Wait Texas
375,450
301,350
295,150
307,350
East Central Texas
39,300
18,200
39,950
40,100
Southwest Texas
78.100
71,200
77,750
81,600
North 1 oulaiana
35.050
40,200
40,050
40.150
Arkansas
69.250
55,350
57,300
56,900
Coastal Texas
181,800
128.100
184,200
187,000
Coastal Louisiana
19.150
24,150
26,750
25,900
Eastern (not Incl.
99,000
126,000
127,000
125.500
Michgan)
9,950
20,100
10,100
10.350
Wyoming
53,750
51,050
47,150
48,800
Montana
11.600
9,050
9.350
9,450
Colorado
4,550
7,300
4,850
4,700
New Mexico
26,900
1,900
20,500
26,550
California
603,500
878,600
598,400
597,300

7,516,000
1,049,000

EMS Coast
Appalachian
Ind.,'Moots, Kentucky
Okla., Kans., Missouri_
Texas
la ublana-Arkansas__._
Rocky Mountain
California

oogtoms..com,
-Onme;
,6,
oco.wc>0001
•-•

Crude
Runs
to
Stills.

Per Cent
Oper.
of Total
Capacity
Report.

2,934,000
820,000

Gasoline
Stocks.

Gas
and
Fuel
011
Stocks.

8,124,000
1,632,000
7,864,000
4,497,000
6,843,000
2,320,000
2,678,000
15,076,000

9,210,000
935,000
4,112,000
4,760,000
10,516,000
1,883,000
1,187,000
106,535,000

Total

2,581,500

2,610,950

2,598.850

2,857,400

The estimated daily average gross production for the Mid Continent
Field, including Oklahoma. Kansas, Panhandle, North, West Central.
The total United States figures for last year are not comparable w th this weeks West, East Central and Southwest Texas, North Louisiana and Arkansas,
totals because of difference in percentage capacity reporting. y Included above in for the week ended July
5, was 1,540,850 barrels, vs compared with 1.the totals of their respective districts for week ended July 5 1930.
575,000 barrels for the preceding week, a decrease of 34,150 barrels. The
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
Mid Continent production, excluding Smackover (Arkansas) heavy oil,
of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel 011 Stocks." Crude oil runs to
was 1,503,300 barrels, as compared with 1.535.550 barrels, a decrease of
stills include both foreign and domestic crude.
32,250 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,
Gasoline Goes to 5 Cents in Price War on Pacific follow:
-Governor's Aid Sought.
Coast
-Weeks Ended-Weeks Ended-OklahomaJuly 5. June 28.
East Central TexasJuly 5. June 28.
Associated Press advices from San Francisco, July 10, Bowlegs
20,950 20,550 Van Zandt County
^3,800 24,900
Bristow-Slick
15,600 15,650
Southwest Texaspublished in the New York "Evening Post," said:
Burbank
16,350 16,350 Darst Creek
25,000 28,500
7,000
8,600 Luling
9.800 9,300
Gasoline retailed as low as 5 cents a gallon, including a 3
-cent State tax, Carr City
Fautsboro
25,700 30,150 Salt Flat
23,500 28,200
as the price cutting war raged on the Pacific Coast to-day. Predictions EMI,Earlaboro
30,050 36,050
North Louisianawere widely made the price would be pounded down to the State tax of Konawa
19,550 18,200 Sarepta-Carteryllle
3,400
3,350
Little River
26,900 23,650 Zwolle
3 cents in California.
3,250
2,900
32,250 33.350
Arkansas
-cent level in Fresno. One large distributing com- East Little River
The price reached the 5
16,600 14,400 Smackover, light
Maud
5,300
5.200
pany in Tacoma,which has been selling at 7% cents retail, planned to shade Mission
4,400
4,650 Stnackover, heavy
37,550 39.450
that quotation by 1 cent a gallon. Another firm announced a wholesale Oklahoma City
11,300 12,700
Coastal Texas
St. Louis
105,650 107,400 Barbera Hill
price of 4
cents in Tacoma.
18,900 19,700
28,700 31,500 Raccoon Bend
Searight
12,050 12,000
The lowest retail price in Los Angeles was 834 cents, including the 3
-cent Seminole
11,250 11,400 Refugio County
34,200 36,450
tax. Seattle motorists were paying 9X to 11 cents, including a 3
-cent tax. East Seminole
21,100 21,450 Sugarland
12,000 12,000
Portland prices ranged from 10 to 13% cents, including a 4
3,300
2,850
Coastal Louisiana
-cent tax. Quo- South Earlsboro
KansasEast Hackberry
tations in San Francisco ranged from 10 to 14 cents, including tax.
3,500
3,000
18,650 19,550 Old Haekberry
Sedgwick County
1,100
1,100
Independent dealers In San Francisco have asked Governor Young to aid
Voshell
18,950 21,650
Wyoming
in having gasoline distributors classified as public utilities operating under
Panhandle Texas
Salt Creek
33,300 28,200
72,100 75,650
Gray County
regulation by the State Railroad Commission.
MontanaHutchinson County_
22,800 23,200 KevIn-Sanburat
5,850
5.850
North Texas
New Mexico
18,950 19,000 Balance of Lea and Eddy
May Production of Natural Gasoline Higher-Inven- Archer County
Witharger County
24,700 24,700
Counties
23,300 22,900
West Central Texas
California
tories Continue to Increase.
22,100 23,100 Elwood-Goleta
Young County
42,000 42,500
West
27,500 26,400
According to the United States Bureau of Mines the pro- Crane Texas Counties. 38,000 38,900 Huntington Beach
dt Upton
Inglewood
17,200 17,200
duction of natural gasoline during May 1930, amounted to Ector County
19,050 20,550 Kettlernan Hills
14,500 15,000
29,000 30,000 Long Beach
Howard County
95,000 92,000
189,300,000 gallons, a daily average of 6,110,000 gallons. Reagan County
17,500 17,850 Midway-Sunset
63.500 63,500
70.000 70,300 Santa Fe Springs
115,000 115,000
This compares with the daily average of the previous month Winkler County
114,000 115,450 Seal Beach
Yates
21,500 20,300
of 6,200,000 gallons, but is 4% above the daily average of Balance Pecos County.... 4,000 4,300 Ventura Avenue
48,000 48,000
•

May 1929. The production of natural gasoline in the Oklahoma City field increased but the output of the remainder of
Oklahoma showed a material decline. The daily average
production in the other two major producing States, California and Texas, was practically stationary as compared with
April. Stocks of natural gasoline held at the plants increased
materially and amounted to 38,657,000 gallons on May 31
as compared with 29,791,000 gallons on hand at the beginning of the month. The major portion of this increase in
stocks was recorded in Oklahoma and in the Texas Panhandle. The Bureau's statement also shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Production.
May
1930.
6,700
1,000
53,400
3,000
42,100
6,000
2,800
4,600
69,700

8,100
1,100
53,800
3,000
40,200
6,000
2,700
4,500
68,600

May
1929.

SLAB ZINC STATISTICS(ALL GRADES) 1929 AND 1930 (Tons of 2,000 lbs.).
May
1930.

April
1930.

8,000 44,700
1,200
8,100
58.600 258,000
3,000 14,200
34,100 196,400
4,900 33,200
2,700 13,000
4,300 20,500
65,600 345,000

4,939
587
16,704
1,530
11,566
709
337
675
1,610

4,328
530
11,472
969
9,116
635
361
598
1,782

188,300 186,000 182,400 931,100
6,200
6,110
5,880
6,170
4,507
4,428
4,343 22,169
145
148
140
147

38,657

29,791

920

709

Appalachian
Illinois, Kentucky, &c
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Total
Daily average
Total (thousands of bbls.)
Daily average

April
1930.

Stocks End of Mo.
Jan.
May
1930.

Production and Shipments of Slab Zinc Lower in June
-Inventories Again Higher.
According to the American Zinc Institute, Inc., there were
produced in the month of June 1930 a total of 43,473 net
tons of slab zinc (all grades) as compared with 52,532 tons
in the same month last year and 44,578 tons in May 1930.
Shipments amounted to 36,670 tons of slab zinc in June
1930 as against 38,889 tons in the preceding month and 49,182
tons in June 1929. Stocks at June 30 1930, totaled 109,578
tons as compared with 102,775 tons at May 31 1930 and 38,832 tons at June 30 1929. The Association's statement
shows:

Month.
1929.
human
,
February
March
April
May
June
July
August
September
October
November
December

• x Retorts
Produced Shipped Stock at Ship- Operarg
During During End Of ped for End of
Month. Month. Month. Export Month.
50,501
47,733
55,008
55,203
57,475
52,532
54,447
55,708
51,994
54,513
48.411
47,292

49,584
52,345
57,963
58,290
58,226
49,182
47,943
51,980
47.202
48,777
43,148
36,717

46,887
42,275
39,320
36,233
35,482
38,832
45,336
49,064
53,856
59,592
64,855
75,430

1551
1014
1025
1227
690
235
185
185
123
67
39
11

Crude Oil Output in United States Lower.
630,817 601,357
6352
Total
1930.
The American Petroleum Institute estimates that the January
52.026 41,179 86,277
20
6
44,645 42,489 88,433
daily average gross crude oil production in the United States, February
48,136 43,094 93,475
17
March
44,450 40,839 97,086
26
for the week ended July 5 1930, was 2,581,500 barrels, as April
44,578 38,889 102,775
31
May
compared with 2,610,950 barrels for the preceding week, a Juno
37
43,473 36,870 109,578
decrease of 29,450 barrels. Compared with the output for
277,308 243,160
137
Total
the week ended July 5 1930, of 2,857,400 barrels daily, the ;
Retort capacity relates on y to prime western and
x
current figure represents a decrease of 275,900 barrels per special and high-grade product on.




Unfill'd
Orders Daily
End of Aver.
Month. Prod.

63,698
68,127
68,015
70,455
70,533
69,703
69,911
59,408
69,468
67,638
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

1629
1705
1774
1840
1854
1751
1756
1797
1733
1758
1614
1528

.59,457
57,992
51,300
50,038
52,072
52,428

39.017
32,962
29.330
29.203
30,515
28,979

1678
1594
1553
1482
1438
1449

a small quantity of brass

196

FINANCIAL CHRONICLE

Avegage Retorts Operating During Month in 1930.
January
61.612 March
54,809 May
52,104
February
58,4031April
50,261[June
52,440
Note.—The foregoing figures have been revised in certain minor ways from those
previously issued by the Institute. Detailed reports from all zinc producers, primary and secondary, have been obtained, and an exact check has been established
between our figures and those of the U. B. Bureau of Mines.
Beginning Jan. 1 1929, these monthly statistics of the American Zinc
Institute include: (1) all primary zinc produced from domestic ore, and
(2) all secondary zinc produced by the ordinary process of distillation in
small clay retorts.
They do not include: (1) primary zinc produced from foreign ore, or
(2) secondary zinc produced in large graphite retorts.
The Institute's monthly figures are thus limited to domestic production
and do not include the zinc from foreign ores smelted in bond in this country.
Such zinc (or equivalent amounts of domestic zinc) is kept in bonded
warehouses until it is either exported or entered for domestic consumption
with payment of tariff duties. In statistics for prior years this foreign
zinc was included.
Secondary zinc (produced from galvanizers' drosses, skimmings, ashes
and other scrap material) is included insofar as it is produced by smelters
of the ordinary retort type. For the most part this secondary metal is a
subordinate product of smelters which are treating zinc ore, but we have
also included the production of one small plant operating on secondary
material exclusively. Practically all of the metal thus produced is of prime
western grade.
The secondary zinc not included in our monthly statistics is produced
at six plants using large graphite retorts, and is mainly Intermediate or
Grade B metal. Such plants can be operated intermittently, without the
large shut-down expense involved at ordinary retort plants. Practically
without exception their current production of zinc is sold as rapidly as
produced.

[VOL. 131.

Nigerian Tin Mines Approve Two-Month Shutdown
of Production.
The Nigerian Chamber of Mines unanimously adopted a
resolution endorsing a shutdown of production for two
months, it was officially announced. The resolution as
adopted follows:
This meeting of the members of the Nigerian Chamber of Mines endorses
the recommendation of the Executive Committee of the Tin Producers
Association for two months' shutdown in production and that the companies operating in Nigeria should carry out this policy by restricting production over a period of three months to one-third their monthly production
based upon the average quarterly production during 1929.

Malayan Tin Co. Ceases Operation—Kampar Malaya
Tin Dredging, Ltd., Second of Anglo-Oriental
Group to Announce Production Holiday.
Kampar Malaya Tin Dredging, Ltd., the second Eastern
company of the Anglo-Oriental group to stop production,
announced July 10 complete cessation of operations for the
two months holiday recommended by the Tin Producers
Association. In a circular issued to stockholders, directors
of the company not only announced complete cessation of
operations for two months, but added that they are prepared
to extend this period if the desired reduction in stocks has
not taken place at the end of that time. An announcement
Heavy Copper Sales in Active Trading—All Bookings at of the action taken by the company says:
Kemper Malaya Is one of the lowest cost Malayan producers. The com11% Cents—Platinum Drops $3.
pany's accounts for the first 11 months of operations, up to March 1930.
Heavy sales of copper, all at 11% cents, featured trading show operating expenses of £65 per ton, while the average price during that
in non-ferrous metal markets during the past week, Metal period was £190 per ton.
These figures, the circular states,
and Mineral Markets report. Total domestic bookings producers for their reports and show are on the basis usually adopted by tin
a larger profit than actually took place.
approximated 41,000 tons. Most of the tonnage sold went Adding to operating cost the government tax, smelting charges, London
overhead, and sinking fund provisions, the actual cost of production is
to large electrical manufacturers whose interest was stimu- £151 per ton, not
including interest on
estimate
lated by the low price. About 60% of all commitments were is based on operations not nearly up tothe investment. This cost
the full capacity of the plant, as it
for September shipment. The same publication also says: includes three months of trial operation and three months operating at 38%.
The leading precious-metal seller yesterday reduced the price of platinum to $43 per ounce, a new low since August, 1915.
Although lead demand in the past week was as quiet as in the previous week, producers seem reasonably well satisfied with conditions. The
majority of orders placed were for carloads for prompt shipment. Prices
held at 514 cents, New York and 5.15 cents St. Louis. Final June statistics indicate that sales during that month were on a par with the quiet
month of April.
Meager supplies of concentrate in Joplin and the belief that the market
had turned the corner at 4.10 cents a week ago, served to stimulate the
demand for zinc early in the week and a number of good orders were
placed at prices ranging up to 454 cents. The publication of unfavorable statistics, however, dampened the interest of buyers and the market
relapsed to former levels at the close, with dull trading.
The tin market exhibited little buying activity during the week notwithstanding a price decline below 30 cents for prompt Straits.

Copper Price Cut to 1.13/ a Pound—Producers Follow
2c.
the Recent Reduction by Smelters—Further Drop
Expected—Brass and Copper Prices Reduced.
The price of copper was reduced to 113' cents a pound for
domestic delivery by all the producing companies on July
10. The "Times" in noting this said:
Recently the custom smelters have been quoting this price, but the
producers have been holding their price at 12 cents. Although copper for
European destination Is still quoted at 12.3 cents a pound, c.i.f. Hamburg.
a cut to 11.8 cents is expected to be announced to-day.
The American Brass Co. and the Anaconda Wire & Cable Co. have
reduced their prices on copper and brass products % cent a pound to conform with the new price of 1134 cents for copper metal. Total sales of copper
or the week ended July 9 were about 82,000.000 pounds in the domestic
market, according to a compilation by the Engineering and Mining Journal.
With all producers reducing their price to
cents, it is believed that
the price of copper in the next few days will go lower. It is pointed out that
custom smelters must sell their intake, and it is usually difficult for them
o dispose of their copper at the same price as the larger producers in a
period of declining prices.
Metal and Mineral Markets reports that most of the heavy sales of the
week were made to large electrical manufacturers. About 60% of all
ommitments were for September shipment.

1134

below capacity in furtherance of the restriction plan of the Tin Producers
Association. Operating at full capacity, the company could reduce costa
to £112 per ton including amortization. At 575 per ton, it could pay 35%
above expenses, but before allowing for depreciation and sinking fund.
"The directors are firmly convinced that it is not in the interests of stockholders to dig up and sell its reserves at present prices, and the only way to
restore a fair price level is by taking drastic steps to reduce supplies," the
report to stockholders states.
The company's paid-up capitalization is over £200,000. It operates a
modern electrically run bucket dredge and possesses reserves of proved ore
equal to 10.000 tons of metallic tin.
The company joined the Tin Producers' Association when the price of tin
was about £200, because it foresaw the temporary period of overproduction.
It states that reliable figures indicate the average cost of Malayan production to be around 5175 per ton. Present prices of tin are around £130
per ton.

Progress of Tin Curtailment Policy Reflected in Smaller
Shipments from Straits and Nigeria.
The effect of the tin curtailment policy in the eastern
producing fields is reflected in official figures of Straits
shipments for June which were made public in London July 1.
Shipments during the month totaled 8,156 tons compared
with 10,074 tons in May and 9,720 tons in April. The
actual figures show a greater curtailment than had been
anticipated as the advance estimate of June shipments was
9,500 tons. An announcement in the matter also says:
Included in the shipments for June were 303 tons taken from stock as
the carry-over has been reduced by that amount. The advance estimate
of July shipments from the Straits is 8,500 tons.
The Nigerian figures for May, which have just been made available,
also reflect the progress of the curtailment program. Arrivals for the month
were 764 tons compared with 969 tons in April and 1,230 tons in March.

Large Decline in June Pig Iron Output.
According to actual returns made to the "Iron Age"
from every furnace active during June, the preliminary
estimated data published in the "Chronicle" of July 6, page
33, were practically correct. Actual data vary only 26 tons
per day from the estimate.
Export Copper Reduced to 11.80 Cents a Pound.
Production of coke pig iron in June was 2,934,129 gross
tons or 97,804 tons per day for the 30 days, reports the
Press advices from London yesterday (July 11) said:
Copper Exporters, Inc., has reduced price of copper 34 cent to 11.80 "Age." Estimates last week made the daily
rate 97,830
cents a pound c. I. f. Hamburg, London and Havre.
tons. The June output contracts with 3,232,760 tons or
104,283 tons per day for the 31 days in May. The decline
Copper Mines Lay Off 1,100 Workers in Price Slump— in daily rate for June was therefore 6,479 tons or 6.2%.
United Verde and Nevada Consolidated Reduce This contrasts with a decline of 1.7% in May from April.
Forces.
The June rate is the smallest since January when it was
The July 7 issue of the New York "Evening Post" con- 91,209 tons per day. A year ago the daily rate was 123,908
tons. The June daily rate this year is the smallest for that
tained the following item:
About 900 men were laid off at the mines and smelter of the United Verde month since June 1925 when it was 89,115 tons. The
Copper Co. in Arizona, July 1, as construction work and development "Age"
further says:
have been completed, it was announced to-day.
Nevada Consolidated Copper Co. has cut 200 men off its payroll due to
the depression in copper. The reduction affects the mines at Ruth and the
Smelter and concentrator at McGill.
June Copper production of Calumet & Arizona Mining Co., ncluding
that of New Cornelia Copper Co., prior to consolidation, amounted to
7,878,000 pounds. against 10.570.500 pounds in June 1929.




First Half Year Comparisons.
Output for the first half was 18,261,312 tons, which is 15.7% less than
the 21.640,960 tons in the first half of 1929. It is only 1.4% under the
18,520,921 tons to July 11928. It is necessary to go back to the first half
of 1924 to find a total for that period less than the record to July 1 this
year; it was 17,434,492 tons that year.

JULY 12 1930.]

FINANCIAL CHRONICLE

There were 20 furnaces blown out or banked during June and none blown
in, duplicating the record for December 1929. In May the net loss was
only three stacks. In the second quarter there has been a net loss of
25 furnaces against a net gain in the first quarter of 28.
Operating Rate on July 1.
For the 160 furnaces active on July 1, the operating rate is estimated at
92,590 tons per day. This compares with 103,425 tons daily for the 180
furnaces blowing on June 1.
Of the 20 furnaces shut down last month, nine were independent steel
company stacks, eight belonged to the Steel Corporation, with three
classed as merchant furnaces. The net loss in steel
-making furnaces was 17.
Furnace Changes During June.
No furnaces were blown in during June. The following furnaces were
blown out or banked: One Port Henry furnace in New York; one furnace
at the Steelton plant of the Bethlehem Steel Corp. in the Susquehanna
Valley; one Eliza furnace of the Jones & Laughlin Steel Co. In the Pittsburgh district; two furnaces at the Cambria plant of the Bethlehem Steel
Corp. and the Perry furnace in western Pennsylvania; one Hazleton furnace
of the Republic Steel Corp. and the Cherry Valley furnace in the Mahoning
Valley; one Mingo furnace of the Carnegie Steel Co. In the Wheeling district; one furnace at the Columbus works of the American Rolling Mill Co.
and the Upson furnace in Central Ohio;two furnaces of the Illinois Steel Co.,
one Iroquois furnace and one Indiana Harbor furnace of the Youngstown
Sheet & Tube Co. and two Gary furnaces in the Chicago district, and
three furnaces of the Tennessee Coal, Iron & Railroad Co. in Alabama.
The June production of ferromanganese was 27,327 tons, which is the
third largest this year. The May output was 30,296 tons.
Possible Active Furnaces Reduced.
Riverside furnace No. 1 of the Wheeling Steel Corp. was dismantled
last month. The number of possibly active stacks in the United States is
therefore reduced from 315 to 314.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON N THE UNITED
STATES BY MONTHS SINCE JAN. 1 1925-011088 TONS.
1925.
January
February
March
April
May
June
First six months.July
August
September
October
November
December
12 months'average

1926.

1927.

1928.

1929.

1930

108,720
114.791
114.975
108,633
04.542
89.115
105,039
85.916
87.241
90,873
97,528
100.767
104.853
99.735

106.974
104,408
111.032
115,004
112,304
107,844
109,660
103.978
103.241
104.543
107.553
107.890
99.712
107.043

100,123
105.024
112,366
114.074
109.385
102,988
107.351
95.199
95,073
92,498
80,810
88.279
86,960
99.266

92.573
100.004
103,215
106.183
105.931
102.733
101,763
99,091
101,180
102,077
108.832
110,084
108.705
103.382

111,044
114.507
119.822
122,087
125,745
123.908
119,564
122,100
121.151
116,585
115.745
106.047
91.513
115.851

91,20C
101,39C
104,711
106.061
104,28n
97.809
100,891

.

DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Works,
1928-January
February
March
April
May
June
July
August
September
October
November
December
1929
-January
February
March
April
May
June
July
August
September
October
November
December
1930
-January
February
March
April
May
Junn__

Merchants.*

Total.

23,053
21,560
19,726
21,000
20,355
21,103
19,578
18,538
19,487
20,781
21.610
23,290
25,514
25,261
24,361
26,407
25,571
23,915
24.056
22,251
21.159
22,101
22,771
23,361
19,762
19.810
20,815
20,573
19,973
1009)

92,573
100,004
103.215
106,183
105,931
102.733
99,091
101,180
102,077
108.832
110,084
108,705
111,044
114.507
119,822
122,087
125,745
123,908
122,100
121,151
116.585
115,745
106.047
91,513
91.209
101,320
104.715
106,062
104.283
07 101.1

69.520
78,444
83,489
85.183
85.576
81,630
79,513
82,642
82,590
88,051
88.474
85,415
85,530
89,246
95,461
95,680
100,174
99.993
98,044
98.900
95,426
93,644
83,276
68,152
71.447
81.850
83.900
85.489
84,310
77Q52

•Includes plg Iron made for the market by steel companies.
TOTAL PRODUCTION OF COKE PIG IRON IN UNITED STATES
BEGINNING JULY 1 1927
-GROSS TONS.

Jan-FebMar
Apr_
May
June.-

1928
2,869,761
2,900.126
3.199,674
3,185,504
3,283.856
3,082.000

1929.
8342.370
3.206,185
8,714.473
3.662.625
3.858,082
3.717.225

1930.
2.827.464
2,838,920
3,246,171
8,181,868
3,232.790
2,934,129

1927.
July _ _ 2,951.160
Aug _ 2.947.276
Sept.. 2,774.949
Oct.__ 2,784,112
Nov.. 2,648.376
Dec __ 2,695,755

1928.
3,071.824
3,136,570
3,062,314
3,373,806
3,302,323
3.369,846

1929.
3,785.120
3,755,680
3,497.564
3.388,118
3,181.411
2,836.916

H yr _18,520.921 21,640,960 18,261,312 Year..36,232,306 37,837,884 42,285,769
• These totals do not Include charcoa pig iron. The 1929 production of this
iron was 139.193 peas tone, as compared with 142,960 gross tons In 1928,
PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TOM,
Total Pe Iron
Spiegel and Perrnmanganese.

Prr onmaganese.:
,

1928.

1929.

1930.

1928.

1929.

January
February
March

2,155.133
2,274,880
2,588.158

2,651,418
2,498,901
2,959.295

2.214.875
2.284,234
2,800.980

22.298
19.320
27,912

28.208
35.978
24.978

3 mouths_
April
May
JAW

7.018,171
2,555,500
2,652,872
2.448.905

Half year
July
August
September

14.675,448
2.464,896
2,561,904
2,477.695

9 months
October
November
December

22.179.943 26,008,885
2,729,589 2,902,960
2,654,211 2398,291
2,647,863 2312,704

230.733 247.84.2
23.939 31.108
29,773 28.285
28,618 28.564

20211605 22592840

312.061 335.799

'Year

7.100.089 69.530 79.164 71.915
2.564,681
18,405 22.413 27,777
2,613.628 29.940 25.896 30.296
2.304,223 32.088 33,363 27,327
14,582,621
149.963 160.836 157,325
17,040.842 ---32,909 31,040
3,039,370
24,583 28,481
3.065,874
22.278 27.505
2.862.799
8.109,612
2,826.028
3,105,404
2,999.798

a Includes output of merchant furnaces




1930
27.260
21,310
23.345

197

Steel Ingot Production Falls Off Sharply in June.
The American Iron & Ste31 Institute, in its latest monthly
report of steel ingot production calculates the output of all
companies for the month of June as 3,440,239 tons which is
584,539 tons less than in May. The output in May was
4,024,778 tons. In June 1929 it was 4,902,955 tons. For
the 25 working days in June 1930 the average daily output
was 137,610 tons while in June 1929, in which there were
the same number of working days, the daily output was
196,118 tons. In May 1930 daily production averaged
149,066 tons. The monthly figures since January 1929 are
shown in the following:
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1929 TO JUNE
-GROSS TONS.
1930
Reported by companies which made 94.27% of the Open-hearth and BESSAMOr
Steel Ingot Production in 1929.

Months.
1929.
Jan
Feb
MarchApril
May
June

OpenHearth.

3,692.062
3,590.826
4,180.408
4,025,409
4,275,161
3,999,363

Monthly
Calculated No.of Approx. Per
Work- Daily
Cent.
Monthly
Output
Bessemer. Companies Output All ing
Output Opera
Reporting. Companies. Days. .411 Cos. don.a
549,616 4.241.678
489,279 4,080.105
596,691 4.777,099
640,351 4,665,760
707.484 4,982.645
*622.004 *4,621,367

*4,500.131
*4,328.713
*5.068.176
*5,950.053
*5.286.246
*4,902,955

27
24
26
26
27
25

*166.672 84.99
*180,363 91.97
*194,930 99.40
*190.387 97.08
*195,787 99.84
*196,118 *100.00

6 mos.- 23,763,229 3,605,425 27,368,654 *29,036.274 155 *187.331
July
August...
Sept
Oct
Nov
Dec

3,922,053
3.987,400
3.624.954
3,631,674
2,796,214
2,375,797

649,950
668,023
642.886
642,235
522,672
360,489

4.572.003
4,655,423
4,267,840
4,273,909
3,318,886
2.736.286

95.52

*186.581
*182,929
*181,115
*167.938
*135,427
*116.120

95.13
93,28
92.35
85,64
60.08
59.21

Total.. 44,101,321 *7,091,680 *51,193,001 *54,312.279 311 *174,638

89,05

1930
Jan
Feb
March - _
April
May
June

3,137,002
3.336,021
3,513,904
3,406,610
3.265.190
2.835,527

441,572
608,618
539,616
509,234
528,968
407,586

3,578,574
3,844,639
4,053,520
3,915.844
3,794,158
3,243,113

*4,850,583
*4,939,086
*4,527,887
*4,534,326
*3.521,111
*2,903,012

3.796,090
4.078,327
4,299.905
4.153.860
4,024.778
3,440.239

26
27
25
27
26
25

27
24
26
26
27
25

140,596
169,930
165,381
159.764
149.066
137.610

70.22
84.88
82.60
79.80
74.45
68.73

6 mos- 19.494.254 2.935.594 22.429.848 23.793.199 155 153.505 76.67
•Revised.
a The tisane of "Per cent of operation" in 1929 are based on the annual capacity
as of Dec. 31 1928, of 60,990,810 gross tons for Bessemer and Open-hearth steel
Ingots,and In 1930 are based on the annual capacity as of Dec. 31 1929.of 62,265,670
gross tons for Bessemer and Open-hearth steel ingots.

Unfilled Tonnage Decreases in June.
The United States Steel Corp. reports the unfilled steel
orders on the books of its subsidiary companies on June 30
as 3,968.064 tons which is 91,163 tons less than the amount
reported on May 31. At the end of May the unfilled tonnage aggregated 4,059,227 tons. On June 30 1929 the
figure was 4,256,910 tons. Below we give the monthly
figures back to 1925. For figures of earlier dates, see
"Chronicle" of April 17 1926, page 2126.
UNFILLED ORDERS OF SUBSIDIARIES OF U. B. STEEL CORPORATION.
gad of Month. 1930.
1928.
1929,
1927.
1936.
1925.
January
4 468 710 4,109.487 4,275,947 3,800.177 4.682.739 5.037.333
February
4 479,748 4,144.341 4.398.189 8.597.119 4.616.822 5.284.771
4,570.653 4.410,718 4.335.206 3.553.140 4.379,935 4863.504
March
April
4 3.14,220 4.427.763 3,872.183 3.458 132 3.867.976 4.446.568
May
4 0.59,227 4,304.167 3.416.822 3.050.041 3,649.250 4.049.800
lone
3,968,084 4.258,910 3.637.009 3,0.53.246 3378.842 3.710 458
July
4,088,177 8,570.0273,142,014 3,602.522 3.539.467
August
3,658.211 3.624.043 3.196.037 3.542.335 3.512.803
3,902.581 3.698.368 3.148.113 3.593,500 8.717.297
September....
October
4,086.562 8,751.030 3.341.040 3,683.681 4.109 183
November...
4,125.345 3,643.000 3.454.444 8.807.447 4.581.780
December
4.417.1123 3.976.712 3.973.874 3.960.960 5.033,364

Steel Output Continues To Drop-Immediate Prospects
Not Promising, Says "Iron Age"
-Pig Iron Price
Again Declines.
Iron and steel demand has not recovered the ground lost
during the holiday interruption and it will take a week or
two before the volume of current business can be gauged,
says the "Iron Age" in its issue of July 10. Immediate
prospects are not promising, adds the "Age," which goes on
to say:
Many consuming plants are still shut down for inventory. and suspensions
among automobive and automotive p rts makers will last two weeks or
longer. The Ford Motor CO. will stop operationsfrom July 11 to 28 and has
cut off all shipments of steel. Railroad c 1r builders are reaching the end of
their orders, three shops in the Chicago district having shut down, with
others running at 25 to 40% of capacity. Operations of farm equipment
plants have reached the lowest point of the year. Western rail mills are
now on a 25% bl.SiS and have little reraainin tonnage to roll.
Steel ingot production, after the simrp reduction in operations following
last Thursday (July 3), now averages 56% of capacity, compared with
60% at the beginning of last week. Recovery in mill operations has been
most marked In plants making line pipe, which have been stepped up sharply
to an 80 to 90% rate. Tin plate output again averages 70%, and plate
production in the Chicago district has rebounded as a result of demands
from the Milwaukee maker of electrically-welded pipe. Shipments are
moving forward to the Wisconsin pipe shop at the rate of 55,000 tons a
month.
Backlogs in pipe steel and tin plate, plus good commitments in reinforcing
bars and a large volume of pen ling structural steel tonnage, are counted on
to hold steel production within a few points of the present rate until general
Improvement in demand sets in.

198

FINANCIAL CHRONICLE

A large radio plant is steadily adding to its force and expects to have
6.000 employees making 7.000 receiving sets a day by Aug. 1. The low
current levels of materials prices and the favorable terms under which labor
can now be lured are believed to have been more important factors in
determining this program than the immediate outlook for the sale of the
product.
The "Iron Age" pig iron composite price has dropped to $17.25 a gross
ton from $17.42 last week. The finished steel composite remains at 2.185e.
a lb., as the following table shows:
Finished Steel.
Pig Iron.
July 8 1930, 2.185e. a Lb.
July 8 1930, 817.25 a Gross Ton.
One week ago
2.18e. One week ago
$17.42
One month ago
2.2140. One month ago
17.50
One year ago
2.4120. One year ago
18.54
Based on steel bars, beams,tank plates,
Based on average of basic iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago,
These products make 87% of the United Philadelphia, Buffalo, Valley and BirmStates output of finished steel.
ingham.
High
Low
Low.
High.
1930--2.362c. Jan. 7 2.185c. June 24 1930-_$18.21 Jan. 7 $17.42 June 24
1929-2.412c, Apr. 2 2.3620. Oct. 29 1929-- 18.71 May 14
18.21 Dec. 17
1928-2.391c. Dec. 11 2.314c. Jan. 3 1928_ 18.59 Nov. 27
17.04 July 24
1927__2.453c. Jan. 4 2.2930. Oct. 25 I927_-- 19.71 Jan. 4 17.54 Nov. 1
1926--2.453c. Jan. 5 2.4030. May 18 1926_-_ 21.54 Jan. 5 19.46 July 13
1925-2.560c. Jan. 6 2.3960. Aug. 18 1925_-- 22.50 Jan. 13 18.96 July 7

A slight accumulation of orders gives mild impetus this
week to those steel finishing mills which shut down entirely
last week; otherwise, the steel market situation continues
to drift says "Steel," formerly the "Iron Trade Review,"
in its July 10th issue. "Steel" further reports:
Forecasts that demand, production and prices all are scraping bottom
are numerous, but they emanate chiefly outside the industry. Producers
themselves look for a slight rebound in the early Fall, but until the railroads and the automotive industry again become vigorous consumers,
with concurrent activity in affected lines, there is no substantial basis for
noteworth improvement.
Prices continue irregular, although on the whole offering more resistance.
On bars, plates and shapes, thought stabilized on the basis of 1.70c..
Pittsburgh, the market appears to be working down $1 per ton, to the
lowest level since 1922. Wire products are under pressure. Pig iron in
the Mahoning valley is more sensitive to recent reduction in contiguous
territory. Basic iron is down 50 cents at Philadelphia.
Not encouraging to production are the sharp curtailment in Lake Superior
iron ore mining operations and the drastic blowing-out of blast furnaces
in June. Final statistics reveal 19 stacks
-15 steelworks and four merchant
-dropped last month, leaving only 161 out of 312 stacks in blast.
Steelmaking operations, while little changed, still are out of balance due
to the July 4 holiday. Cleveland mills are at 41% this week, compared
with 30 last. Chicago bolds at 65, while Pittsburgh is off a few points to
60-65%. Youngstown mills, at 60%. are up 10 points from last week.
Steel ingot *production in June. at a daily rate of 137,610 tons, slumped
to the lowest level this year, as did pig iron at a daily rate of 97,760 tons.
-was 18% below
First half year production of ingots
-23,793,119 tons
the record 29,037,398 tons of 1929, and 2.5% under the 24,798,077 tons
Steelmaking operations thus far in 1930 have averaged 78.6%.
of 1928.
contrasted with 95.5% a year ago.
In most finished steel lines modest peaks protrude in the week's business,
but the total is not distinctive. Except for automotive consumers, buying
of sheets is slightly improved at Pittsburgh. Road building has given bar
makers at Chicago the best tonnage in a number of weeks. Plates are
more active, the Gulf Refining Corp. requiring 9,500 tons for tank work,
while at Chicago 12,000 to 15.000 tons of tank work is pending and the
A. 0. Smith Corp., Milwaukce, will be taking 50,000 tons this month and
45,000 tons in August.
Freight car awards in June, at 998. were the lowest this year, even
undercutting the 1392 of May. First half awards, revised, stand at 32,604
units, compared with 62,816 in 1929 and 28,334 in 1928. Gulf Refining
Corp. has ordered 150 tank cars. Most rail mills are extending until late
Fall the options on rails given to most carriers with their 1930 orders.
Structural steel awards, topped by 7,500 tons for a bridge at Seattle and
4,200 tons for a civic stadium at Cleveland, totaled 27,885 tons, close to
the average of weekly lettings thus far in the year. At New York, 10.000
tons is about to be let. For 1930 to date structural awards aggregate
951,000 tons; a year ago. 1,183,966 tons.
-finished materials, like finished steel products, are in
Raw and semi
small demand. Pig iron consumers are running so close to their requirements that interplant borrowing is frequent. Several merchant blast
furnaces are scheduled to be blown out shortly. Iron and steel scrap is
less Irregular, with more sellers hesitant to sell short. Beehive coke production has eased off to the lowest point since January.
"Steel's" composite market average, continuing that established by its
predecessor, the "Iron Trade Review," Is off 2 cents this week, due to
weakness in pig iron. This index stands at $33.32 this week, compared
with $33.34 last week and an average of $36.71 for last July.

Output of Bituminous Coal Continues Below That of
a Year Ago-Anthracite Production Higher.
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal for
the week ended June 28 1930, was below that of the corresponding period last year, but exceeded that for the week
ended June 21 1930. Output of Pennsylvania anthracite
continued higher.
The figures for the week under review follows: Bituminous
coal, 8,005,000 net tons and Pennsylvania anthracite,
1,468,000 tons. This compares with 7,998,000 tons of
bituminous coal and 1,103,000 tons of Pennsylvania anthracite produced in the week ended June 21 1930, and
9,600,000 tons of bituminous coal and 1,404,000 tons of
Pennsylvania anthracite in the week ended June 29 1929.
For the calendar year to June 28 1930, there were produced a total of 229,059,000 net tons of bituminous coal as
against 254,685,000 tons in the calendar year to June 29
1929. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended June 28,including
lignite and coal coked at the mines, is estimated at 8,005.000 net tons.
Compared with the output in the preceding week, this shows an increase




[Vol,. 131.

of 7,000 tons, or 0.1%. Production during the week in 1929 corresponding
with that of June 28 amounted to 9,600,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons.)
19301929CalYear
'
'
to Date.
Week EndedWeek.
Week,
to bafr.a
June 14
7,986.000 213,056.000
9,431,000 235,886,000
Daily average
1,331.000
1,516.000
1,572.000
1,680,000
June 21_b
7,998,000 221,054.000
9,199.000 245,085,000
Daily average_ _- - 1,333,000
1.533.000
1,509,000
1,674.000
June 28_c
8,005,000 229.059.000
9.600.000 254,685,000
Daily average__
1,334.000
1,502,000
1,671,000
1.600.000
a Minus one day's production first week In January to equalize number
of days in the two years. b Revised since last report. c Subject to revision
The total production of soft coal during the present calendar year to
June 28 (approximately 152 working days) amounts to 229,059,000 net
tons. Figures for corresponding periods In other recent years are given
below:
1929
254,685,000 net tons 11927
270,728,000 net tons
1928
234,356.000 net ton-511926
266,130,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended June 21 1930
Is estimated at 7,998,000 net tons. Compared with the output in the
preceding week, Vs shows an increase of 12,000 tons, or 0.2%. The followng table apportions the tonnage by States and gives comparable figures
for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
June 1923
StateJune21'30. June14'30. June22'29. June23'28. Average.a
Alabama
257,000
260,000
298,000
320,000
387.000
Arkansas
15.000
15,000
17.000
23.000
22.000
Colorado
86.000
89,000
125.000
94,000
175.000
Illinois
751.000
722,000
726,000 1.243,000
801.000
Indiana
240,000
228,000
276,000
241.000
416,000
Iowa
45.000
45,000
47.000
54,000
88,000
Kansas
28,000
25,000
20,000
39.000
73.00
0
Kentucky
Eastern
692.000
843.000
661,000
729,000
866.000
'Western
151,000
202.000
183.000
150,000
222.000
Maryland
41,000
47.000
38.000
44.000
44,000
Michigan
10,000
12.000
12.000
13.000
9.000
Missouri
58.000
55,000
55,000
55.000
43.000
Montana
41,000
38,000
30,000
45,000
34,000
New Mexico_ _ _
32,000
51,000
41,000
43,000
31,000
North Dakota___
15,000
14,000
8.000
13.000
11.000
Ohio
435,000 0380,000
888,000
272.000
442,000
Oklahoma
28,000
48.000
27.000
43,000
35,000
Pennsylvania(bit) 2,304,000 2.350,000 2,750.000 2,445,000 3,613,000
Tennessee
93.000
113,000
92,000
95,000
103.000
Texas
9,000
21,000
9.000
19,000
19,000
Utah
34,000
36,000
89,000
58,000
66,000
Virginia
204.000
205,000
240,000
232,000
208,000
Washington
35.000
30,000
40,000
44,000
35,000
West VirginiaSouthern_b- -- 1,720,000 1.720,000 1,897.000 1,760.000 1,380,000
Northern_c
595,000 e625,000
704,000
711,000
856,000
Wyoming
78,000
80.000
82.000
104.000
88,000
Other States-d
1,000
1.000
2,000
5,000
5,000
Total bitum. coal 7,998.000 7,986.000 9,199,000 8,527.000 10,866.000
Penna.anthracite 1,103,000 1,189,000 1,218.000 1,063.000 1,956,000
Total all coal
9.101,000 9,175,000 10.417.000 9.590,000 12,882.000
a Average weekly rate for the entire month. b Includes operations on the
W. C. & O.; Virginian, and K.& M. c Rest of State. including PanN.&
handle. d This group not strictly comparable in the several years. e Revised.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
June 28 is estimated at 1,468,000 net tons. Compared with the output in
the preceding week, this shows an increase of 365.000 tons, or 33.1%.
Production during the week in 1929 corresponding with that of June 28
amounted to 1,404.000 tons.
Estimated Production'of Pennsylvania Anthracite (Net Tons).
192
1930-Daily
Daily
Week EndedWeek,
Average.
Week.
Average.
June 14
1,189,000
198.200
1,220,000
203,300
June 21
1,103,000
183.800
1,218,000
203,000
June 28_ a
1,468,000
244,700
1,404,000
234,000
a Subject to revision.
-

Bituminous Coal Production in June Lower-Anthracite Output Exceeds that of Corresponding Month
Last Year.
According to the United States Bureau of Mines, Department of Commerce, preliminary estimates for June 1930
show that a total of 33,683,000 net tons of bituminous coal,
5,202,000 tons of anthracite and 267,000 tons of beehive
coke were produced in that month, as against 35,580,000
tons of bituminous coal, 5,069,000 tons of anthracite and
602,400 tons of beehive coke in the same month last year
and 35,954,000 tons of bituminous coal, 5,947,000 tons of
anthracite and 241,100 tons of beehive coke in the month
of May 1930.
The average daily rate of production of bituminous coal
in June 1930 was 1,347,000 net tons, as compared with
1,362,000 tons in the preceding month and 1,543,000 tons
in June 1929. The Bureau's sttement follows:
.

Number of Avg. per Calendar Year to
Total for
Working
Wkg.Day
Month
End of June
June 1930 (Preliminary) a (Na Tons)
Days.
(Net Tons)
(Nei Tons)
Bituminous coal
25
33,683,000
1.347,000
230,603,000
Anthracite
25
5,202,000
208,000
33,811,000
Beehive coke
25
267,000
10,681
1.701.700
May 1030 (revised)
Bituminous coal
26.4
35,954,000
1,362,000
Anthracite
26
5.947,000
229,000
Beehive coke
27
241,100
8,930
June 1929
Bituminous coal
25
35,580,000
1,543.000
256,576.000
Anthracite
25
5,069.000
203,000
36,809,000
Beehive coke
25
602,400
24,096
3,120.300
a Slight revisions of these estimates will be issued in the weekly coal report about
the middle of the month.

JULY 12 1910.1

199

FINANCIAL CHRONICLE

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 9, as reported by
the twelve Federal Reserve banks, was $1,075,000,000, an
increase of $44,000,000 compared with the preceding week
and a decrease of $336,000,000 compared with the corresponding week of 1929.
On July 9 total Reserve Bank credit outstanding amounted
to $1,012,000,000, a decrease of $58,000,000 for the week.
This decrease corresponds with decreases of $65,000,000
in the amount of money in circulation and $9,000,000 in
unexpended capital funds, &13., offset in part by an
increase of $11,000,000 in member bank reserve balances,
and a decrease of $5,000,000 in Treasury currency. After
noting these facts, the Federal Reserve Board proceeds as
follows:
Holdings of discounted bills decreased $24,000,000 during the week, the
principal decreases being $9,000,000 at San Francisco, $4,000.000 at
Philadelphia, and $3,000,000 at Richmond. The System's holdings of
bills bought in open market declined $8,000,000, of United States bonds
$1,000,000, of Treasury notes $3,000,000 and of certificates and bills
$2,000,000.

Beginning with the statement of May 28, the text accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended July 9 in comparison with the preceding week and with the corresponding
date last year will be found on subsequent pages—namely,
pages 234 and 235.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
July 9 1930 were as follows:

Bills discounted
Bills bought
United States securities
Other reserve bank credit

Increase 1+) or Decrease (—)
Since
July 9 1930. July 2 1930. July 10 1929.
$
236,000,000 —24,000,000 —917,000,000
149,000,000
+83,000,000
—8,000,000
591,000,000
—6,000,000 +455,000,000
36,000,000 —20,000,000
—19,000,000

CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 9 1930. July 2 1930. July 101929.
$
$
$
7,979,000,000 8,123,000.000 7,461,000,000
Loans and investments—total
5,916,000,000 6,058,000,000 5,781,000,000

Loans-total

3,498,000,000 3,652,000,000 3,040,000,000
2,418,000,000 2,406,000,000 2,742,000.000

On securities
All other

2,063,000,000 2,065,000,000 1,679,000,000

Investments—total

1,088,000,000 1,095,000,000
975,000,000 969,000,000

U.S. Government securities
Other securities

940,000,000
739,000,000

796,000,000
56,000,000

740,000,000
55,000,000

766,000,000
48,000,000

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

5,480,000,000 5,659,000,000 5,251,000.000
1,435,000,000 1,438,000,000 1,066,000,000
38,000,000
64,000,000
49,000,000

Due from banks
Due to banks

110,000,000 142,000,000
1,103,000,000 1,131,000,000

107,000,000
894,000,000
341,000,000

Borrowings from Federal Reserve Bank_

Loans on secur. to brokers & dealers;
1,563,000,000 1,710,000,000 1,201,000,000
For own account
760,000,000 654,000,000 1,624,000,000
For account of out-of-town banks
880,000,000 856,000,000 2,930,000,000
For account of others
3,203,000,000 3,219,000,000 5,755,000,000

Total

2,579,000,000 2,580,000,000 5,369,000,000
624,000,000 639,000,000 387,000.000

On demand
On time
Loans and investments—total

Chicago.
2 004,000,000 1,964,000,000 1,864,000.000

Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Lue to banks
Borrowings from Federal Reserve Bank_

1 579,000,000 1,532,000,000 1,489,000,000
948.000,000
630,000,000

905,000,000
626,000,000

826,000,000
663,000,000

425,000,000

433,000,000

376,000,000

180,000,000
246,000,000

170,000,000
263,000,000

165,000,000
210,000,000

198,000.000
16,000,000

175,000,000
14,000,000

166,000.000
19,000,000

1 301,000,000 1,261,000,000 1,176,000,000
639,000,000 633,000,000 528,000.000
7,000,000
9,000,000
11,000,000
163,000,000
374,000,000

188,000,000
378,000,000

131,000,000
312,000,000

1,000,000

1,000,000

64,000,000

Revised.

Complete Ileturns of the Member Banks of the Federal
Resorve System for the Preceding Week.
As explained above, the statements for the New York and
1,0l2,000,000 —58,000,000 —398,000,000
TOTAL RES. BANK CREDIT
4 536,000,000
+208,000,000 Chicago member banks are now given out on Thursday,
Monetary gold stock
1,781,000,000
—5,000,000
—3,000,000 simultaneously with the figures for the Reserve banks themTreasury currency adjusted
4 488,000,000 —65,000,000 —329,000,000 selves, and covering the same week, instead of being held
Money in circulation
2,417,000,000 +11,000,000
+114,000.000 until the following Monday, before which time the statistics
Member bank reserve balances
Unexpended capital funds, non-memof reporting member banks, in 101
424.000.000
+21,000,000 covering the entire body
—9.000.000
ber deposits, &c
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
Returns of Member Banks for New York and Chicago
reporting member banks of the Federal Reserve System for
Federal Reserve Districts—Brokers' Loans.
the week ended with the close of business on July 2:
Beginning with the returns for June 29 1927, the Federal
The Federal Reserve Board's condition statement of weekly reporting
Reserve Board also commenced to give out the figures of the member banks in leading cities on July 2 shows a decrease for the week of
in net
member banks in New York Federal Reserve District, $41,000,000 in loans and investments, increases of $174,000,000borrowdemand deposits, $42,000,000 in time deposits and $30,000,000 in
as well as those in the Chicago Reserve District, on Thurs-s from Federal Reserve Banks, and a decrease of $19,000,000 in Governdays, simultaneously with the figures for the Reserve banks ment deposits.
Lo ins on securities declined $33,000,000 in the New York district,
themselves, and for the same week, instead of waiting until
in the Kansas City district, $7,000,000 in the Minneapolis
before which time the statistics cover- 513,000,000 $45,000,000 at all reporting banks, and Increased $12,000,000
the following Monday,
district and
ing the entire body of reporting member banks in the dif- in the Boston district. "All other" loans declined $59,000,000 in the
New York district, $8,000,000 in the Atlanta district, $6,000,000 in the
ferent cities included cannot be got ready.
Boston district and $36,000,000 at all reporting banks, and increased
Below is the statement for the New York member banks $26,000,000 in the Cleveland district. $9,000,000 in the Chicago district
and that for the Chicago member banks thus issued in and $7,000,000 in the San Francisco district.
Holdings of U. S. Government securities declined $19,000,000 in the
advance of the full statement of the member banks, which New York district, and $26,000,000 at all reporting banks, and increased
latter will not be available until the coming Monday. The $12,000,000 in the Cleveland district. Holdings of other securities inNew York statement, of course, also includes the brokers' creased $24,000,000 in the Chicago district, $12,000,000 in the Cleveland,
district,
in the New York district and $65,000,000. at all
loans of reporting member banks. The grand aggregate of reporting$11,000,000
banks.
The principal changes in borrowings from Federal Reserve Banks for
these brokers' loans the present week shows a decrease of
increases of $10,000,000 at the
$16,000,000, the total of these loans on July 9, standing at the week were $9,000,000 at San Francisco. Federal Reserve Bank of
New York and
$3,203,000,000, but this week's reduction follows a conA summary of the principal assets and liabilities of weekly reporting
traction of no less than $882,000,000 in the preceding four member b inks, together with el-lunges during the week and the year ended
weeks. The present week's total of $3,203,000,000 compares July 2 1933, follems:
Increase (+) or Decrease (—)
Since
with $5,755,000,000 on July 10 1929. The loans "for own
July 2 1930. June 25 1930.
July 3 1929.
account" fell during the week from $1,710,000,000 to $1,563,- Loans and investments—total__ __23,099,000,000 —41,000,000 +614,000,000
000,000 but loans "for account of out-of-town banks" rose Loans—total
+54,000.000
—80,000,000
P6,979,000,000
from $654,000,000 to $760,000,000 and loans "for account of
On securities
8,442,000,000
—45,000,000 +681,000,000
All other
—30,000,000 —628,000,000
others" increased from $856,000,000 to $880,000,000.
8,536,000,000




200

FINANCIAL CHRONICLE

[Vol, 131.

Increase 1-1-) or Decrease (—)
The deflationist policy of the Banca d'Italia keeps the institution itself
Since
in excellent shape, but at the cost of keeping business cramped for funds
July 2 1930. July 25 1930.
July 3 1929.
and credits. The heavy weight of taxation has been increased during the
$
$
$
Investments—total
6,120,000,000
+39,000,000 +560,000,000 last few days by the advance in turnover taxes and merchandise s les taxes
of all kinds from 34 of 1% to 134%. The 700,000,000 lire, estimated
U.S. Government securities
2,851,000,0(5)
—26,000,000
+92,000,000
Other securities
3,289,000,000
+65,000,000 +469,000,000 increased annual yield will be allotted as follows: 500,000,000 lire to National defense and 200,000,000 lire to public works. This tax increase is
Reserve with Federal Reeve banks 1,792,000.000
+13,000,000
+68,000,000 expected to retard business further and will act as an increased customs
Cash In vault
230,000,000
+14,000,000
—13,000,000 duty since it is first collected at the port on imported goods. It is believed
Net demand deposits
13,740,000,000 •+174,000,000 +447,000,000 that it will also pratially offset the recently commenced downward trend
Time deposits
7,315,000,000
+42,000,000 +636,000,000 in retail prices. (Lira $0.0526.)
Government deposits
193,000,000
—19,000,000
JAPAN.
Due from banks
Reports of earnings for the first half of 1930 indicate sharp reductions
1,583,000,000 +225,000,000 +402,000,000
Due to banks
3,401,000,000 +303,000,000 +515,000,000 in the majority of industrial, commercial, and public utility companies, and
dividends are being cut. The Government is adopting a more conciliatory
Borrowings from Fed. Rm. banks_
84,000,000
+30,000,000 —742,000,000
attitude in its retrenchment policy and is now urging banks to be more
* June 25 figures revised.
lenient in granting loans.
The Department of Finance announces redemption on July 1 of sterling
Summary of Conditions in World Markets, According 4% bonds totaling £12,655,000. The annual report of the Department of
Finance shows a decline in Government revenues for the fiscal year and a
to Cablegrams and Other Reports to the Depart- deficit of 37.000.000 yen is indicated in the budget of 1929-30.

ment of Commerce.
The Department of Commerce at Washington releases
for publication July 12 the following summary of market
conditions abroad, based on advices by cable and radio:

MEXICO.
There is considerable interest in oil possibilities in the State of Nuevo
Leon and also in the northern part of the adjacent State of Tamaulipas.
A few wells are being drilled in the Aldamas District north of Monterrey
In the former State. Beginning July 1,the Mexican Aviation Co.shortened
its schedule from Vera Cruz to Panama City by approximately one daY,
AUSTRALIA.
the entire trip now starting at 8.00 a. m. and finishing at 5.00 p. In. of
The Australian Federal budget which is now pending will probably the following day.
provide for increased tariffs and excise on luxuries, and higher telegraph
NEWFOUNDLAND.
charges during the current financial year. The wool market is unchanged.
Foreign salt fish markets are quiet and the outlook for 1930 cocillshery is
A total of £3,000,000 has been subscribed of the Commonwealth loan being
for
floated in Australia. Several Brokenhill mines are closing, due to the refusal unpromising. Wholesale and retail trade is dull with little prospect
of miners to accept wage cuts. Eleven important drug companies have Improvement before September, the market for United States barreled
beef and pork reacting to a large consumption of fresh fish for this season
combined into a holding company with capitalization of £5,000,000.
of the year.
CHINA.
SOUTH AFRICA.
Business circles in the Shanghai area continue pessimistic with regard to
Trade depression,resulting from the prevailing low prices for agricultural
the immediate outlook for trade in general. The past week was marked by produce,is still evident in all provinces of the Union. While crops in general
the observance of summer bank holidays, with a corresponding lag in busi- are bountiful, wholesale and retail sales in rural areas are retarded by the
ness activities. Continuance of low silver exchange and internal disorders small returns per unit received by producers. There is a heavy volume of
militate against trade in North China.
holiday traffic and amusements, including talking pictures, are well patronized but the general tone of business is dull, although improved in recent
CUBA.
The normal decline of activity in organized merchandising in Cuba that weeks as compared with earlier reports.
The position of the banks has improved greatly since the first of the year,
takes place at the end of the sugar season has set in. General wage reducadvances having dropped approximately 9% in the first four months
tions over a widespread of industries is depressing business. In the first
whereas deposits have dropped less than 4%.
20 days in June about $5,000,000 in currency left Cuba owing to the lack
One immediately favorable reflection of lower commodity price levels is
of demand for monetary circulation. Unemployment is reported on the
felt in the mining industry, where cheaper foodstuffs and price cutting in the
increase in Habana.
supply trade have lowered production costs. The native labor position is
DOMINICAN REPUBLIC.
also easier and gold production in May, 915,948 fine ounces established a
Wholesale and retail trade in the Dominican Republic have shown some new monthly record.
slight improvement during June. Trade is still dull, however, especially
The engineering and sweetmaking trades are busy, but furniture is slow.
as regards luxury goods and construction materials. The credit situation is Shoe factories are operating irregularly and at less than capacity.
extremely difficult and collections have not materially improved. Export
VENEZUELA.
movements of primary commodities are now in full swing. This movement
Economic conditions in Venezuela during the month of June, were
is not, however, having the usual effect of quickening business and improving economic conditions because the prices received for the produce exported, generally unfavorable. Business was dull largely on account of the small
with the exception of tobacco, are very low and in some cases actually below agricultural crops and reduced activity in the oil fields. Banks report
collections slow to fair considering high exchange ratp.
the cost of production.
CZECHOSLOVAKIA.
Conditions are particularly bad in the coffee areas and in Maracaibo,
Recent developments indicate that the worst of the slump is over in the center of the oil region. Production of cacao is not as large as had been
Czechoslovakia, but a revival of business is largely dependent upon Im- anticipated, some sections reporting little likelihood of a second harvest
proved conditions in other countries. Unemployment decreased seasonally which is usual at this time of the year.
by 13% in May, while the average daily car loadings increased to 15,362,
The Department's circular also includes the following
the highest in five months. Price indexes are still falling, but at a very slow
rate, the wholesale index dropping only 1% in 30 days. Unusually hot with regard to the Island possessions of the United States:
summer weather and insufficient rain has had some effect on crop condiPORTO RICO.
tions, but grain prices continue low. The fodder crop is excellent and enThere is much expressed satisfaction in Porto Rico over the basic imDomestic consumption and export of sugar provement in business. The Island is now experiencing the normal slackcourages livestock breeding.
remainel distinctly below last year.
ening of business that comes during the summer months when agricultural
Imports in May, valued at 1,606,000,000 crowns, showed increases over activity is slight. The sugar industry is optimistic, both as to the current
April in tobacco, cotton, wool,copper,flour and machinery,and decreases in crop which promises to be a record one,and for the future.
fruit, vegetables and lard. Exports during May were valued at 1,528,000,There has been considerable increased acreage in cotton plantings, which
000 crowns, with increased shipments of glass, chemicals, lumber, paper will be ready for fall picking. The pineapple crop was a noteable success,
and woolens, and decreases in silk and cotton goods. The total foreign and owing to the rapid ripening of the fruit and a slow export market, great
trade for the first five months of 1930 was 9.5% below the corresponding quantities of the fruit were locally canned,the canneries operating overtime
period of last year; imports of raw materials dropped nearly 21%, but to take care of the supply. Production of the canned fruit this year will
exports of finished goods only 1.5%•
break all previous records. The prospects are for a light fall and a heavy
spring crop of grapefruit. Coffee growers estimate the crop to be about.
EGYPT.
one-third normal in quantity.
The lack of improvement in the price of cotton, the country's chief export.
continued to be reflected in the general trade depression during the second
quarter, with seasonal dullness also a contributing fact r. The low purchasing power has resulted in keener competition for trade, while the stringent Initial Statement of Bank for International Settlements—.
credit situation has made collections more difficult.
Resources $209,544,114
--Distribution of Young ReparaFINLAND.
A more hopeful tone prevails in Finnish business circles although some
depression still persists. Industrial activity remains low,except for seasonal
improvement which caused a reduction in registered unemployed from 7,274
on April 30 to 4,666 at the end of May. Although many of the smaller
sawmills have been closed down owing to unprofitable operation, this is
viewed as progress toward rationalization on a grand scale and is expected
eventually to benefit the lumber industry.

GREECE.
During the first four months of 1930 Greek trade with the United States
by a sharp decline in the value of exports and only a slig, t
WRS marked
change in prchases from the United States. Exports to the United States
were valued at 326,502.000 drachmas (drachma equals $0013) as against
538,609,000 drachmas in the same period of 1929: the respective figures
for purchases from the United States were 753,434,000 end 755,818,000
drachmas. Smaller shipments of tobacco and currents accounted for the
decreased exports. The United States was the leading country of origin
for Greek imports, and second as country of destination for Greek exports.
ITALY.
The economic and commercial depression which has prevailed in Italy
over tl.e last fe months showed signs of aggravation during June with a
further slowing up of industry and retail trade which was only partially
due to the normal summer slack. Falling world commodity prices are having a strong reaction in It ily anl all business interests are extremely hesitant about making future commitments of any nature. The banks in particular are reluctant to make advances and money is tighter than heretofore
despite reduced rates.




tion Loan.
The initial statement of the Bank for International Settlements shows total resources of 1,085,720,801 Swiss francs
which in American currency would be equivalent to $209,544,114. It was noted in Paris advices, July 7, to the New
York "Journal of Commerce" that the statement was
awaited with considerable interest, particularly with regard
to the investment of its assets and the deposits it holds of
central banks. The cablegram went on to say:
How frequently the Bank for International Settlements will publish
reports of condition has not been stated. Because most of the important Central Banks, as well as the district Federal Reserve Banks,
publish statements each week it is believed that the Bank for International Settlements may follow this practice. On the other hand
there is some disposition to the belief that, in view of the peculiar
nature of its liabilities, statements will be issued at longer intervals.
Capital of the banks is 102,500,000 Swiss francs. The largest of
its liabilities is the undistributed portion of the recent German international loan amounting in American currency to $300,000,000. Undistributed proceeds are 438,198,000 Swiss francs, or approximately
$88,000,000. When the loan was issued a large part of it remained
in the countries taking the bonds, England, for example, receiving
in proceeds the entire amount of bonds issued there, France holding
the entire amount of French sales and holding the claim additionally

JULY 12 1930.1

FINANCIAL CHRONICLE

to part of the proceeds in other countries. This to a large degree
eliminated transfers.
International Clearing House
Special deposits including funds deposited by the German Government under trust agreement total 274,764,000 Swiss francs. Central
Banks have deposited at sight 111,106,000, or approximately somewhat
more than $21,000,000. It is generally believed that such deposits will
not advance to a high total and that they will be influenced chiefly by
international transactions involving transfers of exchange. Because it
is hoped to develop the B. I. S. into a sort of international clearing
house reducing gold movements and effecting transfers through shifts
of book credit debit to the B. I. S., such deposits will be watched with
great interest.
Total sight deposits are 268,426,000 Swiss francs. These would
presumably include deposits of governments. Finally miscellaneous
liabilities are 1,832,000 Swiss francs.
On the asset side of the B. I. S. the largest item consists of
deposits in other banks, presumably the central banks holding stock in
the B. I. S. These, which are at sight to 90 days, amount to 45.5%
of total resources or 494,068,000. According to statements issued
when plans for the bank were first formulated, it is planned to stabilize
the international money markets in relationship to each other through
the instrument of depositing 13. I. S. funds in various countries.
While there is considerable disagreement regarding the plausibility of
such operations becoming effective, particularly since the B. I. S. may
only operate in a particular country with the permission of its central
bank, the item nevertheless will be watched.
Acceptance purchases of the B. I. S. total 239,295,000, or about
$48,000,000. The bank is empowered to purchase bills but may not
accept drafts itself. Treasury bonds total 261,352,000. Investments
over 90 days total 68,352,000 Swiss francs. There is a miscellaneous
item of 1,612,000.
Of course the statement does not designate the currencies in which
its various assets and liabilities were created. In banking quarters
this question is of considerable interest and attempts to compare the
B. I. S. statements with statements by central banks will become
frequent.

201

From the "Wall Street Journal" of July 7 we take the
following from Paris advices to it:
Has Funds in 19 Currencies
Banks for International Settlements has funds in 17 European
currencies, in addition to American and Japanese, and private deposits from over 12 Central Banks of issue. Of the authorized capital
of $100,000,000, a total of $82,000,000 has been issued and one quarter
of this amount has been paid up. Dealings on each market are being
conducted exclusively through the Central Banks. Thus each bank
is acquainted daily with all of the bank's transactions in its own
market.
At the next board meeting, which will be held July 14, five or six
participating banks, including the Swiss National Bank, probably will
be invited to join the board. Various applications to take up B. I. S.
shares will be considered. South American representation is absent,
but it is hoped for later.
May Sponsor Currency Stabilization
The Bank hitherto has been mainly occupied with reparations and
Young loan proceeds which will be distributed about the middle of
July. Reparations are likely to soon become subordinate to other
activities. Plans for development of a liaison department for Central
Banks are being developed rapidly and each of the 22 participating
banks has been asked to send representatives to spend a few months
at Basle to study international questions. Bank of England is now
reported to be actively cooperating with International Bank.
Bank for International Settlements probably will take over the
work of the financial committee of League of Nations, and it is reported it may sponsor stabilization of currencies of Jugoslavia and
Portugal.
Staff of the bank remains below 100 of various nationalities, with
English, French, German and Italian the official languages.

German Extension of Loan Control Hit By Municipalities
—Local Authority to Reduce Volume of Demand for
Credit Favored—Ultimately All Credit Would Be
According to a Basle (Switzerland) cablegram, July 5,
Rationed.
to the New York "Times" bank officials call special attention
From the New York "Journal of Commerce" we take the
to two points which the statement shows. This cablegram following Berlin cablegram, July 9:
continues:
The proposal of the Government to extend its control over muOne fact is that only 6% of the bank's assets are invested at nicipal loans, which, it is believed ultimately would lead to the

longer than six months, showing the degree at which the policy of rationing of all municipal credit, has aroused the firm opposition of
extreme liquidity is being followed. The other fact is that the de- the municipalities. The municipalities emphasize the success of their
posits of the central banks already equal the reparations account, own plan of control by themselves, which would result in the reshowing the growth of the purely business side of the world bank duction of municipal credit demand.
which its American officials, President McGarrah and Vice President
The Government proposal would extend control of credits to include
Fraser, especially sought to stress from the outset.
internal loans. At present only the incurring of external indebtedThe statement is as follows:
ness is under control. 'When the plan for loan control was first
Assets:
formulated the chief item involved was the stabilizing of exchange.
I. Cash on hand in the bank or in current accounts in other banks,
Control Contested
5,120,527.01 Swiss francs (about $988,242 at par), or 0.5%
Control would also be extended to municipal enterprises which at
II. Funds employed:
(1). On sight, 23,046,207.46 Swiss francs ($4,447,917), or 2.1%. present are allowed to incur debts independently. Indebtedness of
(2). Fifteen days' notice, 443,337,877.34 Swiss francs ($88,667,575), various municipally owned public utilities is at present under control
or 40.8%.
of the Government. However, various cases have come up in which
(3). Sixteen to ninety days' notice, 27,684,147.37 Swiss francs right of the Government to control the incurring of debts by companies was contested, it being held that such control violated the
($5,343,040), or 2.6%.
rights of the stockholders. It is understood that the proposal of the
Total, 494,068,232.17 Swiss francs ($95,355,168).
III. Investments for a maximum of ninety days (at a purchase Government is intended to cover such marginal cases as might arise
through existence of unusual capital set-ups of municipally owned
price):
(1). Acceptances, 239,294,955 Swiss francs ($46,183,926), or 22%• utilities.
(2). Negotiable treasury bonds, 261,351,777.56 Swiss francs ($50,In addition bonds of mortgage banks would come under the jurisdiction of the loan control body. Certain States now permitted to
440,892), or 24.1%.
(3). Other short-term investments, 15,920,538.25 Swiss francs (83,- contract debts without consulting the loan control agency would also
072,663), or 1.5%.
be brought within the scope of the plan.
Total, 516,567,270.81 Swiss francs ($99,697,493).
Seen Aid to Employment
IV. Investments for more than ninety days (at purchase price),
In urging their argument against the extension of loan control, the
68,352,425.33 Swiss francs ($13,192,018), or 6.3%.
V. Miscellaneous assets, 1,612,446.10 Swiss francs ($311,202), or municipalities assert that the creation of large municipal credits is a
necessary condition of a public works construction program aimed
0.1%.
Grand total, 1,085,720,801.42 Swiss francs ($209,544,114), or to diminish unemployment. Unemployed living on Government aid
have increased steadily in number during the past year. The argu100%.
ment is itnended to put the Government in position to reduce unemLiabilities:
ployment.
I. Capital.
Authorized capital, 200,000 shares of 2,500 Swiss gold francs each,
500,000,000 Swiss francs ($96,500,000).
1,833,000 Unemployed in Germany.
One hundred and sixty-four thousand shares issued, 410,000,000
Swiss francs, one-fourth paid in, 102,500,000 Swiss francs ($19,Associated Press advices from Berlin, June 9, said:
782.500), or 9.4%.
The number of unemployed in Germany receiving government
IL Special deposits:
doles at the end of June was officially announced today as 1,833,000.
(1) Annuities trust account, 151,230,713.84 Swiss francs ($29,187,- This is 900,000 more than a year ago. The total
number of un527), or 13.9%.
employment at the end of June. 1930, was 2,636,000.
(2) German Government's deposit, 123,533,891.41 Swiss francs
($23,842,040), or 11.4%.
Total, 274,764,605.25 Swiss francs ($53,029,668).
Wage Cut Introduced in German Steel Mills—Several HunIII. Sight deposits:
(1) Central banks: (aaa) For their account, 111,106,650.51 Swiss
dred Stay Away, Forcing Plant to Be Idle—Communist
francs ($21,443,583) or 10.2%. (bbb) For account of other deStrike Fails.
positors, 153,676,724.61 Swiss francs ($29,659,607) or
14%.
Under date of July 1 a cablegram from Essen, Germany,
(2) Other deposits, 3,642,433.24 Swiss francs ($702,989) or
0.3%•
Total, 268,425,808.36 Swiss francs ($51,806,180.
to the New York "Times" said :
IV. Time deposits:
Failures to report for work amounting to several hundred marked
Undistributed proceeds of the German Government's 5%% 1930 the introduction today of the new
reduced wage agreement in the
international loan, 438,198,394.45 Swiss francs ($84,572,290) or 40.4%. northwest German iron and steel
industry, with the result that at
V. Miscellaneous liabilities, 1,831,993.36 Swiss francs ($353,574)
least three mills in the Ruhr had to close down while a number of
or 0.2%.
others, including Krupp, were somewhat hampered by a lack of men.
Grand total, 1,085,720,801.42 Swiss francs ($209,544,114), or
Although Commuist quarters announced that a strike had been
100%.
instituted, the mill owners report no trouble and only a comparatively
Indicating how the world bank seeks to stress its role as a business small percentage of workers showing
themselves dissatisfied with the
institution; it may be noted the word "reparations" does not appear agreement.
in the whole statement, it being covered by the term "special deThe Hasper and Klockner works were quiet today, as well as the
posits."
Friedrich Wilhelm foundry of the Vereinigte Stahlwerke, at MuelThe world bank, it has been observed already, has distributed about heim and two sections of the Krupp works. On the other hand, not
$213,000,000 of the $300,000,000 Young plan loan, it being divided a single man was reported absent at the August Whysien works in
among six countries, Germany, France, Italy, Great Britain and Haroborn.
Yugoslavia. It is announced the remainder, about $87,000,000 shown I
The negotiations between the trade unions and the employers under
on the statement, will be distributed within a week.
' the supervision of the Ministry of Labor will be continued. It is




202

FINANCIAL CHRONICLE

reported that two large unions, the Christian Metalworkers' Association and the German Metalworkers' League, gave notice today, as
required by law, that they would serve notice on Aug. 1 to terminate
their wage agreements on Sept. 1.
Well-informed circles declare the attempted strike will collapse
within a day or two and the negotiations will proceed as heretofore
without interruption of production.

[VOL. 131.

Austria Seeks $65,000,000—It is Reported New Loan
to be Marketed Soon.
The following is from the New York "Times" of July 4:

The new Austrian loan which probably will be offered soon in the principal money centres of the world will total about $65,000,000, according to
word received here yesterday. The American portion will approximate
$25,000,000 and will be offered by a group headed by J. P. Morgan & Co.
International Chamber of Commerce Holds Central Earlier reports had indicated that the loan would not be offered until
Banks Responsible For Gold Hoarding—Situation Autumn.
The London portion of the loan, according to the latest advices, will
in France and Federal Reserve System.
be marketed by a syndicate headed by Morgan, Grenfell & Co., and including Baring Brothers, N. M. Rothschild &
Henry Schroeder
The following is from the "Wall Street Journal" of & Co. Other portions will be offered in Paris,Co. and J. probably a block
Rome and
July 2:
of the bonds in Holland.
In the late Spring, when Johann Schober,the Austrian Chancellor, visited
International Chamber of Commerce meeting in Paris blames gold
hoarding by central banks as one of chief causes for present critical eco- Paris, London and Rome to discuss the loan with the various governments,
nomic conditions throughout world, since it has been responsible for hold- the amount spoken of was $100,000,000. At that time it was agreed that
ing up retail prices while wholesale prices have been falling, thus hindering the loan should be held over until the German international issues had been
normal increase in consumption. Chamber calls attention to situation disposed of.
In France and in Federal Reserve system where more gold is being collected
than requirements of confidence necessitate, rendering gold immobile
Report That Morgan and Kreuger Interests Will FiIn world where overproduction calls for compensation by use and not by
nance Credits for Rumanian Farmers.
gold hoarding. Recommends promotion of international exchange of
goods, facilitation of supply of credit at moderate rates and free circulaBucharest advices July 7 to the New York "Times" said:
tion of capital as remedies for depression.
In connection with the telephone concession granted to a J. P. Morgan
electrical group, it is stated here the Morgan interests will also participate
Ivar Kreuger
Silas H. Strawn Succeeds Thomas W. Lamont as Head in the establishment of an agrarian credit institute. yesterday by of the
King
Swedish Match Co., who was received in audience
of American Committee of International Chamber Carol and who was decorated with the Rumanian Order of Merit, is also
said to be ready to participate.
of Commerce.
In this announcement a new orientation of Rumanian finances, away
Washington Associated Press dispatches July 1 said:
from the domination of the Blair group, is discerned. It is hoped so powerSilas H.Strewn of Chicago has been appointed Chairman of the American ful a combination as that of the Morgan and Kreuger interests will attract
Committee of the American section of the International Chamber of Com- other important interests and outside capital to Rumania and will finance.
merce to succeed Thomas W.Lamont, whose term expired June 30.
among other things the exploitation of Rumania's forest wealth.
In reporting the appointment to-day the American section further
Since King Carol emphasized the necessity of securing foreign capital
announced that the next general biennial congress of the International and signed the award of the telephone concession to the Morgan group, the
Chamber—the first in the United States—will be held in Washington Liberal Party, which had at first declared it would refuse to respect the
May 4 to May 9 1931. Business men from forty-seven member,countries concession if returned to office, had ceased its attacks.
will attend.

Rumanian Farmers Protest Against Alleged Usury
Representative Strong Sees Middle Class Eventually
Practiced by Banks.
Eliminated With Continuance of Concentration of
From Bucharest a cablegram July 10 to the New York
Money.
"Times" stated:
If branch, chain and group banking, and the concentraAbout 1,000 Bukowina farmers, according to an official statement.
tion of moneys and credits generally is permitted to con- assembled to-day in Szuczawa to demonstrate against the alleged usury
tinue in the United States, at the present pace, and if practiced by the banks, and finally attacked bank buildings. The farmers
in possession
mergers and consolidations in industry as a whole con- were said to still be newspaper of the village.
According to the
Dimineata, the farmers numbered 4,000 and
tinues, we shall eventually find the middle class eliminated their excesses took an anti-Semitic turn.
from the country, in the opinion of Representative Strong
(Rep.), of Blue Rapids, Kans., who spoke here recently Return to Italy of Former Italian Finance Minister
before the convention of the Independent Bankers AssociaDe Stefani.
tion. The United States Daily reports this in St. Paul
Before his return to Italy on the M. S. Saturnia, Alberto
advices July 30 and adds:
De Stefani, former Italian Minister of Finance, was tendered
The Independent Bankers Association has for its purpose the combating a farewell luncheon at the Bankers Club, New York, by Dr.
of branch legislation both in Congress and in the State Legislature.
Mr. Strong reviewed recent developments in branch and group banking Romolo Angelone, Commercial Attache' of the Italian
and discussed the hearings being conducted on the subject by the House Embassy, Washington, D. C. Speakers at the luncheon
Committee on Banking and Currency at Washington, D. C.
were: Dr. Angelone, Thomas S. Lamont, Jr., of J. P. Morgan
& Co., Otto H. Kahn, of Kuhn, Loeb & Co., Dr. A. H.
British Labor Committee Asks New Dole to Support
Giannini, Chairman of the board, of the Bank of America
Children.
and Prof. De Stefani.
The following Associated Press advices from London
Seek to Aid Silver Mining—Mexican Interests Propose
June 27 are taken from the New York "Times":
A special committee of the Trades Union Congress and the Labor
Entry Duty Free of Tools and Machinery.
party today issued a report recommending that family allowances be
cablegram from Mexico City July 5 to the New York
A
paid out of the public funds for children from birth to the age for leaving school.
"Times" said:
scheme, added to the present doles, would involve the expendiThis
One of the most important steps in the efforts to find a solution for
of millions of pounds
recommends that five
ture
annually. The report
shillings (about $1.25) be paid weekly for the first child and 3 shillings
weekly for each succeeding child. Illegitimate children as well as legitimate children would receive the allowance.
The report will be discussed by the Trades Union Congress in September and by the Labor party Congress in October.

Creation of Bank For Development of Colonial Agriculture
Provided For in Lisbon Decree.
Associated Press accounts from Lisbon July 8 said:
The Official Gazette today made public a decree approving the creation of a bank for the development of colonial agriculture.

James Speyer in Budapest.
From the New York "Evening Post" we take the following from Budapest, July 10 (Associated Press):
James Speyer of New York arrived here to confer with representatives
V the:Hungarian Government and leading bankers.

Mexico's mining crisis, particularly affecting silver, has been taken in a
memorial from the Mining Chamber of Commerce to the taxation department of the Ministry of Finance, petitioning for the duty-free importation
of all material, tools and machinery used in the production of silver.
Official action on the petition will be taken July 9. when it is expected
some important modifications will be made on the taxation now weighing
on this country's largest industry.

Drop in Silver Affects Canadian Mines.
J. P. Bickell, President of the Castle Tretheway Mines,
told shareholders at their annual meeting on June 25 that
he did not see how mines in Ontario producing only silver
could "keep out of red ink figures," with the price of silver
at its present level. Press advices from Toronto reporting
this added:
He said the company's mines now were just breaking even and advised
that they be shut down unless there was a substantial improvement in
prices. The mines had shown an operating profit, he said, because of the
work done at the beginning of the year before the drop in world silver prices.
The directors were reelected.

Chinese Industrial and Commercial Bank of Hong Kong Mexican Mines to
Operate—Shutdowns in Matehuala
Suspends as Result of Drop in Silver Price.
District Averted, Says Government Department.
Associated Press advices from Shanghai, July 10, said:
The "Wall Street Journal" of July 10 reported the folThe Chinese Industrial and Commercial Bank, with headquarters in
lowing from Mexico City:
Hong Kong and branches in Shanghai and Canton, failed to-day as the
result of exchange operations growing out of the present silver price slump.
Losses were estimated at $600,000 gold. Many foreign depositors were
involved. The failure gave rise to rumors many other Chinese banks
were shaky because of alleged losses from exchange speculations.




Mexico City shutdowns of mines in the Matehuala region in State of San
Luis Potosi petitioned for last week in view of low metal market have been
averted, it is announced by Ministry of Industry, Commerce & Labor.
The Santa Maria de la Paz Y Co. Anexas, which petitioned to be permitted

JULY 12 1930.]

FINANCIAL CHRONICLE

to shut down completely and lay off 4,500 workers, will continue in operation, but will lower all wages that are two pesos a day or more by 20%.
San Pedro, which also asked to be allowed to shut down completely, is to
continue operation until mines are exhausted, giving its employes option
of continuing working to that point or to quit. All those quitting will
receive 25 pesos.

203

officials, but, according to State and Treasury Department
officials,(we quote from Washington advices to the "Times")
did not discuss the financial matters that have occupied him
in New York.
Press advices from Mexico City yesterday (July 11) said:
No Mexican external debt arrangement will be consummated during

Bombay Exchange Suspends Transactions in Specula- the current session in New York, and discussions will be continued here,
according to an important source here, which also is of the opinion that
tive Shares.
Mexico will not ask for a loan at present.
United Press cablegrams from Bombay July 11 said:
Observers here believe progress toward arrangements of the external
An indefinite suspension of transactions in speculative shares on the
Bombay Stock Exchange was announced by the head of the exchange
to-day. The suspension will remain in effect, he said, until confidence is
restored in the market. It was ordered when a heavy drop in the price of
shares occurred following the speech of Viceroy Lord Irwin before the
Indian Legislative Assembly at Simla earlier this week.

Italian Bank Reported Closed.
The following United Press advices from Genoa July 1
appeared in the New York "Herald-Tribune":
The Banca Credito Regionale Ligure, which has branches through
Liguria, closed its doors today in the face of heavy withdrawals. The
directors asked the tribunal to appoint a trustee. Assets of the company were 130,000,000 lire ($6,500,000), while liabilities were nearly
125,000,000 lire ($6,250,000), the directors said.

debt situation has been made at the conferences in New York.

A reference to the debt conversations appeared in our issue
of July 5, page 39.
Mexican Labor Bank Opened.
The following Mexico City advices are from the "Wall
Street Journal" of July 9:
National Labor Bank, whose chief function is to help the unemployed
by creating labor sources and by extending them credit, was opened Monday, when a checking account for 500 pesos was started in the name of
President Ortiz Rubio.
Cash on hand at the opening was 694,366 pesos, capital being 5,000,000

pesos.

A reference to the bank appeared in these columns June 21,
page 4335.

Arabs Start New Bank—Jerusalem Institution Will Provide Offering of $16,100,000 City of Buenos Aires (Argentina)
Credits in Urban Areas.
Gold Notes.
The following is reported from Jerusalem July 1 in the
Public offering of a new issue of $16,100,000 City of
New York "Times" of July 2:
Buenos Aires six months 5% Treasury gold notes was
The Ela Rabi Bank, having an authorized capital of $75,000, but with made July 8 by a group headed by Chatham Phenix
Coronly $20,000 paid in, has just been established here by Arab financiers,
including Abdul Hamid Shamaan, who formerly lived in the United poration and including Blyth & Co., Inc., J. Henry Schroder
States and became an American citizen. The bank's avowed object is Banking Corporation, Halsey, Stuart & Co., Inc., and A.
to provide credits, but its limited funds will not enable it to enter wide Iselin & Co. The notes, dated July 1, 1930 and due January
activities.
The bank was not the result of Jewish economic pressure against the 1, 1931, were priced at 100 and accrued interest to yield
Arabs. Contrarily, the Arabs still obtain considerable loans from the 5%. The proceeds from the sale of these notes will be
Anglo-Palestine Bank which is Jewish while the leading British institu- used for public improvements. The notes are in bearer
tions, Barclay's and the Ottoman Bank, have a large Arab clientele,
form in the denominations of $1,000 or multiples thereof.
enjoying extensive credit facilities.
The new Arab bank was established for business purposes by a small They are subject to redemption at par and accrued interest
group of local capitalists who desire to obtain the adequate security for on 30 days published notice. Principal and interest will be
their investments which is possible through a registered bank. No farm
payable in United States gold coin of the present standard
credits will be given, but activities will be confined to urban areas.
of weight and fineness at the principal office in New York
City of the Paying Agent, without deduction for any ArgenUnion of South Africa Loan.
tine national, provincial or municipal taxes, present or
London—Underwriting is proceeding on Union of South future, when held by others than residents or citizens of
Africa 5% conversion loan maturing 1950-70, according to the Argentine Republic. The Chatham Phenix National
London advices in the "Wall Street Journal" of July 7. Bank & Trust Company is paying agent. Dr. Julio N.
It was further stated:
Bastiani, Comptroller General of the City of Buenos Aires
Holders of /9,722,600 6% 1930-40 loan have been offered conver- in advices to the bankers says in part:
sion privileges of 19,422,900 at 98. Cash applications have been invited at same price.

Municipal revenues reflect the rapid growth in wealth of the City and
have increased from $17,400,453 in 1915 to $39,482,825 in 1929. In.
terest and sinking fund charges on the City's entire funded debt, inNew Tax for Australia—Extra 6 Cents Duty on Gasoline is cluding this issue, require but $6,626,500 annually or approximately
15% of annual revenues in comparison with the 20% maximum fixed
Said to Be Scheduled.
by the Constitution of the Argentine Nation. The 1930 budget, includUnder date of July 4 a message from Canberra, Aus- ing capital outlays, amounts to $45,171,408.
The total funded debt of the City of Buenos Aires, including this
tralia, to the New York "Times" said:
issue, amounts to approximately $87,745,314 of which the external
It is predicted here that the commonwealth budget next week will debt,
including this issue, is $47,474,106, The City has no floating
include an extra 6 cents duty on gasoline, which is expected to yield debt.
The value of municipally-owned properties is estimated at
$11,500,000, and a 2% sales tax on total wholesale transactions.
$233,500,000, while the valuation of all property in the City is estiMoving for the second reading of the income tax assessments bill in mated at $2,504,824,392. Total debt is less than $39.44 per capita
the Federal Parliament today, Treasurer Ernest G. Theodore said there
would be no distinction between American and British concerns, as compared with an estimated wealth per capita of $2,150.
These notes will be the direct obligation of the City of Buenos Aires,
every one trading in Australia should contribute to the revenue in
which pledge sits good faith and credit for the punctual payment of the
similar proportions.
principal and interest thereof. The City of Buenos Aires enjoys a
high credit standing, having pnnctually paid principal and interest
Cuba Seeks $40,000,000 Loan To Be Floated in U. S.— on all outstanding debt during the past thirty-six years. The proceeds
of these notes are to be used for public improvements.
Would Provide for

Improvements in Havana.
The following Havana Associated Press advices July 10
Fiscal Agents of Republic of Bolivia Announce Receipt of
are from the "Times":
Plans for negotiating a $40,000,000 foreign loan for municipal improveFunds for Payment of September Interest on Bonds.
ments with some American banking concern have been announced by Dr.
The fiscal agents here for the Republic of Bolivia, Dillon,
Carlos Miguel Cespedes, Secretary of the Department of Public Works.
According to present plans the money is to be used principally for re- Read & Co., are in receipt of funds for the payment of
constructing the Ventos Springs, which supply Havana with Its water, and interest coupons due September 1,
1930, on the Republic's
for repaving all streets, avenues and boulevards in the city.
An interest rata of 516 /0 is contemplated and the amortization of capital outstanding 7% external secured sinking fund bonds due
and interest is to extend over a period of sixty years.
March 1, 1969.
Conversations on Mexican Debt.
Discussions between members of the International Committee of Bankers on Mexico and Luis Montes de Oca,
Mexican Minister of Finance, looking to a settlement of the
Mexican debt, have proceeded this week, making some
progress toward clarification of the problem, it was stated
on July 7 by Thomas W.Lamont, Chairman of the bankers'
committee. According to the "Times," Mr. Lamont said
there was nothing definite yet to report on the work of the
conference, which was being conducted principally through
the medium of subcommittees.
Luis Montes de Oca, Finance Minister of Mexico, and
his associates visited Washington on July 9 and met several




Revenues of Province of Collo, Peru, Pledged For 7%
Bonds Due 1944.
Revenues of the Province of Callo, Peru, pledged to the
service of its guaranteed and secured sinking fund VA%
gold bonds, due 1944, amounted for 1929 to 88,660.4.97
Peruvian pounds, or $354,642 at $4 per Peruvian pound,
according to statements received at J. & W. Seligman &
Co., fiscal agents for the loan. That it is stated is 2.15
times the annual service charge of $165,000. In 1927, 1928
and 1929, pledged revenues of the province averaged $354,194, or 2.14 times the annual service charges. The Republic
of Peru is guarantor of, and joint and several obligor with
the province on these bonds and contributes annually 24,000

204

FINANCIAL CHRONICLE

[Vol,. 131.

Peruvian pounds ($96,000) to the service of the bonds, this Colombia has been invited by PresidenVelect Olaya to study the budget,
the republic
contribution being in addition to the pledged revenues above tax, customs and public credit system of departments. and make recommendations for the development of these
reported.
The Princeton economist has already acted as expert adviser to many
Redemption of Anglo-French 414% Bonds.
J. P. Morgan & Co., as paying agents, have issued a
notice to holders of Anglo-French fifteen-twenty-five year
4 % external loan bonds, dated October 15, 1915 and due
/
1
2
October 15, 1940, that the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the French Republic will redeem on October
15, 1930, at par and accrued interest all these bonds. The
bonds will be redeemed and paid upon presentation and
surrender, with all subsequent coupons attached, at the
office of J. P. Morgan & Co., 23 Wall Street, on and after
October 15, after which date interest on the bonds will
cease.

lands, including China, the Philippines, Egypt, Poland, South Africa,
Mexico, Guatemala, Bolivia, Ecuador, Chile and Colombia once before.
He was also an expert with the Dawes Reparation Commission.

The proposed survey of Colombia's finances by Dr. Kemmerer was noted in our issue of June 21, page 4336.
Move to Engage Dr. Kemmerer to Conduct Financial Surrey
of Ecuador Held Inadvisable at This Time.
The following cablegram from Guayaquil, Ecuador, July
3, is from the New York "Times":

The recent bulletin of the Central Bank, urging that Professor Edwin
W. Kemmerer be called to Ecuador after the completion of his mission
in Columbia, in order that he may advise the government on needed
changes in the system he established several years ago, has aroused
opposition on the part of the local press.
President Ayora's stand that services of Professor Kemmerer are
unnecessary and inadvisable at the present time on account of the expense is receiving unanimous support from the press.
Bonds of Kingdom of Norway Drawn for Redemption.
laws,
It is pointed out
The National City Bank of New York, as fiscal agent, especially the tariff,that the next Congress will revise the fiscalis not
smoothing out objectionable features. It
has issued a notice to Kingdom of Norway twenty-year 6% known whether there will be tariff increases to meet the increases by
sinking fund external loan gold bonds, due August 15, 1943 the United States.

An item relative to the invitation extended to Dr. Kemto the effect that $459,000 principal amount of these bonds
have been selected for redemption at par on August 15, merer appeared in our issue of June 21, page 4336.
1930. Drawn bonds are required to be surrendered for
redemption at the head office of The National City Bank,
Dr. Kemmerer Discusses Gold Standard for China.
55 Wall Street, New York, with all interest coupons maturDr. Edwin W. Kemmerer, Research Professor' of Intering subsequently to August 15th, next, from and after national Finance at Princeton University, who recently
which date interest on such bonds will cease.
returned to this country after nearly a year in China as
president of the Commission of Financial Experts of the
New Issue of Cedulas Up to 50,000,000 Paper Pesos By Chinese National Government, was (says the New York
"Journal of Commerce") the guest of honor at a dinner
National Mortgage Bank of Argentine.
The Central Hanover Bank and Trust Company of New at the University Club, this city, June 25, given by his fellow directors of International Securities Corporation of
York reports the following from its Buenos Aires office:
The Banco Hipotecario Nacional (National Mortgage Bank) has America and other companies affiliated with United Foundbeen authorized by the President to issue a new series of cedulas up ers Corporation. The paper quoted, added:

to 50,000,000 paper pesos. Present circulation of this paper is given
Dr. Kemmerer discussed informally the work of the Commission of
at around 1,600,000,000 paper pesos. Circulation of the currency re- Financial Experts, which he headed, and particularly the plan for the
There has been a gradual introduction of the gold standard in China which his commission
mains unchanged at 1,315,000,000 paper pesos.
decrease of 26,000,000 paper pesos in the collection of customs revenue recommended. Dr. Kemmerer has previously performed similar services
for the period covering the first five and one-half months of this year, of a financial advisory character to some ten different countries. He
as compared with the corresponding period of 1929. Total customs will leave later this year for Colombia as President of a commission of
revenue from January 1 to June 17, 1930, amounted to 145,000,000 financial experts for the Government of that Republic.
paper pesos.

The report of Kemmerer Commission into China's financial affairs was referred to in our issue of April 5, page
No Prospect of Early Recovery in Argentina's Currency 2321.
Until Movement of Corn Crop.
A cable received from the Buenos Aires office of the
Proposed Reforms in China's Currency System.
Central Hanover Bank and Trust Company, states that
The following is from the United States Daily of June 26:
there appears to be no great prospect of early recovery
Three important reforms aiming at the economic and industrial develin the continued depreciation of Argentina's currency until opment of China, involving among other things, an international exchange bank and unification of the currency system, were adopted at
the corn crop begins to arrive at the ports in large quanti- the third plenary session of the central executive and supervisory comties. The corn movement depends entirely upon the mittee, in recent session, according to Trade Commissioner Frank S.
weather, which has continued to be most unfavorable for Williams, Shanghai, in a report to the Department of Commerce. The
measures are as
this cereal, as the excessive humidity makes loading al- three the ministry offollows: and ministry of industry,
First,
finance,
commerce and
most impossible. Fine dry weather is anxiously looked for labor are to be instructed to prepare for the opening of an international
by shippers and sellers alike, and it is expected that there exchange bank, the unification of the currency system, the expansion
of shipping
will be good shipments of corn about the beginning of native goods.and promotion of the manufactures, and consumption of
July.
Third, the ministry of finance is to be instructed to formulate definite
President of Central Bank in Bolivia Appointed Advisor
to Government—Dangers of Economic Character Reported as Having Disappeared.
The Central Hanover Bank and Trust Company has
received a cable from its correspondent bank, The Banco
Central de Bolivia, La Paz, Bolivia, expressing assurance
that all dangers of an economic character have disappeared
with the settlement of the Bolivian Revolution. The cable
follows:

measures for the creation of government monopolies for tobacco, wine
and matches, in accordance with a proposal of Chu Chi-hua, provisional
minister of civil affairs of Chekiang.
Second, the ministry of industry, commerce and labor, and the ministry of finance are to be instructed jointly to designate security for the
issue of a $200,000,000 public loan for the promotion of various industrial enterprises and to prepare for the development of the country's
major industries.

Drop in Brazilian Exchange—Reported Withdrawal By
Government of Support of Milreis.
Associated Press advices from Rio de Janeiro (Brazil)
"Revolution has been performed by students and young classes of the July 5 published in the New York "Times"
State:
country assisted by the army. Whole country agrees with new proFurther

visional government composed of well known officers of the army.
President of our Central Bank appointed advisor to said government.
Country pacified. Government has declared that all the external and
internal obligations of the republic will be fulfilled. Our opinion is
that all danger of economic character has disappeared. No change will
be performed in our bank."

recession in coffee prices, following a sudden drop in Brazilian
exchange in the last few days, caused today the statement by leading
financial writers that Brazil would face in the next few months the most
serious financial period in her history.
OWithdrawal of the support of the milreis by the Banco do Brazil was
generally unexpected, but it was rumored to have been the result of
conferences between President-elect Prestes and bankers in New York
and London.
Unconfirmed reports were that the President-elect had advised the
Brazilian Government to drop the support of the milreis to let it find
its true level in foreign markets. It also was reported that the Presidentelect took up abroad the matter of an international consolidation loan to
underwrite all of Brazil's present foreign commitments.

Dr. Kemmerer to Aid Colombia on Finances.
Dr. Edwin W. Kemmerer who recently returned from a
year in China as financial adviser for the Nationalist Government of that land, will leave in August for South
America, heading a commission to Colombia, it was learned
Nicaragua Cuts Debt—Customs Bonds Totaling $200,000
on July 4 according to a Princeton, N. J., dispatch to the
Redeemed at Public Drawing.
New York "Times" from which we also take the following:
From Managua, Nicaragua, July 5, the New York "Times"
Dr. Kemmerer, who has become internationally known as a financial
expert, will spend the early Summer in Maine. Tie commission to reported the following:




JULY 12 1930.1

FINANCIAL CHRONICLE

205

Irving A. Lindberg, Resident High Commissioner and Collector Gen- governmental revenues the Chilean government adopted several remedial
eral of Customs, announced that Nicaragua's internal debt had been measures, the first of which was the granting of a subsidy and, later, a
reduced $200,000 today, when the amount of Nicaraguan 1918 5% guar- bonus to nitrate producers. In 1928, at the suggestion of the government,
anteed customs bonds were redeemed at a public drawing in the office a sales corporation was organized by the Nitrate Producers Association to
of the High Commissioner. Nicaraguan and American officials attended obtain better control of sales and to eliminate excessive profits of distribuand expressed pleasure over the rapid amortization of Nicaraguan bonds. tors. Later, an agreement was reached between producers of synthetic and
The Nicaraguan Government in the past year has promptly made all natural nitrates which provided for the formation of a Producers Association
interest and amortization payments on its bonded indebtedness, reducing to fix nitrate prices in all countries except the United States. One of the
the national debt $700,000,000, or 15%. An effort is being made to most recent developments is an agreement between the producers of the
effect a similar reduction this year.
natural product and the Chilean government which proposes to consolidate
While economic conditions are not as good as last year, President the Chilean nitrate industry into a $375,000,000 corporation through which
Moncada is doing everything possible to alleviate the situation by con- the Industry would operate as a unit. It is proposed that the Chilean
structing highways and public buildings, thus giving many employment. government hold half the stock of this corporation, and that the balance
be issued in exchange for the shares of the existing concerns.

Chile to Form Economic Council.
The Institute also says:
"The Government is to abolish the tax on the exportation of nitrates and.
The "Wall Street Journal" of July 8 contained the folin addition, is to sell the remaining undeveloped nitrate deposits, estimated
lowing from Santiago:
at 150,000,000 tons, to the company whenever needed by the latter at a
Chilean government is considering the organization of a council of price to be agreed upon later. During the first three years, the company
national economy to study the
nationalization of all public services, industry, commerce, banking and other fields of business. The council
would designate technical committees necessary to complete the work.

Bolivia Pays on Bonds.
Assurances that the economic problems now faced by
Bolivia as a result of the sharp decline in tin prices will
not affect the prompt service on the nation's external debt
were received on June 7 from Victor Sanchez Pena, Consul
General of Bolivia at New York,says the New York "Times,"
which went on to say:
The Bolivian Government has placed with bankers here the amount
necessary to meet the next payments on Bolivian bonds held in the United
States, due on April 15.
Bolivian bonds in the amount of about $60,000,000 are outstanding in
this market, comprising four issues originally issued in the amount of
approximately $70,000,000. Thus about $10,000,000 have been retired
through sinking fund operations. Except for sinking fund payments,
Bolivia has no maturity of bonds here until 1940 and then only a small
Issue. The balance is due in 1947, 1958 and In 1969.

Credit Position of Chile—Study by Institute of
International Finance.
American dollars are yearly playing a more important
part in the economic development of Chile, according to a
recent credit position study of that republic issued by the
Institute of International Finance, which finds that the
movement of the Chilean public debt indicates a decided
shift from British to American loans. The Institute, a factfinding body organized to study foreign credit conditions, is
conducted by the Investment Bankers Association of America
in co-operation with New York University. In 1929, the
study points out, dollar obligations represented about 54%
of the total direct debt and guaranties of the republic, as
against 42% in 1926. In the same period sterling obligations
declined from 50% to 35% of the total. At the end of 1929
the public debt of Chile, including debts guaranteed by the
government, amounted to $455,897,495, an increase of $133.101,622 within the three years. Service upon this debt it is
stated amounts to approximately 258,000,000 pesos or about
22% of the total ordinary expenditures. As a result of a
governmental policy to reduce external borrowing and to rely
more largely upon its own resources for Its financial needs.
the proportion of the public debt held internally is said to
have increased from 6.5 to 10.3% within the three-year
period.
The increase in the Chilean public debt, the Institute
notes, was occasioned to a great extent by expenditures for
public works and by consolidation of the internal debt. In
1928 and 1929, under a plan which provides for the expenditure of 1,575,000,000 pesos in a six-year construction program,425,000,000 pesos spent for public works. Increasing at
the rate of 25,000,000 pesos per year, these expenditures for
public works will attain a maximum of 325,000,000 in 1923.
In accordance with the law providing for these outlays, all
construction expenses are to be met by means of loans which,
in turn, are to be serviced out of the surplus of the ordinary
budget. The Institute, in a summary of its study, adds:

is to guarantee to the Government an income of $23,000,000, $20,000,000
and $17,000,000, respectively. After that time the Government will re•
linquish its right to priority to the revenues of the company and will rely
exclusively upon income from its shares in the company as a source of
revenue from the nitrate industry. The company is authorized to lame
debentures in order to obtain the above mentioned amounts."

Although production and the value and volume of exports
of nitrates have increased, the Institute notes that the importance of nitrates in the foreign trade of Chile has declined
steadily since 1913. The exportation of copper, on the other
hand, has increased from about 5.5% of total exports pa 1913
to 31.7% in 1928. Chilean production of copper is increasing
at a more rapid rate than that of the world; during the
1920-28 period the total world production of copper increased
by 74% while that of Chile increased by 192%. In 1928
Chile accounted for 17% of the world's production, as compared with 10% in 1920. Production of copper in Chile is
concentrated in the hands of six companies, most of which
are controlled by American capital. Although the number of
companies in operation has been reduced from 23 in 1913,
production has been increased by almost 600% since that
time.
Bonds of Republic of Cuba Drawn for Redemption.
Holders of Republic of Cuba external loan 30-year sinking
gold bonds, dated Jan. 26 1923, have been
fund 5
notified that $177,500 principal amount of the bonds have
been drawn by lot by J. P. Morgan & Co., fiscal agents, for
redemption on July 15 1930 at par. Bonds so drawn will
be paid out of sinking fund moneys available, upon presentation and surrender with subsequent coupons attached
at the office of J. P. Morgan & Co., 23 Wall St., on or
after July41.5, after which date interest on the drawn bonds
will cease.
Bonds of Agricultural Mortgage Bank of Republic of
Colombia Drawn for Redemption.
Hallgarten & Co. and Kissel, Kinnieutt & Co., fiscal
-year 7% sinking fund gold
agents for the guaranteed 20
bonds, issue of January/1927, of the Banco Agricolo Hipotecario (Agricultural Mortgage Bank),Republic of Colombia,
announce that there have been called for redemption on
July 15 1930, out of moneys payable to the fiscal agents of
this loan, $44,500 principal amount of the bonds. The
/
bonds will be payable at the office of either of the fiscal
agents on July 15 1930. Interest will cease to accrue on
the bonds on that date.

Tenders AskedIforiBondifof City of Cordoba (Argentina).
White, Weld & Co., as fiscal agents for City of Cordoba
(Argentine Republic) 7% external sinking fund gold bonds
of 1927, due Aug. 1 1957, are requesting tenders of a sufficient amount of these bonds as will exhaust the sum of
$33,617 now held in the sinking fund under the fiscal agency
agreement. Bonds must be tendered at prices below par,
exclusive of accrued interest, and those accepted must be
delivered to the fiscal agents at their office at 40 Wall Street
This public works program, the Organic Budget Bill of 1925, and the
on or before July 21 1930.
monetary reforms adopted upon the recommendation of the Kemmerer Com-

mission have altered very radically the budgetary system of Chile. As a
result, the budget has shown during the past few years a continuous excess Chairman Legge of Federal Farm Board Warns Farmers
of revenues, the most important single source of which Is duties on imports.
Wheat Buying Is Over.
Revenues from the tax on the export of nitrates, which amounted to 50%
of total revenues in 1920, have shown a very consistent decline. In 1929
Last night's New York "Evening Post" reported the
they amounted to 22% of the total, and it is estimated that they will amount following Associated Press dispatch from Amarillo, Tex.
to about 15% this year. It is apparent that the equilibrium of state
finances is becoming less dependent upon conditions affecting the nitrate (July 11).
Ending a two-day campaign In Kansas expounding the Farm Board's
industry.
Chairman of the Board,
The national wealth of Chile is based, to a considerable extent, upon the wheat acreage reduction program. Alexander Legge,
to-day brought their prosodium nitrate industry. Sodium nitrate Is its principal export product, and Arthur M. Hyde. Secretary of Agriculture
usually representing from 40 to 50% of total exports. Since 1920, how- posals to the Texas Panhandle.
They parted company with Governor Clyde M. Reed of Kansas after
ever, the nitrate industry of the country has been adversely affected by the
curtailment plan.
increased production of synthetic nitrates. To protect home industry and he had sounded his opposition to the




206

FINANCIAL CHRONICLE

Mr. Legge gave notice the Farm Board would not buy more wheat. He
told his audience the Board was spending $1,000,000 a month to carry
more than 60,000,000 bushels of the 1929 surplus. He urged wheat raisers
to "sit tight," predicting if they did so the market would improve 25 cents
a bushel.
Secretary Hyde said the farmer had the choice of cutting production or
continuing to suffer from large surpluses.

[VOL. 131.

consider the possibility of an acreage adjustment program as a means
of improving their conditions.
Some believe that wheat farmers can increase their profits by a further
reduction in their production costs. The Farm Board has no criticisms to
offer to the advocates of a cost reduction program. Lowering production
costs wherever it is possible and adjusting acreage so that less wheat will
be produced are the two fundamental things that farmers must do to increase their profits.
Back of all of this, we come to the fundamental problem of how this can
be brought about and the answer is organization. The more completely
the producers can organize into units for collective action, the more quickly
will we attain the desired end.

Wheat Curtailment Campaign by Chairman Legge of
Federal Farm Board and Secretary of Agriculture
Hyde—Tour of West.
From Hastings (Neb.) the following account of Mr.
The nation's wheat growers were warned on July 3 by Legge's speech in that city, July 7, was given in the New
Secretary Hyde of the Department of Agriculture that York "Times":
Welding of all grain growers in the country into one great co-operative
curtailment of acreage is imperative if the producers are to
organization
receive any profits for their labor during the next decade. to-day by which would adjust wheat production to demand was urged
Alexander Legge, Chairman of the Federal Farm Board, as a
Both Secretary Hyde and Alexander Legge, Chairman of the means of returning the wheat growing industry to a profitable basis.
In his opening address in a campaign to obtain support among Western
Federal Farm Board in opening the Administration's latest
a reduction in wheat acreage, with a view to stimulating prices,
campaign to bring about a curtailment of wheat production, farmers forsaid, in
Mr. Legge
part:
delivered addresses in Washington over the radio on July 3, "To insure the return of wheat production to a sound, successful inand the present week they have been touring the West, dustry it is necessary that collective, co-operative action be taken looking
the reduction of the wheat acreage.
speaking at Hastings, Neb., July 7; Sterling, Colo., July 8; to"A 25% reduction will put production on a domestic basis and give you
Hays, Kan., July 9 and Dodge City, July 10.
the full benefit of the 42% tariff. Reduce the acreage of wheat, without
United Press dispatches from Washington referring to the regard to what is done with the land thus released for other purposes.
You can put this land into grass
of
speeches by radio of Secretary Hyde and Mr. Legge on coming generation. Do anythingfor the benefit of your children and . the
.
.
with it, but don't raise wheat on it.
July 3 said:
Prices Stir Leaders.
Recent low grain prices have stirred Hyde and Legge to adopt every
feasible measure to aid the situation without invoking the emergency
stabilization powers of the Farm Board. The administration leaders feel
that for the Board to buy additional wheat—it now holds more than 50,000.000 bushels at a heavy loss—without going to the root of the surplus
problem on the farm would be an uneconomical procedure.
Taking a broad view of the world wheat outlook for the next decade,
Hyde held forth little hope of profits for grain growers unless some unforeseen crop losses occur to reduce the ever present surplus which grows
yearly as the annual carryover is stored in wheat bins.
"Our facts plainly show," Hyde told his farm audience, "that extensive adjustments in wheat acreage and substantial reduction in cost a
bushel must be made if wheat is to be profitable to growers in the next
six to ten years. A world-wide wheat production has intensified competition in world markets. There has not been a corresponding increase in
effective demand. '
Expects Rise.
"We do not expect wheat prices to remain as low as they have been
during the past month. Nevertheless, the present prospect is that world
wheat prices during the next seven years will average appreciably lower
than in the past seven years.
Expansion of wheat acreage in the United States, Canada, Argentina
and Australia, together with good prospects that Russia soon will reenter world trade in wheat, were cited by Secretary Hyde as major factors
in the large surpluses ofrecent years.
On the demand side a diminishing population increase, declining purchasing power and a lessened demand from foreign lands, now growing
their own wheat in full measure for the first time since the war ravaged
their fields, indicate smaller wheat orders.
Sharp curtailment of United States wheat acreage in favor of other
crops less likely to be menaced by a large surplus would have a favorable
effect on the domestic grain prices, Hyde predicted. Establishment of
new wheat growing areas is likely to prove hazardous, Hyde warns, in the
face of this situation.

Income Reduction is Seen.
"If by this increased acreage the result Is only to reduce your income,
not to increase it, the operation is distinctly to your disadvantage. Even
if the land were put back into grass it would serve the double purpose of
increasing present income and insuring a better return to your children and
those who come after, as, after all, the amount of this prairie land you
have been breaking up so freely of late is limited.
"I am thoroughly convinced that through organization sufficient benefits can be derived from the better marketing of what you raise. With
the burdensome surplus now existing to justify the organization of the
growers for collective action, and if worked out to a degree that a great
majority of the producers of any particular crop could act collectively,
adjustment in production becomes suitable and easy to maintain.
"But in the last analysis the matter of what you are going to do about the
tuation must be left to the producer."
About 1,000 farmers and business men braved a 100
-degree temperature
to hear the address.

Associated Press dispatches from Hastings, July 7, said:
Harold Hedges of the University of Nebraska rural economics department, in talking with Hyde and Legge predicted that if the present low price
of wheat continued "the tendency will be for southeastern Nebraska farmers
to turn to other crops, for central Nebraska farmers to cut down wheat
acreage a little and for western Nebraska farmers to contue to grow wheat on
about the same basis as at the present time.
He quoted figures to show it cost approximately $10 an acre to grow wheat
in southeastern Nebraska in the last three years. With wheat at 75 cents a
bushel, he said Cass County farmers would get four cents an hour for labor.
Larger fields and bigger machinery make it possible to produce wheat in
western Nebraska for about half the cost per acre, which would return 66
cents an hour for labor.

Benefits of the recently enacted tariff bill will accrue immediately to the wheat farmer if he will balance production
with demand, Messrs. Hyde and Legge told 3,000 farmers
of Colorado and Nebraska at a mass meeting at Sterling,
From Station WRC in Washington July 3 Chairman Colo., July 9, according to United Press advices which also
Legge spoke as follows, over the National Broadcasting said:
Declaring that the law of supply and demand still rules the world, Arthur
Company's chain of radio stations.

You have just heard Secretary Hyde give a brief summary of the world
wheat situation. It is not one that offers hope for improvement of return
to the American wheat grower in the near future if he continues to produce
so much wheat that the price for all his crop is determined by the part he
must sell in the world market. We of the Farm Board have given this
situation much thought and consideration and it is our judgment that there
is only one sure way for the farmers of this country to meet it satisfactorily.
My comments will be confined to a suggestion of how best to deal with
the wheat situation. Comments coming to the Board from various sections of the country
indicate that there are still a considerable number of persons who are
laboring under the delusion that through some mysterious process, the
surpluses of agricultural commodities, no matter how large, can be disposed
of abroad without interferring with that portion of the commodity that is
consumed in the domestic market. All information we have on the subject
tends to discredit the possibility of any such solution along this line.
On wheat, practically every importing country in the world, except one,
already has passed definite legislation restricting importations and in some
instances absolutely barring the importation of wheat at any price level
lower than the price that commodity is bringing in the country from which
it is exported. In other words, they have gone so far as to say formally
that action of this kind is "dumping" and pretty nearly every country in
the world has regulations prohibiting this being done. Of this we cannot
complain as our own country has a very similar law covering the same
proposition. Under our tariff law American producers are protected so
that when farmers of another country are paid a bonus by their own Government on an exported farm product, our duty on that particular commodity
is automatically increased by the amount of the bonus. Therefore, in
seeking a solution of the wheat surplus problem,it is my judgment that we
might as well abandon any theory which contemplates selling abroad at
prices lower than those currently prevailing in this country.
Substantial improvement can be made through a better regulated marketing of what we produce, and in my judgment a substantial gain is being
made in the improvement of the present marketing system through organization of producers.
We will have to go beyond that, however, for a complete answer, and
that answer is an adjustment of production to the end that it more nearly
conforms to the potential domestic demand. Last spring the Federal
Farm Board asked the spring wheat farmers of the Northwestern States
to give serious consideration to the necessity for adjusting their wheat
reduction program. Reports from that section show that growers responded to the suggestion and reduced their acreage. The Board indicated
at the time that farmers of the winter wheat belt would also be asked to




M. Hyde, Secretary of Agriculture, said the only remedy for the present
wheat depression was a reduction of wheat acreage.

Chairman Legge's remarks were along the lines of his
speech at Hastings.
Federal Farm Board to Keep Co-operative Loans Secret
—Now Over $130,000,000.
The Central City (Nab.) Republican of June 28 reproduced from the Omaha World-Herald the following Washington advices June 11:
Although it is known to have loaned out more than 130 million dollars
to co-operatives, the Federal Farm Board has Invoked the rule of secrecy
as to its financial transactions and decided to treat as confidential information concerning its beneficiaries and their monetary operations.
This was learned to-day when officials of the Board declined to disclose
their records upon monies loaned to co-operatives for the purchasing and
leasing of the creameries, canneries and other foodmaking industries as
well as the total sums paid out to such co-operatives. Inquiries were made
following reports that food-making concerns are unloading their properties
upon co-operatives partially financed with government funds.
Avoid Exposing Plant
"We have ceased giving out this specific information in order to avoid
exposing the status and plans of the co-operatives to marketing competitors," a Farm Board spokesman explained. "We now are protecting the
co-operatives as a bank protects its clients."
The most recent authentic statement of the farm board's loans was a
summary prepared from a secret hearing before a house appropriations subcommittee and inserted in the congressional record May 27 by Representative James P. Buchanan dem., Tex.). This summary showed the commitments of the board to be as follows:
Cotton, $50,548,000; wheat and other grains, $48,515,000; fruit and
canned goods, $11,244,000; live stock, $8,500,000 ; wool, $5,385,000;
dairy products, $7,157,000; miscellaneous, including beans, honey, potatoes, rice, tobacco and feed, $1,431,000; total commitments, $132,880,000.
Of the amounts loaned, according to the Buchanan report, six million
dollars has been repaid and repayments of 10 million dollars more are
expected in the next three months.

JULY 12 1930.1

FINANCIAL CHRONICLE

Plan Big Wheat Loan.
"By going over the hearing," said Representative Buchanan, "I have ascertained that the Farm Board expects within the next six months to approve applications for loans, commodity loans principally aggregatng 50
million dollars on all commodities except wheat, and on cotton and wheat
they expect commitments of 100 million dollars. This makes 150 million
dollars they expect to be called upon to loan in the next six months."
On the basis of the Buchanan figures, therefore, by next December the
Board will have loaned about 282 million dollars, or more than one-half of
its 500 million dollars revolving fund.

Co-operative Associations May Recover Excess Advances
from Member—Department of Agriculture Construes Liability—Federal Farm Board May Exercise
Same Power—A Concealed Danger.
From the June 26 issue of the Central City (Neb.) "Republican" we quote as follows:
The following is from the By-laws of the New Mexico Co-operative Wool
Marketing Association, adopted at first meeting of members, Feb. 13 1930,
Aubuquerque, N. If.:
ARTICLE X.
Advances to Members.
"In the event that the Association in any year shall advance to a member, an amount in excess of the net amount realized by the member from
the sale of his wool, the member shall repay to the Association such excess,
with interest thereon at the rate of 6% per annum from the date of the
sale of the member's wool."
Department of Agriculture Construes Liability for Over Advances.
The following paragraphs are taken from United States Department of
Agriculture Bulletin No. 1106, entitled "Legal Phases of Co-operative Associations," prepared by L. S. Hulbert, Principal Marketing Economist of the
Division of Co-operative Marketing, Bureau of Agricultural Economics, on
pages 58 and 59:
Excess Advances for Payments.
"Co-operative associations frequently make advances or partial 'payments'
to their members on receipt of their products. Now, in the event that the
advances or payments made should exceed the amount to which the member
Is entitled, after deducting marketing expenses and all other authorized
deductions from the amount received from the sale of his products, may the
association recover the amount of such excess advances or payments from
the member? The answer is 'Yes.' The basis for the recovery is the
doctrine that no man shall be allowed to enrich himself unjustly at the
expense of another, or shall be allowed to retain money that in 'equity and
good conscience' belongs to another. (a).
'The right of commission merchants and factors to recover the amount
of excess advances made by them is settled, (b) and this would include
co-operative associations that function along the same general lines. In
the case of co-operative associations that use the purchase-and-sale or the
agency type of contract, the obligation of the association is to pay the member the amount received for his products on a pool basis, or otherwise, less
authorized deductions. If a member, regardless of the type of contract involved, receives more than this amount, be has received something to which
he is not entitled, and hence the association may recover it. A number of
co-operative associations have done so. (c).
"Arkansas Cotton Growers' Co-op. Assn. v. Brown, Ark. 16 S. W. 177;
California Raisin Growers' Assn. v. Abbott, 160 Cal. 601, 117 P. 767;
Sugar Loaf Orange Growers' Assn. v. Skewes, 47 Cal. App. 470, 190 P. 1076;
California Bean Growers' Assn. v. Williams, 82 Cal. App. 434, 255 P. 751;
Lake Charles Rice Milling Co. v. Pacific Rice Growers' Assn, 295 F. 246;
see also Farmers' Union Co-op. Shipping Assn. of Natoma v. Schultze, 112
Ran. 675, 212 P. 670.
'In the case just cited involving the California Raisin Growers' Association, the Association, which functioned on an agency basis, successfully
brought suit against 600 growers on account of excess advances made to
them, for the purpose of having the money distributed among members of
the Association, who had been underpaid and among certain creditors of
the association who were also parties to the suit."

207

Following are the co-operative associations whose names appeared as
signers to the resolution:
Berrin County Milk Producers' Assn., Benton Harbor, Mich.; California
Milk Producers' Assn., Los Angeles, Cal.; Challenge Butter & Cream Assn.,
Los Angeles, Cal.; Chicago Equity Union Exchange, Chicago, Ill.; Connecticut Milk Producers' Assn., Hartford, Conn.; Co-operative Pure Milk
Assn., of Cincinnati, Ohio.; Dairymen's 0o-operative Sales Co., Pittsburgh,
Pa.; Coos Bay Mutual Creamery Co., Marshfield, Ore.; Dairymen's League
Co-operative Assn., New York City; Des Moines Co-operative Dairy Mktg.,
Des Moines, Ia.; Farmers' Mill Producers' Assn., Richmond, Va.; Grays
Harbor Dairymen's Assn., Satsop, Wash.; Illinois Milk Producers' Assn.,
Peoria, Ill.; Indiana Dairy Marketing Assn., Muncie, Id.; Inland Empire
By-Products Co., Spokane, Wash.; Inter-State Milk Producers' Assn.,
Philadelphia, Pa.; Iowa Co-operative Creameries Secretary and Managers'
Assn., Waterloo, Iowa; Land o' Lakes Creameries, Inc., Minneapolis, Minn.;
Lewis Pacific Dairymen's Assn., Chehalis, Wash.; Lower Columbia Co-op.
Assn.,
Dairy Assn., Astoria, Ore.; Maryland & Virginia Milk Producers'
Md.;
Washington, D. C.; Maryland State Dairymen's Assn., Baltimore,
Milk
Miami Valley Co-op. Milk Producers' Assn., Dayton, Ohio; Michigan
of San Diego
Producers' Assn., Detroit, Mich.; Milk Producers' Assn.
Assn. of Summit County, Akron,
County, San Diego, Cal.; Milk Producers'
National
Ohio; Milwaukee Co-op. Milk Producers', Milwaukee, Wis.;
Produce
Cheese Producers' Federation, Plymouth, Wis.; New England
Ohio
Assn., Boston, Mass.; Northwestern Co-op. Sales Co., Wauseon, Ohio;
Chicago, Ill.;
Farmers' Co-op. Milk Assn., Cleveland, Ohio; Pure Milk Assn.,
Columbus. Ohio; Seattle Milk
Scioto Valley Co-op. Milk Producers' Assn.,
BurlingShippers' Assn., Seattle, Wash.; Skagit County Dairymen's Assn.,
Louis
ton, Wash.; Snohomish County Dairymen's Assn., Everett, Wash.; St.
ProPure Milk Producers' Assn., East St. Louis, Ill.; Stark County Milk
Tillamook,
ducers' Assn., Canton, Ohio; Tillamook County Creamery Assn.,
Mica.; Twin Ports CoOre.; Twin City Milk Producers' Assn., St. Paul,
Milk
operative Dairy Assn., Superior, Wis.; Valley of Virginia Co-op.
Producers, Harrisburg, Va.; Whatoom County Dairymen's Assn., Bellingham, Wash.; Yakima Dairymen's Assn., Yakima, Wash.—The Co-operative
Manager and Farmer.

Gov. Reed, of Kansas, Clashes With Chairman Legge
of Federal Farm Board, and Secretary Hyde—
Governor Assails Wheat Curb.
The proposed reduction of acreage of Southwestern hard
Winter wheat was made a subject for spirited debate before an assembly of 1,500 persons at Hays, Neb., July 9,
with Secretary Arthur M. Hyde of the Department of
Agriculture and Alexander Legge, Chairman of the Federal Farm Board, upholding the affirmative and Governor
Clyde M. Reed of Kansas the negative. This is indicated
in Associated Press dispatches from Hays to the New York
"Times" from which the following is also taken:

the
To their previously expressed view that they were only presenting
as they saw them,
facts and the outlook concerning the wheat situation
chief agricultural spokesmen heard from the Kansas
the Government's two
Governor what he described as "the other side of the picture."
Challenged by the Governor to explain why the Farm Board "doesn't
do something" to protect wheat growers in view of the current depressed
prices for this grain, Chairman Legge said wheat already had received
in the Board's stabilization operations twice its proportionate share of
the $500,000,000 relief fund.
Governor Reed, who proposed that the Board purchase an additional
25,000,000 or more bushels of wheat, on the theory such buying would
bolster prices, quoted a part of a letter received from Chairman Legge in
which the latter expressed agreement with Mr. Reed's opinion that the
"world situation, from the standpoint of supplies, does not justify prices
as low as those offered at the time of the present letter." dated June 30.
Secretary Hyde denied the Government's representatives were attempt,
ing to tear down prosperity in Western Kansas, the heart of the area for
which acreage reduction is proposed. He said the mere volume of the
crop was not as important in paying the bills as profit.
Secretary Hyde said producers of wheat, in which Kansas holds a leading position in the United States, had been breaking the law of supply
and demand in creating large surpluses.
Asserting he was "speaking for Kansas" in opposing the reduction of
Forty-four Farmer Co-operative Associations Warn
Governor Reed suggested reduction proCongress of Dangers in Agricultural Marketing wheat acreage in this section, understood if applied to Ohio, Indiana,
posals "would be more easily
Act.
Illinois, Kentucky, Michigan and Wisconsin, rather than this area, noted
the best quality wheat
which
From the June 26 issue of the "Central City Republican" for its cheapness of production and else so raiseshe said.
well,
in the world." It can raise nothing
of Central City, Neb., we take the following:
Answering this contention. Chairman Legge said wheat production east
and
We hereby clearly, emphatically and completely disassociate ourselves from of the Mississippi River did not amount to "a drop in the bucket"
increase had occurred.
all of the provisions that require co-operative marketing associations to that reduction should be made in the sections where
own, control and manage the Stabilization Corp., and voice our hope that
no co-operative marketing association will engage in any experiment involvFarm Board Policy Seen as a Failure—Gov. Christianing so great a risk.
We consider the clearing houses to be dangerous experiments in the field
son, of Minnesota Declares Only Remedies Are
of trade. The history of such ventures reveals that they cannot succeed.
Drastic Production Curtailment or Surplus SegreWe protest the unwise and dangerous policy of loans to co-operatives
gation.
for so-called educational purposes. This disguises the evident intent to
permit loans to set up high -power, high-pressure soliciting organizations
Governor Theodore Christianson of Minnesota declared
and to induce farmers by such methods to join co-operative associations.
the present policy of the Federal Farm Board has proved
Any move to organize co-operatives should be based upon the idea that a failure, and that the only remedies for the wheat situathe producers themselves must be so thoroughly convinced of the need and tion are either drastic curtailment of production or segresoundness of the movement that they, themselves, would be willing to pay
gation of the surplus. This is made known in St. Paul
the initial costs of setting up their organizations.
Street Journal" of July 7 which
We call attention to the fact that the co-operative self-help move among advices to the "Wall
farmers, without forced methods or governmental pressure, is making steady further indicated as follows what he had to say.
headway on a sound basis.
He declared the time is ripe for further effort to develop machinery for
farm aid bill is the provision handling surplus of the United States crop and that Europe cannot buy
One provision that should have no place in a
divert or shift any bureaus or divisions wheat from abroad if she cannot sell her industrial products abroad.
which gives the President power to
"There has not been any great increase in production, but there has been
to the Farm Board.
farm relief can be secured and a curtailment of domestic consumption, due to changes in eating habits
We are convinced that no permanent
the domestic market of the people and a slowing down of the increase in population," said
maintained without such import duties as will reserve
Governor Christianson. "However, in my opinion the principal reason
for our agricultural producers.
United States Chamber of Com- for the present acute situation is a reduction in foreign demand. Europe
These are not the declarations of the
any similar group.
has not yet been able to come back industrially and is therefore forced to
merce, of the established grain trade, or of
considered opinions of 44 farmer co- turn her energies to agriculture.
On the contrary, they are the well
Co-operative Milk Producers
"The principal European countries are making strenuous efforts to make
operative associations, comprising the National
annually themselves self-supporting, so far as wheat is concerned," continued the
marketing over $300,000,000 worth of dairy products
Federation,
Governor. "Europe cannot buy her wheat abroad if she cannot sell her
and boasting 315,000 fanner members.




208

FINANCIAL CHRONICLE

industrial products abroad. The necessity of meeting reparations
and
debt payments has also contributed to make her situation serious."
"It is quite clear to me that the recent program of the Farm Board will
not take care of the present situation. I believe that in view of the failure
of that program, another effort should be made to devise some way to segregate the surplus. Various methods have been proposed, and surely from
these suggestions it should be possible to develop a workable plan."

M. H. Wolfe of Farmers' Market System of Dallas Tells
President Hoover That 98% of Texas Cotton Crop
Is Out of Reach of Farm Relief Measure—Asks
Fair Treatment.
President Hoover was on July 9 apprised of
the situation with respect to cotton marketing by M. H. Wolfe,
General Manager of the Farmers' Marketing Associatio
n of
America, Inc., accorditig to a Washington account
July 9
appearing in the New 'York "Journal of
Commerce," this
also stating:
After conferring with the President, Mr. Wolfe told newspaper
men that
"there are two schools of co-operative marketing associations
in the State of
Texas operating on different principles and in fact in the
South." He
asserted that they do not agree on "the diagnosis of the case or
the remedy
in all the details."
"The first school," Mr. Wolfe continued, "is known as the
Sapira system of handling cotton represented by co-operatives and fostered
by the
Federal Farm Hoard. This school or system makes special
stress on collective marketing of cotton, while the other school, as
represented by the
Farmers' Marketing Association of America, believes in
co-operative marketing of cotton, with special stress on securing a price
equal to cost of
production and a reasonable profit.
Says 98% Outside in Texas.
"In Texas only about 2% of the cotton is being sold
through the Texas
Co-operative Marketing Association affiliated with the
Federal Farm Road,
which leaves 98% of the Texas crop out of reach of the farm
relief measure.
"What we are definitely interested in is some plan of
reaching this 98%
and organizing this large group or farmers into some
association where the
farm relief measures can be used for all farmers alike."
"Texas produces an average of 5,000,000 bales of cotton
annually and it
would be impossible for any one organization to handle one-fifth
of the Texas
crop economically and efficiently. For that reason, our position
is that
the Federal Farm Board's policy should be made broad enough
to take
into consideration this other group of co-opreative marketing
associations
and thereby make the farm relief measures really
effective.
"Everybody knows that doctors are not disfranchised because
they refuse
to join one certain school of medicine and there is not reason
to believe that
farmers should be disfranchised and cut out of farm relief
funds because
they are not willing to join one specific form or method of operation.
All we
ask is just, fair treatment at the hands of the administration and
we have
every reason to believe that serious consideration will be given to his
question."

Federal Farm Board Favors Movement Among Farmers
to Hold Wheat Off Markets.
"The tendency on the part of farmers to keep more of
the wheat at home is a movement in the right direction,"
in the opinion of the Federal Farm Board, which,
in a
statement issued July 1, says:
Reports are coming to the Federal Farm Board from some of the large
grain growing States of a widespread movement among farmers to
hold
sufficient wheat off the market to prevent congestion at the terminals
with the hope it will have the effect of improving prices.
The tendency of growers for the last several years has beets to market
the wheat crop direct from the combine or thresher. While this is a convenient way of handling wheat, it is out judgment that the change is
an
expensive Mee tot the grower. Somebody must provide storage and other
carrying charges for that grain from the time it it delivered to a local
elevator until it is needed to supply the demands ci consumption. The
cost of this transaction is far greater than the cost would be 'to the fanner
if he stored a portion of his crop until such time as there was a
demand for it.
The rushing of such a large percentage of the crop to market frequently
results in congestion of storage at the terminals to the extent that owners
of private elevator space are enabled to fill their bins at prices substantially
below the current market value at the time the wheat is shipped.
This process also has the further disadvantage of putting much of
the
available supply of grain in the show windows where the buyers, realizing
that somebody is paying money to carry this wheat every day it is there,
have the advantage of knowing they can get it quickly and too frequently
buy at their own price. Therefore, we feel that the present tendency on the
part of farmers to keep more of the wheat at home is a movement in the
right direction.
None of us can tell what the future will bring, but in view of the
fact
the probable available supply the coming year is not likely to exceed the
available quantity a year ago, we have every reason to hope for a better
average price than now prevailing.

Wheat Growers Warned to Cut Area Sharply—Profits
for Next Six to Ten Years Imperiled, Department
of Agriculture Holds.
The following United Press advices from Washington,
the New York "Herald Tribune":
A forthright warning to wheat growers that sharp reductions In serene
are imperative if they are to eeceive any 'profile is, the next bit to 10 years
was made to-night by the Department Of Agricultnre in a statement on the
world wheat outlook.
Portraying gloomily the prospects tor wheat profits during the next deeade
In the face of increasing production and declining demand, the survey said
extensive adjestmehts in wheat acreage "must be made if production is to
be made profitable to growers."
The world outlook warning, the most far-reaching ever issued to grain
growers, recommended that wheat farmers seriously consider devoting subetantial portions of their wheat acreage to other crops or to livestock.
Been competition will continue in the export trade with the likelihood
that Itu,,la '4.11 again become an important factor soon, it added.

July 2, are from




[vol.. 131.

Issuance of the report with its pessimistic conclusions was the
opening
shot in a new campaign by agriculture leaders here for curtailment
of acreage. Secretary Hyde and Chairman Legge, of the Federal
Farm Board,
are leaving Washington in a few days for a "barnstormi
ng" tour of
Western grain States to carry the word direct to farmers in
platform and
radio speeches.
"While improvement is expected over the low level of prices
in the last
month," the Department's statement said, "the present
prospect is that
world wheat prices during the next seven years will
average appreciably
lower than in the last seven years.
"In years of short world crops, with business conditions normal
or better,
prices will doubtless be much higher than those now prevailing,
but In other
years large world crops may result in prices even below the present
level.
"Stocks of wheat increased materially from 1926 to 1929
as a result
of increasing crops. From the large 1928 crop an exceptionally
large
amount was carried over. A surplus condition persists in spite
of a much
shorter crop in 1929; although the carry-over into the 1980-31
season is
less than last season it is still very large.
"Under the pressure of the accumulated wheat surplus, reinforced in
1929
by large crops of other cereals in Europe and a world.wide business
depression acoompanied by a marked decline in commodity prices in
general,
wheat prices have fallen below the low levels reached in 1923-24."
Present prospects are that the 1980 wheat crop will be only a trifle
larger than the small 1929 crop, it added, but warned that "unless serious
crop deterioration should occur this year, prices satisfactory
to wheat
growers can not be expected until stocks are reduced to more normal
size
and production is brought in line with consumption."

Leasing Plans of National Grain Stabilization Corporation With Washburn Crosby Co. for Wheat
Storage Halted.
The "Wall Street Journal" of July 3, in St. Paul advices,
said:
Plana of the National Grain Stabiltration Corp. to enter into a leasing
contract with the Washburn Crosby Co. of Minneapolis for storage of wheat
In the milling concerns' elevators have been halted by an opinion
of
John F. Bonner, Assistant State Attorney-General.
Minnesota laws have strict provisions regarding public and private grain
elevators, designed to prevent any elevator from showing discriminatio
n
in accepting grain for storage. Under these statutes, Mr. Bonner held,
the Washburn Crosby Co. would have to throw its elevators open to the
public if it entered the proposed contract with Grain Stabilization
Corp.
Grain Stabilization Corp. had planned to store wheat in the Washburn
Crosby Co. elevators, giving the company an option to
purchase.

First Trust & Savings Bank of Chicago Named as
Receiver for Rural Grain Company.
According to Chicago advices to the "Wall Street
Journal"
July 1, the First Trust 8: Savings Bank of Chicago was
appointed receiver without bond for the Rural
Grain Co.
Which recently was suspended from the Chicago
Board of
Trade. Appointment was made by Federal Judge
J. E.
Woodward. This follows filing of voluntary
bankruptcy
petition without schedule. A reference to the sus
-pension
of the Rural Grain Co. appeared in our issue of June
of

21,

page 4337.

The following regarding it is from the Chicago
"I'ost" of June 28:
The Rural Grain Co., which failed recently, has a deficit of
$185,131,
it was announced yesterday following a report by auditors who
had been
working on affairs of the concern since its suspension from
the Chicago
Board of Trade on June 17. The company filed a voluntary
bankruptcy
petition in Federal Court yesterday.
According to S. J. Cottington, President of the insolvent farmer
and
farmer-elevator owned company, "all indications are that a deficit
was
partly due to unauthorized speculation in grain futures by E. V.
Maltby,
the General Manager, although this has not been definitely
established."
Mr. Maltby had a $10,000-a-year contract with an agreement
not to deal
In grain futures trades for himself or for the company, Mr.
Cottington said.
Mr. Maltby could not be reached yesterday.
Six Creditors Listed.
Six creditors stand to lose from $5,000 to $50,000 on various
outstanding
accounts. The audit statements list the Farmers' National
Grain Corp.
as facing a $50,000 loss; the Continental Illinois Bank & Trust
Co., $20,000;
the Congress Trust k Savings Co., $29,000; F. S. Lewis &
Co., $35,000;
Leland Farmers' Grain Co., $5,000, and the Grain
Stabilization Board,
$37;000. In addition, there is the New Amsterdam
Casualty Co., which
had bonded Mr. Maltby for $25,000. Its representatives
are scheduled to
come to Chicago Monday for an investigation.
A receiver is to be asked to-day before Federal Judge Wilkerson.
Several
items on the books as of June 10 are still being investigated.
Discrepancy Ls Found.
One of them relates to an apparent discrepancy of e34,293
between the
Chicago office accounts and those of a branch office at Peoria.
Under Mr.
Maltbrs management, it is said, the Chicago books show
that the Peoria
branch owes the main office $25,768, while at the Peoria branch
the accounts
read that the Peoria office has a balance due of $8,525.

Extension of Credit on New Wheat Asked—Kansas
Governor Asks More Farm Board Purchases.
Under date of June 30 the "United States
Daily" reported
the following from Topeka:
Kansas bankers have been requested by Governor Clyde
M. Reed to
extend Credit on the 1930 wheat crop so that farmers can
protect themselves
against the present low price. He also has renewed his
suggestion that the
Federal Farm Board purchase and withdraw from the
market an additional 25,000,000 bushels of wheat.
Slow movement of wheat to market will boost the
price, the Governor
stated orally in his appeal us the bankers.
Sends Telegram to Mr. Legge.
His suggestion to the Federal Farm Board was contained
in a telegram to
the Chairman, Alexander Legge, which follows in full text:

JULY 12 1930.]

FINANCIAL CHRONICLE

Am to-day joining you in suggesting to Kansas wheat growers that they
move their wheat to market slowly so as to avoid congestion at terminals
and glut in market under present price conditions.
lam again urging upon your Board purchase of not less than 25,000,000
bushels of this crop. The world-wide wheat conditions do not warrant this
low level of prices. We have personally discussed some of the factors in this
situation and full information is readily available.
Predict Higher Prices.
The shortage of supply in Europe together with the present condition of
the European crop, plus other factors in both the Winter Wheat Belt and
spring wheat territory taken together indicate a carry over plus a probable
yield this year that would call for higher prices. It is my belief that the
agricultural marketing Act was passed and the Farm Board was created
with power and money to meet just such situations as this.
What this country needs at the present time is a better psychology in
matters of business. Nothing that I can think of would so improve the
psychological situation as an advance in wheat prices to that level justified
by world conditions.
I believe the Farm Board can bring this about and I also believe that it
would have an immediate effect upon business of all kinds. There is a great
opportunity before theFarm Board and I hope it acts promptlyand decisively.

209

to the diversification program, now gaining strength rapidly throughout
the entire State. A large area of old wheat land is now being seeded to
feed crops to balance the livestock program. Results shown with livestock are doing more than anything else to turn farmers from a strict
wheat program.
The appearance of Mr. Legge at the State fair here this month may
be a deciding factor in gaining State-wide support for the Federal Farm
Board program. It is estimated that 80% of the farmers within 100 miles
of Fargo, where the State fair is held, will hear Mr. Legge.

Minnesota Wheat Growers' Reducing Wheat Crops—
Spring Wheat Growers Say Cuts Should Be in
Winter Crop.

The following St. Paul Minn., dispatch July 5 is from
the New York "Times":
Minnesota wheat growers in 1930 have reduced production of this grain in
their State to about 20.000,000 bushels and are heartily in favor of the program of Chairman Legge of the Farm Board and Secretary of Agriculture
Hyde for further reductions, Secretary Jones of the Minnesota Farm
Bureau Federation said to-night.
"Minnesota wheat growers this year have made a reduction of approximately 10% of their wheat acreage," Mr. Jones said, "and feel that
they have done their part in this respect."
"Further reductions should be made in the Winter wheat areas, where
preparations now are being made for planting. Minnesota is strictly a
Spring wheat area, and no plans for reductions will be considered here
until planting time next Spring.
"The 1930 reduction in Minnesota was also equaled in the 1929 production, and where the State once produced nearly 60,000,000 bushels as
a maximum, it will produce about 20,000,000 bushels this year. Diversified farming, especially the dairying industry, has done much to replace
the income lost from abandoned wheat acreage."
The Minnesota Farm Bureau Federation is strongly organized in the
65 counties in the State, where the major industry is agriculture.

Montana Grain Firm Sold to Farmers' Union Terminal
Association of St. Paul.
Under date of July 5 a dispatch from Great Falls (Mont.),
to the New York "Evening Post" said:
Purchase of the Patton-Kjose Grain Company by the Farmers Union
Terminal Association of St. Paul was announced here today by 3'.
E. Patton, president.
The purchase includes a line of five important elevators in central
Montana which in normal crop years handle from 300,000 to 400,000
bushels of grain. The Patton-Kjose Grain Company holds membership in the Minneapolis Chamber of Commerce and the Minneapolis
Clearing House Corporation.

Federal Farm Board Disapproves Stabilization Corporation
For Rice Under Agricultural Marketing Act—Advises
Louisiana-Texas Rice Growers To Join American Rice
Growers' Association.
Observing that the Federal Farm Board issued on July 7
the plainest statement yet made of its insistence that agricultural producers must affiliate with co-operative marketing associations in order to enjoy the benefits of the Government's farm relief program the Washington correspondent of the New York "Journal of CommerCe" on July 7
said:

Nebraskans Against Wheat Cut.
Omaha advices July 5 to the New York "Times" said:
The answer of Nebraska farmers to Chairman Legge's appeal for smaller
acreage of wheat will probably be a still larger crop lf that grain in 1931,
just as their answer to the same appeal last year was an increased crop
for 1930.
With the exception of sugar beets in a restricted area in the western
portion of the State and alfalfa and oats, about all that Nebraska farmers
raise is wheat and corn, and wheat is depended upon as a cash producer.
If Nebraska farmers do not raise wheat, their lands will Ile fallow and the
mortgages will be foreclosed, they argue.
This point has been discussed thoroughly in Nebraska newspapers in
the last ten months, and the decision to continue planting wheat was practically unanimous. Recent discussions show no change in this sentiment.
The wheat crop being harvested in Nebraska this week is 2,000,000 to
5.000,000 bushels greater than that of 1929, and there is no indication
that the acreage to be planted this Fall will be any less than that planted
In 1930.

Taking a request by the rice industry as its text, the Board reiterated
its reluctance to establish or employ the stabilization corporation method
of farm relief. This is the method by which Government funds are
used to purchase farm commodities in order to stabilize prices and
bring economic advantage to the producers. Ordinary co-operative
marketing associations, which the board today urged farmers to join,
operate at the producers' own risk.
Rice farmers' appeals for the establishment of a stabilization corporation for their industry were rejected. In refusing their request
the Board said:
"The Board's ability to aid the rice farmers now or hereafter rests
squarely upon the producers, who are urged to join the grower-ownedand-controlled organization and support the co-operative program."
Commenting on this statement, C. C. Teague, member of the Board,
asserted it applies not only to the rice industry but to all other farmers
as well.
No Plans to Extend Stabilization.
He related that the Board has no plans as yet to extend stabilization
operations for wheat and cotton beyond the 1929 crop and into the
1930 crop. Representatives of many farming industries, he said, have
asked the board to establish stabilization corporations, but in all instances except wheat and cotton such requests have been refused.

The Board's announcement of July 7 follows:

of
The Federal Farm Board is advised that at a recent meeting
representatives of the rice industry held at Lake Charles, Louisiana,
estaba resolution was passed asking for aid and recommending the
lishment of a stabilization corporation for rice under the provisions of
the Agricultural Marketing Act.
The Farm Board feels that the creation of a stabilization corporaThe "Times" likewise reported the following from tion for rice is not advisable at this time. Under present conditions the
Omaha July 7:
Farm Board believes that prices can be stabilized and production more
through a strong
As an indication of what Nebraska thinks of Chairman Legge's plans for satisfactorily controlled by the growers themselves
the
wheat, The Central City Republican of Central City, Neb., is out with a co-operative marketing association. The Board's ability to aid
the producers, who
page advertisement signed by E. S. Ogden of that city denouncing the rice farmers now or hereafter rests squarely upon
Federal Farm Board and asking the question: "How long shall agriculture are urged to join a grower-owned and controlled organization and supand business be made to suffer the results of Federal Farm Board hal- port the co-operative program. Those now in the rice co-operatives are
these
lucinations?"
doing their share and the Farm Board will continue to give
associations assistance.
among coIt is the policy of the Board to discourage competition
Montana Farmers Divided on Question of Wheat
operating
operatives. The American Rice Growers' Association is now
Federal
Acreage Reduction.
effectively and in close conformity with the wishes of the
does not
Montana farmers are far from unanimous on the matter Farm Board in the Louisiana-Texas territory and the Board
co-operatives
look with favor upon the organization of rival or competing
of reduction of wheat acreage as advised by the Depart- in that area. Louisiana-Texas rice growers who desire to take advantage
and the Federal Farm Board. We of the Farm Board's assistance or the organized efforts of producers
ment of Agriculture
association.
quote from Helena (Mont.) advices July 7 to the New to control their marketing machinery should join this

York "Times" which said:

Federal Farm Board Approves Plans to Form National
Pecan Marketing Association.
The Federal Farm Board approved on July 3 the plan of
organization of the National Pecan Marketing Association,
a central co-operative sales agency for merchandising
pecans, with an authorized capital stock of $500,000. The
Board stated that articles of incorporation have been filed
incorporating directors:
Reducing Acreage For- in Delaware by the following
North Dakota Farmers Start
W. P. Bullard, Manager, National Pecan Growers' Exchange, Almerly Devoted to Wheat.
bany, Georgia.
J. M. Patterson, Albany, Georgia,
North Dakota farmers are among the first to act on the
0. J. Wenzel, Manager, Southern Pecan Growers' Association, Aln of Secretary Hyde and Alexander Legge, bany, Georgia.
recommendatio
Chairman of the Federal Farm Board, that wheat acreage
J. L. Abbot, Spring Hill, Alabama.
Ga.
July 5, to the
T. H. McHatton, Georgia State College of Agriculture, Athens,
be reduced. A dispatch from Fargo, N. D.,
J. A. Kernodle, Camp Hill, Ala.
this, added:
New York "Times" stating
Theodore Bechtel, Ocean Springs, Miss.

While in some quarters farmers are co-operating and farm organizations
are advising reduction, in others the advice is resented as unwarranted
Interference.
Many farm leaders feel that wheat acreage reduction should be applied
to States where other crops, such as corn, could be substituted, as there
is no substitute for wheat as a crop on most of Montana's dry lands.
Thomas D. Campbell, the world's largest wheat farmer, who operates
in Montana, asserted just before he left for Russia that wheat acreage
would be reduced.

seeded somewhere between
The farmers of this State in general have
they did In 1929.
10 and 20% fewer acres of wheat than
present price of wheat
Among the factors bringing about the cut are the
Considerable reduction is due
and the indicated large world production.




W. A. Swann, Lyman, Miss.
E. C. Butterfield, Winona, Tex,
H. G. Lucas, Brownwood, Tex.

210

FINANCIAL CHRONICLE

M. Hull, State College, Baton Rouge, La.
J. F. Rosenborough, A. & M. College, College Station, Tex.
H H. Simmons, 17 N. Ocean St., Jacksonville, Fla.
D. C. Mooring, A. & M. College, Stillwater, Okla.
Robert Alexander, Scott, Ark.
L. I. Guion, Lagoff, S. C.

[VOL. 131.

the Texas & Pacific Railway. The announcement by the
St. Louis bank said:

The Board of Directors met in Washington July 3 and
elected the following officers:
President—H. G. Lucas.
Vice-President—J. L. Abbot.
Second Vice-President—Robert Alexander.
Temporary Secretary—W. A. Swann.
Temporary Treasurer—O. J. Wenzel.
Members of the Executive Committee follow: The President, Mr.
Lucas; J. L. Abbot, W. P. Bullard, E. C. Butterfield and J. M.
Patterson.

The Board's announcement of July 3 also said:
Expansion and organization of local co-operative associations in the
various pecan producing states, including Georgia, Florida, Alabama,
Mississippi, Louisiana, Arkansas, Aklahoma, Texas and South Caroline, will be undertaken at once.
-in
A group of pecan growers met with representatives of the Federal Fat
Board in Montgomery, Ala., June 23 to discuss the establishment of
a central marketing agency for their commodity. An organization committee of fifteen was appointed and has been meeting in Washington
since Monday and reported to the Farm Board at noon today the completion of all details of their organization, which makes the sixth
central commodity co-operative sales agency to be set up by co-operatives
with the assistance of the Board.

The railroad field is one with which Mr. Lonsdale long has been
familiar. For a number of years he has served as a director on The
Missouri Pacific Railroad. His first intimate knowledge of railroading
problems was obtained when, as a young man of 20, he constructed a
65-mile line between Hot Springs and Little Rock, Ark. His feat in
obtaining a right-of-way, where others had failed, and his ultimate suecess in completing his venture, although he started out singlehanded,
attracted so much favorable attention, that he has been in demand ever
since as an adviser in railway circles.
Lonsdale has served as receiver in the Federal Court for The Little
Rock, Hot Springs & Texas Railroad Co. and as Chairman of the Rail
Consolidation Committee of The American Bankers Association and the
St. Louis Chamber of Commerce.

Sutro & Co. Barred from New York Stock Exchange for
Periodof Three Years—Suspension Result of Manhattan Electrical Deals—Firm Issues Statement.
On Thursday of this week, July 10, James H. McGean,
floor member of the San Francisco brokerage firm of Sutro &
Co. with New York branches at 44 Wall St., 225 Broadway
and 16 East 44th St., was suspended from membership
in the New York Stock Exchange for a period of three years.
The suspension announcement, read from the rostrum of the
Southern Groceries Restrains Chain Tax—Wins First Point Exchange by Richard Whitney, President of the Exchange,
in Litigation to Test Constitutionality of South Caro- was as follows:
lina's Levy.
"Charges and Specifications having been preferred under Section 7 of
The following Chester (S. C.) dispatch is from the "Wall Article XVII of the Constitution of the Exchange. and Section 10 of Chapter XII of the Rules adopted by the Governing Committee Pursuant to the
Street Journal" of June 30:
Constitution against James H. McGean, a member of the Exchange and a

The Southern Groceries, Inc., has won the first point in its litigation
to test the constitutionality of the South Carolina chain store tax. Federal Judge J. Lyle Glenn, in chambers here, granted the groceries company, a Delaware corporation, a temporary order restraining the State
Tax Commission from enforcing the act against it and other concerns
operating two or more stores. Southern Groceries has 73 stores in
this state.
The request for the temporary order was made on the plea that the
tax is unconstitutional. Attorney for the Tax Commission asked that
the request be dismissed on the ground that the Court of Equity had no
jurisdiction in that the South Carolina tax law provided an adequate
remedy at law.
As required by the statute, a special court of three judges will pass
upon the question of making the restraining order permanent. This
court will be appointed by the circuit judge and time and place for the
hearing fixed.
The chain store tax law, passed by the last state legislature, provides
for an increasing scale of taxes on stores operated under one management. The first store is taxed $5 and the second $10. The tax then
increases $5 for each store up to $150 for the 30th store in the chain
and for each additional store over 30. First collections are due under
the law on June 30.

member of the firm of Sutro & Co., said Charges and Specifications were
considered by the Governing Committee at its meeting held on July 9 1930.
"Section 7 of Article XVII reads in part as follows:
"A member who shall have been adjudged ...guilty of a violation of a
rule adopted pursuant to the Constitution . . . guilty of conduct or
or
proceeding inconsistent with just and equitable principles of trade. may
be suspended or expelled .
"Section 10 of Chapter XII of the Rules reads as follows:
"Every member is required to use due diligence to learn the essential
facts relative to every customer and to every order or account accepted by
him; also as to the possible use of a name for the account other than that
of the party interested."
"The substance of the Charges and Specifications was that through the
manner in which the 44th Street Branch Office of Sutro & Co. was conducted, transactions to buy and to sell the same security were executed
at the same time, and at the same price, and in the opinion of the Governing
Committee did not involve a change of ownership. The Governing Committee having found said James H. McGean guilty of said Charges and
Specifications said James H. McGean was suspended for three years."

The suspension of the firm of Sutro & Co., which was
founded in 1858 and is one of the largest commission houses
in the country, was the result of disclosures growing out of
the recent ill-fated operation in the shares of the Manhattan
Canners End Price Pact—Norwegian Agreement Imperiled Electrical Supply Co., according to yesterday's New York
"Times" from which we quote in part as follows:
Industry and Trade With Us.
The transactions complained of, according to a statement by Sutro &
Associated Press accounts from Oslo, Norway, published
Co., were conducted on behalf of Charles H. McCarthy, a client of the
In the New York "Times" state:
44th St. branch. That office, the statement said, was under

About 100 Norwegian canning firms today unanimously decided to
abolish the price agreement they reached last year. The agreement
caused dissatisfaction within the industry and caused difficulties which
threatened to hamper export trade with the United States.

Commenting on the above the "Times" said:
On June 12, the United States Government brought suit in the United
States District Court at New York to restrain forty-nine Norwegian
sardine packing concerns with branches or sales representatives in this
country, nine individuals and fourteen American importing houses from
conspiring to fix prices and from forming a monopoly in restraint of
trade in violation of the anti-trust law.
At the same time the government released 5,000 cases of sardines
which it had seized earlier in the same week from an importing company, alleging that the firm was a party to an agreement to fix prices.

Real Estate Brokers Advised to Pay Florida Tax.
Real estate brokers and salesmen are advised to see that
their occupation license taxes are paid in an opinion recently handed down by Attorney General Fred H. Davis.
We quote from Tallahassee advices June 27 to the United
State8 Daily which further said:
Otherwise such brokers or salesmen might lose their commissions
under section 44 of chapter 12223, Acts of 1927, should the State supreme court reach the conclusion that under that law the employment of
occupational license taxes suspends the validity of a registration certificate, the opinion explained. "If payment of an occupational license
tax is made a prerequisite to proper registration as I understand the
rules of the board provide, then non-payment Of occupational license
tax is equivalent to failure to comply with the act regarding registration," the attorney general said.
John G. Lonsdaie Made Director of the Texas & Pacific

Railway.
John G. Lonsdale, President of the American Bankers
Association, and head of the Mercantile-Commerce Bank &
Trust Co. of St. Louis, was recently made a director of




the management of Brinton Buckwalter, a partner who withdrew from the firm on
June 24.
McCarthy, a stock operator, is one of several persons named in an
application made on June 7 to Supreme Court Justice Cropsey for an injunction restraining them from dealing further in securities. Assistant
Attorney General Watson Washburn, who applied for the injunction,
charged that the public had lost $6.000,000 through the operations of
a pool that engineered a sharp decline in Manhattan Electrical Supply
shares. Others named in the application were W. J. Goldman &
Co..
149 Broadway; Welker Cochran, former billards champion, a
broker's
customers' man; David Goldsmith, President and Mortimer
Aufses.
Treasurer of Goldman & Co., and John Campbell and Donald Mullen,
customers' men. Mr. Washburn alleged that payments to customers'
men employed by brokers, "wash sales" and high-pressure telegrams
from supposedly impartial sources were used in the conduct of
the pool
operation.
The investigation by the Attorney General's office and by the
Stock
Exchange has been under way since soon after the collapse in the
shares
of the Manhattan Electrical Supply Co. early in May, but it
was not
revealed officially until yesterday that the inquiry had involved Sutro
& Co.
The customers' men named in Mr. Washburn's proceeding were
employed
by other brokerage houses.
Manhattan Electrical Supply, the name of which has since been
changed
to American Machine & Metals, Inc., broke 343 points on May 7, when
trading was resumed after having been unofficially suspended since
May 1.
This was to some extent a repetition of a market episode in the same
in 1927, when it was marked up from 555( in February to 131 in stock
August,
only to break violently to 55g. Following the collapse in the
stock in
May both the Stock Exchange and the State Attorney General's
office
began their investigation, the former sending a questionnaire to all
member
firms asking for a complete record of transactions. Yesterday's
announce- •
ment by the Stock Exchange in suspending the floor member of
Sutro &
Co. apparently resulted from that investigation.

A statement was subsequently issued by the Sutro & Co.,
which read as follows:
The charges on which the action of the Stock Exchange was based
were
wholly in connection with transactions in behalf of a client, Charles
H.
McCarthy, in Manhattan Electrical Supply Co. stock, all of which
originated in a branch office at 16 East Forty-fourth Street, which was in
charge
of Brinton Buckwalter, who resigned from the firm on June 24.
The first specification was that Sutro & Co. knew certain transactions
were improper. This specification was disproved and withdrawn. The
other specifications were to the effect that Sutro & Co. should have known

FINANCIAL CHRONICLE

JULY 12 1930.1

that certain transactions were improper. The firm steadfastly asserted
that they had no knowledge at the time that would lead them to believe
the transactions were in any way improper.
Since March and April, when the transactions occurred, the Attorney
General of the State has pursued the said McCarthy, seeking a restraining
order against him with a natural disclosure of many facts which are now
public knowledge.
The determination of the Exchange is final and beyond review. Sutro
le Co., at the worst, have been found guilty of negligence and ask the
-breaking period.
indulgence of their friends in this heart

Other California offices a Sutro & Co., besides the head
office in San Francisco, are in Los Angeles and Oakland.
The firm holds membership in the San Francisco and Los
Angeles Stock Exchanges and an Associate membership
in the New York Curb Exchange. The partners of the firm,
in addition to Mr. MeGean, are as follows: Frederic L.
Yeager, Sidney L. Schwartz, Gustav Sutro Schwartz,
Arthur N. Selby, Emil Sutro, Frank F. Hargear, Alfred J.
Rau, Howard Ellery Mitchell, Albert B. Sprott, Howard J.
Greene and George M. Lowry.
Yesterday's "Times" furthermore stated that following
its suspension on Thursday the suspended firm retired as a
member of the New York Stock Clearing Corporation and
its open contracts were assumed by the Stook Exchange firm
of Logan & Bryan.
The firm of Sutro Bros & Co. of 120 Broadway has no
relationship with the firm of Sutro & Co.
New York Stock Exchange Denies Statement That It
Bars Reporters.
Richard Whitney, President of the New York Stock
Exchange, yesterday (July 11) authorized the following
statement:
"About a month ago a New York newspaper published a statement to
the effect that the Stock Exchange had 'barred reporters.' When the
article first appeared the Exchange ignored it because it was obviously
false. But it has been widely copied and repeated as a fact by other
papers. The statement is not and never has been true. The fact of the
matter is that the Stock Exchange now, as in the past, maintains its Publicity Department for the purpose of making information concerning the
Stock Exchange easily accessible to both the press and the public. There
kas been no change in the policy of the Exchange."

Market Value of Listed Shares on New York Stock
Exchange July 1 $63,892,327,059, Compared with
$76,018,855,283 on June 1
-Classification of Listed
Stocks.
As of July 1 1930 there were 1,319 stock issues aggregating 1,231,273,258 shares listed on the New York Stock
Exchange, with a total market value of $63,892,327,059.
This compares with 1,324 stock issues aggregating 1,220,674,416 shares listed June 1 on the Exchange, with a total
market value of $75,018,855,283. In making public the
July 1 figures the Stock Exchange said:
As of July 1 1930 New York Stock Exchange member borrowings on
security collateral amounted to $3,727.711,289. The ratio of security
loans to market values of all listed stocks on this date was therefore 5.83%.

As of June 1 the Stock Exchange member borrowings
on security collateral amounted to $4,747,831,912. The
ratio of security loans to market values of all listed stocks
on that date was 6.33%. In the following table, covering
June and July of this year, listed stocks are classified by
leading industrial groups, with the aggregate market value
and average share price for each:
July 1 1930.
arket
Values.

Avge,
Price.

June 11930.
Market
Values.

Avge.
Price.

$
$
Autos and accessories
3,193,965,210 29.44 4,084,051,556 37.65
Financial
1,583,052,289 50.51 1,963,585,326 65.37
4,668,596,554 72.49 5,628,343,002 86.73
Chemical
593,002,954 41.18
Building
732,453,014 51.00
3,083,637,208 61.83 3.746,446,559 75.32
Electrical equipment manufacturing
3,332,021,454 48.17 3,827,778,132 54.52
Foods
378,621,566 28.82
Rubber and tires
479.203,300 36.49
Farm machinery
739,034,057 64.29
881,351,750 76.68
748,844.655 35.05 938,602,366 46.88
Amusements
194,630.886 37 13 238,624,945 45.61
Land and realty
2,043,478,008 41.92 2.451,293,139 51.86
Machinery and metals
1,515,820,145 31.53 1,861.618,571 38.64
Mining (excluding iron)
5,935,281.224 37.50 7,026,266,181 44.78
Petroleum
645,069,936 41.06
Paper and publishing
732,276.176 46.61
2.869,542.816 40.61 3,393,528,568 48.85
Retail merchandising
9.350,018.342 85.26 10,408,033,008 94.92
Railroads and equipments
3,363,958.758 87.42 3,564,361.949 98.98
Steel. iron and coke
205,138.294 20.66
Textiles
244,325.288 24.67
4,625,333,284 69.78 5,455,147,283 84.65
Gas and electric (operating)
3,932,919,124 44.85 4,832,621,706 55.67
Gas and electric (holding)
(cable, tel. and radio) 4,401,561.885 127.40 5,028,463,820 145.65
Communications
324,024,527 31.43
Miscellaneous utilities
362,898,927 34.72
270.714,725 17.28
Aviation
379,326,799 24.30
469,471,997 46.17 567,121.066 58.79
Business and office equipment
56,645,415 34.10
Shipping services
69,188,278 41.65
57,998,970 14.67
60,369,839 16.79
Ship operating and building
174,222,384 46.27
Miscellaneous business
201,651.803 53.56
301,252,637 42.80
Leather and boots
318.511,076 45.24
1,709,533,815 64.2 1,880.063,990 70.77
Tobacco
42.112,o30 21.0
Garment manufacturing
.2,531,675 26.28
1,661,470,374 41.98 1,945,202,532 49.18
U.8. companies operating abroadForeign companies (including Canada
1,361.230,492 42.1 1,597,013,659 48.92
and Cuba)
All listed stocks




63,892,327.059 51.89 75,018,855,283 61.46

211

Figures for the period from Sept. 1 1929 to May 1 1930
inclusive were given in our issue of May 17, page 3473.
Central Hanover Bank & Trust Co. Must Defend Suit in
Waggoner Case-Appellate Division Refuses to Dismiss
Action Against Bank for $270,000.
By a vote of three to two the Appellate Division of the
New York Supreme Court decided on June 23 that the
Central Hanover Bank and Trust Company of New York
must defend a suit for $270,000 of the $500,000 alleged to
have been obtained fraudulently from six New York banks
by Charles D. Waggoner, President of the defunct Bank of
Telluride, Col., now serving a ten-year sentence in Atlanta
for sending spurious telegrams, purported to be signed by
Denver correspondents of the New York banks, asking that
the credit be given the Telluride bank. We quote from
the New York "Times" of June 24, which also had the
following to say:
The majority opinion by Justice Sherman, affirming the denial of the
Central Hanover's application to dismiss the claim against it, said Waggoner tried to get the cash on two checks for $270,000 at the Central
Hanover. The bank refused to hand over the money, but agreed to
credit the Telluride bank with $200,000 and to accept a second check
for $70,000 endorsed to the order of one of its vice presidents with
instructions to credit it to the Telluride bank.
Justice Sherman said that if the allegations were sustained the Central Hanover "will be shown to have accepted the checks with knowledge
that the moneys called for by them were obtained from the plaintiffs
by fraud and larceny," and that the bank "stands charged with unwillingness to pay the $200,000 check to the payee, Waggoner, and yet
utt ne
enrichment." beUndlr alaes1
sa
proceeds for iits o
ecannotenrich
reacly toaccept
"
d "It
wel
ent
circumstances, Justice Sherman
parted with
that the Central Bank innocently received these moneysor
any value in reliance thereon." The majority accordingly held that a
proper cause of action had been made out and that the Central Hanover
must answer.

The six banks which furnished the $500,000 on the fraudulent telegrams in behalf of Waggoner's $50,000 bank, then insolvent, and who
National, Harriare suing for their money, are the National City, First
Guaranty
man National, Chemical Bank and Trust, Equitable Trust and
$500,000
Trust Company. The Chase National Bank, through which the
credit was arranged, is a defendant with the Central Hanover, Waggoner
and the First National Bank of Pueblo, Col.

The financial manopulations of C. D. Waggoner were referred to in these columns Nov. 2, 1929, page 2795 and
Feb. 1, 1930, page 734.
Chicago Stock Exchange Plans to Admit Canadians to
Membership-Ticker Service to Be Extended to Canada.
The Governing Committee of The Chicago Stock Exchange

Exchange
on July 2 recommended to the membership of the
citithat the Constitution be changed to admit Canadian
present time the Constitution limits memberzens. At the
action is
ship to citizens of the United States. Unless this
disapproved by the members in ten days, the proposed
change will become effective. In commenting on the recommendations made by the Governors, R. Arthur Wood,
President of the Exchange, said:
"Chicago is the natural trading place for a great section of Canada.

to membership
Our Governors believe that admitting Canadian citizens

to all conin The Chicago Stock Exchange will be of mutual benefit
cerned. The people of Canada and the people of Chicago are the same
we on The
kind of folks; we are neighbors and friends. Therefore,
e believe that the privilege of our membership
Chicago Stock Exc
equal
and our market should be extended to include Canadians on an
basis with citizens of the United States."

Announcement was also made of the Exchange's plans to

extend its ticker service into Canada within the next six
months.

Market Value of 50 Most Active Stocks Traded on Chicago
Stock Exchange.
The fifty most active stocks traded on the Chicago Stock
Exchange during the week ended July 3 had a market
value of $2,639,211,436 at the close of business Thursday,
as compared with $2,622,500,620 at the close of the previous
week, according to a compilation by Otis & Co. This represents an increase of $16,700,816 or .63%. Otis & Co.'s
analysis shows that 28 of these stocks were listed and traded
in last year. These stocks had a market value of $643,519,766 July 5 as compared with $909,492,844 on July 5, 1929,
a decrease of $265,973,078 or 29.24%.

Florida Permits Access to Books of Defunct Banks
Attorney General Declares Records Are Open to
Persons Having Interest in Institutions.
Any responsible person having an interest in the affairs
of a closed State bank in Florida will be permitted to inspect
the records of the bank, according to a recent letter from
Fred H. Davis, Attorney General, to D. F. Burnett, Jr.,
Clerk of the Circuit Court at Madison, Fla. Tallahassee

212

FINANCIAL CHRONICLE

[VOL. 131.

ativices .July 5 to the "United States Daily" from which to 33'2% effective to-day, July 12. The 4% rate had been
this is learned, go on to say:
in effect at the Bank since April 12, when it was lowered
Mr. Davis wrote that Ernest Amos,State Comptroller, had informed him from 43i%.
that it was not the policy of the Banking Department to permit promiscuous
examination of the affairs of defunct banks but that the records are open
to those who have a real interest in knowing what is going on. Mr. Davis'
letter follows in full text:
Dear Mr. Burnett: I have seen Mr. Amos about the situation you refer
to and he tells me that it is entirely agreeable to him that any responsible
person having an interest in the matter shall have the right to inspect the
records of the Citizens Bank.

Only One of Three Wagner Unemployment Bills Passed
by Congress—Joint Resolution Authorizing Construction of Public Buildings to Relieve Unemployment Passes.
Before adjourning, Congress took action in behalf of the
unemployed, with the unaminous adoption on July 3 of a
concurrent resolution expressing the hope that work should
be expedited "to the fullest extent" possible on the public
works programs which it has provided for "to the end that
the unemployment prevailing throughout the country may
be relieved."
The New York "Times" from which we quote, also had
the following to say in its July 3 Washington advices:

Policy of Department.
Mr. Amos informs me that the policy of the Banking Department has
been not to permit promiscuous examination and publication of the affairs
of a defunct bank any more than would be permitted in regard to a going
Institution. Mr. Amos points out that several years ago when the first
banks began to fail in Florida, he made a practice of publishing in the papers
the affairs of the bank.
It was found by experience that this resulted in slowing up the liquidation
of the bank and operated to the prejudice of the depositors, because as soon
as some outside creditor found that a particular individual owed the bank
a lot of money, he immediately started suit against that individual and got
a judgment against him ahead of the bank, thereby cutting the bank out
Meanwhile, the Wagner bill, providing for advance planning of public
of its right to collect the money.
Then again some persons went to these debtors of the bank and obtained works and a specific arrangement for the speeding up of construction of
mortgages and deeds to their property ahead of the banks, leaving them public works during periods of depression, goes over until the next session
unable to collect in the amount owing to them. It was also found that it was In conference between the two branches.
The House, according to Senator Wagner, struck from the bill the conan embarrassing thing to certain people to have their banking affairs with
a defunct bank made public, just as much so as it would be if they were structive and effective part of it, and left it only a "proclamation." On
motion of Mr. Wagner, the Senate disagreed yesterday to the action of the
made public while the bank was still operating.
House and appointed conferees. The House appointed conferees to-day.
Publisily Disapproved.
Only one of the three Wagner unemployment bills succeeded in squeezing
For this reason Mr. Amos says that he pursues the rule of only opening through. This would set up in the Department of Labor means for the
up the affairs of the bank for examination by those who have a real interest collection and publication of adequate unemployment statistics. It is now
In knowing what is going on, not only for the protection of the bank and its in the hands of the President. The third Wagner bill, providing for a system
assets, but for the protection of those who do business with it. Mr. Amos of Federal employment exchanges to be operated in co-operation with State
says that he is perfectly willing to have the affairs of the bank there gone agencies, is still before the House.
The concurrent resolution was sponsored in the House by Representative
Into by any responsible officer or committee who may be designated for
that purpose, but would not like to have the affairs of the bank published Bell, Democrat, of Georgia. and in the Senate by Senator George, Demoas it would retard collecting the money due the bank and thereby cause crat, of Georgia. It reads:
Whereas various acts of Congress enacted during the present Congress
losses to the depositors.
have authorized the construction of public buildings and the prosecution of
other public works and improvement, and provided appropriations for
authorizations; therefore, be it
Policy Loans Rose in 1929—Demand After Stock Slump carrying out suchSenate, the
Resolved by the
Rouse concurring, That it is he sense of the
Congress that the letting of contracts and the beginning of construction
Increased Total by 100%.
under the several acts of Congress heretofore enacted authorizing the conThe following Hartford Conn. advices July 7 appeared in struction of public buildings and the prosecution of other public works and
improvements throughout the United States and the appropriation acts
enacted pursuant thereto, shall be expedited to the fullest extent possible,
the New York "Times":
within the limitations provided by law,
The unprecedented demand for policy loans following the severe break prevailing throughout the country may be to the end that unemployment
relieved.
in the stock market last Fall is reflected in the annual life and casualty
report of the Connecticut Insurance Department which was issued today
by Howard P. Dunham, Insurance Commissioner, covering the business of Secretary of Treasury Mellon Reports Progress
in
1929. The report was complied from the annual statements of the fortyCarrying Out of Federal Building Plans to Relieve
two life insurance companies which operated in Connecticut in 1929, inUnemployment—Year's Projects Involve $132,cluding the five Connecticut companies.
Policy loans in force in all companies increased $387,171,983 over the
000,000.
previous year, a gain of almost 100% over the increase during the year
Progress is reported by Secretary of the Treasury Mellon
ended Dec. 31, 1928, when the total gain was $181,405,069.
The increase in the total policy loans of the Connecticut companies was in the Administration's program for public building con$36,547,664 during 1929 over the previous year. This increase was more struction, announced
earlier in the year to relieve the unemthan double the gain for the year ended Dec. 31, 1928, when the rise
ployment situation. Secretary Mellon's previous statement
amounted to $16,326,336.

in the matter was given in our issue of March 29, page 2143.
The plans call for total expenditures of $132,000,000. The
Trading on Chicago Stock Exchange During Six Months Secretary's announcement of July 2 follows:
Ended June 30 Reaches Largest Volume for Any
In a previous statement to the press on March 23 1930, the Treasury
Department indicated that its plans for public building construction would
Six Months' Period in History of Exchange.
be expedited to the fullest extent possible in
The six months' period ended June 30 was the largest first announced policy regarding unemployment. line with President Hoover's
The program formulated at that time contemplated the placing under
half-year in volume of trading on the Chicago Stock Exchange in the history of the Exchange, according to figures contract during the calendar year 1930 of approximately $92,000,000
worth of construction in addition to the $40.000.000 under contract at
compiled June 30. An announcement to this effect, June 30, beginning of the year. Progress reports for the first half of the year the
are
favorable to the successful carrying out of this program.
says:
The total stock trading on the Exchange during the first six months this
year was 45,276,800, as compared with 29,086,000 shares the first six
months of 1929.
The total par value bond trading the first six months this year was
$21,289,000, as compared with $3,118,000 par value the first half of 1929.
The increase over the same period last year, in stocks, is 55%.
The bond trading for the first six months is seven times the bond trading
for the first half of 1929.
It was pointed out to-day that the stock trading on the Exchange at the
end of June, this year, equals the cumulative volume for last year up to
Sept. 3, which means that the stock trading volume is two months ahead
of what it was a year ago.
Comparative figures for 1927, 1928, 1929 and 1930, by months, follows:
STOCK IN
1930.
4,541,200
6.219,800
8.349,700
10.325.100
7.604,900
8,236,100

Month—
January
February
March
April
May
June
Total
Month—
January
February
March
April
May
June

SHARES.
1929.
6,829,000
5,321,000
4,896,000
3,961,000
4,912,000
3,167,000

1928.
1,708,694
1,348,659
2,503,976
3,096,460
3,451.000
1,839,100

1927.
713,875
714,225
623,635
842,470
839,500
750,530

45,276,800 29,086,000 13,947,889 4,484,235
BONDS—PAR VALUE.
1930.
1927.
1929.
1928.
$527,000
$551,500
$868,000 $1,146,100
3,071,500
470.000
813,000
814,150
6.951,000
1.108,500
657,500
899,000
4,573,500
504,500
1,824,000
690,000
3,013,000
583,500
913,000 2,394,500
3,153,000
351,000
843,500 2,723,200

On Jan. 1 1930. 36 construction projects were under contract involving
approximately $40,000,000. Since Jan. 1,39 additional contracts have been
awarded. The total limits of cost authorized by Congress for these 39 new
projects amount to nearly $28,000,000. This work is distributed
over 26
States and includes one subject each in the District of Columbia and Hawaii.
Eight of the contracts exceed $1,000,000 each. Of the
328.000,000, $17,000,000 was placed under contract during April. May and June.
During this same period over 3,800 contracts were awarded for repair.
remodeling, equipment and miscellaneous projects aggregating a total obligation of over 84.480,000. A similar amount is estimated to be placed
under contract from July to Dec.311930.
In addition, contracts have been or will be made within 30 days with
private architects for complete plans for a limited number of monumental
buildings, the total limits of cost of which amount to 870.000.000. It is
expected that of this group plans will be completed for at least $30,000,000
worth of construction before the end of the calendar year.
The estimated output of the Office of the Supervising Architect
of the
Treasury for the next six months is 71 projects with authorized limits of
cost totaling $55,735,500. All of these projects are expected to be
placed
under contract before the end of the year. The present status of the
71
projects is as follows: Bids receiving attention, 4; on the market for
bids,
plans completed and to be placed on the market during July, 14; plans 10;
well
advanced but not completed, 43. These contracts will be distributed over
39 States.

Inquiry on Unemployment Shelved in New Jersey—
Senate Sends Bill Urged by Morrow's Opponent to
Judiciary Committee.
Total
$21,289,000 $3,118,000 $5,026,500 $10,010,450
Trenton, N. J., July 8.—A resolution by Senator Arthur
Quinn, Democrat, of Middlesex County, calling for investigaFederal Reserve Bank of Atlanta Reduces Rediscount tion of business
conditions and the unemployment situation
Rate from 4 to 3372%.
in New Jersey was shelved July 8 by the Senate in special
It was announced yesterday that the Federal Reserve session shortly before it adjourned until Nov. 18. It was
Bank of Atlanta had reduced its rediscount rate from 4% passed to the Judiciary Committee, where it is expected to




JULY 12 1930.1

FINANCIAL CHRONICLE

213

remain, says a Trenton dispatch to the New York "Times"
which also said:

Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in
investment securities. Tenders from others must be accompanied by a
In the resolution Mr. Quinn quoted Representative McFadden of Penn- deposit of 10% of the face amount of Treasury bills applied for, unless the
sylvania to the effect that poor business conditions and unemployment tenders are accompanied by an express guarantee of payment by an incormight be traced to deliberate plans of the J. P. Morgan company, of which porated bank or trust company.
Ambassador Dwight W. Morrow once was a member. It is understood
Immediately after the closing hour for receipt of tenders on July 10 1930,
that the resolution was suggested by Alexander Simpson, former minority all tenders received at the Federal Reserve banks or branches thereof up
leader, from Hudson County, who is opposing Mr. Morrow for the United to the closing hour will be opened and public announcement of the acceptable
States Senatorship in New Jersey.
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders and to allot less than the amount
President Hoover Urges Elks to Co-operate in Building
such respect shall be final. Those subConstruction—Says Prosperity Will Follow Em- applied for, and his action in any of the acceptance or rejection thereof.
mitting tenders will be advised
ployment.
Payment at the price offered for Treasury bills allotted must be made
at
Referring to the prospective opening in Atlantic City on on the Federal Reserve banks in cash or other immediately available funds
July 14 1930.
reunion of the Benevolent and Protective
July 7 of the annual
Treasury Department Circular No.418,as amended,dated June 25 1930.
and this notice as issued by the Secretary of the Treasury, prescribe the
Order of Elks, a dispatch from that city July 6 to the
terms of the Treasury bills and govern the conditions of their issue. Copies
"Times" said:
of the circular may be obtained from any Federal Reserve Bank or branch
"Purple and White Fleet" of automobiles dispatched by the Elks thereof.
The
Magazine on a country-wide tour with a message from President Hoover,
Treasury Department Circular No. 418, as amended June
arrived here this afternoon and was met in front of the auditorium by Grand
Exalted Ruler Walter P. Andrews and Past Grand Exalted Ruler Joseph T. 25 1930, was given in these columns July 5, page 59.
Fanning, editor and executive director of the magazine.
President Hoover's message read as follows:
Our greatest economic problem is regular and stable employment. To
secure it Is the assurance of comfort and happiness to millions of men, President Hoover in Signing Rivers and Harbors Bill
women and children. Wages sustain not only workers and their families
Expresses Satisfaction With Legislation—Inaugurates
but also industry and agriculture, whose products they buy.
Therefore, in this present period of unemployment you can render a
15-Year Program of Waterway Development at Cost of
high service to your community and to the whole country by co-operating
with all movements to accelerate building construction, expecially of family
$144,881,902.
dwellings, new roads and local and State public works.
On July 4 President Hoover signed the Rivers and HarThose measures will provide employment, a large buying power, increase
the circulation of money,create markets for farms and factories, and assure
bors Bill inaugurating the Government's fifteen-year proprosperity and contented homes.
Your order, which since its inception has identified itself with the interests gram of waterway development with expenditures ot
invaluable part in bringing about this happy
of our nation, can play an
result.
$144,881,902. In noting this the dispatch from Washington
The message was dated at the White House on April 18.
to the New York "Times" said:
It was pointed out at the convention headquarters that the Elks have
The ceremony which the President made of the signing signified the
built many be iutiful homes during the past year. and a recital of this
in the presence
work will be embraced in the reports presented to the Grand Exalted Ruler importance which he attaches to the bill. It took place
of Senators Watson and Jones and Representatives William E. Hull
when he opens the convention.
of Illinois, Strong of Pennsylvania, Carter of California, CulIda of
New York and McDuffle of Alabama, the
-Day Treasury Bills—Sub- the House Rivers and Harbors Committee,latter five being members of
Offering of $60,000,000 60
which wrote the measure.
scriptions Total $328,968,000—Bids Accepted
President Hoover used three pens in signing, two of which were gold.
he sent to Representative Dempsey of New York, chairOne gold pen
$50,920,000—Average Price 99.672.
man of the Rivers and Harbors Committee. Another was presented to
The offering of a new issue of 60-day Treasury Bills this Representative Hull, one of the most astute students of the rivers and
week, to the amount of $50,000,000 or thereabouts, resulted harbors question in Congress, and the third pen was presented to
in subscriptions totaling $328,968,000. The total amount Representative Culkin.
statement President Hoover characterized the undertaking as
of bids accepted was $50,920,000, at an average price of "aIn a project than even the Panama Canal." He predicted it would
larger
99.672. The new bills were offered on July 7, and tenders provide employment for thousands, should be "fruitful of decreased
were received at the Federal Reserve banks and their transportation charges on bulk goods," and "should bring great benefits
to our farms and to our industries."

branches up to 2 p.m. Eastern Standard time July 10. In
announcing the total subscriptions, and the bids accepted
Walter E. Hope, Acting Secretary of the Treasury, on July
10 said:

New York Canal Included
Two of the larger projects of the 170 embraced in the bill provide for
taking over for government operation of the Erie-Oswego Canal in New
York State and for the Illinois Waterway, connecting the Great Lakes
The highest bid made was 99.720, equivalent to an interest rate of about with the Gulf of Mexico through the Illinois and Mississippi Rivers.
1.60% on an annual basis. The lowest bid accepted was 99.660, equivalent
Construction authorized is to be spread over fifteen years. About
to an interest rate of about 1.94% on an annual basis. The total amount of $30,000,000 of the $60,000,000 carried in the War Department supply
The average price of Treasury bills to be
bids accepted was $50,920,000.
bill for work on iivers will become available July 1, for the waterway
issued is 99.672. The average rate on a bank discount basis is about 1%%. projects, the remainder being intended for flood control projects along
Treasury bills is the first to be put the Mississippi and its tributaries.
This week's issue of
Rumors were current at the Capitol during the closing hours of Conout since the enactment of the new law making any gain
night that the President would veto the rivers and harbors
from the sale of bills tax exempt. Items regarding this tax gress lastbecause of the pronounced opposition of certain Northwestern
measure
these columns June 14, page and Great Lakes States. Authors of these reports were without much
exemption feature appeared in
4172; June 28, page 4543 and July 5, page 59. The Treasury knowledge of the Presidential mind, however, for Mr. Hoover's first
"particular
words in regard to the bill
bills, as we have noted at various times, are issued under the satisfaction" in signing it. today were a declaration of his

authority of the amendment to the Third Liberty Loan
Act, signed by President Hoover June 17 1929. The bills
bear no interest and are sold on a discount basis to the highest
bidder. They are issued in bearer form only and in denominations of $1,000, $10,000 and $100,000. The bills offered this
week will be dated July 14 1930 and will mature Sept. 15
1930. Announcement of the new issue was made as follows
by Acting Secretary Hope on July 6:

The Secretary of the Treasury gives notice that tenders are invited for
Treasury bills to the amount of $50.000,000. or thereabouts. The Treasury
bills will be sold on a discount basis to the highest bidders. Tenders will be
received at the Federal Reserve banks, or the branches thereof, up to two
o'clock p. m., Eastern Standard time, on July 10 1930. Tenders will not
be received at the Treasury Department, Washington.
The Treasury bills will be dated July 14 1930, and will mature on Sept.
15 1930, and on the maturity date the face amount will be payable without
interest. They will be issued in bearer form only, and in amounts or
denominations of $1,000. $10,000, and $100,000 (maturity value).
Particular attention is invited to the fact that by the Act of Congress
approved June 17 1930. Treasury bills were given an additional tax exemption feature. That Act provides that any gain from the sale or other disposition of Treasury bills issued after June 17 1930, shall be exempt from
all taxation, except estate or inheritance taxes, and that no loss from the
sale or other disposition thereof shall be allowed as a deduction, or otherwise recognized, for the purposes of any tax now or hereafter imposed by
the United States or any of its possessions. Accordingly, these Treasury
bills will be exempt, as to principal and interest, and any gain from the
sale or other disposition thereof will also be exempt, from all taxation,
except estate or inheritance taxes.
It is urged that tenders be made on the printed forms and forwarded in
the special envelopes which will be supplied by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places. e.g.. 99.125. Fractions must not be used.




The President's statement follows:
"It was with particular satisfaction that I signed the rivers and
harbors bill, as it represents the final authorization of the engineering
work by which we construct and co-ordinate our great systems of waterways and harbors, which I have advocated for over five years; it was
promised in the last campaign and in my recommendations to Congress.
"We can now build the many remaining segments of a definite
canalization of our river systems through which modern barge trains
of 10,000 to 15,000 tons of burden can operate systematically through
the mid-West and to the Gulf of Mexico and through the lakes to the
Atlantic.
"The system when completed will have 12,000 miles of waterways,
and will give waterways connection between such great cities as New
Orleans, Memphis, Knoxville, Chattanooga, St. Louis, Kansas City,
Omaha and Sioux City, Keokuk and Minneapolis, St. Paul, Chicago,
Evansville, Cincinnati, Wheeling and Pittsburgh.
"Through the Great Lakes and the Erie Canal many of these points
will have access to Central New York and the Atlantic. By its authorization for deepening of lake channels, we shall support the present commerce of the Great Lakes and make preparation for ocean shipping by
the ultimate deepening of the St. Lawrence. It authorizes numerous
improvements in our harbors.
"It is a long view plan for the future. It will require many years
to complete its construction. I do not propose that we should proceed
in a haphazard manner, but that we should approach the problem on
sound engineering lines, completing the main trunk line systems and
gradually extending the work outward along the lateral rivers.
"Some of the items authorized have not yet been recommended by the
engineers, and of course they will not be undertaken unless they are so
recommended.
"The bill does not call for any increase in the budget for this fiscal
year, the appropriations having been provided by which work will be
pushed at all available points in assistance to the temporary unemployment situation.
"I have, in co-operation with Secretary Hurley, established during the
past year a new organization for the conduct of these works. In this

214

FINANCIAL CHRONICLE

organization we have created under General Lytle Brown eight separate
divisions, headed by responsible directing engineers, as follows:
"Great Lakes Division: Colonel E. M. Markham.
"Upper Mississippi Valley: Lieut. Col. G. S. Spalding.
"Lower Mississippi Valey: Brig. Gen. T. H. Jackson.
"North Atlantic Division: Colonel W. J. Borden.
"South Atlantic Division: Colonel H. B. Ferguson.
"Gulf Division: Lieut. Col. Mark Brook.
"North Pacific Division: Colonel G. Sukesli.
"South Pacific Division: Lieut. Col. T. M. Robins.
"In aggregate, this inland waterway undertaking represents a larger
project that even the Panama Canal. It will provide employment for
thousands of men. It should be fruitful of decreased transportation
charges on bulk goods, should bring great benefits to our farms and to
our industries. It should result in a better distribution of population
away from the congested centers."

[VOL. 131.

nally will press for an amendment, seeking to have the Senate adopt the
increased rates.

The Senate, late Jul' 1, by a vote of 56 to 11, passed the
Johnson bill, after adopting the Walsh-Connally amendment. As to the Senate action that day we quote as follows from the "Herald Tribune" Washington account:

The effect of the Walsh-Connally amendment is to raise the pension rates
for the disabled World War veterans to the Spanish War level and to more
than double the cost of the bill as it passed the House.
Under the rates of the House bill the cost to the Government, as estimated, would range from $31,000,000 in 1931 to $82,000,000 in 1935.
Under the Senate rates the cost will range from $58,000,000 in 1931 to
$167,000,000 in 1935. It is estimated that the House bill would cost the
Government in five years $319,000,000, while the Senate bill would cost
$641,000,000, a difference of $322,000,000.
The Walsh-Connally amendment was adopted by 37 to 26. This was the
President Hoover Acts to Consolidate War Veterans' Agen- real test on the measure. On final passage the vote was 55 to 11, only a
handful of
cies—Gen. Hines to be Administrator of Veterans' Affairs. amendment Senators opposing it. Prior to passage the Senate adopted an
by Senator David I. Walsh, of Massachusetts, by a vote of
President Hoover is reported to have signed an executive 36 to 27, which allows veterans who have become diseased through wilful
misconduct to be pensioned.
order on July 8 consolidating all of the Federal War Veteran
The vote was reached about 6
to-night after a
Agencies. A statement issued by the President on that date It came unexpectedly. Through o'clock of the afternoon stormy session.
much
Senator 0. L.
making known his intentions in the matter follows:
McNary, of Oregon, assistant Republican leader, tried in vain to get as
"One of the most important steps taken in reorganization of the Fed- agreement for a vote to-morrow.
The vote to adopt the Walsh-Connally amendment, which increases to
eral Government was the legislation carrying out my recommendation
for a consolidation of all veterans' agencies
--that is, the Veterans' $60 a month the allowance for total disability against $40 in the House
Bureau, an independent establishment; the Pensions Bureau, from the bill, follows: For the amendment, 37 (Republicans, 9; Democrats, 27;
Department of the Interior and the Soldiers' Home from the War De- Farmer-Labor, 1); against the amendment, 26 (all Republican votes).
• •
•
partment.
On the final roll call, the only votes in opposition were those of 11 Re"The bill places large authority in the hands of the President for the
publicans, Senators Bingham, Borah, Fees Goldsborough, Hastings, Hebert,
consolidation and reorganization of these bureaus under the title of the
'Veterans' Administration,' with the appointment of a new head to be Metcalf, Moses, Sullivan, Vandenberg and Walcott.
'
• • •
called 'Administrator of Veterans' Affairs.'
As soon as the bill was passed Senator Reed (Pa.] moved the Senate
"I have prepared the necessary executive order in compliance with
insist on its amendments and send the bill to conference. This was carried.
the authority under the act.
"It is proposed to continue the Veterans' Bureau for the present, Senators Watson, Reed, Shortridge, Republicans, and George and Welds,
also the Soldiers' Home and the Pensions Bureau, as separate divisions of Massachusetts, Democrats, were named conferees.
•
*
•
under the Veterans' Administration, but to transfer certain functions
from one to the other, so as to bring about economies and avoid overA series of amendments were proposed in the final rush of hurrying
laps. The transfer of functions will take place gradually and without through the bill, but most of them were bowled over. Senator Bronsoa
disturbance to the administration.
Cutting, Republican, of New Mexico, offered an amendment which was
"General Wood will be continued as head of the Soldiers' Home. The substantially the Rankin proposition and would have extended to Jan. 1
board of managers will probably be constituted into an advisory board. 1930 the presumptive period for the most important diseases. This was
The Pensions Bureau will be administered by an acting commissioner defeated without a roll call. An amendment by Senator Henry F. Ashurst,
of pensions for the present; the Veterans' Bureau by an acting di- Arizona, was adopted which practically means a minimum of $50 a month
rector.
for those suffering disability from tuberculosis.
"I propose to appoint General Hines as 'Administrator of Veterans'
When the amendments had been disposed of, most of them with scant
Affairs.' General Hines has been offered a very important commercial ceremony, Vice-President Curtis quickly put the measure on final passage.
position, but has agreed to remain on temporarily to give me the A chorus of ayes resounded and a few nays. The Vice-President, despite
advantage of his wide experience in reorganization of the new set-up. cries here and there for a roll call, declared the bill was "passed."
"As I have said, we will be able to make important economies in Finally, Senator George W. Norris, Republican, Nebraska, got the floor
administration of hospitalization and domiciliary questions and in the and, after denying that those in favor of the bill wanted to avoid a roll call,
better handling of fiscal relations with veterans throughout the entire declared the action of the Vice-President was "a perfectly arbitrary thing."
organization. The consolidated budget of these services for the present
Finally the matter was settled by Senator Walter F. George, Democrat,
fiscal year amounts to approximately $800,000,000, so that the new of Georgia, who obtained consent for a roll call. This was speedily
establishment becomes one of the most important functions in the taken, nearly all of those who had opposed the Walsh-Connally amendment
government."
hastening to get on the affirmative side and supporting the amended bill.

President Hoover Signs World War Veterans Bill in
Form Passed by Congress to Meet President's
Views.
One of the bills passed in the closing hours of the final
day's session of Congress, on July 3, was the World War
Veterans' bill, providing for increased compensation to veterans of the world war. In the form in which it finally
went through Congress the bill was signed late at night
July 3 by President Hoover. As was noted in our issue
of June 28, page 4540, the bill in its original form was
passed by the House April 24, and in amended form it was
passed by the Senate June 23; without a record vote the
House on June 25 concurred in the Senate amendments, the
Republicans of the House having previously agreed (June
24) at a night caucus, to uphold President Hoover in the
event of his vetoing the measure—disapproval of which he
had already indicated. The President vetoed the bill June
26, the House the same day sustaining the veto by a vote of
188 to 182. At the same time a, substitute measure, known
as the Johnson bill, was passed by the House by a vote
of 365 to 4. On Saturday, June 28, the Senate Finance
Committee unanimously reported the substitute bill to the
Senate after amending the same; these amendments were
noted as follows in the June 28 advices to the New York
"Herald Tribune":
This action was taken by unanimous vote and without a roll call, after
the Committee, by a vote of 11 to 8, had defeated the Walsh-Connally
amendment intended to increase the pension rates to the level of the
Spanish War pension bill, recently passed by Congress over a Presidential
veto.
House Pension Rates Retained.
The Finance Committee modified the House bill in several respects but
did not alter the House pension rates. These range from $12 a month for
25% disability to $40 for full disability. The proposal of Senators David I.
Walsh, of Massachusetts, and Tom Connally, of Texas, Democrats, which
was defeated, was that pensions ranging from $10 a month for one-tenth
disability to 460 a month for full disability.
The battle over the bill will be fought out in the Senate Monday. After
the Finance Committee acted to-day, Senator James E. Watson, Acting
Chairman, reported the measure to the Senate. Senators Walsh and Con-




On July 2 the House, by a vote of 194 to 116, refused to
vote on the Senate amendments, and sent the bill to conference. From the Washington dispatch, July 2, to the
New York "Times," we take the following:
Mr. Johnson, of South Dakota, Chairman of the World War Veterans'
Committee and author of the House substitute pension bill, warned the
House members that they must stand behind him if they wanted any
veterans' legislation this session.
"I want a bill that will help these men," he declared. "I want a bill
that is fair to every disabled veteran, and I want a bill that the Senate will
pass and the President will sign, and those of you who want such a bill
are the ones who will vote with me this afternoon."
As soon as the rule was adopted Speaker Longworth named the conferees,
who were Mr. Johnson, Mr. Luce of Massachusetts, Mr. Perkins of New
Jersey, Mr. Rankin of Mississippi, and Mr. Jeffers of Alabama. They
retired immediately to the conference loom.

Responding to a written plea from President Hoover,
Senate and House conferees on the World War veterans'
measure on July 3 (we quote from the Associated Press
accounts) reached an agreement on the lower pension rates
provided by the House bill. The House at once (July 3)
adopted the conference report, and at 9:15 p. m. that day
the Senate accepted the report by a vote of 48 to 14. The
President signed the bill the same night. The final action
on the bill is indicated In the following, which we quote
from the Washington advices, July 3, to the "Times":
The great fight in the Senate was staged on the conference report on the
war veterans' relief bill, and for more than six hours insurgents and Democrats fiercely attacked the President not only for his attitude on the
pending bill but in a direct and personal way. The hostility to the Administration marking the debate was in strong contrast with the opening
of the special session on April 15 1929, when nothing but laudatory speeches
were made on the policies of the Administration.
House Adopts Veterans' Report.
The conference report on the veterans' bill, which eliminated all of the
Senate amendments opposed by the President, was adopted by the House by
a vote of 342 to 3 after a brief explanation of the situation by Representative Royal C. Johnson.
In presenting the report to the House, Mr. Johnson read a letter from
President Hoover, which had been previously submitted to the conferees
and influenced them to follow the views of the President.
The original House rates with the maximum pension of $40 for veterans
with 100% disability was adopted by the conferees, who also eliminated
the Senate amendments which would give pensions to those suffering from
disease known through "wilful misconduct."

JULY 12 1930.]

FINANCIAL CHRONICLE

The only Senate amendments retained were those taking from the
Controller General supervision over the action of the War Veterans'
Bureau on claims and extending the time to file claims in war risk
Insurance for three years.
In effect, the conferees followed implicitly the desires of the President
and agreed upon the House bill as passed early in the week, which was
known as the Johnson substitute.
President Hoover's letter, addressed to Senator Watson, Republican floor
leader, read to the conferees this morning, and to the House and Senate
later in the day, had the effect of crystallizing support for the conference
agreement. It made it clear that the President would veto such legislation
if it carried the Spanish War pension rates.
Text of the President's Letter.
, The President's letter read as follows:
July 3, 1930.
The Honorable James E. Watson,
United States Senate,
My Dear Mr. Senator:
You request my views on the effect of the Senate amendments to the new House
Veterans' Bill.
I must say at once that these amendments again re-establish injustices and
discriminations between veterans, impose unwarranted burdens on the taxpayer
and perpetuate entirely wrong principles in such legislation. There are many
points of criticism in this direction.
For Instance, under these amendments the average allowance to veterans whose
disabilities were incurred in civil life subsequent to the War will work out very
close to the same average payment as that given to veterans who actually suffered
from battle and in the trenches. This is an Injustice both to the men who suffered
In the War and the public.
The amendments reverse the House action limiting allowances to men who are
exempt from income tax. From this removal of the indication of necessity, a wealthy
veteran, if he becomes permanently disabled, either partially or wholly, as the result
of an automobile accident next week, may draw a life allowance from the United
States Treasury.
The Senate amendments seriously affect the men who were enrolled after the
Armistice and who never heard a shot fired. They seriously modify the clauses in
respect to venereal diseases and impose a burden upon the Treasury therefor, which
must be condemned from the point of view of family life.
Increase in Taxes Implied.
General Hines estimates the cost the first year of this Bill, as passed by the
Senate, will be $70,000,000, rising to about $175,000,000 in five years and thereafter.
This represents an increase on the House Bill by about 250%. These are sums
wholly uncalled for by the need of the situation and probably imply an Increase
In taxes.
There are many other objections to the Senate amendments, such as renewal of
certain presumptions, but perhaps this will indicate my views, The Bill 118 Passed
by the House, before amended by the Senate, was in itself a generous National
action, based upon sound principles.
Except for some minor technical points, the House Bill met the entire approval
of the representatives of the American Legion and the Veterans of Foreign Wars.
They did not ask for any more. They have shown a sense of responsibility not
only to the country but to the veterans by unhesitatingly expressing their opposition
to the major Senate amendments.
Yours faithfully,
HERBERT HOOVER.
Attack "Dictation" in Senate.
When the action of the House was made known to the Senate, it became
apparent to the leaders that the President's views must be accepted if
there was to be any World War veterans' pension legislation and early
adjournment. Some insurgent Republicans and Democrats, however, strongly
objected to what they termed "dictation" by the President
•
•
•
Senator Reed briefly explained the veterans' bill conference agreement
and recommended its adoption. He said the conferees had eliminated many
dbjectionable features contained in the Senate amendments, and had been
forced to do so in order to save the situation.
"This, in my opinion, represents satisfactory results," he said. 'The
House conferees declined to accept the Senate amendments which doubled
the cost of the first year of pensions. We have not only surrenderd on
the Spanish War rates, but eliminated the amendments giving benefits to
those suffering from diseases brought on by 'wilful misconduct,'"
Senator Reed spoke only 10 minutes. He was followed by Senator
George of Georgia, who said that the Democratic Senate conferees, himself
and Senator Walsh of Massachusetts, had refused to accept the action of
the majority Senate conferees in receding.
• •
•
Refers to Unemployment.
Senator Walsh of Massachusetts, author of the amendment to increase
the World War pension rates to the Spanish War bill levels, also attacked
the President's letter of to-day. He referred to "increasing unemployment,"
and expressed the hope, as he put it, that the President would do better for
the starving unetnployed than for the soldiers.
• •
•
Mr. Walsh did not suggest voting against the conference report, but
thought that its adoption was the best thing that could be done at this
juncture.
Senator Norris, however, demanded that the report be rejected and that
the Senate remain in session until proper provisions for veterans could
be made.
"Are we going to show the white feather and vote against this bill to
obey the President?" he asked. "I do not blame the President. He is
doing what he thinks best. It is ourselves. He is making slaves out
of us. He is making us mere pawns. I appeal to the Senate to reject the
report and increase the rates."
Senator McKellar of Tennessee joined Mr. Norris, and for nearly 40
minutes they conducted a cross-examination, apparently indulging in filibustering tactics for the purpose of forcing a recess until next Monday.
Senators Cutting, La Follette, Copeland and Thomas, held the floor during
the dinner hour, all of them opposing the conference report. At 7 o'clock
Senator Norris's attempt to prevent adjournment was rejected when his
motion to recess until next Monday was defeated by vote of 34 to 24.

The Washington advices, July 3, to the New York "World"
said:
The bill as finally adopted provides a scale of pensions for disabled veterans ranging from $12 a month for 25% disability to $40 for those totally
Incapacitated. The pensions are payable regardless of the service connection
of the disability, but veterans who have paid income taxes for the year prior
to becoming disabled are not eligible. Neither are those who incapacity
is the result of "wilful misconduct."

Senator Robinson of Arkansas Says World War Veterans' Bill Will Be More Expensive Than Measure
Vetoed by President Hoover.
Predicting a demand within a few years for pensions for
World War veterans without relation to disability, Senator




215

Joseph T. Robinson of Arkansas, in a Fourth of July address at Jonesboro, Ark., on July 4, said the veterans' relief.
measure, passed July 3 by Congress, would cost more in the
end than the measure vetoed recently by President Hoover.
An Associated Press dispatch to the New York "Times," indicating this, went on to say:
Commenting upon the terms of the bill passed yesterday, Senator Robinson said:
' looks to the abandonment of compensation for disability incurred
,
It
in the service and contemplates a pension system based on disability, with
little regard to service incurrence. It will cost less in the beginning, but
more in the end, than the method now employed.
"The allowances carried in the bill distinguished in amounts with respect
to service and non-service disability. They probably will be regarded as
inadequate. The early future will bring demands for material increases.
In a few years the Government will be called upon to provide service
pensions, pensions entirely without relation to disability."
The new law, however, Senator Robinson said, "contains an element of
merit in that it broadens relief and extends it in some measure to all
veterans who are disabled, without regard to whether their disability is of
service origin."

Albert B. Fall, Former Secretary of Interior, Applies
for Pension As Veteran of Spanish-American War.
Under date of June 16, Associated Press dispatches from
Washington stated:
Albert B. Fall, former Secretary of the Interior, has applied to the
GOvernment for a pension for his service as a Captain in the army during
the Spanish-American War.
Mr. Fall, now at liberty on bond on his conviction of receiving a bribe
of $100,000 from Edward L. Doheny in connection with naval oil leases,
has been reported in financial difficulties, and a ranch In New Mexico
was sold to satisfy creditors.
Under the Spanish veterans' pension bill, recently enacted over President
Hoover's veto, Mr. Fall, who is 69 years old, would receive $40 a month.
His application is on file at the Bureau of Pensions. Bureau officials said
his service apparently entitled him to a pension.

Adjournment of Second Session of Seventy-First Congress—Principal Legislation Enacted.
The second session of the seventy-first Congress which
assembled on December 2, 1929 adjourned July 3 at 10:38
P. M. Eastern Standard Time, On July 4, as noted in another item, President Hoover issued a proclamation calling
the Senate into special session July 7 to act on the London
Naval treaty. The adjournment of Congress July 3 occurred
after President Hoover had gone to the Capitol and signed
the Veterans' and the second deficiency bills, which as the
Washington dispatch to the New York "Times" noted, had
been the cause of controversy and delay in the closing days.
The District of Columbia bill also was approved by the
President.
Further reporting the clos:ng hours of Congress the Washington account July 3 to the "Times" said:
The President was met on his arrival at the Capitol by Senators Watson
and Walsh of Montana and Representatives Purnell and Collier, who reported that both houses were about ready to adjourn.
A small table was made ready for him in the Vice-President's room while
experts looked over the bills before the final ceremony.
•
•
•
The House was in recess most of the evening. Speaker Longworth left
at 6 o'clock for his home in Cincinnati, and that body devoted its closing
hours to disposing of minor legislation, besides the second deficiency and
District of Columbia appropriation bills.
The House adjourned sine die at 10:35 o'clock and thre eminutes later
the Senate adopted the resolution which brought the session to a close.
After this the President returned to the White House.
President Wins on Legislation.
The final hours of the Senate session were marked by two signal victories for President Hoover in the face of sharp attacks on his policies.
At 9:15 the Senate passed the conference report on the war veterans
legislation by a vote of 48 to 14, ending the deadlock which had held
up adjournment.
Immediately thereafter the Senate adopted the conference report on the
second deficiency appropriation bill containing an item of $250,000 for
continuing the work of the President's law enforcement commission.
The Senate then took up the final bit of legislation of the session, the
conference agreement on the District of Columbia appropriation bill, already
adopted by the House.
After disposing of this business the Senate was prepared to adjourn, but
Senator Norris, leader of the Republican insurgent bloc, held up the adoption of the adjournment motion by delivering a post mortem oration on
the recent tariff legislation.
• •
•
Senators Cutting, La Follette, Copeland and Thomas, held the floor during the dinner hour, all of them opposing the conference report on the
World War Veterans' Bill. At 7 o'clock Senator Norris' attempt to prevent adjournment was rejected when his motion to recess until next Monday was defeated by vote of 34 to 24.
•
*
«
Session Began With United Party.
The session, which actually began with the Republican party united and
expressing extreme friendliness to the administration, quickly became
critical of the administration. As it progressed, Republicans vehemently
attacked the President because of his refusal to state his views on the
tariff bill and for many months this hostility has been manifest.
It was only in the last week, when the President assumed a vigorous
position on veterans' relief and warned Congress that its program to award
the high-rate pensions to World War veterans would cause a deficit and

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FINANCIAL CHRONICLE

allitional taxes, that the administration assumed a leadership in legislation.

The major accomplishments of the Seventy-first Congress,
whose second session was adjourned July 3 until December,
were (says a dispatch July 3 from Washington to the
"Times") the following:
A tariff revision law.
An act creating the Federal Farm Board to promote cooperative mar.
keting and stabilize farm commodity prices.
A law transferring the prohibition unit from the Treasury Department
to the Department of Justice, and other measures designed to strengthen
prohibition.
Increasing rate of pensions for Spanish War veterans and reducing period
of service for pension eligibility, which bill was vetoed by President Hoover
and enacted into law over the President's disapproval.
Establishing a pension system for veterans of the World War, thus
deviating from the policy of confining relief to such veterans through
bonuses, hospitalization, disability allowances and wartime insurance. The
original World War pension bill was vetoed by the President, and after
the House sustained the veto was repassed in a form which deleted the provisions objected to by him.
One per cent reduction in income taxes for calendar year 1929, amounting
to about $160,000,000.
Reapportionment of representation by States in House of Representatives and providing for taking decennial census of 1930.
Provision for two new Federal penitentiaries and hospital for convicts
mentally deficient and suffering from incurable diseases, and other measures for care of convicts.
Sanctioned French war debt settlement for funding $4,025,000,000 over
period of sixty-two years from 1925.
Directing reorganization of Federal Power Commission.
Establishment National Institute of Health, to be supported in
cooperation with State Governments and private organizations.
Establishment of the Radio Commission on a permanent basis.
Provision for many notable public buildings.
It is estimated that the appropriations made by the Congress
during
the session which ended tonight will approximate $4,850,000,000, as compared with an aggregate of $4,665,000,000 appropriated
last year.

Bills which failed of enactment are noted in another item
In this issue of our paper.
Adjournment of Congress Leaves Many Bills Unenacted
—Anti
-Injunction Measure Part of Legislation Put
Off Till December Session—Bus Regulation Included—Rail Merger, Muscle Shoals and Philippines Action Also Postponed.
Many important proposed measures of legislation fell by
the wayside when the regular session of Congress was
closed on July 3, said the Washington correspondent July
4 of the New York "Herald-Tribune." The same account
indicated as follows the bills which failed to pass:

[vol.. 131.

beginning nothing would come of it. While it might have
passed the
Senate, the House was prepared to block it.
Inquiry Into Banking Situation.
The session just closed provided for various activities
by committees.
Foremost of these is the coming inquiry by the Senate
Banking and Currency Committee's subcommittee, which will begin
a survey of the banking situation next November. The Senate campaign
funds inquiry is also
in the limelight.
Legislators Go Home.
Hours before the session ended hundreds of House
members were catching railroad trans for ther home states. Many
Senators, also departed.
Today many of the House members left the
city. While a comparative
few of the House members will remain over
until next week, the capital
tonight was to a large extent deserted by members
of the lower branch.
Many Senators went away for the week end,
expectng to return for the
opening of the special session of the Senate
Monday.
•
• •
Anxiety to get back to their districts and states for
the campaign was
the chief reason for the pressing desire of members
of the House to end
the session last night, and unwillingness of
Senators to stay here for the
special session. This being campagn year, the
Congressional and Senatorial
committees will be active in Washington most
of the time from now until
November. The real work of the committees
will not become pressing
until the coming months, but at the same time
preliminaries are now being
engaged in and publicity and organization work has
been opened.

President Hoover's Proclamation Calling Senate
Into
Special Session to Act on London Naval Treaty.
The special session of the Senate, called by President
Hoover in a proclamation issued by him July
4, is the subject of another item in this issue of our paper. As indicated therein, the extra session was called for the purpose
of having the Senate act on the naval limitation treaty
signed at London, April 22 1930. The following is
the
President's proclamation:
Whereas, public interests require that the Senate of the United
States be
convened at 12 o'clock on the Seventh day
of July next to receive such communications as may be made by the Executive
and in particular to consider
and determine whether the advice and consent
of the Senate shall be given
to the ratification of a treaty for the
limitation and reduction of naval
armament, signed at London on April 22
1930, by the plenipotentiaries of
the President of the United States of America,
the President of the French
Republic, His Majesty the King of Great Britain,
Ireland and the British
Dominions beyond the Seas, Emperor of India;
His Majesty the King of
Italy, and His Majesty the Emperor of Japan, transmitted
to the Senate
on May 1 1930.
Now, therefore, I, Herbert Hoover, President of the
United States of
America, do hereby proclaim and declare that an extraordinary
occasion
requires the Senate of the United States to convene at the
Capitol, in the
City of Washington, on the Seventh day of July next, at 12 o'clock noon,
of which all persons who shall at that time be entitled to act as members
of that body are hereby required to take notice.
In witness whereof, I have hereunto .et my hand and caused to
be
affixed the great seal of the United States.
Done at the City of Washington, this Third day of July, in
the Year
of Our Lord, One thousand nine hundred and thirty, and of the independence
of the United States, the One hundred and fifty-fourth.
HERBERT HOOVER.
By the President:
WILBUR J. CARR,
Acting Secretary of State.

While a number of bills of moment were enacted during the regular session, and the extra session preceding it, various others of equal importance
failed of passage. These bills will go over to the short session which will
meet the first Monday in December and will end at noon March 4, and,
while a few of them will, perhaps, pass in the short session, there will be
little time in that three-month period to do more than dispose of the
appropriation bills.
Standing out prominently among the bills which failed of passage are
the anti-injunction measure, the bill for the regulation of motor buses carrying passengers in interstate traffic, the Couzens resolution intended to
block railroad consolidations for the time being, the Muscle Shoals bill,
several prohibition bills, and the Hawes-Cutting bill for Philippine Independence. To these might be added a multitude of measures which have President Hoover's Message to Special Session of
Senate Called to Act on London Naval Treaty.
commanded less notice.
Anti-Injunction BiU Pressed.
Elsewhere we refer more at length to the special session
The anti-injunction bill, which has been pressed by Senator Henrik Ship. of the Senate,
convened July 7 at the call of the President,
stead, Farmer-Laborite, of Minnesota; Senator George W. Norris, Republican, of Nebraska and various members of the progressive group in the to act on the treaty for the limitation and reduction of
Senate, has been strongly urged by organized labor. Senator Norris hoped naval armament, signed at London, April
22 1930. The
to be able to fix a date for action on this bill in December but was un- President's
message to the Senate follows:
successful. The opposition to this measure, whcih is intended to curb the
To the Senate: In requesting the Senate to convene in session
issue of injunctions in labor disputes, and do away with the "yellow dog"
for the
contract, is strong and it is considered doubtful whether it can be forced special purpose .of dealing with the treaty for the limitation and reduction
of naval armament signed at London April 22 1930, it is
to passage next winter. Apparently, it will have to go over to the Seventydesirable that I
should present my views upon it. This is especially necessary
second Congress.
because of
Senator James Couzens, Republican, of Michigan, chairman of the Senate misinformation and misrepresentation which have been widespread by those
Interstate Commerce Committee, made strenuous efforts to drive the motor who in reality are opposed to all imitation and reduction in naval arms.
bus bill to passage in the closing days and hours of the session. Strong We must naturaly expect opposition from those groups who believe in unreopposition from a number of Senators who see in the bill a movement by stricted military strength as an objective of the American nation. Indeed,
railroads to get control of the bus lines in their grip caused the bill to be we find the same type of minds in Great Britain and Japan in parallel
blocked. Senator Couzens will renew efforts to get the bill passed next opposition to this treaty.
Nevertheless, I am convinced that the overwhelming
session.
majority of the
The Couzens resolution to halt railroad mergers temporarily was barred American people are opposed to the conception of these groups. Our people
believe that military strength should be held in conformity
from passage because of House opposition to the measure as passed by the
with the sole
Senate. Powerful railroad opposition to the resolution exists. While it purpose of national detense; they earnestly desire real progress in limitation
and reduction of naval arms of the world, and their aspiration
will be brought forth again next winter, its fate is uncertain.
is for abolition of competition in the building of arms as a step toward
world peace.
Two Prohibition Bills Passed.
Such a result can be obtained in no other way than by
international
Of the prohibition bills which have been at the front, only two were agreement.
passed. One was the transfer bill and the other the one to modify the Jones
Ratification in Interest of United States.
"five and ten" law and provide for petty or minor offenses. The bill
The present treaty is one which holds these safeguards and
advances these
intended in effect to do away with trial by jury and to have trials by ideals. Its ratification is in
the interest of the United States. It is fair to
United States Commissioners did not emerge from the Senate Judiciary the other participating
nations. It promotes the cause of good relations.
Committee. The Sheppard bill intended to make the purchaser of liquor
The only alternative to this treaty is the
a criminal, putting him on the same basis as the bootlegger, got scant with all its flow of suspicion, hate, ill-will competitive building of navies
and .ultimate disaster. History
consideration. Many drys fear that the effect of it would be to strike supports those who hold
to agreement as the path to peace. Every naval
a hard blow at enforcement.
limitation treaty with which we are familiar, from the
Rush-Bagot agreeIn the course of the session there was no end of agitation over the ques- ment of 1817, limiting vessels
of war on the Great Lakes, to the Washtion of independence for the Philippines. This resulted in a series of ington arms treaty of 1921, has resulted
in a marked growth of good-will
hearings before the Senate Committee on Territories and the reporting from and confidence between
the nations which were parties to it.
that committee of the Hawes-Cutting bill, intended to bring about the
It is folly to think that because we are the richest nation
in the world
independence of the islands in five years. At one time it appeared likely we can outbuild all
other countries. Other nations will make any sacrifice
the Senate would vote on this measure, but by reason of pressure of other to maintain their instrument of defense
against us, and we shall eventually
questions it was not acted on. In any event, it has been plain from the reap in their hostility and
the full measure of their additional




JUDY 12 19301

FINANCIAL CHRONICLE

burden which we may thus impose upon them. The very entry of the
United States into such courses as this would invite the consolidation of
the rest of the world against us and bring our peace and independence into
jeopardy. We have only to look at the state of Europe in 1914 to find
ample evidence of the futility and danger of competition in arms.
It will be remembered that in response to recommendations from the
Senate a conference between the United States, Great Britain and Japan for
limitation of those categories of naval arms not covered by the Washington
treaty of 1921 was held at Geneva in 1927. The conference failed because
the United States could not agree to the large size of fleets demanded by
other governments. The standards set up at that time would have required
an ultimate fleet of about 1,400,000 tons for the United States. As against
this, the total United States fleet set out under this treaty will be about
1,123,000 tons.
Defense is the primary function of government, and therefore our first
concern in exaxmination of any act of this character is the test of its
adequacy in defense. No critic has yet asserted that with the navies
provided in this agreement, together with our army, our aerial defense,
and our national resources, we cannot defend ourselves, and certainly we
want no military establishment for the purpose of domination of other
nations.
Our naval defense position under this treaty is the more clear if we
examine our present naval strength in comparison to the present strength
of the other nations, and then examine the improvements in this proportion
which will result from this treaty. This improvement arises from the
anticipation of parity in battleships to be reached 10 years hence under
the Washington arms treaty and the fact that other nations have been
building in the classes of ships not limited by that treaty, while we,
until lately, lagged behind.
Naval Tonnage of United States, Great Britain and Japan.
On the first of January last the total naval tonnage, disregarding paper
fleets and taking only those ships actually built and building, was for the
United States, 1,180,000 tons; for the British Empire, 1,332,000 tons;
for Japan, 768,000 tons. That is, if the United States Navy be taken as
100, then the British Navy equals 113 and the Japanese Navy 65. Under
this treaty the United States will have 1,123,000 tons; Great Britain
1,151,qoo tons, and Japan 714,000 tons, or a ratio of 100 for the United
States to 102.4 for Great Britain and 63.6 for Japan.
The slightly larger tonnage ratio mentioned for Great Britain is due to
the fact that her cruiser fleet will be constituted more largely of smaller
vessels, weaker in gun power, but the United States has the option to
duplicate the exact tonnage and gun caliber of the British cruiser fleet if
we desire to exercise it.
The relative improvement in the position of the United States under
this treaty is even better than this statement would indicate. In the
more important categories, battleships, aircraft carriers, eight-inch and
six-inch cruisers-that is, omitting the secondary arms of destroyers and
-the fleet built and actually building on Jan. 1 of this year
submarines
was 809,000 tons in the United States, 1,083,000 tons in Great Britain, and
568,000 tons in Japan, or upon the basis of 100 for the United States it
was 134 for Great Britain and 70 for Japan.
Under this treaty the United States will on Jan. 1 1937 possess completed 911,000 tons of these major units, Great Britain 948,000 tons, and
Japan 556,000 tons. In addition, the United States will have one 10,000.
ton eight-inch cruiser two-thirds completed. This will give a ratio in these
categories of 100 for the United States to 102.9 for Great Britain and 60.6
for Japan.
The reason for the excess British tonnage is again as mentioned above.
In other words, the United States, in these categories, increases by 102,000
tons, Great Britain decreases by 140,000 tons, and Japan decreases by
12,000 tons. These readjustments of units are to take place during the
next six years. The treaty then comes to an end except for such arrangements as may be made then for its continuance.
The major discussion has been directed almost wholly to the fact that
the United States is to have 18 cruisers with eight-inch guns, with an
aggregate tonnage of 180,000 tons, as against Great Britain's 15 such ships,
with a tonnage of 146,800 tons, and Japan's 12 such ships of a tonnage
of 108,400 tons; the United States supplementing this tonnage with
cruisers armed with six-inch guns up to a total of 323,500 tons; Great
Britain up to 339,000 tons, and Japan to 208,800 tans, the larger gross
tonnage to Great Britain, as stated, being compensation for the large gun
caliber of the American cruiser fleet, but, as said, the United States has
the option to duplicate the British fleet, if it so desires.

217

powers would have been approximately 680,000 tons greater than under
the treaty now in consideration.
The economic burdens and the diversion of taxes from welfare purposes
which would be imposed upon ourselves and other nations by failure of
this treaty are worth consideration. Under its provisions the replacement
of battleships required under the Washington arms treaty of 1921 is postponed for six years. The costa of replacing and maintaining the three
scrapped battleships is saved. Likewise, we make economies in construction and operation by the reduction in our submarine and destroyer fleets
to 62,700 and 150,000 tons, respectively. What the possible saving over
an otherwise inevitable era of competitive building would he no one am
estimate.
If we assume that our present naval program, except for this treaty, is to
complete the ships authorized by Congress and those authorized and necessary to be replaced under the Washington arms treaty and to maintain a
destroyer fleet of about 225,000 tons and a submarine fleet of 90,000 tons,
such_a fleet will not reach parity with Great Britain, yet would cost in
construction over $500,000,000 more during the next six years than the
fleet provided under this treaty. But in addition to this, as stated, there
is a very large saving by this treaty in annual operation of the fleet over
what would be the case if we even built no more than the present programs.
The more selfish-minded will give little credence to the argument that
savings by other parties to the agreement in the limitation of naval construction are of interest to the American people, yet the fundamental economic fact is that, if the resources of these other nations are freed for
devotion to the welfare of their people and to pacific purposes of reproductive commerce, they witl result in blessings to the world, including
ourselves. If we were to accept the Geneva conference base as the end
of naval strength under competitive building for the three governments,
the savings in construction and operation by the treaty is literally billions
of dollars.
The question before us now is not whether we shall have a treaty with
either three more eight-inch cruisers or four less six-inch cruisers, or
whether we shall have a larger reduction in tonnage. It is whether we
shall have this treaty or no treaty. It is a question as to whether we
shall move strongly toward limitation and reduction in naval arms or
whether we shall have no limitation or reduction and shall enter upon a
disastrous period of competitive armament.
Treaty Marks Important Step in Disarmament.
This treaty does mark an important step in disarmament and in world
peace. It is important, for many reasons, that it should be dealt with
at once.
The subject has been under discussion since the Geneva conference three
years ago. The lines of this treaty have been known and under discussion
since last summer. The actual document has been before the American
people and before the Senate for nearly three months. It has been favorably reported by the Senate Foreign Relations Committee.
Every solitary fact which affects judgment upon the treaty is known,
and the document itself comprises the sole obligation of the United States.
If we fail now the world will be again plunged backward from Its progress
toward peace.
HERBERT HOOVER.
The White House, July 7 1930.

Special Session of Senate Called by President Hoover
to Act on London Naval Treaty-Declares Ratifi-McKellar Resolution
cation Is in Interest of U. S.
Calling for Submission of Documents to Senate.
In accordance with a proclamation issued July 4 by President Hoover the United States Senate convened in special
session on Monday July 7, following the adjournment of
Congress July 3. The purpose of the special session, as cited
in the President's proclamation, is that the Senate might
determine whether its consent be given "to the ratification
of a treaty for the limitation and reduction of naval armament signed at London April 22 1930." With the opening
of the special session on July 7 a message from the President
setting forth his views on the treaty was read. This message
which we give elsewhere in our issue to-day, declares
that the ratification of the treaty "is in the interest of the
United States." The treaty, said the President "is fair
to the other participating nations. It promotes the cause
of good relations." The President stated that "the question
before us now is not whether we shall have a treaty with
either three more 8-inch cruisers or four less 6-inch cruisers,
or whether we shall have a larger reduction in tonnage.
It is whether we shall have this treaty or no treaty." He
added:

Criticisms Revolve Around Less Than 3% of Our Fleet.
Criticism of this arrangement arises from the fact that the General
Board of the United States Navy recommended that to reach parity with
Great Britain the United States should have three more of the 10,000-ton
cruisers (21 instead of 18) with eight-inch guns, and a total of 315,000
tons, or 8,000 tons less total cruiser tonnage than this treaty provides.
Thus this treaty provides that instead of this 30,000 tons more of eightinch ships recommended by the General Board we will have 38,000 tons of
ships armed with six-inch guns, there being no limitation upon the size of
cruisers up to 10,000 tons.
Therefore, criticism revolves around less than 3% of our whole fleet,
and even within this 3% comes the lesser question of whether 30,000 tons
It is a question as to whether we shall MOTO strongly toward limitation
of ships armed with eight-inch guns are better than 38,000 tons armed with
six-inch guns. The opinion of our high naval authorities is divided on the and reduction in naval arms or whether we shall have no limitation or reducrelative merits of these alternatives. Many earnestly believe that the larger tion and shall enter upon a disastrous period of competitive armament.
This treaty does mark an important step in disarmament and in world
tonnage of six-inch ships is more advantageous and others vice versa.
with at
However, those who seek to make this the outstanding feature of criticism peace. It is important for many reasons that it should be dealt
once. The subject has been under discussion since the Geneva conference
fail to mention that under the London treaty the obligation of the Washof this treaty have been known and under disthree years ago. The lines
ington arms treaty of 1921 is so altered that Great Britain scraps 133,900
cussion since last summer. The actual document has been before the
tons of battleships armed with 13%-inch guns, the United States scraps American people and before the Senate for nearly three months. It has
70,000 tons of battleships armed with 12-inch guns, and Japan scraps been favorably reported by the Senate Foreign Relations Committee.
26,300 tons. These arrangements are made not only for reduction of arms
Every solitary fact which affects judgment upon the treaty is known,
but to anticipate the ultimate parity between the United States and Great and the document itself comprises the sole obligation of the United States.
battleships which would not otherwise be realized for several If we fail now the world will be again plunged backward from its progress
Britain in
years.
toward peace.
There is in this provision a relative gain in proportions compared with
We indicate further below the action of Senator McKellar
the British fleet of 63,900 tons of battleships with 13%-inch guns. This
is of vastly more importance than the dispute as to the relative combatant in presenting to the special session of the Senate on July 7
strength of 38,000 tons of six-inch cruisers against 30,000 tons of eight- a resolution calling upon the President to submit to the
inch cruisers. Indeed, it would seem that such criticisms must be based Senate
special documents bearing on the Naval treaty.
upon an undisclosed desire to break down all limitation of arms.
To those who seek earnestly and properly for reduction in warships I On July 10, the group opposing ratification of the treaty
would point out that, as compared with Jan. 1 of this year, the total aggre- was defeated in the Senate when, by a vote of 38 to 17, the
gate navies of the three powers under this treaty will have been reduced McKellar resolution, requesting the President to transmit
Geneva in 1927
by nearly 300,000 tons. Had a settlement been made at
the treaty, was
upon the only proposal possible at that time, the fleets of the three all documents bearing on the negotiation of




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FINANCIAL CHRONICLE

amended to read, "if not incompatible with the public interest," thereby taking the force out of the resolution. A
dispatch from Washington, July 10, from which we quote,
added:
The result of the three days' fight over the resolution seemed to take
the steam out of the opposition. When the resolution, as amended, was
submitted, the anti
-treaty members found themselves joined by nearly
all the pro-treaty Senators in passing it, by a vote of 53 to 4.
Senator Copeland of New York, who is against the treaty, and Senators
Black of Alabama and George and Harris of Georgia. who favor ratifications, were those against the resolution.
The four, all Democrats, took the stand that the amendment gave the
President too much leeway to withhold the secret papers and that the
Senate should be the Judge as to their treatment in confidence. The
amendment was the work of Senator Robinson of Arkansas, Democratic
pro-treaty leader.
Sought to Save Resolution.
Senator McKellar. Democrat, of Tennessee, author of the resolution,
In a final effort to save it in its original strength, accepted a change suggested by Senator George that the President be requested to submit the
papers "with such recommendations as he may make with respect to their
use."

On July 11 the President in answer to the Senate resolution declined to forward the documents to the Senate. His
reply is given under another head in this issue of our paper.
Regarding the opening of the special session of the Senate
a dispatch from Washington to the New York "Times"
said in part:

[VOL. 131.

Reed Offers to Show Papers.
The resolution brought Senator Reed to his feet. Senator Borah, in
charge of the treaty as Chairman of the Foreign Relations Committee,
had the floor, but yielded to the Pennsylvanian.
"Much has been made," said Mr. Reed, "of the matter of disclosing
the cables exchanged between the President or the State Department
and the American Ambassador in London. Copies of all of those cables
were submitted to the Senator from Arkansas (Mr. Robinson) and myself
in confidence in preparation for the work at London.
"I still have the copy which was submitted to me in confidence, and.
as I said to the Committee when the question arose there, I shell be very
glad to show the correspondence to any Senator who will accept
it in
the confidence in which I accepted it. The Senator who accepts my suggestion will readily see the reason why the correspondence should not be
made public."
Senator Johnson asked Mr. Borah to yield to him for a minute or two.
and Mr. Borah nodded.
"Here is the proposition that is made to the United States Senate,"
exclaimed Mr. Johnson as he faced Senator Reed. "The Senator from
Pennsylvania says: 'I have the documents upon which this treaty was
negotiated. I have read them.' Of course, that is ample, I concede.
"
'The Senator from Arkansas (Mr. Robinson) has read them and we
have consulted concerning them.
the Senator from Pennsylvania says.
'I will permit any other member of the Senate forsooth to see these documents in confidence.'
"But he must not talk to any of his fellow-Senators about them, lie
must not argue the treaty concerning them. He must do naught In relation
to them.

"Permission" Riles Johnson.
"But the Senator from Pennsylvania will permit any member of the
Senate, he will permit him to see in confidence these documents, provided
Forebodings of Senator Watson, the Republican leader, who on Saturday that he holds inviolate the confidence, as any man would that ever gave
It, and provided he does not utilize them in relation to the treaty.
July 5 doubted that a quorum would be present when the Senate con"When that proposition was made in the Committee on Foreign Relations
vened, were unfounded. Fifty-eight Senators, nine more than a quorum,
I scorned It just as I do now. As a United States Senator,representing a
answered when the roll was called.
The reading of the President's message and of the treaty itself occupied sovereign State and standing here representing the United States of America,
most of the hour and a half's sitting. But there were signs in plenty that I decline to accept in confidence from one of my colleagues what he and
the treaty may not reach a vote with the speed some ardent advocates another of my colleagues have used in the past and will utilize in the future.
"I demand for the United States Senate and for every member of it,
of ratification have been insisting would be the case.
At the very start the controversy over the refusal of the Executive to and for my Government here represented by members of the United States
Senate. the right to see these documents and the right to utilize them in
make public all documents bearing on the negotiation of the treaty was
revived. Senator McKellar, Democrat, of Tennessee. introduced a resolu- debate."
tion requesting the President to send to the Senate "all letters, cablegrams,
Norris Plans Reservation.
minutes, memoranda, instructions and dispatches and all records" bearing
Mr. Reed did not reply and Mr. Borah, taking the floor, asked that
on the London conference.
the treaty be read. When the reading was ended the Senate adjourned
until noon to-morrow, when Mr.Swanson will make his pleas for ratification.
McKellar Acts Quickly.
Following adjournment, the talk in Senate circles related mainly to the
Mr. McKellar, immediately following the conclusion of the reading of
the President's message, gained recognition and put the resolution calling McKellar resolution. On all sides it was conceded that, if the opposition
so desired, it could debate the resolution for a week.
for the documents before the Senate.
Senator Norris promptly announced his support of the resolution and
The resolution went to the table, and it is expected Mr. McKellar will
move to consider it to-morrow. There is no chance of its adoption, but it said he would probably propose a reservation which would provide that,
In the event that an interpretation of the treaty, in whole or in part,
becan be debated without limit, thereby slowing up consideration of the treaty
itself. Several Senators, among them Senator Norris of Nebraska, who will came necessary,the text of the treaty itself should govern the interpretation.
The reservation would bar the utilization in argument or otherwise of any
vote to ratify, will probably support the McKellar resolution.
The galleries were crowded half an hour before the Senate was called to extraneous matters relating to the negotiation, said Mr. Norris.
"Even though I am one of the Senators who has intended to vote for
order. Senators Johnson, Moses and McKellar, leaders of the opposition,
were the first Senators to enter the chamber. A few minutes later Mr. the treaty," he said, "I was shocked when I read the correspondence between the Secretary of State and the Committee on Foreign Relations
Watson and Senator Swanson of Virginia, ranking Democrat on the Foreign
Relations Committee, who to-morrow will make the opening speech in regarding the request of Senator Johnson for these documents. The
favor of ratification, came in arm in arm. Senator Robinson, Democrat, attitude of the Secretary of State was disgraceful and outrageous. It was
of Arkansas, who with Senator Reed, Republican, of Pennsylvania, is demagoguery of the worst sort."
Asked by newspaper correspondents for his views toward articles pubto lead in the fight for ratification of the compact they helped as members of
the London delegation to negotiate, was not at the session. Mr. Robinson lished recently attacking the London naval treaty. Secretary Stimson
was reported on his way from Arkansas and may be in his seat to-morrow. said he did not resent criticism of the treaty. Personally, he said, he should
The first business was reading of the President's message, to which the not like to have the matter treated otherwise than on its merits and not
Senators present gave close attention. There had been no advance copies as a matter of personalities.
of the message.
President Hoover denied a request, made in a "round
President Hits at Treaty Foes.
robin" signed by 23 senators, that he defer until late this
Pro-treaty Senators smiled at Senators Johnson. Moses and McKellar year the
extra session which he had made known (before
when the clerk read a reference by the President to opponents of the treaty
as those "who believe in unrestricted military strength as an objective of the adjournment of the regular session of Congress) he
the American mtion." It was a treaty, asserted the President, the ratifica- planned to call. The President in answer to the petition
tion of which was in the interest of the United States, a treaty fair to all the
had the following to say in a letter made public July 2,
signatory powers.
"We have only to look at the state of Europe in 1914 to find ample evi- addressed to Senator George H. Moses, (Republican) of
dence of the futility and danger of competition in arms," he said.
New Hampshire, who had forwarded the petition to the
From the standpoint of National defense, the President said, no critic
of the treaty had been willing to go so far as to assert that, under the President:
The President wrote:
terms of the pact, the United States could not defend itself against outside
"My Dear Senator: I have your letter of June 24. inclosing the
aggression. On the basis of the naval limitation sought in the futile Geneva
request
conference of 1927, the savings to this country, Great Britain and Japan of a number of Senators that the proposed extra session of the Senate be
under the London treaty, he stated was "literally billions of dollars." . . deferred until next December.
"I realize fully the great strain which has been placed upon the
Senate
McKellar's Resolution,
by this long continued session. On the other hand, the National
interest
Senator McKellar took the administration leaders by surprise with his In having the naval treaty brought to a conclusion is so great. I feel that I
must ask that it should be dealt with at the earliest possible date.
resolution. It read:
Whereas. on June 12 1930 the Senate Committee on Foreign Relations,
"Yours faithfully,
by resolution, requested the Secretary of State to send to it the letters,
minutes, memoranda, instructions and dispatches which were made use
"HERBERT HOOVER."
negotiations prior to and during the sessions of the recent conference
ofin the
In our issue of June 14 page 4153 we referred to the action
at London; and
Whereas, that committee received only a part of such documents; and of Secretary Stimson, in denying at the direction
of President
Whereas, the Secretary of State, by direction of the President. denied
a second request from the Foreign Relations Committee for the papers Hoover, the request by the Senate Foreign Relations Comabove described, and in his letter to the Chairman of that Committee the
Secretary of State had apparently attempted to establish the doctrine that mittee for the transmission to it of confidential communithe treaty of London must be considered by the Senate "from the language cations on the naval treaty.
of the document itself and not from extraneous matter"; and
Whereas that Committee dissented from such doctrine and regarded
all facts which enter into the antecedent or attempted negotiation of any
treaty as relevant and pertinent when the Senate is considering a treaty Message of President
Hoover Declining to Submit to
for the purpose of ratification: and
Whereas that Committee continued to assert its rights as the designated
Senate Special Documents Bearing on London
agent of the Senate to have full and free access to all records, files and other
Information touching the negotiation of the treaty, such right being based on
Naval Treaty.
the constitutional prerogative of the Senate in the treaty making process:
In a message to the Senate yesterday (July 11) President
and
Whereas the Chairman of that Committee transmitted a copy of these
Hoover declined to submit to that body documents bearing
resolutions to the President and Secretary of State; and
Whereas the President and Secretary of State refused to submit the on the London Naval
Treaty, called for in a resolution passed
documents requested by the Foreign Relations Committee:
papers and
now therefore be it
by the Senate on July 10. The resolution is referred to in
Resolved by the Senate of the United States, That the President be and
he is hereby requested to submit to the Senate all letters, cablegrams, another item in this issue of our paper. The President reminutes, memoranda, instructions and dispatches and all records, files
and other information touching the negotiations of said London Naval fused to accede to the request on the ground that it "would
Treaty, to the end that the Senate may be able to do and perform its conincompatible with the public interest." The President's
stitutional obligations with respect to advising and consenting to and be
• atifying such treaty, or rejecting same.
reply to the Senate resolution follows:




JULY 12 1930.]

FINANCIAL CHRONICLE

219

To the Senate—I have received Senate Resolution No.320, asking me, if mediate means. Further industrial expansion was financed by the
not incompatible with the public interest, to submit to the Senate all letters, same expansion of credit which made installment buying possible.
cablegrams, minutes, memoranda. instructions and dispatches, and all Consumption was expanded and financed upon the consumer's promise
records,files and other information touching the negotiations of the London to pay and production was expanded by capitalizing the producer's
Naval Treaty.
hope that the consumer would keep that promise.
This treaty, like all other international negotiations, has involved stateIn the period between 1920 and the present time we experienced
ments, reports, tentative and informal proposals as to subjects, persons and the full use and purpose of the credit machinery built up within the
governments given to me in confidence. The Executive, under the duty of Federal Reserve system. It was but a logical development that
guarding the interests of the United States, in the protection of future anticipated profits should be capitalized as anticipated production and
negotiations and in maintaining relations of amity with other nations, must consumption had been capitalized—and that the Federal Reserve sysnot allow himself to become guilty of a breach of trust by betrayal of these tem should in turn finance this capitalization of anticipated profits.
confidences.
The entry of millions of Americans of moderate means into stock
We must not affront representatives of other nations, and thus make market speculation was a natural consequence of the policy of exfuture dealings with those nations more difficult and less frank. To make
pansion to which we had committed ourselves. It was also a logical
public in debate or in the press such confidences would violate the invariable
the Federal Reserve should expand brokers loans to
practice of nations. It would close to the United States those avenues of development that
business of speculating in sr
Information which are essential for future negotiations and amicable inter- make possible a huge inflation of the
course with the nations of the world. I am sure the Senate does not wish curities on margins.
country to a point where the individual was
All this brought the
me to commit such a breach of trust.
afford
I have no desire to withhold from the Senate any information having even living beyond his preesnt means, buying more than he could
bearing upon the negotiation of the Treaty. No Senator has on his hope that he could afford to pay for it in the future and then
the remotest
been refused an opportunity to see, the confidential material referred to, speculating in the hope that he could make enough profit to pay his
provided only he will agree to receive and hold the same In the confidence in debts when they came due. In brief, the greater part of the American business structure was built upon the anticipated profits of the
which it has been received and held by the Executive.
A number of Senators have availed themselves of this opportunity. I next year's pay checks.
This circle of discounted hope could persist only while it was in
believe that no Senator can read these documents without agreeing with me
that no other course than to insist upon the maintenance of such confidence motion. When the rotation of the system was stopped, even for a
is possible.
moment, the wheel disintegrated and its component parts answered
And I take this opportunity to repeat with the utmost emphasis that in the call of gravity and crashed to the ground.
these negotiations there were no secret or concealed understandings, promThe geniuses in the management of credit who presided over this
ises or interpretations, nor any commitments whatever except as appear in defiance of the laws of economic gravitation were the world's greatest
the Treaty itself and in the interpretative exchange of notes recently sug
financiers and industrialists. They came to the realization that optimism
gusted by your Committee on Foreign Affairs, all of which are now in the could not forever serve as the basis of a constantly expanding credit.
hands of the Senate.
In 1928, these men convened themselves and decided that a readjustIn view of this, I believe that to further comply with the above resolution ment was imperative—that the world's economic, industrial and finanwould be incomptaible with the public interest.
cial procedure should undergo a complete change or evolution. Since
the date of that decision the machinery to perfect this accomplishment
has been in full force and effect.
Representative McFadden Pictures Continued Hardships
We are only beginning to feel the effect of this decision by the
Pending Economic and Business Adjustment—Policies economic powers. Commodity price levels are being reduced to pracof Federal Reserve System Criticized—Morgan Interest tically the 1913 basis, wages are being reduced through the creation
of a labor surplus by the slbwing up of production to an extent which
Charged With Exercising Centralized Control.
has thrown four million or more of our people out of employment.
We must realize that we are going to a new price level much lower
That "we and the world are undergoing a major economic
must also
and business adjustment which is and will be both drastic than that which has prevailed during the past decade. We
realize that before this change is fully accomplished to the entire
painful" was the declaration made by Representative satisfaction of those who are directing it, much suffering and hardship
and
Louis T. McFadden, Chairman of the House Committee on will prevail. Unemployment and hardship always bring unsettlement
Banking and Currency in addressing the House on July 3. in the public mind, sometimes to a degree which results in anarchy
and revolution. It is natural and right that the average citizen
"We must realize" said Mr. McFadden "that we are going should resent having his livelihood made the subject of manipulation.
to a new price level much lower than that which has preThe War resulted in bringing our industrial and financial leaders
vailed during the past decade. We must also realize that, into contact with the industrial and financial leaders of the rest of
the world. One of the consequences of this contact was the assumpbefore this change is fully accomplished to the entire satistion by our industrial and financial leaders of control of such affairs
faction of those who are directing it, much suffering and throughout the world.
This control of the world business structure and of human haphardship will prevail."
piness and progress by a small group is a matter of the most intense
"Never before in the history of the world," Mr. McFadden
public interest. In analyzing it, we must begin with the international
declared "has there been such a powerful centralized con- group which centers itself around J. P. Morgan and Company.
trol over finance, industrial production, credit and wages Never before in the history of the world has there been such a powerful centralized control over finance, industrial production, credit and
as is at this time vested in the Morgan group." He conwages as is at this time vested in the Morgan group.
tinued "the Morgan interest is able to exercise a high
The Morgan interest is able to exercise a high degree of control in
degree of control in international exchange, loans and international exchange, loans and commerce through the fact that the
parent Morgan Company acts as fiscal agent for Great Britain, France,
commerce through the fact that the parent Morgan Company
Belgium and Italy, is the dominating influence in the new Bank for
acts as fiscal agent for Great Britain, France, Belgium and International Settlements and is the most potential influence in the
Italy, is the dominating influence in the new Bank for Federal Reserve system, which last is virtually a pool of our national assets. 'The Morgan control of the Federal Reserve system is
International Settlements and is the most potential influence
exercised through control of the management of the Federal Reserve
in the Federal Reserve System, which last is virtually a Bank of New York and the mediocre representation and acquiescence
Pool of our national assets." Representative McFadden's of the Federal Reserve Board in Washington.
This international association of financial organizations under a
speech follows:
control marks a new epoch in world financial history and is
Time and events have arrived at a point where we should no longer central
basis of the greatest danger free government has had to face in
deceive ourselves concerning the business situation. Continued state- the
centuries.
ments of unfounded optimism will have only an unhappy effect upon
Hand in hand with this financial control, march an equally potent
the minds of the millions of our citizens who now unemployed and
who, in the circumstances, must continue to be unemployed for many and dangerous organization of international political and industrial
months to come. The economic condition, in which we find ourselves, control. Politically, this control has expressed itself in the United
is too sustained and deeply seated to be met by pronouncements that States by a control of the press and the Executive Departments of
the Government with the object of bringing about the adoption of
it does not exist.
Let us face the truth—that we and the world are undergoing a measures calculated to make the people and the resources of this
major economic and business adjustment which is and will be both coutnry as acquiescent part in the international plan.
drastic and painful. These consequences will be particularly severe
The primary object of these measures is to persuade our people to
in the United States because they will force many people to recede assume the cost of the World War and to pay Germany's much-disputed
from the standards of living and expenditure attained during the past reparations to the Allies, we to assume the responsibility of collecting
fourteen years.
these reparations from Germany over a long term of years, if, as
Some part of this condition is the natural consequence of the and when Germany is willing or able to pay them. Through the sale
operation of basic economic laws which function with little regard for of bonds to American investors, the Allied Governments are to receive
human legislation. A large part is due to mismanagement of our cash for their claims against Germany. The burden of establishing
national affairs. A still larger part is due to a deliberately contrived the validity of these bonds and of collecting principal and interest
and executed program which has as its object the impoverishment of would thus be shifted to the United States and a large part of the
liquid capital of the United States would be shifted to Europe.
the people of the United States.
The current effort to sell German bonds in the United States under
The end of the World !War found us with a greatly expanded industrial and credit structure, too large by far for the requirements the seeming approval of the State Department and the Treasury is
of our national needs as the latter existed before the beginning of the only another phase of the program which has persisted since our
war period of abnormal consumption. It was clearly a time to halt entry into the War. The endeavor to involve us in the complex
settlements of Versailles Peace Treaty was a part of this proand to analyze fundamental economic facts. We did not do this.
Rather we chose to proceed with our abnormal production and to gram as was the effort to persuade us into membership in the League
stretch the limits of credit still farther. War production and its of dations. The failure of these efforts was succeeded by the debt
profits had made Americans drunk with power and ambition for more cancellation campaign and that, in turn, was followed by the vigorous
power. Luxuries developed in the disorganization of war became propaganda which had as its avowed object the purpose of securing
necessities with the reestablishment of Peace.
our adherence to the Permanent Court of International Justice of
The American people entered upon a decade in which the whole the League of Nations, sometimes euphemistically styled the World
structure of their lives was to be based upon the principle of dis- Court.
counting the future. A vast system of installment credit sprang into
Another phase of this program has been the continuing effort to
life almost overnight, aided by the optimism of the Federal Reserve induce us to take the right of determining the size and character of
system. The automobile industry expanded more rapidly and to greater our national naval defense out of the hands of the Congress, in which
size than any industry had expanded in history. The public was it was placed by the Constitution, and to place it in the hands of
encouraged by advertising and propaganda to buy beyond its im- some foreign tribunal such as the Washington Conference of 1922




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FINANCIAL CHRONICLE

or the recent London Naval Conference. Once having
of the Congress, it is almost a certainty that this
national defenses would be placed in the hands of
Nations by those in whose hands we first delivered

left the hands
control of our
the League of
it.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Announcement was made on July 8 that a merger of the
Broadway National Bank & Trust Co. of 261 Fifth
Avenue, this city the Plaza Trust Company of 551 Fifth
Avenue and the Park Row Trust Company of 154 Nassau
Street has been approved by their Boards of Directors. The
title of the merged institution will be Broadway and Plaza
Trust Company and the principal place of business will be
the present quarters of the Broadway National Bank and
Trust Company at 261 Fifth Avenue; other offices will be
maintained at the present quarters of the Plaza Trust Company and Park Row Trust Company. The new institution
will have a capital of $1,350,000, a surplus of $1,800,000 and
undivided profits of $225,000, totaling one-half the capitalization of the respective institutions as now constituted; the
remainder of the capital and surplus will be distributed prorata among the stockholders. Announcement is made that
the principal stockholders of the institution included in this
alignment have determined upon a program of conservative
expansion which contemplates the acquisition of additional
units and the creation of a substantially larger institution.
The Park Row Trust Company has been in operation only
it few months, having begun business April 7. It was formed
with a capital of $500,000 and surplus of $250,000. Its President, Michael H. Cahill is also President of the Plaza Trust .
Company. Items regarding the Park Row Trust Company
appeared in our issues of April 5, page 2333 and April 12,
page 2519.
At a regular meeting of the directors of the Sterling National Bank and Trust Company of New York, Joseph Glass
was elected to the board. Mr. Glass of the corporation law
firm of Olcott, Holmes, Glass, Paul & Havens, was associated with Joseph P. Tumulty in the reorganization of the
former Middle States Oil Company now the Middle States
Petroleum Corporation, of which Mr. Glass is President. He
is also President of the Louisville and Northwestern Railroad and a member of the Bankers and Economic Clubs.
George Emlen Roosevelt was elected a director of the
Chemical Bank & Trust Company at a meeting of the Directors on July 10. He succeeds his father, the late W. Emlen
Roosevelt, who served as a director of the Chemical Bank
for 32 years. Mr. Roosevelt was also elected a director of
the Chemical National Company, Inc. at a meeting of that
company on July 10. He is the fourth generation of the
Roosevelt family represented on the directorate of the
Chemical Bank. His grandfather, Cornelius Van Schalck
Roosevelt, was one of the original five directors when the
Chemical Bank was re-chartered in 1844. Mr. Roosevelt is
a member of the old established firm of Roosevelt & Son,
Bankers.
The June 30, 1930 statement of the Chemical Bank &
Trust Company of New York shows total deposits of $398,966,815, an increase of approximately $112,000,000 since the
last statement date, March 27, 1930. This increase in deposits is one of the sharpest gains shown by any of the New
York City banks. As compared with total deposits reported in the statement of December 31, 1929, it represents
an increase of $59,861,000, the deposits at that time being
$339,105,659. It reflects normal growth rather than physical
expansion since no mergers have been effected in the period
covered by the report, and only one new branch has been
opened. The Chemical Bank now has thirteen branches.
Total resources of the bank June 30 were $481,474,539, compared with $354,940,354 on July 1, 1929.
Deposits of The Chase National Bank of New York on
June 30 1930 were in excess of $2,065,434,000, as shown in
the bank's statement issued July 7. This figure it is stated
marks the first time that any bank in the world has passed
the two billion dollar mark in deposits. The statement
shows total resources of $2,648,958,000, setting a new high
record for financial institutions. Figures for deposits and
total resources of the Chase on June 30 are substantially
higher than corresponding figures shown in the consolidated
statement of condition issued June 2, when the merger with




[VOL. 131.

the Equitable Trust Company and Interstate Trust Company
became effective. The June 30 statement of undivided
profits, $63,318,000, shows an increase of $2,595,000 as compared with June 2. Deposits of the Chase in the new statement show an increase of $1,238,112,000 over the deposits
reported by the bank a year ago. Total resources on June
30 were $1,532,554,000 greater than on June 30, 1929. Combined capital, surplus and undivided profits in the new statement amounted to $359,318,000, an increase of $216,467,000
over a year ago. In reflecting the expansion of The Chase
National Bank during the past year, these figures also give
effect to consolidations with the National Park Bank, the
Equitable Trust Company and the Interstate Trust Company. It is an interesting commentary on the expansion
of The Chase National Bank that the bank's capital funds
are now as large as the total deposits were at the end of
1920. The published statement of The Chase National Bank
does not include figures for the Chase Securities Corporation or any of the other organizations affiliated with the
bank.
Comparative figures covering the capital, surplus and undivided profits, the deposits and the total resources of The
Chase National Bank are shown in the following table:
June 30 1930. *June 2 1930. June 29 1929.
Capital,surplus and profits- $359,318,000 $356,723,000 $142,851,000
Deposits
2,065,434,000 1,916,236,000
827,322,000
Total resources
2_,648,958,000 2,551,000,000 1,116,404,000
* Date of merger of Chase, Equitable Trust and Interstate Trust.

The Harriman National Bank & Trust Company of New
York declared the regular semi-annual dividend of 5%, together with an extra dividend of 5%. In addition to this
drvidend it was announced that there would be paid to the
bank stockholders the equivalent of a 25% dividend declared on the no-par value stock of the Harriman Securities
Corporation, which is held by them Its an incident to their
ownership of the bank shares. The three dividends were
payable on July 3, to the stockholders at the close of business that day, and are paid on the increased capital of the
Bank and Securities Company. Earnings for the six months
ending June 30, 1930, on the stockholders investment
amounted to $22.37 per share or substantially in excess of
the cash dividend of $17.50 disbursed.
The Irving Trust Company of New York which has been
carrying on an active expansion program in Brooklyn in
recent months, has received permission from the State Banking Department to open a banking office at 1823 Avenue
M. This will bring the total number of Irving banking offices in Brooklyn up to eight. The premises at 1823 Avenue
M are being remodeled and the Company expects to open the
new office before the end of July. The office will be under
the active supervision of Stanley T. Wratten, Vice-President.
G. M. Koppel, Jr., will be in immediate charge. Other
Irving Offices in Brooklyn are the Borough Hall Office,
Chamber of Commerce 'Building at Court and Livingston
Streets; Nostrand Avenue Office, 681 Nostrand Avenue;
Fiatbush Office, Flatbush Avenue and Linden Boulevard;
Newkirk Plaza Office, 27-28 Newkirk Plaza; New Utrecht
Office, New 'Utrecht Avenue at 53rd Street; Fort Hamilton
Office, 444 Eighty-sixth Street and Marlboro Office at 311
Kings Highway.
The following is from the "Wall Street Journal" of July 9:
The 2,825 shares of Corn Exchange Bank Trust Co. stock sold at auction brought $160.50 a share. This is an odd lot being sold by the bank
In connection with recent increase in capital, to bring new total to an
even $15,000,000.
Another lot of 600 shares of Corn Exchange Bank Trust Co. stock,
which was sold for a private account, brought the same price of $16034
a share.

The plans for the merger of the Manufacturers Trust Co.
and the Pacific Trust Co., both of New York, under the
name of the former were ratified by the stockholders of the
two institutions on June 27. The merger was approved by
the directors of the respective institutions on June 13 as
was noted in these columns of June 21, page 4361. Herman
J. Cook, President of the Pacific Trust Co. has been elected
a Vice-President, and William T. Pagan has been appointed
Asst. Trust Officer of the Manufacturers Trust Co. Two
directors of the Pacific Trust Co., Clifford Stone of the
Central State Electric Corp., and Albert Lehman of the
Blaw-Knox Co., have become directors of the Manufacturers
Trust. The office of the Pacific Trust Co. at 51 Broadway
was discontinued on June 28 and its business is now carried
on at the main office of the Manufacturers Trust Co.

JULY 12 1930.]

FINANCIAL CHRONICLE

221

Out of respect to the memory of their senior partner, Bank and its group of Worcester County banks was assured
J. Walter Wood, who died July 3, the offices of Wood, on that day, when the stockholders of the Worcester Bank
& Trust Co. voted to accept the plan recommended by the
Struthers & Co. were closed on Monday July 7.
Board of Directors. The Bank & Trust Co. will purchase
Stone & Webster, Inc., announces that plans have been through an exchange of shares the capital stock of the
filed with the Manhattan Bureau of Buildings for a new Worcester County National Bank, which will carry with it
fifty-storey office structure in the financial district. Work
the ownership of the Second National Bank of Barre, Clinton
will be started immediately on the initial structure of twentyTrust Co. North Brookfield National Bank, Spencer Nafour stories, to be occupied by Stone & Webster, Inc., its
tional Bank and First National Bank of Webster. The
affiliated organizations, and other tenants. Occupying the
group will have deposits of $70,000,000 and resources of
entire 121-foot frontage on the west side of Broad Street
The Worcester Bank & Trust Co. will
between Stone and Bridge Streets, three blocks from the about $83,000,000.
split its share on the basis of five new shares of $20 par
New York Stock Exchange, the Stone & Webster building
and will issue
will cover an area of about 15,600 square feet. The foun- value for each one share of $100 par value
in the initial structure are designed new shares to the amount of $1,800,000 with which to finance
dations and steel work
to permit the addition of a tower structure at a later date the purchase. This will bring the capital stock of the bank
to carry the total height to fifty stories. The building will to $3,800,000. All seven banks will retain their corporate
be faced with Indiana limestone on all four sides. It will existence, names, and organizations, but they will be under
be owned by Stone & Webster Building, Inc., of which F. a common ownership and management.. John E. White,
Higginson Cabot Jr., is President.
President of the Worcester Bank & Trust Co. will be the
executive head as chairman of the Board and Chairman of
Deposits of the Marine Midland Trust Company of New the executive committee of both banks, while Walter Tufts,
York have increased more than $30,000,000 since the New President of the Worcester County National, will be presiYork bank was acquired by the Marine Midland corporation dent of both banks. An item with reference to the proposed
on March 29, 1930, according to figures made public by the affiliation of these banks appeared in our issue of June
New York bank, formerly the Fidelity Trust company, at 28, page 4550.
the close of business June 30. Total deposits on June 30
are reported as $80,475,710 compared with $49,643,019 on
The proposed union of the Central National Bank of
March 29. Resources of the Marine Midland Trust com- Philadelphia and the Penn National Bank of that city, under
pany show a gain of more than $36,000,000. The resources the title of the Central-Penn National Bank, was ratified by
have increased from $69,763,582 on the date of acquisition the respective stockholders of the institutions on July 7
to $106,228,187 at the close of business June 30. The June and will become effective July 12, according to the Phila30 statement of the New York bank gives effect to the in- delphia "Ledger" of July 8. The consolidated bank will have
crease in capital and surplus. The capital of the Marine a combined capital, surplus and undivided profits of more
Midland Trust company was recently increased from $6,- than $14,000,000. In addition, it was said, stockholders will
000,000 to $10,000,000 and the surplus from $4,000,000 to have a beneficial interest in the Central National Securities
$10,000,000.
Co., the capital and profits of which are considerably in excess of $1,000,000. Deposits of the merging banks as of June
The statement of condition of the J. Henry Schroder
30 were $54,780,224. Five centrally located offices will be
Banking Corporation as of June 30, 1930, shows total remaintained, namely at 5th and Chestnut St., 7th and Market
sources of $82,011,877, an increase it is stated of $15,809,Sts., 15th and Sansom Sts., Broad St. and Passyunk Ave.,
692, or 23% over a year ago. Liquid assets, represented
and Broad and Cambria Sts. The roster of the enlarged
by "Cash and Due from Banks," "Call Loans with Discount institution will be as follows: Archie D. Swift, President;
Houses," "Acceptances of other Banks," "U. S. Government William Post, Chairman of the executive committee; Stanley
Securities" and "Municipal and Short Term Securities" E. Wilson, David R. Carson, Albert H. Ashby (and Cashier),
totaled $37,308,277, as compared with less than $26,000,000 Elwell Whalen and Horace C. Beitzel, Vice-Presidents; and
of liquid assets a year ago. The most important change Elwood K. Acker, Walter C. Brooks, Charles B. Callinan,
in liquid assets it is noted are found in the elimination of Walter S. Chittick, Oscar H. Clawson, Thomas G. Conklin,
the "Call loans with Stock Exchange Houses" and in a sub- Leo M. Kelly, Edwin M. Maser and Albert B. Roop, Assistant
stantial increase in the corporation's holdings in U. S. Gov- Cashiers. The proposed merger of these banks was inernment securities and of "Acceptances of other Banks." dicated in our issues of May 31 and June 14, pages 3826 and
The item "Due Customers and Banks" amounted to $36,- 4179, respectively.
701,091, as compared with $27,406,557 on June 29, 1929.
Acceptances outstanding as of June 30 are reported at a
The proposed union of the Kensington Trust Co. of Philarecord level for this date, amounting to $34,018,343, and delphia and the National Security Bank & Trust Co. of
showing an increase over a year ago of $5,193,948, or 18%. that city, to form the Kensington Security Bank & Trust Co.,
Capital, surplus and undivided profits totaled $9,837,397, as was formally effected on July 1. The new organization is
compared with $8,860,043 on June 29, 1929.
capitalized at $1,300,000, with surplus and undivided profits
of $4,120,000, and has deposits of over $22,000,000 and total
T he New York State Banking Department announces the resources of $28,500,000. Offices are maintained at Kenapproval July 2 of the Agreement for the merger of The sington and Allegheny Avenues, Girard Avenue at FrankAmerican Bank & Trust Company of Mount Vernon, N. Y. lin Street, and Broad Street and Allegheny Avenue. The
into the Mount Vernon Trust Company. The plans for the personnel of the institution is as follows: Charles L. Marmerger were noted in these columns June 14, page 4178. tin, President; John W. Whiting, First Vice-President;
Prior to the consummation of the plans the consolidation ac- Harry P. Manger, Second Vice
-President; Charles H. Chaption was taken toward converting the American National man, Vice-President and Treasurer; William H. Brehm,
Bank & Trust Company into the American Bank & Trust Frank Schoble, John B. S. Rex, and George Kessler, Jr.,
Company.
-Presidents; Mortimer N. Eastburn, Title and Trust
Vice
Officer; John W. Kommer, Secretary and Assistant TreasArthur W. Sherman, President of the First National Bank urer; George Ovington and C. G. Ziegler, Assistant Treasof Glens Falls, N. Y., died in the Lake Placid General Hos- urers; Charles W. Schoch and Joseph F. Fox, Assistant Secpital on July 3 from a stroke of apoplexy suffered the pre- retaries; Fred G. Muhl, Assistant Title and Trust Officer,
vious Sunday morning while playing golf at Lake Placid. and Edward Clymer, Assistant Trust Officer. Our last
Mr. Sherman, who was 61 years of age, carried on the lum- reference to the proposed approaching consolidation of these
ber business which bad been conducted by his father and banks appeared in our June 21 issue, page 4362.
grandfather. He was also affiliated with the Portland
Cement Co., Glens Falls Insurance Co., Glens Falls Post Co.
The Bankers' Trust Co. of Philadelphia was three and a
and Kendrick & Brown Lumber Co.
half years old on June 30. A statement put out by the
bank last week said, in part:
From Associated Press advices from Worcester, Mass.
In that time it has gathered $35,176,718 deposits, Increased its resources
on July 8, appearing in the Boston "Transcript" of the same to $43,358,676, and has in its business capital, surplus and undivided
profits of $7,434,224. Such record in so brief a time has never before
date, it is learned that the proposed affiliation of the Wor- been approached in the banking activities of Philadelphia. This institution
Bank & Trust Co. and the Worcester County National is now doing business with nearly 80,000 customers and operating 12 offices.
cester




222

FINANCIAL CHRONICLE

FOL. 131.

The policy which has been pursued has been to create in and to bring
to Philadelphia business which did not exist here before. It is the thought
of Samuel H. Barker, President of the company, that this is the method
which is bound to have fullest results because it assures a friendly attitude
from all and tends to augment a situation out of which the whole city
can benefit.

and total resources of $1,400,000, was reported in a
dispatch
by the Associated Press from Columbus, Ohio, on
that date,
appearing in the New York "Times" of the next day.
0. 0.
Gray, State Superintendent of Banks for Ohio,
who announced the closing, was 'reported as saying that
"frozen"
The following news item comes to us this week from
assets and heavy withdrawals of deposits were responsibl
e
the Bankers Trust Co. of Philadelphia:
for the failure. The closed bank, which was founded
in 1867,
Three hundred employees and junior officers of Bankers' Trust Co. of
Philadelphia were voted yesterday (July 7) another quarterly salary divi- was one of the oldest financial institutions in Ohio, the
/
2
dend of 11%, payable Aug. 1. This is in accord with the policy the dispatch said.

company adopted of paying to its employees dividends in the same percentage as those paid to its stockholders, and at the same periods. The
thought is that the personnel of the organization is entitled to share in
the benefits which it helps to bring about, and that this makes a tangible
method of giving it such participation.
The quarterly dividend of 1%% on Bankers' Trust Co. stock was also
declared yesterday, July 7, payable Aug. 1 to stockholders of record July 15.

Effective July 1, the Pennsylvania National Bank of
Pittsburgh, Pa., an institution with capital of $200,000, was
placed in voluntary liquidation. The institution was absorbed by the Pennsylvania Savings Bank of Pittsburgh,
which was succeeded by the Pennsylvania Bank & Trust Co.,
Pittsburgh.
On July 1 the title of the Merchants' National Bank of
Meadville, Pa., was changed to the Merchants' National
Bank & Trust Co. .
Paul J. Maiser, Assistant Secretary of the Industrial Trust
Co. of Philadelphia, has been given the additional office of
Assistant Treasurer.
The Brotherhood of Railway Clerks National Bank, Cincinnati, the closing of which on June 26 was noted in the
"Chronicle" of June 28, page 4550, has been taken over
by
the Central Trust Co. of Cincinnati and opened for business
on July 5 as the Court-Vine Branch of the latter. All the
resources of the Central Trust Co. are now behind the deposits of the former labor bank. The Central Trust Co. has
a capital of $4,000,000; surplus and undivided, profits of
$5,300,000, and total resources of $45,000,000. The main
office of the institution is at the Southwest corner of
Fourth and Vine Streets, and it has six branches in CMcinnait including the Court-Vine Branch.
The consolidation of the Security Savings Bank & Trust
Co. of Toledo, Ohio and the Home Bank & Trust Co. of that
city, under the title of the Security-Home Trust Co. became
effective at the close of business June 30. The new institution, which occupies the Security Building at the Southwest corner of Madison Avenue and Huron Street, starts
with a capital of $1,500,000, surplus and undivided profits
of $2,014,775; deposits of $32,149,030, and total resources
of $36,115,268. Our.last reference to the approaching merger of these institutions appeared in the "Chronicle" of
June 14, page 4179.
In referring to the merger in its issue of June 27, the
Toledo "Blade" after stating that dividends would be paid
to the shareholders of both banks on July 1, said:
A special adjusting dividend of 51%c. a share on par stock of $26
will be paid to Security stockholders and Home stockholders will receive
11 special dividend of $10 and the regular quarterly payment of
$2 on
$100 shares.
Capital of the new bank will be $1,500,000 made up of 60,000 shares
of $25 par value stock. Home stockholders will receive 2% shares of
this stock for each share of $100 par value stock. Security stockholders
will receive 1 3-32 shares of new stock for each share of stock held. This
amounts to approximately a 10 per cent stock dividend.

On July 1 the First National Bank of•Chicago
rounded
out 67 years of existence. A brief outline of
its history,
issued on the occasion, says in part:
Sixty-seven years ago, on July 1 1963, the First
National Bank of
Chicago opened for business. Immediately following the
enactment of the
National Currency Law, later known as the National Bank
Act, a small
group of prominent bankers and business men secured charter
number eight
from the National Government. The bank's existence has
been continuous
under one name.
The bank's original capital of $205,000 has grown to a
capital investment of approximately $76,000,000, and resources, as shown
in the first
published statement, of $479,000, have developed with those
of its
affiliate, the First Union Trust dr Savings Bank, to more than $800,000,000
.
The original staff of seven officers and employees has
grown to more
than 2,200 people.
Five years after its organization the bank built its own building
at
State and Washington Streets, which was just becoming the
center of
Chicago business. The building was partially destroyed in the
great fire
of 1871, though the vaults and records of the bank remained intact.
The
building was restored and occupied until 1882, when the bank
moved to
Dearborn and Monroe Streets, occupying a new building then
considered
one of the architectural wonders of Chicago. The present building
was
erected during 1903 to 1905 in two sections, and again enlarged by the
addition of the building on the Clark Street frontage in 1928.
In the 67 years of its existence the bank has only had six Presidents:
Edmund Aiken, Samuel M. Nickerson, Lyman J. Gage, James B. Forgan,
Frank 0. Wetmore, and Melvin A. Traylor.
It is particularly interesting that the anniversary of the bank and that
of Mr. Traylor's entrance into banking occur on the same day,
July 1 of
this year, marking the 25th milestone in his career as a banker.

Net earnings of all units of Detroit Bankers Co., Detroit
(the large holding company formed last year by the consolidation of several Detroit banks), exclusive of the investment
unit, for the first six months of the current year, after setting aside proper reserve for interest, taxes and contingencies, amounted to $3,842,202, equivalent to $2.16 per share on
the 1,773,924 shares outstanding as of June 30, last. Julius
H. Haass, President of the company, said:
"In view of the prevailing low interest rates and the fact that sufficient
time has not elapsed for certain economies in operation to become evidenced,
we feel earnings have been quite satisfactory. The total earnings of the
Individual units for the first six months of 1930 are in excess of the earnings of the same units for the first six months of 1929."

The Detroit Bankers Co. has total invested capital of
$91,407,435; total deposits of $590,798,797, and total resources of $709,456,205. The above figures do not include
those of the investment units. The holding company owns
the capital stock of the following financial institutions located in the Great Detroit area, which includes Detroit,
Highland Park, Hamtramck, Dearborn, River Rouge, Ecorse,
Wyandotte and Grosse Pointe:
Peoples Wayne Country Bank of Detroit; First National Bank in Detroit; Detroit Security Trust Co. of Detroit; Grosse Pointe Savings Bank
of Grosse Pointe; First Detroit Company of Detroit; Peoples Wayne Country Bank of Ecorse; Peninsular State Bank of Highland Park; Peoples
Wayne
County Bank of River Rouge; Peoples Wayne County Bank of
Highland
Park; River Rouge Savings Bank of River Rouge; Peoples Wayne
County
Bank of Dearborn; Peoples Wayne County Bank of Wyandotte;
Peoples
Wayne County Bank of Hamtramck.
The company at present maintains 199 banking offices in the
Greater
Detroit area.

Associated Press advices f- rom Jefferson City, Mo.,
on
June 30, appearing in the St. Louis "Globe-Democrat"
of
July 1, stated that the 40th Missouri bank merger so far
this year was effected on June 30, according to an announcement by S. L. Cantley, State Finance Commissioner, when
the Bank of Bourbon, Crawford County, was taken over by
the Citizens' Bank of Bourbon. The acquired institution
had
total resources of $145,320, while the Citizens' Bank
had
total resources of $146,540, the dispatch stated.

The proposed union of the First National Bank of Duquoin, Ill., and the First Bank & Trust Co. of that place,
has been completed, according to advices by the Associated
Press from Duquoin on July 3, printed in the St. Louis
"Globe-Democrat" of the following day. The consolidated
bank is capitalized at $100,000 with surplus and undivided
profits of $150,000. It has deposits of $2,500,000 and total
resources of approximately $3,000,000. The new institution
occupies the former home of the First Bank & Trust Co.
The National Bank of Nes-s City, Kansas, as of July
1,
Reference was made to the proposed merger of these banks changed its title to the First National
Bank of Ness City.
in the "Chronicle" of May 14 last, page 3657.
The First National Bank of Hopkinsville, Ky.,
capitalized
Formal opening of the new banking quarters in the Mid- at $100,000,
was placed in voluntary liquidation as of June
land Bank Building, Cleveland, Ohio, of the Midland Bank
30. The institution, as indicated in our issue of April 12,
and its affiliate, the Midland Corp., took place on Monday
page 2523, was absorbed by the City Bank & Trust Co. of the
of the present week, July 7.
same place.
The closing on July 2 of the Highland County Bank of
Richmond, Va., advices on July 1 to the "Wall Street
Greenfield, Ohio, an institution with capital of $125,000 Journal" reported
that the State & City Bank, Roanoke, Va.,




JuLy 12 1930.]

FINANCIAL CHRONICLE

223

has been authorized by the Virginia State Corporation Com- Its deposits were $812,000
and at present, they are $1,700,000. Its remission to acquire the stock of the State & City Investme
sources have grown
nt capital and surplus in the some period from $1,400,000 to $2,550,000. Its
have increased over the same period from $375,000 to
Corp., valued at $400,000.
Consolidation of three Morgantown, West Va., banks—th
e
Bank of the Monongahela Valley, the United Bank &
Trust
Co., and the Federal Savings & Trust Co.—has been
approved by the respective directors of the institutions,
according to Morgantown advices by the Associated Press,
July 2,
printed in the New York "Times" of July 3. The new
bank
will be operated under the name of the Bank of
the Monongahela Valley, and will occupy the quarters
of that
institution, the dispatch said.
The proposed consolidation of the First National
Bank of
Birmingham, Ala., and the American-Traders'
National
Bank of that city, became an accomplished fact on
July 1.
The new organization, the First National Bank of
Birmingham,is capitalized at $5,000,000, with surplus of
like amount
and undivided profits of several hundred thousand
dollars,
and has total resources of approximately $72,000,00
0. In a
letter addressed to the stockholders of the First
National
Bank prior to the ratification of the merger
by the respective stockholders of the banks, on June 23, Oscar
Wells,
then President of the First National Bank, set
forth the
stock basis on which the merger was to be brought
about,
as follows:

$800,000.
The bank is located at No. 414 West Sixth Street. between Hill and
Olive, facing Pershing Square. Readjustments are being made in board
of directors and in personnel; a complete change has been affected in management and control."

That the First National Bank of Fresno, (capital $400,000) had closed its doors on July 7, by order of its directors,
was reported in the following San Francisco advices on July
8 to the 'Wall Street Journal":
Report was received at headquarters of National Bank examiners here
that First National Bank of Fresno, Cal., closed its doors Monday morning
on order of board of directors. No reason for the action was announced.
The hank is in charge of A. E. Price, National Bank Examiner, according
to representatives in San Francisco of Comptroller of the Currency Pole.

Fred R. Kerman, Vice-President in charge of advertising
for the Bank of Italy National Trust & Savings Association,
San Francisco, has been elected Vice-President of Transamerica Corp. An announcement in the matter by the
bank said:
Kerman, one of the outstanding figures in bank advertising, will act
as Counsellor and assistant to President L. M. Giannini of Transamerica.
His long association with A. P. Giannini has given him an intimate knowledge of the giant holding corporation, which is the recognized exponent
of branch banking in the United States.
Kerman recently bent several months in New York City, where he advised with Elisha Walker, Chairman of the Board of Transamerica in the
organization of the New York offices. Upon his recommendation, Mr.
Ralph Hayes assistant to Mr. Ralph Pulitzer of the New York World, was
elected a Vice-President of Transamerica Corporation and placed in charge
of its publicity.
Kerman will remain a Vice-President of the Bank of Italy and will serve
on various committees of the bank.

The stock of the new bank will consist of 200,000
shares of $25 per
share par value. The First National stockholders will receive
120,000 shares
of the new stock for their present holdings and the
American-Traders'
stockholders will receive 80,000 shares. This means that
each of the
First National stockholders will receive eight shares of
new stock for each
one share he now owns. Each of the First National
Elisha Walker, Chairman o- f Transamerica Corporation,
stockholders will receive
a cash dividend of 33 1/3% on the par value of his
stock upon the con- New York, has been made a member
summation of the merger.
of the Board of
In the case of the First National stockholders
each stockholder will Directors of the Bank of Italy National Trust & Savings
receive an even number of shares, being eight times their
present holdings. Association, San Francisco, to succeed the late J. H. SkinIn the case of the American-Traders' National Bank,
each stockholder will ner. Transamerica owns
upwards of 99% of the stock of
be entitled to one fractional share, ranging from 1/11
or less to 10/11 or
more, but less than a full share, according to the
number of present shares the Bank of Italy, whose system of branches include 292
held. To avoid this splitting of one share into
small fractions, it is offices in 166 California communities and whose 1,500,000
suggested that the merged bank consolidate these
fractions into full shares depositors
, it is said, outnumber those of any other bank in
and sell them at auction for the account of the respective
holders.

the United States.
With reference to an affiliated securities
company for
the new bank, Mr. Wells, in his letter to the
stockholders,
Elisha Walker, Chairman o- f the Transamerica Corporasaid:
tion, on July 3 announced that by an interchange of shares,
An affiliated securities company, the stock of which
will be held by the Transamerica and Union des Mines, a leading French instockholders of the consolidated bank in the proportion
of their holdings dustrial bank, had each acquired reciprocal holdings in the
in the bank, will be created. It is contemplated
that this company will other. The conclusion of the negotiations was announced
have a capitalization of $1,000,000 and that it be
created by a change of simultaneously in Paris by M. Jouasset, Managing Director
name of the American-Traders' Securities Corp. to the
First National Co. of Union des Mines. The announcement went on to say:
of Birmingham, or some other satisfactory name, with
an

increase in the
capital stock of the American-Traders' Securities Corp.
to
is also contemplated that when and as additional capital $1,000,000. It
becomes desirable
for the securities company that from time to time
additional sums from
the available undivided profits of the consolidated
bank be distributed
for that purpose.

Officials of Transamerica will be invited to become members of the
directorate of the French bank and officers of the latter institution will
similarly be asked to join the board of the American corporation. The
statements of M. Jouasset and Mr. Walker emphasized that while the
reciprocal holdings are substantial, they constitute only minority interests.
This acquisition by Transamerica is regarded as presaging further deThe principal officers of the new bank
include Oscar velopments bringing the American corporation into closer relationship with
outstanding European industrial and financial enterprises.
Wells, Chairman of the Board of Directors; W. W.
Crawford
Leading industrial magnates of France with large interest in electrical,
(former Chairman of the Board of the American
-Traders' chemical, metalliugical and coal mining industries are associated in Union
National Bank), Vice-Chairman of the Board;
On an extensive and enlarging scale it has conducted
J. C. Persons des Mines. internationa
national and
l banking business on behalf of those enterprises.
(heretofore President of the American

-Traders' National
Bank), President, and Keehn W. Berry,
Executive VicePresident. Items concerning the approachi
ng merger of
these banks appeared in our issues of May 24
and May 31,
pages 3658 and 3827, respectively.

F. C. Wood has been appointed manager of the main
Montreal branch of the Bank of Montreal, Montreal, Canada,
to succeed C. W. Dean, who retired July 1, according to
Montreal advices on that date to the "Wall Street Journal."

Associated Press advices from Haines
Cable advices received by t- he New York Representative's
City, Fla., July 9,
printed in the New York "Times" of the next
day, reported office of Barclays Bank Limited show that as at June 30,
that the State Bank of Haines City had failed
to open for 1930, deposits and other accounts of that institution reached
business on July 9. The dispatch went on
a new high figure of $1,693,982,349, representing an increase
to say:
Lislew W. Smith, president, announced that
more than $37,000,000 compared with the total reported
$400,000 in the past sixty days caused directirs withdrawals aggregating of
of
reorganization. The bank was organized in 1913. the bank to close for as at June 30 1929. Advances to customers show little
change at $870,420,708; bills discounted have risen from
The new ownership of the Western National
Bank in Los $201,873,057 to $225,927,280; and acceptances and endorse4
Angeles, Cal., has received permission from
the Comptroller ments have declined from $116,481,153 to $70,654,193. Total
of the Currency to change the name of the
bank to the reserves amount to $1,895,177,628 compared with $1,904,001,Central National Bank in Los Angeles. A
stockholders' 895. Investments, including shares in affiliated banks, show
meeting is scheduled to be held July 28 at
which time It is a slight decrease from a year ago, but the balance sheet figexpected the change will be effected. Control
of this insti- ures given do not include statements of the following banks,
tution recently passed into the hands of Frank
C. Mortimer, affiliated with Barclays: Barclays Bank (Dominion, ColoDahl Sturges, Harold G. Ferguson, Marc F.
Mitchell, and nial and Overseas); Barclays Bank (Canada); Barclays
associates (as noted in our issue of June
7, page 3998). Bank (France) Limited; Barclays Bank S. A. I.; British
Frank C. Mortimer, who is President,
commenting on the Linen Bank; and Union Bank of Manchester. In accordchange in name and future plans of the
institution, said In ance with the usual custom of British banks, no profit and
part:
loss account is published in mid-year, but the directors have
"The bank was organized under Federal Laws in
March, 1928, as the declared dividends of 10% on the "A" shares and 14% on
first exclusive savings hank under national charter in
It found itself, however, drawn into the commercial the United States. the "B" and "C" shares, which is the same rate as in prefield, and today, its
deposits are about half savings and half
commercial. The bank has vious years. All figures have been converted at the rate
made reasonable progress, for a fairly new institution,
and in June, 1928, of $5.00 per I sterling.




224

[Vox. 131.

FINANCIAL CHRONICLE

advanced the upward
GE. period of selling pressure. As the day
THE WEEK ON THE NEWYORK:STOCK EXCHAN
pronounced and at the close stocks were
trend became more
Except for a sharp setback on Monday during which the fairly buoyant throughout the list. Railroad shares were
bear faction forced prices downward, the market has shown the outstanding leaders of the advance and in a number of
moderate recuperative tendencies the present week. Rail- cases scored substantial gains. The outstanding strong
ly
4
road shares attracted considerable attention, particular
stocks were Atchison 83 points to 2213 ,Union Pacific
when with few exceptions
during the latter part of the week,
points to 218, Baltimore & Ohio 23% points to 106, New
of 63
the group moved to higher levels. The weekly statement
York Central 2% points to 162, Norfolk & Western 12
Federal Reserve Bank made public after the close of points to 230, New Haven 63/i points to 1073%, Wabash 23.4
the
business on Thursday showed a further decrease of 816,- points to 35, Ches. & Ohio 53% points to 1873-, Del., Lack.
re000,000 in brokers' loans in this district. Call money
& West. 23 points to 117 and Southern Ry. 2 points to
fluctuated between 2% and 95. United States Steel joined the upward rush with a gain
newed at 2% on Monday and
3% during the rest of the week.
8
of 29/i points to 1597, Westinghouse Mfg. & Electric Co.
%
On the whole, trading on the New York Stock Exchange advanced 5 points to 138, General Electric improved 13
was extremely dull on Monday, following the three-day holi- points to 683%, American Can forged ahead 33% points to
the
day, though considerable selling was apparent among
4
1213 , American Telephone & Telegraph shot ahead 33%
favorites as prices drifted slowly downward. points to 210, and Allied Chemical & Dye surged forward
popular trading
American Can was one of the weakest and slipped down below 9Y points to 259. Motor stocks were stronger and were
1
115, where it was off 8 points from its previous close. West- represented in the advances by Chrysler, Hudson, Hupp,
inghouse Electric also was especially weak and dipped 33I Packard, General Motors and Auburn, the latter advancing
demand
4
points to 1303. Standard issues like United States Steel, 71 points to 110. Public Utilities were in active
& Electric, Consolidated
General Electric, General Motors, American Tel. & Tel., and such issues as Colorado Gas
Gas Co. of New York, American & Foreign Power, Brooklyn
and a host of other active stocks in the general list were Union Gas Co., American Water Works and American
down from 1 to 7 or more points. Numerous prominent Electric Power & Light scored advances ranging from 2 to
speculative stocks also felt the downward urge including 4 or more points. Copper shares were fractionally higher.
such shares as Air Reduction, Allied Chemical & Dye, Amer. Merchandising stocks displayed considerable improvement
gains.
Machine & Foundry, J. I. Case Threshing Machine, Con- and oil issues in many cases recorded substantial
Electric Light & The stock market was somewhat reactionary on Friday,
solidated Gas, New York Central and
and there was an appreciable reduction in the volume of
Power. On Tuesday, just as the stock market appeared to
business following the brisk advances of the previous day.
be on the verge of another break, a sharp rally developed and Prices in the early trading were somewhat higher, but were
many of the popular trading favorites again turned upward forced downward as selling appeared in many of the active
registering substantial gains from the previous close. Gen- speculative favorites, and numerous losses ranging from 1 to
eral Motors was particularly conspicuous in the day's ad- 3 or more points were in evidence at the close. Stocks
issues as
vances, and closed at 403% with a gain of nearly 2 points, showing losses at the end included such prominent States
Auto American Telephone & Telegraph 2 points, United
American Can improved 13% points to 1153%, Auburn
Steel 23/8 points, Westinghouse Electric 23/8 points, Air
moved ahead 2 points to 99, J. I. Case Threshing Machine Reduction 23, points, Allied Chemical & Dye 13 points,
1
moved upward 43/i points to 167, Diamond Match ran ahead J. I. Case Threshing Machine 43/i points and Johns-Manville
3
93 points to 1993, Eastman Koda 24 points to 1923/i 23 points. Atchison was down about 3% points and so
and Vanadium Steel 13% points to 783'. Railroad stocks were numerous other issues in the railroad group. Vanadium
of attention as it started upward
did somewhat better toward the closing hour as Union Pacific Steel attracted a good deal
as against Thursdays
points to 2083%, followed by in the early trading and reached 843/
moved briskly forward 23
%
low at 7834, but failed to hold its gain and closed % of a
Chicago Great Western pref. with a gain of 2 points to 33 and point below the previous session. Oil stocks were down
Baltimore & Ohio with an advance of 1 point to 102. On and so were the motors and copper stocks. The final tone
the other hand, new lows on the present reaction were reg- was weak due to selling.
istered by United States Steel and Westinghouse Electric.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Other noteworthy recessions were Loews Inc. 5 points,
DAILY, WEEKLY AND YEARLY.
33/i points,
Liggett & Myers 6 points, Air Reduction
& Dye
Untied
Total
State,
Railroad,
American Tobaoco 23' points, and Allied Chemical
Stocks,
3 points.
The stock market continued its upward swing on Wednesday and while the gains were not especially noteworthy, they
were persistent and most of the favorite issues were strong
at the close. Railroad shares continued to attract considerable speculative attention and were represented in the
advances by such stocks as Ches. & Ohio, which moved
ahead 73 points to 1813%, Bait. & Ohio, which gained 13%
Atchison, which advanced 23% points to
points to 103
2133,; New York Central 178 points to 1593' and Union
Pacific with a gain of 33/i points to 211%. Public utilities
moved strongly upward under the guidance of Consolidated
Gas, which shot ahead 23/ points to 107 and Standard Gas
& Electric, which gained over a point to 88. Industrial
shares were represented on the upside by advances in such
active stocks as General Electric, which improved 1 point
to 6734; Westinghouse 2 points to 133; Worthington Pump
2
4 points to 126; Air Reduction 2 points to 1083/; Allied
%;and J. I. Case Thresh4
Chemical & Dye 23 points to 2493
ing Machine 2 points to 169. Specialties were fairly strong
and forged ahead under the leadership of Columbia Carbon,
which gained 6 points to 123. Motor stocks were higher,
copper issues were stronger and the oil shares closed with
substantial gains. On Thursday the market again moved
upward, though the early trading was marked by a short




Week Ended
July 11.

Number of
Shares.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

1,480,640
1,554,710
1,358,020
2,167,050
1,525,570

Municipal &
Poen Bonds.

,Sc.,
Bonds.

BOLL DAY
34,708,000 $2,984,000
2,354,000
4,843,000
2,560,000
6,055,000
3,022,000
8,039,000
1,503,000
6,673,000

3230,000
417,500
630,000
423,000
813.000

Week Ended July 11.
1929.

1930.
Sales at
-No. of shares_
Stocks
Bonds.
Government bonds_ __
State and foreign bonds
Railroad at misc. bonds
Total bonds

37.922.000
7,614,500
9,245.000
11,484,000
8,989,000

32 513 non 54n 9.4

8.085,990 $30.318.000 $12.423,000

Sales at
New York Stock
Exchange.

Bonds
Salts.

Slates
Bonds.

Son

Jan. 1 to July 11.
1930.

1929.

8,085,990

22,53,5,790

505,668,930

577,522,640

32,513,500
12,423,000
30,318,000

$2,288,100
12,649,000
57,321,500

$63,634,400
367,462,000
1,102,988,500

368.720,700
329,892,650
1.028,646,000

$45,254,500 $72,258,600 $1,534,084,900 $1,427,259,350

DAILY TRANSACTIONS AT 'THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 11 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised

Philadelphia.

Baltimore.

Shares. Bond Sales. Shares. Bcmd Sales. Shares. BandSales.
110L1 DAY
$17,000
*20,536
0,000
*19,557
6,000
*27,870
17,000
*17,593
2,000
8,396

HOU DAY
a48,535
38,800
a.57,605
5,000
a80,364
4,000
066,485
4,000
11,495
5,000

HOLI DAY
313,900
1,391
14,200
1.288
10,500
1,073
8,500
1,694
10,000
812

93,952

$48,000

244,484

824,800

6,238

$57,100

94,768

378,000

348,049

359.900

8.441

380.800

* In addition, sa es of rights were: Monday, 1,751; Tuesday, 2,196; Wednesday.
5,170; Thursday, 3,423.
a In addition, sales of rights were: Monday, 3,100; Tuesday, 3,300; Wednesday.
1,400; Thursday, 7,500. Sales of warrants were: Monday, 1,300; Wednesday, 900;
Thursday, 800.

JULY 12 1930.]

FINANCIAL CHRONICLE

225

THE ENGLISH GOLD AND SILVER MARKETS.
PRICES ON BERLIN STOCK EXCHANGE.
We reprint the following from the weekly circular of
Closing quotations of representative stocks on the Berlin
Samuel Montagu & Co. of London, written under date of Stock Exchange as received by cable each day of the past
June 25 1030:
week have been as follows:
GOLD.
The Bank of England gold reserve against notes amounted to £156,810,010 on the 18th instant (as compared with £156,261,457 on the previous
Wednesday), and represents an increase of £10,649,926 since Jan. 1 last.
The bar gold from South Africa available in the open market yesterday
amounted to about £298,000 only. Demand from India and the trade
was
small, being £5,000 and £18,000 respectively, and at the fixed price
of
858. id. per fine ounce the balance of £275,000 was secured for France.
Movements of gold at the Bank of England during the week resulted
in a
net influx of £237.586. Receipts included £250,000 in sovereigns "released"
and withdrawals consisted of £10,446 in bar gold and £2,000 in sovereigns.
The following were the United Kingdom imports and exports of
gold
registered from mid-day on the 16th inst. to mid-day on the
23d inst.:
ImportsExports
British South Africa
£668,887 Germany
£27,744
France
8,611 France
510,872
Other countries
1,016 Switzerland
24,000
Egypt
17,000
Austria
7,500
British India
21,887
Other countries
3,609
£678.514

£612,612
SILVER.
Although the week under review opened with a recovery of Yid.
and 3-16d.
to 15 15-16d. and 15 11-16d., for cash and two months' delivery respectively, this was more than outweighed by the falls which followed,
still
lower records having since been established.
Support was again inadequate to offset the selling from China
and
America-the latter quarter offering with more freedom during the week
and by the 21st inst. prices had fallen to the then record level of 15Md. and
15 5-16d. A slight reaction of Kid. ensued, only to be followed by a setback
of 3-16d. yesterday, when prices were fixed at 15 7-16d. for cash and
15)1d. for two months'
-the lowest yet recorded.
Buying was still confined to bear covering operations and small Indian
Bazaar orders for shipment, but the political situation in India still tends to
hamper business with that quarter.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 16th that, to mid-day on the
23d inst.:
ImportsExports
U. S. A
£14,558 China (incl. Hong Kong)_ £31,250
Netherlands
7,600 British India
35,000
Belgium
5,420 France
6,376
Canada
5,452 Other countries
3,027
Australia
5,000
France
2,919
Other countries
446
£41,395
£75,653
INDIAN CURRENCY RETURNS.
(In lass of rupees)June 15. June 7. May 31.
Notes in circulation
16767
16749
16778
Silver coin and bullion in India
11042
11024
11043
Silver coin and bullion out of India
_
_
_
Gold coin and bullion in India
3228
3228
3228
Gold coin and bullion out of India
Securities (Indian Government)
2436
2436
2456
- Securities (British Government)
61
61
61
The stocks in Shanghai on the 21st inst. consisted of about 101,800,000
ounces in sycee, 148.000,000 dollars, 11,900,000 Saigon dollars and
9.500
silver bars, as compared with about 102,000,000 ounces in sycee,
148,000,000 dollars, 12,700,000 Saigon dollars and 10.840 silver bars on the
14th inst.
Quotations during the week:
-Bar Silver Per Oz. Std.- Bar Gold Per
Cash
2 Mos.
Oz. Fine.
June 19
15 15-16d.
15 11-16d. 85s.
20
15 13-16d.
15.44d.
856.
21
1574el.
15 5-16d.
85s.
23
157441.
15 7-16d,
85s.
24
15 7-16d.
1574d.
85s. Xd.
25
15 946d.
155id.
84s. 113.4d.
Average
15.646d.
15.448d.
84s. 11.92d
The silver quotations to-day for cash and two months' delivery are
each
Md. below those fixed a week ago.

PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
July 5
Bonds-Francs.
French Rentes 3% Perpetual-French Relates 4% 1917
French Renee 5% 1915-16
Ranks
Banque de France
BallqUe de Pluto et den Pays Ba.s.
Credit Lyonnais
Union des Mille,
Canal
Canal MarltImede Suez
RatIroaaChemin de ter du Nord
Mines
Mines ae Courrieree
Mines de Lens
HoltSoc. Mintereet Metallurgique
day.
Public Utilities-Cle. Generale d'Electricite
Soo. LyounaLse dee Eaux
Ole. Francalse des Proeedos
Thomson-Houston
Union d'Electricite
industrialsTreflleries & Latninoks du Havre
Societe Andre Citroen
Ste. Francais. Ford
Coty. S A
Pechiney
l'Air LiquIde
EtablissementaKuhlmann
Galeries Lafayette
OURoyal Dutch




July 7
Francs.
87.05
101.70
102.10

July 8
Francs.
86.80
101.80
102.05

July 9 July 10 July 11
Francs. Francs. Francs.
86.85
87.05
87.25
101.75 101.75 101.80
102.05 102.15 102.10

22,400 22.300 22,525 22,650 22,525
2,800
2,755
2,800
2,820
2,810
3,085
3,075
3,110
3,125
3,100
1.452
1,460
1,460
1,460
1,465
17,000

17,690

17.805

2,355

2,340

2,345

2.355

1,470
1,199
933

1,454
1,185
919

1,461
1,205
918

1,471
1,206
932

3,260
2,970

3,235
2.975

3,275
3,030

3.505
3,075

865
1,243

853
1,230

869
1,231

882
1.240

2,175
769
309
925
2,995
1,760
988
172

2.150
753
292
920
2,085
1.780
983
172

2,170
756
298
920
2,985
1,800
988
169

2,205
789
300
915
3,030
1,820
992
169

4,110 4,140

4,100

4,130

17.875 17,775

July July July
7.
9.
8.
Per Cent of Par
112
112
Ill
157
156 155
140
138
138
201
199
197
130
130
130
130
130
130
255
254
254
93
95
97
150
149
149
18234% 186
188
126
125
125
143
144
142
08
97
97
133 133
133
57
57
119
120
11
123
126
125
158
157
157
139
137
138
104
102
102
93
92
92
99
97
97
8586
223
220
218
170
169
170
99
99
99
207
207
208
89
89
89
144
142
144
85
85
85

July
5.
Allg. Deutsche Credit (At
-ca)(8)
Berlin. Hendee) G.
(12)
Commers-und Privat-Bank (11)
Darmstaedter u. Nationalbank (12)
Deutsche Bank u. Disconto Ges.(10)
Dresdner Bank (10)
Relschsbank (12)
Algemeene KunstziKle Unie(Aku)(18)
Alig. Elektr. Ges.(A.E.G.) (9)
Ford Motor Co., Berlin (10)
Gelsenkirchen Bergwerk (8)
Gesfuerel (10)
Hamburg-American Line (Hapag)(7)
Hamburg Electric Co.(10)
Heyden Chemical (5)
Harpener I3ergbau (6)
Hotelbetrieb (12)
1.0. Farben-1ndus.(Dye Trust)(14)
Kali Chemie (7)
Karstadt (12)
Mannesmann Tubes (7)
North German Lloyd (8)
Phoenix Bergbau
Polyphonwerke (20)
Rhein. Want. Elekt.(R. W.E.)(10)
Bachsenwerke Licht U. Kraft (754)
Siemens & Halske (14)
Stoehr & Co. Kamingarn Spinneret(5) --Leonhard Tiets (Ill)
Ver. Stahlwerke(United Steel Works)(6)

Holt
day

July
10.

July
11.

111
111
157
156
138
140
202
200
131
131
131
131
256
257
99
104
151
151
189
193
125
126
146
149
97
99
134
134
57
58
119
119
132
135
159
160
137
137
105
104
95
94
98
99
86
86
224
224
171
171
97
97
215
214
91
91
150 .139
85
86

Ex-div.

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:
Sal.,
Mon.,
Tues.,
Wed.,
Thurs.,
July 5.
July 7.
July 8.
July 9.
July 10.
Silver, p. oz_d_ 15 9-16
1574
1574
15 13-16 16 1-16
Gold,p.fine oz. 858.74d. 85s.54d. 85s.74d. 85s.74d. 858.34(1.
Consols.254%
56
5574
557-4
5574
British, 5%__
10374
10374
10374
10374
British, 414%.
9834
99
9974
9974
French Rentes
(in Parisi_ fr_
87.00
86.85
86.70
87.10
French War L'n
On Paris).fr.
..
101.70
101.80
101.75
101.75

Frt.,
July 11.
1634
85s.34d.
56
10374
9974
87.20
101.80

The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(eta.):
Foreign----34

3374

3454

3434

3374

COURSE OF BANK CLEARINGS.
Bank clearings this week will 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,
indicated that for the week ended to-day (Saturday, July 12)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 21.0%
below those for the corresponding week last year. Our preliminary total stands at $10,387,673,809, against $13,079,970,296 for the same week in 1929. At this centre there is
a loss for the five days ended Friday of 23.6%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph
Week Ended July 12

Per
Cent.

1930.

1929.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Loa Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

85,504,000.000
524,945,584
429,000,000
381,000.000
114,523,673
101,800,000
149.640,000
a
140,004,472
119,308,075
102.395,379
106,220,614
36,935,179

87,207,000,000
577.486,500
473,000.000
428,000,000
139,237,288
119,500,000
175.820,000
a
164,016,975
172.620,117
136,457,038
89,842,101
53,876,240

-14.6
-30.9
-25.0
+7.3
-31.4

Twelve cities, 5 days
Other cities, 5 days

$7,699,778,976
956,615,865

$9,736,856,259
1,141,856,695

-31.8
-16.2

Total all cities, 5 days
All cities, 1 day

$8,656,394.841 $10,878,712,954
1,731.278,968
2,201,257,342

-20.5
-21.1

$10,387,673.809 $13.079,970,296
a No longer reports figures of clearings.

-21.0

Total all cities for week

-23.8
-9.1
-9.3
-11.0
-17.8
-14.8
-14.9

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
1,464 furnish them to-day, inasmuch as the week ends to-day
1,192
(Saturday) and the Saturday figures will not be available
929
until noon to-day. Accordingly, in the above the last day
3,285
3,065 of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
868
1,245 present further
below we are able to give final and complete
2,195 results for the week previous
-the week ended July 5. For
765
294 , that week there is a decrease of 22.1%, the aggregate of
920
2,980 clearings for the whole country being $11,147,320,733,
1,790 against $14,338,753,088
in the same week of 1929. Outside
1,000
169 of this city there is a decrease of 12.0%, while the bank clear4,200 ings at this centre record a loss of 26.4%. We group the
2,350

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, the total show a
shrinkage of 26.5%, in the Boston Reserve district of 14.8%
and in the Philadelphia Reserve district of 7.8%. The
Cleveland Reserve district has a gain of 2.1%, but the Richmond Reserve district suffers a loss of 18.3% and the Atlanta
Reserve district of 25.2%. In the Chicago Reserve district
the totals are smaller by 9.3%, in the St. Louis Reserve
district by 2.7% and in the Minneapolis Reserve district
by 8.4%. In the Kansas City Reserve district the decrease
the
is 17.8%, in the Dallas Reserve district 20.3% and in
Reserve district 7.8%.
San Francisco
In the following we furnish a summary by Federal Reserve
districts:
BANK CLEARINGS.
SUMMARY OF

Week Ended July 5.
Clearings at
1930.

Federal Reserve Dista
1st Barton--12 eities
2nd New York _11
3rd Plalladel la_10
4th Cleveland- 8
6th Richmond - 6
8th Atlanta---12
7th Chicago -20
8th St. Louis- 8
9515 Nonneepolls 7
10th KansasCity 10
5
11511 2381168
120 San Fran 16

1929.

1028.

Dcc.

563,579335
5,268,843,723
512,276,036
377,993,926
504,741,649
169,950,454
658,995,061
196,093,540
109,873,745
189,622.633
63.912,629
338,108.834

125 cities 11,147,320,733 14,290,661,964 -22.1 12,020,362.418
Total
12.0 4,723,812.826
3,818,263.884 4,338,753,088 Outside N. Y. City
612,e61,618
643,834,618 -21.7
425,506,559
81 eltim
Canada

8,841,989,564
3,740,310,485
397,882,375

We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 5.
1930.

1929.

First Federal Reserve Dist rict-Boston
962,786
680,187
Maine-Bangor-4,870,841
4,182,928
Portland
Mass.-Bostoia _ 503,173,479 584,000.000
1,118,004
955,841
Fall River_ _
1,333,461
446,802
Lowell
1.136,444
1,092,244
New Bedford
6,927,450
5,386,850
Springfield--4,373,276
3,733,767
Worcester- 21,734,004
18,372,186
-Hartford_
Conn.
10,920,195
8,578,747
New Haven_ _
17,569,400
10,974,500
-Providence
R.I.
1,314,135
1,032,829
N.H.-Manches'r
658,609,760

Inc.or
Dec.

1928.

1927.

--29.4
--14.1
-23.8
--34.7
-86.6
--3.9
--22.2
--14.7
--15.6
--21.5
--27.6
--21.5

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

887,780
4,370,694
502,000,000
1,799,672
1,127,004
1,096,057
5,282,646
3,766,775
13,288,299
7,682,733
11,305,600
972,075

656,259,996 -14.8

551,829,634

553,579,335

Second Feder al Reserve D 1st riot-New
8,023,997
7,593,440
-Albany..
N. Y.
2,063.734
1,900,969
Binghamton__ _
74,767,413
57,977,162
Buffalo
1,522,189
1,377,444
Elmira
1,758,836
1,481,696
Jarmstown_
7,329,056,849 9,951,908,876
New York_
25,037,374
17,984 930
Rochester
10,707,998
8,135,162
Syracuse
6,513,929
4,827,966
-Stamford
Conn.
1,237,534
1,046,503
-Montclair
N. J.
59,503,472
48,095,189
Northern N. J.

York
7,161,573
8,278,859
-5.4
1,477,000
1.858,075
-7.9
52,156,355
57,755,695
-22.5
1,028,787
1,286,233
-5.4
1,583,586
1,700,989
-15.8
-26.4 7,796,549,592 5,137,679,079
14,686,115
21,652,397
-28.2
9,555,260
8,796,857
-24.2
3,914,723
4,405,389
-26.9
928,068
920,541
-15.4
38,673,177
37,027,569
-29.2

5,288,843,723
Total(11 cities) 7,479,477,310 10143,045,352 -26.5 7,940,232,196
Third Federal Reserve Dist rict-Philad
1,708,280
1,423,603
-Altoona _ _
Pa.
5,342,867
4,859,437
Bethlehem
2,032,618
1,370,072
Chester
2,045,957
1,849,074
Lancaster
Philadelphia_ .._ 533,000,000 844.000,000
5,985,925
3,965.361
Reading
6,527,867
4,998.310
Scranton
4,681,263
4,475,044
Wilkes-Barre. _
2,468,923
1,797,819
York
9,525,724
5,224.000
-Trenton
N.J.
Total(10 claw)

562,962,720

elphia
-16.7
--9.0
--21.6
--9.6
--17.2
--33.8
--23.4
--4.4
--27.2
--45.2

1,631,118
4,097,355
1,706,004
1,999,018
478,000,000
4,160,781
5,767,657
4,270,922
1,908,365
8,734,816

617,0451,082

684,319,424

1,637,037
5,141,340
1,353,472
2,025,520
577,000,000
4,459,542
7,355,194
4,928,620
3,011,047
10,151,310

7,125,000
4,045,345
73,070,075
140,763,931
18,039,600
1,625,002
6.866,591
210,896,224

6,579,000
4,263,187
72,729,634
114,660,436
16,106,700
2,082,990
6,617,737
154,954,242

+2.1

482,431,768

377,993,726

Fifth Federal Reserve 031st riot-Riches ond1,358,392 -26.7
1,131,599
W.Va,-Hunt'g'n
5,254,636 -33.8
3,479,455
Va.-Norfolk _ _
39,845,736 -6.4
37,298,631
Richmond _
*3,000,000 -16.7
.2.500,000
-Charleston
S.C.
89,403,631 110,857,658 -19.3
Md.-Baltimore
30,010,231 -33.2
20,054,622
D.C.-Washing'n

1,495,892
7,879,619
42,176,000
2,887,493
112,211,181
27,387,554

1,374,220
6,522,670
38,972.000
3,000,000
131,039,119
23,833,640

190,326.653 -18.3

194,037,739

204,741.049

3,525,437
20,316,168
44,490,338
1,639,684
2,158,958
15,108,655
1,987.000
24,315,687
1,895,974
2,142,936
505,230
57,382,252

3,500,000
20,159,263
46,545,873
1,720,036
2,102,581
15,763,383
3,068,000
21,562,230
1,671,354
1,999,008
419,102
50,539,664

175,468.369

Total(6 MOW)

467,072,281

153,867,938

457,580,617

Sixth Federal Reserve Dist act-Atlant a*3,500,000 -14.3
*3.000,000
Tenn.-KnoxvIlle
21.382,787 --22.4
16.594.836
Nashville
48,875,777 --40.8
28,930.601
_
-Atlanta.
ca.
1,638,310 --10.2
1 971,199
Augusta
1,790,124 --21.8
*1,400,000
Macon
12,326,763 --11.9
10,867,557
2,600,000 --41.9
1,453,000
Miami
21,103,640 --17.1
17,505.864
Ala.-Birming'm
2,116,148 --15.8
1,781,880
Mobile
3,095,000 --28.5
2,214,328
-Jackson..
Miss
406,437 --42.0
235,899
Vicksburg
50,615,429 --28.4
41,290,500
-New Orleans
La.
169,350,415 -25.2
Total(12 cities) 126,745,644




1927.

856,995,051

uls-18.2
-2.6
+10.4
-10.7
-8.5
-16.1
-65.6
-38.3

6.135,480
128,100,000
35,061,914
356,837
17,031.680
9,838,234
423,643
1,507,830

5,512,679
127,100,000
33,299,096
318,539
16,255,587
11,605,455
450,052
1,552,132

-2.7

198.455,618

196,093.540

Ninth Federal Reserve DIs trict-Minn eapolls
klinn.-Duluth_
5,057,07t
8,790,546 -42.5
Minneapolis...
76,760,684
77,666,802 -11.3
St. Paul
22,088,897
25,759,617 -14.3
N. Dak.-Fargo.
1,868,004
2323,176 -12.0
S.D.
-Aberdeen_
946,067
1,130,394 -16.3
Mont.- Billings.
627,363
735,793 -14.7
Ilelena
2,213,603
3,354,000 -33.0

6,178,337
80,423,374
29,764,340
1.986,641
1,326,693
601,347
3,330.000

7,959,627
69,198,329
26,502,582
1,644,405
1,221,368
610,434
2,737.000

123,610.732

109,873.745

525,069
566,449
5,429,804
41,538,8n
4,310,431
12,612,711
123,433,80f
6,040,21(
1,627,419
1,524,651

450,424
431,987
5,283,493
34.969.624
4,030,718
10,821,191
124,988,002
6,060,980
1,267,832
1,318,382

Total(8 cities)-

Total(7 clties)_

189,573,106

109,561,688

194,887,353

119,566,328

Tenth Federal Reserve Dis trict-Kann as City
Neb.-Fremont.._
318,954
433,476 -26.4
Hastings
624.964 -28.4
514,221
Lincoln
3,670,145
4,340,068 -15.4
Omaha
39,129,402
42.251,385 -7.6
Ran -Topeka..
3,995,225
4,045,235 -1.2
Wichita
10,971,174 -21.7
8,597,725
Mo.-Ran. City_ 109,002,364 137,390,601 -20.7
St. Joseph _ _ _
6,273,082 -21.9
4,908,165
Cob -Cob. Spas.
1,066,656
1,565,898 -31.9
Pueblo
1,245,264
1,957,568 -36.5
209,853,451 -17.8

197,599,423

189,622,633

Eleventh Fede ral Reserve Dist rict-Da Has--Austin _ _ _
Tex.
1,528,534
1,943,439 -32.6
Dallas
36,658.059
47.290,714 -22.5
Fort Worth__ _
13,740,214 -25.2
10,283.682
Galveston
4,172.000 +0.1
4.177,000
-Shreveport.
La.
5,359,647 -4.5
5,118,484

1,642,581
42.647,290
12,751.089
4.379,000
5,504,451

1,259,352
38,738,733
12,848.665
6,144,000
4,023,879

72.508,014 -20.3

66,924,408

63,912,629

Franci sco-46,519,430
-23.7
13,587,000
-13.4
1,731,214
-39.7
38,818,502
-14.2
17,821,935
-10.2
3,767,216
-27.5
8,277,647
-19.9
22,520,748
-19.1
6,288,146
-18.5
7,050,303
+29.6
6,622,979
-20.6
+0.9 215,485,000
4,433,133
-22.7
2,047,246
+1.1
2,296,482
-16.7
3,201,700
-24.4

39,871,233
12,057,000
1,240,267
33,657,240
16,733.721
3,413,222
7,403,411
19,216,739
7,066,422
8,662,544
5,523.795
173,188,000
3,165,838
1,574,593
2,388,709
2,946,100

Total(10 eitlee)

Total(5 eities) _

172,444,120

57,765,739

Twelfth Feder al Reserve D strict-San
Wash -Seattle._
49,300,780
37,635,324
Spokane
13,447,000
11,843,000
1,614,010
Yakima
974,623
39,696,637
Ore -Portland._
34,060,352
20,408,056
Utah-S. L. City
18,311,176
3,523,137
Calif.-Fresno_ _
2,553,571
9,072,873
Long Beach.._
7,269,951
20,974,793
Oakland
16,977,966
6,819,268
Pasadena
5.564,107
5,984.898
Sacramento _ _
7,758,953
6,990,073
San Diego....
5,548,511
San Francisco_ 194,919,699 193,218,958
4,492,100
San Jose
3,473,459
2,075,849
Santa Barbara_
2,097,220
2,375,458
Santa Monica_
1,979,449
3,007,300
Stockton
2,273,400

Total(16 cities) 353.040,781 383,001,190 -7.8 401,368.681 338,106,834
Grand total (125
cities)
11147 320,733 14290 661,984 -22.1 12020362,418 8,841,989,564
Outside New York 3.818.263,884 4,338,753.088 _12.0i4.223.812.526 3,704,310,485

Week Ended July 3,
Clearings at
1930.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ - _ _
New Westminster
Medicine Hat _ _ _
Peterborough_ __ _
Sherbrooke
Kitchener
Windsor
Prince Albert.....
Moncton
Kingston
Chatham
Sarnia

169,950,454

Total(8 cities)_

1928.

--9.3 1,091,342,768

916,199,666 1,009,963,171

.
Eighth Federa I Reserve Dis trict-St Lo
5,541,472
4,476,162
Mo.-St. Louis,. 118,400,000 121,600,000
Ky.-Louisville,.
34,248,224
37,821,160
370,763
331,076
Owensboro
-Memphis
Tenn.
17,884,192
16,398,372
Ark.-IAttle Rock
12,970,596
10,892,899
482,297
Ill.
166,052
-Jacksonville.
Quincy
1,789,809
1,087,385

512,276,036

Fourth Feder al Reserve D 'strict-Clev eland
7.006,000 -33.7
4.653,000
Ohio-Akron.
16.7
4,526,755
3,769,062
Canton
76,176,815 -24.3
65,323,555
Cincinnati_ _ _
135,064,016 149,653,835 -19.9
Cleveland
18,107,500 -16.7
15,070,700
Columbus
+5.9
1,867,888
1,978,857
Mansfield
6,260,339 +4.1
6,519,279
Youngstown._ _
-Pittsburgh _ 234,693,812 193,981,685 +20.9
Pa.

Inc. or
Dec.

251,596
973,121
138,532,632
7,487,833
2,892,530
2,992,278
24,554,000
3,233,900
5,295,355
44,015,350
3,180.801
10,165,239
5,538,670
1,314,701
1,442,574
595,223,198
1,212,739
4.778.559
3,487,679
2,422,296

1927.

551.829,634
-14.8
658,259,996 658.609.760
26.5 7,940,232,196
7,479,477,310 10,143,045,352 617,061,082
684,319,424
562,962,720
462,431,768
457,580,617 +2.1
467.072,281
194,037,739
190,326,653 -18.3
153.867,938
175,468,369
25.2
189.350,415 126.745.844
916,199,666 1,009,963,171 -9.3 1,091,342,788
198,455,618
194,887,353
189,573,106
123,610,732
119.566,328
109.561.688
197,599.423
1209,853,451 - 7.8
172.444,120
68,924,408
72,508,014 -503
57.765.739
401,368,681
383,001,190
353,040,761

Clearings at

1929.

Seventh Feder al Reserve D strict-Chi cago296,708
379,304 -42.6
-Adrian
217,967
Mich.
1,190,382
1,329,995 -41.0
784,508
Ann Arbor. _ 162,098.081 198,557.622 -17.8 183,086,763
Detroit
8,040,088
6,994,362 -35.4
5,293,403
Grand Rapids_
3,710,231
4,330,000 -23.8
3,298,679
Lansing
4,458,403
3,591,043
4,729,005 -24.1
-Ft. Wayne
Ind.
26,906,000
29,298,000 -14.3
25,119,000
Indianapolis__ 3.794,986
+4.0
5,885,011
8,118,438
South Bend_ _ _
7,921,110
6,983,133 -13.2
6,073,588
Terre Haute__ _
47,095,796
41,369,316 -19.5
33,299,153
Wis.-Milwaukee
3,476,280
3,681,326 -13.6
3,180,964
Iowa-Ced, Rap.
11,649,006
10,733,145 -31.5
7,356,639
Des Moines_
6.308,599
6,785,500 -16.6
5,728,663
Sioux City...,,
1,722,050
1,818,672 -40.5
1,264,000
Waterloo
1,724,305
Ill.
1,826,353 -3.1
1,769,444
-Bloomington
Chicago
639,479,267 672,972,471 -5.0 785,728,178
1,191.456
1,192,641
Decatur
1,175,269 +1.4
5,809.208
6,095,481 -21.1
4,810,504
Peoria
4,232,101
4,367,398 -22.3
Rockford
3,394,057
3,001,118
2,651,808 -19.7
2,129,627
Springfield- _
Totai(20 citlei)

1930.

Week End. July 5 1930.

Total(12 cities)

[VOL. 131.

FINANCIAL CHRONICLE

226 _

Total(31 cities)

• Estimated.

1929.

Inc. or
Dec.

1928.

1927.

%
$
$
170,874,348 208,038,403 -17.9
104,141,679 145,690,903 -28.5
81,016,256 -27.0
59,110,731
22,106,747 -13.7
19,164,644
8,059,186 -14.9
6,858,944
9,051,688 -2.5
8,919,718
4,810,838 -38.1
3,415,041
7,240,367 -10.6
6,476,226
10,585,955 -24.8
7,973,348
3,117,314 -27.4
2,263,882
3,503,085 -24.9
2,629,042
3,890,347 -5.3
3,635,684
6,920,340 -9.3
6,276,375
7,139,032 -36.9
4,502,699
700,275 -33.5
465.814
862,734 -17.1
549.602
2,482.455 -22.6
1,922,392
1,653,266 -23.1
1,272,870
1,583,832 -23.9
1,205,674
1,055,999 -24.5
797,652
1,090,649 -15.8
918,578
621,860 -34.4
408,251
1,111,574 -27.3
930,535
1,012,287 -16.4
871,434
1,278,619 -18.2
1,173,641
5,146,702 -10.2
4,623,335
526,425 -10.1
473,444
1,060,087 -3.6
1,033,575
1,167,601 +24.8
1,246,199
838,828 -24.4
635,016
541,964 +26.4
685,188

$
179,776,732
138,035,530
91,521,460
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
8,718,589
5,022,349
675,138
149,585
2,461,058
1,456.881
1,645,389
1,227,727
1,002,099
518,509
816.329
1,134,523
1,301,408
4,792,626
471,513
962,852
1,291,408
698,111
735,430

$
145,483,211
104,336,222
59,862,732
17,010,475
6,483,182
7,000,394
3,308.981
6,458,455
5,920,160
2,777,304
2,269,381
3,675,886
8,207,077
4,891,785
569.057
480,933
2,169,908
1,443,117
1,540,795
945,542
899,395
427,280
1,170,645
991.220
1.100,030
4,356,308
421,993
940,137
1,157.742
916,334
661,694

543,834,618 -21.7

512,861,618

397.882,375

425.505,559

JULY 12 1930.]

FINANCIAL CHRONICLE

THE CURB EXCHANGE.
Trading on the Curb Exchange, after the protracted weekend holidays dropped to small proportion. Tuesday's business being the smallest full-day's trading of the year. Prices
also at the opening showed a lower trend but later exhibited
moderate strengths, although changes on the whole were
small. Utilities as while attracted the most attention show
very fewchanges of importance. Electric Bond & Share corn.
showed a good volume of business, the price dropping from
3
763 to 73, advancing to 79/i with the close to-day at 784.
Amer. Gas & Elec. corn. fell from 109A to 107, recovered to
114% and ends the week at 113%. Commonwealth Edison
improved from 278 to 286 on few transactions. United
Light & Power corn. A was off from 37 to 353 , sold up
4
to
38% and finished to-day at 38%. Oils show few changes of
importance. Vacumn Oil gained about six points to 873's,
the close to-day being at 863/2. Gulf Oil after early loss from
1211 to 1181 sold up to 125%, with the final transaction
4
4
to-day at 124%. Among industrials and miscell
aneous
Anglo Chilean Nitrate was conspicuous for an advanc
e
from 30 to 3834, though it reacted finally to 35. Alumin
um
Co. dropped from 2293-i to 210 and sold finally
at
Amer. Tobacco new B stock advanced almost four 21034.
points to
116%, the close to-day being at 1153s. Deere & Co.
broke
from 9034 to 82, recovering finally to 85. Driver-Harris
Co.
cora, on few transactions sold up from 52 to 60.
A complete record of Curb Exchange transactions for
the
week will be found on page 254.
DAILY TRANSACTIONS AT THE NEW YORK CURB
EXCHANGE.

Week Ended
July 11.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

stocks
(Number of
Shares).
426,800
381,900
390,500
475,500
402,100
2,076,800

Foreign
Domestic, Government.

HOLI DAY
24,800 51,695,000
8,900 1,810,000
17,500 1,682,000
5,200 1,865,000
7.300 1,773,000

Cowarcerdaland Miscellaneousgnus
Breadstuffs figures brought from page 299.- All
the statements below regarding the movement of grain
receipts, 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.

Wheat.

Corn.

Oats.

I

Barley. I

Rye.

bbls.19610s. bush.60 lbs. bush. 66 lbs.bush. 32 lbs.'us. 48 lbs. bus. 5albs.
•
160,000
Chicago
103,000
465,000
188,001
16.000
Minneapolis_
615,000
141,
76,000
70,000
34,000
Duluth
533,000
5,000
23,011
20,000
3,000
Milwaukee...
15,000
11,000
61,000
43,001
114,000
1,000
Toledo
282,01i
28,000
8,000
1,00
1,000
Detroit
20,000
2,000
6,000
Indianapolis
40,000
88,111
267,000
St. Louis_ _ _ _
107,000
719,000
419,00
219,000
23,
1,000
Peoria
36,000
9,000
304,00
84,000
53,000
9.000
Kansas City..
1,900.000
351,000
60,001
Omaha
73,000
254,000
98,161
St. Joseph._ _
135,000
63,000
10,001
Wichita
1,649,000
8,000
2,000
Sioux City.-13,000
122,000
36,000
Total wk. '30
Same wk. '29
Same wk. '28

318,000 5,848,000
427,000 11,393,000
418,000 7,404,000

2,470,000
5.787,000
3, 9 ,000

1,215,111
2.003,000
1,382,111

297,000
625,000
441,000

49,000
118,000
111,000

Since Aug.120,443.000 354.582,000 248.013,000 131,643,00063,305,000,23,146,000
1929
'
no°
0.1 00'Snnn 4.7A 'OR (11111902 0711 (15111:15 511
fin6191 7mi oo0125.615.000
1927------ 22:955:000 441,568,000297.650000 148,624,00069,760.000 35.321.000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 5, follow:
Receipts at-

Bonds (Par Value).
Rights.

227

Total.

$285,000 61,980,000
305,000 2,115,000
318,000 2,000,000
249,000 2,114,000
233,000 2,006,000

63,700 $8,825,000 61,390,000
$10,215,000

Flour.
Wheat. I
Corn.
Dais.
Barley. I
Rye.
,
bbls.1951bs. bush.60 lbs. bush.56 lbs bush. 32 lbs. bus.48 lbs.I/me 56 lbs.
.
New York_ _ _
179,000
577,000;
27,000
24,000
Philadelphia__
27,000
8,000
1,000
13,000
Baltimore....
16,000
174,000;
8,000
7,000
3,000
1,000
NewportNews
3,000
40,000'
i
Norfolk
1,000
New Orleans s
22,000
24,000,
18,000
12.000
Galveston_
714,000
1,000
Boston
24,000
18,000
Total wk. '30
272,000 1,537,000
55,000
Since Jan.1'30 12,677,000 54.870,000; 2.480,000

74,000
2,558,000

3,000
375,000

1.000
392,000

Week 1929_._
439,000 5,307,000
120,000
276,000 2,381,000 151,000
Since Jan.1'29 13,810,000 92,949,000 14,894,000 10,775,000 18,234,01001 2,837,000
* Receipts do not include grain passing throubh New Orleans for foreign
ports
on through bills of lading.

Public Debt of the United States-Completed
The exports from the several seaboard ports for the week
Returns
Showing Net Debt as of April 30 1930.
ending Saturday, July 5 1930, are shown in the annexed
statement:
The statement of the public debt and Treasury
cash holdings of the United States, as officially issued Apri130
ExportsfromWheat.
Corn.
1930,
Flour.
Oats.
Rye.
Barley.
delayed in publication, has now been received, and
as interest
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels,
attaches to the details of available cash and the
New York
506,000
80,865
30.000
gross and Boston
8,000
net debt on that date, we append a summary thereof,
6,000
making Baltimore
Norfolk
comparisons with the same date in 1929:
1,000
Newport News
40,000
3,000
CASH AVAILABLE TO PAY MATURING
OBLIGATIONS.
April 30 1930. April 30 1929.
Balance end of month by daily statement. &I/
156,637,719
225,168,563
Add or Deduct
-Excess or deficiency of receipts over
or under disbursements on belated items
-3.894,707
-4,883,604

Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings
Certificates
Settlement warrant checks
Total

152,743,012

220,284,959

40,297,837
74.728,015
5,258.010
2,101,476

41,504,533
77,077.108
5,803,345
1,903,195

122,385,338

126,288,181

+30,357,674
INTEREST
-BEARING DEBT OUTSTANDING.

+93.996,778

Balance, deficit(-) or surplus(+)

Interest April 301930.
April 30 1929.
Tgle of Loanpayable.
$
$
2a Consols of 1930
Q.
-J. 599,724,050
599,724,050
28 of 1916-1936
Q F
48,954,180
48,954,180
1918-1938
28 of
Q.
-F.
25,947,400
25,947,400
36 01 1961
Q -M.
49,800,000
as conversion bonds of 1946-1947
49,800,000
Q -2,
28,894,600
Certificates of indebtedness
J -J 1,384,689,000
Ths First Liberty Loan, 1932-1947
1,811:339:700
.1 -J
ls First Liberty Loan converted, 1932-1947_ -J.-D. 1,392,256,250 1,397,685,200
5,005,450
&Xs First Liberty Loan, converted, 1932-1947__J.
5,155,450
-D. 532,798,500
43is First Liberty Loan, 2d cony., 1932
532,816,600
-1947 J.
-D.
3,492,150
4315 Fourth Liberty Loan of 1933-1938
A.-0. 6, 8,251,550 6,283
26
:942
9 :101
ltis Treasury bonds of 1947-1952
758,984,300
758,984,300
4s Treasury bonds of 1944-1954
1,036,834,500
1,036,834,500
Ws Treasury bonds of 1948-1956
489,087,100
gtis Treasury bonds of 1943-1947
489,087,100
493,037,750
litis Treasury bonds of 1940-1943
493,037,750
359,042,950
359,042,950
48 War Savings and Thrift Stamps
25.574,352
21.4s Postal Savings bonds
19,224,720
550 to 5(5 Treasury bonds
16,887,180
2,531,430,500 2,941,052,
Treasury bills, series maturing May
800
19 1930
C56.108,000
Treasury bills, series maturing July 14 1930
651,316,000
Aggregate of interest-bearing debt
16,134,878,850 16,911,191,862
Bearing no interest
230.378,190
Matured. Interest ceased
238,603,911
28,476,180
46,126,510
Total debt
Deduct Treasury surplus or add Treasury deficit...016,393,733,220 17,195,922,283
. +30.357,674
+93,996,778
Net debt
516,363,375,546 17,101,925
,505
a The total gross debt April
30 1930 on the basis of daily Treasury
statements
was 616,393,734,170.06 and the net amount of public debt
redemption and receipts
In transit. &c., was $949.50.
S No reduction is made on account of obligations of
foreign governments or other
Investments.
c Maturity value.




Mobile
New Orleans
Galveston
Montreal

32,000
208,000
44,000
1,869,000

2,000

Total week 1930._
Same week 1929_ _. _

2,707,000
2.932.000

2,000
7.000

3,000
22,000

2,000

90,000

57,000

205,865
165.070

59.000
128.000

30,000
373.000 1.020.100

The destination of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for 11 eek
and Since
July 1 to-

Week
July 5
1930.

Barrels.
United Kingdom_ 114,880
Continent
68,985
S. & Cent. Amer_
8,000
West Indies
7,000
Other countries
7,000
Total 1930
Total 1929

205,865
165.070

Wheat.

Since
July 1
1930.

Week
July 5
1930.

Barrels.
Bushels.
114.880
973.000
68,985 1,685,000
8,000
7,000
7,000
49,000
205,865 2,707,000
165.070 2.932,000

Corn.

Since
July 1
1930.

Week
July 5
1930.

Since
July 1
1930.
'

Bushels.
Bushels.
973,000
1,685,000

Bushels.

2,000

2,000

2,000
7.000

2,000
7.000

49,000
2,707,000
2.932.000

National Banks.
-The following information regarding
national banks is from the office of the Comptroller
of the
Currency, Treasury Department:
APPLICATION

TO

ORGANIZE

RECEIVED

REQUESTED.

July

WITII

TITLE

Caplt
-The Lafayette National Dank & Trust
2
Co. of Luxemburg, Mo
Correspondent,
P. Stupp, Care Stupp Bros. Bridge
&
Iron Co., P. 0. Carondelet Station, St.
Louis, Mo,

E.

CHARTER ISSUED.

-The Lincoln National Dank of
June 30
Hodgenvil
President, 0. M. Mather; Cashier, W. le, Ky
A. Cole.
CHANGES OF TITLES.
-The Calcasieu National Dank of
June 28
Southwest Louisiana
at Lake Charles, La., to
"The Calcasieu Natiinal Dank of Lake
Charles."
,
July 1-The Merchants' National Bank of Meadvill
e, Pa.. to
"The Merchants National Dank & Trust
Co. of Meadville."
July 1-The First National Bank of Bedford,
"First National Dank & Trust Co. of Pa., to
Bedford."
July 1-The National Bank of Ness City. Nan.,
to
"First National Bank in Noss City."

BRANCH AUTHORIZED UNDER ACT

FEB.

5

OF
25 1927.
June 30
-The Central National Dank of Spartanburg, S.
C.
Location of branch: East Main St.,
near crossing of
Liberty St., Spartanburg.

AU

VOLUNTARY LIQUIDATIONS.
1-The National Security Bank & Trust Co. of Phila- 400,000
delphia, Pa
Effective June 30 1930. Liquidating committee:
George Kessler Jr.. Reuben Mrindisch and H. James
Sautter, care of the liquidating bank.
Absorbed by the Kensington Trust Co., Philadelphia.
100.000
July 1-The First National Bank of Hopkinsville, Ky Ed L.
Effective June 30 1930. Liquidating agent,
Weathers, Hopkinsville, Ky.
Absorbed by City Bank & Trust Co.of Hopkinsville,Ky.
200,000
-The Pennsylvania National Bank of Pittsburgh. Pa
July 2
Effective July 1 1930. Liquidating agent, Pennsylvania Bank & Trust Co., Pittsburgh, Pa.
Absorbed by Pennsylvania Savings Bank. Pittsburgh,
Pa., which was succeeded by the Pennsylvania Bank
& Trust Co., Pittsburgh, Pa.
100,000
-The Cairo National Bank, Cairo, Ill
July 2
Effective July 1 1930. Liquidating agent,E. A. Smith,
Cairo. Ill.
Absorbed by Alexander County Bank of Cairo, Ill.
30,000
-The First National Bank of Westport, Ind
July 2
Effective July 1 1930. Liquidating agent, E. G.Davis,
Westport,Ind.
Succeeded by the Westport Union Trust Co., Westport,
Ind.
500,000
-The Columbia National Bank, Columbia, S. C Central
July 2
Effective July 1 1930. Liquidating agent, the
Union Bank of South Carolina, Columbia, S. C.
Succeeded by The Central Union Bank of South Carolina, Columbia, S. C.
200,000
-American National Bank of Glendale, Calif
July 2
Effective July 1 1930. Liquidating agent, First National Bank in Glendale, Calif.
Absorbed by First National Bank in Glendale, Calif.,
No. 10412.
100,000
-The First National Bank of Columbus, Nob
July 3
Effective June 30 1930. Liquidating agent, G. H.
Columbus, Neb.
Gray,
Absorbed by the Central National Bank of Columbus,
Neb., No. 8328.
25,000
-The First National Bank of Centerburg, Ohio D. M.
July 3
Effective June 30 1930. Liquidating agent,
Hasson, Centerburg, Ohio.
Absorbed by the Centerburg Savings Bank Co.,Centerburg, Ohio.
-The American National Bank & Trust Co. of Mt. 500,000
July 3
Vernon, N. Y
Effective close of business July 2 1930. Liquidating
agent, Norman D.Ellison,care of the liquidating bank.
Succeeded by the American Bank & Trust Co. of Mt.
Vernon, which is to merge with the Mt. Vernon Trust
Co., Mt. Vernon, N. Y. The liquidating bank has
one branch.
CONSOLIDATIONS.
125,000
-The National Bank of Kennett Square, Pa
June 30
125,000
Kennett Square, Pa
The Kennett Trust
and
Act
Consolidated under Co.. of Nov. 7 1918 as amended
1927, under charter of the National Bank of
Feb. 25
Kennett Square, No. 2526, and under corporate title
of "National Bank & Trust Co. of Kennett Square,"
with capital stock of $250,000.
1,500,000
-The First National Bank of Birmingham, Ala
June 30
American-Traders National Bank of Birmingham, Ala_2,750,000
and
Consolidated under Act of Nov. 7 1918, under charter
and corporate title of "The First National Bank of
Birmingham," No. 3185, with capital stock of
$5,000,000.
150,000
-The Whittier National Bank, Whittier, Calif
June 30
150,000
Home Savings Bank of Whittier, Calif
and
1918 as amended
Consolidated under Act of Nov. 7
Feb. 25 1927, under charter of the Whittier National
Bank, No. 7999, and under corporate title of "The
Whittier National Trust & Savings Bank," with
capital stock of $300.000.

July

-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ Per Sh.
Shares. Stocks.
-16034
2,825 Corn Exch. Bk. Tr. Co.
16034
,
600 Cara Each. Bk. Tr. Co
140
370 Utica Natl. Bk. & Tr. Co
3
100 Columbia Amusement Co
200 Allied Internatl. Invest. Corp.,
3
com,no par
150 Danish-Amer. Corp., 1st pref.. 2
100 Northern Texas Electric Co.,
2
pref
100 Lea Fabrics, Inc., corn, no par_ 50o
200 Lea Fabrics, Inc., 82.40 convt.
134
pref., no par
2
100 Tabriz Rug Co., Inc
97
50 Bank of America, N. A
42% per unit
10 Bk. of U. S. units
35 Bedford Natl. Bk. of Bklyn_12734
131 34
90 Chase Natl. Bank

$ per Ph.
Shares. Stocks.
47
50 Irving Trust Co
93%
30 Manufacturers Trust Co
138
100 Natl. City Bank of N.Y
1,242 Natl. Title Guaranty Co____ 78
19
50 Sylvania Ins. Co.(Phila.)
15
850 Franklin Surety Co
3,750 Transportation Indemnity
934
Co. of N. Y.. par $10
3,355 Transportation Ins. Co. of
1134
N. Y., par $10
All right, title and interest of Globe
Bk. & Tr. Co. in and to patent
rights No. 1,536,430 issued by
U. S. Patent Office, covering an
adjustable writing implement
known as the colorgraph pen7,265101
ell

By Wise, Hobbs & Arnold Boston:

$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
44 North Boston Ltg. Prbp., pref.
100 Medford Trust Co., par $20___ 65
5634 ex-div.
V. t. c., par $50
Nat. Rockland Bank, par $25....- 96
25
6 North Boston Ltg. Prim. prof.
130
8 Boston Nat. Bank
56
v. t. c., par 350
21 Federal Nat. Bank, par $20..... 98
30
8 National Service Co. pref
Textile Cos., as follows:
Associate
Associates pref.,
5 at 35: 5 at 35; 10 at 35; 7 at 3634 60 Mass. Utilities
3434-37
par $50
68
60 Farr Alpaca Co
10634
10 First Nat. Stores, 1st pref
10 Berkshire Fine Spinning Asso25 Mass. Bonding & Ins. Co., par
69
elates, pref
105
$25
Berkshire Fine Spinning Asso26
7
89 Graton & Knight Co. common_
69
elates, preferred
100 Great Northern Paper Co.. Par
50 Berkshire Fine Spinning Asso4534
15
$25
common
elates,
Per Cent.
Bonds3634
2 Peterboro RR
$3,000 N. Y. Dock Co. 5% notes,
30 Boston Woven Hose & Rubber
70 & Int.
1937
72-7234April
Co.,common

By R. L. Day & Co., Boston:
$ per Ph.
Shares. Stocks.
9534
50 First Nat. Bank, par $20
10 Nat. Shawmut Bank, par $25___ 6334
98
80 Federal Nat. Bank, par $20
130
6 Boston Nat,,,Bank
4634
30 Beacon TriIIit Co., par $20
22334
2 Exchange Trust Co
120 Beacon Trust Co., par 320_46 Si-46%
138
20 Ludlow Mfg. Associates
6 Naumkeag Steam Cotton Co____ 88
8534
2 Pepperell Mfg. Co
33-3634
13 Associated Textile Cos
50 Beacon Participations, Inc..
15
preferred A
534
4 Atlantic Public Utilities A
20 Mass. Utilities Associates pref.,
33-37
par 350




[VOL. 131.

FINANCIAL CHRONICLE

228

$ per Sh.
Shares. Stocks.
130
10 Boston National Bank
2 Mass. Ltg. Cos.6% pref., undep_101%
. 834
1 Heywood Wakefield Co. corn.._
134
11 B. B.& R. Knight Corp. A
2 Rivett Lathe & Grinder, corn.:
$534 lot
2 1st pref.: 9 2d prof
9 Cheney Bigelow Wire Works pref.,
2034
par $50
10 Portland Elec. Pow. Co. pr. pf- - 9994
150 Western Mass. Cos
5754-57%
67 Holliston Trap Rock Co. com__ 35
i23 St div.
50 Dennison Mfg. Co. deb
Per Cent.
Bonds$1,000 Maverick Mills 1st mtge.
90
75, April 15 1943

By Barnes & Lofland, Philadelphia:
$ per Sh.
Shoes. Stocks.
10 Suburban Title & Trust Co.,
65
Par $20
25 Liberty Title & Tr. Co., par 350_23934
4
25 Plaza Trust Co., par $10
22 Bankers Trust Co., par M.__ 6934
16 Real Estate Land Title & Trust
38
Co., par $10
13034
5 City Nat. Bank & Trust Co
145 Bank of Philadelphia & Trust
15
Co., par $10
75 Adelphia Bk.Ss Tr. Co., par $10_ 1034
10 Central Tr. & Says. Co.. par $10 24

$ Per St•
Shares. Stocics.
11
100 Aldine Trust Co., par $10
8 Mechanics Bldg. Co., Sellersville,
50
Pa., par $50
1634
2 Phila. & Darby Pass. Ky.
4 Phila. Bourse, corn., par $50.- 20
105
18 Integrity Trust Co
210 Continental-Equitable Title &
30
Trust Co
Per Cent.
Bonds$2,500 Rittenhouse Square Corp.
1035
Income 6s, Jan. 1946

By A. J. Wright & Co., Buffalo:
$ per S71.
$ per Ph. Shares. Stocks.
Shares. Stocks.
52 lot 500 Kirkland Lake Gold Mines,
100 Assets Realization Co
wo
Dar $1
100 Thermiodyne Radio Corp.,
$I lot
temp. certifs., no par

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.

When
Per
Cent. Payable.

Railroads (Steam).
"75c. July
Long Island
*2% Aug.
Nashville Chattanooga & St. Louis
1
N.Y. N. H. 4; Hartford, corn. (guar.)._ '134 Oct.
*
Oct.
Preferred (quar.)

Books Closed.
Days Inclusive.

5 *Holders of roe. July 2
1 *Holders of rec. July 19
1 "Holders of rec. Sept. 5
1 "Holders of rec. Sept. 5

Public Utilities.
Amer. Elec. Securities, partic. pref.(qu.) 3734c• Aug. 1 Holders of rec. July 10a
American Natural Gas, pref. (guar.)._ _ $1.75 Aug. 1 Holders of rec. July 18
Associated Gas & Elec., $6 pref. (quar.) $1.50 Sept.15 Holders of rec. Aug. 15
$6.50 preferred (quar.)
$1.625 Sept. 15 Holders of rec. Aug. 16
$1.25 Sept. 15 Holders of rec. Aug. 15
$5 preferred (quar.)
Associated Telep. & Teleg. Cl. A (extra). •$1 Aug. 1 *Holders of rec. July 17
Nov. 1
*31
Class A (extra)
50c. Sept. 2 Holders of rec. July 31
Brazilian Trac., Light & Pow., ord.(qu.)
Central West Pub. Serv., pref. (quar.).. *1% Aug. 1 *Holders of rec. July 18
190
Community Power & Light, coin. (qu.). 62%0 Aug. 1 Holders of rec. July 190
$1.50 Aug. 1 Holders of rec. July
Preferred (quar.)
Oct. 1 'Holders of rec. Sept. 15
Consol. Gas. El. L.& P.,Balt.,com.(qU.) *90c.
"1% Oct. 1 'Holders of rec. Sept. 15
5% preferred series A (quar.)
Oct. 1 'Holders of roe. Sept. 15
6% preferred series D (quar.)
534% preferred series E (quar.)
'194 Oct. 1 *Holders of rec. Sept. 15
25e. Aug. 1 Holders of rec. July 10
Eastern States Power, common B (quar.)
$1.75 Aug. 1 Holders of rec. July 10
Preferred A (quar.)
$1.50 Aug. 1 Holders of rec. July 10
Preferred B (quer.)
3.40 Aug. 1 Holders of rec. July 15
Edison Elec. Ilium., Boston (quer.). _ _
Empire Gas & Fuel,6% pref.(monthly). *50c. Aug. 1 'Holders of rec. July 16
54 1-6c Aug. 1 "Holders of rec. July 15
6% %
preferred (monthly)
58 1-3c Aug. 1 'Holders of rec. Jolly 15
7% preferred (monthly)
66 2-3e Aug. 1 *Holders of roe. July 15
8% preferred (monthly)
Green & Coates Sts.Pass.Ry.,Phila.(qu.) $1.50 July 7 June 22 to July 7
Idaho Power.$6 pref.(quar.)
ug• 1 'Holders of rec. July 15
•$1.75 Aug. 1 'Holders of rec. July 15
7% preferred (quar.)
Marconi Wireless Teleg.. Ltd.
Amer. dep. recta. ord. reg. shares_. "w15 July 24 *Holders of rec. July 3
Amer. dep. recta. ord, bearer she_ - _ *w15 July 24
Amer. dep. rcts. pref. reg. ohs. (extra) "w5 July 24 'Holders of rec. July 3
Amer.dep. rcts. pref. bear.abs.(extra) "w5 July 24
"30c. Aug. 1 "Holders of rec. July 15
Midland Natural Gas, class A (No. I)_ _
Mississippi Valley Utilities Investment
$1.50 Aug. 1 Holders of rec. July 15
$6 prior lien preferred (quar.)
Monongahela West Penn Public Service
43%c. Oct. 1 Holders of rec. Sept. 15
7% preferred (quar.)
North Amer. Utility Securities Corp.
$1.50 Sept. 15 Holders of rec. Sept. 2
First preferred (quar.)
*75e. Aug. 15 *Holders of rec. July 31
Pacific Lighting, corn. q(uar.)
Aug. 15 *Holders of rec. July 31
5% preferred (quar,)
Aug. 1 Holders of rec. July 18
Pacific Power & Light, pref. (quar.)...
July 7 July 1 to July 7
$2
Philadelphia Gray's Ferry Pass. fly
50c. Aug. 1 Holders of rec. July 15
Railway & Light Securities, corn.(qu.)..
$1.50 Aug. 1 Holders of rec. July 15
Preferred(quar.)
Texas Power & Light, $6 pref.(quar.)_. 41.50 Aug. 1 *Holders of rec. July 16
*31.75 Aug. 1 *Holders of rec. July 16
7% preferred (quar.)
1% Oct. 15 Holders of rec. Sept. 30
Western Power Corp.. pref.(quar.)
Banks.
Harriman National Bank & Trust
Extra
Harriman Securities Co

5 uly
5 uly
$7.50 uly

Joint Stock Land Banks.
Atlantic

"32

Fire Insurance.
National Liberty
Peoples National Fire

3 Holders of rec. July
3 Holders of rec. July
3 Holders of rec. July

3
3
3

uly 10 *Holders of rec. June 30

25e. July 25 Holders of rec. July LS
250. July 25 Holders of rec. July 15

Miscellaneous.
500. Aug.
Holders of rec. July 18
Adams-Millis Corp., corn,(quar.)
Aug.
Holdres of rec. July 18
First and second pref.(guar.)
• $1.625 Aug.
*Holders of roe. July 15
Allied Kid, pref. (quar.)
Aug.
"Holders of rm. July 11
American Coal (quar.)
*Holders of rec. July 19
*15c. Aug.
American Forg. & Socket (quar.)
American National Co.(No. 1) (quar.). *20e. Oct.
'40c. July 15
Amer. Railway Trust Shares
American Sugar Refining, corm (quar.). *1% Oct. 2 *Holders of rec. Sept. 5
•1% Oct. 2 'Holders of rec. Sept. 5
Preferred (quar.)
75c. July 21 Holders of rec. July 15
Amsterdam Trading Co., Amer.shares..
Anglo-Amer. Holding Corp., Cl. A-Divi dend P assed.
25c. Aug. 1 Holders of rec. July 21
Art Metal Works (uuar.)
(1) July 15 Holders of coup. No. 2
Associated Standard 011stocks
•50e. Aug. 1 *Holders of rec. July 19
Benson & Hedges. pref. (quar.)
250. Aug. 1 Holders of rec. July 15
Birtman Electric Co., common (quar.)..
$1.75 Aug. I Holders of rec. July 15
Preferred (quar.)
•62%c Aug. 1 'Holders of rec. July 21
Bruce (E. L.) Co., common (quar.)
1% Aug. 1 Holders of rec. July 11
Bullocks, Inc., preferred (quar.)
5$1
Sept. 15 'Holders of rec. Aug. 30
California Packing (guar.)
75c. Aug. 1 Holders of rec. July 16
Canadian Dredge Sc Dock, corn. (quar.)_
Aug. 1 Holders of rec. July 15
Preferred (quar.)
12e. July 9 Holders of coup. No. I
Canadian Eagle Oil, ord
23.88c July 9 Holders of coup. No. I
Participating preferred
Jan 231 *Holders of rec. Dec. 20
*el
Carnation Co.(extra in stock)
*25c. Aug. 1 "Holders of rec. July 21
Carrier Engineering Corp., class A
*75c. Aug. 1 *Holders of rec. July 18
Castle (A. M.) & Co.(quar.)
"25c. Aug. 1 "Holders of rec. July 18
Extra
Chic. Wilm.& Franklin Coal, pf.(qui-- 1% Aug. 1 Holders of rec. July 15
75c. Aug. 1 Holders of rec. July 21
Cluett, Peabody & Co., corn. (quar.)_
.$1.25 Aug. 1 *Holders of rec. July 17
Columbian Carbon (quar.)
•250. Aug. 1 'Holders of rec. July 17
Extra
Consolidated Laundries, pref. (quar.).-* $1.875 Aug. 1 "Holders of reo. July 15
500 Aug. 1 Holders of rec. July 15
Consolidated Press(Toronto), corn.(qu.)
Continental Can. Inc., corn. (quar.)... 62 34 C. Aug. 15 Holders of rec. Aug. la
"70c Aug. 1 *Holders of rec. July 12
Coon (NV. B.) Co.. corn.(quar.)
.1,1% Aug. 1 *Holders of rm. July 12
Preferred (quar.)
20
Aug. 1 Holders of rec. July 15
De Forest Crosby Radio Co.. Ltd
194 Aug. 1 Holders of rec. July 21
Dennison Mfg., pref. (quar.)
2
Holders of rec. July 21
Debenture stock (quar.)
•100. July 20 *Holders of rec. July 10
Detroit-Mich. Stove, corn. (quar,)

JULY 12 19301
Name of Company.

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Closed
Days Inclusive.

229

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.

Miscellaneous (Concluded).
Diversified Invest., nettle. pref. (qu.)__
31 July 15 Holders of tea. July 1
Dui)Ian Silk Corp., corn. (quar.)
59c. Aug. 15 Holders of rec. Aug. 1
Elec. Pow. Assoc., corn. & cl. A (qu.)-25c. Aug. 1 Holders of rec. July 15
Per
Elec. Shareholdings, corn. (quar.)
Whets
Boats Closed
•25c. Sept. 1 *Holders of rec. Aug. 5
Name of ComPanti.
Cent. Payable.
Common (payable in corn. stock).Days Inclusive.
.11 Sept. 1 *Holders of rec. Aug. 5
Pref. (quar.)
(z) Sept. 1 *Holders of tee. Aug. 5
Railroads (Steam).
Empire Bond & Mortgage. corn. & pref.
dend o mined
Alabama Great Southern, pref
$2
Empire Title & Guarantee (titian)
Aug. 15 Holders of tee. July 11
$1
Aug. 1 Holders of rec. July 21
Preferred (extra)
Enamel & Heating Products (qu.)
51.50 Aug. 15 Holders of rec. July 11
25e. Aug. 1 Holders of rec. July 15
Allegheny Corp.. Pref. (quer.)
Eureka Vacuum Cleaner
$1.375 Aug. 1 Holders of rec. July 150
-Dividend omit Led.
Atch.Topeka dv Santa Fe common (qu.)
2% Sept. 2 Holders of rec. July 254
Fairmount Creamery, corn
•40c. July I *Holders of roe. June 20
Preferred
2% Aug. 1 Holders of roe. June 271
Faultless Rubber, corn.(quer.)
625c Oct. 1
Baltimore & Ohio, common (quar.)
1% Sept. 2 Holders of tee. July 190
Federated Business Pub. 18t pref. (qu.)_ •6234c July 1 *HoldersSept. 16
of rec. June 20
Preferred (quar.)
1
Sept. 2 Holders of roe. July 190
Felin (John J.) & Co.. Inc., corn
6
July 15 Holders of reo. July 10
Canada Southern
1% Aug. 1 Holders of rec. June 270
Preferred (guar.)
lit July 15 Holders of rec. July 10
Central RR. of N. J. (guar.)
2
Aug. 15 Holders of rec. Aug. 60
Frigorifico Nacional B. A
m2) July 1
Extra
2
July 15 Holders of rec. July Ta
General Parts Corp., pref. (quar.)
•30c. Aug. 1 *Holders of rec. July 21
Cleve., CM.Chic.& St. Louis, corn
General Tire & Rubber,corn. (guar.).-- 31
5
July El Holders of rec. July 210
Aug. 1 Holders of rec. July: 21
Preferred (guar.)
Geometric Stamping-Dividend Passed.
134 July 31 Holders of rec. July 21a
Cubs RR., preferred
3
Aug. 1 Holders of rec. Jule 150
Gillette Safety Razor (quar.)
*$1.25 Sept.
*Holders of rec. Aug. 1
Preferred,
Feb2'31 Hold, of reel. Jan.16'311
Globe Financial Corp.
3
-Dividend passed
Delaware & Hudson Co.(guar.)
211 Sept.20 Holders of too. Aug. 2841
Globe Wernicke Co.,6% pref. (qu.)._ -- *1% July 15 *Holders
of rec. June 30
Delaware Lackawanna & Western (qu.)- $1.50 July 21 Holders of rec. July 54
Halle Ens., corn. (mar.)
50c. July 31 July 25 to July 31
Erie RR., 1st and 2nd preferred
2
Dec. 81 Holders of tea. Dec. 130
Preferred (guar.)
1% July 31 July 25 to July 31
Great Northern
Hamilton Bridge Co., Ltd., ann.(qu.)_ _
2)4 Aug. 1 Holders of rec. June 25s
50c. Aug. 1 Holders of rec. July 15
Internat.Rys. of Cent. Amer. Pr.
154 Aug. 15 Holders of roe. July Sb
Preferred (guar.)
1% Aug. 1 Holders of rec. July 15
Kansas City Southern, corn.(quar.)... 1% Aug. 1 Holders of tee. June 300
Hart & Cooley Co.(quar.)
•51.50 July 1 *Holders of rec. June 24
Preferred (guar.)
1
July 15 Holders of reo. June 30a
Holly Sugar Corp., pref. (quar.)
1% Aug. 1 Holders of rec. July 15
Little Schuylkill Nay. RR.& Coal
$1.13 July 15 June 14 to July 15
Homestake Mining (monthly)
50c. July 25 Holders of rec. July 19
Louisville & Nashville
Hutchins Investing Corp., pref.(quar.). 1% July 15
334 Aug. 11 Holders of roe. July 15a
Holders of rec. July 5
Mahoning Coal RR., common WO
812.50 Aug. 1 Holders of tee. July 14e
Illinois Pacific Glass, corn. A &B(qu.)- *50c. Aug. 1
Michigan Central
25
July 31 Holders of reo. July 21a
Internat. Paper & Power, corn. A (qu.) •600. Aug. 15 *Holders of rec. July 21
*Holders of rec. Aug. 1
Mo.-Kan.-Texas. pref. A (guar.)
134 Sept.30 Holders of roe. Sept. 5
International Paper, corn.(Oust.)
•60c. Aug. 15 *Holders of rec. Aug. 1
Preferred A (oust.)
1% Dec. 31 Holders of rec. Dec. 6
International Shoe. pref. (monthly).
50c. Atm. 1 Holders of rec. July 15
New York Central RR.(quar.)
2
Aug. 1 Holders of tee. June 27.
Jantzen Knitting Mills, coin.(quar.)___ *50c. Aug. 1 *Holders
of rec. July 15
Norfolk & Western common (quar.)
234 Sept. 19 Holders of tee. Avg. 30a
Kellogg Co., common
$1
July 1 *Holders of rec. June 20
Adjustment preferred (guar.)
1
Aug. 19 Holders of rec. July 310
Laclede-Christy Clay Products
*31
July 1 *Holders of rec. June 25
Northern Central
$2
July 15 Holdets of rec. June 300
Lanston Monotype (quar.)
•1% Aug. 30 *Holders of rec. Aug. 20
Northern Pacific (quar.)
134 Aug. 1 Holders of rec. July 2a
Extra
•25c Aug. 30 *Holders of rec. Aug. 20
Pennroad Corp. (No. 1)
20c Sept.15 Holden of tee. Aug. 8a
Lessing's, Inc. (quar.)
350 Sept.30 Holders of rec. Sept. 11
Pennsylvania itn.(quar.)
$1
Aug. 30 Holders of tee. Aug. la
Lynch Corp., common
50c. Aug. 15 *Holders of rec. Aug. .5
Pere Marquette, prior prof. & pref.(cm.) 1% Aug. 1 Holders of rec. July be
Common (payable in common stock)_ _ tr1
Aug. 15 *Holders of rec. Aug. 5
Pitts. CM. Chic. & St. Louis
2% July 19 Holders of rec. July 10a
MacMarr Stores, corn.(quar.)
250 Aug. 1 Holders of roe. July 16
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of tee. June 27
MacMillan Petroleum Corp.
-Div. omit ted.
Pittsburgh & West Va.(quar.)
1% July 31 Holders of rec. July 160
Maple Leaf Milling. pref.(War.)
*1% July 18 *Holders of rec. July
17
Reading Company common(oust.)
$1
Aug. 14 Holders of too. July 170
Maxweld Corp., corn. (guar.)
olOc. July 15 Holders of rec. July 7
First preferred (quar.)
50e Sept. 11 Holders of rec. Aug. 210
Participating preferred (quar.)
15c July 15 Holders of rec. July
7
Second preferred (quar.)
50c Oct. 9 Holders of rec. Bent.18a
Maytag Shoe, lot pref. (quer.)
$1.50 Aug. 1 Holders of rec. July 15
Bt. Louis-San Francisco, pref. (quar.).. 1)4 Aug. 1 Holders of no. July la
Cumulative preference (guar.)
75c Aug. 1 Holders of rec. July 15
Preferred (qua?.)
1)i Nov. 1 Holders of tea. Oet. la
Melville Shoe Corp., corn.(quer.)
50c. Aug. 1 Holders of rec. July 18
Southern fly., common (guar.)
2
Aug. 1 Holders of rec. July la
First preferred (quar.)
1% Aug. 1 Holders of rec. July
18
Preferred (qule.)
1% July 15 Holders of rec. June 231
Second preferred (quar.)
7%c. Aug. 1 Holders of rec. July 18
United N. J. RR. & Canal Co..(on -- *234 Oat. 1 *Holders of rec. Sept. 20
Mercurbank, Vienna, American shares
- *15c. July 21 *Holders of rec. July 15
Quarterly
Mercury Mills, Ltd., pref. (quar.)
•234 Jan 1'31 *Holders of reo. Dee.20'30
1% Aug. 1 Holders of rec. July
15
Wabash Ay., pref. A (guar.)
Mexican Eagle 011, Ltd., ordinary
134 Aug. 25 Holders of reo. July 250
11.94c July 14 Holders of coup. No.22
West Jersey & Seashore
Participating preference
$2.50 July 15 Holders of rec. June 30a
15.92c July 14 Holders of coup. No. 29
Miami Copper Co.(guar.)
37%c. Aug. 15 Holders of rec. Aug. la
Public Utilities.
Minneapolis
-Honeywell Regulator
*51.50 Aug. 15 *Holders of rec. Aug. 4
Extra
*50c. Aug. 15 *Holders of rec. Aug. 4
Alabama Power, $5 pref.(quar.)
$1.25 Aug. 1 Holders of roe. July 15
Moore Drop Forge, class A (quar.)
$1.50 Aug. 1
Amalgamated Elec. Corp., pref. (qua?.)
Mullins Mfg. Corp., pref. (oust.)
750. July 15 Holders of tee. June
I% Aug. 1 Holders of rec. July
Amer. Cities Power dr Lt. el. A (cur.).- _ (m) Aug. 1 Holders et tee. July 27
15
Nash Motors (quer.)
5
$1
Aug. 1 Holders of rec. July 21
Class B (guns.)
Nat'l Dept. Stores, 1st pref. (quar.)_ -- *154 Aug.
(m) Aug. 1 Holders of reo. July 5
1 *Holders of rec. July 15
American Commonwealth Power Corp.
National Fuel Gas (quar.)
'?Sc. July 15 *Holden of rec. June 30
Corn. A & B (1-40th share corn. A)
J2% July 25 Holders of tee. June 30
National Investment Shares, pref
--6234c Aug. 1 Holders of r7c. July 22
First preferred series A (quar.)
National Licorice, corn
$1.75 Aug. 1 Holders of rec. July 15
1
July 31 *Holden of rec. July 2
$6,50 let preferred (quar.)
National Pumps, corn.(quar.)
$1.62 Aug. 1 Holders of rec. July 16
75c. Aug. 1 Holders of rec. July 21
$e let preferred (guar.)
National Tea, pref. (oust.)
$1.50 Aug. 1 Holders of tee. July 15
13%c. Aug. 1 Holders of rec. July 14
Second preferred Berke A (oust.).... $1.75 Aug. 1 Holders of rec.
Neisner Bros., pref. (quar.)
July 15
1% Aug. 1 Holders of rec. July 15
Amer. Dist. Teleg. of N. J., corn (qu.) •$1
Newberry (J. J.) Co., pref.(quad.)
July 15 *Holders of rec. June 15
•11 Sept. 1 *Holders of rec. Aug. 16
Preferred (Oust.)
z1% July 15 *Holders of rec. June
New Proem Co., pref. (quar.)
15
1% Aug. 1 Holders of rec. July 15
Amer. Gas & Elec., pref.(oils?.)
N.Y.& Foreign Invest., pref. (quar.)-- 1% July
31.50 Aug. 1 Holders of rec. July 8
15 Holders of rec. July 8
Amer. Light & Tract., corn,(qu.)
N.Y.& Honduras Rosario Mining
62%e. Aug. 1 July 18 to July 31
250. July 26 Holders of rec. July 15
Preferred (guar.)
Noblitt-Sparks Industries (oust.)
37%0. Aug. 1 July 18 to July 31
*75c. July 1 *Holders of rec. Jan. 20
Amer-loin Telep. & Teleg. (guar.)
Oahu Sugar Co., Ltd.(monthly)
234 July 15 Holders of ree. June 200
*2.0c. July 15 *Holders of rec. July
Amer. Water Works & Elec., corn.(qu.).
5
Oilstocks, Ltd., class A dr B
25c. Aug. 15 Holders of rec. July
•1234c Aug. 15 *Holders of rec. July 31
(quar.)Corn. (in stock 1-40th share corn.)... (1) Aug. 15 Holders of rec. July 25a
Oliver United Filters, cony. A (quar.)
250
*50c. Aug. 1 *Holders of rec. July 21
Preferred (quer.)
Outlet Company. common (quarl)
$1.50 Oct. 1 Holders of rec.
81
Aug. 1 Holders of rec. July 21
Associated Gas &Elec.. Cl. A (quer.)-- P50e. Aug. 1 Holders of rec. Sept.lla
First preferred (guar.)
June 30
1St Aug.
Holders of rec. July 21
Associated Teleg. Utilities(OUST.)
Second preferred (quar.)
44:2
July 15 *Holders of tee. JUDO 30
1% Aug. 1 Holders of rec. July 21
Bangor Hydro-Elec., corn. (guar.)
Owens-Illinois Glass, corn. (guar.)
*50o. Aug. 1 *Holders of rec. July 10
•750. Aug.
Bell Telep.of Canada common (guar.)._ 2
Parke, Austin & Lipscombe, pref. (qu.)_ *50c. July 1 *Holders of rec. July 30
July 15 Holders of roe. June 230
1 *Holders of rec. July 1
Bell Telep. of Pa., pref.(cm.)
Penn Traffic Co
1% July 15 Holders of rec. June 200
Aug.
Holders of rec. July 150 Bridgeport Hydraulic Co.(quar.)
Pitney-Bowes Postage Meter (quar.)-- 714c. Aug.
•400. July 15 *Holders of rec. July 1
•5c.
*Holders of rec. July 24
British Columbia Pow.. cl. A (qua?.). -_
Procter & Gamble Co., corn. (quer.)- -500. July 15 Holders of rec. June 30
800. Aug. 1 Holders of rec. July 25a Brooklyn-Manhattan Transit,
com.(qu.) $1
Pyrene Mfg., common (guar.)
.
July 15 Holders of tee. July la
20c. Aug.
July 19 to July 31
Preferred, series A (guar.)
Reed (C. A.) Co., class A (Oust.)
31.50 July 15 Holders of rec. July la
50c. Aug.
Holders of rec. July 21
Preferred, series A (qua?.)
Reserve Investing Corp., pref. (quar.)
31.50 Oct. 15 Holders of tee. Oct. la
1% July 1 Holders of rec. July 5
Preferred, series A (quer.)
Savannah Sugar Rerg.. corn.(quar.)$1.50 Iy 15'31 Holders of rec. Dec. 31a
-- $1.50 Aug.
Holders of rec. July 15
Preferred. series A (guar.)
Preferred (guar.)
$1.50 Ap15'31 Hold.of rec. Apr. 119311
1% Aug.
Holders of rec. July 15
Calif.-Oregon Pow.7% pref.(qu.)
Schlage Lock Co.
134 July 15 Holders of roe. June 30
-Dividend passed
6% preferred (quar.)
Seaboard Surety (guar.)
July 15 Holders
I% Aug. 15 Holders of rec. July 31
Canada Northern POltet common Wu.). 13,4 July 25 Holders of rec. June 30
Selby Shoe, corn. (quar.)
15e.
of rec. June 30
350 Aug.
Holders of rec. July 15
Preferred (qua?.)
Preferred (guar.)
134 July 15 Holders of reo. June 30
1% Aug.
Holders of rec. July 15
Central III. Pub.Serv
Shell Transport & Trading
Pref.(oust.).. *21.50 July 15 *Holders of tee. June 30
Central & South West Utilities
American Shares
• $1.453 July 2 *Holden of rec. July 21
Common (payable In ann.stock)
Simmons Co., com.-Dividend omitted.
July 15 Hol of ree. dere June 30
Ches. & Pot.Telep. of Balt., pref.(qu.).. 184 July 15 Holders
Simpsons, Ltd., corn. A (quar.)
of rec. June 30
50c. Aug. 1 Holders of rec. July 150 Chicago
Rap. Tram., pr. pf. A(retIllY)- o65o. Aug. 1 *Holders of rec. Jul,
Preference (guar.)
1% Aug.
15
Holders of rec. July 150
Prior preferred A (monthly)
Skinner Organ,corn.(mar.)
4,
65c. Sept. 1 *Holders of reo. Aug. 19
•6234c Aug. • *Holders of rec.
July 25
Prior preferred B (monthly)
Southern Glass
-Dividend passed.
•600. Aug. 1 *Holders of tee. July 15
Prior preferred B (monthly)
Spiegel, May, Stern Co., corn.
4,60o. Sept. 1 *Holders
-Div. pa sod.
Cities Serv. Pow.& Lt.,$5 pfd.(mthly.) 41 2-3c July 15 Holders of rec. Aug. 19
Preferred (guar.)
•194 Aug. 1 *Holders of rec. July
of rec. July la
15
$6 preferred (monthly)
Straus;(Nathan) Ine.-No action taken
50e. July 15 Holders of rec. July la
$7 preferred (monthly)
Superior Port!. Cement, cl. A (mthly.)-- •2754e Aug.
58 1-3o July 15 Holders of rec. July 1
1 *Holders of rec. July 23
Cleveland Elea. Ilium.. pref.(quay.).... 134 Sept. 1 Holders
Thermold Company, corn -Div. omitt ed.
of reo. Aug. 15
Columbia Gas & Electric. corn (quar.)-.
Preferred (oust.)
500. Aug. 15 Holders of rec. July 194
*134 Aug. 1 *Holders of rec. July
18
34 East 51st St., Inc., pref
6% Pref. series A (quar.)
134 Aug. 15 Holders of rec. July 190
8
Aug.
July 16 to Aug. 1
Tietz (Leonhard) A.
5% Preferred
10
434 Aug. 15 Holders of roe. July 193
Hold,of coup. Nos.3or 7 Commonwealth (quar.)
Tobacco Products, cllv. Ws., series C._ •2534e July 31
Edison (quar.)
Aug. 1 *Holders of rec. July 15
Community Water Service common.... 13
Tristate Royalty Corp.,corn.(monthly)_ 8 1-30. Aug. 1 *Holders of rec. July 16
Aug. 1 Holders
Holders of rec. July
Consolidated Gas of N. Y.,$5 pred.(qu.) 21.25 Aug. 1 Holders of rec. July 10
Preference A (monthly)
100. Aug. 1 Holders of rec. July 15
of tee. June 280
15
Consumers Power, $5 pref.(quar.)
Troxel Mfg.,corn.(Muir.)
*21.25 Oot. 1 *Holders of rec. Sept. 15
$2
Aug. 1 Holders of rec. July 18
Preferred (quar.)
'134 Oct. 1 *Holders of rec. Sept. 15
15( Aug. 1 Holders of rec. July 18
6
6
" (qwl j
.1% Prerged elfar
Tudor City Fourth Unit, pref
u
(
n.85 Oct. 1 *Holders
3
Aug. 1 July 16 to Aug. 1
Tung Sol Lamp Works. pref. (quar.)
•1,4 Oct. 1 *Holders of rec. Sept. 15
7% Preferred (quar.)
*75c. Aug. 1 *Holders of rec. July 19
of rec. Sept. 15
5% Preferred (monthly)
Union Oil (guar.)
•50c. Aug. 1 *Holders of rec. July 15
1
.500. Aug. 9 *Holders of rec. July 17
6 Preferred (monthly)
%
Stock dividend
•50o. Sept. 1 *Holders of rec. Aug. 15
*el
Aug. 9 *Holders to rec. July 17
8% preferred (monthly)
United Department Stores
*500. Oct. 1 *Holders of rec. Sept. 15
-Dividend o ranted
6.6% preferred (monthly)
United Retail Chemists Corp., pref.(qu) *8734c July 15 *Holders of
•55c. Aug. 1 *Holders of roe. July 15
rec. July 10
6.6% preferred (monthly)
United Securities Corp.. class A
•550. Sept. 1 *Holders of too. Aug.
75c. Aug. 1 Holders of rec. July 15
15
6.6% preferred (monthly)
U. B.& British Internat., $3 pref.(qu.).
•55e. Oct. 1 *Holders of roe. Sept. 15
75c. Aug. 1 Holders of rec. July 15
Detroit Edison Co.qua?.)
Universal Plpe & Radiator. pref. (quer.) 1% Aug.
2
July 15 Holders of rec. June 206
1 Holders of rec. July 150 Duquesne Light, 1s1 pref.
Vadsco Sales Corp., pref.(guar.)
(quar.)
154 July 15 Holders of rec. June 14
*I% Aug. 1 *Holders of rec. July 21
Eastern Mass. Street Ry. pref. B (qu.)._
Victor Talking Machine(guar.)
134 Aug. 1 Holders of rec. July 15
*31
Aug. 1 *Holders of rec. July 21
First pref, and sink. fund stocks (qu.)_
Vocation Gramaphone--Dividend °mitt ed
13,4 Aug. 15 Holders of rec. Aug. 1
Electric Bond & Share, corn.(qu.)
Western Steel Products. pref. (guar.). _
1% Aug, 1 Holders of rec. July 15
/134 July 15 Holders of tee. June Ta
$6 pref. (qua?.)
Western Tablet dr Stationery, corn
21.50 Aug. 1 Holders of rec. July 10
50c. Aug. 1 Holders of rec. July 21
$5 pref.(qu.)(No. 1)
White Sewing Machine, pref.-Dividend passed
$1.25 Aug. 1 Holders of rec. July 10
Elec. Power & Light. corn.(guar.)
Wilson Line,Inc., pref
25o. Aug. 1 Holders of tee. July 124
53.50 Aug. 15 Holders of
Allotment ctn. full pd.(qua?.)
Woolworth (F. W.) Co., corn. (qium.)... •60c. Sept. 1 *Holders of rec. July 15
12;ic Aug. 1 Holders of rec. July 12
rec. Aug. 9
Allot. cUs. 70% Paid (guar.)
Wurlitzer (Rudolph) corn.(monthly)... *50c. July 25 *Holders of rec.
Aug. 1 Holders
July 24
El Paso Electric Co. pref. A
zi July 15 *Holders of rec. July 12
Common (monthly)
(guar.).
*50c. Aug. 15 *Holders Of rec. Aug. 24
of rec. July 1
Empire Public Service corn. A (guar.)
Common (monthly)
-- 4745c. Aug. 15 *Holders of rec. July 15
*500. Sept.25 *Holders of rec. Sept. 24
English Electric Co.of Canada A (qu.)._
Common (monthly)
75e. July 15 Holders of
*50c. Oct. 25 *Holders of rec. Oct. 24
Federal Public Service. pref.(ouar.)-•1,4 July 15 *Holders of rec. June 30
Common (monthly)
-esoe. Nov.25 *Holders of rec. Nov. 24
roe. June 30
Havana Elec. & Utilities 1st pref. (qu.)..
Common (monthly)
$1.50 Aug. 15 Holders of rec. July 19
*50c. Dec. 25 *Holders of roc. Dec. 24
Cumulative Preference (guar.)
Preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept. 20
Illinois Power & Light. $8 prof.(quar.).. 31.25 Aug. 15 Holders of rec. July 19
Preferred ((Mari
$1.50 Aug. 1 Holders of tee. July 10
*I 54 Jan 1'31 *Holders of rec. Dec. 20
International llydro-Electric System
Preferred (oust.)
*134 Aprl'31 *Hold,of rec. Mar. 20'31
Class A
(50c. cash or 1-50th eh .A stk)
Preferred (Ouar.)
July
•154 Jul 1'31 *Hold,of rec. June 20'31
$3.50 cony. pref. (quar.)(No. 1.)____ 8734o July IS Holders of rec. June 250
15 Holders of rec. June 250




Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Name of Company.

Public Utilities (Continued)
50c. July 15 Holders of roe. June 20a
International Telep. & Teleg.(guar.).87.55c July 18 Holders of rec. Juno 30
Internat. Utilities. class A (guar.)
$1.75 Aug. 1 Holders of rec. July 18
17 preferred ((juar.)
14 July 15 Holders of reo. June 30
Interstate Pub. Ser. pr. lien stk.(qu.)
14 July 15 Holders of reo. June 20a
(guar.)
Kentucky Securities, pref.
75c. Aug. 1 Holders of rec. July 25
Keystone Telephone of Phila. (guar.)...
Hold.of tee. Feb.2 1931
(V)
Star Gas. ann.(In corn.stk.)
Lone
150. Aug. 1 Holders of rec. July 15
corn. (guar.)._
Long Island Lighting,
•65c. Aug. 1 *Holders of rec. July 15
Lowell Electric Light (guar.)
Aug. 1 Holders of rec. July 10
11
Manitoba Power common (guar.)
*624c July 15 *Holders of rec. June 30
Mass. Util. Associates pref.(guar.)
4o
.430 Sept. 15 *Holders of tee. Sept a
Middle Western Telep.. corn. A (qu.)
•4354c Deo. 15 *Holders of rec. Dec. a
Common A (guar.)
Aug. 15 Holders of rec. July 15a
Middle West Utilities common (cluar.)-- 12
-80th share com.).- $1.50 Aug. 15 Holders of rec. July 15
prof.(cash or 3
$6
% July 31 Holders of rec. July 21a
Hy.& Light, pref.(qu.) I.
Milwaukee Elec.
Montreal Light, Heat AL Power Cons.38c July 31 Holders of rec. June 30
New no par corn. (guar.)(No. 1)____
July 15 Holders of rec. Juno 30
2
Montreal Telegraph (guar.)
24 July 15 Holders of roe. July 5
Montreal Tramways (quar.)
14 July 21 Holders of rec. June 30
States Power. pref. (guar.)._
Mountain
•154 Aug. I *Holders of rec. July 15
Municipal Service Co.pref.(guar.)
Oct. 15
Municipal Teleph. Util.. cl. A (extra)... "25e. Nov.15 *Holders of rec. July 15
Power, class A (guar.)... *45c. Aug. 1 *Holders of rec.
National Elec.
Holders of rec. July 15
National Power & Light $6 pref.(qu.)-- $1.50 Aug. 1
I% Aug. 1 Holders of rec. June 30
Nevada-Calif. Elec., prof. (Ouar.)
.$1 Sept. 10 *Holders of rec. Aug. 29
Newark Telephone (guar.)
Dec. 10 *Holders of rec. Nov. 30
'Ii
Quarterly
50c July 15 Holders of rec. June 30a
New England Power Assn.. corn. (ou.)....
$1.75 July 15 Holders of tee. June 30
New England Pub. Serv.,$7 pref.(qu.).
$1.75 July 15 Holders of rec. June 30
Adj. preferred (guar.)
$1.50 July lb Holders of roe. June 30
$8 preferred (guar.)
14 July 15 Holders of rec. June 20
New York Telephone pref.(guar.)
Aug. 150
North American Edison Co., pref. (qu.) $1.50 Sept. 2 Holders of rec. July 10
Elec. class A (guar.) •40c. Aug. 1 *Holders of rec.
North Amer. Gas &
Aug. 15 Holders of rec. July 19
No. American Light & Pow., coin.(gu.)_ 12
$1.50 Oct. 1 Holders of rec. sent. 20
$6 preferred (guar.)
14 July 14 Holders of rec. June 30
North. Indiana Pub.Serv. 7% Pf. (Q1.1.)154 July 14 Holders of rec. June 30
6% preferred (guar.)
154 July 14 Holders of roe. June 30
Ayi% preferred (guar.)
60c. July 25 Holders of rec. June 30
Northern Ontario Power common (qu.).
14 July 25 Holders of rec. June 10
Preferred (guar.)
Aug. 1 Holders of rec. June 30
corn. A (guar.). 2
Northern States Power,
154 July 21 Holders of rec. June 30
6% preferred (guar.)
14 July 21 Holders of ree. June 30
7% preferred (guar.)
20a
Northwestern Bell Telep., pref. (guar.). 14 July 15 Holders of reo. June 23
roe. Sept
Ohio Telephone Service, pref.(guar.).- *154 Sept.30 *Holders of tee. Deo 24
•IK Dec. 31 *Holders of
Preferred (guar.)
50e. July 15 Holders of rec. June 300
Pacific Gas & Elec., corn.(guar.)
•134 July 15 *Holders of rec. June 30
Pacific Lighting, pref. (guar.)
Service, corn. A (guar.).- u32 1.4c Aug. 1 Holders of roe. July 10
Pacific Public
June 30a
Pacific Telep. & Teleg.. Pref.(guar.).- 14 July 15 Holders of rec.
*35e. Oct. 1 *Holders 01 rec. Sept. lta
Peninsular Telephone. corn.(guar.)
.35c Jan 1'31 'Hold. of roe Dee. 15 '31
Common (gnat)
21
Pennsylvania-Ohio PowAL..$6 Pf.(qu.) $1.50 Aug. 1 Holders of rec. July 21
154 Aug. 1 Holders of roe. July
7% preferred (guar.)
1 Holders of rec. July 21
80c. Aug.
7.2% preferred (monthly)
550. Aug. 1 Holders of rec. July 21
6.6% preferred (monthly)
Pennsylvania Power, $6 pref.(gust.)... $1.50 Sept. 2 Holders of rec. Aug. 20
55c. Aug. 1 Holders of r...e. July 19
$6.60 preferred (monthly)
55e. Sept. 2 'folders of tee Aug. 20
$6.60 preferred (monthly)
July 17 Holders of rec. July 3a
2
(guar.)
Peoples Gas Light dr Coke
$1 July 31 Holders of rec. July la
Philadelphia Co.. common (guar.)
75c. July 31 Holders of rec. July la
Common (extra)
10a
Philadelphia Electric Co., 15 pref.(guar. $1.25 Aug. 1 Holders of rec. July
50c. Oct. 1 Holders of rec. Sept. 10a
Philadelphia Elec. Power. prer.(guar.).July 31 Holders of tee. July 15a
$1
Rapid Transit, corn
Philadelphia
rec. Aug. 12a
Phila. Suburban. Water Co.. Pref.(qu.) 1.54 Sept. 1 Holders of rec. June 30s
Philadelphia & Western Ky., id. (au).- 6254c July 15 Holders of
July 25 Holders of tee. July ba
corn.(Interim)._ $1
Power Corp'. of Canada
14 July 15 Holders of rec. June 30
Preferred (guar.)
75o. July 15 Holders of roe. June 30
Participating pref.(guar.)
85e. Sept.30 Holders of rec. Sept. 2a
Niblic Serv. Corp. of N.J., com.(go.)..
Sept.30 Holders of rec. Sept. 2a
2
8% preferred (guar.)
14 Sept 30 Holders of rec. Sept. 2a
7% preferred (guar.)
$1.25 Sept. 30 Holders of roe. Sept. 2a
$5 preferred (guar.)
50c July 31 Holders of rec. July la
6% preferred (monthly)
50c Aug. 30 Holders of rec. Aug. la
8% preferred (monthly)
50c. Sept.30 Holders of rec. Sept. 24
6% preferred (monthly)
Co. of Nor. Ills.'ublie Service
1
*112 Aug. 1 'Holders of rec. July 15
Common, no par (Ouar.)
*32 Aug. 1 *Holders of rec. July 15
Common,$100 par (guar.)
"135 Aug 1 "Holders of rec. July 15
6% preferred (guar.)
.134 Aug 1 *Holders of rec. July 15
7% preferred (guar.)
24
•ub. Sere. Elec. & Gas 7% pref.(guar.) 154 Sept. 30 Holders of tee. Sept. 2a
154 Sept. 30 Holders of rec. Sept.
6% preferred (guar.)
20
ouget Sound Pow.& Lt.. $5 pref.(guar.) 41.25 July 15 'Holders of tee. June 20
*81.50 July 15 'Holders of rec. June
$6 pref. (guar.)
8254c July 15 Holders of rec. June 27
luebee Power (guar.)
16 to July 31
50c. Aug. 1 July
thode Island Pub. Serv. Prof. Mari-Aug. 1 Holders of rec. July lb
$1
Class A (guar.)
Ian Diego Consol. Gas & Elec.. Pf.(gu.) 14 July 15 Holders of rec. June 30
1.15 Aug. 1 Holders of rec. July 15
jars Pacific Elec. Co., pref. (guar.).50o. Aug. 15 Holders of rec. July 200
buthern Calif. Edison Co., corn. (nu.).
500. July 15 Holders of rec. June 20
Original preferred (guar.)
3434 July 15 Holders of rec. June 20
C (guar.)
6Si% preferred series
'Outhern Canada Power, corn.(gu.).- 25e. Aug. 15 Holders of rec. July 31
134 July 15 Holders of rec. June 20
Preferred (guar.)
50c. Aug. 25 Holders of rec. July 31
outhern Colorado Power, corn. A (q11.)
July 15 *Holders of rec. June 30
*2
outhern N. E. Telep. (guar.)
•75e. July 21 'Holders of rec. July 10
Pittsburgh Water, corn
outh
134 July 15 Holders of rec. July 1
7% preferred (guar.)
134 July 15 Holders of rec. July 1
6% preferred (guar.)
.134 Aug, 19 "Holders of rec. Aug. 9
5% preferred (guar.)
tandard Gas & Moe., corn.(guar.)._ 5734e July 25 Holders of rec. June 30a
$1.75 July 25 Holders of too. June 300
Prior preference (guar.)
June 300
$5 prior preference (guar.)(No. 1)___ $1.50 July 25 Holders of rec. July 15
Holders of tee
tandard Power & Light. pref. (guar.)._ 41.75 Aug.
Holders of rec. Sept. 15
Elec. Power 5% 1st pf.(gu.). 14 Oct.
'ennessee
7
Holders of rec. Sept. 15
14 Oct.
6% first preferred (guar.)
Holders of rec. Sept. 15
14 Oct.
7% first preferred (guar.)
Holders of rec. Sept. 15
1.80 Oct.
7.2% first preferred (guar.)
Holders of roe, July 15
50o Aug.
6% first preferred (monthly)
Holders of rec. Aug. 15
50c Sept.
8% first preferred (monthly)
Holders of rec. Sept. 15
50e Oct.
6% first preferred (monthly)
Holders of rec. July 15
60c. Aug.
7.2% first preferred (monthly)
Holders of rec. Aug. 15
60c. Sept.
7.2% first preferred (monthly)
Holders of rec. Sept. 15
80c. Oct.
7.2% first preferred (monthly)
'Holder,of rec. Nov. 15
ri-State Tel & Tel. 6% pref. (guar.).- •15c. Dec.
July 15 Holders of roe. July la
Tr., Minneapolis. corn.. o2
Win City Rap.
15
Mon Natural Gas of Canada (guar.)._ k*.35c Sept.10 *Holders of roe. July 15
k*.5c Sept. 10 "Holders of rec. July
Extra
Holders of roe. Aug. 250
.500. Oct. 1
rifted Corporation, corn.(No. 1)
75C. Oct. 1 Holders of rec. Sept. d5a
Preference (guar.)
234 July 15 Holders of rec. June 30
nited Gas & Electric Co.. pref
30e. Sept 30 Holders of rec. Aug. 30a
tilted Gas Improvement corn.(Ullar.)__
$1.25 Sept. 30 Holders of rec. Aug. 30a
Preferred Mon)
Lilted Light & Power254. Aug. 1 Holders of fee. July 15a
Common A and B new (guar.)
51.25 Aug. I Holders of roc. July 150
Common A and 11 old (quer.)
30
1 h July 15 Holders of rec. June
'astern Power Corp., pref. (guar.)
July 15 Holders of rec. June 250
$2
'estern Union Telegraph (Ouar.)
Co., class A (guar.)... $1.75 Sept.30 Holders of reo. Sept. 170
'eat Penn Elec.
154 Aug 15 Holders of tee. July 190
7% preferred (guar.)
114 Aug. 15 Holders of rec. July 190
6% preferred (guar.)
July 50
'eat Penn Power Co., 7% pref.(quar.)- 14 Aug. 1 Holders of rec. July 5a
134 Aug. 1 Holders of rec.
6% preferred Mar.)
$1 Aug, 1 Holders of rec. July 10
Co.. common
'innipeg Electric
Banks.
'oodside National (Woodside)




[VoL. 131.

FINANCIAL CHRONICLE

230

"2

July 15 *Holders of rec. July

1

When
Per
Cent. Payable.

Trust Companies.
Corn Exchange Bank & Trust Co (guar.) $1
*20
Kings County (guar.)
Fire Insurance.
Amer. Equitable Assurance (quar.)____
Knickerbocker, corn. (guar.)
New York Fire Ins., corn. (guar.)
North River Insurance (gear.)

Books Closed.
Days Inclusive.

Aug. 1 Holders of rec. June 30s
Aug. 1 *Holders of rec. July 25

30c. Aug. I
3734c Aug. 1
30c. Aug. 1
50e. Sepi.15

Holders of rec. July 18
Holders of rec. July 18
Holders of rec. July 18
Holders of rec. Sept. 6

Miscellaneous.
10a
Abitibi Pow.& Paper,6% pref.(smar.). 154 July 21 Holders of rec. July 15a
14 Aug. 1 Holders of rec. July
Abraham & Straus, pref. (guar.)
60c. Aug. 1 Holders of rec. July 15
Adams (J. D.) Mfg., corn. (guar.)
75c. July 15 Holders of reo. June 300
Air Reduction Co. (guar.)
15e. July 18 Holders of rec. June 3061
Allegheny Steel, corn.(monthly)
250. July 18 Holders of rec. June 300
Common (extra)
15e. Aug. 18 Holders of rec. July 310
Common (monthly)
15e. Sept.18 Holders of rec. Aug. 300
Common (monthly)
*134 Sept. 1 *Holders of rec. Aug. 15
Preferred (quer.)
*14 Dee. 1 *Holders of roe. Nov. 15
Preferred (guar.)
75c. July 18 Holders of rec. July 5a
Alliance Realty, common (guar.)
14 Sept. I Holders of rec. Aug. 20
Preferred ((mar.)
134 Dee. I Holders of rec. Nov. 20
Preferred (guar.)
July ha
Allied Chemical & Dye, corn.(guar.)... $1.50 Aug. 1 Holders of rec. July 24e
75e Aug. 15 Holders of rec.
Allis-Chalmers Mfg., common (guar.)._
b0c. July 25 "Holders of rec. July la
Alpha Portland Cement Mari
15
Aluminum WM,Inc.. coin. (guar.)... •50c. Sept. 30 *Holders of rec. Sept. 15
*50c Dec. 31 *Holders of rec. Dee.
Common (guar.)
Sept. 30 *Holders of reo. Sept.15
•1(
Preferred (guar.)
15
'134 Dee. 31 *Holders of tee. Dec. 156
Preferred (guar.)
50c. July 31 Holders of rec. July 310
Amerada Corp. (guar.)
15 Holders of rec. July
Aug.
$1
American Can. common (guar.)
750. July 19 Holders of rec. July 106
American Chain common (guar.)
Aug. 1 *Holders of rec. July 11
*S1
American Coal (q. ar.)
*60c. Sept. 30 *Holders of rec. Sept. 12
Amer. ColortyPe CO.. °MIL (quar.)
14 Sept. 1 Holders of tee. Aug. 14
Preferred (guar.)
•10c. July 15 *Holders of rec. July 54
Amer. Elec. Securities, corn.(guar.)._
•50c. Aug. 15 *Holders of rec. July 156
Participating pref. (extra)
2
Amer. Founders Corp., coin. (guar.) __ (5) Aug. 1 Holders of rec. July 2
July
7% first pref. A (guar.)
5734e. Aug. 1 Holders of rec. July 2
8734e. Aug. I Holders of tee.
7% first pref. B (guar.)
75c. Aug. 1 Holders of rec. July 2
6% flea pref. D (guar.)
2
371.4e Aug. 1 Holders of rec. July
6% second pref.(guar.)
Aug. 1 Holders of rec. July 19
2
Amer. Glue, Pref.(guar.)
15 Holders of rec. Julyt la
July
Amer. Hawaiian S.S. (special)
$8
144
35e. Aug. 1 Holders of rec. July 76
Amer. Home Products (mthly)
75e. July 25 Holders of rec. July 76
American Ice, common (guar.)
Holders of rec. July
Preferred (guar.)
134 July 25
American International Corp.
Oct. I
Common (Payable to oom mon stock)._ 12
15
154 Sept. 1 Holders of rec. Aug. 15
Amer. Investment Trust pref. (guar.)._
154 Dec. 1 Holders of rec. Nov. 20
Preferred ((Juar.)
Sept. 1 *Holders of rec. Aug.
Amer. Laundry MuchinerY,COM (quar.) 031
July 18
Amer. Machine & Fdy.old tom.(guar.). $1.75 Aug. 1 Holders of rec. July 18
154 Aug. 1 Holders of rec.
Preferred (guar.)
Sept. 16 to Sept. 30
Oct. I
I
American Manufacturing. corn. (guar.).
Dec. 30
Dee. 31 Dee. 16 to
I
Common (guar.)
14 Oct. 1 Sept. 16 to Sept. 30
Preferred (guar.)
Deo 30
16 to
14 Dec. 31 Dee.
Preferred (guar.)
ba
50c. July 15 Holders of rec. July 300
American News (hi-monthly)
15 Holders of roe. June
500. July
American Roiling Mill (guar.)
July 30 Holders of roe. July la
65
Stook dtvldend
15
Amer.& Scottish Invest.. C0017 (aUltr.)- .30c. Sept. 1 *Holders of rec. Aug. 156
Amer.Shipbuilding new no par com.(qu.) $1.25 Aug. 1 Holders of rec. July 15
I% Aug. 1 Holders of rec. July
Preferred ((Oar.)
750 Aug. 15 Holders of rec. Aug. ic
Amer. Solvents & Chem. pref. (guar.)._
Ila
Amer. Smelting & Refining, corn. (gu.). 1$ Aug. 1 Holders of tee. July 84
134 Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
*$1.50 Sept. 2 •IIolders of rec. Aug. Is
Second preferred (guar.)(No. 1)
75e July 15 'folders of rec. July
Amer. Steel Foundries, corn. (guar.)...
Subject to stockholders' meeting.
144
American Tobacco corn & corn B
July 15 Holders of rec. July ba
2
Amer. Type Founders, corn.(guar.)._
July ba
13.4 July 15 Holders of roe. July d5
Preferred (Oulu.)
50c. July 15 Holders of rec.
American Vitrified Products,corn.(qu.)1 *Holders of rec. July 19
5154 Aug.
Preferred (guar.)
•250. Oct. 2 *Holders of rec. Sept. 13
Amesikesg Mfg., common (guar.)
8754c Aug. 18 Holders of rec. July 12a
Anaconda Copper Co. (guar.)
37W Aug. 11 Holders of rec. July 12a
Anaconda Wire& Cable
3754c Aug. 11 Holders of roe. July 126
Andes Copper Mining (guar.)
*20e. July 15 'Holders of rec. July 5
Angle Steel Stool (Oear.)
50e. July 15 Holders of rec. July 3
Anglo National Corp.. corn. A (guar.)._
Ltd
Anglo-Persian 011,
•w15 Aug. 6 "Holders of tee. June 25
Amer. dep. rets. ord. reg. shs
*we Aug. 6 *Holders of rec. June 25
Amer. den. rcts. 1st pref. mg
*sr 44 Aug. 6 *Holders of rec. June 26
Amer. dep. rots 2d pref. reg
50c. Aug. 1 Holders of rec. July 21a
Archer-Daniels-Midland Co., corn. (go.)
154 Aug. 1 Holders of rec. July. 216
Preferred (guar.)
Associated Apparel IndustriesOct. 1 Holders of rec. Sept. 19a
Si
Common (guar.)
630. Aug. 1 Holders of rec. July 12a
Associated Dry Goods,oom.(guan).Sept. 1 Holders of rec. Aug. 9a
134
First preferred (guar.)
154 Sept. 1 Holders of roe. Aug. fla
Second preferred (guar.)
18
Associated Security Investors, PL (guar.) $1.50 Aug. 1 Holders of rec. Judy 100
800.80 Holders of tee. Sept.
Atlantic Gulf & W.I.8.8. Lines, pt.(gu.)
14 Dee. 31 Holders of tee. Dee. 11
Preferred (guar.)
500. July 15 Holders of rec. July 1
Atlas Plywood (guar.)
14 Aug. 1 Holders of rec. July 18s
Atlas Powder pref. (guar.)
Austln, Nichols & Co.75e. Aug. 1 Holders of reo. July 15a
Prior A stock (guar.)(No. 1)
400. Aug. 1 Holders of rec. July 10
Auto Strop Safety Razor, class B (qu.)-.
•75c. Sept. 27 *Holders of rec. Sept 15
Balaban dc Katz, corn.(guar.)
"134 Sept 27 *Holders of rec. Sept. lb
Preferred (guar.)
134 Sept. 2 Holden of rec. Aug. 156
Hamberger(L)& Co., pref.(guar.)
Bancroft (Joseph) & Sons Co., pf.(qu.)- 14 July 31 Holders of rec. July 15
75e. July 15 Holders of rec. June 30s
Bankers Securities Corp., corn.(guar.)._
75e. July 15 Holders of rec. June 30a
Participating Prof. (guar.)
50e. Aug. 6 Holders of rec. July 76
Barnsdall Corp. class A & B (guar.).75e. July 15 Holders of rec. June 30a
Bayuk Cigars, Inc., corn. (guar.)
154 July lb Holders of rec. June 300
First preferred (guar.)
Belding-Cortice111, Ltd., corn, (oust.).- 14 Aug. 1 Holders of rec. July 16
14 Sent. 15 Holders of rec. Aug. 30
Preferred (guar.)
$1.60 Aug. 15 Holders of ree. July 15.
Bethlehem Steel, common (guar.)
•374o Aug. 15 *Holders of rec. Aug. 9
Slosh Bros., common (guar.)
•3741) Nov. 15 'Holders of roe. Nov. 10
Common (guar.)
'134 sect.so *Bolden of tee. Sept. 25
Preferred (guar.)
411$ Dec 31 *Holders of rec. Dec. 26
Preferred (guar.)
20c Aug. 1 Holders of rec. July 6
Blue Ridge Corp.common(No. 1)
(If) Sept. 1 Holders of roe. Aug. 5
Preferred (guar.)
July 31 Holders of roe. July 15e
$1
Bon Ami Co.,class A (guar.)
July 31 Holden of rec. July 156
$1
Class A (extra)
75c Sept. 2 Holders of rec. Aug. 154
Borden Co. (gust.).
•154 Aug. 1 'Holders of rec. July 30
Brill (J. G.) Co., Prof.(guar.)
De Aug. 1 'Holders of rec. July 1
Brit. Type Investors. el. A (bi-monthly).
50c July 15 Holders of rec. June SO
Brompton Pulp ac Paper,corn.(guar.)._
154 Aug. 1 Holders of rec. July 21
Brown Shoe, pref.(guar.)
*50e Aug. 1 *Holders of rec. July 25
Bunte Bros. common (guar.)
1
. 134 Aug. 1 *Holders of rec. July 25
.
Preferred (guar.)
Oct. 1 "Holders of re0. Sept. 15
*2
Burger Bros., Prof. (guar.)
*250. July 15 'Holders of [CC. July 1
Burke Grocery. class A (No. 1)
6254c Aug. 1 Holders of rec. June 27a
Bush Terminal, corn. (guar.)
154 July 15 Holders of roe. June 270
Debenture stock (guar.)
•154 Aug. 1 'Holders of rec. July 15
Byer,(A. ).t.) Co.. Prof.(OW.)
'134 Nov. 1 'Holders of roe. Oct. 15
Preferred (guar.)
Sept. 1 *Holders of rec. Aug. 15
Byron Jackson Pump.stock dividend-- *e2
She. July 15 Holders of rec. June 30
Canada Bud Breweries, corn. (guar.)...
$1.25 July 15 Holders of rec. July la
Canada Dry Ginger Ale (guar.)
Canada Foundries & Fore.. class A (gu.) 374c July 15 Holders of rec. Juno 30
250. July 18 Holders of rec. July 3
Canadian Brewing (guar.)
6234e. Aug. 1 Holders of rec. July 21
Canadian Bronze, common (guar.)
134 Aug. 1 Holders of rec. July 21
Preferred (guar.)
430. Aug. 30 Holders of rec. Aug. 15
Canadian Car ,Y4 Foundry,ordinary (go.)

14

JULY 12 1930.]

FINANCIAL CHRONICLE

231

Per
When
Books Closed.
Per
Whets
Books Cloud.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Coate/sr.
Cent. Payable
Days Included.
Miscellaneous (Continued).
Misee]Ia neou (Comasea)
•
Canadian Converters (guar.)
$1.25 Aug. 15 Holders of roe. July 31
Fokker Aircraft pref. (quar.)
"4344e July 15 "Holders of rec. June 23
Canadian Fairbanks
-Morse, pref. (qu.)- 14 July 15 Holders of roe. June 30
Food Machinery Corp.. corn. (guar.)... "3714c July 15 "Holders of rec. June 30
Canadian Industries, corn. (quar.)
*6244c July 31 *Holders of rec. June 30
Foreign Pow. Securities Corp., pref.(qu) 14 Aug. 11 Holders of rec. July 31
Common (extra)
•75e. July 15 *Holders of rec. June 30
Formica Insulation (guar.)
'50e. Oct. 1 'Holders of reo. Sept. 15
Preferred (guar.)
144 July 15 Holders of roe. June 30
Quarterly
•50e Jan 1'31 'Holders of rec. Dec. 15
Canadian Power & Paper, pref. (quar.)_
14 Aug. 15 Holders of rec. July 19
Foundation Co.of Canada.corn.(au.)__
25e Aug. 15 Holders of rec. July 31
Canadian Wineries, Ltd
1244e. July 15 Holders of rec. June 30
Fox Film Corp., corn. A & B (quar.)...
$1 July 15 Holders of rec. July la
Centrifugal Pipe Corp.(guar.)
15e. Aug. 15 Holders of rec. Aug. 8
Frank (A. B.) Co.. Pref. (guar.)
•144 Oct. 1 *Holders of reo. Sept. 15
Quarterly
15o. Nov. 15 Holders of reo. Nov. IS
Freeport Texas Co.(guar.)
Aug. 1 Holders of rec. July 156
$1
Century Ribbon Mills, Inc., pref.(guar.) 14 Sept. 2 Holders
of rec. Aug. 20a General Amer. Tank Car,stock dividend el
Oct. 1 Holders of rec. Sept. 136
Century Shares Trust, partic. shares-- $1
Aug. 1 Holders of rec. July 1
Stock dividend (quar.)
el
Jan l'31 Holders of rec. Dec. 130
Cerro de Pasco Copper Co.(guar.)
$1.50 Aug. 1 Holders of rec. July 10a General Cable Corp. pref.
(guar.)
Chain Belt Co. common (guar.)
$1.75 Aug. I Holders of rec. July 15.1
56234c Aug. 15 *Holders of rec. Aug. 1
General Cigar, common (quar.)
Aug. 1 Holders of rec. July 160
Chapman Ice Cream, corn.(guar.)
$1
53l34c July 15'Holders of rec. June 25
General Electric, common (quar.)
400. July 25 Holders of rec. June 20.1
Checker Cab Mfg. Corp. (monthly).35c. Aug. 1 Holders of rec. July 16a
Special stock (guar.)
15c. July 25 Holders of roe. June 206
Chicago Flexible Shaft. corn. (quar.)... •30e. Oct. 1 'Holders of reo.
Sept. 20
General Elec., Ltd., Amer. dep. rats,... 10
July 19 Holder, of rec. June 246
Chicago Yellow Cab (monthly)
25o. Aug. 1 Holders of rec. July 21s
Extra
4
July 19 Holders of ree. June 24a
Monthly
25e. Sept. 2 Holders of roe. Aug.
75e Aug. 1 Holders of rec. July 15.1
Cincinnati Ball Crank, pante. pfd. (qu.) *56e. Sept. 30 Holders of rec. Sept. 200 Gen. Foods Corp.. com.(guar.)
15
General Mills, corn. (guar.)
75c. Aug. 1 Holders of reo. July 15a
Cities Service common (monthly)
2%a Aug. 1 Holders of rec. July 15
General Motors. 7% pref. (quar.)
14 Aug. 1 Holders of rec. July 76
Common (payable in corn, stock)
f;i
Aug. 1 Holders of rec. July 15
6% preferred (quar.)
Preference and pref. BB (monthly).
1 4 Aug. 1 Holders of rec. July 76
50e. Aug. 1 Holders of reo. July 15
el% debenture stock (guar.)
1 35 Aug. 1 Holders of rec. July 76
Preference B (monthly)
50. Aug. 1 Holders of rec. July 5
$5 preferred (guar.)
51.25 Aug. 1 Holders of roe, July 7
City lee& FueLcom(payable in com.stk.) 11% Aug. 31 Holders of rec. Aug. 15a
City Stores Co., corn. (guar.)
1234e. July 15 Holders of rec. June 30a General Outdoor Advertising, el. A (qu.) "$1 Aug. 15'Holders of roe. Aug. 5
Preferred (guar.)
"144 Aug. 15 "Holders of rec. Aug. 5
Class A (guar.)
8744e. Aug. 1 Holders of roe. July 15a General
Pub. Serv.. $6 pref.(quar.).... .$1.50 Aug. 1 'Holders of roe. July 10
Cleveland Tractor, corn. (guar.)
*40e. July 15 *Holders of rec. June 30
$5.50 preferred (altar.)
• S1.375 Aug. 1 'Holders of roe. July 10
Clorax Chemical el. A (pay. in stock)._ _ •e2
July 30 *Holders of rec. July 15
General Realty & Utilitles Corp.
Class B
"e2
July 30 *Holders of rec. July 15
Prof. (qu.) 75-100ths share corn. or
$1.50 July 15 Holders of rec. June 20
Coca Cola Bottling See. (guar.)
250. July 15 Holders of rec. July 15
General Stockyards, corn.(qua?.)
•50e. Aug. 1 *Holders of rec. July 15
Quarterly
025e. Oct. 15
Common (extra)
•25e. Aug. 1 'Holders of rec. July 15
Cockshutt Plow (guar.)
37%o. Aug. 1 Holders of rec. July 15
$6 preferred (guar.)
"51.50 Aug, 1 'Holders of rec. July 15
Colgate-Palmolive-Peet Co., corn.
62340 July 15 Holders of ree. June 20. Gibson Art, common
(guar.)
.135e. Sept. 1 "Holders of rec. Aug. 20
Columbia Pictures
Common (quar.)
•85e Dee. I "Holders of rec. Nov. 20
Common (payable In common stook). fa 34 Oct. 2 Holders of reo. Sept. So
Common (queer.)
'650. Anr1'31 "Hold. of reo. Mar. 20'31
Columbus Auto Parts, pref. (quar.)
500. Sept. 1 Holders of rec. Aug. 15
Gilchrist Co.(guar.)(payable In stock) "e2
July 31 *Holders of reo. July 15
Commercial Bookbinding (guar.)
434e. July 15 Holders of rec. July 1
Gimbel Bras., pref.(guar.)
14 Aug. 1 Holders of roe. lull' 15
Community State Corp., elms A (guar.) •12
4
Sept. 30'Holders of fee. Sept 29
Gold Dust Corp., common (quar.)
6244e Aug. 1 Holders of reo. July 106
Class A (guar.)
12%e Dec. 31 'Holders of rec. Deo 25
Goodyear Tire & Rubber. corn. (guar.).
1.25 Aug. 1 Holders of rec. July Is
Class B (guar.)
1234e 3131131 "Hold,of reo. Mar. 26'31
Gotham Silk Hosiery, pref.(guar.)
144 Aug. 1 Holders of reo. July llo
Class B (guar.)
•12)4e Sept.80 'Holders of tee. Sept. 20
Granby Consol. Mln. Smelt.& Pow.(gu)
75c. Aug. 1 Holders of rec. July 18.
Class D (guar.)
9210 Dee. 31 'Holders of reo. Dee. 20
Grand (F. W.) 5-10-25e. Sts., Corn.(qu.)
25e. Jul.'21 Holders of rec. July 14
Congoleum-Nairn, Ino., pref.(quar.)
Sept. 1 *Holders of rec. Aug. 15
Preferred (auar.)
134 Aug. 1 Holders of rec. July 14
Consolidated Cigar Corp., pr. pref. (flu.) 14 Aug. 1 Holders of rec. July 150
Grand (F.& W.)
-Silver Stores com.(qu.)
25e. July 23 Holders of rec. July 14
Consol. Diamond Mines of S. W. Africa
Grand Rapid, Stores FAO". Pf.
'1734c Aug. 1 'Holders of roe. July 20
Bearer shares
434d. Aug. 15 Holders of coup. No. 2
7% Preferred (quer.)
174o Nov. 1 'Holders of rec. Oct. 21
Registered shares
434d. Aug. 15 July 1 to July 7
Greene Cananea Copper Co.(quar.).....
750. Aug. 11 Holders of rec. July 12.
Consol. Mining & Smelting of Canada_ $1.25 July 15 Holders of roe. June 30
Greenfield Tap & Die Corp.6% pf.(au.) 14 Oct. 1 Holders of rec. Sept. 15
Bonus
$5 July 16 Holders of rec. June 30
8% preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 1$
Consolidated Royalty 011 (guar.)
•1244 July 25 "Holders of rec. July 15
Gruen x4 atch. common (guar.)
.50e. Sept. I 'Holders of roe. Aug. 20
Continental Securities, common (guar.). $1 July 15 Holders of ree. July 1
Common (qua?.)
'50c. Dee. 1 'Holders of roe. Nov. 20
Copper Range Co (quar.)
25e. July 15 Holders of rec. June 16
Common (guar.)
•50c. Marl 81 "Hold. of rec. Feb. 20'31
Corn Products Refg., corn.(guar.)
75e July 21 Holders of rec. July 7.2
Preferred (guar.)
•144 Aug. 1 "Holders of roe. July 20
Common (extra)
50e July 21 Holders of rec. July la
Preferred (quer.).
"I 4 Nov 1 *Holders of reo. Oct. 20
Preferred (guar.)
144 July 15 Holders of roe. July Ta
Preferred (rpm.).
•141 Feb 1 81 •Hold. of rec. Jan 20'31
-Cosden Oil Co. preferred
"34 Aug. 1 'Holders of rec. July 15
Guardian Investing Trust, common..
sfl
Aug. 1 'Holders of rec. June 14
Crown Zellerbach Corp.. corn.(guar.)._
25e. July 15 Holders of rec. June 300 Gulf Oil Corp.
(guar.)
'3744e Oct. I *Holders of rec. Base. 20
Preferred A & D and pref.(guar.)
•$1.50 Sept. 1 *Holders of rec. Aug. 13
Queried,
57%c Ian' 81 "Hold of rec Dec 20 '30
Crucible Steel, corn. (guar.,
1% July 31 Holders of rec. July 150 Gulf States Steel,
let pref.(guar.)
14-4 Oct. 1 Holders of rec. Sept. 154
Crum & Forster, corn. A & B (guar.)
214 July 15 Holders of roe. July 5
First preferred (guar.)
14 Juin 2'31 Holders of rest Dee. 166
Preferred (guar.)
2
Sept.30 Holders of rec. Sept.20
Hall(W.F.) Printing (guar.)
50c. July 31 Holders of rec. July 196
Crum & Forster Ins. & Shares Cori).
HamTn Wat.. new com.(mthly.)(No. 1)
"5c. July 31 *Holder" of rec. July 10a
Preferred (guar.)
14 Aug. 30 Holders of rec. Aug. 20
Old $25 par stock
"30e. July 31 *Holders of rec. July 10
Preferred (quay.)
1
Nov.29 Holders of rec. Nov. 19
arhtson-Walker Refract. prof squat.) Is, July HI Holders of roe July 9
Cuba Company, preferred
0
•$3.50 Aug. 1 'Holders of rec. July 15
Hathaway Bakeries, Inc., Cl. 13(No. 1)._
25c. July 15 Holders of rec. Juno 30
Cudahy Packing, corn.(guar.)
"SI
July 15 *Holders of rec. July 3
Hercules Powder. pref.(guar.)
144 Aug. 15 Holders of rec. Aug. sla
Cuneo PreNs, common (guar.)
'62%c Aug. 1 'Holders of rec. July 15
Hibbard. Spencer, Barlett & Co.(mthly.)
35c July 25 Holders of rec. July 18
*1% Sept. 15 'Holders
Preferred (guar.)
of rec. Sept. 1
Monthly
35c. Aug. 29 Holders of rec. Aug. 22
Curtis Lighting (guar.)
33e. Aug 1 Holders of rec. July 15
Monthly
35c Sept.26 Holders of rec. Sept. 19
Curtis Publishing, corn. (monthly)
Aug. 2 Holders of rec. July 19a Mckok Oil Corp.corn. A (No. 1)
•50c July 31 'Holders of rec. July 1
Common (monthly)
"50e. Sept. 2 'Holders of rec. Aug. 20
Higbee &
first preferred (guar.)-14 Aug. 1 July 21 to August 1
Common (monthly)
*50c. Oct. 2 *Holders of rec. Sept. 20
First preferred (fluter.)
'14 Nov. 1 "Holders of rec. Oct. 19
Preferred (guar.)
144 Oct. dl Holders of rec. Sept. 20a
Second preferred (qua?.)
•2
Sept. 1 'Holders of reo. Aug. 20
Darby Petroleum, new stock (No. 1)_
*50e. July 15 *Holders of reo. June 30
Second preferred (guar
•2
Dee. 1 "Holders of reo. Nov. 21
Davenport Hosiery Mills, corn.(qu.)
50e. July 15 Holders of rec. July 1
}Interest Collerles, corn. (guar.)
144 July 15 Holders of rec. June 30
Decker (Alfred) dr Cohn, pref. (guar.)... •14( Sept. 2 'Holders of roe. Aug. 20
Preferred (quar.)
1M July 15 Holders of rec. June 30
Deep Rock Oil, pref. (guar.)
$1.75 July 25 Holders of roe. June 30
Hollinger Con.sol. Gold Mines(nthlY.)5c July 15 Holders of rec. June 30
Deere As Co.
Home Service Co., pref. (quar.)
•50c July 20''Holders of rec. July 1
Common (payable In common stook). /114 July 15 Holders of
rec. July 14
Horn dr Harden(N. Y.)). coin.(qu.)... 6244e Aug. 1 Holders of rec. July 14.1
Denver UnIon Stock Yards,corn.(au.)- - "51 Oct.
•Holders of ree. Sept 29
Preferred (guar.)
144 Sept. 1 Holders of rec. Aug. 1211
Common (guar.)
.31
Jan 131 •Hold, of roe Dee. 2030
Household Finance. Corp. pref.(quar.)_ $I
July 15 Holders of rec. July la
Common (quar.)..........
kp 1 31 *Hold of ree May 20'31
"S1
Howe Sound Co.(guar.)
51
July 15 Holders of rec. June 30a
Devoe & Reynolds class A & B (guar.)
30e. July 17 Holders of rec. July 70 Hupp Motor Car Corp.,
corn.(quar.)_.
50c Aug. 1 Holders of rec. July 156
First and second pref.(guar.)
144 July 17 Holders of rec. July 7a Illinois Brick (quar
•600 July 15 'Holders of reo July 3
Devonshire Investing Corp.(guar.).50e. July 15 Holders of rec. July 1
Quarterly.
"600 Oct. 15 "Holden of reo Oct. 3
Diamond Match (guar.)
$2
Sept. 15 Holders of rec. Aug. 30s Independent 011 & Gas (quer.)
500 July 31 Holders of rec. July 15a
Dictaphone Corp.,corn.(guar.)
475e. Sept. 2 'Holders of rec. Aug. 15
Indiana Pipe Line (guar.)
50c Aug. 15 Holders of rec. July 25
Preferred ((mar.)
"2
Sept. 2'Holders of roe. Aug. 15
Extra
25c Aug. 15 Holders of rec. July 25
Dictograph Products (guar.)
25e. July 15 Holders of roe. July 1
Industrial Collateral Assn.(guar.)
20c July 15 Holders of rec. June 30
Di (liortuo Fruit Corp. pref. (qua?.)... •1% July 15 •Holders of tee. Juue
14
Industrial Finance Corp
Diversified Investments el. A (qu.)
.50e July 15 *Holders of rec. July 1
Common (payable lo common stock).- /24 Aug. 1 Holders of roe. Apr. 18
Class A (extra)
•50c July lr *Holders of rec. July 1
Common (payable lo common stock).• 1234
Nov. 1 Holders of req. Apr. 18
First preferred (guar-)
'141 July 15 'Holders of rec.
July 1
Common (payable In nommen stock)... /24 Febl'31 Hold of rec. Apr. 18'30
Dome Mines I td (quar.)
25e
_. ...uu
Holder, of roe. June 30.1 fnaersoll-Rand Co., corn. (guar.)
Sept. 2 Holders of rec. Aug. 56
$1
Dominion Engineering Works (quar.)
July 15 Holders of roe. June 30
$1
Insult Utility Invest., corn. (in stook).- /144 July IS Holders of roe. June 30
Dominion Tar & Chemical, pref.(guar.)
Aug. 1 Holders
Common (payable In common stook). '1114 Oct. 15 *Holders of roe. Oct. 1
Dominion Textile, common (guar.)...- '$1.25 Oct. 1 "Holders of rec. July 17
of rec. Sept. 15
freerranshares Corp. of N. Y., prer(all.) '134 July 15 "Holders of rec. June 30
Preferred (guar.)
134 July 15 Holders of rec. June 30
Insurance Securities (guar.)
34 July 15 July I
Preferred (Muir.)
July 6
to
Oct. 1:'Holders of rec. Sept. 30
Interallied
Dunhill International (quar.)
SI July 15 Holders of rec. July 1 a Internat. Investing Corp., class A.... (cc) July 15 Holders of rec. July 10
Stock dividend
1
July 15 Holders of rec. July la Internat. Agricultural Corp., pref. (qu.) 14 Sept. 2 Holders of rec. Aug. 15.1
Business Machines (guar.) - 1 Si Oct. 10 IIolders of rec. Sept.22a
Du Pont(E. I.) de Nemours & Co.
Internat. Cigar Machinery old eom(qu.) $1.2 Aug. 1 Holders of rec. July 18
Debenture stock (guar.)
134 July 25
suu.5 July 15 Holders of rec. July 10a 'nu-Two. Harvester common (quar.)
Eagle-Picher Lead pref. (guar.)
62 lic July 15 Holders of rec. June 206
*Holders of rec. June 30
Internat. Match, coin. & pref.(guar.).- $1
Eastern Utilities Investing Corp.
July 15 Holders of rec. June 2541
Internat. Nickel pref. (quer.)
Participating preference (guar.)
134 Aug. 1 Holders of rec. July 2a
$1.75 Aug. 1 Holders of roe. June 30
internat. Paper & Pow.,7% prof.(qu.). 144 July 15 Holders of rec. June 256
$6 preferred (quar.)
$1.50 Sept 2 Holders of rec. July 31
6% preferred (guar.)
$7 preferred (guar.)
.114 July 15 *Holders of rec. June 25
$1.75 Sept. 2 Holders of rec. July 31
International Paper, 7% prof. (quar.).. 144 July 15 Holders of rec. June 254
$5 prior preferred (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 30
Preferred (guar.)
Eaton Axle & Spring (quar.)
"114 July 16 *Holders of roe. June 25
75e. Aug. 1 Holders of rec. July 150
Internat. Printing Ink, corn.(guar.).-Economy Grocery Stereo ((mar.)
75e. Aug. 1 Holders of rec. July 1541
•25e. July 15 'holders of rec. July I
Preferred (guar.)
Edison Bros. Stores, Inc., corn
144 Aug. 1 Holders of rec. July 156
"25e. July 20'Holders of roe. June 30
Internat. Products Corp., prof
Edwards(Wm.) Co., pref. (guar.)
3
July 15 Holders of rec. July la
July 20 Holders of rec. July 1
intertype Corp., corn. (quar.)
Elder Manufacturing, corn.(quar.)._ •25e. July 20'Holders of rec.
50c Aug. 15 Holders of rec. Aug. la
June 30
First preferred (quar.)
Electric Household Utilities (guar.).
2
Oct. 1 Holders of roe. Sept. 25
- 50c. July 22 Holders of rec. July 7
owe' Ten. Inc., ewe (quar.)
Elgin National Watch (guar.)
75c July 15 Holders of reo. July 16
"6214c Aug. 1 "Holders of rec. July 16
!mins-Manville Corp.. nom.(quar.)---75e, July 15 'Holders of rec. June 244
Ely & Walker Dry Goods. 1st pref
3% July 15 Holders of roe. July 3
Kalamazoo Veg. Parchment (quay.)
•15c Sept. 30'Holder, of rec. Sept. 20
Second preferred
July 15 Holders of rec. July 3
3
Quarterly
•15e Dee. 31 'Holders of rec. Doe. 22
Emsco Derrick dr Equipment (qua?.)
"40e. July 25 'Holders of rec. July 10
Keuttnann Dept. Stores., corn.(quar.)
38c. July 28 Holders of reo. June 106
Eureka Pipe Line (guar.)
$1
Aug. 1 Holders of roe. July 15
ui swneer Company (guar.)
"6244 July 15 *Holders
Ewa Plantation (quar.)
June
"60e. Aug. 15 •Holders of rec. Aug. 5
Kaybee Stores, Inc., corn.(qu.)(No. 1). •15c July 15 "Holders of rec. July 30
Exchange Buffet (guar.)
1
of rec.
37%c. July 31 Holders of rec. July 15a Kayser (Julius) & Co.
(guar.)
624 Aug. 1 Holders of rec. July 15a
•35e. July 15 *Holders of rec. June 30
Fageol Motors, 7% Preferred
Kelsey-Ilayes Wheel, pref. (guar.)
144 Aug. 1 Holders of rec. July 21
Fair (The) common (quar.)
(30e Aug. I Holders I ui wt• July ',Ha Keystone Steel &
Wire,common (quar.)_ "25c July 15 "Holders of rec. June 30
Preferred (quar.)
1st Aug
rsouriere of f..e. Julf 31.
Preferred (guar.)
•1. July 15 *Holders of rec. June 30
4i
Fairbanks, Morse & Co.common (guar.)
75c. Sept. 30 Holders of reo. Sept. 12a Keystone Watchcase
Corp..(Corn.).... $1.50 Aug. 1 Holders of reo. July 18a
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 12a Kidder
Participations, Ins., common.._ •561( Aug. 1 *Holders of rec. July 17
Fashion Park Associates. pref.(guar.).. 144 Aug. 1 Holders of rec. July
16
Kidder Participations No. 2, Pref.(extra) *25e Oct. 1
Federal Knitting, common (guar.)
624c Aug. 1 Holders of roe. July 15
Kirby Lumber (guar.)
•1.4
Common (extra)
Sept. 10 'Holders of red. Aug. 30
12 4c Aug. 1 Holders of rec. July 15
Quarterly
'14 Dec. 10 *Holders of me. Nov. 29
Federated Capital Corp., com.(guar.)._
20c. Aug. 31 Holders of rec. Aug. 15
Knott Corp.(quar.)
st6(le July 15 'Holders of rec. July 7
Common (payable in common stock)_.
Aug..31 Holders of rec. Aug. 15
Keels (S. II.) & Co., Common (guar.)...
25e Aug. 1 Holders of rec. July lla
6% preferred (guar.)
3714e. Aug. 31 Holders of rec. Aug. 15
Common (pay. in special pref. stock)... ./50e Aug. 1 Holders of rec. July Ila
Fenton United Clean. & Dye.(extra).- *51
July 15 'Holders of rec. July
Special preferred (quar.)
15e Aug. 1 Holders of roe. July ha
Finance Co. of Amer., Balt.. com. A(qu.) "20e. July 15 *Holders of rec. July 10
Kroger Grocery & Baking, 2nd pl. (qu.)_ •13i Aug. 1 "Holders of ree. July 21
5
Common B (guar.)
•20e July 15 •Holders of roe. July 5
Stock dividend.
II
elept. 1 Holders of reo Aug. Ila
Preferred (quar.)
*14 Judy 15 "Holders of rec. July 5
Lackawanna Securities Co
"S3 Sept. 15 "Holders of rec. Aug. 15
2
Firestone Tire & Rubber, corn.(guar.).40e July 21 Holders of rec. July 3a Land & Building Investing,
prof
Holders of rec. June 30
34 July
First National Investment
'75c Aug. 1 *Holders of rec. July 15
Landis Maoldne, common (guar.)
"75o Aug. 15 *Holders of rec. Aug. 6
Fishman (M. H.) Co., pref. A & B (qu.) $1.75 July 15 Holders of rec. July 1
Common (qaar.)
'75o Nov. 15 "Holders of rec. Nov. 5
Flintkote Co.. el. A.& B.(guar.)
.3740 July 15 "Holders of rec. July 10
Lane Bryant, Inc.. pref. (guar.)
1)4 Aug. 1 Holders of rec. July 15




[VOL. 131.

FINANCIAL CHRONICLE

232
Name of Company.

Per
Cent

When
Payable.

Books Closed
Days Inclusive.

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued).
Miscellaneous (Continued).
Aug 15 Holders of rec. July 24a
51
Pullman. Inc. (guar.)
Langendorf United Bak.. A dr B (quar.)_ 1150c, July 15 *Holders of rec. June 30
July 15 'Holders of rec. July 1
•51
Quaker Oats Co., corn, (guar.)
.250 Sept. 30 *Holders of rec. Sept. 20
Leath & Co. Common (guar.)
*114 Aug. 30'Holders of rec. Aug. 1
Preferred (guar.)
40c. Aug. 15 Holders of rec. Aug. 5
Lefeourt Realty Corp.,common (quar.)*500. Aug. 1 *Holders of reo. July 21
Randall Co.. class A (guar.)
75c. July 15 Holders of rec. July 7
Preference (guar.)
July 15 *Holders of rec. July 1
*6
350. Aug. 30 Holders of rec. July 316 Rapid Electrotype, stock dividend
Lehigh Coal dr Navigation (guar.)
$1.24 Aug. 1 Holder' of reo. July 120
common
6234e Aug. I Holders of rec. July I46 Republle Steel Corp.
Lehigh Portland Cement (guar.)
111750. July 15 "Holders of reo. July 1
75e. Sept. 1 Holders of rec. Aug. 150 Republic Supply (guar.)
Lehn & Fink Products Co.(guar.)
•750. Oct. 15'Holders of rec. Oct. 1
Quarterly
Leonhard Vets,Inc., Amer.dep.recta *tell) July 16 *Holders of roe. July 10
Revere Copper de Brass, pref.(guar.)... 51.75 Aug. 1 Holders of roe. July 100
Dee. 31
Liberty Share Corp.. stock dividend_ -- "el
Rice-Stix Dry Goods, common (guar.)._ 37340. Aug. 1 Holders of rec. July 16
Aug. 1 Holders of rec. July 22
50e.
Lincoln Printing, common (guar.)
50e. Sept 1 Holders of rec. Aug. la
Richfield 011 of Calle.oom (guar.)
8734e Aug. 1 Holders of rec. July 22
Preferred (guar.)
4341c. Aug. 1 Holders of rec. July 5
Preferred (Guar.)
65e. Sept. 1 Holders of reo. Aug. 150
Link-Belt Co., corn.(guar.)
500. July 25 Holders of rm. July 50
Rio Grande 011 of Calif.(guar.)
of rec. June 27
*50o. July 28 *Holders
Lion Oil Refining, COM.(guar.)
111350. Aug. 1 "Holders of rec. July 10
Aug. 1 Holders of rec. July 10a Roover Bros. preferred
- 51
Liquid Carbonic Corp. corn.(guar.).
17 Holders of rec. July 10
65c Aug. I Holders of rec. July 180 Royal Typewriter, common 1930)_... 51.50 July 17 Holders of rec. July 16
Loose-Wiles Biscuit, corn.(guar.)
3% July
Pref.(for first two guar. of
July 180
10c. Aug. 1 Holders of rec.
Common (extra)
*65c. Aug. 1 Holders of rec. July 20
134 Oct. 1 Holders of rec. Sept. 186 RuudManufacturing (guar.)
First preferred (guar.)
*50e. Aug. 1 *Holders of roe. July 18
Aug. 1 Holders of rec. July 176 Ryerson (Joseph T.) de Son (guar.)
2
Lord & Taylor. 2d pref.(guar.)
*2
July 15 'Holders of rm. July 5
Aug. la St. Croix Paper (guar.)
1%
Louisiana 011 Refg. pref. (guar.)----- -- •1% Aug. 15 Holders of rec. Sept. 20
July 15 Holders of rec. July 5
*1
Extra
Oct. I 'Holders of rm.
Lunkenliehner Co.. pref.(guar.)
50e. Sept. 20 Sept. 10 to Sept. 21
St. Joseph Lead Co.(Qua?.)
•154 fan 131
Preferred (guar.)
255. Sept. 20 Sept. 10 to Sere. 21
Extra
*50c Aug. 15 "Holders of rec. Aug. 5
Lynch Glass Machine (guar.)
50o. Dee. 20 Dec. 10 to Dee. 21
Quarterly
Aug. 15 *Holders of rm. Aug. 5
*el
Stock dividend
2.5e. Dee. 20 Dec 10 to Dee. 21
Extra
65e. July 15 Holders of roe. June 300
MaeAndrews dr Forbes, corn.(quar.)---50c. July 15 Holders of rec. June 30
(No. 1)...
1% July 15 Holders of reo. June 306 St. Lawrence Corp., el. A (qu. (qua?.).. 1% July 15 Holders of reo. June 30
Preferred (guar.)
St. Lawrence Paper Mills, pref.
1K Aug. 1 Holders of rm. July 16
MacKinnon Steel, 1st pref.(guar.)
*$1
July 18 Holders of reo. July 7
July 256 St. Mary's Mineral Land
50e. Aug. 15 Holders of rm.
Macy (R. H.) & Co., quarterly
500. Aug. 1 Holders of rec. July 150
July 50 Salt Creek Producers Assn.(guar.)
Madison Square Garden Corp.,com.(qu.) 3734c July 15 Holders of rec. June 300 Sarnia Bridge Co.,el. A (guar.)
50o. July 16 Holders of rec. July 2
of rec.
51 July 15 Holders
Magma Copper Co.(guar.)
25e. July 16 Holders of me. July 2
Class B
.373.4c July 15 "Holders of rm. June 30
Magnin (I.) dr Co., corn.(guar.)
"114 Aug. 15 Holders of reo. Aug. 1
Savage Arms,second Pref.(quay.)
'13.4 Aug. 16 *Holders of roe. Aug. 5
Preferred (guar.)
4
•1, Nov. 15 *Holders of rm. Nov. 5
Schnebbe Fire Protection corn.(qua?.)... 101.234c July 15 *Holders of rec. July 1
Preferred (quer.)
1111300. July 15 *Holders of roe. July 1
Class A (guar.)
July 1
Mahon (R. C.) Co., cony. pref.(guar.)- *550. July 15 *Holders of rec. June 30
*75e. July 15 *Holders of rec. July 1
Preferred (guar.)
Mansfield Theatre Co.(Toronto), pre-- 33-4 July 31 Holders of Teo. June 30
1)4 Aug. 1 Holders of roe. July 170
Scott Paper, pref. A (guar.)
750. July 16 Holders of rec.
Massey-Harris Co., Ltd., corn. (quar.)1% Aug. 1 Holders of reo. July 170
Preferred B (qua?.)
•134 Aug. 15
Matson Navigation (guar.)
750. July 15 Holders of rec. June 30
Scullin Steel, Prof. (guar.)
•114 Nov. 15
Quarterly
30o. July 15 Holders of rec. June 300
50c. Sept. 2 Holders of reo. Aug. 150 Seagrave Corp.,common(guar.)
May Department Storm, corn.(qua?.)..
623-0 Aug. 1 Holders of rec. July 156
-Roebuck (guar.)
stook). 1134 Sept. 2 Holders of rec. Aug. Ilia Sears
Common (payable In common
el
Aug. 1 Holders of rec. July 150
"gook div.(guar.)
Nov. 15a
Dec. 1 Holders of rm.
Common (payable in COMMOD stock) 11
Nov. 1 Holders of roe. Oct. 15a
el
Stock dividend (guar.)
623-4c Aug. 1 Holders of rm. July lea
McCall Corp.(guar.)
*Holders of rec. July 18
---- 134 Aug. 1 Holders of rec. July la Scour. Corp. Gen'l new corn.(qu.)(No.1) *10c. Aug. 1 Holders of rec. July 18
McCrory Storm Corp., pref.(guar.)
*51.50 Aug. 1
New 86 pref. (guar.)(No. 1)
June 20
Merest Guaranty Corp., Los Ang., COM- *$1.25 July 15 "Holders of rm. June 20
51.75 Aug. 1 Holders of ree. July 18
•
57 preferred (guar.)
July 15 *Holders of rec.
*3
First preferred
750. Aug. 1 Holders of rm. July 15
Seeman Brothers, Inc.. common (guar.)July 1
Merch. dr Mfrs. Scour., prior pref.(qu.) *51.75 July 15 *Holders of reo. June 30a Scion Leather, corn (guar.)
*500. Aug. 1 'Holders of rec. July 16
July 21j Holders of rec.
Mexican Petroleum common (euar.)---- 3
25e. July 25 Holders of rec. July 50
July 21 Holders of rec. June 306 Sharon Steel Hoof) (guar.)
2
Preferred (guar.)
87340 Aug. 1 Holders of rec. July 134
Sharp dr Dohme Prof. A (guar.)
.
11 6234c July 21 *Holders of rec. June 30
Michigan Steel (qua?.)
s$1 Sept. 16 *Holders of reo. Aug. 25
Oct. 20 Holders of rec.Sept. 300 ribeaffer (W. B.) Pens. common (guar.). (ff) Aug. I Holders of rec. July 5
el
Stock dividend
el July 21 Holders of rm. June 300 Shenandoah Corp. prof.(guar.)
Extra In stock
4112.140 July 15 *Holders of rec. June 30
50e. Aug. 15 Holders of rm. July 156 Sienode Steel Strap, corn. (guar.)
Mid-Continent Petroleum (guar.)
*62140 July 15 *Holders of rec. June 30
Preferred (guar.)
50e. Aug. I Holders of reo. July 18
Missouri Portland Cement(guar.)
250. July 21 Holders of rec. July 14
Silver (Isaac) & Bros. Co., corn. (guar.)
15 Holders of rec. June 30
250. July
Mitchell (Robert) Co., Ltd.(quar.)---1% Aug. 1 Holders of me July 14
Preferred (guar.)
6214c Aug. 15 Holders of rec. June 300
Mitten Bank Securities, corn
- 50e. July 15 Holders of reo June 140
8734c Aug. 15 Holders of rec. June 30a Sinclair Congo]. 011 comrnou (guar.).
Preferred
114 Aug. I Holders of rec. July la
Skelly Oil, pref. (guar)(No. 1)
*750. Aug. 1 *Holders of rec. July 19
Mediu° Mfg. (guar.)
Solvay Amer. Invest. pref. (guar.).-.5 1.3734 Aug. 15 Holders of rec. July 150
•500. July 15 *Holders of rec. June 30
Mohawk Investment (guar.)
*25c. July 15 *Holders of roe. July 1
Southland Royalty (guar.)
July 15 Holders of roe. June 30
$1
Moloney Electric, class A (guar.)
600 July 15 Holders of rec. June 300
Spalding (A.(.1.) & Bros.. corn.(quar.)
Sc. July 15 Holders of reo. June 30
Monarch Mtge.& Invest.(Toronto).eom.
- $1.50 Oct. 1 Holders of roe. Sept. 15
(Vane, Chalfant & Co., Prof. (guar.).
July 15 Holders of rec. June 30
2
Preferred (guar.)
750. July 16 Holders of rec. July 2a
Spicer Manufacturing, pref.(quar .)-- -Moody's Investors' Service
*13-4 Aug.. 1 'Holders of rec. July 15
Spiegel, May, Stern Co. pref. (guar.).
75c. Aug 15 Holders of rec. Aug. 1
Participating preference (guar.)
Standard Investing Corp. prof.(qua?.)-- 51.375 Aug. 15 Holders of rec. July 28
750. Nov. 15 Holders of rec. Nov. 1
(guar.)
Participating preference
lc. July 15 Holders of rec. June 30
25e. July 15 Holders of rm. July la Stand. Royalties Wetumka pf.(mth(Y •)Morris (Philip) & Co Ltd., Inc.(qu.)
lc. July 15 Holders of rec. June 30
Stand. Royalties Wewoka pf. (mthly)._
*2c. July 15 *Holders of rec. June 30
Mountain & Gulf 011(guar.)
10. July 15 Holders of reo. June 30
Stand. Royalties Wichita Pref.(mthly.)*250. Nov. 15 "Holders of rec. Oct. 15
Municipal Tel. & Utilities, corn. A (art.)
750. July 15 Holders of rec. June 30
rec. July 150 State Street Investment (quer.)
37)ic Aug. I Holders of
National Acme Co., corn. (guar.)
Stearns(Freerk) Co.,com.(monthly)*16 2-30. July 31 *Holders of roe. July 21
1% Aug. 1 Holders of reo. July 15
Nat. Bearing Metals pref.(guar.)
Steel Co.of Canada, corn. & pf.(qu.)... 4334o Aug. 1 Holders of reo. July 7
1K Sept. 2 Holders of reo. Aug. 21
National 13ellas Hess, Inc., pref.(cm.)
52.50 July 15 Holders of rec. July la
19a Stetson (John B.) Co., common
700. Oct. 15 Holders of rm. Sept.
National Biscuit, common (guar.)
,
.3714e Sept. 1 "Holders of reo. Aug. 15
70e. July 15 Holders of rec. June 21 o Mix, Baer & Fuller. common
New common (No. I)
'373-40 Dec. 1 "Holders of roe. Nov. 15
Common (guar.)
Holders of rm. Aug. 15a
1% Aug. 30
Preferred (guar.)
July 15 Holders of reo. June 170
El
Stone & Webster. Mo.(guar.)
Aug. 1 Holders of roe. Julyd18
2
National Carbon, pref. (guar.)
July 15 July 1 to July 7
$1
75e. July 15 Holders of rec. June 300 Sullivan Machinery (guar.)
National Cash Register, corn. A (qua?.)_
•250. July 15'Holders of reo. June 30
Sundstrand Machine Tool (guar.)
National Dairy Products
500. Aug. 1 Holders of rec. July 22
1 Holders of roe. Sept. 34 Sun-Glow Industries (guar.)
Oct.fI
Corn.(payable in corn. Nook) (Cluar.)•100. July 15 *Holders of reo. June 25
rec. July 156 Sunray 011 (guar.)
National Distillers Prod., corn. (quer.). 50c. Aug. 1 Holders of rec. July 1
65e. Aug. 1 Holders of rec. July 180
(qua?.)
Sunshine Biscuit, corn.
750. Aug. 1 Holders of
National Fireproofing. corn.
1.130. Aug. 1 Holders of reo. July 18a
Common (extra)
750. July 15 Holders of reo. July 1
Preferred (guar.)
E1.75 Oct. 1 Holders of roe. Sept. 18
First preferred (guar.)
of rm. July 186
134 Aug. 1 Holders
National Lead, pref. class B (qua?.).
62340 July 15 Holders of rec. July 50
Superheater CO. (guar.)
500. July 15 Holders of rm. July 1
National Rubber Machinery (guar.) -250. Aug. 1 Holders of roe. July IS
Sweets Co.of Amer.(qua?.)
of ree. July 2
Nat.Short Term Securities, corn. A (qu.) 12340.July 20 Holders of rec. Nov. 30
51.25 Aug. 15 Holders of rm. July 15
Swift International
Dec. 15 Holders
/3
Common A (payable in stock)
15e. Aug. 1 July 18 to July 31
Took-Hughes Gold Mines
17340. July 20 Holders of rec. July 2
Preferred (guar.)
300. Aug. 1 Holders of roe. July 150
$1.25 Aug. 15 Holders of rec. Aug. 56 Telautograph Corp. (guar.)
National Supply Co.. corn• (qua?.)
50. Aug. 1 Holders of rec. July 15a
15
Extra
3734c Aug. 1 Holders of rec. July
National Tile (guar.)
"200. Aug. I 'Holders of rm. July 20
40o. Oct. 1 Holders of rec. Sept. 150 Telephone Corporation (monthly)
Nehmer Bros., Ins- COOMICon (QUar.)-- •200. Sept. 1 'Holders of roe. Aug. 20
Monthly
of reo. Dec. 154
400. Jan 1'31 Holders
Common (qua?.)
.200. Oct. I 'Holders of reo. Sept. 20
Monthly
Aug. 1 "Holders of rm. July 16
Newberry (J. J.) Realty Co. pref.(qu.)_
41200. Nov. I *Holders of reo. Oct. 20
Monthly
11113-4 Aug. 1 "Holders of rm. July 16
644% preferred (guar.)
.200. Dec. 1 "Holders of rec. Nov.20
June 30
Monthly
•1214c July 15 'Holders of roe.
New Bradford Oil (guar.)
July 10 "Holders of reo. July 1
Tennessee Products corn.(in corn. stk.). "15
*500. Aug. e *Holders of roe. Jury 19
Zinc (guar.)
New Jersey
Tennessee Products Corp., COM.((Nan) "250. Oct. 10 *Holders of rec. Sept. 30
July 15 Holders of reo. Juno 30
El
Newmont Mining Corn.(guar.)
•250. Ja 10'31 "Holders of rec. Dec. 31
Common (guar.)
of rec. July 10
New River Co. pref.(acc't accum.)___-• 851.50 Aug. 1 "Holders of rec. July 5
*25e. 4-10-31 *Holders of rec. Mar.31
Common (guar.)
July 15 Holders
3
New York Investors, Inc., 1st pref
900. Aug. 15 Holders of rec. Aug. 561
Thatcher Mfg., com.& pref.(guar.).-400. July 15 Holders of roe. June 20
New York Transit
OW. Aug. 1 Holders of reo. July Sa Thomson-Houston Co.(Paris)
York /Or Brake(guar.)
New
(bb) July 21 Holders of rec. July 14
Amer. dep. receipts A bearer she
July 15 Holders of rec. July 54
234
New York Dock, preferred
30e. Aug. 15 Holders of roe. July 310
Tide Water Associated Oil. eeml-annual.
10c. July 15 Holders of rec. June 25
Niagara Share Corp. of Md., corn. (mt.)
200. Aug. 15 Holders of rec. July 25a
Tobacco Products class A (qua?.)
rec. Sept. 20
Niles-Bement-Pond, common (guar.)._ •500. Sept.80 *Holders of reo Dee. 20
134 July 15 Holders of reo. June 30a
Tooke Bros., Ltd., pref.(qua?.)
111 *Holders of
•50o. Doe.
Common (guar.)
1040e. July 25 *Holders of roe. July 5
Transamerica Corp. (guar.)
7%0. July 21 Holders of ree. June 30
Nipisshig Mines Co.(qua?.)-.
Stock dividend
•e3 July 25 •Holders of ree..1u17 5 •
- 'el% Oct. 1 "Holders of rec. Sept. 20
Noblitt-Sparks Industries (In stook)
250. July 15 Holders of reo. June 304
Transue & Williams Steel Forg.(gu.)
rec. July lb
•66 2-3e Aug. 1 *Holders of
Northern Disc.. pref. A (montheir)---•662
Traung Label & Lithograph, Cl, A (qu).'37(40 Sept. 15 *Holders of reo. Sept. 1
-Se Sept. 1 *Holders of reo. Aug. 15
Preferred A (monthly)
Class A (guar.).
*3714e Dec. 15 *Holders of rec. Dee ,1
•66 2-3 Oct. 1 *Holders of rm. Sept. 15
Preferred A (monthly)
Tri-Utilltles Corp.. $3 pref. (guar.) ---750. Aug. 1 Holders of roe. July 15
•662-3c Nov. 1 *Holders of reo. Oct. 15
Preferred A (monthly)
40o. Aug. 1 Holders of reo. July 210
Truax-Traer Coal (guar.)
•66 2-3c Dee. 1 *Holders of rec. Nov. 15
Preferred A (monthly)
400. July It Holders or rec. June 260
Truscon Steel. corn.(guar.)
of rec. July 15
Northwest Engineering common (quar.)_ *500. Aug. 1 *Holders
July 15 Holders of rm. June 30
Tuckett Tobacco, Ltd., corn. (qu.) -- 1
911.50 Aug. 1 "Holders of reo. July 20
Oeglesby Paper. ureferred (guar.)
154 July 15 Holders of rec. June 30
Preferred (guar.)
'51.5(1 Nov. 1 "Holders of roe. Oct. 20
Preferred (guar.)
July 15 July 1 to July 15
3
Tudor City Fifth Unit, Joe., pref
rm. Juno 30
$1.25 July 15 Holders of
Ohio Brass. class B (guar.)
Tung-Sol Lamp Works Com.(guar.)---- *25c. Aug. I *Holders of rec. July 10
134 July 15 Holders of rec. June 30
Preferred (guar.)
40e. July 15 lIolders of rm. July 1
Ulen & Company common (guar.)
15 *Holders of rec. June 30
*10c. July
Oil Royalty Invest.(monthly)
•62140 Aug. 15 'Holders of reo. Aug. 1
Union Storage Co. (guar.)
750. July 15 Holders of rec. July 5
011 Shares, Inc., pref.(guar.)
:Nov. 15 *Holders of roe. Nov. 1
Quarterly
*62
114 Aug. 1 Holders of rec. July 120
Oil Well Supply, Pref. (guar.)
Holders of roe. Aug. 1601
40e. Sept.
of roe. June 30a United Biscuit, core.(guar.)
62340. July 15 Holders
Otis Elevator, common (guar.)
!folders of roe. July 170
306
l•4 Aug.
Prete'red (quer.)
134 July 15 Holders of reo. June 306
Prefe:red (qua?.)
Holders of roe. Sept. 120
154 Oct.
United Dyewood Corp., pref. (guar.).
15 Holders of roe. Sept.
13.4 Oct.
Preferred (Qua?.)
Holders of reo. July 150
- 500. Aug.
l3.4J anI5'31 Hold. of reo. Dee.3110a United Piece Dye Works, corn.(guar.)
Preferred (guar.)
Holders of roe. Oet. 154
500. Nov.
Common (guar.)
400. July 15 Holders of reo. June 30
Electric Co., common (quar.)
Packard
Holders of roe. Sept. 20a
1% Oct.
Preferred (guar.)
Holders of rm. Aug. 150
250. Sept. 12
Packard Motor Car, COM.(QUM%)
1(4 Janr3 Holders of rec. Dee. 20a
Preferred (quar.)
s$1.50 Aug. 15 "Holders of rm. Aug. 8
Peepoke Corp., Com. (guar.)
Holders of reo. July 2a
50C Aug.
750. July 14 Holders of rm. June 300 United Verde Extension Mining (quar.)Park & TlIford, Inc.(guar.)
Holders of rec. July 11
el July 14 Holders of ree. June 30a U.S. Foreign Securities, 1st pref.(guar.) 51.50 AWL
Stock dividend
$1.50 Aug.
Holders of rec. July 156
Transportation corn.(mthly.) 1234c Aug. 11 Holders of reo. July 316 U. S. Industrial Alcohol, corn,(guar.)-- *500. July 15 *Holders of rec. June 30
Parmelee
U. S. Lines preference
15 Holders of rec. Aug. 5
Aug.
$1
penmans, Ltd., common (guar.)
21
U. S. Pipe & Foundry, corn.(guar.)--- 2% July 20 Holders of roe. June 300
1% Aug. 1 Holders of rec. July
Preferred (guar.)
244 Oct. 20 Holders of reo. Sept. 200
Common ((mar.)
of reo. June 300
Pennsylvania Salt Mfg. common (guar.) $1.25 July 15 Holders
214 Ja20'31 Holders of ree. Dec.31a
Common (guar.)
$2.50 Aug. 1 Holders of roe. July 15a
Philadelphia Insulated Wire
30e. July 20 Holders of roe. June ifila
Finn preferred (guar.)
1% Aug. 1 Holders of rm. July 21a
Phillips Jones Corp. pref.(guar.)
30e. Oct. 20 Holders of rm. Sept. 304
First preferred (guar.)
111400. July 25 *Holders of rec. July 15
Pittsburgh Forgings (guar.)
300. Ja20'31 Holders of reo. Dec. 310
Feet preferred (guar.).
of rec. June 24a
35c. July 15 Holders
Pittsburgh Screw & Bolt, corn.(qu.).. _
500. July 15 Holders of rec. July 1
U.S. Radiator common (guar.)
134 Sept. 1 Holders of rec. Aug. 9
pref.(guar.)
Pittsburgh Steel
1% July 15 Holders of rec. July 1
Preferred (guar.)
"Holders of rm. July 7
Pittsburgh Steel Foundry corn.(guar.)._ *25c. July 15
250. July 15 Holders of rec. July 36
U.S.Smelt. Refg.& Mln., corn.(guar.).
*25e. July 15 *Holders of rec. July 7
Common (extra)
87340 July 15 Holders of rec. July 30
Preferred (guar.)
"11.50 July 19 *Holders of rec. June 30
Plymouth Cordage (qua?.)
50e. July 15 Holders of roe. June 30
Universal Consolidated Oil (quer.)
19e. July 15 Holders of rec. June 30
750. Aug. 1 Holders of reo. July 180
Power & Rail Trusteed Shares
(guar.).-Universal Leaf Tobacco corn.
18340. July 15 Holders of rec. July 1
•15‘ Sept. 10 "Holders of reo Sept 1
Premier Shares, Inc.(No. 1)
Vapor Car Heating, prof (quar.)
July 15 Holders of rec. June 25a
2
_
•1fi Dec. 10 *Holders of reo. Dec /
Procter & Gamble Co., pref. (guar.)
Preferred ((mar.)
*51.40 July 15 *Holders of rec. June 30
Public Service Trust Sharer!




JULY 12 1P30.]
Name of Company.

FINANCIAL CHRONICLE
Per
When
Cent. Payable.

Books Cloud
Days Inclusive.

Miscellaneous (Concluded).
Vulcan Detinning, corn. & corn, A (on.)_
1
July 21 Holders of rec. July Sa
Common (quar.)
1
Oct. 20 Holders of rec. Oct. 4a
Preferred and preferred A (quar.)_
151 July 21 Holders of rec. July 50
Preferred (quar.)
151 Oct. 20 Holders of rec. Oct. 4a
Waltham Watch pref. (guar.)
Oct. 1 *Holders of rec. Sept. 20
Warchel Corp., cony. preferred
*624c Aug. 1 *Holders of rec. July 15
Warner Co., corn. (guar.)
500.July 15 Holders of rec. June 304
Common (extra)
25e. July 15 Holders
Wells
-Newton Nat. Corp.(quar.) (No.1) *50e. July 15 *Holders of rec. June 300
of rec. July 1
Western Grocers, Ltd., pref.(quar.)..
15( July 15 Holders of ree1.June 20
West Maryland Dairy Products
Prior preferred (quar.)
*8734e Sept. 1 *Holders of reo. Aug. 20
Western Tablet & Stationery, corn.(qu.) •50c. Aug. 1 *Holders
of rec. July 21
Westfield Manufacturing (quar.)
500. Aug. 15 Holders of rec. July 31
Westinghouse Air Brake (quar.)
500 July 31 Holders of roe. June 300
Westinghouse Electric & Mfg.
Common and preferred (quar.)
$1.25 July 31 Holders of rec. July 30a
Westmoreland, Inc.(quar.)
30c. Oct. 1 Holders
West Va. Pulp 4:Paper, pref.(quar.)_ •1% Aug. 15 *Holders of rec. Sept. 150
of rec. Aug. 5
Preferred (quar.)
*14 Nov. 15 *Holders of rec. Nov.
Whitman & Barnes, Inc
•25e. Aug. 1 *Holders of rec. July 15
Wleboldt Stores,Inc., corn.(quar.)
•40e. Aug.• 1 *Holders of rec.
Winsted Hosiery (quar.)
sy3.4 Aug. 1 *Holders of rec. July 15
July 15
Extra
*50c. Aug. 1 *Holders of rec. July 15
Quarterly
*24 Nov. 1 *Holders of rec. Oct. 15
Extra
*500. Nov. 1 *Holders of rec. Oct. 15
Wrigley(Wm.)Jr. Co.(monthly)
250. Aug. 1 Holders of rec. July 20
Monthly
50e. Sept. 1 Holders of rec. Aug. 20
Monthly
250. Oct. 1 Holders of ree. seat.2o
Monthly
25c. Nov. 1 Holders of rec. Oct. 20
Monthly
500. Dec. 1 Holders of rec. Nov. 20
•From unofficial sources. t The New York Stock Exchange
stock will not be quoted ea-dividend on this date and not until has ruled that
further notice.
t N. Y. Stock Exchange rules American Hawaiian Steamship will not be quoted
-dividend until July 16.
Os
$ The New York Curb Exchange Association has ruled that stock will
not be Quoted
-dividend on this date and not until further notice.
ex
a Transfer books not closed for this dividend
b American Founders common dividend Is 140th share of common stock.
COITOCUOD. 6 Payable in stock.
f Payable In common etook. g Payable In scrip. h On account of
accumulated
dividends. J Payable In preferred stock.
Knott Corp.dividend payable either In cash or 1-50th share stock.
.1 Empire Public Service Co. dividend payable either 45e. cash
or, at option of
bolder. 1-40th share class A common stock.
k Union Natural Gas dividend payable in cash, or, at option of
holder. 1-50th
Share of stock.
• Associated Standard 011stocks dividend Is 3.90117.
fn Amer. Cities Power & Light dividends are payable as follows:
On class A stock
1-32d share class B stock, or 750. cash. Stockholder roust notify
company on or
before July 15 of his election to take cash: on class B stock
214% In class B stock.
n Frigorlfico Nacional dividend payable in U. S. Currency
on the basis of $3.65
to the £ sterling.

233

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending July 3:

•13.6

p Associated 011.9 & Elec. Co. dividend will be paid in class
1-40th share of class A stock unless holder notifies company onA stock at rate of
or before July 15
of his desire to take cash.
vs Pacific Public Service dividend will be applied to the purchase of
additional corn.
A stock or scrip at 513 per share unless stockholders notify company
to the contrary on or before July 15.
o Maxweld Corp. common dividend payable either In cash or 2%
on stock.
rie Less deduction for expenses of depositary.
y Lone Star Gas dividend Is one share for each seven held.
a Electric Shareholdings Corp. $6 pref. dividend Is 1-20th share
common stock
tmless company is notified by Aug. 15 of the stockholder's desire
to take cash. $1.50.
bb Thomson-Houston Co. dividend is 22.49 francs less deduction
for expenses
of depositary.
ee Interallied Investing Corp. dividend is at rate of 700. Per
annum from date
Of issue.
If Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-32d share
Common stock unless holders notify corporation on or before July 15
of their desire
to take cash-75e. Per share.

Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
JULY 5 1930.
Clearing House
Members.

.Capital.

*Surplus and Net Demand
Undivided
Deposits
Profits.
Average.

$
$
$
Bank of NY & Trust Co
6,000,000
14,512,400
65.019,000
Bank of Manhattan Tr Co
22,250,000
43,707,300
214,783,000
Bank of Amer Nat Assn
36,775,300
41,293,100
170,051,000
National City Bank__ __ 110,000,000 130,559.400
a1,037,646,000
Chem Bank & Trust Co15,000,000
22,348,600
215,998,000
Guaranty Trust Co
90,000,000 205,035,100 5885,548.000
Chat Phen N B & Tr Co
16,200,000
19,492,800
169,924,000
Cent Hanover Bk&Tr Co
21,000,000
84,128,000
367,824,000
Corn Exch Bank Tr Co12,100,000
23.115,300
171,505,000
First National Bank
10,000,000 105,614,300
249,098,000
Irving Trust Co
50,000,000
84,197,900
378,876,000
Continental Bk & Tr Co
6,000,000
11,345,700
10,398,000
Chase National Bank.-- e148,000,000 e208,723,500 c1,292.267,00
0
Fifth Avenue Bank
500,000
3,793,600
25,312,000
Bankers Trust Co
25,000,000
84,295.800 d450,524,000
Title Guar & Trust Co
10.000,000
24,671,900
37,765,000
Fidelity Trust Co
110,000,000 111,400,000
46,839,000
Lawyers Trust Co
3,000,000
4,694,300
21,120,000
New York Trust Co
12,500,000
34,851,100
172,054,000
Comm'l Nat Bk & Tr Co
7,000,000
9,105,300
48,663,000
Harriman N Bk & Ti Co
2,000,000
2,395,700
31,336,000
Clearing Non-Members
City Bk Farmers 'Fr Co_
Meehan Tr Co. Bayonne
Totals

10,000,000
500,000

13,014,600
893,900

Time
Deposits
Average.
$
13,122,090
44,643,000
63,373,000
224,611,000
39.755,000
124,732,000
42,279,000
62,439,000
33,403,000
15,822,000
52,869,000
222,000
208,367,000
1,320,000
71,183,000
1.776,000
6,276,000
2,411,000
37,199,000
8,382,000
7,658,000

5,483,000
3,784,000

92,000
5,479,000
623 826 300 1.183.189.600 6.071 817 non 1 057 Al q (5nn

Includes deposits in foreign branches: a) 5313,138,000.(5) $159,707
000,(c) $121,355.000, (‘) 367,892,000.
As per official reports: National. Mar. 27 1930; State. Mar. 27 1930;
trust companies. Mar. 27 1930. 0 As of June 2 1930. fAa of June 27. 1930.




INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, JULY 3 1930.
NATIONAL AND STATE BANKS
-Average Figures.
Loans
Disc. and
Invest.

Othereash Res. Dep., Dep. Other
Including N. Y. and Banks and
Gross
Gold. Bk.Notes. Elsewhere, Trust Cat. Deposits.

Manhattan$
Bank of U.8_ __ 213,707,000
Bryant Park Bk. 2,612,600
Grace National__ 20,939,137
Port Morris
3,143,400
Public National_ 151,580,000
Brooklyn
Brooklyn Nat'l
10,044,900
Peoples National 7,200,000

$
$
$
$
5
17,000 4,795,000 30,251,000 1,544,000 207,682,000
29,500
85,200
386,400
2,091,500
3,000
67,638 1,835,670 2,120,483 19,641,758
15,900
62,000
223,100
2,793,900
29,000 1,666,000 8,899,000 37,258,000 169,797,000
20,100
5,000

109.200
115,000

600,400
517,000

509,200
123,000

6,952,700
7.200,000

TRUST COMPANIES
-Average Figures.
Loans,
Disc. atut
Invest.
ManhattanAmerican
Bk. of Europe & Tr_
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United states
Brooklyn
Brooklyn
Kings County
Bayonne, N.J.
Mechanics

Cash.

Res. Dep. Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.,

Gross
papa1
-.

$
$
$
$
$
53,568,000 12,541,400
801,500
20,900 55,880,000
15,872,500
783,600
68,600
14,606.500
23,900,232
674,320 2,104,955
24,189,258
20,851,000 1,190,000 2,583,000
__ ___ 20,010,000
76.126,200 *4,545,500 7,464,900 3,075:600 75,543,600
18,166,834
137,685 1,437,880
123,723 17,959,297
18,826,800 4,2,185,200
430.500
16,208,800
376,464,000 3,244,000 53,047,000 3,541,000 358,455,000
7,209,275 3,800,000 11,022,750
63,137,221
128,767,000
28,998,709
9,054,700

2,267,000 27,565,000
2,334,431 3,255,209
228,212

136,050,000
27.893,001

1,418,070

356,064

9,806.173

* Includes amount with Federal Reserve Bank as follows: Empire, 83,106.000:
Fulton, 52,076.500.

Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
July 9
1930.

Changesfrom
PreviouslVeek.

July 2
1930.

June 25
1930.

9

9
$
$
Capital
95,825,000 Unchanged
95,825.000
95,825,000
Surplus and profits
102,901,000
+470,000 102,431,000 102,431,000
Loans, cllsc'ts & invest'ts. 1,095,192,000 +12,148,000 1,083.044,000 1,077.778,000
Individual deposits
651,352,000 -11,669,000 663,021.000 651,336,000
Due to banks
171.196,000
+9,548,000 161.648,000 150,685,000
Time deposits
281,259,000
+3,139,000 278,120,000 277,627,000
United States deposits
13,983,000 -2,810,000
16,793,000
17,197,000
Exchanges for Clg. House
25,156,000 -13,695,000
38,851,000
31,558,00C
Due from other bauks
89,442,000
+397,000
89,045,000
86,212,000
Reeve in legal depoeitles
84,362,000
+966,000
83,396.000
81,400,000
Cash In bank
7,227,000
-6,000
7,233,000
7.295.000
Reeve in excess in F.R.Bk
1,881,000
-176,000
2.057.000
855.000

Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending July 5, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Two MUT (00)
,
omitted.

Week Ended July 5 1930.
Members of
Trust
F.R.System Companies.

Capital
60,071,0
Surplus and profits
216,496,0
Loans,(Wets. & invest. 1,111,821,0
Exch. for Clear. House
49,897,0
Due from banks
122,366,0
Bank deposits
178.230,0
Individual deposits_ 654,880,0
Time deposits
260,972,0
Total deposits
1,094,082,0
Res. with legal depos_
76,524,0
Res. with F. R. Bank_
Cash In vault*
9,080,0
Total res. & cash held_
85,604,0
Reserve required
Excess reserve and cash
In vault

June 28
1930.
Total.

June 21
1930.

$
8,800,0
67,970.0
68,871,0
67,970,0
20,833,0 237,329,0 236,999.0 236.999,0
92,744,0 1,204,565,0 1,191,066,0 1,187,321,0
507,0
38,290.0
38.919.0
50,404,0
122,0 122,488,0 112,448,0 113,320,0
5,410,0 183,640,0 162,434,0 164,048,0
38,244,0 693,124,0 674.951,0 875,979.0
30,200,0 291,172,0 277,458.0 275,510,0
73,854,0 1,167.936,0 1,114,843,0 1,115,537,0
72,954,0
75.773,0
76,524,0
4,456,0
8,539,0
4,445.0
8,539,0
11,438,0
2,175,0
11.431,0
11,255,0
88,848.0
10714.0
91.649,0
96 318,0

•Cash in vault not counted as reserve for Federal Reserve members.

_

[VOL. 131.

FINANCIAL CHRONICLE

234

Weekly Return of the Federal Reserve Board.

The following is the return issued by the Federal Reserve Board Thursday afternoon, July 10, and showing the condition
In the first table we present the results for the System
of the twelve Reserve banks at the close of business on Wednesday.
week last year.
and with
as a whole in comparison with the figures for the seven preceding weeks of the those of the correspondingReserve Agents'
twelve banks. The Federal
The second table shows the resources and liabilities separately for each
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 199, 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 9 1939.
June 25 1930. June 181930. June 111930.June 4 1930. May 28 1930. May 21 1930. July 10 1929.

July 9 1930. Jul 3 1931

$
$
$
$
$
$
/1
$
S
RESOURCES.
1,597,514,000 1,568,000,014 1,600,214,000 1,599.114,000 1,626,214,000 1,603,714.000 1,596,714,000 1,621.714.000 1,439 493,000
Gold with Federal Reserve agents
82,335,000
39.483,000
37.857,000
37.001,000
37,338.000
38,812,000
37,856,000
36,675,000
36,675.000
Gold redemption fund with U.S. Tress_
Gold held exclusively agst.F.R.notes 1,634.189,000 1,604.889,000 1,637,026,000 1,636,115,000 1,663,550,000 1,641,570,000 1,634,571,000 1,661,197,000 1,521,827,000
Gold settlement fund with F.R.Board- 569,123,000 610,593,000 601,691.000 609,250,000 598,097,000 823,375,000 635,513.000 614.457,000 600,666,000
Gold and gold certificates held by banks- 814,819,000 778,127,000 820,457.000 821,837,000 817,849,000 795,634,000 787,226.000 800,802,000 779,324,000
3.018,131.000 2,993,409,000 3,059.174,000 3,067,202,000 3,079,496,000 3.060,579,000 3.057,310.000 3,076,456.000 2,901,817,000
159,835.000 157.835.000 172.637,000 186,709,000 164,708,000 164,710,000 163.510.000 171,595,000 160,222,000

Total gold reserves
Reserves other than gold

3,177,766,000 3,151,244,000 3,231,811,000 3,233,911,000 3,244,204,0003,225,289,090 3,220,829,000 3,248,051,000 3,062,039,000
Total reserves
71,099,009
69,096,000
67.210,0120
66,344,000
64,338,000
67.339,000
55,002,000
66,396,000
67,962,000
Non-reserve cash
Bills discounted:
84,887,000
76.379.000 650,390,090
66,925,000
91,297.000 101,743.000
69,862.000
90,952,000 105,234,000
U.S. Govt. Obligations.-Secured by
145,363,000 155.179,000 148,618,000 139,889,000 140,622.000 148,431.000 145.303.000 123.620.000 502,651,009
Other bills discounted
206.794,000 210,484,000
132.776,000 148,172.000

239,728,000
189,240.000

247,046,000
175.560.000

209,999,000 1,153,041,000
65,976,000
186.884.000

47,531,000 55,911.000
236,519,000 219,436,000
311.903,000 301,623,000

57.141.000
251,416,000
289,091.000

52,001.000
259,106.000
267.600.000

50,050.000
232.774,000
261.010,000

46.936,000
237,966.000
244,883.000

41.776.000
194,687,000
291.867,000

42,668.000
82,816,000
10,660,000

595.953,000
7,301.000

576,970,000
5,250,000

597,648,000
5,350.000

578,707,000
5,850.000

543,834,000
5,850,000

529,770.000
6,400,000

521.320.000
6,400.000

136,144,900
10,665,000

983,141,000 1,021,152,000

916,038.000

942,568,000

943.213,000

978,652,000

958,776,000

931,603.000 1,365,826.009

706,000
663,567.000
19,950,000
59,561,000
12,083,000

709.000
570,390,000
.773 0
22
. 00
59.552,000
11,331,000

710,000
710,000
718,184,000 603.863.000
19,694,000
19.666.000
59.552,000
59,499,000
10.999,000
13,655,000

709,000
609,194,000
22,064,000
58,671,000
12,495,000

709.000
584,915,000
19,054,000
58.671.000
12,194.000

710,000
610.0.90,000
20,958,000
68.646.000
12,204,000

Total bills discounted
Bills bought in open market
U.6. Government securities:
Bonds
Treaeury notes
Certificates and bills

236,315,000
148,945,000

260,413,000
157,485.000

46,708,000
233,534,000
310,338.000

Total U.S. Government Seeuritiesi-.Other securities (see sate)
Foreign loans on gold

590,580,000
7,301,000

Total bills and securities (See note)
Gold held abroad
Due from foreign banks(see note)
Uneollected items
Federal Reserve notes of other bank0_ Bank premises
All other resources

704,000
596,535,000
20,017,000
59,561.000
12,257,000

231,505.000
102.313,000

729,000
693,749,009
22,702,000
58,614,000
7,710,000

Total resources
LIABILITIES.
T.R.notes in actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see sate)
Other deposits

4,917,943,000 4.983,265,000 4,879,943,000 5,049.928,000 4.951,202.000 4.973,470.000 4.902,359.000 4,951,348,000 5,282,468,000

Total deposits
Deferred availability Items
Capital veld in
Surplus
All other liabilities

2,481,113,000 2,473,805,000 2.459,384,000 2,464,630,000 2,483,197.000 2.464,519.000 2,420,849.000 2,438,911,00012,359,711.000
568,542,000 615.924.009 551,024,000 700.030.000 573,912.000 584.850,000 548.376,000 588.896.000 649,848,000
169,554.000 169,626,000 169.736,000 169.692.000 170.555,000 170,572.000 170,515,000 174.240.000 158,797,000
276,936,000 276,936,000 276,936,000 276,936.000 276,938.000 276.936,000 276,936.000 276.936.000 254,398,000
26,710,000
19,374,000
19.702.000
19.803,000
19,994.000
19,816,000
19,276.000
14.722,000
15,198,000

1,406,600,000 1,432,252.000 1,402,869,000 1,419,266,000 1,446,999,000 1,457,317.000 1,485.867,000 1,452,663,000 1,833,004,009
2,417,306.000 2.406,376,000 2,386.435,000 2,408.364.000 2,408.796.000 2,411.730.000 2,346,798,000 2,374.166,000 2,302,874,000
27,555,000
37,088.000
30,090,000
28 412.000
45,669.000
49.771,000
27,246,000
24,899,000
30,105,000
5,567,000
5,858,000
5,497,000
5,788,000
7,172,000
5,387.000
5,489.000
6,457.000
5,666,000
23,715,000
22,160.000
18,523.000
20,882.000
21,422,000
18,893,000
20,054.000
36,063.000
28,036,000

4,917,943,000 4,983,265,000 4,879,943,000 5,049,928,000 4,951,202,000 4,973,470,000 4.902.359,000 4,951,348,000 5,282,468,000
Total liabilities
Ratio of gold reserves to deposits and
69.3%
78.7%
78.9%
79.2%
79.0%
78.6%
78.0%
77.6%
78.7%
F. R. note liabilities combined
Ratio of total reserves to deposits and
83.5%
73,0%
83.0%
83.3%
83.7%
82.9%
82.2%
80.7%
81.7%
combined
F. R. note liabilities
Contingent liability on bills purchased
477,930,000 481,269,000 463,642,000 467.643,000 459,520.000 464,439,000 461.853.000 461.131.000 440,592,000
foreign correspondents
for
---_..
$
$
6
$
$
$
$
$
S
Distribution by Maiurities
35,293,000
73,105,000
79,187.000 116.554.000 103,869.000 103.146,000
49.607.000
92,917,000
90.897,000
bills bought in open market
1-15 day
137.809,000 159,844,000 135,408,000 118,012,000 116,491.000 143,410,000 152,044,000 120,809,000 928,035,000
1-15 days bills discounted
1,520,000
28,091,000
2,500,000
32.139,000
31,188,000
29,757,000
1-15 days U. S. certif, of indebtedness1-15 days municipal warrants
36,754.000
29,089.000
13,026,000
31,024,000
24,092.000
30,334.000
37,021.000
31,189,000
31,137,000
16 30 days bills bought In open market.19,815.000
20,736,000
52,149,000
19,476,000
19,001.000
23,492.000
23,723.000
19.839,000
20,196,000
16-30 days bills discounted
47,188.000
13,474,000
44,488.000
40,000
42,488,000
16-30 days U. S. certif. of indebtedness.
16-30 days municipal warrants
37.118.000
32,573.000
11,316,000
23,077.000
22,147,000
33.890,000
23,434.000
28,692,000
21,029,000
31-60 days bills bought In open market.
31,074.000 79,936,000
33,329,000
30,110,000
30,583,000
27,680,000
29,228.000
32,429,000
32,150.000
31 60 drys bills discounted
48,350.000
40,000,000
55,221,000
44,500,000
44,500,000
43,145,000
43,080,000
days U. S. certif. of Indebtedness..
31-60
51,000
51.000
31-60 days municipal warrants
9,212.000
9,177,000
5,685,009
4,399,000
7,126,000
5,151.060
7,283.000
3,912,000
3,715,000
61-90 days bills bought in open market17,202.000
18,431,000
63,919.000
22,050,000
19,962,000
18,780.000
18,122.000
24.102.000
26,328,000
days bills discounted
61 90
8,235,000
52.363.000
63,213,000
60,689,000
80,689.000
0
119,692,000 109,697. 00 153,863,000
61 90 days U. S. certif. of indebtedness- 119,657,000
300,000
61 90 days municipal warrants
654.000
872.000
1,336,000
1,247,000
1,349,000
657,000
1,138.000
745,000
2,167,000
bilis bought in open market
Over 90 days
22.301,000
24.481,000
21,099.000
22,506.000
23,321.000
22,920,000
29,002,000
24,199,000
19,832,000
Over 90 days bills discounted
88,240,000 138,232,000 129,730,000 128,181.000 143.956.000
94,217,000
905,000
Over 90 days certif. of indebtedness.-- 117,844.000 117.878,000
Over 90 days municipal warrants
3,054.437.000 3,831,317,000
1,260,620,000 1,471,785,000

F.R.notes received from Comptroller_
F.R.notes held by F.It. Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible Paper

1,750,561,000 1.744,879,000 1.749.568.000 1.766.103.000 1,788,611.000 1.779,033,000 1,786,040,000 1.793,817.000 2,359,532,009
402,908,000 402,908,000 403.108,000 403,108.000 402,508.000 402,008.000 402,008,000 402.008.000 356,395,006
98,685,009
1,194,278,000 1,165,106,000 1,197,108.000 1,196,006,000 1,223.706,000 1,201,706.000 1.194,706,000 1,219.706.000 984,412,000
375,000,000 325,759,000 332,882,000 352,662.000 421,180,000 412.148.000 386,821,000 1,170,445,000
346,764,000
-

n er
.
e nm. nnn r nqr .rnn p.m,
„ ,
.. . .
.
.
.2.00S,535,0002,609,937,
new items were added in order to show separately the amount of balances held abroad and amounts due
NOTE.
-Beginning with the statement of Oct. 7 1925, two
Previously made up of Foreign Intermediate Credit Bank debentures, was changed to
to foreign correspondents. In addition, the caption, -All other earning assets."
and securities." The latter item was adopted as a more accurate description of the total of
"Other securities." and the caption. "Total earning assets" to "Total bills
of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included
the discounts, acceptances and securities acquired under the provision
therein.
12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 9 1930.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE

0a

Two Ciphers (00) omitted.
Federal Reserve Bank of

,

Total.

.

,

„

Boston.

S
$
RESOURCES.
Gold with Federal Reserve Agents 1,597,514,0 164,917,0
36,675,0 1,020,0
red'n fund with U.S.Treas.
Gold
Gold held excLagst.F.R. notes 1,634,189,0 165,937,0
Gold settle't fund with F.R.Board 569,123,0 37,196,0
Gold and gold ctfa.held by banks_ 814,819,0 31,516,0
Total gold reserves
other than gold

RI:8MM

3,018,131.0 234,651,0
159,635,0 11,462,0

3,177,766,0 246,113,0
Total reserves
67,962,0 5,039,0
Non-reserve cash
Bills discounted:
90,952,0 6,204,0
See. by U. S. Govt. obligations
145,363,0 9,243,0
Other bills discounted

Phila. Cleveland. Richmond Atlanta. Chicago. SI Louis. Minneap Kan.City. Dallas, San Fran.
$
$
$
$
$
S
$
$
$
$
$
190,550.0 65,000,0 109,500,0219,000,0 67,045,0 49,345,0 75,000,0 28,800,0 229,783,0
258,594,0,140,000.0
894,0 1,671,0
2,078.0 1.499,0 1,799,0 1,513,0 1,785,0
889,0 8,261,0
14.852.0j 2,514,0

New York.

273,446,01 142,514,0 192,628,0 66,499,0 111,299,0 220,513,0 68,830,0 50.239,0 76,571,0 29,689,0 236,024,0
124,360,0 41,707,0 80,808,0 17,349,0 10,540,0 139,717,0 22,448,0 15,151,0 27,679,0 12,731,0 39,537,0
27,489,0
506,500,0 30,985,0 54,982,0 9,597,0 7,601,0 111,235,0 10,516.0 5,011,0 9,803,0 9,584.0 _
904,308,0 215,206,0 328,416,0 93,445,0 129,440.0 471,485,0 101,794,0 70,401,0 113,953,0 52,004,0 303,050,0
49,763,0 8,549,0 8,859,0 7,754,0 15,012,0 18,435,0 12,823,0 3,822,0 6,012.0 6,783,0 10,561,0
954,069,0 223,755,0 337,275.0 101,199,0 144.452.0489,900.0 114,617,0 74.023,0 119,965,0 58,787,0 313,611,0
18,828,0 3,651,0 3.644,0 4.189,0 5,737,0 9,201,0 4,767,0 2,084,0 1,914,0 3,930,0 4,978,0
29,964,0 12,007,0 19,368,0 2,780,0 1,307,0
17,290,0 13,631,0 10,597,0 16,809,0 27,633,0

47,254.0 25,838.0 29,965,0 19,589,0 28,940,0 16.758,0 16,556,0
54,712,0 1,987,0 10,207,0 6,384,0 8,475,0 17,706,0 5,996,0

Total bills discounted
Bills bought in open market
U.S. Government securities:
Bonds
Treasury notes
Certificates and bills

236,315,0 15,447,0
148,945,0 15,149,0
46,708,0" 1,758,0
233,534,0 15,668,0
310,338,0 26,834.0

1,244,0
3,391,0 1,428,0
74,711,0 20,454,0 26,806,0
116,522,0 28,322,0 27,292,0

Total C.S. Gov't securities

non nen n as 9000

las




9,589,0 3,713,0
9,187,0 12,843,0

R91

is no 9090

R.1 5420

1,467,0
5,933,0
8,194,0
15

004

556,0
3,495,0

1,904,0
9,274,0

977,0
9,572,0

2,583,0
5,809,0

4,051,0 11,178,0 10,549,0 8,392.0
6,369,0 4,695,0 4,368.0 12,897,0

749.0
803,0 5,211,0
682,0 8,505,0
200,0 21,292,0
6,445,0 21,637,0 14,106,0 9,388,0 11,214,0 8,920,0 18,246,0
4,723,0 34,703.0 7,734,0 10,715,0 16,860,0 10,739,0 17,700,0

is ii

MA

n

77 AR9

n

99 0420

en 214 n

90 71a

n

90

17041 so cone

JULY 12 1930.]

FINANCIAL CHRONICLE

RESOURCES (Coneluded)Two ciphers (00) omitted.

Total.
$
7,301,0

)ther securities
roreign loans on gold
Total bills and securities
Due from foreign banks
Incellected items
i'. R. notes of other banks
lank premises
)11 other resources

Boston.

New York.

$
1,000,0

Phila.

$
5,250,0

Cleveland. Richmond Atlanta. Chicago

$
1,000,0

$

$

$

235
St. Louis. Minneap. Kan.City. Dallas. San/Aran.

5

$

3

$

$

51,0

$

983,141,0 75,856.0
704,0
52,0
596,535,0 63,543,0
20,017,0
227,0
59,561,0 3,580,0
12,257,0
83,0

301,840,0 78,827,0 95,514,0 41,567,0 48,783,0 114,094,0 45,195.0
35,785.0 44.609,0 43,087,0 57,984.0
231,0
68,0
71,0
30.0
25,0
95,0
25.0
16,0
21.0
21,0
49,0
155,736,0 50,814,0 56,097,0 49,758,0 18,217,0 75,563,0 26,132,0
11,522,0 35,595,0 21.296,0 32,262.0
4,394,0
271,0 1,440,0 1,019,0 1,118,0 3,415,0
1,820,0
539,0 2,974.0
15,664,0 2,614,0 7,059,0 3,204,0 2,658,0 8,295,0 1,404,0 1,396,0
3,811,0 2,018.0 3,972.0 1,876,0 4,810,0
4,874,0
183,0 1,054,0
566,0 3,262,0
554.0
175,0
492,0
258,0
434.0
322.0
Total resources
4,917,943,0 394,493,0 1,455.636
,0 360,183.0 502.154,0 201,532,0 224.252.0 701,117,0 196,126,0 127,336,
LIABILITIES.
0 208,154,0 129,970.0 416.990,0
r. R. notes in actual circulation_ 1,406,600,0
145,590,0 164,709,0 125,366,0 193,333,
Deposits:
0 65,275,0 121.522,0 196,259,0 71.953,0 53,990,0 70,767,0 32,491,0
165,345.0
Member bank-reserve /Icel._ 2,417,306,0 149,253,
0 976,740,0 139,413,0 203,065,0 65,121,0
Government
62,661,0 367,823,0
30,105,0 2,254.0
4,378,0 3,719,0 1,429,0 4,49.5.0 3,877,0 1,907,0 76,255.0 50,059,0 89,265.0 60,158.0 177,499,0
Foreign bank
1,397,0
5,666,0
1,276,0 1,618,0
451,0
1,748,0 2,009,0
1,573,0
592,0
610.0
Other deposits
256,0
220,0
817,0
220,0
28,036,0
140,0
183,0
183,0
90,0
14,096.0
421.0
140,0 3,169,0
108,0
104,0
487,0
365,0
169,0
100,0
31,0 9,177,0
Total deposits
2,481,113,0 152,048,0 996,787,0
Deferred availability items
568.542,0 63,224,0 143,908,0 143,864,0 208,273,0 69,980,0 86,862,0 371,034,0 78,237,0 51,644,0 91,166,0 62,118,0 189,100,0
46,708,0 54,354,0 47,136,0
7spits! paid in
169,554,0 11,829,0
65,278,0 16,780.0 15,896,0 5,845,0 17,549,0 71,346.0 28,414,0 10,656,0 32,499,0 21.279,0 31,489,0
Surplus
5,359,0
276,936,0 21,751,0
80,001,0 26,965,0 29,141,0 12,496.0 10,857,0 20,190,0 5,276,0 3,066,0 4,343,0 4,350,0 11,343,0
SII other liabilities
40,094.0 10,877.0 7,143,0 9,162.0 8,935,0 19.514,0
15.198,0
51,0
4,953.0
500,0 1,157,0
800,0 2,103,0 2,194,0 1,369.0
837.0
218,0
797.0
219.0
Total liabilities
4,917,943,0 394,493,0 1,455,636,0
360,183,0 502,154,0 201,532,0 224,252,0 701.117,
Memoranda.
0 196,126,0 127,336,0 208,154,0 129,970,0 417.990,0
leserve ratio (per cent)
81.7
82.7
82.1
83.1
.iontingent liability on bills pur84.0
74.8
76.7
86.4
76.3
70.1
74.1
62.1
88.5
chased for foreign correspondla 477,930,0 35,547,0
155,603,0 46.596.0 48.037.0 20.176.0 '17.293.0
64.369.0 17.293.0 11.049.0 14.411.0 14,411.0 33.145.0
FEDERAL RESERVE NOTE STATEM
ENT.
Federal Reserve Agent at-

Total.

Boston.

New York.

Two Ciphers (00) omitted$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt. 1,750,561,0 175,295,
0
Held by Federal Reserve bank. 343,961,0 29,705,0
In actual circulation
1.406,600,0 145,590,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold certificates.... 402,908,0 35,300,0
Gold fund-F.It. Board
1,194,606,0 129.617,0
Eligible paper
346,764,0 30,517,0
Total collateral

1,944,278,0 195,434,0

Phila.

$

$

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap
. Kan.City. Dallas. Sets Fran.
$
$
$
$
$
$
$
3
245,704,0 150,614.0 222,873,0 85,098.0
80,995,0 25,248,0 29,540,0 19,823,0 146,431,0 227,439,0 85,533,0 58,809,0 82,255,0 40,347,0 230,163,0
24,909,0 31,180,0 13,580,0 4,819,0 11,488.0 8,856.0
64,818,0
164,709,0 125,368,0 193,333,0 65.275,0
121,522,0 196,259,0 71,953,0 53.990,0 70,767,0 32,491.0
165,345.0

3

229,968,0 39.900,0 15,550,0 5,000.0
8,945,0 11,845,0
28,626,0 100,100,0 175,000,0 60,000,0 7,100.0
66,748,0 25,974,0 39,642,0 25,555,0 102,400,0219,000,0 58,100.0 37,500,0 75,000,0
37,336,0 36,302,0 22,484,0 10,353,0 15,812,0
325,342.0 165.974.0 230.192.0 90.555.0
146.838.0 255.3020 89.529.0 59.898.0 90.812.0

14,300,0 35,000,0
14,500.0 194,763.0
14,869,0 21,172,0
43.669.0 250.935.0

Weekly Return for the Member
Banks of the Federal Reserve System.

Following is the weekly statement
and liabilities of the reporting member issued by the Federal Reserve Board, giving the principal items of the resources
banks
behind those for the Reserve banks themselves.from which weekly returns are obtained. These figures are always a week
ment of Dec. 14 1917, published in the "Chron Definitions of the different items in the statement were given in the stateicle" of Dec. 29 1917, page 2523. The commen
the figures for the latest week appears in our
department of "Current Events and Discussions," on t of the Reserve Board upon
ceding which we also give the figures of New
page
York and Chicago reporting member banks for a week 199, immediately preBeginning with the statement of Jan.
later.
9 1929, the loan figures

dorsement, and include all real estate
exclude "Acceptances of other banks and
endorsement were Included with loans, mortgages and mortgage loans held by the bank. Previously accepta bills of exchange or drafts sold with en
and
nces
no longer shown separately, only the total some of the banks included mortgages in investments. Loans secured of other banks and bills sold with
of
by U.S. Government obligations are
divided to show the amount secured by U. S. loans on securities being given. Furthermore, borrowing at
the Federal Reserve is not any more subobligations and those secured by
ing banks is now omitted: in its place the number
of cities included (then 101) commercial paper, only a lump total being given. The number of reportThe figures have also been revised to exclude
was for a time given, but beginning Oct. 9 1929
a
even this has been omitted.
merged with a non-member bank. The figures bank in the San Francisco district with loans and investm
ents of $135,000,000 on Jan. 2 which recently
are now given in round
millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILI
TIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERV
E DISTRICT AS AT CLOSE OF
BUSINESS JULY 2 1930 (In millions of
dollars).
Federal Reserve DistrictTotal.
Boston. New York Phila,
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap
. Kan.City. Dallas. San Fran,
$
$
$
Loans and investments
$
$
-total$
23,099
$
1,529
$
$
9,417
$
$
1,247
2.278
653
597
3,328
659
356
641
443
1,952
Loans
-total
16,979
1,160
6.987
921
1,553
473
462
2,597
506
231
420
330
1,337
On securities
8,442
525
4,116
479
All other
745
184
148
8,536
1,280
237
635
80
119
2,870
98
430
442
808
289
314
1.317
270
151
301
232
Investments-total
908
6,120
369
2,431
326
725
180
135
731
152
125
220
113
615
U.S. Government securities ---2,851
157
1,210
85
Other securities
340
83
62
3,269
318
212
35
72
1,221
94
66
331
241
385
97
72
413
117
52
126
47
Reserve with F. It. Bank
284
1,792
105
864
Cash in vault
83
141
40
39
230
260
44
15
23
56
70
33
104
14
28
11
10
35
6
5
10
7
Net demand deposits
19
13,740
914
6.298
Time deposits
740
1,136
343
316
7,315
1,913
369
510
217
480
1,988
278
Government deposits
317
735
985
249
244
1,304
193
229
15
128
192
70
151
1,016
17
18
15
15
10
3
1
2
Due from banks
11
15
1.583
58
208
Due to banks
86
139
79
83
3,401
297
145
70
78
176
1,213
94
214
199
303
111
98
532
133
86
215
Borrowings from F. R. Bank
93
273
84
4
18
5
16
8
11
6
3
1
2
2
10

3

3

Condition of the Feder

al Reserve Bank of New York.
The following shows the condition of
in comparison with the previous week and the Federal Reserve Bank of New York at the close of business July 9 1930,
the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury.

July 9 1930.
258,594,000
14,852,000

July 2 1930. July 10
1929.
.5
258,594,000 165,729,000
14,852,000
21,882,000

Goldheld exclusively agst. F.It. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank

263,446,000
124,360.000
506,500,000

273,446,000
175,568,000
482,342,000

187,611,030
115,061,030
503,831,000

Total gold reserves
Reserves other than gold

904,306,000
49,763,000

931.356.000
48,824,000

Total reserves
Non-reserve cash
Bills discounted
Secured by 11.8. Govt. obligations-Other bills discounted

806,503,000
70,965,000

054,069.000
18,828,000

980,180.000
12,035,000

877,468,000
22,233,000

29.964,000
17,290,000

29,362.000
19,259,000

317,145,000
122.175,000

47,254.000
54,712,000

48,621,000
55.793,000

439,320,000
15,032,000

3,391.000
74,711,000
116,522.000

4.391.000
77.651,000
118.017,000

155,000
13,902,000
1,520,000

Total bills discounted
Bills bought in open market
U. 8. Uovernment securities
Bonds
Treasury notes
Certificates and bills
Total U.S. Government securities.Other securities (see note)
Foreign loans on gold

Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks
Bank premises
Ai other resources
Total resources

Ltdommts--

July 9 1930.
3
231,000
155,736,000
4,394,000
15,664,000
4,874,000

July 2 1930. July 10 1929.
$
$
232,000
192,858,000
6,302,000
15,664.000
4,737.000

221,000
191,501,000
7,000,000
16,087,000
953,000

1,455,636,000 1,521,741,000 1,588,227,000

Fedi Reserve notes In actual circulation_
Deposits-Member bank, reserve acct._
Government
Foreign bank (See Note)
Other deposits

164,709,000 172.870.000
076,740,000 1,010.281.000
4,378,000
2,742.000
1,573,000
2,374,000
14,096,000
18,361,000

315,649,000
945.710.000
3.664,000
1,658,000
11,215,000

Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities

096,787,000 1.033.758.000
143,908,000 165,023.000
65,278,000
65.300.000
80.001.000
80.001.000
4,953,000
4,789.000

962,247,000
174,764,000
57,830.000
71,282,000
6,455,000

Total liabilities
1,455,836,000 1,521,741,000 1,588,227,000
Ratio of total reserves to deposit and
Fedi Iterve note liabilities combined
82.1%
81.2%
68.7%
Total bills and securities (See Note)
Contingent liability on bills surchaved
301.840.000 309.733.000
472,741.000
fog foreign sorrespo
155.603,000 158.042.000 138.057,000
ndence
-Beginning with the statement of
NOTE.
Oct. 7 1925, two new items were
foreign correePondents• in addition, the caption "All
added in order to show separately the amount ot balances held shroud
and amounts due to
other
"Other securities," and the caution -Total earning assets" earning assets," previously made up of Fisieral intermediate Credit Bank
debentures, was changed to
to -Total bills and securities."
discount acceptances and securities acquired under the
The latter term MO adopted as a more accurate description of
provisions of Sections 13 and 14o1
the Federal Reserve Act, which,it was stated, are the only items the total of th<
included therein




194.624,000
5,250,000

200.069.000
5,250.000

15,577,000
2,815,000

[VOL. 131.

FINANCIAL CHRONICLE

236

miters'

azette.

Wall Street, Friday Night, July 11 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 224.
e this
The following are sales made at the Stock Exchang the
list on
week of shares not represented in our detailed
pages which follow:
STOCKS
Week Ended July 11.
Par.
RailroadsCanada Southern _ _100
Canadian Par new._ _25
Central RR of N .11 _1130
Chesapeake & Ohio rts_
C C C & St Louis pf _100
100
Cuba RR pref
Duluth SS Je Atl_ _ _100
111 Cent leased line _100
M St P&SSM pref 100
New On Tex dr Mez 100
NY State Rye pref _100
Pitts Ft W& Chic p1100
Sou Ry M & 0 ctfs_100
Wheeling & L Erie_ A00

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest. IhiIgl1est.

sake.
Shares. $ per share. $ per share. $ per share.;$ per June
Mar, 60
40 56 July 10 .56 July 10 56
May
41,000 46 July 7 4731 July 9, 4531 Junel 5231 Feb
July 10250 July 11l23031 June 315
150241
2131 July
35,900 183-1 July 8 2131 July 10 1731 Jun 10631 July
Jan
10110631 July 7 106% July 7O 98
Mar
301 70 July 9 70 July gii 5734 Mar 70
Jan
July 3
1
July 11 1 July 11
100 1
8 77% July 811 7131 Jan 80% June
10 7734 July
4001 44% July 11 45 July 10 44% July 5531 Mar
Apr
601116J
1 1 120% July 10 116 JunT 29
Feb
40 1% July 7 1% July 7 1% June 334 July
Jan 57
10 158 July 9 156 July 9 51
June 135% Mar
600 89 July 8 8934 July 7 87
Jan
July 110
100 100 July 9 100 July 9 100

New York City Banks and Trust Companies.
(All plc, dollars per share.)
Trust Companies.
New York (Coed.)- Par
Bank of N Y & Trust_100
10
Bankers
20
Bronx Co Trust
Cent Hanover Bk & Tr__ .20
Chelsea Bank & Trust _.25
Chemical Bank & Trust_ .10
10
Continental Ilk Jr Tr
Corn Exch Bk Jr Trust__ 20
100
County
20
Empire
100
Fulton
100
Guaranty
100
Hibernia
20
International
Internet Mad Bk Jr'17_25
10
Irving
A00
Lawyers
20
Manhattan
25
Manufacturers
Mutual (Westchesten_ _100
25
N Y Trust
100
Pacific
IOU
Plaza
100
Times Sullaro
20
Title Guar di Trust
100
United States
100
Westchester

Banks.
Par /Ad Ask
New York25 98 102
America
100 90 100
American Union.
Broadway Nat Bk di Tr_100 102 107
46
20 39
Bryant Park.
20 13712 139
Chase
Chat Phenix Nat Bk & Tr 20 104 107
Commercial Nat Bk Jr Tr 100 380 410
100 2800 3000
Fifth Avenue*
100 4800 4950
First
100 600
Grace
i20
Hardman Nat Bk dr Tr_100 1470 1100 150 170
Indu.strial
Lefoourt Nat Bk & Tr_ _ _ 100 90 100
100 93 105
Liberty Nut Bk & Tr
20 1401 14112
National City
98
100 88
Penn Exchange•
40
10
Port Morris*
25 ICU 107
Public Nat Bk di Tr
Seward Nat Bank Jr Tr..100 88 98
45
Sterling Nat Bk SC Tr__ _25 38
Straus Nat Bk & Tr_ _100 245 265
25 4212 44
United States'
100 135 150
Yorkville
200
100
Yorktown'
Brooklyn
50 95 109
Brooklyn
100 100 500
Peoples

Bid Ask
625 840
140 141
66
60
331 335
37
32
115
63
28
27
158 160
190 205
79
77
550 600
613 616
165 175
41
35
40
35
,
4812 49 4

09-

110
196
93
350 425
223 227
185 200
90 100
50
44
141 146
,
950 4100
1000

Brooklyn
Trust Companies.
100 690 720
Brooklyn
Par
New YorkIndus. and MIseell.
400 31% July 7 31% July 9 29% June 3431 June American
Globe Bank & Trust _ _100 180 200
100
A ddressograph Int'l*
Apr
July 72
100 2800 3000
•
210 230 Kings Co
1001 55 July 10 55 July ld 55
Allegheny Steel
Apr Amer Express
100 ISO 190
401 91 July 8 9134 July 10' 90 June104
banes Commerciale Ital_100 315 320 Mid wood
Alliance Realty
2130 231 July 8 2% July 8 23.4 Mayj 3% Mar
Amalgamated Leather •
Jan 26% Feb
I New stock. z Ex-dividend. n Es-stork
100 20 July 11 20 July II 20
100
• State banks.
Preferred
44% July 7 39 Jun 69% Apr
900 433-g July
American Chain
May
Jan 101
98% July 100 July 8 95
Am dr For Pr pref (6)_ _*
New York City Realty and Surety Companies.
July 8734 Jan
78% July 9 78
500 78 July
American Ice pref. _ 100
(Al) prie,e, rtu(lars per 101,e
41 July 10 3834 July 42% July
4,600 3834 July
Am Mach dr Fdy new
7 931 July 1434 July
Pall Ind Ash
Am Mach & Metals_ _ _• 2,200 1034 July 1 14 July 11 16
Par Bid I Ask
June 2734 Feb
2134 July
80 18 July
Am Teleg & Cable_ _100
98 ILawyers Tltle& Guar_ _ .100 255 255
20 95
24% July 7 2431 July 2834 Feb Bond & Mtge Guar
900 24% July
Art Metal Construct_10
64 ,Lawyers Westehest M&T100 190 250
29% July 7 2531 Jun 37 Slay Home Title Insurance _2J, 56
4,1001 2834 July
•
Atlas Storm
20 47
49 IWestchester Tltle Jr Tr. _ _ _ 135 165
Jan
2001 51 July 1 51 July 10 4934 Jun 7031 Apr Lawyers Mortgage
Beech-Nut Packing _ _ 20
Jun 5131
35 July 9 31
4001 33 34 July
Blaw-Knox Co
July
1931 July 11 1931 July 20
1001 1934 July 1
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Celanese Corp
Certain-Teed Products
/at.
2034 July 11 20 Jun 45% Mar
, 20 July
100
Jul.
let Preferred
Apr
Asked.
July 165
584.
June.
401150 July 8 150 July 8 150
.
Maturity.
100
Rate.
Big. Asked
Maturity.
Cit Investing
May
5001 5131 July 7 53 July 11 50 Jun 64% June
-Palm-Peet _ *
Colgate
Mar 100%
,
10 99 July 9 99 July 9 97
1930-32 334% 190 h3 100"ss
100
,
,
% 101 33 100 13 Sept 15
Sept. 15 1930.. _ .
Preferred
q% 1001,33 1001,n Mat. 16 1930-32 33.4% 1001ln 10Own
700 1331 July 8 1431 July 11 12% Jun 20% Apr Dec. 15 1930_
Colonial Beacon Oil_ _ _*
,
140 23 July 8 25 July 11 22% Jan 25% Apr JUne 15 1931_ 23.4% 100"n 1001,33 Dec. 15 1930-32 3%% 100 h3 10Own
Comm Cred pfd (7)_ _25
Feb 104% June
July 710134 July 9 99
Commonw & Sou pfd* 1,800 100%
Apr
10 105% July 10 10531 July 10 104% July 120
Cushman's Sons pf 8%•
Feb 102% Mar
10 10134 July 810131 July 8 97
Duplan Silk pref_ _10
34 July 1% Slay
United States Liberty Loan Bonds and Treasury
31 July 10
34 July 7
Du Pont de Kern lights_ 202,900
Jan
100 431 July 11 5 July 10 434 July 14
York Stock Exchange.
Elk Horn Coal pref_ _50
Apr Certificates on the New
2,500 31% July 8 34 July 11 2834 Jun 50
Fourth Nat Investors'
Feb Below we furnish a daily record of the transactions in Lib1 8031 July 7 8031 July 7 7831 June 86
Fuller Co 2nd pref_ ___•
July 10931 Apr erty Loan bonds and Treasury certificates on the New York
i
00
600 90 July 11 92% July 8 90
General Cable pref_100
Apr
170 116 July 7 117 July 10 112% Jan 118
General Cigar pref_1130
. The transactions in registered bonds are
400 3631 July 11 37 July 10 3434 Jun 4434 Feb Stock Exchange
.
Gen Italian
June given in a footnote at the end of the tabulation.
10,6
9231 July 7 9334 July 11 9231 Jun 96%
i
Edison__Gen Motors pref(5) vv-•
July 7 1134 34 Feb 11534 Slay
100 109% July 710931
Preferred (6)__ _100
9 11% Jun 19% Apr
Gen Realty & Utilities • 4,800 12% July 11 1331 Juyl 11 3
Apr Daily Record of U. S. Bond Prices, July 5. July 7. July 8. July 0. July10. Julyll.
100
100 85 July 11 85 July
Preferred
Mar
400 99 July 8 99% July 11 98 June1101
Gen Steel Castings pf_*
101'3,
,
---- 101 31 101
,
101 33
High
10 135% July 7135% July 7 123% Jan 135% July First Liberty Loan
,
1004,33 101 3,
Helme(G W) pref .J00
--__ 101
100wn
Jan
334% bonds of 1923-47._ Low60% July 8 63 July 8 60 Jun 85
1,3
,
100,133 101 33
Hercules Powder
-- 101
100=332
123% June
Close
Jan
(First 314)
100
30120% July 7 12031 July 7 117
27
100
51
Preferred
____
118
Total sales in 51,000 untts___
1,500 9% July 8 11 July 9 914 June 13 June
---Insuranshares certifs__*
------------June 19% Mar
Converted 4% bonds of High
July 11 11
Internet Carriers Ltd' 4,100 1234 July 7 1334 July 1
--May
Low
1932-47 (First 4s)
5031 July 62
---lot Comb Eng pref ctfs_ 2,000 53 July 8 6034 July 8 116
-----------.Apr
Close
Feb 127
50012134 July 812131
--Internet Nickel pi_ _100
------------May
Total sales in $1,000 units.._
July 47
July 9 34
,
,
,
lot Printing Ink ctfs_ _ 1,000 3534 July 9 3934 July 7
,
102 33 102,033 102 33 102 33 102 3s
Converted 431% bondsrigh
% July 134 June
%
34 July 8
9,3001
,
,
,
,
Internal Salt rights-- ,
102 u 102 n 102 n 102 n 102 n
of 1932-47 (First 4%s) Low,
,
Kansas City Pow & Lt
102'. 10210,, 102 33 102 33 102'33
Mar
Close
JanhllS
60 113 July 7 113 July 7 108
106
95
36
5
1st pref series B _ _ _ _•
6
Mar
Total sales in $1.000 units ___
500 834 July 7 831 July 7 734 Apr 9
Kresge Dept Stores_ __•
June
Second converted 431% High
July 1040834 Jun 115
1501110% July 10111
- -- Kresge (S 1) Co p1.100
------------Apr
bonds of 1932-47 (First Low69 July 8 7231 July 11 6631 June1 9731 May
• 7,6
--- Lehman Corp
------------Jan 142%
Second 431s)
IClose
1001141% July 10 141% July 10 138
Lig & Myers Co pf_ _100
Mar
Total sales in 81,000 units-- 601120% July 9 122 July 11 118% Ja 126
103133 103133 103
Loose-Wil Ills lot p1.100
102,033 103
May Fourth Liberty Loan
{111gh
1001 9631 July 8 96 34 July 8 9231 Jan 99
_.100
102",, 10230,1
Lorillard Co pref_
83 June
4h% bonds of 1933-38
Low- HOL1- 10227n 102.133 103
July 7 8031 M
10 8234 July 7 8231
102"ts
1031,, 103
Mackay Co's pref _ A00
Apr
Close DAY 102wn 103
(Fourth 431s)
July 87
83 July 7 83 July 7 83
508
114
325
164
McLellan Stores pref100
65
Mar
Total sales in 81,500 units-Feb 100
501 9534 July 10 9534 July 10 93
13
-_-_ 112,,
MacAnd & Forbes pf100
1122,33 112"33 112,033
IIIgh
8 43.4 June 1034 Mar
100 434 July 8 434 July
•
---- 112"33
Maracaibo Oil
112.25a, 11213n 1122,33
ow_
41,a, 1947-59
July 4834 Apr
surylL
9
,
---- 112 43
Marshall Field dr Co_* 1,9001 3534 July 7 36% July 11 3534 Jun 9231 Feb Trea
112,832 1122,32 112"32
Close
8031
11 85 July
401 84 34 July
70
Mengel Co pref _ _ _ _100
128
3
May
Total sales in $1,000 units__
900 25% July 9 2634 July 10 2331 Jan 2634 Feb
33
Metro Goldwyn Pic Pf27
____ 108. 108"33 108"33 108"13
{High
Jun 110
July 10 84
33
Mid St Prod 1st pf_.100 1,200)8734 July 7 89 July
____ 103,031 108"33 1081, 108"al
Low_
Jan 149% July
4s, 1944-1954
11142%
100114931 July 1114931
Nat Biscuit pref_ _100
___ 108,033 1082,33 1081,33 108"n
June
Close
700 54 July 10 5431 July 10 53 June 5531 July
•
29
25
1
Nat Steel
..._3
Total sales in $1,000 units
June 116
220 11431 July 7 116 July 8 113
--Nat Supply pref _ _ _100
,
107 3, 10601st 106",,106332
Apr
{High
Jun 54
39 July 9 3534
y
1
Nelsner Bros
---,
,
106631 106 n 1061032 105 33
Low_
331s, 1946-1956
Jun
1,100 18% July 10 1931 July 11 17% Jun 32 Apr
---N Y Investors
,
,
,
106 32 100 33 106,133 106 33
1431 Apr
Close
11 734
25
North Amer Aviation.' 10,800 7% July 8 934 July 7 36
26
III
12
Apr
Total sales in $1,000 units__
June 56
200 37 July 7 37 July
Oppen'm Collins & Co •
102
102
102
e(High102
r
2131 July 7 2234 July 10 19 Jun 3531 Apr
• 1,300
_10129.-.2
Park & TlIford
102
101",,102
June
Low_
334s, 1943-1947
• 15,6 I 19% July 8 2031 July 9 1831 Jun 2731 Apr
---101211n
Pet Corp of Amer
102
102
102
Close
200 7131 July 9 73 July 11 68% June 82
97
-Arrow Co 01_100
125
Pierce
3
12
Jan
Total sales in $1.1:100 units _ _
9 9631 July 9 9331 June 103
90 96 July
100
---Pitts Steel pref
--------101 0,, 101"33
Jan
{High
100 8 July 10 8 July 10 7 June 1574 Jan
---Pitts Terminal Coal_100
____ 101,033 101"33
____
334s, 1940-1943
Low_
100 9031 July 11 9031 July 11 9031 June 103
10
.
Postal Tel&Cable p1100
__ 101.10121
____
Mar
Close
July 9 30 June 40
10 3031 July 9 3074
7
1
Prod& Rerrs Corp pf 50
sales in Si Onn taw!,
June
Total
11 9194 Jun 9734
Pub Ser of NJ pf (5). _• 2,800 9431 July 7 95 July 7 333-4 Feb 3734 Jan
100 35 July 7 35 July
Rand Mines
Note.-Tho above table includes only sales of coupon
400 834 July 10 8% July 10 6 June 8% July
Roo Motor Car ctfs__10
Jan
411 5931 July 10 6034 July 8 5931 June 72
registered bonds were:
Revere Cop & Brass A •
Mar bonds. Transactions in
Apr 104
to 101
101
30 100 July 8 100 July 8 100
100
Preferred
1st 314s
2531 July 11 23 June 3431 Apr 50 4th 431s
1021.ts to 1031ss
• 2,300 24 July
Reynolds Metal
Mar 5534 Apr 22
11222 to 11222n
211 50 July 7 50 July 7 45
.
•
Scott Paper
5 Treasury 4%s
4234 Feb 4831 Apr
90 46 July 11 47 July 11
Shell Transp & Trad /2
III 1,000 9034 July 9 9234 July 7 8934 June 99% June
Skelly Oil Prof
Apr
June 49
11 29
Foreign Exchange.
Stand Oil of Kansas_25 1,400 32 July 8 3331 July 11 105
Jan
June 121
To-day's (Friday's) actual rates for sterling exchange were 4.8614(0
20107% July 1110731 July
So Porto Rico Sug pf100
l on
4.86 5-16 for checks and 4.8631 04.86 13-16 for cables. Commercia
Stand Gas dr Flee
/
600 96 34 July 1 9831 July 7 9631 July 100% June banks, sight, 4.8)31344.863-16; sixty days, 4.837 004.84; ninety days.
•
Preferred (6)
Juno
100 11031 July 8110% July 8 11034 May 113% June 4.82 15
-16. and documents for payment, 4A334@4.84. Cotton for payPreferred (7)
38 June 43%
Superheater Co (The)_• 1,400 40 July 7 42 July 10 25 Jun 28% July ment, 4.85 11-16. and grain for payment. 4.85 11-16. francs were 3.9314
500 2834 July 9 28% July 11
To-day's (Friday's) actual rates for Paris bankers'
Third Nat Invest _ _•
July 26% Slay
bankers' guilders were 40.1734 0.0
July 9 14 34 July 7 11
• 8,400 11
Co
Thermoid
Apr (3-33.937-16 for short. Amsterdam
400 24 July 11 25 July 10 20 June 39% Mar 40.2114 for short.
Thompson Products_ _•
high
June 18%
1,200 934 July 8 9% July 9 9
Exchange for Paris on London, 123.65; week's range, 123.71 francs
Thompson-StarrettJan 49% Mar
300 4131 July 8 41% July 8 40
•
and 123.64 francs low.
Preferred
9 2% Apr 6% Jan
811 6 July 9 6% July
The week's range for exchange rates follows:
Tobacco Div ctfs A__10
Cable,.
Checks.
500 6 July 9 6% July 10 334 Jan 63,4 Jan
Sterling ActualDividend ctfs B
July
4.86 13-10
4.8634
_
300 6 July 9 6% July 10 231 Jan 6%
week
Dividend ars. C
Feb High for theweek
43,4 July 11
4.86%
4.86 3-16
330 43-4 July 8 591 July 10
Low for the
United Dyewood _ _100
Paris Bankers' Francs
17n Piece DyeworksMar
3.937-4
Jan 114
3.n3 7-16
300 100 July 8 100 July 8 97
100
Preferred
Mar High for the week
3.93%
3.43
20 105 July 10 105 July 10 103% Jan 115
Low for the week
Leaf Tob pref.100
Linty
July 10531 May
360 100 July 11 103 July 8 100
Marks
Germany Bankers
Va El Jr Pow pf (6).100
July
23.8615
23,
853.4
360 10131 July 11 102 July 8 10131 July 102
High for the week
Preferred (6) new-,
July
23.8434
Jan 18
23.83
200 15 July 7 18 July 11 12
Va Ir Coal de Coke_ _1001
July Low for the week
July 50
20 50 July 10 50 July 10 50
Amsterdam Bankers' Guilders
Warren Bros cony pref.
40.2314
Apr 331 Apr High for the week
40.2214
100 2% July 8 234 July 8 2
Fargo & Co_ _ _$1
Wells
June
40.2014
40.1714
• 5,40C 697; July 8 7231 July 11 6731 Apr 73g
Low for the week
Wrigley Co




1001

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One

For sales during the /leek of
stocks not recorded heie, see preceding page.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
PER SHARE
Sales
PER AHARB
STOCKS
Range 2.11106 Jan. 1.
for
Range for Prestos,
Monday
NEW YORK STOCK
Tuesday
Wednesday Thursday
Friday
On basis of 100
-share lots
the
Year 1922.
July 7.
EXCHANGE.
July 8.
July 9. j July 10.
July 11.
Week.
Lowest.
Highest.
Lowest.
litchis,.
$ per share 5 Per share S per share $ per share
$ per share $ per share Shares
20712 2097 20412 21034 21112 21312
Railroads
8
Par
pr• share $ per shar, $ per share g per share
21814 220
12,100 Atch Topeka & Saute. Fe-100 194 June
*10512 106 *10512 105 4 *10512 10558 21214 222
3
25 24212 Mar 29 19518 Mar 2985 Aug
10512
8
300 Preferred
145 14514 145 145 *150 158 *150 10512 10514 10514
100 1025 Jan
8
99 May 104% Dee
15712 0149 154
500 Atlantic Coast Line RR_-.100 145 July 3 108 June 24
101 10314 10118 1024 10214 1033
7 17512 Mar 18 161 Nov 20912 July
4 102 106
104 106
8,500 Baltimore & Ohio
8012 8012 *8014 82
1
813 813 *8014 82
9814June 24 12238 Mar 31 10514 Nov 1451 Sept
,
8012 8012
300 Preferred
*68
70
70
100 7814 Feb 10 8412May 14
70
70
70
71
75 June 81 Dec
*70
72
400 Bangor & Aroostook
11212 11212 11212 11212 11212 1127 *11212 72
50 83 Jan 3 8412 Mar 29
8
55
113 011212 113
Oct 903* sent
80 Preferred
*79
89
79
100 109 Feb 28 116'4June 4 Y10314 Oct 115
79
83
83
85
85
85
Sept
85
500 Boston de Maine
*13
1318 *13
1318 13
100 79 June
13
13
85 Apr 145 July
13
*13
134
700 Brooklyn de Queens Tr_No par 10 Jan 24 112 Feb 8
*5712 6012 *5712 6012 *58
6012 *59
11 154May 22
7 Nov
6012 *59
15 Dec
601
6212 63
Preferred
63
64
No par 53 May 3 6612May 29
6212 63 *63
44 Nov 65 Sept.
64
6372 64
2,800 Bklyn-Nlanh Tran vi c_No par 581
*92
934 .92
94
*92
8June 18 78% Mar 18
94 .92
40 Oct 817 Feb
94
*92
,
94
Preferred v t c
1418 1414 1218 13
No pa
8
1338
844 Jan 6 94 May 29
55
8 77
7612 Nov 925 Feb
8
8
61s 73 20,600 Brunswick Term &
186 188
1853 18714 18714 188
8
RP Sec-100
558July 1
18612 18814 1863 1871
335* Apr 23
412 Oct 4418 Jan
4
4,700 Canadian Pacific
17558 17612 17412 175
100 18438Jun925 2263 Feb 10 185 Dec 2697
1753 18212 180 18712 18412
4
4
s Feb
1863 10,300 Chesapeake & Ohio
458 458 *4
100 171 June 25 24134 Mar 28 160 Nov 2795
43
*4
4 8 *4
3
414 *4
Sept
414
400 Chicago & Alton
*45
43
4 *45
8 43
10
*45
8 43
414 Jan 8 10 Apr 2
4 Nov
48 47
193 Feb
8
5
5
*____ 21 •____ 21 *---- 21 4
800 Preferred
10
412June 21 10 8 Apr 11
•____ 21 .____ 21
5
Ws Nov 25 Feb
5
*25
Chic & East Illinois ER...
35
*25
35
..l00 1414 Jan 7 28 Mar 26
•25
35
*30
15 Dec 43 Feb
35
*30
35
Preferred
9% 9
58
953 104 1018 103
100 33 June 27 527 Mar 26
8 1014 107
2
363k Dec 667 Feb
103 10% 7,200 Chicago Great Western.
8
4
4 3018 33
3013 318
10
33
812June 24 17% Mar 31
3512 3314 3612 355 37
7 Nov
237 let
9
8
6,700 Preferred
1418 143
8 13 8 14
5
14
100 27 June 24 52 21,tay 16
1412 15
3
17% Nov 63 8 Jan
163
8 1512 15% 3,900 Chicago Milw St Paul
5
225 2314 *23
8
2312 2314 23 4 2312 26
& Pat...
1212.June 25 263 Feb 7
3
8
16 Nov
447 Aug
25
2658 6.800 Preferred new
6918 694 633 6914 69
4
703
2012June 18 4614 Feb 10
4 704 73
2812 Nov
7253 7314 10,700 Chicago & North Western
6852 Sept
.120 140 *120 140 *120 140 i•125
_100 66 June 25 897 Feb 8
k
75 Nov 10812)Au3
140 *125 140
I Preferred
100 13014June 25 1403
4June 3 134 Apr 145 Fee
93
983
4 9318 9812 10014 104
10334 105 *10312 1041
2 2,800 Chicago Rock 1,1.8 Paciflo.100 95 June 25 12518 Feb
107 107
107 107 *10512 107 .10512
14 101 Nov 1431
500 7% preferred
*10014 101 *10014 100 4 1003 1003 10014 107 *106 107
3
4
100 105 June 16 1103 Mar 10 100 Nov 109 213n$:
4
10014 *100 101
s
Or'
200 6% preferred
*61
80
*61
80 .61
100 868 June 6 108 Feb 7
80
*61
947 Nov 10314 Nov
80
8
.61
4,75
SO
7712 *75
Colorado & Southern
7712 *77
100 65 Juno 18 95 Feb 13
7712 77
77
8614 Dec 135 July
.77
7712
100 First preferred
*63
63
*60
68
*60
100 68% Jan 3 80 June 19
68
*60
67
6512 Oct 80 Jan
60
GO
20 Second preferred
54
55
55 55
100 60 July 11 75 Apr 23
55
55
54
56 .55
84 Apr 7212 Mar
57
1,000 Consol RR of Cuba pref
*1513 156 *1513 160 *1534 160
4
4
100 49 ..1241 2 62 Apr 10
*157 166
45 Nov
Delaware & Hudson
11312 11412 1123 113
4
11412 11412 1153 117 *15712 166
100 146 June 25 181 Feb 8 14112 Oct 7058 Jan
4
226 July
116 116
1,800 Delaware Lack & Western. 100 llO'4Junel8
533 5414!5314 54 .52
4
55
*53
54
553 58
39141 383 40
4
600 Deny. & Rio Or West pref_100 45 June 27 153 Feb 8 12014 June 169% Sept
39
4
40
42181 4114 43
SO Mar 28
49
Oct 773 Feb
42
4
43
9,700 Erie
*
53
5612 *54
5612 .54
100 3518June 18 63 4 Feb 14
58
*54
3
41(2 Nov 9312 Sept,
53
*54
58
*49
First preferred
54
*50
54
*50
100 5312June 25 673 Feb a
54
*50
8
54
5512 Nov 6614 July
*50
54
Second preferred
78
80
7712 79
100 50 June 25 6212 Feb 19
774 773
4 773 7814 *7812 79
4
52 NOV
637 J111.
8
Stock
12.800 Great Northern preferred 100 715
761 77
7514 76
7512 7512 76
,Junc2S 102 Mar 29
76
8514 Nov 12814 Jul)
*301.2 33
*3012 32
100 67 June 25 9934
324 3213 32% 3314 •7512 7712 1.700 Fret certificates
8512 Nov 12214 July
328 32%
Exchange *88
600 Gulf Mobile & Northern...100 28I4June 25 4512 Feb 21
94
*89
94
.89
94
*89
Feb 17
91
IS Nov
*89
59 Feb
94
Preferred
*13
4 4
*112 4
100 90 June 21 9814 Mar 10
*13
4 4
*134 4
70 Nov 103 Jan
*118 4
Closed
Havana Electric) By..
.No pa
3 8May 10
7
---- *5
8% Jan 17
____ .50
612 ['cc 1112 Apr
------ Preferred
*551
*335
100 58 May 9 72 Jan 2
*335,*335
55 Feb 732 Dec
*335
Extra
Hocking Valley
*43
44
4318 44
44
100 950 Jon 25
4413,
453
4 4512 46
Oct
2,600 Hudson & Manhattan.....100 41 June 25 525 Mar 29 371) Nov 600
11512 1163 11512 11612 1163 117141 45
4
8
11618 11612 11512
351s May 583 Jan
5358 Mar 25
Holiday
e
11612 6,200 Illinois Central
*7018 75
*71
75
*7018 75
100 11314June 25i 1363 Apr 22 116 Nov
4
71
71
*71
1531 July
75
20 RR Sec Stock certificates__
70 Jan 21 77 May 13
24% 25
70 Nov 804 Feb
24% 25
2518 254 •25
26
26
28
2,800 Interboro Rapid Tran vi 0.100 203* Jan 3
*1518 21
*1518 21
*154 21
*1518
3912 Mar 18
15 Ort 581 Feb
*1318 21
lot Rya of Cent Amerks__10
677 6712 6618 6618 6618 6618 *6518 21.
2312June 23 3212 Jan 16
68
25 Nov 59
.6518 68
Jan,
60 Preferred
*583 63
4
*583 63
10
4
60 60
613* Jan 2 73 45111Y 7
603 6134, 61
4
3
5114 Dec 8014 Jai)
62
800 Kansas City Southern
*6014 6518 *6014 6518 *6012 654 •63
10
583
4.Tune 25 85% Mar 29
6(1
651 18 *63
6512
Oct 1037s July
Preferred
6212 6212 *62
64
100 e5 June 25 70 Apr 16
*6012 64
6414 6414 *6112 6514
63 Nov
71)12 Jan
"ioo Lehigh trailer
13614 13614 135 136
50 575
134 135
8June 25 84% Mar 31
134
65 Nov 10214 Feb
263 26% *253 26% 2512 25% 26 13412 133 13312 1,800 Louisville Sr Nashville
4
100 127 June 25
4
26
Oct 1548k Sept
2612 26,
1,000 Manila% Elm/ modified guar 100 24 June 28 13512 Apr 4 110
8
*1914 20
19
19
•19
201 *19
4012 Mar 18
2012 *19
24
Oct 5712 Jan
100 Market St Ry prior pref 100 17 Jan 16
*118 114 *118
114 *14 114
8
114 *118 2012
2512 Feb 13
1412 Nov
11
3912 Jan
Minneapolis & St. Louis..,.100
•16
25
*15
25
•15
1 June
25
2012 22
218 Apr 5
11 Nov
*2014 23
3 4 Jan
3
1,000 Minn St Paul de 86 Marie_100 20(2July 27
*5412 56% *5412 55
*5412 55
10 35 Feb 7
*5412 55
35 May 8112 Sept
*5412 55
Leased lines
34% 357
8 34
100 64 Jan 3 59 Feb 21
37% 36% 3714 3614 39
12
51 Dec 66
385 40 4 13,600 Mo-Kan-Texas RR_ - __NO
Jan
8
,
100 100
*993 100
4
8June 25 6658 Apr 14
100 101
Dar 327
10012 10012 10012 1001
2718 Nov 65 4 J1117
3
2 2,300 Preferred
59% 60
591a 60
100 9814June 23 10853 Mar 27
621 *6412 688
60
9147 Nov 10712 Ala
8
683 6853 1,100 Masseur)Pacific
8
1187 119
8
5 119
118
100 57 June 25 9812 Mar 6
119 1211 12012 121
46 Nov 1013,
*3212 753 .8212 854 *821
3 853 *823 8312 12314 12314 1,700 Preferred
4
100 1155
8June 26 14512mar 6 100 Nov 149 July
4
*823 831
Oct
4
Morris & Duck
•103 119
103 103
50 813 Jan
100 102
4
1013 1013 11314 1013
84
4
75 Oct 885 Jan
4.
18
8
490 Nash Chart & St Louis.....100 100 July 29 132 Apr 11
*4 I
7
8
4 1
7
8
*3
9
Mar 25 173 Nov 240 Ala
*3
4
1
*1
4 1
400 Nat Rys of Mexico 2d prat 100
15614 159% 1541 15714 158 160
34 Feb 25
15814 164
I.
114 Jan 11
35 Jae
1
Oct
16114 163
*102 10412 101 102
100 150 4June 25 19234 Feb 14. 1410 Nov
103 103
3
104 10412, 105 1057 23,100 Gew York Central 1,000 NY Chic & St Louis Co.
*106 108 *106 103 *10612 108
-100 94 June 25 144 Feb 10 110 Nov 25612 Aug
106 106 I 10,311 1061
192% Aug
200 Preferred
*195 202
195 195
100 105 July 3 1103
195 201
200 202 I 196 206
4May 141 100 May 110
230 N Y & Harlem
5 1783
4June 18 224 Feb II 155 Oct 379 Dec
99% 101
9914 10014 101 1021 102 1077
Jan
8 1051
8
*117 118
100 9714June 211 12S18Mrz 29
1167 117
8
1167 1167 1167 11814 117 2 1077 23,800 N It N H & Hartford
8
8
•:•073 JI*13 13212 003
118
2,200 Preferred
9% 10
*9
10
116 June 181 13512 Mar 21 4145 Jan 134% Aug
*9
97
10
11
3
115 1158 1.600 N Y Ontario & Western..
8
*112 2
2
2
100
812June 18 1714 Mar 31
*24 21
•218
214 .24 2 4
8 Nov
32 Feb
*1
700 N Y Railways pref---.NO Par
,
2
17
*1
*1
17
1123une 21
41 Jan 16
*1
178 *1
112 Dec
9% Feb
17
8
*12
N Y State Rys
15
12
12 '11
100
15
I June 4
*12
2% Feb 8
14
1
Oct 14% Mar
11
12
219 220
800 Norfolk Southern
213 218 *218 224
100 10 June 271 3112 Feb 14
224 230
1412 Dec
226 226
4812 Feb
*86
900 Norfolk & Western
881 .86
8812 *86
100 213%June 26 265 Feb a 191
881
85
86
Jan 290 Sept
•86
881
72
72
70 Preferred
*GS
693
100 83 Feb 3 8814May 29
4 7312 731
74
75
82 Nov 8714 51ay
74
75
3,300 Northern Pacific
683 69 8 69
4
,
69
100 663
693 701
4
4June 25 97 Feb 21
71
72
7518 Nov 118% July
71
723
.818 10
1,800 Certificates
814 814
.912 10
9
100 63I2June 25 9638 Feb 21
9
75 Nov 11458 July
814 8
7312 74
000 Pacific COILST
,
73% 733
4 744 75
100
7412 7512 7512 7574 18,700 Pennsylv
197 Apr 9
47 Dec 43 Feb
8
*1014 12
ania
*1014 12
1014 1014 *1014 12
50 697 j' h 25 865, Mar 31
7 8Ju ne
t
7212 Mar 110 Aug
1014 101
*131 137 *131 137 *130 134
200 Peoria dc bllatern
100 1014July 9 2412 Mar 31
*131 134 •131 134
17 Dec 35 July
*94
Pere Nlareuette
96% *94
963
100 13(1 June 18 164% Apr I() 140 'Nov
4 96% 97
9612 9612 97
260 Aug
*95 4 98
98
3
110 Prior preferred
*953 98
4
*953 98
100 94 4 Jan 31 101 May 17
4
3
*933 98
4
94 Zlov 101 Mar
*953 95
*81
91
Preferred
*
81
91
100 95 Jan 7 99 Apr 16
*81
91
*81
91
90 Nov 97
*81
Jan
91
FIttsburgh & West Va
104 105
103% 10412 *104 107
100 90 June 16 1213 Feb 11
1054 107
4
90 Nov 148%
107 107
*48
2,300 Reading
49
*48
50
*48
50 100 June 25 14112 Feb 6 10112 May 147% Jan
50
*43
50
*48
Sept
*48
50
First tneTerred
49
*43
51
*43
50 4412 Mar 11 53 Feb21
51
*48
49
4112 Apr 50 Sept
*48
49
*3814 50
Second preferred
*3314 50
50 47% Jan 4 57 Feb 6
*38
50
*3314 50
43 8May 603 Sept
5
*3314 50
8512 8612 86
4
Rutland RR eref
100 42 June 13 1370 Mar it
87
8914 90 4 91
3
923 *9112 923
497 Oct 7414 Sept
4
4 2,000 St Louis
*92
-San Francisco
93
93
100 8512July 7 1187 N1ar 27 101 NOV
93
93
94
4
9112 9412 *9314 95
1333 Air:
4
500 1s1 pref paid
100 92 Jan 2 101 Apr 2
59
59
87 Nov
•59
9612 Feb
62
60
6012 6012 61
605* 6118 1,300 St. LOU19 Southwestern
*SO
90
100 5218June 25 7634May 16
*80
90
*80
90
874 88
50 Nov
1534 Feb
*84
90
200 Preferred
6
618
100 85 May 7 90145lay 21
6
6
614 614
61
84 Oct 94
612
Apr
67
6% 1,900 Seaboard Air Line
•10
15
100
•10
6 June 17 1212 Feb 15
15
*10
15
9% Dec 213 Mar
15
.10
4
15
Preferred
114 11434 1123 11414 1147 11612 *10
100 16 June 21 28 Feb 7
4
8
11512 11712 1163 1173
1614 June 41% Oct,
4
4 4,9001Southern Paelfla Co
9118 9238 9118 92121 9218 93
100 108 Juno 25 127 Feb 10 10; Nov 157%
93
96
95
Sept
9512 6,400.SOUL hem Railway
90% 907
100 8918June 28 1381, Jan 13 109 Nov 16218 Sept
8 90% 91121 917 917
3
92
9212 *9212 9412
*110 130
800 Preferred
100 907
110
8July 7 101 Mar 20
93
112 112
*7% 812 *712 110 *111 130 *112 130
1,600.Texas & Pacific
100 110 June 26 140 Apr 24 115 June 190 Del
8
*713 5
*714
712
Nov 181 Mar
712 712
200 Third Avenue
1012 1012 103 103 *10
100
612June 18 1512 Mar 20
8
81
10,8 10
612 Nov 39 Feu
10
10
10
600 Twin City Rapid Transft 100 10 July 10 3112 Jan 29
*633 65
4
*633 65
4
*033 65
4
*633 65
2014 Dec 5814 460
4
*033 65
4
Preferred
206 20934 205 20834, 20912 212
100 6314June 20 79 Feb 3
75 Dec
212 21812 2173 219
Jan
4
9,100 Union Pacific
81
100 200 June 25 242 4:Mar 29 200 Nov 100
8418 8414 843
*843 8478
4
1
4 843 844
4
297 8 Aug
5
•847 86
8
700 Preferred
*
32
100 8214 Jan 17 81312 Mar 29
31
*30
34
323 3414 3314 35
80 Nov s512 Sept
4
35
358 9,800 Wabash
.70
100 30 June 27 67% Apr 1
75
*69
75
40 Nov 81% Jan
72
72
73
73
75
75
400 Preferred A
233 233
100 70 July 3 ggI4 Apr 8
4
4 2334 2458 24% 2518 2412 2
82 Nov 1047 Jan
a
558 24
2512 8,500 Western Maryland
*22
100 185
8June 18 36 Mar 29
30
*
22
30
*22
In Oct 54 eel)
30
*24
30
*24
Second preferred
30
100 19 June 25 38 Mar 28
*2014 22
*2014 22
14% Nov 5312 Pea
*2014 22
*2014 22
*2014 22
Western Pacific
100 17 June 19 30% Mar 29
*38, 393 *3814 39
4
4
40% 4014 41
15 Oct 417 Mar
8
41
404 41
1,100, Preferred
100 383
8June 25 53
12:Mar 19
3712 Nov 673 July
4
.;
!Industrial & Miscellaneous
2512 253 *2512 2614 *2512 26
4
2614 27
26
26
1.900 Abitibi Pow & Pap
No Par 22 Jan 18 42's Apr 9
*76
77
*
76
34% Dec 5718 Aug
77
*76
77
*75
77
*7412 77
i preferred
100 847 Jan 17 8612 Apr 8
2
69 Nov 8858 Jan.
• 1412 and asked prima; no sales
tuts day.
5 60% *took dividend paid.
s Ex-cUvidend.
p Ex-rights. a Ex-dividend & ex-tlgbia.
Saturday
July 5.




New York Stock Record-Continued-Page 2

238

recorded sere. see second page preceding
Fee sales during the week of stocks sot
PER SHARE
PER SHARE
Range for Previous
STOCKS
Range Pince Jan. 1.
Sales
-PER SHARE, NOT PER CENT
Year 1929.
HIGH AND LOW SALE PRICES
NEW YORK r3TOCE
for
On basis o.f 100 snare loll
EXCHANGE
the
Friday
litgheet.
Lowest.
Wednesday Thursday
Highest.
Lowest.
Monday 1 Tuesday
Saturday
Week.
July 11.
July 10.
July 9.
July 8.
July 7.
July 5.
Per share $ Per share $ per share
Par $ per share
Railroad* (eon.)
Shares
43 Dec 15912 ..an
21
$ per share $ Per share $ Per share
800 Abraham & Strauss____No par 42 June 25 ea Apr
3 per share $ per share' $ per share
4812 49
Oct
48
,
4 48
463
46
48
8
533 *43
100 104 Jan 11 110 Feb 11 100, Nov 11212 Nov
*41
Preferred
109 *108 109
20 Nov 84
8
No par 2178June 18 371 Mat 31
*108 109 ,•108 109 •103 109 .108 8 253
Adams Express
4
4
4 243 253 17,800
84 Nov 96 Jan
4
233 2513 243
2314 24
4 92 Mar 27
8
243
100 8514 Feb
24
270 Preferred
7
8812 8812 *8812 89
19 Nov 35 s Jan
90
8712 8712 *87
No par 23 Jan 23 82 Mar 31
8712 88
4 1,500 Adams Millis
1
/
8May
4
1
/ 274 273
27
4
273 .27
7 Oct 1047
2718 27
8 June 17 2314 Jan 24
100
2718 2718 26
300 Advance RumelY
4
1
/
4
1
/ 9
9
4
1
/ 10
*9
15 Oct 119 May
10
29
4
1
/ .9
9
4
1
/
9
8June 24 4114 Jan
10
100 157
10
4
1
/ 1,000 Preferred
475 Feb
2034 *1912 20
4
1
/ 20
Is Dec
20
•20
20
8
20
11 Mar 28
12 Jan 4
1
1912 20
1,200 Ahumada Lead
5
8
3
8
3
77 Nov 223sa Oct
23
4
3
4
3
4
1
/
4
1
/
No par 10314July 10 15638June 2
4
3
4
3
4
/
s
8 10314 11112 10814 1111 118,800 Air Reduction.Ine
181g Dec 487 May
Mar 24
8
10914 1157 10312 10818 10512 1087
1712 1814 2,300 Air-Way Else ApplianceNo par 16 June 23 36 Jan 9
18
18
1 Dec 1114 Jan
1
/
8
163 184 1714 19
212
1 June 18
No par
1612 17
Ajax Rubber. Inc
400
lla
118
114
114
1014 Jan
414 Nov
114
114
114
118 *118
412June 18
91s Jan 7
Ds
53, 53
4 2,900 Alaska Juneau Gold Min___10
1
/
54 51/4
5 Oct 25 Jan
514 514
518 518
5
8 June 15 1512 Feb 17
512 5 8
300 Albany Pert Wrap Pap_No var
*812 1012
11
17 Nov 5612 Sept
912 1012 *9
18 June 18 5514 Mar 31
*812 912 '81z 913
No par
2212 73,700 Allegheny Corp
8 22
4
/
4
90 Nov 1188, July
1
/
204 203 2112 201 223
Feb 11
1
/
194 2018 1914
800 Pref A with $30 warr____100 87 June 23 10712
4 9514 9514
953
*95
96
95
96
4
96 1 *95
*95
800, Pre! A with $40 warr__100 89 June 30 993 April
9313
901a 9212 9212 9212 9212 *91
1
/
884 90
85
8
*
,
600 Fret A without warr....__100 847 Jul) 9 9614 Feb 24 lif- Nov 354*g Aug
1
/
1
/
8
1
/
1
/
844 844 *847 8632 •844 864
90 I 8512 8512
par 232 June 25 343 Apr 17
89
*
259 ,x258 26113 13,100 Allied Chemical A Dye_No
245
244 252
24014 218
247 252
100 121 Jan 2 12614 Apr 1 11812 Nov 125 Apr
100 Preferred
12214 12214 *12212 124 1•123 124
*122 124 *122 124
8518 Nov 751s Se 13
68 Mar 11
5412 7,200;A Ilia-Chalmers Mfg ____No par 4818June 25 4214 Mar 27
1
/
4
23 Nov 23 Nov
511g 5158 3214 5212 513 534 53
5114 52121
200 Alpha Portland CementNo par 24 June 26
25
*24
25
8
4
1
/ *24
174 Oct 423 Jan
4 2512 25
5
4
8
*255 273 •25 8 273
18 Jan 16 3112June 3
No par
4,600 Amerada Corp
23
1
3
/
4
1
/ 224 2314 23
4
2212 22
Oct 23 8 Jan
23
2312. 23
23
458June 18 1038 Mar 31
800 Amer Agricultural Chem__ 100
4
53
5 18 *5
3
5
5
5
18 Nov 73 4 Jan
4
1
43
4
43
5
5
100 23 June 26 39 Apr
,
25
25 2 1,100 Preferred
2414 25
25
*24
65 Nov 157 Oct
32314 24
8
2314 2412 '
10 68 June 18 973 Mar 27
7212 1,700 Amer Bank Note
71
71
3
4
/
701 70
70
57 July 65 r June
4
/
711 69 69
70
4
50 Si Feb 3 663 Jan 31
150 Preferred
62
62
4
*613 62
12 Jan
*6112 62
4
/
51 Dec 20
62
62
4
*613 62
6 June 10 12 Jan 16
American Beet Sugar_No par
7
*5
7
*5
27 Nov 7812 Sept
*
7
*5
7
8
*5
Amer Bosch Magneto__No par 27 June 25 647 Feb 14
1
/
4
/
4
/
3013 3012 311 *311 324 1,000
*30
30
1012 Nov 62 Feb
Mar 20
3012 30
8
3012
8July 10 541
2,900 Am Brake Shoe dcF----No Pat 413
4
4
/
4' 411 4112 413 42
1
/
414 413
4112 42
42
42
100 11814 Jan 14 128 Feb 13 113 Nov 12612 Mar
Preferred
*____ 121
3
Ca Oct 34 4 June
4
•____ 121 *____ 121 •____ 121 •____ 12012 13
s
83 Jan 16 213 Apr 25
1414 15,700 Amer Brown BoverIELNo par
1312
4
1
/ 13
4
123 13
4
13
493 Jan 104 June
8
123 1312 1212
100 6012 Jan 3 8030,1ay 28
20 Preferred
70
6914 6912 70
86 Nov 18412 Aug
4 70 •
*691 70
*691 70
25 10814June 25 15611 Apr 11
187,700 American Can
8
1197 12212
122
4
/
4
4
1
/
100 14014 Jan 27 147 June 2 13318 Nov 145 Dec
113 1173 11212 11612 1181 1195* 11612 145 •144 14512
300 Preferred
14412
75 Nov 10812 Jan
*144 14411 14412 14412 •144 145
5,200 American Car & Fdy __No par 42 June 23 8212 Feb 6 11012 Oct 120
50
J11/1
4914 50
49
1
/
2
8
513 5314, 483 5118 484 50
100 95 June 18 116 Jan 4
Preferred
600
4
1
/
4
1
/ 99
99
100 100
7014 May 95's Oct
Mar 28
10018' 100 100 I *99 103
100
100 757 Jan 3 101
s
American Chain pref
95
*90
95
8
*90
27 Nov 815 Sept
'88's
8812 9
*
No par 361 Jan 2 5114 Apr 3
8
4
1
/ 3.000 American Chicle
42
4
1
/ 4214
42
4 42
4
20 Oct 55 MAY
4 413 413
4112 413
40 40
No par
914June 30 33 Jan 16
5.300 Am Comm'l Alcohol
1073 11
1014 107a
4
1
/ 11
1814 Nov 47114 Feb
4 1014 1114 10
123
11
4
1
/
900 Amer Encaustic Tiling_No par 15 June 24 30 Mar 31
197s
1912 •17
8
205 •17
19
23 Nov 9812 Bent
*1812 20 1 •185a 20
1,000 Amer European Elee's_No par 3318June 19 5912 Mar 81
4
/
4
/
361 361
4
353 37
38
tp
•38
50 Oct 19914 13
3412 35
37
37
4 Apr 16
4
1
/ 71,8001 Amer & Porn Power...No par &Panne 18 1013
8 6314 65
8 6112 645
4
1
/ 833
4
1
/ 62
1
/
594 62
6011 63
10518 Fob
4
/
No pa 10614June 19 11112 Apr 29 1011 Nov
400 Preferred
1
/
4
1
/ 1064 10714
4
1
/
Oct 103 Feb
8 107 *10714 107
8614
4
*10714 108 j•1073 1077 1075
3
No pa
9212June 23 100 4June 11
400 241 preferred
•9312 95
98
*93
95
95
1712 Dec 42 Apr
*9212 9412 9312 931
8
1
1918 Jan 2 331 Mar 19
1
/
244 2512 1,100 Am Hawaiian S Co
312 Dec 10 Jan
241
1
/
1
/
244 244 2414 241
8
1
/
244 247 .24
312June 26
7 Apr 10
200 American Hide & Leather-100
412
*4
41
*4
*4
43,
412 41
2314 Nov 5214 Aug
412 412
8
4June 26 347 Apr 11
1
/
100 17
200 Preferred
2134
18
213 .
*18
1
19
19
21
*19
40 Nov 85 8 Jan
21
*18
,
pa
55 June 28 693 Mar 20
100 Amer Home Products...No
4
1
/
57
*57
57
57
58
*5614 58
Oct 5312 Aug
*56
29
59
*56
8
31 June 18 417 Mar 27
NO pa
700 American Ice
34
4
4
1
/ 333a 34
2912 Nov 963 Sept
3314 3314 33
8
*323 3312 3234 323
8
No pa
1
/
284June 21 553 Apr 2
Amer Internal Corp
3412 38.700
33
3112 337
878 Jan
32
31
4
1
/
2 Oct
4 3014 31
313
31
15
4 Apr 2
8June 30
1,300 Amer La France & Foamite_l
2
2
4
/
8 11
15
4
/
4
/
11 11
.178 2
2712 Nov 75 Feb
8 2
•17
100 2212J une 26 35 Feb 14
Preferred
25
*20
25
*20
25
*20
6 July
25
•20
90 Nov 13
25
20
•
44 July 8 105 Jan 6
4712 2,200 American L000motive_No pa
47
49
4
4434 443 *47
45
44
47
45
100 97'* July7 11812 Mar 1 11114 Nov 120 Dee
100 Preferred
9712
*93
98
4
8
977 •93
93
*
Nov 2793 Oct
4
1
/ 98
971a 975* *93
4
1,500 Amer Machine & Fdy-No pa 180 June 23 2843 Apr 30 142 Nov 8118 Feb
200 200 200 207 *204 208
4
/
311
19714 20012 191 195
3018June 16 5112 Feb 7
3314 1,600 Amer Metal Co Ltd....No pa
32
347
34
*3412 35
*3412 35
.3412 35
100 10812July 2 116 Feb 18 106 Nov 135 Feb
Preferred (6%)
*103 108
68 Nov 9814 Jan
*103 108 *103 108 *103 108 *103 107
Stock
65 Jan 23 95 Mar 27
50 Amer Nat Gas pref____No pa
*7212 76
4
723 78
7
75
*70
75
4
75
3 Dec 17 2 Jan
75
75
7
2 5 Mar 31
No pa
12 Feb 7
American Piano
3
6414 Nov 175 4 Sept
Exchange
8
723
No pa
4June 25 1193 Apr 1
123
i34
- 1- 5,200 Am Power & Light
83
1rg 162 814
/
921 Oct 106 Feb
78 1511- "iais "767
99 June 25 107 Mar 24
No pa
Preferred
800
4
/
4
/
4
10112 10112 1013 1013 1021 1021
70 May 80 Feb
4
/
4
- 1003 10112 *1011 102
Closed
No pa
75 Jan 8 85 Mar 20
Preferred A
*8014 82
4
727 Nov 8418 Feb
8012 801 *8014 82 .8014 82
*8014 82
4
No pa
80 Jan 6 883 Mar 21
800 Pre: A stamped
8412 8412
85
85
1
Oct 558 Sept
8314 84
*
85
28
4
1
/ 85
4
1
/ 73
83
4
Extra
No pa
8June 25 393 Apr 7
233
&Stand San'ry
1
/
1
/
254 2614 2512 2614 234 2614 61,100,am Rad Republica- _No pa
1212 Nov 6434 Jan
4
/
251 257
2514 2512
1514June 17 37 Mar 25
1,200.American
18
183 '17
4
1
/ 19 .1712
18
4
163 163
18
*16
Holiday
Nov 1444 Sett
60
8
2
48 July 2 1007 Fob 17
5118 5212 13,000 Amer Rolling Mill
3
5012 52
44 Nov 74 4 Jan
4
1
/ 5114 5012 52
8
8 49
4858 497
6212June 18 873 Apr 26
4
1
/ 5812 2,600 American Safety Rasor_No pa
5714 5912 58
8
58
17 Dec 417 Mar
4
1
/ 58
57
56
57
56
No pa
712July 8 2812 Feb 18
714
100 Amer Seating v t 0
712 .7
7
.
7 Feb
*712 10
4
1
/ Oct
712 71
*712 10
3 ,
3 11411). a
4
/
11 Feb 25
100 Amer Ship & CommNo pa
4
/
11
8
15
8
1
/
4 14 •134 17
•13
4 17
4 17m *13
*13
gMay 22 5412June 5
Shipbuilding new.No pa
487
90 Amer
50
50
50
50
62 Nov 130', Sept
50
*48
7011 Apr 2
50
50 I 50
50
8 4.900 Am Smelting & Refining. 100 53 June 24
4
/
8011 623
Jan
4
1
/
6014 6112 6118 63
4
1
/ 60 I 5914 601
58
100 13312 Feb 8 141 Apr 8 123 Nov 138 July
300, Preferred
135 135
135 135
Oct 49
38
136 136
7
*134 13618 *13312 139
18 43 8 Jan 27
2
38 June
400 American Snuff
41
41
41
Jan
98 Nov 112
4118 4118 41
42
42 I .41
4
*41
10012 Jan 3 1073 Apr 22
I Preferred
108
4
/
4
/
*106 108 •10612 108 *1051 108 *10514 108 *1051
8July 1 2212 Mar 7
61
Ce
o pa
700 Amer Solvents & Chem vo par
4
1
/
4
1
/ 7
7
3314 Mar 5
3
7 2 712
4
1
/
*714 7
4
1
/ 71
7
712
*7
18 July 10
1,100 Preferred
18
18
18
Oct 797 Feb
18
20
211 *15
20
20
3518June 25 5214 Mar 20
1,900 Amer Steel Foundries_ No pa
3812 39
114 Mar
361a 3714 3712 38
3718 371
3738 38
100 11012 Jan 7 116 Feb 25 110 June 115 Apr
100 Preferred
111 111 *111 112
40 Oct
111 111
112
Apr 16
*111 112 *111
42I2June 7 5512
No pc
200 American Stores
4
/
43
501
44 .
4 44
56 Nov 0434 Jan
443
4'
a
*4312 443 *4312 5018 *44
100 47 June 25 897 Mar 26
Amer Sugar Refining
4
1
/ 53
4
1
/ 2,300
52
99 Nov 111 Feb
5312 5312 55
8
4912 4912" 503 5012 51
100 10314June 28 110 Apr 24
3001 Preferred
Jan
18 Nov 60
104 104 *104 10514 10314 104 *10314 105
*10314 104
4J
93 une 18 2634 Feb 10
No Pa
4
/
10
101 1.8001Am Sumatra 'rob
4
93 10
31014 Sent
3
9 4 10
10
*1114 1214 10
Amer Talon & Teleg
100 20018June 23 27414 AP1' 17 19314 Jan
208 21012 72.400
---- -4
1
/
52 205 2073g 20512 210
1
/
224 Apr 17
,
1
/
2064 20314 205
204
16 June 18
4
1
/ 80.6001 Rights (expire Aug 1)
8
4
/
171 173 17
a
2 17
173
23 160 11- ; 23211 Oct
17
8
4
163 171s: 165 17
600 American Tobacco com----50 197 Jan 8 361145iay 23 180 Oct 235 Oct
231
4
/
22812 22812' 225 226 *228 231 *230 2311 23012 237
50 197 Jan 8 26912May
4
1
/ 8,4001 Common class B
236
4
1
/
1
/
233 237
124128lay 22 1144 Nov 12114 Jan
4
229 2323 23212 234
230 234
i
100 120 Feb 3
0 P: feri T
10 . Am reiearerI
*122 12214
115 Nov 181
4
Sep
4
4
4
1
/
122 122 *12114 122 *12114 1223 *122 1223
Founders 100 113 June 19 1413 Apr 1
125
117 117 *113 123 1'118 125 *118 125 •117
8
100 106 Feb 5 1143 Apr 4 103 Nov 112 Aps
10 Preferred
60 Nov 199 Sell
s
112 *11012 11112 *11012 11112 11012 11012 •11012 11112 25,600 Am Wat Wks & ElNo par
June 2 1247 Apr 23
*11012
1
/
784
4
1
/
Jan
4
/
97 Jan 104
4
1
/ 821 8612 8512 87
g
4
1
/ 8214 823 84
79
83
80
9912 Jan 4 10612 Apr 15
100 1s1 preferred
8
57 Oct 27 s Jan
7
104 104 *104 105 *104 10412 •104 10412 *104 10412 1,700 American Woolen
12
7 Jan 2 2014 Feb 17
100
1512 Nov 583 Jan
8
8 1114 1114 1012 1118
1113 *1118 111
1118 1118 *1118
1934 Jan 2 44 Feb 18
100
600 Preferred
2
2
303 303
4
1
/
4 Nov 1618 July
4
1
/ 30
29
30
9 May 29
29
31
3014 3014 *27
5 Jan 20
600 Am Writing Paper etts_No Par
514
5h
28 Nov 48 Mar
4
/
*51 6
4
1
/
*54 6
1
/
*54 6
4
/
*51 7
2912 Jan 17 443 Feb 27
Preferred certificate_ _ _100
38
35
38 .
7 Nov 4914 Mar
*35
40
2
*35
40
40
*35
*35
612June 19 177 Feb 3
1,900 Amer Zino. Lead & Smell_ _ _25
8
8
8
493 Nov 11114 Mar
8
4
4
1
/
8
8
8
818
8
4
1
/
81g 8
•
50 June 19 797 Jan 20
25
300 Preferred
60
*54
60
*54
6714 Dec 140 Mar
60
*54
60
*54
2June 18 8112 Apr 2
58 58
441
50
4
1
/ 45,400 Anaconda Copper Min
49
4
1
/ 48
46 Dec 89 4 Sept
3
50
4914 50
4
1
/ 481g 4938 49
7
48 8 49
2812June 18 5314 Feb 6
200 Anaconda Wire dr Cable No par
*3018 42
25 Oct 80 Oct
4
30
•3018 42 *3012 42
30
30
30
gJune 18 513 Apr 21
347
No par
400 Anchor Cap
40
4012 *39
40
96 Nov 15412 Oct
40
*39
38
*37
40
*38
Preferred
No par 105 Jan 2 11518 Apr 14
102
8
30 Oct 683 Mar
*100 105 *100 105 *100 105 *100 104 *100
18 June 18 3714 Apr 2
Andes Copper M 11111:1R-No Par
23'z
2312 *22
1812 Nov 4912 Mar
2311 *22
,
22
•
2312 •2212 231 *22
1918June 23 29 4 Apr 5
2114 2112 1,200 Archer, Dan'is, Midld_No par
2114 2111 211 2112 .
4
/
75 Oct 95 Jan
2112 2112 2118 211
744 Mar 14 8278June 5
2,300 Armour t Co (Del) pref_-_100
79
4
1
/
78
4
/
818 Mar 26
7812 771 78
4
1
/
5 Oct 181a Jan
8 78
78
785
4
773 78
8June 19
43
5 14 2,600 Armour of Illinois elms A___25
5
4
1
/
2 Nov 1014 Jan
4151er 26
/
41
518
51a 518
5
5 14
5
25
218 Jan 20
4
1
/ 2,400 Chute B
4 2
23
4
1
/
57 Nov 86 Jan
4
1
/ 2
2
4
1
/
3
24 2
4
1
/
4
4
1
/ 2
2
234 23
55 May 5 65 June 4
100
100 Preferred
5912 5912
a
814 Dec 407 Jan
4
1
/
4
/
*5914 60
*591 60
*5914 60
60
*59
6 June 26 13 Apr 21
100 Arnold Constable CorD_No Par
812
4 *7
83
eh eh *eh 7
165a Nov 30 Feb
4
1
/ *1352, 83
4 *7
10 June 25 201s Apr 28
No par
300 Artloom Corp
34 Nov 583 June
4
*1012 11
11
1012 1012 *1014 11
*10
10
10
3112June 18 4618 Mar 10
Associated Apparel Ind No par
2,700
35
3412 34
26 Nov 70 4 Jan
3
4
1
/ 3312 3414 34
3312 3212 33
33
28 Jan 4 5012 Apr 15
No par
Assoc Dry Goods
1
/
365* X3614 364 5,500
36
4 334 36
1
/
3
3412 35 4 3412 343
4
/
341 Dee 4714 Apr
25 3212 Feb 27 51 June 2
Associated Oil
48
*46
48
*46
4
/
321 Feb 8612 Oct
*46
50
8
50
*46
4
/
*411 50
AUG.tW IS S Line....No par 4918June 26 803 Jan 30
4
/
*521 55
55
*52
4
1
/
45 Feb 6274 Sept
55
55
*52
*5114 5312 *52
100 50 June 27 6514 Feb 26
100 Preferred
55
4
/
30 Oct 7774 JU
*551 5512 55
1
/
3
4
1
/ 55 4 *544 56
3
43
*5 4 55 4 •54
25 3018J00e 18 5138 Apr 7
8
383 16,200 Atlantic Refining
4
/
3
67 Nov 140 Sept
4
1
/
3
35 8 344 3512 3518 35 4 3518 361 36
35
No par 62 June 17 1043 Mar 21
100 Atlas Powder
*8812 69
68
68
90 Nov 10612 Jan
*66
68
68
69 •67
*66
100 101 Jan 20 106 Mar 22
80 Preferred
18
17 July
812 Mar 5
5 Nov
10412 10412 10312 10312 *10312 104
*104 10412 104 104
5 June 27
No par
100 Atlas Tack
6
4
/
51 .5
4
/
4
4
1
/ 51 *5
5
1
/
*54 8
1
/
*54 6
par 91 June 23 2633 Apr 1 120 Oct 514 SW
107 11214 30,500 Auburn Automobile-No par
4
1
/ 10014 110
4
1
/ 10014 104
7 May 14
9812 99
8July 10
98
95
35
No
700 Austin.
6
*4
4
1
/ 4
3
j1;11
6
18 Nov
.4
*4
5
4
1
/ 6
*4
Preferred n-voting__-100 24 Jan 2 3512 Apr 23
rNreidchnools
40
40 .19
Jan
39 •19
40
4912 Nov 65
•20
40
*19
•19
5218June 14 60 Jan 13
Austrian Credit Anstalt
4
1
/
5312 .52 -- -4 Dec 351s Aug
57 .52
5312 *52
4
1
/ *52
*52
53
4 June 17 1032 Mar 3
No par
100 Autceales Corp
4 *414 5
8
4
/
13 Dec 457 Aug
4 *44 4
43
1
/
4
/
4
1
/ .41 43
414 41 *4
50 15 Jan 11 25 Mar 4
Preferred
1
/
194
4
193 *10
34 *10
19
34 Nov 50 Jan
193 •10
1
/
194 *10
*10
Razor A---No Par 37 Jan 2 63 July 1
6012 6112 3.900 Autootr Sat
4 58
7
5812 593
412 Dec 20 Aug
9 8 Apr 15
60
4
1
/ 5812 61
59
60
484 Jan 20
No par
20,800 Aviation Corp
5
47
8
4.8 5
15 Oct 661 Aug
512
5
5
8 5 I
523,
47
8June 17 38 Feb 13
193
Loco Wk,
No par
4
/
4
1
/ 251 9,000 Baldwin
4
/
1
/
4
/
8 211 214 21
2114 211 2312 23
211a 217
100 10412June 25 116 Jan 21 10012 Nov 125 Ayr
190 Preferred
106
106 106 I 108
9312 Nov 11012 Feb
4
1043 106 •____ 108 *_-__ 106
100 Bamberger (L) & Co prof-l00 107 Jan 3 11012 Feb 4
1
/
3
4
1073 1074 108 108
3
16 Dec 33 4 Jan
4July 10 20 4 Mar 5
*10712 108 *10712 108 *107 108
133
No par
980 Barker Brothers
4
1
/
1
/
1112 141
134 1414 143 144
15
15
70 Nov 97 Jan
16
•13
100 72 June 25 91 Mar 31
Preferred
718 April
*6814 74 •6912 76 I •6912 76
Ve Dec 2914 Jan
*6912 76
*6912 78
8
23 Feb 18
No par
Darnall Leather
4
1
/
•25a 4
4
1
/ 4
O2
8 43
4 •25
20 Oct 8918 May
4
1
/ 43
*2
5
*2 8 5
25 2012 Feb 15 84 Mar 28
7.500 BarnsdaU Corp oleo' A
1
/
224 23
1
/
224 228q 2218 23
4
/
4
/
2121 2212 211 22

r__ _

Bid and flaked prices; no sales on this day.




Ex-div. p Ex-rightar

New York Stock Record-Continued-Page 3

239

For gales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 5.

Monday
July 7.

Tuesday
July 8.

Wednesday
July 9.

Thursday
July 10.

Friday
July 11.

Per share $ per share $ per share $ per share 3 Per share $ per share
4934 493 *50
4
59
50
*4934 50
50
*4912 50
*97
9812 *97
9812 *9712 9812 984 9812 *9812 99

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Sines Jan. 1.
On basis of 100
-share jots.
Lowest.
Highest.

Shares Indus. & Mace!.(Con.) Par $ per share

$ per share
900 Bayuk Cigars, Ine
No par 4912June 19 68 Feb 4
10 First preferred
100 97 Mar 3 99 Feb 21
/
1
4
No par 13 Feb 18 20 Apr 9
53
-7512 -7E1- 78 - - 751 7534 76 76 7513 75'z 600 Beacon 011
2
f
Beatrice Creamery
50 67 Jan 18 92 Apr 14
12
*10434 105 4.1.0434 105 *1043 105
4
105 105 *1043 110
4
200 Preferred
100 10114 Mar 20 107 June 10
4
4
4
4
4
4
*33
4 412 *33
4 4
300 Belding Hem'way Co__No par
314June 18
6 Jan 17
/
1
4
*80
8114 8114 8114 *8012 8114 8114 8114 *8012 813
200 Belgian Nat Rya part pref___. 793
4
4June 26 8512 Mar 19
287 29% 2812 2914 2914 295
8
8 2914 305
8 30
303
4 9,000 Bendix Aviation
No par 27 3June 25 57% Apr 7
5
4034 41% 4058 404 42 42
/
1
4214 4312 4312 44
No par 311 Jan 8 064 Apr 25
2.800 Best & Co
/
4
/
1
7712 80
77% 78% 7812 80 8 7914 817
3
8
8 813 82% 33,800 Bethlehem Steel Corp
4June 25 11014 Apr 1
100 753
124 12412 12412 12412 12412 12434 124 12412 12414 1247
8 2,400 Beth Steel Corp pf(7%)_-100 12214 Jan 13 134 Mar 22
*18
23
*18
23
2212 *20
*20
2212 .20
221
Bloomingdale Bros_ ___No par 1712June 23 297 Apr 24
3
*92 100
*92 100
*9514 99
*9514 100
"9514 100
Preferred
100 99 May 12 103 Mar 8
•77
83
*76
83
*76
83
*76
83
*76
73
Blumenthal & Co pref
100 74 Feb 7 90 Apr 7
3212 33
3012 324 31% 3214 31
32% 3118 33
3,400 Bohn Aluminum & Br__No par 2814June 25 69 Apr 7
70
*69
70
71
3
*69
71
*69
71
.69
71
100 Bon Ansi class A
No par 70 Mar 7 78 Apr 5
*212 3 8 *212
*212 314 *212 3
,
*212 3
Booth Fisheries
No par
2 June 21
5 Mar 26
312
20
*15
20
*15
20
*15
20
*15
20
let preferred
100 18 June 23 3314 Jan 3
733 75 8 73
4
75% 7518 765
,
8 7514 78
7612 7812 20,400 Borden Co
_25 6018 Jan 8 9031May 29
2658 27
/ 2614 264 2614 273
1
4
/
1
4 2614 29
/ 2818 2918 7,400!Borg-Warner Corp
1
4
3June 27 5013 Mar 27
10 235
*3
314
3
3
*27
8 312 •24 3
•278 3
1001Botany Cons Mills class A-.60
3 Jan 14
5 Mar 27
164 16% 18
16% 1612 173
4 18
1912 1812 1912 58,900IBriggs Manufacturing_No pa
13 Mar 6 2418May 24
/
1
4
*2112 26
*2112 26
*2112 26
*2112 26
25
25
100 Briggs & Stretton
• 21 June 19 8512 Apr 4
*138 2
•138 2
*112 2
*13
8 2
*134 2
British Empire Steel
/
1
4June 28
1
100
4 Apr 8
*212 4
3
3
*3
4
*318 5
*34 5
100 2d preferred
100
3 July 8
814 Apr 10
1514 1514 151g 1514 15
1512 157 157 *15
16
1,300 Brockway Mot Tr
1212June 26 22
/
1
4May 19
No Iza
72
*70
*70
72
•70
72
*70
72 .70
72
Preferred 7%
100 68 Jan 11 85 Apr 24
125 125
122 124
127 128
128 13014 12312 13014 6,100,Bklyn Union Gas
No pa 115 June 25 178% Mar 3
3312 *38
•38
384 *38
3812 *38
3812 Ms 381
100,Brown Shoe Co
3712June 30 42 Feb 18
No pa
1812 1812 164 1612 *1612 1812 1612 16
12 174 171
400 Bruns-Balke-Collender-No Ira
13% Jan 15 30 Mar 31
53
2212 2212 •2212 234 *223 234 .223 2312 23
4
4
24
1,100 Bucyrus
10 1913June 18 317 Mar 24
-Erb Co
4
*35
•35
36
36
36
36
367 37
37
810 Prefe )(1 (7)
8
pref r
10 331s Jan 7 43 Mar 25
1134 11312 *11313 114 *11312 115 •113l2 373
*11312 115
115
4
100 1073 Jan 3 115 Apr 15
818 83
8
818 818
814 814
818 8 8
,
814 8
/ 1,700 Budd (E GI Mfg
1
4
73
3June 18 163 Apr 15
No pa
3
9% 10
934 93
97
4
97
/
1
4
98 10
10
103
2.600 Budd Wheel
No pa
81s Jan 2 14 Feb 6
/
1
4
27
2714 27
27
*27
274 27
27
27
27
1,100 Bulova Watch
261s Jan 17 43 Mar 31
No pa
3012 32
304 315
/
1
8 314 321
31
3,
3 4 3218 331
2712June 18 74 Apr 2
9,700 Bullard Co
No pa
*90 100
973 973 .90 100
4
4
•90 100
*90 100
100 Burns Bros new el AcomNo Pa
90 June 18 11013 Apr 2
*16
19
183 183 *16
4
4
19
*16
161 *16
19
100 New class B com.......No pa
1514June 18 35 Apr 2
*90
•90
96
96
*90
96
*90
98
*90
96
Preferred
100 8914June 17 100 Feb 19
3134 3058 31
31
313 313
4
4, 313 32
4
3114 317
8 2,700,Burroughs Add Mach_No Pa
2914June 25 811 Mar 1
/
4
32
33
33
33
33
33 1 323 331
4
34
34
1,100 Bush Terminal
2918June IS 4813 Mar 5
No pa
*1013 1017 *1013 1017 10178 1017 .10012 10114 1004 10012
4
4
8
8
s
50 Debenture
100 99 June 30 110 Mar 15
115 115 *115 118
115 1154 *115 116
115 115
40 Bush Term Bides pref
100 1091s Feb 10 118 Apr 7
218
*218 214
21
24 218
2
24
2
800 Butte & Superior 1Mining__10
2 July 10
514 Jan 8
212 21
24 24
212 212 *284
234 .214 2
700 Butte Copper & Zoo
84
218Jun e 30
5
414 Feb 20
145 16
*1413 153
8
145 145 *1412 153 •1412 153
8
8
4
300 Butterlck Co
4
100 1314June 18 291 Feb 24
8
693 7214 6612 691
8
6958 71
683 723
8
8 7114 73% 21,500 Byers & Co(A M)
No par 6618.1une 25 1123 Apr 26
2
11012 11012 *111
*111
*111
_
•111
10 Preferred
100 109 Jan 27 114 Jan 25
*6218 63 . 6238 621
63 63
6213 - -1- 6388 - 8 1,400 California PackIng___No par 62 June 24 7712 Mar 5
63
638
*28
30
*28
30
•28
30
35
35
.28
30
25 28 Jan 22 35 July 10
10 California Petroleum
1
1
1
1
*1
118
14
118 •113
114
-Lead
900 Callahan Zinc
10
1 Jan 2
213 Feb 3
52
52
514 52
5214 5313 533 841
4
5312 543
4 4,300 Calumet et Arizona Mirting.20 4853June I
89 Jan 9
/
1
4
181
15
1512 15
15 4 153
3
4 1512 151 1514 1512 2,100 Calumet & Heels
/
4
25
13 June 19 33 Jan 7
/
1
4
*18
1812 *1712 18
17
/ 17
1
4
/ 174 173 *17% 18
1
4
500 Campbell W & C Fdry _No pa
17 June 18 30 Mar 25
60141 5912 60
60
8012 80 8 6012 827
7
62% 633
4 4,400 Canada Dry Ginger Ale No pa
56 June 18 75 Mar 10
/
1
4
Stock
22 22
2114 211
234 2383 214 23
21% 22
1,300 Cannon Mills
20 June 1
No par
3414 Mar 18
*1312 15
1314 131
14
14
1412 141 •16
300 Capital Adminis Cl A..No par
174
13 June 19 28% Apr 4
Exchange *3014 33
*32
33
*3018 31
33
33 .3312 3712
100 Preferred A
50 31 Jan
42 Mar 19
16012 166
16018 1675 168 172
16614 177
17214 17914 38.200 Case Thresh Machine etts_100 15612June 25 362 Apr 23
/
1
4
Closed
- 312714 12814 *12714 129
12814 12814 *12714 129 *12714 129
20 Preferred certificates--100 115 Jan 1 132 Mar 25
5712 5812 575 58
*58
8
59
58
59
59
1,100 Caterpillar Tractor____No par 54 Jan
59
.814 812 *814 61
79 4 Apr 28
1
Extra
*514 61
*514 61
•814 612
Cavannagh-Dobbe Ine_No par
5 June 18 13 s Jan 11
7
*-___ 60 '•____ 60 *_
60
*50
60 •-___ 80
Preferred
100 69 June 1
75 Jan 18
97 11
Holiday
1018 11
113
8 113* 113
114 111 3,600 Celotez Corp
/
4
No par
9 July
60 Mar 10
24
24
24
24
24
24
24
24
24
24
1.600 Central Aguirre Asso_No par 23 Feb 19 30 Mar 31
/
1
4
/
1
4
Central Alloy Steel
No par 30% Jan 2 3,S Apr 16
Preferred
100 10514 Feb 7 110 Apr 10
53
483
4l
514 814
5
812 614 1,800 Century Ribbon Mills-No Dar
3 4 Feb
3
8 Mar 27
/
1
4
3
62
6712 62
*62
62
8712 *6212 871 *6212 6712
100 51 Feb 27 6712June 30
10 Preferred
51
52
5014 503
52 x4912 501 *4812 4914 2,800 r?erro de Pasco Copper_No par 4318June 1
52
65 Jan 6
/
1
4
712 7 8
5
7% 712 *712 9
74 7
,
,
*712 9
700 Certain-Teed Producta_No par
518June 2
15 Feb 6
/
1
4
3818 3814 38
38
38
3814 *3812 39
383 39
4
1,000 City Ice dr Fuel
No par 38 July
49 Feb 4
85
85
84
84 •83
*83
•83
85
83
83
170 Preferred
100 83 July 1
98% Feb 11
22
23% 22% 24
233 243
4
4 2112 23% 23
23
8,000 Checker Cab
No par 2012June 2
6773 Mar 27
5612 57
561
54
563 607
4
8 60
6338 62
623
No pa
4 8,300 Chesapeake Corp
5112June 2
8212 Mar 29
1514 1514 15
15
15
15
1,"
16 4 153 175
4
,
8 2,300 Chicago Pneumat Tool_No pa
1114June 1
37 MA! 31
*40
44
*40
44
*40
44 *40
44
44
44
200 Preferred
No pa
44 June 27 557 Mal 14
4
2618 2614 *2618 261
264 264 *2512 2614 *2512 2618
160 Chicago Yellow Cab
No pa
163 Feb 1 32 Mar 20
4
20
20
20
20
2014 21
20
2018 201g 204 1,5001Chickaaba Cotton 00
10 20 June 4 3212 Apr 10
5018 5018 4912 60
4912 51
5112 53
514 5214 4.8001Chl eg Cpmr
Chi d coo
ll
No pa
4912July 8 674June 6
/
1
74
*50
*49
*49
60
58 *49
58
•49
58
25 51 Apr 30 65 Feb 6
26
2712 253 2712 2714 28
4
2912 273 28% 52,000 Chrysler Corp
27
4
No pa
24 June 23 43 Apr 11
7
714 *7
7
714
*74 714
57
8 718 29,000 City Stores New
No pa
5
/
1
4July 11 13 Apr 25
/
1
4
*30
36
*30
36
*30
36
*30
36
*30
Clark Equipment
36
No pa
3014June 16 4413 Apr 21
.32
333 •314 33
4
33 3314 34
34
*32
34
3001Cluett Peabody & Co No pa
30 Feb 1 60 Apr 5
*935 94
8
94
*94 100
96
*94 100
*94 100
40 Preferred
100 9114 Jan 2 105 Apr 8
169 1703 18818 1711 Inas 17412 174 174 *171
/
1
4
4
/
4
4,200.Coca Cola Co
175
No pa 13314 Jan 8 1913
3June 4
5014 5014 5014 5014 5014 5014 504 5058 "50%
5012
900 Class A
No pa
4812 Jan 8 63 Mar 21
1912 2012 184 193
4 1912 20
1912 21,
2 2012 21% 3,400 Collins & Alkman
No pa
1453 Jan 2 35 4 Feb 13
3
84
84
83
83 4 82
3
82 •-84 *---- 84
700 Preferred non-voting----100 73 Jan 3 92 May 24
4418 4638 4414 4584 4438 463
4 411 484 4612 48
/
4
8,200 Colorado Fuel & Iron
100 3613 Jan 2 77 Apr 8
11412 11612 11312 11712, 120 123 1223 1288
4
12412 128
4
9,600 Columbian Carbon v t oNo pa 108 June 23 199 Mar 11
6018 6112 5918 614 6118 623* 61
/
1
643
8 634 644 57.000 Colum Gas & Elea
/
1
581/June 23 87 Apr 10
No Pa
*1085 10712 *10614 10712 1063 10638 10612 107
8
1074 10712
400 Preferred
100 10414 Jan 31 110 Apr 11
1618 17
153 lO1s 164 17
1614 1712 165 171 47,300 Columbia Graphophone
8
15 8July 8 37% Apr 28
3
2414 2438 243 243
4
4 2423 2482 2514 2512 25
2512 2,600 Commercial Credit___No par 233 Jan 2 40 4 Apr 1
3
3
*34
3912 *3418 3612 34
3418 *3414 36
*34
200 Class A
50 314 Jan 2 44 Apr 1
/
1
/
1
4
24
24
•2318 24
2318 2412 2314 2314 *2314 3612
24
25 22 Jan 6 28 Apr 29
60 Preferred B
*85
87
85
85
*85
87
87
87
88
30 let preferred ((lb %)- --100 764 Jan 18 95 Mar 29
/
1
314 32
3012 311g 3134 3134 303 3214 *87
4
32
32
3,700 Coro Invest Trust
No par 2812June 25 55 Mar 6
80 4 81
3
*81
84
*81
84
*81
84
*81
84
No par 80 June 18 87 Mar 28
200 Cony pref
73
*412 8
*412
*412 7 4 *5
3
7
*412 73
4
Warrants
4 June 18 23 Mar 5
100
/
1
4
22
227
8 213 223
4
8 2218 23
2214 2314 225 2338 37,500 Comm Solvents
8
No par 2014June 16 38 Apr 11
1312 137
1318 134 1338 133
4 133 1418 135 14
3
8
1253June 18 20 Apr 7
68,300 Commonwealth&Sou'rnNo par
/
1
4
*3812 40
*3812 40
*384 404 *3812 40
*3812 40
Conde Nast Pubilea__ _No par 33812June 20 57 Mar 27
113 12
4
113 113
4
4 113 12
4
113 1212 12
4
121
1018June 18 19% Mar 24
6,700 Congoleum-Nairn Inc. No par
31
3112 31
31
*3018 31
*3014 31 .
3014 31
No par 31 June 27 56 Mar 11
700 Congress Cigar
/
1
4
*NI
/
1
4
*8
3
%
*3
8
5
8
*3
8
5
8
Comley Tin Foil stpd No Par
*14
52
1 Mar 24
/ Jan 16
1
4
*36
40
*36
40
374 3718 3612 3734 3712 371.
No par 36 June 27 50 Mar 17
700 Consolidated Cigar/
1
4
70
70% 70
71
708 *70
70
704 70
preferred
70
100 67 Jan 22 80 Mar 25
150 Prior
183 194 1812 187
4
/
1
8 1812 19
1812 2018 1818 20% 4,300 Congo! Film Indus-__No par 153
3June 18 2738 Mar 11
19
20
1934 20
20
8
2,
0 8 205 21
20
2118 2.600 Consol Film Ind pref_No par 18 Jan 3 2814 Jan 10
10214 10514 1015 1043 10518 107 4 10514 1095
8
4
,
8
4
/
1
4
/
1
10212 10213 10214 102 8 10212 10212 1024 10212 10718 1093 120.800 Consolidated Gas(N Y)No par 96 Jan 2 1364 Apr 26
5
1024 10212 3,400 Preferred
No par 991 Jan 28 1037
sMay V
:
7
8 1
7
2
7
8
7
•8
8 1
7
1
7
7
2 1
8June 18
8,200 Consolidated Textlle.. No par
2 Jan 27
1212 1212 *1214 123 *1214 123
4
4 1238 124 1212 1212
/
1
300 Container Corp A vot No par 1153June 19 2213 Feb 24
*44 41
*44 412 *418 412 *44 412
412 412 1,000 Class B voting
No par
3 4June 18
3
812 Feb 20
2334 24
2212 2314 23% 24
24
2434 23
/ 2414 6,300 Continental Baking Cl ANo par 1812June 18 5212 Feb 17
1
4
4
4
3 4 37
3
4
4
3% 4
3% 3% 2,200 Class B
3
/
1
4June 19
No par
7 Feb 17
*75
761 *7512 7612 7614 773
4 7612 763
4 753 761
100 6614June 25 947 Feb 17
4
3
1,300 Preferred
543* 547g 533 5412 5412 5612 56
4
5812 58
59
14,400 Continental Can Ine-No par 5013 Jan 2 7153 Mar 31
184 1088 1834 19
/
1
1812 1918 19
19% 19
191
1,700 Cont'l Diamond Fibre_No par 1618June 23 373 Apr 21
3
54
55
5112 54
56
53
56
56
56
10 50 June 25 77% Mar 31
56
3,600 Continental Ins
37
34 4
37
4
4
37
8 4
3% 4
4June 17
814 Feb 19
33
3,600 Clontinental Motors- --No Par
195 203
2
8 19
1958 19
/ 2014 195 20% 195 201 21,200 Continental 011
1
4
8
8
3June 18 3012 Apr 24
No par 183
/
4
2212 23 8 2212 2314 2314 24
7
233 2412 24
8
241 13,100 Continental Shares.. No par 20 June 27 407s Apr 1
389
001k 8813 9112 917 924 92
94
9284 938
/
4
13
9,900 Corn Products Refining____25 87 Jan 3 1111 Apr 23
*14414 147
14414 14414 *14512 147
*14412 147 •14412 147
100 140 Feb 10 14712May 20
10 Preferred194 193
/
1
1918 20
1918 203
8 20
204 1912 2014 6,000 Cob Inc
No par 1512June 18 33 Feb 3
,
*29
30
*29
2912 *29
2912 *29
2912 2912 291
/
1
4
No par 2513 Jan 6 35 Mar 20
300 Cream of Wheat
*15 4 195 *15 4 193
3
8
3
4 1612 1812 •18
195
8 158 158
4
100
9 Jan 21 29% Mar 5
400 Crex Carpet
*1153 1113 11
11
1112 1112 1112 113
4 11% 111
700 Croeley Radio CorpNo par 1014 Jan 17 22 Jan 2

I

• Bid and asked prim not Ces on thls days




t Ex-Dividend(

I Ex-dividend and Ex-rights,

PER SHARE
Rasps for Previous
Year 1929.
Lowest.
Highest.
$ per shore I per share
55 Nov 113 4 Jan
3
95 Oct 1063 Jan
4
1213 Dec 32 3 July
7
69 Dec 131
Oct
100 Deo 10613'Aug
413 Dec 17 4 Apr
3
75 Nov 84
/ Jan
1
4
25 Nov 1043 July
3
25 Nov 12312 Sept
78 Nov 140% Aug
/
1
4
116 8May 128 Sept
5
2214 Dec 61% Apr
100 Oct 111
Jan
70% Dec 118
Jan
37 Nov 1363 Man
4
70 Oct 8912 Jan
3 Dec 1114 Jan
18 Dec 63 4 Jay
3
03 Oct 10013 July
28 Nov
2 Dec
/
1
4
813 Nov
1733 Dec
112 Dec
33 Nov
7
14 Nov
711 Dec
/
4
99 Nov
38 Oct
1614 Nov
14 Oct
26
/ Oct
1
4
107% Dec
818 Dec
7% Dec
2114 Nov
25 Nov
88 Nov
22 Jun
/
1
4
88 Nov
29
Oct
314 Nov
/
1
9118 Nov
105 4 No
1
433 De
2 Oct
1713 Dec
50 Nov
105 Apr
6313 Oct
25 June
1 Oct
73 Nov
/
1
4
25 Oct
19 Dec
45 Oct
27 Dec
17 Nov
29 Nov
130 Nov
113 Nov
5014 Dec
614 Dec
58 Dec
31
Oct
21
Oct
2618 Nov
1053 Apr
4
3 Oct
0014 Dec
5214 Nov
1073 Dec
3913 Dec
96 Sept
18
Oct
421s Nov
214 Oct
/
1
47 Nov
21
/ Oct
1
4
25 Dec
4413 Nov
53 Nov
26 Nov
7 Oct
/
1
4
25 Nov
3412 Dec
90 Dec
12
101 Nov
4434 Oct
10 Nov
65 Dec
27% Nov
105 Nov

143 3May
3
1513 Feb
6314 Jan
43 JU/7
12
67s Jan
1313 Jan
73 Jan
/
1
4
145 Jan
24812 Aug
511 Sept
:
55 Jan
14
42% Jan
50 Feb
117 Apr
22
/ Oct
1
4
1212 Dee
34 Dec
54 JULY
/
1
4
127 Jan
39 Jen
10514 Jan
329 Man
/
1
4
89% Fen
11013 Me)
,
11812 Fen
1233 Jan
913 Jam
41 Jan
1927 Jan
s
12114 Jan
84 Aug
/
1
4
3412 Aug
4 Jan
1363 Aug
4
131% Mar
4912 Aug
98% July
483 Sept
4
65 Oct
1s
397s Oct
467 Sept
123 Dee
/
1
4
61 Dee
424 Feb
105 Mar
/
1
4
79% Feb
4834 Jan
59 4 Oct
5
11212 Jan
2013 Jan
82 Jan
120 Mar
32 July
623 Jan
4
10514 Jan
80% Sent
112 July
471. Sept
61 Sept
38 Jan
50 Jan
75 s Sept
7
12712 Mar
135 Jan
27 Feb
61
/ Oct
1
4
723 Jan
4
119 Jan
154 Aug
/
1
4
50 Feb
72% Mar
10313 Fat
7812 Mal
344 Oct

Nov 109 - 75
J
1613 Nov 88 4 Jan
3
18 Nov 625 Jazz
8
28 Nov 511 Sept
3
20% Nov 28 June
70 Oct 105; Jan
284 Nov 79
/
1
Oct
Dec
2013 Oct
10 34c
35 Nov
11
Oct
43 Nov
14 Nov
40 Oct
83 Nov
10 Oct
154 Oct
8018 Nov
9212 Nov
/ Dec
1
4
12 May
3 Nov
/
1
4
2514 Oct
4
/ Oct
1
4
70 Nov
/
1
4
4012 Oct
20 4 Nov
3
46% Nov
84 Dec
18 Nov
2813 Dec
70 Nov
137 Nov
18 Dec
24 Nov
15 Dec
15 Dee

le 1 Sept
1183 Oct
24 4 Oct
3
93 Jan
35 4 Jan
3
92% Feb
113 Fer
9614 Jan
96 Jan
25 s Bert
3
30 4 Apr
3
18314 Sept
10012 Dec
633 Jan
23 Jan
/
1
4
1113 Jan
90 July
1514 July
100 June
92 Sept
3313 Dee
11014 Sept
283 Jan
s
37% Aug
45 Dec
/
1
4
12633 Oct
144%
824 Jan
/
1
31 Nov
5753 Apr
125 Feb

240

New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here., see fourth page preceding

STOCKS
Sales
-PER SHARE. NOT PER CENT
HIGH AND 1.0W SALE PRICES
for
NEW YORK STOCK
the
EXCHANGE.
Friday
• Thursday
Wednesday
Tuesday
Monday
Saturday
1Feek.
July 11.
July 9. I July 10.
July 8.
July 7.
July 5.
per share Shares Indus. & Mired. (Con.) Par
Viper share $ Per share l$ per share $ per share ' $ per share $
Crown Cork & Scal___ _No par
8
417
418 *40
8
417 .40
4
,
*3734 4114 *373 41 4 *40
No par
100 Crown Zellerbach
1412 1412
•1312 14 1 .1314 14
8
•1314 143 *1312 14
8 7718 7772 1,200 Crucible Steel of America..100
777
*7514 77 I 77
77
7712 .75
*75
100
40 Preferred
10812 10812
8.106 109
8
1087 1087
10612 *106 109
10612
No par
600 Cuba Co
1312 .1314 1378
134 1318 13
14
*1212 14 I 14
700 Cuba Cane Products __ _No par
212 212
212 3
.24 212
2
2
212
*2
Cuba Cane Sugar... No par
Preferred
100
1
Cuban-American Sugar _ --10
52
5 12 54 -..i- -- .15
5
518
6
100
50 Preferred
47
*46
47
.46
46
46
46
46
46
46
50
1.100 Cudahy Packing
40
39
40
40
40
4 40
8
393 4014 395 393
Curtis Publishing Co _ _ _IVo par
.110 120 .112 11912 .112 11512 .112 11512 .112 1154
No par
500 Preferred
118 118
118 118
4
118 118 *1163 118 *117 118
No par
714 42.900 Curtiss-Wright
7
714
7
7 14
7
7%
7
14
7
7
Class A
100
94 94
914 912
918,
9
012
9
3
98
9
1: 00
80900 utler-Hummer Mfg__ _No par
6018 61
4
613
4
60 . .5814 613 .61
6012 60
60
No par
8
4 263 274 2,500 Davison Chemical
263
8 26
,
2612 26 8 263
26
26
26
51
100 Debenhauri Securities
2312
203g 207 *2012 2312 *2012 2312 .2012 2312 .20
20
3,500 Deere & Co prof new
24
2218 23
22 .22
22
4
*213 22
22
22
Detroit Edtson
100
214 214 I 214 215 .214 21514 1,100
21514 21514 213 214
300 Devoe & Reynolds A_No par
23
4
4 2134 213 .21
4
213 213
22
22
28
.23
181 preferred
100
*105 110 .105 110 .105 110 *105 110 .105 110
4
202 2033 203 20312 1,300 Diamond Match
20012 204
19014 19014 19912 201
par
No M
1,800 Dome Mines, Ltd
74 71
4 8
.73
*734 8
8
.73
8
'Jo par
100 Dominion Stores
2012 2012
21
2212 .20
2212 .19
2212 .19
•19
'19
No par
9.900 Drug Inc
74
73
73
7212 714 724 72
7218 71
71
Dunijili InternatIonal_Ne par
20
018
20
20 .18
*18
20
20 .18
.18
No par
100 Outran Silk
15
.14
15
1428 14% 014
15
1418 .14
*14
Duquesne Light let pref..--100
4
10212 *10112 10212.10112 10214 .10112 102,
8
.10118 1023 *10112
100 Etedern Rol.ing M111. _,Na par
16
.15
16
16 .15
15 .15
15
16
*15
8
195 20412 19912 204, 21.100 Eastman Kodak Co___No par
18612 19212 19312 197
18714 194
241g 5,100 Eaton Axle & SprIng_No par
23
4 2212 2212 2212 24
4 214 213
223
22
20
101 10314 97,700 E 1 du Pont de Nem
3
4 95 4 9914 9814 10012 977 103
9718 993
100
700 8% non-vot deb
4
1178 118 .11614 1173 .1164 117
8
118, 11818 118 118
No par
100 Eitingon Schlid
514
*5
514
514 *4
514 *4
*4
5
5
100
500 Preferred 66%
40
4012 404 40
40 40
50
50 .40
.40
No par
8
637 14,100 Electric Autelite
644 62
62
6012 82
5812 604 577 61
100
20 Preferred
110
108 108 *108 110 1.108 110 *108 110 *108
No par
1,900 Electric Boat
43
428 43*
412
8
8 43
412 412 *43
414 412
No par
2
644 6834 67% 693 209,400 Electric Power & Lt
63% 664 6314 6528 6512 665
No par
000 Preferred
4
4
8
107 108
10314 10814 10812 1083 1073 1073 •108 10314
Certificates 60% paid
Storage Battery __No par
6418 6414 6518 6414 6414 1,400 MeeHorn Coal Corp.__No par
s .63 6114 64
648 643
Elk
4
"218
*218 4
*218 4
*218 4
*218 4
Emerson-Brant clam A.No par
4 "212 331
4 "212 33
3
3
*212 3 4 *212 3 4 *24 33
-Johnson Corp__..50
200 Endicott
8
,
4914 4914 .4814 497 '48 4 49%
4914 4914 04914 50
100
100 Preferred
4
3
4
11034 11214 1103 110 4 *1103 11214 1105 11214 .11054 11214
.
500 Engineers Public Serv_No par
4818 484 4818
48 .47
48
53 i 473 48
4
048
No par
1.100 Preferred $5
9818
97 .
9513
97
98
*94 10314' .98 10314 98
No par
4043 Preferred (514)
9514 0954 97
09412 98 I *9514 97
9514 9514 95
par
4
4512 46
453 45% 5,000 Equitable Office Sidg_No par
46
8
46
4614! 453 461g 46
3.600 Eureka Vacuum Clean_No
1212 13
118 12 I 1112 1112 1218 1212 1212 13
5
1,600 Evans Auto Loading
8% 9
,
82 9
812
814 8141
814 814 *8
20 Excbange Buffet Corp_No par
4
233 2334 .2312 24
24
*23
24
•23
24
*23
25
Falrbauks Co
314
4
34 *24 314 .24 314 *23
4 314 .23
.23
100
30 Preferred
8
, 972 0812 97
.8
7
91
.8
8
97 10
8 9 .
*311
No par
4 3,000 Fairbanks Morse
383
Stock
38
38 1 *3512 37
37
3712 .107 2 .8 .
3818 .
' 3 __ 4102
Preferred
100
.10812 ____:.10812 ____ .10812
100 Fashion Park Aseoc___No par
I l7
.11
.1014 11
11
Exchange .104 103 .1014 10% 11
4
15
200 Federal Light & Traci
70
.63
70
063
8
*627 66
8
*627 70 1 63 63
Vo par
101 Preferred
- *9512 9612' *9512 9612 *9512 9612 *9512 964 9512 9512
Closed
300 Federal Motor TruckNo par
8%
8
84 .
.8
9
.8
8
8
8 I
8
4 4,600 Fed'l Water Service A_No par
343
33% 3314 3414 34
8' 33
4
Extra
8
.323 331g 323 327
200 Federated Dept Stores_No par
2
304 .26, 30
*26
27 I 2614 2614 *2614 304 .27
400 Fidel Phen Fire Ins N F---10
65
*6318
65
*63
Holiday
6112 6112 *6212 65
5
6112 63
No par
g
Fifth Ave Bus
*818
9
*818
*818 9
*818 9
*84 9
No par
Filene's Sons
_ 3212 *____ 3212 *____ 3212.____ 3212 .--- 3212
e
100
Preferred
097
98
097
98
.97
98
iii 98 .975 98
.10
2,000 Phaeton° Tire & Rubber..
,
7
20 s .2018 2012 2018 20 8
20
20
4
193 193
4 19
Preferred
100
8
7412 7312 7412 733 7350 1,000 First National SZorea_No par
73 .73
7212 73
724
8 6,200
4
52% 523 527
5112 5112 50
51
8
503 507
50
No par
,
8 2 2 5,000 Fink Rubber
23
28 212
212
23
238 212
2% 212
100
520 181 preferred
714
4
74 7,
71
718 714
714
7
714 74
100
250 let Prof contertible
4
94 914 '94 9
373 93
9
3
3
0 8 98
98 93*
Florebelm Shoe clan A_No par
*4134 4312 04112 44
0
*4012 44
40
43 .4014 43
100
'
100 Preferred 6'
100 .98 100
100
*98 100
99 .96 100
'96
No par
1,000 Follansbee Brod
26
*24
25
4 254 2512 25
.2514 26
*2514 263
.No par
,
827 27.300 Foster-Wheeler
3
7812 7812 80 4 7812 818 80
7514 7814 75
No par
200 Foundation Co
1312
.12
1318 134 •1218 13 .1214 1312 1218 124
Lt par
4014 413* 24,600 Fox Film class A
40
3912 4012 3812 397
3912 404 39
No par
4112 4218 7,100 Freeport Texas Co
393 423
3
38 8 4014
3914 40
384 39
Fuller Co prior pref____No par
*8812 90 .8812 90 .8812 90
*8812 90
*8812 90
97 1112 6,600 Gabriel Snubber A__ NoPar
73
9
718 714
4 *714 712
7
No par
7
"
100 Clarreweli Co
68
68 .67
68 .67
*67
69
68
68
68
.
a
300 Gardner Motor
2% 2%
*24 2%
278 27
234
.234 3
25
4,300 Gen Amer Inveatoo___No par
77
*814 9
73
8
74 74
7
7,4
74
100
Preferred
8
.903 95
95
95 .91
*90
3
993 .90
99 4 *90
Amer Tank Car_No par
844 8318 8454 19,100 Gen
8 80
8014 817
3
83 8 7814 81
81
100
4,600'0eneral Asphalt
3 41
4214 427
8 4112 423
4 4212 434 4218 44121 43
NO par
Geri Baking pref
*____ 114
114 41_ ___ 114 .114
No par
4,300 General Breeze
23
23
ii- -2T2 23
2212 223
4 22
2314 2212 No par
700 General Cable
133 14
*134 15
15
.14
14
1312 14
14
No par
100 Class A
*3412 40
*3414 40
*3414 40
No par
General Cigar Inc
100
4
14
4
3i1
4712 V3
*45 *4818 *4512 4712 *47
No par
General Electric
8
4 1734
6618 694 673 69, 303,500 Special
65
664 6412 6612 6612 68
10
4
4 4,300
4 113 113
4 11% 1134 1112 113
8
112 1134 115 113
No par
544 5512 24,400 Gen Foods
4 55
53
5412
51
_
54
54 I 53
53
93* 1018 12,000 Gen'l Gas & Elea A. _ _No par
95
93* 104
7
9 8'
10
94 113
1014,
No par
200 Cony pref eer A
82
82 .80
.787 81 I *80
81
8214' *80
81
No par
30 Preferred A (8)
*115 120 .115 120 *120 120 *115 120 .115 120
40 Preferred A (7%) No par
,
*102 103
100 102 .10018 10212' 10018 10018 *10018 102 2 1.200 General 641118
No par
4
5 *4214 4378' 4328 4350 433 4478
4212 43
4212 43
100
600 Preferred
90
90
89
8912 8912 894 894 8912 8 1 1 89
10
232,200 General Motors Corp
4 413* 42%
423
4012 41121 40
388 39% 388 41
100
,
125 125 4 7.700 7% Preferred
124% 1251 125 125
1247 125
81
4
z1243 1247
700 Gan Outdoor Adv A_ __No par
8 24%
247
25
25
25
25
247 247 •2412 25
No par
2,200 Common
828 10
818 812
84 9
9
9
912
.9
Gen Public Service__ -No par
348 347 3531 1,600 Gen Ry Signal
8
3212 324 *323 3312 3312 3312 34
No par
800
7 807
8
80% 80
81 I 80
80 .77
*77
80
77
.
No par
2 3.900 General Ftefractortes
4, 6618 673
664, 6512 673
661 1 66
664 6614 66
,
31 4 3228 15,500 Gen TLeatree Equip.. No par
30
323
314 308 32 1 31% 3241
31
:3111ette Safety Razor_No par
4
64141 623 6712 6612 6928 77,400 Untie] Bros
5512 633
58
6214 61
No par
111 114 •1114 114 2,400
8
113 1138 1112 12
12
12
Preferred
100
12 .7318 7312 .723 7818 .7238 7818
8
8
.723 7312 *7318 73
No par
6,500 Glidden Co
8
153 16
15% 16
1512 16
1512 154 154 155
100
10 Prior preferred
93
93 .84
93
93 .9212 93 .84
.8718 94
No par
15.900 Gobel(Adolf)
1112 1218 1112 12
3 10% 1114 1114 12
,
10 4 117
4012 27,600 (told Dust Corp v 1 6.. No par
4
4
383 4014 383 4018 39
3714 3818 3714 387
8
8 247 264 9,600 Goodrich Co (I) F)_No par
2518 2518 26
2528 263
2418 2578 25
100
200 Preferred
86
.81
86
90
.81
8114 83 .81
90
.81
8 8,600 Goodyear T & Rub__ __No par
60% 617
5612 58
573* 62
57
56
3
55 8 57
No par
93 .9212 934 1,200 let preferred
928
95
93 93
*92
93
93
No par
600 Gotham 811 Hoe
11
11
11 .1014 11
104 1018 *10
11
10
100
200 Preferred
74 .7212 80
74
80 .72
80
80 .72
*72
No par
914 1,200 Gould Coupler A
08
84 7
814 814
94
7
6
4 4
4 63
63
53
3,900 Graham-Paige Motors_No par
6
8
6
54 6
6
6
014 6
No par
Certificate,
*614 7
7
.614
4 7
.6,
53 .614 7
7
*7
Cons M Sm & Pr.100
,
8 2178 2178 2112 2112 2112 21 4 2,500 Granby
217
21
2112 217
200 Grand Sliver Storm._ No par
.3118 32%
32
32
32 .31
32
.30
31
31
Grand Stores
100
No par
1,300 Grand Union Co
14
1328 14
13
118
- 1- 12'4 1212 -1214 13
No par
500 Preferred
3714 3714
37
37
.3612 38
36
36
3612
36
.
No Par
200 Granite City Steel
313*
3434 *33
34
33 *33
33
*33
35
35
I

-1.600

:,317

Deland asked Woos: no sales an 1013 day.




Ita-nteinesed. S811-13111+11en6 ex-Hauls.

PER SHARE
Range Since Jars. 1.
-share Iota
On basis of 100
Highest.
Lowest.

PER SHARE
Range for Precious
Year 1929.
Lowest.

Highest.

par share 5 per share S per share g per shall
79 Aug
3718 Nov
38 June 18 504 Apr 7
3
17 Oct 25 4 Jan
1812 Feb 10
13 June 17
4
71 Nov 1213 Aug
7012June 18 934 Mar 25
4
104 June 26 117 Mar 13 103 Nov 1163 Feb
2412 Jan
5 Nov
11 Jan I 1912May 29
7 Mar 3
2 June 21
2
4
118 Feb 2 ---11- Aug -11- -an;
14 Jan 2
187 Jan
,
138 Dec
4 Mar 3
2 Jan 7
4
67 De° 17 Jan
9 Feb 4
5 June 26
56 Dec 95 Jan
8
46 July 7 653 Feb 11
36 Nov 6772 Jan
3818June 25 68 Jan 2
Oct
10514June 23 12618May 29 100 Nov 132
4
114% Jan 29 12118 Mar 19 11218 Nov 1213 May
63* Dec 3018 Aug
8
Jan 31 147 Apr 7
,
f1 2
7
1314 Dec 37 k Aug
3
8June 26 19 4 Apr 2
83
55 June 25 9012Mar 31 ____
2114 Oct
18 4:34 Mar 31
,
24 8June
20 Dec 4678 Jan
2038July 7 30 Apr 14
20 June 18 2412May 24
Aug
19638 Jan 8 2554 Apr 23 151 Nov 385
8
44 Nov 647 Feb
4
4July 9 423 Mar 4
213
10634 Jan 14 11412May 13 lin Dec 11512 Jan
139 Jan 13 237 Apr 24 117 Nov 16411 Jan
1114 Aug
6 Nov
3
950 Jan 18
8 4 Jan 3
12 Oct 544 July
18 June 23 304 Apr 6
69 Nov 12618 Feb
8
87 June 25 878 Mar Ill
Jan
25 Oct 92
154June 18 4312 Apr 7
10 Nov 28% Jan
141231110217 1812 Apr 4
4012 Jan 10072 Mar
100 Jan 7 10312May 26
Oct 3912 Sept
19
14 June 25 2512 Jan 31
4
4
1753 Jan 9 25514 Apr 25 150 Nov 2643 Oct
4
18 Nov 763 Feb
1918June 25 374 Feb 29
80 Oct 231 Sept
4July 8 14514 Apr 10
953
10712 Nov 119% Aug
11412 Feb 4 121 May 15
4 Dec 39% Jan
1
5 June 23 107 Feb 6
39 Dec 113 Jan
38 June 25 62 Feb 6
50 Oct 174 July
8
5518June 28 1147 Mar 29
4
1064 Jan 4 1i0* Jan 7 1023 Nov 115 Apr
*
14
3 Oct 183 Mar
934 Mar 31
4 June 17
2918 Nov 864 Sept
4914 Jan 2 103 Apr 23
98 Nov 10914 Feb
105 June 18 112 Apr 25
1264 Jan 1) 153 Apr 4 106 Nov 14012 Jun
64 Nov 10412 Oct
6112June 23 7914 Feb 10
1012 Oce
318 June
513 Mar 24
2t July 1
314 Oct 2212 Feb
3
74 Jan 24
2 8June 18
4914 Nov 833* Jan
8
44 June 18 693 Jan 22
1074 Jan 7 III Apr 23 10814 Sept 12414 Feb
8
Oct 793 Aug
31
2
3914 Jan 2 67, Apr 7
80 Nov 12314 Aug
8Nlay 26
945 Jan 8 107,
Oct
844 Oct 109
9412 Jan 2 10474 Apr 21
41 May
3114 Jan
4June 4
1
394 Jan 3 503
3612 Dec 54 Feb
107 July 3 43% Mar 5
3
73 Mar
15 Nov
3
612June 19 30 4 Feb 18
2214 Jan 2712 July
22 Jan 2 2638 Mar 3
134 Dee
3
3 2 Nov
978 Jan 6
34May 22
11
Apr 35 Jan
7 June 18 393 Jan 20
4
203 Oct 547 Sept
344June 25 5012N1ay 17
8
102 Jan 7 11112May 16 .0112 Dec 1107 Jan
22 Dec 724 Mar
10 June 25 2714 Feb 27
6018 Nov 109 June
Mfrs Feb 6 9014 Mar 18
90 Nov 104 Feb
91 Jan 13 11144 Apr 22
1
Oct 22 8 Feb
5
712June 19 1214 Feb 26
28 Nov 664 Sept
30 June 18 43 Mar 19
2512 Dec 33 Dee
16 38 Apr 16
2512June
4712 Nov 123 Sep
4
56 June 18 893 Mar 31
6 Oct 134 Mar
1012 Apr 4
7 Feb 11
30 Dec 9812 Feb
31 Juno 10 4012 Jan 22
84 Dec 107 Jan
92 Mar 15 08 May 3
2412 Dec 37 Dee
4July 7 3318 Jan 7
193
8350 Dec 895 Dec
877 Star 24
4412 Nov 00 Sept
18
4678j
69 une 23 61% Jan 30
'24 Der 2018 Jon
512 Apr 2
8June 17
23
3 Dec 7212 Jan
21 Apr 2
612J1ine 10
8 Dec 8212 Jan
4
6121une 18 213 Apr II
Jan
38 Nov 54
40 June 25 527a Mar 21
904 Oct 10218 Jan
9512 Apr 12 100 Feb 3
3218 Nov 8234 Aug
25 June 23 50% Mar 25
33 Nov 95 Sept
6012 Jun 3 10412June 4
4
123 Nov 693 Apt
11 June 19 284 Apr 14
1918 Dec 1054 Sept
8
1618 Jan 3 673 Apr 25
3
23 4 Nov 547 Jan
17 5512 Apr 11
37 June
8212 Nov 1071y May
85 Feb 14 9512 Mar 6
Oct 33% Feb
4
6
51,8June 23 113 Ayr 9
654 Nov 8312 July
67 June 30 80 Mar 28
3 Dec 25 Jan
711 Feb 18
212June 16
7 July 8 1612 Feb 18
884June 25 105 Apr 25
75 Nov 12311 Oct
784July 8 1117g Apr 4
124 Nov 0484 Aug
8June 25 7112 Apr 7
383
105 Mar 4 125 Jan 15 121 Nov 140 Feb
24 Nov
BA June
1518June 24 384 Feb 15
Feb
23 Nov 81
1312July 7 3412Mar 7
631s Dee 12012 Feb
32 June 27 740 Feb 5
4
3
42 Oct 74 Feb
40 4June 25 81 Mar 7
8
81une 25 953 Apr 10 1684 Nov 403 Aug
623
114 lob
Jan
11
11% Jan 2 117s Apr 5
7
35
Oct 77 s JU17
anis Jan 17 6114May 1
8 June 17 183* Apr 10
78 June 25 10612 Apr 16
115 Mat 19 122 Apr 2
f-n
Ja
Ygi
99
100 July 8 111 Apr 9 C111-2
Oct 8918 Jan
8
50
4018June 25 593 Apr 12
4
873 Dec 100 Jan
89 June30 95 Mar 22
3312 Oct 914 Mar
11
37 Jan 16 5428 Apr 10
11712 Jan 24 13112May 8 112 Nov 12611 Jan
Jan
30 Oct 52
8
247 July 8 4118 Apr 14
818 July 10 2134 Apr 3
-98 Aug
3018June 18 527k Apr 7 20 Nov - - - 70 Oct 12812 Aug
7518.11ine 25 106% Mar 28
54 Oct 8812 Aug
8514June 18 90 Mar 28
30 June 18 6114 Apr 10
80 Nov 143 0 t
58 July 8: 10818 Jan 16
2
1012 Nov 4818 J..
1118June 30 207 Apr 14
Oell
66 Dec 94
65% Jan 30 8112 Apr 25
26 Oct 6418 July
1518June 8 88 Mar 20
95 Nov 10618 A• I
July 8 10518 Mar 27
93
4I4JUne 26 19 Feb 7
918 Nov 66 Feb
314 Oct 82 Jan
3412June 18 477 Apr 28
5
22123411018 5812 Mar 25
384 Doe 105 Jan
0512 Dec 11518 Feb
78 June 30 104'2154Kr 28
8
8June 27 967 Mar 31
60 Oct 1544 Mat
547
87 Nov 104% Feb
90 Jan 3 10214 Apr 30
2
14 Nov 60 Apr
812June 18 287 Mar 8
68 Dec 10114 Jan
Jan 10 8212 Apr 4
70
4 Oct 14 MaY
6 June 19 1538 Apr 23
Jan
538June 19 130* Apr 1
73* Oct 64
4
7 Nov 4912 Jan
512June 24 1113 Apr I
464 Nov 1024 Mar
18 June 28 697 Apr 2
324 Dec 41% Dec
30 June 25 62 Apr 2
33 Dec 964 Mar
3312 Fob 6 4512 Mar 1
8
94 Nov 32% Jab
11) June 17 203 Feb 18
70 Oct 548 Jar/
4June 18 4312 Apr 10
3
34
32 Nov 434 Set"
3
33 July 9 50 3 API* 3

3 aildlecaal snared for each share hold.

Nevi York Stock Record-Continued-Page 5
Pot

HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July 5.

Monday
July 7.

Tuesday
July 8.

Wednesday
July 9.

Thursday
July 10.

Friday
July 11.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Stnee Jan. 1.
On boats of 100
-share lots.
Lowest.
Highest.

per share $ per share Zt per share $ per share $ per share $ per share Shares Indus.
& Miscel. (Con.) Par
$
3014 3014 3014 3012 30 4 3114 303 3178 313 313
3
4
4
4 1,900 Grant(W TI
No par SA".112:1 4N ;IT%
"
20
20 8 20
3
20
20
20
20
20
4,100 CR Nor Iron Ore Prop No par
8 20
18 June 23 25 8 Mar 25
3
2012 21
2014 2012 *2012 21
21
21
203 207
8
8 1,200 Great Western Sugar No par 20 June 25 3412 Jan 16
*11212 117 *11212 117
115 115
11412 116
114 11612
400 Preferred
100 110 8May 27 120 Mar 14
5
1312 1514 1214 133
137
8 127 137
4 13
3
8 13
133 83,800 Grigsby-Ortinow
4
No par 1214Ju1y A 28 June 2
*3
1
*34
*3
4 1
1
*3
4
1
*3
4 I
Guantanamo Sugar
A'o vor
1r1v1ar 7
4 Feb 4
*37
40
3718 37,
3 3814 383 *3712 38
3
*37
38
500 Gulf Staten Steel
100 3718Ju1y 8 80 Feb 19
*95 100
*95 100
*95 100
100 100
*9812 100
100 Preferred
100 9811 Jan 17 109 Apr 30
32
32
3213 3214 31
32
30
3012 .
30
3012
610 Hackensack Water
25 26 Jan 4 3412July 3
28
28
2712 28
*2712 273
4 273 273 *2712 273
4
4
4
50 Preferred A
25 28 Jan 8 29 Apr 17
1512 1614 15
151s 15% 1614 1518 16% 155 1534 3,500 Hahn Dept Stored
8
No per 125 Jan 2 23 Apr 17
8
/
1
4
803 80 4 *8013 81
8
3
•80113 81
*8018 81
81
81
900 Preferred
100 711 Jan 3 8612 Apr 17
/
4
22
22
22
2214 223 2213 2212 225 *213 2312
8
8
4
900 Hall Printing
1
21 June 17 3MM/tr.25
*105
105 105
105 105 *10312 105 *10312 105
40 Hamilton Watch pref
100 99 Jan 7 105 July 8
90
90
90
90 .90
9014 90
90
•90
9012
180 Hanna prof new__. -No Pa
85 Jan 16 98 Apr 14
5012 52
50
50
50 50
51
31
*51
53
900 Harbison-Walk Refrao_No pa
50 June 27 724 Apr 21
•1212 13
*12
123 *1214 1234 123 123 *12
4
4
4
123
,
100 Hartman Corp class D_No pa
1012.1une 23 20 Feb 5
*2133 217 *213 213 *213 217 *21% 217 •213 217
3
8
3
8
4
8
8
8
No pa
2013 Jan 171 23
14May 24
*4912 52
*4912 52
*5012 52
*5012 52 .
5012 52
Hawaiian Pineapple
54 Jan 141 61 Feb 13
63
3 6118
6
614
678 638
57
8 6
63
2 63
3 2.800111eyes Body Corp
"Jo par
53
8June 18 174 Apr 4
/
1
*80
84 .
7913 84
*80
84 *80
84
*80
84
FIelme(0 W)
25 7712.11ine 19 92 Feb 19
/
1
4
*2112 23
2112 2112 2113 2112 *21
26
*21
26
300 Hemles Motors
par 2012June 23 31 Apr 11
8612 8612 85
88
8712 8812 89
9112 91
9312 6,100 Hershey Chocolate
No Par 70 Jan 2 109 May 28
No
9318 93 3 * 4 94
923
94
,
91
93 2 0412 95
,
953
8 1,000 Preferred
par
Vo 100 8312 Jan 2 1083
4.1une 3
•107 _
*10712 110 *10712 111 *107
•107
Prior preferred
10414 Feb 21 10714June 27
*14
17
*14
*13
16
17
*13
17
*14
Hoe (R) & Co
No pa
12 June 21 254 Feb 27
3118 311s 31
31,
4 31
31
*3214 35% 32
33
800 Holland Furnace
No par 2614 Jan 14 414 Mew 28
*7
81
*612 712 .612 712 *612 712
612 612
100 Hollander & Sonti (A) No par
5 Juno 18 125 Jan 29
8
*76
791 *76
7912 7912 7912, *76
79
76
76
300 Hoinestake Mining
100 7412May 5 80 Feb 1
1012 1053 103 1012 1012 10 1 1014 103
8
58,
4 1012 11
5,200 'loudenle-Hershey cl B'No pa
Wahine 28 29 Feb 5
*62
643 *62
64 2 6218 64141 *62
,
6314 *6212 64
800 Household Finance part p1_50 49 Mar 5 64't July 9
pa
Jau
6112
-7014
"a" -71- -73T8 76 -7238 7734 -75T4 -78 4 - 6- Household Prod Ine___No 100 524 Jan 25 11678 Mar 10
- -1- 5 ,800 Houston Oil of Tex tem etts
5218
17
Apr 25
27
27
*26
27
27
29
2712 2813 283 283
1,500 Howe Sound
4
4
No pa
2518June 18 417 Feb 7
s
30
3012 3018 31
3114 3212 3114 328 3134 323
9.900'Hudson Motor Car
3
No pa
2538June 25 62 Jan 6
/
1
4
137 14
8
1334 14
137 14
8
14
1414 143
8 6.400 Hupp Motor Car Corp
15%
10 13 June 28 264 Apr 11
/
1
2038 207
8 203 21
2118 22
2118 2134 2112 22
4,400 Independent Oil & 0a2..No pa
193
8June 25 32 Apr 7
47
8 478
5
5
5
5
47
8 47
8
1.600 Indian Motocycle
478 5
No pa
41-,June 18 17 Mar 4
•22
50
*22
*22
45
40
*22
49
*22
Preferred
49
100 22 June 18 8712Mar 3
1012 11
103 1012 11
8
113
11
12113 111g 1214 29,800 Indian Refining
10
83
4June 18 243 Mar 22
8
4 105 103
8
1024 103
8 11
1138, 11
1112 1114 117
8 6,600 Certificates
10
gionne 18 27 Mar 22
/
1
4
853 853 *81
8
8
85
85
90 I 9112 92 2 *8812 89
900 Industrial Rayon
,
No pa
73 June 30 124 Jan 10
198 212 1 185 195
194 195
195 20112 205 205
3,500 Ingersoll Rand
No par 15412 Jan 8 239 Apr 24
*683 74
3
70
7018 *703 74
3
*703 74
8
*703 74
200 Inland Steel
8
No par 08 June 25 DS Mar 11
*15
1514 145 153
8
4
1518 153
4 157 16
8
1518 1513 1,700 1..Mention Cons Copper- 20 1212June 18 807 Feb 7
.
8
103 103
8
3 1014 1012 1012 1034 103 103
4
4 10
1012 2,400 1132uranshare8Corp
No par 10 July 11 173 Mar 10
8
4
4
*33
4 4
*312 4
*312 4
200 intercont'l Rubber__._No par
35
8 35
8
35
8June 24
712 Apr 1
1812 183
4 1812 1812 1812 19
19
19
*1812 1912 1,100 Interlake Iron
154June 23 287 Apr 2
/
1
8
6
614
6
6
6
6
6
6
6
6
2,000 Internal Agrlcul
No par
412 Jan 2
813 Apr 7
.
56
60
*56
60
*57
60 *57
62
Prior preferred
*57
62
_100 5212June 23 671 Apr 9
/
4
171 171
165 168
170 17212 16812 175
1743 17534 2,200 lot Business Machines_A'o par 15212 Jan 18 1971 131ay 28
4
61
6112 60 4 603
3
4 61
63
6214 66
6434 643
4 2,400 International Cement __No par 55 Mar 6 753 Apr 2
/
1
4
8
57
3 6
78
57
..33 6
8 63
2
57
8 6
9.500 Inter Comb Eng Corp__No par
57
2 6
5 Jan 2 141z Mar 26
57
59
5712 593
8 5812 62
6018 6113 60
4,400 Preferred
63
100 30 Jan 2 78 Apr 1
783 8114 787 807
8
3
8 8014 8118 7912 83
8018 82
18,200 Internet Harvester____No par 75 June 21 115 Apr 16
/
1
4
*14214 14213 14214 14214 *14214 143
14214 14214 14214 14214
300 Preferred_
100 14012 Feb 10 14412 Mnr 14
Stock
3418 3514 3418 35
35
3534 3.53 36
8
36
36 7s 3,700 lot Hydro-El Sys el A_No par 3118June 18 54 Apr II
73
74
7333 73
7314 74
733 737
4
8 74
743
4 3,800 International Match pref..- _35 6512 Jan 3 92 Apr 24
Exchange
20
20
*20
2012 2012 21
203 22
8
21% 22
5.900 lot Mercantile Marine etfe_100 19 June 18 33 Apr 17
23
24
223 232
4
4 233 2414 235 2412 24
8
2433 75,900 lot Nickel of Canada_ _No par 21 June 18 443 Apr 4
8
ClosedInternational Paper....../Vo pa
58 Jan 6 65 Mar 21
*71
73
;71.- ii- -73- -'/- 075- 7612 ;76- - - 1300 Preferred (7%)
7 2
6
100 73 July 3 86 Apr 29
Extra
1978 21
*19
14 20
20
1914 19
2112 2012 2012 2,600 Inter Pap & Pow el A__A'o par 17 June 23 3118 Alar 22
*14
18
*14
16
1414 1414 *1512 16
CB
*1512 16
2.350000
No par
113
4June 18 22 Apr 14
/
1
4
Holiday
10
1018
97 10
8
10
1012 1012 103
Class
4 103 107
4
No par
8
9 June 21
18 Apr 14
70
701 *70
72
70
70
70
70
7018 7018 2,300 Preferred
100 70 July 7 86 Mar 26
.35
40
*3614 38
38
38
39
4218 4318 4314 1,200 Int Printing Ink Corp__No pa
354July 2 584 Apr 5
/
1
/
1
88
88
*84
88
*84
88
88
88
*87
50 Preferred
88
100 88 July 3 101 Apr 12
37
393
8 36
3712 3714 373
4 37
363 373 24,000 Internattorial Salt new
8
375
8
100 36 July 8 453
4June 20
5512 5513 56
56
5512 5512 *54
56
*54
57
400 International Shoe_ ___No pa
5312.inne 25 62 Jan 15
*70
75 1 69
7114 *66
70
*70
75
70
600,International Silver
78
100 69 July 8 119 Feb 1
*107 108
10712 10712 *107 108 *107 108 •107 108
101 Preferred
100 105 Feb 26 1121 Feb 17
/
4
4212 4312, 4214 4378 4332 4418 4214 445
8 435 447 42,7001Internst Telep & Teleg_No par 4018June 23 773 Apr 24
8
8
2
20
2014; 20
20
20
20
20
20
20% 2118 1,6001 1nterstate Dept Storea_No par 18 June 17 40 Feb 4
*673 7414' *673 7414 *6818 7414 *6818 7414 •881g 7414
4
8
Preferred ex-warrants__.100 675
8June 28 754 Feb 6
25
25
*23
25
*25
*23
26
25
*23
25
Intertype Corp
No par 23 Jan 2 32 Apr 9
153 157
4
8 16
1614 153 1612 1512 151
4
1512 1512 1,100'Investors Equity
No par 14 June 19 29 Feb 19
3
3112 311 *32
317 3212 3112 3112 *3112 313
3212
400 Island Creek Coal
1 3112July 8 43 Mar 19
4512 4512 *45
4712 4512 49
4 49
183 483
4
49
600-Jewel Tea Inc
No par 43 Jan 20 6612 Apr 30
7518 7612 72
753
4 7312 7533 70
52.900'Johns-Manville
753
75
4 71
No par 70 July 10 1483 Feb 5
2
•12014 122 *12014 122 *12014 122 *12014 122 *12014 122
Preferred
100 11814 Feb 24 123 Afar 21
121 121
121 12118 121 121
121 122 *12112 122
230 Jones & Laugh Steel pref 100 118 Jan 6 12312 April
/
1
4
*13
4 2
13
4 13
4
213 23
233 21s
4 •2
1,800 Jordan Motor Car
218
No par
15
8June 28
512 Apr 9
958 10
012 912 I()
10
934 934
973 97
000 Karstadt (Rudolph)
8
912July 8 1312 Jan 16
*1634 17
17
17
8
*167 17
*1612 17
•167 17
8
100 Kaufmann Dept Stores-$12.50 1612,1tine 25 2012 Mar 7
2514 2514 2412 2412 2512 2512 *26
26 4 *2412 2614
,
300 Kayser (J) Coy t e____No par 24 Juno 21 414 Jan 2
/
1
•____ 493 *____ 493 •_--- 493 *- --- 49 4
4
4
4
3
1Keith-Albee-Orpheum -No Par 21 Jan 8 45 Apr 23
493
3
*10134 109 *1013 109 *10212 110 1.10514 110 *106
4
110
I Preferred 7%
100 85 Jan 7 150 Apr 24
333 4
312 378
314 312 *33
3 312
312 312 1,100 Kelly-Springfield Tire__No par
3 June 18
61 Apr 10
/
4
25 4 273
3
4 2918 2912 30
30
30
30
29
2912
230 8% preferred
100 2018 Jan 3 42 Jan 24
•____ 35
*31
36 *---- 35
35
35
6% preferred
100 29 Jan 2 65 Jan 25
2614 2614 *2512 2612 27
27
27
28
27% 29,
2 2,900 KelseyHayesWheel____ No par 2218 Jan 3 3912 Apr 11
1612 17
157 165
8
8 1614 163
4 1613 1715 1612 173 37,400 Kelvinator Corp
8
No par
712 Jan 2 264 Apr 25
/
1
76 *-- -- 76 *._ _- 76
76
Kendal) Co Prof
No par
72 June 27 89 Mar 21
38
3812 38
383
8 38
383
4 38 4 383
,
4 373 387 28,100 Kennecott Copper
4
8
No pa
3712June 25 62 Feb 7
/
1
4
*49
53
*5014 54
*50
5312 *5112 5313 •5112 5312
Klmberley-Clark
No pa
4814June 21 59 Mar 31
.26
28
*25
26
*25
26
*25
26
*25
26
Kinney Co
No par 20 Jan 29 4012June 4
85 85
*83
85
*83
85
85
85
*8312 85
220 Preferred
83 June 20 97 Apr 17
23
4 3141
27
8 27
8
23
4 27
8
23
4 27
8
27g
273 5.100 Kolster Radio Corp___No par
11 Jan 18
/
4
812 Apr 14
49
4918 483 4833 *49
8
50
300 Kraft Cheese
No par 3818 jan 6 5518Junc 2
*11118 __ *11113
•11118
Preferred
100 98 Feb 6 111 June 5
2712 27% 2713 2712 2718 ---- -278 282773
73
33 727 8 1/4 _7,100 Kresge (8 5) Co
310 2614June 17 364 Jan 2
/
1
5314 545 *54
8
547
8 547 5633 5714 583 .5213 59
8
8
1.800 Kres2 Co
No par 50 June 24 70 Jan 24
2773 2814 2738 277
8 2734 2814 28
2833 2812 283 23,700 Kreuger &Toll
8
23 Jan 2
/
1
4
2
243 26
4
24
2513 247 2614 25
8
255
8 2514 25% 13,000 Kroger Grocery & Bkg_No par 21 June 18 353 Apr 10
481 Jan 23
/
4
25
25
25
25
25
25
*2412 25
*24
25
500 Logo Oil & Transport__No par 214 Jan 11 264 Apr 7
8112 84
817
79
8 817 83
8
8178 833
8 8218 83% 11,600 Lambert Co
No par 7012June 18 113 Apr 1
5
5
5
5
*47
8
5
5
5
5
5
2,300 Leo Rubber & Tire
No par
45
81une 17 11 Mar 25
3112 30
30
30
3018 3018 30
3014 *3014 32
1,100 Lehigh Portland Cement_-_50 30 July 7 42 Apr I
*104 10714 106 106 *10618 10714 *10618 10714 *10618 10714
60 Preferred 7%
100 105 Jan 2 10812May 24
*812 812
812 812
9l, 918 .87
8 93,
9 4 93
,
4 1,200 Lehigh Valley Coal____No par
714June 18 1712 Mar 17
•
21
23
*20
*22
23
23 .2212 23 .22
23
Preferred
50 2218June 36 3712 Mar 19
25
26
2514 25 4 .
23
2711 26
,
2614 27
27
800 Lehn & Fink
No par 2214June 25 36 Apr 14
*1912 21
20
*1912 21
20
*1912 21
.1912 21
100 Libby-Owens Glans._ No par
1912June 25 3112 Mar
.
91
87
8612 87
89 89
*91
93
91
93
600 Liggett & Myers Tobacco__ _25 85 June 18 113 Apr 20
/
1
4
1
8714 891
89
90
87
00 4 90
3
917
8 91
923
8 7,900 Series B
25 85 June 25 1144 Apr 1
/
1
2318 231
23
23
24
21
*233 2412 •2334 24
4
300 Lima Locomot Works__No par 20 June 18 491 Feb 16
/
4
*3712 38
*3712 38
37;8 3713 *3712 38
3712 38
300 Link Belt Co
No par 37 June 25 45 8 Feb 21
8
64
651
65
671
6738 687
6714 6012 6712 69
/ 10,000 Liquid Carbonic
1
4
No oar 52 Jan 3 817 Mar 28
14
8
6234 641
623 65 8 6412 66
8
3
6414 6734 055 673 35,700 Loew's Incorporated
8
8
No par 4218 Jan 2 953
4May 14
*10012 106
101 103 *10112 10412'10114 10412 *101 10412
600 Preferred
No par 851 Jan 17 1123
/
4
8June 3
*9314 941 *9312 9412 *935 9412 *933 9112 •933 9412
8
4
Preferred ex.warrautallo par 785
4
8May 5 9612May 24
312 31
333 43
33
8
8 38
5
4
44 8,600 Loft Incorporated
/
1
No par
3 June 18
.73, 07, *758 973 *738 9 g *758 12
0 Feb 19
/
1
4
7
y 'n, Bell Lumber A...No par
•
753 8
8 June 10 153 Mar 22
4
•58
5912 59
5978 60
607
8 607 62
8
611 7,400 Loose-Wiles Biscuit
61
/
4
25 5012 Jan 4 704 Apr 2
/
1
1718 18
1718 173
173 1812 173 1812 184 1812 9,800 Lorillard
4
4
4
25
We Jan 2 2818 Mar 3
81a 8%
812 83
88 8 8
4
,
818 8 8
,
81g
814 2,300 Loulel&na 011
,
No Par
8 Feb 28 12 Apr 28
*80
00
*SO
*80
90
90
*80
90
*80
Preferred
90
100 8018June 18 8912 Feb 6
35
353
3 3414 35
3512 3512 35
36
351 364 2.600 Louisville0 dr El A____No par 33 June 23 514 Apr 25
/
4
/
1
247 2478 233 243
8
4
8 21
2412 24
247
8 25
253
8 6.200 Ludlum Steel
No par 22 June 25 447 Mar 12
8
*787 90
8
787 78713 *65
8
85
*65
85
*05
85
100 Preferred
_No par 787 July 8 993 Mar 18
8
4
.26
2914 •26
2612 2514 2614 *2518 287
287g *26
600 MacAndrows de Forbee_No par 2414.1une 19 3954 Apr 3
8
5114 5018 51
30
5112 5112 5212 5478 14
557
3,400 Mack Trucks Ina
8
No per 4614June 18 8812 Mar 27
113 114
11314 114
115 115
11513 1171s 117 1177
8 3.300 Me*Y en
.v, -•.^, 109 June 25. 1NO1,'eh q
,
Bid and asked prices; no sales on this day. ip Ex-411yelks-rIghts.




241

•ring else week o, stocks not recorded here see fifth page preceding

5001

PER SHARE
Ron ye for Previous
Year 1929.
Lowest.

Hfokest.

$ per share
3212 Dec
19 Oct
28 Nov
105 Nov
144 Nov
1 Nov
42 Nov
993 Dec
2
2312 Nov
26 Jan
Oct
12
711 Dec
/
4
27 Dec
09 Nov

Var share
144 8 Feb
5
394 Feb
Jan
44
11912 Fob
70 Sept
512 Jan
79 Mar
109 Feb
35 Aug
30 Aug
564 Jan
/
1
116
Jan
29 Dee
/
1
4
105
52 Jan

54 Jan
13 Oct
164 Oct
/
1
55 Dec
5 Nov
/
1
4
84 Nov
214 Dec
/
1
45 Nov
60 Nov
/
1
4
104
Jan
12 Dec
/
1
4
21 Nov
13:2 May
65 Nov
13 Nov
45 Aug
40 Oct
26 Oct
34 Nov
/
1
4
38 Nov
18 Nov
173 Oct
4
3 Oct
/
1
4
25 Nov
13.8 Oct
1112 Oct
6812 Nov
120 Jan
71 Dec
22 Oct
12 Dec
2 Nov

717 2 Oct
417 Aug
3
31 Sept
72% Aug
88seMay
118i2 Jan
3312 Oct
1437 Oct
8
143 Oct
/
1
4
10638 Oct
33 Aug
81 Mar
244 Aug
/
1
93 Aug
53* May
524 Sept
7912 Jan
109
Apr
8212 Mar
9312 Mar
Jan
82
3933 May
3212 Jan
95 Feb
/
1
4
53 Aug
514 Aug
135
Jan
22312 Ott
113 ALS
cm Mar
:
16 Nov
144 Jan

-1- Oct
40 Nov
109 Nov
48 Nov
414 Dec
1812 Dec
65 Nov
137 Aug
23 Nov
47 No
1818 Nov
25 Nov
57 Dec
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
914 Nov
/
1

---- Jan
17 8
7
8813 Jan
255 Oct
102 Feb
/
1
4
10313 Feb
121 Feb
142 Aug
145
Jan
6912 Sent
10212 Jan
3918 Oct
724 Jan
/
1
112
Oct
9412 Jan
444 Oct
33 Oct
/
1
4
2613 Get
95 01.2
6813 Oet
106 Mar

64
Oct
25 Nov
1034 Oct
53 Nov
2518 Oct
74 Dec
17 Nov
1218 NOV
30
Oct
39 Nov
90 Nov
118 Nov
117 June
112 Oct
1078 Nov
174 Dec
30 Nov
1512 Nov
70 Nov
3 Dec
16 Dec
26 Dec
135 Nov
8
5 Oct
75 Nov
49 Nov
/
1
4
4514 May
2113 Nov
80
Oct
312 Dee
27 Nov
95 Apr
28 Nov
5314 Nov
2212 Nov
3814 Nov
1612 Nov
8018 Nov
5 Oct
30 Nov
100 Nov
10
Oct
SI Dec
28 Nov
17
Oct
801, Nov
80 Nov
30 Nov
37 Nov
/
1
4
Oct
40
Oct
32
Oct
80
50 4 Nov
3
34 Dec
/
1
12 Dec
391g Nov
144 Oct
7 Oct
80 Nov
28
Oct
22 Nov
76 Nov
3014 Oct
b51 Nov
/
4
1in Nov

77'* Idept
15913 Aug
119 Jan
14914 Sept
9313 Jan
97 May
3838 July
7218 Aug
69 Mar
16214 Feb
242 Feb
/
1
4
123 May
126
Oct
1612 Jan
187 Nov
2
3718 Feb
3812 July
46
Jan
138
Jan
7
23 8 Jan
947g Jan
100 Feb
/
1
4May
59
194 Feb
96 Feb
1047 Mar
8
573 Oct
2
•*12 July
100 Mar
/
1
4
7852 Jan
7614 Oct
10578 Oct
57 Mar
/
1
4
114
Jan
463 Mar
2
12212 Jan
3838 June
1574 Mar
26 Jan
66 Pet
110 May
/
1
4
32
Oct
443,4 July
6812 Feb
43 Aug
106
Oct
10614 Oct
671 Ju
4
81
Feb
113 Jan
/
1
4
8412 Feb
1103 Jan
4
95 Mar
1112 Apr
3212 Jan
87 Sept
/
1
4
314 May
Jan
18
10012 Feb
7252 Sept
1087 July
2
18 Jung
48
Jan
1143 Feb
4
255 Sept
/
1
4

New York Stock Record-Continued-Page 6

242

For sales daring the week of stocks not recorded here, see sixth page preceding
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
July 5.

Monday
July 7.

Tuesday
July 8.

Wednesday
July 9.

Thursday
July 10.

Friday
July 11.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

share shares Indus,& Miami.(Con.) Par
$ per share $ Per share $ per share $ per share $ per share $ per
1312 1312 2,600 Madison Se Garden___No par
1314 1312 1314 1314 1312 1414 131 14
No par
8 3212 3312 1,100 Magma Copper
8
33 8 3353 335 335 *3312 337
5
*333 34
4
1112 17,100 Mallison (H 11) & Co_ _No par
8
8 1114 1158 1114 1214 11
107 117
1118 13
160 Manati Sugar
2
100
2
*15
8 3
112 112 *158 3
*112 4
90 Preferred
100
143 143
4
4
1514 16
*16
24
1516
24
*16
24
100 Mandel Bros
No par
*12
14
5112
14
12
1314 12
1314 1512
*12
Manh Elea Supply
..
No par
25
11" ;i5" IC ;i5" Ii" . ia Manhattan Shirt
1i- ;i5" -14- a- ;15- -Marlin-Rockwell
No par
321 *3012 3112 *301 331 *3012 3312 *3012 3312
*31
No par
3
1014 10 4 103
4 1012 104 1,800 Marmon Motor Car
8 95
8 10
93
10
1014
300 Martin-Parry Corp
No par
4 *312 4
33
4 33
3
3
314
*3
312 *3
2,300 Mathieson Alkali WorksNo par
38
8 38
3658 38
3753 387
3612 3612 3514 38
Preferred
100
*119 127 *119 127 *119 123 *119 123 *119 123
8
25
42
4212 425 4314 2,900 May Dept Stores
43
43
42
421
4112 42
100 Maytag Co
14
14
No par
*133 14
*133 14
4
*133 14
4
•13 4 14
3
200 Preferred
2412 2412
No par
*2412 29
2512 25% *2412 29
*2512 29
Prior preferred
No par
8018
8314 *77
8018 1577
8314 *77
8314 *77
5177
McCall Corp
No par
*3812 40
15387 40 *3812 40
8
41383 40
8
*35
39
McCrory Stores class A NO par
*53
55
55
553
*545 55
*5412 55
*541 55
Class B
1557
67
No par
67
1557
67 *57
*57
67
*57
67
Preferred
*90
94
100
94
*90
94 *90
94
*90
94
*90
100 McGraw-Hill Publica's No par
*32
34
*32
34
*32
34
34
*32
33
33
McIntyre Porcupine IMInes_5
4
4
4
4
*173 1812 *173 1812 *173 18% *173 1814 *173 1838
4
73
75
7653 7614 7953 7714 7912 8,600 McKeesport Tin Plate_No par
72
723 73
4
1,600 McKesson A Robblas-No par
23
23
23
2214 2214 23
2218 2312 22 22
300 Preferred
*377 39
8
*377 39
50
*377 46
39
38
5139
40
1,200 McLellan Stores
14
No par
*1314 1312 14
*123 1312 1212 1212 1253 14
4
700 Melville Shoe
35
No par
3612 35
3412 *324 3412 342 3412 35
*3212
500 Mengel Co (The)
No par
103 103
4
4
*103 11
4
4
*103 11
10 8 H
3
11
11
33,300 Mexican Seaboard OIL-No per
4 1938 21
8
3
185 1953 1814 1914 195 20 8 1912 203
8
4 2,500 Miami Copper
4
5
4 163 163
167 1714 1812 163
8
16
1614 1614 16
6314 1,100 Michigan Steel
N.par
6134 6214 6153 6214 83
*6112 65
*6114 65
No par
2
7
8
2312 2414 233 23 8 2418 2412 245 244 248 24% 3.400 Mid-Cont Petrol
1,100 Middle States Oil Corp ctfs___
1
1
1% 1%
118
1
1
118
1
1
No par
2614 2614 1,000 Midland Steel Prod
26
1524
25
26
2812 26
24% 25
No par
--- ------------------------------------------Miller Rubber
200 Minn-Honeywell Regu-No Par
54
55
*50
54
*50
54
*50
55
55
5150
14
14
143
4 2,600 Minn-Moline Pow Impl No par
15
15
14
1453 1312 1338 14
500 Preferred
No par
*70
80
79
71
80
*70
*70
84
75
77
600 Mohawk Carpet Mills_No par
18
1912 18
*18
18
1712 1712 1712 1712 18
2.100 Monsanto Chem Wks No par
41
413 *40
4
40
3912 41
*37
39
*383 39
4
39,400 Mont Ward &CoIllCorpNopar
8
3312 34 8 333 3512 3453 355
3
4
3
3353 34 4 3318 34
200 Moon Motor Car new_No par
74
3
4 *71
*7
73
7
7
7
7
516
8
500 Morrell (J) & Co
No par
5212 5212
53 *5214 53
53
53
53
5312 531
118
118 1,200 Mother Lode CoalltIon_No par
114
114
114
114
118
114
1% 114
33
4 372 1,000 Moto Meter Gauge &EnNo par
312 312
312 312
314 312
*812 33
4
1,400 Motor Products Corp-_No par
50
4014 48% 50
*3812 41
*3814 41
*3812 41
Motor Wheel
No par
*2112 2212 *2112 2212 *2112 2212 .2112 2212
*2112 22
91 10
No par
1318 3,900 Mullins Mfg Co
1012 1112 13
147
8 1212 148 13
Preferred
7 *5114 57
No par
*5018 57
*5412 68 *5018 57
1550
53
No par
100 Munsingwear Inc
*42
45
*42
47
*42
45 *4212 45
45
45
No par
4 8.700 Murray Body
1412 1518 *1412 147
8
147
8 147 1512 1512 153
8 14
200 Myers F & E Bros_ No par
41
*41
4212 373 373 *4012 41
3912 3912 *39
4
No par
3414 351 13,400 Nash Motors Co
331 35
34
3253 333
4 33
333 35
2.200 National Acme stamped_.-10
4 1112 1118 1253 1212 117 12
12
12
1118 111
8
No par
200 Nat Air Transport
20
•1712 221
1712 1712 *1712 2212 1712 1712 *17
5
97
8
4,500 Nat Sense Hess
812 812
No par
812 812
814 9
8% 9
Stock
National Bheult
26
_ ____ ____ ___- --_- -__ ____ ____ ____ ___
87.14 7714 8014 81
7812
10
Exchange
8212 8112 8414 8318 8412 29,800 New
4514 4714 4553 4714 45 4 47
4553 15.100 Nat Cash Register A w IN° par
3
4252 4512 44
No par
5018 5114 22,200 Nat Dairy Prod
494 504 49% 51
8
4853 493
4 483 49
Closed1,400 Nat Department Stores No par
*141 15
15
143 143
4
4 147 15
15
15 4 15
3
8
100
10 1st preferred
86
*86
86
*85
Extra
8612 86
8612 *86
8612 *86
900 Nat Distill Prod cUs___Ne par
28
8 28
*27
2812 *27
28
277 277
8
8 2712 283
Nat Enam & Stamping---100
24
*22
*22
24
24
*22
2314 *22
Holiday
*23
24
100
131 13414 3,400 National Lead
12958 130
126 12914 13114 13234 13112 133
Preferred A
100
4
*14018 1403 *140 140 4 *140 1403 *140 1403 .140 14034
4
4
3
100
10 Preferred 13
118 118 *118 119 *118 119
*118 119 *118 119
No par
4014 66,100 National Pr & Lt
8
4 39
3718 38
3618 373
4 3714 3853 367 393
No par
100 National Radiator
214
214 .2
214 *2
*2
218
*2
2
2
Preferred
No par
*312 412 *312 412 *312 412 15312 412 *312 412
50
800 National SUPPLY
10312 104
8
102 102 *1007 110 *10212 104
102 102
50
7012 7214 1,600 National Surety
72
7012 724 711 7112 713 72% 72
4
No par
400 National Tea Co
2614 *2512 26
2612 261 *253 2614 *2534 2612 26
4
10,300 Nevada Consol Copper-No par
4
1614 167
1618 1658 16
1612 153 1612 158 16
Newport Co class A
50
70
*50
70
*50
70
*50
1550
*50
70
70
No par
2,600 Newton Steel
38
3614 3814 38
34
35 4 36
3
34
36
36
No par
1.500 N Y Air Brake
39
39
39
39
3812 39
x3752 375
8 3812 39
New York Dock
100
33
5130
33
1530
*30
33
*30
33 *30
33
Preferred
100
58212 00
*8212 90
*8212 90
*8212 90 *8212 90
SONY Steam pref (13)„--No par
10112 10112 *101 10112 101 101 *101 10112
10112 102
No pa
30 1st preferred (7)
_ 11318 11318
112 113
15112_
11112 11112 *113
No par
91 4
8853 - 1 8712 9012 8912 908 883 - 12 9253 9412 43,800 North American Co
4 91
600 Preferred
60
8
8
5412 55
5412 541
543 543
4
4 5452 545 *543 55
400 No Amer Edison pref__No par
*10214 10314 *10214 10314 *1027 10314 10314 1033 10312 10312
8
8
900 North German Lloyd
4618
464 4653 45 4 453 *4614 46% 4612 4612 48
3
4
Northwestern Telegraph___50
*43
47
7 *43
47
*43
47
*43
47
*43
43
300 Norwalk Tire & Rubber---10
8
*114
114
114
11
*114 1% •118 13
118
11
Nunnally Co (The)
-___No par
*214 3
*214 3
*214 3
5
.2% 3
*214 3
25
1918 17,400 011 Well Supply
8 18
*1612 1634 15% 17
163 203
4 1918 217
100
10 Preferred
94
*90
04
*8312 94
*90
8812 8812 *90
94
Oliver Farm EquIp__-_No par
15 4 16
3
16
16
165 165
8
8 1612 1612 1618 1653 1,400
2,500 Cony participating-No par
30
297 297
8
8 30
28
2714 2812 28
1528
30
No par
500 Preferred A
74
*73
74
1727 727
73
73
8
8 73
73 *73
No par
60010mnlbus Corn
518 518
55
8 552
5% 518
5%
5
512 512
401Orpheure Circuit, Inc pref_100
84
*81
85
8114 8112 *7812 8153 *80
*81
85
No par
8,400 Otis Elevator new
5978 813
597 62
8
4
8 6114 6214 613 6353 6212 63
100
60 Preferred
__ *126
126 126 511261
126 12618 *126
No par
27 8
253 253
2718 --1 1,100 Otis Steel
25
25
26 2614 17
25
4
100
Prior preferred
__- 89 *____ 89
____ 89 •____ 02
__
89
3,200 Owens-Illinois Glass Co-_25
51
48
49
4918 *4914 4934 50
5012 51
50
25
55
5512 5418 5453 5514 55 4 5412 5614 5612 5712 7,500 Pacific Gas es Eleo
3
No par
1,800 Pacific LW Corp
78
783
4 78
76
76
7512 77
77
7612 77
100
140 Pacific, Mills
221
203 20 8 2014 2014 2112 2214 *22
8
3
2212 *22
No par
- Pacific 011
100
1.5f2 lii- Iii- 10; i515" 116" *iio" fii- iii- Ili- -- 170 Pacific Telep & Telex
100
10 Preferred
*12512 130 *12512 130 *12511 1297 130 130 *130 13012
8
84,100 Packard Motor Car_ __No par
8
8
127 1353 1234 1314 1278 1314 127 1312 133 135
8
8
300 Pan-Amer Petr & Trans---50
58
58
*58
80
58
*573 5814 5814 5814 58
4
50
2.900 Class S
5812 5812 57% 5818 573 58
4
4
573 5812 373 58
97 1014 1053 1114 1018 113
10
10
8 1012 1112 15,000 Parmelee Transporta'n_No par
712 712 1,500 Panhandle Prod & ref_ _No par
712 712
8 712
63
4 63
4 567
7
7
100
Preferred
80
5170
80
4170
80 •70
1570
80
1570
80
No par
47 58
8
583 20,300 Paramount Publix
5838 57
5412 5553 557 5812 56
5
1
17
900 Park Utah C M
13
4
17
8 2
13
4
17
8
17
8 17
8 *134 2
No par
2,700 Paths Exchange
37
334 4
*378 4
33
4 4
4
38 4
No par
712 732
712 738
838 812 2,400 Class A
8
853
753 8
18
1814 18
18
1814 2,400 Patina Mines & Enterpr____20
1712 1712 17
1712 17
50
200 Peerless Motor Car
53
5
5
538 *5
5% *5
814 814 *5
No par
4,900 Penick & Ford
*39
40
43
40
3812 40
42
4112 4118 43
No par
524 4914 517
s 51
50
5214 5212 4,100 Penney (J C)
51.14 5114 52
100
200 Preferred
4
*99 100
4
*9912 100
*99 100
993 993
993 993
4
712 714
8
7
714
900 Penn-Dixie Cement____No par
718 712
712 72
4 *712 77
100
100 Preferred
*35
40 40
41
421 *35
43 *354 407 *35
100
2,000 People's CI L &0(Ch1c)
243 253 25312 25334 254 258
•245 250
256 256
No par
200 Pet Milk
1818 1818 1818 181 51173 183 *173 19
4
51173 183
4
4
4
4
-Dodge Corn
25
4132
33% 3253 333
33 8 34
5
343 3514 2,700 Phelps
4
34
347
Philadelphia Co (Pittsb)
50
*150 210 *185 200 *185 200 *185 200 *185 200
50
700 8% Preferred
52
5151
s
61
52
523 5212 *51
52
52
52
147 15 4 145 15
8
3
8
4
52 153 16
2
3
147 1614 157 163 24,300 Pbila & Read C & I___No par
1012 1034 1014 104 1012 1011 11
1114 1,900 Phillip Morris & Co.. Ltd_....10
11
11
Phillips Jones CorD__--No par
*18
*18
20
20 .18
*18
20
*18
20
20
100
Phillips Jones Pref
*6814 70
*6814 70
*6814 70
*6814 70
516814 70
•Bid and asked Prices: no sales on this day, a Ex-dividend and ex-rigeta, 8 Ex-dividend.




PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100

y Ex-rightst

Highest.

PER SHARE
Range for Proctor*
Year 1929.
Lowest.

Highest.

$ per share $ per share $ per share 5 Per Owl
24 Feb
11% Nov
10 4May 8 1532June 6
3
35 Nov 8212 Mar
283
4June 19 5253 Jan 7
2
8 Nov 393 Jan
612May 5 13 July 3
Jan
3 Dec 213
112July 8
8 Jan 29
197 Dec 5012 Jan
8
143
4July 11 50 Jan 28
8
14
Oct 385 Mar
12 July 9 15 Jan 14
5 Jan
197 Nov 37
8 June 25 5518May 1
1914 Dec 35 Jan
5
1118June 25 243 Jan 10
30 Oct 897 May
8
3014June 26 55 Feb 28
7
19 Nov 104 May
83
8June 28 30 Apr 9
18
Jan
212 Nov
6 May 19
3 Jan 6
29 Oct 218 Feb
3238June 25 5153 Mar 28
115 Jan 24 127 Apr 24 120 Jan 125 Jan
4512 Dec 10812 Jan
8
4018July 3 613 Jan 31
153 Oct 2913 Aug
8
133
4June 25 23 Mar 26
2112June 28 4012 Apr 7
2814 Dec 494 July
7512 Nov 9018 Jan
76 Jan 7 8412 Mar 26
3914 Dec 108 Oct
38 June 23 50 Apr 1
4
74 Dec 11311 Feb
60 May 19 74 Jan 2
70 Dec 11512 Fe
5738June 12 70 Jan 16
8612 Nov 120 Feb
8912May 7 97 Mar 24
30 Oct 48 Feb
3012J90e 23 44 Apr 7
1212 Nov 2312 Jan
14 Jan 2 1912 Apr 23
5
54 Nov 82 Jan
131 Jan 2 8912June 4
214 Oct 59 Mar
1858June 25 3753 Apr 12
40 Oct 63 July
35 June 24 4914 Apr 8
1812 Dee 5912 Aug
12 June 30 2014 Jan 7
2612 Dec 72 Jan
2814 Feb 8 42 Apr 18
9 Oct 347 Jan
10 June 18 23 4 Mar 10
3
8
914 Oct 1393 Jan
1618 Jan 18 37 Apr 7
7 Feb 6
20 Oct 5412 Mar
15 June 18 33
8
44 Dec 1227 July
53 Jan 13 77 May 13
397 Jan
22% Nov
2218June 18 33 Apr 7
353 July
212 Mar 17
3 Nov
4
7 Mar 4
3
215
8June 25 53 Feb 28 --37 Jan 23
55 Apr 2
3 4 Dec 28% Mar
159 Nov 12314 Sept
50 July 1 763 Mar 19
4
3
10 Oct 43 8 J1113
5
8
1212 Jan 10 287 Apr 17
85 Nov 102 July
72 Jan 7 9214May 28
35 Nov 8014 Mar
17 June 24 40 Jan 27
12
47 Nov 80 Oct
35 June 25 633 Apr 21
4
2
42% Dec 15137 Jan
2
31 June 25 497 Jan 2
5 Oct
112 Oct
33 Jan 22 1812 Apr 2
4
42 Oct 8153 Oct
513
4June 23 72 Feb 5
812 Mar
112 Oct
118June 17
2 Jan 2
4
314 Oct 313 Aug
8
312July 2 113 Apr 10
36 Nov 206 Mar
3412June 21 81 Apr 7
21 NOv 551 Aug
21 June 17 34 Mar 19
8
Oct 817 Jan
10
8 June 18 20 4 Feb 14
3
55 Dec 10214 Jan
40 July 2 647 Jan 31
4
38 Nov 613 May
4018June 23 5313 Feb 10
8
1212June 17 2514 April
147 Nov 1007 June
12
30 Oct 67 Oct
355 Jan 2 4912 Mar 25
8
8
3018June 24 5812 Jan 6
40 Oct 1187 Jan
8
145 Nov 417 July
8June 24 2814 Feb 14
105
10 Dec 4814 May
8
11 Jan 13 393 Apr 14
9% Dec 71 Mar
814Ju11 10 20 Apr 7
4
4
177 Jan 2 2253 Mar 21 140 Nov 2383 Oct
8614 Dec 73 Dec
71 Jan 2 93 May 29
59 Nov 1484 Mar
42 8July 10 83% Feb 3
5
38 Oct 8812 Aug
4514 Jan 20 62 June 2
20 Dec 373 Mar
4
1458July 3 2412 Feb27
89 Dec 98 June
86 July 10 90 Jan 27
16
Oct 58 June
2412June 25 3912 Feb 6
1
25 Dec 621A Jan
12
1714June 14 33 Mar 1
125 June 23 18912 Feb 7 12914 Nov 210 Oct
13818 Jan 3 143 May 13 138 Nov 14113 Feb
116 Jan 17 11912July 1 115 Oct 12353 Apr
23 Nov 713 Aug
4
4
32 Jan 2 583 Apr 24
41 Jan 15
112 Dec 17 Jan
IN Jan 7
112 Dec 41
Jan
3 June 25 11 Jan 15
9812 Nov 144 Jan
3
hOO7
sJune27 124 4 Apr 7
7014 Dec 155 Feb
5
98 8 Mar 22
3012 Jan
311 Nov 9153 Mar
24 June 19 41% Feb 4
2314 Nov 627 Mar
2
1512June 18 3214 Jan 7
43 Mar 103 Sept
51 Jan 9 85 Mar 25
35 Dec 113 July
28 June 17 58 Apr 14
3512 Oct 498 Mar
3758Ju1y 8 47 Feb 19
33 Nov 5832 Feb
28 June 26 48 Apr 25
823 July 90 Apr
4
80 Feb 8 8812 Apr 24
9312 Nov 103 Jan
100 Jan 2 104 May 13
11612 Mar 13 107 Nov 115 Aug
110 Feb
6612 Nov 1863 Sept
8
4
8712July 8 1327 Apr 11
48 Nov 5414 Jan
51 Jan 13 57 June 4
98 Nov 103 4 Jan
3
1003 Jan 23 105 May 22
4
4June 11
4112 Dec 8414 Jan
45 Jan 7 553
4012 Dec 50 Mar
42 Jan 2 5053 Mar 14
4 Mar 26
3 Oct
4
7 Jan 9
8
614 Feb
314June 16
2 Dec
2 Feb 3
8 Feb
77 Dec 32 JS2
91 Jan 3 2i7 July 10
883 Dec 10812 Jan
4
86 Mar 10 93 Apr 4
8
137 Jan 2 341 Apr 17
2
Oct 8412 Apr
27 June 18 41318 Apr 17
17 Oct 893 Apr
8
4May 13
6412 Dec 991 May
70 Jan 2 905
83 Mar 31
8
2 4 Jan 3
5
212 Oct 107 Feb
2
7 Apr 21
83 Jan 6 99
5018 Oct 05 4 Jan
3
55 June 18 8038 Mar 13
Jan 23 128 June 12 1187 Oct 155 Jill
11818
.
25 June 25 387 Mar 31
8
2214 Nov 55 Oct
89 July 2 99 Apr 29
8984 Nov 108 Feb
a
4514June 23 807 Feb 7
43 Nov 8912 Sept
521 Jan 2 747 Mar 31
42 Nov 9834 Sept
8
72 Jan 2 1077 Mar 28
6818 Nov 14812 Sept
2014July 8 30 Feb 8
171 Nov 37 Apr
114 Jan 22
1 Jan 2
112 Jan
5 Oct
8
130 June 18f 178 Feb 19 131 Nov 220 July
11812 Jan CI 145 Feb 21 1183 Jan 138
4
Oct
1212June 17 233 Mar 18
8
13 Nov
3212 Sept
5152 Feb lit 6414May 14
4014 Feb 89 Aug
5012 Jan 25 6712May 14
4012 Feb 8914 Aug
9 June 181 264 Mar 10
1511 Dec 21 Dell
41 Feb 14 123
46fay 14
3 Nov
1514 Jan
4712 Jan 14 80 May 14
4712 Feb 76
Jat
4858 Jan 2 7714 Mar 31
36 Oct 7512 Oo
453 Apr 7
158June 17
3 Dec 137 Feb
213 Dec 147 Jan
9 Apr 25
28 Jan 3
5 Jan 2 192 Apr 25
412 Dec 30 Jan
2
17 June 18 327 Feb 5
247 Oct 4753 Mat
8
4June 30 14 Feb 3
43
518 Oct 2212 Jan
2818 Jan 7 553 Apr 10
22 Nov 807 Sept
8
48 June 18 80 Jan 3
86 Nov 1054 Oct
2
93 Jan 7 1005 Apr 28
33 Oct 97 Dec
818 Jan 4 12 Mar 8
3 Nov 27 Jan
12
3018 Jan 2 5512 Mar 13
2018 Nov 94 Jan
230 Jan 17 325 May 27 208
Jan 404 Alla
8June 20 21% AM 30
1818 Dec 45 Jan
11
175
31 Nov
2912June 18 4453 Apr 7
797 MAY
2
200 June 18 2453 Apr 15 15712 Apr 285 Oct
54 Mai
4712 Nov
5018 Jan 15 56 Mar 31
Jet
8May 23
34
113 Jan 17 257
s
918 Nov
534 Oct 2314 Pet
814 J1311 8 1512 Mar 11
7
1913 Nov 73 Ma,
19 June 24 272 Fob 18
96 ma,
85 Nov
70 Feb 4 75 Feb 11

New York Stock Record-Continued-Page 7

243

For sales during the week of stocks not recorded here, sea seventh page preceding
HIGHEAND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
July S.

Monday
July 7.

Tuesday
July 8.

Wednesday
July 9.

Thursday
July 10.

Friday
July 11.

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots.
Lowest.

Highest.

per share $ per share
3112 32
.14
20
*1912 2212
118 118
.2612 29
43
4 4%
30
30
.4014 4118

$ per share S per share 5 per share $ per share Shares Indus.&MinceII.(Con.) Par $ per share I per share
318 3212 3214 3314 3214 3314 30,500 Pbfthiye Petroleum___No par 294 Feb 17 443 Apr 30
3114 32
4
Phoenix Hosiery
20
.14
*14
20 .14
20
*14
20
5 1014 Mar 4 2018 Apr 30
1912 1912 *1912 24 .19
.1912 23
19 June 25 33 Apr 3
100 Pierce-Arrow Class A__No par
23
118
118
118
118
118
118 3,000 Pierce 011 Corporation
hg
25
212 Mar 17
118
1 Jan 4
30
28
28 .28
100 2012 Jan 10 52 May 1
295
8
200 Preferred
2612 26,2 .27
434 5
412 47
45
8 434
5
5
214 Jan 3
9,000 Pierce Petrol'm
No par
718 Apr 24
30
No par 27 June 25 377 Apr 11
30
30
30
30
.29
500 Pillsbury Flour Mills
30
30
4
8
3934J-tine 25 RN Feb 27
8
200 Pirelli Co of Italy
.404 413 .403 4112 4112 4112 413 4134
4
40
•35
*__ 50 .3514 62 1 .35
50
Pitteburgh Coal of Pa__100 47 June 30 7812 Jan 7
'84
92
92
*84
92
•75
•84
92
Preferred
100 85 June 16 110 Jan 7
92
.81
185 18% *1812 19% 1912 1912 .1812 19
8
200 Pittsb Screw dr Bolt___No par
*1812 19
173 Jan 22 227 Feb 18
8
*
21
21
2112 .21
2112 .21.
No par 2018 Feb 28 2274 Apr 8
2118 2118 •21
2112
600 Pittston Co
*2114 21% 21
21
No par 203
2114 20% 21 1 21
4July 9 347 Mar 18
218 2112 1.200 Poor & Co class B
8
.28
2812 2812 2812 .30
3112 2712 2812 27
293
4
800 Portoltican-AmTob cl A No par 27 July 11 303
8July 3
13
13
4
1312 1312' 123 123
4 1214 13
No par
1.
13
11
13
1112June 25 2714 Mar 10
*3712 37 8 3618 3712 *37
377
8 37
25 3558July 11 54 Apr I
5,100 Prairie 0113r Oaa
38
7
358 37
46
4512' 4512 4512 447 4514 4518 46
46,2 45
25 4418June 11 801g Feb 7
3,900 Prairie Pipe & Line
6% 6% .68 738 .67
7
7
8 7
No par
600 Pressed Steel Car
712 712,
612June 18 1658 Feb 18
53 .53 .50
51
*50
54 .50
51 1
56 ' •50
100 Preferred
100 50 June 24 781, Feb 14
67
8
6812 713
677
81 673 70
8 693 705 19,400 Procter & Gamble
6912 66
No par 5238 Jan 3 7873June 2 I
8
81
.718 712 .718 7121 *714 8
714
10(FProducers & Refiners Corp_00 612 Fob 17 117 Mar 17
738 *714 8
2
Pro-nhy-lactic Brush_No par
48 Jan 2 55 Feb 27
9214 9638 9412 9612 55,500 Pub Ser Corp of N J__No par 8112 Jan 2 12334 Apr 11
4
. 4 92381 913 94
-8611 ii- -£383 2
•
111 112
11212 11212 .110 112
112 11214 1 112 112
500 6% Preferred
100 10613 Jan 3 11212June 2
128 128 .12534 12834 .1253 12812 .1274 12812 12812 12812
4
100 121 Jan 10 131 June 3
200 7' Preferred
.151 154 *151 154 ..151 151 •151 154 .151
100 143 Jan 2 158 June 7
110 110 *1093 110 1.1094 110 *1097 11018 110 154ed Gas pref_100 10714 Feb 5 112 May 21
4
8
200 Pu bSepreErr
8
110
rv felec&
6412 657
65 6514 6314 65
6414 65
7,200 Pullman, Inc
8 6518 66
No par 62 June 25 8938 Jan 3
13
3 138
13
8 13
138
*138 112 .13
112
114June 26
8 112 1.000 Punta Alegre Sugar
50
812 Jan 17
2012 207
,
41 20 8 21 1 2012 21
8 2012 203
25
19l3June251 2714 Apr 7
203 21
4
5,000 Pure Oil (The)
112 11212 .112 11212.11212 113121 11212 11212 112 112
110 8% preferred
100 11012may 6 1144 Apr 8
.59
60
593 6038 60
8
4
52 June 21 88% Feb 15
6038 6038 6112 603 6214 4,500 Purity Bakeries
3338 3434 338 35 1 35
363
81 35
3712 393 373 451,700 Radio Corp of Amer...No par 3212June 23 693 Apr 24
4
4
2
55 55 1 5512 5512 .543 56 1 543 5141 *5512 56
4
4
4001 Preferred
50 53 Feb 4 57 Apr 21
7412 74121 *74
2 7212 74 1 .723 74
74121 7414 74,
900 Preferred B
4
No par 68 Jan 24 8.5 Apr 2
2734 2838, 2618 277 1 2712 283
4 2738 2912' 2838 294 129,0001Radlo Keith-Orp cl A No par
19 Jan 2 50 Apr 24
7
2834
2912 3012 30
28
2814 2834' 28
3012 2,900 Raybeetos Manhattan_No par 28 June 18 58 k Apr 17
.383 39 1 3818 394 383 29I 384 39 1 39
4
8 39
8June 19 047 Mar '26
10 345
39
1.500 Real Silk Hosiery
8
•
4
893 *__-_ 894 .___- 893 •_-__ 893
4
100 88 Jan 13 100 Mar 29
4' 893 89%201 Preferred
4
57 Feb 3
2
27
2 July 9
.218 3 1 .218 212'
No par
8 *218 241 •218 3
900 Reis(Robt) & Co
•____ 31 ••____ 3112.- - 3112 .____ 3112 ____ --__ ------ 1 First preferred
100 2712May 28 37 Jan 28
2512 2134 25141 i83 257
8
25
8 25
23 June 25 4613 Apr 14
No par
8 9,400 Remington-Rand
26141 25% 263
First preferred
95 .92
10
8
95 1 .92
.92
95 1 .92
95 1 *92
92 Jan 3 1007 Mar 28
95
.100 10112 10112 1013 .100 102
10
102 10212 *102 10212
4
100 Second preferred
95 Jan 4 10212July 10
84June 17 1478 Mar 24
87
9 1
87
I
8 9 1
87g 9
9
9
87
8 9 4 2.800 Reo Motor Car
,
41
4112 4012 4112 4178 427
3714June 23 7912 Apr 16
8 4112 413 x42
4
4212 9,500 Republic Steel Corp__ No pa
88 88 1 8712 8712 .8712 88
4July 11 9512May 5
100 863
800 Preferred oonv 6%
88
88
864 87
•____ 20 •____ 20 1 •____ 1912, -* ___ 1912 *____ 1912
22 May 5 ao Jan 3
Revere Copper & BMW% No pa
8 .31. 38
81 *31
3t i
31
31
4.3i4
33
8
3 June 18
200 Reynolds Spring
No pa
338 38
712 Jan 29
4918 5012 4918 50 1 4912 50 1 4912 5012 5012 5038 10,300 Reynolds(RI) Top class B_1
4514June 18 585 Mar 11
8
.7038 7412 .7038 71
1
70 June 3 80 Jan 2
.705 703 , .70% 743
10 Class A
8
4
4 704 703
3
4
Rhine Westphalia Else Pow _
89 June 26 4558 Jan 21
.398 4114 *3912 403 *393 41141 .40
4114 *393 4114
4
1518 167
1534 1812' 177 183
*June 17 2814 Mar 14
8
61 1714 1814 173 1814 50.300 Richfield 011 of Callfomia_25 143
1714 1712 1738 18141
1558June 25 251 Apr 7
No par
,
1738 173
4 4,800 Rio Grande Oil
17
% 18 81 x1712 18
.39
40 1 .39
40 .39
No par 3812June 23 5984 Feb 5
100 Ritter Dental Mfg
40
*39
40
40
40
29
2912 283 28% 29
10 2714June 18 48% Mar 3
2,500 Resent Insuranee Co
297k 2912 297
4
8 3012 31
Stock
5234 53 I 5234 5314 5312 5371 54
5438 544 5438 9,100 Royal Dutch Co (N Y shares) 4918June 18 5612 Apr 7
37
3934I 3912 3912 5,500 St. Joseph Lead
37
10 3314June 18 57 4 Feb 6
3612 37
3818 383
81 38
,
Exchange
7418 78
Vo par 707 July 8 122% Jan 23
7414 7618 7614 7712 5,000 Safeway Stores
707 7318 7812 783
95
9612' 958 957
520 Preferred (6)
96
96
100 94 Mar 28 497 Feb 7
8
96
96
96
96
Closed
- •
_ 107 I 108 107 .107 108 *10718 108 *1074 108
100 10518 Jan 14 1097 Mar 26
10 Preferred (7)
.1712 1912 *1812 21
21
100 Savage Arms Corp_ -No Pat 16 June 18 313 Apr 2
21 .19
4
20
*1714 20
63
4 68
4
Extra
6
612
612 7i2
7
714 2,100 Schulte Retail Storee_No par
612 714
414 Jan 2 1312 Jan 23
*5012 503
4 50
503 *52
4
230 Preferred
50
100 35 Jan 2 75 Jan 21
50
59
50
51
[Holiday
*9
10 1 *9
No par
10
9
10
9 June 24 1414 Mar 11
200 Seagrave Corp
*9
9
9
9
8June 27 1005, Jan 31
6114 64 1 613 83381 6338 65 I 6412 6712 65
8
67% 16,700'Seare, Roebuck & Co__No par 595
81
Nat Inveetors_No par
7 June 25 23 Feb 17
918 1,300 Second
9
9
9 12
*812
9
838 9
9
6112 6112 .62
4
64% *6214 64781 6214 62% *62
No par 5812 Jan 3 823 Mar 18
6214
200 Preferred
112 112
13oJune 26
112 112' .112 2
No par
312 Jan 29
500 Seneca Copper
112 1121 •112 2
612June 24 1312 Apr 25
10.600 Servel Inc
No par
718 714
7 8 712
,
3
74
,
74 7 8'
No par 3112June 23 52 Apr 21
17,000 Shattuck (F (1)
3512 3712 35
36%
4
8 632
14
UPS 1038 .163 173 4g7l8 N314 le4 67'8 i8
8
775
No par 183 July 7 3238 Feb 13
600 Sharon Steel Boop
4
4
2
11
*1612 1712' 1612 163 .16
161 •16
1612Juno 24 27 4 Mar 10
4
167
400 Sharp & Dohme
8 163 165
No par
8
3
8
*5512 56
56
5512 56 I *5512 56
56
300 Preferred
*5514 56
No par 54 Jan 2 63 4 Mar 10
3
1918 193
1812 187
No par
18 June 18 2512 Apt 7
13,600 Shell Union 011
4 1838 19
4 183 20
*1 1832 183
4
0612 9712 .96
963 9714 9712 9712 974 977
4
100 95 June 19 10614 Apr 21
968
8 1,700 Preferred
8
1312 133 .1338 137 .133 1312 1312 113
8% Jan 2 35 Apr 25
8
8 1418 143
4 1,400 Shubert Theatre Corp_No par
2112 22 1 21
2112 2112 2238 2112 2238 2214 23 2 15,700 Simmons Co
No par 21 July 8 947 Jan 2
8
,
2112 2132 227 •22
21
21
21
.203 21
10 18 June 18 37 Mar 24
4
2212 3,400 Simms Petroleum
223
4 2214 2278 2212 2314 32.800 Sinclair Cons 011Corp_No par 20 June 23 32 Apr 7
2112 223
22
8 2114 217
.110 111 1.110 111
110 110 *110 111 .110 111
100 108 June 10 11214 Apr 24
100 Preferred
285 29
8
2812 2812 2812 3014 2934 303
8 30
25 2812 Feb 18 42 Apr 9
3038 6,900 Skelly 011 Co
*414 412 .414 44 .414 412 .43
8 412
100 Snider Packing
414 414
4 June 18
No par
8 Jan 9
•153 20 I *153 20
8
19
1912 1912 *1814 20
19
4
200 Preferred
15 June 25 8684 Feb 24
No par
107 108
,
10714 1074 108 4 10912 10812 109
1,500 Solvay Am Inv Trust pref_100 9512 Jan 6 12112 Apr 3
109 109
16
1612 16
16% 1614 1712 1634 1712 1638 1718
So Porto Rico Sug
1514June 25 303, Jan 16
No par
2' 5614 5614 5612 0718 6,600 Southern Calif Edison
56
57 1 5338 5512 6513 55,
25 525
8June 25 72 AM' 14
712
6% 618 .7
'
712
s
7 2 *7
,
712 9 I 1,100 Southern Dairlee el B__No par
9 Mar 3
312 Jan 4
*3414 353 .3412 353
.34
36
36
*3414 36 1 .3414
Spalding Bros
No par
33 Jan 8 45 Mar 17
108 108 .10818 112 .111 112 •111 112 *111 112
20 Spalding 13roe let pref____100 108 Jan 13 113 Mar 15
31 8 317
,
8 313 317
3238 327
o. 3112 32
8 324 323
4 2.700 Statue Chalfant &Co IncNo par
197 Jan 2 373
2
4June 14
.93
9512 .93
95141 *93
Preferred
9514 *93
9514
9514 *93
100 02 Jan 20 96 Jan 2
187 19% 1812 19381 1912 201
8
20
213
4 21
2118 13,100 Sparks WIthington____No par
134 Jan 18 3012 Apr 10
•1712 1734 .1712 173
.1712 18
1712 1712 1734 1734
Spencer Kellogg & Sone No Par
4
200
1712July 10 25 Apr 15
16
1612 17
16
1814 1814 1.500 Spicer Mfg Co
143g3une 25 3612 Feb 4
No Pa
*3714 3812 3714 38
.36
3712 3712 3712 •38
40
100 Preferred A
No Pa
3714July 8 4518 Mar 31
.9
12
1234 1212 1518 *13
1018 1018 11
1512 10,000 Spiegel-May-Stern Co_No pa
1018July 8 52 Feb 3
1812 1914 1814 19
18% 1914 183 19
8
187e 1914 40,100 Standard 13rands
17 June 18 2914 Feb 8
No pa
117 117
120 •119 120 *119 120 .11912 120 I
100 Preferred
No pa 117 July 7 121 June 2
412 412
412 412 .412 4%
312,1une 17
4 434
400 Stand Comm Tobacco_No Pa
4,2 478'
714 Feb 11
87
8918 8518 874 8714 89% 883 921z 9038 923 15,100 Standard Gas & El Co_No pa
4
4
841alune 25 12912 Apr 15
O6412 65
63 8 6412 .63% 65
,
65
65
65
65 I 1,500 Preferred
8June 19 67 May 26
50 613
*612 7
4 7
6
63
6 s 6%
,
612
6,
8 618 1,200'Stand Investing Corp__No pa
5 June 23 1512 Mar 27
102 102 *1013 101% 101% 10212 101, 10114 10214 10214 1,900 Standard 011 Export pref_ _100
8
4
98 Feb 8 10414June 7
5912 601
. 59% 60 4 59% 6138 6018 6112 614 615 13,300 Standard 011 of
,
8
_ _No pa
6512 Feb 71) 75 A pr 25
64
647
8
8 633 64% 65
674 665 7018 6858 697 197,300 Standard Oil of CalNew
_25 511 Feb 20 84% Apr 30
3118 313
8
313
4 313 3218 315 3214 32
4 31
3212 19,600 Standard(iii of New York 2
80 June 23 403 Apr 28
8
____ ......iStand Plate Glass Co__No pa
%June 23
3 Feb 19
_
____ ......1 Preferred
212June 12 104 Mar 10
100
'25
75 .25
.25
75
55
55
75
'-.'2- 75
10 Stanley Co of Amerloa_No Pa
28 Jan 9 7312 Apr 23
.30
31
31
31
*30
.30
.30
33 .30
Starrett Co (The L S)__No par 271 2June 23 4714 Apr 2:3
33
,
1018 1014
934 10
10
1014 104 1012 3.100 Sterling Securities el A_No pa
938 1018
93
8July 8, 2012 Mar 31
12
12
*121g 1214 1214 1214 1214 1214
12
1214
8001 Preferred
20 11 June 30: 1434 Mar 31
.37
38
•37
33 .37
38
38
33
4001 Convertible preferred
384 3838
60 86 June 231 48 Mar 18
2012 207
8 2018 2012 2012 203
5.800,Stewart-Weru Sp Corn
4 204 21% .21
22
10 1914June 25: 47 Apr 5
743 784 74
4
8 76
8
767
78% 78% 793 15,400'Stone & Webster
775
8 76
No pa
7012June 18' 1133 Apr 8
8
2712 28
3012 317
4
277 2914 293 303
8 3114 3218 17,900 Studeb'r Corp (The) No par 2514Jtine 18 4714 Feb 6
.12018 122 *12018 122 1312018 122 .12018 122 *12018 122
Preferred
100 lie Jan 21 125 Mar 18
*3
8
*3
8
1
*3
8
12
100 Submarine Boat
4
*3
8
8
No par
%
12
ss Jan 4
138 Mar 31
.56
5718 5512 56
5718 5718 57
5314 .57
5814
600 Sun 011
No par 50 June 18 70 Apr 7
103 10312 103 10312 10312 10312 10312 10312 10312 10312
229 Preferred
100 10214 Jan 13j 101;3 Feb 6
4
5
5 18
514 514 1,200 Superior 011
5
514 514
53
8
538 514
No par
5 Feb 171
93
8May 12
*14, 16
8
*1412 16
*14% 17
1512 1512
.1412 17
200 Superior Steel.....
_ .-___100 121 2June 18 2938 Ma, 27
117
8
113 113
900 Sweets CO Of America
4
8 1112 1112 113
1112 1112 .1114 117
50
812 Jan 241 1572 Ma'ZS
23
500 Symington
4 27
8 .212 3
3
3
338 318 •314 4
No par
74j a e 2L 17 Apr 23
231 J nn
/ u
4
,
7
/
1
4
918
9
9
9
1,200 Class A
812 9
.71, 84
.
74 9
No oar
pr 23
174 1712 *17
300 Telautograph Corp
1778 1738 •173 18
4
*1712 18
18
No par
15 .. Jan 251 2614 Apr 7
,
12
12
12
12
8
1218 1212 127 1278 1,200 Tenn Copp & Chem_No Oar
12
12
1078June 25' 17 Apr 10
4
50 4 5114 5012 503
4 503 5112 5038 513
3
4 5114 513 30,700 Texas Corporation
25 5018.1une IS: 6012May 1
5218 527
5178 523
4 5212 531& 5312 5438 53% 548 16,400 Texas (lull Sulphur_ _No par 4818June 25: 6738 Mar 24
914
914
914 3.300 Texas Pacific Coal .4011._ _10
918 918 *914 912
914 10'8
912
814June 181 1412 Mar 18
1812 1918 18
8 1918 2018 1918 2018 40,700 Texas Pac Land Truat
193
19,8 197
1
1 Mar 22
1.25, Jun
32,
1
•Bid and asked prima no sales on this day, s




v Ex-Merits

PER SHARE
Range for Previous
Year 1929.
Loteest.

Eigheel

per share $ per chars
2414 Nov 47 Jar
2
1038 Oct 375 Jan
377 Jan
2
18 Nov
338 Mai
Oct
1
20
Oct 514 Mar
57 Jan
12 Oct
30 Oct 637 Jen
8
4314 Oct 88 Aug
3
54 Nov 83 Jan
Ott
8312June 110
17 Dec 27 Aug
13
Nov

I8 2 Auk
-7-

8 Nov
4012 Oct
45 Oct
618 Nov
50 MC
43 Nov
4 Oct
35 Oct
5-4 Nov
98 Nov
105 Nov
13912 Nov
10412 Nov
73 Nov
6 Dec
20 Nov
108 Nov
55 Oct
26
Oct
50 Nov
62 Nov
12
Oct
28 Nov
3614 Nov
8614 Dee
35 Dee
40 Dec
,
3
20 Nov
81 Nov
93 Mar
1018 Oct

50T 4 JaSI
16558 Jan
65 Aug
2538 Mar
81 Mar
98 Aug
257 Jan
824 Jan
1378 Sept
10818 Feb
124% Jan
151 Sept
1095 Jan
8
9914 Sept
2112 MY
3084 May
116 Feb
14838 Aug
1143 Sept
4
57
Jan
821s Apr
4672 Jan
5811 Sept
843 Mar
10212 Feb
1614 Feb
10812 Feb
5714 Ott
9612 Oct
101
Apr
3178 Jan

Ili- Le;
35 Nov
39 Nov
70 tor
427 Dec
2252 Dec
15 Oct
40 Nov
28 Nov
4318 Get'
3912 Nov
9018 Nov
85 Oct
100 Oct
2012 Nov
312 Dec
30 Dec
10 Dec
80 Nov
9 Dec
45 Nov
2 Nov
7 Nov
14
254 Oct
20 Nov
167 Nov
2
50 Nov
19 Oct

Ill; Nov
1214 Jan
Jan
66
8912 Oil
64 Jan
4958 Jan
4212 Mar
70 June
98 Ma7
64 Sept
94 Jan
19514 Jar
101 Sent
10912 Dec
5178 Jan
4112 Jan
11812 Jan
2214. AP•
181
Jan
154 No
,
6314 Nov
1012 Mar
213 Aug
8
194 Aug
5314 July
22 Nov
65% Aug
313 Apr
4

20

8 Dee 7412 Jan
5912 Nov 188 Sept
15 Nov 4018 Aug
21 Nov 45
Jan
103 Oct Ill
Jan
28
Oct 4612 May
1614 Feb
318 Nov
14 Nov 6413 July
85 Nov 111 Sept
125 Dec 45 Mal
8
4514 Nov 9314 Sept
167, Ja)
212 Nov
30 Nov 6312 Mar
107 Nov 117 Feb
15 Oct 524 Jan
Oct
89 Mar 98
134 Nov 73 Aug
20 Nov 45 Aug
2018 Dec 66 4 Mar
1
557 Mar
8
38 Nov
34 Dec 117 g Feb
7
Oct44% Sept
20
11414 Nov 11874 Bern
34 Dee 4338 Jae
7312 Nov 243% Sept
884 Nov 67 Feb
4 Dec 48 Sept
6115
48
313
4
13
4
312
20
3018

Oct
Feb
Nov
Nov
Dee
Nov
Oct

817, May
83 Sept
4818 Sept
08 1st
31
Jag
45 May
477 Get
8

Nov 88 Sept
Nov
1572 Juls
Oct 6512 Saga
Oct 77 may
Nov 20112 Aug
Jan
Nov 98
Nov 126 JULIO
Oct
4 2 Oct
5518 Dee 863% M
100 Jar 10512 Jan
514 Nnv 24 Aug
3
15 Nov 73 4 Ain
518 Nov 2214 Apr
9 May
2., Dee
1958 Mar
V. Nov
s
147 Dee 251s Man
7
912 Nov 23 8 Apr
4
53 Nov 517 Sept
12
4212 Nos 8514 Apr
912 Nov
23 8 Mat
7
64 Oct 841, yea

814
812
31
30
64
3814
115

244

New York Stock Record -concluded--Page 8
•

, ,
, ne
a

ac'<aN AY, ,,,,,tded here aea wig th page preceding

Sales 1
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Peek.1
-,
per share S per share
$ per share
per share S per share S per share Shares lianas. & Miscell. (Con.) Par
*18
600 Thatcher Mfg
18
183 1812
19
8
19
18
19
19
19
No par
•4018 42 .4018 42
*4018 42
Preferred
*4018 42
*4018 42
No par
*254 27
*2518 27
2518 2514 *25,8 27 •254 27
300 The Fair
No par
*105 10618 *105 10612 *105 106 *105 10612 *105 10612
Preferred 7%
100 Thointieon (2 R) Co
*25
3712 •31)
37
37
37 .25
3712 37'2 50
25
1458 1378 143 10,200 Tidewater Aasoc 011__ _No par
1418 14 8 137 144 137 1414 14
,
8
8
8
83
85
84
500 Preferred
807 807
83
8
85
8 8012 8012 *81
100
28
•24
*24
28
Tide Water Oil
*24
•24
28
28
*24
28
100
100 Preferred
*8512 89
854 •85
*85
91
85
91
.85
90
100
144 1414 1314 14
1311 1312 *1312 1412 1314 131
3,500 Timken Detroit Axle
10
557 574 5518 573
8
584 58
8 56
4 56
584 15.900 Timken Roller Flearing_No par
573
3
34 4
3
34 4
4
4
418
414 414 3.700 Tobacco Products Corp
44 43
20
12
1218 12
123
8 123 1314 127 13
8
12,000 Clara A
123 13
4
8
20
17 8 1814 173 18
7
1814 18
4
18
183
8 1814 184 23,600 Transeont'l 011 Co____ No Par
*12
1212 *12
13
*124 1212 1218 1218 1218 121
500 Transue & Williams RI No par
12
1238 1114 12
113 1212 114 125 12,000 Trl-Continental Corp __No par
8
117 12
8
8
913
4 •1
913 92,
4
4
4 913 9213 92
9212 9214 9212 2,800 6% preferred
100
30 4 30 41 3012 304 31
3
3
31
800 Trice Products Corp__ No par
31 14 3114 *31
314
14
14 I 133 133
4
1278 127
4 14
8
14
700 Truax Truer Coal
*133 14
4
No par
23
2713 2713
28 .27
300 Tru800n Steel
29
•2712 29 •27
29
1
85
8514 8414 85
87
2,000 Under Elliott Fisher Co No par
87
*8512 87
*125
*125
•125
125 125
•125
40 Preferred
100
1014 1014 1014 1014 *1012 12
200 Union Bag & Paper Corp- _100
01012 12
*1012 12
8512 667
663
8 657 68
70
8 65
4
42,700 Union Carbide & Dub_ No par
653 69% 68
3
3958 393
4112 4112 2,800 Union 011 California
40
40 8 4112 41
,
42
4 40
25
2813 2918 28
8 2,700 Union Tank Car
29
4
2914 2913 283 283
4 2814 283
No par
493 51
8
4814 503
93,500 United Aircraft A Tran_No par
4 504 5214 50
5312 514 54
58
6218 62 4
60
62
62 62
800 Preferred
*6218 663
4 62
,
50
4512 4612 45
45
47
4434 45
1,200 United Biscuit
45
4612 *46
No par
*114 135 *116 135 *118 135 *116 135 *116 135
Preferred
!CO
4313 4414 4318 45
45
4514 44
463
4 4518 4512 4,900 United Carbon
No par
7
7
65
8 7
612 718
712 7 2 9,700 United Cigar Stores
7
,
712
No par
3156
59 4 57 57
,
593 59 *59
4
400 Preferred
8
14
3
627
100
8 657 657
3012 314 297 307
8
8 307 3112 304 32 4 3112 3214 230.800 United Corp
8
No par
,
483 4913 4834 49
4
49
8,800 Preferred
4
4918 48 8 4914 483 49
,
No par
712 7 8
5
7
712
812 5,700 United Electric Coal
8
714 714
7 4 812
No par
3
884 89
88
92
894 90
9212 914 93
93 3 14,200 United Fruit
,
No par
343 351
8
8 3313 34 8 3114 3514 344 363* 353 364 56.900 United Gas & Ruprove_No par
5
1
1017 1017 101 1015 *10114 102
8
8
101.14 10112 *1013 102
8
8
1,000 Preferred
No par
*512
*5
10
United Paperboard
10
*513 912 .512 9
100
*2112 25
0203 25
*
21
25
United Piece Dye Wks_No par
112 25
*2113 25
12 81 *2.5
. 8 11
107
107 113
8
113 1214 7.000 United Stores el A
4
114 1214 1114 12
No par
•38
4138 403 4138 4238 4338! 4318 4438 443 45
1,900 Preferred elan A __No pa
8
5
2518 251 •2513 26
500 Universal Leaf Tobacco No pa
26
.2518 2713 2518 2518 *25
58
58
30 Universal Pictures let 010.100
*53
58
*53
58
58
58
58
*53
334 4
4
418
4
4
418
4
4
418 2.400 Universal Pipe & Rad_No Pa
2712 2834 273 2814 2818 285
...20
4
3113 20.800 U 8 Cast Iron Pipe A RI,
8 30
8 273 303
4
19
19
*183 19
300 lat preferred
4
19 14 19 4
*183 19
No pa
4
,
*183 19
4
2d preferred
No pa
41.6- 11 -in- 10 400 U 8 Distrlb Corp
-if- ;10- 11
V. par
214 218
2
400 U S Express
2
*2
3
3
*2
3
*2
100
49
51
•49
600 U S Freight
51
50
51
51
53
51 .47
No par
1818 1814 1818 1813 18
8 17
173
8 3,500 LI 8 & Foreign Secur_No Par
184 173 183
4
•90
91
90 4 90 4 .90 4 91
3
300 Preferred
*90
3
91
91
91
. No par
3
.
119
20 .19
100 U S Hoff Mach Corp.
*19
20
20
1918 1918 .19
20
-No Pa
6714 68
3.900 U 8 Industrial Alcohol__ _100
647 6719 6514 663
8
67
68
4 6314 67
Stock
10
10
.97 10
300 U 13 Leather
8
913 913 *94 1014 *914 9 4
3
No par
1713 1713 *17
100 Clam A
1819 *163 19 •163 2014 *1614 1713
No pa
4
12
4
Exchange
93
93 I 93 93
900 Prkg preferred
9312 *90
9312
92
93 .90
100
4812 507
8 497 497
8
8
8 504 52
4 3,300 U 8 Realty & Impt____No pa
513 5212 523 523
4
Closed
2078 213
4 207 2112 2118 217
6,400 United States Rubber
8
1
8 2112 2212 2112 22
•43
4314 .42
1st preferred
43
2.100
8
4213 4213 4212 437
8 433 44
100
Extra
18
18
1,300 US Smelting Ref & Mtn- _50
174 174 *1714 1712 1712 18
173 18
4
0
42
47
Preferred
*42
4418 *42
4418 .42
4418, •42
4418
50
Holiday
1533 1553 15314 15612 1567 15814 1557 160
4
4
1573 16014 230,900 United States Steel Corp.-100
4
8
8
14514 14513 1453 1453 1453 14512 1454 14512 14512 1453* 2,3001 Preferred
8
8
8
100
300t1 8 Tobacco
81
61
*6018 6212 •60 4 6212 603 6034 *6112 621!
No par
3
4
32
323
3 313 32
3258 3212 333
4
32
8 3213 3314 5.500 Utilities Pow & Lt A__ _No par
234 3
234 23
4
278 3
8
27
8 27
s 1,6001Vadeco Salmi
No par
27
8 27
7612 7913 75
No par
784 783 8114 78 4 8314 8114 84 2 282.200 Vanadium Corp
,
4
,
Vick Chemical
No par
4
41.
412
4
412 413 3,100 Virginia-Caro Chem
4
No par
*
2213 25 .2213 24
300 6% preferred
25
2312 2312 234 2314 *22
100
*78
79
7% preferred
*7612 80
80
*76
80
80 *72
.78
100
11714 11714 11714 1173 11714 1173 11714 11713 11714 117,
500 Virginia El & Pow Of (7)_100
8
4
4
.35
Virg Iron Coal & Coke Dt- -100
47
*35
*35
47
335
47
47
*35
47
1,360IVulcan Detinrdng
63
68
64
6412 65
66
7014
70
100
67 4 65
,
*
9513 98, *9514 9814 *9514 98
Preferred
8
100
*954 9818 *9514 9815
Class A
100
-2613 - 3 -2514 251; 2574 257 -2514
254-- 4,1001Waldorf System
&i2 26
No par
23
233
8 23
2312 23
2312 2278 2312 2.900 Walworth Co
No par
2312 23
3301Ward Bakeries elan A No par
25
25
25
25
2514 2514 2511 26
244 254
*713 81z
8
No par
8
78 8
7
818 814 1.800 Claw B
814 818
*6012 68
*
6013 68
100 Preferred
*6012 62
6012 60
100
12 *6012 61
4014 4114 40
4114 4013 4112 403 423
8 4114 4214 89,100 Warner Bros PleturesNo par
4
• 4 4712 4614 4614 •46
463
Preferred
1001
No par
4818 .46
484
50
*46
1314 133
8 13
1313 1314 14
No oar
137 1414 1312 1414 4,100,Warner Quinlan
8
2,900-Warren Bros new
443 4514 44
4
No par
4412 4514 46
4718 464 47
45
•____ 19 •____ 2012•
Preferred new
No par
204 *-- -- 2012 *--- 2012
,
28
28
28
No par
700 Warren Fib &
28
8
28
8
28
28 13 2913 293 293
474 5
043
700 Webster Elinnlohr
4 6
25
*478 6
5
*514 6
5
•2313 24
Wanton Oil& Snowdrift No par
*237 24
700
8
24
2514 2314 24
24
25
*531, 57
No par
*5312 57
300 Preferred
57
*56
5614 5614 553 56
4
160 16114 158 1607 161 163
164 1663
8
4 3,100 Western Union Telegraph _100
163 165
3814 3812 3714 3812 373 381
4012 6,900 WestIngh%43 Air Brake_No par
8 40
4
3814 397
12914 1334 12714 1315 13112 134
8
131 1385 13512 1397 144.200 Westinghouse El & Mfg___ _50
8
8
132 132
131 131
60
990 1t1 preferred
134 134 *130 145
132 132
1,200 Weston Elec Instruml_No par
33
33
33 2 •32
35
7
*3313 33 8 333* 3614 34
7
Class A
*34
35
No par
*3312 35
*3313 35
*3312 35
35
*3313
104 105
104 10514 '
50 Wait Penn Else class A_No par
1102 105 *102 105 *102 105
109 109
100
1093 110
280 Preferred
4
10818 111
11012 11012
110 110
997 997
8
100
8 994 100
90 Preferred (6)
99 4 993
3
4 99 2 9912 9912 100
,
*11512 11614 116 116
100
70 West Penn Power pref
11512 1157 1153 1153 11612 11512
4
8
4
108 10814 10814 10914 107% 109
100
250 6% Preferred
8
1084 1085 108 108
.
39
West Dairy Prod el ANo par
40
*39
40
*39
40
*39
13
No par
1313 127 13
100
8
19
1 1. 2 0 Class B
13
13
*3978 33
13
43
10
13
•3118 32
337 *33
32
32
1 00
3412 1,20 0Westvaco Chlorine ProdNo par
0
*33
*33
34
8
93, 06
*
8
Wextark Radio Storts.No par
10
8
8
7
912
913
White Eagle Oil& Refg No par
-5012 162 -313s 114 31 - a -5i- - - - ;56- if- -White Motor
1No par
700
ili
32"
*433 44
4
.
141
4412 .44
1,000 White Rock Min Spring eti-50
45
45
43
4412 45
*53
4 57
8
57
8 57 1
8
53* 53
51 2 512
513 513 1,100 White Sewing Machine_No par
4
•18
19
No par
18
800 Preferred
18
1612 1613 14
16
•1612 18
1812 1612 1612 1613 *1613 163* 1612 1633 1612 1612 1,100 Wilcox 011& Gas
No par
Wilcox-Rich clan A
293 •_- 293 • - 293 0
4
No par
4
29 •____ 27
4
C1ia,, 14
22 .ii
*18
22
No par
;iii 22 *1814 22 *1814 22
613 612 6,400 willys-Overland (The)
57
8 57
8
54 6
8 6
*53
57
4 6
*6312 6518 *63'2 6518 6518 6513 6534 6534 65
100
600 Preferred
65
33
8 318 *34 33
4 4
4 *33
3 4 33
3
No par
500 Wilson & Co Inc
4
33
4 33
4
1018 1014 *912 9 3
7
9
No par
600 Class A
4 *814 914
4 93
94 *83
*4512 47
453 45 4 44
4
600 Preferred
3
46
*45
48
49
100
*46
553* 5512 5313 553* 5414 553
16
8
4 543 5738 5618 5734 10,200 Woolworth (F W) Co
12012 12514 120 1243 125 12613 125 12912 12812 131
4
15,800 Worthington P & Ni
100
933 9334 *94 100 I 97, 974 *9413 100
4
200 Preferred A
100
*9413 100
8
88
*8712 89
88
300 Preferred B
*8712 89
100
89
89
*8713 89
.32
Wright Aerorututical__No par
5212 •20
5212 *30
5212 *30
521z *30
5213
042
*42
47
45 1 •42
200 Yale & Towne
45
45
*42
44
25
43
2334 247
8 2312 247
8 245 2512 2412 2614 254 267 118,000 Yellow Truck & Coach el 11.10
8
8
91
91
91
91 1
60 Preferred
9012 91
91
100
090
354 354 3514 354 351z - -13 353 353
SOO Young Spring & Wire. No par
36
36
8 36
1;
115 115 *113 115 *112 114 0112 115
200 Youngstown Sheet & T_No par
115 115
O8
9
73
8 8 8 *74 812
,
73
4 814 2,500 Zenith Radio Corp____No par
77
8 814
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES

Saturday
July 5.

Monday
July 7,

Tuesday
July 8.

Wednesday! Thursday
July 9,
July 10.

-;i-

•Bid and asked pH. es up sale- .‘a




Friday
July 11.

43;

day

r Ex-dividenas

r KI-flIIMB

PER SHARI.
Range Since Jan
-,Aar
On hails of 100
Lowest.
$ per stars
174June 28
40 June 18
25 June 12
102 Jan 21
341 June 18
1004 Fob 15
78 Feb 13
1912 Jan 31
85 July 8
1214J111le 25
55'8July 8
214 Jan 3
73 Jan 2
2
1614 Mar 10
117
8June 19
93
8June 18
894 Apr 11)
30123une 20
127
8July 11
25 June 25
83 June 18
121 Feb 4
95
8June 24
6018June 23
37 June 18
2514.1une 18
434 Jan 31
56 Jan 31
38 Jan 7
118 Feb 6
4018June 18
612June 21
26 Jan 2
283
8June 18
46% Jan 6
7 July 8
83 JUDO 16
31 14June 18
97 Jan 13
5 June II
22 June 18
44 Jan 2
1512 Jan 2
25 June 30
30 Jan 3
24 Jan 9
184 Jan 2
155 Jan 7
2
184 Jan 3
91
4May 28
2 July 8
4018Juae 19
16 June 23
8513 Jan 8
1714June 23
62 June 25
Vs Jan 2
15 Feb 26
7713 Mar 17
4814June 27
20 June 18
4114June 27
1712Juli 10
47 June 23
15113June 25
141 Jan 4
5912June 18
30 June 23
23
4July 2
494 Jan 2
374 Jan 18
4 June 25
23 June 18
75 June 19
10574 Jan 8
38 May 1
60 June 18
85 Jan 24
68 Jan 22
2414 Jan 13
2112June 24
2113 Jan 7
413 Jan 2
58 Jan 2
3812June 25
364 Jan 2
4June 2:3
123
4018June 25
181 Apr 29
4
2314 Jan 2
478July 7
224 Jan 23
504 Jan 15
15014June 25
363 .1une 25
8
12414June 23
1235 June 18
299, Jan 18
33 June 23
98 Jan 3
10517iune 25
97 Jan 2
14
11318 Jan 3
1043 Jan 23
3
3833June 25
1118June 19
30 Jwie 24
7 July 9
28 Jan 17
2718June 25
364 Jan 21
5 June ill
14 July 11
hill to VI
27 Jan 3
1918May 5
5114Juue 26,
82 June 18
318June 25
71a Jan 13
42 Jan 13
513*Juue 23
674 Jan 17
88 Jan 17
78 Jun 3
354 Jan 23
4114June 26
121 Jae 16
4
72 Jan 27
3214June 19
NW Jan, ii
54 Jan 17

Highest
$ Per share
363 Apr 4
3
41 Mar 31
32 Jan 18
110 Feb 13
4712 Mar 12
174 Apr 7
4
893 Mar 25
31 Apt 23
947 Apr 16
2
2114 Apr 11
8914 Apr 11
64 Jan 23
1314July 9
24 Apr 24
283 Jan 31
8
2014 Apr III
94 June 11
413 Mar 1
4
22 Mar 18
37 8 Mar 25
5
138 Mar 21
1254 Apr 29
1718May 8
1063 NI& 31
3
50 Apr 7
384 Apr 10
99 Apr 8
773 Apr 7
4
4llay 28
583
142 May 28
84 Apr 24
812June 5
68 June 5
52 Apr 28
5312 Apr 23
194 Feb 19
105 Jan 13
491
8Ma7 1
10214 Apr 25
14 Mar 14
337 Apr 7
2
3Juna 7
147
45 July 11
39 Mar 15
76 May 9
9 Apr 10
8814 Apr I0
21 May 27
2114June 6
20 3 Jan 17
3
4 2 Aix 14
3
103 Apr 7
251er 30
327
101 Mar 21
30 3 Mar 12
3
13114 Jan 2
1512 Apr 21
26 Apr 21
94 June 23
7512 Mar 25
35 Apr 10
634 Apr 4
364 Jan 6
5311 Jan 7
198 4 Aur 7
3
146 Mar 21
68 Feb 10
45 4 Apr 10
3
74 Mar 12
14314 Apr 26
47 2MaY 1
7
87 Apr 1
3
344 API 1
82% •pr 9
4July 9
1173
40 Apr 21
158 1,4.1 24
100 Mar 24
1497 Mar 24
3
314 Apr 11
42 4 Apr 2
3
U Mar 24
153 Apr 1
3
774 Apr 3
8014 Mar 28
7014 Mar 28
27 Apr 12
6312 Apr 11
2013Mity 22
4313May 18
913 Mar 31
297 Mar 27
2
5912 Apr 7
319 8 Feb 19
3
52 Feb 27
20113 Apr 15
1973 Ayr 15
4
484 Mar 31
311 Jan 28
110 Apr 16
111 July 9
1017
8.1unc 10
11812June 17
110 Apr 2
50 Mar 19
2418 Apr 11
5912 Feb 17
21 Jan 7
2913 Mar 17
43 APT 4
544 Mar 20
184 Mar 4
394 Apr 3
21 Apr 25
3414 Jan 29
273 Mar 31
4
117 Feb 6
3
85 Apr 3
7 4 liar 27
3
13 Mur 27
5412 Mar 31
723 Jan 2
8
169 Apr 29
102 Apr 25
93 Mar 29
5912 Mar 5
77 liar
32'4 Ant' 23
105 Apr 2
47 Mar 7
152 Apr 7
163
4June 2

PER. BIZARR
Ranee for Preston*
Year 1929.
Higkes1
Lowest.
§ per share $ Per shats
1811 Mar 35 Sept
3
35 Mar 497 Sept
2
2511 Dec 5r7 2/113
102 Nov 11014 Oct
30 Oct 62
Jan
10 Nov
2313 June
744 Nov 904 Aug
14 Nov 40 June
8518 Nov 9712 Jae
8
1113 Oct 343 Sept
58, Nov 150 Jan
2
1
Oct 224 Max
54 Nov 225 Mar
2
l52 Dec

- -32Apr
e8

30 -13;;C 63 July
134 Dee 317 Jan
.
3013 Nov 6118 Jan
82 Nov 18114 Oct
Jan
120 Dee 126
7 Nov 43 Jan
69 Nov 140 Sept
4212 Nov 57 Sept
31 Nov
447 Nov
2
3313 Dec
11412June
4013 Nov
_
1972 Dec
19 Nov
4212 Nov
6 Dec
Oct
99
22 Oct
9014 Oct
7 Nov
1514 Nov
34 Dec
1414Deo
2512 Nov
28 Dec
213 Dee
Oct
12
15 Oct
1814 Nov
9
Oct
2 Jan
8614 Nov
174 Nov
82 Nov
1713 Dec
95 Nov
5 Nov
1414 Dec
8114 Dee
5012 Nov
15 Oct
404 Nov
294 Oct
48 Nov
150 Nov
137 Nov
5512 Nov
2418 Nov
3 Nov
3712 Nov
33 Oct
318 Oct
15 Oct
89 Nov
102 Nov
39 De(
38 Nov
81 Nov
40
Jan
20 Nov
22 Nov
20 Dec
14 Oct
50 Nov
30 Nov
25 Oct
14
15
Oct

407 Oet
a
857 May
3
93 Jan
2214 Jan
557 Map
8
Jan
19
20 June
23 Sept
10 Apr
13412 Sept
72 Aug
927 Aug
2
4914 Jan
8
2435 Oct
3512 Jan
617 Jan
8
107 Feb
11912 Feb
65 Mar
9212 Jan
7212 Mar
Jan
58
2613 SePi
4
14414 Mar
7134 Noy
5812 Aug
1318 Jan
11612 Feb
109 Mar
243 Jan
4
6513 Jan
97i2 Feb
110 Sept
48
Jan
1494 Aug
110 Apr
142 Sept
364 Oct
4972 Oct
84 4 Jan
3
2114 Jan
8712 Jan
644 Aug
54
04 Jan
424 Jan

_
154 Mar
4 Oct
20 Oct
494 Nov
160 Nov
3612 Oct
101) Oct
103 Nov
1918 Nov
3213 Aug
90 Nov
97 Nov
8812 Nov
110 Nov
102 Sept
3612 Nov
7 Nov
30
Oct
19
Oct
25 Oct
274 Nov
274 Nov
1
Oct
27 Dec
127 Nov
8
19
Oct
124 Oct
54 Oct
66 Dee
3 Dec
652 Nov
353 Nov
4
5214 Nov
43 Mar
75 Nov
66
Apr
30 Nov
613 Feb
4
713 Nov
80 Mar
3318 Oct
91 Nov
Dee

_ _3414 Jan
1134 Feb
48 Mar
7212 Mar
2724 Oet
673 Aug
4
29252 Aug
284 Aug
6438 Sent
3613 Apr
110 Feb
11114 Jan
102
Jan
117 Mar
11012 Jan
60 Sent
40 Sept
941 May
,
75 Sep
3.8
Feb
5313 Mar
AA Sept
28
Jan
574 Jan
2954 F'elp
0114May
62 May
35 Jan
i 03
Jan
1312 Jan
27
Jan
Jan
79
112 Sept
1373 Sept
8
10012 Sept
9012 Sept
299 Feb
Aug8
Si', Apr
9613 May
594 Ace
175 Sept
521 Jule
4

162 May
10912 May
Oct
60
136
Oct
1113 Sept
2
Jan
104
75'2 May
494 July
814 Feb
15812 Jan
593 July
2
9814 Deo
263 Jan
3
487 Aug
2
Oct
14

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

245

Jan. 1 1909 the Exchange method of voted bonds was changed and prices are now "and tnterest"--except for income and defaulted bonds
BONDS
15. Y. STOCK EXCHANGE.
Week Ended July 11.

,
F 140
Friday
July 11.

Week's
Ranee or
Last gale.

14.4

Longs
Siam
Jos. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended July 11.

t3

III

Prtca
Friday
July 11.

Week's
Mange or
Last Salo.

E

Roan
Beaos
Jas. 1

U. S. Government.
801
Ark
First Liberty Loan
ID 1015 Sale
::
834% of 1932-1947
•D
Cony4% of 1922-47
000v 43(% of 1932-47
ID 1026,3 Sale
26 soar4g% of 1932-47
J D
Fourth Liberty Lean
AN(%of 1933-1938
AO 10231:: Sale
Treasury 416_
/
4
1947-1952 A0 112..n Sale
Treasury 4a
1944-1954 J o 10820n Sale
Treasury 31
/
4
5
1946-1956 MS 106.311061.3
Treasury 334,
1012 102
.n
1943-1947 3
Treasury 854. June 15 1940-1943 31) 1011411101"a

1144
Low
4.1 Low
Htaa A'
0 Low
Htok
With No. to. High
Czechoslovakia (Rep of) 85_1951 *0 110 Sale 1097
8 11014 12 1094 111
10059n 101.33 271 982e. 1014.,
Sinking fund 8s aer B___1952 AO 110 __ 10934 110
6 109 11118
100.32May'30
11 108% Ill
98..12100
.n Danish Cone Municip 89 A_1946 P A 10852 Sale 10838 109
102.n 102"n 248 1001.3,1021
8
I 88 Series 11
5 108%1112
.n
1046 ▪ A 1083 10814 1083s 109
99.
1nFeb'30 ---- ggstoono I)enmark 20
4
-year extl 88_1042 .1 J 1053 Sale 105
1065
8 20 10318 10638
External g 5%.
8
1955 P A 10114 1013 10118 1011. 40
911 101%
:
102"n 103in 1176 1001
8
External g 4/
.n10310
1
4
5_Apr 15 1962 A0 933 Sale 9234
7
9015 92 4
938 288
1121..1112.1n 203 1091.n1131.n Deutsche 13k Am part ctf 6(1.1932 MS 1003 Sale 10058 101
4
54
97 11)1
1081
'41108"n 58 051
97 97 June'30
9314 101
.n109.n Dominican Rep Cunt Arl 534;'42 MS 95
106.n 10611,, 149 103
let ear aas of 1928
2
4
10131,n
4
89 4 9612
1940 AO 903 Sale 903
3
003
4
237 99114 102
101"n 102
2d series sinking fund 5)01940 AO 9218 Sale 92
14
93
9018 96
101..3,101"n
2 1110.” 102
Dresden (City) external 7...1945 MN 10014 Sale 100
8
96 102
10112
Dutch East Indlem esti 8s_1947 .1 J 1013 Sale 1015
4
8 10218 22 101% 103
Slats and City Securities.
40
-year external Se
41 10118 10314
103
1962 MS 10214 Sale 102
NYC 31 Corp st_Nov 1954 MN
/
4%
8538 Oct'29
30
4
-year external 534a
2 1011 104
8 104
1953 MS 1013 102 1015
,
81 Corporate sr May 1954 MN
/
4%
8814 Aug'29
311-year external 514/I__ _1953• N 1015 104 1015
8
1 1011 103
8 1015
8
8
4$ registered
9934 Mar'28
1936 MN
El Salvador (Republic) 85_1948 J J 1093 1093 10814 10912 15 103% 10912
8
4
is registered
94 Feb'30
1966 MN
Estonia (Republic of) 7s__ _1967 ii 77
94
94
80
78 July'30
75 88
4% corporate stock
MN
975 June'30
8
1967
9753 67% Finland (Republic) extl 6s_ _1945 MS 93
98
3
9212
9238
914 97%
4
434% corporate etock
104 hlar'30
1967 MN
External sinktng fund 78.1960 MS 10038 Sale 993
10214 104
4 1007
957 10114
8
8 27
• % corporate stock
105 hlar'30
1957 MN
External sinking fund 634,1956 MS 977 Sale 97
103 105
8
9812 15
911 9812
1
1% corporate stock
MN
9414 Nov'29
1956
External//Inking fund 510 1968 P A 86
14
87
8512
86
---81% 92
4% corporate stock
98 June'30
1959 MN
Finnish Mull Loan 6348 A..1964 A 0 963 9712 9612 July'30
98
4
98
927 99
*
119% corporate stock_ __ _1931 AO
Oct'29
96
4
External 694a series It_ _1954 AO 963 98 963
1
4
983
4
923 981s
4
-41% corporate stock _ _ _1980 MS
/
4
9034 June'30
95 993 Frankfort(City of)it6340_1953 MN 93 Sale 9112
4
4
93
9118 95
434% corporate atock _ _ _1964 MM
99 Mar'29
French Republic esti 730_1941 ID 12318 Sale 123
125 11738 126
12312
---434% oorporate stock__.1986 AO
101 Mar'29
External 70 of 1924
4 11814 174 1121sc118%
1949 Jo 11818 Sale 1173
---434% corporate atock _ 1972 AO
9912 Oet'29
German Government Interna434% corporate stock
1003 Sept'29
4
1971 J o
tional
-35 yr 534s of 1930_1985 ID 89 Sale 8838
9914 9114
8914 914
434% corporate a tuck _ _1983 M
98 June'30
German Republic exti 7s._ _1949 AO 10618 Sale 10558 10814 104
0 :190
5 09%
2
106 June'30
634% nornOrate stock._ 1965 in
Gras (Municipality) Ss
8
10
8 100
1954 MN 995 Sale 995
94e 1911%
434% corporatestock July 1987 33
1013 Nov'29
4
Gt Brit & Irel(UK of) 51
8
1047 116 102% 104 *
8
8.1937 P A 1047 Sale 104
/
4
,
New York State Canal 4s.. _ _1960
10114 Mar'29
Registered
104 Apr'30
P A
10114 July'29
sCanal
May 1958 MS
54% fund loan £ opt 1960_1990 MN e 8714 88 e8133
4
8715 14
101 June'30
J J
Canal 'mot 48
55% War Loan E opt 1929_1947 3D e 99 10038e99
1981
6
-45" 101
9914
109 Jau'30
434.
1904 J J
Greater Prague (City) 7348_1952 MN 89
03 108 June'30
109 109
:
1904 19
9
11
9
071::
Greek Governments f sec 78 1984 MN 10012 103 10012 10314 14
rereign Govt. & Municipals.
Sinking fund see 6s
1968 P A 881s Sale 8514
8612 47
2
Uric Mtge Bank If 6s
6718
1947 FA 8718 Sale 671s
Haiti (Republic) s f 65
8 ;1 ,9 4
6315 86
983
4
1952 AO 96 Sale 96
92 1984.1
8
:30802
0 4
18
66
Shakingfund 6.A _ _A pr 15 1948 * 0 66
69
67
63% 8012 Hamburg (State) ea
9712 12
1946 AO 9714 9712 9812
38
931
S11 7
8 613116(Dent) e111 5s _.1963 MN 9312 Sale 9212
4
:
1
4
87
951 Heidelberg(Germany)ext17/
5'60 31 10314 10312 1013 June'30
150 15415
06
% 94
11
Ant1o0ula (Dept) 001 7. A _ _1916 J J 7812 Sale 76
771
Hungarian Munic Loan 754s 1945• J 9312 Sale 92
10
71
871
4
9414
4
75
75
80
763
External 5 7.ser 13
1945 J
External a f 7s
70% 8712
8712 19
Sept 1 1948• J 87 Sale 8818
3
External ! ser C
75
7812 7412
7a
1915 J J 75
1 ,0 10812
98
70 8712 Hungarian Land M Inat 754.'61 MN 9412 96
90
91
1, 90
7
76
External a f 7.ser 13
7712 75
1945 ii 75
Sinking fund 71s ser B Wel MN 9312 9.53 9514
/
4
4
70
88
9514 19
2
AO 72 Sale 72
74
External.f 7. lot ser.
1957
10014 Sale 100
6912 8712 Hungary (Kingd of) sf734, 1944 F
10114 19
12
External gee a f la 2d ser.1967 AO 72 Sale 72
73
Irish Free State extls is I 58.1960 MN 9912 Sale 983
89
67
4
993
4 41
96 49%
7
External oeo s 1 76 3d ser.1957 AO 73 Sale 73
73
,
Italy (Kingdom of) art! 7...1961 3D 983 Sale 9814
4
88
9914 511
67
975 Sale 97
*
9718 49
lIntwerP (City) external 54_195/ J
95
Italian Cred Consortium 7s A1937 M
9512 9314
9214 98
9512 10
8 9518 100
Argentine Gov t Pub Wks69_1960 AO 9815 Sale 9812
9812
9618 Sale 94
External see a f is ser B__1947 M
95 3 13 19
5/
0
9
9 108
2! 95
88415
.
19
argentIne Nation (Govt of)
Italian Public Utility extl 7s 1952 IJ 98 Sale 955
$
963
3 20
92 58%
Sink fund es of June 1925-196 in 9914 Sale 985
8
9914 44
Japanese Govt £ loan 48_1931 33 9714 973 9714
8
95 100
973
8 14
94% 98%
Bill a f Scot Oct 1925_ _196 AO 99 Sale 9814
9918 31
1045 Sale 104
8
30
138
-year e I 6145
95% 99%
1954 P A
1043
4
Sink fund 6.aeries A
63
8
s
99
Extl sinking fund 5355-......1965 MN 913 Salo 9012
1957 MS 983 Sale 985
4
8000
9178 392
945
33
External es series 11_ _Dec 1958 J
99
983 Sale 9814
4
Jugoalavia (State Mtge Bank,
95 100
7
Esti a I es of May 1926_ _196 MN 985 Sale 9812
8
9838
84 Sale 833
Secured a f g 7e
8412
8
1957 AO
955 10018
8
External at es (State Ry).196 MS 983 Sale 98
8
983
4 52
8
9812 3
P A 983 Sale 9812
22 94 8 189871 i
95
993 Leipzig (Germany) I f
4
8n97 9171
::
ExtlesSanitary Worka_ _.198 FA 99 Sale 98
991s 30
9834
/
45.1950 J O 98 Sale 98
915
99% Lower Austria (Prov) 71
Ext165 pub wits
8
98
713 21) 9414 100% Lyons(City of) 15
MN 987 Sale 9814
(May'27).196
-year es_ _ 1934 MN 105 Sale 104.8 105
30 120 415
6
111 10614
Public Works extl 5He
921
4 87
198 FA 9212 93 9214
Marseilles(City of) 15-yr Cls 1934 MN 105 Sale 1045/) 10514 38 102
89 sill
1010404
21
Argentine Treasury 6a L._ _194 MS 88 Sale 8712
88
3
69
21
85
89% Medellin (Colombia) 6141_ _1954 3D 68 4 Sale 67314
130
AuGralla 80-yr 158_July 15 195 ii 89 Sale 8812
89
105
8
2 " 8°
105s
141: 9114 Mexican Irrlgat Asetng 454. 1948
10as 15Is
42
89
External 55 of 1927-Sept 196 MS 8812 Sale 8614
26 Apr'30
54
9414 Mexico (II 8) extl 5s of 1599 £46 Q
8
External g 43.5a of 1928 1966 MN 787 Sale 7718
8012 209
"ii
16
16 June'30
AR/tenting ta 01 1899
1945
77% 85%
" 20%
15
28
128
103 Sale 103
Austrian (0ort) if 7s
10414
18
1943 J O
3 175 Apr'30
Assenting 51 large
8
1021 108
4
1813 17%
Bavaria (Free State) 634,..1945 FA 9412 Sale 935
8
9412 17
12 Sale 117
8
12
17
91
981
: Assenting 4s 01 1904
1014 111%
Belgium 20-yr a f 8s
1093
4 12 107% 1111
FA 10912 Sale 109
1114 14
1941
12 July'30
A/emoting 15 01 1910 large.-- :
10% 14
11
14
25
109
10814 Sale 108
-year external 830_..1949 M
113
8
Assenting 48 of 1910 email_ _ _ _
1188
5
106%111012
1781s 225
0is 164
4
External s f Ss
' 104 Bale 10312 10414 39 10118 104%
3
17
Treaa es of'13 assent(large)'33
1955
2l7 18 June'30
s
57
11314 Sale 113
1131
External 30
-year if 751..„1955 ID
177
6
177
8
10914
: Small
10914 115 107 1181 Milan (City. Italy) e xt1 610 52 * 0 9114 Sale 89711
Stabilization loan 75
1966 MN 10918 Sale 108
9114 151
11014
85 98
Bergen (Norway), f 85
Minas Geraes (State) Brasil
1945 MN 11012 11058 11012June'30
10 110 11215
101 100
100
16
-year sinking fund 6._ _.1949 AO 10018
External s 1 1134/1
1958 MS 74 Sale 7311
7
514 17
99 102%
65
ea
4
96
Berlin (Germany)
*0 98 Sale 95
7512 75
19913
76
Exti sec 6/ aeries A
1
4
MS 74
6
6146_1950
1959
92
14
15 697s 103
5 9834 9212
17
90
91
88
External sink fund es
4
1003
4
1961 J D 90
94% Montevideo (City of) 76-1952 in 10012 1003 100
85
9612 12
Bogota (City) eat!.(13._ -.1945 A 0 9812 Sale 93 4
3
92% 99%
931
External if Ss aerie. A _ _ _1959 MN 91 Sale 91
11
91
9671
Bolivia(Republic of) ext185.1947 MN 8812 Sale 8712
8914 36
Netherlands ea (fkst prices).1972 MS 107 Sale 1063s 107
11118 100
7 103 107
32
76
Externalseourities 7.
83 Sale 813
1951 J J 7412 Sale 7312
4
83
65
85
14 New So Wales(State)extl 581957 P A
41
75
External,(7/1
•S 72 Sale 7112
External,IS.
1969
4
83
Apr 1958 *0 83 Sale 813
(12% 84
8 10518 18
Bordeaux (City of) 16-yr 60_1934 MN 10518 Sale 1045
78 101 105
246
4 105
3
-year extl 6s_._1943  A 105 Sale 1033
10214510515 Norway 20
88°0
99°
0
Brasll (II of) external 86._1941 ID 10012 Sale 10014 10114 102
20
-year external as
8 73 102 1161
4 1053
1944 FA 105 Sale 1033
94 10215
/
1
4
8
793 114
4
4
External of 6355 of 1936...1957 AO 773 Sale 7714
103 Sale 10214 103
30
-year external 6a
1952 A
72% 881s
. 101% 104
2.,
4
54
80
Exit•I 614a of 1927
A 0 7814 Sale 78
8
1967
40
-year ii 540
19661 D 1015 Sale 10114 102
721 aft%
4
105 1092
9.4 9 4
614 9
71
8
90
7s(Central Rahway)
1952 in 8953 Sale 895
47
991
External.1 5a-__ _Mar 16 1963 M 111 9914 Sale 99
80 931s
4
7545(coffee secur) (flat) 19/52 A 0 1013 10212 10134 10218
975 Sale 9714
8
Municipal Dank outlet 50/ 19873
973
72
95 10518
948 98
Bremen (State of) extl 7s _1935 MS 1031g Sale 10318 10312 17
975 973 9713
Municipal Bank
f 55 1970
8
9712 97%
3 9818 10112 Nuremburg (City)extls86_1962 3 D 86 /4 Sale4 8312 971
824
Brisbane (City) 5 f 58
1967 MS 8238 Sale 8212
F A
88
art!
90
82
5
92 92%
83 June'30
Sinking fund gold /is
 A 8112 84
1958
8 10258 19 100 102%
1955 M N 10214 Sale 1015
-year s f es
Ms 88
14 Oslo (City) 30
44
80
793 Sale 79
4
Budapest(City) expo f 66Sinking fund 63411
1021
7
1946 F A 101 Sale 101
73
8612
1962 ID
98% 102%
9912 10
Buenos Aires(City)63452 B 19553 J 9912 Sale 9812
2 100% 103%
9618 10015 Panama(Rep)Intl 5Ha_ _ _1953 J D 102 10312 10312 1031
9512 97 97
1
97
Externals f Os ser C-2
1960 *0 95
93 92
92
91
18
981
: Extl o f 6a ser A __May 16 1963 MN 92
97 95
89% 95%
10
9512
Externals to.ser C-3._ _1980 AO
80
10
90
9814 Pernambuco(State of) ext1 75'47 M S 80 Sale 7712
711, 90
12
8434 23
13312 8478 83
Buenos Aires (Prov) extl 60_1981 M
Peru (Rep of) external 76_1959 M S 91
93 93
93
1
13
8018 91
91 110115
81
80
1
80
Bulgaria (Kingdom) e I 75_1967
' 79
3
Nat Loan extl.f es ist ser 19603 D 7112 Sale 71
711
26
76% 865
4
69
84
83
83 Sale 83
7/4 10
Stabil'n Ina f 7446 Nov 15'68
Nat Loan extle f 6,2d ser 1961 A 0 71 Sale 7012
711
29
82 9014
69 81 4
1
5
88
°aides Dept of(Colo,abia)71
/
4
2'46 ii 88 Sale 85
8
76
9315 Poland (Rep of) gold 65_ _ _1940 A 0 75 Sale 745
18
81
8 1011s 26
101 Sale 1007
Canada (Dominion of) ea
1931 *0
Stabilization loan a I 75-1947 A 0 8412 Sale 84
86
101
1053 118 99% 10114
8
al
8
1952 MN 1053 Sale 105
943 Sale 94
4
External sink fund g 811_1950 J
943
47
92 91
7
794
5
88
848
48 10214 108
434.
1936 FA 101 Sale 100 14 101
Porto Alegre (City of) Rs _1981 3 0 92
9312 92
92
14
97 101
1
91 106
9
4
Carlsbad (City) I Es
1954 33 10814 Sale 1081z 1083
Esti guar sink fund 7346.1966 J J 88
897e 8514 June'30
8312 0412
6 103 109%
4
863
Oallea Val(Dept) Colotu 734s '14 AO 863 Sale 8512
4
6
Queensland (State)tat].178 1511 A 0 105 1057 10412 105
83% 95
12 104 110
Central Agri., Dank (Germany)
-97
26
-year external es
977 97
8
97
1947 F A
5
5518 10414
3
93
94
Farm Loan 5 I 75 Sept 14 1950 MS 93 94
9218 981 Rio Grande do Sul Intl 5185 1946 A 0 98 Sale 98
997
:
41
84
Farm Loan s 1 6e July 16 1980 33 84 Sale 8214
External sinking fund 66_1968 J D 66
69 68
7714 90%
681
84 Sale 825
27
8
84
Farm Loans f es Oct 15 1960 A 0
Externals I 7s of 1926._ _1986 MN 78 Sale 77
7714 90
7838
9018 48
Farm Loan Os aer A Apr 16 1938 AG 90 Sale 8812
External
84% 94
7a mimic loan 1967 J D 77 Sale 77
7712
4 10212 32
Chile (Rep.)-ext I 75
1942 MN 102 Sale 1003
9838
9814 9712
9912 10314 Rio de Janeiro 25
-year s f 8s-1946 A 0 98
8911 Sale 89
39
90
External sinking toad 6
/1_1960 * 0
External. I 6 34
76 Sale 743
88
8
945/1
78
1953 F A
,
9014 32
Externals f fie
1961 FA 8914 Sale 8914
2
88 29412 Rome (City) art! 634.
3119
5
1952 A 0 9118 Sale 90
91, 1429
4 24371
8 4447932: 11996"8"88953101/414'42
5
969
°
6
7779
893 Sale 89
4
8912
Ry ref eat! f ea
1961 J
Rotterdam (City) ext.! ea_ _ _1964 Si N 103 104 103
88
94
10312
6 108 16612
29
90
Extl sinking fund 6,
1961 M S 8914 Sale 89
Roumania (Monopolies') 78_1959 F A
82
88
94
83 823
8
83
go
20
4
90
Ertl sinking fund es
1962 MS 894 sale 883
8812
88
9414 Saarbruecken (City) els_ _ -.1963 J J 87 Sale 87
sale 8872
893 142
4
Ell'sinking fund Os
1963 MN
8814 91% Sao Paulo(City) if Se_Mar 1952 Si N 993 Sale 993
4
4
993
4
4
2
9
5 4
9989 1 79
9
953
8 30
01811e Mtge Ilk 634. June 30 1957 ii) 95 Sale 9413
External s f 834, of 1927_1967 MN
71
75
92
727/i
99
7314
8
70 84
97 2 16
,
Of 634t of 1928-June 301001 3 13 9712 Sale 9612
94 100 4 San Paulo (State) eat! f 88.1938 J J 1003 Sale 993
4
8
4 1003
96 10214
4 24
15
89
8938
Guar a I ea
Apr 30 1961 A 0 89 Sale
External see f 88
81512 94
19601 3 9412 Sale 9212
94
10
90 101
89
65
Guar• f 61
1962 MN 8812 Sale 88
External f 73 Water L'n _1958 M S 8912 Sale 8912
9712 91
9112 20
7914 93Ia
94 8 25
7
Chilean Cone Monte 7s
1960 MS 9412 Sale 94
921/ r9s1
External s f as
4
1968 J J 693 Sale 69
2114
70% 13
65
7
81
22
27
Chinese (Hukuang Ry) 5e_ _1951 ID 24
Secured. 17s
21
30
1940 A 0 9014 Sale 8914
903 365
4
8914 Ms
Christiania (0e1c) 30-yr a / as .54 MS 101 10234 101 July'30
9112
4 100 10214 Santa Fe (Prov Are Rep) Ts 1942 NI S 9112 Sale 9112
93
93 Sale 93
Cologne(city)Germany 614a 11180 M
9012 0183 Saxon State Mtge lust 75..1946J
9918 Sale 9918
4
9914
733
4 18
3
Colombia (Republic) 68._ _1981 J J 73 4 Sale 7212
Sinking fund g 8 4s_ _Dec 19463 D 8312 9314 9414 July'30 ---1167 (83
s
74
3
86
97
External f its of 1928. 1961 A (1 74 Sale 723g
817; Seine. Dept of(France) eat'7.42 J J 1083 Sale 1073
68
8
4
10878 73 108 /7
8
8
9975/1 953.
7218
0915
Colombia MIS Bank 0148 of 1947 A 0 72 Sale 72
6514 8214 Serb. Croats & Slovenes 85 '62 Si N 947 Sale 935
8
8
95
22
87
98
77
Sinking fund M of 1926 _19411 MN 77 Sale 7514
71
86
External sec 7e ear B... 1982 Si h
85 Sale 84
85
59
7584 861t
7612 83 76 June'30
Sinking fund 71 of 1927. _1947 ▪ A
70
86
(Prov of) extl 7s_
721 7018
D 71
7112 44
66
4
82
9814 22
9734 Sale 973
Copenhagen (City) 5a
1052 J
955 99
4
Silesian landowner, Assn de 1947 F A
81 Sale 80
81
45
72
84%
923
4 17
8
4
MN 923 923 9214
-year g 4 344
6814 931, Soissons (City of) extl 13a. _1936 NI N 10412 105 10412 105
26
1953
24 10112e105
11
89
came% (City) eat' 5 f 7s . 1957 FA 89 Sale 82
7614 93
Styria (Prov) external 7s_1946 F A 91 Sale 91
91
5
9314
External s f 7s .Nov 15 1937 MN 9314 Sale 9214
112
48..1954 M N 1053 Sale 1053s 106
98% Sweden external loan 51
4
8
28 10 14 1001
76 110 ,08
0
87 193
8
3
,
1
97
Cordoba(Pray) Argentina 781942 J J 9412 Sale 9412
92 100
Swiss Confed'n 20-yr if 88 _ 1940 J J 1075 Sale 10714 108
8
2
87
Olsta Rica (Repub) esti 7s 1951 MN 8814 Sale 8614
8(1
91
Switzerland Govt esti 5%s.1946 A 0 10512 Sale 1053
8 1053
8 30 l0212 11538
1
997
8
998
4
lb.(Republic) 54 of 1901.1944 M S 993 100
98 101
O
Tokyo City be loan of 1912_1952 M S 775 80
8
79
79
3
7472 82
External 5,01 19i4 ger 4.19411 FA 101 10012 10014 June'30
0 102
External s f 534s guar. 19411 A 0 9112 Sale 903
8
9112 99
17 10
8714 9812
93
Er;.- nel loan 4141 aer C 1949 6 A 93 Sale 93
90 2 9554 Tolima (Dept of) est) 74...1947 M N 68
,
72
74 June'30
12
101 Sale 100 14 101
1953 J
Rfnk1. g fund 5 t4s..jan 15
99 101% Tronoillem (City/ lot 5,4, 1957 *1
9812 Sale 98
9812 -14
-63
972 15l 51
4 87
Condinamarea (Dept) ColombiaHPlaer Austria(Prov) 75.... 19453
9712 9712 97
97
5
92% 07%
73
7314 7412 73
6,, ni
rump
4.4e
84
_
.1959 M
External Of 654s _June 1/5 1957 3 I) 8934 Sale 893
4
893
4
3
9114 91
• asn sale. e t),, the basis of 35 to the k sterling.




:8

New York Bond Record-Continued-Page 2

246
BONDS
II. Y. STOCK EXCHANGE
Week Ended July 11.

Price
Friday
July 11.
lid

Foreign Govt. & Municipals.
Uruguay (Republic) ext1 82_1946 F A
1960 M N
Externali I Be
May 1 1964 M
Extl 1133
Venetian Prey Mtge Bank 71 '52 A 0
Vienna(City of)(setts I 61/.._1952 M N
Warsaw (City) external 71-1958 F A
Yokohama (City) eztl 65_1961 J D
Railroad
Ala Gt Sou let cons A 5a-___1943 J D
1943 J D
let eons 4e ser 13
Alb & stun lit guar 330-1946 A 0
Alleg & West lit g gu 49.- A998 A 0
1942 M 8
Alice Val gen guar g M
Ann Arbor lets 48- --Jule 1995 Q
Atoll Top & Fe-Gang 41_1995 A 0
A 0
iteelstered
20;tuitment gold 413__July 1995 Nov
July 1995 M N
Stan3Ped
MN
Regletered
1955 J D
Cony gold 4e of 1909
1955 J D
Cony 45 of 1905
Cone g 4.1 issue of 1910_1960 J D
1948J D
Cony deb 434s
Rocky Mtn Div bit 48_1955 J J
Trans
-Con Short L let 42_1958 2 J
Cal-Ariz let & ref 430 A _1962 M
481 Knozy & Nor let g 5a_ _1946 J D
Atl & Charl A L let 430 A _ _1944 J J
1944 J J
let 30
-year 5a series 13
Atlantic City let cone 4s__ _1951 J J
ALI Coast Line let cons 41 July '52 M 8
M
Regtetered
1964 J D
General unificd
;3
L & N coll gold Ls__ Oct 1952 MN
19482 J
At1 & Dan let g 423
1948 J .1
211413
1949 A 0
At'& Fad 1st guar 42.
AustJn & N W 1st gu g 5e__ _1941 .1

10838
96
9414
965
8
87
75
967
8

Wurs
gasps yr
Last Sale.

Ask Low
Sale 106
Sale 96
Sale 94
9712 96;
8712 867
8
Sale 74
Sale 9612

sIB

High No. Low
1083
8 64
76
97
105
95
8
98
16
87
755
8 10
967
8 11

10312 May'30
9412 June'30
2
873
4
873
4
4
87
87
9514
95;
81;
815
8
9512
9714 115
8
925 June'30
2
9114
9114
913
4
9212 Sale 9114
923
4 18
8814 Feb'30
85; 89
913 0312 92 June'30
4
2
92
4
913 933 92
4
92 June'30
9118
130 -iai
12918 Sale 124
2
9112
9112
91;
9414 95
9312
9312 20
6
10014 Sale 10014 101
103; Apr'30
104
9614 1(16- 9514 Apr'30
10314
10318
10314
Jan'30 -8814 9312 87
14
95
9412
9412 95
9212 May'30
5
100
993 160 2 100
4 - 16
92;
4
9118 923 9214
4
64
62 Sale 62
5212 57
53 June'30,-- 883 84 June'30 - 4
101 10214 101 May'30
104
94; 9518
8818
87
9512 Ig78
8
815 837
8
9612 Sale

95
953
4 49
94 June'30
e
lolls 6;1-- 100 10014 74
99 Mar'30
gttie 10314 10378 81
102 May'30
10558 Sale 10514 10558 21
90
111 Sale 110 . 111
1
9512
95
9512 9512
25
104 10614 10312 104
8712 Sale 865
8712 33
8
17
8 104
104 10414 1035
10114 375
10118 Sale 99
3
4
103; Sale 103; 1033
16
00
88
8912 90
62 Apr'30
6214
963 June'30
4
96;
95 Aug'29
Jan'30
100
78 Feb'30
8114
8512
93 ____ 923 June'30
4
9512 Sale

Bait& Ohio let ic 411---_July 1948 A 0
Registered
July 1948 Q J
1933 M
90
-year cony 4344
M S
Registered
Refund & gen 5a series A _ _1995 J D
J D
Registered
letgoel Ere
July 1948 A 0
19952 D
Ref & gen 68u/ries C
PLEA W Va Sys ref 0_1941 M N
Southw Div let 58
1950 J J
Tol & Cin Div let ref 411 A.1959 J J
Ref & gen 58 aeries D__ _2000 M S
1960 F A
Cony 4349
Bangor & Aroostook let 58.._1943 J J
Con ref 4).
1951 J J
Battle Crk & Stur let gu 3e 1989 J D
Beech Creek tot gu g 4a__,1936 J J
Registered
2 J
2d guar g 5)/
1936 2 J
Beech Crk Ezt let g 310_ _ _1951 A 0
Belvidere Del cone gu 330_1943 .1 .1
Big Sandy let 4a guar
1944 2 D
Bolivia Ry let 5e
1927 .1 J
Beaten & Maine Ist 5e A C..1967 MS
Bonen & N Y Air Line let 42 1955 F A
Bruns & West let gu g 4s 1938 J 2
Buff Roch & Pitts gong 54_1937 M S
Consol 4Hs
1957 MN
Burl C R &Nor lat &coll 58_1934 A 0

10118 Sale 100114 10118
847 June'30
8
85
86
9458 June'30
1013
4
9918
1095134
93
93 Sale 9212
101 102 101 July'30

Canada Sou cone gu bs A __ _1962 A 0
Canadian Nat 430-8ept 15 1954 M $
30
-year gold 410
1957 J
Gold 430
1968 J
Guaranteed g 5s__July 1969 J
Guaranteed g 6a___ _Oct 1969 A 0
Canadian North deb if 7s 1340 2 D
25
-year s f deb 630
1946.1
Registered
10-yrgold 430_ __ _Feb 15 1935 F A
Canadian Pac Ry 4,% deb stock 2 2
Col0430
1946 M S
5a equip tr temp etis
1944 2 2
Coll tr g 5s
Deo 1 1954 J
Carbondale & Shaw let g 4e_1932 M
Caro Cent 1st cons g 422
1949 J J
CaroClinch &0 let 30-n13e-1938 2 D
IstJc cone 613 ser ADeo 16 '522 D
Cart & Ad let gu g 41)
1981 3
Cent Branch U P 1st g 4a__ _1948 .1 D

7
105
10412 10514 105
965
8 27
965 Sale 96
8
9614 96
96 12 27
96
87
96
4
96 Sale 953
103; Sale 10314 103; 48
1033
4 72
103; Sale 103
18
111 Sale 11012 111
117; Sale 117; 117; 28
_
11314 Jan'30
_55i4
993
4
993
4 20
873 Sale 8712
4
8812 131
9812 Sale 9812
9978 18
8 10312 54
103 Sale 1025
8 36
8 1025
10212 Sale 1017
9812 ____ 981s May'29
3
8012
847 8012
8
80
1
101
101 10112 101
1
10814 109 10812 10812
85; June'30
89
8414 8612 85 June'30

Central of Ga let g 5e_-Nov 1945 F A
Consol gold 68
1945 M N
Begletered
MN
Ref & gen 530 serlee B___1959 A ()
Ref & gen &series C
1959 A 0
Chatt Div pur money g 48_1951 I D
Mae& Nor Div 1st g 5/.._ 1946 3 3
Mid Ga & Atl Div pur 511'47 J J
Mobile Div let g 5.
1046 J J
Cent New Eiag 1st gu 4a..__ _1961 3
Central Ohio reorg let 4348..1930 M S
Cent RR & Bkg of Ga coil 5e 1937 MN
Central of N J gen gold 5a.....1987 J I
Registered
1987 Q
General 41
1987 3 J
Cent Pee lit reign g 44)._ 1949 F A
Registered
F A
Through Short L 1st g u 48_1954 A 0
Guaranteed g 6.
1980 F A

104_ 105 June'30
102
102
102 gale
100 Feb'30
4 10514
105 Sale 1043
1003
4
100 Sale 100
867
8
- 8612 June'30
101; June'30
10238
1-12T91-4 10112 Apr'30
10212 May'30
84
85;
85 85
4
- -- 993 June'30
99;98
9812 10114 June'30
112
11112 113 112
10912 11112 10918 June'30
93; June'30
9418
94;
613
8
94; - - 9412
90 Mar'30
9214 94; 92 May'30
10438
8
104 Sale 1037

Charleston & klay'h let 78_1936 J
Ghee & Ohio let 00! 5 59.___19311 MN
Registered
1939 MN
General gold 433e
1992 MB
Registered
MB
1993 AO
Ref &'Mut 410
Registered
F
Ref & impt 4;is ear B......-1995 J
cram Valley let 60_ _May 1 '40 J 2
Potts Creek Branch let 44.1946 2
tt& A Div let con g 46____1989 J
2d consol gold la
1989 • I
Warm Spring V let g Ia..,194 MS
ITheesp Corp eon,58_ May 1647 MN
Chic & Alton RR ref g 3e _ 1949 AD
Ct1 dep stpd Apr 1930 Int... _
Railway Ma lien 354s__ _1950
Certificate@ of deposit
Cole 01111.4 Q-111 Div 3Ae_1949 J
J I
Registered
1949
Illinois Division 441
1958 NI
General 48
1)277 F A
ict & ref 4 Me ear B
1971 F A
let & ref fe series A •
...i934 A 0
Chicago A East III let
C & E Ill Ry(new ee) eon 50_1951 M N
Chic & Erie let gold Is. _ _1182 MN
Chicago Great West let as. 1959 M S

108 Dec'29
8
104; 17
1045
1
10212 10212
48
100; 101
99 June'30
37
99
9814
00 4 Sept'29 3
98; 97
983 Sale 98
4
5
102
10118
- 102
_
9112 May'30
90
92
9118
90 8 June'30 -5
9012 92
88 June'30 _
8
100; -- 1007 June'30 _ _ -1003 333
4
1003 Sale 100
4
673 68; 67; June'30
4
6612 72 6712 July'30 __ -4
65;
6518 Sale 65
65 June'30 _
63; 69
3
88
88
88; 87;
__
84; Feb'30
9558 43
9e58 Sale 9412
23
95
95 Sale 9434
4 10018 19
100; Sale 993
14
109
109 Sale 1073
4
10312 _ _
1
10312 10312
701. 45
70 Sale 67
__
104 107 103 June'30
7112 208
71 Sale 69;

c Cash sale.




75
6
41

6
34

--

1105
8
104; Sale
10212 _
1005 101
8
100
09 Sale

Ranee
Since
Jai. 1.

3
2
26
5

BONDS
N. Y. STOCK EXCHANGE
Week Ended July 11.

t

Price
Friday
July 11.

Week's
Range It
Last Bale.

es' •

A elk Law
Iliet
High No.
1141
8
Chic Ind k Ioulev-Ref 131)._1947 23 1125 114 112 June'30
Refunding gold M
1043 108;
4
1947 J J 10312 1044 10312 June'30
9312 8912
92; -_ 92 June'30
Refunding Is series C
1947 J
4
4
103
lit J. gen 6e series A
94
9814
1966 MN 1023 103 10214
4
88 c98
let & gen Baser 13___May 1966 22 10714 1073 10712 June'30
2
92
92
Cnic Ind & Sou 50
-year 4s 1956 J
82 c95
8
7014 83; Chic L 13 & East let 430__ _1969 ID 99 10212 985 June'30
4
4
95
9814 Ch M 1St P gen 41 A May 1989 ii 843 85; 843 June'30
85 Mar'30
Q J
Registered
6
Gang 330 ser B_ _May 1989 22 7012 73e
1003 10312
4
9512 12
92
Can 444s series C__ May 1089 22 95 2 Sale 9418
,
9412
92 87312
7: June'30
82
Gen 4
83
1s 8812
series E _ _ _ _May 1989 J J 0414 95
Gen 43.48 series F__ __May 1989 J J 993 Sale 98
4
993
4 44
85
87
9212 953 Chic MIN,SIP & Pac 5e_ _ _1976 FA 883 Sale 8714
130
89
4
4
430
58
A0 5712 Sale 5314
76
8918
Cony ad) 58
Jan 1 2000
915 9714 Chic & N'west gang
5
8
MN 78; 7914 7814
7858
8 92
77 June'30
90
923
4
Registered
Q F 715 -_- 9114914
6
General 4e
8713 93
1987 MN 9158
9112 24
877 93
8
Stpd 41) non-p Fed In tax '87 MN 9112 Sale 90
10412
3
853 8814
Gen 4345 stpd Fed Inc tax.1987 MN 10438 105 10414
8
1
11018 1103 110
4
110
Gen 55 stud Fed Inc tax_.1987 M
87
9212
5
MN 105 ____ 10812 10812
88 94
Registered
192 June'30
0
,
6kb0
e3
Sinking fund deb 58
8914 92
1933 MN 102
12012 14112
MN 99
Registered
7
88
15
9214
-year secured g1310_ _ _ _1936 MS 108 109; 109
109;
_
9012 9312
let ref g 58
May 2037 .1 D 10612 107; 106 June'30
8
let & ref 414e
97 10114
May 2037 J
8
9
8
9911 519
9 2
8
MN 99 Sale 9758
7's 9
10214 104
Cony 4I4e series A
1049
95 9712
1
8
81
9
8
8712 8114 81
9 12 9
8
Chic R I & P Railway gen 48_1988 J 2 91
10012 104
5
Registered
87
87
J J
4
9814 138
90
96
Refunding gold 4s
1934 A0 98 Sale 973
Jan'30
_
95
0212 9212
A0
Registered
95; 82
Secured 4 348 series A
9618 100
1952 MS 957 Sale 95
995 254
8
8812 9318
Cony g 434s
1960 M N 99; Sale 9718
68
7312 Ch St L & N 05s-June 15 1951 • D 104 10512 104 Apr'30 -_
___ 102 Mar'30
52; 621,
J 13 103
Regletered
Gold 330
81 July'29
8
82; 85
June 15 1951 ID 863
Memphis Div 1st g 48__-_1951 3D 903 9012 Mar'30
8 92
09 /01
Chill L & P lst eons g 58_ _1032 A0 1001
8_ 10012 June'30
9112 953
- 12
4
A0 _ _ _ _ 11;(1 10158 June'29
Registered
Chic T 11 & So East let Le__ _1960 J O 97 Sale 96
ii
97
90
94
Inc au 5e
98; 100 4
,
8612 8812 June'30 -Dee 1 1960 51 $ 80
Chic Un Sta'n let gu 410 A.1963 3' 10014 101 100
10014 28
984 99
3
let 51 aeries B
105
101 104 4
,
4
1963 3' 1043 _ _ _ -1105
102 102
10312 8
Guaranteed g 5e
1944 J O 10312 sale 10314
let guar 654s series C___ _1963 3, 11514 115; 1154
1155
8 18
10118 106
2
Chic & West Ind gen 6s_Dec 1932 QM 1025 Sale 102; 102;
8
10812c111
9014 21
Consol 50
91
9512
9014 Sale 89;
-year 4.8
1952 J
17
let ref 530 series A
10012 104;
. 1962 /31 S 105 Sale 10412 105
102 June'30 84
8712 Choc Okla & Gulf cone 15n_ _1952 MN 10078
10114 10412 Cinn & D 2d gold 4 Ha____1937 .1 J 963 - - -- 9612 June'30
8 99
98112 1043 C I St L & C let g 4a_Aug 2 1036 Q F 97
4
9
1
____ 9612
1015 105
8
95 Feb
Registered
Aug 2 1936 Q F
90
CM Leb & Nor let eon gu 41.1942 MN 941 ___ 9314 Jtme',,0
84
82
62
-- 100 July'28 -9512 96 4 Clearfield M Mah 1st gu 5e._ 1943 ii
,
92
2
Cleve Cln Ch & St L gen 48_1993 3D 944-9112 9214 92
20
-year deh 410
10038 1003
8 15
tOO 166-1931 J J 10014
General 5e aeries B
_
78 78
ID 104 10514 108 Apr'30
1993
Ref & inapt (is ser C
_
1941 J J 10514 ____ 105 June'30
10514
Ref & Impt be ear D
10514
8912 9214
1963• J 108
Ref &!met 430 ser E._1977 J J 983 Sale 97;
4
98; 370
Cairo Div Ist gold 4.1
4
_
98 115f
- 7Z
1939 J 2 953 9612 9514 June'30
87
Chi W & M Div let g 41_1991 2J 88
87
20
87
81
8
St L Div let coil tr g 48_ _1990 MN 89
875
89
14
93 4 943e
7
Spr & Col Div let g 46._1940 MS 03
- 93 Apr'30
993 103
4
93
W W Val Div lets 41_ _ _ _ 1940 .1 J 9Jan'3090
9.5
4
_ 104 June'30
9912 10112 CCC&I gen cone g
' 1033
3
101
Cloy Lor & W con ist g 5a_ 1933 A0 1003 ___