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SATURDAY,JULY 12 1930. VOL. 131. financial Chronicle PUBLISHED WEEKLY Terms of Subscription—Payable in Advance 12 Mos. 6 Mos. Inaui4sg Postage— WitSin Continental United States except Alaska $10.00 $6.00 In eininion of Canada 11.50 6.75 Other foreign countries. U.S. Possessions and territories__ 13.50 7.75 also issued. are publications following For the Bank. and QuotaThe tion Record the subscrlistiosi price la IMO per year; for all the others is $5.00 per year each. Add 00 cents to each for postage outside the United States and Canada. 011P1INDIT714--• PUBIJO RAILWAY & INDUSTRIAIr—VOLIT II year) STATE! AND Munictrat—(semi-ann.) MONTHLY PUBLICATIONS—. R•NE AND QUOTATION RECORD MONTHLY E•ENINOS RICORD Terms of Advertising Transient display matter per agate line 45 cents Contract and Card rates On request charge Cellos—In or Fred. R. Gray, Western Representative. CHICAGO 208 South La Salle Street. Telephone State 0613. LONDON Orricn—Edwards & Smith, 1 Drapers' Gardens. London, E. C. WILLIAM B. DANA COMPANY, Publishers, William Street, Corner Spruce, New York 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 873Ac. a bushel, as against 1.087 /8 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 857 / 8c. 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 /8% on an annual basis. merely tell us what we are all prepared to hear. interest rate of about 17 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/ 1 2c. a pound, equaling the recent low other disposition thereof will also be exempt from 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. / 1 2c. above domestic parity, was expected to be re- Previous offerings, however, were 90-day bills. The 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. to California. wheat yield placed is at now 557,The winter the bushels of 25,719,000 over gain bushels, a 719,000 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%, 2% on Tuesday and remained at but fell back to 21/ 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 St. Louis-San Francisco 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/ 1 4; 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 8; International Har/ 4 against 625 Gas & Elec. at 631/ / 4; Sears, Roebuck & Co. 8 against 821 vester at 801/ /8; Montgomery Ward & Co. at / 4 against 627 at 651 1 4; 8 against 57/ 341/ 2 against 34%; Woolworth at 561/ / 8; Western / 4 against 795 Safeway Stores at 761 Union Telegraph at 165 against 162%; American / 8 Tel. & Tel. at 208 against 207; Int. Tel. & Tel. at 437 1 2; against 43%; American Can at 120 against 117/ 2; United States Industrial Alcohol at 68 against 681/ 2; Corn / 4 against 221/ Commercial Solvents at 223 / 4; Shattuck & Co. at 36 3 4 against 921 Products at 92/ 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 8; National Cash Nemours at 101% against 1001/ Nickel at International against 47; Register at 44 /8; 1 4 against 717 2; A. M.Byers at 71/ 241/ 2 against 241/ Simmons & Co. at 23/ 1 4 against 23%; Timken Roller Bearing at 58 against 57%; Mack Trucks at 54 2; Yellow Truck & Coach at 26% against against 521/ 1 4; Gillette 3 4 against 77/ 25; Johns-Manville at 72/ 3 4; National Dairy Safety Razor at 671/ 2 against 63/ Products at 501/ 2 against 49; National Bellas Hess at 9 against 9%; Associated Dry Goods at 36% 8 against 1 4 bid; Lambert Co. at 821/ ex-div. against 36/ 3 4,and 827 / 8; Texas Gulf Sulphur at 53% against 52/ 1 4. Kolster Radio at 27 /8 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/8 on Thursday of last 3 4 against 1577 terday at 157/ week; Bethlehem Steel at 811/2 against 79%, and Re2. public Iron & Steel at 421/2 ex-div. against 411/ 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 2 against 33%; Chrysler at 28 against Motors at 341/ 2 against 97; Packard 271/ 2; Auburn Auto at 1081/ /8; Hudson Motor Car at Motors at 13% against 137 8, and Hupp Motors at 14% against 32 against 301/ 137 /8. 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 8. 211/ 2, and the preferred at 43% against 421/ The railroad stocks, after early weakness, have responded to the decision of the I.-S. C. Commission in favor of higher class rates. Pennsylvania RR. closed yesterday at 751/2 against 74/ 1 4 on Thursday of last week; New York Central at 1611/2 against /8 against 391/2; Del. & Hudson 159; Erie RR. at 427 152; Baltimore & Ohio at 1057 against / 2 bid /8 at 1571 against 102/ 1 4; New Haven at 107 against 101; Union Pacific at 218 against 207; Southern Pacific at 116/ 3 4 against 114%; Missouri-Kansas-Texas at 38% 3 4; Missouri Pacific at 68% against 60/ against 35/ 1 4; Southern Railway at 95 against 921/ 8; St. Louis-San 2 bid against 88/ Francisco at 911/ 1 4; Rock Island at 2 bid against 98; Great Northern at 781/2 bid 1031/ against 79%, and Northern Pacific at 74 2. against 721/ 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/ 1 4; Skelly Oil at 30 against 291 / 4; Atlantic Refining at 35% against 35/ 1 4; Texas Corp. at 51% against 511/ 8; Pan American B at 58 against 58/ 1 4; Phillips Petroleum at 321 / 2 against 32; Richfield Oil 1 4 at 18 against 161 / 4; 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/ 1 4 against 381/ 8; Calumet & Hecla at 15/ 1 4 against 15/ 1 2; Andes Copper at 21% against / 4 against 517 221 / 2; Calumet & Arizona at 541 / 8; Granby Consolidated Copper at 21/ / 8; 1 2 against 217 American Smelting & Refining at 621 / 8 ex-div. against 591 / 8, 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/ 1 2%. This folon the Simon Commission report. The civil diso- lows a reduction on April 3 from 3/ 1 2% to 3%. The 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/ 1 2% in Austria, Hununfortunate 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 2 3/16% on Friday of last week, and just off the Strand. Lord Irwin's speech was de- 2%7 0 also for long bills against 21/ 4% the previous livered at Simla Wednesday before the Legislative Friday. Money on call in London yesterday was Assembly, and several important statements in the 134%. 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 defiance. Such tactics, he warned, may some day former showed a decrease of £23,651,256, while the 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 1930. COMPARATIVE 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 39,649,422 50,588,000 46,362,296 72,876,165 movement in China. An American seaman, Samuel Disct. & advances 26,176,439 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 Bank of Engdiplomatic representatives will protest to the Na- land note Issues adding at that time £234,199,000 to the amount ofwith 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/ 1 27 0, but money was freely offered and the rate for new loans dropped to 270 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 1 27 0. bank reduced its 'discount rate from 370 to 2/ 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 270, the rate on new loans advanced to 370. On Tuesday, Wednesday and Thursday all loans were at 2/ 1 27 0, including renewals. On Friday, after renewals had again been 1 270, there was a reduction in the put through at 2/ 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@2%70 for 30 days, 2%@ since been quoted at 2/ 370 for 60 and 90 days, 3@3%70 for four and five months, and 3%@3y2% 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 8%. until Wednesday, when they were reduced 1/ Rates now are 3@3%% for names of choice charac4(4)31/ 2% ter of four to six months maturity, and 31/ 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 of 1% on five and six month maturities. The Gold and bullion Dec. 66,000 2,618,808,000 1,994,459,000 2,105,378,000 day Y 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 17 /8% 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/ 1 2% bid and 270 asked for 120 47 0 asked for 150 days Money rates in the New York market showed little days, and 2%70 bid and 21/ 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-money call fluctuated but for the in autumn. Rates 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 270 to a rate of 370 for new loans. An official fig- Eligible non-member banks 2% bid 1 2% prevailed undeviatingly on Tuesday, ure of 2/ 166 FINANCIAL CHRONICLE The Federal Reserve Bank of Atlanta has reduced its rediscount rate from 4% to 3/ 1 2%; the reduction, 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 8'35,000 122,000 from Ecuador 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/ 8@4.86 5-16 for bankers' 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 4, ninety-day bills at 4.82 15-16, docuother 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 3.9314; and commercial sight bills at 3.93 1-16, 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 a week earlier. Italian lire closed at 5.23% total standing at the record level of 44,169,000,000 23.843 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, / 8; exchange on Czechoslovakia at 2.961 franc in June 1928. According to Paris dispatches, against 141 /, the Bank of England's recent decisions concerning against 2.963 4; on Bucharest at 0.593 %, against 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 4,against 2.52. Greek exchange closed 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/ 2, against 40.23; 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/ 2, against 26.77 and 26.783.. Checks on 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 7 , against 49%; 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, s $ $ $ whining .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, krone .029663 .029663 .029665 .029668 .029668 .029863 fell from 11.61 (cable transfers) to 11.20, recovering Denmark. krone .267780 .267848 .267945 .287911 .267865 .267888 pound slightly thereafter, but slipped again after the turn England. 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. .039326 .039328 .039335 .039339 .039338 .039344 franc 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. guilder prices, is rapidly creating an acute situation. A news Hangar,. 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_ .194070 .194116 .194235 .194230 .194229 .194282 105,000,000 pesos, compared with 72,000,000 pesos Switzerland. Yugoslavia, dinar__ .017669 .017678 .017691 .017676 .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 .382708 .381875 .383541 .383958 on Saturday stated that the partial failure of another Hongkong dollar- .308482 .309017 .309464 .309553 .310892 .311250 Mexican .260(100 .260625 .262500 .262500 .263437 .265000 Argentine bond issue in London, that of the Buenos Tientsin ordollar._-. Faintly 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 AMER peso exchange. Present rates are again near the .."Iumela. 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 dollar .997218 .997312 .997187 .997405 .997537 .469700 Argentine paper pesos closed at 36 3-16 for checks, Newfoundland. .998100 SOUTH AMER.Argentina. Peso (gold) .816384 .815160 .819126 .817954 as compared with 35 15-16 on Thursday of last Brasil. .818041 .818819 nen& .109735 .109710 .108900 .108921 .108680 .108750 peso 120976 .120986 .120971 .120963 .120952 week; and at 363. for cable transfers, against 36. ehfle, .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 Reserve Bank on Dec.6 1920, it is also no longer eral 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, I Monday, Tuesday, Wednesd'y. Thursday. Friday, with the consequent heavy drop in its purchasing Saturday, 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 course, the continued depredations of the warring 2)5,000,000 130.000,000 183,000,000I 155,000,000 169,000.000 141.000,000 Cr. 983,000.000 Note.-The foregoing heavy credits reflect the huge mass of cheeks come which 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 scheme. These large credit balances, reflect only a part of the Reserve Bank's operations with tion of the country and a weight upon exchange. however, House Institutions, as only the items payable in New York City arethe Clearing represented the daily balances. The large volume of checks on institutions Japanese yen continue firm, although the foreign in outside of New York are not accounted for in arriving at these balances, located as such checks through not pass do the Clearing but are deposited with the Federal Reserve trade of Japan for the first five months of 1930 shows Bank for collection for the accountHouse of the local 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 11/ 1 2c. a pound. 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 no ssinister aim or effect in commercial flying. 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 District40,091 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 DistrictNorthwestern 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 NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the confines of the different groups and regions. EASTERN DISTRICT. New England Region.-This region comprises the New England States. 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. Central Eastern Region.-This region comprises the section south of the Great 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. Southern Region.-This region comprises the section east of the Mississippi River 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. Northwestern Region.-This region comprises the section adjoining Canada lying the and Central the of York operations New the cover figures a These west of the Great Lakes region, north of a line from Chicago to Omaha and thence 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. IncludContra, Western Region.-This region comprises the section south of the Northa the is and result Erie the Indiana Lake Belt, Harbor & ing Pittsburgh western region, west of a line from Chicago to Peoria and thence to St. Lou s. and decrease of $9,504,010. north of a line from St. Louis to Kansas City and thence to El Paso and by the boundary to the Pacific. PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH Mexican Southwestern Region.-This region comprises the section lying between the MktOF 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) 4 304 ° 86 21 3 268.553 255.427 240.276 224.113 211,537 210,195 169,982 167.386 161.113 159.377 157.029 153,582 130.155 126,202 121,559 118,610 118,119 116,197 115,815 111.277 101,836 $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 DistrictSouthern region (30 roads) Pocahontas region (4 roads) 215,142.610 Total(34 roads) Western DistrictNorthwestern region (17 roads). ___ Central Western retTion (25 roads). Southwestern region (30 roads)___ Total(72 roads) Total all districts (171 raads) 249.909,240 -34.766,630 4.66 55,449,785 22.920,101 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.) Chicago1930 985,000 1929 ____ 1,151,000 Minneapolis1930 1929 _ Duluth1930 _ 1929 liffitoakkea1930 _-97,000 223,000 1929 Toledo1930 ____ 1929 Detroit1930 _ 1929 St. Louis559.000 1930 662,000 1929 ___ Peoria193,000 1930 263.000 1929 ____ Kansas City1930 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. Joseph1930 -178.000 1929 ____ 317.000 Wichita406,000 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.) Chicagoour compilation showed $28,515,298 gain in gross, or 5.85%, 1930 -- 4.780.000 3.324.000 37,818,000 10,710,000 2,168.000 998.000 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 Milwaukee465,000 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. Louis1930 ____ 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 Toledo1930 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 Detroit1930 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 Peoriano 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, folDuluthlowed 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 City1930 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 & Indianapolis1930 _ 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 Cityshould 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. Josephbefore 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 Wichitareduction 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 counTotaltry (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 the year precedcarload's in May 1929, and at Kansas City 5,892 Car- ing (1921), though gross at that time was declining, 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 2.89%, which, of course, failed to reflect either the both as regards the shipments overland and the re- great falling off in traffic or the extent and magnitude of ceipts of the staple at the Southern outports. Gross the depression in trade under 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 wage scales, the Railroad ports aggregated 205,975 bales in May 1930 against Labor Board having the higher 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 New York City; Weehawken, N. J., via New York Ontario & Western, of first class ranging from 92.5 to 13. The principal present classes are 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 South Amboy): thence following the Perth Amboy branch of the Pennsylpeninsula rail-water rates via Love Point, Md., are required Del-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 an imaginThe decision also holds that maximum class rates to and ary line east through West&Englewood, N. J., on the West Shore and Engleand its City constructed should environs be York wood, N. J., on New the Erie to Fort Lee, N. J., rates should be based on 50 from miles added to the distance the all-rail terminal of the New York, New to as follows: Haven & Hartford at Harlem River, N. Y. and Front Trunk-Line Rates Points To in Long-Haul I D. Rates To and From Points on Long Island Outside New York City. Territory. A. Class rates to and 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 ten miles distances over the distance of the to New York City class rates should be constructed by adding the following on any based be should 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 as silk 42, hides 22, July cotton 29% and silver sells at 337 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 points in the livelier issues which seemed decline of 1 to 4% 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 . ____ 82.1 .82.1 Bituminous coal production. . --------124.8 _Petroleum produc'n (daily avge.) .___ ____ 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 3300,000,000, most of which came from American visitors who left in this to a new low at 124.2, a decline of 1.2 point for the week. country 40% of the vast sum they expended in pleasure and business travel 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 $20,000,000. production of these commodities are in any way checked. In spite of 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 equal numLoading of revenue freight for the week ended on June 28 ber in 1929, the 47 chain store companies reporting results inanApril 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. shows that of the 2,026 commercial defaults record The 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 6.0 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 13.3 Kroger or.& Bak. 20,317,241 21,899,357 x7.2 132,451,942 138,729,409 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 about 28% for manufacturing, approximately 65.3% were 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 reductions in eight of the fifteen separate manunumerical 7,157,376 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..TradersGeneral 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 Boston New York Philadeinhla Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco , .,......... !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 --• 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: PRODUCTION OF ELECTRIC POWER BY PUBLIC-UTILITY POWER PLANTS IN THE UNITED STATES (IN EILOWATT-HOURS). Total by Water Power and Fuels. March. April. May. Change in Output from Precious Year. 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_ 306,908,000 301.118.000 305,399,000 397,062,000 405,108,000 412,944,000 Central_ 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. January _ - - February.... March April May June July August 3eptember _ October Nor•mber ... December Tntx1 Incr.:se !arrears 1929 1930 Oter Ow 1928 1029 1929a (kwh) 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 5% 3% 2% 1% cl% 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 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 PeenCoke 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 +0.2 2,574,632.000 697.196,000 -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 manufacturing June 15 and bearing 2%.% interest. Subscriptions to this issue amounted 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 the from are 2 July advices Montreal following The of cool nights has prevented cropS from making the best development. The physical condition of the district's ranges and livestock reflected a marked New York "Times": the Improvement during May but it is still below a year ago. Nevertheless, the A strike of workers of the Modern Hat Co. has been called by Local Union 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 Refuse Beacon (N. Y.) Brickmakers Quit-Two Hundred Factor. a ariff Wages-T in Cut 10% 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 ReFederal for purposes, agricultural funds for principally 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. TABLE II-PAYROLLS IN SELECTED GROUPS OF INDUSTRIES IN 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. TABLE III-PLACEMENTS MADE BY FEDERAL STATE EMPLOYMENT 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 PlacementsEnid 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 1929 output. The production of all grades of paper during the 5-month 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 during the 5-month period of 1930 as compared with the same period of 1929. 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. 1 Used During Month, Tons. Groundwood Sulphite DEMI grade Sulphite bleached Sulphite easy bleaching Sulphite mitscherlich Kraft pulp Soda pulp Pulp-Other grades... 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. 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 27 weeks-214 mill resorts 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. average production. Week-112 mill rePnrts 5,914 7.437 126 5,863 99 5-year 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: of the 5-year period, 1924-1928. 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 208,391 253.331 122 average acreage of the 5-year period 1924-1928. 220.705 100 27 weeks-24,096 mill reoorts---- 9,203.883 8,641,141 94 8,453.902 92 Durum Wheal.-The acreage of durum wheat has been further reduced 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 a5The 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 ing rather The Canadian National Live Stock Exchange was formed here today 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 with 30.8 bushels last year and an average of The Crop Reporting Board of the United States Depart- 31.0 during the previous 10 years. Production Is forecast at 1.329.407.000 ment of Agriculture made public on July 10 its forecasts bushels, about 7% above production In 1929 and about 3% below the averand estimates of the grain crops of the United States as of age of the previous 5 years. 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 10 years. Most of the Increase over last year that the production of winter wheat is now placed at 558,- has occurred In previous the group of States from Minnesota west to Montana. 000,000 bushels which compares with the Department's esti- In the eastern part of this area the prospects are rather promising. but elsewhere they are only fair. The average yield is forecast at 13.7 bushels mate of 532,469,000 bushels a month ago and with 578,000,- compared with 12.6 per acre last year and an average of 13.4 bushels The 1929. July 1 condition is for the previous tenbushels 000 bushels harvested in years. Production is estimated at 47.858,000 bushels 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 of production probable most The expected. now is 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 acreage and the previous 5-year average. Increases in Southern States 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. burley increased 3.5%, was acreage flue-cured types. cigaret Among the a little over 7% and Maryland 12.5% • than other Increases in acreage took place in the dark air-cured group, 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. July 1 is reported on tobacco of condition 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 before occur unusual conditions unless 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. States. other most in year 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. 22 parishes of Louisthe in growing are cane sugar of acres About 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 114.4 611 106.7 3,482 13,363 103.3 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 25 26 27 28 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 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 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 the drought United States and Europe combined drank more coffee has been general all year but reached its greatest intensity 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 Exchange go. The announcement by the Exchange also says: Virginia Wool Sale-40,000-Pound Transaction Made 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.S. and Europe— 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 goes Journal" of July 10, said: 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. 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 Total 207,879 Average monthly._ 34,647 661,611 55,134 568,378 47.108 53,386 53.839 44,707 January February March April May June July August September October November December Approximate Deliveries to American 31i111.7 January February March April May June July August September October November December Approximate Amount of Japan Silk in Transit Between Japan and New York End ofMonth. 1930. 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 previous to the time allowed In transit across the Continent(covered by Manifests 126 to 151, Inclusive). y Includes re-exports. z Includes 527 bales held at railroad terminals at end of month. Stocks In warehouses Include National Raw Silk 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 COASTSTOCKS 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 7,516,000 1,049,000 EMS Coast Appalachian Ind.,'Moots, Kentucky Okla., Kans., Missouri_ Texas la ublana-Arkansas__._ Rocky Mountain California oogtoms..com, ,6,-Onme; oco.wc>0001 •-• Crude Runs to Stills. Per Cent Oper. of Total Capacity Report. 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 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 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 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: Coast-Governor's Aid Sought. -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 ArkansasThe price reached the 5-cent level in Fresno. One large distributing com- East Little River 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 TexasSt. Louis 105,650 107,400 Barbera Hill price of 4 cents in Tacoma. 18,900 19,700 28,700 31,500 Raccoon Bend 12,050 12,000 The lowest retail price in Los Angeles was 834 cents, including the 3-cent Searight 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-cent tax. Quo- South Earlsboro 3,300 2,850 Coastal LouisianaKansasEast 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 Wyomingin having gasoline distributors classified as public utilities operating under Panhandle TexasSalt 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 TexasNew MexicoCounty 18,950 19,000 Balance of Lea and Eddy May Production of Natural Gasoline Higher-Inven- Archer Witharger County 24,700 24,700 Counties 23,300 22,900 West Central TexasCaliforniatories Continue to Increase. 22,100 23,100 Elwood-Goleta Young County 42,000 42,500 West TexasHuntington Beach 27,500 26,400 According to the United States Bureau of Mines the pro- Crane dt Upton Counties. 38,000 38,900 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 County 115,000 115,000 This compares with the daily average of the previous month Winkler 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. April 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. Stocks End of Mo. Jan.May 1930. 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 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 ; prime western y to relates and on Retort capacity 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, are on the basis usually adopted by tin and Mineral Markets report. Total domestic bookings producers for their reports and show 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 and sinking fund provisions, the actual cost of production is to large electrical manufacturers whose interest was stimu- overhead, £151 per ton, not including interest investment. This cost estimate lated by the low price. About 60% of all commitments were is based on operations not nearly upontothe 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/ 2c. a Pound—Producers Follow 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. January February March April May June First six months.July August September October November December 12 months'average 1925. 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 IronSpiegel 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 1930-GROSS TONS. 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. First half year production of ingots-23,793,119 tons-was 18% below the record 29,037,398 tons of 1929, and 2.5% under the 24,798,077 tons of 1928. Steelmaking operations thus far in 1930 have averaged 78.6%. 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. Raw and semi-finished materials, like finished steel products, are in 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 'Date. ' to 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 73.000 KentuckyEastern 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. N.& C. & O.; Virginian, and K.& M. c Rest of State. including Panhandle. 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 1929Bituminous 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 U.S. Government securities Other securities 1,088,000,000 1,095,000,000 975,000,000 969,000,000 940,000,000 739,000,000 796,000,000 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. above, the statements for the New York and explained As 1,0l2,000,000 TOTAL RES. BANK CREDIT —58,000,000 —398,000,000 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 513,000,000 in the Kansas City district, $7,000,000 in the Minneapolis before which time the statistics cover- district and $45,000,000 at all reporting banks, and Increased $12,000,000 the following Monday, 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 week were increases of $10,000,000 at the Federal Reserve Bank of $16,000,000, the total of these loans on July 9, standing at the New York and $9,000,000 at San Francisco. $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 bonds totaling £12,655,000. The annual report of the Department of Summary of Conditions in World Markets, According 4% 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 season and pork fresh fish for this beef reacting to a of large consumption 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 courages livestock breeding. provement in business. The Island is now experiencing the normal slackremainel 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 & Co. and J. Henry Schroeder The following is from the "Wall Street Journal" of & Co. Other portions will be offered in Paris, Rome and probably a block 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 of the Silas H. Strawn Succeeds Thomas W. Lamont as Head in the establishment of an agrarian credit institute. yesterday by 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: branch, chain and group banking, and the concentraIf About 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 said to still be in possession of the village. mergers and consolidations in industry as a whole con- were According to the newspaper 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: This scheme, added to the present doles, would involve the expendiOne 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, customs and public credit system of the republic and make recomcontribution being in addition to the pledged revenues above tax, mendations for the development of these departments. 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/ 1 2% external loan bonds, dated October 15, 1915 and due 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. It is pointed out that the next Congress will revise the fiscal laws, The National City Bank of New York, as fiscal agent, especially the tariff, smoothing out objectionable features. It is not has issued a notice to Kingdom of Norway twenty-year 6% known whether there will be tariff increases to meet the increases by United States. the external loan gold bonds, due August 15, 1943 sinking fund 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 follows: this cereal, as the excessive humidity makes loading al- three First, the ministry of finance, and ministry of industry, 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 and promotion of the manufactures, and consumption of will be good shipments of corn about the beginning of native goods. 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, ConsulGeneral 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 agents for the guaranteed 20-year 7% sinking fund gold 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 or before July 21 1930. on 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 which would adjust wheat production to demand was urged receive any profits for their labor during the next decade. to-day by 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 for a reduction in wheat acreage, with a view to stimulating prices, campaign to bring about a curtailment of wheat production, farmers Mr. Legge said, in 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 for the benefit of your children and of the speeches by radio of Secretary Hyde and Mr. Legge on coming generation. Do anything 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 Diego San of Producers' Assn., Detroit, Mich.; Milk Producers' Assn. Akron, County, Summit of Assn. 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; Ill.; Chicago, Farmers' Co-op. Milk Assn., Cleveland, Ohio; Pure Milk Assn., Milk Seattle Ohio; Columbus. 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., CoPorts Twin Mica.; Ore.; 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 heard Kansas from the spokesmen agricultural chief 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 in this section, Governor Reed suggested reduction proCongress of Dangers in Agricultural Marketing wheat acreage posals "would be more easily understood if applied to Ohio, Indiana, Act. Illinois, Kentucky, Michigan and Wisconsin, rather than this area, noted which raises the best quality wheat From the June 26 issue of the "Central City Republican" for its cheapness of production and else so well, he said. 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 Theodore Christianson of Minnesota declared Governor 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 bureaus or any divisions shift or divert 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. secured be can and relief farm permanent a curtailment of domestic consumption, due to changes in eating habits no We are convinced that 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. States Chamber of Com- for the present acute situation is a reduction in foreign demand. Europe These are not the declarations of the United 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 of dairy products annually themselves self-supporting, so far as wheat is concerned," continued the worth $300,000,000 over marketing 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 producers, who the 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. coamong It 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 the Board does not Montana farmers are far from unanimous on the matter Farm Board in the Louisiana-Texas territory and 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 producers of and the Federal Farm Board. We of the Farm Board's assistance or the organized efforts 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 in Delaware by the following incorporating directors: Acreage ForReducing 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, AlAlexander Legge, and Hyde Secretary n of recommendatio bany, Georgia. 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. added: this, 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. A group of pecan growers met with representatives of the Federal Fat-in 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 . .. or guilty of conduct 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 indulgence of their friends in this heart-breaking period. 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) 4,401,561.885 (cable, and Communications tel. 127.40 5,028,463,820 145.65 radio) 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 Tobacco 1,880.063,990 70.77 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 e alanes1 enrichment." beUndlrutt proceeds forsaiits o ich ecannotenr reacly toaccept l d "It ewnetl" circumstances, Justice Sherman with parted 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 memberlimits Constitution the time present zens. 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 on The we 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 BanksAttorney 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 out such authorizations; therefore, be it Policy Loans Rose in 1929—Demand After Stock Slump carrying Resolved by the Senate, 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 law, to the end that unemployment The unprecedented demand for policy loans following the severe break prevailing throughout the countryby may be 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 line with President Hoover's The six months' period ended June 30 was the largest first announced policy regarding unemployment. The program formulated at that time contemplated the placing under half-year in volume of trading on the Chicago Stock Excontract during the calendar year 1930 of approximately $92,000,000 change in the history of the Exchange, according to figures worth of construction in addition to the $40.000.000 under contract at the compiled June 30. An announcement to this effect, June 30, beginning of the year. Progress reports for the first half of the year 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 for, and his action in any such respect shall be final. Those subConstruction—Says Prosperity Will Follow Em- applied mitting tenders will be advised of the acceptance or rejection thereof. ployment. Payment at the price offered for Treasury bills allotted must be made at the Federal Reserve banks in cash or other immediately available funds Referring to the prospective opening in Atlantic City on on 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 The "Purple and White Fleet" of automobiles dispatched by the Elks thereof. 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 part invaluable 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 latter five being members of Offering of $60,000,000 60-Day Treasury Bills—Sub- the House Rivers and Harbors Committee, which wrote the measure. scriptions Total $328,968,000—Bids Accepted President Hoover used three pens in signing, two of which were gold. One gold pen he sent to Representative Dempsey of New York, chair$50,920,000—Average Price 99.672. man of the Rivers and Harbors Committee. Another was presented to a new issue of offering of 60-day The 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. a statement President Hoover characterized the undertaking as of bids accepted was $50,920,000, at an average price of "aInlarger project than even the Panama Canal." He predicted it would 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 average The price of Treasury bills to be bill for work on iivers will become available July 1, for the waterway bids accepted was $50,920,000. 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 This week's issue of the first to be put the Mississippi and its tributaries. Rumors were current at the Capitol during the closing hours of Conout since the enactment of the new law making any gain last night that the President would veto the rivers and harbors from the sale of bills tax exempt. Items regarding this tax gress measure because of the pronounced opposition of certain Northwestern 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 words in regard to the bill today were a declaration of his "particular bills, as we have noted at various times, are issued under the satisfaction" in signing it. 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 Senators opposing it. Prior to passage the Senate adopted an cies—Gen. Hines to be Administrator of Veterans' Affairs. amendment 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 o'clock to-night after a stormy session. Agencies. A statement issued by the President on that date It came unexpectedly. Through much of the afternoon 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 Senators publicans, 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: ' , It looks to the abandonment of compensation for disability incurred 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 216 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 desirable that I to passage next winter. Apparently, it will have to go over to the Seventyshould 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 with from passage because of House opposition to the measure as passed by the the sole Senate. Powerful railroad opposition to the resolution exists. While it purpose of national detense; they earnestly desire real progress in limitation reduction and of naval arms of the world, and their aspiration is for abowill be brought forth again next winter, its fate is uncertain. lition 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. promotes It 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 submarines-the fleet built and actually building on Jan. 1 of this year 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 Ratification Is in Interest of U. S.-McKellar Resolution 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 Washdisunder of this treaty three years ago. The lines have been known and 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. otherwise be realized for several not would which battleships Britain in If we fail now the world will be again plunged backward from its progress 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 218 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, I decline to accept in confidence from one of my colleagues what he and most of the hour and a half's sitting. But there were signs in plenty that 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 said he would probably propose a reservation which would provide that, move to consider it to-morrow. There is no chance of its adoption, but it 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 came necessary,the text of the treaty itself should govern the interpretation. itself. Several Senators, among them Senator Norris of Nebraska, who will 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 beWatson and Senator Swanson of Virginia, ranking Democrat on the Foreign tween the Secretary of State and the Committee on Foreign Relations 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 papers and requested by the Foreign Relations Committee: 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. point where the individual was country to a 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 then the remotest 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 been refused an opportunity to see, the confidential material referred to, speculating in the hope that he could make enough profit to pay his Ameriprovided 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 can 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 declaration was the painful" 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 220 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 will have deposits of $70,000,000 and resources of group 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. basis of five new shares of $20 par the on share its split 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 to finance which with $1,800,000 of amount the to shares new the in are initial structure designed 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. Vice-Presidents; Mortimer N. Eastburn, Title and Trust 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 the and National & Co. Bank Trust Worcester County cester is now doing business with nearly 80,000 customers and operating 12 offices. 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%, payable Aug. 1. This is in accord with the policy the dispatch said. dend of 11 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 in the some period from $1,400,000 to $2,550,000. Its nt capital and surplus 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; Mines. On an extensive and enlarging scale it has conducted J. C. Persons des national and international 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 the close stocks were at and d pronounce 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,Union Pacific road shares attracted considerable attention, particular stocks were Atchison 83 points to 2213 exceptions few with when to 106, New 23% points Ohio during the latter part of the week, & to Baltimore 218, points of 63 the group moved to higher levels. The weekly statement York Central 2% points to 162, Norfolk & Western 12 of the Federal Reserve Bank made public after the close points to 230, New Haven 63/i points to 1073%, Wabash 23.4 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 and 2% between fluctuated newed at 2% on Monday and 95. United States Steel joined the upward rush with a gain week. the of rest 3% during the 8, Westinghouse Mfg. & Electric Co. of 29/i points to 1597 % 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, American Telephone & Telegraph shot ahead 33% 1213 . downward slowly drifted prices as favorites popular trading points to 210, and Allied Chemical & Dye surged forward American Can was one of the weakest and slipped down below 9Y 1 points to 259. Motor stocks were stronger and were 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 4 points to 110. Public Utilities were in active demand points to 1303. Standard issues like United States Steel, 71 & Electric, Consolidated General Electric, General Motors, American Tel. & Tel., and such issues as Colorado Gas Foreign Power, Brooklyn & York, New Co. American of Gas were list and a host of other active stocks in the general Water Works and American Co., Gas American Union 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 Friday, on y reactionar market somewhat was stock & The Light Electric 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 United 2 points, & Telegraph Telephone American Auto 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 23,1 points, Allied Chemical & Dye 13 points, moved upward 43/i points to 167, Diamond Match ran ahead J. I. Case Threshing Machine 43/i points and Johns-Manville 3 points to 1923/i 23 points. Atchison was down about 3% points and so 93 points to 1993, Eastman Koda 24 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 reached 843/ as against Thursdays and early trading the in by followed 2083%, to points 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 On Baltimore & Ohio with an advance of 1 point to 102. 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; Allied 4 points to 126; Air Reduction 2 points to 1083/ ThreshCase I. J. and ; % 4 points to 2493 Chemical & Dye 23 strong fairly were Specialties to points 169. 2 ing Machine Carbon, Columbia of leadership the under ahead and forged 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 Stocks-No. of shares_ 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.: ImportsExportsBritish 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 weekand 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.: ImportsExportsU. 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 RanksBanque de France BallqUe de Pluto et den Pays Ba.s. Credit Lyonnais Union des Mille, CanalCanal MarltImede Suez RatIroaaChemin de ter du Nord MinesMines 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 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) Holtday 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 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 7.8%. district Reserve San Francisco In the following we furnish a summary by Federal Reserve districts: BANK CLEARINGS. SUMMARY OF Week Ended July 5. Clearings at1930. 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 3,818,263.884 4,338,753,088 -12.0 4,723,812.826 Outside N. Y. City 612,e61,618 643,834,618 -21.7 425,506,559 eltim 81 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 Conn.-Hartford_ 10,920,195 8,578,747 New Haven_ _ 17,569,400 10,974,500 R.I.-Providence 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 N. Y.-Albany.. 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_ 25,037,374 930 17,984 Rochester 10,707,998 8,135,162 Syracuse 6,513,929 4,827,966 Conn.-Stamford 1,237,534 1,046,503 N. J.-Montclair 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 Pa.-Altoona _ _ 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 --45.2 684,319,424 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 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 8,734,816 617,0451,082 512,276,036 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_ _ _ -19.9 149,653,835 135,064,016 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._ _ Pa.-Pittsburgh _ 234,693,812 193,981,685 +20.9 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 S.C.-Charleston 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 50,539,664 175,468.369 169,950,454 Total(8 cities)_ 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 --40.8 48,875,777 28,930.601 _ ca.-Atlanta. 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 La.-New Orleans 169,350,415 -25.2 Total(12 cities) 126,745,644 Inc. or Dec. 1928. 1927. 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 --9.3 1,091,342,768 856,995,051 916,199,666 1,009,963,171 1927. 551.829,634 658,259,996 --14.8 658.609.760 7,479,477,310 10,143,045,352 -26.5 7,940,232,196 617,061,082 684,319,424 562,962,720 462,431,768 457,580,617 +2.1 467.072,281 194,037,739 190,326,653 -18.3 153.867,938 175,468,369 189.350,415 -25.2 126.745.844 916,199,666 1,009,963,171 -9.3 1,091,342,788 198,455,618 194,887,353 189,573,106 123,610,732 119.566,328 109.561.688 197,599.423 209,853,451 -1- 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 -42.6 217,967 Mich.-Adrian 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 Ind.-Ft. Wayne 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.-Bloomington 1,826,353 -3.1 1,769,444 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 _ 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 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 Tenn.-Memphis 17,884,192 16,398,372 Ark.-IAttle Rock 12,970,596 10,892,899 482,297 Ill.-Jacksonville. 166,052 Quincy 1,789,809 1,087,385 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-Tex.-Austin _ _ _ 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 La.-Shreveport. 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 at1930. 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 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 763 to 73, advancing to 79/3i 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 4, sold up 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 4 to 1181 4 sold up to 125%, with the final transaction 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 grainreceipts, exports, visible supply, &c., are prepared by us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years: Receipts at- Flour. 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 48,954,18 0 48,954,18 1918-1938 28 of 0 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 -2, Q 28,894,60 0 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.-D. 5,155,450 43is First Liberty Loan, 2d cony., 1932-1947 J.-D. 532,798,500 532,816,600 3,492,150 4315 Fourth Liberty Loan of 1933-1938 A.-0. 6,268,251,550 6,283 :99 42:101 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 regardi ng national banks is from the office of the Comptroller of the Currency, Treasury Department: APPLICATION TO ORGANIZE RECEIVED REQUESTED. July WITII TITLE Caplt 2-The Lafayette National Dank & Trust Co. of Luxemburg, Mo Correspondent, P. Stupp, Care Stupp Bros. Bridge & Iron Co., P. 0. Carondelet Station, St. Louis, Mo, E. CHARTER ISSUED. June 30-The Lincoln National Dank of Hodgenvil President, 0. M. Mather; Cashier, W. le, Ky A. Cole. CHANGES OF TITLES. June 28-The Calcasieu National Dank of Southwes t 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 Pa July 2-The Pennsylvania National Bank of Pittsburgh. 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 July 2-The Cairo National Bank, Cairo, Ill Effective July 1 1930. Liquidating agent,E. A. Smith, Cairo. Ill. Absorbed by Alexander County Bank of Cairo, Ill. 30,000 July 2-The First National Bank of Westport, Ind Effective July 1 1930. Liquidating agent, E. G.Davis, Westport,Ind. Succeeded by the Westport Union Trust Co., Westport, Ind. 500,000 C July 2-The Columbia National Bank, Columbia, S. Effective July 1 1930. Liquidating agent, the Central Union Bank of South Carolina, Columbia, S. C. Succeeded by The Central Union Bank of South Carolina, Columbia, S. C. 200,000 Calif July 2-American National Bank of Glendale, Effective July 1 1930. Liquidating agent, First National Bank in Glendale, Calif. Absorbed by First National Bank in Glendale, Calif., No. 10412. 100,000 Nob July 3-The First National Bank of Columbus, agent, G. H. Effective June 30 1930. Liquidating Neb. Columbus, Gray, Absorbed by the Central National Bank of Columbus, Neb., No. 8328. 25,000 Ohio July 3-The First National Bank of Centerburg,agent, D. M. Effective June 30 1930. Liquidating Hasson, Centerburg, Ohio. Absorbed by the Centerburg Savings Bank Co.,Centerburg, Ohio. Trust Co. of Mt. July 3-The American National Bank & 500,000 Vernon, N. Y Effective close of business July 2 1930. Liquidating agent, Norman D.Ellison,care of the liquidating bank. Mt. Succeeded by the American Bank & Trust Co. of Vernon, which is to merge with the Mt. Vernon Trust has bank liquidating The Y. N. Vernon, Co., Mt. one branch. CONSOLIDATIONS. 125,000 Pa June 30-The National Bank of Kennett Square, 125,000 Kennett Square, Pa The Kennett Trust and Act of Nov. 7 1918 as amended Consolidated under Co.. of Bank National the of charter under 1927, 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 Ala June 30-The First National Bank of Birmingham, 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 June 30-The Whittier National Bank, Whittier, Calif 150,000 Home Savings Bank of Whittier, Calif and amended as 1918 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 Auction Sales.-Among other securities, the following, not actually dealt in at the Stock Exchange, were sold at auction in New York, Boston, Philadelphia and Buffalo on Wednesday of this week: By Adrian H. Muller & Son, New York: $ Per Sh. Shares. Stocks. 2,825 Corn Exch. Bk. Tr. Co.-16034 1603, 4 600 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 ex-div. 5634 $50 par c., V. t. 96 par Bank, $25....Rockland Nat. 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 Associate Textile Cos., as follows: pref., Associates 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 Spinning AssoFine Berkshire 26 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 & Int. 70 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% 1 Heywood Wakefield Co. corn.._. 834 134 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 Oct. 1 N.Y. N. H. 4; Hartford, corn. (guar.)._ '134 * 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.) 15 Sept. rec. of 'Holders 1 Oct. 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.)... 7 July 1 to July 7 July $2 Philadelphia Gray's Ferry Pass. fly 50c. Aug. 1 Holders of rec. July 15 Railway & Light Securities, corn.(qu.).. 1 Holders of rec. July 15 Aug. $1.50 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 9 Holders of coup. No. I July 23.88c 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 1% Aug. 1 Holders of rec. July 15 pf. Franklin Coal, (quiChic. Wilm.& 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 51.50 Aug. 15 Holders of rec. July 11 25e. Aug. 1 Holders of rec. July 15 (qu.) Allegheny Corp.. Pref. (quer.) Eureka Vacuum Cleaner-Dividend omit Led. $1.375 Aug. 1 Holders of rec. July 150 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 Sept. 16 Baltimore & Ohio, common (quar.) 1% Sept. 2 Holders of tee. July 190 Federated Business Pub. 18t pref. (qu.)_ •6234c July 1 *Holders 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. 2 Aug. 15 Holders of rec. Aug. 60 Frigorifico Nacional B. A (guar.) 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.-Dividend passed 3 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 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 18 *Holders of rec. July Quarterly Mercury Mills, Ltd., pref. (quar.) •234 Jan 1'31 *Holders of reo. Dee.20'30 1% Aug. 1 Holders of rec. July 15 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. Sept.lla 81 Aug. 1 Holders of rec. July 21 Associated Gas &Elec.. Cl. A (quer.)-- P50e. Aug. 1 Holders of rec. June 30 First preferred (guar.) 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. •400. July 15 *Holders of rec. July 1 •5c. Aug. *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.(q Pyrene Mfg., common (guar.) . u.) $1 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.-Dividend passed134 July 15 Holders of roe. June 30 6% preferred (quar.) Seaboard Surety (guar.) July 15 Holders of rec. June 30 I% Aug. 15 Holders of rec. July 31 Canada Northern POltet common Wu.). 13,4 Selby Shoe, corn. (quar.) 15e. July 25 Holders 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 & TradingPref.(oust.).. *21.50 July 15 *Holders of tee. June 30 Central & South West UtilitiesAmerican 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.-Div. pa sod. 4,60o. Sept. 1 *Holders rec. Aug. 19 Cities Serv. Pow.& Lt.,$5 pfd.(mthly.) 41 2-3c July 15 Holders of 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 1 *Holders of rec. July 23 Cleveland Elea. Ilium.. pref.(quay.).... 134 Sept. 1 Holders of rec. July 1 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 8 Aug. 15 Aug. Holders of rec. July 190 July 16 to Aug. 1 Tietz (Leonhard) A. 5% Preferred (quar.) 10 434 Aug. 15 Holders of roe. July 193 Hold,of coup. Nos.3or 7 Commonwea lth Edison (quar.) Tobacco Products, cllv. Ws., series C._ •2534e July 31 Aug. 1 *Holders of rec. July 15 *Holders of rec. July 16 Community Water Service common.... 13 Tristate Royalty Corp.,corn.(monthly)_ 8 1-30. Aug. 1 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 Pre " .1% Tudor City Fourth Unit, pref u rged (q ( w e l j lfar 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 Preferred 6 % (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-Dividend o ranted *500. Oct. 1 *Holders of rec. Sept. 15 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 *I% Aug. 1 *Holders of rec. July 21 July 15 Holders June 14 rec. of 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 rec. July 15 Allotment ctn. full pd.(qua?.) Woolworth (F. W.) Co., corn. (qium.)... •60c. Sept. 1 *Holders of 12;ic Aug. 1 Holders of rec. July 12 rec. Allot. cUs. 70% Paid (guar.) Wurlitzer (Rudolph) corn.(monthly)... *50c. July 25 *Holders of rec. Aug. 9 Aug. 1 Holders July El Paso Electric Co. pref. A 24 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 rec. June 30 *50c. Oct. 25 *Holders of rec. Oct. 24 Federal Public Service. pref.(ouar.)-•1,4 Common (monthly) -esoe. Nov.25 *Holders of rec. Nov. 24 July 15 *Holders of 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 *I 54 Jan 1'31 *Holders of rec. Dec. 20 International llydro-Electric System- $1.50 Aug. 1 Holders of tee. July 10 Preferred (oust.) *134 Aprl'31 *Hold,of rec. Mar. 20'31 Class A (50c. cash or 1-50th eh .A stk) Preferred (Ouar.) July IS Holders of rec. June 250 •154 Jul 1'31 *Hold,of rec. June 20'31 $3.50 cony. pref. (quar.)(No. 1.)____ 8734o July 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) stk.) corn. (In ann. Gas. Star Lone 150. Aug. 1 Holders of rec. July 15 (guar.)._ corn. 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.) .4304o 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 $1.50 Aug. 15 Holders of rec. July 15 com.).share -80th 3 or (cash prof. $6 % I. July 31 Holders of rec. July 21a (qu.) pref. & Hy. Light, Milwaukee Elec. Montreal Light, Heat AL Power Cons.Holders of rec. June 30 31 July 38c 1)____ (No. corn. (guar.) par no New 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 Mountain States Power. pref. (guar.)._ •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 rec. National Elec. Power, class A (guar.)... *45c. Aug. 1 *Holders of rec. July 15 of Holders 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.).... 15 Holders of tee. June 30 July $1.75 New England Pub. Serv.,$7 pref.(qu.). $1.75 July 15 Holders of rec. June 30 Adj. preferred (guar.) lb Holders of roe. June 30 July $1.50 $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. rec. July 10 North Amer. Gas & Elec. class A (guar.) •40c. Aug. 1 *Holders of 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 2 (guar.). A corn. 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 of roe. Sept Ohio Telephone Service, pref.(guar.).- *154 Sept.30 *Holders 24 Deo tee. of *Holders 31 Dec. •IK 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.) 1.4c Aug. 1 Holders of roe. July 10 u32 corn. A (guar.).Service, 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.) Dee. 15 '31 roe of 'Hold. 1'31 Jan .35c Common (gnat) 21 Pennsylvania-Ohio PowAL..$6 Pf.(qu.) $1.50 Aug. 1 Holders of rec. July 21 July roe. of Holders 1 Aug. 154 (guar.) preferred 7% 21 July rec. of Holders 1 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.) July 31 Holders of rec. July la 75c. 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 15a of tee. Holders 31 July corn $1 Transit, Rapid Philadelphia rec. Aug. 12a Phila. Suburban. Water Co.. Pref.(qu.) 1.54 Sept. 1 Holders of Philadelphia & Western Ky., id. (au).- 6254c July 15 Holders of rec. June 30s tee. July ba 25 of Holders July $1 (Interim)._ corn. Power Corp'. of Canada 14 July 15 Holders of rec. June 30 Preferred (guar.) roe. June 30 of Holders 15 July 75o. (guar.) pref. Participating 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 preferred (monthly) 6% 50c Aug. 30 Holders of rec. Aug. la 8% preferred (monthly) 50c. Sept.30 Holders of rec. Sept. 24 6% preferred (monthly) Ills.Nor. of Co. 1'ublie Service *112 Aug. 1 'Holders of rec. July 15 Common, no par (Ouar.) *32 Aug. 1 *Holders of rec. July 15 Common,$100 par (guar.) Aug 1 "Holders of rec. July 15 "135 6% preferred (guar.) .134 Aug 1 *Holders of rec. July 15 7% preferred (guar.) 30 Holders of tee. Sept. 24 Sept. 154 (guar.) pref. 7% Gas & Elec. •ub. Sere. 154 Sept. 30 Holders of rec. Sept. 2a 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.) July 15 Holders of rec. June 20 3434 (guar.) C 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.) July 21 'Holders of rec. July 10 •75e. corn Water, Pittsburgh 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.) 30a tandard Gas & Moe., corn.(guar.)._ 5734e July 25 Holders of rec. June $1.75 July 25 Holders of too. June 300 Prior preference (guar.) 300 June rec. of Holders July 25 $1.50 $5 prior preference (guar.)(No. 1)___ Holders of tee July 15 tandard Power & Light. pref. (guar.)._ 41.75 Aug. 15 Sept. rec. of Holders Oct. 14 (gu.). pf. 5% 1st Power Elec. 7'ennessee 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) of rec. Sept. 15 Holders 50e Oct. 6% first preferred (monthly) Holders of rec. July 15 60c. Aug. 7.2% first preferred (monthly) rec. Aug. 15 of Holders Sept. 60c. preferred (monthly) 7.2% first 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 Win City Rap. Tr., Minneapolis. corn.. o2 15 Mon Natural Gas of Canada (guar.)._ k*.35c Sept.10 *Holders of roe. July 15 10 "Holders of rec. July k*.5c Sept. Extra 250 Aug. roe. of Holders .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.) 170 Sept. reo. of Holders A Sept.30 class $1.75 Co., (guar.)... '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.) July 10 rec. of Holders 1 Aug, $1 common Co.. '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 14 Aug. 1 Holders of rec. July 15a Abraham & Straus, pref. (guar.) 15 July rec. of Holders 1 Aug. 60c. 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.) Dee. I Holders of rec. Nov. 20 134 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.)._ la July rec. of "Holders 25 July b0c. Alpha Portland Cement Mari 15 Sept. rec. Aluminum WM,Inc.. coin. (guar.)... •50c. Sept. 30 *Holders of *50c Dec. 31 *Holders of rec. Dee. 15 Common (guar.) •1( Sept. 30 *Holders of reo. Sept.15 Preferred (guar.) 15 '134 Dee. 31 *Holders of tee. Dec. 156 Preferred (guar.) 50c. July 31 Holders of rec. July 310 Amerada Corp. (guar.) July rec. of Holders 15 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.) July 15 *Holders of rec. July 54 •10c. 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.) la Julyt rec. of Holders 15 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.) July Preferred (guar.) 134 July 25 Holders of rec. American International Corp.I Oct. 12 to mon stock)._ Common (Payable oom 15 154 Sept. 1 Holders of rec. Aug. 15 Amer. Investment Trust pref. (guar.)._ 154 Dec. 1 Holders of rec. Nov. 20 Preferred ((Juar.) Aug. rec. of *Holders 1 Sept. 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.) 30 Sept. 16 to Sept. 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 14 Dec. 31 Dee. 16 to Preferred (guar.) ba 50c. July 15 Holders of rec. July 300 American News (hi-monthly) June roe. of Holders 15 500. 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.) $1.25 Aug. 1 Holders of rec. July I% Aug. 1 Holders of rec. July 15 Preferred ((Oar.) 750 Aug. 15 Holders of rec. Aug. ic Amer. Solvents & Chem. pref. (guar.)._ Ila Amer. Smelting & Refining, corn. (gu.). 1$ Aug. 1 Holders of tee. July 84 Aug. 134 Sept. 2 Holders of rec. Preferred (guar.) Aug. 15 rec. of •IIolders 2 Sept. *$1.50 Second preferred (guar.)(No. 1) Is 75e July 15 'folders of rec. July Amer. Steel Foundries, corn. (guar.)... Subject to stockholders' meeting. 144 American Tobacco corn & corn B ba July rec. of Holders 15 July 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.)July 19 rec. of *Holders 1 5154 Aug. Preferred (guar.) •250. Oct. 2 *Holders of rec. Sept. 13 Amesikesg Mfg., common (guar.) July 12a rec. of Holders 18 Aug. 8754c 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).1 Holders of rec. Aug. 9a Sept. 134 First preferred (guar.) 154 Sept. 1 Holders of roe. Aug. fla Second preferred (guar.) 1 Holders of rec. Judy 18 Aug. $1.50 Associated Security Investors, PL (guar.) 800.80 Holders of tee. Sept. 100 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.)-. Sept. 27 *Holders of rec. Sept 15 •75c. Balaban dc Katz, corn.(guar.) "134 Sept 27 *Holders of rec. Sept. lb Preferred (guar.) Sept. 2 Holden of rec. Aug. 156 134 & (guar.) (L) pref. Co., Hamberger 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.) July lb Holders of rec. June 300 154 First preferred (guar.) Belding-Cortice111, Ltd., corn, (oust.).- 14 Aug. 1 Holders of rec. July 16 Sent. 15 Holders of rec. Aug. 30 14 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.). Aug. 1 'Holders of rec. July 30 •154 Brill (J. G.) Co., Prof.(guar.) De Aug. 1 'Holders of rec. July 1 Brit. Type Investors. el. A (bi-monthly). 15 Holders of rec. June SO July 50c (guar.)._ corn. Pulp ac Paper, Brompton 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) Aug. 1 Holders of rec. June 27a 6254c Bush Terminal, corn. (guar.) 154 July 15 Holders of roe. June 270 Debenture stock (guar.) Aug. 1 'Holders of rec. July 15 •154 Co.. (A. ).t.) Prof.(OW.) Byer, '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.) Aug. 1 Holders of rec. July 21 134 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. 200 Gen. Foods Corp.. com.(guar.) 75e Aug. 1 Holders of rec. July 15.1 Cincinnati Ball Crank, pante. pfd. (qu.) *56e. Sept. 30 Holders of rec. Sept. 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 Outdoor Advertising, el. A (qu.) "$1 Aug. 15'Holders of roe. Aug. 5 City Stores Co., corn. (guar.) 1234e. July 15 Holders of rec. June 30a General 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 PicturesCommon (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' 154 Community State Corp., elms A (guar.) •12 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 90 Cuba Company, preferred •$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 CorpDiversified 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 of rec. July 17 Common (payable In common stook). '1114 Oct. 15 *Holders of roe. Oct. 1 Dominion Textile, common (guar.)...- '$1.25 Oct. 1 "Holders 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.).- 50c. July 22 Holders of rec. 2 Oct. 1 Holders of roe. Sept. 25 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 30 "60e. Aug. 15 •Holders of rec. Aug. 5 Kaybee Stores, Inc., corn.(qu.)(No. 1). •15c July 15 "Holders of rec. July 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.) •1.4i July 15 *Holders of rec. June 30 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 2 "Holders of rec. Aug. 15 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 Maoldne, Landis 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 Oats Co., corn, (guar.) Quaker 20 of Sept. rec. *Holders .250 30 Sept. 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.) 15 *Holders of rec. July 1 July *6 dividend stock 316 Rapid Electrotype, July rec. of 350. Aug. 30 Holders Lehigh Coal dr Navigation (guar.) $1.24 Aug. 1 Holder' of reo. July 120 6234e Aug. I Holders of rec. July I46 Republle Steel Corp. common Lehigh Portland Cement (guar.) 111750. July 15 "Holders of reo. July 1 150 Aug. Republic Supply rec. (guar.) of Holders 1 Sept. 75e. 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 37340. Aug. 1 Holders of rec. July 16 (guar.)._ common Goods, Dry Rice-Stix 22 July rec. of Holders 1 Aug. 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.) July 25 Holders of rm. July 50 500. (guar.) Calif. of 011 Grande 27 Rio June rec. of *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 Liquid Carbonic Corp. corn.(guar.).- 51 51.50 July 17 Holders of rec. July 10 180 Royal Typewriter, common July rec. of Holders I Aug. 65c Loose-Wiles Biscuit, corn.(guar.) Pref.(for first two guar. of 1930)_... 3% July 17 Holders of rec. July 16 10c. Aug. 1 Holders of rec. July 180 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 18 176 (Joseph T.) de Son (guar.) Ryerson July rec. of Holders 1 Aug. 2 Lord & Taylor. 2d pref.(guar.) *2 July 15 'Holders of rm. July 5 (guar.) la Paper Croix St. Aug. 1% Aug. 15 Holders of rec. Louisiana 011 Refg. pref. (guar.)----- -- •1% July 15 Holders of rec. July 5 *1 Extra 20 Sept. rm. of 'Holders I Oct. Lunkenliehner Co.. pref.(guar.) 20 Sept. 10 to Sept. 21 Sept. 50e. (Qua?.) Lead Joseph St. Co. •154 fan 131 Preferred (guar.) 20 Sept. 10 to Sere. 21 255. Sept. Extra *50c Aug. 15 "Holders of rec. Aug. 5 Lynch Glass Machine (guar.) 50o. Dee. 20 Dec. 10 to Dee. 21 Quarterly Aug. 5 rm. of *Holders 15 Aug. *el Stock dividend 20 Dec 10 to Dee. 21 Dee. 2.5e. 300 June Extra roe. 65e. July 15 Holders of MaeAndrews dr Forbes, corn.(quar.)---50c. July 15 Holders of rec. June 30 1)... 1% July 15 Holders of reo. June 306 St. Lawrence Corp., el. A (qu.(No. Preferred (guar.) Mills, pref.(qua?.).. 1% July 15 Holders of reo. June 30 Paper 16 Lawrence St. July rm. of Holders 1 Aug. 1K MacKinnon Steel, 1st pref.(guar.) *$1 July 18 Holders of reo. July 7 50e. Aug. 15 Holders of rm. July 256 St. Mary's Mineral Land 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.) July 16 Holders of rec. July 2 50o. rec. of 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.) Fire Protection corn.(qua?.)... 101.234c July 15 *Holders of rec. July 1 •1,4 Nov. 15 *Holders of rm. Nov. 5 Schnebbe 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 *75e. July 15 *Holders of rec. July 1 30 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 A pref. (guar.) Scott Paper, 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 (guar.) Steel, Prof. Scullin •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 (guar.) -Roebuck Sears Ilia Aug. rec. of Holders 2 Sept. 1134 stook). Common (payable In common el Aug. 1 Holders of rec. July 150 div. (guar.) 15a "gook Nov. 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.) *10c. (No.1) Aug. 1 *Holders of rec. July 18 (qu.) corn. la new Gen'l Scour. Corp. July rec. of 1 Holders ---134 Aug. McCrory Storm Corp., pref.(guar.) Aug. 1 Holders of rec. July 18 *51.50 1) (No. pref. 20 86 (guar.) New June 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 Aug. 1 Holders of rm. July 15 750. (guar.) common 1 Inc.. Brothers, Seeman July reo. of *Holders Merch. dr Mfrs. Scour., prior pref.(qu.) *51.75 July 15 *500. Aug. 1 'Holders of rec. July 16 July 21j Holders of rec. June 30a Scion Leather, corn (guar.) 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.) Aug. 1 Holders of rec. July 134 87340 (guar.) A dr 30 Dohme Sharp Prof. June rec. of 11.6234c July 21 *Holders Michigan Steel (qua?.) Sept. 16 *Holders of reo. Aug. 25 s$1 Oct. 20 Holders of rec.Sept. 300 ribeaffer (W. B.) Pens. common (guar.). (ff) Aug. I Holders of rec. July 5 el Stock dividend 300 Shenandoah Corp. prof.(guar.) June rm. of Holders 21 July el 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 (guar.) corn. Co., Bros. (Isaac) & 30 Silver June rec. of Holders 15 250. 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 30 June (guar.) Royalty Southland roe. of Holders 15 July $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. (Vane, Chalfant & Co., Prof. (guar.).- $1.50 Oct. 1 Holders of roe. Sept. 15 July 15 Holders of rec. June 30 2 Preferred (guar.) 750. July 16 Holders of rec. July 2a pref. .)-Manufacturing, (quar Spicer 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.) (qua?.)-- 51.375 Aug. 15 Holders of rec. July 28 1 Investing prof. Nov. Corp. rec. Standard of Holders 15 Nov. 750. (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 Royalties 15 Wichita Pref. Oct. (mthly.)rec. Stand. of "Holders 15 Nov. *250. Municipal Tel. & Utilities, corn. A (art.) July 15 Holders of rec. June 30 750. (quer.) Investment 150 Street State July rec. 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.) & (qu.)... corn. pf. of 4334o Canada, 21 Aug. 1 Holders of reo. July 7 Co. Steel Aug. reo. of Holders 1K Sept. 2 National 13ellas Hess, Inc., pref.(cm.) 52.50 July 15 Holders of rec. July la 700. Oct. 15 Holders of rm. Sept. 19a Stetson (John B.) Co., common National Biscuit, common (guar.) .3714e Sept. 1 "Holders of reo. Aug. 15 June 21,o Mix, Baer & Fuller. common rec. of Holders 15 70e. July New common (No. I) '373-40 Dec. 1 "Holders of roe. Nov. 15 Common (guar.) 1% Aug. 30 Holders of rm. Aug. 15a 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 $1 300 (guar.) Machinery Sullivan June rec. of Holders 15 July 75e. National Cash Register, corn. A (qua?.)_ •250. July 15'Holders of reo. June 30 Tool (guar.) Machine Sundstrand National Dairy Products500. 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.) Oct. 1 Holders of roe. Sept. 18 E1.75 186 (guar.) preferred July First rm. of 134 Aug. 1 Holders National Lead, pref. class B (qua?.). July 15 Holders of rec. July 50 62340 Superheater CO. (guar.) 500. July 15 Holders of rm. July 1 National Rubber Machinery (guar.)--250. Aug. 1 Holders of roe. July IS of Co. Amer. 2 July (qua?.) Sweets ree. of Holders 20 12340.July Nat.Short Term Securities, corn. A (qu.) 51.25 Aug. 15 Holders of rm. July 15 Swift International Dec. 15 Holders of rec. Nov. 30 /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 56 (guar.) Corp. Aug. rec. Telautograph of Holders 15 $1.25 Aug. 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. 20 154 Monthly Dec. reo. of 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.)_ Nov. I *Holders of reo. Oct. 20 41200. Monthly 16 July rm. of "Holders 1 Aug. 11113-4 644% preferred (guar.) .200. Dec. 1 "Holders of rec. Nov.20 Monthly •1214c July 15 'Holders of roe. June 30 New Bradford Oil (guar.) July 10 "Holders of reo. July 1 Jury 19 Tennessee Products corn.(in corn. stk.). "15 roe. of *Holders e Aug. *500. (guar.) Zinc 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.) Holders 15 July pref 1st 3 New York Investors, Inc., 900. Aug. 15 Holders of rec. Aug. 561 20 June & (guar.).Mfg., Thatcher com. pref. roe. of 400. July 15 Holders New York Transit reo. July Sa Thomson-Houston Co.(Paris)of Holders 1 Aug. OW. /Or Brake (guar.) York New July 21 Holders of rec. July 14 (bb) 54 A dep. she receipts July Amer. bearer rec. of Holders 15 July 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 Products class A (qua?.) 20 Tobacco Sept. rec. of *Holders 80 Sept. (guar.)._ •500. common Niles-Bement-Pond, 134 July 15 Holders of reo. June 30a Tooke Bros., Ltd., pref.(qua?.) •50o. Doe. 111 *Holders of reo Dee. 20 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?.)-. dividend July 25 •Holders of ree..1u17 5 • Stock 20 •e3 Sept. rec. of "Holders 1 Oct. stook) - 'el% Noblitt-Sparks Industries (In 250. July 15 Holders of reo. June 304 Transue & Williams Steel Forg.(gu.) 2-3e Aug. 1 *Holders of rec. July lb Northern Disc.. pref. A (montheir)----•66 •662-Se Sept. 1 *Holders of reo. Aug. 15 Traung Label & Lithograph, Cl, A (qu).'37(40 Sept. 15 *Holders of reo. Sept. 1 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) Coal 15 (guar.) 40o. Aug. 1 Holders of reo. July 210 Nov. Truax-Traer rec. of *Holders 1 Dee. 2-3c •66 Preferred A (monthly) Steel. corn. 15 400. July It Holders or rec. June 260 Truscon July rec. (guar.) of 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 Oct. 20 Preferred of roe. (guar.) "Holders 1 '51.5(1 Nov. Preferred (guar.) July 15 July 1 to July 15 Fifth 30 Unit, 3 Joe., City Tudor Juno pref rm. $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.) July 15 lIolders of rm. July 1 40e. Company & 30 common Ulen June rec. of (guar.) *Holders 15 *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 120 *62 July rec. of Holders 1 Aug. 114 (guar.) Oil Well Supply, Pref. Holders of roe. Aug. 1601 40e. Sept. 62340. July 15 Holders of roe. June 30a United Biscuit, core.(guar.) 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 Oct. 154 Corp., pref. Dyewood United Sept. (guar.). roe. of Holders 15 13.4 Oct. Preferred (Qua?.) Holders of reo. July 150 United Piece Dye Works, corn.(guar.)- 500. Aug. l3.4J anI5'31 Hold. of reo. Dee.3110a Preferred (guar.) Holders of roe. Oet. 154 500. Nov. Common (guar.) of reo. June 30 Holders 15 July 400. (quar.) common Co., Electric Packard Holders of roe. Sept. 20a Oct. 150 1% Aug. Preferred rm. of (guar.) Holders 250. Sept. 12 Packard Motor Car, COM.(QUM%) of rec. Dee. 20a Holders Janr3 1(4 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.) of rec. July 11 AWL 51.50 Holders Foreign Securities, 30a S. U. 1st June pref. ree. (guar.) el July 14 Holders of Stock dividend Holders of rec. July 156 of reo. July 316 U. S. Industrial Alcohol, corn,(guar.)-- $1.50 Aug. Parmelee Transportation corn.(mthly.) 1234c Aug. 11 Holders of rec. Aug. 5 15 *Holders of rec. June 30 *500. July S. U. Lines preference Holders 15 Aug. $1 penmans, Ltd., common (guar.) U. S. Pipe & Foundry, corn.(guar.)--- 2% July 20 Holders of roe. June 300 1% Aug. 1 Holders of rec. July 21 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.) 15a July roe. of Holders $2.50 Aug. 1 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.) 15 July rec. of *Holders 25 July 111400. Pittsburgh Forgings (guar.) 300. Ja20'31 Holders of reo. Dec. 310 Feet 24a preferred June (guar.). rec. of 35c. July 15 Holders Pittsburgh Screw & Bolt, corn.(qu.).. _ 500. July 15 Holders of rec. July 1 U.S. Radiator common (guar.) Aug. 9 rec. of Holders 1 134 Sept. (guar.) pref. Pittsburgh Steel 1% July 15 Holders of rec. July 1 Preferred 7 (guar.) July rm. of "Holders Pittsburgh Steel Foundry corn.(guar.)._ *25c. July 15 250. July 15 Holders of rec. July 36 & Smelt. Refg. Mln., corn. U.S. (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 Consolidated Universal Oil 30 (quer.) June rec. 19e. July 15 Holders of 750. Aug. 1 Holders of reo. July 180 Power & Rail Trusteed Shares Universal Leaf Tobacco corn.(guar.).-18340. July 15 Holders of rec. July 1 •15‘ Sept. 10 "Holders of reo Sept 1 Premier Shares, Inc.(No. 1) Car Heating, 25a prof Vapor June (quar.) rec. of Holders 15 July 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 of rec. June 300 Wells-Newton Nat. Corp.(quar.) (No.1) *50e. July 15 *Holders of rec. July 1 Western Grocers, Ltd., pref.(quar.).. 15( July 15 Holders of ree1.June 20 West Maryland Dairy ProductsPrior 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 Os-dividend until July 16. $ The New York Curb Exchange Association has ruled that stock will not be Quoted ex-dividend on this date and not until further notice. a Transfer books not closed for this dividend b 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 BrooklynBrooklyn 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 BrooklynBrooklyn Kings County Bayonne, N.J. Mechanics Cash. Res. Dep. Dep. Other N. F. and Banks and Elsewhere. Trust Cos., $ $ $ 53,568,000 12,541,400 801,500 15,872,500 783,600 68,600 23,900,232 674,320 2,104,955 20,851,000 1,190,000 2,583,000 76.126,200 *4,545,500 7,464,900 18,166,834 137,685 1,437,880 18,826,800 4,2,185,200 430.500 376,464,000 3,244,000 53,047,000 7,209,275 3,800,000 11,022,750 128,767,000 28,998,709 9,054,700 $ $ 20,900 55,880,000 14,606.500 24,189,258 __ ___ 20,010,000 3,075:600 75,543,600 123,723 17,959,297 16,208,800 3,541,000 358,455,000 63,137,221 2,267,000 27,565,000 2,334,431 3,255,209 228,212 Gross papa-1. 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. and with those of the corresponding week last year. as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents' 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: 650,390,090 84,887,000 76.379.000 101,743.000 66,925,000 91,297.000 69,862.000 105,234,000 90,952,000 Obligations.-U.S. Govt. 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 Total bills discounted Bills bought in open market U.6. Government securities: Bonds Treaeury notes Certificates and bills 236,315,000 148,945,000 260,413,000 157,485.000 231,505.000 102.313,000 206.794,000 132.776,000 210,484,000 148,172.000 239,728,000 189,240.000 247,046,000 175.560.000 209,999,000 1,153,041,000 65,976,000 186.884.000 46,708,000 233,534,000 310,338.000 47,531,000 236,519,000 311.903,000 55,911.000 219,436,000 301,623,000 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 Total U.S. Government Seeuritiesi-.Other securities (see sate) Foreign loans on gold 590,580,000 7,301,000 595.953,000 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 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 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 22.773.000 59.552,000 11,331,000 710,000 718,184,000 19.666.000 59.552,000 10.999,000 710,000 603.863.000 19,694,000 59,499,000 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 12,204,000 704,000 596,535,000 20,017,000 59,561.000 12,257,000 729,000 693,749,009 22,702,000 58,614,000 7,710,000 Total resources LIABILITIES. T.R.notes in actual circulation Deposits: Member banks-reserve account 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 461.131.000 461.853.000 459,520.000 467.643,000 440,592,000 464,439,000 463,642,000 481,269,000 477,930,000 correspondents foreign for ---_.. $ $ 6 $ $ $ $ $ S Distribution by Maiurities103.146,000 35,293,000 103,869.000 73,105,000 116.554.000 79,187.000 49.607.000 92,917,000 90.897,000 in market bought open bills 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 33,329,000 79,936,000 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 Indebtedness.. of certif. S. U. days 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 discounted bills days 61 90 8,235,000 52.363.000 63,213,000 60,689,000 80,689.000 153,863,000 00 0 109,697. 119,692,000 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 market 2,167,000 open in bought bilis 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 SecuredBy 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 1,219.706.000 984,412,000 332,882,000 325,759,000 352,662.000 1,170,445,000 421,180,000 386,821,000 412.148.000 375,000,000 346,764,000 - n er e nm. nnn r nqr .rnn p.m,. „ , . .. . . . .2.00S,535,0002,609,937, in to added order show were items separately the amount of balances held abroad and amounts due new 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 billsSections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items included of 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 1,020,0 36,675,0 Treas. U.S. with fund red'n 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 1,671,0 889,0 8,261,0 14.852.0j 2,514,0 2,078.0 1.499,0 1,799,0 1,513,0 1,785,0 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 3,391,0 1,428,0 1,244,0 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 3,415,0 539,0 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 1,820,0 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. 0 502.154,0 201,532,0 224.252.0 701,117,0 196,126,0 127,336,0 208,154,0 LIABILITIES. 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 76,255.0 50,059,0 89,265.0 60,158.0 177,499, 30,105,0 2,254.0 0 4,378,0 3,719,0 1,429,0 4,49.5.0 3,877,0 1,907,0 Foreign bank 1,397,0 1,276,0 1,618,0 1,748,0 2,009,0 5,666,0 451,0 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 0 208,273,0 69,980,0 86,862,0 371,034,0 78,237,0 51,644,0 91,166,0 Deferred availability items 568.542,0 63,224,0 143,908,0 143,864, 62,118,0 189,100,0 46,708,0 7spits! paid in 54,354,0 47,136,0 17,549,0 71,346.0 28,414,0 10,656,0 32,499,0 21.279,0 31,489,0 169,554,0 11,829,0 65,278,0 16,780.0 15,896,0 5,845,0 5,359,0 Surplus 20,190,0 5,276,0 3,066,0 4,343,0 4,350,0 11,343,0 276,936,0 21,751,0 80,001,0 26,965,0 29,141,0 12,496.0 10,857,0 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. 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 New York. 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 by the Federal Reserve Board, giving the princip and liabilities of the reporting member issued al items of the resources banks behind those for the Reserve banks themselves.from which weekly returns are obtained. These figures are always a week Defini tions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chron icle" of Dec. 29 1917, page 2523. The commen the figures for the latest week appears in our t of the Reserve Board depart ment of "Curre nt Events and Discussions," on page 199, immediately upon ceding which we also give the figures of New preYork and Chicag o reporting member banks for a week later. Beginning with the statement of Jan. 9 1929, the loan figures dorsement, and include all real estate exclude ances of other banks and bills of exchange or es and mortgage loans held "Accept drafts sold with en endorsement were Included with loans, mortgag by and of the banks included mortgagthe bank. Previously acceptances of other banks and bills sold with no longer shown separately, only the total some es in investments. Loans secured by U.S. Govern of loans on securities ment obligations are divided to show the amount secured by U. S. 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 bank even this has been omitted. in the San merged with a non-member bank. The figures Francisc are now given in round o district with loans and investments of $135,000,000 on Jan. 2 which recently 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 Federal Reserve Bank of New York at the close of in comparison with the previous week and the 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 discountedSecured 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 securitiesBonds 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 NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added order foreign correePondents• in addition, the caption "All in to show separately the amount ot balances held shroud and amounts other earning due to "Other securities," and the caution -Total earning previously made up of Fisieral intermediate Credit Bank debentures, assets" to -Total assets," was changed to bills and securities." The latter term MO adopted as a more discount acceptances and securities acquired under the 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 Railroad and Miscellaneous Stocks.-The review of Stock Market is given this week on page 224. e this The following are sales made at the Stock Exchang list on the 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 June 80% Jan 811 July 7131 77% 8 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 Hardman Nat Bk dr Tr_100 1470 1-i20 100 150 170 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' Brooklyn50 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 BrooklynTrust 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 72 July 55 ld 100 2800 3000 July 10 55 July 55 • Co Kings 230 210 1001 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 • Feb 26% Jan 20 Es-stork II July n 11 idend. 20 July z 20 I Ex-div 100 New stock. 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)_ _* City Realty and Surety Companies. York Jan New 8734 July 78 9 78% July 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 Bid I Ask Par Feb 2734 June 16 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 56 _2J, Insurance Title Slay Home 37 Jun 2 7 July 29% 531 2834 July 4,1001 • Atlas Storm 20 47 49 IWestchester Tltle Jr Tr. _ _ _ 135 165 Jan Lawyers Mortgage 2001 51 July 1 51 July 10 4934 Jun 7031 Apr Beech-Nut Packing _ _ 20 Jun 5131 35 July 9 31 4001 33 34 July Blaw-Knox Co July 20 July 11 July 1931 1931 1001 1934 July 1 Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Celanese Corp Certain-Teed Products 20 Jun 45% Mar 11 July /at. 2034 July 20 , 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 Colgate-Palm-Peet _ * 100% Mar 97 9 July 100"ss 190 99 h3 , 9 July 99 10 1930-32 334% 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_ _ _* 25% Apr Jan 22% 11 July 10Own 25 h3 , 8 100 July 140 23 % 3% 1930-32 15 Dec. _25 (7)_ 23.4% 1001,33 1931_ pfd 100"n Comm Cred Feb 104% June JUne 15 9 99 Commonw & Sou pfd* 1,800 100% July 710134 July 10 Apr 104% July 120 10 105% July 10 10531 July 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 50 Jun 2834 11 July 34 8 July 31% 2,500 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 00i 90 July 11 92% July 8 90 600 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 96% June given in a footnote at the end of the tabulation. 9231 Jun 11 July 9334 7 July 10,6 9231 (5) vv-i• Edison__Gen Motors pref 11534 Slay Feb 34 1134 7 July 100 109% July 710931 Preferred (6)__ _100 9 11% Jun 19% Apr Gen Realty & Utilities • 4,800 12% July 11 1331 Juyl 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 11 3 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 June 123% Close Jan (First 314) 100 30120% July 7 12031 July 7 117 27 100 51 Preferred ____ 118 Total sales in 51,000 untts___ 9 914 June 13 June ---Insuranshares certifs__* 1,500 9% July 8 11 July ------------Mar High 19% of 4% bonds June 11 Converted 11 July 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 3s lot Printing Ink ctfs_ _ 1,000 3534 July 9 3934 July 102,33 102,033 102,33 102,33 102, July 134 June Converted 431% bondsrigh 7 % % 8 July 34 9,3001 Internal Salt rights-- 102,u 102,n 102,n 102,n 102,n of 1932-47 (First 4%s) Low33 , 33 , 102 102 102'33 Kansas City Pow & Lt 10210,, 102'. 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 126 in 81,000 Total Ja sales units-601120% July 9 122 July 11 118% 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 99 102",, 10230,1 102.133 103 Lorillard Co pref_ _.100 10227n June HOL183 of bonds M 4h% 1933-38 Low8031 7 July 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 -_-_ 112,,13 112,033 MacAnd & Forbes pf100 112"33 1122,33 Mar IIIgh June 1034 8 43.4 100 434 July 8 434 July • 112"33 ---Maracaibo Oil 1122,33 11213n 112.25a, 41,a, 1947-59 surylLow_ 9 3534 July 4834 Apr Trea ---- 112,43 Marshall Field dr Co_* 1,9001 3534 July 7 36% July 11 112,832 1122,32 112"32 Close 8031 Jun 9231 Feb 401 84 34 July 11 85 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 108"13 108"33 108. 33 Metro Goldwyn Pic Pf27 108"33 ____ {High Jun 110 July 10 84 Mid St Prod 1st pf_.100 1,200)8734 July 7 89 July ____ 103,031 108"33 1081,33 108"al July Low_ 149% 1944-1954 Jan 4s, 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 ,3, 10601st 106",,106332 107 Apr High 54 { Jun 39 July 9 3534 y 1 Nelsner Bros ---n 33 , , 1061032 106 105 106631 Apr Low_ 331s, 1946-1956 17% Jun 32 1,100 18% July 10 1931 July 11 ---N Y Investors 106,32 100,33 106,133 106,33 Close 11 734 Jun 1431 Apr 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 Apr r 3531 Jun 19 10 July 2234 7 July 2131 • 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 97 125 Pierce-Arrow Co 01_100 3 12 in Jan sales _ _ $1.1:100 Total 103 units June 9 July 9331 9 9631 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 . 10121 Postal Tel&Cable p1100 __ 101. ____ Mar 40 Close June 30 9 July 10 3031 July 9 3074 7 1 Prod& Rerrs Corp pf 50 taw!, Onn Si in sales 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 1021.ts to 1031ss • 2,300 24 July Reynolds Metal 431s Mar 5534 Apr 22 to 11222n 11222 211 50 July 7 50 July 7 45 . • Scott Paper 4%s 5 Treasury Apr 4831 Feb 4234 90 46 July 11 47 July 11 Shell Transp & Trad /2 8934 June 99% June 7 July 9234 9 9034 July 1,000 III Oil Skelly Prof Apr June 49 11 29 Foreign Exchange.Stand Oil of Kansas_25 1,400 32 July 8 3331 July Jan June 121 (0 To-day's (Friday's) actual rates for sterling exchange were 4.8614 20107% July 1110731 July 11 105 So Porto Rico Sug pf100 l on 4.86 5-16 for checks and 4.8631 04.86 13-16 for cables. Commerciadays. Stand Gas dr Flee /004.84; ninety 600 96 34 July 1 9831 July 7 9631 July 100% June banks, sight, 4.8)31344.863-16; sixty days, 4.837 • 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% 4.85 11-16. ment, 4.85 11-16. and grain for payment. Superheater Co (The)_• 1,400 40 July 7 42 July 10 500 2834 July 9 28% July 11 25 Jun 28% July To-day's (Friday's) actual rates for Paris bankers' francs were 3.9314 Third Nat Invest _ _• July 26% Slay 11 7 guilders were 40.1734 0.0 July 34 14 bankers' 9 11 July 8,400 • Amsterdam for 6 Co short. Thermoid Apr (3-33.937-1 400 24 July 11 25 July 10 20 June 39% 40.2114 for short. Thompson Products_ _• 123.65; week's range, 123.71 francs high 1,200 934 July 8 9% July 9 9 June 18% Mar on London, for Exchange Paris Thompson-StarrettJan 49% Mar 300 4131 July 8 41% July 8 40 • and 123.64 francs low. Preferred 811 6 July 9 6% July 9 2% Apr 6% Jan The week's range for exchange rates follows: Tobacco Div ctfs A__10 Cable,. 334 Jan 63,4 Jan Checks. 10 July 6% 9 July 6 500 B Sterling Actualctfs Dividend July 4.86 13-10 4.8634 _ 300 6 July 9 6% July 10 231 Jan 6% High for the week Dividend ars. C Feb 11 43,4 July 4.86% 4.86 3-16 330 43-4 July 8 591 July 10 Low for the week United Dyewood _ _100 Paris Bankers' Francs17n 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 July 10 103% Jan 115 105 July 105 10 20 pref.100 for the week Low Tob Leaf Linty 10531 May July 100 8 July 103 11 July 100 360 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 the week for High 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' GuildersWarren Bros cony pref. 40.2314 Apr 331 Apr High 40.2214 8 234 July 8 2 July 2% 100 week the _$1 for _ Co_ & Fargo 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 20978 20412 21034 21112 21312 Railroads Par pr• share $ per shar, $ per share g per share 222 21814 220 12,100 Atch Topeka & Saute. Fe-100 194 June *10512 106 *10512 10534 *10512 10558 21214 25 24212 Mar 29 19518 Mar 29858 Aug 10512 10512 10514 10514 300 Preferred 145 14514 145 145 *150 158 *150 100 10258 Jan 108 June 24 99 May 104% Dee 15712 0149 154 500 Atlantic Coast Line RR_-.100 145 July 3 101 10314 10118 1024 10214 10334 7 17512 Mar 18 161 Nov 20912 July 102 106 104 106 8,500 Baltimor 8012 8012 *8014 82 e & Ohio 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 72 *70 72 400 Bangor & Aroostook 11212 11212 11212 11212 11212 11278 *11212 50 83 Jan 3 8412 Mar 29 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 *13 1318 *13 de Maine 1318 13 100 13 79 June 24 112 Feb 8 13 85 Apr 145 July 13 *13 134 700 *5712 6012 *5712 6012 *58 Brooklyn de Queens Tr_No par 10 Jan 11 154May 22 6012 *59 7 Nov 6012 *59 15 Dec 601 6212 63 Preferred 63 64 par No 6212 63 *63 53 May 3 6612May 44 29 Nov 65 Sept. 64 6372 64 2,800 Bklyn-Nlanh Tran vi c_No par 5818June 18 *92 934 .92 94 *92 94 .92 78% Mar 18 40 Oct 817 94 *92 , Feb 94 Preferred v t c 1418 1414 1218 13 No pa 8 1338 844 Jan 6 94 May 29 558 778 7612 Nov 9258 Feb 61s 73 20,600 Brunswick Term & 186 188 18538 18714 18714 188 Sec RP 558July -100 1 18612 18814 18634 1871 335* Apr 23 412 Oct 4418 Jan 4,700 Canadia 17558 17612 17412 175 n Pacific 100 18438Jun925 22634 Feb 10 185 Dec 2697 17534 18212 180 18712 18412 1863 10,300 Chesapeake & Ohio 458 458 *4 100 171 June 25 24134 Mar 28 160 Nov 2795s Feb 43 *4 438 *4 414 *4 Sept 414 400 Chicago & Alton *45 434 *458 43 10 *458 43 414 Jan 8 10 Apr 2 4 Nov 48 478 193 Feb 5 5 *____ 21 •____ 21 *---- 21 4 800 Preferre d 10 412June 21 105 Apr •____ 21 .____ 21 Ws Nov 255 Feb *25 Chic & East Illinois ER.....l00 1414 Jan 7 28 8 Mar 11 35 *25 35 •25 35 *30 15 Dec 43 Feb 26 35 *30 35 Preferred 9% 958 953 104 1018 1038 1014 100 33 June 27 5272 Mar 26 363k Dec 6678 Feb 107 1034 10% 7,200 Chicago Great Western. 3013 3184 3018 33 10 33 812June 24 17% Mar 31 3512 3314 3612 3558 37 7 Nov 2379 let 6,700 Preferred 1418 1438 1358 14 14 100 27 1412 15 June 24 52321,tay 16 17% Nov 6358 Jan 163 2258 2314 *23 2312 2314 2334 2312 26 8 1512 15% 3,900 Chicago Milw St Paul & Pat... 1212.June 25 2638 Feb 7 16 447 Aug Nov 25 2658 6.800 Preferred new 6918 694 6334 6914 69 7034 704 73 2012June 18 4614 Feb 2812 10 Nov 7253 7314 10,700 Chicago & North Western 6852 Sept .120 140 *120 140 *120 140 i•125 _100 66 June 25 897k Feb 8 75 Nov 10812)Au3 140 *125 140 I Preferred 100 13014June 25 14034June 3 134 Apr 93 9834 9318 9812 10014 104 145 Fee 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 1431213n$: 500 7% preferred *10014 101 *10014 10034 10034 10034 10014 107 *106 107 100 105 June 16 1103s Mar 10 100 Nov 109 10014 *100 101 Or' 200 6% preferred *61 80 *61 80 .61 100 868 June 6 108 Feb 7 80 *61 9478 Nov 10314 Nov 80 .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% 68 Jan 3 80 June 19 *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 *15134 156 *15134 160 *1534 160 100 49 ..1241 2 62 Apr 10 *157 166 45 Nov Delaware & Hudson 11312 11412 11234 113 11412 11412 11534 117 *15712 166 100 146 June 25 181 Feb 8 14112 Oct 7058 Jan 226 July 116 116 1,800 Delaware Lack & Western. 100 llO'4Junel8 5334 5414!5314 54 .52 55 *53 54 5534 58 39141 3834 40 600 Deny. & Rio Or West pref_100 45 June 27 153 Feb 8 12014 June 169% Sept 39 40 42181 4114 43 SO Mar 28 49 Oct 7734 Feb 42 43 9,700 Erie *53 5612 *54 5612 .54 100 3518June 18 6334 Feb 14 58 *54 41(2 Nov 9312 Sept, 53 *54 58 *49 First preferred 54 *50 54 *50 100 5312June 25 6738 Feb a 54 *50 54 5512 Nov 6614 July *50 Second preferred 78 80 7712 79 100 50 June 25 6212 Feb 19 774 7734 7734 7814 *7812 54 52 NOV 6378 J111. Stock 79 12.800 Great 761 77 Northern 7514 76 preferred 100 715,Junc2S 102 Mar 29 7512 7512 76 76 8514 Nov 12814 Jul) *301.2 33 *3012 32 100 67 June 25 9934 Feb 21 324 3213 32% 3314 •7512 7712 1.700 Fret certificates 8512 Nov 12214 July 328 Exchange *88 Gulf 600 32% 94 Mobile *89 & Norther 94 .89 n...100 28I4June 25 4512 Feb 17 94 *89 91 IS Nov *89 59 Feb 94 Preferred *134 4 *112 4 100 90 June 21 9814 Mar 10 *134 4 *134 4 70 Nov 103 Jan *118 4 ClosedHavana Electric) By...No pa 378May 10 ---- *5 8% Jan 17 ____ .50 612 ['cc 1112 Apr -----Preferre *551 d *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, 4534 4512 46 Oct 2,600 Hudson & Manhattan.....100 41 June 25 525 Mar 29 371) Nov 600 11512 11634 11512 11612 11638 117141 45 11618 11612 11512 351s May 583e Jan 5358 Mar 25 Holiday Illinois 6,200 11612 *7018 75 Central *71 75 *7018 75 100 11314June 25i 13634 Apr 22 116 Nov 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 Jan, 68 60 Preferred *5834 63 *5834 63 10 60 613* Jan 2 73345111Y 7 60 6034 6134, 61 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 1 8 6512 *63 Oct 1037s July Preferre d 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 5758June 25 84% Mar 31 134 135 134 65 Nov 10214 Feb 2634 26% *2534 26% 2512 25% 26 13412 133 13312 1,800 Louisville Sr Nashville 100 127 June 25 13512 Apr 4 110 26 Oct 1548k Sept 2612 1,000 Manila% Elm/ modified guar 100 24 June 28 4012 26,8 *1914 20 19 19 •19 201 *19 Mar 18 2012 24 Oct 5712 Jan *19 100 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 23 334 Jan 1,000 Minn St Paul de 86 Marie_100 20(2July 27 *5412 56% *5412 55 *5412 55 10 35 *5412 55 Feb 7 35 May 8112 Sept *5412 55 Leased 34% 3578 34 lines 100 37% 36% 3714 3614 39 64 Jan 3 5912 Feb 21 51 Dec 66 385 Jan 8 Mo-Kan13,600 40 ,4 Texas RR_ - __NO Dar 3278June 25 6658 Apr 100 100 *9934 100 100 101 10012 10012 10012 1001 14 2718 Nov 6534 J1117 2 2,300 Preferred 59% 60 591a 60 100 9814June 23 10853 Mar 27 621 *6412 688 60 91478 Nov 10712 Ala 683 8 1,100 Masseur) 6853 11878 119 Pacific 5 118 119 100 57 June 25 9812 Mar 6 119 1211 12012 121 46 Nov 12314 12314 1,700 Preferred July *3212 7534 .8212 854 *8213 100 11558June 26 14512mar 6 100 Nov 1013, 853 *8234 8312 *8234 831 149 Oct Morris & Duck •103 119 103 103 50 8134 Jan 29 84 Apr 11 100 102 10134 10134. 11314 1013 75 18 Oct Jan 8 885 490 Nash Chart *4 I & 78 St Louis.....100 100 July 9 132 Mar 78 *34 1 *34 25 173 Nov 240 Ala 1 *14 1 400 Nat Rys of Mexico 2d prat 100 15614 159% 1541 15714 158 160 34 Feb 15814 164 25 I. 114 Jan 11 35 Jae 1 Oct 16114 163 *102 10412 101 102 York Central 100 15034June 25 103 103 104 10412, 105 1057 23,100 Gew 1,000 NY Chic & St Louis Co.-100 94 June 25 19234 Feb 14. 1410 Nov 25612 Aug *106 108 *106 103 *10612 108 106 106 I 10,311 1061 144 Feb 10 110 Nov 192% Aug Preferre 200 *195 202 d 195 195 100 105 195 201 July 3 200 202 I 196 206 11034May 141 100 May 110 Dec 230 N Y & Harlem 5 17834June 18 224 Feb II 155 Oct 99% 101 9914 10014 101 1021 102 10778 379 Jan 1051 *117 118 100 9714June 211 12S18Mrz 29 11678 117 11678 1167 11678 11814 117 2 10778 23,800 N It N H & Hartford •:•073 JI*13 13212 003 118 2,200 Preferred 9% 10 *9 10 116 June *9 97 181 10 13512 Mar 21 41453 Jan 134% Aug 11 1158 1158 1.600 N Y Ontario & Western.. *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 178 *12 N Y State Rys 15 12 12 '11 100 15 I June *12 4 2% Feb 8 14 1 Oct 14% Mar 11 12 219 220 Norfolk 800 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%Jun 881 e 26 85 265 Feb 86 a 191 Jan 290 Sept •86 881 72 72 70 Preferred *GS 6934 7312 731 100 83 Feb 3 8814May 29 74 75 82 Nov 8714 51ay 74 75 3,300 Northern Pacific 6834 69,8 69 69 100 6634June 25 97 Feb 21 6934 701 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 8,4 7312 74 000 Pacific COILST 73% 7334 744 75 100 7412 7512 7512 757 1978 Apr 9 47 Dec 43 Feb *1014 12 18,700 Pennsylvania *1014 12 1014 1014 *1014 12 50 697 7 8Ju j'n the 25 865, Mar 31 7212 Mar 110 Aug 1014 101 *131 137 *131 137 *130 134 200 Peoria bllatern dc 100 1014July *131 134 •131 134 9 2412 Mar 31 17 Dec 35 July *94 Pere 96% *94 Nlareuet te 9634 96% 97 100 13(1 June 18 164% Apr I() 140 'Nov 9612 9612 97 260 Aug *9534 98 98 110 Prior preferred *9534 98 *9534 98 100 9434 Jan 31 101 May 17 *9334 98 94 Zlov 101 Mar *953 95 *81 91 Preferred *81 91 100 95 Jan 7 99 Apr 16 *81 91 *81 91 90 Nov *81 97 Jan 91 FIttsbur 104 105 gh & West Va 103% 10412 *104 107 100 90 June 16 12134 Feb 11 1054 107 90 Nov 148% Jan 107 107 *48 2,300 Reading 49 *48 50 *48 50 100 June 25 14112 Feb 6 10112 May 147% 50 *43 50 *48 Sept *48 50 tneTerred First 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 4358May 6034 Sept *3314 50 8512 8612 86 Rutland RR eref 100 42 June 13 1370 Mar it 87 8914 9034 91 9234 *9112 9234 2,000 St Louis-San Francisc 497 Oct 7414 Sept *92 93 o 93 100 8512July 7 11874 N1ar 27 101 NOV 93 93 94 9112 9412 *9314 95 13334 Air: 500 1s1 pref paid 100 92 Jan 2 101 59 Apr 2 59 87 Nov •59 9612 Feb 62 60 6012 6012 61 605* 6118 1,300 St. LOU19 Southwestern *SO 90 100 *80 5218June 90 25 7634May *80 90 874 88 16 50 Nov 1534 Feb *84 90 200 Preferred 6 618 100 85 May 7 90145lay 21 6 6 614 614 61 84 Oct 612 94 Apr 67 6% 1,900 Seaboard Air Line •10 15 100 •10 6 June 17 1212 Feb 15 15 *10 15 9% Dec 2134 Mar 15 .10 15 Preferred 114 11434 11234 11414 11478 11612 *10 100 16 June 21 28 Feb 7 11512 11712 11634 11734 4,9001Southern Paelfla Co 1614 June 41% 9118 9238 9118 92121 9218 93 100 108 Juno 25 127 Feb 10 10; Nov 157% Oct, 93 96 95 Sept 9512 6,400.SOUL hem Railway 90% 9078 90% 91121 9173 917 100 8918June 28 1381, Jan 13 109 Nov 16218 Sept 92 9212 *9212 9412 *110 130 800 Preferred 100 9078July 7 101 Mar 20 110 110 *111 130 *112 130 93 190 Del 112 112 *7% 812 *712 8 1,600.Texas & Pacific 100 110 June 26 140 Apr 24 115 June *713 5 *714 712 Nov 181 Mar 712 712 200 Third Avenue 1012 1012 1038 10381 *10 100 612June 18 1512 Mar 20 10,8 10 612 Nov 39 Feu 10 10 10 600 Twin City Rapid Transft 100 10 July 10 3112 Jan 29 *6334 65 *6334 65 *0334 65 *6334 65 2014 Dec 5814 460 *0334 65 Preferred 206 20934 205 20834, 20912 212 100 6314June 20 79 Feb 3 75 212 21812 21734 219 Dec Jan 9,100 Union Pacific 81 100 200 June 25 24214:Mar 29 200 Nov 100 8418 8414 8434 8434 844 *8434 8478 29758 Aug •8478 86 700 Preferred *32 100 8214 Jan 17 81312 Mar 29 31 *30 34 3234 3414 3314 35 80 Nov s512 Sept 35 358 9,800 Wabash .70 100 30 June 75 27 67% *69 Apr 75 1 40 72 72 Nov 73 81% Jan 75 75 400 Preferred A 2334 2334 2334 2458 24% 2518 2412 73 100 70 July 3 ggI4 Apr 8 82 Nov 1047a Jan 2558 24 2512 8,500 Western Maryland *22 100 1858June 18 36 Mar 29 30 *22 30 *22 In Oct 54 eel) 30 *24 30 *24 Second preferred 30 19 100 *2014 22 June 25 *2014 22 38 Mar 28 14% Nov 5312 Pea *2014 22 *2014 22 *2014 22 Western Pacific 100 17 June 19 30% Mar 29 *38,4 3934 *3814 39 40% 4014 41 15 Oct 4178 Mar 41 404 41 1,100, Preferred 100 3838June 25 5312:Mar 19 3712 Nov 6734 July .; !Industrial & Miscellaneous 2512 2534 *2512 2614 *2512 26 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 8472 Jan 17 8612 Apr 8 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 SHARE, NOT PER CENT Year 1929. HIGH AND LOW SALE PRICES-PER 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. 11. July 10. July 9. July July 8. July 7. July 5. Per share $ Per share $ per share per share $ Par (eon.) Railroad* 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 4634 48 46 48 5338 *43 100 104 Jan 11 110 Feb 11 100,,Nov 11212 Nov *41 Preferred 109 *108 109 20 Nov 84 31 Mat 8 371 18 2178June par No *108 109 ,•108 109 •103 109 .108 Express Adams 4 2534 17,800 243 Jan 4 253 96 8 Nov 243 84 2513 4 233 27 24 Mar 92 2314 4 2438 100 8514 Feb 24 270 Preferred 8812 8812 *8812 89 19 Nov 357s Jan 90 8712 8712 *87 No par 23 Jan 23 82 Mar 31 8712 88 4 2734 1,500 Adams Millis 1 4 27/ 1 27/ 10478May Oct 2734 .27 24 7 Jan 2718 27 17 2314 June 8 100 2718 2718 26 300 Advance RumelY 4 1 4 9/ 1 9/ 4 10 1 *9/ 15 Oct 119 May 10 4 .9 1 4 9/ 1 9/ 10 100 1578June 24 4114 Jan 29 10 4 1,000 Preferred 1 475 Feb 2034 *1912 20/ 4 20 1 Is Dec 20/ •20 20 20 118 Mar 28 12 Jan 4 1 1912 20 5 38 1,200 Ahumada Lead 38 Nov 223sa Oct 77 23 2 4 3 15638June 4 3 10 4 1 / 4 1 / par 10314July No 4 3 34 118,800 Air Reduction.Ine 4 / 1111 10814 11112 10314 s May 487 8 1087 Dec 181g 10512 36 Mar 24 10914 11578 10312 10818 1712 1814 2,300 Air-Way Else ApplianceNo par 16 June 23 18 18 1 Dec 1114 Jan 4 1714 19 1 1638 18/ 212 Jan 9 1 June 18 No par 1612 17 400 Ajax Rubber. Inc lla 118 114 Jan 114 1014 414 Nov 114 114 7 114 *118 Jan 118 18 412June 91s Ds 53, 534 2,900 Alaska Juneau Gold Min___10 4 51/4 1 5/ 5 Oct 25 Jan 514 514 518 518 8 June 15 1512 Feb 17 512 558 300 Albany Pert Wrap Pap_No var *812 1012 11 17 Nov 5612 Sept 912 1012 *9 31 Mar 5514 par 18 June 18 *812 912 '81z 913 No Corp 2212 73,700 Allegheny 4 2238 22 / 90 Nov 1188, July 4 2034 2112 201 1 4 2018 1914 20/ 1 19/ 800 Pref A with $30 warr____100 87 June 23 10712 Feb 11 9534 9514 9514 *95 96 95 96 96 1 *95 *95 800, Pre! A with $40 warr__100 89 June 30 9934 April 9313 901a 9212 9212 9212 9212 *91 24 Feb 4 90 1 88/ 9614 847 8 *85 , 9 Jul) 600 Fret A without warr....__100 354*g Aug 4 1 4 86/ 1 4 *8478 8632 •84/ 1 4 84/ 1 90 I 8512 8512 84/ par 232 June 25 343 Apr 17 lif- Nov *89 245 259 ,x258 26113 13,100 Allied Chemical A Dye_No 100 121 Jan 2 12614 Apr 1 11812 Nov 125 Apr 244 252 24014 218 247 252 100 Preferred 124 1•123 124 *12212 12214 12214 124 *122 124 *122 8518 Nov 751s Se 13 68 Mar 11 5412 7,200;A Ilia-Chalmers Mfg ____No par 4818June 25 4214 Mar 27 4 53 1 / 23 Nov 23 Nov 5114 52121 511g 5158 3214 5212 5134 53 200 Alpha Portland CementNo par 24 June 26 25 *24 25 4 *24 1 174 Oct 4238 Jan 3 3112June *2558 2734 •2558 2734 2512 25/ 16 Jan par 18 No Corp Amerada 4,600 23 4 2314 23 1 4 22/ 1 4 2212 22/ Oct 2338 Jan 23 2312. 23 23 458June 18 1038 Mar 31 800 Amer Agricultural Chem__ 100 4 53 *5 518 5 5 5 18 Nov 7334 Jan 4 1 43 434 5 5 100 23 June 26 39 Apr 25 25,2 1,100 Preferred 2414 25 25 *24 65 Nov 157 Oct 27 32314 24 Mar 8 973 2314 2412 ' June 18 68 10 Bank Note Amer 1,700 7212 71 71 4 70 / 701 70 57 July 653r June 69 4 69 / 711 70 50 Si Feb 3 6634 Jan 31 150 Preferred 62 62 *6134 62 *6112 62 4 Dec 2012 Jan / 51 62 62 *6134 62 6 June 10 12 Jan 16 American Beet Sugar_No par 7 *5 7 *5 27 Nov 7812 Sept * 7 *5 14 Feb 7 8 *5 25 647 June par 27 Bosch Magneto__No Amer 4 1,000 1 4 32/ / *311 4 / 311 3012 3013 *30 Nov 62 Feb 30 1012 30 20 Mar 3012 3012 2,900 Am Brake Shoe dcF----No Pat 4138July 10 5418 4 4112 4134 42 / 4 4134' 411 1 41/ 4112 42 42 42 100 11814 Jan 14 128 Feb 13 113 Nov 12612 Mar Preferred *____ 121 Oct 3434 June Ca 25 Apr 4 •____ 121 *____ 121 •____ 121 •____ 12012 13 213 par 16 Jan BoverIELNo 83s 1414 15,700 Amer Brown 1312 4 13 1 1234 13/ 4934 Jan 104 June 1238 1312 1212 13 100 6012 Jan 3 8030,1ay 28 20 Preferred 70 86 Nov 18412 Aug 4 70 •6914 6912 70 11 *691 70 Apr *691 70 15611 25 25 10814June Can American 187,700 11978 12212 4 1195* 11612 122 / 4 11734 11212 11612 1181 1 100 14014 Jan 27 147 June 2 13318 Nov 145 Dec 113/ 300 Preferred 14412 145 •144 14512 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 4 50 1 5138 5314, 4832 5118 48/ 100 95 June 18 116 Jan 4 Preferred 600 4 1 / 99 4 1 / 99 100 100 103 *99 I 7014 May 95's Oct 100 28 100 Mar 10018' 100 100 757s Jan 3 101 American Chain pref 95 *90 95 *90 27 Nov 8158 Sept Apr 3 '88's 5114 *8812 9 par No 8 2 361 Jan Chicle American 3.000 4 1 / 42 4 4214 1 42/ 20 Oct 55 MAY 4112 4134 4134 4134 42 40 40 No par 914June 30 33 Jan 16 5.300 Am Comm'l Alcohol 1073 11 1014 107a 4 11 1 1814 Nov 47114 Feb 1234 1014 1114 10/ 11 4 Mar 31 1 900 Amer Encaustic Tiling_No par 15 June 24 30/ 197s 1912 •17 2058 •17 19 23 Nov 9812 Bent Mar 81 *1812 20 1 •185a 20 par 19 3318June 5912 Elee's_No European Amer 1,000 4 / 4 361 / 361 3534 37 38 Oct 19914 13tp •38 50 3412 35 37 16 Apr 37 4 4 71,8001 Amer & Porn Power...No par &Panne 18 1013 1 4 8338 6112 6458 6314 65/ 1 4 62/ 1 4 62/ 1 59/ 6011 63 4 Nov 10518 Fob / No pa 10614June 19 11112 Apr 29 1011 Preferred 400 10714 4 1 / 106 4 1 / *10714 107 4 1 / 107 8 8614 Oct 103 Feb *10714 108 j•10734 1077 1075 No pa 9212June 23 10034June 11 400 241 preferred •9312 95 98 *93 95 95 1712 Dec 42 Apr *9212 9412 9312 931 1 1918 Jan 2 3318 Mar 19 2512 1,100 Am Hawaiian S Co 4 1 / 24 241 2414 312 Dec 10 Jan 241 4 1 / 24 4 1 / 24 .24 8 247 10 4 1 24/ 312June 26 7 Apr 200 American Hide & Leather-100 412 *4 41 *4 43, *4 412 41 2314 Nov 5214 Aug 11 412 412 Apr 8 347 4June 1 / 26 17 100 Preferred 200 2134 18 213 . *18 19 19 Nov 8518 Jan 21 *19 40 21 *18 20 Mar , pa 28 55 693 June 100 Amer Home Products...No 4 1 57/ *57 57 57 58 *5614 58 Oct 5312 Aug *56 29 59 *56 31 June 18 4178 Mar 27 NO pa 700 American Ice 34 4 333a 34 1 Nov 9634 Sept 2912 3314 3314 33/ *3238 3312 3234 323 2 Apr 8 pa 21 553 No Corp 4June 1 / 28 Internal Amer 3412 38.700 33 3112 337 878 Jan 32 31 Oct 4 1 / 2 3134 3014 31 31 2 Apr 158June 30 4 1,300 Amer La France & Foamite_l 2 2 4 / 158 11 4 / 4 11 / 11 .178 2 2712 Nov 75 Feb •178 2 100 2212J une 26 35 Feb 14 Preferred 25 *20 25 *20 25 *20 6 July 25 Nov 13 •20 90 25 •20 6 Jan 8 pa 105 July 44 L000motive_No American 4712 2,200 47 49 4434 4434 *47 45 44 47 45 100 97'* July7 11812 Mar 1 11114 Nov 120 Dee 100 Preferred 9712 *93 98 9778 •93 *93 Nov 27934 Oct 4 98 1 971a 975* *93/ 1,500 Amer Machine & Fdy-No pa 180 June 23 28434 Apr 30 142 Nov 8118 Feb 200 200 200 207 *204 208 4 / 311 19714 20012 191 195 pa 3018June 16 5112 Feb 7 Ltd....No 1,600 Amer Metal Co 3314 32 347 34 35 *3412 35 *3412 .3412 35 100 10812July 2 116 Feb 18 106 Nov 135 Feb Preferred (6%) 9814 Jan Nov 68 *103 108 *103 108 *103 108 *103 107 *103 108 27 Mar Stock pa 95 23 Jan pref____No Gas Nat 65 Amer 50 *7212 76 7234 78 75 *70 75 75 34 Dec 1772 Jan 75 75 275 Mar 31 No pa 12 Feb 7 American Piano 6414 Nov 17534 Sept Apr 1 Exchange 8 1193 pa 25 & 723 No Light 4June Power Am 5,200 4 1123 i3 83 rg 161-2 814 Oct 106 Feb / 921 78 1511- "iais "767 99 June 25 107 Mar 24 No pa 800 Preferred 4 / 4 1021 / 10112 10112 10134 1013 1021 70 May 80 Feb 4 102 / Closed- 10034 10112 *1011 No pa 75 Jan 8 85 Mar 20 Preferred A *8014 82 7274 Nov 8418 Feb 8012 801 *8014 82 .8014 82 21 Mar *8014 82 4 883 pa No 6 stamped Jan A 80 Pre: 800 8412 8412 85 85 Oct 5518 Sept *8314 84 85 28 4 85 1 4 73/ 1 83/ Extra 2338June 25 3934 Apr 7 4 2614 61,100,am Rad &Stand San'ry No pa 1 4 2614 2512 2614 23/ 1 25/ 1212 Nov 6434 Jan 4 257 / 2514 2512 251 1514June 17 37 Mar 25 1,200.American Republica- _No pa 18 4 19 .1712 183 '17 1 18/ 1634 163 18 *16 Holiday 1444 Sett Nov 60 2 48 July 2 10078 Fob 17 5118 5212 13,000 Amer Rolling Mill 5012 52 44 Nov 7434 Jan 4 5114 5012 52 1 4858 4978 49/ 6212June 18 8738 Apr 26 5812 2,600 American Safety Rasor_No pa 4 1 / 58 5912 5714 4178 Mar 58 Dec 17 58 4 1 / 18 57 56 Feb 57 56 No pa 712July 8 2812 714 100 Amer Seating v t 0 712 .7 7 . 7 Feb *712 10 4 Oct 1 / 712 71 *712 10 3311,411). a 4 Feb 25 / 11 100 Amer Ship & CommNo pa 4 / 11 158 4 •134 178 1 •134 1/ 5 5412June *134 17m *134 17 22 gMay pa Shipbuilding new.No 487 90 Amer 50 50 50 50 130', Sept Nov 62 50 *48 7011 2 50 Apr 50 I 50 50 4 6238 4.900 Am Smelting & Refining. 100 53 June 24 141 Apr 8 123/ / 8011 Jan 4 Nov 138 1 6014 6112 6118 63 4 60 I 5914 601 1 58/ 100 13312 Feb 8 300, Preferred 135 135 July 49 135 135 Oct 38 136 136 27 Jan 8 7 43 *134 13618 *13312 139 18 2 38 June 400 American Snuff 41 41 41 Jan 98 Nov 112 4118 4118 41 42 42 I .41 *41 3 10734 Apr 22 Jan Preferred 10012 I 108 4 / 4 108 *10514 108 *1051 / *106 108 •10612 108 *1051 618July 1 2212 Mar 7 Ce pa o par 700 Amer Solvents & Chem vo 4 1 / 7 4 1 / 7 712 3314 2 3 7 5 4 1 / 7 Mar *714 71 4 1 / 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 100 Preferred 112 *111 111 Oct 115 Apr 111 40 111 111 16 112 Apr *111 112 *111 42I2June 7 5512 No pc 200 American Stores 4 / 43 501 44 . 56 Nov 0434 Jan 4434 44 26 Mar a 897 *4312 4434' *4312 5018 *44 25 June 47 Sugar 100 Amer Refining 4 53/ 1 4 2,300 1 52/ 99 Nov 111 Feb 5312 5312 55 4912 4912" 5038 5012 51 100 10314June 28 110 Apr 24 3001 Preferred Jan 18 Nov 60 104 104 *104 10514 10314 104 *10314 105 *10314 104 934J une 18 2634 Feb 10 No Pa 4 1.8001Am Sumatra 'rob / 10 101 934 10 19314 Jan 31014 Sent 934 10 10 17 27414 AP1' 23 *1114 1214 10 8June 2001 Teleg & Amer Talon 100 72.400 21012 208 210 -20512 ---17 Apr 2073g 4 1 / 205 52 4 1 / 22 205 20314 , 4 1 / 206 204 16 June 18 4 80.6001 Rights (expire Aug 1) 1 4 1738 17/ 1 17/ 1732 17 23 160 11-a; 23211 Oct 17 1634 171s: 1658 17 600 American Tobacco com----50 197 Jan 8 361145iay 23 180 Oct 235 Oct 4 23012 231 / 22812 22812' 225 226 *228 231 *230 2311 50 197 Jan 8 26912May 8,4001 Common class B 4 1 / 237 236 237 4 1 / 4 Nov 12114 Jan 1 233 22 114/ 234 124128lay 23212 4 229 2323 230 234 T eririerI 100 120 Feb 3 P:reifea 100. Am 115 Nov 181 Sep 4 *12114 12234 *122 12234 *122 12214 1 122 122 *12114 122/ Founders 100 113 June 19 14134 Apr 1 125 117 117 *113 123 1'118 125 *118 125 •117 100 106 Feb 5 11438 Apr 4 103 Nov 112 Aps 10 Preferred 11112 •11012 11012 Nov 199 11012 23 Sell 60 Apr 11112 s 1247 11112 *11012 *11012 2 112 June *11012 4 1 78/ 4 25,600 Am Wat Wks & ElNo par 1 Jan 4 8612 8512 87/ / 97 Jan 104 4 821 1 4 8214 823g 84/ 1 79/ 83 80 9912 Jan 4 10612 Apr 15 100 1s1 preferred 578 Oct 277s Jan 104 104 *104 105 *104 10412 •104 10412 *104 10412 712 Jan 2 2014 Feb 17 100 1,700 American Woolen 1118 1012 1114 1512 Nov 5838 Jan 8 111 1114 *1118 1113 1118 1118 *1118 1934 Jan 2 44 Feb 18 100 Preferred 600 2 303 2 303 4 1 4 Nov 1618 July 4 30/ 1 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 6 / *51 4 6 1 *5/ 4 6 1 *5/ 4 7 / *51 2912 Jan 17 4434 Feb 27 Preferred certificate_ _ _100 38 35 38 . 7 Nov 4914 Mar *35 40 *35 40 40 *35 *35 612June 19 1772 Feb 3 _ & _25 Lead Smell_ Amer Zino. 1,900 8 8 8 4934 Nov 11114 Mar 8 4 1 8/ 8 818 8 4 1 •81g 8/ 50 June 19 7978 Jan 20 25 300 Preferred 60 *54 60 *54 2 6714 Apr Dec 140 Mar 60 *54 8112 60 18 *54 2June 58 58 441 50 4 45,400 Anaconda Copper Min 1 49/ 4 48 1 46 Dec 8934 Sept 50 4914 50/ 4 481g 4938 49 1 4878 49/ 2812June 18 5314 Feb 6 200 Anaconda Wire dr Cable No par *3018 42 21 25 Apr Oct 80 Oct 4 513 30 •3018 42 *3012 42 30 18 30 30 gJune 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 30 Oct 6838 Mar 18 3714 Apr 2 June *100 105 *100 105 *100 105 *100 104 *100 102 18 M Copper 11111:1R Andes Par -No 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 4 2112 . / 75 Oct 95 Jan 2112 2112 2118 211 744 Mar 14 8278June 5 2,300 Armour t Co (Del) pref_-_100 4 79 1 78/ 26 4 78 / Mar 818 7812 771 4 Oct 181a Jan 1 5/ 19 78 7858 78 7734 78 8June 43 A___25 Illinois elms of Armour 514 2,600 5 4 Nov 1014 Jan 1 2/ 4151er 26 / 41 518 51a 518 5 514 5 25 218 Jan 20 4 2,400 Chute B 1 234 2/ 4 1 57 Nov 86 Jan 4 2/ 1 2/ 4 1 234 2/ 4 1 4 2/ 1 5 65 June 4 2/ 234 234 May 55 100 Preferred 100 5912 5912 814 Dec 407a Jan 4 Apr 21 1 4 60 / *5914 60 *591 *5914 60 60 *59 6 June 26 13/ 100 Arnold Constable CorD_No Par 812 834 *7 eh eh *eh 7/ 165a Nov 30 Feb 4 *1352, 834 *7 1 10 June 25 201s Apr 28 No par 300 Artloom Corp 34 Nov 5834 June *1012 11 Mar 10 11 1012 1012 *1014 11 *10 4618 10 18 10 3112June par No Ind Apparel Associated 2,700 35 3412 34 26 Nov 7034 Jan 4 3312 3414 34 1 3312 3212 33/ 33 28 Jan 4 5012 Apr 15 No par 4 5,500 Assoc Dry Goods 1 365* X3614 36/ 36 4 36 1 3412 3534 3412 3434 33/ 4 Dee 4714 Apr / 341 25 3212 Feb 27 51 June 2 Oil Associated 48 *46 48 *46 4 Feb 8612 Oct / 321 *46 50 50 *46 4 50 / *411 AUG.tW IS S Line....No par 4918June 26 8038 Jan 30 4 55 / *521 55 *52 4 1 / 45 Feb 6274 Sept 26 Feb 55 55 6514 *52 27 June *5114 5312 *52 50 100 100 Preferred 55 4 5512 55 / 30 Oct 7774 JU *551 4 56 1 4 5534 *54/ 1 3018J00e 18 5138 Apr 7 *5434 5534 •54/ 25 Refining Atlantic 16,200 8 383 4 36 / 21 Nov Mar 140 Sept 67 4 1043 4 3512 3518 3534 3518 361 1 17 June 3538 34/ 35 62 par No Powder Atlas 100 *8812 69 68 68 90 Nov 10612 Jan *66 68 68 69 •67 *66 100 101 Jan 20 106 Mar 22 80 Preferred 1718 July 812 Mar 5 5 Nov 10412 10412 10312 10312 *10312 104 *104 10412 104 104 5 June 27 No par Atlas Tack 100 6 4 .5 / 51 4 *5 / 4 51 1 5/ 4 8 1 *5/ 4 6 1 *5/ par 91 June 23 26334 Apr 1 120 Oct 514 SW 107 11214 30,500 Auburn Automobile-No 4 10014 110 1 4 10014 104/ 1 7 May 14 9812 99/ 98 95 358July 10 No par Austin. 700 6 *4 4 4 1 3/ -j1;11 6 18 Nov .4 *4 5 4 6 1 *4/ n-voting__-100 24 Jan 2 3512 Apr 23 Preferred 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 *52 1 *52 53/ 4 June 17 1032 Mar 3 No par Corp Autceales 100 4 434 *414 5 / 13 Dec 4578 Aug 434 *4/ 4 4/ 1 4 *4 / 4 .41 1 414 41 Jan 11 25 Mar 4 15 50 Preferred 4 1 19/ 1934 *10 1934 *10 34 Nov 50 Jan 193 •10 4 *10 1 19/ *10 Razor A---No Par 37 Jan 2 63 July 1 6012 6112 3.900 Autootr Sat 5812 5934 58 412 Dec 20 Aug 978 Apr 15 60 4 5812 61 1 59/ 60 484 Jan 20 No par 20,800 Aviation Corp 5 47 4.8 5 15 Oct 6618 Aug 512 Feb 17 13 5 38 5 523, 478 5 I 8June 193 par Wk, Loco No 4 9,000 Baldwin / 4 251 1 4 2312 23/ / 4 21 1 4 21/ / 2114 211 211a 2178 211 100 10412June 25 116 Jan 21 10012 Nov 125 Ayr Preferred 190 106 106 106 I 108 9312 Nov 11012 Feb 10434 106 •____ 108 *_-__ 106 100 Bamberger (L) & Co prof-l00 107 Jan 3 11012 Feb 4 4 108 108 1 10734 107/ 16 Dec 3334 Jan *10712 108 *10712 108 *107 108 1334July 10 2034 Mar 5 No par 980 Barker Brothers 4 1 4 1414 1434 14/ 1 1112 141 13/ 15 15 70 Nov 97 Jan June 25 91 Mar 31 16 •13 72 100 Preferred 718 April *6814 74 •6912 76 I •6912 76 Ve Dec 2914 Jan *6912 76 *6912 78 238 Feb 18 No par Leather Darnall 4 1 •25a 4/ 4 4 1 O2/ 20 Oct 8918 May 4 434 •258 43 1 *2/ *258 5 25 2012 Feb 15 84 Mar 28 7.500 BarnsdaU Corp oleo' A 4 23 1 22/ 4 228q 2218 23 1 22/ 4 22 / 4 2212 211 / 2121 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 4934 *50 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/ 1 4 Feb 21 011 No par 13 Feb 18 2053 Apr 9 -7512 -7E1-2 78 -f - 751 7534 76 76 7513 75'z 600 Beacon Beatrice Creamery 50 6712 Jan 18 92 Apr 14 *10434 105 4.1.0434 105 *10434 105 105 105 *10434 110 200 Preferred 100 10114 Mar 20 107 June 10 4 4 4 4 4 4 *334 412 *334 4 300 Belding Hem'way Co__No par 314June 18 6/ 1 4 Jan 17 *80 8114 8114 8114 *8012 8114 8114 8114 *8012 8134 200 Belgian Nat Rya part pref___. 7934June 26 8512 Mar 19 2878 29% 2812 2914 2914 2958 2914 3058 30 3034 9,000 Bendix Aviation No par 2753June 25 57% Apr 7 4034 41% 4058 40/ 42 42 1 4 4214 4312 4312 44 No par 311 2.800 Best & Co / 4 Jan 8 06/ 1 4 Apr 25 7712 80 77% 78% 7812 8038 7914 8178 8138 82% 33,800 Bethlehem Steel Corp 100 7534June 25 11014 Apr 1 124 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 2973 Apr 24 *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 7334 75,8 73 75% 7518 7658 7514 78 7612 7812 20,400 Borden Co _25 6018 Jan 8 9031May 29 2658 27/ 1 4 2614 26/ 1 4 2614 2734 2614 29/ 1 4 2818 2918 7,400!Borg-Warner Corp 10 2353June 27 5013 Mar 27 *3 314 3 3 *278 312 •24 3 •278 3 1001Botany Cons Mills class A-.60 3 Jan 14 5 Mar 27 164 16% 18 16% 1612 1734 18 1912 1812 1912 58,900IBriggs Manufacturing_No pa 13/ 1 4 Mar 6 2418May 24 *2112 26 *2112 26 *2112 26 *2112 26 25 25 100 Briggs June & Stretton 19 21 8512 • Apr 4 *138 2 •138 2 *112 2 *138 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 10 Apr 814 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 3053 Mar 31 2212 2212 •2212 234 *2234 234 .2234 2312 23 24 1,100 Bucyrus-Erb Co 1913June 18 3174 Mar 24 10 *35 •35 36 36 36 36 367 37 37 810 P 3738 pre reffer 10 331s Jan 7 43 Mar 25 )(1 (7) 1134 11312 *11313 114 *11312 115 •113l2 *11312 115 115 100 10734 Jan 3 115 Apr 15 818 838 818 818 814 814 818 8,8 814 8/ 1 4 1,700 Budd (E GI Mfg 733June 18 1633 Apr 15 No pa 9% 10 934 934 97 97 1 4 98 10/ 10 103 2.600 Budd Wheel No pa 81s Jan 2 14/ 1 4 Feb 6 27 2714 27 27 *27 274 27 27 27 27 1,100 Bulova Watch 261s Jan 17 43 Mar 31 No pa 3012 32 30/ 1 4 3158 314 321 31 33,4 3218 331 2712June 18 74 Apr 2 9,700 Bullard Co No pa *90 100 9734 9734 .90 100 •90 100 *90 100 Burns 100 Bros new el AcomNo Pa 90 June 18 11013 Apr 2 *16 19 1834 1834 *16 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 3134 3134, 3134 32 3114 3178 2,700,Burroughs Add Mach_No Pa 2914June 25 811 / 4 Mar 1 32 33 33 33 33 33 1 3234 331 34 34 1,100 Bush Terminal 2918June IS 4813 Mar 5 No pa *10134 10178 *10134 10178 10178 1017s .10012 10114 1004 10012 Debenture 50 99 June 30 100 110 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 1Mining__10 Superior Butte 2 July 10 514 Jan 8 21 212 24 24 212 212 *284 234 .214 284 700 Butte Copper & Zoo 218Jun e 30 5 414 Feb 20 1458 16 *1413 153 1458 1458 *1412 1534 •1412 1534 300 Butterlck Co 100 1314June 18 2918 Feb 24 6938 7214 6612 691 6958 71 6838 7238 7114 73% 21,500 Byers & Co(A M) No par 6618.1une 25 11232 Apr 26 11012 11012 *111 *111 *111 _ •111 10 Preferred 100 109 Jan 27 114 Jan 25 *6218 63 . 6238 621 63 63 6213 -63-1- 6388 -6388 1,400 California PackIng___No par 62 June 24 7712 Mar 5 *28 30 *28 30 •28 30 35 35 .28 30 California Petroleum 25 28 Jan 22 35 July 10 10 1 1 1 1 *1 118 14 118 •113 114 900 Callahan Zinc-Lead 10 1 Jan 2 213 Feb 3 52 52 514 52 5214 5313 5334 841 5312 5434 4,300 Calumet et Arizona Mirting.20 4853June I 89/ 1 4 Jan 9 181 15 1512 15 1534 1534 1512 151 / 4 1514 1512 2,100 Calumet & Heels 25 13 June 19 33/ 1 4 Jan 7 *18 1812 *1712 18 17/ 1 4 17/ 1 4 174 173 *17% 18 500 Campbell W & C Fdry _No pa 17 June 18 30 Mar 25 60141 5912 60 60 8012 8078 6012 827 62% 6334 4,400 Canada Dry Ginger Ale No pa 56 June 18 75/ 1 4 Mar 10 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 Capital Adminis Cl A..No par 300 174 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/ 1 4 Apr 23 Closed- 312714 12814 *12714 129 12814 12814 *12714 129 *12714 129 20 Preferred certificates--100 115 Jan 1 132 Mar 25 5712 5812 5758 58 *58 59 58 59 59 1,100 Caterpillar Tractor____No par 54 Jan 59 .814 812 *814 61 7914 Apr 28 Extra *514 61 *514 61 •814 612 Cavannagh-Dobbe Ine_No par 5 June 18 137s Jan 11 *-___ 60 '•____ 60 *_ 60 *50 60 •-___ 80 Preferred 100 69 June 1 75 Jan 18 97 11 Holiday 1018 11 1138 113* 113 114 111 / 4 3,600 Celotez Corp 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/ 1 4 Feb 19 30/ 1 4 Mar 31 Central Alloy Steel No par 30% Jan 2 3,S Apr 16 Preferred 100 10514 Feb 7 11053 Apr 10 483 4l 514 814 5 812 614 1,800 Century Ribbon Mills-No Dar 334 Feb 8/ 1 4 Mar 27 362 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/ 1 4 Jan 6 712 758 7% 712 *712 9 7,4 7, *712 9 700 Certain-Teed Producta_No par 518June 2 15/ 1 4 Feb 6 3818 3814 38 38 38 3814 *3812 39 3834 39 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 2334 2434 2112 23% 23 23 8,000 Checker Cab No par 2012June 2 6773 Mar 27 5612 57 561 54 5634 6078 60 6338 62 6234 8,300 Chesapeake Corp No pa 5112June 2 8212 Mar 29 1514 1514 15 15 15 15 1," 16,4 1534 1758 2,300 Chicago Pneumat Tool_No pa 1114June 1 MA! 31 37 *40 44 *40 44 *40 44 *40 44 44 44 200 Preferred No pa 44 June 27 5574 Mal 14 2618 2614 *2618 261 264 264 *2512 2614 *2512 2618 160 Chicago Yellow Cab No pa 1634 Feb 1 32 Mar 20 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 4.8001C pmr Ch hille dgcC oo No pa 4912July 8 67/ 1 4June 6 74 *50 *49 *49 60 58 *49 58 •49 58 25 51 Apr 30 65 Feb 6 26 2712 2534 2712 2714 28 2912 2734 28% 52,000 Chrysler Corp 27 No pa 24 June 23 43 Apr 11 7 714 *7 7 714 *74 714 57 8 City Stores 718 New 29,000 No pa 5/ 1 4July 11 13/ 1 4 Apr 25 *30 36 *30 36 *30 36 *30 36 *30 Clark Equipment 36 No pa 3014June 16 4413 Apr 21 .32 3334 •314 33 33 3314 34 34 *32 34 3001Cluett Peabody & Co No pa 30 Feb 1 60 Apr 5 *9358 94 94 *94 100 96 *94 100 *94 100 40 Preferred 100 9114 Jan 2 105 Apr 8 169/ 1 4 17034 18818 1711 / 4 Inas 17412 174 174 *171 175 4,200.Coca Cola Co No pa 13314 Jan 8 19133June 4 5014 5014 5014 5014 5014 5014 504 5058 "50% 5012 Class 900 A No pa 4812 Jan 8 63 Mar 21 1912 2012 184 1934 1912 20 1912 21,2 2012 21% 3,400 Collins & Alkman No pa 1453 Jan 2 3534 Feb 13 84 84 83 8334 82 82 •-84 *---- 84 700 Preferred non-voting----100 73 Jan 3 92 May 24 4418 4638 4414 4584 4438 4634 411 / 4 484 4612 48 8,200 Colorado Fuel & Iron 100 3613 Jan 2 77 Apr 8 11412 11612 11312 11712, 120 123 12234 128 84 12412 128 9,600 Columbian Carbon v t oNo pa 108 June 23 199 Mar 11 6018 6112 5918 61/ 1 4 6118 623* 61 6438 634 64/ 1 4 57.000 Colum Gas & Elea 581/June 23 87 Apr 10 No Pa *1085 10712 *10614 10712 10638 10638 10612 107 1074 10712 400 Preferred 100 10414 Jan 31 110 Apr 11 1618 17 153 lO1s 164 17 1614 1712 1658 171 47,300 Columbia Graphophone 1538July 8 37% Apr 28 2414 2438 2434 2434 2423 2482 2514 2512 25 2512 2,600 Commercial Credit___No par 2333 Jan 2 4034 Apr 1 *34 3912 *3418 3612 34 3418 *3414 36 *34 200 Class A 50 31/ 1 4 Jan 2 44/ 1 4 Apr 1 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 76/ 1 4 Jan 18 95 Mar 29 314 32 3012 311g 3134 3134 3034 3214 *87 32 32 3,700 Coro Invest Trust No par 2812June 25 55 Mar 6 8034 81 *81 84 *81 84 *81 84 *81 84 No par 80 June 18 87 Mar 28 200 Cony pref *412 8 *412 73 *412 734 *5 7 *412 734 Warrants 4 June 18 23/ 100 1 4 Mar 5 22 2278 2134 2238 2218 23 14 2314 2258 2338 22 No par 2014June 16 38 Apr 11 37,500 Comm Solvents 1312 137 1318 134 1338 1334 1333 1418 1358 14 1253June 18 20/ 68,300 Commonwealth&Sou'rnNo par 1 4 Apr 7 *3812 40 *3812 40 *384 404 *3812 40 *3812 Conde Nast Pubilea__ _No par 33812June 20 57 Mar 27 40 1134 12 1134 1134 1134 12 1134 1212 12 121 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/ 700 Congress Cigar 1 4 Mar 11 *NI / 1 4 *38 % *38 58 *3 8 5 8 Comley Tin Foil stpd No Par *14 52 1 Mar 24 / 1 4 Jan 16 *36 40 *36 40 374 3718 3612 3734 3712 371. No par 36 June 27 50/ 700 Consolidated Cigar1 4 Mar 17 70 70% 70 71 708 *70 70 704 70 preferred 70 100 67 Jan 22 80 Mar 25 150 Prior 1834 19/ 1 4 1812 1878 1812 19 1812 2018 1818 20% 4,300 Congo! Film Indus-__No par 1533June 18 2 738 Mar 11 19 20 1934 20 20 20,8 2058 21 2118 2.600 Consol Film Ind pref_No par 18 Jan 3 2814 Jan 10 10214 10514 10158 10434 10518 107,4 10514 10958 20 1 4 Jan 2 136/ 1 4 Apr 26 10212 10213 10214 10258 10212 10212 1024 10212 10718 10934 120.800 Consolidated Gas(N Y)No par 96/ 1024 10212 3,400 Preferred No par 991 :Jan 28 1037sMay V 78 1 72 78 78 1 •78 1 par Consolidated No Textlle.. 7 7 2 8June 1 18 8,200 2 Jan 27 1212 1212 *1214 1234 *1214 1234 1238 12/ 1 4 1212 1212 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 334June 18 Feb 20 812 2334 24 2212 2314 23% 24 24 2434 23/ 1 4 2414 6,300 Continental Baking Cl ANo par 1812June 18 5212 Feb 17 4 4 334 37 4 4 3% 4 3% 3% 2,200 Class B 3/ 1 4June 19 No par 7 Feb 17 *75 761 *7512 7612 7614 7734 7612 7634 100 6614June 25 9473 Feb 17 7534 761 1,300 Preferred 543* 547g 5334 5412 5412 5612 56 5812 58 59 14,400 Continental Can Ine-No par 5013 Jan 2 7153 Mar 31 18/ 1 4 1088 1834 19 1812 1918 19 19% 19 191 1,700 Cont'l Diamond Fibre_No par 1618June 23 3733 Apr 21 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 4 378 4 3% 4 814 Feb 19 334June 17 3,600 Clontinental Motors- --No Par 1952 2038 19 1958 19/ 1 4 2014 1958 20% 1958 201 No par 1833June 18 3012 Apr 24 / 4 21,200 Continental 011 2212 2378 2212 2314 2314 24 2338 2412 24 Continental 20 Shares.. No June par 241 Apr 1 27 407s 13,100 389 001k 8813 9112 917 924 92 94 9284 938 / 4 Apr 23 9,900 Corn Products Refining____25 8713 Jan 3 1111 *14414 147 14414 14414 *14512 147 *14412 147 •14412 147 140 Preferred100 Feb 10 14712May 20 10 19/ 1 4 193 1918 20 1918 2038 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 4Mar 20 No par 2513 Jan 6 35/ 300 Cream of Wheat *1534 1958 *1534 1934 1612 1812 •18 1958 1584 158 100 9 Jan 21 29% Mar 5 400 Crex Carpet *1153 1113 11 11 1112 1112 1112 1134 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 11334 Jan 95 Oct 10634 Jan 1213 Dec 3273 July 69 Dec 131 Oct 100 Deo 10613'Aug 413 Dec 1734 Apr 75 Nov 84/ 1 4 Jan 25 Nov 10433 July 25 Nov 12312 Sept 78/ 1 4 Nov 140% Aug 11658May 128 Sept 2214 Dec 61% Apr 100 Oct 111 Jan 70% Dec 118 Jan 37 Nov 13634 Man 70 Oct 8912 Jan 3 Dec 1114 Jan 18 Dec 6334 Jay 03 Oct 10013 July 28 Nov 2/ 1 4 Dec 813 Nov 1733 Dec 112 Dec 373 Nov 14 Nov 711 / 4 Dec 99 Nov 38 Oct 1614 Nov 14 Oct 26/ 1 4 Oct 107% Dec 818 Dec 7% Dec 2114 Nov 25 Nov 88 Nov 22/ 1 4Jun 88 Nov 29 Oct 31/ 1 4 Nov 9118 Nov 10514 No 433 De 2 Oct 1713 Dec 50 Nov 105 Apr 6313 Oct 25 June 1 Oct 73/ 1 4 Nov 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 10534 Apr 3 Oct 0014 Dec 5214 Nov 1073 Dec 3913 Dec 96 Sept 18 Oct 421s Nov 21/ 1 4 Oct 47 Nov 21/ 1 4 Oct 25 Dec 4413 Nov 53 Nov 26 Nov 7/ 1 4 Oct 25 Nov 3412 Dec 9012 Dec 101 Nov 4434 Oct 10 Nov 65 Dec 27% Nov 105 Nov 14333May 1513 Feb 6314 Jan 4312 JU/7 67s Jan 1313 Jan 73/ 1 4 Jan 145 Jan 24812 Aug 511 :Sept 5514 Jan 42% Jan 50 Feb 117 Apr 22/ 1 4 Oct 1212 Dee 34 Dec 54/ 1 4 JULY 127 Jan 39 Jen 10514 Jan 329/ 1 4 Man 89% Fen 11013 Me) , 11812 Fen 1233 Jan 913 Jam 41 Jan 1927s Jan 12114 Jan 84/ 1 4 Aug 3412 Aug 4 Jan 13634 Aug 131% Mar 4912 Aug 98% July 4834 Sept 651s Oct 397s Oct 467 Sept 123/ 1 4 Dee 61 Dee 424 Feb 105/ 1 4 Mar 79% Feb 4834 Jan 5954 Oct 11212 Jan 2013 Jan 82 Jan 120 Mar 32 July 6234 Jan 10514 Jan 80% Sent 112 July 471. Sept 61 Sept 38 Jan 50 Jan 757s Sept 12712 Mar 135 Jan 27 Feb 61/ 1 4 Oct 7234 Jan 119 Jan 154/ 1 4 Aug 50 Feb 72% Mar 10313 Fat 7812 Mal 344 Oct Nov 109 -J75 1613 Nov 8834 Jan 18 Nov 6258 Jazz 28 Nov 5113 Sept 20% Nov 28 June 70 Oct 105; Jan 28/ 1 4 Nov 79 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 / 1 4 Dec 12 May 3/ 1 4 Nov 2514 Oct 4/ 1 4 Oct 70/ 1 4 Nov 4012 Oct 2034 Nov 46% Nov 84 Dec 18 Nov 2813 Dec 70 Nov 137 Nov 18 Dec 24 Nov 15 Dec 15 Dee le111 Sept 83 Oct 2434 Oct 93 Jan 3534 Jan 92% Feb 113 Fer 9614 Jan 96 Jan 253s Bert 3034 Apr 18314 Sept 10012 Dec 633 Jan 23/ 1 4 Jan 1113 Jan 90 July 1514 July 100 June 92 Sept 3313 Dee 11014 Sept 283s Jan 37% Aug 45/ 1 4 Dec 12633 Oct 144% 82/ 1 4 Jan 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 HIGH AND 1.0W SALE PRICES-PER SHARE. NOT PER CENT 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 4178 418 *40 4178 .40 *3734 4114 *3734 41,4 *40 No par 100 Crown Zellerbach 1412 1412 •1312 14 1 .1314 14 •1314 1438 *1312 14 7778 7718 7772 1,200 Crucible Steel of America..100 *7514 77 I 77 77 7712 .75 *75 100 40 Preferred 10812 10812 109 8.106 1087 8 1087 109 *106 10612 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 _ --10 512 54 -..i- --5.1-2 5 5 518 6 100 Preferred 50 47 *46 47 .46 46 46 46 46 46 46 50 1.100 Cudahy Packing 40 39 40 40 40 3938 4014 395 3934 40 Curtis Publishing Co _ _ _IVo par .110 120 .112 11912 .112 11512 .112 11512 .112 1154 par No Preferred 500 118 118 118 118 118 118 *11634 118 *117 118 No par 714 42.900 Curtiss-Wright 7 714 7 714 7 7% 7 714 7 Class A 100 94 94 914 912 918, 9 012 9 938 9 par _No Mfg__ utler-Hummer : 1 8 0 00 090 61 6018 6134 60 . .5814 6134 .61 6012 60 60 No par 2634 2638 274 2,500 Davison Chemical 8 2638 26 2612 26, 26 26 26 Securities 51 Debenhauri 100 .20 2312 2312 *2012 .2012 2312 203g 207 *2012 2312 20 3,500 Deere & Co prof new 24 2218 23 22 .22 22 *2134 22 22 22 Detroit 100 Edtson 214 214 I 214 215 .214 21514 1,100 21514 21514 213 214 300 Devoe & Reynolds A_No par 23 2134 2134 2134 2134 .21 22 22 28 .23 181 preferred 100 *105 110 .105 110 .105 110 *105 110 .105 110 202 20334 203 20312 1,300 Diamond Match 20012 204 19014 19014 19912 201 71 par M No Ltd Dome Mines, 1,800 74 8 4 .73 8 *734 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 Light let pref..--100 Duquesne .10112 4 102, 10214 10212.10112 *10112 10212 .10118 10238 *10112 Rol.ing Etedern par _,Na M111. 100 16 .15 16 16 .15 15 .15 15 16 *15 8 21.100 Eastman Kodak Co___No par 195 20412 19912 204, 18612 19212 19312 197 18714 194 & Axle Eaton par SprIng_No 5,100 241g 23 24 2212 2212 2212 2234 214 2134 22 20 101 10314 97,700 E 1 du Pont de Nem 9718 9934 9534 9914 9814 10012 977 103 100 700 8% non-vot deb 1178 118 .11614 11734 .1164 117 118,8 11818 118 118 par No Schlid Eitingon 100 514 *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 6378 14,100 Electric Autelite 644 62 62 6012 82 5812 604 577 61 Preferred 100 20 110 108 108 *108 110 1.108 110 *108 110 *108 No par 1,900 Electric Boat 43 428 43* 412 412 412 *438 438 414 412 No par 644 6834 67% 6932 209,400 Electric Power & Lt 63% 664 6314 6528 6512 665 par No Preferred 000 107 108 10314 10814 10812 10838 10734 10734 •108 10314 Certificates 60% paid Storage Battery __No par 6418 6414 6518 6414 6414 1,400 Mee 648 643s .63 6114 64 Elk Horn Coal Corp.__No par "218 4 *218 4 *218 4 *218 4 *218 4 Emerson-Brant clam A.No par *212 334 *212 334 *24 334 "212 334 "212 331 200 Endicott-Johnson Corp__..50 4914 4914 .4814 4978 '48,4 49% 4914 4914 04914 50 100 100 Preferred 11034 11214 11034 11034 *11034 11214 1105 11214 .11054 11214 . 500 Engineers Public Serv_No par 4818 484 4818 48 .47 48 53 i 4734 48 048 No par $5 Preferred 1.100 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 Equitable Office Sidg_No par 5,000 45% 46 4 4512 453 46 46 461g 46 4614! 4538 3.600 Eureka Vacuum Clean_No par 1212 13 118 12 I 1112 1112 1218 1212 1212 13 5 1,600 Evans Auto Loading 8% 9 8,2 9 812 814 8141 814 814 *8 20 Excbange Buffet Corp_No par 24 .2312 2334 4 233 24 *23 24 •23 24 *23 25 Co Falrbauks 314 34 *24 314 .24 314 *234 .234 314 .23 100 30 Preferred , 972 0812 978 .8 91 .8 978 10 *3118 97 . No par 3834 3,000 Fairbanks Morse Stock 38 38 1 *3512 37 37 3712 .10 37 2. 18 8' Preferred 38__. . 100 4102 .10812 ____:.10812 ____ .10812 100 Fashion Park Aseoc___No par I l7 .11 .1014 11 11 Exchange .104 1034 .1014 10% 11 15 200 Federal Light & Traci 70 .63 70 063 *6278 66 *6278 70 1 63 63 Vo par 101 Preferred Closed- *9512 9612' *9512 9612 *9512 9612 *9512 964 9512 9512 Motor TruckNo par Federal 300 8% 8 . 84 .8 9 .8 8 8 8 I 8 3434 4,600 Fed'l Water Service A_No par 33% 3314 3414 34 Extra .3234 331g 3238 3278' 33 200 Federated Dept Stores_No par 304 .26,2 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 6112 635 No par g Fifth Ave Bus *818 9 *818 *818 9 *818 9 *84 9 No par Filene's Sons 3212 _ 3212 *____ e 3212 *____ 3212 .____ 3212 .--100 Preferred 0 98 97 0 98 .97 iii 98 .975 98 97 98 & Tire Rubber.. Phaeton° .10 2,000 207s .2018 2012 2018 20,8 20 20 1934 1934 19 100 1,000 Preferred 7350 8 733 7412 7312 7412 .73 73 7212 73 724 52% 5234 5278 6,200 First National SZorea_No par 5112 5112 50 51 5038 507 50 No par 238 2,2 5,000 Fink Rubber 28 212 212 23 238 212 2% 212 100 520 181 preferred 714 74 7,4 71 718 714 714 7 714 74 100 250 let Prof contertible 94 914 '94 94 9373 93 038 938 98 93* Florebelm Shoe clan A_No par *4134 4312 04112 44 040 *4012 44 43 .4014 43 100 ' 6' Preferred 100 100 .98 100 100 *98 100 99 .96 100 '96 No par 1,000 Follansbee Brod 26 *24 25 .2514 26 *2514 2634 254 2512 25 .No par , 27.300 Foster-Wheeler 827 7812 7812 8034 7812 818 80 7514 7814 75 Co No par Foundation 200 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 Freeport Texas Co 7,100 1 3 4112 8 42 423 39 3838 4014 3914 40 384 39 Fuller Co prior pref____No par 90 *8812 90 .8812 90 .8812 *8812 90 *8812 90 97 1112 6,600 Gabriel Snubber A__ NoPar 73 9 718 714 74 *714 712 No par "7 Clarreweli Co 100 68 .67 68 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 9 77 *814 73 8 74 74 7 7,4 74 100 Preferred 95 8 .903 95 95 .91 *90 993 .90 9934 *90 Amer Tank Car_No par 844 8318 8454 19,100 Gen 8014 8178 80 8338 7814 81 81 100 4,600'0eneral Asphalt 3 41 4214 4278 4112 4234 4212 434 4218 44121 43 NO par Geri Baking pref *____ 114 114 41_ ___ 114 .114 par No Breeze General 4,300 23 23 2212 2234 22 2314 2212 -ii- -2T2 23 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 100 General Cigar Inc 4 14 3i14 4712 V3 *45 *4818 *4512 4712 *47 1734 No par General Electric 6618 694 6734 69,8 303,500 Special 65 664 6412 6612 6612 68 10 4,300 3 1128 1134 115 1134 11% 1134 1112 1134 1134 11 4 24,400 Gen Foods No par 544 5512 55 4 53 5412 51 & Elea A._ _ _No par Gas 54 Gen'l 12,000 54 I 53 53 1018 93* 95 93* 104 978' 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 par No Preferred (7%) A 40 *102 103 100 102 .10018 10212' 10018 10018 *10018 102,2 1.200 General 641118 No par 4212 435 *4214 4378' 4328 4350 4334 4478 4212 43 Preferred 100 600 90 90 89 89 8912 8912 894 894 8912 8 1 1 10 Motors Corp 4234 413* 42% 232,200 General 4012 41121 40 388 39% 388 41 100 125 125,4 7.700 7% Preferred 124% 1251 125 125 z12434 124781 1247 125 Outdoor A_ Adv par __No Gan 700 24% 8 247 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 3212 324 *3238 3312 3312 3312 34 No par 800 7 8078 80% 80 81 I 80 80 .77 *77 80 77 . No par 3.900 General Ftefractortes 664, 6512 6734, 6618 6732 15,500 661 1 66 664 6614 66 Gen TLeatree Equip.. No par 3228 4 , 31 30 323 314 308 32 1 31% 3241 31 :3111ette Safety Razor_No par 64141 6234 6712 6612 6928 77,400 5512 633 58 6214 61 No par 111 114 •1114 114 2,400 Untie] Bros 1138 1138 1112 12 12 12 Preferred 100 7818 .7238 1 7818 .7238 7312 *7318 73 2 .7318 7312 .7238 Co Glidden No par 6,500 1538 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 10,4 1173 10% 1114 1114 12 4012 27,600 (told Dust Corp v 1 6.. No par 3834 4014 3834 4018 39 3714 3818 3714 387 Goodrich Co (I) F)_No par 2518 2518 26 2528 2638 2478 264 9,600 Preferred 2418 2578 25 100 200 86 .81 86 90 .81 8114 83 .81 90 .81 60% 6178 8,600 Goodyear T & Rub__ __No par 5612 58 573* 62 57 56 5538 57 No par let preferred 1,200 934 .9212 93 928 93 95 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 A Gould No par Coupler 1 1,200 4 9 08 8 814 814 94 7 634 634 46 4 7 53 3,900 Graham-Paige Motors_No par 6 8 6 54 6 6 6 014 6 No par Certificate, *614 7 7 .614 .6,4 7 753 .614 7 *7 4 2,500 Granby Cons M Sm & Pr.100 2178 2178 2178 2112 2112 2112 21, 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 8 12'4 1212 -121-4 13 -111No par 500 Preferred 3714 3714 38 37 37 .3612 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. On basis of 100-share Iota 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 17 Oct 2534 Jan 1812 Feb 10 13 June 17 71 Nov 12134 Aug 7012June 18 934 Mar 25 104 June 26 117 Mar 13 103 Nov 11634 Feb 2412 Jan 5 Nov 11 Jan I 1912May 29 7 Mar 3 2 June 21 4 Aug -11-2 -an; 118 Feb 2 ---1114 Jan 2 187 Jan 13,8 Dec 4 Mar 3 2 Jan 7 674 De° 17 Jan 9 Feb 4 5 June 26 56 Dec 95 Jan 46 July 7 6538 Feb 11 36 Nov 6772 Jan 3818June 25 68 Jan 2 Oct 10514June 23 12618May 29 100 Nov 132 114% Jan 29 12118 Mar 19 11218 Nov 12134 May Aug 3018 Dec 63* 7 Apr 8 147 31 Jan f1,2 1314 Dec 377k Aug 838June 26 1934 Apr 2 55 June 25 9012Mar 31 ____ Oct 2114 31 Mar 4:34 18 8June , 24 20 Dec 4678 Jan 2038July 7 30 Apr 14 20 June 18 2412May 24 Aug 19638 Jan 8 2554 Apr 23 151 Nov 385 44 Nov 6478 Feb 2134July 9 4234 Mar 4 10634 Jan 14 11412May 13 lin Dec 11512 Jan 139 Jan 13 237 Apr 24 117 Nov 16411 Jan 1114 Aug 6 Nov 950 Jan 18 834 Jan 3 12 Oct 544 July 18 June 23 304 Apr 6 Feb 12618 Nov 69 87 June 25 8788 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 17534 Jan 9 25514 Apr 25 150 Nov 26434 Oct 18 Nov 7634 Feb 1918June 25 374 Feb 29 80 Oct 231 Sept 9534July 8 14514 Apr 10 11412 Feb 4 121 May 15 10712 Nov 119% Aug 4 Dec 39% Jan 5 June 23 1071 Feb 6 39 Dec 113 Jan 38 June 25 62 Feb 6 50 Oct 174 July 5518June 28 11478 Mar 29 1064 Jan 4 1i0* Jan 7 10234 Nov 115 Apr 314 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 74 Jan 24 238June 18 4914 Nov 833* Jan 44 June 18 6938 Jan 22 1074 Jan 7 III Apr 23 10814 Sept 12414 Feb Oct 7938 Aug 31 3914 Jan 2 67,2 Apr 7 80 Nov 12314 Aug 945 Jan 8 107,8Nlay 26 Oct 844 Oct 109 9412 Jan 2 10474 Apr 21 41 May 3114 Jan 3914 Jan 3 5034June 4 3612 Dec 54 Feb 107 July 3 43% Mar 5 733 Mar 15 Nov 612June 19 3034 Feb 18 2214 Jan 2712 July 22 Jan 2 2638 Mar 3 134 Dee 332 Nov 978 Jan 6 34May 22 11 Apr 35 Jan 7 June 18 393 Jan 20 2034 Oct 547 Sept 344June 25 5012N1ay 17 102 Jan 7 11112May 16 .0112 Dec 11078 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 22 Apr 11144 13 Jan 91 Oct 2218 Feb 5 712June 19 1214 Feb 26 28 Nov 664 Sept 30 June 18 43 Mar 19 33 Dee Dec 2512 16 Apr 38 16 2512June 4712 Nov 123 Sep 56 June 18 8934 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 1934July 7 3318 Jan 7 8350 Dec 895 Dec 877 Star 24 4412 Nov 00 Sept 18 61% Jan 30 4678june 23 69 '24 Der 2018 Jon 512 Apr 2 238June 17 3 Dec 7212 Jan 2 Apr 21 612J1ine 10 8 Dec 8212 Jan 6121une 18 2134 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 1234 Nov 693 Apt 11 June 19 284 Apr 14 1918 Dec 1054 Sept 1618 Jan 3 6738 Apr 25 34 Nov 547 Jan 23 11 Apr 5512 17 37 June 8212 Nov 1071y May 85 Feb 14 9512 Mar 6 6 Oct 33% Feb 51,8June 23 1134 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 3838June 25 7112 Apr 7 105 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 7404 Feb 5 42 Oct 74 Feb 4034June 25 81 Mar 7 62381une 25 9538 Apr 10 1684 Nov 403 Aug 114 lob Jan 11 11% Jan 2 117s Apr 5 35 Oct 777s JU17 anis Jan 17 6114May 1 8 June 17 183* Apr 10 78 June 25 10612 Apr 16 115 Mat 19 122 Apr 2 Jaf-n Ygi 111-2 100 July 8 111 Apr 9 C99 Oct 8918 Jan 50 4018June 25 5938 Apr 12 8734 Dec 100 Jan 89 June30 95 Mar 22 3312 Oct 914 Mar 3711 Jan 16 5428 Apr 10 11712 Jan 24 13112May 8 112 Nov 12611 Jan Jan 30 Oct 52 2478 July 8 4118 Apr 14 818 July 10 2134 Apr 3 -3018June 18 527k Apr 7 20 Nov -98 - -Aug 70 Oct 12812 Aug 7518.11ine 25 106% Mar 28 Aug 8812 90 28 18 Oct Mar 4June 54 851 30 June 18 6114 Apr 10 80 Nov 143 0 t 58 July 8: 10818 Jan 16 1012 Nov 4818 J.. 1118June 30 2072 Apr 14 Oell 66 Dec 94 65% Jan 30 8112 Apr 25 26 Oct 6418 July 1518June 8 88 Mar 20 I A• 10618 Nov 10518 95 8 27 Mar July 93 4I4JUne 26 19 Feb 7 918 Nov 66 Feb 314 Oct 82 Jan 3412June 18 477 Apr 28 22123411018 5812 Mar 25 384 Doe 1055 Jan 0512 Dec 11518 Feb 78 June 30 104'2154Kr 28 60 Oct 1544 Mat 5478June 27 9678 Mar 31 87 Nov 104% Feb 90 Jan 3 10214 Apr 30 14 Nov 60 Apr 812June 18 2872 Mar 8 68 Dec 10114 Jan 8212 4 10 Apr Jan 70 4 Oct 14 MaY 6 June 19 1538 Apr 23 Jan 538June 19 130* Apr 1 73* Oct 64 7 Nov 4912 Jan 512June 24 11134 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 94 Nov 32% Jab 11) June 17 2038 Feb 18 18 70 Oct 548 Jar/ 4312 10 Apr 4June 343 32 Nov 434 Set" 33 July 9 5033 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 3034 3114 3034 3178 3134 3134 1,900 Grant(W TI No par SA".112:1 4N " ;IT% 20 2038 20 20 20 20 20 20 4,100 CR Nor Iron Ore Prop No par 8 20 18 June 23 2538 Mar 25 2012 21 2014 2012 *2012 21 21 21 2038 2078 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 11058May 27 120 Mar 14 1312 1514 1214 1334 13 1378 1273 1378 13 1334 83,800 Grigsby-Ortinow No par 1214Ju1y A 28 June 2 *3 1 *34 *34 1 1 *34 1 *34 I Guantanamo Sugar A'o vor 1r1v1ar 7 4 Feb 4 *37 40 3718 37,3 3814 3833 *3712 38 *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 Apr 30 109 32 32 3213 3214 31 32 30 3012 . 30 3012 610 Hackensack Water 25 26 Jan 4 3412July 3 28 28 2712 28 *2712 2734 2734 2734 *2712 2734 50 Preferred A 25 28 Jan 8 Apr 29 17 1512 1614 15 151s 15% 1614 1518 16% 1558 1534 3,500 Hahn Dept Stored No per 1258 Jan 2 23/ 1 4 Apr 17 8038 8034 *8013 81 •80113 81 *8018 81 81 81 900 Preferred 100 711 / 4 Jan 3 8612 Apr 17 22 22 22 2214 2238 2213 2212 2258 *2134 2312 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 1234 *1214 1234 1234 1234 *12 123, 100 Hartman Corp class D_No pa 1012.1une 23 20 Feb 5 *2133 2173 *2138 2134 *2133 2178 *21% 2178 •2138 2178 No pa 2013 Jan 171 2314May 24 *4912 52 *4912 52 *5012 52 *5012 52 . 5012 52 Hawaiian Pineapple 54 Jan 141 61 Feb 13 633 6118 6 614 678 638 578 6 632 633 2.800111eyes Body Corp "Jo par 538June 18 17/ 1 4 Apr 4 *80 84 . 7913 84 *80 84 *80 84 *80 84 FIelme(0 W) 25 7712.11ine 19 92/ 1 4 Feb 19 *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 N No o Par 70 Jan 2 109 May 28 9318 93,3 *9234 94 94 91 93,2 0412 95 9538 1,000 Preferred ar 8312 Jan 2 10834.1une 3 Vo 1p00 •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 1258 Jan 29 *76 791 *76 7912 7912 7912, *76 79 76 76 300 Hoinestake Mining 100 7412May 5 80 Feb 1 1012 1053 1038 1012 1012 1058,1 1014 1034 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 Prod Ine___No pa 524 Jau 25 6112 Mar 10 -7014 "a" -71- -73T8 76 -723-8 7734 -75T4 -7-8-1-4 -56-,800 Household Houston Oil of Tex tem etts 100 5218 Jan 17 11678 Apr 25 27 27 *26 27 27 29 2712 2813 2834 2834 1,500 Howe Sound No pa 2518June 18 417s Feb 7 30 3012 3018 31 3114 3212 3114 328 3134 3233 9.900'Hudson Motor Car No pa 2538June 25 62/ 1 4 Jan 6 1378 14 1334 14 1378 14 14 1414 1438 6.400 Hupp Motor Car Corp 15% 10 13 June 28 26/ 1 4 Apr 11 2038 2078 203 21 2118 22 2118 2134 2112 22 4,400 Independent Oil & 0a2..No pa 1938June 25 32 Apr 7 478 478 5 5 5 5 478 478 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 1038 1012 11 113 11 12113 111g 1214 29,800 Indian Refining 10 834June 18 2438 Mar 22 1024 1034 1058 1038 11 1138, 11 1112 1114 1178 6,600 Certificates 10 gionne 18 27/ 1 4 Mar 22 8538 8538 *81 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 Ingersoll 3,500 Rand No par 15412 Jan 8 239 Apr 24 *6833 74 70 7018 *7033 74 *7038 74 *7038 74 200 Inland Steel No par 08 June 25 DS Mar 11 *15 1514 1458 1534 1518 1534 1578 16 1518 1513 1,700 1...Mention Cons Copper- 20 1212June 18 8078 Feb 7 1038 1033 1014 1012 1012 1034 1034 1034 10 1132uranshare 2,400 8Corp 1012 No par 10 July 11 1738 Mar 10 4 4 *334 4 *312 4 *312 4 200 intercont'l Rubber__._No par 358 358 358June 24 712 Apr 1 1812 1834 1812 1812 1812 19 19 19 *1812 1912 1,100 Interlake Iron 15/ 1 4June 23 2878 Apr 2 6 614 6 6 6 6 6 6 6 2,000 Internal Agrlcul 6 No par 412 Jan 2 813 Apr 7 . 56 60 *56 60 *57 60 *57 62 Prior preferred *57 62 _100 5212June 23 671 / 4 Apr 9 171 171 165 168 170 17212 16812 175 17434 17534 2,200 lot Business Machines_A'o par 15212 Jan 18 1971 131ay 28 61 6112 6034 6034 61 63 6214 66 6434 6434 2,400 International Cement __No par 55/ 1 4 Mar 6 753 8 Apr 2 573 6 578 632 ..33 678 578 6 9.500 Inter Comb Eng Corp__No par 572 6 5 Jan 2 141z Mar 26 57 59 5712 5938 5812 62 6018 6113 60 4,400 Preferred 63 100 30 Jan 2 78 Apr 1 7838 8114 7873 8078 8014 8118 7912 83 8018 82 18,200 Internet Harvester____No par 75 June 21 115/ 1 4 Apr 16 *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 3.538 36 36 367s 3,700 lot Hydro-El Sys el A_No par 3118June 18 54 Apr II 73 74 7333 73 7314 74 7334 7378 74 7434 3,800 International Match pref..- _35 6512 Jan 3 92 Apr 24 Exchange 20 20 *20 2012 2012 21 2038 22 21% 22 5.900 lot Mercantile Marine etfe_100 19 June 18 33 Apr 17 23 24 2234 2324 2338 2414 235 2412 24 2433 75,900 lot Nickel of Canada_ _No par 21 June 18 4438 Apr 4 ClosedInternational Paper....../Vo pa 58 Jan 6 65 Mar 21 *71 73 ;71.- -ii- -73- -'/- 075- 7612 ;76- -7-61-2 300 Preferred (7%) 100 73 July 3 86 Apr 29 Extra 1978 21 *19 20 1914 1914 20 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 1134June 18 22/ 1 4 Apr 14 Holiday 10 1018 978 10 10 1012 1012 1034 1034 1078 Class No par 9 June 21 18 Apr 14 70 701 *70 72 70 70 70 70 7018 7018 2,300 Preferred July 70 100 7 86 Mar 26 .35 40 *3614 38 38 38 39 4218 4318 4314 1,200 Int Printing Ink Corp__No pa 35/ 1 4July 2 58/ 1 4 Apr 5 88 88 *84 88 *84 88 88 88 *87 50 Preferred 88 100 88 July 3 101 Apr 12 37 3938 36 5 3712 3714 3734 37 3638 3738 24,000 Internattorial Salt new 37 100 36 July 8 4534June 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 Feb 26 1121 105 / 4 Feb 17 4212 4312, 4214 4378 4332 4418 4214 4458 4358 4478 42,7001Internst Telep & Teleg_No par 4018June 23 7732 Apr 24 20 2014; 20 20 20 20 20 20 20% 2118 1,6001 1nterstate Dept Storea_No par 18 June 17 40 Feb 4 *6734 7414' *6738 7414 *6818 7414 *6818 7414 •881g 7414 Preferred ex-warrants__.100 6758June 28 754 Feb 6 25 25 *23 25 *25 *23 26 25 *23 25 Intertype Corp No par 23 Jan 2 32 Apr 9 1534 1578 16 1614 1534 1612 1512 151 1512 1512 1,100'Investors Equity No par 14 June 19 29 Feb 19 3112 311 *32 3173 3212 3112 3112 *3112 313 3212 400 Island Creek Coal 1 3112July 8 43 Mar 19 4512 4512 *45 4712 4512 49 1834 4834 49 49 600-Jewel Tea Inc No par 43 Jan 20 6612 Apr 30 7518 7612 72 7534 7312 7533 70 52.900'Johns-Manville 7534 71 75 par No 70 July 10 14832 Feb 5 •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/ 1 4 Jan 6 12312 April *134 2 134 134 213 234 •2 233 21s 1,800 Jordan Motor Car 218 No par 1 58June 28 512 Apr 9 958 10 012 912 I() 10 934 934 973 978 000 Karstadt (Rudolph) 912July 8 1312 Jan 16 *1634 17 17 17 *1678 17 *1612 17 •1678 17 100 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 41/ 1 4 Jan 2 •____ 4934 *____ 4934 •_--- 4934 *- --- 4934 1Keith-Albee-Orpheum -No Par 21 Jan 8 45 Apr 23 4933 *10134 109 *10134 109 *10212 110 1.10514 110 *106 110 I Preferred 7% 100 85 Jan 7 150 Apr 24 333 4 312 378 314 312 *333 312 312 312 1,100 Kelly-Springfield Tire__No par 3 June 18 61 / 4 Apr 10 2534 2734 2918 2912 30 30 30 30 29 2912 230 8% preferred 100 2018 Jan 3 42 Jan 24 •____ 35 *31 36 *---- 35 35 35 preferred 6% 29 100 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 1578 1658 1614 1634 1613 1715 1612 1738 37,400 Kelvinator Corp No par 712 Jan 2 26/ 1 4 Apr 25 76 *-- -- 76 *._ _- 76 76 Kendal) Co Prof No par 72 June 27 89 Mar 21 38 3812 38 3838 38 3834 38,4 3834 3734 3878 28,100 Kennecott Copper No pa 3712June 25 62/ 1 4 Feb 7 *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 17 234 3141 278 278 234 278 234 278 27g 273 5.100 Kolster Radio Corp___No par 11 / 4 Jan 18 812 Apr 14 49 4918 4838 4833 *49 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 ---2773 -278 28-33 727 738 1/3-4 _7,100 Kresge (8 5) Co 10 2614June 17 36/ 1 4 Jan 2 5314 5458 *54 5478 5478 5633 5714 5838 .5213 59 1.800 Kres2 Co No par 50 June 24 70 Jan 24 2773 2814 2738 2778 2734 2814 28 2833 2812 2838 23,700 Kreuger &Toll 23/ 1 4 Jan 2 3532 Apr 10 2434 26 24 2513 2478 2614 25 2558 2514 25% 13,000 Kroger Grocery & Bkg_No par 21 June 18 481 / 4 Jan 23 25 25 25 25 25 25 *2412 25 *24 25 500 Logo Oil & Transport__No par 214 Jan 11 264 Apr 7 8112 84 8178 8178 83 79 8178 8338 8218 83% 11,600 Lambert Co No par 7012June 18 113 Apr 1 5 5 5 5 *478 5 5 5 5 5 Leo 2,300 Rubber & Tire No par 4581une 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 .878 93, 9,4 934 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 Lehn & Fink 800 No par 2214Jun e 25 36 Apr 14 *1912 21 20 *1912 21 20 *1912 21 .1912 21 100 Libby-Owens Glans._ No par 1912June 25 3112 Mar 20 . 91 87 8612 87 89 89 *91 93 91 93 600 Liggett & Myers Tobacco__ _25 85 June 18 113/ 1 4 Apr 1 8714 891 89 90 87 0034 90 9178 91 9238 7,900 Series B 25 85 June 25 114/ 1 4 Apr 1 2318 231 23 23 24 21 *2334 2412 •2334 24 300 Lima Locomot Works__No par 20 June 18 491 / 4 Feb 16 *3712 38 *3712 38 37;8 3713 *3712 38 3712 38 300 Link Belt Co No par 37 June 25 4588 Feb 21 64 651 65 671 6738 687 6714 6012 6712 69/ 1 4 10,000 Liquid Carbonic No oar 5214 Jan 3 8178 Mar 28 6234 641 6238 6538 6412 66 6414 6734 0558 6738 35,700 Loew's Incorporated No par 4218 Jan 2 9534May 14 *10012 106 101 103 *10112 10412'10114 10412 *101 10412 600 Preferred No par 851 / 4 Jan 17 11238June 3 *9314 941 *9312 9412 *9358 9412 *9334 9112 •9334 9412 Preferred ex.warrautallo par 7858May 5 9612May 24 312 31 333 438 338 358 4 4/ 1 4 8,600 Loft Incorporated No par 3 June 18 .73, 07, *758 973 *738 97g *758 12 0/ 1 4 Feb 19 y 'n, Bell Lumber A...No par •753 8 8 June 10 1534 Mar 22 •58 5912 59 5978 60 6078 6078 62 611 61 / 4 7,400 Loose-Wiles Biscuit 25 5012 Jan 4 70/ 1 4 Apr 2 1718 18 1718 1734 1734 1812 1734 1812 184 1812 9,800 Lorillard 25 We Jan 2 2818 Mar 3 81a 8% 812 834 8,8 8,8 818 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 3533 3414 35 3512 3512 35 36 351 / 4 36/ 1 4 2.600 Louisville0 dr El A____No par 33 June 23 514 Apr 25 2478 2478 2334 2438 21 2412 24 2478 25 2538 6.200 Ludlum Steel No par 22 June 25 4478 Mar 12 *7878 90 7878 78713 *65 85 *65 85 *05 85 100 Preferred _No par 7878 July 8 9934 Mar 18 .26 2914 •26 2612 2514 2614 *2518 2878 287g *26 600 MacAndrows de Forbee_No par 2414.1une 19 3954 Apr 3 5114 5018 51 30 5112 5112 5212 5478 14 5578 3,400 Mack Trucks Ina No per 4614June 18 8812 Mar 27 113 114 11314 114 115 115 11513 1171s 117 11778 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 9932 Dec 2312 Nov 26 Jan Oct 12 711 / 4 Dec 27 Dec 09 Nov Var share 14458 Feb 394 Feb Jan 44 11912 Fob 70 Sept 512 Jan 79 Mar 109 Feb 35 Aug 30 Aug 56/ 1 4 Jan 116 Jan 29/ 1 4 Dee 10552 Jan 54 Jan 13 Oct 16/ 1 4 Oct 55 Dec 5/ 1 4 Nov 84 Nov 21/ 1 4 Dec 45 Nov 60/ 1 4 Nov 104 Jan 12/ 1 4 Dec 21 Nov 13:2 May 65 Nov 13 Nov 45 Aug 40 Oct 26 Oct 34/ 1 4 Nov 38 Nov 18 Nov 1734 Oct 3/ 1 4 Oct 25 Nov 13.8 Oct 1112 Oct 6812 Nov 120 Jan 71 Dec 22 Oct 12 Dec 2 Nov 177-2 Oct 4173 Aug 31 Sept 72% Aug 88seMay 118i2 Jan 3312 Oct 14378 Oct 143/ 1 4 Oct 10638 Oct 33 Aug 81 Mar 24/ 1 4 Aug 93 Aug 53* May 524 Sept 7912 Jan 109 Apr 8212 Mar 9312 Mar Jan 82 3933 May 3212 Jan 95/ 1 4 Feb 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 91/ 1 4 Nov -1-7-78 Jan 8813 Jan 255 Oct 102/ 1 4 Feb 10313 Feb 121 Feb 142 Aug 145 Jan 6912 Sent 10212 Jan 3918 Oct 72/ 1 4 Jan 112 Oct 9412 Jan 444 Oct 33/ 1 4 Oct 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 1358 Nov 5 Oct 75 Nov 49/ 1 4 Nov 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/ 1 4 Nov Oct 40 Oct 32 Oct 80 5034 Nov 3/ 1 4 Dec 12 Dec 391g Nov 144 Oct 7 Oct 80 Nov 28 Oct 22 Nov 76 Nov 3014 Oct b51 / 4 Nov 1in Nov 77'* Idept 15913 Aug 119 Jan 14914 Sept 9313 Jan 97 May 3838 July 7218 Aug 69 Mar 16214 Feb 242/ 1 4 Feb 123 May 126 Oct 1612 Jan 1872 Nov 3718 Feb 3812 July 46 Jan 138 Jan 2378 Jan 947g Jan 100 Feb 1 4May 59/ 194 Feb 96 Feb 10478 Mar 5732 Oct •*12 July 100/ 1 4 Mar 7852 Jan 7614 Oct 10578 Oct 57/ 1 4 Mar 114 Jan 4632 Mar 12212 Jan 3838 June 1574 Mar 26 Jan 66 Pet 110/ 1 4 May 32 Oct 443,4 July 6812 Feb 43 Aug 106 Oct 10614 Oct 6714 Ju 81 Feb 113/ 1 4 Jan 8412 Feb 11034 Jan 95 Mar 1112 Apr 3212 Jan 87/ 1 4 Sept 314 May Jan 18 10012 Feb 7252 Sept 10872 July 18 Jung 48 Jan 11434 Feb 255/ 1 4 Sept New York Stock Record-Continued-Page 6 242 For sales daring the week of stocks not recorded here, see sixth 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. Sales for the Week. STOCKS NEW YORK STOCK EXCHANGE. Lowest. share $ per share shares Indus,& Miami.(Con.) Par $ 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 3358 3353 335 3358 *3312 3378 3212 3312 1,100 Magma Copper *3334 34 11 1112 17,100 Mallison (H 11) & Co_ _No par 1114 1214 1158 1114 8 117 8 107 1118 13 160 Manati Sugar 2 100 2 *158 3 112 112 *158 3 *112 4 90 Preferred 100 1434 1434 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 -14- -a- ;15- -1-i- ;i5" -11" ;i5" IC ;i5" Ii" . ia Manhattan Shirt Marlin-Rockwell No par 321 *3012 3112 *301 331 *3012 3312 *3012 3312 *31 No par 1014 1034 1034 1012 104 1,800 Marmon Motor Car 938 958 10 10 1014 300 Martin-Parry Corp No par 334 334 *312 4 3 3 314 *3 312 *3 2,300 Mathieson Alkali WorksNo par 38 3658 38 3753 3878 38 3612 3612 3514 38 Preferred 100 *119 127 *119 127 *119 123 *119 123 *119 123 25 42 4212 4258 4314 2,900 May Dept Stores 43 43 42 421 4112 42 100 Maytag Co 14 14 No par *133 14 *1334 14 *1334 14 •1334 14 200 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 153878 40 *3812 40 413838 40 *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 *1734 1812 *1734 1812 *1734 18% *1734 1814 *1734 1838 73 75 7653 7614 7953 7714 7912 8,600 McKeesport Tin Plate_No par 72 7234 73 1,600 McKesson A Robblas-No par 23 23 23 2214 2214 23 22 2218 2312 22 300 Preferred *3778 39 *377 39 50 *377 46 39 38 5139 40 1,200 McLellan Stores 14 No par *1314 1312 14 *1234 1312 1212 1212 1253 14 700 Melville Shoe 35 35 No par 35 3612 3412 *324 3412 3412 *3212 342 500 Mengel Co (The) No par 1034 1034 *1034 11 *1034 11 1038 H 11 11 33,300 Mexican Seaboard OIL-No per 1858 1953 1814 1914 1958 2038 1912 2034 1938 21 5 1678 1714 1812 1634 1634 1634 2,500 Miami Copper 16 1614 1614 16 6314 1,100 Michigan Steel N.par 6134 6214 6153 6214 83 *6112 65 *6114 65 No par 2312 2414 2338 2378 2418 2412 2452 244 248 24% 3.400 Mid-Cont Petrol Middle 1,100 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 1434 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 4134 *40 40 3912 41 *37 39 *3834 39 Mont Ward 39,400 &CoIllCorpNopar 3312 3438 3334 3512 3453 3558 3353 3434 3318 34 200 Moon Motor Car new_No par 734 *7 734 *71 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% 114 334 372 1,000 Moto Meter Gauge &EnNo par 312 312 312 312 314 312 *812 334 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 1478 1212 148 13 Preferred No par *5018 57 *5412 68 *5018 57 1550 537 *5114 57 No par 100 Munsingwear Inc *42 45 *42 47 *42 45 *4212 45 45 45 No par 1412 1518 *1412 1478 14 1478 1478 1512 1512 1534 8.700 Murray Body 200 Myers F & E Bros_ No par 41 *41 4212 3734 373 *4012 41 3912 3912 *39 No par 3414 351 13,400 Nash Motors Co 331 35 34 3253 3334 33 333 35 2.200 National Acme stamped_.-10 12 12 1118 1114 1112 1118 1253 1212 1178 12 No par 200 Nat Air Transport 20 •1712 221 1712 1712 *1712 2212 1712 1712 *17 5 978 4,500 Nat Sense Hess 812 812 No par 812 812 814 9 8% 9 Stock National Bheult 26 _ ____ ____ ___- --_- -__ ____ ____ ____ ___ 77 87.14 7812 10 Exchange 8212 8112 8414 8318 8412 29,800 New 14 8014 81 4514 4714 4553 4714 4534 47 4553 15.100 Nat Cash Register A w IN° par 4252 4512 44 No par 5018 5114 22,200 Nat Dairy Prod 494 504 49% 51 4853 4934 4838 49 Closed1,400 Nat Department Stores No par *141 15 15 1434 1434 1478 15 15 1534 15 100 10 1st preferred 86 *86 86 *85 Extra 8612 86 8612 *86 8612 *86 900 Nat Distill Prod cUs___Ne par 28 *27 2812 *27 28 2778 2778 2712 2838 28 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 *14018 14034 *140 14034 *140 14034 *140 14034 .140 14034 100 10 Preferred 13 118 118 *118 119 *118 119 *118 119 *118 119 No par 4014 66,100 National Pr & Lt 3718 38 3618 3734 3714 3853 3678 3934 39 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 104 102 102 *10078 110 *10212 104 102 102 50 7012 7214 1,600 National Surety 72 7012 724 711 7112 7134 72% 72 No par 400 National Tea Co 2614 *2512 26 2612 261 *2534 2614 *2534 2612 26 10,300 Nevada Consol Copper-No par 1614 167 1618 1658 16 1612 1534 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 3534 36 34 36 36 No par 1.500 N Y Air Brake 39 39 39 39 3812 39 x3752 3758 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 4 8712 9012 8912 908 8834 -9112 9253 9412 43,800 North American Co 8853 -911 600 Preferred 60 5412 55 5412 541 5434 5434 5452 5458 *5438 55 400 No Amer Edison pref__No par *10214 10314 *10214 10314 *10278 10314 10314 10338 10312 10312 900 North German Lloyd 4618 464 4653 4534 4534 *4614 46% 4612 4612 48 Northwestern Telegraph___50 *43 47 47 *43 47 *43 47 *43 437 *43 300 Norwalk Tire & Rubber---10 *114 114 114 11 *114 1% •118 138 118 11 Nunnally Co (The)-___No par *214 3 *214 3 *214 3 5.2% 3 *214 3 25 1918 17,400 011 Well Supply *1612 1634 15% 17 163 2034 1918 2178 18 100 10 Preferred 94 *90 04 *8312 94 *90 8812 8812 *90 94 Oliver Farm EquIp__-_No par 1534 16 16 16 1658 1658 1612 1612 1618 1653 1,400 2,500 Cony participating-No par 30 2978 2978 30 28 2714 2812 28 1528 30 No par 500 Preferred A 74 *73 74 17278 7278 73 73 73 73 *73 No par 60010mnlbus Corn 518 518 558 552 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 8138 6114 6214 6134 6353 6212 63 5978 62 100 60 Preferred __ *126 126 126 511261 126 12618 *126 No par 8 1,100 Otis Steel 27 1 253 2534 2614 17 2718 -25 25 26 -25 100 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 5534 5412 5614 5612 5712 7,500 Pacific Gas es Eleo No par 1,800 Pacific LW Corp 78 7834 78 76 76 7512 77 77 7612 77 100 140 Pacific, Mills 221 2038 2038 2014 2014 2112 2214 *22 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 12978 130 130 *130 13012 __No par Car_ Packard Motor 84,100 1278 1353 1234 1314 1278 1314 1278 1312 1338 1358 300 Pan-Amer Petr & Trans---50 58 58 *58 80 58 *5734 5814 5814 5814 58 50 Class S 3 2.900 5812 5812 57% 5818 5734 58 5812 3734 58 57 97 1014 1053 1114 1018 1138 1012 1112 15,000 Parmelee Transporta'n_No par 10 10 712 712 1,500 Panhandle Prod & ref_ _No par 712 712 634 634 5678 712 7 7 100 Preferred 80 5170 80 4170 80 •70 1570 80 1570 80 No par 5838 20,300 Paramount Publix 5838 57 5412 5553 557 5812 56 547 58 1 M Utah C Park 17 900 13 4 178 2 134 178 178 178 *134 2 No par 2,700 Paths Exchange 37 334 4 *378 4 334 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 517s 51 50 5214 5212 4,100 Penney (J C) 51.14 5114 52 100 200 Preferred *99 100 *9912 100 *99 100 9934 9934 9934 993 712 714 7 714 900 Penn-Dixie Cement____No par 718 712 712 724 *712 778 100 100 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 511734 1834 *1734 19 511734 1834 25 4132 33% 3253 333 3358 34 3434 3514 2,700 Phelps-Dodge Corn 34 347 Philadelphia Co (Pittsb) 50 *150 210 *185 200 *185 200 *185 200 *185 200 50 700 8% Preferred 52 5151 61 52 523s 5212 *51 52 52 52 1478 1534 1454 1552 1532 16 147 1614 1573 1638 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. On basis of 100-share lots 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 1034May 8 1532June 6 35 Nov 8212 Mar 2834June 19 5253 Jan 7 8 Nov 3932 Jan 612May 5 13 July 3 Jan 3 Dec 213 112July 8 8 Jan 29 1978 Dec 5012 Jan 1434July 11 50 Jan 28 14 Oct 3858 Mar 12 July 9 15 Jan 14 5 197 Nov 37 Jan 8 June 25 5518May 1 1914 Dec 355 Jan 1118June 25 243 Jan 10 30 Oct 8978 May 3014June 26 55 Feb 28 19 Nov 104 May 838June 28 307 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 4018July 3 6138 Jan 31 1538 Oct 2913 Aug 1334June 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 74 Dec 113114 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 145 Jan 2 1912 Apr 23 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 2334 Mar 10 914 Oct 13938 Jan 1618 Jan 18 37 Apr 7 7 20 Oct 5412 Mar 15 June 18 33 Feb 6 44 Dec 12278 July 53 Jan 13 77 May 13 397 Jan 22% Nov 2218June 18 33 Apr 7 353 July 212 Mar 17 34 Nov 73 Mar 4 2158June 25 53 Feb 28 --37 Jan 23 55 Apr 2 31-4 Dec 28% Mar 59 Nov 12314 Sept 50 July 1 7634 Mar 19 10 Oct 4338 J11135 1212 Jan 10 2878 Apr 17 85 Nov 102 July 72 Jan 7 9214May 28 35 Nov 8014 Mar 17 June 24 40 Jan 27 47 Nov 8012 Oct 35 June 25 6334 Apr 21 42% Dec 151372 Jan 31 June 25 4972 Jan 2 5 Oct 112 Oct 334 Jan 22 1812 Apr 2 42 Oct 8153 Oct 5134June 23 72 Feb 5 812 Mar 112 Oct 118June 17 2 Jan 2 314 Oct 3134 Aug 312July 2 1138 Apr 10 36 Nov 206 Mar 3412June 21 81 Apr 7 21 NOv 551 Aug 21 June 17 34 Mar 19 Oct 8178 Jan 10 8 June 18 2034 Feb 14 55 Dec 10214 Jan 40 July 2 647 Jan 31 38 Nov 6134 May 4018June 23 5313 Feb 10 1212June 17 2514 April 147 Nov 10078 June 30 Oct 6712 Oct 3558 Jan 2 4912 Mar 25 3018June 24 5812 Jan 6 40 Oct 11878 Jan 1458 Nov 417 July 1058June 24 2814 Feb 14 10 Dec 4814 May 11 Jan 13 3938 Apr 14 9% Dec 71 Mar 814Ju11 10 20 Apr 7 177 Jan 2 22534 Mar 21 140 Nov 23834 Oct 8614 Dec 73 Dec 71 Jan 2 93 May 29 59 Nov 1484 Mar 4258July 10 83% Feb 3 38 Oct 8812 Aug 4514 Jan 20 62 June 2 20 Dec 3734 Mar 1458July 3 2412 Feb27 89 Dec 98 June 86 July 10 90 Jan 27 16 Oct 58 June 2412June 25 3912 Feb 6 2512 Dec 621A Jan 1714June 14 331 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 7134 Aug 32 Jan 2 5834 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 hOO7sJune27 12434 Apr 7 7014 Dec 155 Feb 9858 Mar 22 3012 Jan 311 Nov 9153 Mar 24 June 19 41% Feb 4 2314 Nov 6272 Mar 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 8234 July 90 Apr 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 18634 Sept 8712July 8 13278 Apr 11 48 Nov 5414 Jan 51 Jan 13 57 June 4 98 Nov 10334 Jan 10034 Jan 23 105 May 22 4112 Dec 8414 Jan 45 Jan 7 5534June 11 4012 Dec 50 Mar 42 Jan 2 5053 Mar 14 4 Mar 26 34 Oct 78 Jan 9 614 Feb 314June 16 2 Dec 2 Feb 3 8 Feb 77 Dec 32 JS2 91 Jan 3 2i7 July 10 8834 Dec 10812 Jan 86 Mar 10 93 Apr 4 8 1372 Jan 2 341 Apr 17 Oct 8412 Apr 27 June 18 41318 Apr 17 17 Oct 8938 Apr 6412 Dec 991 May 70 Jan 2 9054May 13 838 Mar 31 254 Jan 3 212 Oct 1072 Feb 83 Jan 6 997 Apr 21 5018 Oct 0534 Jan 55 June 18 8038 Mar 13 128 23 June Jan 12 1187 Oct 15. 11818 5 Jill 25 June 25 3878 Mar 31 2214 Nov 55 Oct 89 July 2 99 Apr 29 8984 Nov 108 Feb 4514June 23 807a Feb 7 43 Nov 8912 Sept 521 Jan 2 747 Mar 31 42 Nov 9834 Sept 72 Jan 2 10778 Mar 28 6818 Nov 14812 Sept 2014July 8 30 Feb 8 171 Nov 37 Apr 114 Jan 22 1 Jan 2 112 Jan 58 Oct 130 June 18f 178 Feb 19 131 Nov 220 July 11812 Jan CI 145 Feb 21 11834 Jan 138 Oct 1212June 17 2338 Mar 18 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 12346fay 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 17 June 18 3272 Feb 5 2478 Oct 4753 Mat 434June 30 14 Feb 3 518 Oct 2212 Jan 2818 Jan 7 553 Apr 10 22 Nov 8078 Sept 48 June 18 80 Jan 3 86 Nov 1054 Oct 93 Jan 7 10052 Apr 28 33 Oct 97 Dec 818 Jan 4 12 Mar 8 312 Nov 27 Jan 3018 Jan 2 5512 Mar 13 2018 Nov 94 Jan 230 Jan 17 325 May 27 208 Jan 404 Alla 1818 Dec 4511 Jan 1758June 20 21% AM 30 31 Nov 2912June 18 4453 Apr 7 7972 MAY 200 June 18 2453 Apr 15 15712 Apr 285 Oct 54 Mai 4712 Nov 5018 Jan 15 56 Mar 31 Jet 34 113s Jan 17 2578May 23 918 Nov 534 Oct 2314 Pet 814 J1311 8 1512 Mar 11 1913 Nov 73 Ma, 19 June 24 2772 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. per share $ per share 3112 32 .14 20 *1912 2212 118 118 .2612 29 434 4% 30 30 .4014 4118 Tuesday July 8. Wednesday July 9. Thursday July 10. Friday July 11. Sales for the Week $ per share S per share 5 per share 318 3212 3214 3314 3114 32 20 .14 *14 20 .14 20 1912 1912 *1912 24 .1912 23 118 118 118 118 hg 118 30 28 28 2612 26,2 .27 434 5 412 47 458 434 30 30 30 30 30 .29 .404 4138 .4038 4112 4112 4112 40 *__ 50 .3514 62 1 .35 92 *84 92 •75 92 .81 *1812 19% 1912 1912 .1812 19 2112 .21 2112 2118 2118 •21 21 2114 20% 21 1 21 21 3112 2712 2812 2812 2812 .30 1312 1312' 1234 1234 13 13 3778 37 38 3618 3712 *37 4512' 4512 4512 447 4514 45 7 7 .68 738 .678 7 51 *50 54 56 ' •50 .50 STOCKS NEW YORK STOCK EXCHANGE. $ per share Shares Indus.&MinceII.(Con.) Par 3214 3314 30,500 Pbfthiye Petroleum___No par Phoenix Hosiery *14 20 5 100 Pierce-Arrow Class A__No par .19 23 118 118 3,000 Pierce 011 Corporation 25 .28 100 2958 200 Preferred 5 5 9,000 Pierce Petrol'm No par No par 500 Pillsbury Flour Mills 30 30 200 Pirelli Co of Italy 4134 4134 •35 50 Pitteburgh Coal of Pa__100 '84 92 •84 92 Preferred 100 1858 18% 200 Pittsb Screw dr Bolt___No par *1812 19 21 21 .21. No par 2112 600 Pittston Co *2114 21% No par 218 2112 1.200 Poor & Co class B .28 2812 27 2934 800 Portoltican-AmTob cl A No par 13 13 1214 13 No par 1. 11 *3712 3778 25 5,100 Prairie 0113r Oaa 358 37 46 46,2 4518 46 25 3,900 Prairie Pipe & Line 6% 6% No par 600 Pressed Steel Car 712 712, 53 .53 .50 51 1 100 Preferred 100 67 6812 7138 6938 70581 19,400 Procter & Gamble 67781 6738 70 6912 66 No par .718 712 .718 7121 *714 8 714 10(FProducers & Refiners Corp_00 738 *714 8 Pro-nhy-lactic Brush_No par 9214 9638 9412 9612 55,500 Pub Ser Corp of N J__No par .834 -92381 9134 94 -86112 ii- -£3 •111 112 11212 11212 .110 112 112 11214 1 112 112 500 6% Preferred 100 128 128 .12534 12834 .12534 12812 .1274 12812 12812 12812 100 200 7' Preferred .151 154 *151 154 ..151 151 •151 154 .151 100 110 110 *10934 110 1.1094 110 *10978 11018 110 154ed felrec& 200 Pu8bSep Gas pref_100 110 rrveE r 6412 6578 6518 66 65 6414 65 6514 6314 65 7,200 Pullman, Inc No par 133 138 138 13 138 *138 112 .138 112 1.000 Punta Alegre Sugar 112 50 2012 2078 2012 20341 20, 8 21 1 2012 21 25 2034 21 5,000 Pure Oil (The) 112 11212 .112 11212.11212 113121 11212 11212 112 112 110 8% preferred 100 .59 60 5938 6038 60 6038 6038 6112 6034 6214 4,500 Purity Bakeries 3338 3434 338 35 1 35 36381 35 3712 3934 3734 451,700 Radio Corp of Amer...No par 55 55 1 5512 5512 .5434 56 1 5434 5141 *5512 56 4001 Preferred 50 7412 74121 *74 74121 7414 74,2 7212 74 1 .7234 74 900 Preferred B No par 2734 2838, 2618 277 1 2712 2834 2738 2912' 2838 294 129,0001Radlo Keith-Orp cl A No par 2834 2912 3012 30 28 2814 2834' 28 3012 2,900 Raybeetos Manhattan_No par .3834 39 1 3818 394 3838 29I 39 10 384 39 1 39 39 1.500 Real Silk Hosiery • 8934 *__-_ 894 .___- 8934 •_-__ 8934' 8934 89%201 Preferred 100 2 278 *218 241 •218 3 .218 3 1 .218 212' No par 900 Reis(Robt) & Co •____ 31 ••____ 3112.- - 3112 .____ 3112 ____ --__ ------ 1 First preferred 100 2512 2134 25141 i838 2578 25 25 No par 26141 25% 2638 9,400 Remington-Rand First preferred 95 .92 10 95 1 .92 .92 95 1 .92 95 1 *92 95 .100 10112 10112 10134 .100 102 10 102 10212 *102 10212 100 Second preferred 87 9 1 878 9 1 I 87g 9 9 9 878 9,4 2.800 Reo Motor Car 41 4112 4012 4112 4178 4278 4112 4134 x42 4212 9,500 Republic Steel Corp__ No pa 88 88 1 8712 8712 .8712 88 100 800 Preferred oonv 6% 88 88 864 87 •____ 20 •____ 20 1 •____ 1912, -* ___ 1912 *____ 1912 Revere Copper & BMW% No pa 3t i 31 31 4.3i4 338 200 Reynolds Spring No pa 338 388 .31. 3881 *31 4918 5012 4918 50 1 4912 50 1 4912 5012 5012 5038 10,300 Reynolds(RI) Top class B_1 .7038 7412 .7038 71 1 .7058 7034, .70% 7434 704 10 Class A 3 7034 Rhine Westphalia Else Pow _ .398 4114 *3912 403 *393 41141 .40 4114 *3934 4114 1518 167 1534 1812' 1778 18361 1714 1814 173 1814 50.300 Richfield 011 of Callfomia_25 1714 1712 1738 18141 No par 81 x1712 18 1738 1734 4,800 Rio Grande Oil 17% 18, .39 40 1 .39 40 .39 No par 100 Ritter Dental Mfg 40 *39 40 40 40 29 2912 2834 28% 29 10 2,500 Resent Insuranee Co 297k 2912 2978 3012 31 Stock 5234 53 I 5234 5314 5312 5371 54 5438 544 5438 9,100 Royal Dutch Co (N Y shares) 37 3934I 3912 3912 5,500 St. Joseph Lead 37 10 3612 37 3818 38381 38 Exchange 7418 78 Vo par 7414 7618 7614 7712 5,000 Safeway Stores 707 7318 7812 783 95 9612' 958 957 520 Preferred (6) 96 96 100 96 96 96 96 Closed- • _ 107 I 108 107 .107 108 *10718 108 *1074 108 100 10 Preferred (7) .1712 1912 *1812 21 21 100 Savage Arms Corp_ -No Pat 21 .19 20 *1714 20 634 684 Extra 6 612 612 7i2 7 714 2,100 Schulte Retail Storee_No par 612 714 *5012 5034 50 5034 *52 230 Preferred 50 100 50 59 50 51 [Holiday *9 10 1 *9 No par 10 9 10 200 Seagrave Corp *9 9 9 9 6114 64 1 6138 83381 6338 65 I 6412 6712 65 67% 16,700'Seare, Roebuck & Co__No par 918 1,300 Second Nat Inveetors_No par 9 9 912 *812 81 9 838 9 9 6112 6112 .62 64% *6214 64781 6214 62% *62 No par 6214 200 Preferred 112 112 112 112' .112 2 No par 500 Seneca Copper 112 1121 •112 2 10.600 Servel Inc No par 718 714 7,8 712 7,4 74 738' No par 17,000 Shattuck (F (1) 3512 3712 35 36% 8 63 14 2 UPS 1038 .1634 1734 4g7l8 7758 i84 No par 600 Sharon Steel Boop 2 N31411 le4 67' *1612 1712' 1612 1634 .16 161 •16 1678 1638 1658 400 Sharp & Dohme No par *5512 56 56 5512 56 I *5512 56 56 300 Preferred *5514 56 No par 1918 1934 1834 20 1812 187*1 1832 1834 1838 19 No par 13,600 Shell Union 011 0612 9712 .96 9634 9714 9712 9712 974 9778 1,700 Preferred 100 968 1312 133 .1338 1378 .1338 1312 1312 1138 1418 1434 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 2112 2132 227 •22 21 21 21 .2034 21 10 2212 3,400 Simms Petroleum 2234 2214 2278 2212 2314 32.800 Sinclair Cons 011Corp_No par 2112 2238 2114 217 22 .110 111 1.110 111 110 110 *110 111 .110 111 100 100 Preferred 2858 29 2812 2812 2812 3014 2934 3038 30 25 3038 6,900 Skelly 011 Co *414 412 .414 44 .414 412 .438 412 100 Snider Packing 414 414 No par •1538 20 I *1534 20 19 1912 1912 *1814 20 19 200 Preferred No par 107 108 10714 1074 108,4 10912 10812 109 1,500 Solvay Am Inv Trust pref_100 109 109 16 1612 16 16% 1614 1712 1634 1712 1638 1718 So Porto Rico Sug No par 56 57 1 5338 5512 6513 55,2' 5614 5614 5612 0718 6,600 Southern Calif Edison 25 712 6% 618 .7 's 712 7,2 *7 712 9 I 1,100 Southern Dairlee el B__No par 353 *3414 3 .34 36 36 *3414 36 1 .3414 Spalding Bros .3412 35 No par 108 108 .10818 112 .111 112 •111 112 *111 112 20 Spalding 13roe let pref____100 31, 8 3178 313 317o. 3112 32 3238 3278 324 3234 2.700 Statue Chalfant &Co IncNo par 1 .93 9512 .93 95141 *93 Preferred 95 4 *93 9514 9514 *93 100 1878 19% 1812 19381 1912 201 20 2134 21 2118 13,100 Sparks WIthington____No par •1712 1734 .1712 1734 1712 1712 1734 1734 .1712 18 200 Spencer Kellogg & Sone No Par 16 1612 17 16 1814 1814 1.500 Spicer Mfg Co No Pa *3714 3812 3714 38 .36 3712 3712 3712 •38 40 100 Preferred A No Pa .9 12 1234 1212 1518 *13 1018 1018 11 1512 10,000 Spiegel-May-Stern Co_No pa 1812 1914 1814 19 18% 1914 1838 19 187e 1914 40,100 Standard 13rands No pa 117 117 120 •119 120 *119 120 .11912 120 I 100 Preferred No pa 412 412 412 412 .412 4% 4 434 400 Stand Comm Tobacco_No Pa 4,2 478' 87 8918 8518 874 8714 89% 8834 921z 9038 9234 15,100 Standard Gas & El Co_No pa O6412 65 8 6412 .63% 65 63, 65 65 65 65 I 1,500 Preferred 50 6 634 7 6, s 6% *612 7 612 6,8 618 1,200'Stand Investing Corp__No pa 102 102 *10138 101% 101% 10212 101,4 10114 10214 10214 1,900 Standard 011 Export pref_ _100 6138 59% 59% 5912 601 . 6018 6112 614 6158 13,300 Standard 011 of 60,4 _ _No pa 64 6478 6338 64% 65 674 665 7018 6858 697 197,300 Standard Oil of CalNew _25 3118 3134 31 3134 3138 3218 315 3214 32 3212 19,600 Standard(iii of New York 2 ____ ......iStand Plate Glass Co__No pa _ ____ ......1 Preferred 100 '25 75 .25 .25 75 55 55 75 '-.'2- 75 10 Stanley Co of Amerloa_No Pa .30 31 31 31 *30 .30 .30 33 .30 Starrett Co (The L S)__No par 33 , 1018 1014 934 10 10 1014 104 1012 3.100 Sterling Securities el A_No pa 938 1018 12 12 *121g 1214 1214 1214 1214 1214 12 1214 8001 Preferred 20 .37 38 •37 33 .37 38 38 33 4001 Convertible preferred 384 3838 60 2012 2078 2018 2012 2012 2034 204 21% .21 5.800,Stewart-Weru Sp Corn 22 10 7434 784 74 7678 76 78% 78% 7938 15,400'Stone & Webster 7758 76 No pa 2712 28 3012 3178 3114 3218 17,900 Studeb'r Corp (The) No par 277 2914 2934 303 .12018 122 *12018 122 1312018 122 .12018 122 *12018 122 Preferred 100 *3 88 *38 1 *38 12 100 Submarine Boat 4 *38 No par % 12 .56 5718 5512 56 5718 5718 57 5314 .57 5814 600 Sun 011 No par 103 10312 103 10312 10312 10312 10312 10312 10312 10312 229 Preferred 100 5 518 514 514 1,200 Superior 011 5 514 514 538 538 514 No par *14,8 16 *1412 16 *14% 17 1512 1512 .1412 17 200 Superior Steel..... _ .-___100 117 8 113 113 900 Sweets CO Of America 1112 1112 .1114 1178 1112 1112 1134 50 234 278 .212 3 500 Symington 3 3 338 318 •314 4 No par 918 9 9 9 1,200 Class A 812 9 .71, 84 . 74 9 No oar 174 1712 *17 300 Telautograph Corp 1778 1738 •1734 18 *1712 18 18 No par 12 12 12 12 1218 1212 1278 1278 1,200 Tenn Copp & Chem_No Oar 12 12 5034 5114 5012 5034 5034 5112 5038 5134 5114 513 30,700 Texas Corporation 25 5218 527 5178 5234 5212 531& 5312 5438 53% 548 16,400 Texas (lull Sulphur_ _No par 914 914 914 3.300 Texas Pacific Coal .4011. 918 918 *914 912 914 10'8 912 _ _10 1812 1918 18 193 19,8 1978 1918 2018 1918 2018 40,700 Texas Pac Land Truat 1 PER SHARE Range Since Jan. 1. On basis of 100-share lots. Lowest. Highest. v Ex-Merits Loteest. Eigheel $ per share 294 Feb 17 1014 Mar 4 19 June 25 1 Jan 4 2012 Jan 10 214 Jan 3 27 June 25 3934J-tine 25 47 June 30 85 June 16 1738 Jan 22 2018 Feb 28 2034July 9 27 July 11 1112June 25 3558July 11 4418June 11 612June 18 50 June 24 5238 Jan 3 612 Fob 17 48 Jan 2 8112 Jan 2 10613 Jan 3 121 Jan 10 143 Jan 2 10714 Feb 5 62 June 25 114June 26 19l3June251 11012may 6 52 June 21 3212June 23 53 Feb 4 68 Jan 24 19 Jan 2 28 June 18 3458June 19 88 Jan 13 2 July 9 2712May 28 23 June 25 92 Jan 3 95 Jan 4 84June 17 3714June 23 8634July 11 22 May 5 3 June 18 4514June 18 70 June 3 89 June 26 143*June 17 1558June 25 3812June 23 2714June 18 4918June 18 3314June 18 707 July 8 94 Mar 28 10518 Jan 14 16 June 18 414 Jan 2 35 Jan 2 9 June 24 5958June 27 7 June 25 5812 Jan 3 13oJune 26 612June 24 3112June 23 1838 July 7 1612Juno 24 54 Jan 2 18 June 18 95 June 19 8% Jan 2 21 July 8 18 June 18 20 June 23 108 June 10 2812 Feb 18 4 June 18 15 June 25 9512 Jan 6 1514June 25 5258June 25 312 Jan 4 33 Jan 8 108 Jan 13 1972 Jan 2 02 Jan 20 134 Jan 18 1712July 10 143g3une 25 3714July 8 1018July 8 17 June 18 117 July 7 312,1une 17 841alune 25 6138June 19 5 June 23 98 Feb 8 6512 Feb 71) 511 Feb 20 80 June 23 %June 23 212June 12 28 Jan 9 271 2June 23 I per share 4434 Apr 30 2018 Apr 30 33 Apr 3 212 Mar 17 52 May 1 718 Apr 24 3774 Apr 11 RN Feb 27 7812 Jan 7 110 Jan 7 227* Feb 18 2274 Apr 8 3478 Mar 18 3038July 3 2714 Mar 10 54 Apr I 801g Feb 7 1658 Feb 18 781, Feb 14 7873June 2 I 1172 Mar 17 55 Feb 27 12334 Apr 11 11212June 2 131 June 3 158 June 7 112 May 21 8938 Jan 3 812 Jan 17 2714 Apr 7 1144 Apr 8 88% Feb 15 6932 Apr 24 57 Apr 21 8.5 Apr 2 50 Apr 24 587k Apr 17 0478 Mar '26 100 Mar 29 57 Feb 3 37 Jan 28 4613 Apr 14 10078 Mar 28 10212July 10 1478 Mar 24 7912 Apr 16 9512May 5 ao Jan 3 712 Jan 29 5858 Mar 11 80 Jan 2 4558 Jan 21 2814 Mar 14 251 Apr 7 5984 Feb 5 48% Mar 3 5612 Apr 7 57,4 Feb 6 122% Jan 23 4978 Feb 7 1097 Mar 26 3134 Apr 2 1312 Jan 23 75 Jan 21 1414 Mar 11 1005, Jan 31 23 Feb 17 8234 Mar 18 312 Jan 29 1312 Apr 25 52 Apr 21 3238 Feb 13 2734 Mar 10 6334 Mar 10 2512 Apt 7 10614 Apr 21 35 Apr 25 9478 Jan 2 37 Mar 24 32 Apr 7 11214 Apr 24 42 Apr 9 8 Jan 9 8684 Feb 24 12112 Apr 3 303, Jan 16 72 AM' 14 9 Mar 3 45 Mar 17 113 Mar 15 3734June 14 96 Jan 2 3012 Apr 10 25 Apr 15 3612 Feb 4 4518 Mar 31 52 Feb 3 2914 Feb 8 121 June 2 714 Feb 11 12912 Apr 15 67 May 26 1512 Mar 27 10414June 7 75 A pr 25 84% Apr 30 4038 Apr 28 3 Feb 19 104 Mar 10 7312 Apr 23 4714 Apr 2:3 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 6614 Mar 5578 Mar 38 Nov 34 Dec 1177g Feb Oct44% Sept 20 11414 Nov 11874 Bern 34 Dee 4338 Jae 7312 Nov 243% Sept 884 Nov 67 Feb 4 Dec 48 Sept 938July 8, 11 June 30: 86 June 231 1914June 25: 7012June 18' 2514Jtine 18 lie Jan 21 ss Jan 4 50 June 18 10214 Jan 13j 5 Feb 171 121 2June 18 812 Jan 241 7 231 / 4j 4 Juanne 2L, 2012 Mar 31 1434 Mar 31 48 Mar 18 47 Apr 5 11338 Apr 8 4714 Feb 6 125 Mar 18 138 Mar 31 70 Apr 7 101;34 Feb 6 938May 12 2938 Ma, 27 1572 Ma'ZS 17 7/ 1 4 Apr 23 pr 23 2614 Apr 7 17 Apr 10 6012May 1 6738 Mar 24 1412 Mar 18 1 Mar 22 32, 814 812 31 30 64 3814 115 15 , .. Jan 251 1078June 25' 5018.1une IS: 4818June 25: 814June 181 1.25, Jun 1 •Bid and asked prima no sales on this day, s PER SHARE Range for Previous Year 1929. per share $ per chars 2414 Nov 47 Jar 1038 Oct 3752 Jan 3772 Jan 18 Nov 338 Mai Oct 1 20 Oct 514 Mar 57 Jan 12 Oct 30 Oct 6378 Jen 4314 Oct 88 Aug 54 Nov 833 Jan Ott 8312June 110 17 Dec 2713 Aug Nov I8-7-2 Auk 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 Nov 20, 81 Nov 93 Mar 1018 Oct 50T1-4 JaSI 6558 Jan 65 Aug 2538 Mar 81 Mar 98 Aug 257 Jan 824 Jan 1378 Sept 10818 Feb 124% Jan 151 Sept 10958 Jan 9914 Sept 2112 MY 3084 May 116 Feb 14838 Aug 11434 Sept 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 714 Nov 254 Oct 20 Nov 1672 Nov 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 2138 Aug 194 Aug 5314 July 22 Nov 65% Aug 3134 Apr 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 1258 Dec 45 Mal 4514 Nov 9314 Sept 167, Ja) 212 Nov 6115 48 3134 134 312 20 3018 Oct Feb Nov Nov Dee Nov Oct 817, May 83 Sept 4818 Sept 08 1st 31 Jag 45 May 4778 Get Nov 88 Sept Nov 1572 Juls Oct 6512 Saga Oct 77 may Nov 20112 Aug Jan Nov 98 Nov 126 JULIO Oct 42 M Oct 5518 Dee 863% 100 Jar 10512 Jan 514 Nnv 24 Aug 15 Nov 7334 Ain 518 Nov 2214 Apr 9 May 2., Dee 1958 Mar V. Nov 147s Dee 251s Man 912 Nov 2378 Apr 5312 Nov 5174 Sept 4212 Nos 8514 Apr 912 Nov 2378 Mat 64 Oct 841, yea 244 New York Stock Record -concluded--Page 8 • , , a ,ne 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 1838 1812 19 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 1438 10,200 Tidewater Aasoc 011__ _No par 1418 14, 8 1378 144 1378 1414 14 83 85 84 500 Preferred 8078 8078 8012 8012 *81 83 85 100 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 5578 574 5518 5734 56 584 58 584 15.900 Timken Roller Flearing_No par 5738 56 334 4 334 4 4 418 414 414 3.700 Tobacco Products Corp 44 434 20 12 1218 12 1238 1238 1314 1278 13 12,000 Clara A 1234 13 20 1778 1814 1734 18 1814 18 18 1838 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 1138 1212 114 1258 12,000 Trl-Continental Corp __No par 1178 12 9134 • 1 9134 92,4 9134 9213 92 9212 9214 9212 2,800 6% preferred 100 3034 30341 3012 304 31 31 800 Trice Products Corp__ No par 3114 3114 *31 314 14 14 I 1334 1334 14 1278 1278 14 700 Truax Truer Coal *1334 14 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 1-014 *1012 12 12 200 01012 Union Bag & Paper Corp- _100 *1012 12 8512 6678 65 6638 6574 68 70 42,700 Union Carbide & Dub_ No par 6533 69% 68 3958 3934 40 4112 4112 2,800 Union 011 California 40 40, 8 4112 41 42 25 2813 2918 28 29 2914 2913 2834 2834 2814 2838 2,700 Union Tank Car No par 4938 51 4814 5034 504 5214 50 93,500 United Aircraft A Tran_No par 5312 514 54 58 6218 62,4 60 62 62 800 Preferred 62 *6218 6634 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 4634 4518 4512 4,900 United Carbon No par 7 7 658 7 612 718 712 7,2 9,700 United Cigar Stores 7 712 No par 3156 59, 57 5934 5914 *59 4 57 400 Preferred 6278 6578 6573 100 3012 314 2978 3078 3078 3112 304 32,4 3112 3214 230.800 United Corp No par 4834 4913 4834 49 49 8,800 Preferred 4918 48, 8 4914 4834 49 No par 712 758 7 712 812 5,700 United Electric Coal 8 714 714 734 812 No par 884 89 88 92 894 90 9212 914 93 93, 3 14,200 United Fruit No par 3438 3518 3313 3458 3114 3514 344 363* 3531 364 56.900 United Gas & Ruprove_No par 10178 10178 101 10158 *10114 102 101.14 10112 *10138 102 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 1 *2.5 . 1078 11 1078 1138 114 1214 1114 12 1134 1214 7.000 United Stores el A No par •38 4138 4038 4138 4238 4338! 4318 4438 4435 45 1,900 Preferred elan A __No pa 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 2734 2814 2818 2858 2734 3038 30 3113 20.800 U 8 Cast Iron Pipe A RI,...20 19 19 *1834 19 300 lat preferred 1914 19,4 *1834 19 No pa *1834 19 2d preferred No pa 4- 1.6- 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 1738 3,500 LI 8 & Foreign Secur_No Par 184 1734 1838 17 •90 91 9034 9034 .9034 91 300 Preferred *90 91 91 91 . No par .119 20 .19 100 U S Hoff Mach Corp.-No Pa *19 20 20 1918 1918 .19 20 6714 68 3.900 U 8 Industrial Alcohol__ _100 6478 6719 6514 6634 6314 67 67 68 Stock 10 10 .978 10 300 U 13 Leather 913 913 *94 1014 *914 934 No par 1713 1713 *17 100 Clam A 1819 *1634 1912 •1634 2014 *1614 1713 No pa Exchange 93 93 I 93 900 Prkg preferred 93 9312 *90 9312 92 93 .90 100 4812 5078 4978 4978 504 52 5134 5212 5238 5234 3,300 U 8 Realty & Impt____No pa Closed2078 2134 2078 2112 2118 2178 2112 2212 2112 22 6,400 United States Rubber 1 •43 4314 .42 1st preferred 43 2.100 4213 4213 4212 4378 4338 44 100 Extra 18 18 1,300 US Smelting Ref & Mtn- _50 174 174 *1714 1712 1712 18 1734 18 042 47 Preferred *42 4418 *42 4418 .42 4418, •42 4418 50 Holiday 15334 15534 15314 15612 15678 15814 15578 160 15734 16014 230,900 United States Steel Corp.-100 14514 14513 14538 14538 14538 14512 1454 14512 14512 1453* 2,3001 Preferred 100 300t1 8 Tobacco 81 61 *6018 6212 •6034 6212 6034 6034 *6112 621! No par 32 3233 3134 32 3258 3212 3338 3213 3314 5.500 Utilities Pow & Lt A__ _No par 32 234 3 234 234 278 3 278 27s 1,6001Vadeco Salmi No par 278 278 7612 7913 75 No par 784 7834 8114 78,4 8314 8114 84,2 282.200 Vanadium Corp 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 11738 11714 11734 11714 11713 11714 117,4 500 Virginia El & Pow Of (7)_100 .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 98,8 *9514 9814 *9514 98 Preferred 100 *954 9818 *9514 9815 Class A 100 -2613 -2543 -2514 251; 2574 257 -2514 -4-,1001Waldorf System &i2 26 No par 23 2338 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 8 778 8 818 814 1.800 Claw B 814 818 *6012 68 *6013 68 100 Preferred *6012 62 6012 6012 *6012 61 100 4014 4114 40 4114 4013 4112 4034 4238 4114 4214 89,100 Warner Bros PleturesNo par •4634 4712 4614 4614 •46 Preferred 1001 No par 4818 .46 484 50 *46 1314 1338 13 1313 1314 14 No oar 1378 1414 1312 1414 4,100,Warner Quinlan 2,900-Warren Bros new 4434 4514 44 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 28 28 2813 2913 2938 2938 474 5 0434 6 700 Webster Elinnlohr 25 *478 6 5 *514 6 5 •2313 24 Wanton Oil& Snowdrift No par *2378 24 700 24 2514 2314 24 24 25 *531, 57 No par *5312 57 300 Preferred 57 *56 5614 5614 5534 56 160 16114 158 16078 161 163 164 16634 3,100 Western Union Telegraph _100 163 165 3814 3812 3714 3812 3734 381 4012 6,900 WestIngh%43 Air Brake_No par 3814 3978 40 12914 1334 12714 13158 13112 134 131 13858 13512 13978 144.200 Westinghouse El & Mfg___ _50 132 132 131 131 60 990 1t1 preferred 134 134 *130 145 132 132 1,200 Weston Elec Instruml_No par 33 33 3372 •32 35 *3313 3378 333* 3614 34 Class A *34 35 No par *3312 35 35 *3313 35 *3312 35 *3313 104 105 104 10514 '1102 105 *102 105 *102 105 50 Wait Penn Else class A_No par 109 109 100 10934 110 280 Preferred 10818 111 11012 11012 110 110 9978 9978 994 100 100 90 Preferred (6) 9934 9934 99,2 9912 9912 100 *11512 11614 116 116 100 70 West Penn Power pref 11512 11578 11534 11534 11612 11512 108 10814 10814 10914 107% 109 100 250 6% Preferred 1084 10858 108 108 . 39 West Dairy Prod el ANo par 40 *39 40 *39 40 *39 13 No par 1313 1278 13 100 0 Class B 19 31 1. 2 13 13 *3 13 978 3 4 10 3 13 •3118 32 3378 *33 32 32 1,2 100 Westvaco Chlorine ProdNo par 3412 0 *33 *33 34 93, 06 *8 Wextark Radio Storts.No par 10 8 8 7 912 913 White Eagle Oil& Refg No par -5012 161-2 -313s 114 31 -ili No par 700 White Motor a -5i- -3-2"- ;56- if- *4334 44 .141 4412 .44 1,000 White Rock Min Spring eti-50 45 45 43 4412 45 *534 578 578 5781 53* 534 51 2 512 513 513 1,100 White Sewing Machine_No par •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 2934 •_- 2934 • - 2934 0 No par 29 •____ 27 C1ia,, 14 22 .ii *18 22 No par ;iii 22 *1814 22 *1814 22 613 612 6,400 willys-Overland (The) 578 578 54 6 *534 6 578 6 *6312 6518 *63'2 6518 6518 6513 6534 6534 65 100 600 Preferred 65 338 318 *34 334 334 334 *334 4 No par 500 Wilson & Co Inc 334 334 1018 1014 *912 973 9 No par 600 Class A 94 *834 934 *814 914 *4512 47 4534 4534 44 600 Preferred 46 *45 48 49 100 *46 553* 5512 5313 553* 5414 5534 5438 5738 5618 5734 10,200 Woolworth (F W) Co 16 12012 12514 120 12434 125 12613 125 12912 12812 131 15,800 Worthington P & Ni 100 9334 9334 *94 100 I 97,8 974 *9413 100 200 Preferred A 100 *9413 100 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 2478 2312 2478 2458 2512 2412 2614 254 2678 118,000 Yellow Truck & Coach el 11.10 91 91 91 91 1 60 Preferred 9012 91 91 100 090 354 354 3514 354 351z -36-13 3531; 3538 36 SOO Young Spring & Wire. No par 36 115 115 *113 115 *112 114 0112 115 200 Youngstown Sheet & T_No par 115 115 O8 9 738 8,8 *74 812 734 814 2,500 Zenith Radio Corp____No par 778 814 HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT 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 On hails of 100-,Aar 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 3 732 Jan 2 1614 Mar 10 1178June 19 938June 18 894 Apr 11) 30123une 20 1278July 11 25 June 25 83 June 18 121 Feb 4 958June 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 2838June 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 1552 Jan 7 184 Jan 3 914May 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 234July 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 1234June 2:3 4018June 25 1814 Apr 29 2314 Jan 2 478July 7 224 Jan 23 504 Jan 15 15014June 25 3638.1une 25 12414June 23 1235 June 18 299, Jan 18 33 June 23 98 Jan 3 10517iune 25 9714 Jan 2 11318 Jan 3 10433 Jan 23 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 1214 Jae 16 72 Jan 27 3214June 19 NW Jan, ii 54 Jan 17 Highest $ Per share 3633 Apr 4 41 Mar 31 32 Jan 18 110 Feb 13 4712 Mar 12 174 Apr 7 8934 Mar 25 31 Apt 23 9472 Apr 16 2114 Apr 11 8914 Apr 11 64 Jan 23 1314July 9 24 Apr 24 2838 Jan 31 2014 Apr III 94 June 11 4134 Mar 1 22 Mar 18 3758 Mar 25 138 Mar 21 1254 Apr 29 1718May 8 10633 NI& 31 50 Apr 7 384 Apr 10 99 Apr 8 7734 Apr 7 5834llay 28 142 May 28 84 Apr 24 812June 5 68 June 5 52 Apr 28 5312 Apr 23 194 Feb 19 105 Jan 13 4918Ma7 1 10214 Apr 25 14 Mar 14 3372 Apr 7 1473Juna 7 45 July 11 39 Mar 15 76 May 9 9 Apr 10 8814 Apr I0 21 May 27 2114June 6 2033 Jan 17 432 Aix 14 103 Apr 7 327251er 30 101 Mar 21 3033 Mar 12 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 19834 Aur 7 146 Mar 21 68 Feb 10 4534 Apr 10 74 Mar 12 14314 Apr 26 4772MaY 1 873 Apr 1 344 API 1 82% •pr 9 11734July 9 40 Apr 21 158 1,4.1 24 100 Mar 24 14973 Mar 24 314 Apr 11 4234 Apr 2 U Mar 24 1533 Apr 1 774 Apr 3 8014 Mar 28 7014 Mar 28 27 Apr 12 6312 Apr 11 2013Mity 22 4313May 18 913 Mar 31 2972 Mar 27 5912 Apr 7 31938 Feb 19 52 Feb 27 20113 Apr 15 19734 Ayr 15 484 Mar 31 311 Jan 28 110 Apr 16 111 July 9 10178.1unc 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 2734 Mar 31 1173 Feb 6 85 Apr 3 734 liar 27 13 Mur 27 5412 Mar 31 7238 Jan 2 169 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 1634June 2 PER. BIZARR Ranee for Preston* Year 1929. Higkes1 Lowest. § per share $ Per shats 1811 Mar 35 Sept 35 Mar 4973 Sept 2511 Dec 5r72 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 1113 Oct 3438 Sept 58,2 Nov 150 Jan 1 Oct 224 Max 54 Nov 2252 Mar l52 Dec -e8-32Apr 30 -1-3;;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 4472 Nov 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 2514 Oct 15 Oct 407a Oet 8573 May 93 Jan 2214 Jan 5578 Map Jan 19 20 June 23 Sept 10 Apr 13412 Sept 72 Aug 9272 Aug 4914 Jan 24358 Oct 3512 Jan 6178 Jan 107 Feb 11912 Feb 65 Mar 9212 Jan 7212 Mar Jan 58 26134 SePi 14414 Mar 7134 Noy 5812 Aug 1318 Jan 11612 Feb 109 Mar 2434 Jan 6513 Jan 97i2 Feb 110 Sept 48 Jan 1494 Aug 110 Apr 142 Sept 364 Oct 4972 Oct 8434 Jan 2114 Jan 8712 Jan 644 Aug 5404 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 1278 Nov 19 Oct 124 Oct 54 Oct 66 Dee 3 Dec 652 Nov 3534 Nov 5214 Nov 43 Mar 75 Nov 66 Apr 30 Nov 6134 Feb 713 Nov 80 Mar 3318 Oct 91 Nov Dee _ _3414 Jan 1134 Feb 48 Mar 7212 Mar 2724 Oet 6734 Aug 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 13738 Sept 10012 Sept 9012 Sept 299 Feb Aug8 Si', Apr 9613 May 594 Ace 175 Sept 5214 Jule 162 May 10912 May Oct 60 136 Oct 11132 Sept Jan 104 75'2 May 494 July 814 Feb 15812 Jan 5932 July 9814 Deo 2633 Jan 4872 Aug 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 LoanID 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 LeanAN(%of 1933-1938 AO 10231:: Sale Treasury 41 / 46_ 1947-1952 A0 112..n Sale Treasury 4a 1944-1954 J o 10820n Sale Treasury 31 / 45 1946-1956 MS 106.311061.3 Treasury 334, 1012.n 102 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 10978 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.n I 88 Series 11 5 108%1112 1046 ▪ A 10838 10814 1083s 109 99.1nFeb'30 ---- ggstoono I)enmark 20-year extl 88_1042 .1 J 10534 Sale 105 10658 20 10318 10638 External g 5%. 1955 P A 10114 10138 10118 1011. 40 911 :101% 102"n 103in 1176 1001.n10310 External g 4/ 1 45_Apr 15 1962 A0 9338 Sale 9234 9015 9274 938 288 1121..1112.1n 203 1091.n1131.n Deutsche 13k Am part ctf 6(1.1932 MS 10034 Sale 10058 101 54 97 11)1 1081'41108"n 58 051.n109.n Dominican Rep Cunt Arl 534;'42 MS 95 97 9314 101 97 June'30 106.n 10611,, 149 103 let ear aas of 1928 2 10131,n 8934 9612 1940 AO 9034 Sale 9034 0034 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 10134 Sale 10158 10218 22 101% 103 Slats and City Securities. 40-year external Se 41 10118 10314 MS 10214 Sale 102 103 1962 NYC 31 / 4% Corp st_Nov 1954 MN 8538 Oct'29 30-year external 534a 2 1011 1953 MS 10134 102 10158 104 ,104 81 / 4% Corporate sr May 1954 MN 8814 Aug'29 311-year external 514/I__ _1953• N 10158 104 10158 10158 1 10118 103 4$ registered 9934 Mar'28 1936 MN El Salvador (Republic) 85_1948 J J 10938 10934 10814 10912 15 103% 10912 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 9758 June'30 1967 MN 9753 67% Finland (Republic) extl 6s_ _1945 MS 93 98 3 9212 9238 9144 97% 434% corporate etock 104 hlar'30 1967 MN External sinktng fund 78.1960 MS 10038 Sale 9934 10078 27 10214 104 9578 10114 • % corporate stock 105 hlar'30 1957 MN External sinking fund 634,1956 MS 9778 Sale 97 103 105 9812 15 9111 9812 1% corporate stock 9414 Nov'29 1956 MN 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 9634 9712 9612 July'30 98 98 927* 99 119% corporate stock_ __ _1931 AO Oct'29 96 External 694a series It_ _1954 AO 9634 98 9634 1 983 4 9234 981s 41 / 4% corporate stock _ _ _1980 MS 9034 June'30 95 9934 Frankfort(City of)it6340_1953 MN 93 Sale 9112 4 93 9118 95 434% corporate atock _ _ _1964 MM 99 Mar'29 12312 125 11738 126 ---- French Republic esti 730_1941 ID 12318 Sale 123 434% oorporate stock__.1986 AO 101 Mar'29 External 70 of 1924 1949 Jo 11818 Sale 11734 11814 174 1121sc118% ---434% corporate atock _ 1972 AO 9912 Oet'29 German Government Interna434% corporate stock 10034 Sept'29 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 05 2 :190 09% 106 June'30 634% nornOrate stock._ 1965 in Gras (Municipality) Ss 10 1954 MN 9958 Sale 9958 100 94e 1911% 434% corporatestock July 1987 33 10134 Nov'29 Gt Brit & Irel(UK of) 5/ P A 10478 Sale 104 10478 116 102% 104,* 8.1937 1 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 e81334 8715 14 101 June'30 Canal 'mot 48 55% War Loan E opt 1929_1947 3D e 99 10038e99 1981 J J 6 -45" 101 9914 109 Jau'30 434. 1904 J J Greater Prague (City) 7348_1952 MN 89 03 108 June'30 109 109 : 190 9 114 19 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 96 Sale 96 86 8 ; 6315 AO 983 4 1952 9 8 1 2 , : 19 030802 4 9 84.14 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 S1187613116(Dent) e111 5s _.1963 MN 9312 Sale 9212 : Heidelberg(Germany)ext17/ 1 45'60 31 10314 10312 10134 June'30 87 951 15 06 0% 154 9415 11 Ant1o0ula (Dept) 001 7. A _ _1916 J J 7812 Sale 76 771 Hungarian 9312 Munic Sale 92 • J Loan 10 71 8714 9414 754s 1945 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 !7a ser C 75 7812 7412 1915 J J 75 1 ,0 98 70 8712 Hungarian Land M Inat 754.'61 MN 9412 96 90 08012 911, 19 7 76 External a f 7.ser 13 7712 75 1945 ii 75 Sinking 9312 9.534 9514 fund 71 / 4s ser B Wel MN 70 88 9514 19 2 72 72 Sale AO 74 External.f 7. lot ser. 1957 Hungary (Kingd of) sf734, 1944 F 10014 Sale 100 19 6912 8712 10114 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 9834 89 67 9934 41 96 49% 7 External oeo s 1 76 3d ser.1957 AO 73 Sale 73 73, Italy (Kingdom of) art! 7...1961 3D 9834 Sale 9814 88 9914 511 67 975* Sale 97 9718 49 lIntwerP (City) external 54_195/ J 95 Italian Cred Consortium 7s A1937 M 9512 9314 98 10 9214 9512 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 955/3 13 19 9 02!19 0 8841 8 5. 5 19 argentIne Nation (Govt of)Italian Public Utility extl 7s 1952 IJ 98 Sale 955$ 9633 20 92 58% Sink fund es of June 1925-196 in 9914 Sale 9858 9914 44 Japanese Govt £ loan 48_1931 33 9714 9738 9714 95 100 9738 14 94% 98% Bill a f Scot Oct 1925_ _196 AO 99 Sale 9814 9918 31 1045 8 30 138 Sale -year 95% 99% 104 e I 6145 1954 P A 10434 Sink fund 6.aeries A 63 99 Extl sinking fund 5355-......1965 MN 9134 Salo 9012 1957 MS 9838 Sale 985s 9178 392 9458000 33 External es series 11_ _Dec 1958 J 99 9834 Sale 9814 Jugoalavia (State Mtge Bank,95 100 7 Esti a I es of May 1926_ _196 MN 9858 Sale 9812 9838 84 Sale 8338 Secured a f g 7e 8412 1957 AO 9558 10018 52 External at es (State Ry).196 MS 9838 Sale 98 9834 9812 3 P A 9838 Sale 9812 22 94 95 9934 Leipzig (Germany) I f 8n97 :: 8 189 9871171i 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(May'27).196 MN 9878 Sale 9814 98713 21) 9414 100% Lyons(City of) 15-year es_ _ 1934 MN 105 Sale 104.8 105 30 6 12 11 0 1 1 415 0614 Public Works extl 5He 9214 87 198 FA 9212 93 9214 Marseilles(City of) 15-yr Cls 1934 MN 105 Sale 1045/) 10514 38 1021010404 89 sill 21 Argentine Treasury 6a L._ _194 MS 88 Sale 8712 88 69 21 85 89% Medellin (Colombia) 6141_ _1954 3D 6834 Sale 67314 130 AuGralla 80-yr 158_July 15 195 ii 89 Sale 8812 89 1058 2 " 105s 141: 9114 Mexican Irrlgat Asetng 454. 1948 10as 8° 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 External g 43.5a of 1928 1966 MN 7878 Sale 7718 8012 209 "ii 16 16 June'30 AR/tenting ta 01 1899 1945 77% 85% " 15 28 20% 128 103 103 Austrian (0ort) if 7s Sale 10414 183 1758 Apr'30 1943 J O Assenting 51 large 10214 108 1813 17% Bavaria (Free State) 634,..1945 FA 9412 Sale 9358 9412 17 12 Sale 1178 12 17 91 981 : Assenting 4s 01 1904 1014 111% Belgium 20-yr a f 8s 10934 12 107% 1111: 1114 14 1941 FA 10912 Sale 109 12 July'30 A/emoting 15 01 1910 large.-- 10% 1411 14 25-year external 830_..1949 M 109 10814 Sale 108 1138 Assenting 48 of 1910 email_ _ _ _ 1188 5 106%111012 17081is s 225 164 4 External s f Ss ' 3 104 Bale 10312 10414 39 10118 104% 17 Treaa es of'13 assent(large)'33 1955 2l7s 18 June'30 57 Sale 113 11314 1131 External 30-year if 751..„1955 ID 1776 1778 10914 1181 : Small 10914 115 107 Stabilization loan 75 9114 Sale 89711 Milan 1966 MN 10918 Sale 108 9114 151 (City. * 0 e xt1 610 Italy) 52 11014 85 98 Bergen (Norway), f 85 Minas Geraes (State) Brasil1945 MN 11012 11058 11012June'30 10 110 11215 100 16-year sinking fund 6._ _.1949 AO 10018 101 100 External s 1 1134/1 1958 MS 74 Sale 7311 7514 17 99 102% 65 ea 4 96 Sale 95 98 Berlin (Germany) *0 74 75 7512 19913 76 Exti sec 6 / 1 4 MS 6 aeries A 6146_1950 1959 9214 9212 997 83s 4 103 15 5 6 17 90 91 88 External sink fund es Montevideo (City of) 76-1952 in 10012 10034 100 1003 4 1961 J D 90 94% 85 9612 12 Bogota (City) eat!.(13._ -.1945 A 0 9812 Sale 9334 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 8134 New So Wales(State)extl 581957 P A 1951 J J 7412 Sale 7312 83 65 85 14 41 75 External,(7/1 83 Sale 8134 External, 1969•S 72 Sale 7112 *0 83 IS. Apr 1958 (12% 84 Bordeaux (City of) 16-yr 60_1934 MN 10518 Sale 10458 10518 18 10214510515 Norway 20-year extl 6s_._1943 ✓ A 105 Sale 10334 105 7 246 8 3 10 88°0 1 10 990 ° 5 Brasll (II of) external 86._1941 ID 10012 Sale 10014 10114 102 20-year external as 1944 FA 105 Sale 10334 10538 73 102/ 94 10215 1 4 11618 7934 114 External of 6355 of 1936...1957 AO 7734 Sale 7714 103 Sale 10214 103 30-year external 6a 1952 A 72% 881s . 24 ., 101% 104 54 78 80 Sale 7814 Exit•I 614a of 1927 A 0 1967 40-year ii 540 19661 D 10158 Sale 10114 102 7214 aft% 2 105 9.4 614 109 99 4 71 90 7s(Central Rahway) 1952 in 8953 Sale 8958 47 991 External.1 5a-__ _Mar 16 1963 M 111 9914 Sale 99 80 931s 7545(coffee secur) (flat) 19/52 A 0 10134 10212 10134 10218 9758 Sale 9714 Municipal Dank outlet 50/ 19873 973 72 95 10518 948 98 17 10318 Sale 1031g 10312 Bremen (State of) extl 7s _1935 MS 971 Municipal Bank extls f 55 1970 3 D 975/4 9734 9713 10112 8 9712 97% 3 9818 824 Brisbane (City) 5 f 58 1967 MS 8238 Sale 8212 Nuremburg (City) art! 86_1962 F A 86 Sale 8312 88 90 82 5 92 92% 83 June'30 Sinking fund gold /is 1958 ✓ A 8112 84 1955 M N 10214 Sale 10158 10258 19 100 102% Ms 8814 Oslo (City) 30-year s f es 44 80 79 Sale 793 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 Extl o f 6a ser A __May 16 1963 MN 92 92 91 18 981 : 97 89% 95% 95 10 9512 Externals to.ser C-3._ _1980 AO 80 Sale 7712 Pernambuco 80 75'47 (State M S of) ext1 10 90 9814 711, 90 8434 23 13312 8478 8312 Buenos Aires (Prov) extl 60_1981 M Peru (Rep of) external 76_1959 M S 91 93 93 931 13 8018 91 91 110115 81 80 1 80 Bulgaria (Kingdom) e I 75_1967 ' 3 79 Nat Loan extl.f es ist ser 19603 D 7112 Sale 71 711 26 76% 8654 69 84 837/4 10 83 Sale 83 Stabil'n Ina f 7446 Nov 15'68 Nat 71 Sale Loan 7012 0 711 extle f 6,2d ser 1961 A 29 82 9014 69 8114 5 88 °aides Dept of(Colo,abia)71 / 42'46 ii 88 Sale 85 Poland (Rep of) gold 65_ _ _1940 A 0 75 Sale 7458 76 9315 18 81 26 1011s Sale 1007 8 101 Canada (Dominion of) ea 1931 *0 Stabilization loan a I 75-1947 A 0 8412 Sale 84 86 101 10538 118 99% 10114 al 1952 MN 10538 Sale 105 9434 Sale 94 External sink fund g 811_1950 J 943 47 9 7 794 2 9 5 88 848 1 48 10214 108 434. 1936 FA 101 Sale 100 14 101 92 Porto 92 9312 Alegre 101 92 _1981 14 3 (City 0 of) Rs 97 1 91 106 9 10814 Sale 1081z 10834 Carlsbad (City) I Es 1954 33 Esti guar sink fund 7346.1966 J J 88 897e 8514 June'30 8312 0412 6 103 109% 8634 Oallea Val(Dept) Colotu 734s '14 AO 8634 Sale 8512 Queensland (State)tat].178 1511 A 0 105 10576 10412 105 83% 95 12 104 110 Central Agri., Dank (Germany)-97 26-year external es 9778 97 97 1947 F A 5 5518 10414 3 93 94 Farm Loan 5 I 75 Sept 14 1950 MS 93 94 9218 981 997 : Rio Grande do Sul Intl 5185 1946 A 0 98 Sale 98 41 84 Farm Loan s 1 6e July 16 1980 33 84 Sale 8214 66 External 69 7714 68 90% 681 66_1968 sinking J D fund 84 Sale 27 825 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 Chile (Rep.)-ext I 75 1942 MN 102 Sale 10034 10212 32 Rio 98 de Janeiro 9712 9838 9814 A 10314 25 0 1946 9912 -year s f 8s8911 Sale 39 89 90 External sinking toad 6/1_1960 * 0 External. I 6 34, 76 Sale 7438 88 945/1 78 1953 F A 9014 32 Externals f fie 1961 FA 8914 Sale 8914 2 88 29412 Rome (City) art! 634. 3119 9 5 4371 1952 A 0 9118 Sale 90 91,4 142 8 5 969 °4447932: 11996"8"88953101/414'42 6 7779 8934 Sale 89 8912 Ry ref eat! f ea 1961 J 103 Rotterdam 104 88 103 94 _1964 (City) Si N 10312 ext.! ea_ _ 6 108 16612 29 90 Sale 89 Extl sinking fund 6, 1961 M S 8914 Roumania (Monopolies') 78_1959 F A 82 88 94 83 8238 83 go 20 90 Ertl sinking fund es 1962 MS 894 sale 8834 8812 88 9414 Saarbruecken (City) els_ _ -.1963 J J 87 Sale 87 sale 8872 8934 142 Ell'sinking fund Os 1963 MN 8814 91% Sao Paulo(City) if Se_Mar 1952 Si N 9934 Sale 9934 9934 4 2 9 5 14 9989 9 79 9538 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 San Paulo 94 1003 4 Sale (State) 993 100 8 eat! 4 f 88.1938 4 J J 1003 24 96 10214 4 15 89 8938 Guar a I ea Apr 30 1961 A 0 89 Sale External 81512 9212 see 94 9412 Sale f 88 19601 3 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 9478 25 Chilean Cone Monte 7s 1960 MS 9412 Sale 94 921/ r9s1 External s f as 1968 J J 6934 Sale 69 2114 70% 13 65 7 81 22 27 Chinese (Hukuang Ry) 5e_ _1951 ID 24 Secured. 21 17s 30 1940 A 0 9014 Sale 8914 9034 365 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 Saxon State Mtge 0183 lust 9918 75..1946J Sale 4 9918 9914 7334 18 Colombia (Republic) 68._ _1981 J J 7334 Sale 7212 Sinking fund g 8 4s_ _Dec 19463 D 8312 9314 9414 July'30 ---1167s (83 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 10838 Sale 10734 68 10878 78 3 108 8 9975/1/7 7218 953. 0915 Colombia MIS Bank 0148 of 1947 A 0 72 Sale 72 6514 8214 Serb. Croats & Slovenes 85 '62 Si N 9478 Sale 9358 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 82 9814 22 9734 Sale 9734 Copenhagen (City) 5a 1052 J 9554 99 Silesian landowner, Assn de 1947 F A 81 Sale 80 81 17 45 72 84% 9214 923 4 923 8 923 4 MN 6814 931, Soissons (City of) extl 13a. _1936 NI N 10412 105 10412 105 26-year g 4 344 1953 24 10112e105 11 89 came% (City) eat' 5 f 7s . 1957 FA 89 Sale 82 7614 93 Styria (Prov) external 91 7s_1946 F A Sale 91 91 5 9314 External s f 7s .Nov 15 1937 MN 9314 Sale 9214 112 98% Sweden external loan 5148..1954 M N 10534 Sale 1053s 106 8 2 76 8 0 1110 0 87 8 314, 119 00 08 3, 1 1 97 Cordoba(Pray) Argentina 781942 J J 9412 Sale 9412 92 100 Swiss Confed'n 20-yr if 88 _ 1940 J J 10758 Sale 10714 108 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 10538 10538 30 l0212 11538 1 997 8 998 100 993 4 lb. 54 (Republic) M S of 1901.1944 98 101 O Tokyo City be loan of 1912_1952 M S 7758 80 79 79 3 7472 82 External 5,01 19i4 ger 4.19411 FA 101 10012 10014 June'30 External s f 534s guar. 19411 A 0 9112 Sale 9038 9112 99 17 100 102 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 12 100 14 101 Sale 101 1953 J Rfnk1. g fund 5 t4s..jan 15 99 101% Tronoillem (City/ lot 5,4, 1957 *1 9812 Sale 98 9812 -1-4 63 972 4 15l 8751 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 8934 8934 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 9658 87 75 9678 Wurs gasps yr Last Sale. Ask Low Sale 106 Sale 96 Sale 94 9712 96; 8712 8678 Sale 74 Sale 9612 sIB High No. Low 10838 64 76 97 105 95 8 98 16 87 7558 10 9678 11 10312 May'30 9412 June'30 2 8734 8734 4 87 87 9514 95; 81; 8158 9512 9714 115 9258 June'30 2 9114 9114 9134 9212 Sale 9114 9234 18 8814 Feb'30 85; 89 9134 0312 92 June'30 2 92 9134 9334 92 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 9934 1-601-2 100 6 92; 9118 9234 9214 4 64 62 Sale 62 5212 57 53 June'30,-- 8834 84 June'30 - 101 10214 101 May'30 104 94; 9518 8818 87 9512 Ig78 8158 8378 9612 Sale 95 9534 49 94 June'30 lolls 6;1-e- 100 10014 74 99 Mar'30 gt-tie 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 8658 8712 33 17 104 10414 10358 104 10114 375 10118 Sale 99 3 103; Sale 103; 10334 16 00 88 8912 90 62 Apr'30 6214 9634 June'30 96; 95 Aug'29 Jan'30 100 78 Feb'30 8114 8512 93 ____ 9234 June'30 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 8478 June'30 85 86 9458 June'30 10134 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 9658 27 9658 Sale 96 9614 96 9612 27 96 87 96 96 Sale 9534 103; Sale 10314 103; 48 10334 72 103; Sale 103 18 111 Sale 11012 111 117; Sale 117; 117; 28 _ 11314 Jan'30 _55i4 9934 9934 20 8734 Sale 8712 8812 131 9812 Sale 9812 9978 18 103 Sale 10258 10312 54 10212 Sale 10178 10258 36 9812 ____ 981s May'29 3 8012 8478 8012 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'30 105 Sale 10434 10514 10034 100 Sale 100 8678 - 8612 June'30 101; June'30 10238 1-12T91-4 10112 Apr'30 10212 May'30 84 85; 85 85 - -- 9934 June'30 99;98 9812 10114 June'30 112 11112 113 112 10912 11112 10918 June'30 93; June'30 9418 94; 8 9412 94; -61390 Mar'30 9214 94; 92 May'30 10438 104 Sale 10378 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'29 104; 17 10458 1 10212 10212 48 100; 101 99 June'30 37 99 9814 0034 Sept'29 98; 97 9834 Sale 98 5 102 10118 - 102 _ 9112 May'30 90 92 9118 9058 June'30 -9012 92 88 June'30 _ 100; -- 10078 June'30 _ _ -10034 333 10034 Sale 100 6734 68; 67; June'30 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 100; Sale 9934 10018 19 14 109 109 Sale 10734 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 -- 11058 104; Sale 10212 _ 10058 101 100 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 Chic Ind k Ioulev-Ref 131)._1947 23 11258 114 112 June'30 Refunding gold M 10434 108; 1947 J J 10312 1044 10312 June'30 9312 8912 92; -_ 92 June'30 Refunding Is series C 1947 J 4 103 lit J. gen 6e series A 94 9814 1966 MN 10234 103 10214 88 c98 let & gen Baser 13___May 1966 22 10714 10734 10712 June'30 2 92 92 Cnic Ind & Sou 50-year 4s 1956 J 82 c95 7014 83; Chic L 13 & East let 430__ _1969 ID 99 10212 9858 June'30 95 9814 Ch M 1St P gen 41 A May 1989 ii 8434 85; 8434 June'30 85 Mar'30 Q J Registered 6 Gang 330 ser B_ _May 1989 22 7012 73e 10034 10312 9512 12 92 Can 444s series C__ May 1089 22 95,2 Sale 9418 9412 9 782 2 : June'30 Gen 4 87312 831s 8812 series E _ _ _ _May 1989 J J 0414 95 Gen 43.48 series F__ __May 1989 J J 9934 Sale 98 9934 44 85 87 9212 9534 Chic MIN,SIP & Pac 5e_ _ _1976 FA 8834 Sale 8714 130 89 430 5712 Sale 5314 58 A0 76 8918 Cony ad) 58 Jan 1 2000 9158 9714 Chic & N'west gang 5 MN 78; 7914 7814 7858 92 - 9 7114914 7 June'30 90 9234 Registered Q F 7158 -_ 6 General 4e 8713 93 1987 MN 9158 9112 24 8778 93 Stpd 41) non-p Fed In tax '87 MN 9112 Sale 90 10412 3 8538 8814 Gen 4345 stpd Fed Inc tax.1987 MN 10438 105 10414 1 11018 11034 110 110 Gen 55 stud Fed Inc tax_.1987 M 87 9212 5 MN 105 ____ 10812 10812 88 94 Registered 19 06kb0 2 June'30 , e3 Sinking fund deb 58 8914 92 1933 MN 102 12012 14112 MN 99 Registered 7 88 15-year secured g1310_ _ _ _1936 MS 108 109; 109 9214 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 519 S 9 a 8 le 9 8 7 58 9 8 9 1 1 2 MN 9 9 7 's 10214 104 Cony 4I4e series A 1049 95 9712 1 98 1 8 98 1 8712 8 98 11142 8 Chic R I & P Railway gen 48_1988 J 2 91 10012 104 5 Registered 87 87 J J 9814 138 90 96 Refunding gold 4s 1934 A0 98 Sale 9734 Jan'30 _ 95 0212 9212 A0 Registered 95; 82 Secured 4 348 series A 9618 100 1952 MS 957 Sale 95 9958 254 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 82; 85 June 15 1951 ID 8638 Memphis Div 1st g 48__-_1951 3D 9038 -92 9012 Mar'30 09 /01 Chill L & P lst eons g 58_ _1032 A0 10018_ 10012 June'30 9112 9534 A0 _ _ _ _ 1-1;(112 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 1963 3' 10434 _ _ _ -1105 102 102 10312 8 Guaranteed g 5e 1944 J O 10312 sale 10314 let guar 654s series C___ _1963 3, 11514 115; 1154 11558 18 10118 106 2 Chic & West Ind gen 6s_Dec 1932 QM 10258 Sale 102; 102; 10812c111 9014 21 Consol 50-year 4.8 91 9512 9014 Sale 89; 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 9638 -99 - -- 9612 June'30 98112 10434 C I St L & C let g 4a_Aug 2 1036 Q F 97 9 1 ____ 9612 10158 105 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 10038 15 tOO 166-1931 J J 10014 General 5e aeries B 104 1 0514 108 Apr'30 _ 78 78 ID 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 9834 Sale 97; 98; 370 Cairo Div Ist gold 4.1 _ 98 1-15f7Z 1939 J 2 9534 9612 9514 June'30 87 Chi W & M Div let g 41_1991 2J 88 87 20 87 81 St L Div let coil tr g 48_ _1990 MN 89 8758 89 14 9374 943e Spr & Col Div let g 46._1940 MS 03 - 93 Apr'30 9934 103 93 W W Val Div lets 41_ _ _ _ 1940 .1 J 9Jan'30 90 9.5 _ 104 June'30 9912 10112 CCC&I gen cone g ' 3 10334 101 Cloy Lor & W con ist g 5a_ 1933 A0 10034 ____ 101 1 10212 10534 Cleve & Mahon Val g 58 ' 3 10018 ____ 9912 Apr'30 _ 1938 93; 9712 Cl & Mar lit gu g 430_1935 MN 100 ____ 100 Mar'30 _ _ Cleve & P gen gu 434i ear B_ 1942 A0 9918 ---_ 10034 Mar'28 9214 97 Series B 330 9214 97 1942 A0 8714 _ _ _ 87 Mar'29 9512 Nov'29 9914 10334 Series A 430 1942 ▪ J 99 June'30 - _ 86114 _ _ _ 8614 Je'30 Series C 310 10114 10334 1948 MN 86 _ 8618 May'30 10934 112 BenieeD354s 1950 FA - - 100 July'30 Cleve Sher Line let gu 43411- 1961 A0 100 101 113 118 11314 11314 Cleve Union Term 1st 533e 1972 A0 110 Sale 10934 11058 27 105; 6 9818 1003e let a I 5.1 series B 1973 A0 10534 sale 10514 lot•f guar 434i nen C 8312 581 2 1077 AO 100 Sale 9912 10014 81 965s 100,2 93 93 2 10914 )035 Coal River Ry let gy 4e. ..1945 3D 9158 ___- 99; 10018 28 Colo & South ref & ezt 410_1935 MN 10018 sale 10112 103 9578 Sale 9514 9572 51 Genl m 4Meser A 1980 l'd N 91 1 8558 Col &13 V Ist ext g 4e 74 1948 AO 01 Sale 91 9912 10212 Col & Tol let ext 4e 1955 FA 8634 -- 88 June'30 8612 Feb'30 106 1101 : Conn & Paesum RI, let 0._1943 A0 87 70 -7-S. 73 June'30 _ _ _ _ 8534 8534 Consol Ry non-cony Is 1954 3 70 70 4 73 Non-eonv deb Is 82 8512 1955 313 70 7318 June'30 _ _ - _ Non-cony deb le 1955 A0 6712-72 - -- 76 June'30 _ _ Non-cony debenture 4e 10158 105 1956 J J 68 57141 37 Cuba Nor Ry let 530 10058 104 1942• D 5612 Sale 5612 74341 Cuba RR 1st 50-year 5.g,...1952 ii 7414 Sale 74 5 100 100 8612. 16 let ref 734e 104 105, 4 series A 1936• D 8612 86; 8612 78; 78781 let lien & ref 611 Ger B__ _1936• D 78; 82 5 , 2 1027s 98 8412 89 _ 100 June'30 32 99; _ 100 10138 Day dr Mich lit cons 4 94 35 98 10112 Del &Hudson 1st &ref M....1943 MN 94 Sale 9334 101 3 30-year cony Ea 1935 AO 100 10114 9618 100 103 105 15-year 510 30 8119 8538 1937 MN 1044 Sale 10414 9614 Aug'28 D RR A Bridge lit gu g 44..1936 FA 9618 9912 100 95141 37 9512 102 Den & R G let cone g 4s_ _ _1936 2i 9458 Sale 94; 98 9812 12 Consol gold 410 1936 32 97; 09 107; 113 93 Sale 0014 Den & RU West gen 5e..Aug 1955 M 93 1 73 107 Ill 91 03 Ref & impt Si ser B_Apr 1978 MN 92 Sal 31 904 9338 e 30 June'30 25; 9114 9512 Den M & Ft D 1st ge 4s..-1935 J 30 25 June'30 _ Certificates of deposit 90 90 97 May'30,_ 90; e93; Des Plainee Val let gen 490_1947 MS 1955 3D 50 -61 6314 June'30 100; 10413 Dot & Mac let lien g 4. 59; 60 May'30 _ _ Gold 48 1995 J ID 50 100 Detroit River Tunnel 430._1981 m N 99; 100 100 1 102 foils Dul Miesabe & Nor gen 5e 1941 J 2 102 ---- 104 May'30 10012 Apr'30 _ 14127 A0 10212 _ 10112 10278 Dull Iron Range let 7934 Dui Hell Shore & Ati g 5s. _ 1937 23 7934 16- 79 2 974 102 9212 Feb'30 East Sty Minn Nor Dly let 45'48 A (3 94 _ 96 09 4 108 10534 106 1 99 East T Va.& (in Div let M 11/56 111 N 105312 5 94 02 3518 8 10358 10358 10358 Wein Jeltet& East 1st g te_ 1941 MN 10 6 8 103 ale34 101, 8 June'30 93; 0914 El Paso & S W let 58. 1965 A 0 96; 102 100; Sale 100; 100121 8612 9513 Erie let consol gold 7)1 eat_ _ 1930 M 7 .1 J 8714 Sale 8714 let cone g 4s prior 873st 14 8614 903 8314 May'30 _ _ 834 9914 Registered 9 1991 let coneol gen lien g 40...... 1998 J J 8134 Sale 8053 8178 34 97 10118 79 May'30 _ _ ItegIstereu 1)8 10112 Penn eon 1.14181 gold A iiii- 114-- 101 101 I 1 2 F 2 11514 72 56 _ _1999 84 88 8434 84341 51 50-year eon, 4s switee A_ _1963 & 6372 69's 84 8514 8312 June'30 , ;) 8 Seriee 18 1 57 3 A( _ 7152 1 :8 59 83 80 81 June'30 Gen cony 4e series I) 41 lz 7012 9312 Sale 9212 8518 8814 93341 112 Ref & ilnpt 54) IA Ref & Impt 5e of 1930._ 195 9312' 372 75 3 A 0 93 Sale 9214 8418 841,, 5 11212 Sale 11212 112121 Erie A Jersey hate f(is._ _. 1955 J 92; 9/58 11218 113 112; 112181 Geneeme River 1st I f 50 _ 19572 3 89 c9612 98 1001s 3:rie & Pitts gag 334e aer 11_1940 J J 9114 -- 8658 Apr'30 9114 8578 Oct'29 Series C 3 He _ 10412 169 106 I 27 !rat RR extlaf 7e ______ 1/ 1 41 N 2 10534Sale 10558 10060106 - 1954 940 3 00 9878 June'30 _ Fla Cent& Pen let cone g 56 19432 59 84 89 87 87 I 6 Florida East Coast let 410_1959 J D 87 102 105 46 1074 xl 5 4312 Sale 40 43 73 lat&raf58serlesA 64 Range Since Ian. 1. HISS Low 112 113 10134 10412 92 92 99 10412 cl0412 104/18 92 80 9334 99 8418 13778 1113.3 85 7218 7478 9238 97 9238 9612 9712 100 85 96; 4912 7812 7712 5014 77 75 13772 9214 8818 93 100 1047a 107 112 105 10812 10018 102 99 99 10734 110 10434 107 95 99 9712 10514 92 88 8512 89 9,512 9814 95 95 92/ 1 4 98 9512 101, 4 10312 10412 102 102 88le 92 99% 10012 "siL1-1 88 97 9414 10614 103 los% 10134 104 114 11678 100Is 10258 8512 92 103 10538 9978 102 9512 9612 9514 97 9416 94 88% 944 8812 92991, 10012 105 108 103 106; 100 10514 9812 9878 92 97 8412 8712 841i 8914 93 94 90 93 103 10438 9958 101 9912 98 100 100 851* -111; Ms 88's 9712 113 , 2 10612 11058 10212 10558 90 10014 93 88 97 10314 9514 9578 8818 94 88 88 8612 1934, 70 78 ye TO 7318 7314 70 76 661y 75 74 84 80 9914 76 92 9912 loo 914 94 9618 107 1007s 10812 92s 97 9511 99 8872 99,8 8712 95 234 30 81 25 96 97 63 7412 6/ 60 9534 100 101 woe 10014 103 72 8434 9212 9212 100 106 102 103% 10114 l0314 10038 10134 84 c89 8218 84 74) 84 7614 79 101 101 8274 8812 13274 31671 84 81 90 , 4 98 00 9554 MAI 1/414 109 1)314 81358 8658 97 99 7912 90 40 01 247 New York Bond Record-Continued-Page 3 BONDS N. V STOCK EXCHANGE Week Ended July 11. 151 ?ontla Johns & Glov let 43481952 Al N Fort St II D Co let g 430_1941 J J Ft W & Den C 1st g 534e. _1961 J From Elk & Mo Val let 6a_ _1933 A 0 °HASA M &P let 5e_ ___1931 MN 2 211 extern; 55 guar 1931 Gale Hoes & Head let 56.__1933 AO J Ga dr Ala fly lat cons Is Oct 1945 fae. Caro A Nor let gu g 58_1929 .1.3 Extended at6% to July 1_1934 J J Georgia Midland let 3s._ 1946 A0 D :Imre A Onwego let 5s 1942 Or R & I ext let gu a 434e_ _1941 .1 Grand Trunk of Can deb 7n..1940 AD 15-year s I tle 1936 M S aray. Point Term let 5e 1947 JO Jreat Nor gen 7% Series A_ 1936'.1 JO Registered let & ref 41 / 4a aeries A ___1981 .3.1 J General 534e series, B____1952 General 38 series C 1973 J J General 43.44 aeries D 1976 J .1 General 444e series E _ _1077 .3.1 General 412s series Eternp 1977'.3 Feb Green Bay A Wee. deb ate A Feb Debentures ctfe B _ Greenbrier fly let gu 4s____1940 MN Gulf Mob & Nor 1st 534e___1950 AO lot M 59 series C 1950 AG Gulf & 8 1 1st ref & ter 5a.h_1952 .3.1 Hocking Vol 1st cons g 4340_1909'.3 Registered 1999 ./ Housatonic fly cons g 5e 1937 MN HATC 1st g 58 Int guar 1937'.3 Houston Belt A Term let 55_1937'.1 Houston E A W Tex let g 55_1933 MN let guar Is redeemable _ _ _1933 MN Hod A Manhat let 58 ser A _1957 F,( 4diustmentincome Is Feb 1957 AG Illinois Central lat gold 48_1951 JJ let gold 334e 1951 JJ Registered Extended let gold 3tie___1951 AO let gold 313 sterling 1951 AI Collateral trust gold 45_ _ _1952 AO MN Registered ____ let refunding 49 1955 MN Purchaeed lines 3349 1952.1.1 Collateral trust gold 46_ 1953 MN MN Registered N Refunding 5s 1955 15-year secured 634e g _ _ 1936 A 210-year 43.4e Aug 1 1986 Cairo Bridge gold 48 1950 Litchfield Div let gold 313_1051 Lotdev Dla A Term g 3301953 A Omaha Div let gold 3e....1951 St Louis Div & Term 938.1951 Gold 334e 1951 SprIngfleld DIv let g 334e 1951 aseetern Linea let g A A Registered III Cent and ChM St LA NOblot let ref Se eeriee A ___ 1963 1st & ref 434e eerie.' C.._ _1963 .1 Ind Bloom dr Weal 1st 515 45 1940 A 0 Ind III dr Iowa let if 44 1950 Intl & Louisville let gu 4e_ _1956 .1 Ind Union ay gen Is ser A 1965 Gen & ref Is series B 1965 IOtA Grt Nor let 6s ear A _ 1952 .1 Adjustment 6s Mr A July 1952 let be serleeB 19541 ii lat g be aeries C 1958 ii lot Rye Cent Amer 1st 58 1972 MN 1st coll tr 6% notes_ 1941 MN 1st lien & ref 634e_ 1947 FA /ewe Central let gold 5a._ 1938 J Certificate, of deposit Refunding gold 4e _ ____1951 MB fames Frank A Clear let 48-1959 3D Kan A A (I It tat gu g 5e____1938.1, Kan & M let gu g 4r1 1990 AG K C Ft BA M Ry ref g 4s 1936 AO P.7an City Sou 1st gold 3a 1950 AG Ref & inapt 56 Apr 1950 J Kansas City Term' let 48_1960'.3 Kentucky Central gold 46_1087 Si Kentucky kind Term 434e_1981 J J Stamped 1961 J .1 Plain Lake Erie A West let g 59_ _ _110 J J .1 1i 96 37 22 8gold sll &Is g Mich D 334s. 1997 Registered 1997 J D 25-year gold 4a 1931 ,4 Registered Loll Val Harbor Term au 56_1954 F A Leh Val N Y let au g 434e__1940 J .1 Lehigh Vol(Pa) cone g 4s2003 M N Registered M N General runs 414s 2003 M N Lehi Valley Ft R gen 55 settee 2003 MN Leh V Term Ry let gu g 5.4_1941 A 0 Leb A NY let guar gold 4s I945 M S Lox & East let 50-yr Is gui _ _1085 A 0 Little Miami gen 48 series A.1062 M N Lang Dock consol gee 1 A O 935 163 Ulna Isl.] Int eon gold 58.11113' (1 .1 let consol gold 4e..._July 1931 Q J General gold 48 193$1 J Gold Is 1932 .1 D Unified gold 43 1949 M 8 Debenture gold 515 20-year m deb 5n Guar ref gold 4s 1949 M s Nor Sh B let con gll An Oct '32 (1 .1 Louisiana A Ark let 58 tier A 1969 .1 &Jeff Bilge C'o gd g 48_1945 Poi Louie Louleville A Nashville 514. _1937 al N Unified gold 4.3 1940 ./ J RegIttered .1 Collateral trust gold 58._ 1931 1N refund 630 let series A _ _2003 A 0 let & ref 58 series B 2003 A 0 1st A ref 4345 series C-----1)03 A 0 When lamed. 50 Paducah & Mew Div 413_ _1946 F A St Louis Dlv 211 gold 3e _ _1980 al 8 Mob & Moutg let g 446_1945 751 S South Sty joint Monon 45.1952 J .1 / A (in Div 40..195591 N AU Knox, r,oulov(in A fox Div g 43.48'21 MN Mahon Coal RR let Is 1934.1 .1 Manila RR (Smith Lines)48_1939 MN let ext 43 1959 M N Manitoba S W Colonize% 5e 1934 J D Man 0 11 & N W 1st 334e_1941 .1 .7 Mei Internet let 4s east& _1977 M S c Cash sale. 11 Due Fenruarv Price Friday July 11. oreek'i Rance or Last Sole. Rae go Sited Jan. 1. Ask Low Hiyh No. Low High 1 27 28 28 254 35 0812 9712 June'30 9418 9712 107 ____ 107 June'30 10511 107 10434 Sale 10414 10434 11 1024 105 101 ____ 10034 10034 10 99 101 1003 10014 Jan'30 9938 1005e 9812 3-9938 __- 9812 1 9112 9414 9933 ____ 85 84 June'30 814 85 9312 997 100 July'30 99 10214 73 Mar'30 8513 73 95 9834 Feb'24 9812 975 May'30 91512 07s 1103.2 1-1138 11012 111 22 10913 11214 10512 Sale 10434 10558 32 104 108% 9512 ____ 9612 June'30 95% 9733 11034 Sale 11012 111 137 10934 113 _ 110'z May'30 11012 11012 973 99 073 5 973 94,8 9b38 11058 111 1105 111 38 10734 11112 106 Sale 10558 106 6 10314 10714 978 994 9734 9734 1 99 95 98 Sale 973 98 24 115 9814 9814 Sale 973 9814 52 97 9814 8018 85 80 June'30 80 80 2414 25 2414 June'30 23 32% 944 ____ 9314 Mar'30 91% 9314 10434 Sale 1042 10434 4 98 10512 9912 99 June'30 96 101 103% --__ 105 May'30 103 10518 994 Sale 99 9913 10 9514 9912 9712 Apr'30 9378 97,2 9912 _ _ 9913 June'30 9714 9912 100 10514 - - 102 Apr'30 9934 1(12 9912 10012 100 100 10 95% 10034 100 9912June'30 _ 9913 10113 100 1-02 101 July'30 99% 101 100 Sale 99 10018 117 93 1004 7914 Sale 77 SO 115 7914 84% ___ 96 96 1 91 98 85 95%87 84% June'30 _ 81 8658 8234 June'30 8334 82% 85 88'2 85 Jan'30 85 83 73 Mar'30 68 73 921 921 92 92 1 895s 944 8712 Mar'30 874 874 9 -41 9358 938 94 15 90 95 8612 871 8712 8712 2 82 8712 90 Sale 891 9034 21 8738 92 8712 Jan'30 8713 571., 1071-8 3;1-e- 10718 10718 1 1044 1074 11014 11012 11014 July'30 10712 11014 10034 Sale 10014 10078 38 97 c102 90% 9114 July'30 884 9114 77 June'30 _ 7473 77 __ 8534 8612 13 8213 8612 77 878312 7858 June'30 _ 7413 7858 77 78% 77i June'30 754 7713 87% _ _ 8734 8734 2 8238 87% 9312 _ 72 Sept'20 91 -9-3-12 9038 9038 - 4-841- ( 9213 Apr'30 9211 9212 105 10534 10538 105% 5 10214 107 99 Sale 98 99 95 99 26 891 ___ 8914 June'30 8914 8914 9312 8-95 9358 June'30 au 0358 8614 8634 87 June'30 84 88 10212 10314 101 July'30 100 10113 101 10014 Feb'30 100 101 102 Sale 100 102 23 99% 106 87 Sale 73 8812 214 7212 9212 9218 94 02 June'30 91 97 915 9312 9012 July'30 90 100 72 73 72 72 72 811a ____ 93 94 June'30 904 9412 9314 9413 9012 9314 90 0812 5 2412 2514 24 2,514 24 7 35 23 26 23 25 10 23 3412 65 65 678 6% 1 658 10 93 Sale 93 93 3 87% 93 10118 1014 Apr'28 86 -88 86 June'30 -881-4 8814 9658 Sale 9614 9633 28 9413 9714 7713 Sale 77 c78 13 744 SO 101 Sale 10034 10118 22 99 10212 9134 92 9112 92 45 884 9212 8912 _ 89 89 5 8712 9058 _ r„ 88 8512 Mar'30 8514 8515 9012 9212 9212 9213 88 9213 91 ____ 89 Apr'30 89 89 101 Sale 10112 1011z 5 100 102 100 103 101 101 5 1)9 103 81% Sale 803g 8112 26 / 4 8213 791 7812 81 783 783 1, 77% 7834 10014 Sale 10014 10038 55 9)i% 100% _ 10014 June'30 9913 10014 105 1-01614 105 June'30 ::::j 103 10834 10018 Sale 100 100 9834 10(1 90 9038 89 9018 31' 8052 91% 8713 Apr'30 86 8712 99 9912 9875 10018 9513 I0e13 10834 109% 10834 July'30 196 110 10212 ____ 102 103 1 101% 10313 90 Sale 90 9058 5 4! 8658 91 109 11334 109 109 2! 1041 / 4 100 90 90 5 8712 90% 10418 _ 10312 10312 14 103% 107 10014 101. 101 101 1 9914 1(11 _ 9838 Mar'30 _ 98% 985e 941 / 4 9518 99- 93 June'30 8812 69512 973 99 963 Dee'29 88% ____ 9012 June'30 -87T8 if 9912 _ 100 100 9914 10018 20 10078 Sale 1007 10078 9715 10078 9 9112 Sale 914 9112 4 87 9134 1003,, _ 10053 10058 1 9914 10053 8413 Sale 8358 8434 146 8134 87 9214 9334 9212 June'30 8913 9213 10278 ___ 10234 10234 1 10175 10314 91313 Sale 0612 9634 54 9414 97 _ 9412 Mar'30 9'2% 9412 101 ___ 1007 10078 2 99% 101 108 Sale 106 108 7 10312 108 10512 Sale 10518 10513 22 9913 1081% 9934 Sale 9918 100 76 98 100 98 lalar 30 _ 9404 96 93; .2 9353 June'30 _ 9113 93% 6714 gale 8714 6714 1 66 684 9734 ---- 97% Mar30 _ _ _ 973s 9734 9112 9234 9118 9212 36 89 9313 94 9512 9512 9512 1 9114 9512 100 ____ 100 June'30 - _ _ 98% 10014 102 10212 10018 Apr'30 9e33 100, 753 7612 7533 July'30 __ 7312 78 136 72 86 66 0 69 60 7 99 June'30 9914 100 9812 9078 8978, 87 May'30 ____ 87 87 RP _ _ __8 ' 6 June'30 411 6 Bid 26 SON OS N. Y. STOCK EXCHANGE Week Ended July 11, Mich Cent Det& Bay City 515.'31 M QM Registered Mich Air Line 4e 1940.3' Jack Lane & Sag 334e 1951 51 6 1st gold 330 1952 MN Ref & Inlet 434s ser C 1979 J J Mid of N J let eat 5s 1940 A0 Mil A Nor let ext 430(1880)1934 J Cone ext 434e (18841_1934 J D Mil Spar A N W 1st gu 48_1947 MS Milw & State Line lat 334e_ _1941 J J Minn Alt Louie let cone 58_1934 MN Temp etre of deposit 1934 MN let A refunding gold 4s 1949•S Ref & ext 50-yr loser A 1982• F Certificates of depoelt MI St P & SS at con g 4a Int gu '38 i--J 1st cone 5a 1938'I, let eons 5e gu as to lot....1938 .3.1 10-year coil trust 634e.,._5931 7,1 S 1st A ref fie eerie! A 1946 25-year 5%e 1949 MS let Chicago Term a f 4e 1941 M N Mlesiesinpl central let 5e_ _ _19411 J J Mo-III RR let 58 ser A 1959 J J Mo Kan A Tex 1st gold 48_ _1990 MO-K-T RR or lien be Der A_1962• J 40-year 4s series B 1962 .3.3 Prior lien 4344 set S) 1978 J J Cum adjust Is eer A Jan 1967 AG Mo Pac 1st & ref os ser A_1985 FA General la 1975 MIS let & ref 58 series F___..__1977 M let A ref g os eer 1978 MN Cony gold 594s 1949 M N Mo Pac 3117e ext at 4% July 1038 MN Mob A Bir prior lien g Is._1945 J .1 Small J 1st M gold 48 1945 J .1 Small 1045 5' Mobile A Ohio gen gold 4s 1938 51 S Montgomery Div let g 58_1947 FA Ref & impt 4.35e 1977 1st 9 Mob A Mal let gu gold 4s.._1991 at S Mont C let gu fie 1937 J J let guar gold 5a 1937 .1.1 Morrie A Fseex 1st an 334e 2000 J O Constr 51 118 ser A w 1 1965 at N Constr SI 4345 set B w 1_1955 MN Price Friday July 11. Week's Badge or Lao gale. 4• 4, 2 A'e Bid Ask Low Hied 1 10018 Sale 004 1004 100 Jan'30 9.51 / 4 95 Feb'30 79 lalar'26 8618 _ 8634 July'30 10014 Sale 99% 10014 72 93 94% 9433 June'30 9858 100 9711 Mar'30 98 9912 997 June'30 924 93 9178 1 91% 85_ 90 Apr'28 30 -2-g 38 May'30 3018 36 3018 304 918 Sale 9 10 10 8 15 1112 June'30 15 13 June'30 90 Sale 8814 22 90 __-- 93% 93 June'30 98 Sale 9734 12 98 100% Sale 10014 10034 10 92 93% 94 June'30 8312 86 87 June'30 8858 _ 91 1 91 _ _ 94 954 June'30 - - 78 79 7812 7813 10 88 Sale 88 8834 23 10378 Sale 10312 104% 57 8813 8912 8712 27 89 96% 98 9512 9613 40 102 Sale 1014 102 3 10138 Sale 10013 101% 2 7834 Sale 7712 7834 156 10038 Sale 100 10012 '157 10034 Sale 10018 1003 68 10813 Sale 107 109 69 93% _ 9338June'30 974 100 Mar30 ---96% 9613June'30 90-, _ 90 June'30 86 87- 87 June'30 954 ____ 951 96 3 2 -- 10034 10034 _ _ 964 100%96 June'30 ---fi, +8 87'z June'30 ---a 106% gale 10633 10618 : 4 1014 - - 95 June'30 ---8018 -854 8012June'30 10634 Sale 10614 107 25 10(1 Sale 9912 100 24 &Atte Since Jan it Low 100 100 944 HugS 101 100 95 8141, 88 91i1 10014 9438 98% 961, 9712 9634 9972 90 9238 377k 41'e 4114 30 9 10 1113 154 124 15 87% 1)113 92% 9778 0512 9912 99 10115 92 100 91 81 91 02 99 95 75 7812 8513 89 994 104% 8511 5912 9211 0612 100 10812 9914 101,4 74/ 1 4 81% 97 102 9654 102 10614 11334 94 91 100 100 95 9633 874 91 80 87 9258 96 964 10034 9414 99 8614 8)8 105 10678 95 10(34 77 82 10314 107 gm, 100 Nash Chatt A St L 48 eer A __1978 CA 924 Sale 92 9218 6 90 924 N Fla az S let gu g 55 1937 1' A 10012 ---- 101 June'30 100 101 18 July'28 -__Nat fly of refer pr lien 443_1857 J J __-. . J J ---- - - - - 7234 July'28 ___6 July 1914 coupon on 7,4 Sale Assent cash war rot No Son _973 86 7 7:8 6 4 Au 7g14 ' 629Guar 70-year s f 48 1977 814 9 Assent cash war ret No 3 on 71 3512 July'28 --__ Nat RR Mex pr lien 431e Oct '26 "i 14 Sale 13 14 7 12114 Assent cash war ret No 3 on 26 2,4 Apr'28 let consol 45 1951 TA--614 Sale 64 12 Assent cash war ret No 3 on 514 8 83_ 86 Naugatuck RR 1st g 4/1 - -- -1954 New England RR Cone 5s 1945 J J 9913 1-0g 92 9s8 -J c e 332 ° ‘ 11a tt uin% Coneol guar 4e 8 986 0852 % 9 1945 J J 92_ 9 28258 90 6032 Jun0 6 e ' 613 , 0 2 N J June RR guar let 48_ 1986 FA 8618 -66- 0 90 ; 85 N °AVE let ref A imp 4944 A '52• J 95 92 73 06 --1 -2 New Orleans Term let 4s_ 1953'J J 9012 -131-12 871, 914 9933 99 June'30 N 0Texas as Mex n-e Inc 58 1935 A 0 99 954 , 0174 93'2 94 44 927 . 99 1st 56 select] B 1954 ,co 9334 Sale 9713 98 98 9812 13 96 10054 IcC 53 aeries C FA 1956 9258 0 97 : 2 4 Jjuunnee.'3300 let 434e series 11 '958 FA 9 20;3 0 97414 24 101 let 53421 series A 1954 AO loii2 102 10112 102 10512 N & c 1idge gen guar 4)0_1945 J 9712 _ 10 00 134 alay0'231: 88,, 9212 B & M 15 let eon g 5e__1035 A 2 98 10612 Sale 10612 10712 14 10 1,10 724 9r 1 N Y.Cent RR cony deb 8e__1035 M ' 17 wee F A 9214 Sale Consol 45 eerie, A 12 97 101 Bet & imp 434e series A __20I3 A 0 101 Sale 10012 101 46 105 108 Ref & inapt 53 series C.._ _2013 A 0 10734 Sale 10718 108 8214 30 783, Rey N Y Cent & Hud Riv M 3As 1997 J J 8113 Sale 8112 7, ' '-'' _ 7712June'31.1 ____ Registered 1997 J J 9914 Sale 99 9938 25 a38 9'7 Debenture gold 45 964 9634 9634 963 4 14 g3 gm NA .1 30-year debenture 4.1 M F J 48..111996034248 3343 7958 81 80 80 1 Lake Shore col I gold 754 814 79 Sale 79 5 79 Registered 1998 F A 791 / 4 793 7914 Mich Cent coil gold 33413. _1998 F A 7934 2 78 51 4 51 80 12 7618 79 7812 Apr'30 ---78 8011 Registered 1998 F A 9812 Sale 9 67 3, 38 4 ma9 r83 , 6 2 „.4 N Y Chic & St L 1st g 4s 0 .. A 1937 9 64 34 , 93 8, ,, 3 Registered 1937 A 0 10014 -- 100 10014 25-year debenture 34 1931 MN 97 1001, 101, 8 Sale 10112 1015 8 31 2d ola series A B C 1931 M N 10214 Sale 1024 10 2 19 : 1.,,, , 9 02 87158 6% gold notes 10712 3_ °0 907 i 8 33 1r 9,7 33: 133 10 Refunding 534e eerier) A..112 2 A 0 10712 Sale 107 97 34 Refunding 5348 series B 1975 i J 9734 Sale 10712 7 97 Sale 974 Ref 434e series C 100 N Y Connect 1st gu 434a A _1 S 994 100 100 MA ' 954 10(04 3F 25 78 19 10334 Sale 10334 10334 25 let guar 5s series 13 90 June'30 ____ 9418 ____ 12?-2 12%; NY A Erie let ext gold 4e_1947 953 9F1 N A June'30 _ _______ 1 __ ____ 0 0 __ 100 18 Ap30 3d ext gold 434s % 1933 8,1 N 00,8 Igo 90 8 4th ext gold 5a A 0 10 N Y & Greenw I. au g 5a___ _1946 M 131 N VI, Ilarlein gold 334e_ _ 2000 MN NY Lack & W let & ref gu 5'73 MN 1st & ref go 43.35 ser II 1973 M N N Y L E & W let 78 ext_1930 M S N Y & Jereey let 548 N Y A Long Branch 4e _194l _S 1 N5F 32. 1. A _119 241 N Y & N E Beet Terre4s_ 1939 A 0 NYNFIA 11 n-c &.b 4a_ _ _1947 111 0 Non-cony debenture 3 424_1947 Al S Non-cony debeoture 3341_1954 A 0 Non-cony debenture 4e. 1955 J J Non-conv debenture 4a... _1956 MN Cony debenture 3 tin .1 1959 j J j Cone debenture Ile 11148 J .1 Registered Collateral truet Se 1949 Debenture 4,.. It A ref 434e ear of 1927_ 111)6 17 MN J D Harlem R A Pt Chee lot 4e 1954 M N NY O& W ref 1st g 4e _Juue 1992 at $ General Is _1955 .1 0 N Y Providence•Beaton 48 1942 A 0 N VA Putnam it con gu 45 1939 A 0 N Y Slam k West let ref 56_1937 J J 1937? A 2c1 gold 41549 General gold Be i Terminal let gold 048 I F al 3 1 f• 19 116 N Y W -ellen & II 1.1 ser 1 4las N vs] Ry ext'l sink fund 8 S59 1050 A 0 Norfolk South 151 & ref A 551961 F A Norfolk & South let gold 5e_1941 M N Norfolk•West ir29 gold lie. 1931 M N improvement A eat 11e_ _ _1934 V A 'Jew i12R W,,River 124refed r let aold 6.4_ _ _1032 A 0 Ry iles cone g 43_1996 A 0 & 1996 A 0 9112 964 9612June'30 ---82 --__ 82 June'30 ---- 96 9612 8012 82 prt0:2 3 2 -_-_-__- -5Tii, j60 -65.4 fOili 9971';A °e 71 10018 ____ 10033 Dec'29 ___- _5: :.8,8 ffitsips _114 S: a: 1e :187 065 01, __2 10 : 32 jjuu7 86 038 38 : 1( j el: 02370 8 ii 1: 8818 8618 -87___ 8714 June'30 -_-_-82 -85 8134 June'30 - -- - --78 931* 55l 75 5%14 8 887561/4 9 861I 8 79 9 42 8 16 .2 7 Sale 79 Sale 7878 79 9 12214 Sale 12014 1223 64 i662 1_66:_ 10 20 612June'30 __ 19{ V I:. 80% Sale SaleS 8014 9 5 893 1111 ale40 4714 90',.... 9012 92 8212 84 ___ 4 8: 923 11113 24 '1un19 :563 1: 3° 4 -611:2; 42 June'30 ---9012 June'30 ---89% June'30---.. 83 July'301 ---75 Mar'30 --__ 80A8 12 80071, 1,,1 73 : 7418 80 1204 136 314, 1,8663 77 Ills 8 45 713 ;2 115 14 42 54 9012 9012 8512 90 8812 80 76 78 78 70-0 0 934 272 9 70 9 172 June'30 ---4 9 74 11T; 7 9 88 88 Sale 8718 23 se3 924 106 Sale 10512 10614 72 i0212 10814 / 4 58 Sale 571 58 2 10 5174 / 1 4. 10 79 178 19 008 4138 :1 2 Sale 100 95 438 984 15 S9 9, 9 _..2_ 1034 , June'30 1043, 1013 ___ 10214 June'30'.... 10214 10258 95 9514 96 9518 5 9013 954 925 93 91 June'30 --_ 90 91 New York Bond Record—Continued—Page 4 248 BONDS N Y. STOCK EXCHANGE Week Ended July 11. 114 Pries Friday July 11. Weet's Rases or Laid Sale Ask Low BM ; 4'1 Illul No., Low 11(un 1 9 9134 95 251 9234 9514 10112 10412 09 98 418 93 41 8812 9234 86, 8 90 44 637s 70,4 64 62 951z 9912 41 11112 11512 10312 10614 10312 10534 10512 10512 101 101 Norfolk & West (Concluded)— Div.i let lien .12 gee g 0_1944 ii Focal/ C & C Joliet La.. _1941 3D North Cent gen & ref 512 A__1974 MS Oen & ref 450 set A stpd..1974 M North Ohio lst guar g La. __1945 A 0 North Pacific prior lien la_ _1997 Q J Regletered Q J (Jon lien ry & Id if 3e_Jan 2047 Q F Registered Jan 2047 Q F Ref & Inlet 45sn settee A.._2047 ii Ref & Inlet Ca Enrico B____2047 lief & ImOt 5s series C_.__2047 Ref & beet fie series D__ .2047 Nor Pee Term Co let g 6e....1933 JJ Nor Ry of Calif guar if 54._1938 AC 9514 96 9458 96 10512 ---98 100 93 9414 9234 Sale 8878 911 8614 Sale 651 64 9812 Sale 11314 Sale 10512 106 10514 Sale 10312 10012 --- Off & L Chem 1st gu g 421-1948 J .1 Ohio Connecting Ry let 0_1943 M S Ohio River RR 1st g be 1936 J D General gold ba 1937 A 0 Oregon RR & Nay eon g 4e.1946 J D Ore Short Line 1st cons g 50_1946 .1 J Guar atpd cons 6s 1946 3 J Oregon-Wash let & ref 4s 1961 3 3 Pacific Coast Co let g be_ —1946 J D Pee RR of Mc) let ext g 0_1938 F A 20 extended gold 5, 1938 J .1 Paducah & Ills let s I 410_1955 J .1 Parls-Lyons-Nted RR esti as 1958 F A Sinking fund external 72_1958 M S Parle-Orleans RR ext 51413-1908 116 PaulLeta Rv tat ,k ref a f 7s-1942 M Pennsylvania RR eons g 48-1943 M N Consul gold ts 1948 M N La eteri stud dollar _Slay 1 1948 M N Registered Consol sink fund F A General 43e series A.._.1965 3 1) General 56 eerie( B 1968 J D 15-year reeured 614e 1936 F A Registered 1, A 40-year secured gold 58_1964 M N Deb 410 1970 A 0 Pa Co gu 350 coil tr A reg-1937 M S Guar 350 Coll trust eel 11_1941 F A Guar 3 Hs trust etfs C...1042 3 D GUal 350 trust ale D...1944 J Guar 15-25-year gold 49.1931 A 0 Guar 48 E Met etfe 1952 M N Secured gold 410 19153 M N Pa Ohio & Dct Ist & ref 4a5; Al? A 0 Peorie & Eastern let cone 0_1940 A 0 income 46 April 1900 Apr Penile & Pekin Un let 550_1974 F A Pere Marquette 18t ear A 50_1956 J J let to merles B 1056 3 J let g 450 scrim C 1980 m 8 PhIla Balt 3, Waah let g 0_1943 M N General Si series B 1974 F A 2 78 Sale 7712 78 9212 9218 Mar'30 10118 101 June'30 6 10138 EKI-e 10138 102 5 9314 9318 9438 10412 June'30 11141 : 5 10612 Sale 10512 105, 8 66 92 9134 Sale 0112 5512 61/ 55 June'30 9512 9512 4 9512 100 10012 May'30 9712 9914 98 June'30 10414 Sale 10338 10412 193 44 1055s Sale 10512 106 10434 20 10434