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financial
lirtitude
VOL. 131.
SATURDAY,JULY 19 1930.
Einantial Tixronitle
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Change of Address of Publication.
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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.
Former President Coolidge, in his daily talks in
the New York "Herald Tribune," has sounded a hopeful note, and certainly something hopeful in this
period of gloom and depression in the trade and
industrial world is heartily welcome. In his remarks in the "Herald Tribune," on Monday, Mr.
Coolidge argued that the economic progress, not
only of our own country, but of the world at large,
has been retarded by three factors of uncertainty,
the German bond issue, the tariff revision, and the
long session of Congress. All of these have now
been removed, he points out. Business can stand
anything better than uncertainty, he contends with
a great deal of force. A bad situation it can write
off and then start anew, but when confronted by
the unknown it can only remain inactive.
The universal over-subscription to the German
loan he regards as most encouraging. "It shows
the financial world has confidence in the Young
plan and in the credit stability of Germany. It
was also a gratifying illustration of a broad desire
to restore Germany,and on our part of a continuing
purpose to help Europe." Mr. Coolidge concludes
by saying that "the worst and the best is now fairly
NO 3395.
well known about the tariff. Congress will cease
from troubling for a period of five months. International finance and domestic legislation have
reached a more certain position, and certainty is the
basis of business confidence."
This is all well enough, and most assuredly it does
seem as if the country had reached the lowest depth
of the depression, and that any change now would
have to be a change for the better. Yet Mr. Coolidge
leaves out of the reckoning that most troublesome
and that most disturbing factor of all, namely, the
continued decline in agricultural products and the
unfortunate plight of the farming classes—a situation bad enough before, but now made acute by the
operation of a bad law, put upon the statute book
out of a desire to help the farmer, but which really
threatens to result in his undoing. It seems impossible to arrest the decline in wheat. The most
that could be achieved thus far has been to bring
about feeble rallies, lasting only a day or two, after
which the price would dip lower than before. The
present week we have had new illustrations proving
the truth of the statement, the July option for
wheat in Chicago having again touched 857
/8c., the
low figure of the month and year, on Saturday last,
and also on Monday of the present week. After a
recovery to 89I/8c. on Wednesday, it dropped back
to 86%c. on Thursday. Yesterday another start
upward was made, and the price closed at 88/
1
2c.
In the meantime, the farming classes are clamoring
for further help at the hands of the Federal Farm
Board, and there really seems to be no way out of
the dilemma in which the Farm Board finds itself.
President Hoover is wisely backing up the Farm
Board in its determination not to indulge in any
further extensive purchases of wheat. Such purchases might have a temporary stimulating effect,
but in the end the farmer would find himself worse
off than before. The President is being most insistently urged to prevail upon the Farm Board to
abandon its policy of refraining to make further
purchases, when it already has in the neighborhood
of 70 million bushels, for which it paid over 30c. a
bushel more than prevailing market prices, and yet
the Western farmer can scarcely be blamed for sending out cries for help, inasmuch as wheat is his
great money crop, and as the price of the grain goes
lower and still lower, his daily means are rapidly
vanishing. What the wheat raiser fails to see is
that the whole scheme of Government aid is a mistaken one, and that for the Farm Board to keep
piling up stocks of wheat before the eyes of the whole
world is worse than folly. Everyone knows that
these stocks cannot be held forever, that a market
must be found for them sooner or later, and that the
only result, as far as the farmer is concerned, is
that his last state will be worse than his first.
318
FINANCIAL CHRONICLE
While saying this, however, we think the farmer
is fully justified in resisting the effort of the Farm
Board to force him to reduce his acreage, and in
resenting the action of the Board in seeking to
attribute all his troubles to the fact that he has not
heeded the advice of the Board to make a drastic
reduction in the area devoted to wheat with the idea
of thus cutting down the size of the crop. As far
as the immediate future is concerned, a smaller crop
,would doubtless be of great help at the present juncture, but this should be a matter of the farmers' own
choosing and not the result of Government pressure.
Members of the Farm Board have been traveling
through the Western farming States, making
speeches, the import of which is that acreage must
be reduced and that cutting the size of the crop is
the only salvation for the agricultural classes. As a
piece of logic, this is unanswerable. As a practical
method for dealing with farmers in distress, it is a
fatuous course, for it leaves wholly out of consideration the necessities of the farmer and reckons not
whether the sacrifice may not be too great—may not
mean the death knell of the farmer.
Left to the operation of economic law, these matters work out their own cure—gradually but
effectively. If the price drops to a figure where it
is no longer profitable to raise the crop, the producers by degrees drop out, the least favorably situated farms being the first to go, and quietly and
quickly an adjustment is brought about and the
equilibrium restored. But a huge Government
agency with a revolving fund of half a billion dollars at its command has stepped in to thwart the
working of economic law, and now, finding itself
helpless, seeks by its edict to revolutionize the agricultural situation in wholesale fashion—seeks to
accomplish, as it were, in a day what ought to be
left to the slow process of natural law with time to
assuage the process. Is it strange that the farmer
rebels? We need not keep out of sight his own
error in demanding the unfortunate piece of legislation which has brought him to his present pass. Yet
this is not a time for apportioning responsibility or
for drawing fine moral distinctions. Human nature
is ever fallible, and the degree of fallibility does not
matter at a time like the present, when the farmer
may be said to be engaged in a struggle for existence.
A Washington dispatch, published in the New
York "Times" on Thursday morning, announcing
that President Hoover had approved the plan of the
Farm Board not to indulge in further purchases of
wheat for the present, wound up by saying: "The
Administration intends to continue its fight to induce the farmer to plant less wheat, and, if possible,
to reduce ultimately the average domestic production from about 800,000,000 to nearly 600,000,000
bushels. As for emergency relief in the present
period of low prices, the Administration has no
remedy to offer, and none in mind, it was asserted
to-day by those in a position to know."
Possibly the Farm Board would not put its desires and intentions as bluntly as the statement
here quoted, but it reflects accurately the purport
of all its utterances. It accordingly appears that
the Farm Board would reduce wheat production
200,000,000 bushels. Consider what this would
mean, and who would have to bear the loss involved.
Unquestionably prices will rise if the United States
should permanently reduce its wheat crop 200,000,000 bushels a year, but what a sacrifice it would
riroL. 131.
involve. Admittedly, the intention is merely to
bring prices up to a fair level and not so as to gouge
the public constituting the great mass of consumers.
Given only a fair price, and the Western farmers
will have to apply this price to a crop reduced by
200,000,000 bushels. Is not that too much to ask
of them, and where would it leave them?
'Most important of all, what would Canada be
doing while we are voluntarily cutting down our
yearly crop by 200,000,000 bushels? Would not the
result merely be to make it easier for Canada to
dispose of its large surplus? On that point, we will
repeat what we said a year ago, when the Agricultural Marketing Act, which created the Farm Board,
was under consideration, namely, that in all the discussions of the subject no consideration whatever
is being given to the fact that the United States
has in the Dominion of Canada a next door neighbor
as vitally interested in wheat raising and wheat
values as we are ourselves.
The Dominion is a wheat producer second only to
the United States itself, having in 1928 raised a
wheat crop in excess of 566,000,000 bushels. If this
country maintains an artifically high level of prices
or voluntarily lops off 200,000,000 bushels from its
yearly wheat product, will we not simply be making
it easier for the Canadian wheat producer to market
his wheat and market it, too, in increasing quantities? It must be remembered that the Dominion haa
not been slow in enlarging its wheat production,
and that is one of the reasons why the world,for the
time being, is so over-burdened with supplies of this
grain. Canada last year (1929) suffered a crop failure, and in that year raised altogether only 293,792,000 bushels of wheat, but in all the preceding
years it kept steadily enlarging its production, so
that in 1928 it had a crop of 566,726,000 bushels
•against only 395,475,000 bushels in 1925. In tabular
form here is the crop record of the Dominion for the
last five years:
CANADIAN WHEAT PRODUCTION.
1926.
1929.
1927.
1928.
Bushels.
Bushels.*
Bushels.
Bushels.
293,792,000
440,025,000
566,726,000
407,138,000
*Crop failure.
1925.
Bushels.
365,475,000'
While last year's Canadian crop was almost a
complete failure, owing to drought, and, as a consequence, fell somewhat below 300,000,000 bushels,
the probabilities are that the present season the
yield will again be increased in amount of 50,000,000
to 100,000,000 bushels, and possibly more, inasmuch
as the 1930 Canadian acreage falls only 3% short of
that of last year. When our Western farmers are
asked to reduce their crop by 200,000,000 bushels,
should not the fact that the Dominion is making
no effort to reduce its own wheat crop be taken
into consideration? Is it really fair to ask our
Western farmers to make the sacrifice all alone?'
Is it strange, under these circumstances, that our
farmers should be little inclined to fall in with the
idea of the Farm Board? With the Farm Board,
through its subsidiaries holding 70,000,000 bushels
of wheat, and with the ordinary supplies of wheat,
both here and in Canada, of large size, as well as
elsewhere, the problem of dealing with the situation
is one of the most difficult that has ever confronted
the ingenuity of man. A true solution is not to be
sought in any such one-sided arrangement as that
proposed by the Farm Board and the Secretary of
Agriculture, under which the wheat raisers of the
United States would be obliged in drastic fashion
JULY 19 1930.]
FINANCIAL CHRONICLE
to cut down the size of their crop, while the wheat.
farmers of the Dominion would be free to do as they
pleased. A mutual arrangement between the two
countries,if such is possible, would be more befitting
the occasion.
The Federal Reserve statements this week call for
little comment. With speculation on the Stock Exchange somewhat more active, it is no surprise to
find some increase in the total of brokers' loans.
The total has risen during the week from $3,203,000,000 to $3,243,000,000, being an increase of $40,000,000. As this follows a contraction of no less
than $898,000,000 in the five weeks preceding, it
_apparently furnishes no occasion for concern.
Loans for own account by the reporting member
banks in New York City increased from $1,563,000,000 to $1,596,000,000, and loans for account of
out-of-town banks rose from $760,000,000 to $799,000,000, while loans "for account of others" fell
from $880,000,000 to $847,000,000.
In their own statements, the Federal Reserve
Banks also show changes that call for little comment. Member bank borrowing, as reflected in the
holdings of discounted bills, fell during the week
from $236,315,000 to $207,030,000. Holdings of
United States Government securities also are substantially lower, at $577,118,000 against $590,580,000. As partial offset to these decreases, holdings of acceptances purchased in the open market
ran up during the week from $148,945,000 to $168,667,000. The net result is that total bill and security
holdings, which reflect the amount of Reserve credit
outstanding, are some $23,000,000 smaller than a
week ago, standing at $960,116,000 July 16 against
$983,141,000 on July 9. Federal Reserve notes in
circulation fell during the week from $1,406,600,000
to $1,382,349,000, while gold reserves increased from
$3,018,131,000 to $3,030,745,000.
The stock market this week has shown growing
strength, notwithstanding that trade conditions
have continued mostly adverse. The steel mills are
working to somewhat greater .capacity than a week
ago, but that is simply because comparison is with
the Fourth of July holidays and shut-downs. The
price of copper is also once more tending downwards,
some sales of the metal at 11c. having been reported
the present week. However, the disposition is
to
believe that prices are scraping the bottom and are
more likely in the long run to move higher
than
lower. This view also prevails, whether justifiable
or not, with respect to the general level of commodity
values, though the statement does not apply to grain
prices, where the Farm Board is playing such a conspicuous part and the future of which seems to be
involved in considerable obscurity, though here also
there are many who entertain the idea that values
must be somewhere near bed rock. The stock market
showed almost uninterrupted strength on both Saturday and Monday, and the improvement was carried into Tuesday, though with some reaction as the
day advanced on considerable realizing sales. Downward reactions were very much in evidence on both
Wednesday and Thursday, but on both days the lead-ers of the market showed a strong rallying tendency,
and their strength eventually carried the whole market with it. On Friday the rally developed into a
sustained upward movement. Money rates did not
•cut any figure in the dealings, call loan rates on the
319
Stock Exchange having remained on Monday and
Tuesday at 21/
2%, and the rest of the week having
been at 2%. The following shows the more prominent of the stocks which touched new low figures for
the year the present week:
STOCKS MAKING NEW
Railroads—
internat. Rys. of Central America
Minneapolis St. Paul & S.S. Marie
Peoria & Eastern
Industrial & Miscellaneous—
American Beet Sugar
American Hawaiian Steamship Co.
American Locomotive
American Seating
Botany Consolidated Mills,class A
California Packing
LOWS FOR THE YEAR.
Industrial and Miscellaneous—
Congress Cigar
Fairbanks Co.
Great Western Sugar
Homestake Mining
Maytag Co.
McCall Corp.
Moto Meter Gauge & Equipment
Pet Milk
Pittsburgh Coal of Pennsylvania
Porto Rican-American Tobacco cl. A
Revere Copper dr Brass
Trading has been on a somewhat larger scale,
though falling off again the last two days. At the
half-day session last Saturday the dealings on the
New York Stock Exchange aggregated 906,190
shares. On Monday the sales were 2,737,700 shares;
on Tuesday, 3,091,680 shares; on Wednesday,
2,585,140 shares; on Thursday, 2,497,870 shares, and
on Friday, 2,750,550 shares. On the New York Curb
Exchange the sales on Saturday were 329,700
shares; on Monday, 627,900 shares; on Tuesday,
618,300 shares; on Wednesday, 524,900 shares; on
Thursday, 512,700 shares, and on Friday, 638,200
shares.
As compared with Friday of last week, larger or
smaller gains appear, as a rule, all through the
list. Fox Film A closed yesterday at 48 against
40% on Friday of last week; General Electric at 73
against 6734; Warner Bros. Pictures at 4534 against
411/
2;Elec.Power & Light at 74 against 671/
2; United
Corp. at 34% 'against 31½; Brooklyn Union Gas at
135 against 126 bid; American Water Works at 9434
against 87; North American at 1005
/
8 against 9234;
Pacific Gas & Elec. at 59/
1
2 against 57; Standard
Gas & Elec. at 95/
1
2against 90%; Consolidated Gas
of N. Y. at 1141/
2 against 107%; Columbia Gas &
Elec. at 66% ex-div. against 6314; International
Harvester at 85 against 801/
8; Sears, Roebuck & Co.
at 693
4 against 6514; Montgomery Ward & Co. at
4 against 56½;
37 against 341/
2; Woolworth at 593
Safeway Stores at 77 against 761/
4; Western Union
Telegraph at 171 against 165; American Tel. & Tel.
at 220% against 208; Int. Tel. & Tel. at 48% against
437
/8; American Can at 129% against 120; United
States Industrial Alcohol at 79% against 68; Commercial Solvents at 261/
2 against 2234; Corn Products at 97 against 92%; Shattuck & Co. at 38%
against 36, and Columbia Graphophone at 20
against 16%.
Allied Chemical & Dye closed yesterday at 274
against 2583
4 on Friday of last week; Davison
Chemical at 287
/8 against 26%; E. I. du Pont de
Nemours at 1101/
2 against 101%; National Cash
Register at 57% against 44; International Nickel
2; A. M. Byers at 801/
at 26 against 241/
8 against 7114;
Simmons & Co. at 281/
8 against 2314; Timken Roller
Bearing at 65 against 58; Mack Trucks at 571/
4
against 54; Yellow Truck & Coach at 28 against
26%; Johns-Manville at 85 against 72%; Gillette
Safety Razor at 78% against 671/
2; National Dairy
Products at 527
/8 against 501/
2; National Bellas Hess
at 9% bid against 9; Associated Dry Goods at 36
against 36%; Lambert Co. at 90 against 82½; Texas
Gulf Sulphur at 57% against 53%, and Bolster
Radio at 3% against 27
8.
/
The steel shares have been leaders in the upward
movement. United States Steel closed yesterday at
320
FINANCIAL CHRONICLE
2 against 157% on Friday of last week; Bethle1671/
2,and Republic
hem Steel at 84% ex-cliv. against 811/
2. The motor stocks
Iron & Steel at 48 against 421/
have also been strong. General Motors closed yesterday at 45 against 41% on Friday of last week;
2; Chyrsler at 311/
Nash Motors at 39 against 341/
2
against 28; Auburn Auto at 134 against 1081/
2;
Packard Motors at 15 against 13%; Hudson Motor
Car at 36 against 32, and Hupp Motors at 15%
against 14%. The rubber stocks have also moved
sharply upward. Goodyear Rubber & Tire closed
yesterday at 68 against 60% on Friday of last week;
B. F. Goodrich at 30 against 25; United States Rub.
/
4 against 21%, and the preferred at 47
ber at 251
against 43%.
The railroad stocks have moved upward with the
general list, though in a much more moderate way.
Pennsylvania RR. closed yesterday at 76 against
75/
1
2 on Friday of last week; New York Central at
170 against 1611/
2; Erie RR. at 43% against 42%;
Del. & Hudson at 166 against 157/
1
2bid; Baltimore &
8 ex-div. against 105%; New Haven at
Ohio at 1071/
1073
% against 107; Union Pacific at 222% against
218; Southern Pacific at 118% against 116%; Missouri-Kansas-Texas at 43 against 38%; Missouri
Pacific at 69% against 68%; Southern Railway at
99% against 95; St. Louis-San Francisco at 95%
against 911/
2 bid; Rock Island at 107 against 1031/
2
bid; Great Northern at 84 against 78/
1
2 bid, and
Northern Pacific at 77 against 74.
The oil shares have been, perhaps, more uniformly
strong than any others, influenced by the settlement
of the gasoline war on the Pacific coast and the
moves towards restriction of over-production.
Standard Oil of N. J. closed yesterday • at 741
/
4
against 68% on Friday of last week; Standard Oil of
California at 63 against 611%; Simms Petroleum at
231/
8 against 22 bid; Skelly Oil at 311
/
4 against 30;
Atlantic Refining at 371
/
4 against 35%; Texas Corp.
at 53% against 51%; Pan American B at 591/
2
against 58; Phillips Petroleum at 34 against 32½;
Richfield Oil at 18 against 18; Standard Oil of N. Y.
at 33% against 321
/
4,and Pure Oil at 221/
8 against 21.
The copper stocks are also moderately higher, notwithstanding further manifestation of weakness in
the price of the metal. Anaconda Copper closed yesterday at 52% against 48% on Friday of last week;
Kennecott Copper at 401
/
4; Calumet &
/
2 against 381
Hecla at 16 against 151
/
4; Andes Copper at 24
against 21%; Calumet & Arizona at 57% against
.541%; Granby Consolidated Copper at 23% ex-div.
against 211
/
2; American Smelting & Refining at 65%
against 621/
8, and U. S. Smelting & Refining at 19%
against 17%.
Stock exchanges in the important European financial centers were extremely quiet in all sessions of
the current week, with the price trends irregular in
every instance. Although advices from New York
were more favorable, traders in London, Paris and
Berlin preferred to remain aloof. International issues registered gains on several occasions because of
the stimulating reports from New York, but British
and Continental issues were slow and inclined to
droop. Several observers in London have remarked
recently that British finance is still suffering from
lack of confidence among the public as a result of the
Hatry crash of last year, while further unsettlement
has been occasioned by the steady fall of securities
and commodities. Trading on the London Stock Ex-
[VOL. 131.
change is also diminished by the world-wide business
depression, which London believes will continue for
some months without signs of improvement. Paris
reports indicate that total unemployment in Europe
now amounts to about 8,500,000. British unemployment alone is placed in the official statements at
1,933,500. Economic activity in all of Europe for the
first half of this year is estimated at 20% below the
rate for the same period of last year. Under these
circumstances stock trading is expected to remain
small in volume, while price trends are unlikely to
register any marked movements. A development of
interest in Germany is the failure of the plan reported some weeks ago for reducing all wages and
prices in the Reich simultaneously by 10%. This
attempt at regulation on a grand scale was upset by
the refusal of important sections of workers even to
consider the contemplated wage reductions.
The London Stock Exchange began the week in irregular fashion, with international issues the only
cheerful department. Business was on a small scale
all around, and price movements were narrow. British industrials moved uncertainly, but motor stocks
were a little better. British funds were firm, notwithstanding continuance of the gold drain to the
Continent. International issues improved steadily
in Tuesday's market, owing to the favorable dispatches from New York. Other departments of the
market were irregular, the gilt-edged issues also
sagging after a good early start. With prices of rubber and copper falling to new low levels, stocks of
companies in these industries also were depressed.
The dullness in the general market was continued
Wednesday, while prices remained uncertain. AngloAmerican stocks fell in this session owing to the
downturn reflected in the overnight cables. British
issues were inclined to ease, with the exception of the
gilt-edged list which remained steady. Stock prices
moved lower in general Thursday, with a few outstanding exceptions in the motor and artificial silk
groups. British funds were soft, as further gold withdrawals for French account were announced. International issues slipped downward along with other
stocks, as traders took little interest in the proceedings. Gilt-edged issues declined again at London yesterday, but international stocks were steady.
The week's business in the Paris Bourse was
started Tuesday, as the market was closed Monday
in celebration of Bastille Day. The initial session
was listless, with only a few professional traders
participating. A few orders accumulated over the
holiday period and as these were executed prices advanced slightly, but in subsequent dealings they
moved off to the previous levels and the market thus
remained virtually unchanged. Mid-month settlements were easily accomplished, but traders manifested no enthusiasm over this development. Trading
at Paris dropped to still lower proportions Wednesday, Bourse experts describing the session as one of
the slowest ever witnessed. Government rentes were
the only point of interest, these securities advancing
somewhat on a fair demand. All other sections of
the market were inert, and prices slowly moved downward. Business was again very small Thursday, but
the tone was better and most of the losses of the previous session were regained. The international section was one of the dullest on the Bourse in this
session. Prices at Paris were quiet and steady in a
further dull session yesterday.
JULY 19 1930.]
FINANCIAL CHRONICLE
Trading on the Berlin Boerse was small in the
opening session of the week, but the general trend
was toward improvement. A gain in investment purchases from Southern Germany was reported, and
this, together with favorable reports from New York,
encouraged traders to take on larger commitments.
The uncertain political situation was almost entirely
disregarded, and substantial buying orders were
placed for a few issues in the potash and chemical
groups. The Boerse remained fairly firm, Tuesday
although political troubles appeared to be multiplying. A little selling appeared in active stocks, but
the losses were confined to a point or two, while
gains in other issues were not lacking. Moderate improvement was again reported Wednesday in Berlin,
notwithstanding extremely small business:\ Sellers
were scarce, dispatches said, and the few buying
orders met empty markets so that prices in general
advanced. Reichsbank shares were up as much as
6 points at one time, but the gain was not full maintained. The Boerse was firm Thursday, as operators
took an optimistic view of the application by the
Government of the "dictatorship paragraph" in the
Constitution. Investment buying was substantial,
especially in the artificial silk section, and prices
were up as much as 7 points in some stocks. Mining
issues also were in demand, while other departments
were less active. Prices plunged precipitately downward at Berlin yesterday after dissolution of the
Reichstag was announced. Recent favorites lost all
their gains, while the entire list dropped heavily.
With an early vote on the London naval treaty of
1930 now likely in the United States Senate, every
expectation is entertained in Washington that this
agreement will be declared operative within a few
weeks. In this second week of the special Senate
session which President Hoover called expressly for
the consideration of the pact, dilatory tactics were
again used by the small group of opposition Senators.
Means were adopted Thursday for terminating the
delay, more than 30 Senators signing a petition
urging limitation of debate and application of the
Senate closure rule. As a result of this step voting
on the treaty is expected next week. That the voting
will be favorable is apparent, as a sufficient number
of Senators have declared themselves in favor of the
agreement to make passage certain. In Japan, where
ratification by the Privy Council is a requirement,
favorable action is also looked for. Consideration of
the treaty is to be hastened, a Tokio dispatch to the
New York "Times" states, owing to the fact that
the American Senate is now considering the pact and
that Japan does not want to be too far behind. Most
of the responsible Japanese newspapers are urging
speedy ratification, it is said. In Great Britain responsibility for ratification rests with the Cabinet
and not with Parliament, and there is thus no question of the acceptance of the treaty by the London
Government. Legislation designed to give effect to
provisions of the treaty is necessary, however, and
such bills were introduced in the House of Commons
Monday by A. V. Alexander, First Lord of the Admiralty. The measures quickly passed the first reading, and the second and third readings are to follow
shortly.
Negotiations between France and Italy for a naval
limitation agreement are to be resumed shortly in
a more favorable atmosphere than has recently prevailed between the two countries, reports from Paris
indicate. These nations agreed to certain provisions
'321
of the London treaty and it was understood that they
would try to reach a more general accord in subsequent discussions. Such conversations were actually started, but they were quickly terminated when
acrimonious speech-making developed on both sides
of the frontier recently. Somewhat more conciliatory statements were made in both countries last
week, and this resulted in an announcement from
Paris Monday that the two countries have agreed
to lay down no new warships during the next six
months. The naval negotiations are to be resumed,
and hope for some accomplishment in the direction
of limitation is thus fostered. An exchange of notes
took place, dispatches state, based on the original
suggestion for a "holiday" in construction made by
the Italian Foreign Minister, Dino Grandi. Foreign
Minister Aristide Briand of France took the suggestion up and the arrangement was thus effected. "In
reality neither country is sacrificing anything of
real value," a dispatch to the New York "Times"
said, "for they are both in the position of having
their yards virtually full with ships under construction, and it would 'be impossible to start any new
building for several months." In a report of Tuesday to the New York "Herald Tribune," it was
indicated that the negotiations may be widened to
include differences between France and Italy over
African boundaries and other questions. A treaty
of amity and arbitration also looms as a possibility,
it is said.
Dissolution of the German Reichstag was decreed
yesterday by President Paul von Hindenburg as a
result of the difficulties experienced by the Berlin
Cabinet in putting through necessary financial reforms. This move accentuates the Parliamentary
battles that have occupied the center of the political
stage in England, France and Germany alike during
the past 10 days. The respective Governments have
been in almost daily danger of defeats at the hands
of their more numerous opponents. The Governments in all three leading democratic countries of
Europe are minority regimes. In France and Germany, moreover, the Cabinets represent coalitions,
and they are thus subject to much internal dissension. Problems of grave importance have been under
constant debate in recent sessions of the House of
Commons, the Chamber of Deputies and the Reichstag, and attacks on all the Governments have been
severe, making their holds on office precarious matters. That this situation is not new is indicated
by the fact that the Labor Government of Great
Britain, which is the longest-lived of the three
regimes,is hardly more than a year old. The French
coalition Government of the Right parties came into
power late last year, while the Gerthan Cabinet of
the Center parties is only a few months old.
An overturn of the MacDonald Cabinet in Britain
was narrowly averted last week, when the favorable
margin of only two votes was recorded in a division
on an unimportant finance bill. The Laborites are
outnumbered by the combined Liberal and Conservative parliamentary groups, but they enjoyed Liberal
support until the close division of last week occurred. The Liberals have now decided, according
to Associated Press reports from London, that they
will no longer aid the Labor Government on divisions
affecting questions of policy importlant enough to
entail the possible resignation of the Government.
It is believed, however, that a few Liberal members
322
FINANCIAL CHRONICLE
will refuse to follow the party leadership of David
Lloyd George and continue to support the Labor
regime. Moreover, none of the party leaders is
anxious to accept the responsibility for overturning
the Government and forcing an expensive general
election on the country, and it is thus considered•
probable that no adverse vote will occur during the
present session of Parliament, which ends early next
month. A test was afforded Wednesday by a division on a motion of censure offered by Stanley Baldwin, the Conservative leader. This division, which
followed a debate on tariff policies, resulted in the
defeat of the motion by 312 to 241 votes.
Premier Tardieu of France averted the fall of his
coalition regime by dexterous maneuvering in the
final sessions of the Parliamentary meeting in Paris
late last week. A series of relentless attacks was
made by the Left party groups. On one occasion
a measure supported by the Government, though not
of its own creation, was defeated in the Chamber of
Deputies, but as the question of confidence was not
raised, resignation of the Government was not entailed. As the session wore to its end, groups in
the Chamber came near to blows. Routine fiscal
bills were under discussion at the time, but even
these produced bitter comments. The end of the
session, which is traditionally reached just in advance of the Bastille Day celebrations, was finally
attained with M. Tardieu still in office. To achieve
this end, M. Tardieu called for a vote of confidence
on a minor motion, and he was supported by a
majority of 48. This was sufficient to close the
session, and the Premier hastened to publish a Presidential decree adjourning Parliament until November. The political storm continued to rage, however, as three Left party groups issued a combined
official protest against the sudden close of Parliament.
Efforts by the Bruening Cabinet in Germany to
force a program of financial reforms through the
Reichstag resulted this week in momentous developments, which culminated in the dissolution of the
Reichstag yesterday. The program calls for fresh
taxes amounting to $115,000,000 to balance the German budget. The need for sound governmental
finance has long been resignized by the more responsible parties, while reference to the matter was
made on several occasions by S. Parker Gilbert in
his former capacity of Agent General for Reparations Payments. Important groups have consistently refused to accept the measures, however, and
Chancellor Bruening finally stated Tuesday that if
the Reichstag rejected his measures "the Government will, in the interest of democracy, make use
of all the Constitutional means necessary for covering the deficit in the budget." This was an obvious
reference to Article 48 of the Weimar Constitution,
under which dictatorial powers may be employed by
the President of the Republic in times of national
emergency. After a critical division of the Reichstag Wednesday and the breakdown of negotiations
for Socialist support, Chancellor Bruening took the
unprecedented step of levying the new taxes by
decree. Authorization for this step was secured
from President Paul von Hindenburg. "A new
chapter in the Constitutional history of the German Republic was thereby opened," a Berlin dispatch to the New York "Herald Tribune" said, "because it was the first time that Article 48 had been
called into use to promulgate measures over the head
[VoL. 131.
and against the wishes of the majority of the Reichstag." Use of the provision on this occasion was
regarded by many Germans as the "thin edge of the
wedge to convert Germany into a Dictatorship," the
dispatch said, with the result that German politics
are certain to become more embittered than ever.
A disgruntled Reichstag assembled yesterday to
consider the changed situation resulting from the
application by Chancellor Bruening of the powers
conferred on him by the President under Article 48.
A motion had been introduced late the previous day
for revoking the financial measures thus enacted by
the Cabinet, and this motion quickly came to a vote
and was passed by 236 to 221. Chancellor Bruening
thereupon declared the Reichstag dissolved, nullifying the action of the Parliament amid the din and
uproar of the Opposition parties. Communist members were particularly vociferous, and the noise
reached such a pitch that the final words of the
dissolution decree were completely drowned out.
New elections are now necessary under the law, not
later than Sept. 14 next, while the Parliament then
to be chosen will take its seats 30 days after the
plebiscite. The Bruening Cabinet will continue in
office until the new Reichstag assembles, ruling
under the powers conferred by Article 48. All the
financial reform measures enacted by decree, consisting almost entirely of added taxes to balance the
budget, will remain effective, it is understood. The
new election will be held less than 21/
2 years after
the last general election, which took place in May
1928. At that time representatives of 14 different
political parties obtained seats in the Reichstag,
with no single group dominant. Pronounced leadership was difficult in this situation, and the coalition
Ministries of Chancellor Bruening and former Chancellor Mueller have constantly been beset with difficulties.
Further discussion of the plan for a European
Federal Union sponsored by Foreign Minister Aristide Briand of France has been assured by the numerous replies received this week to M. Briand's
memorandum of May 17, addressed to the 26 other
European member States of the League of Nations.
The replies are alike in the sole respect that they all
favor the proposal in principle. Reservations are numerous in the replies received by the veteran French
statesman, while a wealth of suggstions is also made,
insuring animated discussion when the representatives of the 27 governments meet in the course of the
next League Assembly at Geneva in September.
When M. Briand's memorandum and tentative plan
were circulated in May a request was made that
replies be submitted on or before July 15. Eighteen
answers were received by this date, but several were
delivered thereafter, and it is assumed that all the
governments addressed will communicate with the
French Foreign Minister on the subject. Germanys
reply was delievered July 15 and promptly made
public, while Great Britain's response was delivered
July 17. The .views expressed by London and Berlin were favorable in principle to a discussion of
the project, but some of the views expressed, particularly in the British note, throw much doubt on
the effectiveness of the discussion.
The tenor of the British reply was disclosed at
Paris, Thursday, shortly after its receipt. While
closer collaboration of European States is considered desirable, Britain takes issue with the method
JULY 19 1930.]
FINANCIAL CHRONICLE
323
suggested by M. Briand, and indicates that in the follows: "All attempts at improvement in the po•
opinion of the London Government the desired ob- litical situation of Europe will be dependent upon
jects could better be attained within the framework the application of principles of complete equality
of the League of Nations. "His Majesty's Govern- and equal security for all and the peaceful adjustment is in agreement with the French Government ment of the vital needs of all nations. Wherever
in thinking it is primarily in respect of economic existing conditions oppose such principles, effective
relations that closer co-operation between the na. means for their correction must be found. It would
tions of Europe is urgently to be desired," the note be futile to attempt to erect a new Europe on a
states. "It further agrees that if effective economic foundation which would not support the vital re.
co-operation and concerted action are to be secured, quirements of national development." In the ecoit is essential that the economic questions should nomic domain the note holds the economic underbe considered not one by one, but as a whole and standing will reinforce the sentiments of solidarity
from the wider point of view of the general interests and security. Ways and means of winning larger
involved." The British Government questions, how. markets and facilitating the _exchange of products
ever, whether in the attainment of these ends "the between agricultural and industrial regions are
establishment of new and independent international urged, particularly in view of the present depression.
institutions is either necessary or desirable." Apart
Poland replied favorably to M. Briand's suggesfrom the difficult problem of co-ordination involved tion, urging, as did the French Minister, that politiand the possibility of confusion and rivalry, the cal security should come before economic union.
London Government "thinks it possible that an ex. Rumania signified her wholehearted acceptance of
elusive, independent European union •of the kind the plan, while calling for close economic co-operaproposed might emphasize or create tendencies to tion and the relegation of the political aspects to
intercontinental rivalries and hostilities which it is second place. Austria promised her co-operation
important in .the general interest to diminish or for the attainment of a European federation, and
avoid." In order to accomplish the desired aims, urged that efforts to this end should be closely conthe note suggests in place of the new European or_ nected with the work of the League of Nations. An
ganization proposed by M. Briand that European entirely favorable reply was made by the Portuguese
committees of the League of Nations be formed to Government. The Danish note welcomed the French
bring about closer economic co-operation.
is ex- initiative and formally accepted the invitation to•
pressly stated, moreover, that the reply merely con- the Geneva conference, but it suggested that the
stitutes tentative comments and suggestions, as the federation confine itself to economic questions and
careful and prolonged consideration due the pro- leave political matters to the League. The Norposal must be undertaken by London in consultation wegian Government expressed keen satisfaction in
with all his Majesty's Governments in the British the proposal and readily agreed to take part in the
Commonwealth. It was noted in a London dispatch September conference. Sweden also replied favorto the New York "Times" that there are many things ably and indicated that her representatives would
the British note left unsaid. There is no indication, work for closer co-operation among the nations of
for example, of how willing Britain would be to co- Europe. The Finnish Government remarked that
operate in concerted European tariff action, while the proposed federation must in no way diminish
the question of Russian and Turkish inclusion in the authority of the League, while Latvia urged
any scheme also was avoided. It was held that the that no nation be excluded from the federation. Alnote diplomatically declined the actual proposal of bania stressed the necessity of beginning the work
M. Briand, while expressing warm approval of the by the solution of economic problems to render poidea.
litical problems more accessible. Czechoslovakia
The German reply begins with the statement that produced a variation from the other replies in her
Berlin "heartily welcomes the proposal of the French suggestion that economic co-operation between
Government for a discussion of European problems European States could be furthered by regional
in all their phases, and also France's presentation agreements. Hungary welcomed the proposal, but
of its own views on the subject." Almost immedi- indicated clearly that problems of minorities and
ately thereafter it is observed that "no other State other questions relating to a revision of existing
experiences in equal measure as does Germany the treaties must be considered before she will enter the
defects in the existing structure of Europe, for, situ- proposed federation. The Greek note was cordial,
ated in the heart of the Continent, she is exposed to although the inclusion of the Russian and Turkish
the working out of these defects in greater measure Governments was suggested. The Belgian Governthan any other country, and no country is, therefore, ment recognized the usefulness of a European Union,
more vitally interested than Germany in the re- but expressed the belief that combined action in the
moval of these deficiencies." This statement and economic sphere is more important than political
others in the German reply, which was given in full action.
in a Berlin dispatch to the New York "Times," indicate that Germany is likely to utilize the occasion
An international financial transaction of much
of the discussion for urging a general revision of interest was completed this week by flotation in
the political structure of Europe. European non- seven capital markets of an Austrian Government
members of the League of Nations, such as Russia loan of $61,810,000 face amount, to produce an
and Turkey, should be included in the conference, effective total of $65,000,000. Funds are provided
according to Berlin, while the stipulation is added by the loan for improvements upon Austrian rail.
that the ultimate organization and structure of the ways, posts and telegraphs, which the Vienna Gov.
proposedfederation shall not be directed against ernment has been anxious to effect for several years.
non-European countries, nor impinge upon the au- This flotation indicates, much as the German Inter1110rity of the League of Nations. One point par- national offering did in June, that. steady progress
1; !daily .,mphasized in the German note was as is being made in the removal of the political, corn-
324
FINANCIAL CHRONICLE
.mercial and financial hindrances evoked by the
World War. The way was prepared for the Austrian loan by general cancellation of Austrian
reparations obligations by the conference of governments at The Hague last January, while a second
step of equal importance was taken when the United
States and a number of European governments subordinated their relief claims for advances made to
Austria immediately after the war. The present
issue, entitled the "Austrian Government International Loan, 1930," consists of 7% sinking fund
•bonds maturing July 1 1957.
A principal amount of $25,000,000 constituted the
American portion, which was placed on the market
Tuesday at 95 and interest, to yield over 7.40%, by
J. P. Morgan & Co., and associates. Other portions,
placed on the respective markets later in the week,
were: Great Britain, 0,000,000 ($14,580,000);
Rolland, £500,000 ($2,430,000); Sweden, 10,000,000
kronor ($2680,000); Switzerland, 25,000,000 francs
($4,25,000); Italy, 100,000,000 lire ($5,260,000),
and Austria, 50,000,000 schillings ($7,035,000). The
loan is secured by the gross receipts of the customs
and the tobacco monopoly of Austria, and it is preceded only by the 1923 loan of $126,000,000 issued
under League of Nations auspices and a small issue
known as the Austrian Government Czechoslovakian
Conversion Loan. Mali interest attaches to the
appointment of the new Bank for International Settlements as trustee for the loan, as it indicates one
of the functions in which the new institution is
expected to assume an important position. This
flotation is the first portion of an aggregate loan
of 725,000,000 schillings ($102,000,000), which will
be offered eventually as opportunity offers. All of
the funds so raised are to be applied to the same
constructive purposes.
An election of Communist Party officials, in
which Joseph Stalin again demonstrated his close
hold on the Soviets, was the closing event last Sunday of the sixteenth Communist Party convention
in Moscow. These party meetings are of great importance for Russia, as the considerations that are
at the base of practical Russian politics are therein
threshed out and decided. In this convention, which
began June 26, M. Stalin scored a distinct personal
triumph when the more moderate "Right Wingers"
recanted their "heresy" and agreed to support the
Dictator unreservedly. The final elections brought
further proof of his absolute mastery of Russian
affairs. Instead of expelling the contrite dissentients from the party, as has usually happened heretofore, M. Stalin retained M.Rykoff in the Politburo
and MM.Tomsky and Bukharin in the Central Party
Committee. The Politburo, which is the real Cabinet of the Soviet Government, contains three new
members, a Moscow dispatch to the New York
"Times" states. They are MM. Kaganovich, Kiroff,
and Kossior, who are described by the "Times" correspondent as "Stalin's leading henchman in three of
the most important sections of the Russian Communist Party—Moscow, Leningrad, and Kharkov,
respectively." In the closing speech of the meeting,
President Kalinin declared the convention was a
"full answer to those enemies at home and abroad
who had doubted Communist unity and questioned
Stalin's hold, and who had expected a bitter struggle
for supremacy or even a dangerous schism in the
party ranks."
[VoL. 131.
A series of resolutions was adopted'in the final
session of the convention urging the mobilization
of the industrial, agricultural and mining resources
of the country in furtherance of the "five-year" plan
of development. The iron and steel output, according to a summary of the resolutions contained in a
Moscow report to the Associated Press, is to be so
increased that by 1932 it will reach 17,000,000 tons
annually. The development of machine building is
to be greatly expanded in order to make the country
less dependent upon imported machinery. Russia's
dearth of fuel would be remedied by expanding the
coal industry and enforcing the utmost economy in
fuel consumption. An increase in the output of tractors and other agricultural machinery is to quicken
the pace of agricultural development. The congress
further favored an increasing use of foreign technical methods in Soviet industries and urged extension of the practices of sending 'Soviet engineers
abroad to study modern technique and of inviting
foreign engineers into the Soviet Union. Details of
the agricultural program as devised by the congress
include the development of animal husbandry on a
large scale. More collective and State cattle farms
are to be established. In the course of the next
year 4,500,000 hectares (about 11,200,000 acres) of
land are to be sowed with grain, and provision is to
be made that in 1932 9,000,000 hectares (22,230,000
acres) on the farms of the State grain trust be
placed under cultivation. The number of cattle on
the State ranges is to be increased to 3,200,000
this year and to 10,000,000 in 1932. One resolution of the congress provided that the defenses
of the Soviet Union should be strengthened. Another called for the development of the export industry to increase the country's reserves of foreign
currency and to speed up the process of industrialization.
Rioting that resulted in numerous fatalities developed in Alexandria, chief city of Egypt, Tuesday,
as a result of the strained political situation in that
country which followed the resignation of the Nahas
Cabinet on June 19. Incited by Wafdists, or Nationalist supporters of former Premier Nahas Pasha,
mobs of infuriated Egyptians swept through the
business quarters of Alexxandria, throwing stones at
the windows of European shops and causing Europeans to flee for their lives to the Stock Exchange
building and other points of concentration. The
conflict with the police that followed assumed the
proportions of a pitched battle. Thirteen natives
and one Italian boy were killed, and hundreds were
injured. Several companies of Egyptian soldiers
were called out, and they finally forced the mobs
back into the native quarters, making 147 incidental
arrests. Further disorders developed Wednesday,
when Egyptians outside the Government hospital
pelted the building with stones. Damage to property resulting from these incidents was not very
great, dispatches said. These developments are the
latest in a line of similar incidents which began
June 21, immediately after the closing of Parliament by royal decree. A number of natives were
killed in the earlier clashes, but this is the first
instance that involves Europeans. Some criticism
of the British Government was expressed by Europeans in Cairo, the charge being made that the
London Government had failed to protect the lives
and property of foreigners in accordance with its
J ULY 19 1p30.1
FINANCIAL CHRONICLE
international guarantee. Prime Minister Ramsay
MacDonald announced in the House • of Commons
Wednesday that the battleships Queen Elizabeth
and Ramillies had been ordered to Alexandria for
the protection of foreign lives and property.
The grave disorders of Tuesday followed a two
hours' silence in Alexandria, organized by the Wafdist adherents of Nahas,Pasha in memory of, those
who had died as "martyrs for the Constitution."
The present Cabinet of Premier Sidky Pasha, appointed by King Fuad to succeed that of Nahas
Pasha, had ordered the police to act delicately in
such situations, and the mob thus got out of hand.
Rioting has taken place from time to time ever
since the Nahas Cabinet resigned in protest against
King Fuad's refusal to support a measure forbidding
any Minister to dissolve the newly organized Egyption Parliament. King Fuad accepted the resignation and appointed Sidky Pasha to form a new Government, and Parliament was ordered closed immediately thereafter until July 21. Disorders developen promptly, as the Deputies objected to such
summary treatment. Nahas Pasha began a general
campaign against the present Government, and all
of the recent disorders have resulted from meetings
organized by his Wafdist supporters.
The growing menace of the Egyptian disturbances
was recognized in London, and political circles there
were reported last week considering the prospect of
intervention to preserve order. Apprehensions were
increased Monday, when a warning was issued by
Makram Ibeid Bey, member of the former Egyptian
Cabinet, that the situation is "very grave and indeed
critical." In his statement to the House of Commons in London, Wednesday, Prime Minister MacDonald said that both Sidky Pasha, the present Premier, and his predecessor, Nahas Pasha, had been
informed they would be held responsible for the
protection of foreign lives and property. "As early
as June 4, when the present Constitutional crisis
first showed signs of developing, his Majesty's Government instructed the High Commissioner that his
attitude must be one of strict neutrality," Mr. MacDonald added. "Consistently with that position,
it was left to his discretion to remind both parties
to the dispute that we, at this end, were doing all
in our power to maintain the good atmosphere in
which the treaty negotiations had terminated."
Statements in this sense were made by the High
Commissioner both to the former and to the present
Government, the Prime Minister explained, while
it had also been made clear that the British Government intended to adhere to its attitude of "neutrality
and non-intervention in what appeared to them a
purely internal issue for the Egyptians 'to decide."
The Bank of Spain on July 17 advanced its rate
1
2%, the figure in effect since
of discount from 5/
Dec. 19 1928, to 6%. Rates remain at 5/
1
2% in Aus1
2% in Norway; at
tria, Hungary, and Italy; at 4/
1
2% in
4% in Germany, Denmark, and Ireland; at 3/
Sweden; at 3% in England, Holland, and Belgium,
1
2% in France and Switzerland. In the
and at 2/
London open market discounts for short bills yesterday were 23
/
870 against 2%% on Friday of last week,
and at 27/16% for long bills against 2%% the previous Friday. Money on call in London yesterday was
1%%. At Paris the open market rate continues at
2/
1
2%, and in Switzerland at 2%.
325
The Bank of England statement for the 'week
ended July 16 shows a loss of £214,026 in bullion
and an expansion of £1,317,000 in circulation. Reserves, therefore, fell off £1,531,000. The Bank's
gold holdings now aggregate £156,371,428 compared
with £155,665,097 a year ago. Public deposits
showed an increase of £1,132,000 and other deposits
a decrease of £676,629. The latter consists of
bankers' accounts, which increased £54,805 and other
accounts which decreased £731,434. The reserve
ratio is now at 44.37% in comparison with 45.88%
a week ago and 43.86% the corresponding week last
year. Increases appeared in loans on Government
securities and in those on other securities of L1,570,000 and £432,891 respectively. The latter includes
discounts and advances which fell off £47,981 and
securities which rose £480,872. The discount rate
is unchanged at 3%. Below we furnish a comparison of the various items for five years.
BANK OF ENGLAND'S COMPARATIVE STAT1E
92
M
7ENT.
1930.
July 16.
Circulation.a
365,120,000
Public deposits
10,396,000
Other deposits
105,093,292
Bankers' accounts 69,587,620
Other accounts_ _ 35,505.672
Govt. securities.... 55,695,547
Other securities26,609,330
Disct..4 advances 6,217.583
Securities
20,391,747
Reserve notes .1: coin 51.251,000
Coin and bullion...156,371,428
Proportion of reserve
44,37%
to liabilities
3%
Bank rate
1929.
July 17.
367,324,000
11,565,000
98,632,924
82,811,877
35,821,247
42,711,855
37,203,356
13,568,391
23,834,965
48,340,000
155,665,097
43.86%
514%
1928.
July 18.
July 20.
July
19 21.
£
135,892,000 137,361.340 141,347,125
16.388,000 12,629,455
7,611,660
106,992,000 101.979,119 114.971,979
31,389,000 49,866,982 40.540.328
50,240,000 48,610,271 69,942,348
59,803,000 34,197.362 30,136,720
175,943,909 151,808,702 151,733,845
48.47%
414%
29.84%
24.59%
414%5%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues adding at that time £234,199.000 to the amount of Bank of England
notes outstanding.
The French Bank statement for the week ended
July 12, shows a gain in gold holdings of 287,307,076
francs. The total of gold held now amounts to
44,457,290,896 francs, compared with 36,660,637,935
francs at the corresponding week last year and 29,403,240 francs two years ago. Credit balances
abroad decreased 160,000,000 francs while bills
bought abroad increased 212,000,000 francs. Note
circulation contracted 401,000,000 francs reducing
the amount outstanding to 72,858,949,840 francs.
Note circulation last year aggregated 64,553,466,170
francs and the year before at 60,161,093,645 francs.
A loss is recorded in French commercial bills discounted of 550,000,000 francs and in advances
against securities of 71,000,000 francs, while creditor
current accounts rose 267,000,000 francs. Below we
give a comparison of the various items for the past
three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 12 1930. July 13 1929.
Francs.
Francs.
Francs.
Gold holdings- -Ina. 287,307,076 44,457,290,896 36,660,637,935
Credit bals. abed _Deo. 180,000,000 6,744,865,425 7,318,514,300
French commercial
bills discounted _Dee. 550,000,000 4,977,874,617 7,458,550,305
Bills bought abed_Ine. 212,000,000 18,912,279.707 18,469,740,088
Adv. Mt. secure. _Dec. 71,000,000 2,765,645,586 2,455,823,410
Note circulation. _Dec.401,000,000 72,858,949,840 64,553,466,170
Cred. curr. acct8.-Inc. 267,000,000 14,341,255,025 17,863,696,841
July 14 1928.
Francs.
29,403,240.563
16,539.734.45.5
2,109,658,512
12,708,441,030
1,941,039.991
60,161,093.64,6
7,413,992,390
The statement of the Bank of Germany for the
second week of July'shows a decline in note circulation of 305,107,000 marks, bringing the total of the
item down to 4,222,916,000 marks, as compared with
4,347,461,000 marks last year and 4,224,979,000
marks the year before. An increase appears in other
daily maturing obligations of 45,659,000 marks and
in other liabilities of 46,109,000 marks. On the
asset side of the account gold and bullion decreased
326
FINANCIAL CHRONICLE
77,000 marks, bills of exchange and checks 160,241,000 marks and investments 34,000 marks. Due
to a large decline in reserve in foreign currency of
238,877,000 marks, the item now amounts to
86,340,000 marks. An increase is shown in silver
and other coin of 22,472,000 marks, in advances of
14,410,000 marks, and in other assets of 143,678,000
marks while notes on other German banks decreased
_ 5,330,000 marks and the item of deposits abroad
remained unchanged. Below we furnish a comparison of the various items for the past three years:
REICHSBANICS COMPARATIVE STATEMENT.
Changes
for Week.
July 15 1930. July 15 1929. July 14 1928.
Assets—
Reich:marks. Reichstnarks. Reichstnarks. Reichsmarks.
Gold and bullion
Dec.
77,000 2,618,731,000 2,036,240,000 2,127.251,000
Of which depos.abr'd. Unchanged
80,095,000
149,788,000
85,626,000
Res've In for'n curr_ Dec. 238,877,000
86,340,000 351.902,000 200.098,000
Bills of exch.& checks_ Dec. 160,241,000 1,486,029,000 2,414,678,000 2,242,057,000
Silver and other coin_ _Inc. 22,472,000 162,162,000 130,987,000
94,854,000
Notes on otb.Ger.blts_ Dec. 5,330,000
9,508,000
19,120,000
20,401,000
Advances
Inc. 14,410,000 330,241,000 173,420,000
43,920,000
Investments
Dec.
34,000 101,068,000
92,878,000
93,996,000
Other assets
Inc. 143,678,000 729,431,000 516,776,000 597,957,000
L(ahlZfflet—
Notes in circulation - -Dec.305.107,000 4,222,916,000 4,347,461,000 4,224,979.000
Oth.dally matur.obllg.Inc. 45,659,000 426,712,000 614,939,000 618.655.000
Other liabilities
Inc. 46,109,000 264,122.000 331,205,000 227,200,000
Money rates were easy in all departments of the
New York market this week. A slight hardening of
time rates occurred, apparently in anticipation of
the usual seasonal increase in demand in the
autumn, but the level of rates remains low. Call
money was offered in abundance on the Stock Exchange, and the trend here was downward. After
renewals were fixed at 2/
1
2% Monday and Tuesday,
new loans were done on both days at 2% officially,
while in •the unofficial outside market deals were
arranged at 1/
1
2@13
4%. Call money on the Stock
/
Exchange was 2% thereafter for all transactions,
but money was freely offered in the Street market
2%, while on Wednesday, and again yesterday,
at 11/
some daily money was loaned at 11/
4%. The Richmond Federal Reserve Bank reduced its rediscount
rate from 4% to 3/
1
2% Thursday; otherwise there
were no changes in central bank rates. Brokers'
loans against stock and bond collateral advanced
$40,000,000 in the compilation for the week ended
Wednesday night, made public by the Federal Reserve Bank of New York. Gold shipments to France
were started in substantial fashion this week, a total
of $8,000,000 being shipped to Paris in two equal
lots. Further shipments are considered probable,
but no effect on the local money market is anticipated, for the time being, at least. This is partially
due to the fact that the exports were offset by receipts of $6,331,000 from South America.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, on Monday and
Tuesday after renewals had been effected at 2/
1
2%,
the rate on new loans dropped each day to 2%. The
rest of the week all call loans on the Stock Exchange
have been uniformly at 2%,including renewals. In
the case of time loans the market has been inactive
the greater part of the week and entirely devoid of
noteworthy feature. Rates have remained un2@23
changed at 21/
/
4% for 30 days, 23
/
4@3% for 60
4% for four and five months,
and 90 days, 3@31/
1
2% for six months. Prime commercial
1
4@3/
and 3/
paper in the open market continued in unabated demand throughout the week, practically all the offerings being quickly absorbed. Rates up to Wednes1
4% for choice names on four to six
day were 3@3/
months maturity, while names less well known com-
[VoL. 131.
manded 31/
4@3/
1
2%. On July 16, and for the rest of
the week, the quoted rates were 3/
1
4% for choice
names and 3/
1
2(4)3%7'
0 for others.
Prime bank acceptances have been in slow demand
the present week, the limited supply of bills available being absorbed mostly by small investors with
a sprinkling of foreign call. The 12 Reserve Banks
increased their holdings of acceptances during the
week from $148,945,000 to $168,667,000. At the same
time they increased their holdings of acceptances for
their foreign correspondents from $477,930,000 to
$478,082,000. The posted rates of the American Acceptance Council continue at 2% bid and 17
/8%
asked for bills running 30 days, and also for 60 and
90 days; 21/
8% bid and 2% asked for 120 days, and
2%7
0 bid and 2/
1
4% asked for 150 days and 180 days.
The Acceptance Council no longer gives the rates for
call loans secured by acceptances, the rates varying
widely. Open market rates for acceptances also remain unchanged, as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days—
Bid. Asked,
Bid. Asked.
2%
2%
2%
23
--clo Days—
Prime eligible Ms
Bid.
2
Asked,
1%
—60Days—
Bid, Asked,
2
1%
—120 Days-Bid. Asked.
2%
2%
—30Days-Bid. Asked.
2
1%
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member bank,
Eligible non-member banks
2% bid
2% bid
The Federal Reserve Bank of Richmond has reduced its rediscount rate from 4% to 3/
1
2%; the
reduction, announced July 17, became effective
July 18. 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 BANKS ON ALL CLASSES.
AND MATURITIES OF ELIGIBLE PAPER.
Fokral Room Bash
Boston_
New Yorkrbiladelobla
Cleveland
Richmond
Atlanta
Cbicago
111. Loofa
Minneapolis
Kansas
Dallas
San Francisco
Rate In
Effect on
July 19.
3
234
394
3%
3%
3%
- 334
4
4
4
4
4
Date
Established.
Previous
Rfle•
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Apr. 12 1930
Apr. 15 1930
Feb. 15 1930
Apr. 8 1930
Mar.21 1930
4
4
4
4
4
494
434
434
4%
4%
3%
3
Sterling exchange is steady and fluctuated this
week within narrow limits. The market as a whole
was quiet, although there was rather more demand
for exchange on London on Saturday last and in the
early part of the week than the later trading. The
range this week has been from 4.86 3-16 to 4.68 7-16
for bankers' sight, compared with 4.861A3 to 4.86
last week. The range for cable transfers has been
from 4.86 7-16 to 4.86 19-32, compared with 4.86 11-32
to 4.86 13-16 the week before. The comparative
firmness in sterling at this time is largely seasonal.
Much of it is derived from tourist requirements,
but bankers state that there is also a transfer of'
funds from this side for investment in the British
security market. Seasonal factors should continue
to favor exchange on London with respect to New
York until toward September.
However, sterling continues weak with respect to.
exchange on Paris, Berlin, Amsterdam, and Berne
and is especially weak with respect to the French
franc, so that France continues to draw down large
JULY 19 1930.]
FINANCIAL CHRONICLE
327
amounts of gold from London. Bankers state that was quoted
at 3-64 of 1% premium; on Wednesday
an agreeinent has been reached between London and 1-16 of
1%; on Thursday % of 1%, and on Friday
Paris to the effect that France will take small ship- at 9-64
of 1% premium. Canadian dollars are now
ments of gold from day to day rather than pursue averagi
ng higher than at any time since August
the policy heretofore followed of taking heavy con- 1928.
The firmness on Montreal has revived dissignments. The purpose of this arrangement is to cussion
of a movement of gold to Canada from
minimize disturbance to the London money market,
New York. It is believed quite probable that such
•
and in line with this policy the French seem to have
a movement will begin within a few days. The gold
entered an agreement with London to withdraw
export point from New York to Montreal is contheir gold supplies to a greater extent from New York.
ventionally figured at about 11-64 of 1% premium.
There has been no official confirmation of these
Bankers say that Canadian institutions will be only
agreements, but the fact remains that France took
too glad to receive the metal since Canada has long
less gold from London this week than last and that
been in a difficult position with regard to gold.
New York, bankers have shipped during the week
The protracted period of speculation on the New
$8,000,000 gold to Paris. In view of the heavy
York stock market and the reign of high money
losses of gold suffered by London during the past
here completely upset the normal working of Canafew months, bankers have ceased to discuss the posdian exchange with the result that a steady flow of
sibility of a further reduction in the Bank of England
funds set in to New York which seasonal trends
rate, and it is believed that the present 3% rate will
were unable to overcome.
be the low for this year. Money rates in London
As a result Canadian exchange remained for a
still continue easy, but there are not wanting evilong time at a persistently heavy discount and
dences of fractional firmness in bill rates which also
Canada's gold stocks were so seriously impaired that
lessens the probability of further reduction in the
Canadian banks and financial authorities considered
Bank of England rate.
it preferable to suffer a discount in exchange rather
This week the Bank of England shows a loss in
than to ship gold. Ordinarily the market for Canagold holdings of £214,026, the total standing at
£156,371,428, which compares with £155,665,097 a dian funds is a narrow one, but at present the demand is fairly substantial, and it is thought that
year ago. On Saturday the Bank of England sold
Canada will seize upon the earliest possible oppor£75,215 in gold bars. On Monday the Bank sold
£54,233 in gold bars and received £250,000 in sover- tunity to replenish her gold stocks.
Referring to day-to-day rates sterling exchange on
eigns from abroad. On Tuesday the Bank sold
Saturda
y last was firm. Bankers' sight was 4.8634,@
£402,223 in gold bars and set aside £20,833 in sov4.86
5-16;
cable transfers 4.86 7-16 ® 4.86 15-32.
ereigns. Of a total of £737,000 gold available in
Monday
sterling was in demand. The range was
On
the open market £648,000 was taken for shipment
4.86
3-16@4
.86% for bankers' sight and 4.86 7-16®
to France and the balance absorbed by the trade
for
cable
transfers. On Tuesday exchange on
4.863/2
and India. The price of the metal was 85s. 13/2d.,
London
showed
a slightly easier tone. The range
the highest since England's return to the gold stand2®
ard in 1925. On Wednesday the Bank sold £208,131 was 4.863,®4.86% for bankers' sight and 4.863/
in gold bars. On Thursday the Bank sold £255,398 4.86 19-32 for cable transfers. On Wednesday the
in gold bars and bought £7 in foreign gold coin. market was dull and slightly easier. The range was
On Friday the Bank sold £94,471 in gold bars and 4.86 5-16@4.86 7-16 for bankers' sight and 4.86 9-16
exported £4,000 in sovereigns. Practically all the ® 4.86 19-32 for cable transfers. On Thursday the
market was irregular. Bankers' sight was 4.86 7-32
gold sold by the Bank was for shipment to Paris.
® 4.86%; cable transfers 4.86 7-16® 4.863i. On
At the Port of New York the gold movement for
Friday
the range was 4.86 7-32®4.86% for bankers'
the week July 10-July 16, inclusive, as reported by
sight
and
4.86 7-16®4.863/
2 for cable transfers.
the Federal Reserve Bank of New York, consisted
of imports of $6,331,000, of which $5,224,000 came Closing quotations on Friday were 4.86 5-16 for
from Brazil, $1,000,000 from Uruguay, and $107,000 demand and 4.86 for cable transfers. Commercial
chiefly from other Latin American countries. Ex- sight bills finished at 4.86 1-16, 60-day bills at 4.834
7,
ports totaled $4,000,000 to France. There was no 90-day bills at 4.82 15-16, documents for payment
change in gold ear-marked for foreign account. In (60 days) at 4.833/s, and 7-day grain bills at 4.85 9-16.
tabular form the gold movement at the Port of New Cotton and grain for payment closed at 4.86 1-16.
York for the week ended July 16, as reported by
Exchange on the Continental countries is firm,
the Federal Reserve Bank of New York, was as
with French francs especially to the fore. As noted
follows:
above, the franc is particularly firm with respect
GOLD MOVEMENT AT NEW YORK, JULY 10
-JULY 16, INCL. to sterling exchang
e and the greater part of the
Importe.
&porta.
gold shipped from London during the week was for
$5,224,000 from Brazil
$4,000,000 to France
1,000,000 from Uruguay
French account. The Federal Reserve Bank of
107,000 chiefly from other Latin
American countries
New York accounts for a shipment of $4,000,000
$6,331,000 total
$4,000,000 total
in gold, the first consignment to leave this country
Net Change in Cold Earmarked for Foreign Account.
for France this year, with the exception of $8,497,None
000 in the first week of January. That shipment,
In addition to the above officially accounted for however, was the final
one in a series which began
shipment of $4,000,000 to France, which was made at the end of
October, during which time a total
by Lazard Freres, the Guaranty Trust Co. of New of approximately $73,893
,000 gold was shipped from
York shipped $4,000,000 gold to Paris yesterday.
New York to Paris. In addition to the above
Canadian exchange is firm. On Saturday last $4,000,000 officiall
y
Montreal funds were at a premium of 3-64 of 1%, Reserve Bank, the accounted for by the Federal
Guaranty Trust Co. of New
and on Monday 1-32 of 1%. On Tuesday Montreal York shipped $4,000,000
yesterday, and it is ex.
328
FINANCIAL CHRONICLE
pected that other shipments will follow within the
next few days.
French francs are also firm with respect to German
marks, Dutch guilders, and some of the other
European countries. Both the Bank of The Netherlands and the Reichsbank have been obliged during
the past several days to sell exchange in order to
support guilders and marks, respectively. tt is
understood that small shipments of gold have
actually been made from Amsterdam to Paris. As
noted above, bankers state that an agreement has
been reached between London and Paris so that in
the future while the franc continues firm with respect
to sterling, the French will take only small amounts
from day to day so as to cause the least possible
disturbance to the London market and that they will
draw down gold from New York in preference to
London as far as possible. Earis dispatches assert
that much of the firmness in the franc as against
sterling is due to the export of British capital, which
is pessimistic as to the business outlook and is disturbed about the power of the Labor Government.
This week the Bank of France shows an increase in
gold holdings of 287,307,000 francs, the total standing at 44,457,000,000 francs, which compares with
36,660,000,000 francs a year ago and with 28,935,000,000 francs reported in the first statement
following stabilization of the franc in June 1928.
The Bank's ratio stands at 50.98%, compared with
50.58% on July 10, with 44.48% on July 12 1929,
and with legal requirements of 35%.
German marks are steady,showing strength against
both dollars and sterling exchange. In Thursday's
trading the mark rose to 23.883'% in New York
and to 20.37% on London. The latter rate is within
ashade of the gold export point from London to Berlin,
gold having been shipped during the last movement in
the spring at 20.365. At the same time marks are
being supported againstfrancs and are close to the gold
point movement from Berlin to Paris. In relation
to dollars, current rates for marks compare with
parity of 23.82. During the past week the Reichsbank has lost approximately 239,000,000 marks of
foreign bills, partly due to the repayment of foreign
bank credits and partly to the support of mark
exchange against francs. The firmness of marks
against the dollar is due largely to seasonal factors,
particularly to tourist requirements. Owing to the
fact that the mark is ruling low with respect to the
franc, there is no further talk of a reduction in the
Reichsbank rate of rediscount. On the contrary,
opinion seems to be that such a reduction is no
longer practicable.
The London check rate on Paris closed at 123.60
on Friday of this week, against 123.65 on Friday of
last week. In New York sight bills on the French
center finished at 3.93 9-16, against 3.93 5-16 on
Friday of last week; cable transfers at 3.93 11-16,
against 3.93 7-16; and commercial sight bills at
3.933, against 3.93 1-16. Antwerp belgas finished
at 13.963/2 for checks and at 13.973/2 for cable transfers, against 13.96 and 13.97. Final quotations for
Berlin marks were 23.87 for bankers' sight bills and
23.88 for cable transfers, in comparison with 23.85
and 23.86 a week earlier. Italian lire closed at
5.23% for bankers' sight bills and at 5.23% for cable
transfers, against 5.239 and 5.23% on Friday of
last week. Austrian schillings closed at 14.13, against
2,against
14.12; exchange on Czecho-slovakia at 2.963/
2.963/2; on Bucharest at 0.59, against 0.599 8; on
[VOL. 131.
Poland at 11.22, against 11.22; and on Finland at
2.51%
3 , against 2.51%. Greek exchange closed at
1.29 7-16 for bankers' sight bills and at 1.29 11-16
for cable transfers, against 1.29 7-16 and 1.29 11-16.
Exchange on the countries neutral during the war
is steady and inclined to firmness in sympathy with
the generally firmer tone of sterling and the leading
Continentals. Holland guilders are steady. The
Netherlands bank has been obliged to sell foreign
exchange in order to support the guilder against the
franc, and it is understood that approximately
7,000,000 guilders of gold were shipped last week
from Amsterdam to Paris.
Swiss francs are especially firm owing partly to
seasonal factors and tourist demand, but arising
more particularly from transactions of the Bank for
International Settlements. On Friday of last week
the Swiss National Bank reduced its rediscount rate
from 3% to 23/2%, thus putting it on a par with
New York and Paris. Despite this reduction, however, Swiss exchange is currently quoted at the best
levels of the present upward movement, on average
around 19.443 for cable transfers, or about 14 points
above dollar parity. Spanish pesetas continue to
fluctuate rather widely. Madrid dispatches on
Wednesday stated that the Spanish Government
had issued a decree establishing an exchange control
office, forbidding the purchase of exchange, and
except upon authorization, negotiation of exchange
credits. The United Press dispatch from Madrid
said that after a meeting of the council of ministers,
the Minister of National Economy issued the following note: "At the present time, when our currency
is suffering from fluctuations and decline, I believe
Spanish exporters should be urged to obtain payment
for their merchandise in the currency of the country
of destination, while importers should seek to pay
in pesetas for goods bought. "As in the past, it is
extremely difficult to get authentic information from
Spain regarding the fiscal policy. It is considered
significant that the first upward rush in pesetas which
followed the announcement that the Spanish Government was contemplating a return to the gold standard
has not been continued, especially in view of Ole fact
that the Government desires stabilization at a higher
level. It is reported, but confirmation is lacking, that
the Bank of Spain has been authorized to increase its
rediscount rate from 532% to 6%.
Bankers' sight on Amsterdam finished on Friday
at 40.234
3 , against 40.213 on Friday of last week;
cable transfers at 40.25, against 40.223/
2; and commercial sight bills at 40.21, against 40.18. Swiss
francs closed at 19.433 for bankers' sight bills and
at 19.44 for cable transfers, in comparison with
19.434
3 and 19.443,. Copenhagen checks finished
at 26.783. and cable transfers at 26.793/2, against
26.773 and 26.783/2. Checks on Sweden closed at
26.883. and cable transfers at 26.89, against 26.864
3
and 26.88; while checks on Norway finished at 26.783
and cable transfers at 26.793/2, against 26.773's and
26.783/
2. Spanish pesetas closed at 11.59 for bankers'
sight bills and at 11.60 for cable transfers, which
compares with 11.59 and 11.60 a week earlier.
Exchange on the South American countries shows
no new features from the past few weeks. Exchange
on Rio de Janeiro continues dull. As noted above,
a shipment of $5,224,000 in gold was received from
Brazil during the week. The gold shipment from
JULY 19 1930.1
FINANCIAL CHRONICLE
Rio to New York seems hardly in keeping with the
announcement made last week that the Banco do
Brazil had withdrawn its support from milreis exchange. This week the milreis has shown a fractionally firmer tone. Argentine pesos have been in
slightly better demand and on average show improvment over a week ago. Essentially, however, there
is no change in Argentine exchange and business and
economic factors entering into the computation remain as they have been for several months past.
Argentine paper pesos closed at 36 3-16 for checks,
as compared with 36 3-16 on Friday of last week;
and at 363. for cable transfers, against 363. Brazilian milreis finished at 11.92 for bankers' sight bills
and at 11.95 for cable transfers, against 11.10 and
11.13. Chilean exchange closed at 12 1-16 for checks
and 123' for cable transfers, against 12 1-16 and
123/
8; Peru at 37, against 37.
329
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANK
AT CLEARING HOUSE.
Saturday.
July 12.
Monday,
July 14.
Tuesday, 1 Wednescry. Thursday. Friday.
July 15.
July 16.
July 17.
July 18.
6
$
150,000.000 121,000,000 172,000,000
$
$
179.000.000 151,000,000 142,000.000 Cr. 923,000,000
Note.-The foregoing heavy credits reflect the huge mass of checks which come
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,
however, reflect only a part of the Reserve Bank's operations with the
Clearing
House institutions, as only the items payable in New York City
represented
In the daily balances. The large volume of checks on institutions are
outside
located
of New York are not accounted for in arriving at these
118 such checks
do not MISS through the Clearing House but are deposited balances,
with
Bank for collection for the account of the local Clearing House the Federal Reserve
banks.
The following table indicates the amount of bullion in the principal European banks:
July 17 1930.
July 18 1929.
Banks of-
Exchange on the Far Eastern countries presents
no new features of interest. Japanese yen are steady
despite the fact that Japanese trade has suffered
greatly from the demoralized conditions in China
consequent upon the low ruling prices for silver and
the unhappy state of political affairs. As frequently
stated here, the strength in Japanese since January
is largely due to foresighted arrangements of the
Japanese financial ministry with New York and
London bankers for the support of yen exchange,
and of course, the heavy gold shipments from Japan
to this side since January have been an important
factor in giving strength to the yen. Closing quotations for yen checks on Friday were 49.35@493/2,
against 49.35@49.50. Hongkong closed at 313'@
31 7-16, against 313'@31 5-16; Shanghai at 36%@37
against 3738; Manila at 49%,against 49%;Singapore
at 56 3-16@563A, against 56 3-16@56%; Bombay
at 363., against 363, and Calcutta at 363, against
36%.
Aggregate
for Week.
Gold.
England- 156,371,428
France a-- 355,658,327
Germany b 123,447,150
Spain_ _
98,8.58,000
Italy
56,301,000
Netherl'ds. 35,992,000
Nat'l Belg. 34,335,000
Switzerrd_ 23,156,000
Sweden
13,487,000
Denmark _ 9,567,000
Norway 8,142,000
Sitter.
Total.
I
Gokl.
Sitter.
Total.
£
156,371,428155,865.097
155,665,097
(d)
355,658,327295,650,306
295,650,306
(d)
c994,600 124,441,750 97,807,250
994,800 98,801,850
28,777,000 127,635,000102.459,000 28,724.000 131,183,000
58,301,000 55,440,000
55.440,000
2,149,000 38.141,000 37,044,000 1,714,
38,758,000
34,335,000 28,581,000 1,270,000 29.831.000
23,156,000 19,845,
1,561,
21,406,000
13,437,001) 12,982,000
12.982,000
9,587,000 9,588,000
419,000 10,007,000
8.142.000 8,164,
8,164.000
Total week 115,314,905 31,920,600 47,235,505823,195,653 34,682,600857,8
78,253
Prey. week 913,234,325 32,140,600 945,374,925819,079,752 34,866.600863.946,352
a These are the gold holdings of tile Bank of France as reported
in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive
of gold held
abroad, the amount of which the present year is £7,489,000.
C As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
Further Criticism of the Briand Plan-the
German and British Replies.
The critical examination by Italy of the Briand
plan of a United States of Europe, upon which we
commented last week, has been reinforced by the reply of the German Government, made public on Tuesday, and that of Great Britain, given to the press on
Thursday. Taking the German reply first,the German
Government agrees with that of Italy in pointing out
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE that there can be no permanent peace
in Europe, and
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
hence no sufficient basis for the union of States which
JULY 12 1930 TO JULY 18 1930, INCLUSIVE.
M. Briand has proposed, until the inequalities estabNoon Buying Rate for Cable Transfers in New
York,
Country and Mcmetar
Value in United States Money.
lished
by the peace treaties have been removed and
Unit.
July 12. July 14. July 15. I July 16. , Juty 17. I July 1.8.
obvious wrongs redressed. If the demand for treaty
EUROPE8
$
8
$
revision seems to come more naturally from Germany
$
Austria,schilling
141066 .141070 .141073 .141035 .141068 .141082
Belgium, belga
139666 .139673 .139697 .139725 .139717 .139721
than
from Italy, it must be remembered that GerBulgaria, lev
.007230 .007230 .007216 .007230
Czechoslovakia, krone .029665 .029662 .029658 .029657 .007230 .007209
.029657 .029659
many is now a member in full right of the League of
Denmark, krone
267863 .267875 .267884 .267925 .267891 .267891
England, pound
Nations, that the reparations controversy has been
sterling
4 864275 4.864659 4.864971 4.365582 4.864389 4.864343
Finland, markka
.025173 .025173 .025173 .025173 .025177
adjusted
and Allied troops withdrawn, and that the
France, franc
039351 .039350 .039354 .039361 .039360 .025174
.039353
Germany. reichsmark .238606 .238646 .238683 .238753
.238769 .238753
Greece, drachma
right of Germany to speak on a question of general
.012962 .012962 .012958 .012960 .012960
.012961
Holland. guilder
402176 .402304 .402389 .402492
Hungary, Pengo
175039 .175008 .175128 .175133 .402477 .402446
European interest is equal in all respects to that
.175137 .176178
Italy, lira
052375 .052379 .052360 .052387 .052381
.052378
Norway, krone
.267848 .267865 .267887 .267908
any other European Power.
of
Poland, zloty
112150 .112020 .112262 .112252 .267883 .287888
Portugal, escudo
044770 .044940 .044875 .044750 .112170 .112125
The
German Government, while welcoming the
Rumania,leu
.005956 .005961 .005960 .005958 .044770 .044810
Spain, peseta
116528 .116228 .115665 .116492 .005958 .005958
Briand
memorandum and expressing its willingness
.116509
.115800
Sweden,krona
268733 .268753 .268804
Switzerland, franc-- - .194383 .194375 .194358 .268881 .268870 .268843
take
.194383 .194413 .194370
part in a discussion of the subject of a
to
Yugoslavia, dinar
.017708 .017706 .017713 .017714
.017711 .017701
ASIAEuropean federation at the.September meeting of
China-Chefoo tad
.378125 .379583 .379375 .379166
Hankow tael
377343 .378750 .378593 .378437 .379375 .379583
the League of Nations, nevertheless observes that
Shanghai tael
366071 .367500 .367410 .366428 .378593 .378437
Tientsin tael
382708 .384166 .383958 .383333 .366785 .366517
the discussion "must be undertaken in a spirit of
Hong Kong dollar.. .310535 .310416 .310267 .310535 .385000 .383750
.310535 .310714
-Mexican dollar_ _._ .263125 .264062 .265937
.262812 .265000 .264687
courageous reform and understanding of conditions
Tientsin or Pelyang
dollar
285000 .266250 .267033 .285000
.266250
.265833
which are now recognized as untenable, thus bringYuan dollar
284186 .262916 .267083 .261666 .262916
India, rupee
360607 .360550 .360510 .360450 .360482 .282500
.360439
Japan, yen
about a pacification of Europe which can be
ing
493750 .493575 .493656 .493687
.493637 .493706
Singapore (S.S.) dollar .559341 .559341 .559208
.559375 .559208 .559208
established only on principles of justice and equality."
NORTH AMER
Canada, dollar
1.000353 1.000332 1.000266 1.000689
1.001075 1.001258
Cuba, peso
Caution, it is urged, should be observed in deter.999208 .999143 .999007 .999112
Mexico, peso
489750 .469575 .469725 .469166 .999050 .999112
.469666 .469866
Newfoundalnd, doll
.997750 .997625 .997662 .998062 .998532
mining what international subjects "come within the
.998655
SOUTH AMER.
Argentina, peso (gold) .820824 .822851 .828519
scope
of a specifically European readjustment."
.827105
.823468
.823193
milreis
Brazil,
110140 .111280 .112050 .111000
Chile, peso
120815 .120860 .120863 .120868 .109555 .109222
done should not be directed against any
What
is
Uruguay, Paso
859925 .860550 .863451 .865500 .120858 .120857
Colombia, peso
965300 .965000 .965300 .983300 .863000 .862833
State
or continent. "In many respects the reother
.965300 .965300
ciprocal relations between the European and nonAs the Sub-Treasury was taken over by the Fed- European States are more pronounced than those
eral Reserve Bank on Dec.6 1920, it is also no longer obtaining between the European countries. To re-
330
FINANCIAL CHRONICLE
strict such international relations would be a mistake." For similar reasons individual European
States should not be left out of a federation, nor
states which have both European and non-European
territory., The German Government accordingly follows the Italian Government in favoring the inclusion of Russia and Turkey, to neither of which was
the Briand memorandum communicated. The British note does not bring up this point.
The German Government further expresses its
"complete accord" with France in stressing "the
necessity of approaching European problems from
the political side, leaving the economic issues to be
dealt with after certain political prerequisites have
been fulfilled," because it, too, is "convinced that
the causes of the existing distressed conditions in
Europe are to be looked for in the present political
structure" of the Continent. Premising that its views
on this subject are already well known, the German
Government emphasizes the contention that "all attempts at an improvement of the political situation
in Europe will be dependent upon the application of
the principles of complete equality and equal security for all and the peaceful adjustment of the
vital needs of all nations. It would be futile to
attempt to erect a new Europe on a foundation which
would not support the vital requirements of national
development."
In the matter of economic readjustment, which the
German Government thinks should not be made dependent upon a prior attainment of security, it is
suggested that a •beginning should be made with
agriculture "and the lack of industrial turnover possibilities," with the object of "enlarging areas and
facilitating the exchange of goods between the leading agricultural and industrial districts of Europe."
13usiness as well as governments must co-operate in
such an undertaking, for "governmental measures
alone cannot help." There are wide fields where
business itself must attack the task,and the function
of governments will be to bring their joint economic
policies into accord with the free play of business
policies which are already operating widely. Emphasis upon military considerations in economic reorganization is expressly deprecated, and special
consideration is urged for small countries having a
social structure of their own or carrying financial
burdens resulting from the World War.
It will be recalled that the Italian reply, in commenting upon so much of the Briand proposal as contemplated a federation which should function in close
connection with the League of Nations, insisted that
if such were to be the case the political policies of
the federation could only be the same as those of the
League; and it accordingly urged that the League
should address itself to bringing about a general reduction of armaments as a preliminary to the formation of the proposed union of States. The German
reply, while similar in substance though not in form
to the Italian note at this point, makes some incisive
comments which pretty clearly intimate that the
proposed federation may not, after all, be worth
while. Agreeing with France that the League should
not suffer by reason of the establishment of another
organization, the German Government observes that
"the participation of all League members in the
great tasks of all continents is one of the most important duties of the League," and that "an inclination toward grouping by continents might weaken
this broad general interest and influence the struc-
[VoL. 131.
ture of the League disadvantageously." This is the
more important,the German reply continues, because
the League, engaged with tasks of a universal character, "is still in the beginning stage," and everything depends upon strengthening it in the way it
has begun and continuing in the same direction. The
weighty conclusion reached is that "even although in
fundamental agreement over the problems of the
League, it is seriously to be doubted whether practical aid can be rendered by the creation of a special
organization for European co-operation."
The British Government goes even further than
the German Government, and frankly expresses
doubt whether "the establishment of new and independent international institutions is either necessary or desirable." The Briand Union, the British
reply points out, would actually have no legal connection with the League, at the same time that it
would be doing, or trying to do, precisely the same
kind of things that the League is now doing, or haa
done, or could readily arrange to do. In studiously
courteous but perfectly clear language the whole
plan of a federation outside the League is made
to appear very much like a fifth wheel to the
coach.
The French press, as was to be expected, is reported as virtually a unit in denouncing the substance and the implications of the German reply,
notwithstanding that the moderate tone of the note
is commended. The papers, and they unfortunately
are many and influential, which still insist that
Germany is not to be trusted, find in the note only
an insidious demand for the tearing open of the
peace settlement, a revision of the territorial arrangements imposed by the Peace tConference, and
quite posibly the union of Austria with Germany and
a widespread readjustment of boundaries and political matters in Eastern Europe. Mingled•with these
criticisms and apprehensions appears a good deal
of outspoken criticism of M. Briand for having, by
his proposal, invited the opening of a discussion
which France, more than any other nation, desiresto keep closed. The well-known Paris journalist
"Pertinax", writing in the "Echo de Paris", asks:
"What would Premier Tardieu write now if he wereas free to write as he was when he described his
Foreign Minister's policy as that of a dead dog
drifting in the current?" The British note, on theother hand, came as a great surprise, and its cordial
expressions of support for the League did not conceal the fact that the British Government is distinctly cold toward the plan.
The fact is, of course, that both replies, like theItalian reply which preceded them, offer a searching•
criticism of the Briand plan. Not only do Germany
and Italy agree that a European federation based
upon the present political situation is not to bethought of, but Germany goes farther and pointedly
asks whether the formation of a federation for Europe alone (and not for the whole of Europe either
if Turkey and Russia are left out) would not actually
weaken the League. While it is true that the activities
of the League have in practice been confined thus
far almost wholly to Europe, the League itself, in
theory and organization, is a body of worldwide .
membership and scope. Japan has a permanent seat
in the Council, and China, various South American
countries, and remote members of the British Commonwealth have held non-permanent seats. The jurisdiction of the World Court, a subordinate agency •
JULY 19 19301
FINANCIAL CHRONICLE
of the League, is as wide as that of the League, and
mandated territories in Asia and Africa are under
League supervision. It is the German contention
that a European federation, formed within the
League and embracing not more than half of the
present League membership, could not well have the
same universal outlook or follow the same universal
policies which are expected of the League, and that
to the extent to which it drew apart from the wider
interests of the League it would tend to become a
divisive rather than a strengthening force. Great
Britain, in turn, does not hesitate to say that such
a union as is proposed would seriously interfere with
the League.
The criticisms are not only fundamental, but also
far-reaching. If the German contention is sound, the
Locarno pacts are as much open to objection as is
the Briand federation, or the various political alliances which France has been industriously forming.
Not only are the Locarno pacts and the French alliances regional agreements formed within the area
covered by the League, but they also rest, as does the
Briand proposal, upon the assumption that the peace
settlement is to be scrupulously maintained. To this
latter assumption Germany has now joined with
Italy in objecting. The sharp resentment shown by
the French press at the replies of the two countries
may very well have been due,in considerable measure
at least, to the instant perception of the wide reach
of the Italian and German criticisms. If it was
really the intention of M. Briand to propose a federation which, while aiding the League on the one hand,
would indirectly "preserve the fruits of victory" on
the other, his French critics are making bold to say
that he blundered rather badly, and that his blundering has opened a question which cannot now very
easily be closed. The British criticism, although it
does not raise this particular point, nevertheless
strengthens the German and Italian argument by
the emphasis which it places on the importance of
the League.
M. Briand has little reason to be gratified at the
replies which have thus far been made to his memorandum. The three governments whose opinions
count most are extremely critical of the whole scheme.
The Hungarian Government is reported to have declared plainly that it could have nothing to do with
a federation which involved the maintenance of the
political status quo or which would require it to give
up its campaign for a revision of the peace treaties
and an acceptable solution of the problem of minorities. With the lines thus sharply drawn, the September meeting of the League should develop an interesting debate.
Agriculture and Commerce—The Deep Concern
of the Farmer.
Washington and Oregon are not the only States
that produce apples. The "old apple tree" belongs
to practically all the States. New York is one of
the leading apple growing sections of the country,
yet we pass the palm in apples to these new States
of the Northwest because of the variety and flavor
of the fruit and the extensive commerce engaged in
sending the specially selected apples, boxed, over
the entire country and abroad. Kansas, in the Midwest, is one of our largest wheat producing States,
giving character to this prolific farm section, but
there was a time when some of the largest wheat
fields in the world were in the State of California.
331
Practically every State in the Union produces wheat
in some degree, but the Midwest of a two-hundredmile circle around Kansas City, by reason of its huge
acreage in this cereal, characterizes the region as
the "bread basket of the world." It is important
to remember this when we are making Federal laws
to assist the wheat farmers, and preaching a limitation of acreage.
It is true that our typical farmer of to-day and
our "agricultural" region are in the alluvial valley
of the Mississippi, especially if we regard the long
Missouri as the really parent stream, but in each
coastal region are farms of great worth and on even
older civilization with attendant towns and cities,
dating to times anterior to the "covered wagon."
We find few States outside this Midwest section and
this Northwest section clamoring for Co-operative
Marketing Associations guided and financed by a
Federal Farm Board with a half a billion fund loaning on and buying up crops to increase prices. Why
is this so? Grain is the life and sustenance of these
sections, and wheat is their great money crop. They
are so much interested because they have so much
at stake. As a consequence, also, intense political
pressure is brought to bear upon Congress from members representing these Midwest and Northwest
regions. The misfortunes of these Western farmers
must be viewed with sympathetic eyes.
Nevertheless, the interest and welfare of the
people as a whole must ever be the controlling consideration. Commerce is production, exchange and
transportation, and consumption and use, by all the
people of all the products of a prolific and inherently
prosperous, vast country. Commerce is universal
trade. Commerce is all of our fundamental powers
in action. Commerce is the apple grower, the wheat
producer, the cotton raiser and broker, the corn
farmer, linked together by roads and cars, by boats
and ships—in fact, by the wants and needs of millions in cities and towns, and by manufacturers and
merchants who serve them. Each and all are equal
under the law, separated by soils, climates, and
essential industries. Manufacturers have sought
and obtained "protection" against outside competition, and still seek and secure it. "Labor," an integral part of production, has organized itself into
unions and escaped some of the so-called restrictive
and anti-monopoly laws, and still knocks at the door
of every Congress for favors. But commerce, comprising all the rest of our industrial effort, uniting
all, is an independent evolutionary growth.
It is natural that an assembly of Chambers of
Commerce should criticize a Federal Farm Board,
thrust upon the country by partisan politics and
interfering with the structure of business connections that has developed by the continuous interdependence of all our vocations, all our sections, all
our workers. Mill wheels of early days gave way
to rollers that need no priming. Mills made progress wherever there was grain to grind. Alongside
of these, warehouses sprang up and grain dealers
formed into companies to store and ship and sell
agricultural products, taking all the risks of "marketing," gaining and losing, as the case might be,
without reference to the Government or the individual producer. Now comes the Federal Farm
Board to drive out the warehouse men and the millers, in direct contradiction to the natural process
developed by the contacts and contracts of those
companies that were the former helpers and saviors
332
FINANCIAL CHRONICLE
[vol.. 131.
of individual farmers who are still the prime indiEffects of Segregation—The Reading Case.
vidualists of business.
The Reading Company having just marketed its
Chambers of Commerce, doing no business them- first
issue of bonds since segregation of transportaselves, making no laws, no money, see this condition,
tion interests from the mining industry became
and from an attitude of disinterestedness condemn. effective in
1924, a brief sketch of the strides made
And the people at large should heed their words,
in six years will interest investors. During all of
and think long on all these schemes for political aid.
that period the railroad business has been operated
Business as a whole is losing its freedom, its indeby Agnew T. Dice, as President, with Edward T.
pendence. It is a great natural machine made out
Stotesbury as Chairman, and the period is the first
of the energies of the people and the resources of
time that the railroad has been operated solely as a
the country. Congress after Congress is throwing
common carrier since Frankling B. Gowen, once
a monkeywrench into this machine. Manufacture,
President of the Philadelphia & Reading RR. Co.,
though compelled by inordinate mass production and
began to buy and lease extensive anthracite properlabor-saving aids to seek foreign markets, is followties for the railroad. The purpose was to assure
ing its destiny into the rich center of the country
to the railroad the traffic from the anthracite mines
whence comes the large part of our original wealth.
along its lines.
It needs no protection. It seeks the everlasting conThe name of the mining company which took title
suming power of an energetic people; it seeks agrito the anthracite lands and leases was the Philadelculture. It brings the fuel and the raw material
phia & Reading Coal & Iron Co. Never did it pay
into ever closer proximity. Now a train from New
a dividend, and during the period of this dual operaYork City to Washington is hardly ever out of sight
tion the old Philadelphia & Reading RR. Co. was
of a huge factory. But West, Northwest and Souththree
times forced into the hands of receivers,
west, the makers of things, are moving their forces
once
on
the day following the declaration of a
because of the indigenous resources and the
dividend.
population.
Segregation of the anthracite properties from the
In another quarter of a century, with the interior
railroad
was forced by the Federal Government, and
waterways improved, commerce will unite agriculwas
long
and bitterly fought in the courts by the
ture and manufacture along the banks of the MissisPhiladelphi
a & Reading RR. Co. and its successor,
sippi to the benefit of the citizenry without a dollar
the
"Railway"
company.
of the tax-money and without a helping hand from
The
separation,
however, has proved to be a blesspolitics. If "business," meaning production, exing
in
disguise.
Not
only has the Reading Company,
change, and use and consumption, does not stand
against this sapping by legislatures and laws it will the name finally taken by the railroad, been solvent,
lose its birthright, it will lose its mastery, it will but it has been able to maintain dividends on its
become a politically propelled device for enslaving common stock at 8%, and its credit, just tested,
1
2
.
1
2% bond at 99/
the people. Farmers, mechanical trades workers, demonstrates ability to market a 4/
A glance over the records of the Reading Company
professional men, common laborers by thousands
and tens of thousands see this inevitable end now. for the last six years shows clearly the reason for
But politics has taken such a hold upon attention, its good credit, which is all the more remarkable
legislation has spawned so many laws, there are so when compared with the chaotic conditions that long
many theories advanced by doctrinaires, so many prevailed when the mining industry was so closely
Utopian cure-ails ladled out in the prints, that connected with that of transportation.
Since the beginning of 1924 the management has
many have lost sight of the fact that supply and
demand are like the tides of the sea—omnipotent expended over $87,000,000 in bringing the property
up to a high standard, complying with all requireagainst the brooms of the politicians.
ments
of the courts and the Inter-State Commerce
If we really desire to preserve individual initiaCommission
. This has been accomplished without
tive, why institute all these schemes for co-operation,
co-ordination and organization of business and in- any addition to the capital stock or funded debt
25 just marketed,.
dustry? Fundamental and ultimate control rest in save the issue of $15,000,000 of 41/
the needs and wants of these many individuals—the although in two instances subsidiary organizations
people. We cannot limit acreage and lift price un- financed their own important improvements. The
less we limit consumption and use. Food is control; Atlantic City Railway financed the construction of
fashion is control. The original forces are always a $3,405,000 Camden terminal, and the Philadelphia
at work. But now we use the Government as a Grain Elevator Co. financed the building of a new
helper, a minister, a manipulator. All it can do is export grain elevator at Philadelphia costing
to follow the lead of natural forces, or become an $4,538,000.
interloper and do more harm than good because it
The Reading Company has expended for eight new
passenger depots $2,613,994, including the North
acts in an arbitrary and artificial way.
Comes a smash, a slump, as the natural sequence Broad Street Station in Philadelphia, opened this
of a boom! The Government could not prevent the year. The railroad's new shops at Reading, costing
boom; it cannot and did not prevent the smash; $2,809,000, are equipped to build both cars and locorecovery and relief must come through the interac- motives, but are used chiefly for repair work.
Electrification, now in hand, will cost $13,500,000.
tion of all industries and through the renewed courage and enterprise of the people—each man, firm, When the work on the branch lines leading into
company, following the lead of free individual in- Philadelphia is completed the management contemitiative. It is well enough, under a national call, plates electrification of the road to New York City
to consult and confer—but pouring taxes into farm and also its division which extends up the Schuylloans and grain purchases, that is beyond the prov- kill. Roughly estimated, the cost of complete elecince of government and must result in the end in trification of the entire Reading system is put at
$52,000,000.
greater confusion and discord.
JULY 19 1930.]
FINANCIAL CHRONICLE
Elimination of grade crossings precedes electrification. This advance work in and about Philadelphia has cost $8,000,000, which includes the constructiOn of the necessary signals.
New York City and Philadelphia being only 90
miles apart, and business relations between the two
cities constantly growing, the commutation traffic
has become very heavy, demanding the very best of
facilities. Trains leaving in either direction depart
every hour v.ii the hour, making the trip in two hours,
and this time will be lowered when electrification
is completed to serve a combined population of about
10,000,000 persons. A 20-year contract for power
has been made with the Philadelphia Electric Co.
Unruffled by all the turmoil over railroad mergers,
the Reading management, knowing that control is
vested in the New York Central and the Baltimore &
Ohio, keeps steadily forging ahead, being entirely
undisturbed over the agitation concerning railroad
consolidation. The fact that Reading's bituminous
coal traffic far surpasses its anthracite tonnage, on
which so much dependence formerly was placed, puts
the railroad in a much better position than it enjoyed in the old period when hard coal tonnage was
considered almost a vital factor of freight traffic.
Last year the anthracite traffic was 13,510,493
tons, and the bituminous traffic was 20,020,970 tons,
while the merchandise traffic was 31,592,860 tons.
One of the railroad's latest steps is the purchase of a
large tract of land near a mail order hours store in
order to serve this big customer to better advantage.
In motor bus transportation the Reading is keeping abreast with public requirements, operating
many coaches on routes aggregating 600 miles, covering such points as New York City, Atlantic City,
Ocean City, and Cape May, and points in Pennsylvania.
Traffic statistics show that gains made since 1924
in operating revenue have been absorbed by increased
operating expenses, and the revenue from operation
remains about as it was in 19242—around $21,000,000.
Mercantile Failures for the Half Year.
Failures in the United States for the first half of
1930, were somewhat more numerous than a year ago
and have involved heavier liabilities. The records
of R. G. Dun & Co. show for this year to date 13,771
mercantile defaults, for which the indebtedness is
placed at $337,089,083. The number is the largest on
record for that period, while the amount involved has
been exceeded only once for any similar time in the
past, namely, in the first half of 1922, in which halfyear the number of mercantile failures was 13,384
and the liabilities were $373,716,338. Consideration
should be given to the fact, however, that there
are
more business concerns now than in 1922. For
the
first half of 1929, 12,172 mercantile defaults were
reported in the United States, involving $232,128,936
of indebtedness, the increase in the number this year
over last being 13.1% while the increase in liabilities
was no less than 45.2%.
For each month of this year the increase over last
year has been quite constant and the figures for June,
are in some respects quite the most unsatisfactory
for the half year. There were 2,026 mercantile failures in June against 1,767 a year ago, the increase
being 14.7%. The defaulted indebtedness for June
was $63,130,762, against $31,374,761 last year, more
than 100% higher this year. All three sections into
333
which the June report is separated show a considerable increase, both in number of failures and liabilities. The trading division is perhaps the least satisfactory. There were in June 507 failures in manufacturing lines, involving $26,273,117 of indebtedness;
1,393 trading insolvencies, for $22,824,630, and 126
for agents and brokers with liabilities of $14,033,015.
A year ago in June, 496 manufacturing failures were
reported with $4,721,101 of indebtedness; 1,153 trading concerns owing $13,930,961 and 117 defaults
among agents and brokers for $4,722,690. Only a
small increase appears in the number of manufacturing failures and in nearly all of the divisions for
which detailed figures are given there is a decrease.
The reduction is quite notable for the large lumber
class. There were also fewer failures last month in
the leather and shoe division, as well as for chemicals
and for printing and engraving. Liabilities last
month were quite heavy for the lumber class; also for
manufacturers of clothing and for milling and bakers.
Quite an increase in the number of defaults was reported in June for'clothing manufacturing. For the
division embracing hats, gloves and furs an increase
also appears. It is in the miscellaneous section that
the heavy gain in the indebtedness appears.
In the trading division all but one of the 14 separate classifications, covering practically 77% of the
total number of all trading defaults for June, and
two-thirds of the total of trading liabilities for that
month, record an increase. The division with a decrease is the important grocery section. For this
same class liabilities were also less in June than they
were a year ago—in fact, both the number and indebtedness in the grocery section was less in June
this year than in that month last year or in 1928.
For nearly every month for a year or more, insolvencies in the grocery section have shown a declining tendency, attention having frequently been
directed to this fact. On the other hand, most of the
other leading classifications have generally reported
an increase in the number of defaults, and many of
them larger liabilities as well. Well known conditions in the grocery trade, have occasioned much
comment in the past 10 or 20 years, and undoubtedly
this is now reflected in the monthly decline for
grocery failures. As to the other trading lines, the
increase for June in some instances is quite notable.
Among the latter should be mentioned dealers in
clothing and furnishings; dealers in dry goods; in
shoes; furniture; drugs; jewelry; also, for general
stores, as well as for hotels and restaurants. There
was a small increase last month for hats, furs and
gloves. Liabilities, for the trading section were
largely in the clothing class; in dry goods;furniture
and for jewelry, defaults in which lines include some
large failures.
The large failures, that is the insolvencies where
the liabilities in each instance amount to $100,000 or
more, were unusually numerous in June, numbering
95, and involving a total of $40,054,750 of indebtedness. Both number and amount are far in excess of
the June figures for any preceding year. A year ago
there were only 46 such failures involving $11,429,076
of liabilities. The increase this year applies to all
three divisions into which the report is separated, it
being more than double as to the number in the manufacturing and trading sections.
The statement for June completes the record for
the second quarter of the year, for which the separation by geographical divisions is given. The figures
334
FINANCIAL CHRONICLE
for the second quarter show much the same results
as in the first quarter, with insolvencies more numerous than in the corresponding period of 1929, and a
substantial increase in the indebtedness. The number this year was 6,403 and the liabilities $167,731,532,—for the same period last year there were 5,685
defaults, involving $107,860,328, the increase this
year in number being 12.6% and in indebtedness
55.5%. Practically all of the increase in the number
of defaults for the three months just closed was in
the Eastern States, including both the New England
and Middle Atlantic sections; in the Central division, covering mainly the States lying in the Mississippi Valley, with a small gain in the Western or
Mountain section. The South Atlantic division reported fewer mercantile defaults for the second three
months of this year than those of a year ago; also,
the Central West, embracing the seven States in the
Minnesota-Nebraska group, and there was a small
decrease in the Pacific Coast section. The large increase in liabilities was due to an unusual number
of heavy defaults, and to this all sections contributed
more or less.
The three Middle Atlantic States lead all others in
the amount of increase shown, and the increase applies not only to each State, but to each of the three
classifications. Some large insolvencies in the manufacturing division added to the liabilities in New
York, New Jersey and Pennsylvania. Next in order
may be mentioned the five Eastern Central States,
especially Illinois, and the increase in the number of
defaults was for all three classes. In this section,
Wisconsin alone reported fewer failures in the second
quarter of this year than in 1929. The increase in
New England is quite large and applies mainly to
the trading and brokerage divisions, a reduction being shown in the number of manufacturing defaults.
The improvement in the number of insolvencies in
the second quarter in the South Atlantic division,
applies to six of the eight States in that section,
Maryland and Virginia being the only States where
there is an increase. The reduction in number is
marked in West Virginia, North Carolina and
Florida. In the Central South, an increase appears,
especially for Kentucky, Alabama, Mississippi and
Texas. The Western division reports fewer failures,
but mainly owing to the reduction in Minnesota and
Nebraska. There is an increase however,in Missouri,
which is included in this group. In the Mountain
section the small increase was due to a larger number in Montana and Idaho. Fewer defaults, however,
occurred in Colorado. The three.Pacifie Coast States
show a small decrease in the number of failures and
there were fewer defaults in Washington and Oregon,
but for California the number is larger.
All three classes covered by the statement added
materially to the number of insolvencies and to the
indebtedness shown for the past three months. For
the large trading section there were 4,423 insolvencies
in the United States having an indebtedness of $67,536,887—a year ago the number was 3,808 for
$51,224,321 of indebtedness. Manufacturing failures
for the same period this year numbered 1,542 with
liabilities of $69,075,174; and last year 1,510 owing
42,097,789. This large increase in the manufacturing
liabilities, is accounted for by the large manufacturing failures in Massachusetts, in the three Middle
Atlantic States, in Indiana, Illinois, Missouri, Washington and California. There was also a much larger
amount involved in the failures for the third divi-
[VoL. 131.
sion, covering agents and brokers, the number of
defaults in the United States for that class being
438 against 367 last year, with an indebtedness of
$31,119,471 compared with $14,538,218 in the preceding year. The feature of the increase this year in
liabilities for the third division was the heavy amount
involved in New York, as well as New Jersey, in
Massachusets, Illinois and Texas, while in Missouri
the liabilities are also quite large.
The number and indebtedness of trading failures
shows a more even distribution throughout the
country as a whole. Trading defaults increased in
six of the eight geographical sections into which the
report is separated. The South Atlantic States report fewer defaults in that class for the past three
months, with a reduction in liabilities from those
of a year ago. In the Central Western States also,
the group including Minnesota, Missouri and Kansas,
there was a reduction in the number this year, but
the liabilities are somewhat larger. As to the other
sections, a single large trading failure in Utah added
materially to the trading liabilities for that State,
while California reported an increase.
Prospects for Peace—The Clarion Call of Lloyd
George.
Former Premier David Lloyd George delivered an
address at a banquet held by the International Congregational Church Council delegates, July 4, according to a cablegram dated Bournemouth, England, in which he appealed to the delegates to aid
"in substituting the reign of law for the reign of
mistrust, suspicion and force." His closing words
were: "Let us have brotherhood. It is only the
Christian churches can do it. It is for you to do it."
Some allowance must be made for the occasion, as
to the temper and point of the address. But looking
at the conditions in India, in Palestine and Russia,
not the Christian religion alone but all religions of
the world must work for peace if we are to have and
maintain it.
How to bring all religions under the aegis of peace
is one of the great movements that ought to engage
the interest of peace-lovers everywhere. For, as so
often asserted, there is the possibility of a religious
war on the far horizon, which, if it ever should come,
would realign the uses of force, disrupt peoples, and
divide States, to the end of a more deadly and destructive conflict than has occurred since barbarism
overran Europe.
The former Premier emphasized the co-operation
and good-will between Great Britain and the United
States as a concomitant of peace. And every man
must hope that the present friendship will never
lessen or be broken. Looking at the farflung Empire, however, at the restiveness of some of the
integers in the Commonwealth of these English
States, at the smothered rebellion in some of the
dependencies, it seems reasonable to believe that
conditions may arise in which the United States
can give little direct help in holding war in check.
In the course of his address, the former Premier
said: "It is vital in the interests of the human race
that Britain and America should march side by side,
solving the great problems that await us. Peace is
by no means secure. In spite of treaties, man ims
not yet given up the idea of war. Preparations for
war are going on in every country of the world.
There are more men trained for war in Europe, Asia,
and America than before the great catastrophe in
JULY 19 1930.]
FINANCIAL CHRONICLE
335
1914." . . . "I speak from personal experience recites the following achievements: The London,
when I say that although I have gone to live in a naval limitations treaty, putting an end to competiquiet place in Surrey I hear every day the rattle of tive warship construction between the United States
machine guns in one camp, the hoarse roar of can- and Great Britain and Japan (does it do this?);
nons in another, and carried by the westerly breeze American adherence to the protocol of the World
I hear the boom of naval artillery from the direction Court; proclamation of the Kellogg-Briand treaty
of Portsmouth and the drone of airplanes. That is renouncing war as an instrument of national policy;
going on in every civilized land on earth. It is really and mobilization of public opinion in the controtime the churches took this thing in hand. I do not versy between China and Russia, both signatories
know who else can do it." • • •
to the pact; completion of war debt negotiations;
"We have got covenants against war; we have got the pre-inaugural good-will mission to Central and
pacts, which we have all signed, that there shall be South America; assistance rendered Mexico in
no more war, and we are spending more preparing speedily ending the armed revolt in that country
for things that we have determined should never hap- early in 1929; settlement of the Tacna-Arica dispute
pen again. If a drunkard signed a pledge that he between Chile and Peru, of long standing; manning
would take no more drinks, and you heard he was the Latin American missions with chiefs appointed.
filling up his cellars with the choicest and most almost without exception, from the diplomatic
expensive wines, and that he was occasionally tak- service (rather than by purely political appointing a nip to taste them, you would know that he ments); appointment to the major posts in Europe
was preparing for another spree. This is the case of diplomats of long service, or men of Senatorial
of armaments in the world. I do not believe in experience familiar with the processes of American
pledges signed in a full cellar." . . . "The inter- government; adoption of a new policy in dealing
national situation is bad. We are building up bar- with Haiti looking to the setting up of a new local
riers against each other, putting up fences against government and withdrawal of. American marines.
each other, and restrictions against each other. We Surely these are steps in the direction of adjustment
are blockading each other, and we are trying to and peace and creditable to the Administration.
starve each other. Trade is treated as if it were But they are all governmental, not directly and indecontraband. The atmosphere is poisoned with sus- pendently commercial. Nor are they consonant
picion and mistrust."
with a new tariff law, enacted •after long travail,
What really is the matter? The people every- that has roused the hostility of almost the whole
where want peace. Are they, then, powerless to world. There is lack of consistency here.
effect it? Will the London Conference throw any
What we are doing is not what other States of
light on the difficulty? Was there a lack of cour- the world are doing—for they are maintaining
age on the part of delegates to reduce armaments; armed camps and quivering with the fear of enmity
or did they, seeking a way, call in the official mili- and rivalry as causes of future wars. It is true that
tarists to guide them, and become lost in the mazes all have signed the pact outlawing war, but they
of suggested means? If the picture which the for- are afraid to relinquish military powers. If there
mer Premier draws is not exaggerated, if behind all could be a peaceful uprising of all peoples in the
this talk of relative power at arms there is a feeling interest of peace, how many ships might be sunk,
of fear that no jot of power must be abandoned by how many guns spiked, how many plowshares and
any one nation, then certainly we are not proceeding pruning hooks made out of this wasted steel!
in the direction of peace but in that of war. But Diplomacy is not the surest means of peace. It
there is another side which is chargeable to the peo- twists and turns and seeks for advantage. It is
ples. Are they not at commercial war now, when coldly and sometimes deceitfully patriotic. It is
everywhere they are setting tariff embargoes against full of ambushes and surprises.
each other? And do they, through their legislatures,
On the contrary, if the commerce and finance of
think on these tariffs as a prime cause of wars? the world would become enthused for peace what
Bent on a national form of so-called "prosperity," might not be accomplished? Not a dollar loaned to
do they see the conditions that result therefrom carry on war! Not a cargo sold to maintain an
which, in turn, judging by the past, compel war? army or float a warship! Not a submarine builded
Would it not be better to sacrifice some of the profits for any State for any purpose, and not a pound of
of enterprise rather than foster the fighting? 'Who poison gas manufactured! Here is work for national
are profiting by these tariffs that infest every coun- and international Chambers of Commerce! Not a
try? Politics tells us it is the laboring man. But dollar in capital to advance the cause of war! It
will this stand the test of commercial and financial can be done. Mr. Schwab said he would be glad toanalysis? Is it true? At least, if seeds of military get out of the building of warships.
wars are thus being sown throughout the world, is
And then, doubtful as it may seem, there is a
it not worth while to give heed to this charge? Are power in suggestion. The speech of the great Prenot the peoples themselves derelict in that for politi- mier does not suggest peace, but war. Why should
cal success and financial gain they permit these there ever again be war? If the people could conalleged causes of war to continue?
trol their governments there never would be another
On the other hand, Representative Henry W.Tem- war. But a pseudo-loyalty, and enthusiasm for
ple, of Pennsylvania, Chairman of the Committee on imagined duty, drives legislatures and executives
Foreign Affairs, reviewing the accomplishments in into preparedness for war, that all have solemnly
the foreign field during the 16 months of the Hoover said shall not come again. It is an anomaly. It is
Administration, stated (July 6) that more progress a false front. It is a sham and a deceit. To say that
has been made in the field of the development of the peoples of earth cannot forever suppress wargood-will in that period between the United States is to admit the failure of reason to rule, and is to
and other nations than in many years before. He crucify the divine Mission of love and good-will.
336
FINANCIAL CHRONICLE
Somehow, as we think on these things, we are not
disheartened. Men, millions of them everywhere,
are thinking on peace. In the silence of their hearts
they are praying for peace. Not treaties, not pacts,
not governments, not diplomacy, will establish
peace in the end, though happily they work for it,
but aroused, intensified, invincible world public
opinion will prevent it. And the first step is progress towards disarmament. Let no commission dare
to return without actual accomplishment!
(Vol,. 131.
the creditor governments, in the neighborhood of $30,000,000.
The bank will, nevertheless, have to attract much greater
resources than it now controls before it will be in a position
to exercise any perceptible influence upon the exchanges of
the world or to control international monetary movements.
Its ultimate success will depend chiefly upon the attitude
of the central banks. If the latter desire to co-operate and
decide to let the Bank for International Settlements operate as their agent, the latter may present an appearance of
power belied by the paucity of its resources.
Public-Utility Earnings for May and the Five
Months.
The Bank for International Settlements—Its
Gross earnings of public-utility enterprises in May, exFirst Balance Sheet.
clusive of telephone and telegraph companies, as reported to
[Editorial in New York Journal of Commerce July 16]
The first balance sheet published by the Bank for International Settlements presents a report of its condition on
June 30, 1930. The statement is referred to by one commentator as a "mere skeleton" and, such in fact, it appears
to be as it reveals few details that might not have been
guessed in advance. The liabilities consist roughly of deposits
on reparations account, called special deposits, and sight deposits made by central banks for their own account and for
that of other depositors. These latter deposits amount to
$51,800,000; while the special deposits, including the annuities trust account and the deposit made by the German
Government, are placed at $53,000,000. A large item of
$84,600,000 represents the undistributed proceeds of the recently floated international loan.
On the assets side, most of the funds are invested in paper
due in 90 days or less. About 43% represents funds
employed at sight or on 15 days' notice, while 46% has been
placed in acceptances and treasury bonds with a maximum
maturity of 90 days. As the $84,600,000 of the proceeds
of the German loan is to be distributed at once, the explanation of the large proportion of sight and 15-day transactions
Is obvious. No information is available concerning the character of the holdings which are listed under the head of
Investments for more than 90 days. Although these items
constitute only 6.3% of all assets, they are much more important than they appear to be at first sight since they
amounted to over 25% of the sight deposits due to the central
banks or made by these banks for account of others.
The paid-in capital of the bank is less than $20,000,000
and, allowing for the fact that its receipts have been temporarily swollen by the proceeds of the international loan, it
is evident that it is beginning business with extremely limited
resources. However, the German Government is expected
to maintain a balance free of interest up to $25,000,000 apart
from the sums regularly deposited by Germany for distribution to reparations claimants. The Hague agreement also
assures the bank of the retention of balances belonging to
the Department of Commerce by ninety-five companies or
systems operating gas, electric light, heat, power, traction
and water services were $195,000,000, as compared with
$189,750,000 in May 1929, $180,255,000 in the corresponding month of 1928 and $171,255,000 in 1927. Gross earnings
consist, in general, of gross operating revenues, while net
earnings in general represent the gross,less operating expenses
and taxes, or the nearest comparable figures. In some eases
the figures for earlier years do not cover exactly the same
subsidiaries, owing to acquisitions, consolidations, dm, but
these differences are not believed to be great in the aggregate.
This summary presents gross and net public-utility earnings
by months from January 1927, the figures for the latest
months being subject to revision.
PUBLIC UTILITY EARNINGS.
arose Earnings.
1927.
1928.
1929.
January
February
March
Apr11
May
8191,702,022
177.612.648
179,564,670
176,467,300
171,255,699
$196,573,107
187.383.731
187,728,994
181,143.683
180,255,407
9203,000,000
194,000,000
195,000,000
190.000,000
189,750,000
Total (5 months).June
July
August
September
October
November
December
8805,602,339
167,975,072
161,638.462
162,647.420
189,413,885
177,734,493
182.077,407
194,985,134
8933,082,922
178.696.556
173,645,919
173,952,440
179,346,145
190,795.668
198,032,715
202.000,000
$971,750,000 $1,002,500,000
183,000,000
178.090,000
178,500,000
185,000.000
197,500,000
202.500,000
211,500,000
Total (year)
1930.
$211,000,000
199,500.000
199,000,000
198.000,000
195,000,000
$2,113,074,302 52,229,552.394 52.308.750,000
Na EarnInfs.
1927.
January
February
March
April
May
Total(5 months).
Juin
July
August
September
October
November
December
Total (yew)
1928.
1029.
1930.
873,746,891
66.907.757
65,412,739
64,907,729
61,194,779
$79,013,279
74,298.576
72.811.146
68.971.324
67,732,911
592,000,000
86,000.000
85,000,000
83,000.000
82,500,000
992,000,000
00,000,000
88,000,000
89,500,000
88,000,000
8332,169,895
59.167.096
53.980.280
53.551,164
61,897,207
85,259,727
70,214,468
78,937.417
$362,825,236
67.537,149
62,269,333
61.809.794
58.2.35,698
73.670,561
81,363,806
91,000,000
8428,500,000
79,090,000
71.000,060
73.000,000
80,000,000
83.000,000
92.0410.000
100,000,000
$445,500,000
8775.177,254
8888.702.577 81.006.500,000
The New Capital Flotations During the Month of June and for the
Half Year Ending With June
New financing in the United States during June was on a
substantially reduced scale as compared with the months
immediately preceding, and yet was not itself small, and
It reveals the same characteristics as all other months of
the current year 1930 thus far. Among the most prominent
of these characteristics, and which sharply distinguish the
new period of financing from that which prevailed prior
to the stock market crash of last autumn, may be mentioned
(1) the substitution to a great extent of bond issues for
stock issues, the latter having been predominately in popular
favor up to the time of the stock market collapse, but now
having lost much of their former prestige owing to the depreciation which stocks have suffered, and (2) the greater
freedom with which foreign government issues now find
their way to market as compared with a year ago, when,
because of the fascination of the public, here and abroad,
for the speculation on the Stock Exchange and the high
rates of interest obtainable for loans on security collateral,
it was virtually impossible to undertake to float foreign
issues in this country.
Our tabulations, as always, include the stock, bond and
note issues by corporations, by holding, investment, and
trading companies of one kind or another, and by States
and municipalities, foreign and domestic, and also farm loan
emissions. The grand total of the offerings of securities
under these various heads during June aggregated $772,792,186. This compares with $1,179,633,616 in May; with
$957,838,752 in April; with $821,142,580 in March; with
$621,374,402 in February, which was a short month; with
$824,183,488 in January; with $658,012,982 in December
1929, and with only $298,029,283 in November, which latter
was the month of the termination of the stock market crash.
In October, when the total had already begun to dwindle,
because of Stock Exchange conditions, the new offerings
footed up $878,901,935, while in September, when all records
of monthly totals for new capital issues were broken, the
6
JULY 19 1930.]
FINANCIAL CHRONICLE
337
000,000 less than last year, the total of the long-term and '
new flotations amounted to $1,616,464,867.
In the reduced magnitude of the new financing, June short-term bond and note issues brought out the present
stands in sharp contrast with May, the month immediately year was $270,113,500 as against only $113,669,800 in June
preceding, for, whereas in May the security offerings in the last year. On the other hand, the aggregate of the common
United States were by far the heaviest of any month since stock issues floated the present year was only $80,254,949
the stock market crash of last autumn, in June, on the as against $239,795,596 in June 1929, and the amount of the
other hand, the total of the new capital flotations was, it preferred stock issues only $74,700,000 as against $115,appears from the figures cited above, the smallest of 123,920.
Another change in the character of this year's new capital
any month of the half-year of 1930—barring February,
which, of course, was a short month. This, however, is a issue is also again in evidence, namely the virtual disappoint of little significance. Neither the exceptional size pearance from the list of the investment trusts which made
of the May aggregate nor the much smaller aggregate for such enormous appeals for new capital funds a year ago.
June can be considered of any special consequence. It In June the present year the appeals on behalf of investhappens that two or three issues of unusual size served to ment trusts and trading and holding corporations amounted
swell the May total, among which should be mentioned. to only $4,139,735 as against $73,406,224 in June last year.
particularly, the offering of $235,000,000 stock by the Amer.
In one particular the characteristics of the financing of
Tel. & Tel., and the $120,000,000 Cities Service Co. con- 1929 are still being maintained. We allude to the tendency
vertible deb. 5s of 1950, offered to stockholders of the to make bond issues and preferred stock issues more attraccompany at par. It may be noted that even at $772,792,186 tive b'y according to the purchaser rights to acquire common
the new flotations for June come very close to the total stock. This applies on the present occasion to bond issues,
for June 1929, which was $802,194,350, and during 1929, it rather than to offerings of preferred stock, this following
will be recalled, new issues came out on a scale never before from the fact that only relatively small amounts of new
witnessed. But here, again, the comparison is devoid of preferred stock were brought out during June—altogether
Importance, since, as was the case the present year, there only $74,700,000 during the entire month, as already stated.
was in June last year z slowing down of new financing In the following we bring together the more conspicuous
after the new capital issues the previous month (May 1929) Issues floated during June of the present year containing
had been of prodigious proportions. As a matter of fact, convertible features of one kind or another, or carrying
the aggregate of the new emissions in May 1929 reached no subscription rights or warrants to subscribe for or acquire
less than $1,513,250,087, a total which up to that time had new stock. In the detailed enumeration of all the issues
never even been closely approached in any preceding month which were brought out during the month of June given at
and an amount never afterwards again reached or exceeded the end of this article we have put in italics the part relatexcept in September 1929, when the total ran up to $1,616,- ing to the right of conversion or subscription in all cases
464,867—to be followed the very next month by the stock where such rights exist, italic type being used to designate
market collapse, with the Attendant sharp drop in these the fact so that it may be readily detected by the eye.
CONVERTIBLE
CONSPICUOUS ISSUES FLOATED IN JUNE WITHRIGHTS
new security issues.
011
FEATURES OR CARRYING SITBSORIPTION
WARRANTS
It should also be noted that the placing in this country
$50,000,000 Middle West Utilities Co. convertible 6% notes 193145,
during June of foreign government issues to an aggregate
each $1,000 note convertible into 20 shares of common stock
on or before Dec. 31 1932 and thereafter on or before Dec. 31
1932 into 1734 shares.
of $103,250,000 served to that extent to swell the month's
any
14,931,000 Armstrong Cork Co. cony. deb. 58 1940, convertible atrangtotal of new financing. In June of last year foreign governtime on or before maturity into common stock at prices
sha.re.
per
$80
to
ing from $65
ment issues counted for no more than $6,000,000. The difdeb. 68
5,000,000 Hudson Bay Mining & Smelting Co., Ltd. cony.share
for
July 15. 1935, convertible into stock as follows: 1
ference between the two amounts illustrates, of course, the
each $10 of debentures from July 15 1930 to and including
thereafter
debentures
of
$1256
each
for
share
1
1933:
July 15
and lshar; for each $15 of depoint made further above with reference to the ease with
foreign
of
behalf
on
governments is now
which new financing
5,000.000 The Saxet Co. cony. 1st lien coll. 6s A 1945, convertible at
principal amount into common stock from Dec. 15 1930, up
conducted as compared with an almost utter impossibility
to maturity at prices ranging from $16 to $40 per share.
Proceeding further with our analysis of the corporate
to negotiate such loans during IX9.
In this year's total of $103,250,000 of foreign government flotations during June, we find that railroad offerings led
Issues, the $98,250,000 of the German Government Inter- In volume with $178,466,600, which compares with only $60,national Loan brought out in this country was, of course, 435,000 in May. Public utility flotations, however, in June
the chief item. The subscription price of this loan in the totaled only $172,091,250 as against no less than $604,485,649
United States was 90 and accrued interest, affording a In May, while industrial and miscellaneous issues at $167,yield to maturity of 6.20% per annum. The offering was 120,599 for June show a decrease of 100 million dollars from
1934 juiyt3.
?eiergandnuding
t:ggLflrlLlu5
oversubscribed, subscription books being closed promptly
at noon on the day of the offering, and the bonds commanded a premium, selling at 91% on June 12, the day
that the issue was brought out in this market, but closed
June 30 at 90. On the dissolution of the syndicate during
the current month (July 3) the bonds sold down to 88%.
The corporate issues, foreign and domestic, aggregated
$512,678,449 in June 1930 as against $641,129,316 in June
1929, and analysis of the amounts for the two years serves
to show the extent to which the character of the new
financing in the two years has changed through the substitution of bond issues for stock issues. In the case of the
foreign corporate issues, the change is not very much in
evidence, as stock issues have never predominated among
these. Confining ourselves, therefore, entirely to the domestic corporate issues, we find that they reached $425,068,449 in June 1930 against $468,589,316 in June 1929.
Notwithstanding, however, that the present year's financing
on behalf of domestic corporate undertakings was $43,-
the May aggregate of $262,455,569.
Total corporate offerings, foreign and domestic, during
June were, as already stated, $512,678,449, and of this
amount long-term bonds and notes, including $73,250,000
Canadian and $5,360,000 other foreign, accounted for $277,233,500. Stock issues, all domestic, aggregated $154,954,949,
while short-term bonds and'notes, including $5,000,000 Canadian and $4,000,000 other foreign, aggregated $80,490,000.
The portion. of the month's total raised for refunding purposes was $67,315,250, or not quite 12% of the total. In
May the refunding portion was $63,334,000, or less than 7%;
In April it was $51,258,750, or not quite 8%; in March it
was only $15,436,500, or not quite 3% of the total; in February the refunding portion was also small, totaling only
$27,635,500, or less than 6% of the total. In January the
amount for refunding was $73,096,000, or slightly over 10%
of that month's total. In June of last year the amount
for refunding was only $16,222,217, or less than 3% of the
total. There were three issues. in June (1930) involving
' 338
FINANCIAL CHRONICLE
[VOL. 131.
large amounts for refunding, namely, $50,000,000 Canadian yet reaches no less than
$5,185,651,086, or at the rate of
National Ry. Co. 25-yr. 4%s 1955, of which $20,000,000 com- over $10,000,000,000, which, in
the vernacular of the day,
prised refunding; $20,000,000 Colorado & Southern Ry. Co. is certainly "going it some."
The approach to the amount
gen. mtge. 4%s A 1980, of which $19,402,000 was the refund- of new capital provided last
year is really much closer than
ing portion and $24,000,000 Cleveland Cincinnati Chiciigo & Indicated by the comparison
given. This is so because a
St. Louis Ry. Co. ref. & imp. mtge. 4%s E 1977, of which much smaller amount of
the new issues the present year
$15,000,000 was to be used for refunding.
was for refunding than was the case last year, leaving,
The total of $67,315,250 raised for refunding in June therefore, a correspondingl
y larger amount representing
comprised $61,053,000 new long-term to refund exist- strictly new capital. Of
(1930)l
this year's emissions only $322,ing long-term; $1,200,000 new long-term to refund existing 902,412 represented issues
intended for refunding—that is,
short-term; $2,500,000 new short-term to refund existing to take up existing
issues. On the other hand, of last year's
long-term, and $2,562,250 new stock to replace existing stock. emissions no less
than $880,203,704 were put out to replace
Canadian and other foreign corporate issues sold in this old issues.
Consequently, the provision of strictly new
country during June comprised five offerings for an aggre- capital for the six
months of 1930 reached $4,862,748,674
gate of $87,610,000. The offerings were as follows: Cana- as against $5,433,620,748
in the first half of 1930, being a
dian: $50,000,000 Canadian National Ry. Co. 25-yr. 4%s difference of only
$570,000,000. And this difference entirely
1955, priced at 99, to yield 4.82%; $15,750,000 Canadian Na- disappears when
allowance is made for the fact that $780,tional Railways equip. trust 4Y2s L 1931-45, offered to yield 000,000 less of
investment trusts and trading corporations
4.15% to 4.85%; $7,500,000 Bell Telephone Co. of Canada are included in the
present year's total than was the case
1st mtge. 5s C 1960, priced at 101%, to yield 4.90%, and last year. These
trusts and trading corporations raised
$5,000,000 Hudson Bay Mining & Smelting Co., Ltd., 5-yr. money, not to
provide means for new enterprises and undercony. deb. 6s July 15 1935, offered at par. Other fol•eign: takings, but to buy
up and trade in securities.
$5,360,000 Kingdom of Norway Municipalities Bank 5s 1970,
We need hardly add that at $4,862,748,674 the new capital
sold at 97, to yield 5.17%, and $4,000,000 Central German supplied through
security issues in the first six months
Pr. Co. of Magdeburg 4-yr. 6% notes, June 1 1934, priced of 1930 was in excess of
that for the first six months of all
at 98%, to yield 6.50%.
previous years, excepting only 1929, and that exception, for
There were two foreign government loans floated in this the reason just
indicated, may be disregarded, so that it
country during June. These new offerings aggregated $103,- may be truthfully
said that the strictly new capital provided
250,000, and consisted of $98,250,000 German Government in 1930 surpassed
that of any preceding year. Most assurInternational 5%% Loan 1965, offered at 90, to yield 6.20%, edly, if the funds
raised in this way could have revived trade
and $5,000,000 City of BriSbane (State of Queensland, Aus- and industry, the
means for so doing were provided in
tralia) 20-yr. 6s 1950, priced at 96%, to yield 6.30%. There abundance.
Instead, however, trade depression became more
was also an offering during June of $7,500,000 Federal Inter- pronounced rather
than less pronounced, demonstrating that
mediate Credit Banks 31/
4% debentures due from 6 to 9 new capital issues were
no more efficacious in bringing
months, all maturities being priced at par.
about trade recovery than inordinately low interest rates
Among the domestic flotations during June the largest and unlimited
supplies of Federal Reserve credit.
was $60,000,000 Union Gulf Corp. coll. trust 5s 1950, priced
Another point to attract attention in the new capital flotaat 99, to yield 5.08%. Other large industrial and miscel- tions for the half year,
aside from their magnitude, is the
laneous issues were: 357,071 shares (E. I.) du Pont de change in their
character and composition. There have
Nemours & Co. common stock, offered at $80 per share, in- certainly been
changes in this respect in some essential parvolving $28,565,680, and $14,931,000 Armstrong Cork Co. ticulars, the chief
of the changes being, as already remarked
cony. deb. 55 1940, offered at 98, to yield 5.25%.
above, that stock issues have been largely displaced by
Public utility financing during June was featured by the bond issues as a
means for raising new capital. Another
following: $50,000,000 Middle West Utilities Co. cony.4%% change is in the
diminishing contribution to the general total
and 5%% notes, 1931-35, offered to yield from 4.50% to made by investment
trusts and trading corporations with
5.62%; 250,000 shares American & Foreign Pr. Co., Inc. which the markets
were so overwhelmingly flooded in the
(Maine) cum. $6 pref. stock, offered at $98% per share, to first seven or eight
months of 1929. On that point we will
yield 6.09%; 200,000 shares Electric Bond & Share Co. cum. say at the outset
that from our full-page analysis on page
$5 pref. stock, sold at $91% per share, to yield 5.45%; 343 of this issue it
appears that the amount of stocks, bonds
100,000 shares Electric Pr. & Light Corp. cum.$6 pref. stock, and notes put out
during the six months of 1930 by what
offered at $100% per share, to yield over 5.95%, and 100,000 may be termed strictly
investment and trading or holding
shares Philadelphia Co. $6 cum. pref. stock, brought out at corporations reached
only $149,237,079 as compared with no
$99% per share, to yield 6.03%.
less than $929,406,562 in the first six months of 1929, showRailroad issues of prominence during June included the ing the reduction
already referred to.
following: $38,305,600 Chesapeake & Ohio Ry. common
A third important development in these new capital issues
stock, offered to stockholders of the road at par ($100); in 1930
has 'been that with money rates low and a super$24,000,000 Cleveland Cincinnati Chicago & St. Louis Ry. abundance
of loanable funds, both for short-term and longCo. ref. & imp. mtge.4%s E 1977, issued at98,to yield4.60%; term
investments, very considerable amounts of foreign
$20,000,000 Colorado & Southern Ry. Co. gen. mtge. 4%s A loans,
corporate and government, have been floated in the
1980, offered at 9514,to yield 4.75%, and $14,040,000 Chicago United
States, whereas in 1929, with money rates high and
Rock Island & Pacific Ry. Co. equip. trust 4%s Q 1930-45, virtually
all loanable funds tied up in the stock market, the
priced to yield 3.50% to 4.60%.
field for foreign offerings was necessarily narrow and
There was a single offering during June which did not restricted. As
illustrating the importance of this latter
represent new financing by the company whose security feature, it
is only necessary to say that during the six
was offered. The issue involved $765,000, and, as pointed months of 1930
an aggregate of $374,706,000 of foreign govout by us in previous months, is not included in our totals ernment obligations
was placed in the United States, as
of new financing. The issue is shown, however, in tabular against only $41,750,000
in the first six months of 1929.
form following the details of actual new capital flotations
The easing of money conditions has also proved a great
during the month. See page 346.
advantage to State and municipalities in enabling them to
THE RESULTS OF THE HALF YEAR.
make provision for their current needs. Not only has it
In studying the figures for the half year ending June 30, been possible during 1930 for municipalities
to borrow on
many features attract notice. In the first place, the total greatly reduced terms, but a ready market
has existed for
of the new security issues brought out is much larger than large amounts of new municipal issue, even at the greatly
would be supposed except by those who have kept closely reduced yield which it is now possible to obtain from
this
conversant with the facts. That is especially true when it class of obligations. During the first six
months of 1930
is considered that during the whole of the half year the the aggregate of the municipal awards in the United States
country has been passing through a period of trade depres- reached $754,998,379 as against $670,383,755 in the first
sion steadily growing in intensity. The aggregate of the six months of 1929. In addition, $51,300,000 of Canadian
new emissions for the six months falls over $1,128,000,000 municipal obligations were placed in the United States in
short of that for the first six months of 1929, which, we the first half of 1930 against $36,612,000 in the first half
need hardly say, was of unprecedented proportions, and of 1929.
JULY 19 1930.]
FINANCIAL CHRONICLE
The corporate Issues, foreign and domestic, reflect the
great change in the character of financing the present year
to which attention has already been directed. The grand
total of corporate financing of all kinds for the first six
months of 1930 is found to have been $3,964,471,707 as
Against $5,563,083,697 for the first six months of 1929.
This is a reduction of $1,598,611,990. Of this reduction, no
less than $780,229,483 is to be ascribed to the fact already
mentioned further above that the investment trusts, trading and holding corporations contributed only $149,237,079
to the total in the first six months of 1930 as against $929,466,562 in the first six months of 1929. The most important
change, however, in the corporate emissions is the change in
their composition with respect to the form of obligations
put out, the bond issues having actually increased, notwithstanding the reduction in the general totals, while the stock
issues, and particularly the common stock issues, have
dwindled in amount. As far as the domestic corporate issues
.are concerned, which aggregated $3,577,258,707 in the first
six months of 1930, as against $5,057,224,250 in the first
six months of 1929, the bond issues enormously increased
In the face of a general falling off, aggregating no less than
$2,343,998,660 in the first half of this year against only
$1,683,588,300 in the first half of last year. On the other
hand, the total of the preferred stock issues fell from $888,097,906 in the first six months of 1929 to $307,097,946 in
the first six months of 1930, and the common stock issues
dropped from $2,485,538,044 to $926,162,101. This is for
the domestic corporate issues alone. If we include the
,Canadian corporate issues and the corporate issues of other
foreign countries, yielding a grand total of $3,964,471,707
for the first six months of 1930 against $5,563,083,697 for
the first half of 1929, we find that the amount of the bond
Issues included in the general total has risen from $2,029,748,300 in the first half of 1929 to $2,708,151,660 in the
first half of 1930, while the amount of the preferred stock
,emissions has fallen from $1,000,810,106 in 1929 to $320,'097,946 in 1930, and the aggregate of the common stock emissions has dropped from $2,532,525,291 to $936,222,101. Full
-details regarding these various items appear in the full-page
-table given on page 343, but for the purpose of furnishing
a tabular statement in brief form we introduce here the
following table:
—Domestic Corporate Issues— —Domestic and Foreign—
1929.
1930.
Jan. 1 to Jan. 30—
1930.
1929.
Bonds and notes_ _-.$2,343,998,660 $1,683,588,300 32,708,151,660 52,029,748,300
307,097,946
888,097,906
Preferred stock
1,000,810,106
320,0974946
926,162,101 2,485,538,044
•Common stooks
936.222,101 2,532,525,291
Total
83.577,258,707 55,067,224,250 $3,964,471,707 $5,563,083,697
Dealing once more with the new security issues of all
kinds for the half year, instead of with the corporate issues
alone, it has already been indicated that for the first six
months of 1930 the total of new financing at $5,185,651,086
compares with $6,313,824,452 for the first half of 1929.
Carrying the comparisons further back, it is found that in
the first half of 1928 the grand total of the new offerings
was $5,787,575,597; in the first half of 1927, $5,350,449,185,
and in the first half of 1926, $4,052,532,032. Going back to
1923, the half year's aggregate then did not quite reach
even three billion dollars, the exact total for that half year
having been $2,969,887,436.
It is important, however, to take cognizance of the fact
that the portion of the new issues put out for refunding
purposes during 1930 was unusually small—the smallest
indeed in a long series of years. Only $322,902,412 was for
refunding in 1930 against $880,203,704 in 1929; $1,597,114,312
In 1928; $1,187,895,460 in 1927; $470,126,592 in 1926; $513,347,132 in 1925; $358,117,508 in 1924, and $492,358,069 in
1923. Eliminating the refunding portion, the aggregate for
strictly new capital for the first six months of 1930 is found
to have been $4,862,748,674 as against $5,433,620,748 in the
first six months of 1929, and $4,190,461,285 for the first six
months of 1928. The corresponding total for strictly new
capital in 1927 was $4,162,553,725; in 1926 it was $3,582,405,440; in 1925, $3,188,449,605; in 1924, $2,843,501,056, and
In 1923, $2,477,529,367.
THE PART PLAYED BY INVESTMENT TRUSTS AND HOLDING
COMPANIES.
It has already been shown that investment trusts and
holding companies, which in 1929 were so prominent in
.emitting new securities and contributed so greatly to swell
:the total of the new issues in that year, played a relatively
339
inconspicuous part in the security emissions of 1930, their
contribution in this last mentioned year having been only
$149,237,079 against $929,466,562 in the first six months
of 1929. In the following we show the figures for each of
the six months separately and also indicate what portion
of the financing by these investment trusts and holding
companies was in the shape of bonds and notes and what
portion consisted of stock issues.
FINANCING BY INVESTMENT TRUSTS AND TRADING AND HOLDING
COMPANIES DURING FIRST SIX MONTHS OF 1930.
Long Term
Short-Term
G'rand
Bonds & Notes. Bonds dk Notes.
Total.
1930.
Stocks.
560,000,000
January
$3,250,000 $63,250,000
16,390,000
$1,000,000
February
15,390,000
1,595,000
March
1,595,000
61,752,344 •
15,000,000
46,752,344
April
2,110,000
May
2,110,000
250,000
4,139,735
3,889,735
June
Total 1930
First half 1929
First half 1928
First half 1927
First half 1926
575,250,000
93,000,000
81.400,000
51,500,000
9,500,000
51,000,000
400,000
1,000,000
4,000,000
572,987,079 $149,237,079
836,466,562 929,466,562
204,712,018 286,512,018
47,573,228 100,073,228
37,550,000
51,050,000
As noted in our remarks concerning the financing done
In June, in one particular the characteristics of the financing of 1929 are still being maintained. We allude to the
tendency to make bond issues and preferred stock issues
more attractive by according to the purchaser rights to
acquire common stock. In the following we bring together
the more conspicuous issues floated during 1930 containing
convertible features of one kind or another, or carrying
subscription rights or warrants to subscribe for or acquire
new stock:
CONSPICUOUS ISSUES FLOATED IN THE FIRST HALF OF 1930
WITH CONVERTIBLE FEATURES OR CARRYING
SUBSCRIPTION RIGHTS OR WARRANTS
January860.000,000 maul Utility Investments, Inc., 10-year deb. 6s B. 1940,
with non-detachable warrants whereby each $1,000 debenture may be surrendered at its principal amount in exchange
for common stock during the calendar years 1930 to 1934 at
prices ranging from $65 to $125 per share. Each warrant
also provides for purchase of ten additional shares of common
stock during the same period at prices ranging from $623'4 to
$115 per share.
30.000,000 Associated Gas & Electric Co. cony. deb. 5s, 1950, convertible after March 15 1931 and on or before March 15 1933
into class A stock at rate of 18 shares for each $1,000 debenture.
10,000,000 Northwestern Power Co., Ltd. (Canada), 1st mtge. cony.
Ss A, 1960, convertible into Winnipeg Electric Co. common
stock up to Jan. 2 1945 at prices ranging from $65 to $100
per share.
6.000.000 Associated Telephone Utilities Co. cony. debs. 534s C,
1944, each $1,000 debenture convertible up to May 1 1932
into 33 shares of common stock and thereafter to and including May 1 1935 into 30 shares of common stock. Each 8500
debenture carries proportionate privilege.
February.—
$63,031,000 Baltimore & Ohio RR. cony. 4s 1960, convertible into
common stock at any time from Feb. 1 1931 to Feb. 1 1946
at prices ranging from $120 to $130 per share.
16,000,000 Pacific Northwest Public Service Co. cony. deb. 6s 1950.
each $1,000 principal amount of debentures convertible into
25 shares of class "A" stock of Central Public Service Corp•,
at any time on or after Sept. 1 1930 and before Sept. 1 1933.
12,900,000 The European Electric Corp. Ltd. (of Canada), deb. 6%s
1965, carrying warrants to purchase class "A" common stock
at any time on or after Apr. 1 1930 at rate of 30 shares for
each $1,000 debenture.
10,000,000 Crown Zellerbach Corp. deb. 6s 1945, each $1,000 debenture
carrying a warrant to purchase 20 shares of common stock
up to Mar. 1 1935 at prices ranging from $20 to $25 per share.
Debentures of $500 denomination carry proportionate warrant.
March840.000,000 Royal Dutch Co. for the Working of Petroleum Wells in the Netherlands-Indies deb. 4s A 1945, each debenture
to carry a non-detachable warrant to purchase on or before
April 1 1936 (or in event of redemption prior thereto, on or
before the redemption date), 15 New York shares representing
common stock at $66 2-3 per share on or before April 1 1933,
and thereafter, on or before April 1 1936, at $70 per New York
share.
32.228,000 Chicago Rock Island & Pacific Ry. cony. 4-s 1960, convertible into common stock at any time on and after May 1
1931 and before May 1 1940 at $125 per share.
25,000,000 Allegheny Corp. coll, trust cony. 5s 1950, each $1,000 bond
convertible at any time on or prior to April 1 1945, or earlier
redemption date, into six shares of cumulative 534% Pref.
stock series A without warrants, and 10 shares of common
stock.
12 500,000 Allegheny Corp. cum. & % pref. stock, series A, carrying
warrants (detachable on or after July 1 1930, but not prior
thereto except when exercised or on redemption) to purchase
at $40 per share 134 shares of common stock for each share
of preferred stock, such right to expire April 1 1940.
20,000,000 Rhine-Westphalia Electric Power Corp.CODS. mtge.6s 1955,
carrying non-detachable warrants to purchase up to April 1
1931, four "American Shares" for each $1,000 of bonds, at the
price of $45 per share.
15.000.000 Union Oil Co. of California deb. 5s 1945, each $1,000 debenture carrying a warrant, detachable on or after Oct. 1 1930.
to subscribe, on or before April 1 1938, for 10 shares of capital
stock at prices ranging from $60 to $75 per share.
10,000,000 American Commonwealth Power Corp. cony. deb. 6s
1940, convertible at their principal amount after August 15
1930 and before Feb. 20 1940 into class A common stock at
prices ranging from $27.50 to $35 per share.
10,000.000 Associated Gas & Electric Co. cony. deb. 5s 1950 each
51.000 debenture convertible at any time after March 15 1931
and on or before March 15 1933 into 18 shares of class A stock,
with adjustment of interest and dividends on conversion.
April—
$60,000,000 Republic Steel Corp. 69' cum. cony. pref. stock, convertible
into common stock on basis ranging from 1 share to 1 A shares
of preferred stock for 1 share of common stock.
30,000,000 General Theatres Equipment, Inc., cony. deb. 6s 1940.
convertible at any time after Jan. 1 1931 and prior to maturity
into common stock on basis of 21 shares of stock for each $1,000
of debentures.
30,000.000 Van Sweringen Corp. 5-yr. 6% notes, May 1 1935 with
warrants (detachable on or after May 1 1932, but not prior
thereto except when exercised or in event of redemption)
entitling holders to purchase 20 shares of common stock, for
each $1,000 of notes. at $28 per share.
340
FINANCIAL CHRONICLE
['Wm. 131.
22.000,000 McKesson & Robbins, Inc. cony. deb.510 1950, convertible $35,000,000 for the State of
San Paulo, Brazil, $25,675,000
into common stock on and after July 1 1930, and prior to
maturity or earlier redemption at following rates* On or after for various provinces of Argentina, $2,200,000 for the
July 1 1930, and on or before April 30 1932 at rate of 1 share
for each $40 principal amount of bonds, the conversion price City of Santiago, Chile, and $500,000 for the City of Barranincreasing $2.50 per share on May 1 1932 and on May 1 in quilla, Colombia.
Canada, its Provinces and municipalities
each succeeding year up to and including May 1 1935 and on
May 1 1936 and on May 1 in each succeeding year thereafter accounted for $51,300,000 in the
first six months. Financto and including May 1 1949 increasing $5 per share.
15.000.000 Niagara Share Corp. of Md.cony. deb.5148 1950, convertible ing for European Governments comprised the $98,250,000
at any time on or before May 1 1932 into 44 shares of common
,000,000 for
stock and at any time thereafter on or before May 1 1936 German Government international loan and
into 40 shares per $1,000 debenture.
the City of Helsingfors, Finland. Japan placed an issue
Midland
United
Co. cony. pref. stock series A, convertible
250,000shs.
to June 30 1933 on basis ranging from one and four-tenths of $50,000,0C10 here for Government account, the Cuban
shares to one share of common stock for each share of preferred. Government dold
one for $40,000,000, while Australia conEach certificate for convertible preferred stock series A accompanied by a warrant to purchase an equal number of shares tributed $22,500,000 consisting of
$5,000,000 for the City
of common stock up to and including Dee. 31 1930 at $283
of Brisbane and $17,500,000 for the City of Sydney.
per share.
812.000,000 South American Railways Co. cony. Os April 15 1933 conIn respect to foreign corporate issues, Canada heads the
vertible into common stock, with warrants attached, of the
Public Utility Holding Corp. of America on basis ranging list with $183,138,000, comprising 17 separate
offerings.
from 35 shares to 25 shares for each $1,000 of notes.
12.000,000 Skelly Oil Co.6% cum. pref. stock, each certificate bearing a Germany ranked next with $76,655,000, while the Nethernon-detachable warrant to purchase 2 shares of common lands was third with
$40,000,000. Italy ranked fourth
stock for each share of preferred up to May 1 1933 at prices
ranging from $4214 to $50 per share.
with $20,060,000. Taking into consideration both Govern$120,0ay-M
00,000 Cities Service Co. cony. deb. 5s 1950. exchangeable between ment loans and corporate issues, Canada raised $234,438,000
Dec. 1 1930 and June 1 1931 for common stock at $27.50 per in our money market during the
first six months, leading all
share. Conversion price will Increase $1.25 a share every six
months until June 2 1935, when it will reach $38.75 per share countries. Germany ranked second with $174,905,000,
Conversion privilege expires Dec. 1 1935.
30.000,000 R. F. Goodrich Co. cony. deb. Os 1945. convertible at prin- while Argentina was third with $75,675,000, and Japan
cipal amount Into common stock up to maturity at prices fourth with $50,000,000.
ranging from $85 to $80 a share.
In the following we furnish full details of the foreign
20.000.000 New Endland Gas & Electric Assn. cony. deb. 58 1950,
an aggregate equal to one-half of the amount of bonds actually
issued convertible in the order surrendered for conversion on Government and foreign corporate issues brought out in the
the first of any month through May 1 1933 into $5.50 divi- United States during the six
months ended June 30:
dend series pref. stock at rate of 10 shares for each $1.000
CANADIAN GOVERNMENT, PROVINCIAL AND MUNICIPAL ISSUES
bond.
PLACED IN UNITED STATES IN HALF-YEAR ENDED JUNE 30 1930.
11.500.000 Southern Natural Gas Corp. cony. deb. 68 1944, convertible into common stock up to Jan. 1 1940 on basis ranging
Yield
from 45 shares to 20 shares for each $1,000 of debentures.
January—
Price.
Per Cf.
23,000,000 Saskatchewan (Province of) 56. 1958
June—
5.04
99.27
2,800,000
New Brunswick (Province of) Is, $2,158,000 ref.
The conspicuous issues with convertible features or carrying subscription
and
rights or warrants have already been enumerated above in our analysis of
Capital. 1960
5.07
98.9
1,750,000 Winnipeg, IWan., 5s, 1940-60
the financing during June.
5.07
99.02
1,500,000 Vancouver. Es. C., 58, 1944 and 1969
5.09
98.58
THE FOREIGN ISSUES PLACED IN THE UNITED STATES.
250,000 Hamilton, Ont., Is, 1048
5.20
95.68
FebruaryThe foreign government issues (Including Canadian) 5,000,000 Toronto, Ont., 4348 and
58, 10 to 30
5.08
97.597
Greater Winnipeg W. D., Man., 56,years
placed in the United States in 1930, as already explained, 1,000.000
5.09
ref., 1970._ 98.52
Marchafter having been heavily reduced in 1929 because of money 2,000,000 Saskatchewan (Province of), 4148, 1960
5.03
91.77
2,000,000 Vancouver, B. C., 5s, 10 to 40 years
99.737
5.02
market conditions, again increased in 1930 with the return
April—
3,000,000 New Brunswick (Prov. of), 410, 1940-1960
97.351
4.94
of ease in money. They reached $426,006,000 in the six 1,000,000 Manitoba (Province
of) 410 1960
4.89
93.937
Protestant School Board, Que., 5s, 1931
months of 1930 against only $78,362,000 for the half year 1.000,000 Montreal
to 1960
5.12
98.58
Mayof 1929. This compares with $530,314,000 for the first six 18,000,000
Ontario(Prov.of),4 ha,$14,000,000 new capital and
$4,000,000 refunding, 1931 to 1970
months of 1928; with $477,757,800 for the six months of
94.41
4.91
9.000,000 Toronto, Ont., 58, 1931 to 1950
100.2149
4.96
June—
1927; $302,764,000 in the first half of 1926, $312,311,000 in
None
the first half of 1925, and $353,407,562 In the first half of
1924. The refunding portion was no more than $12,658,000
in 1930, and only $8,000,000 in 1929 against $100,538,413 in
the first half of 1928; $58,469,000 in the first half of 1927,
$60,873,000 in the first half of 1926, and $92,522,000 in the
first half of 1925. The foreign corporate offerings were
somewhat smaller, being $387,213,000 in the six months of
1930 against $505,859,447 in the six months of 1929, and
reaching $646,223,750 in the six months of 1928; only $315,168,625 in the six months of 1927, $313,694,010 in the first
half of 1926, $254,695,000 In the first half of 1925, and but
$31,330,000 in the first half of 1924. The aggregate borrowings, therefore, in the United States on behalf of foreign
nations, government and corporate, in the first six months
of 1930 were $813,219,000 against $584,221,447 in the six
months of 1930, and $1,176,537,750 in the first six months
of 1928. In the first half of 1927 the foreign flotations
aggregated $792,926,426, and this compares with $616,458,040 in 1926, $567,006,000 in 1925, $384,737,562 in 1024,
and $193,646,279 in 1923. The following carries the yearly
comparisons back to 1919:
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES.
(Including Canada, Its Provinces and Municipalities.)
Refunding.
Half Year to June 30 1930—
New Capital.
$7,158,000
Canada. its Provinces & municipalities__ $44,142,000
5,500,000
Other foreign Government
369,206,000
Total foreign Government
Canadian corporate issues
Other foreign corporate issues
Grand total
First half of 1929
1928
1927
1926
1926
1924
1923
1922
1921
1920
1919
Total.
$51,300,000
374,708,000
$413,348,000
145,138,000
200,075,000
$12,658,000 $426,006,000
38,000,000 183,138,000
4.000,000 204,075,000
2758,561,000
$54,658,000 $813,219.000
$563,788,730
935,088,837
701,947.425
524,707,740
456,734,000
230,087,562
172,704,600
507,576,650
213,224,000
214,860,000
69,535,300
$20,432,717 8584,221,447
241,448,913 1,176,537,750
90,979,000 792,926,425
91,750,300 616.458,040
110,272,000 567,006,000
154,650,000 384,737,562
20,941,679 193,646,279
119,500,000 627,076,650
50,000,000 263,224,000
8,498,000 223,358,000
34,979,000 104,514.300
It is always interesting to analyze the foreign issues, and
therefore we bring them together below. In the case of
Government loans it will be observed that South American
issues accounted for $155,956,000, Europe for $106,250,000,
Japan for $50,000,000, Cuba for $40,000,000, and Australia
$22,500,000. The South American loans comprised $50,000,000 for the Argentine Nation, $25,000,000 for the
Republic of Chile, $17,581,000 for the Republic of Uruguay,
51,300,000 grand total (comprising $44,142,000 new capital and
57,158.000 refunding).
OTHER FOREIGN GOVERNMENT SECURITIES SOLD IN THE UNITED
STATES DURING FIRST HALF OF 1930—GOVERNMENT AND
MUNICIPAL.
Yield
January—
Price.
Per Cent.
84.000,000 Projunvinece30o1
f9Buenos
0
Aires (Aregntine) 6-inns. 6s,
1930
Placed privately
February—
$40,000,000 Republic of Cuba public works 5104 1945
98
5.70
March88,000,000 Province of Buenos Aires (Argentine) 6348, 1961._ 9564
6.85
8,000,000 City of Helsingfors (Finland) 610. 1960
95
6.90
10,000,000 City of Sydney (Australia) 510, 1955
90
6.30.
April50,000,000 Argentine Nation 5% Treasury notes. Oct. 1 1930_100
5.00
500,000 City of Barranquilla (Colombia) 8s E. 1949
99
8.10
3,675,000 Province of Buenos Aires (Argentine) 6148, 1961_ 9514
6.85
25,000.000 Republic of Chile 6s, 1963
6.63
9134
35,000,000 State of1S
of 9r
0 Paulo (Brazil) 7% coffee realization
96
7.50
7,500,000 City of Sydney (Australia) 530, 1950
6.15.
9234
Mayof193
Coordoba (Argentina) 534% notes,
6,000.000 Pr°
Nvoiv
n.
ee10
100
5.50
50,000,000 Japanese Government 510, 1965
6.20
Santa Fe (Argentine) 6% noted' 90
4,(40," Pro
Mvain
rcche 2o1f931
100
6.00
2,200,000 City of Santiago (Chile) 75, 1961
96%
7.30
17,581,000 Republic of Uruguay 68, 1964
98
6.15
June5,000,000 City of Brisbane (Australia) 6s, 1950
96%
6.30
98,250,000 German Government International
53470 Loan,
1965
6.20
90
$374,706,000 Grand total (comprising $369,206,000 new capital
and $5.500.000 refunding).
CANADIAN CORPORATE ISSUES.
Yield
January—
Price.
Per Cent.
$18,000,000 Canadian National Ry. Co. 5s, 1970
9934
5.03.
3,000,000 Montreal Tramways Co.gen.& ref. mtge.58 D.'55 9114
5.63
10,000,000 Northwestern Pr. Co., Ltd., 1st M.cony.6s A '60_ 98
6.14
b ebruary5,000.000 Bell Telephone Co. of Canada 1st M.58 B, 1957.-100
5.00
9,400,000 Canadian National(West Indies) Steamships, Ltd..
58, 1955
.
5.00.
12,900,000 European Electric Corp., Ltd. (of Canada) deb.100
610,1965
6.50
15,000,000 Shawinigan Water & Power Co. let & coll. trust 100
58 C. 1970
98
5.10
March5,000,000 Montreal Light. Heat & Power Consolidated let
ref. & coll. 58 B. 1970
99
5.05
April8,000,000 Calgary Power Co., Ltd., 1st mtge. 58, 196(1_ 94
5.40
4,238,000 Grand Trunk Western RR.equip.tr.58. 1930-44_
4.00-5.00
1,000,000 West Canadian Hydro-Electric Corp., Ltd.. 1st
mtge. 68 A, 1950
9934
6.05
350,000 West Canadian Hydro-Electric Corp., Ltd., cony.
deb. 610, 1945
100
6.50
May13,000,000 Aluminium, Ltd., 6% cum. pref. stock
991.1
6.04
June7,500,000 Bell Telp. Co. of Canada 1st mtge. 50 C. 1960-10134
4.90
50,000,000 Canadian Nat. Ry. Co. 430, 1955
4.82
99
15,750,000 Canadian Nat. Rya. equip. trust 430 L, 1931-45 ___
4.15-4.83
5,000,000 Hudson Bay Mining dr Smelting Co.. Ltd.. cony.
deb. 68. July 15 1935
100
6.00
5183.138,000 Grand total (of which $145,138,000 new capita
and $38,000.000 refunding).
JULY 19 1930.]
341
FINANCIAL CHRONICLE
OTHER FOREIGN CORPORATE ISSUES.
JanuaryPrim.
$5,000,000 United Industrial Corp. (Germany) 7% notes,
July 15 1930
99%
February6,160,000 General Italian Edison Electric Corp. American
shares (140,000 shares)
44
32,655,000 Siemens & Halske A.G. panic. debs.(35,000)_ _ _ _933 flat
March50,000,000 American & Foreign Power Co., Inc., deb.5s, 2030 90
20,000,000 Rhine-Westphalia Electric Power Corp. cons.
mtge. 13s, 1955
93
40,000,000 Royal Dutch Co. deb. 45 A,1945
89%
April15,000,000 Berlin City Electric Co., Inc., deb. 65, 1955
90%
10,000,000 Piedmont Hydro-Electric Co. (Italy) 1st mtge.
& ref. 6%s A, 1960
915,d
12,000,000 South American Rys. Co.cony.6% notes. April 15
1933
100
May3,900,000 Italo-Argentine Electric Co. Amer.shf3.(50,000)_ - 78
June-4,000,000 Central German Power Co. of Madgeburg 4-year
6s, June 1 1934
98%
5,360,000 Kingdom of Norway Municipalities Bank 5s, 1970- 97
Yield
Per Cent.
$30,000,000 B. F. Goodrich ,Co. cony. deb. 6s 1945, priced at
98, yielding 6.20%, and $25,000,000 Massachusetts Gas Companies deb. 5s 1955, offered at 98, to yield 5.14%.
June.-The large domestic corporate issues for this month
have already been enumerated in our remarks further above
in analyzing the June financing.
5.55
THE CHIEF REFUNDING ISSUES.
6.57
5.00,
The most conspicuous issues brought out during the first
six months, in addition to those for June, already noted,
were as follows: $35,088,000 Chesapeake & Ohio Ry. Co.
ref. & impt. mtge. 4s B, 1995 and $18,000,000 Canadian
National Ry. Co. 5s, 1970, both offered in January to be
used entirely for refunding and $25,928,750 out of $50,000,000 Erie RR.ref. & impt. mtge. 5s, 1975, issued in April.
6.80
7.20
6.00
ISSUES NOT REPRESENTING NEW FINANCING.
During the first half of 1930 offerings of securities not
6.50
5.17 representing new financing by the companies themselves
amounted to only $62,208,755, as compared with $160,8204.075.000 Grand total Of which $200,075,000 new capital
and $4,000,000 refunding).
976,970 in the first six months of 1929. These figures, as
already stated, are not included in our totals of new financing.
FARM LOAN ISSUES.
Farm loan issues brought out in the first half of 1930 A six months comparison for the two years follows:
1930.
1929.
totaled $30,500,000, whereas in the same period of last year
$25,349,155
$60,534,961
January
there were no offerings made. The current year's offerings February
10,236,100
19,118,479
14,884,000
29,142,117
included $20,000,000 Federal Intermediate Credit banks March
3,674,500
4,488,592
April
debenture 4s, July 15 1930-March 15 1931, offered in
7,300,000
39,238,735
May
March at par.
765,000
8,454,086
June
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF YEAR.
Domestic corporate offerings of exceptional size during
the half year, in addition to those for June, already mentioned, were as follows:
January.-$150,000,000 American Telephone & Telegraph
Co. deb. 5s 1965, offered at 99%, to yield 5.03%; $87,500,000
Pacific Telephone & Telegraph Co. common stock, offered
at par ($100); $60,000,000 Insull Utility Investments, Inc.,
deb. 6s B 1940, issued at 99%, to yield 6.07%; $50,000,000
International Telephone & Telegraph Corp. deb. 5s 1955,
offered at 96%, to yield 5.25%; $35,088,000 Chesapeake &
Ohio Ry. Co. ref. & imp. mtge. 4%s B 1995, offered at 94,
to yield 4.80%; $30,000,000 Associated Gas & Electric Co.
cony. deb. 5s 1050, issued at 90, to yield 5.85%; $30,000,000
Edison Electric Illuminating Co. of Boston 3-yr. 5% notes,
Jan. 15 1933, sold at 98%, to yield 5.45%; $25,000,000 New
England Power Assn. deb. 5%s 1954, priced at 95, to yield
5.88%, and $25,000,000 North American Edison Co. deb. 5s C
1969, offered at 95%, to yield 5.25%.
February.-$63,031,000 Baltimore & Ohio RR. cony. 4%s
1960, offered to the road's stockholders at 95, yielding
4.82%; $35,000,000 Western Union Telegraph Co. 5s 1960,
brought out at par; 750,000 shares Western Electric Co.,
Inc., common stock, offered at $40 per share, involving
$30,000,000; 540,000 shares Marshall Field & Co., Inc., common stock, offered at $50 per share.. accounting for $27,000,000, and $25,000.000 Morris and Essex RR. Co. construction mortgage bonds, comprising $15,000,000 series B 414s
1955, priced at 96%, to yield 4.73%, and $10,000,000 series A
5s 1955, priced at 103%, to yield 4.76%.
Marek.-$60,000,000 Pennsylvania RR. Co. deb. 4%s 1970,
priced at 94%, to yield 4.81%; 732,373 shares International
Telephone & Telegraph Corp. common stock, offered at $50
per share, involving $36,618,650; $32,228,000 ChicagO Rock
Island & Pacific Ry. cony. 4%s 1960, offered at 95, yielding
4.80%; $25,000,000 Missouri Pacific RR. Co. 1st & ref. mtge.
H 1080, offered at 10014, and $25,000,000 Alleghany Corp.
W.!. trust cony. 5s 1950, offered at 97, to yield 5.24%.
April.-$60,000,000 Republic Steel Corp. 6% cum. cony.
pref. stock, offered at $95 per share, to yield over 6.30%;
$50,000,000 Erie RR. Co. ref. & imp. 5s 1975, issued at 95%,
t')
- yield 5.25%; $41,294,000 Southern Pacific Co.-Oregon
Lines 1st mtge. 4s A 1977, offered at 97%, to yield 4.63%;
1,250,000 shares Corporation Securities Co. of Chicago common stock, priced at $27% per share, involving $34,375,000;
1,938,155 shares Indian Territory Illuminating Oil Co. class
A stock, offered at $17 per share, involving $32,948,635;
$30,000,000 General Theatres Equipment, Inc., cony. deb. 6s
1940, offered at 99%, yielding over 6%, and $30,000,000 Van
Sweringen Corp. 6% notes, May 1 1935, issued at par.
May.-$235,000,000 capital stock of American Telephone &
Telegraph Co., offered at par ($100); $120,000,000 Cities
Service Co. cony. deb. 5s 1950, issued at par; $55,000,000
Fox Film Corp. 6% notes, April 15 1931, offered at par;
$62,208,755
Total
$160,976,970
FINAL SUMMARY.
The following is a complete summary of the new financing
-corporate, State and city, foreign Government, as well as
farm loan issues-for June and for the six months ended
with June.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
1930.
MONTH OF JUNECorporateDomesticLong term bonds and notes
Short term
Preferred stocks
Common stocks
CanadianLong term bonds and notes
Short term
Preferred stocks
Common stocks
Other ForeignLong term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
Municipal. States, cities. 9c
Canadian
United States Possessions
Grand total
New Capita/.
Refunding.
Total.
$
$
$
156,370,500
68,990,000
74,700,000
77.692,699
42,253,000
2,500,000
53,250,000
5.000,000
20,000,000
5,360,000
4,000,000
445,363,199
103,250,000
7.500,000
142,562,737
5,500,000
704,175,936
SIX MONTHS ENDED JUNE 30CorporateDomestic1,810,489.160
Long term bonds and notes
290,749,250
Short term
307,097,946
Preferred stocks
912,846,351
Common stocks
Canadian127,138,000
Long term bonds and notes
5.000,000
Short term
13,000,000
Preferred stocks
Common stocks
Other Foreign169,015,000
Long term bonds and notes
21,000,000
Short term
Preferred stocks
10,060,000
Common stocks
Total corporate
Foreign Government
Farm Loan Issues
Municipal, States, cities, &c
Canadian
United States Possessions
Grand total
2,562,250
198,623,500
71,490,000
74,700,000
80,254.949
73,250,000
5,000.000
5,360,000
4,000.000
67,315.250
1,301,000
'
68,616,250
512,678,449
103,250,000
7,500,000
143,863,737
5.500,000
772,792,186
190,447,250 2,000,936,410
52.313,000 343,062,250
307,097,946
13,315,750 926,162,101
38,000,000
165,138,000
5,000.000
13,000,000
4,000,000
173,015,000
21,000.000
10,060,000
3,666.395,704
369,206,000
30,500,000
742,829,967
44,142,000
9,675,000
298,076,000 3,964,471,707
5,500.000 374,706,000
30.500,000
12,168,412 754,998,379
7,158,000
51,300,000
9,675,000
4,862,748,674
322,902,412 5.185,651.086
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1930 with the
corresponding figures for the four years preceding, thus
affording a five-year comparison. We also furnish a detailed analysis for the five years of the corporate offerings,
showing separately the amounts for all the dfiferent classes
of corporations.
Following the full-page tables we give complete details
of the new capital flotations during June, including every
issue of any kind brought out in that month. Full details
as to the separate issues for each of the preceding months
of the half year can be found in the monthly articles for
those months, these articles appearing usually on the second
or the third Saturday of the month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR
'
MONTH OF JUNE.
1930.
1929.
1928.
1927.
New Capital. Refunding.
CorporateTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
.1\"( w Capital. Refunding.
Domestic$
$
$
$
$
$
$
$
$
Long term bonds and notes.. 156,370,500
42253,000 198.623,500
90,637,000
400,000
90,937,000
116,114.900
37,125.800 183240,700 334,053,100
90,935,900
Short term
68,990.000
2,500,000
71.190.000
21,932,800
800,000
22,732.800
6.582,000
250,000
6,832.000
36.997.500
1,195,000
Preferred stocks
74,700,000
74,700,000
114,374,420
749,500 115,123,920
70,260,530
62,550,700 132,811,230
51.350,550
3,174,000
Common stocks
77,692.699
2,562,250
80,254,949
235,955,596
3,810.000 239,795,596
232,600,345
43,099,300 275,699.645
59,564,217
41,437,800
Canadian-.
Long term bonds and notes..
53,250,000
20.000,000
73,250,000
105,000,000
105.000.000
30,150,000
50.000,000
80,150.000
45,000,000
20,000.000
Short term
5,000.000
5,000,000
Preferred stocks
Common stocks
2,605,000
2,605,000
Other foreign
Long term bonds and notes5,360,000
5,360,000
52,000,000
52,000,000
122,600,000
24.000.000 146,600,000
10,990,000
12,510,000
Short term
4,000.000
4.000,000
1,017,283
10,432,717
11,450,000
4,000,000
4,000,000
Preferred stocks
1,185,000
1,485,000
Common stocks
1,600,000
1,600,000
340,000
Total corporate
445,363,199
67,315,250 512,678,449
624,907,099
16,222,217 641,129,316
613,907,775 217,025,800 830,933,575 538,295.367 169,252,700
Foreign Government
103,250,000
103,250,000
6,000,000
6,000,000
39,605,087
8,911,913
48,550,000
54.400.000
Farm loan issues
7,500,000
7,500,000
27,100,000
27.100,000
1,750,000
Municipal, States, Cities, &c_-- 142562,737
,
1,301,000 143,863,737
150,219.034
484,000 150,703,034
120,796.486
9,010.000 129,806,486 155,002,019
3,860.300
Canadian
3,862,000
3,862,000
United States Possessions_
5,500,000
5,500,000
500,000
500,000
1,500,000
1,500,000
3,435,000
Grand total
704.175,936
68.616,250 772,792,186
785,488,133
16,706,217 802,194,350
802,909,348 234,980,713 1,037,890,061 752,882.386 173,113,000
FIVE YEARS.
1926.
NewCapital. Refunding.
Total.
$
$
$
85,843,400
424,989,000 235,877,100
38,192,500
17,609,000
2,000,000
54,524,550
30,563.750
101,002.017
22,672,400
65,000,000
13,400,000
23,500,000
58,376,000
340,000
707,548,067
54,400,000
1,750.000
158,862,319
540.700
379,038,950
27,600,000
30,000,000
135,309,789
10,292,000
1.000,000
583.240,739
3,435,000
925,995,386
2,100,000
Total.
6
321.720,500
19.609,000
30.563,750
22,672,400
15,500.000
58,376,000
3319.300
93.362,700
40,000,000
5,422.000
6,000,000
3,960.000
472,101,650
27,600,000
70,000,000
140,731,789
16,292,000
1,000.000
728,025.439
144,784,700
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE YEARS.
1930.
1929.
1928.
1927.
1926.
MONTH OF JUNE.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital
Total.
Refunding.
New Capital. Relunding.
Total.
Long Term Bonds and Notes$
$
$
$
•
$
$
$
$
$
$
Railroads
$
82153,000
57,508,000 140,161,000
91,350,000
91,350,000
77210,200
58,626,800
136237,000
36,476,000
38276.000
Public utilities
2.400,000
28,519,000
4,395,000
32,914,000
34,287,000
34,287,000
105,938,000
30,975,000 136,913,000 104,750,400
22,346,100 127,096,500 121,085.100
69,970,400 191,055,500
Iron, steel, coal, copper, &c
52,000,000
52,000,000
800,000
987,000
1,787,000
43,720,000
4,780,000
48,500,000
30,500,000
Equipment manufactures
10,200.000
40,700,000
600,000
Motors and accessories
600,000
Other industrial and manufacturing
14,981.000
350,000
15,331,000
6,025,000
6,025,000
57,560,000
113,760,000
56,200,000
57,485,000
12,115,000
69,600,000
21,785,000
Oil
24,600,000
2,815,000
62,500,000
62,500,000
300,000
300,000
17,000,000
17,000,000
800,000
800,000
Land, buildings, itc
11.092,500
11,092,500
19,625,000
400,000
20,025,000
51,410,700
14,953,000
66,363,700
52,370,500
16,185,000
68,555,500
81,685,000
82,985,000
Rubber
1,300,000
250,000
Shipping
250,000
Inv. trusts, trading, holding, &cc
250,000
250,000
8,000,000
8,000,000
11,000,000
11,000,000
15,000,000
15,000,000
1,000,000
1,000,000
Miscellaneous
14,985,000
14,985,000
35,950.000
35,950,000
55,156,200
8,010,800
63,167,000
39,107,000
9,393,000
48,500.000
13.472.000
1.258.000
14,730,000
Total
214,980,500
62,253,000 277,233,500
247,537,000
400,000 247,937,000
298,864,900 111,125,800 409,990.700 390,043,100 123,445,900 513,489,000 307,653,100
87,943,400 395,596,500
Short Term Bonds and NotesRailroads
1,500,000
Public utilities
1,500,000
63,500.000
2,500,000
66,000.000
2,367,283
11,232,717
13,600,000
7,397,000
7,647,000
250,000
3,430,000
1,195,000
4,625.000
7,200,000
Iron,steel, coal, copper, Szc
7,200,000
5,000,000
5.000,000
Equipment manufacturers
-.,
Motors and accessories
1,400,000
1,400,000
Other industrial and manufacturing
3,650,000
3,650,000
120,000
120,000
4,050,000
011
2,000.000
6,050,000
3,500,000
3,500,000
30,000,000
30,000,000
Land, buildings, &c
4,290,000
4,290,000
16,932,800
16,932,800
2,115,000
2,115,000
1,842,500
1,842,500
4,559,000
Rubber
4,559,000
Shipping
Inv. trusts, trading, holding, &c..
Miscellaneous
1,700,000
1.700.000
950,000
950,000
325,000
325,000
300,000
300,000
Total
77,990,000
2,500,000
80,490.000
22,950,083
11,232.717
34.182,800
10,582,000
250,000
10,832,000
36,997,500
1,195,000
38,192,500
17,609,000
Stocks2,000,000
19,609,000
Railroads
38,305,600
38,305.600
42,158.300
42,158,300
32,985,687
35,000.000
67,985,687
Public utilities
70,615,000
2.562,250
73,177,250
90,915,443
749,500
91,664,943
190,382,125
38,647.500 229,029,625
22,034,750
1,250,000
23.284,750
13,200,700
3,419,300
Iron,steel, coal, copper, &c
16,620,000
565.000
565,000
15,000000
15.000,000
4,420,000
4,420,000
Equipment manufacturers
Motors and accessories
8,125.680
8,125,680
4,062.500
4,062,500
2,018,790
468,750
2,018,790
Other industrial manufacturing
468,750
35,622,364
35,622,364
32,499,175
2,340,000
34.839,175
51,143,485
4,483,200
55,626,685
30,987,000
2,840,800
4,325,000
33,827,800
011
4,325,000
45.340,750
45,340,750
3,040,540
3,040,540
1,250,000
Land, buildings, itc
1,250,000
3,885,000
3,885,000
5,592,500
5,592,500
4,321,750
7,200,000
4,321,750
Rubber
7,200,000
Shipping
Inv. trusts, trading, holding, &c
3,889,735
3.889,735
63,906,224
65,406,224
1,500,000
2,964,500
21,338,750
3,500,000
24,303.250
3,500,000
5.100,000
Miscellaneous
5,100,000
3,960,000
3.960.009
109,182,744
109,182,744
28.900.975
2.396.500
31,297.475
10,986.790
-5,521,000
16,507,790
22,232,400
22,232,400
Total
152,392,699
2.562,250 154,954,949
354,420,016
4,589,500 359,009,516
304,460,875 105,650,000 410,110,875 111,254,767
44,611,800 155,866,567
53,776,850
3,419,300
Total57,196,150
Railroads
120,958,600
57,508,000 178,466,600
91,350,000
91,350.000
42,158,300 110,595,887
42,158,300
93,626,800 204,222,687
37,976,000
2,400,000
Public utilities
40.376,000
162,634,000
9,457,250 172,091,250
127,569,726
11,982,217 139,551,943
69,872,500 373.589,625 130.215.150
303,717,125
24,791,100 155,006,250 141,485,800
73,389,700 214,875,500
Iron. steel, coal, copper, &c
5,000,000
5,000,000
52,565,000
52,565,000
800,000
15.987,00
16,787,000
48,140,000
4,780,000
30,500,000
52,920,000
10,200,000
Equipment manufacturers
40,700,000
600,000
Motors and accessories
600,000
8,125,680
8,125,680
4,062,500
4,062,500
3,418,790
3,418,790
468,750
Other industrial and manufacturing
468,750
50,603,364
350.000
42,174,175
50,953,364
2,340,000
44,514,175
60,683,200 169,606,685
108,823.485
88,472,000
14,955,800 103,427,800
30,160.000
4,815,000
011
34.975,000
66,000,000
66,000,000
45,640,750
45,640,750
20,040,540
20,040,540
30,000,000
30,000,000
2,050,000
Land, buildings, &c
2,050,000
15,382,500
15,382,500
40,442,800
400,000
40,842,800
59,118,200
14,953,000
74.071.200
58,534,750
16,185,000
74.719,750
93.444,000
1,300,000
94,744,000
Rubber
250,000
Shipping
250,000
Inv. trusts, trading, holding, &c
4.139,735
4,139,735
71,906,224
1,500,000
73,406,221
32,338,750
2,964.500
35,303,250
18,500.00018.500,000
6,100,000
6,100,000
Miscellaneous
20,645,000
20,645,000
145,132,714
145,132,744
85,007,175
10,407,300
95,414.475
50.418,790
14,914,000
65.332,790
36.004,100
1,258,000
37,262,400
Total corporate securities
67,315,250 512,678,149 624,907,099
445,363.199
16,222,217 641,129,316
613.907,775 217,025,800 830,933,575 538,295.367 169,252.700 707,548,067 379,038,950
93,362,700 472,401,650
Federal Reserve Bank of St. Louis
1926.
Refunding.
Total.
290,993.170 1,654,358,000
22.559.000 190,225,695
6,100,000 337,436,392
5,109,575 382,278,969
27,458,000
81,500.000
1,250.000
4,000,000
990,000
182,124,000
4,000,000
10,000,000
29.830,040
3,419,300
355.639,045 2.877,993,096
14,873.000 202,972,000
40,200,000 114,500,000
13,414,547 748,986,936
99,792,000
46,000,000
8.288,000
4,052,532,032
470,126,592
1926.
Refunding.
Total.
209,336,000
834,132,500
115,250,000
2.030,000
56,000.000
36,756,000 168.508,000
51,950,000
7,935,000
10,142,000 320,585,500
1,600,000
6.900,000
9.500.000
2,058,000 142,190.000
317,843,170 1,917,982,000
36,055,000
203,828,170
21,069,000
6,000,000
10,825,000
12,500,000
44,585,000
6,000,000
200,000
4,500,000
1,034.000
13.410,000
47,200,000
14.000,000
10,386,500
32.250,000
500,000
4.000,000
10,644.195
195.475,695
22,559,000
5,424,300
6.204,575
2,800,000
808,000
15.236,875
317,744,702
36,675,000
5,628.500
27,220,650
109,752.967
104,587,140
23,933.700
1,464.537
37,550,000
99,978,205
764,535,401
42.055,000 221,836,000
220,077.470 1,196,462.202
21,069,000 157,925,000
7,658,500
96.630,650
200,000
47,460,575 325,460,967
11,769,000 170,537,140
10,142,000 354,905,700
35,314,537
7,400,009
51.050.000
2,866,000 252,812,400
355,639.045 2.877.993.096
['0861 GT 2Ular
JUNE 30 FOR FIVE YEARS.
LOAN AND MUNICIPAL FINANCING FOR THE SIX MONTHS ENDED
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM
1927.
1928.
1929.
1930.
New Capital.
To a
New Capital. Refunding.
SIX MONTHS ENDED JUNE 30.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
$
$
$
s
$
Corporate—
1,363.364.830
2.505,934,000
s
S
1,200,083,100 92312,400 2,123,915,500 1,654,502,190 851,431,810
Domestic—
167,666,695
27,011,000 132,598,500
2,000236,410 1,173,483,840 374,605.260 1,548,089,100
34,332,300 125,626,500 105,587,500
91,294,200
Long term bonds and notes. 1,810,489.160 190217,250
21,897,500 135,499,200
331,336,392
113,601,700
36.559350 455,389,075
52.313,000 343,062,250
290,749,250
524,614,236 229,793,300 754,407,536 418,829,825
Short term
888,097,906
93,251,540
377,169,394
794,846,366
307,097,946
68,651,100 432,885,465
364,234,365
307,097,946
785,883.866
139,365.710
646,518,156
Preferred stocks
2,485.538,044
13,315,750 926,162,101 2,123,215.883 362,322,161
912,846,351
Common stocks
54,042,000
20,000,000 135,963,000
68.792,000 152,272,000 115.963,000
83,480,000
Canadian—
189,100,000
1.250,000
2,000,000
38,000,000 165,138,000 '189,100,000
2.000,000
Long term bonds and notes_ 127,138,000
4,000,000
1,000,000
5,000,000
5,000,000
1,000,000
45,000,000
26,000,000
19,000,000
Short term
10,400,000
990,000
10,400,000
13,000,000
13,000,000
8,320.000
8,320,000
Preferred stocks
18,163,900
18.163,900
Common stocks
182,124,600
162,850,000
12,510,000
150,340,000
46,118,500 393,500,000
347,381,500
Other foreign
2,000,000 145,010.000
143,010,000
4,000.000
8,000,000
4,000,000 173,015,000
8,000,000
10.000,000
10,000,000
Long term bonds and notes_ 169,015,000
12,050,000
10,432,717
1,617.283
10,000,000
21,000,000
21,000,000
9,850.000
9,850,000
Short term
102.312,200
26,410,740
102,312,200
5,355,625
5,355,625
27,281,750
27.281.750
Preferred stocks
28,823,347
28,823,347
10,060,000
10,060,000
1.016,163.1603.841.975.665 ,522,354,051
Common stocks
5,563.083.697 3.967,822,942 1,468,234,210 4,436,057,152 2,825,812,505
188,099,000
29,500,000 410.278,800
3,666,395,707 298.076,000 3,964,471.707 4,698,574,519 864,509.178
501,474,000 380,778,800
100,538,413
400,935,587
Total corporate
41,750,000
41.750.000
74,300,000
92,800,000 142,550,000
374,706,000
5,500,000
49,750,000
369,206.000
37,100,000
37,100,000
Government
Foreign
735,572,389
882,820,720
30,500,000
20,463,300
862,357,420
30,500,000
28,341,689 778,419,445
750,077,756
Farm loan issues
7,694,526 670.383,755
662,689,229
53.792,000
67,479,000
12,168,412 754,998,379
38,510,000. 28.969,000
742,829,967
28.840.000
28.840,000
36,612,000
Municipal, States, Cities, &c
8,000,000
28,612,000
8,288,000
5,345,000
51,300.000
7.158,000
5,345.000
44.142,000
5,685,000
5.685,000
1,995.000
Canadian
1,995,000
9.675,000
9,675.000
United States Possessi-ms_
451 2)25 1 5417 114 219 n 757575 597 4 152 553.725 1.187.895.460 5.350.449.185 3,582,405.440
.
6,313,824.452 1.1011
880.203,704
5,433,620,748
5.185.651.086
322,902,412
4,862,748,674
Grand total
FOR FIVE YEARS.
IN THE UNITED STATES FOR THE SIX MONTHS ENDED JUNE 30
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES
1927_
--- - 1929.
--1930.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
SIX MONTHS ENDED JUNE 30. New Capital. Refunding.
$
8
$
$
$
$
173.281.000
539,130,000
259,167,510
279,962,490
101.682.500 205,797,500 307,480,000
Long Term Bonds and Notes—
266397.240 112343,760 378.641.000
960,292,500 630,304.330
568.777.250 169.951,750 738.729,000
511,893,500 530,439,300 1,042,332,800 570,606,600 389,685,900
Railroads
94,181,000
415391,500 228,390,000 643.981,500
60,200,000
9,883,000
998396.000
54,000,500
50,317,000
944,195,500
145,252,000
61,744,300
83,507,700
Public utilities
3,186,500 124,250.000
2,030,000
121,063,500
5,195,000
17.500,000
5.195,000
17,500,000
4,816.000
4,816,000
Iron,steel, coal, copper, &c
1,150,000
56,000.000
1,150,000
50,000,000
7,750,000
50,000,000
7.750,000
5,800,000
780,000
5,020,000
Equipment manufacturers
131,752,000
318,672,000
67.673.000
250.999,000
312.836,000
208,534,700 104,301,300
Motors and accessories
575,000 140,528,000
44,015,000
139,953.000
46.683.400 246.400,000
455.000 155.516,910
47,500,000 199,716,600
26,011,000
21.489.000
Other industrial and manufacturing 155.061,910
34,300,000
15.416,000
18,884,000
28,271.000 318,117.000 310,443,500
6,950,000 149,500,000
142,550,000
68,950,000 396,930,700 289,846,000
327,980.700
Oil
3.689,000 228,148,600
1,600,000
224,459.600
60,000,000
92,342.500
60,000,000
70,000
92,272,500
1,300,000
1.300,000
1,000,000
Land, buildings, &c
6,900.000
1,000,000
2.360,000
30,000,000
2,360.000
30,000.000
9,100,000
Rubber
6,000,000
9,500,000
3,100,000
51,500,000
10.000,000
51,500,000
10,000.000
81,400,000
1,012,000
80,388.000
Shipping
93.000,000
93.000.000
75,250,000
22.578.000 192.880,500 140.132.000
75,250.000
39,707.500 324,040,000 170,302,500
284,332.500
Inv. trusts, trading, holding, &c.
7,205.000 228.100,000
220.895,000
64,305.000
1.020.000
63,285,000
Miscellaneous
1,038,742,900 2,669.687,500 1,920,805,190 883,941,810 2,804,747,000 1,600,138,830
1.630,944.600
1.882,199,100
376,605,260
1,505,593,840
2,106.642,160 232,447.250 2,339,089.410
Total
6300,000
30,500,000
17,000,000
13,500.000
Short Term Bonas and Notes—
1,500,000
1.500,000
33.760,000
51,025,000
14.500,000
20,895,000
2,500.000
30.130.000
12.000,000
44,572,000
4,150,000
40,422,000
Railroads
52,790,000
30.413,717
22,376,283
6.000,000
2,300,000
15,628,000 140,750,000
2.300,000
125,122,00
400:000
400,000
Public utilities
1,200,000
28.000.000
1,200,000
28,000,000
Iron,steel, coal, copper, dm
13,210,000
4,400,000
12,000,000
4,400,000
12,000,000
1,200,000
1,200,000
Equipment manufacturers
500,000
42,700,000
500,000
13.600,000
2.600.000
4,450,000
9,150.000
2,61)0,000
6,592,000
2388,100
4,103,900
Motors and accessories
13,150,000
12,966.000
13.150,000
30,200,000
87.055,000
16,900.000
30,200,000
70.155,000
17,200,000
10,694,200
6.505,800
Other industrial and manufacturing
10,386,500
21,513,500
7.250300
1,666.000
600,000
19,847.500
6.650,000
12,687,500
12,687,500
Oil
54,589,200
32,250,000
54,589,200
45,907.250
685,000
45,222,250
&c
buildings,
Land,
500,000
125,000
15,800.000
15,000,000
125,000
800.000
Rubber
4,000.000
1,000,000
1,000,000
400.000
400,000
Shipping
10,644,195
17.235.000
1.000.000
17.235.000
1,000.000
22.075,000
Ste
holding,
tradkng,
22,075.000
Inv. trusts,
25,020,000
1,916,500
23,103,500
14,200.000
1,000,000
13.200,000
27,011,000 142,598,500 172,916,695
Miscellaneous
34,332,300 135,626,500 115,587,500
101.294.200
32,330,217 147.549,200
115,218,983
52,313,000 369,062,250
316,749.250
Total
83,081.887
35.000,000
48,081,887
174.052.350
139.954,700
34,097.650
Stocks—
71,107,700
71,107,700
66.055.600
29.870,000 468,706.055 312,320,402
438.836.055
66.055300
462.243,342 147.818,048 610.061,390
Railroads
657.356.983
52.206.590
36,675,000
605,150,393
5,143,750
661,334,011
5,143,750
11,562.250
55,400,581
649.771.761
17,200,000
38,200,581
Public utilities
5,628,500
138,794,385 263,020,200 401,814.585
115,879,875
1,920,000
115,870,875
1.920,000
Iron,steel, coal, copper, &c
27,220,650
18,790
----------27,0
27,018,790
9,278,400
1,250,000
8,028,400
Equipment manufacturers
64,788,851
5,511,852
103.548.392
59,277,002
122,281,485
4,132,662
16,737,100
105,544,385
4,132,662
62,115,622 283,584,521
221.468.899
Motors and accessories
84.832,220 579,008,809
494,176,589
11,062,500 101.787,140
11.062,500
1,371.500 175.513,895
7.096,180
174,142,395
7,096.180
Other industrial manufacturing_
41,751,939 124,970.933
23.933,700
83.218,994
21.546.750
100,000
81.698.463
21,446.750
44,570,033
81,698,463
1.346.000
43,224,033
Oil
105.485,830
408,500
105,077.330
1,464,537
2,701,675
12,265,000
2,701.675
12,405,375
12,265,000
1,042,400
11,362,975
Land, buildings, &c
54.233,534
54,233,534
6.212,500
6,212,500
Rubber
23,178.000
37,550,000
23,178,000
47,573.228
47,573,228
2,964,500 204,712,018
201,747,518
Shipping
1,500,000 836,466,562
834,966.562
99.170,205
72,987,079
23.503,250 105,514,045
82,010,795
-72,1617.1579.
21.467,740 221,449,804
199,982,064
Inv. trusts, trading, holding,
6,342.400 614,923,607
608,581,207
66,453,462
382.000
66,071,462
105,210,350 894.630,165 749,298,526
Miscellaneous
789,419,815
1,630,743,152
395,159,010
1.235.584,142
3,533.335,397
455,573,701
3,077,761,696
1,256,320,047
13.315,750
1.243,004,297
Total
179,781.000
294,167.510 622.211.887
149,280,150 362.752.200 512,032,350 328,044.377 440,450.900
Total—
339,104,940 112,143.760 451,248,700
1,480323.555 976.384.732
646,832,850 172,451.750 819,284,600 1,043,118,176
Railroads
311.010,307 1,354,128,483 1,014,558,842 682,407,348 1.696,966,190 1.039,572,655
136.856.000
67,643,750
1,800,280,011
9.883.000
81,190,750
57.760.750
1,719,089,261
78,944,300 201,052,581
Public utilities
122.108,281
7.658,500
259,857,885 266,206.700 526.064,585
6,395,000
161,379,875
6,395,000
6,736,000
161,379,875
6,736,000
Iron,steel, coal, copper, &c
1,150.000
96,430,650
1350,000
81,418,790
_
19,750,000
81,418,790-16.278,400
19.750,000
2,030,000
14,248,400
Equipment manufacturers
65,288,854
5,511,852
278.000,392
59.777,002
454,553,485
6,732,662
88,860,100
365.693,385
6,732,662
434.107.499 168,905,022 603.012,521
Motors and accessories
85.407,220 732,686,809
647.279,589
46.683.400 287,662,500 158,768,140
71,796,180 240,979,100
36,705.200
35,090380
Other industrial and manufacturing 399,359,305 I877-21,866 418.085.805
57,167,939 159,270.933
102,102,994
30,037,000 361.177,250 344.763,700
7,550.000 238,448,463
230,898,463
70,296.000 454,188,233 331.140,250
383,892,233
Oil
388,223,630
4,097,500
35.314.537
384,126.130
62,701,675
,514,750
150
60,000,000
755,000
2,701,675
13.705,375
149,759.750
1,042,400
12,662,975
Land, buildings, am
55,233,534
7,400.000
55,233,534
2,485.000
45,800,000
2,485,000
15,000,000
30,800.00
6,212,500
6.212,500
Rubber
32.278,000
6,000.000
51.050.000
I
26.278.000
100.073,228
10,000,000
100.073,228
10,000,000
286,512,018
3,976,500
Shipping
282,535,518
929.466,562
1,500,000
927,966,562
249,946.400
315.629,545
149,237,079
46,081,250
61,175.240 567.564.804 269,548,295
506389,564
Inv. trusts, trading, holding, &c_ _ _ 149,237,079
15,463.900 868.043.607
852,579,707
2,402.000 144,958.462
142.556.462
1.016.163.160 3.841.975.665 2,522.354.051
Miscellaneous
5,563,083.697 2 M7.822_942 I.458.224.210 4.426_057.152 2.825.1112.595
http://fraser.stlouisfed.org/
3,666.395.707 298,076.000 3.964.471.707 4.698.574.519 864,509,178
Total corporate securities
344
FINANCIAL CHRONICLE
[Vox,. 131.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JUNE 1930.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
Price.
Railroads.
5,700.000 Improvements
93
1.500.000 Improvements and additions
100
50,000.000 Ref'g; construct., bett'm'ts, &a.-- 99
15,750,000 New equipment
1,425,000 New equipment
14,040,000 New equipment
390,000 New equipment
24,000,000 RefundIng;add'ns & betterm'ts
98
20,000,000 Refunding; construction
95ii
3,000,000 Additions and betterments
99%
1,250,000 Extensions, additions,
3.106.000 Refunding
99M
10954
To Yield
About.
Company and Issue, and by Whom Offered.
4.60 Boston & Albany RR. Co. Imp. Oa 1978. Offered by J. P. Morgan & Co.; First Nat. Bank,
N.Y. and Nat. City Co.
4.00 Boston Term. Co. 1st M.481950. Offered by Lee, Higginson & Co. & First Nat. Old Colony Corp.
4.82 Canadian National Ry. Co. 25-Yr. 45is 1955. Offered by Chase Securities Corp.; BancamerIcaBlair Corp.; The First National Old Colony Corp.; E. H. Rollins & Sons; Continental Illinois
Co.; The Marine Trust Co. of Buffalo; Stone & Webster and Blodget, Inc.; The Shawmut Corp.
of Boston; The Atlantic Corp. of Boston; Mississippi Valley Co.; The Cleveland
Co.:
Mitchell, Hutchins & Co.; BancNorthwest Co.; Fletcher American Co.; NationalTrust
Bankitaly
Co., San Francisco; First Wisconsin Co.; First Securities Corp., St. Paul; Wells-Dlckey
Co.;
Kalman & Co.; Bank of Montreal; Royal Bank of Canada; Canadian Bank
Securities Corp.: Banque Canadlenne Nationale; Bank of Nova Scotia; R. of Commerce; Royal
A. Daly & Co.. Ltd.;
McLeod, Young, Weir & Co., Ltd.; Greenshields & Co.; Matthews de
Co., Ltd., and Hanson
Bros., Inc.
4.15-4.85 Canadian National Rya. Equip. Tr. 434s. L. 1931-45. Offered by Halsey,
Stuart Co.. Inc.. Hallgarten & Co.; International Manhattan Co., Inc.; Chatham-Phenix Corp.; &
A. Iselin & Co.:
Estabrook & Co.; Kountze Brothers; Edward B. Smith & Co.; Nesbitt, Thomson
dr Co.,
Central-Illinois Co., Inc.; E. Lowber Stokes & Co.; Foreman-State Corp.; First Detroit Ltd.:
Co.,
Inc.; Bank of Montreal; the Royal Bank of Canada; the Canadian Bank
of
commerce:
Mercantile-Commerce Co., St. Louis, and American Securities Co., San Francisco.
3.75-4.50 Chicago and North Western Ry. Co. Equip. Tr. 4.iis "X" 1931-45.
Offered by First National
Bank, New York, and Salomon Bros. & Hutzler.
3.50-4.60 Chicago. Rock Island & Pacific Ry. Co. Equip Tr. 414s "Q,"
1930-45. Offered by First National
Bank, New York, and Salomon'Hros. & Hutzler.
3.50-4.60 Chicago St. Paul Minneapolis & Omaha Ry. Co. Equip. Tr. 45,15,
"H" 1930-44. Offered by
Harris Trust & Savings Bank; First Union Trust & Savings Bk., Chicago,
and First Detroit Co.
4.60 Cleveland Cincinnati; Chicago & St. Louis Ry. Co.
Ref. & Imp. M.454s,"E," 1977. Offered by
J. P. Morgan & Co.; First Nat, Bk., N.Y.; Nat.
4.70 Colorado & Southern Ry. Co. Gen. M. 434s, "A,"City Co.and Guaranty Co. of New York. First
1980. Offered by J. P. Morgan & Co.;
National Bank, New York, and National City Co.
5.04 Gulf Mobile & Northern RR.Co. 1st M.58,"C," 1950. Offered by Kuhn, Loeb Jr Co.
4.51 Old Colony RR.Co. 1st M.Via,"C," 1950. Offered by
Paine, Webber & Co.
4.54 Southern Railway Co. 1st Cons. M.58, 1994. Offered by
J.P. Morgan & Co.
140,161,000
Public Utilities1,000,000 New construction
100
1,000,000 Capital expenditures
7,560,000 Capital expenditures
1,200,000 Refunding
7,500,000 Refunding; add'ns to property-5,500,000 Additions & improvements
1,000,000 Additions, extensions, &c
1,000,000 Additions, extensions, &c
2,214,000 Refunding; add'ns, extens'ns, &c
1,000,000 Additions, extensions, &c
2,500,000 Acquisitions, construction, &c
1,500.000
Additions, extensions, &c
32,914,000
Other Industrial and Mfg.14,931,000 Expansion, Improvements, &c......
0.50 Albuquerque Natural Gas Co. Cony. Deb. 650, 1940.
(Each
debenture (9500 in proportion)
convertible into corn. stock of Southern Union Gas Co. on or $1,000
after July 15 1930, and on or before
Jan. 15 1935 on basis ranging from 35 shares to 20 shares
debenture). Offered by
for
each
51,000
Peabody & Co.
94
5.50 Arizona Edison Co. 1st M.5s, 1948. Offered by G. L. Ohrstrom
Coffin & Burr, Inc.
and
Co.,
Inc.
&
10154
4.90 Bell Telephone Co. of Canada let M. 5s, "C," 1960.
Offered by Lee, Higginson & Co.; Bank of
Montreal and Harris, Forbes & Co.
5.06 Boston Elevated Ry, Co. 10-Yr. 5s, 1940. Offered by Brown
9955
Bros..8 Co.; Tucker, Anthony & Co.:
F. S. Moseley & Co., and Atlantic Corp. of Boston.
5.25 Central Arizona Lt. & Pr. Co. 1st M.Is, 1960. Offered
06(
by Security-First Nat. Co. of Los Angeles;
Harris, Forbes & Co. and E. H. Rollins & Sons.
5.35 Central Pr.& Lt.Co.1st M.58, 1956. Offered by E.H.
95
Rollins Sons; Halsey-Stuart & Co.,Inc.;
A. B. Leach & Co., Inc.; Tucker, Anthony & Co., and H111,&
Joiner & Co., Inc.
5.35 Commonwealth Water Co.(N. J.) lot M. fe, "C," 1957.
95
Offered by W. C. Langley & Co.. and
Halsey, Stuart & Co., Inc.
6.60 Federal Public Service Corp. 1st Lien 6s, 1947. Offered by
H. M. Byllesby & Co.. Inc.; E. H.
Rollins & Sons; Central Illinois Co. and Bartlett
Gordon, Inc.
96
5.27 Kansas Pr. & Lt. Co. lot M.55,"B," 1957. Offered &
by Harris, Forbes & Co.; Halsey, Stuart & Co.,
Inc.; Field, Clore & Co.; E.H.Rollins & Sons, and Spencer, Trask
& Co.
Prices on aPP11c.
Queens Borough Gas & Electric Co.Ref. M.55, 1955. Offered
by W.C. Langley & Co.
6.10 Southwestern Natural Gas Co. 1st M. 6s, 1945.
09
(Exchangeable for common stock of Appalachian
Gas Corp. after Feb. 1 1931 and prior to maturity or earlier redemption on
basis ranging from 80 to
70 shares ofstock for each $1,000 of bands.) Offered by P. W.Chapman
& Co.. Inc.; Hale, Water'.
& Co.; Reilly, Brock & Co.and Goddard & Co., Inc.
5.30 United Light & Power Corp. (of Kansas) 1st M.5s
98%
"B"1947. Offered by Harris. Forbes & Co.;
Arthur Perry & Co. and E. H.Rollins & Sons.
98
Refunding: other corp. DurPoses-- 100
15.331,000
Oil2,500,000 Development; additions, &e
100
60,000,000 Aequkdtions, improvements, &c...
99
62,500,000
Land, Buildings, &C.320,000 Finance lease of property
5.25 Armstrong Cork Co. Cony. Deb. te, 1940. (Convert(ble
at any time On or before maturity or earlier
redemption dale at principal amount into common stock at prices ranging
from $65 to $80 per share.)
Offered by company to stockholders; underwritten by Guaranty Co. of N. Y.; Union National
Bank of Pittsburgh; Union Trust Co. of Pittsburgh, and Bankers Co. of N. Y.
6.00 Texas Creosoting Co. lot M. 13s, A, 1945. (Each $1,000 bond carries a non-detachable warrant to
purchase 10 shares of common stock before May 1 1932 at $20 per
1 1934 at $22
share; before
Per share and before May 1 1935 when the warrants expire at $24 per share; eachMali
$500 bond carries
a proportionate privilege.) Offered by Woolfolk. Waters
Co., New Orleans; C. P. Mann &
&
Co., Galveston, and Boatmen's National Co., St. Louts,
6.50 Signal Oil & Gas Co. Cony. Deb. 13;4s, A, 1945. (Convertible bits Class A common stock up to Myra
30 1945 on basis ranging from 22 shares to 15 shares for each $1,000 of debentures.) Offered by
Banks. Huntley & Co.; America Investment Co.; National Bankitaly Co., and Dean Witter & Co.
5.08 Union Gulf Corp. Coll Trust 5s, 1950. Offered by Union Trust Co. of Pittsburgh; Guaranty Co.
of N. Y.; Bankers Co. of N. Y.; National City Co., and Mellon National Bank,Pittsburgh.
6.00 Atlanta Distributing Terminals, Inc. bat (closed) M. Os, 1930-41. Offered by Peoples State
Bank, Indianapolis.
6.52 The Blethen Corp. 1st M.Secured 630,1947. Offered by First Seattle Dexter Horton Securities Co.
6.50 Buckingham Apartments(Milwaukee) 1st M.634s. Offered by Arthur J. Straus Co., Milwaukee
7.00 Carolina Land Co. lot M. 78, 1930-40. Offered by Peoples State Bank, Charleston. S. C.
5.50 Fidelity Trust Co. of Detroit (Participation Mrs. in 1st Mtgos. held in trust by) Series A
554%.
1936. Offered by Fidelity Trust Co., Detroit.
250,000 Real estate mortgage
5.00 The Franciscan Sisters of the Order of St. Francis of the Immaculate Conception (Dodgeville,
100
Wis. and Little Falls, Wis.) let M.5s, 1931-40. Offered by B. C. Ziegler & Co., West Bend,
Wisconsin.
5,500,000 Finance construction of apartment 98.16
6.25 London Terrace Apartments(N.Y. City) litt & Gen. M. Fee, 65, 1940. Offered
by S. W.Straus
& Co., Inc.
185,000 Finance construction of building__ 100
6.50 Lynchburg Theatre Corp.(Lynchburg, Va.) 1st Mtge 656s, 1932-43. Offered by Interstate Trust
& Banking Co., New Orleans.
875,000 Real estate mortgage
7.00 One West Thirty-Ninth Street Building (N. Y. City) Gen. (closed) $81. 75, 1945. Offered
100b
by
Robjent. Smith & Co. and New York State Holding Co., Inc.
110.000 Improvements to property
100
7.00 Overtake Golf Club 1st M. 70, 193240. Offered by Seattle Trust Co.
1,000,000 Provide funds for loan purposes
Realty
Republic
Mortgage
100
6.50
Corp. Coll. Trust 65(s A, 1940. (With common stock purchase warrants.)
Offered by Peabody & Co.
60,000 Real estate mortgage
100
5.00 Roman Catholic Bishop of the Diocese of El Paso, Texas lot M.58,1931-40. Offered
by Bitting
& Co., St. Louis.
370,000 Real estate mortgage
100
5.50 Roman Catholic Diocese of Monterey-Fresno, Calif. Direct Obligation 5)
-is, 1940-45. Offered
by Geo. H. Burr & Co., St. Louis.
197,500 Finance construction of building_ _
9954
6.35-6.06 Tower Hotel Corp. (Anderson, Ind.) 1st M. 68, 1931-40. Offered by Indland Investment Co..
Indianapolis.
1,000,000 Acquisitions, improvements, &c
100
6.50 W.Patton Wilson, Inc. 1st M.65is A, 1945. Offered by Griffith-Wagenseller & Co., Los Angeles
California Securities Co., and Dean Witter & Co.
11,092,500
100
600,000 Finance construction of building_ _ 99;'
165,000 Finance construction of apartment 100
210,000 Retire mtge. debt; wkg. capital,&c. 100
250.000 Provide funds for loan purpose.-- 100
Investment Trusts, Trading
and Holding Cos. (not primarily controlling)250,000 Provide funds for investment pup.
Miscellaneous5.360,000 Provide funds for loan purposes___
2,000,000 General corporate ParPosen
2,000,000 Retire debt; expansion
625,000 General corporate purposes
5,000,000 Retire debt; working capital,
14,985,000
95c
6.97 First Personal Bankers Corp. Deb. 6Y4s, 1950. Offered by Darrah, Middleton & Co. and
C. J.
Hessler & Co., Inc., N. Y.
97
5.17 Kingdom of Norway Munkipalities Bank 55, 1970. Offered by International Manhattan Co.,
Inc.; Lehman Bros. and W. A. Harriman .8 Co., Inc.
9855
5.15 S. S. Kresge Co. lot 34. 55, 1945. Offered by First Detroit Co., Inc. and Continental Ill. Co., Inc.
100
6.00 G. C. Murphy Co. Deb. 65, 1940. Offered by the Bank of Pittsburgh, National Association,
Price on application National Terminals Corp. Cony. Deb, 6 Sis, 1940. (Convertible to maturity or to
date of prior redemption into participating preference stock as follows; 55 shares per $1,000
debenture for the first
8350,000 of such debentures presented for conversion and thereafter on the basis
of
50 shares per
$1,000 debenture.) Offered by A. D. Leach & Co., Inc.
99
6.10 The Saxet Co. lot Lien Coll. Cony. Os A, 1945. (Convertible at principal amount into Common stock
from Dec. 75 1930 to and including maturity date, or up to and including the tenth day prior to
any
redemption date, at prices rangingfrom $16 to $40 per share.) Offered by G. E. Barrett Co.,Inc.
&
JULY 19 1930.]
FINANCIAL CHRONICLE
345
SHORT TERM BONDS AND NOTES (ISSUES MATURIN
G UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
Company and Issue, and by Whom Offered.
Public Utilities4,000,000 New plant
9;
9831
6.50 Central German Power Co. of Magdeburg 4-Yr. 6% Note,
June 11934. Offered by A. G. Becker
& Co.; International Manhattan
3,000,000 General corporate purposes
Price on application Hackensack Water Co. 2-Yr. 5% Co., Inc., and Berliner Handelsgesellschaft, Berlin.
Notes, May 311932. Offered by White, Weld & Co., and Kean,
Taylor
&
Co.
50,000.000 Development of subsidiaries, &c_ _ 4.50
5.62 Middle West Utilities Co. Cony. 4355 and 58, June 1 1931-35.
shares of common stock on or before Dcc. 31 1932 and thereafter(Each $1,000 note convertible into 20
prior to maturity into 17)5 shares of
COMMOn stock.). Offered by Halsey, Stuart & Co., Inc.;
A.
& Sons; Continental Illinois Co.; First National Old Colony B. Leach & Co., Inc.; E. H. Rollins
Bank; A. G. Becker & Co.; Central Illinois Co.; Foreman-S Corp.; First Union Trust & Savings
tate Corp.; Hill, Joiner & Co., Inc.:
Utility Securities Co.; Tucker, Anthony & Co.; Paine,
& Co.; Insult, Son & Co., Inc.:
Emery, Peck & Rockwood Co.. and Russell, Brewster &Webber
5,000,000 Refunding; acquire securities
Co.
9935
5.50
Tr
-Utilities
Corp.
1-Yr. 5% Notes, June
4,000,000 Acquisitions
99.67
6.00 Western Power, Light & Telephone Co.15 1931. Offered by G. L. Ohrstrom ds Co., Inc.
534% Notes. March
& Co., Inc.; A. B. Leach & Co., Inc., and Central Illinois 11931. Offered by Halsey, Stuart
66,000,000
Co.
Iron, Steel, Coal, Copper, &c
5,000,000 Improvements,enlargements,&e.. 100
6.00 Hudson Bay Mining & Smelting Co., Ltd., 5-Yr.
Cony. Deb. 6s, July 15 1935. (Convertible into
common stock at rate of 1 share for every $10 principal amount
of debentures, during first three years:
1 share for every $123.4 during fourth year and share
1
for every $15 during the last year.). Offered
company
htl
to
stockholders
; underwritten by J. P. Morgan & Co.
Oil3,500,000 Cap, expenditures; retire curr. debt
9936
5.80 Indian Refining Co. 235-Yr. 535%
Notes, Dec. 1 1932. Offered by Bond & Goodwin, Inc., and
Freeman & Co.
Land, Buildings, &c.
1,800,000 Real estate mortgage
100
5.50 Hotel Wellington (N.Y.City) 535% Prudence
510,000 Real estate mortgage
Ctfs., May 1 1935. Offered by The Prudence Come.
100
5.50 Lawyers Mortgage Co.(N. Y. City)
1,000,000 Provide funds for loan purpose
Mtge. Ctrs. Offered by Lawyers Mortgage Co., New York.
100
6.00 Pacific Mortgage Guaranty Co. Guar.
130,000 Developmentof property
let Mtge. 6s 1932-35. Offered by Pacific Mtge. Guar. Co.
100
6.00 South Highland Co.. Inc. (Shreveport,
La.) 1st Mtge. & Coll. Trust 68 B, 1930-35. Offered
by
Commercial National Co., Shreveport. La.
850,000 Real estate mortgage
100
5.00 25 Fifth Ave., Northeast corner of East 9th
St.(N.Y. City) Guar. 5% Mtge. Ctfe., May 25 1935.
Offered
by
Lawyers
Mortgage Co., New York.
4,290,000 Miscellaneous800,000 Retire debt; acquisitions
98
7.00 Consolidated Hotels, Inc. 5-Yr. 6355, May 1 1935.
$1,000 note accompanied by a warrant
to purchase 26 shares of common stock of Consolidated (Each
Public Service Corp., up to maturity at prices
ranging from $21 to $30 per share.). Offered by California
Securities Co.: Citizens National Co.,
and
McCabe-Fe
wel
Co.
de
250,000 Working capital
5.50 Motor Bankers Corp. Coll. Tr. Notes, Oct. 211930-May
650,000 Additions, construction, &c
6.00
4.00 Sabine Towing Co., Inc.6% Notes, Sept. 1 1930-June 211031. Offered by First Detroit Co., Inc.
1 1934. Offered by Central Illinois Co.
1,700,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
Railroads38,305,600 Improvements
Public Utilities*250,0005M; General corporate purposes
a Amount Price
7'o Yield
Involved. per Share. About.
38,305,660 100
50,625,000
Chesapeake & Ohio Ry Common. Offered by company
to stockholders.
9835
*200,000shs General corporate purposes
18,300,000 9135
*100,000shs General corporate purposes
10,050,000 10035
2,562,250 Retire preferred stock
2,562,250 25 (par)
*60,000 she Provide for investments in
subsidiaries; retire curr.
debt.. &c-. .5.490,000 9135
*100,000shs Investments in subsidiaries; other
corporate purposes
9,950,000
*40,000 she Development and expansion
2,000,000 General corporate purposes
200,000
5
2,000,000 101
Other Industrial & Mfg.
•180.413s1s General corporate purposes *5,000 she Expansion of business, &c
7,141,420 Capital expenditures
*27.500 she Acquisitions
9935
Company and Issue and by Whom Offered.
6.09 American & Foreign Power Co., Inc.(Maine) Cum. $6 Pref.
stock. Offered by Bonbright & Co., Inc., Dillon, Read & Co., National City Co.,
White, Weld & Co..
Guaranty Co. of N. Y., Lee, Higginson & Co.. Chase
Securities Corp., Bankers Co.
of N. Y., First National Old Colony Corp. and W. C.
5.45 Electric Bond & Share Co. Cum. $5 Pref. stock. Offered Langley & Co.
by Bonbright & Co., Inc.
5.95 Electric Power & Light Corp. Cum. $6 Prof. stock. Offered
by Bonbright & Co.,Inc.
Hackensack Water Co. Common. Offered by company
to stockholders.
6.55 New England Public Service Co. Prior Lien Pref. stock $6 Div.
Series. Offered by
First National Old Colony Corp., Tucker, Anthony & Co.,
Utility Securities Co.,
Bonbright & Co., Inc., Hill, Joiner & Co., Inc., Edw. B. Smith
& Co. and Spencer
Trask & Co.
6.03 Philadelphia Co. $8 Cum. Pref. stock. Offered by W. C. Langley
Byllesby & Co., Inc., Ladenburg, Tbalman & Co.. Harris, Forbesdr Co., H. M.
& Co., A. C.
Allyn & Co.,Inc., Lee,Iligginson & Co., the Union Trust Co.of
Pittsburgh. Hayden.
Stone & Co. and J. Henry Schroder Banking Corp.
Twin States Natural Gas Co. Common. Offered by company to
rs.
5.94 Virginia Electric & Power Co. 6% Cum. Pref. stock. Offered bystockholde
company.
73,177.250
1,172,684
635
500,000 100
28,565,680 80
2,640,000 96
Aviation Corp.(Del.) Capital stock.Offered to stockholders of Fairchild
Aviation Corp.
Dardelet Threadlock Corp. Common. Offered by company to stockholde
rs.
(E. I.) du Pont de Nemours & Co. Common. Offered by company
stockholders.
6.25 Gamewell Co. $6 Cum. Cony. Pref. stock. (Each share convertible to
at any time before
redemption into 1 1-3 shares of common stock.) Offered by company
underwritten by Kissel. Kinnicutt ae Co., First National Old Colonyto stockholders;
Corp., Jackson
dc Curtis and B. J. Baker & Co., Inc.
*60,000 she Acquire Sterling Salt Co., &c---. 2,160,000
38
Internati
onal Salt Co.(N. J.) Common. Offered by company to stockholders.
*10,000 she Expansion of business: wkg. cap__
50.000
5
Multachr
om
Tubelight
,
Inc.
Common.
Offered
by
New
B.
B.
Odom
150,000
mill; working capital
5 shares '' A"corn.l
and Penley Brothers Co.(West Paris, Me.) Prof. stock Class A. & Co., Seattle, Wash.
Offered by the W. H.
150.000 2 shares co.
Paige Co. of Maine, Portland.
*3,000 she New mill; working capital
for $100 Penley Brothers Co.(West Paris, Me.) Common stock. Offered
by the W. H. Paige
Co.
of
Maine, Portland.
*24,000 abs Expansion of business
384.000 18
Scadron's, Inc. Common. Offered by Wm.Paul Buehler & Co.,
Inc., New York.
35.622.364
Investment Trusts.Trading and
Holding Co.. (Not primarily
Controlling )*100.000sh Provide funds for investment purp.
1 share pref. and First Personal Bankers Corp. Cum.
Pref. stock. Offered by Harrah, Middleton &
1,175,000 35 eh. coin for
Co. and C. J. Kessler & Co.. Inc., N. Y.
*50,000 abs Provide funds for investment Puri).
511% First Personal Bankers Corp. Common stock. Offered
by Harrah, Middleton &
Co.
and
C.
J.
Kessler
600,000 Provide funds for investment puns. 1,200,000
& Co., Inc., N. Y.
20
Greenway Corp. Class B Common. Offered by Donovan
*40,000 eh Provide funds for investment purp.
&
Baltimore.
860,000 2135
International Security Management Co. (Chicago) ClassCo.,
A Common. Offered by
company to stockholders.
470,000 Provide funds for investment purp.
470.000 88
6.25 North American Investment Corp. 535% Pref. Offered
21.234 aka Provide funds for investment Purl).
by company to stockholders.
184,735 8.70
Wisconsin Investment Co. (Del.) Common. Offered by
company to stockholders;
underwritten.
3,889,735
MiscellaneousAdditional
1,000,000
capital
2,500,00
25
Maryland Casualty Co.(Bait.) Capital stock. Offered
*20,000 sh General corporate purposes
by company to stockholders.
300,000 15
The Saxet Co. Common stock. Offered by G. E.
*20,000 oh Acquisitions
560,000 28
United Guaranty Corp. Class A Common stock.Barrett & Co., Inc.
Offered
by Doroshaw Jr Co., Inc..
Providence. It. I.
*30,000 abs General corporate purposes
600,000 20d
United Sponge Producers of America, Inc.
Class A stock. Offered by Ed sin G.
Hatch, New York.
3,960,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
5,000,000 City of Brisbane (Queensland, Australia)
20-Yr. 68. 1950 (public Improvements)
98,250,000 German Government International 515%
Loan, 1965 (two-thirds of proceeds will be
bald to the Bank for International Settlements for account of Creditor Powers concerned with loan; remaining one-third will be
used by the German Govt. to provide for requirements of the German Ry. Co. and the
German Post Office and Telegraph
103.250,000
Price
To Yield
About.
Offered by-
9635
6.30 Offered by Lee, IllggInson Jr Co. and
National City Co.
90
6.20 J. P. Morgan & Co.; Kuhn, Loeb &
Co.: First National Bank of N. Y.; the National
City Co.; Guaranty Co. of N. Y.;
Bankers Co. of N. Y.; Chase Securities Corp.
Harris, Forbes & Co.; Lee, Higginson
&
& Co.; Halsey, Stuart & Co.. Inc.: BrownCo.: Kidder, Peabody & Co.; Dillon. Read
Brothers & Co.; International Maniuntan
Co.. Inc.; the New York Trust Co.;
Bank Trust Co.; Bancamerica-Blair Chemical National Co., Inc.; Corn Exchange
Corp.; Chatham Phenix Corp.; Bonbright &
Co., Inc.; Spencer Trask & Co.; J. &
W. Seligman & Co.; Lazard Freres; Field,
Glore & Co.; Hayden, Stone & Co.; E.
H. Rollins & Sons; White, Weld & Co.;
Clark, Dodge & Co.; Stone & Webster
and
Blodget, Inc.; Edward B. Smith & Co.:
Goldman, Sachs & Co.: Hallgarten &
Co.: Ladenburg. Thalmann & Co.: J. G.
White & Co., Inc.; Chu. D. Barney &
Co.; Hemphill, Noyes & Co.; Kountze
Brothers; Callaway, Fish & Co.; Kean,
Taylor & Co.; A. Iselin & Co.; Hornblower
& Weeks; Kissel. Kinnicutt & Co.; W.A.
Harriman & Co., Inc.; Dominick & Dominick, and Redmond & Co.
[Vol,. 131.
FINANCIAL CHRONICLE
; 346
FARM LOAN ISSUES,
Price.
Issue and Purpose.
Amount.
Intermediate Credit Banks Deb
7.s00,000 Federaldue
Dec. 16 1930-March 16 1931 (pro3Us.
vide funds for loan purposes)
100
To Yield
About.
Offered by-
3.25 Charles It. Dunn, New York, Fiscal Agent.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No.
of Shares.
51,000 shs
To Yield
Price
n Amount
Inrolred. per Share. About.
765,000
15
_
Company and Issue, and by Whom Offered.
The Saxet Co. Common Stock. Offered by G. E. Barrett dc Co., Inc.
•Shares of no par value.
preferred stocks of no par value and all classes Of common stock are computed at their offering prices.
a Preferred stocks of a stated Par value are taken at Par, while
39th Street Corp.
b Each $1,000 bond carries a bonus of 10 shares of stock of No. 1 West
stock.
, c Each $100 debenture carries a bonus of one share of common
d Every 15 shares of Cla.33 A stock carries a bonus of one share of class B stock.
in cases where there is a specified limit to the total
Balance ofInternationalPaymentsof the United except
subscription. They do not include issues of capital by private
States—Analysis by Department of Commerce. companies except where particulars are publicly announced.
Referring to the recently published study (June 22) by In all cases the figures are based upon the prices of issue.
the U. S. Department of Commerce of the balance of inter- SUMMARY TABLE OF NEW CAPITAL ISSUES IN UNITED KINGDOM.
national payments of the United States, the Federal Reserve
(Compiled by the Midland Bank, Ltd.]
Bank of New York notes in its July 1 "Monthly Review"
Month of June. 6 Months to June 30. Year to June 30.
that the study reveals several interesting and important
to
on
Bank
went
developments during the year 1929. The
132,815.000
1919
80,299,000
16,823,000
398,474,000
1920
27,560,000
241,232,000
say:
267,199,000
1921
The most marked change reported was a reduction of $561,000,000
between 1928 and 1929 in the net export of capital from the United States.
Accompanying high money rates and a depressed bond market here during
was
1929, the amount of American long-term investments made abroad
$414,000.000 smaller than in 1928. A net increase of 813,000,000 in shortterm foreign funds in American banks, as compared with a $226,000,000
decrease during 1928, and this movement of short-term funds toward this
country, together with the reduction in long-term investments abroad,
in
was offset only to a relatively small degree by a decline of 892,000,000
foreign long-term investments made here.
merchandise
Concurrent with the decline in capital exports, the net
exports of this country declined $116,000,000 during 1929 and the net
credit on "invisible" items of our international trade declined $50,000,000,
making the total net credit from these two sources $166,000,000 smaller
settlethan in the preceding year. In order to balance the international
in 1928
ment, $120,000,000 net of gold was sent to this country, whereas
our excess of capital exports over the credit balance through commodity
States of $272,and invisible items resulted in the net loss to the United
000.000 of gold.
1929.
In the invisible items, no large changes were reported during
continued to InReceipts of interest on American private funds abroad
was countercrease, and were larger than ever before, but this credit
foreigners
balanced to a considerable extend by a larger interest return to
tourist exAmerican
States.
from their funds employed in the United
was offset
penditures also increased further, but about half of the increase
nation's freight bill
by larger expenditures of foreign tourists here. This
was about 45% larger in 1929 than in 1928.
with comThe Department of Commerce Survey for 1929, together
parative figures for 1928,is summarized in the following table.
1928.
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
1928.
1929.
£
26,331,080
21,898,747
34,714,108
22,267,849
34,516,005
19,965,221
£
33,794,534
27,871,778
41,695,433
18,606,444
39,275,330
41,372,346
£
47,418,161
33,047,526
33,781,109
34,767,420
21,131,112
25,397,026
£
16,925,542
26,154,781
26,384,167
21,270,785
37,899,317
*13,225,111
159,693.910
202.615,865
195,543,254
*141,859,703
34,894,019
2,229.939
5,039,730
37,725,432
48,769,073
26,361,933
41,820,109
6,512,400
18.305,996
40,598.510
27,969,767
24,696,516
22,211,044
3,592,305
2,664.579
11,509,702
12,945,198
5,283,190
362,519,163
Year
314,714,036
•Excluding the German international loan.
253,749,272
January
February
March
April
May
June
6 months
July
August
September
October
November
December
United
Kingdom.
+893,000.000
—359,000,000
—804,000,000
+163,000,000
—225,000,000
+207,000,000
—80,000,000
, +5,000,000
+976,000,000
—414,000,000
—839,000.000
+180,000,000
—223,000,000
+207,000,000
—115,000.000
—22,000,000
New private loans, investments, and deposits:
Net inc. in Amer.long term investds abroad- -- - —1106,000,000
Net Inc. In long term foreign investla in U. S_ _ - +488,000,000
Changes in net debt of Amer. banks to foreigners —226,000,000
—782,000,000
+396,000,000
+13,000,000
Net capital movement (long and short term)
—934,000.000
—373,000.000
Gold shipments and earmark transactions. net....
+272,000.000
—120,000.000
+12,000,000
+9,000,000
£
1928—January --__ 14,178,000
February ___ 22,827,000
18,652,000
March
April
10,628,000
May
25,752,000
25,406,000
June
6 months
July
August
September_ October
November
December__ _
Year
The following statistics relating to the new capital issues
in Great Britain have been compiled by the Midland Bank,
Ltd. of London. They exclude all direct borrowings by the
British Government for national purposes, shares issued to
vendors, allotments arising from the capitalization of
reserve funds and undivided profits, issues for conversion or
redemption of securities previously held in the United
Kingdom, short-dated bills sold in anticipation of long-term
borrowings, and loans by Municipal and County Authorities
117,242,000
24,115,000
5,529,000
7,575,000
29,715,000
16,961,000
17,998.000
219,135,000
1919—January
18,046.0b0
February __. 26,184,000
March
24,774,000
April
28,756,000
May
12,298,000
June
14,010,000
6 months
The New Capital Issues in Great Britain During
the Half Year.
1930.
1927.
India and Other British Foreign
Countries. Countries.
Ceylon.
Total.
+$850,000,000 +8734,000,000
+484,000,000
Net discrepancy
• Excluding the German International loan.
1929.
+650,000,000
Total commodity and invisible items(net)
259,722,000
191,046,000
186,451,000
241,685,000
227,178,000
281,325,000
357,636,000
355,447.000
*200.066,000
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
(+ 1.1 credit to U. S.: — = debit to U.S.)
Commodity transactions:
Net merchandise exports (adjusted)
Miscellaneous invisible items:
Interest on American private funds abroad (long
and short term)
Int. on foreign funds in U.S.(long Oe short term)Expenditures by American tourists
Expenditures by foreign tourists in U. S
Immigrant remittances (net)
War debt receipts of United States
Freights
Other items (net)
124,221.000
168,147,000
123,525,000
100,215,000
124,354,000
131,636.000
159,694,000
202,616,000
195,543,000
*141,880.000
33,919,000
21,900,000
34.763,000
19,322,000
23,652,000
29,222,000
19,965,000
41,372,000
25,398.000
•13,225.000
1922
1923
1924
1925
1926
1927
1928
1929
1930
124,068,000
July
13,887,000
August
2,214,000
September
1,459,000
October
7,455,000
November
6,273,000
December..... 4,046,000
Year
1930—January _- - February —
March
April
May
June
6 months
£
6,882,000
40,000
42,000
11,000
666,000
£
6,153,000
3,205,000
13,999,000
4,346,000
9,463,000
11,669,000
£
6,581,000
2,040,000
9,005,000
3,690,000
4,049,000
3,632,000
£
33,794,000
27.872,000
41,696,000
18,606,000
39.275,000
41,372,000
7,641,000 48,835,000 28,897,000 202,615,000
25,000 13,416,000
302,000
3,774,000
33,000 4,464.000
49,000 5,637.000
1.934,000
4,264,000
682,000
6,957.000
6,387,000
5,323,000
4.764,000
41,820,000
6,513,000
18,306,000
40,599,000
27,970,000
24,696,000
7,748,000 78,362,000 57,274,000 362,519,000
9,280,000 15,730,000
2,621,000
210,000 1,081,000
118,000 2,219,000
27,000 7.373,000
119.000 4,208,000
4,362,000
4,243,000
7,707,000
3,675,000
1,433,000
7,063,000
47,418,000
33,048,000
33,781,000
34,768,000
21,131,000
25,398,000
9,763,000 33.230,000 28,483,000 195,544,000
311,000
18.000
30.000
10,000
5,663,000
439,000
658,000
465,000
3,119,000
706,000
2,350,000
939,000
547,000
3,572,000
3,523,000
521,000
22,211,000
3,592,000
2,664,000
11.510,000
12,945,000
5,283,000
159,402,000 10,132,000 44,280,000 39,935,000 253,749,000
11,337,000
7,965,000
16,948,000
11,890,000
17,816,000
7,703,000
1,247,000
5,940,000
50.000
7,200,000
266,000
1,656,000
4,679,000
5,716,000
67,000
8,489,000
4,381,000
2,685,000 16,925,000
7,571,000 26,155,000
3,720,000 20,384,000
9,284,000 21,271,000
4,394,030 37,890,000
875,000 .13,225,000
73,659,000 14,703,000 24,988,000 28,509,000 •141,850,000
•Excluding the German International loan.
JULY 19 1930.]
FINANCIAL CHRONICLE
347
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. ducers to bring about restriction of exports, if not of production falling flat. That such efforts should be made has a
Friday Night, July 18 1930.
The big industries are still very dull; they are simply no rather bad look. Something is still wrong in the situation.
duller than they were. They do not advance either as to It is overproduction. Silk advanced 20 points. Cocoa detrade or production. But the impression is growing that clined 5 to 8 points. Lumber output is small. The gasoline
they are at the nadir of dullness and depression and that any price "war" ended on the Pacific Coast after having been
change must from the nature of the case be for the better. given away for a time if oiling a car was paid for; such free
Trade may get a new and brighter orientation from the stock distribution brought matters to a head. It was cut-throat
market where the tone is more confident and prices higher. business that had to end. Copper declined slightly. FurniThat may prove to be the precursor of better times. Wall ture manufacturing business has remained quiet. Special
Street often blazes the trail upward as well as downward. sales stimuated business for a time but the regular trade is
Retail business is a little larger, especially in summer vaca- quiet. The coal trade is slow as usual at this time. Chain
tion goods. And grain, cotton, silk, coffee, and hides are store sales in June made a better showing it seemed than at
higher, all showing greater activity in one way or another. first sight. The decline according to later returns was only
The sales of actual hides were large and for a time at lower 3-10 of 1% compared with June last year while there was an
prices at Chicago, but later came a rally. Leather in Boston increase for the half year of 4%%,as compared with the same
is in better demand. In the cotton goods trade the tone has time in 1929. Unemployment of course makes a regrettable
been firmer and one construction of print cloths advanced showing as the inevitable reflection of general dullness of
Mc. It is true that the June consumption of cotton in this trade. Strikes curiously enough have closed most of the
country was small, the smallest in six years and the number of retail stores at Butte.
The stock market had a general upward trend this week.
active spindles is the smallest since 1912. But all this is
water that has gone over the dam. The Worth St. district One sign of increasing sanity was seen in dispatches from
is more hopeful. Wool has been as a rule quiet, but steady. Washington to the effect that the Farm Board would buy no
The London wool sales are at unchanged prices after the more wheat until the present surplus is reduced by the action
recent decline. Pig iron has declined 50c.in the Philadelphia of growers, in reducing the acreage. In the last resort curdistrict without stimulating business much. Steel as a rule tailment of production is the only remedy for unduly low
has been dull. Structural material in a few cases has sold prices. There is no getting around that, not matter what
more readily. Scrap has been stationary and steel backlogs aid necessarily temporary in its nature, the government may
give the farmer. The buying up of wheat by the governare a little smaller.
Wheat advanced 2 to 3c. under the spur of dry hot weather ment simply encourages the farmer to go in planting azreages
in the American and Canadian Northwest and a distinctly which are nothing more than fire from the rear at the Farm
better export demand. The export sales this week with some Board. The relentless natural law of supply and demand
possible exaggeration, were estimated at as high as 5,000,000 will always dominate in the end. Stock traders took the
bushels. In parts of the belt wheat is being fed to livestock government's action in the matter of wheat buying as a
as a relative cheap fodder. They say that 25,000,000 bushels bearish factor but it was only a passing phase. The underStocks today conhave already been fed to livestock in Kansas, Oklahoma and tone of the market was plainly better.
Missouri. So it has come to that despite Government "aid" tinued to rise with U. S. Steel in the van. Railroad stocks
to the farmer. To give a further ironical touch the Govern- made a good showing. The trading was larger. Investment
ment appears has decided not to buy any more wheat at this buying seems to be slowly increasing. Radio was very
time, but to let the market take its natural course. The old active and General Electric moved up with U. S. Steel.
saying was "Bought wit is the best if you don't pay too dear The total transactions for the day about 2,750,000 shares.
for it." But the taxpayer is supposed to keep quiet. Corn Through it all ran a more cheerful note. More people
advanced 3 to 4 cents on hot dry weather in the Southwest dared to talk optimistically out loud. Grain and cotton were
where high temperatures seem to be causing some damage. higher. A big export business in wheat has been done this
Oats advanced with corn, though not so readily. Rye rose week. Some estimates ran up to 5,000,000 bushels and even
no less than 80. under the stimulus of bad crop reports from rye advanced 43' to 5%c today on bad crop reports and
Canada, an advance in Winnipeg and rumors that Europe rumors of an export inquuiry, long absent.
Charlotte, N. C., reported that carded yarn mills of North
was asking for prices. Provisions have followed grain prices
upward, lard rising 28 to 30 points. Cottonseed oil has Carolina and other States are planning to continue their
40% curtailment program until conditions in the industry
advanced under the lead of cotton.
Cotton advanced about half a cent, owing to hot dry are much better. They are expected to show considerable
weather on the Mississippi Valley and West of the river, more improvement within the next two or three months. The
trade buying,an oversold condition of the market and scarcity curtailment program started some time ago and has been
of contracts and covering. And now to make bad worse, the more marked in the past 60 days. Spinners are, it is said,
temperatures are mounting again. To-day Oklahoma had refusing recent prices. Spartanburg, S. C., advices said
107 degrees and at least 100 degrees all over that State. that after a two weeks shutdown the Loray Mills of GasNearly 50% of the reporting stations in Texas had 100 to 104 tonia, a tire fabric manufacturing plant, resumed full operadegrees and in the Central belt it was also warming up. tions on a three-day week basis. The Hunter Co. said:
The hot weather keeps down the weevil, but apparently it "We were well satisfied with the previous week's sales which,
also keeps down the young cotton. On the other hand there as we said, were the best since the last wcek of April, and
have been persistent rains in Georgia and the Carolinas which we are glad to report that this week's sales are but very
little behind last week's and, with that one exception, are
tend to propagate the weevil.
Sugar has dropped to another new low owing to persistent the best since the end of April." Bombay cabled that as a
selling by Cuban and other interests, the failure of the Santa consequence of continued industrial depression in cotton
Clara Planters Association to bring about world-wide meas- trade, seven mills will be closed indefinitely at the end of
ures to reduce the crop and an inability or refusal of Russia July. Ten more Bombay wells will close temporarily on
to meet bankers' requirements in a project to buy a big August 15. Manchester, England reported that big curquantity of Cuban sugar. Moreover the supply is large and tailment continues and the general outlook is no brighter than
the home demand nothing great. Coffee advanced sharply it was a month ago.
at one time owing to excited covering fo July shorts, the usual
Thompsonville, Conn., wired July 16, that the mills of
gristfor the Brazilian mill. Also there was Brazilian support. the Bigelow-Sanford Carpet Co. have resumed operations
Latterly there has been some attempt to advance prices after a seasonal shutdown since June 24, with the exception
further on reports of damage by a cold wave in Brazil and of the broadloom aximinster department which will be closed
statements that 6,000,000 trees were covered with ice. until August 4. Fifty looms are affected by the closing of the
Later reports took a more cheerful view of the matter. The broadloom axminster division.
The Anthracite operators and miners in session here since
lurid reports of damage were said to be exaggerated. For
all that Santo is up 50 to 60 points this week and Rio 20 to 30 June 30 announced to-day that a tentative agreement had
on July and Sept. Rubber has declined about half a cent been reached on a five year pact governing wages and working
with London prices also falling and efforts of the Dutch pro- conditions. The agreement is expected to be approved by the
348
FINANCIAL CHRONICLE
[voL. 131.
full scale committee of the miners' union to-night and ratifica- Birmingham, Boston and New
York;49% in Indianapolis, Philadelphia and
tion must be voted later by the complete membership of the Pittsburgh; 48% in New Haven and Providence; 47% in San Francisco;
46% in Atlanta, Fall River,Kansas City and Manchester;45% in Cleveland,
operators' association and the United Mine Workers.
Dallas. Louisville, New Orleans and Omaha;
44% in Seattle;53% in Newark;
Chicago, wired that dry goods merchants in the Middle 42% in Memphis;41%
in Little Rock; 37% in Jacksonville; 36% in PortWest have placed an advance business for Fall equal in land (Ore.); 34% in Denver and Los Angles and 32% in Salt
Lake City.
were not obtained in Bridgeport, Butte, Columbus, Houston,
dollars to about two-thirds of the volume ordered in advance Prices
Mobile,
Norfolk, Peoria, Portland (Me.), Rochester,
St.
Savannah
Paul,
and
for last Fall. This means that the advance business in units Springfield (Ill.) in 1913, hence no comparison
for the 17-year period
is showing an appreciably smaller reduction than the 33 1-3% can be given for these cities.
decline in advance dollar bookings.
St. Louis reported that but little improvement is to be The Department of Commerce's
Weekly Statement of
noted in this section in the last week, though one or two
Business Conditions in the United States-Decline
lines report slight gains. The hot weather has rather agin Volume of Business as Measured by Checks.
gravated the summer quiet and it is expected considerable
According to the weekly statement of the Department of
injury will be done in the agricultural section unless there Commerce
business for the week ended July 12, as indicated
is a rainfall soon. Retail trade is fair at best, while whole- by the volume of
checks presented for payment, declined
sale sales are decidedly slow. Seattle wired July 15th that from the
preceding period and was lower than the same week
lumber production during the week ended July 5th, the week in 1929.
of Fourth of July shutdown,declined to 29.45% of capacity.
Wholesale prices, in general, declined but slightly from the
This was 47% less than the ouput for the previous week. previous week
and showed a decrease of 14% when contrasted
Little change in the industrial situation in the United States with the
week ending July 13 1929. Iron and steel prices as
during June is reported by the Department of Labor. The measured by
the composite index showed no change from the
index number of wholesale prices computed by the Bureau week
of July 5, but were 9% lower than the same period, a
of Labor Statistics stands at 86.8 for June compared with year
ago.
89.1 for May and 96.4 for June 1929. Based on these prices
Bank loans and discounts during the last week declined
the purchasing power of the 1926 dollar was $1.037 in June only
slightly from the preceding period and were below the
1929 and $1.152 in June 1930.
level of the corresponding week, a year ago. The average
On Thursday it was 67 to 84 degrees here; in Boston 68 prices
of stocks remained unchanged from the preceding
to 90; Montreal 70 to 82; Philadelphia 70 to 86; Portland, week, but
were lower than in 1929. Bond prices, on the other
Me., 66 to 90; Chicago, 72 to 92; Cincinnati, 66 to 94; hand,
showed gains over both comparative periods. Interest
Cleveland, 68 to 90; Detroit, 68 to 92; Milwaukee, 78 to 94; rates for both
call and time money reacting to the renewed
Bismarck, 64 to 94; Kansas City, 76 to 98; St. Paul, 62 stock
market activity were higher than the week ended
to 92; St. Louis, 74 to 96; Winnipeg, 60 to 84. To-day it July 5, but were
considerably below a year ago. The number
was 67 to 82 degrees but the high humidity made it what of business
failures as reported by R. G. Dun dz Co., were
many called most trying day of the summer. It was rela- fewer than the
preceding week and the week ended July 13
tively cool week here until Thursday. On the 16th inst. 1929.
it was 60 to 78 degrees. It was cooler earlier in the week.
The activity of steel mills for the week ended July 5 fell
Boston on the 16th inst. had 60 to 80 degrees (since 90), off from
the preceding period, due mainly to the curtailment
Chicago 58 to 84; Cincinnati, 54 to 88; Cleveland, 58 to 80; of
operations over the July 4 holiday period. As compared
Detroit, 60 to 84; Kansas City, 66 to 94; Milwaukee, 58 to with
a year ago the mill activity registered a sharp decline.
86; St. Paul, 68 to 94; Montreal, 58 to 80; Omaha,68 to 96;
Bank loans and discounts, and stock prices for the week
Philadelphia, 64 to 82; Portland, Me., 56 to 76; Portland,
ended July 12, recorded increased over the period ended
Ore., 54 to 74; San Francisco, 52 to 64; St. Louis, 64 to 88; July 14
1928, two years ago. The number of business
Seattle, 56 to 64; Winnipeg, 60 to 82.
failures during the past week were fewer than during the
corresponding period in 1928.
Decrease in Retail Food Prices May 15-June 15.
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-5=100.)
Retail food prices in the United States as reported to the
Bureau of Labor Statistics of the United States Department
1930.
1928.
1929.
of Labor showed a decrease of slightly less than 1M% on
July June June July July July July
July
June 15 1930 when compared with May 15 1930 and a
12. 5, 28. 21. 13. 6.
14. 7.
decrease of a little less than 43% since June 15 1929. The Steel operations
123.7
122.4
86.8
84.2
91.0
63.2
93.0
Bituminous coal production
67.1 i 82.0 82.1 96.8 *77.1 88.3 70.1
Bureau's weighted index numbers, with average prices in Petroleum
produc'n (daily avge.)
124.0 125.3 124.8 138.8 137.2 114.8 114.5
Freight
car
1913 as 100.0, were 154.8 for June 15 1929, 150.1 for May a Lumber loadings
97.7 96.0 111.0 94.8 108.9 88.7
production
72.1
52.7 81.4 81.4
15 1930 and 147.9 for June 15 1930. The changes are Building contracts, 37 States
(daily average)
141.2
175.3
145.9
204.4
128.8 152.1
---indicated by the Bureau as follows in its survey released Wheat receipts
73.6 62.2 57.4 207.5 143.4 179.2 93.2
Cotton receipts
28.8
27.3
18.8
30.4 24.6
6.5
6.2
33.5
to-day (July 19):
Cattle receipts
During the month from May 15 1930 to June 15 1930,21 articles on which
monthly prices were secured decreased as follows: Cabbage. 23%; butter.
6%; hens, 5%; plate beef, cheese and sugar, 3%; chuck roast, potatoes.
onions, canned tomatoes and prunes, 2%; sirloin steak, round steak, rib
roast, evaporated milk, oleomargarine, lard, macaroni, navy beans, and
coffee, 1%, and strictly fresh eggs, less than 5-10th of 1%. Five articles
increased: Leg of lamb, 2%; pork chops, tea, bananas and oranges, 1%.
The following 16 articles showed no change in the month: Sliced bacon,
sliced ham, canned red salmon, fresh milk, vegetable lard substitute.
bread, flour, cornmeal, rolled oats, corn flakes, wheat cereal, rice, pork
and beans, canned corn, canned peas and raisins.
Changes in Retail Prices of Food by Cities.
During the month from May 15 1930 to June 15 1930 there was a decrease in the average cost of food in 49 cities as follows: Dallas, Kansas
City, Little Rock, Los Angeles, Portland (Ore.) and San Francisco, 3%;
Butte, Charleston (S. C.) Indianapolis, Louisville, Memphis, Milwaukee,
Newark. New Haven, Peoria, Philadelphia, Providence, St. Louis, Seattle
and Springfield,2%;Atlanta. Baltimore, Birmingham. Boston, Bridgeport,
Buffalo, Chicago, Cincinnati. Cleveland, Columbus, Denver, Detroit,
Houston. Manchester, Mobile, New Orleans, New York, Norfolk, Omaha,
Portland (Me.), Richmond, Rochester, St. Paul, Savannah, Scranton
and Washington, 1%, and Fall River, Jacksonville and Pittsburgh, less
than 5-10th of 1%. In two cities there were increases: Minneapolis, 1%
and Salt Lake City, less than 5-10th of 1%.
For the year period June 15 1929 to June 15 1930, all of the 51 cities
showed decreases: Atlanta.8%;Dallas, Detroit, Los Angeles and Louisville.
7%; Cleveland, New Orleans, Norfolk, Pittsburgh. St. Louis, Savannah
and Washington, 6%; Birmingham, Bridgeport, Buffalo, Butte, Denver,
Houston, Little Rock, Memphis,Mobile, New York,Philadelphia. Portland
(Me.).Portland (Ore.)and Providence,5%;Baltimore,Cincinnati, Jacksonville, Newark, New Haven, Scranton and Seattle, 4%; Charleston (S. C.).
Chicago. Fall River, Kansas City, Manchester, Milwaukee, Minneapolis,
Richmond, Rochester, St. Paul, San Francisco and Springfield (III.) 3%:
Boston, Indianapolis, Omaha and Salt Lake City, 2% and Columbus and
Peoria. 1%.
As compared with the average cost in the year 1913, food on June 15
1930 was 61% higher in Chicago; 56% in Cincinnati and Scranton; 55%
in Washington;54% in Richmond;52% in Baltimore, Buffalo, Detroit, Milwaukee and Minneapolis; 51% in Charleston (S. C.) and St. Louis; 50% in
Hog receipts
Price No.2 wheat
Price cotton middling
Price iron di steel composite
Copper, electrolytic price_
Fisher's index (1926=100)
Check payments
Bank loans and discounts
Interest rates, call money
Business failures
Stock prices
Bond prices
Interest rates, time money
Federal reserve ratio
49.7 52.2 87.7
6
53
6.1
.6 80.3 80.6
65.1 69.8
8
50:6
0 0 50.0 51.8
80.8 81.0
80.5
84.1 85.5
8-475 -85.6 85.7 86.2
105.2 150.3 127.5 134.9
135.0 1I35.7 136.5 137.0
62.5 57.6 54.5 60.6
105.2 108.9 120.4 119.7
196.6 197.3 192.2 197.7
106.5 106.2 106.1106.4
, 70.4 68.6 74.3 81.8
1105.4 104.1 108.0 107.5
a Relative to weekly average
1927-1929 for
75.3 53.2
84.3 74.6
90.7 87.6
67.6 67.6
88.7 88.8
129.0 129.0
98.1 98.2
121.6 166.0
135.3 135.4
209.1 242.4
108.1 83.0
284.5 280.7
104.2 104.2
171.4 171.4
94.2 94.1
87.7 61.4
77.7 66.6
99.2 105.4
80.9 84.2
84.3 84.4
105.1 105.1
99.3 98.8
130.3 133.6
126.7 128.7
160.6 157.6
108.1 108.6
192.0 195.4
108.1 108.6
137.1 137.1
87.6 84.4
week shown 1 Revised.
Monthly Indexes of Production
, Unfilled Orders,
of U. S. Department of Commerce-Decline
&c.,
of 2%
in May as Compared With April.
In presenting, July 10, its monthly indexes of production,
stocks and unfilled orders, the United States Department of
Commerce says:
Production.
Manufacturing production in May, after adjustments for
seasonal variations registered a decline of 2% from the month
of April, and was considerably below the level of a year ago, according
to the weighted index
of the Federal Reserve Board. The production of
leading minerals,although
recording a gain of 1% over the preceding month,
was lower than during
May 1929. Industrial production, including both
manufacturing and
mineral output, registered declines from both comparative
periods.
Commodity Stocks.
The general index of commodity stocks held at
the end of May, was
lower than in the previous month and 4% above the
level of a year ago.
The stocks of finished goods in the hands of
manufacturers showed decreases from both the month of April 1930 and May
1929.
Unfilled Orders.
Unfilled orders for manufactured goods at the end of May, recorded
declines from both the preceding period, and May,last year.
As compared
JULY 19 1930.]
FINANCIAL CHRONICLE
349
1921, and 1924. It is always the case in times of business depression,
when the productive capacity of industry is over-ample to meet
current demands, that the proceeds of new flotations are used to
improve and increase capacity for output, and recovery emerges from
this anomalous procedure.
During the first half of this year all statistical comparisons have
April May April May April May
Index Numbers, 1923-1925=100. 1930. 1930. 1929. 1929. 1928. 1928. been made between the figures of an early month of 1929, when prosperity
was advancing to boom proportions, and those of the correspondProduaioning month of this year, when depression prevailed. In the second
Raw materials:
Animal products
101
111
100
109
95
108
half of this year such comparisons will make better showings, for
Crops
53
56
57
51
59
72
in that portion of 1929 business activity was rapidly shrinking, and
Forestry
79
85
92
99
96
101
in the last part of 1930 it i slikely to be gradually advancing. From
Industrial (Compiled by Federal
Reserve Board)
106
104
123
125
110
110
this time forward the sentiment of business should improve.
Minerals
104
103
115
116
105
105
We are now well along in a rather mild business depression, which
Total manufacturers (adJusted)
107
104
123
125
110
109
is not nearly so severe as many of those that have been experienced
Iron and steel
114
111
135
145
122
116
Textiles
96
91
120
121
in this country during the past half century.
This is illustrated
101
107
Food products
97
98
102
97
98
96
in the diagram [this we omit-Ed.) in which the black silhouette
Paper and printin
121
___
124
127
115
117
shows the computed swings of general business activity above and
Lumber
86
83
95
93
Automobiles
109
104
153
148
below its estimated normal level during the years since 1880. In
105
104
Leather and shoes
98
94
97
101
97
96
times
of great prosperity the black area has risen as high as 15 or 18%
Cement, brick and glass
108
119
110
111
108
119
above normal, while in depressions it has fallen 15% or more below,
Nonferrous metals
105
101
137
137
III
111
Petroleum refining
174
___
165
and in 1921 to 25% below. The figure for this June was about 11% below.
168
147
149
Rubber tires
122
___
161
158
133
133
During this span of 50 years there have been 15 periods of prosTobacco manufactures
136
134
142
142
120
120
perity followed by 15 periods of depression, so that the average swing
Commodity Stocksfrom one prosperity to the next, or from one depression to the next,
Total
135
128
130
123
123
117
has been three and one-third years. This statement is based on the
Raw materials
142
135
136
124
125
114
fact that there have been 15 complete cycles in the 50 years, but a
Manufactured goods
124
118
124
122
119
121
mere inspection of the diagram shows that they have no reliable
Unfilled Ordersperiodicity. They have been irregular in size, and irregularly spaced.
Total
78
75
93
89
77
74
Moreover
the peaks of prosperity have been most varied in height, and
44
Textiles
42
84
78
71
72
the valleys of depression strikingly diverse in depth.
Iron and steel
87
80
92
87
82
72
Transportation equipment
112
108
104
96
73
73
At the bottom of the diagram is another line representing the
74
Lumber
75
102
104
70
79
monthly fluctuations of short term interest rates over this same long
period. This line represents the average of the quotations for 90
paper in
day loans, and for prime four to six months
"Annalist" Weekly Index of Wholesale Commodity New York. For the years previous to the warcommercial
it is corrected for
seasonal variations.
Prices.
Where this line has dipped below the 4% level
area has been shaded in with cross-patching. At the end of this
Commodity prices, whose steady decline has been one the
past June it reached the 3% level.
of the most disturbing elements in the present business
In general the periods of exceptionally low interest have accomdepression, went to new lows during the week, when prices panied somewhat tardily the times of serious business depression,
although there was an exception in the case of the depression of 1921.
of livestock, raw silk, gasoline, copper, lead, tin, chemicals, In
the past the recovery of business from the lowest point of even
lubricating oils and rubber made fresh declines says the the most serious depressions has got under way promptly after interest
rates fell as low as the 3% level, and in several instances such low
"Annalist," which adds:
During the years of this century
The "Annalist" Weekly Index of Wholesale Commodity Prices now rates as that were not reached.
stands at 123, almost 1% lower than last week (124.2), and 18% lower than the rates have dropped below 3% only in 1916 when we were receiving enormous gold imports from England in return for war purchases.
on the corresponding date last year when the index stood at 150.1.
This review of former business cycles and their depressions cannot
Food products and building materials are the only groups of commodities
lead
us to definite conclusions as to the probable duration and inshowing price firmness; all others show losses. The farmer, whose Income
has already been seriously curtailed by declines in the prices of grains and tensity of the present period of slow times. It should, however, make
cotton, this week faced fresh price declines in all livestock and in hides. us realize that what we are now going through is no unprecedented
Prices of heavy steers at $11 a hundred weight, are at the lowest point phenomenon. Recovery has always followed in the past rather
since 1926 and are 31.2% lower than on the corresponding date last year. promptly after the development of conditions very similar to those
We are warranted in believing that definite imPork prices have turned down in sympathy with the lower corn prices of now prevailing.
last week, and hides are lower in spite of the tariff, recently enacted, in provement in business will become evident during the months that lie
which the hide schedule was inserted as an agricultural relief measure. directly ahead.
High prices are now 27.7% lower than last year.
Col. Ayres thus comments on the course of commodity
Cotton goods prices have shown firmness during the week and there is
some optimism in spite of the bearish report of the Cotton Textile Institute. prices:
Silk prices, however, have made fresh declines and at $2.75 a pound are
Wholesale prices of commodities have been declining almost with45% below prices on the corresponding date last year, however, a better
emit interruption for nearly a year. Their persistent weakness during
tone now prevails in Japan, where export demand is again in evidence
months has led many people to conclude that conditions of
recent
because of low American stocks. Its is not improbable that further price
general business cannot improve until the price declines are checked,
declines in silk may be halted.
and that downward revisions of industrial wage rates will have to be
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES. made before normal volumes of production can be restored. A con(1913=100)
sideration of the history of price changes in this country during
support these conclusions.
July 15 1930. July 8 1930. July 16 1929. the past few years does not
In the diagram [this we omit-Ed.] the lighter of the twO lines
112.1
Farm products
shows the course of Prof. Irving Fisher's index of wholesale prices
114.0
149.2
129.3
Food products
128.9
155.1
since the beginning of 1925 if the average for 1926 is taken as being
Textile products
116.0
116.5
147.0
equal to 100. The line declined 18 points from the beginning of
152.5
Fuels
153.6
163.1
Metals
109.3
1925 to the middle of 1927, or from 110 to 92. During nearly all
110.8
128.1
Building materials
142.7
142.7
153.1
of that period general business was prosperous, and production was
Chemicals
128.3
128.6
134.6
increasing.
During the past year the line has declined 10 points, or
Miscellaneous
100.7
104.7
130.5
All commodities
123.0
from 97 to 87, and in this period business activity has been de124.2
150.1
The impressive contrast between the conditions of general
clining.
business activity in the two periods of declining commodity prices
Col. Leonard P. Ayres of Cleveland Trust Company Looks indicates that there is no such close relationship between business
prosperity and price movements as current comment would suggest.
For Upturn of Business In Coming Month.
The heavier of the two lines in the diagram represents the course
Leonard
P.
Ayres, Vice-President of the Cleveland of retail prices during the same period, and again the average for
Col.
Trust Company of Cleveland, Ohio, says "we are warranted 1926 is taken as being equal to 100. This line is based on the index
in believing that definite improvement in business will be- of the cost of living compiled by the National Industrial Conference
Board. Its changes are much less violent than those of the wholecome evident in the months that lie directly ahead." In sale prices, but its general trend is also a declining
one. This means
the trust company's Business Bulletin, July 15, Col. Ayres that the purchasing power of the dollar spent for the necessities of
life has been increasing during the period shown, and rather rapidly
sets out his views as follows:
so far this year.
The turn of the year marked the turn of business downward in
Probably it is not necessary to search among obscure economic
1929, and it may as well be that the turn of the year in 1930 will
influences to find the reasons for sonic of the most important of the
closely coincide with the turn of business upward. It is clear that
recent price declines of staple articles entering into international
industrial and business records for this July will reach a low ebb,
The production of coffee, sugar, rubber, and copper was
trade.
and it now seems rather more probable than not that they will overstimulated in recent
years by the artificial aids of price control
mark the turn of the tide. So many of the automobile plants, and
schemes, and by great misfortune all these plans for price propping
of the firms supplying materials for that industry, will be closed
broke down in rapid succession, and at a most inopportune time. Our
during July that very low records for production and transportation
own plans for the support of the prices of wheat and cotton are still in
are sure to be established this month.
operation, but it is hardly to be expected that any better fate awaits them.
The reasons for believing that business will be better in August
Migh interest rates in 1928, and actual credit stringency in 1929,
than in July, and better in September than in August, do not rest merely
caused by excessive security speculation in this country, but with
upon a basis of general hope. The automobile companies are definitely
effects seriously felt throughout the world, constitute a less direct,
planning to increase their outputs in those two months, and the most
far-reaching influence making for commodity price declines
important steel companies have orders received or in sight, sufficiently but more
in recent months. Those high interest rates hampered international
large to increase their production materially. The volume of new contrade, and restricted international financing.
Distribution of goods
struction is slowly, but persistently growing, and that industry
seems declined, while production continued, and so surpluses were built up,
to hold its gains.
which are now being pressed for sale at reduced prices.
We are having the kind of bond market that is most effective
This process must work itself through to completion, but the fact
in aiding business recovery. It is a market that is demonstrating
that it is going on does not mean that prices and wages are on their
its ability to absorb increasingly great volumes of new flotations at way down to pre-war levels.
That could happen only through a great
gradually advancing prices.
Markets having similar characteristics reduction in the volume of
credit and money available for use, and
ushered in the business recoveries following the depressions of 1908, no evidences of such a
development are apparent, or visibly impend.
with May 1929, unfilled orders for transportation equipment showed a
gain of 10%, while other lines registered declines. As compared with May
1928, increases occurred in unfilled orders for iron and steel, and transportation equipment.
FINANCIAL CHRONICLE
350
ing. We may well feel justified in having confidence that the present
precipitous price declines will prove to be temporary rather than
protracted.
S. W. Straus & Co.'s Building Survey Shows Big
Decline for June and the Half Year.
Prospective building through the United States during the
first half of 1930, as revealed in official reports of building
permits issued in 578 principal cities and towns fell perceptibly behind the volume for the first six months of 1929,
according to S. W. Straus & Co. For the first half of 1930,
the volume of permits was $1,039,037,914, a decrease of
49% from the same period last year, when the figures were
$2,036,334,562. June 1930, showed a loss of 33% from
June 1929. Permits for June 1930, totaled $180,066,975
against $202,231,771 in May—a loss of 11%. The report
continues as follows:
The Straus Index.
The Straus index of building permits for the month of June was 60.7.
This compares with an index of 59.6 for the month of May. Although a
slight increase is indicated over the preceding month, this increase is not
as great as that called for by the seasonal factor adjusted for trend. Taking
account of these factors, building permits for June were 21.8% below normal. Although this record is not as good as that for the preceding month.
building permits are nearer to normal than in any other month except
May during the current year.
Really Conditions Improving.
The data here reported again make clear the fact that through the
country generally sounder conditions for improved real estate are steadily
developing. Surpluses of building space which may exist in one type of
housing or another in localities here and there are being steadily absorbed
through the present let-up in building activities.
With this gradual trend toward well-balanced conditions of supply and
demand, the rental situation is, of course, improving in corresponding
degree by reason of the removal of surplus space from the market. A better
tone thus is being imparted to the entire real estate situation, particularly
in the larger cities of the nation.
This does not mean necessarily that the present period of readjustment
need be greatly prolonged. Following four years of very active building,the
present cycle, in fact, began toward the end of 1925, since which time the
trend of general building activities has been steadily downward.
The Population Factor.
As a further indication of the increasing stability of improved real estate
conditions, it is to be noted that the Federal census reports now being
announced reveal substantial population growths in the principal cities
of the country. Increased population means increased demand for housing
space of all kinds.
Must Build Cities Within Cities.
Let us take, for illustration, the census report covering New York City.
This shows that during the 10-year period there was a growth of more
than 1,342,000 in population. To assist one in trying to visualize this
enormous gain, it might be stated that New York City, in order to fulfill
its normal housing requirements during the last 10 years, thus has had to
construct another metropolis within its boundaries as large as the city of
Detroit. Chicago within her boundaries has had to build another city
larger than Washington or Milwaukee. And in all the other great cities
of the country population growths have necessitated great construction
projects such as office buildings, hotels, apartment hotels and apartment
houses.
Growth in Various Cities.
The following is a list of a few of the largest cities of the country, together with the officially reported increased in population in each of these
places for the past 10 years: New York, 1,342,000; Chicago, 672,048;
Detroit, 570,719; Los Angeles, 665,057; San Francisco, 119,298; Minneapolis, 82,029; Milwaukee, 111,815; Pittsburgh, 56,452: Baltiomre, 56,095;
St. Louis,44,437: St. Paul, 36,185; Cleveland, 105,001; Cincinnati, 48.084;
Buffalo. 66,138; Washington, 48.145.
The Labor Situation.
Unemployment in the building trades for the month of June showed no
Improvement over the month of May as reported by the American Federation of Labor. 37% of the 850,000 building trades members of the American
Federation of Labor were unemployed in the months of May and June.
Building Materials.
Weakness in the building materials markets was evidenced in June by
further declines in prices. Some of the more important local market declines
were reported in Portland cement in Kansas City and New York; common
brick in St. Louis and Boston; structural steel shapes in Dallas and Pittsburgh; concrete blocks in Minneapolis, St. Louis; lumber in Baltimore.
Kansas City. Minneapolis, St. Louis and Seattle. There were a few advances recorded in prices of materials but these advances took place in
crushed stone and gravel, the firmness being due to demand for these
materials for road paving and public construction.
25 CITIES REPORTING LARGEST VOLUME OF PERMITS FOR FIRST
HALF OF 1930 AND JUNE, WITH COMPARISONS.
First Half
First Half
1930.
June 1930. June 1929.
1929.
5203.622,726 5679,965,306 $34,810,752 $37,179,718
New York (plans filed)
39,712,901 54.071.599
5,485,138
8,002.185
Los Angeles
38,089,900 115,423,700
4,419,400 13,826,100
Chicago
36,106,830 59,486,200
8,967,155 10,916.385
Philadelphia
27,486,168 55,830.545
9.564,058
5.103,077
Detroit
3,418,410
24,279,542 16,437,000
2,388,095
Cincinnati
5,064.120
19,984,240 19,180,760
2,916,840
Baltimore
1,616,735
17,904,567 41,539,315
1,613,055
Washington
3,055,800
16,932,380 20,508,300
1,581,855
Seattle
3,217,593
3,065,261
16,633,420 20,484,499
Milwaukee
3,659,500
13,952.225 18,539.750
2,035,925
Cleveland
2,623,715
13,643,651 28,157,750
1,520,343
Boston (plans filed)
2,303,317
12,548,929
2.232,809
18.220,361
Francisco
San
1,572,491
1,838,665
10,484,780 11,312,020
Oklahoma City
5,051,277
2,397,326
9,971,454 18,190,003
Pittsburgh
2,149,240
2,107,466
9,304,728 15,980,089
St. Louis
1,590,645
1,210,850
8,933,451 18.302,723
Houston.
759,350
8,202,075
829,450
6,094,500
Kansas
5,084,201
1,355,864
7,545,434 14,893,952
Newark
1,064,962
3,437,536
7,127,170
4,427,504
St. Paul
529,949
1.103,440
7,004,468
4,558,034
Memphis
4,268,255
6,574,235 10,083,651
177,829
Jersey City
2,056,071
2,161,819
6,432,418 11,275,938
Akron
2,310,940
1,792,700
6,366,855 14,426,185
MinneapolLs
2,177,232
982,979
6,254,465
7,787,929
Buffalo
8575,099.011 11285177,613 $95,339,455 1133,268.423
[VOL. 131.
June Construction Largest Since July 1929, But for
Half-Year 123/
2% Less Than in 1929.
June contracts let for new building and engineering works
in the 37 States east of the Rocky Mountains amounted to
$600,573,400, according to F. W. Dodge Corp. The past
month's record was substantially larger than the total of
$457,416,000 for the previous month, showed a good gain
over the total of $529,891,100 for June 1929, and was the
largest monthly total since July 1929. For the first half
of 1930 construction contracts aggregated $2,638,013,300.
This was a decline of 12Y2% from the total of $3,015,546,800
for the corresponding period of 1929. At the end of May
contracts for the year to date were 18% behind last year.
For the sixth consecutive month public works and utilities were the most important of all classes. This construction type amounted to $251,915,800, or almost two-fifths of
the value of all June awards. The following comprised the
remainder: Residential buildings, $96,815,500; industrial
buildings, $93,618,500; commercial buildings, $59,080,000;
educational buildings, $48,918,800; hospitals and institutions, $19,675,300; religious and memorial buildings, $11,808,500; social and recreational buildings, $10,187,000, and
public buildings, $8,554,000. Contemplated new work reported in June amounted to $763,216,100, compared with
$634,073,400 for June 1929. The Dodge review proceeds as
follows:
New England States.
Construction contracts let In New England during June amounted to
$38,089,400 as compared with $36,513,900 for the previous month and
$35,472,000 in June 1929. To date new awards were valued at $183,495,500 as against $207,866,900 for the corresponding six months of 1929.
The June record showed the following distribution: Residential buildings,
$11,951,400; educational. buildings, $11,770,000; public works and utilities, $5,694,200, and commercial buildings, $4,207,100. All other nonresidential building contracts totaled $4,566,700 in June. New planned
work reported in June amounted to $89,722,500 against $50,041,400 in
June 1929.
Metropolitan New York and Vicinity.
Building and engineering contracts let in June in Metropolitan New York
and vicinity (Northern New Jersey, New York City, Long Island, Westchester, Orange, Putnam, and Rockland Counties) were valued at $80,324,900 against $96,208,600 in the previous month and $84,810,000 in
June 1929. For the first six months of 1930 construction contracts in
this territory totaled $512,502,800 compared with $593,536,200 for the
corresponding period of 1929. The June contract record showed the
following distribution: Commercial buildings, $21,837,800; residential
buildings, $21,003,600; public works and utilities, $19,095,700; educational buildings, $7,459,900, and hospitals and institutions, $6,374,700. All
other non-residential building contracts totaled $4,553,200 in June. Contemplated work reported in June totaled $94,712,400 against $86,178,500
in June 1929.
Up-State New York.
June construction contracts in up-State New York (including all counties
north of Orange, Putnam, and Rockland) totaled $21,456,900 compared
with $24,478,300 for the previous month and $22,947,700 in June of
last year. For the first six months of 1930 new construction awards in
this territory were valued at $101,843,200 as against $93,985,100 for the
corresponding period of 1929. The June contract record showed the
following distribution: Public works and utilities, $6,091,000; educational
buildings, $4,389,300; residential buildings, $3,547,800; social and recreational buildings, $1,526,700, and religious and memorial buildings, $1,460,500. All other non-residential buildings aggregated $3,611,600. New
planned work reported in June amounted to $37,904,100 compared with
$22,349,900 in June 1929.
Middle Atlantic States.
June construction contracts in the Middle Atlantic States showed gains
over both the preceding month and June 1929. The June record of
$83,202,200 compared with $37,393,500 for the previous month and $63,794,900 for June 1929. To date contracts in this territory were valued
at $328,480,400 as against $387,933,400 for the corresponding period of
1929. The June record showed the following classes of construction as
most active: Industrial buildings, $35,450,900 ; public works and utilities,
$18,447,400; residential buildings, $12,689,400; commercial buildings,
24,922,600. All other non-residential contracts aggregated $11,691,900 in
June. New contemplated work reported during the past month amounted
to $112,303,400 against $75,554,400 in June 1929.
Pittsburgh Territory.
June contracts for new buildings and engineering projects in the Pittsburgh district (Western Pennsylvania, West Virginia, Ohio, and Kentucky)
amounted to $62,032,400 compared with $57,009,100 in the preceding
month and $58,145,100 for June a year ago. For the first six months of
1930 contracts let in this territory totaled $329,369,000 against $351,003,100 in the corresponding period of 1929. The June contracts were
distributed as follow,: Public works and utilities, $31,873,000; residential
buildings, $11,709,900; commercial buildings, $5,303,800; educational
buildings, $4,836,500, and industrial buildings, $4,630,100. All other
non-residential building contracts totaled $3,679,100 in June. New contemplated work reported during the past month amounted to $62,229,000
as against $76,892,400 in June 1929.
Southern Michigan.
Construction contracts let in June in the southern peninsula of Michigan
totaled $19,479,500 compared with $22,170,800 for the previous month and
$29,102,100 for June of last year. Contracts for the year to date totaled
$94,495,300 against $173,151,500 for the corresponding six months of 1929.
The June total comprised the following: Public works and utilities,
$5,590,100; residential buildings, $4,813,500; hospitals and institutions,
$2,952,800; industrial buildings, $2,854,000, and commercial buildings,
$1,155,500. All other non-residential building contracts let in June
FINANCIAL CHRONICLE
JULY 191930.1
amounted to $2,113,600. New planned construction reported during the
month totaled $19,235,500 against $28,925,800 in June 1929.
Chicago Territory.
Contracts for new building and engineering work in June in the Chicago
territory (Northern Illinois, Indiana, Iowa and Southeastern Wisconsin)
aggregated $83,759,600 as compared with $59,468,200 in the previous month
and $105,312,000 in June 1929. To date contracts placed in 1930 totaled
$338,682,700 compared with $501,235,400 for the corresponding six months
of 1929. June contracts were distributed as follows: Public works and
utilities, $50,665,500; residential buildings, $9,340,900; industrial buildings, $6,108,100; educational buildings, $6,004,700, and commercial buildings, $5,431,300. All other non-residential building contracts let in June
totaled $6,209,100. New contemplated construction reported in June
amounted to $144,883,800 against $108,001,300.
The Central Northwest.
The Central Northwest (Minnesota, the Dakotas, Northern Michigan and
Northwestern Wisconsin) reported larger June construction contracts than
in either the previous month or June 1929. The June record totaled
$15,557,400 against $11,015,000 in May and $9,486,000 in June 1929.
For 1930 to date contracts aggregated $53,623,300 against $54,763,700 for
the corresponding six months of 1929. June contracts showed the following
distribution: Commercial buildings, $4,973,200; public works and utilities, $3,948,400; industrial buildings, $3,699,100, and residential buildings, $1,548,200. All other non-residential building contracts let in June
•amounted to $1,388,500. Contemplated construction reported in June
totaled $11,230,800 against $8,958,400 in June 1929.
St. Louis Territory.
June awards for new building and engineering projects in the St. Louis
territory (Southern Illinois, Eastern Missouri, Northeastern Arkansas, Western Tennessee, and Northwestern Mississippi) aggregated $63,483,300
against $21,882,800 in May and $21,058,300 in June of last year. In the
first six months of 1930 construction contracts let in this territory totaled
$143,032,400 against $133,028,300 in the corresponding six months of 1929.
June contracts were distributed as follows: Industrial buildings, $30,673,500; public works and utilities, $23,647,500; residential buildings,
$5,237,300; educational buildings, $1,314,900, and commercial buildings,
$1,245,100. All other non-residential building contracts in June totaled
$1,366,000. New planned work reported in June totaled $48,310,400
against $21,544,900 in June a year ago.
Kansas City Territory.
Construction contracts awarded in June in the Kansas City district
(Western Missouri, Kansas, Oklahoma, and Nebraska) amounted to $65,233,500 compared with $18,898,700 in May and $22,710,400 in June 1929.
To date the 1930 total of $187,267,600 compared with $127,602,700 for
the corresponding six months of 1929. The June contract record showed
the following classes: Public works and utilities, $49,257,100; commercial
buildings, $4,973,400; educational buildings, $3,592,300; residential buildings, $3,488,300, and public buildings, $1,414,300. All other non-residential building contracts let in June amounted to $2,508,100. Contemplated work reported in June totaled $76,393,600 against $28,407,400 in
June of last year.
Texas.
Contracts let during June for new construction in Texas totaled $28,692,200 compared with $14,368,300 for the previous month and $13,822,000 in June of last year. For the first six months of 1930 total awards
in this State amounted to $124,903,000 against $112,835,800 for the
corresponding six months of 1929. The June contracts were distributed
as follows: Public works and utilities, $17,800,000; industrial buildings,
$3,753,800; residential buildings, $2,462,400; educational buildings,
$1,328,800, and commercial buildings, $1,196,400. All other non-residential
building contracts let in June amounted to $2,150,800. New planned work
reported in the past month totaled $36,761,700 against $32,407,600 in
June 1929.
New Orleans Territory.
June contracts for new construction in the New Orleans district (Louisiana, Western and Southern Arkansas, Eastern and Southern Mississippi)
amounted to $9,195,600 against $14,299,500 in May and $37,930,500 in
June 1929. To date the 1930 contract awards in this territory totaled
$63,614,500 compared with $11,599,400 for the corresponding six months
of last year. June contracts were distributed as follows: Public works
and utilities, $3,349,300; residential buildings, $1,638,600; hospitals and
Institutions, $1,224,900, and industrial buildings, $1,164,100. All other
non-residential building contracts let in June totaled $1,818,700. New
planned construction reported in June amounted to $4,421,900 against
$67,689,100 in June of last year.
Southeastern Territory.
Contracts let in June for new building and engineering projects in the
Southeastern district (the Carolinas, Georgia, Florida, Alabama, Eastern
Tennessee) amounted to $30,066,500 against $43,709,300 in May and
$25,300,100 in June 1929. In the first six months of 1930 contracts in
this territory were valued at $176,703,600 compared with $167,005,300
In the corresponding period of 1929. The June contracts were distributed
as follows: Public works and utilities, $15,726,600; residential buildings,
$7,384,200; educational buildings, $2,031,300, and commercial buildings,
$1,929,900. All other non-residential building contracts in June totaled
$2,994,500. Contemplated construction reported in June totaled $25,107,000 against $27,122,300 in June 1929.
Loading of Railroad Revenue Freight Very Light.
Loading of revenue freight for the week ended on July 5
totaled 792,141 cars, the Car Service Division of the American
Ry. Association announced on July 15. Due to the observance of Fourth of July and the fact that the day following
was also observed as a holiday, the total for the week of
July 5 was a decrease of 144,707 cars below the preceding
week and a reduction of 119,002 cars under the same week
in 1929. It also was 58,806 cars below the same week in
1928. Details follow:
Miscellaneous freight loading for the week of July 5 totaled 311,916
cars. 53.130 cars under the same week in 1929 and 25,218 cars under the
corresponding week in 1928.
351
Loading of merchandise less than carload lot freight amounted to 204,837
cars, a decrease of 19,531 cars below the corresponding week last year and
16,671 cars below the same week two years ago.
Coal loading amounted to 109,729 cars, a decrease of 10,404 cars below
the same week in 1929 and 5,242 cars below the same week in 1928.
Forest products loading amounted to 36,173 cars. 13,943 cars under the
same week in 1929 and 11,270 cars under the corersponding week in 1928.
Ore loading amounted to 56.033 cars, a decrease of 10,756 cars below the
same week in 1929 and 985 cars below the corresponding week two years ago.
Coke loading amounted to 8,555 cars, a decrease of 3,329 cars below the
corresponding week last year and 503 cars below the same week in 1928.
Grain and grain products loading for the week totaled 48,204 cars, a
decrease of 4,320 cars below the corresponding week in 1929 but 4,915 cars
above the same week in 1928. In the Western districts alone, grain and
grain products loading amounted to 37,559 cars, a decrease of 4,171 cars
below the same week in 1929.
Live stock loading totaled 16,694 cars. 3,589 cars under the same week
in 1929 and 3,832 cars under the corresponding week in 1928. In the
Western districts alone, live stock loading amounted to 12,571 cars, a
decrease of 2,511 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities
not only compared with the same week in 1929, but also the same week
In 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows:
1928.
1930.
1929.
Four weeks in January
3,448.895
3,349,424
3,571,455
Four weeks in February
3,505,962
3,590,742
3.766,136
Five weeks in March
4,414,625
4,752,559
4,815,937
Four weeks in April
3,740.307
3,619,293
3,989,142
Five weeks in May
4,939,828
4,598,555
5,182,402
Four weeks in June
3.989,442
3,719,447
4,291,881
Week of July 5
850,947
792,141
911,143
Total
23,999,447
26.528.096
25.312.720
Annalist Index of Business Activity Shows Lowest
Level Reached in 1924.
The following is a summary of the recent movements and
indications of The Annalist Index of Business Activity, as
discussed in the current Quarterly Review and Business
Forecast Number of The Annalist:
Business activity in June declined to approximately the lowest level
reached in the d •pression of 1924. The Annalist Index of Business Activity fell from 88.2, the revised figure for May, to 86.9 (preliminary),
which represents a degree of basic industrial and trade activity but onetenth of a point higher than the lowest figure recorded in 1924, which was
86.8 for July of that year. With automobile production sharply curtailed,
present indications are that the index for July may go still lower.
Judged on the basis of the typical length of the business cycle, a cyclical
upturn in the busim ss curve prior to the early months of 1931 would be
premature in the sense that it would constitute the end of the shorter
complete cycle, measured from trough to trough, since the 29-month
cycle which lasted from June 1894 to November 1896. Judged on the
basis of the length of the recession phase of the cycle, an upturn in August
or September would correspond roughly with the average length of previous
recessions. Judged on the basis of the movement of commercial paper
rates, the date of the expected upturn might fall almost any time in the
last half of 1930 or the first quarter of 1931. In business itself there are
not many indications of an immediate upturn. Construction contracts
showed marked improvement in June, but the gain was largely the result
of exceptional items which may or may not recur. Otherwise present
Indications are that expectations of an upturn prior to September or October
are likely to be disappointed.
The principal causes of the June decrease In the combined index were
sharp declines in two components, electric power production and freight
car loadings. A moderate decrease in the adjusted index of steel ingot
production also contributed to the downward movement. Partly offsetting these declines, however, there was no change in the adjusted index
of cotton consumption from the extremely low level reached in May,
and there were small advances in the adjusted indexes of pig iron production, automobile production and zinc production.
Table I shows for the last three months the movements of the combined
Index and of the ten component series, each of which has been adjusted
for seasonal variation, long-time trend and for variations in cyclical amplitudes before being weighted and combined into The Annalist Index of
Business Activity. The adjusted index of electric power production for
June is based on an estimated output by all public utility plants in the
United States of 7,680,000,000 kilowatt hours. Table II gives the combined index back to the beginning of 1925.
TABLE I. THE ANNALIST INDEX OF BUSINESS ACTIVITIES BY
COMPONENT GROUPS.
June.
May.
95.9
Pig iron production
95.5
Steel Ingot production
87.5
88.1
Freight car loadings
87.5
89.9
Electric power production
*92.1
94.2
Bituminous coal production
81.1
82.4
Automobile production
*963
94.9
Cotton consumption
76.7
76.7
Wool consumption
71.7
Boot and shoe production93.1
Zino production
7-9:6
75.7
PronhinpAinder
*RAO
RR 9
April,
953
92.8
92.4
96.7
89.0
101.2
90.8
82.0
102.2
76.9
OR fa
TABLE II. THE COMBINED INDEX SINCE JANUARY 1925.
January
February
March
April
May
June
July
August
September
October
November
Thwwnher
1930.
1929.
1928.
1927.
1926.
1925.
93.3
92.7
x89.6
x93.3
x88.2
*86.9
104.1
104.9
103.0
107.5
108.8
107.5
108.5
108.8
105.8
103.6
94.2
89.6
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
en 1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
o21
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
103.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
-
_---
•Subject to revision. x Revised.
352
FINANCIAL CIIRONICLE
Farm Wages Decline In Period From April 1 to July 1—
Large Percentage of Farm Labor Available.
A 2% decline in the index of the general level of farm
wages from April 1 to July 1 is reported by the Bureau
of Agricultural Economics of the U. S. Department of
Agriculture, which under date of July 14 says:
This decline, in sharp contrast to the usual seasonal farm wage advance of 6% for the period, brought the index to the lowest July level
recorded since it was first compiled in 1923. It is believed that this
reflects the decline in business activity. At 160% of the pre-war level
on the first of this month, the index was 13 points lower than a year
ago. All classes of wages, per month, and per day, with or without
board, were lower throughout the country than a year ago.
The supply of farm labor on July 1 was the largest reported by
farmers in any month covered by available records. Ap,arently unemployed industrial workers have turned to the country in search of a
livelihood, and the reports indicate a supply of farm labor 103.4% of
normal. Last year, a supply only 92.3% of normal was reported on
July 1.
On the other hand, owing to the low level of prices of agricultural
products, farmers are tending to do as much of their own work as possible. In consequence, demand for farm labor was reported at 81.4%
of normal on July 1 in comparison to 90.8% a year ago.
[VOL. 131.
"I believe we should prepare this Summer for the unemployment
situation which will undoubtedly confront us next Winter," he said.
"The sooner some program can be worked out to deal with the problem
the better it will be.
Early Consideration Favored
"I believe also that we should start this Summer to prepare a program to present to the legislature next Winter."
Governor Christianson's announcement was made upon his return
from the Governors' conference at Salt Lake City. He commented
the address of Gov. Franklin D. Roosevelt, of New York, on unemployment, and stated his belief to be that the consensus of opinion among
the governors at the conference was that shortening of the working
day is the most feasible solution of the problem offered :,c) far.
Public Pressure Anticipated
"If the employers do not solve the situation themselves," Governor
Christianson said, "either by shortening the work day or by
other method, political pressure undoubtedly will within a short some
time
force the adoption of unemployment pension laws.
"The governors seemed to feel that it would be better for the
employers to remedy the situation themselves than to force the Government to step in, since in either case they will bear the largest share
of the cost, by increased payrolls in the first case or by increased taxation in the second."
Improved Employment Conditions Reported in Newark, N.J.
The following is from the New York "Times" of July 17:
National Fertilizer Association Reports Continued Decline
After dropping every month of 1930 until June, employment figures
in Commodity Prices.
for seventy-two industrial plants in Newark appear to be remaining
A decline of six-tenths of one per cent is shown by the stationary, if not rising
slightly, Arthur K. Torrey, secretary of the
wholesale price index of the National Fertilizer Association Employers' Association of North Jersey, declared yesterday. Mr. Torrey
for the week ended July 12. The Association's advices interpreted this as indicating that the bottom of the slump had been
reached, and that business generally was about to improve.
add:
The association checks the number of employees of the 72 plants,
Seven groups declined and one advanced slightly. Of the 476 items, which include 25 varied industries. Totals for
the plants for the first
45 declined and 11 advanced. The larger declines occurred in cotton, six months were: January, 26,778;
February, 25,664; March, 24,275;
silk, foods other than fats, fertilizer materials, hides, rubber, wheat, April, 23,652; May, 22,895, and June,
22,400. Forty-one of the plants
feeds and livestock. Slight advances occurred in the prices of butter, have reported for the current month
a total increase of six employes
eggs, oranges and silver.
over last month.
Based on 1926-1928 as 100 on 476 quotations, the index stood at
86.2 for the week ended July 12; 86.8 for July 5; and 87.1 for June 28. Stability of Earnings
Most Significant Feature in
Trend of Wages, According to National Industrial
Wagner Measure Signed by President Hoover Will Provide
Conference Board—Only Slightly Affected by
Stock Market Disturbance.
Monthly Unemployment Statistics.
Monthly unemployment statistics are directed under a
The most significant feature in the trend of wages in the
bill (S. 3061) signed July 7 by the President, it was an- United States in recent years is the stability
of hourly and
nounced at the White House July 9. We quote from the weekly earnings, declares
the National Industrial ConferUnited States Daily, of July 10, from which the following enc Board, 247 Park
Avenue, New York, in a study just
is also taken:
completed and made public July 6, entitled, "Wages In the
The purpose of the bill, it is pointed out, is to provide statistics at
United States, 1914-1929." The study compares wages,
least once a month of the number of persons employed, the total wages
paid, and the total hours of employment in the principal industries of hours, and employment in 1914 and in the 10-year period
the country, with o view to aiding in solving the problem of unem- 1920-1929. The Board
says:
ployment.
"In general, at the beginning of this 10-year period, i.e., in 1920, wages
The measure is one of three relating to unemployment sponsored durhad advanced very sharply over the pm-war level; during the depression of
ing the session of Congress just closed by Senator Wagner (Dem.), of
1921-1922 they were considerably reduced, but not to the pre-war level.
New York. Action on the other two bills, one for advance planning
The subsequent business recovery resulted in a further rise in wages which
of public works to tide over periods of unemployment and the other was more
marked at the beginning than at the end of the period. The
to provide for a system of cooperation between State and Federal emlast six years have been characterized by comparative wage stability,
ployment agencies, was not completed by Congress.
although, on the whole, the tendency has been slightly upward."
The measure signed by the President provides that the Bureau of
The stability of wages was only slightly affected by the
Labor statistics shall collect and publish the unemployment statistics.
These are to relate to persons "in the service of the Federal Govern- business reaction
which followed the stock market disturbment, the States and political subdivisions thereof, and in the following
industries and their principal branches; (1) manufacturing; (2) min- ance of last October. Of the effect on earnings of labor of
ing, quarrying), and crude petroleum production; (3) building con- the unsettled conditions which prevailed during the latter
struction; (4) agriculture and lumbering; (5) transportation, communi- part of last year,
the Conference Board says:
cation, and other public utilities; (6) the retail and wholesale trades;
"Despite the unusual commotion in the business world which occurred
and such other industries as the Secretary of Labor may deem it in
last October, the year 1929 showed no marked change from the stable
the public interest to include."
Report of such statistics is to include not only a general report but wage conditions of preceding years. Hourly earnings in manufacturing
industries
at the close of the year stood at 68.2e. as compared with 67.6c.
also by States, "and by such smaller geographical subdivisions" as the
Secretary of Labor may prescribe. The bill authorizes the Secretary of in the preceding January. Weekly earnings withstood the business shock
less
successfully,
and in December averaged about 81.26 loss than at the
Labor to arrange with any Federal, State, or municipal bureau or other
high point in October 1929. They were still, however, above the annual
governmental agency for the collection of such statistics.
average for the previous year. In five industries—agricultural implement,
The enactment of the above bill was noted in our issue boot and shoe, and
Southern cotton manufacturing, and meat packing, and
news and magazine printing—the effect of the disturbed business situation
of July 12, page 212.
was not noticeable, for weekly earnings in these industries were higher in
December than in October. Furthermore, in six industries weekly earnings
were less than 76c, lower in December than in October. These industries
Canada Moves to Bar Unemployed from U. S.
were chemical, electrical, hosiery, machine and machine tool, paper
Under date of July 16 an Associated Press dispatch from products and rubber
manufacturing. On the whole, wage conditions were
Vancouver, B. C., said:
reasonably stable during 1929 not only in the field of manufacturing, but
Steps to prevent the surreptitious entrance of unemployed from the also in the other lines of economic activity covered by the Conference Board's
United States have been taken by Canadian authorities, Ian Mackenzie, Investigations."
newly appointed Minister of Immigration and Colonization, announced
Although developments taking place after the year 1929
here today. "In view of the steps that will be taken in the near future are beyond the
scope of the study, the Conference Board
to cope with unemployment in our Canadian cities," Mr. Mackenzie
said, "we wish to insure that the assistance rendered shall be to our notes in its conclusion that earnings of labor were slightly
people only."
less favorable during the first five months of 1930 than at
the end of the year 1929. Since October 1929 average hourly
Minnesota Seeks to Forestall Winter Idleness—Governor earnings have varied within a margin of only half a cent,
Christianson Plans Conference to Discuss State Labor but average weekly wages have continued to fluctuate durProblem—Shorter Working Day In Industry Favored. ing the early months of 1930, and in May were approximately
An effort to solve this Summer the unemployment prob- 8% below the figure for October. The decline in average
lem expected to face Minnesota next Winter will be made weekly earnings was primarily due to a reduction in the
through a series of conferences between Governor Theodore hours of work per week, the average number of hours
Christianson and representatives of labor and industry, actually worked per week being about four less in May 1930
Governor Christianson announced orally, July 14, accord- than in October last.
It is also noted that employment has declined steadily,
ing to St. Paul (Minn.) advices July 15, published in the
United States Daily from which the following is also quoted: except for a very slight temporary revival in February, until
JULY 19 1930.]
FINANCIAL CHRONICLE
in May 1960 it was over 10% lower than in October. Added
significance is attached to this decline, since employmen
t,
as a rule, is higher in May than in October. According to
the Board, the comparative stability of wages attending the
present business decline is in striking contrast with
the
situation following the business crisis of 1921: At
that
time, average hourly earnings in manufacturing
industry
fell off approximately 12c., and average weekly
earnings
were reduced by about $7.50. The decline In hourly
earnings resulted primarily from reductions in wage rates,
while
the reduction in weekly earnings was in
large part the
result of reduced hourly employment, the average
number
of hours actually worked per week in 1921 being
lower than
that for any other year during the 10-year period
1920-1929.
The Board reports further as follows:
In addition to the improvement in their earnings,
wage earners have
gained considerably more time for leisure as a result
of reductions in
recent years in weekly hours of work. According to
the Conference Board
study, the average number of hours actually worked
per wage earner in
manufacturing industries in 1929 was 48.6 per
week, as compared with
51.5 in -1914. The nominal or full time work week
in manufacturing industries in 1929 was 49.6 hours, a reduction of almost
five and one-half hours
since July 1914. In 1929 the smallest number of
hours of actual work per
week, namely, 44.2 hours, was recorded in the
boot and shoe industry,
while the highest number, 55 hours, was noted
in the iron and steel
Industry. In 1914 the smallest number of hours
per worker was found in
news and magazine printing, and the highest in
the chemical industry, the
hours per week being, respectively, 46.2 and 57.2.
As regards employment, it is stated that although
employment in several
industries has been consistently above, and in some
has at times surpassed,
that of June 1920, average employment in all
industries combined has
never again reached the June 1920 level. Since
that date, employment
was greatest in 1923 and 1929, when it averaged
about 10%% below
the June 1920 level. In this connection, it is pointed
out that June 1920
was a time of abnormal activity due to post-war
operations, and that,
consequently, a moderate diminution from the
high rate of activity maintained at that time should not be regarded as
indicating an unfavorable
situation.
Employment, the study reveals, varied
considerably from month to
month in different industries. In some industries
employment is highest
in the summer months, and in others in the
winter months, while in still
others employment does not move gradually
to a high or low point, but
fluctuates from month to month. Moreover,
in some industries, which
record a high and low level of activity each
year, the differences between
maximum and minimum employment may
be quite small, while in other
industries these differences are rather marked.
Indexes of employment
based on activities of all industries indicate that
as a rule employment is
greater during February through May than
during the other months of
the year. The difference, however, between greatest
and lowest activity
recorded was less than 5%.
As to the probable future course of wages, the Conferenc
e
Board says:
353
pany lists easy payment terms on orders ranging up to between $450 and
8500, on which customer adds $44, makes a first payment of $75 and then
pays $26 a month. On orders totaling more than $500 Ward offers special
terms.
These are same figures as were set forth in spring and summer catalogue
of company, which considerably increased number of items offered on easy
payments.
Fewer Workers Employed by New York State Factories
in June—Index Number at Lowest Point Ever
Recorded.
The number of workers employed by the factories of New
York State was nearly 2% less in June than in May, according to a statement released to-day (July 12) by Industrial
Commissioner Frances Perkins. The index number of
factory employment in New York State dropped to 86.7,
the lowest point ever recorded. The statement adds:
The total number of factory workers employed usually changes very
little from May to June. The years 1921 and 1924 are the only other years
when the decrease in employment from May to June has been as great as
It was this year. In 10 of the last 15 years the change amounted to less
than 1% and in 7 of these to less than one-half of 1%. Most firms are
neither taking on nor laying off workers in large numbers at this time of
year and decreases, where they do occur, are usually offset or nearly offset
by increases in other industries.
This year the net decrease in employment was a little greater than usual.
indicating another small increase in the number of workers who are either
unemployed or employed outside of the manufacturing industries. The
total number of workers employed by factories of the State has decreased
steadily since last October. The net decrease during this period was 14%.
This decrease is more than twice as great as the decrease from October to
June of any other years except 1920-1921 and 1923-1924.
These statements are based on reports from more than 1,800 factories
hich report regularly to the New York State Department of Labor. The
list ofreporting factories includes concerns in all lines of manufacturing and
located in all parts of the State. Many of them have reported each month
since June 1914 when the list was established.
Employment Falling in Most Industries.
The metal industries, the clothing industries and the textile industries
all laid off a large number of workers between the middle of May and the
middle of June. The decrease in the clothing industries amounted to 4%
and in both the textile and the metal industries to 3%. Manufacturers
of paper and paper goods, and printers reduced their forces by 2%. The
furs,leather and rubber goods group indicated a decrease of 1;i% and the
wood manufactures and chemicals each a decrease of one-half of 1%.
Only 3 of the 11 main industry groups reported increased employment.
These were foods, water,light and power,and stone, clay and glass. Most
of the increase in the food industries was due to seasonal activity in the
canneries, although the bakeries also employed more workers in June. All
other food industries, namely: beverages, confectionery and ice cream.
miscellaneous groceries, cereal products and meat and dairy products
reported decreased employment. Tobacco factories employed practically
the same forces as in May.
Big Decreases in Automobile and Steel Factories.
All of the metal industries reported fewer employces than in May. The
largest decreases in the metal group were reported by the automobile and
automobile parts industries and by the pig iron and rolling mill products
division. Most concerns making automobiles and automobile parts were
laying off workers, some of them making big cuts in their forces. Part of
the decrease which was general in the basic iron and steel industries was
probably associated with the falling off in demand from automobile
manufacturers.
The shipbuilding and repairing industries were employing 5% sewer
workers than in May. The other metal industries reported decreases in
employment ranging from one-half of 1% to 3%. In the silverware and
jewelry industry and in the heating apparatus industry the movement was
Montgomery Ward's Price Cuts.
generally downward. In the structural and architectural iron division
Supplementing what we gave in our issue of July 12, page and In the machinery and electrical apparatus industries there was more
irregularity but the net change in both cases was downward. Railroad
184, regarding the price reductions of Montgomery
Ward & repair shops and instrument and optical goods factories were laying off
Co. and Sears, Roebuck & Co., we quote the
following from workers. Some of the railroad equipment factories were busier in June.
The brass, copper and aluminum industries and the firearms, tools and
the "Wall Street Journal" of July 15:
cutlery division reported employment almost as great as last month. The
Prices in Montgomery Ward's 1930 fall and winter
gains
which occurred within these industries were in most cases not as large
catalogue show general reduction of about 10% on most staple
commodities, as compared with as the losses in the same firms last month and were balanced by continued
spring and summer catalogue prices. Some
reductions range as much as losses in other factories. Most of the concerns in the sheet metal and hard20% to 30%.
ware division were laying off workers but in this division a few firms
Catalogue states that company pays postage, but
reported good increases in employment in June.
no freight.
Tire section shows prices of four-ply Riversides
lower
summer catalogue though in some instances slightly than in spring and
Loss Activity in Clothing Shops.
higher than in midsummer flyer catalogue.
Operations were being very must curtailed in June in the clothing industries. Decreases within the group ranged from 1% in the women's underPrices for six-ply Riversides are higher than
in flyer catalogue. In wear industry
to 17% in the millinery division. While!most of the clothing
comparison with spring and summer catalogue
they are partly higher and industries regularly
reduce employment at this time of year, decreases
partly lower. Changes made in tire prices in either
small. Catalogue has 730 pages against 738 pages indirection are relatively were greater this year than in either 1928 or 1929. All industries in the clothcatalogue for fall and ing group except men's clothing
winter 1929-30. . . .
and laundries reported fewer workers than
in May.
ae
Catalogue has department devoted to aviation
ssasossst
equipment and late novelIn June the men's clothing factories begin work on fall goods. Frequently
ties in many lines of merchandise. It announces a
new guarantee policy the increases in employment in these plants
is great enough to offset losses
on tires whereby definite mileage guarantees are
replaced by an unlimited in the other clothing trades. A number of
the larger up-State factories
guarantee of satisfaction without limit as to time or
mileage.
were taking on workers this June but many of the smaller factories
remained
Fall and winter Ward catalogue offers Pines
automatic winterfront at practically idle and some laid off workers. The net gain for the men's
$9.95 for Ford. Chevrolet and Whippet sizes, and
$14.95 for all other sizes. clothing division was 7 i% compared with a gain of 17% in June 1929
and
Sears, Roebuck offered these winterfronts last year
at $12.45 for Ford sizes. 12% in June 1928. The laundries which reported gains of more
than 2%
$14.95 for Chevrolet and Whippet sizes, and $19.95 for
in June 1928 and in June 1929 recorded practically no change in employother
sizes.
These
prices were repeated in Sears'spring and summer
ment from May to June 1930.
catalogue for 1930.
Because of drastic price reduction by plumbing
goods manufacturers after
Reduced Activity in all Cities except Rochester.
Ward's new catalogue was on press, it contains an
insert quoting lower
plumbing prices in line with manufacturers' reductions.
The decline in employment in New York City was somewhat greater
than it was for the State as a whole. The clothing industries here laid off
The same paper in its July 12 issue reported the
following almost 8% of their May forces. The other main industry groups showed
from its Chicago bureau:
decreases of 2% or less with the single exception of water, light and power
where there was a small gain.
sosblis
Terms of Montgomery Ward's offer to sell on easy
stistsseA
s
payments until Sept.
Reduced activity in the metal industries was the principal factor in the
15 any articles except groceries show no change from
terms on which it decline of 7% in factory employment
previously offered on easy payments a more restricted
in Syracuse and of 4% in Buffalo.
list of articles.
In Rochester where the men's clothing factories were taking on workers,
On an order ranging from $25 to $30 in cash price the customer adds
$3 or employment increased 3%. In the other
up-State industrial centers emabout 10% for easy payments, pays $5 down and then $5 a month.
Corn- ployment decreased less than 1%.
"What the trend will be in the near future cannot be
predicted. It may
be safe to assume, however, that whatever wage changes
may occur will
be found more in weekly rather than in hourly
earnings, inasmuch as
past experience has taught that, when adverse
business conditions make
reduction in payrolls necessary, curtailments in hours and
various operating
economies are preferable to drastic reductions in wage
rates. The current
wage situation as disclosed by the Conference Board's
investigations does
not afford any ground for pessimism in regard to the
future economic status
of American wage earners."
FINANCIAL CHRONICLE
354
FACTORY EMPLOYMENT IN NEW YORK STATE.
Percentage Change
May to June 1930.
Industry.
Stone, clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, Aic
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, rtc
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, &c
Chemicals, oils, paints, &c
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens. carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy Products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total State.
N. F. City.
+0.6
--1.3
+3.9
--1.7
---0.3
+0.4
0.3
--1.1
--0.9
--1.1
--2.7
--0.9
+2.2
--2.8
--2.4
---0.6
--8.4
--1.7
-0.5
--0.6
--3.1
-0.8
--11.4
--4.9
--1.6
--0.4
1-4.0
--2.4
--1.4
--1.0
--1.5
--2.7
1-8.4
--1.3
--5.9
--2.2
--2.1
--0.5
--I.1
--1.9
--2.1
--1.7
--3.1
--0.4
--1.8
--2.8
--2.1
-8.2
--1.6
=-2T0
--1.0
1-1.9
1-7.0
--0.8
--I.3
--1.0
--3.2
--1.2
--2.2
1-6.8
--2.6
--10.8
--1.3
--1.7
--0.1
--9.9
--3.3
--1.7
---0.5
--2.2
+0.6
--1.9
--I.6
--I.9
--I.2
--0.7
--2.1
--1.3
--2.0
--2.6
--0.8
--4.0
1%7.6
--4.9
--13.4
--I.4
--16.9
---8.3
11-0.1
--7.7
1-7.8
--5.3
--I4.8
--2.6
--16.9
--10.1
+0.5
+3.7
--0.2
-0.4
-IF67.2
--0.8
--0.6
1-3.0
--2.3
--1.8
+0.2
4-1.7
--3.I
--0.8
1-3.3
--2.4
--I.7
--5.I
11-2.0
--1.8
--2.7
Agricultural and Business Conditions in Minneapolis
Federal Reserve District During June-Cities
Report Gains-Business in Rural Sections Below
Last Year-Estimated Value of Farm Products.
According to the preliminary summary of agricultural and
business conditions in the Minneapolis Federal Reserve
District, the June volume of business was smaller than the
volume in June last year in the rural portion of the district
and larger than a year ago in the cities. The summary,
issued July 14, by the Minneapolis Federal Reserve Bank,
adds:
The comparison with last year was not as unfavorable in June as in May.
Debits to individual accounts, electric power consumption and building
permits and contracts were larger in June than in the corresponding month
last year. Decreases, as compared with a year ago, occurred in country
check clearings,freight car loadings in the first three weeks of the month and
flour, linseed product and iron ore shipments. Employment conditions continued unsatisfactory for workmen in Minneapolis.
The estimate of farmers' cash income from important items was 20%
lower in June than in the corresponding month last year. Prices of potatoes
and flax were higher in June than a year ago, but prices of all other major
farm products in the district were lower than a year ago, and wheat and
rye reached new low levels for the post-war period.
Estimated Value of Important Farm Products Marketed in the Ninth Federal Rewire
District.
% June 1930
June 1929. of June 1929.
June 1930.
70
87,226,000
86,061,000
Bread wheat
52
4,915,000
2,552,000
Durum wheat
36
466,000
170,000
Rye
61
971,000
592,000
Flax
178
278,000
494,000
Potatoes
83
24,604,000
20,323,000
Dairy products
99
9,051,000
9,000,000
Bogs
Total of seven items
838,192,000 $47,511,000
80
Nash Wage Scale Holds-Company Does Not Contemplate Any Reduction in Salaries.
C. W. Nash, President of the Nash Motors Company, announced July 12 the company does not contemplate any salary cuts at present; the foregoing is taken from the New
York "Evening Post".
[Vol,. 131.
Review of Building Situation in Illinois During June
and Six Months-Seasonal Decrease Above Normal.
The appearance this June of the usual seasonal decrease
in estimated cost of building permits issued in Illinois during
the month indicates that the inactivity of building operations
so far this year is not likely to be offset in any substantial
degree by an unusual building program during the early
summer months, according to Howard B. Myers, Chief of
the Bureau of Statistics and Research of the Illinois Department of Labor, who under date of July 14, in his review of
the building situation in Illinois during June and the first
six months goes on to say:
The seasonal decrease this year, in fact, is larger than normal. During
the month of June, permits were issued in 45 Illinois cities for a total o
2,483 buildings, with an estimated cost of $10.676,951. This is a decline
in estimated valuation of 42.2% from the May total, and a decline of 54%
from the total for June a year ago.
The total expenditure authorized in Chicago during the month dropped
sharply from the May figure, the decrease amounting to 59.2%. Chicago,
in fact, is mainly responsible for the decrease in valuation from the May
figures, as the combined figure for the rest of the state was only slightly
less than in May. The decline in valuation in Chicago this June compared
to June last year was 64.1%, likewise a greater decline than that reported
by the rest of the State.
The combined figures for the 21 reporting suburban cities shown decrease
of only 13.5% in estimated valuation from May, but a 61.5% decrease
from last June. Eleven of these cities reported an increase in valuation
from the preceding month as was the case last month, but only two-Lake
Forest and Wheaton-indicated an increase over a year ago. The large
increase in activity in Cicero was due to the authorization of a stadium, in
Highland Park to a large residential program, in Lake Forest to a library
building and a bank building, in Oak Park to a school and an office building,
and in Wilmette to a school building.
The cities outside the metropolitan area reported an increase of 3.2%
over the estimated valuation of the preceding month, and the total reported
was almost as large as a year ago, being only 6.9% less. This confirms the
conclusion of previous months that these cities are, on the average, in a
considerably better relative position than either Chicago or the group of
suburban cities. Eight of these cities reported an increase in activity over
the preceding month and six-Canton, Decatur, East St. Louis, Peoria,
Quincy, and Springfield-reported an estimated valuation higher than that
of a year ago. The increases in valuation in East St. Louis and Quincy
were due to permits for the erection of school buildings, and the increase
in Springfield to the authorization of a $900,000 building for a public utility.
The unusually high level of operations at Peoria was caused by a large
residential program and a permit for a new railroad station.
Of the total estimated expenditure for all reporting cities, 25.8% was for
residential building, 60.7% for non-residential building and 13.5% for
additions, alterations, repairs and installations.
Residential building expenditure was 25.2% of the Chicago total, 30.8%
of the total for the suburban cities, and 24.3% of the total for the remaining
cities. The percentages of the total expenditure for non-residential buildings for these three main divisions were 61.5, 57.6 and 61.1, respectively,
while the percentages for additions, alterations, repairs and installations
were 13.3, 11.6, and 14.6, respectively.
Three hundred and fifty permits were issued in June in all reporting cities
for residential buildings, providing for 418 families at an estimated cost of
$2,758,025. One hundred and twenty-eight of these buildings were to be
erected In Chicago, providing for 167 families at an estimated cost of
$1,319,100; 50 were to be erected in suburban cities, providing for 52
families with an expenditure of $559,950; while 172 were to be erected in
cities outside the metropolitan area, providing for 199 families at a cost of
$878,975.
Eight hundred and forty-three permits were issued for the erection of
non-residential buildings in all the reporting cities, estimated to cost
$6,482,664. Of this amount 49.8% was to be spent In Chicago, 16.1%
in the suburbs and 34.1% in the non-suburban cities.
Of the total expenditure planned for additions, alterations, repairs and
installations, 48.5% was for Chicago buildings, 14.7% for buildings in
suburban cities, and 36.8% for buildings in cities outside the metropolitan
area.
During the first six months of 1930 building permits were issued for 13,237
buildings, estimated to cost $67,887,921. These figures are far below those
for the first half of last year-29.5% less in number of buildings and 59.5%
less in valuation, to be exact. The total permit valuation in the 45 identical
cities for the first six months of 1930 is almost $100,000,000 less than for
the first half of 1929.
All three of the main classifications of cities show a decrease from the
corresponding six months of last year, but there is a marked difference in
the relative amounts of diminution. This year Chicago reports a decrease
of 64.4% from the first half of 1929; the suburban cities report a decrease
of 64.1%. and the cities outside the metropolitan area a decrease of 24.6%.
It will be observed that Chicago and its suburbs have been much harder
hit by the slump in building than have the other reporting cities of the
State.
While no suburban city reports a larger permit valuation than for
the first half of 1929, five cities outside the metropolitan area-Granite
City, Moline, Peoria, Springfield, and Waukegan-report a larger valuation.
In the first half of 1930, 32.8% of the total estimated expenditure for
the 45 cities has been devoted to residential buildings. Permits have been
issued for 2,193 such buildings which were planned to provide for 3,163
families and were estimated to cost $22,289,954. Of this valuation, $12,666,600 was to be devoted to the erection of residential buildings in Chicago,
$4,230,924 in suburban cities, and $5,392,430 in the cities outside the
metropolitan area. '
During the 6 months 54.8% of the total estimated expenditure was for
non-residential buildings, 4,337 such buildings having been authorized, with
a cost of $37,157,266. In Chicago, non-residential permits issued authorized
an outlay of $25,873,150, in the suburban cities $3,891,345, and in the
remaining cities $7,392,771.
The sum of $8.440,701. or 12.4% of the total estimated cost, was to be
expended for additions, alterations, repairs and installations. Of this
figure, $4,306,167 was for Chicago buildings, $1,395,846 for buildings in
suburban cities, and $2,738,688 for buildings in cities outside the metropolitan area.
The distribution of the total building expenditure planned by the 45
cities during the past 6 months is as follows: Chicago 63.1%, suburbs
14%, other cities 22.9%. Chicago was to expend 56.8% of the residential
building total, the suburbs 19%, and the remaining cities 24.2%.
Of the total expenditure for non-residential building, 69.6% was to be
FINANCIAL CHRONICLE
JULY 19 1930.]
355
Conditions in Pacific Southwest as Viewed by Security-First National Bank of Los AngelesChanges Seasonal in Character.
In its July 1 summary of business conditions in the Pacific
Details for June and the six months are supplied as follows
Southwest, the Security-First National Bank of Los Angeles
by Mr. Myers:
says:
TABLE 1.-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
devoted to Chicago, 10.5% to the suburbs, and MO% to the other cities.
Fifty-one per cent of the total for additions, alterations,repairs and installations was to be spent in Chicago, 16.5% in the suburbs, and 32.5% in the
cities outside the metropolitan area.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN JUNE 1930,
BY CITIES.
May 1930,
June 1930.
Cities.
June 1929.
No. of Estimated No. of Estimated No. of Estimated
Cost.
Bldgs.
Cost.
Mtgs.
Cost.
Bldgs.
Total all cities
5
$
8
2,483 10,676,951 3,336 18,457,242 13,497 a23,194,068
Metropolitan area
1,492
7,057,090 1,992 14,949,740 2,118 19,306,035
Chicago
1,138
5,240,315 1,520 12,848.957 1,587 14,592,310
Metropolitan area, excluding Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
354
1,816,775
472
33
21
27
36
13
7
16
19
21
4
11
26
7
21
31
18
4
2
8
19
10
46,370
29,150
246,460
174,000
16,975
38,930
38,940
52,818
104,745
28,500
16,000
424.103
20,755
17,639
261,300
30,300
21,720
2,500
57,300
158,320
29,950
55
40
24
55
25
11
10
28
14
5
23
24
9
20
32
32
14
3
7
22
19
991
2,100,783
3;619,861 1,344
69,875
30,269
117,304
253,200
75,500
138,200
34,530
52,210
10,450
18,900
501,400
283,111
13,280
34,090
47,725
96,173
80.701
2,100
50,100
86,650
105,015
531
4,713,725
26
284,850
34
89,090
69
463,258
68 1,357,500
25
37,885
17
131,100
11
106,000
42
127,553
248.114
36
9
160,200
41,900
11
26
175,602
25.525
10
334,200
26
298,725
47
179,100
18
5
80,500
6,025
5
44,000
9
426,848
24
95,750
13
3,507,502 1,379
3,888,033
40
72,627
39,200
69
74,439
41
Alton
62
178,554
90,560
77
77
73,874
Aurora
s
3,600
9,000
9,825
Batavia
2
5
Bloomington
19
137,000
88,500
22
11
34,500
9
3,180
Canton
15
17.930
--11
Centralia
56,500
8,000
5
2
6,350
63,994
12
16,185
Danville
22
17
46,975
50
241,150
247,940
Decatur
64
326,800
79
42
146,371
314,580
East St. Louis
120
70
153,665
80
111,945
89,121
Elgin
74
87
130,767
14
19
131,475
71.275
30
85,255
Freeport
5
16,500
12
67,50C
Granite City
15
45,300
32
358,80C
268,450
69
46
232,425
Joliet
7
28,300
14
178,531
Kankakee
11
39,200
99
117,060
117
137,141
Moline
113
187,428
1
800
Murphysboro
5,00(
1
13
15,200
82,651
11
19.400
Ottawa
21
128
414,470
184
211,881
123
584,570
Peoria
22
235,610
36
58,70(
23
Quincy
106,729
102
275,675
121
351,911
Rockford
170
596,550
115
112.467
136
138,671
168
178,765
Rock Island
93 1,073,388
183
857,16
Springfield
134
322,455
22
89,800
53
291,451
Waukegan
59
234.300
the
figures or Kankakee, not reported heretofore.
a These revised totals include
Activity in most lines of industry and trade in Loa Angeles and in
Southern California generally, during June, changed only slightly as compared with May. Such changes as did occur were largely seasonal in
character, and are normally to be expected at this time of the year.
Business during the month, however, was distinctly below the exceptionally
high level established in June 1929. General commercial activity in Los
Angeles, as measured by check transactions, was 8.7% less during June 1930
than in June 1929. Small declines in check transactions during the four
weeks' period ending June 18 compared with the corresponding period last
year were also reported from Long Beach, Pasadena, San Diego, Santa
Barbaa, Fresno, and San Bernardino, and a small increase was reported
from Bakersfield.
Distribution and trade during June registered no important change compared with May, but were less than in June 1929. The dollar volume of
trade at both retail and wholesale in Los Angeles and most other Southern
California cities during June 1930 was smaller than during June 1929,
due to the lessened rate of general business activity and to the lower level
of commodity prices prevailing during this year to date. Sales of new
passenger automobiles in Southern California have been less consistently
during the first five months of 1930 compared with the corresponding
months of 1929.
The number of commercial concerns declared insolvent in Southern California during the five weeks ending June 28 1930 increased slightly as compared with the corresponding period in 1929, and decreased considerably
compared with the five weeks ending May 22 1930.
Official reports of June operations of manufacturing concerns indicate that
activity in leading lines of industry in the metropolitan area of Los Angeles
during June continued at approximately the same rate as in May, but was
at a lower level than during June 1929. A hopeful sign of improvement
in the local industrial situation is the fact that sales of electrical energy
for industrial use, a generally accepted measure of manufacturing activity,
increased during May (June figures being not yet available) for the second
consecutive month, following a moderate but steady decline for the preceding
seven months. Petroleum production declined during June 1930, both as
compared with May 1930 and with June 1929, as a result of the restriction
of output. Declines of 23.2 and 31.5% were recorded in the building
permit valuations in Los Angeles during June 1930 as compared with May
1930 and June 1929, respectively.
On the whole, it appears that nothing more than the usual summer quiet
can be expected during the next few months, and that prospects for any
unusual acceleration of business have yet to put in an appearance.
Agriculture in Southern Californa and in California generally was in
a satisfactory conditon during June. Crop reports for the State as a whole
indicate that the June 1 condition of peaches, grapes, pears, apples, cherries,
plums, prunes, figs, oranges, lemons, olives, almonds, oats, barley, hay,
pastures and ranges, and livestock was better than on June 1 1929. Harvesting of citrus fruits, melons, vegetables and some deciduous fruits was
actively under way during the month. Melon shipments from the Imperial
Valley have been larger this season to date than in the corresponding period
of any of the preceding six seasons with exception of 1928, when the
than during this season.
quantity shipped was slightly greater'
TABLE 2.-TOTAL NUMBER AND ESTIMATED COST OP BUILDINGS
- BASED ON PERMITSISSUED IN 45 ILLINOIS CITIES FROM JANUARY
THROUGH JUNE 1930, BY CITIES.
Jan.-June 1930.
Jan.-June 1929.
No. of
Estimated
Cost.
Total all cities
No. of
131dgs.
Estimated
Cost.
13,237 $67,887,921 al8,778 4167588,900
Metropolitan area
7,800
52,364,032 11,890 146,994,982
Chicago
5,764
42,845,917
Metropolitan area excluding Chicago
2,036
9,518,115
3,017
26,535,542
234
131
136
265
107
49
43
112
98
22
59
96
31
123
163
135
39
18
34
76
67
439,545
155,739
793,673
2,043,200
140,120
424,880
297,513
199.437
345,300
170,378
644,750
1,027,462
103,204
225,083
925,905
376,684
211,211
36,176
164,200
343,110
450,545
351
159
291
380
133
78
69
172
152
35
98
112
64
146
290
146
57
33
31
119
101
2,317,265
683,018
2,128,281
5,077,200
834,209
723,750
557,918
727,084
967,970
611,220
646,685
1,227,890
257,423
789,210
4,533,525
1,188,974
684,254
59,977
224,700
1,138,114
1,156,875
5,437
15,523,889
6,888
20,593,918
Berwyn
Blue Island
Cicero
Evanston
Forest Park _
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
8.873 120,459,440
Alton
245
640,096
257
Aurora
309
424,630
419
Batavia
21
30,425
15
Bloomington
60
271,200
86
Canton
56
69,773
23
Centralia
19
41,850
17
Danville
70
204,983
116
Decatur
267
832,495
458
East St. Louis
328
906,073
581
Elgin
332
390,945
414
Freeport
95
414,315
117
Granite City
45
268,300
47
Joliet
243
1,031,475
330
Kankakee
51
132,590
7
Moline
518
925,628
512
2
Murphysboro
2,800
Ottawa
55
9
97,400
Peoria
662
56
1,992,015
126
Quincy
15
482,039
571
Rockford
1,696,865
86
596
Rock Island
825,966
79
586
Springfield
608
2,569,101
180
Waukegan
1,272,925
346
a These revised totals include the figures for Kankakee. not reported
660,318
1,423,996
31,912
519,700
217,760
171,000
433,549
2,373.850
1,067,220
786,239
602,075
183,650
1,508,552
345,848
801.659
9,500
294.400
1,264,133
496,150
3,140,200
1,070,423
1,993,544
1,198,240
heretofore.
Chrysler Corp. Announces Two New Models.
The Chrysler Corp. announces two lines of straight eightcylinder cars, the Chrysler Eight and the Chrysler Imperial
Eight, the first eight-cylinder ears ever to bear the Chrysler
name. Both lines have the L-head type of straight eight
engine, four-speed transmission, downdraft carburetor,
automatically controlled radiator shutters, two-way hydraulic shock absorbers, and four-wheel internal expanding
hydraulic brakes.
The Chrysler Eight is offered in four body styles at list
prices of $1,495 for the roadster; $1,495 for the standard
coupe; $1,525 for the Royal sedan, and $1,665 for the convertible coupe. Three of these body styles are available with
special equipment, the roadster at $1,595; coupe $1,535 and
sedan $1,565.
Imperial Eight prices have not been definitely established
but will be in the $2,500 price field.
Estimated Consumption of Crude Rubber for First
6 Months Highest on Record, with the Exception
of 1929-June Imports Increased.
With the exception of 1929, consumption of crude rubber
for the first 6 months of 1930 was the highest on record,
according to statistics compiled by the Rubber Manufacturers
Association, Inc. The figure 216,182 long tons, although
19.3% below 1929 was 4.4% above the same period in 1928,
6.8% above 1927, 19.2% above 1926, 7.7% over 1925,
32.3% over 1924, 16% over 1923, 88.6% above 1922 and
266.9% above 1921. Consumption of crude rubber of all
classes by manufacturers in the United States in the mont
of June is estimated at 34,463 long tons, as compared wit
estimated consumption of 39,902 long tons in May, 43,22
long tons in June 1929 and 37,676 long tons in June 1928
While consumption for June was 20.3% below June a yea
ago and 8.5% below June 1928, it was 5.8% above th
average June consumption for the past eight years.
356
FINANCIAL CHRONICLE
Imports of crude rubber of all classes into the United
States during the month of June totaled 42,653 long tons
according to estimates issued by The Rubber Manufacturers
Association. This compares with imports of 40,745 long
tons in May, 44,490 long tons in June 1929 and 25,792 long
tons in June 1928.
The Association estimates total domestic stocks of crude
rubber on hand and in transit overland on June 30 at 151,485
long tons compared with 146,179 long tons as of May 31,
92,062 long tons as of June 30 1929. Crude rubber afloat
for United States ports on June 30 is estimated at 58,657
long tons as against 68,168 long tons on May 31 and 54,668
long tons a year ago.
Dutch Rubber Producers' Act on Rubber RestrictionVote Provisionally to Work with Government.
From The Hague, July 17 a wireless message to the New
York "Times" said:
At a meeting of representatives of some 120 companies and individual
rubbers producers to-day in Amsterdam it was resolved by a vote of 103
against 18 provisionally to take action in concert with the Netherlands
Indian Government for restriction of production to 75% of the output of
1929, the ratio to apply to all producers. Six days were allowed for consideration of the plan.
The decision was followed by a renewed fall of rubber quotations on the
Amsterdam Stock Exchange. This was attributed partly to the fact
that the dissenters are almost exclusively big producers and partly to the
consideration of the sluggishness of Government aid generally.
COMPARISON OF CURRENT AND PAST PRODUCTION AND
WEEKLY
OPERATING CAPACITY (347 IDENTICAL MILLS).
(All mills reporting production for 1929 and 193010 date.)
Actual production week ended July 5 1930
88,337,981 feet
Average weekly production 27 weeks ended July 5 1930
182,051,384 feet
Average weekly production during 1929
209,461,228
feet
Average weekly production last three years
216,619,135 feet
• Weekly operating capacity
299,994,313 feet
* Weekly operating capacity Is based on average hourly production for
the twelve
last months preceding mill check and the normal number operating
of
hours per week.
WEEKLY COMPARISON (IN FEET) FOR 222 IDENTICAL
MILLS-1930.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week EndedJuly 5.
June 28.
June 21.
June 14.
Production
75,625,282 143,164,302 145,065,495 149,316,562
Orders (100%)
100,753,606 122,326,501 134,535,692 145,773,607
Rail(39%)
39,141,983
48,680,589
54,113,411
54,320.926
Domestic cargo (32%)._ ... 32,451,153 39,543,640
44,743,030
50,127,748
Export (17%)
16,693,082
22,017,579
24,012.913
24,788,322
Local (12%)
12,467,38812,084,893
11,686,338
16,536,611
Shipments
126,508,586 159,634,220 144,903,730 164,646,384
Rail
37,791,205
58,980.246
55,657,527
53,022.662
Domestic cargo
51,792,476
58,382,307
47,166,081
56,419,602
Export
24,457,517
30,188,974
30,393,784
38,667,489
Local
12.467,388
12,084.693
11,686,338
16,536,811
Unfilled orders
428,773,604 455,969,485 498,300,052 515,328,413
Rail
121,225,032 120,220,915 131,743,805 134,599,518
Domestic cargo
152,448,312 171,864,259 192,724,144 199,733,688
Export
155,100,260 163,884,311 173,832,103 180,995,207
183 IDENTICAL MILLS.
(All mills whose reports of production, orders
and shipments are complete for 1929
and 1930 to date.)
Average 27
Average 27
Week Ended
Weeks Ended
Weeks Ended
July 51930.
July 5 1930.
July 6 1929.
Production (feet)
69,578,234
145,922,143
165,520,478
Orders (feet)
94,313,076
135,249,996
173,837,089
Shipments (feet)
115,477,661
142,005,116
172,550,987
DOMESTIC CARGO DISTRIBUTION WEEK
ENDED JUNE 28'30(108 mills).
The Rubber Exchange in reporting the receipt of a cablegram announcing the restriction action taken on July 17
says:
Co-operation of the Dutch East Indian Government, it was explained,
was in the interest of the whole of the Dutch East Indies,because the budget
depends to a considerable extent upon the contributions of growing companies, while the existing situation in the rubber growing industry was an
unfavorable influence on the revenue of the Indies.
[VoL. 131.
Orders on
Hand BeOrders
Yin'o Week Received.
June 28'30.
Washington & Oregon
(91 Mills)California
Atlantic Coast
Miscellaneous
Cancellotions.
Shipmeras.
Unfilled
Orders
1Veek Ended
June 28'30.
Fed.
Feet.
74,216,844 14,689.420
84,254,981 16,493,792
3.744,601
552,665
Fed.
Feet.
Feet.
507,308 24,323,975 64,074,981
21,117 24.104,857 76.622,779
None 1.004,968 3,292,298
Total Wash.dr Oregon 162,216,406 31,735,877
528,425 49,433,800 143,990,058
ZHU.Col.(15 Mills)California
Atlantic Coast
Miscellaneous
1,693,101 2,092,000
Ceylon Shipments of Crude Rubber During June.
None 1,026,000 2,759,101
12,722,987 2,385,260 1,917,000 3,379.667 9,811,580
2,173,000
None
Ceylon shipments of crude rubber during June totaled
None
70,000 2.103.000
Total Brit. Columbia. 16,589,088 4,477,260 1,917,000
4,848 tons, against 5,453 tons in the previous month, accord4,475,667 14,873,681
Total domestic cargo_ 178.805.494 36.213.137 2.445A25 53 9419
ing to cables to the Rubber Exchange of New York on
467 153 583 739
July 14. June shipments from Ceylon to the United States
were 3,245 tons, against 3,360 in the previous month, while Bombay Mills to Close-15,000
Workers in Cotton Industry
958 tons were shipped to the United Kingdom, against 1,534
to Be Laid Off.
tons in May. Shipments to other countries showed a slight
The following (Associated Press) from Bombay, India,
increase, totaling 645 tons in June compared with 559 tons July
14 is from the New York "Evening Post":
in May.
As a consequence of the
Stocks of Crude Rubber in Far East.
Dealers stocks of crude rubber in the Far East as of June 30
totaled 38,188 tons, as compared with 40,950 tons on hand
at the close of May, according to cables to the Rubber
Exchange of New York on July 9.
continued industrial depression in the
cotton trade, seven mills here will be dosed indefinitely
at the end
of July, depriving 15,000 persons of work.
Nationalist quarters show no softening in their hostile
attitude
toward the approaching London Indian conference.
Vallabhai Patel,
acting President of the All-India National Congress, says
there was
nothing in the Viceroy's speech before the Assembly last week
to
justify the slightest change in their feeling. "Those who
go to the
conference will be completely disillusioned," he said.
May Tire Output 25% Below Same Month Last YearCensus Report on Cotton Consumed in June.
Shipments Also Lower-Inventories Show Seasona
Under date of July 15 1930 the Census Bureau issued its
Increase.
report showing cotton consumed in the United States, cotton
According to statistics issued by the Rubber Manufac- on hand,
active cotton spindles, and imports and exports of
turers Association, Inc., production of pneumatic casings cotton for
the month of June 1930 and 1929. Cotton confor the first five months of 1930 exceeded shipments by less fumed amounted to
405,181 bales of lint and 58,501 bales
as
than 7%
compared with 12% for the same period a year of linters, compared
with 473,917 bales of lint and 68,779
ago; 11% in 1928;9% in 1927 and 20% in 1926. Production bales of linters in May
1930 and 569,414 bales of lint and
of pneumatic casings for the month of May is placed at 77,918 bales of linters in June 1929.
It will be seen that
6,098,527, an increase of 1% over April, but a decrease of there
is a decrease under June 1929 in the total lint and
25% under May a year ago and 9.7% below May, 1928.
linters combined of 183,650 bales, or 28.4%. The following
Shipments of pneumatic casings for the month of May
is the complete official statement:
amounted to 5,564,236 and represent an increase of 2.5%
JUNE REPORT OF COTTON CONSUMED. ON HAND,
IMPORTED
over April, but a decrease of 22.5% under May 1929 and
AND EXPORTED, AND ACTIVE COTTON
SPINDLES.
(cotton in running balm counting round as half
13.8% under May 1928. Shipments of pneumatic casings
bales, except foreign, which
Is in
500-pound bales.
for the first five months of 1930 were 23.7% under the same
period in 1929; 11.2% under 1928; 4.6% under 1927; but
Cotton Consumed
Cotton on Hand
During19.1% above 1926.
June 30Cotton
Inventories of pneumatic casings on hand May 31, 1930,
Ten
In Con- In Public Spindles
Year
Months suming
Storage
.Active
although showing a seasonal increase of 2.7% over April
Ended EstabILth- ct at CornDuring
June. June 30. tnents.
presses.
30 this year, were 20% below May 31 a year ago.
June.
(hake) (halm)
(bale.) (bales)
(Number)
{ 1930 405,181 5,735,097 1,357,394 3,104,989
27,642,158
1929 569,414 6,543,900 1,287,740 1
,376,704 30,631.800
Cotton-growing States
f 1930 320,043 4,454,795 934,237 2,728,134
1929 431,450 4,983,124 875,003 1,110.499 17,539,362
New England States
1930 72.100 1,078,319 360,062 115,733 17,992,256
9,013,540
1929 116,971 1,330,474 350,130
91,344 11,344.676
All other States
1930 13,038 201,983
63.095 261,122 1,089,256
1929 20,993 230,302
62.607 183,861 1.294,868
Included AboveEgyptian cotton
f 1930 13,278 194,322 101,334
63,867
1929 18,046 212,049
89,150
43,065
Other foreign cotton
1930 7,107
89,215
40,9071 26,215
1929 7,513
72,378
32.828j 19,381
Amer.-Egyptlan cotton_ 1930
761
11,441
5,342
3,687
1929 1,400
11,677
7.785
1,228
Not Included AboveLinteru
f 1930 58,501 745,814 231,942
91,671
1 1929 77.918 799.471 206&t5
71 994
(totted Staten
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 224 mills show that for the week ended July 5
1930, a total of 102,278,606 feet of lumber were ordered,
126,908,586 feet shipped and 76,349,422 feet produced. The
Association's statement follows:
wEFKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
224 mills report for week ended July 5 1930.
(All mills reporting production, orders and shipments.)
Production
76.349,422 feet (100%)
Orders
102,278,606 feet (33.06% over production)
Shipments
126,908,586 feet (66.22% over production)
JULY 19 1930.]
FINANCIAL CHRONICLE
Imports of Foreign Cotton (500-1b. Bales).
June.
Country of Produaton.
1930.
EgyPt
Peru
China
Mexico
British India
All other
Total
11 Mos. End. June 30.
1929.
1930.
I
1929.
968
257
1,817
1,507
4,957
45
16,421
1,604
569
69
7.344
106
215,059
19,427
43,669
38.912
55,210
1,670
282.011
15,366
34,354
52,009
49,825
2,870
9,551
26,113
373,947
436.435
Exports of Domestic Cotton Secluding Linters
(Running Bales-See Note for Linters).
comer, to Which Exported.
June.
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
Tow!.
15,800
8,179
14,966
50,695
43,622
36,901
14,890
11 Mos.End. June 30.
1929.
1930.
357
,"Moneys now being sent into other markets to buy short cotton,
which has no direct relation to staples, could be diverted to maintaining
out own products, and in addition, moneys attracted here from other
centers.
"Buying power behind such a market would come from the above
source as well as straddle purchases between Memphis and other futures
markets.
"Every factor, spot broker and merchant has various friendships which
they could utilize profitably themselves in creating business for such a
market; and by handling on an original margin basis, the only risks
are those contingent on careful handling. (Other markets have curtailed credit to 100 points and in my mind this is only a forerunner of
original margin.)
"It would attract more spot business to this territory and be of value
to every cotton man, bank, railroad and warehouse.
1929.
22,711 1,235,375 1,809,766
12,458 798,372
765.153
.57.998 639,537 687,247
35,376 1,638,071 1.753,229
84,762 782.781 1,009,940
49,158 1,004,392 1,277,566
36,673 415,847 503.180
Prague Seeks Cut in Cotton Output-16 2-3% Reduction in Czechoslovakian Spindles Operated Urged
to Aid Industry.
In order to alleviate conditions in the cotton industry,
negotiations are being carried on in Czechoslovakia with a
view to reduce the annual production from an average of
about 100,000 metric tons of yarn to a maximum of 85,000
metric tons, according to advices received by the Department of Commerce from Assistant Trade Commissioner Sam
E. Woods at Prague. This would mean a reduction in the
number of spindles in operation of approximately 16 2-3%
says the "Wall Street Journal" of July 10, which in a
Washington dispatch adds:
185,053 299.136 6.514,375 7.806.081
Note.-Linters exported, not included above. were 6,389 bales during June in
1930 and 9,811 bales in 1929; 110,612 bales for the 11 months ended June 30 1930
and 176,734 bales in 1929. The distribution for June 1930 follows: United Kingdom, 181; Netherlands, 128; France, 470; Spain, 175, Germany, 4,011; Italy, 290.
Canada, 1,134.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of
linters, grown in 1928, as compiled from various sources,is 25,611,000 bales,
counting American in running bales and foreign in bales of 478 pounds lint,
while the consumption of cotton (exclusive of linters in the United States)
for the year ended July 31 1929 was approximately 25,782,000 bales.
Receipts of cotton in Bombay from Sept. 1 to June 14 of this season
The total number of spinning cotton spindles, both active and idle, is
about 164,000,000.
amounted to 3,283,000 bales of 400 pounds, compared with 3,060,000
bales for the corresponding period of last season, according to advices
received by the Department from the East India Cotton Association.
Futures Market For Staple Cotton Aim of Memphis Cotton Exports of cotton from Bombay for the above period of
the current season
were 2.221,000 bales, against 2,403,000 last season. Consumption of cotton
Exchange.
by mills in Bombay up to June 14 of this year amounted to 698,000 bales,
A futures market dealing in staple cotton is the aim of compared with 454.000 bales on June 14, last year.
Stocks of cotton
the Memphis Cotton Exchange, according to the Memphis held in Bombay on June 14 totaled 1,258,000 bales, compared with 1.June
14
1929.
208,000
on
"Commercial Appeal" of July 10, from which we take the
Activity in the raw cotton market at Peiping, China, during may
following:
remained fairly active, according to reports received by the department
For the past four months a special committee has been investigating from brokers there. Local mills showed more interest in the domestic
the feasibility of establishing a futures trading ring on the floor of cotton than the Indian product. Cotton mills in Tientsin operated normally
the Memphis Cotton Exchange. The only other market trading in staple during May but spinning mills have accumulated heavy stocks, according
cotton futures is in Alexandria, Egypt, John E. Boggs, chairman of the to local manufacturers.
committee, said last night.
Prospects for the coming season in the Mexicali district of Mexico for
Other members of the committee are W. J. Britton, E. R. Cook, the 1930 cotton crop are not comparable to any other recent year, according
Jerome Fentress and A. C. Gautier, assisted by C. W. Butler, Eric to local growers. Acreage has been considerably reduced.
Up to the end of May, the Egyptian Government purchased about
Hirsch, B. G. Humphreys, F. L. Page and T. Caffey Robertson.
2,297,250 canters of this year's cotton crop (1 canter equals about 89
• • •
pounds), according to reports received by the department. Purchases
Favor Creation
made during June are likely to approximate 600,000 canters. The 1930
In order to secure first hand information as to the limits of the present Anglo-Egyptian Sudan cotton crop is estimated at 662,911 Canters, of
Cotton Futures Act, Mr. Cook and Mr. Fentress consulted with Depart- which amount 543,120 canters are of the Sakellarides variety, 51,309 are
ment of Agriculture officials at Washington. It will be necessary to Irrigated American and 68,482 are rain-grown American.
amend existing law in order to conduct trading in staple cotton futures
but officials at Washington and members of the local committee do not
anticipate any trouble along this line.
Cottonseed Oil Production During June.
"For the best interest of all concerned, it appears that the logical
On July 12 the Bureau of the Census issued the following
step is the passage of an amendment to the Cotton Futures Act designating five or more markets for the official quotations on grades and staples statement showing cottonseed received, crushed and on hand
deliverable." Arthur H. Bower, secretary of the exchange, stated in his
and cottonseed products manufactured, shipped out, on hand
report to members of the exchange.
"I believe this can be accomplished through the intermediary of our and exports during the month of June 1930 and 1929:
senators and representatives," Mr. Bower added.
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
"The establishing of a sound contract through the formation of a
staple cotton ring should enhance and stabilize staple values throughout
Received at Milts..
Crushed
On Hand as Mills
Aug. 1 to June 30. Aug. 1 to June 30. Aug. 1 to June 30.
the entire territory," Mr. Bower explained. "It would create an open
State.
liquid market and be of distinct benefit to the producer, handler and
1930.
1929.
1930,
1929.
1930.
1929.
consumer of staple cotton."
346,812 268,233 345,241 266,995
1,351
2,762
"With a sound contract, proper financial backing and trade facilities, Alabama
62,387 61,690 62,453 61,629
97
163
Arizona
every section producing staple cotton would be materially benefited."
430,715 401,470 423,981 397,565
7,816
4,138
Arkansas
The basis of the propsed contract, which is merely tentative, calls for: California
120,341 88.254 106,306 87.598
14,148
894
One and one-eighth inch middling basis.
486,113 403,686 484,893 403,223
1,817
937
Georgia
228,648 208,864 232,682 203.091
392
5,890
Nothing tenderable below one and one-sixteenth inches or one and three Louisiana
808,281 625,603 785,032 606,738
22,864
29,121
Mississippi
thirty•seconds in length.
266,602 306,850 266,080 305,605
447
973
North Carolina
Grades deliverable, also tentative, are:
351,907 387.272 354,241 381,455
1,521
3,544
Oklahoma
218,320 208,575 218.305 208,090
Carolina
608
650
South
Low middling extra white, strict low middling, strict low middling
7,190
338,277 316,233 331,442 311,912
7.911
Tennessee
extra white, middling and strict middling.
1,261,537 1.705,889 1,271,355 1,701,790
10,124
16,893
Texas
The matter is opened to discussion among exchange members and All other States
70,178 71,332
70.303 71,202
5
130
criticism adverse or constructive is invited, Mr. Boggs said.
lInftwe
EitAtEN
4.990.118
5.053.951
4.952.314
5.008.891
77,20.5 65.091
• • •
• Includes seed destroyed at mills but not 41,606 tons and 21,972 tons on hand
Will Vote on Plan.
Aug. 1, nor 101,492 tons and 107,982 tons reshipped for 1930 and 1929, respectivelyMembers of the exchange will vote on the proposed plan at a date to
be selected later. Illness of J. H. Barnwell, Jr., president of the ex- COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
IIAND.
change, who has been confined to the Methodist Hospital for the past
two weeks, has caused some delay in the matter.
Produced
Shipped Out
Report of Mr. Boggs to the president follows:
Season, On Hand
Aug. 1 to
Aug. Ito
On Hand
Item.
"Referring to work done the past three or four months by various
Aug. 1.
June 30.
June 30.
June 30.
members of this exchange towards the possibility of establishing a
1929-30
.19,181,886
*22,750,308
lbs.__
1.552,087,831
1,553,599,794
oil,
Crude
futures
ring
staple
in the Memphis market, I thought it might be well
1928-29 20,350,682 1,585,817,572 1,580,914,581
29,682,255
to summarize the needs of such a ring.
a393.306,235
Refined oll, lba. 1929-30 a338,619,933 51381 459,131
431,095,141
"The large growth of extra staples has diminished, a big bulk of
1928-29 335,993,223 1,430,604,134
84,127
76,667
2,196,706
2,204,166
Cake and meal, 1929-30
staples now being 1 1-8 inches to 1 3-32 inches.
142,737
32,648
1928-29
2,255,802
2,145,713
tons
"Owing to the above fact, it is economically sound and there is an Hulls,
41,884
63,917
1929-30
1,389,179
1,367,146
tons
87,486
29,291
1,294,552
1928-29
urgent need of such an open market.
1,352,747
158,682
70,854
936,892
1,024,720
"The baleage underlying such a contract would be 1,557,000 bales Linters, running 1929-30
99.559
1928-29
43,994
1,017,300
1,072,865
bales
tenderable grades over 1 1-16 inch length, government figures last season. Hull
2,902
1,848
74,981
76,035
fiber. 500- 1929-30
1.838
77,153
1928-29
2,775
76,216
(The only other staple exchange in the world, of which I am aware, is
lb. bales
the Alexandria, Egypt, Cotton Exchange, and Egyptian production last Grabbota,motes. 1929-30
16,009
38,854
8,453
46,410
lb:
500
Ac.,
10.092
year was 1,600,000 bales.
39,757
1928-29
1,903
47.946
bales
"With the uncertainties surrounding the working of the tariff and in•Includes 4,02 ,958 and 4,753,943 pounds held by refining and manufacturing
creased foreign production, without active support your staple premiums establishments and 4,186,570 and 8,534,970 pounds in transit to refiners and conmay not be maintained.
sumers Aug. 1 1929 and June 30 1930, respectively.
358
a Includes 5,506,926 and 7,853,997 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments
and 9,727,216 and 11,620,375 pounds in transit to manufacturers of lard substitute, oleomargarine, soap, Src.. Aug. 1 1929 and June 30 1930, respectively.
5 Produced from 1,516,637,438 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDED
MAY 31.
Item-1930.
1929.
Oil crude. Pounds
24,741,772
20,065,855
Refined. pounds
5,103,251
7,306,260
Cake and meal, tons of 2,000 pounds
158,991
281,486
Linters, running bales
104,123
166.923
Agricultural Department's Official Report on Grain
Crops by States.
The Crop Reporting Board of the United States Department of Agriculture made public on July 10 its forecasts
and estimates of the grain crops of the United States as of
July 1, limed on reports and data furnished by crop correspondents, field statisticians and co-operating State Boards
(or Departments) of Agriculture, which we published in
full in'the July 12 issue of the "Chronicle" on pages 189,
190 and 191. On July 11 the Board made public its detailed
report of the various crops by States, and we give below the
report for the principal grain crops:
Prelim. Acreage
1930 Est.
State.
10Year
Awe.
19191928.
Per
Cent
of
1929.
Total
1,000
Acres,
96
104
100
97
95
89
92
108
100
99
82
128
106
102
101
94
94
105
80
72
58
102
74
100
100
104
84
100
112
97
110
110
63
109
100
60
70
90
105
267
64
1,116
1,676
1,546
2,020
828
42
150
375
1,410
120
3,550
11,735
102
509
658
141
366
46
49
245
300
4
4
27
3,547
2,520
585
504
90
1,147
166
46
166
2
847
806
714
83
87
86
76
75
74
80
83
81
84
75
73
78
74
88
84
83
80
010.7
al1.2
010.3
77
77
010.6
014.9
011.3
012.7
012.3
69
85
85
76
62
90
87
94
80
87
82
79
93
90
89
83
72
80
91
87
87
71
78
80
69
88
88
79
86
011.7
012.0
010.0
82
70
010.0
017.0
012.0
010.5
015.0
77
88
82
62
77
88
76
85
76
81
72
95.9 38,490
*77.1
*75.9
1929.
Production
1,000 Bushels.
1930.
c!qq.?cl
United States_
Condition July 1
Per Cent.
NFM0..teWN.N0,
bOWChOM[....VMONWN,MC-NNNNOVO,
-.!...3.0
C.0000C.C.C.WWWWWWWt-WWWW.....+00,WWI-..VO0,
00t-COW
NICICS
e
t30 ,
3
Winter Wheat.
New York
New Jersey
PennsylvaniaOhio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North CarolinaSouth Carolina.Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington--- Oregon
California
Hare., Subject to 1930
Revision in Dec. Forec'st
from
Cond'n
Avge.
1924-28 1929. July 1.
5,431 4,448 4,672
1,215 1,178 1,344
20,375 20,016 20,423
27,219 33,696 25,978
25,199 27,659 24,736
32,078 33,369 32.926
17,138 16,740 15,980
1,357
936
945
3,024 3,150 2,925
7,552 7,468 7,500
19,906 17,200 19,035
1,361 1,316 1,896
52,456 53,864 65,675
135,180 137,712 146,688
1,885 1,919 1,836
9,838 9,468 10,180
9,373 8,960 9,870
1,828 1,782 1,974
5,211 5,347 4,575
723
768
589
1,101
850
588
2,773 2,832 3,430
4,635 3,645 3,090
70
40
48
76
68
68
350
312
351
50,566 44,478 33,696
20,944 37,800 27,720
9,489 7,308 5,265
10,253 11,440 12,096
777 1,066 1,350
13,289 11,994 14,338
1,826 4,734 1,328
1,015 1,134 1,196
2,940 3,403 3,818
100
104
40
24,306 27.830 19,058
16,150 19,712 16,926
11,830 12,240 13,566
73.8 550.636 577,784 557,719
a Yield per acre. * Allowance made for condition at harvest in Southern &steer
Prelim. Acreage
1930 Est.
State.
Durum Wheat.
Minnesota
North Dakota
South Dakota
Montana
Four States_
Per
Cent
of
1929.
Condition July 1
Per Cent.
Production
1,000 Bushels.
10Year
Avge.
19191928.
1929.
1930.
Hare., Subject to 1930
Revision in Dec. Force's:
from
Awe.
Cond'n
1924-28 1929. July 1.
199
3,012
1,131
29
a83
080
a75
a80
75
68
64
80
85
81
81
63
3,300 3,381 2,746
52,743 37,075 39,156
12,236 11,669 14,703
600
255
261
4,371
079.7
67.5
81.1 68,879 52,380 56,866
than D urum.
3
89
1
86
8
83
7
86
4
81
4
75
226
79
5
78
66
86
961 081
41
84
10
76
6,359 078
1,817 a74
188
82
46
58.4
3,470 083
535
87
136
89
322
84
42
80
102
90
13
91
1,586
74
211
81
90
76
78
82
82
82
79
85
88
74
85
70
69
66
82
58.7
79
87
84
69
83
84
88
74
87
Total
1,000
Acres,
90
78
94
100
82.2
Spring Wheat Other
Maine
80
100
Vermont
90
New York
100
Pennsylvania
100
Ohio
100
Indiana
125
Illinois
115
Michigan
100
Wisconsin
Minnesota
96
110
Iowa
100
Missouri
105
North Dakota
3out11 Dakota-- 100
97
Nebraska
115
Kansas
96
Montana
95
Idaho
90
Wyoming
91
':elorado
New Mexico_ --- 100
102
Utah
110
Nevada
Washington_- 130
130
)regon
United States_
[vol.. 131.
FINANCIAL CHRONICLE
103.3 16.163
c81.3
a Short time average. to Yield per acre
92
18
136
122
74
64
3,168
70
1,254
13,413
610
100
56,321
17,262
2,891
348
32,535
14,075
2,265
6.018
1,008
3,000
300
17,080
3.402
Per
Cent
of
1929.
State.
Total
1,000
Acres.
Condition July 1
Per Cent.
10Year
Avge.
19191928.
1929.
1930.
Hare., Subject to 1930
Revision in Dec. Force's
from
Avge.
Cond'n
1924-28 1929. July 1.
92
92
82
90
90
91
83
88
83
78
83
84
82
85
79
86
85
76
80
77
77
85
84
81
70
86
80
75
72
79
75
66
54
59
51
79
68
64
86
83
78
76
87
90
84
85
78
85
510
520
546
638
574
720
3,668 3,608 4,004
1,950 1,638 1,988
420
373
473
2,321 2,365 2.850
23,197 21,024 27,246
7,951 6,588 8,228
55,440 48,470 53,541
132,495 128,407 36,014
156,990 131,968 159,300
326,691 311,500 51,728
50,733 32,928 50,588
77,770 81,440 83,080
137,379 148,855 47,492
417,137 429,878 32,900
175,139 126,524 77,660
23,952 18,384 26,376
98,617 112,085 22,712
214,381 237,744 40,110
131,584 106,802 30,114
4,446 4,224 4,257
21,064 19,182 20,558
41,546 44,138 41,499
15,649 13,892 13,620
46,929 48,568 54,164
20,780 23,321 24,634
47,049 50,453 46,612
7,971 8,438 8,125
80,949 80,795 77,857
68,522 73,600 68,379
39.010 37,464 36,074
31,628 35,300 22,945
34,733 26,348 28,101
19,516 21,476 14,278
57,816 48,320 67,040
82,719 86,127 78,336
6,093 3,612 3,794
2,697 1,944 2,280
3,253 2,832 3,363
16,806 23,222 17,758
3,500 4,180 3,504
1,048 1,148 1,176
440
589
520
47
56
42
1,684 1,824 1,757
2,440 3,010 2,324
2,576 2,542 2,795
79.9 2690809 2614307 2802442
Corn.
Maine
New Hampshire_
Vermont
Massachusetts- Rhode IslandConnecticut_ _
New York
New Jersey
PennsylvaniaOhio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West VirginiaNorth Carolina_
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico_
Arizona
Utah
Nevada
WashingtonOregon
California
98
13
104
15
103
91
98
41
110
11
104
57
106
717
102
187
101
1,322
101
3,553
103
4,248
104
9,256
106
1,425
102
2.077
102
4,338
102
11,100
110
5,922
104
1,099
104
5,113
101
9,235
104
6,347
98
129
103
541
101
1,537
103
454
109
2,462
105
1,493
102
3,729
100
625
100
2,938
101
2,973
107
2,863
100
1,765
103
1,938
110 . 1,298
111
3,352
108
4,896
90
271
105
57
100
177
100
1,368
105
219
102
42
105
20
90
2
100
48
96
83
105
86
85
85
85
89
90
93
86
89
88
89
88
87
88
84
86
81
88
85
79
72
72
76
85
85
83
64
78
82
85
72
89
84
85
83
77
73
80
87
82
78
76
79
69
74
69
67
77
81
77
77
83
80
78
67
79
85
81
United States..
103.6 101,531
81.7
77.6
Prelim. Acreage
1930 Est.
State.
Per
Cent *Total
of
1,000
1929. Acres.
Oats.
108
Maine
96
New Hampshire_
105
Vermont
Massachusetts_ - 110
100
Rhode Island
Connecticut- _ - 110
110
New York
115
New Jersey
Pennsylvania_ _ 105
108
Ohio
101
Indiana
107
Illinois
110
Michigan
100
Wisconsin
Minnesota
103
101
Iowa
118
Missouri
North Dakota- _ 100
96
South Dakota-102
Nebraska
115
Kansas
108
Delaware
100
Maryland
122
Virginia
104
West Virglnia
North Carolina_ 109
105
South Carolina
Georgia
90
100
Florida
Kentucky
105
120
Tennessee
Alabama
84
Mississippi
55
102
Arkansas
Louisiana
85
108
Oklahoma
109
Texas
Montana
103
102
Idaho
110
Wyoming
97
Colorado
110
New Mexico__
Arizona
130
Utah
95
90
Nevada
Washington __ _ 110
Oregon
105
California
110
80
81
80
80
83
81
78
82
82
80
79
81
80
84
83
87
79
77
83
86
81
83
82
82
83
84
76
76
81
82
so
76
75
76
78
82
79
77
as
Condition July 1
Per Cent.
10Year
Avge.
19191928.
132
89
10
90
78
88
8
88
2
88
15
87
1,088
84
54
84
1,065
86
1,824
80
1,914
76
4,527
78
1,509
79
88
2,470
84
4,338
84
6,060
75
1,781
83
1,876
78
2,169
80
2,530
1,377 024.6
83
3
85
43
204
82
87
225
281 020.2
428 022.9
382 019.4
12 014.3
81
304
236
78
100 018.4
30 018.7
190 021.5
41 a22.2
855 a24.6
1,833 a27.2
79
571
154
88
160
90
206
86
47
80
20
92
55
92
2
93
84
210
319
87
84
160
Production
1,000 Bushels.
Production
1,000 Bushels.
Hare., Subject to 1930
Revision in Dec. Forec'st
from
Cond'n
1924-28 1929. Julg 1.
1929.
1930.
88,
92
90
81
80
84
78
78
76
73
76
77
72
88
80
82
80
69
74
87
023.6
80
84
85
83
024.0
027.0
a22.5
al4.0
81
76
019.5
a22.0
026.0
025.0
a26.0
028.0
85
89
84
72
86
85
88
86
87
85
77
93
4,956 4,880 5,280
431
400
96
400
3,080 2,738 2,964
91
285
93
288
266
68
85
60
60
434
420
87
465
34,738 24,626 39,168
89
1,571 1,410 1,674
84
37,308 29,913 35,678
86
74,784 49,826 54,720
70
65.870 54,008 49,764
66
88 145,686 141,738 131,283
54,991 40,886 51,306
83
91 105,653 85,215 103,740
88 159,332 153,738 156,168
90 221,785 215,892 230,280
41,718 33,770 44,525
80
81
58,510 33,768 45,024
71,671 84,382 69,408
86
86
68,797 86,304 82,225
029.0 35,405 28,249 39,933
114
68
84
75
1,701 1,333 1,247
69
64
4,367 3,841 3,876
55
5,087 5,818 4,725
023.6 5,280 6,192 6,632
024.5 8,553 11,016 10,488
a23.0 7,358 9,540 8,788
180
168
015.0
168
56
5,800 6,235 4,864
67
4,513 3,546 4,319
019.0 1,890 2,320 1,900
540
018.0 1,090 1,210
025.0 4,404 4,836 4,750
820
020.0
724 1,200
028.0 27,602 20,592 23,940
029.0 44,874 47,098 53,157
18,113 9,418 8,565
83
91
6,366 6,040 6,930
83
4,158 4,205 4,800
79
5,544 6,572 5,562
70
940
948 1,161
462
80
600
480
90
2,280 2,436 2,255
74
73
96
70
83
9,272 8,977 9,576
90
9,740 12,464 10,527
81
4,276 4,437 4,928
84
21
144
119
70
United States_
104.2 41,898 580.5 579.0 580.7 1371786 1233574 1329407
56
a Yield per acre. 5 Allowance made for condition at harvest in Southern States.
3,955
95
1,320
12,493
615
150
71,221 New York Cotton Exchange Reports Progress in
19.987
Development of Plans for Trading in Wool Futures.
2,820
529
The
New York Cotton Exchange yesterday (July 17) is29.495
14,445 sued the
following announcement regarding its plans for
1,904
5,023
trading
in
wool futures:
630
2.856
Several months ago the New York Cotton Exchange appointed a com338
20,618 mittee of seven members to investigate and report on the feasibility of
3,692 trading in wool futures on the Exchange, in addition to cotton futures.
The personnel of the conunittee is Messrs. John J. Pflieger, Chairman.
74.4
74.7 213.649 175.626 192,680 Marshall Geer,
Charles McGhee, Clayton E. Rich, J. Victor di Zerega.
c All spring wheat.
Frank J. Knell, and Irving T. Bartlett.
100
90
83
87
73
67
82
88
89
84
89
85
81
80
87
82
59
89
79
76
81
90
88
64
87
114
28
168
0125
116
102
2,659
94
1,230
21,042
544
149
68,948
18,187
2,844
139
47,865
15,327
2,555
5,106
537
2,550
325
18,617
4,328
Prelim. Acreage
1930 Est.
JULY 19 1930.]
FINANCIAL CHRONICLE
After a careful study of the production, marketing and consumption
of wool throughout the world, and a survey of the wool industry, the
committee reported favorably to the Board of Managers on the advisability
of providing facilities for trading in wool top futures.
For the past two months special committees from the New York Cotton
Exchange have been holding conferences in Boston and in New York with
representative leaders of the wool industry.
Considerable progress has been made, and a general plan of action has
been developed. The unit of trading will probably be 5,000 pounds of wool
tops conditioned at 15% as is now the custom. The standard will be of
Merino blood allowing the admittance of half blood within the frame of8%
appreciation and 5% depreciation. The trading will be conducted on the
trading floor of the New York Cotton Exchange,60 Beaver St., New York
City, but deliveries will be made in approved warehouses in Boston,
It is anticipated that
Mass, and possibly other convenient points.
trading on the part of the wool industry will be very extensive.
At the present time, the only hedging market available to the industry
is located in Antwerp. The New York Cotton Exchange proposes to provide
the wool industry with a market for trading in wool top futures that will
be as broad and effective as the market which has been provided for dealing
in cotton futures.
Much interest has been shown in this movement by representatives of the
wool industry, as well as members of the New York Cotton Exchange, and
by wool interests in Europe, Australia, South America, and Africa.
An item bearing on the report of the special committee
appeared in our issue of April 26, page 2878.
359
Kansas City has marketed 78.000 more cattle so far in 1930 than in the
1929 period, with total receipts so far this season 763,290 head of cattle
and 115,715 calves. Hog receipts for the year thus far have been 1,110,188
head or virtually the same as a year ago. Sheep receipts at 1,032.045
head show an increase of 146,000 head over a year ago.
Exchange Handles Big Majority.
Old-line commission men, or member firms of the Kansas City Live
Exchange,
handled
29,993 car loads of meat animals from Jan. 1
Stock
to June 1 this year. Co-operatives and other agencies not members of
the Exchange handled 2,718 cars. None of these totals includes the enormous numbers of anmials trucked into the Kansas City stock yards.
Translated into carloads the trucked-in receipts handled by the Exchange
member firms thus far this season amount to 5.235 cars of cattle and
calves, 5,250 of hogs, and 500 of sheep, a total of 10.985 carloads. No
figures are available for the trucked-in receipts handled by the co-operative
agencies, but these are believed to amount to about 440 carloads. These
co-operatives handled about 6.3% of the volume of inbound business in the
first five months of 1930.
Outbound business handled by the Exchange member firms in the
same period amounted to $55,000,000, making their total of all business—
inbound and outbound—at Kansas City about 97% of the entire transactions. In value this share of the Exchange member firms for the first
five months of 1930 amounts to 6180,000,000 compared with a total of
$356,258,000 for the full 12 months of 1929. Volume is larger than a
year ago, but decline in sheep prices cut down the total money value.
Practically all the sheep business is handled by the Exchange member
firms, so the slump in sheep and lamb prices is refelected in their business.
Only One Co-Operative Not With Farm Board.
Only one co-operative firm at Kansas City handles any appreciable
volume of livestock, and it deals largely in hogs. This agency has refused
Thomas L. Chadbourne, Chairman of the American Committee on to take any part in the Farm Board set-up thus far, and has decided to
go
on its own power wihout any affiliation with the Farm Board. This
Sugar Accord appointed by the Santa Clara Association of Cuba, last
firm has a trade practice agreement with the Live Stock Exchange of six
month issued a statement in which he said the Cubans would not consent
years standing.
to any restriction of their sugar crop unless the rest of the sugar-growing
The co-operative market agencies at Kansas City reached their peak
countries joined in the movement.
of
receipts in 1924 with 11.865 carloads of cattle, hogs and sheep received.
During the sessions of the Cuban and American committees last week it
In
1929 the total of their inbound receipts, exclusive of trucked-in, was
was reported that Cuba had offered a 20% crop restriction in return for a
7,179 carloads. During that year Exchange member firms handled
10% cut by Java, the greatest competitor that Cuba has in the world
carlots valued at $223,340,000. Kansas City is the largest stocker
markets outside the United States, and the restriction of United States 105,671
Territories to their present acreage. No official announcement was made and feeder cattle market in the world, but the co-operatives have never
handled
any appreciable portion of this trade outbound to the corn belt.
from either the Cuban or American committee as to the result of the conand none that is bought on order for Eastern and other independent packers.
ference.
Move for Sugar Restriction.
The following is from the New York "Times" of July 15:
Sugar Crop—Porto Rico Produced 866,109 Growers Agree on Peach Curtailment Plan—Final
Tons in Season Just Ended.
Settlement Makes Cost to Canners Approximately
$31 a Ton—Committee's Statement.
Under date of July 15 a message from San Juan, Porto
Rico to the New York "Times" said:
From its San Francisco bureau the "Wall Street Journal"
Porto Rico produced 866,109 short tons of sugar during the season just of July 14 reports the following:
Record
closed and the figure marks a new high record, according to a statement
Under the arrangement finally worked out, the cost of peaches to canners
issued by Commissioner of Agriculture Chardon to-day. Last December will approximate $31 a ton, including the $20 paid to growers, $6.50 for the
the crop estimate was for 743,147 tons, while the Easter estimate was for fund to purchase the surplus, and about $4.50 a ton for freight. The
836,890 tons.
California Canning Peach Growers originally asked for a price of $30 a ton
Acting on a request from Cuban producers to cut the crop 10% next for No. 1 clings.
year, island producers to-day decided that the dry weather so far would
The Cling Peach Control Committee explained its plan In the following
probably reduce the next crop that much.
statement:
"Canners and growers representing approximately 96% of the probable
pack of cling peaches in the State north of the Tehachapi have signed a
Area Sown to Spring Crops in Russian Soviet Reported curtailment agreement which will make it possible to reduce the pack
of cling peaches in the State to not more than 13,000.000 cases and thus
as 221,299,650 Acres.
prevent a catastrophe to the industry. Southern California canners are
Area sown to, spring crops in the Soviet Union reached a assisting in the plan. The crop this year is officially estimated at 485,000
acres
by
June
which would be sufficient to pack 18,000,000 to 20.000,000 cases—a
25,
tons,
cable
according to
total of 221,299,650
impossible to market.
reports from Moscow received by the American-Russian quantity
"Efforts are being made to secure the co-operation of the 4% which have
Chamber of Commerce, which under date of July 14 says not joined the plan, as it is felt that all canners and growers should parWhile the program for spring sowings up to that date was only 96.3% ticipate in this effort to stabilize one of the most important agricultural
completed, some sowings being still under way in the northern sections of products of California.
"Much of the date on which the final determination of price was based
the country, the total area sown exceeded that of the spring of 1929 by
7%. Taking into account the sowings in the fall of 1929 the total area was prepared by the Gianninl Foundation of the University of California,
Union
on
June
on records of canners' volume of business, sales prices, &c. While
Soviet
based
cultivation
in
the
25
under
was 318,654,700 acres,
the price of $20 is lower than growers and canners would like to see, it
19,688,370 acres in excess of 1929.
Of the spring sowings up to June 25, collective farms accounted for is the best that could be done under the circumstances.
"The plan has the particular merit of insuring, as far as it is possible
81,621,150 acres or 36.9% of the total, while sowings on State farms made
up 7,246,980 acres, or 3.3%, of the total area. The spring sowing cam- to do so, a market to every grower in the State for all of his No. 1 peaches.
paign was half completed on May 5, while by May 10 58% of the schedule The fund being contributed by canners and growers' organizations for the
sowings were finished; May 25, 74%; June 5. 79%; June 15, 90% and purpose of purchasing the surplus is $1,750,000 and Is a cost against the
June 25, 96.3%.
canner over and above the $20 basis of purchase. Thus all elements
Of the various crops sown this spring cotton showed the largest increase except the small percentage which have not so far joined the effort, are
in area over last year. The total sowings of cotton up to June 10 amounted doing their full share."
to 4,181,710 acres, an increase of 63.4% over 1929 and of 142% over 1913.
A previous item in the matter appeared in our issue of
July 12, page 192.
Poles and Germans Form Rye Sales Pool—Complete
New Agreement Covering Exports.
Reduction in Pineapple Prices Down by Hawaiian Co.
Associated Press advices from Warsaw, July 13, are
From San Francisco the "Wall Street Journal" of July 11
quoted as follows from the New York "Times":
reported the following:
A marketing agreement for the joint sale of Polish and German rye on
Hawaiian Pineapple Co., Ltd., announces 1930 opening prices, effective
foreign markets through a Polish-German syndicate was signed here to-day. July 8, reductions from 1929 ranging from 25 cents a case for fancy sliced
Owing to low prices, an agreement signed last Spring to regulate such 234s to 20 cents on standard sliced and 15 cents on broken slices.
deals proved ineffective, many exporters already having concluded conFollowing table shows prices for 1930 season in comparison with the
tracts for export sales. This year's agreement, signed before the harvest, prices for 1929:
provides that all rye sold abroad shall pass through the syndicate's hands.
1930. 1929.
1930. 1929. 2s—
230—
1.95
2.15
2.10
2.35 Standard sliced
Fancy sliced
1.85 2.00
2.10 2.35 Broken slices
Fancy
tidbits
Loss Confronts Cattle Raisers—Amount Likely to Top Fancy crushed
2.25
2.10
That Incurred by Sheepmen in Past 10 Months—
Prices on No. 1 tall pineapples are practically unchanged. No. 2 tails
Kansas Co-operative Marketing Agencies.
are reduced on average range of from 10 to 15 cents. No. 1 flats are
reduced 5 cents on average.
Cattlemen are facing probable losses larger than the
unprecedented decline in sheep and lamb price decline exCanadian Flour Prices Reduced.
perienced by sheep men in the past 10 months says Kansas
City advices published in the "Wall Street Journal" of July
Montreal advices published in the "Wall Street Journal"
11, which further report as follows:
of July 9 said:
Cattle are selling at approximately $4 a hundred pounds less than price
a year ago. Virtually all fed cattle now moving to market or being fed
for market cost around $3 a hundred pounds more at the time they were
put on feed from six to eight months ago.
Flour prices have been reduced another 20 cents a barrel by Canadian
mills, present prices being the lowest in many years. Spring wheat flour
is quoted as follows: First patent, $6.80; second patent, $6.20; bakers'
patent, $5.80 a barrel.
360
FINANCIAL CHRONICLE
[VOL. 131.
Petroleum and its Products-Optimistic Lookout continued optimistic. The ending of the price war on the
Expressed by Reeser-Crude Oil Stocks Drop- Pacific Coast by Standard of California in restoring former
Texas Operators Plan Reductipn-Oklahoma Votes prices levels at its stations was responsible for a better
Temporary Shutdown of Wells up to Output undertone in the East. Standard of California
announced
Allowance-West Kentucky Operators Meet to that in the future any dealer who cuts prices
below the level
Form Curtailment Plans.
set by them will not be sold and gasoline reports of a
Favorable developments again characterized the week in stronger Mid-Continent market brought on by the heat wave
the petroleum markets. An optimistic outlook for the oil also were encouraging. Continued reports of refiners reindustry as expressed by E. B. Reeser, President of the ducing their stocks reflected the belief that the oil industry
Bamsdall Corp. and the American Petroleum Institute, a is really making an effort to keep the supply of storage gasosharp reduction in crude oil stocks in California during June, line at a reasonable level.
and further curtailment of production in various fields were
Although no definite action has been taken yet it is known
among the week's leading developments.
that one of the larger companies is considering a radical
"The crude oil situation continues to improve every day change in the marketing system
on the Western coast. Under
and the present rate of curtailment in output indicates a the new plan dealers will not purchase
the gasoline outright
substantial withdrawal of crude oil from storage," Reeser but will handle it on
consignment with a commission of 4
declared. "Refiners have apparently come to their senses, cents on a gallon regardless
of the price it is sold at. Contracts
but they have not done as much as they should. Heavy will be signed binding the dealer
to sell at a price authorized
withdrawals from refined stocks may be expected for the by the oil company.
This move will protect the dealers
remainder of the season. The distributing division of the from price cutting wars in
the future.
industry throughout the entire country continues to sell
Showing a decrease of 1,242,000 barrels last week, the
gasoline to consumers at prices that are not remunerative. total of
gasoline stored at refineries was 47,792,000 barrels.
Ultimately the consumer must pay a fair price and with the The severe
drop followed a reduction of 666,000 barrels in
correction of the crude supply, coupled with proper refinery the
previous week bringing the present total of stored
operations, a reasonable advance to the consumer may be gasoline
to the lowest point since Jan. 25, when storage
expected."
amounted to 47,298,000 barrels. However, there was a
Some confirmation of Mr. Reeser's remarks developed in climb of 1%
in the operating rate at refineries, which brought
the American Petroleum Institute's survey of operations in runs to stills
up
California during June. Total stocks of crude petroleum 32,700 barrels. to 2,511,000 barrels daily, an increase of
and products during the month showed a decline of 3,389,282
On the tankwagons, prices remained the same as in the
barrels as compared with a drop of 538,775 barrels in the
previous
week, with a steady undertone maintaining the
preceding month and an increase of 5,475,590 barrels during
market. Apparently the last of the "bootleg"gasoline offered
June, last year. At the close of last month, total storage of
last week has been absorbed as there was no offering of this
all oils amounted to 74,342,252 barrels as against 187,731,534
barrels on May 31 and 165,270,399 barrels on June 30 1929. grade reported.
The tankcar market developed weakness in the latter part
Crude oil production during June totalled 18,020,795
of
the week after a good inquiry over the week-end and
barrels, or a daily average of 600,693 barrels. In May the
production was 19,044,444 barrels, or 614,337 barrels daily, through the early part of the week. Offering of U. S. Motor
and in June last year 24,624,627 barrels, or 820,821 barrels at 8 cents a gallon, in tankcars, at the refinery, was redaily. In June, last year, over GO% of the aggregate pro- ported by one distributor. This is 2 cents under the price
duction resulted from Santa Fe Springs, Long Beach, level maintained by the majority of the distributors who are
Huntington Beach and Ventura Avenue fields. Fifty-two keeping the price around 10 cents. Many jobbers are waitwells with an initial daily flow of 42,522 barrels were ing in anticipation of further price cuts before stocking up
completed in June as against 64 in May, producing 34,954 on gasoline. Smaller distributors are mostly protected by
standing contracts. The demand for bulk gasoline has been
barrels.
Operators in the Texas field have recommended a reduction very dull lately.
Kerosene and other minor refined products remained weak,
of 126,000 barrels in the average daily crude oil production.
Their report showed the average daily production in Texas with no spot demand the kerosene market has been very slow.
to be 863,450 barrels, with maximum demand 76,550 barrels Inquiries from both large and small consumers give promise
less than this amount. The report recommended that the of reviving the domestic oil market although no sharp turn
production be cut to demand level but the general meeting is expected until after Labor Day.
adopted a resolution adopting an additonal 50,000 barrels
Gasoline, U. S. Motor. Tank Car Lots. F.O.B. Refinery.
cut in production.
N.Y.(Bayo'n)$.09(4.10
N.Y.-Sinclair Ref. .09
California
.08%
Stand. Oil, N.J__ .09
Oklahoma operators have voted to shut down all w:lls
Beacon 011
.09
Los Angeles. export_ .07)
Stand. 011, N. Y_ .098
Carson Pet
08
Gulf Coast.export
.0814
Tide Water Oil Co. .09
that are up to their prorated output allowance or have
Crew Levick
.09
North Louisiana- .07%
Richfield 011 Co__ .10
West Texas
06% North Texas
produced over their allotted amounts. The shutdown will
06%
Warner-QuinFnCo
Chicago
063i Oklahoma
08
Pan-Am.Pet. Co_ .09% New Orleans
.07% Pennsylvania
last until operators of underproduced wells have reached
.093i
Shell Eastern Pet_ .10
Arkansas
.06%
their allowable output and pipe line companies have cleared
Gasoline, Service Station. Tax Included.
out oil storage on the leases. This is expected to affect the New York
$ 183 1 Cincinnati
$.19
Minneapolis
$.182
daily average production of the field for the next two weeks. Atlanta
.21
Denver
16
New Orleans
.195
Baltimore
.22
Detroit
.188 Philadelphia
Operators in the West Kentucky oil fields plan to meet Boston_
.21
.20
Houston
18
San Francisco
.251
Buffalo
15
Jacksonville
.24
Monday to formulate a prorating production agreement. Chicago
Spokane
.195
.15
Kansas City
179 St. Louis
.16
Standard Oil of Ohio, who is the principal purchaser of oil
Kerosene. 41.43 Water White, Tank Car Lots,
F.O.B. Refinery.
in that field, notified the operators that production must N.Y.(Baymme)S.
07@.071‘ Chicago
LOS% New Orleans
$.07%
be/curtailed or prices would be cut. The prorating plan North Texas
055 !Los Angeles. export_ .05h Tulsa
.06%
conference was called after this notice was received.
Fuel Oil, 18-22 Degrees, F.O.B. Refinery or
Terminal.
L No crude oil price cuts were posted this week;
New York (Bayonne) $1.15 Lo Angeles
8.85'Gulf Coast
Diesel
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
Corning. Ohio
Cabell. W. Va
Illinois
Western Kentucky
MIdeontinent, Okla., 37
Corsicana, Texas, heavy
Hutchinson, Texas. 35
t.uung, Texas
Sindietop, Texas, grade A
filpindletop. Texas, below 25
Winkler. Texas
$2.10
1.75
1.35
1.45
1.53
1.23
.80
.87
1.00
1.20
1.05
.65
Smackover, Ark., 24 and over
Smackover, Ark.. below 2
Eldorado, Ark., 34
Urania. La
Salt Creek, Wyo., 37
Sunburst. Mont
Artesia, N. Mex
Santa Fe Springs, Calif., 33
Midway-Sunset, Calif., 22
Huntington, Callf., 26
Ventura, Calif., 30
Petrolla, Canada
8.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
2.00 New Orleans
.95 Chicago
Gas 011. 32-34 Degrees, F.O.B. Refinery or
Terminal.
N.Y.(Bayonne)_.i.053(!Chicago
$.03 I Tulsa
$.75
.65
5.03
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
REFINED PRODUCTS-STEADY DEMAND HOLDS MARKET ended July 12 1930, report that the crude runs
to stills for
FIRM-PRICE WAR ON COAST OVER-PLAN MARKETING the week show that these companies
operated to 71.2% of
SYSTEM CHANGE ON WESTERN COAST-STOCKS DROP their total capacity. Figures
published last week show that
LOWER-KEROSENE CONTINUES WEAK-OTHER MINOR companies
aggregating 3,528,400 barrels, or 95.7% of the
REFINED PRODUCTS DULL.
3,686,400 barrel estimated daily potential refining capacity
With steady demand for gasoline and several other factors of all plants operating in the United States during that week,
ofLa bullish nature being apparent, sentiment in local circles but which operated to only 70.2% of the total capacity,
JULY
19 1930.]
FINANCIAL CHRONICLE
361
contributed to that report. The report for the week ended Mexican
July 12 1930 follows:
CRUDE RUNS TO STILLS--OABOLLNE AND GAS AND FUEL OIL STOCKS
WEEK ENDED JULY 12 1930.
(Figures hz Barrels of 42 Gallons)
Marla.
Per Cent
Potential
Capacity
ReportWI.
100.00
Eass Coast
Appalachian
91.8
Ind., Illinois, Kentucky 99.6
Okla.. Kans.. Missouri_ 89.9
Texas
90.4
Loulalana-Arkansas___ _ 96.8
Rocky Mountain
93.6
California
99.3
Total week July 12Daily average..
Total week July 5-Daily average
Total July 13 1929.x
Daily average
95.7
95.7
91.0
Texas Gulf Coast y
100.0
r.nniabina Gulf Coast v_ 100.0
Star.
Per Cent
Oper.
of Total
Capacity
Report.
3,325,000
580.000
2,222,000
1,950,000
3,814,000
1,233,000
437,000
4,016,000
78.0
70.5
83.3
67.0
76.5
67.2
44.8
64.4
7,743,000
1,589,000
7,825,000
4,189,000
8,982,000
2,191.000
2,623,000
14,650,000
9,381,000
924,000
4,287,000
4,785,000
10,462,000
1,834.000
1,199,000
106,253,000
17.577.000
2,511,000
17,348,000
2,478,300
18,011,000
2,573,000
71.2
47.792,000
139,085,000
70.2
49,034,000
139.138.000
2,783,000
822.000
75.5
79.8
Crude
Runt
to
84.7
Gas
and
Gasoline
Stocks.
Posei
041
moots.
z38,164,000 z135,353,000
5,860,000
1 812 nnn
7.463,000
1 ni 1 nnn
a The United States total figures for last year are not comparable w th this year's
totals because of the difference in the percentage capacity reporting y Included
above in the totals of their respective districts for week ended July 12 1930. z Final
revised 1929.
Note.-All crude runs to stills and stocks figures follow exactly the present Bureau
Of Mines definitions. In California, stocks of heavy crude and all grades of fuel
oil are included under the heading "Gas and Fuel Oil Stocks." Crude oil runs to
stills include both foreign and domestic crude.
Crude Oil Output in United States Again Declines.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States for
the week ended July 12 1930 wa.s 2,530,800 barrels as compared with 2,581,500 barrels for the preceding week, a
decrease of 50,700 barrels. Compared with the output for
the week ended July 13 1929 of 2,891,750 barrels per day,
the current figure represents a decrease of 360,950 barrels
daily. The daily average production east of California was
1,917,700 barrels for the week ended July 12 1930, as
compared with 1,978,000 barrels for the preceding week, a
decrease of 60,300 barrels. The following are estimates of
daily average gross production by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
July 12 '30. July 5 '30. June 28'30. July 13
Weeks Ended'29.
Oklahoma
616,000
655,900
50
720.900
Kansas
128,050
131,650
134,200
121,300
Panhandle Texas
102,650
105,150
108,000
89,800
North Texas
75,600
81,450
81,800
83,350
West Central Texas
55,850
59,450
61,000
54,500
Wart Texas
297,750
301,350
307,350
392,300
East Central Texas
39,450
39,300
40,100
17,750
Southwest Texas
72,250
71,200
78,100
77.500
North Louisiana
39,550
40,050
40.200
35,700
Arkansas
55,600
55,350
57,300
69,150
Coastal Texas
181,100
181,800
187,000
131,850
Coastal Loulsiana
28,700
24,150
25,900
19,300
Eastern (not incl. Michigan)__.
128,000
127,000
126,000
99,900
Michigan
10,100
9,950
10,100
21,000
Wyoming
40,950
53,750
48,800
53,700
Montana
9,400
9,050
9,450
11,600
Colorado
4,350
4,550
4,850
6,800
New Mexico
32,350
26,900
26,550
2,750
California
613,100
603,500
597,300
882,600
Total
2.530.800 2.581,500 2,810,950 2,891.750
The estimated daily average gross production for the
Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west
central, west,
east central and southwest Texas, north Louisiana and
Arkansas, for the
week ended July 12 was 1,482.750 barrels, as compared with
1.540,851) barrels for the preceding week, a decrease of 58,100 barrels.
The Mid-Continent production,excluding Smackover(Arkansas) heavy oil,
was 1,444.950
barrels, as compared with 1.503,300 barrels, a decrease of
58.350
barrels.
The production figures of certain pools in the various
districts for the
current week, compared with the previous week, in
barrels of 42 gallons.
follow:
-Week EndedEndedOklahomaJuly 12 July 5
East Central Texas- -Week
July 12 July 5
Bowlegs
21,400 20,950 Van Zandt County
24,150
23,800
Bristow-Slick
15,300 15,600
Southwest TexasBurbank
16,150 16,350 Darst Creek
25,750 25,000
Carr City
4,050 7,000 Luling
9.850 9,800
Earisboro
29,150 25,700 Salt Fiat
21,150 23,500
East Earlaboro
26,850 30,050
North LouisianaSouth Earlsboro
13,900 19,550 Sarepta-Carterylile
3,250 3,350
Konawa
19,900 26,900 Zwolle
2,950 2,900
Little River
33,800 32,250
Arkansas-East Little River
12,000 16,600 Smackover,light
5.150 5,200
Maud
4,450 4,400 Smackover, heavy
37,800 37,550
Mission
9,600 11.300
Coastal TexasOklahoma City
83,500 105,650 Barbers Hill
19,500 18,900
St. Louis
30,000 28,700 Raccoon Bend
12,150 12,050
10,650 11,250 Refugio County
Searight
33,150 34,200
Seminole
23,500 21,100 Sugariand
12,100 12.000
East Seminole
3,100 3,300
Coastal LouisianaKansasBast Hackberry
2,400 3,000
Sedgwiok County
17,550 18,650 Old Hackberry
1,100
1,100
Voehell
17,150 18,950
WyomingPanhandle TexasSalt Creek
23,750 33,300
Gray County
71,350 72,100
MontanaIlutchinson County.... 20,900 22,800 Kevin-Sunburst
5,950 5,800
North TexasNew Mexico16,250 18,950 Balance of Lea and
Archer County
Eddy
Wilharger County
23,350 24,700
Counties
28,650 23.300
West Central TexasCalifornia18,950 22,100 Elwood-Goleta
Young County
45,000 42,000
West TexasHuntington Beach
28,000 27,500
Crane & Upton Counties. 40.800 38,000 Inglewood
17,500 17,200
21,100
Ector County
19,050 Kettleman Hills
14,500 14,500
29,200 29,000 Long Beach
Howard County
98,000 95,000
19,000 17,500 Midway-Sunset
Reagan County
63,500
63,500
68,900 70,000 Santa Fe Springs
Winkler County
112,600 115,000
104,750 114,000 Beal Beach
Yates
22,000 21,500
Balance Peva! County.. 3,000 4,000 Ventura Avenue
49,800 48,000
Orange Market-Government Seeking to
Build Up Export Trade.
From the "Wall Street Journal" of July 12 we take the
following Mexico City advices:
Intensive efforts are being made by Mexican Government to expand
market for native oranges in Canada and to compete with California and
Florida products in the Dominion. Commercial Bureau of Ministry of
Industry, Commerce and Labor has sent experts to orange growing regions
to organize campaign to ship fruit to Canada. In addition Mexican consuls
in Dominion have been instructed to gather data as to that country's citrus
fruit needs. Government is also seeking to build up export trade in
orange juice and is encouraging growers to install modern machinery for
producing this by-product.
Standard Oil Company of California Restores Gasoline
Prices to Levels Prevailing Before Price War-Action
Ends Price Slashing-Price Had Been Cut to Zero at
Seattle.
The restoration of prices for gasoline to levels in force
before the beginning of the so-called price war, was announced by the Standard Oil Company of California effective July 12. Reference to the fact that gasoline retailed
on the Pacific Coast as low as 5 cents a gallon, including the 3 cent State tax, was made in these columns a
week ago, page 195. Under date of July 11 an Associated
Press dispatch from Seattle, Wash., stated:
Gasoline prices at one service station here dropped to nothing today
when five gallons were given with every oil change.
Others were charging 5 cents, 3 cents of which represented the
State tax. The general price was from 834 to 934 cents.
Noting, in its issue of July 14, the action July 12 of the
Standard Oil Company of California, the New York "Journal of Commerce" said:
The Shell, Richfield and Union Oil companies have also restored
the former price level, which stood at 19 cents a gallon, tank wagon
side.
This action brought to an end a conflict among the retailers which
resulted in extremely low prices with profit eliminated and the prospect
of severe losses in some cases. No approximate level of prices prevailed, the quotations depending on the severity of local competition.
It was reported that several major oil companies are preparing to
inaugurate a new marketing system to protect service stations against
competition forcing the sale of gasoline at no profit.
Under this
plan dealers would not purchase gasoline from the refining conconsignment,
receive
would
it on
panies, but
marketing it at a priee
to be authorized by the oil companies and obtaining in return a consmission of 4 cents a gallon regardless of the retail price charged.
Dealers are being canvassed on the proposition and it is likely one
of the large companies will be able to put the plan into effect by the
first of next week. Contracts will be signed, binding the dealers to
sell at the price authorized by the major oil companies and eliminating
price-cutting practices, said the report.
Heretofore dealers have received gasoline at a specified tank wagon
price, less a specified discount. The differential between the tank
wagon price and the discounted price allowed for the dealer's niargia
of profit, known as the 4 cent differential established by the majors.
Operators in the South Oklahoma City oil field have voted to shut
down all wells which are up to their pro-rated allowance or have
produced over their allotted amounts. The shut down will last boas
enough to permit pipe line companies to clear oil storage on the leases
and allow operators of underproduced wells to make up their allowable output. This is expected to reduce daily average production of
the field for the next two weeks.
The following is the announcement by the Standard Oil
Company:
Effective Saturday morning, July 12, at the opening of business,
the Standard Oil Company of California will restore its prices for
gasoline to levels prevailing prior to the beginning of the so-called
price war. The events of the past month, the Company believes,
have demonstrated to the oil industry that indiscriminate price cutting
benefits neither the supplier nor the dealer, and that it must now be
reaized that orderly marketing conditions and stabilized prices need
the co-operation of all of those engaged in the oil business. It is the
hope of the Company that this step will not only bring order out of
existing chaos but will also result in stabilization, with consequent
benefit to the oil industry and to the general welfare and prosperity
of the Pacific Coast.
Only the prompt termination of the price war which has been
raging on the Pacific Coast can save the oil industry and many
thousand persons engaged in the sale of petroleum prodults from
catastrophe. The prosperity of the industry, and those associated with
it, is a matter of great consequence to the welfare of all business.
If the oil industry which, with its huge investments and hundreds of
thousands of stockholders and employees, is one of the greatest
economic units of the Pacific Coast, fails to prosper, the effect on
other businesses, already depressed in many respects, would be disastrous.
So far as crude oil is concerned producers have done their share.
Throughout California they have co-operated to confine the production
of crude oil to the demand and to conserve for future requirements
this invaluable resource, the waste of which is indefensible. This is
only the first step.
It loses its effectiveness if manufacturers and
marketers of the refined product of petroleum do not similarly refrain
from over-production through the withdrawal of crude oil already in
storage.
Laws enacted nearly forty years ago to meet different conditions
have been interpreted to prohibit agreements to curtail the production
of refined products as well as agreements to regulate the Price
structures under which they are sold. Nevertheless much can be
accomplished if those engaged in the industry will use their individual
efforts to stabilize marketing conditions for gasoline and if they will
practice fair dealing in competition. Without a production of gasoline
restricted to the demand, and without stabilized marketing conditions
FINANCIAL CHRONICLE
362
for the product, the curtailed production of crude petroleum will be
only an idle gesture and the conservation of oil so earnestly supported
by the federal administration will be doomed to failure.
Among the causes destructive of stabilized marketing conditions
is the dealer whose only aim, regardless of the reasonableness of
prevailing prices, is to take the business of his neighbor by selling
below the latter's price. In a stabilized market the suppliers aim
to fix a price by agreement with their dealers which will afford the
latter a reasonable margin of profit be it three cents or four cents a
gallon, or whatever the figure. It is estimated that there are some
40,000 dealers on the Pacific Coast. Of these, over 39,000 are content
to "live and let live." They take their margin and resell the gasoline
supplied to them at prices fair to the public, and which yield the
supplier and the dealer a fair profit. There are perhaps 1,000 dealers
on the Pacific Coast whose policy is otherwise. They cut the price
not because they believe it unfair or too high, but because they are
determined to get another man's business regardless of the fairness
of his price. The Standard Oil Company of California announces as
a policy that it will not sell its products to that cass of dealer. It
does not want his business. It matters not whether he is practicing
his unfair competition with respect to the products of this company
or of its competitors. So far as this company is concerned it will
regard the dealer who cuts prices without respect to their reasonableness and to take the trade and livelihood of his neighbor as an outlaw
in the business.
Finally, in order to do its share toward maintaining a balance between supply and demand, this company will confine its manufacture
of gasoline to the quantity required by its actual demand.
California Oil Output Above Pegged Figure—Actual Production Put at 608,000 Barrels Daily, Against 596,000
Agreed Upon.
The following from Los Angeles appeared in the "Wan
Street Journal" of July 15:
Following a meeting of the fact-finding committee working on curtailment of Califorina oil production, W. E. Dunlap, chairman, stated
that actual production was 608,000 barrels daily, against the pegged
production figure of the operators' general committee of 596,000 barrels.
The excess results from approximately 12,000 barrels daily of production in the fields in group No. 1, taking in Los Angeles basin,
which it has been impossible to bring under curtailment. The committee is still making efforts to bring the entire state under curtailment and hold the production at 596,000 barrels daily. The potential
of the state showed an increase to 1,132,000 barrels daily, due to new
wells brought in in the Long Beach field and a lesser number in the
Maricopa and Round Mountain fields.
The Playa del Rey situation has not been satisfactorily adjusted.
Production of that field is around 8,300 barrels daily, against an allowable of 6,000 barrels daily. Approximately 65% of the operators
have signed the curtailment agreement, and it is expected the oil
purchasing companies will set a price for the crude as soon as this
field is brought under complete curtailment.
To Reduce Oil Output Further in Oklahoma.
The New York "Times" in Associated Press advices from
Tulsa, Okla., July 15, said:
Oil operators of Oklahoma at a meeting here today voted unanimously to cut Oklahoma's crude oil production 100,000 barrels more
daily to 550,000 barrels daily until Aug. 31. Ray M. Collins, umpire, was instructed to make the order effective immediately, pending ratification by the State's Corporation Commission.
Curtailment of Oklahoma's flush oil pools, already curtailed from
662-3 to 18 2-3% of their potential output, necessitates that an additional proration of 25% be placed upon the proration percentages.
In a report submitted to the operators today the State's potential
output for July is estimated at 1,400,523 barrels daily, and for
August, 1,351,861.
Another meeting will be called in August to
survey the situation and arrange the State's production limitation for
September.
Oklahoma
City
Oil
Producers Agree to
Reduction.
16,500-Barrel
From Oklahoma City, July 12 the "Times" announced
the following Associated Press dispatch:
In line with an agreement by operators, production in the Oklahoma City oil field, one of the most prolific in the nation, was curtailed drastically today for an indefinite period.
Only under-produced wells and producers being drilled deeper are
to continue activities under the agreement.
When the wells are put back on production, probably in about two
weeks, the allowable runs will be not less than 8 1-3%, nor more than
20%. Operators said the lower figure probably will be adopted, permitting the wells to flow one day out of each twelve-day period.
The pipe line companies in the field agreed to handle a daily average
of 85,000 barrels, a decrease of 16,500 barrels daily.
Secretary of Interior Wilbur Goes to California to Lay Co.
operative Oil Plan Before Kettleman Hills.
It was reported that Secretary Wilbur was en route to
California on July 11, vested with Congressional authority
to enter unit-operation agreements for the development of
the Kettleman Hills oil field—an operation plan which, he
hopes, will be adopted generally by producers, with a resultant "stupendous conservation of a great national resource." Associated Press accounts from Washington to
the New York "Times" from which we quote also said:
Legislation enacted in the closing days of Congress, at the request
of the Secretary, permit him, together with permittees or lessees of
Government lands, to enter co-operative development agreements, as
opposed to individual operations, to eliminate wasteful competitive
development.
[VOL. 131.
Secretary Wilbur expressed confidence that the plan can now be
consummated, with an ultimate saving in the Kettleman Hills field
of $1,000,000,000. The government holdings are about 30% of that
field.
The success of the Kettleman Hills unit-operation plan, the Secretary said, will set an example to the oil producers throughout the
country and demonstrate to them the greater returns and savings
to be effected. If adopted generally, he said, the system might result
in doubling the value of the nation's oil fields.
Under the unit-operation plan all interested parties to the agreement benefit mutually from the wells drilled. Oil is brought up only
when there is a market for it. Without the co-operative plan, Mr.
Wilbur explained, the operators each try to get their wells down first.
"The man who gets his well down first and who sucks the hardest," he said, "is the man who wins."
Adjacent lands in the pool are thus drained by the well in operation.
The competitive system, the Secretary said, brings about production
regardless of demands an dwith attendant great waste of oil and gas.
As an example, he said the gas from the first well drilled in the
Kettleman Hills field has been piped to San Francisco and is supplying virtually all of the northern half of the State of California. If a
thousand such wells were developed in a year, which might happen
under competitive drilling, "it is obvious that no present use could
be found for the gas and it would be wasted."
Oil on Daily Marketing Schedule in New Mexico.
Roswell, N. M., Associated Press advices July 15 stated:
The Hobbs pool of Lea County, N. M., will go on a daily marketing schedule of 35,000 barrels of oil tomorrow under the pro-rating
agreement reached by twenty-four operators of the Hobbs area. The
agreement has the approval of A. D. Criteiof, State Land Commissioner of New Mexico, and Glen Staley, State Geologist.
The pro-rating agreement will give the Hobbs area a monthly production of 1,500,000 barrels. The field has a potential production,
based upon active wells of twenty-four companies, of 4,710,000 barrels.
Copper Price Cut to 11 Cents—Export Price Copper
Reduced.
Two cuts made this week in the price of copper for domestic
shipment brought the price down to 11 cents a pound. On
July 17 the New York "Times" said:
Sales of copper by custom smelters at 11K, cents a pound were reported
to have been made yesterday, representing a reduction of a quarter of a
cent, although largo producers continued to ask 113 cents a pound for
the metal. The price quoted by the custom smelters equals the low level
established about a month ago and lathe lowest price since 1921. The export price of 11.80 cents a pound, c. 1. f. Hamburg, Havre and London.
remained unchanged yesterday.
From the "Evening Post" of last night (July 18) we take
the following:
Copper for domestic shipment was reported to have been sold to-day
by a large producer at 11 cents a pound, the lowest price for the metal in
nine years.
Custom smelters yesterday were offering copper for domestic shipment
at 11I4 cents, with producers at the same time holding out for 11;i cents,
domestic, and 11.80 cents. foreign.
On the 11-cent basis, copper has fallen 7 cents from the 18-cent level at
which it was pegged for about a year..
Press advices from London yesterday (July 18) said:
Copper Exporters, Inc., has reduced the price of copper to 11.55 cents
a pound from 11.80 cents c. 1. L. Hamburg, London and Havre.
Copper Off 34, Cent in Quiet Trading—Zinc and Tin Prices
Higher—Lead Demand Improves.
1 4 cent, copper was
Declining to 111
/
4 cents, a drop of /
once again in the spotlight in trading during the past
week in the non-ferrous metal markets, Metal and Mineral
Markets reports. In contrast, lead, zinc, and tin all registered a net improvement, as shown by slightly higher
prices for tin and zinc and a better sentiment with regard
to lead. No improvement in the consumptive demand for
metals and minerals is yet evident, although some speculative buying has been attracted by current low prices.
The report continues as follows:
Total copper bookings in the domestic market were below last
week's levels, but sales considerably exceeded production or consumption. They were almost entirely for forward shipment, extending
to the end of the year, and probably largely speculative. Purchasers
were attracted by low prices and appear to be gambling against the
possible improvement in demand for their products.
Although the lead market cannot yet be called active, improvement
was apparent in the volume of business transacted during the past
week and producers view the future with much confidence. Prices
held unchanged at 5.25 cents, New York, and 5.15 cents, St. Louis.
A fair demand for zinc existed throughout the week at prices ranging from 4.10 cents to 4.20 cents, but the largest volume of business
went through at the highest price, at which level the market seems
to have settled.
After a quiet market during the week at prices
around 295/i cents for prompt Straits tin, London yesterday was again
stronger, and the New York market went above 30 cents. The price
was firm but buying was not especially active.
British Producers Planning Complete Halt in Tin Mining—
Passing of Tavoy Dividend Reveals Scheme to Extend
Curtailment Agreement.
A copyright message (wireless) to the New York "Evening Post" from London July 17 stated:
Considerable interest was aroused today in financial circles by the
passing of the dividend of the Tavoy Tin Company, the largest pro.
363
FINANCIAL CHRONICLE
JULY 19 1930.]
Portland Cement Output and Shipments Continue to
Increase-Inventories Lower.
The Portland cement industry in June 1930, produced
17,237,000 barrels, shipped 18,780,000 barrels from the mills,
and had in stock at the end of the month 29,348,000 barrels,
according to the United States Bureau of Mines, Department
of Commerce. The production of Portland cement in June
1930, showed an increase of 2.6% and shipments a decrease
of 0.9%, as compared with June 1929. Portland cement
stocks at the mills were 6.7% higher than a year ago. The
total production for the first half of 1930 amounts to 75,892,000 barrels, compared with 75,076,000 barrels in the
the first
Brussels Zinc Conference Ends-Germans and Americans same period of 1929, and the total shipments for
with
compared
barrels,
0
70,137,00
to
Blamed for Failure.
half of 1930 amount
Under date of July 17 a cablegram from Brussels to the 70,248,000 barrels in the same period of 1929.
In the following statement of relation of production to
New York "Times" said:
is compared
The zinc conference broke up here today and its failure was capacity the total output of finished cement
attributed mainly to the attitude of the German delegates, but the with the estimated capacity of 166 plants at the end of
Americans also are blamed for refusing to enter a cartel.
and of 163 plants at the end of June 1929. In
Other countries wanted an international agreement to reduce pro- June 1930,
which began
duction 25% in an effort to raise prices which at present are de- addition to the capacity of the new plants
1930, the
30
June
ended
scribed as ruinously low.
months
12
the
during
operating
Germany, however, held out for a high tariff on zinc importations
s and
extension
to
due
capacity
estimates include increased
to protect the Silesian zinc production, where considerable American
improvements at old plants during the period.
capital is known to be invested.
ducer in the British Empire.
omission, declared the
Directors of the company, in announcing the
that reserves of concentrate
present price of tin renders it imperative
it becomes profitable to
remain in the ground until such a time as
extract them.
working alone, is not in a
It was disclosed that the corporation,
period, but
position to suspend operation completely for any extended
with other Burmese coma co-operative arrangement is being sought
such a
until
production
of
cessation
panies looking toward a complete
time as a more equable price can be obtained.
Negotiations toward that end are now proceeding and the annual
meeting of Tavoy has been postponed until August 26. Meanwhile,
a
curtailment of production under the tin producers' agreement for
two-month curb is being adhered to.
RELATION OF PRODUCTION TO CAPACITY.
Domestic Production of Lead in June Lower-Shipments Decline-Inventories Increase.
Domestic production of refined lead aggregated 50,721
short tons in June against 52,818 tons in May and 58,380
tons in June 1929, according to the American Bureau of
Metal Statistics. Domestic lead stocks at the end of June
amounted to 55,501 tons as against 49,638 tons at the end of
May and 42,015 tons at the end of April. Lead shipments
in June came to 50,127 tons as compared with 51,871
tons in May and 64,100 tons in April.
The following table gives, in short tons, lead statistics
as compiled by the American Bureau of Metal Statistics,
covering production, stocks and domestic shipments of lead:
The month
The 12 months ended_.
June1929. June 1930. May 1930.I AprU 1930. Mar. 1930.
51.5%
64.0%
78.9%
81.4%
80.9%
68.1%
66.0%
66.2%
66.4%
89.0%
PORTLAND
PRODUCTION, SHIPMENTS. AND STOCKS OF FINISHED
S
CEMENT, BY DISTRICTS IN JUNE1929 AND 1930.(IN THOUSAND
OF BARRELS).
Stocks at End
of Month.
Shipments.
Production.
District.
1929.
1930.
1929.
1930.
1930.
1929.
6,493
Eastern Pa.,N.J.& Md
1,737
New York
3,908
Va
Ohio. Western Pa.& W.
2,813
Michigan
4,591
Wis., Ill.. Ind.& Ky
2,001
Va., Tenn., Ala., Ga.. Fla. & La3,203
East. Mo.,Ia.. Minn.& S. Dar-June.
March.
May.
Feb.
April.
Produdion&
Okla
Hans.,
West. Mo.. Neb.,
1,404 1,492 1,725
1,126
1,322
1,089
Arkatulas
688
510
50,721
706
56,552
54,125
579
55,547
52,818
558
554
:From domestic ore
666
506
298
4,965 Texas
6,226
8,600
8,520
336
6,352
300
325
Second and foreign
Colo.. Mont..Utah, Wyo & Ida1,079
995
950
1,113
953
1,110
644
588
418
55,686 California Washington
65,152
60,351
331
64,067
386
59,170
289
Total production
and
47,756
43,077
49,638 Oregon
42,469
42,015
Stock at beginning of month.
29.348
27.505
18.780
18.949
16.803 17.237
•rntaI
108.107 108,229 106,536 101,185 105,324
Total supply
55,501 PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
42,469
42,015
43,077
49,638
Stock at end of month
THOUS. OF BARRELS).
CEMENT BY MONTHS,IN 1929 AND 1930(IN
65,760
49,823
64,521
51,547
65,030
Shipments by difference
50 127
64,100
51.871
65,051
64,249
Shipments reported
Stocks at End of
Shipments.
Production.
x includes a small proportion of secondary that t Is impracticable to separate
Month.
Month.
statistically.
1930.
1929.
1930.
1929.
1930.
1929.
following table gives, in short tons, domestic lead
The
shipments classified industrially by the American Bureau
for the last five months:
March.
Cable
Ammunition
Tin foil
Batteries
Brass-making
Sundries
Jobbers
Y Unclassified
19,916
6,066
1,233
6,430
132
3,410
695
27,169
April.
May.
June.
18,675
6,143
1,614
6,078
174
4,069
421
26,926
16,224
4,640
1,791
4,390
174
3,375
405
20,872
15,609
2,971
2,192
5,407
138
2,733
266
20,811
1st 6 Mos.
107.422
29,454
10,111
32,334
1,097
20,524
2,816
155,594
155 352
64,100
50.127
51.871
65,051
Total
Y Of the shipments reported as unclassified abou one-third goes into white lead
and about 30% Into red lead and litharge, as averages, but it s Impossible to make
a monthly segregation of the shipments according to these destinations. Other
Important manufactures are sheet and pipe, which amount to about 6,000 tons per
month and solder babitt metal.
World's Production of Copper Declined in June.
According to figures compiled by the American Bureau of
Metal Statistics, and contained in the "Wall Street Journal"
of July 16, the world output of copper in June totaled
145,556 short tons as compared with 148,788 tons in May.
The daily average in June was 4,852tonscompared with 4,800
tons in May,an average of 4,888 tons for the first six months
and a daily average for all of 1929 of 5,853 tons. The output
for the first six months was 884,814 tons, a monthly average
of 147,469 tons,compared with a monthly average of 178,034
tons for the full year 1929.
The following table gives in short tons the world output
based upon smelter reports without segregation as to country
of origin of the ore. Under "Elsewhere" is included the
bureau's estimate of unreported tonnage.
Jolted States
dexico
Danada
Mlle and Peru
rapan
kustralla
3ermany
)tiler Europe 1
Elsewhere 5
World total
Partly estimated.
'March.
Feb.
78,514
74,094
4,876
4,657
8,390
6,750
21,367
21,120
6,662
6,362
1,796
1,546
5.439
4,954
11,300
10,000
10,600
10,600
April.
76,777
4,430
7,580
21,037
7,624
650
5,297
11,200
11,000
148.944
145.595
140.083
May.
75,936
5,262
8,782
22,213
7,412
647
5,936 1
11,300
11,300
148755
June.
69,155
5,371
11,005
23.043
7.895
2,487
15,300
11.300
145 MA
3,697
1,197
1,885
1,466
2,305
1,279
1,607
January
February
March
Aprtl
May
June
July
August
September
October
November
December
pntei
9,881
8,522
9,969
13,750
16,151
16,803
17,315
18,585
17,223
18,731
14,053
11,215
_ ___ 170 108
8,498
8,162
11,225
13,521
a17,249
17,237
3,397
1,271
1,924
1,487
2,336
1,316
1,987
5,707
5,448
10,113
13,325
16,706
18,949
20,319
23,052
19,950
18,695
11,222
5,951
4,201
1,383
2,046
1,720
2,706
1,285
2,123
3,903
1,381
2,119
1,459
2,552
1,180
2,412
4,955
7,012
8,826
13,340
a17,224
18,780
5.852
2,009
3,578
2,469
3,650
2,111
3,745
26.797
29,870
29.724
30,151
29,624
27,505
24,525
20,056
17,325
15,381
18,213
23,550
27,081
28,249
30,648
30,867
1430,891
29.348
160.437
•Revised.
from reports for June, from
Note.-The statistics above presented are compl ed
have been included In lieu
all manufacturing plants except three for which estimates
returns.
actual
of
Iron and Steel Trade Sees Signs of Recovery-Steel
Output Unchanged-Prices Lower.
l
Industria activity, influenced both by business depression
and by seasonal reaction, is at a low ebb, but the iron and
of
steel trade, always highly sensitive to change, sees signs
of
review
its
in
says
17
of
July
Age"
"Iron
recovery, the
iron and steel conditions throughout the country. Automobile makers, as well as other important manufacturers,
have shut down for a fortnight or more. Yet most of these
suspensions are taking place this month, and resumptions
in August will of necessity result in renewed requirements in
materials. The "Age" also states:
rebound
Even now the mills are commencing to feel the effect of this
down until July 28.
in demand. The Ford Motor Co., which has shut
certain
enabling
of
e
sheets,
tonnage
considerabl
has placed orders for a
10 days
producers to increase operations. The Ford schedule for the first
of 8,300 cars.
of August is 6,500 cars daily, compared with a recent output
the scrap
Other straws pointing to improvement in business are found in
in old
declines
scattered
to
be
there
While
continue
and pig iron markets.
Cleveland,
material prices, with heavy melting grade down 25c. a ton at
which frequently
the situation as a whole shows that lack of definite trend
30,000 tons
precedes a turn. It is possibly significant that a purchase of
a further break
out
to
bring
at
Pittsburgh failed
of heavy melting grade
district, are beIn prices and that scrap brokers, notably in the Chicago
ginning to accumulate material in anticipation of a higher market.
largest in
Activity in pig iron centers in Chicago where sales are the
bottom.
three months. Evidently convinced that prices are scraping
the third
Western tonnage buyers have covered their requirements for
remains
quarter and in some instances for the entire last half. Demand
364
FINANCIAL CHRONICLE
light in other markets, particularly where price readju
stment is still under
way. Eastern Pennsylvania foundry iron is off 50c. a
ton at Philadelphia
and the Alabama product has declined an equal amount
for delivery in the
St. Louis and Cincinnati districts.
The transitional character of business is reflected in steel
plant operations.
Slight increases by some producers have been offset by further
curtailment
by others and steel ingot production at large continues to
average 56%
of capacity.
Construction work stands out as the chief sustaining influen
ce during the
July suspensions among manufacturing users of iron and steel.
The building
of great pipe line systems for natural gas, oil and gasoline
is a major transportation development reminiscent of the period when
our railroad network
was being created. Plants making line pipe are fully
committed for three
to four months, and, although they are reluctant to take further
business
at present market levels and buyers, in turn, hesitat
e to place tonnage
that might not be available this year,large projects continu
e to be planned.
The latest to be announced. a 1400-mile gasoline line
from Oklahoma to
Des Moines. Omaha, Chicago and Minneapolis, will require
75,000 tons
of steel.
[VOL. 131.
Birmingham, or 50 cents less.. Two
merchant stacks at Buffalo have been
banked. Twelve thousand tons of
pipe iron has been placed at Philadelphia.
Splegeleisen has been reduced $1
per ton.
Steelmaking operations at Pittsbu
rgh and Chicago, at 60%, show slight
losses from last week. Youngs
town mills hold at about 60%. Clevela
nd
operations are up six points,
to 50%. Buffalo also shows a six-point gain
from 48 to 54%. Steel
corporation subsidiaries this week
average 63%
and independents 52, giving
the industry an average of 57%. This
compares with 64% the week before
the July 4 holiday.
When unfilled tonnage of the
United
States
Steel
Corp.
June
30 declined
only 2% from May 30,
to 3,968,064 tons, the lowest backlog
since last
Sept. 30, it indicated that
production had been retarded as sharply
las
buying.
A further recession of 14
cents in "Steel's" iron and steel market_
posite, formerly that of
rcom"Iron Trade Review," lowers this index
a level not plumbed since
to $33.18.
March 22 1922. The June average
was $33.53
and last July $36.71.
A
The "Wall
Street Journal" of July 15 report
Structural steel awards, at 58.000 tons, are the largest
s that steel
for any week this ingot produ
ction
year. Included in the total are 14,800 tons for a New York
of the United States Steel Corp. has
subway section,
9,500 tons of tank work for the Gulf Refining Co. and
7,500 tons for a recovered and was at 63% of capacity in the
past week,
bridge at Seattle. Demand for reinforcing bars is holding
up fairly well, compared with 55% in the
with mill shipments continuing at the high level of
week of the Independence Day
June. The low rate of holida
y shutdowns. In the last week
residential constrution is reflected in slack demand
for merchant pipe,
of June the corporation
but a "home modernization" campaign by a leading
maker of heating was running at 69%. The "Journal"
equipment has brought results surpassing expecta
continues:
tions.
Indepe
ndent
steel
companies have come back somewh
Shipbuilders, who continue very active, are figurin
at more than the
leading interest, due to the
on
g
an
airplan
e
carrier for the Navy, requiring 10,000 tons of plates,
fact that the curtailments during
shapes and bars.
the holiday
week were much greater
than the Steel Corp. The independents are
Finished steel prices are still under pressure, but show
now
the most irregu- estimated to be at about
larity in the light rolled products. The price of 2.45c.
52%, contrasted with 42% during the
a lb., Pittsburgh. week and 59% the week
holiday
previous.
on black sheets, which has been in evidence for several
weeks, has become
For the entire industr
y
more general and is now being openly quoted
by at least one mill. Auto- the July 4 holiday period the rate is better than 57%, against 48% for
mobile body sheets are subject to shading and
and
blue annealed sheets are
At this time last year the 64% in the last week in June.
weaker in some centers. On new business in tin
Steel Corp. was atjbetter than 99%, with inplate price preferentials dependents around 91%
are being extended to smaller consumers.
and the average at 95%. In the middle of July
of 1928 the Steel Corp.
The European steel market is demoralized, followi
operated at 73%, and independents at
67%, while
ng the Continental the average was in excess
cartel's abandonment of fixed prices except
of 693i%.
on semi-finished steel, wire
rods and beams.
Prices of non-ferrous metals have given further
ground. Tin,at 29.1234c., Anthracite Shipments in
June 1930 Exceed Those for
is close to the bottom figure of 28.75c. a lb. reache
d in 1922. Zinc,in striking 4.05e. late last week on sales to preferr
the Corresponding Month
ed buyers, reached the lowest
Last Year.
level since 1907.
Shipments of anthracite for
Both of the "Iron Age" composite prices have
the month of June 1930, as
receded to new lows for repor
ted to the Anthracite Bureau Infor
the year. Pig iron is off 16c. to $17.09 a gross ton,
the lowest figure since
of
mation, PhiladelAugust, 1928: finished steel has declined from
2.185c. to 2.171c. a lb., its phia, amounted to 4,052,939 gross
tons.
lowest since July 1922, as the following table shows:
This
is a decrease
as compared with shipments
during the preceding month of
Finished Steel.
Pig
May
Iron.
of
697,429 tons, but when compa
July 15 1930, 2.1710. a Lb.
July 15 1930, $17.09 a Gross Ton.
red with the month of
One week ago
2.1850 One week ago
$17.25 June 1929, shows an increase of 274,260 tons. Shipm
One month ago
..,2.214c. One month ago
ents
17.50 by originating
One year ago
2.412c.
year ago
carriers (in gross tons) are as follows:
18.42
Based on steel bars, beams,tank plates, One
Based
on
average
of
baste
iron
at
Month
Valley
ofwire, rails, black pipe and black sheets, furnace and
June 1930. May 1930. June 1929. May
foundry irons at Chicago
Reading Company
These products make 87% of
1929.
the
889,662
phia, Buffalo, Valley and Bir-. Lehigh Valley RR
948,406
677.888
States output of finished steel. United Philadel
796,622
mingham.
735,639
824,997
Central RR.of New Jersey
663,481
784.75
High.
3
Low.
High.
330,125
452.568
Low.
Del., Lack. & Western RR
295.117
1930__2.362e. Jan. 7 2.171c. June 15 1930__.$18.21
395.235
565,882
Jan. 7 $17.09 July 15 Delaware & Hudson
718,898
646,158
1929_2.412o. Apr. 2 2.3620. Oct. 29
901,538
Co
1929___
558,52
18.71
May
0
14
656,78
18.21 Dec. 17 Pennsylvania RR
6
585.948
1928_2.391o. Dec. 11 2.314e.
668,819
3 1928.- 18.59 Nov. 27 17.04 July 24
332,605
446,334
Erie RR
337,460
1927_2.453c. Jan. 4 2.293c. Jan. 25
420,374
1927- 19.71 Jan. 4 17.54 Nov. 1 N. Y.,
400,809
328,000
1926-.2.453e. Jan. 5 2.403c. Oct.
Ontario & West. By... 396,044
497,782
May
18
1926.21.54
80,754
Jan. 5 19.46 July 13 Lehigh & New Englan
80,942
78.177
1925_2.560e. Jan. 6 2.396c. Aug. 18 1925.89,207
d ER..
163,708
22.50 Jan. 13 18.96 July 7
220,628
166,450
263,004
Steel consumption is slumping this week and
next to the
lowest point since the year-end cessation, says
"Steel,"
formerly "Iron Trade Review," in its issue of
July 17.
Fully half of the automobile manufacturing capac
ity of the
country and a commensurate number of parts
makers have
shut down for two weeks; so important a railro
ad as the
New York Central has closed its shops for 10 days;
so typical
an industrial as Western Electric is idle for
two weeks.
"Steel" further adds:
4,052.939 4.750,368 3,778.679 4,817,334
Production of Bituminous Coal
and Pennsylvania
Anthracite Drops Sharply, Owing to
Observance of
Independence Day, July 4.
According to the United States Bureau of
Mines, Department of Commerce, production of bitum
inous coal and
Pennsylvania anthracite fell below that for
the preceding
week, due to the observance of Independen
ce Day, July 4,
and also showed a decline as compared with
the figures for
the week ended July 6 1929. During the
weeks ended July 5
1930, there were pi•oduced 6,536,000 net
tons of bituminous
coal, 985,000 tons of Pennsylvania
anthracite and 47,800
tons of beehive coke, as against 7,995
,000 tons of bituminous
coal, 1,432,000 tons of Pennsylvania
tons of beehive coke in the previo anthracite and 59,600
us week end, 7,513,000
tons of bituminous coal, 801,000
tons of Pennsylvania
anthracite, and 130,600 tons of
beehive coke in the week
ended July 6 1929.
For the calendar year to July 5 1930,
there were produced
235,585,000 net tons of bituminous
coal as compared with
262,198,000 tons in the calendar
year to July 6 1929. The
Bureau's statement follows:
For the steel industry, this is a conditi
on which declining production
and shipments of the past 30 days have
been anticipating. There is,
therefore, some opinion that the low point
of demand, for the immediate
present at least, is passing. Production
in some finished lines will show
modest improvement the next few
days to satisfy releases for consumers
resuming about Aug. 1.
In its broad aspects, however, there is
nothing to warrant expectation of
decided beterment this month or next.
Some steelmaking interests have
canvassed the situation and conclud
ed that no broader commitments for
raw materials are required prior to Septem
ber. A possible exception is
the moderate purchasing of scrap by some
Pittsburgh district steelmakers
who are not certain scrap is scraping bottom
and hence desire some stock
as insurance.
While steel prices continue irregular
the extent of the decline from the
1929 high is more widely realized. Increas
ed activity in structural steel
undoubtedly is recognition of bargain
levels. Structural awards this week,
exceeding 51,000 tons, were the fourth
highest this year and 50% above
the year's weekly average. Larger
lettings included two subway sections
in New York, requiring 14,820 and
4,350 tons, respectively, and two New
York office buildings taking a total of
7,500 tons.
Absence of carbuilding requirements
BITUMINOUS COAL.
leaves a large gap in plate orders,
but demand in other directions is modera
The total production of soft coal
te. Preliminary bids have been includi
during the week ended July
asked on two United States Lines
ng
5 1930.
lignite
and
coal
coked at the mines, is estimat
steamers, each requiring 28,000 to 30,000
ed at 6,536,000 net
tons, chiefly plates. At New York,
two pipe lines specify 9,000 tons and tons. Compared with the output in the preceding week,
the
tunnel work 4,000 tons. At Chicag
decreas
e-due
time
to
lost in connection with the
o, pending tank work aggregates
observance of Independence Day12,000
tons. Some line pipe business is retarde
d because plate and skelp mills amounted to 1,459,000 tons, or 18.2%. Production during
cannot make desired delivery.
the week in
1929 corresponding with that of
July 5 amounted to 7,513,000 tons.
The Minneapolis & St. Louis RR.has
ordered 500 box cars. Two western
Estimated United States Product
lines have placed 166 refrigerator
ion
of
Bituminous Coal (Net Tons.)
cars. The Lehigh & New England is
inquiring for 300 box cars. Norfol
1929
k & Western is placing 14,000 tons of
Cal. Year
Week Endedtie plates. Next month the Pennsylvania
Cal. Year.
Week.
to Date.
Week.
to Date.a
ket, as usual, for their annual rail tonnag and Reading will be in the mar- June 21
7,998,000 221,054,000
es.
Daily average_ --- 1,333,0
9,199,000 245,085,000
Those steel lines closest to the
00
1,509,0
00
1,533.0
00
automobile situation are the most torpid. June 28 la
1,674,000
00 229,049,000
Specialty lines in sheets are moving
Daily average--- - 7,995,0
9,600,000 254.685,000
1,333,000
well, in contrast to auto-body sheets, July
1,502.000
1.600,000
5c
for which only Ford has measurable
1,671
6.536,0
00
235,585.000
releases out. Strip, wire and cold
Daily averaged.. 1,306,0
7,513.000 262,198,000
finished bars are lagging behind June.
00
1,496,000
a Minus one day's product
1,503,000
Carbon bars are having a good
1,666,000
ion first week in Januar
week at Chicago, but this is appraised
of days in the two years.
y to equalize number
as a spurt rather than a trend.
b
d Based on a five-day week.Revised since last report. c Subject to revision.
Raw materials are as dull as finished
products. An important steelmaker at Pittsburgh has bought 10,000
The total production of
tons of steel scrap at $15. Beehive
soft coal during the present calendar year
to
July 5 (approximately 157
coke output, further restricted, has not
working days) amounts to 235,585
been so low this yer. Recent re,000 net tons.
ductions in pig iron, especially the 50
Figures for corresponding periods
-cent cut in the Mahoning Valley,
in other recent years are given below:
have not enticed buyers. Sourthern iron is
1929
262,198,000 net tons 1927---------offered at Cincinnati for $12.50. 1928
277.270,000 net tons
241.297,000 net tons 1926
275.539,000 net tons
JULY 191930.]
FINANCIAL CHRONICLE
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 28 is
estimated at 7,995.000 net tons. Compared with the output in the preceding
week, this shows a decrease of 3,000 tons. The following table apportions
the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by Slates (Net Tons.)
Week Ended
June 1923
StateJune28'30. June21'30. June29'29. June30'28. Average a.
Alabama
252,000
257,000
325,000
300,000
387.000
Arkansas
30,000
15,000
17,000
22,000
26,000
Colorado
90,000
86,000
118,000
139,000
175,000
Illinois
800,000
751,000
823.000
772,000 1,243,000
Indiana
216,000
240,000
284.000
251,000
416,000
Iowa
46,000
45,000
55,000
49.000
88,000
Kansas
29,000
28,000
38.000
30,000
73,000
KentuckyEastern
702,000
692,000
904,000
868,000
661,000
Western
154,000
151,000
189,000
229,000
183,000
Maryland
39,000
41.000
43.000
45.000
47,000
Michigan
11,000
10,000
11,000
12,000
12,000
Missouri
59,000
58,000
64.000
63,000
55,000
Montana
39,000
41,000
47,000
44,000
38,000
New Mexico_ _ _ _
34,000
32,000
47,000
46,000
51,000
North Dakota13.000
15.000
13,000
9.000
14,000
Ohio
415.000
435,000
444,000
278.000
888,000
Oklahoma
31,000
28,000
42,000
48,000
48,000
Pennsylvania
_ 2,287,000 2.304,000 2,797,000 2.272,000 3,613,000
Tennessee
97,000
93.000
106,000
90,000
113,000
Texas
9.000
9,000
16,000
20,000
21,000
Utah
44,000
34,000
59,000
65.000
89,000
201,000
Virginia
204,000
246,000
215,000
240,000
Washington
34,000
35,000
49.000
48,000
44,000
West VirginiaSouthern b _ _ _ 1.724.000 1,720,000 2,041,000 1,835,000 1,380.000
Northern c_ _ _
570,000
595.000
728.000
741,000
856,000
Wyoming
68,000
78,000
91.000
81,000
104,000
Other States_d
1.000
1,000
3.000
5,000
5,000
Total bitum. coal 7,995,000 7.998,000 9,600,000 8.581,000
Penna.anthracite 1,432,000 1.103,000 1.404,000 1.105.000 10,866.000
1.956,000
9,427,000 9,101.000 11,004.000 9.686,000 12,822.000
Total all coal
a Average weekly rate for entire month. b Includes
operations on the
N.& W.; C.& O.; Virginian, and K.& M. c Rest of State,including Panhandle. d This group is not strictly comparable in the several years
365
BEEHIVE COKE.
Due to the general observance of the July 4 holiday at coke plants, production of beehive coke declined sharply during the week ended July 5.
Total ouput is estimated at 47,800 net tons, a decrease of 11,800 tons, or
19.8% from that in the preceding full-time week. Production during the
week in 1929 corresponding with that of July 5 amounted to 130.600 tons.
Estimated Production of Beehive Coke(Net Tons).
Week Ended
1930
1929
to
July 6
June 28
to
July 5
Date. Date.a
1929.
1930.c
1930.1,
Region
53.000 119,700 1.555,600 2,915,200
41.500
Penn.. Ohio & W.Va_
6,800 147,500 179,700
4,500
4,300
Georgia, Tenn.,& Va62.000 142,500
4,100
2,100
2,000
CoM., Utah & Wash__
United States total_
47,800
59,600
130,600 1,765,100 3,237,400
20,361
11,101
Daily average
26,120
9,933
9,560
a Minus one day's production first week in January to equalize number
Revised.
c
revision.
Subject
years.
to
b
of days in the two
June Output of Bituminous Coal Lower, According to
Estimates-Anthracite Production Higher Than
in Same Month in 1929-Dullness Marks Soft Coal
Demand.
With the monotony of light demand unrelieved by any
activity worthy of note, the bituminous coal markets of the
country went through another dull month in June, the "Coal
Age" reports. Business depression was blamed for the slowness in steam coals, while hot weather and poor credit conditions hampered domestic sales in most of the marketing
centers. Even material price concessions failed to interest
consumers to the point of filing future orders. Stocking continued to languish, while only a desultory interest was taken
in contracting. The "Age" continues:
June production of bituminous coal is estimated at 33,683,000 net tons, a
decrease of 2,271,000 tons from May and 1.897,000 tons from the output
in June, 1929. Anthracite production is estimated at 5,202,000 net tons
for June, comparing with 5.947,000 tons in May and 5,069.000 tons in
June of last year.
The "Coal Age" index of spot bituminous prices (preliminary) for June
stood
at 138, as against 138 2-5 in May. Corresponding weighted average
Estimated Production of Pennsylvania Anthracite
(Net Tons).
prices were $1.67 last month and $1.67 2-5 in May.
1930Light demand in the nation's anthracite markets was reflected in cur1929
DailyDaily
tailed production, which resulted in a slight shortage of smaller sizes. DoWeek EndedWeek.
Average,
consumers failed to show any interest in the larger sizes,thus causing
mestic
Average.
June 21
1,103,000
183,800
1.218,000
203,000 dealers to restrict buying to current requirements and neglect replenishJune 28_ a
1,432,000
238,700
1.404,000
234.000 ment of their yard stocks. Dumpings at the lower lake ports last month
July 5_6
985,000
197,000
801,000
160,200 continued in slightly higher volume than for the corresponding season last
a Revised since last report. b Five-day week.
year.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
July 5 is estimated at 985.000 net tons. Friday, Independence Day, was
observed as a holiday at all mines. Production during the week in 1929
corresponding with that of July 5 amounted to 801,000 tons.
I
Current Events and Discussions
The Week With the Federal Reserve Banks.
Increase (1-) or Decrease (-)
Since
July 16 1930. July 9 1930. July 17 1929.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended July 16, as reported Bills discounted
207,000,000 -29,000,000 -877,000.000
bought
169,000,000 +20,000,000 +101,000,000
by the 12 Federal Reserve banks, was $1,014,000,000, a Bills
United Statm securities
577,000,000 -14,001,000 +424,000,000
47.000,000 +11,000.000
-20,000.000
decrease of $61,000,000 compared with the preceding week Other reserve bank credit
and of $399,000,000 compared with the corresponding week TOTAL RES. BANK CREDIT_1,000,000,000 -12.000,000 -371,000,000
Monetary gold stock
4 540.000.000 +4,000,000 +200,000,000
of 1929.
Treasury currency adjusted
-1,000,000
1,796,000,000 +15,000,000
On July 16 total Reserve bank credit outstanding amounted Money In circulation
4,447,000,000 -41,000,000 -302,000,000
Member bank reserve balances
2,460,000,000 +43.000,000 +108,000.000
to $1,000,000,000, a decrease of $12,000,000 for the week. Unexpended
capital funds, non-member deposits, Ac
+21,000.000
428,000,000 +4,000,000
This decrease correspods with a decrease of $41,000,000
in the amount of money in circulation and increases of $15,000,000 in the Treasury currency, and $4,000,000 in monetary Returns of Member Banks for New York and Chicago
gold stock, offset in part by increases of $43,000,000 in
Federal Reserve Districts-Brokers' Loans.
member bank reserve balances and $4,000,000 in unexwith the returns for June 29 1927, the Federal
Beginning
pended capital funds, &c.
Reserve Board also commenced to give out the figures of the
Holdings of discounted bills decreased $29,000,000 during the
week, the member banks in New York Federal Reserve District,
principal decreases being $16,000,000 at New York,
$6,000,000 at Cleveland, and $4,000,000 at Boston. The System's holdings of bills
Chicago Reserve District, on Thursbought in as well as those in the
open market increased 220,000,000 and of Treasury notes
days, simultaneously with the figures for the Reserve banks
while holdings of U. S. bonds declined $4,000,000 and of $10,000,000,
Treasury cer- themselves, and for the same week, instead of waiting until
tificates and bills $19,000,000.
Beginning with the statement of May 28, the text accom- the following Monday, before which time the statistics coverentire body of reporting member banks in the difpanying the weekly condition statement of the Federal ing the
Reserve banks was changed to show the amount of Reserve ferent cities included cannot be got ready.
Below is the statement for the New York member banks
bank credit outstanding and certain other items not included
that for the Chicago member banks thus issued in
and
in the condition statement, such as monetary gold stock and
of the full statement of the member banks, which
money in circulation. The Federal Reserve Board's explana- advance
will not be available until the coming Monday. The
latter
tion of the changes, together with the definition of the
statement, of course, also includes the brokers'
different items, was published in the May 31 1930 issue of New York
loans of reporting member banks. The grand aggregate of
the "Chronicle" on page 3797.
these brokers' loans the present week shows an increase of
The statement in full for the week ended July 16, in com- $40,000,000, the total of these loans on July 16 1930 standing
parison with the preceding week and with the corresponding
at $3,243,000,000 as compared with $5,813,000,000 the
date last year will be found on subsequent pages-namely, total on July 17 1929. The present week's increase of
pages 442 and 443.
$40,000,000 follows a contraction of no less than $898,000,000
Changes in the amount of Reserve bank credit outstand- in the preceeding five weeks. The loans "for own account"
ing and in related items during the week and the year ended increased during the week from $1,563,000,000 to $1,596,July 16 1930 were as follows:
000,000 and the loans "for account of out-of-town banks"
from $760,000,000 to 8799,000,000, while the loans "for
" decreased from 8880,000,000 to $847,account of others
000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 16 1930. July 9 1030. July 17 1929.
Loans and Investments—total
8,014,000,000 7,079,000,000 7,417.000,000
Loans-total
5,944,000.000 5,916,000,000 5,729,000,000
3,519,000,000 3,498,000,000 2.070,000AM
2,426,000,000 2,418,000,000 2,758,000,000
On securities
All other
2,070,000,000 2,063,000.000 1,687,000,000
Investments—total
1,006,000,000 1,098.000.000
974,000,000 975,000,000
U.EL Government securities
Other securities
Reserve with Federal Reserve Bank___ _ 812,000.000
45,000,000
Cash in vault
766.000.000
48,000,000
040010,000
738,000,000
727.000.000
57,000,000
Net demand deposits
Time deposits
Government deposits
5,556,000.000 5,400.000.000 5.192.000,000
1,451,000,000 1,435,000,000 1,000.000.000
45,000,000
40,000,000
38,000.000
Due from banks_
Due to banks
06,000,000 310,000.000
1,061,000,000 1,103,000,000
Borrowings from Federal Reserve Bank_
103,000 000
869,000,000
325,000,000
Loans on secur. to brokers & dealers,
1 596,000.000 1,863,000,000 1,136,000,000
For own account
For account of out-of-town banks__ -_ 790,000,000 760.000.000 1,676.009.000
847,000,000 880,000,000 3.002.000.000
For account of others
Total
On demand
fin time
Loans and investments—total
Loans— total
On securities
All other
[VOL. 131.
FINANCIAL CHRONICLE
366
3,243,000,000 3.203,000,000 5,813.000.000
2,634,000,000 2,570,000.000 5,448.000Am
608,000,000 624,000,000 367,000,000
Chicago.
2 034,000,000 2,004,000,000 1.968,000.000
1.587,000,000 1,579,000.000 1,493.000,000
937,000.000
650,000,000
048,000.000
630,000,000
919,000,000
674.000,000
July 9 1030.
Due from banks
Due to banks
Borrowings from Fed. Res. banks.
Increase (-I-) or Decrease (—)
Since
July 10 1929.
July 2 1930.
3
1,484,000,000
3,392,000,000
—99,000,000
—9,000,000
+394,000,000
+709,000,000
67,000,000
—17,000,000
—783,000,000
•July 2 figures revised.
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication July 19 the following summary of market conditions abroad, based on adviced by cable and radio:
ARGENTINE.
Business continues to be dull, but a stabler peso exchange and the continuance of the favorable weather to the agricultural and livestock industries
have improved the general outlook. As compared with the corresponding
period of the previous year, shipping arrivals for the first six months of
1930 were 482 ships and nearly a million not registered tons less. The
stringency of credit, the heavy stocks, and the publicity given to the appearance of next year's models are causing some anxiety to the automobile Ianporters. The demand for carded yarns and prospects for the next few weeks
are fairly good. The demand for mercerized yarns is quiet.
AUSTRALIA.
The Australian Federal budget announcement reveals a deficit of £1,470,000 for the fiscal year ended June 30 1930, and an accumulated deficit
of £6,458,000 which will be temporarily covered by a loan appropriation
of £7,000,000. For the year ending July 30 1931, it is estimated that the
deficit will exceed £14,000,000 and it is proposed to increase customs and
excise duties, postage charges and sales taxes. Subscriptions to the £10.000,000 commonwealth loan have now reached £4,000,000. The wheat
marketing bill providing for a compulsory wheat pool was defeated by the
Senate. Radio business continues active. Dulness in the lumber trade is
being accentuated by unfavorable weather throughout June.
BOLIVIA.
The economic situation became more unfavorable in the fiscal year Just
ended.
The
price
of
tin
continued to drop steadily during June and as tin
190.000.000 168.000.000
246,000,000 210,000,000 prices haves direct effect upon the economic and commercial situation no
Immediateimprovementisexpected. Until businessconditions become more
Reserve with Federal Reserve Bank
187.000,0n0 108.000,000 170.000.000
stable. American exporters to Bolivia are urged to proceed with caution.
Cash in vault
13,000,000
16.000,000
16,000,000
Importations during the first five months of the present year have held up
1,271,000.00n 1,301,000.000 1,107.000.000 fairly well but a sharp decline was reported in June. In the absence of
Net demand deposits
Time deposits
704.0n0.000 630.000.000 531,000.000 favorable factors the
decline is expected to continue. Since the middle of
Government deposits
6,000,000
7,000,000
11,000,000 June business
has been at a standstill according to importers and retailers
208,000.000 193,00(1,000 126,90em00 in LaPaz. Stores are deserted and wholesalers have stopped credit extenDue from banks
Due to banks
354,000,000 374.000,000 306,000,000 sions. Collections have been almost wholly impossible and many firms have
had to request extensions of drafts from foreign creditors. Unemployment
Borrowings from Federal Reserve Bank..
2,000,000
1,000,000
46,000,000
has increased owing to the dismissal of commercial employees and unless
conditions improve several bankruptcies and liquidations may be expected.
•Revised.
The plan of the Soviet Yuzhamtorg to buy Bolivian tin has been temporarily
Camplete Returns of the Member Banks of the Federal abandoned because of the closing of most of the small mines and the impossibility
of interesting larger mines whose ore is already promised to smeltReserve System for the Preceding Week.
ing companies.
As explained above, the statements for the New York and
BRAZIL.
Exchange which had been weak throughout the week firmed July 11 to
Chicago member banks are now given out on Thursday,
9.18 milreis to the dollar from 9.30 milreis on July 9 as result of the renewal
simultaneously with the figures for the Reserve banks themof support by the Bank of Brazil. Last week gold exports were resumed.
selves, and covering the same week, instead of being held the Bank of Brazil having shipped $44,000,090 and private banks approxiuntil the following Monday, before which time the statistics mately $1,335,000. Coffee shipments continue light with prices slightly
weak. General business remains unimproved.
covering the entire body of reporting member banks, in 101
BRITISH MALAYA.
cities, cannot be got ready.
Unemployment among Chinese coolies is reported becoming serious.
In the following will be found the comments of the Federal Various
Government measures dealing with the situation have been proReserve Board respecting the returns of the entire body of posed. Chinese are employed especially on the tin mines, where operations
reporting member banks of the Federal Reserve System for recently have been curtailed because of prevailing prices of tin.
Investments—total
D. S. Government securities
Other securities
447,000,000
425,000,000
375.000.000
193,000.000
254,000,000
CANADA.
Canadian trade conditions slow with little promise of materially
increased
activity in the near future. In general, the orders now being placed are
small and limited to necessities, price apparently
being the main consideration in current purchasing. Trade in Halifax and St.
John is reported as
normal; in Montreal and Toronto, spotty; in Winnipeg
and Calgary, slow;
in Saskatoon and Regina, fair; and in Edmonton
and Vancouver, slightly
Improved. A large tourist traffic is a favorable
factor in the Maritime
Provinces and British Columbia, but Montreal
notes fewer visitors than
usual for the season. Collections are considered
fair in the Maritimes and
In Toronto; elsewhere they range from slow to difficult
The whole price
index of the Dominion Bureau of Statistics for
June (1926=100) stands at
88.0 as against 89.9 in May and 93.5 a year
ago. 126 quotations were lower
for the month including wheat at the lowest
level since April, 1924: 354
quotations were unchanged and only 22 were
higher. Automobile and truck
sales in the Prairie Provinces are now estimated
at not over 50% of last
year's, with the heaviest losses in medium and
higher priced models, according to reports from Winnipeg. The used-car
situation, however, has improved and the market for accessories and
replacement parts is good.
Montreal reports are in the same tenor although
slightly more favorable
as to the amount of business in medium price
lines. Destructive storms
during the past week have caused the greatest
hail damage of the year to
the grain crop in all three Prairie Provinces but a
following heat wave has
been beneficial and moisture is now the principal need.
Wheat prospects
in Manitoba. Northern and Eastern Saskatchewan
and Northern Alberta
continue favorable but lighter yields are expected
in the Central and South+553.000,000 ern sections of the last two provinces. The acreage of spring wheat is now
estimated as a decrease of about 2% from last year,
Oats acreage is esti—37,000,000 mated at 12,815,000, an increase
of 3% over last year. The Winnipeg
wheat
market
remains
weak.
Lake
shipments from Fort William and
+663,000.000
—700,000,000 Port Arthur during the week ended July 9 were 6.500,000 bushels and the
June total was 17,600,000 bushels. While the
movement is heavier than
+590.000,000 last year's for the
corresponding period a larger carryover is predicted
when
the
crop
year
ends
on
July
31. In accordance with usual summer
+121,000,000
+468,000,000 practice, automobile manufacturers are reducing their output, agricultural
+113,000,000 implement factories continue on part-time schedules; furniture factories are
—45,000,000 working at about 60% of capacity, and the newsprint industry at about
75%. The returns for May of the Canadian chartered banks
show current
+417,000,000
loans at $1.330,000, or $m000mo more than current loans in that month
+672,000,000
—7,000,000 of last year. While this represents some contraction over April loans.
the week ended with the close of business on July 9:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on July 9 shows decreases for the week
of $93,000,000 in loans and investments, $153,000,000 in net demand
deposits, $46,000,000 in Government deposits and $17,000,000 in borrowings from Federal Reserve banks and an increase of $11,000,000 in
time deposits.
Loans on securities, which at all reporting banks were $75,000,000
below the previous week's total, declined $154,000,000 in the New York
district and increased $42,000,000 in the Chicago district, $11,000,000
in the Kansas City district, and $10,000,000 each in the Philadelphia and
St. Louis districts. "All other" loans declined $7,000,000 in the San
Francisco district and $15,000,000 at all repporting banks.
Holdings of U. S. Government securities increased $9,000,000 in the
Chicago district, $8,000,000 in the Cleveland district, and $10,000,000 at
all reporting banks. Holdings of other securities declined $19,000,000
in the Chicago district and $12.000,000 at all reporting banks.
The principal change in borrowings from Federal Reserve banks for the
week was a decline of $10,000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
July 9 1930, follows:
Increase (+) or Decrease (—)
Since
July 9 1930.
July 10 1929.
July 2 1930.
Loans and investments—total__ _22,987,000,000
*-93,000,000
Loans—total
16,869,000.000
4.-91,000.000
8,367,000,000
8,502.000,000
—75,000,000
*-15,000,000
On securities
MI other
Investments—total
6,118,000,000
—2,000,000
U.S. Government securities _ ___ 2,861.000,000
Other securities
3,257,000,000
Reserve with Federal Res've banks 1,790,000.000
230,000,000
Cash in vault
+10,000,000
—12,000,000
—2,000,000
Net demand deposits
Time deposits
Government deposits
13,597.000.000
7,326,000,000
147,000.000
—153,000,000
+11,000,000
--46,000,000
JULY 19 1930.]
FINANCIAL CHRONICLE
savings deposits are lower by about $9,000,000 for the month and by
$55,000,000 in comparison with May, 1929. May commercial failures
numbered 166 in comparison with 185 last year but total liabilities were
higher, and the number of failures for January to May,inclusive, is larger
than for any corresponding period since 1924.
367
pesetas from the May figures. The Bilboa iron ore trade is experiencing
serious depression and practically the only shipments of iron ore from that
port now being made are on the account of the Oroconera Iron Mining
Co. which has plants in England. The "Altos norms" is the only Viscaya
company which is buying and other companies at the place are reported
as released from contracts against indemnities. Exports are reported
at 73,000 metric tons as compared with 94.600 during May.
EGYPT.
The lack of improvement in the price of cotton,the country's chief export,
SWEDEN.
continued to be reflected in the general trade depression during the second
Swedish foreign trade for the month of May, according to preliminary
quarter, with seasonal dullness also a contributing factor. The low purchassurplus
of about 6,500,000 crowns, with imports
export
an
ing power has resulted in keener competition for trade while the stringent figures, yielded
credit situation has made collections more difficult. This condition has re- valued at 154,000,000 crowns and exports amounting to 160,500,000
sulted in many extensions on old accounts by importers, but on new ac- crowns. The first five months of 1930 resulted in an import surplus of
counts fruther curtailment has been noted. The number of bankruptcies almost 97.000,000 crowns as compared with 79,000,000 crowns during
and the volume of protested drafts contine abnormal. Automobile sales the corresponding period of 1929. Despite the general depression. Swedish
are about normal, but outlook is uncertain, due to difficulties in time col- foreign trade so far has remained at a satisfactory level.,
lections. Avoidance of further decrease in sales is hoped for through
TURKEY.
longer credit extensions to good clients.
Although there was no definite improvement in economic conditions
GREECE.
during the second quarter of 1930, the general tone, based on favorable
There was no Improvement evident in general business conditions during crop prospects, was somewhat better than in the first quarter. Preliminary
the second quarter of 1930. The trend of both exports and imports con- estimates indicate bumper crops for the country's leading exports. Due
tinued downward, while the low prices obtainable for the country's leading to the lack of improvement in the purchasing power of the population,
agricultural products were reflected in the dull domestic trade situation. retail sales continued slow. As a result the position of importers who had
There was no change in the money stringency or discount rates, although purchased heavily in anticipation of the highertariff dutiesremains difficult.
prices on the stock exchange were steady. Despite the damage sustained The situation is also influenced by the foreign exchange regulations, which,
recently from hail and floods, preliminary crop estimates are favorable. however, have been effective in limiting the fluctuations of the Turkish
Budget receipts, which are running slightly below estimates, reflect the pound within a narrow range at approximately $0.47. The lack of improvetrend of economic developments during the first half of 1930. Automobile ment in the credit situation continues to be reflected in slow collections on
sales, although aided somewhat by seasonal improvement, have been af- outstanding obligations. The development is having an adverse effect
fected by the general lower purchasing power and increasing difficulties in on automobile sales, which are estimated for the first half of 1930 at about
60% below the same period of 1929. despite the seasonal improvement in
collections, due to credit stringency.
the second quarter. Any improvement in automobile sales in the last half
INDIA.
of the year is dependent on crop returns.
a
indicates
June
large
for
in
decline
compared
imports
revenue
Customs
VENEZUELA.
with May, but the level of June 1929 was maintained. According to indiEconomic conditions in Venezuela during the month of June were generally
cations imports of sugar and mineral oils increased but receipts of Iron and
largely on account of the small agricultural
dull
was
Business
steel, automobiles, motor cycles,tobacco,cutlery,hardware,tires and tubes, unfavorable.
yarns and matches were smaller. Exports of jute and hides and skins de- crops and reduced activity in the oil fields. Exchange is 5.35 bolivars
to the dollar. (Bolivar at par is $0.193.) Banks report collections slow to
clined.
fair considering high exchange rate. Conditions are particularly bad in
JAPAN.
areas and in Maracaibo, the center of the oil region. Production
The Japanese Government continue its policy of encouraging the use of the coffee
cacao is not as large as had been anticipated, some sections reporting
home products, and is rendering as much assistance as possible to industries of
likelihood of a second harvest which is usual at this time of the year.
during the present depression period. Although considerable financial as- little
business along the Transandean Highway from La
sistance has already been given the silk industry, it is quite possible addi- Travelers report best
Maracay and west to the coffee regions on account of the
tional aid from the Government may be needed in view of the severe decline Guaira, Caracas,
activities has given steady employment to the people
In prices. Agitation for the encouragement of home industries is now taking public works, which
the form of preferred treatment to companies having majority Japanese of those sections.
On June 25, Congress adopted a new budget providing for expenditures
capital management. The shipbuilding industry will probably receive
bolivars more than last year. The budget also
preferred attention for assistance on recommendation of the Industrial on public works of 9,350,000
entire foreign debt aggregating 19,159.Rationalization Committee. At the request of the Government syndicate provides for the amortization of the
revenues for the coming year will show 9,408,750
banks may now organize joint associations for the purpose of making 687 bolivars. Anticipated
industrial loans. In view of the depression in the home market, rayon bolivars greater than last year.
producers have agreed to curtail production 20% and to allot 20% of their
output for export, effective July 5.
The Department's circular also includes the following
with regard to the Island possessions of the United States:
MEXICO.
The prevailing tone in business was pessimistic during the past week.
Mexico's adverse trade balance during recent months is attributed largely
to the low prices of metals and coffee. The general business situation in the
Yucatan Peninsula is extremely dull and the reduced henequen exports
from this section have caused peso exchange to weaken. It is reported that
the Federal Government will reduce the tax on henequen in order to relieve
the situation. Conditions at Monterrey continue satisfactory. A new
electric light bulb factory with a capacity of 25,000 bulbs per day was inaugurated this week by the General Electric Company in that city, while a
sheet glass department of the Vidreria Monterrey (Monterrey Glass Co.)
with a production of 30,000 square feet daily was also inaugurated.
PHILIPPINE ISLANDS.
Philippine business depression is becoming increasingly serious with the
continued decline in purchasing power and consequent falling off in demand
for imported goods. Retail turnover is exceptionally slow especially in
southern Luzon and the southern island. Credits are restricted and collections continue unsatisfactory. A comparative statement of the Collector of Internal Revenue shows collections for Manila from Jan. 1 to
June 30 as $670,000 below the corresponding period last year. The collections, however, were approximately the same as in the first semester
of 1928. Freight handled by the Manila Railroad during the week ended
June, 1928 totaled 12,100 metric tons, compared with 17,200 tons in the
corresponding week a year previous.
Improvement reported last week in London buying on the abaca market
has continued, resulting in better prices, especially of lower grades. This
week has shown slight imrpovement in the market for United States grades.
The local market is firm with little or no selling pressure. Production continues below normal. Stocks at Philippine ports on July 7 totaled 152,358
bales compared with 216,967 a year previous. Exports during the week
ended July 7 amounted to 23,696 bales, of which 11,420 went to the United
States. The copra market is steady with low arrivals and no selling pressure.
Local exporters are inclined to believe that prices will not go lower than
current quotations. Arrivals of copra at Manila in the first 8 days of July
amounted to 41.788 sacks.
NETHERLAND EAST INDIES.
Improvement in import markets continues and imports are gradually
Increasing,reflecting lightness of stocks of many lines. The government has
reiterated its position that no official measures will be taken toward the
restriction of rubber and tea production, although private initiative will
not be opposed. May exports of rubber totaled 24,929 long tons, of which
6.352 tons were shipped from Java and Madura, 6,661 from the Sumatra
East Coast, and 11,916 tons from all other rubber-producing areas.
NEW ZEALAND.
Business throughout New Zealand was dull in June with money continuing tight and the exchange situation unimproved. Trading on the stock
exchange was very slow. Owing to the need for £3,000,000 to balance
the budget the Government is reducing expenditures wherever possible J. P. Morgan Sails for Europe on His Yacht Corsair.
and it is likely that import duties will be increased during the current year.
It was made known this week that J. P. Morgan planned
The end of New Zealand's export season shows an adverse trade balance of
yacht
over £1,000,000 compared with a favorable balance last season of L10,000,- to sail for Europe last night (July 18) on his new
000. Prices for New Zealand's main exports have declined steadily during Corsair. Mr. Morgan, his family and several friends were
the last 12 months—wool by more than 50%, hides, skins and tallow,
scheduled to board the yacht at Glen Cove, Long Island, for
20%, and the average for all exported commodities by approximately
20%. This fall in prices has not been balanced by increased production England,where several months will be spent at Mr.Morgan's
except in the case of butter and dairy products. Unemployment is becoming estate, Wal Hall, in Hertfordshire. Glen Cove advices in the
troublesome and municipalities are floating loans for unemployment relief.
relative to the new yacht said:
These funds will be used to create employment on roads and other public "Times"
Captain W. B. Porter, will be in command of the vessel, which carries a
projects. In spite of depressed conditions, imports continue fairly steady,
but it is anticipated that a general decline will occur during the next three crew of 56.
The Corsair, launched last April at Bath, Me., is the largest yacht ever
or four months. The automotive market is dull except for low-priced
cars. Used car sales are normal and stocks of new cars are low as orders constructed for a private owner in the United States. She is 343 feet long.
are being curtailed to the minimum. The building trade is very dull and as large as a small ocean liner, and is well equipped for a transatlantic
no improvement is anticipated during the next six months. Textiles are voyage. * * *
Mr. Morgan has two cabins on the yacht. One is on the main deck and
dull but sales o!' radio equipment continue active. Bankruptcies have increased considerably since the first of 1930 but no large firms have been the other on the boat deck, forward. There are five suites for guests.
The Corsair has already demonstrated her seaworthy qualities in a number
involved to date.
of cruises along the New,England coast, made since she went into com!
RUMANIA.
mission on May 28 last.
Rumania's foreign trade for the first four months of the current year
closed with a debit balance of665,175,0001e!(par value oriel equals $0.006).
Manifesto for Promotion of Trade
with imports totaling 8,566,961,000 lei as against 7,901,786,000 lei of ex- British Bankers
ports. Compared with the relative data for the same period of 1929, the
Within Empire—Tariffs on All Foreign Imports.
trade balance in 1930 shows an Improvement amounting to 2,253,000,000
Reporting that a manifesto protesting against the abolition
lei (about 77%). chiefly as a result of an increase of 1,789,000,000 lei
(29%) in exports, imports having declined by 464,000,000 lei (5%).
of Safeguarding Duties had been prepared by a number of
representative bankers and City men the London "Financial
SPAIN.
Bourse transactions in industrial securities continue to decrease. Those News" of July 4 stated that the signatories were understood
negotiated during the month of June were 280,000 against 213,300 during
to include Mr. Reginald McKenna (chairman of the Midland
May and 300.000 during June 1929. The transactions in public funds
(a director of the Bank of Eng.
amounted to 52,000.000 pesetas during June, a decrease of 11,000,000 Bank), Sir Alan Anderson
368
FINANCIAL CHRONICLE
iv., 131.
land) and Sir Herbert Lawrence (of Glyn, Mills and Co.). countries which were invtied at the June meeting to subscribe to portions
From the Manchester (Eng.) "Guardian" of July 4 we of the world bank's capital had taken a total of 40,000 shares, each paying
in one-fourth of its subscription as required.
take the following regarding the manifesto:
The Austrian loan for which the bank will act as trustee, it is explained
The Press Association is officially informed that at a meeting at Hambros Bank on Wednesday the following resolution was passed:—
It is resolved that urgent measures for the promotion of inter-Imperial
trade are needed to secure and extend the market for British products
both at home and through the export trade. Bitter experience has taught
Great Britain that the hopes expressed four years ago in a plea for the
removal of the restrictions upon European trade have failed to be realized.
The restrictions have been materially increased, and the sale of surplus
foreign products in the British market has steadily grown. While we retain
the hope of an ultimate extension of the area of free trade throughout the
world, we believe that the immediate step for securing and extending
market for British goods lies in reciprocal trade agreements between the
the
nations constituting the British Empire. As a condition of securing
these
agreements Great Britain must retain her open market for all Empire
products, while being prepared to impose duties on all imports from all
other countries.
The Signatories.
Sir Eric Hombre, presided, and there were present:—
Herbert
Sir
Lawrence, Glyn's Bank.
Sir Harry Goshen, National Provincial Bank.
Mr. R. H. Tennant, Westminster Bank.
Sir George May. Prudential Co.
Lord Ashfield, head of the London Traffic Combine.
Mr. E. R. Peacock, Baring Brothers.
Mr. Beaumont, Pease, Lloyds Bank.
Mr. Vivian Hugh Smith, Morgan, Grenfell Co.
Lord Glenconner, director of several companies.
Sir Alan Anderson, Bank of England.
Mr. Reginald McKenna, Midland Bank.
Mr. Harold Snagge, Barclays Bank.
Lord Bearsted, Shell Trading & Transport Co.
A copy of the resolution has been sent to each of the party leaders.
Associated Press advices from London July 11 stated:
E. R. Peacock. Canadian-born financier, annuonced to-day that he
was not a party to the recent manifesto in favor of greater inter-empire trade
by means of a tariff against foreign products which was issued over the
signatures of a number of leading bankers.
6,Mr. Peacock's name was used in error in published accounts of the
manifesto.
Reported Disappearance of Official of Paris Branch
of National City Bank Alleged to Have Misused
Funds.
Associated Press advices from Paris yesterday (July 18)
said:
A warrant to-day was issued for the arrest of Lauriano Carlo de Villanueva, a high officer of the Paris branch of the National City Bank of
New York, charging him with irregularities involving about $500,000.
The warrant was issued immediately after the Foreign Office made it
known that Villanueva. formerly an attache of the Venezuelan legation,
no longer was covered by diplomatic immunity.
On July 17, when the disappearance of the official was
reported in press accounts from Paris, a statement as follows
was issued by the National City Bank of New York:
"We are advised by our Paris office that, following the unexplained
disappearance of one of their employes, who hitherto had borne an excellent reputation, irregularities have been reported to them in the employe's financial dealings with certain personal clients of his.
"The amount involved appears to be close to $500,000. From reports
received at the head office, it does not appear that the bank is liable. Should
such liability occur, however, it is covered by insurance."
Bank for International Settlements Becomes Trustee for
New Austrian Loan.
Basle Associated Press advices stated that the Bank for
International Settlements on July 14 announced acceptance
of the proposal of the Austrian Government that the Bank
serve as trustee for the new Austrian loan, reference to
which appears in another item in this issue of our paper.
Comment regarding the Bank and the new loan appears
In the following which we quote from a Basle cablegram
July 14 to the New York "Times":
The board of the world bank at its regular meeting today agreed to
undertake this trusteeship at the request of both the Austrian Government and the international group of banks issuing the loan.
World bank circles are highly pleased with this proof of bow the
purely business side of the institution is developing, and they believe
the Austrian trusteeship, far from remaniing isolated or exception, will
be a precedent which other governments will follow when they wish to
float international loans.
They are also pleased with other indications of this same development
which were brought out by two announcements made today.
One was that the bank's balance is now larger than it was when the
first monthly statement was issued on June 30, despite the fact that the
entire proceeds of the Young plan have since been distributed. In other
words, though $90,000,000 of the undistributed proceeds of the loan
which figured in the June statement are now off the books, this deduction
has been more than offset by new deposits. It was not stated what these
new deposits are, but it is assumed they include the $13,000,000 which
France deposited as the result of the issuing of the first slice of the
Young plan loan, the reparations settlement requiring France to make
such a deposit as guaranty of the fund each time part of the reparations
payments are thus mobilized.
The other announcement was that the bank's business had already grown
so much in the first two months of its existence that the bank is renting
fifteen additional rooms in an adjoining building.
The board decided today that four languages—English, French, German
and Italian—shall be the official ones for the bank, instead of the first
two, as is the case with the League of Nations. It was also decided the
monthly statement should be published regularly on the fifth instead of
on the first day of the following month.
It was noted with satisfaction that the central banks of the ten European
here, has no connection with the reconstruction loan
for which the
League of Nations is still trustee, though it is to be secured by the same
revenue, which, it is stated, is much more than sufficient
to cover the
services on both loans.
It was first contemplated, it is said here, to make
the League the
trustee for the present loan also, but that, as this might have savored
of
political control, recourse was had instead to the world
bank as a purely
financial institution.
The trusteeship is so arranged that the Austrian Government will
deposit a portion of the revenue not used for the service of
the League loan
in the Australian National Bank to the credit of the World
Bank, which,
after distributing the interest payments on the new
loan, will return
what is left of these revenues to Austria.
In view of the seasonal slackening of the business of central banks
everywhere during the Summer, the board of the World Bank decided not
to meet again until the first Monday in October.
Bank For International Settlements Distributes Proceeds
of German Reparations Issue.
Associated Press accounts from Basle, Switzerland, July
14 stated:
Distribution of the proceeds of a special loan attached to the German
reparations loan was registered today at the last meeting of the fiscal
year of the Bank for International Settlements.
According to the figures in the report France received $132,000,000,
Great Britain $50,000,000 and Italy the equivalent of $13,000,000. Germany received $100,000,000.
The next meeting of the board of the bank
will be held October 13.
Austrian Credit-Anstalt Expands
Activities — Director
Ehrenfest to Locate in Paris Instead of Vienna.
The Austrian Credit-Anstalt, Vienna, at a meeting of its
directors, consented to the request of Director Fritz Ehrenfest to change his business activities from Vienna to Paris
(France), and while he retires from the active management of this bank, Director Ehrenfest was elected to the
Board of the Credit-Anstalt, according to cable advices
received by New York and Hanseatic Corporation. Director Ehrenfest, it is stated, will be in charge of the business
of the Austrian Credit-Anstalt and its interests in Western
European countries. He will continue his present
functions at the Board of the Amstelbank (Amsterdam, Holland), and other European banks and industrial enterprises in which the Credit-Anstalt is Interested, and will
be elected to the Board of Directors of the Societe de
Banque pour le Commerce et l'Industrie in Paris, in which
the Austrian Credit-Anstalt and the Amstelbank have important interests.
Offering of $55,000,000 7% Austrian Government International Loan of 1930—$25,000,000 Floated in
U.S.
Sinking Fund 7% gold bonds of the Austrian Governmen
t
International Loan of 1930, to the amount of about $55,000,000, were placed on the market here and abroad
this
week. In the United States $25,000,000 of the bonds
were
offered on July 15 at 95% and accrued interest to yield
over
7.40% to maturity, by J. P. Morgan & Co., Kuhn, Loeb
& Co.,
First National Bank of New York, the National
City Co.,
Guaranty Co. of New York, Bankers Co. of New York,
Chase
Securities Corp., Kidder, Peabody & Co., Lee,
Higginson &
Co., Harris, Forbes & Co. and Dillon, Read & Co. The
prospectors stated:
The bonds of the Austrian Government International Loan
1930 now to
be issued are to provide an effective sum equivalent to
over $55,000,000
and form part of an International Loan limited to an
to yield in the aggregate an effective sum of 725.000,000 amount sufficient
schillings
to about $102,000,000) and issuable in the form of bonds of (equivalent
various currencies all of equal rank. Concurrently with the
present issuance of the
American trench° in the United States of America,
other trenches are being
Issued in the following-named countries in the following
principal amounts:
Great Britain, £3,000.000 sterling.
Holland. £500.000 sterling.
Sweden. 10.000.000 kronor.
Switzerland, 25,000,000 Swiss franca.
Italy. 100,000,000 lire.
Austria. 50,000.000 schillings.
The New York "Journal of Commerce" of
July 15 in its
comments on the offering said:
A loan to Austria had been the subject of discussion
in financial quarters
for the past few months. According to reports in
at first been planned to offer the bondssome time inWall Street circles, it had
August
or in September.
It was believed that the present offering is smaller
than the amount which
it had initially been planned to place upon the
market. The present issue,
however, is part of an authorized loan for the
effective amount of approximately $102,000,000,later offerings to be
made when,as and if market
conditions permit.
The same paper stated that in the case
of the Austrian
loan placed in 19123 it had been offered by the present
par-
JULY 19 1930.]
FINANCIAL CHRONICLE
ticipating countries, and in addition, France and Belgium.
The paper quoted added:
Offerings of foreign securities in the French market have been few and
to some extent are understood to have been guided by political considerations.
It was stated that a country-wide selling group is participating in the
present issue. It is understood that the group is somewhat smaller, however, than that which handled the German annuity 53's. The Austrian
7s. maturing in 1943, which in 1923 were offered at 90% to yield more than
8%, yesterday were quoted at 103M %.
369
Armistice of Nov. 3 1918, and the Treaty of St. Germain, and any treaties
or agreements supplemental thereto,' were finally discharged and the first
charge in favor of these Powers on all the assets and revenues of Austria
created by the Treaty of St. Germain has ceased to be operative.
Rumanian Bank Will Retire Notes.
The following is from the New York "Journal of Commerce" of July 17:
Rumania has decided to replace its 5 and
The National Bank of
20 le
The subscription books on the $25,000,000 bonds offered notes
by metallic coins.
in the United States this week, July 15, were closed at 1
The holders of such notes are invited to present them for exchange at the
offices of the National Bank of Rumania in Bucharest,or any of its branches
P. M. the same day.
in Rumania.before Sept. 1 1930. After that date these notes will be entirely
Early reports to the effect that the London portion of the withdrawn from circulation.
bonds were over subscribed in two hours, were later said
to have'been erroneous, a cablegram July 17 to the New York Chatham Phenix Corp. Reported to Have Purchased
"Journal of Commerce" noting this as follows:
— Privately $1,000,000 Notes of Province of Tucuman,
The majority of financial men here were misled by the early closing of
Argentine.
the Austrian loan lists yesterday into the belief that the loan had been
oversubscribed, whereas actually the public subscribed to less than $1,The following is from the Newffork "Evening Post" of
000,000 it is now understood. When the lists were closed at about 11 :lily 18:
o'clock in the morning it was stated that country subscriptions would still
be accepted, but this wasregarded as a formal concession to country applica- The Chatham Phenix Corp. has purchased and placed privately $1,000,tions coming through the mails. Information now at hand indicates that 000 of one-year treasury gold notes of the Province of Tucuman, Argentine
the underwriters will be required to take a considerable proportion of Republic, due July 1 1931, the proceeds of which will be applied for general
t•
London's £3,000,000 portion with the public subscriptions probably totaling Purposes.
Tucuman, the most densely populated of the Argentine Provinces, proless than one third of this amount. This misunderstanding casts no reflection on the issuing houses who doubtless closed the list to prevent duces and supplies more than 70% of Argentina's sugar and is the leading
producer of distilled alcohol. Industries other than agriculture have a
withdrawals of applications.
total invested capital of $80;000,000, and annual production is valued at
From the "Wall Street Journal" of July 17 we quote the $21.000.000.
following London advices:
Century of Republic of Uruguay Commemorated by
Luncheon in New York to Manager of Foreign
The new offering was referred to in these columns of a
Department of Banco de la Republic Oriental del
week ago, page 202. The Bank for International Settlements
Uruguay.
is trustee for the new Austrian bonds, which will be dated
In commemoration of the Centenary of the Republic of
July 1 1930 and will mature July 1 1957.
Uruguay, which occurred July 18, Charles H. Sabin, ChairThe redemption features are indicated as follows:
man.of the Board of the Guaranty Trust Co. of New York,
A cumulative sinking fund computed to be sufficient to retire the entire gave a luncheon in the private diningroom of the Trust Co.
amount of the bonds of the American tranche at or before maturity is to
yesterday in honor of F. Silveira Zorzi, Manager of Foreign
be applied to the purchase of bonds at or below 103% and accrued interest
Department of the Banco de la Republica Oriental del
if obtainable, or otherwise to the redemption of bonds drawn by lot.
It is reported in the market that 70% of the Austrian Government 7%
loan has been left in the hands of the underwriters.
Redeemable at 103% and accrued interest, upon not less than 60 days'
published notice, as follows: For the sinking fund, on Jan. 1 1932, and
yearly thereafter; at the option of the Government as a whole on July 1,
1935, or on any interest payment date thereafter.
Uruguay, Montevideo, and Jose Richling—
, Consul General
of Uruguayin New York. V,A feature of the luncheon was a
telephone conversation held from the luncheon table by
The bonds will be in coupon form in denominations of
$1,000, $500 and $100. Principal and interest (January 1
and July 1) will be payable in New York at the office of
J. P. Morgan & Co.,in United States gold coin of the standard
of weight and fineness existing on July 1 1930, without deduction for any Austrian taxes, present or future.
Dr. Otto Juch, Federal Minister of Finance of •the Republic of Austria, in a statement furnished to the syndicate
regarding the bonds says:
some of the guests with Dr—
. Alejandro7Gallin-al7President
of the Banco de la Republica Oriental del Uruguay. SilvegrZorzi has been in New York since early May, and is
familia—rizinT himself with American banking methods; he
has spent a great deal of time in the Yediiiritl Reserve- Bank of
New York, as well as the Guaranty Trust Co.
Purpose of Issue.
The bonds of this loan, which has been approved by the Committee of
Control constituted in 1923, are issued to provide for capital expenditures
incurred and to be incurred for improvements upon the Austrian Railways
and the properties of the postal and telegraph administration. The investment program contemplated expenditures,from 1928 to 1932 inclusive,
aggregating the equivalent of approximately $102,000,000, of which about
55% will be provided by the net proceeds of the bonds of this loan being
issued presently.
Security.
The bonds of this loan are the direct and unconditional
obligations of the
Austrian Govt. and secured by a charge upon the gross
receipts of the
customs and of the tobacco monopoly of Austria,subject only to
the charges
in favor of the Austrian Government guaranteed loan
1923-1943, herein
referred to as the 1923 loan, and the Austrian Government
Czechoslovakian
Conversion Loan H. No further charge on the above
-mentioned revenues
may be created ranking in priority to or equally with the charges
of this
loan except that the Austrian Government reserves the
right to secure
ratably with the bonds of this loan the bonds of any future
loan issued to
provide for redemption prior to maturity of the bonds of
any portion of
the 1923 loan outstanding at the time of such redemption.
The gross receipts of the Customs and of the tobacco
monopoly for the
year 1929 were approximately 600,000.000 Austrian schlllings
(or about
$84,400,000). The charges for interest and sinking fund
on the 1923 loan
and the above-mentioned Czechoslovakian loan, together
with the charge
for interest and sinking fund on the total authorized amount of
the Austrian
Government International Loan 1930, computed for the entire
authorized
loan on the same basis as the present issues and at par of exchange,
is
estimated not to exceed approximately 177,100,000 Austrian
schillingu
(or about $24,900,000) per annum.
The pledged revenues are paid by the Austrian
Government, as and
when collected, directly into an account under the control of the
trustees
of the 1923 loan, who, after providing each month for the
service of that
loan and the Czechoslovakian loan in accordance with their
terms, are to
release the balance to the trustee for this loan, which, after
reserving each
month one-twelfth of the amount required for the current
annual service
of this loan, will release the balance to the Austrian Government.
An agreement has been made between Austria and the Powers concerned,
subject in the case of France to ratification by the Legislature,
by which
the amounts payable in respect of relief bonds have been funded for gradual
payment over a period of 40 years from 1929 to 1968. The charge
upon
the assets and revenues of Austria by which the relief bonds are
secured
has been subordinated to the charge in favor of the present loan. By an
agreement entered into at The Hague, dated Jan. 20 1930, between Austria
and all the European Creditor Powers, Japan and other signatories, the
financial obligations of Austria towards these Powers arising under the
Hanford MacNider New U. S. Minister to Canada.
During the recent session of Congress, the Senate confirmed on June 20, the nomination of Hanford MacNider
of Iowa as U. S. Minister to Canada succeeding William
Phillips. Mr. MacNider was named to the post by President
Hoover in May. The Senate confirmed the nomination without a record vote. Mr. MacNider was formerly Assistant
Secretary of War. His appointment as Canadian minister
was opposed by Senator Brookhart (Rep.) of Iowa. The
"Herald-Tribune" in a Washington dispatch, June 20, said
in part:
Senator Brookhart, though he denounced Colonel MacNider and said
he was personally objectionable to him, did not go to the point of invoking the old tradition of the Senate against his opponent. Under the
tradition, a personal objection by a senator usually prevents confirmation. Senator Brookhart said he would not ask the Senate to vote
against him because of his personal objection.
"If the Senate wants to have him confirmed, the responsibility is upon
President Hoover," said Senator Brookhart. "If he wants a man to
violate his own speech of acceptance, a man who has violated his own
theory of law enforcement, and all those things, to represent him in a
foreign country, he shall take the responsiblity."
Mon of Senators Do Not Vote
In consequence of this declaration by Senator Brookhart, no roll call
was asked. On a viva voce vote there were a few scattering ayes and
a single nay, which apparently came from Senator Brookhart. Most of
the members of the Senate did not vote. Vice•President Curtis announced that the nomination was confirmed.
Senator Brookhart excoriated Colonel MacNider for making =marranted reflections on his integrity in relation to meeting an assessment
on stock in a bank that had failed, and accused him of being connected
with the "cement trust" and the "power trust" and of being an enemy
of legislation in the interest of the veterans of the World War. He said
that Colonel MacNider, formerly head of the American Legion, sought
to use the Legion as a partisan political organization.
Hoffman Philip Appointed U. S. Minister to Norway.
Hoffman Philip of Washington, who represented the
United States in foreign diplomatic posts for twenty-one
years, but retired from foreign service, has been chosen
by President Hoover to be Minister to Norway. A Wash-
370
FINANCIAL CHRONICLE
ington dispatch July 14 to the New York "Times" in making
this known said:
[voL. 131.
The Department of Customs estimates the total imports through all
Union Ports for the month of June at £5,213,967 against £6,688,154,
audited corresponding month last year and exports (excluding gold and
diamonds) £1,655,564 against £1,951,380 audited corresponding month
last year.
The value of gold and specie exported is as follows: 13,878,278 as against
14,755,252 for the corresponding month last year.
The nomination of Mr. Philip, who succeeds Laurits Swenson of Minnesota, will not he sent to the Senate until there is some prospect of
disposing of the London Naval Treaty. Mr. Swenson will remain in
Norway for a month or two in order to participate in some national
celebrations of that country.
Born in Washington, D. C., in 1872, Mr. Philip was educated at Lawrenceville Academy and at Magdalena College of the University of Tasmania to Cut Legislators' Pay as Measure of
Cambridge. He is a graduate of the Columbian University Law School,
Economy.
now George Washington University Law School. He was a "Rough
From Hobart (Tasmania) Associated Press advices,
Rider" in the Spanish-American War.
Entering the diplomatic service in 1908 as Minister Resident and July 16 to the New York "Times" said:
Consul General to Abyssinia, having previously been a member of the
The speech from the throne,read at the opening of the Tasmania LegislaMixed Claims Commission at Casa Blanca, he was secretary of the
ture to-day by Sir James O'Grady, Governor of the State, said the Tasembassies at Rio de Janeiro and Constantinople from 1909 to 1912, manian
Government, like that of New South Wales, would reduce the salreturning to become Chief of the Division of Near Eastern Affairs of aries of Ministers and members of the Legislature owning to the necessity
the State Department. He returned to Constantinople, received the Red for rigid economy in all State undertakings.
Cross Balkan medal for his work in the Balkan Wars, and in 1914 he
was a volunteer aide to the American Ambassador at Paris. In 1916
he became counselor of the embassy at Constantinople and from January
Conversations on Mexican Debt.
to November of that year was charge d'affairs at. the same time repreThe conferences on the Mexican debt situation between
senting the Allied Powers in their relations with Turkey.
In August, 1917, he was appointed Minister to Columbia, in 1922 representatives of the Mexican Government headed by the
Minister to Uruguay, and in 1925 Minister to Persia. He retired from
Finance Mnister, Luis Montes de Oca, and members of the
the foreign service early in the Hoover Administration.
Mr. Swenson was Minister to Denmark from 1897 to 1905, Minister International Committee of Bankers on Mexico headed by
to Switzerland in 1909, to Norway in 1911-13, and was again appointed Thomas W. Lamont of J. P. Morgan & Co., which have
Minister to Norway in 1921.
according
been in progress since June 25 are still proceeding,
to a joint statement issued July 16 by Senor Montes de Oca
Redemption of Portion of Italian Credit Consortium and Mr. Lamont. The statement follows:
The Mexican Minister of Finance and Mr. Lamont, Chairman of the
For Public Works External 7% Bonds.
International Committee, joined in stating that any reports that a settleagents,
fiscal
as
have notified holders ment had been reached in the matter of the Mexican Government direct
J. P. Morgan & Co.,
of Credit Consortium for Public Works, of Italy, external debt and the National Railways debt was premature. '
Discussions were still proceeding, and while many of the chief points at
loan sinking fund 7% secured gold bonds, series "A," due
issue had been satisfactorily composed there remained much work yet to be
March 1 1937 and series "B" bonds, due March 1 1947, done. Certain of the European delegates whose engagements made their
that $195,000 principal amount of series "A" bonds and return necessary sailed to-day.
The New York "Times" in its issue of July 17 said:
$109,000 principal amount of series "B" bonds have been
The fact that three of the European members of the Committee sailed for
drawn by lot for redemption at par on Sept. 2 1930. Bonds
home yesterday under pressure of business gave rise to reports in Wall St.
so drawn will be paid on and after Sept. 2, at the office of that
the conference had been concluded.
drawn
the
on
interest
date
which
after
Co.,
J. P. Morgan &
William Egerton Mortimer,the British member;Dr.Paul von Schwabach,
German
the
representative, and Gustave Dunant,the Swiss representative,
bonds will cease.
however, his
Dividend Payment by Mercurbank, Vienna.
sailed yesterday. In the case of the Swiss representative,
place will be taken by an alternate, Robert Dunant. The French and Belgian delegates still remain in attendance.
It was explained yesterday that while many of the chief points at issue
between the Mexican Government and the bankers had been worked out
there still remained much work to be done. It is understood that no official
announcement of the work done will be made until the conclusion of the
conference.
Hallgarten & Co. have been advised that the Mercurbank,
Vienna, has declared a 6% dividend for 1929, equal to
1.20 schillings per Austrian share, payable at the office of
Hallgarten & Co. upon presentation of dividend coupon
No. 3. Registered holders of American shares of record Federal Farm Board Quits Buying of Wheat—President
July 15 1930, will be mailed dividend checks of 15 cents per
Hoover Gives Approval to Plan of Not Attempting to
American share on July 211930.
Absorb Surplus.
The Washington correspondent of the New York "Times"
Turkish Finances—Government Can Make Only Third on July 16 stated that it was definitely learned on that day
of National Debt Payment Due.
that the Federal Farm Board will buy no more wheat for
From Angora, July 11, the New York "Times" reports the a considerable time. The advices to the "Times" further
following:
said:
The Government in a formal statement to the Ottoman Debt Commission to-day announced that Turkey's finances are such that she can
merely maintain the status quo, meaning that she can make payments of
one-third the amounts due on the national debt until a new arrangement
can be made.
If there is no new arrangement,she must "seek another solution."
Austria's Debt to Italy for Food Relief Pared From
$3,100,000 to $2,430,000.
Vienna advices as follows, July 11, are from the New
York "Times":
The Austrian Government announced to-day the successful conclusion of
negotiations to discharge Austria's relief debt to Italy.
Austria has agreed to pay $2,430,000 in 30-year instalments for the
food relief extended by Italy during the Winter of 1918-19 instead of the
original claim of $3,100.000. Italy has renounced her claims for payment of
the old Austrian Administration debts in territories ceded from Austria
to Italy under the peace treaties and for the redemption of the lire notes
issued by Austria while in occupation of Northeastern Italy.
Italy, as a result of the improved relations since Chancellor Schober's
visit to Rome, thus has considerably scaled down her liemands on her
former enemy.
Soviet Loan Floated.
In its issue of July 15, the "Wall Street Journal" had the
following to say in Moscow advices:
The Soviet Government has begun flotation of an internal consolidation
loan totaling 8.50,000,000 rubles (nominally $425,000,000) to facilitate its
five-year economic program.
The bond issue is known as the "five-year plan in four years," and 500,000,000 rubles will be issued in exchange for bonds of several previous loans.
Falling of in Value of Gold and Specie Exported
Through Ports of Union of South Africa During
June—Estimated Imports Also Declined.
The Standard Bank of South Africa, Limited, announce
that the following information has been received by cable
from their Pretoria office:
There is, indeed, strong reason to doubt that it will make additional
purchases at any time in the future. The policy of the Board has the
approval of the Hoover administration.
Until the present surplus of wheat is reduced by voluntary action of
the growers in decreasing production to the point where it practically
parallels domestic consumption, or by a decline in the world supply,
the stabilization measures of the agricultural marketing act will not be
invoked again.
Meanwhile the Farm Board will hold the 69,000,000 bushels of wheat
bought last Spring until the price returns to at least the figure paid by
the Grain Stabilization Corporation.
The administration, in sanctioning this attitude of the Farm Board,
has taken account of the possible consequences, but apparently has determined to hold to the policy without regard to any effect it will have
on the political fortunes of the Hoover administration and the Republican party.
Wisdom of Measures Doubted.
There is a strong impression that those most intimately concerned
have reached the conclusion that the stabilization provisions of the Agricultural Marketing Act have been found to be uneconomic and impractical as a means of dealing with the surplus problem. When the act was
under consideration in the Senate more than a year ago, certain Senators declared that the stabilization measures would not work.
• According to some of those in a position to know, the stabilization
provisions have not been scrapped permanently but the situation indicates that it will be a long time, if ever, when the Government again
resorts to the method adopted last Spring to bolster up the sagging
wheat market. This method resulted in leaving about $75,000,000 of
wheat on the Farm Board's hands.
No Guarantee as to Surpluses.
The administration, it was gathered, does not contemplate holding out
any guarantee to the farmer that the Government will take up recurring
wheat surpluses, year after year. Should action be necessary at some
future time to take up a temporary surplus which might be depressing
the market, the Farm Board may utilize the Government revolving fund
to buy wheat, but not otherwise. This fund amounts to half a billion
dollars.
Senators Arthur Capper and Henry J. Allen of Kansas, the greatest
wheat-producing State, spent more than an hour today trying to convince Arthur M. Hyde, Secretary of Agricultur:, that it would be a
wise policy in the present emergency for the Government to buy 100,000,000 bushels of wheat.
JULY 19 1930.1
FINANCIAL CHRONICLE
Secretary Hyde countered by calling on the farmers to reduce acreage and thereby curtail the domestic surplus.
Senator Capper pointed out that acreage reduction would not help in
the current emergency, and held to the opinion that the Government
could lose nothing by buying wheat, while its action probably would
bolster prices. Mr. Capper departed from the conference believing the
Government did not expect to renew stabilization operations, but Mr.
Allen was more hopeful.
Norris Sees No Permanent Cure.
Even Senator George W. Norris of Nebraska, insurgent Republican,
who rarely has agreed with the administration on anything, expressed
a belief today that stabilization operations would not offer a permanent
cure for the wheat surplus problem. He said that if the Government
bought wheat to withhold it from the market, the surplus would pile
up year by year, and the Government would soon have a great quantity
of wheat on its hands with no means of disposing of it.
"It is economically unsound for the Government to hold wheat,"
Senator Henrik Shipstead, Farmer Labor, of Minnesota, asserted.
"Wheat that is bought should be shipped out of the country and sold
as quickly as possible."
Newspaper statements that the White House was attempting to place
responsibility on Congress for the present wheat price situation brought
prompt reply.
Senator Norris threatened to interrupt the Senate debate on the London naval treaty to open an attack on the administration's farm program.
He was the sponsor for the export debenture proposal, which was deleted from the agricultural marketing act because of the President's
objections.
"Mr. Hoover himself is responsible for the present law," Senator Norris said. "This is his program and his Farm Board, and he alone is
responsible for it. Congress gave him exactly what he asked, and if it
has failed, he alone is responsible."
With wheat dropping to within about five cents of the price of corn,
Senator Norris contended that the present situation was comparable to
the crash of the stock market last Fall. He could not recall when the
two staple cereal crops were so near a level.
"The farmer could burn corn, but not wheat," he declared.
The administration intends to continue its fight to induce the farmer
to plant less wheat and, if possible, to reduce ultimately the average
domestic production from about 800,000,000 to nearly 600,000,000
bushels. As for emergency relief in the present period of low prices,
the administration has no remedy to offer, and none in mind, it was
asserted today by those in a position to know.
371
Senator Capper, who first made the demand for the huge purchase
of wheat to Alexander Legge, Chairman of the Farm Board, several
weeks ago, planned to call at the White House to-day to ask President
Hoover to instruct the Farm Board to this policy. The Senate treaty
activities made his call impossible to-day, he said, before the Board's
announcement was made this afternoon. He said he would call tomorrow.
In support of the Board's stand, Mr. McKelvie asser'ed that "wheat
is being held pretty generally" throughout the farm states. He added
that any operations of the Board in the market, through the Grain
Stabilization Corporation, must be undertaken "as a reasonable proposition." He explained that the Board did not propose to lose money in
its purchases of grain.
Taking a rather hopeful view of conditions, Mr. McKelvie said that
wheat held in storage by the Board agency should not be construed as a
threat to grain dealers at this time. He touched upon the sale Saturday of 2,264,000 bushels, purchased out of last year's crop, by calling
attention to "what might have happened had the entire volumt of the
corporation's holding been left to play freely on the market throughout
the year." The corporation holdings have been placed at some 60,000,000
of bushels, but the figure could not be confirmed here. The Board
conceded only that "for a substantial period" it had controlled through
the stabilization concern "more than one-half of the visible supply."
The statement of the Board to-day coincided with continuation of the
political turmoil which has been aroused in Kansas and other wheat
states over the efforts of Mr. Legge and Arthur M. Hyde, Secretary of
Agriculture, on their recent speaking tour of that region to impress
upon the farmers economic necessity and advantages to them of reducing
their wheat acreage to cut over-production. Some observers in Washington were inclined to regard the trip as "inopportune" in view of the
proximity of the fall elections. They speculated on the possible effects
of White House refusal to comply with the requests of the two Kansas
Senators for huge government buying operations.
The assurances from the White House to-day, made known prior to
the Board announcement, were not unlooked for. President Hoover
was expected to take the stand that the administration of farm affairs
was in the hands of the Farm Board. Furthermore, his renomination
of Mr. Legge to the post of Chairman of the Board was seen at the
time as indicating the President's faith in his ability to handle the problem. Mr. Legge already had refused to authorize purchase of 25,000,000 bushels of the new crop of wheat, and it was hardly expected
that the Board would reverse itself and look with favor upon a purchase
of four times that amount.
One consideration which might have influenced the decision of the
In another item we refer to the appeal of Senator Capper
Board was the enormous difficulty in storing an additional 100,000,000
to President Hoover to authorize the Federal Farm Board bushels. Minneapolis, Minn., with the largest grain storage facilities
in the world, it was observed to-day, could take care of only approxito purchase 100,000,000 bushels of wheat.
mately 75,000,000 bushels were the elevators empty, and it is understood
that many are already filled.
Senator Capper's Efforts for Purchase By 'Federal Farm
Board Not in Politics, He Says
Board of 100,000,000 Bushels of Wheat—Appeal to
James C. Stone, Vice-Chairman of the Board, sat beside Mr McKelvie
President Hoover—Latter Declines to Interfere With to-day while the latter delivered his statement to newspaper men. He
nodded occasionally in assent to an expressed idea, but spoke only once
Board's Policies—Board Denies Existence of Emeror twice to clarify a statement. In the group of newspaper men were
gency.
a number of representatives of papers published in farm states and
Overtures to President Hoover on the part of Senator centers. After their persistent questioning was ended, Mr. McKelvie
he had "had a pretty tough time." He was asked, among
Arthur Capper (Republican) of Kansas to direct the Fed- remarked that
other things, to pass judgment on whether the present low prices did
eral Farm Board to purchase 100,000,000 bushels of wheat not constitute an emergency and once was asked if the Board would
failed to win the President's support, a dispatch July 14 change its policy "under political pressure."
His eyes snapping, the former Governor declared that the Farm Board
from Washington to the New York "Times" stating that
was not in politics and never would be.
"in the critical situation facing the wheat farmers, with
"What we are trying to do," he said, "is to put the farmer on a real
prices the lowest in sixteen years, President Hoover was business basis, whether he's a Democrat or a Republican. The farmer
reported today, July 14, as being opposed to instructing the already has received more benefits than he ever expected from this farm
program."
Federal Farm Board to buy 100,000,000 bushels of wheat, relief
Capper told President Hoover at a conference
Senator
a program advocated by Senator Capper of Kansas as a
practical solution of the wheat growers' problem." The at the White House on July 15 that, in his opinion, the
purchase of 100,000,000 bushels of wheat by the Federal
dispatch also said:
The position of the administration is that the Farm Board was cre- Farm Board would aid in the stabilization of the wheat
ated to deal with the agricultural situation, and is qualified and em- market. The United States Daily in referring to Senator
powered to adopt any program that seems necessary to aid the farmers.
Capper's conference with the President said:
It is understood by the President that the Board at present does not
Senator Capper declared he could not conceive of the Government
plan to go into the market and buy wheat while its earlier purchases
prices
remain still unsold. On the other hand, the President has confidence, losing money by buying wheat at present, as he did not see how
are
it is stated, in the program pursued by the Board, of which Alexander could be lower six months from now because current market prices
lower than in 16 years.
Legge is Chairman, and is not disposed to disrupt its policies.
Purchase Is Favored.
No Decision by the Board.
"I told the President," said Senator Capper, "something of the wheat
The Board has reached no decision concerning the further purchase
situation out in our part of the country. I am going to wait, however,
of wheat, it was announced today. However, many persons here believe
of the Federal Farm Board gets, back to Washdevelopments in the next few weeks may dictate such a course in an until Chairman Legge
ington and talk the situation over with him next Monday. The Presieffort to prevent wheat prices falling below the present low record. The dent and I came to
no real conclusion. I think I will also discuss the
price today is below that of 1914 and, according to Senator Capper,
situation with the Secretary of Agriculture, Arthur M. Hyde.
not
is
market
the
"pegged"
if
by
lower,
go
may
some drastic action by
"I think the suggestion I made that the Federal Farm Board buy
the Board.
100,000,000 bushels of wheat to stabilize the price situation is the best
The discontinuance of buying of wheat by the Board, one that has so far been made."
Discussing the export debenture plan as a means of relieving the presmade known July 10, is referred to in another item in this
ent wheat price crisis, Senator Capper said that nothing along that line'
issue of our paper.
could be accomplished at the present time.
"We will have to wait until the regular session of Congress convenes
From the New York "Herald-Tribune" we quote the folin December to do anything along that line," he stated.
lowing account from Washington, July 14:
"There are a lot of people out in the West who still believe in the
Efforts of Senators Henry J. Allen and Arthur Capper, Republicans,
equalization fee plan as a means of relieving the wheat situation,"
of Kansas, to have President Hoover intervene in the operations of the Senator Capper
continued. "Of course, a good many people believe
Federal Farm Board in the wheat crisis were met today with word also in the
debenture plan. That, however, will have to be thrashed
from both the White House and Farm Board that the latter would keep out by Congress, which
means eight or ten months from now.
out of the open market at this time.
Lowest Level in Years
The Board's position was stated by Sam R. McKelvie, one of its
members and a former Governor of Nebraska, who denied that a new • "What we are most interested in right now, however, is the present
emergency existed, and maintained that wheat purchases by the Gov- emergency. A lot of wheat is coming into the market at a price lower
ernment at this time would not bring about permanent improvement. than has been received for wheat in the last 16 years.
"If the present situation continues until December, there is no doubt
He said the Board regarded as impracticable the purchase of more
but that there will be a movement for the debenture plan. But the
wheat in view of the Government's present heavy holdings.
Senator Allen carried the question to the President yesterday in the wheat people of the West are greatly disturbed over the unsatisfactory
form of a request that the Board be directed to buy 100,000,000 bushels price they are receiving for their wheat. Naturally, there is a state of
feeling that is anything but pleasing."
of grain and hold it off the market to force up prices.
372
FINANCIAL CHRONICLE
Senator Capper expressed the view that curtailment of wheat acreage,
as had been suggested, has much to do with the present situation.
Senator Capper said it was his impression that some persons think
curtailment of wheat acreage would have some good effect on the present
market.
"If there was a promise of a general movement along that line it
might fix the market at the present time," he said.
President Sympathetic.
"I do not see how the Government could lose by purchasing the 100,000,000 buShels of wheat now at the present price. I do not think prices
can go any lower. I cannot see that within six months from now that
wheat prices will be as low as now.
"President Hoover is very sympathetic to the whole wheat situation,"
the Senator said. "He wants to see the farmers get out of the present
situation in a way that will help them. He is very much interested in
the situation. I gave the President my opinion that the purchase of
100,000,000 bushels of wheat would be helpful."
After a conference with President Hoover, following the Cabinet
meeting July 15, the Secretary of Agriculture, Arthur M. Hyde, stated
orally in his view it would not be practicable for the Federal Farm
Board, through the Wheat Stabilization Corporation, to make further
large purchases of wheat at this time.
It was, he said, a matter for the consideration of the Board, but he
expressed the view that no Government agency could continue to absorb
successive surpluses. It was the purpose of the machinery set up, he
said, to absorb an occasional depressing surplus in the interest of
stabilization in the price to producers.
No agency, he said, however large, could absorb a continuing succession of surplus crop because there would be no means or time or place
of disposition of the wheat held.
[VOL. 131.
I hope to be able to convince him that the thing to do is to help the
wheat grower now while it is possible to give him relief, and that the
purchase of 100,000,000 bushels of wheat will do more than anything
else to stabilize the market and stimulate the price.
"Incidentally, it is most unfortunate that just at this time the InterState Commerce Commission should have handed down its decision increasing Western class rates $12,000,000, thereby adding to the load of
the already overburdened agricultural region. Commissioner Porter's
dissenting opinion convinces me that the higher rates which are
to
prevail in the Middle West are indefensible. There should
have been
a decrease rather than an increase in Kansas territory during
this period
of depression."
Chairman Legge of Federal Farm Boara in Letter to Gov.
Reed of Kansas Comments on Impression That Board
Asked Farmers to Quit Raising of Wheat—Resignation
of Mr. Legge Demanded by Messrs. Levand, Publishers
of Wichita (Kans.) Beacon.
Under date of July 13 Alexander Legge, Chairman of the
Federal Farm Board addressed a letter to Gov. Reed of
Kansas bearing on a controversy growing out of statements
attributed to Mr. Legge in his campaign for wheat reduction. Incidentally a demand for the resignation of Mr.
Legge from the Farm Board figured in the controversy, as
indicated in the following dispatch from Wichita (Kans.),
Co-operation Advised.
July 11, to the New York "Times":
The remedy lies, he said, in action by the co-operatives of the farmers
Max M. and Louis Levand, joint publishers of The Wichita Daily
distribute
in
an
the
orderly
crop
marketing
process.
to
Beacon, of which Senator Henry J. Allen was former publisher, today
Mr. Hyde expressed the view that the criticism leveled at the Farm entered the wheat acreage
reduction controversy by calling upon AlexBoard was to a considerable extent, at least, instigated as propaganda ander Legge, Chairman of
the Federal Farm Board, for his resignation
against the present effort by those who have consistently sought and and an apology to Kansas.
insisted upon the debenture plan or the equalization fee.
They made public two telegrams which they said had been sent to
Senator Capper figures (said a Washington dispatch, Mr. Legge and to President Hoover. The message addressed to the
President was in these words:
July 14, to the 'Times") that the Board can buy 100,000,000
"Alexander Legge, Chairman of Farm Board, in his speech Thursday
bushels of wheat for $85,000,000 and sell it later at a profit. at Dodge City, made statement that 'biggest hog will always lie in
trough.
Kansas is now in the trough.' This is insult to 1,850,000
At the present time the Board has 69,000,000 bushels of people, and
we ask apology from Mr. Legge, and, since he says he has
last year's crop which it bought at $1.15 a bushel, and done all he can do to help farmer, we ask his resignation. Please be
kind enough to reply to this telegram, as people of State of Kansas are
1,250,000
cotton,
holds
with
bales of
also
about $140,000,000 awaiting answer."
In a similar telegram to Mr. Legge this sentence appears:
Invested. The dispatch likewise said:
"Since you say you are through and the best you can do is to advise
The Board has about $110,000,000 of its original appropriation of
farmers
of Kansas to 'sit tight,' we ask you to resign."
$250,000,000 which could be used to buy wheat at this time. One factor faced by the Board, should it decide to buy more commodities, is
From Amarillo, Tex., July 11, a reply from Mr. Legge
the increasing opposition in the East to its policies. Eastern members
of Congress, members of the Board fear, will not support any further (Assotiated Press) was reported as follows in the "Times":
Alexander Legge replied in picturesque fashion to the telegraphic
appropriation to buy wheat.
request for his resignation,
Prior to his conference with the President, Senator Capper of The Wichita Beacon. sent him today by Max M. and Louis Levand
"You may present my compliments to Max and Louis and please
Issued a statement in Washington on July 12 indicating
his intention of putting before the President his proposal. tell them that I said they can go to hell," the chairman said to newspaper men after an address here today.
The Senator in his statement also took occasion to attack
"The expression I used is one farmers understand," Mr. Legge exthe recent decision of the Inter-State Commerce Connuis- plained. "I said 'The biggest hog will always lie in the trough.' Kansion raising Western class freight rates, saying this would sas is the largest wheat producing State, and I'm sure my listeners got
the idea I was conveying that Governor Reed is putting Kansas in that
cost the shippers and producers of the Middle West $12,position."
000,000 and still more to their already heavy burdens. He
"A candidate tells his listeners what they like to hear," Legge went
believes rates should have been reduced rather than in- on, "but not being in politics, I told the Dodge City meeting the truth.
creased. The Senator's statement of July 12 as given in a The Governor was just a little unfair in trying to turn a discussion
of strictly economic problems into a political meeting.
Washington account to the Topeka "Daily Capital" follows:
"I can't say I was wholly faultless in peeving Governor Reed a
little, but I couldn't let him get away with that. I thought I had been
Called on Legge.
"Some 10 days ago I called on Chairman Legge of the Farm Board quite conservative. There is never going to be any relief to this proband suggested that the Board buy a part of this year's wheat crop and lem through petty politics."
take it off the market as a means of stabilizing the badly sagging price
Mr. Legge's letter of July 13 to Gov. Reed follows:
of wheat. This was urged by the Kansas State Farmers' union and
On Train Through Missouri.
other wheat growers' groups. As yet, the Board has not been disposed
to take such action.
July 13, 1930.
Hon.
Clyde
M. Reed,
"With the price of wheat in Kansas at 60 cents a bushel, the lowest
Topeka, Kan.
price in 16 years, and little prospect of an immediate improvement, I
am more than ever convinced that the Board should go on the market Dear Governor:
now and purchase whatever amount of wheat may be necessary to proI passed through your city about 5 o'clock this morning, but thought
tect the wheat growers against the ruinous price they are now obliged it was too early to pay my respects and discuss with you
some of the
to take for their crop.
main reactions of the meeting held in your State.
Some of the newspapers seem to have the impression that you or I
Emergency Exists.
"Congress passed the agricultural marketing act, and created the got hot about something. The only heat I noticed on the trip was
furnished by the weather man, who furnished plenty. Other papers
Farm Board for the express purpose of assisting agriculture during
have the impression that Mr. Hyde and myself were asking
periods for emergency and placed at the disposal of the Board $500,- seem to
farmer to quit raising wheat in Kansas. You know how far that
the
000,000 to be used in meeting such conditions. There can be no doubt
is from the fact, the suggestion being only to raise a little less of it and
that such an emergency exists at this time.
give the consumer a chance to catch up with the producer.
"No sane man can argue that wheat can be raised profitably at 60
In view of the further facts and information that have been develcents a bushel. I believe, therefore, that the Farm Board should now
perform one of the most important functions for which it was created oped on this subject during recent months, I am hoping you will see
your way clear to join us in this request. In other words, we are
and through its stabilization corporation buy wheat for the purpose of
stimulating the price of the commodity. Congress created the stabiliza- asking a little co-operation from the grower, who is the one who will
receive the benefit from any improvement in the situation.
tion corporation for that very purpose.
Still another peculiar angle is brought up by your friends, Max
Would Make Profit.
and Louie, of Wichita, who are prone to speak for all Kansas, acting
"I cannot see that the Farm Board would lose by buying wheat at as if they thought they were the State of Kansas. They transposed the
60 cents. As a matter of fact, it would stand to make a profit, for the words "is Kansas" to read "Kansas is" and 'proceeded to get insulted
about it.
price of wheat undoubtedly will rise within a few months.
It seems quite clear that you understood what was meant, as you
"Tht Board then could play its holdings back on the rising market
gradually and in that way recoup any temporary loss it might have were sitting within a few feet of me on the platform at the time and
assumed in the transaction.
apparently accepted the statement in the spirit in which it was made.
"I say that the Board should act immediately for the reason that Had you thought there was anything to the good State of Kansas I
the wheat now is in the hands of the growers who need help. Action am sure that you, as Governor, would have promptly protested rather
on the part of the Board after the crop has left the bands of the growers than leave the job to Max and Louie.
Since you have given out copies of your letters to me, I feel that
will do the producers no good, but will be playing into the hands of
speculators.
you will not object if I pass this letter along to the press.
To Consult President.
Sincerely yours,
"So serious do I consider the present situation that I expect to lay
ALEX LEGGE,
returns
when
President
he
to
Washington
on
Monday
and
the
before
it
Chairman, Federal Farm Board.
JULY 19 1930.]
FINANCIAL CHRONICLE
Gov. Reed of Kansas in Telegram to Chairman Legge of
Federal Farm Board Protests Against Sale of Wheat
By National Grain Corporation—Purchases of Wheat
By Kansas Flour Mills—Board's Wheat Holdings 60,000,000 Bushels.
373
Wheat Dumping By U. S. Arouses Traders in West—
Kansas City Dealers Charge 350,000 Bushels Sale
Breaks Price on Exchange 34c.
The New York "Herald-Tribune" carried the following
from Kansas City July 12 in its July 13 issue:
Associated Press dispatches from Kansas City
Grain dealers charged today that the Federal Farm Board had broken
July 12
stated that a flurry was caused in grain circles
there on faith with the grain industry and accused the government's control of
"breach
of trust" because it had dumped "at least 350,000 bushels of
that day when it became known that wheat which
the grain wheat" on the local market here yesterday
at 78 cents a bushel.
stabilization corporation purchased during
the last crop
"Disclosure of the sales was made through a private investigation
season in an effort to stabilize prices had been
sold at a checking on the activities of the Federal Farm Board after a break of 3%
time when the new crop is being marketed. This
dispatch, cents a bushel yesterday from the top price following the sale of a huge
amount of grain to the Kansas Flour Mills Company.
published in the Topeka "Daily Capital" also
said in part:
Consternation gripped the Board of Trade following the drop in price.
Gov. Clyde M. Reed of Kansas upon learning of the
transactions There was
no outward reason for the drop in price. Investigations reimmediately telegraphed a protest to Alexander Legge,
Chairman of the vealed that the government's control board had
put some of its stored
Federal Farm Board who was at Enid, Okla.
wheat supply on the market.
The Kansas executive charged the Stabilization corporatio
n sales
"broke the market today," and asked Legge to give
Legge and Hyde Denounced
"unqualified assurance as to what the future policy of the Farm Board
will be with
No sooner had board session opened today than there was open deregard to its holdings of wheat, which in your addresses
nouncemen
Alexander
in Kansas
t of
Legge, Chairman of the Farm Board, and Arthur
you repeatedly state would not be sold in competition
with the new M. Hyde, Secretary of Agriculture. They have been making a tour
of
crop."
the wheat-growing states of Nebraska, Colorado, Kansas, Texas and
Later Chairman Legge announced the wheat disposed
of to the Oklahoma and today are at Enid, Okla., where they are urging the
millers, under contracts which gave them the privilege
to purchase farmers to redute their wheat acreage in order to cut down production
grain stored in their elevators for the Stabilization
corporation, would of grain.
be replaced by purchases of new wheat.
The wheat the government sold on the Kansas City board yesterday
Corporation officials said millers who stored the
government wheat was part of the supply purchased at $1.15 a
bushel last fall.
had been promised it would be moved by July 10.
Shipping orders
The grain dealers scored the tactics of the Farm Board in selling its
were given this week for the grain unpurchased by the
mills under the wheat when they were said
to have promised to keep their supply off the
storage contracts.
market so as not to compete with the crop now being harvested.
The Kansas Flour mills of Kansas City yesterday purchased
350,000
bushels of 1929 wheat from the Stabilization corporatio
n at a price
Send Out Letter of Criticism
around 82 cents a bushel as contrasted with the level
of $1.15 a bushel
The first large concern to take action was the Mensendieck Grain Comat which government funds were loaned on last year's crop.
pany. The concern sent a letter to its shippers, bitterly denouncing the
Legge announced the policy of purchasing new wheat after
receipt of a action of the Farm Board.
telegram from George Milnor, General Manager of
the Stabilization
"Something developed yesterday which should be very embarrassi
corporation, whose recommendations were approved by
ng to
Legge. Milnor's Mr. Legge,
Mr. Hyde and the Farm Board," the letter said. "The
telegram to the Farm Board Chairman said:
market
was fluctuating strong on bullish cables on almost sensational
"In closing up mill agreements it is necessary to
permit
them to reports from
purchase wheat stored which we are doing.
the Northwest owing to the damage by the continuance of 100
us to replace wheat thus sold by purchases ofI think it advisable for degree temperatures, when it was found that
the Farm Board was selling
new wheat which we can easily store and thus exact equal quantity of wheat.
avoid reduction of wheat
held by us as of July 1. This purchase of new
wheat would tend to
"It does not matter how much wheat the Board sold, the fact that
sweeten up and improve quality of our old
stock. Total amount involved 2,264,000 bushels."
the board did sell is sufficient to constitute a breach of trust with the
The Farm Board's total wheat holdings
as a result of the Stabiliza- men whom they have been advising to sit tight and to hold to their
tion corporation purchases of last year's
crop have been estimated by wheat."
Chairman Legge as approximately 60,000,000
The Farm, Board, it was pointed out, had stored wheat in elevators,
bushels.
The following is also taken from
the Topeka "Daily under contract to move it by July 10. As the date approached, it was
said, the mills ordered the government to dispose of this wheat, which
Capital" of July 13:
was occupying storage space the mills claimed to need. Having no place
Governor Reed yesterday sent a telegram to
Alexander
Legge,
Chairto move the wheat, the board sold it to the mills in which it was stored.
man of the Federal Farm Board, protesting
against the sale of wheat
by the National Grain corporation, and asking
for a
would not occur again. The Governor quoted from reassurance that it
previous telegrams Senator Robinson of Arkansas
and letters received from Legge in which it was
Doubts Aid From Farm
stated that the Stabilization corporation had no intention of selling
Board Law—Says Private Agencies Also Hamper
wheat, except to millers
where the new crop was not readily available.
Program.
The Governor's telegram:
Senator Robinson, Democrat, of Arkansas, discussing
"Replying your message. Stabilization corporation
the
has not been selling
wheat since movement of new crop except in small
tariff and agriculture in a radio speech at Washington July
needed for immediate use where new crop supply is quantities to millers
not available. Will 14 over the National Broadcasting System, said that
"the
shortly issue another statement emphasizing the
fact
will not be offered in competition with the present that this supply shadow of gloom still falls over the United States and
movement
of
the
new crop unless the price recovers to the level
at which the wheat was envelops almost every form of enterprise and activity."
bought.
The New York "Times" indicating this, quotes
Senator
Your letter of June 26 stated:
Robinson as follows:
"We do not feel there is any reasonable ground
for apprehension on
"The primary purpose of the recent revision of the tariff,
the part of millers and others as to the position
according
of the Stabilization to the proclamati
corporation as they know that since the new
on of the President and others who sponsored the legiscrop became available lation,
sales have been made by the Stabilization
was to resuscitate agriculture, which admittedly has been
corporation only where the
unprofitable throughout the post-war period," the Senator declared.
purchaser can show immediate need of the grain
and that it could not
be procured from any other source except at a
"Two
general
steps
in
legislation
were
suggested
by the President in
substantial loss in the
way of back haul to obtain."
his message to the extraordinary session of Congress,
called for the
With millions of bushels from this year's
crop, the best milling wheat single object of restoring the business of farmers to a plane of equality
Kansas ever harvested, available in the elevators
at Kansas City, the with that occupied by those engaged in other industries.
Farm Board yesterday sold to the Kansas Flour
"The first of the two steps," he continued, "was taken
mills 350,000 bushels of
in the passage
wheat and as a result broke the market today.
of the farm marketing act of 1929, which has proved
to be an unsatisI do not question your personal good faith in this
factory
culminatio
matter
n of ten years of agitation concerning a difficult and
and doubtless
it was done without your knowledge, but the effect
upon the wheat market many sided problem.
and the price the grower can realize from this
year's crop is just the
"Certainly
it should be said that the measure is in the nature of an exsame. In the light of the statements made to me
in both your telegram periment, which has not
yet been fully tried out. There is nothing in
and your letter of June 26, may I have your
early reply with such present conditions which gives assurance
explanation as to the policy of the Farm Board
or even great hope that the
as you may desire to law referred to will prove beneficial
to the degree which its champions
give me.
contemplated.
In the name of the Kansas wheat growers, suffering
from the lowest
"The debenture plan, for which a prolonged
wheat price for the last 16 years and a price below the
fight was waged in the
cost of production. Senate, and which was
intended to be restored to in the event of a
and the class of farmers for whose benefit the
agricultural marketing collapse, or threatened
collapse, of staple farm product prices, was
act was passed and the Farm Board created, I protest
wise and unsound policy and ask that it be stopped at onceagainst this un- finally rejected. Its elimination, first, as a feature of the farm marketing
and unqualified act of 1929, and second, as
assurance given as to what the future policy of the
a provision of the Smoot-Hawley tariff act,
Farm Board will was on the ground that it
was unsound in principle.
be with regard to its holdings of wheat, Which in your
addresses in
"Many economists and nearly all representa
Kansas you repeatedly stated would not be sold in
tives of the chief farmers'
competition with the organizati
ons legarded the debenture proposal
new crop now coming in.
as in nowise distinguishable, either in morals or in economics, from
the principle of tariff protection.
Stored 1929 Wheat Sold.
"In the Senate no one seriously
questioned the probability that the
existence of authority in the Treasury
The following Associated Press dispatch from
Department to issue debentures
Kansas would have a stabilizing
influence,
although
July
12,
is from the New York `Times":
City,
it was urged as ground of
opposition that production might be
stimulated
Officials of the Grain Stabilization Corporation, a Federal Farm
to an undesirable degree.
Board
"It is fair to say that the farm
agency, announced today that moderate quantities of wheat
stored with Farm Board, with almost unlimited marketing act, crTating the Federal
powers and providing a $500,000,000
Kansas City mills under a special plan when the Farm Board was
pur- revolving fund for loans, among
other purposes, to co-operatives and
chasing wheat in its campaign to stabilize the price for last year's
crop stabilizing corporations in connection
with the exportation and orderly
had been disposed of this week at current market prices.
marketing
of
surplus
products,
has met with obstinate resistance from
The wheat, stored under what was termed the "A" and "B" plan,
private
agencies
fearing
the
competition from such operatives and stabilizwas said to comprise only a small portion of the government-owned ing
corporations, and that obstruction so placed in
the way of effective
wheat. The sales were reported in the neighborhood of 2,000,000 bushels.
administration has gravely hampered the board in carrying out
its plans."
374
FINANCIAL CHRONICLE
[VOL. 131.
cultural product as corporations are to the successful manufacturing and
selling of the finished product to the consuming public by industry. Corporations are organized and owned by stockholders and are formed for the
purposa of concentrating the trading power and money of the entire group
into the hands of a few, and the only way the producers of raw material
(farm products) can meet this condition on equal terms is by organizing
into co-operative marketing associations, thereby concentrating their selling
power. This not only enables the producer to sell his product at its market
value under existing conditions, but through his own organization he can
keep in cicser touch with market conditions in relation to demand and
can regulate the flow of the product to the demand so that it will be taken
at a fair price and also regulate his production to meet the demand. There
Is nothing new about this. It has been done successfully by different cooperative groups in this country for the past 25 or 30 years and for a
much longer time in other countries.
The Board felt that its initial task should be to help existing co-operatives
handling particular commodities to federate or amalgamate into central
associations, the purpose being to gain control of a sufficient volume for
orderly marketing of the commodity. The Beard turned its attention first
to grain. It tailed together representatives of all the co-operative groups
handling grain, including the state pools, terminal commission agencies
and state elevator associations. All told, 36 groups were represented at a
meeting in Chicago last July.
Upon investigation we found that there were in existence approximately
4,500 separate and distinct farmer-owned and farmer-controlled co-operative
marketing associations for grain, and very few of these units were handling
the grain beyond the primary market, which was the local country elevator.
From there it went into the normal channels of the grain trade, to cotnpete with all the other co-operative units as well as private dealers and
merchants. We came to the conclusion that it was not more than common
sense and good business to suggest to these grain co-operatives that they
organize a national grain sales organization which they would own themselves in proportion to the amount of grain that each unit sold through it
and that all grain received by all member co-operative units be sold through
this one sales agency. The Farmers National Grain Corp. was the result of this suggestion and it is now operating with headquarters in
Chicago..
Critics of a national co-operative like this may say that it is built from
the top down. Nothing could be further from the truth. It has been
built from the bottom up throughout a period of not less than 40 or 60
years, during which farmers have been striving to secure control of their
marketing system. So far they have gotton scarcely beyond the country
elevator, with other agencies at the terminals taking charge of their grain
enroute to the purchaser or the consumer.
The Board in its initial conferences with the grain co-operatives learned
Commodities handled by co-operative associations receiving loans from the of one terminal association with member co-operatives handling 30 million
products,
dairy
cotton,
fruit,
bushels of grain that received only one-tenth of this grain to merchandise
revolving fund follow: Apples, beans, citrus
grain, honey, livestocks, poultry and eggs, grapes and raisins, rice, sour through the commission association. It was recognized that success of the
Farmers National Grain Corporation would depend largely on support of
cherries, tobacco, wheat and wool and mohair.
On invitation of the Farm Board, co-operatives representative of the its member associations and in turn these associations being supported by
producers of five commodities, in accordance with the provisions of the their grower members. Accordingly the Board has made it a condition that
Agricultural Marketing Act, have established advisory commodity commit- any association or individual borrowing government funds must market the
tees as follows: Dairy products, wool and mohair, wheat, cotton and commodity under the supervision of the central association.
livestock.
"We believe that it will take several years for these national sales
Farmers National Grain Corporation.
organizations to become properly organized and officered • • • but we
In the formation of the Farmers National Grain Corp. the Board has
believe that with proper and efficient management they eventually will
be able to perfect a more economical and efficient distributing system of assisted the co-operatives in setting up an organization on a sound financial
basis, each co-operative member subscribing for stock, paying part in cash
farm products." We give Mr. Stone's address herewith:
When Chairman Legge addressed the annual convention of the Institute and the remainder to be taken from the earnings of the corporation over
paid to the stockholders
last year at Baton Rouge, he explained the Agricultural Marketing Act a period of years. Before any dividends can be
capitalized at $10,000,000,
and what the Board hoped to accomplish under it. To-day I will tell you from the earnings of the corporation, which is
Farmers National is owned
as far as I can what we have done in our first year's operation and why a reserve of $10,000,000 must be built up. The
and controlled by its member co-operatives. The Farm Board does make
we did It
borrows money from the reIt is not necessary to discuss the Act as a whole. You are all more a condition that so long as the corporation
business policies shall be satisfactory to
or less familiar with its terms. It was passed by Congress because there volving fund its management and
National, local co-operatives
Farmers
the
To
of
Board.
be a member
was an agricultural problem. No one can deny that, and in my opinion the
under the Capper-Volstead Act. Any cothe most significant thing in connection with its passage is the fact that handling grain must be qualified
membership. The Board deals with•
our Government has at last recognized agriculture as an industry and has operative so qualified is eligible to
grain co-operatives only through the Farmers National.
adopted a national policy in relation to it.
representing over 2,000 comembers
24
The Farmers National now has
This is a progressive step in our national life and one which would have
than a quarter of a million grain probeen taken years ago had the farmers of the country organized their own operative elevator units and more
marketing associations and kept abreast of the times in organization with ducers.
Early last fall, before the Farmers National Grain Corp. was set
industry.
supplemental commodity loans to grain coThere are Mx and one-half million farmers in the United States, producing up, the Farm Board made
These operatives on wheat in storage, thus enabling them to advance to grower
between 13 and 14 billion dollars worth of farm products annually.
the market value than was possible through
under
of
percentage
members a larger
products have been moving from the farm to the breakfast table
duty ordinary credit facilities. At the time of the securities market crash ia
a system which has taken at least 100 years to develop, and it is thebetter
late October the Board, as an emergency measure to prevent undue deof the Farm Board under this law to assist farmers in developing a
receive pression in farm commodity prices, announced a schedule of fixed loan
system of distributing and selling their products so that they may
various terminal markets. Later in the winter
for themselves a larger percentage of the consumer's dollar. You can see values for wheat at the
when this proved insufficient the Board authorized an emergency stabilizafrom this that the task assigned to the Board is no easy one.
as is contemplated by section 9, paragraph (d)
assuch
wheat
in
were
operation
tion
The members of the Board realized the responsibilities they
responsibility of the Agricultural Marketing Act.
suming when they agreed to serve but they have accepted that
because they believe under the terms of the law something constructive can
American Cotton Co-Operative Association.
be accomplished for the farmer.
The declaration of policy in the Act directs the Board to raise the ecostate co-operative associations handling short staple cotton
various
The
in
speculation
nomic level of agriculture to that of industry by eliminating
have been assisted by the Board in setting up the American Cotton Coagricultural products; by eliminating wasteful and inefficient methods of operative Association, a $30,000,000 central co-operative marketing agency
distribution; by preventing and controlling surpluses of agricultural prod- for that commodity, with headquarters in New Orleans. All the cotton
co-operative
ucts ; and by encouraging the development and organization of
co-operatives excepting the Staple Cotton Co-operative Association, Greenmarketing organizations, farmer-owned and controlled, which comply with wood, Mississippi, which handles long staple cotton, are members of the
our
the terms of the Capper-Volstead Act. In fact, it practically limits
association. Marketing of long staple cotton is so different from that of
operations to and through co-operative marketing associations. This you short staple cotton that it was felt nothing would be gained by attempting
directly
can readily see is a wise provision because no Board could deal
at this time to handle both through one sales organization. The Greenwood
with the farmers individually. There are too many of them.
practical Association is working in harmony with the American Cotton Co-operative
common-sense,
a
develop
concern,
to
was
therefore,
first
Our
Association.
program, based on sound business principles and complying with the terms
Commodity loans supplemental to primary loans from Intermediate Credit
associations
of the Act which would be helpful to co-operative marketing
We realize Banks and commercial banks were advanced by the Board to all the cotton
now operating and to new ones to be organized in the future.
co-operatives co-operatives on their 1929 crop. An emergency policy of fixed loan
that co-operative marketing is not perfect, that there are good
managed. We also values for cotton, similar to that for wheat, and for the same purpose, was
and bad ones, some well managed and other badly
his put into effect in late October. As was the case in wheat, it became necesrealize that when a farmer joins a co-operative marketing association
sary later in the marketing season for an emergency stabilization operation
problems are not all solved. Co-operatives will not run themselves. They in cotton and this was authorized by the Board.
These associations handled
structures,
are only business organizations which require sound financial
farmer mem- approximately 1,500,000 bales of the 1929 crop, which was an increase of
honest and efficient management, backing and support by the
handled
the previous year. They represent
they will fail about 30% over the quantity
bers who own them, and unless they have all these things
more than 200,000 grower members.
circumstances.
similar
would
under
business
other
any
just like
Member associations have turned over to the American Cotton Co-operative
Co-operative marketing associations are to agriculture the same as cormarketing Association the marketing of their cotton and the 1930 short staple crop
porations are to business, and it seems to me that co-operative
of agri- handled co-operatively will be marketed through this agency.
associations are just as essential to the successful merchandising
James C. Stone of Federal Farm Board Denies Charges
of Price Fixing by Board—Says Latter Did For
Agriculture Only What Bankers Did to Meet
Emergency in Stock Market Crash—Loans to
Cotton and Grain Stabilization Corporations
$175,000,000.
Declaring that "there was no foundation whatever for
charges of Government price fixing and Government in busimade as a result of the emergency measures
ness * * *
taken by the Farm Board to protect the market of farm commodities at the time of the crash in the stock market" James
C. Stone, Vice-Chairman of the Board, speaking on July 7
before the American Institute of Co-operation, at Ohio State
, University, Columbus, Ohio, said that the Board "did nothing
more for the agricultural commodities market than bankers
and business men did to meet the emergency in the securities
market crash". "It is generally considered by interested parties in the grain trade" said Mr. Stone, "that if such action
had not been taken by the Grain Stabilization Corporation
the price of wheat probably would have dropped to 75 cents
a bushel, with effects on other farm commodities. Although
the Stabilization Corporation may lose some money on the
wheat it has bought," said Mr. Stone, "no one can say that
Its loss will be one-flftieth as much as the losses would have
been to the entire country if a complete collapse of farm
commodity price had occurred."
Mr. Stone stated that "under the loan provisions of the
Agricultural Marketing Act the Farm Board has advanced
to co-operative associations, the Grain Stabilization Corporation and the Cotton Stabilization Corporation approximately $175,000,000 of which $35,000,000 has been repaid,
leaving outstanding about $140,000,000 of the $250,000,000
revolving fund appropriated by Congress." He went on to say:
JULY 19 1930.1
FINANCIAL CHRONICLE
375
Commodities handled by co-operative associations -receiving loans from
the revolving fund follow: apples, beans, citrus fruit, cotton, dairy products,
grain, honey, livestock, poultry and eggs, grapes and raisins, rice, sour
cherries, tobacco, wheat and wool and mohair.
On invitation of the Farm Board, co-operatives representative of the producers of five commodities, in accordance with the provisions of the Agricultural Marketing Act, have established advisory commodity committees as
follows: dairy products, wool and mohair, wheat, cotton and livestock.
It can readily be seen that the program undertaken by the Farm Board
to help the farmers organize for collective action is not one that can be
accomplished over night, but one that will require not only considerable
time, but much patience on the part of both those who are trying to help
the farmers and the farmers themselves.
We believe that it will take several years for these national sales
organizations to become properly organized and officered and that there will
be many intricate problems which they will have to meet and solve, but
we believe that with proper and efficient management they eventually will
be able to perfect a more economical and efficient distributing system of
farm products.
Government Price Fixing Denied.
Charges of government price-fixing and government in business were made
as a result of the emergency measures taken by the Farm Board to protect
the market of farm commodities at the time of the crash in the stock
market. There was no foundation whatever for these charges. The Farm
Board, using the authority and means at its command, did nothing more
for the agricultural commodities market than bankers and business men
did to meet the emergency in the securities market crash.
The Agricultural Marketing Act made possible the setting up of machinery, farmer-owned-and-controlled, to meet this situation and the Farm
National Bean Marketing Association.
Board authorized its use to the benefit, I am sure, not only of agriculture,
Co-operatives representing growers of the nine dry bean producing states but the general public as well.
prices
If these efforts to prevent a serious decline in wheat and cotton
have organized the National Bean Marketing Association, $100,000 central
contribution toward the prevention of a general
sales agency for this commodity, under the guidance of the Farm Board. have made any important
Agrithe
justifies
this
alone
country, it may be that
Efforts of the association thus far have been centered on building up and crisis or panic in this
expanding member co-operatives of the association, preparatory to market- cultural Marketing Act.
country.
Severe criticism of this action came from many sections of the
ing the 1930 crop under central control. They report satisfactory progress
the Board the power to aid in this way and the
In this work. Individual bean co-operatives were advanced supplemental The terms of the Act give
be had
Board is the only agency throne' which help of this kind could
commodity loans on their 1929 crop.
by the producers of agricultural commodities. It is generally considered
been
net
Dairy Co-Operatives.
had
such
action
if
that
trade
by interested parties in the grain
probably would
Dairy co-operatives have been assisted by the Board in expanding their taken by The Grain Stabilization Corp., the price of wheat
that the prices
local and regional marketing activities with a view to later developing a have dropped to 75 cents a bushel. It is also recognized
of wheat.
national unified sales program. Loans were made to a number of regional of most other farm commodities are largely affected by the price
it has
associations including: the Dairymen's League Co-operative Association of Although The Stabilization Corp. may lose some money in the wheat
as the
much
one-fiftieth
as
be
will
New York; Land O'Lakes Creameries, Inc., Minneapolis; the United Dairy- bought, no one can say that its loss
of farm
men's Association of Seattle; the Challenge Cream and Butter Association losses would have been to the entire country if a complete collapse
of Los Angeles, and the Lower Columbia Co-operative Association of Astoria, commodity prices had occurred.
Repeatedly, the members of the Farm Board have announced publicly
Oregon. In addition, loans were granted to the National Cheese Producers
Federation of Plymouth, Wisconsin, the Co-operative Pure Milk Association that they are administering the Agricultural Marketing Act to help agriof Cincinnati, and to a number of local associations in Virginia, Tennessee, culture, and not to hurt someone else. It is their opinion that the manuof
Oklahoma, Utah, Ohio and Massachusetts.
facturer and consumer will benefit from the co-operative marketing
products. Already most of the flour millers and many of the woolen
farm
of
Behalf
In
Aid
Tobacco Growers.
the success
and cotton manufacturers see a distinct advantage to them in
(Meetings with Tobacco growers of Virginia, North Carolina, South Caro- of the national co-operative marketing associations bet up for these comorganizing
of profor
true
the
is
held
purpose of aiding in
lina and Georgia have been
modities and are on friendly terms with them. The same
state associations. In co-operation with the Extension Service the Board cessors in some of the other commodities, notably livestock.
urged tobacco growers of the Burley section of Tennessee and Kentucky and
As might be expected when a program of such vast proportions, directed
the producers of other varieties in the southern states to hold their acreage by the ones in charge with a determination to make it succeed, actually
down to that of 1929, this step being taken when reports of intentions to got under way with full steam ahead, there was some criticism. For the
plant indicated an increase of 15% in the acreage, which, if carried out, the most part this came from middlemen who feared that co-operative marketing
selling
Board felt would result in an unprofitable price.
of agricultural products, which is nothing more than the farmer
would interfere with their business.
grows,
he
what
Co-Operatives.
Growers
Citrus
against
Some of the grain exchanges were first to actively take the field
The Board has assisted the citrus growers co-operatives in Florida to pro- the efforts of the Farm Board to help agriculture to organize co-operatively.
of
number
products.
Jointly
their
a
with
annual
vide facilities for marketing
This spread to other middlemen groups and reached its peak at the
California banks it helped to finance Sun-Maid Raisin Growers Co-operative meeting of the Chamber of Commerce of the United States when on May
Association in marketing their 1929 crop and co-operated in developing an let that organization adopted a resolution for the modification of the law
industry program for the stabilization of the California raisin-grape In- which would destroy its usefulness.
dustry, with all elements represented and to become effective when an 85%
Naturally we had hoped they would support our efforts to aid agriculture,
do it
grower sign-up is obtained. The campaign ends this week.
but if they are going to oppose us we are glad they have decided to
Assistance to Sour Cherry Growers.
openly and not under cover.
that
note
to
interesting
At the Chamber of Commerce meeting it was
The sour cherry growers of the upper peninsula of Wisconsin and Michigan
demanded the repeal of the Agricultural Marketing
have been given financial assistance in expanding their processing facilities. all of the speakers who
organizations of commercial companies associated
Fruit growers of Southern Michigan are being encouraged in a program of Act, represented national
who were attacking the attempt of the
co-operative processing and marketing of their products. Supplemental together for mutual protection,
to organize so they would be in position
commodity loans were advanced to a number of other fruit growers co- Government to assist the farmers
to protect themselves.
operatives.
both
Keeping production in line with the potential demand of the market,
Potato Growers Co-Operatives.
and quality, is regarded by the Farm Board as a first essential
quantity
to
as
potato
the
the
of
of
s
growers
co-operatives
representative
A committee
principle
success of co-operative effort in agriculture. It is a first
country was organized following a conference with the Board of representa- In the
Inbusiness and farmers are being asked to do the same thing.
tives of fruits and vegetables co-operatives to develop a national marketing in other
production to meet the buying demand and sells to the
program for this commodity. As a result it is expected that the co-operative dustry regulated
same
the
at
and
demand will take it at a profitable price
effort in marketing potatoes will be measurably expanded in the sale of demand as the
time tries to stimulate and enlarge the demand.
the 1930 crop.
two crops,
The Board this year asked farmers to reduce acreage on only
Assistance to Apples and Rice Growers, Etc.
of a third,
wheat and cotton, and warned them against increased production
was
for
potatoes
that
to
the
to
taking
committee
selected
represent
. A similar
tobacco. In the case of wheat the Board asked for a 10% reduction, this
apple industry and met in Washington recently at the call of the Board
that wheat growing will not be on a profitable basis in
position
the
to consider plans for further development of co-operative effort among country until the quantity is brought down somewhere near to domestic
apple growers.
requirements.
that they
Assistance has been extended to a number of the rice co-operatives and
In suggesting to the wheat and cotton growers of the country
negotiations are under way looking to a centralization of the marketing reduce their acreage we are only following the precedent set by industry.
associations.
these
tries to
of
but
activities
A successful manufacturer does not produce an article blindly,
The Board has made loans to a number of sectional co-operative groups, produce an amount equal to the demmod, and it is upon this basis that
including one to the Co-operative Grange League Federation of New York, the Farm Board thought it well to call to the attention of the farmers of
to provide marketing facilities for the products grown by their members. this country that it was full time for them to begin to study the demand
With a view to helping farmers of the northeastern states to get in posi- for the various products they are producing and to try to produce an amount
tion to take full advantage of the provisions of the Agricultural Marketing not in excess of the demand, believing this to be fundamental to their
Act, the Farm Board is co-operating with the agricultural colleges of these prosperity. We realize that the farmer naturally has to deal with the elestates in making a complete survey of existing producer co-operative organ!. ments and that he takes more chances in his production than a manurations and the possibility of forming new associations where there are facturer does, but by giving this subject more consideration in the future
none at present. This survey was undertaken at the request of the agri- than he has in the past, we believe that it will go a long way toward
cultural colleges of these states and the Board is prepared to co-operate solving his problem. In urging farmers to pay more attention to the
stressed
similarly with other sections if it is desired.
potential buying demand at planting time, the Farm Board has
but inLoans.
that it is not asking them to reduce their income by such action,
believes their income will be improved substantially.
Under the loan provisions of the Agricultural Marketing Act the Farm stead confidently
study of
In the near future, the Farm Board expects to make a careful
Beard has advanced to co-operative associations, The Grain Stabilization
and sub-marginal land of the country and recommend a land
Corp. and The Cotton Stabilization Corp. approximately $175,000,000 the marginal
industry.
farming
which we hope will be to the ultimate good of the
of which $35,000,000 has been repaid, leaving outstanding about $140,- policy expect to make a study of the various sections of the country and
we also
000,000 of the $250,000,000 revolving fund appropriated by Congress.
National Wool Marketing Corporation.
sales
The National Wool Marketing Corporation, a $1,000,000 central
coagency for wool and mohair, has been set up by the wool and mohair
operatives with the assistance of the Farm Board. Instead of immediately
receiving
after
the
corporation,
own,
building up a sales organization of its
competitive bids, employed one of the long established wool firms as its
merchandising agent. The corporation already has contracted with its
member associations for more than 100 million pounds of wool, an increase
of over four times the amount handled co-operatively in 1929.
The Board assisted the association in making pre-shearing advances to its
grower members and also in granting supplemental commodity loans on
wool and mohair delivered to member associations for marketing.
National Livestock Marketing Association.
The Board is assisting the co-operative livestock associations operating
sales agencies at the large terminal markets and some of which make their
sales direct from ranch and farm to slaughters in establishing the National
Livestock Marketing Association, a $1,000,000 central co-operative sales
agency with headquarters in Chicago. Details of organization are expected
to be complete at a meeting in Chicago next Monday and it is hoped this
new agency will be functioning in a short time, having as its member stockholders all of the co-operative sales associations and commanding the support generally of ranchmen and farmers.
Livestock co-operative associations last year handled approximately
$300,000,000 worth of livestock, which represented about 18% of the total
slaughtered under Federal inspection. That was a substantial increase over
the amount marketed co-operatively the previous year. In addition, some
new associations with very large potential volume have been organized in
the past few months and formation of a number of others is under way.
376
FINANCIAL CHRONICLE
bring to the attention of the farmers of each section the crops and livestock
which they can produce to a better advantage than can be produced in other
sections. These questions we think are of vital importance to the ultimate
solution of the agricultural problem.
Although co-operative marketing on a sound basis is an essential part of
the Farm Board's program, we do not believe that it alone will solve the
farm problem. There are several things which, in our opinion, the individual
farmer will have to do himself before his business as a farmer will be
successful:
(1) Farm because he loves It; few people succeed doing things they are not In
terested in or love to do.
(2) Ile should adopt a sound financial policy in his Indlildual farm operation,
and the investment of any surplus funds which lie accumulates should be in securities
Which can be converted quickly into cash when needed. Most farmers invest their
accumulated funds in the first payment on additional purchases of land, going in
debt for the balance of the purchase price, or In mortgage notes on land, neither of
which can be cashed readily In time of need. Corporations or business men other
than farmers usually invest their surplus funds In good stocks and bonds not necessarily allied with their own business, with a daily market value so they can
be
immediately converted into cash If needed In their business. Farmers, when possible,
should follow this principle.
(3) Plan his work; keep in close touch with his State Agricultural College, experiment station and county agent.
(4) Have his soil analyzed and cultivate only productive land; base his production
on demand as near as possible, and produce quality products.
(5) Join with his neighbors in organizing a co-operative marketing association
through which to sell his products because "In Union There is Strength."
There is one thing which cannot be too forcibly impresed on the minds
of the farmers of the country, and that is that the Farm Board cannot put
the Agricultural Marketing Act into effect without the aid of the farmers.
The national sales organizations which have been formed and others which
will be formed are not government agencies but are farmer-owned and controlled co-operative marketing associations. The only thing that the Board
Is trying to do is to help the farmer, but before anything can help the
farmer., he must be willing to help himself.
[vol.. 131.
grain on the ground, not wishing to add to their losses by
paying storage charges. A Dallas dispatch to the "Wall
Street Journal" of July 8 in stating this added:
Situation at Spearman, Perryton and near Amarillo is serious. Railroads have concentrated thousands of cars to move the crop to Texas
ports or interior elevators, but growers are waiting for better prices.
They are losing about 30 cents a bushel now, it appears.
Much of the new wheat is of high protein content, from 13% to
16%, weighing around 60 to 63 pounds a bushel. Very little of it is
green, although when harvest began two weeks ago, there was considerable damp and immature wheat as rains were general at that
time. Now, a drought and hot weather have set in, and about 5,000
combines are at work in the Texas Panhandle, operated by 20 to 60horse power tractors and dumping their golden loads into motor trucks
which are congesting the highways.
Big wheat operators, who assert they can raise grain at from 50 cents
a bushel upwards, are the only ones who are in position to make a small
profit. Even they, including Hickman Price, who operates some 15,000
acres in four counties, have decided not to sell. Everyone is waiting for
the Grain Stabilization Corp. to act in the interest of higher prices.
Low wheat prices has effected seriously trade conditions in north.
west Texas.
Farm Aid Session of House Urged By Senator Caraway—
Wants Relief for Wheat and Cotton Growers.
A demand that President Hoover call the House of
Representatives into special session to permit relief legislation for agriculture was voiced on July 16 by Senator
Caraway (D., Ark.), who is disturbed because of the conS. R. McKelvie of Federal Farm Board Says Wheat Aid dition of the wheat and cotton markets. The New York
is Continued Through Wheat Stabilization Cor- "World" in a Washington dispatch July 16 in indicating
poration.
this also had the following to say:
Caraway as well as other Senators are incensed at what they conAlthough the Federal Farm Board is conducting no further
an attempt by the White House to hold Congreis responsible for
stabilization operations in wheat, S. R. McKelvie, a member siderfarm
situation after President Hoover dictated the terms of the
the
denied on July 17 that the Board was doing nothing relative Farm Relief Act.
As he talked, Caraway had before him a copy of an Associated Press
to the 1930 crop. Associated Press dispatches from Washingdespatch in which was stated that:
ton reported this and added:
"The President feels that the
Congress
Farm Board was created by
Sale of about 2,000,000 bushels of the 1929 crop by the Wheat Stabiliz- for the purpose of dealing
with the agricultural crisis and that action
ation Corp. in satisfaction of mill contracts mostly had been replaced by should be left to its
members."
purchases from the 1930 crop, he asserted.
Interpreting this as an assertion that the agricultural situation is
"Any one who thinks nothing is being done Is very much In error," he
handled as Congress desires it to be handled, Caraway pointed out that
said. "Through the Farmers National Grain Corp., which is lending to
co-operatives, which in turn are making advances to farmers, the situation the Senate is in session already and it would be a simple matter for
the President to recall the House.
is being improved."
"If President Hoover thinks Congress is to blame for the farm situaMcKelvie said there was substantial evidence that farmers were holding
wheat. He declined to make any prediction regarding the future outlook tion he ought to keep his promise and call Congress into extraordinary
session
to relieve agriculture and then keep his hands off the legislafor wheat.
J. C. Stone. another member of the Board, said the Cotton Stabilization tion," Caraway said. "He got his bill, be got all the money he asked
Corp. was taking up its cotton from the 1929 crop by purchase from cotton for, and he got the Farm Board that he selected.
"If Congress had been permitted to enact the kind of legislation it
co-operatives, as has been announced.
wanted, including the export debenture system, it would have spent far
less than the President has wasted and it would have been effective in
E. H. Cunningham of Federal Reserve Board Urges the wheat situation.
The Arkansas Senator contrasted the President's hand-off policy, with
Co-operation With Federal Farm Board.
respect to the agricultural situation with the burst of Presidential activFrom Ames, Iowa, advices to the "Wall Street Journal" ity following the stock market collapse last fall.
"When the stock market crashed," Caraway said, "there was feverish
of July 18 stated:
activity at the White House and the Administration gave the speculators
Wholehearted co-operation with the Federal Farm Board in its pursuit of
$160,000,000 as a new stake so they could gamble again."
a solution to the farm problem, will make a success of an undertaking which
This was a fling at the temporary tax reduction resolution rushed
has no chartered course to follow, Edward H. Cunningham, member of the
Federal Reserve Board,told members of the Farm Bureau in conference here. through Congress after the market decline.
Caraway figures that the cotton farmers of the South have lost $640,"While I hold no brief for the Federal Farm Board and have no assurance
as to what they have in mind as a solution of the farm problem," Mr. Cun- 000,000 since they planted this year's crop, on the basis of the difference
ningham said, "I feel that until the policies advocated by the Board in its in the prices at planting time and today.
Senators familiar with the wheat situation are inclined to believe that
effort to establish sound marketing practices have proved impractical or
faulty, the objective should be to co-operate in such manner as to justify the wheat producers will receive $250,000,000 less for their crop this
year than they did last year.
public confidence and respect."
Senator Norris (R., Neb.), agrees with Caraway that the responsibility for the failure of the Farm Board rests with the President because
Buying of Wheat Urged by Senator Allen of Kansas— the latter dictated the terms of the Farm Relief Bill,
Allen Tells President Hoover He Favors Capper's Pro-
Farm Aid Act Fails to Satisfy West—Secretary of Agriposal to Federal Farm Board.
culture Hyde, Returning to Capital, Says He Found
Senator Henry J. Allen of Kansas on July 13 expressed
Equalization Fee Again Advocated—Senator McNary
to President Hoover, while a guest at the latter's camp on
Getting Demands—Farm Bureau . Federation and
the Rapidan, that the purchase of wheat by the Federal
Farmers' Union Revive Agitation for Vetoed Plan,
Farm Board, as urged by Senator Arthur Capper of Kansas,
Secretary Hyde of the Agricultural Department returned
would help the farm price situation. This is reported ill
to Washington on July 15 from his trip through the Souththe New York "Times" which said:
Senator Capper favors the purchase of 100,000,000 bushels of wheat west with a report that strong sentiment still
prevailed
by the board to stabilize the price and hopes to be able to convince the among the wheat farmers for the
equalization fee and an
President that this would be a wise move at this time. Senator Allen
admission that the West was dissatisfied with the present
told the President that he favored the Capper plan.
Concerning a report that he asked the President to "direct" the Board farm relief law. The New York "Times" in reporting
this
to buy 100,000,000 bushels of wheat, Senator Allen said tonight:
from Washington, July 15, said:
"That's putting it a little too strong. Senator Capper has announced
that he thinks the Farm Board should purchase 100,000,000 bushels of
wheat. I backed up Senator Capper's request in my talk with the
President. I have told the Secretary of Agriculture, Chairman Legge
of the Farm Board and the President of my belief that the purchase of
wheat would aid the price situation. I informed the President that it
seemed to me that Senator Capper's idea would help the situation."
The Secretary's views ran closely parallel to a statement made today
by Senator Charles L. McNary of Oregon, who declared that powerful
agricultural organizalions were lining up support to revive the
equalization fee plan of which he was co-author.
Secretary Hyde reported to President Hoover that the Farm
Board's
proposal for a reduction of wheat acreage received little encouragement. In his opinion, the farm groups opposing the Board's program
are doing so in the hope that Congress will be forced later to turn to
the equalization plan of dealing with crop surpluses.
Farmers in Texas Pile Grain in Fields—Large Operators,
"But it would not work," Secretary Hyde said, "because of the tariff
Who Can Grow SO-Cent Wheat, Only Ones to Make a rates. Germany has a 97-cent tariff on wheat, France a higher duty
and England is working to promote trade within the British
Profit.
Empire."
Against Buying More Wheat.
With wheat prices in the Texas Panhandle (principal
The Secretary approved the policy of the Farm Board in not buying
winter wheat section of the state) down to 63 cents a more wheat, although
he said that it might change its program to meet
bushel, farmers are dumping millions of bushels of quality the present emergency.
JULY 19 1930.]
FINANCIAL CHRONICLE
"Stabilization operations by the Farm Board are all right to take care
of temporary surpluses," he said. "We now have over 60,000,000
bushels of wheat in the show window. But what if the Government
attempted to take care of recurring farm surpluses, year by year? We
would buy 60,000,000 bushels of wheat this year and 100,000,000 bushels
next year. The yearly surpluses finally would pile up so high they
would overwhelm us. Stabilization operations cannot be used as a permanent remedy to relieve farm surpluses."
A demand for the establishment of the equalization fee plan to take
care of surplus wheat promises to be the chief issue in the political campaigns in the wheat States, Senator McNary said. The clamor is getting
stronger, he added, as a result of the visit of Secretary Hyde and
Alexander Legge, Chairman of the Federal Farm Board, to the wheat
States to advocate a reduction of acreage.
377
The platform commended Congress for "giving agriculture the best
tariff rates that it has ever had," but declared that the "present level
of farm prices is inequitable and unfair."
"Let there be no misunderstanding, however, as to the position of
the Republicans of Iowa," the document read. "The fight being waged
to secure equality as between agriculture and other industries will be
continued until the operation of the farms of this nation will insure a
fair, just and reasonable return."
Adoption of a replacement State income tax law was urged.
G. C. Greenwalt of Des Moines was nominated for the party's candidate for Secretary of State, defeating W. E. G. Saunders of Emmettsburg, chairman of the State Board of Conservation.
Agricultural Experts at Michigan State College Would
Feed Wheat to Live Stock Instead of Corn Thus
President Hoover's Pledge to Farms Kept, Senator Capper
Effecting a Saving.
'Shows—Administration Fulfills All Items Promised in
Associated Press dispatches from East Lansing (Mich.),
Party Platform, Senator Declares.
July 16, said:
The broad extent to which the farm aid program was
Agricultural experts at Michigan State College offer a new form of
outlined in the 1028 Republican platform and by President farm relief to those who are worrying about the price of wheat.
Feed it to livestock, says a statement issued by four department
Hoover in his campaign speeches has been carried out by heads. At present prices wheat is worth $5 more a ton as a dairy feed
emphasized
Administration,
it
was
on
July
7
by
Senator
the
than as a commercial cereal, the experts assert. They add that farmers
Arthur Capper, of Kansas, in a statement issued through can save $10 a ton by feeding wheat instead of corn.
the Republican National Committee. Noting this the New
York "Herald-Tribune" in a Washington dispatch, July 7, Portugal Authorizes Purchase of 48 Million Pounds of
Foreign Wheat For Army.
added:
Senator Capper's statement represents part of an active effort by Re.
An Associated Press cablegram from Lisbon, July 5, said:
publican leaders to refute the idea being fostered by Democratic political
chiefs that agriculture has been given the worst of it in the session of
Congress just closed. The Democrats are assailing the tariff especially
and insisting it is unfair to agriculture. At the tame time, they are
picturing the farm relief program as ineffective.
"In its first sixteen months, the Hoover Administration has initiated
and is working out the program of farm relief promised by the Republican party in the 1928 platform and by Herbert Hoover in his campaign
speeches and messages to Congress," Senator Capper said. "The
foundation has been laid for a sound and constructive national agricultural policy.
All Promises Carried Out.
"The Republican platform, adopted in Kansas City in 1928, promised
aid to the agricultural industry in four important directions:
"(1) Creating of a Federal Farm Board to assist farmer-owned and
farmer-controlled marketing organizations and enactment of legislation
governing the distribution of perishable farm products.
"(2) Increase in tariff protection on farm products.
"(3) Improvement of inland waterways, providing cheaper transportation costs to primary markets for agricultural products.
"(4) Increased Federal support for improved highways.
"This entire program has been carried out through the following
measures:
"(1) A Federal Farm Board of nine members with a revolving fund
of $500,000,000 to develop and foster farmer-owned and farmer-controlled marketing institutions and to organize assistance to agriculture
in other directions.
"(2) Enactment of a tariff law increasing agricultural tariffs from an
average of 22.37% to a average of 33.94%; encompassing many items
which previously had been on the free list and carrying an improved
flexible provision under which rates may be changed upon investigation
by the Tariff Commission.
"(3) Increased appropriations for inland waterways and particularly
for the continued improvement of the Mississippi and
'Missouri Rivers,
which tap the great northwestern farm belt.
"(4) A substantial increase in Federal aid to the states in highway
construction.
Rapid Expansion in Roads.
"The Hoover Administration has moved speedily to fulfill the party
pledge. Early in his Administration the President entirely recognized
the direction of waterways appropriations so as more effectually to
administer and, at the same time, concentrate Federal action on the
development of the Mississippi River system, which was especially
promised during the campaign. The rivers and harbors bill passed by
Congress gives the necessary authority to include such sections of the
system as have been previously not considered, and increased appropriations and extensive authorizations have made the completion of this
great system a certainty. Each of the great inland rivers has been
placed under a separate engineering organization with larger appropriations and larger authority for the consummation of a general system.
"By completion of legislation increasing the Federal contributions to
highway construction, we should see rapid expansion in public highways,
so much needed by agriculture.
Protection Under Tariff Law.
"Unfortunately, a great business depression swept over the country
as a result of the stock market crash and precipitated a debacle in agricultural prices. But the general slump has not been allowed to interfere with the normal progress of organization which the board is steadily
developing in the agricultural world.
"In the field of tariff protection, the rates of duty on farm products
fixed in the new law are, broadly speaking, those recommended to Congress by the farm organizations themselves.
"The tariff should not only assist in protecting the American farmer
from competition of cheap production abroad, but its indirect effect in
enabling the American farmer to diversify into crops other than wheat
and surplus commodities should have profound effect beneficial to
American agriculture."
Owing to a shortage of flour, the Government today authorized the
purchase of 48,200,000 pounds of foreign wheat for the requirements of
the army. The Portuguese wheat crop has been badly injured by storms.
Trading in Lamb Futures to Be Started in Chicago
According to Chicago Associated Press advices, July 16,
the success of trading in contracts for future deliveries of
live hogs has led to arrangements for similar transactions
in feeding lambs. The dispatch as given in the "Times"
continues:
Hereafter on the Chicago Livestock Exchange ten different kinds and
weights of feeding lambs will be traded in for August, September and
October delivery.
The purpose is to enable a sheep raiser to sell his lambs at a definite
price while they are still on the range.
Grain Co-operative Opened at Leones—First in Extensive Argentine Chain.
A cablegram from Leones (Province of Cordova), Argentina to the New York "Times" July 13 said:
The first co-operative grain elevator in the country was inaugurated
here to-day with elaborate ceremonies, in which the Federal and provincial
authorities participated.
The elevator was built by the Association of Argentine Co-operatives of
Rosario, which has a membership of several thousand farmers, and the
Agricultural Union of Leones, and marks the beginning of an extensive
elevator building plan, tending to promote the progress of Argentina's
agriculture by reducing the cost of grain and permitting the elimination
of sacks and other manipulating expenses.
The cost of construction of the elevators is to be defrayed from the
economies effected through their employment.
Ask Grape Storage Study—Growers of San Juan,
Argentina, Would Push Exports in U.LS.
Under date of July 3 the New York "Times" reported the
following from San Juan, Argentina:
The local Fruit Growers' Association has sent a note to the National
Fruit Growers' Society advising that it cannot send a delegate to the next
exhibition at Sacramento, Cal., but requesting the national society to entrust two members with the task of studying North American commerce in
regard to fruits, especially the refrigeration of grapes for exportation.
Australian Senate Rejects Wheat MarketinglBilL,
The following is from the "Wall Street Journal" of July 5:
Australian Senate rejects wheat marketing bill which would have guaranteed four shillings a bushel for next season's wheat and would have
Involved a compulsory pool. Commonwealth budget next week expected to
include extra six cents duty on gasoline, yielding about $11,500,000, and
21
/
2% sales tax on total wholesale transactions. Australian income tax
assessment bill receives first reading on Federal Parliament and contains
Important provisions for taxation of remittances sent abroad for film
interests.
Canada's Grain Ills Laid to Wheat Pool—Former
Cabinet Minister Says Sapiro's PrinciplesI.Failed to
Bring Desired Results.
Canada's entire economic structure has been shaken to its
foundations through the "disregard of well-established business principles" in the wheat pool's method of handling
Iowa Republicans Pledge Support to President Hoover and
crops, declared Frank A. Oliver of Edmonton, Alberta,former
Federal Farm Board, But Ask Better Prices.
Cabinet Minister and publisher and a member of the Board
Des Moines (Iowa) advices as follows (Associated Press) of Railway Commissioners, in
a denunciation of the pool's
July 16 are taken from the New York "Times":
marketing activities before the Empire Club of Winnipeg on
Support was pledged to President Hoover and the Federal Farm
Board by the platform of Iowa Republicans adopted at the State con- July 3. A Canadian Press dispatch from Winnipeg July 4
to the New York "Times" in stating this added:
vention today.
378
FINANCIAL CHRONICLE
The principles of pool marketing, expounded in Western Canada by Aaron
Sapiro, had "failed in their purpose," he said.
"By his arguments," said Mr. Oliver, "Aaron Sapiro suggested that the
control of price achieved by the manufacturers through control of output
could be achieved by the farmer through control of distribution. As a matter of fact, there is a wide difference between control of output and control of distribution of output.
"The idea that any delay or adjustment of distribution can have the
same ultimate effect on market prices as restriction of output is an economic fallacy that can lead only to disaster. It was on this fallacy that
the Canadian wheat pool Was founded and its operations were carried on.
"The pool as a business organization has achieved bankruptcy," asserted
Mr. Oliver. "The price paid to farmer members for their wheat is lower
than at any other time since formation of the joint pool in 1924, and at no
time has the amount paid to its members been equal to the average price
received by the non-pool farmer from the independent grain dealers."
A policy opposite to the general principle of pushing sales and seeking
new markets had been adopted by the wheat pool officials, said the railway
commissioner.
"When the big harvest of 1929 came around in the Fall," he continued,
"the pool executive considered the time had come to demonstrate the truth
of the Sapiro gospel by taking more aggressive action in accordance with
the declared pool interests. The records show that the forward movement
of wheat in the Fall of 1928 was seriously delayed by congestion at Montreal
and Port Colborne. There is no doubt now that the refusal of the pool to
distribute to the markets of the world at the prices then prevailing was the
chief cause."
By the pool's "blockade" campaign, the country has had a demonstration
from the reverse side of the economic importance of its wheat trade, Mr.
Oliver said. The "blockade" spurred Canada's competitors and assured
restrict
the Dominion of more intense competition in future; it tended to
withconsumption by educating Europe, both consumer and producer, to do
existing
ecothe
extent
out Canadian wheat, and it has caused to a great
nomic depression in the country, he asserted.
Mexico Raises Duty on Wheat and Flour—Lower Rates on
Barley and Logs Put In Effect.
Higher import duties on wheat, flour and starches, lower
rates on barley and on logs, and a new duty on cloth sacks,
have been established in Mexico, according to cabled information from the commercial attache at Mexico City, George
Wythe, made public on July 15 by the Department of Commerce. The Department's statement is given as follows
in the United State8 Daily:
the
A Mexican presidential decree, published July 12, 1930, increases
rates of import duty on wheat, wheat flour, nonspecified starches and
flour;
flours in containers weighing up to 5 kilos, and food pastes of
establishes lower seasonal rates of duty on barley; decreases the rates
for
containers
as
on logs of ordinary wood; and makes sacks used
dried vegetables and grains dutiable separately from their contents.
The new rates of duty and effective dates are as follows, the old rates
being shown in parentheses:
Lower seasonal rates of import duty have been established on barley
from
in grain, which will be dutiable at 0.01 peso per gross kilo
and
July 15 to Dec. 31, 1930, 0.02 pesos from Jan. 1 to July 30, 1931,
0.05 peso thereafter (0.04 peso).
Effective July 20, 1930, the duty on wheat flour and nonspecified flours
and starches weighing with the container up to 5 kilos will be increased
to 0.19 peso per legal kilo (0.13 peso). Effective Aug. 11, 1930, the
duty on wheat will be increased to 0.07 peso per gross kilo (0.05 peso)
and the rate on food pastes of flours, to 0.35 peso per gros skilo
(0.20 peso).
Cloth sacks used as containers for dried vegetables and grain, which
are dutiable on the gross weight basis, will be dutiable separately according to the fiber of which the sack is made.
Effective also Aug. 11, the duty on logs of ordinary woods with a
diameter up to 15 centimeters will be decreased to 0.60 peso per 100
gross kilos (1.00 peso), and the rate on logs of ordinary woods with
greater diameter, to 0.40 peso per 100 gross kilos (0.90 peso).
cIn addition to these basic rates of import duty, there is the usual
surtax of 2% of the duty.
Texas Farmers Blame Federal Farm Board for Low
Cotton Price.
The Dallas "News" of July 11 stated that criticism of
tactics of the Federal Farm Board in its manipulations
which have brought lower instead of higher cotton prices
to farmers over the South went out from the joint meeting
of the Farmers' Educational and Co-operative Union of
Texas and the Farmers' Educational and Co-operative Union
of America held at the Jefferson Hotel, Dallas on July 10.
The account in the, paper quoted said:
J. D. Henderson of Munday, President of the Texas organization, and
E. A. Calvin of Houston, President of the National association, were joint
Chairmen of the meeting which was a continuation of the annual meeting
held Wednesday at Munday.
"It is not up to bankers and men of that sort to determine the remedy
for this situation but it is up to those who till the soil," Mr.Calvin told the
delegates numbering about 30 during the afternoon. He charged that the
Federal Farm Board was either "grossly incompetent or dishonest" in
its reasoning and operations destined to help the farmer but which, in reality
have "made the board responsible for a loss offrom 3c to 4c a pound to-day."
Mr. Calvin charged that the Federal Farm Board was engaged in "most
flagrant speculation" when it was buying futures on the market and that
Instead of benefitting by a "July squeeze" when future orders came due,
large operators brought their house tumbling about them by dumping
thousands of bales on the board.
Offers Solution of Problem.
"At one time the Farmers' Union was the most powerful farm organization in the United States, but through the years prosperity and other things
have tended to lower the membership until to-day it is only about 2,000.
Mr. Calvin told the association, asking that they again appeal to the old
[you 131.
guard and organize once more a militant association that can have an
integral part in demanding a fair price for cotton.
Local organizations with warehouses and concentration points, working
band in hand with Government financing was cited as the solution to the
present problem. . . .
Explains Board's Work.
During the meeting John T. Orr, director of the Texas Cotton Co-operative Association, which is indorsed by the Federal Farm Board, explained the workings of his organization with the Federal Board. Other
speakers included Louis Garmes of Brownwood, C. F. Steves of Runge
and W. B. Yeary of the Farmers' Marketing Association of America.
"We have no objection to the Federal Farm Board working through
the Texas Cotton Co-operative Association, but do not believe it should
work through that exclusively," Mr. Calvin said. "The Farmers' Union
was established in 1902 and our organization, though much smaller than
it was in those days, should be recognized in working out policies of the
Federal agency.
"The highest membership the Texas Cotton Co-operative Association
ever had was 28.000 and they handled a maximum of 385,000 hales out dour
4,000,000-bale crop,so we think we should be given consideration,especially
since they do not represent all of Texas."
Several speakers during their addresses indorsed Chairman Legge of
the Federal Farm Board.
The meeting closed with unanimous adoption of a letter to Alexander
Legge, Chairman of the Federal Farm Board. The letter, signed by President Calvin and Secretary B. F. Chapman,is as follows:
"We, the delegates of the Texas Farmers' Union, assembled in convention in Dallas, Texas, July 10 1930, respectfully petition your honorable
board to grant to our organization, chartered under Texas laws, in 1902,
such recognition and privileges accorded other duly formed farm organizations in your plans of rendering relief through the aid of financing and
marketing of cotton produced by members of our union.
kin "We earnestly urge your honorable Board to give early consideration and
action to this important matter, as the cotton selling seasonlis rapidly
approaching."
Changes in National Live Stock Marketing Corporation
at Instance of Chairman Legge of Federal Farm Board.
At the instance of Chairman Legge of the Federal Farm
Board, who visited Chicago on July 14 to confer with
officials of co-operative marketing agencies, a change in the
representation and voting powers of live stock marketing
agencies was made by stockholders of the $1,000,000 National Live Stock Marketing Corporation. A Chicago
dispatch to the New York "Times" reports this and adds:
The change was described as being made to satisfy farm marketing
leaders of the Northwest and officials of the Farmers' Union, who
bolted an organization meeting here in May, taking organizations representing nearly half the total volume of live stock marketed cooperatively with them.
Leaders of the dissenting farm groups were notified by Secretary 0.
0. Wolf of Kansas City that the $1,000,000 concern would be reorganized on the new basis. Officers of the concern had previously told
the Farm Board they would resign in a body to permit the change in
organization. On the plan of representation voted today, every stockholding co-operative in the central sales agency would vote on the
basis of volume of business handled annually.
Chairman Legge declined to comment on the situation, although he
was quoted as having told the live stock producers to "get started and
go somewhere."
H. L. Kokernot of Fort Worth, Texas, is acting as Chairman of the
sessions. E. E. Forbes, President of the Western Cattle Marketing
Association, was named to succeed Roy Hagen, who resigned from the
Federal Farm Board's live stock advisory committee and as director
of the National Marketing Corporation. W. M. Woods of Chicago,
President of the Institute of American Meat Packers, was elected to
fill the vacancy on the marketing board, succeeding Thomas E. Wilson,
packer, who resigned.
S. R. McKelvie of Federal Farm Board In Letter to R. E.
Sterling, Publisher, of Kansas City, Suggests Cut in
Bread Price to Increase Wheat Consumption.
Samuel It. McKelvie, a member of the Federal Farm
Board made public at Washington on July 14 a letter to
Robert E. Sterling, editor of The Northwestern Miller,
Kansas City, which according to the New York "Times"
had editorially criticized his statement that the price of
wheat seemed to make no difference in the price of bread
to the consumer. Mr. McKelvie's letter as given in the
"Times" follows:
July 11, 1930.
Mr. Robert E. Sterling, Editor,
The Northwestern Miller,
614 Board of Trade, Kansas City, Mo,
Dear Mr. Sterling:
Some time ago I stated that "it makes no difference in the price of
bread whether the farmer receives a dollar or a dollar and a half per
bushel for his wheat." You took serious exception to that statement,
saying that I must have known "that it was ridiculously and palpably
untrue." You further indicated that it probably was a "willful misstatement of facts."
I omitted only ont necessary word from my statement, that is,
"retail" in referring to the price of bread. I repeated what was said
to me by a miller who is also an extensive baker and I might add
that he, in his short lifetime, has amassed a rather unusual fortune.
Since then other responsible millers have told me the same.
You further stated, "Mr. McKelvie knows, or should know, that
when wheat sells at $1 per bushel, a barrel of flour must be sold for
approximately $4.50, and that when the price of wheat is $1.50 per
bushel, the price of a barrel of flour must be approximately $7.50.
The difference, distributed over the 275 to 300 loaves of bread baked
from a barrel of flour, amounts to slightly less than one cent per
loaf, and this amount, unless bakers are to be condemned by wholesale
JULY 19 1930.]
FINANCIAL CHRONICLE
379
as witless inviters of bankruptcy, inevitably must be passed on to quarterly dividend of $1.50, payable July 15 to stockholders
the consumer."
of record June 30. The dividend will be paid to the Guardian
Points to Miller's "Hedges."
Detroit Union Group, Inc., inasmuch as the Group owns
and
would
be
to
cases
quite
satisfactory
if
you
That's getting down
did not follow it with another paragraph in which you try to justify all the stock in the Union Joint Stock Land Bank with the
the fact that bread might "tend to continue at the higher price exception of directors' qualifying shares. When the Group
long after wheat has declined." That indeed is what does happen was organized, stock in the Land Bank was traded for stock
and it is what I was talking about. The reasons you give for this
in the Group on a share for share basis.
are not conclusive.
The miller hedges his purchases of wheat and bases his flour sales
According to the report presented by Mr. Gossard, net
thereon. If this is not true, why hedge? In turn, the baker may earnings for June, 1930 amounted
to $7,477. This is said
hedge his purchases of flour. If the much-vaunted hedging market
is what it is reported to be, the hazards of price fluctuations for to represent an increase of almost a thousand dollars over
wheat and flour are removed, and the consumer of bread should not net earnings for May, 1930, which totaled $6,577. The net
be obliged to wait a year for his share in lower prices.
earnings for June, 1930 exceeded net earnings for June,
On your own testimony, you indicate that as between $1 and $1.50
per bushel of wheat, there should be a difference of "slightly less 1929 by nearly $2,000, net earnings for the month of June,
than one cent per loaf for bread." During the past twelve months 1929 having amounted to $5,582. The report is likewise
even a wider spread than that has obtained for wheat. However, it said to have shown a substantial increase in net earnings
appears that there has been very little, if any, change in the retail
for the first half of 1930 over net earnings for the same
price of bread.
My query goes to the consumer: What is he paying for bread period of 1929. From January 1 to June 30, 1930, it is
It is up to the consumer to announced net earnings amounted to $33,080, as compared
today compared with a year ago?
give that answer. I am not interested in averages or trends or
prospects, but I am interested in the actual facts as they may be with $29,046 for the same period in 1929.
given by the millions of people in this country who consume bread.
This subject is of vast importance to both producer and con- United States Building and Loan League:Moves HeadThe price to the former is low. Therefore, if we can
sumer.
quarters to Chicago.
secure a correspondingly low price for bread and thereby enhance consumption of wheat, not only will we have benefited the consumer,
The United States Building and Loan League, which was
but also some ultimate benefit may accrue to the producer.
In organized 38 years ago in Chicago, opened a new national
assisting to bring this about, I imagine you can render an even
greater service to your constituency and the country than by ascribing headquarters in Chicago on July 5 as the initial step in an
ulterior motives to an agency of the government that was created to expansion program which will take at least five years to
be of service primarily to the farmer and, secondarily, to all other
complete. This organization, which now has 1,200 member
classes.
Yours very truly,
associations, with assets of more than eight 'billion dollars,
SAM R. McKELVIE,
has had headquarters in Cincinnati for more than three
Member Federal Farm Board.
Bakers Call on Nation to Eat More Bread, Bringing Consumption to Pre-War Level.
A nation-wide campaign to increase the domestic consumption of wheat by 100,000,000 bushels a year was
launched on July 15 by the American Bakers' Association,
in session at the Stevens Hotel, Chicago, according to a
dispatch to the New York "Times" which said further:
It is planned both as a farm relieb and as a health measure. The
conference of the association secretaries will close tomorrow.
"'Back to bread!' will be the solgan of the movement," said Henry
Stude of Houston, Texas, national President of the bakers' association. "If we can merely restore the per capita consumption of wheat
which existed in this country prior to the war we will increase our
use of it by 130,000,000 bushels a year, or more than the total yearly
crop of Kansas, the largest wheat producing State in the Union.
"Before the war Americans consumed 5.30 bushels each per year;
now the figure is 4.26 bushels per year. The reduction was brought
about during the war, when the Government carried on a campaign to
raise more wheat and eat less bread. Now it says raise less wheat,
but it says nothing about eating more bread. Farmers would gain
millions and the problem of wheat farming relief would be largely
solved if we only ate bread as we did before the World War.
"An important part of our campaign will be to restore the confidence of the public in white bread. It is one of the most nutritious
of foods, containing nothing but flour, sugar, milk, malt, salt and
shortening, and is non-fattening, although that is not the popular
notion now.
"The French people are the most stylish on earth, yet they are the
heartiest white bread eaters in any country. White bread as a fattening
agent has been held up by faddists, but is nothing of the sort. We
do not, of course, ban whole wheat, rye, bran or other breads, but
merely wish to restore white bread to its proper place."
Bread Price Not Being Cut—Bakers Say Benefit of Wheat
Drop Has Not Yet Reached Them.
The following is from the New York "Times" of July 15:
New York City spokesmen for baking interests said yesterday that
they did not plan at present to pass along to the consumer the benefit
of the recent decline in the price of wheat, inasmuch as they had
hardly begun to feel that benefit themselves. They explained they
made their contracts for flour with the mills on a ninety-day basis,
while the wheat price decline has been only in progress about thirty
days.
Lee Marshall, President of the Continental Baking Corporation, said
it was not customary to make adjustments in the price of a loaf
of bread, but in the weight. He said he had been in touch with the
heads of other baking concerns and that they generally agreed it
was too early to consider any adjustment to meet the situation in the
wheat market. The weight of a loaf of bread has been changed one
to two ounces and sometimes even more in making adjustments whenever possible, he explained.
decades. The Secretary-Treasurer will remain in that city,
but a national office will be located at 59 East Van Buren
Street, under the direction of H. Morton Bodfish, lately of
the National Association of Real Estate Boards staff, who
becomes the first executive manager the building and loan
group has ever had.
The American Savings Building and Loan Institute, organized in 1922 with headquarters in Kansas City, to supplement the work of the League, has also moved to the League
headquarters in Chicago. This organization, set up for the
collection and dissemination of educational material on subjects having to do with home financing and the building
and loan method, operates in local communities along the
same lines as the American Institute of Banking. One
feature of the institute work is the development of correspondence courses for building and loan men who are unable
to obtain classroom instruction in the intricacies of this
business. The activities of the institute as well as the
National League will be under the direction of Mr. Bodfish,
former Professor of Economics at Northwestern University,
Chicago. Mr. Bodfish assisted in organizing the Building
and Loan Association of Evanston, in Evanston, Ill., of
which he is a director, and he is Vice-President and Appraiser of the Lake City Discount Corp. of Chicago. For
the past three years he has been director of a consultation
bureau for the National Association of Real Estate Boards.
Further Developments in Woody & Co. Failure—Preliminary Report puts Liabilities at $2,025,259, Not Including Contingent Liabilities—Repayment of $1,000,000 Collected From Harold Russell Ryder Deemed
Likely.
The straightening out of the accounts of the failed Stock
Exchange firm of Woody & Co. (the failure of which was
noted in our issue of June 21, page 4338) by Barrow,
Wade & Guthrie for the Irving Trust Co., temporary4 receiver for the brokerage house, reached a stage on Wednesday of this week, July 16, where a preliminary report
set the liabilities at $2,025,259, plus contingent liabilities
of $402,950 on account of "puts" open on June 19, the day
on which the firm collapsed. The New York "Times" of
July 17, from which we quote in the matter, said:
The report lists 125 customers of the firm, for sixty-four of whom
the books showed unencumbered credit balances or securities; thirtyseven whose margins the firm held, and twenty-four whom the acIncrease Reported in Earnings of Union Joint Stock Land countants label "of questionable status." The "questionable status"
was explained as an accounting reservation that the status of these
Bank of Detroit.
accounts on the books might not correspond with their true condition.
semi-annual
directors'
meeting
the
of
At
the Union Joint The total of liabilities to customers was $1,034,489. They included an
who has
Stock Land Bank, a unit of the Guardian Detroit Union apparent balance of only $192,500 now due to Frank Bailey,
testified that he held a claim of $2,025,000 in January against Harold
Group, Inc., the six months' report, presented by 0. P. Russell Ryder, a member of the firm. Mr. Ryder in turn has
Gossard, Vice President and managing director of the bank, testified that he stripped his partners and their customers in Woody
showed, it is stated, earnings of over $5.50 a share on each & Co. while paying off Mr. Bailey's claim.
There is no report of the assets available to liquidate these liaof the 6,000 shares outstanding. Following the presenta- bilities, but according to Eugene L. Garey, counsel for the customers
tion of the report, the directors voted to declare the regular who petitioned the bankruptcy, the chief asset is the prospect of the
380
FINANCIAL CHRONICLE
return by Mr. Bailey of more than $1,000,000 of the cash and equities
paid to him by Mr. Ryder, so far as it may be shown they have
been stolen. In addition the firm owns a $450,000 seat on the Stock
Exchange and had about $150,000 additional in cash and equities
when it collapsed on June 19.
Mr. Garey said he believed the final adjustment of the liabilities
in the accounts of "questionable status" would probably bring the
/total liabilities of Woody & Co. down to about $1,800;000 and that
the assets mobilized with Mr. Bailey's expected help, would probably
bring the customers out with a fair proportion of what was due them.
Among the customers were many whom Mr. Ryder met in the
career of spending which paralleled his expanding reputation as a
money maker on the stock market.
The largest outstanding liability is an uncertain balance of $419,927 apparently due to the account of Frank J. Stoltz, president of the
Stein Cosmetic Company, who has already testified he joined in a
pool with Mr. Ryder and Woody & Co. to "make a market" in Stein
Cosmetic. The contingent liability of $402,950, however, for "puts"
still open, refers to dealings in this stock, and according to the accountants, such part of the $402,950 contingent liability which materializes for the "puts" is chargeable against the $419,927 apparently
due on the Frank J. Stoltz account.
[VoL. 131.
& Co., which on July 10 was suspended from the New York
Stock Exchange for a period of three years, will not be
suspended from the San Francisco Stock Exchange, provided
they carry out promptly their plan to reorganize. The
resolution adopted by the Governing Board for the San
Francisco Exchange, as contained in the dispatch, follows:
"Resolved that in view oftestimony presented and under all circumstances
of the case, including the penalty imposed upon the firm of Sutro & Co.
and its partners by the New York Stock Exchange,this governing board do
not suspend or otherwise punish Sutro & Co.,or any of its partners provided
that Sutro & Co. will carry out promptly their plan to reorganize their
partnership structure as submitted at this hearing and to be approved by
this governing board."
The New York "Times" of July 13, in referring to the
affairs of the firm, said that United States Attorney General
Tuttle, "who has received complaints from unknown sources
in regard to Sutro & Co.,"announced on July 12 that George
J. Mintzer, his assistant in charge of the criminal division,
In its issue of July 12 the paper mentioned stated that had questioned several persons concerning the company's
a communication was addressed to the New York Stock affairs. We quote further from the paper mentioned:
Mr. Tuttle declined to make public the names of the persons questioned
Exchange the previous day by Assistant Attorney General
or to say from whom the complaints had come. The complaints, he exWatson Washburn, in charge of the State Bureau of Se- plained Friday.
relate to transactions in stock of the Manhattan Electrical
curities, after his investigation of the wrecking of the Supply Co. Pool operations in this stock, according to the Attorney'
General's
office, recently caused a loss of $6,000,000 to the public.
brekerage firm, urging the Exchange to make independent
James H. McGean, Sutro Sz Co.'s floor member, was suspended from
audits to verify the questionnaires through which it now the Exchange on a charge
of having failed to "use diligence" in preventing
supervises the stability of members. The "Times" con- Improper transactions in this stock. Postoffice inspectors are aiding Mr.
Tuttle
in his investigation.
tinuing said in part:
The head office of Sutro & Co. is in San Francisco. The
The communication accompanied a copy of a temporary injunction
obtained by the securities bureau yesterday to prevent further stock firm maintains branch offices at
44 Wall St., 225 Broadway
trading by Harold Russell Ryder, who has already admitted stripping and
16 East 44th St., this City.
his partners and their customers in Woody & Co. immediately after it
was formed last November, in order to satisfy a $2,000,000 claim
made against him personally by Frank Bailey, banker.
Assistant Attorney General Washburn of New York,
Mr. Washburn wrote to Richard Whitney, president of the Stock
Urges More Rigid Check on Replies of Questionnaires
Exchange, that Mr. Ryder's secret withdrawals of assets from Woody
of New York Stock Exchange Sent to Members—De& Co. had reached $432,826 in cash and 1,000 shares of Electric
Bond and Share on Dec. 31, 1929, by the end of the first month of
velopments in Case of Failed Firm of Woody & Co.
the concern's existence, when it filed its answers to the first quesWhile stating that the efforts of the New York Stock
tionnaire of the exchange.
"The questionnaire included these assets in a fictitious safekeeping Exchange "to supervise the financial stability of the memaccount with Gilchrist, Bliss & Co.," Mr. Washburn wrote. "Any bers by means
of its periodical questionnaires are most
independent audit would have disclosed the fiction and the precarious
financial condition of Woody &
at that time, and the danger of commendable," Assistant Attorney General Watson Washloss with which 175 customers are now faced would have been averted. burn, in a letter to Richard Whitney, President of the
CO.
*
•
•
According to the injunction application, Ryder, by persuading his
partners to let him handle all dealings with Gilchrist, Bliss & Co.,
through which Woody & Co. cleared, was able to produce fictitious
statements of the condition of a "securities safekeeping" account
which he credited on paper with the assets he was converting to his
own use.
This "safekeeping" account rose to $719,835 on Jan. 31, to $1,225,339
on Feb. 28, to $1,577,627 on March 31, to $1,961,171 on April 30
and to $2,043,131 on May 31. The fictitious balance, according to
the injunction application, represented Mr. Ryder's "wrongful withdrawals" o nJune 1, when Woody & Co.'s actual account with Gilchrist, Bliss & Co. was "so depleted and undermargined that Mr.
Ryder sold without his partners' knowledge more than $1,000,000 of
securities belonging to the customers of Woody & Co.," thereby reducing the effective balance to $90,000.
This was the balance actually discovered when Mr. Ryder's partners,
Charles L. Woody, Jr.nd
,
Lucien A. Hold, in need of funds, asked
Gilchrist, Bliss & Co.: directly to transfer part of the supposed
$2,043,131 balance from the "securities safekeeping account" for
which Mr. Ryder had brought them statements. Woody & Co. went
into bankruptcy on June 19.
According to the securities bureau, Mr. Ryder knew last January
that Woody & Co. were insolvent and becoming more so as his withdrawals accumulated, but he continued to solicit new customers and
to spend at the rate of more than $40,000 a month.
Justice Humphrey set July 22 for Mr. Ryder to show cause why
he should not be restrained permanently.
Our last reference to the company's affairs appeared in
the July 5 issue, page 47.
W. D. Martin SuspendedIfrom New York Cotton Exchange for Inability to Meet Financial Obligations.
On Thursday of this week, July 17, William D. Martin, a
member since 1900 of the New York Cotton Exchange,
notified the Exchange that he was unable to meet his financial
obligations,and later in the day was suspended from membership after a letter telling of his difficulties had been read
from the rostrum of the Exchange. Yesterday's New York
"Times" (July 18), from which we quote, continued:
Mr. Martin, who was said to be more than 70 years old, was one of
the largest operators on the Cotton Exchange 20 years ago. In recent
years, however,he has been less active. For more than 15 years he has been
a floor broker. unassociated with any firm. He maintained an office in
the New York Cotton Exchange Building, at 60 Beaver St.
At his home. 175 Lafayette Ave., Brooklyn, Mr. Martin declined last
night to comment on his difficulties or to estimate his liabilities and assets.
Exchange, states that the case of H. IL Ryder, of the
failed Stock Exchange firm of Woody & Co. "seems to indicate the further necessity of a more rigid check upon
the accuracy of the questionnaires by an independent audit." The following is the letter addressed by Assistant
Attorney General Washburn, head of the State Bureau of
Securities, to Mr. Whitney:
July 11, 1930.
Mr. Richard Whitney,
President, New York Stock Exchange,
11 Wall Street,
New York, N. Y.
Dear Mr. Whitney:
I enclose a copy of affidavit and Order to Show Cause with stay
granted today by Mr. Justice Humphrey, of the Supreme Court, Kings
County, against Harold Russell Ryder, a partner of Woody & Co.
I should like to call your particular attention to the fact therein
set forth that a considerable portion of Mr. Ryder's secret withdrawals
antedated Dec. 31, 1929, when the firm of Woody & Co. filed its
questionnaire with the New York Stock Exchange. Prior to that
date, Mr. Ryder had withdrawn 1,000 shares of Electric Bond &
Share, and $432,826.04 in cash.
These withdrawals Mr. Ryder
concealed by a fictitious statement on the stationery of Gilchrist,
Bliss & Co., showing this amount of securities and cash held in safekeeping for Woody & Co.
The questionnaire submitted to the Stock Exchange by Woody & Co.,
as of Dec. 31, 1929, included these fictitious assets. The questionnaire
was prepared under the supervision of John A. Gall, General Manager
of -Woody & Co., from the office records, among which Mr. Ryder
had inserted the fictitious statement of the safe-keeping account. Mr.
Gall testified before me that he made no attempt to check with Gilchrist,
Bliss & Co. the accuracy of this statement of account. Any independent audit of the books of Woody & Co., on Dec. 31, 1929, would
have at once disclosed the fictitious nature of the safe-keeping account
and the precarious financial condition of Woody & Co. at that time.
In this way, the danger of loss with which the customers of Woody
& Co. are now faced, would have been averted, for the assets of the
firm were apparently sufficient on Dec. 31, 1929, to meet its liabilities.
The efforts of the Stock Exchange to supervise the financial stability of its members by means of its periodical questionnaires are
most commendable, and the necessity of this supervision is amply
demonstrated by the present case. However, this case also seems to
indicate the further necessity of a more rigid check upon the accuracy
of the questionnaires by an independent audit. I hope that
the
Stock Exchange will be able to work out some method of accomplishing this result, which will lessen the risk of a recurrence of
the
present unfortunate case.
Respectfully yours,
WATSON WASHBURN,
Assistant Attorney General in Charge.
Mr. Washburn stated at his office, 74 Trinity Place, that he was
sending the above letter to Mr. :Whitney in recognition of the cordial
co-operation the Stock Exchange has always given towards the suppression of all types of fraudulent stock operations.
Sutro & Co. to Retain San Francisco Stock Exchange
Seat—U. S. Attorney General Tuttle's Aide Questions Several Persons on Firm's Affairs.
According to San Francisco advices yesterday (July 18)
The failure of Woody & Co. was referred to in these
to the "Wall Street Journal," the brokerage firm of Sutro columns June 28, page 4533 and July 5, page 47.
JULY 19 1930.]
FINANCIAL CHRONICLE
Chicago Stock Exchange Amends Constitution to Admit
Canadians to Membership.
The recommendation of the Governing Committee of
The Chicago Stock Exchange that Canadians be permitted
to become members, following a special meeting on July 2,
has been approved with no opposition, it was announced
at the Exchange on July 16, and the Constitution has been
amended accordingly. Reference to the proposal appeared
In our issue of July 12, page 211.
381
reported a shortage in this type of property, and 20% reported an overbuilt condition.
Although the reports disclose, on the whole, normal ratios between supply
and demand in both single family houses and apartments, several reports
show slightly Larger percentages of cities faced with shortages in thetas
types of buildings than the percentage of cities in which there Is an oversupply. The shortage figure is larger than the over-supply figure for
both single dwellings and apartments in the Middle Atlantic States—New
York, New Jersey, and Pennsylvania. This is likewise the cue in the
reports from the cities of the East North Central sections—Ohio, Indiana,
Illinois, Michigan, and Wisconsin—and holds good for States In the West
South Central region—Arkansas, Louisiana, Oklahoma, and Texas, as well
as the Pacific States—Oregon, Washington, and California.
In both apartment houses and single family dwellings the largest shortage
figures are reported by district and county boards. Cities of less than
25,000 population have a larger percentage of reports showing a shortage
in these tabulations than they have indicating over-built conditions, and a
greater percentage of cities of 25,000 to 100,000 population show a shortage
in single family residences than an over-built condition.
California Permits Sale of Securities Listed on Chicago
Stock Exchange.
It was announced at the Chicago Stock Exchange on
July 15 that the State of California now permits the sale
of securities listed on the Chicago Exchange either specifically or by implication, without further qualification.
The new ruling went into effect on July 1 last. This it is Silver Decline Brings Cut in Sterling Ware—Producers
to Make Reductions of 10%—Special Patterns
noted, is the forty-first state to thus act.
Slightly Affected.
Price reductions averaging around 10% on standard sterSemi-Annual Survey of Real Estate Market—Majority
of Cities Show Normal Rates of Supply and De- ling silver flatware are to be announced by manufacturers
said the New York "Times" of July 8, which also had the
mand in Capital and Mortgage Loans.
An improvement in the supply of capital now available following to say:
Notices informing the trade that reductions would be made because of
for real estate loans in comparison with the supply available
the lower price of silver bullion were sent out late last week by most of
six months ago is reported by the National Association of the large producers, and they have been at work during the last three days
Real Estate Boards following the completion of its fifteenth making up the detailed lists of new prices. Smaller reductions will be
semi-annual survey of the real estate market, a survey made made on sterling silver hollow ware at a later date.
Under the new plan of prices it was pointed out yesterday, the standard
by the Association from the collected reports of 428 local patterns of forks and spoons will be reduced most and cutlery the least.
real estate boards representing the principal cities of the The change is made to bring the silver products more in line with the
cost level of silver bullion. The latter has fallen from 52 cents last year
United States and Canada. This improvement in the supply to 33%
cents per ounce at the present time.
of available capital, the National Association points out,
Because the price change is based solely on the lower cost of silver bullion,
manufacturers
explained yesterday, the pieces requiring the least skilled
indicates that the fundamental problem for increased conlabor
show the largest reductions. For this reason flatware pieces made
struction----the problem of supplying funds for wise build- up in will
special patterns will be affected only to a slight extent.
ing projects—is now presenting itself as a less difficult one
Among those considering price revisions are the Gorham Company, the
Manufacturing Company and Reed & Barton. None of the companies
Towle
probably due to the fact that capital is less disproportionmentioned was in a position yesterday to state definitely how much of a
diverted
directly or indirectly into speculative fields reduction would be made. At their local offices it was explained that
ately
and will tend to be placed increasingly at the disposal of officials were still working on the revised lists.
the home builder. The Association's advices, June 24, also
said:
Col. Ayres of Cleveland Trust Co. on Decline in Silver
Comparing the situation to-day and six months ago, when the first
Price—Causes and Effect.
results
of the stock market debacle were being felt, the report shows that to-day
In the July 16 Business Bulletin of the Cleveland Trust
30% of the cities report an equilibrium between supply and demand
in real
estate mortgage loans and capital, 48% report that desirable loans
are Company, Col. Leonard P. Ayres, Vice-President of the Comseeking capital, and 22% report that in the mortgage money market capital
pany discusses the drop in silver prices as follows:
is seeking loans. The report six months earlier
showed that in 53% of
the cities real estate loans were seeking capital, 19% reported
a surplus
of capital seeking investment, and 28% reported equilibrium between
supply
and demand. In the present survey no effort was made to gather
statistics
on the actual amount of money now available for construction in
the various
cities reporting. The National Association is now engaged in an Investigation to determine just what sums are now ready to be used for building
purposes.
Family Home and Apartment Demand and Supply Normal.
The single family dwelling and the apartment house have at present a
healthy, normal ratio of supply and demand throughout the country as a
whole, according to the survey. The greatest hortage of single family
dwellings is reported in the west north central States—Minnesota,
Iowa,
North Dakota, South Dakota, Nebraska, and Kansas. In this
region 35%
of the cities show some shortage in the supply of single family
dwellings,
65% report the supply and demand ratio normal, and none
report overbuilding in this type of property. The cities of these States
likewise show a
small shortage in meeting the demand for apartments; 19%
of the cities
are under-built as to apartments, 12% are over-built, and
69% report a
good ratio between supply and demand in apartment
properties. With
some slight shortage as to supply In single dwellings
and apartments, a
proportionate percentage of cities report increase in
rentals in the west
north central district; 85% of the cities report that
rentals on single
dwellings are higher, 22% report that rentals on two-family
houses have
Increased, and 25% of the cities report increases in
apartment rentals. However, 50% of the cities of this territory report single family
rentals
house
the same as a year ago; 67% reply that two-family house
rentals have not
changed, and 63% report stationary rentals for
apartments.
Office and Business Rentals Higher in Mountain
States.
In the ratio of supply and demand in apartments,
the greatest shortage
is reported from the Mountain States, where this
type of residence is
meeting with a growing demand—Arizona, New
Mexico, Utah, Nevada,
Montana, Idaho, Wyoming, and Colorado. In
these States 30% of the
cities report a shortage in the supply of apartments
available; 55% of
the cities report a normal ratio, and only 15% report
over-building in
apartments. In 56% of the cities in this district
apartment rentals are
reported unchanged; in 22% they are reported higher,
and in 22% lower.
Both centrally located office and business properties in the
Mountain States
are, on the whole, bringing slightly increased rentals. In
centrally located
office property, 70% of the cities in the Mountain States report
unchanged
rentals, while 19% report them increased; in centrally
located business
properties 57% of the cities of this territory report stationary rentals
and
22% state that rentals have increased.
Canadian Reports Show Steadiness in Real Estate Conditions.
Reports from Canadian cities show steadiness and not
much change in
real estate conditions in the Dominion generally. Every Canadian report
stated that the ratio of supply and demand for the single family dwelling
is normaL Another interesting 100% figure reported by the Canadian
cities is the figure on the rentals of centrally located offices; every Cana.
dials report showed these rentals unchanged; 60% of the Oanadian cities
reported "-sir supply and demand ratio in apartments normal, 20%
A record that is centuries old has recently been broken. In all its long
and interesting history, both as a commodity and as a basis for currency,
the price of silver has never before fallen to such low levels as it has recently reached. In the diagram (This we omit Ed.] the line represents the
price of silver for the past 100 years. The prices are given in dollars, although in the earlier years they are based on the London market since the
American records are inadequate that far back. In the first 40 years
represented in the diagram the price ranged around $1.30 for a fine ounce
of silver. This is the price which coincides closely with the famous 16 to
1 ratio.
The subsequent behavior of the price illustrates how fortunate this nation
was in escaping the bimetalism that threatened in the '90s. By the opening of the 20th century the price had fallen to somewhat less than half
of its former amount, and remained comparatively close to the 60 cent
level until the war. In common with other commodities silver experienced
war and post war price inflation, followed by deflation. Recently It has
broken into new low ground, and is valued at about 33 cents per ounce.
This represents a ratio of approximately 65 ounces of silver to one ounce
of gold.
Two important causes have largely contributed to the recent decline.
The first is the demonitization of silver, and the second is the relentless
nature of the production of the metal. Both England and France have
found it possible in recent years to get along with less silver in their
subsidiary coins, replacing it with paper money or cheaper metals. The most
notable example of demonitization, however, is in India. In 1928 the
Indian Government reached the decision to place its monetary system on
the gold basis, and to dispose of the silver reserves.
Thus at one stroke the most important monetary source of demand for
silver became a very important source of supply. Moreover 75 to 80%
of the silver mined is produced as a by-product of the mining of other
minerals, chiefly copper, lead, and zinc. During the price decline the
annual production has been, and will likely continue to be, in the neighborhood of a quarter of a billion of fine ounces. The supply of new silver
does not depend upon the demand for it, but is largely independent of it.
Two important effects of the price decline may be traced. In the first
place the purchasing power of the nations producing silver has been reduced. Secondly, the international trade of those nations using silver as the
basis of their coinage is disarranged, and tends to be restricted. It Is most
unfortunate that these developments should be taking place in 1930 when
business all over the world is depressed. However there does not seem
to be any adequate body of evidence to indicate that the collapse of the
price of silver is the cause of the inteniational depression, nor is there
reason to fear that business recovery must wait until silver prices have once
more become stabilized.
Bankers Acceptance Volume Declines $77,375,638-June 30 Figures Show Effect of Falling Exports
and Lower Commodity Prices.
The market volume of bankers acceptances decreased $77,375,633 during the month of June, according to the report
382
FINANCIAL CHRONICLE •
of the American Acceptance Council on its survey as of
June 30, when the total was found to be $1,304,831,222.
According to Robert H. Bean, Executive Secretary of
the American Acceptance Council, while this total is $191,781,976 higher than was reported on June 30 1929, the
size of the reduction from May 31 this year was unexpectedly large, as normally the turn of the half year brings
the first upward volume for the season. Mr. Bean further
says:
Since March 31 the bill volume has dropped $235,000,000 and for the
n11 six months since Dec. Slit is off $427,000,000, or nearly 25%.
A large part of the heavy drop since March may be traced to the retirement of seasonal credits established just six months previous when,
It will be remembered, the volume of bills increased $268,000,000 in the
month of October alone, and while these were not all six-months bills by
any means, there were undoubtedly a greadt many 90-day credits, subject
to a single renewal, which would bring them into the March-April period.
Undoubtedly one of the principal factors responsbile for the decline
in the acceptance volume at this time has been the steady reduction in
the volume of National exports from this country, which have fallen
over $50,000,000 in the past three months.
The current survey shows that of a total drop of $77,000,000, export
credits alone accounted for $34,000,000, or nearly 45%. It is also important to note that since December export bills have declined $151,000,000,
or about 36% of the total bill reduction of $427,000,000, while in the
same period the country's exports have decreased (based on latest available
figures) about $120,000,000.
Another influence, which will be felt in the present season, is the much
lower scale of commodity prices than that which prevailed a year ago.
Important staples, such as wheat, cotton, coffee, sugar, and corn, are
now considerably below last season's level, thus requiring a much smaller
amount of dollar credits to finance their movement to market.
It is estimated that the lower commodity price level will make a difference this year of over $200,000,000 in the season peak volume of bills.
The present report of the Council shows import credits off $18,000,000,
domestic warehouse credits off $13,000,000, and dollar exchange credits
off $10,000,000. while domestic shipment bills and those based on goods
stored in or shipped between foreign countries remained practically unchanged in amounts.
For the first time this year the total of outstanding bills of the New
York City banks fell below $1,000,000,000, their reduction for the month
being $52,000,000,from $1.008.000,000 at the end of May to $956,000,000
on June 30.
[VOL. 131.
Missing Information Sought.
I am submitting herewith a preliminary report on the survey of investment trusts now being taken by the Bureau.
Included in this tabulation are complete statistics taken of 178 companies
of the management type. The analysis disclosed that in a number of cases
certain essential information was .omited in the questionnaires by the
trusts. In each case, I have written a request for the missing data. Due to
this reason, 23 companies have not been considered in this tabulation.
There are the statistics of 26 companies that are likewise not considered,
due to the questionnaires not yet having been received.
Questionnaires have already been filed by 25 fixed trusts, but as this
analysis is not applicable to that type, a separate report covering these
will be rendered at a future date.
On Dec. 31 1929, total resources of the companies under review, numbering 178, amounted to $3,943,570,184. On March 31 1930, this figure
increased by $165,566,679. to $4,109,136,863.
Total, borrowings,secured and non-secured, made by 59 companies of the
group, on Dec. 31 1929, was $154,727,296. On March 31 1930, such bortowings, made by 62 companies, amounted to $135,375,260, a decline of
$19,352,036. The total of maximum loans made since Jan. 1 1929, to filing
date of questionnaires, as reported by all companies, was $208,594.305.
69 Did No Borrowing.
Of the 178 companies under review,69. or 39%,did not resort to borrowing at any time during the above period.
Only four companies of the group made "short" sales of portfolio securities. In each of these cases, however, it was found that these companies
reported having made only a few of such trades.
Only 18 of the 178 trusts reported actual realized net losses in their earnings statements for the year 1929. The total of these losses amounted to
$5,351,493. During the same period the rest of the companies reported
total net profits from operations in the amount of $233,784,615.
On the other hand, only 32 companies, or 18% of the same group reported appreciations in the values over cost of their investments in portfolio
on Dec. 31 1929. This increase in value amounted to the sum of $100,391,875. As of the same date, the remaining 146 companies reported lowered
values below cost in said portfolios in the amount of $394,464,865. The net
depreciation was $294,072,990.
The companies reporting portfolio appreciations as of March 31 1930,
increased to 98, or 55% of the group. This total appreciation amounted to
$283,646,140, or $183,254,265 greater than that shown on Dec. 31 1929.
The remainder of the group reported depreciations amounting to $62,785,731. This was $331,699,134 less than that reported at the end of the
year. The net appreciation on March 31 1930, was $220,880,409.
On May 5 Watson Washburn, Assistant Attorney-General
of New York State, and head of the State Bureau of SeThe survey for the month, made available by Mr. Bean,
curities, sent to 250 investment trusts in the State a quesfollows:
tionnaire calling for information concerning the character and
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR condition of each corporation's portfolio, the
manner in
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
which investments are acquired and other data. In making
Federal Reserve District.
June 30 1930. May 311930. June 29 1929. public the list of questions, Mr. Washburn said:
"The findings will be studied for the purpose of comparing the opera
8114,865,385 tions of the sound trusts with those trusts against which
complaints have
847,450,842
15,211,133 been made at our office. No questionnaire has been sent from the Bureau of
12,996,143 Securities for two years. We desire to ascertain whether certain practices
6,541,723 engaged in at the time of the last questionnaire are still followed."
10,814,840
50,496,858
The questions follow:
a
1,007,228
9
1. Give the date when subject commenced business (giving in the case
1,252,162
10
10,263 of a corporation the date of incorporation, and in the case of a common
11
2,836,992
2,410,332
5,188,667 law trust the official date of organization), and giving (a) names,
addresses,
12
68,435,266
47,416,002
66,166,158
titles and salaries or other remuneration of all officers;(b) names, addresses
Grand total
$1,304,831,222 $1,382,206,855 $1,113,049,246 and salaries or other remuneration of all directors.
Decrease
77,375,633
2. Give the name and address of any person, persons, corporation, or
Increase
191,781,976 corporations upom whom
any duties of a management or trust nature are
imposed
with respect to the subject's portfolio.
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
3. Furnish a list certified by subject's treasurer (or in case of an independent trustee, by such trustee), of all securities comprising the portJune 30 1930. May 31 1930. June 29 1929.
folio or each portfolio of subject as of Dec. 3 1929, and March 31 1930.
Imports
8294,608,448
8323,497,542 giving (a) cost, (b) market value, (c) exchange where security is listed or
8276,088,768
Exports
368,019,631 place where security is traded.
406,296,314
372,815,953
Domestic shipments
14,198,987
20,672,144
19,114,937
4. State whether securities are carried on balance sheet at cost or at
Domestic warehouse credits
87,814,239
157,930,935
144,929,103
Dollar exchange
55,856,128 market value.
60,912,681
50,120,200
Based on goods stored in or shipped
5. Are audits regularly made of the transactions in securities of the subbetween foreign countries
263,664,719 ject by independent accountants, and if so, give the
441.786.333
441.764.261
name of such auditor.
6. Balance sheets of subject as of Dec. 311929, and March 31 1930.
AVERAGE MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
Profit
7.
and loss statement of subject for the year 1929.
JUNE 16 TO JULY 15.
8. State whether stock dividends are treated as income, and whether
appreciation in the portfolio before sales is treated as income.
Dealers'
Dealers'
Dealers'
Dealers'
DaysBuying Rate. Selling Rate
Buying Rate. Selling Rate.
Days9. Copies of all contracts made with brokers, dealers or fiscal agents
or other involving sales of securities issued by the subject including its
30
2,050
1,925
2,175
2,050
120
stock,
bonds, notes or any other evidences of interest or indebtedness.
60
2,050
1,925
2.205
2.330
150
10. If any such agreements or understandings described in question
90
2.050
L925
1R0
2 330
2.205
No. 9 are not in writing give the names of the parties thereto, the dates
thereof, the terms and the amount and description of the securities involved,
the compensation provided therein for such sales, and all other terms and
Investment Trust Report is Made to New York State- provisions thereof.
Give the names of any of the subject's officers, directors or trustees
Recommendations for Reform Will Not Be Given or 11.
the persons
for he selection of the securities in the portOut Now, Attorney General's Office Announces- folio who have accountable
any substantial interest, direct or indirect, in any corporation, association or partnership whose liability Is evidenced by any security
Questionnaire Calling For Information.
in the portfolio, stating what such interest is and the corporation in which
A report on investment trust companies based on returns such interest lies.
12. What proportion of earnings or income received through the taking
from 178 of the 252 companies that were sent questionnaires
profits on securities held in trust and through interest and dividend
by the New York State Bureau of Securities was submitted of
payments has been disbursed to the holders of
stock, bonds, cerJune 26 to Assistant Attorney General Watson Washburn tificates of indebtedness or other evidences of subject's
interest or liability, either
in
the
form
of
regular dividends or interest payments, or in the form of
by Frank J. Meehan, statistician for the Bureau, in charge
bonuses, extra dividends, &c., during the year 1929?
of the survey. The full returns will have been compiled extraordinary
13. State the price received by subject upon the original offering of its
and report made in September, it was stated at the Bureau. shares to the public and the price at which said shares were then offered
"No information concerning malpractices and no recom- to the public.
14. Submit copies of all "sales literature" and of all advertising matter,
mendations of a corrective nature will be made available to Including
magazine and newspaper copy, circulars, form letters and other
the public for the present," Mr. Washburn is quoted as forms of propaganda authorized by subject for distribution or publication
In
the
State
of New York since its organization.
saying. "In general it may be said that no evidence of
15. Is the right
by subject in its trust indenture or charter to
fraudulent dealings has been found up to the present, in the purchase securitiesreserved
on margin and or to sell securities "short"?
16. State details of all "short" transactions, if any, including dates
case of any of the larger companies."
amounts.
Mr. Meehan's report as given in the "United States and
17. State the maximum amount of loans outstanding at any time since
Daily" follows:
Jan. 11929. exclusive of funded debt.
I
2
3
4
5
6
7
$136,119,164
056,295,597
20,291,598
21,501,092
8,411,193
12,221,739
76,888,411
988,915
3,537,025
6145,430,227
1,008,189,747
21,209,636
26,312,598
8,531,280
15,450,803
82,496.965
1,043,749
2,270,594
JULY 19 1930.]
FINANCIAL CHRONICLE
18. State whether you pay recurring stock dividends. If so, how much
do you charge to surplus? Is the charge on the basis of the current price
of the stock or upon some arbitrary valuation?
19. Does subjects disclose its portfolio to shareholders, and, if so, how
often?
383
The act was declared void not only for indefiniteness of title as to
purpose but because the appropriation is in violation of both the State
and Federal constitutions. The syllabus of the opinion says:
"The apporpriation by the Legislature of public money in the sum of
$261,111.34, or in any sum, to reimburse depositors for losses sustained
by such depositors in banks operated by the Guaranty Fund Commission,
held, to be void and of no effect from the fact that it constitutes the
taking of money belonging to one class of depositors to pay claims of
those of another class, and is in violation of the due process provision
of the Federal and State constitutions."
Attorney General Sorensen stated orally he was not certain that this
holding will render void a proposed constitutional amendment to authorize the next legislature to appropriate $8,000,000 to reimburse
depositors for losses in all failed State banks.
Certain Securities Favored by Investment Trusts—
Preference Indicated by Survey of 36 Companies
and 12 Popular Issues—Consolidated Gas Leads—
Appears 25 Times in Portfolios.
The popularity of certain stocks, particularly those of
public utility companies, among investment trust manageThe following regarding the court's conclusions is from
ments is revealed in an analytical survey of the portfolios of a Lincoln dispatch July 9 to the Chicago "Journal of
36 representative trusts compiled by the New York "Times" Commerce":
from trusts which make their holdings public. This is in"The banking business as it relates to State Banks in Nebraska," the
court says, "is recognized as being quasi-public in its transactions
dicated in the "Times" of May 4, which further said:
generally, and particularly in respect of its transacThe survey also gives an indication of the extent to which the invest- with the people
in such state banks, and this, of course,
ment trusts have dried up the floating supply of the common stocks of tions with depositors of money
and corporations, in effect all depositors of money
individuals
includes
these large companies. This, however, never will be totally revealed,
it is believed, because the great majority of the trusts,some of them among therein.
Violates Constitution
the largest in the field, do not publish their portfolios.
"But the appropriation of money by the State, to reimburse depositors
The two most popular issues, according to the survey, are the Consolidated Gas Company of New York and the General Electric Company. for losses sustained by them in failed banks, clearly appears to be the
Twenty-five of the 36 companies hold stock in the former, to an aggregate taking of money belonging to one class to pay the claims of another
extent of 137.730 shares, while 20 companies are holders of General Electric class. And this is in violation of the due process provision of the
common,holding in all 219,90 shares, after giving effect to the four-for-one Federal and State constitutions. Clearly it has not yet come to pass
split-up in this company effective on Jan. 15 this year.
that the State, in its supervision of the banking business, has become
an eleemosynary institution.
Twelve Stocks Tabulated.
"In view of the facts as presented, it clearly appears to us that
this
were
which
popular
12
survey,
stocks, many of
For the rurposes of
the losses of individual depositors in State banks cannot lawfully be
trust
In
tabulation.
investment
favorites,
were
for
taken
be
known to
made up nor paid from the appropriation of money that belongs to an
some cases it is evident that other stocks may be more extensively held of the people of the state. The deposits herein, were merely business
because of the concentrated interest in those companies by a certain few transactions between the bank and the depositor, and the public should
of the trusts. Such companies were omitted in favor of what were be- not be made to pay for the losses that a depositor may have suffered
lieved to be more generally popular issues.
in such transactions.
The 12 companies are listed below in a comparative table showing the
State for Benefit of All
number of times in which the common stock appeared in the 36 portfolios,
"The State exists for the benefit of all; any devotion of its powers
the number of shares held in aggregate and the common stock of each
to merely private ends is such a perversion of its purposes and duties
company outstanding as of Dec. 31:
Outstanding as to be utterly void; and it is the duty of the judicial agents of the
Times
Shares
state to protect the community from such perversion."
Held.
Held.
Dec. 31.
Company—
$11,456.000
25
Consolidated Gas, New York
137,730
The court justifies its decision by a quotation from Gray on limitation
20
General Electric
219,900
*28,845.000 of taxing powers to that effect.
18
11,933.000
Electric Bond & Share
136,036
8,981.000
17
Union Carbide
77.350
17
4.637,000
New York Central
36,400
16
13.223.000 Action Involving Claims Against Oklahoma Deposit
American Telephone & Telegraph
41,933
15
15.874.000
Standard Oil of New Jersey
69,200
Guaranty Fund.
14
11,495.000
Pennsylvania RR
65,525
14
Columbia Gas & Electric
8,477,000
63,905
The following from Oklahoma City is from'the "Wall
14
Santa Fe RR
2,416.000
21,200
13
Public Service of New Jersey
39,433
5,355,000
14:
11
United States Steel
8.132,000 Street Journal" of July
27,850
Hearing on the suit involving more than $1,000,000 in claims against
•This takes into account the four-for-one split-up on Jan. 15 this year.
the Oklahoma state bank guaranty fund, now defunct, has been conLarge Holdings Indicated.
tinued to August 4 in Oklahoma county district court by John B. Harinvestment
trusts point out that while rison, referee.
pars na closely affiliated with
is
survey
this
in
actually
revealed
Attorneys representing more than 300 claimants began work on
very
comsmall in
the extent of holding
psrison with the actual stock utstsnding in the various companies, the briefs to be filed in the suit asking liquidation of the state fund.
Between now and August 4, the different claimants will be grouped
figures may be taken as a suggestion of the large holdings in these leading
into five or six classes, according to kinds of claims, and briefs
companies by investment trusts as a whole.
more
than
are
600
there
investment trusts prepared for each class. Assets of the fund are about $350,000 in
It has been estimated that
operating at the present time in this country. The 36 trusts included good securities and cash.
in this survey amount to less than 6% of the total number, and their
holdings amount to probably less than 6% of the total holdings of all trusts.
The companies included, however, are believed to represent a fairly Private Bankers in New York State Must Meet Capital
Recuirements and Secure New Authorization
accurate cross-section of the investment trust field as a whole. The list
Includes large and independent companies which have no direct banking
Certificates Under Newly Enacted Law.
sponsorship, as well as large companies which have been brought out by
banking houses. It includes companies with broadly diversified holdings,
That all private bankers in New York State must meet
as well as those which were organized to deal in the securities of special
the new capital requirements of the amended statute and
branches of industry. t also includes small companies of all types.
Among the companies are American Equities, American & Europe,n, secure new authorization certificates prior to Oct. 31 this
American, British & Continental, Allied International, Atlantic Securities, year is the conclusion expressed by State Attorney-General
Aldred,Investment, Adams Express, Guardian Investors, Chain & General
Equities, Capital Administration, Chartered Investors, Chain Store Stocks, Ward in an opinion, dated June 26, to Joseph A. Broderick,
Secon , Third and Fourth National Investors, Graymur Corp., General State Superintendent of Banks. The opinion follows:
Public Service, Inland Investors, International Carriers, Investors Associates, Incorporated Investors, Investors Equities, Lehman Corp., National
STATE OF NEW YORK,
Bond & Share, North American Utilities Securities, Overseas Security,
Department of Law.
Reliance International, Standard Investing, Sterling Securities, Spencer
Albany, June 25 1930,
States
-Continental,
Tr!
United
&
Fund.
Trask
Foreign, United States & Hon. Joseph A. Broderick,
International, and Vick Financial.
Superintendent of Banks,
Many Publish No Lists.
Albany, N. Y.
Dear Sir: Many of the sections of the Banking Law relating to private
The difficulty in drawing what could be c,lled an accurate picture
were amended this year (Chap. 679 of 1930) which gives occasion
bankers
of the holdings of investment trusts rests mainly in the fact that many
important companies do not publish their lists at all, while others merely for two inquiries from you contained in your letter of June 18, as
list the companies in which they hold stock without telling how much they follows:
"(1) Will those private bankers, now duly acting as such under authorization
hold.
be required to make applications for new authorization
Examples of large companies that do not divulge their holdings are the from this Department,
under Section 151 of the Banking Law, as amended,to become effective
certificates
Goldman Sachs group, including the Goldman Sachs Trading Corp., the July 31 1930?
Shenandoah Corp. and the Blue Ridge Corp. The holdings of the United
"(2) Will such private bankers be required to conform to the capital requireFounders group and Central States Electric are also kept private. The ments as specified under the provisions of this section, as amended?"
great majority of the remaining companies also prefer to withhold their
Both of these questions we answer in the affirmative.
portfolios from the putlic for management purposes.
It may be well to say at the outset that the Legislature has full power
to alter conditions with respect to private bankers already authorized to
engage in business (Dillingham v. McLaughlin, 264 U. S. 370), and we
Nebraska Supreme Court Holds as Invalid Appropriation are left to seek out from the contents of the amended Statutes whether the
to Reimburse Depositors in Failed Banks Operated by Legislature intended to do so. In the legislative regulation of banking
affairs, it is hardly possible to indulge a presumption one way or the other.
Guaranty Fund Commission.
Evils and unsafe practices are being corrected constantly by legislation,
In a unanimous decision the Nebraska Supreme Court and new safeguards are being introduced to apply immediately to all phases
the banking business.
on July 9 held void the appropriation by the last Legis- of Turning
to the bill in its printed form, Senate Printed 2395 (which
lature of $261,111 to reimburse those who deposited money includes the old law as well as the new law) we find that a new section,
in banks while they were being operated by the Guaranty Section 150-a, has been inserted to bring under the Banking Law private
on business outside of cities. Heretofore they have
Fund Conunission after it had takn them over. Lincoln bankers carrying
not been subject to the Banking Law. The section declares that no one
(Neb.) July 11 advices to the United States Daily report to whom the private banking article of the Banking Law is applicable
shall carry on the business of a private banker without an authorization
as follows:
384
FINANCIAL CHRONICLE
[VOL. 131.
certificate from the Superintendent of Banks save that those carrying on some of the most important and constructive banking legislation proposed
the business of a private banker outside the cities of the State may In recent years."
eontinue without an authorization certificate until Oct. 31 1930. This
Governor Roosevelt likewise issued a statement on April 22
section perhaps might be read so as to permit those having authorization
certlficatee to continue as before, and so as to compel only those without regarding the newly enacted legislation, in which he said:
the Certificates to obtain them prior to Oct. 31.
"The amendments afford the right to the Department to examine or
However, In the next section (Sec. 151) we encounter a general command investigate any
individual co-partnership, unincorporated association, corpothat "within 60 days after this Act takes effect" every private banker ration, or affiliated
corporation, in the discretion of the Superintendent, in
In the State and those therafter seking to engage In the business shall order to determine whether
the banking law has been, or is being, violated,
submit a verified certificate to the Superintendent of Banker which shall and provides adequate
penalties for refusal to permit such examination.
contain, in addition to other information, a statement as to the amount
"These amendments will not only act as a deterrent to the formation of
of capitgl invested in the bus-Meet "which shall not be less than the amounts new 'bootleg' banking concerns,
but will serve either to drive those in
hereafter specified":
existence under the supervision of the Banking Department or out of
"(a) rifteen thotteend dollars If the place where the business is to be transacted business.
is an Incorporated or unincorporated Village having a population which does not
"Had such amendments been in force in previous years, many abuses of
exceed 2,000;
"(b) Twenty-five thoUsAnd dollars if the place where the business is to be trans- the public confidence, as typified by the Clarke Bros. failure, would have
acted is an incorporated or unincorporated village having a population of 2,000 or been averted!'
more and less than 10,000;
"(c) Fifty thousand dollars if the place where the business is to be transacted
Superintendent Broderick's statement carried a summary
Is an incorporated or unincorporated village or a city having a population of 10,000
or more and less than 30,000:
of the amended and new sections of the banking law, and
"(6) One hundred thousand dollars if the place where the business is to be transacted is a city having a population of 30,000 or more. * * *
except for the portion quoted above, it follows in full:
"5. If such private banker is engaged in business as a private banker in a city
Section 29 as amended affords the right to investigate and examine any
(of the first clam) the population of which exceeds 175,000, the amount of deposit
balance upon which such private banker pays or credits interest or pays, credits or Individual, partnership, unincorporated association, corporation or affiligives any bonus or gratuity or anything of value to a depositor and (whether) the ated corporation, in order to determine whether or not the banking law has
average of the separate deposits of such private banker since April 1 1914) January been, or is being violated.
1 1930, or for a period of 12 month9 immediately preceding the date of such verified
Those sections of the banking law pertaining to private bankers have
certificate, • • .."
Again, someone might comment that the provision that verified certifi- been so amended that for the first time absolute jurisdiction is given over
craft must be filed "within 60 days after this Act takes effect" is old any individual, partnership, unincorporated association or corporation who
law, and that all the new material inserted by the Legislature of 1930 uses the words "bank," "banker," "banking," or any derivative or cornwas intended to apply only to those without authorization certificates who pound thereof. All private bankers throughout the State, except those aimplying with certain drastic conditions to afford exemption, are placed under
are thereafter (or hereafter) seeking to enter upon the business of private
the supervision of the Banking Department. Other amendments to these
banking in the State.
sections provide that reserves against deposits, and capital requirements,
We feel that sneh a construction cannot obtain, and that the provision
except in small towns and villages, shall be the same as required of banks.
"within CO days after this Act takee effect" is brought into new life, and
Provision is made for the continuation or liquidation of the business of a
that all private bankers in the State must file new certificates within that
deceased private banker.
time, by virtue of the fact that the new material makes new requirements
Other amendments enable the Banking Department to take over the
covering cities in which many private bankers are already engaged In
business of delinquent savings and loan associations, credit unions and
business. Especially is this exhibited in the capital requirements (which
foreign banking corporations. In the event of liquidation of any corporawe have a right to assume were intended to be uniform for all in the
tion subject to the provisions of the banking law, acceptance of deposit
same locality) and in the paragraph quoted above number "5" which
accounts for which no claims have been filed is permitted, and provision is
compels private bankers in cities "the population of which exceeds one
made that such
hundred and seventy-five thousand" to state the amount of balance upon in the distributiondeposit accounts and accepted claims shall share ratably
of the assets.
which they pay interest and the average of the separate deposits since
The amendments to those sections relating to directors increase the
"January first, nineteen hundred thirty" or for a period of 12 months minimum
amount of loans, overdrafts, Am., required to be reported to
Immediately preceding the date of such verified crtificate.
directors; specify the
This last date, January first, nineteen hundred thirty, is to all appear- of an aggregate par qualifying shares of directors shall be 10 in number
value of at least one thousand dollars; provide that
ances a new date from which private bankers in cities, heretofore known residents of contiguous
States may act as directors, and all directors shall
as cities of the first class (and the statute is specifically referring to be citizens of United
States except that any person not a citizen, now
every one of them already "engaged in business"), must show the Super- serving as a director
of a trust company shall be eligible for re-election.
intendent of Banks their interest payments and deposit balances through
Those sections pertaining to credit unions have been amended in relation
the use of the verified certificate referred to in the statute, which is a to loans to and compensation
of officers and committee members; the rate
verified certificate preceding an authorization certificate.
of interest chargeable on loans, and the maintenance of records.
Our conclusion upon the statute seems to be borne out as well by the
Those sections pertaining to savings and loan associations have been
provisions of Section 152, which provides that "no" private banker "to changed to permit charging premiums
on mortgage loans secured by nonwhom this article is applicable" shall engage or "continue" in business participating shares; and allow
the issuance of club shares.
(after the effective date of the amendments, namely, July 31 1930, and
Some important recommendations of the Banking Commission appointed
not as formerly Oct. 31 1014) until lie has invested the amount of capital by the Governor are not included, namely, recommendations
relative to
specified in his verified certificate as required by Section "one hundred the permanent organization of the Banking Department; prohibition
of
fifty-one" (which is a reference to Section 151 as amended by the same public officials whose duties pertain to the enforcement of the banking
bill) and until the Superintendent of Banks shall have issued an authoriza- law acting as officers or directors; the extension to savings banks of the
tion certificate to him, provided that a private banker lawfully engaged right to establish deposit and paying stations. In addition, the sections
in business may continue in such business pending the "filing of the of the banking law pertaining to personal loan companies and investment
verified certificate required by section one hundred fifty-one and the issuance companies are in need of revision; consideration must be given to possible
and filing of the authorization certificate as required by paragraph (b) of changes in reserve requirements of institutions under the supervision of the
this section, until October thirty-first, nineteen hundred thirty." Here Banking Department, and restrictions on investments of private bankers
also the reference is on its face to Section one hundred fifty-one as amended must be formulated. Diligent study will be made of these and other
by the same bill, and a new stop date, October thirty-first, nineteen hun- important matters, the results of which will be incorporated in bills to be
dred thirty, appears in place of the old 1914 date.
submitted during the next session of the Legislature.
Section 160 follows, with the same reference to the newly amended
Definitions and Powers and Duties of Superintendent.
section one hundred fifty-one, and private bankers are not entitled to
Sec. 3. As amended, simplifies the definition of "aggregate demand
the exemptions carried by Section 160 unless they meet the capital requiredeposits" and is broadened to include all corporations subject to the
ments for cities as classified by the new bill.
From sources outside the law itself our conclnskin that all private bankers provisions of the banking law.
Sec. 13. As amended, eliminates the numerical designation of deputies,
nruat come in with verified certificates, meet the capital requirements of
the amended statute and secure new authorization certificates prior to and provides for five deputies. It also permits an examiner who has been
Oct. 51 1930, is fortified by the following excerpt from the Report to appointed as deputy to maintain his Civil Service status as examiner, and
makes mandatory his reappointment as examiner, should he be removed
the Legislature of 1930 of the Joint Legislative Committee on Banking and
from his position as deputy.
Investment Trusts, at page 16, as follows. It was doubtless in part because
Sec. 14. As amended, removes the numerical succession of deputies to
of the report of this committee that the Legislature made changes in the
the office of Superintendent, should the Superintendent be incapacitated.
capital requirements.
It also provides that the Superintendent may designate the deputy
who
"We believe that the safety of the depositor demands that al/ Private
act as Superintendent; should the Superintendent be unable to
act,
Bankers subject to the law be required to make the same minimum invest- shall
such designation to be made by the Governor.
ment in their business as is now required for incorporated banks. . .
Sec. 15. Provides that the restrictions on examiners shall also
include
"All private bankers subject to the law should be given a period of six deputies, clerks,
and other employees, and broadens such restrictions
by
months within which to apply for authorization certificates under Section prohibiting them from
being interested directly or indirectly in, or owning
151 of the law as amended. This will afford time to comply with the or dealing in the stock or
obligations
of
any
corporation
subject
to the
changed requirements. Pending the filing of authorization certificates, provisions
of the banking law.
the Superintendent should be given full powers of supervision."
Sec. 89. This section, which pertains to the right of examination
by the
Very truly yours,
Superintendent, has been broadened to include corporations,
affiliated corporations, individuals, co-partnerships, unincorporated associations
HAMILTON WARD,
in order
to determine whether the banking law has been, or is being, violated.
A ttorney-Oeneral.
The
By C. T. DAWES,
section contains a comprehensive definition of affiliated corporations,
proSolicitor General.
vides adequate penalties for refusal to permit examinations, and
carries an
immunity clause which It is believed will remove any question
as to the
Important changes in the New York State banking laws constitutionality
of the amendment.
were effected in four bills signed by Governor Franklin D.
Sec. 57. This section, which pertains to the right of the
Superintendent
Roosevelt on April 22. In a statement made public April 23, to take over the business of a delinquent corporation, broker or agency has
been amended by the addition of a new paragraph which
permits the taking
relative to the amendments, which were passed at the Into over of a savings and
loan association or credit union should its assets
session of the Legislature, Joseph A. Broderick, State Super- be insufficient to pay its debts and the amount due its shareholders.
Sec. 57a. Is a new section and provides that the
intendent of Banks, said:
Superintendent may
take over the business of a foreign banking corporation
licensed by him,
"The amendments and changes in the banking law, as approved by Gov- should its condition of affairs net
afford adequate pnotection to creditors
ernor Roosevelt, embrace the most important of the recommendations and resident in the United States.
Such creditors are also given a priority
suggestions of the Banking Commission appointed by the Governor, the Joint in the distribution of the
assets.
Legislature Banking Commission, and the Banking Department. They
Sec. 72. This section, which pertains to the notice
to creditors of
represent months of diligent study and numerous conferences attended by Institutions taken over by the
Superintendent, was amended to bring it
members of the Legislature, the Banking Commissions, the Banking Depart- Into conformity with the related sections
(57 and 57a).
ment, and outstanding members of the legal profession of this State. These
Secs. 73, 74, 75, 76, 78. These sections pertain to the
listing of, objecbills and those introduced at the request of the Banking Department contain tions to, acceptance or rejection of, &c., claims
of creditors of institutions
JULY 19 1930.]
FINANCIAL CHRONICLE
being liquidated by the Superintendent. The amendments permit the
acceptance of accounts payable as shown by the books, as to which no
claims have been presented, as well as filed claims. The amendments also
permit such accepted accounts payable to share ratably with accepted
claims in the distribution of the assets.
Sec. 84. This is a new section. It requires that all books, records,
minutes of meetings of directors and of committees thereof shall be kept
in English and preserved for a period of six years. It supplements Sections
136 and 221, and extends the provisions to include all institutions under
the supervision of or subject to examination by the Banking Department.
By making reference to minutes of directors and committees it clarifies
a doubt existent for some time as to whether or not they constituted
records of account.
Sec. 85. This is a new section. It provides that the Superintendent
shall notify directors of all official communications sent to their respective
Institutions, pertaining to examinations, recommendations or suggestions.
Banks.
Sec. 103. Which relates to conditions precedent to commencing business,
has been amended by the addition of a new subdivision which requires
that a confidential verified list of stockholders be filed in the office of
the superintendent.
Sec. 112a. This is a new section, which provides that should notice on
withdrawal of time deposits be required by any bank the Superintendent
shall be simultaneously advised of such requirement; it designates who
shall transmit such notice, and provides a penalty for the failure to do so.
Sec. 119. This section outlines the procedure for the change of location
of a bank. The amendment permits the application for such change to be
accompanied either by the written assent thereto of stockholders owning
at least two-thirds in amount of its stock, or by an affidavit of two of
the principal officers of the corporation showing that such change of
location has been authorized by the affirmative vote of stockholders
owning at least two-thirds in amount of the stock of the corporation
adopted at a meeting duly called for the purpose of voting upon such
change upon notice given as required by the Stock Corporation Law.
Sec. 123. This section pertains to the number, qualifications and disqualifications of directors of banks. As amended, this-section provides that
the qualifying shares held shall be 10 in number of an aggregate par
value of at least one thousand dollars, all directors must be citizens of
the United States, at least a majority of the directors must be citizens
and residents of this State, and at least three-fourths of the directors must
be citizens and residents of this State or a contiguous State. The provisions
of this section are not retroactive and any director duly qualified and
serving may continue to serve until the expiration of his term.
Sec. 127. The amendment adds a new paragraph to this section, which
provides that vacancies in the board of directors occasioned by resignations, deaths or other cause, shall be reported by each bank to the Superintendent within 10 days after the event, and the banks shall likewise
report each election by the board to fill such vacancy.
Sec. 129. This section, which relates to statements to directors of all
purchases and sales of securities and every discount, loan or other advance,
Including overdrafts or renewals, was amended so that omission may be
made of amounts less than one-tenth of 1% of the combined capital and
surplus of the institution, or less than $1,000 whatever the capital and
surplus may be, but makes necessary the report of such amounts over
$60,000.
Sec. 187. As amended, this section provides that a State bank may
become, or consolidate with, a National bank, such consolidation having
the same effect on the State bank as if it had converted to a National
bank, i.e., the assets become the property of the National bank, the liabilities
are asumed by the National bank, and all rights, privileges, &c., of the State
bank vest in the National bank.
Sec. 149b. This is a new section, which provides that notice to any
bank or trust company of an adverse claim to a deposit balance shall not
be effectual to cause said bank or trust company to recognize such adverse
claimant unless the bank or trust company be furnished with a restraining
order, injunction or other appropriate process, or be indemnified with a
bond discharging it from all liability, loss. damage, &c., for or on account
of the payment of such adverse claim or the dishonor of the check or
other order of the person to whose credit the disputed deposit stands.
Private Bankers.
Sec. 160. This section, which defines those private bankers subject to
jurisdiction by the Banking Department, is amended and broadened to
include any private banker(1) who makes use of the word "bank," "banker," 'banking" or any derivative
or compound of any such word or any words in a foreign language
having the same
or similar meanings, loot on any Bien or any passbook, check, receipt,
stationery, billhead, certificate, blank, .1,c., or other advertising matter, ornote,
who solicits
deposits by means of signs or other advertising; or
(2) who pays interest on a daily credit balance of less than $7,500 (if such deposit
balance Ls that of any depositor resident in the United states
who does not have
with such a banker a daily credit balance or securities of an average
daily market
value exceeding 97.500), provided the aggregate amount of such deposit
balances
on which interest is paid exceeds two per eentum of the total deposits
of such private
banker; or
(9) who receives money on deposit (other than for transmission to others) in such
amounts that the average of all the separate deposits received
from all the depositors
Is less than 81.000; or
(4) who receives money for transmission to others in
less than 8500, but
allows for exclusion from the provisions of the article inamounts
case of
transmissions
provided a deposit of securities In the amount of $100,000 is lesser
with the superintendent; In case of failure these transmissions to be preferredmade
against
the amounts
so deposited.
Sec. 150a. This is a new section, and contains the provisions of former
Section 172 (which was repealed) with regard to violations of this section,
and in addition Specifies that all private bankers other than those not
subject to the provisions of this article must apply for an authorization
certificate. It also makes such private bankers subject to examinations at
all times after the taking effect of this Act.
Sec. 151. As amended, this section embraces the whole State as regards
the filing of a verified certificate. This conforms this section to the rest
of the article, as private bankers outside of cities are now subject to
supervision. The section also states the amount of capital required, which
Is based upon population, and is essentially the same as that required by
banks, except as regards bankers in smaller villages.
Sec. 152. This section specifies the conditions precedent to transacting
business under Article 4. The amendments bring this section into conformity with the rest of the Article and permit a private banker lawfully
engaged in business at the time this Act takes effect to continue such
business until Oct. 31 1930, without an authorization certificate, such
banker, however, to be subject to examination by the Banking Department.
Sec, 156. This section, which relates to preferred depositors in ease of
Insolvency, was amended by removing reference to the deposit of securities,
since Section 161 provides for the return of such securities.
385
Sec. 157. This was formerly Section 166, pertaining to reserves, and is
amended to make reserve requirements the same as those for banks.
Sec. 158. This Section, which pertains to the effect of revocation of
authorization or affidavit, was amended to strike out reference to affidavits, since all private bankers subject to the provisions of this Article
must apply for authorization. The annual affidavit is no longer needed,
since examinations may be made.
Sec. 159. This Section, which pertains to application for change Of
location, was amended to embrace the whole State, in order to conform
this Section with the rest of the Article.
Sec. 160. As amended, this Section, which relates to application for
certificate of partial exemption, strikes out reference to cities as classes
and refers to them by population.
Sec. 161. This is a new section (the former Section 161 having been
repealed), and provides for the return to private bankers, the securities
now held by the Superintendent.
Sec. 166. This is a new section (the former Section 166 is now 157),
and contains the provisions of former Section 157 (which was repealed),
relative to the publication of unclaimed deposits. As amended, it permits
private bankers to publish such deposits in newspapers of their own choosing
rather than in those designated by the Superintendent
Sec. 172. This is a new Section, and makes the provisions relating to
official communications by the Superintendent conform with those for
other institutions subject to the provisions of the banking law.
Sec. 175. This is a new Section. It permits the continuation of the
business of a deceased private banker by his legal representatives or partners for a period of six months for the purpose of liquidation, and for a
further period of one year in the discretion of the Superintendent. It also
provides that such business shall be subject to supervision while in liquidation, and permits the survivors or successors to apply for a new authorization
certificate.
Trust Companies.
Sec. 197a. This is a new Section, and contains essentially the same
provisions as regards trust companies as Section 112a, which is applicable
to banks.
Sec. 205. This Section, as amended, makes the procedure for change of
location of a trust company the same as that for banks (Sec. 119).
Secs. 208, 210. These Sections, pertaining to the number of directors,
qualifications and disqualifications of directors, &c., as amended, bring
into conformity the requirements for directorship in banks or trust companies (Soc. 123). Section 210, however, provides that any person serving
as director in a trust company at the time this Act takes effect, who is
not a citizen of the United States, shall, if otherwise qualified, be eligible
for re-election as a director of the trust company of which he is a director
at the time this Act takes effect.
Sec. 212. This Section, applicable to trust companies, contains the same
provisions as Sec. 127, which applies to banks.
Sec. 214. This Section, pertaining to monthly meetings of directors,
contains the same provisions as Sec. 129, applicable to banks.
Sec. 225. This is a new Section, and outlines the procedure for a National
bank converting to a trust company, and states the effect of such conversion. Formerly, a National bank desiring to become a trust company must
first convert to a State bank and then to a trust company.
Sec. 226. This is a new Section, and permits a trust company to
become or consolidate with a National bank. It outlines the necessary
procedure for such conversion or oonsolidatipn, and states the effect
thereof.
Savings Banks.
Sec. 243. This Section, pertaining to restrictions on borrowing money,
as amended, permits a savings bank to borrow money without the consent
of the Superintendent. It provides, however, that simultaneously with
such borrowing, such savings bank shall notify the Superintendent of the
amount borrowed, the secutities pledged, and the terms of the loan.
Sec. 248. This section, pertaining to the restrictions as to the repayment
of deposits, as amended, provides for notice to the Superintendent in the
same manner as Sec. 112a, applicable to banks.
Sec. 266. The provisions of the amendments to this Section are essentially
the same as those contained in Section 127, applicable to banks.
Investment Companies.
Sec. 296. This section, pertaining to the change of location of investment companies, as amended, brings the procedure for such change into
conformity with that of banks (Sec. 119).
Sec. 301. The amendments to this Section, relative to vacancies in boards
of directors, contain essentially the same provisions as Section 127, applicable to banks.
Safe Deposit Companies.
Sec. 321. This Section, pertaining to the change of location of safe
deposit companies, as amended, conforms the procedure for such change to
that of banks (Section 119).
Sec. 325. The amendments to this Section, pertaining to vacancies in
boards of directors, contain essentially the same provisions as Section 127,
applicable to banks.
Personal Loan Companies.
Sec. 352. This Section, as amended, contains essentially the same provisions as Section 127, applicable to banks.
Sec. 357. The amendments to this Section, relative to vacancies in
boards of directors, are essentially the same as those in Section 119,
applicable to banks.
Savings and Loan Associations,
Sec. 383. The amendments to this Section add a new paragraph, which
permits the issuance of club savings shares, upon which dues shall be
paid in such sums and at such times as the holder thereof may elect,
until the shares reach their matured value, are withdrawn or retired.
Such shares may be credited with dividends from the date of their issue to
the date withdrawn at a rate not to exceed 90% of the rate of dividend
credited to installment shares. Club shares will meet the needs of that
class of members desiring to save for a short period of time or for a
specific object, such as a Christmas Club.
Sec. 384. This Section pertains to loans and investments. Paragraph (b)
of this Section was amended by striking out the provision that no premium
shall be charged upon a mortgage loan secured by non-participating installment shares.
Credit Unions.
Sec. 453. Subdivision 5 of this Section was amended to permit credit
unions to deduct interest in advance on any loan at a rate not exceeding 6%
per annum. Formerly credit unions were permitted to deduct interest In
advance at the rats of five and nine-tenths per annum. The .amendment
was merely to simplify the accounting, the cost to the borrower being
negligible.
FINANCIAL CHRONICLE
386
Sec. 454. This Section refers to the limitation on powers pf credit unions.
Subdivision 1 of this Section was amended to permit fees to be paid to
committee members, for attendance at meetings, provided dividends earned
and paid during the previous fiscal year equalled or exceeded 5%, and the
total fees and compensation paid to officers, committee members, counsel
and ,employees do not exceed 25% of the gross earnings of the credit union
for the preceding year.
Subdivision 4 of this Section was amended to permit officers and committee members to borrow in excess of the amount of shares pledged, provided that at a joint meeting of directors, credit committee mernbers, and
supervisory committee members, called for that purpose at which a majority
of the total membership of such bodies is present, the loan under consideration receives the unanimous approval in writing of these present at the
meeting.
Sec. 480. This is a new Section, and provides that credit unions preserve
records of Sinai entry for a period of six years.
Forfeiture of Corporate Existence by Non-user.
Sec. 486a. This is a new Section, and provides that should the Superintendent certify that any corporation under his supervision is deemed by
him to have abandoned and forfeited its charter by non-user and to be in a
process of virtual liquidation, such corporation, if solvent, ehall take the
proceeding for a voluntary dissolution and file with the Superintendent a
certified copy of the closing order in the form prescribed by Section 486.
It also provides that should the corporation fail to take such proceedings,
the Superintendent may conduct the liquidation.
INDEX OF AMENDED AND NEW SECTIONS.
Definitions and Powers and Duties of Superintendent.
Sec. 3. Definition of "Aggregate Demand Deposits."
Sec. 13. Deputies, clerks, examiners, special agents and other employees.
Sec. 14. Bond of deputy acting as superintendent.
Sec. 15. General restrictions on deputies, examiners, clerks and other
employees.
Sec. 39. Examinations of corporations, affiliated corporations, bankers,
brokers, and agencies.
Sec. 57. When Superintendent may take possession of delinquent corporation.
Sec. 57a. When Superintendent may take possession of foreign banking
corporation.
Sec.'72. Notice to creditors.
See. 73. Listing claims duly presented.
Sec. 74. Objections to claims.
Sec. 75. Accepting or rejecting claims and accounts.
Sec. 76. Effect of accepting claims and accounts.
Sec. 78. Dividends to creditors.
Sec. 84. Records to be kept in English and preserved.
Sec. 85. Notification of directors of official communications.
Banks.
Sec. 103. When corporate existence begins; conditions precedent to
commencing business.
Sec. 112a. Requirement on notice of withdrawal of time deposits.
Sec. 119. Change of location.
Sec. 123. Qualification of directors.
Sec. 127: Change of number of directors.
See. 129. Monthly meeting of directors.
Sec. 137. Change from State bank to, or consolidation of State bank
with, National bank.
Sec. 149b. Adverse claims to bank deposit.
Private Bankers-(Amendments Effective July 31 1930).
Sec. 150. Scope of Article.
Sec. 150a. Violations of Article prohibited. '
Sec. 151. Verified certificate to be submitted by private banker.
Sec. 152. Conditions precedent to transacting business under this Article.
Sec. 156. Depositors preferred in case of insolvency.
Sec. 157. Reserves against deposits.
Sec. 158. Effect of revocation.
Sec. 159. Change of location.
Sec. 160. Conditions entitling private banker to certain exemptions.
Sec. 161. Return of securities.
Sec. 166. Annual report of unclaimed deposits.
Sec. 172. Official communications from Superintendent.
Sec. 175. Business of a deceased private banker.
Trust Companies.
Sec. 197a. Requirement of notice on withdrawal of time deposits.
Sec. 205. Change of location.
Sec. 208. Number of directors; classification; tenure.
Sec. 210. Qualifications of directors.
Sec. 212. Failure to elect; vacancies.
Sec. 214. Monthly meetings of directors.
Sec. 225. National bank may become a trust company.
Sec. 226. Change from State trust company to or consolidation of State
trust company with a National bank.
Savings Bunks.
Sec. 243. Restrictions on borrowing money.
Sec. 248. Regulations and restrictions as to the repayment of deposits.
Sec. 266. Increase or reduction in number of trustees.
Investment Companies.
Sec. 296. Change of location.
Sec. 301. Restrictions on officers, directors and employees.
Safe Deposit Companies.
Sec. 321. Change of location.
Sec. 325. Qualifications of directors.
Personal Loan Companies.
Sec. 362. Change of location.
Sec. 357. Meetings of directors.
Savings and Loan Associations.
Sec. 383. Classes of shares.
Sec. 384. Loans and investments.
Credit Unions.
Sec. 453. General powers.
Sec. 454. Limitation on powers (Subdivision 1-compensation of officers; Subdivision 4-loans to officers).
Sec. 480. Maintenance of records.
[VOL. 131.
Forfeiture of Corporate Existence by Non-user.
Sec. 486a. Forfeiture of charter by non-user.
NOTE.-Sections 150 to 175, inclusive, take effect July 31 1930.
other Sections take effect immediately.
All
Federal Reserve Bank of Richmond Reduces Rediscount
Rate From 4 to 33' %.
The Federal Reserve Bank of Richmond has reduced its
rediscount rate, according to an announcement, as follows,
on July 17 by the Federal Reserve Board:
The Federal Reserve Board announces that the Federal Reserve Bank of
Richmond has established a rediscount rate of 334% on all classes of paper
of all maturities, effective July 18 1930.
The Bank reduces its rate from 4%; the latter had been in
effect since April 11 1930 when it was cut from 4%. Five
of the 12 Federal Reserve Banks have a 4% rediscount rate:
St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. The 33 % rate is in effect at the following Reserve
Banks: Philadelphia, Cleveland, Richmond, Atlanta and
Chicago. Boston has a 3% rate, made effective July 3,
while New York has a 2M% rate, in effect since June 20.
Public Offering of $15,000,000 60-Day Treasury Bills.
The International Manhattan Company, Inc., and Salomon
Bros. & Hutzler public offered on July 14 $15,000,000 United
States of America Treasury Bills, dated July 14, 1930 and
due September 15, 1930, at a 1.75% per annum discount.
These bills, authorized by section 5 of the Second Liberty
Bond Act, as amended, are part of an issue of Treasury
Bills to the amount of $50,000,000 (or thereabouts). The
issuance of these bills by the Treasury Department was
noted by us a week ago, page 213. The subscriptions for
the same received by the Federal Reserve Banks totaled
$328,968,000. The total amount of bids accepted was $50,920,000, at an average price of 99.672; the average rate of
the latter on a bank discount basis was about 17/
R%.
President Hoover Plans Two Weeks in West in August
-Had Originally Planned to Spend Month in West
-Not to Deliver Any Addresses.
A White House announcement July 15 made known the
plans of President Hoover for his trip to the West, originally
expected to have been for the duration of a month, but
now planned to cover only two weeks. The President makes
known that the trip will be "solely for purposes of an outdoor holiday and rest" and that he plans making no addresses. The White House statement of July 15 follows:
From the Washington advices to the New York "Times"
July 15 we take the following:
Embanassment in Farm Situation.
A belief prevailed in political quarters today that the President's trip
into the West would have taken on a political aspect if it were not for the
complexities arising over the downward movement in the price of wheat
and the operations of the Federal Farm Board.
The renewed farm agitation is causing worry to Republican politicians.
who fear it will react against the President and the party in the coming
Congressional elections. Some were convinced that if the President went
into the areas where the Farm Board controversy is most intense, he might
be confronted by an embarrassing situation which would not be helped
by anything he could say in public addresses.
The original tentative itinerary for the President's Western jaunt
Included stops in Chicago, Madison, St. Paul and Minneapolis. The Madison stop was to eanble the President and Mrs. Hoover to receive degrees
from the University of Wisconsin, but at the time the announcement was
made it was expected that Congress would adjourn in June and the Presidential party would be able to leave Washington in time to reach Madison
while the scholastic year was on.
Present plans contemplate the President leaving Washington about
Aug. 15 and it is expected that he will not return here for a month at least.
About half that time will be spent in the Yellowstone and Glacier National
Parks, with the President devoting himself to fishing, and he may also
visit the Estes National Park in Colorado.
"On May 9 press representatives were told that the President hoped
to take a month's holiday In the Western National Parks, beginning Aug. 1.
At that time it was anticipated that the work of Congress would be completed at a much earlier date than has now eventuated.
"The President will require some time in Washington to complete
important matters after the adjournment of the present session. He expects, however, to be able to spend at least two weeks in the Northern
Rockies late in August or early September,solely for purposes of an outdoor
holiday and rest.
"The President has received a very large number of cordial invitations
to make public appearances and addresses in various cities en route. The
curtailment of the period when he may be away from Washington and the
very nature of taking a holiday and rest will preclude acceptance of these
invitations, and he believes they will not be pressed."
Textile Export Association Formed Under WebbPomerene Export Act.
The formation of an association under the provisions of
the Webb-Pomerene Act, to be known as The Textile Export
Association of the United States, was consummated by representatives of a number of firms interested in the export
of cotton textiles, at a meeting held July 15 in the rooms of
JULY 19 1930.]
FINANCIAL CHRONICLE
387
the same time, the suggestion is made that certain American experts
The Association of Cotton Textile Merchants of New York. beAtretained
after 1936 as assistants to Haitian officials in the conduct
The latter in its announcement of July 15 says:
of government as stabilizing forces, although it is held that this should not
This was the second meeting of representatives of cotton exporters
interested in organizing for the purpose of pursuing such group activities
as are permissible under the provisions of the Act. It was stated by
Floyd W. Jefferson of Iselin-Jefferson Co., who presided, that the activities
of the new association probably will be confined, for the present, to bringing
about uniformity in terms of payment on exported textiles.
At the first meeting held on July 1, after the project had been the
subject of consideration for several months by special committees representing The Cotton-Textile Institute and The Association of Cotton Textile
Merchants of New York, a definite recommendation was made that such
an export association be formed. A proposed constitution was presented
at the meeting for consideration of those who had signified their willingness to become members.
At the meeting held today, it was moved and unanimously carried that
the constitution be adopted after a discussion which resulted in several
minor changes being made. The first meeting of the new association is
icheduled for August 5, at which time the names of the proposed Board
of Directors will be presented by the nominating committee for approval
of the members. It was stated that the following firms have signed thus
far:
Armory, Browne Jr Co.
Bliss, Irabyan & Co.. Inc.
M.C. D.Borden & Sons, Inc.
Brune Pottberg & Co.
Iselin-Jefferson Co.
Neuss, Resalein & Co.
Prince, tauten dr Co.
J. P.Stevens & Co., Inc.
Turner, Halsey Co.
Wellington, Sears & Co.
Woodward, 13aldwki dr Co.
The new association will shortly include in its membership many other
firms among commission houses, converters and independent exporters,
inasmuch as a number of representatives who attended the meeting stated
that while their principals are heartily in accord with the plan to form
an export association, authority to sign as members immediately had not
been delegated to them. Just as soon as such formalities as the appointmezt
of a Board of Directors have been taken care of, a committee will be appointed for the purpose of working out uniform terms of payment on foreign
shipments.
be done except with the approval of Haiti.
In general, the report praises the accomplishments of the American occupation, but it admits that in places it has filen short of the highest aims and
that corrections should be made. On the whole, the commission makes no
sensational findings, and its recommendations follow the lines forecast for
them in press reports from Haiti and from this capital.
List of Recommendations.
After pointing put that naval officers were now detailed to Haiti for three
years, the first two of which are necessary for learning the French language
and becoming familiar with conditions, the commission made the following
recommendations:
1. That the detail of naval and marine officers for all Haitian services be made
for a minimum of four years and that an effort be made to secure Americans who will
agree to continue employment In these services, so that upon the expiration of the
treaty a force of American doctors, engineers and police officers will be available for
continued assistance to the Haitian Government, should it then desire it.
2. That If possible some form of continuing appropriation for roads be urged for
expenditure by the Haitian Government, with a policy that will provide enough
funds to keep all existing roads in suitable repair before any new construction is
undertaken; also, in regard to further construction, that only roads most urgently
needed to develop regions now settled and under cultivation be undertaken until the
Present economic depression has passed.
3. That the United States interpose no objections to a moderate reduction of the
customs duties, internal revenue taxes, especially those imposed upon alcohol and
tobacco, or to a reduction or elimination of the export tax on coffee. If the conditions
of the Treasury so warrants.
4. That it be suggested to the Haitian Government that it employ one American
adviser in each administrative department of the Government to perform such work
as the respective Cabinet member may delegate to him, these officers to give expert
advice and assistance to the Haitian Governnient,similar to that given by American
officers in China,Siam and Nicaragua,for naval matters in Brazil and for educations 1
matters in Peru.
5. That, as an act of graciousness on the part of the United States, a moderate
appropriation be made available during the continuance of the treaty to defray the
cost of American civil officials In the Haitian Government service.
8. That an appointment of a military attache be made to the legation when the
time shall have arrived for a minister to replace the High Commissioner, as the
question of the preservation of order is of first Importance and the minister should
have the advantage of his advice on military and pollee matters.
7. That an adequate legation building be constructed immediately by the Government of the United States in the city of Port au Prince to provide a suitable residence
for the American Minister and appropriate offices.
President Hoover Receives Ulrich Divivier, Haitian
Proposals for Haitianization.
Minister to United States—New Envoy Asked to
Then, in response to the instructions of President Hoover for suggestions
President
Roy for Co-operation in Carrying as to "sequent steps to be taken with respect to the Haitian situation," the
Thank
commission adds the following recommendations:
Out Recommendations of Hoover Commission.
1.
the President declare that the United States will approve a policy, the
Ulrich Divivier on July 14 presented his credentials to detailsThat
of which all the United States officials in Haiti are directed to assist in working
providing for an increasingly rapid Ilaitianization of the services, with the
President Hoover as Minister of Haiti to the United States, out,
object to having Haitians experienced in every department of the Government ready
saying that he would devote his efforts to "maintaining and to take over full responsibility at the expiration of the existing treaty.
2. That in retaining officers now in the Haitian service, or selecting new Ameridrawing still closer the excellent relations now existing cans
for employment therein, the utmost care be taken that only those free from
between the Government of the United States and that of strong racial antipathea should be preferred.
3. That the United States recognize the Temporary President when elected.
Haiti."
Provided the election is in accordance with the agreement reached by your Commission
with President Borno and the leaders representing the opposition.
In reply, President Hoover (we quote from a Washington
4. That the United States recognize the President elected by the new Legislature,
dispatch to the New York "Times") asked the Minister acting as a National Assembly, provided that neither force nor fraud have been used
in the elections.
to "convey to President Roy the assurance of my gratifica5. That at the expiration of General Russell's tour of duty in Haiti, and in any
tion at the patriotic manner in Which he has given his co- such event not before the inauguration of the permanent President, the office of
High Commissioner be abolished and a non-military Minister appointed to take
operation in carrying out the recommendations made by the over his duties as well as those of diplomatic representative.
That whether or not a certain loss of efficiency is entailed, the new Minister
commission which recently completed a study of Haitian to6.
Haiti be charged with the duty of carrying out the early Haltianization of the
services caller for in the declaration of the President of the United States above
affairs." The same dispatch says:
recommended.
The State Department was informed to-day that legislative elections
7. That, as the Commission found the Immediate withdrawal of the Marines
would be held in Haiti on Oct. 14. The new Congress will then elect a inadvisable, it recommends their gradual withdrawal in accordance with arrangepermanent President and at about that time Dana Munro, present Chief ments to be made In future agreement between the two Governments.
8. That the United States limit its intervention in Haitian affairs definitely to
of the Latin-American Division of the State Department, will take up his those
affairs for which provision is made for American assistance by treaty or by
duties as Minister to Haiti, supplanting the present arrangement whereby specific agreement between the two Governments.
9. That the new Minister be charged with the duty of negotiating with the Haitian
the United States is represented by a High Commissioner.
Port au Prince, Haiti, press advices April 21 announced
that the Council of State on that date had elected Eugene
Roy as temporary President of Haiti, thereby following the
recommendations of the Hoover Investigating Commission.
The commission named on Feb. 7 by President Hoover to
study and review the policies of the United States in Haiti
was appointed under a resolution passed by Congress Feb. 4,
appropriating $50,000 for the purpose of conducting the investigation. The commission was composed of W. Cameron
Forbes, Chairman, former Governor General of the Philippines; Henry P. Fletcher, former Ambassador to Rome; Elie
Vezina, expert on Caribbean affairs; James Kerney, of New
Jersey, and William Allen White, of Kansas, publishers.
James Dunn was Secretary to the commission. The final
report of the commission, embodying its recommendations,
was made public at Washington on Mar. 28, with the announcement from President Hoover that "the Administration will adopt these recommendations as the basis of its
policy in Haiti." Regarding the report, we quote the following Washington account, Mar. 28, from the "Times":
Recommendations for supplanting Brig. Gen. John H. Russell, American
High Commissioner in Haiti, by an American Minister and a
military
attache, the gradual withdrawal of marines and the progressive replacement
of Americans by Haitians in the branches of the insular government, are
the outstanding proposals of the commission headed by W. Cameron Forbes,
of Boston, which recently made an investigation of conditions in Haiti for
President Hoover.
Russell Recall Set for Autumn.
The recall of General Russell, for whose services in the last eight years
at Port au Prince the Commission has words of praise, is expected to take
place next fall, when the permanent President assumes office in Haiti in
succession to Eugene Roy, who is to become temporary President on May 15.
The progressive changes will then probably follow as circumstances permit,
with the aim of having Haiti as much under native rule as possible when
the treaty under which the American Occupation is maintained expires
in 1936.
Government further modifications of the existing treaty and agreements providing
for less intervention in Haitian domestic affairs and defining the conditions under
which the United States would lend its assistance In the restoration of order or
maintenance of credit.
Lays Resentment to "Elite."
That there has been occasion for native resentment against the American
occupation at times is frankly admitted by the commission. Pointing out
that the "elite," or governing class, is an urban group of less than 5%
of the total population, the report says:
It has been the aim of the American Occupation to try to broaden the base of
the articulate proletariat and thus make for a sounder democracy and ultimately
Provide for a more representative government in Haiti. Hence its work in education.
in sanitation, in agencies of communication such as roads, telephones, telegraph
lines and regular mall routes. These things naturally are deemed of secondary importance by the elite, who see In the rise of a middle class a threat to the continuation
of their own leadership.
The failure of the Occupation to undertand the social problems of Haiti.Its brusque
attempt to plant democracy there by drill and harrow, its determination to set UP
a middle class—however wise and necessary it may seem to Americans—all these
explain why, in part, the high hopes of our good works in this land have not been
realized.
The commission declares that "it is under no delusions as to what may
happen in Haiti after the convocation of the elected Legislative Assembly,
and to a greater extent, after the complete withdrawal of the United States
forces."
The Government of Haiti before American intervention, the commission
asserts, "was more democratic and representative in name than in fact."
"The commission," it adds, "is not convinced that the foundations for
democratic and representative government are now broad enough in Haiti.
The educated public opinion and literate minority are so scull that any
government in these circumstances is liable to become an oligarchy. The
literate few too often look to public offices as a means of livelihood. Until
the basis of political structure is broadened by education—a matter of
years—the government must necessarily be more or less unstable and in
constant danger of political upheavals.
Sees Importance in Garde.
"It is top early to suggest in what form the American occupation should
be liquidated upon the expiration of the treaty or in what form such further
aid and assistance as the Haitian Government might desire from the United
States should be provided. This can be more wisely decided in the light
of the experience of the next few years. It is obvious that after the withdrawal of the American forces the orderly functioning of the Haitian Government will depend in large measure upon the efficiency and discipline
of the Garde.
"It is to be hoped that the Haitian people will come in the course of the
next six years to realize that an enlightened self-interest will require that
388
FINANCIAL CHRONICLE
the rate of progress tinder the American occupation be maintained, particularly in the matter of public health and public roads."
The report contains praise both for the marines and the Haitian National
Guard. Very little complaint, it says, was heard of the marines, except
as they formed part of the American occupation. It should also be remembered, it is added, that "in case of riots and uprisings this force might be
necessary to protect the lives of American families, both private and official,
and of foreigners."
The Garde is praised for its efficiency and for its duties "well and
conscientiously performed."
General Russell is commended for his "whole-hearted and single-minded
.devotion to the interests of Haiti as he conceived them, his unremitting
labor and his patient and painstaking efforts to bring order out of chaos
and to reconstruct a governmental machine which had been largely destroyed
by years of abuse, incapacity and anarchy."
After pointing out that conditions were chaotic when the United States
intervened in Haiti in 1915, that communication was non-existent, the
peasant class impoverished, disease general, property menaced and the
public debt one of staggering proportions, the commission asserts "there
was not and there never has been on the part of the United States any desire
to impair Haitian sovereignty."
"There is no room for doubt that Haiti," it continues, "under the control of the American occupation, has made great material progress in the
past 15 years. Eight hundred miles of highways have been built. A most
involved financial situation has been liquidated and the entire fiscal system
renovated and modernized. Order has been created where there was only
disorder in the collection and disbursement of Government funds. An
efficient constabulary has been organized and trained and has maintained
peace and order.
"A public health and sanitary service, which is a model of devotion
and efficiency, has been organized and maintained. A modern and up-todate budgetary system has been established and pre-audit, which is one of
the latest and meet effective devices fpr accurate, economical and expeditious management of accounts. The revenues and expenses have been
carfully balanced with a conservative margin of revenues in excess of
expenditures resulting in a steadily increasing Treasury surplus."
[VoL. 131.
Haiti
Occupation Cost $23,000,000—Expense Incurred
by U. S. Since Intervention in 1915—$95,000
Monthly Salary Roll.
From the New York "World" we take the following Associated Press ad vices from Port au Prince, April 2:
American officials here estimate that the occupation in Haiti has cost
at least $23,000,000 since the United States intervened in 1915. The
same statistics show that the figures easily could be placed at $25,000,000
If al/ factors concerned were taken into account, and these two general figures were given to the Hoover Commission when it was here. A minimum
estimate given was $21,000,000 "or more."
Salaries alone to-day are costing the United States $95,000 a month in
Haiti. At one time salaries and Marine pay were much higher because a
large military force was stationed here. The number of Marines has
dropped from several thousand to between 600 and 700, with the latter
the usual maximum at all times.
Few of the Americans here, both military and civilian, appear to want
to stay, and it is chiefly a matter to them of how soon they will leave.
Almost to a man the Marine officers on duty here have expressed their
desire to get out of Haiti as fast as possible. Their families agree, and
those who have not already left are making plans to do so, expressing
the hope that husbands and fathers will be relieved of duty here soon.
Many civilian treaty officials and employees are seeking positions "in
the States." The majority of American experts of the service technique,
the agricultural-vocational school system, expect to be relieved soon, and
many others have the same outlook. Dr. George Freeman, director of
service technique, who was attached personally and professionally before
the Commission, has been recalled and expects to leave here on April 10.
Because of the uncerLinty of the date of withdrawal of the occupation,
few Americans have been able to make definite departure plans. Many
feel that the outcome of the elections in the autumn will settle the matter.
A group of Nationalists, led by J. Jolibois, has sent a request to President Hoover to replace Brig. Gen. John H. Russell, American High Commissioner, with a civilian and to end the occupation immediately instead
of in accordance with the Hoover Commission's report.
The Jolibois group, which has attacked the Commission's report, describing it as unsatisfactory, also has been unsympathetic with the federated patriotic groups which have been favorable to the report.
The request sent to the President also asked him to order General Russell
to forbid the Council of State to pass any laws or approve any contracts
between April 14 and May 15, the interim between the election of Eugene
Roy as Temporary President and his assumption of office.
Says Wrong Impression Was Given.
Nevertheless, the commission says, "The acts and attitude of the treaty
officials gave the impression that they have been based upon the assumption
that the occupation would continue indefinitely." The commission was
"disappointed" to find that measures for the preparation of Haitians for
the political administrative responsibilities of the Government had been
"inadequate."
Pointing out that "little by little the American occupation has extended
its intervention in the financial aperatipn of Haiti, until 60% of the Balkan Tariff Bloc—Rumania and Yugoslavia Agree on
revenues are now expended under an American supervision, including the
Plan to Include Others Later.
sedvice of the public debt," the report says:
A cablegram from Budapest, July 3, to the New York
allowed
out
of
the
5%
maximum
"The commission believes that the
Government revenues to cover the cost of the general receivership should "Times" said :
Economic co-operation has been decided on between Rumania and
not be considered a flat allowance, but a limitation within which the
receiver must operate. The commission recommends that appropriations Yugoslavia, according to a statement of the Yugoslavian Foreign Minister,
Dr.
Yoyislav Marinkovich, in Belgrade tonight. The plan envisages the
disbursed by the treaty services in Haiti shpuld be budgeted with the same
detail as are the appropriations for the regular public services of the inclusion later of other agrarian nations. According to well-informed
circles here, the Hungarian Government has already been approached in
Haitian Government."
this connection.
The commission arrived in Haiti on Feb. 28 and returned
The plan is to include all European agrarian states in a sort of
to the United States Mar. 21. A statement regarding the agrarian bloc which will then approach European industrial countries
appointment of the commission was issued as follows on with a proposal that they abolish their tariffs on agricultural products
in return for the abolition of tariffs on manufactured products by the
Feb. 4 by the President:
agrarian states.
"Now that the Senate and House have approved the appropriation
for a thorough inquiry into our problems in Haiti, I shall appoint
a commission at once to undertake it. I hope to be able to an- Buenos Aires Haberdashers Join Fight Against New U. S.
nounce its personnel within a week.
Tariff—Would Boycott Our Goods.
"The primary question which is to be investigated is when and
A cablegram from Buenos Aires, July 12, to the New
what
question
is
second
withdraw
front
Haiti.
The
to
how we are
we shall do in the meantime. Certainly we shall withdraw our York "Times" says:
Haberdashers and other dealers in similar articles have joined the
marines and officials sometime. There are some people who wish
for us to scuttle overnight. I am informed that every group in campaign started by several Argentine producing organizations against
to
the
disaster
result
in
the new United States tariffs and have sent a memorandum to all memHaiti considers that such action would
bers of their organizations urging them to refrain from buying North
Haitian people.
"On the other hand, our treaty of 1915, under which our forces American goods.
The memorandum says that among the prejudiced nations Argentina is
are present in that country in the main, expires in 1936, or six
years hence. We have no mandate to continue the present re- certainly the one most affected, because as a consequence of the increased
tariffs the exportation of Argentine products to the United States will
lationship after that date.
prohibited or at least enormously reduced. It is feared this will bring
"We have an obligation to the people of Haiti and we need to be
unfavorable exchange rates in the United States and all foreign
about
plan how we will discharge that obligation. There is need to build
thus increasing the seriousness of the already difficult situation
markets,
up a certainty of efficient and stable government in order that life
Argentine commerce.
and property may be protected after we withdraw. We need to know, in
therefore, what subsequent steps should be taken in co-operation
with the Haitian people to bring about this result.
Cubans Seek Aid on Tariff—Vegetable Growers Say New
"The answers to these questions must be worked out in broad
Rates Will Wipe Them Out.
vision after careful investigation of the entire subject by men of
unbiased minds.
Vegetable growers of the Island of Cuba and the
"It is for this reason that I have proposed to send a commission Isle of Pines wish to invoke the
flexible clause of
to Haiti to determine the facts, to study and survey the whole
problem in the light of our experience in the last fifteen years and the new United States Tariff Act in behalf of their products,
the social and political background of the Haitian people, to confer W. G. Root, an American fruit and vegetable grower of
with all sides, to recommend the sequent and positive steps which will Herradura, told the American Chamber of
Commerce on
lead to the liquidation of our responsibilities and at the same time
July 3 in requesting the chamber's aid. This is learned
assure stable government in Haiti.
"As I have stated before, I have no desire for representation from a cablegram from Havana to the New York "Times"
of the American Government abroad through our military forces. from which the following is also taken:
We entered Haiti in 1915 for reasons arising from chaotic and
"The tariff bill recently passed means the death blow to our work,"
distressing conditions, the consequence of a long period of civil war
said Mr. Root. "If we get a modification of the new tariffs, effective
and disorganization. We assumed by treaty the obligation to assist during the months of
November, December and January, it will go a
the Republic of Haiti in the restoration of order, the organization long way toward
helping us."
of an efficient police force, the rehabilitation of its finances and the
Mr.
Root
quoted
statistics
showing exports of vegetables from Cuba
development of its natural resources. We have the implied obligato the United States had jumped from more than 800,000 packages in
tion of assisting in building up a stable self-government.
1926-27 to more than 1,250,000 packages in 1929-30. The increase is
"Peace and order have been restored, finances have been largely
rehabilitated, a police force is functioning under the leadership of attributed to greater production, induced by more rain.
Last year the average profit for each package was 20 cents. In the
marine officers. The economic development of Haiti has shown extraordinary improvement under this regime. It is marked by a high- tariff act of 1930 tomatoes and other vegetables are assessed an average
duty
of 96 cents a crate, while the 1929 duties were 38 cents, which
way system, vocational schools and public health measures. General
means an increase of 58% a package, wiping out the profit, according to
Russell deserves great credit for these accomplishments.
"We need now a new and definite policy looking forward to the Mr. Root.
A special committee of the Chamber of Commerce has been appointed
expiration of our treaties."
JULY 19 1930.1
FINANCIAL CHRONICLE
to co-operate with the vegetable growers of Cuba and to decide whether
the United States Tariff Commission should be requested to revise the
rates on Cuban vegetables.
Chilean Congress Passes Bill to Create Chile Nitrate Company for Consolidation of Nitrate Industries.
Under date of July 15 Pablo Ramirez, representative of
the Government of Chile in Paris, authorized the following statement:
The Chilean Congress has enacted the special law providing for the
formation of Chile Nitrate Company (Compania de Salitre de Chile),
which has been so far generally refrred to as "Cosana." and for the
consolidation into that company of the entire Chilean nitrate industry.
The law provides for the elimination, in favor of Chile Nitrate Company and its subsidiaries, of the Chilean export tax on nitrate and iodine,
which for the past three years has averaged upwards of $30,000,000 per
annum, and for making available to the new company all of the Government-owned nitrate land.
In return, the Chilean Government is to receive half of the stock of
Chile Nitrate Company and is to be guaranteed minimum returns for the
years 1931, 1932 and 1933 amounting to $22,500,000, $20,000,000 and
$17,500,000. After this transition period ending with the year 1933,
the Government will rely upon dividends from its stock and a 6%
income tax to compensate it for the loss of revenue resulting from the
elimination of the exporttax. The law provides that the Governmentowned shares of Chile Nitrate Company cannot be sold or pledged.
Twenty-eight companies, representing more than 91% of the productive
capacity of the nitrate industry of Chile, have already signified their
approval of the plan, and it is expected that as soon as the legal details
can be arranged the consolidation of the industry will be effective through
the absorption of virtually all of the producing companies.
The 50% of the new Company's capital not issued to the Government
will be utilized to Acquire the existing nitrate companies. Stockholders
will receive shares of Chile Nitrate Company on the basis of the respective contributions of the constituent companies.
Among other companies which •have signified their approval of the
plan is the Anglo-Chilean Consolidated Nitrate Corporation, which owns
the so-called Guggenheim Process for the extraction of nitrate from ore.
Upon the absorption of this company, the Chile Nitrate Company will
therefore become the owner of this process and steps will be taken to
modernize production methods by substituting large unit plants operating
under the Guggenheim Process for the many small plants now employing
the Shanks process. From results obtained at the Marie Elena plant of
the Anglo-Chilean Company it has been demonstrated that under the
Guggenheim Process ore containing as little as 8% notrate content can
be treated at unit production costs of 40% less than those attained by
the plants using the Shanks process and treating ore of 15% or 16% nitrate content. The substitution of these large unit plants operated under
the Guggenheim Process will practically double the extraction from the
nitrate reserves and at the same time reduce by about 40% the cost of
producing the finished product.
The authorized capital stock of the new company, as fixed by the
law, is the equivalent of $375,009,000, as follows:
1. 15,000,000 Series A. ordinary shares, of the par value of 100 pesos
each (approximately 412.50), all of which ,us to be issued to the
Chilean Government.
2. 15,000,000 Series B shares, of the par value of 100 pesos each, of
which not to exceed 5,000,000 shares may be 7% cumulative preference stock; and the residue will be ordinary shares ranking equally,
so far as dividends are .coacerned, with the Government-owned Series
A ordinary shares.
The Series 8 shares, both preference and ordinary, -will 'be utilized
to acquire existing nitrate companies.
The management of The new company will be 'rested in a Board of
Directors of 12, elected as follows: The Government-owned Series A
shares elect 4 directors; the Series 13 ordinary shares elect 7 directors,
and the Series B preference shares elect 1 dirctor.
The funded indebtedness of the constituent companies will remain
outstanding, but the position of these aecurities, from an investment
standpoint, will be greatly strengthened by the reorganisation and modernisation of -the industry and particularly by the elimination of the export
tax, which has heretofore contsituted a burden on the Industry, ranking
prior to the charges on its funded debt. The improvement in the position
of outstanding bonds and preference shares resulting from transferring
to an equity position an annual charge of -approximately $30,090,000,
is obvious.
Organization of the new company practically coincides with the 100th
anniversary of the commercial distribution of Chilean nitrate which will
be celebrated under the auspices of the Chilean Government on July
mat. Originally used almost exclusively in the manufacture of
powder,
Chilean nitrate of soda 'has become one of the essential fertilizers of
modern agriculture as well as an important raw material of chemical
manufacture, and the nitrate industry one of the world's leading industries.
389
instanced by the Lautaro Nitrate Co. Ltd. First Mortgage Convertible
Gold 6's listed on the New York Exchange. Interest on these bonds has
been covered by a fair margin, although the new Guggenheim process
plant (to finance which the bonds were issued last year) is not yet in
operation. Nevertheless, with the export tax removed interest on these
bonds for the year ended June 30, 1929 would have been earned 4.05
times. In other words, the action of the Chilean Government has re.
moved these bonds from the speculative class and given theta a high
investment rating.
The Lautaro Nitrate Co. Limited, is the largest producer of Chilean
nitrate, owning approximately 418 square miles of deposits conservatively
estimated to contain 30,000,000 nitric tons of nitrate recoverable under
the Shanks process which in the old process used exclusively in Chile
with the exception of the Maria Elena plant at the Anglo Chilean
Nitrate Corporation which is already operating under the new Guggenheim process,
4 Revenue Problem
For some years past the Chilean industry has been handicapped in
competition by a heavy export tax of $12.32 per metric ton, which after
rebates amounts to a net tax of about $9.00 per metric ton. Recently
competition with the synthetic product has been increasingly keen and
the better but dearer natural nitrate has lost ground. The dependence
of the Chilean government on this export tax for a large part of its
revenue has prompted the authorities to take steps to alleviate the burden
and to aid in re-establishing the Chilean industry in its former commanding position.
To this end ,the Government is sponsoring a company to be known as
Compania Salitrera Nacional, with a capitalization of three billion or
approximately $363,000,000, consisting of 30,000,000 shares of common
stock of one'hundred pesos par value.
Under the proposed plan the Chilean Government will eliminate the
export tax completely, in return for a 50% stock interest in the new
company, which will be a merger of all the Chilean nitrate companies, and
a 33% representation on the board of directors.
Companies refusing to enter the new combine will have to pay the
export tax so that it is practically certain that all companies will agree
to the plan.
Government Guarantee
For the first three years the new company will guarantee the government $23,000,000—$20,000,000—and $15,000,000, and thereafter the government will accept its share of the profits just as any other stockholder,
Gen. Jadwin Not to Head Federal Power Commission—
Signing of Bill By President Hoover Re-organizing
Commission.
Lieut. Gen. Edgar Jadwin, former Chief of Army En0neers, has decided not to accept appointment by President
Hoover as Chairman of the new Federal Power Commission, it is understood in administration -quarters said a
dispatch from Washington. July 14, to the New York
"Times" which went on to say:
The President xeceutly oared that he had chosen General jadwin
for the post.
It is said that General Jadwin had received an attractive offer for
private work, which he felt he could not decline. It has been known
all along that General Jadwin land not intended to remain with the
Power Commission more than six months.
When the White Rouse announced that General Jndwin had been
offered the chairmanship there were rumblings of discontent among
opposed
some members of the Senate and House, who had previously
the Jadwsn plans for Mississippi River Rood control. These protests,
however, were never formally voiced. as the President had not sem
the Jadwin nomination to the Senate.
The President had decided to withhold all nominations until the
Senate situation cleared regarding the London Naval Treaty, It was
announced at the White 'House today that no nominations would be
made until the Senate has fixed a date to vote on the treaty.
This means that many important nominations, including those of the
tariff commissioners, will be held up for some time. The President
appears determined to prevent tile nominations from being involved in
the Senate treaty situation.
-The bill providing for the re-organization of the Federal
Power Commission was signed by President Hoover on
June 24. The new .commission of five to be al/pointed by
the President will replace the three Cabinet officers who
now administer the Water Power Act. Regarding the newly
euoPtetl bill we quote the following from the Washington
advices June 24 to the New York "Iferald-Tribune":
Charles D. Robbins & Co., members of the New York
The measure has long been urged by President Hoover as vital to a
Stock Exchange in discussing on July 11 the new legisla- proper administration of the Federal waterpower act and to any program of conservation. It will reorganize the Government agency at a
tion <and its effect, said in part:
The Chilean Senate yesterday approved a bill to create a giant $355,- time when the present commission is under fire as in too close sympathy
000,000 national company to unite all production of natural nitrate. The with the public utility interests.
Funds are provided to increase the personnel and organization of the
Government of Chile will receive half the stock in return for abolition
fact-finding duties of the agency are great and the
-of -the export tax and allocation to the company of the balance of the commission. The
bring its data
national nitrate grounds. American and European nitrate producers in present body has publicly admitted that it is unable to
Chile will enter the new company on a basis of exchange of stock in up to date.
0
*
.0
proportion to relative values of the existing concerns.
The reorganization 'bas been urged by Patrick J. Hurley, Secretary of
At the present time, conferences are continuing in Paris between GerSecretary of Agriculture, and Ray Lyman
man, French, British and American manufacturers of synthetic nitrate, War; Arthur hl. Hyde,
Secretary of the Interior, who were members of the ow
with a view to regularizing prices on both synthetic and natural nitrates. Wilbur,
The basic idea in the moves now being made to stabilize the nitrate commission.
industry is the removal of the Chilean export tax of $12.32 per metric ton.
Chile, which has a monopoly on the natural product, is largely de- Roy H. Marquardt na „Essential QualiAcatious in a Savings
-pendent upon this tax. The high duty, however, has prevented natural
Banker,
nitrate from competing successfully with the synthetic article, at least,
Taking as his subject "The Human Equation in Savings
with producers using the older methods of extraction. The Government
has now agreed to forego this tax on exports in return for a half interest Banking" Roy H. Marquardt, Assistant Vice-President of
in the profits. The point of importance to American investors is that the
the First Union Trust and Sawings k3ink ,of Chicago made
export tax was a charge prior to bond interest, while the Government's
the statement that "savings banking today is more competiprofits
through
ownership
stock
will come after bond interest.
shares in
A striking example of what this means to American bondholders is tive than it has ever been, and no savings bank or depart-
390
FINANCIAL CHRONICLE
ment can make money by guess work. In the matter of
employee efficiency, for example," he continued, "surveys
show a wide variation in the number of transactions, that
is, savings deposits and withdrawals handled per person.
Some employees are doing 25% more work and are probably getting less pay than others. The cost of handling
these transactions varies as much as 300 or 400% in different savings banks or departments. And yet the management, because it lacks the facts, goes on year after
year without remedying the conditions, and without showing the proper profits for stockholders."
Mr. Marquardt spoke thus in addressing the recent annual convention in Denver of the American Institute of
Banking Section of the American Bankers' Association. In
part Mr. Marquardt also said:
Work at the windows of a bank is not wholly comparable to factory work, where production comes to the worker in a steady stream
and enables him to maintain a steady pace. The work at the windows
is uncertain. It has its idle and its crowded hours; and beyond
the routine there is the actual sales work which better employees
can do at the windows. The number of transactions an employee
handles is, therefore, not the final test of willingness or effectiveness,
but merely a challenge to the management to balance the work and
the workers, to avoid idle time by a more flexible use of employees,
to know actually what is happening.
Surveys also show that, regardless of the size of the accounts, there
are about 30 to 40 transactions per month for every 100 savings accounts. Stated in another way, these surveys indicate that the small
account involves as many deposits and withdrawals as the large
account; consequently, the larger accounts are far more profitable.
Further, if the number of transactions per account per month does
not increase with the size of the balance, then as the average balances
of the savings accounts increase, the operating expense will decrease.
In other words, as the average balance per savings account increases,
the operating expense per $1,000 of aggregate savings balances decreases. And so we may conclude that mastery of the facts in the
savings business is an indispensable tool, and the first essential, to any
young man or woman who hopes to succeed. When a savings banker
determines to know the facts, he begins to pay the price which banking
progress demands.
In the course of his remarks Mr. Marquardt pointed out
that "the first essential quality in a savings banker is a
complete mastery of the facts in the savings business";
the second essential earmark of executive ability in a savings banker" said Mr. Marquardt "is the proper new business perspective" while the third essential quality he noted
"is an open mind—a mind not anchored to tradition so
firmly that it fails to keep pace with progress." In conclusion he said:
A savings banker may have all these qualities, but if he lacks the
fourth essential, which is persistent application to the job, all else is
of no avail. He may have knowledge and be able to base the management of his department on facts; he may have a genuine appreciation
of the importance of new business; he may come to his work with a
true understanding of the significance of an open mind. He may have
all these qualities, and yet fail because of a lack of persistent application to the job.
Hard work, or persistency in keeping at the job, is an old-established
quality, but it is, nevertheless, the keystone of all those qualities that
help to build a good savings banker. It is so easy not to budge; it
is so easy to go along without making any great effort; it is so easy
to compromise or to give up when our purposes are thwarted; but
to drive straight through to the practical application of our thoughts,
persistency day by day, is no easy task.
Savings banking needs more young men and women who simply
will not stop work when the windows to their cages are closed at
two or three o'clock. It needs more individuals who are willing to
wrestle early and late with the great unsolved problems of the savings
business.
Give any one the radius of a young man's willingness to work and
to apply himscelf, and he can circumscribe that young man's future.
How many young men are willing to follow a Thomas Edison, who
worked nineteen and one-half hours daily up to the time he was fiftyfive years old, and eighteen hours after that, and who, it is said,
labored at one time for five days and nights continuously, struggling
to perfect an idea? What young man is willing to pay the price
in the banking business of a Henry Ford in industry, who would work
all day in the plant and then work at night in his own shop, striving
to make his first automobile.
A young man, lacking the means to go to college, secured an appointment to West Point. He was poor, handicapped in many ways,
but he determined to excel by applying himself to the job. His
room was so situated that at night he could look out and see the
light burning in the window of another boy who was vying with him
for scholastic honors. This young man studied every night until the
light in the other student's room had gone out, and then he studied
a little longer for good measure. He was determined to do as much
and then a little more than his most industrious competitor. At the
end of his career at West Point, he finished with high scholastic honors.
How many young men are there in savings banking who are willing
to work just a little longer than their most industrious associates?
Many examples might be given of men in the banking business who
have followed precisely this course. I commend a study of their
lives and a persistent application to the job to every young man and
woman in the American Institute of Banking.
In conclusion, may I repeat the four qualities which I have discussed, and which I firmly believe to be essential to success in
savings banking:
I. Mastery of the facts
2. A new business prospective
3. An open mind
4. Persistent application to the Job
[VOL. 131.
If each one of us will conscientiously shape his daily activities along
these lines, I believe in the next ten years we may witness accomplishments in savings banking which will far excel all of the fine
achievements of the past.
Ohio Allowed to Tax Gas from West Virginia.
From the "United States Daily" we take the following
from Columbus, Ohio, June 26:
The State of Ohio may impose a gross receipts tax on gas piped from
West Virginia into Ohio and sold locally in 50 communities in the latter
State, the Federal District Court for the Southern District of Ohio sitting
as a three-judge statutory court held June 24. Such sales are not protected
by the interstate commerce clause of the Federal Constitution, the court
held.
According to an oral statement by Attorney General Bettman, he is of
the opinion that the principle involved also applies to the sale of electric
current.
The case involved the right of the State to collect taxes amounting to
approximately $959,000 from the company and indirectly almost another
million is involved because other utilities refused payment of the tax
awaiting the decision, according to a statement by the attorney general's
office.
New York Central Shut Down for 10 Days to Affect More
Than 1,000—To Avert Unemployment.
Due to the general business condition which has allowed
their maintenance work to get ahead of schedule, the New
York Central Lines announced on July 12 that for a fortnight beginning at the end of the present week the heavy
repair shops of the system will be closed down. Ten working days will be eliminated. The New York "Times" of
July 13 in reporting this went on to say:
The order affects a dozen plants, three of them in New York State.
and involves groups of employes variously estimated at from 1,000
to several thousand. The purpose of the closing is to prevent the necessity of discharging men and adding to unemployment. At the end
of the interval of idleness work will be renewed with the same staff as
before.
"Under present business conditions," the conipany statement said, "the
several New York Central Lines have a large number of locomotives
and cars stored in serviceable line shops and avoid further force reducorganizations in the system line shops and avoid further force reductions, it has been arranged that the heavy repair shops will be closed
on July 19 and operations resumed on Aug. 4, this interval embracing
ten working days."
Patrick E. Crowley, President of the New York Central, said last
night that the announcement indicated simply a surplus of motive
power. The railroad already had been obliged to lay off some employes,
he said, but it was making every effort to meet conditions by reducing
hours of work rather than by discharging men. He could give no
estimate of the number of employes who had been dropped.
Without disclaiming the slump in railroad business, Mr. Crowley
said that it was naturally affected by the conditions of general business.
The repair shops which are to be temporarily closed are only those
repairing cars for locomotives which require more than fifty hours of
work to be expended on them. There are also light and medium repair
shops servicing cars needing under twenty hours of labor, or between
twenty and fifty hours, respectively. These two classes do the bulk
of the repair work.
Of the 130,000 New York Central cars, it was said at the company's
offices, about 3% are always out of repair, but only about one-half of
1% require heavy repairs.
The heavy repair shops in this State are at West Albany, Depevl,
a suburb of Buffalo, and East Buffalo. The other important shops are
at Cleveland, Chicago, Elkhart, Ind.; Hobson, Ohio, and Avis, Pa.
Locomotive servicing is done at Depew.
In a speech at Cleveland on June 28 Mr. Crowley said that railroads
feel the affects of a business depression first and feel it most keenly,
since the railroads' business depends on the business of the country,
However, he continued, "I believe, and that belief is shared by my
fellow railway executives that we have turned the corner, that we will
slowly but surely go forward to at least as great prosperity as has
ever before been attained."
The decreased business of railroads has been reflected in their
monthly reports, which have shown net operating incomes consistently
below last year's figures. Reports of fifty-four railroads for May showed
a decrease in net operating income of 32.8% from the May, 1929,
reports.
Luncheon to European Journalists on Good-Will Tour of
U. S. By C. E Mitchell of National City Bank of
New York.
Charles E. Mitchell, Chairman of The National City Bank
of New York, was host on July 16 at an informal luncheon
tendered fourteen European journalists who have just completed a good-will tour of the United States under the
auspices of the Carnegie Endowment for International
Peace. The luncheon was held at the bank's head office, 55
Wall Street, and was attended by the journalists, several
senior executives of the National City organization and
representatives of the Carnegie Foundation. After luncheon,
the journalists made a tour of the bank and inspected the
new building of City Bank Farmers Trust Company, trust
affiliate of The National City Bank of New York, now
under construction at 22 William Street. Among those who
were Mr. Mitchell's guests were:
Felix Salten, Neue Freie Presse, Vienna;
George Kirks% editor of La Bulgaria, Sofia, Bulgaria;
Jaroslav Koudelka, editor for foreign affairs of the Pravo Lid*,
JULY 19 1930.]
FINANCIAL CHRONICLE
391
Prague, Czechoslovakia;
bushels of wheat each year more than we consume; hence, such surplus
Erik Moller, Belingske Tidende, Copenhagen, Denmark;
wheat must be exported, and no one contends that, so long as we are a
Men,
head
of
Estonian
Georg
Press Bureau, Tallinn, Estonia;
wheat-exporting nation, a tariff of 42 cents a bushel on wheat will materially
Urho Toivola, director and editor of the Turun Sanomat, Abo, help the wheat growers.
Finland;
In order to make this tariff effective the following must happen: The
K. F. Baberadt, Frankfurter Zeitung, Frankfurt, Germany;
farmers must reduce their wheat production approximately 200,000,000
Dr. Ernst Feder, Berliner Tageblatt, Berlin, Germany;
bushels per annum, whereupon, with the demand for wheat balancing the
Prof. Alfred Herrmann, Itamburger Fremdenblatt, Hamburg, supply, a fair price would naturally follow to the producer.
Germany;
With no tariff benefits to the cotton planter, with practically none to
the corn grower, and absolutely none to the wheat raiser, it is difficult to
T. Cnossen, De Staandard, Rotterdam, The Netherlands;
George Ottlik, editor of l'Annuaire de la societe des nations, Geneva, see how the Secretary arrives at his conclusion that the farmer is to be
benefited to the extent of $150 annually.
Switzerland;
If no benefits come to him because of the new tariff bill, then the SecreS. Konstad, Morgenbladet, Oslo, Norway;
S. Backlund, diplomatic correspondent, Ny Tio, Goteborg, Sweden, and tary's admission that the farmer will be forced to pay approximately $48
per annum additional for what he is forced to buy places this added
(Dr. A. Oeri, Basler Nachrichten, Basle, Switzerland.
burden directly upon the farmer because of the enactment of the HawleyThe journalists were accompanied by George A. Finch, Smoot
bill.
Assistant Secretary of the Carnegie Endowment for International Peace, and James B. Wharton, representative of
The Open Road, Inc. The present good-will tour is the fifth
which has been arranged by the Carnegie Foundation. Three
years ago, a party of 40 American newspaper representatives visited Europe and spent three months in England
and on the Continent. Two years ago, a party of fourteen
British newspapermen traveled through the United States
and last year representatives of the Southern European
press followed, while eleven Americans toured the Orient.
The journalists left for Europe on the Bremen on July 17.
Senator Barkley Assails Tariff as Damaging Farms—
Foresees Land Banks' Foreclosures if Prices Fall.
Senator Alben W. Barkley, Democrat, of Kentucky,
commenting on the prediction of Arthur M. Hyde, Secretary
of Agriculture, that grain prices in the next seven years
might be lower than in the last seven years, said on July 5
that in such an event the Joint Stock Land Banks would
keep taking over farm lands for unpaid mortgages and "the
Government will eventually be in the real estate business."
This is indicated in a Washington dispatch July 5 to the
New York "Herald-Tribune," from which we quote further
Four Inquiries Are Ordered by Tariff Commission on as follows:
Tariff Schedules—Investigations Include Lace,
Senator Barkley said the prediction of Secretary Hyde was "most reSugar, Pig Iron, Shoe Lacing, Umbrellas and markable," adding that it appeared to him without warrant "and comes at
a particularly inopportune time, when grain and especially wheat is lower
Smokers' Articles.
than it has been for nearly 20 years."
"On the same day," Senator Barkley said, "Secretary Hyde made a long
Four new investigations were ordered by the Tariff
asserting the new tariff is a great benefit to the farmers. He apCommission at its regular meeting July 3, it was stated speech
pears to believe that the lower farm prices go,the better it is for the farmer.
Chairman
Edgar
B. Brossard after the meeting
"The course of events, since enactment of the tariff, Justifies all that its
orally by
opponents said about it. It has not benefited agriculture, it will not benefit
had been adjourned, said the "United States Daily"of July It
and it cannot benefit it. But it has already injured it and will continue to
5 from which we also take the following:
do so. Secretary Hyde's statement is a tragic way of notifying the farmers
The first of these, presented by Senator Copeland (Dem.). of New York,
In a resolution (S. Res. 309) directed investigation under section 336 of the
1930 tariff act into production of sugar, ultramarine blue, pig iron and
umbrellas.
A resolution (S. Res. 308) also introduced June 30 by Senator Hebert
(Rep.), of Rhode Island, directing investigation into shoe lacings, was
ordered.
Inquiry on Lace.
Senator Bingham (Rep.), of Connecticut, introduced the third resolution
requesting
investigation into the difference in cost of the
(S. Res. 311),
foreign article as compared to the domestic article of laces, lace fabrics,
and lace articles.
The other investigation ordered was introduced in a resolution (8. Res.
112) presented by Senator Goldsborough (Rep.), of Maryland, directing
Investigation into production of the foreign and domestic article of umbrellas
and parasols, component parts of umbrellas and parasols, namely,frame,
cover and handle.
Two new applications for investigations have been received by the Commission, Dr. Brossard said, the first requesting inquiries into production of
bamboo handle toothbrushes, and the other, introduced by Representative
Celler (Dem.), of New York, directing investigation into production of
pipes, pipe bowls, cigarette holders, and miscellaneous smokers' articles.
Report Requested.
Report to the Senate by the Tariff Commission of a list of articles with respect to which applications have been made for investigation, with names
and addresses of such applicants, is requested in a resolution (S. Res.315)
offered by Senator George (Dem.), of Georgia, which was adopted by the
Senate July 3.
The Senate also adopted a resolution (S. Res. 314) by Senator Shortridge
(Rep.), of California, calling on the Commission to investigate the entries
of fish and other marine products from the high seas in vessels owned,
chartered,leased or rented, wholly or in part, by aliens, whether or not such
aliens are domiciled in the United States.
A resolution (S. J. Res. 313) was offered in the Senate July 2 by Senator
Copeland (Dem.),of New York,directing the Commission to investigate the
difference in cost of production at home and abroad on woodflour, organs,
pipes, bowls and smokers' articles, reptile skins for shoe purposes, wool
and wool goods. Senator Copeland asked for its immediate consideration.
On objection from Senator Thomas (Rep.), of Idaho, the resolution was
tabled, and on July 3 Senator Copeland modified the resolution by removing
from its terms "wool and wool goods."
Senator Thomas of Oklahoma Denies Tariff Will Aid
Farmer—Calls Secretary Hyde's Estimate of $102
Annual Benefit "Fallacious Deduction."
Senator Elmer Thomas of Oklahoma, commenting upon
Secretary Hyde's recent statement that the individual
farmer would benefit $102 a year from the Hawley-Smoot
tariff, declared to-day that such a deduction is fallacious.
Mr. Thomas insisted that the farmer would get little, if
any, benefit from the new tariff law. A Washington account
• July 6 to the New York "Times" from which we quote, reported Senator Hyde as saying:
Secretary Hyde assumes that all tariff rates carried in the new law
will be effective, and under such assumption he estimates that the farmer
will benefit to the extent of $150 annually under such law. He then admits that the added cost on farm necessities because of the new tariff
rates will be $48 per year, thus making a difference in favor of the farmer
of $102 per annum.
Hence, he concludes that "It now lies in the power of agriculture to take
the final step toward achieving economic equality."
The fallacy in the reasoning of the Secretary is that the rates on agricultural products will be effective. We produce approximately 200,000.000
of America that under this Administration the worst is yet to some."
Investigations Into Sugar and Other Rate Schedules of
New Tariff Act Deferred Pending Appointment of
New Tariff Commission.
Associated Press Advices from Washington July 8 said:
Pending appointment of the new Tariff Commission called for under the
tariff Act of 1930,the sugar and other investigations ordered by the Senate
will not be undertaken actively.
President Hoover has under consideration a list of names for the reorganized commission and is expected by Senate Republican leaders to
submit some of them to the Senate this week, or at least before the special
session ends.
Czechs Name Group to Study New U. S. Tariff Act.
The Prague Chamber of Commerce has appointed a
special tariff committee to study the workings of the new
American measure, according to a wireless message from
Prague July 3 to the New York "Times" which also says:
It will also be its task to establish the difference between American and
foreign production costs and to propose to the American Government either
a change in the tariff or a new classification.
Argentine Dairies Ask Tariff Action—Note to Foreign
Minister Says U. S. Duties Cripple Their Export
Trade.
From Buenos Aires July 4 the New York "Times"
reports the following:
The Argentine dairy industry presented a note to-day to the Minister of
Foreign Affairs asserting that the new United States tariff is crippling
Argentina's export trade in dairy products. The casein producers are
especially hard hit, there having been no exports to the United States
In June, whereas they averaged 1,235 tons a month the first five months
of this year and 1,210 tons a month the first five months of last year.
The note argues that whereas casein exports to the United States represented 50% of Argentina's total foreign trade in this product, they represented less than 0.8% of the total value of American dairy production.
Casein is a by-product of the butter industry which is used largely in
finishing high-grade stationery. Argentine butter producers depended
on the export of casein to provide a profit in butter manufacture.
The note says casein was the only dairy product still exported to the
United States in paying quantities, former tariff increases having shut the
United States market to Argentine butter and cheese. In 1924 Argentina
shipped 3,163,000 pounds of butter to the United States; in 1928, 72.600,
and none was shipped in 1929 or this year. In 1923 Argentina shipped
to the United States 4,752,000 pounds of cheese; in 1928, 206,000; in 1929.
190,000 pounds and in the first five months of this year 130,000.
The note asserts the new American duties represent 57% of the cost of
producing Argentine casein, 60% of the cost of producing butter and 43%
of cheese. It asks the Government to take measures to protect Argentine
dairy interests in the face of the new tariff.
Portugal to Raise Duties—Announces Increase Will Be
In Proportion to Those in U. S. Tariffs.
The Portuguese Government intends to issue a decree
raising the duties on American goods in proportion to the
higher rates affecting Portuguese exports under the new
schedules of the Hawley-Smoot tariff measure. Associated
392
FINANCIAL CHRONICLE
[VoL. 131.
Press advices July 3 from Lisbon to the New York "Times"
Rules and regulations for the administration of the perishable agricultural commodities act for the licensing of commission merchants,
reporting this added:
The Government, it was learned to-day, will not officially protest against
the new American rates. Minister of Finances Salazar was recently urged
to take strong measures against the rates by a group of well-known industrialists, but declined to discuss the matter with them. He said the new
situation would be brought to the attention of the Cabinet.
Mexico Would Shun U. S. Tariff Duties-Foreign Relations Ministry Appeals for Marketing in Other
American Countries.
An appeal for development of National industry and marketing of local products in American countries other than the
United States, such as Canada, Central and South America,
to counteract the new United States tariff law, is contained
in a statement issued by the Mexican Ministry of Foreign
Relations, according to Mexico City advices to the "Wall
Street Journal" of June 30, from which we also take the
following:
Statement asserts that the new tariff signifies a serious problem for Mexican commerce and that Mexican merchants should study the issue seriously.
Year by year Mexican exports to the United States affected by new tariff,
have surpassed 30,000,000 pesos. Vegetable exports are especially mentioned as those affected. Particular mention is made of the tomato trade
carried on from Mexico's west coast States to the United States,their exports
amounting up to 19,000,000 pesos annually. Another one specifically
mentioned is the cattle industry. Local producers are urged to encourage
nationalization of the cattle business including the establishment of packing
plants within the country. To counteract the effect America's tariff will
have on Mexico's vegetable business the ministry's statement recommends,
establishing canning plants in Mexi o.
Specific prospective markets for Mexico's split peas are Japan, Argentina.
Brazil and Uruguay. Mexico will find a ready market for rice in Guatemala.
Canada,Colombia and Chile, and beans can be shipped to Spain, Germany,
Guatemala and Canada, the statement says. Other Mexican products,
specifically straw hats and garlic, enjoy a reduced tariff, it is pointed out.
Situation is summed up as follows: New American tariff does not signify
ruin for our agricultural export trade because, except for the products
grown in the neighboring republic such as tomatoes, rice, onions, peas,
beans and nuts, others are not affected, and those that are eliminated from
the American market will easily be disposed of in other countries,and in the
home market in line with the new industrialization program. Statement
added that now consulates are being established in Canada, Peru. Salvador
and Guatemala to stimulate Mexican trade with those countries.
Drafting of Regulations For Enforcement of Newly Enacted
Law Governing Dealers in Perishable Fruits and
Vegetables.
The Bureau of Agricultural Economics of the Department of Agriculture announced on June 23 that it is formulating regulations for the enforcement of the new law regulating dealers in perishable agricultural products and requiring such dealers to obtain Federal licenses. The newly
enacted legislation was approved by President Hoover on
June 10. The bill, as it passed the House May 14, as a substitute for a Senate measure, was referred to in these columns May IT, page 3470. On May 15 the Senate disagreed
to the House amendment and asked for a conference; the
House, insisting upon its amendments, agreed to a conference on May 16; the conference report was agreed to by
both the Senate and House on June 3. Regarding the conference report we quote the following statement by the
managers on the part of the House.
(Copy from page 10174).
dealers and brokers, which was signed by President Hoover, June 10.
are being prepared by the Bureau of Agricultural Economics, the United
States Department of Agriculture announced today.
Purpose of Law
This law, intended to suppress certain unfair and fraudulent practices
in the marketing of fresh fruits and vegetables in interstate and foreign
commerce requires the licensing of commission merchants, dealers, and
brokers. All persons subject to the act who plan to be in business on
and after Dec. 10, 1930, must obtain licenses from the Secretary of
Agriculture. Applications for license should be filed with the Secretary
as promptly as possible on forms which will be furnished on request,
or which may be obtained from any permanent city station of the market
news or inspection services of the Bureau of Agricultural Economics.
"Perishable agricultural commodity," as defined in the law, says the
Bureau, means fresh fruits and fresh vegetables, of every kind and
character, whether frozen or packed in ice or not. The term "dealer"
applies to any person buying or selling in car lots. A producer selling
only commodities of his own raising is exempted and is not considered
a "dealer." Any person buying for sale at retail less than 20 carloads
annually is also exempted. The law provides for an annual licensing
fee of $10.
Briefly sumtnarized, the law, under the section dealing with unfair
conduct, covers fraudulent charges; unjustified rejection or failure to
deliver; discarding, dumping or destroying without reasonable cause;
fraudulently making false or misleading statements concerning condition, quality, quantity, disposition, or market conditions; failure correctly to account; misrepresentation as to State of origin; removing
or altering tags if such tags represent Federal or Federal-State inspection.
Anyone who suffers from any such violation of the act may file a
complaint with the Secretary of Agriculture for the purpose of securing
equitable reparation.
Persons violating the act shall be liable for the full amount of
damages sustained, to be enforced by a reparation order of the Secretary of Agriculture or by suit in court. The Secretary's findings
shall be prima facie evidence in United States courts.
The law provides a penalty of $500 for failure to procure a license
by Dec. 10 of this year. and $25 per day for each day any•Pets=
subject to the act continues to operate thereafter without a valid license.
For violation of the act the Secretary of Agriculture may publish
facts and suspend licenses for not to exceed 90 days, or for flagrant or
repeated violations he may revoke licenses. Parties subject to the act
are required to keep such records and accounts as will disclose transactions and ownership of business. For failure to keep records the
Secretary may publish facts or may suspend licenses for 90 days.
The Secretary is empowered to inspect records, accounts, and memoranda, in connection with the determination of complaints. The law
authorizes the Secretary to conduct an inspection and certification service, covering perishable agricultural commodities, similar to that now
being conducted wader the agricultural appropriation act.
Prices of Live Stock and Their Relation to Transportation-Producers Received 94.3 Cents in 1929 Out of
Every Dollar Paid by Purchasers of Their Products
After Freight Costs.
Producers of live stock in 1929 received 94.3 cents out of
every dollar paid by purchasers of their products after freight
and other distribution costs had been paid, according to a
study by the Bureau of Railway Economics pertaining to
prices of live stock and their relationship to transportation
costs and summarized in a bulletin issued July 16. The
study covers a six-year period from 1924 to 1929, incl., of
live stock shipments to and prices paid at ten important markets as follows: Chicago, East St. Louis, Ill., Baltimore,
Md., Fort Worth, Texas, Jersey City, N. J., Kansas City,
The managers on the part of the House at the conference on Mo., Lancaster, Pa., Nashville, Tenn., South Omaha, Neb.,
the disagreeing votes of the two Houses on the bill (S. 108) to and South St. Paul, Minn. The bulletin says:
suppress unfair and fraudulent practices in the marketing of perishFreight charges and other distribution costs are
able agricultural commodities in interstate and foreign commerce,
submit the following statement in explanation of the effect of the action
agreed upon by the conferees and recommends in the accompanying
conference report:
The House amendment struck out all of the Senate bill after the
enacting clause. The substitute agreed to by the committee of conference retains all of the provisions of the House amendment with
the exception of paragraph (9) of section 1 and paragraph (7) of
section 2.
Paragraph (9) of section 1 of the House amendment exempted
packers, as defined in the packers' and stockyards' act, 1921, in the
case of transactions of live or dressed poultry and eggs, from the
operation of the bill. This provisions is no longer necessary in view
of the fact that the House struck out the provisions relating to live
or dressed poultry and eggs.
Paragraph (7) of section 2 of the House amendment declared it
to be unlawful for any commission merchant, dealer, or broker to
conspire, combine, agree, or arrange with any other person to
manipulate or control prices of any perishable agricultural commodity
in interstate or foreign commerce.
G. N. Haugen,
Fred S. Purnell,
D. H. Kincheloe,
Managers on the part of the House.
The new law provides penalties for those who fail to
obtain licenses by Dec. 10, 1930, and defines and prohibits
practices which shall be deemed to be unfair. The statement issued June 23 by the Bureau of Agricultural Economics is taken as Iollows from the United States Daily
as follows:
relatively a small proportion of the price paid by the purchaser for live stock at terminal markets.
The proportion absorbed by these marketing costs has decreased
materially
during the six years 1924 to 1929.
For each dollar spent by the purchaser in 1924 for live stock, 5.6 cents
was paid for freight and 3 cents for other costs of distribution, such ai feed
and bedding, yardage, commissions, &c., leaving a balance of 91.4 cents
which was returned to the producer at shipping point. In 1929 the amount
paid for freight was 3.7 cents, and for other costs of distribution. 2 cents,
while the amount returned to producer was 94.3 cents. Thus, during a
period of six yearsthe proportion absorbed by marketing costs, including the
cost of transporta.tion, luta declined about 33%.
This bulletin also shows that, on a hundred-pound basis, the average
price paid by the purchaser for the three classes of live stock combined increamed from 57.36 in 1924 to $11.24 in 1929. an increase of 63%, while
marketing costs were 63 cents ,per hundred poUnds in each year. The
increase In price of $3.88 per hundred pounds therefore accrued entirely to
the producer or shipper at shipping point.
The 27.152 carloads of live stock included in the study were received during the years 1924 to 1929 from a wide range of territory--originating at
4,904 shipping points in 41 States. The 27,152 cars contained 1,870.059
head of live stock for which the purchaser paid a total of $52,096,264.
Of this amount,the seller received $48,044.592,or 93.4%,as not proceeds at
shipping point; $2,233,195, or 4.3%, were absorbed by freight charges.
and $1,218,477, or 2.3%, were absorbed by other costs of distribution.
There was a constant rise in the average net proceeds to the seller per
head for cattle and calves during the six-year period. The average net
proceeds to the seller, which was $45.21 per head in 1924, rose gradually to
$63.87 in 1927, then took a decided jump to $87.26 in 1928, with a further
rise to $88.41 in 1929. This average in 1929 was $43.20 per head or
95.6%
more than it was in 1924.
With respect to hogs the trend was somewhat different than that for
cattle and calves. The average net proceeds to seller rose gradually each
year from $15.05 per head in 1924 to $26.85 in 1926,then declined gradually
JULY 19 1930.]
FINANCIAL CHRONICLE
to-318.93 in 1928 and rose to $20.93 per head in 1929, which was $5.88
per head or 39.1% greater than in 1924.
to For sheep, the net proceeds rose from $8.80 per head in 1924 to $10.43
In 1925, then declined gradually to $9.31 in 1927, rose to $10.08 In 1928.
and again declined to $9.31 in 1929, which was, however,51 cents per head
or 5.8% more than the average in 1924.
The variations in average proceeds per head cannot be definitely ascribed
to the variations in weight per head as the proceeds to the seller varied
even when the average weight per head was the same or approximately
the same.
The ranking of the 10 States from the standpoint of price per hundred
pounds paid by the purchaser varied from year to year. With respect to
cattle and calves, no State retained the same rank throughout the six years,
1924 to 1929, incl. Iowa, however,ranked first in four of the six years but
dropped to second in two years, being displaced once by Virginia and once
by Missouri. For hogs, Ohio maintained first place in each year, second
place was held by Missouri in three of the six years and by different States
in each of the other years. For sheep, New Mexico ranked first in five of
the six years; Virginia ranked second throughout, and Texas was tenth
from 1924 to 1927, but seventh in 1928 and eighth in 1929. The remaining
States changed positions almost constantly.
The price paid by the purchaser per hundred pounds for live stock varied
considerably as between origin States in each year and also varied greatly
from year to year for each State.
The range in prices of cattle and calves in 1929, for example, was from
an average of $8.83 per hundred pounds for Texas stock to an average of
$12.65 for Iowa stock.
There were also wide ranges between the highest and lowest annual
average price paid by the purchaser for each class of live stock from each
State. For cattle and calves from Texas, for example, the range was from
$4.66 per hundred pounds in 1924 to $9.27 per hundred pounds in 1928,
a difference of $4.61. The differences between the highest and lowest
prices paid for cattle and calves from other States during the period were as
follows: Iowa, $5.00; Virginia, $5.14; Kansas, $4.27; Nebraska, $4.73;
Missouri, $5.50; North Dakota, $4.06; Tennessee. $6.14; Oklahoma. $5.82
and South Dakota, $4.70.
393
of $437,840,000, an increase of $40,296,000 or 10% above the amount
spent for that purpose in 1928.
"Steel rail purchases in 1929 amounted to $94,195,000. The cost of
wheels, axles, and tires in 1929 amounted to $41,289,000. Purchases of
frogs, switches, crossings, track fastenings, bolts, and spikes in 1929 aggregated $70,971,000. The outlay for bridges, turn tables, structural
steel and the like amounted to $57,330,000.
"Railway purchases of steel rail in 1929 aggregated 2,188,000 gross
tons. This represents a larger tonnage than in 1928 by 2.8%.
"Estimates place the railway use and consumption of the total iron
and steel production of the United States at 17% in 1929. This 17%
represents approximately 6,895,000 gross tone.
"During recent years heavier steel rails have been coming more fully
into use, to meet conditions imposed by heavier and denser traffic. The
average weight per yard of rail in place on January 1, 1929, was 89.08
pounds, while at the end of 1922, the corresponding average was 83.50
pounds per yard. By the replacement each year of light old rail with
rail averaging well over 100 pounds per yard, the average weight of
all rail in use has been increased.
"The outlay for cement during 1929 amounted to $7,628,000, an increase of $1,328,000 or 21% compared with the year before.
"The total purchases of lubrimtng oils and grease, illuminating oils,
boiler compound and waste for the year 1929 was $24,328,000, an increase
of $360,000 or 1.5% over 1928.
"For the various non-ferrous metal products needed in railway operation, such as brass, copper, zinc and lead, the railways spent *57,497,000
in 1929, an increase of $7,671,000 or 15.4% above 1928.
"Approximately 30,426,000 cubic yards of ballast were purchased in
1929 by the railways, an increase of 12.0% over 1928. The total coat
in 1929 was $23,750,000.
"Material stocks held by railways of Class I on December 31. 1920,
aggregated $755,563,278, and this total on December 31, 1923 had fallen
to $682,725,812. On the last day of both 1928 and 1929, material stocks
on hand approximated $471,000,000, the lowest inventory of any corresponding date during the past ten years."
Financial, Commercial and Industrial Holdings of
Transamerica Corporation in United States and
Abroad-Assets Total $1,167,000-Change in Dividend Policy-Showing of Bancitaly Corporation.
Transamerica Corp., claimed to be the world's largest
bank holding company, in a comprehensive statement to its
185,000 stockholders, on July 12 disclosed its ramified
financial, commercial and industrial holdings In the United
States and abroad, with a balance sheet and consolidated
This figure as to the amount of purchases made by the railroads dur- income account covering the 1929 operations of its associated
ing the past year covers only such items as were directly bought and institutions. Since Jan. 1 of this year, it is shown, Transpaid for by the railroad companies. In addition, however, the railroads
america and subsidiaries have increased their stock ownerare indirect purchasers of many commodities, large quantities of which
go into railway equipment and into new construction that is contracted ship in the Bank of America N. A. and in Bancamerica-Blair
for under lump sum agreements and not classified under the head of direct Corp. from 50.9% to 59.35%, acquired 100% control of the
purchases.
Occidental Life Insurance Co., purchased a substantial,
Comparative figures of railway purchases for the past seven years
though minority, interest in General Foods Corp., taken over
follow:
control of the First National Bank of Portland, Ore., and
$1,329.535,000 111251929
-----1,271,341,000 1924
1928
1,343,055,000 Obtained, by interchange of shares,
an important minority
1,395,928,000 1923
1927
1,738,703,000
1926
1,559,032.000
interest in Union des Mines, one of the outstanding com"While freight traffic," said a bulletin issued by the mercial banks of France. The further information made
Bureau of Railway Economics, "for 1929 was the greatest available is summarized as follows:
for any year on record, comparisons show that the amount
Of consolidated net profits of $67,316,000 for 1929, representing approxiof railway purchases was less than for any corresponding mately $3 per share on the stock in the hands of the public on Dec. 31,
about $1 came from interest, dividends and other current resources, and $2
period in the past seven years with the exception of 1928. from profits on underwritings, sales of securities, &c. There were outstandThis decline resulted in part from greater efficiency and ing on June 30 approximately 24,000,000 shares of the par value of
economy in the utilization of material by the railways; in $25 each.
Transamerica's assets, appearing on the books of the corporation at
part from a gradual decline in railway inventories of mate- $1,167,116,000 on Dec. 31, consist predominantly of bank holdings. An
rial and supplies on hand; in part from lowered price levels examination of the relationship between market prices and asset values of
of certain of the commodities purchased. To the extent that the shares of a large number of banks throughout the country indicates that
the market value of shares of well established banks-even at present subthe railways have speeded up ther own freight deliveries normal prices-is more often above than below twice the amount of the net
and have installed improved methods of purchase, storage, tangible assets underlying the shares. Taking twice the net asset value of
and utilization, they have themselves 'benefited from their Transamerica's investment at Dec. 31 in its four principal controlled banks,
appraising marketable securities at market value on Dec. 31, valuing other
increase in general operating efficiency." The bulletin goes subsidiaries at their net asset value Dec. 31 without any allowance for
good-will, and adding the corporation's cash and receivables, gives an
on to say:
Expenditures of Class I Railroads in 1929 for Fuel
Materials and Supplies Totaled $1,329,535,000
Increase of $58,194,000 as Compared With 1928.
Class I railroads of the United States in 1929 spent $1,329,535,000 for fuel, materials and supplies, the Bureau of Railway Economics announced on June 16. This was an increase of $58,194,000 or 4.6% above similar expenditures
made in 1928, says the Bureau, which further reports as
follows:
"As among the general groups of items purchased by the railways, some
increased in 1929 and some decreased. This is indicated by the following
brief comparison between 1929 and 1928:
GroupFuel
Forest products
iron and steel products
Miscellaneous
1929.
$384,392,000
157,551,000
437,840,000
369,752.000
1928.
$384,608,000
160,794.000
397,544,000
328.395,000
Change.
Dec. 520.218.000
Dec. 3,243,000
Inc. 40,296,000
Inc. 41,357,000
Total
31,329,535.000
31,271.431,000
Inc. 358,194,000
"Tabulation of reports submitted by Class I railroads shows that the
railways are among the largest buyers of the nation's production of the
principal materials, the rail carriers having in 1929 purchased 23% of
the bituminous coal output, 19.2% of the production of oil processed for
fuel purposes, while they bought directly or indirectly more than 20%
of the timber cut, and 17% of the total production of the iron and steel
products.
"Total railway expenditures for fuel during 1929 amounted to $384,392,000, a reduction of $20,216,000 or 5.3% under 1928. Bituminous
coal cost the railways $287,999,000 in 1929; anthhacite coal, $8,372,000,
and fuel oil, $62,132,000.
"In terms of physical units, the railways in 1929 purchased 120,730,000
net tens of bituminous coal; 3,174,000 net tons of anthracite coal, and
3,004,120,000 gallons of fuel oil.
"Direct purchases of forest products in 1929 amounted to $157,651,000,
a decrease of $3,243,000 or 2% under 1928. Cross ties purchased in 1929
amounted to $83,421,000, there having been a decrease of nearly 11%
in the number of ties purchased during the past year compared with 1928.
"For iron and steel products, there was an outlay by the railroads
aggregate of approximately $638,000,000, or about $28.75 per share.
During the past year it has not been uncommon for the stock of loading
banks to sell up to four times the underlying tangible asset values applicable
to such shares, as compared with the two-for-one ratio in the above
calculation.
Summarized statements of the income and expenses of Bancitaly Corp.
for the years 1927 and 1928, and the consolidated income and expenses of
Transamerica and its subsidiaries (95% or more controlled) for the year
1929, as prepared by Ernst & Ernst, are as follows:
1027.
1928.
1929.
Baneitaly
Transamerica
Bancitaly
Corporation. Corporation.
Corporation.
(Consolidated)
Shares outstanding Dec. 31
5,200,000
22,349,358
5,200.000
Interest (net) and dividends
$7,810,514.14 $14,489,637.02 349,321,889.00
Service charges, fees, safe deposit
rentals, ..itc
4,308,383.49
Brokerage, rentals, insurance prem.,
,kc
4.361,316.57
Less expenses considered applicable,
including depreciation and taxes-_
$7,810,514.14 314,489,637.02 357,991,589.06
315,000.00
425,000.00 84.706,153.65
Net before profits on underwritings,
sales of securities, &c
$7,495,514.14 314.064,637.02 $23,285,435.41
Profits on underwritings, etc ________
11,449,175.42
Profits on securities sold (after de- --ducting expenses, interest and
taxes considered applicable
27,799,588.93 56,564,511.67 32,983.100.40
Net profit
Minority interest
Consolidated net profit
$35,295,103.07 370,629,148.69 367,717.711.23
401,401.46
$67.316,309.77
394
FINANCIAL CHRONICLE
The gradual transformation of Transamerica from an investment trust,
with active dealings in marketable securities, to a holding company with
resources invested principally in controlled banks, has tended to diminish
the proportion and amount of profits derived from the turnover of marketable securities. Instead, the Corporation's income has been based more
largely on current earnings of the banking and other enterprises in which
it has centered its chief interests, in the belief that such application of
presently available resources offers assurance of the substantial subsequent
development of earnings and appreciation of principal.
Asserting the utmost confidence in the Corporation's earning capacity and emphasizing the large eventual worth of
the banking and other investment holdings now being accumulated, the management stresses the importance, for the
Immediate present, of limiting the amount of resources disbursed as dividends. The report states:
'"It would be lacking in ordinary business prudence to ignore the fact
that current market conditions and the generally prevailing economic situation make is unreasonable to expect the Corporation, for the immediate
future, to duplicate the considerable earnings realized during the past
several years from the purchase and sale of securities. Accordingly, the
management will recommend to the Board of Directors that the October
quarterly dividend by 25c. a share, believing that a conservative dividend
policy is in the best interest of the Corporation and its stockholders. The
management, however, anticipates that the earnings of its banks and
affiliated institutions and of its other controlled companies will, as time
goes on, progressively increase and yield a larger return to your Corporation. The management is also satisfied that the Corporation is better
equipped than ever to take advantage of opportunities under more favorable
conditions for profits derived from participations in syndicates, mergers
and other security transactions, and stockholders may be assured that additional dividends in stock or cash will be as liberal to stockholders as
earnings warrant."
It is the conviction of the management that the present
application of energy and funds in the building up of a
strong holding company in control of strategically situated
banks in America and abroad gives promise of large future
returns. It is further stated:
The rate of 40 cents per share will be adhered to in the dividend disbursement to be made on July 25. At the same time the Corporation will
distribute an extra stock dividend of 3% declared in March. This latter
follows similar extra stock dividends of 1% In January, 1930, 1% in
October, 1929 and 150% in September, 1929. In declaring the latest extra
of 3% in stock, it was announced some time ago that the policy of the
corporation hereafter would be to declare extra stock dividends in round
amounts as the directors deemed advisable instead of quarterly as previously.
[voL. 131.
its affiliates, an increased majority of the shares of Bank of America, N. A.
and Bancamerica-Blair Corp., and considerable holdings of General Foods
Corp., and an important minority interest in the Union des Mines which
Is one of the outstanding commercial banks of France.
'Under the leadership of A. P. Giannini the Corporation has been most
successful in building up the greatest bank holding company in this
country. The new management intends to develop the corporation along
similar lines but, in addition, plans to enter other fields by acquiring and
holding large interests in important industries in this country and abroad.
This will involve a much wider scope for the corporation and it is the
intention to develop a system of units which will be of material advantage
one to the other and should result, from the stockholders' viewpoint, in a
more diversified investment and one that will give them increasing returns
dependent only upon the general prosperity. It is without reservation that
I can express the utmost faith in the future of Transamerica. I look
forward to the confidence and co-operation of the stockholders."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Medley G. B. Whelpley, President of the American Express
Bank & Trust Co. of New York, announced on July
14 the election of Cornelius J. Murray as Vice-President of
the institution. Mr. Murray goes to the American Express
Bank & Trust Co. direct from the Chase National Bank,
where he had been serving as Vice-President, having
occupied a similar position with the Equitable Trust Co.
prior to the merger of these two institutions. His election marks the first addition to the Vice-Presidential staff
of the American Express Bank & Trust Co. since it
began business on April 15th last. After ten weeks' operation, the bank reported on June 30 deposits of $19,192,146,
with total resources of $38,782,461. Mr. Murray will assume
his new duties on Aug. 1. He secured his initial banking
experience with the First National Bank of Sioux City, Iowa,
coming to New York in 1915, and joining in 1917 in the
organization of the Mercantile Trust Co. which subsequently
merged with the Seaboard %National Bank.
At the regular monthly meeting of the trustees of the New
York Trust Co., held July 16, Arthur M. Anderson of J. P.
Morgan and Company was elected a trustee. The following
appointments were made: Raymond G. Forbes, Treasurer;
Transamerica's principal holdings of bank stocks are as Theodore C. Hovey, Assistant Vice-President, and David
Graham, Comptroller.
follows:
'The Bank of America N.A.(New York)and Bancamerica-Blair Corp
Bank of Italy N.Y.dr S. A.(California) and National Bankitalx Co
Bank of America of California and America Investment Co
First National Bank (Portland, Ore.) and Securities Savings dr Trust Co
Banco,d'America e d'Italla(Italy)
Ameritalia Corp
% Owned.
59.35
99.66
98
50.5
57.02
69.79
With regard to the Corporation's holdings it is likewise
said:
The four American Banks, exclusive of their securities affiliates, had
deposits exceeding a billion and a half dollars on June 30. The Bank of
Italy has upwards of 1,500,000 depositors and, with the Bank of America
of California, operates 463 branches in 263 cities and towns. Bence d'America
e d'Italia, with 29 branches in the principal cities of Italy, had total resources in excess of a billion lire on December 31.
Other organizations in which Transamerica or its subsidiaries have a
100% stock control include:
Bankitaly Mortgage Co.
The California Joint Stock Land Bank of San Francisco.
Pacific National Fire Insurance Co.
Bankitaly Agricultural Credit Corp.
Occidental Life Insurance Co.
Other companies owned by Transamerica or controlled through its subsidiaries, are:
Oakland Bank, 100%.
Consolidated Foundries, 56%.
Merchants National Realty Corp., 100%.
Capital Co., 100%.
American 4s Security Insurance Corp., 100%.
Americommercial Corp., 100%.
Occidental Corp., 100%.
Occidental Investment Co., 100%.
Inter-Continental Corp. (formerly Commercial Holding Co.), 100%.
Bankitaly Co., of America, 100%.
And various country banks and small companies.
The determination of the management to continue the progressive development of Transamerica is made clear. A tentative chart included in the
report indicates the contemplated acquisition of controlling interests in
additional financial institutions and in selected industrial and other enterprises here and abroad. The Corporation is engaged in carrying out a reorganization program looking toward the simplification of inter-corporate
ownership relations by segregating, In a limited number of wholly owned
subsidiary holding companies.
(1) Bank stocks.
(2) Stocks of securities corporations.
(3) Foreign holdings and investments.
(4) Commercial and industrial investments.
(5) Stocks of Joint Stock Land Banks.
(6) Stocks of insurance companies.
(7) Stocks of mortgage companies, etc.
Edward G. Pratchett has been appointed Assistant
Cashier of the Chase National Bank at the 45th Street
Branch. Thomas E. Edwards has been appointed Manager
of the 149th Street Branch of the Chase.
Philip J. Roosevelt was elected a director of the Chemical
National Associates, Inc. at a meeting of the Directors. He
Is the son of the late W. Emlen Roosevelt, who served as a
director of the Chemical Bank for 32 years, and the greatgrandson of Cornelius Van Schaick Roosevelt, one of the original five directors when the Chemical Bank was re-chartered
in 1844. Mr. Roosevelt's election as a director of the Chemical
Bank & Trust Co. was noted in our issue of July 12, page 220.
Mr. Roosevelt, has been elected Chairman of the Advisory
Board of the 5th Avenue & 54th Street office of the Chemical
Bank & Trust Co.
Chatham Phenix National Bank & Trust Co. of New York
announces the appointment of Gerald N. B. Watkins as resident representative of the Bank in London. Mr. Watkins,
who was formerly an officer of the Anglo South American
Trust Co. in this city, was for some time connected with the
Hong Kong and Shanghai Banking Corp. in London, leaving
its employ at the outbreak of the war in 1914. Mr. Watkins
will sail on the Europa July 23 for Southampton, accompanied by John B. Glenn, Vice-President of Chatham Phenix
National Bank & Trust Co. In charge of foreign department.
At the regular meetingof the Board of Trustees of the
Title Guarantee & Trust Co. on July 15, Thomas M. Debevoise
was elected to the Board to fill the vacancy caused by the
death of Clarence H. Kelsey on April 30 of this year. Mr.
Debevoise gormerly of the firm of Rounds, Hatch, Dillingham
& Debevoise is now at 26 Broadway in the office of John
D. Rockefeller Jr.
The Irving Trust Co. on J-uly 14 opened a new banking
Elisha Walker, in signing the report as Chairman of the office in the
Stanley & Patterson Building, southeast corner
Board, commented as follows:
Varick
of
and
Van Dam Streets, a section that has under"In this report we have endeavored to give to the stockholders a comprehensive analysis of the assets and earnings of Transamerica Corp. As gone a noted commercial and industrial development during
noted in the report, the corporation has continued its policy of expansion the last five years. The new office is under the immediate
Life
by acquiring during the first six months of this year, the Occidental
Lawlor, Assistant Secretary. Like
control of the First National Bank of Portland, Oregon and supervision of John F.
Insurance Co.,
JULY 19 1930.]
FINANCIAL CHRONICLE
395
other Irving offices, the Varick Street office will provide the the headquarters of the Lee, Higginson Co. and presents the
same appearance in gray granite as the home of the parent
complete banking and trust facilities of the Company.
company. Although the trust company only began operaMaurice Hoopes, President of Finch, Pruyn & Co., and tions as recently as Jan. 3 1928, its business has increased
widely known throughout Northern New York State busi- so rapidly that removal to larger quarters was necessary.
ness circles, on July 10 was appointed President of the The original force of 14 people who began to do business on
First National Bank of Glens Falls, N. Y., to success the a single floor in the old Lee Higginson Building has now
late Arthur W. Sherman, according to advices by the Associ- increased to 107. Meanwhile the number of its trust acated Press from Glens Falls on that date, appearing in the counts has increased more than 400%. The paper menNew York "Herald Tribune" of July 11.
tioned, in describing the interior of the new building, said
in part:
George F. Rand, President of the Marine Trust Co. of
The new building was designed by the firm of Cdolidge, Shepley, Bub.
pretentiously ornate about any
Buffalo, N. Y., announces the election of Bradley J. Gaylord, finch & Abbott of Boston. There is nothing
of the rooms; all being marked by a simplicity that is strict but not severe.
of
Victor,
Vice-President
Common & Co., Buffalo investment The first thing seen on entering the principal banking room on the street
security firm, as a member of the Board of Directors of the floor is a long, low counter of Capital cream-colored marble with a Belgian
This arrangement permits much more pleasing proportioti and
Marine Trust Co. Thomas Keator was appointed a Vice- black base.
room decoration than would be possible with the old type of counting
President of the Marine Trust Co. Mr. Keator heretofore room cages. The room is set off by fluted pilasters and frieze of dark
was an A'ssistant Vice-President. He is Treasurer of the gray marble. In the center of each bay there is a large plaque bearing
seal. One group of these plaques represents Transportation, Leather,
Marine Midland Corp. and a director and Vice-President of aWool
and Cotton, and Machinery; original designs by the architects.
the Cortland Trust Co., Cortland, N. Y. He was formerly
Another group, on the opposite side of the room, is adorned by the seals
of
cities
in which Lee, Higginson & Co. offices and the foreign partnerships
ViceJPresident of the Marine Union Investors, Inc.; William
of the company are situated. These include the seals of Boston, New York,
B. Derrick, Assistant Vice-President of Marine Union In- Chicago, London, and Paris. Centrally located there is a customers'
vestors Inc. was appointed Assistant Vice-President of the elevator which gives immediate access to the trust department on the
Marine Trust Co., while Rudolph W. Grabau was made an second floor, where there is a large central room and three smaller ones for
private conferences with the trust officers.
Assistant Secretary of the Marine Trust Co., in the stock
One of the most artistic rooms in the new building is the directors' room
on the third floor, which is of ordinary size, and copied after a room in
transfer division of the trust department.
Closing of the West Rutland Trust Co., West Rutland,
Vt., on the afternoon of July 17, when a "run" started a few
hours after it became known that William A. Thrall of West
Rutland, Secretary and a director of the institution, had
committed suicide, was reported in Rutland advices July 17
to the New York "Times". There had been rumors that
the bank, which handles many deposits of workers and small
farmers, was embarrassed since early this spring, when the
Buck Lumber Co. of Rutland, to which it is said to have
made large loans, went into bankruptcy. The dispatch
further stated that on July 12 the Board of Directors had
reorganized and appointed Dr. Carrol B. Ross of West Rutland, President of the institution to succeed Rollin L. Richmond, who retired; they (the directors) announced that
Frederick L. Jones had resigned as Treasurer, and that
Harold B. Bowker, a teller, had been appointed Acting
Treasurer.
the old Board of Trade Building in London. The furniture is late Georgian,
the table Duncan Phyffe, and the clock is a replica of an old English one.
The room its its fittings are not at all of the impressive and luxurious
type in which one has been accustomed to believe the directors of large
banking institutions gather for their meetings.
The basement banking room housing the security and corporate trust
departments is finished in American walnut and ebony, with a black and
gold floor, this room being reached by the public elevators, three In number,
as well as by the bank's private elevator. There are stairs also leading
from the main banking room.
The floors above the third are to be used by the bank for additional
working space or, if not needed, given over to rental areas. All of the
banking rooms are ventilated by an independent fan system situated on
the roof of the new building. Ornamental decorations of bronze are used
throughout.
The personnel of the trust company is as follows:
George C. Lee, Chairman of the Board of Directors; Charles
E. Cutting, Chairman of the Executive Committee; Francis
C. Gray, President; Malcolm C. Ware, Vice-President and
Trust Occifer; Waldo F. Glidden, Vice-President and Treasurer; Henry A. Wood, Jr., Dwight P. Robinson, Jr., and
John W. Huse, Assistant Trust Officers; Arthur I. Glidden
The respective stockholders of the Atlantic National Bank and Richard N. Symonds, Assistant Treasurers, and Monof Boston and the Beacon Trust Co. of that city on July 16 tague W. Piowse, Manager of the Copley Square office.
approved the proposed consolidation of the latter with the
Atlantic National Bank, according to Boston advices on that
On July 1 the proposed consolidation of the Highland
day to the New York "Herald Tribune". The enlarged bank Trust Co. and the Merchants' & Manufacturers' Trust Co.,
will have deposits of more than $143,000,000 and total re- both of Union City, N. J., was effected under the title of
sources well above $175,000,000. The merger will become the Merchants' Trust Co. The new organization, as indieffective with the approval of the Comptroller of the Cur- cated in our issue of June 14, page 4179, has a combined
rency, expected in about a week, it was said. Stockholders of capital and surplus of $1;000,000. It is affiliated with the
the Atlantic National Bank at their meeting also approved Hudson County National Bank of Jersey City, the resources
the dispatch said, an increase in the bank's capital from of which are over $40,000,000. The main office of the new
$8,000,000 to $9,875,000 as part of the merger plan (or organization (the former office of the Merchants' & Manu75,000 shares of new stock of the par value of $25 a share). facturers' Trust Co.), is at Bergentine Avenue, at 39th
Shares of the Beacon Trust Co., par $20 a share, of which Street, while the former office of the Highland Trust Co.,
there are 150,000 shares outstanding, will be exchanged for at Summit Avenue and 7th Street, is known as the Highland
those of the Atlantic National Bank, it was stated. An item branch of the institution. Frederick W. Hille is Chairman
with reference to the proposed consolidation, appeared in of the Board, and Frank C. Ferguson President of the new
our issue of June 14, page 4178.
trust company.
The directors of the Tradesmens National Bank & Trust
According to the Boston "News Bureau" of July 17, Judge
Wait in the Supreme Court has authorized Roy A. Hovey, Co. of Philadelphia have declared a quarterly dividend of
share, payable Aug. 1 to stockholders of record
Bank Commissioner for Massachusetts, to pay a 60% divi- $3.00 per
dend to depositors in the savings department of the closed at the close of business July 25 1930.
Hampshire County Trust Co. of Northampton, Mass. The
Fred C. Gubler was elected a Vice-President of the
paper mentioned furthermore said:
North Broad National Bank of Philadelphia, according to the
The Bank Commissioner in his petition states that total
claims, Proved Philadelphia "Ledger" of _
July
._14.
and unproved, in the savings department amount to $1,537,830 and
that
he has cash in the savings department of $981,619. The decree authorizes
him to expend $904,228 for the payment of this 60% dividend.
Our last reference to the affairs of the Hampshire County
Trust Co., which was closed on March 28 of the present year
following the discovery of a shortage in its funds of approximately $288,000, appeared in the "Chronicle" of June
14, page 4178.
As of June 30, the National Security Bank & Trust Co.
of Philadelphia, capitalized at $400,000, went into voluntary
liquidation. The institution was absorbed by the Kensington Trust Co. of Philadelphia. Reference to the proposed
union of these banks was made in our issues of April 5 and
May 17, pages 2334 and 3486, respectively.
On July 10 the Lee, Higginson Trust Co. of Boston moved
The proposed amalgamation of the National Bank of
to its new building at 50 Federal Street, according to the Kennett Square, Pa., and the Kennett Trust Co. of the same
Boston "Transcript" of that date. The new building adjoins place, both capitalized at $125,000, became effective June 30.
396
FINANCIAL CHRONICLE
[VOL. 131.
The new organization is known as the National Bank &
Trust Co. of Kennett Square and is capitalized at $250,000.
An item with reference to the proposed consolidation of the
Institutions appeared in the "Chronicle" of April 12,
page 2521.
Midland Corp., financial subsidiary of the bank, the directors' room and
the offices of the President and Vice-Presidents. Each of these rooms has
its open fireplace and is finished in the Georgian manner with paneled
walls and marble trimmings.
Foreign lands were combed for the wood and marble used in the structure.
Agents of the bank went to England and bought ancient walnut and oak
trees, which were felled and shipped as logs from 40 to 50 feet long to
the United States. Here they were "aged" by a sand blasting process.
The failure within 24 hours of two Connellsville, Pa.,
The marble in the bank proper is the famous travertine, which comes
banks are reported in the following dispatch by the Associ- from Tivoli, a suburb of Rome.
The building, which is of 18 stories, is an integral part of the Van
ated Press from that place on July 2, appearing in the New Sweringen
Union Terminal development on Cleveland's Public Square.
York "Times" of July 3:
The architecture of the building is of the mode known as
"modern
The Union National Bank of Connellsville fail to open for business to-day American". The front is of Vermont granite and the remainder of the
(July 2) a few hours after the Title & Trust Co. of Western Pennsylvania exterior of Indiana limestone.
The bank occupies the first three stories, and provisions have
here was taken over by the State Department of Banking.
been made
On April 9 the bank had resources of $814,504, capital of $50,000, and for it to take over the fourth and fifth stories as future expansion warrants.
The remaining stories are occupied by or available for offices
$10,000 surplus.
of other
The Title & Trust Co., the largest banking institution in Connellsville, enterprises of a financial nature, making the building one of the most
important financial centers in the entire United States.
was taken over yesterday because of "frozen" assets.
The bank was organized early in 1929 by C. L. Bradley and associates
Peter G. Cameron, State Secretary of Banking, said the closing of the
bank "is another of the disastrous results of the utter stagnation in the to acquire the assets of the former Midland Bank. Mr. Bradley is Chairman
bituminous coal producing industry in the western part of Pennsylvania that of the board of the Erie Railroad and closely associated with the Tan
has existed for a number of years."
Sweringen interests of Cleveland. John Sherwin, Jr. is President of the
bank and his father, John Sherwin, formerly Chairman of the Union Trust
Announcement was made on July 7 by the Pennsylvania Co., Cleveland, and powerful Cleveland capitalist, is on the Board of
Directors. The Board
Directors is unusual because of its small memberBanking Department of the arrest of Leo A. Haggerty, for- ship, numbering only of
seven. The bank has had a rapid growth since its
organization;
deposits have increased from around $23,000,000 when the
merly a Vice-President of the Dollar State Bank & Trust Co.
of Scranton, Pa., for alleged embezzlement of the bank's bank opened in March 1929 to nearly $42,000,000 at present.
funds, according to a dispatch by the Associated Press from
It is learned from the "Michigan Investor" of July 5 that
Harrisburg, Pa., on that date, printed in the New York
Scott E.Lamb, heretofore Vice-President and a director of
"Times" of July 8. Continuing, the dispatch said:
Haggerty, according to the Department, has been a fugitive since the the Fidelity Trust Co. of Detroit, was recently appointed
shortage was discovered last fall. The loss has been fixed at $300,000, President of the Metropolitan Trust Co. of that city, sucand Haggerty, the Department said, took a large part of the money. 'Me ceeding Harvey
Wallace, who retired in order to give his
bank has since been merged with the South Side Bank & Trust Co.
The arrest was made at Scranton, and Haggerty was held in bail for entire attention to his personal business. Mr. Lamb had
served the Fidelity Trust Co. in the capacities named since
Court.
its organization in 1923. Prior to that time he was for five
The First National Bank of Bedford, Pa., on July 1 became years Chief Examiner for
the State Banking Department
the First National Bank & Trust Co. of Bedford.
and before that had been connected with institutions covering
every phase of banking.
— Incident to the proposed union of the Drovers'8z Mechanics' National Bank, the Maryland Trust Co. and the ContiFrom the Chicago "Journal of Commerce" of July 9, it is
nental Trust Co., all of Baltimore, under the title of the learned that
R. 0. Dunhill has been appointed a Vice-PresiMaryland Trust Co., the respective stockholders of the two dent of
the Continental Illinois Co., an affiliate of the Contrust companies at special meetings on July 15 ratified the tinental
Illinois Bank & Trust Co. Mr. Dunhill, who was
proposed merger, according to the Baltimore advices to the
formerly Second Vice-President, will continue his work with
New York "Times". Stockholders of the Drovers' &
the New York office of the company. Other promotions
Mechanics' National Bank had already ratified the agreement. Heyward E. Boyce (now President of the Drovers'& were the appointment of R. H. Petersen and H. Y. Platner
Meehines' National Bank), who will be President of the new as Assistant Sales Managers. Henry R. Platt, Jr., for
organization, was reported as saying that the new Maryland several years in the credit department, was elected an
Trust Co., which will have resources of approximately Assistant Cashier of the Continental Illinois Bank &
$47,000,000, will begin functioning as such on July 28. The Trust Co.
dispatch furthermore stated that Frank A. Furst has been
Arthur T. Leonard has been appointed to succeed the late
invited to become Chairman of the Board of Directors of the
A.
K. Bodholdt as Vice-President in charge of the trust
enlarged institution; that Louis S. Zimmerman,President of
the Maryland Trust Co. and William J. Casey, President of department of the Central Trust Co. of Illinois, Chicago,
the Continental Trust Co., will become Senior Vice-Presi- and has already assumed his new duties. The announcement
dents, and that B. Howell Griswold, Jr. will be Chairman of by the trust company said, in part:
Mr. Leonard is not a stranger to the bank. He formerly
the Executive Committee of the enlarged bank. Items referserved as
Secretary and Trust Officer of Central Trust, leaving in 1923
to become
ring to the approaching consolidation of these banks
associated with Dawes Bros., Inc., as Secretary and Treasurer, which
in our issues of June 7, June 21 and July 5, pages he has since held. He is a director of Dawes Bros., Inc., and isoffice
also
Vice-President and Treasurer as well as a director of the
3995,4362 and 4364,respectively.
Metropolitan
Gas & Electric
peared
547-
Columbus, Ohio, advices by the Associated Press, July 1,
printed in the Cincinnati "Enquirer" of July 2, stated that
announcement was made on July 1 by 0. C. Gray, State
Superintendent of Banks for Ohio, that he had closed the
Sabina Bank at Sabina, Clinton County, because of heavy
withdrawals. The dispatch went on to say:
The bank, headed by L. E. Whinery, President, and W. B. Gallagher,
Cashier, had capital of $50,000, surplus of $25,000, and total resources
of $350,000.
B. G. Ring, State Fvwmtner, was placed in charge.
The following description of the Midland Bank Building,
Cleveland, new home of the Midland Bank and its affiliate,
the Midland Corp., together with a brief history of the Midland Bank, has been Issued by the institution in connection
with the opening of the new building on July 7:
Many modern innovations are combined with rare beauty of interior in
the new Midland Bank Building in Cleveland, which has just been opened.
The spirit behind the originality of its furnishings and equipment denotes
a departure from the cold formality which too often in the past has been
associated with banking.
This departure is reflected in the main banking room where instead
of marble walls and columns the interior is paneled and columned in
English oak. The banking room is two-and-a-half stories high, surrounded
by a mezzanine between whose supporting oak piers run bronze railings
with decorative oak spandrels.
Another innovation is found in the tellers' department where the customer
transacts business over high oak counters instead of through iron bars.
The same hospitable English atmosphere characterizes the offices of the
Co. and the Union Gas & Electric Co.
Mr. Leonard was born in Chicago and was graduated from
Northwestern
University Law Department in 1916. Previous to the
war he practiced
law in Chicago and is a member of Chicago Bar Association,
Illinois Bar
Association, and American Bar Association. During
the war he served
in the Navy for 27 months, nine months being spent abroad.
He left the
Navy as a lieutenant.
The State Savings Bank of St. Paul, Minn., which has
operated as a mutual institution for 40 years, has been
rechartered by the State Banking Department
as a commercial bank and has affiliated with the First Bank
Stock
Corp. (headquarters St. Paul and Minneapolis). Hereafter
It will be operated as a member of the First National
group
of St. Paul, which has total resources in St. Paul of
$144,000,000, serving 120,000 depositors. According to
R. C.
Lilly, President of the First National of St. Paul, the
name
"State Savings Bank" will be retained and the bank
will
continue to be operated as a separate unit, devoting
its
facilities to the savings depositor. The present rate
of
interest will be maintained, and the introduction
of commercial departments will be a gradual development. The
bank occupied its new building at 55 East 5th Street on
Dec. 1 1929, and will continue at this location. The trustees
of the mutual bank become the directors under the new
charter, and the present officers will continue without
change except for some alteration of titles to conform with
the general banking practice. They are: Frank Schlick,
JULY 19 1930.1
FINANCIAL CHRONICLE
President; William J. Dean and Frank J. Ottis, Vice-Presidents; Louis Betz, Treasurer, and John C. Engen and J. A.
Holmen, Assistant Treasurers. The announcement by the
First Bank Stock Corp. furthermore said, in part:
The State Savings Bank serves a clientele of 32,710 individual depositors.
In addition, it maintains a school savings department in connection with
the public and parochial schools of St. Paul, about 50,000 children participating. As a mutual bank, it had no stockholders nor capital, but
under the new charter capital of $500,000 and surplus of $100,000 is
provided. The First Bank Stock Corp. will hold all the stock with
exception of directors' qualifying shares.
The State Savings Bank was one of the three mutual banks in Minnesota.
It was organized in 1890, and throughout its history leading business men
of the city have served without pay as its trustees.
397
Treasurer to Cashier. MT. Heuermann began his banking
career in the passbook department of the Lincoln Trust Co.,
in St. Louis, in 1900. In 1904, when the Missouri Trust Co.
and the Lincoln Trust Co. were consolidated, he served as a
bookkeeper with the new institution. In September 1907
the Mercantile Trust Co. absorbed the Missouri-Lincoln
Trust Co., and Mr. Heuermann served the enlarged bank
in various capacities, including Teller. He was made an
Assistant Treasurer in 1922, and retained that post until a
year ago, when the Mercantile Trust Co. and the National
Bank of Commerce merged. In the new promotions, the
position of Assistant Vice-President was created and three
Assistant Treasurers were advanced to that post, as follows:
E. L. Black, G. H. Kleinschmidt, and W. L. Rehfeld. Three
other employees of the Mercantile Commerce were promoted
to Assistant Cashiers, namely: H. W. Kroening, V. A. Prevallet, and G. M. Telle.
It is learned from the St. Paul "Free Press" of June 27
that Colonel Hanford MacNider, newly-appointed American
Minister to Canada, has resigned as Vice-President, Director
and Member of the Executive Committee of the Northwest
Bancorporation, Minneapolis, according to an announcement
by T. Cameron Thomson, Vice-President and General ManAnnouncement was made on July 9 that the Lafayette
ager of the Corporation. We quote further from the paper
Mortgage & Loan Co. of St. Louis, Mo., holding company
mentioned, as follows:
Colonel MacNider's resignation was the result of his appointment to the for the South Side-Lafayette Bank & Trust Co. of St. Louis,
pest of envoy to Canada, and was in accordance with the custom that has purchased controlling interest in
the Bank of Maplewood
appointees of the State and other Federal departments shall have no active
& Trust Co., located at Sutton Boulevard and Manchester
connection with business interests other than local.
He will retain his stock in the Bancorporation, however, and also his cvne., Maplewood (St. Louis Co.), according to the St.
office as Chairman of the Board of the First National Bank 6; Trust Co. of Louis "Globe-Democrat" of July 10.
City, Iowa.
Mason
We are advised that the Mound Park State Bank, St.
Paul, Minn., has joined the Northwest Bancorporation of
Minneapolis. Affiliation of the Mounds Park State Bank,
a relatively small bank with total resources of $600,000,
with the Northwest Bancorporation, is principally`of interest because it gives the Bancorporation two banks in
urban St. Paul, the Empire National Bank having become
a member of the group in February. Coverage of the Northwest and Middlewest territory by the Northwest Bancorporation, including additions of the past 60 days, now is
reached by 109 banks in 96 cities in eight States as follows:
On June 30 the Comptroller of the Currency issued a
charter for the Lincoln National Bank of Hodgenville, Ky.
The new bank begins with a capital of $55,000. 0. M. Mather
is President, and W. A. Cole, Cashier of the new bank.
As of July 1 the First National Bank of Columbia. S. C.,
an institution capitalized at $500,000, went into voluntary
liquidation. It has been succeeded by the Central Union
Bank of South Carolina, Columbia,
That depositors and creditors of the defunct Continental
Trust Co. of Charlotte, N. C., which failed in May of last
year, had been paid in full and that refunds were to be made
to stockholders who had paid their statutory liabilities,
was reported in Richmond, Va., advices on July 7 to the
a
96
109
In addition to these 109 banks, or trust companies, the "Wall Street Journal." The dispatch went on to say:
Dividends amounting to $28,500 were mailed recently to all depositors
group comprises 12 securities, investment or financing com- and
creditors, clearing up this indebtedness. This makes the Charlotte
panies that are auxiliaries of member banks in the larger institution the first State bank to pay 100% to its creditors since the
General Assembly authorized the Banking Department. in 1927, to take
centers.
State—
Minnesota
South Dakota
North Dakota
Wisconsin
Nebraska
Banks.
51
17
13
7
5
Cities.
State—
42 Montana
16 Iowa
13 Washington
7
Banks.
10
4
2
Cities.
10
3
2
Plans for the formation of a new bank to serve the Payne
Avenue district of St. Paul, Minn., by consolidating the St.
Paul National Bank and the Payne Avenue State Bank,
were announced on June 28 by R. C. Lilly, President of
the First National Bank of St. Paul, according to the
Minneapolis "Journal" of the next day, which said, in part,
as follows:
The new bank will be named The First State Bank and will be affiliated
with the First Bank Stock Corp. and operated as a member of the First
National group. Initial deposits will amount to more than $2,250,000,
making it one of the largest neighborhood banks in St. Paul.
Although details for the consolidation have not been completed, E. C.
Turnquist, President of the St. Paul National, will become President of
the new bank, Mr. Lilly said. The Board of Directors will be made up of
business and professional men of the Payne Avenue district.
Affiliation of the First National Bank of Blooming
Prairie, Minn., of which Sam A. Bask is President, with
the First Bank Stock Corp. (headquarters St. Paul and
Minneapolis) was announced July 2 by P. J. Leeman, VicePresident and General Manager of the corporation. The
Blooming Prairie bank becomes the 107th member of the
system and its 20th Southern Minnesota unit. The announcement by the corporation says, in part:
over the liquidation of defunct banks.
Some funds remaining after the dividends, combined with assets not yet
realized upon, will make it possible for stockholders who have paid their
liabilities to get refunds.
The failure of the Continental Trust Co., which occurred
on May 21 1929 was noted in our issue of May 25 1929,
page 3459.
On June 28 the title of the Calcasieu National Bank of
Southwest Louisiana, at Lake Charles, La., was changed to
the Calcasieu National Bank of Lake Charles.
A press dispatch from Miami, Fla., printed in the Boston
"News Bureau" of July 16, stated that plans for the reorganization of the Miami Beach Bank & Trust Co., a subsidiary
of the Bank of Bay Biscayne of Miami, closed (together
with the parent institution) since June 11 last, have been
laid before Ernest Amos, State Comptroller for Florida.
The new bank will be capitalized at $100,000 with surplus
of $50,000 and will be organized by the City National Bank
of Miami under a State charter. Fifty per cent, of the deposits of the old institution will be paid at once and the
remaining 50% in two years, it was stated.
With reference to the Bank of Bay Biscayne, Associated
Press advices from Miami on July 10, appearing in the
Atlanta "Constitution" of July 11 contained the following:
The bank this year is celebrating its 55th anniversary, its history dating
back to 1875, when a private bank was opened in Blooming Prairie, Minn.,
by Messrs. Whitten and Haley. In 1877 this institution was succeeded by
Appointment of a liquidator for the defunct Bank of Bay Biscayne by
J. C. Brainerd ‘1.- Co., Bankers. The private bank continued to operate State Comptroller Ernest Amos is expected within 15 days, representatives
until May 11 1903, when a National charter was obtained, the new bank of the Comptroller's office said here to-day (July 10).
consolidating the business of J. 0. Brainerd k Co. and the State Bank of
The statement followed dismissal of a suit for Federal receivership by
Blooming Prairie, which had been organized in 1898. Throughout its the United States Circuit Court of Appeals In New Orleans yesterday.
history the First National has been closely identified with the agricultural The court action replaced affairs of the bank in the hands of the State
development of its section, and under Mr. Bask's administration has been Comptroller.
a leader in a State-wide movement for closer bank and farm co-operation.
The closing of these banks, together with other Florida
•
•
*
banks,
was noted in the "Chronicle" of June 14, page 4181.
The First National is capitalized at $50,000, with surplus of $20,000
and undivided profits of $4,570.73. Deposits are in excess of $750,000,
The Citizens' Bank, of Okeechobee, Fla., a new institution,
and resources more than $900.000.
has opened for business, providing Okeechobee County with
The promotion of seven employees of the Mercantile-Com- its first bank since the failure of the Peoples Bank in June
merce Bank & Trust Co. of St. Louis, Mo., was announced of last year, according to advices from Okeechobee on July
recently. F. W. Heuermann was advanced from Assistant 14 to the "Wall Street Journal", which furthermore said:
398
FINANCIAL CHRONICLE
[VOL. 131.
printed in the New York "Times" of the following day. Sir
James Woods, Vice-President of the Imperial Bank, requested, in view of his advancing years, that he be not considered for the Presidency of the institution. Mr. Rolph is
Advices from New Smyrn-a, Fla., to the "Wall Street President of the Toronto Board of Trade and a former PresiTrust
Co.
Bank
&
State
Journal" on July 14 stated that the
dent of the Canadian Manufacturers' Association, it was
and the Fidelity Bank, both of New Smyrna, have been stated.
institution
Smyrna
an
consolidation
gives
New
merged. The
with resources of more than $1,500,000. R. J. Christy is
Viscount Glenapp and Roger Wright have been appointed
Chairman of the Board of the enlarged bank, it was stated. Directors of the Westminster Bank Limited, of London.
Chandler, President of the City Council and proprietor of the
Coca-Cola Bottling Co., is President, and among the stockholders of the
new bank are three of Floridas wealthiest citizens as well as a Chicago
millionaire.
Los Angeles "Times" of July 11
It is learned from thethat the directors of the First National Bank of Beverly
Hills, Calif., have called a special meeting of the shareholders to vote on a proposal to increase the capital stock
$250,000 and thereby bring the total capital, surplus and
undivided profits accounts of the bank to $1,000,000,
according to an announcement on July 10 by Richard L.
Hargreaves, President of the institution. The bank has
made four increases in its capital account, within the past
two and a half years, Mr. Hargreaves was reported as saying.
A consolidation of the Whi-ttier National Bank, Whittier,
Cal., and the Home Savings Bank of the same place, both
capitalized at $150,000, was consummated on June 30 under
the title of the Whittier National Trust & Savings Bank,
with capital of $300,000.
Effective July 1, the American National Bank of Glendale, Cal., with capital of $200,000, was placed in voluntary
liquidation. The institution was taken over by the First
National Bank in Glendale, Glendale.
Concerning the affairs of the Pan-American Bank of Los
Angeles (the closing of which on July 12 1929 by order of
Will C. Wood, State Superintendent of Banks for California,
was noted in our issue of July 20 1929, page 426) the Los
Angeles "Times" of July 11 printed the following:
Cmplete liquidation of the Pan-American Bank has been retarded pending
the outcome of the so-called Merritt suit involving a claim of $1,055,441.96
for damages for an alleged breach of lease. Will a Wood, Superintendent
of Banks, announced yesterday. "While we can, of course, make no definite
promise as to the total percentage of dividends to be paid, we have reason
to believe that we shall be able to pay depositors in all departments of
the bank in full," he said.
The bank has already paid a 100% dividend in the trust department, 50%
in the commercial department and 30% in the savings department. There
is almost enough money to pay an additional 50% in the commercial department and another 30% in the savings department which is being held
up pending the suit, he stated.
The savings department cannot be liquidated as rapidly, as the commercial department because savings deposit funds are invested in real estate
loans which cannot be collected until they are due. The State Banking
Department has operated the liquidation with profits exceeding the expenses of the liquidation, including all legal expenses, Mr. Wood said.
Supplementing our item of last week (page 223) with
reference to the closing on July 7 of the First National Bank
of Fresno, Calif., advices from that city on July 8, printed
in the Los Angeles "Times" of the following day, stated that
belief was expressed by Harry A. Williams, President of the
institution, that the 10,000 savings and commercial depositors will be paid 100 cents on the dollar, but that the 180
stockholders will face a loss. We quote further from the
dispatch, as follows:
How soon depositors might collect their money remained in doubt as
negotiations were reported on for the purchase of the assets of the First
National by various other banks. If purchase is effected, the bank might
reopen within a short time, in the opinion of A. E. Price, Bank Examiner,
who was named as receiver to-day (July 8). If liquidation continues, it is
expected to be some time before claims can be presented.
Williams' statement revealed that one of the false rumors which started
a run on the bank, leading to heavy withdrawals, was that the bank was
Involved in the bankruptcy of a ginger-ale concern. The President also
revealed that he had offered previously to resign his position because of his
personal connection with the ginger-ale firm.
Subsequently, July 12, the San Francisco "Chronicle"
stated that announcement was made on July 11 that the
Bank of America of California had joined in efforts being
made by the Bank of Italy National Trust & Savings Association to readjust the closed bank's affairs, and that the
two institutions were working jointly on a rehabilitation
plan. The San Francisco paper went on to say:
Will F. Morrish of the Bank of America executive staff has gone to
Fresno to give personal attention to the situation, and is hopeful, with
other officials of both the interested systems, that a complete salvaging
will be worked out.
Both the Bank of Italy and the Bank of America of California maintain
branches in Fresno.
Frank A. Rolph of Toronto has been appointed President
of the Imperial Bank of Canada to succeed the late Peleg
Howland, whose death occurred on June 26, according to a
dispatch by the Associated Press from that city on July 16,
The Directors of the Midland Bank, Ltd., of London, announce an Interim Dividend for the half-year ended June
30 last at the rate of 18% per annum less Income tax, payable on July 15. The dividend for the corresponding period
of 1929 was at the same rate.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has shown an improving
tendency throughout the week and, while realizing sales have
at times given the trading an appearance of irregularity, the
general trend of prices has been toward higher levels. Speculative issues of the better class have been in active demand,
and in many instances the gains have ranged from 5 to 10
or more points. Railroad stocks have been in fair demand at
higher prices, and during the early part of the week oil
shares and motor issues registered moderate gains. This is
true also of numerous high grade specialties and merchandising shares. One of the interesting features of the week was
the offering of $25,000,000 Austrian Government International Loan sinking fund 7% gold bonds of 1930. The
weekly statement of the Federal Reserve Bank issued after
the close of business on Thursday showed an increase of
$40,000,000 in brokers' loans. Call money renewed at 234%
on Monday, dropped to 2% after midsession and fluctuated
between 234% and 2% during the rest of the week.
Trading was light in volume, but inclined toward the
buying side during the two-hour session on Saturday. Railroad stocks were again the leaders of the upswing and surged
forward with gain ranging from 2 to 5 or more points. The
sharpest advance was recorded by Santa Fe, which closed
at 221 with an advance of 2% points, followed by Baltimore
& Ohio with 2% points, New York Central 2 points, Nickel
4 points, Southern
Plate 434 poi its, Norfolk & Western 73
Pacific 24
3 points, Union Pacific 53/i points and Southern
Railway 134 points. United States Steel moved up with
the leaders and reached a new top on the recovery. This
was true also of Standard Oil of New Jersey. General
Motors moved in the same group and closed at 42%. Popular speculative stocks noteworthy for their strength included among others Allied Chemical & Dye up 3% points
to 262, American Can up 3 points to 123, J. I. Case up 734
points to 1793/8, Columbian Carbon up 5% points to 1323,
Eastman Kodak up 234 points to 204, Vanadium Steel up
4 points to 8534 and Worthington Pump up 334 points to
132. Radio Corporation was especially strong and forged
ahead 33
4 points to 3934,General Electric moved ahead 23/i
points to 7034, and Westinghouse gained 43
/ points as it
closed at 1403(. On Monday the market maintained its
upward swing, and, while there was a moderate amount of
realizing, it had little or no effect on the trend of prices. In
the early trading many pivotal issues moved into new high
ground, the strong stocks in this group including General
Motors, Standard Oil of New Jersey and United States Steel.
There were also many stocks that improved from 5 to 8
or more points, among which were such active favorites as
Amer. Tel. & Tel., Diamond Match and Texas & Pac. and
Michigan Steel. Railroad stocks continued strong, and
Norfolk & Western shot upward 7% points to 233% while
Atchison ran up 4 points to 225. New York Central improved 2 points to 1665
/. Tobacco stocks were represented
on the upside by American Tobacco which gained 5 points
to 237 and Liggett & Myers which improved 25
/ points to
941
/. Merchandising stocks were higher and R. H. Macy
moved up 5 points and Sears, Roebuck 234 points.
The forward movement was again in evidence during the
early trading on Tuesday, but resistance to the recovery became more pronounced as the day advanced and the final
prices were in most instances only slightly higher than the
previous close. There were occasional exceptions to the general trend where special issues moved confidently forward
throught the session and closed from 8 to 10 points higher.
These included among others, Amer. Tel.& Tel. which gained
83A points as it reached 220%,Diamond Match which crossed
399
FINANCIAL CHRONICLE
JULY 19 1930.1
210 with a gain of 73. points and Texas & Pacific which •the tone of the market held firm. Among the outstanding
forged ahead 7 points to 122. Oil shares were stronger and feature Electric Bond & Share, com. was conspicuous for
surged upward under the guidance of Standard Oil of New an advance from 78 to 847%, the close to-day being at 84%.
Jersey which moved into new high ground on the recovery. Amer. & Foreign Pow., warrants sold up from 42% to 503
Auburn Auto was the strong feature of the motor group and closing to-day at the high figure. Amer. Gas & Elec. com.
shot ahead 133/2 points to 131%. The outstanding feature advanced from 113 to 122. Amer. Light & Tra,c. com. imof the market on Wednesday was the strength of General proved from 587% to 62. United Light & Power el. A sold
%, reacted to 397% and recovered finally
Motors and Standard Oil of New Jersey, each of which were up from 38 to 413
bought in large blocks at top prices. The net gains were not to 407%. Oils were dull. Chesebrough Mfg. on few trans• especially noteworthy, though some of the pivotal stocks actions gained 10 points to 1583.. Humble Oil & Ref. impushed into new high ground on the current recovery. The proved from 89 to 93%, the close to-day being at 917%.
7 reacted to
principal gains were Air Reduction 2% points to 1163/2, Cosden Oil after early advance from 377% to 43%
Allied Chemical & Dye 9 points to 271, Amer. Tobacco 5 397%. Gulf Oil of Pa. advanced from 125 to 1277%, dropped
points to 237, Columbian Carbon 5% points to 138, Delaware to 123 and ran up to 1317% with the final transaction to-day
& Hudson 9 points to 161, Eastman Kodak 5 points to 209, at 131. Industrials and miscellaneous issues show few
Union Pacific 57% points to 224 and Worthington Pump changes of importance. Driver-Harris Co., com. on mod& Machinery 77% points to 1393/2. Other active stocks erate transactions rose from 64% to 85 and sold to-day at
prominent in the advance were J. I. Case, United States 7438. Deere & Co. corn. advanced from 85 to 937% and
Steel, du Pont, Amer. Can and Auburn Auto.
rested finally at 937%. H. 0. Smith Corp. sold down from
The stock market was a mixed affair on Thursday, some 1953 to 189 then up to 1983 and at 190 finally, Standard
of the active speculative favorites moving briskly forward Screw on few transactions was up from 113 to 130. Glen
while others equally popular were subjected to considerable Alden Coal declined from 81 to 757% recovered to 82 to-day
selling pressure. As the session progressed the tone improved and closed at 81. Investment Trusts while fairly active
and many of the regular market leaders like American Can, show only small changes. Transamerica Corp. was active
Amer. Tel. & Tel., New York Central, United States Steel and rose from 203 to 263
% the close to-day being at 267%
and Vanadium Corp. moved briskly forward to higher levels. Bonds were active and higher. Cities Service 5s of 1950
Other active issues showing substantial advances at the close which are convertible into stock were heavily traded in
of the session were Auburn Auto, Continental Can, National reflecting the action in the stock.
A complete record of Curb Exchange transactions for
Cash Register, Eastman Kodak and Johns-Manville. The
stock market was again strong on Friday, though the gains the week will be found on page 462.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
were not so extensive as in some of the recent sessions. New
tops for the recovery were registered by many of the pivotal
Bondi (Par Value).
stooks, particularly in the utilities, many of which closed the
Stocks
(Number of
Week Ended
Foreign
day at higher levels. Among the strong stocks of the group
Shares).
July 18.
Rights.
Domestic. Government.
Total.
were American & Foreign Power which improved 23/2 points Saturday
329,000
2,200
$890,000
$194,000 $1,084,000
627,900
to 73, American Power & Light which gained 13/8 points to Monday
8,400 1,513,000
274.000 1,787,000
618,300
4,800 2,022,000
293.000 2,315,000
877
%,Peoples Gas & Coal up 33/2 points to 271 and Standard Tuesday
524,900
Wednesday
7,100 1,926,000
192,000 2,118,000
512,700
6,600 1,767,000
201.000 1,968,000
Gas & Electric up 2% points to 853/2. The specialties were Thursday
638,200
8,500 4,065.000
186,000 4,251,000
Friday
strong throughout the session and moved briskly forward
3,251,000
37,600 $12,183,000 $1,340,000 513,523,00
Total
under the leadership of J. I. Case which soared upward about
17 points to around 203. International Harvester was also
active and closed with a gain of 2 points at 85. Copper
COURSE OF BANK CLEARINGS.
shares were strong for the first time in a week and gains of a
Bank clearings this week will show a decrease as compared
point or more were scored by Anaconda, Kennecott, Calumet with a year ago. Preliminary figures compiled-by us, based
& Arizona and American Smelting. The final tome was good. upon telegraphic advices from the chief cities of the country,
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
indicated that for the week ended to-day (Saturday,July 19)
DAILY, WEEKLY AND YEARLY.
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 21.9%
Railroad,
State,
Stocks,
United
Total
&c.,
Week Ended
Number of
Municipal &
States
Bond
below
those for the corresponding week last year. Our preJuly 18.
Bonds.
Porn Bonds.
Shares.
Bonds.
Sales.
liminary total stands at $10,477,594,032, against $13,416,Saturday
906,190 52,435,000 51,285,000
$196,000 53,896,000
Monday
2,067,000
2,737.700
4,931,000
317,200 7,315,200 895,986 for the same week in 1929. At this centre there is
2.590.000
3,091,680
5,132,000
Tuesday
350,000 8,072,000
Wednesday
4,538,600
2,585,140
2,428,000
316,000 7,282,600 a loss for the five days ended Friday of 280%. Our comThursday
2,497,870
4,642,000
2.288,000
544,500 7,474,500 parative summary for the week follows:
Friday
5,710,000
2,750,550
2,166,000
1,184,000 9,060,000
Total
14,569,130 827.388,600 512,804,000
Sales at
New York Stock
Exchange.
Week Ended July
1930.
Stocks-No. of shares_
Bonds.
Government bonds_
State and foreign bonds
Railroad & misc. bonds
Total bonds
18.
1929.
$2.907.700 543.100.300
Jan. 1 to July 18.
1930.
1929.
14,569,130
23,277,070
520,238,060
600.799,710
$2,907,700
12,804,000
27.388,600
54,212.000
13,310,000
51,431,000
166,542,100
380,266,000
1,130,377,100
572.932,700
343,202,650
1,080,077,000
$43,100,300 568,953,000 51,577.185,200 51,496,212,350
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 18 1930.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
V.I.PV
week revised
Philadelphia,
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
•11,084
*26,348
*35,956
*25,930
*30,729
14,990
$14,000
14,400
7,000
11,000
8.150
6,000
145,037
860,550
nnn
07159
ASO
a37,112
a74,316
084,272
a56,592
a56,910
20,565
$5,200
8,000
10,000
12,000
6,000
10.000
580
1.290
81,340
1,041
1,568
1,502
329.767
151,200
7,320
S77,700
285.273
827500
A 222
409
53,600
8,900
3,500
24,100
25,600
12,000
um
* In addition, sales of rights were: Saturday, 1,304; Monday, 2.805; Tuesday,
13,434; Wednesday, 6,667; Thursday, 9,629.
a In addition, sales of rights were: Saturday, 3,700; Monday, 10,400; Tuesday,
13,600; Wednesday, 15,500; Thursday, 9,500. Sales of warrants were: Saturday,
400; Tuesday, 300; Thursday, 200.
b In addition, sales of warrants were: Tuesday, 1053•
THE CURB EXCHANGE.
Curb Exchange trading showed decided improvement this
week the volume of business, while not heavy, being much
larger than for the past few weeks. Prices also moved upward and some irregularity was noted, due to profit-taking,
Clearings-Returns by Telegraph,
Week Ended July 19.
1930.
1929.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh .
Detroit
Cleveland
Baltimore
New Orleans
$5,328,000,000 $7,404,000,000 -28.0
591,961,666
616,466,047 -4.0
489,000,000 -11.7
432,000,000
409,000,000
469,000,000 -12.8
157,719,077 -19.1
127,668,821
125,800,000 -13.4
109,000,000
178,876,000 +11.2
181,019,000
(a)
(a)
168,387,297 -4.6
160,656,470
190,923,259 -21.6
149,801,688
140,777,666 -8.9
126,958,228
91,520,639 -11.5
81,005,765
45,937,627 -8.3
42,107,694
Twelve cities, 5 days
Other cities, 5 days
$7,739,179,332 510,078,407,612 -28.3
991,315,695 1,153,271,055 -14.1
Total all cities, 5 days
All cities, 1 day
$8,730,495,027 511,231,678,667 -22.3
1,746,099,005 2,185,217,319 -20.1
Total all e!tles for week
210.477 504 022 212 41A ROA ORR -21.9
a No longer reports clearings.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as- the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended July 12. For
that week there is a decrease of 19.3%, the aggregate of
clearings for the whole country being $10,523,012,773,
against $13,044,070,296 in the same week of 1929. Outside
of this city there is a decrease of 12.4%, while the bank clearings at this centre record a loss of 22.8%. We group the
cities now according to the Federal Reserve districts in which
400
FINANCIAL CHRONICLE
they are located, and from this it appears that in the New
York Reserve district, including this city, the total show a
falling off of 22.8%; in the Boston Reserve district of 9.4%
and in the Philadelphia Reserve district of 7.9%. The
Cleveland Reserve district shows a loss of 29.8% and the
Atlanta Reserve district of 14.5%, but the Richmond Reserve district has a gain of 14.2%. In the Chicago Reserve
district the totals are smaller by 9.7%, in the St. Louis
Reserve district by 10.6% and in the Minneapolis Reserve
district of 20.7%. In the Kansas City Reserve district
the totals show a shrinkage of 18.0%; in the Dallas Reserve
district of 28.8% and in the San Francisco Reserve district
of 18.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Wed End. July 12 1930.
1930.
1929.
Inc.&
Dec.
1928.
1927.
Federal Reserve Mats.
2
2
$
I %
1st Boston- _12 olUest
523,696,317
578,101,572 -9.4
494,129,351
2nd New York_11 " I 6,839,544.025 8,867,811,714 -22.8 6,626,093,06
3rd Philadel la_10 "I 559,405,701
601,992.
-7.9
550,701,432
4th Cleveland__ 8 " I
394,892,299
485,959,083 -29.8
436.368,512
15th Richmond _ 6 " I
214,291,389
187,495,066 +14
176,332.
81h Atlanta----12 " I
158,169,134
181,944,418 -14.5
179,694.716
7th Chicago __20 " I
,713,938 1,035,732,
-9.7 1,061.028.306
8th St. Lou1a___ 8 "I
190,065,591
212.497,535 -10.
224,426,680
9th Minneapolis 7 " I
114,342,930
144,119,003 -23.7
134,618,
10th KansasCity 10 "I 206056,920
251,264,471 -18.0
242,951.271
11th Dallas
5 "1
56,350,972
79.164,511 -28.8
76,466,518
12111 San Fran... 16 "
335,374,559
412.558.737 -18.8
413,175,
2
659,773,730
5,661,178,458
658,939,991
451,592,809
193.196.847
194,210,039
1,044.094.968
226,136,936
126,658,508
117.087.941
71.363,936
389,383,340
Total
125 ettiesl 10,523,012,773 13,044,070,296 -19.3 10,599,966,645
Outside N. Y. City
3,807,810,811 4.344,651,615 -12.4 4,114,757,695
Clanail2
21 Mt199
407 402 421
607 192 rn -56?
470 421240
9,703,557,441
4,180,566,585
MI 924 992
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
week Ended
Clearings al
1930.
Total(12 cities)
523,696,317
578,101,572
Second Feder at Reserve D Istrict-New
N.Y.-Albany,
6,933,981
7,387,183
Binghamton
1,388,853
1,855,844
Buffalo
48,458,070
76,155,568
Elmira
905,307
1,358,317
Jamestown_
1,212,066
1,697,028
New York_ _ 6,715,201,962 8,699.418,681
Rochester
11,696,288
19,368,023
Syracuse
6,377,636
8,592.461
Conn.-Stamford
3,779,267
3,687.027
N. J.-Montelalr
914,136
983,551
Northern N.J.
42,626.459
47,328,031
1928.
+12.2
-11.7
-7.5
-21.5
-60.7
-28.9
-30.3
3.7
-26.8
-17.8
-15.4
-19.8
-9.4
1927.
752,933
3.600,995
436,700,000
1,182,778
1,398,508
1,047,110
5,388,889
3,888,573
15,769,260
8,943,938
14,719,100
737,217
866,953
4,203,142
496,000,000
2,156,203
1,443,816
1,454,922
5.817,838
4,153,534
20,238,491
7,891,074
14,821,800
726,957
494,129,351
559,773,730
York
6,399,283
-6.1
6,192.743
1,581,927
-25.2
1,373,400
57,127,850
-36.4
59,265,379
1,375,642
-29.7
1,103,012
1,484,920
-28.6
1,729,137
-22.8 6,485,178,947 5,522,990,856
15,293,415
-39.6
14,879,280
7,888,903
-25.8
6.837,826
4,744,667
+2.5
4,643,883
910,970
-7.1
817,941
44,107,145
-8.9
41,342,999
Total(11 cities) 6,839,544,025 8,867,811,714 -22.8 6,626,093,669 5,661,176,456
Third Federal Reserve Dist rict-Phitad elphia
Pa.-Altoona_
1,291,619
1,729,536 -25.3
Bethlehem_ _
4,012.056
5,190,193 -22.7
Chester
1.057,068
1,364,912 -22.5
Lancaster
1,941,277
2,132,192
9.0
Philadelphia
524,000,000 569,000,000 -7.9
Reading
3,449,979
4,466,789 -22.8
Scranton_
4,744,973
6,454,008 -26.5
Wilkes-Barre_ _
3,265,999
3,865,525 -15.5
York
2,215,730
2,701,686 -18.0
N.J.-Trenton
8,427,000
5,087,161 -34.3
550,701,432
568.939,991
601,992,002
-7.9
Inc. or
Dec.
s
s
%
394,892.299
7,814,000
4,598,002
76.294,905
146,630,262
19,137,200
2,082,990
8,407,534
171,403.619
485,959.083 -29.8
436.368,512
1,282,275
5,124,538
41,058,000
•1,900,000
97,145,891
29,821,552
214,291,389
187,495,066 +14.3
176,332.256
Sixth Federal Reserve Dist rkt-Atlant a*3,000,000
Tenn.-Knoxville
.3.500,000 --14.3
25,854,162
Nashville
22,015,788 +17.4
48,964,616
Ga.-Atlanta _
57,354,425 --15.6
1,320,402
Augusta
2,039,761
35.3
1,541,91)6
Macon
1,794,569
14.1
Fla.-Jack'nville
11,755,372
14,500,000 --19.0
1,575,000
2,268,000
r Miami
30.6
17,685,508
26,965,425 --34.4
1,790.125
Mobile
2.025,816
11.6
2,474,233
Miss.-Jackson..
2,338,78
+6.2
217,060
Vicksburg _ - _
336,794 --35.6
41,990.641
La.-NewOrl
49,806.055 --15.7
3,407,770
20,625,204
46,304,140
1,990,031
2,243,461
16,009,236
2,377.000
25,135,722
1,766,085
2,277,090
499,637
66.559.430
Total(12 eltles)I 158,169,134
184,944,418 -14.5
179,694,716
1923.
1027.
s
s
Seventh F der al Reserve D istrict-Chic ago.
Mich.-Add
211,740
313,411 -32.5
277.307
261,136
Ann Arbor --871,118
919,791 -5.3
891,820
913.615
Detroit_ _._ 148,360,503 209,924,944 -29.4 193,746,743
187.878,290
Grand Raphis.
5.010,087
7,608.972 -33.3
8,663,928
8,383,339
Lansing--.--_
3,646,000
3,850,192 -5.3
3,376,072
2,674,879
Ind.-Et. W lyne
3,315,374
4,506,171 -26.4
3,333,507
3,003,666
Indianapol 325.203,000
29,627.000 -14.9
27,449,000
28,334,000
South Ben ___
2,981,691
3,433,084 -13.2
3,858,500
3,206,570
Terre Haule).-.5,754,059
6,242,020 -8.9
6,961,789
5,982,883
ikee
34,919,382
39,900,175 -13.5
47,736,785
49,561,002
Iowa-Ced. .ap..
3,197,311
3,479,256 -8.1
3,187,693
2,954.791
Des Moines
7,872,485
10,574,598 -25.5
9.979,342
10,900.793
Sioux City,-- _
5,699,293
7,559,000 -24.6
7.294.728
6,670,153
Waterloo.._
1,323,460
1,893,770 -30.1
1,561,438
1,357,493
Ill.-Bloom'gl on.
1,680,427
2,100,205 -30.1
1,812,095
1,626,036
Chicago_ _ _ ___ 674,130,367 689,315,540 -2.2 716,975.896
717,616,045
Decatur_ _
1,163,806
1,290,074 -9.8
1,388,993
1,399,477
Peoria--4,714,648
5,817,306 -19.0
5.768,579
5,005,090
Rockford_ _
3,128,988
4,222,790 -35.9
3,801,893
3,534.282
Springfield
2,530,199
3,253,905 -22.2
2,912,188
2.831.378
Total(20 el 169) 935,713,938 1,035,732,204 -9.7 1,051,028,306
1,044,094,963
Eighth Fe lera I Reserve Dis trict.-St. L ouis.Ind.-Evansv Ille
5,257,787
6,049,273 -13.1
7,138,138
7,249,397
Mo.-St.Lou Is__ 119,400,000 132,000,000 -9.5 147,400,000 148.300,000
Ky.-LouLsvi le _
84,929,084
40,830,769 -14.5
37,066,315
38.734,245
Owensboro
343,978
425,777 -19.2
424,176
362,322
Tenn.-Mem phis
16,217,083
16,637,422 -2.5
17,385,306
16,255,587
Ark.-Little .ock
12,570,29,
14,317,365 -12.2
13,263,261
13,415,882
Ill.-Jackson Alle
177,614
470,739 -62.3
336,259
359.287
QuIney--1,169,755
1,766,199 -33.8
1,413,225
1,460,188
Total(8 Ottes)_ 190,065,591 212,497,535 -10.6 224,426.680
226,136,908
Ninth Fed aral Reserve Dis trIct-Minn
caponsMinn.-Dulu IL_
4.176,751
8,571,423 -51.3
6,929,918
Minneapol
78,488,886
87,332,703
98,801,659 -20.6
St. Paul_ _ _
23,608.983
23,402,464 -16.9
32,452,943
No.Dak-Fa'go_
2,108,096
2,255,185 -6.5
2,091,469
8.03.-Aberd .en..
1,037,193
1,341,892 -22.7
1,500,559
-BUllsgs 632,915
705,656 -10.3
664,670
Helena__
4,292,10
4,040,724 +6.2
3,646,000
7,740,793
79,858,383
31,866,565
2.094,129
1,280,048
599.688
3,219,000
Total(7 cities). 114,342.928 144.119,003
-20.7 134,618,262 126,658.506
Tenth Fed eral Reserve Di trict- Kane
as CityNeb.-Fremo at _
318,954
388,734 -18.0
439,822
445.079
Hastings-- --467,474
*600,000 -44.1
430,723
665,385
Lincoln___
3,572,944
4,109,298 -13.1
4,978,853
5,276,437
Omaha_ _ _
42,302,1
52,295,405 -19.1
47,182,447
42,426,530
Kans.-Tope a...
3,995,493
4,722,160 -15
3,501.210
4,835,205
Wichita _ _ ___
10,392,564
11,837,770 -12.8
10,870.601
13,937,654
Mo.-Kans. 7lly 137,109,244 165,702,513
-17.3
181.932,570
163,340,593
St. Joseph4,629,690
7,791,611 -40.6
7,052,537
6,746,729
Collo.-Col. S Xs.
1,297,812
1,835,124 -29.3
1,271,392
1,664,601
Pueblo_ ----_
2,079,592
1,931,856 +4.9
1,449,904
1.690,935
Total(10 el les) 206,165.920 251,264,471
-18.0 242,951,271 237,087.041
Eleventh Fede rat Reserve District-Da
its.Texas-Austl -1,484,071
2,184,962 -32.1
1,652,062
1.495,012
Dallas
37,022,392
48,375,910 -23.6
49,717,887
44,591,476
Fort Worth - - 9,461,228
18,707,000 -49.4
14,219,669
14,043,849
Galveston_ _
4,007,000
4,652,000 -13.91
5,180,000
5,838,000
La.-Shrevepci-rt_
4,376,281
5.244,639 -16.6
5.696.900
6,345,599
Total(5clti 5).
56.350,972
79,164,511 -28.8
76,466,513
71,363,938
Twelfth Feder al Reserve I)istrIct-San Franci
see-Wash.-Seattle.._
41,132,140
52,301,486
55.174,474 -25.
48,641.749
Spokane_ _ .__
11,714,000
14,225,000 -17.61
15,027.000
14,516,000
Yakima_. - -1,040,126
1,471,964 -29.31
1,464,822
1,378,691
Ore.-Portian 1._
34,631,684
41,835,918 -17.21 45,991,879
38,012,431
Utah-S. L. 11y,
16.985,038
21,137,241 -19.81
19,438,314
17,926,357
Calif.-Fresn -_
1,645,001
4,133,453 -61.11
3,921.807
3,864,657
Long Beach --7,917,982
9,661,998 -18.1
9,109,916
7,543,948
Oakland_ _ _ -__
17,283,711
21,231,645 -18.6i 22,784,373
20,110,623
Pasadena _ - - -5.013,586
7,628,442 -34.31
6,958,568
7,164,841
Sacramento - - 7,543,288
9,020,624 -16.41
9,406,025
8,360.077
San Diego. - -6,257,242
7,719,837 -18.8
7,114,183
6,995,087
San Francis00_ 177,331,992 206.979,558
207,616,420 184,023,000
San Jose_ ----4,060,145 -'-I
3,870.934
-4.71
3,759.299
3,075,231
Santa Barb in_
2,429,248
2,371,777 +2.4
2,193,916
1,811,102
Santa Mon'05.
2,506.121
2,845.261 _11.8j
2,831,484
2,738,046
Stockton___-1.933,400
3.061,400 -38.9
3,253,200
3,401,500
Total(16 Mtles) 335,374,559 412,558.737 -18.8 413,175.672
369.333,340
Grand total(125
clam)
_ 10523,012,773 13044,070,296 -19.3 10599,966,645 9,703,557,441
Outside NewYork 3,807.810,811 4,344,651,615 -12.4 4.114,787,0
954,180,566,566
I
Week Ended July 10.
1930.
Fifth Federal Reserve Dist rict-Richm ondW.Va.-IIunt'g'n
1.038,155
1,275,048 -18.6
Va.-Norfolk
4,828,769
5,450.564 -11.4
Richmond
51,738,000
41,883,000 +23.5
S.C.-Charleston
2,971,900
*2,000,000 +48.5
340.-Baltimore. 123,057,464 106,709,679 +15.3
D.C.-Washing'n
30.658,001
30,176,775 + 1.6
Total(6 cities).
1929.
Clearings al554,405,701
Fourth Feder al Reserve D strict-Cloy eland
Ohlo-Akron
4,996,000
3,284,000 -39.7
Canton
4,609,730
5,815,404
21.0
Cincinnati.. _ _ _
60,844,625
78.979,208 -23.0
Cleveland
128.911,427 166.876.513
22.7
Columbus_ _ _
17,083,800
19,486,400 -12.3
Mansfield
1,473,977
2,191,509 -32.8
Youngstown
4,762,860
7,345,426 -35.2
Pa.-Pittsburgh _ 172,209,880 196,080,623 -12.6
Total(8 cities)_
1,743,943
4.735,101
1.835,006
2,262,939
634.000,000
4,941,590
6.778.740
4,063,218
1,946,318
6,633,136
1930.
1929.
Inc. or
Dec.
Canadas
$
Montreal
138,184,353 170,805,690
Toronto
119,768,752 159,300,220
Winnipeg
54,975,174
74,814,534
Vancouver
20,792,306
24,832,140
Ottawa
7,660,603
8,651,751
Quebec
7,995,664
7,480,875
Halifax
4.701,803
5,339,025
Hamilton
6,299,810
6,813,000
451,592,809 Calgary
6,533,417
10,564,388
St. John
2.600,229
3,820,400
Victoria
3,300,633
3,479,272
1,360,281 London
3,488,380
3,766,596
5,603,580 Edmonton
6,112,611
6,728,408
48,960,000 Regina
6,074,155
6,583,290
2,004,103 Brandon
568,577
803,277
108,185,543 Lethbridge
721,034
581,439
27,085,340 Saskatoon
2,525,398
3,278,643
Moose Jaw
1,316,625
1,638,661
193,198,847 Brantford
1,583,776
1,854,593
Fort William _ _ _ _
937,797
1,006,604
New Westminster
1,003,287
1,014,234
*3,500,000 Medicine Hat
435,157
653,716
22,969.952 Peterborough-.
1,109,158
1,042,608
51,893,780 Sherbrooke
1,190,552
1,056,505
1,974,703 Kitchener
1.146.127
1,488,950
2,348,593 Windsor
4,514,532
5,568,276
20,382.464 Prince Albert._.
.
475,421
517,282
8,495,000 Moncton
1,128,891
1,054,730
25,990,515 Kingston
1,132,538
1.488.950
1,675,234 Chatham
629,791
989,963
2,016.683 Sarnia
821,705
935.977
376.883
Total(31 cities) 407,485.421 507,155,433 -19.7
67,586,252
9,634,000
5,297,261
83,773,660
143,053,055
20,632,400
2,157,060
7,394.769
179,650,604
T.*
Total(10 cities)
1,751,509
5,229.441
1,512,457
2,078,592
517,000,000
4,317,256
5,98.5,932
4.684,700
2,208,030
5,933,515
Week Ended July 12.
Clearings at
1114_111++111111111114_11111
11111
.Goto
• Go
k.D
Ca•••1 Go OD
b., Co Ca 1-• Co*
o:5
tC,
tO
Go Co
et,
io ;-•eal :4 •
-.000;On On4
Ca be C., ip
6.3
Flint Federal
Me.-Bangor.... _
Portland
Mass.-Boston _ _
Fall River__ _ _
Lowell
New Bedford_ _
Springfield_ --Worcester
Conn.-Hartford
New Haven_
R.I.-Providence
N.H.-Manchee'r
1929.
$
Reserve Dist net-Boston
783,682
698,642
3,610,934
4.089,280
471,730,194 510,029,160
1,004,051
1,278,838
591,488
1,502,488
991,694
1,393,235
4,221,567
6.055,518
4,055,353
4,212,907
12,733,291
20,153,087
8,153,670
9,929,945,
15.081,000
17,836,700
739,393
921,772
July 12.
Inc. or
Dec.
For,. 131.
194,210,039
•Estimated.
1928.
$
150,043,597
164,150,370
64,270,089
21,905,993
7,972,211
7,750,559
4,497,012
6,435,937
8,559,486
3.194,856
2.885,272
3,769.719
6,274,598
5,793,163
805,442
715,972
2,583,484
1,388,334
1,747,234
1,320,971
870,970
515,396
1,065,213
1.022,317
1,186,362
5,890,953
362,349
1,009,603
930,992
732,653
772,742
470,423.849
1927.
$
122,844,463
105,581,116
41,578,604
17,620,392
6.770,739
7,273,161
3,324,790
5,971,418
6,966,153
2,607,389
2.445,619
2,958,960
5,125,294
5,246,244
680,791
635,670
2,020,948
1,259,270
1,231,150
1,128,051
881,550
321,114
1,091,482
862,642
1,135.522
6,324,746
368,558
972,537
965,790
799,482
930,347
356.924.992
JULY 19 1930.]
FINANCIAL CHRONICLE
401
Monthly Range of Prices on the
New York and Other Stock Exchanges
THE NEW YORK STOCK EXCHANGE—STOCKS AND BONDS.
The tables which follow show the high and low prices, by months, for the twelve months ending June 30
1930 of every stock and every bond in which any dealings occurred on the New York Stock Exchange during
the first half of 1930. The first table, covering 11 pages, gives the record for the stocks, and the second
table covering 12 pages, the record for the bonds. The prices in all cases are based on actual sales.
1929.
1930.
July
August September
October
November December
Low High Low High Low High Low High Low High Low High
$ ver share $ per share $ per share S per share $ per share 6 per share
- ------------10812 10812 103 11112 ____ ____
---- ---- ---_ _-- --- 207 207 --__ ___ ____ ____
- ---- ----- --- 107 107
_ _ _
-----------------------------90 90
____ ____ 86 86
22 3-4 2-6-61 21f4 21653 267 295 221 28788 200 245 21578 23414
10013 10234 10012 10212 10012 10414 101 104 100 104 10212 10478
19034 20912 19034 199 189 20012 165 188 161 180 167 13212
STOCKS
January February
March
A prti
June
May
Low High Low High Low High Low High Low High Low 1110k
Par $ per share $ per share $ Per share S per share $ per share $ per share
Alabama &Vicksburg
100 --------i1618 11632 __--___ 11912 120 116 119 11612 12012
Albany & Susquehanna_ _100 215 215 215 215 ----------------212 220 212 212
Ann Arbor
Preferred
Atch, Top & Santa Fe
Preferred
Atlantic Coast Line
100 --------9595
-__100 --------95 95---100 2193s 23812 22634 24014 220 i4i12 2187,3 24-658
22958 194 22712
100 10233 10378 10284 104 10312 10618 10484 10812 10518 107 10412 108
100 166 170 168 172 170 17513 169 175 16112 170 15214 170
216
100 116 11988 11538 119 11534 12238 11233 12238
12558 13858 12712 14138 132 1451g 112 13554 105 12484 113 12134 Baltimore & Ohio
7513 7734 7534 7934 7614 8014 76 8034 7812 81
Preferred
7518 79
8014 8284 8118 83
7814 81
100 7912 81
Rights
58 158
12 118 --- _
8 8 5 4 68
6934 7714 7312 8413 7614 -82-36112 7058 Bangor & Aroostook
50 63 70
76 -------863 8012
4
10612 10978 10714 11012 10638 115 10314 115 105 110 10634 11178 Preferred
100 110 112 109 11112 11014 112 111 113
---- _ _ 3634 3634 ------------------------40 40 Beech Creek
35 38
50
3713 3833 5918 6112 5713 6114 59 6684 40 6512 48 6038 57 6738 Bklyn-Manhattan tr ctfs
" 63 7158 67"8 7314 7012 7888 671-2 /134
81
8312 7978 8314 7612 84 8212 8412 Trust ctfs, preferred
8678 9018 88,
* 8178 87
79 8534 81 81
8 9312 89 93
1214 712 10
___---- ---- ---- 9
7
878 834 15 B'klyn & Queens Transit
1314 1112 1234 1113 1234 1184 1213
* 10
57 65
50 56
44 50 5038 5913 Preferred
* 54 61
60 6158 60 6513 60
6514
iOiTs 116 123 1-38 13014 140 111 140 100 115 100 117 Boston & Maine
100 99 100 100 112 10434 109
95 107
98 99 ----------------74 74
_ ____ Buff, Roch & Pittsburgh_100 8913 8912 --------9613 9612 99
9914
_
1
1
100 105 ilia 1-66- --------Preferred
--100 95 05
70 7218 65 05 ____ ___
-lid" ig 77 84
____ Buffalo & Susquehanna
7:i -71 go Ifil, Ai 'Ki.
71
100 71
:
---77
77
SO
87
82 85
5118 -66 6114 81-12 2134 72-13 iO -7-i bi -7-2
Preferred
7512 84
35
8612 8612 82 82
-7-4100 75
---- ---- ---- ---- ---- ---- ---- ---- ---- --._ ____ ____ Preferred certificates _______ ___- __-_ ---- --.- 86 8612 84
84
ai
11018 11714 9814 11234
8114 8412 8038 83
_
_ ---- --OaT. -fill, 6412 -slurs
111 11412 11212 11814
-_-s 5801 -7014
6434 fii
9212
90
91
94
12
1578 13 14
53 6612 5912 65
79 100
98
98
__ ____
8312
8313
89
84
-81
8914
90
8933
;ifs
S918
8918
89
-1418
8933
90
9114
22458 24978 2231223734 21814 23614 19118 22078 18938 207
185 20184 Canadian Pacific
100 18758 20174 19918 22634 200'21S 19958 21378 19512 210 18488 20374
New
25 --------------------------------51
5214 4558 5114
Canada Southern
56
56
100 --------59 59
5612 6314 -------- 58 60
Caro, Clinch &Ohio Stapd-100 96 9738 96 9612 96 101 100 100 10 101 10112 10174
Common
8012 92
100
8683 92
90 90
S812 90
Central RR of NJ
100 279 300 300 315 280 290 290 292 265 275 23013 265
Chesapeake & Ohio
100 203 21534 21384 23712 225 24184 214 23878 20113 22212 171 213
------------------------Rights
---------------1712 2132
41.2 -i12
- 58 514
-0-78 i
401 .
8 438 712 634 10
7-12 I
100 414 638 614 6,
-i78 ii8 - 8 Chicago & Alton
614 714 413 718
612 1212 838 9,
8 814 984 614 1038 312 714 58g 678 Preferred
100 538 878 638 784 6 812
701 1054 612 8
412 718
Preferred certificates100
26
al 16 i
4 -------- 15
___ iii4 29-511 Chic & Eastern Illinois
18
2
1814 2013
28
2158 2412 21E8 Ilk ---- - 100 1II-4 /58 63 5614 60 -_--53 58
50 57 --------364
Preferred
8 41
3814 5274 43 52
3934 45
100 36 47
40 44
33 -40-255 275 270 274 265 265 240 263 225 225 ___ --_ C C C & St Louis
100 240 245
103 105 105 105 --------1004
1 105 --------9813 9812 Preferred
100 OS 98 iiia 1-65 102 16E ioigs1-6 10518 105l ii58 105ii
1514 18,
4 1434 1758 1484 1988 712 1734 7
1218 934 18 Chic, Great Western
100 135.8 1578 1284 1534 1254 1734 1334 1714 1138 1614 813 14
4112 4878 42 4988 4514 6738 22 5633 1712 3734 2913 4334 Preferred
4058 3412 5034 4214 4958 4218 5258 27 4818
100 3674 4084 34
7214 7214 74 74
6912 7014 --------6184 6534 Chic,Indiana& Lousy, pfd_100 ------------------------6533 6538 69 69 ---- -- -7114 72
35 4478 37 4428 20 4038 16
3114 43
2784 2114 2838 Chic, 24111w, St Paul & Pac..-__. 241g 2513 23 268g
12 512 21
2474 18
2238 1212 1958
5114 6314 5584 68,
8 5918 6778 30 6178 2812 46
3918 5034 Preferred
2012 32
3114 37
100 4178 4514 4034 4614 3914 4384 3514 43
5514 59 6634 5634 5684 57
5413 5614 56 56
5512 59
9434 97 93 95 9012 95 9054 95
9113 95 9334 10l19
83 84 82 8312 80 8012 80 84
7914 82
85 88
3493
4
337
355
331 35712 325
275 328 240 28384 251 300
23358 27712 250 27712 253 27934 200 27012 160 213 19638 21334
88141 9714
134 136
13012 14278
10534 106
99 10018
8712 10312 93 10813
13514 140 140 144
132 143 132 14313
10513 107 10514 107
9834 10014 9834 10238
793410088
13814 14118
110 13612
10434 109
9678 10212
75 9014
136 140
101 125
100 107
9478 10314
83 90 Chic & Northwestern
138 140
Preferred
11178 122 Chic, Rock 1st ek Pac
10413 108
7% preferred
9913 10058 6% Preferred
Rights
--
71-3g 76
44
44
115 135
68
75
70 7414
54 62
7712 7712
2234 -714 -------75 6978 6978 711g
42 42 ------------------------4113
121 126 120 12534 10013 18 98 99
8614
6812 73 6614 70
6712 71
8512 70
6913
68 70
70 70
68 681* ---- — 6713
50 5778 53 57
52 6134 45 -56
4812
6358 63,
3 60 68
63 71 --------60
8834 8012 8884
100 84 8733 8512 8978 84
100 13914 140 13784 139 138 14014 138 140
100 114 11934 11712 12518 11714 12412 112 124
100 107 107% 107 10914 109 11033 10778 10812
100 9934 102 19113 104 103 10418 103 10378
78 214 118 218
Preferred
100
-7114 Cleveland & Pittsburgh__50
4214 Special
50
9418 Colorado & Southern
100
7114
1st preferred
100
6712 2nd preferred
100
5212 Consol'd RR of Cuba, pref_100
69 Cuba 8616, preferred
100
95 95
7412 7412 7414 7414 75
83
6834
65
49
61
8854
7312
65
57
65
88
72
6514
5334
63
95
7513
8812
61
64
88
7412
6512
57
6712
76
94
7713
70
6114
70
75
4334
92
76
68
58
8478
7512
4384
93
7712
75
62
69
7913 8384 68 8134
13614 14012 13014 14034
95 11612
109 117
108 10914 105 109
10234 10418 298 10334
1
134 — - ---75
4334
7618
76
6814
68
66
75
4334
88
78
73
62
70
19934 226 206 22534 19813 22434 14112 20312 150 17034 162 18134 Delaware & Hudson
100 16113 17413 16914 181 17014 17984 17314 18014 161314 17614
12312 16012 141 16434 150 16934 137 16734 13358 152 137 164 Delaware, Lackw & West
_50 136 14212 13912 153 13834 15014 12612 148 121 131
68
7612 70 7512 6554 71
49 6614 5458 6518 5812 62 Deny & Rio Gr & West, pf _100 60 6784 66
7578 7178 80
6812 7814 6412 7134
60 --------60 -d6 go -66---- --_ -___ ____
Preferred
100 80 60 ------------------------35 -4-6
3
RIsdale & South West100 --------6612 6612
252 258 278 318 258 318 28s 212 178 212 i58 -212 Duluth S S & Atlanta
3 134 234 184 134 112 /
100 134
13-8 112
5
614 ----------------334 4
384 334 212 358 Preferred
212 3
212 3
100
284 284 213 212
7838 8634 80 91
8014 9312 43 8513 4112 01
5312 6618 Erie
5618
597
8 5778 6334 5534 6134 5118 6038 4312 5178
100
62 6614 6018 6278 60,
3 63
5718 6514 6512 64
60 6413 1st preferred
6758
6434
6612 6334 65 61
100 6138 6234 62
6378
81
6378 5812 6053 5S14 6018 57 6314 52 5834 IS 60
2nd preferred
68 6212 6012 6212 6114 6213 5813 5834
100 5712 59
60
7512
--,65
77
63
53
68
7734
,-75
80
67
62
70
146 175
11014 12614
46 6814
133 112
214 213
3513 4012
5312 6414
50 66
6034 6054 603s 6038 5812 5812 56 59
80 6214 5984 6113 Erie & Pittsburgh
50 6312 6312 6358 6358 8438 6488 --------6514 6558 -------109 12814 115 127 112 12584 93 108
8514 10112 9212
100 95 9838 97 10034 9714 102
9012 10184 87 94
7104 8814
0312 11478 8512 9934 88 101 Great Northern, pref
10612 12214 109 120 110 118
99
100 9014 95
9212 9914 93 98
certificates
Preferred
85
9814 86
67 8412
90
43 65
40
48
45 5278
20 4734 18 32
2912 42 Gulf, Mobile &Northern
100 3813 4484 40 4612 4058 4378 32 4388 32 4012 2814 3741
91 9812 9312 9514 92 96
9134 9614 7512 94
93
9812
Preferred
9413 9614 96
100 98 98
9814 96
9718 90 9612
98 96
814 9
818 838 9
914 712 8
634 7
613 814 Havana Elec Ry
. 8
818 811 818 ----------------38
7
4
37s 378
69 70
8712 70
8812 70
6912 7083 --------70 7334 Preferred
70
100 6818 72
7114 --------60 60
58 58 -_-_ ---460 525 480 583 555 580 438 600 370 485 415 450 Hocking Valley
100 150 465 465 520 481 525 490 525 460 500 ---4018 4838 4018 5714 5118 5634 3888 5634 4014 5178 4314
-4934 Hudson & Manhattan
199 4638 51
4634 511g 47 5338 4812 5158 4734 5234 41 1833
7038 7814 74 7914 74 77
60 77
68 7514 74 8014 Preferred
7784 7734 793,1 78 8212 8112 8112 82
100 78 7912 75
83
142 15312 141 14838 13718 14914 123 140 116 13278 12838 13272 Illinois
Central
100 12818 131 128 131 12818 13034 12714 13684 126 132 11314 129
14312 15112 14418 14418 141 143 120 120 125 125 130 130
6% preferred series "A"_100 --------12812 130 -------- 128 13634 -- -- 113 120
7434 72 7318 7114 7338 7134 7378 71
72
7352 70 7214
731g 7488 74 78
100 7112 75
Leased line stock
77 79
7812 -SO
76
8034
7284 75
7212 7614 7138 7318 7178 75
70 72
70 7113 RR sec stock
7012 7212 72/
70
74
7112 77
1
4 75
7418 7514 7412 77
1952 2378 2014 2314 I 114 34
15 3212 1574 2014 17 27 interboro Rap ctfs
Transit
2614 3913 3018 3658 2914 3614 2214 3038
100 2058 3314 2914 34
-.
3274 -___
3238 3514 30
4812 5114 44 4834 4574 4678 34 4014 25 34
25 2912
• 2918 3212 30
3134 2814 2958 2812 2812 2738 2814 2312 -28
_
_ 4058 4312 4214 4318 3312 41 --------23 29 (at Rys of Cent Amer
• 2714 2814 2812 29
Certificates
26
2778 25 27
2318 20 ---- -_-i2F-8 /8- 731,1 75
7534 7434 64 73,8 8413 70
6114 68
Preferred
6912 72
100 6134 0712 0312 71
6914 7234 70 7334 6518 7013
218 218 ----------------113 212 112 112 --- ---- Iowa Central
100
e 19 - ---- ---- _ _ __ _
---- ---- .--- Joliet 82 Chicago RR
100
96 10818 97 10(34 94%10612 55 -9-8-4 ---65 8374 78 8532 Kansas City Southern
74 8112 77
100 77 82
7-612 33.1 -7214
8588 rio 13-12 211-2.
6318 6612 66 6713 66 68
6538 07,2 63 67
8574 6818 Preferred
6814 6934 6834 70 8714 70 65 69
100 6714 6812 6718 69
90 9974 88 94
8378 9658 74 8578 65 74
7018 8274 Lehigh Valley
72 7734 72 8478 75 84
75
7014
7613 3712 7234
7212
50
142
15113
143 152
143 15434 110 145 11538 134 127 135 Louisville
100 128 138 132 13712 13114 13784 132 13812 128 13714 127 136
& Nashville
68
64
65
64
69
6114
6812
531.1
44
65
49 5814 Manhattan Ry, guar
60 65
62 65 61 6812 58 6258 58 60
100 5114 89
4633 2518 3212 2914 4213 Mod guar
Wit 3714 $512 3914 3814 5012 24
3112
3413 3853 33 4012 3112 3778 2914 3478 24
100 301.4 39
*NO par value.
402
[-VOL. 131.
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1929.
,
1930.
!lay
August September
Ociober
November December
Low High Leta High Low High Low High Low High Low High
STOCKS
January February
March
June
April
May
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share I per share $ per share $ per share
$ Per share $ per share 3 per share $ per share $ per share $ per share
100 128 118 138 3
2
238 2
11
3
3
113 138 114 114 Market Street Ry
214 212 23
2
2
2
2
% 1%
2
_ 812 312 --------9
Preferred
100 ----------------1014 1014 1014 1014
7
6
714 8
9
_ ---Prior preferred
100 17 22
16
18
18 2414 20 2212 1412 18
20 2512 23 25
27 16 24 253
19 -21
22% ____21 23
2313
5
5 --------5
5
312 312 334 412 2nd preferred
100 --------434 6
312 4
614 614 414 414
112 134 112 134 112 218 112 14 1
138 2% Minneapolis & St Louis___ 100 134 2
234 114 2
212 2
212
--2- --31
-; 2
112
4212 4712 42 5018 5014 6114 5014 60
40 4978 36 36 Minn Sr Paul & S S Marie.. 100 33 3414 30 35
28181 34
3012 3434 2712 2934 -___ r _
Preferred
100 --------5413 55
78 8134 78 8134 75 75 66 66
73 78
7834 78
."
50 5518 54 54
50 5238 50 -52
56 5734 55 58
100 54 5614 55 5912 5518 57 56 5812 55 5912 5412 5912
52 5812 51 5614 Leased line
5628 62 57 60
8034 5114 5634 30 6258 2718 4212 3612 5234 Missouri Kansas &Texas
5558 6534 51
5238 5812 5314 66
• 4678 55
5514 6658 50 6038 327 5134
9372 10234 101 10412 Preferred
100 103 10533 104%10678 105 10838 10534 10814 10314 10738 9814 107721
10358 10878 10312 10514 10318 10434 99 104
46 7618 8812 9134 Missouri Pacific
100 87 9218 8818 93 91
9212 10138 89 9614 8712 978 55 100
9812 86 9514 70 8612 57 8478
Preferred
100 134 140 134 141 13878 14512 132% 1401 125 1337 1538133
137 147 138 1417 135 142 120 149 105 12814 12418 140
50 8134 83
77 7812 77 8112 77 773 7538 7718 78 7914 82 82 Morris & Essex
81114 83 8134 8338 8234 84
82 8212
8234 84
223 239 222 240 21012 234 19912222 173 201 194 194 Nashville Chatt & St Louis_100 190 197 e128 210 129 132 125 132 118 124 115 120
4
4 ____ ____ _..__ ____ Nat Rys of Mex 2d pref ____100 112 114 1
28 118
84 Ds
118
118 1
84
72
112 1st preferred_
18
134 134 1
1
212 1
2
234 134 2
100 3
3
3
3113 224 214 132 134 ---- ---- ---140 140 14012 14012 140 141 12014 141 11012 126 124 126 New On Texas & Mexico_ I00 12038 120% ____
__ 120 120 129 129 --------116 121
--209 245 22618 25612 218 2.5632 175 23034 160 20214 18814 18312 New York Central
100 167 18134 178% 1923- 4 18012 19114 17134 18934 167 17838 15034 175
_ 512 614 5
5
614
614 Rights
;350" 174 110 155 12212 142 NY Chicago & St Louls____100 130 13734 15E fii 13412 Ili" 12,-114 1-39
54414 161- iiii2 1-9-iii lii- 1-9-2-3
- -14 11213 125 - -ill ffii;
Preferred
10412 10712 10412 107 105 108 101 10834 102 10612 106 110
100 10834 10934 109 110 10914 11018 10938 11012 108 11034 108 10934
50 180 265 251 324 270 313 225 280 196 270 17834 232
295 340 290 315 263 300 155 290 175 224 178 220 New York & Harlem
102 10314 1013810138 99 103
9912 9912 9914 10014 104 10412 NY Lackawanna & West_ _100 ----------------107 111 ---------------- 10613 108
10918 11538 113% 12612 11718 129% 87 13212 93 114 10712 11812 N Y New Haven &Hartford_100 10532 1334 11214 12312 121 12818 1113812734 19718 812 9714 114
120 125 12234 13112 120 12878 120 13434 11814 125 122 12812 Preferred
100 122 12514 12314 128 12712 13512 119%13212 119 123 116 12212
8 1834 127 173 NY Ontario & Western-100 131 1512 1312 16
2078 263 12 22
243* 2812 24 27
1312 1714 13 1678 1032 1414 812 1212
2
4% 214 314 214 278 212 312 214 278 112 214
214 834 134 418
112 234 N Y Rys pref trust ctfs
2 3
3
312 314 31
918 fps 1
10
134 212 134 214
118 312 N Y State Rys
218 5
114 2
100 118 2
118 114 1
118
14r8 22
91;18
714 934 6 1012 3 618 114 512 Preferred
234 214 312 2
100 212 312 27
212 158 2
338 2
3412 3712 32 348 1912 30
16 2634 1412 22 Norfolk Southern
36 44
100 1634 1978 1912 3312 2912 3214 24
3014 20 24
10 2038
236 263 24614 28312 258 290 215 27934 193 24912 225 238 Norfolk & Western
100 226 24112 242 265 248 262 241 282 22712 24212 21314 23912
85 8718 82 86 8538 8814 Preferred
8512 8512 8434 86 86 87
100 84 8512 83 86 85 8712 85 86
8558 8814 85 86,
4
834 8334 81 83 8214 8214 81 82 80 8114 82 86 Northern Central
50 8512 8512 8512 86
8712 8712 8714 8714 ---- - 8538 86
1063 1188 1043a 11234 100 112 85 10458 751 94 84% 9478 Northern Pacific
92 91338 83 9514 78 84% 6634 -8134
100 84 8778 85 97
1041211458 10312 10878 9918 1084 871 10214 75 94 8314 95
811 94
83 9638 9014 95
Certificates
100 8212 86
7712 7278 831 8013
2112 3812 3014 3012 --------20 24 --------47 1412 Pacific Coast
9% 1638 15 198 1418 1834 9 15
912 14
100 7 14
32 38
3512 38
171 2514 2434 2912 24 26 --------20 24
25 32 --------18 25
38 36
1st preferred
100 1712 20
2712 3112 25 2738 2018 2018 21
2712 31
18
2d preferred
15 20
21
15
1912 15 19
100 ---- -__ 15
14
18
15% 17
8334 99 9014 110 9752 10934 75 10412 74 943 7234 8358 Pennsylvania RR
50 7218 -7912 7858 8514 8038 8658 7738 8638 7514 7912 69% 7812
284 334 Rights
238 338
___32
3
3
-3
4
3
1
--_ ii -2-i --__
30
__ 17 2112 Peoria & Eastern
ii.4 -il- io "2114 io "2-i --------12_
100 18 18
-11
177 2034 190 280 218%2-45 183 21712 140 110 150 170 Pere Marquette
100.110 160
55 182 15912 183 15912 16412 14114 150 130 140
96 9734 96 9734 9812 9738 9514 98
94 98% 9514 98
95 98
Prior preferred
100 9434 98
9758 9912 9778 10014 98% 101
9514 100
9412 9412 9412 96
9458 96
9212 94
94 95
90 96
Preferred
100 95 96
95 96
97 99 9558 9714 9714 977
9612 97
4912 4912 4912 4912 44 4734--4912 51
Phila Rapid Transit pref.—50 -------------------- ----3612 3612 --------331 3312
_— ___
142 14734 135 14312 135 142% 110 14512 90 113
9234 1263
---4 Pitts & West Virginia
_100 118 12112 11912 1214 110 1734 10612 11338 9834 10112 90 9578
14412 148 145 14634 145 14634 145 146 142 145 145 150 Pitts Ft Wayne & Chic:pref_100 151 15134 151 15114 151 15312 154 154 15312 155 15314 155
112 11678 118 13318 124 14734 113 13434 106 12412 11778 131 Reading Co
50 121 13334 126. 14112 12138 13078 11112 12834 11018 12012 100 116
44 50 4314 4812 4534 47 413 47
44 47 45 48
1st preferred
50 47 5018 4912 53 4418 47 47 50
4818 5018 48 4912
48 6034 4514 52 4514 49 47 5012 26 preferred
4514 49
4518 50
50 4734 5518 52 57 50 52
4912 49% 4812 51
48 49
--------128
129 12714 128 125 133 130 13018 Rensselaer & Saratoga
130 130
100 138 140 --------136 142 14014 14014 1401214034 362414212
87 7012--------67 7414 597 6914 -------60 60 Rutland RR pref
100
6012 65
66 8734 ---__ 5018 5212 42 51
12118 133 124 13334 123 13234 104 125 101 1147
;10811 11338 St Louis-San Francisco_ _ _100 10758 11014 110 11458 109 11878 11318 11812 110 116
8614 11212
9334 9578 9378 9512 93 9412 9018 95 87 934 91 9314 Preferred
100 92 9338 9358 9514 95 10078 978 101
9638 998 93 9914
94 11212 9534 10414 8714 100% 60 9314 50 7638 5712 70% St Louis Southwestern....100 5914 65 63 6933 82 70
60 6878 58 7834 5218 737
84 9112 84 8934 86 8723 Preferred
8941 9212 90 90 90 92
100 87 88 888 8834 893* 90
90 90 85 9014 88 89
92g 1112 Seaboard Air Line
1212 18
151 1958 1312 1773 10 12
13
17
100 933 11
934 1212 10 12
9
98 1112 878 1038 6
18 2134 18 2658 2518 3512 26 4133 2014 2712 2312 30
Preferred
100 2214 28
23 28
16
18
22 2338 2034 23
2434 25
134 150 1361 154 142 15712 11518 14334 105 130 117 12433 Southern Pacific Co
100 11914 123 12012 127 12014 125 12014 12514 118 12278 108 12112
1478816012 148 15478 15234 16218 126 152 109 14112 13012 14112 Southern fly
100 132 13634 128 13478 1231 13118 105 130 10118 11634 8918 109
94 9614 9528 9812 9514 9834 97 9912 94 98
96 100
Preferred
100 98 10034 98 99
9812 10014 9712 9934 9134 9858
99 101
110 118 10734 125 108 111
85 105 74 90 90 106
Mobile & Ohio ctfs
100 90 95
99 110
9318 110
87 100
1212 12534 111 120
161 181 161 170 150 165 12214 153 115 131 118 136
97 1814 812 934 834 1478
11
18
10
14
1214 15
39 42 40 423 38 4014 32 3812 27 33 2014 30
75 80
93 9412 8734 874 85 87 85 92 84 88
1351 27812 262 29758 284 29878 23014 27434 200 23512 21012228
81 8212 8018 8412 8134 8512 8078 8412 80 8218 8214 85
95 95 9314 9314 88 88
90 9214 88 90 95 95
____
_.
._-- 97 97 --------9014 9014 ____
82
40 ___45 4012 -70 7688 6612 75 6334 712 47 65
90 94 8814 9012 8912 91
90 9312 82 89 86 88
7718 82 --------75 78
84 86 --------83 84
4314 5138 41
478 3712 4618 10 3958 12% 2112 197 3238
443 5078 42 44
2012 32
42 4214 17 33
1458 22
3434 407 341 3934 33 38
17 2612 20 2912
15 36
5914 6734 60 65
5758 6214 4612 6118 3712 .51
42% 50
98 118 --------100 10018 --------100 100 110 110
89 110 ----------------100 0014 100 100 110 110
Texas & Pacific
Phird Avenue
Twin City Rapid Transit.
Preferred
Union Pacific
Preferred
Vicks Shreve & Pacific
Preferred
Wabash
Preferred A
Preferred 11
Western Maryland
2d preferred
Western Pacific
Preferred
Wheeling & Lake Erie
Preferred
100 117 12312 12014 12012 118 12934 127 145 129 139 110 130
100 9 1312 11
812 11
1338 1012 1512 1112 1514 812 14
100 2412 3112 25 2912 2278 25
1012 17
17 21
19 23
100 70 78
7518 79
6314 70
6434 72 69 74
70 76
100 215 22314 220 23714 223 24234 21918 24134 21911 23212 200 22912
100 8214 83 8214 84
8234 8612 8414 8534 8428 8638 8314 8612
100 95 95 ---- ------------99 99
99 99
0014 10112
100 _
98 99 --------10014 101,2
100 51 598 54 60
5214 6634 5238 6738 47 548 30 5014
100 83 8733 8412 88% 8518 83 8812 89% 834 8814 71 8214
100 75 86
___
_. 70 7518
81 83
7812 83 8234 85
100 2414 2734 2534 2914 2558 36
27 3434 2114 -3434 18% 31%
100 2412 2714 27 2914 2534 38
32 3312 2312 3412 19 30
25 24 2858 23 3012 24 3038 2014 2612 17 23
100 21
100 4012 4512 44 5078 4312 5312 4514 517 4318 5118 383 47%
100 110 110 ------------------------110 110
100 110 110 --------------------------------110 1717614
INDUSTRIAL & MISCELL.
4112 5118 4918 5778 4912 56
3414 403g
3712 5733 361 44
83 8714 81 8478 76 82 69 7934 73% 81
82 88
.15 142 110 13112 119 130 102 116
58 73 43 72
.08 11034 106 110 10612 10878 103 11212 10012 108 102 107
----- ---__ 20 34 22% 32
— -___
-- ---8514 1914 8834 10 88 -8,5114 86% -4/0
84 88 85 90
30% 347 3018 3034 2912 32 2434 3034 19 25
21
28
____
_ ____
_ ___
_ ____
__ ____
__
1312 28 -3-5-58 15 -3-1-51 7 -2-4
1112 -1-15
32 ,
8 -1-6
33 43
50 6112 40 50
197 2678
16 35
1634 25
.4534 18134 18818 21634 194%21878 10014 2233s 77 14218 10618 143
3914 4412 36 4112 3512 3934 25 39
2018 2734 1818 2634
47 6
4
5
212
212 47
2
34 1
212 37
11
34 112
112 134
112 17
38 1
34 114
218
51
7
583 878 714 834 412 834 414 634 534 8
16 2012 18 2218 16
5 16
19
858
11 8
10
Abitibi Power & Paper
* 22 3334 26
33 4218 308 33 251 3112
3212 29 35
6% preferred
100 647 7358 71
76 85% 83 8812 81 83 7612 81
78
Abraham & Straus
* 45 5612 50 5712 50 5412 5012 66
4912 57
42 65
Preferred
100 104 108 103 110 107 10814 10714 10814 109 10912 10812 109
Adams Express
5 2318 2934 2834 351 3134 3738 3112 3658 2614 3212 2178 3238
Preferred
8912 92
100 8612 8712 8514 8814 88 92
8912 8912 86 9034
Adams Millis
• 23 2312 23 2812 2358 32
2934 32 28 32
2612 31
Addressograph Internet Corps ------------ ---------------------------„
2934 3434
Advance Rumely
212 1834 2 14 16 2034 8 168
100 1112 2314
1 34
Preferred
100 22 4114 3012 39
30 39
3214 40
30 3734 157g 32
Air Reduction
* 118 13138 12214 134 131 148 13818 15033 13033153 114 15638
Air-Way Elec Appliance
* 21
2934 34
32
2812 318 2818 36
2434 34
16 30,8
Alex Rubber
17
• 138 2,2 178 214
134 214
212 11
2
1
152
Ahumada Lead
1
12
3,4
34 1
138
62
78
1
34 1
34
78
Alaska Juneau Gold mines„10 71
918 73
814 838 714 412 7
7
814 7
9
Albany Pert Wrap Paper
* 814 1078 1018 1512 12 1418 1012 14
834 1828 8 11
Rights
; -53-3; ,-li -5-8-12 liT8 478-12 li 154 His -21723 27 - - ii-8
2 Allegheny Corp
* ---------------------------144-18
3812 543 41i5
3014 3514 2814 3438 2318s 29% ii 2154
Preferred $30 warrants_100 9512 99% 9812 10712 102 10538 100241053* 9858 10118 87 1003
011211834 112% 11812 112 11812 98 112 90 101
9538 100
4
8212 85 82 8612 8018 8312 84 92 85 9018 8734 91
Preferred ex warrants
8914 91
91 9614 92 9412 92 9312 93 9312 89% 92
____
Preferred $40 warrants_100 ----------------9933 9934 9812 9912 95 9812 89 9518
_ Allegheny Steel
_
—
*
6078 72
57 62
5714 65
ii Ili iiii 17-614 iii ill lag.
'1683-4 EE 16684- iii 1-60- Alliance Realty
5 9934 100 ----------------95
104 100 100
_
90 100
* 25534 280 26514 282 26512 30412 296 343 29512 328 232 318
02 34634 302 35434 312%35412 20434 323 197 256 240 285 Allied Chemical & Dye
2038 122 121 12214 121 123 12012 123 11812 12312 121 1241
Preferred
100 121 122 12112 123 123 125 123 12614 12314 12558 12214 12512
* 4914 80
--- ---- ---- ---- 67 7512 3714 6834 3518 5014 451 5978 Allis-Chalmers
5718 6214 5958 68 6034 6712 5538 6434 48% 6224
29 3012 23 3614 28 34 Alpha Portland Cement
3934 31
• 30 32 2812 3212 2818 3214 31
24 3312
32
37
532 -614 518 -6
558 -6
514 2
5 258 3 --------234 312 3
458 Amalgamated Leather
234 21
314 212 312 258 324
-- 42 45 38 40 2014 35
48 55 ---Preferred
19 27
100 20 20
21
21
8 2 14 2414 2414 21
25
20 21
3014 27 3012 171 2778 18 25
2412 3334 25 -1712 22 Amerada Corp
• 18 217 18 2014 18
2934 25 2812 2012 2858 2112 3112
1111 1312 112 1234 914 1258 4 10
97
100 7
51
7711 6% 814 Amer Agricult Chem
78 638 712 7 1058 7
514 8% 458 73*
42 4812 384 4678 2512 41
4134 50
18 297 2418 34
Preferred
100 2714 3234 26
3014 2912 3812 30 39
2718 3312 23 3134
132
14912
8
14014
1487
92
155
167 65 110 75 109 Amer Bank Note
33
10 77 8312 80 93 8512 973 8913 96
81
90
68 91
57 6012 5712 591 5712 63 58 6514 57 6312 61 68
50 63 6634 61 8112 6138 6238 8212 6234 6258 6412 6144 66
Preferred
14
163* 1378 1518 11
1412 1612 13
718 912 514 8 Amer Beet Sugar
* 7 12
7
812 778 1034 814 1034 7
834 6
8
50 5112 50 51
5034 5238 49 5112 49 49
3412 4212 Preferred
100 3618 3912 36 3618 37 45
36 45 25 3018 2672 2915
5 401g 4514 43 5478 49 5378 36
55% 63 69 6738 8514 7812 287g 693 27 40
3014 48 Am-Bosch Magneto
5278 34 4012 27 3922 '
8
17g
7
4318
5712
59
7
8
4012
55
6
49
5338 5812 57
45% 49 Am Brake Shoe & Foundry • 47 49
4814 53
5014 5428 4638 527g 4412 47
41 48
17 120 117 119 117 11712 1161 120 113 11934 11818 120
Preferred
100 11814 12212 12212 128 12438 128 12112 12433 12112 124 119 12214
614 1258 818 13 Am Brown Boverl El
4% 20
* 838 127 1214 178 1334 183* 1634 2134 15
2838 33 25% 323 1512 27
21
11
2058
77
85
87%
60
82
80 53 7214 5714 66
Preferred
100 6012 66 65 67% 67 76
81 88
7312 80
7234 8034 6812 7934
5138 169 15812 18412 18414 18234 110 18134 86 132 10412 128 American Can
25 11714 1313 128% 14638 13818 154 14218 15813 1272g 148% 10814 14838
3612 139 138 13978 13758 140 136 142 13318 140-' h4O78 145
Preferred
100 14014 144 14012 14212 14134 14512 14418 145 144 14614 14412147
77 8814 Amer Car & Foundry
* 7812 82
9618 10512 9513 10234 9412 10278 76 9658 75 89
53 7212 52 59
79 8212 13512 80
42 5512
100 110 116 11 1141112 1101211212 105 11112 9934 105% 95 10112
14 11712 11378 116 11434 11638 h101 11414 1121 115 1131 11778 Preferred
_
-- - -- •
--- - American Chain
63 697 54 63
39 5812
100 757g 85
9878 101
84 9-3 93 101
kJ. 16 56 13-78 81 1G 2.-4 go 9-5-18 ii -3018 i:IT4 -81 Preferred
9518 991 89 97
3414 4238 Amer Chicle
43 4534 4312 4938 4478 514 413g 46
. 3658 46
5914 664 59 733 6518 8158 35 6612 27 45
374 4534
•No par value.
e 60% stock dividend paid.
JULY 19 1930.]
FINANCIAL CHRONICLE
403
New York Stock Exchange-Continued.
1929.
August September
July
October
November December
Low High Low High Low High Low High Low High Low High
1930.
STOCKS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share S per share $ Per share $ per share
Par S per share $ per share $ per share $ per share $ per share $ per share
4418 5014 4212 5134 4312 5078 20 4812 20 32
2738 3524 Amer Commercial Alcohol ___• 2634 33
27
3168 1912 2934 19
26
1614 21
914 1738
29 3258 28 317 204 30
29 37
1814 273 2238 2812 Am.Encaustic Tiling
• 235 268 25 2712 2518 3078 26 2978 21
2612 15 2012
8238 9312 86 95
79 9812 35 8212 23 43
30 4078 Am European Secs
• 35 4378 44 4938 4612 5912 53 5938 44 54
3318 4834
11312 13938 129 164733 15612 19914 50 17514 51 8614 718 10134 Am & Foreign Power
* 8858 9914 9012 10114 8238 9434 8918 10134 65 9238 5614 884
104 107 10514 103 10514 108 104 107 10112 10714 10514 10818 Preferred
* 107 10814 107 109 108 11014 10912 11112 11012 111 10614 11138
96 9912 98 100 ----------------9612 9668 9134 96
Preferred (6%)
• 95 9612 9534 9534 98 9812 09 09 101 101
9212 98
93 97 94 9914 8614 994 877 9212 94
2nd preferred
973
4
•
9518 98 96 9912 95 9813 9614 988 98 9912 9212 1-063-4
33 3978 3234 37
2712 33
1918 34
1918 25
1712 2234 Amer Hawaiian S S Co
10 198 2234 20 2812 2434 3338 25 2914 2112 2634 2212 2813
6
6
7
934 78
878 5
734 338 533 312 57 Amer Hide & Leather
* 418 434 414 534 47
5% 438 7
418 5
334 5214 444 5214 31
312 5
328 34
52
2314 3434 2818 3434 Preferred
100 28 3014 2718 34
29 3234 3112 3478 2218 3012 1718 23.V
7112 7778 69 75
6434 7214 404 65
40 58
5434 617 Amer Home Products
• 558 59
5712 6012 60 6934 6012 6614 5914 6412 55 63
4238 4812 4612 5312 46 5212 29 47
2918 3812 3514 40 American Ice
* 3612 3912 354 3778 3614 418 3614 408 3512 3914 31
37
90 95 91 9312 90 9114 8712 9212 86 90 838 881,
Preferred
100 86 8712 85 8612 84 8514 83 8612 8334 854 7834 83
7012 7954 68 8914 79 9634 30 8834 2912 5012 3312 457
8 Amer Internat Corp new
* 3531 4134 4012 4734 4514 5112 454 553 3812 48
2834 46
412 5
412 312 414 434 212 412 212 3% 212 3 Amer-La
• 2
France Foamite
214 27
238 214 3
55% 6034 45 60 4538 5512 43 50
212 4
15
212 3
2
2712 43 3214
Preferred
100 30 3214 32 35
3018 35
33 35
30 33
2212 25
124% 136 121 13178 113 125 09 11814 90 11212 9814 38
* 9918 105
948 10212 80 997 7018 8812 5412 7054 474 59
115 11918 113 11978 112 11518 113 117 11114 11612 11212 11078 American Locomotive
120
Preferred
100 112 1145 11112 115 104 11812 104 10978 103 106
98 103
169 192 177 232 20934 27912 161 27934 142 212
234 Amer Machine & Foundry____* 210 228 228 26812 25014 26634 245 28434 255 28034 180 256
112 11414 105 110 112 115 11012 11134 100 10814 205
100 109
Preferred ex-warrants
100 -----------------------------------------------225 228
__ .
Preferred
100 112 112 --------115 115 115 11934 115 11538 11588 11536
6018 6612 63 778 2
4 41's
8 3112 523 4114 803-4 American Metal
* 44 4838 45 5112 44 49
41
5112 3914 4534 3018 4053
12012 122 120 131 125 134 125 12712 106 112
111411312
Preferred
100 --------110 116 11412 11534 112 112 112 112 109 11234
65 7012 6614 85 80 90
7018 90 58 74 65 72 Am Natural
Gas pref__
• 65 6978 67 74
72 95
89 93
8518 91
70 907
-----------------80 8012 7934 8018 70 75
American News Co
4
5
3% 4
77 77
4
5
3
914 1 5
*
34 1
4 American Piano
i4 -2-320 25 20 2238 21 30
%
12
12 27
34 238
% 138
78 14
16 3012 8 2018 4 11
Preferred
100 312 45g 438 612 4
3
13514 158,
8 135,
512 212 5
8 15632 155 17534 7334 154
934 613 9
6414 87
687 9412 Amer Power & Light
• 77 8834 8712 9912 9914 11914 10758 11938 39 113
9938 10012 9812 10012 99 104
7234 10931
9214 10212 95 1004 9912 1013
4
Preferred
* 100 10168 10014 10212 10214 107 10318 10538 10312 10514 99 1064
7312 751 71
73 7414 73 75
7112 75
7468 7214 77
Preferred 65 pref ser A
• 75 7834 79 8212 81
85
83 85
SO
78 8112 7914 83 7812 8112 7612 84
8412 78 8414
728 82
824 Preferred A. stamped
• 80 8338 8318 86
8518 884 87 8834 86 8712 817 8712
4512 5412 45 498 4668 5538 28 4812 28 377 7812
1
2812
36 Am Rad & Stand Sanitary
_
• 3018 3434 3334 38
__
_ 135 139 135 135 125 130
3738 3312 3934 31
344
348 2338 328
125 130
Preferred
100 12614 133 134 135 132 138 140 141 14312 144
iorg -4834 51 1278 3434 438 15 4184 1212 248
8 Amer Republics
• 2012 2518 22
2718 2334 37
11212 13458 12118 129% 12612 144% 72 143 60 9878 20 277
2834 3578 2012 2938 151 -27
5
75 94 American Rolling Mill
25 8038 9134 8718 10072 907a 96
8138 97
6712 81
5118 7038
38 3
%I 114
38 11t
12 1
Rights
34 2
1
6234 8612 6418 8912 6414 6968 5114 70
12 112
138
1-64 % 1-64 1-11
44 5712 5614 6134 Amer Safety Razor
* 59 6238 6112 64
6112 6414 61 6738 64 6714 5212 6538
3212 3512 32 35
30 32% 27% 367o 2112 27
17 22 Amer Seating
* 178 23
2014 2612 20 2414 1912 2234 16
1812 10 ' 16
318 4
3
333 24 3%
% 258 114 2
1
112 Amer Ship & Commerce
• 114 238 118 238 112 214
134 212 17g 338 114 2
87 102% 9914 11218 91 107
70 97 70 85 8212 8912
100 83 86
Amer Shipbuilding
86 98
90 9712 89 91
8212 89
New46
i(71,-112 11214 11014 12412 111 13014 80 11614 -----6712 79
7 5112 4912 -5411
38 Amer Smelting 8t Refin
* 698 76% 7014 7812 7018 -77-14 6818 -7912 6514 73
133%135 132 13514 13458 13534 134 13712 12312 136 134
53 7334
135
Preferred
100 135 133 1334 13714 134 140 13934 141 13312 14014 13618 40
46% 49
431 4634 4312 4812 38 45
38 447g 40 451 American Snuff
437
25
4218 4378 4233 43 8 4112
4114 4233 41 42
38 4213
10112 106 102 10712 1034 110 10012 103 98 1
0033 10012 1034 Preferred
100 10018 102 102 10438 103 10738 1054 10734 101 103 10412 10413
*
1578 1618 15 224 14
19
1178 1638 634 12
Preferred
*
2534 2612 2534 3314 27
28%
6212 684 6218 68
-- -3038 2434 3038 21
3538 5938 ----4214 16
* 4412 50% 4718 5114 4578 5214 45 4938 4014 4512 351 4474
timer Steel Foundries
11013112 $ 11012 11234 110 11212 110 11278 110
11114 11012 113
100 11012 11214 11234 116 112 11512 112 11338113 1141
Preferred
6518 73 65 6034 66 70
:11034 114
40 6734 40 52
421
4912
American
stores
• 4612 4812 46% 4914 464 53
7612 8638 76% 8334 7634 848 66 78
4934 5512 46% 51
4212 4913
56 68
58'8 6312 Amer Sugar Refining
100 6018 65
6112 6978 6218 6778 60 6234 47 63
61 67
10512 10818 10712 10812 10614 10812 10012 10618 99 1041
Preferred
100 104 107 10534 10714 10434 108 10712 110 108 10912 10314 10914
3638 438 3718 4318 3818 478 2612 4114 18 34 4 10212 105
18 2638 Amer Sumatra Tob
* 1912 2312 213 2634 1512 24
2418 2712 2468 27
2318 2414 2184 24
1338 177 124 17
924 1433
2112 2513 2514 27 Amer
Telegraph & Cable...AO° 264 27
25 2712 23 2714 24 27
228 273 266 30312 280 31014 204 30512 19714
2378 25
2134
16
24814 20984 235 Amer Telephone & Telegr__100 216 22614 22418 24138 23512 266 246
27414 22412 25134 20018 2321:
Rights
175 jars
2034 2268 1968 2112 16
i61- iHIC4 2661-4
21%
iioT4
ill'
iloiiiiii2
50
197
Tobacco
22412
American
23912
22118
223 24334 231 248 232 26414 210 262
170 18478 176 205 17.0 20334 160 235 1701
2207% 19014 21512 Class "B"
50 197 22578 221 241 22514 24614 233 252 23614 2694 21512 2681.
115 11614 115 11614 115 117 115 118 11468
11834 119 12034 Preferred
100 12012 12012 120 12212 12178 12418 12212 12334 12238 12412 12012 12431
143 160 145 16912 163 181 135 173 115 14514
126
136
100 125 129 13014 135 13512 14112 134 14134 12714 13434 113 130
Amer Type Founders
10712 110 10812 112 109 11112 10734 110 103
108 10514 110
Preferred
100 108 111 106 11014 11014 11378 11214 11438 11214 11312 11214 114
125 146 13138 17312 167 199
65 18814 50 97
7112
108
Water Works & El
* 8312 9734 9218 111 10112 116 112 11478 9512 117
7818 11SI:
99 100,8 0934 1007 100 10112 100 104
99 102 100 10312 Am preferred
• 9912 10212 10012 103 10212 1043E 10412 10613 10478 10514 10312 10511
1st
1638 1878 15 2012 1568 1738 57 163
8
1078
100 712 1133 1014 2014 1318 1733 1312 16
3934 443 3618 447 36 3912 205s 364 1512 2712 614 912 Amer Woolen
122 1513 1118 14
1714 2334 Preferred
100 1934 3412 2714 447 3434 4234 3514 4112 35 3914 2954 381;
1114 1618 12
1578 1338 16
018 138 4
9
5
814 Amer Writing Paper, v t c_-_-* 5
712 6
7
534 634 6
81: 6
41. 4434 39 4434 4134 4512 34 43 28 38
9
6
9
31 34
Preferred v t c
* 2912 4312 40 4434 39 44
39 4438 38 405, 35 40
2218 2814 2334 30% 1912 275
818 228 7
1378 738 1178 Am Zinc, Lead & Smelting_25 812 17
1412 177 1238 1514 11
11333 8 1114
9112 96
612 12
92 10738 9712 107% 79% 973 4934 7018 5
211
,
625
25
797
Preferred
56
8
74
73
66
78
69
1211
731: 621 70
50 65%
10978
: 114 129 11514 13334 7512 11914 70 983 6714 8438
50 6933 7914 7112 8038 694 7914 58 811; 5218 6334 4412 611;
Anaconda Copper
6612 72
67 81
7812 8934 64 80
5512 6478 46 548 Anaconda
* 40 43
Wire & Cable
4412 5314 4512 50
3914 4834 3458 404 2612 351;
44 53
50 5734 5418 765, 25 80
30 4978 3278 45
4012 4974 46 5154
• 35 4673 4018 45
Anchor Cap
4238 507, 3478 49
10212 108 105 112 11312 150 105 15412 96 106
9939110
* 105 111 ____
Preferred_
__ 105 1111, 11118 115% 11014 1141;
4812 543n 5112 577k 515 6014 30 53% 3018
1131:
3114 374 Andes Copper Mining Co- * 3114 3634 30% -37% 304 3573 2618 3714 2134 2934 110
29 321, 3012 3734 3334 347 2234 4568 1812 4312
18 273,
31
234
2834 Archer Daniels Midland
• 2434 273e 238 27
2212 2611 2314 2914 2212 2434 194 246,
10314 111 105 107 103 10514 10234 105 103 105
103 105
Preferred
100 105 105 --------1031 2 104 110 110 105 10934 105 105
85 87
84% 891: 8312 9114 75 85
7912 817 Armour (Del) preferred
100 79 813n 7612 79k. 7414 78
75 771, 76
1012 1374 1014 13
7512 77
1034 13
518 1078 51
827
77
2
11 5% 712 Armour of Illinois Cl"A"----25 014 611
558 634 512 8,, 614 73,
534 V. 512 6%
512 73, 439 6
534 634 312 618 234
414 272 41
25 2% 3;4
3
31, 278 43, 314 4
Class "B"
72 743, 7014 7434 7012 79
3
411
254 37
60 72
57 68
5814
67
Preferred
100 60% 64
60 6134 5712 606 5814 597, 55 63
19 213. 20 2734 2434 2834 1034 2534 73
59 65
1412 614 1014 Arnold Constable Corp
* 612 87s 638 81: 734 121.
21
243 20 21
9
133
858 101, 6 912
195 23
20 241: 1658 20
1812 23% Artioom Corp
171 20
*
1734 20
94% 941, 9414 9414 --------9214 9214 9014
1712 201; 1312 171: 10
14
92
95
95
100 90 95
98 100
28 291, 2818 291: 2712 29
98 98
98 98
9014 931,
98 98
25 2734 2014 2512 2334 2734 Preferred
2712 2833 2734 233; 27 271. 2534 27
10 2434 28
5118 571, 4812 53
35 4914 34
2412 267
7 3414 371 Art Metal Construction
4633 52
2 Assoc Apparel Industries ___* 3618 42
4512 553. 4614 501; 4818 5334 28 5238 25 39
40
4353
4018 461, 3618 423 335 411; 3112 377,
3934 26% 3654
* 28 347 301 393: 367 47
8814 907* 9072 94
Associated Dry Goods
4334 501: 394 471; 3034 443
91 93
90 93
87 90
05 9614 9412 9712 95 9512 90 90 85 86
100 90 9012 85 90
1st preferred
8512 931L 9312 9538 9218 93 89 92
----1
8018
85
8
44 45
100 85 8612 8634 8812 8814 98
2nd preferred
44 4518 4478 4514 4334 45
9814 10012 9778 9818 9212 93
40
40
3412
3912 Associated Oil
5614 65
25 3312 373* 3212 3534 33 ' 44
5968 688 6234 84% 67 8612 6314 77
44 5014 45 50
51
51
8 8314 Atlantic Gulf & W I SS Lines_* 7214 8038 6612 7934 6512 7114 63
5318 5878 53% 59
5418 6278 5414 6234 548 5712 675
69% 597 631, 4958 621,
54
1
7
18 62 4 Preferred
6312 77 6214 7112 584 6678 30 6038 3514
100 59 6234 61
6514 6234 647 6234 6333 60 638 50 601,
47
3614 4312 Atlantic
100 10712 96 11738 10712 140
3
25
3614
3912
4912
Refining
427
42
8
373
38
4
701
5138
33 4512 301 44
80 13738
8 9934 7634
9812 10278 100 102 1014106
Powder
* 8112 00
83% 94
8712 106
99 1042 90 9933 97 9678 Atlas
84 10318 78 9118 62 82
Prefd1
100
100 101 1048 102 104 102 10412 104 106 102 106 10212 1051,
Atlas
8 1414 16
1338 1414 10
3
•
3114 36
Stores15
3314 35
1314 5
33 37
2512 351:
6
8 Atlas Tack Corp
32514 424 383 500 401 514 120 440 13014 10
• 614 634 7
7
6% 812 614 8' 6
6
215 150
5
61,
512 614 5% 1134 814 112
• 17512235 214 238 217 26112 225 26334 150 232
314 834 3,2 514 4 225 Auburn Automobile
91 171
5 Austin, Nichols & Co
* 334 64 4
438 314 3 8 ---_- -,.
5
4
4
5
34
361 34 Ws -56T2 Iii2 -51 Iciii "ii- 16
New
•
6
6
6
7
4
-6
- -iii" --30
Preferred
100 24
3012 2712 311 32 35
3114 3512 3114 35 ____
•
5112 5414 53 5418 53 55
*
'
52 5V2 4912 5412 5312 If
27
30
2512
Id
Au.
29% 32
Austrian
A
2838 3512 2834 3138 23 30
Credit
1
t
56
nsta
60
5614
5614
56
8612
5614
062
22
5614 5612 5238 53
2412 4
3914 4138 39 458 40 44
113
4
*
Auto
412
Sales
8
434 9
6% 1038 618 8333 518 7
3612 40
32 3914 13 29
4
5i,
4214 44
394 42
Preferred Corp
50 15 21
15 22
3834 40
1612 25
37 435 34 48
16
2112 1914 20
397 AutoStrop Saf Bogor A
1634 20
• 37 4414 42
l24 171
4412 538 50 589 53 577 49 If
6 1278 538 878 3418
413 712 Aviation Corp• 434 634 51 46
- 6112 6638 57 6312 15 59
81
678 818 712 972 612 9
20 3078 2714 331
48 73
11638 122 11538 121. 117 12038 115 11934
* 3012 3468 32
38
33% 3639 27 3612 2458 30
117 110 116782 Baldwin Locomotive
1939 277
104 109 10412 108 104 109 104 10778 10912
Preferred
100 111 116 114 116 112 115 112 116 109 11378 10412
931 106 105 1
113
091
25 3138 26 3034 2712 30
2
e L. & Co pret_100 107 10912 10734 11012 108 110 109 11014 108 109 10712 109
23 2758 18 2312 16
20 Bambg
8538 9312 9212 941s 9239 9412 89 93
Barker Brosros
• 1618 20
1714 1912 18
()
2034 18
19
1612 1712 14
70 75
17
70 75
--------7312
Preferred
100
77
74 91
87 90
82 83
72 747
8% 1014 718 11
7
8
312 7
32 5
212 4 Barnet Leather
---- ---- --- ---_ 45 45
1
*
27
8
254
4%
4
3
2
654
40
6
40 --74 4
44 234 3
_ - 45
3612 4238 3318 41% 33% 39%
Preferred
100 •
20 3512 2178 -2-712 22,4 45
98 107 96 101
28,2 Barnsdall Corp, class A
25 2168 241 2012 2334 2118 '
90 96
74
75 854 55 70 60 6612
2678 -311-2 -5
.4- -3-038 -5i- "iii
B
9812 101
99 10012 9858 100
yuk
*
Cigars
65
633
Inc
67
4
68
63
65 . 61
95 9934 95 97
6512 591 60
4912 59
05 101
2718 32% 27 3214 2714 31
aist preferred nc
100 97% 9912 9712 9934 97 99
17
98
30
9934
97
98 993
98
15
223
8
9
12% 177 Beacon
6
96
9
9314 114 5
•
14
011
1512 1334 1638 16 2058 1712 1912 ------109 12734 75 131 .
163* 13
7312 9312
87 Beatrice Creamery
105 105 105 10612 105 105 105 10512 10412
7014
77
79
50 6712
75 83
81
7518 89
92
73 83
10412 100 100,2
82 88,4 8234 80
Preferred
100 103 1048 10234 103 10114 104 104 10514 10512 106 10434 107
83 9414 67 85
45
1134 9
334
11
538 493
47
438 63
5 65%
513 58
812 62%
5 66%
6
1113 94 1112 6133 1012 514 7838 57,2 G5 Beech-Nut Packing
3,8 66
038
18 64
438
12 76
20
. 60
61%
8 571
712 41-2 714 Belding
824 83 82 8312 80
Hemingway
84% 7812 80
75
8814 1008 8658 9834 704 9538 2818 7412 25 7834 778 8112 Belgian Nat Rys partic pref- 80 83% 824 8334 82 8512 83% 8412 8312 85
793
841,
417 3018 3958
8914 9614 8912 10034 99%12312
3912
38 463 43% 528 40% 5738 35 4478 2768 431,
Bendir Aviation
;
3278
b3214 60% 25
2818 3878 est & Co
111 12438 11815 14034 114 14032 80 120% 7814 43
• 3118 353 34112 40
371 465 4412 5614 44% 56
3714 541
97% 8612 1004 Bethlehem
117%123 120 12334 121 128 122
9738
1023
8
1035 98 10812 9818 11014 9154 100 758 057
92
Steel
Corp
100
12618 118 12412 12134 125
7% preferred
100 13214 127 12534 12714 12612 134 129 13134 12918 1324 125 1321,
Blaw-Knox
48 528 46 50% 46% 5778 2812 52 25 35
Co
*__
38 4112 341 394 31
397
253-4 -i1-78 Bloomingdale Bros
2412 26
* 23 29
- __ ____ ____ ____ ___ 28 28
204 247-8 24 29% 2312 2334 1713 223
23 30
Ctfs24 26
jai 166 - 102 1054 107 107
10014 188 100 103 100 103
Preferred
100 --------101 163 ioo 163 ioo 162
99 100
99 100
*No par value.
Fie--
ioi- 2-321-2
[VOL. 131.
FINANCIAL CHRONICLE
404
New York Stock Exchange—Continued.
1930.
1929.
Odober I November I December
August September
July
Low High Low High Low High Low Illgh'Loto IllghlLow 111511
STOCKS
$ per share 3 per share $ per share S per shar $ per share 3 per share
7018 80 Blumenthal & Co pref
85 917 80 85
95 102
9212 99
95 98
4712 114
4012 64 Bohn Aluminum ac Brass
37 65
118 133 114 127 11038 128
7434 Bon And, class A
7014
85
70
83
80
75
71
8112 8478 80 83
43 Booth Fisheries
312 534 338 514 3
614 78 658 73
512 65
18 2518 1st preferred
21
21
48 52 44 47 --------35 39
Borden Co
723
3
4
643
74
56
9114
53
8712 95
9158 10012 9118 97
445 31
3814 Borg-Warner Corn
10712 129 07712 122% 6514 85% 2914 6712 26
Cons Mills A
Botany
5
212
6
5
8
6
813
6
912
8
8
97
812
36 4312 3534 3978 3518 3958 25 3818 20 3134 1738 2412 Briggs & Stratton
138 212 112 23 British Empire Steel
3
318 412 314 418 278 312 2
1st preferred
33 --------23 2934
31
_. 33 33
518 2nd preferred
612 378 578 4
10
658 914 4
--618 2178 16 24 Brockway Motor Truck
4014 5278 3912 4412 3312 4414 19 3478 14
Preferred
7114 77
- ---- ---- 79 8712 75 85
106 110
January February
June
March I Aprti
May
Low High Low High Low Ilt&Low High Low High Low High
Par $ per share $ per share $ per share 3 per share $ per share 3 per share
74 85 81
79
100 78
85 86 90 80 86
74
7414
• 47% 5438 51
603 5034 69
563 51
48 5778 2814 5334
• 703 72
71
7112 70 73
72 78
70 71
74 75
35
• 338 414 334 478 334 5
37
438 318
4
2
100 283 3314 2718 2912 22 3112 2514 2712 20 2514 18 20
25 6018 67
63 7012 66 765 74 843 75 9038 7012 908
10 3278 4124 3812 4312 42 .5012 38 50
23% 38
3312 42
50 3
4% 3
4
5
4
312 5
314 312 3
312
* 2114 27
2534 2912 2612 3214 30 3512 29 3112 21
28
21
100 I%
4
2
23
2
134 178 134 2
18 218
100 2212 2412 2434 2434 25 29
2814 41
3412 4034 3214 3514
412 478 418 438 438 814 478 63
43
100 412 45
5
• 13
1614 1438 16
1438 2014 1758 217 1634 2218 1212 20
70 70
100 68 75
70 7712 74 85
82 83
78 83
100
• 131 14778 14112 17638 16212 17814 15912 17438 13914 16373 115 15913
121 15534 Brooklyn Union Gas
40 42
40 4123 40 4112 3712 4013
* 40 4118 4038 42
4018 44 Brown Shoe Inc
100 11312 11512 11512 11512 118 119 118 11814 11734 119 11712 117%
Preferred
__
____
17
/312 2078 1734 2278 1738 2418 1334 23
1712
1514
1412
•
ririggs
Manufacturing
1858
1218 _17 25 Brunswick-Balke-Collender—• 1318 2038 1314 2434 1812 3038 19 2933 Ma 2122 14 2034
* 15 2378 1412 21
1538 223 2018 335 13 2814 11
21
934 22 ilrunswick Term & Ry sec
* 2218 243 241 2714 2733 317 26 31
24 2778 1918 2618
2018 2478 ducyrus-Erie Co
4278 39 4114 3318 40
41
10 3318 3734 3534 3858 3818 43
Preferred
10734 111
100 107%112 110 11134 110 112 111 115 114 115 11312 11312
3358 3812 Convertible preferred
813 1112 Budd (E G) hug
738 1178
• 032 1212 1012 1278 1073 1478 1218 1638 97 13
6612 68
100
67 67
Preferred
1-44 -812 -1-4 Wheel
* 812 1278 1238 145 1/38 1438 12 1432 10
Budd
- 734 12-12
- - -• 2978 4012 38 5138 46 70
5614 74
36 60
2712 33%
8 -55- 531 25 9-9- 28 3312 tfullard Co
8 -45- -5-67-46i4 -5-438 -ii- -4-i535 43
3158 37
* 2618 308 2814 3478 31 43
27 3214
2518 34 Buiova Watch
---_ ---- --- -___ ____ -_-_ 30% 3238 2114 32
• 9912 105% 10018 10612 102 10938 10412 11018 99 1057s 90 100
88 9618 9412 103 Burns Bros
9614 1068 94 9538 95 99 9618 105
96 9812 8914 9834
100 95 9912 93 100
9978 9938 9612 99
90 98 88 9612 95 9812 Preferred
9514 99
97 100
97 100
17 25
• 25 26
2212 26
1524 23
Class B
2418 2934 22 35
2618 30
2712 2938 2812 3312 25 3218 23 26
2718 32
• 4314 5078 458 5038 4712 5178 401 4938 37 4438 2914 4214
7014 943 29 968 38 6212 4014 5417 Burroughs Adding Mach
31.014 32438 86214 319
:
431
2923
394
4012
36
4312
•
41%
42
4614
4514
Co
4434
Terminal
Bush
39
44
33
44
33
62
4
3114
6012
533
6612
5412
62
4
543
99 106
100 10014 108 10212 10778 10518 110 105 108 104 103
10214 10534 10334 106 102 1087 91 10412 9118 103 10014 10414 7%1Debenture
113 11534 110 115 108 11512 10712 11/ 10534 112 10812 11212 Bush Terminal Ilidgs pref-100 110 114 109,8 116 11214 117 115 118 114 117 113 115
5 3
4
278 314 218 3
338 314 414 312 418 3
418 234 414 234 414 Butte Copper & Zinc
378 434 378 434 2
4 12 5
1314 23
• 1612 21
2014 2932 25% 2812 23 2858 19 25
918 3212 2912 4012 3312 3912 2712 3612 --------1713 24 Butterick
223 3
4
3
214 278
333 5
634 438 612 Butte & Superior Mining_ _10 412 514 434 5
738 5
88 5
84 73
8
6% 97
• 84 958 80% 9038 84 110 100 11238 70 10678 0618 10138
67 10438 Byers Se Co
13134 14834 12014 14938 13418 16678 60 17578 50 89
100 109 114 109 112 11014 11012 11014 111 111 112 11012 11214
Preferred
110 111 110 111 117 118 109 112 109 110 109 110
20058 22612 216 24812 22614 247 100 22712 09 138
48 5112 36 5112 4018 45
4358 49 47 48
11734 11734 11112 117 116 11834 114 121 11334 114
315 3938 32 3712 25 373 1018 2612 812 1578
1614 3034
3512 4134 3612 4238 3612 4312 2212 41
713 12
18
412 18
19 26
2433 1412 20
2358
3112 17
2912 3518 2712 317 30 3814 14
11112 11358 11134 112 11112 11214 1111211378 1091211214
7
3912 4412 2612 4058 2714 3578
4012 4634 3318 41
9 2278 958 15
2014 343
6512 731:
28 23
118 I%
7312 105
26 40
20 29
50 69
2818 3612
17 42
20 3734
____ ____
• 2514 2614 - 2934 By-Products Coke Corp
---- "65- -6-63-4
• 6658 70 6 -7-7- i5T8 -ill: iii4 -i " -'6E8 "7-2
70 Calif Packing Corp
_ 28 28
28 28
23 28 28
28 28
28 28 __-28 Calif Petroleum
114
10 I
158 113 114
_-134 114 2%
114 118
1
114 Callahan Zinc-Lead
14
6414 8314 5038 6834 4833 0413
20 8134 8938 747 8814 7712 86
9438 Calumet & Ariz Mining
1018 2114 13
1912
1814 30
25 29 3338 29 3178 26 30
341 Calumet Sr Heels
2614
24% 2812 20 2612 17
2134 30
25 Campbell W & C Foundry- - -• 19 2378 23 27
* 6334 7112 6914 7334 7112 7533 6134 7518 5712 7012 58 70
71 Canada Dry Ginger Ale
2614 29
3414 28 32
• 27 3178 31
20
3212 31
3478 Cannon Mills
2612
24
13 23
34 Capital Administration el A -• 1838 20
22 2778 2314 28% 25% 2834 21
3918 398 398 40
50 31
37
37
3334 3412 37
3712 42
3438 Preferred A
---- Case (.8 I) Threshing Mach_ 100 19214 24978 21614 24634 236 29434 26014 36234 278 35212 15612 28814
100 115 120 120 122 122%132 126 128 128 130 12714 1301
Preferred
:
: 5528 75
7934 6918 781
• 54 6314 6234 6852 6712 7838 74
-------------------------------5014
- -(if Caterpillar Tractor Co
: 8
9
7
5
• 812 1378 934 107
912 1114 914 101
614 9 Cavanagh-Dobbs
12 8% 12
1834 2212 18
2078 13
22 -2-3
59 65
70 7334 05 70
100 62 75
74 7412 70 75
58 6412 Preferred
9014 9/12 88 8912 82 86% 73% 8112 60 66
5372 20 4512 1014 3538
3412 40 Celotex
41
• 3512 5512 4312 3714 5038 60
5614 3214 413
533 5934 55 65
31
5334 61
100 71
Preferred
70
83
75 84
79 8434 7518 84% 60 80 60
8414 89 80 3.5 --------72 72
: 88 86
8512 861
2812 2312 2613
2434 3012 2618 30% 26
24 2934 23 27 Central Aguirre Associates— • 25 2714 2312 25
21 38
3314 3538 3118 35
3112 35
• 3034 3434 3138 3458 3158 3433 3212 35
35 5934 2618 4234 3012 3732 Central Alloy Steel
4614 55% 47% 5614 5034 59
Certificates
343 33 35
. 3158 345 31
- ---- ---- ---- ---- --- _-_- ___ ---_ _--_ ____
_
• 108 110 10514102)31 108 109% 10912 11058 ---- --- - - --- --- _
Preferred
56223.11 10912 11112 107341II 108 11212 108 110 10712 111
Preferred certificates
____ _
_--- _ __ ____
_ 08 10928 11014 11038 ---- - - __-- - -_
712 4
-9.12 334 -6
5 Century Ribbon Mills
•
414 814 5
334 -5
-5
812 3
4
-1;
3
i
7
10 -1-112 8 TO.
55 6712
100 5338 60
Preferred
5014 60
55 6014 5212 6212 60 60
59
51
6914 70 6612 6612 6234 6234 59 624 57 60
3178 3738 3118 3438 3218 4112
75 8278 75 848 7814 84
2718 3412 2978 31
26 27
112 134 138 238
112 2
123 131% 12634 13634 123%135
3918 4378 4118 473 4118 4734
4312 484 43 4912 4012 4714
871 9834 853g 94'4 8514 913
3514 3734 35 48% 41 4834
___ ____ ____ ____ ____ ____
.___ --- ---- ---- ---_ ___
____ ____ ____ ____
20 4718
6312 8078
2938 31
2
1
97 125
28 4314
22 4014
45 91
30 44
31 6518
34 3978
___ ____
2238
66
28
1
7914
2712
19
6018
27
1812
30
_--
521 6438 5114 5912 4318 5514
• 5918 6532 60 6412 5734 64
5812 6812 Cerro de Pasco Copper
97
• 11
1378 1314 1578 1218 1438 9% 1312 812 1114 5
108 167 Certain-teed Products
20
100 _
4512 5218 7% Preferred
26
____ ____ 38 4518 25 4314 30 30
4018 488 2012 46
40 61
. 36 4434
32 4718 Checker Cab Mfg
4618 64
-- 419 50
5112 68
8212 70 8212 64 72
71
58 6818 Chesapeake Corp
• 631 6912 66 76
2312 358 1712 2558 1114 2138
• 2212 3212 2734 3278 2834 37
22 2812 Chic Pneumatic Tool
• 511 538 5312 5412 54 558 504 5512 484 5134 44 5172
Preferred
5138 55
28 30 '2634 2912 25 2738
• 27 2834 2634 2812 2612 32
25 2834 Chicago Yellow Cab
20 217
10 25 28
25 2834 Chickasha Cotton Oil
261 2814 2434 2878 25 3212 213 27
6712 60 6538 53 684 50 6738
54 6112 Childs Co
* 5712 6212 6038 6738 61
5518 5538 — --25 ---- ---- 65 65 --------51 62
60 65 Chile Copper
•
---_ 125 125 Christie-Brown
_ 12512 1261:
—" ----"-4
• 3314 -3-87-8 364 413 37% -41
3512 13 3012 -3-i7-8 24
32 3838 Chrysler Corp
35326 38
:
--- ---.18 --7978 -65
- 1 16'
8 -;5T
6718
.1 8 -ii;
'3 -7-61-2 -;ii
4112 47
4112 45
Fuel
&
3812 44
Ice
'. 40% 4612 44 49
4438 47
City
48
3912
7
7
49%
39
56%
40
55
60
56
81
51
592
951
9712
9614
97
100
98
89 9478
96 98
96 0334 96
96 99
9612 98% 9634 9912 Preferred
9812 99
00 103 100 100
_
100.
.
---- -- __ 165 165 165 163
_
__ 220 220 185 200 --------165 175 14712 14712 City Investing
_
814 1314 578 1224
• 838 1014
812 97
16
738 10
3813 1114 1812 2038 15 2114 714 1778 8 5178 91 1312 City Stores
3934 40
3934 42 _
Class A
• 38 39
4018 42
3718 37% 40 40
38 41
48 4834 463 47 --------38 45
3612 441: 38 40
• 33 34
3812 36 33
34
3014 -37-1-2
-- ---- ---- _--- ---_ 56 6178 25 3712 33 41 Clark Equipment
43 4812 30 43
* 32 41
30 3814 3734 4312 4512 60
41 4518 383 4812 3518 4072 3411 38 Cluett Peabody & Co
4218 5934 4434 56
99 105 100 103
100 9114 9414 95% 100
99%100
Preferred
9012 99
9538 993
0312 107 100 107 100 105 07 10014 9314 100
7
• 13314 145 14338 1527 149 1867s 17512 18778 16518 18712 1641 1913
3012 14938 143 15412 140 15338 12214 149 101 137 12234 133 Coca Cola
5012 5118 51
• 4812 50
4958 53
52
50
4912 50
52
463 47
4612 4778 4434 48
4612 47
45 4918 4814 5038 Class A
____ ____ ____ ____ ____ ____ ___ ____ .4-- ---- Colgate-Palmolive-Peet---- • ____ ____ ____ ____ 60 6338 591 6312 59 647 50 6212
---------------34 98,8 9812 100
97
100
100
97
9914 10012
-.
Preferred
--- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -• 1458 2612
1234 1814 Collins & Aikman
4 334 28 327 2712 3414 1914 297 1718 2918
50 35 4412 16 397 10 2()
46 5714 41
100 73 84
Preferred
87 92
85 9014
8314 841 8514 851: 84 86
63 75
9312 90 93 88 9318 80 9014 78 80
91
• ------------------------19 2038 16
131: 12% 1718
.--- ---- ___. -__- .--- ---- ---- ---- ___- ___- ----- Colonial Beacon 011
100 3612 -734 ,1 8 34 5378 691 637 77
5058 64
4012 691/
6112 7278 64 7112 59 6814 3514 6473 2734 4312 3112 3978 Colorado Fuel & Iron
100
Preferred
33 133 133 133 133 137,4 126 127 132 134 126 120
• ----------------------------------------1217,3
4 104 -- _72
9378
-- --__ ____ _
- ____ --__ __-- Columbia Gas & Electric
- - ---- ---- ____ ____ ____ ____
8018 -8-7 69 867 5838 8438
•
6214 8314 New
5214 13414 52 84
i2T2 94-38 8738 997 91 140
100 10414 107 1041.4 1957Preferred
8 105 10934 108 110 10812 110 10434 110
9912 10514 10458 107
05% 109 10512 107 10678 109 100 109
100 91
9718 98
Preferred 13
9312 _ _
_ 95 98
98 9812 9678 OS
70 91
9178 9612 Ws 93
53 9078 89 9014 89 95
7133 8038 8738 90';
Receipts part paid
__ ---- -------88 130 60 12514 4214 7013 6314 78
71l 761, 87 89
5814 7658 Receipts full paid
-- ---- -----------------------50 72
7Q3. 762.7
Rec 2d paid
2438 3134 2
8 6i4 If- ii if% -2338 at - F658 Ii5-8
.i -3-11
134 38-34 Columbia Graphophone
73-12 0 8938 ii38 77-234 1:i34 1833 16T8 719
92%10014 942310014 9218 10412
27 3112 2634 2958
23 32
75 75
70 70,4 73 73
-- 7034 8034
- ---.--7714 90
79 iii 79 18
3458 4438 4214 47 42 4712
5418 61
5112 5638 5314 36
2818 3232 29 3212 28 24
35 37
36 3812 36 37
6918 7438 6712 7078 6758 7578
100 100 100 100
6812
12
50
18
46
2172
4918
217
29
30
55
0314
271
74
7212
8312
453
5978
30
36
7538
95
5214
1112
46
297
4218
22
47
24
271s
4414
53
8178
18
60
48
647
31
5238
28
3078
62
75
us
(12122
-
•16818 19434 17614 1953.1 172 199 16014 19034 12812 165 108 16238
83 207 1821222812 200 299 119 344 105 168 145 20312 Columbian Carbon
2
278 1
1,
134 314
34 1038 114 314 212 434 Rights
--- ---- ---- ---- ---- ---4 - His -1-g 1
1134 1534 Commonwealth & Southern_* 1234 1534 1534 1814 16)4 19% 1778 1014 1838 18
--------------10 2434 1014 16
10112
10033 10338 10214 104% 10014 10434
.
99
100
99
_
Preferred
• 123 141 145 18412 133 15834
•--20 2-3-9-32 HO 2-3-8- i21029-2- 1.00 2-15- HO fii 105 11-5-14 Commonwealth Power
* 2338 3012 2938 3734 3412 40
311 -4-0-3-4 kis -34-14- -2
.312 3238
4518 53 4414 4912 4612 5378 24)4 4912 18 3478 2058 27 Commercial Credit
50 3178 393 38 4314 40 44
40 4438 3712 42
Class A
5112 4634 5138 33 49
50—
50
33 40
28 3812 30 37
25 2214 24
2378 2434 2412 2514 24
23 25
2514 23 24
241 2614 24 25
23 26
20 2312 22 233 Preferred 7%
243.4 -26
25 22 24
28 28
24 26
23 25
25 2512 24 26
2514 2778 26 28
2212 2612 2038 2412 2118 23,4 Preferred Il
2514 27
25 7614 81
88 95 92 95
8812 92 83 01
82 90
1st preferred
70 9434 7434 84
9218 95
9212 96
76 79
0212 101
8812 90
88
00 94
7712
8312
es-ware
Preferred
87
80
8338 87
90
1s1
7714
73
88
8618
80
89
831
65
8638
86
92
89
45 5112 3818 4514 2318 4212
• 3618 4738 4532 514 4778 55
31% 79
2818 4934 3718 45 Con)Investment Trust
100 99 10012 100 10034 104 108 108 108 115 115 103 105
4 98 103
96 98% 00 10031 Preferred
04 1-04 - --, --- 10214 1-04-3100 89 91
92 93 92 100 100 100
06 9617 988 9934
91 9434 90 94
87 9918 89 9118 634% preferred
9212 -95
92 95
12 87 80 83
104
1238 1,-114 -2-1100 11
19% 2314 16
Warrants
2012 11
4
17
15
5912 6912 30 5712 10
12% 9
45 58,2 4412 68
• 2714 3138 2834 3234 3118 374 3138 38
2512 33% 2014 3012
-- 20% 63
204 3678 258 353 Commercial Solvents B
---- -- --- ---1 $812 4714
• 43 4934 4534 4734 44 37
50 56
45 48.
60 -6-5
56 6014 35 48
63 59
398 48 Conde Nast Publications
6734 78
• 1312 1738 16
183.4 1832 194 1652 1834 1328 17
17 Congoleum-Nairn
1018 147
255 1134 167 13
22 2738 2112 2511 2238 288 11
• 45 51
52 5678 4014 52
35 4418 31
5014 55
40
50 69
43 5518 4414 6812 Congress Cigar
8912 7514 68 7214 68 71%
32
12
52
12
33
12
Id
36
%
•
12 1
12
12
73
12
12
34
% Conley Tin Foil
58
'11
38
14
58
14
_
----------------7138 7138 - _ _ .
65 65 ----------------638 6514 637 6378 6314 6314 Connecticut Ry & Lighting 100
11
•
45
5
593
ii
Cigar
E528
.78
:1558 -4-i- -56- -ii14
4212 5534 Consolidated
6012 7612 6418 7478 62 69 40 6214 40 52
106 7658 7834 8338 847 8018 8314 82 84
Preferred
8312 9378 8313 88
83 911 8114 90 85 90 8138 8712 70 8114 7612 SO
747
75 SO
100 67 7312 7214 7412 72 80
73 7638 70
67 7438 Prior preferred (63)
78 84% 70 83 63 75
7758 8914 7513 84
77 77
6012 70 6812 74
74 7438
74 74
*No par ialue.
JULY 19 1930.]
FINANCIAL CHRONICLE
405
New York Stock Exchange—Continued.
1929.
1930.
July
August September
October
November December
STOCKS
January February
March
April
Low High Low High Low High Low High Low High Low
May
Jane
High
Low High Low High Low High Low High Low High Low High
—
$ per share $ per share $ per share $ per share $ per share $ per
share
Par
$
per
share
share
Per
$
$ per share $ per share $ per share $ per
_ 22 2514 2134 2538 10 2378 1018 2034 1412 18 Consol Film
Industry
• 1512 23 204 2178 2038 2738 2338 2714 1933 2412 158 share
25- -2612 2434 26
2434 2638 1518 2512 168 22
24
19 2134 Frei
* 18 25
225s 24
2314 2814 2312 27
1914 2434 1812 24
Rights
3638 Ili 15218 11314 88'2 16138 1/618 1-03 883 167 Consolidat
56T2 152- 17
3
8
84
12
7
8
,.:
.
2
.
.,,2.:-38
4
ed Gas
• 9628 11118 109 12138 117 125 12238 13678 11714 132%
6718 984 9734 9912 978 9928 9314 100
116 13368
9212 9928 9834 10012 Preferred
• 9912 10038 100 101 1004 103 10114 10212 10214 1037 10114
233 3
212 2
,
8 2
278 114 238 1
10312
134
28 14 Consolidated Textile
• 1
2
138 17
114 112 114 j14 118 182
1612 2014 15 22
1414 1678 1414 18
1312 1634 1214 1612 Container Corp class A
78 114
20 12 17
164 2212 1812 218 1638 2038 14 177 112
812 818 638 7% 7
918 412 914 34 812 4
8 157
528
Class B
• 414 6
512 812 668 812 612 848 668 612 364 6 8
7934 90
7718 8614 73 8528 2514 74
32 4624 37 4934 Continental Baking class A—• 39
46
4228 5212 354 4512 2750 3912 2712 34
1218 1514 1112 1312 1034 1418 458 1112 438 712 512 712
1812 32,8
• 528 612 534 7
512 612 464 614 4
95 9734 94 9714 8314 06'2 7912 9034 87 9312 Class 11
9412 100
518 33e 478
Preferred
100 88 9014 8818 9478 85 9012 7812 8714
6834 6112 56 584 54 6212 45 834 38 46
70 83 664 794
33 41 Continental Bank of N Y___10 37
124%125 12434 12534 123 12434 115 125 12434 12512
4234 ---- ---- ---- ---- ---- ---- ---- ---- ---- -124 127 Continental Can pref
100
12412
12514
_
_
75% 824 7318 917 82 92
_
_ _
_
4012 8838 4312
46 5628 Common
• 804 564 Li,3 -eW5___ ___ _ _ 8____
8 6114 -fit; '67J8 -7143 io -eg ibis "tii- _
_
__ ____ _ _ 2034 64
294 2612 3312 Continental
Fibre • 28 3012 2812 344 2814 324 2918 3738 2338 3218 16% 2478
84 foola sehif56 18106339512 11014
-50
101
- - 4818 7384 56 6738 Continental Diamond
Insurance
*
59 6678 66 7112 60 7753 6712 7812 58 6834 50 6571
1312 1628 13 1712 12 1538 612 13
712 934 818 814 Continental Motors
• 538 678 618 814 634 71: 6
294 358 2812 3734 3138 344 23 3714 18 2933 2112
728 434 6
334 514
2734 Continental 011
• 2118 2378 1912 2314 20 2818 2718 3017 2218 29
---- - - ---- --- — ---1838 2773
- ---- ,- - 2612 4578 Continental Shares
• 2738 33
9714 1-0718 9512 111
3012 3834 3418 3734 3314 4078 2712 33% 20 3314
- 18 10838 11834 90 12634
--- 70 14
-0 - 8638 101 Corn Products Refining_ _ 25 8712 9534
139%14114 13934 143 140 14212 13814 142 137 141
993
8
9214
1023
9138
9812
111%
94
8728 10834
140
Preferred
100 14012 14212 140 14212 142 147 142 14618 144 10838
5718 0712 5138 5914 5028 5734 2018 52 2128 3514 2258 143 8 Coty
14712 14414 14614
317
Inc
• 2414 31
------------------------24 31
28 33
2838 3224 283 3238 2538 2978 1512 273
2512 308 Cream of Wheat
•
2512
2912
30 -36-54
30
27
- 30 31
283
4
27 3012 20 27
353
8
3012 3378 3014 3334 29 333
20 2414 15
18 Crex Carpet
100 9 10
13 2214 1712 2918 1738 23
83 93 8712 9718 90%104
25 92
17 3714 15 293 Crosley Radio Corp
1518 114
15 1514
• 1014 22
1518 197g 16
19'z 174 22
1518 1914 104 1811
44 7112 67 79 8934 738 40 7212 374 5134 4018
Crown
534
Cork
&
Seal
• 43 5378 4718 5212 4812 5914 46 5928 43 4934 38 49
92 9512 9418 9628 9238 95
92 9512 90 96
9218 94 Crown Willamette 1st pref • 94 95
1812 20
1912 2238 2038 2418 17 2312 17
93 95 95 97
9812 9812 93 94
1912 18
92 941:
19 Crown Zellerbsch
• 17
18
10112106% 103
1714 1812 1714 177g 17
,
8 12134 104 12038 7712 10734 71
18
91
1618 13 1513
15
78 9038 Crucible Steel of AmerIca__100 8612
9212 80 9114 84 9338 8014 91
111 113 10912 110 111 114 109 11218 103 10714 106
7514 8378 7012 79
109
Preferred
100 110 11012 10934 11412 11234 117 11412 116 11312 116
1314 1834 1338 164 134 1812 7 1612 5 12
104 115
813 1114 Cuba Co
• 9 1312 1212 16
____ ---- _--- ---- ------- ---- ---- ---- --13
16
15
1724 14
1912 12 191:
____
Cuba Cane Products
•
_
24 4
34 233 114 134
34 112
312 7
514 312 438 24 371
4
54 114
34 114 Cuba Cane Sugar
•
11
34 1
hg
78 118
34 118 1
118 ____ ---- ---- ---.
i 12-38 278 713 ITS -6
1
4 224 4,2 24 I
I% 338 Preferred
100 2
_ _ ____ ____ ____ ___. --._ ___.
---- _ _ _ _
338 214 3,8 2
4
ii4 17-8 ---------------4
34 Preferred certificates
3
4
1234 718 12
134 -1-614 1212 -14-14 12
133 114 138
34 11 ___ - _ _7
94 67
- - -- 814 Cuban American Sugar
-.
10 74 878 8
634 80 69 78
9
7012 73 65 71
678 81
6i8 -i
8i2 -f
60 65
.
5 --13.1
66 8828 Preferred
100 5812 834 6114 6538 5712 64
212 414 31
412 3
4
234 312 1
50 59
49 5014 47 493
3
1
24 Cuban Dominion Sugar
•
14 218 112 134 118 148 1
51 5578 49 5333 4934 5312 3814 50 36 4518 44
114
1
118
12 11
48 Cudahy Packing
50 45 48
45 4638 4434 4713 43 483 4112 45
120 123 119412412 119 123 10712 132 100 11412 108 11514
384 437
• 113 115 114 122 11412 122 11918 125144 12112
11412 11512 114 11614 11434 11712 11212 116 11218 115 11438 11612 Curtis Publishing Co
125
12818
10514
Preferred
• 11478 11512 11534 11834 116 1211g 11718 11838 118 120 11614 121
77 188 78 12
---- ---- 28% 3018 19 29
638 938 Curtiss-Wright Corp
• 612 818 628 1138 1034 1312 1238 1478
---- -- 37 3778 294 378 14 3138 15 2078 1314 20
918 1314 658 97,
Class
A
*
1312
1534
138 1812 1634 198 1612 1934 1213 1728 838 13
120 12012 12012 12012 11814 120 119 121 11814 120 110 111
111 11134 11012 112 110 11012 110 115 110 110 104 110 Cushman's Sons 7% pref _100 111 11113 11134 114 115 120 120 120 120 120 110 110
8% preferred
• 105 109 --------10914110 10934 120 105 111 105 1051
6414 10112 90% 9814 9358 12114 8038 118
68 89
76 89 Cutler-Hammer mg
•
84
68
68 7778 77 9012 78 89
91
9734 9514 10434 102 108
8514 12812 9014 108
7014 79 55 747
99 111 Cuyamel Fruit
• 101 101 ----------------100 100 _
5012 58% 454 5212 4738 5438 2114 5638 25 373 264
_ _
35 Davison Chemical
• 288 344
8 4l
58
3934
433$
iiii, -3112 iiis -ii3
2234 21 234 ----------------14
21
23 23
2078 De Beers Consol Mines
334 3513 3312 35
3038 3728 2712 3318 234 2718 20 2814
Debenham Securities_5 schirgs 23 27
2434 2528 22 2438 28 30
117 12034 11618 120 118 1194 11714 12012 109 12112 114
25 27
2114 251
119 Deere & Co pref
100 117 125 12314 12712 122 125 122 125 12114 127
____ -New
20
28414 335 33814 385 336 378 270 370 151 272 1884
2412 20 -2412
24
217
34
Detroit
Edison
19538
100
218 219 25012 235 24412 238 25534 220 243 212
4438 5178 4512 48% 4428 4814 33 4612 24 3918 31
2331
5 3078 35
3834 Devoe & Reynolds A
3312 424 39 4234 3538 4173 33 4134 22 3818
11314 11512 115 115 112 115 112 114 --------102
100 10634 10714 10634 11012 111 11134 112 11214 112 11412
130 140 12814 140 12814 133 12518 137 117 130 12712 10712 1st preferred
11214 1142
1354
Diamond
Match
100 139 15012 145 170 162 194 180 237 19614 23014 18412 2191
912 1014 928 1114 84 1014 612 9
6
758
• 634 838 74 8
45 5414 4018 494 38 4434 12 3978 17 2578 634 74 Dome Mines Ltd
734 950 8% 878 724 88 8
1812 2714 Dominion Stores
9
• 2014 2418 2078 2412 20 2218 2118 30
10834 11473 10912 11934 11012 12033 71 1178 89 9112 75
58 21
2538 18 241
8512
Drug
Inc
• 76 8012 79 84
7914
8738 80 8512 794 8534 67 841
5
7 ----------------6
6 ---- ---- ------ Duluth-Superlor Traction_100 ---------------30 30 __-2
2
1
2
- ---- --- ---- ,1
1
34 1
- - -,....
- Preferred
100
31. 8
4734 5634 48 -53
218 412 2
-- 4612 -52
25 -554
- -.--30 44-4 31 -3938
2
_- Dunhill International
• 3178 4114 33 3714 32 34
2034 23
3214 4312 2734 3718 1512 351
2014 23
20 2178 134 2038 10 1512 14
17 Duplan Silk
•
15
1634
15
1814
18
92 99 954 9528 __ —_ 94 9834 92 100
1814 1812 1812 18
1812 1412 151
90 100
Preferred
100 9712 10012 97 99
9812 9914 9612 99 9812 10014
99 10212 9918 10212 100 101 100 1021
9812 10012 9712100 100 10033 Duquesne Light 1st pref
100 100 101 10012 101 101 102 10118 10212 102 10312 10112 1031
4
8
412 5
414 58 3
4
212 3
212 4 Durham Hosiery Mills B
*40 4238 40 48 42 45
41 4712 4112 43
___ ____ ___
43 50
Preferred
100 50 50
4412 578 52 5712 50 54
32 3912 19 3212 20 25
4812 49
12 521
19 25 Eastern Rolling Mill
• 2012 2512 2214 2512 2050 2334 18 2453 17 2012 47
18014 20738 191 22738 199 22578 162 26434 150 205
14 19
16614 199% Eastman Kodak
* 17534 19484 18934 2214 21518 2444 231 25514 22024 252 178 247
12518 12814 12514 128 12334 12334 12334 12334 117 12434 1204
126
Preferred
100-12078 125 12212 127 126 12714 12834 12712 12641281
13938 6853 5518 628 55 624 27 564 18 36
4
26 308 Eaton Axle & Spring
• 278 3678 3418 3714 3214 3638 2858 3534 2418 30
194 321 8
113 1174 112 11934 11534 11812 III 11838 10712 118 115
119 El du Pont de Nem & Co ___20 11218 125 12134 131 125
14312
129
---- ---- ---- ---- ---- -- ---- ---- ---- ---- --- ---- 6%
14514
cumulative preferred400 115 11712 11412 11718 1167 120 11812 12012 120 13533 1004131'
11914 121 117 120
27 IcT12 2584 19- 241.
138 114
2 -2138 1138 25 12 18 i 1212 Eitingon Schild
68 1" 6
• 738 918 8 1078 7
9012 9414 8812 94 847 89 8078 834 5514 61
834 718 8
6
1324 5
7
39 59
Preferred
100 41 494 504 62
15912 174 14718 18512 138 15812 50 147
5338 57
40 5314 40 4212 38 40
6412 9214 75 90 Electric-Auto Lite
* 81 100
9612 105 10014 11478 9214 11412 85 98
108 111 109 10912 108 10812 105%110% 10234 107 106
5518 92 2
106
Preferred
100
106,4 1104 10712 110 107 110 107 110 10818 10934 108 109
1018 14
914 1128 8 1138 34 812 4
84 418 57 Electric Boat
4
* 412 57
140 140 135 14012 --------118 13714 108 108 120
518 64 534 924 63g 922 628 7
4
58
7514 844 723 8238 7353 86% 324 7512 2918 44% 4118 134 Elec Pr & Lt pref 60% paid__ 12614 138 135 14112 14012 14012 153 153 ---- --- ---523
4
Certificate
s
* 4914 60% 571g 6734 6753 9318 875010312 7138 -97
104 107 105410778 106 108 102 10778 98 108 106
5812 15 2
10914 Preferred certificates
• 10612 1084 10818 10934 109 111 10978 112 1097 111 105
149%1494 1403814034 127 13614 105 114 13414 1341
110 4
4 Pref certificates full paid-82% -1;914 83 9033 83 9214 73 10412 04 9012 8434
-- 14014 14014 -_-- __ ____
__
____
---- ..
75
Electric
Storage Battery
• __--434 434 334 414 314 4
6934 757g
- 7314 7914 7334 -777-8 73 -787-8 66 -7353 8112 -72
312 1012 5
638 44 5 Elk Horn Coal Corp
812 914 8
•
4
5
4
934 734 84 738 24
5
33
4
512 4
1012 13
4
11
233 314 212 3
124 Preferred
718 912 85s 8
50 11
14
94 12
8% 8% 314 712 4
9 12
8 1018 7
578 34 5 Emerson-Brantingha
7
5
6
mA
__ 419 453 288 4
• 334 7% 5
838 5
6
312 .512 312 Vs 25
3
3
312 4
3
112 3
Class
13
28 if) 24 28
•
3
312
218
26 27
218 ------------------------114 1 2
2538 26
20 20
1712 19 Emporium Capwell
6612 7012 5733 68 81 67
• 1712 1814 1812 20
59 644 494 6314
17%20's 19 19
19 I914 188 1834
7. 54 5878 5312 5738 53 5878 50
__ 10978 1104 10814 11018 10814 111 10814 10914 50 594 Endicott-Johnson
50
5212
59
53
44
109 11112 Preferred
100 10712 1093 109 111 110 11212 11134 113 11112 11212 11012 5012
112
584 7112 6718 7938 6718 7414 31
7113 324 45% 37 4312 Engineers
Public Service
• 3914 4833 4518 5734 5418 6134 5912 6712 56 6512
8312
4,533
Certificate
s
10912
12314 10818 113% 9014 109 80
96 112
55 8134 59 574 -------------97
90 9i
5% Preferred
9918 10838 100 10612 8414 109 8.5 93
96 107
• 9438 99
97 99
9733102 101 107 100 10718 99 108
9012 9412 Preferred (5 34)
3834 398 3814 40
•
99
944
972
8
39 40
102
95
3612 3914 36 374 364 42
9912 9934 1048 10014 104
983810212
Equitable Office BuildIng
. 3934 41
50 53 45,4 5212 4814 51
40 44
4212 44
39 504 37 41
4212 47 45 4938 46 5034
3812 4114 Eureka Vacuum Cleaner
.50 63 48 5234 42 504 30 46
• 35 37
354 4138 38 4338 22 4218 21
15 30
2734 12 24
2012
26
Evans
Auto
Lo
5
25 2714 2814 27
1812
23 in
21
2524 2628 2514 284 2334 25
ad
3034 2112 2812
1718 241 1314 18
g2
812 15
2214 2414 Exchange Buffet Corp
348 38% 354 40 3634 41
• 22 26
25 2614 25 268 25 26
35 388O 294
2414 25
23 25
5 2734 32
10512 107 10512 110 1093 110 10814 11014 102 354 2512 32 Fair (The) Co
2838 3112 28 30
2712 30
2612 2712 25 2712
10514
103
103
Preferred
5
100 102 10514 106 110 110 110 105 109 103%105
5
5
5
4
4
7
814 334 84 6 1333 Fairbanks Co
104 105 34
18 30
25 48 978 473 612 514 6
25 3234 26 35
15 2753 1828 29
54 54 353 518 4
4 12
2238 341a Preferred
100 2014 394 151 24
4114 4712 4112 4938 47 547 2934 474
17 2112 1638 20
12
3012
17
41
3713
7 14
3233
FairbanksMorse
• 3412 38
107 108 106 110 100 10834 106 108 103
35 38
3734 4514 4178 484 42 5012 3414
41
7% preferred
100 102 106 10712 10914 105 10918 10612 10912
64 68 58 6634 5532 63% 40 5614 254 107 10112 105
42
22 30'2 Fashion Park Associates
• 20 2512 20 2714 15 2634 1512 183 108 11112 10714 101
9812 964 9034 94
8833 9018 9028 9050 86 88
4 1418 17
10 If
73 80
Preferred
100 61
70 ---------,. _-_.
80
54 60
53 5512 49 51
254 33 Federal Department Stores_ _ _ 41 29 3612 3212 3678 63
8914 97
87 I0i
2912 33
8834 -97- 88% -11414 6012 Yo
30 38
30
3512
2512
7712
70
34
Federal
Lt
&
Traction
15 60 68 5938 7238 7112 9014 7712 8353
98 10014 9974 102 100 101 9512 10112
90 96 9018 9534 Preferred
7038 77 63 75
• 91
95
91
96
92 9512 9512 9834 9614 97
9514 91
245 280 --------237 24.5 195 220 190
190 170 195 Pederaligine & Smelting _ _ _100 __-- _ - - _ _ — ___ 17412
9914 9934 99 99
1004 102
185 170 185 145 150 ---- 95 9812 9718 984 96 97
Preferred
100 99 -9814 9814 100
9934 hOOIz 100
1412 1612 1318 1434 1214 14
5 13
6. 938 8
9 Federal Motor Truck
9812 1-0(
• 734 8% 8 1214 1014 111 10,2 100 100 100
---- --- -- ---- 50 5014 40 51
28 4134 31 393 Federal Water Service CIA ___•
1178 934 1034 74 1(
3212 3778
98%114
3612 36
994 12012 1104123 63 115 474 83 63 7534 Fidelity Phoenix
3853 427 3438 3934 30 31
Fire Ins_ _10 8512 7712 7633 804 7814 43
812 1014 74 912 7
8914
914 8
78 873 7018 81
9
014 84 74 814 Fifth Ave Bus
58 71
• 74 812 7
9
8
65 8014 87 72
7114 78% 49 75
9
834 1012 834 9
33 5512 30 45 Filene's Sons
758 £
• 38 4012 3414 3712 364 381 33
9912 10212 97 10012 96 9978 9578 9918 97 99
36 ___
84 971
_ 31
Preferred
31
100 93 96
93
----------------------------------24,
96
92
901 95
1 37 Firestone Tire & Rubber_._ _10 2934
9718
98
9696
9)
334 26 3018 27 293 2418
832g 8938 Preferred
2978 2150 2412 20 24
100 8012 8828 7934 8333 81
874 7678 7132 8512 131. 90 58 8818 4412 70
877
8 8118 8578 781 8214 6978 72 7g
48 6434 First Nat Stores
• 5028 6133 55 61
52 59
712 94 614 8
641 9
52% 57
34 8% 34 550 218 414 Fisk Rubber
51
5824 48 52
• 3
414 312 4
314 4
41 5124 35% 4212 37 4334 15
334 512 312 418 268 ..
3812 16 22
8 1812 1st preferred
100
13
20
16
194
1318
44
3914 50 33
35 46
i64 14 21
2018 3933 15 28
8 197
1st preferred cony
1388
15
611 14
100
1238
197
8 1514 1878 13
44312 51
4812 5058 50 5178 42 53
1684 1414 213 1212 11312 812
3938 43 Florsheim Shoe class A.
38 45
14
• 4212 4418 43 45
46 .5278 48 50
ma 9112 94 977
9912 1004 98 993 95 9012 904 95
45 4612 40 41
Preferred100
97
98
98
100
98 100
65 7550 86 8234 69 8034 3514 7412 3218 48
35 4512 Follansbee Bros_
9512
99
99
99
98
92
• 37 43
39 434 40 507,8 4018 49'z 3114 41
---- -- — 8814 73 6112 95
45 94
25 37
5012 8912 Foster-Wheeler Corp
33 54
* 60% 60% 63 681 638 91r2 8814 99
--175 175 165 230 2104 23024 110 110 ---- ---7814 10118 70 104
Preferred
• 150,4 15014 ---- ---- ---_ -___
200 210 -- -- -- ------ -* No par value.
[VOL. 131.
FINANCIAL CHRONICLE
406
New York Stock Exchange--Continued.
1930.
1929.
November December
October
August September
July
Low High Low High Low High Low High Low High Low High
STOCKS
June
January February
May
March
April
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ per shar
21
• 1518 20
2834 1612 2312 11
164 1812 168 2658 21
1412 2314 Foundation Co
46 5814 4014 4612 35 438 2012 4112 1234 25
Fourth National Investors
* ----------------463 4712 428 50
2812 4212
38 45
3 4414 5534 371 5418
1618
"A"
*
2612
367
34
Fox
Film
3318
57
2614
3912
975
8
lira
—
-12
"
/9
-,16-Ei.
1
62
1
2
92i4
165
-5
;
1190
4
-i
i,11
4
-iiiT2 194
Class A rights _____________ ____
Franklin Simon, pret
---:
6____
100 9434 9712 96 0712 96 99
95 0618 ------------:1
4
4 150- 1O4 4 -98Tz iiif 98'z icii- ---997- 8 iii, -9-6-12
16,54 164
1
• 388 44
384 427 4118 4934 45 5512 4114 504 37 -91-38
4134 5112 434 5134 24 4534 2334 36% 3334 3938 Freeport Texas Co
4113 48
* 90 95 85 05
8812 90
90 9512 90 94
90 92
8212 9912 94 98 Fuller Co, prior preferred
102 102 10212 10314 100 10512 9912 105
8418 8414 84 86
• 80 8414 86 86
84 8412 7812 85
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- 2d preferred
5 552 77
612 914 518 95
512 810
7 Gabriel Snubbers "A"
9 1134 712 9
914 5
5 1812 5
14 20
2014 2,
534 1812 22
Gamewell
Co
6914
r
73
69 7012 67 7434
7112
75
7212
80
7212
767
76
673
4
654
70
6514
803
4
813
4
76
774
75
8312
77
75
18
Rights
----.
------------_
-----_------- ---- ---- ---478 212 5
4 518 68 418 718 4
5 312 412 4
412 Gardner Motor
3
6
12% 15% 1118 14% 8 12% 334 912 4
____ ___. ____ General American Investors * 12 1314 13 1612 14
____ ____ ____
1434 1612 12 1478 714 1256
16
Preferred
---- --100 90 95
8812 98
9712 104
9512 10112 101 105
92 97
____
99%10838 10214 10834 102 10734 10412 11178 10018 10834 78%105
;10752 12078 834 12312 75 10034 8955 10318 Gen Amer Tank Car
-Wiry 19;7-8 9514 1117
Gen
Asphalt
4918
5
3858 60%
61%
54
52
5954
5312
45%
57
56
6018
7112
7038
4214
47
873
4
5258
803
4
883
4
943
4
8278 9112 8518
* 11934 125 112 125 105 116 11412 12018 115 121 110 115
130 135 1301313058 13058 13112 130 133 121 126 123 127 Gen Baking, preferred
• 2512 3058 29 3812 32 3634 2938 38
2414 34 General Bronze
2732 3412 1518 3158
26 53 24 37
6018 6514 5734 6314 5234 59
* 26 3178 2958 3218 2958 3412 2412 31
1712 2412 14 22
23 3934 25 3312 Gen Cable
324 54
4112 4814 4238 5712 48 59
99 99
-100 10412 107 106 10634 107%10812 1041210934 10134 105
10512 106 104 106 105 10612 10314 107 102 10314 10212 10512 Preferred
•
7714
Class
"A"
8318
9312
32 59
64
653
8
7312
•
6514
51
6014
7214
69
74
6958
743
4
10814
70
102
117
115
90
9712
90
• 51
50 557 Gen Cigar, Inc
5514 5934 5014 5514 4034 517
5814 55 5918 5758 61
691s 7338 6712 7358 6534 7012 42 6712 4518 58
1CO 11212 115 115 117 115'4118 11512 118 11514 116 11512 118
11734 120 11534 119 11534 116 116 11612 111 118 112 11218 Preferred (7)
* 96458 7334 210 37912 1681s249 212 257 Gen Electric
-- -New when issued
r 6018 6612 i153.4 -713-4 ii.78 -9918 ia r8 -993
. -99 6E8 14-3;
; i2
554 6314
Special
1112
10
1114
1138 1158 1158 1134 1158 1134 1112 1178 1158 1178 1112 117
1114
11
1138
1118
1112
ii.ii3
8
-ILI- .-1-11-4 -ii• 4618 5112 504 5558 4712 5358 4914 6034 5414 6114 1014 61
6318 7314 35 653 3918 6234 4518 5212 Gen Foods Corp
7314 7778 6814 74
5934 8014 6612 8214 Gen Gas & Eiec Corp of Del A• 6412 7312 6734 7612 6734 8212 80 8212 -___ ___ ____ ___70 103
7974 1023g 98 109 10114 112
Class A new
•
____
_
- 1334 1612 15% 1838 1314 1612 8 138
Class"B"
*90
90 100 100 100
f
11-151-4 109 104 105 105 115 116 116
Class B new
•
iii -ZE
H -iE
Preferred "A"(7)
• 10412 108 104 166- iai21-6614
- Hifi- ii-c- 106 111 101 10812
iid 168 - kW 1-68 - 1.65f2 1.-6i1-2 -99 10914 99 10212 10114 106
Preferred "A"(8)
• 1174 120 117 12012 115 120 12112 122 118 119 115 121
11112 120 114 120 116 12214 11634 124 11412 11818 115 118
Cony pref A
78 0012
100
---9434 10612 854 98
-- ---General Italian Edison _______
______
__ 44 -44339 41% 341 3918
8 41 -44
3912 43
404
50
General
Mills
____-.50
5514
*
3
4518
547
8
4814
593
8
5058
60
607
8
4612
46
515
8
547
8
504
50
713
73
7
8
4
68
71
76
12
/9
7
-ii.Preferred
9134 89 91
100 9014 932 92 94 90 95 914 95
91
8912 9218 878 92 8734 92
92 95 91 93
91 96
457 544 4212 5278 38 5118
4134 51
6614 7714 6814 7514 66 7938 3312 6914 36 4634 384 4478 Gen Motors Corp new w 1_-_10 3712 4312 4112 45
Preferred 7%
100 11712121 11858 123 1221212518 1223412612 12614 13112 126 129
12212 12412 12234 12414 1221s 12514 11713 124 112 120 119 122
100 --------1041210412 -------11012111 11512 11512 110411078
10814 1C1814 10712 10712 106 106 --------10514 10514 Preferred 6%
100 --------104 10514 107121077
;107 11012 110 11514 115%116
---- -___ -___ ---- 10712 10918 10758 10758 104 104 10514 10514 Deb 6%
•
---- ____ ____ ____ ____ 0578 957 923's 9618
---- _-__ ____ _-__ ____ ---- ---- ---- ---_ ---- ---- ____ Preferred (5) w 1_
32534 37734 36518 403 35214 397
General Outdoor Advertising_*
94 14
15 1712 15% 2134 1318 16
_-_r 35 36
3518 us
30 49% 35 4278 35 1134 Class "A"
43 48
37'z 3912 323g 4118 32 3518 24 34
44 4734 4312 48
* 16 1734 16 1734 1578 17 ___
154 2012 Trust certificates
1 2712 3D2 912 317 1518 23
--,----27% 347 30 ------_ -General Printing Ink
•
37 37
42 4214 3934 -42
3858 40
-_-- ---- __-- ____
Preferred
8712 9013 87 87
87% 90
•
__
____
• 323 3338 3712 4958 41:4 -4938 45 5278 39 48
3018 47
28 4134 eneral Public Service
20 42
75 8578 25 76
62 7378 7212 98
97
• 8618 945 91
92 1067 9012 10518 8512 9714 7518 95%
79 97 Gen Ry Signal
70 11478 70 92
112%12238 10812 12612 11318 126
um
10014 10212 1021210712 107 110 107 107 107 10712 107 107
106 106 103 10612 --------101 10212 Preferred
103141044 10414 10412
____
____
____
___
____ Gen Realty & utilities
*
- - ---- 1514 19% 1314 1612 1118 1713
•
Preferred
-_ 93 100
91
9614 85 95
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- Gen
• 67 7512 7134 76
6918 90 82 8734 7918 8014 6514 8434
Refractories
54 --- -------6758
77 844 8212 8812 8134 88
Gen Steel Castings pref
100 100 10018 101 100 100
*
98 100
99 101
40
39
4134
Gen
Theatres
Equipment_
*
4812 41 4618 4314 5114 4418 4834 30 47
3
-- __-- ---- ---- ---- ---- ---- ---- ---- ---- ---8018 9112 8138 8818 6612 8818
* 9818 10618 874 10412 8112 99
9258 110 Gillette Safety Razor
i6gi2 12-112 12018 14278 12514 138 100 143 80 110
117 19
1134 14
• 1112 15
1978 Gimbel Bros
1613 2078 15 1938 108 18%
33 3978 1758 3512 1012 2178 11
2914 404 30 36
100 668 70 67 684 69 80,8 7914 8212 7814 80
71 8212 56 7734 7% preferred
72 94
734 785
7612 8012 8012 92
80 85
• 31 3412 33 368 3318 38
1512 25
2718 3614 2312 30
5318 63 26 5812 27 3853 314 39 Glidden Co
57 6418 57 61
100 9812 102 101 102 102 10518 101 105 05 102
9414 9813
7% prior preferred
09 10412 95 103 10014 103
103 105 10378 105 10214 105
1434 19
* 13 1632 147 19
1512 1712 1314 1714 814 1458
94 157s 12 2218 Gobel (Adolf)
384 4814 2818 3912 3018 354 10 32
* 3734 4512 4114 467 4058 4512 4158 477 4018 4658 341 4578
6034 6978 3112 6914 344 4834 3658 457 Gold Dusty t c
61 7134 5514 66
• 100 10614 103 104 104 10712 105 10812 107,2 109 10614 10914
107 11414 106 107 105 11412 105 1147 95 10558 9712 10412 Preferred
__ ____ __ _ Gold & Stock Teleg
100 ------------------------101 101 1011210112 115 115
Ill III -..— ---- 10412 10412 __
• 4014 4634 4514 5134 4634 5812 3858 577 36 427 2212 418
3814 59 Goodrich (B F)
7518 8634 7218 777 68 7334 42 7134 42 -5-6
99%10034 100 10412 971310412 9614 0910 78 96
7% preferred
100 9558 100
9512 101
984 105
11112 11218 11114 113 10712 10934 10412 108
5478 8812
Tire
&
Rubber
• 62 7558 7114 8538 8012 967 8034 9534 74,8 87
11558 13238 103 12334 9812 11838 60 10812 63 75 614 7734 Goodyear
9212 100
• 90 952 947s 100% 98%102 101 10214 9918 102
87 9578 9274 9534 1st preferred
101 10218 10118 10134 9912 10112 94 101
113
4
2012
243
4
2878
264
Gotham
Silk
812 15
18
273
23
Hosiery
1912
28
2112
*
1
2558
14
27
204
373
4
30
3612
5114
38
338 392
71
7512
723 8212 70 79
72 7712 73 82
100 70 76
---- ---- 85 8712 __-- ---- 80 844 75 80 68 754 Preferred, new
72 79
7412 7812 734 76
7212 77
Preferred ex-warrants
70 70
100 65 65
__ _ _ _
_
- - 8418 844 -93
712
•
10
1538
11
6
13%
93
4
1312
118
12
Gould
1018
1
12
Coupler
"A"
i
5i2
8
-34
4
107
8
ii-4 1
oiti ..1-2-14 iTs 16
912 1338 7 10
918 13
75 1814 758 12
5% 87
•• 918 1114 958 11
8 1112 Grcham-Paige Motors
171 247
2514 33 2218 27
97
97
834 512 838
9 1034 7
Certificates
• 858 912 858 1014 87
8
12
738 1612 8
15 22
18 24
22% 27
100 51 5934 54 5914 52 5878 33 597 27 358 18 32%
7538 8538 75 8414 81 93 52 87% 4614 6934 494 60 Granby Cons AI S & P
38 454 30 44
43 5112 4214 52
3312 40
---- ---- ---- --------------3258 447 Grand Silver Stores(F W)____* 324 38
• 34 3538 3358 4434 4512 4512
39 547 33 4412 Grand (F W) Stores
78 8214 79 8634 434 81
80 86
Preferred
100 86 8912 89 8912 86 9012 90 -90 --------8612 -874
10512 107 106 108 106 106 10312 105 87% 10338 90 94
• 1358 1714 16 2058 1718 2038 16% 1958 1438 1778 10
Grand
Union
113
4
15
918
1634
247
2
1634
914
23%
2818
28%
2358 29% 2458
Preferred
• 37 4058 3878 4034 3912 4314 408 4312 40 417 3434 405
3254 38
4458 5014 4614 487 4358 477 30 4614 3018 38
4512 5038 40 4512 35 4134
39 50
* 37 4012 39 41
3314 4134 Granite City Steel
32 45
5334 6358 40 56
4934 62
44 56
* 3258 43 3515 38% 33 3618 3314 3858 3214 3834 29 37
3212 4214 Grant(W T) Stores
122 133 12518 130 12712 13714 a51 13618 414 55
20 2134 18 2134
194 2514 Great Nor Iron Ore properties* 194 2334 22 2334 22 2538 2018 23
3212 20 26
288 3178 2834 3158 19
2812 32
Great
* 2918 3412 28 30% 2814 3118 294 323 22 314 20 2514
3112
Western
Sugar
2818
3312
28
3714
7
304
3614
3858
3612
3814
3712
34
Preferred
100 11412 11612 115 11612 116 120 11712 11814 11058 11712 112 116
114 116% 114 11678 11312 11612 113 11634 105 115 09%115
100 ------------------------89 89
87 87
77 77
16614 181 171 193 174'4200'2 121 179 106 135 112 118 Greene Cananea Copper
94 1774 2734 1714 2612 1412 28
5 1212 2212 1414 814 15
20 6952 1414 347 175 2434 Grigsby-Grunow Co
---- - — 555 6312 5558 70
12 112 14 114 1
112 4
• 112 2
1
3
14 1
1
258 114 2 Guantanamo Sugar
3
-432 212 334 212 312 2
20 25 ____ ___ 20 20
8% preferred
100 ----------------28 27
44 4412 44 6014 ____
464 4612 44 46
46 52
69%
584 80
• 517 62
__-4 Gulf States Steel
6314 7278 68 72% 65 6034 62 72% 42 5514 46 -543
7% 1st preferred
100 9812 103 103 10612 106 10712
105
4 10
79
785
3 10
31
814 10
53
55
55
814 10
2114
4 10
10112 10612 100 108 10032 105 101 105 10038 103 9934 103
27 35 2712 2912 2512 28
26 28
27 23
2714 28% 2712 28
27 29
27 2812 27 30
2612 2712 27 30
30 374 12 3112
3418 3858 3114 35
9612 99 90 9614 8912 944 8212 9118
105121-03
9518 106
100 10178 10058 102
98 103% 10118 112
594 6414 5912 63
11112 112 112 112
100 103
99 11312
63 72 66 87%
112 11214 112 112
2312 2914 25
27
2334 28
26 2714 26
27 Hackensack Water
Preferred
29
2612 Preferred "A"
25 26
25 28
25 26
26
26
2834 28
27
27
27
28
27
26
28
26
30
2712 29
29
23 29
2814 26
29
2734 32 2714 2012
2712 30 ---2614 2814 2712 -2-81s
114 134
18
5311 8
138,8 7
20
6,8 8
1238 19 Hahn Department Stores ____* 1258 174 7
18
:
7 8
12
8 ,4
18
53
4 7
17
114
8 286134
12
754
2 8
7
1
8
2
7
4
8
Preferred
8
14
7118
100
9
4
3
81%
8212
7414 8312 7134
10 2638 2914 25 2734 24 3134 26 30
---- 27 2978 Hall Printing
25
26
275 21
100 99 103 103 104 103 10312 103 10412 10312 10434 10312103%
99 102 101 101 Hamilton Watch. pret
100 10012 11212 11113122 120 128 125 128 129 133
9818 110 102 11014 Hanna 1st pret
-- -Preferred new
* 85 88
86 9014 8712 92 92 98
94 9612 -89- 95-55 60
60 60
* 60 61
60 724 5934 6878 50 62%
60 65 62 62 Barb-Walk Refract
Preferred
100 ____ __-_ __-- ____
• 2012 2214 2112 23
2112 23
2212 234 221 2314 2112 23
2012 2358 Hartman Corp cl "A"
167 3014 2112 25
24 2514 2414 287s 27 31
1534 1812 1534 18
164 20
Class "B"
* 1334 18
18
1312 1878 14
144 17
1012 16
2214 248 2258 417 2912 404 13 30
55 55
57 57
59 59
5812 69
63 7134 594 63 .55 6614 Hawaiian Pineapple Co. Ltd-20 54 5512 5412 81
6412 6614 6354 724 6618 70
•
63
4
87
8
614
914 634 15
1218 1734 912 1414 558 1018
21 3078 8 24% 512 1312 618 1118 Hayes Body Corp
287s 39
28 42
25 87 8812 87 9258 82 90 84 9078 81 88
85 105 84 9958 84 95 Heinle (G W)
9734 103 100 106
7712 85
100 105
100 12334 12334 --------12412 121% 130 135 135 135 135 135
7% preferred
1284 12834 13212 13212 12834 12834 127 127 125 127 12334 130
25 2714 2434 26
* 22 26
2434 31
__ 254 3312 25 2912 2112 2512 Hercules Motors
- -__ _ ___
2612 28
2012 2613
80 83 80 8412 79 80
• 834 85
7818 82
90 8434 87% Hercules Powder
12458 123 1-23 90 90
80
1281-30 120
60 774
100 117 11818 117 11714 11814 11814 11714 11834 11812 121 120 1234
120 120 ----------120 120 120 121 1164 11814 11218 11558 Preferred
* 70 8212 78 8512 8434 10778 071310614 9418 109
8212 10873
92 108 10214 12834 118 13514 85 1437 45 95 6434 8434 Hershey Chocolate
• 8312 9012 8334 89% 8912 1067s 99 10534 96 10818 8912 10834
9478 108 103412834 11814 135 83 14314 6058 10712 78 9114 Preferred
100 10438106 10414 105 105 10614 106 10634 10812 10718 107 1074
10412 106 104 106 10558 10614 106 10638 105 106 1054 10512 Prior preferred
• 15 20
1234 17 Hoe(R)& Co,cl"A"
1612 2514 194 2412 1812 22
1812 19
12 1512
1512 19
2434 311 261s 33 2612 2834 20 27
35 4434
1634 2314
72 75
4212 4912
6938- 5034
6518 7212
7214_ 8334
634 727s
84 ,9112
Mr 48%
4018
2018
7518
4158
45
6812
6812
60
8114
40
3638
18
80
4134
4112
22
88
5234
49 454 5214
72 6234 6914
8378 74 9814
70 59 7978
875 7434 8612
437 3934 4714
4418
2458
93
4712
244
30
26 3934 21
-- -_-4312 2014 ____
80 764
7,534 8514 65 -13. 44 13 23 18
49 51
4634 4912 4918
40 68
40 6434 5218
26 9634 35 5412 4712
1
36
44 617 3434 49
43 8218 38 5412 484
1858 4312 18 2512 1834
• 2614 295 2912
2938 Holland Furnace
... Hollander (A)& Son
• 7 1252 (Ps
100 --------80
-8-0 Homestake Mlning
23 Houtlaille Hershey class B__.• 19 2712 2358
5114 Household Finance pr pref —50 504 5134 4912
57 Household Products
• 5212 5534 5313
64 Houston Oil of Texas
100 5214 5958 5734
417 Howe Sound
r 3534 3978 3612
5814 Hudson Motor Car
• 535 627 5458
10 204 2434 21
2278 Hupp Motor Car Corp
*No par value. 9 3 additional shares for each share held.
35
1034
80
29
5118
5712
7038
417
6138
24
351 4114 3454 41,8
7
9
6% 10%
76
79
75 7714
2414 2712 20 287
49 5558 54 5514
5518 6112 ---- --67 110
96 1187
3514 4014 3012 4014
5418 5914 4418 5634
2012 254 195s 265*
30% 39
28 41
5
8
10
S
7412 7634 75 78
1712 2338 97 19
527 56% 56 6313
____ ---_ ---- -7,513 110
6418 11078
2812 3412 2518 3312
25% 4312
414 48
171s 20% 13
1914
JULY 19 1930.]
FINANCIAL CHRONICLE
407
New York Stock Exchange—Continued.
1929.
July
August September October
November December
Dow High Low High Low High Low High Low High Low High
1930.
STOCKS
January February
March
A gra
map
June
Low High Low High Low High Lew High Law High Low
Hiflh
$ per share $ per share $ Per share $ per share $ per share $ per share
Pa r $ per share $ per share $ per share $ per share $ Per
3098 3558 2918 3412 30 33
share $ per share
1734 3134 21 258 2012 2534 Independent 011 & Gas
• 2114 2312 2014 2214 2114 2912 2834 32
2218 2758 1938 264
18 2134 1312 2712 5 1534 312 1012 518 71
312 512 Indian Motocycle
• 5
914 814 12% 9 17
9
137
8
64
934 412 711
- ,30 35
25 25 ____
__
7% preferred
100 30 57
50 73
53 8712 50 70
43 55
22 37
-,11:118 -4712 3914 -53
1318 45
424 -51
,
4 1512 2584 1618 -2418 Indian Refining
10 1734 2314 18% 2334 18
2838 21
2534 16
3814 458 38 514 40 48
2184 834 1834
1112 44
15 237 15 23
Certificates
10 16 2134 1759 2238 1718 2734 19 24
154
2014
818 18
83 9012 8014 10434 83 97
7834 9834 6812 89
83 11712
• 112 124
90 11312 95 117 105 117 101 106
142 16434 154 205 189 201 140 22312 130 177 146 175 Industrial Rayon Corp
73 102
• 15414 170 170 175 171 2038 190 239 190 225 165 22634
111 111 115 115 116 116 10914 118 11012 11012 11012 11012 Ingersoll-Rand
Preferred
100 112 115 118 120 11934 11934 --------122 122 122 122
90 98% 92 113 96 107
80 10178 748 89
71 76 Inland Steel
•
81
82 85
83 98
90 95
4112 4734 4218 477 41 4934 22 24
8534 894 68 8578
2434 3738 2538 3258 Inspiration Cons Copper____20 7059
2614 3034 2638 308 2738 30
_- ---- ___- ---- ------ -- ---/
4 1212
1734 3014 1618 211
8
- -___
__ Insuranshares Inc ctfs
-----------------------------------------918 207
13
15 --16
12 -1558 Ins'sharesCorpofDelcl A
•
1314
153
4
1514
1814
'1558 1734 16
17
4 812 -PS 812 1(1713
--iiE -11167
1612 1014 137
8 558 1
78 2
4
634 Intercontinental Rubber
• 414 538 5
632 512 7
434 712 434 534 3% 4%
Interiake Iron
• 25 2812 24 2834 25 27
25 2878 2212 2512 1538 2278
i ION 6-12 -7-72 659 -7-12 i
7/38 --4 134 Internet Agricultural
• 412 718 512 6
512 734 814 812 5t2 64 412 8
58 84 53 58
5314 56
53 6312 40 5712 48 554 Prior Preferred
100 57 57
55 58
5412 61
6114 6714 61 63 5214 6214
21734 24612 225%24334 228 24134 175 255 109 18434 141 172 Intl
Business Machines
• 15212 166 16214 17734 17334 19214 18034 193 170 1974 155 19514
lot Carriers Ltd
•
7712 8414 675 7912 6614 7112 5412 68 ----514
1612 1934 154 1912 1314 1634 11
15
1338 International Cement
• 5634 6138 574 60
5534 7412 66
627 78 64 74
5212 74
7534 66 7014 5878 6712
8 54
9 1434 414 1812 Int'l Combustion
Engine
• 5
878 612 834 74 1412 812 1412 8% 115s 558 10
Certificates
ioi." iiiii iE83" fiii- iii5T4 169 - -LI fa:4 -56" -5- -iiii li Preferred
• 30 56
46 5634 5314 75
5812 78
E4 -6834 4714 67 loi114 1-2-i- 111,-1i4 112 115 142
53 53 60 62
75 11912 85 94
55 55
74
13812 14012 137 139 13814 140 13914 14012 137 14014 140 8978 International Harvester____ .• 78% 9214 86 957 89 9858 9234 11534 9318 1118 76 9818
_100 141 141% 14012 14212 1413414412 14212 14418 14212 14412 14218 14414
4712 544 48 5378 48 5912 30 571 23 4178 29 14212 7% Preferred
3834 Int Hydro-Eiee system el A___• 3112 35
338 4512 42 4734 4334 54
3958 5014 3118 4734
82 94 814 8934 77 8634 55 8312 47 73 62 7138
Match
35 6512 7612 7312 81
5
7512 86
534 ---- --- ---- -- ---- --- ---- --- ____ __ International
7914 92
7518 89 69 8312
Int'l
Mere
Mario,seirt pref. __• 25 3058 2512 28
26 2934 26 33 2412 28
4659 5234 4712 -5614 514 -6034 2634 -5712 25 -40
19 2671
288 -333-4 lot Nickel of Canada
• 3138 3859 3838 4012 38 4312 3418 4438 3014 3514 21
122 122 12212 12212 --------120 120 112 113 1163
3331
4 118
Preferred
100 118 121 116 118 118 118 11812 123 120 12112 11934 123
_ 8938 8938 --------82 112
--------57 60 International Paper
• 58 59 60 80 65 65 ___- --- ---- --8712 8912 86 9034 86 8934 88 9312 77 89
---- -8012 87
7% Preferred
85
80
100
80
28% 3334 33 3712 338 36
83
854
8159
8134 -88 83 -8359 74 8012
23 4414 20 32
2512 3114 Int paper & power alas A__ • 26 28
2634 3034 27 3118 2734 3034 254 2834 17 26
17 23 22 2534 214 24% 19 338 12 21
14 2014 Class B
8 1514 18
17
1978 1614 2012 18 2234 164 203 1164 1871
1214 1512 15
1712 1612 20
1112 Ms 9
1734 114 1638 Class C
•
124
143
13
8
1534
1314 17
87 90 8618 95
83 87 8612 91
1412 18
133 154 9 14
77 88
785 86
Preferred new
100 7914 82
7914 82
80 86 8012 8334 79 8134 71
49 5434 50/
1
4 598 5512 6254 4514 6888 40 56
7938
4612 51 Int Printing Ink
• 4614 5178 51 53
5012 524 524 5834 47 53
38 46
8
-081T2 9712 ii 9812 97 100 92 103 9134 99 5438 -01 Preferred
100 -----------------94 9584 9312------------4791/4
95 94
-9812
9334 9959 1-i1i2 Id
Preferred certificates_ 101
7512 80 --------61
8 72 75
_ _ 9412 94'12 ___. _ ..
-71 73
,
19 International Salt
100 69 77
70 76
73 8514 80 -88-34 89 153 125 1-521:
100
New
----------------------------------------112 11:
7378 771 54 7638 50 6512
5934 63-18 lot Shoe
134- fiii- 13812 15912 14312
• 61 62
5984 6112 59 60
14712 120 145
57 5812 56 5712 5312 561,
95 13012 100 11912 International
Silver
100 105 11712 10212 119 100 107
10914 11014 110 11818 11014 11014 10314 116 104 110 105
98 11112 95 9912 7934 88
10712
7%
Preferred
12212
14014
110
10612
100
105
10814148'
11214 10512 111 10514 111 106 110 10514 110
61 133 53 938
101 11358
4 8414 8538 lot Telen & Teleg new
100 6234 75.14 644 7384 6212 7012 6718 7734 5814 7534 4018 646
5
578 ---- --- ---- ---- - -- ---Rights
6418 7012 5514 -6512 538 8412 i54 5884 -28
112 2% 218 312 --------------.F8 -3-i78
- iii2 -3134 Interstate
__
30 35
2612 3334 2634 3234 24 2912 18 268
3034 40
92 105
98 105
8912 100 _ _ ___ PreferredDept Stores
100 --------762
1 7634 82 8212 76
"iii- I112 85T8 1614 84 86 82 89,8 7518 79 ii. -79 Preferred
76
7434 76
77
61
3312 38% 35 3814 33 36% 2418 36
100 734 7434 7112 7514 71
7434 71
75
70 7112 6759 751,
17 2612 20 254 Intertype ex-warrants
Corp
• 23 2538 25 2634 25 31
64 7212 59 59
29
32
28 5812 121
25
27
23
263
33
• 19 21
50 1212 50 5112 4912 5312 39 5014 39 4512 1714 23 Investors Equity
1959 29
237 27
22 27
17 2212 14 213
41 48 Island Creek Coal
1 4134 4214 40 4234 3812 43
105 105 --------103 105 105 105 103 105
3812 40
3434 3812 32 361
105 105
Preferred
1 105 105 105 105 105 105 --------105 105 105 105
71 8412 69 7812 6478 7012 40 6912 39
4114 49 Jewel Tea Inc
• 43 5318 50 54
17912 20034 17518 205 19058 21914 107 21134 90 55
51
59
521 6612 54 65
45 611
• 117 143 1305914834 1241
120 122 11934121 120 122 119 122 118 137 105 14034 Johns-Manville Corp
/
4 14514 10878 13834 98 11434 7314 1113
12112 120341211: 7% preferred
100 121 12112 11814 122 11934 123 120 123 120 122 120 1221
118 121 11812 12112 120 1221z 119,8 126 118 11912
118
12012
11812
118,
120
4
120 12078 123 122 12312 121 123 120 1227
Jones & Loughlin Steel Pref100
8
558 7
47
412 518
11
214 4
2
278 Jordan Motor Car
10612 108/
• 2
212 218 413 3
1
4 108 10812 10718 10914 109 109 107
334 314 512 212 334 158 23
10712 10818 10634
1078 137 1134 121 Kansas City P & L 1st pref B_5 108 10812 109 1O9'z 10912 115 11138 11412 112%114 113 114
Karstadt Rudolph
1312 12
12
131 1112 1234 1212 1318 12
5014 -5812 48 -5414 4814 54% i0 5234 30 4259
13/
1
4 934 121
3814 4453 Kayser (J) & Co
• 34 4112 34% 397 3514 3812 3034 377 2434 3114 24 293
25 3112 26 2912 2534 287 2018 2712 1818 22
1714 181 Kaufmann Dept Stores__ $12.50 18 1912 185s 20
1918 2012 1834 1912 1814 191 1812 181
3412 40
3612 374 1512 2314
35 40,8 338 37
1612
2212 Kelth-Albee-Orpheum
• 21
29
30 30
111% 12212 11018 12614 108 117
37 45
3059 36
76 120
70 8534 7312 89
Preferred
9312 106 105 118 11612 150 133 1-3914 101 fis
100 85 97
12
16
978 1314 781 11
4 1014 37
7
3
5 Kelly-Springfield Tire
• 314 534 412 5% 412 535 434 618 414 5
75 75
70 75 --------30 5934 33 40 26
3
51
37
6% Preferred
100 29 45
39 45
4018 50
4212 4.212 354 36
59 73
35 351
50 6212 3412 51
55 62
2812 35
18 27
8% Preferred
100 204 42
2614 3714 25 37
3018 37
4312 4912 4114 4534 3712 4658 2012 3834 1818 28
2714 3218 2014 30
21
26
• 2218 298 274 318 2414 38
15
31
174 1434 1718 13
3912 2834 3678 2314 3512
158 5 14
514 1018 634 915 Kelsey-Hayes Wheel
Kelvinator Corp
104 1434 1414 247o 2112 2658 18524 2578 1318 25
• 74 11
91 93 87 92% 85 89
84 873 75 88
8012 83 Kendall Co pref A
• 8212 84 83 8734 8412 89
8312 937 838 917 81% 951
85 87
72 821
8258 85
/
4 65 847o 498 76
54
634 Kennecott Copper
* 5514 8214 55 6234 5414 6058 4412 62
49 5278 5012 5612 52 561
4159 4912 3712 49
/
4 47 5738 48 5134
8 49 5212 5012 518 50 59
40% 44,8 4134 4318 4134 4212 4114 42'8 2112 2438 4878 5034 Kimberley-Clark
5312 5812 53 5838 4814 55
23
25
Kinney
(G
R)
• 20 23
20 2378 2012 33
9834 10234 99 10178 9638 100
311 397 38 4034 2414 40'
80 98 85 93 8714 92
Preferred 8%
100 8712 90 86% 91
8712 9612 92 97
3112 3912 2858 3596 2518 32
88 9412 83 90
518 26'g 6
1334
312 77
• 134 41g 24 359 234 63
4758 5412 4914 55's
412 812 44 65
7334 4434 7614 27 501 321s 43 Kolster Radio Corp
234 5
• 3818 47
Kraft Pheonix Cheese
43 49/
1
4 4614 487 45 5354 4734 547 47 65 8
95 100
97 100
9712 101
9538 10578 95 98
98 10034 Preferred
_100 9912 101
98 10534 10412 10714 105 10912 109%11078 11078 111
4611
/
4 508 46 53 4812 53
3414 4934 28 3934 32 3712
Co10 334 3684 3059 34
3114 3212 31
11212 11414 11234 118 11078 116 11078 1121
34
2984 318 2814 31
/
4 10312 1093 109 11012 Kresge (S S)
7% Preferred
Preferr
1378 1678 18
100 110 111 111 113 11012 112 11012 114 10812 11178 10814 115
1514 1614 1912 13 1634 10
l28g 8 8 11
• 812 87
684 721
87
/
4 70% 72% 714 76
878 812 9
6518 70% 62 681 60 65 Kresge Dept Stores
759 9
734 884 834 9
8% Preferred
100 60 62
60 60
8812 93 86 90
50 52
50 53
8718 9612 67 91
45 50
534 697
4518 45
71 Kress (S H) & Co
• 8114 70
634 6959 63 65
3514 4338 37 42
3558 39% 2412 3932 2218 3032 614
5634 65
55
5834 50 58
22721
283
8 Kreuger 8c Toll
2334 2812 2818 31
83 9458 82 9252 86 947 41 877k 3814 5978
2612 3134 313 3534 3059 333g 2534 32
4
4138 5514 Kroger Grocery & Baking___ -5 42% 484 37 4738 38 42
36 38
38 36
36 36
3018
371z
7s
36 38
42
31
21 34
33 35
32 32 Kuppenheimer
a--------3213 3213 321 3212 35 35
110 110 ------------------------105
35 35
106
35 35
Preferred
100 --------108 106 --------105 106
342 260 250 325 235 26112 195 23412 175 185 105 105
1
4 Laclede Gas (St Louis)
100 1021 100 103 100 105 100 100 974 102 200 210/
100 200 215 --------230 237 --------229 230 205 225
98 101
5% Preferred
32 357 2912 35
100 98 9812 9812 9812 100 10014 100 10034 i00'2100'2
29 3234 24 3234 1612 25
4 9884
20 24 Lego Oil & Transport
14418 15378 138 146 12914 14338 904 13078 8018 110
• 2114 2212 22 2212 2218 2512 2414 2612 2318 2612 983
2212 24 2
9114 l067
114 lSSg 1134 145 1012 13
• 97 10458 10118 1083
,10258 1121 9918 113
5 11
54 878 558 71s Lambert Co
93
7612
104
97 8
4734 51
• 614 9
43 4818 41
712 9
4612 34 4112 30 4214 33 391 Lee Rubber & Tire
712 11
45
759 1014 634 8
72
Lehigh Portland Cement-50 34 37
107 110 10812 10934 10714 10912 102 10812 100 105
35 3712 35 4112 39 42
3612 39
32
36 4
10212
105
2078 28¼ 2218 27
108
Preferred
105
100
10514 107 10612 108 107 10812 10712 10812 106 108
2359 2938 10 32
13 207s
2
• 13 15
3734 448g 38 41
12
3818 427 3711 42'3 374 393 1314 18 Lehigh Valley Coal
137
s
1218
171
12
i5'2
10
714 11
13
4 31 38
Preferred
50 3212 3678 32 3318 32 371 32 34
2814 33
224
29
•
89 95
88% 974 8014 9012 6878 96
485g 52'2 40 49
42 4878 3512 45 28 37
2878
---• 2978 34
Lehn & Fink
37 4212 17 39
3934 43
30% 34
31
3312 31 36
1818 287 19 344
28 32
2214 21
57
22
•
1934 27
Libby-Owens Glass
5238 --34 49 568 452 5159 38% 47
2234 2734 23 3112 2512 291 2212 2614 1912 2.1
31
125 132 125 129'u 128 131 128 13212 128 13812 324 378 Limocomotive Works
• 357 43
4018 4914 42 457g 35 437k 334 37
3812 137 140
20 3:'
pref-100
138
138
8312 92
8612 9634 874 9834 8012 108
13834 13918 1425 1403414213 139
Liggett & Myers Tob
13834
8014 97
1427 13812 14(
91 100
25 94 10453 59112 108 10112 113 106
83% 90% 8812 9714 87 97
Common
82's 10614 80 97
11334 101 110
85 101
9014 100
13
35 9512 1057 99112 10934 10178 113% 1053411434 9838
111
85 101
Rights
50 53 4834 5234 48 5112 4478 4814 375 43
1318 1514 1514 1714
56 -4-04
• 39 41
453 4212 45
8788 1017s 83 9712 8359 9414 40 88
41
413 45
1
4 591 4912 5812 Link Belt Co
40 43 37 41
5618 6178 5558 6214 584 6918 32 8412 40/
Liquid
•
523
4
Carbonic
61
58% 6534 65 8178 6512
30 5159 4012 5278
Loews Inc
• 42/
9212 98
1
4 598 59 7058 688 8314 7412 7912 6012 7534 5914 8(
93 98
95 9858 80 997 81
9112 7858 9584 58 92
85 90
• 852 88
Preferred
8978 90 8818 90 89 9012 8112 8812 8034 90
8734 100
99 105 1021:1081.,
8412 86 86
*
Preferred ex-warrants
8 11,8 734 978 712 914 4
84 85 8512 8512 87 9212 90 9314 105 11214 958*111 1.2
8
4
6
7858 9812 89% 91
47
• 34 42 4
34
Loft Inc
24 25
24 2518 181 2312 13 1834 1212 15
63s 414 538 44 64 412 6
3
9
• 12
83 714 8212 7514 70 8778 4518 8278 394 597 12 1412 Long Bell Lumber A
1213 12 128 113 1534 11
9
4514
1334
8
1
584
Loose-Wiles Biscuit
118 11634 116%11814 11612 119 11614 11712 11712
35 5012 64
5918 6414 6138 6878 62 7014 57 1014 537k
119% 11814
674
61 54
100 1184 1185g 119 120 120 128 121 125
91 9214 92 94
9338 94
9012 0914 67 83 85 11914 1st Preferred
122 12212 12114 122 12
9212 Lorillard (P) pref
2212 26
2314 27% 21 2513 1414 3034 145
9438
924
100
94
95
9414 9714 953
2012 1412 1959 common
974 99
95 9)
1118 13
1038 1312 11
• 164 2Ss 22 2614 245 2818 22% 98%
1218 7 1134 734 10
2734 2018 2618 1618 21
• 812 9'2 8
924 9234 9018 9012 9038 94 8878 9012 80 8513 84 1034 Louisiana Oil
958 8 1034 978 12
9
8
1059
1(
80 84
100 84 88
04% Preferred
84 8912 887* 89
85 89
8412 8412 804 80 .18
44 59 484 5734 52 7258 28 6612 304 42
34 35 45 Louisville Gas
0618 10878 89 9934 8618 101
•
3814
413
Elec
8
4534
40
&
A
4212 4612 447 511
40 107% 22 45
/
4 40 48
33 4:
30 4334 Ludlum Steel
* 3255 437 4012 443g 38 447 3338 417
113 11713 110 110 10878 i133g 9514112¼ 76 96
28 3718 22 31
77 90
• 90 93
Preferred
91
98
9214 9934 89 90
85 88 ---- -9214 0734 96 10412 76 108
Rights
9434 104
12 1
70 82
144
59 -----• 4038 4i7100 10112 9512 101
96 10012 91 9818 8412 98 03914 45 McCall Corp
8 4138 4512 4278 483-4 45 50
i 4,
42 45
74 883 McCrory Stores
•- 85 70
98 108 87% 98
98 10112 9714 104
64 65 63 66
79 9518 70
8412 60 6:
60
81
,
4
Class B
63 68
•
107 109 100 108 10212 108
98 110
63 67 60 63 60 6218 5718 5'
8812 103
91
100
6% Preferred
404 43 397 42
--------92 95 95 97
4034 45
30 40
33 49
9334 97
8912 9314 90 9:
3212 36 McGraw-Hill Publishing Co 100
10
__• 35 36
15 157 15
36
1334 1518 134 15
38
36
124 14
40
4078 44
3912 4112 3012 31 12
1414 15
5 1434 174 168 1812 177 1834 1814 19'l 1814 193 17% 11 12
68 7378 6738 73,8 684 7559 58 7114 ..-ra.
6034 5812 6814 McIntyre Pore Mines
McKeesport Tin Plate
• 81 694 8618 71
6914 7478 73 884 74 84
70 81 12
par
*NO
value. y Ex-dlvs. Ex rights.
FINANCIAL CHRONICLE
408
[VOL. 131.
New York Stock Exchange—Continued.
1929.
1930.
July
October
August September
November December
Low High Low High Low High Low High Low High Low High
STOCKS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
g per share $ per share $ per share $ per share $ per share $ per share
Par $ per share $ net share $ per share 8 per share 3 ner share $ per share
5 32 35
46 5173 451 4933 21% 467 3014 38
50 54
3012 337 McKesson & Robbins
3113 34
29 3733 25 3034 1858 2714
2514 32
58% 63 571g 6014 54 5713 40 5412 40 4834 44 4818 Preferred
_50 444 4678 4514 4613 4112 47
42 4914 42 44
35 42,8
36
— __-- 54 59% 45 5414 30 4912 21
1812 26 McLellan Stores Co A
• 16 2014 141 18
1518
1513 1934 1518 177 14
1512 12
9312 98
Preferred
93 9412 9112 9112 84 90
100 8312 8312 --------85 85 87 87
85 85
3812 4072 3014 3934 32 35
3712 4012 34 -38
32 3614 MacAndrews & Forbes
• 30 3112 28 31
2814 36
31
3934 2812 3012 2414 -993;
10552 10553 10538 10553 106 108 107 107 10412 10412 ____ ___. Preferred
100 --------93 98
96 100
9453 100 --------96 96
90 90 --------126 130 110 110 -__ _ — Mackay Co's
100 _
_
- 4% Preferred
8314 8412 --------84 84 ____
__ ___
100
8014 8213 8212 8212 8234 8234 8234 83
101
9412
104
3
4
88 98
9512
55% -7973 68 -7612 Mack Truck Inc
93 101
• 70 7814 7832 8478 80 8812 7412 8773 6513 767 464 72
19634 22214 205 2498 22334 25512 12012 23934 110 16414 1291/165 Macy
•13712 15412 14212 15914 132 15214 136 145 125 14214 109 14172
1712 191g 16
1812 1714 1814 1334 1812 1112 1574 12% 15 Madison Square Garden
•12 1234 1214 14% 1138 1238 1114 1212 1034 12
11
1533
35 5812 46 57% Magma Conner
63
'70 6618 7513 6634 7733 50 74
• 45 5234 48 5173 47 5212 3338 52
3214 3818 2834 36
_ ____ Mahoning Coal RR
50
18 26 3 15
02 5
Maiiinson
(H
R)
4
8
& Co
2
4
• 8
-83-4 I-1 ---9--78512 838 1234 8- If
612 1-674- 712 -1-2
95 9718 87 93 84 85 80 8912 76 82 ---- --- 7% Preferred
100 80 80 ___71
73
71
71
724 76
_
6612 70,8
15 20
15
15
1112 15
15 26
67 1012 3
6 Manatl Sugar
4
473
612 438 512 314 5
5 --73-4 5
100 5
8
35 43
40 40
35 35
32 3413 20 2973 1973 24
7% Preferred
too 23 50 25 4284 231 2712 1813 2313 1514 2834 1514 2578
23% 25
14 2512 193 24
22 25 23 24
14 24 Mandel Bros
• 14
1434 1334 14
1334 1334 13
14
15
1418 15
13
2412 3173 2414 2978 2532 2973 22 2778 197 2312 20 2973 Manhattan Elec Supply
* 257 3184 3034 3373 331 3884 3718 55
14 5518 8 18%
2814 30
2684 2812 27 28
21
1914 22 Manhattan Shirt
3038 198 25
25 2073 2438 218 24
18 2212 17
2113 24
19. 11% 18
11714 11714 -___ _ _
Preferred
100 ------------------------116 116 11534 11534 _-__ _ _
.-a-53 Toil; -liF4 181-i3
-1-8 -1-814
-iiii-4 1514 10 10
5
512 -833 Maracaibo Oil Expl
* 518 634 513 652 534 1032 7
912 7,4 9
412 -6-33
7
731
1
7
83 7312 8614 30 77
73 7912
30 5314 38 5214 Marlin-Rockwell
• 397 4212 40 55
50 548 48 5214 40% 47
3014 40
71 953 77 9314 43 8533 2532 474 19 35 23 2958 Marmon Motor Car
.• 2032 2734 2212 2538 2312 3012 2318 308 1714 24
884 2012
Marshall Field & Co
•
4534 4818 43 4578 3534 44
5
1-0
5
-8.18 3C4 -----212412 i
31
-5-12 4124410 Perry C049
• 3
512 4
3
4
6
4% 558 4
3
5
5433 8833 5314 6314 5713 7238 29 7112 33 48
3412 448 Mathieson Alkali Works
• 371 4338 4038 4684 4388 5138 4434 5014 4014 47 321s 4618
12214 12314 12214 125 122 125 12213 123 12212 123 122 12438 7% Preferred
100 115 119 11912 12034 12034 12212 127 127 12612 127
8212 9633 8018 927 771/ 105 5913 9934 46 6934 4512 6173 May Dept Stores
25 49 6133 5132 5973 53 58
5314 5914 51
5512 4234 -59
2014 2914 2314 2912 22 26
1532 2212 153 1818 1533 1973 Maytag Co
• 1612 1934 18 2012 19 23
1814 23
1634 1813 1334 17,3
3834 494 40 47
38 4212 3314 4014 2914 3414 2814 32
Preferred
• 294 343 33 347 33 40
35 4012 3012 3534 2112 3218
82 86 8312 861 82 8314 781 8214 7511 80
76 7812 tat Preferred
• 76 80
801s 8312 8012 8412 82 84 80 80
76 80
60 6914 6034 65
59 6412 40 59
30 45 2618 35 Melville Shoe Corp
• 29 33 2614 3112 2913 40
36 4012 32 3812
371 42
2633 30 25 2972 22 2773 9 2838 12
1978 147 187 Mengel Co
1518 18
16 2212 19 2334 18 2174 151g 19% 10 15
101 101
-- 963 97 --------36 92
Preferred
100 83 85 8614 9212 91% 9212 90 9112 8934 91
8034 85
24 2512 2112 2433 22 2313 23 237 Metro-Goldwyn Plc pref.- —27 231 2434 25 2534 2514 2534 2534 2612 26 2634 2412 2612
2438 -2-51 2412 25
212 212 218 218 202 202
176 195 180 180 Mexican Petroleum.
100 ------------ ---- --------176 176 179 179 174 180
3614 5434 3312 4134 21%3711 ___914 --343
; 12
1914 1514 2334 Mexican Seaboard 011
• 1613 2134 1634 22
22 35
1612 30%
2014 3573 3114 37
40 4535 41% 46
4014 4734 20 43% 247a 35
25 3112 Miami Copper
5 2873 3173 288 3373 28 3173 2012 3338 17 23
15 22
-
107/2 12273 104 11434 104 112 59 1027s 50
73
3632 3178 3434 2312 3412 2218 3032
3134 3434 31
--- --- 278 612 2
2
138 134 1
134
24434 30334 271 321 290 309 135 285 136 18434
44 5973
2514 2934
_,,_ --15112 1941
4
Michigan Steel
5814 75
• 53 7434 6312 73 65% 7334 65 7473 59 77
Mid-Cont'l Petroleum
• 25 28
2313 2612 2414 3238 2938 33 2512 32
2218 2884
Middle States 011 new
11
10 1
1% 1
114 178 1
IN
73 212 112 214
Midland Steel Prod
100 165 178 175 18013 _
New
100 --------37 53 4312 5212 37% 4834 3218 39
2138 3713
1st preferred
100 _
90 110 10258 10913 9634 10434 95 9912 84 9774
bi.
8 123
4 8
1
4 538 Miller Rubber
538 VS• 3% 412 372 412 4
5% 434 538 - n- - - - - 10312 110 105 10512 103 103 Milwaukee El RY & Lt pref_100 103 110 10312 10812 107 108 10538 108 10512 1-0612 10.512 10513
88 117
59 9218 6312 80 Minn-Honeywell Regulator * 61
72 66 75 67 7834 68 7418 61 6514 5534 61
1773 Minn Moline Power Impl
10 3014 1212 1773
• 1218 197 1484 2212 1838 23 2014 2878 1738 2884 13 2238
80 8912 85 75 70 79
Preferred
• 72 87
87
82 9214 75 91
82 86
8038 8438 81
4714 664 35 4714 36 51 Mohawk Carpet Mills
• 36,4 40
30 3814 25 3338 2334 2613 1818 2358 17 2214
60 8012 47 71
47 55 Monsanto Chemical Works-. 5 49 80
52 6334 51 80
35 5634
53 5958 4838 56
4912 11712 4914 72
4.238 67 Montgomery Ward & Co_____5 3838 4973 41
4713
4838 3514 4818 3814 4834 3712 1534 31
113 5
I% 412 314 5 Moon Motor Car new
1512 912 1612 9 1112 534 11
• 334 514 5 1212 9
42 8138 5412 6612 57 83 Morrell (I) & Co
• 5818 6512 6434 72 65 694 66 68
6212 67
5134 62
112 24 Mother Lode Coalition.— —* 134 2
112 213 138 214
2
112 134 113 138
134
134 173 134 2
818 4
314 1678 5
612 Moto•Meter Gauge & Equip • 413 733 512 738 6
714 68 1152 6
8
358 633
50 107
36 8334 4913 63 Motor Products
• 55 65
55 6312 3413 60
55 62 60 81
50 62
26
2812
34/
1
4
26% 40/
Motor Wheel
1
4 21
• 2612 2938 2912 32
2873 3073 21
29
34
27 34
2773
10 33
10
1534 1215 19 muffins ONO
• 127 19
my
197g 1712 197 1413 1834 8
17 2034 17
72 87
5813 67 55 67
Preferred new
• 5713 647 60 6434 5912 63 60 6212 57 80
401 53 38 50
48 5412 %lunging Wear
• 46 5114 5012 5312 49 50
403 -4-812
49 5134 4713 48
1673 27% Murray Body
20 65
1473 28
• 18 2414 20 2334 1918 2334 1912 2514 18 23% 1213 2238
351g 4238 Myers FE & Bros
30 6712 3418 44
3538 4234 384 4214 40 4912 4514 487 4112 46% 38 4814
-
ii -1i
1.1.38 -Ills 91-4 -1-3-3-4
__--- --------106 106
_ __
-- ----- 115 12314
56 ---------2713 3678
93 9934 9018 95
95 102
66 7284 6113 68
63 7134
___ ____ ---- ____ ____
10513 130108 13778 116 13778
75 --- -- ----- 7338
3
332 273 334 233 3
26 31
2614 3134 16 31
118 138 115 12514 10412 125
4313 5414 46 5518 3833 5238
44 5113 35 4512 32 381
/
4
8414 88
75 8334 74 81
5612 6032 5314 58
5233 5434
87 9438 80 9134 80 8812
40 4412 43 834
8214 903 8413 9232 7838 8738 40 817 45 597 5014 5934 Nash Motors Co
• 6113 5812 5028 5512 4538 513
: 4314 537 3813 4614 30% 41
3534 417k 3312 3878 3034 3638 15% 3384 1438 2178 1513 2133 National Acme stamped
1674 1914 1038 1812
10 185 2238 22% 2614 23 2514 181g 24
35 4312 36 4334 27 3618 13 3214 13% 18
5 11
10
14 National Air Transport
1314 2012 181s 2534 23 398 2012 293: 147 2538
1538
4213 4912 40 4434 34 4372 1234 3434 10 2178 918 15% National Hellas Hess
• 948 1484 1012 157s 11
14
17
141: 1112 20
914 1572
103 110
98 104
91 98
7% Preferred
7934 91
80 833 5612 75
66 7434 70 72 60 70
.100 88 82____ _ _ _ _ 55 60
190 21634 196 215 19512223 142 23634140 19112 165 19114 National Biscuit
_
_
_ _
25 177 21212 203 21413 20813 2251:
_ 6514 73
New
_
_
_
.
2• 71 864 8134 87 83% 911: iiis lif
-.
ii2 -9-i 71-13 -0714
iii112 1-ii ii4i 14314 iii 14314 iiiis Iii iio 14214 142 14512 7% Preferred
100 14212 145 14212 14414 14814 148 14612 14734 144 1471, 14534 14614
118 13213 116 130% 12212 14234 64 1277g 59 867 677 8534 National Cash Resister A____5 73 8173 7214 8312 6014 793, 5314 6833 53% 6174 4512 6412
7412 85
7614 8612 7334 838 36 7473 42 57 45 5412 National Dairy Products
• 454 4934 4612 521 49 527
: 5114 581, 50 6134 45% 82
2818 35 283 3112 287 3412 26 3178 2014 2833 20 24 National Dept Stores
• 20 2134 20 2413 2014 24
2014 2234 19 21
1434 19
93 96
92 9412 92 94 90 94
7% 1st preferred
100 90 go
88 88 88 8812 88 90 8812 89
90 9314 89 91
87 90
45 5234 42 5112 45 5438 15 503 26% 4714 28 38 National Distilled Prod
• 29 377 341 3912 345 3871 3212 3872 3014 363, 2412 3312
4312 5414 48 57
2513 3134 National Enamel & Stamp_ • 2834 31
50 55,2 41 52
2614 39
2713 33 28 3311 2714 2933 25 271: 1714 25
143 154 143 17812 162 19434 141 210 1294 150 13334 157 National Lead
100 137 171 16612 18913 17014 1843. 148 171 14114 151 125 14652
13814 139/
1
4 13814 140 139 140 139 141 138 140 138 140
Preferred A
100 13813 140 139l 141 139 142 139 141 141 143 140 14114
117 119 116 117 116 11613 115 118 116 11673 116 120
Preferred B
100 116 117 116 117% 116 118 117 119 117 1183, 118 118
5713 67,4 6512 7134 5973 7033 2514 8178 23 4014 2913 3713 National Power & Light
* 32 3258 38 4233 41 553. 51% 5834 38 553, 3214 501*
528 712 518 638 438 512 2
4% 314 37
112 334 National Radiator
• 134 42 3
312 25s 31
278 338 2
272
134 2,4
1232 19
13 15
934 16
6
1034 6
• 4 11
Preferred
914 I% 6
573 61: 6
7
512
5
6
3
- ---Nat Steel Corp
-- ---- -- --- -__
---*
53 554
120 his; no 11,312 ni 133 10012 1-3214 9813 171-5 991-4 fa National Supply
50 102 105 105 122 109 1183 115 12434 101 119 1007 11852
111 115 115 115 ____
112 115 11212 115 11134 115
7% Preferred
100 114 115 114 115 11314 115 il5 115 11533 11512 113 11514
10314 12334 10614 12734 110 1287
_--285 112 80 9434 7014 8534 National Surety
50 7012 921 8014 8938 86 983* 89 97 8614 91
884 8714
6612 7712 63 70
6153 6734 35 8434 31% 45
3412 4333 National Tea Co
* 3534 41
3513 4173 3138 38,2 3134 38
30 3212 24 3312
• 43 50
_- ----- ---- _ 65 9813 50 60
--,4614 5412 Neisner Bros
43 4912 43 48
4514 54
35% 5314
49 54
r 2714 3238 27% 317 267 3014 20
4 44 1933 4373 -547
42% 1
; 25 4838 2314 3813 2653 337 Nevada Cons Copper
833112 17 23% 1512 2118
56 76
71
9633 8812 103 60 9934 45 65
5812 57 65 61
48 60 Newport Co class A
50 51
85
7514 77
70
70
5414 64
9812 113
9514 10414 96 105
• 40 5513 52 5733 50 5714 4913 58
50 98
3514 5934 35 50 Newton Steel
45 52
28 5112
4313 451 43 477k 4278 4634 3512 461
/
4 36 43 42 4478 N Y Air Brake
• 4414 46
4414 47
4414 4512 4212 4514 4118 4312 3812 43
48 55% 50 5314 50 56
1
38 54
100 35 40
33 40
34 4 4038 N Y Dock
37 42
3912 4414 40 48
40 46
28 36
8234 85 8312 8312 8313 88,4 84 8718 ____ ____ 86 8712 5% Preferred
100 82 8312 80 84
84 85 84 8812
85
* ------------------------2758 32 --------85
__ ---- - - N Y Investors
- -- --- _-_--7- --- ---- - - ---22
30%
1718 2818
97 1-0214 99 1-01-% 9818 1-62- 97 1-00% 93% -fiT8
• 100 10212 100 1
9718 fof NY Steam prer (6)
0O 10312 10234 10373 10234 104 101 10334
11014 11134 11014 115 11014 115 10813 11473 107 112
10813 11112 7% 1st preferred
• 11134 112 110 112 11112 116121212 114 11234
11373 111 11434
14132 18258 163% 18658 16214 18634 70 164
• 9332 10314 101 11614 114 12612 11912 13272 10533 127
85 10534 North American Co
6612 106
8914 129
52 537 5113 5272 5134 53 5114 5352 48 518 51 54
6% Preferred
50 51
5353 53 5518 5413 5512 5412 554 55 5512 5438 57
_--- ---- ---- ---- -.— ---- ____ ____ ____ ____ ____ __-- North American Aviation__*
____ ____ _- 1218 1473 912 1412 7% 11%
190
19814
31024
99
10114 100 ION 98 1004 10034 102% North American Edison prof.* 11434 1-0214 101 102341 10212 10414 0338 10412
1065
1037 105 102 10411
5238 5812 51% 5412 4934 537 4512 5218 46 4938 411 473 North German Lloyd w 1
45 5018 4812 5134 48 54
51
5412 52 55
484 5534
4312 46
44 48
4512 46
41
4512 401 42 Northwestern Telegraph---50 42 49
4512 41
49 4912 50 5018 46 50
45 4812 45 48
34 2
24 27g
114 2,4 114 214
10
78 1
1
134 1
78 118 1
114 Norwalk Tire & Rubber
4
218 312 112 212 1
17/
2114 2114 20 20
19 2114 2114 25
Preferred
12
17
8
10
100 9
9
9 10
9 19
25 25 _____ 12 12
5
514 ---- ---- 5
5
54 514 -___ ____
2
4 Nunnally Co
2
*
2
214 2,4 --------3
-3
212 314
18 20
1638 2514 19 21
15 2012 12
17
25 9% 1112 10
78 12 Oil Well Supply
1138 934 1514 12
1412 10
1613
1138 10
9512 9934 96 1001
/
4 96 101
96 9934 97 97 8834 93
7% Preferred
100 88 89 87 88 86 0212 9112 93 9113 9212 86 9138
3512 4753 3834 4514 3513 4634 8 395 12 21
• 137 2338 1912 2214 2278 297 2713 347 2013 337 1438 297g
1214 18% Oliver Farm Equipment
58
17 5134 2614 3973 2534 38
51 59 5012 5634 51
• 3114 42
Cony participating
4483 40 464 3712 44
3713 4253 41
27 42
94
88 927 82 90
9558 91
91
Preferred A
• 70 8112 7812 8113 79 89 852 8773 84 9034 72 88
70 81
6412 78
713 93
614 8,2 6,8 7,2 212 614 234 412 273 334 Omnibus Corp
• 234 332 31
514 4
818 512 814 453 614 312 57
_
__ 8312 8314 8073 82
70 8058 5 73 65 70% 8% Preferred
100 ---- _ _ __ _
__ 73% 80
7934 83 82 82 80 85
70 -75 69 7334 7134 7734 60 7212 50 80 45 5614 Oppenheim Collins & Co
• 4714 -54
47 -4-8
43 494 4634 56
4813 527 36 48
71
7934 5018 80 55 05 53 65 Orpheum Circuit preferred 100 63 70
76 8812 75 85
70 79
78 8614 82 997 8713 99
78 98
405
40112
36612
44534 273 450 195 297 2351 309 Otis Elevator
367 405
50 280 30012 29714 33334 310 327
•
—
New
_ 737, so% 7 614 -ii 6712 -ii 88 iii&
1iii4 12-41-2 HO- cii" iiii" 121W4 11ii8 C2-61; iii— Ili— iii 12-i 6% Preferred
100 11818 125 11913 I25 123 126 124 128 123. 126 12612 128
447 5133 42 5214 43 5058 3114 55 2214 4313 28 3638 Otis Steel
* 301 3512 3312 36
3234 387 3233 3838 2938 3314 25 30
9912 100
97 10018 8934 9652 89% 93
100 10018 9714 100
Prior preferred
100 91
9413 9413 97 97 98 9712 99 --------92 92
82
75
80
78
7012 80
80 85
• 53 69
59 7312 4934 60 Outlet Co
55 5812 60 87 688 70
70 72 61
70
107 110 108 108 108 1131 108 10812 98 109
98 100
Preferred
100 ---------------- 102 103 107 110 10713 10712 105 1071*
7512 7934 76 8913 50 8734 43 8014 50 5984 Owens-Illinois Glass Co ____35 5214 5512 55 6078 58% 6012 55 6012 5014 56
75 79
454 524
66 737 68 97 8072 9834 51 8434 42 5973 4872 58 Pacific Gas & Electric
25 52% 557 54 647k 6253 7478 68 7318 62% 7133 6212 69/
1
4
92 11134 11112 1343 120 14612 73%137
• 72 8434 8214 9353 8914 10773 99% 10614
5818 8534 8818 8213 Pacific Lighting Corp
987
105
Rights_ _ _______________-, -,....— -_-_ _ ..„.. ___
334 558 454 551, ------------; io -ii ii 114 iii4 ii ii II Pacific Mils
29 39 2812 107
2912
24
2812
2612 22 -25
22 -2-4
199 2, 37- 2712 -30
1
13
118 1
1
11
% 118
78 1
• 1
114 It. 14
78 112 Pacific Oil
U' 11
III 11:
.. ---
•No par vane.
JULY 19 1930.1
FINANCIAL. CHRONICLE
409
New York Stock Exchange—Continued.
1929.
August September
October
Jul!)
November December
Low High Low High Low High how High Low High Low High
1930.
STOCKS
January
February
March :: April I
May
1
June
Low High Low High Low High Low High'Low High Low High
2 per share S per share $ per share $ per share $ Per share 8 per share
Par s per share 9 per share S Per snare S per share S per share S per share
186 220 193 219 19512 20734 160 205 131 170 149 164 Pacific Telep & Teieg
100 150 166 169 178 141 16758 147 15438 1414 14734 130 14512
12534 130 130 132 134 136 133 138 125 133 118 120
6% Preferred
100 11612 13514 135 145 12314 144 __-_ ____ ____ ____ 12612 128 "
Rights
19
2434 ------------------------ -- - - iiiis Ilia 2533 3212 1512 27-% ii -1-9-78 19ig 1-7-3;Packard Motor Car
4 1934 1834 2338 1818 234
• 1518 1778
19
1.2
3-8
53 -6212 58 69 6134 67
50 6612 55 63 56 6238 Pan-Amer Petrol & Transp_50 52 6018 5158 53
5212 5514 55 60
56 6414 5412 60
511
558 6434 5634 6914 6112 6712 50 6634 55 63
6234
Class 19
5212 57
50 5012 6014 5134 55
55 6334 55 6712 5412 63%
7
818 94 71g II
10
434 634 Panhandle Prod & Ref
5
• 45
734 3
558 44 5
7
434 878 612 1178 9
1234 558 11
55 50 504 5012 4914 55
55 55
10 53
50 501s 8% preferred
100 4712 47% 4712 5018 5112 5112 55 60
6018 80
70
7412
63 6932 6434 74
6818 7412 35 7512 4118 56
• 4834 6312 6138 6934 6734 7714 684 77
447 5512 aramount Publix
70
7134 5114 711s
0 25 29
4812 13 4434 4812 23 51
523 61
24 34
2412 30 Park & Tilford
2512 2612 26 3334 2812 3534 2014 3012 19 307
3
1
64 312 634 312 5
5% 7/
1
4 534 6% 4
3
43
334 Park Utah Cons Mines
I 22 3
234 314 234 314 278
234 3
134 234
__ ___ ---'
—__ _ __ ____ ___ 1712 1918 1512 21 Parmellee Transportation
21
264 1514 237 1218 173
• 1752 23
1734 23
9
15
7% 94 74 1012 814 11
4
• 234 434 334 418 334 6
94 38 534 213 518 Pathe Exchange
514 9
412 818 334 53
* 5
1718 2134 17 2134 1712 2112 5
612 123s 412 918 Class "A"
19
878 714 814 73 1212 1114 1934 912 1712 674 1134
361g 4112 247 28% 25 327g 2714 3138 Patino Mines & Ent
35 4134 3834 43
20 2814 3234 2834 3278 2312 2918 20 2734 1812 23
17 21%
12 13% 8% 124 54 11% 512 94 618 734 Peerless Motor
1158 If
818 1338 818 11
42
50 618 1258 1012 14
738 9
104
- - -:.:- --11
1n
58
14 --,- _-..Rights
• 2618 3334 3214 -37-14 3618 -4478 43 5538 414 5334 35
6-04 35 -5572 22 -3-11-34 2
. 38 -61-34 Penick & Ford
561-s -6-03- 4 5212 5-84 5 34 -5434
107 108 107 10834 10712 109 107 108 104 107 104 107
7% preferred
100 107 110 1074 10714 --------110 110 10834109 10914 110
• 6334 80
-------------90 10514 66 94
_--. --7012 82 Penney 0 C)
7114 7934 63 7114 6414 744 63 7214 48 6812
_. ____ _--- .___ __.. 93 95
03 95
95 97
95 99
9814 10034 100 10012 99 1004
Preferred
100 93 95 9312 95
758 8
14
818 11 12 11
6
1112 54 978 7
1212 10
9 Penn Coal & Coke
11
912 1012 10
50 88 10
934 10
612 9
95 1138 712 1032 738 1038
• 618 882 612 734 678 12
54 9
818 10
1134 1612 814 14
312 1074 54 9 Penn-Dixie Cement
547 7012 5014 9912 40 5012 33 4014 2018 43
44
55% 50 52
28 40
7% preferred ser A
100 304 4234 40 44
45 50
4212 51
*------------------------57 6018 54
58
3934 5414
_-_- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---*--------------------------------10713 10712 100 106
Preferred
296 385 375 404 463 383 240 37434 22434 25912 23212276 People's Gas Lt & colte____106 230 251 242 263 250 320 300 323 290 325 240 31934
. .
11
1114 1312 11
_ _ Rip.htv
_ _
_ _
_
28 3314 2912 3112 2118 2938 20 2212 184 21 Pet Milk
31 39
* 1834 2034 liiia -2-612 184 -66
17ig -2-1-3-4 leis -iO12 iiis -1-6.12
--54- -:
,
- - 7 7- -_-.- - 5818
-:
- -:
7-77 - 7 7
=:
- - 77
-.Petroleum Corp of America _ --* --------------------------------253
2612 1834 2714
66-34 58 6414 -.._6918 4214
- 6438 31 48% 3818
-45 Phelps Dodge Corp
25 3834 4312 38 4178 3634 4418 35 438 3414 4018 2912 38
18014 220 220 249 248 283 274 285 178 195 180 22434 Philadelphia Co
50 22134 224 22812246 24414 24712 245 248 --------200 215
5112 53 /012 5283 4712 5012 50% 5134 6% preferred
5112 53% 5212 54
52 55
50 5014 5212 52 53 5234 55
534 55
52 544
49 49 473 50 --------48 49
48 48 --- -1% preferred
50 47 47 48 49 4912 4912 49 4918 48 50
50 5032
1814 2834 24 2838 2213 2934 10 2772 94 1834 1078 16 Phila, Reading Coal & 1ron.....• 118 1512 1312 1714 15 18% 1612 2412 18 2578 13 2412
36 40 30 3612 1912 27
39 47
38 51
23 26 Phillips-Jones Corp
• 2434 2514 2512 2778 2434 264 23 2734 20 22
19 2078
70 85 65 75
84 85
83'4 91
89 89
70 75
70 75
705s 71 --------70 72
Preferred
100
70 70
97 1514 9% 1118 534 1334 6%1034 814 10 Phillip Morris & Co
15
14
1513 12 14
10 814 11% 10 1112 1
1034 14
9% 1214
2914 3414 3218 39
• 314 35
3512 3812 35 4078 36% 3918 27 4212 244 39
3113 40 Phillips Petroleum
38 44
.
3_4 37
112
4 44
174 2
19_6
34
4 38
1%
34
Rights
23
1018 21
1112 1812 11
22 2614 21
il -24
1034 1512 15 2018 15 20
13 13
li Phoenix Hosiery
11
1712
5 13 13
9112 9212 -,._.- ____ ____ ___ ____
94 9414 9112 94
3
82
83
80
86
86 86
7% preferred
100
85 85
70 -80 68 -75
83 868 82 84 80 84
7312 6912 7112 70 7112 70 82
6734 -71 Pierce-Arrow Motor Car pL 100 71
7614 79 6814 77
3178 3538 304 3434 21 301* 18 2312 194 244 Class A
31% 36
2734 33
• 2112 26. 23 2418 23% 28
27 29
19 2612
112 214 13
178 218
218 1
214 1
14 1
138 Pierce Oil Corp
1
114
18 118 212 134 212 133 212 1
25 1
134
2212 3434 20 2612 8% preferred
37 40 35 42 3312 5134 20 47
26 4134 35 4818 3712 52
27
2112 21
2012
100
23
4214
438 512 378 478
4
55
• 214 27
12 412 212 314 214 27g Pierce Petroleum
514 714 54 634 44 612
67
212 334 3
444 5012 47 51 7 30 48
4334 11
1
33
40
3712 Pillsbury Flour Mills
3134
• 34 374 3418 3612 32 2 35
3234 3734 31
337 27 3214
59% 6374 4314 60
604 67 61 68
46 5234 43 4734 Pirelli Co of Italy
45 5018 48 50% 4512 5014 4418 4614 4334 4638 393
54 70 6414 76 Pittsburgh Coal (of Pa.)_100 70 7812 60 6918 6112 6734 44 64 55 6414 47 4 44%
6412 6812 6412 804 7012 794 56 82
6214
95 9934 9212 110 89 10234 977g 104
854 874 8618 100
8712 98 85 9158
9734 10012 954 9034 86 96
100 103 110
6% preferred
....._ 2658 2712 2434 267 20 248 1734 2014 17
• 175a 204 20 224 2014 2112 2014 2258 2034 22
1912 Pitts Screw & Bolt
1833 2114
9712100 98 10012 100 10114 100 110 96 10312 9812 103 Pitts Steel, pref
100 100 103 100 101 10012 102 10014 10114 9812 10012 93% 9934
23 264 21
2112 2012 2612 20 2434 16
22 27
9 1114 8 1114 7
8 12
18 Pitts Terminal Coal
100 157 157 10 14
7
55 59 55 60 55 65
55 55
52 52
42 45
100 45 45 ---------36 38
40 42 40 41
38 . 40
6% preferred
• 2012 21% 2018 2012 2038 2232 22 2272 22 2232 21
2213
27 424 344 437 3112 397 25 4134 20 32
• 2734 3334 2912 3314 2914 34h 2712 3314 25 31
2612 3178 Poor & Co class B
207 2734
7514 7712 7114 76 60 7734 51 66
7612 80
6112 7412 Porto Rico Am Tob, cl "A"..100 5934 67 65 728 70 7814 6312 7112 62 6714 61 65
3012 3334 2434 30
28 36
9 32
8 19
1012 2034 Class "B"
* 12 1772 1534 25% 24 2714 19 2678 1412 23
1112 19,2
99,2 10134 93 10078 9634 99
102 10318 102 10414 10114 104
993
4
1013
103
4
101
10214
10014
97
10018
1023
4
_200
101
9012 10112
Postal Teleg & Gable pref
4012 5583 45 561 5034 5634 Prairie oil & Gas
9114 60 9038 5933 5334 58
4583 49
46 52'4 45 4934 4812 54
36 47
25 4812 52
5912 6118 59 65 60 638 45 6278 5314 59
5612 597 Prairie Pipe Line
25 58 597 5534 6012 544 57
5414 57
5014 55% 4414 5134
6718 7412 62 7114 57 68
7334 7734 75 79
63 727 55 61
7612 69 72
50 6038 Pressed Steel Car 7% pref_100 52 7174 71
50 5713
15 1812 1014 1814 614 107
1612 2052 164 19
712 115* Common
8 1011 612 irs
• 77 1338 1312 16% 135 1512 912 15
__ 9018 98 85 95 65 8812 4314 72
1214 6012 Procter & Gamble
• 5234 6812 6583 7012 6478 6938 66 75% 6714 77
651s 78/
1
4
97
4 1458 6
1212 157
15 1812 1112 17
934 7
1134 734 1114 634 1084
50 84 912 64 812 7% 117s
1134 Producers & Res Corp
3734 42 34 3812 37 427 30 38
2512 33
30 33
34 35
35 38
31
40
30
50 31 3212 31 32
7% preferred
5
__
.
__
3_
____
_
40 48
48 51
50 51
531s
35 4134 35 39
36 46 Prophylactic Brush Co
5318
* 46 5278 5118 55
____-rr1474 15014 ISO 15014 14812 151 14812 451 13912 150 143 1447 Pub
- 612 152
-4158
Serv Corp of NJ 8% Pf.100 143 151 150 15534 153 155 150 1547g 155 1610614 124% 108 12434 11814 13734 7134 12478 54 837 71 8634 Common
• 8112 9012 874 9838 94411078 10814 12334 993411838 8512 116
118 121 119 121 119 123 119 12214 105 120 11812 120
100 121 12612 123 126 12578 13014 12812 1294 12614 13012 128 131
7% preferred
105 107 10113 107 106 10738 105 10818 93 106 10512 10734 6% preferred
100 10612 10912 10814 110 109 112% 10912 11214 110 11214 11012 11212
9518 9518 95 95
95 95 95 9538 9212 95
9212 93
9678 9838 9712 9812 9184 98
9214 97
•9214 93 92,4 93
5% preferred
5% preferredwi
9714 9712
*
1105 10734 106 10718 t06i2 10778 1084 10712 10412 107 105 108 Pub
109
109
34 110% 110 112 10912 11018
11034
1071
/
4
10914
1074108
,
4
100
Serv El & Gas. Pfd
85,4 9138 8112 89
8334 9914 754 978 73 8312 7918 88'8 Pullman Co
* 8218 893 8118 861 814 8434 78,8 85% 7414 7912 62 758
15 2112 1512 1912 1438 17
932 1738 8's 12
6
84 Punta Alegre Sugar
2
24 53
3
84 518 734 434 63
50 6
114 2,8
1% 112
50
Certificates
2514 28
2414 2814 2512 2712 2018 3014 20 2538 22 2434 Pure Oil
2134 2512 25 2714 2214 258 1912 23
35 228 2432 2iig 24
112 1134 112 11314 110411314 10814 115 108 111 11014 114
100 11214 11334 113 11334 11212 11334 11234 11414 11012 114 11112 114
Preferred
123 14778 13212 14858 135 1457 55 13812 5818 85% 70 8812 Purity Bakeries
* 77 8778 88 888 73 8534 72 78 66 7514 52 7312
8434 11434 26 9414 28 48
7618 9214 79%100
334 494 Redo Corp of Amer new
• 3418 4514 3614 4914 4634 5534 5318 693* 4114 65% 3212 554
52 544 5212 55
5312 5412 53 55 50 53
53 544 7% preferred "A"
5512 5612 55 5514
50 5312 55 53 5418 54 5512 55 57
77 7958 7514 7834 74 78 68 7714 62 75
68 7312 Preferred II
79 84
7112 79
79 85
• 68 7334 69 74
7012 81
12 3822 14 23
3414 404 3414 417g 3312 39
161g 2314 Radlo-Keith-Orpheum cl A • 19 304 27% 3214 3034 3838 35 50
3512 4712 2714 434
Rights
-------114 218 1
214
3434_
35 ----32 3514 30 30 25 25 ---- ,35 35
34 37
36 36
314 36
3534 3712 335 36/
Rand Mines
1
4
5112 5812 3214 56
28 42
31 -3-7 Raybestos•Manhattan
46 587 35 1214 28 4t1
3814 4312 3612 47
• 33 41
76 84
7312 -66 70 79
4014 747 3614 5934 44 5612 Real Silk Hosiery
5914 57 6478 55 638 4318 57
34% /4
10 4434 5234 51
9512 99 98 994 9514 100 88 9718 87 90
8614 95
96 98
91 100
8812 92
98 100
100 88 90
8912 90
Preferred
95 1134 5 11
101s 1212 9 13
418 7
334 814 Reis (Robt) & Co
334 478 34 334 214 334
• 314 514 35* 578 314 5
6634 734 6112 847 60 85 60 8512 50 55
40 50
2712 31,4 --- .—
31 33
2812 3512 31 35
100 30 37
1st
preferred
384 5014 4214 51
46 5114 27 5734 2038 39
25 3238 Remington-Rand
* 2558 3434 3338 3812 3734 444 3914 4612 32 4134 23 -3 14
9312 95
944 95
9214 9534 85 964 81
9234 91 93
95 98% 9834 10078 9912 10014 98 10014 9314 WA
100 92 96
1st preferred
99 9912 99 997 99 10018 99 99 994100
97 10114 100 102 101 102 101 102 98 102
100 95 100
--___2nd preferred
2014 24% 20 2434 184 2238 1018 1812 1018 1378 108 125
1018 1112 1318 1113
10 --------10012101120% 1218 1078 1434 1314 1478 1118 14
8Reo Motor Car
10 ----------------------------------------6 712
Certificates
10014 115 105 13012 12158 12614 70 13314 6214 8834 70 ii
72 8012 75 8278 ---- ---- --- -100 7212 7918 7234 81
Republic Iron & Steel
717 7734 75 8038 ---------------734 79
Certificates
1083411284 110 11212 110 112 10812 1117 103341;10512
100 107 114 109 11414 111 11412 114 11412 11314 114 1121211212
1-15i18 7% preferred
Preferred certificates....... ---- --._ 10938 10912 112%113 113'2114'2 ---- ---- --__ ------- ---- ---- -- -- ---- --- - ---- ---- - -- - ---- ---- ---•
63 7912 5014 6684 3714 5934
100
95 9514 95 9512 8812 9514
Preferred
_ ____ ____ __ ____ __-- 3078 3112 25
11-12 Revere Copper & Brass
23 2778 24 2738 2314 2612 22 24
* 2712 30
22 22,2
78 78
70 7613 Class A
704 7018 --------6214 65 61 6634 5914 6612
* 70 72
100 102 103 102 103 102 104 100 104 100 10012 100 10012
.
*
3014 3434 284 343* 23 3332
634 734 6% 1214 9 1214 54 104 '
74 5
• 4
eh 5
35 7
5
5
614 4
378 -5 Reynolds Spring Co
3
67
458
18 1
1-84 38
18
3
8
Rights
Li Ei aka -5-!i3i ----50 6214 39 53 4634 5312 Reynolds(R J) Tob cl B new_10 494 5412 Lira 1514- 5-ifs 1142 ii1.4 1614 '4,5 Ii3i iii4 -5178
70 7012 7434 77
70 70
75 8912 75 80
7512 80
7214 75
73 7534 7112 7412 7112 74
10 7214 80
70 74/
1
4
55 594 56 5818 5414 5712 4712 547 4514 5034 427 474 Class"A" new
4552 42 4434 43 44
43 4414 43 4312 39 40
Rhine
Westphalia El & Pr vr i 41
RIghts
112 2'4
3934 4314 3878 4434 3814 4212 244 4038 264 31
221 2974 Richfield OH of Calif— —.25 2278 2612 Z2i4 ii ii -2614 25' ill 26E8 -263-4 iii4 -2-1
2612 3234 27 2938 15 29% 184 23% 18 224
264 32
• 1814 1912 1612 1914 19 2412 22% 2534 191 2314 1558 2170
Rio Grande Oil
65 697 6318 6714 62 67
40 55
50 66
45 51 Ritter Dental Mfg
• 4478 4812 50 5934 54 588 5014 59 4484 50
3812 47
6814 7912 6912 82 42 75
6918 76
28 50
34 437 Rossia Insurance new
10 3718 4112 388 4538 4212 4834 38 4612 33 40% 2714 397
15
-----------------------Rights
3318 3934 34% 3912 39 4312 3412 3412 26 3312 ---- -•
Royal Baking Powder
-----------------------------------------------106 11314 110 11134 1144114%.
_
-___ :_-- -_-100 110 110 ----------------108 108 ---- --- ---- -iiis "63-34 49 -5-5-38 -0038 5533 Preferred_
5113 5453 5034 5914 5518 04
Royal Dutch Co NY Shares.100 5134 5483 4914 5314 49% 53% 5314 5612 5118 -5514 4918 53
5912 89% 6584 7334 6212 7234 2 80
3812 57% 46 5838 St Joseph Lead
3314 44
43944
57114
2 6
10 4812 55% 53,4 116
6
40
418 5434 4012 46
16214 18012 167 1794 174 187 10018 17834 9018 13434 10512 131 sideway Stores
7534 100%
• 11114 1223g 9612
104% 88 99
1056144
63
93 96
95 101
QC
934 96
v
85 9712 90 9612 ••••
7 9612 95 96
95 99
967 96 997 94 98
96
94
9.
12
Preferred
(6)
100
10212 105 10212 101 10114 105 100 106 100 10514 105 10912 Preferred
109 10612 109 10734 10978 107 109% 108 109 108 109
10518
loo
7)
39 42% 38 427 38 4234 26 407 2012 28
24 29 Savage Arms Corp new
2618 30
2612 3134 2434 3014 16 26,2'
• 2412 3138 2612 30
1912 8 2118 8
16s 254 19 2212 17
1012 312 814 Schulte Retail Stores
513 933
84 10
• 414 1312 84 11
834 1238 733 10
90 9034 694 96 65 73
90 9534 90 91
30 724 8% preferred
6012 6512 60 75
70 747 60 65 50 58
100 35 75
6212 6/ 61 8118 50 5974 5112 55 Scott Paper
62 634 63 65
45 50
5114 5512 51 51 --- ---•
131g 1433 131g 14
13 1774 104 1734 1012 1214 10
123 seagrate
1134 1114 1414 1014 1333 10 1012 9 103it
• 934 1034 10
-
sNo par value.
410
[Vol.. 131.
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1930.
1929.
October
November December
July
August September
Low High Low High Low High Low High Low Nigh Low High
STOCKS
January February
March
June
April
May
Law High Low High Low High Low High Low High Low High
11 per share 8 per share $ per share 8 per share $ per sho75 8 per share
95 158
80 1157 8214 10814 Sears. Roebuck & Co
159 175 15334 17434 156 175
---- ....-- ---- ---- ---- ---- --- __— ____ ____ ____ ____ Second National Investors
..
__ in mos 110 175% 100 100 --------Preferred
338 28 234 Seneca Copper
478 2
434 5% 3
--51
-14 -13-4 --;112
712 1058 Servel Inc
1713 714 117
8
---- -- 17 2138 1614 205
2118 2718 Sharon Steel Hoop
, 5278 2518 451, 20 32
4613 1334 441, 517 427
167 2018 Sharp & Dohme
- -- --_- --__ _--- ---- ---- ---_ 191 22
Preferred
64 65% 64 6412 57 6412 50 5812 5378 571
4 17434 194 d5634 685* 251s 6434 29 4434 3414 437g Shattuck (G F)
16212 1-843Shell
491
Transport& Trad
4
3
45
3
443
4
4734
5014
443
453
4
47
4
4618
44
4514
4334
2218 2412 Shell Union Oil
2058 25
25 2912 2612 2914 19 28
27
26
Preferred
-1-i- Shubert Theatre
;
4 -15— -3-9-7
2 -iii- -4-8-1-3634 '-ii- -iiTki -4-7-12218 29% Simms Petroleum
15 24
30% 3934 3234 4019 3038 37% 20 34
7434 111 Simmons Co
6514 18034 5912 92
102%12234 110 14938 14212 188
ii- -2-2-- —I
Par $ per share I per share $ per share $ per share I per share $ per share
• 8212 10058 8512 10038 8114 9514 84 94
79 8838 5919 8938
• 912 1218 1158 23
1812 2214 16 2038 1312 18
7 1378
• 5812 65
65 73
698 8234 77 8034 73 76 60 7338
11
2
238 13
2
3
• 21
312 234 314 212 3
• 78 914 8 1034 8,s 128 914 1312 878 1212 612 104
• 2214 2812 28 3234 28 317 2612 315, 2212 2612 1613 2334
• 17 18
17 1712 1714 2734 20 2512 19 2019 1612 2138
* 54 5612 557 5612 573g 6334 592 6214 59 60
5518 60
• 3634 4734 42 49
4378 477 452 52 401g 4838 312 48
£2 45 47
4418 4514
4234 47 43 4512 4512 4838 451 46
• 218 2319 21
2314 211 24
2312 2512 2018 2414 18 2118
100 103 10414 101 10334 100 10312 103 10614 9834 105
95 10012
• 85, 1434 1012 1338 11
1834 151 35
2038 347g 108 2534
10 2278 2814 23 2814 2414 37
32 3614 2512 3334 18 2813
• 851 948 6212 88
4334 6914 4412 5314 351 4553 2214 3712
20 2912
247 30
2238 2814 Sinclair Cont Bil Corp .--..- • 2312 2534 2158 2578 2418 2934 2858 32
33 3734 3112 3912 34 3812 2213 3634 21 30
ii0 109 111 109 11012 1091211178 11134 11214 109111013 108 110
109 110 109 10914 10812 109% 103 110 105 1074 108%1095, 8% preferroh
3
3
287 3214 29 365 37 42 32 3878 2812 3638
25 298 32
28 418 30 3412 30 3412 Skelly Oil Co
3958 45
3838 45
3934 43
Preferred
_
100--------------------------------99129912891,9934
Sloes-Sheffield Steel Sc Iron 100 35 4413 44 45
__ 2413 26
35 5612 39 4512
53 -6-11- -ii- -64 -581.4 63
Preferred
100 6814 6814 6014 70
45 65
6065
-65 7514 ___70 82
69 80% 68 75 65 72 6212 66% 67 80
798 86
• 512 8
534 712 6
8% 318 58 413 6 Snide. Packing
1012 4
712 4
634 614 712 6
11% 1478 10
115, 8
612
17 3012 Preforred
28 3314 2618 3418 15 26
100 235, 348 3134 3634 30 36
20 371 14 22
4558 6412 4514 5323 35 46
9312 10112 Solvay Amer Inv pref w w
95 10813 85 96
_ _ 105 1103 1058 Ill
100 9512 104 103 10478 103 114 11014 12112 1105 11713 10412 1164
• 2419 3034 2413 2614 25 304 2413 2812 205, 27
1514 2238
235, 33 2°58 2934 South Porto Rico Sugar
-5111-2 -3878 35 3678 3418 3678 3018 41
8% Preferred
100 117 121 117 121 11738 11734 11878 119 112 119 105 110
121 126 120 123 118 120 114 122 114 11812 11.. 116
25 5618 6012 5819 6538 60 6714 65 72
608 68% 525, 6614
6318 7234 7014 884 7818 9314 51 9114 4518 6138 5218 'al34 Southern Calif Edison
Rights
-___ — .
__ ____
312 358 338 414 37
419 ____
21
* 1814 21
26
25% 27
20 --27
20
22 2338 20 -3912 4712 --------3713 3718 ------ ---18 25 Southern Dairies class A
514 Class B
84 212 734 3
914 6
012 8
714 614 9
• 312 412 5
6
734 513 6% 519 9
812 1012 5
• 33 36
34 3519 3412 45
3234 378 Spalding Bros
40 518 30 41
33 3812
3812 41
40 44
5314 5914 5234 5713 50 54
100 108 110 108 110 10912 113 109 113 108 113 108 113
11218 11212 11034 11212 11034 111 11034 113 107 115 110 110 Spalding 1st pref
-26" 5-612 -51 -3-7-1-2 -55" -io-
1814 28
40 4518 15 44
94 98 89 95
9278 96
63 721 15 644 1318 29%
2
712 3% 512
68 8
72 7318
71 80
71 80
3812 42
30 4312 20 28
5078 61% 2458 53% 21
3434
38 45
41 49
48 51
45 88
7812 88
3934 52
3818 4434 20 3912 21
31
116 11834 116 118 11414 118
138- fi67
;1281s11312 160 24334 79 23414 7312 124
6418 6534 6312 65 61 6534 5812 65
624 65
---- ---- -_-- ____ --_- ___- ____ ---- ---- ---3812
90
577
8
73
36
5012
45
77
-_--
4134
93
68%
9
74
44
5914
49
8712
-_--
3779
9018
5514
638
70
41
50
46
70
__-_
4178
948
73
812
74
45
5414
4914
83
____
• 1978 2834 267 31
18 2534 Spang Chalfante & Co_
2734 3613 3014 3414 25 3512 2918 3734
94 9512 9412 9512 9413 96
"referred
9178 947
93 9412
9413 96
.100 92 96
* 1318 185 1618 2278 1918 225, 2134 3013 2014 2734 1478 2812
15 2173 Sparks Withington
• 6
97
312 612 Speak & Co
734
7% 718 712 6
98 814 1012 7
7
7814 7814
80
7% Preferred
7934 8018 80 801 80 80
100 71
70 73
79 81
• 21
207 22
23
1878 2112
21
2118 23
22
22 25
215, 26 Spence: Kellogg & Sons
3012
212
1
•
3612
3034
2018 2734 Spicer Mfg Co
3012 3534 2214 3178 22 2478 1434 2334
• 3914 41
4113 4412 4214 45% 4114 45
Preferred A
393j 41
3712 4012
40 42
* 3512 5034 41
52 40 4578 3914 4314 2934 3812 17 36
34 4513 Spiegel-Hay-Stern
•
2618
28
2538 2914 223 37
255, 3134 Stand Brands
2434 273 2112 2518 17 241s
• 11812 119 11712 11913 118 11912 11914 120 --------119 121
11713 11818 Preferred_
• 10934 1097s 11512 1247 11018 12434 1145,12914 10234 12212 84% 11913
97 13712 Standard Gas 8 Electric
50 6414 6514 64 66
64 6612 6413 6618 6514 67
8% Preferred
6414 66
6134 6612
___- ---- Preferred 7%
312 914 Stand Commercial Tobacco_ _* 5
614 714 514 7
12
7
1712 8
5
1634 8
614 478 5% 312 434
11
15
14
1213 1512 11% 137 1014 12
__ * 10
48
25 4234 10 251s 4 15 Stand Investing Coro
5
1012
_____
--------98 100 9934 102 10018
_ ____
_ Stand Oil Export pref
lot'
101 101 10313 100 10414
• 5912 6 58 5512 6114 5813 67 6714 75
791s 5112 -7-712 56 -6-9- 5914 16-34 Standard Oil of Calif
6634 745 57 7114
----------------3714
_ Standard Oil of Kansas
4034 37% 49
25
38 4734 29 4218
7414 8478 71
.,52 -6-9-12 Standard 011 of New Jersey_1; 62 6678 58 6512 5838 75
.
-561-9 -dila- -561a -'iiii -iiTs -8I- -in- -8-2-5;
84 6034 8052
4012 4818 32 46
3134 3914 3134 3614 Standard 011 of New York_25 32 338 31% 333 32 3572 3518 403 34% 40
30 3714
3858 4014 3738 47
• 134 214 134 3
419 514 4
2
3
5% 312 4
2
134 25, Standard Plate Glass
2% 35, 134 3
238 112 214
34 114
312 712 7% Preferred
1412 s
6% 434 838 612 1012 358 812 4
1314 418 9
100 4
1514 187 1414 1634 10
538 212 378
25
•
38
42
38
45 70
68 7312 72 73
20 3434 26 32 Stanley Co
3038 4038 35 35 2712 34
60 73
36 42
• 33 388 37% 4312 373 40
37 4734 38 4714 2712 4433
-_ 3018 4778 3114 3572 3012 3934 Starrett Co (The L S)
---- --__
• 1018 143 1414 1738 1534 2012 1612 2012 1412 1734 10
3714 814 197
934 1514 Sterling Secs Corp
11
38
--8 28 -; 2838 -343
2718 -337
1712
1318 13
1434 14
1518 1114 15
1513 14
812 137g 1118 13
1412 1312 1414 11
1455 13
Preferred
20 12
1434 1578 14
1434
4318 4733 42 4434 36 45
Con* 1st preferred
3518 41
36 44
55
54 5512 31
50 36% 4033 398 4234 4114 48
3813
42
38
44
38
4212
Stewart-Warner
35
433
4
4912
60%
7338
70
643
4
Corp
10
30 6113 3234
27% 3012 1914 3034
2533 47
6934 1534
9413 104% 9913 11338 8714 10634 701 100,4
• 77 8334 83 103
15514 20112 175 19934 81 178
7212 10213 Stone & Webster
64 106
125 123 125 123 123 123 124 115 120 119 120 Studebaker Corp pref
100 116 12214 120 12114 120 125 120 125 12018 122 122 12212
• 4034 4534 41% 4714 40 4312 35% 43
358 3912 2514 364
7419 797 73 78% 6312 763 42 6512 3814 527 4012 4634 Common
1734 8
1612 1913 15
------4334
.
__ ____
__ ____
io" V638 6E84 I934 7234
"56- -6"9-3-2
ii5-
36 1 Submarine Boat
112 178 112 17
134 21
34 114
% 134
55 62 Sun 011
6514 7638 70 747 72 8434 62 8634 551 70
100 10312 101 104% 10112 1043 10012 105 100 103 10212 0478 Preferred
Superheater Co(The)
1913 24
812 Superior 011
514 1118 57
1658 2278 75 20
371g 51
3614 43
24 4734 15 2812 16 25 Superior Steel
1314 1414 13 1478 11.4 111 834 1214 51 1014 77 1014 Sweets Co of America_
6
28 412 212 5 Symington
4
434 634 434 b
6% 8
64 634 Class A
614 10
9% 143
16
1834 1314 1612 1234 16
_3513 5434
183*
1738
61
70
1513
15
2158
1912
6312
755*
177
1718
191
17
5934
70
15%
141
2113
1812
7134
7534
1912
1714
195
171
65
67,4
15
131
21
2034
7178
738
175*
1513
1613
10
5012
45
934
614
Z15.19 li it-3C3 -18-7;
45 4979 42 48
451
42
48% 45
iii; 1214
85 895
333* 3518
90 93
2234 25
96 11034
1314 1514
1212 16
16% 1812
1618 18%
1112 13
13
10
939 13
-if.;1 iaT,
4512 30
43
30
18
14
583*
62
123t
1012
148
12
5312
5178
934
81s
38
36
ii38
jo 1412 81
1778 -2-218'.L -id% ii I974Ie 84%
87 90t 86 8912 80 87
33 35
3214 37
294 333 14 2312
9034 93 90% 9534 8833 93 8518 90
23 2972 2712 3434 1112 307, 13% 20
97 11234 10414 1191 7014 13934 5812 91
67
1414
1
1234 1514 11
1339 4
1218 147 1078 14% 134 111s 2% 418
1514 1712 7% 1634 51
9
1512 19
177
11
1558 19
612 1518 4% 8
814 12 --------334 812 35, 6
10
1138 81
814 12
3
812 3
1018 1112 6
814 12
812 ------
1012 1238 11
4514
47
1514 11% 15
6-
518 1334
-----------3712"
* i
100 20
50 812
• 234
• 812
8 8i2 15-7-4 L1-4 -6-3i.,1
8
2555 20% 2612 205* 2938 2134
1014 934 1033 934 157 127
5
5
6
4
412 33
918 1658 1434
1112 97 12
a -9-4 5 758
-8-3
,
287 20 26
1212 23
147 11
1234 913 1218
7
4
4% 578 3
173s 1114 1514 714 1318
• 1538 1712 1634 18
1714 2034 191s 2614 19 22
1612 Telautograph Corp
16
1078
1314 15
1612 1378 17
1412 Tenn Copper Sc Chemical__ • 13 1412 1412 1612 14
5178 5834 5534 5934 55 6012 5018
.
25 5314 5614 5078 55
5934 Texas Co
• 547 6234 6018 6434 5912 6734 6033 6514 55 6112 48%
5912 Texas Gulf Sulphur
12 Texas Pacific Coal & 011____10 914 1034 9 1014 8% 1412 1139 133g 95 1214 814
133 1678 14% 2634 1534 3238 2514 3138 21
3014 1618
155 Texas Pacific Land Trust..Old
_ __ _
2500 2600 850 3100 ____
• 19 2234 21 25 22 33 2514 3638 18 267; 1738
o-1613 -2-433 1634 2139 Thatcher Mfg
• 4014 423 44 4414 44 48
43 47% 4312 4413 40
Preferred
2734 4318 41 44
• --------------------------------23122678 13
15
21
912
18
6778 50
7178 4213
177
912
1514 65,
.
i3i4 1414 2434 12
4438 49
42 48
34 114
38 138
58
38
38
34
•
38
72
'el
&a
* 5612 5938 53 578 5334 6534 64 70
50 6718
6078 66
100 10212 105% 10234 10534 10212 10412 10312 10412 10312 10434 10278 10434
618
912
20
8712
1414
65
212
2%
618
5
234
238
213
7%
39
Thompson (J R)
25
•
•
•
•
100
•
100
10
•
20
3612 40
1113
40
1134
8038
1913
867s
1413
7038
214
15
42
13
84
2178
90
1814
8013
612
38
3312
1158
4114
1034
78
20
86%
1534
7434
458
4178
38
137
4212
1214
8378
2134
88
18%
7934
514
4113
3438
11
4112
1114
7823
1912
8614
151
76
418
4712
38
187s
495,
16
8934
26
9134
2078
8658
5
40
347
1313
4112
i8
1513
86
28
901
1734
8012
414
4314
393
1812
4512
88
1734
41
30
12
43
8814
14
Preferred
1112 Tidewater Assoc Oil
6% Preferred
85
2212 Tidewater Oil
31
6% Preferred
89
948 907
1712 Timken Detroit Axle Co
2114 16
8212 Timken Roller Bearing
8914 6934
31
5 Tobacco Prod Corp
5
3
Ctrs
712 Class A
20 75 1034 9 1114 98 -1-d78 -1512 -12- —678
532 Ctfs class A_Div certificates A
3
10 27
612 ----------------255 258
3% Div certificates B
312 612 --------414 414 -------438
234 5 --------414 414 318 412 438
Div ctfs C
3
913 Transcontinental 011
•
834 1018
New
•
& Williams Steel* 16
iii ivs -if% Transue
•
734
93
2838 2212 28
734 1014
1614 2078 19
2334 2713 2018
16
8914
373 4134 37
17
1612 22
14
2534
2014
93
4138
19
173
1412
14
92
35
1514
42
383
1655
458
8834
1734
36
20
9
4118
8
12
112
19
1414
5812
605*
1034
2678
_
-2-338
43
2412
4134
3218
16
448
8
18
7%
34
-9-414 8512 9312
1914 1214 17
8234 5712 743*
45, 312 518
-11-1-2 --15E8 iii;
-458
518
5
41
6
6
12-7;-ie
;
. -2-120
1178 1712
1758 9% 1614
938 9012 94
387 301 35
18 ‘13 16
100
---- Preferred
-- ---- - - ---- ---- - - ----• 3034 351 35 40
4612 .
1
8 30 -3-8 Trico Products
1714 32% 48-38 31 11
54 -di 52 -58
• 15 1934 15 18
1878 1312 1734 Truax Truer Coal
1834 2412 14
2014 2112 193 2138 1812 23
Rights
"
1
14
4913 -547;
io
-4-9-410'2 Truscon Steel
10 333* 3712 3314 357 33 3738 3314 353 3134 3412 25 -32
4524 16514 142 16314 152 1773 95 18134 82 11434 8513 113 Underwood Elliott Fisher-- • 9713 121 11312 127% 12112 138 10813 12714 1061 115
83 110
ioo --------121 12212 --------125 125% 125 125 125
25 125 125 125 125 125 125 125 125 125 120 12213 7% Preferred
125
* 10
391 26 3312 10 26
32 42% 31
1212 168 12
1112 14
12
7 1518 9 1512 Union Beg & Paper
1718 938 1513
155 11
* 76 9034 8738 9455 911 10638 88% 10534 79% 9034 6018 8578
8214 128 1121. 13512 120 140 66 12878 59 93 6818 88 Union Carbide & Carbon
25 435 4614 4118 448 42 473 453 50
431 47
4312 56
4218 4913 4318 477 Union 011 of California
4614 4873 4512 5413 50% 57
37 4534
100 341 152 149 15734 149 16334 130 15812 130 14714 141 152 Union Tank Car
New
100 34 3614 33 3614 33 3612 3434 3812 31
.i4 "ii34-1-2 -25
9218 fi8-12 46 1147951 -6-2- 5958 -5-4712 United Airport Sc Transp ____• 4312 53 44% 62 6034 8919 7914 99 5734 8814 4334 783*
Z534 1-ida2
Preferred
50 56 64
8512 9434 71 9034 5012 7934 447 60 53 61
56 6614 65 7512 71
7734 62 73
34 91
56
7212
7
Hu 5238 4714 5113 5018 5914 40 60
3334 438 3312 41 United Biscuit of America..-• 36 433 4214 45
47 527 4812 5834 43 5734
45 50
Preferred
eo --------118 118 127 127 130 13014 13514 142 130 140
16 125 125 130 13412 13413 22% 136 115 115 117 125
3212 33
25 25
30 32% 32% 33
30 30 United Business Publishers __• 30 30 --------25 28
31
31
2112 2212
2234 25
34 35
• 4434 5418
78 937 82 11138 41 1097 4012 62% 4118 573 United Carbon
58 5 38 4934 7434 65% 84
5414 7814 4018 6812
32 93
738 57a 612 6
10 4
6
9
534 United Cigar Stores
72 3
48 1514 5
1338 1712 1313 18% 1212 16
7% 53
8
612 9
New
•
614 812
2 -40100 26 58% 44 5018 4078 45
.- -8-9-- -ii -8-5-136% 45
.2
-1978 -3112 7% Preferred
2 -5
54a 68
3612 60
30
. 171-
ii ii "iAg
.16
5618 "ii 5579
iiiT4 fif
16- "5i" .47-7,i
*NO pow, ue.
411
FINANCIAL CHRONICLE
JULY 19 1930.]
New York Stock Exchange—Continued.
1929.
1930.
July
August September
October
November December
Low High Low High Low High Low High Low High Low High
STOCKS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share $ per share $ per share
$ Per share 8 per share $ per share $ per share $ per share $ per share
66 7312 63 717 6418 7512 2418 6814 19 3512 27 373 United Corp
2838 4534
3718 50
3558 4078 3734 4438 4338 52
• 3018 37
Preferred
• 4658 4958 4834 50
448 4934 4212 478 4618 48
488 4978 48 4912 47 49
498 5214 5058 5312 5018 5314 4914 5214
4
11
11
6 10
1038 514 912 438 678 United Dyewood
84 17
1018 13
__
8
10
100 514 678 634 11
94 95
7% Preferred
48
55
55 57
57 65
65 74 --------8314 65
5334 58
55 57
50 55
100 55 5634 55 57
55 5586
1212 United Electric Coal—
3778 16
1714 1314 1978 1278 18
• 10
3312 1012 20
3378 3814 31
35 43
12
1553 918 1234 718 1058
• 101 105
115 12434 11434 12212 11534 12534 99 131 100 117 100 11312 United Fruit
83 9278
8614 10134 88 99
90 95
91 100
3
74 314 3
9
11
1318 833 1034 6
218 44 Universal Pipe & Radiator_ • 218 533 4
5
412 778 334 64
618 9
414 7
7513 83
74 76
7% Preferred
50 70
58 7312 60 60
83 88
Ho
-70 74
5
5114 57% 5113 5914 22 5178 2312 3453 2814 3414 United Gas & Improvement —• 3153 38
4712 59
3a 18 -41% 4212 4914 533 163-8 3114 1E
37 10
9553 9814 Preferred
9234 954 94 9612 9338 9612 9014 9572 9212 96
• 97 100
98 10014 9912.10214 10033102 101 102
984 100
1153 1212 1012 1158 758 1034 7
8 United Paperboard
934 7
1212 14
100 77 1012 8% 1338 1034 14
5
11
714
1333 714 11
____ ---- 43 48% 354 4334 20 3914
____ ------ ---- 96 9712 99 101
618 14
3234 4078
74 -82-38 7312 -77-4 ----37 52
120 120 120 122 120 120 115 119
59 67
68 84 69 7714 6312 72
12 27
2612 3018 26 32
29 35
174 178 1634 1712 1612 174 15
165s
1934 1934 194 1934 1912 1934 1812 1914
9 23
1314 23
1258 15
16
80 96
81 8334 80 97
84
4
614
734 618 9
612 4
5958 6814 20 61
6878 6118 72
90 9278 89 9134 8812 9114
92
-- 10114 13334 10178 13412 95 125
3358 3734 2978 3484 3014 3658 2712 44
17512 19314 175 20814 19912 22612 12518 243%
2134
1714 2414 1812 2412 2018 2418 11
23 32
2958 37
2912 4212 3058 37
9212 95
9312 95
90 94 91 94
1338
8212
512
58
8918
1514 28
2032 2714
96 96
96 99
658 1012 313 814
1414 24
20 33
2518 39
3114 38
100 110 l041s 110
4012 4412 28 3934
1418 21
184 22
1514 1818 1514 1618
1814 1812 1814 1812
10
1812
84 92
4
5
1718 35
82 90
8614 110
22 3133
95 15218
5 1412
15 2118
898 9312
15
1778
91 9212
3
3
18 29
85 8618
8834 108
1712 22
2334 15512
68 1058
1414 1814
8114 88
5012 7434 58 6958
87 9412 8418 9212 8614 9812 65 94
4438 5014 4512 5878 15 5678 22 3614 2212 3112
46 55
7353 8112 6912 7614 7014 7933 58 798 4018 6034 4514 55
53 6134 52 5814 4818 5534 2978 5012 3013 4134 344 3934
48 5114 51
49 54
52 54
5312
5033 5434 5034 53
1891221034 20918 26012 22118 26134 16612234 150 19034 1565s 189
13934 14012 1394 14333 142 14414 139 14353 137 14334 14018 142
__
-- 6018 6734 554 7134 60 68
__
55- 1-3.212 12614 fio 12614 12614 12514 12614 ____ -___
8 25 2938 2618 2878 2614 3234 28
United Piece Dye Works
3134 22 2714
3278 26
Preferred
100 97 97 --------99 114 --------100 102 1001210112
United Stores cl A
934 1478
* 418 12
818 1012 718 958 8
938 614 10
Preferred
• 1512 3614 2712 33
2412 29
3912 36 437
2712 3212 24
Universal Leaf Tobacco
• 3212 35
33 3514 3314 39
3534 25 324
3234 3678 31
Preferred
100 10334 114--------112 115 114 115 112 112 108 110
Universal Pictures 1st pref_100 30 3812 37 50
65 72
74
76
5914 75
55 61
U S Pipe & FdY
* 1812 2712 264 3334 3018 3678 33 3814 28 35
24 3612
1st preferred
* 1558 1712 1612 175 164 1834 18
20 21
1858 1838 21
2d preferred
• 1812 19
1858 19
21
1912 1934 19 21
2114
1858 20
U S Distributing Corp
Preferred
U S Express
U 8 & Foreign Secs
Preferred
U S Freight
U S Hoffman Machinery
U S Industrial Alcohol
U S Leather
Class A
Prior preferred
• 1514 2038 1534 1834
100 8812 95
_
100 244 214 3
334
• 1814 2734 25 2734
• 8512 90 89 9012
• 9458 10114 8558 9518
• 19 27
2258 2534
• 11014 13938 11514 1247
• 718 924 8
9
• 1518 1918 15
18
100 8014 8934 8014 8014
16
1833
____ ____
253 333
2658 3278
9012 101
8618 92
2518 308
9814 12278
833 1112
1612 2012
7712 82
1214 167s
70 71
3
459
2414 3178
96 99
8812 103
2014 2778
8718 10678
104 1512
18 26
7812 854
934
70
3
2012
95
7258
1918
8412
1018
1812
85
1312
70
334
2512
9612
94
2438
9433
1233
2134
92
97
70
218
16
9312
4018
1734
62
94
15
90
10
70
3
24
98
81
2412
9058
1238
2058
94
US Realty & Improvement... • 60 6633 6412 698 6412 7512 65 7434 60 67
4814 6658
• 2118 2712 2458 2918 2618 3312 2658 35
U S Rubber
2512 3278 20 2214
100 4734 5212 4914 .5358 5134 6312 494 6378 47 5658 4114 55
8% 1st preferred
.50 321, 3612 325 3434 29 3618 2914 3612 27 2978 1734 28
U S Smelting Ref & m04
50 5212 5312 5233 53
Preferred
51
47 4012
4812 50
5234 48 51
100 166 18453 17678 18914 17734 195 18014 19834 16534 18334 15138 1734
U S Steel new
100 141 14234 141 14278 14212 146 14453146 14414 146 145 146
7% Preferred
U S Tobacco
* 6014 6578 65 68 6214 6712 6258 6612 6034 6533 5912 6578
100 12415 12412 12412 12412 12234 12412 12412 12412 125 12514 125 126
Preferred
___ 22478 22478
2418 35
-52
938 3
578
50 67
74
8634 3712 62
20 20
40
50 55
76
463 35 41
230 250
2812 3534
358 514
57 60
4433 6138
17
1712
51
51
352 3834
Utah Copper
Utilities Pow & Lt"A"
Vadsco Sales Corp
Preferred
Vanadium Corp of Amer
Van Raalte
7% 1st preferred
Vick Chemical
10 195 225 201 21058 196 200 190 195
• 3118 3412 3334 39
3618 4314 41
4534 36 1412
558 412 512 5
• 4
712 434 578 4
5
62 62
57
57
100 64 64
6918 6978 59 60
3 4978 6934 6233 7338 6914 12412 103 14314 87 133%
1812 1912 1812 1914 --------1612 1812
• 22 22
4912 5 34 48 5012
100 5312 5412 484 4818 4818 51
• 3712 4112 3734 417 4018 46
4318 4714 44 477
137
912 124 34 1034 45
1114 1414 11
8
70 89 69 7734
90 90 85 87
89 92
4018 4434 37 4214 35 434 15 3718 19 3014
107 108 1074108 10814 110 1044110 102 106
9934 100
9934 9934 -------4.3314 99 9512 9912
15
16
20 22
20 20
20 22
21
23
40 42 40 43 41 43 40 42
40 43
38 80
83 12712 126 1493 25 14112 62 126
95
99 103 101 10 1 96 9614 81
101 106
85 123 125 140 125 142 62 120 60 70
-__- ---- 10012 10012 --------9422 9412 93 93
519 612
75 7812
254 30
10414 110
9834 102
13
1978
39 40
55 79
85 94
60 72
---- ---
Va-Carolina Chem
7% prior preferred
6% preferred
Preferred (7%)
Va El & Pow p9(6%)
Va Iron Coal & Coke
5% preferred
Vulcan Detinning
7% preferred
Class "A"
Preferred class "A"
* 51
738 534 678 553 814 614 878 512 714 4
614
79 80
7812 8112 79 8233 79 80
100 78 80
75 80
100 2612 3078 2718 2912 2712 3418 2834 3414 2714 3012 23 28
100 10538 10812 10712 110 10814 111 10914 111 110 11412 11134 11514
100 10014 10014 10014 102 101 103 10134 104 102 10514 103 104
1314 1414 134 1318
12 ----------------1333 14
100 12
39 39 --------39 40
100
38 384 ---- - 7614 132 112 156 11514 142
100 65 84
86 122
60 10612
95 100
9812 9812 96 97
100 85 95 86 96
9512 9712
8312 12412 10(3 14978 120 139
80 101
87 117
100 68 79
90 90 --------9612 9612 98 98
100
98 98
3034 3312 23 364 20 2512 2334 2878
30 3412 2758 32
101 102 102 102 101 101 100 102 --------100 100
3858 4412 39 4812 2218 4978 22 3412 2353 317
39 46
27 434 23 397 20 30
5312 6212 5112 57
434 55
10 1412 1014 1234 9 1133 112 94 4
612
68 4
57 68
50 72
76 8214 7312 76
74 764 7218 75
5134 63
5414 6412 5253 6218 32 558 30 4653 3634 4534
5038 5518 4834 5612 4812 54
2514 4834 3114 4134 3414 4034
Waldorf System
Waigreen pref 634%
Walworth Co
Ward Baking, cl "A"
Class "B"
7% preferred
Warner Bros Pictures
Preferred
•
100
•
•
•
100
5
•
303 318 301 301 325 325
4918 584 5112 5734
44 57
7
812
8 1033 714 10
6734 7112 6714 70 68 71
87 9634 7712 8914 8058 100
41 43
37 4178 3978 41
8134 8258
82 82 8212 83
9018 102 a4512 5034 4312 517a
____
28
318
5912
4812
33
72
33
2414 2812
97 100
26 3314
2112 31
418 612
58 6834
388 548
3612 4912
30 11-4
278 4
4712 55
6812 124
1412 1612
48 50
3938 4778
2512 2914 2818 3134 26
2512 27
3058 2434 2958
9812 102 10212 103 102 10212 101 10212 10034 101
3814 3453 4034 3433 4238 3018 3512 2112 3488
31
3812 5038 36 41
2612 54
25 31
23 3834
1018 1539 1014 1112 7 1138
553 7
558 15
63 7212 6558 7718 6433 6712 58 6814
63 67
53 6712 6634 8014 6714 804 5812 7414 3812 66
58 7014 5912 7018 5312 65
49 59
4512 584
1718 2134 1234 1831
1978 17 2018 18 27
12 14 1-64 34 - -- - ---• 132 15234 14612 162 16234 19312 180 190
56 6312 4814 -597 4018 -8858
•
55 6514 59 64
25 46 5012 5012 53
48
•
19 204 1938 2012
1834 20
Preferred new
25 2614 2638 338 3118 4114 334 434 2518 4134
1784 -21
• 2314 27
ii 1-8-38 ii
1838 17 2478 174 2312 22 ii Warren Foundry & Pipe
714
912
612
618
812
514
25
5
7
6
18
918
839
4 7759 558 1038 5
90 9318 86 9334 774 86
912 Webster-Eisenlohr
78
100 5114 60 60 63 60 65
55 70
70
63 65 61
48 5514 Preferred
90 90 85 85 --------80 82
50 50
I
2
_ ____
334 334
218 --__ - —
334 2
3
3
3
3 Wells Fargo
2212
26
•
25 28
25 2978 25 2834 24 2818 2212 -2814
22 26% Wesson 011 Sc Snowdrift
3634 22 30
3212 -3634 20 ---3012 -36
3178 35
• 5012 538 5214 548 537 59
5712 5912 5714 58
58 6112 574 6018 54 60 4918 57
588 66
5414 5884
5014 5412 Preferred new
103 106 102 10534 10178 10534 10014 10478 90 100
* 98 105 101 104 10314 10634 106 110 10514 108 10112 10712
97 10012 West Penn El Co"A"
10512 10912 10418 10678 10453108 10214 10812 97 10434 1027.2 10612 7% Preferred
100 10534 110 108 110 108 110 109 11012 10812 11078 10512 11034
9312 9939 934 9712 91
99 10012 99 101
100 9714 1004 9812 100
98
987s 10078 100 10178
9014 99 8812 86
95 9734 Preferred (6)
11312 116 115 11614 115 117 1135311578 110 11334 113 1157 West pone power, pref 7%_100 11312 11638 11514 116 11534 11712 11514 117% 116 11712 116 11812
105%10834 10534 10778 102 10878 103 1098 102 10434 10314 10712 6% preferred
100 104%10712 104%10712 10712 1098 108 110 108 10934 10814 10912
2918 3512 2918 35
278
32
15 3014
17
2453 194 2412 Warner-Quinlan
- Rights
• 165s 2078 18
58 566- iia 19i12 55 i6i3-4 Hi ftii4 Hui 5ti Warren Bros
New
4814 ii ici ii 1614 ii -6-3-18 45 54 45 ii 1st preferred
ii5i4 fii
4858 50 49 548 52 60 3934 5534 3612 447
31 40
2478 2812 25 26
13 3612 1018 20
194 229 205 23812 2093423512 174 27214 160 2054
4718 6534 5158 6734 5758 85
3612 6534 3858 50
1903420612 20478 29259 228 28978 100 24434 10258 15478
18018 19712 198 284 208 267 111 225 103 149
38 4214 4018 4558 434 6438 33 6234 1918 42
34 344 3212 3459 3212 3514 3212 35
33 34
30 7212 35 55
6012 6734 64 89
63 71
19 6434 2012 31
------6433 75
-- ....—
324
39
44
18
4218
1718
4334
42
3434
4634
47
2234
46
2039
4834
4814
3238
3834
43
17
42
18
42
3812
36
474
5134
2014
4334
2012
4738
46
2234
9312
658
1612
59
8814
60
85
75
2812
9978
814
1978
13312
9414
7734
9334
858
22 2514
9512 9812
638 712
1538 1778
5412 8334
8612 1008
71 102
9212 9714
82 884
31
44
47
16
3512
17
3818
375
38
477
5534
18%
4218
1812
4934
47
174 2314
9438 958
518 74
1414 1712
52 6358
9514 1037s
9612 1378
95 10012
86 9012
• 44 46
45 47
477 4934 45 4934 388 4738
4678 50
Western Dairy Prod "A"
• 1312 1538 15
1914 17 20
1814 2418 1712 2112 1118 2038
Class "II"
177
2053
190
210
100
17314
217%
4
219%
19358 16814 187 15034 18514
Teleg
Union
Western
• 4358 477 4512 52
4818 5078 4312 488 405s 45
3638 434
Westinghouse Air Brake
Westinghouse Elec & mtg___50 140 16358 16038 18814 1814 195 18034 20112 160 187 12414 18313
50 133 15718 159 183 180 192 180 19734 160 18114 126 174
7% 1st preferred
• 2934 348 33 38
3618 4878 3927 478 3218 4334 297 43
Westingh El Instrument
• 3312 36
34 3412 34 354 35 35
33 34
36 36
Class "A"
30 45
49
Westvaco Chlorine Products _• 37 4114 3934 5912 52 5812 47 5534 41
21
• 10
1214 18
13 2018 1338 1512 9
1434 10
1212
Wextark Radio Stores
3512
467
528
17
3612
2234
41
397
25
27,4
278
8
32
1278
2038
1334
3112
37
418
13
36
16
30
2334
2614
3034
36
634
27
14
2412
1712
2934
3638
4114
97
30
1612
2878
217s
514 188
80 94
44 78
7 1412
3712 5212
72 9734
5512 12512
8634 9412
70 8834
818
75
312
658
3534
5214
47
75
70
1238
86
5
978
48
8034
7434
8914
84
634
65
3
74
444
8634
5712
85
80
1012 Willys-Overland
7014 7% preferred
412 Wilson & Co
104 "A"
53
Preferred
8034 Woolworth (F Mr) Co
85 Worthlngton P & M
02
7% preferred "A"
85
6% preferred "B"
25
32
37
1
3012
134
19
1238
30 55
65 90
12614 14012 11634 138 11912 136
74 778 67 75
65 70
7912 7314 78
7
8112 88
88
72 83 6978 77
7212 8412 81
74 157
364 4334 344 3834 2718 3714 1018 28
854 8518 8934 90 90 90 80 8414 ---4078
53 5934 54 5934 334 5734 3434 -.
13933160 150 173 512712 175 103 13812 01 12334
_.
1018 26
4512 5234 ii5 4770 4018 4738 if-318 43
*No par value.
43 48
1234 1534
180 223
4212 5012
124%15012
12018 149
27 3353
33 34
3012 44
20 30
35 54
6718 70
73 78
1018 1814
---- --34 -3912
103 11612
White Eagle Oil & Refin
White Motor
White Rock Min Spring
White Sewing Mach
Preferred
Wilcox Oil & Gas
Wi1co5-Rich class A
Class I,
2912
39%
548
1378
38
1812
334
2734
li_
_
26
31
3618
74
274
14
27
1912
28
34
418
9
3112
15
3414
26
2612
3318
3814
814
307g
1112
30%
2418
28
3612
4653
1158
3714
1412
3312
2618
2738
344
43
1018
35
1212
30
2212
5
100
*
•
100
10
100
100
100
712
6714
312
718
42
6412
6714
88
78
912
84
4
9
5018
7238
8212
89
82
9
79
353
9
4814
8058
79
91
82
107s
81
434
1014
52
6914
8712
95
84
834 10
734 11
753 9
794 84
75 85
72 7914
334 734 414 612 412 512
10
13
853 13
9
12
47 544 50 5412 48 52
5834 6738 6318 6738 5912 65%
80 139 117 16212 102 169
95 103
99 103
98 107
84 9178 87 91
88 93
* 358 358 3512 56
55 5912
Wright Aeronautic
• 6818 70,4 68 697 68 6978
Wrigley (Wm) Jr
77
25 7312 7512 7212 7518 71
Yale & Towne
2712
Yellow Truck & Coach ci B_10 1234 1912 1634 2214 19
79 85
8734 90
7% preferred
100 72 75
40 45
Young Spring & Wire
• 3612 42
408 47
• 108 12712 121 13478 129 150
Youngstown Sh & Tube
612 12, Zenith Radio Corp
_ 58_
•
50
•
•
•
•
•
•
•
Eis
938
714 1138
ii12 -164
46
1038
36
18
2918
2318
4934
1378
398
21
3312
2712
58_3818
42
712
2718
1712
29
191s
5039
1014
35
19
30
2478
___
2718
4053
5
2314
1534
28
20
_ --36
498
814
2718
1833
294
2638
534 712
62 75,2
318 414
712 1012
42 51
5158 654
10814 16834
92 102
8412 92
42 42
694 734
4114 51
19
2818
90 97
3214 3938
115 12014
130 130
918 154 i118 1-518 6% 164
5818 5818 4234 53
678 73 6812 7238
6112 75
46 6018
2434 3234 1818 3014
92 94
90 105
3712 458 3712 40
124 152 12134 125
412
[VOL. 131.
FINANCIAL CHRONICLE
New York Stock Exchange—Continued.
1929.
1930.
October
Norember December
July
August September
Low High Low High Low High Low High Low High Low 11(Q)
—
10014 10014 9918 10018 9918 9918 991.5 9918 10018 10018 ___ ..._
-------93 93 --------9112 9112
93 93
8312 8312 8334
82 82 83 83 8278 8355 81
82 82
84 84 ------------------------8434 8434
92 92
9014 9112 92 92
92 9218 92 9238 92 92
73 7858 75 79
72,4 7512 7214 7212 7212 75
7214 74
90 91,4 9018 93 91
90 92
95 9214 95
9018 92
92 92
187 87 --------8739 8738 90 9112 92 92
8518 8984 8718 93
86 8813 8614 89
85 90 8538 92
89 92
87 92
85 891:: 8518 8934 85 8614 8312 89
--_- -_-- __-- -- _ — ---- 85 85 --------85 8634
__ 85 88
8812 8812 8513 8814
8613 8812 88 88 ____
9618 89
8518 88 8718 90
8514 88
85 8858 8813 18
85 85 8614 8614 8614 8614 85 8718 --------8884 8834
132 157 149 165 1527s 165 127 159 126 143 12514 13511
89 89 --------8339
8412 87
84
._
8812 89 88 92
90 9134
8734 90
8615 88 8638 88
8612
8513 88
9512 96'2 9512 96
96 9812 97 98
93 9534 95 97
------- ---- ----301 101
____ ....-- ___ __-_ 93 943.4
9978 101
10058 10212 99 101
__-- --- ____ - - ____ - 9012 -92
8813 -91- 8712 -91-
BONDS
January
Feb ruary
March
April
May
June _
Low High Low High Low High Low High Low High Low High
RAILROAD BONDS.
___
_ 10318 10312 10312 10312 ____
Ma Gt Sou 1st 5s ser A-- —1943 10114 10138 10034 10212 ___
1943 92 92
1st cons 4s series B
- 931 931 9312 9314 9488 -9438
_ 923: -9234
Albany & Susq Ist gu 3155_1946 8378 85
86 88
84
84
8338 8614 8018 6514 87 87
Allegh & West 1st g gu 4s._1998 85 85
8584 86
86 8612 85 87
85 85
8612 8612
1942 9212 9312 93 94
klieg Val gen guar 4s
9334 9512 9412 9534 9412 9478 95 9512
Ann Arbor 1st g 4s_ _July 1995 76
77
8112 8918 8112 8339 82 84
7712 85
7634 78
'itch Top & S F gen 9 48_1995 9214 94
9138 94
9238 9612 9234 9434 9312 95
9358 96
Registered
1995 91
91 ----------------90 9134 9318 9'23
, 9258 9238
Adjustment g 4sJuly 1995 8712 91
87 g 8934 8912 93 90 9112 90 911: 9014 9112
Stamped
July 1995 89 93 8778 9038 6014 93 90 9112 90 91
9018 9184
Registered
8588 8538 8814 8813 _
Cony g 45 of 1909
1955 87 9114 90 9018 91
9034 921
: 9014 92
92 92
92
Cons 648 of 1905
1955 88 89
90 91
90 933: 9014 92
9112 94
9012 92
Cony 9 4s of 1910
9012 9012
1960 8914 8934 8912 8934 --------904
91
3 9034 91
Cony deb 4 15s
1948 128 13512 13434 14012 13412 14112 13012 14034 129 13714 12012 13414
Rock Mtn D1v 1st 4s ser A1965 9012 9012 88 88
9218 9214 91
8818 89
9088 9038
91
Trans-Cont Short List 4558 9114 9134 9012 92
9114 9214 9118 9213 9112 9238 9134 9253
Cal-Ariz 1st & ref 4 1.5s A.1967 97 9914 9734 9939 9834 10114 10014 10034 99,2 10014 9938 100,2
stl Knox & Nor 1st g 5s ..1946 10214 10238 -- ------ 104 104 1033s 1033s ---- ---- - --- -- - At I & Char A L 415s ser A...1944 95 9538 98 96
9612 961, 9514 971:
1st 30-yr 5s series B
1944 10012 104 10012 10118 10138 103 10413 10214 104- 104 - 10278 10-27-8
Atlan City 1st con gu g 45_1951 87 87 ____
Atl Coast L 1st g 4s___July 1952 91
9412 9112 -921-2 -9158 -95 6
. ici:i - 8058 44— - .-2- -9-6-_9212 MI
_
95; ii -----------96
5f:138 I878 9812 -9918 Gen unified 48s ser A_ .1964 9614 9812 9818 98
9784 1834 9738 991. 5gi; fo-o
9758 100
coil
9038
9338
9113
Louisa,& Nashv
g 45.1952 91 9318 8812 91
87
8638 90
8618 87
84 87
87 88
92
901: 9134 89 901: 9012 911: 11
56 65 Atlantic & Danv 1st g 48._194/1 58 59
58 89
65 65 6312 6412 59 70
87 69
59 6018 5814 73,2 6218 65 60 63 61
6412
1948 5318 55
2d 45
53 59
53 52
56 5938 53 60
53 5978 5312 62
___
___ 5818 3778
5258 6212 33 5312
1949 8218 8413 -83 -83 8212 85 84 -84_____ 84 84
_
8012 8312 8012 8012 78 78
79 7912 82 84 8178 84 ,5A1 & Yadkin 1st gu 4s_
1941
9514 9914 9812 9812 97 9813 --------9812 9812 —_- ___. Austin & NW 1st 5s
_ __
101E8 foz
84 87,2
8914 91
10112 102
9238 96
9913 102
-91 --94
103
--102
___.
92
103
__
102
-95
1948 9112 9338 9114 93
8912 9318 90 9278 9112 9314 Balt & Ohio 1st 645
8958 9114 8812 9114 90 92
9212 9412 9234 94
9214 95
9311 95
9312 9312
Registered
___ 8918 90
8712 8712 ----------------87 89
90 9912 ----------------8112 94
973
9634 977s 9534 96
2
8 9614 9718 9413 971 ____-9884 9812 9913 20-year convertible 4158_1933 9838 99,4 9834 9912 9914 10014 9934 10014 934 10012 9918 10034
9818 9818
Reg'ste red
- 99 99
n-,';
99 103 10118 10312 Refund & gen 5s series A 1995 101 10212 iOli2 1-,
9912 100,2 99 103
9912 16-112 9912 101
,
,12 10134 10234 164 1-0-1- 10234 11134 10234 10418
Registered
__ _— __-- ___ —. _ .
— -—
9914 9914
_ 102 101
1st g 55
-1948 10113 10418 103i8 104 - i05388:-0-5-72 1.6414 1-66 10458 10514 10412 106-14
10112 10212 101 1-0-214 101 1-0-21s 1904 10-4- 102 1-05 102 1-04-34
10734 109 10714 10812 10714 10812 10634 10914 10512 10834 10814 110
Ref & gen 64 series C- - -1999 108128111 109 811034 109 11012 10812 110 10858 10912 10914 110
9439 9314 93 93 95
9312 95
90 9012 8988 9078 8914 9318 9038 931s 8512 9338 9178 9312 P L E & W Va Sys ref0-45 1941 91
9212 9418 9312 95
9958 10312 100 10314 9934 10112 9934 103 99 10318 10134 10414 Southwestern Div 1st 55-1950 10012 10278 101 10234 10238 10458 10178 104 10184 104 103 10414
7912 8218 81
Tot & Cm n Div Ist&ref 4sA '59 84 87
8618 8218 88 8434 87
8312 8034 8112 81
8612 87
84 86
8484 8714 8458 8814 85 87
2000 10114 10212 10114 10238 103 10412 10138 1033: 10234 1044 10258 104
Ref Ss series D
9978 10078 9914 10034 9914 10012 9912 10212 9912 10214 101 103
Convert'ble 415s
-- -__-- ____ - _ ___
-- ----- -----1960-- 10012 10434 10078 10458 10014 10336 9812 103
10014 Bangor & Aroostook 1st Ss 1943 10134 103 iol.3--99 19 100 1-6012 102 1-65 --------10039
4 103 10158 105 105 105 10312 104 103 10334
-1951 84 8612 8618 87
7914 8012 81 82 81 83 8213 8512 8278 8578 Con ref 45
7838 81
8718 8814 87 8878 8712 88,2
867 90
_ Batt Cr',& Sturgis 1st gu 35'89 -------- ------------- ---- 62
__
1936
___. ---- 93 13 933s 1414 9358 -96
9318 1413 9414 14-14 Beech Creek 1st gu 4s
12
2 6 ----------------9684 Ili%
__
Extended 1st 315s. _ __1951 --------73 -ii__--
Big Sandy 1st 4s
1944 ____ -..
8912 8912 8934 92 ----------------9234 9234
Boston & Maine 1st 53 A C-1967 96,8 983
_4 9614 9818 9758 10178
104 99 10013 9912 10034
Boston & N Y Air List 4s_1955 81
8118 8111 82
8178 87 --------85 8578 8412 86
Brunswick & West 1st gu 45'38 --------9279 9278 9458 9458 __
_
,_
_ ____
Buff Koos & Pitts gen g Ss 1937 103 103 100 102
34 1-0-2-12
91)34 1-0-2 - 10011 1-0-034 16'
Consol 43s
1957 9018 9334 90 89334 92 15 92 9412 9234 94
9213 9334
Bur ced Rap & Nor 1st 55_1934 10013 101 10058 101
9913 10012 100 101 101 10112 101 10112
Canada Sou cons gu its A- -1962 10212 103313 10314 10414 10314 10534 105 105 10318 10412 10418 10539
Canadian Nat 415s_Sept 15'54 9318 96
9338 9534 9312 9718 95 9678 93 9638 9412 9538
434s
Feb
15
1930
9934 100
5-yr 15sg
9978 997s
Gold 4
1957 9214 9414 9212 9378 9378 97 95 97
95 c9634 9478 9688
Gold 45s
1968 9258 9434 9214 94
: 95 96
9412 8961: 9434 955
9312 97
5a
1969 9914 10114 9958 10134 10118 10334 10138 103 10178 10278 1017.5 10313
Guar gold Ss
Oct 1969
_
_ 10138 10318 10114 103 10134 10278 10134 103
1940 10944 fiat 10934 1-1-1- 110 112 11012 112 110 111 11018 111
Hive 112 10978 cif Ho iii 10839 1-1-1 108 1-10,4 10934 Ili Canadian Nor s f Is
11314 114 11212 115 11314 11414 11334 115 112 11514 114 11614 25-Feat deb 8 f6448 g---1946 113 11478 11338 11434 114 11653 11418 11658 11434 11614 11514 118
Registered
11314 1314 ---- - - ---_.to-yr 4si.
Feb 15 1935 9818 9 9834 96.12 9838 11038 995g 10018 9913 1001: 9912 9978
8 "oi- 1912
1
4 -651-4 iiii2 -51 9-17-9-614 1£6-2 -oil. lit; -6E" 9-7
8512 8739 87 8813
81 84 8114 84,4 8018 8212 8014 8512 8078 8412 8418 8558 Canadian Pac 4% coup deb stk 84 8534 8312 8434 84 88814 8434 87
1946 9718 9912 9858 9812 983910039 98 9914 9834 1001 98 10018
971s 9812 Coll trust 4 so
96 98
9514 97 95 97 9614 98
9614 98
---- ---- 99 100 9978 10178 9834 10112 9978 10214 10034 103
38 erluIP tr temp cds
1944 10034 102 10118 102 10158 10312 10158 10384 10178 10334 107 810334
Ss
1954 _
_
.
10214 1021. 10134 103
___ Carolina Cent 1st con 9 45_1949 74 IS iii -7'-8--- -- ---- -- --- -- ----80 ___
8314 85
7812 -8412 84 3512 83 85
Carolina Clinch & 01st 5s 1938 9913 10118 10012 10012 101 102 10134 10212 102 102 10184 10212
iiiii- 10014 90 0014 9914 10012 99 10012 9912 102 10014 10112
10658 10858 10614 107,8 10812 10712 10634 10712 10612 10778 10612 10913 1st & con 6s series A _ _ _ _1952 10712 10812 107 108 10714 10913 10778 11012 10818 109 106 109
—_
._
.
Carthage & Adir 1st gu 45 1981 --------8534 8534 ------------------------8534 8534
---- ---- ---------------80 86 8712 8712
-- 891s 8978
8518 8518 --------88 90
____
9334 1514 9378 9512 93 9514 9312 99 -----9414 9913 97 99
79 8134
7612 7818 76'2 7612 713
7712 82
76 82
77
9814 9814 10012 10012 9013 9012 9012 9012 --- _ - _
9918 1-01 100 iiii
99 10059 100 10034 10014 10034 100 101
86 89,2 8512 88
8518 90 90 9234
87 90
85 88
97 9934 9939 9934 9312 97
9834 9834 98 9912 9938 100
10114 102 101 102 10158 10158 100 10214 10012104,4 10212 105
91 9234 90 9234 9084 9412 9318 95
92 9413 9212 94
9934 100
99 9938 99 9912 9918 9912 9918 9938 993s 100
9112 9414 94 96
9212 9312 9212 9338 9012 9314 90 93
9312 9518
91 9312 9134 93 9014 925s 8834 9134 91 94
9984 101
9984 100
8218 8212 83 8512 8234 8512 84 85
8438 85
81 8112 Cent Branch Un Pac 1st 45 1948 82 82
10112 10112 Cent of Ga Ry 1st g 58 Nov 1945 10214 103 10213 10314 10289105 104 104 --------10139 10418
1945 101 104 1011,2 10234 1017s 10234 10078 10334 10078 102 10138 10158
9978 10314 Consol gold 5s
Registered
1945 --------100 100
Ftef & gen 5155 ser II_ —1959 10588 10534 104 10412 10412 1-051-2 10418 1-05 - 10412 105 . 105- 1-051io;i8 1-0- 4
4
Ref & gen 5s series C__1959 9838 10058 9858 9934 9912 10112 100 10278 10012 102 10018 10112
99 101
Chatt Div our mon g 45 1951 8413 8413 --------89 89 ---- -------- ---- 8812 8612
-100 lOut
997 Ili _ _
_ ____ ____ ____ ____ ____ ____
Middle Ga Se Atl Div 5s._1947 6.8- -9-8. --------100 1-66 110ii2 111-12
Mobile Div 1st g Is
1946 _ _ _ _
___ ____ _
_ _ _ IN 100 --------103 103 10214 1-03
_ ___
---- - - 101 101 169 11,6i ____
76 -79-13 77 8018 7818 7934 78 -8-1- 79- -83 83 8-538 Cent New Eng 1st gu 48_1961 8718 -8538 813g 83 83 853 804 8538 8318 85
84- 35 9934 9984 -- - - - - ____
100 100
98 98 Cent Ohio reor9 1st con 434s'30 --------9983 9913 9912 100
_
-95 15 97 97
"
914 9512 9812 Cent RR & Bk9 of Ga col g 58'37 9512 983 9812 9812 9812 100 10112 102 10114-10114 10114 11114
9
.
If ii li7-14 ii
I987 10734 10914 10918 110 10978 11178 11084 11178 11058 11212 11088 113
105 108 10638 10714 10512 10712 107 10912 107 10912 10818 110 Central of NJ gong 5s_
107
108
Registered
11014
10812
111
10358 107 --------10484 107 10538 10512 10612 10612 10638 107
11014 -- -__ 10758 10758 10758 10918
1987 ----------------9084 92
9038 9038 General 45
93 -93
_-9339 9338
9214 9434 9318 1538 9312 9412
8834 -90 8834 91-12 88i8 1939 89i8 9i114 8778 -91-12 91 92 Central Pac 1st ref gu 48_1949 9114 9312 9138 9258 9158 95
90 90
Registered
_
---- ---- ---- --- 8714 8714 --------89 89
89'12 9212 Through St List gu g 48 1954 9038 9112 9138 89212 92 9334 92 -91. 92 9234 - - - ---- --- 90 -90 87 87 87 90 893s 8938 ____--1960 10084 10234 10138 10338 10212 10412 102 104 10212 10412 1031210-41-2
9978 10114 99 100
99 10013 9913 102 100 103 10014 10312 Guar g 58
102 10234 10234 10384 10314 10478
10138 10218 10212 10312 10158 103 19112 10213 10114 103 10134 10318 Chef: & Ohio 1st cons g 58_1939 103 104 10234 10338 10214 104..
_ _
10112 10212 _
Registered
9718 9718 _ 10278 10278
- - -99;1-01
Gen gum 45ia
1992 9714 9914 9i1-3 Iiiis s5g1-4 icii ()ifs iii6l2 -0 1 10
iii8 Ili, ii -9-(94 94 9558 iiEs -cii12 Oii4 -6148
- 0- 98 101
96
__
96
Registered
98 98 --------9813 9813 9884
__
8
----------------96
- - 91 4 9134
96
99
150 18-3-4 ii12 WO 984 9912
14 9 78 9934 10012 20-yr convertible 415s-__1930 9978 10018
94
115
95 9812 9538 I77g -67i8
93 95 93 95,11 93 9413 92 96
9453 9634 Ref 8t impt 44s ser A_1993 94 95 94
93 96
1993 94 9413 935:1 89512 9413 9914 9512 9734
Ref & imp 415s "B"
_7's 981
!100
Craig Valley 1st g 5s.....1940 9658 10112 10012 10012 102 102 101 10114 _9
973
%
4 10
90
8,14
2
8812 8812 87 87
95f2 -911, _
-- --_- ---- ---- __-- ---- Potts Creek Branch 1st 4s'46 8812 88
1st
con
4s'89
8614
Rich & Allea Div
8778 881:: 8812 89 8918 8818 8912 8912 90 - 863
__
-6i; 02 -65- li- -5i; 12-52 -84- 85 86 8812 ___
.8 -668-8
1989 8313 87
8513 8512 87 87 88 8914 88 8914 8712 8834
2d cons g 4s
82 82 -------------------- ---- 8114 8114 82- 1312
_ _ _ _ _ _ ___ ____
_
_ gg 99
Warm Spr Val 1st 9 5s....1941 ----------------97 10118 -- -- - - 100 100 10012 10078
iljuz 16082 ii -9912 96% iii12 ij
9834 10038 100 10112 9934 10078
ii lidi2 98 9912 Chesa'ke Corp con Ss May 15'47 98 99
- 100 101 100 10084
84 67 65 66 65 66
69 6918 675s 68
65 72
6314 70,4 64 67 6512 69 Chic & Alt RR ref g 38-- —1949 --------6514 67
6714 6878
Ctfs dep stpd Oct '29 lot._ __ 6414 414 65 65
6378 69
__
68 6918 6758 675s 8712 6712
65 70
65 65 ___66 -6-7 67 -70- 6812 /138 6612 70
6412 7018 89 7012 8333 6718
62 Chic & Alt Ry 1st I 310_1950 59 8312 647s 67 65 69
59 -5878 63
Ctfs dep Jan '23 sub coup
6113 8112 66 66
attached
_ _ 7014 7014 65 67
65 6512 _
70 71
13578 6613 67 69
59 8112
70 70 60 63
8518 8518 8614 8814 86 -8712 8613 8712 8738 88
82 84 8214 8339 81 83 817a 84 8212 84
8212 87 Chic Burl & 0—III Div 3158'49 8518 87
1949 _
Registered
8418 8418
1949 9214 9414 9218 94
9213 95 9314 -91 - -4312 If -4512
iirs If 8812 1612 881.8 8114 8618 9112 881-2 lif 5178 9312 Illinois Division 48
9112 9314 9134 94
1958 89 93
89 90 8818 8938 8814 90 8878 9114 90 9258 91 9314 General 45
9112 9378 9234 95
94 89612
1977 96 99
9618 98 97 100
9312 9512 9338 9534 9558 96
9718 9812 98 991
9712 9912 1st & ref415s ser B
9434 98
9413 98
: 9812 100
1st & ref. Ss ser A
1971 105 10618 10412 10534 10514 10778 106 10634 10612 10712 107 10778
10218 10314 103 104 10234 10418 10312 1061s 1023/3 1053:: 10434 106
98 101 10212 10212 10018 102 10112 10112 Chic & East III 1st eon 58_1934 1015g 10234 102 c105 1003910039 10278 10414 10318 104 10312 10312
9978 101
7812 73 84
7811 75
7412 ii 75 7714 74 76
7712 8212 7612 8012 59
7538 82 7218 77 72 77 Chic & E III (new co) gen Is '51 72
7712
101 102 101 101 100 10034 1003910213 10114 10114 10184 10314 Chicago & Erie 1st gold Ss 1982 10314 10312 102 103 103 105 10338 10484 103 104 103 10458
6434 7112 68 7112 6812 7213 6812 73
6314 Ws 52 64 63 6512 63 68
5714 65 6312 6634 Chicago Gt Western 1st 4s 1959 64 6688 6418 66
Chic Indianap &Louisville
1947 11234 113 -------------------------- -- ---- 112 112
1093g 11012 10914 10914 10858 10858 10039112 11212 11212 1034 11034 Ref g 68
9958 101 100 10178 0158 102
.
Refunding gold 5s
1947 10134 10134 --------10234
1021 1412 10411 10312 10312
_ 88 88 --------8712 89
91 -91 ____
8534 Si
WetundIng 4s aeries C_.-1947 ---------------------------------------- 92 92
00 10112 1st & gen Is ser A
14 1
9478 9834
96 9612 947s -96
95 97
1966 11141 10218 99 10 58 10012 10412 103 10413 10234 104 10212 10314
105 10934 104 10914 10312 105 103 105 103 112 105 10612 1st & gen 68 see B_May 1966 108 106.38 10614 10612 10688 10918 107 10878 105 108 810412 103
— - ---- 8512 8612 88 86
90 90
8578 8618 80 89 Chic Ind & Sou 50.yr 48.__1956 9118 9118 --------89 92
9113 9111 9134 9134
---- ---- 7934 7934 7813 7912 78 79
77
----- __-_ --- 10138 10312 10112 10112 102
98 1918 9938 103 99 103 9258 101
98
97 97
161; 1-0434 ioi" 1614 100 Du iiiii52 16i iiii
9513 9813 9434 9658 9514 97 9514 9938 99
78
102
10018
icii
101,8
10284 1023
c Cash sale.
JULY 19 1930.]
FINANCIAL CHRONICLE
413
New York Stock Exchange—Continued.
1929.
1930.
July
August September October
November December
Low High Low High Low Mph Low High Low High Lew High
BONDS
January February
March
April
May
June
Low High Low High Low High Low High Low High Low High
---- ---- 9112 94
93 93
9312 9312 ____
— -___
__ Chic Lake Sh & E 1st 43a 1969 --------9334 9334 98 9814 9814 9814 97 99
985 985s
8112 83 8012 82 8012 8112 81 84 817 -84
8458 -87 Chic Mil & St P gen 45 A__1989 8438 8712 8418 85
8412 877 8434 86 8514 8618 853 8614
7618 764 --------771280
-_
__
Registered
818485 ____ --- ---- -- ---- 71 -71 70 72
70 79
70 72 -___-72 74/
1
4 ___7214 -7414
Gen g 33s ser B___May 1989 7234 744 7288 7334 74% 74% 74% -74% 74 -743-4 74 -74-7-5
90 9173 90 92
90 9134 8988 94
9212 9458 9488 9734 Gen 4 Hs series C
1989 9412 9512 9218 9412 95 97
954 96
9238 9634 9314 94
90 9112 8914 91
8878 9034 8912 94 90 9414 934 96
Gen 4345 ser E___May 1 1989 9238 96
9278 94
9334 9612 9414 9614 9278 9612 934 9414
-_ - -f,,
- - - -- - -- - -, .- ..- ---•
4555
series
"F"
May
1989 --------------------------------99 9934 9712 100
8812 -9114 8612 -96 8688 -8-64 87 9-434 86 9-4 9112 -9-3-34 Chic Mil St P & Pac 58__1975 91 94
90% 93
9214 9634 9017 95
87 9234 85 89%
7188 7812 7434 8014 75 7988 6018 7634 63 73 71
7434 Cony adj Ss
2000 7114 7334 72 7414 7134 7812 6714 7534 5688 68
4912 8014
7334 7414 7334 7418 7334 7512 75 75
73 74
7612 7738 Chic ea No West gent g 3345'87 77% 77% --------78 80
7712 8014 7712 7878 784 7914
.--- ---- ---- ---- ---- ---- ---- ---- ---- _ _
Registered
75 75 -------------------------------- 77 77
84 86 8312 86 83 84% 85 8718 87 9018 89 -92General 4s
1987 8814 9138 8778 893 887 9112 90 9112 90 9214 904 911g
8618 86,8 ----------------838 83% --------90 90
Stamped 48_
_
1987 --------------------------------8984 90
8912 9118
....... _..„-- -.7,- --- -- ---- - - ---- _-- ---- _
Stem non-pay Fed
'87 93 93 884 8818 8912 9118 90 9112 ---- .---- r,
9712 -9712 99 -22 99 -99 98 142 104 14414 101 14458 Genf 441s stpd Fed inc tax
inc tax '87 100 10214 102 102 103 104 103 10418 104 1-04-3-4 10434 10478
104 10518 10412 105 104 10434 103 105 10414 10412 ____ -___
Gent 5s stpd Fed Inc tat 1987 10718 10778 10714 10712 107 112 10834 10938 10888111 1084 11014
Registered
------
@FedFRASER