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VOL. 131.
SATURDAY,JULY 261930.
financial Tixranicle
NO. 3396.
deepest regret that this agency, so freighted with
intentions, should now be found to be a new
good
PUBLISHED WEEKLY
source of disturbance, tending to aggravate the
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
Mos. troubles of the farming population instead of relievWithin Continental United States except Alaska
$10.00
$6.0a
In Dominion of Canada
11.50
6.75 ing them. But even here some indications of imOther foreign countries, U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quota-. provement are to be noted. The Farm Board has
Oen Record the subscription price is $6.00 per year; for all the others is
$5.00 per year each. Add 50 cents to each for postage outside the United given definite assurance that neither its large holdStates and Canada.
COMPENDIUMS—
MONTHLY PUBLICATIONS— "Y:lf, ings of wheat nor its large holdings of cotton are to
PUBLIC UTILITY—(semi-annually)
SANE AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(fOUP a year) MONTHLY EARNINGS RECORD
ag be disposed of while farmers are engaged in marketSTATE AND MUNICIPAL—(80/11140113.)
ing the new wheat crop and the new cotton crop,
Terms of Advertising
and, as for the rest, seems inclined to sit back and
Transient display matter per agate line
cents
45
Contract and Card rates
On request
await, hoping for a favorable turn in the shape of a
Ouiceao OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
crop disaster somewhere in this wide world, but preLONDON OFFICE—Edwards dc Smith. 1 Drapers' Gardens.
London, E.0.
WILLIAM B. DANA COMPANY, Publishers,
pared nevertheless to bide its time for awhile.
William Street, Corner Spruce, New York.
That is undoubtedly the wisest and best course for
Published every Saturday morning by WILLIAM B. DANA COMPANY
. the Board to pursue. In other words, a "hands off"
President and Editor, Jacob Seibert; Business Manager, William
D. Riggs;
Treas.. William Dana Seibert: Sec., Herbert D.Seibert. Addresses
of all, Office of Co, policy is obviously what the situation requires
at
the present time, and what the Farm Board, in its
wisdom, is inclined to grant.
In the meantime, it is very important that the
Change of Address of Publication.
public should be made to understand the lesson
The Commercial & Financial Chronicle,
which such mistaken attempts on the part of Govhaving long suffered from inadequate
ernment to go counter to economic law so plainly
facilities for handling its growing size
teach and should also be made to realize that all
and growing subscription list, has moved
such attempts are foredoomed to failure. It is likeinto new and larger quarters, and is now
wise desirable that departures from sound principles
located at
which such moves embody should be fittingly characWilliam Street, Corner Spruce,
terized and their mischievous nature strongly and
New York City.
strikingly emphasized. On the latter point some
P. 0. Box 958, City Hall Station.
utterances by a committee of the American Bar
Association deserve especial notice. On Saturday
last the Committee on American Citizenship of the
American Bar Association made public the report
The Financial Situation.
which it will submit to the Bar Association at its
While no distinct change in the trade and indusannual
meeting at Chicago on Aug. 20-21-22. The
trial situation is yet observable, from the depression
report,
signed
by Chairman F. Dumont Smith and
which has been prevalent for the last six months,
four
committ
members, declares that the "farm
ee
prospects at least may be regarded as improved
to relief experiment was foredoomed to failure." The
the extent that with Congress now definitely
out of avowed purpose of the bill, the report asserts,
is "top
the way there is no danger of further
disturbing de- raise the price of bread to 90% of the
people in order
velopments from that quarter. Accordingly,
busi- that 10% may have a larger profit in producin
g it."
ness might be expected to mend in a gradual
kind The bill is characterized as an "unconstitutiona and
l
of a way from now on, convalescence being
naturally vicious attempt to debase our great republic
into a
slow where trade has suffered such a serious
siege soviet commonwealth."
of illness as on the present occasion, were
it not
"Under this act," the report continues, "Congress
for the distress under which the
agricultural sec- has appropriated *250,000,000, and
the Farm Board
tions of the country are laboring, and early
relief and its subsidiaries, as agents of the Governm
ent,
from which it appears impossible to
provide by any have engaged in a purely private
business of buying
speedy means.
and selling wheat on which a loss of more than
This farming situation itself might
also be ex- $20,000,000 already has been incurred
, and the prespected gradually to develop its own correctiv
e, ex- ent result is a decline of one-third in
the price of
cept that the activities of the Federal Farm
Board wheat since these operations were commenced.
In
have now to be reckoned with, and this Farm
Board our judgment, it is a dangerous attack upon
the
constitutes a factor in the situation which
cannot
be definitely appraised. The Farm Board was estab- form, the ideals and the purposes of our Governlished for the very purpose of assisting the farmer ment." The report continues as follows:
"If one crew of mendicants can come to the doors
in periods of stress and trial, and it is matter of
of Congress and with a threat of votes loot the
520
FINANCIAL CHRONICLE
Treasury, other groups will follow the example.
These groups will combine to aid each other, trade
and swap votes until each one gets its dole out of
the public funds. Congress has become a national
soup kitchen, where every mendicant industry, every
greedy, begging group brings its empty bowl to receive its 'Treasury soup' directly or indirectly.
When the other industries begin to get their dole,
the farmer will have to pay his share of it, pay his
share of the dole to the coal man, the steel man, and
all the rest of them, and they, in turn, will pay their
share of his dole, and so this country will be reduced
to the condition of that happy community where all
inhabitants make a living doing each other's
washing."
The foregoing is strong and rather unusual language, but the evil which it depictures is a most
serious one—an evil, too, growing with such great
rapidity and so commonly acquiesced in and its in.defensible character withal so generally overlooked,
:that honeyed words in dealing with it could serve
-merely to perpetuate it rather than to eradicate it.
To characterize it, therefore, in homely and unvarnished language, calculated to reveal its true
character, is unquestionably the surest way to
achieve the end sought.
(voL. 131.
made out for $4,219.69, $401.87 short of the amount.
The bookkeeper forgot to call the error to the
attention of the President on his return, and on
July 22 the plaintiff began the action for the foreclosure of its mortgage, electing to declare the principal of the indebtedness to be due by reason of the
default in the payment of the interest.
"Promptly the same day the corporation owner,
thus advised of its default, tendered the overdue installment. The tender being rejected, was kept good
by payment into court.
"These facts being proved, the trial judge held that
there had been a mere mistake in computation
against which equity would relieve by refusing to
co-operate with the plaintiff in the effort to collect
the accelerated debt. The Appellate Division unanimously affirmed. The Court of Appeals reversed
and gave judgment in favor of the plaintiff for the
foreclosure of the mortgage. Judge O'Brien, in his
opinion, said:
"The contract is definite and no reason appears
for its reformation by the courts (Abrams vs.
Thompson, 251 N. Y. 79, 86). We are not at liberty
to revise while professing to construe (Sun P. & P.
Association vs. Remington P. & P. Co., 235 N. Y.
338, 346). Defendant's mishap, caused by a succession of its errors and negligent omissions, is not of
the nature requiring relief from its default. Rejection of plaintiff's legal right could rest only on compassion for defendant's negligence. Such a tender
emotion must be exerted, if at all, by the parties
rather than by the court. Our guide must be the
precedents prevailing since courts of equity were
established in this State.
"'To allow this judgment to stand would constitute an interference by this court between parties
whose contract is clear. One has been unfortunately
negligent, but neither has committed a wrong.'
"To give the courts discretionary powers might be
providing a remedy worse than the disease. The
exercise of the discretion would vary so much according to the temperaments of the different judges who
would have this power that injustice, however inadvertently would too frequently be done to mortgagor
and mortgagee alike. It is so easy to be generous
with other people's rights, property and money. We
have daily evidence of this sort of thing in the stays
often given to tenants by Municipal Court Judges
without even a semblance of a right. Legislators are
common offenders in this respect."
Judge O'Brien unquestionably laid down the principles which should govern in cases of this kind, even
though their application occasionally involves hardships. As Judge O'Brien well says, "to give the
courts discretionary powers might be providing a
remedy worse 'than the disease." The further admonition should also be heeded, that "it is so easy .
to be generous with other people's rights, property
and money."
It is pleasing also to note a disposition on the
part of our courts to construe contracts strictly,
resisting attempts to make them remedial agents for
redressing wrongs which one party or the other may
suffer by reason of some mistake of its own if the
contract is enforced according to its terms. The
courts, and especially the lower courts, are altogether too prone to allow themselves to be used in
that way. The New York Court of Appeals recently
decided a case of that kind, and in doing so gave
expression to a doctrine which cannot find too wide
acceptance by the courts generally. The case involved the question whether relief may be granted
in equity to the owner of property who has, through
mistake or excusable inadvertence, failed to pay the
interest due on a mortgage upon the property within
the required time. The case was reviewed in the
Brooklyn "Daily Eagle" on Sunday last, and Bruce
R. Duncan, counsel to the Brooklyn Real Estate
Board, outlined the points of the decision and what
was involved therein. Judge O'Brien, of the New
York Court of Appeals, wrote the prevailing opinion,
which was concurred in by three other judges and
held that equity could not step in and relieve the
defendant, though Chief Judge Cardozo dissented in
a separate opinion in which the two remaining
judges concurred. The circumstances of the case
were perfectly plain, and there were things about it
Meddlesomeness is one of the besetting sins of the
that were calculated to appeal strongly to the equity
side of the court. Mr. Duncan set out the facts of day on the part of Government officials and Government agencies, boards, and commissions. Among
the case as follows:
them all there is the eternal itch to do something
"The action was brought for the foreclosure of a
mortgage. The mortgage provided that the whole of to justify their existence. One cannot help thinking
the principal should become due at the option of the how much better off the mercantile and financial
mortgagee after default for 20 days in the payment world would be if only they could be induced to
remain quiescent and refrain from attempting to
of any installment of the interest.
"The interest was due July 1 1927. On June 24 improve things which they only make worse by their
the bookkeeper for the defendant corporation mailed ill-judged action. What could give greater relief
two checks to the plaintiff mortgagee, stating that to the country's oppressed agricultural communia mistake in arithmetic had been made and that the ties to-day than announcement from the Farm Board
President was expected to return about July 5, at
which time a check for the balance of $401.87 would that the Board would for six months to come rebe promptly forwarded. The total interest payment ligiously refrain from dealings of any kind in wheat
was $4,621.56, but by an error in computation was and cotton alike.
JULY 26 1930.]
FINANCIAL CHRONICLE
But our purpose now is to refer merely to the
latest performance of the Federal Reserve Banks.
The New York Federal Reserve Bank has got its
rediscount rate down to the inordinately low figure
1
2%, and might well rest contented with that.
of 2/
Instead, it is discounting bankers' acceptances on
/
8% per annum. The member
the basis of only 17
banks have virtually stopped borrowing at the Reserve institutions, since they have no need of Reserve credit at a time of monetary congestion. The
Reserve authorities, however, are determined to keep
a large amount of Reserve credit outstanding notwithstanding that the member banks are glutted
with funds as never before since the establishment
of the Federal Reserve System. To that end they
are buying, as one means of attaining their object,
bankers' acceptances on the inordinately low basis
of 17
/8% per annum, as just stated.
Bankers' acceptances are the highest form of banking credit, and when these command a rate no higher
than 17
/8% there is proof positive of monetary congestion so pronounced that not the slightest occasion exists for the use of Reserve credit, which is
super credit imposed upon the ordinary banking
credit, and ought never to be employed when the ordinary banking credit is sufficient for the purpose, as
the low rates prevailing in the money market for all
classes of loans so abundantly testify. But the Reserve authorities do not want to pass out of the public eye, and deem it incumbent all the time to appear
to be engaged in active measures of relief, when no
relief of any kind is required, but rather the reverse.
For some time they have been engaged in discounting
bankers' acceptances of the shorter maturities at
17
/8%. This week they undertook further to extend
their line of operations in the acceptance field. Previously they were buying at 17
/
8% only bills having
a maturity of no more than 45 days; on bills running
from 46 to 90 days their buying rate was 2%. This
week they extended the time limit of bills which they
would buy at 17
/8% from 45 days to 75 days. The
daily papers reporting this action all explained it
the same way. Thus the New York "Herald Tribune," in its financial column on Tuesday, had the
following to say with reference to the step:
"The Federal Reserve Bank of New York made a
move yesterday which should be of benefit in restoring confidence among member banks that they can
invest their funds at present rates without incurring
lossss. Of late banks have been showing preference
for investments of only the shortest maturities out
of fsar that they would be loaded up with low-rate
obligations when money rates began to stiffen. Bill
dealers especially felt the effects of this policy of
the banks, and it looked as if open market rates
would harden shortly before the demands for credit
actually commenced to increase. Certainly the
bill
market had gone stale. Now the Federal Reserve
has taken a hand in the situation by lowering its
buying rate for bills from 46 to 75 days maturity
from 2 to 17
/8%; already the bank was quoting the
17/s% rate for bills up to 45 days. Theoretically
at
least, this move by the central banking authorit
ies
should indicate to member banks that they can with
impunity buy bills running as long as 90 days,
for
by holding these bills only two weeks they can dispose of them in an emergency without loss. It was
this possibility that they might have to stand
a
loss in 'melting' the longer bills that made the banks
stay aloof from the market in recent weeks."
Two days later, however, this same publicat
ion,
in an item headed "Banks and Their Money,"
showed
521
that this step had another aspect, the writer discoursing as follows:
"That the Federal Reserve System has injected
more credit into the market than member banks care
to employ at present rates is evidenced by the consistent excess.of reserves at the local bank of issue.
These surplus member bank balances have been dealt
in repeatedly this week at rates well under 1%. One
can be sure that it is not a situation which is relished
by the banks that they should have such large
amounts of idle funds. Why the banks have not
been more anxious to put these funds to work was
explained by a leading banker yesterday. In the
first place, he said, the call money market cannot
absorb the idle money, bill rates are so low that they
offer little attraction, and if the banks began buying bills heavily the rate would almost surely drop,
thereby becoming even less remunerative, and in the
Government securities market the same conditions
prevail; moreover, business is not bidding for credit.
The logical answer is for the banks to buy more longterm bonds. But that, he said, is not as easy as it
looks. The market for bonds is sensitively adjusted
now, and any substantial buying of prime issues
would push up prices precipitately. In trying to
avoid such a sensational rise in price thg banks, he
said, have been trying to accumulate bonds quietly
and slowly. But he did not believe the banks could
continue such tactics much longer. Their resistance
will be worn down, as the memory of the losses they
had to take in bonds in 1928 becomes dimmer, and
then the bond market will have that appreciable rise
which every one has been expecting for a good many
months."
A little while ago we were told that the purpose
in cutting the Reserve rediscount rate to the lowest
figure ever established since the inauguration of the
Reserve System, namely, 2/
1
2%,and the buying rate
for acceptances first to 2% and then to 17
/8% was
to revive trade and business. Now we are told that
the purpose is to infuse life into the bond market.
But trade has failed to revive, and the bond market
remains as stagnant as ever, only occasional ebullitions of activity occuring. In the meantime, the
only effect has been to create a state of artificial
ease, which benefits no one—not even the banks and
banking houses which put out acceptances—while
concurrently carrying inflation to a still more dangerous extreme, albeit inflation is always the most
serious evil connected with the faulty operation of
any banking and currency system. An editorial
article in the New York "Journal of Commerce," on
July 24, discussed the whole subject in an interesting
and telling way, and we accordingly reproduce it
here:
"Further reductions in the bill rate have been announced by the local Reserve Bank, and it is stated
in financial circles that what it desires now is to
make money easier and help the bond market accordingly. There is no doubt that this pretense of helping the bond market has in times past been frequently resorted to when changes in rates have been
made for some other purpose. This is well known
to have been the case at the time of the last reduction of discount rates by the Federal Reserve Bank
of New York. Whatever may have been the reason
then or now, Reserve Banks are at work carrying
to its extreme limit a policy whose purpose it manifestly is to reduce the cost of money.
"This policy has already gone so far that it is
difficult to see any way by which much more can be
done unless the funds are actually given away—
made available without interest. In that case there
W522
FINANCIAL CHRONICLE
might be some further 'activity' or 'brightening up'
in the stock market or elsewhere, but it probably
would not be very great. The Reserve Banks have
shot away their entire stock of cheap money ammunition, and whatever effect it was likely to produce
has already been realized.
"As a matter of fact, there is nothing so alarmingly or so well worthy to give ground for anxiety
as the fact that our Reserve System has now for
many months been successfully encouraging the
banks of the country to become more and more frozen
and unliquid. Instead of using the period of depression to reduce commitments and lighten their
burden of long-term loans and investments, matters
have been so arranged as to tighten things still further, and to invoke a progressively more difficult
situation against the time when business revival
does come and when funds are called for at reasonable cost. It is probable that in no former period
of business depression has this policy been applied
so fully or successfully as it is to-day—or with so
much prospect of prolonging the period of inactivity
and dull trade."
The time has passed,in the present period of trade
prostration, when adventitious methods of any kind
can avail in reviving trade or in starting the bond
market on a new path of activity. It is going to be
uphill work under any circumstances, and what is
required above everything else—what alone can start
the wheels of industry and progress—is getting back
to first principles, with the applications of the ordinary rules of common sense. If for some time to
come,as seems likely and indeed inevitable, the country shall be obliged to get along with a diminished
volume of trade and business, the best policy is to
adjust ourselves as speedily as possible to the new
order. It is a mistake -to defer adjustment to some
future date on the mistaken theory that if only we
will wait a little while longer everything will come
out all right in the end.
Entertaining this view we have been very much
impressed by certain remarks made by Alfred P.
Sloan, President of the General Motors Corp., in
presenting the half-yearly report of that big industrial company for the half year ending June 30 1930.
Mr. Sloan takes pride, as well he may, in the fact
that the ratio of falling off in the profits of the corporation, as compared with the corresponding period
of the previous year, is only a little larger than in
the case of the gross dollar volume of business done.
He points out that "it is a recognized fact that a
falling off in volume is normally accompanied by a
much greater reduction proportionately in profits
because of the influence of fixed or uncontrollable
expenses which must go on to an important degree
irrespective of conditions." He might well have
cited the experience of the railroads of the United
States, which, in their returns for the first five
months of 1930, show a falling off of 11.38% in
gross revenue from railroad operations but are
obliged to report a falling off of as much as 23.96%
in net revenue from railway operations. In the case
of the General Motors Corp., Mr. Sloan is able to
show for the half year a reduction of 30.1% in the
dollar volume of business, with a reduction in net
operating income only slightly heavier, namely,
35.2%. It is in explaining how this favorable result
was achieved that Mr. Sloan furnishes much food
for thought on the part of business executives gen-
[VoL. 131.
erally who are confronted with the same kind of a
problem that Mr. Sloan found himself obliged to
deal with. Here is what he says in that regard:
"While it is to be regretted, from the standpoint
of all concerned, that knowledge of the fundamentals of economics and philosophy of industry has
apparently not yet developed to the point where the
business cycle can be said to be under control, on
the other hand it appears to me that if we view the
situation with the right attitude of mind that an
opportunity is presented not only to General Motors
but to all other business and industrial organizations of establishing higher standards of effectiveness. If we are frank with ourselves we must admit
that during any long period of prosperity such as
we have recently passed through, inefficiencies will
creep in; we become less sensitive as regards the
relationship of expense and result; we become too
self-satisfied; our attitude toward intensive work
becomes less constructive. If we will recognize and
capitalize these and other influences and thus establish new and still higher standards, then when the
business adjustment has been completed—which is
only a matter of time—we can go forward with renewed strength and still greater confidence in our
ability to cope with the problems of the future. We
are striving earnestly to do that very thing in General Motors."
It will be observed that Mr. Sloan lays great stress
on the adoption of the "right attitude of mind" and
the establishment of highest standards of efficiency.
This done,it is possible to "go forward with renewed
strength and still greater confidence in our ability
to cope with the problems of the future." The whole
industrial world will be well advised if it deals with
the new order of things in the same broad-minded
and enlightened way.
As was the case last week, the Federal Reserve
statements the present week call for little comment.
The total of brokers'loans has been slightly reduced,
being $3,226,000,000 July 23 against $3,243,000,000
July 16. In other words, there is $17,000,000 decrease in the aggregate of these loans on securities
with brokers and dealers by the reporting member
banks in New York City, after last week's increase
of $40,000,000, which, however, followed a contraction of no less than $898,000,000in the five weeks preceding. The loans for own account are a little larger
at $1,619,000,000 the present week against $1,596,•
000,000 last week, while the loans for account of outof-town banks are somewhat smaller at $776,000,000
against $799,000,000, and the loans "for account of
others" also a little smaller at $832,000,000 against
$847,000,000.
The Federal Reserve Banks in their own returns
also show changes that call for little comment.
Member bank borrowing, as reflected by the discount
holdings of the 12 Federal Reserve institutions, has
been further reduced, falling from $207,030,000 July
16 to $190,570,000 July 23. The volume of acceptances purchased in the open market last week had
increased from $148,945,000 to $168,667,000; it is
back this week to $150,523,00, from which it would
appear that extending the buying rate for acceptances at 17
/8% to bills of longer maturities, to which
reference has been made further above, was not
effective in securing a very large volume of new
bills. Holdings of United States Government securities are also slightly lower at $576,139,000 against
$577,118,000, though there have been some very substantial changes in the different items going to make
JULY 26 1930.]
FINANCIAL CHRONICLE
up the total, the holdings of certificates and bills
having fallen from $290,522,000 to $272,554,000,
while the holdings of Treasury notes increased from
$243,696,000 to $260,835,000. The net result of all
these changes is that total bill and security holdings
(which measures the amount of Reserve credit outstanding) are only $924455,000 this week against
$960,116,000 last week. The amount of Federal Reserve notes in circulation fell during the week from
$1,382,349,000 to $1,356,180,000, while gold reserves
decreased from $3,030,745,000 to $3,024,227,000.
Another sharp decline occurred in the foreign
trade of the United States in June, both exports and
imports of merchandise being again materially reduced in value as compared with the earlier months
this year and also being much lower than in the
corresponding month of 1929. This condition has
been almost continuous for the year to date, while
for June the movement is decidedly the most unsatisfactory of any month throughout the entire period.
Merchandise exports for the month just closed were
valued at $299,000,000 and imports at $250,000,000.
These are the smallest amounts in the case of both
exports and imports, for a number of years past—
for exports since July 1924 and for imports going
back to January 1922. In June of last year exports
were valued at $393,186,000 and imports at $353,403,000, the decline in exports this year being $94,186,000, or 24%, and in imports $103,400,000, or
29.3%. The balance of trade for June is still heavily
on the export side, amounting to $49,000,000; for
June 1929 the excess of exports over imports
amounted to $39,783,000.
For the six months of this year merchandise exports have amounted to $2,079,748,000, and imports
to $1,735,715,000, whereas in 1929 the exports in the
first half were valued at $2,623,088,000, and the imports at $2,286,375,000. Exports for this year to
date show a decline of $543,340,000, or 20.7%, and
imports of $550,660,000, or 24.1%. The June report
is clearly much more unfavorable than for the six
months. Merchandise exports for the half year exceeded imports by $344,033,000; a year ago the excess of exports was $336,713,000.
Some part of the decline in the value of our
foreign trade has been due to the lower range this
year of commodity prices. How much this reduction may be cannot be definitely determined. Authentic data on the subject of prices shows that the
reduction in the past year has been fully 8% or 10%,
while, compared with two years ago, the decline is
12% or 15%. Two years ago, or during the first
half of 1928, commodity prices were close to the
high point reached since the collapse of 1921. There
are several computations dealing with the price
situation, and all are in substantial accord as to this
decline. Cotton is one of the larger items in our
export trade, and here the price is now heavily reduced compared with last year. June shipments
were much the lowest of any month for many years.
Cotton exports in June were 191,442 bales against
308,900 bales a year ago, and the value in June this
year of $15,675,000 compares with $30,892,000 in
June 1929, a decline of 49.3%. The reduction in
total exports in June was 24%, so that quite a little
of the loss for that month was reflected in the
smaller cotton movement. Still the deduction of
cotton from the value of other merchandise exports
in June this year leaves a decline for that month of
523
$78,969,000, or 21.8%. The cotton movement abroad
for the six months has also been very much below
that of recent preceding years. The value for the
year to June 30 of $220,040,000 was $100,108,000 less
than for the same period in 1929, or a decline of
31.3%. Omitting the cotton movement, all other
exports for the six months this year show a decline
of 19.2%, a substantial loss.
The foreign movements of the precious metals
dwindled still further in June, imports of gold for
that month amounting to $13,938,000, the smallest
amount since January, and exports to $26,000, much
the lowest amount in many years. For the six
months this year gold imports have been $232,197,000
and exports $9,663,000, the excess of imports being
$222,534,000. In the corresponding period of 1929
gold imports were $181,507,000 and exports $7,050,000, imports exceeding exports by $174,457,000.
The silver movement last month was also at a very
low point, imports being only $2,707,000 and exports
$3,336,000.
The stock market the present week has shown
alternate periods of strength and weakness, but has
resisted attempts to bring about any general depression. Activity has been confined mainly to the speculative leaders, in which larger or smaller declines
occurred when the trend of the market was downward, with corresponding recoveries when the market turned in an upward direction. The whole time,
however, it may be said to have shown considerable
firmness; and the quick recoveries which ensued
after each break were evidence to the same effect.
The especially weak days were Saturday and Monday, on which days some quite considerable declines
occurred in the speculative leaders, and in which the
general market shared. On Tuesday, however, the
market showed its inherent strength, sharp recoveries occurring which were proportioned to the antecedent losses. On Wednesday the upward movement made further progress. On Thursday irregularity developed, with some downward reaction at
the close, though on a greatly reduced volume of
trading. On Friday the market again displayed
firmness, though on a limited volume of transactions. The grain and cotton markets have exercised
little influence on the course of stock prices the
present week. Both markets have been inclined to
weakness, but have not suffered any such severe
breaks as in most of the previous weeks. A number
of stocks, among which National Cash R egister was
conspicuous, have been depressed all week, because
of poor income results. Call money on the Stock
Exchange ruled unchanged at 2% throughout the
whole week. The following shows stocks which the
present week touched new high or new low figures
for the year:
STOCKS MAKING NEW HIGHS FOR THE YEAR.
Industrial & Miscall. (Concluded)
Railroads—
Briggs Mfg.
Morris & Essex
Lago Oil & Transport
Industrial and Miscellaneous—
011 Well Supply
Autostrop Safety Razor class A
STOCKS MAKING NEW LOWS FOR THE YEAR.
Railroads—
Indus. & Miscall. (Concluded)—
Maytag Co.
Pacific Coast
National Department Stores
'Industrial and Miscellaneous-Newport Co. class A
American Hawaiian SS. Co.
North German Lloyd
Bayuk Cigars
Revere Copper es Brass
Clark Equipment
Superior Oil
Cuban-American Sugar
Congress Cigar
United Cigar Stores
The Fair
Conley Tin Foil stamped
Universal Leaf Tobacco
Great Western Sugar
Fisk Rubber
Yale & Towne
Karstadt (Rudolph)
524
FINANCIAL CHRONICLE
Trading has again been of only moderate proportions, especially the last two days. At the half-day
session last Saturday the dealings on the New York
Stock Exchange aggregated 871,570 shares. On Monday the sales were 1,947,070 shares; on Tuesday,
2,080,740 shares; on Wednesday, 2,526,850 shares;
on Thursday, 1,475,240 shares, and on Friday,
1,356,170 shares. On the New York Curb Exchange
the sales last Saturday were 262,400 shares; on Monday, 481,600 shares; on Tuesday, 450,600 shares; on
Wednesday, 476,100 shares; on Thursday, 460,700
shares, and on Friday, 359,600 shares.
As compared with Friday of last week, prices are
mostly lower, though in many cases showing relatively slight changes, the losses the early part of the
week having been largely made good by the later
recoveries. Fox Film A closed yesterday at 47/
1
2
against 48 on Friday of last week; General Electric
/
4 against 73; Warner Bros. Pictures at 42%
at 711
against 453%; Elec. Power & Light at 72 against 74;
% against 343%; Brooklyn Union
United Corp. at 333
Gas at 129/
1
2 bid against 135; American Water
Works at 93 ex-div. against 943%; North American
at 100 against 100%; Pacific Gas & Elec. at 57%
against 59Y8; Standard Gas & Elec. at 94/
1
2 against
951/
2; Consolidated Gas of N. Y. at 1113
% against
1141/
2; Columbia Gas & Elec. at 637
/
8 against 66%;
International Harvester at 83/
1
2 against 85; Sears,
Roebuck & Co. at 67/
1
4 against 693%; Montgomery
Ward & Co. at 36/
1
2 against 37; Woolworth at 58Y,
against 593%; Safeway Stores at 74 against 77;
Western Union Telegraph at 168 against 171; American Tel. & Tel. at 216/
1
2 against 2203%; Int. Tel. &
Tel. at 46/
1
4 against 48%; American Can at 131/
1
4
against 129%; United States Industrial Alcohol at
69/
1
4 against 79%; Commercial Solvents at 28/
1
4
against 261/
2; Corn Products at 96% against 97;
Shattuck & Co. at 391/
8 against 38%, and Columbia
Graphophone at 18% against 20.
Allied Chemical & Dye closed yesterday at 272
against 274 on Friday of last week; Davison Chemical at 28/
1
2against 287
/
8; E. I. du Pont de Nemours
at 112/
1
2 against 110/
1
2; National Cash Register at
46% against 57%; International Nickel at 25
against 26; A. M. Byers at 76% against 801/
8; Simmons & Co. at 26% against 281/
8; Timken Roller
Bearing at 63 against 65; Mack Trucks at 55/
1
4
against 57%; Yellow Truck & Coach at 27/
1
4 against
28; Johns-Manville at 861/
4 against 85; Gillette
Safety Razor at 82% against 783
%; National Dairy
Products at 53% against 52'/
78; National Bellas Hess
at 10/
1
4 against 93% bid; Associated Dry Goods at
34/
1
2against 36; Texas Gulf Sulphur at 587
/
8 against
571/
2, and Kolster Radio at 3% against 334.
The steel shares have on the whole given a good
account of themselves. United States Steel closed
yesterday at 167% against 167/
1
2 on Friday of last
week; Bethlehem Steel at 83/
1
4 against 84%, and
Republic Iron & Steel at 46% against 48. The motor
stocks have held up well, notwithstanding heavy reduced earnings have been reported by some of them,
especially General Motors. General Motors closed
yesterday at 45% against 45 on Friday of last week;
Nash Motors at 36 against 39; Chrysler at 305/s
against 31¼; Auburn Auto at 126 against 134;
Packard Motors at 14'/
78 against 15; Hudson Motor
Car at 35 against 36, and Hupp Motors at 15 against
153
%. The rubber stocks have moved lower. Goodyear Rubber & Tire closed yesterday at 65Y8 against
68 on Friday of last week; B. F. Goodrich at 27/
1
2
[Vol.. 131.
bid against 30; United States Rubber at 23/
1
2against
25/
1
4, and the preferred at 44 against 47.
The railroad stocks yielded readily, whenever the
tendency was downward. Pennsylvania RR. closed
yesterday at 76 against 76 on Friday of last week;
New York Central at 165 against 170; Erie RR. at
42 against 43%; Del. & liudson at 160 bid against
166; Baltimore & Ohio at 106% against 1071/
8; New
Haven at 105% against 107%; Union Pacific at
221% against 2227
/
8; Southern Pacific at 119/
1
2
against 1183%; Missouri-Kansas-Texas at 411/
4
against 43; Missouri Pacific at 67 bid against 69%;
Southern Railway at 95 bid against 99/
78; St. LouisSan Francisco at 91 bid against 95%; Rock Island
at 106 bid against 107; Great Northern at 82 against
84, and Northern Pacific at 757
/8 against 77.
The oil shares have this week evinced a downward
tendency. Standard Oil of N. J. closed yesterday at
4 against 74% on Friday of last week; Standard
733
Oil of California at 62 against 63; Simms Petroleum
at 22 against 23½; Skelly Oil at 30/
1
2 against 31%;
4; Texas Corp.
Atlantic Refining at 38/
1
2against 371/
at 53 against 53%; Pan American B at 59 against
59½; Richfield Oil at 18 against 18; Phillips Petroleum at 331/
8 against 34; Standard Oil of N. Y. at
32/
1
2against 33%,and Pure Oil at 213
% against 223/8.
The copper stocks have moved irregularly. Anaconda Copper closed yesterday at 51 against 52% on
Friday of last week; Kennecott Copper at 40 against
40/
1
2; Calumet & Hecla at 151/
4 against 16; Andes
Copper at 22/
1
4 bid against 24; Calumet & Arizona
at 55 against 57%; Granby Consolidated Copper at
23 against 237
/8; American Smelting & Refining at
66% against 65%, and U. S. Smelting & Refining
at 19% against 19%.
Share prices were easy on all the important European Stock Exchanges early in the current week,
while in the later dealings moderate recoveries developed. The trading volume was small in London,
Paris and Berlin, as public interest is slight in every
case, professional operators accounting for most of
the activity, according to the daily reports. The
trend of prices in New York was an important influence on all the European markets and buying was
stimulated to a degree by the more favorable midweek sessions here. The disturbed business outlook
remained the dominant influence, however, and most
attention was again directed to future prospects in
that respect. Unemployment continued to mount in
Great Britain, and the official figures are now very
close to the 2,000,000 mark. In Germany figures in
unemployment have been stationary in the last
month or two, while in France only nominal unemployment is reported. The gold flow from London to
Paris continues to cause uneasiness in the British
center, as the metal is moving across the Channel
as fast as it can be refined to meet the requirements
of the French Central Bank. Quick development of
the gold movement from New York to Paris was
viewed with great interest, observers in London believing that it may result in some release of the pressure on that market. Money rates, meanwhile, remain low in all the larger markets, and there are no
indications as yet of any decided change. New
financing in the London market is very moderate and
not notably successful.
The London Stock Exchange was dull and unsettled in the opening session of the week, owing to
easier advices from New York and the renewed
JULY 26 1930.]
FINANCIAL CHRONICLE
French gold demands. Gilt-edged securities were
weak on fears of heavy daily gold losses until the end
of the month and possibly longer. British industrial
stocks and the international issues also moved off.
Rubber stocks were the weakest issues, owing to a
further drop in the price of the commodity. Some
improvement in the exchange position as against
Paris occurred in London Tuesday, and prices
of gilt-edged issues recovered. International stocks
were sharply lower, however, and British industrials
also were soft. A brighter tone appeared Wednesday
in some sections, under the leadership of oil issues,
but the market on the whole was irregular. Giltedged issues failed to maintain their previous improvement, while home rails moved lower becaus
e
of poor traffic returns. Good features predominated
Thursday and prices were marked up in the giltedged and international sections, while British industrials, oil stocks and Rhodesian mines
also
gained. Home rails were notably weak in this asssion, due to diminished dividend returns of important companies. The London, Midland & Scottish Railway declared an interim dividend of only
1%, which is the lowest ever paid, and the ordinary
stock dropped to a low record, notwithstanding the
fact that a reduction of the payment was fully expected. Home rails recovered slightly yesterday,
while gilt-edged issues and British industrials also
showed gains,
The Paris Bourse was extremely quiet in
the early
sessions of the week, dispatches of Monday remar
king that the dealings on that day were almost cornpletely lacking in interest. A few orders
accumulated over the week-end, but after these were
executed
there was practically no trading. A majority
of the
stocks, moreover, showed a distinctly downw
ard
tendency under the ministrations of profes
sional
operators. The list again glided downward
Tuesday,
with activity limited and the public quite indifferent.
Unfavorable reports from New York, riots in Egypt
,
political troubles in Germany and other factor
s of a
like nature caused sufficient selling by specul
ators
to unsettle the market. A stronger tendency
appeared in Paris Wednesday and prices advan
ced in
almost all departments. The better trend in New
York was an important factor in this change, report
s
said, but the volume of trading showed only a
little
enlargement. In a further quiet session
Thursday,
prices again were fairly firm. French stocks
showed
the greatest improvement, while internationa
l issues
were dull. Prices moved sluggishly at Paris
yesterday, and changes were not important.
Political difficulties in Germany
caused continued unsettlement on the Berlin Boerse
Monday,
prices fluctuating around the low levels
reached on
the previous Friday when the dissolution
of the
Reichstag was announced. Selling
orders were
rather heavy in the early trading, but some
improvement appeared later in the day on supporting
orders
from important interests. Price changes were
thus
kept within relatively narrow confines. Sellin
g was
resumed Tuesday on the Boerse, and prices
sagged in
all departments of the market. To the political unsettlement were added such factors as
unfavorable
reports from other international exchanges
and artificial silk price reductions. Numerous issues
dropped from 5 to 8 points and the market closed
in
a depressed atmosphere. The downward movement
was resumed Wednesday and the extent of the decline was indicated by the drop of Siemens-Halske
525
shares under 200 for the first time. A number of
issues fell10 points and more,with the declines again
taking in all parts of the list. Improvement finally
set in Thursday after an uneven opening. Sharp
enhancement of Reichsbank shares stimulated the
market and prices in general were marked upward,
but at the close dullness and uncertainty again prevailed. The downward movement was resumed at
Berlin yesterday.
Ratification of the London Naval Treaty of 1930
was voted overwhelmingly by the United States Senate, Monday, and it is now a virtual certainty that
the agreement will be declared fully operative within
a few weeks by all the three naval powers chiefly concerned. Ratification on the part of Great Britain
rests with the London Cabinet of Prime Minister
MacDonald, but discussion of the new agreement
occurred in the House of Commons in the course of
debate on bills giving effect to the provisions of the
document. These bills were presented by the Government some weeks ago and they passed the first
reading readily. The second and third readings were.
rushed through immediately after favorable action
on the treaty was taken by the United States Senate
,
and the bills became law in Great Britain Thursday,
so that ratification by the London Government is
now a matter of course. The bills were accepted,
moreover, without a division or vote of the House of
Commons. In Tokio opposition to the pact was again
registered by the small but powerful "Big Navy"
group of Admirals this week, and a report was
adopted by the Supreme Military Council Tuesday
finding the treaty "defective" in so far as Japanese
national defense is concerned. Although some embar•
rassment was thus caused the Hamaguchi Cabinet,
consideration of the pact by the Privy Council was
requested by the Premier Thursday. Ratification by
Japan is expected within a few weeks, because of the
popular support given the treaty everywhere in that
country. It is expressly provided in the treaty that
it will become effective among Britain, the United
States and Japan when ratified by these three powers. Favorable action on the pact, moreover, is expected to result in some speeding of the Franco.
Italian naval negotiations.
Consideration of the treaty by the United States
Senate occupied the special session of that body for
two weeks and a day. Efforts by a small group of
opposition Senators to delay the vote further proved
unsuccessful Monday, and when the test came
the
agreement was readily accepted by a vote of 58 to 9.
Numerous reservations offered in the course of the
debate were quickly disposed of, while one reservation, offered by Senator Norris of Nebraska and
approved by the Administration, was adopted.
The
treaty itself was ratified without change of any
kind.
The Norris reservation relates to the prolonged
attempts of Senate opponents to secure unham
pered
access to the files of the State Department coveri
ng
the treaty, but it leaves the treaty unimpaired. It
states that the Senate ratifies the treaty "with the
distinct and explicit understanding that there are
no
secret files, documents, letters, understandings or
agreements which in any way, directly or indirectly,
modify, change, add to or take away from any of the
stipulations, agreements or statements in said
treaty; and that the Senate ratifies said treaty with
the distinct and explicit understanding that, excepting the agreement brought about through exchange
526
FINANCIAL CIIRONICLE
.of notes between the Governments of the United
States, Great Britain and Japan having reference
to Article 19, there is no agreement, secret or otherwise, expressed or implied, between any of the parties to said treaty as to any construction that shall
be hereafter given to any statement or provision
contained therein." This reservation was adopted
viva voce.
The ceremony of signature by the President followed at the White House Tuesday in the presence
of a small group composed of Vice-President Curtis,
four members of the American delegation to the London conference, and several members of the Senate
Committee on Foreign Relations. Mr.Hoover signed
the treaty with the same gold pen used by the American delegates when they affixed their signatures in
London at the close of the conference. His only remarks during the ceremony were addressed to the
four delegates, to whom he expressed his great personal satisfaction. "I wish to congratulate you, the
delegates to the London conference, upon the completion of your work," President Hoover said. "It
is also a matter of satisfaction that this great accomplishment in international relations has received
the united support of both political parties and all
the States."
At a conference with newspaper correspondents
in Washington earlier on the same day, Mr. Hoover
expressed his gratification at greater length. "With
the ratification by the other governments," he said,
"the treaty will translate an emotion deep in the
hearts of millions of men and women into a political
fact of government and international relations. It
will renew again the faith of the world in the moral
forces of good-will and patient negotiation as against
the blind forces of suspicion and competitive armament. It will secure the full defense of the United
States. It will mark a further long step toward
lifting the burden of militarism from the backs of
mankind and to speed the march forward of world
peace. It will lay the foundation upon which further
constructive reduction in world arms may be accomplished in the future. We should, by this act of
willingness to join with others in limiting armament,
have dismissed from the mind of the world any
notion that the United States entertains ideas of pggression, imperial power or exploitation of foreign
nations." Immediately after President Hoover
.signed the treaty, instructions were cabled by Secretary Stimson to the American Embassies in Rome,
Paris, Tokio and London directing that the respective Foreign Offices be informed of the signature.
Several additional replies were received by Foreign
Minster Briand of France this week to his invitation
for a discussion at Geneva in September of the idea
of a European Federation. Most of the 26 European
]member States of the League of Nations to which
he sent his invitation and suggestions in May replied
by July 15, as requested, but a few of the notes were
delayed. The roster was virtually completed by the
reply of the Irish Free State Government, received
at the Quai d'Orsay last Saturday, and that of Yugo•slavia, received Monday. The Irish Free State expressed approval of the principle of cooperation
among European Governments, but the methods and
suggestions of M. Briand were treated rather coldly.
Like the British Government in its earlier reply, the
Free State regime considered the League of Nations
program and organization ample for the accomplish-
[voL. 131. '
ment of the desired objects. The note suggests that
"conditions in Europe and the sentiment of common
interests are not yet sufficiently strong to justify
the assumption that members of such a union generally would take the collective responsibility in
problems which did not concern them individually."
The Yugoslavian reply was brief and favorable. The
note of the Belgrade Government was singular in
that it approved without reservation all suggestions
made by M. Briand, both as to the objects and manner of organization of the proposed federation. With
all the notes favorable in principle to the idea of a
European Federal Union, further discussion is assured. Owing to the emphasis placed on the League
of Nations in the British reply, however, there is
some question whether the September discussion will
take place apart from the League; as originally intended by M. Briand, or in the course of the League
Assembly session.
Tariff increases were again effected in several important quarters this week, while in other directions
steps were taken which will result in curtailment
of international commerce. This movement has become disturbingly general since the increased duties
of the Hawley-Smoot tariff were applied in the
United States last month, so that a fairly definite
connection with the restriction of the American market is apparent. Only in Canada and Portugal, however, have increased customs duties been applied
specifically as acts of reprisal or retaliation against
the higher United States tariff. The most important
addition to the previous increases was announced
by the Spanish Government this week. A decree was
published in Madrid Wednesday raising tariff rates
on all articles of luxury, and notably on automobiles,
which are imported almost entirely from the United
States. Other articles such as films, silk, bicycles
and sewing machines also are to be taxed more heavily. Finance Minister Arguelles stated when promulgating the decree that the new rates were not
designed in reprisal against the American duties,
but as a measure for improving the value of the
peseta. Trade with the United States, France and
other countries will be seriously hampered, however.
The Government of New Zealand announced a new
tariff schedule Tuesday, in which greater preference
is given British goods, while products from other
countries are to be assessed more heavily in order to
make up the revenue. The Palestine Government
announced Wednesday that a number of measures
will be taken to aid the agricultural interests in the
country. Among these measures are increases on
wheat and flour duties. In Italy some unofficial
steps have been taken which will have the effect of
reducing Italian imports of American agricultural
machinery. An important agriculturists association
held a meeting in Rome and decided on the total
exclusion of agricultural machines from foreign
countries in their operations. Practically all Italian
imports of this kind are American in origin.
A disastrous earthquake rocked Southern Italy
early Wednesday morning, bringing death to thousands, injury to tens of thousands, and causing untold misery and suffering throughout the southern
part of the Italian peninsula. The shocks were the
most severe since Messina was destroyed in 1908.
Tremendous electrical storms accompanied the earthquake in the affected area, which extends in a 20-
JULY 26 1930.]
FINANCIAL CHRONICLE
mile band from the Tyrhennian to the Adriatic Sea,
taking in the city of Naplies. The entire area was
thrown into darkness and communications were destroyed, so that it was some time before the extent
of the disaster was realized. The coast settlements,
which remained in touch with the Outside world,were
affected but little, most of the destruction occuring
in the mountainous sections of the interior. The
small city of Melfi, 75 miles east of Naples, was reduced almost to a heap of ruins, according to eyewitness reports to the New York Herald Tribune.
Similarly authentic reports to the United Press told
of terrifying devastation in the town of VillanovaAlbanese, in Benevento Province. Other places that
suffered terribly are Lacedonia, AquiIonia, Ariano,
Sansossio and Rochetta. Estimates of the dead and
injured were revised upward in each succeeding report. Approximately 2,000 persons are known to
be dead as a result of the earthquake, while upwards
of 4,000 are in hospitals gravely injured. A much
larger number, less seriously hurt, are being cared
for in first aid stations. More than 3,000 houses
were completely wrecked, while as many more were
rendered uninhabitable. Fissures in the earth disrupted the railway communications as well as the
wire lines. Relief work was immediately organized
by the Italian Government, and trains of motor
trucks bearing food and medicaments were rushed
to the stricken area. Premier Mussolini announced
Thursday night that the Council of Ministers had
taken all necessary emergency measures, and public
and private subscriptions in aid of the victims were
discouraged. The Foreign Office in Rome also issued instructions to Italian envoys in other countries to decline all offers of assistance or relief measures. No reliable estimates of the material damage
are possible as yet.
527
Some perturbation was caused in the German Republic by the application in the Parliamentary situation of Article 48, under which dictatorial powers
may be exercised and delegated by the President.
Such alarms were quickly allayed by the Government, however, which indicated that no attempt at
dictatorial government will be made in the period
until a new Reichstag is eledted and a new Government chosen. "The Chancellor took pains to emphasize," a dispatch of Tuesday to the New York
"Times" said, "that the present use of the muchdiscussed statute had not the slightest relation to
theories of a dictatorship." In order to correct misapprehension abroad, Dr. Bruening told the "Times"
correspondent that the application of Article 48 suggeSted no new departure, inasmuch as the late President Ebert had frequently proclaimed it in the presence of the Reichstag. In a report to the New York
"Herald Tribune" it was indicated that only the
extremist parties are likely to gain in the forthcoming elections, owing to the general business depression and the huge amount of unemployment. One
result that is already apparent, it is said, is a split
of(the Nationalist (Conservative) Party into opposing groups led by Dr. Hugenberg and Count Westarp. Efforts will be made, on the other hand,
toward fusion of some of the 14 different parties
represented in the last Reichstag into more distinct
radical and conservative groups to the end that a
workable coalition can be arranged for the formation of a Cabinet.
The ceremonial observance of the Rhineland evacuation was officially inaugurated by President von
Hindenburg at the town of Speyer, last Saturday.
Departure of the last French troops occurred on
June 30, in accordance with the diplomatic arrangements that preceded the adoption of the Young plan,
and a spontaneous celebration promptly followed.
Two events of major political importance occupied The more formal observances included a tour of the
the German people this week, and attention was ac- President and members of the German Cabinet
cordingly divided between the probable outcome of through the Rhineland, and in connection with this
the national elections on Oct. 14 and the official cele- visit numerous pageants, symbolic dances, song festibrations that marked the evacuation of the Rhine- vals and other arrangements were made. It was tile
land. The general eledtions were formally an- first tour of the 82-year-old former Field Marshal
nounced shortly after the dissolution of the Reich- through the Rhineland since the end of the war, and
stag on July 18,following the failure of the Bruening he was greeted at Speyer, Mainz, Wiesbaden, CoCabinet to achieve needed financial reforms. Finance blenz and other centers with an enthusiasm befitting
decrees of Chancellor Bruening, which called for the occasion. Only a few brief addresses were made
fresh taxes amounting to $115,000,000 to balance the by the President, of which the most important was
budget, were rejected by the Reichstag by a vote of delivered at Mainz. "We fervently hope the day of
236 to 221, and the Chancellor immediately retali- freedom from foreign occupation will prove'to be a
ated by reading an edict of President von Hinden- step along the road to true peace," he said on this
burg dissolving the Parliament under powers con- occasion. "After removal of all those hindrances
ferred by Article 48 of the Weimar Constitution. which were unavoidably connected with the occupaVotes against the Government were cast by Social- tion, we hope to see a spirit of understanding and
ists, Communists, Fascists, and about 25 National- justice rule in the relations between neighboring
ists belonging to the extremist wing under the party States more strongly than ever before. To-day we
chairman, Dr. Alfred Hugenburg. Parties favoring still lack much of full equality. German land in the
the Government in the division included the Cen- Saar still stands detached from the Fatherland and
trists, Democrats, the People's Party, the Christian under a strange administration. We fervently hope
Nationalists, the Economic Party, and about 40 Mod- our brothers and sisters in the Saar will soon be
erate Nationalists headed by Count Kuno Westarp. united with us again. When that goal is attained,
The dissolution came just one day before the ex- it will be the best possible service to the peace of
pected end of the session. The budget which the Europe." The celebration at Coblenz was marred
Reichstag was to enact was thus automatically by the collapse of a bridge over the Moselle River
killed, and the Government was left without appro- Tuesday under the weight of the holiday crowd.
priations to run the country. Moreover, the finance About 40 persons were drowned, while others were
decrees of the Chancellor were also nullified by the injured as a result of this accident.
proceedings.
5.28
FINANCIAL CHRONICLE
[VoL. 131.
An inquiry into Communist political activities in Egyptian people. The
disturbances started when the
the United States has been conducted in New York IN atlas uanmet, tormed
by the Wafdists, resigne%
this week by a Congressional investigating commit- on June 19 after a dispute
with the King regarding
tee, with attention centered chiefly on the Amtorg the advisability of
certain legislation advocated by
Trading Corp., the commercial agency of the Soviets the Nationalists in
defense of the Constitution. A
in this country. The inquiry resulted from "revela- new Cabinet was
promptly formed by Sidky Pasha
tions" of former Police Commissioner Whalen of this and the Parliam
ent was closed by decree of the King.
city, who charged some months ago that the Amtorg The political
agitation caused rioting last week in
organization was a channel of subversive propa- which 14 persons
were killed and hundreds injured.
ganda. Documents were produced by Mr. Whalen Further outbrea
ks this week in Cairo, Suez and Port
in substantiation of his charges, but these have never Said resulted
in six deaths and additional injuries.
been authenticated. Indeed, grave doubt has been The more
recent troubles are said to have resulted
thrown on their authenticity in the course of the from a
decision of the Wafdist leaders to force the
investigation.
Much importance, nevertheless, gates of Parliament
and hold an extraordinary sesattaches to the inquiry, as there are indications that sion. This
maneuver was not carried out, but a
it may affect the whole question of Soviet-American petition
for the convening of such a session was
trade relations. The Soviet trade representatives in presente
d to King Fuad. Premier Sidky's GovernNew York purchased about $107,000,000 of Amer- ment
decided, it is understood, that the petition was
ican goods last year, and their program calls for
unconstitutional, and King Fuad refused to convoke
substantial further increases. Peter A. Bogdanov the session.
Arrests have been made by the Governand John Ohsol, Chairman and Vice-Chairman, re- ment on a
large scale, and reports indicate that more
spectively, of the Amtorg Trading Corp., were closely than 1,000
agitators have been imprisoned. The city
questioned by the Congressional Committee Tues- of
Alexandria, meanwhile, has been quiet, as the
day, but the information elicited was not especially British
warships Queen Elizabeth and Ramillies
new or important. Numerous clashes marked the arrived
late last week in order to protect the lives
hearing, as the two Amtorg officials were unwilling and
interests of foreigners in Egypt. These developwitnesses. At the close of the day members of the ments
have been followed with intense interest in
Committee challenged the right of the Russians to London.
he in this country under the present immigration
laws. Mr. Bogdanov insisted that he is in New York
There have been no changes this week in the dispurely as a commercial representative, and, some count
rates a any of the European central banks.
trouble was experienced when the Committee asked Rates
remain at 6% in Spain; at 5/
1
2% in Austria,
him to discuss political questions.
Hungary, and Italy; at 4/
Norway
1
2
in
%
; at 4% in
In a further hearing, Wednesday, consideration Germany,
Denmark, and Ireland; at 3/
in Swe%
1
2
was given to the so-called "Whalen Documents," and den; at
3% in England, Holland, and Belgium, and
Mr. Bogdanov filed a long statement intended to at 21/
2% in France and Switzerland. In the London
show that the documents are palpable forgeries. He open
Anarket discounts for short bills yesterday
took the position, however, that the proof of the were 23/8
@2 7/16% against 2%% on Friday of last
genuineness of the papers rests with Mr. Whalen, week, and
at 21/
2% for long bills against 2 7/16%
while a veiled threat was made of discontinuance of the previous
Friday. Money on call in London yesthe trade relations between the two countries unless terday
was 11/
2%. At Paris the open market rate
the charges are proved false. The Amtorg Chairman continue
s at 21/
2%, and in Switzerland at 2%.
denied specifically that any member of the trade
Organization had ever engaged in political activities
The Bank of France in its 'statement for the week
in this country, such as those implied in the Whalen ended
July 19 shows another gain in gold holdings,
documents and directly charged by the former Police this
time of 454,792,825 francs. Owing to this inCommissioner. "There cannot be the slightest crease
the total of the item now stands at 44,912,083,doubt," he said, "that the activities of Soviet repre- 721
francs, as compared with 36,786,655 francs last
sentatives in this country are of a purely business year
and 29,662,178,055 francs the year before.
nature and are of vital importance in the develop- Credit
balances abroad fell off 7,000,000 francs, while
ment of Soviet-American trade. We assert that the bills
bought abroad rose 48,000,000 francs. Notes
accusations against the Amtorg are absolutely with- in circulat
ion declined 566,000,000 francs, reducing
out foundation. Nevertheless, the very fact of the the
total of the item to 72,292,797,915 francs. The
charges against the corporation having been widely same
item a year ago amounted to 64,109,868,040
circulated could not fail to make its position a diffi- francs,
and the year before to 59,866,000,000 francs.
cult one and to hinder it in its work. The Amtorg An
increase appears in French commercial bills dishas built up a substantial credit position. The
counted of 7,000,000 francs and in creditor current
accusations against the company have undoubtedly
accounts of 1,254,000,000 francs, while advances
harmed its reputation with some firms. For this
against securities declined 39,000,000 francs. A
reason we assert that the further development and
comparison of the various items for the past three
even the continuance of Soviet-American trade will years
is furnished below:
be an almost impossible task unless the accusations
BANK OF FRANCE'S COMPARATIVE STATEMEN
T.
against the company are thoroughly investigated by
Changes
Status as of
for Week.
your committee and, as we confidently expect, are
July 19 1930. July 20 1929. July'21 1928.
Francs,
Francs.
Francs.
Francs.
found to be baseless."
Gold holdings- - _Inc. 454,792,825 44,912,083,721 38.786,089,
655 29,862,178,055
` Sporadic rioting in the larger Egyptian cities
aggin developed this week in consequence of the
diVerences between King Fuad and the Wafdists, or
Nationalists, who are said to represent 95% of the
Credit bale. abed_Dee. 7,000,000
French commercial
bills diecounted_Inc. 7,000,000
Bills bought abr'd_Inc. 48,000,000
Adv. agst. secure. _Dec. 39,000,000
Note circulation...Dec. 568,000,000
Creel. curr. accts_inc.1254.000.000
6,737,264,230 7,334,425,094 16,569,308,910
4,989,536.384
18,958,728,217
2,726,498,348
72,292,797,915
15,595,282,328
7,687,983,815
18,488,896,786
2,415,350,025
64,109,868,040
17,222,838,936
2,307,000,000
12,769,000,000
1.934,000,000
59,866,000,000
8,237,000,000
JULY 26 1930.]
FINANCIAL CHRONICLE
The Bank of England statement for the week
ended July 23 shows a loss of £1,337,529 in bullion
but, as this was attended by a contraction of £983,000 in circulation, the decrease in reserves amounted
to only £355,000. The Bank's gold holdings now
aggregate £155,033,899 in comparison with £150,700,158 a year ago. Public deposits fell off £492,000
and other deposits £1,620,750. The latter consist
of bankers accounts, which decreased £2,322,017,
and other accounts which increased £701,267. The
reserve ratio is now 44.89% as compared with 44.37%
a week ago and 39.72% a year ago. Loans on government securities fell off £4,340,000, while those on
other securities rose £2.,591,402. Other securities
included "discounts and advances" and "securities."
The former increased £880,760 and the latter £1,710,647. The discount rate remains 3%. Below we
furnish a comparison for the different items in the
Bank's return for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.
1926.
1927.
July 23.
July 24.
July 25.
July 27.
July 28.
.364,137,000 367,331,000
Circulation
9,904,000 11,684,000
Public deposits
103,472,542 07,493.360
Other deposits
Bankers' accounts 67,265,603 61.009,441
Other accounts_ _ 36,206,939 36,483,919
Governm't securities 51,355,547 50,781,855
29,200,737 33,099,759
Other securities
Disct. ez advances 7,098,343 9.426,937
22,102,394 23,782,822
Securities
Reserve notes dr coin 50,896,000 43,368.000
Coin-and bullidS77155,033,899 1507700,158
Proportion of reserve
44.89%
to liabilities
39.72%
3%
Bank rate
5l.%
136.016,000 132,958.165 142,020,185
11,737,000 9.877,743 9,727,001
106,838,000 103,482,503 105,492,490
28,279,000 49,991,982 34.925,328
48,418,000 47,857,565 68.5 4,751
59.754,000 33.596.556 29,856.528
176,020,387 151904741 1-52.121,-713
.4-14
50.39%
29.56%
25.91%
4,5.6%
41.4%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 statement of the Bank of Germany for the
third week of July shows a decline in note circulation of 221,048,000 marks. The total of note circulation now is 4,001,868,000 marks, which compares with 4,091,054,000 marks the same date last
year and 3,987,430,000 marks two years ago. Other
daily maturing obligations increased 240,258,000
marks, while other liabilities declined 46,491,000
marks. The asset side of the account reveals a
decrease in gold and bullion of 3,000 marks and in
reserve in foreign currency of 2,213,000 marks,
while deposits abroad remain unchanged. An increase
appears in bills oftexchange and checkstof 58,846,000 marks; in silver and other coin of 18,530,000
marks, and in notes on other German banks/of 3,842,000 marks. Advances and investments register
decreases of 12,679,000 marks and 51,000 marks,
while other assets show a gain of 24,129,000 marks.
The total of gold held by the Bank now stands at
2,618,728,000 marks, as compared with 2,085,323,000 marks last year and 2,148,808,000 marks in
1928. Below we furnish a comparison of the various
items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
week.
July 23 1930. July 23 1929. July 23 1928.
Assets—
Retchsmarks.
Retchsmarks. Retchsmarks. Retchnnarks.
Gold and bullion
Dee.
3,000 2,618,728,000 2,085,323,000 2,148,808,000
Of which depos.abr'd_ Unchanged
149,788,000 101.017.000
85,626,000
Ree've In for'n cum _ _Dee. 2,213,000
84,127,000 340,788,000 193,987,000
Bills of exch.& checks.Ine. 58,846,000 1,544,875,000 2,133,323,000 2,083,180,000
Silver and other coin_ _Ino. 18,530,000 180,692,000 145,038,000 106,151,000
Notes on oth.Ger. bks.Ine. 3,842,000
13,350,000
23,428,000
28,252,000
Advances
Dec. 12,679,000 317,562,000
53,207,000
34,005.000
Investments
51,000 101.017,000
Dec.
92,891,000
93,987,000
Other assets
Inc. 24,129,000 753,550.000 540,165,000 608,416,000
Llabtlliles—
Notes in circulation—Dec. 221,048,000 4,001,868,000 4,091,054,000 3,987,430,000
Other daily mat. obligInc. 240,258,000 666,970,000 550,906,000 688,299,000
Other liabilities
Dec. 46,491,000 217,631.000 329,807,000 234,263,000
529
development of the current week, despite the fact
that the outflow occasioned no tightening in any
department of the market. Announced shipments
on Wednesday alone amounted to $16,000,000, of
which $14,000,000 was sent to Paris and $2,000,000
to Montreal. The movement, which began last week,
gained momentum steadily. The official statement
of the New York Federal Reserve Bank for the week
ended Wednesday night showed exports of $22,001,000, and imports of $1,457,000, with no change
in the stock of the metal ear-marked for foreign
account. The daily statement for Thursday showed
shipments of $1,500,000 to Canada, while Friday's
memorandum reflected further takings of $3,000,000
for France. The total shipments of the past two
weeks now amount to $30,500,000, of which $25,000,000 went to France and $5,500,000 to Canada.
Money rates, meanwhile, have continued virtually
unchanged save for slight relaxation of the shorter
maturities in time money levels. This was in reflection of the extension by the Federal Reserve Bank
of its 17
/
8% bankers' bill buying rate to apply to
acceptances up to 75 days maturity, as against only
45 days or less in previous weeks. This move was
accepted as indicative of a prolongation of the current extreme ease. Call loans on the Stock Exchange were quoted at 2% for all transactions
throughout the week. This level was shaded materially, however, in the unofficial "Street" trans
actions. Quotations in the outside market were
3
4% Monday and Tuesday. On Wed11/
2% and 1/
nesday, Thursday, and again yesterday, loans were
reported in the Street market at 1%, and even at
this level large amounts remained unloaned. Brokers' loans against stock and bond collateral were
reduced $17,000,000 in the statement of the Federal
Reserve Bank of New York for the week ended Wednesday night.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, it is only neces,sary to repeat what has already been said above,
that the rate has remained unchanged all week at
2%, this including renewals. Time money has continued in the doldrums, with little or no activity in
sight. Rates were marked down on Tuesday to 2@
4@2/
1
2% for 60 days; 2/
21/1% for 30 days; 21/
1
2@
/
4% for four months; 3% for
23
/
4% for 90 days; 23
4@3/
1
2% for six months. Prime
five months, and 31/
commercial paper in the open market was very active
this week, most of the demand coming from New
England and the Middle West. Extra choice names
of four- to six-month maturity were offered at 3%,
while names less well known were quoted at 31/
4@
3/
1
2%. Shorter choice names were rated at 3/
1
2%,
/
4%. The 'bulk of the busiand all other classes 33
ness, however, was at the 3y4% rate.
•
Prime bank acceptances have been in sharp demand the present week, but the supply of bills
available was far below the actual requirements.
One development of the week was the action of th
Federal Reserve Bank on Monday in reducing its
buying rate for acceptances from 2% to 17
/8% on
bills running from 46 to 75 days. Previously the
17
/
8% rate had applied only to bills running for 45
days or less. The 12 Reserve Banks reduced their
holdings of acceptances during the week from $168.Gold movements to France and Canada on a heavy 667,000 to $150,523,000. But they increased their
scale constituted the most significant money market holdings of acceptances for their foreign correspond-
530
FINANCIAL CHRONICLE
(VOL. 131.
bills during the next week as a possible index of what
London may expect in the coming months.
There is much dissatisfaction expressed in London
over the continued heavy withdrawals of gold by
Paris, and London bankers are said to derive no
comfort from the fact that France has turned to
New York for the enhancement of its gold supply.
London bankers intimate that substantial gold
exports from the United States at the present
juncture would have a pronounced adverse effect
on Wall Street which could not fail to react on other
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days— markets and to
accentuate the general depression.
Bid. Asked.
Bid. Asked.
Bid. Asked.
It is also felt that the continued piling up of gold in
Prime eligible bills
234
24
234
234
23(
234
—90Days— —80Days— —30Days— France aggravates conditions everywhere and preBid. Asked.
Bid. Asked.
Bid. Asked.
vents any recovery in commodity prices. In some
Prime eligible bills
2
I%
134
2
2
134
quarters
it is asserted that simply for the sake of
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
234- bid prestige, France is
deliberately following a policy
Eligible nos-member banks
234 bld
which endangers the results of all the labors since the
There have been no changes this week in the redis- war to bring about economic reconstruction and
count rates of any of the Federal Reserve Banks. stability. Owing to the persistence of the French
The following is the schedule of rates now in effect gold demand it is impossible to contemplate the
for the various classes of paper at the different Re- monetary situation and prospects with the degree of
serve Banks:
confidence which existed until recently. The large
DISCOUNT RATES OF FEDERAL RESERVE BANNS ON ALL CLASSES gold movement to France,
London bankers comAND MATURITIES OF ELIGIBLE PAPER.
plain, is disturbing the foreign exchanges.and acRose in
centuating the depression of sterling. One London
Federal Reserve Bank.
Effect on
Date
Previous
Established.
July 28.
Base.
dispatch says: "There is ample justification in the
Barton
3
334
July 3 1930
present position for the maintenence of the present
New York
234
3
JUDO 20 1930
Philadelphia
July 3 1930
4
334
Bank
rate, but there is also justification for the fear
Cleveland
334
June 7 1930
4
Richmond
4
July 18 1930
334
that the heavy gold absorption by France may
Atlanta
July 12 1930
334
4
Chicago
4
June 21 1930
334
prove so inconvenient to other markets that higher
St. Louts
4
434
Apr. 12 1930
Minneapolis
4
Apr. 15 1930
434
money rates will be necessary in an endeavor to
Kansas City.
4
Feb. 15 1930
434
Dallas
4
414
Ayr. 8 1930
San Francisco
check
what is regarded as a dangerous and un4
Mar.21 1930
434
justified wastage and sterilization of gold."
Sterling exchange is steady, in demand and inclined
This week the Bank of England shows a loss in
to firmness. The demand for sterling was particu- gold holdings of £1,337,529, the total standing at
larly strong from Saturday until the close of the £155,033,899, which compares with £150,700,158 a
market on Tuesday, when with lighter trading the year ago. On Saturday the Bank of England received
rate eased off but continued relatively firm. The from abroad £50,000 in sovereigns and exported
range this week has been from 4.863 to 4.86 9-16 £2,000 in sovereigns. On Monday the Bank received
for bankers' sight, compared with 4.86 3-16 to £8,900 in sovereigns from abroad and sold £265,801
4.86 7-16 last week. The range for cable transfers in gold bars. On Tuesday the Bank sold £285,105
has been from 4.863/ to 4.863, compared with in gold bars and exported £2,000 in sovereigns. Of a
4.86 7-16 to 4.86 19-32 the week before. The funda- total of £750,000 gold available in the open market
mental factors affecting sterling are little changed on Tuesday, £700,000 was taken for shipment to the
from the past several weeks. The firmness with Continent, of which £500,000 was purchased for
respect to the dollar is largely seasonal. Tourist French account and, according to well informed
requirements are an important influence and it is sources, £200,000 was taken for shipment to Switzerunderstood that there is a considerable transfer of land. The balance was absorbed by India and the
funds from this side for investment in London trade. The price of the metal was 85s. id. On
security markets. The aspect of sterling with re- Wednesday the Bank sold £521,094 in gold bars,
spect to the more important European currencies which bullion dealers reported was for French
continues unchanged, with Paris, Berlin, Amsterdam account. On Thursday the Bank sold £256,970 in
gold bars, believed to have been for shipment to
and Berne especially strong.
As during many weeks past France has continued Paris. On Friday the Bank sold £281,503 in gold
to draw heavily upon the London gold supply. bars and exported £4,000 in sovereigns, but also
Money is still plentiful and cheap in London, but received £130,000 sovereigns from abroad.
At the Port of New York the gold movement for
with some indications of firmness. Bill rates have
moved up slightly nearer to the Bank of England's the week July 17-July 23, inclusive, as reported by
rate. The fact that the Bank of England has lost the Federal Reserve Bank of New York, consisted
gold heavily to France over many weeks past gives of imports of $1,457,000, of which $1,000,000 came
rise to reports that there will be no further reduction from Uruguay, $334,000 from Brazil, and $123,000,
in the Bank of England's rate of rediscount, and the chiefly from other Latin-American countries. Exprobability is entertained that if the gold drain con- ports totaled $22,001,000, of which $18,001,000 was
tinues the rate may even be increased from the pres- shipped to France and $4,000,000 to Canada. There
ent 3%. The bank rate is now 9-16 of 1% above the was no change in gold earmarked for foreign account.
market for 3-months paper, as against a theoretical In tabular form the gold 'movement at the Port of
spread of M of 1%. The British Bank rate is so- New York, for the week ended July 23, as reported
called "penalty" rate and the market is watching by the Federal Reserve Bank of New York, was as
with extreme interest the behavior of 3-months' follows:
ents from $478,082,000 to $481,315,000. The posted
rates of the American Acceptance Council continue
at 2% bid and 1'/
78% asked for bills running 30 days,
and also for 60 and 90 days;21/
8% bid and 2% asked
for 120 days, and 2%% 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:
JULY 26 1930.]
531
FINANCIAL CHRONICLE
GOLD MOVEMENT AT NEW YORK,JULY 17-JULY 23,INCLUSIVE.
Exports.
Imports.
$18,001,000 to France
$1,000,000 from Uruguay
4,000,000 to Canada
334,000 from Brazil
123,000 chiefly from other Latin
American countries
bills at 4.853/
8. Cotton and grain for payment
closed at 4.863/2.
Exchange on the Continental countries continues
firm
and more active than in many weeks. French
$1,457,000 total
$22,001,000 total
francs are especially firm, both with respect to the
Na Change in Gold Earmarked for Foreign Account.
None.
dollar and to sterling exchange, so much so that
In addition the Federal Reserve Bank reported London has again lost a great deal of gold to France.
$3,000,000 more gold taken for France yesterday, As noted above, the Federal Reserve Bank reported
and $1,500,000 more withdrawn for Canada on a shipment of $18,001,000 gold to France during the
Thursday. During the week $1,045,000 gold was week, which follows upon the shipment of $4,000,000
received at San Francisco from China.
officially reported last week. Of this new shipment
Canadian exchange continues firm and at a $4,000,000 was accounted for here last week. Yesterpremium of 9-64 of 1% all week. As noted above, day the New York Federal Reserve Bank reported
$4,000,000 in gold was shipped from New York to $3,000,000 more gold withdrawn here for France.
Canada during the week and $1,500,000 more with The Bank of France shows an increase in gold holdings
drawn on Thursday. The gold export movement to of 454,792,825 francs, the total standing at 44,912,Canada has been expected for several weeks. The 083,000 francs on July 19, which compares with
recovery of Canadian exchange to the gold point is 36,786,069,000 francs on July 20 1929 and with 28,• a matter of considerable satisfaction to Canadian 935,000,000 francs reported in the first statement of
bankers who as late as last Fall saw the rate on the Bank following the stabilization of the franc in
Montreal decline to as low as 278% discount, whereas June 1928. The Bank's ratio stands at 51.10%,
ordinarily the variations in the rate are confined to compared with 50.98% a week earlier, with 44.53%
within 11-64 of 1% either side of par. It is nearly a year ago, and with the official requirement of 35%.
nine months since the New York stock crash set in Besides the gold taken by France from London and
motion the forces relieving the strain on the foreign New York, the balance sheet of the Bank of The
exchanges, but Canadian dollars are only now moving Netherlands published during the week shows a
in normal fashion. After the stock market break and further shipment of 24,000,000 florins gold to France.
the consequent easing in demand for credit here, a In addition the Netherlands Bank has deposited
movement of funds set in toward Canada, and it is 5,000,000 florins gold in France. According to
generally thought that the exchange rate would im- Amsterdam dispatches, the Bank of The Netherlands
prove considerably, especially when grain began to is selling only gold Napoleons for export to France
move after opening of navigation on the St. Lawrence and old coin, which is accepted only at a discount by
this Spring. But at that time another factor operated the Bank of France. According to Paris comment,
to prevent the rate from going to a premium as was the firmness in the franc is ascribed not merely to
expected. During the period in which Montreal the return of French capital from abroad, but to
funds remained persistently at a substantial discount, imports of foreign capital into France. It is pointed
American balances were being built up in Canada out that the politico-economic situation in France is
through ordinary commercial transactions. Due to good compared with other European countries, that
the unfavorable exchange rates these funds were not there is very little unemployment, and that French
brought back to the United States but were allowed undertakings are passing business crises without exto remain on deposit in the Canadian banks. As the cessive damage. Franc purchases by foreigners thus
rate started to improve, these balances were gradually appear to be a measure to safeguard their capital
brought down, as it was not at all certain that the from possible depreciation. The weakness of the
improvement would continue. These transactions are dollar against the franc is thought to be due to direct
said to have been substantial enough to offset partly settlements between the two countries and to the
the movement of funds in the other direction and thus large volume of tourist requirements.
hindered the return of Canadian exchange to parity.
German marks are steady and seem not in the least
Referring to day-to-day rates, sterling exchange on to have been affected by uncertainties arising from
Saturday last was firm. Bankers' sight was
4.863. the strong measures taken when President von
@4.869/s; cable transfers, 4.86M@4.86 9-16. On Hindenberg dissolved the Reichstag and
placed the
Monday sterling continued in demand. The range Reich under a virtual dictatorship according
to the
was 4.86 5-16(0)4.863/ for bankers' sight and 4.86 9-16 authority granted by the Weimar constitution.
The
®4.86 11-16 for cable transfers. On Tuesday the President's move is evidently hailed as a
constructive
market continued firm. The range was 4.86 7-16 step and as concrete proof that no
interference with
@4.86 9-16 for bankers' sight and 4.86%@4.863
% the organization of a sound financial program will
for cable transfers. On Wednesday the market was be tolerated. There is no lack of credit in
Germany.
slightly easier and quiet. Bankers' sight was Funds are abundant, but not of a
type available
4.86 15-32@4.86 17-32; cable transfers, 4.86 11-16 for outstanding business needs. It is pointed
out
@4.86 23-32. On Thursday the market was quiet that short-term funds are abundant and far
in excess
and inclined to softness. The range was 4.86 13-32 of needs, but long-term capital is lacking.
Ex@4.86M for bankers' sight and 4.86%@4.86 11-16 pectation of a reduction in the
Reichsbank rate is
for cable transfers. On Friday sterling was firmer abandoned for the moment. This is partly a conagain; the range was 4.86%@4.86 9-16 for bankers' sequence of the recent heavy loss by
the Reichsbank
sight and 4.869/
8@4.86 23-32 for cable transfers. in foreign exchange owing to the continuing repayClosing quotations on Friday were 4.86 17-32 for •, ments of foreign short-term credits, and partly
demand and 4.86 23-32 for cable transfers. Com- because of reparations transfers. It is pointed out
mercial sight bills finished at 4.863/
2, sixty-day bills that most of the Reichsbank's exchange was sold in
at 4.84 3-16, ninety-day bills at 4.843, documents order to prevent a loss of gold in consequence of the
for payment (60 days) at 4.84, and seven-day grain firmness of the French franc.
•
532
FINANCIAL CHRONICLE
Italian lire are steady and in demand. Rome dispatches point out that Italy's foreign trade is satisfactory, maintaining the improvement begun last
year and showing constant progress in exportation,
even of manufactured goods. Unemployment, which
shows a slight decrease, now amounts to 2-3 of the
maximum of the last ten years. Wholesale prices
show another slight decrease. The gold reserve
amounts to 57% of the currency in circulation.
The London check rate on Paris closed at 123.67
on Friday of this week, against 123.60 on Friday of
last week. In New York sight bills on the French
centre finished at 3.939, against 3.93 9-16 on Friday
of last week; cable transfers at 3.933/2, against
3.93 11-16, and commercial sight bills at 3.933,
against 3.933. Antwerp belgas finished at 13.973/b
for checks and at 13.983/ for cable transfers, against
13.963
4 and 13.973/
2. Final quotations for Berlin
marks were 23.873/i for bankers sight bills and
23.883/ for cable transfers, in comparison with
23.87 and 23.88 a week earlier. Italian lire closed at
5.23% for bankers' sight and at 5.23% for cable
transfers, against 5.23% and 5.23%3 on Friday of
last week. Austrian schillings closed at 14.13,
against 14.13; exchange on Czecho-slovakia at
2.963/2, against 2.963/
2; on Bucharest at 0.593/2,
against 0.593/2; on Poland at 11.22, against 11.22;
and on Finland at 2.519,, against 2.51%. Greek
exchange closed at 1.293/i for bankers' sight bills
and 1.29% for cable transfers, against 1.29 7-16
and 1.29 11-16.
Exchange on the countries neutral during the war
is steady with the exception of the Spanish peseta.
Exchange on the Scandinavian countries and on
Switzerland is especially firm. Holland guilders,
while steady, are more especially under the influence of transactions taking place in Europe. The
guilder suffers somewhat as a consequence of the
extreme firmness in French francs. As noted above
in the comments on the French franc, the Bank of
The Netherlands has been obliged to ship considerable gold to Paris. The strength in Swiss francs
is largely attributed to .transactions connected with
the Bank for International Settlements. In some
quarters it is thought that gold will be exported
from New York to Switzerland. Approximately
£200,000 of London open market gold was taken by
Switzerland this week. The capital of the Bank for
International Settlements is in Swiss francs, and a
strong demand for the currency has resulted as the
various banks which subscribed to its stock made
their payments. Spanish pesetas have fluctuated
rather widely. In Thursday's trading the peseta
sold down to 11.42, which was the lowest reached
on the current reaction. Despite the recently announced import duties, the market is not yet convinced that the stabilization for the peseta will be
carried through without interruption, and the exchange therefore tends to sag in the face of favorable
news. Madrid dispatches say that the Government
has decided to raise customs duties on imports of
certain articles of American origin, notably automobiles and sewing machines. It was also decreed
that it be compulsory to pay import duties on
automobiles, tires, dyes, and luxury articles in gold
or in foreign currencies. The official communique
said that the higher duties are not in the nature of
reprisals but are designed to support peseta exchange.
Bankers' sight on Amsterdam finished on Friday
[VOL. 131.
at 40.233/2, against 40.23% on Friday of last week;
cable transfers at 40.243/
2, against 40.25; and commercial sight bills at 40.19, against 40.21. Swiss
francs closed at 19.433/ for bankers' sight bills and at
19.443 for cable transfers, in comparison with
19.433 and 19.44. Copenhagen checks finished at
26.783/ and cable transfers at 26.80, against 26.783j
and 26.793/
2. Checks on Sweden closed at 26.87
and cable transfers at 26.89, against 26.883 and
26.89; while checks on Norway finished a 26.78 and
cable transfers at 26.793/2, against 26.783 and
26.793/2. Spanish pesetas closed at 11.45 for bankers'
sight bills and at 11.46 for cable transfers, which
compares with 11.59 and 11.60 a week earlier.
Exchange on the South American countries is
little changed from the past several weeks. Exchange on Brazil is exceptionally dull and but for
the constant exports of gold from Rio to New York
and London would develop greater weakness. Exchange on Buenos Aires is unchanged in all important
respects from the past several weeks. Transactions
are light and the undertone weak. An Argentine
dispatch on Wednesday stated that according to a
report by the Bond and Shareholders Association,
the consolidated and floating debts of Argentina
on June 30 1930 totaled 4,160,000,000 Argentine
pesos. These figures include national, provincial, and
municipal debts. Of this sum 2,841,000,000 pesos
are national debt. The report predicts an adverse
balance of nearly 400,000,000 pesos in this year's
commercial interchange. 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 finished at 10.92 for bankers'
sight bills and at 10.95 for cable transfers, against
10.92 and 10.95. Chilean exchange closed at 12 1-16
for checks and at 121
, for cable transfers, against
12 1-16 and 123; Peru at 37, against 37.
Exchange on the Far Eastern countries is unchanged in all important respects from the past
few weeks. In Thursday's trading Japanese yen
dropped to 49.31 after having held well for a considerable period around 49.44. Current rates again
make gold shpiments from Tokio to San Francisco
a distinct possibility, and it is asserted that a shipment of about $5,000,000 gold shortly would not
be surprising. It is felt that the exchange is merely
once coming under the influence of poor Japanese
trade conditions. Japanese exports to China have
been materially decreased owing to the unsettlement in silver prices, while Japanese shipments of
silk, one of the chief items of export, are reported
to be down approximately 70% from last year.
During the first six months of this year Japan
shipped approximately $108,213,000 gold to the
United States. Receipts have been negligible so
far this month. On Thursday $745,000 gold was
received at San Francisco from China, and on Friday
$300,000 from the same source. Closing quotations
for yen checks on Friday were 49.22@49.35, against
49.35@4932. Hong Kong closed at 31%, against
314@31 7-16; Shanghai at 37%@38, against 36%®
37; Manila at 49%,against 493;Singapore at 56 3-16
@56%, against 56 3-16@56%; Bombay at 363,
against 363, and Calcutta at 36%, against 363j•
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
JULY 26 1930.]
FINANCIAL CHRONICLE
533
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different coun- Britain's Imperial Problems-The Situation in
India and Egypt.
tries of the world. We give below a record for the
passed:
week just
The announcement on July 17 that two Moderate
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE leaders in the India Legislative Assembly had apBANKS TO TREASURY UNDER TARIFF ACT OF 1922,
plied for and received permission to confer with
JULY 19 1930 TO JULY 25 1930, INCLUSIVE.
Gandhi, who has for some time been conMahatma
Noon Buying Rate for Cable Transfers in New York,
Country and Monetary
Value in United States Money.
fined
in
at Poona, may mark a turning point in
jail
UnU.
July 19. July 21. July 22. July 23. July 24. July 25.
the serious conflict between the India Nationalists
EUROPE$
8
8
$
$
$
and the British Government which for months has
Austria, schilling
141104 .141128 .141117 .141099 .141139 .141166
Belgium, belga
139760 .139778 .139815 .139813 .139802 .139816
been convulsing India. Disclaiming either symBulgaria, ley
007219 .007219 .007209 .007200 .007219 .007212
Czechoslovakia. kron .029655 .029654 .029655 .029854 .029653 .029655
pathy or association with the civil disobedience
Denmark, krone
267893 .267940 .267968 .267958 .267961 .267955
England, pound
movement of which Gandhi is the head, the two repre4.865227 4.865710 4.866150 4.866718 4.866306 4.866440
sterling
Finland, markka
025174 .025179 .025173 .025169 .025172 .025181
sentatives asked permission to discuss the situation
039358 .039353 .039347 .039355 .039348 .039347
France, franc
Germany, reichsmark .238776 .238818 .238892 .238868 .238793 .238799
012961 .012967 .012962 .012960 .012962 .012961
Greece, drachma
with Gandhi and two leaders who are confined with
Holland, guilder
402465 .402477 .402449 .402454 .402447 .402419
Hungary, Pengo
175239 .175282 .175290 .175233 .175253 .175271 • him, in order to put before them the moderate point
Italy, lira
052382 .052388 .052391 .052392 .052388 .052383
Norway, krone
267883 .267926 .267951 .2679.0 .267933 .287898
of view "and urge them in the interests of the counPoland, zloty
112160 .112170 .112120 .112110 .112130 .112120
Portugal, escudo
044830 .044830 .044830 .044835 .044830 .044910
try
to respond to our appeal to enable the big issue
Rumania,leu
005958 .005958 .005958 .005956 .005959 .005959
Spain, peseta
115947 .114835 .114050 .114585 .114292 .114473
of
constitutional
advance to be solved in a calm atSweden,krona
.269t..62 .268808 .268929 .268922 .268920 .268912
Switzerland, franc- .194356 .194379 .194399 .194398 .194407 .194388
mosphere." In his reply the Viceroy, Lord Irwin,
Yugoslavia, dinar
.017723 .017721 .017714 .017722 .017724 .017727
ASIAwhile reiterating the purpose of the British authorChina-Chefoo tael- - .381250 .379791 .381250 .382916 .382916 .390833
379166 .378906 .380625 .381562 .382500 .389375
Hankow tael
ity,
which he had clearly stated in his address at
Shanghai tact
367083 .367410 .368571 .369553 .370892 .377321
Tientsin toe
384375 .383058 .385416 .387083 .387500 .396250
the
opening
of the Legislative Assembly at Simla the
.310895 .311071 .311428 .311571 .312285 .314910
Hong Kong dollar
Mexican dollar- _ .265000 .266250 .266562 .266875 .267500 .274687
previous week, to use all his resources to resist the
Tientsin or Pelyang
267500 .266666 .267916 .268750 .268750 .274583
dollar
civil disobedience campaign, nevertheless declared
262500 .263333 .264583 .265416 .265416 .271666
Yuan dollar
360770 .360571 .360482 .369310 .360367 .360414
India, rupee
that "if you believe that by the action proposed you
493657 .493718 .493600 .493625 .493240 .492990
Japan, yen
Singapore (8.8.) dollar .561512 .559208 .559375 .559375
.559375 .560000
NORTH AMER.
may be able to assist in the restoration of normal
1.001382 1.001291 1.001378 1.001401 1.001318
Canada. dollar
999050 .999050 .999112 .999112 .999112 1.001402
Cuba, Peso
conditions
in the country, it would not be right for
.999050
.469300 .469966 .470325 .470625 .471450
Mexico, peso
.471800
Newfoundalnd, doll
.998655 .998625 .998655 .998655
me or my government to interpose any obstacles to
.998625 .998675
SOUTH AMER.
Argentina, peso (gold) .824625 .824918 .827681 .824741 .820574
your efforts." The reply further characterized the
Brazil, milreis
.109055 .108966 .108833 .108666 .108250 .821599
Chile, peso
120957 .120961 .120856 .120860 .120857 .108380
proposal as a "public-spirited attempt in the cause
.120866
.862583 .863833 .862825 .860762 .858825
Uruguay, Peso
Colombia, peso
965300 .965300 .965300 .965300 .965300 .850994
.965300
of peace in India."
Whether the action of the Moderate leaders was inOwing to a marked disinclination on the part of duced by the Viceroy's speech on July 9 can only
be
two or three leading institutions among the New surmised, but the speech itself, although
it was
York Clearing House banks to keep up compiling greeted at first with a good deal of hostile criticism
the figures for us, we find ourselves obliged to dis- both in India and in England, seems on the whole to
continue the publication of the table we have been have had a helpful effect. The criticism appears to
giving for so many years showing the shipments and have been directed at what was regarded as Lord
receipts of currency to and from the interior.
Irwin's implication that the Simon report, the
As the Sub-Treasury was taken over by the Fed- recommendations of which we have already diseral Reserve Bank on Dec.6 1920, it is also no longer cussed (see the "Chronicle" for June 28, pages 4484possible to show the effect of Government operations 4486), was not to be regarded as of special imporin the Clearing House institutions. The Federal tance because its recommendations were not legally
Reserve Bank of New York was creditor at the Clear- binding upon either the British Parliament or the
ing House each day as follows:
government of India. A careful reading of the ViceDAILY CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK roy's speech does not support
this criticism. "It
AT CLEARING HOUSE.
neither
was
the
desire
nor
function
the
of the ComSaturday.I Monday, 1Tuesday, 1Wedneury. Thursday, Friday,
Aggregate
July 19. July 21. July 22. July 23. July 24. July 25.
mission," Lord Irwin pointed out, "to anticipate the
for Week.
$
$
$
decisions of his Majesty's Government reached after
134800800 99,000.000 122,000.000 122,000,000 125.000,000 123,000,000
Cr. 725800,090
Note.-The foregoing heavy credits reflect the huge mass of
conference
with representatives from India or of
which come
to the New York Reserve Bank from all parts of the country checks
in
the Federal Reserve System's par collection scheme. These largethe operation of Parliament itself."
The business of the Commiscredit
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
sion
fair, honest and sympathetic
was
"a
make
to
City
are
represented
In the daily balances. The large volume of checks on institutions
of New York are not accounted for In arriving at these balances, located outside report to the Imperial Parliament." That
having
as such checks
do not pass through the Clearing House but are deposited with
Bank for collection for the account of the local Clearing House the Federal Reserve been done, it was for the government
banks.
of India to
express its opinion about the report, and it was for
The following table indicates the amount of bul- this purpose that a conference
had been called to
lion in the principal European banks:
meet in October at which all the parties interested
July 24 1930.
would be represented.
July 25 1929.
Banks of
Gold.
Silver.
Lord Irwin made it clear that while he must conTotal.
Gold.
Silver.
Total.
tinue
to do everything in his power to put down the
England _ 155.033,899
155,033,899150,700,158
150,700,158
Frances._ 359,296,669
d
359,296,689294.288,5.57
294,288.557 movement of civil disobedience, he was not actuated
Germany b 123,447,000 0994.600124,441,600 99,215,300
994,600
98,866,000 28,710,000 127,576,000 102,486,000 28,693,000 100,209,900 in so doing by any lack of
Spain
sympathy with "the gen131.179,000
56,323.000
Italy
56.323,000 55.644,000
55,646,000
Netherrds. 34,540,000 2,172,000 36,712,000 37.042,000
uine nationalist feelings of India." "I have never
1,724,000
Nat. Bela- 34,340.000
34,340,000 28.561,000 1,270,000 38.766,000
Switserl'cl. 23,158,000
23,156,000 19,839,000 1,462,000 29,831,000 concealed my desire," he
said, "to see India in the
21,301,000
Sweden.... 13,486,000
13,486,000 12,979,000
12,979.000
Denmark _ 9,567,000
9,567,000 9.588,000
419,000 10,007,000 enjoyment of as large a degree of
management of her
Norway- 8.142,000
8,142,000 8,154,1)00
8,154,000
own affairs as could be shown to be compatible with
Total week 916,197,568 31,876,600948.074,168818,499,015 34,562.600
853,061,615
Prey. week 915,314,905 31.920.600947,235,505823.195.653 34,682,600
857,878,253 the necessity of making provision for
those matters
a These are the gold holdings of the Bank of France as reported in the new
form
of statement. b Gold holdinge of the Dank of Germany are exclusive of gold held in regard to which India was not yet in a
position
abroad, the amount of which the present year is £7,489,000, c As of Oct.
7 1924.
to assume responsibility." In a statement issued on
d Silver is now reported at only a trifling sum.
534
FINANCIAL CHRONICLE
(VoL. 131.
Nov. 1 1929 the Viceroy had already outlined the course was blocked by the fact that the Wafdists
generous conditions under which the forthcoming commanded a majority in the Legislature. On June
conference was to be held, and it was the intention 20 a royal decree suspended Parliament for one
of the British Government, he said, that the confer- , month, and on July 13 the Parliament was proence "should enjoy the full freedom that those words rogued. The riots which broke out in Alexandria on
connote." It was the belief of the Government that July 15 were the result of a movement on the part of
it should be possible by conference "to reach solu- the Wafdists to reconvene Parliament on July 21, at
tions which both countries, and all parties and in- the expiration of the thirty-days' adjournment. In
terests in them, can honorably accept," such solu- a statement in the British House of Commons, on
tions to form the basis of proposals to be submitted July 16, Mr. MacDonald declared that the Governlater to Parliament. "The Conference," Lord Irwin ment had made it clear, since the formation of the
added, "will thus enjoy the unfettered right of Sidky Ministry, that it "intends to adhere to its
examining the whole problem in all its bearings with attitude of neutrality and non-intervention in what
the knowledge that its labors are of no academic appeared to it to be a purely internal issue for the
kind; and his Majesty's Government still hopes that Egyptians themselves to decide," but that the
Indians of all schools of thought, whatever the atti- Egyptian Government had been informed that it
tude some have hitherto taken, will be ready to share would be held responsible for the protection of foreign lives and property. The warning was supplein this constructive work."
It is difficult to tell from the press dispatches, mented by the immediate dispatch of two British batmost of which, even if not formally censored, are tleships to Alexandria. The leaders of the Wafdists
naturally cautious, how consistently the campaign of thereupon abandoned their intention to hold a meetcivil disobedience is being kept up. The indications ing of Parliament by force, and instead petitioned
are that it has moderated considerably during the the King to reconvene Parliament. Although the
past few weeks. The Indian princes, it was an- petition was signed by the two-thirds of the memnounced on July 14, were prepared to cooperate in bers of both houses which the 'Constitution requires
giving effect to 60 much of the Simon report as con- for calling an extraordinary session, the petition was
templates an ultimate federation of the Indian refused, it was believed on the advice of Premier
States, although the financial recommendations were Sidky, and the political crisis continues with Egypfound unacceptable. The report was also one of the tian troops maintaining order and British warships
subjects of discussion at a conference of the gover- nearby in case of need. The latest reports on Friday
nors of the various provinces on July 19. Meantime were that a further outbreak seemed imminent.
There is no doubt that Great Britain would be
Prime Minister Ramsay MacDonald is reported to be
glad
to wash its hands of Egypt if it could find a
suggestion
the
to
consideration
favorable
giving
that the British representatives at the conference safe and convenient way of doing so, but the political
in October, instead of being chosen from the Labor instability of the country, inexperience with constiParty alone, should represent the Liberals and Con- tutional government, the danger of relinquishing
servatives as well—a suggestion which, if followed, control of the Sudan, and the necessity of protecting
might have the effect of insuring more friendly con- communication with India by way of the Suez Canal,
sideration of the report of the conference by the offer obstacles which are not easily to be overcome.
House of Commons in which neither of the three par- It is the familiar history of imperialism that taking
hold is vastly easier than letting go. In Egypt as
ties has a majority.
in
India, apparently, a measure of control must be
Egypt
made
have
which
outbreaks
The riotous
front-page news for the past week or so are an un- retained, although in Egypt the control is hardly
happy episode in the political history of a country more than a guarantee of protection while in India
whose constitutional experience is still young. When it includes a preponderant responsibility for governGreat Britain gave up its protectorate over Egypt, ment. The period of control may be short in Egypt,
in 1922, it reserved authority in regard to imperial for there the problems of race, religion and language
communications (meaning principally the Suez are far less complicated than in India. In India the
Canal), the defense of Egypt against foreign aggres- period can hardly be other than indefinitely long,
sion, the protection of foreigners and minority popu- with only such promise of shortening as may emerge
lations, and British interests in the Sudan. A Con- from the adoption of such reforms as are indicated
stitution, in which Egypt was declared to be a free in the Simon report.
Meantime the MacDonald Government continues
and sovereign State, was set up in 1923. Under King
Fuad, whose reign began with the termination of the to live, notwithstanding that more than once a close
British protectorate, politics have been stormy, the vote in the House of Commons has seemed to leave it
Wafdists or Nationalists regarding the King as es- hanging by a thread. The unemployment situation
sentially a tool of the British and demanding the grows steadily worse, with the number of unemcomplete independence of the country. A treaty ployed approaching close to the 2,000,000 mark. The
which yielded almost everything of British au-thor- passage by the House of Lords on Wednesday of the
ity except control of the Sudan was negotiated in coal bill, carrying what are expected to be important
1929. but was rejected at the last moment by Premier improvements in the coal industry and establishing
Nahas Pasha, leader of the Nationalists. A violent what is known as a "spreadover" of 90 working hours
political controversy which followed culminated on per fortnight instead of a 7Y2-hour working day, regJune 17 last, when Nahas Pasha tendered the resig- isters success for one of the principal items in the
nation of his Cabinet because of the refusal of King government industrial program and may in time
Fuad to approve a bill intended to safeguard the alleviate unemployment. The debate on the naval
Constitution by punishing any minister who should treaty virtually ended on Wednesday with the approval by the Commons on second reading of the bill
suspend its guarantees.
The Ministry of Ismail Sidky Pasha, which suc- embodying such legislation as the treaty calls for,
ceeded, was not regarded as reactionary, but its the third and final reading on Thursday being, as
JULY 26 1930.]
FINANCIAL CHRONICLE
usual, only a formality. No serious opposition in
the House of Lords is expected. Altogether the outlook for Mr. MacDonald and his party appears to be
at least as favorable as it has been at most times during the past few months. If the informal negotiations with Gandhi result in an abatement of the civil
disobedience agitation, and the Egyptians find it
possible to work their government in a constitutional way instead of by the methods of violence,
it will be all to the good as far as the Labor Government is concerned.
"Noble Experiments" by Government.
Standing apart, and looking independently on
passing events, we become suddenly aware that our
Federal Government is engaged in three huge experiments, namely: The Prohibition Amendment, the
Federal Farm Board, and the Tariff Act. If we consider motives alone, we may admit that these experiments are "noble." If we consider the purpose and
province of our national government we may question the right of the Government to engage in any of
them. The first attempts to establish and control
the morals of the individual; the second undertakes
to aid the farmer, and to single him out, among the
workers, for personal help out of the Treasury of
the United States by means of a half a billion dollar
fund; the third seeks to "protect"'the manufacturer
and laboring man cvnd the farmer, by imposing import duties on articles and commodities from abroad,
shutting out competition in the interest of the domestic market. The organic law of the land, the
Constitution, contemplates none of these purposes
as the legitimate work of our limited form of government. They are creatures of political theory.
They seize upon the government to work their will.
They are in truth "experiments" in that they are
outside the legitimate scope of a government intended primarily to protect freedom.
If the Government, under which we live as a selfimposed guide, knows the citizen only as a free man,
it becomes autocratic when it binds him with laws
which confine his natural expression and inviolate
liberty. A government of, by, and for the people
cannot ordain benefits for any single class, industry,
or section, without transcending its nature and duty.
"Experiments," therefore, which seek to do these
things, assume a power in government which was
never vested in it by common consent of the people,
which is tyrannical in essence, which distorts it into
an oppression rather than a protector. Powers not
specifically vested in the Federal Government remain to 'the States and the people. The States precede the Union; the people are individuals with unalienable rights. We live in the midst of changing
relations, and government must change to meet the
new conditions, but only so far as not to destroy
its form and function. They who originally erected
it and gave it structure may alone change it by a
new and plenary Constitutional convention. No Act
of its Legislative division, or its Judicial or Executive, can rightly turn it from its intent or invest it
with powers not first embodied in its primal charter.
We need only say that the Eighteenth Amendment
is contrary to the spirit of a Constitution written
to enunciate the vital fact that it, the Government,
was created to defend the unalienable rights of the
individual and specifically limited in that it may
not by law or amendment take away these rights.
An amendment not germane to the subject, not in
43&
consonance with its purpose, is void and cannot be
entertained. This amendment to prohibit the sale
and manufacture of intoxicating beverages, however'
"noble" on the side of morals, is a violation of the
Constitution which outlines a government to protect
natural, unalienable, human rights, and though
technically adopted in a proper way, tends to destroy
that which it seeks to amend. In the nature of
things it must fail—it is a failure—and whether a
majority of citizens now believe it to be a failure
or not, it must overcome not only individual belief
but it must always prove futile when it engages the
forces of a liberal government to enforce it. First,.
then, the Government undertakes an "experiment"
which is unauthorized, antagonistic, and destructive
to that which it claims as an exercise of power.
The Federal Farm Board, assuming to help the
farmer, empowered to enter the market 'to control
prices by the use of half a billion of the taxpayers'
money, is an excrescence, a law that violates the
Constitution, an "experiment"foredoomed to failure,
because to be successful (if that could be under any
circumstances) it must control the production and
price of agricultural products over the whole world.
No such experiment can ever win. It is folly on itsface. Nor is the Government authorized to `trifle
with the law in any such way as to attempt to thwart
the eternal natural laws of supply and demand. It
may seem to be "noble" 'to attempt to equalize the
returns of manufacture and agriculture, but it is
neither possible nor is it the province of our form
of government. We are now in the midst of the trial
and already there are signs of failure and the acknowledgment of failure. For if limitation of acreage in one crop is the only hope of relief, no revolving fund is needed, and limitation of all crops is a
logical sequence, and the end of such reasoning must
be the abandonment of farming altogether.
It will be denied by many that tariff is experimental in its nature. It will be asserted that it is
fixed policy—accepted by both parties, in part, if•
not whole. Even the party opposed to "high" tariffhas lately acknowledged its protective power. But'
is not every tariff bill a new experiment by government? Why these long debates over rates? Why
the endless contention as to what these rates will
do? Can any legislator predict the revenue the tax
will produce? Can any industrialist, in the constantly changing conditions be sure the rates are
too high or too low—or tell in advance what the
effect will be on imports or on the costs of articles
and products to 'the consumers? Almost. before the
ink is dry on the last bill passed, the new Tariff
Commission is appealed to to readjust rates on quite
a number of articles! No, the tariff is nothing but
experimental, tentative, befogged by theory and
smirched by politics. It is, will always be, in opposition to economics. It is an interference with trade,.
an obstruction to free commerce, a flagrant attempt
to bring and fasten "prosperity"—a folly only
equaled by the belief that artifice can rule the world.
We demand to know what right government has
to enter these three fields of effort. Do we hear now
in popular discussions any opposition to "sumptuary"laws? Yet at one time a great party harangued
in season and out against this sinister evil as sapping the liberties of the people and transforming
the government into a power for the suppression
of individual freedom. Now, to some who are, unwillingly, perhaps, moral crusaders, the Eighteenth
536
FINANCIAL CHRONICLE
Amendment has become an integral part of the
Constitution which they hold will never be eliminated. What right has this amendment to be there,
if it is opposed to the spirit of our peculiar limited
form of rule, if it does interfere with individualism?
And was our Government formed and shaped for the
purpose of experimenting in morals, which are personal? And does it experiment so to discover
whether or not men may be made temperate and
righteous by law? And so with the Farm Board ex• periment and the tariff adventure. No; all these
undertakings are extra-constitutional, vitiate any
government that attempts them, and lead us toward
socialism in sheep's clothing.
• Enforcing prohibition, without defining the alcoholic contents of an intoxicating beverage, without
, guarding against poisonous adulterations, without
• distinguishing between light wines and beer and
• whiskey and rum, without making it penal to in• dulge in home brew, without punishing the buyer as
well as the seller, is an "experiment" in contradiction to itself, is a law that has no fixed basic principle—and can only degrade a government that undertakes it. The Farm Board, having bought, say,
• 69,000,000 bushels of wheat at a price far above the
market price, now concludes to buy no more, finds
,it cannot control thus the world's production more
• than it can drink the ocean dry. And Congress,
one division of the government, does this with half
a billion of the people's money, part of which it has
scattered—perhaps never to return. And the tariff,
after wrangling for a year and a half, instead of
insuring "prosperity," instead of "equalizing" agri• culture and manufacture or adjusting domestic and
foreign trade, simply calls out reprisals abroad and
sows the seeds of commercial wars that may eventuate in military conflicts. As an experimenter, the
Government rushes in where angels would fear to
•tread.
A School for Research in Business.
Research is one thing; education is another. We
learn by a dispatch from Cambridge, Mass., that
"two hundred leaders of American business, including Secretary Mellon and J. P. Morgan, have united
to organize a foundation to further the scientific
study of business under the auspices of the Harvard
Business School." . . . "The members pledge
themselves to contribute annual dues of $1,000."
. . . "It is for research exclusively that the funds
obtained from the associates will be employed, the
committee explains." . . . "The foundation is
• to be known as the Two Hundred and Fifty Associ.ates of the Harvard Business School."
"Business as a subject to be taught," Dean Wallace
B. Donham of the business school is quoted as saying, "is at a stage where no competent teacher is
satisfied to rest, even briefly, on the present state of
his knowledge. Constant research is necessary to
discover new facts and methods and to build up
theories of business which may be useful to business
itself as well as to students." We have scores of
"business schools" which undertake to teach the details of business operations, but we are glad to know
that this foundation is to enter into the broad fundamentals of trade.
We may hope for great benefits from the investigations of a school for business research. But what
a vast field for exploration! This "business," which
we often so flippantly discuss in its methods and
•
•
•
[vou 131.
ends, involves the history of man on the earth. It
is primal to the erection of governments; it is the
bed-rock of civilization; it is the means of life and
happiness to mankind. It has explored all lands,
sailed all seas, builded all the instrumentalities of
culture and creed. We have in our thought developed certain divisions such as production, distribution, consumption, and use. We give names to certain parts of the activities such as agriculture, mining, manufacture, transportation. But not one of
these stands alone. Not only, in addition to this, is
it the servant of man, but also his master. He works
to live. Labor is the law of life. And since the
savage nomad, with his bow and arrow and his stone
axe wandered in forests primeval the worker for
food, clothing and shelter has been a "business" man.
The power in man to will and to do is surrounded
by a physical environment not made with hands.
Ideas and ideals that have sprung full-armed from
the brain of man have been met by the seas, valleys,
and mountains of an age-old earth. We must begin
the study of business with the migrations of men
and the precipitation of the growth of soils. "Business" began with the first exchange of the products
of hunt and chase.
While now, in the supreme age of man's achievement, we name, classify, organize, combine, and to
some extent control and direct, the activities of man,
there are certain elemental principles and practices
we cannot escape. Machines, however helpful and
efficient, cannot will to do, or think. Chemistry and
geology may become sciences by which we increase
our knowledge of resources we turn to our own use,
but the hills are eternal and the seas surround the
continents. We cannot grow figs on thistles. We
can mine coal, but not make it. We can exchange
articles and products, but the limits of production
cannot be extended indefinitely. Perhaps the earth
was made for man, but he cannot leave his home
thereon. No analysis of modern "business" can
escape these primal factors in human life. Nor can
we trace all the causes that lie behind our present
state of endeavor. Earth, air, fire, water, are elements that hold the balance of power in man's
achievements—though mind has come to utilize the
laws and facts of nature to increase contentment and
happiness. Man is not yet "master of his fate." He
is born—lives—dies. All else remains—for a time.
What, then, is "business" but these interwoven
activities, endeavors and enterprises, by which man
sustains his short life on earth?
It must be manifest that there is a sequence in
human effort. Government is a final product of
"business"—not the reverse. We endanger the
nature of development by attempting to put government in control of "business." Always man has
adventured new lands and new processes by the inner
urge of individualism. Out of his physical exertions
he has builded a home wherein the spiritual may
flourish. Out of his experiences in economics he has
evolved a system of ethics. Freedom in trade is an
enemy of force, of fighting, of war! Temples rise
out of reverence and a love of beauty. Marts are
meeting places where good-will gives what one hath
for what another wants. True profit is in worth—in
the equality of exchange. Commerce is trade;
finance is the crystallization of the engineries of
trade; money is a mere tool of measurement and
dengmination of values. Capital, since • work is
primal and unavoidable, is "stored-up labor." The
JIILT 261930.]
FINANCIAL CHRONICLE
corporation is a modern device for the limitation of
liability and the perpetuity of the life of a "business" organism. We begin with the forked-stick
plow and the hoe—we end with the tractor and combination reaper and thresher. But toil fructifies the
earth, develops energy and enterprise.
We cannot reverse the ordained processes. The
machine must always be servant, not master. The
man must be free to use his own personal energies.
The laws that rule are the natural laws that relate
man to his environment. The purpose of life is conceived in the spiritual nature, though it grope
slowly from dark to light. Man endangers his own
higher being when he assumes to conquer the limitations of physical, and also human, nature. Reverence for the "things as they are" is a natural religion. The development of the intricate interlacings of world trade is independent of governments
and laws. We work at cross purposes when we undertake to standardize "business" and to submit
human effort to the fiction of governments.
Through all the past thought has met thought in the
wide arena of progress—"business" precedes and
fructifies culture—the doing and being of separate
millions of men is the warp and woof of "business."
Behind work is the infinite urge to have and to hold,
that man may live and enjoy.
Opportunity dwells in the circumstances, the conditions, created by the efforts of all men to "make a
living." This labor, as the law of life, is directed by
the law of love. The family is the natural unit.
The home is the citadel of governments and institutions. Not all the States of the world can limit
production, control consumption and use, or direct
transportation exchange. "Business," this vast interchange of toil and thought, must be free to be
effective. Where the endeavors of free men meet in
• free marts, there is the equalization of contentment
and happiness. No other rule will work; no other
process can prevail; no other end can bring the culture and civilization which is sought. We may try
to classify and combine and control by legislative
enactment, but we cannot control the uncontrollable.
The seas are oblivious of the broom. A school of
business, if it can conceive of the purpose of life
and the means of living, can suggest methods within
the vast whole, but it cannot direct the endeavors of
men. Behind us and before us is the purpose of the
Infinite. We succeed by submission to that purpose.
Prosaic as may seem the thought, the body must
be sustained that the soul may flower. Man cannot
dwell in a desert and commune with God. Work is
a blessing, not a curse. "Business" is a means to an
end. It is the foundation of all civilization and
culture. It is many in one; each for all and all for
each. It requires private ownership, for the worker
must have his tools. It demands initiative, for
orders, associations, and combinations, cannot themselves think—nor can man think freely in them.
Firms, corporations, co-operatives, are mere devices
for the better development of the individual. If we
put these creatures in control, we stifle the man and
destroy the benefit. "Business" is what it is because
it is the divine law of life. When we confess this
we admit the possibilities of unending progress and
prosperity. Research and analysis can disclose no
more. But "business" becomes co-operative through
free competition. Contact teaches. The thing embodies the thought. As the argosies of trade sail
the seas, as the continents fulfill their destinies of
537
human sustenance, as the individual rises through
and by work, as "business" attains its true dignity,
the heart opens and the soul expands.
The Cotton Marketing Problem.
With receipts of new cotton already reported in
the Rio Grande Valley section of Texas, the problem
of marketing the cotton crop for the season of 19301931 has thrust itself into the economic foreground
of the United States. Since cotton is one of our
principal items of export and does more than any
other product to maintain the balance of trade in
our favor, the question of marketing the new crop
at a fair average price is one that assumes a national
interest. This is especially the case the present
year, as our own Government, through the operations of the Fe!era' Farm Board and its subsidiary,
the Cotton Stabilization Corp., is now the owner of
about 1,250,000 bal:s of cotton of the crop of 1929,
supposedly representing the surplus production of
last year. This large amount of cotton, which is
inch:ded in the estin.ated world's carryover of American cotton on Aug. 1 next of a total of 5,800,000
bales, has been paid for out of the revolving fund
of $200,000,000 thus far actually appropriated for
the use of the Federal Farm Board. We mention
this fact so that the taxpayers of the United States
may know to what extent our Government at Washington is directly interested in seeing that the new
crop of cotton sells at a fair average price and passes
freely into the channels of trade.
While a prolonged drought in the Central and
Western portions of the cotton belt might possibly
cut the yield per acre over the most important producing sections so short as to insure an eager demand at enhancing values for the new crop, this is
something that cannot be definitely determined for
at least another month, during which beneficial
rains may come and so change the crop prospects
as to insure a good outturn. As the crop situation
now stands in the belt, the probable production may
range from 13 to 16 million bales. Assuming a fairly
normal yield per acre over the belt, the crop would
average around 14,500,000 bales. Even a crop of this
size, added to the big estimated carryover of American cotton, would give a total supply that would
loom up large in proportion to the world's prospective demand for the staple. The Federal Farm
Board, however, evidently having given careful consideration to the supply phase of the question, has
recently, through its cotton representative, Mr. Carl
Williams, given official assurance that "cotton held
by the Stabilization Corp. will not be allowed to come
into competition with the 1930 crop in any manner
to unduly depress prices." Taken at its face value,
this statement means that the 1,250,000 bales of
cotton now owned by the Government will not be
allowed to compete with the 1930 crop unless some
crop disaster should cause prices to rise to levels
that would enable the Stabilization Corp. to market
its holdings without loss.
More important even than the Williams statement was the action of the administration at Washington lately in backing up the stand taken by
Chairman Legge that the Farm Board should practically abandon the stabilization features of the
Agricultural Marketing Act. This action, which has
done more to clear the market atmosphere for both
grain and cotton than anything else, resulted from
538
FINANCIAL CHRONICLE
[VOL. 131.
the demands made by Senator Capper and other Easy Money Policy of Federal Reserve Board
Western politicians that the Federal Farm Board,
Principal Factor According to Board in Low
already loaded to the guards with cotton and wheat,
Level of Open-Market Rates—Board's Reshould come in and buy more wheat to check the
view of Month.
decline in the prices of that commodity. Chairman
In its review of the month, made available July 23, the
Legge, in language more blunt than polite, refused Federal Reserve Board points to the decline of open market
to accede to these demands. Thereupon, the Kansas rates during recent weeks to the lowest level in more than
politicians went over the heads of the Farm Board, five years, with customers' rates to the lowest level in about
two years, and states that the principal factor in the
and carried their grievances direct 'to the President. "was a continued policy of ease on the part of the decline
Federal
A special meeting of the Cabinet was held, accord- Reserve Banks, represented during June •by the purchase
ing to the newspaper reports, and the Administra- of $50,000,000 of Government security in the open market,
tion decided to let the Farm Board handle the situa- further reductions in Reserve Bank buying rates for banktion in its own way. Then came 'the announcement ers' acceptances, and further reduction of discount rates
from the Farm Board saying that there would be at Cleveland, New York and Chicago." The Board's comas given in the "United States Daily," follows in full:
no further stabilization operations in either wheat ments,
Money rates in the United States have declined further during recent
or cotton, except in cases of temporary emergencies, weeks, open market rates to the lowest level in more than five years, and
charged customers to the lowest levels in about two years. The
and that the only financial assistance that could be rates
principal factor in the decline, in the absence of important gold moveexpected by producers for the new season would be ments or change in the demand for currency, was a continued policy of
ease on the part of the Federal Reserve Banks, represented during June
the loans on a marginal basis to be made through by the purchase of $50,000,000 of Government securities in the open
market, further reductions in Reserve Bank buying rates for bankers'
the various State Farm Bureaus or Co-operative acceptances,
and further reduction of discount rates at Cleveland, New York
organizations.
and Chicago. The discount rate at the Federal Reserve Bank of New York,
reduced on June 20 from 3 to 21
/
2%, Is now the lowest that has ever
In the case of cotton, this announcement from as
Wen established at any Federal Reserve Bank. Reserve Bank credit outWashington of 'the abandonment of stabilization standing decreased in June by about $22,000,000, and at $977,000,000 for
the week ending June 28 was $344,000,000 lower than a year ago, with
activities by the Farm Board had a very favorable discounts
for member banks, at $257,000,000, nearly $750,000,000 lower
effect in trade circles. The cotton market, para- than a year ago. Member bank credit outstanding, which has been
increasing since February, increased further in June to a level higher than
doxical as it may sound, advanced sharply in the at any other time except at the end of 1929 and during the October-Noface of this news. The reason was quite plain. vember break in the security market. From the middle of May to June 25
the increase in the loans and investments of reporting member banks in
Until this announcement came, the cotton trade had leading cities amounted to about $525,000,000, including for the last half
of June an increase in "all other" loans and for the period as a whole a
been at sea, so to speak. The large firms that usually further
substantial growth in loans on securities and in investments.
In the open market the course of short-term rates has been downward
take care of the marketing of the cotton crop had
ever since last October, and toward the end of June oommercial paper at
been badly hurt the past season by the ill-advised 31
/
2@3/
1
2% and 90-day bankers' acceptances at 1%% were at the lowest
and unexpected action of the Federal Farm Board levels since 1924. Rates for call leans in the New York market at 2%, and
time
loans against mixed collateral at 2,4,% were also relatively low,
for
in authorizing purchases of and demanding deliv- close to the lowest levels
of 1924. Rates charged customers by leading
in leading cities—for loans over-the-counter—also declined further in
eries on about 700,000 bales of contract cotton in banks
June, as shown by the chart illustrating the course of these rates during
the May and July positions. The squeeze engineered recent years at New York City, in other cities of the North and East,
and in Southern and Western cities. These rates generally move more
in these positions both in New Orleans and New slowly
than open market rates and over a considerably narrower range, and
York upset hedging operations against large stocks although they have declined since last autumn more rapidly than in any
period of equal length in recent years, they were in June still someof cotton that were being carried in anticipation other
what above their lowest points in either 1927 or 1924. Loans of the
of a trade demand later on, and obliged the big general type to which these rates relate represent about 90% of all the
loans made by banks, and more than half of the combined total of bank
spot and export firms to deliver most of their stocks loans and investments, and the fact that such loans have become available
recent months at progressively lower rates indicates the persistent
to the Government subsidiaries at a loss. The result during
influence of those factors which have been making for easier credit conwas that the cotton trade became completely de- ditions.
Cost of Short-Term Credit.
moralized, and business in both spots and futures
AA measured by the general level of rates in the several money markets,
current
the
dwindled away to nothing, adding to
the cost of short-term credit in the United States has now been declining
rapidly for about eight months. While the decline began at about the
business depression. The recent announcements time
of the sharp decrease in the aggregate demand for loans on securities
from Washington as to the Farm Board's policies that followed the October-November break in security prices, and while
decrease
in this cbmand provided under the existing circumstances one of
for the coming season have served to restore con- the essential
conditions of an easier credit situation, the actual development
fidence to some extent among the cotton trade, and of pronounced ease during the past eight months has been more directly
in larger part a reflection of other changes in the credit situation.
there is more inclination now on the part of the and
The more important of these changes have been accession of funds to the
money
market during the period through (1) purchase by the Reserve
wealthy cotton firms to go ahead and plan for the
Banks of $440,000,000 in United States Government securities, (2) inflow
marketing of the new crop, whatever its size may be. of money from circulation, partly seasonal, in the amount of $325,000,000,
(3) an increase of $145,000,000, through gold imports from abroad,
This solves one phase of the cotton marketing and
in the monetary gold stock of the country. Funds coming available from
problem.
these sources have not only enabled the member banks to reduce substantially
the volume of their indebtedness at the Federal Reserve Banks, but also
Present price levels are low by comparison with to
absorb or liquidate a considerable volume of acceptances from the
the average of 'those that have prevailed since the portfolios of the Reserve Banks. As may be seen from the complete analysis
changes given in tables at the end of this review, member bank borrowworld war, and should encourage spinners to carry of
ings at the Reserve Banks decreased by $585,000,000 from the week ending
26 1929 to the week ending June 28 1930, without any decrease In
Oct.
larger stocks of the raw material than they have in
member bank reserve balances. Member bank borrowings at $257,000,000
recent years. International finances are admittedly were accordingly $750,000,000 lower than a year earlier, and at the lowest
since early in 1925, while their reserve balances were $67,000,000
in better shape than at any time since the war, and level
higher than a year ago.
'this may prove to be a more effective method of
While liquidation of member bank credit proceeded rapidly from November to the end of February, member banks in leading cities have increased
stabilizing commodity values than any that the Fed- their
loans and investments since Feb. 26 by more than $1,100,000,000,
eral Farm Board could devise. Let the law of supply covering for this latter period a growth of $845,000,000 in their loans on
securities and $505,000,000 in their investments, and a decrease of $215,and demand, world-wide in its scope, simply take its 000,000 in "all
other" loans. In this period of about four months the
growth
in their loans on securities has represented a large increase in their
course, and the problem of marketing the new cotloans to brokers and dealers in securities, chiefly on the part of banks In
ton crop will solve itself. Nature, which plays New York City, accompanied by further decrease in their security loans to
other borrowers. During this same period security loans made by nonpranks at times, may cut the crop shorter than ex- banking
lenders to brokers in New York City declined by about $700,000,000,
pected, in which event the Southern producers may largely in consequence of the fact that the yield to the lender on these
loans, after paying commissions became less favorable, in comparison with
obtain profitable prices for their staple, while the rates obtainable on deposits or alternative types of short-term open market
Farm Board, carrying a heavy load upon its chest, loans. In consequence of this continuous and large decrease in security
loans by corporations and other non-bank lenders, and also in the security
would also have cause for rejoicing.
loans of banks to borrowers other than brokers, the total volume of all
JTJLY 26 1930.]
loans outstanding on securities appears to have been slightly lower at
the end of June than it was in February, and at the lowed level in more
than a year.
"AU Other" Loons of Members.
Until the middle of June, as in earlier months, there was no increase,
but a continued decrease, in "all other" loans of member banks in leading
cities. This class of loans embraces all the loans of the banks except those
secured by stocks and bonds, and includes not only their line-of-credit
advances to customers, including municipalities, and their loans secured by
real estate, but also any loans they may have made in the open market
through .the purchase of acceptances or of commercial paper, as well as
unsecured loans to domestic banks and to foreign borrowers. The decline in
"all other" loans from the peak in November 1929 to June 1930, as
illustrated on the chart, amounted to $1,500,000,000, reflecting in part
the recession in business, but in considerable part also the effect of other
factors, including:
(1) Outright liquidation of loans contracted last autumn in this form,
as in other forms, for the purpose of carrying securities at the time of the
collapse in stock prices;
(2) The use in repayment of these loans of funds borrowed through
brokers in Febivary, March, and April, when brokers' loans and security
prices were increasing rapidly, and
(3) The liquidation of short-term loans contracted at banks last yearwhen prevailing conditions were unfavorable for the issue of bonds by
municipal and other long-term borrowers-from the proceeds of bonds issued
in large volume on the more favorable bond market of the current year.
The upturn of $170,000,000 in "all other" loans from June 11 to June 25,
coming at a time when commerce and industry were still relatively inactive
and commodity prices were still moving downward, appears to have been
connected, as in the case of the increase in these loans at the end of
last October, with coincident weakness in the security markets. At the
end of June "all other" loans at $8,570,000,000 were $570,000,000 lower
than a year ago, and $350,000,000 lower than two years ago.
Easier conditions in the open market, evidenced in particular by low
rates for call loans, acceptances, and commercial paper, at a time when
the effective demand from customers for over-the-counter loans has been
lessened by business depression, have Influenced member banks to increase
their holdings of investments. The increase for member banks in leading
cities has been almost continuous since the middle of March, when the money
market was for a few days exceptionally easy, and amounted in the period
from Mar. 12 to June 25 to $550,000,000. The increase since last October,
when the investment portfolio of these banks was at the lowest level since
early in 1927, has approximated $690,000,000, bringing the total to the
highest level in more than a year. The volume of investment holdings of
the reporting member banks during recent years is shown on the chart,
with separate curves for banks in New York City and outside New York
City. The chart shows that the periods of rapid increase of investments
for these banks have been 1924-1927, and since last October, all periods
of business recession and easy credit conditions, and that the amount of
increase during recent months has been substantial. The chart also indicates
that in such periods it is usually the banks in New York City, where low
rates for money first appear, that are the first to expand their investment
portfolios, being followed by the banks in other leading cities. In the case
of the recent movement it appears that banks in New York City increased
their investments substantially at the end of last October and in the
earlier part of November, while banks in other leading cities did not begin
to do so until after the end of the year. From December until March,
however, the New York banks were sellers of investments, and it is only
since the middle of March that both groups of banks have been expanding
their holdings. In June the investments of the New York banks were at
the highest level on record, while those of the reporting member banks
outside New York City, although higher than a year ago, were still about
$300,000,000 below their peak early in 1928.
Loans and Investments.
Available information for member banks outside leading cities indicates
that the position of these banks in June was easier than at the same season
of any other recent year excepting 1927. Their indebtedness at the
Reserve Banks, after declining to a low point in April, increased seasonally
by $30,000,000 to the end of June. Balances of these banks held with
their city correspondents increased rapidly in June. The latest date for
which information is available regarding the loans and investments of socalled country banks is Mar. 27, as summarized in the accompanying table,
which shows that during the first quarter of 1930 the country banks
Increased their investments by $36,000,000 and their open-market loansin the form of street loam:, acceptances purchased, and commercial paper
purchased-by about $90,000,000. Their loans to customers, however, decreased substantially for the quarter, in the amount of $125,000,000 for
loans on securities and $150,000,000 for "all other" loans. On this date
their customer loans on securities were still $135,000,000 higher than a
year ago, while "all other" leans to customers showed a decrease of
$200,000,000 for the year.
COUNTRY MEMBER BANKS.
ANALYSIS OF CHANGES IN THE CREDIT SITUATION BETWEEN WEEK
ENDED OCT. 26 1929 AND WEEK ENDED JUNE 28 1930.
[Figures from preceding table.)
Funds became available to the money market from1. Increase in Reserve bank holdings of U.S. securities_$438,000,000
2. Decrease in demand for money in circulation
323,000,000
3. Increase in monetary gold stock
147,000,000
Gross gains to market
$908,000,000
Funds were withdrawn from the money market through1. Decrease in "other" Reserve bank credit (includes
Reserve bank float)
$40,000,000
2. Decrease in Treasury currency adjusted
29,000,000
3. Increase in non-member deposits, dcc., at Reserve
3,000,000
banks
4. Increase in unexpended capital funds of Reserve banks 2,000,000
Gross withdrawals from market
74,000,000
$834,000,000
Net gains to market
Funds gained by the money market were used1. To decrease member-bank borrowings at Reserve
$586,000,000
banks (bills discounted)
2. To decrease Reserve bank holdings of acceptances
245,000,000
(bills bought)
3,000,000
3. To increase member bank reserve balances
5834,000.000
Total
Automobile Financing in May and the Five
Months Since January 1.
The number of automobiles financed during May, as
reported to the Department of Commerce by 455 automobile
financing organizations, was 346,515 on which $146,191,179
was advanced as compared with 341,842 on which $144,891,375 was advanced in April and 398,561 on which $183,580,808 was advanced a year ago. In the five months ending
with May the number financed was 1,336,021 on which
$569,709,945 was advanced as compared with 1,424,836
on which $660,245,308 was advanced in the first five months
of 1929.
Wholesale financing during May was $82,029,398 as
compared with 4,228,709 in April and $72,098,629 a year
ago. For the first five months of 1930, wholesale financing
aggregated $356,358,830 against $291,719,414 in the first
five months of 1929, though in this period the present year
only 1,884,071 motor vehicles were produced in the United
States against 2,678,511 in the first five months of 1929.
The following summary will be subject to revision in
subsequent issues as reports are received from additional
concerns. Detailed statistics are given below, by months,
new cars and used cars shown separately. Some of the smaller
firms found it impossible to segregate their operations; their
totals are shown in the unclassified group:
AUTOMOBILE FINANCING.
Retail Financing.
Wholesale
Financing.
Total.
1929.
January
February
March
April
May
Total (5 mos.)
Volume
in Dollars.
Number
of Cars.
Number Volume
of Cars. in Dollars.
73,166,768
90,489,411
141,076,601
171,931,720
183,580,808
78.288
103,079
165.898
204,949
212,239
48,677.337
61,736,873
96,639,213
116.811,926
125,096,943
291,719,414 1,424,836
660,245,308
764,453
448,962,292
384.520
388,747
347,144
298.286
276.292
211.805
170,399
178,983,835
180.205,492
162.894.966
138.717.971
126.247,679
94,932,292
80,088,696
203,632
211.296
183.921
158,021
132,187
97,734
74,095
121.842,467
125,005.223
111,664,809
94,240.101
80,745,596
58,596,676
48,846,672
3,502,029 1,622,316,239 1.825,339 1,089,903,836
Total (year)
1930.
JanUarY
February
March
April
May
New Cars Financing.
Volume
in Dollars.
155,630
189.183
302,672
378,790
398.561
35,889,941
47,919,535
61,097,083
74.714,226
72.098,629
June
July
August
September
October
November
December
Total (5 mos.)-Change from
Mar.27 1930. Dec. 31 1929, Mar.271929.
$
$
496,000.000 +89.000,000 -102,000,000
Open-market loans-total
31,000.000 -6,000,000 -22,000,000
Acceptances purchased
1929.
Commercial paper purchased
207.000.000 +45.000,000 +16,000.000
258.000,000 +50.000,000 -96,000.000
*Street loans
8.208.000,000 -275,000.000 -158,000.000
a Loans to customers-total
2,190,000,000 -123.000.000 +135,000.000 January
Secured by stocks and bonds
Otherwise secured and unsecured_ __ _6.016,000,000 -152.000,000 -293,000,000 February
4,475.000,000 +36,000,000 -265,000,000 March
Investments-total
United States Government securities_1,273 000,000
+7.000,000 -150.000,000 April
3,202.000,000 +29.000.000
Other securities
115.000,000 May
Borrowings at Federal Reserve banks_ _ _ 170.000,000 -85.000,000 -98.000.00
Due from banks in the United States__ _ 817.000,000 -91,000,000 +37,000,000
Total (5 mos.)
* Loans to brokers and dealers in securities in New York City.
June
July
a Exclusive of loans to banks.
August
RESERVE BANK CREDIT AND FACTORS IN CHANGES.
September
October
Week Ending- Change DurNovember
June 28 1930. oa. 26 1929. ing 8 Mos.
December
$
257.000,000 843,000,000 -586,000,000
Bills discounted
Total (year)
110.000.000 355,000.000
Bills bought
245,000,000
578,000,000 140,000,000 +438,000,000
United States securities
1930.
31.000,000
71,000,000 -40,000,000
Other Reserve bank credit
976.000,000 1,409,000,000 -.433,000,000 January
Total Reserve bank credit
February
4,533,000,000 4,386,000,000 +147,000.000
Monetary gold stock
1,764,000.000 1,793.000.000 -29,000,000 March
Treasury currency-adJusted
4,468,000.000 4,791,000.000
323,000.000 April
Money in circulation
2,381,000,000 2,378.000,000
+3.000,000 May
Member bank reserve balances
28.000.000
25,000.000
Non-member deposits, eee
+3,000,000
Total (5 mos.)
396,000,000 394,000,000
Unexpended capital funds
+2,000,000
539
FINANCIAL CHRONICLE
164.638
197,608
285,418
341,842
346,515
72,997.775
84,756,722
120,872.894
144,891.375
146,191,179
78.519
95,199
137,365
169.994
167,106
45,026 703
52,749.661
76.292.271
93,404,850
93,283,672
356.358.830 1.336.021
569.709 945
647 gal
360 757 157
62.363.467
61,163,496
76.573,760
84.228.709
82,029,328
Retail Financing.
Used Cars Financed.
Number
of Cars.
Volume
in Dollars.
Um ossified.
Number
of Cars.
Volume
in Dollars.
68,859
76,480
121,194
154.843
167,567
20,734,372
24,595,774
37.815,473
47,248.843
50,830,658
8.483
9,624
15,580
18.998
18,755
3,755,059
4,156,764
6,621.915
7,870,951
7,653,207
588,943
181,225,120
71,440
30,057,896
164,023
162,451
149,413
127,429
135,158
103,950
89,969
50,205.848
49,077,845
45.652,348
39,310,095
41,783.894
32,340,123
28,574,295
16,865
15,000
13,810
12,836
8,947
10.121
6,335
6,935,520
6,122,424
5,577.809
5,167,775
3,718,189
3,995,493
2,667,729
1,521,336
468,169,568
155,354
80,723
95,340
141,611
162,823
171,269
25,526,546
20.095.300
41,474,040
48,460,620
49,805,204
5,596
7,069
6,442
9,025
8,140
2,444,526
2,911.761
3,106.583
3.025.905
3,102.303
651,766
194.361,710
36.272
14.591.078
64,242,835
540
FINANCIAL CHRONICLE
Inter-State Commerce Commission Denies Petitions to Alter Rail Plan—Announces That
Consolidation Allocation Project Will Not
Be Reopened.
[VOL. 131.
Only two minor changes have been made in the consolidation plan of
the Commission since its decision in December, the first assigning the
Gulf Texas & Western to the Rock Island-Frisco, System No. 19, instead
of to the Santa Fe, System No. 17.
The Arkansas Short Line, which had been allocated
to the Missouri
Pacific, was later found to be an entirely "intra-State carrier"
and so not
subject to the Inter-State Commerce Act.
A sweeping denial of petitions filed by various railroads,
chambers of commerce, civic leagues, and trade associations
seeking modifications of the consolidation .plan to combine
the railroads into 21 competitive systems was made on Big Shrinkage in Automobile Production in
June and the Half Year.
July 22 by the Inter-State Commerce Commission, said a
June production (factory sales) of motor vehicles in the
Washington dispatch to the New York "Times," which furUnited States, as reported to the Department of Commerce.
ther stated:
The petitioners seeking modification of the plan so as to conform to was 335,475, as compared with 417,406 in May; 545,932
in
local desires were the Waco Beaumont Trinity & Sabine Railway, a Texas June 1929;
396,796 in June 1928, and 323,817 in June 1927,
short line; the Chamber of Commerce of Trenton, N. J., the Hotfat Tunnel
For
the half year ended with June, the number of cars made
League, the Uintah Basin Railroad League, and Philadelphia trade bodies.
Refusal to modify or to reopen for hearing the plan promulgated Dec. 9 in 1930 was only 2,219,546 against 3,224,443 in 1929 and
1929 was made on the ground that "the petitioners may be fully heard, 2,201,521 in
the first half of 1928.
when and if formal application is made to give effect to the plan of
The table below is based on figures received from 144
consolidation or any part thereof."
The Commission had previously stated that the plan was purely a basis manufacturers in the United States for recent months, 42
on which the road should proceed in making applications for unification making passenger cars
and 113 making trucks (11 making
of their properties. In its order to-day the Commission gave notice that
both passenger ears and trucks). Figures for passenger cars
the consolidation plan would not be reopened for hearing and that any
desired modifications would have to be made when the formal applications include only those designed as pleasure vehicles, while the
are made to carry out the plan of consolidation.
taxicabs reported are those built specifically for that purpose,
Asks Change for Texas Line.
pleasure cars later converted to commercial use not being
•
Contending that the acquisition of the Waco line by the Southern Pacific, reported as
taxicabs. Figures for trucks include ambulances,
as planned by the Commission, "does not preserve competition in the territory as fully as possible," the Waco petitioners requested allocation of the funeral cars, fire apparatus, street sweepers and busses.
line to the Missouri Pacific System, No. 18, instead of the Southern Pacific, Canadian figures are supplied by the Dominion Bureau of
No. 18.
Statistics.
"If allocated to the Missouri Pacific," the petitioners stated, "it should
extend the service of that system to Livingston, Groveton, Corrigan, and
Oolmesneil, while only one point, Trinity, would be left without competitive
service. Allocation of the Waco to the Southern Pacific would destroy
competition at the Texas cities named."
The Moffat Tunnel League and the ITintah Basin Railroad League, in
filing a joint petition with the commission, asked for the allocation of the
Denver & Salt Lake Railway with some other system than the Missouri
Pacific. It was suggested that allocation to the Missouri Pacific System
would not be in the public interest, since the Denver & Rio Grande
Western, a segment of the Missouri Pacific, had always opposed extension
of the Denver & Salt Lake, a Moffat road, west from Craig, Colo., to Provo
or Salt Lake City, Utah, to eliminate competition.
Object to Jersey Central Allocation.
The petition of the Philadelphia trade bodies objected to the allocation
of the Reading and Central of New Jersey and other short lines tributary
to those roads to system No. 5, or the Baltimore & Ohio.
The trade bodies said that competition would be better served if the plan
were reopened and modified so as to make the Reading and the Central of
New Jersey the basis of an independent system, that "competition will be
more fully preserved, the existing routes and channels of trade will be
better maintained and the cost of transportation as between the competitive
systems and as related to the values of properties through which the service
is rendered will be more nearly the same than if they were included in the
Baltimore & Ohio System."
The Baltimore & Ohio said in reply to the petition that no evidence had
been produced by the trade bodies in support of their claims, and the Commission, acting on the reply of the Baltimore & Ohio, denied all the
petitions.
).
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
United States.
Total.
1929—
January
February
March
April
May
June
401,037
466,418
585,455
621.910
604,691
545,932
Canada.
Passenger
TaxiCars.
Trucks. cabs.:
345,545
404,063
511,577
535.878
514,863
451,371
53,428
60,247
71,799
84,346
88,510
93.183
2,064
2,108
2.079
1,686
1,318
1,378
POSSE'STotal. ger Cars. Trucks.
21,501
31,287
40.621
41,901
31.559
21.492
17,164 4,337
25,584 5,703
32,833 7,788
34,392 7.509
25.129 6.430
16.511 4.981
Total(6 mos) 3,224,443 2,763,297
451,513 10,633 188.361 151,713 38.745
July
500.840 424,944 74,842 1,054 17,461 13,600 3,861
August
498.628 440,780 56,808 1,040 14,214 11.037 3,177
September _ _ _ _
415,912 363,471 51576
6
8 5 13.817 10.710 3.107
October
380,017 318,462 60,687
8,975 5,548
868 14.523
November
217.573
167,848
48,081
1,646
9.424
7.137 2,287
December
120,007
91.011 27.513 1.483
5,495
4,426 1,069
Total (year)__ 5,358,420
4.569,811 .771,020 17,589 263,295 207,498 55.797
1930—
January
275.374 236,145 38,657
8.856 1.532
572 10,388
February
346,940 296.461 49.457 1.022 15.548 13.021 2,527
March
401.313 335.720 64,204 1,369 20.730 17,165 3,565
April
*443,038 *374.913 67,580
565 24.257 20,872 3.385
May
*417,406 *362.522 54,370
514 24,672 21,251 3.421
June
335.475 289.245 45.771
459 15,090 12,194 2.896
Total(6 mos) 2,219.548 1.1405 nog 220 010
4.521 110.685 93.359 17.326
• Revised. x Includes only
factory-built taxicabs, and not private passenger
cars converted into
vehicles for hire.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. Structural
steel,there have been pretty good orders from this
Friday Night, July 25 1930.
city, but otherwise steel, like pig iron, is quiet.
The coal
The weather has been too hot. Hot weather helps retail trade is slow.
Nobody expects anything better at this time
trade in light summer goods, but the summer is nearly two- of the year.
thirds over. Mid-summer dullness as a rule is still on. In- of the normalLumber output is at the rate of only about50%
and this branch of trade is still slow. At some
dustries are running at a slow pace. One unfavorable feature Southern
points the furniture business is said to show more
is the lessened buying capacity of the farming community of life but elsewhere
in the country is it the old story of dullness.
this country. Wheat is fully half a dollar a bushel lower than Cotton goods
have been quiet, and more or less affected by
a year ago. Corn nearly 20 cents lower,oats 14,rye 64 cents, the decline in
raw
hogs 23'cents and cotton over 6 cents. Also there is a good to remember that cotton. It may be well enough however
mill stocks of raw cotton are comparatively
deal of unemployment. Here and there some reduction in small and
consumers supplies of goods are believed to have
wages has been made, not to speak of the curtailment of work fallen to a low
level. And in the last 11 months it is figured
in the big industries, and with it a loss of wages. There is no that the
curtailment at the cotton mills has been tantamount
use blinking the fact that it is not a rose colored situation in to a reduction
of 850,000,000 yards of cotton goods. In
the United States. Nor is it anywhere on the globe. There June it seems
there was some increase in the output of woolens
is a universality of dullness and pessimism. It must give and worsteds.
But a new price schedule of leading woolen
way some time or other. But when? Certainly it would be interests shows a
noteworthy reduction. No one claims that
unlikely to happen in the middle of summer. Things my there is any
activity in woolens or worsteds.
take on a different hue some time next winter. It is to be
Meanwhile the dullness of the times is such that strange
as
hoped so. All that is certain ahout a great courageous, it sounds, the
outside call money rate has dropped to
1%,the
energetic nation like the United States is that while its trade lowest since
1925. It has not stimulated stock speculation
may, so to speak, be passing through a tunnel now it is as in mid-summer
weather with so many persons at the vacacertain as the rising of to-morrow's sun to emerge sooner or tion resorts.
And of course low money rates are supposed to
later into broad daylight and take on its old activity and mean a low rate
of business in merchandise.
traditional prosperity.
Wheat shows a
Meanwhile, however, trade is slack. Steel mills are run- have been some fractional decline for the week, for there
beneficial rains in the northwest and Canada,
ning at no larger capacity than a week ago. If anything, it and the fear of
Russian competition in the European markets
has been reduced on account of the recent hot weather. has been a bugbear. Yet at
times a very fair export business
JULY 26 1930.]
FINANCIAL CHRONICLE
541
has been done in both Manitoba and our hard winter wheat. The transactions were only about 1,350,000 shares. Call
The wheat market seems, however, to be in a more or less money at the Exchange was easy at 2%. Outside it was 1%
refaxed condition after having long leaned on the arm of with plenty of it. The undertone of the stock market
the Government and now finds that arm withdrawn. Corn seems to be firm enough but for the moment it has some of
has advanced 3 to 7 cents. Corn is the real leader of the the lassitude of the dog days. No attention was paid to
grain list nowadays. The reason is the prolonged hot dry June railroad earnings on 22 roads of 26.7% under those
weather in the southwestern section of the belt, and the for June last year, or a drop for six months of 29.6% comdamage to the crop in Iowa, Kansas and elsewhere. Illinois pared with the like period in 1929. That was merely so
farmers are hauling water. The excellent cash demand of much water that had gone over the dam. Bonds were quiet.
course has counted. July corn has sold within 3 cents of High grade railroad issues had the best sale. Price changes
July wheat. But the strongest features are the September as a rule were small. Some lost a point; others gained that
and December deliveries, especially December. Oats and much.
Very large offers of print cloths 38M-inch 64x60s for spot
rye have been steady or higher of course in response to the
firmness of other grain. Lard has declined a little under delivery were made at 5 Mc. but buyers held aloof. Charlotte, N.C. wired the "Wall Street Journal": "Carded yarn
10 points, with hogs lower offsetting the rise in corn.
Cotton has declined despite some unfavorable crop reports. mills in North Carolina and other states are planning to
The conviction is strong that the crop on the whole is faring continue their 40% curtailment program until conditions in
very well and in any case supplies during the coming season the industry are much better, according to information rewill be ample with a carryover on July 31 of this year of ceived in a survey made here. It was pointed out, however,
some 6,000,000 bales. Moreover there have latterly been that conditions will probably show considerable improveindications that the drought in the central belt was in process ment within the next two or three months. The curtailment
of being relieved and also Arkansas. Of course no season program started some time ago and has been more prois perfect and just now there are complaints of dry 11'8 nounced in the last 60 days. Mills of this State carrying on
weather in Texas and Oklahoma, though not very serious the curtailment are located in Monroe, Concord, Lumberton,
mischief has yet befallen the crop there. It is insisted how- Fayetteville, Rocky Mount, Kinston, Henderson and Morever by those on the ground that it is high time the period of ganton, in addition to some other cities. Spinners are now
drought and heat now of six weeks duration, were relieved. turning down business at prices lower than they were quotThat idea had much to do with the fair rally to-day. Coffee ing recently, reports in textile circles say. Charlotte, N. C.
has declined partly at times due ot weaker Brazilian cables to-day reported a distinctly better tone in textilest Columand selling coming now from Europe and now from Brazil. bus, Ga. wired that local mills report their production during
Yet spot coffee strangely enough is firmer at the moment the past 60 days as less than the same period for any year
since 1920 with sales short of this production. Most of the
owing to the scarcity of the more desirable grades.
Sugar has again been under the pressure of Cuban and to mills are running 3 to 4 days a week, with all of them running
some extent of European selling. The only buyers at times some equipment each week.
Paris cables that the strike recently noted of textile operahave been the shorts. Meanwhile the spot trade has been
nothing stimulating and the demand for refined has left not a tives in the Armentieres, Oupplins and Nieppe districts is
little to be desired. Rubber shows no net change for the assuming a serious aspect, with the Roubaix and Rouen disweek on September and December, but nearly a c decline tricts now affected also. All operatives are asking an increase
for March, while trade has been slow in the actual rubber, of 20 centimes per hour to offset deductions from their wages
London has declined and the tone seems as universally bear- under the new social assurances law. It is estimated that
ish as ever with the outlook more or less uncertain as to the nearly 20,000 workers are involved now in the Armentieres,
adoption of a new plan of restriction of available supplies for Roubaix and Rouen districts. The Vistose Co., a leading
factor in rayon industry announced on the 22nd inst. a reducthe consuming markets of the world.
The trouble indeed in many commodity markets is over- tion of 20 to 25 cents a pound. Tokio, Japan reports that
production. This is true of grain, cotton, rubber, sugar, textile trade conditions are serious. The guild voted to shut
coffee, silk and seemingly pretty much everything else. And down for two months; others operate at 70%. Australia
the efforts of different governments of the world to stabilize advices say that textiles are in poor demand. Manchester
prices or in other words somehow to get around the law of has had a better home trade, but in general foreign textile
supply and demand have thus far proved about as futile as markets are more or less depressed.
At West Warren the Thorndike Co., woolen manufacturers
attempts to square the circle. Brazil has its own bitter
experience with coffee, Cuba with sugar, Japan with silk, ordered all its help to report for duty next Monday. The
England and Holland with rubber, and the United States mills have been closed two weeks. At East Rochester,
with grain and cotton. All of these governments, big and N. H. the Chacheeo Woolen Mills, will not close down for a
little, have been taught the lesson that they can no more set week as was recently announced. New orders caused the
aside a fixed economic law than they can abrogate the law of notice to be rescinded. A rumor that the Beaver Brook Mill
gravity or the precession of the equinoxes. And yet new at Dracutt, Mass., had been sold was denied on the 24th inst.
schemes are broached to "restrict" the output of rubber. At Galax, Va. the Mouth of Wilson Woolen Mills have been
Politicians want the United States Government to buy closed for 60 days for lack of water.
A further decline in automobile production last month is
100,000,000 bushels of wheat and wait until benign genii
bring about semi-miraculous or better still downright shown by figures compiled by the United States Census
Bureau. Total production for June, 335,475 vehicles was
miraoulousconditions and the traditional happy ending.
3 c and at the lower prices there 82,000 below the May total of 417,406 which in turn was a
Hides have declined about 4
has been a good business in Chicago and on the exchange here. decline of 26,000 from the April figures of 443,038, the
Silk has declined here 12 to 14 points net. Cocoa has ad- highest of any month since last August Compared with
vanced slightly. In all the commodity markets there is a June 1929 last month's production showed a loss of 210,457
tendency to favor or overdo the "short" side. And thereby units. June production, the figures show, included 289,245
may yet hang a tale. Bears in popular parlance are "asking passenger cars, against 362,522 in May;45,771 trucks against
54,370 and 459 taxicabs against 514.
for it."
The stock market early in the week was despite some irreguChicago wired that wholesale and retail buying in merlarity inclined to rise. It made further progress on the 23rd cantile establishments during the past week was firm but
inst. with an outside call money rate of 1%, the lowest devoid of spectacular movements. Business leaders were
since the stock exchange rate of 1% five years ago. Of said to be predicting improvement in all lines after the middle
course it is a kind of niirror reflecting the slowness of trade of September or early in October and some declare that the
and the consequent idleness for the moment of the money turn for the better has already set in and that the gains will
market. This no doubt had a sort of repercussion in the gold be gradual. Detroit wired: "Ford completed the first week
exports of $16,000,000, much of it to France, even though of a two-weeks' vacation period Saturday. Between 75,000
Paris is a no more hospitable money market than New and 80,000 men are thus idle at the three Detroit plants.
York. But New York is for the time being no longer a Just preceding the vacation period it is reported, 13,000 men
magnet to attract gold. Rather striking advances occurred including skilled and unskilled labor and departmental
on the 23rd inst. in such stocks as United States Steel, executives were removed from the payrolls permanently.
Allied Chemical, American Can,Columbian Carbon,People's When the plant reopens it is expected normal production will
Gas, Radio, General Motors, Eastman Kodak and Con- be resumed without these 13,000 workers."
On Saturday, July 19th, the temperature here reached 96
solidated Gas. To-day there was an uneven advance with
a quick rally in the later trading in a generally dull day. the highest on that date for 54 years. The humidity at 3
542
FINANCIAL CHRONICLE
[VOL. 131.
0-40.NI (AWNIC.0Ot
CaCntn
.1,
0,
Ca,4.00CrONCON a.
cO ;
7
;C°CO
...JONA.
a. m. was 84, but at 8 p. m.35. The mercury rose 22 degrees of the same period in 1929. Bond prices, on the other hand,
in 8 hours. Nebraska had 108 and prayers were offered there showed gains over both comparative periods. Interest rates
for rain. Chicago had 103, but later the temperature fell 27 for call money were lower, while those for time money were
degrees in three hours. In Omaha motormen wore gloves, higher than the preceding week. Both rates were lower
the controls were so hot. Philadelphia had 100, breaking a than a year ago.
Building, the activity of steel mills, and wheat receipts
record of 25 years. In Washington it was 102. Boston had
74 to 90, Buffalo 72 to 76, Cincinnati 76 to 98, Cleveland 78 to at primary markets for the week ended July 12 were all
96, Detroit 76 to 94, Kansas City 80 to 100, Los Angeles 64 greater than the preceding period, due mainly to the greater
to 80, Milwaukee 68 to 92, St. Paul 70 to 88, Montreal 72 to number of working days. As compared with the week ended
90, Omaha 80 to 106, Philadelphia 76 to 100, Portland, Me., July 13 1929, building and steel operations were smaller,
70 to 88, Portland, Ore., 54 to 70, San Francisco 52 to 64, while the receipts of wheat in producing centres were greater.
Bank loans and discounts and stock prices for the period
Seattle 52 to 66, St. Louis 78 to 102, Winnipeg 58 to 80.
On Sunday the 20th inst. it was 80 to 92 degrees here. ended July 19 1930 registered increases when compared with
Boston had 72 to 86, Chicago 70 to 98, Cincinnati 78 to 102, the week ended July 21 1928, two years ago.
WEEKLY BUSINESS INDICATORS.
Cleveland 72 to 98, Detroit 68 to 96, Kansas City 78 to 100,
(Weeks Ended Saturday. Average 1923-5=100.)
Milwaukee 68 to 100, Minneapolis 70 to 86, Montreal 60 to
80, Omaha 78 to 102, Philadelphia 78 to 98, Phoenix 80 to
1930.
1929.
1928.
104, Portland, Me. 68 to 84, Portland, Ore. 62 to 82, San
July July July June July July July July
19. 12.
5.
28.
20. 13.
Francisco 54 to 62, Seattle 64 to 76, St. Louis 80 to 100,
21. 14.
Washington 76 to 100, Winnipeg 64 to 82. On the 21st inst. Steel operations
75.0 63.2
125.0 122.4 93.0 91.0
coal production..... __ __ 80.6 .67.2
94.0 *98.1 88.7 88.3
the maximum temperature here was 99 degrees and it was Bituminous
Petroleum produce (daily avge.) __ __ 121.5 124.0
138.9 138.8 115.3 114.8
Freight oar loadings
95.5
82.6
112.5
.111.2 107.8 106.9
Central
night.
It
was
all
Park
99 in
hot
in the shade and 137 a Lumber production
70.1 52.7
contracts, 37 States
in the sun. Mayor Walker in view of the distressing weather Building
(daily average)
62.2 37.3
158.1 145.9 116.2 128.8
ordered all the city parks and bathing beaches kept open Wheat receipts
_ 230.3 73.6
229.1 207.5 235.8 179.2
Cotton receipts
6.2
7.7
.18.5
6.5
33.5
9.6 30.4
throughout the night for sleeping purposes. A special police Cattle receipts
71.2 49.7
75.0 75.3 113.0 87.7
Hog receipts
76.9 56.1
78.4 84.3 69.2 77.7
detail was on duty so that women and children, as well as men Price
No.2 wheat
61.2 62.8 63.6
100.7 90.7 97.7 99.2
Price cotton middling
could find safety as well as comfort in the open. The Mayor Price
50.0
70.6 67.6 77.9 80.9
Ron & steel composite
80.1 80.5 80.5
88.7 88.7 84.3 84.2
also ordered several hundred fire hydrants and sprinklers Copper, electrolytic price
.. __ 81.2 81.9
129.0 129.0 105.1 105.1
Fisher's Index (1926=100)
83.4 84.5 85.6
98.8 98.1 99.9 99.3
turned on to give children relief. On that day in the courts, Bank debits outside N. Y. City 122.1
143.6 121.6 128.4 103.3
105.2 105.3
Bank loans and discounts
135.3 135.0 135.7
135.2 135.3 126.0 126.7
witnesses, juries and spectators were allowed to remove their Interest
rates, call money
54.5 62.5 57.6
230.3 209.1 136.4 160.6
coats. In the poorer districts there were accidents and Business (allures
111.1 105.2 106.9
92.4 108.1 107.4 108.1
Stock prices
207.4 196.6 197.3
289.9 284.5 191.4 192.0
deaths from falling from fire escapes. Hundreds of thous- Bond prices
106.7 106.5 106.2
104.2 104.2 107.4 108.1
rates, time money
79.1 70.4 68.6
180.0 171.4 137.1 137.1
ands left their homes and took to the parks, beaches and roofs; Interest
Federal reserve ratio
105.8 105.4 104.1
95.2 94.2 I 89.7 87.6
1,000,000 flocked to Coney Island and Rockaway. It was
a Relative to weekly average 1927-1929 for week shown.•
Revised.
hottest
July
21st
in 60 years. In the suburbs the heat
the
has been more intense in some case than in New York. It Federal Reserve Board's Summary of Business Conwas 101 at Elizabeth, N. J. on the 19th inst. Meanwhile
ditions in the United States-More Than Seasonal
Paris cabled that storms in the English channel and along
Decline During June in Industrial Productionthe Atlantic Coast, heavy rains in the interior and deep
Factory Employment and Wages at New Low Levels.
snows on the Italian frontier were among the weather disThe Federal Reserve Board reports that "industrial proturbances reported in France over the week-end. Snows duction decreased
in June by more than the usual seasonal
covered the national road between France and Italy for a amount and factory
employment and pay rolls declined to
depth of almost a foot at one point.
new low levels." The volume of building contracts awarded
It was rather warm on the 24th inst. the maximum tem- was large, says the
Board, which adds that "prices declined
perature being 82 here. Boston had 66 to 84, Philadelphia sharply and money
rates continued downward."
70 to 86, Chicago 72 to 92, Cincinnati 66 to 92, Cleveland
The Board also has the following to say in its monthly
72 to 88, Detroit 74 to 88, Milwaukee 74 to 90, Kansas City summary of business conditions
in the United States, issued
74 to 88, St. Paul 68 to 92, St. Louis 74 to 88, Winnipeg 68 to July 24.:
86. Today it was up to 88 degrees by one o'clock and then
Industrial Production and Employment.
fell one degree but it was close and uncomfortable late at
In June Industrial production showed a further substantial decrease
night. It is the hottest and most trying summer for years and the Board's index, which is adjusted for ordinary seasonal variations.
to the lowest level since last December. Output of steel ingots depast from the persistence of high temperatures with only declined
clined in June and early July more than Is usual at this season, while autolittle intervals of relief.
mobile production was sharply curtailed to a level considerably below that
London cabled the Associated Press July 22: "While the of the same period of the past two years. Cotton consumption, already
at a low level, declined further in June. Output of bituminous coal and
United States is panting from a pronounced heat wave, copper continued in small volume.
Wool consumption and shoe production
Great Britain has one of the most unusual summer cold increased slightly and cement output, as in the preceding month,
was at a
high
level.
spells in years. It was colder here last night than on ordinary
Factory employment and pay rolls decreased further In June. The
nights in November, the thermometer on Hampstead Heath number employed at steel plants
and in the automobile, agricultural impledropping to 45 degrees while the ground temperature was ment,and cotton goods industries, declined more than is usual at this season,
within 6 degrees of freezing. At 10 o'clock this morning the and employment in the woolen goods and lumber industries continued at
unusually low levels.
temperature in central London was only 55 and in general
The value of building contracts awarded in June. $600,000,000, according
it is running 10 degrees below the seasonal average. Tor- to the F. W.Dodge Corp., was about 30% more than in May and the largest
since last July. The increase reflected chiefly unusually large awards for
rential rains have fallen in eastern England."
natural gas pipe lines
and power plants. The volume of contracts for
residential building was somewhat smaller than in
May. In early July the
total volume of contracts was small.
Department of Agriculture estimates, based on July 1 conditions, Indicate a decrease from last year of about 20,000,000 bushels
in the winter
wheat crop and a corresponding increase in spring
wheat. The corn crop
is expected to be about 2,800.000.000 bushels, 7%
larger than last year
and 4% above the five-year average. Area planted
to cotton is estimated
at 45,815,000 acres, 2.7% less than last year.
The Department of Commerce's Weekly Statement of
Business Conditions in the United StatesIncrease in Business Measured by Volume of
Checks.
According to the weekly statement of the Department of
Distribution.
Commerce, business for the week ended July 19, as measured
The volume of freight car loadings in June and early July continued to be
by the volume of check transactions, showed an increase of substantially below the corresponding
periods of 1928 and 1929. Preliminary
16% over the preceding week, but was below the level of reports indicate that the decline in department store sales from a year ago
was
of
larger
proportions in June than in any previous month this Year.
the period ended July 20 1929.
TVholesale Prices.
Wholesale prices as a whole showed but slight change
Commodity prices declined more rapidly in June than in any other recent
from the week before, but were 16% lower than the corre- month,
and the index of the
of Labor Statistics, at 86.8% of the
sponding period in 1929. Iron and steel prices, as measured 1926 average, was about 10%Bureau
below the level of a year ago. Prices of
many
important
agricultural commodities and their manufactures declined
by the composite index, showed no change from the previous
further, and those of certain leading imported raw products-silk, rubber,
week, but recorded a decline of 10% from the corresponding and coffee-rea
ched new low levels. There were also further declines in
Iron, steel, and copper. Prices of raw wool, hides and raw sugar increased
period a year ago.
during June. Early in July, prices of meats were stronger, but
Bank loans and discounts were greater than both the pre- slightly
there were further declines in many other commodities.
ceding week and the same period in 1929. The average
Bank Credit.
prices for representative stocks registered marked gains
Loans of reporting member banks in leading cities declined somewhat
over the preceding week, but were still lower than those batween the middle of June and the middle of July, and on July 16 were
JULY
26 1930.3
FINANCIAL CHRONICLE
543
OmNO.N,MOOMNMOOMNOM m O W0000,
flaxseed, and onions.
$60.000,000 smaller than five weeks earlier. Loans on securities decreased prices prevailed for calves, lambs, eggs, clover hay.
below those of June 1929.
by $140,000,000, while "all other" loans increased by $80,000,000. The Prices for the month averaged almost 14%
Foods declined over 134% from the May level, with decreases for butter,
banks' investments increased further by about $280,000,000 during this
flour.
period and were in larger volume than at any other time in the past two cheese, evaporated milk, beef, mutton, dressed poultry, coffee, and
For this group, also, prices were appreciably lower than in the correspondyears.
year.
month
of
last
Member bank balances, at the Reserve Banks increased, and in the week ing
Prices of hides and leather products as a group showed little change
ended July 19, averaged $60,000,000 more than five weeks; earlier, and at
leather,
the same time their borrowings from the Reserve Banks declined by nearly from the month before, with hides and skins appreciably higher and
$20,000,000-reflecting an increase in the Reserve Banks' holdings of ac- boots and shoes, and other leather products somewhat lower.
goods,
silk
and
cotton
downward,
with
again
were
products
Textile
ceptances and Government securities, a further slight growth in gold stock,
rayon, woolen and worsted goods, and other textiles all participating in
and a continued decline in the volume of money in circulation.
Money rates in the open market continued to ease and in the middle of the decline.
Fuel and lighting materials likewise declined to some extent, anthracite
July rates on 90-day bankers' acceptances at 11.4% were at a new low level,
and bituminous coal, and petroleum products averaging lower than in May.
whllo rates on commercial paper at 3-314% were at the low point of 1924.
Metals and metal products averaged lower, with declines in iron and
During July the Reserve Bank discount rate was reduced at Boston from
334 to 3%, and at Philadelphia, Atlanta, and Richmond,from 4 to 334%. steel and non-ferrous metals, including copper, lead, silver, tin and zinc.
Building materials also were noticeably lower than in May, prices of
_
lumber, brick, cement, structural steel, and paint materials averaging well
Months
3%
in
Six
U. S. Life Insurance Sales Gain
below those of the preceding month.
of 1930.
Prices of chemicals and drugs, tncluding fertilizer materials, declined
while mixed fertilizers showed a small increase.
The Sales Research Bureau of Hartford, Conn., in fur- slightly,
Housefurnishing goods, as a group, showed no change in the general
nishing under date of July 18 the figures of life insurance price level.
In the group designated as miscellaneous there were decided price desales for June and the six months, says:
creases reported for cattle feed, rubber, and automobile tires, with a
Despite the general business depression, the volume of life insurance smaller decrease for paper and pulp.
sold during the past six months was 3.0% greater than a year ago. The
Decreases from May levels were shown for the three large groups of
gain was generally distributed throughout the country. A year ago the raw
materials, semi-manufactured articles, and finished products, while
insurance salesman had to compete with the stock broker for the consumer's
non-agricultural commodities and the group of all commodities other than
dollar. The stock market offered a quicker but much less certain means farm products
and foods also declined.
of building an estate. Today the public has lost a little of its confidence
Of the 550 commodities or price series for which comparable information
In the ability of the market to amass a fortune quickly.
for May and June was collected, increases were shown in 50 instances and
Life insurance has been slow to be affected by the general depression. decreases in 231 instances. In 269 instances no change in price was reported.
Sales during the first four months showed substantial increases and not
Comparing prices in June with those of a year ago, as measured by
until May did reports show a decrease in volume. In June sales were changes in the index numbers, it is seen that decreases have taken place
stimulated by the new disability clause which went into effect July 1. in all major groups of commodities, such decreases ranging from less than
Even with the incentive to secure business at the old rates, sales fell 1% Si of 1% in the case of housefurnishing goods to nearly 14% in the case
below last June.
of farm products.
The following table shows the increases by sections for the month sod
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBfor the first half of the year.
GROUPS OF COMMODITIES (1926=100.)•
Sales of Ordinary Life Insurance in 1930 Compared to 1929.
First6 Mos. June
Purchasing
nisi 6 Mos. June
Sales.
Sales.
Sales.
Power of
Sales,
June
May
June
100%
91% West South Central___
the Dollar
94%
87%
New England
1930.
1929.
1930.
Groups cut Subgroups.
104%
101% Mountain
Middle atlantic
June 1930.
100%
87%
100% Pacifie
111%
East North Central- 101%
109%
102%
West North Central_ _ 109%
96.4
89.1
All commodities
88.8
104%
100%
South Atlantic
93.0
108.3
88.9
Farm products
91%
100%
Central_
United States total
East South
82.1
91.0
78.7
103%
99%
Grains
93.2
111.0
88.5
Livestock and poultry
These figures are compiled and issued by the Life Insurance Sales Re96.5
102.3
92.7
Other farm products
search Bureau at Hartford, Conn. This organization computes sales Foods
92.0
90.5
08.9
figures based on the experience of 78 companies having in force 88% of
92.5
90.4
105.5
Butter, cheese and milk _
101.3
99.9
111.5
Meats
the total legal reserve ordinary life insurance outstanding in the country.
86.3
85.1
88.5
Other
foods
In addition to figures for the month and the six months of 1930, the
102.4
102.6
108.0
Hides and leather products
Research Bureau has figures showing the trend for the past twelve-month
96.8
110.9
99.0
Hides and skins
period. For the twelve months ended Juno 30 1930, the United States
104.2
102.9
110.3
Leather
106.1
103.7
103.0
Boots and shoes
as a whole purchased 6% more insurance than in the twelve-month period
105.3
105.1
105.5
products_
__
_
leather
Other
a year ago. During this period every section of the country experienced
84.6
82.2
93.3
Textile products
a gain. There were only 8 states which failed to share the prosperity that
89.3
99.1
90.7
Cotton goods
84.3
70.3
79.5
such figures indicate.
Silk and rayon
88.6
88.9
97.8
Woolen and worsted goods_
69.0
72.1
80.3
Other textile products
76.4
78.0
Canadian Sales of Life Insurance Increase 1.1% in Fuel and lighting materials__ _
83.3
85.8
88.9
88.1
Anthracite coal
June-Figures for Six Months Show 2.1% Loss.
88.2
88.4
89.6
Bituminous coal
84.0
84.0
84.7
Coke
The first six months of 1930 in Canada show a decline of
•
97.9
94.0
Gas
63.6
66.5
76.6
products
Petroleum
2.1% in life insurance sales when compared to the same Metals and metal products - 105.1
95.4
96.8
91.7
92.9
98.2
Iron and steel
period last year. Life insurance sales are so closely allied
78.1
80.6
104.8
Non-ferrous metals
95.0
with business conditions that they are looked upon as re95.0
98.3
Agricultural implements_
105.5
106.8
112.2
Automobiles
flecting an increase or decrease in general prosperity. The
98.4
92.4
98.5
Other metal products
90.0
96.4
92.9
materials
average decrease in the first six months of 1930 is due to a Building
85.3
94.2
89.7
Lumber
83.0
89.1
86.4
slight loss in every month, except March and June, says the
Brick
91.7
94.6
92.7
Cement
Sales Research Bureau of Hartford, Conn., which likewise
86.8
91.9
99.6
Structural steel
88.7
89.1
86.5
Paint materials
states:
106.1
101.8
99.6
Other building materials
93.4
89.9
88.9
June figures which have just been compiled record a production of Chemicals and drugs
93.8
98.6
95.3
Chemicals
$55,355,000 of new ordinary life insurance in June. This volume is 1.1%
67.9
69.8
67.8
Drugs and pharmaceuticals
larger than was paid f r in the same month last year. An increase in sales
92.6
86.5
85.3
Fertilizer materials
at this time is regarded by many as an indication that the depression in
94.1
93.6
96.7
Mixed fertilizers
96.2
96.2
96.6
business in Canada has taken an upward trend. The two provinces of Housefurnishing goods
95.0
96.6
96.5
Furniture
Ontario and Quebec pay for well over half of the total new business sold
95.9
97.7
95.8
Furnishings
in the Dominion. These two provinces increased their production
74.5
80.4
77.5
2.2% Miscellaneous
110.3
102.0
and 5.4% respectively in June. The only provinces which failed to in106.2
Cattle feed_
88.2
85.6
85.2
crease sales in June were Alberta and Saskatchewan. The colony of NewPaper and pulp
42.7
29.2
25.9
Rubber
foundland also recorded a slight decrease.
54.5
52.2
55.3
Automobile tires
Sales in the past twelve months, which ended June 30 1930. are
107.9
109.7
103.3
Other miscellaneous
practically identical with those of the preceding year. These figures are
96.6
87.8
84.8
com- Raw materials
83.6
94.4
82.0
piled by the Life Insurance Sales Research Bureau at Hartford,
Semi-manufactured articles_ _
Conn., Finished products
91.0
88.9
96.7
which issues every month a report of life insurance sales in Canada
94.6
88.1
86.3
and Non-agricultural commodities
the United States.
All commodities, less farm
87.5
85.7
93.1
In addition to the province figures, sales are also reported for several
Products and foods
cities. In June, Hamilton was the only reporting city which failed
to
• Data not yet available.
equal the production in Juno last year. The largest gain for the month
was made in Quebec which recorded the unusual gain of 75%•
Business Activity in June at Lowest in Present Recession According to Conference of Statisticians in
Continued Decline in Wholesale Prices.
Industry Operating Under Auspices of National
The index number of wholesale prices computed by the
Industrial Conference Board.
Bureau of Labor Statistics of the U. S. Department of Labor
its monthly statement on business conditions, issued
In
shows a further decline in June. This index, which includes
20,
the Conference of Statisticians in Industry, operatJuly
550 price quotations weighted according to the importance
the auspices of the National Industrial Confering
under
of each commodity, stands at 86.8 for June, compared with
presents the following summary:
Board,
ence
89.1 for May, 96.4 for June, 1929, and 100.0 for the year
General business activity in June fell to the lowest point in the current
the
Based
on
figures
1926.
these
purchasing power of the recession, after due allowance for seasonal influences, but recent develop1926 dollar was $1.037 in June 1929, and $1.152 in June ments indicate that a firmer foundation for recovery is being established.
which usually varies more widely than general trade,
1930. The Bureau, under date of July 18, further reports Industrial production,
has been running below railroad distribution of merchandise and this, in
as follows:
turn, below current consumption during the past six months. Inventories
Farm products as a whole decreased nearly 434% in average price from
May to June, due to further declines in barley, corn, oats, rye, wheat,
beef cattle, hogs, sheep, poultry, cotton, alfalfa hay, and potatoes. Higher
and stocks of finished goods in many lines are low in comparison with
current demand. Price reductions have increased consumer purchasing
power, and the volunme of goods moving in retail channels compares
544
FINANCIAL CHRONICLE
favorably with that of earlier years. Raw commodity prices are steadier.
Building construction, even in the residential field, shows signs of expansion. These conditions point to an increase in industrial activity after
the usual summer slackness has passed. The only uncertain factor in the
situation is the possibility of a further slump in faun prices.
Conditions in the major industries are reviewed as
follows:
[VoL. 131.
small volume. During the latter half of June, the domestic price dropped
from 6.600. to 6.25c., New York, although the foreign price has lately
shown improvement. Stocks of refined lead are still comparatively small,
and production is curtailed, so that when the statistics are available they
should not show any particularly unhealthy condition. Demand for lead
is simply poor owing to general business conditions.
United States production of zinc in June amounted to 43,473 tons compared with 44,678 tons in May. There was a decrease in June shipments
compared with May. Stocks of zinc at the end of June were greater than
the amount reported at the end of May.
Automobiles; Petroleum; Rubber.
June production of automobiles is estimated at 343,000, 22% below May,
and 39% under June last year. The output in the first half amounted
to
2,822,211 as against 3,413,804 in the record year of 1929, and 2,326,609
in 1928.
Retail sales and exports are continuing to exceed production, so that National Industrial Conference Board Finds Little
Change in Wages in U. S. During 1929 as Compared
dealers' stocks of cars were reduced 6,372 in March, 27,267 in April,
and
20,775 in May. It is estimated that dealers' stocks on
With Previous Year-Wage Levels in Various
June 1 were 417,000
as against 538,185 on June 1 last year, or a decrease
of 23%. Retail sales
Industries.
in May, as measured by new car registrations,
showed a decline of 3%%
under April, and 24% under May last year for passenger cars, while
Wages in the United States changed very little in 1929 as
trucks declined 8% under April, and 18.3% under May
a year ago. compared with 1928, according to a study entitled "Wages
During the first five months this year new passenger car registrations
were in the United States, 1914-1929" by the National
21% under the same period last year while trucks
Industrial
declined 10.7%. Retail
Conference Board, 247 Park Avenue, New York. The
sales of both cars and trucks during the first five
months surpassed all
previous years except 1929. Low price cam comprised a larger proportion study it is noted, also brings
to light many interesting facts
than usual.
respecting wage levels in different industries and wages
The production of crude petroleum in the United States is now averaging
paid to different classes of wage earners. Under date of
about 2,575,000 barrels per day. This indicates
a decrease of almost
300,000 barrels a day from production of a year ago. During March
and July 20 the following regarding the study is made available:
April, crude oil in storage was drawn on to the extent
of about 26,000
As to the actual level of wages in various industries, the study discloses
barrels daily. During May the withdrawal was about 70,000
barrels a that hourly earnings in manufacturing industries In 1929 averaged 58 cents
day. The draught on crude stocks during June will
be even higher, and as compared with 57 cents In the preceding year. On the railroads, average
the tendency is continuing during July.
hourly wages were 64 cents in 1929 and 62 1-3 cents in 1928; In gas plants,
Gasoline consumption continues to show an increase over the same
periods about 57)4 cents in 1929 or 34 cent lower than in 1928; and in electric genof 1929. Domestic consumption during May was 6.57%
erating
plants, about 63 cents in 1929, or 3-10 of a cent lower than In 1928.
higher in 1930
than it was in 1929. Stocks of gasoline were also drawn
on during April Neither the decrease in 1929 as compared with 1928 in the case of the public
a..d May, and the amount withdrawn during June
is estimated at about utility group nor the increase in the case of the other groups is significant,
3,000,000 barrels, bringing the country's gasoline in storage at
refineries the study points out,since the maximum change was only one and two-thirds
down to about 50,000,000 barrels on July 1 1930.
cents. Wage rates per day in agriculture declined one cent from $2.40
The gasoline stocks situation can be said to be improving,
a very hopeful in 1928 to $2.39 in 1929. In the building trades, on the other hand,average
indication being found in recent press dispatches to the effect that
wage rates increased from $1.15 an hour in 1928 to $1.1834 an hour in 1929.
several
Average weekly earnings in manufacturing increased from $27.41 in 1928
of the larger companies have announced strict compliance with the
Federal
to $28.24 in 1929, and in gas plants, from $29.86 in 1928 to $28.98 in 1929
Oil Conservation Board's suggestion that the industry reduce
its crude
while in the electric generating plants they fell during the same period from
oil runs to stills, thereby manufacturing less gasoline and drawing
on $32.76 to $32.69. On
the railroads, average weekly earnings rose from $30.reserves of that product to make up the deficit.
79 in 1928 to $31.86 in 1929, and in agriculture wage rates per month inCrude rubber consumption during the first six months of this
year was creased from $48.53 in
1928 to $49.19 in 1929. On the whole, as the above
the highest on record, except in the corresponding months of 1929.
June figures disclose, although there was
practically no difference in wage earnconsumption was 20.3% less than in June a year ago, and 8.5%
less than ings or rates per hour in 1929 as compared
with 1928, there was a slight gain
in June 1928, but 5.8% above the average June consumption for
the past In weekly earnings or monthly wages.
eight years. Production of pneumatic casings for the first five
months
The facts stated above relating to wages in manufacturing refer to the
of 1930 exceeded shipments by less than 7% as compared with 12%
for the average of all of the industries represented. Earnings
in some industries
same period a year ago; 11% in 1028;
in 1927, and 20% in 1926.
were considerably above, in others greatly below these averages. In 1929,
average hourly earnings ranged from 32 cents in the Southern cotton Itliptl
Iron and Steel; Machine Tools and Other Metal Products; Non
-Ferrous
to 88 cents in news and magazine printing plants. The lowest and highest
Metals.
average weekly earnings were also found in the two industries mentioned,
The daily average production of coke pig iron in June was
curtailed for namely. $15.60 in the Southern cotton industry and $40.29 in news and
the second consecutive month this year, the lowest rate for any
June since magazine printing. These figures relate only to cash payments, and do
1926. Although 19 stacks were lost to production during the
past month, not take into account the various forms of wage equivalents such as free
the average daily rate was still higher than in December 1929,
so far the or reduced rent, which may be received in addition to the actual wage;
/ow point in the present recession. Usually there is a decline in July
output such wage equivalents are particularly prevalent among the Southern
compared with June. During the past month, prices of both pig iron
and cotton mills.
heavy melting scrap gave more ground, but there has been a widening
The Conference Board study notes a wide variation in the relative rise of
of
the gap between the two. Stocks of scrap at the mills and in the
yards wage levels in different groups since 191.4. From July 1914 to 1929, hourly
are reported low.
earnings on railroads increased 152%; in manufacturing, 137%; In electric
The daily average production of steel ingots declined again in June- generating plants, 127%;and in gas plants, 113%; while wage rates
per hour
7.7% from May 1930; 29.8% under June 1929, and 4.4% under June 1928. In the building trades rose 136%,and wage rates per day in agriculture,
66%•
Weekly earnings, on the other hand, rose highest for workers in manufacThe June average daily rate, although higher than the low point in
December, was the lowest so far this year. While slackness in a number of turing, the increase being 125%, which compares with 123% for workers
the main steel consuming industries has reduced operations to around 60% In electric generating plants, 114% for those in gas plants, and 110% for
of theoretical capacity, demand for pipe is well sustained, and is expected those on railroads.
These increases in earnings and wage rates, however, do not represent
to help in holding the rate of operations around the present figure until
general improvement occurs. Unfilled orders of the United States Steel the actual gain to the wage earners, since they do not take into account
Corp. decreased again in June, but although the decrease brought the total changes In the cost of living. Expressing the above mentioned wages in
considerably under the figure of June a year ago, it is still in excess of terms of goods and services which they would purchase, it was found that
"real" earnings of labor per week in manufacturing
June 1927 and 1928.
were 40% greater in
With the rate of return (annual basis) of Class I railways for May 1930 1929 than In 1914: in electric generating plants, 38%: in gas plants, 33%;
on their property investment, as shown in the books of the carriers, includ- and on the railroads. 30%. Wage rates per hour in the building trades were
46% higher in purchasing value than In 1914; however,
ing material and supplies and cash, as of the beginning of the year,
since the above
and
computed so as to reflect seasonal fluctuations in traffic and earnings, 3.78 percentage relates to increase in wage "rates," not in earnings, it Is not Possible
determine
to
how
much
the
"real" income of building workers has
as compared with 5.79 in May 1929, immediate railway equipment demand
increased since 1914 because of lack of information
Is small. Urgent needs, however, are not likely to be postponed,
regarding the amount
and the of employment of these workers during the
year. Wage rates per month of
constantly changing economic conditions of railway traffic creates a long- agricultural
workers increased in purchasing value by
only 3%.
term demand that continues even in times of business recession.
As to wages paid for varying degrees of skill in
manufacturing, the study
The contracts for steel construction let during May exceeded the average reveals that
skilled and semi-skilled men workers in 1929
averaged $32.58
monthly lettings of the past four years. The June contracts were larger per week, unskilled
male workers $25.49, and women workers $17.67.
than May, and an unusual tonnage for which contracts are pending is now Highest wages
per week paid to skilled and semi-skilled male
workers.
on the boards. Prices continue weak.
$45.74, were received in news and magazine
printing. Among unskilled
The gross order index of machine tools for June receded again, but the male workers, highest
wages, $29.02, were received in the chemical manupercentage drop was only about 7% from May. The fact that two of the facturing industry, while
highest wages paid to women workers were received
class indexes advanced while the other declined may be an advance signal in news and magazine printing
and in agricultural Implement manufacturing,
to look for improvement even in July. It can be taken as a likely indication the averages for the two industries
being, respectively, $21.36 and $21.34.
of orders being near bottom, and not being likely to go much, if any, Excluding the Southern cotton
industry, where wage equivalents are probalower.
bly more prevalent than in other industries, lowest
wages paid to skilled and
During June the trend in metal trades employment was again downward. semi-skilled male labor, $24.52, were
received by workers in the Northern
In four of the 26 cities reporting there was an increase in each case of less cotton mills; lowest wages received by unskilled
male workers, $19.47.
than 1%; in the other 22, the decline varied from less than 1% to as were also paid In the Northern cotton manufacturin
g Industry; while lowest
much as 18%, with three cities having decreases of over 12%. This same paid women workers were those in the leather tanning industry,
who averdownward trend is shown from the reports covering chiefly metal trades in aged $14.32.
With respect to increases since 1914 In weekly
seven other cities.
earnings of labor in manCopper production was further curtailed in June. United States mine ufacturing, the study discloses that unskilled male workers have fared relaoutput declined to 56,465 tons, or daily rate of 1,882 tons, lowest since tively better than the other two labor groups, the increase for this group
February 1923, and 31.4% less than June 1929. Smelter production of being 138% as compared with an increase of 130% for skilled and semi69,155 tons was 27.5% less than last year. Refinery production in North skilled male labor and 125% for women workers. In hourly earnings, the
and South America was 124,821 tons, or 19.2% less than June 1929. Deliv- advance for women workers Was greatest, the Increase for this group being
eries, although 16.7% better than average for five prior months, amounted 160% as against an increase of 148% for unskilled male workers and 139%
for skilled and semi-skilled male workers.
to only 116,705 tons, resulting in 8,116 tons increare in stocks. However,
Variations in wage increases for the various labor groups since 1914 were
this increase was more than offset by 8,575 tons decrease in blister stocks.
also noted in industries other than manufacturing. In gas plants, both
Stocks in Great Britain and France decreased 738 and 1,070 tons,
hourly and weekly earnings advanced relatively higher in the case of unrespectively.
skilled and skilled and semi-skilled workers, while in electric generating
It is probable that shipments of refined and antimonial lead during June plants and on the
railroads the earnings of skilled male labor increased to a
were at their lowest level of the past two years. Buying has been in greater extent than
those of unskilled labor.
JULY 26 1930.]
FINANCIAL CHRONICLE
Increased Productive Activity in Electrical IndustryEquipment Manufacturing in June Gains 1.4%
Over May-First Half This Year Above 1929.
Productive activity is swinging upward in American
plants engaged in the manufacture of electrical equipment,
apparatus and supplies. A survey of operations in June,
based on the consumption of electrical energy, reveals a
1.4% gain over May, an advance which is approximately
1.2% greater than the normal seasonal increase, "Electrical
World" reports. The latter in its survey July 23 says:
Manufacturing activity in the industry as a whole last month was 6%
below June, 1929 levels, but was 34.8% above June. 1928. During the
first six-months period, however, equipment manufacturing averaged 4.1%
above the same period last year. This is one of the very few industrial
groups reporting higher operations in the January-June period than for
the corresponding time a year ago. Operations for the second quarter
averaged 1.2% under the second quarter of 1929, whereas the average
rate of activity during the first quarter was 10.6% above the same period
last year.
The closing month of the first half finds the smaller electrical manufacturing companies in a slightly more favorable position than the group of
larger companies, although both experienced an upward turn during June.
The smaller companies recorded a June increase of 1.8% over May,
but were still operating on a plane about 5.8% under June last year. The
group of larger companies reported June operations 0.4% over May, but
6.8% under June 1929.
Comparative indexes of productive activity in the electrical manufacturing
industry, based on the consumption of electrical energy by these plants,
adjusted for number of working days and referred to the period 1923-25
as 100, are shown in the accompanying table:
160.2!June 1929
170.5
June 1930
158.0!Average first half 1930
159.6
May 1930
164.9
!Average first half of 1929
153.3
April 1930
153.0
March 1930
545
gas utilities, representing over 70% of the public utility
distribution of natural gas, report sales of 31,672,143,000
cubic feet for May 1930, as compared with 35,573,437,000
cubic feet sold by these same companies in May 1929, a
decrease of 11%. The Association, in its report further
states:
Most of the decrease in sales by both branches of the industry was the
result of sharp declines in sales of gas for industrial and commercial uses.
the natural gas utilities showing a drop of over 15% in industrial gas sales,
with corresponding declines in the same class of manufactured gas sales.
While the curtailment in Industrial operations during May was widespread, it was distributed somewhat unevenly among the various major
Industries, as indicated by a contraction in automobile production of 38%
from the corresponding month a year ago, which is obviously greater than
the average for all industriy, while activity in the steel group was down
24%, iron 17%, cotton 29% and bituminous coal 11%.
New England was one of the few regions to report any substantial progress during May manufactured gas sales in that section showing a gain
of 3%. Sales of gas for domestic or household uses were up nearly 5%,
but this was somewhat offset by a decline of 10% in industrial-commercial sales. In Massachusetts total sales registered a gain of nearly 5%,
In spite of a decline of 12% in industrial-commercial sales.
The Middle Atlantic States registered a sales decline of 1.2% from May
1929, the decrease in New Jersey and Pennsylvania averaging about 1%.
and in New York about 1.5%.
In the East North Central States total sales of manufactured gas were
down 3%. while the decline in industrial-commercial sales amounted to
nearly 10%. The loss in industrial-commercial sales was distributed
somewhat unevenly throughlut this region, as Illinois and Wisconsin showed
declines of only 5 and 7% respectively in this class of business, but in Indiana the decrease exceeded 13%, while Michigan reported a drop of more
than 16% in industrial-commercial sales for the month.
On the Pacific Coast manufactured gas sales showed little change during
the month,the volume for May of each year aggregating around 720.000,000
cubic feet. In California however, a group of the larger natural gas companies reported sales of 7.501,684,000 cubic feet for May, a decline of
over 6% from the same month of the preceding year.
Bank of America N. A. Looks For Increased Business
Indiana Limestone Company Reports Somewhat ImActivity in Fall.
proved Building Conditions-Coming World's Fair
business
activity
this fall seems certain, in the
Increased
Accelerates New Building in Chicago.
opinion of the monthly review of The Bank of America N.A.,
A slight upward swing in some types of new building is
which at the same time characterizes the current pessimistic
business attitude as being as much overdone as was the undue indicated in a nationwide survey July 12 by the Indiana
Limestone Company. The somewhat improved condition,
optimism of the early spring. The review says:
The marketing of crops and usual seasonal demands ordinarily bring about said President A. E. Dickinson, should gain momentum
an increase in business activity in the autumn months and there is no reason in the next thirty days, with prospects of much better progto believe that this autumn will be any exception to the general rule. The
last half of 1930. A straw that points the
extent of this revival, some symptoms of which are already apparent, and ress during the
the possible term of its duration, it is impossible to judge. In any case, it direction of the wind is the bond market, he declared.
will be a step in our general progress toward better economic conditions. There has been an impressive rebound in the volume of
The review adds that although commodity prices may not bond offerings. President Dickinson says:
yet be at bottom, a price level eventually is reached where
It is estimated new bond issues have been 30% above the same period
essential goods begin to move into consuming channels fairly of 1929. Construction should also be stimulated by the reduction in
items of construction costs.
readily. The present low level of stocks of goods in consum- several
New building in Chicago is picking up, with thoughts of the World's
ers' hands is expected to result in demand at the first sign of Fair in mind. Approximately 8200,000,000 is scheduled to be spent for
new building here this year.
returning activity. The review continues:
A decline in retail prices in a number of important lines to a point more
nearly in adjustment to the wholesale level has been an encouraging development in the past month. Except in minor instances, these downward revisions have met with very little response in increased buying. This may
be accounted for to some extent by the fact that the changes for the most
part have occurred during a period of seasonal quiet and to the pessimistic
attitude regarding the economic outlook which has gained such ground
during the past several weeks.
Public works and utilities construction accounted for the largest volume
of money spent in the United States last month. Residential building,
still backward, came next, followed by commercial, industrial, educational and hospital and institution construction. In point of value of
building permits in twenty leading cities, New York chalked up the highest
record, with Los Angeles, Chicago, Philadelphia, Detroit, Cincinnati,
Baltimore, Seattle, Milwaukee, Cleveland, Boston, San Francisco, Houston, Pittsburgh, Kansas City. St. Louis, Buffalo, Atlanta, Minneapolis
and Indianapolis following in the order named.
The expected improvement in conditions has been lacking during the
first half of 1930, but groundwork has been laid in most sections of the
country for a sharp recovery. In the first six months of the year. Americans spent approximately $2,680,000,000 for new buildings. This is
well below the average of the past three years, but is in excess of both
1925 and 1926.
Discussing various angles of the business situation, the
review notes that money continues easy with demand relatively light; that the outlook seems to favor a continuation
of low money rates until the fall demand develops; that no
further important changes in iron and steel prices are anticipated for the immediate future; that building contracts
awarded in July set a high mark since July 1929, while Decrease of 1.8% in Employment and 2.7% in Earnings
building and construction work under consideration has
Reported in Survey of Industrial Employment by
shown a substantial increase and that automobile construcU. S. Department of Labor-Five Out of 13 Groups
tion has showed an increase in the second week of July.
Show Increased Employment.
The Bureau of Labor Statistics of the United States DeContinued Downward Course of Commodity Prices partment of Labor in reporting on July 17 the change in
Reported by National Fertilizer Association.
employment in June as compared with May in the 13 inA decline of 5-10 of 1% is shown by the wholesale price dustrial groups surveyed, stated that these per cents of
index of the National Fertilizer Association for the week change are based on reports received from 39,903 establishended July 19. In noting this the Association says:
ments, having in June, 4,958,660 employees, whose earnings
Eight groups declined and one advanced materially. Of the 476 items, in one week were $131,428,122. The combined total of
35 declined and 20 advanced. The larger declines occurred in feeds,
groups shows a decrease in employment
livestocks, foods other than fats, hides, rubber, automobiles, and metals. these 13 industrial
of 1.8% and a decrease in earnings of 2.7% from May to
A material advance occurred In the group of fats.
Based on 1926-1928 as 100 and on 476 quotations, the index stood at June. Excluding manufacturing, the total of the remaining
85.7 for the week ended July 19;86.2 for July 12; and 86.8 for July 5.
12 industrial groups shows but slight change-a decrease of
only
0.3% in number of employees coupled with an increase
Gas Utility Sales Drop in May.
of 0.3% in pay-roll totals. Manufacturing industries, which
The pronounced recession in general business and indus- have shown decreased employment from May to June in
trial conditions during May was reflected in the operating five of the seven years preceding 1930, reported a decrease
statements of gas utilities for the month, according to the of 2.5% in employment and a loss of 4.0% in earnings. The
American Gas Association. Reports from companies rep- Bureau goes on to say:
resenting over 90% of the manufactured gas division of the
Increased employment in June was shown in 5 of the 13 industrial groups;
industry, indicate that gas sales for May aggregated 30,- canning and preserving establishments reporting a seasonal gain of 26.4%
in
employment, while small increases were reported in crude petroleum
196,937,000 cubic feet, a decline of 1% from the same production,
telephone and telegraph, water-light-power plants, and hotels.
month of the preceding year. A group of the larger natural The remaining eight industrial groups (including manufacturing noted
546
FINANCIAL CHRONICLE
above) showed fewer employees In June as compared with May; decreases
of 3.2% and 2.2% occurring in anthracite and bituminous mining, respectively; metalliferous mining reported a decline of 3.3%, and retail trade
decreased 2.9% in employment from May to June. Quarrying, electricrailroad operation, and wholesale trade decreased 0.5% or less In number
of employees. The figures of the several groups are not weighted according
to the relative importance of each group and therefore they represent only
the employees in the establishments reporting.
Manufacturing Industries.
The per cents of change in employment and pay-roll totals noted above
In Afanufacturing industries, are based on returns made by 13,375 establishments in 54 of the principal manufacturing industries of the United
States. These establishments in June 1930, had 3,172,039 employees
,
whose combined earnings in one week were $83,275,148.
The food group alone showed both improved employment and increased
earnings in Juno as compared with May, the tobacco products
and nonferrous metals groups reporting increased pay-roll totals coupled
with decreases in employment. The vehicle group due largely to
decreased employment in the automobile industry reported the greatest
decrease over
the month period both in employment and earnings.
Twelve of the 54 separate industries reported increased employme
nt and
18 industries showed increased earnings in June. The greatest
increases
in employment were: men's clothing, 3.9%; slaughtering,
2.9%; woolen
and worsted goods, 2.3%; and cement. 2.4%.
The greatest decreases in employment from May to June
were seasonal
ones of 26.1 and 14.5% in fertilizers and agricultural implement
s, respectively. The automobile industry decreased 6.8% in employme
nt and 12.2%
In earnings in June as compared with May. The iron
and steel industry
reported 3.3% fewer employees and decreased earnings of
5.5%. Foundries
decreased 2.8% in employment and cotton goods establish
ments had 3.2%
lass employees in June than in the previous month.
Employment statistics concerning six additional manufactu
ring industries
are now reported monthly to the Bureau, but
are not yet included in the
Bureau's index. Of these six industries, radio alone
showed improved
employment conditions, a gain of 11.4% in employee
s and an increase of
7.5% in pay roll-totals. The remaining five
industries, rayon, aircraft,
jewelry, paint, and rubber goods, reported decreased
employment ranging
from 1.0 to 3.3%.
The Mountain geographic division alone showed
increased employment
from May to June, and the West South
Central division reported the
only increase in earnings in the nine geographi
c divisions.
Per capita earnings in manufacturing industries
in June 1930. were
1.5% lower than in May 1930.
In June 1930, 10,661 manufacturing establish
ments reported an average
of84% of a full normal force, and an average of
93% of full-time operation.
INDEX NUMBERS OF EMPLOYMENT AND
PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 1928=100).
0,
..lowocorommFicacovmmoctoom...4mos,
,ammcoa-am.4.4mooyosoocas
General index
98.8
87.7
85.5
98.9
94.3
95.3
Food and kindred products.
100.1
95.8
98.6
Slaughtering and meat packing- 83.0
80.4
79.2
Confectionery
106.3
97.6
99.2
Ice Cream
97.0
95.0
95.5
Flour
103.8
97.8
98.9
Baking
97.5
97.4
93.5
Sugar refining, cane
97.3
85.9
83.7
Textiles and their products
96.8
83.9
81.3
Cotton goods
97.7
89.9
88.9
Hosiery and knit goods
97.9
89.3
86.2
Silk goods
96.1
78.1
79.9
Woolen and worsted goods106.1
86.7
78.8
Carpets and rugs
101.6
94.8
90.4
Dyeing and finishing textiles_ 93.7
78.6
81.6
Clothing, men's
91.1
81.5
79.9
Shirts and collars
104.2
98.9
90.5
Clothing, women's
91.9
89.5
80.3
Millinery and lace 'roods
90.6
88.0
Iron and steel and their products 101.7
97.2
90.7
87.7
Iron and steel
78.6
72.5
72.8
Cast-Iron pipe
102.3
95.4
96.0
Structural Ironwork
94.0
91.3
Foundry & machine-shop prods 108.6
92.8
82.2
79.7
Hardware
132.3 107.2 104.1
Machine tools
76.6
67.7
62.7
Steam fittings
92.2
78.1
77.6
Stoves
89.8
73.2
71 6
Lumber and its products
89.6
73.5
71.7
Lumber, sawmills
87.4
68.3
Lumber, millwork
66.5
92.0
75.6
Furniture
74.4
88.5
85.8
Leather and Its, nxluets
83.6
90.0
86.8
85.0
Leather
88.1
85.6
Boots and hoes_
83.3
100.2
98.6
99.6
Paper and printing
95.7
94.6
Paper and Pulp.
93.8
93.2
87.8
Paper boxes_
88.0
100.9 100.8
Printing, book tos I lob
99.2
107.7 109.1 108.2
Printing, newspapers
94.4
Cttemicais and allied products
93.0
89.8
Chemicals
101.3
94.0
93.1
Fertilizers
63.6
94.9
62.8
Petroleum refining
98.4
94.5
94.4
Stone. clay and glass products_ 90.7
79.1
77.9
Cement
85.5
81.4
83.4
Brick, tile and terra cotta
87.6
69.5
69.4
Pottery
93.8
86.4
83.1
Glees
96.4
88.2
84.8
Metal products, other than Iron
and steel
98.9
82.1
80.8 104.6
Stamped and enameled ware.
91.1
79.4
81.5
93.4
Dram, bronze and copper prods 102.6
81.4 109.1
82.4
Tobacco products
93.5
91.4
91.2
93.6
Chewing and smoking tobacco
and snuff
87.1
87.4
87.9
91.4
Cigars and cigarettes
94.3
91.9
91.6
93.9
Vehicles for land transportation_ 103.1
87.0
82.7 109.8
Autornobilea
123.4
...
97.5
90.9 127.4
Carriages and wagons
79.4
83.1
59.5
63.0
Car building and repairing,
electric railroad
90.6
88.5
93.8
87.6
Car building and rePairing,
steam railroad
85.9
75.2
77.7
93.0
Miscellaneous Industries
115.3
98.6
95.9 118.5
Agricultural Implements
126.9 107.0
91.5 131.3
Electrical machinery.apparatus
and supplies
123.1 105.1 102.3 127.7
Pianos and organs
64.6
47.5
61.8
45.5
Rubber boots and shoes
93.2
78.1
97.8
74.5
Automobile Urea
113.9
85.3
86.1 1 13.1
Shipbuilding
107.4 118.0 117.3 113.2
86.0
87'9
90.7
98.9
70.1
ammoom
co ,
a.m
66o;-.:F.in
June
1930.
91.3
co
May
1930.
82.3
102.8
102.8
CAT,..3
June
1929.
Foreman-State National Bank of Chicago Sees Numerous Optimistic Factors In Present Business Recession.
In surveying the present business situation the Forema
nState National Bank of Chicago, in its "Business Observe
r"
issued July 19, states that "the foundation is being laid for
recovery, but the superstructure is yet to take form."
It
notes however that there are numerous optimistic factors
"budding in the present valley of business recession."
In
part the bank reviews the situation as follows:
Business revival is still being enticed, with small
avail, by low interest
rates. Rates for short term credit show a further
decline of some 15%
since a month ago. The volume of such credit in
use, however, stands
practically where it did. In compelling contrast, the
market cost of long
term credit (bonds and notes) has held firm for another
month, and corporations have continued to make unusually heavy calls
upon this source
of capital. On the face of it, therefore, business manageme
nt seems not
at all disturbed as to the profit possibilities which lie some
distance ahead.
The same men do not see, however, the wisdom of
borrowing working
Capital until prospects for early expansion of business
come more clearly
into view.
June volume of business, profits and employment have made
the lowest
records for the present movement. Seasonal influences and
other special
situations, such as mass vacationing In industry, are now
expected to establish still lower figures for July.
Reassuring Price Adjustments.
Numerous optimistic factors are, nevertheless, budding in
the present
valley of business recession. The radical retail price reductions
announced
by Montgomery Ward and Sears, Roebuck & Company a week ago
are
of outstanding importance, in as much as they seem to strike at the
very
heart of the resistance to business recovery-that of readjustin
g costs to
the consumer, as reflected in retail prices, down to the income of consumers
.
as reflected in wholesale prices, and which have gone off so notably during
the last twelve months.
The fact that American lendings to foreign countries again exceeded
100 million dollars in June, gives reassurance to hopes for strengthening
the
foreign trade of this country. Time deposits in banks were higher in
June
by 2.2% than in May; life insurance purchased reversed the downward
trend of a month ago and climbed 4.2%. Commercial loans of the reporting member banks of the Federal Reserve System
gained 100 million dollars in volume from the low point registered
on June 11. This is a 1.2%
increase, but it may or may not indicate a permanen turning
point in the
t
trend of bank borrowings for trade purposes.
Consumption Versus Production.
In May we began to notice that indexes of consumpti
on were gaining
somewhat on those of production. Statistics for
June continue to carry
that element of reassurance. A striking illustratio
n is that the registration
Payroll Totals
of now automobiles, which, of course, means
their purchase by consumers,
in June was 73.5% as high as the manufacturing
June
May
June
figure; registration was
1929. 1930, 1930.
only 68.2% of production in June 1929.
While steel production in June
was reduced 143i% from May, and nearly
30% from June a year ago, and
102.8
87.6
while cotton manufacturers took 13% less raw material
102.7
98.0
than a month ago
and 28% less than a year ago, distributi
103.2
99.9
on figures do not record such
severe fallings off. Department
86.8
80.8
store sales in June were only 9% below
107.3
99.3
a year ago, and 41% of the chain store systems record
but a 3.3% reduc101.0
98.2
tion in goods sold to consumers
105.9 100.4
.
The foundation is being laid
103.6 102.8
for recovery, but the superstructure is
97.3
78.2
yet to take form.
95.2
77.7
Unemploy
ment
is
still
the
most
serious aspect of the present situation,
104.6
84.6
both from the standpoint of direct hardships involved and
102.9
83.7
as a factor curtailing
the
97.0
demand for goods. The New York Department of Labor re76.6
99.8
67.1
ports factory employment as reduced
11.5% from a year ago, and 10.9%
100.8
90.4
from the three-year average,
1925 to 1927. The Statistical Division of
92.9
61.4
the Illinois Department of Labor
86.7
67.9
has announced a 2.4% reduction of
employment in this state between May
97.5
86.7
and June, with June showing 12.4%
91.9
84.0
under the same month a year
ago. It is not surprising that the lay public
106.8
89.5
is non-plussed by the contrast between
such figures and those released on
104.0
92 0
unemployment by the United States Government in connection
78.3
75.2
with the
recent census. Census figures
104.7
96.3
tell of approximately 2% unemployment
113.5
92.1
for the country at large and 4
plus% in certain of the large cities. We can
95.9
73.2
only reconcile the two by assuming
144.1 102.8
that the Federal Government has
computed unemployment against 100%
76.4
61.7
of the people, including children.
housewives and the aged, as well as those normally
890
78.4
in gainful employment.
90.7
72.2
Since the gainfully employed
seldom exceed 40% of all, the Government's
90.6
75.2
figures should be so treated.
In this way the United States figures indi87.9
69.2
cate about 10% actual unemploy
92.9
68.2
ment for industrialized areas, and reinforces the validity of the state
86.8
73.1
figures quoted.
02.2
85.5
There is one heartening thing
about the employment situation-produc85.2
69.6
tion volume has probably shown
105.2 104.9
a greater amount of recession. Buying
power, as represented by pay
97.7
99.1
rolls, is therefore somewhat better sustained
99.7
than the volume of new manufactu
90.9
red products and is helping to consume
104.8 10.56
the surpluses that have stood
between us and a resumption of normal
112.6 114.3
business activity.
99.9
97 0
105.8
96.0
73.6
88.6
98.9
99.3
Chicago Packers Selling Beef at Pre-War Prices-Co
90.8
75.5
n87.6
81.9
sumer Should Benefit by Drops, They
Say.
86.2
63.9
90.5
76.8
The Chicago "Tribune" of July 20 reported
that larger
99.5
87.8
78.5
76.2
79.4
86.9
110.9
42.1
75.9
89.8
125.4
,woco,
Employment.
Manufacturtne Industries.
[VOL. 131.
stocks of high quality beef in packers' coolers
and heavy
shipments of corn fed beef cattle are forcing clown current
wholesale prices, according to leaders in the
industry in that
city. The paper quoted, went on to say:
Wholesale beef prices arc now at pro-war
levels, the packers say.
"Fully 92% of all the cattle shipped
to the Chicago market the last
few weeks have been well fed beef cattle," Charles
Wilson, president of
the National Livestock exchange, declared
yesterday. "Peculiar condi
tion.s have forced down prices, and
the packers have filled their storerooms,
making an unprecedented supply of choice beef
available at wholesale prices
the lowest in over a decade. If a person can't
get fine steaks now, at
lower prices, it's certainly not the industry's
fault."
Say Retail Price Should Drop.
Butchers ought to be passing the lower prices
along to the consumers,
stockyards officials said. Retail prices of meats in
many cases have been
lowered in recent months, but they are duo for
a still greater fall to got
In line with the stores of holdings on hand. Just as lamb
was plentiful
last spring, beef is facing the hammering down process
during July, and
1
FINANCIAL CHRONICLE
JULY 26 1930.1
_
predictions are for still lower levels before the downward movement of
beef prices ends.
Officials of leading Chicago packing concerns said that producers of beef
cattle, thinking prices might hold up, kept their cattle on the farms, on
pasture and corn, and are now obliged to ship regardlie.ss of loss in price.
These beef animals are of the highest quality. First grade steaks, the
packers say, should be plentiful at prices the lowest since the war.
"It's not exactly a case of over-production of beef cattle," says James
E. Poole, veteran stockyards analyst. "Beef is one of the very few farm
foodstuffs not being overproduced. But farmers paid too much for their
feeder stocks last fall, and have been feeding them longer than usual,
waiting for prices that dropped Instead of coming back up. The result is
heavy financial losses for the producers, but consumers ought to benefit."
Big Wholesale Reduction.
F. A. Benson, in charge of beef operations for Armour & Co., asserted:
"All indications point to a bigger and better supply of beef during the rest
of the year than for some time past. Beef is no longer a luxury wholesale
prices have been radically reduced, and it looks as though the time is here
when every family can afford plenty of thick, Juicy steaks and tasty rib
roasts. Wholesale prices of beef today are 6 to 8 cents a pound cheaper
than at this time last year, a reduction of 33% .
"Furthermore, the beef corning on the market now is an exceptionally
good average quality."
"Receipts of all cattle on eleven markets the first three days this week
showed 92% good quality beef animals, as compared with the usual run
of but 72 to 75% beef animals, and the rest feeders, stockers, or discarded
dairy animals." said P. C. Smith, in charge of Swift & Co.'s beef operations. "This has been a big factor in forcing down the prices. Of course,
a retailer may cut his price and reduce quality at the same time, but there
should be no reason for it with present heavy supplies."
517
than May. Cotton yarns have been further reduced 34 cent a pound and
sell for 25 cents. Silk prices show the second upturn in two weeks and are
now back to $3 a pound, 25 cents a pound higher than two weeks ago but
about $2 a pound less than a year ago at this time. In totality the textile
index has dropped 0.2 point during the week and now stands at 115.5
compared with 147.2 on the same date last year.
DAILY SPOT PRICES.
cHogs.
*Cotton.
a Wheat.
bCorn.
9.28
13.20
1.0314
July 15
.9814
9.09
13.15
.98
July 16
.9914
9.31
1.02
13.15
.98
July 17
9.51
1.0334
July 18
13.40
.994
9.38
13.65
1.05
July 19
.9934
9.26
1.014
13.15
1.021(
July 21
9.01
1.0114
July 22
13.15
1.0334
* Middling, New York. a No. 2 red, New York. b No. 2 yellow. New York.
c Day's average, Chicago.
Loading of Railroad Revenue Freight Continues Below
Both 1929 and 1928.
Loading of revenue freight for the week ended on July 12
totaled 915,985 cars, the Car Service Division of the American Railway Association announced on July 22. This was
an increase of 123,844 cars above the preceding week when
the movement of freight declined owing 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 12
was a decrease, however, of 150,429 cars below the same
Trend of Business in Hotels-Room and Food Sales week in 1929 and of 108,940 cars below the same week in
Still Below Last Year.
1928. Details follow:
Miscellaneous freight loading for the week of July 12 totaled 355,633 cars,
Horwath and Horwath, who supply each month statistics
cars under the same week in 1929 and 51,984 cars under the corresshowing the "Trend of Business in Hotels," the information 66.088
ponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 230,299
covering residential as well as transient hotels, reports as
cars, a decrease of 25,507 cars below the corresponding week last year and
follows as to June conditions:
23,477 cars below the same week two years ago.
The decline in hotel sales was accelerated in June 1930, when the total
Coal loading amounted to 135,224 cars, a decrease of 18,449 cars below
sales reported were 9% below those of the same month last year. This the same week in 1929 and 13,740 cars below the same week in 1928.
was the sharpest drop since the general economic depression began to
Forest products loading amounted to 39,675 cars. 20,921 cars under the
affect the hotel industry. The decreases have grown steadily each month same week in 1929 and 21,383 cars under the corresponding week in 1928.
since January when the sales were 2% below those of the first month of 1929.
loading amounted to 66,575 cars, a decrease of 12,047 cars below
Ore
Of the hotels reporting in June, 77% had lower sales than in last June. the same week in 1929 but 592 cars above the corresponding week two
The room sales decreased 8% and the food sales even more-10%. The years ago.
4-point drop in occupancy to 62% meant a cut in hotel profits, which was
Coke loading amounted to 8,785 cars, a decrease of 2,982 cars below
accentuated by a 2% decrease in the average sale per occupied room.
the corresponding week last year and sixteen cars below the same week in
The 12% decrease In the group, "Other Cities," was the most decided, 1928.
with the one exception of Philadelphia, which city has been showing the
Grain and grain products loading for the week totaled 57,315 cars, a
largest decrease for a long time. The reasons most frequently given for decrease of 2,152 cars below the corresponding week in 1929 but 3,794 cars
decline in business were fewer conventions, fewer traveling men, and very
above
the same week in 1928. In the Western districts alone, grain and
little tourist business compared with former years. Chicago sales, having grain products loading amounted to 41,586 cars, a decrease of 4,814 cars
benefitted by a Rotary convention, showed a smaller decrease than usual.
below the same week in 1929.
Because of the Shriners' convention in Los Angeles in June 1929, this
Live stock loading totaled 22,479 cars, 2,283 cars under the same week
year's comparison is somewhat unfair. Detroit sales dropped sharply. in 1929 and 2.726 cars under the corresponding week in 1928. In the
this
year
being
conventions
partly
fewer
responsible.
11%,
by
Western districts alone, live stock loading amounted to 16,719 cars, a
In spite of reduced hotel sales, there are indications from many sources decrease of 2,000 cars compared with the same week last year.
that the number of peratanent hotel guests is continuing to increase in a
All districts reported reductions in the total loading of all commodities
healthful way. It is undoubtedly true that permanent occupancy per- not only compared with the same week in 1929, but also the same week in
centages have been more stable than those of transient business in this
1928.
half year of depression.
Loading of revenue freight In 1930 compared with the two previous years
It is significant that many of the hotels among the 23% which reported
follows:
Increases, benefitted from conventions obtained through increased pro1929.
1928.
1930.
motional effort.
3,571.455
3,448.895
3,349,424
Four weeks in January
3,500,742
3,766.136
3,505,962
Four weeks in February
TREND OF BUSINESS IN HOTELS-JUNE 1930.
4,752,559
4,815,937
4,414,625
(Transient and Residential)
Five weeks in March
3.740,307
3,619,293
3,989,142
business
is
not
shown,
hotel
but
April
in
total
weeks
the
rather
The trend of
the Increase or Four
4,939.828
5,182,402
4,598.555
decrease In the business of hotels already established at least two years.
Five weeks in May
3,989.442
3.719,447
4,291,881
Four weeks in June
Sales-Percentage of
Average
911,143
850,947
792,141
P. C. of Inc. Week of July 5
Increase or Decrease
Percentage
Analysis by Cities in
or Dec. in
1,066,414
1,024,925
915,985
Week of July 12
of Room
in Comparison
Which
Aver. Sale
with June 1929.
Horwath & Horwath
Occupancy.
per Occ.Room
26,337,645
24.915.432
26.594,510
Offices Are
Total
in Compari'n
Toted. Rooms. Restaur't June '30. June '29 With June'29
Located.
New York City
Chicago
Philadelphia
Washington
Cleveland
Detroit
Los Angeles (including other Boo. Cal.
cities & San Fran
All other cities reporting
Total
-9
--5
--15
--8
--8
--11
-7
--4
-14
-4
-12
-10
--8
-16
--9
-10
-10
61
75
48
49
71
60
64
77
55
50
72
68
-2
-1
-2
-4
--3
-1
-s
-8
-8
59
63
-2
--12
-9
-4
69
74
-2
-9
-8
-10
62
66
-2
National Cash Register Cuts Wages 10%.
In its issue of July 24 the New York "Evening Post" said:
All classes of workers in the Dayton, Ohio, and Newark, N. J., plants of
the National Cash Register Co., have been notified of a 10% cut in wages.
it was reported to-day.
The statement to employees announcing the cut said the current business
depression necessitated the move.
Butler Bros. Reduce Merchandise Prices.
July 21 issue the "Wall Street Journal" announced
its
In
Annalist Weekly Index of Wholesale Commodity Prices.
the following from Chicago:
Another decline of 1 point, to which six of the eight
Butler Bros. have reduced prices on more than 4.000 merchandise items in
groups comprising the composite index contributed, is their August catalogue ranging in majority of cases from 2% to 12%.
With regard to the cut we quote the following from the
shown by the Annalist Weekly Index of Wholesale Commodity Prices, which now stands at 122.0 compared with New York "Herald Tribune" of July 22:
Drastic cuts in wholesale prices on more than 4,000 merchandise items
123.0 a week ago and 150.4 a year ago. The "Annalist"
were announced yesterday by Butler Brothers, largest wholesalers of gengoes on to say:
eral merchandise in the United States. The new prices are contained in the
Among the farm products, steers have made a further decline and now
sell for $10.38, a drop of $3.50 in two months; hogs at $9.42 are now at the
lowest point of the year and, with the exception of the drop last December,
are at the lowest point since December 1928. Cotton is fractionally lower
and bidets have made a further decline.
All meats and most fruits have made sharp declines during the week.
the food products index touching a new low, 1.4% below last week and
19.5% below last year.
For the first time since May 1, rayon prices have been reduced. The
price this week at 95 cents a pound compares with $1.15 last week and
last year. Though it was generally expected that rayon prices would not
hold to their high levels because of the recent sharp declines in silk prices,
the cut was more drastic than was generally expected. Rayon stocks have
been accumulating rapidly and though the compactness of the industry
permitted curtailment in production, June stocks were only 0.5% lower
August catalogue and embrace practically every line handled by the company. The action was officially characterized as "one of the most inclusive
downward revisions of prices in the history of American merchandising."
Frank S. Cunningham, president of Butler Brothers, in announcing the
action, said that it was taken in the hope of establishing a new low price
level that could be accepted by the public as stable. "The public in many
localities is on strike," Mr. Cunningham said. "People are expecting lower
prices. They are not willing to buy goods at last spring's figures. We are
offering our merchant customers the lowest prices in months and in some
instances in years and are recommending that they pass these on to the
public.
"The situation affecting American business today is largely psychological.
The people are expecting lower prices. due to the general knowledge that
markets are soft and they won't be happy until they get them. Therefore
we are making the first move and are pointing the way to all wholesalers and
548
FINANCIAL CHRONICLE
manufacturers by which the long delayed consumption of goods might be
given more impetus."
R. C. A.- Victor Co. Takes on 7,000 Men-Head of
Victor Co. Says Depression Is False Index of Buying
Power-American Chicle Co. Employing Night
Force.
Proceeding upon the conviction that there is nothing
wrong with business or the country, the R. C. A.-Victor
Co. has just added 7,000 employees to the payroll at its
Camden (N. J.) plant, expecting to bring the total number
of employees up to 20,000 by Aug. 1, E. E. Shumaker, President of the company, announced on July 24, according to
the New York "Times" from which we quote further as
follows:
A daily output of 9,000 radio sets is the production goal the company has
set for itself, Mr. Shumaker said. It had been hoped, he declared, to
achieve this mark by Aug. 1, but it will not be reached until later in the
month.
The 7,000 additional employees, 60 to 70% of whom will be on a piecework basis, are evenly divided among the various departments, such as
the cabinet-making, radio and electrola divisions. Like the older R. C. A.Victor employees they will enjoy the five-day forty-hour week which was
Introduced at the plant four years ago.
Millions of dollars are being put into increased production, Mr. Shumaker stated, in the belief that the present depression is psychological
and a false indication of the American public's buying power.
"If the pessimists will go back to work, they will realize there is nothing
fundamentally wrong with business or the country," Mr. Shumaker declared. "People will spend more. We are going to proceed on that basis
until we are convinced that we are wrong."
It was said that the R. C. A.-Victor plant yesterday that such signs of
confidence would reassure the small business man. The R. C. A.-Victor
officials are convinced, it was declared, that the industrial depression
has run its course. It was said that it was not necessary to wait for prosperity to return in full force before preparing to take advantage of the
restoration of normal conditions.
The American habit of chewing gum is responsible for keeping one of
the largest factories in Long Island City working day and night, according
to a statement yesterday by A. A. Masterson, Treasurer of the American
Chicle Co. The main offices of the company and one of its largest plants
are on Thomson Ave., Long Island City.
"Because of an avalanche of orders our company has been compelled to
take on a night force," said Mr. Masterson. "This force is large enough
to operate between 30 and 40 machines and it augments the regular staff
of between 600 and 700 employees working in the daytime. This extra
force will be employed indefinitely and a lay-off of any portion of the
present working personnel is a very remote possibility."
[VOL. 131.
Detailed figures showing the expenditure of each city separately will be
published in the "Monthly Labor Review" for August.
ESTIMATED COST OF NEW RESIDENTIAL BUILDINGS. NEW NONRESIDENTIAL BUILDINGS, AND TOTAL BUILDING OPERATIONS
IN 289 CITIES OF THE UNITED STATES HAVING A POPULATION
OF 25,000 OR OVER BY GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division.
Estimated
Cost.
Families Provided for in
New Dwelling Houses.
May 1930. June 1930. May 1930. June 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
Geographic Division,
$4,611,918 $3,795,370
19,171,383 21,135,300
14,268,712 12,363,530
3,098,050 2,124,405
2,776,714 3,537,775
3,912,667 3,701,152
10,256,898 7,366,951
844
4,017
2,491
724
576
1,128
2,706
613
4,411
1,751
565
717
1,240
2,096
$58,096,342 $54,024,483
-7.0
12,486
11,393
-8.8
New Non-Residential
Buildings,
Estimated
Cost.
Total Construction
(Including AUerations
and Repairs).
Estimated Cog.
May 1930. June 1930. May 1930. June 1930.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
South Central
Mountain and Pacific
Total
Per cent of change
$5,787,472 $7,082,170 $12,949,258 $13,634,102
29,640,042 29,784,549 61,009,402 60,183,633
21,396,591 17,839,018 40,239,044 34,095,665
7,121,626 8,193,116 11,839,894 12,290,850
6,357,938 4,208,832 11,698,887 9,689,301
9,302,285 4,989,606 14,627.250 10,023,780
7.590,506 7,250,861 20,693,435 17,976,960
$87,196,460 $79,348,152 $173057 170 $157894 291
-8.8
-9.0
Value of Building Permits in Canada Declined During
June-Falling Off as Compared with Last Year
Shown in Half Year Figures.
The value of the building permits issued by 61 Canadian
cities during June was $17,935,478; this was a decrease of
$1,685,824, or 8.6%, as compared with the May total of
$19,621,302, while in comparison with June 1929 there was
also a decline of $9,881,114, or 35.5%, the value for that
month having been $27,816,592. The aggregate for the first
half of 1930, though lower than in 1929 or 1928, was nevertheless considerably above the average for the last 10 years,
Ford Motor Co. Vacation Period at Dearborn Extended. while the wholesale cost of building materials was lower
A Detroit dispatch July 23 to the New York "Times" than in most years of the record. These figures were
made available July 21 by the Department of Trade and
says:
The Ford Motor Co. announced to-day that its vacation period would be Commerce of the Diminion Bureau of Statistics, General
extended a week. Instructions were issued to employees at Dearborn to Statistics
Branch, at Ottawa, Canada. The following furreturn to work Aug. 4 instead of July 28 as previously announced. The
ther data are supplied by the Bureau:
plant and offices were closed July 11.
The reason for the extension which will effect about 80,000 employees,
was not given.
When the plant reopens a schedule calling for an output of 7,000 units
daily will be started, according to a recent announcement.
United States Department of Labor's Survey of Building
Operations in Principal Cities of the United States
in June-Decline of 8.8% in Building Permits.
There was a decrease of 8.8% in the value of building
permits issued in June 1930 as compared with May,according
to reports received by the Bureau of Labor Statistics of the
United States Department of Labor from 289 identical
cities having a population of 25,000 or over. The total
indicated expenditures for the month of June was $157,894,291. Decreases were registered in five of the seven
geographic districts. Increases in total building operations were shown in the New England States and the West
North Central States. Residential buildings decreased 7%
comparing May with June, while non-residential buildings
decreased 9%. Under date of July 23 the Bureau added:
There were 11,393 families provided with dwelling places in new buildings
during June, which is a decrease of 8.8% from the 12,486 provided for
during May.
Permits were issued in a number of cities for large public and semi-public
buildings. In Hartford, Conn., a permit was issued for a school building
to cost $500,000. In Waterbury for an office building to cost nearly
$400,000. In Holyoke, Mass., an institutional building was to be erected
at a cost of $750,000, and In Newton, Mass., a school was to be erected at
a cost of $800,000. In Trenton, N.J., a sailors' and soldiers war memorial
building was started which will cost almost $700,000 on completion. In
the Borough of Manhattan permits were issued for eight apartment houses
at an estimated cost of nearly $5,000,000, and for one public building to
cost over $1,000,000. A permit was issued for an office building at Springfield, Ill., to cost $900,000, and for one in Indianapolis, Ind., to cost
$600,000. In Toledo, Ohio, a permit was issued for a new school building
to cost $1,400.000. A public building was to be erected in Racine, Wis.,
to cost $1,288,000. Plans were filed for two factory buildings in St. Louis
to cost $950,000, and in St. Paul an office building was to be erected
according to permits issued at an estimated cost of $2.700,000. A contract was let for a new building for the United States Department of Agriculture in Washington, D. C., to cost over $2,000,000. In Tulsa, Okla.,
a new union station was to be erected at a cost of $500,000. In Pasadena,
Calif., permits were issued for two school buildings to cost $705,000.
In Colorado Springs, Colo., a new church was to be erected at an estimated
cost of $215,000.
Some 50 cities furnished detailed statements showing that they had
issued over 1,200 permits for dwellings, valued at nearly $6,000,000, and
some 2,900 permits for other buildings, estimated to cost approximately
$11,900,000. During May, authority was given for the erection of over
1,300 dwellings and some 3,200 other buildings, valued at approximately
$5,300,000 and $10,000,000, respectively.
Improvement over May 1930 was reported in New Brunswick, Ontario,
Manitoba, Saskatchewan, Alberta, and British Columbia, the gain of
$474,832, or 5.9%, in Ontario being most pronounced. Of the declines
elsewhere, that of $2,247,055, or 44.1%, in Quebec was largest.
As compared with June 1929 there were decreases in all Provinces except
Ontario, British Columbia, reporting the greatest loss of $4,324,240,
or 75.6%.
Of the larger cities, Toronto recorded important increases in the value
of the permits issued, as compared with both the preceding month and
the corresponding month in 1929. Montreal, Winnipeg, and Vancouver
showed declines in both comparisons. Of the other cities, Sydney, Fredericton, Sherbrooke, Brantford, Owen Sound, Peterborough, St. Thomas, St.
Boniface, Lethbridge, New Westminster, Prince Rupert, and Victoria reported improvement over May 1930 and June 1929.
Cumulative Record for First Half Year 1920-1930.
The following table gives the value of the building authorized by 61
cities during June and in the first six months of each year since 1920, as
well as index numbers for the latter, based upon the total for 1920 as 100.
The average index numbers of wholesale prices of building materials in
the first six months of the same years are also given (average 1926 _= 100):
Year.
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
Value of
Permits
Issued
in June.
Value of
Permits
Issued
in First
Sir Months.
817,935,478
27,816,592
22,751,960
18,363,239
18,718,050
14,915,884
13,967,006
14,286,252
17,052,582
14,240,934
14,113,794
$33,214,024
124,609,267
102,036,987
80,842,719
78,760,419
65,899,717
60,674,154
73,047,496
71,281,674
55,771,644
61.754.710
Indexes of Value Av'ge. lariats of
of Permits
Wholesale Prices
Issued in
of Building
First Six
Materials in
Months
First Siz lifonthS
(1920,-100). (1926 av.=100)•
134.7
201.8
165.2
130.9
127.5
106.7
98.2
118.3
115.4
90.3
100.0
98.6
99.6
97.0
96.6
101.0
103.1
110.8
111.4
108.0
132.0
144 5
The aggregate for the first half of 1930 was lower by $41,395,243, or
33.2%, than in 1929, in which year construction authorizations reached
their highest level in this record ; the total for the first half of the
present year, however, was 7.4% above the six months average of $77,467,883 recorded in the 10 years 1920-1929. The average index number
of wholesale prices of building materials, moreover, has been lower this
year than in most of the years since 1920.
JULY 26 1930.]
FINANCIAL CHRONICLE
Provincial Totals of Building Permits Issued.
Table 2 is a record by Provinces of the building permits issued by 61
cities during the first six months of each year since 1921; it also shows
the totals for the same years, the proportion that the six months aggregates bear to the yearly totals, and the average index numbers of wholesale
prices of building materials and of wages in the building trades.
All provinces except Prince Edward Island and New Brunswick reported smaller aggregates of building permits issued than in the first six
months of last year; the increase of $1,414,750 or 1.59% in the latter
took place chiefly in Saint John. The New Brunswick total for the
elapsed months of 1930 was the highest in the eleven years' record. Of the
declines elsewhere indicated, that of $17,008,173, or 42% in the six cities
of Quebec was most pronounced. It is interesting, however, to note that
the record of contracts awarded, maintained by the MacLean Building Review, shows for Quebec a substantial increase in the first six months of
1930, as compared with 1929. This took place chiefly in the business and
engineering building divisions, the latter of which very often represents
work outside of the cities.
During the first six months of this year, the 31 cities furnishing returns in Ontario reported 46.3% of the total value of the building authorized, as compared with 37.0 in the same months of 1929. In Quebec,
on the other hand, the proportion decreased from 26.3% last year, to 19.0%
in the elapsed months of 1930, and in British Oolumbia, from 13.1%
to 10.8%.
Totals of Permits Issued by Four Leading Cities.
In Table 3, are given the aggregates of permits issued in the four largest
cities in the first half of each year since 1921, together with the proportion of their totals are of the yearly and half-yearly totals for 61
The building authorized by these centers was valued at
cities.
$40,534,761 in the first six months of 1930; this was 38.7% lower than in
the same months of last year and 17.2% less than in 1928. With these
two exceptions, however, the building authorized considerably exceeded
the aggregate for any other year of the record in most of which the cost
of building materials was higher. The decrease in these four cities as
compared with 1929 was rather greater than the general decline in the
61 cities, and the ratio to the total for the 61 cities was lower than in
the preceding year.
Contracts Awarded.
According to the MacLean Building Review, the value of construction
contracts awarded throughout the Dominion during the January-June
period, 1930, was $240,626,000, as compared with $278,121,700 in 1929,
$256,257,300 in 1928 and $191,323,800 in 1927. Of the total contracts
awarded this year, $48,580,100 was classed as residential building, $82,722,900 as business, $18,451,500 as industrial, and $90,865,500 as engineering.
In 1929, the total was divided as follows: Residential, $69,513,300; business $94,255,300; industrial, $37,719,600 and engineering $76,633,500.
Thus the only increase as compared with the first half of 1929, was in
the engineering class.
Bank of Nova Scotia's Quarterly Survey of Business
Conditions in Canada.
In its July "Review" the Bank of Nova Scotia presents as
follows a quarterly survey of business conditions:
A detailed analysis of conditions in the various parts of the Dominion.
as may be seen in that which follows here, reveals a considerable variation
in the state of trade. In certain areas the unfavorable elements in the situation seem to have, for the time, assumed a preponderant influence. In
others there is evidence of an encouraging vitality in the industrial situation.
In a time like the present, it is evidence of the degree of this vitality which
is sought in the complex record of conditions in the various industries and
in the various areas of the Dominion. This element can, of course. be
appraised only when allowance is made for the operation of the seasonal
forces usual to the period. During the second quarter of the year an increase
in industrial activity normally occurs in Canada. It is pertinent to ask,
then, whether the increase this year has been as marked as that which
normally occurs.
In the table below, the Dominion Bureau of Statistics Indices of Industrial
Employment In Canada, and in the various economic divisions of the Dominion, for the past three months, have been corrected for normal seasonal
change, and expressed as a percentage of the average for the period 1924
to 1928. The resultant figures are compared, in each case, with similar
figures for August 1929. at which date the peak of the expansion of the last
few years was reached. The table merits careful study.
Fluctuations of Employment in Canada Adiosfed for Seasonal Variation and
Expressed as a Percentage of the Average of the Five-Year Period,
1924 to 1928.
June 1. May 1. April 1. Aug.1 '29
CanadaGeneral industrial employment
114.3
114.3
112.9
122.1
110.0
Employment in manufacturing
111.8
113.0
118.3
Maritime Provinces: General
119.2
114.9
111.8
120.2
Province of Quebec: General
110.5
110.5
112.1
117.0
112.8
Province of Ontario: General
115.9
115.7
122.5
112.5
Prairie Provinces: General
114.2
113.9
134.7
112.3
British Columbia: General
112.3
112.3
117.4
for
be
seen
Index
Canada
will
that
the
as
a
It
whole rose slightly from
April to May and has maintained that figure in June, indicating a degree of
stabilization during the period. It is now at a point 6.4% below the peak
of last year. Employment in manufacturing, however, has continued to
recede and is now 7% below August. 1929.
Turning to the Provinces, the contrasts between the trend of employment in the different areas are at once evident. In the Maritimes, largely
due to increased employment in construction, the Index has risen steadily
during the quarter, and is now only a fraction of 1% below the peak of last
year. In British Columbia the Index has not changed during the period,
Indicating. on the whole, stable conditions during the quarter. In Quebec
the Index remained unchanged on June 1st. In Ontario. a fractional rise
at May 1st was followed by further decline the following month. In the
Prairies, too, there is, as yet, little evidence of stability.
This is not, of course, the whole story. There are many elements in the
economic situation which are not aiding the attainment of equilibrium.
Among these are the continued decline in prices, the still very large visible
supply of Canadian grain, and the usual uncertainty of the crop-growing
season.
Nevertheless, as was seen above, we are not without signs of resiliency.
In the chart which will be seen below the considerable recovery in this
Bank's Index of Revenue Carloadings of freight in the Western Division
will be noted. In the Eastern Division, although the course of the Index
has been more irregular, it has continued above the average of the years
1923 to 1927.
549
Business Conditions as Viewed By Wisconsin Bankshares Corporation-Favorable Factors not Receiving Attention They Deserve.
The unsettling effect upon business confidence of developments in June are discussed thus in the"Bankshares Review"
published by the Wisconsin Bankshares Corporation:
What with further declines in commodity prices, severe liquidation in
the stock market and summer subsidence of industrial activity, the month
of June had an unsettling effect upon business confidence. Steel ingot
production dropped from 72 to 60% of capacity and automobile output
was sharply curtailed. On the other hand, construction work increased
by about 32% and bids fair to continue as a sustaining factor through the
remainder of the year. Contracts for public and public utility projects
have been large relative to past years. Commercial and industrial types
of construction are naturally inactive in a period of business recession.
Residential building has suffered the most severe loss, but the seasonal
decline of residential contracts in the last two months has been much less
than usual.
In part the "Review" adds:
Favorable factors in the present situation have not had the attention
they deserve, possibly because they are less conspicuous and tangible than
the unfavorable ones. A business recession is a corrective process which
liquidates indebtedness incidential to over-speculation and brings production and inventories back into line with consumers' demand. In its general outlines, the present business recession does not differ greatly from
previous ones, although it is more universal than those of 1924 and 1927.
Every few years production gets out of hand and surpluses are created.
Recovery comes when the surpluses are out of the way which may take
ten months or a year from the date when the recession begins.
Production has been sub-normal for almost eight months. In the
meantime, sales at retail have been considerably less curtailed than Industrial activity. For the six-month period ending with June, sales of
representative department stores were off only 4% from the same period of
last year. The time comes after curtailment of manufacturing has lasted
for some months when inventories have to be replenished. Manufacturers
then begin to buy raw materials and supplies, and commodity prices recover. Also, they take on more labor and this builds up purchasing power.
By some such process, business gradually emerges from the doldrums and
a period of rising activity begins.
Commodity prices fell at an accelerated rate in May and June, but of
late the fall has been distinctly less rapid. The general price level is now
lower than it was at the end of the post-war decline early in 1922 and some
commodities have gone below their 1913 prices. The latter include sugar,
coffee, hides, rubber, silk, burlap, copper, zinc, tin and silver.
Price weakness has been accentuated by the fact that nobody buys any
more than he can help on a falling market. Figures of excessive supplies
of raw materials and foodstuffs have had an almost morbid effect upon
tne public mind. The situation is not so bad as it looks, however, because
the demand side of the equation Is distinctly subnormal. Low prices of
themselves, supplemented by cheap money and equilibrium of international rates of exchange, go far to reduce excessive supplies when once
production starts to rise again.
Because the fall of prices has been so prolonged and drastic and because production of finished manufactures has been sub-normal for some
months, a turning point in commodities is probably not far off. In a
business depression, prices generally fall too low, and consequently, toward
the end of the depression there is more or less of a recovery. During the
past eight years, the tendency of prices has been downward and there is
much ground for the view that after a temporary recovery the long-time
downward trend will be resumed, though at a much slower rate than in
the past two years.
Industrial Employment Conditions in Ohio and Ohio
Cities-June Decline Brings Index to Lowest Point
for any Month Since April 1925.
In indicating the course of employment in Ohio and Ohio
cities during June the Bureau of Business Research of the
Ohio State University says:
The decline in employment in Ohio which has been in progress since March
was accelerated in June, when the index of total industrial employment
dropped 3% from the preceding month, in contrast with the previous
monthly declines of 1% or less. The June decline carried the index of industrial employment in Ohio to a point lower than has been reached in any
month since April 1925, and to a point lower than has been reached in any
June since June 1924. The 3% decline in employment in June from May
is all the more significant when it is contrasted with the average May-toJune increase of 1% during the past five-year period. The total volume of
employment in Ohio in June was 16% less than in June of last year, and the
average for the first half of 1930 was 13% behind the average for the same
period of 1929. Five hundred and twenty-five of the 916 concerns reporting
to the Bureau of Business Research reported employment decreases in June
from May.321 reported increases, and 70 reported no change from May.
Manufacturing employment, which largely dominates the figure for total
industrial employment in Ohio, also declined 3% in June from May, while
the average change for the last five years shows that manufacturing employment in this State has usually remained substantially unchanged in
June from May. Manufacturing employment in June was 18% less than
in the same month of last year,and averaged 15% less for the first six months
of 1930 than for the corresponding period in 1929. The decrease in manufacturing employment in Ohio in June from May was due to employment
declines in the chemicals, the machinery, the metal products. the paper and
printing, the lumber products, the rubber products, the vehicles, and the
miscellaneous manufacturing groups. The stone, clay and glass group reported no change in June from May, and the food products and the textile
products groups reported slight increases.
Employment in the non-manufacturing industries of the State showed no
change in June from May. This apparent stability of employment in the
non-manufacturing industries, however, is less Significant than it appears
when it is compared with a five-year average increase of 2% in June from
May. Employment in the non-manufacturing industries of the State in
June was8% less than in June of last year, and for the first half of this year
was 4% behind the first half of last year. The May-to-June increase of
1% in the construction industry of Ohio compared poorly with the average
May-to-June increase of 8% for the past five-year period, and the volume
of construction employment in June was 17% less than in June 1929, and
7% less for the first half of 1930 than for the corresponding period of last
year
550
FINANCIAL CHRONICLE
Employment in the automobile and automobile parts industries of the
State in June was 7% less than In May and the decline was considerably
greater than the average May-to-June decline for the past five years. The
actual volume of employment in the automobile industries In June was 33%
less than in the same month of last year, while the volume for the first half
of 1930 was 35% behind the volume for the same period of last year.
In the metal products group of industries, there was a decline of 5% in
June from May, whereas the average for the past five years shows no change
from May to June. One hundred and twenty-one of the 161 concerns reporting In the metal products group reported employment decreases in
June from May. nine reported no change in employment from May, and 40
reported employment Increases.
INDUSTRIAL EMPLOYMENT IN OHIO.
[In Each Series Average Month 1926 Equals 100.
(Based on the number of persons on the payroll on the 15th of the month or nearest
representative day as reported by co-operating firms.)
No. of
ReportIna
Firms.
Index
June
1930.
Ayer.
Change Change Change
June
from
from
from
June
May
Mali
1929.
1930.
1925-29
Arerage
January.
June
Change
from
1929.
-2
___
-15
+7
-6
+1
-8
-2
+2
-14
-3
___
-19
-5
___
___
-1
-2
-1
+1
-23
-------14
___
-10
+2
-4
-29
-6
-1
+2
-II
-13
82
122
89
99
85
105
90
87
100
93
92
Total manufacturing
Service
Trade
Transport. & public utilities.
641
13
38
21
91
117
99
113
-3-18
+2
-1
-3
-1
-5
+1
-5
+1
+2
-15
+2
-4
Total non-manufacturing....
Construction
All Industry
70
205
919
104
91
04
___
+1
-3
-8
-17
-111
-4
-7
-13
Chemicals
Food product
Lumber products
Machinery
Metal products
Paper and printing
Rubber products
Stone. clay & glass products_
Textiles
Vehicles
Miscellaneous manufacturing
00
G.0.P0t..P
tN3 Cn t.3
-4 t.•:•., .
Co G3.-,0,CO ,...P.
Industry.
+2
+8
4-1
-5
-10
-13
+3
-20
-13
-7
-32
-6
131.
Business and Agricultural Conditions in California as
Viewed by Wells Fargo Bank & Union Trust Co.
Business conditions in California during June and the first
half of 1930, are reflecting the depressed status of industry
throughout the United States, according to the July issue
of "The Business Outlook" published by Wells Fargo Bank
& Union Trust Co. of San Francisco. With the exception
of life insurance sales, which registered an increase in May
and the first five months of this year, compared with corresponding periods of 1929, important other key fields of
endeavor show a decline over the record months of last year.
Commenting on trade conditions, the Wells, Fargo Bank &
Union Trust Co. states:
Business conditions In California during June and the first half of 1930
are reflecting the depressed status of industry throughout the United States,
according to the July issue of "The Business Outlook- published by Wells
Fargo Bank & Union Tust Co. of San Francisco. With the exception of
life insurance sales, which registered an increase in May and the first 5
months of this year,compared with corresponding periods of 1929, important
other key fields of endeavor show a decline over the record months of last
year. Commenting on trade conditions, the Wells Fargo Bank & Union
Trust Co. states:
"Department store sales In California In June, declined about 6% below
June. 1929. and lathe first 6 months dropped 3.2% below the corresponding
period of last year; current totals are about 2% under 1928 corresponding
figures and slightly above those of 1927.
"Wholesale business for the year shows considerable declines in nearly
all lines, compared with 1929. Collections generally are somewhat slower
than they were a year ago.
"Sales of new passenger automobiles in California. judged by 105,536
registrations in the first half of the year, decreased 22% from last year's
corresponding total; commercial car registrations in the same period, 6,671,
decreased 20%."
Employment in the machinery industries showed a decrease of 3% In
A bumper crop in agriculture, the value of which is someJune from May, and a decline of 14% from June 1929. The May-to-June
decline in the machinery group is In contrast to the relatively stable em- what minimized by reduced prices, is comparable to the 1928
ployment conditions from May to June, as Indicated by the average May- crop. Concerning agricultural conditions "The Business
to-June change during the past five-year period.
Outlook" says:
In the rubber products group of industries, of which tire and tube manu"Uniformly favorable growing weather during June and July has infacturing is the principal industry, there was a decrease of 1% in employment In June from May. which is in contrast to a five-year average increase creased the prospect for heavy production of California deciduous fruit
year; 1930 harvests, except for apricots and walnuts, will likely exceed
this
of 1%. The total volume of employment in tires and tubes in June was23%
less than the average for the same period of last year. In the stone, clay by wide margins the frost-reduced yields of 1929 and about equal those of
and glass products group, employment in June remained practically un- 1928.
"The fruit is almost entirely free of Insect pests Pear blight, which was
changed from May, but was 14% less than In May 1929, while the first half
widespread a month ago, has generally subsided. This year's orange crop
of 1930 was 13% behind the first half of 1929.
will
be of average proportions, contrasted with last year's record producIn the lumber products group, employment in June was 2% less than In
May. which compares unfavorably with the average May-to-June increase tion."
of 2% for the past five years. June employment In the lumber products
Industries was 8% less than in June 1929, and the average for the first half
Automobile Price Reductions-New Model Announced.
of this year was 5% behind the average for the same period last year.
All of the chief cities of the State except Columbus reported a decrease in
The Chrysler Corp. on July 23 announced price reductions
total industrial employment in June from May. The decreases ranged from
1% in Akron to 7% in Toledo. In Akron, Cincinnati, and Dayton the of $100 to $150 on four models of the "70" line, viz.: the
decreases In June from May was in contrast to an average May-to-June royal sedan $150 to $1,295; the royal coupe $100 to $1,295;
Increase over the past five-year period, while in Cleveland and Youngstown the brougham
$100 to $1,245 and the business coupe $100
the declines compare with relatively stable conditions from May to June as
to $1,245. No change is made on the convertible coupe, the
Indicated by the average May-to-June changes for the past five years.
As compared with June 1929. all the chief cities of the State reported de- roadster or the phaeton.
clines in employment in June, ranging from 6% In Columbus to 38% in
The Plymouth Motor Corp., a division of Chrysler Motors
Toledo. Likewise, all the chief cities of the State showed a decline on total
Industrial employment for the first 81x months of 1930 as compared with the Corp., is introducing a new two-door sedan, listing at $565.
first six months of 1929. the decline from the first six months of last year
The Buick Motor Co. on July 26 will introduce a new line
amounting to 4% in Columbus,6% in Dayton. 7% In Youngstown,8% in
of eight cylinder cars. There are four series, comprising 20
Cincinnati, 11% in Cleveland. 18% in Akron. and 40% in Toledo.
Construction employment in June increased from May in Akron. Colum- models. Three of the series replace the three series of last
bus, and in Stark County, but only in Columbus was the increase as great year, and a new series, the 8-50, with a wheelbase of 114
as the average May-to-June Increase for the past five years. The increase
of 14% In Columbus compares favorably with the five-year average May- inches, is added to the lower end of the line. A dispatch
to-June increase of 3%. In Cleveland, Cincinnati, Toledo. Dayton. and from Flint, Mich., gives the following prices for the new
Youngstown the employment declines In the construction industry In June models:
were In contrast to a substantial average increase from May to June for the
Six models are announced in the lower-priced series ranging from $1,025
the past five-year period. As compared with June of last year. construction
employment declined In all the cities except Columbus and In Stark County. to $1,095. They are: Two-passenger coupe.$1,025: two-door five-passenger
and for the first half of 1930 in all the cities except Cincinnati. Cleveland. sedan. 11,035; four-passenger sport roadster,$1.055: five-passenger phaeton,
$1.055: four-passenger special coupe, $1,055; five-passenger four-door sedan,
and Dayton.
Employment In the non-manufacturing Industries decreased in June from $1,095.
Five models are introduced in the 8-60 series on an 118-inch wheelbase.
May in Akron. Cincinnati, Cleveland. and Dayton. remained substantially
unchanged from May in Youngstown and Stark County and increased Prices are: four-passenger sport roadster, $1,335: five-passenger phaeton.
from May In Columbus and Toledo. In all the cities except Columbus and $1,335; two-passenger business coupe, $1,285: four-passenger special coupe,
Toledo non-manufacturing employment declined in June as compared with $1,325; five-passenger four-door sedan, $1.355.
In the 8-80 aerie.; on the 124-inch wheelbase there are two models, the
the average change for the past five years.
The decline In manufacturing employment in June from May In all the four-passenger coupe, at $1,535 and five-passenger four-door sedan, at
chief cities of the State except Columbus was either In contrast to an average $1,565.
The largest series, the 8-90, on a wheelbase of 132 Inches, comprises
Increase for the five preceding years In June from May or an unchanged
seven models as follows: seven-passenger four-door sedan, $1,935: sevencondition from May to June.
Columbus was the only city in the State to show definite gains In employ- passenger limousine sedan, $2,035; five-passenger four-door sedan, $1,785:
ment in June front May. Manufacturing employment In Columbus showed four-passenger sport roadster, $1,610; seven-passenger sedan, $1,620;
no further decline from May. Industrial and non-manufacturing employ- five-passenger coupe. 81,765; four-passenger Country Club coupe, $1,720.
Prices on former six-cylinder Buicks ranged from $1,260 to $2,070.
ment gained 1% each, and construction employment gained 14%. These
gains appear favorable when compared with the average May-to-June
changes for the past five years.
Akron industrial employment in June was 1% less than in May and 22% Dutch Rubber Restriction Plan Irrevocable-American
less than in June 1929. The average Juno change from May Is an increase
Owned Firms Opposed Resolution.
of 2%. Average employment for the first six months of 1930 was 18% less
Press advices from Amsterdam, July 24, said:
than for the same period in 1929. Of the 48 concerns reporting, 29 shared
In the decrease. 13 showed an increase, and 6 reported no change from May.
The resolution to ask the aid of the Dutch East Indies Government in
Manufacturing employment in June was 2% less than in May, and 23% putting into effect a rubber restriction scheme,
passed at a meeting of Dutch
less than in June 1929. The average change in June from May is an in- rubber growers July 17, is now irrevocable.
crease of 1%. For the first six months of 1930 average employment was
It has been announced officially that 112 producers, representing 38,905
19% less than for the same period in 1929. Of the 29 firms reporting, 19 tons of rubber, voted In favor
of the plan, while 21 producers, representing
showed decreases. 7 reported an increase, and 3 showed no change. 25.992 tons of rubber, voted against it. Among
the producers opposed to
Construction employment increased 9% from May. but was 2% less than in the plan, however, are American-owned firms
representing 11,900 tons. 2/
June 1929. The average change in June from May is an Increase of 11%.
For the first six months of 1930 average employment was 7% less than for
the same period in 1929. Seven of the 16 reporting firms showed a decrease,
Pessimistic View of Rubber Control.
6 reported an increase, and 3 reported no change from May. Non-manuFrom the New York "Times" we take the following from
facturing employment showed a decrease of 2% from May and a decrease of
6% from June 1929. On the average, June shows no change from May.
the Hague, July 19:
JULY
26 1930.]
551
FINANCIAL CHRONICLE
While the acreage reduction was only about 5%, the decrease totaled
The Vaderland learns that even the partisans of the rubber restriction
acres. This would mean a reduction in production of 12.038.000
926.000
practicaas
its
view
to
pessimistic
a
take
very
yesterday
adopted
scheme
bility. It is considered nearly impossible to control inland rubber produc- bushels
Dr. John Lee Coulter, Chief Economist of the United States Tariff Comtion, which lately has gained immense importance. Besides, as supplies
that mission, made an extended campaign for reduction, urging that flax be
on hand are sufficient for 6 months consumption, it is not thought
substituted. That these recommendations were carried out is indicated by
even 75% production could bring relief.
a forecast of a 30,000.000-bushel crop of flax for 1930, which would be the
second largest in history.
The compilation by the Farmers Union Terminal Association by States
May Rubber Curtailment—Fails to Raise Price—
all spring wheats follows in acres:
for
of
Short
Plan
Fell
Says
Department
Commerce
1930.
1929.
1.160.000
Expectations.
1.222,000
Minnesota
9.371.000
9.918.000
North Dakota
The May tapping holiday in the rubber plantations of the South
2.948.000
3,020.000
Dakota
3.499.000
3.644.000
Far East apparently has not resulted with the success which Montana
was anticipated, it was stated on behalf of the rubber division of the Department of Commerce July 7. We quote
from the "United States Daily" which went on to say:
Totals
17.804,000
16,978,000
Better Lumber Market Noted for Latest Week.
Some improvement in lumber demand for the week ended
July 19 is indicated in reports from 881 leading hardwood
and softwood mills to the National Lumber Manufacturers
Association. New business at these mills amounted to 94%
of production, which totaled 299,581,000 feet—the best
ratio recorded in many weeks except over irregular holiday
periods. A week earlier orders were 79% of a production of
293,822,000 feet at 908 reporting mills.
Lumber orders reported for the week ended July 19 1930,
by 617 softwood mills totaled 256,473,000 feet, or 4% below
the production of the same mills. Shipments as reported for
the same week were 260,214,000feet,or 3% below production]
Production was 267,266,000 feet.
Reports from 285 hardwood mills give new business as
25,542,000 feet, or 21% below production. Shipments as
reported for the same week were 27,586,000 feet, or 15%
feet.
Asiatic Planters' Association Seeks Legislation for below production. Production was 32,315,000
Unfilled Orders.
Rubber Restriction.
from 498 softwood mills give unfilled orders of 767,939,000 feet.
The Asiatic Planters' Association has adopted a resolu- onReports
July 19 1930. or the equivalent of 16 days' production. This is based
the
comthat
be
recommending
Government
pass
to
asked
tion
upon production of latest calendar year-300-day year—and may be
mills on July 12 1930. of 786.legislation providing for the restriction of rubber production pared with unfilled orders of 520 softwood
228.000 feet. the equivalent of 15 days' production.
by the periodical stoppage of tapping or the reintroduction
The 372 identical softwood mills report unfilled orders as 704.257.000
a
in
Scheme
modified
form, according to feet. on July 19 1930. as compared with 1.087.451.000 feet for the same
of the Stevenson
Last week's production of 481 identical softwood mills
Singapore advices to the Rubber Exchange of New York week a year ago.feet.
and a year ago it was 343.063.000 feet; shipments
was 247,952.000
the
suggested
legislation,
The
21.
adds,
resolution
July
on
were respectively 239.632.000 feet and 325.967.000; and orders received
feet. In the case of hardwoods. 210
311.672.000
until
similar
legislation is made 233.949.000 feet and
should not be enforced
mills reported production last week and a year ago 27.281.000
effective by the Dutch East Indies and Ceylon. A special Identical
feet and 39.186.000: shipments 23,161,000 feet and 36,908,000; and orders
recommendation of the Asiatic Association is that the Govern- 22,020,000 feet and 35,873.000.
ment, in conjunction with the Governments of the Dutch
West Coast Movement.
wired from Seattle that new
East Indies and Ceylon refuse to alienate land for rubber
The West Coast Lumbermen's Association
business for the 222 mills reporting for the week ended July 19 totaled
cultivation for a period of years.
feet was for domestic cargo delivery.
The price of rubber is still at a low level, and if the tapping holiday
affected the industry at all, it was only in preventing the price from reaching a new low level, it was stated.
The English and Dutch have practically admitted that the holiday was
a failure, and are preparing to take further steps in order to stimulate the
industry, according to the division statement. It is doubtful if another
holiday will be called, because the dealers cannot afford to do that at this
time, the division said, and they realize that they must sell at the best
available prices.
It was said that the British are attempting to revive interest in another
Government attempt to control rubber prices, similar to the Stevenson
scheme, but they admit that such a scheme must also have the co-operation of the Dutch. Other rubber plantation groups recommend cessation
of Sunday tapping which is prevalent throughout the rubber area, another
suggestion is the prohibition of exportation of off-grades of crude rubber,
especially scrap rubber, of which about 80,000 tons is exported annually,
the division stated.
Previously it was believed that the holiday might fail due to the lack of
co-operation on the part of the natives who produce rubber on small tracts,
but the division stated that a great many of the natives did co-operate
and that it was not they who caused the holiday to meet with more or less
adverse success.
143.590.000 feet. of which 51.482.000
to 45.334.000
and 29,149.000 feet export. New business by rail amounted
45.392.000 feet moved
feet. Shipments totaled 144.720.000 feet. of which
shipments
coastwise and intercoastal. and 32.4(12.000 feet export. Rail
17.625.0011 feet. Unshipped
totaled 49.301,000 feet, and local deliveries
cargo
orders
totaled
domestic
which
of
orders totaled 398.458.000 feet.
115.557.000 feet.
144.831.000 feet. foreign 138.070.000 feet and rail trade
the 28 weeks ended
Weekly capacity of these mills is 250.029.000 feet. For
below production and
July 12. 139 identical mills reported orders 7.4%
showed an inmills
same
The
shipments were 2.6% below production.
1.
crease in inventories of 6.8% on July 12 as compared with Jan.
Southern Pine Reports.
Orleans that for
The Southern Pine Association reported from New
and orders
140 mills reporting. shipments were 11% below production,
New business
shipments.
as
same
11% below production and about the
week 37.380.taken during the week amounted to 45.255.000 feet (previous
000 at 140 mills; shipments 45.108.000 feet. previous week 43.932.000):
and production 50.871.000 feet (previous week 51.916.000). The threeon
year average production of these 140 mills is 69.205.000 feet. Orders
Tire Manufacturing Companies Continuing Operations hand at the end of the week at 124 mills were 129.822.000 feet. The
of 19% and in new
128 Identical mills reported a decrease in production
on Moderate Scale.
same week a year ago.
business a decrease of 22%. as compared with the
Ore., reported
of
Portland.
Association
at
received
the Rubber Exchange
Advices from Akron
The Western Pine Manufacturers
as 48.653,000 feet. shipments 37.942.000 and new
New York July 24 state that the tire manufacturing com- production from 89 mills
mills reported a decrease of
busines. 39.580.000 feet. Sixty-six identical
panies are continuing operations on a moderate scale, and . 19%
in production and a decrease of 15% in new business, compared with
that officials of the large producers are pleased with the , the same week a year ago.
The California White and Sugar Pine Manufacturers Association of San
volume of tire sales for the month so far. In some instances,
Francisco, reported production from 17 mills as 20.788.000 feet. shipments
dealers
to
are
running above earlier 14.652.000 and orders 13.100.000 feet. The same number of mills reit is stated, deliveries
expectations. Owing to the July 4 holiday and the inventory ported an 18% decrease In production and a 30% decrease in new business
with the corresponding week of 1929.
taking period, consumption of crude is estimated at 30,000 compared
The Northern Pine Manufacturers Association. of Minneapolis, Minn..
tons for the month, as compared with a consumption of reported production from 7 mills as 8,790.000 feet. shipments 3.473.000
and new hushaess 2.884.000 mills report an increase of 6% in production
34,633 tons during June.
and a decrease of 78% in orders, compared with the same week last year.
of
The Northern Hemlock and Hardwood Manufacturers Association
Northwest Cuts Acreage of Wheat in Favor of Flax- Oshkosh. Wis.. reported production from 21 mills as 3.479.000 feet, shipreport
mills
of
same
number
orders 1,526.000. The
5% Reduction Effected in Wheat Belt—Big Flax ments 2,250.000 and
a 19% increase in production and a 52% decrease in orders, compared with
Crop Looms.
1929.
in
week
the same
The North Carolina Pine Association of Norfolk, Va., reported producA dispatch as follows from St. Paul July 19 was reported in
business
from 106 mills as 6.072.000 feet. shipments 7.409.000 and new
tion
production
the New York "Evening Post.":
5.619.000. Forty-seven identical mills report a 36% decrease in
Reductions in acreage of spring and durum wheat were reported in every and a 31% decrease in new business in comparison with report for the
State of the spring wheat areas of Minnesota, North and South Dakota same week last year.
proThe California Redwood Association of San Francisco. reported
and Montana.according to a compilation of July crop reports of the Govern- 1
duction from 12 mills as 5,549.000 feet, shipments 3.995.000 and orders
ment.
Farmers. acting according to recommendations of the Federal Farm 3.972.000. The same number of mills report a26% decrease in production
the same week
Board just before seeding time, have substituted flax for the abandoned and a 35% decrease in new business, when compared with
Crude Rubber Production in Far East During June.
Production of crude rubber on estates of more than 100
acres in the Far East during June totaled 20,295 tons,
against 3,644 tons in May, according to cables to the
Rubber Exchange of New York on July 18. Stocks on
estates on June 30 were 22,998 tons, against 12,577 tons on
May 31. The sharp increases in production and stocks are
due to the fact that production was resumed in June, after
the cessation of tapping during the month of May. Dealers'
stocks in the Far East as of June 30 amounted to 48,351
tons, as compared with holdings of 51,393 tons at the end
of the previous month.
1
1
wheat acreage.
i
a
year
ago.
552
FINANCIAL CHRONICLE
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 264 mills as 28.437.000 feet. shipments 24,977,000 and
new business 24.145.000. One hundred eighty-nine identical mills show a
decrease of 33% in production and a decrease of 32% in orders, compared
with the same week of 1929.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis.. reported production from 21 mills as 3.878,000 feet, shipments 2,609,000 and orders 1,397,000. The same number of mills report
a decrease of 7% in production and a decrease of 74% in new business, as
compared with the same week last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JULY 19 1930 AND FOR 29 WEEKS
TO DATE.
Association.
Produotion
2lf Ft.
Shipmeets.
M Ft.
P. C.
of
Prod.
Southern PineWeek-140 mill reports
50,871
45,108 89
29 weeks-4,099 mill reports
1,683,151 1,554,399 92
West Coast Lumbermen's:
Week-225 mill reports
123,064
145,385 118
29 weeks-6,251 mIll reports
4,479,416 4,342,630 97
Western Pine ManufacturersWeek-89 mill reports
48,653
37,942 78
29 weeks-2,665 mill reports
1,195,453 1,051,246 88
California White & Sugar Pine:
Week-17 mill reports
20,788
14.652 70
29 weeks-728 mill reports
505,296
587,806 116
Northern Pine Manufacturers:
Week-7 mill reports
8,790
3.473 40
29 weeks-228 mill reports
127,886
122,065 95
No.11cmlock&Hardwood(softwoods):
Week-21 mill reports
3,479
2,250 65
29 weeks-917 mill reports
95,761
86,318 69
Northern Carolina Pine:
Week-106 mill reports
6,072
7.409 122
29 weeks-3,223 mill reports
270,566
258,732 96
California RedwoodWeek-12 mill reports
5,549
3,995 72
29 weeks-425 mill reports
203,277
188,760 93
Softwood total:
Week-617 mill reports
29 weeks-18,541 mill reports
Orders
M Ft.
P. C.
of
Prod.
45,255
1,530,303
89
91
144,537
4,268,496
117
95
39,580
1,018,385
81
85
13,100
594,503
63
118
2,884
115,325
33
90
. 1,526
61,817
44
65
5,619
212,936
93
79
3,972
189.007
72
93
267,266
260,214
8,560,806 8,171,956
97
95
256.473
7,990.772
96
93
28,437
1,015,996
24,977
906,111
88
89
24,145
874,623
85
86
3,878
234,329
2,609
138,892
67
59
1.397
115,917
36
49
32,315
27,586
1,250,325 1,045,003
85
84
25,542
990,540
70
79
Grand total:
Week-881 mill reports
299,581
287,800
29 weeks-25.979 mill reports..._ 9,811.131 9.216.959
96
94
282,015
8,981,312
94
92
Hardwood Manufacturers Inst.:
Week-264 mill reports
29 weeks-7,438 mill reports
Northern Hemlock & Hardwood:
Week-21 mill reports
29 weeks-917 mill reports
Hardwoods total:
Week-285 mill reports
29 weeks-8,355 mill reports
U. S. Senate Limits Sugar-Cost Study-Modifies
Request for Survey to Cover Refined Product.
The following (Associated Press) from Washington, July
21 is from the New York "Times:"
The Senate to-day modified its request for a Tariff Commission investigation of costs of production of Sugar to cover only the refined product.
The modification was at the request of Senator Copeland, who offered
another resolution. It was adopted without discussion.
As a result the Tariff Commission will investigate costs of sugar production here and in Cuba, a subject of controversy for months during the
tariff debate.
Mr. Copeland explained, off the floor, that the new tariff act provides a
smaller spread between duties on raw and refined than the old FordneyMcCumber law.
President Machado of Cuba Signs Decree Regulating
Average Price of Sugar-Board Created to Govern
Sales.
From the New York "Times" we quote the following
Havana advices July 19 (Associated Press):
[VOL. 131.
Cuban Sugar Committee Returns to Havana-Plan for
Improvement of Industry in Hands of American
Committee.
The "Wall Street Journal" of July 21, stated:
The Cuban committee appointed by the Santa Clara Producers
Association, comprising J. M. Lopez Ona, Julio Lobo. Marcellno
Garcia and
A. E. Staples, who came to New York to confer with American
sugar
interests to work out a plan for betterment of the Cuban sugar industry,
has returned to Havana. The working out of the plan has been
left entirely
In the hands of the American committee which includes Colonel
John R.
Simpson, W. C. Douglas, Colonel Edward A. Deeds, W.
Bartlett, E.
Ponvert and Thomas L. Chadbourne. its chairman. This committee
will
study particularly the matter of sales of Cuban sugar to markets
other than
the United States.
Sumatra Tobacco Drops-Prospects for 1930 Crop
Regarded as Unfavorable.
We reproduce from the New York "Times" the following
from The Hague, July 19:
The last tender of Sumatra tobacco to-day produced very
low prices.
So many private sales have been held lately that because of the
decrease
in supplies only one public tender will be required at Amsterdam
and one
at Rotterdam.
The 1929 crop generally is considered as a failure and prospects
for
1930 also are unfavorable. Only two companies, namely Dell and
Mendsburg, may make small profits on tobacco. Two of the others, the
Dell
Batavia and the Senembah firms, are booking considerable losses.
American Woolen Co. Cuts Prices on Spring 1931
Staples, Tropicals-Reductions on Men's Wear
Staple Cloths Range 10 to 25 Cents Per YardQuotations Close to Pre-war Levels-Summer
Goods Lines 17 to 33 Cents Under 1929.
The American Woolen Co. on July 21 opened men's staple
suitings, tropical worsteds and flannels for the spring 1931
season at prices considerably below those named for the previous season. This is noted in the New York "Journal of
Commerce" of July 22 from which the following is also taken:
Reductions on staples for the most part ran
ed from 10 cents to 25 cents
per yard under last fall, while tropicals were
priced 17 cents to 33 cents
under last season.
The price cuts on tropicals occasioned considerable
comment in the
market yesterday. Owing to the fact that
a number of mills are about to
price tropicals for the next season,
the quotations announced by the big
company caused a stir in the market and
may lead to a greater downward
price revision by competitors than was expected
at the beginning of the
season.
Within the past few years the demand
for summer fabrics, such as
tropicals and flannels, has broadened considerably. Keen
observers of the
wool goods market stated yesterday
that the new low prices named by the
big company will strengthen the
position of the firm where staples and
tropicals are concerned.
New Lines Extensive.
The lines opened yesterday included serges. cheviots,
frenchbacks, flannels. gabardines, summer fabrics,
pencil stripes and tropicals.
The summer goods lines are more
extensive than ever before and contain a number of highly styled two -and three-ply tropicals
In a varied
assortment of patterns and colors. The improvement
noted by buyers in
the fancy woolen and worsted lines
opened several months ago by the company. Is apparent in the new
lightweight cloths. It was stated that the
American. In addition to holding its
position as a leading producer of staple
tropicals, intends to satisfy
the demand of the trade for better styled
summer fabrics.
Cheviots Reduced.
Among the fabrics substantially
reduced is No. 414-1 cheviot long
regarded as the barometer for staple suitings
prices. The cloth, which
President Machado to-day issued a decree regulating the average prices weighs 14
ounces, Is now quoted at $1.46, as against $1.67 last
season and
of Cuban raw sugar fixed upon the ba.sis of New York and London transac- $1.77 last
year. The Fulton 14-ounce serge, which was
priced $2.46 last
tions and appointed a sugar commission to govern sales. Three com- season is now
quoted at $2.31. Other notable reductions include:
missioners. Eugenio Molinet, Secretary of Agriculture; a representative of No. 9313-1
Wood
unfinished worsted. 13 ounces. $1.65. as against
$1.81 last fall;
the mill owners and another for the growers, will form the board.
Washington 414-1, I4-ounce
cheviot.
$1.46,
as
against
$1.67 last season:
Consuls at New York and London will bo instructed to employ specialists Washington
No. 3756. 12-ounce cheviot. $1.26. as against
to study conditions affecting the market. The Agriculture Department Shawsheen
$1.40 last season:
No. 8020, 15-ounce serge. $2.02. as
against $2.22 last fall.
will be notified of all transactions within 24 hours. On the basis of data
Comparisons on tropicals are as follows:
Ayer 6717, 8-ounce two-ply.
thus obtained daily prices will be issued f.o.b. Cuban ports.
$1.25. as against $1.46 last season;
Ayer 6047. 9-ounce two-ply blue piece
Prices will be determined upon a basis of 96 degrees polarization, the dye.
$1.55, as against $1.83; Ayer 2311-1.
8-ounce mixture, $1.28, as
unit being a bag of 325 net pounds. The Secretary of Agriculture will against
$1.50: Wood 9404. 9-ounce two-ply
piece dye. $1.31. as against
regulate prices for exportation at Matanzas, Cardenas, Cagua, Cienfuegos $1.57;
Wood 9407, 10%-ounce throe-p
ly piece dye. $1.48. as against $1.75:
and Manzanillo.
Washington 130. 11-ounce three-ply
twist. $1.81,as against $2.03. FollowDaily, fortnightly and monthly averages will be published in the Official ing are
the leading numbers, terms
3-30, or net four months:
Gazette. The effect is intended to be an end of disagreements over sales
and prices and the creation of stability.
Department 1.
Tropiccds
-Spring-Washington:
1930.
1931. Ayer:
Jamaica Seeks Better Sugar Terms.
130
$203
$1.81
6047
1.82
1.55
13351
1.72
1.45
6717
1.46
A cablegram as follows from Kingston, Jamaica, July 11 Wood:
1 25
2311-1
1.50
1.28
0404
1.57
1.31
2446
is from the New York "Times:"
2.0.5
1.87
9407
1.75
1.48
The Jamaica Chamber of Commerce has telegraphed to the Associated
9810
1.87
1.62
Chambers of Commerce of the British West Indies at Trinidad its approval
Department 2.
of a resolution to appoint Sir Campbell Stuart as a representative to seek
Tropical*
Spring.
improved terms from the Canadian Government for the admInission of Nat'l & Providence:
1930.
1931,
Manton:
into
sugar
Canada.
raw
4000
82.45-2.50 *2.25-2.30
4224
1.84-1.98
1.53-1.73
4016
2.33-2.46 2.10-2.46
4225
1.88-2.03
1.60-1.77
Fulton:
Penctl
StripesSao Paulo Coffee Injured-Ice Covers 6,000,000 Trees 4074
1.81-1.72 1.39-1.45
Spring.
Fall, Spring,
Shawsheen:
Wood:
1930.
1930.
1931.
in Brazilian State.
4083
1.92-2.05
1.60-1.74
9075-$2.10
*2.00
$1.80
Arden:
9975... 1.77-1.79 1.67-1.69 1.49-1.51
Associated Press advices from Rio de Janeiro, July 17 4108
1.78-1.91
1.55-1.70 Fulton:
Champlain:
5O48._
said:
2.44
2.29
2.05
4122
1.88-1.80 1.33-1.49 Shawsheen:
The coffee crop in Sao Paulo State had been serious damaged within Puritan:
8020.-- 2.43-2.45 2.30-2.32 2.05-2.07
4190
2.30-2.44 2.00-2.34
11(past two days by a cold wave.
8095.-2.35
2.23
1.99
4200
2.27-2.46 1.97-2.25 Puritan Serges:
Reports received here say that more than 6,000,000 trees were covered
35
$3.25
$3.15
$2.88
with ice.
36
3.22
3.10
2.89
FINANCIAL CHRONICLE
JULY 26 1930.]
Department 3.
Flannels1.63
Assabet:
1.79
1.87
7212 base
$1.53
$1.62
$1.70
1011 base
were made possible by lower raw
The new low prices, It Is understood,
manufacture. The quotations are
material prices and economies affected in
tariff differences being taken into
almost on a par with pre-war levels,
cloths on which prices were named
consideration. The majority of the
units at Lawrence, Mass.,
yesterday are produced in the company's largest
n of quality staples and
which are especially equipped for rapid productio
tropicals.
Will Aid Sales.
the action taken by the American
In some quarters it was predicted that
consumer demand for suits
In reducing prices on tropicals will stimulate
that the chief obstacle to
made of these cloths. It has long been argued
e of consumers to spend
increased sales of tropicals lay in the reluctanc
three months at most. Lowered
money on clothing which can be worn for
said, will lead to greatly increased
prices on garments of this type. It was
553
, was due to the
the next two weeks. Use of a night shift, it was explained
y.
arrangement of the mill making such a program mancf.tor
at work yesterwere
At the Stevens Manufacturing Co., where about 600
at about 90%,
operating
be
to
day, mill executives reported the plant
samples for the trade.
capacity. The machinery was being used to turn out
le increase in the
officials said, as they declared there was no appreciab
number of orders booked.
on a three or four
running
are
city
Other fine goods mills throughout the
operating on a full
day week schedule for the most part, although a few are
week.
two weeks. 500
The Parker Mills of East Warren opened yesterday for
ndent of the
persons obtaining employment. Richard E. Lynch, superinte
to reopen
mills, said the plant would shut down at the end of two weeks
in August for a similar period.
other
with
t
agreemen
Mr. Lynch said this policy is in accordance with an
month during the
manufacturers to operate the plants only two weeks each
he said, the plant
present business situation. Unless business improves,
will be open for only two weeks during September.
sales.
is reported below last year,
Although business placed thus far on tropicals
by the prices named by
trade leaders believe that interest will be awakened
is attributed to the fact
market
the
;the big company. The present quiet in
than usual. Last year mills
that buyers are operating a month later
name prices for the next
opened lines on July 15. Many firms will not
season until after Aug. 1.
Efforts of Cotton Industry to Bring Production in Line
With Demand.
s
That the cotton industry is making substantial progres
towards bringing production in line with demand, despite
was
the fact that stocks of cloth in mill hands are still large,
published by the Bureau of
figures
of
analysis
1930.
an
by
d
June
ry
disclose
for
ng
Indust
Spinni
Cotton
Activity in the
the Census, by The Association of Cotton Textile MerThe Department of Commerce announced on July 21 that
chants of New York. This analysis according to the Associaccording to preliminary figures compiled by the Bureau of
ation's advices July 22 shows that the aggregate running
in
were
the Census, 34,135,368 cotton spinning spindles
5,778,524,which 27,- time of American cotton mills during June totaled
place in the United States on June 30 1930, of
to 8,155,388,604 during June
ed
compar
hours
spindle
384
month,
the
during
time
642,158 were operated at some
29%.
April, 1929. This is a reduction of 2,376,864,220 or over
compared with 28,374,434 for May, 28,860,382 for
of the
ng
beginni
the
since
time
running
te
The aggrega
134
28,898,464 for March, 28,926,580 for February, 29,198,
82,222,272,627 spindle
been
has
1929,
1
Aug.
year
cotton
te
aggrega
The
similar
for January, and 30,631,800 for June 1929.
was hours, compared to 91,859,765,822 for the previous
number of active spindle hours reported for the month
of
on
103.%.
period. This is a reducti
5,778,524,384. During June the normal time of operation
Translated into terms of cotton cloth says the Association,
25 2-3 for April,
May,
for
26
with
ed
compar
days,
25
was
textile industry during June
y, and 26%2 for January. this indicates that the cotton
26 for March, 23 2-3 for Februar
208,000,000 yards less than in June
mately
approxi
d
produce
average
per
day
hours
the
Based on an activity of 8.88
1929 and that since Aug. 1 1929, it has produced approxi
number of spindles operated during June was 26,029,389,
similar
s
previou
the
in
than
less
yards
,000
age mately 844,000
or at 76.3% capacity on a single shift basis. This percent
period.
compares with 83.6 for May, 96.3 for April, 92.8 for March,
June
y
for
and
Januar
for
104.8
100.3
y,
Februar
of
97.7 for
Rayon Prices Cut by Viscose Company-Reduction
1929. The average number of active spindle hours per
a Pound Announced, 13 to 22%cents
25
to
20
spindle in place for the month was 169. The total number of
Textile Prices A Factor-Decline in Silk Also
cotton spinning spindles in place, the number active, the
Caused Slash.
number of active spindle hours and the average hours per
industry,
The Viscose Co., leading factor in the rayon
spindle in place, by States, are shown in the following
a pound
25
cents
20
to
of
ons
reducti
ced
announ
on July 22
statement.
in the New
and ranging between 13 and 22%. This is noted
Active Spindle Hours
York "Times" of July 23, which further stated:
Spinning Spindles.
for June.
the new list of prices, which became
In a statement accompanying
President of the company, referred
effective yesterday, S. A. Salvage,
said that the action on rayon should set at
Total.
to the decline in raw silk and
the artificial product.
in
rest the rumors of a further decline described as "very sharp," and, while
169
34,135.368 27.642,158 5.778,524.384
United States
In the market the reductions were
g yarns may follow the action of Viscose.
17.539.362 4,153.176.435
217
other companies making competin
Cotton growing States 19,123,198
to make announcements.
9.013,540 1.468.575.274
108
they were not prepared yesterday
New England Suites. 13.586.248
75
1,089,256
110
156,772,6
1,425.922
the price cut. Mr. Salvage said:
All other States
In explaining the reasons for
for the past few months in textiles, and
1,703,024
427.029,552
229
"Due to the lower price trend
1,860.748
Alabama
in silk, we have thought it advisable
894.726
131,542.142
121
1.090.224
particularly the recent sharp decline
Connecticut
3,015,518
to the figures quoted below, effective
228
737.232,023
3,240,418
Georgia
to bring the price of rayon down
7
670.360
129,102,67
123
1.045,732
the price parity which has in the past
Maine
to-day, July 22. and thereby maintain
5,816,886
105
825.355,803
7.854.656
Massachusetts
the two fibres.
130.388
between
28.573,954
207.488
138
existed
Mississippi
level than ever before, and which
771,554
157,404.208
121
1.302.352
"While silk to-day is selling at a lower
New Hampshire
351.890
373.012
101
37,828.539
for any length of time, we have, in making
New Jersey
is very uncertain to continue
6
447,954
69.220.45
695.628
100
and brought our prices to such
tion
York
New
this cut, taken this fact into considera
5,519,848 1,256,162,396
6.228.398
202
North Carolina
g any rumors regarding a further
207.297.400
1.234.270
2,176.020
95
point as would be effective in answerin
a
Rhode island
5,453.684 1.287.693.825
5,678.678
227
South Carolina
decline."
565.576
613,022
294
180,059,513
place on May 1. The following
Tennessee
The last reduction in the market took
48,391.236
237.418
282.140
172
Texas
volume sellers of the Viscose line with the new prices on
1
the
gives
664,386
688.326
24,267.511
table
181
Virginia
es:
131,363,149
655.676
798,526
165
"brights" and the former prices in parenthes
All other States
Second,
First.
Filament.
Denier.
11.50(11.65)
51.60(11.85)
18
75
1.60( 1.75)
1.70( 1.95)
30
75
Resumption of Operations By Three Fall River Cotton
1.20( 1.40)
1.30( 1.50)
40
100
Mills Results in Return of 3,000 Workers-Day and
.90( 1.10)
1.15)
.95(
24
150
1.1O( 1.30)
Two
es.
1.15(
1.35)
in
Combin
Shifts
60
Night
150
.75( .95)
.78( 1.00)
44
300
When operations were resumed on July 21 by three cotton
the
unusal variations In the filaments apply in the new list, but
The
more
d
River
than
3,000
employees returne premiums for the dull lustre yarns have been reduced from 5 cents to 3
combines in Fall
denier
reduced, those from 50 to 125
to their jobs says the Providence "Journal" of July 22 from cents a pound. Coning has alsotobeen
5 cents from 10 cents a pound and for
In the first and second grades
which we also quote the following:
to 3 cents a pound from the
grades
the
same
in
coarser
150 denier and
The number of workers was still further increased by a sample production former 4 cents.
schedule put in effect at the Stevens Manufacturing Co.. where 600 are
employed.
Production of Linseed Oil During Quarter Ending
The Firestone Cotton Mills, where day and night shifts call for the emJune 30 1930.
ployment of approximately 1.000 workers opened its units yesterday
morning after two weeks of idleness. It was further reported at the plant
of
ment
Commerce announced on July 21 that
Depart
The
that no further curtailment of operation was anticipated.
nary census figures there were 25 mills
Fyne goods mills generally returned to production this week after a period according to prelimi
of inactivity in line with the policy which the high counts group adopted in the United States which crushed flaxseed during the quarto prevent a surplus of goods. Until better business develops, It Is inter ending June 30 1930, reporting a crush of 203,568 tons
dicated that a program of alternate operation and closing will be followed.
the
includes
which
were
Mills,
flaxseed and a production of 130,863,405 pounds of linseed
Parker
units,
which
all
of
of
Philip
King
The
acquired by the Berkshire Fine Spinning Associates in their merger pro- oil. These figures compare with 278,933 tons of seed crushed
gram during the last few months, opened their gates yesterday morning to
and 187,018,538 pounds of oil produced for the corresponding
about 1.800 operatives. The machinery was idle all last week. The Plans
It
d.
was
complete
said.
been
not
have
quarter in 1929, 269,022 tons of seed and 179,532,207 pounds
week
for next
day and night schedule was begun Yesterday at the Pepperell Manu- of oil in 1928, and 250,970 tons of seed and 167,232,121
facturing Co. plant on Bedford St.. where more than 500 workers are
of oil in 1927. The Department further says:
employed. It was said that the program probably would be followed for pounds
State.
In Place
June 30.
Active DueJune.
Average per
Spindle in Place.
FINANCIAL CHRONICLE
554
[VOL. 131.
Stocks of flaxseed at the mills on June 30 1930, amounted to 65.173 tons
compared with 100,928 tons for the same date in 1929, with 84.964 tons in
1928. and with 97,731 tons in 1927. Stocks of linseed oil reported by the
crushers were 71.222.982 pounds on March 31, 1930. compared with 83.544,918 pounds for the same date in 1929, with 140,055,105 pounds in 1928.
and with 105,492,012 pounds in 1927.
The Imports of flaxseed during the quarter are not available, but up to
and including June 17 there were 119,649 tons imported. The amount for
the entire quarter in 1929 was 254.171 tons, in 1928. 154,502 tons and in
1927. 213,303 tons. The imports of linseed oil to June 17 were 412,257
pounds as compared with 6.415,055 pounds for the entire quarter in 1929,
44,934 in 1928 and 388,652 in 1927.
credited to the Oklahoma City and East Earlsboro fields in
Oklahoma while in one instance there was a 50% drop in
a Kansas well reported.
Urged by the recent cut in crude oil prices, over 200
independent oil producers in Pennsylvania have voted to
curtail production 30% in the hope of stopping overproduction. The cut is to go into effect immediately and will
last until Sept. 1. Operators in other parts of Western and
Northwestern Pennsylvania have already taken similar
action. The counties affected by the latest curtailment plan
Weekly Refinery Statistics for the United States.
are Forest, Elk, Tioga and Potter.
With all wells open in the Darst Creek oil field in GuadaAccording to the American Petroleum Institute, companies
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400 lupe County, Texas, proration for the time being seems to
barrel estimated daily potential refining capacity of the have been entirely forgotten. The granting of a temporary
plants operating in the United States during the week ended injunction by a Travis County District Court against the
July 19 1930, report that the crude runs to stills for the week Railroad Commission proration order was the signal for the
show that these companies operated to 69.3% of their total opening of the wells by all of the big operators. The wells
capacity. Figures published last week show that companies were opened one by one on successive days until all were
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400 working. The injunction was granted to Harrison & Aberbarrel estimated daily potential refining capacity of all crombie, Houston operators, who gave as reason for their
plants operating in the United States during that week, but action the alleged drainage through failure of the Louisiana
which operated to only 71.2% of their total capacity, con- Oil Refining Corp. to stay within its quota from the field.
tributed to that report. The report for the week ended Harrison & Abercrombie have storage facilities in the area
and other operators have pipe line capacity sufficient
July 19 1930 follows:
to
CRUDE RUNS TO STILLS-GASOLINE AND G
o I) FUEL OIL STOCKS take care of their wells.
WEEK ENDED JULY 19, 1 0.
The South Penn purchasing Co. announced a drop of 25
(Figures in Barrels of 42 all of)
cents a barrel in the price of Corning crude oil last week.
The Pure Oil Co. made public at the same time a reduction of
Per Cent
Pe Con,
Gas
10 cents a barrel for Michigan crude oil to 81.45 from $1.55.
Potential
Crude
Oper.
and
Dtstrid.
Capacity
Rune
of Total
Gasoline
Fuel
It was learned that the Joseph Seep Purchasing Agency has
Reportto
Capacity
Stocks.
Off
lag.
BURL
Report.
Stocks
made a 17c. a barrel cut in the price of Somerset crude oil.
Ea.' Coast
100.0
3,433,000
80.6
7,601.000
9,542.000 This reduction is reported to have been prompted more by
Appalachian
91.8
605,000
73.5
1,572,000
950.000
Ind., Illinois, Kentucky 99.6
2,165,000
81.2
7.587.000
4.242.000 the desire to bring prices of this oil into lines with corresOkla., Kans., Mlmouri. 89.9
1,880,000
64.8
4,009,000
4,722.000 ponding grades in the midcontinen
t area than by overTexas
90.4
3,792,000
76.0
6,747.000
10.338.000
Louisiana-Arkansas.- 96.8
1,200.000
85.4
2.082,000
1,880.000 production in this area.
Rocky Mountain
93.8
416,000
42.7
2,580.000
1,197.000
California
99.3
3,631.000
58.2
13.759.000
106,242,000
Total week July 19-Daily average
Total week July 12._
Daily average
Total July 20 1929.1
Daily average
95.7
17,122,000
2.446.000
17.577.000
2.511.000
18.089,100
2,584,200
69.3
45,937,000
139,113.000
47,792,000
139,085,000
95.7
90.9
71.2
85.1
.36,452,000 :136,960.000
Texas Cu f Coast y
100.0
2.750.000
74.6
5,582 000
7.290.000
Louisiana Gulf Coast y_ 100.0
804.000
1.709(MO
77.9
1.064.000
x 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 19 1930. z Final
revised 1929.
Note.-Ail 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 011 Stocks." Crude oil runs to
stills Include both foreign and domestic crude.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.10 Smackover, Ark.. 24 and over
Corning, Ohio
1.50 Smackover. Ark.. below 2
Cabell, W. Vs
1.35 Eldorado, Ark., 34
Illinois
1.45 Urania, La
Western Kentucky
1.53 Salt Creek. Wyo., 37
Midcontinent, Okla.. 37
1.23 Sunburst, Mont
Corsicana. Texas heavy
.80 Artesia, N. Mex
Hutchinson. Texas. 35
.87 Santa Fe Springs. Calif., 33
Luling, Texas
1.00 M1dway-Stinset, Calif., 22
B iindietop. Texas. grade A
1.20 Huntington, Calif.. 28
filAndletop, Texas. below 25
1.05 Ventura, Calif., 30
'Inkier. Texas
.65 Petmila. Canada
8.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS - FIRM DEMAND HOLDS
MARKET
STEADY-GASOLINE STOCKS REGISTER SHARP DROP
TAN KCA Ft MARKET SEEMS IRREGULAR - KEROSENE
PRICE CUT ANNOUNCED-DOMESTIC HEATING OIL
STRENGTHENS.
Petroleum and its Products-Midcontinent Withdraws
From Oil Marketing Code-Crude Oil Production
With a firm undertone holding the market steady, both
Drops-Pennsylvania Operators Plan Curtailment dealers and refiners were
confident that the gasoline market
-Texas Field Operating Wide Open-Crude Oil would improve shortly.
Heavy consumption over the week
Price Cuts Announced.
end and fairly heavy demand continuing throughout the
The current week has been one of the most active of the early part of the week, brought on by the beat wave,
found
year as far as important developments relating to the petro- dealers with depleted stocks. Tile dealers still
seem to be
industry
leum
are concerned. The withdrawal of a leading purchasing gasoline on a hand to mouth basis,
buying no
producer from the code of oil marketing practices, a decline more than their immediate needs.
The export market rein domestic oil production to the year's lowest level, cur- mains dull although European
buyers are watching the
tailment of individual fields and several price revisions wore trend of the market here.
the leading points of interests.
With the largest drop in gasoline stocks since the
American
The largest company yet to withdraw from the code of oil Petroleum institute began issuing
weekly reports on oil
marketing practices is the Midcontinent Petroleum Corp., refining operation in June 1929,
reported, the trade is pleased
with one of the largest and most complete refineries in at the results so far apparent of the
refiner's moves to curtail
' the midcontinent district. The company notified the Ameri- production. The total gasoline
reported in stock is 45,can Petroleum Institute and the Federal Trade Commission 937,000 barrels, showing a drop
of 1,885,000 barrels. This
that, due to the fact that competing companies, also signers is the lowest amount reported
since Jan. 181930. Operations
qf the code, have been violating it, they have withdrawn. at refineries showed a marked
reduction, the average run
However, the Midcontinent company states that it still is in of crude oil to stills being
2,446,000 barrels daily in the past
favor of the code and will follow its rules except where it is week or 65,000 barrels less
than the daily average for the
forced by their rivals to act otherwise.
preceding week. The operating rate was
brought down
The code, consisting of two parts, is in general application from 71.2% to 69.3%.
over
15,000
with
refining and marketing companies having
Tankwagon prices remained at the same levels
with good
signed it. The first group provides legal prosecution for inquiries sustaining the market.
The general inertia of the
those violating its rules, while the second group embraces market seems to be apparent
here also.
practices as regulations by gentlemen's agreements. Although
The tankcar market seems to be irregular with the
price
several small companies have withdrawn and returned in structure still week. The larger
factors are holding the price
Midcontinen
past,
t is the first large company to withdraw. of United States Motor Gasoline
the
at the previous level of
Crude oil production for the week ended July 19 was 10 cents a gallon, in tank
cars, at the refineries although
2,500,100 barrels daily, a drop of 30,700 barrels during the some sales at 9 cents have
been reported. Several small
week. This is the lowest average since the week of Nov. 17 factors are offering United States Motor
Gasoline, in tank
1928 when the production was 2,490,850 barrels. The cars, at the refineries at 8 cents a gallon which
has a weakencurtailment program put into force thoughout the Oklahoma ing effect on the market.
and Kansas fields was chiefly responsible for the lowering
Demand for gasoline in bulk has been very dull lately.
of the crude oil output. The largest part of this decline was Dealers are maintaining purchases, but are keeping
them.
JULY 26 1930.]
FINANCIAL CHRONICLE
555
small, which does not tend to move the refiners' stocks
Oil Proration Injunction in Texas.
rapidly.
In its July 24 issue the "Wall Street Journal" announced
Effective July 24, Standard Oil of New Jersey reduced
the following from Houston:
the price of water-white kerosene, in tank cars, at the local
Harrison Oil Co. has been granted temporary
in Travis
plant %c. a gallon and is now quoting 63
4c. a gallon. This County District Court at Austin restraining the Texasinjunction
Railroad Commission
from
that
enforcing
price
proration
other companies have been holding recently.
in Darst Creek oil field. According to the charges,
is the
Oil Refining Corp. refused to abide by the proration rules of the
The undertone of this market is easy and the readjustment Louisiana
Railroad Commission and has been operating its property on a full-time
of prices to conform with those of the other companies basis. Harrison Oil and Gulf claimed their properties were being drained.
has been expected by the trade. No further price cuts are
expected for some time with dealers expecting the consump- Rumanians Back Oil Offer-Leading Companies Agree
tion of kerosene to increase in the early fall. Domestic
to Sale of Surplus and Cut of Output.
heating oils are a little stronger with contract business comThe following Bucharest cablegram, July 19, appeared
petition arousing a little interest, although buyers seem in the New
York "Times."
willing to hold off for the present. There have been no
Companies representing 87% of the total oil production of Rumania have
actual reductions, although it is reported that price shading agreed to accept the offer recently made by the Standard Oil Co. of New
Jersey and the Royal Dutch Shell companies to purchase their entire
has been occasionally resorted to.
Gasoline, U. S. Motor, Tank Car Lots. F.O.B. Refinery.
N.Y.(Bayo'n)8.0915.10
N.Y.--Sinclair Ref_ .09
California
Stand. 011, N. J__ .09
Beacon Oil
.09
Los Angeles. export_
Stand. 011, N. Y_ .098
Carson Pet
.08
Gulf Coast, export__
Tide Water 011Co. .09
Crew Levlck
.09
North Louisiana_ _ _
Richfield 011 Co__ .10
West Texas
.06
North Texas
Warner-QuinVnCo
Chicago
.0944 Oklahoma
Pan-Am.Pet. Co_ .09H New Orleans
.0754 Pennsylvania
Shell Eastern Pet_ .10
Arkansas
.0614
i
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Gasoline. Service Station. Tax Included.
1.183 Cincinnati
$.19
Minneapolis
.21
Denver
.16
New Orleans
Detroit
.22
.188 Philadelphia
Houston
.20
.18
San Francisco
Jacksonville
.24
Spokane
•15
Kansas City
179 St. Louts
0854
0754
08)4
0754
.0654
08
0954
1.182
195
.21
.251
.195
16
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bay000e)5.07@.07M 'Chicago
1.0534 I New Orleans
$ 07M
.05H I Los Angeles, export- .05H ITulsa
North Texas
.0614
Fuel Oil, 18-21 Degrees. F.O.B. Refinery or Terminal.
New York(Bayonne)$1.151Los Angeles
1.851 Gulf Coast
2.00 I New Orleans
Diesel
.95[Chicago
Gas Oil. 33-34 Degrees, F.O.B. Refinery or Terminal.
1.03 1Tulsa
N. Y.(Bayonne)-$.0554 iChlea.go
$.75
.55
1.03
Gross Crude Oil Stock Changes for June.
Pipe line and tank farm gross domestic crude oilstocks
east of the Rocky Mountains increased 625,230 barrels in the
month of June, according to returns compiled by the American Petroleum Institute from reports made to it by representative companies. The net change slICINVII by the reporting
companies accounts for the increases and decreases in general
crude oil stocks, including crude oil in transit, but not producers' stocks at the wells.
Pennsylvania Oil Curtailment-30% Proration Effected
in Northwestern Section of State.
Oil City, Pa., advices to the "Wall Street Journal" of
July 21 said:
export surplus at market prices in return for an agreement limiting their
output.
The Astra Rumania Co. will restrict its daily production from 3,432
tons to 3.280 tons. The Steana Romana Co. will reduce its daily production from 2,570 tons to 1,857 tons. The Romano Americana Co. will
make a Cut from 1,610 to 1,003 tons, the Concordia Co. from 1,780 to
1,311 tons and the Credit Minter from 1,480 to 1.250 tons.
Crude Oil Output in United States Continues
to Decline.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the United States, for
•the week ended July 19 1930, was 2,500,100 barrels, as compared with 2,530,800 barrels for the preceding week, a decrease of 30,700 barrels. Compared with the output for the
week ended July 20 1929, of 2,893,950 barrels per day, the
current figure represents a decrease of 393,850 barrels daily.
The daily average production east of California was 1,885,200
barrels for the week ended July 19 1930, as compared with
1,917,700 barrels for the preceding week, a decrease of
32,500 barrels. The following are estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedJuly 19 '30. July 12 '30. July 5 '30. July 20 '29.
Oklahoma
586.300
616,000
655,000
717.700
Kansas
116.300
128,050
131.650
125,000
Panhandle Texas
101.750
102,6.50
105,150
89,250
North Texas
74.450
75,600
81,450
85,100
West Central Texas
55,700
.55,850
59,450
49,400
West Texas
293.950
297,760
301,350
396,200
39,3.50
East Central Texas
39.450
39.300
17,500
72,400
Southwest Texas
72,250
71,200
76,350
39,400
North Louisiana
39,550
36,150
40.050
55,500
Arkansas
55,600
55.350
68,650
Coastal Texas
183.500
181,100
181.800
128,150
25,800
Coastal Louisiana
28,700
24,150
18,350
129,000
Eastern (not including Michigan)
128,000
127,000
102.000
9.850
Michigan
10,100
9.950
20.000
45,700
40,950
53,750
Wyoming
53,100
9,450
Montana
9,400
9.050
11.600
4,600
4.350
Colorado
4,550
6.900
42.200
New Mexico
32,350
26,900
2.250
614,900
613,100
California
603,500
880,300
2,500,100 2,530,800 2,581,500 2,803,950
Total
Effective July 21 crude oil production in northwestern
The estimated daily average gross production for the Mid-Continent
Pennsylvania,
exclusive of Bradford and Allegheny fields, will be curtailed
field, including Oklahoma, Kansas, Panhandle, North, West Central, West,
30%. A
50% curtailment has been operative in those two fields for a month. Cur- East Central and Southwest Texas, North Louisiana and Arkansas, for the
tailment will be based on April output.
week ended July 19, was 1.435,100 barrels, as compared with 1,482.750
Operators stated the present slump in Pennsylvania grade
barrels for the preceding week, a decrease of 47.650 barrels. The Mid
crude oil
production, excluding Smackover (Arkansas) heavy oil, was
prices is directly attributable to overproduction. Forrest 11.
Continent
Dorn, President of Forrest Oil Co. and of the Pennsylvania Grade Crude Oil
1,397,500 barrels, as compared with 1,444,950 barrels, a decrease of 47,450
Association, expressed the hope that the procedure would go far toward
barrels.
providing
a remedy within the next two months.
The production figures of certain pools in the various districts for the
Ralph T. Zook of Kane, a producer, stated that more oil is
current week, compared with the previous week, in barrels of 42 gallons,
produced
than can be marketed under existing conditions. He claims
the price follow:
structure of Pennsylvania crude is on a plane with that of
-Week Ended-ll'eck Ended1915.
July19. July 12.
East Central Texas- July 19. Ads 12.
OklahomaYesterday (July 25) the Brooklyn "Daily Eagle"
20,150 21,400 Van Zandt County
Bowlegs
24,000 24,150
carried Bristow-Slick
15.250 15,300
Southwest Texasthe following dispatch from Warren, Pa.:
16,000 16,150 Darst Creek
Burbank
26,500 25,750
Two hundred independent oil producers in four
7,550 4,950 Luling
9,800 9,850
Pennsylvania counties, Carr City
28,400 29,150 Salt Flat
Earisboro
Forest, Elk. Tioga and Potter, have voted to cut
20,900 21,150
production 30% until East Earlsboro
North Louisiana19,850 26.850
Sept. 1 in hope of alleviating over-production. Similar
13.000 13,900 Sarepta-Carterville
action already South Earisboro
2,000 3,250
has been taken in other parts of Western and Northwestern
23,850 19,900 Zwolle
, 2,850 2,950
Pennsylvania Kotutwa
fields.
30,350 33,800
ArkansasLittle River
13,750 12,900 Smackover, light
East Little River
5,150 5,150
4,700 4,450 Smackover,heavy
Maud
37,690 37,800
Oil Output in Oklahoma Cut by State Corporation Mission
8,650 9,600
Coastal Texas74,150 83,500 Barbers Hill
Oklahoma City
18,850 19,500
Commission.
28,700 30.000 Racoon Bend
St. Louis
11,850 12,150
Searight
9,650 10,650 Refuglo County
36,250 33,150
Associated Press dispatches from Oklahoma
19,050 23,500 Sugarland
City, Okla., Seminole
12,000 12,100
2,800 3,100
East Seminole
Coastal LouisianaJuly 22 stated:
East Hackberry
Kansas2,200 2,400
18.200 17,550 Old Hackberry
At a hearing to-day before the State Corporation
Sedgwiek County
1,100 1.100
Commission operators Voshell
8,250 17,150 Wyotninoof flush oil pools said production in Oklahoma, already
curtailed to 650,000
Panhandle TexasSalt Creek
27,100 23,750
barrels daily, exceeded the market demand by
70,350 71,350
100,000 barrels. The Gray County
Montanacommission thereupon ordered the daily output
cut to 550,000 barrels Hutchinson County_ __ - 21,200 20,900 Kevin-Sunburst
5,950 5.950
New Mexico-North Texasuntil Aug. 31.
16.200 16,250 Bal. Lea and Eddy Cos 38,500 28,650
Archer County
22,350 23,350
The proposed cut was referred to in these columns
Wilbarger County
CaliforniaJuly West Central TexasElwood-Goleta
46,500 45,000
19, page 362.
18,900 18,950 Huntington Beach
Young County
28.000 28.1100
1Vesl TexasInglewood
17,400 17,500
Crane de Upton Counties. 40,500 40,800 Kettleman Hills
13,700 14,500
19,800 21,100 Long Beach
Oil Development Halted in Oklahoma.
Ector County
100,000
98.000
29.300 29,200 Midway-Sunset
Howard County
63.500 63,500
19,000 19.000 Santa Fe Springs
Reagan
From the "Wall Street Journal" of July 24 we
112.000 112.500
take the Winkler County
69,200
68,900
County
Seal Beach
21,300 22.000
following Oklahoma City advices:
102,100 104,750 Ventura Avenue
Yates
50,500 49,800
4,000 3,900
Bal. Pecos County
Northward invasion of the city by steel oil derricks
was stopped this
week by the city council: which voted unanimously to permit
no further
oil development north of the present limits of the drilling zone.
Foreign Zinc Cartel Renewed for Three Years.
The action was taken so insurance companies will know
the business
district and better residence districts will not be
A cablegram as follows from Berlin, July 22, appeared in
subjected to additional
hazard through oil development.
"Journal
the New York
of Commerce":
556
FINANCIAL CHRONICLE
It was announced to-night that a new European zinc syndicate has been
successfully completed after several months of negotiations. The new
agreement will run for a period of three years.
Overproduction and extremely unfavorable prices for the product in
European markets were chiefly Instrumental in bringing producers together
in an effort to reorganize the international cartel in zinc, which had been
permitted to expire at the first of the present year.
Several troublesome questions presented themselves for solution during
the negotiations, one being the inducement of the German producers to
adopt a more vigorous curtailment policy. It was also felt that a larger
measure of success would attend their efforts if the American producers
would reduce their exports of the metal to Europe commensurate with
the ability of the European producers to curtail production.
[VOL. 131.
leading producer of Canadian zinc is able by the use of this process to
take
advantage of any premium that is offered.
Another interesting fact brought out by Mr. Logan is that while base
metal mining is practically world wide it is actually controlled
by nationals
of a few countries. A small room could easily accommodate a round
table conference of representatives of these nations, and in such a discussion Canada, because of her present position, would
have a strong voice.
Ninety-four Tin Companies Accept Restriction Plan—Some
to Cease Production for Three Months or More.
Ninety-four tin producing companies operating in
British territories and Siam have assented to the recomPresent Prospects for Non-Ferrous Base Metals Better mendation for a two months complete stoppage of producThan During 1921 Depression, According to S. H. tion, an official announcement of the British Tin Producers
Logan, General Manager, Canadian Bank of Association stated on July 21. It is further stated:
A majority of the assents relate to a two months suspension of work,
Commerce.
Although the world's supply of the chief non-ferrous base
metals (copper, lead and zinc) is at present in excess of the
demand, the prospect for some of the producing countries
s tinged with more hopefulness than during the somewhat
similar depression of 1921, according to S. H. Logan, General Manager of the Canadian Bank of Commerce. It is
pointed out that during the last few months Canada has
given an excellent account of herself in metal mining, as
she did in 1921, and is particularly well situated to take
advantage of any favorable factors that may develop,
owing to the relatively high metal content of her copper
ores, which, on a conservative estimate for her mines as
a group, is shown to be above the world average of about
2%, the fact that her recently developed ore bodies are
also richer in associated metals than those previously known,
the high standard of her metallurgical practice as regards
the treatment of all three metals (a most important consideration, since it allows recovery of metal from ore with
a, wider margin of profit) and the fact that her principal
producer of lead and zinc is the largest in the world.
Mr. Logan notes that during the depression of 1921,
when the world's production of copper declined by 44%
under that of the previous year, lead by 3% and zinc by
39%, Canada suffered relatively lightly. It is true that
her copper production fell 42%, but this may be measured
against a decline of 62% in the United States and 73% in
Mexico. On the other hand, she increased her output
of lead 89% and zinc 43%. A comparison between the
mine production during the first five months of the current
year and that of the corresponding period of 1929, shows
an increase of about 26% in the Canadian output of copper,
16% in lead and 16% in zinc, as against a world decrease
of 21% in copper, a slight decline in lead and a similar
slight increase in zinc, while many of the principal producers
of these metals, including the United States, experienced a
decline in all three. The increase in Canadian smelter production of copper, 36%, and of zinc, 26%, is even more
impressive. A statement with respect to Mr. Logan's
views also says:
•
Copper, the most important of these metals, appears to have a com!
paratively bright outlook in Canada, the Belgian Congo and Rhodesia
(the last named being still in the process of development), even if further
curtailment of world production should be necessary. As already noted.
Canada has copper ore of exceptional richness, but it is also a remarkable
fact that her reserves of this metal have more than doubled during the
last few years; the present situation is in sharp contrast with 1921, when
her production was mainly from two fairly large mines, the ore of which
contained not more than 2% copper. The United States, of course, may
be expected to occupy for many years its primary position in this industry.
The American industry has advantages in the way of immense ore reserves which permit of large-scale operations, with a consequent relatively
low cost, a highly protected home market and a substantial control of foreign mines, but market conditions have been such that smelter output has
fallen 25% and domestic mine production nearly 32% during the first five
months of the current year, as compared with those of 1929. While
the newer producers cannot compete with the United States in volume.
they have, on the other hand, either stabilized their position or, as in the
case of Canada, materially improved it.
Lead is statistically better off than either of the other two metals since
its surplus stocks are only slightly, if any, above normal. The close relationship, however, between the automobile and building trades and
the demand for this metal somewhat clouds the issue from a world point
of view. As a result many small mines have been closed and the world's
production is smaller, although Canada and a number of other producing
countries have either held their own or actually increased their output.
It may be noted in passing that the percentage oflead derived from flotation
concentrates on the property of the largest Canadian producer is higher
than the average in either the Western United States or Mexico.
The zinc industry is suffering from the piling up of the largest surplus
stocks ever known, as well as from the slow increase in the uses for this
metal, but the cessation in recent years of exports from the United States
and the expiry last month of a ten years' agreement by the British Government to purchase suvpius stocks of Australian zinc (the renewal of which
at least on such favor.able terms, is doubted in authoritative circles) tend
to enhance the position of Canada and Burma, which have rapidly advanced to the forefront in zinc mining. Furthermore, zinc derived through
the electrolytic process commands a premium in price, owing to its great
purity, although with the increasing supply of this grade the spread in
price is not so wide as it was a few years ago, but it may be noted that the
but a number of the companies intimated that they are actually
closing
down for three months or longer. Owing to exceptional
conditions,
eight of the 94 assenting companies are unable to
close down entirely
and have applied or are applying to local committees
concerned for
special consideration.
This important development follows an announcement
made last week
by C. V. Thomas, Chairman of Tronoh Mines Limited,
Southern Tronoh
Tin Dredging Limited, and Sungei Besi Mines Limited,
that the first
two of these companies would adopt the association's
recommendation
for complete two months stoppage, while the third,
which owing to
special conditions could not close down completely,
would restrict by
20% of its 1929 output.
Low Metal Prices Stimulate Buying—Copper at Lowest
Point Since 1902 Spurs Heavy Demand—Zinc and Lead
Active.
Very heavy sales of copper and zinc and a fairly active
market in lead featured trading in the non-furrous metal
markets during the past week, Metal and Mineral Markets
reports. Low prices, rather than the necessity of covering
orders for fabricated material, was the chief buying stimulant, the ultimate consumer, except public utilities, not
having been greatly attracted by current low prices. The
same publication goes on to say:
For three successive weeks copper bookings kave bees partietdarti
heavy, and for the week ending yesterday a total of 62,400 tons
was
reported in the domestic market. This represents the largest volume
of
business since early in May, when copper sold at 1254 cents.
All
agencies are now at 11 cents, the lowest price since 1902. There
is a
general feeling in the trade that the red metal may not go
lower than
11 cents.
Demand for lead has not been quite so active as a week ago. Sales
for July shipment are now likely to equal or exceed the 48,000-to
n
total for June and but little more than half of expected August
requirements has so far been bought. With prices holding at 5.25 cents,
New
York, and 5.15 cents St. Louis, producers continue to feel that
the
next price movement in lead is more likely to be up than
down, but
there is nothing to indicate that any immediate change is being
considered.
Total zinc business for the week was the largest since the
active
market in January, at prices ranging from 4.25 cents to as
high as
4.45 cents.
The major market settled at 4.40 cents.
Tin met a
moderate demand as a result of continued low prices and the
fact that
the price does not seem inclined to break.
11-Cent Copper General—Export Copper Cut.
The following is from the New York "Evening Post" of
July 21:
Following offering of the metal by a large producer last
week at 11 cents
pound, copper was reported obtainable today for
domestic shipment
from virtually all sources at that price for delivery to
the end of September.
At 11 cents, domestic copper was
31 of a cent under European parity.
but a reduction in the foreign price soon was
expected to bring It in line
with the domestic quotation.
Some agencies were selling at 11 cents to regular
customers but remaining out of the market or quoting 11X
cents where they did not want to
accept orders.
a
The same paper in its July 22 issue said:
Copper for shipment to European ports was
reduced 31 of a cent a
pound to 11.30 cents by Copper Exporters,
Inc.
This brought the price of the metal to
parity with domestic copper.
which was offered by large producers, at
11 cents a pound.
The reduction in foreign copper
prices brought fresh buying into the
market and sales in the forenoon today
approximated 5.500,000 pounds.
Fair business also was done in domestic copper,
although demand tapered off a bit today. It was believed that
fabricators were willing to buy
substantial tonnage at 11 cents.
Our reference to copper prices a week ago appeared on
page 362.
Strike in Butte Ends-1,500 Employes Go Back to Work
as Agreement is Reached.
Under date of July 21 an Associated Press dispatch from
Butte, Mont., to the New York "Times" said:
Normal business was resumed in Butte to-day with
1,500 employes returning to work under terms of a secret agreement
which ended a weeklong general strike.
The strike started with the refusal of union
teamsters to accept a wage
reduction of 25 to 50 cents a day. Machinists joined
them upon announcement of a proposed reduction of $1 a dayBecause of their refusal to handle goods delivered by non-union
teamsters, clerks were locked out a week ago, virtually suspending all business.
JULY 26 1930.]
FINANCIAL CHRONICLE
557
An early account of the strike,in the "Wall Street Journal" structural material, and a mild order betterment in general
of July 14,said:
business. "Steel" further states:
Owing to sympathy of clerks with striking teamsters and machinists,
Heavier steel releases are due this week from the automotive industry,
and the fact that the clerks have broken their agreement with employers, for fabrication early in August when the shutdown period is ended. Structhe Silver Bow Employers Association, comprising practically all establish- tural steel bookings this week, 37,000 tons, again exceeded the weekly
ments in the wholesale and retail districts, have ordered all stores closed. average for 1930, and the large volume of inquiry appears the more promDrug stores will remain open for emergencies and small grocery and meat ising because current low prices are maturing many Projects.
stores will be open and run by Proprietors. Stores will probably stay
So restricted have been the commitments of many small consumers and
closed for 30 days and when they open will probably be run with non-union so deficient are the stocks of secondary interests that an encouraging
help. It looks as though the unions were losing in one of their fast strong- degree of replenishment is imperative, if improvement in the fall is to be
holds of the West.
discounted. Even the railroads appear brighter this week, with the
John Ryan and Cornelius Kelley, of Anaconda, are here on a visit, and Pennsylvania & Reading soon to buy rails, the Chesapeake & Ohio inquiring
will probably stay for several weeks.
for 58,600 tons, and some scattered equipment buying Indicated.
It still is true that, whole anticipating improvement and believing July
low point, steel producers do not foresee a really brisk market. Com1,200 Men Called Back to Work in Past Week in Birming- aparisons
with 1929 will become the more favorable, as a year ago the market
ham, Ala. District.
was in retreat, and for this season a more cheerful tone will be evident.
Some
concern
is expressed over prices, as in some lines weakness is evident,
In its July 23 issue the "Wall Street Journal" carried the and the appearance
of sizable business might develop sharp competition.
following from Birmingham:
With the decline which has been practically continuous since February
More than 1,200 men have been called back to work in the past week in losing its momentum, steelmaking operations this week make a slight
this district. improving unemployment conditions. Tennessee Coal, Iron contribution to a better situation. At Chicago, Pittsburgh, Cleveland,
& Railroad Co.'s Ensley Works, including rail mill, open hearth furnaces Youngstown and Buffalo 60% rates obtain, while Birmingham leads at 70%•
and one blast furnace, provided work for 800 men alone, while additional In many departments, heat has been a retarding factor.
Structural shapes vie with tank plates for the leadership in activity in
ore, coal, limestone and other operatoins gave 400 to 600 others work.
Base price of pig iron in the home territory is held firm at $14, No. 2 heavy steel, bars being handicapped by restricted automotive and farm
foundry, and indications point to improved demand from now on. Machine Implement buying. Over 15,000 tons of tank work is pending at Chicago,
shops and foundry report castings being made in quantity while pressure and shipments to line pipemakers enable plate mills there to operate at 80%
pipe shops are still shipping pipe steadily. A little foundry iron continues Structural awards, totaling 37,000 tons this week, are the sum of many
medium-size jobs and compare with 32,233 tons a year ago. Awards thus
to be shipped to outside points.
far in 1930 total 1,045,000 tons; a year ago 1,251,646 tons.
With Ford the only automobile sheet user of consequence in the market,
Warehouses Reduce Iron and Steel Prices.
sheet bookings and production at Pittsburgh have receded. Demand for
roofing
in the Southwest gives Chicago mills the best business since
The New York "Sun" of last night (July 25) reported the spring. sheets
Cold-finished bar releases from automotive users are better.
following from Chicago:
Wire and strip still drag. The National Tube Co. and A. 0. Smith Corp.
Iron and steel warehouses in this territory have reduced prices of bars, have divided the pipe for the 1,000-mile line of the Continental Construction
Co.from Texas to Chicago. The National Tube Co. also has 75,000 tons of
shapes, plates, hoops and bands $2 a ton.
Mill prices of bars,shapes and plates are $6 to $8 a ton below a year ago. pipe for the new Great Lakes Pipe Line Co. gasoline line.
iron inquiry is somewhat broader at Chicago, but in other districts
The same paper in advices from Pittsburgh yesterday Is Pig
light, and the tendency in merchant iron production is downward. In
(July 25) stated:
the Mahoning Valley, for example, only two of the seven strictly merchant
Warehouse prices on heavy steel products here have been reduced 15c. stacks are active. General Electric Co. had bought 2,000 tons for various
per 100 pounds. bringing bars and small shapes to 2.75c. and plates and plants. Beehive furnace coke is more generally quoted at $2.60, a rise
of 10 cents, more because of restricted production than brisker demand.
large shapes quoted 2.85c.
So drastic has been the curtailment in shipping schedules of lake iron ore
Hoops and bands have been cut a like amount to 4.10c. and 3.10e. respeetively, while blue annealed plates are now quoted 3.10c, and floor that estimates for the 1930 movement have been cut to 50,000,000 tons.
or 15% below 1929.
plates 4.60c. with the usual differentials continuing to apply.
A further decline of 4 cents in the market composite of "Steel" lowers
this index to $33.14. compared with an average of $33.53 for June.
Steel Output Continues at Same Rate-Moderate UpFinished Steel.
Pig Iron.
July 22 1930, 2.1710. a Lb.
July 22 1930. $17.09 a Gross Ton.
turn Looked for this Fall-Prices Unchanged.
One week ago
2.1710. One week ago
$17.09
One
2.1850. One month ago
ago
Sentiment in the iron and steel trade has improved more One month
17.42
year ago
2.412e. One year ago
18.42
Based
plant
on
tank
operations,
plates,
beams,
steel
Based
bars,
or
business
on
average
reports
of basic iron at Valley
than
the "Iron Age" of wire, rails,
black pipe and black sheets. furnace and
irons at Chicago,
July 24 in its summary of iron and steel conditions in this These products make 87% of the United Philadelphia,foundry
Buffalo, Valley and Birof finished steel.
mingham.
country. The opinion is gaining ground that industrial States output
High.
Low.
High.
Low.
1930..2.362e. Jan, 7 2.1710. July 15 1928_618.21 Jan. 7 $17.09 July 15
reaction is at its worst and that the only possible change is 1929_2.412e.
Apr. 2 2.362e. Oct. 29 1929_ 18.71 May 14 18.21 Dec. 17
for the better, but actual gains in mill bookings are too 1928_2.391o, Dec. 11 2.364o. Jan. 3 1928___ 18.59 Nov.27 17.04 July 24
1927_2.453o. Jan. 4 2.2930. Oct. 25 1927_ 19.71 Jan.
17.54 Nov. 1
small and too scattered to be significant and steel ingot 1926_2.453c. Jan, 5 2.4030. May 18 1926_ 21.54 Jan. 4
5 19.46 July 13
1925_2.560o.
Jan, 6 2.396e. Aug. 18 1925_ 22.50 Jan. 13 18.96 July 7
output is unchanged at 56% for the third week.
The
"Age" goes on to say:
The heat wave has further reduced operations among certain iron and
steel consumers, notably foundries, and additional two-week shutdowns
of manufacturing plants tend to offset the effect of resumptions by those
reaching the end of their "vacations."
When the period of industrial suspensions has been finally passed, iron
and steel demand will doubtless fulfill expectations of betterment. The
extent of the gain in bookings, however, is difficult to forecast, since so
much depends upon the flow of consumer goods to the public. Invcetories
of both raw materials and finished products at iron and steel consuming
plants will prove small or large as the rate of general business activity
determines. Several manufacturers of this class which have been idle for
the past two weeks have resumed operations in a very limited way.
The movement of sheets and strip to industries outside of the automobile field is somewhat larger, and makers of those products serving the
Ford Motor Co. have been able to increase their schedules somewhat.
But most of the favorable news of the week is negative. The lack of
important price changes in scrap and pig Iron and the putting out of additional blast furnaces are construed as further evidence that the bottom
has been reached or is close at hand. Fewer furnaces are in blast in the
Alabama district that at any time since January 1922.
Steel prices are still highly irregular, but do not show such
widespread
weakness as a few weeks ago. The Price of 3.10c.. Pittsburgh, on galvanized sheets, which had been confined to large jobbers, has been extended to other buyers. Tin mill black plate is off $1 a ton and long
terms have declined $2.
Pipe bookings have been swelled by the placing of 450 miles of 24-inch
(80,000 tons) with the A. 0. Smith Corp. for the second section of a gas
line from the Southwest to Chicago. The pipe for the first section, 480
miles, was ordered from the National Tube Co. some time ago. About
600 miles of pipe remains to be placed, but probably will not be awarded
this year. Manufacturers expect to book additional pipe line tonnage
within the next month or two, since a number of projects are still pending
and others are being planned. A gas line from New Mexico into Arizona
calls for 280 miles of 10-Inch.
The Minneapolis & St. Louis has bought 500 box cars, but the railroad
equipment market remains unusually quiet, with pending business totaling less than 3,000 cars.
The "Iron Age" composite prices remain unchanged at the low levels
of the year reached last week, pig iron being $17.09 a gross ton and finished
steel 2.171c. a lb., as the following table shows:
Steel producers increasingly are looking beyond their
present light order books and mediocre price situation to a
moderate upturn this fall, says "Steel" (formerly the "Iron
Trade Review") in its issue of July 24. This expectation
is predicated chiefly upon a slowly rising curve in automobile production, a continuation of brisk demand for
Steel ingot production is slightly higher at 573.% of
capacity, compared with 57% in the preceding week and
48% in the week of the July 4 holiday shut-down, according
to the "Wall Street Journal" of July 22. At this time last
year the industry was at 95%, and at the same period in
1928 it was at 73%. The "Journal" adds:
The U. S. Steel Corp. in the past week was at nearly 64%, contrasted
with 63% in the previous week and 55% during the holiday period. At the
corresponding time last year the corporation was slightly under 99%. and
in 1928 it was running at 76%•
Independent steel companies made no change in the past week and are
running at 52%, the same as in the preceding week. During the Independence Day curtailment the independents were at 42%. In the corresponding
week of last year these companies operated at 92%, and in the same week
of 1928 at 703i%•
The "American Metal Market" this week says:
Steel production has been at a fairly steady rate, slightly over 55% of
capacity, since the week of Independence Day. While the market has
appeared very dull in the last fortnight this does not seem to be making for
lighter production in future as buying was light even in June.
At least during the first five months of the year steel pursued a fairly
consistent course, there being no decided departure from ordinary seasonal
variation. Now thero is a departure, production this month being fully
25% under the average during the first half of the year, whereas in ordinary
years like 1925 and 1926, showing no progressive change but only seasonal
variation the difference has been 10 to 15%. If the dip is merely seasonal
It makes it so much easier for autumn recovery to occur. Otherwise there
is a more prolonged backset. August will probably answer this question. If
there Is to be subatantial autumn improvement the signs should be plainly
visible before the end of that month. It is not easy to count up individual
tonnage, but what may be called miseellaneous consumption is a large
factor, outside the consuming lines that can be observed in detail.
Agreement Reached at Anthracite Coal Mine Wage
Conference in New York-Present Wage Scale
Retained.
Under an agreement signed in New York on July 18 by
representatives of anthracite coal miners and operators
who had been in conference in this city since June 30, to
consider a new wage agreement to replace the one expiring
Aug. 31, the present wage scale will, it is understood, be
continued until April 1 1936. Regarding the agreement
drawn up by the joint sub-committee on July 17, and con-
558'
FINANCIAL CHRONICLE
firmed the next day by the Full Scale committee, the New
York "Times" of July 18 said:
The agreement, which will be submitted at 10.30 a. m. to-day to the
full scale committee of the miners at the Hotel Pennsylvania concedes to
the miners a modified form of dues check-off, calling for the collection of
$12 a year per miner. In exchange the operators obtained a modification
of what they term the "arbitration clause" in the old agreement, dealing
with the fixing of wage scales.
The tentative draft will be resubmitted to the joint conference to-day
at 2 p. m to be put into final form should it be approved by the miners'
full scale committee.
Under the expiring agreement there is a provision that the question of
wages can be reopened once a year during the life of the contract. This
clause provided that two from each side shall confer and reach an agreement, when the question is opened, but they may call in outsiders in deciding any changes. The operators object that no time limit is set for
reaching an understanding, nor is any way provided to compel the conferees
to reach an agreement.
Before the announcement of the tentative agreement was made a formal
statement was issued jointly, declaring:
The subcommittee representing the anthracite operators and United
Mine Workers of America resumed discussion of the various matters entering into the negotiations for a new agreement. The discussion was
both general and specific, and both sides presented their various thoughts
and arguments in detail.
No definite conclusions were arrived at when the conference adjourned.
The conference is now in its third week.
Representing the miners are:
John L. Lewis, International President, Chairman; Philip Murray,
International Vice-President; Thomas Kennedy, International SecretaryTreasurer; John Boylan, President of District 1; Michael HartneadY.
President of District No. 7; M. F. Brennan. President of District 9.
The operators are represented by:
W. W. Inglis, President of the Glen Alden Coal Co.; A. J. Maloney,
President of the Philadelphia and Reading Coal and Iron Co.; Michael
Gallagher, President of the Pittston Co.; R. F. Grant. President of the
Lehigh Valley Coal Co.; C. H. Suender, Vice-President of Madeira Hill
Coal Co.; J. B. Warriner, President of the Lehigh Navigation and Coal Co.
[Vol,. 131.
payments shall not be tendered or received more than once a month, and
that the operators will provide some suitable record of payments,showing
from whom received.
The Negotiation Committee.
The provision, making possible consideration of wage scales and other
matters during the life of the agreement, calls for a negotiation committee
of twelve men, six from each side, as in the old agreement, but declares
additionally:
The committee shall meet from time to time on call of the chairman,
either at the discretion of the chairman or on written request of any five
members of the committee.
The committee shall consider and discuss all questions arising under
this contract relating to co-operation and efficiency and performance of
the contract by the parties and the relations of the parties which either
party may present for consideration and discussion.
The committee may employ such skilled expert assistance from time
to time as the committee shall deem advisable in order that the committee
may be informed and advised as to any facts or information which the committee may desire to have determined.
Mr. Lewis, in his statement to which Mr. Inglis subscribed, declared:
We are gratified to confirm the negotiaions of a new agreement that
will spell industrial peace in the anthracite region for a period of five and
a half years after expiration of the present contract. This will mean an
unbroken era approximating ten years.
The agreement is predicated upon a continuance of present wages and
speaks for itself. It also provides in a comprehensive fashion for the working out of a concrete program of co-operation. It provides for mutual
accommodation to each other.
The arrangement for collection of dues will reduce operating expenses
of the union. In consideration for this accommodation, the agreement
provides for practical co-operation by the miners in promoting efficiency
in operating methods and economy in the cost of production, without decreasing the miners' earnings.
The arrangement set forth in the contract for meeting from time to time
of the negotiating parties will. in our estimation, prove to be a vehicle for
the extension of the goodwill now existing in the industry and promotion
of its well being.
We feel that not alone the miners and the operators but the citizens of
anthracite communities and the nation are to be congratulated on the
successful outcome of the negotiations.
The conference paving the way to the peace settlement lasted three weeks.
An item regarding the conference appeared in our issue of
June 28, page 4519.
The "Herald Tribune" of July 19 reporting the signing of
the agreement by the miners' full scale committee on July 18 Mine Agreement Expected to Aid Anthracite Trade—
said:
Five-Year Accord Should Help to Maintain Markets,
The new agreement which differs only in minor respects from the one
Department of Commerce Believes—Comments of
expiring Aug. 31, is to last until April 1 1936. The present wage scale
Representative Esterly.
Is maintained, as the miners demanded.
The outstanding difference is the partial concession made by the operators
The five-year agreement between the anthracite miners
to the thirty-year old demand of the officials of the miners' unions that they
and operators, referred to in the foregoing should help the
deduct the union dues from the pay envelopes of the workers.
The operators have resisted this demand on principle. This they did not industry to maintain its present markets through the assursurrender in agreeing to provide an agent on pay days to collect not more
ance of a steady supply of coal, it was stated orally July 19
than $1 each month from workers who will go voluntarily to the designated
in behalf of the minerals division of the Department of
place to pay the money. . . .
The miners reciprocated by agreeing to eliminate the custom of workers Commerce. The "United States Daily" from which we
in some mines to restrict the actual miners to four and five cars of coal a
quote, also says:
day.
The agreement should tend also to discourage any sporadic increase in
the
new
agreement
The "Times" of July 19 stated that
imports of anthracite into New England and into Canada, which takes
will be overwhelmingly ratified by the Tr -District conven- practically all of the anthracite exports from the United States, it was
tion of the hard coal miners to be held at Scranton Aug. 4, pointed out.
Ready Supply Aids Trade.
according to John L. Lewis, President of the United Mine
The availability of adequate supplies should be an important factor
Workers, and other union chiefs participating in the nego- in maintaining the export trade in anthracite and in enabling the industry
to meet any increased foreign demands, it was said.
tiations. The same account went on to say:
As indicated yesterday, the principal features of the new agreement
are a definite concession to the miners of the check-off system of payment
of dues and to the operators a modified form of "arbitration" for the consideration of wage scales and other questions.
No Wage Cut, Leaders Say.
Mr. Lewis, speaking on behalf of himself and W. W. Inglis, President
of the Glen Alden Coal Co., Chairman of the operators' group, declared
that the new compact will bring no reduction in wages. Industrial peace
is assured, he declared, and the workers will produce more efficiently in
return for the check-off.
The agreement provides for a permanent committee of twelve, six from
each side, who may call in outside experts to aid in the resolution of problems
developing during the life of the agreement.
Yesterday was one of activity. The miners' full scale committee consisting of 40 men met at 10.30 a. m. at the Pennsylvania and, after a heated
debate, approved the tentative agreement, with one or two minor reservations on the delicate clause dealing with arbitration in the adjustment of
wage scales.
The joint operators' and miners' subcommittees then resumed negotiations at 2 p. in. at the Anthracite Institute and remained in session until
5 p. m. At that time both groups emerged with the text of the agreement.
Mr. Lewis then made his statement on behalf of the miners and operators,
jointly.
At 5.30 p. tn. Mr. Lewis and his associates appeared before the miners'
full scale committee at the Pennsylvania to read the final draft of the
agreement. Unanimous approval followed 1 A hours later, with the prediction that the miners' convention at Scranton would overwhelmingly adopt
the peace plan.
Chief Clauses of Agreement.
The principal clauses of the agreement read:
The mine workers have requested the operators to assist them in the
collection of union dues, stating that such assistance will not only be an
accommodation to them but will substantially lessen their cost of operation as an organization.
The mine workers have also stated their desire and intention to take active and affirmative steps to eliminate, as far as possible, strikes and shut-downs in violation of this agreement; to eliminate group action designed
to restrict output; to restrict general mine committees to their constitutional
functions within the union; recognizing that such committees have no power
under this agreement; to co-operate with the operators for the promotion
of efficiency and the production of an improved car of coal, with the understanding that existing practices and payments covering refuse shall be continued; and to make effective all of the terms and provisions of this contract.
With these requests and declarations in mind. and in consideration
thereof and conditioned upon the full, complete and continuing performance
thereof to the mutual satisfaction of the contracting parties, the operators
agree as follows:
The parties of the second part (the operators) upon request ofany employe
will receive from such employe on pay day,at a point convenient to the pay
office, and transmit to the district treasurer of the United Mine Workers of
America, an amount not in excess of $1 per month. The operators shall be
under no obligation to solicit or compel contributions, but shall fulfill their
entire obligation hereunder when they receive and transmit the foregoing
payments as and when tendered by the employe. It is understood that
The new five-year wage and working agreement reached July 18 between
the United Mine Workers of America and the anthracite coal operators will
eventually reflect itself throughout the eastern part of Pennsylvania and
contiguous New Jersey in better business, it was predicted by Representative Esterly (Rep.), of Sally Ann Furnace, Pa., in an oral statement July 19.
"The signing of the agreement was the best for all concerned," Mr.
Esterly said. "Business in the coal mining district has been poor, and even
the chain stores have been complaining of the depression. The families
in that region have been living on short rations in bread, and this is due
to the seasonal depression in the coal industry as well as the general economic
depression throughout the country."
Although there probably will be no remarkable tendency upward from the
depression noticeable, he said, the part of Pennsylvania affected is now in a
position to benefit from any movement upward, which it is hoped will come
in the Fall.
Mining must be done now for the Fall stocks, Mr. Esterly stated, and the
price will begin to rise. It is the practice in Pennsylvania to stock up in
the summer for the winter's supply of coal and many of the dealers have
begun this practice, and with the new agreement signed the industry should
begin to find stabilization.
With the knowledge that such an agreement has been effected, those who
have to depend on work in the mines for their livelihood probably will begin
to spend more freely, he added. The uncertainty of what Would result if
the agreement were not signed, he said, may have had a tendency to make
these people save every penny which they did not absolutely have to spend.
As the depression in the coal mining district is lessened, the merchants
throughout the entire State will benefit, since the buying power of the coal
miners will be felt in adjacent cities where the factories are located. Mr.
Esterly said.
Soft Coal Miners of West Virginia Ask President Hoover
To Call Conference in Behalf of Industry.
Secretary of Labor Davis, according to the "United States
Daily" of July 21, acknowledged that there is a strong sentiment prevailing for calling in the bituminous operators to
see if some program can not be agreed upon for improving
conditions in the coal fields. Manufacturing and transportation interests are concerned vitally in the situation because
of the depressing effect on business generally, said the paper
quoted, which reports the issuance of a statement by Secretary Davis, indicating that a letter has been addressed to
President Hoover by bituminous coal miners of Northern
West Virginia meeting at Fairmont, W. Va., requesting that
a conference of the operators and miners be called to meet
JULY
26 1930.1
FINANCIAL CHRONICLE
559
In Washington, D. C., to discuss conditions within the in- coal, 985,000 tons of Pennsylvania anthracite and 46,200
tons of beehive coke produced in the week ended July 5 1930.
dustry.
For the calendar year to July 12 1930, a total of 243,Secretary Davis' statement follows:
Is the Administration giving serious consideration to the desirability 452,000 net tons of bituminous coal were produced, as against
of calling bituminous coal operators together here in an attempt to work 271,756,000 net tons in the calendar year to July 13 1929.
out acme solution by which this important basic industry can be restored The Bureau's statement follows:
to a prosperous condition?
Something ought to be done in the bituminous coal fields immediately.
It is a great overdeveloped industry in which not only the workers and
their families are suffering because of slack work and poor earnings,
but many operators are facing bankruptcy and business men in thee
localities are going out of business," Secretary Davis said when questioned
about the appeal for assistance recently made to President Hoover by
miners of North West Virginia.
Mr. Davis deplored the fact that there is not some outstanding leader
In the coal-mining industry who can lead the movement to work out a
solution of the troubles confronting the industry.
Leader Is Sought to Unify Groups.
The Government can'play but a small part. "Oh, for some leader in
the bituminous industry to come forward, bring these groups together,
and stabilize the coal industry. I am sure that the Government will give
all the help it can and that Congress will pass any legislation which may
be necessary," Mr. Davis said.
"The American people don't want coal at a price which will bankrupt
the operators and starve the miners."
Mr.' Davis declared that the ills of the bituminous coal industry present
a grave economic problem. He said conditions are especially bad in West
Virginia and Kentucky, and in certain parts of Ohio, Indiana, and Pennsylvania.
It is understood that Mr. Davis takes the position that complete prosperity cannot be restored to the country as long as such a basic industry
as the coal mining industry is in its present deplorable condition. Davis
believes that all other industries of the Nation should be vitally concerned
In restoring coal mining to normalcy for the indirect benefits each should
receive.
John L. Lewis, President of United Mine Workers of
America, Fined by Illinois Court-He and Other
Officers Found in Contempt-Enjoined in Union
Suit.
John L. Lewis, international President of the United Mine
Workers of America, was fined $500 and all remaining defendants in the recent miners' contempt of court case were
found guilty on July 23 by Circuit Judge Charles Briggle at
Springfield, Ill., after considering the findings of Master-inChancery Trutter. An Associated Press Dispatch from
Springfield to the New York "Times".reports this and adds:
Mr. Lewis announced he would appeal. He contended during the hearing
that the rival Illinois mine union group had abandoned shelter of the injunction which it obtained against him by setting up a dual organization.
Judge Briggle ruled that Mr. Lewis had never asked for a modification
of the original injunction.
Those found guilty with Mr. Lewis were Frank Hefferly, provisional
Vice-President; Joseph P. Coett, provisional Vice-President; John T. Jones,
Secretary-Treasurer, and the 12 provisional district board members.
Earlier Associated Press accounts in the matter from Springfield July 9,
said strife between warring factions of the United Mine Workers of
America received renewed attention to-day when Frank Trutter, master
in chancery, returned a report in which he held that John L. Lewis, international President, and 14 other union officials had violated the injunction
restraining them from interfering with affairs of the Illinois union.
Basing his opinion upon the trial which was held here late in May, the
master recommended that no fines be assessed against Lewis and his associates. He held that they had "unintentionally" violated the injunction.
In addition to Mr. Lewis, those found technically guilty of violating the
injunction were Frank Hefferly, Illinois district provisional Vice-President;
Joseph P. Goett, provisional Vice-President; John T. Jones, provisional Secretary-Treasurer; Joe Meaner, Terrence Hughes, Myo Vigliocco, Andrew
Wilson, Charles Gritfly, J. J. MeGuinn, 0. T. Van Winkel, Frank Davis,
Charles Wenschel, George D. Bowlin and John W. Gerard.
Acts cited by the master as being in actual contempt of the injunction
Included the re-establishment of the Illinois Provisional Mine Union government as ordered by Lewis, and the issuance of letters by Mr. Hefferly
and other provisional officers, urging local unions to send taxes to the
provisional headquarters here.
Mr. Trutter's recommendations were presented to Floyd Thompson,
former justice of the State Supreme Court and chief counsel for Harry
Fishwick, president of the Illinois union, and Edmund Burke, chief
counsel for Lewis.
The "Times" in its issue of July 10 said:
The injunction in question restrained Mr. Lewis and the international
office of the United Mine Workers from interfering with the affairs of the
Illinois State organization of the union, where an insurgent movement has
been in progress against the administration.
Output of Bituminous Coal Continues Below Rate a
Year Ago-Anthracite Production Higher.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal during
the week ended July 12 1930, continued below the rate a
year ago, while anthracite output showed an increase over
the corresponding period of 1929. During the week under
review, there were produced a total of 7,858,000 net tons
of bituminous coal, 1,242,000 tons of Pennsylvania anthracite and 49,900 tons of beehive coke, as compared with 9,558,000 tons of bituminous coal, 1,068,000 tons of Pennsylvania
anthracite and 132,400 tons of beehive coke in the corresponding period last year and 6,545,000 tons of bituminous
The total production of soft coal during the week ended July 12 1930,
including lignite and coal coked at the mines, is estimated at 7,858,000 net
tons. This is an increase of 1,313,000 tons, or 20.1% over the output lit
the preceding week, when working time was curtailed by the Fourth of
July holiday. Production during the week in 1929 corresponding with that
of July 12 amounted to 9,558,000 tons.
Estimated United States Production of Bitumipous Coal (Net Tons)
19301929
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
June 28
7,995,000 229.049,000
9,600,000 254,685.000
Daily average
1,333,000
1.502.000
1,600.000
1,671.000
July 5-b
6.545,000 235,594.000
7,513,000 262,198,000
Daily average
1,309,000
1.496.000
1,503.000
1.666.000
July 12-c
7,858,000 243.452,000
9,558,000 271,756,000
Daily average
1,310.000
1.489,0001.663.000
a Minus one day's production first week in January to equalize number of
days in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to July
12 (approximately 163 working days) amounts to 243,452.000 net tons.
Figures for corresponding periods in other recent years are given below:
271.756.000 net tons11927
1929
285,492.000 net tons
1928
250,047,000 net tons11926
283,774.000 net tons
As already indicated by the revised figures above,the total production of
soft coalfor the country as a whole during the week ended July 5 is estimated
at 6,545,000 net tons. Compared with the output in the preceding week.
this shows a decrease of 1,450,000 tons, or 18.1%, due 'to time lost at the
mines in connection with the observance of Independence Day. The
following table apportions the tonnage by States and gives comparable
figures for other recent years.
Estimated Weekly Production of Coal by States (Net Tons)
Week Ended
July 1923.
StateJuly 5'30. June 2830. July 6'29. July 7'28. Average. a
Alabama
252,000
237.000
276,000
261,000
389,000
30,000
Arkansas
14,000
20,000
23,000
25,000
Colorado
71,000
90,000
87,000
106,000
165.000
Illinois
678,000 d787,000
721.000
626,000 1,268,000'
218.000
216,000
Indiana
246.000
218,000
451,000
46,000
43,000
Iowa
46.000
87,000
42,000
29,000
Kansas
30,000
32,000
76,000
24,000
Kentucky:East n 592,000 d737,000
685,000
735,000
678.000
140,000
154,000
170,000
Western
202,000
216,000
28.000
39,000
Maryland
35,000
42,000
36,000
, 9,000
11.000
Michigan
12,000
17.000
11,000
53,000
59,000
45,000
Missouri
48.000
58.000
34.000
39.000
34,000
Montana
41.000
37,000
34,000
29,000
39,000
New Mexico--- 52.000
36.000
13,000
12,000
10,000
North Dakota-.
5,000
14,000
415,000
347.000
365,000
Ohio
243.000
854.000
31,
27,000
41.000
Oklahoma
43,000
49.000
1,878,000 d2,293,000 2,225,000 1,837,000 3.680,000
Pennsylvania _
97,000
80.000
81,000
113,000
Tennessee
71,000
9,000
18.000
9,000
20,000
23,000
Texas
44,000
46,000
32,000
60,000
87,000
Utah
201.000
180.000
156,000
167,000
239.000
Virginia
34,000
32.000
28,000
41,000
37.000
Washington
W.Va.:Southernb 1,321,000 d1,694,000 1,406,000 1,438,000 1,519,000
572,000
584.000
415,000
565,000
866.000
Northern-c
68.000
76,000
84,000
115,000
62,000
Wyoming
1.000
2.000
5,000
4.000
1,000
Other States_ --Total bitum. coal 6,545,000 7,995,000 7,513,000 6,941,000 11,208,000
701.000 1,950,000
801.000
Penna.anthracite 985,000 1.432.000
Total all coal-- 7,530,000 9,427.000 8,314,000 7,642,000 13,158,000
a Average weekly rate foren tire month. b Includes operations on the
N. & W. C. & 0. Virginian and K. & M. c Rest of State, including
Panhandle. d Revised.
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
July 12 is estimated at 1,242,000 net tons. This is an increase over the
output in the preceding week, when working time was curtailed by the
July 4 holiday, but is 190.000 tons less than in the full-time week ended
June 28. Production during the week in 1929 corresponding with that of
July 12 amounted to 1,068,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930-7--1929Daily
Daily
Week.
Average.
Week.
Average.
Week Ended234.000
1,404,000
1,432,000
238.700
June 28
160.200
801.000
985.000
197,000
July 5
178,000
1.068,000
1,242,000
207,000
July 12
BEEHIVE COKE.
The total production of beehive coke during the week ended July 12
1930, is estimated at 49,900 net tons, in comparison with 46,200 tons in
the preceding week. Production in the week of 1929 corresponding with
that of July 121930.amounted to 132.400 tons.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1930
to
July 12 July 5
to
July 13
Date.a
Date.
1930.c
1929.
1930.b
Region45,100
41,500 120.800 1,600.600 3,036,100
Pa.,Ohio & W.Va _ _
2,900
6,900 149,200 186,600
3.100
Ga.,Tenn.& Va
1,700
1,800
4,700
63,500 147,100
Colo.,Utah & Wash
United States total_
49,900
46,200
132,400 1,813,300 3,369,800
20,423
9,240
10,990
8,317
22,067
Daily average
a Minus one day's production first week in January to equalize number
b
Subject
to
revision.
c
years.
two
Revised.
of days in the
The total production of by-product coke for the 30 days of June amounted
to 3,953,846 net tons. This compares with 4,265,528 tons for the 31 days
of May. The daily rate of output for June was 131.795, as against 137,598
tons in May. Beehive coke production during the month of June is estimated at 261,600 tons in comparison with 241,100 tons in May.
Production of Coal in June Below That of Similar
Month Last Year.
The total production of soft coal for the country as a
whole during the month of June, with 25 working days,
amounted to 33,714,000 tons, as against 35,954,000 tons
during the 26.4 days of May 1930 and 38,580,000 tons during the 25 days of June 1929, according to the United States
Bureau of Mines, Department of Commerce. The average
560
FINANCIAL CHRONICLE
daily rate of output in June was 1,349,000 tons. Compared
with the average daily rate in May, this shows a decrease
of 13,000 tons.
The production of Pennsylvania anthracite in June is
estimated at 5,183,000 net tons. The average daily rate of
production in May was 207,000 tons, a decrease of 22,000
tons below the April rate. The Bureau's statement follows:
[VOL. 131.
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN JUNE (NET TONS).
Bituminous
Anthracite
Total
No.of
Average
No.of Average
Total
ProducWorking per Work- Produc- Working per WorkMonth-lion.
Days. fag Day.
lion.
.Days. trig Day.
April 1930
35,880,000
25.8
1,390,000 4,916.000
197.000
25
May
35,954,000
26.4
1,362,000 5.947,000
26
229,000
June_a
33,714,000
25
1,349,000 5,183,000
25
207,000
June 1929
38,580,000
25
1,543,000 5,069,000
25
203,000
a Revised.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended July 23, as reported by
the 12 Federal Reserve banks was $977,000,000, a decrease
of $37,000,000 compared with the preceding week and of
$361,000,000 compared with the corresponding week of 1929.
On July 23 total Reserve bank credit outstanding amounted to $946,000,000, a decrease of $54,000,000 for the week. This decrease corresponds
with a decline of $40,000,000 of money in circulation, and $28,000,000 in
member bank reserve balances, offset in part by a decline of $17,000,000
In monetary gold stock.
Holdings of discounted bills declined $16,000,000 during the week, the
principal decreases of $7,000.000 and $5,000,000, being reported by the
Federal Reserve banks of Cleveland and New York, respectively. The
System's holdings of bills bought in the open market declined $18,000,000
and of Treasury certificates and bills $18,000,000, while holdings of Treasury notes increased $17,000,000.
Beginning with the statement of May 28, the text accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
In the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 3} 1930 issue of
the "Chronicle" on page 3797.
The statement in full for the week ended July 23, in comparison with the preceding week and with the corresponding
date last year will be found on subsequent pages—namely,
pages 593 and 594.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
July 23 1930 were as follows:
Increase (+) or Decrease (—)
Since
July 23 1930. July 16 1930. July 24 1929.
Bills discounted
Bills bought
United States securities
Other reserve bank credit
191,000,000 —16,000,000
151,000,000 —18,000,000
576,000,000 —1,000,000
29,000,000 —18,000,000
—873,000,000
+81,000.000
+430,000,000
—22,000,000
946,000,000 —54,000,000
17,000,000
4 523,000.000
1,793,000,000 —3,000,000
—383,000,000
+177,000,000
+4,000,000
Money in circulation
4,407,000,000 —40,000,000
Member bank reserve balances
2,432,000,000 —28,000,000
Unexpended capital funds, non-member deposits, &c
423,000,000 —5,000,000
—297,000,000
+75.000,000
TOTAL RES. DANK CREDIT
Monetary gold stock
Treasury currency adjusted
+20,000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$17,000,000, the total of these loans on July 23 1930 standing at $3,226,000,000 as compared with $3,243,000,000 on
July 13. The present week's decrease of $17,000,000 follows
a gain of $40,000,000 last week but a contraction of no less
than 8898,000,000 in the preceeding five weeks. The loans
"for own account" increased during the week from $1,596,000,000 to $1,619,000,000, but loans "for account of out-oftown banks" decreased from $799,000,000 to $776,000,000,
and loans "for account of others" from $847,000,000 to
$832,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 23 1930. July 16 1930. July 24 1
Loans and investments—total
8,070,000,000 8,014,000,000 7,502,000,000
Loans-total
5,952,000,000 5,944,000,000 5,815,000,000
On securities
All other
3,537.000,000 3,518,000,000 3,017,000,000
2 415,000,000 2,426,000.000 2,797,000,000
Investments—total
2,119,000,000 2,070,000,000 1,687,000,000
U. S. Government securities
Other securities
1,110,000,000 1.096,000,000
1,008,000,000 974,000,000
Reserve with Federal Reserve Bank
Cash in vault
825,000,000
45,000,000
812,000,000
45,000,000
946,000,000
741,000,000
737.000,000
53,000,000
Net demand deposits
Time deposits
Government deposits
5,610,000,050 5,556,000,000 5,203,000,000
1 444,000,000 1,451,000,000 1,105.000,000
45,000.000
22,000,000
40,000,000
Due from banks
Due to banks
90,000,000
96,000,000
1,132,000,000 1,061,000,000
Borrowings from Federal Reserve Bank_
102,000,000
900,000,000
305.000,000
Loans on secur. to brokers & dealers;
For own account
1,619,000,000 1,596.000,000 1,193,000,000
For account of out-of-town banks
776,000.000 799,000.000 1,680,000,000
For account of others
832,000,000 847,000,000 3,034,000,000
Total
On demand
On tlme
Loans and Investments—total
Loans—total
3,226,000,000 3,243,000,000 5,908.000,000
2,624,000,000 2,634,000,000 5,554,000,000
603.000,000 608,000,000 354,000,000
Chicago.
2,044,000,000 2,034,000,000 1,880,000,000 •
1,609,000,000 1.587,000,000 1,508,000.000
On securities
AU other
Investments—total
U.S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
964,000,000
645,000,000
937,000.000
650,000,000
435,000,000
447,000,000
372,000,000
194,000,000
241,000,000
193,000,000
254,000,000
163,000,000
209,000,000
177,000,000
13,000,000
187,000.000
13,000,000
173,000,000
15,000,000
837,000,000
671,000,000
1,276,000,000 1,271,000,000 1,212,000,000
685,000,000 704.000,000 537,000.000
5,000,000
6,000,000
6,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
198,000,000
362,000,000
208,000,000
354,000,000
138,000,000
304,000,000
2.000.000
2.000.000
32.000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves,'and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the fqllowing will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 16:
The Federal Reserve Board's condition statement
of weekly reporting
member banks in leading cities on July 16
shows increases for the week
of $119,000,000 in loans and investments.
$197,000,000 in net demand
deposits and $73,000,000 in time deposits, and
decreases of $13,000,000 in
Government deposits and $22,000,000 In borrowings
from Federal Reserve
banks.
Loans on securities, which at all reporting banks
were 157,000.000 above
the preceding week's total, Increased $17,000,000
in the Philadelphia district, $15.000,000 in the New York district,
$13.000,000 In the San Francisco district and $10,000,000 each in the
Cleveland and Kansas City
districts. "All other" loans declined
114.000.000 in the Cleveland district.
$11,000 in the Philadelphia district,
$9,000.000 in the San Francisco district. 87.000,000 in the Richmond district, and
$20,000,000 at all reporting
banks, and increased $21,000,000 in the Chicago
district and $12,000,000
in the New York district.
Holdings of United States Government securities
increased 116,000.000
In the Cleveland district. $14,000,000 in the
Boston district, $13,000,000
In the Chicago district, $8,000,000 in the San
Francisco district $6,000,000
in the New York district and $54,000,000 at all
reporting banks. Holdings
of other securities increased $13,000.000 In the
Cleveland district, $11,000.000 in the Chicago district and $28,000,000 at all
reporting banks.
The principal change in borrowings from Federal
Reserve banks during
the week was a decline of $12,000,000 at the Federal
Reserve Bank of
New York.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the
year ending
July 16 1930, follows:
FINANCIAL CHRONICLE
JULY 26 1930.]
561
Increase (+) or Decrease (—)
General business in the prairie provinces is fair with retail trade showing
Since
July 9 1930.
July 17 1929. a slight improvement in seasonal lines. Agricultural implements sales to
date have been considerably under last year's. Receipts of local and British
Loans and investments—total..._23,106,000,000 +119,000,000 +697,000,000 Columbia vegetables are heavy. Wheat prices remain low and unstable.
16,906.000,000
+37,000,000
+14,000.000 Sections of the Prairies with best prospect appear to be those where farmers
Loans—total
have gone in for diversified farming. The first British feature "talkie"
has been shown in the West. The Alberta Provincial Government reports
8,424,000,000
+780,000,000
+57,000,000
On securities
8,482,000,000
—20,090,000 —766,000,000 a surplus of $580.000 for the fiscal year closed June 30.
All other
General trading conditions in British Columbia are fair for the summer
6,200,000,000
+82,000,000 +682,000,000
Investments—total
season, but the wheat export, an important factor in the business of Van+54,000,000 +173.000,000 couver and vicinity is only 48.885,000 bushels to date as against 94,148,000
U.S. Government securities._ 2,915,000,000
3,285,000,000
+28,000,000 +510,000,000 bushels last year. The sockeye salmon run is reported
Other securities
good and the 1930
+50,000,000 +141,000,000 pack is estimated at 20% over last year. Newsprint and paper trade conReserve with Federal Reeve banks 1,840,000,000
212,000,000
—18,000,000
—44,000,000 tinued good, and the hardware business is improving in both staple and seaCash in vault
sonal lines. The paint and varnish trade is reported as satisfactory. Lumber
13,784,000,000 +197,000,000 +565,000,000
Net demand deposits
7,399,000,000
+73,000,000 +751,000,000 operations are about 40% below normal with further reductions possible.
Time deposits
134,000,000
—13,000,000
—18,000,000 A delegation from the trade to England planned.
Government deposits
New car sales are down about 30% from 1929 records and accessory
1,604,000,000 +120,000,000 +483,000,000 lines are slow. The registration of new motor vehicles to June 30—passenger
Due from banks
3,394,000,000
+2,009,000 +720,000,000
Due to banks
cars, 6,656; commercial cars, 1,412; and motor cycles, 184, is the lowest
45,000,000
—22,000,000 —745,000,000 return in the past three years.
Borrowings from Fed. Res. banks.
Canadian copper production in May. 27,482,000 pounds, is nearly 43%
higher than in that month of last year. Gold production, 168,267 ounces,
is
2% higher, and nickel production, 9,500,000 pounds, also 2% higher
in
World
Markets, According
Summary of Conditions
the same comparison. Silver production at 2,185,000 ounces, increased
to Cablegrams and Other Reports to the Depart- in
more than 3%,and zinc output, 19,896,000 pounds, nearly 14%. Asbestos
ment of Commerce.
output of 23.000 tons, was down 19%, and lead production, 26,625,000
The Department of Commerce at Washington releases pounds, down 4%.
FRANCE.
for publication July 26 the following summary of market conForeign trade in June registered a deficit of 813,500.000 francs, the
largest since January. Imports totaled 4,165,300,000 francs and exports
ditions abroad, based on advices by cable and radio:
3,351.800,000 francs. The total adverse balance for the first six months
ARGENTINA.
of the year is 4,187,500,000 francs as compared with 5,886,000,000 francs
Although business during the past week showed no improvement, the for the corresponding period of last year. Tax returns in June were heavily
general outlook is somewhat brighter. Factors favorable to future better- affected by the reductions in tax rates, the receipts for that month
ment include improved peso exchange and continued favorable crop weather. being 900,000,000 francs less than in June, 1929. although 51,000,000 francs
The first of the nine country grain elevators that are being bunt in the above current budget estimates. Total returns for the first three months of
Province of Cordoba by farmers' co-operatives has been opened. The the fiscal year (beginning April 1) aggregated 9.876,000,000 francs of which
meat section of the ministry of agriculture has published a report showing 9,759,000,000 were from normal permanent sources; this represents a dethat the operations of all native and foreign frigorificos during 1929 were crease of 1,410,000,000 francs from returns in the same period of 1929,
but exceeds current budget estimates by 552.000,000 francs. Total indeprofitable.
BRITISH MALAYA.
pendent receipts of the autonomous office in the first six months of the calNew price levels for leading British Malayan export products were reached endar year amounted to 3.805,000,000 francs.
In June and trade conditions were consequently particularly dull. Total
GREECE.
Malayan foreign trade during the first six months of the year declined $75,Preliminary data on foreign trade for the first five months indicate a
000,000 gold compared with the corresponding period last year. Some
importers are instructing salesmen to make no effort to secure orders, as decrease in both exports and imports from the same corresponding period
collections are very difficult. The credit situation is also acute, and if pres- of 1929. with the adverse trade balance amounting to 2,450,043,000
ent conditions continue, numerous failures of small importers and dealers drachmas (drachma equals $0.013) against 2.295.220,000. Imports were
are expected. Although money is plentiful with the banks, it is scarce in valued at 4,510,972,000 drachmas and exports at 2,060,020,000 drachmas
the bazaars. Building trade is fairly active, as the result of lower construc- for the first five months of 1930: the respective figures for the same period
tion costs, and the Government's desire to relieve unemployment. The of 1929 were 5,541,015,000 and 3,245,795,000 drachmas. The lower value
Government is also considering restriction of immigration as a relief to the of exports are due to the continued decline in shipments of the country's
unemployed. Imports of passenger cars and trucks declined considerably leading agricultural products.
during the second quarter of the year and sales throughout Malaya fell
NETHERLANDS.
off 20%, owing chiefly to depressed economic conditions in upcountry
Although June business continued restricted under the influence of world
districts. Two automobile dealers have voluntarily liquidated. The larger
apparently moving into consumption in fair volume.
dealers are preparing for continued unfavorable conditions and although conditions, goods were
the Netherlands is thought to be nearing its end,
stocks are low, forward ordering is light. The recent marked decline in The economic recession in
unfavorable developments in important foreign markets,
value of foreign trade continued in June when compared with thesame month and barring further
following the usual period ofsummer slackprogress
conditions
should
show
in 1929, imports were 24% lower and exports declined by 23%. Imports
crisis continues to occupy the centre of discussion
were valued at 55,448,000 Straits dollars ($31,000,000) and exports ness. The agricultural
apparent. Unemployment is not
amounted to 52,216,000 Straits dollars ($29,190,000), resulting in an un- although no definite plans for relief are
program in large industries and the
favorable balance of trade of 3,232,000 dollars ($1.807,000). (The average widespread despite the rationalization
unable to meet the existing comfactories
which
are
several
small
Stoppage
of
value of the Straits dollar in June was $0.5591.)
petitive conditions at the present wage levels. Some industries have shown a
BRAZIL.
remarkable degree offlexibility and have made adjustments to meet new conThe Brazilian situation continues unfavorable with import demand far ditions. The number of industrial disputes has increased and organized
distributive
trade
dull.
Exchange
the
and
fluctuated
normal
upward
labor is strongly resisting wage reductions although manufacturers feel
below
early in the week only to decline again at the close. Coffee exports are in- that present wages are out of line with commodity prices and the downward
creasing. Private banks shipped $270,000 gold. For the period of January tendency of living costs. Imports of cotton during June totaled 13,694
to May there was a favorable trade balance of £8,280,000 sterling,the largest bales, including 6,897from the United States. Exports amounted to 18,581
in many years. This circumstance resulted from a 30% decrease in the bales including 9,115 ,bales of American cotton. Stocks on hand at the
value of imports despite declines in export values.
end of June numbered 11,970 bales including 5,518 American. Declared exports to the United States in June totaled $4,554,000. including $2,088,000
CANADA.
of diamonds,$636,000 of creosote, $396,000 of tin, and $261,000 of tobacco.
Business in general is only fair and prospects depend largely on developNETHERLAND EAST INDIES.
ments in the wheat situation. Toronto reports a normal demand in ladies'
wear and millinery but sub-normal sales in drygoods. and Winnipeg, a
Improvement in bazaar trade continues. A report issued by the Java
somewhat better seasonal demand with shoes and women's wearing apparel Bank announces confidence in the early recovery of Netherland East Indian
the features. Some improvement over earlier reports is also noted in Regina business. Very low temperatures in West Java are causing damage to
but other Western centers are quiet and Vancouver fair. Collections are tea estates.
reported to be falling off in Halifax, but they continue fair to good in Saint
POLAND.
John's, Montreal and Calgary reports poor returns and Vancouver fairly
Changes in the condition of the principal accounts of the Bank of Poland
present
the
commodity
high
lights
of
situation are reported during the month of June are shown in the bank's balance sheet as of June
good. The
by the officers of the Department in the large consuming centers as follows: 30. Reserves of gold and stable foreign currencies and bills, representing
Maritime Provinces and Quebec. The lumber market in this section
cover against all outstanding demand obligations, including notes in circushows very little improvement with dealers well stocked and foreign demand lations and deposits, decreased by 28,817,000 zlotys(1 zloty equals $0.1122)
listless. However,domestic demand for ship dressings and residences shows
to 944,257,000 zlotys. As in the preceding few months, the decrease
some activity. The increased capacity of newsprint plants over last year occurred in foreign currencies and bills only, the metal reserve showing a
has widened the spread between capacity and consumption and no increase small increase of 460,000 zlotys. The Bank's portfolio of discounted paper
in price is expected this year. Industrial machinery sales are quiet. A decreased by 13,002,000 zlotys, to 581,532.000 zlotys, as a result of the
satisfactory amount of construction and road building is under way. Sales contractions of business operations and the consequent scarcity of bills
of aeronautical equipment are light. The crop report of the Dominion maturing within the term limit prescribed by the bank's discount regulations,
Government issued July 18 says that extremely high temperatures and limthe amount of unused discount credits reaching 40% of the total alloted
ited rainfall have prevailed in the Prairie Provinces since July 10.especially to
firms and private banks. Loans against securities collateral declined by
In central and southern Saskatchewan and Alberta. While a continuation 5.030,000 zlotys, to 73,020,000 zlotys, reflecting the lower activity on the
seriously
affect
conditions
will
yield
in
these
sections, Manitoba Stock Exchange, despite the reduction of the interest rate on such loans by
of such
Province,Northern and Eastern Saskatchewan and Northern Alberta all have
34 of 1%. Note circulation, after a decline to 1,207,000,000 zlotys, rose
promising crops and conditions in several other sections have improved. again
to 1,317,000,000 zlotys at the end of the month,showing a net decline
Stem rust is reported general in Manitoba. Generous rain fall and moderate of 15,250,000 zlotys for the month. The total of demand obligations was
temperatures have improved crop conditions in the Maritimes, Quebec reduced by 30,563,000 zlotys, chiefly in the amount of note circulation and
and Ontario. Canada's imports from all countries in June, valued at Government and private deposit balances. Cover against all demand obli$91,768,000, decline 18% from the valuation recorded for that month of gations declined fractionally. to 60.7% from 61.4% a month ago, while the
1929; exports, valued $8,702.000, were 29% smaller, exports of wheat gold cover against notes alone remained unchanged at 52.7%. Which
(18,989,000 bushels) comparing with 25,587,000 bushels last year. Exports compares with the legal minimum of 40 and 30%,respectively.
of other grains declined substantially. Wheat flour exports, of 597,752
SIAM.
barrels, compare with 934,811 barrels shipped in that month of last year.
Weather conditions continue favorable for the new rice crop. Paddy
The agricultural implements industry in Ontario is very dull and competition very keen with no immediate prospect ofimprovement. Present dealers are holding the current crop for still higher prices and exports of
demand in automobiles is largely for lower priced linos, the used car market rice are declining. Shipments in June were more than 3,000,000 bahts
showing some improvement. Electrical equipment business is relatively ($1,320,000) lower in value than in the same month last year.
Import markets are overstocked and trading is quiet. Piece goods are
quiet but competition is keen. Stocks of distress lumber on Provincial
markets are nearing absorption and improved conditions are anticipated selling below replacement costs, owing to the large stocks held, and trade
in sundry merchandise is difficult on account of the financial condition of
by the trade. Machinery demand is light.
July 16 1930.
562
FINANCIAL CHRONICLE
[VOL. 131.
most dealers. The market for gunny bags has become overstocked as a duty to undertake
that consideration in consultation with all his Majesty's
result of the smaller rice shipments.
Governments in the British Commonwealth.
The recce vistline in foreign trade values continued in June, when both
2. It is, nevertheless, desired to comply with the request
of the French
exports nict imports of Bangkok were below the previous month and con- Government that
it send in its observations on the proposals put forward
siderably under the corresponding month last year. Exports were valued in the
memorandum not later than July 15. It has accordingly decided
to
at 9,656.000 bahts ($4,248,640) and imports of 11,280,000 bahts ($4,963,- address this note to the
French Government, but wishes it to be understood
200), continuing the unfavorable balance of trade begun in May. The that the comments
and suggestions it contains are of a preliminary and
decline in import trade, compared with June 1929. was due mainly to tentative kind.
decreased arrivals of general merchandise, and the lower export trade
resulted chiefly from the drop in rice exports. The value of teak exports
Backs Co-operation Aim.
was slightly higher.
3. His Majesty's Government in the United Kingdom
understands
The Department's summary also includes the following from the memorandum that the fundamental purpose the French Government has in view is to divert the attention of the peoples of Europe from
with regard to the Island possessions of the United States: the hostilities of the past and from
those conflicts of interest between them
which are sometimes alleged to exist, and to fix their attention instead upon
PHILIPPINES.
the more important common interests which to-day they share.
The
General purchasing power among Philippine consumers continues im- French Government hopes
that by its proposals it may promote closer copaired and a return to normal conditions in the immediate future is not an- operation among the nations
and governments of Europe and thus
ticipated. In most lines, stocks have been readjusted to conform to the strengthen the safeguards against
another European war.
changed conditions, and ordering is light and careful. Selling pressure by
4. With this purpose his Majesty's Government in the United Kingdom
provincial houses was not as apparent in June as in April or May. June is in the fullest
sympathy. It is an axiom of his Majesty's Government's
collections were less favorable than in any previous month of the current policy that the
first of the British interests is peace, and measures calyear and credits continue on a very cautious basis.
culated to ensure peace will, therefore, secure its ready and warm support.
Construction work in Manila, plans for which were formulated last year, It earnestly hopes
the initiative of the French Government may bring
is now nearly completed, resulting in some unemployment. During June. about a better
understanding by the European peoples of the common
133 permits were granted for the construction of strong material buildings, interests which
they share and may thus lead both to greater mutual
at an aggregate value of 725,000 pesos ($362,500) compared with 175 confidence and trust
among their governments and to a diminution of the
permits and a value of 832,000 pesos ($416,000) in June, 1929.
obstacles to International trade and economic co-operation which now exist.
Rains have been favorable to the Luzon sugar producers, partially off5. His Majesty's Government in the United Kingdom is also in agreesetting damage done during the previous drought period, but local estimates ment with the
French Government in thinking it is primarily in respect
of the new crop continue to place the output slightly under that of the past of economic
relations that closer co-operation between the nations of
crop. Exports from the beginning of the current sugar season to June 30 Europe is urgently
to be desired.
totaled 631,361 metric tons.
6. It further agreees that if effective economic co-operation and conJune was recorded as the lowest month of the year for abaca prices, certed action
are
especially in higher grades. As a result of the price decline, receipts were tions should be to be secured. it Is essential that the economic queslow, totaling 91.090 bales from June 2 to 30, compared with 113,539 bales terests. but as considered not one by one, nor in respect of isolated ina whole and from the wider point view of the general interests
in May. Exports in June amounted to 84,503 bales, including 30,849 involved.
Progress on such questions depends on the extent to which
bales shipped to the United States
the governments and public opinion in the various countries can be brought
Stocks of copra at provincial concentration points are reported heavy, as to realize
the vital importance of their common interests and the advanit is uneconomical to ship to Cebu and Manila at prevailing prices. June tages each
will derive from measures of greater International solidarity.
arrivals were low, amounting to 244,000 sacks at Manila and 287,000 sacks While, as
the French Government recognizes, the independence and
at Cebu. Exports in June totaled 11.600 metric tons, Including 7,600 tons national
sovereignty of each country have to be respected as well as the
to the United States. Excessive offerings from the Straits Settlements specialties
affecting particular groups of nations, much can be done by the
resulted in decreased London buying on the Manila market.
political authorities to promote a wider outlook
on economic questions,
and, insofar as political action is directed
to that object, his Majesty's
Government in the United Kingdom agrees to the proposal made in the
Great Britain's Reply to Proposal of Foreign Minister memorandum for the association of the economics and political authorities.
Briand of France for European Federal Union—
Doubts Need for New Bodies.
Questions Necessity or Desirability of Establish7. In respect, however, of the methods proposed by
the French Government
for the realization of its purpose, his Majesty's Government
ment—Suggests Bringing Proposals Within League
in the
United Kingdom feels more difficulty. It
is not confident that mature
of Nations.
examination will show the establishment of new
and independent InterGreat Britain's attitude toward the proposal of Foreign national institutions is either necessary or desirable.
8. If it has rightly understood the proposals contained in
the memoranMinister Briand of France for the "organization of a system dum,
the French Government suggests the creation of a new European
of Federal Union in Europe" has been made known in its Conference and Executive
Committe and, perhaps, also of a new European
reply to M. Briand's invitation to consider the formation of Secretariat. These bodies would in no way derive their authority from
the Covenant or from Part XIII of
the Treaty of Versailles; they would
such a union. With a view to securing an expression of in no way be
controlled by the rules and safeguards which these instruments
opinion from 26 European Nations with regard to his pro- provide; they would be in
no way organically connected with The League of
posal, Foreign Minister Briand addressed a memorandum Nations; they would only correlate their work with that of the organs
of the League in so far as they decided by specific and spontaneous
deto these countries on May 16, the text of which was given cisions to do so in any
given case
might arise. Since the organs of the
in our issue of May 24, page 3609. The reply of Great League have already begun workthat
on virtually the whole of the program of
action which the memorandum puts forward, it is difficult to see
Britain was furnished in cablegrams to the daily papers practical
how these new European institutions
could operate without creating confrom London July 18. Great Britain indicates therein that fusion and,perhaps, also a
rivalry which, however little it might be intended
its comments and suggestions "are of a preliminary and or desired by the European Governmets, could hardly fall to diminish
tentative kind." It expresses the "fullest sympathy" with both the efficiency and the authority of the organs of the League.
the French Government's hope that the proposals "may
Warns Against Rivalries.
promote closer co-operation among the Nations and Govern9. Apart from this very difficult problem of co-ordination, his Majesty's
ments of Europe and thus strengthen the safeguards against Government in the United Kingdom thinks it possible that an exclusive,
another European war. Great Britain is also "in agreement independent European union of the kind proposed might emphasize or
create tendencies to intercontinenta rivalries and
hottilities which it is
l
with the French Government in thinking it is primarily in inmortant
in the general interest
diminish or avoid. It is in its view
respect of economic relations that closer co-operation be- essential that measures taken fortocloser European
co-operatien should
not cause anxiety or
resentment in any other Continent. Unless this
tween the Nation's of Europe is urgently to be desired." object
is kept continually in view, his Majesty's Government
in the United
Apart from the "difficult problem of co-ordination Great Kingdom is satisfied that even
the wider interests,
of Europe and the
Britain indicates that it thinks it "possible that an exclusive world, may be seriously endangered. It will be plainboth
to the French Governme t that in this connection
there are special considerations of which his
and independent European Union of the kind proposed Majesty's
Government in the United Kindgom, as a member of the British
might emphasize or create tendencies to intercontinental Commonwealth of Nations, must
rake account.
10. Moreover, his Majesty's
rivalries and hostilities which it is important in the general
Government in the United Kingdom is
inclined to believe that the
purpose which the French Government has
interest to diminish and avoid." Furthermore, Great in
view can effectively
by so adapting the proposals put forward
Britain is "inclined to believe that the purpose which the in the memorandum asbetosecured
bring them fully within the framework of the
French Government has in view can be effectively secured by League of Nations. It is impressed with the fact that the Warsaw Health
Conference
1922 and the reconstruction of Hungary and Austria—to
so adapting the proposals put forward in the menorandum name only aoffew
of the examples that might be taken—were matters of
as to bring them fully within the framework of the League European interest and concern
and yet were effectively dealt with by the
existing
machinery
of the League. His Majesty's Government is therefore
Nations."
of
convinced it would be possible, perhaps
by establishing European coinThe belief is expressed by Great Britain that "these are mittees of the Assembly, of
the Council and of the technical organizations
questions which can only be adequately dealt with in open of the League, or perhaps in other
ways, to create whatever machinery
is required for promoting closer
discussion among the Governments concerned after each the
European co-operation without incurring
risks and difficulties which a
system
of new and independent institutions
Government has had time to examine fully and in all their might involve.
aspects the proposals which have been made," and the hope
Looks to Practical Results.
11. His Majesty's Government
is expressed "that the French Government may think it
in the United Kingdom, believes, however, these are questions which can
only be adequately dealt with in open
desirable that their memorandum should be placed upon the discussion
among the Governments concerned after each Government has
agenda of the next Assembly." The text of Great Britain's had time to examine fully and in all their aspects
the proposals which have
reply to M. Briand's memorandum is•taken as follows from been made. Since, for the reasons above suggested, these proposals affect
intimately not only the Governments of Europe
but the Governments of
the London cablegram, July 17, to the New York "Times:" all the members
of the League, His Majesty's Government in the United
1. His Majesty's Government in the United Kingdom has examined Kingdom hopes that
the French Governmont
may think it desirable that
with profound interest the proposals for the organization of a system of its memorandum
should be placed on the agenda of the next Assembly.
European Federal Union made by the French Government in May. It
12. His Majesty's Government in the United
Kingdom earnestly hopes
is of the opinion that the proposals are so important in their purpose and , these tentative comments
and suggestions may meet with the approval
their scope as to require careful and prolonged consideration. His Ma- of the French
Government and that by some such procedure as that above
jesty's Government in the United Kingdom would furthermore feel it its suggested, practical
results of real value may be secured.
JULY 26 19301
FINANCIAL CHRONICLE
Great Britain's Answer to Proposal of Foreign Minister
Briand of France for European Federal Union
Represents Twentieth Reply.
Associated Press accounts from London, July 18, in commenting on the reply made by Great Britain to the proposal
of Foreign Minister Briand of France for the organization
of "a system of federal union in Europe," said:
The British answer was the twentieth to be received to 26 invitations
extended. Those not yet answering are the Irish Free State, Luxembourg,
Switzerland, Jugo Slavia, Greece, and Bulgaria. The answering nations are
Great Britain, Germany, Italy, Poland,.Spain, Norway, Sweden, Holland,
Rumania, Denmark, Austria, Estonia, Belgium, Czechoslovakia, Hungary,
Portugal, Lithuania, Albania, Latvia, and Finland.
The most general objection to the scheme voiced in the answers received
thus far are that it may interfere with functioning of the League of
Nations and that it may tend to conflict with non-European Powers, both
of which it is felt here can be answered. The German and Italian reservations of admission of Russia and Turkey into such a federation and of
revision of the peace treaties are considered more difficult of solution.
563
League, which already has dealt with many purely European problems,
cannot handle matters relating to the new federation, it is stated.
For this reason Austria recommends that a conference for a federation
of Europe should be called by a resolution passed by the Geneva
organization.
Central Europe is suffering especially from the present unsatisfactory
situation on the Continent, says Austria in her reply, and the Austrian
Government would not remain outside any effort to ameliorate it. As
many States as possible should be induced to lend their co-operation, it
is urged, but the federation should leave the way open for the fullest
collaboration with those States which do not become members.
Rational organization of European economic forces must presuppose the
definite disappearance of the possibility of war between European nations,
says the Austrian note, and the problems which are faced must be solved
in a new European spirit.
As regards economic questions, Austria suggests their settlement should
be entrusted to great political leaders rather than placed in the hands of
technical experts.
Greek Attitude Toward Briand Plan for Federal Union
in Europe—Approves Economic Co-operation Within League of Nations Frame.
Great Britain's reply is given elsewhere in our issue toThe Greek Government's answer to Aristide Briand's
day. M. Briand's proposal was referred to in these columns
May 24, page 3609.
memorandum on a Pan-European union was handed to the
French Minister at Athens on July 13, according to AssociIrish Free State Cool Toward Briand Plan for Federal ated Press accounts to the New York "Times," which said:
The note says the creation of a permanent machinery for systematic politiUnion in Europe—Reply Agrees with Principle, cal and economic
co-operation between European States, within the League
But Holds League Can Achieve Program.
of Nations frame, is in accord with the Greek Government's ideals and real
The Greek Government, the note adds, will make further observaThe following Paris account, July 19 (Associated Press), interests.
tions in a memorandum to be presented when the subject comes up for
Is from the New York "Times":
discussion at Geneva.
The Irish Free State, like Great Britain, gave the European union idea
cool treatment in a note received by the Foreign Office to-day in reply
to Foreign Minister Briand's recent memorandum.
The reply agrees with the principle of co-operation, but thinks the
League of Nations program, which, it says, is far from being achieved,
would accomplish the objects of such a federation.
The Irish Free State note suggests that "conditions in Europe and the
sentiment of common interests are not yet sufficiently strong to justify
the assumption that members of such a union generally would take the
collective responsibility in problems which did not concern them individually."
The reply also says that Ireland, through emigration, has strong links
outside of Europe, particularly in America and Australia, creating "between
the Irish Free State and those regions of the world a tie of moral union
not exceeded in any way by that which exists between Ireland and other
European States."
Czechoslovakia Backs Briand Plan for Federal Union
in Europe—Suggests Commission Be Named to
Study Pan-Europe Scheme.
From Prague, July 16, the New York "Times" reported
the following:
Czechoslovakia's answer to Aristide Briand's memorandum on a European
federation emphasizes that Czechoslovakia has been inspired from the begining by the idea that political and economic co-operation between European
States could be furthered by regional agreements.
Czechoslovakia greets the Briand proposal with pleasure, especially now
that, through the Paris and The Hague conferences, the World War has been
liquidated. The reply recommends the naming of a commission at Geneva
in the autumn to study the Pan-Europe proposal.
It concludes by saying the basis of the principles of the federation must
be respect for the sovereignty of the member States and non-interference
with the League of Nations.
Hungary's Answer to Briand's Proposal for Federal
Union in Europe Conditions Approval on Freedom
to Continue Fight for Treaty Revision.
In a Budapest message, July 16, the New York "Times"
said:
Aristide Briand's European federation plan ran up against a snag
of
revisionist ambitions to-day when the text of the Hungarian reply to the
Briand memorandum was issued. It states plainly enough that Hungary
will refuse to enter any federation membership in which means the perpetuation of the European status quo.
Hungary welcomes M. Briand's proposal, but emphasizes that it is
essential that such a federation should not interfere with the League of
Nations. It must also consider the questions which disturb the peace of
Central Europe, Hungary insists, and among its important tasks must be
the solution of the problem of minorities.
Hungary, it is made clear, can enter the proposed federation only on the
understanding that she will not be expected to surrender her campaign for
the revision of the peace treaties.
These observations, the answer said, will be inspired as much by Europe's
general interests as by those of Greece. In conclusion, the note says Greece
would view sympathetically Turkey's participation in Europe's federal
union.
Denmark Would Link Pan-Europe to League—Reply
to Briand's Memorandum Suggests Two Organizations Might Come Into Conflict.
Denmark's reply to Foreign Minister Briand's memorandum on the subject of a European federation, which was
received at Paris on July 14, opposes a permanent and separate organization for a European federation and suggests
that the federation should be closely allied and associated
with the League of Nations. Unless so arranged, the two
organizations might work at cross purposes or come into
conflict, the Danish Government believes, and urges that
the European federation should confine itself to economic
questions, leaving such problems as disarmament and
security to the League. The foregoing is contained in a
cablegram from Paris to the New York "Times," which also
states:
Denmark advises that all nations having territories in Europe, and even
other powers, should be invited to send representatives to the proposed
conference to consider such a federation, and adds, "It must be considered
that numerous European States possess territories in other continents or
are closely connected with non-European countries, and the extraordinary
development in means of communication has tremendously enlarged the
domain of activities common to all continents."
Regarding M. Briand's suggestion for the extension of the Locarno accords into more comprehensive pacts, the Danish Government says it
would not be prepared to adhere to such a pact, as guarantor or guaranteed, though, of course, subscribing to the fundamental principles of the
Locarno agreements, non-aggression and the maintenance of the existing
frontiers.
Sweden's Reply to M. Briand's Proposal for Federal
Union in Europe.
The Swedish reply to Foreign Minister Briand's memorandum of his European federal union plan was handed to
the French Minister at Stockholm on July 14, says Associated Press accounts published In the New York "Times,"
which notes that it concludes:
The Swedish Government will instruct its representatives at the League of
Nations to contribute to any effort that may be made to organize closer
co-operation between the nations of Europe.
Norway Indicates Satisfaction in Briand Plan for
European Federal Union.
Associated Press advices from Oslo, Norway, July 14,
said:
Austria Approves Briand's Proposal for Federal Union
The Norwegian Government to-day
the greatest satisfaction in
in Europe—Suggests Organization of Federation the European federal union scheme ofexpressed
Foreign Minister Aristide Briand of
Through League of Nations.
France.
Under date of July 12, a Paris cablegram to the New York
Spain and Switzerland Approve Amended World Court
"Times" said:
Statutes.
Austria's reply to Foreign Minister Briand's memorandum was received
A message from The Hague July 20 to the New York
to-day at the Quai d'Orsay. It promises co-operation for a general European federation and urges that efforts to this end should be closely con- "Times" said:
nected with the work of the League of Nations.
If the permanent committee for a European federation is organized, its
relation to the League should be similar to that of the committee for
Austria, organized previous to the loan made in 1923, the Austrian note
suggests. This is to say that a federation committee should be originally
a part of the League. Although there may be need of a small organization
with special charge of the federation's work, there is no reason why the
Spain and Switzerland have deposited with the Secretariat of the
League
of Nations their deeds ratifying the amended statutes
the Permanent
Court of International Justice and the protocol relative toofthe
adherence by
the United States to the World Court.
These instruments have also been ratified by Austria, Belgium, Denmark,
Great Britain, Northern Ireland. India, Norway, New Zealand, Poland.
Portugal, Siam, the Union of South Africa and Sweden.
564
FINANCIAL CHRONICLE
[VOL. 131.
From the New York "Times" Washington account, we
Senate Ratifies London Naval Treaty—Signing of Document of Ratification By President Hoover—Special quote as follows details of the ratification of the treaty by
the Senate on July 21:
Session of Senate Adjourned.
The final day of the treaty fight found 70 of the 96 members of the
convened
The special session of the U. S. Senate, which
Senate in their seats, of whom 58 were for the treaty and 12 in opposition,
on July 7, in accordance with the proclamation issued July 4, throe of the latter not figuring in the poll because of pairs.
With the opposition wilted by fatigue and the heat, the pro-treaty
by President Hoover, was adjourned on July 21, having lines
held. Senators, who in Woodrow Wilsons' time had
the
accomplished the purpose for which it was called. The League of Nations, refused to vote for a reservation, submitted fought
by Senator
object of the special session, as indicated in the President's Johnson, which would have rendered the treaty null and void in the event
United States entered the League or became a member of the World
proclamation, was that the Senate might determine whether the
Court. Some of the friends of the treaty smiled when Senator Borah
its consent be given "to the ratification of a treaty for the voted "No" on this reservation.
limitation and reduction of naval armament, signed at
Last-Minute Changes in Line-Up.
Three last-minute switches were made in the line-up. Senator Thomas,
London on April 22 1930." The proclamation, and the
of Oklahoma, returned to the treaty camp, and Senators Walsh,
convening of the Senate was noted in these columns July 12, Democrat
Democrat of Massachusetts, and Pine. Republican of Oklahoma, who
216-219.
pages
had been listed for the treaty, voted against the resolution of ratification.
Senator Walsh made his change after his separate resolution, which
The Senate ratified the treaty on Monday July 21, by a
called for building up the United States Navy to full treaty strength
vote of 58 to 9, after rejecting all but one'of the various within the life of the treaty, namely, by Dec. 31 1935, was defeated by
reservations offered. The one accepted was the reservation 54 to 11.
After the Norris and Walsh motions, the Senate rapidly disposed of 12
of Senator Norris (Republican) of Nebraska, which declared
reservations remaining before it. Five were defeated on roll calls and
that the Senate in ratifying the treaty did so on the under- five by viva voce vote. Two were withdrawn.
standing "that there are no secret files, documents, letters,
The Norris reservation was acceptable to the pro-treaty forces after
understandings or agreements" modifying, changing, adding Mr. Norris had agreed to the elimination of a preamble commenting on
President Hoover's refusal to give the Senate confidential documents
to or taking from "any of the stipulations, agreements or relating to the treaty negotiations. The President has stated there were
statements" in the treaty. With the ratification of the no secret commitments in connection with the treaty. The Senate majority
position that the Norris motion was innocuous, and it was adopted
treaty by the Senate the special session of that body ad- took the
viva voce.
journed July 21 at 5.02 p. m. Eastern standard time (6.02
Just before Vice-President Curtis called for the roll call on ratification,
Daylight saving time) and on the following day (July 22) Senator Johnson took the floor to fire the last gun for the opposition.
He said he was proud that he and his colleagues had at least made a case
at 3 p. m. President Hoover affixed his signature to the against
the treaty. Perhaps their arguments would benefit the United
document of ratification. The following is the resolution of States when another naval limitation conference was called in 1935, he said.
Senatbrs Reed of Pennsylvania and Robinson of Arkansas, who, as deleratification agreed to by the Senate on July 21.
Resolved, (two-thirds of the Senators present concurring therein) That the
Senate advise and consent to the ratification of Executive I, Seventy-first
Congress, second session, a treaty for the limitation and reduction of naval
armament, signed at London on April 22 1930.
Resolved further, That in ratifying said treaty the Senate does so with the
distinct and explicit understanding that there are no secret files, documents,
.letters, understandings, or agreements which in any way, directly or indirectly modify, change, add to or take away from any of the stipulations,
agreements or statements in said treaty; and that the Senate ratifies said
treaty with the distinct and explicit understanding that, excepting the
agreement brought about through the exchange of notes between the
governments of the United States, Great Britain and Japan having reference
to Article XIX, there is no agreement, secret or otherwise, expressed or
implied, between any of the parties to said treaty as to any construction
that shall hereafter be given to any statement or provision contained therein.
gates, signed the treaty and who led in the battle for ratification in the
Committee on Foreign Relations, and on the floor of the Senate, entered
the chamber a few minutes before the Senate convened. They appeared
very tired.
Senators Johnson, Moses, McKellar, Copeland, Robinson of Indiana,
Bingham, Shipstead, Hale, Pittman, Walsh of Massachusetts, Pine, and
Oddie, the opposing group, looked more fit.
Ratifying Motion Is Read.
The vote on the resolution of ratification was reached at 4:04 p. m.,
when the Vice-President directed the clerk to read the resolution, the
passage of which gave to the United States the distinction of being the
first of five nations, signatory to the treaty, to ratify. Great Britain and
Japan must ratify before the treaty is effective.
The resolution, previously introduced by Senator Borah as Chairman
of the Committee on Foreign Relations, is:
Resolved (two-thirds of the Senators present concurring therein), That the
Anent the signing on July 22 of the document of ratifica- Senate advise and consent to the ratification of Executive I, 71st Congress,
second session, a Treaty for the Limitation and Reduction of Naval Armation and the President's statements with regard thereto we ment,signed at London, April 22 1930.
quote the following from the "United States Daily" of
The roll call lasted nine minutes. Senator Allen of Kansas led off with
a booming "Aye" for the treaty and was followed by no less hearty a
•
July 23:
"No" on the part of Senator Bingham of Connecticut.
The ceremonies incident to the signing of the document of ratification
When Senator Copeland's name was called he announced that he was
took place in the East Room of the White House in the presence of four sorry, but he was paired and the only reason he did not vote "No" was
members of the American delegation to the London naval conference; and because he couldn't. From Senator Bingham to Hale there was not a
the Vice-President, Charles Curtis; Senator Watson (Rep.), of Indiana, single negative vote, and there were six more "Ayes" before Johnson
Senate majority leader; Senator Borah (Rep.), of Idaho, Chairman of the added the third "No" to the record. So it continued to the end, ten or
Senate Committee on Foreign Relations, and Senator Swanson (Dem.), of twelve affirmatives and then the break in the monotony when one of
Virginia, ranking minority member of the Senate Committee on Foreign opposition added his "No" to the tally sheet.
Relations.
The completed roll call was handed to vice-President Curtis at 4:23
Four Delegates Present.
p. m., Eastern standard time.
The four members of the American delegation to the London conference
The Vote on Ratification.
prsent were. The Secretary of State, Henry L. Stimson, Chairman; the
The roll-call on ratification of the treaty was:
Secretary of the Navy, Charles'F. Adams; Senator Reed (Rep.), of PennFor Ratification-58.
sylvania, and Senator Robinson (Dem.), of Arkansas, minority leader in
the Senate. Lawrence Richey, one of the President's secretaries, also was
Republicans--40.
Allen
present.
Gillett
Howell
Metcalf
Smoot
Glenn
Jones
Norris
President Hoover, in signing the document of ratification, used the same Borah
Stelwer
Brookhart
Goldsborough Kean
Patterson
Sullivan
gold pen which was used by Secretary Stimson when he signed the treaty in Capper
Gould
Keyes
Phipps
Thomas
(Idaho)
London on behalf of the American delegation. Secretary Stimson also Couzens
Greene
La Follette
Reed
Townsend
Hastings
signed the document attesting as Secretary of State to the President's Dale
McCulloch
Robison
Vandenberg
Deneen
Hatfield
McMaster
&hall
signature.
Walcott
Fees
Hebert
McNary
Shortridgo
Watson
After he had signed the document of ratification, President Hoover
Democrats-18.
turned to the members of the American delegation and said:
George
Kendrick
Sheppard
"I have had great satisfaction in signing the Naval Treaty. I wish to Black
Wagner
Brock
Glass
King
Swanson
Walsh (Mont.
congratulate you, the delegates to the London Conference, upon the com- Caraway
Harrison
Overman
Thomas (Okla.)
pletion of your work. It is also a matter of satisfaction that this great
Harris
Robinson (Ark.) Trammell
accomplishment in International relations has received the united support Fletcher
of both political parties."
Against Ratification-9.
One Copy to Archives.
Republicans-7,
Johnson
Oddie
One copy of the document of ratification will go to the Department of Bingham
Robinson (Ind.)
Hale
Moses
Pine
State where it will be deposited in its archives and another will be sent to
Democrats-2,
Great Britain. At the Department of State, It was stated orally that after McKellar
Walsh (Mass.)
Japan and Great Britain send formal notice of ratification of he Treaty,
Paired-15.
President Hoover formally will proclaim the Treaty to be in effect.
Ashurst and Tydings, Democrats, for, with Broussard. Democrat, against.
Bmtton and Dill, Democrats, for, with Waterman, Republican, against.
In a formal statement issued before he signed the Treaty, President
Wheeler and Hayden, Democrats, for, with Shipstead. Farmer-Labor, against.
Hoover declared ratification by the other Governments concerned would
Stephens and Hawes, Democrats, for, with Pittman, Democrat, against.
renew the faith of the world in the moral forces of good will. The statement
Blaine, Republican, and Simmons, Democrat, for, with Copeland, Democrat,
follows in full text:
against.
"I shall have the gratification of signing the Naval Treaty this afternoon
Absent and Unpaired.
at 3 o'clock. It is a matter of satisfaction that this great accomplishment
Republicans—Baird, Cutting, Frazier, Grill. Grundy, Nye, Norbeck.
in International relations has at all steps been given united support of
Democrats—Barkley, Blease, Connally, Heflin, Ransdell, Steck, Smith.
both our political parties.
Of the absentees, it was announced from the floor, Senators Baird,
To Renew Faith of World.
Cutting, Frazier, Goff, Grundy, Nye, Norbeck, Barkley, Connally, Rens'With the ratification by the other Governments, the Treaty will trans- dell, Stock and Smith, had they been present, would have voted for the
late an emotion deep in the hearts of millions of men and women into a treaty. The position of Senators Blease and Heflin was not disclosed.
practical fact of Government and International relations.
"It will renew again the faith of the world in the moral forces of good although Mr. Heflin has been listed for the treaty.
"It was a great British victory.," Senator Johnson said to the newspaper
will and patient negotiation as against the blind forces of suspicion and
competitive armament. It will secure the full defense of the United States. correspondents as he left the Chamber. He did not wait for the final
"It will mark a furhter long step toward lifting the burden of militarism adjournment announcement and he missed a "swan song" speech on the
from the backs of mankind and to speed the march forward of world peace. tariff by Senator
Harrison of Mississippi, which immediately preceded
It will lay the foundations upon which further constructive reduction in
adjournment.
world arms may be accomplished in the future.
"We should by this act of willingness to join with others in limiting
Wagner Opens the Debate.
armament, have dismissed from the mind of the world any notion that the
The final phase of the battle began with Senator Wagner of New York
United States entertains ideas of aggression, imperial power or exploitation
making a plea for ratification. He said that in passing judgment on the
of foreign nations."
JULY
26 1930.]
FINANCIAL
CHRONICLE
565
treaty the opinions of the American delegates should, in his opinion, carry I
cannot permit it to be ratified, however, without saying
a word concernweight.
ing those few individuals who have stood by my side
"Nations have in the past always gambled on war and they have
in the last few weeks
had in an endeavor to prevent its ratification.
It," said Senator Wagner. "I believe the people of these United States,
"It has been by no means a useless contest.
Out of it only good can
in common with every free people on earth, are ready to gamble on peace.
come. From it a very small minority of the American
and having a stake in peace, they will do more than they have in the past
people have been
taught
what
this
instrument
is
and
what
it
means
to see to it that peace rather than war shall win the race.
in the future. If only
"What should be our final conclusion? I believe that we should ratify that has been accomplished, the contest has not been in vain.
"In this contest we have prepared perhaps for another
this treaty. The question of security has been raised, but I cannot underconference In
1935, and perhaps we have been able in the preparation
stand how we can possibly be less secure with the larger treaty fleet,
to prevent some
when of the mistakes which had been made in
London.
the fleets of the other nations are limited, than we are at present with
a
"It is not uncomplimentary to say to any of the individuals
smaller fleet and other nations unlimited in their construction
who were
.
a part of the London conference that they erred or to disagree
"This treaty leaves the world with a burden of too many guns
with them.
and too That sort of thing we saw in 1922.
Four of the greatest men that lived
many ships,rather than too few. The tremendous $2.000,000,0
00 armadas
which the treaty sets up somehow do not click with the professed objectives in this country, Elihu Root, Charles Evans Hughes, Henry Cabot Lodge
and Oscar Underwood,sat for us in 1922 and wrote the
of the disarmament conference.
treaty of the Washington conference.
"It is a feeble treaty, a weak and insufficient instrument; but it is
better
"I
have
said
before
upon
this
floor
and I say again there are none so poor
than competitive building. If it does not carry us forward far
toward the to-day to do reverence to that document.
goal of disarmament, at least It applies the brakes against the
It is conceded now practically
rapid back- that Hughes and Root were outwitted
by Mr. Balfour. And that being
sliding which had already begun.
conceded,
why
should we accept without question or demur everything
"If I could choose the world I would live in, I would rather
have a world that might have been done at the London
of small navies than a world of big navies. If the big navies
conference in 19307
had to be, I
"This has been a very sacred cause, and in bidding good-bye to
would rather that relative sizes were the subject of agreement
it torather than night I am doing it with my head
in the air. Thank God it has not bowed
established by competition. If limitation, too, were to
be abandoned. I to any power on earth. There
has not been in the struggle enough influence
would rather that each nation gave to the others notice of
its prospective or enough of political ambition
to make me swerve a single iota from the
construction than that it built its ships secretly and surreptitious
ly.
line which was marked out at the beginning of this fight. The men
"The treaty does at least that, and it also provides for
with me
limitation. Its fought in like fashion. They fought
the good fight for the good cause."
rejection will multiply the
the suspicions and fears, those seeds of
war of which there is ever a surplus. Ratification will
Indicating
on
July 14 that the Norris reservation in modifacilitate future
agreements of actual reduction. The balance of advantage
is on the side fied form would be adopted, the "Times" in
a Washington
of the treaty and is, therefore, entitled to the consent of the
Senate.
dispatch that day stated:
"America, leader in the pursuit of peace, should not refuse
to join in an
effort toward its realization."
Marking a victory for President Hoover, the ratification of the pact
will probably carry with it the Norris reservation against secret
Vote on Walsh Resolution.
agreements.
but in a revised form,from which every hint of an affront to the
President
With the conclusion of Senator Wagner's speech, which was the shortest
will be eliminated.
of any delivered in the course of the treaty fight, the consideration of
The preamble to the Norris resolution, which recited the President's
reservations was in order. The Norris reservation was
taken up first.
to transmit secret documents bearing on the London conference to
Then came the first test of strength in the roll call on the Walsh resolution refusal
the Senate, will be dropped, it was disclosed following White
House confor a policy of a "full strength" navy.
ferences in which the President, Secretary Stimson and Senators
The vote on the resolution was:
Borah
and Reed participated.
For the Reservation-11.
The same paper in its Washington account July 15 said
Republicans-6.
Hale
Bingham
Johnson
Moses
in part:
Oddie
Robinson (Ind.)
One of the confidential documents bearing on the London Naval ConferDemocrats-5.
McKellar
Kendrick
Thomas(Okla)
ence negotiations was disclosed to public view in the Senate to-day
. Overman
Walsh (Mass.)
when
Senator Reed of Pennsylvania, a member of the American
Against the Reservation-54.
group at the
conference, offered for the "Record" the original text of the limitation
Republicans-40,
Allen
Gillette
Howell
propos:Von submitted to the other delegations on Feb. 5 in London
Metcalf
Smoot
by
Brookhart
Glenn
Jones
Norris
Secretary Stimson.
Stehver
00h:thorough
Borah
Kean
Patterson
Sullivan
The
document,
Capper
which
Gould
so
been
has
often
Keyes
referred to by the opposition,
Phipps
Thomas (Idaho) proved
Couzens
Greene
La Follette
to be an elaboration of a statement read to newspaper correspondents
Pine
Townsend
Hastings
Dale
McCulloch
Reed
in London by Mr. Stimson the day following the submission
Vandenberg
of the proposal
Deneen
Hatfield
McMaster
11
31?0b=1i
,:zge
to the British. Japanese, French and Italian delegations.
Walcott
Fees
Hebert
MeNary
Watson
The document was captioned "Tentative Plan of the American
Democrats-14.
Delegation" and was marked "Secret." Most of the proposals made in it were
Black
Harris
George
Robinson (Ark.) Trammell
Brock
Harrison
Glass
subsequently
written
in
the
Sheppard
agreement
entered
in
by the United States,
Wagner
Fletcher
King
Swanson
Great Britain and Japan and were made a part of the naval treaty.
Walsh (Mont.)
Senators Copeland, Pittman and Shipstead of the opposition
The cruiser proposal was practically the same as was written into the
were present
and paired, and, therefore, not permitted to vote. This was
the only roll- treaty, but there was a change in the destroyer and submarine tonnages.
call on which Senators Kendrick, Overman and Thomas of
Oklahoma The American delegates suggested 200,000 tons of destroyers each for the
strayed from the treaty fold. It was also the one on which
Senator Pine United States and Great Britain and 120,000 for Japan. In the treaty
failed to register with the opposition.
these figures were reduced to 150,000 tons each for the United States and
Great Britain and 105,000 tons for Japan. Parity in submarines was
Action on Rest of Reservations.
provided for, each nation being allotted 52,700 tons.
The swift action which the Senate took on the remaining
reservations,
The American proposition also included the building of a battleship
in summary, was:
of the Rodney class by the United States, an item which was withdrawn
By Senator McKellar; providing for "freedom of the seas";
defeated, soon afterward.
58 to 9.
By Senator McKellar; providing that, in the event of war, the
Move Pleases Opposition.
United
States and Great Britain may not arm more than thirty merchant
The demand for the production of the "secret American naval plan"
ships
and Japan,France and Italy not more than twenty; defeated by
followed
the conclusion of a speech in favor of ratification by Senator Reed
viva voce.
By Senator McKellar; providing for imposing a fine of $1
,000,000,000 on which practically closed the case for the treaty proponents.
any signatory nation which violates the Briand-Kellogg anti-war pact;
When Senator Reed produced the document there was an exhibition of
defeated, viva voce.
great glee on the part of the opposition Senators. It was the first document
By Senator Johnson; permitting construction of 8-inch
gun crusers that came to light in Its original form, and it was, Senator Johnson, one of
without respect to limitation of constuction of these
the
leading antagonists of the London pact, said, "one of those under
vessels by periods
of years; defeated. 57 to 9.
embargo by the Secretary of State."
By Senator Bingham; providing that, if any non-signatory
The opposition at once asked for the Japanese reply to the American
nation exceed
building restrictions imposed on the United States,
proposal. Senator Reed said he would see what could be done about
Great
Japan, a signatory nation would be permitted to use its Britain and meeting the
request and would give his answer to-morrow. Senator Reed
6-inch cruiser
tonnage in construction of 8-inch gun cruisers; defeated,
said it was true that the Japanese asked for a great deal more than was
54 to 10.
For Changing Restrictions.
suggested by the Americans, but, he declared, there were no reservations
of any kind Involved in what the Japanese obtained in the treaty itself.
By Senator Moses; reserving the right of the United
States to change
When the flare-up attending the production of the American plan died
restrictions on building so as to construct vessels
proportionate to building down
the debate on the treaty, with Senator Robinson of Indiana speaking
undertaken by other nations in excess of the treaty
provisions;
defeated
first for the opposition, was resumed.
viva voce.
By Senator Johnson; to permit the United States to
McKellar's Reservation Offered.
tonnage in constructing vessels in either 8-inch gun or utilize its cruiser
6-inch gun classes
The strategy of the treaty foes in filing reservations which would modify
as it sees fit; defeated 57 to 8.
the
effect
the
of
pact
was exemplified ma motion made by Senator McKellar
By Senator Johnson; to adhere to the traditional
policy
States to avoid entangling foreign alliances; defeated, viva of the United of Tennessee to insist on "freedom of the seas" in acceptance of the limitavoce.
tion agreement. Mr. McKellar's plan was built on an amendment by
By Senator Johnson; making the treaty null and void if
the United States Senator Borah to the 15-cruiser bill of 1929, which directed the naval
should enter the League of Nations or ally itself with
the World Court conference, which was then expected to assemble in 1931,to give consideraor any branch of the League; defeated, 58 to 8.
tion to the "freedom-of-the-seas" problem on the basis of "the inviolability
By Senator Johnson; providing that the United States
understands that of private property."
the combined total tonnage of naval auxiliary combatant
Pro-treaty Senators took the position to-night that the reservation was
vessels to be used
as a basis for effecting limitation at any international
conference held entirely out of place, and among the Senators asserting this view was
within the life of the London treaty shall not be counted as
Mr. Borah himself. The resolution may lead to two or three days more of
proportionat
ely
lower than the combined aggregate tonnage of these
classes in existence debate, but when it comes to a vote it will probably be rejected by a
on Jan. 1 1930; defeated, viva voce.
large majority.
By Senator Hale; the United States to maintain that
dividing cruisers
Senate majority leaders on July 16 initiated a move to
into 8-inch gun and 6-inch gun classes is only a temporary
expedient
and
to adhere to the principle that it may distribute its total tonnage
limit debate on the Treaty beginning on July 22, but beyond
seems
as
it
desirable; withdrawn.
By Senator Hale; providing that with the expiration of the
treaty, the
5-3 ratio between the United States and Japan shall be restored; withdrawn.
The final reservation was disposed of at 4.10 p. m.
Senator Johnson
then took the floor to say the final word for the opposition.
Everybody
on the floor and in the galleries realized the end WU at hand, and the rollcall came when he sat down.
Final Speech by Johnson.
"The last chapter has been written," said Senator Johnson in the course
of his speech. "We are now about to vote for ratification of the treaty.
preliminary overtures, no agreement was reached during the
day's session, which was devoted to speeches in opposition
to the compact, said the "United States Daily," which also
stated in part:
Senator Watson (Rep.) of Indiana, majority leader, suggested to Senator
Johnson (Rep.) of California, leader of the Treaty opposition, that beginning on July 22 no Senator should speak more than once nor longer than
10 minutes on the Treaty or any pending reservations thereto. Mr.Johnson
took the proposal under advisement but was unwilling to be bound
by
566
FINANCIAL CHRONICLE
such a limitation until Senator Moses (Rep.) of New Hampshire, an opponent of ratification, has returned to the city. Mr. Moses is expected back
on July 18.
In its issue of July 18 the "United States Daily" said:
[VOL. 131.
The reading of the treaty, paragraph by paragraph, for amendments,
began at 12.50 p. m.and consumed most of the session. Senator Johnson insisted on the clerk reading the document. The move conserved the opposition's oratorical powers and gave it a chance to compel the pro-treaty side
to contribute indirectly to the program of delay by repeatedly calling on
it to explain just what some part or all of a paragraph meant, how it originated, and Its possible effect on the naval policies of the United States.
The interchange came with machine-gun rapidity, with Senators Johnson,
McKellar. and Copeland appearing in the roles of chief inquisitors and
Senator Reed as the victim.
When the cruiser paragraphs were reached, Senator Johnson asked Mr.
Reed if he could inform the Senate whether or not Assistant Secretary
of State Castle, who was special Ambassador to Japan during the period
of the London conference, had assured the Japanese Government that
the United States would not build the last three of the eighteen 8-inch
cruisers allotted to the United States under the London Treaty.
Senator Reed replied that no such assurance was given and added there
was no mention of such an agreement in the messages that passed between Mr. Castle and the delegation in London.
"Are those documents among those in your possession for submission to
Senators" Senator Johnson asked.
"No," replied Senator Reed. "I destroyed them to protect the code
in which they were written from disclosure. However, copies of them may
be procured."
So it continued. The clerk would read a paragraph and then the questions began to flow. At 4 p. m. the Senators were still wrangling over the
"escalator" provision. Senator Bingham, anti-treaty recruit, had offered
his amendment then; but the opposition, it was disclosed, was not planning
such amendatory action. It will base the rest of its fight on the reservations
which must be voted on before the resolution of ratification.
Night sessions and an earlier meeting hour are planned by Senate majority
leaders beginning July 18, unless opponents of the London Naval Treaty
are prepared to enter into an agreement for a time to vote on the compact.
Senator Reed (Rep.) of Pennsylvania, a delegate to the London Conference, served this notice on the Senate just before the recess July 17.
after a plan for a night session that evening had been abandoned.
"Unless an agreement is reached to-morrow for a time to vote," he said.
"I shall ask the Senate to remain in session each evening beginning tomorrow and to meet at 10 every morning."
Mr. Reed had notified many Senators that the session would continue
into the night of July 17, but explained that he had decided against this
because it was felt a longer notice should be given. Senator Watson (Rep.),
of Indiana, majority leader, announced that he would co-operate in every
way possible to carry out a program of night sessions.
Cloture Petition.
Earlier in the day, Senator Watson,just returned from a Conference with
President Hoover, attempted to fix a time to vote on a limit on debate, but
to both proposals Senator Johnson (Rep.), of California, objected. Immediately thereafter. Mr. Watson circulated a petition for cloture, the
only way of closing debate except by unanimoes consent. If adopted by
a two-thirds vote of the Senate. such a motion limits each Senator to one
hour.
While, according to one Senator, two-thirds of the Senators present
attached their signatures to this petition, majority leaders will resort to it
only as a last resort and if the long session fails to exhaust debate. Senator
Curtis Rules on Procedure.
Johnson has consistently refused to enter any agreement either to limit
debate or fix a time for a vote.
Vice-President Curtis in outlining the procedure ruled that the resoluWashington
from
of
the
absence
A factor in delaying a vote has been
tion was not submissible until the amendatory feature of the procedings was
Senator Moses (Rep.) of Now Hampshire, one of the Treaty opponents, ended. Asked by Senator Moses if the resolution of ratification was subject
who was called away by a death in his family. Mr. Moses is expected to debate, the Vice-President replied:
back July 18, and has a speech prepared in opposition to the compact.
"It is."
The big surprise of the day was the Walsh resolution. The leaders were
The developments on July 18 were indicated in the followproceeding on the theory that the last word productive of delay had been
ing from the Washington dispatch to the New York "Herald said
by those favoring ratification.
Tribune":
Senator Walsh is listed for ratification, and when he took the floor it
Ratification of the London Naval Treaty by the Senate was prevented was not expected he would offer a resolution, and, least of all, would make
to-day only by the ability of two opponents, Senator Hiram W. Johnson a speech. Senators Reed, Robinson of Arkansas, Watson, Smoot, Swanson
of California and Senate George H. Moses of New Hampshire to sustain a and other treaty supporters saw in it possibilities of continued debate.
Mr. Walsh explained he offered his proposition in the form of a resolution
collapsing filibuster.
After having been In session continuously for 12 hours, the Senate so that It could be adopted on its own merit and not as a part of the treaty.
recessed at 11 o'clock to-night until 11 o'clock to-morrow morning. Unless He sent It to the desk, where it went to the record before any of the friends
a final vote is reached during the day the Senate will be held in session of the treaty thought of interposing an objection.
When it comes up Monday. It will, in the event its consideration is
again to-morrow night, with the hour extended to midnight.
In the mean time, Senator James E. Watson, Republican leader, held in blocked by an objection, be offered as a reservation to the resolution of
.
ratification.
suspension the closure rule which has been ready since yesterday. Every
Senator Reed and Senator Robinson of Arkansas said they were in symmethod is to be exhausted to avoid the filibuster by closure. If the filibuster is continued over the week end, however, Senate leaders declare pathy with the general purpose of the Walsh resolution, with perhaps,
f
It would be invoked.
4.11i..tu explained Senator Reed, some changes in the draft as submitted. A little
later, Mr. Reed, after conferring with other leaders, suggested to Senator
The first parliamentary step in therratification of the Walsh that he withdraw the resolution and offer it at another time, probably
Treaty was taken on July 19 [we quote from the New York after the treaty was ratified, since in its present form, except by unanimous
It could not be considered while the treaty was pending.
"Journal of Commerce")when the Senate "in the Committee consent,
Senator Johnson was quick to assert, that, if Mr. Walsh acquiesced,
of the Whole" approved the Treaty article by article. The he would probably never get the resolution before the Senate again. SenTreaty is now "in the Senate" and passage of the Borah ator McKellar followed with an objection to its withdrawal. Mr. Walsh
later announced that failing to get the proposal to a vote before a vote on
Resolution of ratification by July 21 or 22 was predicted.
ratification he will bring it before the Senate as a reservation. That
The Senate action of July 19 was described in the following, would compel a record vote.
The amendments added to the nine pending will be in order for final
which we quotefrom the Washington account to the "Times":
After another day of fruitless talk, the second week of the battle to disposition Monday.
ratify the London Naval Treaty in special Senate session ended at 4.35
The Senate action of Monday, July 21, is indicated further
o'clock this afternoon, with the 11 anti-treaty Senators, who talked 12 above.
administration
leaders
hours yesterday, bristling for more fight. The
now admit a vote on ratification before Tuesday or Wednesday is extremely
doubtful.
The first vote involving the Treaty came just before the recess when an Senate Consumed Nearly 70 Hours in Consideration of
amendment to the text of the Treaty, proposed by Senator Bingham and
London Treaty—Consideration of London and
dealing with the "escalator" clause, was overwhelmingly defeated. There
Washington Treaties Compared.
was no roll-call.
This was the only amendment proposed to any paragraph of the Treaty,
The following is from the "United States Daily" of
the reading of which, paragraph by paragraph, was completed during the
July 23:
afternoon.
Nearly 70 hours were consumed by the Senate In consideration of the
The Bingham amendment would have provided that in the event powers
not signatory to the American-British-Japanese agreement started am- London naval treaty which led to its ratification July 21 by a vote of
additional
58
to 9.
construction by
bitious building programs, making necessary
The special session, which was called by President Hoover in a proclamaone or more of the three signatory powers, the United States would be
free to build 8-inch instead of 6-Inch cruisers in carrying into effect such tion issued July 4, convened at noon, July 7, and adjourned sine die at
additional construction as might be necessary in She maintenance of ade- 5:02 p. m., July 21. On 12 calendar days of this period the Senate met
quate naval defense.
and discussed the treaty.
Official records show that the Senate was actually in session for 68
Reservations To Be Debated.
The opposition continued to flood the record with reservations, the hours and 40 minutes. Almost every minute of this time was spent in
debating
the naval treaty. The only other business transacted was the
number now pending, all subject to debate, being fourteen.
In addition Senator Walsh of Massachusetts introduced a resolution passage of minor resolutions and the confirmation of three nominations,
which, if adopted, would put the Senate on record in favor of the United none of which consumed an appreciable time.
There were 33 quorum calls during the special session, and nine
States building up its navy, especially in cruisers, to treaty strength by
record votes.
Dec. 31 1936,the date on which the London treaty expires.
The longest single session lasted 12 hours. This was on July 18, when,
The Walsh resolution is occasioning much concern in the ranks of the
pro-treaty group. Its defeat would probably mean the defection of Senator in an effort to exhaust debate on the treaty, the Senate convened at 11 a. In.
Walsh to the opposition camp.
and ran continuously until 11 p. m.
The quorum roll-calls during the day, of which there were three, showed
We likewise take from the July 19 issue of the same paper
there was no week-end exodus of Senators. Sixty-five, of whom fifty-four
are for the treaty,are in the city to-night, and three more,Senators Ransdell, the following:
Brookhart and Steck, are expected Monday. Of these, Mr. Brookhart
Consideration of the London naval treaty has lasted considerably longer
than that of the Washington pact, according to a statement by the Departand Mr. Ransdell are for, and Mr. Steck against the treaty.
ment of State, July 18, made in reply to inquiries.
More Reservations Filed.
The Washington treaty was ratified in 52 days, while the London treaty
When the Senate convened at 11 a. m. the administration leaders were was
first submitted to the Foreign Relations Committee pf the Senate 86
in hopes that the end of the two weeks' battle would come before nightfall. days ago, it
was pointed out.
But the opposition was still active.
The Department's statement follows in full text:
Senator Johnson offered two, Senator Hale two and Senator Moses one.
In answer to inquiries from newspaper correspondents, the following
One of the Johnson reservations, would render the treaty null and void
comparisons of time occupied for consent to ratification by the Washington
In the event that during the life of the pact the United States joined the
and
the London naval treaties was given out by the State Department:
League of Nations or the World Court of Justice.
It is already 86 days since this treaty was signed in London. The WashOne reservation by Senator Hale would stipulate that the cruiser category
provision of the treaty was only temporary so far as this country was con- ington naval treaty only occupied 52 days between the date of signature
cerned, while the Moses proposition relates to the "escalator" clause, as and the consent to ratification by the Senate. This treaty was before the
as does also the second of the Johnson proposals. The second Hale reserva- Foreign Relations Committee for 53 days, while the Washington treaty was
tion seeks to perpetuate the 10-to-6 ratio between the United States and before the Foreign Relations Committee only 17 days. To date this treaty
has been debated before the Senate throughout 49% hours of session.
Japan as It was written into the Treaty of Washington in 1922.
JULY
26 1930.]
FINANCIAL CHRONICLE
The Washington naval treaty was debated for only eight hours of session.
Comparison between debates in the Senate on Washington and London
naval treaties, July 17 1930:
Washington
London
Treaty.
Treaty.
Feb. 6 1922
Signed
APri122 1930
Feb. 10 1922
Submitted by President
May 1 1930
Feb. 10 1922
Referred to Foreign Relations Committee
May 1 1930
Reported by Foreign Relations Committee.. Feb. 27 1922
June 23 1930
Considered by Foreign Relations Committee17 days
53 days
March 27 1922
Called up on Senate floor
July 7 1930
March 28 1922
Debate started
July 8 1930
March 29 1922
Vote for ratification
4914 hours
Length of debate
8 hours
(to date)
52 days
From signature to consent for ratification
86 days
London Naval Treaty Limits Navies for the First Time
-British and American Parity Is Considered in
Capital the Main Feature.
The London naval treaty of 1930 to which the Senate on
July 21 voted its consent to ratification by President Hoover,
will limit for the first time in history all categories of fighting ships for the three major powers of the world. The
"Times," in an Associated Press account from Washington,
July 21, noting this, said:
Outstanding so far as the American Navy is concerned is the recognition
of the theory of parity or naval equality in all classes of ships, between
the British and American Navies. Japan obtains parity in submarines with
Great Britain and the United States and higher ratios than the five-fivethree of the Washington arms treaty in categories of auxiliary vessels.
After a brief and conventional preamble, the London treaty provides for
the non-replacement of capital ships permitted the three major naval powers
under the Washington agreement. France and Italy, however, are permitted the replacement tonnage they were entitled to lay down in 1927 and
1929. Great Britain shall dispose of five capital ships, the United States
three, and Japan one under the terms of article two to reach the parity
of the Washington pact at once instead of in 1942.
Each, however, may retain one vessel for training purposes. Aircraft
carriers, partly limited under the Washington agreement, will now also be
limited under 10,000 tons. The Washington limitation applied only to
carriers of above 10,000 tons.
The size of submarines, with the exception of three for each power, which
may total 2,800 tons, is limited by the treaty to 2,000 tons. Small ships of
under 600 tons, and ships the fittings of which make them of little combat
value, are exempted from limitation. A considerable part of the treaty
is given to the citation of rules for the replacement of ships, disposals,
scrapping and dismantling to provide ships for training purposes.
One of the most important provisions of the treaty is contained in
Article 1, the so-called "escalator clause," stipulating the contingencies
under which one of the contracting parties may exceed the limitations of
the treaty. The clause was written mainly at the request of Great Britain,
which feared the possibility of excessive building by her neighbor, France.
, The clause provides that when any signatory finds its security threatened
by such building it may notify the other signatories of the amount which
must be built to overcome the advantage and may then proceed with construction. The other two powers shall then be entitled to construct, within
the limits of their ratios, ships in the same category.
Under Article 18 of the pact the United States is permitted to transfer
a total of 30,000 tons from the eight-inch to the six-inch cruiser category
at the rate of 15,166 tons of the latter for each 10,000 tons of the former.
Should the United States not elect to exercise the option of this clause the
treaty fleets and ratios between the American, British and Japanese Navies
would be as follows:
United States. Gr. Britain.
Japan.
Tons.
CraftTons.
Tons.
462,400 • 474,750
Capital ships
266,070
Aircraft carriers
135.400
135.000
81,000
180.000
Cruisers over 6-inch guns
146,800
108,400
143.500
Cruisers 6-inch guns
192.200
100,450
150,000
Destroyers
150,000
105,500
52.700
Submarines
52,700
52,700
Total
1,123.600 1,151,450
714,120
If the United States exercises the option, the treaty fleets would be as
follows:
United States. Cr. Britain.
Japan.
CraftTons.
Tons.
Tons.
Capital ships
462.400
474,750
266.070
Aircraft carriers
135,000
135,000
81.000
Cruisers over 6-inch guns
150,000
146.800
108,400
Cruiser 6-inch
135.000
192.200
100.450
Destroyers
150,000
150.000
105,500
Submarines
52,700
52,700
52,700
Total
1,139,100 1,151,450
714,120
A carrying out of the battleship modernization program of the Navy
Department would bring the American tonnage in capital ships above
that
of Great Britain.
One provision to which all five of the participating nations subscribed
and all other nations of the world are invited to adhere to is that for
the so-called humanization of the submarine. Under this article submarines
are limited to the same rules of war as apply to surface vessels and must
insure the safety of the passengers and crew of an attacked surface vessel
before sending it to the bottom.
567
Labor troubles are reported throughout the peninsula. A long list of
failures among agricultural and industrial concerns are announced from
Seville, Granada, Cordova and Malaga. Strikers in Northern towns are
clamoring for higher wages. The money exchange is continuing its downward trend.
Agreement Reached on Adjustment of Mexican Debt.
The Conferences held in New York during the past month
on the Mexican Government debt and that of the Mexican
National Railways resulted yesterday (July 25)in the signing
of an agreement in behalf of the Mexican Government and
the International Committee of Bankers on Mexico. It is
announced that as a result of the conversations the Committee "will recommend to the bondholders that facilities be
extended to Mexico for the resumption of the service on its
foreign debt, through the reduction of the amounts due for
arrears of interest and through the extension of the term of
payment to 45 years. The standard payments to cover both
sinking fund and interest charges on the new refunding 5%
bonds which will be issued will amount to $15,000,000, beginning with the year 1936; in the interim, there will be a
period of transition during which the annuities will be smaller,
the first, for 1931, to amount to $12,500,000." It is added
"that provision will be made for a sinking fund to begin in
1931, which should provide a demand in the market for the
bonds."
The joint statement issued yesterday by Mexican Finance
Minister Montes De Oca and Chairman Lamont as to the
New Debt Agreement of the International Committee indicates that the agreement is subject to the approval of
the Mexican Government and to the bondholders; the
statement follows:
In the course of the discussions which have been held during the last
month with the European and American members of the International
Committee, the Secretary of Finance made full exposition of the present
economic condition of Mexico and of the outlook for the future. In the
light of this information, as gained by the delegates, and of the different
data made available, the members of the International Committee have
taken adequate account of Mexico's present and future economy, of its
capacity of payment and of the other obligations which made up the
National Public Debt; that is to say, of internal obligations, to the fulfillment of which the Government attaches as much importance as to that of
foreign obligations.
Chief Points in the Agreement.
As a result of these discussions the Finance Minister and the International
Committee have reached an agreement under which the Committee will
recommend to the bondholders that facilities be extended to Mexico for the
resumption of thc service on its Foreign Debt, through the reduction of
the amounts due for arrears of interest and through the extension of the
term of payment to 45 years. The standard payments to cover both sinking
fund and interest charges on the new refunding 6% bonds which will be
issued will amount to 815,000,000, beginning with the year 1936; in the
interim, there will be a period of transition during which the annuities
will be smaller, the first, for 1931, to amount to $12.500.000.
Provision will be made for a sinking fund to begin in 1931, which should
provide a ready demand in the market for the bonds.
Security and Refunding Clauses.
The Government will guarantee the new funded debt with a lien on
customs revenues,in the form established for the heretofore customssecured
debts. A method is provided by which, should the Mexican Government
desire to make new bond issues in the future, it may do so under specified
conditions, after the service on the new debt is being paid at the normal rate
of 5%.
National Railways Reorganization.
The status of the National Railways Co. may at present be considered
as one of insolvency, and although the natural order would be to initiate
bankruptcy proceedings, in order to permit the creditors to take over its
management or adopt other measures expedient for their interests, it was
finally deemed advisable to accept as a better solution the plan proposed
by the Mexican Government of reorganizing the present company through
the formation of a new one in accordance with Mexican laws.
In order to make possible the financial rehabilitation of the company it
has been considered necessary to reduce its obligations through the reduction of arrears of interest, according to the same method adopted for the
direct debt. Through the renunciation by the bondholders of part of the
interest payable during the next five years there will be made available a
sum of over 825,000,000 for additions and betterments which are important
in order to enable the company to operate with economy. The existing
debt will be consolidated in a new issue secured by a general mortgage to
bear interest, after the interval referred to above, at the rate of 5% per
annum, and payable in 45 years; regular amortization to begin in 1936.
Claims and Counter Claims to Be Cancelled.
It is planned to refund all indebtedness now existing, such as floating
obligations. All claims and demands between the Government and the
Italy Subscribes to Its Portion of New Austrian Inter- company will be cancelled in order to enable the new company to begin
Its operations with a minimum of floating debt and to facilitate successful
national Loan.
operation.
As in the case of the Public Debt, a method is provided for the company
Associated Press accounts from Rome, Italy, July 21,
to
secure further loans through the issuance of new bonds, when necessary,
stated:
for the expansion and completion of the railway system.
Italy's portion of the international loan recently arranged for
Austria,
A Fair and Creditable Settlement.
to be handled by the Dank for International Settlements, was fully subThe Finance Minister and members of the International Committee,
scribed today.
are in accord in attaching great importance to the character of settlement
The offering of the new loan was referred to in our issue reached
to-day. As has been already indicated, every effort has been
made in the last four weeks of friendly discussion to enable the Comof July 19, page 368.
mittee on the one hand to gain an adequate knowledge of the finanposition, as bearing upon its ability to meet the service upon all its
Labor Woes Affect Spain-Many Business Firms Fail- cial
obligations; and on the other hand to acquaint the Government fully with
Strikers Demand Higher Wages.
the concessions heretofore undertaken by its foreign debt bondholders,
a consequence the Minister and the members of the Committee have no
The following Madrid advices July 19 (Copyright) are As
hesitation in declaring that the settlement as outlined is one that, all
Post":
"Evening
New
York
the
from
circumstances considered, is creditable to the Government and fair to the
568
FINANCIAL CHRONICLE
[VOL. 131.
bondholders. The Agreement as now signed will be submitted first to
the Mexican Congress for ratification-an(' thereafter to the bondholders
for their consideration and approval.
Yugoslavia Stabilization Loan.
According to Berlin advices to the "Wall Street Journal"
A memorandum regarding the signing of the agreement of July 22, among obstacles holding up Yugoslavian stabilalso made available yesterday says:
ization loan is dispute over revaluation of Bosnian pre-war
The first Agreement between the Mexican Government and the Inter- gold loans held by German citizens. Offer of 30% has been
national Committee of Bankers on Mexico, called the Agreement of June 16
refused because Swiss holders of similar bonds received 50%
1922, went into effect on Dec. 8 1923. Because of political disturbances
In Mexico, which affected its financial plans, the Government issued an two years ago.
official decree on June 30, 1924 suspending the service on the foreign debt.
This suspension continued until the Committee, after discussions with the
then Finance Minister, Alberto J. Pant, arranged substantial modifications Central Institute for Issue of Hungarian Mortgage
in the Agreement: specifically separating the agreements as to the Direct
Bonds to Establish Headquarters in New York
Government Debt and the National Railways Debt.
and London.
The Modified Agreement was signed Oct. 23 1925 and became effective
on Jan. 1 1926. Remittances were made by the National Railways during
Associated Press accounts from Budapest, Hungary, July
1926. but were then discontinued due to the unsatisfactory earnings of
the Railways System. As to the Direct Debt;remittances under the modi- 19, state:
fied plan were made for approximately two years, but when full payments
The Central Institute for the Issue of Hungarian Mortgage Bonds, formed
under the original loan agreements were to be resumed on Jan. 1 1928 the under
the auspices of the Guaranty Trust Co., the National City Bank and
service on the Direct Debt was again suspended,the Government declaring
Hambros, will have headquarters in New York and London. The first issue
itself unable to resume such full service. The situation was made temwill be $15,000,000 at 6%. Twenty per cent will be devoted to mortgages
porarily more difficult by the revolt in the early months of 1929.
Since January 1928 tile Mexican Government has been meeting all its on houses and 80% to mortgages on land.
current requirements in cash,and has adequate working balances on hand.
The present discussions were initiated on June 25. The first plenary
session was held at the rooms of the New York Chamber of Commerce: Brazil
Remits Fine Imposed on Branch of National
Subsequent meetings have been held chiefly at the offices of J. P. Morgan
City Bank for Alleged Infractions of Law Through
& Co. and of Kuhn. Loeb & Co. The members of Minister de Oca's staff,
who have assisted him are:
Exchange Transactions.
Javier Sanchez Mejorada, Executive President of the National Railways
Under date of July 24 Associated Press advices from Rio de
of Mexico.
Luciano Wiechers, Vice-President, Bank of Mexico.
Janeiro, Brazil, said:
Fernando Gonzales Roa, Counsel, National Railways of Mexico.
Fernando Diez Barroso. Advisor on National Debt.
A $3,000.000 fine imposed by a Federal bank inspector on the National
Roberto Lopez,.Head Credit Bureau. Department of Finance.
City Bank of New York for alleged infractions of the banking laws through
Richard° Carrion, Secretary of the National Railways of Mexico.
Capt. Bias Tijerina and Gustavo Velasco, Secretary of the Delegation. exchange transactions in the Son Paulo Branch several months ago has been
The European delegates who came to take part in the negotiations were: remitted by the Minister of Finance, with the approval of President Luis.
Wm. Egerton Mortimer, British Representative.
The bank inspector last January investigated certain exchange transE. de la Longuiniere. French Representative.
actions and declared he had found irregularities for which he imposed the
Pierre Vinson, French Representative.
huge fine. The National City Bank placed $3,000,000 in the Banco do
Henry It. Sabbag, French Representative.
Dr. Pau. von Schwabach. German Representative.
Brazil on March 14 as a guarantee of payment and then appealed the
Gustave Dunant, Swiss Representative.
decision with the result that it was reversed by the Minister of Finance.
Robert Dunant Jr., Swiss 1 epresentative.
Marcel Baeide, Belgian Representative.
A statement made public this week in New York in
The signing of the new agreement took place at 3 p. in. to-day (Friday) behalf of the bank stated:
in
behalf
of
the
signed
Minister
at the offices of J. P. Morgan & Co. The
Officials of the National City Bank of New York received with satisMexican Government and T. W. Lamont as Chairman of the International
Committee. There were also present Messrs. Cochran and Anderson of faction the cabled advices from their Sao Paulo Branch announcing that
the
$3,000,000 fine imposed by the Director General of Banks had been
the Morgan firm, Messrs. Sanchez Mejorada, Luciano Wiechers, Fernando
Diez Barroso and Gonzales Rea of the Minister's party, Messrs. E. de la remitted through a decision of the Minister of Finance. At the time the
Longuiniere, Pierre Vinson, H. R. Sabbag of the French Section, R. Dunant process was initiated last February they expressed confidence that full
Jr. of Switzerland, Sir William Wiseman of Kuhn,Loeb & Co., Messrs. De- justice would be granted when the matter came before the proper authoriWitt Millhauser of Speyer & Co., H. B. Lake of Ladenburg, Thalmann & ties for review.
The decision of the Minister of Finance stated that the subject had been
Co., E. S. Sunderland of Counsel, and Vernon Munroe, Secretary.
submitted to the consideration of banking officials and executives of wellThe conferences, which were brought under way on June known technical competency and that therefore as regards the proceedings
25, were referred to in these columns June 28, page 4526; it Is considered that the documents seized and the evidence offered by the
inspector's office are not sufficient to establish the nature of the operations
July 5, page 203; July 12, page 203, and July 19 page 370.
mentioned and that in any event the law which it was charged the bank
violated had been repealed seven years ago. The Minister adjudged as unfounded
the writ of infringement and the penalty established was declared
President Ortiz Rubio of Mexico Orders All Departments uneffective.
to Curb Budgets—Chambers of Commerce Seek to
The fine was referred to in our issue of March 8, page 1570.
Co-operate in Solution of Economic Crisis.
The New York "Times" reports the following cablegram
Argentine Debt Estimated—Combined Liabilities Are
from Mexico City July 20:
Put at $1,454,600,000.
Economy and more economy is the slogan of President Ortiz Rubio for
the coming year. All government departments have been told that their
From Buenos Aires, July 23, Associated Press advices to
budgets for the next year must be drawn up on a most conservative basis,
the New York "Times" said:
as was urged by former President Calles.
Budget expenses for the current year total 270.000,000 pesos (about
$145,000,000). but this figure probably will be considerably reduced in
1931, although such projects as irrigation and road development will be
Intensified, not only as Inc estments likely to give an early return, but also
to relieve the unemployment situation, which is weighing so heavily upon
this republic.
We also quote from the "Times" the following cablegram
from Mexico City July 18:
Forty representatives of the Confederation of Mexican Chambers of
Commerce will be received Monday by President Ortiz Rubio. They will
outline to him a plan for the solution of the economic and commercial
crisis, offering their co-operation to make It effective.
For some time the confederation has been working secretly on its plan,
and there has been no public intimation of its nature. At the same time
the Ministry of Industry and Commerce has had a committee studying
the causes of the depression. The plans being evolved by this committee
are said to be vast in scope. They include the reduction of certain export
taxes, the formation of more co-operative productive societies and reforms
in transport tariffs both on land and water.
Coincidentally it was announced to-day by the American Chamber of
Commerce of Mexico that it would co-operate with Mexican exporters
and importers in a technical study of the new United States tariff law.
Petitions for decreases in tariffs on a number of articles will be prepared,
According to a report by the Bond & Shareholders Association, which
will be made public on Friday, the consolidated and floating debts of
Argentina on June 30 1930 totaled 4,160,000,000 Argentine pesos. (The
Argentine peso is worth 42.02 cents at par; recent quotations have been
around 36 cents.)
These figures included national, provincial and municipal debts. Of
this sum 2,841,000,000 pesos are national debt.
Transactions on the Stock Exchange amounted to 721,000,000 pesos
for the year ending June 30.
The report predicts an adverse balance of nearly 400,000,000 pesos in
this year's commercial interchange.
Republic of Cuba Bonds Drawn for Redemption.
Speyer & Co. notify holders of the Republic of Cuba 5%
bonds of 1904 that $127,000 principal amount of bonds of
this issue have been drawn by lot for redemption on Sept. 1
1930. The bonds so drawn will be paid at par on and after
that date at the office of Speyer & Co., 24 & 26 Pine Street,
New York. In addition to the above drawing for redemption
there
were purchased in the market $894,000 principal
A further cablegram as follows from Mexico City July 21 amount of
bonds of this issue which amounts together
the
"Times":
is reported in
complete
the
sinking fund operations for the year 19294930.
President Ortiz Rubio received to-day representatives of the Confedera-
tion of National Chambers of Commerce, representing more than 100
chambers throughout Mexico. The delegation offered to co-operate in
finding a solution of the economic and commercial crisis. President Ortiz
Rubio accepted the offer and suggested that they meet on the 10th. 20th,
and 30th of each month to exchange ideas.
Portion of Bonds of Republic of Peru Drawn for
Redemption.
J. & W. Seligman & Co., as fiscal agents for the Republic
Belgian Tax Cut Voted—Reduction of 1,500,000,000 of Peru secured 7% sinking fund gold bonds, 1927, due Sept.
11959, announce that $87,000 principal amount of the issue
Francs Becomes Effective Sept. 30.
been drawn by lot for redemption at 105% and accrued
have
July
19,
the
copyright
advices
Brussels,
New
from
In
interest
on Sept. 1 1930. The bonds so drawn will be paid
York "Evening Post" said:
upon presentation, on and after that date, at the agents'
Reduction in taxation amounting to 1,500,000,000 Belgian francs has
office in New York.
been voted by the Senate and becomes effective Sept. 80 next.
JULY 26 1930.]
FINANCIAL CHRONICLE
Chilean Government's Revenues for First Half of Year.
From the "Wall Street Journal" of July 22 we take the
following from Santiago:
Chilean government revenue during first six months of 1930 amounted to
588.453.500 pesos, including surplus carried forward from previous year of
77.622.400 pesos. Expenditures,including loan services,during same period
totaled 581,521,400 pesos.
569
coupon for 6s. 8d., payable on Nov. 1 next. Preferential consideration in
allotment will be given to those converting. The list of cash applications
will be closed on or before July 9, and for conversions on July 16 1930.
The accumulated sinking funds (for the redemption of debt) amount to
/18.100.000: in addition, debt has been extinguished to the extent of
/24.000s00.
The stock is a full trustee security, giving a flat yield of a Is.% and is
likely to meet with a good reception.
Indian Government 6% Rupee Loan.
Chile Cuts Wages—Government Reduces Salaries of
The
"Wall
Street Journal" of July 23 reports the following
15%—Exceptions
Officials
Listed.
Many
from London:
Chilean government has decreed reduction of 15% in
Indian Government is issuing an unlimited rupee loan consisting
6%
salaries of all public employes, with exception of members bonds of 1933-36 at 100. Lists will be open from July 28 to Aug.6. ofSubof army and navy and those earning less than 3,000 pesos scriptions may be in cash. Indian bills or 6% Government bonds of 1930.
a year, according to Santiago advices published in the
Harvest Relieves Famine In China.
"Wall Street Journal" of July 22, which went on to say:
Certain gratifications and rent money also are suspended for most civil
Good crops of winter wheat have partially relieved the
and military employees. Ministries will accomplish economies equivalent
to 5% of their budgets by the end of July. Wage reductions are in line with famine in Northwest China, and early rains give hope for
the government's program of precautionary economies.
for further relief at harvest time in autumn, according to a
radiogram to the Foreign Service of the Bureau of AgriRepublic of Salvador Customs Collections and Debt cultural Economics, U. S. Department of Agriculture, from
Agricultural Commissioner Nyhus at Shanghai. The BuService.
As reported by the fiscal representative, collections of reau under date of July 18 says:
In most places, however, the acreage sown to winter wheat was conthe Republic of Salvador for June are as follows:
siderably below
normal on account of lack of seed and other factors. This
will considerably offset the good yields. Favorable spring rains made
possible the planting of other crops such as beans and cotton which might
compensate for the small wheat acreage, but the extent of such planting
doubtful.
Absolute destitution is so general that lack of seed and other
70,000
4,585,852 causes may greatly limit the acreage planted. Relief supplies of millet.
497,742 corn and beans for seed have been rushed in, but the quantities are small
4,088,110 compared with requirements.
Upon the whole, grain may be more available and lower in price in the
420.000
famine areas this autumn, but impoverishment and suffering have gone
F. J. Lisman & Co. in making public the above, state:
so far that thousands upon thousands will have neither employment nor
Collections for the first six months of 1930, after deducting service means with which to secure food. It is estimated that deaths and emirequirements for the period on the "A"and "B" Bonds, were equal to over gration have reduced the population of Shensi by 3 million people. This
interest and sinking fund requirements on the Series "C" Bonds.
times
9
reflects the severity of the famine.
The bankers' representative collects 100% of the import and export
duties, all of which is available for bond service, if needed, and 70% of
which Is specifically pledged for that purpose.
Paul Bestor, Farm Loan Commissioner, on Policies of
1930.
June collections
$523,195
Service on A and B bonds
80.964
Available for series C bonds
442,231
Interest and sinking fund requirements on series
0 bonds
70,000
January-June collections
4,096,108
January-June service on A and B bonds
485,784
bonds
C
Available for series
3,610,324
Interest and sinking fund requirements on series
420.000
C bonds
1929.
$543.697
82,957
460.740
Felix Cortes, Second Vice-President of Republic:of
Colombia, Resigns.
From Bogota, Colombia, Associated Press advices:were
reported on July 21:
Felix Cortes, Second Vice-Pres. of the republic and head of the State
Council, resigned today and announced that he would resume private
occupations after a year in office.
An hour after Senor Cortes had announced his resignation Camilo Restrepo, First Vice-Pres. and Governor of Antioquia, handed in his resignation as Governor. It is believed he will also resign the Vice-Presidency in a
few days,leaving the way clear for the election by Congress of two new VicePresidents.
Ecuador Budget-9612,600,000 Measure Will be Submitted to Congress Next Month—Central Bank
Lowers Interest Rates—Opposed to Bond Issue in
Behalf of Farmers.
From Guayaquil (Ecuador), July 15—A cablegram to the
New York "Times" said:
The Government has announced the budget, totaling 63,000,000 sucres
($12,600,000 at par), is ready for submission to Congress next month.
The principal expenditure items are 18.000,000 sucres ($3,600.000) for the
interior program and public works; 10.000,000 sucres ($2,000,000) for education; 9,000.000 sucres ($1.800,000) for the army, and 6.250,000 sucres
($1,250,000) for the Foreign and Interior Departments. The estimated
treasury surplus is 1.250,000 sucres ($250.000).
The Central Bank has lowered the interest rates I% for the discounting
of member banks, 7% thirty-day rediscounts, 8% ninety-day rediscounts
and 180-day 9% loans secured by property liens.
The Central Bank opposes the President's plan to obtain from the mortgage bank a 1,000.000-sucre bond issue with the treasury surplus to enable
the Bank to lend more money to farmers. The bank says such a step would
violate the banking law, which specifies the government funds
must be
kept in the central bank.
South African Conversion Loan.
The following is from the London "Financial News" of
July 7:
Westminister Bank, Ltd., Barclays Bank (Dominion),
Ltd., and the
Standard Bank of south Africa, Ltd., are authorised to offer
to holders of
the /10,666,400 6% stock, 1930-40. of South Africa, the option to convert
the whole or part of their holdings into an equal amount of 5%. Inscribed
stock, 1950-70, at /98%. The Public Debt Commissioners of
the Union
will convert their holding of /1,243.500 of the 6% stock, and
/300,000 of
the new issue will be alloted to them for cash. This will leave
/9.422,900
for public issue. As some holders may not wish to convert, cash applications are also invited, but those who exercise their right will be entitled
to a
cash payment of /2% on November 1 next, this representing the difference
between the nominal amount of stock converted and the issue price of
the
new. Any stock not converted will be repaid on November 1 next.
The new 5 per cents will be redeemed at par on May 1
1970, though the
Government reserves the right to redeem whole or part of the
stock at the
same level on or after May 11950. Interest is payable May 1 and Nov. 1, a
full 6 months' interest falling due on May 1 1931. The half-year's interest
on the 6 per cents,converted or unconverted, will be paid
as usual on Nov.1
next.
As regards cash applications,5% is payable on application. 18% on
July
22 and 75% on Nov. 1. Certificates in respect of the latter will bear a
Intermediate Credit Banks—Service to Co-operatives.
In reviewing the policies of the Intermediate Credit
Banks, Paul Bestor, Farm Loan Commissioner of the Federal Farm Bureau, pointed out that the primary purpose
in the organization of the Intermediate Credit Banks "was
to provide a permanent financial program suited to the
needs of agriculture for production and marketing credit."
Stating that "the Intermediate Credit Banks are authcrrized
to render two distinct kinds of service," Mr. Bestor added:
"First, they may purchase or discount for agricultural credit
corporations, banks, livestock loan companies, and other
financial institutions, agricultural paper, the proceeds of
which have been used in the first instance for an agricultural purpose. Under this provision of the Act, the banks
have extended credit, including original discounts and renewals, amounting to $480,579,429." He likewise noted
that "the chief direct service rendered by the System to th::
co-operative marketing associations has been through advances made on staple commodities secured by warehouse
receipts. This constitutes the second distinct kind of service
given by the banks. Ninety-two co-operative marketing associations, with a membership of 960,441 individuals, had
been served by the Intermediate Credit Banks up to the
close of 1929. The total volume of credit extended, including renewals, up to May 31 1930, was $497,307,588. According to Mr. Bestor, "the total volume of loans and discounts,
including renewals of the Federal Intermediate Credit
Banks up to May 31 1930 was $977,887,018—the volume for
1929 being greater than that of any year but one since the
banks were organized in 1923." Commissioner Bestor's remarks on the subject were presented before the American
Institute of Co-operation at Columbus, Ohio, July 8. His
address follows:
The Federal Intermediate Credit Bank System is of fundamental imPortance to American agriculture. In the seven years of its existence it
has not only responded to the demand upon its resources in normal times,
but has been of material service on a basis contemplated by law in several
emergency situations.
When the livestock industry was suffering from deflation in 1923-1925,
the Intermediate Credit Banks, with the constructive assistance of the
Farm Loan Board, furnished, through livestock loan companies and other
credit corporations, financial assistance which was of much benefit to
stockmen.
In 1926, when an over-production of cotton caused a very serious depression in price, the Intermediate Credit Banks extended a large volume of
credit to co-operative marketing associations, and stood ready to provide
additional large sums, through credit corporations organized in the South,
to finance the storage of cotton until it could be marketed in an orderly
manner. This action on the part of the banks, with the co-operation of
the Board, was one of the main factors in preventing a further decline
in price.
570
FINANCIAL CHRONICLE
[Vol.. 131.
In 1927 and 1928, when floods in the Mississippi Valley ruined crops invaluable service to the Intermediate
Credit Banks by rediscounting their
and paralyzed local credit facilities in many sections, the Intermediate paper or purchasing their debentures
at reasonable rates.
Credit Banks again were ready and prepared to furnish credit where needed,
The last is611C8 of debentures bore a rate of 3%, and the maximum disand the plans then arranged undoubtedly were very helpful in meeting count rate of the banks participating in
that particular sale was 4%.
the situation.
The average discount rate of the 12 banks on June 26 was 4.42%.
In all these emergency situations the very existence of the Intermediate
Although the law permits commercial banks to discount paper with the
Credit Banks and their ability and readiness to serve constituted a large Intermediate Credit Banks, comparatively
few of them have taken advanfactor in meeting the problems. The psychological effect was even more tage of the privilege. It appears that one
of the reasons for this is that
Important than the amount of money lent. Credit is a sensitive thing and it affects the interest rate structure of the
banks in high rate territory.
has this peculiarity: In normal times credit usually is freely available Under the regulations of the Board, the spread
of institutions rediscounting
from many sources; in times of stress or in unusual circumstances, fear with the Intermediate Credit Banks is limited
to 2% in the case of
frequently contracts the whole credit structure, and the situation usually agricultural loans, while in the case of
livestock loans a spread of not
Is materially eased by the display of genuine courage and confidence by exceeding 214% is permitted. Neither the banks nor
the Board have felt
some strong and important factor.
that the Intermediate Credit Banks would be serving the purpose intended
The primary purpose in the organization of the Intermediate Credit Banks, under the Act if they granted to commercial banks, which
desired to discount
however, was not to furnish temporary or emergency credit, but to provide with the Intermediate Credit Banks,
a wider spread for the purpose of
a permanent financial program suited to the needs of agriculture for meeting the prevailing interest rate of those banks.
For example, if the
production and marketing credit.
Board should allow such a spread, banks operating in territory where 10%
The first chapter in the history of the financing of co-operative market- is the contract rate
might discount paper with an Intermediate Credit
ing associations through Government agencies was written by the War Bank at 41h% and charge the borrowers the usual 10%. The
Board feels
Finance Corporation which, from Jan. 4 1921 to Dec. 31 1924 authorized that in such circumstances
the System would be benefiting the commercial
advances to 30 co-operative marketing associations in 20 States amounting banks in preference to the
agricultural interests and assisting the comto $202,590,000. Not all of the advances were found necessary because, mercial banks in perpetuating high interest charges.
In other territory
as indicated before, the knowledge that funds are available opens other where the customary
rate charged by banks is lower, the facilities of
sources of credit and by reason of the commitments from the War Finance the Intermediate
Credit Bank might be more largely used than they are
Corporation, other lenders offered their assistance to the co-operatives. at the present
time.
It is probable that the existence of the War Finance Corporation during
The law does not permit the Intermediate Credit Banks to purchase
this period made available, on reasonable terms to responsible co-opera- from or discount
for any bank if the amount of such paper added to the
tives, credit from other sources far in excess of its own commitments.
aggregate liabilities of such bank, whether direct or contingent—other
The experience of the War Finance Corporation was, no doubt, one of than bona
fide deposit liabilities—exceeds the amount of such liability
the chief factors in the development of the sentiment which found its allowed under the
laws of the jurisdiction creating the same; or exceeds
fruition in the Agricultural Credit Act of 1923 which provided for the 12 twice the paid-in
and unimpaired capital and surplus of such bank. Nor
Intermediate Credit Banks. These banks are located, as you know, in the may
paper be accepted from any agricultural credit corporation if the
Federal Land Bank Districts, and the officers and directors of the Federal amount of
such paper added to the aggregate liabilities of such corporaLand Banks are officers and directors ex-officio of the Intermediate Credit tion exceeds the
amount of such liabilities permitted under the laws of
Banks. The set-up of the Intermediate Credit Banks may be on old story
the jurisdiction creating the same; or exceeds 10 times the paid-in and
to you, but I have found that even after seven years of operation the unimpaired capital
and surplus of such corporation.
machinery is not fully understood.
The chief direct service rendered by the System to the co-operative
Five million dollars in capital stock is authorized for each bank, submarketing associations has been through advances made on staple comscribed by the Treasury. In addition, these banks are authorized to issue,
modities secured by warehouse receipts. This constitutes the second
In accordance with the terms of the law, tax-exempt debentures up to an distinct
kind of servivce given by the banks. Ninety-two co-operative marketamount not exceeding 10 times their capital and surplus. The last figures
ing associations with a membership of 960,441 individuals had been
available show that the banks have issued debentures amounting to served
by the Intermediate Credit Banks up to the close of 1929. The total
$703,455,000, and there were outstanding $68,145,000.
volume of credit extended, including renewals, up to May 31 1930 was
The Intermediate Credit Banks are authorized to render two distinct $497,307,588.
While loans have been made on a very considerable number
kinds of service: First, they may purchase or discount for agricultural of
commodities, by far the larger number of co-operative marketing associacredit corporations, banks, livestock loan companies, and other financial tions served
have been those marketing cotton, wheat, wool, tobacco and
institutions, agricultural paper, the proceeds of which have been used in
canned fruits or vegetables. Under the law, the advances made may not
the first instance for an agricultural purpose. Under this provision of exceed 75%
of the market value of the commodities.
the Act, the banks have extended credit, including original discounts and
Methods of organization of co-operative marketing associations may
renewals, amounting to $480,579,429. A large part of this was discounted differ
according to the varying problems encountered in producing, processfor agricultural credit corporations and livestock loan companies. The ing, and
marketing the commodity to be handled; but in co-operative
banks have served 693 discounting institutions since their organization in associations
as in private business, competent and trustworthy officers
1923. They have encouraged the formation of agricultural credit corpora- are
essential to success. Co-operative marketing lean important and growing
tions with capital in sufficient amount to warrant the securing of capable factor in
our economic life. It is sound in principle, and the measure of
management. The experience of the banks during the seven years they have its
success and benefits depends in large degree upon the efficiency of
operated is that, as a general rule, the small credit corporation is not a
the management in each instance. In addition to the questions of managesuccess. Very few of those which have not had substantial capital have
ment and whether the association is properly organized and has a legal
been able to render satisfactory service. There have been exceptions, of
right to pledge the commodity offered as security, it is customary in
course, where men with good, sound credit experience were obtained to determining
whether a loan shall be granted to give consideration to the
manage the corporations, who served largely from a high sense of public market
for the commodity offered as security; the relation of the current
duty to the community. While a considerable number of credit corporacrop and hold -over to the normal supply and demand ; the amount of the
tions have been organized—some with capital of $1,000,000 or more—the loan
desired ; the
number is not sufficient, particularly in some localities, to permit the the commodity; percentage to be advanced to members upon delivery of
the facilities of the organization for receiving, grading,
Intermediate Credit Banks to render all the service possible.
storing, and selling the commodity; the costs of operation and whether
During the last two or three years the closing of commercial banks in the
organization has a volume of business sufficient to enable it to function
country districts and the accumulation of frozen assets in other country economically
and successfully.
banks naturally has limited the credit which they would normally provide,
Necessarily, each co-operative must be considered on its own merits.
and it has been the policy of the Farm Loan Board and the banks to Obviously,
all commodities are not entitled to the same credit rating.
co-operate with every legitimate agency in the establishment of sound Properly
margined loans on some commodities which are easily wareand well managed agricultural credit corporations to serve communities housed, and
for which there is a wide market at quoted prices offer
where there was evident need of such credit facilities.
elements of security which are not enjoyed by commodities having more
The Federal Farm Board—created in 1929—in some instances has agreed limited
demand and at prices which fluctuate widely. Loans made on
to advance money to co-operative marketing associations for the purpose products
which are more perishable and do not enjoy a wide market should,
of furnishing capital for agricultural credit corporations to enlarge the as a
rule, be supported by stronger margins of security. It has been the
credit facilities for crop production and livestock. Operating In close policy of
the Intermediate Credit Banks to make their advances as large
accord with the co-operative marketing associations, and encouraged by the as safety
and good business would justify.
Federal Farm Board and the Intermediate Credit Banks, these credit
As pointed out in the Annual Report of the Farm Loan Board
for 1929,
corporations should be able to render a very real service, especially to it
was apparent that an understanding between the Intermediate
Credit
agricultural communities where credit facilities are inadequate.
Banks and the Federal Farm Board, which is also authorized
to make loans
It has been found by experience that the ratio of discounts to capital to
co-operative marketing Imsoclations, was essential if the maximum
service
which the banks can advance to a credit corporation depends upon the was
to be rendered to co-operative marketing organizations. Accordingly,
type of the security offered and the ability of the management of the a memorandum
was drawn up and signed by the Federal Farm Board and
corporation to pass intelligently and soundly upon its credit problems. each
of the 12 Intermediate Credit Banks, which provided
in general for
The ratio of discounts seldom exceeds six or seven times its capital and
an exchange of information relating to co-operative marketing associations,
surplus. There are no organizations in which management counts for assembled
by the banks or the Federal Farm Board, and for making available
more than it does in that of credit corporations. In 1929 the Intermediate to the Federal
Farm Board the facilities of the banks for the closing of
Credit Banks discounted for production credit purposes a total of $19,- their loans.
In accordance with this memorandum, six of the Intermediate
673,609. This form of financing, of course, presents many problems; and Credit Banks
up to the close of 1929 had been called upon to assist the
competent management, the amount loaned per acre, proper supervision and Federal
Farm Board in connection with its loans to co-operative marketing
inspection, eoc., are matters which necessarily require special consideration associations
which were supplemental to loans made by the banks.
in the making of such loans. The original discounts for the year 1929
The total volume of loans and discounts, including renewals
of the Federal
exceeded those for 1928 by approximately $5,000,000. The discounts for Intermediate
Credit Banks up to May 31 1030 was $977,887,018—the
the first four months of 1930 were larger than they have been for any volume for 1929
being greater than that of any year but one since the banks
similar period in the history of the System.
were organized in 1923; however, even this volume of business does
not
Right here I might bring in the question of the discount rate of •the represent the
amount of credit made available to agriculture because of
Intermediate Credit Banks. It is dependent, as you know, upon the rate
the banks. In many instances, as previously pointed out, it has been found
which can be obtained for the debentures which they issue, and which are that when it
was announced that the Intermediate Credit Banks were ready
tax-exempt. In spite of the fluctuations in interest rates during the last
to discount paper for a credit corporation in a certain community, or
few years, the highest yearly average discount rate of the Intermediate make advances to a
co-operative marketing organization, other credit faciliCredit Banks for the past seven years was 5.61%, the lowest was 4.73%.
ties were made available so that the direct services of the Intermediate
Unusual conditions existed in 1929. Money rates were extremely high Credit Banks
were not fully utilized.
all over the country. Five of the banks did not exceed a maximum rate
The consolidated statement of the Federal Intermediate Credit Banks as
of 5$4,% during that year, which was far below the rate which was paid of Mar. 31 1930 shows that
they had $24,900,000 of loans secured by wareat that time by other industries and was less than 1% above the prevailing house receipts and/or shipping
documents on staple commodities, and
rate for debentures. For a brief period it was necessary to market a 51k% $56,284,108 of discounted
notes endorsed by local lending banks, agriculdebenture, and those banks which participated in these sales were compelled tural credit
corporations and livestock loan companies. In addition, the
to increase their rate above 51
/
2%. No Intermediate Credit Bank fixed banks had $30,000,000 of capital stock subject to
call from the United
Its rediscount rate at above 6% at any time during the year, except in the States Treasury, and cash amounting to $5,784,758.85. The total resources
case of the Baltimore branch in Porto Rico. During the period of unusual of the banks amounted to more than twice the debentures outstanding.
conditions in the money market, the Federal Reserve Banks have rendered Each bank is liable
under the conditions stated in the Act for the
JULY 26 1930.]
FINANCIAL CHRONICLE
debentures of all the other banks. During the past year, the 12 banks
carried a total of $1,035,096.17 to their reserves. Total earnings of the
banks during 1929, after setting aside reserves, aggregated $344,000—onehalf of which was paid to the Government as a franchise tax as the law
requires.
The Agricultural Credits Act limits the loans and discounts which may
be made by the Intermediate Credit Banks to a minimum period of six
months. This provision has proven more or less unsatisfactory to many
of the co-operative associations and discounting institutions with the
result that an amendment to the Act was adopted at the recent session of
the Congress which removes this limitation. This change should permit
the banks to render wider service to agriculture.
I desire to emphasize the fact that the Intermediate Credit Banks are
not temporary emergency organizations. They are permanent agencies
which obtain their loanable funds primarily from the sale of debentures
to the investing public. They must look to the future as well as the
present, and operate on a sound and business-like basis, to the end that
their help and influence may always remain effective and constructive.
If this object is to be attained, advances can be made only upon assurance
that the organizations with which they do business operate on a sound
business basis and have efficient and trustworthy officers, that the security
behind the loans and discounts is adequate, and that the funds are used
for the benefit of agriculture. Their sphere of usefulness can be greatly
enlarged by the formation of additional soundly organized credit corporations to serve the farmers and the stockmen of the country.
The officers and directors of the Intermediate Credit Banks and the
members of the Federal Farm Loan Board are anxious that the banks
render the maximum service to co-operative marketing associations, to
discounting institutions, and to agriculture generally, within the scope of
their powers and consistent with recognized business principles. They are
anxious to co-operate with every agency that is working for the welfare
of agriculture.
Chairman Legge of Federal Farm Board Says Collective
Action by Growers, in Marketing and Production,
Offers Only Hope for Agriculture—Says Farmers'
National Grain Corporation Will Ultimately Control Large Amount of Storage at Terminal Markets.
Speaking at the North Dakota State Fair, at Fargo, N. D.,
on July 17, Alexander Legge, Chairman of the Federal Farm
Board, declared that in the opinion of the Board "collective
action by growers, not alone in marketing, but equally important in production, offers the only sure hope for the
future prosperity of American agriculture." Mr. Legge reviewed the functioning of the Board during the year which
it has been in existence, and noted the various National Cooperative agencies which have been organized. Incidentally,
he stated that "ultimately the Farmers' National Grain
Corporation will control a large amount of storage at terminal markets and at advantageous shipping points." Mr.
Legge observed that he had just "come from a series of meetings in the winter wheat States of the Southwest, where facts
as to the world wheat situation were laid before growers with
the recommendation they reduce their acreage at planting
time this year. There is some opposition to the curtailment
program in that area," he said, "but we are hopeful the campaign will bring results when farmers have had time to
think over the facts." Mr. Legge s address follows:
The Agricultural Marketing Act commits this country definitely to the
principle of co-operative marketing. It proposes to farmers that they
organize so that collectively they can control the production and merchandieing of their crops. It directs the Farm Board to help farmers in
building their own organizations for this collective action and give counsel
and financial assistance to these co-operative agencies in the formative
period of their operation. The declared purpose of this legislation is to put
agriculture on a basis of economic equality with other industries,
The Farm Board was a year old Tuesday. Experience gained in those 12
months convinces us that Congress knew what it was about when, after
nearly 10 years of discussion and consideration, it determined upon the
principle of co-operative effort by farmers as the right way to solve the
agricultural problem. Certainly, it is the best that has been put forward.
In our opinion, collective action by growers, not alone in marketing but
equally important in production, offers the only sure hope for the future
prosperity of American agriculture.
Fully recognizing the seriousness of the present situation and feeling there
Is just one permanent solution I want to emphasize before you here in
North Dakota to-day the importance of farmers organizing if their position
is to be improved satisfactorily. There must be not only co-operation among
neighbors, but among the leaders of various co-operative groups. The teamwork must begin with the local Producers of a commodity and
continue
through State and regional associations to the national co-operative sales
agency if collective action is to prove effective. Competition and controversy
among co-operatives only serve to create doubt In the minds of farmers and
to strengthen the hand of those who are trying to block the program intended
to put agricultural producers in control of their own industry. I've said
this before, but I think it will bear repeating: "One of the surpluses
that has given us the most trouble has been that of farm leaders." I
might add, this surplus is not confined to any one section of the countryThoroughly organized, farmers will be in position to adjust production to
the potential demand and to engage In effective merchandising of their
crops. In doing this they will only be following in the footsteps of other
groups. For the most part, those who buy farm products are well
organized. The one way to meet organization in buying is with organization
in selling. Unless farmers are willing to get together and adopt business
methods now employed in other lines there is scant hope of them bettering
their financial standing. We realize there are many difficulties in the
way of effective co-operation, but I believe the time is at hand when the
good sense of the average farmer will convince him that it is to his interest
to work with, not against, his neighbor, and that is all there is to cooperation,
You perhaps would like to have me tell you something of what the
Farm Board has been doing in the year it has been trying to help agri-
571
culture. The law provides that it shall deal with farmers through their
co-operative organizations and not as individuals. Recognizing the importance of organization, the Board from the outset has centered its efforts
on aiding producers to get in position to reap the benefits of •
collective
action, both in producing and marketing their crops. Accordingly,
we are
assisting various existing co-operative groups—each handling a particular
commodity, such as grain, cotton, wool, livestock, and other
products of
the farm—to organize national co-operative sales agencies for
the unified
marketing of those commodities. These central commodity
associations,
made up of State, regional and local associations, are being
formed by the
co-operatives, not to set aside the law of supply and demand and artificially
raise prices to the consumers, as some critics would have the public
believe,
but to engage in a merchandising program that reflects
prices to their
grower members in harmony with the actual value of the
products based
on the potential buying demand.
One thing to be borne in mind is that what we are doing
is to assist
farmers in setting up their own co-operative organizations
and not doing
the job for them. These central associations are owned
and
the co-operatives that form them. They are the marketing controlled by
agencies of the
farmers and not in any sense Government agencies.
National co-operative agencies have been organized by
co-operatives as
follows: Farmers' National Grain Corp.;'National Wool
Marketing Corps.;
American Cotton co-operative Association; National
Livestock Marketing
Association, and National Pecan Marketing Association.
These agencies are being established by the co-operatives,
with Farm
Board assistance, to merchandise the products of their
in conformity with the provisions of the Capper-Volste member associations
ad Act of 1922 and
the Agricultural Marketing Act. It is hoped
that producers, through them,
will gain control of a sufficient volume of the
various commodities to have
bargaining power in marketing them. Great
care has been taken to see
that these farmer-owned and farmer-controlled
agencies are set up on a
sound financial basis so that they may grow
in strength and in time be in
position to take care of themselves without
further assistance from the
Government.
The Board is working with other co-operative
groups, such as those
handling dairy products, tobacco, potatoes,
apples, rice, fruits, and vegetables, looking to the development of central
co-operative
sales programs
for those commodities.
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 estiblished
advisory commodity committees as follows: Dairy products, wool and
mohair, wheat, cotton, and
livestock.
Co-operatives handling the following commodities
received financial
assistance from the Board: Apples, beans, citrus
fruits, cotton, dairy products, grain, honey, livestock, poultry and eggs,
grapes and raisins, rice,
sour cherries, tobacco, wheat, and wool and mohair.
Grain and cotton co-operatives were assisted by
the Farm Board in
setting up stabilization corporations to deal
with emergencies confronted
In marketing the 1929 wheat and cotton crops.
The chief interest of you people gathered hereto-day,
I take it, is in the
grain marketing program which a majority of the grain
country have developed with the assistance of the co-operatives of the
Farm Board. This
program is designed to meet the requirements of the
Act and bring about equality for grain growers in Agricultural Marketing
comparison with other
industries by limiting speculation, minimizing inefficiency
and waste in
distribution, effecting organized effort among growers,
and measurably
preventing and controlling surpluses.
The Farmers' National Grain Corp. is a Capper-Volste
ad co-operative.
It has an authorized capital of $10,000,000, with 26
stockholders, representing over 2,000 elevator units and pools, embracing more
than a quarter
of a million producers. These co-operatives last year
handled locally
upward of 200,000,000 bushels of wheat in addition to other
grains. The
Farmers' National has headquarters in Chicago, with
branches at the
principal grain marketing centers throughout this country, and
an export
department that is engaged actively in reaching foreign markets.
This
corporation was set up by the grain co-operatives with the assistance
of the
Farm Board, and has the rather close counsel and guidance of
the Board,
since it is being financed in part with Federal funds.
Great care was taken to make sure it was constructed on
a strong
financial basis, and the Board hopes that in a reasonable
length of time
the Farmers' National will be able to conduct its
affairs on the initiative
of its own management duly chosen by its member co-operatives.
The Farmers' National is a grain merchandising agency
for its members in
every sense of the word, and can handle for non-members
as much as for
members. It buys and sells grain much the same
as any successful grain
merchant would do. It is not a pool, though some of
its stockholder cooperatives provide pooling facilities for their produced
members. In its
contract with its members the corporation agrees to sell
the grain for them
or purchase it. If the grain is sold, the most
approved methods are
observed to get the best possible price.
Only a nominal amount of required finances are obtained
from the Federal
Farm Board by the Farmers' National. In cash
grain transactions the •
larger per cent of the money is secured from commercial
banks. The
corporation makes revolving fund loans to member
co-operatives for the
purchase of cash grain. Associations that desire to
finance their grower
members must obtain primary loans from commercial
banks or intermediate credit banks. These loans may be supplemented
by the Farmers'
National with funds borrowed from the Farm Board, the purpose
being to
enable the association to make greater advances
to its producer members
than otherwise would be practicable. Such
loans are made on grain in
storage against which warehouse receipt or storage
tickets can be issued
insuring safe-keeping and delivery.
Ultimately, the Farmers' National Grain Corp. will
of storage at terminal market and at advantageous control a large amount
shipping points. For
the present it is leasing the storage it requires with the
exception of a
small amount that has been purchased. Grain taken over by
the Farmers'
National will be handled through the terminals in
the same manner as to
conditioning and improving the grades as it would be
by any successful
grain merchant. The same is true of grain for
export. The corporation
will undertake to provide storage for its members and assist
them In
carrying out the best practices in making the grain
ready for sale under
the most favorable circumstances,
Thus it will be seen that the policies of the
Farmers' National Grain
Corp. are not revolutionary, but are born of experience. The advantages
of such an operation to the co-operatives is that the profits in merchandising
grain will accrue to the grower. It is a
marketing system owned and
controlled by the growers. Moreover, the volume handled
will give prestige
to the corporation and enable it to appeal to buyers
as a source of supply
regardless of where they may be located or what their requirements may be.
Handling so large a part of the crop should enable substantial economics,
572
FINANCIAL CHRONICLE
and these in turn will accrue to the growers. In the natural evolution of
the operations of this large co-operative, it is inevitable that it will be a
substantial factor in bringing about more orderly marketing, and will
have a telling effect in stabilizing price!.
In handling the grain of the farmer, three options are provided:
1. He may sell for cash in the competitive market on the day of delivery.
2. He may store, receive an advance, and sell whenever he wishes during the crop
marketing year.
3. He may enter a pool and take the average price that is received by all growers
In the pool.
The Farmers' National Grain Corp. has a marketing contract with its
members, and for the most part member co-operatives have a similar
contract with their grower members. The matter of marketing agreements
has b en rather a sore point in some cases. It is inevitable, however, that
contract marketing from the grower to the national co-operative sales agency
will come about, for it will be found a necessary part of the machinery
in facilitating the ends that the Farmers' National is designed to reach.
With the three options referred to, there is no good reason why any grower
or co-operative should not enter into such marketing agreement, especially
when it is further provided that during each year there is a period during
which delivery under the agreement may be waived for that year.
This farmer-owned and controlled national grain marketing machinery
has been set up by the grain co-operatives with the approval and assistance
of the Farm Board. Its services are available to any farmer who is
willing to co-operate with his neighbors. The Farm Board is prepared to
extend to the Farmers' National every encouragement and aid authorized
by the Agricultural Marketing Act and which appear to be in the interest
of the grower.
One thing done to ease the depressed situation when the new wheat
crop began moving to market was to announce that the holdings of the
Grain Stabilization Corp., which represent 1929 wheat, will not be sold
in the coming months when farmers will be marketing their 1930 crop
unless prices rise to the level at which stabilization purchases were made
and in no event in a way to depress prices. The Farm Board also is
lending encouragement to the movement among farmers to withhold wheat
from market to prevent congestion at the terminals. Both actions are
calculated to have a beneficial effect on the market.
Turning now to the question of production, the Farm Board is convinced
.that agriculture will never be on a profitable basis until farmers, like those
in other industries, adjust their output, quantity and quality as well, to
potential market requirements, at the same time, of course, doing what
they can to extend and expand those markets. With 61
/
2 million farm
units unorganized and producing blindly this cannot be accomplished.
But with farmers organized and co-operatively minded, together with
accurate market and crop outlook information, we believe it not only
entirely possible but probable that it can be brought about on an equitable
basis.
In the case of your major crop, wheat, the Farm Board is recommending
that production of this commodity be adjusted as nearly as possible to a
domestic market basis through a gradual reduction in acreage. We are
doing this because we do not believe the world market offers a profitable
price to the American grower. The best information we have is to the
effect that the present low world wheat price level will not be materially
improved in several years. The chief competing foreign countries have the
advantage over our growers of cheap land, cheap labor, and cheap water
transportation. So long as this country produces wheat far in excess of
Its own market requirements the price for the entire crop will be determined
largely by the price received for that sold abroad. Congress has voted
protection of 42c. a bushel on wheat, but with a big surplus grown each
year this tariff does not have much beneficial effect on the domestic
market.
During the many years in which this agricultural problem has been so
actively discussed, perhaps the most popular theory developed was that in
some manner the exportable surplus raised could be segregated and disposed
of in a way that would not influence the price level of what was consumed
in the domestic field. Various methods have been discussed for doing this,
such as the equalization fee, the export debenture, ke. The fundamental
trouble with all such plans is that apparently they will not work. Practically every nation in the world has enacted "anti-dumping" laws. Taking
wisest as an illustration, practically every one of them made it perfectly
plain that they will not permit the sale of wheat for consumption in
competition with the wheat of their own growers at prices lower than the
prices the wheat was sold for in the country in which it was raised. To
illustrate this, a few months ago the French Government offered a bonus or
subsidy on the export of wheat of which they had a surplus. Germany,
to which some of this wheat was being shipped, promptly raised her tariff
In an amount equivalent to the bonus being paid by France. In passing
this regulation, the German Government went further, and provided a
severe panalty to be imposed in the event of anyone selling wheat in
Germany on a dumping basis, and their interpretation of the word
"dumping" is the selling of wheat in competition with the German wheat
growers at a less price than the grain brings in the country of origin,
allowing of course for the transportation and cost of delivery.
Of this we cannot complain, as our own country has a very similar law
covering the same proposition. Under our tariff law American producers
are protected so that when farmers of another country are paid a bonus by
their own government on an exported farm product, our duty on that
particular commodity is automatically increased by the amount of the
bonus. Therefore, in seeking a solution of the wheat surplus problem,
it is my judgment that we might as well abandon any theory which contemplates selling abroad at prices lower than those currently prevailing
In this country.
The program I wish to recommend is a gradual slowing down with the
object of eventually balancing domestic production with domestic consumption. If and when this is done the tariff of 42c. a bushel will become
fully effective.
Last spring we asked the growers of the Northwest to reduce their
wheat acreage 10%, and suggested other uses to which most of the land
thus taken out of wheat production could be put. The campaign was given
hearty support by farm organizations, and some of the business men's
organizations. Farmers responded in a degree that was gratifying, although
the reduction was not as much as was requested, and a fair start has been
made. I have just come from a aeries of meetings in the winter wheat
States of the Southwest. where facts as to the world wheat situation were
laid before growers with the recommendation they reduce their acreage at
planting time this year. There is some opposition to the curtailment
program in that area, but we are hopeful the campaign will bring results
when farmers have had time to think over the facts.
Now that you have first hand information of the program I believe you
will agree with me that the Farm Board is trying to help agriculture in a
sound, practical way to get on its feet and take its place alongside other
[VOL. 131.
industries. There is nothing of government in business or price fixing in
the program, but there is opportunity for farmers, if they are willing to
co-operate and pull together, to get organized so that collectively they can
protect themselves in a system where nearly everybody else Is highly
organized.
Before farmers pay too much attention to those who are criticizing the
co-operative marketing program we would like to suggest that they study
the motive behind that opposition. When those who in the past have
been handling agricultural products subscribe huge sums of money to fight
the efforts of farmers to improve the marketing system by organizing their
own machinery it is well to figure out for yourselves whether these people,
notwithstanding what they say publicly, are engaged in this campaign to
protect the interests of the farmer or to protect their own interests.
The Agricultural Marketing Act directs the Farm Board to help farmers
in co-operative action. We are going to do everything in our power under
that law. But what we can do will be of little permanent value unless
the farmers themselves want to be helped and are ready to assume their
full share of responsibility for co-operative organization and management.
The success of the program isn't going to depend so much on what the
Farm Board does as on the willingness of farmers to act collectively.
Senator George Charges Fixing of Prices by Federal
Farm Board—Holds Criticism of Democrats in
1928 Applies to Present Relief Program.
What President Hoover in a 1928 campaign address said
of the Democratic farm relief program has become descriptive of his own program, in view of the recent activities of
the Federal Farm Board, said Senator Walter F. George,
Democrat, of Georgia, in a statement issued at Washington
on July 28, through the Democratic National Committee.
In reporting this, a Washington dispatch to the New York
"Herald Tribune" added, in part:
"If their (the Democrats) agricultural relief program means anything,"
Senator George quoted Mr. Hoover as having said at New York City, Oct. 22
1928,"'it means that the Government shall directly or indirectly buy and
sell and fix prices of agricultural products.'"
Senator George then said:
"The farm relief program of President Hoover consists of two parts:
The Agricultural Marketing Act, and the tariff. The Marketing Act was
presented to the Congress with the definite approval of the President. It
proposed to assist the farmers to organize themselves into co-operative
associations for the purpose of collectively controlling the production and
merchandising of their crops and to assist co-operative and other farm
associations in organizing stabilization corporations for the purpose of
buying and selling their crops and the crops of farmers not within any
association.
"The stabilization corporation is in fact a merchant. The Farm Board,
organized one year ago last Tuesday, has, in fact, assisted in setting up the
Farmers' National Grange Corps., National Wool Marketing Corps., American Cotton Co-operative Association, National Livestock Marketing Association, and National Pecan Marketing Association, stabilization corporations
or quasi-stabilization corporations under the Marketing Act.
"Through the grain corporation the Farm Board with public money
purchased approximately 60 million bushels of wheat. It thus proposed to
'peg' the price of wheat. In like manner, direct financial assistance has
been given to the cotton and other corporations. Thus, the Hoover farm
relief program means, if it has thus far meant anything, that the Government 'shall directly or indirectly buy and sell and fix prices of agricultural
products.' The farmers insisted upon the equalization fee and the debenture,
but the President and his party denied them the kind of legislation detnanded and in lieu gave them the Farm Marketing Act, It is fair to say
that, thus far, •the Act has not benefited the general farmers. On the
contrary, the price of all staple crops, such as cotton and wheat, have gone
steadily downward since the organization of the Farm Board. And now
the Board is out of the market, obviously it will work only when its services
are not needed."
Senator George concluded with an attack on the new tariff rates and the
rejection of the debenture.
Wheat Used as Feed with Corn Burning Up—Kansas
Looks for Some Effect on Surplus Problem and
Farm Aid Demands.
A dispatch, as follows, from Topeka, Kans., July 20, is
taken from the New York "Times":
Damage to the corn crop by extreme heat and drought is now affecting
the wheat situation, looked upon as the chief issue in the campaign before
the State primaries, Aug. 5.
With the corn belt sweltering under temperatures of 102 and higher,
and skies dry for weeks, the corn is deteriorating, leading some persons to
see a possible new turn in the wheat surplus problem, since imports are
pouring in that farmers are feeding their 60c. wheat to hogs and cattle.
Scene experts are urging that the Federal Farm Board abandon its wheat
acreage reduction plan and seek to have wheat set aside for feed. In the
meantime the controversy over acreage curtailment has been raging between
Alexander Legge, Chairman of the Farm Board, and Secretary Hyde and
Governor Clyde N. Reed.
Reports from all parts of the State lead agricultural authorities to declare
the corn crop is in danger unless it rains von. In some churches prayers
were offered to-day for showers to save the crops. Some sections have had
no rain for six weeks, and counties that had prospects of big yields now
report a greatly reduced outlook, unless the prayers for rain are answered
soon. Missouri and Iowa are suffering from lack of moisture. Pastures
are being dried up. Cornfields are parched, and the golf courses in the
cities have turned yellow. The region is gasping.
Hungarian, Rumanian and Yugoslav Delegates Convene in Bucharest with View To Establishing
Central Marketing Agency.
Under date of July 22, a wireless message from Bucharest
to the New York "Times" said:
A conference of representatives of the Rumanian, Yugoslav and Hungarian Governments began here to-day with the object of establishing a
JULY 26 1930.]
FINANCIAL CHRONICLE
central marketing agency and joint control of agricultural production in
these three countries. Hungary is represented by its Minister Extraordinary, Alfred Nickl, and not merely by representatives of its agricultural
industry, as it was first reported.
The conference will seek to organize a nucleus of a European agrarian
bloc in which may be Included countries which are only partly agricultural,
such as Czechoslovakia.
An official statement Issued by the Yugoslav Government to-day envisaged
the formation of a customs union between Yugoslavia and Rumania and
looked forward to close collaboration in other agrarian countries, though
not to their inclusion in the proposed customs union.
The Yugoslav Government stab d that it recognized that, under the mostfavored-nation clauses in present commercial treaties, it would be difficult
to fight overseas competition, but it adds that it would be possible to enter
Into arrangemnts with European industrial States, such as Germany and
Austria, for the exchange of manufactured goods for agricultural products.
573
Senator Thomas made public also a telegram relating to the same subjectmatter, which he had addressed to Oklahoma newspapers. The telegram
follows in full text:
"Replying to message, advise Associated I'ress carried only portion
of my statement. Statement issued was in reply to stories carried by Eastern
papers to effect that Farm Board would buy no more wheat, that Government will not interest itself in recurring wheat surpluses. Other than
reduction of acreage and curtailing production to balance domestic production with domestic consumption, Government has no other remedy to
offer. Supplementing news items Chairman Legge made speech Fargo,
N. Dak , on 17th advocating reduction of acreage so that domestic production would balance domestic consumption, which means curtailment to
extent 200.000.000 bushels.
Congress authorized Board to send any part or all $500,000,000 to help
agriculture. With both wheat and cotton selling for approximately onehalf what same commodities sold for when Board was organized. I could
not remain quiet with such statements being given universal circulation.
Explains Reasons for Statement.
"Having failed to impress upon Board necessity for going forward with
stabilization plan. I issued statement in hope of further Impressing upon
Board congressional intent and demand that funds made available be
used to purchase and withhold surpluses from market. I approve plan of
reasonable curtailment of production, but only on condition that effort
be made to have other wheat-growing countries join in similar world
movement.
"To limit production of wheat in America is invitation to Canada,
Argentina. Australia and other wheat-growing countries to increase their
production. To curtail American production 200,000,000 bushels means
further migration from farm population to cities. My statement referred
wholly to wheat and to policy announced by Farm Board.
"If wheat policy were enunciated for cotton farmers, what would be
your reaction thereto? My statement intended to be constructive. Mild
petitions to Board non-effective. This statement is getting results. In
results to be obtained I am with you 100%. Please answer by return
wire collect as fully as you will."
Senator Thomas, in Letter to President Hoover, Says
Abandonment of Wheat Buying by Federal Farm
Board Will Be Most Injurious—Urges all Possible
Financial Assistance—Proposes Conference of Representatives of Wheat-Growing Countries for Curtailment Program.
Senator Elmer Thomas of Oklahoma, in a letter to President Hoover, made public at Washington July 21, states
that instead of the announcement that the Federal Farm
Board "is not to buy any more wheat and is not to interest
itself in the disposition of any further farm surpluses, I
suggest that an announcement be made that the Government will give every possible assistance, financial and otherwise, to help the farmers in their present distress.' Senator Address of E. H. Cunningham of Federal Reserve
Board Urging Co-Operation With Federal Farm
Thomas says he does not "oppose the curtailment program
Board's Measures in Behalf of Agriculture—Not
provided that other wheat-growing countries are solicited
Entirely Optimistic as to Farm Board's Policies—
and urged to join in such a general curtailment plan." A
Reserve Board's Resources to Aid Agriculture and
special international conference of representatives of wheatIndustry.
to
countries
consider
such
growing
a plan is proposed by
A brief reference to the address of E. H. Cunningham, a
Senator Thomas. His letter to President Hoover follows:
member of the Federal Reserve Board, delivered at Ames,
To the President of the United States:
The suggestions herein made are intended to be constructive and in no Iowa on July 18 appeared in our issue of a week
ago, page
sense critical. The papers are carrying news items to the effect that the
Mr. Cunningham who spoke before the Midwest
Farm Bo9rd will buy no more wheat and that the Government will give 376.
no assurance that it will interest itself In recurring wheat surpluses. and, Training School of Farm Bureau Representatives in urging
further, that other than a reduction of wheat acreage and the curtailment their co-operation with the efforts of the
Federal Farm Board
of wheat production, the Government has no remedy to offer the wheat
in behalf of agriculture, said "it might be proper to say that
farmers.
On July 17 Chairman Legge made an address at Fargo. N. D., in which perhaps we are not sufficiently optimistic to hope that all of
he recommended the balancing of domestic production of wheat with the
the policies advocated [by the Farm Board] will be fully up
domestic consumption. Sucn a policy, If succesaful, will mean a reduction
of acreage of some 25%. and a consequent curtailment of production of to our expectations, but this should not lessen our desire
some 200.00e.000 bushels.
for co-operation in every effort that promises success."
I do not oppose the curtailment program, provided other wheat-growing
Cunningham also referred to the policies of the Federal
to
join
in
urged
such
a general curtailment plan. Mr.
countries are solicited and
I am of the opinion that an American program of curtailment will have Reserve Board since the Stock Market collapse of last Fall,
the effect of stimulating the production of wheat In Canada, Argentina, and he made the statement that "regardless of the manner
Brazil. Australia and other wheat-growing countries.
A reduction of production of 25%,or 200.000.000 bushels, thus balancing in which credit has been affected by the stock market, I
production with consumption. means a loss of the revenue to be derived assure you that it is the policy of the Federal Reserve system
from the sale of some 200,000,000 bushels of American wheat. Such a
to keep its resources available for the purpose of adequately
loss would be felt severely in many sections, and incidentally all over the
entire United States. Such a program will mean a further migration of serving agriculture, industry and commerce in accordance
our farm population to the cities, to the injury of all of our population.
with the intent and purpose of the Federal Reserve Act."
The Congress authorized the Farm Board to spend any part or all of
Cunningham's address is taken as follows from the
Mr.
$500.000,000 to assist the farmers in stabilizing commodity prices and in
marketing their crops. This bill was passed in a most prosperous time. "United States Daily:"
when no one could possibly foresee the distress that has come to our people
within less than one year.
If $500,000.000 was thought necessary at such time, now, under present
conditions. 1 suggest that the expenditure of all the funds authorized in
order to help approximately one-third of our population would not
be
Irrational or unwarranted.
The recent session made a direct contribution in the sum of
$160,000.000
in the nature of tax refunds to only a few of our people, without, so far
as I
know, a request therefor or evidence of a need for the money.
The reported announcement just made that the Board is about to abandon this part of the orixinal farm program is. in my opinion, most injurious
to the already very low morale of the farmers of the country.
With wheat and cotton selling for about one-half the price the
same
commodities brought when the Board was created. such a
threatened
abandonment of assistance only adds to the misery of our farm
population.
At present prices, a number of farm commodities will not sell for enough
to pay the cost of production. With taxes and mortgage interest due.
farmers are threatened with foreclosure and bankruptcy already exists.
I realize and am glad to admit that the activities of the Farm Board have
been of very great benefit to very many of our farmers, but at the present
time 1 suggest that every possible ray of hope be extended to those
so greatly
in need of help.
Instead of the announcement that. the Board is not to buy any
more
wheat and is not to interest itself in the disposition of any further
farm
surpluses, I suggest that an announcement be made that the
Government
will give every possible assistance, financially and otherwise, to help
the
farmers in their present distress.
I suggest, further, that the announcement be made that the
program
for restriction of commodity production is an additional plan for remedy,
and not a new and amended one: that, in the matter of curtailment of
wheat production, other wheat-growing countries are to he asked to join in
the program to the end that the world's surplus of wheat may be reduced
uniformly,so that the farmers of all countries may be helped simultaneously.
I suggest that a special International Conference of representatives of
wheat-growing countries be called to consider a plan of crop reporting and
a plan for bringing about a general curtailment of wheat production.
Respectfully submitted,
ELMER THOMAS.
The following is from the "United States Daily" of
July 22:
Misrepresentation Claimed.
I greatly appreciate your courtesy in Inviting me to appear before the
conference. I doubt very much, however, whether I shall be able to give
you any new thoughts on the subjects you have under consideration at
this meeting.
It has now been seven years since I have had any very close contact with
Farm Bureau activities, but during that period, having retained my Interest
in agriculture. I feel that I have been able to gather some Information that
mlgt t. be helpful in strengtnening your Farm Bureau organization. No
business wit tun the range of my knowledge has been. within the past decade,
so ably defended by its friends and so consistently misrepresented by its
enemies, as has the business of farming.
The constructive policies and persistent efforts on the part of your
organization have obtained for the industry of farming the recognition
which it rightfully deserves. I know the thought Is quite prevalent among
farm people that agriculture has been neglected in the past. or, possibly,
subordinated to a secondary position in favor of some of the frills and nonessentials of life.
Not that this has been due to premeditated action on the part of any
particular class or interest, but more likely to the fact that in this modern
age, it is often difficult to distinguish clearly between essentials and nonessentials. between needs and desires.
But there still remains one old landmark which modern thought has failed
to obliterate: Agriculture Is the huh around which all else revolves. The
farmer is dependent upon other industries to supply some of his needs, ut
people generally realize that they ore almost entirely dependent upon the
farmer for the necessities of life. but they have not yet'tome to the full
realization that until the prices of agricultural products are such as will
permit the farmer to buy the output of organized industry. and also enable
him to pay the demands of labor, which is a large item In his cost of production—America's food problem is insecure.
The industry has now reached the point where the country has been
convinced that there is a farm problem. The Congress of the United States
has recognized this problem and has placed upon the statutes of our country
the agricultural marketing aid, which is b cked by liberal Government
appropriations, and which carried out In good faith the promise made to
the farmer by President Hoover.
Co-Operation With Farm Board Advised.
It is. therefore, evident that it now becomes the duty of your members
to co-operate whole-heartedly and conscientiously with the Federal Farm
574
FINANCIAL CHRONICLE
its long-sought
Board in all constructive efforts to give to agriculture
opportunity to function on an equality with other industries.
assurance
While I hold no brief for the Federal Farm Board and have no
I feel that
as to what they have in mind as a solution of the farm problem,
sound
establish
to
efforts
its
in
Board
until the policies advocated by the
marketing practices have proved impractical or faulty, the objective should
confidence and respect.
be to co-operate in such manner as to justify public
responsibilities
A membership in the farm bureau in the future will entail
and, in my opinion,
respect;
to
bound
which the members will be in duty
and that
it is high time that these contingent obligations be anticipated
responsibilities that future
your members prepare to meet such reasonable
this conin
people
the
of
developments may impose. I assume that most
for the purpose of
ference have already recognized this need and are here
service to
gathering information which will aid them in rendering future
their organization.
in such
helpful
be
would
For me to attempt to outline a procedure that
I am not
work would be the assumption on my part of a task which I feel
you leave
qualified to perform. You can do it, however, and I hope before
that will
this conference that you will have worked out a plan of procedure
in
policies
organization
farm
enable you to present to your members all
minds as to
such a manner that will leave no doubt or confusion in their
that the
their responsibilities. I stress this point as I am now convinced
of procedure
time has arrived when no preconceived ideas or individual plans
should
organization,
your
of
which are not fully approved by the executives
be advocated by its representatives.
how the
I purposely refrain from expressing any opinion as to when and
It
Federal Farm Board will bring about a solution of the farm problem.
to
optimistic
sufficiently
not
are
might be proper to say that perhaps we
hope that all of the policies advocated will be fully up to our expectations,
effort that
but this should not lessen our desire for co-operation in every
promises success, or that would be helpful in eliminating any features which
experience has proved impractical.
the mind
No element of doubt or thought of failure should have a place in
can be corrected,
of the farmer. Errors are bound to occur, but they
make a
to
especially when all concerned are co-operating whole-heartedly
should
success of an undertaking which has no charted course to follow. It
charged
be your constant effort to a old so far as possible, having the farmer
the agriwith any failure in the Government's present attempt to solve
refleccultural problem because of his lack of co-operation. It would be a
tion on your organization if this were to happen.
Organized Effort Viewed as Helpful.
question
I recall that in the beginning of this organized movement the
organization?"
was so often asked: "What is the object of the Farm Bureau
be
The reply was: That by a thorough organized effort, the farmer would
never bring
able to accomplish things which as an indiviudal he could
industry.
the
to
service
about, and in that manner he would be rendering a
an undertaking?
jam wondering who can challenge the soundness of such
effort to
I hope, now that the hour is at hand for a most determined
that the farm
bring your organization up to the highest point of efficiency,
criticism,
outside
of
men and women will not permit themselves, because
constant vigilance
to be diverted from the real objective. There should be a
to go unheeded.
on your part not to allow false charges or unjust criticism
AmeriIt should be your purpose to have the public understand that the
good Governdestroy
can farmers and their families are not organized to
to
obligations
his
disregard
to
disposed
ment. The farmer has never been
has imposed
society. He has met every responsibility that the country
nor has he asked
upon him. He has never asked compensation in advance
this Government to arbitrarily fix the price of his product.
blessings and
world's
the
to
more
In a word, the farmers have contributed
farmer, because of
comforts than have any other class; and criticism of the
more
a
equitable
his determination to adjust the economics of his business to
but
relationship with industry and commerce, is not only unwarranted
unjustified.
than those of any
The total resources of agriculture are probably greater
note of the material
other one industry in this country. When we take
methods
unfavorable
the
progress made by the farmer in the past in spite of
with other types of
under which his industry has functioned, as compared
integrity, patience and
business, one is impressed with the unswerving
in this development.
persistence that were required of those who participated
subsequent deThe war period with the accompanying inflation and
ordinary sound judgment
Hatton was primarily responsible for upsetting the
as a consequence,
and discretion of all our people, including the farmers;
time that can be
there has been little in the life of our farm people since that
existence.
prewar
regarded as satisfactory when compared with their
of 1920, which
In many respects the unsound economic development
country, seem to
proved so disastrous to the agricultural interests of the
in October. 1929.
have been repeate I in the drastic stock market break
two periods is that
The only distinction that can be drawn between these
class of our
the latter is threatening serious embarrassment to a different
and commerce
people, and what the ultimate effects will be on industry
be affected
will
country
and to what extent the agricultural interests of this
will depend largely
by this break, remains to be seen. The final outcome
how far-reaching
upon how long the recession in business continues and
possible for you who are far
the depression becomes. I am wondering if it is
to realize how
removed from contact with the stock markets of the country
It can affect your interests.
market in October
We are told by economists that the break in the stock
time you will be
wiped out anywhere from 30 to 40 billions in values. In
that matter, can
able to judge whether this country, or all the world for
element of its
speculative
permit such a drastic deflation in values by the
I refer to this
people, without suffering unfavorable reactions therefrom.
such a debacle may
in order that you may begin to realize the serious effect
eventually have on your business.
Market Decline Said to Affect Agriculture.
and other necessities
It is always well for you as producers of foodstuffs
the purchasing power
of life to realize that whenever there is curtailment in
on your interests.
of the public, it will eventually reflect itself adversely
happened will soon pass
If there are any present who feel that what has
be shining for everyon only to become a memory and that the sun will soon
in my opinion, the
one, I beg to leave with them the thought that, while
life of the present
party is about over, it will not be forgotten during the
generation.
period of this unusual
The policy of the Federal Reserve system during the
that followed, is an
activity in the stock market and the tragic deflation
at this time. You
open book and contains nothing that need be repeated
system that have been
are also familiar with the credit policies of the
the Federal Reserve
effective since that time. Money rates at some of evidence that there
Banks are now at their minimum, which is sufficient
credit rates that is in
Is nothing from the standpoint of Federal Reserve
any way retarding business recovery.
district is 234%;in
The discount rate to member banks in the New York
Cleveland, Richmond
the Boston district, 3%;in the Chicago, Philadelphia,
system have a disand Atlanta districts. 33%. All other districts in the
the system
count rate of 4%. The minimum buying rate for acceptances in
[VoL. 131.
is 134% except at one bank, which has a rate 1i% higher. Obviously,
the foregoing discount rates apply to borrowing member banks, and, in the
main, customer-rates are higher.
The matter of!merest rates charged on customers' borrowings from member banks is wholly in the hands of your local bankers. In country districts or
areas outside of large commercial centers the rates are usually on a par with
the maximum rates established by State laws and do not usually move up
and down with changes in rates of the Federal Reserve Banks.
Regardless of the manner in which credit has been affected by the stock
market. I assure you that it is the policy of the Federal Reserve System to
keep its resources available for the purpose of adequately serving agriculture
industry and commerce in accordance with the intent and purpose of the
Federal Reserve Act.
Having in mind the conditions under which agriculture has functioned for
the past several years, we must all be primarily concerned with the policies
ofthe future. Certainly it is that commodity prices are on the decline. This,
however, appears to be a world-wide condition, and indicates that the
purchase of consumable goods is declining in other countries as well as the
United States. America being the largest producer of surplus commodities,
such conditions naturally affect our exports which at the moment are greatly
reduced.
We are present undoubtedly in the midst of a considerable recession in
business. There is a large increase in unemployment; in fact, without
being unduly pessimistic, there is every indication that this high-geared
economic machine ofoursisslowing down. Itis quite evident that the people
of this country realize that the strain has been too great and that there is a
necessity for reducing the tension. We have been operating an economic
machine for the past several years that has had nothing but a high-gear
transmission. There is now a tendency to get back to intermediate.
It might be necessary in some lines and for a short period of time to
reduce the gear to low in order to enable the people to regain some of their
purchasing power and re-establish their confidence in the integrity of American business policies. If that time arrives. I feel confident that the wealth
and resources of the American people can again be expected to become
active and useful in perpetuating American business stability.
There is nothing in my remarks that is not a proper subject for full discussion with your members. It is quite necessary that they have full understanding of all questions vital to the future welfare of agriculture.
It is also quite evident that you will not be able to have the co-operation
of some organized farm interests; nor will you have the co-operation from
some sources which you had reason to believe was yours from the beginning;
you will also meet with strong opposition on the part of some commercial
Interests; but you will be able through your constructive efforts to give the
Farm Bureau members a better understanding of the economic problems
that are yet to be solved, and, as a consequence, there should be a greater
determination on the part of tho farmer to "drive on."
Senators Rebuffed by Chairman Legge of Federal Farm
Bureau—Letter Rejects Plea That 100,000,000 Bushels
of Wheat Be Bought to Stabilize Price—Senator Capper Heads Delegation—Suggest Sending Wheat to
China and India.
Five Senators, representing grain States, called on Chairman Alexander Legge of the Federal Farm Board on July
22 to urge the purchase of 100,000,000 bushels of wheat by
the Board and were rebuffed. A dispatch from Washington on that date, reporting this also had the following to
say:
Senators Capper and Allen of Kansas, McMaster.of South Dakota,
Pine of Oklahoma and Howell of Nebraska presented to Mr. Legge a
new plight of the farmer as a man who has seen wheat prices reduced
below cost of production, while prices of his other products have declined in sympathy and urged that further stabilization operations should
be carried out through purchase of wheat by the Board under the terms
of the Federal Marketing Act. They also suggested selling wheat to
China an dIndia.
Coincidentally, Senator Thaddeus H. Caraway, Democratic member
of the Committee on Agriculture, took up Chairman Legge's challenge
of yesterday, that criticism of the Board's policies were "political bunk."
The Arkansas Senator charged that the Board is pursuing a policy
designed to reduce farm commodity exports so that there will be a
clear field for exports of industrial products abroad.
While the Farm Board was made the center of attacks by Republicans
and Democrats, it became known that President Hoover is adhering
to his policy of non-interference in the affairs of the Board.
Says Stocks Depress Market
The delegation of five Senators found Chairman Legge adamant in
his opposition to buying more wheat. He argued that the existence
of the 60,000,000 bushels of more now in the possession of the Board
was part of the visible supply, and acted, in fact, as a depressing influence on the market price. The Senators pointed to limited food
supplies in India as well as China, and said they could see no reason
why arrangements could not be made to sell to those countries on longtime credits.
Mr. Legge's response was that the Board has no funds with which to
give away wheat, and furthermore, it will pursue a policy intended
primarily to encourage co-operation and decrease wheat acreage. These
policies have been characterized as the "gospel of despair" by Governor Clyde Reed of Kansas.
"When millions of people are suffering from famine," Senator Allen
said, "it is not correct to say that America's abundant production—
wheat—is intrinsically an evil."
Fears have been expressed on the part of Senators from the Spring
wheat areas that if purchases of Winter wheat were maed now there
would be no storage facilities left for Spring wheat which is soon to
come on the market. It was argued that if wheat were sold abroad,
either in China, India or elsewhere, this danger would be averted, as
well as that of the depressing influence of the surplus stocks still in
the hands of the Farm Board. Suggestions have been made that the
National Red Cross use some of its funds to take up surplus wheat.
McMaster Assails the Board
"The present policy of the Board," Senator McMaster commented, "is
to do nothing to meet the present wheat crisis. Mr. Legge's idea is that
the farmers will reduce production and wheat will become so cheap it
can be used for feed and the surplus will rapidly disappear.
JULY 26 1930.]
FINANCIAL CHRONICLE
575
in position to control the production and marketing of their crops. In
that time we have given growers every possible assistance authorized
by the Agrircultural Marketing Act in developing their co-operative
program and purpose to continue doing so notwithstanding attacks from
politicians and others who, in the guise of helping the farmer but in
reality to promote their own selfish ends, are trying to discredit the
effort to put agriculture on a sound financial basis."
The "Times" in its July 22 Washington advices had the
following to say regarding Chairman Legge's comments
that day:
Has Not Seen the President
Chairman Legge said he had not consulted with the President since
- Chairman Legge of Federal Farm Board Charges Cham- returning to the capital, but he added:
"The Farm Board is not going to hide behind the President's skirts,
bers of Commerce and Democratic National Commitor those of any one else. If he wants to see me, he knows where to
tee With "Political Bunk" in Allegations of Failures find me. Otherwise, business is going on as usual."
Stating definitely that the Farm Board could see no reason at present
of Federal Farm Board.
Alexander Legge, Chairman of the Federal Farm Board, for buying into the 1930 wheat crop through the Grain Stabilization
Corporation, Mr. Legge said that the same applied to cotton. He
returned to Washington July 21 from a tour of the princi- pointed out also that whatever the Board
might buy it must sell at
pal wheat-growing States and promptly denounced politi- some future date.
Taking
the same point of view as that previously expressed by Samuel
cians in general, Chamber of Commerce and the Democratic
R. McKelvie, member of the Board, who now is in the West, Mr.
National Committee for issuing "bunk" about the Federal Legge said:
•
"Anything done must be done on the part of the farmer, as we have
Farm Board and the wheat situation. The New York
"Times" notes this in a Washington dispatch, and in giving no authority to make them do anything, and wouldn't exercise that
authority if we did."
the statement issued on that day by Mr. Legge, had the
"We can apply a pulmotor and give temporary aid," he continued,
"but we are looking for a more permanent remedy, which implies cofollowing to say:
operation
on the part of the producers. We are very hopeful of getting
words,
and
his
mincing
in
Without
language as plain as that characterizing his speeches in the West, the Chairman of the Board said, that."
Asked if he thought his statement issued today would stop "political
in a formal statement and in a long informal conference, that regulated
attacks," Mr. Legge answered:
production provides the only solution of the wheat growers' problem.
"The
Farm Board is not in politics."
Efforts toward price stabilization through the purchase of grain by the
In response to another question, the Chairman said he had not seen
Government and its withdrawal from the market will not supply the
Senator
Capper, who is advocating that the Board buy 100,000,000
said,
although
Legge
he defended the purchase of 69,000,000
remedy, Mr.
bushels of wheat by the Grain Stabilization Corporation last year as a bushels of wheat. The Senator is scheduled to call on Mr. Legge tonecessary measure to relieve the situation that had been developing morrow. The interview today suggested that the visit may not terminate
satisfactorily for the Kansas Senator, whose colleague, Senator Allen, has
for four years.
"Stabilization will work admirably on seasonal surpluses," Mr. Legge joined him in the demand.
As for foreign markets for American wheat, Mr. Legge was not
said, "but it cannot be made to work on permanent cumulative surparticularly optimistic, pointing out that this crop is grown in virtually
pluses."
Mr. Legge's statement was interpreted as final confirmation that no every part of the world and that almost every country which might
provide a market has its own problem in the world-wide depression
more wheat would be bought by the Stabilization Corporation.
obtaining now.
Confident of Limitation
Wheat farmers are alive to the need of regulating their production,
Mr. Legge continued, predicting that the limitation of acreage would Daniel E. Millett Is Quoted by Secretary Shouse of Demobe noticeable in the planting of the Winter crop in all areas.
cratic National Committee in Answer to Chairman
The Chairman of the Board, who has had the unqualified backing of
Legge of, Federal Farm Board.
President Hoover in anything that he and the Farm Board undertakes,
From its Washington correspondent under date of July
made a statement last week calling for more optimism in regard to the
wheat situation. One indication of better times ahead for the grower, 23, the New York "Journal of Commerce" reported the
he said, is the fact that world production this year appears to be about
following:
150,000,000 bushels under that of last year.
That the Democratic National Committee has confirmed Chairman
Also, he pointed out, droughts now prevalent may reduce the production of other grains and provide an outlet for some of the surplus Alexander Legge's observations concerning inspiration for its attacks
on
the Federal Farm Board was the view expressed at the Board offices
wheat. However, be discountenanced any effort to divert wheat into
channels now served by other grains, as each has its own place in the today, when Jouett Shouse, secretary of the committee, renewed his
scheme of things, and the Board will undertake no action that would criticisms of the Administration's farm marketing program.
Shouse declared there is nothing political in criticisms of the Board
aid one commodity grower at the expense of another.
except Legge's "statement on political bunk."
We give herewith Chairman Legge's statement of July 22,
Although Chairman Legge deferred comment until tomorrow, it was
to the newspaper correspondents at the regular semi- pointed out at the Farm Board that the Democratic committee in its
latest statement chose to quote Daniel E. Millett of Denver. Mr. Millett
weekly press conference:
was spokesman for the grain trade in its attacks upon the Farm Board
"The Farm Board was created to assist the farmer and not for politics.
From now until November politicians will be so busy saving the farmer at the national convention of the United States Chamber of Commerce
it might be just as well to take a vacation, although if we are expected in Washington late in April, it was asserted. In fact, it was said
to resume that burden after election, perhaps a little progress can be Mr. Millett more than any other one person won victory for the grain
trade and swung the Chamber of Commerce convention into line in
made by carrying on in the meantime.
"I notice the Democratic National Committee has adopted as a slogan general assault upon the Farm Board, demanding repeal of important
'The failure of the Farm Board.' This seems to be copied almost word features of the Agricultural Marketing Act. It also is claimed at the
for word from the grain dealers and the Chamber of Commerce of the Farm Board that Millett, investment banker in the live stock business,
United States. Concurrently I notice that certain of the Chambers has interests which are or may be affected by the Farm Board's program
of Commerce, particularly in some of the grain markets, are making for financing farmers' co-operatives in their own marketing.
an effort to substantially increase their dues for the avowed purpose of
Millett's Attack Quoted
propaganda to protect their present position. Certain interests which
The Democratic National Committee's statement referred to Millett
seem to feel they have a God given right to handle the products of the as an economic expert and quoted from his attack
on the Farm Board
farmers, and who have accumulated immense fortunes in doing so, at the Chamber of Commerce convention as
follows:
may be depended upon to continue their fight against most any program
"What a glaring inconsistency to set up at the cost of the taxpayers
directed toward improving the farmer's position, and doubtless will be one set of Government institutions to increase
agricultural production
easy picking for any politician of any party who is willing to play and lessen its cost and then turn around and set up
another galaxy of
their game.
Government institutions to increase the price of the thereby created sur"However, farmers as a class are doing a lot of thinking for them- plus and to limit its production."
selves these days and many of them seem to be aware that their
Concluding, the Committee's statement declared that "the farmers
present unhappy condition is a result of long years of unregulated pro- who are selling 60c wheat to pay for their
harvesting machinery are
duction while they listened to gigantic schemes that high-powered states- complaining, not the Democratic National
Committee or the Democratic
men have had to offer, rather than of any action of this Board.
orators. There is nothing political in the almost nation-wide
censure of
"Present and future orations, written by the Democratic National the Farm Board and the discrepancy between
what it is supposed to do
Committee and fathered by various orators, to broadcast the alleged and what it has accomplished, except Mr. Legge's
alibi that the stricture
failures of the Farm Board are only more of the same kind of political on the performance are 'political bunk'."
bunk by virtue of which the farmer arrived at his present position.
The following extract from the statement issued
"The farmer's problem is an economic one that will never be solved
by Mr.
by any political remedies. If the present drought continues much longer Shouse is taken from the New York "Times":
there will probably be a large reduction in the wheat surplus due to
"Chairman Legge of the Farm Board, protesting that
he is not in
substitution for feed grains. Probably these politicians who are blaming politics, has neatly adopted the politician's
alibi in reply to criticisms.
the Board for declining prices brought about by excessive production
"When the Democrats and Progressive Republicans in
the Senate
will try to give the Board credit for any relief from the wheat surplus were tilting against the exorbitancies of
the Grundy tariff bill, its
brought about by the drought—and with equal reason.
supporters gravely asserted that these protests were
mere political
"Such a happening, however, will not affect the fundamental trouble. propaganda.
The one thing that would do the most good to improve the condition
"When the Senate was engaged in refusing confirmation as a member
of the wheat grower is recognition on the part of the buying public that of the Supreme Court for Judge Parker of North
Carolina, those who
the grower himself is ready to take the necessary action to prevent a advocated confirmation of the Presidential
nominee announced that the
recurrence in the future and thus put an end to the continued ac- Opposition was pure politics.
cumulation of stocks which has been going on for the past four years.
"The President himself in his letter about 'hair shirts' gave
the same
"Only through collective action can growers accomplish this result. explanation of criticisms of his policies.
Board
Farm
at
all
created
times
since
it
the
has
was
placed
"It did not take Chairman Legge long to learn
In the year
the patter of the
first emphasis on the importance of farmers organizing so they will be officials whose work is unsatisfactory to the public.
"Of course, he is correct. At the present scale of prices many farmers
will be wriven out of production. But to let prices remain low, to do
nothing and let the situtaion right itself, if possible, is not offering
agriculture any assistance from the Farm Board."
Senator Pine said the Board was doing all it could "but, under the
law, there is nothing much they can accomplish."
"I have been surprised that they have gone so far as they have
gone," Senator Pine added. "The agricultural marketing act was put out
as farm relief, to satisfy the farmer and postpone the demand for
effective legislation. But I doubt if a dozen members of Congress considered it would accomplish its ostensible purpose."
Senator Howell offered an opinion similar in character.
576
FINANCIAL CHRONICLE
"The Democratic National Committee and the orators mentioned by
Mr. Legge did not write the quotations of the present prices of wheat,
corn and cotton in the daily market reports, which are neither political
nor bunk. These are the record of Mr. Legge's Farm Board's failure to
effect the purposes of its creation.
"The body was constituted at President Hoover's request and given
a half a billion dollars with which to function for the direct purpose of
rescuing the farmer front the economic pit in which he finds himself.
'The bill itself declared that it was for the purpose of placing agriCulture on a basis of economic equality with other industries, and there
are no striurs to the authority vested in Mr. Legge's board. The conference report of Congress at the time the bil was enacted itself stated
the 'Farm Board shall execute the powers vested in it by this act only
in such manner as will in the judgment of the board aid to the fullest
practicable extent in carrying out the policy above declared.'
"Accordingly, the Board started in by dabbling in the wheat market,
with the result that no inconsiderable portion of its investment went
to fatten the gains of the Chicago grain speculators, who knew more
about rigging the market than Mr. Legge and his conferees.
"It took unto itself the function of a market tipster, and advised the
farmers not to sell when wheat was $1.25 a bushel, with the result that
the farmer still have their wheat, worth much less, or had to sell at
considerable loss.
"The bill admittedly was an administration measure. The President
sent this word to the Senate:
'I earnestly hope the Congress will enact the conference report and
allow us to enter upon the building of a sound agricultural system rather
than to longer deprive the farmer of the relief which he sorely needs.'
Had the measure been succ,ssful, the administration would have
claimed and been Lntitled to the resulting credit.
"It hasn't done the work. The farmer finds himself in a worse predicament than ever. Whether the fault lies in the intrinsic inadequacy
of the law, or in the inept execution of its provisions by Mr. Legge and
his associates, is immaterial, from the farmer's point of view. He was
promised that the government would help him in his struggle and the
gexernment has plunged him into greater trouble.
"The farmers who are selling 60 cent wheat to pay for their harvesting machinery are complaining, not the Democratic National Committee or the Democratic orators. There is nothing political in the almost
nation-wide censure of the Farm Board and the discrepancy between
what it is supposed to do and what it has accomplished, except Mr.
Legge's alibi that the strirctures on the performance are 'political bunk'."
[vol.. 131.
Gov. Reed of Kansas in Reply to Alexander Legge Says
"Farm Board Fiddles While Wheat Farmer Faces Destruction"—Urges Board to Buy More Wheat.
Replying to Chairman Legge's characterization of opposition to the Federal Farm Board's wheat acreage reduction campaign as being "wholly political," Governor
Reed of Kansas stated on July 22 that "the Farm Board
fiddles while the wheat farmer faces destruction." An
Associated Press dispatch from Topeka July 22 noting
this added:
The Governor's reply was in answer to an accusation made in Washington yesterday by Chairman Legge who characterized opposition to
the board5s wheat policy as "political bunk," saying likewise that
criticism of the board's refusal to buy and store large amounts of the
1930 crop was po:itical. '
"If challenging a policy," Governor Reed said in a statement," which
I consider to be unsound economically and impossible of carrying out
in the section of the country which raises the best wheat in the world,
at the lowest production cost, and can raise nothing else so well, and
if defending what I conceive to be the best interests of my State is
'playing politics,' then I plead guilty."
Governor Reed has urged the board to buy and store 25,000,000 or
more bushels of the 1930 crop.
Carl Williams of Federal Farm Board Says Board Will
Advance Not Less Than 65% of Market Value of
Cotton.
According to Carl Williams, a member of the Federal
Farm Board, advances in the Cotton Belt "will be not less
than 65% of the market value of the cotton." Mr. Williams'
announcement to this effect was contained in the following
statement issued by him on July 23:
My attention has been called to statements appearing in southern newspapers and cotton trade journals to the effect that the cotton co operatives
will be able to advance not more than 6 cents a pound to their members
this Fall. The statements doubtless have been innocently made, but if
allowed to stand their effect would be to discourage participation by cotton
Senator Caraway of Arkansas Says Federal Farm Board's farmers in the co-operative movement.
Final determination of the amount of advance at time of delivery throughProgram Is Heartless From Standpoint of Agriculture— out the cotton belt has not been made. Certainly, however. It will be not
less than 65% of the market value of the cotton. It may be more. The
Justifiable Only From Industrialist Viewpoint.
Texas co-operative, which Is now receiving cotton in great volume from
Steps toward reviving farm relief as a political issue the southern
end of that State, is advancing 9 cents on unclassed cotton at
were taken on July 22 when, seizing upon ChairmaniAlex- time of delivery by the member. All co-operatives may be expected to
ander Legge's denunciation of criticisms of the Federal advance to their members the largest possible amount that is consistent
with safety.
Farm Board as "political bunk," Senator T. H. Caraway
of Arkansas declared that the Government now has evolved
a typically industrialist policy for agriculture. Advices
to this effect in a Washington dispatch July 22 to the New
York "Journal of Commerce," further said:
"The Federal Farm Board has two principal objectives," Senator
Caraway asserted, "and both of them are designed primarily for the
benefit, not of the farmer, but of business interests.
"The board is seeking to persuade farmers to reduce production. The
real purpose of this is to relieve the world market of the burden of
America's surpluses of farm products, so that exports of industrial
commodities will have a clear field abroad. The Board also is endeavoring to reduce costs of farm marketing and production. The idea
of this is to provide cheaper food for the consuming centers.
Sees Program "Heartless"
"The whole thing," Caraway declared, "conforms closely with the big
city man's idea of farm relief. It is clear to Mr. Legge as it is and
was to Herbert Hoover when he made his first pronouncement on the
subject in 1922. But, if wholly justifiable from the industrialist point
of view, it is a perfectly heartless program from the standpoint of
agriculture, because the prosperity of the farmer is entirely incidental
in the whole scheme."
Caraway is one of the Senators whose statements criticising the Farm
Board were circulated through the Democratic National Committee and
who were targets for yesterday's jabs by Chairman Legge deriding
"politicians" for reducing the farmer to his present plight.
Senator Borah Maps Drivein Opposition to Federal Farm
Board—Will Campaign in the Northwest—Backed
Debenture Plan.
Senator Borah, mapping plans for the Fall election campaign, plans to raise his voice in the West in opposition to
the administration farm relief measures, ineluding the
work of the Federal Farm Board. The advices July 23
from Washington to the New York "Times" from which
this is learned likewise said:
Revelation today of the Senator's intention recalled the events of the
session of Congress just closed, in which he saw the export debenture
feature eliminated from the tariff act over the protests of the insurgent
group with which he was allied, while his endeavors to have the tariff
revision confined to those items effecting the farmers were unsuccessful.
His campaign will be delayed, however, until he has undergone treatment prescribed by his physician, which may last until the latter part
of September.
Senator Borah's appearance on the campaign platforms of the Northwest, where he has been asked particularly to speak and where he indicated he would accept engagements, will differ from two years ago,
when he was one of the chief supporters of the Hoover candidacy.
Unlike the addresses of 1928, the Senator this Fall will express the
Republican opposition's view of the conflict between the administration
and the insurgent bloc in the Senate over the tariff and agricultural
measures.
Committee of American Bar Association Says Farm
Relief Experiment Was Doomed to Failure—Declares It a Dangerous Assault Upon Purposes and
Ideals of Government—Congress "A National
Soup Kitchen."
The Committee on American Citizenship of the American
Bar Association sees in the Agricultural Marketing Act "a
dangerous assault upon the forms, the ideals and the purposes
of our Government." The Committee criticisms of the Act
is contained in a report, made public in Chicago on July 19,
which will be submitted to the Bar Association at its annual
meeting to be held in Chicago, Aug. 20-22. The Chicago
"Tribune" of July 20 had the following to say regarding the
report:
Sees Program as Failure.
The committee citizenship report, signed by Chairman F. Dumont
Smith and four committee members, declares that the "farm relief experiment was foredoomed to failure?' The avowed purpose of the bill, the
report asserts, is "to raise the price of bread to 90% of the people In order
that 10% may have a larger profit in producing it." The bill is characterized as an "unconstitutional and vicious attempt to debase our great republic
into a soviet commonwealth."
"Under this Act." the report continues, "congress has appropriated
8250,000,000 and the farm board and Its subsidiaries, as agents or the Government, have engaged in a purely private business of buying and selling
wheat on which a loss of more than $20.000,000 has already been Incurred,
and the present result is a decline of one-third in the price of wheat since
these operations were commenced. In our judgment it is a dangerous assault upon the form, the ideals, and the purposes of our Government.
Predicts "Treasury Raids."
"If one crew of mendicants can come to the doors of ceigress and with a
threat of votes loot the treasury, other groups will follow the example.
These groups will combine to aid each other, trade, and swap votes until
each one gets its dole out of the public funds.
"Congress has become a national soup kitchen where every mendicant
Industry, every greedy, begging group brings its empty bowl to receive its
treasury soup directly or indirectly.
"When the other industries begin to get their dole the farmer will have
to pay his share of it, pay his share of the dole to the coal man,the oil man,
the steel man,and all the rest of them, and they In turn will pay their share
of his dole, and so this country
. will be reduced te the condition
of that happy community where all inhabitants make a living doing each
others' washing."
Urge Inaugural Date Change.
Among the other committee reports which will be submitted is one recommending a change in the date of Inauguration of the President so that
he may take office within one or two months after his election.
A large gathering of the visiting lawyers will be held on the evening of
Aug. 21, when the convention will meet in the Civic Opera house to hear
an address by Chief Justice Charles Evans Hughes of the United States
Supreme Court. Representatives of the bars of England, France, Scotland.
the Irish Free State and Canada will respond.
JULY 26 1930.]
FINANCIAL CHRONICLE
Silas H. Strawn has been appointed host to the visiting foreign lawyers,
and Walter H. Eckert, Vice-President of the Chicago Bar Association, has
been delegated to go to London and conduct the foreign delegations to
Chicago.
577
P. T. Jackson of Boston, Cotton Brokers, Assign.
Press advices from Boston yesterday (July 25) said:
P. T. Jackson Co., local cotton brokers, made an assignment yesterday
to B. Loring Young of the law firm of Ropes, Gray, Boyden & Perkins
Federal Farm Board to Confer With Beet Sugar Growers for
the benefit of its creditors.
in Greeley,Colo., on Aug. 2—National Co-operative
Auditors are working on the books and a report Is likely to be made by
them within two or three days.
Marketing Association Proposed.
_
The Federal Farm Board announced on July 23 that it has F. C. Matthews, Secretary of Philadelphia Stock Exdesignated sugar beets as a commodity and has invited
change, Returns From Europe—Commission
representatives of the growers in the 17 sugar beet producing
From France to Visit Philadelphia.
States to meet in Greeley, Colo., Saturday, Aug. 2, to deFrank C. Matthews, secretary of the Philadelphia Sto.cli
velop a national co-operative marketing program for their
Exchange, has returned from a six weeks' trip to Europe
product. The Board's announcement adds:
during which time he visited the London Stock Exchange
A preliminary conference of growers representing approximately 75% of
and the Brussels Exchange and also Holland, Germany,
the sugar beet acreage was held in Colorado June 20, with representatives
of the Farm Board present. A resolution was adopted requesting that Switzerland and France. At the Paris Bourse, he was resteps be taken by the Farm Board to assist in the organization of a national ceived by M. Edouard
Jacob, President of the official brokassociation of beet growers and it was recommended that a national meeting
be called with representation on the basis of one grower for each 40.000 ers' syndicate, and M. A. Dartiguenave, Secretary General,
acres of sugar beets and one grower for each State with less than 40,000 who presented him with a medal struck off in 1926 to comacres of sugar beets, selection to be made by the co-operatives In areas
memorate the 100th anniversary of the Bourse. While in
Where the producers are organized.
Paris Mr. Matthews arranged for a visit to Philadelphia
Sugar beets are grown in the following states:
California
by a commission comprising twenty men representing the
Michigan
South Dakota
Colorado
Minnesota
Utah
financial
and industrial interests of France. The comIdaho
Montana
Washington
mission is scheduled to sail for the United States early this
Indiana
Nebraska
Wisconsin
Iowa
fall to visit Philadelphia, New York, Boston, Chicago,
New Mexico
Wyoming
Kansas
Ohio
Washington, Detroit and Rochester. M. Pierre Marie
In 1929 the sugar beet acreage was 717,000 acres with a yield of 7,672,000
Legrand and M. Mayer-Joseph-Georges Levin, members of
tons having a farm value of approximately $57.600,000.
the Paris Bourse, will visit the various American stock exFurther Developments in Woody & Co. Failure.—L. changes. After studying the methods of the Paris Bourse,
A. Hold Testifies He Gave $300,000 to Harold Mr. Matthews expressed the belief that that exchange soon
Russell Ryder as Part Payment for Membership in may change from the fortnightly settlement plan now in
operation on the principal European exchanges, to the AmerBankrupt Firm.
ican plan of the daily settlement.
The first record of the inner workings of the bankrupt
Stock Exchange house of Woody & Co. (the failure of which Study of Relation Between
Stock and Bond Market by
was noted in our issue of June 21, page 4338) came on
Ray Vance of Yosemite Holding Corporation.
July 18 when Lucien A. Hold testified before Henry K.
There may be a basis for reasonable optimism in the recent
Davis, Federal bankruptcy referee, that he entrusted $300,000 to Harold Russell Ryder six months ago as part payment action of the stock market as against the bond market, acfor a partnership in the failed firm. As Mr. Hold sum- cording to Ray Vance, Chairman of the Executive Committee
marized it for Samuel H. Kaufman, the examining attorney, of the Yosemite Holding Corporation. Mr. Vance has made
"Mr. Ryder ran the whole business." The New York a study of the points of recovery of bonds and stocks during
"Times" of July 19, from which the above information is nine major security movements prior to 1929.
"Many persons claim," said Mr. Vance, "that the bond
obtained, continuing,said:
market
moves ahead of the stock market and that the stock
Mr. Hold's contribution k the operations, according to his testimony,
consisted chiefly in his desire to "learn the business." He and the other market movement forecasts the business movement." The
partner, Charles L. Woody Jr., apparently regarded Mr. Ryder as such relation between the bond market and the stock
market,
a master operator that they obeyed him without question and accepted
according to Mr. Vance, may mean one of two things:
every statement he made to them.
While Mr. Woody was busy carrying out Mr. Ryder's directions as
floor member, always at the Stock Exchange, Mr. Hold explained
his
own duties were to remain in the Woody & Co. offices at 40 Wall St.,
answering the telephone while Mr. Ryder was out, and being pleasant to
customers.
He said Mr. Ryder fixed the price of this partnership at $500,000, and
when Mr. Hold could raise only $300,000, he was told that Mr. Ryder
would take charge of that amount and make it grow to $500,000 so that
the partnership would be paid for. Mr. Ryder told him that he had
opened an account in Mr. Hold's name with Gilchrist, Bliss & Co., through
whom Woody & Co. cleared; but Mr. Hold said he did not check
this.
Mr. Ryder had told his two partners that they must leave all dealings
and communications with Gilchrist, Bliss & Co. to him, because
he knew
that firm and its workings.
It was this exclusive dealing with Gilchrist, Bliss & Co.,
according to
Mr. Ryder's own sworn admissions, which made it possible
for him to
withdraw $2,000,000 in cash and securities belonging to
his partners
and their customers, while he was paying a claim of that
amount held
against him by Frank Bailey, banker. Although the return
of the major
part of this amount by Mr. Bailey to the bankrupt firm now is being
negotiated by the Woody receivers, it was explained yesterday by
L. Carey, counsel for the customers, that Mr. Hold will not shareEugene
In this
recovery because his claim is against Mr. Ryder.
Mr. Hold testified that he knew nothing of the condition of his account,
except that Mr. Ryder was "making the money work" and occasionally
told Mr. Hold verbally that his balance was growing. On April 1, he
recalled, Mr. Ryder told him be had a balance of $447,000 at Gilchrist,
Bliss & Co.. and would soon be able to pay for the partnership.
It was not until the firm collapsed a month ago, however, with $2,000,000
liabilities, Mr. Hold said, that he learned through the present
bankruptcy
inquiry, how the business really was run. Just before the collapse, while
he thought he was worth $500,000. Mr. Hold said he developed a heart
ailment and his doctor advised a trip to Europe. His passage had been
booked, he said, when the collapse revealed that his real balance consisted
of a $5,000 savings account which he had with his wife in the National City
Bank, and a $15,000 check account with the Irving Trust Co. Both of
these accounts have been attached by the receivers for Woody & Co.,
together with Mr. Hold's automobile He said he has nothing left.
1st—That the bond market reaches its low and turns upward before
the stock market, or
2nd—That there is a decided amount of strength in the bond market
before any appreciable strength appears in the stock market.
In expressing his views on the subject, he says:
"As far as the first belief is concerned, an analysis of nine major movements prior to 1929 clearly shows that there is no definite lag between the
bottom of the stock market and the bottom of the bond market. In the
following table the lows for these nine markets and the lows of the 1929
market are shown:
Year.
Low—Bonds. Low—Slocks, Year.
Low—Bonds. Low—Stocks.
1893
August
July
1914
Exch. closed Exch. closed
1896
August
August
December
1917
December
August
1900
September 1921
June
August
1903
August
November 1923
September Octobcr
November November 1929
1907
September November
"In one instance the bond market reached its low after the stock market.
In four, it reached it the same month. In two instances it reached Its
low one month, and in two other two months before the low of stock prices.
"If the relationship between the bond market and stock market is put
upon the basis of a well-defined recovery in the bond market before there
occurs any certain indication of a major upward movement of stocks, an
analysis of those same markets on this basis is quite illuminating with
regard to the current movement, of the bond market and the stock market.
"Below, in the second column is listed the month in which it was clearly
evident that stock prices had turned upward in a major bull movement—
in the third column the percentage of recovery which had taken place in
the bond market from its preceding low:
1893
September
4
1915
July
None
1896
November
4.25 1918
3
May
1900
November
1
1921
October
5
1904
July
4
1923
None
December
1908
May
9
1930
9
"It will be noted that the recovery in the bond market, so far in 1930
from the lows in 1929, is greater than any other recovery in the bond
market in the nine preceding major up-turns, with the exception of the
market of 1908.
"If the business men are basing their expectations of business improvement upon the relation between bond market recovery and stock market
recovery, that factor instead of being a ground for pessimism at the present
time would be the basis of a reasonable optimism."
Toronto Exchange to Close To-day (Saturday) Thus
Lengthening Week-End Recess—Other Canadian President Hoover Confers
with Cabinet Members on
Exchanges Also Close for the Day.
Measures for Reducing Government Expenditures.
Canadian Press advices from Toronto, Ont., July 24
Meeting with members of his Cabinet on July 18 President
stated:
Hoover discussed measures having for their object a reduction
The Toronto Stock Exchange will be closed on Saturday. The volume in the Government
expenditures below the estimates for
of trading recently has been the smallest In years and the Exchange committee decided to lengthen the week-end recess. The Montreal Stock the fiscal year beginning July 1. The budget estimates of
Exchange and the Curb Exchange will also be closed on Saturday.
expenditures, for the current fiscal year, said the President's
578
FINANCIAL CHRONICLE
statement are $4,203,254,457, as compared with actual
expenditures for the last fiscal year of $3,994,152,487 or
an increase of $209,101,970, being an increase of 5%. The
President's statement, issued at the White House Conference
with newspaper men July 18 follows:
"The Cabinet meeting tIrday was largely devoted to a consideration of
the financial situation of the Government as the result of the appropriations
made by the last Congress. The budget for the present fiscal year, beginning July 1, has been increased by about $209,000,000 above the actual
expenditures of the last fiscal year. The largest increases are for the
speeding up of buildings, inland waterways and public works generally,
In order to assist in unemployment, together with the increased relief of
veterans.
"There has been some confusion as to the amount of increased expenditures imposed by the last Congress by the mistaken inclusion of
authorized programs which extend over many years, such as public buildings, roads, and rivers and harbors, and only in a small part fall on each
annual budget. Also, some comparisons of Federal expenditures include
the Postoffice outlays.
It has always been the practice to include only the Postoffice deficit.
Otherwise, real comparisons would be destroyed by the variations in Postoffice operations. Including the estimated postal deficit, the total budget
estimates of expenditures for the present fiscal year are $4,203,254,457, as
compared with actual expenditures for the last fiscal year of $3,994,152,487,
or an increase of $209,101,970, being an increase of 5%.
"The discussion to-day was directed to measures for reduction of expenditures below these estimates with a view to meeting possible reduction of
revenue arising from slack times. The Cabinet members and heads of
independent agencies have undertaken a searching inquiry into every
branch of the Government as to methods by which economies may be
brought about for the present fiscal year without interfering in the program of aid to unemployment. I am confident that we will find measures
for very considerable reductions of actual outlays below the amounts
appropriated. What the amount may be cannot be determined until we
have completed our investigation."
Chilean Nitrate Bill Signed.
The following United Press dispatch from Santiago is
from the "Wall Street Journal" of July 22:
Chilean nitrate interests, aided by the Chilean government, are ready to
meet the world in a struggle for supremacy in nitrates.
A $335,000,000 nitrate combine, involving all the companies now operating in this country, was authorized by law when President Carlos Ibanez
signed the Cosach bill at the Presidential Palace on Monday. The bill was
passed on July 10 by the Chilean Senate and later by the House.
The new legislation creating the Chile Nitrate Company
for the consolidation of the nitrate industries was referred
to in these columns July 19, page 389.
[Wu 131.
from Jan. 1 1925 to date, $5,431,684 exclusive of his $12,000
annual salary, or $5,497,684 including it.
Besides the bonuses paid to Mr. Grace, attorneys for the
Youngstown faction introduced a list of bonuses paid last
year and the first half of 1930 to six Bethlehem Vice-Presidents. The list shows that the six bonuses last year ranged
between $54,305 and $378,664 and aggregate $1,422,032.
The list follows:
Vice-PresidentQ.Bent
C.A.Buck
*H.E.Lewis
R.]I. McMath
J. M.Gross
J. H.Ward
Total
*Mr. Lewis retired Feb. 28, 1930.
1929.
$378,664
378.664
375,784
134,538
110,077
54,305
1930.
$163,701
163,701
61,146
58,162
47,588
23,477
$1,422,032
$517,775
The following is taken from the "Wall Street Journal" of
July 18:
Bethlehem Steel Corp.'s policy of paying its executives nominal salaries,
such as the $12,000 paid annually to Eugene G. Grace, president, and "Incentive" bonuses was outlined in the records offered the court by F. H.
Wood, Bethlehem counsel.
The bonuses are paid on net earnings before depreciation, according to a
system supervised by Charles M. Schwab, Bethlehem chairman.
The information regarding Bethlehem bonuses in foregoing years appeared
in a letter from Mr. Schwab to directors in 1917. It was read by Luther
Day, Eaton attorney, after F. H. Wood, Bethlehem attorney, offered it in
court. The letter also affirmed Mr. Grace's testimony that he received
$12.000 annually in salary.
All high Bethlehem executives except Grace, according to the Bethlehem
records, read by Eaton-Otis counsel, receive annual salaries not to exceed
$10,000 yearly that "their chief interest might be in the savings and earnings that make for the maximum possible bonus." The bonuses were paid
on net earnings before depreciation was deducted. According to the Bethlehem records, Mr. Schwab in 1917 reported to his directors the following
bonuses for previous years and percentages of the corporation's total earnings:
1911 Bonuses
4.18%
$118,000Rate
1912 "
4.3
130,000
1913 "
7.31
524,000
1914 "
7.5
603,000
1915 "
8.12
1,987,000
4.
1916 "
7.57
4,748.000
Under new by-laws adopted by Bethlehem in 1917,8% was adopted as the
maximum bonus rate. This Is shared by 15 executive officers of the corporation. Before 1917 only 10 officers shared in it.
The sliding scale of bonus payments to Behtlehem executives provided for
for a bonus of 3.43% for the first $2,000,000 of profits, increasing each
$2,000,000 to 6.58% as an average for the first $12,000,000 of the corporation's profits.
Average for the first $24,000,000 of annual profits is 6.989%. The succeeding $12,000,000 lifts the bonus average to 7.375 and a bonus of 8% is
paid on all earnings annually more than $36,000,000.
"Success of the Bethlehem Steel Corp. has been due to a large extent to
the bonus system," Schwab wrote to shareholders of Bethlehem in 1917.
He pointed out that he was the largest stockholder and that as such he was
thoroughly convinced that the bonus system was the best for the corporation.
The system, he wrote, was introduced 30 ears previously at the plant of
Homestead Steel Co. by Andrew Carnegie.
Bethlehem Steel Corp.-Youngstown Sheet & Tube
Merger-Testimony in Court Proceedings Show
That Eugene G. Grace of Bethlehem Has Received
$5,431,684 as Bonuses Since 1925.
Attorneys for the Eaton-Otis forces who are waging a court
battle against the merger of the Youngstown Sheet & Tube
Co. with the Bethlehem Steel Corp. brought out during the
In its issue of July 22 the "Wall Street Journal" had the
testimony of Eugene G. Grace, President of the Bethlehem
Steel Corp., that President Grace has received $5,431,684 following:
for the Eaton-Otis interests were attempting to show in revealin bonuses from the Bethlehem Steel Corp. since 1925. The ingAttorneys
Grace's bonus that he had an incentive in seeking to merge the two steel
suit to permanently enjoin the merger is being heard before companies. Earnings of Sheet & Tube in 1929 before depreciation were
8
.which at 3.319% would have increased Grace's bonus
Judge David G. Jenkins of Common Pleas Court at Youngsto almost $72,i5n00,
190
20
90
town, 0. Mr. Grace during the course of his examination
Allowance would have to be made for the fact that Youngstown pays
testified that his salary is $12,000 a year and that in addition larger salaries than Bethlehem, it was pointed out. Youngstown's method
establishing depreciation charges also differs from Bethlehem's. Bethlehe receives a bonus which is figured "at a factor of 134%." for
hem attorneys have emphasized the fact that the bonus arrangement for
Press reports state that although Mr. Grace did not under- Bethlehem executives
was not a fixed contract and that with the acquisition
take to explain what "factor of 13/2%" meant it was later of Sheet & Tube the percentages paid executives might have been lowered.
The following table, presented at the merger trial, shows bonus paid by
developed, when the corporation's by-law relating to the Bethlehem
from 1911 to 1930, together with the percentage of bonus on
compensation of executives was put into the record, that each year's net earnings before depreciation.
"factor of 14%"
1
meant 13/2% of net earnings. The by-law
Total
% of
Total
% of
YearBonus. Earnings.
Bonus. Earnings.
introduced into the record over the objection of attorneys
Year1911
607.290
$118,512
7.54
3.89
1922
for Bethlehem reads as follows:
1912
1,800,972
130,575
7.99
4.03
The board of directors shall have the authority to administer the bonus
system approved and adopted at the twelfth annual meeting of stockholders
April 3 1917, and may itself determine the compensation to be awarded
under said system to the various officers, heads of departments and other
employees of the company and its subsidiaries, or may refer such determination in whole or in part to the chairman of the board or to a committee
thereof, and such chairman of committee shall then have power to act
finally in the matter.
No officer or head of department or employee sharing in any award who
may also be a director of the company shall, as a director, take part in determining the amount of compensation to be so distributed, or in the distribution of such award. The board may, from time to time, change or
modify the bonus system, but shall not increase the agregate amount to be
distributed in any year as compensation to the officers of the company
and heads of departments having general control of matters affecting the
company and its subsidiaries as a whole beyond 8% of the consolidated net
earnings after deducting all fixed charges and an amount equal to the annual
dividends upon preferred stocks outstanding, but before deducting depreciation.
1913
1914
1915
1916
1917
1918
1919
1920
1921
524,506
603,236
1,897,493
4,748,044
3,913,833
3.826,033
2,059,742
2,152,133
1,017,987
8.16
8.27
8.13
7.70
8.24
8.00
7.76
7.94
7.32
1923
1,477,375
1924
1,750.498
1925
1.793,855
1926
1,489,972
1927
1,766,199
1928
3,425,306
1929
1930(1st quar.) 802,600
1930(2nd quar.) 587,507
7.37
7.66
6.63
6.41
6.59
6.54
6.8017
6.2835
Northern Pacific RR. to Operate Car Repair Shops
Six Days a Week Instead of Five.
St. Paul Associated Press dispatches July 19, said:
Effective at once, the Northern Pacific Railroad will operate all its car
repair shops between St. Paul and Seattle six days a week instead of five
as heretofore. This was announced to-day as part of a program to speed
up preparations of getting box cars ready for the Northwest grain harvest.
In addition, 150 car repairers will be employed west of Billings, Mont.
Press reports state that Mr. Grace's bonus payments for
the last five years excluding the first half of 1930, was
B. &.O. Shop in Maryland Reopens.
$4,729,716. Under the bonus arrangement for paying the
The following is from the New York "Evening Post" of
corporation's executives Mr. Grace received $700,473 in
1925; $852,160 in 1926; $721,885 in 1927; $831,445 in 1928 July 24:
Two thousand
hundred men, comprising the entire force of the
and $1,623,753 in 1929. Mr. Grace also received $701,968 Mont Clare, Md.,eight
shops of the Baltimore & Ohio, have returned to work
so
far
this
year,
bonuses
total
making
his
compensation
having
been
after
laid
off since July 1, it was reported to-day.
in
JULY 26 1930.]
FINANCIAL CHRONICLE
Stock of San Francisco Bank Taken Off:Curb Market
There—Sale of One Share this Year at $13,500.
The following Associated Press advices from San Francisco
July 24 appeared in the New York "Times":
Common stock of the San Francisco Bank was removed from trading
on the San Francisco Curb Exchange to-day. Officials of the Exchange
said the number of shares available for trading was too small.
Only one sale was made this year. one share being sold for $13,500. The
issue was said to be the highest priced stock on any exchange in the country.
In 1929 one share changed hands at 514.000. In 1928 seven shares were
sold at prices ranging from $13,000 to $15,000. There are 1,000 shares
outstanding.
579
Law School and is a member of the New York Bar. In 1927
he became associated with Barry, Wainwright, Thacher &
Symmers and in 1929 with the Foreign Personal Trust Department of the City Bank Farmers Trust Co. He has been
with the Central Hanover since last May.
Arrangements were reported made this week for the sale
of a New York Stock Exchange membership for $400,000.
Last preceding sale was for $468,000.
An Advisory Committee has been formed for the Franklin
Branch of the Chase National Bank of New York,located at
Franklin Street corner of Hudson. The personnel of the
Committee includes, besides a number of officers, the following: Benjamin C. Haynes, President S. H. & E. H. Frost,
Inc.; Albert T. Johnston, Vice-President The Borden Co.;
Marine Midland Corp. Asks Listing on New York Stock Henry C. Wetterau,
President Wetterau-Halpern Co., Inc.;
Exchange.
Andrew Wilson, President Andrew Wilson Co. and J. W.
That the Marine Midland Corp. (the large bank holding Roberts, Assistant Vice-President Penn. & L. I. RR. Cos.
company formed last September by New York and Buffalo
Henry S. Koster was elected an assistant trust officer of
financial interests) has applied to the New York Stock Exchange for permission to list its stock, was announced on the Chemical Bank & Trust Co. at the regular weekly
Thursday of this week, according to yesterday's (July 25) meeting of the Board of Directors on July 24. Mr. Koster
New York "Times." The application is for 5,616,001 shares will devote his attention to the development of trust business,
of capital stock, par value $10 a share. The stock of the cor- assuming his new duties at the Chemical August 1. Mr.
poration is already traded in on the New York Curb Ex- Koster has recently been identified with the Marine Midchange. We quote further in the matter from the paper land Trust Co. in the capacity of assistant secretary. Prementioned, as follows:
vious to his association with that institution, he was with
Marine Midland, which was formed late in September 1929 is one of the the Fidelity Union Trust Co. of Newark, N. J.
largest companies of its type in the country. It had total composite
Because of the confusion of the names of Philip J. Rooseassets on March 31 of $592,785,519. This was before the acquisition of
the Fidelity Trust Co. of New York, which added $106,228,187 more velt and George Emlen Roosevelt in items in our issues of
to total assets.
The corporation holds controlling interest in 18 banks and trust com- July 12, page 220, and July 19, page 394, concerning their
panies. The nucleus for the group was the Marine Trust Co. of Buffalo. new posts in the Chemical Bank & Trust Co. and the ChemOther banks in the group are the Union Trust Co. of Rochester;the Bank ical
National Associates, Inc., we give herewith the correcof East Aurora; the Bank of La Salle, Niagara Falls; the Bank of Snyder;
the Cortland Trust Co.; the First Trust of Tonawanda; the Lackawanna tion which has come to us from the bank:
It is noted in the "Times" that the San Francisco Bank,
organized in 1868, pays quarterly dividends of $60 a share
and extras, which through 1929 were $67.50 a share quarterly.
National Bank; the Manufacturers National Dank of Troy; the Niagara
County National Bank & Trust Co.. Lockport; the Niagara Falls Trust
Co.; the Orleans County Trust Co., Albion; the People's Trust Co. of
Bingham; the State Trust Co., North Tonawanda; the Union Trust Co..
Jamestown and the Workers Trust Co. of Johnson City.
The Fidelity Trust Co. of this city was acquired in April this year.
Its name was then changed to the Marine Midland Trust Co. of New
York. It is the second largest unit in the group, following the Marine
Trust Co. of Buffalo, and the only member of the group in this city.
The Marine Midland Corp. was sponsored by Stone & Webster, White,
Weld & Co., the Schoellkopfs and other interests just previous to the stock
market crash last fall. At that time there were said to be plans to acquire
groups of banks in other States. Representatives of the corporation
would not comment yesterday on the proposed listing on the Stock Exchange.
Transamerica
Corp. Shares Listed on New
Exchange.
Mr. Philip J. Roosevelt was elected a director of the Chemical Associates, Inc., at a meeting of the Board of Directors of that company held
July 10, and his brother, Mr. George Emlen Roosevelt, was elected
a director of the Chemical Bank & Trust Co. at a meeting of the
Board of Directors of that company held on July 10. George Emlen
Roosevelt, the director of the Chemical Bank & Trust Co., was recently
elected chairman of the Advisory Board of the Fifth Avenue and 54th
Street office of the Chemical Bank & Trust Co. Philip J. Roosevelt Is
not a director of the Chemical Bank & Trust Co. as stated in the article
in the July 12 issue of the "Chronicle," neither is he chairman of our
Advisory Board at the Fifth Avenue and 54th Street office of the bank.
At a meeting of the Directors of Bankers Trust Company
of New York on July 15, Charles F. Salkeld and Francis
W. Boehm, of the Custodian Department, were appointed
York Stock Assistant Secretaries.
Listing of the stock of Transamerica Corp. on the New
York Stock Exchange was approved by the Board of Governors of the Exchange July 23. Transamerica's application
for listing was announced on July 17. The ruling of the
Governors transfers approximately 24,800,000 shares of
Transamerica stock, with a par value of $25 each, to the
"Big Board." Trading in them was begun yesterday,
July 25. The official announcement in the matter says:
Only six corporations have listed on the Exchange a volume of shares
in excess of twenty millions. The other five, in addition to Transamerica,
are the General Electric Co., General Motors Corp., Commonwealth &
Southern Corp., United Gas Improvement Co. and Standard Oil Co. of
New Jersey.
Organized to take over the activities of Bancitaly Corp. and to act as a
holding company controlling financial institutions, Transamerica
holds a
majority interest in numerous banks including the Bank of America N. A.
in New York, Bank of Italy in San Francisco, Bank of America of California in Los Angeles, First National Bank in Portland, Ore., and
Banca
d'America e d'Italia in Milan. The two California banks
operate 453
branches in 263 cities and towns. Among the acquisitions of Transamerica
during recent months have been the Occidental Life Insurance
Co.. a
majority interest in General Foods Corp. and a reciprocal interest
in
L'Union des Mines, an important French commercial bank.
Transamerica shares, heretofore traded in on the board of the New York
Curb Association, are listed also on the San Francisco and Los Angeles
Stock Exchanges. Future plans of the corporation are believed to contemplate applications for the listing of its shares on several of the principal
European exchanges. Stockholders of Transamerica have increased from
115,000 in December 1928 to 168,000 a year later and to 185,000 at present.
A recently published project for simplifying the corporate structure of
Transamerica outlined the creation by it of separate subsidiary
holding
companies for bank stocks, shares of securities corporations, foreign holdings, permanent commercial and industrial investments, stocks of joint
stock land banks, stocks of insurance companies, and stocks of mortgage
companies.
The Park Avenue Office of the Irving Trust Company of,
New York, which for more than eight years had been at
Park Avenue and 48th Street, opened in new quarters
July 21, at the southwest corner of Park Avenue and 46th
Street, in the recently completed New York Central Building. The new office is approximately four times as large
as the old, and has entrances from Park Avenue, 46th
Street and Vanderbilt Aevnue, as well as by an underground passageway from Grand Central Terminal. A
complete Safe Deposit Department, with the vault on the
main floor, is a new service feature made possible by the
enlarged quarters. There is also an attractively furnished
room for women customers, with special tellers' windows.
No change has been made in the personnel of the office,
except additions to the staff to handle increased busineen.
It remains under the immediate supervision of Oliver O.
Wagstaff, Assistant Vice-President.
On July 21 the Irving Trust Company opened a new
Banking Office at 1823 Avenue M, at the corner of East
19th Street, Brooklyn, thus extending its service to the
Midwood-Nottingham Section of the Borough. This is the
eighth Irving Banking Office in Brooklyn. The Avenue M
Office will be under the supervision of Stanley T. Wratten,
Vice-President. G. M. Koppel, Jr., will be in immediate
charge.
E. T. Eshelman has resigned as Chairman of the Board
of Directors, and as a director of the First Trust & Deposit
Co. of Syracuse, N. Y., effective Aug. 1, according to Syracuse advices on July 23 to the "Wall Street Journal." He
was President of the City Bank Trust Co. of Syracuse
prior to its merger with First Trust & Deposit Co., on Dec.
6, last.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Charles A. Wood, of the Central Hanover Bank and Trust
Co. of New York, sailed this week on the Europa for Paris
where he will be associated with the Central Hanover's
Paris representative's office. Mr. Wood is a graduate of the
That the funds of three Long Island banks were sysUnited States Naval Academy and of Columbia University tematically looted and used by bank officials for stock
580
FINANCIAL CHRONICLE
speculation in 1928 and 1929 was charged in twenty indicutments, involving fifteen former bank officials and employees, a note broker and a former employee of a brokerage house handed up on Monday of this week, July 21, to
Federal Judge Robert A. Inch in Brooklyn by the June
Grand Jury, which has been held over three weeks into
July hearing the evidence submitted against the bankers.
In reporting the matter in its issue of Tuesday, July 22,
the New York "Times", from which the above is taken,
said:
Federal officials asserted that all the banks involved are in good
condition under their present management and that their funds have
not been impaired.
Most of those indicted were at one time heads and employes of the
Long Island National Bank of Astoria, which made public yesterday
a resolution by the shareholders commending the pfogerssive and
responsible management of the institution since its reorganization last
October.
The other banks that had been affected were the Elmhurst National
Bank and the Bellport National Bank. The former presidents of both
of these banks, as well as the former president, two former VicePresidents and several directors of the Long Island National Bank
were among those indicted. The indictments charge that the officials
misapplied the bank funds for their own personal profit and that they
used the mails to defraud, created dummy accounts for fictitious
depositors, forged promissory notes and discounted notes illegally.
Most of the deposits appropriated, according to a statement released
by James E. Wilkinson, Assistant United States Attorney, have been
recovered and the rest are covered by insurance. Considerable sums
were drawn out for use in speculation and returned after a quick
profit had been realized, according to the statement.
The Long Island National Bank, Federal officials said, lost about
$140,000 through manipulation but recovered all but about $45,000,
of which $35,000 is covered by insurance. The Elmhurst and Bellport
banks, though they lost about $75,000 each, have recovered all, but
the Bellport Securities Corporation lost about $225,000, it is said. [In
the case of the Bellport National Bank it was subsequently denied, as
noted below, that it was in any way involved in the disclosures.—Ed.]
Besides the bank frauds, forged promissory notes for about $500,000
were sold to Elmhurst and Bellport residents by the indicted former
officials of the banks there, the indictment recites.
"I wish to state," said Howard \V. Ameli, United States Attorney,
"that in these banking cases we will not brook any attempt to effect a
so-called 'restitution,' with the end in view that prosecution might be
dropped or minimized. I am determined to see that violators of the
Federal banking laws are speedily punished."
The persons indicted were:
William H. Siebrecht, Jr., former president of the Long Island
National Bank.
Edward F. Wagner, former vice-president.
Albert R. Allen, former vice-president.
Frank X. Ongaro, former cashier.
Harold Casner, former assistant cashier.
Frank Pallante, former director.
Arthur R. Illing, former director.
William H. Nast, former director.
Louis J. Klovrza, former director.
Herman F. Plump, former director.
Julius Link, former director.
Albert F. Graff, former director.
Angelo Di Falco, former general bookkeeper.
George H. Muehling, a brokerage customers' man formerly with Harvey Fisk & Son, 120 Broadway.
William Douglas Miller, a note broker of Tenafly, N. J.
William Douglass Mott, former president of the Bellport National
Bank.
Albert H. Hanson, former president of the Elmhurst National Bank.
Siebrecht, Casner, Ongaro, Wagner, Allen, Graff and Di Falco had
been indicted previously in connection with false entries in reports
concerning the bank's funds and false reports to the Comptroller of the
Currency.
According to the indictments, Mudding knowingly allowed Casner
and Ongaro to speculate in stock, which is a violation of banking laws;
Siebrecht, Allen, Graff, Link, Ongaro and Casner conspired to speculate in stock of the Bank of America and to use and misapply funds of
the Long Island National Bank, and to alter the books for that
purpose:
they added fictitious notes to the assets
of the bank and forged the
name of William Pulz, a depositor, to a note for $14,900 April 11, 1923,
and charged it to the demand loan account; they were to convert shares
of Bank of America National Association into other stocks and take
the profits themselves.
Other indictments charged Ongaro, Siebrecht, Wagner, Allen and
Graff lyttli misapplying $150,000 of the bank's funds for speculation
for their :individual profit. Ongaro, Allen
and Wagner were charged
with making a false report on April 12,
1928, to swell the resources of
the bank by $85,514. Several other indictments charged officials and
employes of the Long Island National Bank with making fictitious
notes and misapplying funds derived from them,
and with aiding in
the frauds.
Hanson and Mott were mentioned in the indictments as selling $500,000 worth of forged notes that they received from Miller and discounted
them before August, 1929.
Miller was indicted for using the mails to defraud. His and Han.
son's cases have been in the Brooklyn Federal Court for some time.
For... 131.
"I would further call your attention to the fact that all the records
will show that the Bellport National Bank has never had its capital or
surplus impaired; that it has always operated at a profit; that it has
continually added to its surplus; and it has undivided profits and other
resources of a substantial amount in proportion to its capital and surplus;
and it has paid dividends regularly and without interruption—the
present rate being $6 per annum. Its officers and directors were complimented by the Federal Bank examiners and the representatives of
the Federal Reserve Bank upon its extraordinary strong condition."
According to yesterday's New York "World", July 25,
Edward F. Wagner and Albert R. Allen, former VicePresidents of the Long Island National Bank of Astoria,
and Albert F. Graff, a former director, pleaded not guilty
July 24 before Federal Judge Sheppard in Brooklyn to indictments charging them with conspiracy to defraud the
bank, and were admitted to $5,000 ball each pending trial
Sept. 15. The same paper also stated that William Douglas Mott, former President of the Beliport National Bank
of Bellport, L. I.; Albert R. Hansen, former President of
the Elmhurst National Bank of Elmhurst, Queens, and W.
Douglas Miller, a note broker, of Tenafly, N. J., indicted
on charges of fraudulent use of the mails and conspiracy,
will appear for pleading next Monday.
Edward P. Peacock, for the past twenty years President
of the Bank of Clarksdale, Miss., on July 21 was appointed President of the Union Planters National Bank &
Trust Co. of Memphis, Tenn., to succeed William White
who has resigned in order to devote his entire time to his
private business enterprises, according to the Memphis
"Appeal" of July 22, Mr. White it was said, will retain
his connection with the bank, as a member of the Board
of Directors. Mr. Peacock, the new President, was born
in Grenada, Miss. After attending Webb School at Bell
Buckle, Tenn., and being graduated from the University of
Mississippi, he moved to Clarksdale and entered the banking field. In 1900 he helped to organize the Bank of Clarksdale, becoming its President ten years later. Mr. Peacock is President of the Clarksdale Building & Loan Association and Vice-President of the Federal Compress Co.,
and a former President of the Clarksdale Chamber of Commerce. He was reported as saying that, after a short vacation, he would assume his new duties within thirty days
According to the Boston "Transcript" of July 24, stockholders of the Everett Trust Co., Everett, Mass., have been
notified that an agreement has been reached with the Old
Colony Trust Associates, Boston, whereby the latter are to
become owners of 35% of the capital stock of the Everett
Trust Co. This arrangement contemplates an increase of
the capital stock of the Everett Trust Co. to $750,000.
The stockkolders are asked to vote upon the plan at a meeting to be held July 31. If they approve the proposition,
it will mean, it was said, that the Everett Trust Co. will
take its place among other large (Boston) suburban banks
as a member of the Old Colony Trust Associates group.
Among these are the Harvard Trust Co. of Cambridge,
Newton Trust Co. of Newton and Union Market National
Bank of Watertown. Nineteen banks in the group comprising the Associates have total resources of $120,000,000
it was stated.
The proposed consolidation of the First National Bank
of Wilkinsburg, Pa., (capital $250,000) and the Central
National Bank of Wilkinsburg (capital $100,000) went
Into effect July 10. The new- institution—the First National Bank of Wilkinsburg, is capitalized at $400,000.
The merger of these banks was indicated in our issue of
June 21, page 4362.
Washington (Pa.) advices, July 22, to the New York
"World" reported that at the close of business on that day
the People's National Bank of North Belle Vernon, Pa., was
be absorbed by the Valley Deposit & Trust Co. of Belle
In its issue of "Wednesday, July 23," the New York to
Vernon,
and the business of both banks would be carried on
"Times" printed the following, correcting statements as
the next day (July 23) in the banking quarters of the
to the Bellport National Bank:
Francis D. McGarey, counsel for the Bellport National Bank, writes latter. The people's National Bank was organized in 1921.
to The New York "Times" that the report of the indictment of certain
Long Island bank officials printed in The "Times" yesterday was incorrect in some particulars.
"In the first place," Mr. McGarey writes, "the Bellport National
Bank was not looted, nor did it lose one cent, directly or indirectly.
Not only that, btu it has not had to make any claim against any surety
company on any bond, nor has it had to make any claim against any
individual, nor has any of its directors or other officers or employes,
past or present, had to make any restitution of any kind, nature or
description, and the Bellport Securities Corporation is not affiliated
with the Bellport National Bank.
The Bank of Philadelphia & Trust Co. of Philadelphia
consolidated withe Bankers' Trust Co. of Philadelphia on
July 21, creating an institution with deposits of more than
$50,000,000 and resources in excess of $58,000,000. The
capital of the enlarged Bankers Trust Co. of Philadelphia
is $4,876,800 and its surplus and undivided profits aggregate
$2,596,540. Albert M. Greenfield continues as Chairman
Jinx 261930.]
FINANCIAL CHRONICLE
of the Board of Directors and Samuel H. Barker as Presdient
of the new organization, while Leon A. Lewis, heretofore
President of the Bank of Philadelphia & Trust Co., has been
made a Vice-President and a director of the enlarged trust
company. In addition to the main office at Walnut and
Juniper Sts., the Bankers Trust Co. of Philadelphia now
has the following branches:
713 Chestnut St.
Broad St. at Erie.
Broad St. at Federal.
Broad St. at Diamond.
Broad St. at Louden.
Broad St. at 67th Ave.
Market St. at 18th.
Market St. at 31st.
Market St. at 60th.
17-23 South 52d St.
Tioga St. at 17th.
Venango St. at 22d.
14-20 West Chelten Ave.
Lancaster Ave. at 44th.
2529-33 West Lehigh Ave.
5517 Chester Ave.
3029 North 22d St.
Rising Sun Ave. at Cheltenham.
6601 Rising Sun Ave.
Oxford Pike, Fox Chase.
581
Former Vice-President A. D. Thompson and former Cashier W. A.
Thompson are serving sentences in Ohio Penitentiary for taking $131,000 of bank funds to play the stock market.
The closing of the institution was noted in our issue of
April 26 and May 17, pages 2905 and 3486, respectively.
Two units of the Detroit Ba- nkers Co. (Detroit) in Highland Park, Mich., a suburb of Detroit, are to be consolidated on Aug. 1, according to Julius H. Haass, President
of the Detroit Bankers Co. The Peoples Wayne County
Bank of Highland Park and the Peninsula State Bank
of Highland Park will be merged, the new institution to
be known as the Peoples Wayne County Bank of Highland
Park. It will have total resources in excess of $5,000,000.
Henry Heigh will be Chairman of the Board and H. B.
Ward, President.
Incident to the proposed consolidation of the Union Trust
Co. of Baltimore and the Farmers' & Merchants' National
Bank of that city, under the title of the Union Trust Co.
of Maryland, a special meeting of the stockholders of the
Union Trust Co. will be held on July 28 to vote on the proposed merger, and, if approved, to act on a proposed increase in the capital of the institution from $2,250,000 to
$2,500,000 by the issuance of 25,000 shares of new stock of
the par value of $10 a share. The Baltimore "Sun" of
July 18, from which the above information is obtained,
continuing, said:
Cleveland's newest banking
-institution, the Capital Bank,
opened for business on July 22 at 1011 Huron Road, S. E.,
according to the Cleveland "Plain Dealer" of that date.
The new bank is capitalized at $100,000 and has a paid-in
surplus of $25,000, both paid-in. The officers are J. Horace
Jones, President; Alex Wintner, Vice-President, and E. L.
Green, Secretary and Treasurer. The institution does not
do a commercial banking or trust business, but operates
under a rather broad charter which includes the granting
of loans secured by collateral as well as those made on one's
In a letter to stockholders, John M. Dennis, President of the trust com- character. President Jones was reported as saying:
pany, in addition to setting forth these facts, informed them that an arrange"We were well pleased with the first day's business. Our
deposits are
ment has been finally approved by stockholders of
starting
the Farmers' & Merchants'
National Bank whereby the Union Trust Co. is to give 3% shares of Its
stock for each 10 shares of stock of the National Bank.
'The proposal was subject to two-thirds of the stock of the Farmers' &
Merchants' being deposited for exchange," he continued, "and we are now
advised that this requirement has been met, something over 45,000
shares
of that stock out of a total of 65,000 shares having been already deposited.
"In order to effect the exchange of stock with the Farmers' & Merchants',
22,750 shares of our stock are required, but in order to make our capital a
round amount of $2,500,000, it seems best to authorize an increase of 25,000
shares and permit the small balance of 2,250 shares to be disposed of at a
price not less than $70 per share, or at the current market, under the
direction of the executive committee. The Board of Directors has unanimously approved this feature of the plan as well as the terms of the
merger."
Mr. Dennis also pointed out that when the deal is finally consummated,
capital resources of the Union Trust Co. will be increased to $9,100,000,
while deposits should approximate $65,000,000, so that the total resources
will be nearly $75,000,000. The Union Trust Co. will then have 18 offices,
Including the three new branches of the Farmers' & Merchants', at North
and Linden Avenues, Baltimore and Lloyd Streets, and at Eastern Avenue
and Third Street, Highlandtown.
The approaching union of. these banks was noted in the
"Chronicle" of June 21, page 4362.
From the Cincinnati "Enquirer" of July 16 it is learned
that announcement was made the previous day that the
L. B. Ballinger Co. of that city, dealers in investment securities has been purchased by the Fifth Third Union
Co., the investment securities division and subsidiary of
the Fifth Third Union Trust Co. of Cincinnati. The merger
will g9 into effect Aug. 1, according to a statement by
E. W.Edwards,President of the bank and also of the
Fifth
Third Union Co. L. R. Ballinger will become First VicePresident and General Manager of the enlarged company,
while Sidney D. Spritz, Vice-President of the Ballinger
Co., will be made Assistant Secretary. The entire
personnel of the Ballinger Co. will be taken over, Mr.
Edwards stated. The L. R. Ballinger Co. was
incorporated
in February, 1921, to deal in bonds. The paper mentioned furthermore said in part:
off well. We were remembered by our friends in a liberal manner
through floral offerings and personal visits and received a number of
demands for loans."
The granting of a charter for this bank was noted in our
issue of Mar. 1, page 1381.
From the Chicago "Journ-al of Commerce" of July 24
it is learned that the Superior State Bank, 3500 West 16th
St., Chicago, and the Public State Bank, Blue Island Ave.
and Roosevelt Rd., that city (affiliated institutions) were
on July 23 consolidated with the State Savings Bank &
Trust Co., which is located at Kedzie Ave. and Roosevelt
Rd., that city. The enlarged bank continues the name of
the State Savings Bank & Trust Co. and occupies the
banking quarters of that institution. Accordirg to Chicago
advices on July 24 to the "Wall Street Journal," the new
organization has deposits of more than $4,000,C0(. Bernard
Jadwin, heretofore Vice-President and Cashier of the Public
State Bank, and Cashier of the Superior State Bank, has
been appointed a Vice-President and a director of the enlarged bank, while Bernard Horwich, former President of
both the acquired banks, and Arthur Horwich,former VicePresident of the Public State Bank, have been made directors.
The First National Bank of Elmhurst, Ill., and the
Peoples Trust & Savings Bank of the same place (both
capitalized at $100,000) were consolidated July 14 under
the title of the First National Bank of Elmhurst, with
capital of $150,000.
The Comptroller of the Currency on July 15 issued a
charter for a new Tulsa, Okla., bank under the title of the
Fourth National Bank. W. 0. Buck is President and J. K.
Berry, Cashier, of the new institution, which is capitalized
at $350,000.
On .Tuly 9 the Security National Bank & Trust Co.
of
The Fifth Third Union Co. was organized in February,
1927, at Red Wing, Minn., became the Red Wing National Bank &
the time of the merger of the Fifth Third National Bank
and the
Union Trust Co., forming the Fifth Third Union Trust
Co., whose Trust Co.
stockholders control the subsidiary investment securities
company.
Officers of the Fifth Third Union Co., giving effect to the
A small Wisconsin bank—the Plum City State Bank—was
merger,
are: E. W. Edwards, President; L. R. Ballinger, First
Vice
and General Manager; Charles H. Dcppe, Edward A. Seiter, -President reported closed in the following dispatch from Madison,
James D.
Chambers, Monte j. Goble, Vice-Presidents; G. Carlton
Hill, Assistant Wisc., on July 16, to the Milwaukee "Sentinel":
Vice-President; Frank J. Loewe, Treasurer; William L.
Thede,
The Plum City State Bank, Pierce County, was placed in the hands of
tary; Sidney D. Spritz, Joseph C. Lohrey, Henry J. Mergler, SecreWilliam the State Banking Department because of a gradual withdrawal of deposits,
B. Thesing, Assistant Secretaries.
according to an announcement Wednesday (July 16).
The bank had capital of $10,000, surplus of $3,000, and deposits of
The following with reference to the affairs of the
Peo- $126,962.
William Johnson is President, J. J. Lewis, Vice-President, and Roy
ple's Bank Co. of Alliance, Ohio, which closed its
doors Harmer, Cashier.
on April 22 last, was contained in a dispatch from that city
•___
on July 15, to the Cleveland "Plain Dealer":
Effective April 19, the Chariton & Lucas County National
Acting on the advice of Gov. Meyers Y. Cooper and State
Bank, Chariton, Iowa, with capital of $100,000, was placed
tendent of Banking 0. C. Gray, a citizens' committee of six willSuperinrecommend to the stockholders of the Peoples' Bank Co., closed here in in voluntary liquidation and was succeeded by the National
April after a shortage had been discovered, that the institution be Bank & Trust Co. of Chariton.
reopened.
The committee members are; W. L. Hart, II. D. Tolerton, Dillon
The First National Bank of Sigourney, Iowa, capitalized
Crist, James I. Rickard, F. A. Hones and C. J. Rodman.
• • •
at $75,000, went into voluntary liquidation on June 10. The
582
FINANCIAL CHRONICLE
institution was absorbed by the Union Savings Bank of the
same place.
As of June 28 last, the F-irst National Bank of Batesburg, S. C., with capital of $125,000, was placed in voluntary
liquidation. It has been taken over by the People's State
Bank of South Carolina, Charleston, S. C.
The Farmers' National.Bank of Oklahoma City, Okla., on
July 9 changed its name to the City National Bank &
Trust Co.
[VOL. 131.
R. F. Nichols becomes Acting Manager of the Broadmoor Branch to
succeed Mr. Heiny. Mr. Nichols has been an employee of the Hibernia Bank
for 10 years, is thoroughly familiar with all the details of the business,
and has enjoyed steady progress, culminating in the present promotion,
which places him in charge of one of the bank's most rapidly growing
branches.
Judson Hardy, who, since his graduation from Tulane University in 1928,
has been associated with the Advertising Department of the Hibernia Bank,
Hopfensitz, who also graduated from
becomes Acting Manager; and A.
Tulane University in 1928, becomes Assistant Manager in the same
department.
It is an interesting fact that in every instance these promotions have
come to bank men who have been consistent students in the New Orleans
Chapter of the American Institute of Banking.
The Home National Bank of Stanton, Tex., capitalized
As of July 10, the Liberty National Bank of Kansas City, at $25,000, has been absorbed by the First National Bank
Mo., capitalized at $750,000, went into voluntary liquida- of Stanton, the former going into voluntary liquidation
tion. As indicated in our issue of June 7, page 3997, the June 28, last.
Institution was taken over by the Fidelity National Bank
& Trust Co. of Kansas City.
Advices on July 15 from Fort Worth, Tex., to the .Dallas
"News" stated that Clyde Belew, former Cashier of the
On July 17 a charter was issued by the Comptroller of Stockyards National Bank, in North Fort Worth, Tex.,
the Currency for the Clayton National Bank, Clayton, Mo., pleaded guilty on that day before Federal Judge James C.
capitalized at $100,000. Robert K. Barkley and Guy L. Wilson to embezzling $28,402.34 from the bank June 8 1929.
Pollard, are President and Cashier, respectively, of the The dispatch, continuing, said:
new institution.
Judge Wilson took the case under advisement and set the bond at $5,000.
Judge
the money had been restored to the bank.
The
was informed that
- National Bank of Lexington,
Effective July 15, the Home
liquidavoluntary
into
went
S. C., with capital of $50,000,
The First National Bank of Huntington Beach, Cal.,
tion. The institution was absorbed by the People's State with capital of $50,000, was placed in voluntary liquidaBank of South Carolina, Charleston, S. C.
tion July 5, and was succeeded by the First State Bank of
Huntington Beach.
With reference to the affairs of the Farmers'& Merchants'
in
which
the
of
failure
Effective July 19 the First National Bank and Home SavBank of Moorestown, N. C. (the
early part of April, together with three other North Caro- ings Bank of Ventura, Cal. (affiliated institutions), became
lina State banks which closed about the same time, was the 161st branch of the Bank of America of California, acreported in our issue of April 19, page 2714), the Raleigh cording to the San Francisco "Chronicle" of July 13. The
acquisition, it was said, will bring into the Bank of America
"News and Observer" of July 19 printed the following:
Ninety-eight days after the Farmers' & Merchants' Bank of Mooresboro of California system additional deposits of approximately
closed its doors and was taken in charge by the State Corporation Commis- $2,750,000, and "will
insure for that organization a strongly
sion, an initial payment representing a 50% dividend was made by the
State Bank Department, Chief Examiner John G. Mitchell announced yes- intrenched position in Ventura County." Joseph M. Argaterday (July 18).
brite, heretofore President of both the acquired banks, has
The checks went out this week to approximately 500 creditors and totaled
been
appointed a Vice-President of the Bank of America of
creditors
common
for
$90,000
$126,000. The payment was divided into
California and will remain in active management. The
and $36,000 for preferred creditors.
former directors of the institutions will serve as advisory
Further referring to the affairs of the Miami Beach Bank board members of the Bank of America of California at
& Trust Co. of Miami, Fla., (a subsidiary of the Bank of Ventura.
Bay Biscayne of Miami, closed, together with the parent inThe Midland Bank of London has issued a revised edistitution, since June 11 last) advices from Miami Beach on
the Midland
July 24 to the "Wall Street Journal" contained the following: tion of a booklet entitled "The Service of
obtainable upon apA deppsitors' committee of the closed Miami Beach Bank & Trust Co. Bank". Copies are, we understand,
has presented a plan to Augustus P. Anthony, representing State Comp- plication at the Head. Office, Poultry, London, E. C.2, or
troller Amos, whereby City National Bank of Miami agrees to take over at any branch.
The work contains illustrations of some of
certain assets of the closed bank and organize a new bank in Miami Beach.
Mr. Anthony analyzed the proposition and explained the conditions under the facilities available to the public, a map showing by
which Mr. Amos would be likely to approve the plan.
counties the distribution of the 2,070 branches in England
If the plan is adopted, unsecured depositors will receive 50% of their degrowth of the inposits in cash, and collections from the balance of the paper and from assess- and Wales and diagrams indicating the
ments against stockholders may net these depositors the other half in two stitution. There is also a photographic reproduction of
years.
the exterior of the new Head Office building. In .addiRichmond (Va.) advices on the same date, July 24, to tion to a brief history of the Bank, chapters are devoted
the paper mentioned reported that approval of a charter to several of the principal services rendered by the largest
for a new banking institution in Miami Beach, Fla., to be joint stock undertaking of its kind in the Empire, includknown as the City Bank of Miami Beach, had been an- ing a description of the safe deposit service which was
nounced at the office of the Florida State Banking Depart- recently brought into operation at the Head Office.
ment at Tallahassee.
The Richmond dispatch also stated that three Florida
The annual report of the Standard Bank of South Africa,
State banks, namely the First Bank of Lake Worth, Bank of Ltd. (head office London), covering the fiscal year ended
Canal Point, and Reddick State Bank of Reddick had failed, Mar. 31 1930, and presented to the proprietors at their
according to an announcement by the Florida State Banking 117th ordinary meeting on July 23, has just come to hand.
Department at Tallahassee. Particulars concerning the failed It shows net profits for
the period (after making full probanks were given as follows:
visions for bad and doubtful debts and contingencies) of
First Bank of Lake Worth, a reopened institution. had $958,726 on de£652,478, which, when added to £122,524, representing balposit on March 27. It was capitalized at 3175.000.
Bank of Canal Point had deposits of 361,518 on June 30 and was capital- ance to credit of profit and loss brought forward from the
ized at $25,000.
preceding 12 months, made £775,002 available for distribuReddick State Bank on June 30 had 340.202 on deposit.
tion. Out of this sum, the report tells us, an interim divito
was
made
reference
issue
of July 19 (page 397)
In our
at the rate of 14% per annum for the half year ended
dend
the affairs of the Miami Beach Bank & Trust Co.
Sept. 30 1929, calling for £175,000, was paid, and £100,000
R. S. Hecht, President of th- e Hibernia Bank & Trust Co. credited to bank premises account, leaving a balance of
of New Orleans, announces the following promotions in the £500,002. This amount the directors recommended be allobank's personnel:
cated as follows: £125,000 to officers' pension fund;
H. E. Heiny, who, since its opening in September 1925, has been Man- £175,000 to pay a
dividend at the rate of 14% per annum
main
the
office,
to
transferred
Broadmoor
Branch,
has
been
the
ager of
where he will be associated with Assistant Vice-President Monasterio in (subject to income tax), and £75,000 to pay a bonus of 3s.
the business development work of the entire institution, succeeding Mark per share (subject to income tax), leaving a balance of
Bartlett, who has resigned to accept a flattering offer from the North Caro£125,002 to be carried forward to the current year's profit
line Bank & Trust Co., of Greensboro, N. C.
Mr. Heiny has been with the Hibernia Bank for the past five years, and and loss account. Total assets of the institution are shown
has had a thorough banking training. He has been active in the Broadmoor in the report as 168,456,189, and its paid-up capital as
Civic Improvement Association, of which he was one of the organizers,
£2,500,000, with reserve fund of £3,164,170.
which he has served as Treasurer since its organization.
and of
JULY 26 1930.]
FINANCIAL CHRONICLE
583
THE WEEK ON THE NEW YORK STOCK EXCHANGE. market on Friday. On the whole, trading drifted with only
Except for an upward spurt on Tuesday and Wednesday, occasional outburst of buying and selling in a few isolated
issues. The market opened moderately strong but after the
the New York stock market has been dull and at times re- first hour, prices began
to sag and gradually slip off from
actionary. While many active stocks have had occasional 1 to 2 points. Popular trading stocks like
United States Steel,
periods of strength, price fluctuations on the whole have Westinghouse and American Can were depressed early in the
been within a narrow range. The weekly statement of the day and the advances recorded by Amer. Tel. and Telegraph,
Federal Reserve Bank, made public after the close of busi- Air Reduction and Johns-Mansville were cancelled toward
ness on Thursday, showed a decrease of $17,000,000 in the closing hour. There were occasional advances in some
of the so-called specialties, Auto-Strop Safety Razor breakbrokers'loans. Call money renewed at 2% on Monday and
ing into new high ground above 76.
continued unchanged at that rate during the remainder of
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
the week.
Most of the active stocks lost ground during the two hour
Stocks,
Railroad,
State,
United
Week Ended
Number of
vtc.,
Municipal &
I
States
session of Saturday. The reaction was not particularly
July 25.
Shares.
Bonds.
For'n Bonds.
Saus.
Bonds.
severe and represented hardly more than the usual week-end Saturday
871,570 $2,766,000 $1,079,000
$180,000 $4,025,000
Monday
1,947,070
4,668,000
2,014,000
174,000
6,856,000
profit taking. In the early trading, prices displayed a slight Tuesday
2,080,740
3,828,000
2,382.000
384,000
6.594,000
Wednesday
2,526,850
5,091,000
1,952.000
586,000
7,629,000
overnight advance and several prominent issues broke Thursday
1,475,240
6,747,000
2,290,000
505,500
9,542,500
1.356,170
5,190,000
1,317,000
124,000
6,631,000
through their previous tops on the current recovery. United Friday
Total
10.257.840 825 200000 211 054 nnn 21 ARA Ann 241 277 Ann
States Steel was one of the strong stocks of the day and durSales
at
Week Ended July 25.
ing the first hour sold at a new high for the present upswing,
Jan. 1 to July 25.
New York Stock
Exchange.
1930.
1929.
but slipped back before the close. Other stocks that re1930.
1929.
of shares_
10,257,640 20,222,510
acted under moderate pressure included such market leaders Stocks-No,
530,405,700
621,022,220
Bonds.
as, Am. Tel. & Tel., Air Reduction, Standard Oil of New Government bonds_._ $1,953,500 $1,862,100 $68.495,600 $74,794,800
State & foreign bonds_
11,034,000 12,182,000
391,300,000
355,384,650
Jersey, J. I. Case, Vanadium Corp. and Amer. Can. The Railroad
& misc. bonds 28,290,000 57.465,000 1,158,667,100 1,137,542,000
group
utility
scored
public
moderate gains, ranging from 1 to
Total bonds
$41,277,500 871,509,100 $1,618,462,700 $1,567,721,450
2 points, and market leaders like General Electric and
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Westinghouse Elect. Mfg. were lower. This was true also
BALTIMORE EXCHANGES.
of such specialties as Johns-Mansville, Columbian Carbon
Boston.
Philadelphia.
Baltimore.
and Eastman Kodak.
Week Ended
Shares, Bond Sales. Shares. Bond Sales, Shares. Bond Sales.
July 25 1930.
Short selling and profit taking again brought a downward
*16,207
$9,000 a28,690
$3,000
$2,000
250
reaction an Monday. The selling was not especially heavy, Saturday
*31,144
Monday
7,000 a53,230
7,000
4,200
928
*24,807
17,000 a49,700
except in the final hour, when offerings were thrown into the Tuesday
11,000
735
10,900
Wednesday
*30,640
14,000 a64,562
22,200
6,400
1,585
large
market in
volume. During the greater part of the Thursday
*18,871
34.000 a44,540
6,500
1,865
25,900
5,799
2,000
8,455
1,000
1,493
16,000
day trading lagged, but in the late afternoon selling became Friday
Total
127,468
383,000 249,177
850,700
more active and at the close prices were at the lowest levels
6,856
855,400
of the day. The recessions extended to all parts of the list, Prey, wk. revised_ 168,385 $60,550 374,377 $51,600
7.320
878,300
* In addition, sales of rights were: Saturday, 862; Monday, 3,049; Tuesday.
though the sharpest losses were recorded by such stocks as
4,096; Wednesday, 7,299; Thursday, 4,603.
J. I. Case, Westinghouse, Vanadium Corp., Amer. Can, a In addition, sales of rights were: Saturday, 4,800; Monday, 5,800; Tuesday,
Wednesday, 9,000; Thursday, 5,200. Sales of warrants were: Saturday.
Worthington Pump, Standard Gas & Elec., Columbian 6,000:
500; Monday, 400; Wednesday, 200; Thursday, 300.
Carbon,Ches.& Ohio, Amer. Water Works, Consolidated Gas
and Houston Oil. U. S. Steel closed under 165 and at one
THE CURB EXCHANGE.
time was down 4 points from Monday's top. New York
Irregular price movements and a very small volume of
Central lost about 3 points, General Electric was off about
business were the chief characteristics of Curb Exchange
3 points at 71 and Air Reduction dipped nearly 4 points.
trading this week. Utilities, usually the most active show
On Tuesday pressure on most of the stocks lifted to some
few price changes of moment this week. Electric Bond &
extent, but the list soon hardened and moderate grains were
Share com. dropped from 84% to 793, recovered to 84%
recorded at the close. United States Steel was down to 163,
closed to-day at 83%. Amer. & Foreign Power warbut came back later in the day, and so did Westinghouse. and
weakened from 507A to 463, sold up to 49 and at 48
rants
The railroad shares moved ahead under the leadership of
finally. Amer. Gas & Elec. corn. declined from 120 to 116,
Chesapeake & Ohio, though the advances were not especially
%and finished to-day at 120. Commonwealthnoteworthy. Oil Stooks were slightly higher. The best ran up to 1213
com. improved from 290 to 305. Eastern States
Edison
gains of the day were made by such stocks as J. I.
Case, Johns-Manville, Eastman Kodak, Radio Corpora- Power, com. B, after early loss from 28% to 273% sold up to
tion, Standard Oil of New Jersey and Worthington 323. Northern States Power, com. after loss of over two
Pump. The market moved upward on Wednesday, aggres- points to 146 advanced to 150. Power Securities Corp.
sive and large scale buying bringing higher prices all along corn. and Tampa Electrio Co. show conspicuous gains, the
%
8
the line. High grade speculative stocks were in good demand former from 25 to 34 and the latter almost eight points to
773'.
Tampa
Electric
Co.closed to-day at 763
%. Oils were
and many of the so-called pivotal leaders were lifted into new
high ground for the recovery from the June low levels. quiet. Humble Oil & Ref. fell from 91% to 88% and closed
Prominent in this group were such popular favorites as United to-day at 89. Vacuum Oil after gain of about a point to
States Steel common, American Can, General Motors, 887A sold down finally to 86. Gulf Oil of Pa. declined from
Radio Corporation and Johns-Manville. Other shares 131 to 125k and ends the week at 126. Among miscellane8 to 223/2, reshowing substantial gains in the final hour were General ous Trans erica Corp. dropped from 25%
Electric, Westinghouse Electric Mfg. Co., Standard Oil of covered to 26% and sold finally (on Thursday) at 24/.
New Jersey, National Biscuit, and Electric Power & Light. Trading was transferred to the Stock Exchange on Friday
The market turned dull on Thursday and trading was some- when the range was 243% low to 25% high, with the close at
%. Aluminum Co. of Amer. advanced from 236% to
what restricted due to the interruption of the ticker service 243
resulting from the flooding of the underground conduits 2543. and sold finally at 245%. A. 0. Smith Corp. com.
during the storm on Wednesday night. Transactions for the rose from 194 to 2023s. Driver-Harris Co. corn. declined
day were under 1,500,000 shares, the smallest turnover for a from 78 to 71%,recovered to 77 and ended the week at 74.
A complete record of Curb Exchange transactions for the
five-hour session in two weeks or more. In the early trading, American Can displayed considerable strength, and sold week will be found on page 613.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
up to 132%, but failed to hold its gain and closed at 1303'
with a loss of 34 point. United States Steel was in active
Bonds (Par Value).
Stocks
demand and closed slightly higher, but most of the popular
(Number of
Week Ended
Foreign
Shares).
25.
July
Rights.
Domestic. Government.
Total.
speculative favorites sold off at the close. The list of promi262,370
2,100
$915,000
nent issues on the side of the decline included among others, Saturday
$105,000 $1,020,000
481,600
Monday
8,500 2,183,000
245,000 2,428,000
450,600
Allied Chemical & Dye, J. I. Case Threshing Machine Com- Tuesday
3,000 1,861,000
212,000 2,073,000
476,100
5,000 1,390.000
Wednesday
268,000 1,658,000
pany, Eastman Kodak, Worthington Pump, Vanadium Thursday
460,700
5,300 2,413,000
166,000 2,579,000
359,600
4,900 2,018,000
175,000 2,193,000
Steel and American Telephone & Telegraph. Reactionary Friday
Total
2,490,970
28,800 810,780,000 81,171,000 811,951,000
tendencies again characterized the movements of the stock
[VOL. 131.
FINANCIAL CIIRONICLE
584
PRICES ON BERLIN STOCK EXCHANGE.
THE ENGLISH GOLD AND SILVER MARKETS.
Closing quotations of representative stocks on the Berlin
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of Stock Exchange as received by cable each day of the past
week have been as follows:
July 9 1930:
July July July July July July
GOLD.
The Bank of England gold reserve against notes amounted to £156320894
on the 2(1 inst. (as compared with £156.881.878 on the previous Wednesday)
and represents an increase of £10.360.810 since Jan. 1 last.
was
In the open market yesterday bar gold to the value of £1,088,000
d. per fine ounce, which is the highest quotaavailable and realised 85s.
tion since the gold standard was resumed. As was expected there was a
was
strong demand from France, for which destination about .C1.047,000
secured. Of the balance India took £20,000 and the Home and Continental
trade .C21,000.
There have been daily withdrawals from the Bank of England of gold for
despatch to Prance after refining. Movements of gold at the Bank during
the week resulted in a net efflux of 1614,368. The withdrawals totalled
$949.505. of which about £925,000 was in bar gold for France. and receipts
included £200,000 in sovereigns released and £75,000 in sovorIgns from
Australia.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 30th ultimo to mid-day on the 7th inst.
Exports.
Imports.
France
Australia
British South Africa
£10,200
386.658
13,650
5,740
12,714
3.933
£7,157 Germany
75.000 France
537.625 Switzerland
Austria
British India
Other countries
£432,895
£619,782
SILVER.
Sellers showing some hesitation, a continuance of the demand from India
served to maintain a fairly steady tone during the week under review.
There was little movement in prices until the 7th instant when a rise of
5-16d. and %/1. for cash and forward delivery respectively carried quotations to 1534d. and 15%d.. and although these rates attracted more selling
demand was sufficient to absorb offerings with only a slight reaction.
American operators have been somewhat reluctant to sell, China being
been
the chief source of supply, but bear covering purchases have also
effected for the latter quarter. Small forward sales have been made for
account of the Indian Bazaars.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 30th ultimo to mid-day on the 7th instant:
Exports.
Imports.
Mexico
Other countries
£31,770
170.291
4,905
£129,435 Hong Kong
4,560 British India
Other countries
19.
21.
111
Aug. Deutsche Credit (Arica) (8)
153
Berlin. Handels Gm.(12)
137
Commerz-und-Prlvat-Bank (11)
196
Darmstaedter U. Nationalbank (12)
130
Deutsche Bank u. Diseonto Ges, 110)
130
Dresdner Bank (10)
256
Reiclurbank (12)
104
Algerneene Kunstzlide Unie (Aku) (0)
145
Alig. Elektr. GC/3. (A.E.0.)(9)
208
Ford Motor Co.. Berlin (10)
Hell- 125
Gelsenkirchen Bergwerk (8)
day 142
Gesfuerel (10)
95
Hamburg-American Line (Hapag) (7)
131
Hamburg Electric Co.(10)
56
Heyden Chemical (5)
115
Harpener Bergbau (6)
132
Hotelbetrieb (12)
154
I.G. Farben Indus.(Dye Trust)(14)
131
Hall Ghernie (7)
101
Karstadt (12)
90
Mannesmann Tubes(7)
95
North German Lloyd (8)
83
Phoenix Bergbau MO
215
Polyphonwerke (20)
188
Rhein. Westf. Elektr.(1.W.E.)(10)
96
Fachsenwerk Licht U. Kraft(7K)
207
Siemens & Ilaiske (14)
91
Stoehr & Co. Ktunmgarn Spinnerie(5)
137
Leonhard Tietz (10)
83
Ver. Stahiwerke (United Steel Works) (6)._
24.
23.
22.
Per Cent of Par
110
110
149
iii 148
135
136
135
188
188
192
127
128
127
127
127
129
245
251
250
93
93
97
140
142
140
201
20034 200
121
113
124
136 •137
139
89
92
89
128
130
127
___
54
55
110
109
115
123
125
128
152
152
153
129
125
131
89
94
95
82
83
87
89
93
89
82
78
77
208
169
95
202
90
134
82
195
169
91
198
88
132
78
194
170
92
200
88
132
78
25.
109
146
133
186
126
126
247
89
139
109
136
89
128
106
120
150
125
91
84
88
77
188
170
92
193
86
128
78
• Ex-dividend.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Thurs.,
July 24.
16
Fri.,
July 25.
163-16
55%
855.
1551:i
85s.
5534
10334
1113K
99
0834
1033X
85
89.00
88.95
Sat.,
July 19.
Sliver, per oz.d. 15%
Gold. p.fine oz. 858.
Mon.,
July 21.
15 15-16
85s.
Tue.,..Wed.,
July 23.
July 22.
16 1-16
16
85s.
858.
Consols,2% %_
5534
5534
10354
99
10314
99
British, 5% _ _British, 4 YX %,
French Rentes
(In Parls)_fr_
French War L'n
(in Paris)_fr_ __._
89.00
88.55
88.95
102.00
101.95
102.65
101.95
£206,966
101.00
£133,995
The price of silver in New York on the same days has been:
INDIAN CURRENCY RETURNS.
June 30. June 22. June 15. Silver in N. Y., per oz. (eta.):
(In lacs of rupees)16767
16647
35
16373
3434
3434
3434
34X
Foreign
3431
Notes in circulation
11042
11118
11239
India
Silver coin and bullion in
Silver coin and bullion out of India
3228
32283228
Gold coin and bullion in India
Gold coin and bullion out of India
COURSE OF BANK CLEARINGS.
2436
2228
1855
Securities (Indian Government)
61
73
73
Securities (British Government)
Bank clearings this week will show a decrease as compared
The stocks in Shanghai on the 5th inst. consisted of about 101.800.000 with a year ago. Preliminary figures compiled by us, based
dollars and .3.740
ounces in sycee. 149.000.000 dollars, 10.100.000 Saigon
the chief cities of the country,
silver bars,as compared with about 101.800.000 ounces in syceo, 148,000.000 upon telegraphic advices from
the 28th ultimo. indicated that for the week ended to-day (Saturday, July 26)
on
bars
dollars, 10,900.000 Saigon dollars and 6,880 silver
Quotations during the week:
bank exchanges for all the cities of the United States from
-Bar Silver Per Oz.Std.- Bar Gold Per
2 Mos. -Fine Os.- which it is possible to obtain weekly returns will be 27.5%
Cash.
85s. Sid.
1514d.
154d.
below those for the corresponding week last year. Our preJuly 3
85s. '4d.
153d•
1514d.
4
85s. 41d.
1510.
total stands at $9,381,067,685, against $12,943,15 9-16 d.
liminary
5
85s. %d.
1531d.
15%d.
7
for
the same week in 1929. At this centre there is
16d. 858. ;Id.
642,513
11
15
15,4d.
8
850 iid.
15'4d.
15 13-16d.
9
85s. 0.60d. a loss for the five days ended Friday of 31.9%. Our com15.615d.
15.708d.
Average
delivery are parative summary for the week follows:
The silver quotations to-day for cash and two months'
ago.
respectively ;id. and 5-16d. above those fixed a week
Clearings-Returns by Telegraph.
Week Ending July 26.
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
July 22 July 23 July 24 July 25
July 19 July 21
1930. 1930.
1930.
1930.
1930.
Francs. Francs. Francs. Francs. Francs.
Bonds88.95
89.
88.55
88.95
Perpetual.....
3%
Rentes
French
102.00
101.90 101.95 101.
French Recites 4% 1917
102.10
102.15 102.10 102.
French Rented 5% 1915-16
Banks22,550 22,500 22.685 22.725
Banque de France
2.820
2,845
2,820
2,835
Bal2que de Paris et desPays Bas_
3,100
3,080
3,070
3,085
Credit Lyonnais
1.455
1,455
1,455
1,456
Mines
Union des
Canal17.790
17.600
17,620
17,790
Canal Maritime de Sues
Railroad2,395
2,380
2,390
2,410
Chemin de fer du Nord
Mines1,482
1,460
1,443
1.445
Courrieres
Mines des
1,205 1,214
1,185
1.190
Minas des Lens
Soo. Mintere et Metallurgique de Holt920
919
915
930
day.
Penarroya
Public Utilities3,315
3,325
3,290
3.290
Cie. General d'Electricite
3,165 3,180
3,120
3,100
Soo. Lyonniase des Eaux
Cie. Francaise des Precedes
906
895
872
(2)870
Thomson-Houston
1.280
1,265
1,242
1.240
Union d'Electricite
Industrials2.235
2,225
2,210
2,220
l'refileries & Larninoirs du Havre
748
750
742
746
Societe Andre Citroen
300
299
299
295
Ste. Francaize Ford
948
945
945
945
Coty. S. A
2.985
2.965
2,926
2,940
Pechiney
1.795
1.790
1,771
1,776
l'Air Liquide
971
970
970
976
Etablissements Kuhlmann
168
169
169
168
Galeries Lafayette
OilRoyal Dutch
z Ex-coupon.
4,170
4,135
4,030
4,035
1930.
Francs.
88.95
102.05
102.05
22,675
2,810
3,085
1,460
17,690
2,395
1,472
1,202
924
3,315
3.185
898
1,283
2,225
745
300
948
2,915
1.785
970
169
4,030
Per
Cent.
1930.
1929.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
84,913.000.000
57,215,000,000
462,864.555
356,000,000
369,000.000
109,979,500
88.000,000
136,000,000
a
136,792,953
150,291,124
102,912,229
67,165,257
38.979.116
563,488,087
475.000,000
408.000,000
154,169,832
103,300,000
151,441,000
a
168,003,584
215,000,000
137,621.613
80.478.632
45,391,410
-18.6
-30.1
-25.2
-16.6
-14.2
Twelve dties 5 days
Other cities, 5 days
26.930.984,734
886,571.670
69,716,894,158
1,008,267,910
-28.7
-11.5
Total all cities,5 days
All cities, 1 day
27.817,556,404 $10,725.162,068
1,563,511,281
2,218,480,445
-27.1
-29.5
$9,381,067,685 812,943,642,513
-27.1
Total all cities for week
n
-31.1
-17.5
-25.1
-8.1
-28.7
-14.5
-15.2
o longer report 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 19. For
that week there is a decrease of 21.8%, the aggregate of
clearings for the whole country being $10,277,495,137,
against $13,113,511,580 in the same week of 1929. Outside
of this city there is a decrease of 8.0%, while the bank
clearings at this centre record a loss of 28.1%. We group
the cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve district, including this city, the total
show a shrinkage of 28.1%, in the Boston Reserve district
of 14.3% and in the Philadelphia Reserve district of 23.4%.
The Cleveland Reserve district shows a loss of 10.9%, the
Richmond Reserve district of 6.2% and the Atlanta Reserve
district of 21.4%. In the Chicago Reserve district the falling off is 9.9%, in the St. Louis Reserve district 15.2%
and in the Minneapolis Reserve district 24.9%. The Kansas
City Reserve district has suffered a decrease of 16.8%, the
St. Louis Reserve district of 29.5% and the San Francisco
Reserve district of 8.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. July 19 1930.
Federal Reserve Diets
188 boaton--12 cities
2w1 New York.L1'•
3rd Philadel'14-10
4th Cleveland- 8
5111 Richmond. 6 '•
6th Atlanta-_-.12 "
7111 Chicago -26 "
8th St. Louis__ 8 "
985 Minneapolis 7
10111 Kansasat51 10 "
5 I lth Dallas
120San 3'ran-16
Si cities
1928.
1927.
550,867,378
539,864 831
619.371,967 -14.3
531,048,232
8,504,539.194 9,044,986.293 -28.1 6,265,221,052 5,629,484,007
623,533,259 -23.4
572,441,991
656.840 249
540.791,533
432,609,742
499,899,366 -10.9
435,125,259
445,675,874
174.484,798
184,002,221
174,937,241
186,403,881 -6.2
179,746,914
175,754,562
146,739,595
186,647.002 -21.4
973.975,911
969,692.705 1,075,703.716 -9.9 1,008,815,522
214,440.022
253,663,356
201,400,357
237,529.357 -15.2
116,726.160
162,550,128 -24.9
128,771,400
114,544,574
223,183,799
268,950,985 -16.8
280,590,218
221,455,114
68,985,624
81,163,664 -29.5
79,708,836
57,109,921
329,729,509
405,742,947 -8.9
375.453,278
369,662,797
392,782,978
Week Ended July 9.
Clcarinus at
1930.
500.884,973 -23.5
9,968,822,308
3,850,943,989
9.226.880.312
3,722.197.019
448,152,461
345,973,292
Eighth Feder& I Reserve This trict-St. Lo
4,871,112
5,700.267
Ind.-Evansville
330.-St.Louis.. 125,400,000 143,300.000
36,831,126
39,843,721
Ky.-Louisville 348,855
332.219
Owensboro..._
22,381,311
16,965.103
'Tenn.- Memphis
14.048,199
11.862,163
Ark.-Little Rock
345.831
III.-Jacksonvflle
199,308
1,374,724
1,297,576
Quincy
Week Ended July 19.
Clearings at
1929.
Inc.or
Dec.
First Federal Reserve Dist let-Boston
636.988
582.302 +13.3
Maine-Bangor._
3,567,312
Portland
5,138.443
20.6
Mass.-Boston _ _ 478,687,055 548.862,097 -5.7
997,166
1.536.880 -35.1
Fall River
718,274
Lowell
1,374,385 -47.8
' 888,076
1,189,676 -25.3
New Bedford
4,825.372
Springfield- 6,228,355 -23.5
3.163,818
19.9
Worcester
3,947,228
15,677,933
21,871,300 -27.7
Conn.-Hartford
8,809,776
10,238,238 -51.9
New Haven13,843.100
17.749,300 -30.4
R. I.-Providence
733,382
N.H.-Manches'r
880,784 -27.8
Total(12 cities)
531,048.232
819.371,967 -14.3
Second Feder al Reserve D istrict-New
7,152.446
6.570,491
N. Y.-AlbarlY.1,556,075
1,442,902
Binghamton__ _
50.005,473
72,658,869
Buffalo
1,195,813
1,047.613
Elmira
1.358,422
1,069,911
Jamestown
8,884,536,059
6,384,799,303
York....
New
16,758,156
10,779,088
Rochester
6,981,082
5,207,932
Syracuse
5,504,478
4,313,586
Conn.-Stamford
1,279,707
804.418
N. J.-Montclair
46.979,141
37,916,642
Northern N. J.
Total(11 cities) 8,5114,539,194 9,044,986,293
Third Federal Reserve Dist
1,581,423
Pa.-Altoona...3,799.198
Bethlehem_
1,095,694
Chester
1,736,822
Lancaater
Philadelphia... 515.000.000
3,709.033
Reading
4,367,773
Scranton
3,353.905
Wilkes-Barre..
2,422,887
York
3,725,000
N.J.-Trentoa
Total(11 cities)
540,791,533
1928.
1927.
577,549
3,455,629
484.000,000
1,158,530
1,317,979
1,088.888
5,283,522
3,420,368
13,847,170
9,328,559
15,717,300
671,337
839.428
3,622,730
498,000,000
2,168,549
1,122.887
1,007.765
5,089,455
8,325.295
14,191,251
8,269,631
12,684.400
565.985
539,864,831
550,867,376
York
5,884.329
+7.8
5,809.524
-27.3
1,145,381
1,449.667
51,482,463
-31.3
55,164,202
-12.4
868,127
1.021,846
-21.3
1,359.279
1,177,396
-28.1 6,137,878,321 5,504,683,300
35.7
12,330,795
12.616,899
36.3
8,622,521
5,686,308
-21.6
3,810,131
5,016,542
-27.1
633,890
839,836
-19.3
38,593,791
38,560,511
-28.1 6,265,221.052 5,629.464,007
elphla
1,818,117 -13.0
4.565.813 -16.8
1.363,859 -19.7
1,930,472
30.1
592,000.000 -13.0
4,704.343 -22.6
8,118,793 -28.6
4,254.776 -21.2
2,2413)46 +7.9
4.446,040 -16.2
623,533.259 -23.4
Fourth Feder al Reserve D IstrIct-Clev eland-7,769.000 -32.9
8,217.000
Ohio-Akron.-4.884.770 -18.2
4,587.910
Canton
71,731,359
90,860,876 -31.1
Cincinnati....
143,831.144 166,909.585 -10.9
Cleveland
17,287,800
Columbus
19.388.000 -10.8
2,348,851 -13.4
2,033,602
Mansfield
5,665.411
6,518,948 -24.2
Youngstown Pittsburgh- 190421,243 201.239,336 -8.4
1.540,433
4,487,883
1,685,387
1,636,432
540,000,000
4,857,606
5.919,499
4.647,108
2,070,312
5.597,351
1,713,527
4,455.486
1,467,129
1.860.924
525.000.000
3,034,270
5,947.816
3,871,928
1,744.262
6,844.907
572,441,991
556,840,249
7,046,000
4,577,027
80,539,944
146,208,313
16,607,200
2.304,460
5,398,058
172,464.257
7,460.000
4,254,468
78.904,735
134,473,588
18,380,800
2,220.620
4,949.724
181,965.807
499,899,366 -10.9
435,125,259
432,609,742
Fifth Federal Reserve Dist rict-Richm ond1,149.678
W.Va.-Hunt'g'a
1.349,089 -14.8
4,206,184
Va.-Norfolk
4,574,830 -9.1
43,904,000
Richmond_ 40,573,000 +8.2
1.884,446
1,855,115 +1.6
8.C.-Charlesto9
Md.-Baltimore_
96,505,498 108,479,698 -11.0
37,287,435
D,C.-Washing'n
29,572,149 -7.7
1,376,945
4,486,671
40,553,000
2,481,964
108.175,316
26,949,325
1,163.709
5,287,933
41,054.000
2.000,000
100,900.007
24,079.149
Total(8 cities).
Total(6 cities).
445,575.874
174,937,241
186,403,881
-6.2
184,002.221
174,484,798
Sixth Federal Reserve Dist rict-Atlant
*3,200,000
*4,0003)00
Tenn.-Knoxville
27.874,494
19,871,697
Nashville
43,452,472
Ga.-Atlanta
57,827,266
1,353,640
1.872,430
Augusta
1.762,980
1,378.285
Macon
14.843,044
Fla.-Jackenville
13,273,390
2,216,000
1,394,000
Miami
Ala.-BIrrolng'm.
23,213,801
16,813,614
1.800.974
1.840.386
Mobile
2.134,384
2,063,000
Mias.-Jackaon_
258,404
185.412
Vicksburg
48,845,245
42,313,699
La.-N.Orleans.
-20.0
-28.7
-24.9
-27.7
-21.8
-20.6
-38.1
-27.6
-25.6
-3.3
-27.7
-13.6
4,035,013
21.196,681
49.446.463
1,735,512
1,908,732
16,177,746
2,108,000
23,312,390
1,587,526
1,994.876
293.845
81,959.898
3,200.000
25.109.405
46.628,283
1,686,839
1,855.400
17.540,367
3,352.000
25,312,152
1,788,881
1,481.120
389.973
51,402,494
186,647,002 -21.4
175,754,582
179.748,914
Total(12 cities)
146.739,595
Inc. or
Dec.
Seventh Feder at Reserve D istrict-Ch cago309,470
190,552
Mich.-Adrian _ _
892.549 -30.2
712,440
Ann Arbor
175.604,737 222,773,326 -21.2
Detroit
7.206,468 -31.2
4,959,842
Grand Rapids.
3,831,369 -14.6
3,272,309
Lansing
4,232,460 -23.8
3.227,505
Ind.-Ft. Wayne
26,325,000 -1.7
25,872,000
Indianapolis 3,064.251 -26.1
2,265,847
South Bend-4,932,002 -0.1
4.929,961
Terre Haute...Wis.-Milwaukee
39.970,196 -24.1
30,350,758
2,784.894
2,957.985 -5.9
Iowa-Ced Ran7,465,741
9,502,026 -21.4
Des Moines..
7,010,782 -18.3
5,726,996
Sioux City.
1,867.780 -33.4
1,243.352
Waterloo
2,044,385 -8.7
1,867,555
111.-Bloomingni
687,424,654 723,681,563 -5.0
Chicago
1,374.545 -8.6
1,114,550
Decatur
6,169,219 -23.5
4,718,840
Peoria
4,338.590 -24.3
3,284,159
Rockford
3,219,790 -16.9
2,676,413
Springfield_
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1930.
1929.
Total(20 cities) 1,969,692,705 1,075,703,716
Ince
Dec.
1929.
1930.
125 *Klee 10,277,495,137 13,113,511,580i -21.8
Total
3,892,696,834 4.228,975,5211 -8.0
Onteide N. Y. City
Canada
585
FINANCIAL CHRONICLE
JULY 26 1930.]
1927.
1928.
253,688
839,686
220,051,773
10.089,640
3,101.011
3,049.527
22.950,000
3,045,800
5,102,383
42,214.041
2,963,278
9,610,443
7,089,414
1,438,833
1,608,916
662,199,344
1.318,634
5.221,606
4,115.176
2,554,329
230,833
775,388
181,294,201
7,313,736
2.478.944
2,789.198
22.1353)00
2,979,708
5.001,681
40.758.288
2,562.269
9,217,821
6,017,017
1,217,116
1,640.638
676.360,857
1,309.724
4,843.228
3,400,109
2,850,165
-9.9 1,008.815,522
974,975,911
+17.0
-4.5
+8.2
-4.8
+34.2
-17.0
-43.8
-5.6
5,962,831
150,200.000
34,611,127
394.931
18,056,072
12.846,809
303,520
1.288,066
6,208.476
140,000,000
35,448,721
313.257
18,026,055
12,003.429
344.800
1,297.291
237,529,357 -15.2
223,1363,356
214,440,029
Ninth Federal Reserve This Wet-Minn eapolis
5,082.834
10.850,823 -53.2
inn.-Duluth
Minneapolis...
77,873,631 105,083,462 -26.1
24,693,132
28,838.875 -25.4
Bt. Paul
2,141.443 -2.9
2,078,374
N. Dak.-Fargo1,260,904 -16.1
1,057,555
B. D.-Aberdeen.
520,793
652,883 -20.2
Mont.-Billings.
3,723,938 -17.8
3,438,255
Helena
6,104,554
83,404,984
31.528,521
1,999,572
1.758.372
612.397
3,383,000
6,232,987
73,418,669
30,590,072
1,872,111
1.174,761
515,560
2,924,000
152,550,128 -24.9
128,771,400
118,728,160
Tenth Federal Reserve This trice- Kane as City
325,462
-11.8
Neb.-Fremont..
483,463
.500,000 -3.3
Hastings
3,774.17f -17.6
3,111.091
Lincoln
49,269.481 -12.0
43,333.403
Omaha
4,225,87( -7.7
3.899,819
Kan.-ToPeka
13,282,02C -23.3
10.191.407
Wichita
Mo.-Kan. City. 150,999.638 184,715,840 -18.3
7.708.282 -19.2
6,225,036
St. Joseph- - - 1,370,194
1,511,164 -9.3
Colo.-Col. SIM.
1.597,329 -5.1
1.515.602
Pueblo
406,032
468.434
4,307,311
47.511.577
4,028.583
13,359,132
170,782,835
8.833.201
1,432.097
1,458,016
369,400
492,660
4.348,032
39.338,477
3,686.693
9,932.473
155,843,592
8.417,43,S
1,215.795
1.539.339
Total(8 cities).
Total(7 cities).
201.400,357
114,544,574
266,950,985 -16.8
250,590.218
223.183,790
Eleventh Fode -al Reserve District-Da Illte1,257,912
1,737.958 -27.6
Tex.-Austin_ __
51,346,132 -22.8
39,634,127
Dallas
17,461.910 -48.5
.9,000,000
Fort Worth...
5,943.000 -45.0
3,271,000
Galveston
4,874.644 -15.6
3,946,882
La.-Shreveport
1,489,178
50,456.485
15,999,606
5,267,000
8,516,567
1,144,170
44,573.740
12,159,480
8.366,000
4,782.225
81.163,864 -29.5
79,708,836
68,985,624
Twelfth Fed., al Reserve D Istria-San Franci
55,015,995 -28.3
39,446,006
Wash -Seattle
13,685.000 -14.1
11,761,000
Spokane
1,383,290 -34.3
909,389
Yakima
43,131,100 -16.7
35,937,529
Ore.-Portland _
21.339,280 -8.1
20.025,815
Utah-S. L. City
3,533.167 -41.5
2.066.886
Calif.-Fresno8,519,442 -15.9
7,163.135
Long Beach...
18,818,778 -28.4
15,757.801
Oakland
-11.6
5,840,928
8,608,507
Pasadena
7,711,747 -9.2
7.004.728
Sacramento...
6,044,003 -12.7
5.276.521
San Diego
San Francisco. 208,321.660 209,629,172 -0.6
8,312,417 -10.0
2,981,884
6931Jose
1,910,628 +15.7
2.210,497
Santa Barbara_
2,348.423 -6.0
2,207,558
Santa Monica_
2,758,000 -1.3
2.751,500
Stockton
49,772.329
13,875,000
1,314,588
88.540,847
18.229,619
3.745.660
8,519,442
18,229,886
5,541,831
7.284,789
6.347.862
193.671,543
3,254,237
1,935,382
2,233,222
2,864,700
43,428,194
11,821.000
994,154
36,184.934
1,345.075
3.174.211
6,924,862
17,005,342
6.232.142
7.000,214
4,953,855
163.309,000
2.444.819
1,436,275
2,423,132
3.052.300
Total(10 clties)
Total(5 cities)
221.455.114
57,109,921
375,453,278 329,729,509
Total(16 cities) 369,662,797 405,742,947
Grand total (125
10277495.137 13113511,580 -21.8 9,968.822,308 9.226,880,319
cities)
Outside N.Y.... 3,892,695,834 4,228,975,521
-8.0 3,850,943.989 3,722,197,019
Week Ended July 17.
Clearings ca1930.
1929.
Inc. or
Dec.
1928.
1927.
8
S
$
%
$
Canada147,800,510 155,894,703 -5.1 141,234,255 111.089,482
Montreal
111,942,066 139,513,338 -18.9 136,981,568 104,430.981
Toronto
44,397.790
70,340,991
90,874,292 -48.5
46,787,944
Winnipeg
17.848,819
20,088.893
22,293,423 -17.0
18,511,680
Vancouver
7,428,589
8,888,234 -13.5
7,886,313
8,240,237
Ottawa
7.197,393
7,224,625
+2.0
7,152,999
7,293.493
Quebec
3,224,043
3,524.865
3.778,832 -10.3
3,389.605
Halifax
5.644.355
16,444,643 -66.5
6.258.514
5.512,610
Hamilton
6.734,901
10,243,633
10,694.070 -35.6
6.894,685
Calgary
2,652,310
3,562,097
3,372.771 -24.4
2,550,083
St. John
2,972,434
3,061,683
2,991,377 -13.6
2.586,054
Victoria
3,073,780
3,657.182
3,659.034 -17.5
8,020,340
Load=
5,728,0413
6,854,122
6,317,367 -13.9
5,441.173
Edmonton
4,188.755
6,222,183
5,399,231 -9.4
4,893,551
Regina
1345,526
761,914
729,039 -38.6
462.883
Brandon
581.992
751,811
728,88 -20.8
576,954
Lethbridge
2,195,253
2,432,703
2,776,53 -26.9
2.030,863
Saskatoon
1,241,140
1,290,908
928,936
1,432,21 -35.2
Moose Jaw
1,282,536
1,663,501
1,618,32 -37.8
1.008.869
Brantford
1,024.180
1,488,727
869.803
1,580,60 -45.0
Fort William__
864.031
876.462
800.685
982,082 -10.3
New Westminster
290,370
458,688
270.308
408,700 -33.9
Medicine Hat
831,451
992.227
673.978 +56.0
1,052.990
Peterborough-983,392
1,035,623
973,746 -5.1
923,934
Sherbrooke
1,151,873
1,232,299 +2.1
1,259,404
1,218,394
Kitchener
4,493,048
4,980,271
6,404,980 -28.1
4,602.900
Windsor
458,484
488.933 -13.1
390.696
425,195
Prince Albert-1,020.268 +4.7
1.068.293
982,505
1.035,530
Moncton
1,038.481
1,047,493 -22.7
809.094
893.104
Kingston
678,082
670,016 -4.2
641.762
718,904
Chatham
725.83.5
836,976 -20.5
665.283
751,446
Sarnia
Total(31 cities)
•Estimated.
392,782,978
500,884,973 -20.5
448,152,461
345.973,292
586
FINANCIAL CHRONICLE
[VoL. 131.
Treasury Money Holdings.
Treasury Cash and Current Liabilities.11E5M
The cash holdings of the Government as the itemsistood.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treas- June 30 1930 are set out in the following. The figures are
taken entirely from the daily statement of the United_States
ury at the beginning of business on the first of April, Treasury
as of June 30 1930.
May, June and July 1930:
CURRENT ASSETS AND
Holdings in U. S. Treasury April 1 1930. May 1 1930. June 1 1930. July 1 1930.
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes-Net national bank notes-Net Federal Reserve notes
Net Fed.]Res. bank notes
Net subsidiary silver
Minor coin, .tc
$
222,377.565
13,024,471
2362,179
18,697,903
2,748,580
31,586
4.655,404
4,852,519
3
213.293,278
11,304,434
2,892,508
18,332,542
2,604,180
55.324
6,434,747
4,914,519
S
204,221,269
13,776,110
3,211,497
20,845,848
1,762.730
16,965
5,243,449
5,168,350
Total cash In Treasury_
Less gold reserve fund
268,951,207
156,039,088
258,831.532
156,039,088
254,246,218 .254,758,414
156,039,038 156,039,088
Cash balance in Treas'y
Dep.In spec'l depositories.
account Tress's, bonds,
Treasury notes and certificates of indebtedness
Dep. In Fedi Res. bunk
Dep. In national banks:
To credit Treas. U. S._
To credit dish. officers.
Cash in Philippine Islands
Deposits in foreign depts.
Dep.in Fedi Land banks.
112,912,119
102,792,444
98,207,130
98,719,326
331,419,000
42,980,801
133,691,000
24,710,815
71,297,000
39,091,008
296,626,000
31,587,027
7,413,958
19,689,057
415,711
2,890,483
7,325,192
19,131,867
625,336
3,139.409
7,086,243
19,427,904
931,249
2,475.166
8,162,532
18,914,766
515,568
2,265.109
517,721,129
148,953,314
291,416,063
134,778,344
238,515.700
133,906,199
456,790,328
138,183,160
Net cash In Treasury
and in banks
Deduct current IlabiMies_
$
206,629,665
13,218,032
2,847,706
19,319,704
1,764,465
52,165
5.234,097
5,692,580
Available cash balance_ 368,767.815 156,637,719 104,609,501 318.607.168
.Includes July 13 $6,618,745 silver bullion; and $4,164,240 minor &a., coin not
Included in statement "Stock of Money."
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for June 1930 and
1929 and the twelve months of the fiscal years 1928-29
and 1929-1930:
LIABILITIES.
GOLD.
5
Liabilities734,970,249.54 Gold Ws.outstanding,..1,489.978.879.00
2 757,877,529.18 Gold fund, Fed. Reserve
Board (Act of Dec. 23
1
1913, as amended June
21 1917)
1,796,239,234.56
Gold reserve
156,039,088.03
Gold in general fund.- 50,590.577.13
Total
3 492,847,778.72
Total
3,492,847,778.72
Note.-Reserve against 8346,681,016 o U. S.
notes and 81,260,250 of Treasury
notes of 1890 outstanding. Treasury
notes of 1890 are also secured by silver
dollars in the Treasury.
SILVER DOLLARS.
Assets-$
Lta0ilitfes8
Silver dollars
495,057,448.00 Silver ctts. outstanding_ 487,198,111.00
Treasury notes of 1890
outstanding
1,260,050.00
Silver dollars In gen.fund
6,599,287.00
Total
495.057.448.00
Total
495.057,448.00
GENERAL FUND.
Assets3
Mahn-WesGold (see above)
50,590,577.13 Treasurer's checks outSilver dollars (see above)
6,599,287.00 standing
860,926.66
United States notes__ _
2,847,706.00 Depos. of Govt. officers:
Federal Reserve notes_
1,764,465.00 Post Office Dept
7,717,626.38
Fed. Res. bank notes....
52,165.00
Board of Trustees,
National hank notes_ _
19,319,703.50
Postal Say. System:
Subsidiary silver coin_ _ _
5,234,097.12
5% Reserve, lawMinor coin
4,164,239.78
ful money
7,691,498.76
Silver bullion
6,618,745.18
Other deposits...
1,505,106.64
Unclassified, collections.
Postmasters, clerks of
Ac
1,528,339.96
courts,disbursingofDeposits in Federal Rericers, dm
54,282,232.62
serve banks
31,587,027.09 Depos1ts for:
Deposits in special deRedemption of Fed'I
positaries acct. of sales
Res. notes(5% fd..
of etre. of Indebtedness 296,626,000.00
gold)
36,675,622.56
Deposits in foreign dep.:
Redemption of nat'l
To credit of Treas. U.S
298,204.44
bank notes(5% fd.,
To credit of other Govlawful money)
27,831,592.94
ernment officers _ _
1,966,904.55
Retirement of add'I
Deposits In nat'l banks:
circulating notes,act
To credit of Treas. U.S
8,162,531.91
May 30 1908
1,900.00
To credit of other GovUncollected items, exernment officers_
18,914,768.40 changes, dm
1,816,653.76
Dep.in Philippine Treas.
To credit of Treas. U.S
515,568.37
138,183,160.32
Net balance
318,607,168.11
Total
456,790,328.43
Total
456,790,328.43
Note.-The amount to the credit of disbursing officers
and agencies to-day was
8236,759,794 51.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful
the retirement of outstanding National bank and Federal Reserve Bankmoney for
notes are
Paid into the Treasury as miscellaneous receipts, and these obligations are
made,
under the Acts mentioned, a part of the public debt. The amount
of
such
obligations to-day was $35,570,939.50.
81,442,350 in Federal Reserve Notes and 819,263,897 in National bank
notes
are In the Treasury in process of redemption and are charges against the
deposits
for the respective 5% redemption funds.
.05,50uold coin
• /old bullion
-Month of JuneTwelve Months
Receipts1930.
1929.
1930-1929.
1929-1928,
Ordinary$
Customs
72,170,328 52,400,543 587,000,903 602,262,786
Internal revenue:
Income tax
526,443,936 555,256,509 2,410,986,977 2,330,711,823
Miscell. Internal revenue
57,560.459 54,719,125 628,303,036 607,307,549
Miscellaneous receipts:
Proceeds Govt.-owned secs.:
Foreign obligationsPrincipal
45,788,468 10,185,098
97,634,288
38,790,661
Interest
71,355.131 69,924.288 141,931,519 160,340,908
Railroad securities
466,192
Preliminary Debt Statement of the United States
417,127
11,485,515
15,473,796
All others
1,012,315
822,516
8,785,658
7.031,516
June 30 1930.
Trust funds rcts. (reapproThe preliminary statement of the public debt of the United
printed for Investment)..... 4,260,080
2,023,821
46,397,682
53,641,113 States
June 30 1930, as made upon the basis of the daily
Proceeds sale of surplus
Treasury statement, is as follows:
propdrty
8,438,270
1,849,094
15.830.587
9,398,732
Panama Canal tolls,
2.086,736
2,173,617
28,253,128
28,046,704 4.7.
4"41
Cons
ole of 1930
$599,724,050.00
Other miscellaneous
13,915.049 16,109.988 201.327,409 180,244,637 2% Panama's of 1916-36
48,954,180.00
2% Panama's of 1918-38
25,947,400.00
Total ordinary
803,494,964 765,881,726 4,177,941,702 4,033,250,225 3% Panamas 01 1061
49,800,000.00
3% Conversion bonds
28,894,500.00
xcess of ordinary receipts
234% Postal savings bonds
19,224,720.00
over total expends, charge8772,544,850.00
able against ordinary rects_386,695,632 345,408,991 183,789,215 184,787,035
First Liberty Loan of 1932-4733.4% Bonds
81,392,256,250.00
Expenditures.
4% Bonds
5,005,450.00
Ordinaryiti% Bonds
536,290,650.00
Checks and warrants paid, Ac.)
1,933.552,350.00
134% Fourth Liberty Loan of 1933-38
6.268,251.550.00
General expenditures
186,806,439 202,862,050 2.162,708,935 2,106,503,131
8,201,803,900.00
Interest on public debt_a
98,569,619 94,388,552 659,347,613 678,330,399 04% Treasury Bonds of 1947-52
758,984,300.00
4% Treasury Bonds of 1944-64
Refund of receipts:
1,036,834,500.00
334% Treasury Bonds of 1946-56
Customs
489,087.100.00
2,751,394
2,019,991
24,091,809
21.826.436 354% Treasury
Internal revenue
493,037,750.00
19,423.081 14,087,667 133,852,183 190,727,887 354% Treasury Bonds of 1943-47
Bonds of 1940-43
Postal deficiency
359,042,950.00
16,639,580 24,678,843
94,699.744
91,714,451
Panama Canal
3,136,986,600.00
755,205
551,758
11,328,542
9,045,647
Total Bonds
Operations in special accounts:
$12,111,335,350.00
Railroads
Treasury Notes59,536
53,177
01,857.633
04,795,788
War Finance Corporation
889
022,507
0611,415 33.4% Ser. A, 1930-32, maturing Mar. 15 1932
058,839
674.079.850.00
Shipping Board
9,135,988
1,396,527
31,695,159
15,889.059 33.4% Ser. B, 1930-32, maturing Sept. 15 1932
500,311.700.00
Agricultural marketing fund
334% Ser. C, 1930-32, maturing Dec. 15 1932
451.723.950.00
(net)
36,838,474
149,958,274
Allen property funds
81.626,115,500.00
524,260
0279,030
01,345,327 4% Adjusted service-Series 1931
968,986
to 1935....
Adjusted service ctf. fund
629,200.000.00
190,194
0304,189 112.312,727 111,772,810 4% Civil service--Serles 1931
to 1935
134,100.000.00
Civil service retirement fund
073,587
089,621
19,955.191 4% Foreign service-Series 1933
20,433,867
Investment of trust funds:
and 1935._ 871,000.00
Govt.life insurance
4,229.763
2,390,280,500.00
1,959,836
52,160,112
43,469,105
Treasury
Certificates
Dist. of Col.teachers' retire_
30,317
503,158 3 % Series TS-1930. maturing
63,986
516.706
Foreign service retirement351,640,500.00
14.000
282,444 312% Series TD-1930, maturingSept. 15 1930
313,282
07,205
Dec.
General railroad contingent.
483.341,000.00
151030
977,843 214% Series TJ-I931, maturing
2,411,872
June 15 1931
429,373,000.00
Total ordinary
1.264,354,500.00
375,346,632 341,359,835 3,440,268,884 3,298,850,488
Treasury Bills (Maturity Value)Maturing
July 14 1930
Public debt retirem'ts charge51,316.000.00
Maturing Aug. 18 1930
able against ordinary rcts.:
104,600.000.00
Sinking fund
155,916,000.00
388,368,950 370.277,100
Total Interest-bearing debt
Purchases and retirements
$15,921,892,350.06
Matured Debt on Which Interest Has ceased
from foreign repayments__ 41,452,500
571,150
509,900
51.135,000
Received from foreign govts.
Old debt matured-issued prior to Apr. 11017
$1,712,320.26
under debt settlements____
5,512,000.00
78,567,000 109,790.850 175,642,350 Second Liberty loan bonds of 1927-42
Received for estate taxes__
9,665.550.00
20.000 Third Liberty loan bonds of 1928
73,100
10,000
Purchases and retirements
334% Victory notes of 1922-23
20,900.00
434% Victory notes of 1922-23
from franchise tax receipts
1,413,650.00
Treasury notes
Federal Reserve and Fed412,000.00
Certificates of Indebtedness
eral intermediate credit
11,272.000.00
banks)
2,933,400 Treasury bills
4,455,000
62,000.00
Forfeitures, gifts. Ac
200
159,703 Treasury savings certificates
60,703
1,646,450.00
26,000
Debt Bearing no Interest31,716,870.26
Total
41,452,700 79.112,900 553,883,603 549,603,704 United States notes
346,681,016.00
Less gold reserve
150.039.088.03
Total expenditures charge4190,641,927.97
able against ordinary rcts-.416,799,332 420,472,735 3,994,152,487 3,848.463.190 Deposits for retirement of national
bank and
Federal Reserve bank notes
Receipts and expenditures for June reaching the Treasury In July are Included.
35,570.939.50
Old demand notes and fractional currency...
2,043,524.92
a The figures for the month Include 639,773.72 and for the fiscal year 1930 to Thriftand Treasury savings stamps, unclassidate 4523,090.98 accrued discount on war savings certificates of matured series,
fied sales. dro
3,444.218.78
and for the corresponding periods last year the figures include 846,550.90 and $774,231.700,611.17
912.65, respectively. b Excess of credits (deduct).
Total gross debt
816,185,309,831.43
JULY 26 1930.]
FINANCIAL CHRONICLE
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 31 1919
When War Debt Was June 30 1929
at Its Peak.
A Year Ago.
$26,596,701,648.01 $18,931,088,484.10
Gross debt
1,118,109,531.78
Net balance in general fund
326,713,002.63
Gross debt less net balance in gen. fund_ _ _$25,478,592,113.25 $16,604,375,481.47
Mar. 31 1930
May 31 1930
Last Quarter.
Last Month.
June 30 1930.
$18,389,824,566.34 $16,399,460,495.51 $16,185.309,831.43
Gross debt
388,767,814.65
Net bal. In gen. fund
104,609,500.71
318,607.168.11
Gross debt less net
bal. in gen. fund___$16,020,858,751.89 518,294.850,994.80 $15,888,702,683.32
eammercialand pItscell/alumsReWS
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
587
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
50 Bankers Securities Corp., pref.,
Par $50
39%
5 Corn Exchange National Bank &
Trust Co., par 520
122
175 Bk.of Phila. dc Tr. Co., par $10 5
5 Adelphia Bk.& Tr. Co.. par 810. 10
155 Adelphta Bk.& Tr. Co., par 310 934
15 Pa. Co. for Ins. on Lives, &c.,
par $10
100
20 Nor. Central Tr. Co., par $10_ 25
35 Nor. Central 'Fr. Co., par $10_ 2734
10 Broadway-Merchants Tr. Co.,
Camden, N. J., par $20
55
4 Frankford & Southwark Pass. Ry.
Co., par $50
17034
4 Phila. Bourse, common, par $50_ 22
Shares. Stocks.
S per Sh.
Membership Rolling Green Golf
Club (1930 dues paid)
500
100 Aldine Trust Co
1
50 Sylvania Insurance Co
18
50 Bankers Trust Co
76
Bonds.
Per Cent.
$7,200 2d mtge. on No. 3 South
Newport Ave., Ventnor City,
N.J.; prin. and Int, in default,5100 lot
$7,100 24 mtge. on No. 5 South
Newport Ave., Ventnor City,
N. J.; prin. and int. In default.$100 lot
$6,700 24 mtge. on No. 7 South
Newport Ave., Ventnor City.
N.J.; prin. and int. In default_3100 lot
$100 Temple University 6s of 1942_ 95
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
1,001) Area Mines. par $1
100 Assets Realization Co
$ per Sh. Shares. Stocks.
$ per
2c 500 Creighton Fairbanks Mines, Sh.
$1 lot
Ltd., par SI
200 Premier Gold Mines, par $1_ _ - 950
CHARTERS ISSUED.
DIVIDENDS.
Capital.
July 15-The Fourth National Bank of Tulsa, Oklahoma
5250,000
President: W. 0. Buck. Cashier: J. K. Berry.
Dividends
are
grouped
in two separate tables. In the
July 17-Clayton National Bank, Clayton, Mo
President: Robert K. Barkley. Cashier: Guy L. Pollard. 100.000 first we bring together all the dividends announced the
current
week. Then we follow with a second table, in
CHANGE OF TITLE.
which we show the dividends previously announced, but
July 15-The National Bank of Commerce in St. Louis, Mo., to
"Mercantile-Commerce National Bank in St. Louis."
which have not yet been paid.
VOLUNTARY LIQUATIONS.
The dividends announced this week are:
July 14-The Oklahoma First National Bank of Skiatook, Okla_ _
Effective June 25 1930. Liquidating Agent: Frank F. 25,000
Per
Cochran, Skiatook, Okla.
When
Books Closed.
Name of Company.
Cent. Payable.
Succeeded by The Exchange Bank of Skiatook. Okla.
Days Inclusive.
July 15-The Home National Bank of Stanton, Tex
25.000
Railroads
(Steam).
Effective June 28 1930. Liquidating Agents: Henry
Mine Hill & Schuylkill Haven
$1.50 Aug. 1 July 18 to July 31
James and A. M.Turner, Care of the Liquidating Bank.
Absor ed by The First National Bank of Stanton, Tex.,
Public Utilities.
No. 8094.
Brockton Gas Light (guar.)
*50c. July 15 *Holders of rec. July 9
July I6-The Home National Bank of Lexington, S. C.
50,000 Brooklyn Edison
Co. (guar.)
*2 Sept. 2 *Holders of roe. Aug. 15
Effective July 5 1930. Liquidating Agent: C. E.
Cities Secy.Pow.& L.$6 prof.(mllthlY)- *50e. Aug. 15 *Holders
Leaphart, Lexington, S. C.
of rec. Aug. 1
$7 preferred (monthly)
•58 1-3c Aug. 15 *Holders of rec. Aug. 1
Absorbed by Peoples State Bank of South Carolina,
Cleveland Elec. Ilium.,6% pref. (quar.) *134 Sept. 1 *Holders of
Charleston. S. C.
Aug. 15
Commonwealth & South.Corp.com.(qu) 15e. Sept. 1 Holders of rec.
The Liberty National Bank of Kansas City, Mo
roe. Aug. 4
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 8
Effective July 10 1930. Liquidating Committee: p. W. 750.000
Consolidated
Tract of N.J
*2 July 15 *Holders of rec. June 30
Goebel, E. W. Goebel, T. T. Cook, G. M. Payne
Eastern Utilities Associates, corn. (qu.)- 50c. Aug. 15 Holders of
Charles M. Howell, Care of the liquidating bank. and
rec. July 25
European Elec. Corp., Ltd.,of Canada
Absorbed by Fidelity National Bank & Trust Co.
of
Common A and B (guar.)(No. 1)...... 15c Aug. 15 Holders of rec. July 31
Kansas City, Mo., No. 11344.
Fairmount Park & Hadd. Pass. Ry
31.50 Aug. 8 July 28 to Aug. 5
First National Bank in Huntington Beach. Calif
75c. Aug. 1 Holders of rec. July 24
Effective July 5 1930. Liquidating Committee: H. S. 50,000 Fall River Gas Works (guar.)
Fitchburg Gas & Klee
•69c July 15 *Holders of rec. July 9
Young. J. Ed. Huston and Joseph Vavra, care of the
Gas& Elec. Securities,corn.(monthly).- 50c. Aug. 1 Holders of rec.
liquidating bank.
July 15
Common (monthly)
50e. Sept. 1 Holders of rec. Aug. 15
Succeeded by First State Bank of Huntington Beach,
Common (payable in corn,stock)---- 134 Sept. 1 Holders of rec.
Calif.
Aug. 15
Preferred
58
1-3c
(monthly)
Aug.
1 Holders of rec. July 15
CONSOLIDATIONS.
58 1-3c Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
July 14-The First National Bank of Elmhurst, Ill
Havana
Electric
prof.
Ry.,
134
Sept.
100,000
(guard
2
Holders
of rec. Aug. 12
The Peoples Trust & Savings Bank, Elmhurst, Ill
& Pow.Secur.,corn
$1.75 Aug. 8 Holders of rec. July 31
100,000 Illuminating
Consolidated to-day under Act. of Nov. 7 1918
as
Preferred (guar.)
134 Aug. 15 Holders of rec. July 31
amended Feb. 25 1927 under the charter and corInterstate
(quar.)
pref.
Seim.,
Public
134
Aug.
15
Holders of me. July 31
porate title of "The First National Bank of
Lehigh Power Securities, pref. (guar.)-- .$1.50 Aug. 1 *Holders of rec.
July 22
hurst," No.9836, with capital stock of $150,000.ElmLouisiana Pow. Sc Lt. $8 pref. (gu.)
$1.50 Aug. 1 Holders of rec. July 19
July 16-The First National Bank of Wilkinsburg, Pa
Lynn
•
Gas
$1.25
Sc
Elec.
(quar.)
June 30 *Holders of rec. June 23
250,000
The Central National Bank of Wilkinsburg, Pa.,
States Utilities Co.Consolidated to-day under Act.of Nov.7 1918 under the 100,000 Mid-West
Cl. A (qu.) (43340. or 1-40th sh. cl.A)
Aug. 1 *Holders of rec. July 21
charter and corporate title of "The First National
North American Co., corn.(guard
a% Oct. 1 Holders of rec. Sept. 5
Bank of Wllkinsburg," No.4728, with capital stock of
Preferred
(guar.)
75c.
Oct.
1 Holders of rec. Sept. 5
5400.000.
No.Boston Ltg.Properties,corn.(qu.) *51
July 15 *Holders of rec. July 9
Northern Mexico Pow. Sc Devel.-Divid endow Med.
Illum. Corp. of ScrantonAuction Sales.-Among other securities, the following, Pennsylvania
Class A (No. 1)
1234e Sept. 2 Holders of roe. Aug. 20
Portland Gas & Coke, Prof.(guar.)
1% Aug. 1 Holders of rec. July 18
not actually dealt in at the Stock Exchange, were sold at
auction
Rockland Light & Power
.22c. Aug. 1 *Holders of rec. July 15
in New York, Boston, Philadelphia and Buffalo on Wednes- Southern Calif. Gas, 8644 pref.(qu.)__* $1.625
Aug. 30 *Holders of rec. July 31
Washington Gas Light (guard
day of this week:
90c. Aug. 1 Holders of rec. July 15a
Fire Insurance.
By Adrian H.Muller & Son, New York:
Bankers & Shippers (guar.)
$1.50 Aug. 8 Holders of rec. Aug. 4
Shares. Stocks.
$ per Sh. Shares. Stocks.
$1.50 Aug. 4 Holders of rec. Aug. 2
If per Sh. Pacific Fire (quar.)
28 Corn Exch. Bk. Tr. Co
185 200 Petrol'm Deriva'ves Co., no par
United
States
60e. Aug. 1 Holders of roe. July 24
Fire
434
Ina.
(guar.)
9 Guaranty Trust Co. of N.Y
100 Fairlake Co., no par
827
Quarterly
60e. Nov. 1 Holders of rec. Oct. 22
6,000 Nat. Catering Corp., corn
500 Pub. Fire Ins.Co.of N.J. par 55 1
*350. Aug. 1 *Holders of rec. July 21
734 Westchester Fire (guar.)
Par $10
541 lot
Bonds.
Extra
*15c. Aug. 1 *Holders of rec. July 21
Cent.
100 Westchester First Nat. Corp..
$2,000 Chateaugay Ore & Iron Per
pref. with warrants
1934
4s, 1942. (bonds damaged 1st
Miscellaneous.
by
1 Guar. Trust Co. of N. Y
62534
fire)
•35c. Aug. 1 *Holders of rec. July 21
70% Altorfer Bros.Co.,corn.(guar.)
20 Kyng B Shoe Co., pref.; 20, com.$7 lot
Common (extra)
*65e. Aug. 1 *Holders of rec. July 21
Preference (war.)
*75c. Aug. 1 *Holders of rec. July 21
By Wise, Hobbs & Arnold, Boston:
American Bank Note,corn.(guar.)
*50c. Oct. 1 *Holders of rec. Sept. 10
Shares. Stocks.
$ per Sh. Bonds.
Preferred (guar.)
*75c. Oct. 1 *Holders of rec. Sept. 10
Per Cents
35 8-20 Fed. Nat. Dank, par $20.- 98 3500 Lincoln-Robey
American Horne Products (monthly)-- - 35e. Sept. 2 Holders of roe. Aug. 140
10 Nat. Shawmut Bank, par $25.... 7134
1st 78, Oct. 15 Bldg.(Chicago)
1934
15% flat American Indemnity (Philad-Dividend °mitt ed.
10 First Nat. Bank, par $20
102
5200 Myles StandIsh
American Transformer (guar.)
*35e. Aug. 1 *Holders of rec. July 21
Apartments
Associated Textile Cos. as follows:
Freston 1st 440, June,
Steel Stool (guar.)
•20e. Oct. 15 *Holders of rec. Oct. 5
19342034 flat Angle
Sat 35; Sat 35; 10 at 35; 5 at 35:
$200 Roebling Bldg., N.
Angus Co., pref. (guard
y.. 1st
$1
Aug. 1 Holders of rec. July 22
5 at 35: 5 at 35; 5 at 35; 5 at 35;
640, Oct. 10 1935
Armour Sc Co.(Illinois), prof.(guar.)I% Oct. 1 Holders of rec. Sept. 10
5 at 35: 4 at 3634.
$1,000 Wichita RR. & Light 68 & int. Armour Sc Co. of Delaware, Prof.(guar.) 1.34 Oct. 1
Holders of rec. Sept. 10
Co.,
2 Farr Alpaca Co
6734
cons.& ref. 55, Oct. 1
134 Sept. I Holders of rec. Aug. 15
1932.7034 dr int. Artioom Corp., pref. (guar.)
6 Boston Ins. Co
680 $8,000 R. M.Hollingshead
Bachmann,Emmerich Sc Co.,Ine.Co., 1st
10 Boston Woven Hose & Rubber
7s, Feb. 1 1938
(guard__
preferred
_
A
Preferred and
2
July 31 Holders of roe. July 31
Co.,corn
7834 84,000 Am. Solvents Sc
Preferred B (quar.)
8734c July 31 Holders of rec. July 31
Chemical
15 Amer. Glue Co.. corn
7334
Corp., deb 6,40, Mar. 15
Belamose Corp., 1st pref.-Dividend de (erred
1936
10 U. 8. Envelope Co., pref
11434
Manner's. Inc., corn. (quar.)
*50e. Aug. 1 *Holders of rec. Aug. 1
100 Florence Stove Co., corn
25
52,000 Galesburg Ry. Ltg. &9034 & int.
*75e. Aug. 1 *Holders of rec. Aug. 1
Preferred (guard
100 Craton & Knight Co., corn
634
Co., eons. & ref. 55, Oct. 1Pow.
Slaw-Knox Co.(guar-)
•3734c Sept. 1 *Holders of rec. Aug. 6
,
1934
10 U. S. Envelope Co., corn
253
*31
Oct. 3 *Holders of rec. Oct. 15
9834 dz int. Bon Ami Co., class A (guard
10 Greenfield Tap & Die Corp.,8%
81,500 Gov't of French
Class B (quar.)
*50e. Oct. 1 *Holders of rec. Sept.24
Republic
pref
90 & div_
7345, June 1 1941
234 Aug. 15 Holders of rec. July 31
12034 & int. Boss Mfg., corn. (guard
BondsPer Cent. 8500 Georgia-Carolina
Preferred (quar.)
134 Aug. 15 Holders of rec. July 31
$700 Broadway Strand Commercial
1st 58, July 1 1952 Power Co.,
•114 Aug. 1 *Holders of roe. July 15
95% & int. Broadway Dept. Stores, 1st pref.(qu.)
Building (Chicago) 1st 650 Jan.
$1,000 State Theatre Bldg., Boston
Buckeye
Pipe
Line
$I
Sept. 15 Holders of rec. Aug. 22
(guar.)
20 1935
3534 & int. 1st cony. 65. Nov. 1
1939_94X 4: Mt. Burclines, Inc., preferred-Dividend om tted
Carrnan & Co., class A (guar.)
*50e. Aug. 29 *Holders of rec. Aug. 15
By R. L. Day & Co., Boston:
Class B (1-40th ah. cl. B stk. or 50c.
Shares. Stocks.
5 per Sh. Shares. Stocks.
cash)
July 25 *Holders of rec. July 15
25 Atlantic Nat. Bank, par $25_.95
18 units Commercial Finance $ Per Sh. Charlton Mills, com.-Dividend Passed.
Corp
17
50 Atlantic Nat. Bank, par $25 _ 9434 3 units Thompson Spa,
(guard_
pref.
75e.
-Sept.
Chicago
$3
Corp.
(The)
1 Holders of rec. Aug. 15
8934 Chicago Investors Corp. $3 pref. (qu.)__
15 Beacon Trust Co., par $20
4834 400 Amer. Glue Co.. Inc
75c. Sept. 1 Holders of rec. Aug. 20
7234-7234 Chile Copper Co.(guar.)
5 Framingham (Mass.) Nat. Bank-200 10 Mass. Bonding & corn
*13234c Sept.30 *Holders of rec. Sept. 10
Ins.
Co.,
par
20 Framingham (Mass.) Nat. Bank.200
$25
•750. Aug. 15 *Holders of roe. Aug. 1
Churngoid Corp.(guar.)
105
20 Medford (Mass.) Trust Co.,
56 Dennison Mfg. Co.,
•1234e Aug. 1 *Holders of rec. July 15
& Share A Sc B
pref___100 & dIv. Colonial Bond
Medford, par $20
65
Bonds.
(quar.)
•3734c
Aug. 1 *Holders of rec. July 15
Preferred
Per Cent. Colorado Fuel Sc Iron, corn.
34 Bates Mfg. Co
81-8134 $400 Jewett Repertory Theatre
•50e. Aug. 25 *Holders of rec. Aug. 11
45 Draper Corp
60
Fund, Inc., 6s, Dec. 16
•2 Aug. 25 *Holders of rec. Aug. 11
Preferred (guar.)
1939,
1334 Gorham Mfg. Co., corn, trust
coup. Dec. 15 1929 and sub.
Credit Alliance Corp., corn.Sc cl. A-Div dends passed.
00.525 lot Eisemann
Certificates
22 $4,000 New Mexico Power
I% Aug. 1 Holders of rec. July 23
Magneto Corp., prof. (qu.)...
Co., 58,
10 Brockton G.-Lt. Co., trust ctfs.,
Jan. 1958
Eisenstadt Mfg., pref. (quar.)
134 Aug. 1 Holders of rec. July 25
88 &
par $25
43 $2,000 Bayway Terminal
Follansbee
corn.
Bros.,
*50c.
Sept. 15 *Holders of rec. Aug. 30
(guar.)
(N. Y.
1 Boston Insurance Co
685X
Harbor) let mtge. sinking
Preferred (guar.)
•134 Sept. 15 *Holders of rec. Aug. 30
fund
5 Regal Shoe Co., pref
82
com.-Dividen
640. July 1948, series
defe
Fabrics,
rred.
d
Foremost
& Int. Foster Kielser
52 South Bend Lumber Co
52 51,000 Electric; Ferries,A--6934
*25c Aug. 15 *Holders of rec. Aug. 1
Sc
Co.,com.(guar.)
'Inc., 7s.
10 Springfield Fire & Marine Ins.
April 1941
Furness. Withy Sc Co., Ltd.
7934 & Intl
co., par 525
14134
Amer. dep. rcts. for ord. reg. ails- *r.05 Aug. 22 *Holders of rec. July 22
[VOL. 131.
FINANCIAL CHRONICLE
588
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Name of Company.
It Miscellaneous (Concluded).
*13 Aug. 1 *Holders of rec. July 19
Gardner-Denver Co., pref. (quar.)
Gelsenkirchen MiningJuly 23 Hold, of coup. No. 58
Relchmarks
7.20 Relchmarks per 100
Glenwood Cotton Mills, corn -Dividend passed
Sept. 1 Holders of rec. Aug. 20
1%
(qu.)
Publishing,
pref.
-Democrat
Globe
1%. Sept. 10 Holders of rec. Sept. 1
Godman (H. C.) Co.. pref. (quar.)
defe rred
Goldwin Loan & Investment-Dividend
750. Aug. 15 Holders of ree. Aug. 1
Gorham, Inc., 83 pref. (quar.)
Grand Union Co., cony. pref. (quar.),... *750. Sept. 1 'Holders of rec. Aug. 18
Great Atlantic & Pacific Tea'Si.25 Sept. 1 *Holders of rec. Aug. 11
Non-voting common (quar.)
H Sept. 1 *Holders of rec. Aug. 11
First preferred (quar.)
Guelph Carpet & Worsted Spinning
25c. Aug. 1 Holden of rec. July 19
Mills, common
1% Aug. 1 Holders of rec. July 19
61X % cone. pref. (quar.)
Hamilton Bank Note Engraving &
71ic. Aug. 15 Holders of rec. Aug. 1
Printing (quar.)
Hamilton Watch, new corn. (monthly)- •15c. Sept. 1 Holders of rec. Aug. 11
*30e. Sept. 1 *Holders of rec. Aug. 11
Old 525 par stock (monthly)
*119 Sept. 1 'Holders of rec. Aug. 11
Preferred (guar.)
5
Hanna(M.S.) Co.. new $7 Pref. (qu.).. $1.75 Sept. 20 Holders of rec. Sept.
1% Sept.20 Holders of rec. Sept. 5
Old 7% preferred (alum)
Aug. 30 *Holders of rec. Aug. 15
*2
Hart, Schaffner & Marx (quar.)
50. Aug. 12 Holden of rec. July 29
Hollinger Consol. Gold Mines (rattily.)
Hormel (G. S.) & Co.. corn. (quar.)......- *50c. Aug. 15 *Holders of rec. Aug. 1
*$1.50 Aug. 15 *Holders of rec. Aug. 1
Preferred A (quar.)
•7
Imperial Tob.of Gt. Brit.& Ire., ord
1% Aug. 1 Holders of rec. July 21
Independent Packing, pref.(quar.)
600. Sept. 2 Holders of rec. Aug. 150
Internat. Safety Razor, cl. A (quar.)--500. Sept. 2 Holders of rec. Aug. 150
Class B (quar.)
.0750. Aug. 1 *Holders of rec. July 19
Interstate Equities, $3 pref. (quar.)-*13j
Sept. 1 'Holders of rec. Aug. 13
(euar.)corn.
Steel,
Laughling
Jones &
*19t Oct. 1 *Holders of rec. Sept. 12
Preferred (quar.)
*435c Aug. 1 *Holders of rec. July it,
Julian & Kokenge Co. (qtutr.)
Kroger Grocery & Baking, corn.(Czar.),. *25c. Sept. 1 *Holders of rec. Aug. 11
*25c. Sept. 1 *Holders of rec. Aug. 16
Libby-Owens-Ford Glass (quar.)
Liggett & Myers Tob.,com.& com.B(qu) *S1 Sept. 1 *Holders of rec. Aug. 15
250. Sept. 1 Holders of rec. Aug. 15
(q11.)
corn.
Lindsay (C. W.) & Co., Ltd..
1% Sept. 1 Holders of rec. Aug. 15
Preferred (Czar.)
*15c. Aug. 23 *Holders of rec. Aug. 9
Lindsay Light, corn. (guar.)
.5e. Aug. 23 *Holders of rec. Aug. 9
Common (extra)
81.625 Aug. 15 Holders of rec. July 31
Loew's.Inc. us Pref.(guar.)
139 Sept. 2 Holders of rec. Aug. 180
(quar.)
pref.
Lord & Taylor, 1st
Aug. 1 *Holders of rec. July 25
"1
Majestic Royalty (monthly)
•H. Aug. 1 *Holders of rec. July 25
Extra
McIntyre Porcupine Mines, Ltd. (qu.). - 25c. Sept. 2 Holders of rec. Aug. la
500. Sept. 1 Holders of rec. Aug. 18
Medan (Fred) Mfg.(guar.)
*50c. Oct. I *Holders of rec. Aug. 30
Mengel Co., common (quar.)
*15 Sept. 1 *Holders of rec. Aug. 15
Preferred (quar.)
Merchants Petroleum Co.,com.-Divide ads pa seed.
.$1.50 Aug. 1 *Holders of rec. July 19
Metal & Thermit Corp., corn. (qu.)Minneapolis-Moline Power-• $1.625 Aug. 15 *Holders of rec. Aug. 2
Implement Co., pref. (quer.)
e214 Aug. 2e Holders of rec. Aug. 2
Mo.-Kansas Pipe Line (in stock)
*750. Aug. 15 *Holders of rec. Aug. 4
Montgomery Ward & Co., corn. (qu.)_
•13 Sept. 2 "Holders of rec. Aug. 22
MuskogeeCo., pref. (quar.)(No. 1)_
NewAmsterdam Casualty (Bait.) (illti.)- *50c. Aug. 1 *Holders of rec. July 17
*5 July 24 *Holders of rec. July 19
Noxzerna Chemical (special)
Noyes(Charles F.) Co.. Inc., corn.(qu.) 45c. Aug. 1 Holders of rec. July 21
100. Aug. 1 Holders of rec. July 21
Common (extra)
31.50 Aug. 1 Holders of rec. July 21
Preferred (guar.)
*400.
Aug. 15 *Holders of rec. July 31
(qu.)
corn.
Ontario Steel Products,
.1% Aug. 15 *Holders of rec. July 31
Preferred (Czar.)
11123c Aug. 15 *Holders of rec. Aug. 1
Parker Pen, common (quar.)
Pennsylvania Investing, class A (quar.) 62He Sept. 1 Holders of rec. July 310
"37Hc July 81 *Holders of rec. July 19
Perfection Stove (quar.)
July 30 'Holders of rec. July 15
Pickwick Corporation. corn. (In stock)_ *./2
Pierce-Arrow Motor Car, pref. (ettar.)- *1 J. Sept. 1 'Holders of rec. Aug. 9
Aug. 1 'Holders of rec. July 15
Pilot Radio & Tube
Pioneer Rubber, pref.-Dividend deferre
*50e. Sept. I *Holders of rec. Aug. 15
Poor & Co., class A and B (quar.)
Powdrell & Alexander, corn.(guar.).- 8734c Aug. 15 Holders of rec. Aug. 1
13( Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
'12c Aug. 1 *Holders of rec. July 21
Process Corp. (quar.)
(quar.)
Aug. 1 Holders of rec. July 24
$1.75
pref.
Securities,
Public Utilities
*37Hc Sept. 1 *Holders of rec. Aug. 8
Pure 011, common (quar.)
*40c. Aug. 15 'Holders of rec. July 31
Richardson Co., corn. (guar.)
*2 July 31 *Holders of rec. July 23
thigamore Mfg. (quar.)
1% Aug 1 Holders of rec. July 25
St. Louis Car Co., pref.(Var.)
July 22 Holders of rec. July 14
31
Sandford Mills
Schletter & Zander. Inc., pref. (quar.) *87)9c Aug. 16 *Holders of rec. July 31
July 20
"33
18haw-Walker Co., pref
July 20
"52
Preferred (extra)
•500. Sept. 15 *Holders of reo. Aug. 25
Sheaffer(W.A.) Pen Co.. corn.(extra)
2 *Holders of reo. Aug. 21
Sept.
prof.
*1%
(MO
Mills.
Paper
(Howard)
Smith
Southwestern Engineering-Dividend de fared
*LIZ July 25 *Holders of rec. June 30
Spitzer Prop.. pref. (quar.)
131 Sept. 2 Holders of rec. Aug. 8
Standard Oil (Ohio), pref. (quar.)
50c. Aug. 15 Holders of rec. July 31
Standard Paving & Materials (quar.)
rec. Aug. 15
Sterling Securities, 53 cony. lot pref.(qu) *75c. Sept. 1 *Holders of rec. Aug. 15
Sept. 1 Holders of
*300.
6% preferred (guar.)
•50c. Aug. 15'Holders of rec. Aug. 5
Stewart-Warner Corp.(quar.)
Stone (H.O.) & Co., com.-Dividend re schide d.
56%c Aug. 1 Holders of rec. July 21
Stouffer Corp., den A (guru%)
250. Sept. 15 Holders of rec. Aug. 25
Sun Oil Co., common (quar.)
11
131 Sept. 1 Holders of rec. Aug. 19
Preferred (Char.)
8731e Aug. 1 Holders of reo. July
Sunset Stores, pref. (quite.)
*22He July 81 *Holders of rec. July 25
Sutherland Paper (quar.)
Aug. 15 Aug. 1 to Aug. 15
3
1010 }Mil Ave., Inc., pref
"20c. Aug. 1 *Holders of rec. July 25
Union Investment. 8% pref
*75c. Aug. 1 *Holders of rec. July 25
Convertible preferred
Aug. 15
United Chemicals, Inc., $3 pref. (quar.) •75c. Sept. 1 Holders of rec. Aug. 15
*4 Sept. 2 Holders of rec.
U.S. Envelope,common
Aug. 15
rec.
of
Holders
2
Sept.
*31;
Preferred
Oct. 1 Holders of rec. Sept. 20
"SI
U. B. Playing Card (quar.)
Sept. 20
IT. S.Print.& Lithographing, corn.(qu.) • 50c. Oct. 1 Holders of rec.
*750. Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
$1.25 Sept.15 Holders of rec. Aug. 15
U. S. Realty dr Improvement
Aug. 9 Holders of rec. Aug. 1
*$2.50
(quar.)
Vapor Car Heating
Vick Financial Corp. (Otter.) (No. 1)--- •10c. Aug. 15 Holders of rec. Aug. 5
Aug. 15
Virginla-Carolina Chem., pr. pref.(W.) *1H Sept. 1 Holders of rec. July
14
Aug. 1 Holders of rec.
1
Western Breweries, Ltd. (Winnipeg)-Sept. 1 Holders of rec. Aug. 11
Western Dairy Products, class A (guar.) 'Si
Western Newspaper Union, pref. (quar.) 411.75 Aug. 1
19
Weston Electrical Instrument. corn.(qu) *250. Oct. 1 Holders of refs. Sept.
•500. Oct. 1 Holders of rec. Sept.19
Class A (quar.)
White (s. S.) Dental Mfg. (guar.)
*30c. Aug. 1 Holders of rec. July 23
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Aug. 15
$2
Alabama Great Southern, prof
$1.50 Aug. 15
Preferred (extra)
Aug. 1
31.375
Allegheny Corp., prof. (quar.)
Mob.Topeka & Santa Fe common (qu.)_ 231 Sept. 2
Aug. 1
231
Preferred
131 Sept. 2
Baltimore & Ohio, common (guar.)
Sept. 2
1
Preferred (guar.)
131 Aug. 1
Canada Southern
Aug. 15
2
Central RR. of N. J. (Oust.)
Jul 31
5
Cleve., Ctn. Chic.& St. Louie.corn
81
July
lIf
Preferred (quar.)
Books Closed
Days Inclusise.
Holders of rec. July
Holders of re*. July
Hold ,rs of reo. July
Holders of rec. July
Holders of roe. June
HOlders of roe. July
Holders of rec. July
Holders of rec. June
Holders of rec. Aug
Holders of roe. July
Holders of rec. July
11
11
I5a
25a
270
19a
19a
27a
5a
210
21a
Railroads (Steam)(Concluded).
Cuba ER.. Preferred
Preferred
Delaware & Hudson Co.(guar.)
Erie RR- 1st and 2nd preferred Great Northern
Hudson & Manhattan, pref
Internat.Rys. of Cent. Amer. pt.(qu.)
Kansas City Southern, coin.(quar.)
LoubivIlle & Nashville
Mahoning Coal RR., common (qu.)_.._
Michigan Central
Mo.-Kansas-Texas, common (quar.)--Preferred A (quar.)
Preferred A (quar.)
Nashville Chattanooga & St. Louis
New Orleans. Texas & Mexico (quar.)
New York Central RR.(quar.)
N.Y. N.II. & Hartford, corn.(quar.)-Preferred (quar.)
Norfolk & Western common (qUar.)Adjustment preferred (quar.)
Northern Pacific (guar.)
Pennroad Corp. (No. I)
Pennsylvania RR.(quar.)
Pare Marquette. prior pref.& pref.(qu.)
Pittsburgh & Lake Erie
Pittsburgh & West Va.(Czar.)
Reading Company common (guar.)
First preferred (guar.)
Second preferred (guar.)
St. Louis-San Francisco, pref.(quar.)
Preferred (quer.)
Southern Ry., common (guar.)
United N. J. RR. & Canal Coe. ((le.)-Quarterly
Wabash Ry.. pref. A (quar.)
Per
When
Cent. Payable.
Books Closed
Days Maurice.
Aug. 1 Holder's of rec. July 15a
3
3
Feb2'31 Hold. of rec. Jan.15'31a
231 Sept. 20 Holders of rec. Aug. 28a
2
Dec. 01 Holders of rec. Dec. 130
234 Aug. 1 Holders of rec. June 25a
239 Aug. 15 Holders of rec. Aug. la
1I4 Aug. 15 Holders of rec. July 31a
1)• Aug. 1 Holders of rec. June 30a
8% Aug. 11 Holders of rec. July lba
312.50 Aug. 1 Holders of rec. July 14a
July 31 Holders Of rec. July 21,
25
$1 Sept.30 Holders of rec. Sept. 5,
lti Sept.30 Holders of rec. Sept. 5
1% Dec. 31 Holders of rec. Dec. 5
2% Aug. 1 Holders of rec. July 19.
134 Sept.d2 Holders of rec. Aug. 15a
Aug. 1 Holders of no. June 27a
2
134 Oct. 1 Holders of rec. Sept. 5.
1% Oct. 1 Holders of rec. Sept. its
234 Sept. 19 Holders of rec. Aug. 30,
1
Aug. 19 Holders of rea. July 31.
131 Aug. 1 Holders of rec. July 2.
20o Sept.15 Holders of rec. Aug. 8.
Aug. 30 Holders of rec. Aug. la
$1
1% Aug. 1 Holders of rec. July Sc
$2.50 Aug. 1 Holders of rec. June 27
131 July 81 Holders of rec. July 154
51
Aug. 14 Holders of rec. July 17.
50c. Sept. 11 Holders of rec. Aug. 21,
50c. Oct. 9 Holders of rec. Sept. 18a
134 Aug. 1 Howlers of rec. July 1.
134 Nev. 1 Holders of me 00. Is
2
Aug. 1 Holders of rec. July la
•21.4 Oft. 1 *11•Iders of roe Sept. 20
•234 Jan I'31 *Malden of rec. Dee.20'30
134 Aug. 25 Holders of roe. July 25a
Public Utilities.
$1.25 Aug. 1 Holders of rec. July le
Alabama Power.$5 pref.(qua?.)
Amer. Cities Power & Lt. ol. A MO.-- (m) Aug. 1 Holders ol rec. July 5
(In) Aug. 1 Holders of roe. July
Class B (quer.)
American Commonwealth Power Can,.
$1.75 Aug. 1 Holders of rec. July 15
First preferred series A (quar.)
$1.62 Aug. 1 Holden of rec. July lb
$8.50 1st preferred (guar.)
$1.60 Aug. 1 Holders Of rec. July 15
$6 1st preferred (guar.)
Second preferred series A (guar.).- $1.75 Aug. I Holders of tee. July 13
Amer. Elec. Securities. partia. prof.(111.) 87340.Aug. 1 Holders of reo. July 10a
$1.51 Aug. 1 Holders of rec. July 8
Amer. Gas dr Elec., prof. Mum)
6231e Aug. 1 July 18 to July 31
Amer. Light & Tract., corn.
3734o.Aug. 1 July 18 to July 31
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 18.
American Natural Gas. Pref. (quar.)
25c Aug. 15 Holders of rec. July 25.
Amer. Water Works & Elec.. cam.(qu.)
Corn. (In stock 1-40th share corn.).- (1) Aug. 16 Holders of rec. July 25a
$1.50 Oct. 1 Holden of rec. Sept. 1 la
Preferred (quar.)
P50c. Aug. 1 Holders of reo. June 30
Associated Gas & Elec.,el. A (Oust.)
$1.50 Sept. 2 Holden of rec. July 31
$6 preferred (q.tar.)
31.625
Sept. 2 Holders of rec. Any 31
$6.50 preferred (guar.)
$1.25 Sept.15 Bolden of rec. Aug. 15
$5 preferred (guar.)
Associated Telep. & Teleg. Cl. A (extra).. •31 Aug. 1 *Holders of rec. July 17
Nov. 1 *Holders of rec. Oct. 17
'$1
ClassA (extra)
•50a. Aug 1 *Holders of reo. July 10
Bangor Hydro-Elec., corn. (quar)
500. Sept. 2 Holders of rco. July 31
Brazilian Tree., Light & Pow.,ord (qu.)
Brooklyn-Manhattan Transit. pt. A (qu.) $1.50 Oct. 15 Holders of rec Oct. 1.
$1.50 Jy 1531 Holders of rec. Dec. 314
Preferred, series A (quar.)
$1.50 Ap15'31 Hold.of rec. Apr. 1 1931a
Preferred, gain A (Oust.)
Central Hudson Gas & Elec., common, *250. Aug. 1 *Holders of rec. June 30
Cent. & S. W. Utilities, $7 Pr. lien (qu) $1.75 Aug. 15 Holders of rec. July 31
$1.50 Aug. 15 Holders of rec. July 31
$6 Prior lien pref.(oust.)
$1.75 Aug. 15 Holders of rec. July 31
$7 Preferred (guar.)
Aug. 1 'Holders of rec. July 18
Central West Pub. Sen., pref. (quar.)
Chicago Rap. Traci.. pr. pt. A(In'th1.1)- *65o. Aug. 1 *Holders of rec. July 15
*650. Sept. 1 'Holden of rec. Aug. 19
Prior preferred A (monthly)
•600. Aug. 1 *Holders of rec. July 16
Prior preferred B (monthly)
•60e. Sept. I *Holders of rec. Aug. 19
Prior preferred B (monthly)
Cleveland Elec. Ilium., pref.(quar.)---- 1% Sept. 1 Holders of rec. Aug. 15
500. Aug. 15 Holders of rec. July 19a
Columbia Gas & Electric. eom (quar.).
114 Aug. 15 Holders of rec. July 19.
6% pref. series A (cittar.)
Aug. 15 Holders of reo. July Ifla
1I4
5% Preferred (guar.)
Aug. 1 *Holden of rec. July 15
*2
Commonwealth Edison (quar.)
Holders of rec. July 196
Community Power & Light, corn.(qu.) 82140 Aug.
Aug. 1 Holders of roe. Jun His
$1.50
Preferred (quar.)
Aug. 1 Holders of rec. July 10
/3
Community tt ater Service common
Connecticut Ky.& Ltg.. corn.& pt.(qu.) 1% Aug. 15 Holders of rec. July 314
Consol. Gas. El. L.& P.,Balt_com.(qu.) *900. Oct. 1 *Holders of rec. Sept. 15
•1M Oct. 1 *Heider' of rec. Sept.15
5% preferred series A (quar.)
*1H Oct. 1 *Holders of rec. Sept.'15
6% preferred series D (guar.)
*1% Oct. 1 *Holders of rec. Sept.'15
599% preferred series E (qua?.)
Consolidated GM of N. Y., $5 pref.(qu.) Si 25 Aug. 1 Holders of reo. June 28a
*31.25 Oct. 1 *Holders of rec. Sept. 15
Consumers Power, $5 pref.(qua?.)
*lti Oct. 1 'Holders of rec. Sept. 15
6% Preferred (qua?.)
*1.115 Oct. 1 'Holders of rec. Sept. 15
6.6% preferred (quar,)
4.134 Oct. 1 *Holders of rec. Sept. 1$
7% preferred (guar.)
*500. Aug. 1 *Holders of rec. July 15
6% preferred (monthly)
*600. Sept. 1 *Holder/ of rec. Aug. 16
6% Preferred (monthly)
*500. Oct. 1 •Holdere of rec. Sept. 11
6% preferred (monthly)
6.6% preferred (monthly)
*550. Aug. 1 *Holders of rec. July 15
6.6% preferred (monthly)
*550. Sept. "Holders of rec. Aug. 15
*550. Oct. 1 *Holders of coo. Sept. 15
6.6% preferred (menthlY)
Dallas Power & Light, 7% pref. (quar) 1;4 Aug. 1 Holders of rec. July 21
$6 preferred (quar.)
114 Aug. 1 Holders of rec. July 21
Eastern Mass. Street Ky. Pref. B (qu.)-- 1% Aug. 1 Holders of rec. July 15
First pref. and sink, fund stocks
1% Aug. 16 Holders of rec. Aug. 1
Eastern States Power,common B (qua?.) 250. Aug. 1 Holders of reo. July 10
Preferred A (guar.)
$1.75 Aug. 1 Holders of rec. July 10
Preferred B (quar.)
$1.50 Aug. 1 Holders of rec. July 10
Edison Elec. Ilium., Boston (quar.)
3.40 Aug.
Holders of rec. July 15
Electric Bond & Share, $6 Pref. (gear.) $1.50 Aug. 1 Holders of rec. July 10
55 pref.(qu.)(No. 1)
$1.25 Aug. 1 Holders of rec. July 10
Elec. Power & Light. corn.(qua?,)
25e. Aug. 1 Holders of roe. July 12.
Allotment ctfs. full pd.(guar.)
1219e Aug. 1 Holders of rec. July 12
Allot. ctn. 70% Paid (guar.)
!Mc Aug. 1 Holders of rec. July 12
2nd pref. A (Char.)
•$1.75 Aug. 1 *Holders of rec. July 12
Empire Gas de Fuel,6% pref.(monthly). •50o. Aug. I Holders of rec. July 13
631% preferred (monthly)
•54 1-6c Aug. 1 *Holders of rec. July 15
7% preferred (monthly)
•58 1-3o Aug. 1 *Holders of rec. July 15
662-Se Aug. 1 `Holders of reo. July 15
8% Preferred (monthly)
Empire Public Service corn. A (oust.) -- 0.04110. Aug. 16 *Holders of rec. July 15
Federal Water Service, corn. A (qu.)
180e. Sept. 1 Holders of rec. Aug. 1 a
Common11 (quar.)
10e. Sept. 1 Holders of rec. Aug. 31
Hartford Electric Light (guar.)
•6854c Aug. I *Holders of rec. July 15
Havana Elec. er Utilities 1st Prof.(On.) $1.50 Aug. 15 Holders of rec. July 19
Cumulative Preference (Oust.)
$1.25 Aug. 15 Hojciers of rec. July 19
Idaho Power.$0 pref.(Qua?.)
61.50 Aug. 1 Holders of rec. July 15
$1.75 Aug. 1 Holders of rea. July 15
7% Preferred (guar.)
Illinois Power & Light.$6 Prof.(quar.). $1.50 Aug. 1 Holden% of rec. July 10
Internal. Utilities. $7 Prof.(quer.)
$1.75 Aug. 1 Holders of rec. July 18
Italian Superpower, Pref. (guar.)
$1.50 Aug. 1 Holders of rec. July 15
Kentucky Utilities, junior pref.(qua?.)- .8719c Aug. 20 *Holders of rec. Aug. 1
Keystone Telephone Co. of Phila.
No par preference (No. 1) (quar.)---75c Aug. 1 Holders of rec. July 25
$4 preference (quar.)
*$1 Sept. 1 *Holders of rec. Aug. 20
$1.75 Aug. 1 Holders of rec. July 19
Knoxville Power & Light, $7 pf.
$1.60 Aug. 1 Holders of rec. July 19
$6 preferred (guar.)
Hokl.°free. Feb 2 1931
Lone Star Gas.aim.(In Qom.stk.)
•$1.63 Aug. 1 *Holders of rec. July 22
Preferred (Oust.)
150 Aug. 1 Holders of fee. July 15
Long Island Lighting, corn. (quar.)._..
Lowell Electric Light (quar.)
*650. Aug. 1 *Holders of reo. July 16
Aug., 1 Holders of rec. July 10
SI
Manitoba Power common (gust.)
Middle Western Telep.. oom. A (qu.)_ '43340 Sept.15 *Holders of roe. sees. 5
•4340 Dee. 111 *Holders of rec. Dee. I
Common A (oust.)
Name of Company.
When
Per
Cent. Payable.
Books closed
Days Inclustoe.
Public Utilities (Continued).
Aug. 15 Holders of rec. July 15a
Middle West Utilities common (quar.)- 1'2
$1.50 Aug. 15 Holders of rec. July 15
$6 pref. (cash or 3-80th share corn.)
Aug. 1 'Holders of rec. July 15
"n30e.
1)__
(No.
A
class
Midland Natural Gas,
Milwaukee Elec. Ity. & Light, pref.(aU.) 14 July 31 Holders of rec. July 21u
Mississippi Valley Utilities Investment$1.50 Aug. 1 Holders of rec. July 15
$6 prior lien preferred (guar.)
Monongahela West Penn Public Service
43%c.
Oct. 1 Holders of rec. Sept. 15
preferred
(quar.)
7%
Montreal Light, Beat & Power Cons.
38e July 31 Holders of rec. June 30
New no par corn (guar I (No. D.-13e Aug. 1 Holders of rec. July 15
Municipal Service Co. pref.(guar.)
525e. Nov. 15 *Holders of rec. Oct. 15
Municipal Teleph. CUL, el. A (extra)
45c. Aug. 1 Holders Of rec. July 15
National Elec Power, corn, class A (qu.)
25e. Sept. 2 Holders of rec. Aug. Oa
National Power & Light, corn. (guar.).$1.50 Aug. 1 Holders of rec. July 15
36 Pre'erred (guar.)
14 Aug. 1 Holders of rec. June 30
Nevada Calif. Elec., prof. (guar.)
.$1 Sept. 10 "Holders of rec. Aug. 29
Newark Telephone (oust.)
"51 Dec. 10 "Holders of rec. Nov 30
Quarterly
$1.50 Sept. 2 Holders of rec. Aug. 150
(qu.)
Edison
Co.,
pref.
American
North
North Amer. Gas & Elec. class A (guar.) "40e. Aug. 1 *Holders of rec. July 10
Aug. 15 Holders of reo. July 19
.12
No. American Light & Pow., corn.(qu.)
$1.50 Oct. 1 Holders of rec. Sept. 20
$6 preferred (guar.)
North Amer. Utility Securities Coro.
$1.50 Sept. 15 Holders of rec. Sept. 2
First preferred (guar.)
Aug. 1 Holders of rec. June 30
Northern States Power, corn. A (quer.). 2
Northwest Utilities Co.. pref.(quar.).- 14 Aug. 15 Holders of rec. July 31
Ohio Public Seri., let pref. A (mthly.)." 58 1-3e Aug. 1 Holders of rec. July 15
Ohio Telephone Service, pref.(guard- •lee Sept.30 *Holders of ree. Sept. 23
Dec. 31 "Holders of reo Dee. 24
Preferred (guar.)
*37
Aug. 15 *Holders of rec. July 31
Pacific Gas & Elec., 6% 1st pf.
*341
/
0e Aug. 15 *Holders of rec. July 31
5 g % first preferred (guar.)
75e. Aug. 15 Holders of rec. July 31a
Pacific Lighting, corn. ;gear.)
•1
Aug. 15 "Holders of rec. July 31
5% preferred (guar.)
14 Aug. 1 Holders of rec. July 18
Pacific Power .Sr Light, pref. (guar.)Pacific Public Service, corn. A (guar.)._ u324c Aug. 1 Holders of rec July 10
Pennsylvania Power, $6 pref. (guar.).- $1.50 Sept. 2 Holders of ree. Aug. 20
55e. Aug. 1 Holders of rec. July 19
$6.60 preferred (monthly)
55e. Sept. 2 Holders of ree Aug. 20
0.60 preferred (monthly)
"350. Oct. 1 'Holders of rte. Sept. 150
Peninsular Telephone. corn.(guar.)
•35e Jan1'31 "Hold of roe Dee 15 '30
Common (guar )•
Pennsylvania-Ohio Pow.&L.,$6 pf.(qu.) $1.50 Aug. 1 Holders of rec. July 21
14 Aug. 1 Holders of rec. July 21
7% preferred (guar.)
We, Aug. 1 Holders of rec. July 21
7.2% preferred (monthly)
She. Aug. 1 Holders of rec. July 21
8.6% preferred (monthly)
$1
July 31 Holders of rec. July le
Philadelphia Co., common (quar.)
75e. July 31 Holders of rec. July la
Common (extra)
Philadelphia Electric Co., $5 Pref.(guar. $1.25 Aug. 1 Holders of rec. July 100
50c. Oct. 1 Holders of rec. Sept. 100
Philadelphia Rice. Power. pref.(guar.)
$1
July 31 Holders of rec. July 15a
Philadelphia Rapid Transit, own
Phila. Suburban. Water Co.. pref.(qu.) 14 Sept. 1 Holders of rec. Aug. 12a
con!.
(qu.)
85e.
Sept.
30 Holders of rec. Sept. 24
N.
J..
of
Corp.
Sere.
Public
2
Sept.30 Holders of rec. Sept. 20
8% preferred (guar.)
14 Sept 30 Holders of rec. Sept. 2s
7% preferred (guar.)
$1.25 Sept.30 Holders of roe. Sept. 20
$5 preferred (quar.)
50e. July 31 Holders of rec. July la
6% preferred (monthly)
50e. Aug. 30 Holders of rec. Aug. la
6% Preferred (monthly)
50c. Sept.30 Holders of reo. Sept. 20
6% preferred (monthly)
Public Service Co. of Nor.
552 Aug. 1 'Holders of reo. July 15
Common, no par (guar.)
052 Aug. I *Holders of rec. July 15
Common,$100 Par (guar.)
•1)4 Aug. 1 *Holders of rec. July 15
6% preferred (guar.)
"14 Aug 1 *Holders of rec. July 15
7% preferred (guar.)
Pub.fiery. Elee. & Gas 7% pref. (qua!'.) 14 Sept. 30 Holders of rec. Sept. 20
134 Sept. 30 Holders of ree. Sept. 20
6% preferred (quar.)
50e. Aug. 1 Holders of rec. July 15
Railway AC Light Securities, corn.(qu.)._
$1.50 Aug 1 Holden of rec. July 16
Preferred (quar.)
50e Aug. 1 July
Rhode Island Pub. fiery. pref.(quar.)
$1
Aug.
Holders18f rto
1
j tify 15
ee..lil
Class A (guar.)
134 Sept. 2 Holders of rec. July 31
Rochester Gas & Elec.,7% pref B (qu.)_
1%
Sept.
2 Holders of rec. July 31
C
(guar.)
series
6% preferred
134 Sept. 2 Holders of rec. July 31
6% preferred series D (guar.)
134 Aug. 1 Holders of rec. July 15
Sierra Pacific Elec. Co., pref. (guar.)
50o Aug. 15 Holders of rec. July 204
Southern Calif. Edison Co., corn. (qu.).
-- 25e. Aug. 15
f rec. July 31
Southern Canada Power,con!.
50c Aug. 25 Holders
July 31
Southern Colorado Power, corn. A (qu.)
South Pittsburgh Water, 5% pref. (qu.) *131 Aug. 19 'Holders
1
ecee 0
000
t y 15
Standard Power & Light, pref. (guar.)._ $1.75 Aug. 1 11
Sept. 1 loNemoirciy
Holders of rcc Aug.
Stand. Pub. Serv., el. A (qu.) fin A WO e2
y 15
Aug.
Holders
254
Tampa Electric Co., corn. (qua!'.)
Aug. 1g
of roe.
254
Common (I-50th share corn. stock)...
134
pf.
(111.)15
Tennessee Else. Power 5% let
134 Set
c: I Holders
of rec:Sept.
oel°free
ep 15
8% first preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15
7% first preferred (guar.)
5.80 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (guar.)
50e Aug. 1 Holders of rec. July 15
8% first preferred (monthly)
50e Sept. 1
recret: Aug.
.15
15
8% first preferred (monthly)
50c Oct. 1 Hoollgers
enf °
of
f
6% first preferred (monthly)
60c Aug. 1 Holders of rec. July 15
7.2% first preferred (monthly)
60e
Sept. 1 Holders of rec. Aug. 16
7.2% first preferred (monthly)
7.2% first preferred (monthly)
6°e Oct.
Aug.
h
iVie
era
rs °
of
fe
rre.
Texas Power & Light. $6 pref. (qUar.)- $1.50
ig
$1.75 Aug. 1
of ret.
7% preferred (guar.)
•15c Dec. 1 •Ilote
ers
n
Tri-State Tel. & Tel. 6% pref. (qua!'.)
tgug.12
Underground Elec. Rye. of LondonAug. 12 'Holders ofo
Amer. dep. reta. for ord. reg. alsB - - - "w3
off;wee.
. July 1
11
5
1
Union Natural Gag of Canada (quar.)-- *Mc Sept. 10
•k5c Sept. 10 'Holders of rec. July 16
Extra
50c Oct. 1 Holders of rec. Aug. 25a
United Corporation, corn.(No. 1)
75e Oct. 1 Holders of rec. Sept. 60
Preference (guar.)
30c Sept. 30 Holders of reo. Aug. 30a
United Gas Improvement corn.(quar.).
$1.25 Sept. 30 Holders of rec. Aug. 30a
Preferred (quar.)
United Light dr PowerAug.250
Common A and It new (qua!'.)
Holders of reo. July 154
Common A and B old (quay.)
Holders off res
ee: Jug.ga
A0et.
Western Power Corp.. Pref.(quar.)
rs
West. Pow. Light & Telep., part. A(qu ) *50e. Aug. 1 'Holders of rec. July 15
1
$1x.75
pt.3
10
5 Holders of reo. Sept. 170
West Penn Elec. Co., class A (quar.)
1h Aug
Aug. 15 Holders of re0. July 19a
7% preferred (quar.)
6% preferred (quay.)
Holders of reo. July 190
14 Aug. 1 Holders of reo. July 5.3
West Penn Power Co.. 7% prof.(quar.)_
134 Aug. 1 Holder,f
6% preferred (quar.)
of ;r
e.
. JAuuly. l ee
u
3
Wilmington Gas Co.. preferred
Sept. 1 Holders
$1 Aug. 1 Holders of rec. July 10
Winnipeg Electric Co., common
Trust Companies.
Corn Exchange Bank & Trust Co(Var.) $1
"20
Kings County (guar.)
Aug. 1 Holders of ree. June 30e
Aug. 1 "Holders of reo. July 25
Fire Insurance.
30e. Aug. 1
Amer. Equitable Assuranee
500. Aug. 1
Guardian Fire Ansuranee, corn.(quar.)_ _
Knickerbocker, corn. (quar.)
37340 Aug. 1
300. Aug. 1
New York Fire Ins., tom. (qua!'.)
500. Sept. 15
North River Insurance (qurz.)
Holders of roe. July 18
Holders of rea. July 23
Holden of reo. July 18
Holders of rec. July 18
Holders of rec. Sept. 5
Miscellaneous.
14 Aug. 1 Holders of reo. July 15a
Abraham & Straus. pref.(qua!',)
s
eTio
u A ug
g... ,
1 Ijoi
Adams (J. I)) Mfg., corn. (guar.)
leres
rs uo
offt
July 1518
5
80
Adams•Millls Corp.. corn.(quar.)
134
First and second pref.(qua!'.)
(monthly)
Allegheny Steel, corn.
Holder, of ree. July 31e
sept.18
.
1 Holders of rec. Aug. 304
Common (monthly)
.18
;
Preferred (qua!'.)
"Holders of res. Aug. 15
Dee. I
•1
Preferred (qua?.)
AN
No
ov... lb
Alliance Realty. pref. (quar.)
134 Sept. 1 *1
11:
01lie
e
erg
rra
s .3
1
0 rea
r7
0..•
Preferred (guard
20
111
.50
5u. ,AM
11ug
rg.
.. 1 Holders of reo. July lla
Allied Chemical & Dye, corn.(guar.)... $17
.
110
oLdiers of ;e
:
a:
Allied Internat. Investing, $3 prof.(qu.)
!
Tu
t?
" N.
• $1.625 Aug. 1
Allied Kid, pref. (quit.)
589
FINANCIAL CHRONICLE
JULY 26 1930.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
75e. Aug. 15 Holders of rec. July 24a
Allis-Chalmers Mfg., common (guard -Aluminum Mfrs., Inc.. own. (qua!')..- '50e. Sept.30 "Holders of rec. Sept. 15
*50c Dee. 31 "Holder* of rec. Dee. 15
Common (guar.)
•I
Sept.30 'Holders of reo. Sept. 15
Preferred ((Suar.)
•1
Dee. 31 *Holders of reo. Dee. 15
Preferred (guar.)
50c July 31 Holders of rec. July 15a
Amerada Corp. (guar.)
$1
Aug. 15 Holders of rec. July 310
American Can, common (guar.)
Aug. 1 'Holders of rec. July 11
.51
American Coal(9 sr.)
Amer Colortype Co.. emu. (guar.)---. "60e Sept.30 'Holders of rec. Sept. 12
1)4 Sept. 1 Holders of rec. Aug. 14
Preferred (qua!'.)
Amer. Dept. Stores, let Prof. (quar.) - $1.75 Aug. 1 Holders of rec. July 19
*50e. Aug. 15 *Holders of rec. July 15a
Amer. Elec. Occur., partie. pf.(eetra)-American European Securities, Pf.(411.). $1.50 Aug. 15 Holders of rec. July 31
15e. Aug.
'Holders of rec. July 19
American Forg. & Socket (quar.)
(5)
Aug.
Holders of rec. July 2
Amer. Founders Corp., corn. (guar.)
874e. Aug.
Holders of rec. July 2
first pref. A (guar.)
874e. Aug.
Holders of rec. July 2
7% first pref. B (quar.)
7.50. Aug.
Holders of rec. July 2
6% first pref. D (guar.)
374c Aug.
Holders of rec. July 2
6% second pref.(guar.)
2
Aug.
Holders of rec. July 19
Amer. Glue, pref. (quar.)
350. Aug.
Holders of rec. July 140
Amer. Home Products (mthly)
American International Corp.
Oct.
Common (payable in common stook)-- /2
13,
1 Sept.
Holders of rec. Aug. 15
Amer. Inveetment Trust pref. (quar.)-_
14 Dec.
Holders of rec. Nov. 15
Preferred (uuar.)
Sept, "Holders of reo. Aug. 20
Amer, Laundry Machinery, corn.(guar.) •SI
Holders of rec. July 180
Amer. Machine & Fdy. old corn.(quar.) $1.75 Aug.
14 Aug.
Holders of reo. July 18
Preferred (quar.)
Oct.
Sept 16 to Sept. 30
American Manufacturing. com• (quar.)-1
Bet. 3 Bet. 16 to
Dee. 30
1
Common (guar.)
14 Oct.
Sept. 16 to Sept. 30
Preferred (guar.)
14 Dee. 3 Bet. 15 to Dec. 80
Preferred (guar.)
American National Co.(No. 1) (quar.)_ "20e. Oct.
July 30 Holders of reo. July la
American Rolling Mill (stock dividend)- e5
Amer.& Scottish Invent., corn (guard-- "30e Sept. I 'Holders of rec. Aug. 15
Amer. Shipbuilding new no par com.(qe.) $1.25 Aug. 1 Holders of rec. July 15a
14 Aug. 1 Holders of rec. July 15
Preferred (quar.)
1$ Aug. I Holders of reo. July lle
Amer. Smelting er Refining, tom.(qu.)_
14 Sept. 2 Holders of reo. Aug. 8e
Preferred (guar.)
"$1.50 Sept. 2 "Holders of reo. Aug. 15
Second preferred (guar.)(No. I)
750 Aug. 15 Holders of rec. Aug. la
Amer. Solvents & Chem. pref. (guar.)._
1 4 Oct. 2 Holders of rec. Sept. ba
American Sugar Eenntng. corn. (quar.)_
1% Oct. 2 Holders of rec. Sept. 5a
Preferred (guar.)
American Thermos Bottle, corn. A (guar) *30e. Aug. 1 *Holders of rec. July 19
Subject to stockholders' meeting.
*$4
American Tobacco corn & corn 13
Aug. 1 'Holders of rec. July 19
American Vitrified Products, pref.(qu.) _ •1
*250 Oct 2 *Holders of nee Sept. 13
Aruoskeag Mfg., common (quar.)
874e Aug. 18 Holders of rec. July 12a
Anaconda Copper Co. (guar.)
Anaconda Wire & Cable
3734e Aug. 11 Holders of rec. July 120
374c Aug. 11 Holders of rec. July 120
Andes Copper Mining (guar.)
Angio-Perslan 011, Ltd"w15 Aug. 6 +Holders of ree. June 25
Amer. dep. rots. ord. reg.she
"tee
Aug. 6 "Holders of rec. June 25
Amer. dep. nets. let pref. reg
"w 434 Aug. 6 "Holders of rec. June 25
Amer. dep. refs 24 pref. reg
50e. Aug. 1 Holders of reo. July 21a
Archer-Daniels-Midland Co., corn. (qu.)
lei Aug. I Holders of rec. July 210
Preferred (guar.)
25e. Aug. 1 Holders of rec. July 21
Art Metal Works (quar.)
Associated Apparel Industries$1
Oct. 1 Holders of rec. Sept. 19a
Common (guar.)
63e. Aug. 1 Holders of rec. July 120
Associated Dry Goods,corn.(quar.)
14 Sept. 1 Holders of rec. Aug. 90
First preferred ((war.)
114 Sept. 1 Holders of roe. Aug. 90
Second preferred (guar.)
Associated Security Investors, Pf• (guar.) $1.50 Aug. 1 holders of rec. July 18
Atlantic Gulf dr W.1.8.13. Lines, pf.(qu.) 14 Sept. 30 Holders of reo. Sept. 10a
14 Deo. 31 Holders of ree. Dort. 11
Preferred (guar.)
134 Aug. I Holders of rec. July 180
Atlas Powder pref. (qua.)
Austin, Nichols & Co.
75e. Aug. 1 Holders of rec. July 15a
Prior A stock (guar.) filo•
'Sc. Aug. 15 "Holders of rot. Aug. 1
Automatic Music.Instrument (extra)
40e. Aug. 1 Holders of reo. July 10
Auto Strop Safety Razor. class B (qu.)
"75e. Sept. 27 'Holders of rec Sept 15
Balaban & Katz, corn.(guar.)
*14 Sept 27 *Holders of rec. Sept. 15
Preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15a
Bamberger(L)& Co., pref.(qua!'.)
Bancroft (Joseph) & Sons Co., pf.(qu.). 14 July 31 Holders of reo. July 15
50e. Aug. 6 Holders of rec. July 7a
Bernsdall Corp. class A & B
Baumann (Ludwig) & Co., pref. (quar.) 134 Aug. 15 Holders of rec. Aug. 1
1% Aug. 1 Holders of ree. July 15
Belding-Corticelli, Ltd., corn. (quar.)
14 Sept.15 Holders of rec. Aug. 30
Preferred (qua!'.)
•50e Aug. 1 'Holders of rec. July 19
Benson ,fr Hedges. pref. (quar.)
e1.75 Aug. 1 Holders of rec. July 20
Berland Stores, pref. (guar.)
eee Aug. I Holders of rec. July 18
13essemer Limestone & Cement A (ciu.)
81.5)1Aug. 15 Holders of roe July 18.2
Reelehern Steel, Immn,on (guar.)
Bigelow-Sanford Carp.& Rug.com.(qu.) "$1.50 Aug. 1 'Holders of rec. July 21
"14 Aug. 1 'Holders of rec. July 21
Preferred (guar.)
'13.4 Nov. 1 "Holders of rec. Oct. 17
Preferred (guar.)
25c Aug. 1 Holders of rec. July 15
Birtman Electric Co.. common (quar.)_ 51.75 Aug. 1 Holders of reo. July 15
Preferred (quar.)
•'J734o Aug. lb 'Holders of reo. Aug. 9
Bloch Bros., common (guar.)
.13740 Nov. 15 'Holders of roe. Nov. 10
Common (quar.)
•134 Sept. 30 'Holders of rec. Sept. 25
Preferred (qua!'.)
•134 Bet. 3 'Holders of nee. Pee. 28
Preferred (quest.)
Holders of rec. July 19a
14 Aug.
13loomingdale Bros., Die.. pref.(quar.)__
"Holders of rec. July 13
Blue Ribbon Corp., 6)4% prof.(No. 1).. *Sle. Aug.
Holders of rec. July 5
(No.
1)
Aug.
common
20o
Corp.
Blue Ridge
Holders of rec. Aug. 5
(1I) Sept.
Preferred (qua.)
*Holders of rec. July 15
*624c Aug.
Bohaek (H. C.) Co.. corn.(quar.)
*Holders of rec. July 15
"14 Aug.
First preferred (Misr.)
'Holders of rec. July 15
13ohack Realty Corp., pref. (guar.)- - *14 Aug.
July 3 Holders of rec. July 156
Bon Aml Co.,ewe A (guar.)
$1
July 3 Holders of rec. July 150
1
Class A (extra)
75e, Sept.
Holders of rec. Aug. 15a
Borden Co. (quay.).
*25c. Sept. 'Holders of rec. Aug. 15
Bower Roller Bearing
*Holders of rec. July 30
Aug.
•1
Brill(J. G.) Co., pref.(guar.)
Holders of rec. July 15
British Columbia Pulp & Paper, pf.(rm.) 134 Aug.
Holders of reo. July 1
Oc. Aug.
Belt. Type Investors, el. A (bi-monthl)').
"Holders of rec. July 15
'134 Aug.
Brown Company, pref. (guar.)
Holders of tee. July 21a
Aug.
14
((Soar,)
Brown Shoe, pref.
Holders of rec. July 21
Bruce (E. L.) Co., common (guar.)____ 82340 Aug.
Holders of reo. July 28e
254. Aug.
Budd (Edw.G.) Mfg.. corn-(guar.) ---Aug.
Holders
of rec. July 28a
14
Preferred (guar.)
Holders of rec. July 11
14 Aug.
Bullocks, Inc.. Preferred (quar.)
'Holders of ree. July 25
*50e. Aug.
Bunte Bros. common (quar.)
*Holders of rec. July 25
•14 Aug.
Preferred (qua!'.)
"Holders of the. Sept. 15
2
Oct.
Burger Bros., pref. (guar.)
Aug. 1
Holders of rec. Aug. la
$2
Burns Bros., corn. A (quar.)
Holders of rec. Juno 27a
621St Aug.
Bush Terminal, Corn. ((Suar.)
*Holden of reo. July 15
•14 Aug.
Byers(A. M.) Co.. pref.(qua!'.)
'134 Nov. 'Holders of ree. Oct. 15
Preferred (guar.)
- •e2
*Holders of roe. Aug. 111
Sept.
Byron Jackson Pump,stock dividend.
00111.15 Holders of roc. Aug. 30e
Packing
(quar.)
$1
California
Campbell. Wyant & Cannon Fdy.(quar.) 50c. Sept. 1 Holders of rec. Aug. 156
624e. Aug. 1 Holders of rec. July 21
Canadian Bronze, common (quar.)
lee Aug. 1 Holders Of rec. July 21
Preferred (guar.)
430. Aug. BO Holders of rec. Aug. 15
Canadian Car & Foundry,ordinary (qu.)
$1.25 Aug. 15 Holders of rec. July 31
Canadian Converters (quar.)
75e. Adg. 1 Holders of rec. July 16
Canadian Dredge & Dock, coin.(quar,)
134 Aug. 1 Holders of rec. July 16
Preferred (qum%)
'6234c July 31 'Holders of reo. June 80
Canadian Industries, Com. (guar.)
25e. Aug. I Holders of rec. July 15
Canadian Investors (guar.)
Canadian Power & Paper. pref.(guar.). 1)4 Aug. 15 Holders of rec. July 19
*25e. Aug. 1 'Holders of rec. July 22
Capital Management Corp.(quar.)
"25c. Aug. 1 'Holders of rec. July 22
Extra
Capital Securities Co.(Newark, N. J.).211c. Aug. 2 Holders of rec. July 25
Preferred (guar.)
'el
Jan 2'31 "Holders of rec. Dee. 20
CarnaUon Co.(extra in stock)
*25c Aug. 1 *Holders of roe. July 21
Carrier Engineering Corp., clam A
"75e. Aug. 1 'Holders of rec. July 18
Castle (A. M.)& Co.(guar.)
"25e Aug. 1 *Holders of rec. July 18
Extra
15e. Aug. 15 Holders of tee. Aug. 5
Centrifugal Pipe Corp.(Guar.)
15c Nov. 15 Holdeet, of roe. Nov. 5
Quarterly
590
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
[VOL. 131.
Books Cloaca,
When
Per
Books Closed.
Days Inclusted.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
• Miscellaneous (Continued).
Century Ribbon Mills. Inc., pref.(guar.) 134 Sept. 2 Holden of roe. Aug. 206 General Motors 7% prof.
134 Aug. 1 Holders of rec. July 76
(guar.)
Century Shares Trust, partio. shares-- $1
Aug. 1 Holders of rec. July 1
6% preferred (guar.)
134 Aug. 1 Holders of rec. July 70
Cerro de Pasco Copper Co.(guar.)
$1.50 Aug. 1 Holders of rec. July 10a
8% debenture stock (guar.)
134 Aug. 1 Holders of rec. July 76
Chain Belt Co.common (guar.)
.62%c Aug. 15 *Holders of rec. Aug. 1
$5 Preferred (guar.)
51.25 Aug. 1 Holders of roe. July 7
Churls Corporation, corn. (guar.)
50o. Aug. 1 Holders of rec. July 21
General Parts Corp., pref. (guar.)
4.300. Aug. 1 *Holders of res. July 21
Common (extra)
25e. Aug. 1 Holders of rec. July 21
General Pub. Serv., $6 pref.(guar.).
- *$1.50 Aug. 1 *Holders of reo. July 10
Checker Cab Mfg. Corp.(monthly).- 35e. Aug. 1 Holders of reo. July Ina
• $1.375 Aug. 1 *Holders of roe. July 10
$5.50 preferred(guar.)
Cherry-Burrell Corp. corn. (guar.)
*62 Sic Aug. 1 *Holders of rec. July 15
General Stockyards, corn.(guar.)
*50c. Aug. I *Holders of rec. July 15
Chicago Flexible Shaft. corn. (guar./- .300. Oct. 1 *Holders of rec. Sept. 20
Common (extra)
*250. Aug. 1 *Holders of rec. July 15
Chic. Mira.& Franklin Coal, pt.(gu.)- 134 Aug. 1 Holders of rec. July 15
$ts preferred (guar.)
Aug. 1 *Holders of no. July 15
*51.50
Chicago Yellow Cab (monthly)
250. Aug. 1 Holders of ree. July 21a General Tire 6c Rubber, com.
Aug. 1 Holders of rec. July 21
Monthly
250. Sept. 2 Holders of rec. Aug. 20a Gibson Art, common (guar.) (guar.).- $1
*650. Sept. 1 *Holders of roe. Aug. 20
Cincinnati Ball Crank, panto. pfd.(gu.) .580. Sept. 30 *Holders of rec. Sept. 15
Common (guar.)
*65c. Dec. I *Holders of roe. Nov. 20
Cities Service common (monthly)
234o. Aug. 1 Holders of roe. July 15
Common (guar.)
*65e. Aprl'31 *Hold. of roe. Mar. 20'81
Common (payable in com. stock)_.
Aug. 1 Holders of rec. July 15
f%
Gilchrist Co.(guar.)(payable In stock)_ _ •e2
July 31 *Holders of rec. July 15
Common (monthly)
2140 Sept. 1 Holders of rec. Aug. 15
Gillette Safety Razor (guar.)
$1.25 Sept. 2 Holders of roe. Aug. 1
Common (payable In cons. stock).11i Sept. 1 Holders of rec. Aug. 15
Gimbel Bros., pref.(guar.)
154 Aug. 1 Holders of roe. July 15a
Preference and pref. BB (monthly)
- 500. Aug. 1 Holders of rec. July 15
Gold Dust Corp., common (guar.)
62%0 Aug. 1 Holders of reo. July 10a
Preference B (monthly)
5o. Aug. 1 Holders of rec. July 5
Goodyear Tire & Rubber. own.(qual.)1.25 Aug. 1 Holders of roe. July la
Preference and pref. BB (monthly).
500. Sept. 1 Holders of rec. Aug. 15
Gotham Silk Hosiery, pref. (guar.)
154 Aug. 1 Holders of rec. July lba
Preference B (monthly)
5o. Sept. 1 Holders of rec. Aug. 15
Granby Consol. Min. Smelt. & Pow.(0) 750. Aug. 1 Holders of rec. July 18a
City Ice & Fuel,com(payable In oom.stk ) 1134 Aug. 31 Holders of rec. Aug. 150 Grand (F. W.) 5-10-25o. Sta.,
pref.(gU.) 1% Aug. 1 Holders of rec. July 14a
City Stores Co.. class A (guar.)
87340. Aug. 1 Holders of rec. July 15a Grand Rapids Stores Equip. pf.
*17340 Aug. 1 *Holders of roe. July 20
(gu.)
Clinchlield Coal, pref. (guar.)
*134 Aug. 1 *Holders of roe. July 25
7% preferred (guar.)
*17 Ma Nov. 1 *Holders of rec. Oct. 21
Clorax Chemical ol. A (pay. In stock)
*6.2
July 30 *Holders of rec. July 15
Great Lakes Dredge & DoOkClass B
se2 July Si) *Holders of rec. July 15
New (guar.) (No. 1)
260. Aug. 15 Aug. 6 to Aug. 15
Cluett, Peabody & Co., corn.(guar.).-75c. Aug. 1 Holders of rec. July 210 Greene Censuses Copper
CO.(guar.).- 75o. Aug. 11 Holders of roe. July 126
Coca Cola Bottling See.(guar.)
*26o. Get. 15
Greenfield Tap & Die Corp.8% pf.(gu.)
1% Oct. 1 Holders of roe. Sept. 15
Clockshutt Plow (guar.)
3734e. Aug. 1 Holders of rec. July 16
8% preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
Columbia Investing Corp. (guar-)
1234o Aug. 1 Holders of rec. July 25
Gruen Watch, common (guar.)
*500. Sept. I *Holders of rec. Aug. 20
Columbia PicturesCommon (guar.)
*50c. Dec. 1 *Holders of rot. Nov.20
Common (payable in common stook). 1234 Oct. 2 Holders of rec. Sept 36
Common (guar.)
*50o. Mar131 *Hold. of reo. Feb.20'31
Columbian Carbon (guar.)
81.25 Aug. 1 Holders of roe. July 176
Preferred (guar.)
*154 Aug. 1 *Holders of roe. July 20
Extra
250 Aug. 1 Holders of rec. July 176
Preferred (guar.)
Nov. 1 *Holden of rec. Oct. 20
*134
Columbus Auto Parts, pref. (quar.)
500 Sept. 1 Holders of roe. Aug. 16
Preferred (qual.)..
1,154 Feb 1 31 *Hold. of rec. Jan. 20'81
Community State Corp.. class A (guar.) O1234e Sept. 30 *Holders of rec. Sept 28
Guardian Investing Trust. common-- *fl
Aug. I *Holders of reo. June 14
Class A (guar.)
1.12)4e Deo. 31 *Holders of roe. Deo 28
Gulf Oil Corp.(guar.)
*37340 Oct. 1 *Holders of reo. Sept. 20
Class B (guar.)
'
1234c 3131131 *Hold, of reo. Mar. 2631
Quarterly
*3744o Joni 81 Hold, of ree. flee. 29 '30
Class B (guar.)
*12Ho Sept. 30 *Holders of roe. Sept.26
Gulf States Steel, 1st pref.(guar.)
134 Oct. 1 Holders of roe. Sept. 15a
Class B (guar.)
•12340 Deo. 31 *Holders of roe. Deo. 26
First preferred (guar.)
114 an211 Holders of rec. Dec. 150
Congoleum-Nairn. Inc., pref. (qual.)_ *1% Sept. 1 *Holders of rec. Aug. 15
Hale Bros. Stores, Inc., corn. (guar.).- *25c.
Sent. 1 Holders of rec. Aug. 15
Consolidated Chemical IndustriesHas(W.F.) Printing (guar.)
50c. July 31 Holders of roe. July 19a
Participating pref. A (guar.)
32;4e. Aug. I Holders of rec. July 15
Halle Bros., corn. (guar.)
31 July 25 to July 31
July
50o.
Consolidated Cigar Corp.. Pr. prof.(03 lit Aug. 1 Holders of roe. July 156
Preferred (guar.)
154 July 31 July 25 to July 31
Consol. Diamond Mines of S. W. Africa
Hamilton Bridge Co., Ltd., oom.
Aug.
50o.
1 Holders of roe. July 15
Bearer shares
4i4a. Aug. 15 Holders of coup. No. 2
Preferred (guar.)
154 Aug. 1 Holders of roe. July 15
Registered shares
434d. Aug. 15 July 1 to July 7
Hamilton Watch-Consolidated Laundries, pref.(quar.)--• 51.375 Aug. 1 Holders of rec. July 15
New com.(mthly.)(No. I)
•5
July 31 *Holders of roe. July 100
Consolidated Press(Toronto),cons.(qu.) 50e. Aug. 1 Holders cn rec. July 15
Old $25 par stock
*30o. July 31 *Holders of roe. July 10
Continental Can, Inc.. corn.(quar.)
6234o. Aug. 15 Holders of rec. Aug. la Hart-Carter Co.. pref. (guar.)
1. Holders of rec. Aug. 16
*500.S
opt.
Coon (W. B.) Co.. com.(guar.)
*70o. Aug. 1 Holders of rec. July 12
Hartford Times, Inc., partici. pf.(guar.) *75c. Aug. 15 *Holders of rec. Aug. 1
•15.‘ Aug. 1 Holders of rec. July 12
Preferred (guar.)
Hawaiian Pineapple (guar.)
50c. Aug. 30 Holders of rec. Aug. 160
Cosden 011 Co. preferred
*3% Aug. 1 Holders of roe. July 15
Hercules Powder,Pref.(guar.)
134 Aug. 15 Holders of roe. Aug. 4a
Counaulds, Ltd (interim)
Holders of rec. Aug. 15
Hershey Chocolate Corp., com.(gu.) -- $1.25
Aug. 15 Holders of rec. July 25a
Crane Co., com. and pref.(guar.)
43%0. dSept15 Holders of rec. Aug430
Prior preferred (qua!,)
$1.50 Aug. 15 Holders of rec. July 25a
Preferred (guar.)
1% dSept15 Holders of roe, Aug.d30
Convertible preferred (guar.)
$1
d15 Holders of rec. July 25a
Aug
Crown Zellerbach
Hibbard,Spencer,Barlett & Co.(mthlY3
350. Aug. 29 Holders of roe. Aug. 22
Preferred A & B and pref.(guar.)...- •$1.50 Sept. 1 *Holders of res. Aug. 13
Monthly
350. Sept.26 Holders of reo. Sept.19
Crucible Steel, corn. (guar.)
134 July 31 Holders of roe. July 15a Hickok
Oil Corp. corn. A (No.1)
*50o. July
*Holders of roe. July 1
Crum & Forster, pref.(guar.)
SePt.80 Holders of roe. Sept.20
Higbee & Co.. first preferred (guar.).- 154 Aug. 31
1 July 21 to August I
Crum & Forster Ins. & Shares Corp.
First preferred (guar.)
*Holders
of roe. On. 19
Nov.
1
Preferred (guar.)
154 Aug. 30 Holders of roe. Aug. 20
Second preferred (guar.)
*2
Sops. 1 *Holders of roe. Aug. 20
Preferred (guar.)
154 Nov.29 Holders of reo. Nov. 19
Second preferred (guar.)
Deo. 1 *Holders of rec. Nov. 21
*2
Cuba Company, preferred
*$3.50 Aug. 1 *Holders of rec. July 15
Holly Sugar Corp., pref. (guar.)
154 Aug. 1 Holders of rec. July 15
Cuneo Press, common (guar.)
*62;40 Aug. 1 *Holders of rec. July 15
Horn & Hardart(N.Y.). com.(guar.).- 62340
Aug. 1 Holders of reo. July 146
•;.% Sept.15 *Holders of roe. Sept. 1
Preferred (quer.)
Preferred (guar.)
134
Sept. 1 Holders of roe. Aug. 12a
Curtis Lighting (guar.)
330. Aug. 1 Holders of rec. July 15
Houston 011 of Texas, pref
Aug. 1 *Holders of rec. July 21
*$3
Curtis Publishing, corn.(monthly)
50o. Aug. 2 Holders of rec. July 196 Hupp Motor Car
Corp., Corn.(qUar.)
500 Aug. 1 Holders of roe. July 156
Common (monthly)
*50o. Sept. 2 *Holders of roe. Aug. 20
Illinois Brick (guar.)
*600 Oct. 15 *Holders of roe Oct. 8
Common (monthly)
*50c. Oct. 2 *Holders of res. Sept. 20
Illinois Pacific Glass, com.A &B(WO
-- *50o Aug. 1 *Headers of rec. July 21
Preferred (guar.)
154 Oct. 1 Holders of roe. Sept. 20a Imperial
Royalties pf. A (mthly.)
18c. July 30 Holders of rec. July 25
Decker (Alfred) de Cohn. pref.(guar.).- •1% Sept. 2 *Holders of rec. Aug. 20
Old preferred (monthly)
134c. July 30 Holders of rec. July 25
De Forest Crosby Radio Co., Ltd
20
Aug. 1 Holders of rec. July 15
Independent Oil & Gas (guar.)
500 July 31 Holders of rec. July 156
Dennison Mfg., pref. (guar.)
1% Aug. 1 Holders of rec. July 21
Indiana Pipe Line (guar.)
50o. Aug. 15 Holders of rec. July 25
Debenture stock (guar.)
2
Aug. 1 Holders of rec. July 21
Extra
250. Aug. 15 Holders of roe. July 25
Denver Union Stook Yards,Corn.(03
Oot. 1 *Holders of reo. Sept. 20
Industrial Finance CorpCommon (guar.)
Jan l'31 *Hold, of rec. Dec. 20'80.
Common (payable in common stock).. /234 Aug. I HOlders of roe. Apr. 18
Common (quer.)
Ap.1 31 *Hold, of reo. Mar. 20'31
Common (payable in common stook).- 12% Nov. 1 Holders of roe. Apr. 18
Diamond Match (guar.)
$2
Sept.15 Holders of rec. Aug. 300
Common (Payable In common stock).. 1234 Febl'31 Hold,of res. Apr. 18'30
Dictaphone Corp.,com.(guar.)
*75o. Sept. 2 *Holders of rec Aug. 15
Ingersoll-Rand Co., corn. (guar.)
31
Sept. 2 Holders of roe. Aug. 51
*2
Preferred (guar.)
Sept. 2 *Holders of rec. Aug. 15
Instill Utility Invest., cons. (In stock).- 01134 Oct. 15 *Holders of reo. Oct. 1
Distillers Co. Ltd.Internat. Agricultural Corp., Pref. (flu.) 134 Sept. 2 Holders of rec. Aug. 160
Aug.
Am. dep. rots, for ord. reg. sh8
7 Holders of rec. July 8
(r)
Internat. Business Machines (guar.)
114 Oct. 10 Holders of rec. Sept.22a
*90c. Aug. 15 *Holders of rec. July 31
Dominion Bridge, corn. (guar.)
Internat. Cigar Machinery old corn(03 $1.25 Aug. 1 Holders of roe. July 18
Dominion Tar & Chemical, pref.(guar.) 1% Aug. I Holders of rect. July 17
International Harvester Co.. prof.(:111.)- 154 Sept. 2 Holders of rec. Aug. 50
Dominion Textile, common (guar.).- *$1.25 Oct. 1 *Holders of rec. Sept. 15
Mercantile Marine
$1 Aug. 15 Holders of roe. July 28a
'154 Oct. 15 *Holders of rec. Sept.30 International
Preferred (guar.)
Nickel pref. (guar.)
134 Aug. 1 Holders of roe. July 2a
Duplan Silk Corp., corn. (guar.)
500. Aug. 15 Holders of rec. Aug. la Internat.
International Paper, corn.(guar.)
6oc. Aug. 16 Holders of roe. Aug. 1
Eastern Utilities Investing Corp.
Internat. Paper de Power, com. A (03
60o. Aug. 15 Holders of roe. Aug. la
Participating preference(guar.)
51.75 Aug. 1 Holders of roe. June 30
Internat. Printing Ink,com.(qual.)..
750. Aug. 1 Holders of roe. July 15a
$8 preferred (guar.)
$1.50 Sept. 2 Holders of rec. July 31
Preferred(guar.)
11.4 Aug. 1 Holders of rec. July 15a
$1.75 Sept. 2 Holders of rec. July 31
$7 preferred (guar.)
International Shoe. pref. (monthly)....
50o. Aug. 1 Holders ot rec. July 15
$5 prior preferred (guar.)
$1.25 Oct. 1 Holders of reo. Aug. 30
Preferred (monthly)
*50c.. Sept. 1 *Holders of rec. Aug. 15
Eaton Axle dt Spring (guar.)
75o Aug. 1 Holders of rec. July 150
Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept. 15
Elec. Pow. Assoc., com. & cl. A (0.)„
25o Aug. 1 Holders of rec. July 15
Preferred (monthly)
*500. Nov. 1 Holders of rec. Oct. 15
Elec. Shareholdings, corn.(guar.)
*250 Sept. 1 *Holders of reo. Aug. 5
Preferred (monthly)
*50o
Deo. 1 Holders of rec. Nov. 15
Common (payable In com. stock)___
11 Sept. 1 *Holders of rec. Aug. 5
Interstate Dept. Stores, pf. (quar.)
134 Aug. 1 Holders of rec. July 21a
Prof. (guar.)
(s) Sept. 1 *Holders of rec. Aug. 5
Entertype Corp., com .(qual.)
600.
Aug.
15 Holders of roe. Aug. la
Electric Storage Batt. cons.& pt.(gu.)
$1.25 Oct. 1 Holders of rec. Sept. 96
First preferred (guar.)
Oct. 1 Holders of roe. Sept.25
2
Elgin National Watch (guar.)
*6234c Aug. 1 *Holders of roe. July 16
Jantzen Knitting Mills, com.(qual.)... *50c. Aug. 1 *Holders of roe.
Jule 15
Empire Title & Guarantee(guar.)
$1
Aug. 1 Holders of roe. July 21
Kalamazoo Veg. Parchment (guar.).- •150, Sept.30 Holders of rec. Sept.
20
Emporium Capwell Corp.. com. (guar.) *250. Sept.24 *Holders of rec. Sept. 1
Quarterly
•150 Deo. 31 *Holders of rec. Deo. 22
Enamel& Heating Products(gu.)
250. Aug. 1 Holders of rec. July 15
Kaufmann Dept. Stores.. corn.(qual.)
28
July
38c.
Holden
June
of
reo.
100
Eureka Pipe Line (guar.)
$1 Aug. 1 Holders of rec. July 15
Kayser (Julius) & Co.(guar.)
62340 Aug. 1 Holders of rec. July 150
Ewa Plantation (guar.)
*600. Aug. 15 *Holders of roe. Aug. 6
Kelsey-Hayes Wheel, Prof.(guar.)
ti Aug. 1 Holders of reo. July 21
Exchange Buffet (guar.)
37340. July 31 Holders of rec. July 150 Kendall Co., porno. pref.
A
- $1.50 Sept. 1 Holders of rec. Aug. 100
Fair (The) common (guar.)
600. Aug. 1 Holders of rec. July 210 Keystone Watchcase Corp.,(guar.).
(corn.)____ $1.60 Aug. 1 Holders of rec. July 180
Preferred (guar.)
154 Aug. 1 Holders of rec. July 210 Kidder Participations.
Inc, COMmOn--- *66340 Aug. 1 Holders of roe. July 17
Fairbanks, Morse dz Co.common(guar) 760. Sept.30 Holders of roe. Sept. 12a Kidder Participations
No. 2, pref.(extra) *250. Oct. 1
Preferred (0=3
154 Sept. 1 Holders of roe. Aug. 120 Kinney (G. R.) Co., cons.
(guar.)
250. Oct. I Holders of rec. Sept. 150
Fashion Park Associates, prof.(Qual.).
lit Aug. 1 Holders of rec. July 18
Preferred (guar.)
Sept. d2 Holders of rec. Aug. 15a
2
Faultless Rubber. com.(guar.)
62340008. 1
Sept. 16
Kirby Lumber (guar.)
el% Sept. 10 Holders of reo. Aug. 80
Federal Electric Co.$7 Pref.(gu.)(No.1) *$1.75 Aug. 1 Holders of rec. July 20
Quarterly
el% Dec. 10 Holders of re°. Nov.29
$6 preferred (guar.) No. 1)
*31.50 Aug. 1 Holders of rec. July 20
Klein (D. Emil) Co.,com.(guar.)
*25c. Oct. 1 Holders of rec. Sept. 20
Federal Knitting, common (guar.)
62340 Aug. I Holders of reo. July 15
Preferred (quar.)
Common (extra)
12%o Aug. I Holders of rec. July 15
Klein (Henry) & Co., panic. W.(03-- 411.75 Aug. 1 Holders of rec. July 19
Aug. 1 Holders of roe. July 21
Federated Capital Corp., corn.(qual.).,
20o, Aug. 31 Holders of reo. Aug. 15
Kress (El. H.)& Co., common (Qual.)... 30e. Aug.
25e.
1 Holders of roe. July Ila
Common (payable In common stook).- 11
Aug. 31 Holders of roe. Aug. 15
Common (pay.In special Prof.stock)..
J50o. Aug. 1 Holders of roe. July 110
6% preferred (guar.)
37.4o. Aug. 31 Holders of rec. Aug. 15
Special preferred (guar.)
15o.
Aug.
1
Holders of reo. July 116
First National Investment
*75c. Aug. 1 Holders of rec. July 15
Kroger Grocery & Baking,2nd pf.(v.)- •1% Aug. 1 *Holders
of rect. July 21
First Security Corp.(guar.)
*$2 Oct. 1 Holders of roe. Sept. 20
Stook dividend
Sept. I Holders of roe. Aug. Ila
61
Florshebn Shoe Co., class A (quar.)
750. Sept. 2 Holders of rec. Aug. 180 Lackawanna Securities Co
Sept. 2 *Holders of rec. Aug. 15
Class B (guar.)
*37/40 Sept. 2 Holders of rec. Aug. 18
Lake of the Woods Milling, com.(03- e$3
80c. Sept. I Holders of rec. Aug. 10
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept.150
Preferred (guar.)
114 Sept. 1 Holders of rec. Aug. 16
Foreign Pow. Securities Corp., prat.(0) 1% Aug. 15 Holders of roe. July 31
Landis Machine. common (guar.)
*750. Aug. 16 *Holders of roe. Aug. 6
Formica Insulation (guar.)
*500. Oct. 1 Holders of roe. Sept. 15
Common (guar.)
*750. Nov. 15 *Holders of rec. Nov. 6
Quarterly
*500. Jan1'31 Holders of reel. Deo. 15
Lane Bryant, Inc., pref. (guar.)
134 Aug. 1 Holders of roe. July 15
Foundation Co.of Canada.com.(03-. 250. Aug. 15 Holders of rec. July 31
Lanston Monotype (guar.)
154 Aug. 30 Holders of rec. Aug. 20a
•1X On. 1 Holders of roe. Sept. 16
Frank (A. B.) Co.. Prof. (Guar.)
Extra
25c. Aug. 30 Holders of rec. Aug. 200
Franklin (H. H.) Mfg., pf.(qual.)
*lit Aug. 1 Holders of rec. July 20
Lazarus (F.& R.) Co., pref. (guar.)
.1S Aug. 1 *Holders of rec. July 19
$1
Freeport Texas Co.(guar.)
Aug. 1 Holders of res. July 150 Leath de Co., common (guar.)
*250. Sept.80 *Holders of roe. Sept.20
General Alliance (guar.)
40e. Aug. 15 Holders of roe. Aug. la Letcourt Realty
Corp.,common (guar.). 40o. Aug. 15 Holders of roe. Aug. 5
General Amer. Tank Car,stook dividend el
Oct. 1 Holders of roe. Sept. 13a Lehigh Coal az Navigation
350. Aug. 30 Holden of reo. July 316
(War.)
Stock dividend (guar.)
el
Jan 1'31 Holders of rec. Deo. 13a Lehigh Portland
Cement
6234c Aug. 1 Holders of rec. July 146
General Cable Corp. pref.(guar.)
$1.75 Aug. 1 Holders of roe. July 150 Lehn & Fink Products (guar.)
750.
Co.
Sept. 1 Holders of roe. Aug. 151
(guar.)
(guar.)
common
Cigar,
Aug. 1 Holders of roe. July 180 Leasing's, Inc.(guar.)
51
General
360. Sept.30 Holders of rec. 8E4.11
250. Sept. 1 Holders of reo. Aug. 15
General Empire Corp.(No. 1)
Liberty Share Corp., stook dividend
*el
Deo. 31
750, Aug. 1 Holders of rec. July 150 Lincoln Printing,common
Gen.Foods Corp., corn.(guar.)
500. Aug. 1 Holders of rec. July 22
(Tutu.)
General Mills, com. (guar.)
750. Aug. 1 Holders of rec. July 110
Preferred (guar.)
8754e Aug. 1 Holders of roe. July 22
General Outdoor Advertising, oh A (qui $1 Aug. 15 Holders of roe. Aug. 56 Link-Belt Co. corn.(guar.)
650. Sept. 1 Holders of reo. Aug. 16a
•134 Aug. 15 Holders of res. Aug. 5
Preferred (guar.)
Lion 011 Refining, corn.(guar.)
*500. July 28 *Holders of roe. June 27
Name of Comyang.
JULY 26 1930.]
Name of Company.
591
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclustre.
Name of Company.
Per
When
Con:. Payable.
Books Closed
Days /narrates.
Miscellaneous (Continued).
Miscellaneous (Continued).
Holders of rec. J1111 124
51.24 Aug.
Holders of rec. July 19a Republic Steel Corp. common
Aug.
Liquid Carbonic Corp. corn.(quar.)--- 81
•750. Oct. 1 "Holders of rep. Oct. 1
Republic Supply (qua:.)
Holders of rec. July 25
Aug.
Loew's Ohio Theatres, Pref. (quer.). __- 2
30e. July 1 Holders of rec. June 30
Investment Trust. pref
dResearch
1
rec.
of
Holders
15
Sept.
Aug.
pf.(qu.)_
Investments
London Canadian
$1.75 Aug.
Holders of rec. July 100
Holders of roe. July 186 Revere Copper &Brass, pref.(quar.)
65e. Aug.
Loose-Wiles Biscuit,corn.(guar.)
3714e. Aug.
Holders of rec. July 15
10e. Aug.
Holders of rec. July 18a Riee-Stix Dry Goods, common (guar.)
Common (extra)
Holders of rec. Aug. la
50o• Sept
Richfield Oil of Calif„corn.(guar.)
of
Holders
18a
Oct.
Sept.
14i
rec.
First preferred (guar.)'
43440.
Aug.
of rec. July 5
Holders
Preferred (guar.)
Holders of rec. July 176
Aug.
2
Lord & Taylor. 24 pref.(Guar.)
"Holders of rec. July 15
•900. Aug.
145 Aug. 1 Holden of rec. Aug. la Rollins Hosiery Mills, prof.(quar.)
Louisiana Oil Refit. pref. (guar.)
Aug.
•35e.
of ros. July 10
*Holders
Bros.
Hoover
preferred
Sept.20
rec.
•145 Oct.
"Holders of
Lunkenbelmer Co., pref.(guar.)
51.875 Aug. 1 Holders of rec. July 30a
Royal Dutch Co., N. Y. Shares
•145 Jan V3
Preferred (ellar.)
•650. Aug.
*Holders of rec. July1 20
(guar.)
Manufacturing
Ruud
5
Aug.
ree.
of
*Holders
1
Aug.
50e.
Lynch Corp.. common
050c. Aug.
*Holders Of roes Julyi 18
Ryerson (Joseph T.) 4r Sou (guar.)
Aug. 1 *Holder' of rec. Aug. 5
Common (payable in common stock)_. *11
50e. Sept.2 Sept. 10 to Sept. 21
St. Joseph Lead Co.(guar.)
Aug.
Holders of rec. July 16
MacKinnon Steel. let pref.(guar.)
250. Sept.2 Sept. 10 to Sept. 21
Extra
16
Aug.
July
25e.
rec.
of
Holders
MaeMarr Stereo, corn.(guar.)
50e. Dec. 2 Dec.,10 to Dec. 21
Quarterly
50e Aug. 1 Holders of rec. July 250
Miley (R. H.) & Co.. quarterly
250. Dec. 2 Dec. 10 to Dec. 21
Extra
•114 Aug. 1 *Holders of reo. Aug. 6
Magnin (I.) & Co.. pref (guar.)
Holders of rec. July 19
144 Aug.
St.Lawrence Flour Mills, prof.(qu.)_ _
5
Nov.
rec.
of
1
Nov.
'1)4
*Holders
Preferred (Guar.)
Holders of roe. July 150
Aug.
50e.
(qua:.)
Salt Creek Producers Assn.
Mansfield Theatre Co.(Toronto). prat_ 315 July 3 Holders of reo. June 30
•134 Aug. 1 *Holders of ree. Aug. 1
pref.(quar.)
emend
Aram
Savage
1
Aug.
*114
Matson Navigation (guar.)
Aug.
51.50
Holders of rec. July 15
(quar.)....
corn.
Sapr
ah
err
un
vaef
g
g
u
(
S
ed
1
Nov.
e
.)
R
ax
r
u
a
Fa•1)4
Quarterly
Aug.
I
Holders of rec. July 15
Holders of rec. Aug. 150
500 Sept.
May Department Stores, corn.(quar.)
Aug. 1 *Holders of rec. Aug. 47
*30o.
ar
(qua:.)
n-Dilion
e
ttra
.
E
Scot
Co.
.f144
Sept.
of
Holders
150
Aug.
ree.
stock).
common
Common (payable in
of rec. Aug. 7
*Holders
1
Aug.
•10e.
Holders of rec. Nov. 156
Common (payable in common stea)- 11)4 Dec.
Holders of ree. July 170
134 Aug.
Holders of rec. July 166 Scott Paper, pref. A (quar.)
$1.50 Aug.
Maytag Shoe, lot pref. (guar.)
Holders of rec. July 170
Aug.
134
B
Preferred
15a
July
(guar.)
rec.
of
Holders
Aug.
750
Cumulative Preference (guar.)
Holders of rec. July 31
154 Aug. 1
62 lic Aug.
Holders of roe. July 196 Seaboard Surety (guar.)
McCall Corp.(quar.)
Holders of reo. July 154
6215c Aug.
Sears-Roebuck (quar.)
.25c. Aug.
*Holders of roe. July 24
McCord Radiator & Mfg., el. Ei (qu.)
of rec. July 15a
Holders
Aug.
el
Stock
My.
la
July
(guar.)
roe.
Holders of
115 Aug.
McCrory Stores Corp.. Pref.(qua:.)
Nov.
Cl
Holders of rec. Oct. 150
Stock dividend (guar.)
50e. Aug.
Holders of rec. July 180
Melville Shoe Corp.. corn. (quar.)
of rec. Sept. 100
Holders
(quar.)....
Oct.
51.25
pref.
Second
National
18
Invest.,
Aug.
July
1H
ree.
Holders
of
First preferred (guar.)
*Holders of res. Jul, 18
Secur. Corp. Gen'l new corn.(qu.)(No.1) •100 Aug.
7y4e. Aug.
Holders of rec. July 18
Second preferred (guar.)
Aug.
*Holders of rec. July 18
(No. 1)
51.50
•
New
(guar.)
86
Aug.
pref.
15
July
tee.
of
Holders
1%
(guar.)
pref.
Ltd..
Mills.
Mercury
'Holders of rec. July 18
•$1.75 Aug.
$7 Preferred (guar.)
*Holders of ree. Aug. 15
Merritt, Chapman & Scott, corn.(guar.) *40e. Sept.
Holders of rec. July 15
750 Aug.
Seeman Brothers. Inc..common(guar.)*134 Sept.
*Holders of rec. Aug. 15
Preferred A (quar.)
Aug.
354
Holders of rec. July 15
(qua:,)
corn.
Shoe.
Selby
la
Aug.
1
Aug.
3715e.
rec.
of
Holders
(guar.)
Miami Copper Co.
Holders of rec. July 15
Aug.
114
Preferred
Oct. 20 Holders of rec.Sept. 300
el
(guar.)
Michigan Steel, stork dividend
50e. Aug. 1 Holders of rec. July 15a Service Stations, Ltd.(Toronto)Mid-Continent Petroleum (guar.)
115 Aug.
_
(qu.)
A
Holders of rec. July 15
ser.
preference
6%
di
pref.
1
Aug.
$1.50
6%
Holders
rec.
of
4
Regulator
Aug.
Minneapolls-Honeyw ell
50o Aug.
Holders of rec. July 16
Seton Leather, corn (guar.)
500. Aug. 1 Holders of rec. Aug. 4
Extra
(guar.)
Aug.
Holders of rec. July 170
8754c
Dohme
&
A
pref.
Sharp
18
Aug.
60c.
July
rec.
of
Holders
(quar.)
Cement
Portland
Missouri
Sheaffer (W. S.) Pens, common (guar.) *51 Sept. 1 "Holders of rec. Aug. 25
*25c. Aug.
*Holders of rec. June 30
Mitchum Tully Participations
Shares
2
July
51.453
Holders of rec. July 210
Amer.
Shell Transport & Trading
*62 He Aug.
*Holders of rec. June 30
Participating preferred
Holders of rec. July 5
(If) Aug.
Shenandoah Corp. pref.(guar.)
*15c. Aug.
*IIolders of rec. June 30
Participating preferred (extra)
Aug.
of me July 14
Holder.)
Co.,
(guar.)
pref.
Bros.
144
&
(Isaac)
Silver
1
Aug
300
)4e
62
Holders of rec. June
Mitten Bank Securities, COfe
50c. Aug.
Holders of rec. July 150
874c Aug. 1 Holders of rec. June 30a Simpsons, Ltd.. corn. A (guar.)
Preferred
1.44 Aug.
Holders of rec. July lba
(guar.)
Preference
75e.
•
Aug.
of
*Holders
July
rec.
HI
Modine Mfg.(guar.)
Aug. 1
Holders of rec. Aug. la
Sinclair Consol. MCorp., pref.(quar.)- 2
75e. Aug. 3 Holders of rec. July 31
Mohawk Mining
50c. Sept.1 Holders of rec. Aug. 154
Skelly 011, common (guar.)
Moody's Investors' Service134
Aug.
Holders of rec. July la
(No.
1
1
Aug.
Preferred(quar)
Aug
756
rec.
of
Holders
(guar.)
Participating preference
•6245c Aug.
"Holders of roe. July 25
Skinner Organ,core.(guar.)
750. Nov. 1 Holders of rec. Nov. 1
Participating preference (guar.)
Holders of rec. July 150
pref. (guar.).--5 1.3715 Aug. 1
Invest.
Amer.
Solvay
Aug.
of
Holders
25
July
11.50
rec.
(guar.)
A
class
Forge.
Drop
Moore
$1.50 Oct.
Holders of rec. Sept. 15
43
Aug.
Spans. Chalfant & Co., pref. (guar.)
Holders of rec. July 25
Morris Plan Co.(Cleveland)
•Ifolders of rec. July 15
14( Aug.
Holders of rec. July 15
Spiegel. May. Stern Co., prof. (quar.)... •145 Aug.
Mullins Mfg. Corp., pref. (guar.)
10e. Aug.
common...
of rec. July 16
Holders
Inc..
Corporations,
Standard
(qu.)
1
Nov.
•25c.
*Holders
15
Oct.
roe.
of
A
core.
Utilities.
Municipal Tel. &
Holders of rec. July 28
Holders of rec. Aug. 136 Standard Invading Corp. pref.(qua:.)_. 51.375 Aug. I
75c. Sept.
Munsingwear, Inc., corn. (guar.)
Aug.
Holders of rec. July 216 Stearns(Fred'k) Co.,com.(monthly)•16 2-30. July 3 *Holders of reo. July 21
$1
Nash Motors (guar.)
162-Sc Aug. 3 *Holders of rec. Aug. 20
3715e Aug.
Monthly
Holders of roe. July 150
National Acme Co.. corn. (guar.)
Holders of rec. July 7
14( Aug.
Steel Co.of Canada. corn.& pt.(q.).- 431(c Aug.
Holders of rec. July 15
Nat. Bearing Metals pref.(guar.)
*40c. Aug. 1 'Holders of roe. July 30
Stein (A.)& Co.,common(guar.)
14( Sept.
Holders of rec. Aug. 21
National Belles Hess. Inc.. pref. (ctn.)._
Sept.
Ho
37
•
of rec. Aug. 16
*Holders
common
(gusx.)
Fuller,
1
Oct.
&
of
Beer
Holders
Slit,
70c
rec. Sept. 19a
National Biscuit, common (quar.)
•374c Dec.
'Holders of rec. Nov. 15
Common (auar.)
Aug. 3 Holders of rec. Aug. 156
1
Preferred (guar.)
Aug.
500.
of rec. July 23
Holders
(quar.)
Industries
Sun-Glow
Aug.
Holders
18
July
2
of
rec.
(qua:.)
National Carbon, pref.
750. Aug.
Holders of rec. July 10
Sun Investing Co., pref.(guar.)
National Dairy Products650. Aug.
Holders of roe. July 18a
Oct.
Holders of rec. Sept, lila Sunshine Biscuit. oom• (guar.)
Corn.(payable in mm.stook) (guar.)- f1
10c Aug.
Holders of rec. July 18a
11,f Aug.
Common (extra)
Holders of rec. July 156
Nat'l Dept. Stores. let pref. (quar.)
$1.75 Oct.
Holders of rec. Sept. 18
First preferred (guar.)
Holders of rec. July 15a
50o Aug.
Nat. Distillers Products, corn.(quar.)....
•2715c Aug.
*Holders of rec. July 23
(mthly.)
A
el.
Cement.
Port!.
Superior
Aug.
The.
Holders
1
July
rec.
of
Item.
National Fireproofing.
Aug.
*25e.
'Holders
of rec. July 28
(quar.)
Corp.
Maid
Super
22
Aug.
Holders of r7e. July
62)4c
National Investment Shares. pref
25c Aug.
Holders of rec. July lb
Holders of reo. July 186 Sweets Co.of Amer.(guar.)
National Lead. pref. Class B (guar.).- 1% Aug.
Aug. 1 Holders of rec. July 15
25
51
Internacional
Swift
5
July
Holders
1
of
2
July
rec.
National Licorice, corn
July 18 to July 31
15e Aug.
Teck-Hughes Gold Mines
750 Aug.
Holders of rec. July 21
National Pumps, corn.(guar.)
Holders of rec. July 150
30c Aug.
•3714e Aug. 15 Holders of roe. Aug. 1
Telautograph Corp. (guar.)
National Refining, corn. (quar.)
Holders of rec. July 15a
Sc.Aug.
Extra
Nat.Short Term Securities.of Teo. July 20
*Holders
Aug.
•200
(monthly)
Dec. 15 Holders of rec. Nov. 30
fa
Telephone Corporation
Common A (payable in stock)
*Holders of rec. Aug. 20
Sept.
*213c
15
Aug.
11.25
Monthly
Holders
roe.
of
5a
Aug.
National Supply Co., corn.(guar.)
of ree. Sept. 20
*Holders
Get.
•20c
134ic. Aug. 1 Holders of rec. July 14
Monthly
National Tea, pref. (guar.)
*Holders of rec. Oot. 20
•200 Nov.
3744e Aug. 1 Holders of rec. July 15
Monthly
National Tile (guar.)
"Holders of rec. Nov. 20
Dee.
*20o
1
Aug.
12c.
of
1)...
(No.
Holders
Monthly
July
rec.
15
Nation-Wide Securities Co. B
30
40e. Oct. 1 Holders of roe. Sept. 15a Tennessee Products Corp.. com•(guar.) •254 Oct. I *Holders of roe. Sept. 31
Neisner Bros., Inc.. etommon (quar.)....
*25e Ja 103 *Holders of rec. Dec.
Common (guar.)
40c Jaill'31 Holders of roe. Dec. 15a
Common (guar.)
31
Mar.
reo.
of
*Holders
4-10-3
•250
Aug.
1
(guar.)
14‘
of
Holders
rec.
Common
15
July
Preferred (guar.)
Holders of ree. Aug. 30a
$1 Sept. 1
Texas Gulf Sulphur (guar.)
•111 Sept. 1 *Holders of rec. Aug. 16
Newberry (3..1) Co.. pref.(guar.)
50
Thatcher Mfg.. corn. & pref.(quiz.).... 900 Aug. 1 Holders of rec. Aug.
Newberry (J. J.) Realty Co. pref. (ell.)- •144 Aug. 1 "Holders of rec. July 16
of rec. July 18
*Holders
Aug.
•144
(guar.)
pref.
Company,
Aug. 1 *Holders of rec. July 16
'l
Thermold
6)4% preferred (guar.)
July 16 to Aug. 1
Aug.
3
•500. Aug. 9 *Holders of rec. July 19
54 East 51st St., Inc., prof
New Jersey Zinc (quar.)
80c Sus. 1 Holders of ree. July 310
13( Aug. 1 Holders of rec. July 15
Tide Water Associated Oil, eemi-annual_
New Process Co., pref. (quar.)
11. Aug. 1 Holders of roe. July 254
Tide Water Oil, pref.(guar.)
New River Co. pref.(ace't aceum.)----• 511.50 Aug. 1 *Holders of rec. July 10
20e. Aug. 1 Holders of rec. July 25a
90e. Aug. 1 Holders of rec. July 8a Tobacco Products class A (Guar.)
New York Air Drake(guar.)
July 3 Holders of rec. July 160
C
series
2534e
etre.,
Dividend
26
July
25e.
Holders of ree. July 15
Y.& Honduras Rosario MinIng
N.Y
25c. Aug. 1 Holders of rec. July 25
Traung Label & Lithograph; el.•Riu.)- •3715e Sept. 1 *Holders of rec. Sept. 1
New York Merchandise, corn. (qu.)---.
*3734o Dee. 1 *Holders of tee. Dee. 1
1 H Aug. 1 Holders of rec. July 25
Class A (guru"
Preferred (guar.)
Holders of rec. July 15
Tristate Royalty Corp..corn.(monthly). 8 1-3c Aug.
Niles-Bement-Pond. common (guar.)- "500 Sept.3 "Holders of Teo. Sept.20
Holders of rec. July 15
10e. Aug.
Preference A (monthly)
•506 Dee. 3 'Holders of ree. Dec. 20
Common (qua:.)
Holders of rec. July 15
Aug.
75e
---(guar.)
pref.
$3
Corp.,
Tri-UtIbtles
1
Oct.
14
•el
*Holders
20
of roe. Sept.
Noblitt-8parke Industries (in stock)
Holders of rec. July 18
Aug.
82
20c Aug
Troxel Mfg.,CCM.((Mara
Holders of rec. July 21
Noma Electric Corp. (guar.)
Holders of rec. July 18
114 Aug.
15e Sept. 2 Holders of rec. Aug. 11
Preferred (guar.)
North Central Texas 011 (quar.)
Holders of rec. July 210
Aug.
40c
(quar.)
Coal
Truax-Traer
66
2-30 Aug. 1 "Holders of rec. July 15
Northern Mo.. pref.•(monthly).- --•
*400 Aug. 1 *Holders of rec. July 31
•68 2-3e Sept. I *Holders of reo. Aug. 15
Tninz Pork Stores
Preferred•(monthly)
•662-3 Oct. 1 *Holders of ree. Sent. 15
Aug. 1
July 16 to
Aug.
3
Tudor City Fourth Unit, pref
Preferred A (monthly)
•662-Sc Nov. 1 *Holders of rec. Oct. 15
"Holders of rec. July 19
•254 Aug.
Tung-Sol Lamp Works corn.(quar.)-Preferred •(monthly)
•66 2-3c Dec. 1 Molders of roe. Nov. 15
*Holders of rec. July 193
•750 Aug.
Preferred (guar.)
Preferred•(monthly)
Holders of rec. July 170
500 Lug.
Unthn 011 (guar.)
Northwest Engineering common (guar.). •500. Aug. 1 *Holders of rec. July 15
Holders to rec. July I7a
Aug.
el
Stock dividend
.$1.50 Aug. 1 *Holders of tee. July 20
Oftglesby Paper. Preferred (Oust.)
'
6234c Aug. 1 *Holders of rec. Aug.
g n Storage Co. (guar.)
Untouin
*51.60 Nov. 1 *Holders of re.). Oct. 20
Preferred (gaar"
"Holders
1
Nov.
of Tee. Nov. 1
(quar.)
corn.
Aug.
50c.
6234r
Tube,
15
Au. 1 to Aug. 14
Ohio Seamless
Holders of ree. Aug. 160
40c. Sept.
United Biscuit, corn. (quar.)
• 011stocks, Ltd., clam A & 13 (guar.).- •1215e Aug. 15 *Holders of rec. July 31
Aug.
Holders
H
of rec July 170
1H
1
Aug.
(quar.)
Preferred
(quar.)
Pref.
Supply.
Well
Holders
12a
of
rec. July
011
Oct.
4
Holders of rec. Sept.120
United Dyeweed Corp.. prof.(quiz.).... 1(
Oliver United Filters, cone. A (guar.).- •50e. Aug. 1 'Holders of rec. July 21
40e. Aug.
.
'Holders of rec. July 29
75c. Aug. 15 Holders of rec. July 25a United Engineering & Fdy.(guar.)
Oppenhelm, Collins A Co., (quar.)
*Holders of rec. July 29
•350. Aug.
114 Oct. 13 Holders of roe. Sept. 3u0
Extra
Otis Elevator. pref. (guar.)
600 tug.
Bothers ot rec. July 150
I 1.4.1 an15'31 Hold. of roe. Dee.31'ana United Piece Dye Works, corn.(guar.).
Preferred (guar.)
50c Nov
Holders of reo. Oct. 150
Aug. 1 Holders of rec. July 216
$1
Common (guar.)
Outlet Company, common (quar.)
Holden!' of rec Sept 200
134 Oct.
Preferred (Guar.)
1 St Aug. I Holders of rec. July 21a
First preferred (guar.)
li Jan2'3 Holders of rec. Dee. 200
1)4 Aug. 1 Holders of rec. July 210
Second preferred (guar.)
Preferred (quar.)
750. Aug.
Holders of fee. July 15
75o. Aug. 15 Holders of rec. July 30a United Securities Corp.. class A
Owens-Illinois Glass. COM. (guar.)
*30e. Aug. I "Holders of rec. Aug. 1
1(4 Oct. 1 Holders of rec. Sept.15
United Scour. Trust Associates (qu.)
Preferred (quar.)
50c. Aug.
Holders of rec. July 2a
25e. Sept. 12 Holders of rec. Aug. 15a
United Verde Extension Mining (quar.)
Packard Motor Car, corn.(guar.)
75c. Aug.
Holders of rec. July 15
'81 50 Aug. 15 'Holders of rec. Aug. 8
U.S. dr British Internat.. $3 pref.(mi.)
Paepoke Corp.. corn. (quar.)
Holders of roe. July 11
Parmelee Transportation corn.(mthly.) 12)40 Aug. 11 Holders of rec. July 3I0 U.S. Foreign Securities, lot pref.(guar.) $1.50 Aug.
50e. dSept.
Holders of rec. Aug. 216
$I
Aug. 15 Holders of reo. Aug. 5
U.S.Hoffman Machinery (guar.)
Penmans. Ltd., common (guar.)
114 Aug. 1 Holders of rec. July 21
Holders of ree. July 150
U. S. Industrial Aloohol. corn.(qua:.).. 51.50 Aug.
Preferred (guar.)
7)4o, Aug. 1 Holders of rec. July 150
U. B. Pipe & Foundry. corn. (quar.)..... 215 Oct. 20 Holders of ree. Sept. 200
Penn Traffic Co
214
Ja20'3
Aug.
35e.
Holders of rec. Dec. 310
1
Holders
of
(guar.)
Common
Corp
ree.
Rectifying
Petroleum
July 15
80c. Oct. 2 Holders of rec. Sept. 300
15e. Aug. 1 Holders of rec. July 15
First Preferred (guar"
Extra
300 Ja20'3 Holders of rec. Dec. 310
52.50 Aug. I Holders of rec. July 15a
First preferred (gum.)
Philadelphia Insulated Wire
750. Aug.
14f Aug. 1 Holders of rec. July 21a Universal Leaf Tobacco corn.(quar.)...
Holders of rec. July 180
Phillips Jones Corp. pref.(qua:.)
[folders of rec. July 15s
Unthersal Pipe & Radiator. Prof. (guar.) 141 Aug.
Pitney-Bowes Postage Meter (guar.)... '50. Aug. 1 *Holders of rec. July 24
_
(guar.)
2
pref.
Aug.
Corp.
14(
3715c.
1
Sept.
Holders of rec. July 31
Industrial
of
&
Holders
(guar.)
pref.
rec.
Utility
90
Aug.
Steel
Pittsburgh
144 Aug.
50e. Aug. 1 Holders of rec. July 15
Holders of ree. July 210
Vadsco Sales Corp.. pref.(guar.)
Power & Light Securities Trust
Cl
75o. Aug. 15 'folders of rec. Aug. 16
Aug. 1 Holders of rec. July 15
Vanadium Corp.of Amer.(guar.)
Stock dividend
•
10
Sept.
Aug.
600.
15
134
"Heiden'
of rec. Sept, 1
Car
Prof
Co..
Heatlag,
Holders
Vapor
Blum-)
corn.
of rec. July 254
(guar.)Procter & Gamble
Aug 15 Holders of fee. July 240
'144 Dee. 10 'Holders of rec. Dec. I
51
Preferred (guar.)
Pullman. Inc. (guar.)
200. Aug. 1 July 19 to July 31
'$1
Aug. 1 *Holders of rec. July 21
Victor Talking Machine(guar.)
/Irene Mfg., common (quar.)
1
'134 Aug. 30 *Holders of rec. Aug. I
Oct. 20 Holders of rec. Oct. 40
Common (guar.)_
g,.)
Vu
nar
(nqiu
etin
Quaker Oats Co., pref. (guar.)
134 Oct. 20 Holders of rec. Oct. 40
Preferred
Radio Corp. of Amer. pt. A (guar.)._ 87 Hc. Oct. 1 Holders of rec. Sept. 2a
I
•2
.6
1
Aug. 1 *Holders of rec. Sept. 20
Oct.
Oct.
prof.
51.25
of
Holders
Waltham
(guar.)
rec.
Watch
)
2a
(qhar.
Sept.
Preferred B
0500. Aug. 1 "Holders of rec. July 21
Warchel Corp., cony. preferred
'Holders of rec. July 15
Randall Co., class A (guar.)
Aug. 1 *Holders of rec. July 19
West Maryland Dairy Products-.
Raymond Concrete Pile, corn. (quar.)_ _ .41
.8714e Sept. 1 *Holders of rec. Aug. 20
*75e. Aug. 1 'Holders of ree. July 19
Prior preferred (guar.)
Preferred (qua!'.)
*15e Aug. 1 *Holders of rec. July 21
500. Aug. 1 Holders of rec. July 21
Western Air Express (guar.)
Reed (C. A.) Co.. class A (quar.)
750. Sept. 1 Holders of rec. Aug. 20
Western Dairy Prod., pref. A (quar.)_ '81.50 Sept. 2 *Holders of reo. Aug. 12
Reliance Internatl. Corp. pref.(qu.).._
592
FINANCIAL CHRONICLE
Name of Conitumtl.
Per
When
Cent. Payable.
Books Closed
Days Indust's.
Miscellaneous (Condo/Mil
Western Steel Products. pref. (guar.).1 ti Aug. 1 Holders of rec. July 15
Weetern Tablet & Stationery. corn.(qua *500. Aug. 1 *Holders of res. July 21
Westfield Manufacturing (qua.)
50e. Aug. 15 Holders of rec. July 31
Weetingbouse Air Beek,(gum.)
500 July al Holders of ree. Jun* 20a
Westinghouse Electric & Mfg.Common and preferred (guar.)
51.28 July 31 Holders of rec. July 300
Westmoreland. Inc. (guar.)
30e. Oct. 1 Holders of ree. Sept. 550
j4 Aug. 15 *Holders of rec. Aug. 5
West Va. Pulp & Paper. pref.(guar.)
Preferred (guar.)
'114 Nov. 15 *Holders of rec. Nov. 5
Whitman & Barnes. Toe
•25e. Aug. 1 'Holders of rec. July 15
Wieboldt Storm. Inc.,onm.(gmar.)
•400. Aug. 1 *Holders of rec. July 15
Will & Baumer Candle corn.(qua
100. Aug. 15 Holders of rec. Aug. 8
Williams(R.C.)& Co.. corn.(guar.)._ 11135e. Aug. 1 *Holders of rec. July 19
Wit-Low Cafeterias. Inc., pref.(qua _
$1 Aug. 1 Holders of rec. July 21
Wilson Line. Inc.. pref
$3.50 Aug. 15 Holders of rec. July 15
vg
Winded Hosiery (guar.)
*Holders of fee. July 15
Aug.
Extra
'Holders of rec. July 15
•500. Aug.
Quarterly
102% Nov. *Holders of rec. Oct. 15
Extra
*Holders of rec. Oct. 15
111500. Nov.
Woolworth (F. W.) Co.. trom. (guar.).Holders of rec. Aug. 90
60e. Sept.
Wrigley (Wm.)Jr. Co.(monthly)
Holders of rec. July 20
25e Aug.
Monthly
Holden; of rec. Aug. 20
50e. Sept.
Monthly
25e. Oct.
Holders of rec. Sept. 20
Monthly
250. Nov.
Holders of reo. Oct. 20
Monthly
Holders of roe. Nov 20
50e. Dee.
Wurlitter (Rudolph) corn.(monthly)... •500. Aug. 15 *Holders of rec. Aug. 24
Common (monthly)
•50e. Sept.25 *Holders of rms. Sept. 24
Common (monthly)
•50e Oct. 25'Holders of rec. Oet. 24
Common (monthly)
*50e. Nov. 25 *Holders of roe. Nov. 24
Common (monthly)
*50e. Dec. 25 *Holders of rec. Dee. 24
4.1
Preferred (guar.)
(let. 1 'Holders of roe. Fleet. 20
Preferred (guar.)
'134 Jan 1'31 *Holders of rec. Dee. 20
Preferred (guar.)
'134 AprI*31 *Hold.of rec. Mar 20'31
•I 34 Jul 111 *Hold,of roe. June 20'31
Preferred (guar.)
[VoL. 131.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending July 17:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY. JULY 7 1930.
NATIONAL AND STATE BANKS-Average Figures
Loans
Disc. and
Invest.
Manhattan6
Bank of U. S.__ 212,112,000
Bryant Park Bk. 2,694,600
Grace National_ 20,935,343
Port Morris
3,154,300
Public National_ 151,747,000
BrooklynBrooklyn Nat'l_ 10,226,000
Peoples National 7,200.000
OtherCash Res. Dep., Dep. Other
Including N. F. and Bank, and
(Nose
Gold. Bk.Notes. Elsewhere. Trust Cos Deposits.
$
$
$
s
$
19,000 4.022,00030,192.000 2,258,000 206,166,000
57.700
95,100
384,200
2,217,300
2,000
59,400 1,901,579 1,440,771 19,180,890
17,000
71,700
275,400
2.854,400
30,000 1,701,000 9.288,000 30,614,000 163,783,000
16,000
5,000
103.500
116,000
614.800
530.000
593,100
179,000
7.273,900
7.300.000
TRUST COMPANIES-Average Figures.
Loans,
Res. Dep., Dep. Other
Disc. and
N. Y. and Banks and
Gross
•From unofficial sources. •The New York Stock Exchange has ruled that
Instil.
Cash.
Elsewhere. Trust Co.. Deposits.
stock will not be quoted ex-dividend on this date and not until further notice.
Manhattan$
$
$
$
$
t The New York Curb Exchange Association has ruled that stock will not be quoted
American
49,437,500 9,902,700
809.300
21,600 48,845,700
a-dividend on this date and not until further notice.
Bk. of Europe & Tr 15,829,882
845,898
181,887
14,549,385
Bronx
County
a Transfer books not closed for this dividend.
24.148,952
327,767 1,662,550
23,929,381
Chelsea
20,214,000 1,051,000 2,807,000
19,503,000
6 American Founders common dividend is 1-70th share of common stock.
Empire
74,933,300 *4,297,400 6,528.200 3.256,000 73,516,900
Federation
/Correction. e Payable in stock.
17,156,083
133,417 1,314,008
115,984 17,318.217
Fulton
18,904,000 *2,250,000
959,100
16,073,500
f Payable in common Mock.
Payable In scrip. h On account of accumulated Manufacturers
384,743,000 2.698,000 48,662,000 3,628.000 342,522,000
dividends. .1 Payable in preferred stock.
United States
79,149,000 3,883,333 6,905,337
61.230,150
Brooklyn
k Union Natural Gas dividend payable in cash, or, at option of holder. 1-50th
Brooklyn
134.351,000 2.231,000 27,467,000
share of stock.
769,000 140,031.000
Kings County
29,197,222 2,219,446 2,415,275
27,126,625
1 Of the Federal Water Service dividend, 50e. will be paid In Class A stock at
Bayonne, N.J.rate of $27 per share unless stockholder notifies company on or before Aug. 11 of Meohanlea
0 084700
228212 1.418.070
358.084 9.806.173
his desire to take the entire dividend in cash.
'Includes amount with Federal Reserve Bank as follows: Empire. $2,750,500;
m Amer. Cities Power & Light dividends are payable as follows: On class A stock
1-32d share Maas B stock, or 75c. cash. Stockholder must notify company on or Fulton, $2,141,500.
before July 15 of his election to take moth: on clam ft stock 214% in class B stock.
n Midland Natural Gas dividend 30e. cash or 1-40 share of stock.
°Empire Public Service Co. dividend payable either 45e. cash or. at option of
Boston Clearing House Weekly Returns.-In the
holder. 1-40th share clam A common stock.
p Associated Gas & Elec. Co. dividend will be paid in clam A stock at rate of following we furnish a summary of all the items in the
1-40th share of class A stock unless bolder notifies company on or before July 15
Boston Clearing House weekly statement for a series of weeks:
of his desire to take cash.
r Distillers. Ltd.. dividend is 2 abIllings 6 pence less deduction for exPenees of
BOSTON CLEARING HOUSE MEMBERS.
depositary.
s North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
One share Allen Mfg. & Electrical Corp. for each share Pilot Radio Jr Tube.
•Pacific Public Service dividend will be applied to Um purchase of additional coin.
A stock or scrip at $13 per share unless stockholders notify company to the contrary on or before July 15.
o Public TJtilitics Securities dividend Payable in cash or common stock at rate
of 1-20th share of common stock for each share preferred.
le Lees deduction for expenses of depositary.
e Lone Star Gas dividend is one share for each seven held.
Electric Shareholdings Corp. $8 pref. dividend is 1-20th share common stock
uniem company le notified by Aug. 15 of the stockholder's desire to take cash, 31.50.
If Blue Ridge Corp. and Shenandoah Corp. dividends will he Paid 1-3211 share
common stock unless holders notify corporation on or before July 15 of their desire
to take cash-750. per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OP THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JULY 19 1930.
Clearing House
Members,
*Cavtral.
Bank of N Y & Trust Co
Bank of Manhattan Tr Co
Bank of Amer Nat Assn
National City Bank....
Chem Bank & Trust Co.
Guaranty Trust Co
Chat Phen N B & Tr Co
Cent Hanover Bkdar Co
Corn Exch Bank 'Tr Co.
Fleet National Bank Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine MidiandTru.st Co
Lawyers Trust Co
New York Trust Co____
Comml Nat Bk & Tr Co
Harriman N Bk & Tr Co
$
6,000.000
22,250.000
38,775.300
110,000,000
15.000,000
90,000,000
16,200,000
21,0130,000
615,000,000
10,000.000
50,000,000
6,000,000
148,000,000
500,000
25,000.000
10.000.000
10,000,000
3,000,000
12,500,000
7.000.000
2,000.000
Clearing Non-Members
City Bk Farmers'Pr Co.
Meehan 'Tr Co. Bayonne
10,000,000
500,000
TrAttle
*Surplus and Net Demand
Deposits
Undivided
Aterage.
Profits.
Time
Deposits
Average.
$
8
8
62,996,000
14,698,800
14,545,000
207.406,000
43.499,200
44.584,000
181,916.000
62,916,000
40.453.800
132,973,100 a1,005,438,000 221,116.000
214,695,000
22,632.300
49.211.000
208,385,500 b880,038,000 130,109.000
166,882,000
41,812,000
19.703.300
381,577,000
84,138,100
59,556,000
171,115,000
e34,314.400
33,591,000
240,089.000
108.599,600
10.427,000
388,631,000
84,814,300
58,475,000
9,813.000
437.000
11,354,200
211,318,000 c1.245,639,000 206.167,000
25,612.000
3.708,800
1,339,000
86,321,400 /418,182,000
75,416.000
38,660.000
24,599.200
1,797.000
45,258,000
11,400,600
8,048,000
20.189,000
4.766,900
2,350.000
35,888,400
177,249,000
34.683,000
46.419.000
9.452.800
7.727,000
2,725,000
31.046,000
7.288.000
13,777,900
899.400
4,837.000
3.282.000
5.448,000
n2R 798 Ran 1 ona go, nnn K 090 797 non 1 078 ORR nno
•As per official reports: National. June 30 1930: State. June 30 1930; trust
companies. June 30 1930; e as of July 10 1930.
Includes deposits in foreign branches: (a) $314,444,000; (b) 6167.899.000: (c)
$125,777,000: (4) 464.22500.
July 23
1930.
$
Capital
95,825,000
Surplus and profits
103,059,000
Loans, disteta & Inver:31s. 1,085.978,000
Individual deposits
655,821.000
Due to banks
161.822.000
Time deposita
280.944,000
United States deposits-10.577.000
Exchanges for Clg. House
19,720,000
Due from other banks.- 105,647,000
Res've in legal deposities
84,894,000
Cash in bank
8,802,000
Reeve In excess In F.R.Bk
2,659.000
Changesfrom
Previous Week.
July 18
1930.
Jule 9
1930.
$
$
$
Unchanged
95.825.000
9.5.825,000
+67,000 102.992,000 102.901.000
-5,484,000 1,091.442,000 1,095.192.000
--6,328,000 682.149.000 851.352,000
-138,000 181,980.000 171,196,000
-443.000 281.377.000 281.2.59,000
11.408.000
-831.000
13.983,000
25.070.000
-5,350,000
25.156,000
+2,124,000 103.523.000
89.442.000
84.675.000
+219.000
84.362.000
6.991,000
-189,000
7,227,000
2.401,000
+58,000
1,881,000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending July 19, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Two Ciphers (00)
omitted.
Week Ended July 19 1930.
Members of
Trust
1e.R.3ystem. Companies
Capital
60,071,0
Surplus and pronto
215.919,0
Loans, disets. & invest. 1,134,996,0
Exch. for Clear. House
37,040,0
Due from banks
125.022,0
Bank deposits
193,112,0
Individual deposits- 647,405,0
Time deposits
264,018,0
Total deposits
1,104,535,0
Res. with legal depos_
78,884,0
Res. with F. R Bank_
Cash in vault*
9.311,0
Total res. & cash held_
88.195,0
Reserve required
reserve and cash
In vault
EX00:18
Jidy 12
1930.
Total.
July 5
1930.
8,800,0
68,871,0
88.871.0
68,871,0
21,085,0 237,004,0 237.857,0 237,329,0
92,663,0 1,227,659,0 1,221,566.0 1.204,565,0
338,0
37,378.0
39.705.0
50,404.0
38.0 125,060.0 112.053,0 122,488.0
5,498,0 198,610.0 190,957.0 183.640.0
38,326,0 683,731,0 672.520,0 693,124,0
30.122,0 294,140,0 291,620.
291,172,0
71,946,0 1,176,481.0 1,155.097.0 1.167,936.0
76,884,0
74.629,0
76,524.0
7,139,0
7,139,0
7.299.0
8.530,0
2.189,0
11,500,0
11.814.0
11.255.0
9,328,0
95,523
93,742,0
96.318.0
• Cash In vault not counted as reserve for Federal Resume
membees.
593
FINANCIAL CHRONICLE
JULY 26 1930.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 24, and showing the condition
System
of the twelve Reserve banks at the close of business on Wednesday. In tho first table we present the results for the
year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 560, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 23 1930.
July 23 1930. July 16 1930. July 9 1930
July 2 1930 June 25 1930. June 18 1930. June 11 1930. June 4 1930. July 24 1929.
RESOURCES.
1,558,214,000 1.572.914.000 1.597,514.000 1.588.000,014 1.600,214.000 1.599,114,000 1,626,214.000 1.603.714.000 1,504,983,000
Gold with Federal Reserve agents
88,842,000
37.856.000
37.336.000
37.001.000
36.675,000
36,814,000
36,812.000
36.714,000
36,675,000
Gold redemption fund with U.S. Treas.
1,593,825,000
1,641,570,000
1,636,115.000
1,663,550,0130
Gold held exclusively eget.F. R. notes 1,595,028,000 1,609.628,000 1,634,189.000 1,604.689.000 1.637.026,000
608,264,000
Gold settlement fund with F.R.Board— 601,767,000 583,052,000 569.123.000 610.593.000 601,691.000 609.250.000 598,097.000 823.375.000 741,643,000
Gold and gold certificates held by banks_ 827,432,000 838.065.000 814,819.000 778.127.000 820,457.000 821,837.000 817.849.000 795,634.000
3,024,227,000 3.030.745,000 3.018,131.000 2,993.409.000 3.059,174,000 3,067.202.000 3.079,496.000 3.060,579,000 2,943,732,000
Total gold reserves
169,834,000 166.490,000 159,635,000 157.835.000 172,637.000 166.709,000 164.708,000 164,710,000 182,011,000
RESEICVei other than gold
Total reserve's
Non-reserve cash
Bills discounted:
Secured by U. S. Gilvt. obligations_
Other bills discounted
3,194,061,000 3.197,235.000 3.177.766.000 3.151,244.000 3.231,811.000 3.233,911,000 3.244.204,000 3.225.289,800 3,125,743,000
75,804,000
66.396.000
66.344.000
64,338.000
67,339,000
55.002,000
67,335,000
68.547,000
67,962,000
584,736,000
479,220,000
59,629,000
130,941,000
*70,357,000
136.673,000
90,952,000
145,363.000
105,234,000
155.179,000
84.887.000
146,618,000
66,925.000
139,869,000
69,862,000
140.622.000
91.297.000
148,431,000
100,570,000
150.523,000
207,030.000
168.667,000
236,315,000
148,945,000
260.413.000
157.485.000
231,505,000
102.313.000
206.794,000
132,776,000
210,484.000
148,172.000
239,728.000 1,063,956,000
68,842,000
189,240,000
42.750,000
260,835,000
272,554,000
42,900.000
243,696,000
290,522.000
46,708,000
233,534,000
310,338,000
47.531.000
236.519,000
311,903.000
55,911,000
219.436,000
301,623.000
57,141,000
251.416.000
289.091,000
52,001.000
259.106,000
267,600,000
50,050.000
232.774.000
261.010,000
42.663,000
81.155,000
21,882.000
Total U.S. Government securities....
Othersecurities (see note)
Foreign Mane on gold
576,139,000
7,323,000
577,118,000
7,301,000
590,580,000
7,301.000
595,953,000
7,101,000
576,970.000
5.250.000
597,648,000
5.350.000
578,707,000
5,850,000
543,834,000
5.850.000
145,700,000
10,250,000
Total hilts and securities (see note)
(101(1 held abroad
Due from foreign banks (see note)
Uncollected Items
Federal Reserve notes of other banks
Bank premises
All other resources
924.555,000
960,116.000
983.141,000 1.021.152.000
916,038,000
942,568,000
943.213.000
978,652,000 1.288,748,000
705,000
.553,600,000
22,175,000
59.572,000
13,146,000
705,000
670,370.000
22,169.000
59,561.000
12,596,000
704.000
596,535.000
20,017,000
59,561.000
12,257,000
706.000
663.587.000
19,980,000
59.561.000
12,083.000
709,000
570,390,000
22,773,000
59,552,000
11,331.000
710,000
718,184.000
19.666.000
59.552.000
10,999,000
710,000
503.883.000
19.694,000
59,499.000
13.655.000
709,000
609,194,000
22.064.000
58,671.000
12,495,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
728,000
691.616,000
26,564,000
58,725,000
10,454.000
Total resources
LIABILITIES.
V.it. notes In actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
4,835,649,000 4,991,299,000 4.917,943.000 4,983,265,000 4,879,943,000 5.049,928.000 4,951,202,000 4.973.470,000 5,278,382,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,484,612,000 2,516,257.000 2,481,113.000 2.473.805.000 2,459,384,000 2,464,630.000 2.463,197,000 2,464.519,000 2,402,127,000
532,922.000 631,545.000 568,542.000 615.924,000 551,024.000 700,030.000 573,912,000 584.850.000 651,948,000
169,882.000 169,484,000 169,554,000 169,626.000 169,736,000 169,692,000 170,555,000 170,572.000 161,406,000
276,936,000 276.036.000 276,936.000 276.936.000 276,936,000 276.936,000 276,936,000 276,936.000 254,398,000
28.100.000
19.276.000
19,603,000
19.374,000
19.994.000
14.722,000
15,117,000
14.728.000
15.198.000
1,356,180,000 1,382,349,000 1,406.600.000 1.432.252.000 1.402,869,000 1.419.266,000 1,446,999,000 1.457.317,1300 1,780,403,000
2,432,086,000 2,460,457,000 2.417,306,000 2,406.376.000 2,386,435,000 2,408,364,000 2.408.796,00 2,411.730.000 2,356,917,000
17,257,000
27.246,000
28.412,000
30.090.000
45,669,000
18.882.000
24,899.000
30.1.05.000
. .
7,376,000
5.489.000
7,172.000
5.783,000
5.858,000
6,457.000
5,760,000
5,666.000
6,247.000
20,577,000
18,523.000
20,054.000
20.682.000
21,422,000
36,083,000
27,884,000
32,924,000
28.036.000
4,835,649,000 4,991,299,000 4,917.943.000 4,983,265,000 4,879.943.000 5.049.928.000 4.051.202,000 4.973.470,000 5,278,382,000
Total liabilities
Ratio of gold reserves to deposits and
78.7%
70.3%
78.0%
78.9%
79.2%
78.7%
76.7%
77.2%
F. R. note liabilities combined
77.6%
Ratio of total reserves to deposits and
82.2%
83.0%
74.7%
83.3%
83.7%
83.2%
80.7%
82 0%
81.7%
F.It. note liabilities combined
Contingent liability on bills purchased
464.439.000
446,980.000
459.520,000
467,643.003
463.642.000
481,315,000 478.082.000 477,930.000 481,269,000
for foreign correspondents
Distribution by 31atur4ttes-145 day bills bought in open market__
1-15 days bills discou ted
1-15 days U. S. certif. of Indebtedness
1-15 days municipal warrants
16-30 days bills bought In open market-16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought In open market_
31 60 drys bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market
61 90 days bills discounted
61-90 days U. S. certif. of indebtedness
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness....
Over90 days municipal warrants
73,456.000
99,648.000
86,900,000
111,996,000
90.897,000
137,809,000
29.757.000
$
92,947.000
159,844.000
31.188,000
49,607.000
135.408.000
73.105,000
118,012.000
2,500.000
79,187.000
116,491,000
32,139,000
116.554,000
143,410.000
26,091.000
40,059,000
846,120,000
12,325,000
30,306,000
17,947,000
48.027.000
51,000
23,720,000
29,033,000
94,576,000
40,109.000
20,542,000
31,137.000
20,196,000
31,189,000
19.839.000
24.092,000
19,476.000
42.488.000
31,024.000
19,001,000
44.488.000
37.021,000
23.723,000
40,000
30,334,000
23,492.000
10,690,000
47,285,000
22.147,000
27.680.000
23,434,000
29.228.000
44.500.000
33,890,000
30,563.000
44.500,000
10,445,000
81,913,000
7.467,000
15,590,000
26,343.000
117,402,000
28.602,000
32,429.000
43,145,000
51,000
3,912,000
24.102.000
119,692.000
23.077.000
30.110.000
55,221,000
15,592,000
28,739,000
21.029.000
32.150.000
43,080.000
51.000
3,715.000
26.328,000
119.657,000
4,399.000
22,050,000
109.697.000
5,151.000
18,780,000
153,863.000
7,283,000
18,122.000
60.689.000
7.126.000
19,962.000
60.689.000
2,449,000
15,203,000
129,951,000
22,000
2,223.000
18.628.000
125,093,000
2,167,000
19,832,000
117,844,000
745,000
24,199.000
117,878.000
1,138.000
24.461,000
94,217,000
1,349.000
23.321,000
88.240,000
1,247,000
22,920,000
138.232,000
1.338.000
22,301.000
129.730.000
7,296,000
66,435,000
1,090,000
30(1,000
352,000
22,203,000
1,000,000
51,000
23,831,000
29,521.000
48,027.000
3,814,484,000
1,448,847,000
F.R.notes received from Comptroller--F.It. notes held by F.It. Agent
Issued to Federal Reserve Banks
1,719,617.000 1.742,958,000 1.750.561.000 1,744,679.000 1,749.568.000 1.766.103.000 1,788,611,000 1,779,033,000 2,365,637,000
How Secured—
402,908,000 402,908.000 402,908,000 402.908,000 403.108.000 403,108.000 402,508,000 402,008,000 371,153,000
By gold and gold certificates
102,797,000
Gold redemption fund
Gold fund—Federal Reserve Board__ 1,155.306,000 1,170,006,000 1.194700 1.165,106.000 1,197.106,000 1,196.006,000 1,223.706.000 1,201,706.000 1.031,033,000
317,947,000 341,543,000 346.764.000 375.000.000 325,759.000 332,682.000 352,662.000 421,180,000 1,079,006,000
By eligible paper
1.876,161,000 1.914.457.000 1.944.278.0001.943.914,000 1.925,973,000 1,931.796,000 1,978.876.000 2,024.894.000 2,583,989.000
NOTE.—BeginnIng with the [statement of Oct. 7 1925, two new terns were added in order to show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earning assets." previously made up of Foreign intermediate Credit Bank debentures, was changed to
"Other securities," and the caption, -Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only Items included
* Revised figures.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 23 1930.
Two Ciphers (00) omitted.
Total.
Boston, New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap ICan.City. Dallas. San Fran.
Federal Reserve Bank of—
Total
$
RESOURCES.
$
Gold with Federal Reserve Agents 1,558,214,0 164,917,0
36.814,0
983,0
Gold red'n fund with U.S.Treas.
$
$
$
$
$
$
$
$
$
$
$
258,594,0 140,000.0 195 550 0 65.000,0 103,200,0 199,000,0 65,045,0 47,845,0 75.000.0 24.300.0 219,763,0
891,0 1,564,0
985,0 6,253,0
14,803.0 2,448,0 2:03
:0 1.339.0 2,269,0 1,478,0 1,771,0
0
Gold held exel agot.F.R. notes 1,595,028.0 165,900,0
Gold settle't fund with F.R.Board 601,767,0 29,124,0
Gold and gold ctfa.held by banks. 827,432,0 33,969,0
273,397,0 142,448,0 197 580,0 66,3.39,0 105.469,0 200.478,0 66.816,0 48.736,0 76,564,0 25,285,0 226,016,0
241,418.0 36,321,0 67690,0
9,043.0 6.670,0 106,967.0 19,606,0 13,032,0 28,604,0 12,741,0 30,551,0
'
494,728,0 33,171,0 57:06
,0 10,075,0 7,930,0 125,783,0 11,843,0 5,436,0 9,756,0 9.652,0 28,021,0
8
Totalgold reserves
Reserve other than gold
3,024,227,0 228,993,0 1,009,543,0 211,940,0 322 338 0 85,457,0 120,069.0 433,228,0 98.265,0 67,204,0 114,924,0 47,678,0 284,588,0
169,834,0 12,412,0
49,948,0 8,754,0 9:15
:0 8,849.0 16,109,0 21,640,0 13,452,0 4,750,0 5.900,0 7.605,0 11,248,0
8
3.194.061.0241,405.0 1,059.491,0 220.694.0 331 496,0 94,306.0 136.178,0 454,877.0 111,717,0 71,954,0 120,824,0 55,283,0 295.836,0
Total reserves
67,835,0 6,161,0
16,224,0 3,499,0 4:6
Non-reserve cash
1 0,0 4.667,0 5,515,0 9,393,0 4,864,0 1.787,0 2,099,0 3,813,0 5,203.0
discounted:
Bills
59,629,0 3,234,0
535.0 2.321,0 1.786,0 2,840,0
11,255,0 10,845,0 10.466,0 3.867.0
847.0 8,451,0 3,382.0
Sec. by U. S. Govt. obligations
130,941,0 5,661,0
15.680,0 10.127,0 6,968,0 15.779,0 26.781,0 8,870,0 13,921,0 3,716,0 7,434,0 10,438,0 5,566,0
Other bills discounted
Total bills discounted
Bills bought in open market
U.B. Government securities'
Bonds
Treasury notes
Certificates and bills
190.570.0 8.895,0
150,523,0 10,005,0
26.935,0 20,972.0 17,434,0 19,446.0 27,628.0 17,321,0 17.303,0
37,175,0
888,0 14,065,0 7,856.0 9,068,0 22,910,0 5,847,0
42,750,0 1.296,0
260,835,0 16,900,0
272,554,0 26,064,0
2,798,0 1,052,0
765,0
93,222,0 21,450,0 28,084,0
84,197,0 27,700,0 26,493,0
Total U.S. Gov't securities
576.139.0 44.260.0
180.217.0 50 202 n
222490
1,313,0
6,342,0
7,939,0
15 nos n
4,251.0
7.227,0
9,755,0 12,224,0 8,406.0
5,568,0 5,391,0 15,523.0
654,0 4.052,0
107,0 20,681.0
357,0 8.313,0
462,0
8,715,0 23,253.0 14,503,0 9.887,0 12,207,0 9,440,0 19,012.0
4.603,0 33,673,0 7.486,0 10,409,0 16,352,0 10,417,0 17,221.0
51 4950
77 007
n
22 042 0 95 915 A
00 ,00 n
no Inn n ,e, nnrn
594
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
Boston.
$
7,323,0
Dtlier securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. It. notes of other banks
Bank premises
all other resources
New York.
$
1,000,0
$
5,250,0
Phila.
[Vox,. 131.
Cleveland. Richmond Atlanta. Chicago
$
1,000,0
$
$
8
$
St. Louis Minneap, Kan.City. Dallas. San Fran.
8
$
73,0
$
$
$
924,555,0 73,160,0
705,0
52,0
553.600,0 57,006,0
22,175,0
233,0
59,572,0 3,580,0
13,146,0
83,0
249,577,0 73,062,0 86,841,0 42,896,0 48,121,0 117,838,0 45,793,0 38,799,0
44,059,0 45,785,0 60,624.0
231,0
69,0
71,0
30,0
25,0
95,0
25.0
16.0
21,0
21,0
49,0
151,115,0 49,495,0 57,149,0 39,899,0 14,095,0 70,828,0 22,325,0
10,476,0 33,882,0 19,337,0 27,993,0
6,811,0
349.0 1.428,0 1,540,0
897,0 3,086,0 1,293.0 1,182,0 2,095,0
438,0 2,823,0
15,664,0 2,614,0 7,059,0 3,214,0 2,658,0 8,295,0 3,811,0
2,018,0 3,972,0 1,876.0 4,811,0
5,421,0
198.0 1,065,0
548,0 3,208,0
588,0
517,0
513,0
226,0
445,0
334,0
Total resources
4,835,649,0 381,680,0 1,504,534,0 349,980,0 489.719,0 187,100,0 210,697,0
665,000,0
190,345,0 124,745,0 207,178,0 126,998,0 397,673,0
LIABILITIES.
F. R. notes in actual circulation_ 1,356,180,0 141,064,0 158,714,0 123,864,0 185,966,0 62,868.0 116,165,0 187,158,0
69,751,0 51,676,0 69,235,0 31,557,0 158,162,0
Deposits:
Member bank-reserve acc't 2,432,086,0 147,975,0 1,033,682,0 138,077,0 199,447,0 62,832,0 59,331,0
344,134,0 76,977,0 50,206,0 91,555,0 59,362,0 168,508,0
Government
18,882,0 1,407,0
1,848.0
523,0 1,264,0 3,632,0 1,679,0 1,916,0 1,003,0
1,055,0
894,0 1,578,0 2,083,0
Foreign bank
5,760,0
451,0
1,668,0
591.0
610,0
256,0
220,0
817,0
220,0
140,0
183,0
183,0
421,0
Other dePoelta
27,884,0
62,0
16,041,0
141,0 1,994,0
58,0
771,0
527,0
322,0
162,0
64,0
31,0 7,711,0
Total deposits
2,484.612,0 149,895,0 1,053,239,0 139,332,0 203.315,0 66,778,0 62,001,0
78,522,0 51,563,0 92,696,0 61,154,0 178.723,0
Deferred availability items
532,922,0 57,053,0 142,026,0 42,526,0 54,240,0 38,297,0 14,155,0 347,394,0
68,074,0 24,553,0
Capital paid in
169,882,0 11,845,0
65,584,0 16,780,0 15,878,0 5,844,0 5,395,0 20,174,0 5,276.0 10,438,0 31,509,0 20,311,0 29,740,0
Surplus
276,936,0 21,751,0
80,001,0 26,965,0 29,141,0 12,496,0 10,857,0 40,094,0 10,877,0 3,066,0 4,348,0 4,349,0 11,343,0
7,143,0 9,162,0 8,935,0 19.514,0
another Ilabilitiee
15,117,0
4.970,0
72.0
513.0 1,179,0
817,0 2,124,0 2.106,0 1,366,0
859.0
228,0
892.0
191,0
Total liabilities
4,835,649,0 381,680,0 1,504,534,0 349,980,0489,719,0 187,100,0 210,697,0 665,000,0
190,345,0 124,745,0 207,178,0 126,998,0 397,873,0
Memoranda.
Reserve ratio (per cent)
83.2
83.0
87.4
83.9
85.2
72.7
76.4
85.1
75.3
69.7
74.6
Contingent liability on bilis pur69.6
87.8
chased for foreign oorrespondls 481,315,0 35,547,0 158,988,0 46,596,0 48,037,0 20,176,0 17,293,0
64,369,0 17,293,0 11,049,0 14,411,0 14,411,0 33,145,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila,
5
$
Two Ciphers (00) omitted$
$
Federal Reserve notes:
Issued to FM.bk. by F.R.Agt. 1,719,617,0 175,725,0
Held by Federal Reserve bank_ 363,437,0 34,661,0
246,001,0 148,752,0 221,242,0 83,533,0 139.766,0 214,611,0 83,441,0 57,378,0 80,332,0
87,287,0 24,888,0 35,276,0 20,665,0 23,601,0 27,453,0 13,690,0 5,702,0 11,097,0 39,433,0 229,403,0
7,876,0 71,241,0
158.714,0 123,864,0 185,966,0 62,868,0 116,165,0 187,158,0 69,751,0 51,676,0 69,235,0
31.557,0 158,162,0
In actual circulation
1,356,180,0 141,064,0
Collateral held by Agt. as security
for notes issued to bank:
Gold and gold certificates
402,908,0 35,300,0
Gold fund-F.R.Board
1,155,306,0 129,617,0
Eligible PAM'
317,047,0 27,821,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Miruseap. Kan.Ctty, Dallas,
San Fran.
$
$
$
$
S
$
$
8
$
229.968,0 39,900,0 15,550,0 5,000,0 7,100,0
8,945,0 11,845,0
14.300,0 35,000,0
28,626,0 100,100,0 180,000,0 60,000,0 00,100,0199,000,0 56,100,0 36,000,0 75,000,0 10,000,0
184,763,0
45,196,0 20,042,0 29,859,0 27,255,0 36,617,0 40,066,0 23,082,0 11,416,0 15,260,0 17,548,0
23,785,0
303,790.0 160.042,0 225.409,0 92.255,0 139,817,0 239,066,0 88,127,0 59.261,0 90.260.0
41,848.0 243.548.0
1,876,161,0 192,738,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These
figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement
were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The
comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions,"
ceding which we also give the figures of New York and Chicago reporting member banks foron page 560, immediately prea week later.
Iteginning with
the statement of Jan. 9 1929, the loan figures exclude "Acceptances
dorsement, and include all real estate mortgages and mortgage loans held by the bank. of other banks and bills of exchange or drafts sold with en
Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in
investments. Loans secured by U.S. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore,
borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial
ing banks is now omitted; in its place the number of cities included (then 101) was for a timepaper, only a lump total being given. The number of reportgiven,
but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank In the San Francisco district with
and investments of $135.000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead loans
of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN
EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 16 1935 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Loans and invenmente-total----
$
23,106
$
1,534
5
9,297
Loans-total
16,906
1,149
6,865
8,424
8,482
524
625
3,977
2,887
6,200
385
2,433
2.915
3,285
170
215
1.213
1,219
1,840
212
100
15
878
57
13,781
7,399
134
918
512
11
6,176
2,007
48
1,604
3,394
68
141
153
1,150
45
3
8
On securities
AU other
Investments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Tints del:vete
Government deposits
Due from banks
Due to banks
Born:twinge from F. R. Bank
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Mennen, Kan.City. Dallas.
San Fran.
$
$
1
$
i
S
5
$
5
2,288
644
593
3,400
669
353
661
438
1,964
1,524
938
468
458
2,655
515
229
440
328
1,336
506
754
186
148
1,316
247
81
140
99
445
432
771
281
310
1,339
268
148
300
229
892
325
764
176
135
745
154
124
220
110
627
83
361
80
62
340
33
71
93
63
341
242
400
97
73
405
121
54
127
46
286
145
90
42
40
274
45
26
58
34
107
12
27
10
9
36
6
5
10
7
17
1,170
766
352
312
1,942
376
221
493
280
771
319
988
245
243
1,373
235
129
193
152
1,005
12
12
11
10
7
2
2
8
11
107
136
82
79
325
66
77
187
227
98
345
213
107
102
504
126
80
237
298
91
2
9
3
10
4
3
1
2
$
1,263
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of
business July 23 1930,
in comparison with the previous week and the corresponding date last year:
July 23 1930. July 16 1930. July 24 1929.
ReJOICICGIP-
Gold with Federal Reserve Agent
Gold redemp.fund with 12.5. Treasury..
258,594,000
14,803,000
258,594,000
14,803,000
223,351,000
20,093,009
Gold held exclusively agst. P. IL locate
Gold settlement fund with F. IL Board_
Gold and gold eertlficates held by bank_
273,397,000
241.418,000
494,728,000
273.397,000
200,828.000
510,800,000
243,444,000
111,174,000
463,135,000
Total gold reserve;
Reserves other than gold
1,009.543,000
49,948,000
985.025,000
49,683,000
817,753,000
75.451,000
Total reserves
Non-reserve cash
Bills MiscountedSecured by U. S. Govt. obligations
Other bills discounted
1,059,491,000 1,034.708.000
16,037.000
16,224,000
893,204,000
24,211,000
11,255,000
15,680,000
15,793,000
15,652.000
275,925,000
122,181,000
26,935,000
37,175,000
31,445.000
51,483,000
398,106,000
13,102,400
2,798,000
93,222,000
84,197,000
2,681.000
79.465,000
98.517,000
155,000
12,367,000
12,805,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury not
Certificates and bills
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Federal Reserve notes of other banks__ _
Bank premises
AI other resources
Total resources
July 23 1930. Jade 161930. July 14 1921
$
$
$
231,000
151,115,000
6,811,000
15,664,000
5,421,000
231,000
185.995.000
7,040,000
15,664,000
5,094,000
1,504,534,000 1,533,610,000 1.585,434,055
DWI Reserve notes in actual circulation_ 158,714,000
Deposits-Member bank, reserve acct._ 1,033.682,000 160,639,000
1.026,525,000
Government
1,848,000
3,717,000
Foreign bank (See Note)
1,668.000
2,154,000
Other deposits
16,041.000
21,190.000
Total deposita
Deferred availability items
Capital paid in
Surplus
All other liabilities
220,600
199,939,000
11,865,560
16,087,004
773,004
1,053,239.000 1,053,586,000
142.026,000 169,308,000
65,584.000
65,183,000
80,001,000
80,001,000
4,970,000
4,893,000
306,844,064
949,514,000
2,801,005
3,467,000
8,667,000
964,449,060
175,750,000
60,132,056
71,282,000
6,977,006
Total liabilities
1,504,534,000 1.533,610,000 1.585.434,005
Ratio of total reserves to deposit and
Fed'i Reeve note liabilities combtned_
87.4%
70.3%
85.2%
Contingent liability on bills pUrd111.50d
Total bills and securities (See Note)._ 249,577,000 268,841.000 439,135,009
for forefffn correspondence
158.988,000 155,755,000 138,540,000
NOTE.-Begiuning with the statement of Oct. 7 1925, two new items were added in order
to
separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption -all other earning assets," previously made UPshow
of Federal Intermediate Credit Bank debentures, WM changed to
"Other securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was
adopted as a more accurate description of the total of the
diseount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act,
which, It was stated, are the only items included thereto,
Total 11. EL Government securitiesOther securities (see note)
Foreign loans on gold
180,217,000
5,250,000
180,663.000
5.250,000
25,327,000
2,600,000
JULY 26 1930.]
Van-kers'
New York City Banks and Trust Companies.
(Au plea Milkers pee share.)
azetfr.
Wall Street Friday Night, July 25 1930.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 583.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS
Week Ended July 25.
Sales
for
Week.
Range!Or Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares. $ per share. $ per share. $ per share.2 per sahe.
Railroads—
Canada Southern...10020 60 July 24 60 July 24 56 Mar. 60 June
Canadian Pee new_25 2,100 4634 July 21 4734 July 24 4534 Jun 5234 May
140 91 July 23 91 July 23 8654 Apr. 92 Mar.
Caro Clinch & Ohlo_100
20 10014 July 1010034 July 19 96
Jan. 101,54 June
Ctfs stamped_ -- _100
Chesapeake & Ohio rts_ 17,200 2034 July 21 2234 July 19 1734 Jun 2234 July
60 7914 July 21 80 July 21 6654 Feb. 80
July
Det Hillsd & B W--100
10 80 July 25 80 July 25 7134 Jan. 8034 June
Ill Cent leased line-100
100
200 117 July 22 11854 July 23 113 Jun 13634 Apr.
Preferred
100
14 July 22 3 July 25
710
% July 3
July
Iowa Central
130 51 July 23 5134 July 24 51
July 6854 Apr.
Manhat Elev Guar_100
70 11 July 19 11 July 19 10
July 1934 Mar.
Pac Coast 2d pref 100
Jan. 157
July
Pitts Ft W & C pref _100 , 20 156 July 22 156 July 22 151
Indus. & Miscall. —
•
200 55 July 24 57 July 21 55
July 72
Apr.
Allegheny Steel
•
20 94 July 22 94 July 22 90 June 04
Apr.
Alliance Realty
100 234 July 23 234 July 23 234 May 314 Mar.
Amalgamated Leather•
* 7,800 5634 July 22 6034 July 24 39 June 69% Apr.
American Chain
200 81 July 23 83 July 24 78
July 8714 Jan.
American Ice pre(—100
30C 98 July 21 99 July 21 95
May
Jan. 01
Am & For Pow pref 03)•
, 4,800 4054 July 19 42 July 25 3834 July 4234 July
Am Mach de FdY new_•
1,300 10 July 22 10% July 24 9
July 1414 July
Am Mach & Metals..
30 60 July 23 60 July 23 48% July 8014 Mar.
American News Co—*
80 21 July 23 23 July 21 16
June 2734 Feb.
Am Tel & Cable._ -100
Am Had & Stand -Sani50 145 July 24 145 July 24 126% Jan 45
100
July
tary pref
500 24% July 21 24% July 25 24% July 28% Feb
Art Metal Construct_10
10( 90% July 21 9034 July 21 85
Fet 9534 Apr
Assoc Dry Gds lst pflOb
• 1,700 2734 July 21 28% July 21 2534 June 37
May
Atlas Stores
100 21 July 24 21 July 24 19
July 30 May
Austin Nichols pr A- *
Beech-Nut Packing. 20 2,001 53 July 21 56 July 23 4934 June 70% Jan
•
400 3515 July 15 36 July 23 31
June 51% Apr
Blaw-Knox Co
900 14% July 25 16% July 22 14% July 20
July
Celanese Corp of Amer •
Gelente,palny_peet _ • 2,100 56 July 21 58 July 25 50 June 64% May
ifio
100 9934 July 23, 9934 July 23 97
Mar 10014 June
Preferred
Colonial Beacon 011.—• 11,70C 14 July 25 15 July 24 12% June 2054 Apr
8( 22% July 22 23 July 22 22% Jan 2554 Apr
Comm Cred pref (7) 25
40 85 July 23 85 July 23 77% Jan 94
Apr
1st pref x-warr. _100
Feb 104% June
Commonw & South pf-* 3,200 100% July 23101% July 19 99
320 104 July 25 105 July 25 97
Feb 105
July
Duplan Silk pref._ -100
25
July
128
20
pref100
12814 July 22 20% May 128% July
Eastman Kodak
20G 10034 July 24 10054 July 24 00% July 100% July
Else Pow & Lt Pf (6)--100 1 July 22 1 July 22 1
Emerson-Brantin Cl 11.•
July 334 Jan
Apr
Fourth Nat Investors.• 3,100 3434 July 21 36 July 24 2854 June 50
200 36% July 21 37 July 23 3414 June 44% Feb
Gen Italian Edison-Gen Motors Pf (5)---; 18.000 93% July 19 95 July 25 92% June 96% June
Gen Realty &Utilities_* 1,400 1234 July 21 13 July 19 1134 June 1934 Apr
•
400 57 July 21 87 July 23 83
Preferred
July 100
Apr
Gen Steel Castings pt.*
500 99 July 22 99% July 22 98 Jun 101
Mar
20 65 July 23 85 July 23 65
Greene Cananea Cop100
Apr
July 89
30 20 July 24 20 July 24 20
Guantanamo Bug p1100
Ap 27
Mar
•
100 4715 July 25 4734 July 25 4734 July 4734 July
Hamilton Watch
10 110 July 24 110 July 24 110
Ap 110
Harbison Walk ref pf100
Apr
1 i i 6254 July 25 6234 July 23 60 June 85
•
Hercules Powder
Jan
60120% July 22 121 July 23 117
100
Jan 12334 June
Preferred
Insuranshares ctfs— —• 2,700 1134 July 21 1134 July 21 934 June 13 June
July
1
12%
25 334 July 21 11
,o 1 i
June 19% Mar
Internet Carriers Ltd.*
800 63 July 25 6434 July 22 5034 July 67% July
inter comb Eng pf etfs.
200 35 July 23 35 July 23 34
/et printing Ink etre_
July 47
May
100 121 July 22 121 July 22 116
Feb 127
Internet Nickel met 100
Apr
% July 19
55 July 19
3,500
51 July 134 June
lot Salt rights
23
July
72
72
10
July 23 61
June 8234 Mar
Inter Dept St met_.100
50 105 July 25 105 July 2 105
Jan 105
Island Creek Coal p1100
Jar
9% July
Kresge Dept Stores—. 1,800 814 July 22 9% July 24 7% Ap
20 4534 July 24 4534 July 24 45
100
May 62
Preferred
Jar
60 113 July 19 115 July 25 08% Jun 115
Kresge CS 8) Co pf _100
June
100 35 July 19 35 July 19 3214 Feb 35
Kuppenhelmer & Co....5
Api
• 3,700 7514 July 22 79% July 19. 66% Jun. 97% Api
Lehman Corp
600 141 July 23 142 July 2 138
Jan 142% May
Ligett &Myers Co pf100
50 119 July 24 19% July 23 118% Jan 126
Loose-Wiles Bis leit p100
Mai
MaeAndrews & Forbes90 9534 July 21 9514 July 21 93
100
Feb 100
Preferred
Mai
•
400 5 July 23 5 July 23 434 Jun 1034 Mai
Maracaibo 011
Marshall Field & Co--• 7,000 3534 July 19 3834 July 25 3534 July 4834 Api
July
93
89
21
500
July
22
p1.115
84
Mid St Prod 1st
June 110
Fel
Milwaukee Elea Ry, L
10 105 July 23 105 July 23 103
Jan 110
& Power pref-__ -100
Jar
•
3.300
21
July
6254 July 2 53 June 6234 July
5934
National Steel
17,115 July 21 115 July 21 113
Nat Supply pref....11i
Jun 116
July
3934 July 23 43 July 24 3534 Jun 54
•
Neisner Bros
Api
900 19 July 21 19% July 25 1734 June 32
•
N Y Investors
Am
No Amer Aviation_.• 10,600 8% July 22 10% July 19 754 Jun 14% Api
July
85
23
100
85
pref_100
23
July
7334
Corp
Omnibus
Ma 85 June
100 37 July 21 37 July 21 36 Jun 56
Oppenheim,CollIns&Co*
Api
100 105 July 22 105 July 22 102
100
Outlet Co pref
Mar 110
Api
•
800 19 July 21 20 July 21 19 June 35% Api
Park dc Tilford
1011034 July 2511034 July 25 107
Penick & Ford pref _Di
Jan 11
10 40 July 23 40 July 23 3934 Jun• 6034 July
Peoples Drug Stores—'
034 Apr
Petrol Corp of Amer * 8,7.i 2034 July 21 21% July 19 1834 Jun 2734 June
10 8534 July 24 8534 July 24 80
Phoenbc Hosiery p1_1141
Ap 86
Apr
July
74
p1_100
1,100
Co
23
-Arrow
76
Pierce
July 21 6834 June 82
Apr
100
III 95 July 24 9634 July 21 9334 Jun 103
Pitts Steel pref
Jan
l's 7 July 19 7 July 19 7 June 153.4 Jan
Pitta Terminal Coal 100
200 9134 July 23 9134 July 23 90
PostalTele&Cablepf100
July 103
Jan
100105% July 22 10534 July 22 105% July
Procter & Gamble 0111
July
.ii 9434 July 21 95 July 24 9134 AM.107% June
Pub Ser of NJ pt (5)-•
9734
20 914 July 21 914 July 24 6 Jun
Reo Motor Car ctfs_ _10
93.4 July
2i i 5834 July 24 59% July 22 5834 July 72
Revere Cop & Br el A.•
Jan
100
10 95 July 23 95 July 23 95
Preferred
July
104
Mar
• 3,600 25 July 21 28 July 19 23
Reynolds Metal
Jun- 3434 Apr
50 44% July 23 44% July 23 4234 Feb 4834 Apr
Shell Transp & Trad.£2
100 1,1', 88 July 19 92 July 23 88 Jun 9934 June
Skelly 011 pref
90 51 July 21 52 July 21 45 Jun 82
Sloss-Sheff St & Ir p1100
Mar
•
110 7% July 25 714 July 19 6
Spear & Co
Jan 1034 Feb
100
31 77 July 23 7834 July 19 71
Preferred
Jan 81
May
Std Gas & El pref (6)--• 1,000 9934 July 21 99% July 24 9634 July looi June
•
300111 July 23111 July 23 11014 May 113% June
Preferred (7)
8su 3334 July 21 3534 July 19 29 Junk 49
Stand Oil of Kansas_ _25
Apr
10 105 July 25 105 July 25 105 Jun 121
So Porto Rico Bug pf100
Jan
40% July 21
Superheater Co (The).* 1,1
% July 25 38 Jun 4314 July
• 8.000 11 July 24 1234 July 25 11
Thermoid Co
July 2634 May
*
500
21
July
32
Invts
3134
Nat
July 25 25 Jun 32
Third
July
300 24 July 21 25 July 23 20 Jun 3
Thompson Products.-•
934 Apr
Thompson-Starrett.. _• 1,soe 1034 July 21 1114 July 23 9 Jun 1854
Mar
•
4234 July 21 4214 July 23 40
Preferred
Jet. 4954 Mar
100 5% July 25 514 July 25 2% Ap
Tob Prod div Mfg A.10
614 Jan
B._
July
534
certificates
25
554
Div
July 25 334 Jan 614 Jan
1001
Trans American Co____ 23,000 2434 July 25 2534 July 25 2434 Jul 2534 July
United Piece Dye Wks
101
10 105 July 25 105 July 25 97
Preferred
Jan 114
Mar
Vadsco Sales pref _ _100 1,100 30 July 24 37 July 24 30
Jul 5934 Apr
91102 July 21 101
380 0134 July 21
Va El & Pr pf (6) new_•
July103
July
10i 1934 July 24 1914 July 24 12
Va Iron Coal& Coke100
Ja i 1914 July
• 47,000, 77 July 1 81 July 231 6734 AD 81
Wrigley Co
July
• No par value.
595
FINANCIAL CHRONICLE
Basks.
Ask
Par
New York—
99
25 97
Armies
100 95 105
Amenean Union*
105
95
Tr-100
&
Bk
Nat
Broadway
45
20 38
Bryant Park'
20 ogle 140
Chase
Chat Phenix Nat Bk•'Fr 20 107 109
Commercial NM Bk &Tr 100 390 405
100 2700 3000
Fifth Avenue
100 4875 6075
First
100 600
Grace
Harriman Nat Bk it Tr_100 1510 1610
100 150 170
Industrial
Lefoourt Nat Bk & Tr....100 95 105
Liberty NM ilk & Tr-100 97 107
20 13412 36
National alp'
100 90 100
Penn Exchange•
42
10
Port Morrie
28 109 III
Publie Nat Bk & TO
95
85
T7-100
&
Bank
Nat
Seward
39
Sterling Nat Bk & Tr____25 34
Straus Nat Bk & Tr____Ioo 235 250
25 4114 42
United States*
50
100 130
Yorkville
so
100
Yorktown*
Brooklyn—
so 700 10
Brooklyn
100 400 00
Peoples
Tram Comweales.
Nets York (Cuct.)— Par Bid Ask
Bank of NT•Trust--100 640 665
10 140 14116
Bankers
Bronx Co Trost
20 60 66
Cent Hanover Bk•Tr—_20 $53 357
Chelsea Bank & Trum_21 33 37
73
Chemical Bank & Trial. 10 72
2734 2834
Continental Bk &
Corn Exoli Bk & Trust-110 162 164
100 195 210
County
82 85
Emiine
100 550 600
Fulton
100 614 617
Guaranty
100 170 180
Hibernia
ao 36 40
International
40
Internal Mad Bk•Tr___25 35
10 5012 50s4
trying
100
Lawyers
20 1-115 iff
Manhattan
as 96 97
Manufacturers
Mutual (Westaheeter).-100 350 425
25 247 250
N Y Trust
IOU 100 110
Nam
100 52
as
Titnea Square
ao 147 151
Title Guar & Trust
100 950 4150
United Stales
100 1050 1100
Westchester
Trust Companies.
Par
Net. York—
100
American
220
Amer Express
Banos Commercials 1161_100 318
Brooklyn—
100 695
Brooklyn
Globe Bank & Trust--100 170 190
100 2800 3000
Kings Co
100 175 190
Midwood
22
State banks. I New mock. a Ex-dividend.
Rx-oork di.. a 5N-righta.
New York City Realty and Surety Companies.
Ail pricse dollars per alkire.)
Par
Par Bid I Ask
Lawyers Title & Guar...Al
20 98 101
Bond & Mtge Guar
59 Lawyers Westebest MaT100
Home Title Insurance __ _25 54
20 4712 4912 Weetcheeter Title & Tr._
Lawyers Mortgage
Bid lad
265 275
200 250
140 100
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
1ns.
Rate.
Bid.
Aeks4.
Materftp.
111.
Rae.
Bid.
Asked.
Yin.15 1930... 834% 1002st 1003e, Sept 15 1930-32 834% 100",, 100$1a
Dec. 15 1930._ 34% 100"ss 100132, Mu. 15 1930-32 334% 100"22 100"n
Dee. 15 1930-32 334% 100311n 100"et
tune 15 1931-- 234% 100u,,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bend Prices. July19 July21. July22. July23. July24 July25.
10031,2 100"ss
High 10030,2 100302t 100311,2 101
First Liberty Loan
3407 bonds of 1923-47- - Low- 100", 10023,1 10033,1 100"ss 100",, 100"n
101
100",, 10022:2
100"ss
100"ss
100221
iClese
(First 334)
341
51
22
8
1
101
Total Saks in $1M00 units-Converted 4% bonds of High
4s)
1932-47 (Flint
_ -__
____
____
____
____
____
Total sates in $1.000 units—_
Converted 434% bonds{High 1021,, 1023,2 102•11 1021•2 102•81 102212
of 1932-47 (First 44e) Low- 102',,1023,2 1022n 1022n 102'ss 1022ss
Close 102112 1022n 1022.2 1022n 1022n 1022
4
1
.,
43
17
6
35
Total sales in 51.000 units...
------------------Second converted 44% 1115n
Low(First
bonds ot 193247
Second 43(s)
,--,---,------Total sales in 31,000 1811717--1132ss 1032ss
,-- .1 102"st 103
{Mich 10211e2 10222
Fourth Liberty Loan
103
434% bonds of 1933-38._ Low 102",, 102"ss 102"n 102"st 112"ss
1032st 103
Close 102"n 1022241 102"ss 103
(Fourth 434*)
188
68
49
189
73
42
Total sales in 11.000 W1f18-__ 1121112 112no 1138n
(High 112•22
Treesury
--_
113
112"ss
112"n
---1122s.
(Low.
43s. 1947-52
---- 112un 11222,2 113
(Close 1122ss
26
62
1
_
2
Total sales in 51,000 emits—
---;1082ss 10811•2 10818n
- — 1084
fIlich
------ 1082ss 1082ss 10811n 105",
Low.
69. 1944-1954
-----__ 1084,2 1082ss 105221. 108"n
(Close
1
26
7
1
---Total sales in 111.000 oolf1---- 10524n 10522n 1062n 106'ss
---3trl
1062ss
---(Low..... 105",, 105".s 106
3,2e, 1946-1956
------- 105"st 105"ss 1062ss 106,ss
Close
76
_
81
6
51
---Total sales is 51,000 units-,
Illgit
___. 101"n 10123,2 101",, 101", 10130,
____ 10113r, 101",, 10113,, 101", 101",,
Low_
3348, 1943-1947
____ 10120,, 10113,2 101"ss 1012•12 101"n
(Close
5
101
____
46
IS
2
Total sales in $1,000 units-.
101"ss 101",, 1012,13 101",,_
High
___
101",,
101222
10111,1
Low.
10113,1
__
334., 1940-1943
(Close, ___ 10111,2 10134,, 101"n 101"
11
•
,t
fn..,..... s.. 51 111111 ••••41••
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 4th 414s
Foreign Exchange.—
1021122 to 102"st
To-day's (Friday's) actual rates for sterling exchange were 4.863-40
4.86 9-16 for checks and 4.86%@4.86 23-32 for cables. Commercial on
banks, sight, 4.8634@4.8634; sixty days, 4.83%04.84 3-16; ninety
days, 4.8434, and documents for payment, 4.83% ©4.84 3-16. Cotton
for payment. 4.85ii, and grain for payment. 4.85%.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.93%
guilders were 40.21040.24 for
@3.937-16 for short. Amsterdam bankers'
short.
Exchange for Paris on London. 123.67; week's range, 123.69 francs high,
and 123.60 francs low.
The week's range for exchange rates follows;
Cables.
Checks.
Sterling. Actual—
4.86%
4.86 9-16
High for the week
4.86%
4.86%
week
the
Low for
Paris Bankers' Francs—
3.934
3.93%
High for tho week
3.93%
3.9334
Low for the week
Germany Bankers' Marks—
23.89
23.8934
High for the week
23.88
23.86
Low for the week
Amsterdam Bankers' Guilders—
40.25
40.2434
High for the week
40.23
40.21
Low for the week
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For guile. during the neck of stocks not recorded here, see preceding
page.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Bilurday
July 19.
Monday ' Tuesday 'Wednesday Thursday , Friday
July 21.
July 22.
July 23. I July 24. I July 25.
Sales
for
lAe
Week.
STOCKS
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1929.
Lowest.
Lowest.
Highest.
Higaest
;3 per share $ per share! $ per share! $ Per share $ per share 8 per share
22218 22434 21818 22134 21712 22134 22334 22134 223.2 22312 _223
Per share $ per share
$
22312
10518 Mar 2985* Aug
•10412 10512 10412 10112 10112 195 I 1013* 1008 1411
/
4 10434 105 103
99 May 10478 Dec
154 154 '151 151 ,•151. 151 1''
1 151 151 ,"1151 131 1"151 154
161 NOV 209/
1
4 July
107 107
105 108% 10512 108
10614 107 I 10318 10334' 1053* 10618
10514 Nov 1451/1 SeP3
*8034 82
8178 8178 82
8312 8312 8312 8112 811
/
4 813* 843*
Dec
Juno 81
75
•7118 73
75
*70
73
73
723* 7213 73
73
74
75
*112 113 "112 113
Oct 90% Sept
55
110 111
113 113 ,"1.10 113 '110 113
y10314 Oct 115 Sept
*8212 92
*8012 90 "80
85
81
81 I '81
87 '7912 85
*13
85 Apr 145 July
1318 13
13
"13
1318 1318 1312 '13
14
*13
14
15 Dee
415912 6012 '5912 61
7 Nov
'5912 61 I 5312 60 i "80
6112 '60
6112
44 Nov 65 Sept
65/
1
4 657
6512 6314 6512 6778 6814 66% *66
653* 66
6614
8, Feb
817
Oct
40
•90
9112 91
91
"9312 9112 "93
9112 '9312 91
91
91
7012 Nov 923* Feb
1012 11 18
912 10
912 912 10
1012 10
1018 '98 10
Oct 441s Jan
41
1871 18778 18718 18734 186% 18712 137% 18318 187 183
I 18612 187
185 Dec 2697 Feb
19112 19134 184 18912 13514 189 1 13912 191 1 183 19334
18814 18914
160 Nov 27934 Sept
412 43*
412 488 "4/
1
4 418 "412 43
'412 4141
484 5%
1934 Feb
4 Nov
*438 5 1
412 4%
43s 4% *414 412 '414 412' 412 618
3/
1
4 Nov • 2514 Feb
•15
19 •_
___ 21 1"--- 19 1*____ 19 I '10
19 I '11
19
'
36
15 Dec 43 Feb
37
36
36
*36
37
36
33 '38
37
•36
37
3834 Dec 66% Feb
12
1214 1118 12
1118 117 , 1178 117
1184 1178, 1114 1188
41
7 Nov 23% Feb
423
391 4132 39
411
4012 4178 40
4138' 40
41
153 157
173* Nov 6332 Jan
1534 1618' 1512 15/
1
4 16
16 I 1514 1512' 1514 1538
4478 Aug
Nov
16
258 2614 25
28
2113 253*- 25
2538 2514 2314 2434 24%
2812 Nov
683* Rein
7434 75 I 7414 75
74
73 8 7514 7512 7418 7314 75
75
4,500 Chicago & North We8tern-100
Nov log% Aug
75
*120 135 "120 133 0120 132 *120 13178 *120 1317
8 '120 13178
Preferred
100
Apr 145 Feb
134
107 107 I 105 10734 10112 10412 10412 105
105 105 ,•103 103
2,100 Chicago Rock DI & Pacific 100 95 June 25
*10612 108
1251
/
4 Feb 14 101 Nov 14312 Belt
10612 10512 10634 10834 *106 108 '10314 108 1'1'10814 108
200 7% preferred
Oct
100 105 June 16 11032 Mar 20 100 Nov 109
*10034 101 •10014 101 1 10014 10314 101 101 *100 10112 "100 10112
300 6% preferred
0478 Nov 10314 Noy
100
398
June
6
*67
Feb 7
82
108
"67
82
67
67 •6713 82
67% 67% 6712 6712
300 Colorado & Southern
,Dec 135 July
100 65 June 18 95 Feb 13
SO'
'75
77 "75
77
75
75
77
"75
77
75
75
77
70 Firet preferred
100 6834 Jan 8 80 June 19
8512 (Set 80 Jan
*6113 69
*1112 69 r '6234 69
67
67
69
65
65
69
50 Second preferred
64 Apr 7212 Mar
60 July 11
*54
5612 *54
75 Apr 23
5812 '51
56
54
54
55
5512 5513 *54
400 Consol RR of Cubs prof_ _ 1110
1
:
45 Nov 7011a Jan
49 Jan 2 82 Apr 10
•165 166 *158 165 1 160 163 *160 161 '160 165 "160 162
400
Delaware & Hudson
100 145 June
*114 11512 11314 114
181 Feb 8 14112 Oct 226 July
11334 11314 114 115
115 115 "114 115
2,600 Delaware Lack & Western-100 11014Jurie 25
18
*59
Feb 8 120'4J11180 16934 Sept
6134 6134 62
603* 6018 "81
61
6212 6114 8114 61
700 Deny.& Rio Or West met-100 45 June 27 153 Mar
Oct 7734 Feb
*4214 4414 42
49
80
28
4212 42
42 1 4214 4312 "4212 4312 42
4214 2,100 Erle
100
3518June
4112 Nov 9312 Sept
18
Feb
5818 5818 5834 5834 "56
63%
14
58 1 53
53 '58
300 First preferred
61
*5884 61
100 5312June 25 6732 Feb 19
5512 Nov 601,July
•53
5612 "51
55
*51
5612 *5413 5612 55
"55
5612
55
100 Second preferred
50 June 25 8212 Feb 19
62 Nov 637k July
---- ---- ---- ---- ____ ____ ___ ____ __-- ---- ---- ---Great Northern preferred
7134June 25 102 Mar 29
8234 8234 8134 8234 8212 8212 8212 8213 8113 824 8178 82
8514 Nov 12814 July
Prof oertlficatee
67 June 25 991,4 Feb 21
8513 Nov 12214 July
*32
33 1 •31% 33 '3118 32 1 32
*31 18 33 -l'illIg Gulf Mobile & Northern
32 1 32
32
1 01 2814Juue 25 444 Feb 17
18 Nov 59 Feb
94
94
93 93 1 *93
93 "92% 96
*93
95
93
95
500 Preferred
100 90 June 21 9814 Mar 10
70 Nov 103 Jan
*11
/
4 4
*114 4
'114 4
"114 4
*114 4
•114 4
Havana Electric Ry __No par
878May 10
1112 Apr
512 Dec
17
Jan
81s
Preferred
100 58 May 9 72 Jan 2
.558
55 Feb 7334 Dec
_ .553
_ .558
.5-3,i
*335
_ _ *55i
_ __ -.
.___ Hooking Valley
100 450 Jan 25 525 Mar 29 370 Nov 600 Oct
4634 -4-7-14 4612 -4-6-1e 45', -4-5-78
- 4334 -47% 4612 -4fila 4638 47
2,700 Hudson & Manhattan
341k M*
100 41 June 25 53% Mar 25
5832 Jan
11714 1173* 11678 117 , 11614 11738 1172 11934 11714 118 I 11712 11712 1,500 (1110018
Central
11314June 25 13634 Apr 22 116 Nov 1531 July
*71 , 75 '71
75 1 *71
"71 75
75
75
'71
75
"71
RR Sec Stock certificates!! 70 Jan 2
70 Nov 8018 Fer,
77 May 13
*2612 27 I 2612 2612' 2612 2612' 27
2734 253* 263 "255 26121 2,100'Interboro Rapid Tran•20_100 20% Jan 8 8912 Mar 18
15 °et 588 Feb
*20
21
•20
21 I •20
21
21
20 '20
101nt
20
21
,
*20
Rye of Cent America_100 t97 July14 82% Jan 18
Jan
59
26 Nov
*6518 6934 6518 651s *6518 68
•6518 68
63
201 Preferred
68
601
: 8612
100 81114 Jan 2 7334May 7
6114 Dec 8014 Jan
*64 ____1 6314 6312 "53 6318 6413 6418 6418 65
6318 63% 1,300iliaprefer
nsaaC
reldty Southern.....100 5834June 25 853* Mar 29
60 Oct 10878 July
6978 *85
*65
6712 *65
6782 *65
on •66
"65
6712
70
100 85 June 25 70 Apr 16
63 Nov
70/
1
4 Jan
*62
68 - •62
68 1 "62
65
*61
65
Lehigh Valley
68 i *61
66 '81
50 5718June 25 847 Mar 31
65 Nov 10214 Feb
131 131 •125 131
12712 12712 12712 127/
600 Loulsville & Nashville
1
4"125 12714 12714 12714
100 127 June 25 13812 Apr 4 110
Oct 15434 Sept
27
27 1 *25/
1
4 27
2912 2812 29
29
29
1.800 Manhat Elev modified guar 100 24 June 28 4012 Mar 18
26 1 27
26
24 Oct 5712 Jan
19
19
19
•18
2012 '18
300 Market Si Ry prior pref_100 17 Jan 16 2512 Feb 13
2012 '18
2012 '18
2012
j51 19
1411 Nov
3912 Jar)
13
'1l
184 •118
"118
300 Minneapolis & St. Louis- 100
118
/
4 •1
11
/
112
4 11
138
1
June
35 Jan
27
114 Nov
5
Apr
218
•15
19 ,__
•__
19 I .15
Minn St Paul &SS Marle.109 19 July 18 35 Feb 7
20 I *15
19
19 '15
19 1 '15
35 May 6112 Sept
*54/
"5112 55 1 "5412 55 "5413 55
1
4 55 1 *5412 55
10 Leased lines
5412 5413
100 64 Jan 3 5912 Feb 21
51 Dec 66
Jan
4214 4212 4114 42
4012 4112 42
417
4112
43
4114 42% 7,9001 Mo-1an-Texas 2Ut__No pa
3278June 25 6688 Apr 14
2718 Nov 6534 July
1001a 10012 1001a 10014 10012 10012 10012 10012 10012 10012 10012 10034 2,700 Preferred
100 9814June 23 108% Mar 27
13878 Nov 10712 Apt
7012
681
/
4 6814 6934 6934 *6512 72 1 '6512 72 '654 7012 "67
400 Missouri Pacific
100 57 3,800 25 9312Mar 6
46 Nov 10118 July
124 124 1 124 124
123 124
12278 123
2,4001 Preferred
12314 12314 123 123
100 11538.1une 26 1451
.Mar 6 105 Nov 149
Oct
*8434 8534 8534 8534 .8314 8614 *8314 8814 "83/
100 Morris & Eesex
1
4 8614. '83% 8614
50 8134 Jan 29 8534July 21
7518 Oct 81338 Jan
•100 104 *100 104 *100 105 •100 105
10 Nash Cbatt & St Louis---100 100 July 9 132 Mar 25 173 Nov 240
101 101 "100 105
Aug
•
/
1
4
•
/
1
4
1
I
118
1
1 I
11
11
*1
•-:
1
500 Net Rye of Mexico 2d pref.100
34 Fen 25
1
11
/
4 Jan 11
Oct
33* Jan
169 16934 164 16814 16334 16714 187 16814 16513 16714 165 166
11,300 New York Central
100 15034June 25 192% Feb 14 160 Nov 256/
1
4 Aug
*108 111 41108 111 '108 111 '108 111 '108 111 '108 111
N Y Chic & St Louis Co....100 94 June 25 144 Feb 10 110 Nov
192%
AIM
*10612 10814 10612 106/
1
4 10814 10314 "107 10812 10812 10978 •10818 110
8001 Preferred
100 105 July 3 11034143y 14 100 May 110 Dec
203 203 •195 204
19514 19514 '198 204
30,14 Y & Harlem
195 204 "195 204
50 1783*June 18 324 Feb 3 155 Oct 379
Jan
10712 109141 10412 10612' 10318 10534 106 1061* 10512 10634 10534 1061
/
4 8,4001N TN H & Hartford
100 9714June 24 128% Mar 29 ,
078 Jan 13212 0 t
1197 1198 •11812 120 ,•119 120 1 1197 11978 120 120 '118 120
Preferred
115
June
.1411
21
18
Mar
13512
Jan
134%
Aug
*11
1134 "9
1112 59
1134 •9
1112 •9
N Y Ontario & Western...100
1112 '9
1112
8122une 18 1714 Mar 31
8 Nov
32 Feb
19
112 112 *112 212 *112 212 *1,2 212 *112 212
114
300- N Y Railways pref.--NO Par
112June 24
418 Jan 15
1% Dec
*1
9% Feb
1/
1
4
1
1,•
/
4 •_
11
/
4
11
_
1/
1
4 s__
1/
1
4 •____
70,N Y State Rya
100
1
June
4
2%
Feb
6
1
Oct 1414 mu
*13
14
13% 13/
1312 *1213 15
1
4 ;42
1312 "12
.i.ii3 15
300'Norfolk Southern
100 10 June 27 334 Feb 14
1412 Dec 4812 Feb
*227 233 *229 230
861 22914 22914 •230 232
230 230 "228 230
200 Norfolk & Western
100 21314June 26 205 Feb 18 191
Jan 290 Sept
*88
864 88
86
8
861
/
4 88
86 6
'86
2301 Preferred
j'86
8612
100
83
Feb
3 8814MaY 29
82 Nov 8714 May
7
__4% 741
2,300 Northern Pacific
7572 757
100 6634June 25 97 Feb 21
7518 Nov 113% July
"ii"
If -iii.
• "ii-ii- "ii73 "i- _ -7114Certificates
100 631
/
4June 25 961, Feb 21
76 Nov 11433 July
81
87
814 *7
1.200;Pacific Coast
714 714
•778 8
634 7 I
8
8
100
6%July 22 1978 Apr 9
47 Dec 43 Feb
76
3
7614 7513 76
7518 7578' 7618 7614 7588 7638 75
10,900;Pennsylvania
76
60 6978June 25 86% Mar 31
72:2 Mar 110 Aug
*1014 1478 "8
147
10
14 '10
10 I *11
*10
15
15
100 Peoria k Eastern
100 10 July 18 2412 Mar 31
17 Dec 35 July
133 133 •133 137 "131 137 1 131 131 "131 137 '133 137
400 Pere Marquette
100 130 Juno 16 16418 Apr 10 140 Nov 260 Aug
"9612 9634 9634 964 9634 9634 *9712 93
9778 93 '9712 98
140 Prior preferred
100 94% Jim 31 101 May 17
94 Nov 101 Mar
*97
98 '97
98 , 597
98 , *97
Preferred
"97
98
93 '97
98
100 95 Jan 7 99 Apr 16
90 Nov 97
Jan
'8014 95 '8012 95 1 "8014 95 1 *35
FIttsburgh
95 '8014 95
*8014 95
& West Ya
1204
90
100
Feb
June
16
11
90
Nov 148% Jan
*107 110 "105 110 '105 110 ,*101 110 *10612 110 "10612 110
Reading
50 100 June 25 14113 Feb • 10112May 147% Sept
*48
4872 *48
50 1 "48
50 1 •48
First
48% *48
4878 '48
preferred
4812
50 44% Mar 11 63 Feb 21
411g Apr 50 Sept
"48
50
*48
485 *48
Second preferred
483* *48
481* 48
4884
483* "48
50 4714 Jan 4 57 Feb • 431g May 6034 Sept
*40
48
"40
48
ltutiand RR prat
*3814 52 1 '3814 52 '3814 52 '3814 52
100 42 June 19 8734 Mar 5
497 Oct 7414 Sept
*94
96
*92
95 I *92
95 I 9214 9214 92
Loula-San
95
"91
500 St
92
Francisco
100 8512July 7 1187g Mar 27 101 Nov 13334 Aug
931k 95% 95/
goo
hit pref paid
*95
9512 "9513 9513 95
1
4 *95
9584 *9234 9412
100 92 Jan 2 101 Apr 2
87 Nov 96/
1
4 Feb
*66
69 I 66
67 I 65
2,700 St. Louis Southwestern.---100 5213.Inne 26 7634May 16
71
66 I 68
69 I 69% 70% 69
50 Nov
15% Fat
90
90 '87
92
2,100
Preferred
'92
90
90
92% 9434
*9014 91
100 85 May 7 94%July 24
84
(Mt
94
Apr
*614 6/
1
4
614 614
614 614
614 614
1
4 Feb 15
4 1.100 Seaboard Air Line
618 614 *614 13100
6 June 17 12/
918 Dec 2134 Mat
•10
15 ; '10
1 Preferred
15 1 *10
15
*10
15
15 1 •10
15 1 *10
100 18 June 21 28 Feb 7
1614 June 411
/
4
001
11834 11834 11818 11834 118 11834 119 11914 11918 1191
Southern
Pacific Co
/
4 119% 11912 3,800
100 108 June 25 127 Feb 10 106 Nov 15712 Sent
997 100
97
9918- 95% 9634 9514 9513 9612 9612 *95
9612 4,100 Southern Railway
100 891
/
4June 28 1365 Jan 13 109 Nov 16218 Sept
*9334 95
*94
95 1 95
100 Preferred
95 1 *94
9534 '95% 9334 *9514 9534
100 90%July 7 101 Mar 20
93 June 100 Dee
•120 123 *122 123 '•120 123 ,*120 123 '12012 123'
Texas & Pacific
1111 123
100 110 June 25 145 Apr 24 115 Nov 181 Mae
7% 712
*734 834 '734 812. "3
200 Third Avenue
812 '712 812 .712 8
100
612June 18 15% Mar 20
612 Nov
39 Feo
•1012 14
12
12
Twin
•1212
14
City
14
*1112 14
200
Rapid Tranalt_100 10 July 10 8112 Jan 29
14
14
*11
20% Dec 5814 SSD
*6314 6312 '63/
1
4 6312 83/
120 Preferred
1
4 6312 8312 6312 "6314 6412 6312 6312
100 13314Juna 20 79 Feb 3
75 Dec 100
Jan
22112 22234 2181
/
4 219 I 21518 2203* 221 2227* '221 222
2,000 Onion Paelfie
220 222
100 200 June 25 2423* Mar 29 200 Nov 297%
Aug
8538 8512 8514 8514' 86
86/
1
4 8618 2,100 Preferred
864 86
86 '8512 86
100 82% Jan 17 8634July 22
80 Nov
115/
1
4 Sept
3734 3938 36
3614 4,300 Wabash
36
3734 36
3612 3714 38
353* 37
100 30 June 27 67% Apr 1
41) Nov 81% Jan
7512 7512 '7312 75 I *74
100 Preferred A
7512 *74
75 "7312 75 '7312 75
100 70 My 3 891
/
4 Apr 8
82 Nov 10478 Jan
26
2614 233* 2512 21
2414 4,900 Western Maryland
247
2412 253* 2438 25% *24
100 1838June 18 36 Mar 29
10 Oct 54 Pao
*24
30 I *23
Second preferred
•23
30
•23
26
30 '24
2714
30 '24
100 19 June 25 38 Mar 28
14% Nov 53% Feb
*2012 22
*2012 22
*2012 22
100 Western Pacific
"2012 24
2088 203* *2014 22
100 17 June 19 3012 Mar 29
15
Oct 41% Mar
"40
4212, 4214 4214 •4012 42
200 Preferred
4012 4012
41
*4012 4212 '40
100 383sJune 25 63% Mar 19
3713 Nov 67% July
0 I
Industrial & Miscellaneous
*26
263
26
26
"25
26
2634 *26
700 Abitibi Pow & Pap
2634 2618 2613 28
No par 22 Jan 18 42% Apr 9
3414 Dec 57/
1
4 Atig
*75
77
•75
77
Preferred
*75
77
77
*74
"75
77 1 "7412 77
100 6472 Jan 17 geh Apr 8
69 Nov 885 Jan
Bid
•
and asked prices: no sales on tbis day.
s Ex-dividend
p Ex-rtshcs• a Ex-dividend & Si-rights.
G00% Wee dividend Feld.
7001
•
597
New York Stock Record—Continued—Page Z
for sales during the week of stocks not recorded here, see second page preceding
HIGH AND WW SALE PRICES—PER SHARE. NOT PER CENT
Saturday
July 19.
Monday
July 21.
Tuesday
July 22.
Wednesday
July 23.
Thursday
July 24.
Friday
July 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100 Shore lots
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
share
share
Pet
3 lhar
:
8perst2
42 Ju
1
8P9
671236
.a7
an
8
8per
66 A
104 Jan 11 110 Feb 11 10012 Nov 1121 Oct
20 Nov 34 Nov
2178June 18 373 Mar 31
84 Nov 96 Jan
8514 Feb 4 92 Mar 27
19 Nov 3572 Jan
23 Jan 23 32 Mar 31
7 net l04, May
8 June 17 2314 Jan 24
11, Ma,
11572June 24 4114 Jan 29
it Jan 4
38 Dee
4/
1
4 Feb
152 Mat 28
10314 July10 15638June 2
77 Nov 22338 Oct
1812 Dec 483 MaY
16 June 23 36 Mar 24
1
4 Jae
1 Dee 11/
1 June 18
2/
1
4 Jan 9
1014 Jan
4121ene 18
414 Nov
912 Jan 7
8 June '5 1512 Feb 17
56I
17
6 Nov 2
18 June 18 3514 Mar 31
5
661213$88
131
90 Nov 11834 July
87 June 23 10715 Feb 11
89 June 30 998 Apr 11
8478July 9 9814 Feb 24
232 June 25 343 Apr 17 197 Nov 3548 "i4
aor
121 Jan 2 12614 Apr 1 11812 Nov 125
751, Zept
35/
1
4 Nov
4818June 25 68 Mar 11
24 June 26 4214 Mar 27
23 Nov 23 hue
1712 Oct 4258 Jan
18 Jan 10 3112June 3
458June 18 1038 Mar 31
4 Oct 2353 Jan
18 Nov 7334 Jan
23 June 26 39 Apr 1
Oot
65 Nov 157
68 June 18 973 Mar 27
57 July 6534 June
61 Feb 3 6634 Jan 31
51 Dec 2011 Jan
512July 17 12 Jan 16
27 Nov 7612 Beta
27 June 25 5472 Feb 14
4012 Nov 62 Feb
4138July 10 5432 Mar 20
118 July 17 128 Feb 13 113 Nov 12612 Mat
418 Oct 3434 June
8/
1
4 Jan 16 21% Apr 25
49/
1
4 Jan 104 Jane
601s Jan 3 8034May 26
108/
86, Nov 1841 Aug
1
4June 25 15612 Apr 18
14014 Jan 27 147 June 2 133% Nov 145 Dee
42 June 23 8212 Feb 6
75 Nov 10612 Jan
Jan
95 June 18 116 Jan 4 110% Oct 120
7572 Jan 3 101 Mar 28
7014 May 9518 Gel
3852 Jan 2 5114 Apr 3
27 Nov 8152 Sept
914June 30 33 Jan 16
20 Oct 65 May
15 June 24 3078 Mar 31
1814 Nov 47% Feb
3318June 19 5912 Mar 31
23 Nov
9812 fieet
5614June 18 10134 Apr 16
50 Oct 19914 BM
10614June 19 11118 Apr 29 10112 Nov 108% Feb
9212June 23 10034June 11
8614 Oct 103 Feb
14 July 21 8353 Mar 19
1712 Dee 42 Apt
312June 26
311 Dec 10 Jan
7 Apr 10
1718June 26 347 Apr 11
23% Nov 5214 Ang
55 June 26 6934 Mar 20
40 Nov 86/
1
4 Jae
31 June 18 417 Mar 27
29 Ott 8312 Aug
2834June 21 8338 Apr 2
2912 Nov 953 Sept
87
158June 30
Jae
4 Apr 2
212 Oct
20 July 25 38 Feb 14
2712 Nov 75 Feb
4314 July 16 105 Jan 6
90 Nov 138 July
90 July 15 11812 Mar 1 11114 Nov 120 Dee
130 June 23 28484 Apr 30 142 Nov 27934 Oct
30IgJune 18 5112 Feb 7
31% Nov 8112 Feb
11 6 July 25 116 Feb 18 108 Nov 135 Feb
58 Nov 9814 Jan
65 Jan 23 95 Mar 27
ls Feb 7
2% Mar 31
84 Dec 1772 Jan
723*June 25 11932 Apr 1
8414 Nov 176% heet
99 June 25 107 Mar 24
9214 Oct 105 Feb
70 May 80 Feb
76 Jan 8 85 Mar 20
7272 Nov 8412 Feb
80 Jan 6 88% Mar 21
2332June 2.5 395 Apr 7
Oct 5538 Set t
13
1514June 17 37 Mar 25
1212 Nov 6434 Jan
*1812 20 I 2,000,American Republics--NO Pa
80
57
60 Nov 14458 Sett
60'z 5514 59I 55
5812 5838' 5612 5712 5614 5612 14,700;Amer Rolling M111
28 48 July 2 10078 Feb 17
60
*13112 82
44 Nov 7434 Jar.
6012 6012 60
6012 6112 6112 611
61
900 American Safety Rasor_No par 5212June 18 6753 Apr 26
613
10
15
2 26125
16
8 ..1
Dec 4172 Mar
10
1012 1012 10
10 I *10
1072 *10
1078' 10
71:: bobJul 2
600 kmet Seating v t 0
10
No Par
353 ay
*1%
158
7 Feb
154
154 *112 la
*112 1141 *112 134
153
154
200 Amer Ship & CommNo par
80
50
4978 5312 4978 50 I 4858 485849
50
49
870 Amer Shipbuilding new_No par 4678May 22 5412June 5
49
82 Nov
Sept
6434 6512 6412 6512 6412 6554 6558 66% 6578 66% 6512 6678 22.700 Am Smelting & Refining-100 53 June 24 7912 Apr 2
*135 13512 *135 13514 135 135 13135 13514 *135 13514 *135 135%
1001 13312 Feb 6 141 Apr 8 123% Nov 138 Jan
100' Preferred
38
Oct 49 July
*41
4112 4012 41
*40
42
41
41 I *40
25 38 June 18 4353 Jan 27
4012 *40
400 American Snuff
401z
98 Nov 112 Jan
*101 108 ;4'101 108 *101 108' *101 108 *101 108 11101 108
I Preferred
100 10012 Jan 3 10734 Apr 22
972 1012'
658July 1 2212Mar
834 914 *9
10
1018 10%
9
10%
914 912 1,600 Amer Solvents di ChemNo par
2178 2174. 2212 2212 *21
22
2212 25 I *22
2434 *22
3314Mar
No part 18 July 1
24
600 Preferred
'Oct Ili JeS
4018 41 1 394 3972 3812 3914 8914 3954 39
6214 Mar 20
3953 39
40
3.300 Amer Steel Foundrlee No par 3612June 2
*11114 115 *11114 115
116 Feb25 110 June 114 Mat
100 11015 Jan
11114 11114 112 11214 *11112 11214 11112 11112
160 Preferred
40 Oct 85 Apr
*4212 4434 44
551 Apr 16
44
44
44 1 54378 44
54378 44
No Per 4212June
300 American Storm
*4353 45
56 Nov 943 Jan
6278 528 *5058 52711 55034 53
6978 Mar 26
53
450000:AmpgrtrefeElrruty Refining
*5238 53
5374 *53
1001 47 June 2
54
99 Nov 111 Feb
•10612 107 ;•10612 107
100 10314June 2 110 A pr 24
107 10734 *107 108
107 107 *107
108
Jar
18 Nov 60
11
11 I 107 11
9114June 1
2634 Feb 10
1034 1034 1034 1034 *1034 11
*10
11
800 Am Sumatra Tob-----No Par
21634 22012 21312 21612 21212 21654 217 22054 21514 218
100 20012June 2 27414 Apr 17 19314 Jan 31014 Sept
21412 21612 131.700 Amer Telep & Teleg
2258 Apr 17
16 June 1
a
38
8 4 18 4 18 8 1834 187k 1912 1912 19
1812 187 165.500' Rights (expire Aug 1)
23912 23912 237 237
197 Jan
26414May 23 firMar all; Oct
235 23612 236 240 1 238 23934 238 238
2.700 American Tobacco cam__
24412 24634 24014 244
2393 24312 244% 24712 244 24712 24214 24512 6.300; Common class B
ao 197 Jan 28915May 23 160 Oct 235 Oct
12234 12234 1221% 12254 12234 12234 122/
12412May 221 11452 Nov 12114 Jan
1
4 12254 *12212 12234 .12214 12354 1.100; Preferred
100 120 Feb
*126 130
125 125 *125 126 *120 126 *120 125 *120 125
14184 Apr 1 115 Nov 181 Sell
100 American Type Founders 100 113 Jun81
13112 11434 *112 11434 *112 11434 *112 114
100 106 Feb 6 11434July 24 103 Nov 112 Apr
10 Preferred
1141
/
4 11434 *11434 115
921 9434 88
78/
1
42une 23 12472 Apr 23
93
50 Nov 199 Sept
8734 92/
1
4 94
96
9253 95
x90
18,400 Am Wat Wks & El____No par
93
*104 1041
/
4 '104 10414 *104 10412 104% 10412 105 105 *104 10478
97 Jan 104 Jan
9912 Jan 4 108% Apr 15
400 1st preferred
*914 912 *9
1112 *912 1053 103g 11
913 954 *9% 1038
Mt Oc
2772 Jan
500 American Woolen
100
713 Jan 2 2014 Feb 17
1127
28 1 *2612 281 •27
1412 Nov 1181
/
4 Jan
28
28
2914 2812 29
100
1934 Jae 2 44% Feb 18
*28
29
700 Preferred
116
7 I *6
7 I *6
7
4 Nov 1812 July
*6
7
9 May 29
*6
Am Writing Paper ctts_No Par
7
6 Jan 20
*6
7
*3712 3912 *37
3912 *38
391
38
2918 Uzi 17 8454 Feb 27
28 Nov 48 Mar
38
3812 3812 *37% 39
200, Preferred certificate- ---100
10
10 I
9
953
9
108 10
7 Nov 494 Mar
10
10
612June 19 1778 Feb 8
11
1014 1034 6.700 Amer Zinc, Lead & Smelt_25
*62
70
*62
70 1 62
82
85
65
4934 Nov 11114 Mar
65
65
51) June 19 7972 Jan 20
6413 641
400 Preferred
25
/
4
4934 5134 48
4912 4818 5014 50
51
6714 Dec 140 Mar
4912 501
4412June 18 8112 Am 2
/
4 4978 513* 75.800 Anaconda Copper Mln
60
1331
39 I 31
31 ; *30
31
*30
31
46 Dec 8984 Sept
*30
33
100 Anaconda Wire & Cable No par
2612June 18 5314 Feb 6
*30
31
41
41 I 41
42 ' *3858 4212 4234 4314 4153 42
25 Oct 80 Oct
42
3478June 18 5134 Apr 21
42
1.303 Anchor cap
No par
*104 10934 *104 10934 *104 10934 *105 109/
1
4 10953 10934 *107 110
96 Nov 15412 Oct
300 Preferred
No par 102 July 14 11518 Apr 14
2314 2314 *22
2354 22
233 *22
2353 •22
30 Oct 6838 Mar
2334 •22
13 June 18 374 Apr 2
100 Andes Copper Mining_.No par
233
233
4
*2314
522
1
4 2218 2254 2278 *2214 23
2212 21/
1812 No
4912 Mat
1918June 23 39% Apr 5
4.100 Archer. Dan'Is. Mid'id_No par
2154 217
875
80
*75
80 1 *75
80
*76
80
*76
75 Or
95 Jan
80
7414 Mar 14 8278June 6
7653 764
100 Armour & Co(Del) pref —100
5
5
5
5 I
472 6
47
5
47
1812 Jan
5
13.840 Armour of Illinois dais A_--215
438June 19
Sig Mar 2
618 Oc
5
5%
25
*278 3
278 278
234
253 234
234 2%
1014 Jan
232 Jan 20
4385110r 26
234 Nov
26
3
3% 12.100 Class B
1758
60
58
58 I 69
59
59
59
591
/
4 5914 60
57 No
86 Jan
100
700 Preferred
$3 May 5 65 June
60
7/
1
4 71
*IA 8
IA 624 4,624 7/
1
4 .6/
1
4 734 *6 s 784
6 June26 138 Apr 21
653 Dec 4032 Jan
300 Arnold Constable Corp_No per
*10
11
*10
11
*10
1034 *10
101
1014 1034 *1012 11
10 June 25 20% Apr 28
No par
1832 Nov 30 Feb
100 Artloom Corp
3458 347
34 3453 *34 3415 3418 35 4 35
3534 3512 3612 12,500 Associated Apparel Ind No par
3112June 18 2612 Marl
34 Nov 68% June
3534 3534 35
35 I 3418 3412 3412 3512 3412 351
No par
28 Jan 4 5012 Apr 1
25 Nov 701* Jan
3411 3412 1.400 Assoc Dry Goods
*4132 45
*4154 45 I *415* 45 .4158 47
40
4158 •401 45
3413 Dee 47/
1
4 Apr
26 3212 Feb 27 51 June 2
40 Associated Oil_
855
58
5614 56% *56
59
*57
59
57
1
4 Feb 8612 Oct
57
32/
*56
59
200 Atl G W 188 Line—No liar 4052June 26 8038 Jan 30
855
58
*65
58 1 *55
58
*5512 58
*55
50 June 27 6514 Feb 26
6278 Sept
58
Pre00
f&erred
4534 Fe
1155
57
36
37% 35% 36
35% 36
3512 3834 3654 3934 3712 3914 50.000 Atlantic Refining
25 301.8June 18 5132 Apr 7
30 Oct 7732 Jthy
76
4,76
76
*77
78
7715 *75
*77
78
*77
7712 *77
67 Nov 140 Sept
Atlas Powder
..No par 62 June 17 10434 Mar 21
10414 10478 *10212 105 *10212 105
*10212 103
100 101 Jan 20 106 Mar 22
10312 10312 10252 10253
90 Nov 10812 Jan
70 Preferred
*5
6
*5
6 , 55
8
*5
6
No par
*5
5 June 27
5 Nov
1778 July
Atlas Tack
6
83Mar 5
*5
6
11812 12614 116 123
125 13034 12212 128
125 134
.Reps
5
.
14
36,100 Auburn Automobile —.No Par, 91 June 23 26384 Apr 1 120 Oct .
12214 128
41
*4
41
*4
*4
5
*4
5
No par
4
4
7 May 14-3/
1
4July 10
200 Austin. Nichols
*4
6
*19
40
*19
*19
40
40
*19
40
Preferred non-voting ..._100 24 Jan 2 3572 Apr 23
18 Nov 421 Jan
*5258 ---- *5253 ---- *5258 ____ 55258 ---- .5258 ---- *5258
4912 Nov 65 Jan
6252June 14 60 Jan 13
------ Austrian Credit Anstalt
5
5
*434 5
*434 ____
*434 5
3512 Aug
No par
4 D
*434 5
4 June 17 1038 Mar 3
100 Autosales Corp
*434 5
413
161 *10
17
*12
17
*10
17
4578 Aug
810
13 De
Preferred
60 15 Jan 11 35 Mar 4
15
*10
15
71
68
7038 68
7234 698 73
34 Nov 50 Jan
70
7038 7312 7311 78
12,900 Autostr Sat Reser A---No Par 87 Jan 2 78 July 25
558 6
6% 612
418 Dec 20 Aug
No par
534 61
912 Apr 15
6% 61
618 614
4% Jan 20
6
654 17,300 Aviation Corp
23
24
2314 2338 2334 24
24
15 Oc
6652 Aug
No par 1932June 17 38 Feb 18
24
23
24
233 2453 3,700 Baldwin Loco Wks
10612 10612' 10612 10815 10611 10612 1081 10612 *10612 107
100 10412June 25 118 Jan 21 10911 Nov 125 Apr
50 Preferred
106 106
9312 Nov 11012 Feb
*10712 1091 *10712 10)12 11107% 109% *10712 10912'10712 10912 *107% 10912
Bamberger(1)& Co 0310--100 107 Jan 3 11012 Feb 4
33% Jan
No par 1382July 10 201* Mar 5
16 D
*1418 1412 1418 1,118
250 Barker Brothers
51414 1412 1414 15 I 1414 1414 *1418 15
100 72 June 25 91 Mar 31
70 Nov 97
Preferred
*69
75
*8912 75
*6912 75 1 *6912 75
*69
Jan
75 1 *69
75
No par
*258 434 *258 453 *258 434 *258 434 *254 4341 `252 434
258 Feb 18
Barnett Leather
7% April
212 D
29% Jan
25 2012 Feb 15 34 Mar 28
2334 2412 2334 2454 2314 2312 7,000 Barnsdall Corp class A
20 Oct 4912 May
2412 2412 2312 25 1 2354 24
;
$ per share $ per share $ per share $ Per share $ per share S per share Shares Industrial &Misc.(Con.) Par
*4758 63 '
14758 50
• 100 Abraham & Struuse---NO Par
*4752 50
*48
55
*4634 5638 47
47
*108 109 *108 109 *108 109 *108 10812 *108 10812 *108 10812
Preferred
1
4 27% 27/
No par
1
4 263s 2714 20,100-Adams Express
26/
1
4 2712 2558 27
2558 2658 26% 28/
160 Preferred
100
9114 9114 91
92
*89
9112 9018 9018 908 90% *9053 9112
600 Adams Millis
*27
27
26
26
27's 27
2612 2612
No Par
11
1115 *11
1212 *1012 11
.100
1,500 Advance Ruruele
12
914 10
1112 1014 11
2415 *22
24
100
23
22 24/
1
4 2414 25
25
2514 2514 2614 1.700 Preferred
1
32, 1.100 Ahurnada Lead
*38
84
58
34
8
52; "38
34
58
58
*a
11152 11078 11614 11938 11518 118
115 11818 46.700 Air Reduction,Inc
11954 119781 11218 116
No Par
*1818 19
*1818 19
19
1934 1978 1978 *1818 19
*1818 19 I 1,200 Atr-Way Elea ApplianceNo Par
115 1151
112 115
138 115 *114 138 *114
114
114
700 Ajax Rubber, Inc
11
/
4
No Par
512 534
515 534 *515 5/
512 512
512 515 *553 534 1,400.Alashe Juneau Gold Min--10
1
4
*812 10 1 *812 98
300 Albany Pert Wrap Pap_No par
8
812 8/
1
4
87
812 *812 878 *8
2314 2358, 2214 2354 22
2278 2254 2338 2218 23
22
No par
22% 33,300;Allegbany Corp.
*9358 9634 96
9534 9534 96
96
96
*95
96
700; Prof A with $30 warr____100
958 957
119154 9312 *9114 9338 *9118 933 *9114 9253 9212 9212 90
90
600 Prof A with $40 warr___100
*85
87 1 8478 847 *85
*84% 87 1 *8478 87 I 1785
87
100 Pref A without warr___100
87
268 272
261 267
26212 26612 266 274 1 268 270
26918 272
8.000 Allied Chemical & Dye_Netpar
12312 12312 *123 125 1*123 125
*123 125 17123 125
12334 12334
400 Preferred
100
"Bid and asked prices; no sales on this day.
x Ex-dividend. V Ex-rights.
•
598
New York Stock Record-Continued-Page 3
For sales during trio week of stock, not recorded here, see third p.a. preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 19.
Monday
July 21.
Tuesday
July 22.
Wednesday
July 23.
Thursday
July 24.
Friday
July 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On lasts of 100-sharelots
PER SHARE
Ranee for Preston:
Year 1929.
Highest
Lowest.
Lowest.
Highest.
$ per share $ per share
per share $ per share 3 per share $ per share Shares Indus. 84 Risco!. (Con.) Par $ Per r80r4 $ per share
$ per share
Der share
*4934 51
4934 4934 51
51
4934 4934
4834 5078 *4934 51.
340 Bayuk Cigars, Joe
No par 4834July 23 88 Feb 4
55 Nov 11334 Jan
*98 100
*98 100
*93 100
9714 9714
130 First preferred
98
99 101
98
100 97 Mar 3 101 July 24
95 Oct 10634 Jan
Beacon Oil
No par 13 Feb 18 204 Apr 9
1212 Dec 3274 July
;8-1- 15- -/-32- 81
;SU4 83
82
84
84
-838 8433 11"83
2,900 Beatrice Creamery
GO 674 Jan 18 92 Aim 14
89 Dee 131
Oct
.1051 1 10612 10512 10538 106 106
108 108 *105 108
106 106
700
Preferred
100 1014:Star 20 107 June 10 100 Des 10812 Aug
413 418 *1
413 *334 413 *1
418 418 *413 412
413
200 Bolding Harnlway Co__No pa
314June 18
833 Jaz 17
413 Dec 1734 Apr
*8012 8134 *80
82
*8012 82
*8012 82
*8012 82
*8034 82
Belgian Nal Rya part prof__
7934Juno 26 8512 Star 19
75 Nov 8478 Jan
33
34
3118 3314 3112 3278 33
3358 33
3314 304 33
21,800 Sandi' Aviation
No Isar 274June 25 574 Apr 7
25 Nov 1044 July
48
47
4914 45
4433 4634 4634 4838
4614 474 4573 4714 9.900 Beet & Co
No pa
314 Jan 8 564 Apr 25
25 Nov 12313 Sept
St
8414 7914 834 8114 8378 8233 8314 8138 8358 74,500 Bethlehem Steel Corp
8478 83
100 7534June 25 1104 Apr 1
7814 Nov 14041 Aug
12534 12534 12612 12612 12612 127 *12613 12834 12713 12812 12814 12814 1,500 Beth Steel Corp Pf(7%) 100 1224 Jai 13 134 Mar 22 1163
3May 128 Sept
2434 *13
2434 *12
*15
2434 *12
25
25
*12
BloomIngdale Bros_ ___No pa
2612 *12
17123210823 2973 Apr 24
223
4 Dec 817a Apr
*9514 90
*9514 99
*9514 99
*9514 99
99
*97
99
•97
Preferred
10
99 May 12 103 Mar 8 100 Oct Ill
Jan
83 .77
*77
83
*77
83
*77
83
83 *77
83
*77
Blumenthal & Co prat
100 74 Feb 7 90 Apr 7
7013 Dee 118
Jar,
3812 3712 35
3513 3578 3514 36
364 334 35
*3414 3518 3.900 Bohn Aluminum & Dr__No pa
2814300e 25 89 Apr 7
Nov
37
13113
4
Man
*7014 72
*7014 72
*7014 72
*7014 72
*7014 72
*7014 72
Bon Am} class A
No pa
70 Mar 7 78 Apr 5
70 Oct 801!. Jan
*3
312 *234 314 *234 312 *234 312 *234 312 *234 322
Booth FIsherlos
No pa
2 Jurm 21
5 Mar 28
3 Dec
1134 Jan
20 .15
*15
20
*15
20
*15
•19
20
1912 1912
20
200 let preferred
100 18 June 23 334 Jai 3
18 Dei 6334 Jay
8013 764 79
79
7.54 79
7833 804 7834 8034 774 8014 27,500 Borden Co
2
804 Jan 8 903311ay 29
63 Oct 10012 July
3012 29
30
30
29
30
29
2938 3012 30
30
3018 4,4001Borg-Warner Corp
10 2353June 27 5013 Mar 27
26 Nov 14338May
3
3
3
*2
3
.2
27
278 *2
278 *2
2001Botany Cons Mills class A _ _50
24
278July 14
5 Mar 27
212 Dec
1512 Feb
22
2318 22
2373 2214 2412 2334 2538 2334 2434 2338 2414 253,900lBrtggs ManufacturIng_No Det
812 Nov 634 Jan
1313 Mar 6 254July 23
27
*25
*23
27
*23
*23
26
27 .26
25
27
2634
400;Briggs & Sera tto n
• 21 June 19 3513 Apr 4
1733 Dec 434 July
'British Empire Steel
112 Dec
138.Juno 28
100
4 Apr 8
678 Jan
2d preferred
3 Judy 8
100
373 Nov
814 Apr 10
1312 Jan
*1434 1514 1434 1434 1412 154 -1513 1714 1638 1712 1613 17
5,100 Brockway Mot Tr
No pa
1212June 26 22147137 19
14 Nov 734 Jan
72
*70
*70
72
*70
72
72
*70
72
1 Preferred 7%
*70
72
*70
100 68 Jan 11 85 Apr 2%
7114 Dec 145
Jan
133 133
12814 13034 12734 130
12934 13278 130 130 *12912 130
2,800 Bklyn Unlon Gas
No pa
115 June 25 17814 Mar 3
99 Nov 24812 Aug
40
40
*3934 40
401 *39
*39
100 Brown Shoo Co
4012 *3912 4012
4012 *39
No pa
3712June 30 42 Feb 18
36
Oct
Sept
5111
*17
18
*1612 1814 *16
17
*16
15
16
1634 16
164 1,300 Bruna-Balke-Collender_No par
134 Jan 15 3053 afar 31
1614 Nov 5514 Jan
2478 25
24
24
25
24
24
2434 *2314 2412 *2312 2412 3,200,Bucyrua-Erie Co
1913Junc 18 3178 Mar 24
10
14
Oct 4234 Jan
3814 3733 3713 3712 3818 3712 3712 3712 3712 3712 37,2 1,0001 Preferred
*37
Mar
10
43
25
Oct 50 Feb
7
2612
Jan
334
11312 114 *11313 11612 *11312 115
116 116 *11312 115
11412 11413
601 Preferred (7)
100 10734 Jan 3 116 July 23 10734 Dec 117 Apr
1014 1014
912 104. 812 98
913 10
912 912 3.700 Budd (E 0) Mfg
9,4 9,2
No pa
818 Dec 227a Oct
738June 18 1838 Apr 15
124 1212 1112 1112 1138 12
1134 1218 1118 1155 1113 12
5,000,Budd Wheel
No pa
734 Dee 1212 Dee
818 Jan 2 1453 Feb 6
2812 284 *2712 2813 2778 277
28
2878 294 1,6001Bulova Watch
2012 *2814 29
No par
2613 Jan 17 43 Mar 31
2114 Nov
34 Dee
3812 3734 3414 3612 3414 3634 37
3612
35
37.100.Bullard
373
4
394
374
Co
No pa
2712June
Nov 544 July
25
18
Apr
74
2
*90
9914 *90
994 *90
9914 *90
Burns 33r0* now Cl AcomNo pa
97
97,4 *90
9714 COO
88 Nov 127 .1313
90 June 18 11023 Apr 2
17
*1712 19
1712 *1818 19
16
*18
16
19
•16
19
500 Now class B corn.-_No pa
1514June 18 35 Apr 2
2238 June 39 Jen
*94
954 94
94 ' *9212 94
*9212 94 •921g 94
*9212 94
10 Preferred
100 8914June 17 100 Feb 19
88 Nov 10514 Jon
354 3514 3313 3434 3312 34
3434 3538 3334 3453 3234 3312 5,100,Burrougha Add Mach_No pa
2914June 25 5178 Mar 1
29 Oct 32934 Man
*33
3412 .3412 35
*33
35
*34
35
*344 35
34
34
100'Bush Terminal
No pa
314 Nov 8918 Fen
294June 18 4812 Mar 5
102 102
102 102
102 102
102 102
102 102
102 102
340
Debenture
100 99 June 30 110 Mar 15
9118 Nov 11012 May
*115 11778 *115 11778 *115 1177s •116 1174 *116 1174 •116 11778
Bush Term Ridge pref
10918
Nov 11812 Feb
100
Feb
10
1054
118
Apr
7
*2
214 *2
214
214 214 *24 233
218 233 *2
300 Butte & Superior IMining___10
238
124 Jan
2 July 10
44 Dee
54 Jan 13
*278 3
*278 3
278 278
3
3
*24 24 .24 24
300 Butte Colmar & Zno
5
912 Jan
218June
30
Oct
2
414
Feb
20
*1534 1612 1513 1534 *1518 17
•1512 1678 *1518 17
.1513 17
200 Butterick Co
100 1314June 18 294 Fob 24
1712 Dec 41
Jan
7618 7934 7334 7678 7253 7558 764 7914 7512 7734 754 7653 34,500 Byers & Co(A M)
No par 8618June 25 11233 Apr 28
50 Nov 19278 Jan
*10812 109 *10812 109 *10812 111 *10812 109 •1084 109 *10812 109
Preferred
100
Jan
Jan
12114
109
27
Apr
105
114
Jan
25
*8213 6412 6214 63
6214 6258 63 63 *63
64
.63
64
500 California Packing._ _ _No par
6014 July 17 7712 ar34. 5
6312 Oct 844 Aug
35
*28
*28
35
*28
35
*28
35 .28
35
*28
Californla Petroleum
35
23 28Ja
1 Jan 2
35 July 10
25 June 3412 Aug
•I
118 *1
118
1
1
118
*1
113
1
118
118
500 Callahan Zino-Lead
10
4 Jan
1
Oct
213 Fob 3
*5413 57
*5612 57
52
51
55
55
*524 543i 54
1,100 Calumet & Arizona Mining_20 4858June iS 8972
55
Nov 13634Aug
7312
Jan
9
15
1512 16
1513 15
15
1512
1512
1514
1512
1538
2,400 Calumet & Recta
1514
13
25
June
614
19
Mar
Oct
25
334
Jan
7
.19
21
21
20
*19
2113 *1978 2118 *194 2058 *1978 2038
400 Campbell W & C Fdry _No par
17 June 18 30 Mar
19 Dec 4913 Anil
6614 6612 66
6612 6614 67
67
68
68
67
67 874
7,400 Canada Dry Ginger Ale No par 50 June 18 7538 Mar 25
9984 July
45
10
Oct
23
2314 2314 *2212 2338 2212 2212 *2212 23
23
*2212 23
400 Cannon 51111s
Ale par
20 June 18 3414 Mar 18
27 Dec 4834 Sept
*1712 1912 *1634 18
*1634 18
*1634 19
*1634 1912 1634 1634
200 Capital Adminle cl A_No par
13 June 19 2834 Apr 4
17 Nov 8518 Oct
*3312 3712: *3313 3713 *3312 3712 *3312 3712 *3312 3712 *3312 3712
Preferred A
50
31
Jan
2
42
3973 Oct
Nov
Mar
29
19
19312 20178 182 19412 18212 192
193 2004 18714 197
186 19334 113,700 Case Thresh Machine ctis_100 15812June 25
Apr 23 130 Nov 467 Seri
*1271 4 128 *12714 128
128 129 *12634 130 *12634 129 *12634 129
150 Preferred certlficatee____100 115 Jan 16 36234
Nov
113
Dec
132
12313
Mar
25
6378 64
62
6212 8113 6214 63
6414 6312 6312 6258 624 6,700 Caterpillar Tractor_ _..No par 54
Jan 2 7934 Apr 28
5014 Dec 61 Dee
*514 638
*7
54 5,4 *7
9
*7
.7
9
9
100 Cavannagh-Dobbs Ine_No par
0
5 June 16 1373 Jan 11
614 Dec 4218 Feb
60
•54
*5518 5912 5912 60
*55
60
60
*60
80
100 Preferred
6012
100 59 June 18 75 Jan 13
58 Dec 1054 Mar
154 1612 1458 16
14
1578 1534 1613 1534 16
1534 1534 6,400.Celotex Corp
No pa
9 July 3 60 ?Jun' 19
Oct 7938 Fa
31
24
24
2378 2378 2334 2334 *2312 24
*2334 24
.2378 24
700 Central Aguirre Asso_No par 2312 Feb 10 3012 My'31
Oct 4884 Jan
21
--.
..... Central Alloy Steel
No par 3034 Jan 2 35 Apr 18
2618 Nov 034 051
Preferred
5
100 10514 Feb 7 1104 Apr 10 10534 Apr 11212 Jan
*414 6
*412
514 51.1 -;;iT3
*412 5
.434 5
..200 Century Ribbon killis_No par
3 Oct 2013 Jan
34 Feb 4
814 Ma/ 27
*8212 6912 *6212 6912, *8212 694 .62
6912 *6212 6912 *6212 6913
Preferred
100 51 Feb 27 8973July 16
Jan
5014 Der 82
51
60
4934 49781 4914 50
*5012 52
5034 5113 5034 51
1,600 Cerro de Pasco CopPer_No par 4318June
5214 Nov 120 Mar
18 0531 Jan 6
94 918 *9
978 *812 912 *812 918 *813 933 *812 94
200 Certain-Teed Producto_No par
1073 Dec 32 July
513,rune 24 1573 Feb 6
*40
41
41
*41
41
41
41
4112 *41
4112
City
2,200
Fuel
42
Ice
4112
&
No par 38 July 3 49 Feb 4
3912 Dec 6234 Jan
*85
85
90
85
85
85
85
85
85
8585
1,030 Preferred
85
100
96 Sept 10514 Jan
11
2612 2734 27
29
2678 2812 2712 2833 2634 2712 2612 264 13,300 Checker Cab
No par 8
23
1112Jjil:Illye 2
27
Oct 8034 Sent
Mae
18
13
1
6
9
7
8
1
7
F
6412
6312 6414 62
6213 6134 6334 6413 6514 *64
6314 64,4 3,200 Chesapeake Corp
11
4218 Nov 112 July
29
51114
Mat 3
2Lun
37131
ne 10
8 82
*18
1812 1733 1738 1613 1812 1673 1713 1714 17,4 1714 1714
800 Chicago Pneumat Tool_No
No para
par
7
2178 Oct 471* Sept
4613 *45
*45
4612 *44
4612 *45
4612 .45
4312 4313
Preferred
46
YellowagoNo par 4312July 25 5,578 Mat 14
47 Nov 61 Sept
*26
2612 *2513 2612 *2512 2612 *2513 2612 *2512 26,2 26
Chic
28
Cab__ _No par
Jan
1634 Feb 1 32 Mat 20
2178 Oct 36
20
*20
20
1,200 Chickasha Cotton Oil
2014 *20
2014 20
20
20
20
20
20
10 4
20i2J
,
,
,t0i
po
itu
25 Per 50 Jan
r 16
miye 8
0
s3
12j
4 6
3
2
7
5412 5412 5012 53
53
53
544
Childs
4
2,900
*513 533
5314 5314 5314
Co
No pa
Nov
Sept
4413
754
58
*49
58
*49
58
Chile Copper
*49
*49
58
58
*49
58
*49
63 Nov 1274 Mar
51 Apr 30 85 Fab 6
3012 3114 2853 3014 2812 30
30
3038 3178 3018 3118 147,900 Chrysler Corp
32
No p2
a5 24 June 23 43 Apr 11
26 Nov 135 Jan
713 714
71 13,600 City Storea New
634 74
7
74 74
84
74 *7
7
No pa
54July
Apr
25
11
714 Oct 27 Feb
134
*30
*30
36
38
36
*30
100 Clark Equipment
*30
36
*30
30
30
36
No pa
30 July 24 4413 Apr 21
25 Nov 614 Oct
35
*34
*334 35
*3314 35
100 Cluett Peabody & Co_ NO pa
*3314 35
*3314 35
35
35
30
Apr
Feb
5
Dec 7234 Jan
1
80
3412
*94 100
*94 100
*97 100
Preferred
*98 100
*9434 100
•9434 100
9114 Jan 2 105 Apr 8, 9012 Dec 119
Jan
180 18078 17534 17914 17458 177
17714 18038 178 1794 •17914 17934 7,700 Coca Cola Co
No par 1334 Jan 8 19138June 4 101 Nov 15412 Aug
5012 5013 5012 51
*5034 51
*5034 51
*504 5034 504 5034
o par 484 Jan 8 53 Mar J1
4434 Oct 50 Feb
2212 23
22
2214 21
23
CoTlitan.7
2212 2334 23
NAlkman
2338 2212 2213
No par
1453 Jan 2 3534 Feb 13
7214 Mar
10 Nov
*8112 84
*82
87
82
Prefemal non-voting___ _100 73 Jan
82
87
200
*8312 87
*34
87
*84
3 92 May 24
65 Dec 1034 Feb
5158 5378 4834 514 4734 50
5058 5212 4912 5012 484 5134 21,700 Colorado Fuel & Iron
100 3813 Jan 2 77 Apr 5
273
Mat
4
Nov
784
13534 13934 13138 13514 13012 13534 137 14412 138 14184 13912 14034 13,100 Columbian Carbon v t oNo par 108
June 23 199 Mar 11 105 Nov 344
Oct
6513 6638 6318 6478 6253 6414 6434 664 6318 6512 6278 64
38,700 Colum 089 A Elea
No par 5813June 23 87 Apr 10
*10558 107
106 106
106 108
Preferred
1061
1,200
106 1064 106 10012 10618
100 10414 Jan 31 110 Apr 11 -661-2 Nov nii" Yuji
1918 2014 1734 19
1712 194 19
1958 1814 1878 l8' 18,
184 71,800 Columbia Graphophone
15
3
8July
8 3733 Apr 28
1618 Nov 8834 Jan
26
2614 2538 26
254 26
6,200 Commercial Crodtt____No par 2338 Jan
254 2614 26
2553 26
26
2 4034 Apr 1
18 Nov 624 Jan
*3812 39
*3612 39
*3612 3838 3834 3834 *3634 3814 3534 36
400
50 314 Jan 2 4433 Apr I
28 Nov 614 Sept
*2314 25
*2314 25 .234 25
*2314 25
*2314 25
*2314 25
25
22 Jan 6 28 Apr 29
28 June
2033 Nov
PC
1'
,7
14fe
7rl
*8512 87
*8512 87
rr irrB
*8513 87 .8512 87
*8512 87
ed (6Si %)*8512 87
70 Oct 10534 Jan
--1.13° 764 Jan 18 95 Mar 29
3434 3134 33
3458 34
34
3334 3 4 34
34
334 334 2.500 Corn Dived Trust
No par 2812June 25 55 Mar 6
Oct
2818 Nov 79
*8214 83
*8214 83
100 Cony prof
8214 83
•8214 83
83
83 .8214 831
No par 80 June 18 87 Mar 28
678 673 *413 758 *412 634 .413 834 *412 634 •5
Warrants
100
6
100
4 Jime 18 2314 Mar 5
68l Sept
9 Dec
2534 264 2412 2573 2438 2613, 26
274 264 28
2712 2812 236.200 Comm Solvents
N5 par 2014June 16 33 Apr 11
2013 Oct 63 Oct
1414 1458 1418 1438 14
1438 1418 1412 1418 141
1418 1438 50,300 Commonwealth&Sou'ri3No par
1258June 18 2014 Apr 7
het 2484 Oct
10
*3812 40
*3812 40
Conde Nast Puddles_ _ _No par 3381
*3812 40
*3812 40
*3812 40
*3812 40
2June 20 57 Mar 27
Jan
35 Nov 93
1234 1318 1234 1318 1253 13
1233 1318 121 2 1313 124 1313 6,800 Conaoleurn-Nairn Ine No par
1018June 18 1934 Nfar 24
II
354 Jan
Oct
3012 3012 *3014 3012 3018 3018 30
*3012 31
ea
T
C
mag
ir
e
e
y
c
C
g
10
1
gP
2
700
aroll Btpd No par 30 July 24
2934
3018 *29
Mar
11
Feb
564
Nov
58
43
92
14
14
*14
38
38
*14
*14
4
4
*14
38
14
1 Mar 24
4 Nov
115 Feb
*4012 4134, *39
4113 *39
41
*39
Consolidated Clgar......No par 30 July 25
41
*39
40
40
*39
June 27 5933 Max 17
40 Oct 9614 Jan
70 I 7014 7014 70
70
7014 8812 7014 70
280 Prior preferred
70
.70
7012
100 67 Jan 22 80 Mar 25
63 Nov 96
Jan
1914 1912 1858 1912' 1812 1812 1978 1978 *181 19
1,200 Cornal Film Indua____,Vo par
*1812 19
10 Oct 2538 Sept
2034 2034 2018 2012 2018 2058 2058 2058 2058 204 2012 2012 2,100 Cons()) Film Ind prof_No par 1533June 18 2733 Mar 11
19 Jan 3 28,4 Jan II)
1513 Oct
3034 Apr
11212 11433 1074 112,4' 10712 11138 11112 11312 1104 11212 1094 11218 102,800 Consolidated Gas(N Y)No par 963
3 y3,44 2 43673 Apr 26
8018 Nov 18314 Sept
10278 1027s 10278 103
*10231 103
10212 10234 10214 10214 1027
2
1:800
:
1
1. 1027
9212 Nov 10012 Dec
9911 Jan 28 10373MaY 37
•7, I
.78 1
1
78
1
1
781
200 ConseorIld
rrred Textile___N
78
Vo
o par
638 Jan
2 Jan 27
73June 18
58 Dee
1438 14
1514 1514 1412 1412: 14
1433 1418 1418 14
1413 2,900 Container Corp A voli_No par 1158June 19 2312 Yob 24
12 May
2313 Jan
434 434 *434 5
*438 5
514 *434 5141 *424 5
*5
No par
1113 Jan
34 Nov
812 Bob 20
334June 18
234 2533 24
2334 2414 2338 24
247
*2458 25
2412 2412 4,000 CoGnitInonBtaYl°
113a
lling el AN,, pa; 1812June 18 5212 Feb 17
2514 Oct 90 Jell
3541
33
•378 4
No par
334 373
154 July
333 3783%
453 Oct
7 Feb 17
338June 19
373 73
37 *70 4 73
37a
41 ' 74
*70
75
74
*70
75
lriaeVurprecl
74
100 6614.Iune 25 9471 Feb 17
7912 Nov 100 June
2
1
611
60
1
5934 6134 53
5914 60
59781 5833 5934
59 4 60 4 15.800 Continental Can Ino___No par 5018 Jan 2 7152 Mar 31
4013 Oct 92 Sept
20
21
7,500 Cont'l Diamond Flbre_No par
2012 204 1838 194' 1914 1958 1914 211
1934 20
204 Nov 3312 Dee
1618June 23 3733 Apr 21
58
583 *5858 59
5934 5934 1,600 'Continental Ius
57 1 5534 56
5812 57
58
464 Nov 110,4 Sept
50 June 25 774 Mar 31
418 418
418 41
413 414
44
41
418 411 2,300 Continental Motors__.No 0
414 414
513 Dec 284 Jan
19
Fob
814
17
4June
33
21
2112 22
2178 28,103 Continental 011
204 214 2012 2113 2158 224 2138 22
par
18 Nov 374 Aug
1838June 18 3013 Apr 24
2624 2612 2434 2578. 244 254 2514 253
2511 2558 2513 2512 10,400 Continental Shares
,o
VVo par 20 Juno 27 404 Apr 1
264 Dec 454 Dee
,
Corn Products Rofining____25
9612 9818 954 9712
964 9312 9578 9234 954 9513 99
96
70 Nov 12638 Oct
8713 Jan 3 11133 Apr 23
120 Preferred
146 146
145 14514 14412 14412 *14412 145 .14412 145
146 146
100 144) Feb 10 147125laY 20 137 Nov 14434
2012 2012 2012 2034, 2058 2033 204 2133 204 2114 204 2034 9,400 Coty Inc
No par
18 Dec 8214 Jan
1512June 18 33 Feb 3
32
500 Cream of Wheat
3112 3134 3112 3112 32
31
32
.30
3034 3034 *30
No par 2513 Jan 6 3533 Mar 20
24 Nov 31 Nov
191 *16
•16
1912 ______ Crex Carpet
1912 *16
1913 *16
1912 *16
1912 .16
15 Dem 575e A pie
9 Jan 22 2918 Mar 5
13
11
500 Crosloy Radio Corp___No iptha
*13
1212 1212 *13
13
14
14
14
13 .13
15 ON' 125 Feb
ar 104 Jan 17 32 Jan 2
i
• Bid and asked prices no sales on this day. z Ex-Dividend.
y Ex-dividand and Ex-rignts.
12g
i,000
4.tgg
New York Stock Record-Continued-Page 4
599
For sates during the week of stocks out recorded here, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 19.
Monday 1 Tuesday 'Wednesday Thursday
July 23. I July 24.
July 22.
July 21.
Friday
July 25.
PER SIIARE
Sates
STOCKS
Range Since Jan. 1.
for
NEW YORK STOCK
On basis of 100-share Iota
the
EXCHANGE.
Week.Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Highest.
Lowest.
-3 per share $ per stare
3718 Nov 79 Aug
Oct 2534 Jan
17
71 Nov 12134 Aug
103 Nov 11634 Feb
5 Nov 2412 Jan
2 per share 2 per share' 2 Per share' $ Per share I $ Per share $ per share Shares Inclua. & bilseel. (Con.) Par $ per share I per share
38 June 18 691 Apr 7
9,200 Crown Cork & Seal-----o par
4112 413 4112 4112 4812 4812 5112 5012 52
4112 *39
*39
800 Crown Zellerbach
13 June 17 1812 Feb 19
1534 *1412 1518 15
15
No par
700 Crucible Steel of Amerlea_100 7012June 18 9378 Mar 25
80I 7818 7818 7813 7818
79
79
79
79 1 7812 7812 *78
109 110
1701 Prefd
100 104 June 26 117 Mar 13
11012 11072
*109 111 *110 111 ,*110 111 1 11078 111
9 Jan 2 1912May 29
*1212 13
1212 1212 1,600 Cube Co
No par
13
*1314 134 1314 1314 1314 1314 13
7 Mar 3
1,500 Cuba Cane Products_ No par
2 June 21
214 2141 _*238 234
2% 23
*212 3
212 212
234 234
5'2 Jan
114 Jan 2
118 Feb 2
78 -11:1-111
No par
___- ----Cuba Cane Sugar
1k, Dec 1872 Jan
4 Mar 3
2 Jan 7
100
_
-_-_-_-_ -_-_-__I _-_-_-_ -_-_-_-_I -_-_-_-_ ___
Preferred
Jan
67e Dec
17
9 Feb 4
434Ju1y 25
400 Cuban-American Sugar____10
1
4' *434 518 *434 5
434 5
-i434 -Ili -8- --5 - *434 5/
56 Dec 95 Jan
*4214 44% *4214 44% *1214 4478 *4214 448
45
100 Preferred
100 45 July 21 6558 Feb 11
45
*4214 45
36 Nov 67% Jan
50 3818June 25 48 Jan 2
4112 40
41
39
40 I 40
40I *40
41
41
4112 1,400 Cudahy Packing
*40
Oct
117 117
600 Curtis Publishing Co__No par 10514June 23 12618May 29 100 Nov 132
119 120
11518 11518 *11212 117 *11214 117 I 117 117
Vs par 114% Jan 29 12118 Mar 19 11218 Nov 12134 May
500 Preferred
11812 11812 *11814 11812 11812 11812 *118 11814, 11814 11814 *11734 11812
638 Dec 30% Aug
73
1478 Apr 7
612 Jan 31
No par
712 7%
758'
712 758
712 778 23,700 Curtiss-Wriglit
78 734
78 712;
1314 Dec 3772 Aug
100
858June 26 194 Apr 2
958 931
978 10 I
9% 1018
958 958
10
1014
958 98 6.900 Class A
6314 6012 6212 1,500 Cutler-Hammer Mfg__ _No par 55 June 25 9012 Mar 31
6338 63% 63
6314 6318 6312' 6312 6312 63
/114 Oct --6-5;18 Jan
No par 2458June 18 435 :Mar 31
2818 29121 2834 2934 2811 2834 2812 298 6,700 Davison Chemic,a1
2914 29% 29
30
20 Dec 4678 Jan
300 Debenham Securities
58 2038July 7 30 Apr 14
*2012 2312 *2012 2312 2058 208 2058 2058 *2012 2212 *2012 2212
24
200 Deere & Co prof new
20 20 June 18 2412May 24
24
24
*2358 24 I 24
112358 2418
*2358 2418 *2312 24
Aug
218 218 1
500 Detroit Edison
35534 Ayr 23 151 Nov 385
218 218 *218 221
220 220 *218 220
100 195% Jan
*218 221
24 Nov 64% Feb
200 Devoe dr Raynolds A__No par 21343uly 9 4234 Mar 4
2134 25
*21
26
*25
29
*25
29
25
*23
2434 *23
let preferred
____110
110 *____ 110 *____ 110
100 10634 Jan 14 11412May 13 162 Dec 11512 Jan
*
110 1*____ 110
218 222 *215 220
2,200 Diamond Match
100 139 Jan 13 237 Apr 24 117 Nov 16412 Jan
216 21834 21412 21812 210 21414 2i.7- 220
1114 Aug
73
6 Nov
800 Dome Mines. Ltd
918 Jan 18
78
No par
618 Jan 3
7% 7.11 *738 734
778 78
734 '734
74 778
12
Oct 5114 July
20121
20
22 i *20
22 I 20
*20
400 Dominion Stores
18 June 23 3078 Apr 5
No par
*2014 2012 2014 2014 *20
69 Nov 12318 Feb
12 7
18
7/
1
44 16,500 Drug Inc
74% 7534 76
7634 7614 7714 7
No par 67 June 25 8738 Mar 10
7514 7614, 7412 757
Jan
25 Oct 92
1,100 Dunhill International_No par
*181 183
18
18 I IS
18
1
1512June 18 4315 Apr 7
20
20 , 1978 20
10 Nov 2878 J110
Dupan Silk
*13
15
*1312 15 1 *1212 15
*1212 15
*1212 15
1412June17 1811 Aar 4
15
No par
*14
4912 Jan 1007s Mar
600 Duquesne Light let Oret-_100 100 Jan 7 10312May 26
*10212 ____I*10212 ___- *10212 _-_-:*103 10312 103 10312 *10214 10314
1
4 Sept
Oct 39/
19
1
4 Jan 31
15
*15
16 I *15
16 I *15
14 June 25 25/
16
*15
16
Fastern Robing Mill...Ns par
*15
16 I *12
24,100 Eastman Kodak Co
202 20812 20918 21734 20814 21512 20912 213
No par 17534 Jan 9 25514 Apr 25 150 Nov 26434 Oct
208 21418 20212 210
763
4 Feb
Nov
18
25%
Eaton
Axle
&
par
243
4
2514'
2578
25%
3,600
Spring
No
1918June
25
3714
Feb
20
258
25
25
2512 2512 2134 2512
80 Oct 231 Sept
20 9534July 8 14514 Apr 10
107 110 I 10314 10714 10314 10634 10734 11034 10958 11212 10838 11212 44,200 El du Pont de Nem
200 6% non-vot deb
100 11412 Feb 4 121 May 15 10712 Nov 11934 Ault
116% 11678 *11614 11712 *11618 11714 *11618 11714; 11638 11638 *117 11758
4 Dec 3938 Jan
512 512 *4
51
/
4 *4
512 *4
5 I *4
512 *4
100 Eltingon Schild
No par
5 June 23 1072 Feb 6
512
39 Dec 113 Jail
5912 *40
5912 *40
100 38 June 25 82 Feb 5
5912 140
100 Preferred 614%
5912 *40
5912
40
40 I *40
1
Oct 174 JulY
1
59
Electric
par
7312
77
2
36.000
Autolite
No
5518June
28
114%
Mar
29
7718
sn
78
80
74
4
793
4
80141
7812
7713
7814
100 10614 Jan 6 11034 Jan 7 10234 Nov 115 Apr
*10712 108 I*10712 108 *10712 108 I 108 10S '1'10712 108 *10712 10820 Preferred
314 Oct 1833 Mar
45
No par
418 478
412 412 4,400 Electric Boat
4 June 17
914 Max 31
48; 438 458
412 458, *438 478
2918 Nov 8658 Sept
No par 4914 Jan 2 103 Apr 23
7212 7414 6912 73
6914 7158' 72
7418 704 7278 7058 7212 145,900 Electric Power & Lt
98 Nov 10914 Feb
No pa 105 June 18 112 Apr 25
900 Preferred
109 109 I 1084 108% 109 109 I 110 110 I 10854 10334 109 109
certes
tlfice
60% pald
12614 Jan 9 153 Apr 4 106 Nov 14012 Jun
----, --- ----1
-3
.
700
moo
storage
Nov 104,2 Oct
84
Battery_No
par
8112June
23
7914
Feb
10
65
/
1
4
65
651
6512
6512
653
8
66
6514
65%
6618
66
6678,
214 July 1
Ws June 1012 Gee
*218 4
Elk Horn Coal Corp-_No par
512 Mar 24
*218 4
*218 4 I *218 4
*218 2141 *218 4
314 Oct 2212 Feb
258June 16
758 Jan 24
*378 3341 *3118 334
200 Emerson-Brant class A_No par
4
*212 5
4
*212 4
334 334
4914 Nov 8378 Jan
500 Endicott-Johnson Corp___50 44 June 18 5958 Jan 22
4618 46, *46
46 I 46
4612 46
46
48
4712 *46
*46
100 10712 Jan 7 113 Apr 23 10814 Sept 12414 Feb
Preferred
*11034 11234 *11034 11214 *11034 11214 *11034 11214 *11034 11214 *111 112,4
31
Oct 79% Aug
5234 5234 1,400 Engineers publics Serv_No par 3934 Jan 2 6712 Apr 7
54 I 5218 5378 *5118 5212' 5212 5312 *5238 55
64
80 Nov 12314 Aug
Preferred $5
No par 943 Jan 8 10718May 26
*9614 100 I 19614 100
*9312 100
*9614 99
*9812 100
*9614 100
Oct
8434 Oct 109
No par 9412 Jan 2 10478 Apr 21
/
4)
400 Preferred (61
*9712 9934' *9812 9934 9978 9934 *99 10014 10018 10014 *98% 10134
3114 Jan 41 May
*45% 46
1,300 Equitable Office Eildg_No par 3934 Jan 3 5034June 4
45% 46
45% 45121 4558 4578 *4578 46 I *4578 46
3612 Dec 64 Feb
1238 1178 1178! 12
1,600 Eureka Vacuum Clean-No par 1058July 3 43e Mar 5
12
1238 12
12
1214; 12
12
12
16 Nov 7334 Mar
5
612June 19 3034 Feb 18
*10
10 I 101s 11
10,8 1018 1018 1,700 Evans Auto Loading
1112 1112' 1Q14 1112 10
2214 Jan 2712 July
50 Exchange Buffet Corp-No par 22 Jan 2 26% Mar 3
*2212 2412 *2212 2412 *2212 2412: *23 2412 *2312 2412 2312 231
97 Jan 6
24 July 12
834 Nov 1334 Dee
25
400 Fairbanks Co
*118 314 *118 314 *118 3141 *118 314
314 3% *118 4
Jan
11 Apr 35
7 June 18 3934 Jan 20
100
934 1514 13
9781
9
9
510 Preferred
878 834 *8
15
858 9
3414June25
5012May
17
2934
Oct 5478 Sept
No
par
5.900 Fairbanks Morse
3818' 3818 398 3812 4014 38
3918 3712 3712 38
391
39
1
4 Dec 11078 Jan
100 102 Jan 7 11112May 16 101/
20 Preferred
*109
*109 J ____ *109 ___- *109 --- I 109 109 *109
22 Dec 7278 Mar
*13
14
*12
13
700 Fashion Park Assoo___No par 10 June 25 2714 Feb 27
1112 12
14
12
12
*13
11. II-6012 Nov 109 June
15 5958 Feb 6 9014 Mar 18
Federal Light & Trao
*6318 6112 *6318 6412 *6318 641 1163% 6412
*6318 70
*6318 70
90 Nov 104 Feb
9312 931 *9311 95
No par 91 Jan 13 9834 Apr 22
95 I 95
95
60 Preferred
*95
9612 *95
9612 95
5 Oct 2278 Feb
*812 878 *812 8%
712June 19 1214 Feb 26
100 Federal Motor Truck_No par
*812 88 *812 878 *812 9
812 812
28 Nov
5614 Sept
2,500 Fed'I Water Service A_No par 30 June 18 43 Mar 19
3512 353
3434 35
36
3434 3614 3112 3412, 3512 36
36
2512 Dec 33 Dec
32341 30
200 Federated Dept Stores_No par 25121une 16 38 Apr 16
*30
32
301 *28
30
*28
3234
3118
*30
47/
1
4 Nov 123 Sept
67 I 6712 6812 *67
1,200 Fidel Phen Fire Ina N Y___10 56 June 18 8934 Mar 31
68
68
6712 6612 6612 67
68
*64
6 Oct 1314 Mar
7 Feb 11 1012 Apr 4
No par
Fifth Ave Bus
*734 812, *734 812 *734 812' *712 834' *734 812 *74 812
30 Dec 93/
1
4 Feb
No par 31 June 10 6012 Jan 22
Filene's Sons
•____ 3212 *____ 3212 •____ 3212 *____ 3212 *____ 3212 *____ 3212
84
Dec 107 Jan
May
3
15
98
92
Mar
100
*95
Preferred
98 1 *95
20
98
99
12 99
*9512 99
98
1197
*95
98
2412 Dec 87 Dee
2134' 21
21 I *2034 21
1,700 Firestone Tire & Rubber___10 1934July 7 3318 Jan 7
*21
21
21
*2112 2212 2078 21
83/
1
4 Dec 8978 Dee
100 6978June 18 8778 Mar 24
Preferred
7118 7112 7112 72
7112 7112 7112 7112 2,500
7134 72
7218 73
4412 Nov 90 Sept
55 I 5412 66
3,000 First National 1320res_No par 46 June 23 613 Jan 30
*5112 5512 56
5512 5534 55
56
55
55
212 Dec 2018 Jan
512 Apr 2
214July 25
No par
212 278.
212 212
212 2%
212 212
pl. 212 258
214 212 8,800 Fisk Rubber
8 Dec 7212 Jan
100
612June 19 21 Apr 2
let preferred
8
8
8
8
8
8
8
8
7
712 1,000
712 711
8 Dec 8212 Jan
*912 12 I
912 912
612June 18 214 April
912 912
100
8
934
260 lot met convertlble
*10
1134 10
10
38 Nov
54
Jan
44
44
44
200 Florshelin Sboe class A_No par 40 June 25 5278 Mar 21
*43
*4214 45
*4312 44
*43
44
4312 4312
9018
Oct 10218 3140
3
12
100
Feb
100
Apr
9512
Preferred 6%
193 10014 *96 10014 *96 10014, •96 10014 *100 10014 *96 10014
3212 Nov 8214 Aug
No var 25 June 23 5074 MEW 25
2812 *27
300 Follansbee Bros
126
29
26
26
29
29
*27
26
2812 26
33 Nov 95 Sept
No par 6012 Jan 3 10412June 4
87 I 8514 877
8358 8638 8434 8512 31,500 Foster-Wheeler
8318 8514 8178 8412 81
1234 Nov 6958 Apr
11 June 19 284 Apr 14
No par
*12
15
300 Foundation Co
1412 *1212 14
13
13 I *12
1218 1218
13
13
1918 Dec 10558 Sept
No par 1618 Jan 3 5778 Apr 25
74,300 Fox Film class A
4814 4638 48
4614 4734 4514 47141 4434 4712 4778 48% 47
34 Nov 547s Jan
23
Apr
11
par
June
17
5512
37
No
451
45141
Freeport
Texas
Co
4434
457g
4512
4512'
15,500
45
4534
4212 4434 4318
4414
8212 Nov 10712 May
NO par 85 Feb 14 9512 Mar 6
90 Fuller Co prior pref
*8812 90 I *8812 90
*8812 90
*8812 90
8812 881 *8812 90
5
Oct 337g Feb
Ayr
9
518June
4
No
par
23
113
Gabriel
Snubber
A
812
812
1,900
9
*812
9
878
813
914
812
878
91
9%
1
4 July
651e Nov 83/
No par 67 June 30 80 Mar 28
IGamewell Co
*6712 69 1 *6712 69
*67/
69
*6712 69
1
4 68
*6712 69
*68
3 Dec 25 Jan
212J une 16
734 Feb 18
314
5
*3
312
3
3
500-Gardner Motor
3
3
3
*3
3
3
3
918 91
*84 912 *812 9
7 July 8 1612 Feb 18
812 812' *834 9
3001 Gen Amer Investont___No par
*812 9
100 8812June 25 105 Apr 25
91
*91
98
94
*93
100 Preferred
*91
98
1192
98
98
*93
98
8534 8638 8510 86
85% 867o 8418 8514 8118 858 8534 867
4,700 Gen Amer Tank Car-No par 7814 July 8 11172 Apr 4 /C.. Nov l23 Oct
42/
1
4 Nov 94$4 Aug
100 3858June 25 7112 Apr 7
4412 47I 4138 45% 461 461121 4612 4612 45
46
4.100'General Asphalt
47183 475
Gen Baking pre(
No par 105 Mar 4 125 Jan 15 121 Nov 140 Feb
113
*_____113 *___ 113 *____ 113
113
24 Nov 6934 June
1
4 Feb 15
No par 1518June 24 38/
22
2212 1914 2118 19
1912 1818 2014 19
8,200 General Bronze
1912 .
1.5
758 111
23 Nov 61 Feb
1312July 7 3412 Mar 7
No par
15
*15
1612 *15
17 1 *15
1612
1115
18
15
200 General Cable
6318 Dec 12912 Feb
No par 32 June 27 748* Feb 6
42
42
42 - 42
42
*41
4184 *40
4212 4212 42
400 Class A
4Q2
42
Oct 74 Feb
4578 4614 4514 46
47
47
47
47
No par 4034June 25 61 Mar 7
45/
1
4 454 4512 45'z 10,200 General Cigar Inc
7133 7114 7314 708 7214 7018 7134 268,700 General Electric
No par 6018 Jan 2 9533 Apr 10 16818 Nov 403 Aug
7338 6918 7178 69
72
1134 Feb
11
Jan
1134 1134 1152 1134 1152 1134 1134 1134' 1158 1152 1112 11% 5,100 Special
10 11% Jan 2 11% Apr 5
35
Oct 7778 J1117
56
5472 5533 5412 5512 5418 55 I 55
5534 5.
No par 48110 Jan 17 6114May 1
5434 5514 25,300 Gen Foods
978 10 1
1014
934 1018
8 June 17 18% Apr 10
No pa
103 1012 10
!Gas & Elm)A
94 1014
10,100 Gen.
9,8 10
83
83
82
82
*82
82
8212 8214 86
*83
82
89
1,500 Cony pref ser A
NO Par 78 June 25 10612 Apr 16
No pa 115 Mar 19 122 Apr 2 11112 July 135 Feb
•115 120 *115 120 *115 120 *115 120 111115 120 *115 120
Preferred A (8)
189 Oct 11611 Jan
*102 105 •102 105 11102 105 *103 105 *10312 105 *10312 105
Preferred A (7%)___No par 100 July 8 111 Apr 9
1
4 4512 468 46
50 Oct 8918 Jan
4412 44/
45
45
45
4018June 25 5938 Apr 12
4512 4534 4,100 General Mills
No pa
45
46
8714
Dec 100 Jan
Mar
22
91
*9012
91
*907
8
*9012
89
June
30
95
91
91
1
*9018
91
100
91
*9078
91
100 Preferred
3312 Oct 9134 Mar
4412 46141 4514 4614 4518 46 340,400 General Motors Corp
10 3712 Jan 16 5414 Apr 10
4458 4518 4278 4434 4234 44
125 12634 125 12512 12538 126 I 12614 12718 12534 12534 7,100 7% preferred
100 1174 Jan 24 13112May 8 112 Nov 12612 Jan
12558 126
30 Oct 52 Jan
25
2512 2512 2614 2612. 27
25
/
4 Apr 14
24s July8 411
28
28
26
28
28
1,200 Gan Outdoor Adv 6.---No Pa
11
1112 1112 1112 12 I 11
818July 10 214 Apr. 3
11
No pa
12
12
12
*10
12
1,400 Common
, 36% 367 *35
3018June 18 52% Apr 7 117" Nov 98 Aug
3678 35
35
35
No pa
3658' *3512 3612 *mil 3612 1,500 Gen Public Serviee
70 Oct 12612 Aug
76
78
78
79
80 I *7812 80
7518June 25 10674 Mar 28
No pa
79
79
7812 80
79
3,000 Gen Ry Signal
54 Oct 8812 Aug
7678 7634 79
76
7534 7414 7718 74
1 75
7814 35.200 General Refractories-No par 6514June 18 90 Mar 28
7834 76
Apr
10
35
I
3312
343
4
35
30 Juno 18 514
No pa
3578. 3412 3518 34
35% 3312
g. 35
3434 16,500 Gen Theatres Equip
8012
80 Nov 143 041
7734 77% 8112 7812
58 July 8 10612 Jan 16
79
8238 62,700 3illette Safety Rasor-No pa
77% 784 7318 7714 74
1012 Nov 4818 Jon
1118June 30 207/ Apr 14
1238 1212 1212 1212 1234' 1212 1212 1212 1212 1,500 babel Bros
No pa
1212 12'z 12
56 Dec 94 Oct
8212
Apr
25
11
71141
6878
Jan
30
100
74
7114
*70
*7114
711
/
4
*707
8
74
78 7 4 *704 7114
100 Preferred
*7114
26 Oct64% July
1518June 8 38 Mar 20
1714 1732 1712 173' 177o 1778 17% 18
No pa
1778 18
3,500 Glidden Co
178 177
05 Nov 10618 A' r
01 July 15 1031
*94
/
4 mar 27
10
*94 95
95
95
95
95
95
*95
95
9512
80 Prior preferred
*94
918 Nov 66 Feb
814June 26 19 Feb 7
No pa
958 1014
912 10
9% 10
98 94
1018 1058
958 9% 8,000 Gebel(Adolf)
3112 Oct 82 Jan
3412June 18 47% Apr 28
398 4114 3933 4118 4118 4238 4034 4178 403g 4114 24,300 Gold Dust Corp v t o_No pa
, 4138 42
3814
Dec 1054 Jan
2812
5812
Mar
25
2212June
18
27%
2712
281
2712
28121
2712
27
No
Pa
Goodrich
Co
(B
F)
5,500
*2712
297
28
. 29
9512 Dec 11514 Feb
100 78 June 30 10412 Mar 28
82/
1
4 8214 *8212 91 .1 *8212 91
*8214 89
*82,2 90
82
300 Preferred
' 82
60 Oct 15412 Mar
5478June 27 9672 Mar 31
6512 65
65
6578 67
64
6512 65
6,300 Goodyear 'I' & Rub-_-No pa
67
651
67
87 Nov 10472 Feb
95
90 Jan 8 10214 Apr 30
95
No pa
95
95
5
95
*94% 96
11,00 let preferred
r *9418 96
14 Nov 60 Apr
812June 18 Ms Mar 8
*10
12
NO pa
*10
*1014 12
12
*1034 12
Gotham £311 Hos
*10
12
1'1034 12
Dec 10114 Jan
68
4
/
1
4
Apr
82
10
*7014
70
Jan
100
75
73
*7014
*7014
75
*7014
75
Preferred
*7014
75
1,*71314 75
*778
4 Oct 14 May
1538
Apr
23
6
June
19
No
pa
9
18
9
712 712
*8
9
200 Gould Coupler A
L*8
9
712 71
7% Oct54 Jan
538June 19 13% Apr 1
858 678
614 63
64 6%
GNI 3,900 Graham-Paige Motors_No Pa
:
_,. 658 67
614 658
6%
7 Nov 4912 Jan
612June 24 1014 Apr 1
No pa
*6
614 *8
61
614 *6
614
100 Certificates
614 *6
614 614 *6
4614 Nov 1027e Mar
24 I 2212 23
23
2314 23
3,100 Granby Cone 114 Sm & Pr_100 18 JIM.28 59% Apr 2
2212 23
f 2212 23,4 2212 221 *36
3212 Dec 4.17k Dee
30 June 25 52 Apr 2
par
37%
3712
38
No
38
*3712
Grand
Storea
1,100
Silver
38
*37
3814
39
3812
f 3812
33 D
9812 Mar
100 8312 Feb 6 4512 Mar 1
Grand Stores
918 Nov 327 Jan
10 June 17 2058 Feb 13
Vo pa
-iT8 1538 14% 1514 3,900 Grand Union Co
-fit -1434 1/3; "iLT2
80
Oct
Apr
10
4Juue
18
&Os IPI•
4312
313
pa
No
41
*40
I
41
41
Preferred
40
113912
41
400
4112
40
•103
4
114012I 41
82 Nov 133114 BaDa
33 July 9 50% Apr 3
No pa
3112 3112 3318 3318 *3412 36
100 Granite City Steel
*3412 36
*35143712 *34
35
I
1
I 108 145 *1312 18 ; *14% 15 I 15
r
67 ,
r
is;
• Bid and asked Prices; no sales on this day. x Ex-dividend. S Ex-dividend ex-rights.
y 3 additional shares for each share held.
600
New York Stock Record—Continued—Page 5
For gal...14ring ree week of itock•
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT
Saturday 1
July 19.
Monday
July 21.
Tuesday !Wednesday 1 Thursday
July 22.
July 23.
July 21.
Friday
July 25.
recorded here see fifth page precedioa
Sales
for
the
Week.
$ per share . $ per share $ ner share l $ ner share , $ per share $ per share
331 3378 33
33
3212 3314 *33
3334 321i 3312 3212 3234
2134 2134 21
21
2112 2112 211
: 2172 2112 214 2114 21,4
197 20
20
20
20
20 ' 20
20
198 1933
1933 20
*11514 116 1 1141 11418 *11434 116 *1141 11434 11434 115
1154 11514
147 1512 14
141 1358 1434 1438 1514 1412 15
1412 151
•34
*34
1
1 I
•34
%
•34
%
*34
7s
*34
1
445
46 I *43
45
*43
45 . 443 4558 *43
4512 *43
44,2
*95
9934 *95
9934 *95
9934 993 100 I 100 100 r100 101
*3258 33 1 3258 33 1 3234 3278 3278 3278 321 33
3258 3234
4.2712 2812 *2712 2812 2712 2712 2712 2712 *28
2812 28
28
1634 1634 1512 1614, 1578 1612 1612 1734 17
1758 174 1812
4.81 18 8112 8112 8214 *824 8212. *8214 8212 8214 8214 1 *8134 8214
23
23 '
520
23 . 23
23 1 23
23 1 23
23
*21
23
*105
__-_ *105 __-- *105
105 105 *105
105 105
91
91
.91
92
91
91 1 *91
92
91
91
91
91
*5312 5512 4'53
56
*53
55 I 53
5334 5414 5414 53
53
14
14
13
14
13
1314 1312 1478 14
1434 13% 1412
*2134 22
*2134 22
*2134 22
*2134 22 ; *21% 22 1 *2134 .22
*50
5112 *50
5112 *50
5112 *50
5112 *50
5112 *50
51,2
7,4 734
718 733
714 7141
733 10 I
3
878' 8
81
84
84
85
85
*83
87 I *83
87
*83
85 I *791 85
4.23
*2212 23 I 221 221 ...22,g 2112 .22/
1
2 2412 '5221 24
96
96
91
98
9134 93 1 93:2 9714 97
97 . 90
983
*100 102
10014 10014 101 101 1 103 1014 10114 101 14 *10014 102
*108
- 108,2 111812 *10814 112 *10314 112 *10314 .-..
*107,2
16
16
*15
17
*15
17
4.15
17
*15
17 1 *15
*34
3412 32
3114 33
33
332 31
*3312 3414' 33
3313
•7
71
*7
71
*7
71
*7
7,2 *7
712 *7
712
*747 80
77
77
*7178 80 1 *71
83 I *74
78 1 *74
78
124 1234 12
1238 1114 1133 1172 124' 1114 1178. 1138 1152
4'133
6412 61
6412 *0234 65 1 *0234 63 1 *6234 65 1 63
63
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, 1.
On Das(' of 100-share iota.
Lowest.
Highest.
PER SHARE
Range for Prartorw
Year 1929.
Lowest.
Higgeet.
Shares Indus & Mlacel. (Con.) Par $ per share
$ per share
per share $ per share
4,800 Grant (W TI
No par 29 June 18 43 Jan 9
3212 Dec 1441 Fib
1.600 GO Nor Iron Ore Prop_No par 18 June 23 261 Mar
25
19
Oct 3914 Ftb
2.500 Great Western Sugar_No par
1938July 25 3412 Jan 16
28 Nov 44 Jan
60 Preferred
100 11032MaY 27 120 Mar 14 105 Nov 11912 Feb
77.000 UrIgsby-Grunow
No par 1214July 8 28 June 2
144 Nov 70 Sept
Guantanamo Suzar____No par
1. m,,,r 7
4 Feb 4
1 Nov
51 Jan
400 Gulf States Steel
100 3718July 8 80 Feb19
42 Nov 79 Mar
40 Preferred
100 984 Jan 17 109 Apr 30
993
4 Dec 1(19 Feb
740 Hackensack Water
2.3 26 Jan 4 3412July 3
2312 Nov 35 Aug
80 Preferred A
25 28 Jan 6 29 Ayr 17
26
Jan 30 Aug
21.300 Hahn Dept Stores
No par
1258 Jan 2 2314 Apr 17
12
Oct 56% Jan
900 Preferred
100 7118 Jan 3 861 Apr 17
71% Dec 116 Jan
400 Hall Printing
10 21 June 17 3134 Mar 23
27 Dee 2972 Dec
220 Hamilton Watch pref
100 99 Jan 7 105 July 8
99 Nov 10558 Jan
480 Hanna pro? new
____No par 85 Jan 16 98 Apr 14
200 Flarbison-Walk Refrao_No par 50 June 27 7214 Apr 21
54
Jan ii72 6-01
16,200 Hartman Corp class B.No par
1012Juue 23 20 Feb 6
13 Oct 41% Aug
1 Class A
No par 2012 Jan 17 2314May 24
18% Oct 31 Sept
Hawaiian Pineapple
20 64 Jan 14 61 Feb 13
55 Dec 721 Aug
11,100 Hayes Body Corp
No par
558Juae 18
171 Apr 4
6% Nov 8833 May
203 He'me(0 W)
25 7712.1une 19 9233 Feb 11
89 Nov 11812 Jan
204 tieroulee Motors
No par 201June 23 31 Apr 11
214 Dec 3312 Oct
3,603 Hershey Chocolate.- No Par 70 Jan 2 109 May 28
45 Nov I431 Oct
603 Preferred
No par 8312 Jan 2 10834Jurie 3
60% Nov 1434 Oct
100
Prlor preferred
190 19414 Feb 21 10812July 21 104
Jan 10638 Oct
100 Hoe (R) & Co
No par
12 June 21 254 Feb 27
124 Deo 33 Aug
1,500 Holland Furnace
No par 264 Jan 14 4114 Mar 28
21 Nov
51 Mar
Hollander & Sons (A)__No par
5 June 18 1258 Jan 29
134 May 2438 Aug
100 Homestake Mining
100 72 July 12 80 Feb 1
65 Nov 93 Aug
7,503'Houdallie-Hershey MB No par
972June 28 29 Feb 5
13 Nov
52% May
500 Household Finance Part Pf.50 49 Mar 5 6412July 21
45 Aug 5214 Sept
. Household Prod Inc___No par 5212
"iWa 89-1". 'id 8733 -iirs 'lira' -ii- ii" -gill, "iiii -ii" -Sit; 8--8:200
Jan 25 61,1 Ma' II
40 Oct 7912 Jan
Eloustoo
Oil
of Tel tern Ma loo 5214 Jan 17 11678 Apr 25
4.29
26
3).2 *2312 31 . *29
Oct 109
3)3 23
Apr
232 271 2753 2712 2712
90) Howe Sound
No par 2318June 18 4172 Feb 7
3514 3312 33
34% Nov 8212 Mar
353 3214 3133 35
33 I 35
35 I 34
35
11,100 Hudson Motor Car
No par 25% I une 25 6278 Jan 6
1512 154 15
Nov 9312 Mar
38
15 2 141 15
15
15'2 15
151 15
15
Hum) Motor Car Corp
10 13 June 23 2633 Apr 11
2314 23-4 2234 23.8 22 3 2234 222 22'2 2212 2214 2218 2214 8.403 Independe
18 Nov 82
Jan
3.600
nt Oil & Gaa-NO Par
1938June 25 32 A or 7
534 6 I
1734 Oct 393 May
52 53
51 Si
55 54
512 6 I
51 6
3,400 Indian Motocycle
NO Par
•22
4,2June
40
*22
18
40
Oct
31
Mar
17
4.22
3212
4
40
Jan
4.22
40 .22
40
*22
40
I Preferred
100 22 lune 18 8712 Mar 3
25 Nov 9534 Feb
1312 141, 13
1312 12%
14 14 131 134. 21,600 Indian Refining
10
834June 181 2838 Mar 22
1312 1312' 1318 138
131 Oct 53 Aug
,-1 -,,- -, -. ----- ---400 Certificates
10
*91 100 ' *81
812June
18
1112 Oct
Mar
271
95
5114 Aug
22
----*38 -9I ' 91
of . .81 -90
931 --901
200 Industrial Rayon
No par 73 June 30 124 Jan 10
6812 Nov 133
Jan
216 206 *191 198 1 204 204
198 203 1 193 108 *198 204
1,200
Ingersoll
Rand
No
par
15414 Jan 81 239 Apr 24 120
*721 74 1 73
Jan 22312 Oc
74
73
73
*7312 75 1 74
74
*7312 75
600 Inland Steel
No par 68 June 25 98 Mar 11
15,8 151 151 15,4 1518 151 1514 183
71 Dec 113 Aug
1512 1533 1513 1638 2.800 to•oiration Cone Copper_
20 1212.1une 18 3072 Feb 7
12
12
22
Oct 6612 Mar
IPa 1138 *1132 12
1184 1214 113 121
124 1214 1.100 Ineuranshares Corp.—No par
10 July 11 171 Mar 10
'3's 4 I *31 4
12 Dec 16 Nov
*31 4
31 31 *31 4
*358 4
100 intercont'l Itubber
No par
358.1uue
.51834 20
24
181 19 1 1834 1834 1812 1812 *18% 19
Apr
71
Nov
2
1414 Jae
1
1814 19
1,700 Interlake Iron
No par 1538.1une 23 281 Apr 2
*518 558
512 534
514 8
518 6
514 51
658 61 1,700 Internal Agrieul
No par
*5512 80
412 Jan 2
55
56 1 55
"1812
Apr
Oct
55
l778 Jan
7
5412 56 1 5712 58
*57
59
2,200
Prior preferred
100 5214June 23 8714 Apr 9
17912 17912 177 179
177 1824 181 18412 182 18278 *181 18134 3.300 Int
40 Nov 8812 Jan
Business Machinen.No par 15212 Jan i8 19712May 28
68
6614 6614 651 6614 8612 66% 67
*67
109 Nov 253 Oct
701 6914 70
Intertuttlo
7,6001
nal
Cernent_No par 558g Mar 6 753 Apr 2
8
85
71 818
48 Nov 1021 Feb
73
733
712 77
714
753
7
738 21.7000 nter Comb Eng Corp._No par
*64
5 Jan 2 1412 Mar 26
65
6414 6634 6312 8512 6214 64 1 631 6512 647 66
414 Der 10312 Feb
3.3001 Preferred
100 30 Jan 2 78 Apr I
83,4 861 81
84
81
1
8338 82
1812 Dec 121 Feb
84 1 811 8334, 8118 8312 33,200,1nt
ernat
Ilarvester__No par 76 June 21 11534 Ayr 16
4.14212 143
14212 14212 *14212 143 1 14212 14212 143 143 1 143 14314
65 Nov 142 Aug
6001 Preferred
100
14012
*381 39
Feb
10 14412 Mar 14 137 Aug 145
37
39 1 37/ 38
Jan
384 39,4 38
3834 371 3912 4.600 Int Hydro-El Sys el A_No pa
3112June 18 54 Apr II
77
77
76,4 77 1 76
23 Nov 6912 Sent
76
7632 81 I 77
79 1 7852 7914 5.900 International Match Dref
-.86 651, Jan 3 92 Apr 24
2234 23
22
2234 2212 2212 2212 2212 2234 2234' 22
47 No
10212 Jan
2212 1,600 lot Mercantile Marto,ctfa_100 19 June
2538 2618 2414 251 24
18 33 Apr 17
2434 2434 2512 2412 25 I 2418 25 109,20011nt Nickel of
1813 Nov
3913 Oct
Canada__No pa
21 June 18 44% Apr 4
25 Nov
7234 Jan
...... Internatina
ol Paper—No Par 68
7073- Vi78 ;73
7778 *73 V778 *ii -i712 iii" -firs *77 57 Dec 112
Jan 6 OS Mar 21
Oct
Preferred
7
7
1
2
(7%)
100 70 July 16 86 Apr 29
*23
2334 *22,2 23 i 2214 224 221 2314 *2212 23 1 *2212 2312
77 Nov 941 Jan
500 Inter Poll & Pow el A__No par
1712 *1612 17 ' *15
17 June 23 311 Mar 22
•17
20 Nov 444 Oct
171 *1534 17
*1534 17
015
17
Class B
No
par
11114.1
121 121 *1114 111 4.11
18
une
12 Nov
2234 Apr 14
13 1 1114 1178 1158 1138 1114 1114
3378 Oct
1.9001 Claw C
No Par
9 June 21
18 Apr 14
9 Nov 2812 Oct
*7512 76
*75
7534 75
7512 7534 7732 76
7034 7678 7714 3.700
Preferred
100 70 July 71 86 Mar 28
*36
Nov
3834 *36
77
3834 •38
95
Ocs
40
*3812
40
*3812
i
40
*39
40
1M Printing Ink Corp._No pa
*87'2 94 , *8714 91
3534July 2 58% Apr 5
40 Nov 6838 Oct
*8712 94
*8712 94
*8712 94
*8712 94
Preferred
100
384 40 I 3638 384 3612 3832 3818 3912 3338 3933 38
9172 Nov 106 Mar
July 3 101 Apr 12
39
47,700 International Salt new ___100 88
36 July 81 4534June 20
*56
57
*56
5612 *56
5614 56
56
*56
561
: 56
56
300 International Shoe. __No pa
531-June 25 62 Jar. 15
75 75
54
Oct 7733 Sept
*70
78
4.70
78
•70
78
*70 ' 78
71
71
200 International Silver
100 69 July 81 119 Feb 1
*107 110
95 Nov 15913 Aug
107 107 *105 110
105 105 *10314 103 •10314 105
30 Preferred
100
105
47
26
Feb
17
10314
Oct 119
4938 4558 4758 45$2 46% 47
Feb
112
,
4
Jan
453 47,2 451 4834 68.000 Intermit Telep &
48
Teleg_No
pa
413isJime 23 7732 A Pr 24
22
53 Nov 14914 Sept
22
22
22
2
231 2418 2312 2412 4.600 Interstate Dept Storee_No pa
18
Feb
4
June
*6818 744 •6638 70 1 *6638 7414. *661 7414 *061 741 *661 7414
2518
Oat
171
40
9312
Jan
1 Preferred el- warranta_,_100
4
6738June 28' 7514 Feb 6
74 Dee 97 May
*25
29,2 *25
30
*25
30
*25
30 I *25
*25
30
30
lntertype Corp
*1511 1632 •1512 16 ' 1518
No pa
17 Nov 381 July
23 Jan 2 82 Mu 9
1534 1534 151 154 153
15% 1534 1,700 Investors EnultY
No
par
June
14
19
Feb
121 Nov 721 Aug
19
29
33
33
*3314 3412 3412 3112 33
3112 *33
35
33
33
700 Island Creek Cool
1 311July 8 43 Mar 19
39 Oct 69 Max
.1.51
5178 *49
50
•39
51
*50
51
*49
51
*49
51
'Jewel Tea Inc
No par 43 Jan 20 5412 Apr 30
39 Nov 16214 Feb
81
86
791 8438 791 831 82,2 861 8314 8512 84
864 45,700 Johns-Manville
No pat 70 July 10 1483 Feb 6
90 Nov 242% Feb
•12113 12112 *12114 12112 *121 14 121,2 12112 12112 *121 121 12 *121 121,
10 Preferred
2
100
Feb 24 123 Mar 21 118 Nov 123 May
*12134 122 *12134 122
12134 1214 12112 12133 121 121
121 121
390 Jones @ Laugh Steel pref 100 1184
1181 Jan 6 12312 Apr 11 117 June 126
*218 214 *134 2
Oct
'2'a
214
21 2u
300 Jordan Motor Car
2
2
2
2
11.1iine 28
NO Par
511 Apr 9
112 Oct 1612 Jan
•952 97
*912 934
9,4 9,4 *333 914 *94 93-1
100 Karstadt (Rudolph)
*833 9
914July 22 1312 Jan 16
*17
1078 Nov
18
13% NO*
17
17
*17
18
*17
18 1 '517
100
18
*17
Kaufmann
18
Dept Storee.1112 60 1612.none 25 21/12 Mar 7
1714 Des 3718 Feb
2518 2514 *2433 251 2438 2118 *2434 254 25
25
24
2512 1.400 Ka
hsrA(It)
ortse
o.
(1.
:lo0rli.
vptoeu....-.NN:
24 June 21 611 Jan 2
30 Nov 5811 July
4933 ._.__ 4934 • - 4034 5-.-- 4914 *-- -- 4934 .30
4934
21 Jan 131 45 Apt 23
1512 Nov
par*
*112 119
46
11218 11212'112 120 *11212 125 *11212 130 *11211 130
Jan
200 Preferred 7%
100 86 Jan 71 160 Apr 24
70 Nov 138
Jan
4
418
31
358 31
33
378
358 31
333
338 352 1.400 Kelly-Springfield T re__No par
3
June
618
3
18
*26
Ala
Dec
10
291 *2214 291 •24
2378 Jan
29
*23
29 . *23
28
2934 291
120 8% Preferred
100 2018 Jan 3 42 Jan 24
16 Dec 9472 Jan
*3012 35
35
35
35
35 35
1 *3414
' *3014 35
10 6% Preferred
*301 35
100
63 Jan 25
28 Dec 100 Feb
3013 3034 2933 3012 298 31
31
Kelsey llayes W heel- — No Par 29 Jan 3
3214 3114 3133 32
8.700
33
may
59%
2212
3912
Apr
183
2
11
Jan 3
181 1938 1713 1834 171 181 1818 1Q's 1813 1918 18
Nov
188 58.200 KelvInator Corp
No par
71 Jan 2 2638 Apr 23
5 Oct 1914 Feb
4._ __. 78 4.____ 76
76
77
90 Kendall Co Prof76
No par 72 June 27 99 Mar 21
75 Nov 96 Feb
3912 4078 3818 391 381 401 391 401
: 3914 40
59.000 Kennecott Conner
39
40
No par 3712June 25 6234 Feb 7
491 Nov 104% Mar
*51
5333 *5018 5314 *51
5314 5314 5314 *53
5314 53
300 Kimberley-Clark
53
No par 4814June 21 59 Mar 31
4514 May 57% Oct
4.23
25
•23
26
*23
28
*23
.23
'Kinney Co
28
28 I *23
26
No par 20 Jar. 29 401June 4
2112 Nov
8014 80,4 *8112 8212 80,4 8233 *80
441 July
81
801 80
60 Preferred
80
*80
100 80 July 24 97 Apr 17
80 Oct 10934 Mar
*3% 334
333 313
34 31
31 37
31 312 4.0001Kolater Radio C.orr)._.No par
31 334
512 Apr 14
Dec
312
18
Jai
13
4
1 Jan
78
...... Kraft Cheer*
No par 384 jan 6 WiJune 2
27 Nov 764 Oet
.
Preferred
100
95 Apr 10578 Oct
98 Feb 6 111 JUTle 5
-2312 Iii- "ii" Iii -iiii IA;
"28i2 iii "iiii's lit; "iii.2 "2"0";
. if,LOO.Kreoge (S B) co
10 264.11ine 17 36% Jan 2 28 Nov 5712 Mar
*55
5733 .52
59
*52
53
4.52
59 1 *53
IKress Co
*52
56
58
No par 50 June 24 70 Jan 24
5314 Nov 114
28% 2832 277 281 2734 2812 2818
Jan
2814 27.900 Kreuger &Toll
2218 Nov 461 Mar
2334 Jan 2 351 AV 14
2634 2712 2512 261 2514 2618 26,4 281 2814 2812 28
27 I 25% 26% 251 25% 21.5001Kroger Grocery & Fikg_No par 21 June 18 484 Jan 23
3814 Nov 1221 Jan
2938 291 2918 29,4 291 29,8 2914 29141
2914 3,9901.580 (Ill & Transport—No par 21,4
294 29
2914
161 Nov
Jan 11 2912Ju1y 17
3858 June
8912 90 1 89
89% 88
9014 90
9414 911 92% 9133 911 8,500 Lambert Co
No par 70121 une 18 113 Aix 1
8018 Nov 15714 Mat
*512 6
*512 6 I *5
512
518 518 05
6
100 Lee Runner & Tire......No par
*5
534
4381one 17
6 Oct 25 Jan
11 Mar 25
*32
33
*3214 34 ' *32
34
•33
Lehigh Portland Cement-60 30 July
34 1 33
101)
34
33
*33
30 Nov 88 Feb
*106 10714 106 106 *106 107141 105 106 I•105
7 42 Apr 1
10714 *105 107,4
90 Preferred 7%
100 103 Jan 2 105123,1ay 24 100 Nov 11034May
1052 1078 10
1012 .
914 10 1
912 912 *914 10
1,00011.e5185 Valley Coal----No par
*914 10
714June 18 17,2 Mar 11
10 Oct 32
Oct
24
2626
1
12 2612 2514 2514' 254 2514. *2514 29
2518 2518
800
Preferred
60 224June 36 3712 Mar 19
31 Dec 4434 July
*28
30
•28
30
29
29
•28
200 Lehn & Flak
2812 2812 2312 *28
29%
No par 22141 une 25 36 AM 14
28
Nov
6812
4.201 2012 4.2012 2038 *19
Feb
2032 *1834 20'2 20
400 Libby-Owens Glaaa__ No par
197 20
20
11112June 25 3112 Mar 29
17
Oct 43 Aug
*931 95 I 93
93
*921 9412 *94, 954 95
*91
200 Liggett & Myers Tobaceo-25 85 June 18 11334 Apr 1
9512
95
804 Nov 106
9418 9538, 9214 94:1 9218 90, 04 4 9512
Oct
9,100 Series B
94
93,2 94
947
3
p
2
o
85
,
5
June 25 11433 Ayr 1
80 Nov 10614 Oct
25 I 241 25
25
*2418 241 2458 2458 25
900 Lima L000mot Worka_No
23
*241
'
30 Nov 6734 Ju.y
*38
40 1 .38
40
397
*38
38
3911 .38
3912 *38
nu
k
s
1.1(i
200
v
B
s eintaoo
391
Fbropoonraioted
No par 2
30
78,J
j"
yEa 2
3732 Nov 61
18 1
149
V4
11 r4
b ili
lIb
b
701 63,8 6912 6714 681 69
69
Feb
704 694 6914 69
6914
pa, 52
Zo par
40 Oct 11378 Jan
735 751 70
7433 70
73
7334 75
43
72',
420 Li
4j
3,,
12
,
ta
3
53
.
oy 14
2 29
32
12
j
s
oo
Oct 8412 Feb
n
85...
J
4
:108 •10412 108 *10412 1071'10211 108 I 7212 7458 *10412
8
*1051
42
I Preferred ..warrantaN
108
*10412 103
No
.
..
par
,
*95
80
96% *95
Oct 11(11 Jan
9634 *9534 9612 9612 961 *9812
752,,muy 5 97 July 17
96%
8034 Nov 95 Mar
4
4 I
4
4 ;
4
4 I *4
418
ftrelfieirc7
4
4
*34
r rpo
'
9lz 34
001LoP
I ratad
634 3.1111
No par
3 June 18
318 14oc
63
3
Feb
*51 978 *71 9% *758 81 •752
10
1112 Apr
II: .bell Lumber A __ _No par
978 *753 9% *753 913
6212 6338 5938 6214 6014 62
8 June 10 158 Mar 22
12 Dec 3212 Jan
1 62
83 1 61,4 63
61
6234 8.200 Loose-Wiles Biscuit
25 601 Jan 4 70,4 APr 2
3918 Nov 87% Soot
2012 2114 20
201 2012 2232 22
Lorillard
58.800
23 1 2134 2212 2113 2218
25 16,8 JAI 2 2812 Mar 3
1414 Oct 3112 May
934 10 1*91. 934
9
97
91 93
ulsolfaerr
naodOil
9
933 918
9141 7.1001 Lopr
No par
8 Feb 28 12 Apr 28
7 Oct 18
88 I *80
*80
Jan
88
*80
88 ; *8218 88 ; *8238 83
*8238 88
100 8018June IS 89,2 Feb 6
80
Nov 10014 Feb
3712 3814 36
3714 3633 3634 3714 38 1 *3734 33
37
3734 3.400,Louisville 0 & El A__No par 33 June 23 514 Ayr 25
28
Oct 7258 Sept
2814 2378 261 28 I 26
2712 2712 2812 2712 27% 27
15.800'Ludlum Steel
27
8
par
No
447
22
Mar
June 25
12
22 Nov 10872 .11111
85
83 .570
*70
*70
85 1 *70
85
I Preferred
*70
*70
85
85
No par 7878July 8 9934 Mar 18
76 Nov
18 June
*27
2872 28
28
*264 237* 2833 2878 2914 2914 294 30
700 MacAndrewe & Forbee.No par 2114June 19 3934 Apr 3
3914 Oct 46
4.56
Jan
67
551 5714 5314 5178 5333 5812
5612 5513 5513 5518 2.300 Mark Trucks Inc
NO
F.C,11 46
4 M
e2
15
5912
iroa,r 23
8 188
no
tio
,14..il,
7
55%
Nov
11444
Fen
125 12512.129 123
121 131
12114 Ill
.o. 1.- 4,-1'4 1 '41, 1 ,9 '4
_.
)l"
110 Nov 25512 Beet
•Bad and asked prices; no dales on :las day
g 1311-d10041412101114
In 13,8 11,2 1333
1
New York Stock Record-Continued-Page 6
601
For sales during the week of stocks not recorded hero. see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday 1
July 19.
Monday 1 Tuesday
July 22.
July 21.
Wednesday
July 23.
Thursday
July 24.
Sales
for
Friday ' Ms
Week.
July 25.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share tots
Lowest.
Iliyhot.
PER SHARE
Range or Proclaim
Year 1929.
Lowest.
fliphest.
$ Per share $ per share 'S Per share 5 per share $ per share $ per share Shares Indus. & MIscel. (Con.) Par 5 Per share 5 per share 5 per share $ per ohm
,
1414 1412 1378 14 I 1334 14
14
1414 14
144 1412 14
2.600 Madison 80 Oarden__No par
10114Mny 8 1618June 6
1112 Nov
24 Feb
32
32 I .32
32
32 1 32
3212 32
32
1.500 Magma Copper
3212 32,2 31
2834June 19 524 Jan 7
35 Nov
8212 Mar
1018
1034 1078 104 1078 1014 1038 10
94 9,2
(H It) & Co
Co_ _No
94 9,4 2,000 MaO
O pa ;
612May Er
No
13 July 3
6 Nov
394 Jan
*24 378 *218 24 *218 212 *218 212
20 Manatl Sugar
24 218 *212 212
112July 8
100
8 Jan 29
3 Dec 28 Jan
2138 12
12
*1034 1638 *1034 1638 *1034 164
*1034 214 .12
10 Preferred
107 Dee 5012 Jan
100 113, July 14 50 Jan 2s
14 , *12
14
*12
14
14 1 *12
*12
*12
14 I *12
Mandel Bros
14
12 July 9 15 Jan 14
No pa
11
Oct 3838 Mar
Ma oh Elea Supply
No pa
8 June 25 5514May 1
1978 Nov
3714 Jan
:ii- 14 -1 ;1312 -fil ;1334 -111-4 "ii" Ii" ;14- 14-1-2 iii" -111-2
100 Manhattan SlaIrt
25 11 18June 25 243; Jan 10
194 Dec 3558 Jan
3634 3634 *32 35 ' *33 34 *32 34 *32 34 I *32 34
100 Marlba-Rock well
No par 304June 26 55 Feb 28
30 Oct 897* May
1314 1218 124 1372 14
13
14 , 12
*1218 13
*1212 13
No pa
2.500 Marmon Motor Car
818June 28 3078 Apr 9
19 Nov 104 May
*3
312 *3
312 *3
312 *34 312
318 .118 *333 312
200 Martin-Parry Corp_
No par
3 Jan 6
6 May 19
212 Nov
18
Jan
3938 1,600,Math1eson Alkali WorksNo
3914 3914 39
3878 *3818 3834 3812 39
3878 384 38
3238June 25 5118 Mar 28
Pa
29
Oct 218 Feb
120 120 , 120 120 •120 123
13120 123
123 123 *123 12312
70 Preferred
100 118 Jun 24 127 Apr 24 120
Jan
Jan 125
4634 4714 454 4614 46
4814 4518 4614 4434 46
4334 4434 2,600 May Dept Stores
25 404July 3 6138 Jan 31
4512 Dec 10812 Jan
1312 1312 1312 1313 •1312 14 1 134 1338 1332 134 1314 134 2.300 Maytag Co
No pa
13'* July25 23 Mro• 26
1538 Oct 2912 ding
26
26 3 26
26 1 *26
*2578 27
29
*26
29
400 Proterrprercl
26
26
No pa
2112Juue 28 4012 Apr 7
284 Der
4914 July
*7512 79 .7512 774 *7534 7718 *7534 7718 *7512 774 *754 79
Prior preferred
No pa
76 Jan 7 844 Mar 26
754 Nov 9018 Jan
40 i *34
40 .34
40
*37
*37
40
*38
40
McCall Core
.38
No pa
40
37 July 17 50 Apr 1
394 Dec 108
Oct
45413 55 .5412 55 . *5413 55
*5412 5.5
*5412 55
McCrory Stores Masa A No Da
*5411 55
60 May IS 76 Jan 2
74 Dec 1133* Feb
*57
67
*57
67 I *57
67
*57
67 1 *57
67 I *57
67
No par 5718June 12 70 Jan 16
70 Dec 11512 Fe
94
*90
94 , *90
*90
94
*90
91 *90
94
I P
*90
Cre
larerrBed
94
100 80i2may 7 97 Mar 24
8619 Nov 120 Feb
*33
3378 *33
334 *33
34
3314 34
3334 3334 3338 3378
700 McGraw-H111 Publica's No par 3012June 23 44 Apr 7
30
Oct 48 Feb
1814 184 18
18
18
18
*1734 184 *1934 1814 *1734 1814
500 Mclutyre Porcupine Minee-5
.
1414 Jan 2 1912 Apr 23
124 Nov
2312 Jan
80
8014 8012 79
7838 82
83
8112 83
8414 8212 8378 18,700 McKeesport Tin Plate.No Dar 61 Jan 2 891zJune 4
54 Nov
82 Jan
24
*2214 24 1 24
2078 22
2158 2234 2134 22
2114 22
1818June 25 3718 Apr 12
4,800 Mcita4son & Robbins-No Pa
214 Oct 59 Mar
*39
40 1 39
*38
40
394 3139
40 1 *3914 40
3958 3958
300 Preferred]
50 35 June 24 494 Apr 8
40
Oct 63 July
1434 1434 144 1412 1412 1514 *14
*1312 15
1434 1413 1412 1.900 MaLellau Storm
No pa
12 June 30 204 Jan 7
1812 Dec 8912 Aug
3612 3512 3512 *35
*3412 36 I *35
37 1 36
38
*3512 3578
203 Melville Shoe
2614 Feb 8 42 Apr 16
No pa
264 Dee 72
Jan
13
1314 1212 1234 1134 124 124 124 1212 1318 2
12
21
5 2
15
3122 13.000 Meagel Co (The)
No pa
10 June 18 234 Mar 10
9 Oct 343* Jan
234 2438 2134 2334 2112 234 23,8 2412 2318 2378
60.000 Mexican Seaboard 011_No Pa
1818 Jan 18 37 Apr 7
94 Oct 6932 Jan
1638 1638 18
1612 *16
16.8, 1612 1678 1614 1612 16
5 15 June 18 33% Feb 6
1613 2.200 Miami Copper
20 Oct 541s Mar
70
71 1 69
*69
6612 68 1 68
70 1 69
72
694 6912 2,300 Michigan Steel
No par 53 Jan 6 77 May 13
44 Dec 13278 July
244 2434 2334 2412 2312 2418 24
2414 23
3.700 Mid-Cont Petrol
par 221sJune 18 33 Apr 7
24
2414 24
; Jan
224 Nov
397
1,4
114
118 114
114 *118
1
114
14
11
•1
1.600 Middle States 011 Corp eto
N
11
Mar 4
212 Mar 17
Nov
34 July
31
3114, 30
3012 294 3078 31
3134 3012 3138 2934 3034 4,300 Midland Steel Prod_No par 2158June 25 53 Feb 28 ---_-!Miller Rubber
No par
374 Jan 23
818 Apr 2
34 Dec -287s Mar
;;W3 5912 *5514 6912 *55,,,, 8913 *5514 iii ;5713 iiii .iiiis iiiMon-Honeywell Regu_Ne par 50 July 1 76% Mar 19
59 Nov 12314 Sept
1634 1634 1634 1634 15
16 1 1614 164 16
16
15
1318 Jan 10 2874 Apr 17
151* 3,000 Minn-51°11mi Pow Imp] NO WM
10
Oct 433 July
*7514 80 .7514 80
*7514 80
*7518 80
I Preferred
*7514 80
No per 72 Jan 7 921‘May 28
*7514 80
65 Nov 102 July
194 •18,2 19
1812 1938 18
.31914 1912 .18
1812 18
17 June 24 40 Jan 27
600 Mohawk Carpet Mills_No per
18
35 Nov 8014 Mar
4514 454 45.3 4512 *39
46
4434 4618 46
454 44
4514 1.300 Monsanto Chem Wks..No par 35 June 25 6334 Apr 21
47 Nov
8012 Oct
374 384 3712 36
3638 35
3614 3718 35
37 1 38
3612 49.900 Mont Ward&Co II1CorpNopar 31 June 25 4971 Jan 2
4238 Dec 15678 Jan
712 778 *718 84 *712 8 I *712 8
gig
*7
84 *7
200 Moon Motor Car new _No par
338 Jan 22 Atli Apr 2
14 Oct
5
Oct
853
55 1 53
5314 *5213 55
*5258 55 I *53
55
53
No par 5114June 23 72 Feb 5
400 Morrell (J) & Co
53
42 Oct 812, Oct
•Ila
114
118 14 •115 114
4 114 *Ds
1 18June 17
600 Mother Lode CoalltIon.No per
2 Jan 2
1 14
14 Oct
De
1 14
612 Mar
438 438 *418 4143
*44 44
478 47
31sJuly 12 112 Apr 10
44 44 *338 438
500 Mob Meter Gauge &EON° Par
314 Oct
3114 Aug
*4512 474 48
48
48
48 i 48
49 I 4834 51
2.100 Motor Products CorpNo par 34i2Ju,,e21 81 Apr 7
*4734 50
36 Nov 206 Mar
*2413 2714 *2412 25 1 244 2418 2418 2412 .24
28
No par 21 June 17 34 Mar 19
600 Motor Wheel
24
24
21 Nov
5518 Aug
•13
1414 1412 1612 1512 1512 1514 154 *144 15
*1412 1511 2,100 Mulling Mfg Co
No par
8 June 18 2014 Feb 14
10
Oct 8178 Jan
57 1 554 6514 554 5514 5514 554 *554 57
*5514 57 1 57
No per 40 July 2 64% Jan 31
50 Preferred
55 Dec 10214 Jan
45 I *44
45 , *44
45
*44
*44
45 i *44
45
IMunalrugwear Inc
*44
No pa
404June 23 5312 Feb 10
45
38 Nov 61', May
184 17
174 184 17
174 174 1834 173 1814 174 17,4 18,600 Murray Body
No par
1212.1une 17 2514 Apr 11
1471 Nov 10078 June
*40
4014 *3934 40 , *39
40 , *39
40 1 .39
1Myers F & E Bros- - -No par 2538 Jan 2 494 Mar 25
404 .39
40
30
Oct 6712 Oct
38 1 344 35 1 3538 3741 36
384 3812 s35
37
No par 304.11ine 24 584 Jan 6
7,500 Nash Motors Co
36
36
10 Oct.118% Jan
14
144' 14
144 15
144 15
151,A 1514 1514 1438 1438 1,300 Natlotutt Acme /tamped.....10 1012June 24 2614 Fib 14
4178 July
145* Nov
*1712 2212 *1712 19 1 1912 1912 *1712 20 I *19
11 Jan 13 3912 Apr 14
No par
2014 •1712 20
100 Nat Air Transport
10 Dec 4814 May
1014 1014
934 1034 10
938 1012
1038 10
8',July10 20 Apr 7
No pa
10
918 Dec 71 Mar
10
10,4 4,300 Nat Pena* HaGa
National Biscuit
25 177 Jan 2 32514 Mar 21 140 Nov 23638 Oct
8612 8634 8412 86 I 8312 851-2 -8538 18141 8413 87
10 71 Jan 2 93 May 29
6514 Dec 73 Dee
854 864 19,800: New.
53
564 50
5334 5012 524 62
5334 4738 51'z 46
31.400 Nat Cash Register A w I No par 4238 July 10 834 Feb 3
59 Nov 148% Mar
48
5212 53,8 51
5214 51
52 1 52
53
527 543g 53
No per 451. Jan 20 62 June 2
36
43.700 Nat Dairy Prod
Oct 864 Aug
54
*1412 15 , •1412 15 . •1412 15 1 1412 144 15
1412July 21 2412 Feb 27
1538 1412 15,4 2.400 Nat Department Stores No per
20 Dec 374 Mar
*84
86 . .84
86 I .84
88
*84
86 .84
I let ['referred
100 36 July 10 90 Jan 27
86
89 Dee 96 June
*84
86
3034 3034 *28
30 1 2934 204 2913 2912 *28
1.200 Nat Distill Prod atfil„..No per 2412.1une 25 3912 Feb 6
29
15 Oct 58 June
26
28
.2334 24
*2334 24 ' *2334 24
23
23 1 2278 2272 22
100 1714June 14 3312 Mar 1
2511 Dec 6214 Jan
22
1,000 Nat Enarn & Stamping
•13014 138 *1304 136 .•12714
130 130 1'126 133 *130 13312
100 125 June 23 18911 Feb 7 1294 Nov 210
100 National Lead
Oct
*140 14012 •14014 14038 1404 1301
141
141 141 :•14014 141 *14014 141
100 138Ig Jan 3 143 May 13 138 Nov 14112 Feb
GO Preferred A
118 118 *118 119 1 118 118
118 118 1.118 119 11118 119
100 116 Jan 17 111112July I 115 Oct 12314 Apr
80 Preferred 11
444 4518 42,8 4414. 42
4418 4412 4612 45
23 Nov 7114 Aug
4614 4538 4712 97.800 National Pr & 1.$
No Par 32 Jan 2 5814 Apr 24
*134 2 i •134 2 I
2
2 1 *134 2 1
134
112 Dee 17
No par
44 Jan 153
1114 Jan 7
400 National Radiator
14' *172 2
Jan
*312 5 I *312 5
312 312 *312 5 I 0312 5
14 Dec 41
3 June 25 11 Jab 15
No par
Jan
*312 5
100 Preferred
11110 112 *107 112 *108 11134+10534 11012•10534 108 .10534 106
50 10018June 27 12414 Apr 7
INational Supply
9812 Nov 144
Jan
*72
74
72
7112 7014 7112 7138 72
7214 71
7014 Der 155 Feb
50 3012 Jan 7 9838 Mar 22
*714 73
2.000 National Surety
29
29
294 2912 29
2938 2912 30 I 294 2912 2914 2914 2.700 National Tea Co
3118 Nov 911 Mar
No par 24 June 19 417; Feb 4
164 17 I 1614 164 1612 1613 1614 17 I 1632 164 164 1714 9.800 Nevada CODY& Copper_No per
15`-June 18 324 Jan 7
234 Nov
11278 Mar
55
65
5012 504 .51
55 1 *51
43 Mar 103 Sept
55 I *5012 55
60 5012July 21 85 Mar 25
200 Newport Co class A
*5012 55
38
36 I *36
364 *3512 36 I 354 36 I *35
35 Dec 113 July
No par 28 .111re 1
533 Apr 14
36
36
900 Newton Steel
364
*39
40
39
3912 3918 391A 3834 3918 •3834 39
3512 Oct 494 Mar
No par 374J01Y
47 Feb 19
2,200 N Y Air Brake
39
39
*30
34
*30
33 . *311
33 i *30
33 Nov 5838 Feb
New York Dock
33 I *30
48 Apr 25
100 28 June 2
33
*30
33
*8212 90
*8212 90
*8212 85
*824 85 1 *8212 85
82114 July 90 Apr
8812 Apr 24
Preferred
100 80 Feb
*8212 85
101 14 1014 *10114 102 .101 102 , 10114 10114'101 14 102 *10114 102
104 May 13
Jan
9312 Nov 103
30,N Y Stearn prof (6).___No par 100 Jan
'11•
_
-___
No per 110 Feb
.. 112
1)612 Mar 13 107 Nov 115 Aug
____ 112 112
10; let preferred (7)
9914 1-6114
954 100
- - 1 95,
8612 Nov 16634 Sept
1327; APT 11
8 984 9834 101
No par 8712July
- 78 9812 10012 9738 997 49,300,North American Co
*5412 55
*544 55
5478 5478 *5434 5478 5434 5434 5478 55
600 Preferred
57 June 4
50 51 Jan 1
48 Nov 544 Jan
1034 10334 *1034 104 .10334 10414'10378 104 •*1037.4 104
98 Nov 10314 Jan
300 No Amer Edison pref....No pa 100% Jan'. 105 May 22
10378 104
.45
46
*45
4578 445* 444 4214 4238 .42
5514.1une II
414July 2
1,100 North German Lloyd
4112 Dec 8414 Jan
4178 421
4238
*45
46
*45
46. *15
46 ! *45
Northwestern Telegraph---50 42 Jan •
46 i *45
5018 Mar 14
4012 Dec 50 Mar
46
.45
48
.114
112 •14 2 1
114
114
14 14 *118
11
1,000 Norwalk Tire & Rubber_--10
112 *14
4 Mar 26
72 Jan
14 Oct
614 Feb
*212 3 I .212 3 1 *212 3 I *213 3 I *212 3
Nunnally Co (The)____No par
2 Feb 3
2 Dec
314June 16
8 Feb
.212 3
22
2278 21 14 2212 2134 2438 2314 2414 2114 2314 213
Supply
25
94 Jan 3 2438 July 22
Jad
778 Dec 32
4 2232 20,400 Gil Well
*96
9912 *9412 9912 9912 10312 10412 1073
100 86 Mar 1.0 10734July 23
030 Preferred
Dec 10613 Jan
883
4
102
4
102
101
14
*95
21118 2034 181 3 1934 1814 1838 1938 2012 193
137; Jan 2 4.4.8 Ate 17
8
Oct 6412 Apr
4,300 Oliver Farm F.gulp.-- -No Par
4 194 104 191
*31
3112 .33'8 31
31
31 I 31
17
Oct 6932 Apr
3112 304 31
700 Cony participating-No Par 27 Jtme 18 464 Apr 17
31
31
*76
77 , 7614 7614 •76
77
77
77 i 7614 764 *7614 771
300 Preferred A
70 Jan 2 903451ay 13
No mir
6412 Deo 9912May
*5
534 *5,2 534
514 5,4
5
5
1.100 Omnibus Corp
VG pa'
44 438 *44 51
25, Jan 3
213 Oct 10% Feb
838 Mar 31
*84
88
*804 87 .8018 894 .85
; Apr 24
89
*85
15012 Oct95% Jan
88
30 Orpheuns Circuit, Inn pref..100 63 Jan 6 991
85
85
65
664 6414 65 I 6418 65
65
684 66
66
6512 6638 5.400 Otis Elevator new
N. Par 55 June 18 807u Mar 13
*12612 __ 12414 126 31124 128 ,*124 128 *12418
128
100 11818 Jan 23 128 June 12 1187* Oct UT -.4';
220 Preferred
12418 12414
*26
30
•2434 30 , *2434 29 3 *2134 30 I *26
00.8 Steel
2214 Nov
*26
No par 25 June 25 38% Mar 31
55 Oct
29
___. 92 *.... 92 *____ 92 ,*____ 30
92 ...... 92
Prior preferred
8934 Nov 108 Feb
100 89 July 2 99 Apr 29
49
4938 *48
50
50
50
SO
50 1 *49
700 Owens-Illinois Glass Co...25 45142 tine 23 61178 Feb 7
50
43 Nov 8912 Sept
*49
50
5812 594 5712 58 ' 5718 58
58
6812 5714 584 57
42 Nov 9834 Sept
25 524 Jan 2 7478 Mar 31
5712 4,900 Pacific Gas & Elea
82
80
80
*81
79
82 1 82
8214 8234 8234 81
No par 72 Ian X 107% Mar 28
5818 Nov 1464 Sept
814 1,509 Parlfle [ti Corp
4.2114 2112 2114 2114I 2014 2114 4.21
23 I *204 23
150 Pacific Mills
.100 20',July 8 30 Feb 8
1712 Nov37 Apr
*2018 23
Pacific 011
No par
114 Jan 22
1 Jan
Is Oct
457- 13i34 lii 137 1 13612 13612 31139 1401 139 139
139 139
160 Pacing Telep & Teleg
11Za
July
100 130 June 18 178 Feb 19 131 Nov 220
*1264 12812 *12612 1284 12812 12812 *1284 129 •127 129
90 Preferred
12714
100
21
Oct
1163
4 Jan 138
Feb
1164
Jan
6
145
127
,
4
15
1514 1438 1518 1412 15 , 1478 1518 1438 1514 1438
I212.1une 17 2338 Mar 18
13 Nov 3211 Sera
14% 30.700 Packard Motor Car ____No par
59
*59,4 5938 59
*584 59 I 59
5912 *5878 5912 59
400 Pal-Amer Petr & Trio/L..50 5138 Feb 21 6414May 14
4014 Feb 69 Aug
59
5914 5938 59
5918 584 5878 5878 594 5932
5838 59
60 5011 Jan 25 6712May 14
6,800 Clam B
4012 Feb 694 Aug
*1012 1034 1012 1034 104 1032 1012 1034 1018 5938
104
934 1012 5,400 Parmelee Transuorta•n_No oar
9 June 18 2618 Mar 10
154 Dec 21 1)40
812 9 I 188
9 I
48 9 I
8
8 I
8
84 *712 8
300 Panhandle Prod & ref--No Par
154 Jan
44 Feb 14 1214May 14
3 Nov
764 •70
7538 *70
*70
7612 070
80 I *70
80
1
*70
May
474
14
Jan
47
14
Preferred
12 Feb 76 .1an
80
100
80
6133 6212 5918 6112 5834 61 , 61
624 61
6218 6012 62
Paramount Publlx
No par 4818 Jan 2 7714 Mar 31
754 Oct
Oct
37.600
38
2
212 1112
2,2 *2
24
2
218
2
1
118June 17
3 Dec 137; Feb
1,700 Park Utah C M
438 Apr 7
478 5 I
44 478
412 434
434 44
44 t
No par
212 Dec
134 14 4.400 Pattie Exchange
9 Apr 25
1478 Jan
314 Jan 3
11 1
104 114 10
914 912 1018 1011 10
1015 10
412 Dee 30 Jan
AP( 25
Jan
2
No
Par
10
5
,
1938
1712 174 1714 1778 1712 1712 17
1738 17
17
17
June
2472
18
1712
Oct
8
Feb
47
14 Max
Enterpr---20
5
Patine
327
2,800
Mines
&
1713
618 618.
54 54 *512 534
572 54
532 57
434.1une 30 14 Feb 3
50
518 Oct 2211 Jan
512 513
600 Peerless Motor Car
6 ,
4 474 4614 471
4612 47,4
4
22 Nov 60% Sept
46
No par 2614 Jan 7 5538 Apr 10
Penick
&
6,103)
Ford
464
56
5712 5518 5612 5712 58
5711 58
58
584 57
66 Nov 10514 Oct
57
No par 48 June 18 80 Jan 3
4,000 Penney (J C)
89918 100
*9934 100 . 100 100 , 994 100
100 100 *100 102
33 Oct 97 Dec
100 93 Jan 7 1004 AM 28
500 Preferred
*734 8
734 734 *712 734 *734 8
8
834
34 Nov 27
Jan
74 8
64 Jan 4 12 Mar 8
3.100 Peon-Ditto Cernent.-No par
*38
48 , •38
48
*35
48
*38
43
*40
46
204 Nov 94
Jan
*40
100 3012 Jan 2 5512 Mar 13
1 Preferred
46
261 261 ! 258 265 1 27312 2754 270 27412'272 275
*267 270
Jan 404 Aug
(Chle)„.100 230 Jan 17 325 May 27 208
[A
1,200
C
People's
0
41718 19
*1718 1812 *1718 19
*1712 18
*174 18
1818 Dec 4512 Jan
17', July17 214 Apr 30
No Par
*1712 1812
'Pet 1111k
3532 3618 354 3612 35
3513 3513 354 35
35
31 Nov 797; May
*35
25 29122111e 18 4438 Apr 7
3512 2.100 Phelps-Dodge Corp
*200 225 *200 225 *203 210 .295 210 .200 210
210 210
Oct
100 Philadelphia Co (PIttsb) 50 200 June 18 248 Apr 15 15712 Apr 285
53 .53
5414 *53
541 1,3' 54
53
*531 5
*5312 5411
4712 Nov 54 Mar
50 504 Jan 15 55 Mar 31
100 e% preferred
)74 174 1534 17
154 1634 1678 1712 1612 17
11% Jan 17 25727.iay 23
Ja,
94 Nov 84
164 1612 17.700 Phila & Read C & 1„..-N0 Par
*11
1112 11
11
1034 1078 *104 11
1.51h Mar Il
104 105* 104 104 1,600 Phillip Morris & Co.. Ltd_ -10
814 Jan 8
538 Oct 2314 Fee
21
21
*20
21
21
*20
•19
21
*20
19 June 24 3778 Feb 18
21
1912 Nov 73 May
100 Phillips Jones CorP----N0 Par
*20
21
70
*6612
*6612
70
70
. *6612 70 .6612 70 .
*6814
65 Nov 96 May
100 70 Feb 4 75 Feb 11
'Phillips Jonee prof
6613 70
I
1
• Old and askrx1 Prima no sales on this day. b Ex-dividend and ex-rising. 1 66 dIvidend.
o
x-rigtits
602
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded hero, see seventh page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 19.
Monday
July 21.
Tuesday
July 22.
Wednesday
July 23.
Thursday
July 24.
Friday
July 25.
Sales
for
ISO
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
DU share Shares lodus.& Miseell.(Con.) Par
3212 3312 33,000 Phillips Petroleum _ _ _No par
16
Phoenix Hosiery
*14
5
23
*19
Pierce-Arrow Claes A_ No par
114
*us
1,200 Pierce 011 Corporation
25
*2832 33
Preferred
100
5/
1
4 532 6,400:Pleroe Petrol'm
No par
3212 3278 3,4001Pillabury Flour Milla_ No par
411
/
4 4118
800 Pirelli Co of Italy
04034 46
Pittsburgh Coal of Pa___100
90
200 Preferred
*84
100
600 Plush Screw & Bolt___No par
173* 1812
*21
22
Pittston Co
No par
2214 2234 1,400 Poor & Co class B
No par
28
500 Portoltican-AmTob el ANo par
*26
11
111s 1,409 Class B
No par
1,890 Prairie Oil & Gas
3734 38
25
4614 47
7,000 Prairie Pipe & Ling
25
7l
713 1,200 Pressed Steel Car
No par
712
54
54
100 Preferred
100
/
4 8,200:Procter & Gamble
7434
7412 7478 7258 741
72
No par
8
8
&
8
5001Producers
8
8
8
Refiners Corp_50
_ Pro-phy-lao-tic Brush-No
97
-55i8 -685-4 95 977 -54Ti -i6-5-8 -51 -65-5-8 -3-9-,650 Pub Ser Coro or N J No Par
par
9738 9912 94
1
4 111 11148 11112 11112
•ir0 11214 *111 11134 *111 11114 *110 111/
500 6% preferred
100
•12634 12912 012634 12834 *12634 12834 *12634 12834 .12634 12834 *12634 128/
7% preferred
1
4
100
*151 153
1
4
200 8% preferred
4 15114 15114 *151 152/
4
100
125 Pub Spry Elm, & Gas pref_100
1
4 1091
/
4
*10022 110 *10938 110 *10932 10934 *10932 10934 10914 10914 109/
69
6612 6814 66% 68 I 68
68
67
5,300 Pullman, Inc
6812 23714 6834 67
No par
*112 134 •158 134
112 134
13
4
13
4
800 Punta Alegre Sugar
134
134
11
/
4 1%
50
2214 208 22
2158 2172 2152 221
22% 221s 22
/
4 9,200 Pure Oil (The)
2118 22
25
*11212 11312 11212 11212 *11212 11312 11212 11312 11212 11212 211212 11312
20 8% preferred
100
63
62
63
63
6158 62
63
63
62
60/
63
1
4 6212 3,800 Purity Bakeries
/
4 4512 790.000 Radio Corp of Amer___No par
4512 431
4214 3934 44
1
4 40
44
4218 43/
461
/
4 44
*5518 56
/
4 57
56
5512 5518 *5512 56
56 '
*5512 56
3551
300 Preferred
50
*74
7634 7512 7512 *7512 7634 *75
75
75
75
7612 75
500 Preferred B
No par
1
4 3112 3378, 3334 35/
1
4 33/
33/
1
4 3412 31/
1
4 3314 34/
1
4 255,300 Radio Keith-Orp cl A_No par
1
4 3314 34/
3212 3114 31721 32
3372 32
5,600
Raybestoa
34
33
33
Manhattan_No par
343*
333* 3378
41,2 4212 4038 41
40
40'4 4112 4112 4114 411
/
4 4138 4132 5,300 Real Silk Hosiery
10
90 *- _ _ - 90
90
90
50 Preferred
*90
90
91
100
*212 3
212 212 *2
212 *2
100 Eels(Robt)& Co
212 *2
212
3
*2
No par
_
*13 __ *13 ____I *13
First preferred
*11
*13
30
•13
30
100
29 1912 2714 29
273s 2812 2812 2912 2832 29
28
2872 15,000 Remington-Rand
No par
*9312 95
9412
First
preferred
*93/
1
4 95
94
*93I2 95
930
*9312 95
100
9312 95
30 Second preferred
101 101 *100 101 *100 101
101 101 *100 101 *100 101
100
958 934
9/
1
4 10
10
934 934
912 934
912 934
9/
1
4 932 2,500 Reo Motor Car
45
47/
1
4 4512 47
4714 48
4712 49
1
4 47/
46
1
4 13,800 Republic Steel Corp__ No par
4734 45/
8712 8712 87
88
86
87/
1
4 87
1,300 Preferred cony 6%
87 '
100
385
8634 86
*87
1
4, 1812 1812 *1712 18/
1
4 *1812 19/
191
/
4 1914 *1812 19/
200 Revere Copper & Brass No par
1
4 *1712 18%
1
4,
332 312
322 33*
312 312 1,900 Reynolds Spring
No par
33s 318 *332 312 *312 3/
503s 50
5014 5012 50
50/
1
4 50/
1
4 51
5014 50/
1
4 5014 5012 13,700 Reynolds(R J) Top class 13.10
71
70/
1
4 7038 *7012 7434 7012 70I2 1,000 Class A
705s 7034 71
10
•70% 71
Rhine Westphalia Eleo Pow _*40
41/
1
4 *3912 4114 *3911 4o78 *3912 41
*3912 413* *3912 4012
1714 17/
1
4 1634 173* 17
32,500 Richfield Oil of California_25
17/
1
4 18
173* 1712 181. 1734 18
Rio
1712 171
No par
Grande 011
/
4 1734 1714 1734 1714 1712 *1714 1712 2,800
1752 17/
1
4 17
*40
44
*41
44
*41
Ritter Dental Mfg
*41
44
45
44
*41
44
3,40
No par
2912 3014 3012 3172 31
31/
1
4 32
4,300 Resale Insurance Co
/
4 *3112 32
3232 3014 311
10
1
5314 54
1
4 54
5334 54
/
4 5412 53/
541
5,000 Royal Dutch Co (N Y shares)
533* 5378 53 4 54
39
39,2 39,2 40
1,700 St. Joseph Lead
3934 3912 393* 3912 40
3912 40
10
40
7612 7712 7434 78
75
78
72
7634 72/
*7618 77
1
4 7434 9,000 Safeway Stores
No par
94
94
94
94
*93
93
430 Preferred (6)
94
*9012 93
94
90
94
100
10 Preferred (7)
*105 107 *105 107 *105 10812 *105 10612 *105 10612 105 105
100
1812 1812 18/
21
1
4 1812 *19
/
4 •1852 1914
1918 1814 181
500 Savage Arms Corp----No Par
*19
7
7
614 612
6/
1
4 678
6/
1
4 612
614 612 2.000 Schulte Retail Stores_No par
61
/
4 634
53
5772 53
*53
20 Preferred
100
15
0'4
12 *5
55
+91
'2
4 5
*912 1012 *9
150'4 *5
4,9
2
'9
2
5
Seagrave Corp
5
10
15014 "
5
10
54
*9
NO par
2
67
69
65
67/
6652 68
1
4 15,900 Sears. Roebuck & Co__No par
8812 67
65
68
6814 69
10
10
1012 1012 1012 1,500 Second Nat Investors_ _No par
1014 1012 10
10
10/
1
4 107s 10
1
4 *64
651
100 Preferred
/
4 .64
6578 .64
64/
1
4 64/
*6258 63
*6252 65
No par
65/
1
4
1
4 *11
/
4 2
2
134 1/
2
2
500 Seneca Copper
2
1
4 2
No par
1/
1
4 17s *1/
14,900 Servel Inc
734 8
7/
1
4 7/
8/
1
4
71
/
4 814
1
4
7/
1
4 814
734 814
8
No par
1
4 3852 3912 8,600 Shattuck (F G)
1
4 3832 3614 3614 3713 3312 3812 39/
3814 38/
No par
1
4 36/
*1712 1814 .
1812 19
*19
21
200 Sharon Steel Hoop
.31712 19
*1712 21
No par
1712 1814
18/
1
4
18
18
700 Sharp & Dohme
1912 1813 1818 *1814 19
18
*19
20
No par
20
400 Preferred
*5614 58
*5614 58
5614 5614 5734 5734
*561
/
4 58
*57
58
No par
191
/
4 19
1932 1912 1914 10,700 Shell Union 011
1932 19
191g 1932 18/
1
4 1914 19
No par
100 10012 100 10038 100/
1
4 10032 1,600 Preferred
100 100
98
98
•98 100
100
16
171
/
1718 191
4 7,000 Shubert Theatre Corp..No par
1672 1612 17
/
4 17
1
4 17
1718 1712 16/
1
4 2734 2612 2712 2612 2714 28,100 Simmons Co
No par
2734 2412 2612 26/
2712 2832 25
2212 2284 22
22
22
2,500 Simms Petroleum
2284 22
23
10
2212 2212 22
23
2412 24/
1
4 53,300 Sinclair Cow Oil corp_No par
241
/
4 25
1
4 24/
1
4 25
23/
1
4 24/
25
2412 2514 24
100 Preferred
100
*11012 -- -- *110/
1
4 --*11012 ---- *11012 -__- 11012 11012 *11012
/
4 111-4 17,400 Skelly 011 Co
/
4 3072 3172 301
1
4 31
311
/
4 311
25
31
3112 3012 3034 29/
*3
5/
1
4 +412 528 *412 512 *4/
Snider Packing
1
4 512 *434 512 *412 512
No par
300 Preferred
2434 *22
22
No par
2312 *22
*21
2434 22
2434 23
.22
2434
600 Solvay Am Inv Trust Pref-100
112 112
112 112 n1* 114
112 112 *111 11412 112 112
500 So Porto Rico Sug
1612 16
•1612 17
*1618 17
*16
1612 17
17
16
*16
NO Dar
5714 5812 5852 5912 571
5934 5712 59
25
59
/
4 5932 57
5712 5.700 Southern Calif Edison
400 Southern Dairies cl B-NO par
*7
8
*7
*7
8
7
8
7/
1
4 *6
*7
734
712
23812 41
3001SpaldIng Bros
No par
*3814 40
3814 3812 *38
*38
40 I *3314 40
41
Spalding Bros 1s3 prel_....100
*109 112 *109 112 *109 112 *109 112 *109 112 *109 112
331
/
4 6,100 Spang Chalfant &Co InoNo Par
33/
1
4 3312 3312 3334 33/
1
4 33
33/
1
4 3372 33/
1
4 3314 33
Preferred
94 I
*93
100
9514 *93
94
*93
94 '
393
94 .93
9514 *93
1
4 6,300 Sparks Withington____No par
2358 21/
22/
1
4 2314 2114 23
23
2314 2312 225s 2272 22
No
par
200:Spencer
Sons
Kellogg
&
•18
2012 *18
18
2014 18
*18
1934 *1812 23
18
143 I
1,100 Spicer Mfg Co
No par
1
4 18
17/
1
4 •17/
19/
1
4 1973 171
17
1712 *1712 20
/
4 19
*17
Preferred A
3914
No par
3914 *38
•38
3914 *38
3914 •38
3914 •38
3914 •38
*1712 1812 1,000 Spiegel-May-Stern Co_No par
1834 1834 •16
20
19
19
19
*16
18
19
211
/
4 20/
1
4 21
21
No par
2018 21
1
4 2114 2058 21 I 35,100 Standard Brands
2032 2112 20/
Preferred
*____ 120 *___- 120 *--- 120 31
No par
/
4.12 120 *112 120 *112 120
600 Stand Comm Tobacco_No par
5
5
*412 5
414 414 *414 5
414 414 *414 5
961
9412 12,700 Standard Gas & El Co_No par
9058 9412 9012 9238 93
95
93
94/
1
4 9214 94
*6332 64
6412 1,500 Preferred
6372 63/
1
4 *6334 64
50
/
4 64
64
6412 643* 641
714 714
7
1
4 1,200 Stand Investing Corp__No par
7
712 712
7
672 6/
7
7/
1
4
7
700 Standard 011 Export pref.-100
*10112 10214 *10112 102
102 102
10214 10214 102 10214 102 102 I
1
4 8212 611
63 6314 61/
/
4 62/
1
4 6214 8314 6212 6252 6134 6212 14,700 Standard 011 of Cal.-NO Par
72/
1
4 7438 71
7414 320,600 Standard 011 of New Jersey _25
73/
1
4 70/
7414 73
1
4 7334 7334 75
73
rd
laO
Sta
tan
ndap
tellG
olage
f Nec
_3.
21.g !i
:1_0(_) s
w0
3234 33/
1
4 32
1
4 32 .
3314 32
!
T
.N
rko 272
a,
5
3234 32/
1
4 331
/
4 3214 32/
---- ---Preferred
Stanley Cool America_No 1pN
55 ;5E- 16'*35
i- -ii- ;til 15-- ;Zi" ii- *25
---- -55
ar
Starrett CO(The LS)__No par
1'3334 3414 *3312 34 *3212 35 •3212 35 *3212 36 *3212 36
/
4 1112 12 I 3,700 Sterling Securities el A_No par
/
4 111
1112 1112 1114 11/
1134 1134 1112 12
1
4 111
700 Preferred
*1234 1312
1
4 12/
1212 1212 '31214 12/
1
4 13
13
20
13
4,1212 13
600 Convertible preferred„ 50
*3834 3912 *381 3912 3811 39
39
39
3914 3914 *3814 39
231g 25
23/
25
1
4 2412 2412 2512 24/
1
4 15.600 Stewart-Warn Bp Corp
25
1
4 2514 231g 27/
10
Stone
& Webster
8312 11,300
1
4 8012 83
8014 8334 8332 8412 8234 8312 83
8314 84/
NO par
19.100 Studeb'r Corp (The) No par
33/
1
4 34
3012 3212 3012 3234 3212 33/
1
4 3134 3212 3112 32
120 1208 120/
•12038 122
1
4 12112
1
4 122 *120/
1
4 1211s *12032 12112 •120/
*32
12
12
12
12
12
700 Submarine Boat
No par
12
*1
/
4
12
12
*1
/
4
12
1
4 5812 58/
59
600 Sun 011
5972 5732 57/
*59
1
4 *58
No par
60
5812 5812 *57
230 Preferred
1
4 104 10438 *10414 10412 104 10414 104 10412
104 104/
*10313 104
100
5/
478 5% 6,400 Superior 011
1
4 5/
1
4
5
512 *514 512 *514 512
514 514
No par
16,
4
100 Superior Steel
16
16
*16
16/
1
4 •113
1612: *16
100
1612 *16
1634 •16
/
4 1122 11% 115s
300 Sweets Co of America
*11
111
/
4 *1118 1134 1114 1114' 1112 1112 •111
50
1
4 4
1,400 SYmington
334 334
No par
334 334
312 4
3/
1
4 3781
312 312 *3/
1012 1012 10% 10
1112 10/
10
No par
1
4 12
1034 1152 113* 1112 9.100 Class A
1914
1812 18/
18
1
4 18121 19
*1812 19
No par
1912 1934 1834 1912 1,100 Telautograph Corp
•1112 12
1,500 Tenn CODD & Chem No par
1178 1178 1118 1178 *1118 1178,1 1134 1184 Illz 12
5318 5332 5212 5312 5214 52781 5234 533* 53
53% 15.200 Texas Corporation
25
5312 53
28,800 Texas Gulf Sulphur_ _No par
5614 5734 56% 57,
5652 57
si 575* 58% 581
/
4 58/
1
4 5812 59
958 1012 2,300 Texas Pacific Coal & 011.-10
93* 912
1
4
1018
EN *914 9/
10
9
9/
1
4 10
/
4 2338 73,600 Texas Pee Land Trust
1
4 2012 23/
23
1
4 2012 23
23/
1
4 23/
1
2312 221
2378 22
V
Per share
3314 338
*14
19
*24
2512
114 114
*32
33%
512 512
34
34
*4114 42
•46
92
*84
*1812 1912
2112
*21
,32312 2334
28
27
/
4 1134
111
38/
1
4 38%
47/
1
4 49%
734 8
*52/
1
4 54
per share
3212 3312
*14
16
*2412 25
11
/
4 114
31
*30
514 512
3218 33
4112 4132
50
92
'384
*1812 1932
*21
2112
2272 2312
2712 2712
1112 1112
38
3814
4814 49
712 7%
*52:38 54
per share
3212 33/
1
4
*14
16
*22
2412
11
/
4 114
*2812 3312
514 622
3112 3212
4134
*41
*44
50
*84
92
*1812 1932
*21
22
22
2214
*2612 2712
*1012 1112
*38
3812
4712 48 I
718 712
*5238 54
75
718 73
72
/
1
4
/
1
4
7
8
8
7
Per share
33/
1
4 33/
1
4
*14
16
*23
2412
*112 114
*29
33
512 512
3212 33
411s
41
*45
50
92
92
*1812 1938
*21
22
23
23
*2612 28
*11
11/
1
4
39/
1
4
38
4752 48
712 712
*5214 54
7434 747
*8
814
Per share
33
3334
•14
16
23
*19
*11
/
4 114
*2914 33
512 512
3234 33
*41
4134
*4014 50
*81
90
*1812 19
22
*21
23
23
28
*26
11
11
3812 3812
4672 471
/
4
*714 71
/
4,
*52/
1
4 54 I
1
• Bid and asked prices; no salea on this day. a Ex-dividend. p Ex-rIghte.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ per share
291
/
4 Feb 17
1034 Mar 4
19 June 25
1 Jan 4
2012 Jan 10
214 Jan 3
27 June 25
3934June 25
45 July 17
85 June 18
17/
1
4 Jan 22
2012 Feb 28
20/
1
4July 9
25 July 18
9 July 16
351's July 11
4412June 11
612June 18
60 June 24
52/
1
4 Jan 3
612 Feb 17
46 Jan 2
1
4 Jan 2
81/
106/
1
4 Jan 3
121 Jan 10
143 Jan 2
10714 Feb 5
62 June 25
114June 26
1912June 25
11012May 6
52 June 21
3212June 23
53 Feb 4
68 Jan 24
19 Jan 2
28 June 18
3458June 19
88 Jan 13
2 July 9
2712May 28
23 June 25
92 Jan 8
95 Jan 4
81
/
4June 17
3714June 23
86 July 25
1812July 23
3 June 18
4514June 18
70 June 3
39 June 26
1434June 17
1552June 25
3812June 23
2714June 18
4912June 18
3314June 18
797g July8
90 July 24
105 July 15
16 June 18
414 Jan 2
35 Jan 2
9 June 24
5958June 27
7 June 25
68/
1
4 Jan 3
11
/
4June 26
612June 24
3112.1une 23
16/
1
4July 7
1612June 24
54 Jan 2
18 June 18
95 June 19
8/
1
4 Jan 2
21 July 8
18 June 18
20 June 23
108 June 10
2812 Feb 18
4 June 18
15 June 25
951s Jan 6
1514J1,ne 25
5252.Tune 25
813 Jan 4
33 Jan 8
108 Jan 13
1972 Jan 2
02 Jan 20
13/
1
4 Jan 18
1712July 10
1434June 25
3714JulY 8
10',July 8
17 June 18
117 July 7
312June 17
841
/
4June 25
6132June 19
5 June 23
98 Feb 8
5512 Feb 20
68 Feb 20
30 June 23
34June 23
212June 12
25 Jan 9
2712June 23
Highest.
PER SHARE
Range for Profit's.
Year 1929.
Lowest.
per share
$ per share
2414 Nov
4434 Apr 30
1052 Oct
2012 Apr 30
18 Nov
33 Apr 3
1
2/
1
4 Mar 17
Oct
20
Oct
52 May 1
12 Oct
7/
1
4 Apr 24
30 Oct
3734 Apr 11
4314 Oct
5072 Feb 27
54 Nov
7812 Jan 7
8312 Juno
110 Jan 7
2272 Feb 18
17 Dec
2272 Apr 8
343
,Mar 18 10- isi(;;
30/
1
4July 3
2714 Mar 10 "I" Nov
4012 Oct
54 Apr I
45 Oct
601
/
4 Feb 7
61g Nov
1658 Feb 18
50 Dec
7612 Feb 14
781
/
4June 2
43 Nov
4 Oct
1172 Mar 17
35 Oct
55 Feb 27
54 Nov
12334 Apr 11
98 Nov
11212June 2
131 June 3 105 Nov
1
4 Nov
158 June 7 139/
112 May 21 10412 Nov
73 Nov
89/
1
4 Jan 3
6 Dec
8/
1
4 Jan 17
20 Nov
27/
1
4 Apr 7
/
4 Apr 8 108 Nov
1141
55 Oct
8872 Feb 15
26 Oct
693g Apr 24
50 Nov
57 Apr 21
62 Nov
85 Apr 2
12
Oct
50 Apr 24
28 Nov
5872 Apr 17
381
/
4 Nov
6472 Mar 26
8614 Dec
100 Mar 29
3/
1
4 Dec
5/
1
4 Feb 8
40 Dec
37 Jan 28
Ms Nov
46/
1
4 Apr 14
81 Nov
100/
1
4 Mar 28
93 Ma
104 July 15
1012 Oct
14/
1
4 Mar 24
7912 Apr 16
9512May 6
25 Dec
30 Jan 8
3/
1
4 Nov
712 Jan 29
5858 Mar 11
39 Nov
80 Jan 2
70 Apr
45% Jan 21
42/
1
4 Dot
2814 Mar 14
22/
1
4 Dec
2534 Apr 7
15 Oct
5934 Feb 5
40 Nov
4834 Mar 3
28 Nov
561
/
4 Apr 7
43/
1
4 Oct
5714 Feb 6
3812 Nov
12232 Jan 23
9012 Nov
997s Feb 7
85 Oct
109/
1
4 Mar 26 100 Oct
311
/
4 Apr 2
2012 Nov
1312 Jan 23
312 Dec
30 Dec
75 Jan 21
10 Dec
14/
1
4 Mar II
80 Nov
100/
1
4 Jan 31
9 Dec
23 Feb 17
45 Nov
8234 Mar 18
2 Nov
3/
1
4 Jan 29
13/
1
4 Apr 25
714 Nov
25/
1
4 Oct
62 Apr 21
20 Nov
3234 Feb 13
16/
1
4 Nov
2734 Mar 10
60 Nov
8334 Mar 10
19 Oct
2512 Apr 7
10614 Apr 21
Dec
35 Apr 25
5912 Nov
94/
1
4 Jan 2
15 Nov
37 Afar 24
21 Nov
32 Apr 7
11214 Apr24 103 Oct
42 Apr 9
28
Oct
3/
1
4 Nov
8 Jan 9
14 Nov
36/
1
4 Feb 24
85 Nov
12112 Apr 3
125s Dec
3034 Jan 16
45/
1
4 Nov
72 A Pr 14
9 Mar 3
212 Nov
45 Mar 17
30 Nov
113 Mar 15 107 Nov
3734June 14
15 Oct
89 Mar
96 Jan 2
1312 Nov
3012 Apr 10
25 ADZ 15
20 Nov
3612 Feb 4
2012 Dec
451s afar 31
38 Nov
52 Feb 3
34 Dec
2914 Feb 8
20
Oct
121 June 2 11414 Nov
3/
1
4 Dec
714 Feb 11
12912 Ape 15
7312 Nov
67 May 26
5812 Nov
1512 mar 27
4 Dec
10414June 7
75 Apr 25 -11112 Oct
84/
1
4 Apr 30
48 Feb
40/
1
4 Apr 28
3134 Nov
3 Feb 19
134 Nov
1012 Mar 10
312 Dec
7312 Apr 23
20 Nov
47r4 Apr 23
30/
1
4 Oct
91s July 8 20'* Mar 31
1
4 Mar 31
11 June 30 14/
38 June 23 48 Mar 18
1914June 25 47 Apr 5
7012June 18 113/
1
4 Apr 8
2514June 18 4714 Feb 6
116 Jan 21 125 Mar 18
11
/
4 Mar 31
Is Jan 4
BO June 18 70 Apr 7
1
4 Feb 6
102/
1
4 Jan 13 105/
9/
1
4May 12
4/
1
4July 25
1
4 Mar 27
1212June 18 29/
8/
1
4 Jan 24 1572 Mar 28
7 Apr 23
2/
1
4 Jan
17/
1
4 Apr 23
714June 2
1552 Jan 25 2614 Apr 7
17 Apr 10
1072June 2
6012May 1
501sJune 1
67/
1
413.1er 24
4812June 2
14/
1
4 Mar 18
8143une 1
3238 Mar 22
135g Jan
HigMtn.
$ per fame
47 Jan
375s Jan
37/
1
4 Jan
3/
1
4 Mae
5112 Mai
5/
1
4 Jac
6372 Jan
68 Aug
831
/
4 Jan
110 00
27/
1
4 Aug
Jan
655
65'o8 Jan
65 Aug
2512 Mar
81 Mar
98 Aug
257s Jan
8204 Jan
13734 Sept
10812 Feb
12472 Jan
151 Sept
100/
1
4 Jan
9914 Sept
2112 July
30/
1
4 May
116 Fat
14852 Aug
114114 Sept
57
Jan
8212 Apr
46% Jan
5812 Sept
84/
1
4 Mar
1021
/
4 Feb
1614 Feb
10812 Feb
57/
1
4 Oct
9812 001
101
Apr
31/
1
4 Jan
111-2
1214 Jan
Jan
66
8912 00)
Jae
64
49/
1
4 Jan
4212 Mar
70 Just
90 May
64 BePt
94 Jan
19614 Jan
101 Sept
10912 Dee
5172 Jars
4112 Jan
11811 Jan
2214 API
181
Jan
1512 Nov
63/
1
4 Nov
1012 Mar
2132 Aug
194 Aug
5334 July
22 Nov
65/
1
4 Aug
3134 Apr
74/
1
4 Jan
188 Sept
401/ Aug
45 Jan
111
Jan
46'2 May
101.4 Feb
641
/
4 July
111 Sent
45 May
9314 Sept
1532 Jan
6211 Mar
117 Feb
5214 Jan
98
Oct
73 Abe
45 Aug
8634 Mar
557s Mar
11772 Feb
4404 Sept
11834 Sent
435s Jan
24334 Sept
67 Feb
48 Sent
-8-1-7-a May
83 Beta
48/
1
4 Bang
6/
1
4 Jan
31
Jan
45 May
47/
1
4 Os
814 Nov 88 SeP11
1
4 MY'
812 Nov 15/
31
Oct 5512 Sept
30 Oct 77 May
1
4 Aug
64 Nov 201/
3814 Nov 98 Jan
115 Nov 126 June
412 Mar
ss Oct
55 Dec 883s Oct
100 Jan 10511 Jan
514 Nov 24 Aug
15 Nov 7334 Apr
5/
1
4 Nov 2214 Apr
9 Ma,
21
/
4 Dec
6/
1
4 Nov 195* May
14/
1
4 Dec 2513 Mar
9/
1
4 Nov 20/
1
4 APT
5012 Nov 5171 SEA
6212 Nov 8514 Apt
9/
1
4 Nov 21572 Mat,
1
4 Jan
6/
1
4 Oct 54/
New York Stock Record-Concluded-Page 8
603
*0. 4aie. during the weet or .rocks nor recorded here. see eighth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
July 19.
Monday
July 21.
Tuesday
July 22.
Wednesday
July 23.
Thursday
July 24.
Friday
July 25.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ per share S Per share S per share 3 per share S per share Shares Indus. & Miscell.(Coo.) Par
20
2018 2014 2038 2033 .1912 20
20
*2014 204 *2014 2058 1,000 Thatcher Mfg
No par
4218 4218 4218 *12
44
*42
4218 *42
100 Preferred
4213 *42
44
No par
*2412 2478 *2434 27
*2412 27
*2578 27
*2412 2514 2412 2412
200 The Fair
No par
*105 10612 *104 1064 10512 10512 *105 10612'3106 10012 106 106
80 Preferred 7%
100
36
36
36
37
36
*3614 37
3734 3712 3734 *37
3734
700 Thompeon (J R) Co
25
1414 1414 14
14,3 1418 1413 1418 1414 1414 1412 1433 1458 5,100 Tidewater Assoc 011___No par
83
8234 8234 8314 834 84
83
*8234 85
84
*8234 84
500 Preferred
100
28
*25
*25
28
27
•26
*25
27
*25
27
*25
Tide Water 011
27
100
90
*86
*8512 90
90
*86
*8512 90
80
90
864 *85
200 Preferred
100
1412 1112 1412 1412 14
1138 14
1414 1412 1434 *1414 1412 1,000 Timken Detroit Axle
10
65
6512 6214 6538 62
6434 6414 6534 6334 634 6212 6334 5,700 Timken Roller Bearing_No par
*414 412
4
414 414 *413 414 *418 438
438
4
4
4.000 Tobacco Producta Corp__ 20
*1212 124 1212 1212 1214 1212 1212 1234 X12'2 1212 2,100 Class A
*1238 13
20
1858 1858 1814 1838 184 1834 1812 1834 1838 1812 1814 1813 21.000 Transcont'l Oil
-- No par
15
15
*1414 1412 1312 1313 14
1538 *14
15
1313 1312 2,000 Transue & WilllamsSt'l
Co.No par
1338 1378 13
1312 1318 1338 1314 1312 1318 1353 1318 1318 6,500 Tel-Continental Corp __No par
*9214 9278 *9214 9212 9212 9278 9212 93
9214 9234 *9212 924
800 6% preferred
100
*31
3038 3212 334 3334 34
3134 304 31
3418 *3333 34
2.600 Trice Products Corp_2Vo par
*124 14
13
*1412 1434 z13
*1234 14
*134 144 1318 1318
200 Truax Truer Coal
No par
2312 2312 *2813 29
2812 2878 29
29
*2812 30
2834 2834
000 Truscon Steel
101
94
9612 94
98
95
*95
97
9334 98
964 4,700 Under Elliott Fisher Co No earl
9978 96
•125
*125
*125
____ *125
____ *125
•125
Preferred
100
*14
15
14
15
15
1512 155* 154 15 -1.5
15
15
3,500 Union Bag & Paper Corp 100
7112 74
734 75
7033 74
7534 7134 74
74
7134 7314 43,500 Union Carbide & Carb_No par
404 4118 41
*4114 42
4134 *414 4112 *41
4114
4112 *41
700 Union 011 California
25
294 297 *29
29
*2912 30
28
3023
29
284 204 1,700 Union Tank Car
No par
6812 5934 554 5838 5438 5778 5814 60121 58
60
5734 5034 151.300 United Aircraft & Tran_No par
66
70 .64
*65
*65
6534 654 6814i 654 6814 .66
2,600 Preferred
68
60
50
50
50
*4738 4812 *4812 4912 4812 49
50
4818 4812 1,400 United BLscult
No par
*120 131 *12114 131 *12114 131 *12134 131 ,•12134 131 *12134 131
Preferred
100
4914 53
534 5534 5253 544 53
504 5478 4918 53
54
33.300 United Carbon
No par
634 74
64 034
612 634
634 634
614 612
614 614 6,400 United Cigar Storea-No Par
65
*58
64
*59
6678 *58
*58
6634 584 58,8 *58
664
100 Preferred
100
3412 3514 3238 3438 3238 3334 3334 344' 33
334 324 3334 231,700 United Corp
No par
4958 4978! 4933 5018 494 50
4934 494 4938 4934 494 50
10,100 Preferred
No par
814 *778 8
8
814 814
8
838 9
934'
812 912
3.600 United Electric Coal_No par
92
9013 9012 92
924 9234 92
9234
No par
9232 9012 9214 2,800 United Fruit
3678 3738 3538 3718 3538 3638 3612 3714 9214
3618 3678 3618 3058 37.400 United Gas At Improve_No par
102 10212.102 10214 10134 10134 1,000 Preferred
•10112 102 *10112 102 *10112 102
No par
*542 6
*512 7
*513 6
*5,2 6
*5,2 6
•512 6
United Paperboard
100
2614 *22
2614 *22
*2312 2614 *23
264 *23
2614 2512 274 2.100 United Piece Dye Wks_No par
1178 1278 *12
1212 1158 12
13
134 12
124 1158 1134 2,900 United Stores Cl A
No par
4878 4918 49
49
4734 48
5058 5038 494 50
48
48
2,400 Preferred class A __ No par
*24
25
*2412 25
25
*24
2412 25
25
*24
•24
25
200 Universal Leaf Tobacco No par
*53
55
53
58
53 *40
*53
57
57
*53
35
38
100 Universal Pictures lot pfd..100
413 434
413 478
5
5
5
5
413 54
*44 5
1.700 Universal Ploe & Rad No par
3312
3413
353
3313
8
343
8 3513 3334 3434 3358 3414 35.200 U 8 Cast Iron Ploe & Fdy__20
3418 35
1934 •19
*1914 1934 1934 1934 184 1938 *19
1934 *1912 1934
No par
500 let preferred
2d preferred
No par
iô 11 ;16- 12 ;iii" 12 ;Hi if- .io 12 10 10
200 US Distrib Corp
No par
2
2
2
2
2
2
2
2
•178 2
*134 2
1043
400 U 9 Express
51
*50
51
*50
51
51
*49
51
*5012 53 .5012 51
No par
300 U 9 Freight
•1878 19
19
1914 1914 1814 19
19
164 18
1734 IS
2,500 0 El & Foreign Seour_No par
*8912 9012 904 9014 90,2 9012 9038 9058 *91
93
9038 9038
700 Preferred
No par
18
*1712 1814 *1734 18 •1734 18
*1712 1812 18
•1734 18
100 US Hoff Mach Corp_ __No par
77
8212 7814 81
7814 78
80
7912 6934 7734 6878 71
Industrial
El
U
14,800
Alcohol____
100
1034 *914 1012
*10
9,2 1014 1038 1058 *1014 1012 .10
104
400 U 9 Leather
No pa
1734 1734 *1712 20
1912 •18
1834 1834 *18
1913 *18
1912
300 Class A
No par
93
*90
93
•90
*90
93
*90
9118 *90
93
*90
Prior preferred
93
100
5412 5513 5112 52
5315 5312 54
56
55
55
544 544 5,300 U 9 Realty & !met __No pa
2518 2214 2413 2238 2312 2313 25
24
2334 2414 2312 231 12,400 United States Rubber
10
*41
4712 *44
4512 4412 46
46
47
4433 46
44
45
2.300 let preferred
100
194 2914 19,2 1912 *1812 20
194 204 •1812 1912 1934 1934 1,500 US Smelting Ref & Min____5
*45
47
*45
47
*45
47
*45
47
45
45
4414 44(4
300 Preferred
50
16634 16834 16278 166,2 16258 1654 16512 16812 165 1674 16412 16814 202,600 United States Steel Corp-1043
*14512 14534 14538 14558 14558 14558 14534 1453 14534 14578 14578 146
1,500! Preferred
100
*6112 63
6112 6112 *6112 63
*6112 63
*6134 63
*6134 63
No par
200 US Tobacco
3412 3314 3412 3234 3334 3438 347
34
3334 3414 34
No par
3412 7,600 Utilities Pow & Lt A
3
3
3
3
24 278 *3
31
•234 3
234 278
Vs par
900 Vadsco Bales
9812 10134 9312 10014 9312 9838 9934 1031
9814 101
9758 102 587.700,Vanadlum Corp
No pa
Vs pa
!Vick Chemical
478 5
414 5
44 4,3
8
-17434 44 3,400 Virginia-Caro Chem
No pa
*2212 23
2214 2214 *21
22
22
23
2314 234 23
2312 1,700 6% Preferred
100
*764 80
*76
80
*7612 80
*7612 80
•7612 80
*7612 80
7% preferred
100
...... Virginia El & Pow pf (7)100
;5&.- 45
*35
45 .
155- -41.- ;55- 45
*35
45
;35- 1. ,Virg Iron Coal & Coke pf...100
80
85
7818 83
77
87
8434 81
8218 8612 8434 8434 2,380 Vulcan Detinning
100
*97 105
*97 103
*97
9814 *97
9812 •97
9812 *97
Preferred
100
985*
Class A
100
- 471T4 2613 -His -2-618 -Hr
;
. 143
258 277 -263.4 -213-4
No Pa
-1-2-,700 Waldorf System
2914 2534 24
2512 2334 234 2438 2438 2414 2438 244 2414
No par
1.300 Walworth Co
*26
26,3 26
26
26
26
26
26
25
25
*25
26
150 Ward Bakeries class A No par
8
84 853
812 *8
84
8
838
8
8
No Par
8
8
1.700, Class B
*5918 68
*5918 68
5834 59
5834 584 59
59
*5858 5912
..100
800' Preferred
45
4638 4218 45
4178 4378 4418 4478 43
4412 4134 4312 173,400 Warner Bros Pletures_No par
*4812 50
48,2 4812 485* 48,2 *4812 50
4812 4812 4812 481
No par
GOO Preferred
1314 14
1334 14
1312 1312 1313 1334 1312 1312 1334 1334 6,100 Warner Quinlan
No pa
4912 4934 4714 4834 47
4778 4734 4873 4718 4778 474 4778 4,300 Warren Bros new
No Par
*50
54
50
5114 50
50
*50
57
*50
57
No par
Cony prof
*50
57
190
3314 3314 3112 3312 3234 34
3358 3334 32
3341 *32
33
2,500 Warren Fdy & Plue_No par
6
*514 5,2 .518 514 *57
*51
*514 6
6
Webster Elsenlohr
25
*518 6
*2418 2434 2114 2414 2158 2453 *2418 2434 *244
2414
2414
243
400 Wesson 011 & Snowdrift No Par
4
*56
58
56
56
*55
56
*55
56
No Par
544 5478 *5513 56
200 Preferred
16934 1714 16812 17034 165
170 165 1714 16712 16934 168 168
3,200 Western Union TelegraIM-100
*39
3914 39,4 3914 39
3914 39
39
3812 3S12 384 3878 2.400 WestIngh4e Alr Brake_No par
14558 14914 139 145
13758 14278 14334 1474 143 14612 142 14734 147,300
Westinghouse El & Mfg____50
*140 150 *138,4 148
135 135 *139 14278 *13814 14278 •13814 14278
50
180 let preferred
384 3818 36
36
*3612 37
37
39.8 3814 384 *3712 3734 1,700 Weston Elea Instrunft_No Dar
*334 36
*3312 36
*3312 35
*3312 36
*3312 30
*3312 37
par
A
Class
No
102 103 *103 105 *103 105 *103 105 *103 105
100 105
30 West Penn Elea class A-No Dar
*11014 11012 •1101 4 11012 11012 11012 *11012 111
110,2 110"2 110 110
50 Preferred
100
1o134 10134 100,4 100,4 *100,2 1017s 10134 10134 101 101
101,
8
1
100
Preferred (6)
70
01'8
*11534 117 •11534 117 *11534 117 *11512 11712 11538 11538 115,2 11512
100
20 West Penn Power pref
*10812 10914 10812 10812 10812 10812 *10812 10914 *10812 10914 *10812 10914
100
20 6% Preferred
*40
41
4018 4018 •40
*40
41
44 .40
44
*40
44
100 West Dairy Prod el ANo par
13,2 124 1318 1212 1253 12
*13
1212 12
1218 12
No par
1211 2,200 Class It
3934 3934 *3512 38
38
38
394 40
*39
40
3934 40
700 Westvaco Chlorine ProdNo par
1314 1353 1212 1338 1238 1278 124 1314 1212 133
4 1278 13
4,300 Wextark Radio Stores_No par
White Engle 011 & Refg No par
14
*52T2
-3214 34
;
35i- 33 "i2f2 34
;55- 335* '33
No par
332 .
1;565 White Motor
46 ' 4614 .34934 4614 4518 4513 *4512 48
46
46
*4514 43
500 White Rock Min Spring ctf_60
638 638
6
613
6
618
64 614 *6
612
6
900 Whlte Sewing Machine_No par
2414 •15
2412 *15
2413 *15
2412 •15
*15
2412 15
15
No par
100 Preferred
164 1612 *1512 1634 *1511 1613 *1512 16,2 *1512 1613
.1512 16
No par
100 Wilcox Oil& Gas
30
*25
•25
*25
30
30
*25
30 .25
30
*25
30
Wilcox-Rich class A___No par
*1412 2412 *1412 2412 *18
*1412 24
2434 *2013 2412 *1934 24
Class Li
No par
634 678
64 634
64 634
634 7
5
64 7
64 634 4,300 Willys-Overland (The)
*714 7212 *7118 7212 71
7118 *70
77
*70
75
*70
75
Preferred
100
300
*312 4
312 31. *334 4
*34 4
338 338
4
433 1,100 Wilson & Co Inc
No par
10
*8
10
*918 1012 *3
*8
10
*8
10
9
1038
No Par
500 Class A
48
*4718 50
48
*4718 50
50
*48
*4718 50
*474 50
100
300 Preferred
58
5938 564 584 5612 574 58
6034 5813 60
5814 5878 23,800 Woolworth (F W) Co
10
136 14024 131 1384 130 13614 1354 139
134 13612 1324 1354 24,400 Worthington P & af
100
*9412 100
*94 100
*9412 100
*9413 100
*9412 100
*9412 100
Preferred A
100
*8834 8914 *8834 894 *884 89,4 *8314 8914 *8878 8914
89
89
100
100 Preferred II
5212 *20
5212 *20
52,2 *20
5212 *20
5212 *20
*20
5212
Wright Aeronautical___No par
4112 4113 4134 4134 414 4133 41
4114 42
*4214 43
4112 1,700 Yale & Towne
25
2738
2613
2718
27
2618
2812
2612
2814
2713
2818 264 2711 127,600 Yellow Truck & Coach 2113_10
90
*88
90
90
90
90
90
*7912 95
.79i2 95
+SS
Preferred
100
130
*35
3512 *35
3512 *3518 3512 *35
355* *35
3512 354 3558
700 Young Spring & Wire_No par
1154 1155* *112 120 *112 115 0112 114 *112 114
*11514 120
100 Youngstown Sheet At T_No Par
9l
9
912
94 1018
5'2
9,2 934
914 94
9
9744 7,600 Zenith Radio Corp.--No Par
-ia- -2-712
•Bid and asked prices. no sales on this day. Z Ex-dividends, v Ex-rights
PER SHARE
Ranye Since Jan. 1
On basis of 100-36or- tis
Lowest.
$ Per share
1733June 23
40 Aloe 18
2412July 25
102 Jan 21
36 Juno 18
1034 Feb 15
78 Feb 13
1912 Jan 31
83 July 15
1214.11111(.25
6518 July 8
214 Jan 3
758 Jan 2
1814 Mar 10
1178June 19
938June 18
8914 Apr 10
3012June 20
124July 11
25 June 25
83 Juno 18
121 Feb 4
938June 24
6018June 23
37 June 18
2514June 18
4312 Jan 31
56 Jan 31
36 Jan 7
117 July 12
4018June 18
614July 24
26 Jan 2
2838June 18
Ohs Jan 6
7 July 8
83 June 16
31141ime 18
97 Jan 13
5 June 11
22 June 18
41s Jan 2
1512 Jan 2
2112July 211
30 Jan 3
24 Jan 9
1812 Jan 2
1558 Jan 7
1812 Jan 3
934May 28
2 July 8
4018June 16
16 June 23
854 Jan 8
1734June 23
62 June 25
713 Jan 2
15 Feb 26
7712 Mar 17
4814June 27
20 June 18
4114June 27
1712July 10
42 July 17
15158June 25
141 Jan 4
5913June 18
30 June 23
234July 2
4978 Jan 2
3712 Jan 18
4 June 25
22 July 17
75 June 19
10538 Jan 8
38 May 1
60 June IS
85 Jan 24
68 Jan 22
2414 Jan 6
21 12June 24
2112 Jan 7
418 Jan 2
68 Jan 2
3813June 25
3612 Jan 2
1234June 23
4018.1une 25
50 July 10
2314 Jan 2
44July 7
22,2 Jan 23
5012 Jan 15
15034.1une 25
3633June 25
1244June 23
126 June 18
3934 Jan 18
33 June 23
98 Jan 3
10512June 25
9714 Jan 2
11312 Jan 3
1044 Jan 23
3838June 25
1118June 19
30 June 24
7 July 9
26 Jan 17
2718Jtine 25
364 Jan 21
5 June lb
14 July 11
102 11,0 2(1
27 Jan 3
1913MaY 5
534.fune 26
62 June 18
318June 25
718 Jan 13
42 Jan 13
6138June 23
6714 Jan 17
88 Jan 17
73 Jan 3
3538 Jan 23
41 July 25
1234 Jan 16
72 Jan 27
3214June 19
108 Jan 11
54 Jan 17
Highest
PER SHARE
Range for Praetors
Year 1929.
Lowest.
5 Per Mare $ per share
18ts Mar
3638 Apr 4
35 Mar
43 Mar 31
2513 Dec
32 Jan 18
110 Feb 13 102 Nov
4712 Mar 12
30 Oct
10 Nov
1734 Apr 7
7418 Nov
8934 Mar 25
14 Nov
31 Apr 23
9478 Apr 16
85,8 Nov
1112 Oct
2114 Apr 11
8914 Apr 11
5.34 Nov
1
Oct
64 Jan 23
13's July 9
54 Nov
24 Apr 21
2838 Jan 31
1533 Dec
205* Apr 10
94 June 11
30 Dec
4134 afar 1
1312 Dec
22 Mar 18
374 afar 25
3018 Nov
82 Nov
138 Mar 21
12518 Apr 29 120 Dec
7 Nov
1718May 8
59 Nov
10658 Mar 31
4218 Nov
50 Apr 7
3813 Apr 10
Nov31
09 Apr 8
4478 Nov
774 Apr 7
6834May 28
3312 Dec
142 May 28 11412June
4012 Nov
84 Apr 21
812June 6
197 Dec
68 June 5
19 Nov
62 Apr 28
5312 Apr 23
4213 Nov
6 Dec
1978 Feb 19
99
Oct
105 Jan 1.3
494May 1
22
Oct
10212July 23
90'4 Oct
7 Nov
14 Mar 14
1514 Nov
324 Apr 7
34 Dec
1478June 7
14 14Dec
50 July15
2518 Nov
39 Mar 15
28 Dec
76 May 9
218 Dec
9 Apr 10
12
Oct
38,4 Apr 10
15
Oct
21 May 27
184 Nov
2114June 6
9
Oct
2033 Jan 17
2
Jan
458 Apr 14
8614 Nov
103 Apr 7
1713 Nov
324 afar 30
82 Nov
101 Mar 21
1712 Dec
3058 Mar 12
95 Nov
13938 Jan 2
5 Nov
1513 Apr 21
1414 Dee
26 Apr 21
8114 Dec
94 June 23
5012 Nov
7512 afar 25
15 Oct
3.5 Apr 10
6378 Apr 4
404 Nov
2978 Oct
3612 Jan 6
48 Nov
534 Jan 7
19834 Apr 7 154) Nov
146 Mar 21 137 Nov
.5512 Nov
88 Feb 10
454 Apr 10
2418 Nov
3 Nov
718 Mar 12
3712 Nov
14314 Apr 26
33 Oct
4778alay 1
318 Oct
573 Apr 1
15 Oct
3414 Apr 1
69 Nov
8238 Apr 9
11734July 9 102 Nov
39 Dec
40 Apr 21
38 Nov
156 Mar 24
81 Nov
1011 Mar 24
40
14978 Mar 24
Jan
20 Nov
3134 April
22 Nov
4234 Apr 2
20 Dec
64 Mar 24
14 Oct
1513 Apr 1
774 Apr 3
50 Nov
8014 Mar 28
30 Nov
7014 Mar 28
3514 Oct
27 Apr 12
15 Oct
6313 Apr 11
5114July 21
4312alay 19 TE3-4
4 Oct
912 Mar 31
2978 Mar 27
20 Oct
4913 Nov
5912 Apr 7
21038 Feb 19 160 Nov
52 Feb 27
3612 Oct
20112 Apr 15 100 Oct
1974 Apr 15 103 Nov
4873 Mar 31
1913 Nov
36 Jan 28
324 Aug
110 Apr 16
90 Nov
11114July 15
97 Nov
10178.1une 10
8812 Nov
11812June 17 110 Nov
110 Apr 2 102 Sept
60 Mar 10
3612 Nev
2413 Apr 11
7 Nov
5912 Feb 17
30 Oct
21 Jan 7
19 Oct
2913 Mar 17
25 Oct
43 Apr 4
2714 Nov
$44 Mar 20
277a Nov
1378 Mar 4
1
Oct
3978 Apr 3
27 Dec
21 Apr 25
l273 Nov
3414 Jan 29
19
Oct
3734 Mar 31
1233 Oct
1178 Feb 6
54 Oct
86 Apr 3
95 Dec
7% Mar 27
3 Dec
13 Mar 27
658 Nov
544 Mar 31
3534 Nov
72% Jan 2
624 Nov
168 Apr 29
43 Mar
107 Apr 25
75 Nov
93 Mar 29, Ge
Apr
6912 Mar 51 30 Nov
77 Mar 1
6134 Feb
324 Apr 23
ry 'Nov
105 Apr 2
SO Mar
47 Mar 7
3312 Oct
152 Apr 7
91 Nov
1634June 2
64 Dec
Httghest
$ Der altars
35 fileP5
4978 Sees
5173 Jan
11014 Oct
62
Jan
2312 June
9073 Aug
40 June
9712 Jan
344 Sept
Jan
150
2213 Mar
224 Mar
-13-38 Apr
63 Kii;
3174 Jan
6153 Jan
1814 Oct
125
Jan
43 Jan
140 Sept
57 Sept
-1-97
1 May
10912 May
60
Oct
136
Oct
1114 13431,1
104
Jan
7512 May
494 July
8118 Feb
15812 Jan
5953 Jule
9814 Dee
2638 Jan
4873 Aug
14
Oct
404 Out
8578 May
Jan
143
224 Jan
5573 Mir
19
Jan
20 June
23 Sept
10 Apr
1344 &Pt
72 Ati2
924 Aug
494 Jan
24338 Oct
3512 Jan
6173 Jan
Feb
1(07
11912 Feb
65 Mar
9212 Jan
7278 Mar
Jan
68
26134 Sept
14414 Mee
714 Nov
5812 Aug
. 1312 Jan
1164 Feb
109 Mar
2434 Jan
6512 Jan
9712 Feb
110 Sept
43 Jan
14978 Aug
110 Apr
142 Sept
361
. Oct
4973 Oct
8434 Jan
214 Jan
8712 Jan
6412 Aug
5914 Jan
424 Jan
ay., --Jan
1134 Fels
48 Mar
7212 Mat
27214 Oct
674 Aug
29258 Aug
284 Ang
6438 dent
3612 Apr
110 Feb
1114 Jan
102
Jan
117 afnr
11012 Jan
60 Sept
40 Sept
9418 May
75 Sept
38
Fist
5313 Mar
5554 Slept
48
Jan
6778 Jan
294 F21
6114 May
82 May
35 Jaz103 Jan
1312 Jan
27 Jan
79 Jae
112 Sept
13733 Sept
10012 Sept
904 &T.,
299
Fe!
88 A eta
01,4 Apr
9812 May
594 Ala
175 ,
9 0.1
5214 Jan,
604
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of voted bonds was changed and prices are now "and interest"—except for =me and defaulted bond.,
oa
BONDS
V STOCK EXCHANGE.
Week Ended July 23.
U.
4?.
Price
Friday
July 25,
Week's
Range or
Last Sale,
hangs
Since
Jae. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 25.
Price
Friday
July 25,
No. Low
Week's
Range or
Last Said,
,=1,2
Ranee
Shur
Jan. 1.
Bid
High
Ask Low
Shah No Low
High
Czechoslovakia (Rep of) 89_1951 A 0 11034 Sale 10934 11034
9 10914 111
Sinking fund 493 sec B.......1952 A 0 11014 11012 110
98111u 1011,4
10814 11112
110
Danish Cons afunicip Ss A_1946 F A 10958 111 110
9844, 101
10812 111
110
318 100114,102143
a f 8s Series 18
109 10912 10834 109
108182112
10512 106 10512 106
952: F
44 10312 10659
•J
r
98114,99144 Denmark 20-year eat! 69____1::
External g 549
1004 Sale 10058 101,4 34
11,912 1017
421 10011,41034,
External g 44s_Apr 15 1962 A 0 934 Sale 9314
901k 934
93,2 46
91 109114211411n Deutsche Bk Am part elf 69_1932 M S 1004 Salo 10038 10034 70
97 101
35 105114,10942 Dominican Rep emit Ad 5448 '42 M
99 Sale 9614
14
99
9312 101
214 193 1061113
let ser 554,01 1926
914 93
7
9212
8934 9612
96
165 991,, 102
2d series sinking fund 5%8=1
93
4
953 93
90,8 96
93
38 9814,102
Dresden (City) external 79_1945 M N 99% 100(4340014 100,4
2
96 102
Dutch East Indies mai 69_1947 J
10212 Sale '102
10212 39 10118 103
40-year external as
26 1014 10.314
103 Sale 10214
1962 M
103
30-year external 5449
5 1014 104
1953 M 8 10134 10234 102
102
"6- ITi" 30-year external 5418_ ......1915.3 St 58 10238 104 10158 July'30
1015
,103
10914 10912 10912 July'30
9718 9758 El Salvador (Republic) 85_1948
10334 10912
Estonia (Republic of) 78_1967 J J 7718 80
10214 104
78 July'30
75
88
Finland
S
9234 Sale 924
4
103 105
(Republic) eat! 69_1945 M
94
914 974
External sinking ItInd 79..1950 M
100 Sale 997
23
100
95% 10114
914 9318
External sinking fund 634s 1956 51 S 9758 Sale 97
20
"6 08
98
External sinking fund 54.1e 1958 F A 86 Sale 8558
16
100 100
86
84,8 92
2
95 9934 Finnish Mun Loan 649 A _1954 A 0 9634 98 9534
9278 99
9634
External 6%e series B
98
98
1951 & 0 964 98
9214 9812
Frankfort (City 01)8 f 649_1953 SIN 9212 94
9 9112 95
92
93,2
French Republic call 7340_1941 .1 I) 12412 Sale 12312 12458 208 11738 126
External 78 01 1924
11938 Sale 11812 1194 503 11211011958
German Government Interna2
1949
8858 Sale 8812
tional-35 yr 541s of 1930_1965 J
8878 512
8818 9114
German Republic eat' 7s..._1949 A 0 10614 Sale 10534 10614 207 10612 109%
Gras (Municipality) 88530_ 10
2
U4o 10019
10014
93
57
4
A
r!I 9958 101,4 10014
Gt Brit Irel(UK of)
105 Sale 105
1054 108 1034 10639
F A
104 Apr'30
Registered
-6- 1-61104 104
94% fund loan Lopt 1960_1990 MN e8634 8734 28714
109 109
8814 16 28258 90
85% War Loan £ opt 1929_1947
5 e9714 9914
9914
D 29914 Sale 29914
Greater Prague (City) 749_1952 M N 10334 10434 10318 10312
7orelyn Gem 8. Municipals.
8 10212 10712
agile Mtge Bank s t tie
Greek Government sfeo 78 1964 M N 10012 Sale 10012 100,2
3 6312 86
1
72
71
97 1034
1947 F A 6914 72
7134 71
3
Sinking fund 69A. _Apr lb 1948 A 0 70
Sinking fund sec Os
71
33
87
8612
6312 8012
81
8512 87
8814
1968
9312 9412 9338
akersbue (Dept) ettl Is. _1963 M N
94
33
9212 1004
9612 23
96 Sale 96
87
9512 Haiti (Republic) s I 6s
A
F
2
80
4ntlogula (Dept) col 78 A 1945 1 J 76
7712
8
m
77,2
;49'50J
9612
j 96 Sale 96
91 c9812
71
87,4 Ha burg (State) 69
1946 A 13
7712
External el 79 ser B
6 10011 1044
7834 15
704 8712 Heidelberg(Germany)esti 7
10212
1941.3 J 7712 78
10112 10214 102
76 July'30
External el 78 ser C
8
9458
9014 29814
1945 1 J 7712 78
70 874 Hungarian Mimic Loan 754e 1945 J
94 Sale 938
4
76
75
78
Externals f 79 9er D
Externals 17s
86
7712
1945 J
94
70 88
574 88
,
4 8714
874
2
74
External s 1 79 1st 8er
_
91 190
1957 A 0 73 Sale 73
6912 87,2 Hungarian Land M InSset97t449
97
95 July'30
1 1'
94
66
1 3191 N
.; 93
75
1 Sale 9312
5 67
74
External eats! 7s 2d ser..1957 A 0 73
Sinking fund 734s ser 13_1961 MN
75
9012 984
3
9312
89
Hungary (Kingd of) a I 7149 1944 F A 1015;Sale 10012 10214 12
4
74
External sec 51 7s 3d ser_1957 A 0 74 Sale 74
9934 104%
88
67
,=warp (City) external 58_1958 J D 98% Sale 984
18
Irish Free State extla s I 50_1960 MN 10018 Sale 9918 10018
7
99
96 10018
9214 99
12
Italy (Kingdom of) cat! 7s 1951
tagentioeGovt Pub Wks69_1960 A 0 99 Sale 9812
954 100
99
9414 101
98 Sale 9734
987g 169
IrgentIne Nation (Govt oil—
Italian Cred Consortlum 78 Alf.37 M 8 95 Sale 95
4
9812
93
954
9918 35
Sink fund 68 of June 1925-1959 J D 9812 Sale 9838
9534 13
External see Sf 78 ser 1.1_ _1947 M 8
9234 9858
95 100
_ 9434 9534 9518
9914 25
Eat]s f 68 of Oct 1925......_1959 A 0 9914 Sale 984
9512 9972 Italian Public UtIllty anti 75 1952 / J 95
92
58a
35
06
9534 9538
9834 Sale 9858
Sink fund &aeries A
9914 34
9434 08%
9428 c100 Japanese Govt £ loan 48._ _1931
974 9722 974
9755 23
99
SO-years f 611s
S 9812 Sale 9812
30
External 68 series B_ _Dec 1958
7 .1M D
95 100
10514 Sale 105
105% 93 1014 10878
9912 11
Extl sinking fund 5%e.,,....1985154
Eat' 8 1 he of May 1928 1060 M N 9912 Sale 9834
9528 Inn's
A
8912 924
9218 Sale 917
9 Fl N
924 355
26
External 16e(State Ry)_1960 Si S 99 Sale 9814 8100
95 all() Jugoslavia (State Mtge Bank,—
9812 Sale 9838
99
53
Secured 5 f g 7s
ExtltisSanitary works.. 1961 F A
1957A 0 85 Sale 85
95
7714 80
140
86
994
9814 99
9838
9834 11
Ext108 pub wks(May'27)_1961 M
2
9434 1004
96 Sale 96
947e 10114
9612
LOW
Public Works exti 5418_ _1962 F A 93 Sale 93
:
E' rl Austria
9312 26
934 100
(Germa(
nP
yr
)o5v)f 7%-a:1
89 297
9312
9312
19
947
50
1
A
D 9212 97
argentine Treasury Is E..— _1945 M S 8914 Sale 89
17
Lyons
8914
(City of) 16-year 69 1934 M N 10534 Sale 10514
85
10578 29 113212 111578
8912
8914 43
Anstralla 30-yr 59__July 15 1955 .1 .1 8812 Sale 8814
48 10212 109
844 9414 Marseilles(City of) 15-yr Se 1934-M N 10578 Sale 10514 106
884 Sale 88
89
53
External Soot 1927_ _Sept 1957 51
84
65
80
71
9414 Medellin (Colombia) 6%a_ _1954 J
73
70
7034 13
773
4
Sale
7712
External g 434s of 1928_1956 MN
79,2 166
774 854 Mexican Irritant Asatng 434s 1943104 154
1134 2912 1058 July'30
104 Sale 10312 10414 83 10214 108
auercian (Goat) f 79
Mexico(U 8) eat] 58 of 1899 £'45 "Qr
1943 J
26
20
26
Apr'30
9518 52
Internationa l. (74
1957 J J 95 Sale 95
Assenting 59 of 1899
2012
95
15
954
16 June'30 -11,15 --- -ii"
9538 15
Reverie (Free State) 6428_1945 F A 9412 Sale 9412
Assenting 58 large
1612 174
91
98,2
1758 Apr'30
-110
Belgium 20-yr 8 I 8s
23 1074 11112
1941 F A 110 Sale 10914
Aasenting 49 of 1904
1014 134
24
12
1178
1158 14
10912
Sale
109
1093
4
57
.26-year external 6 449
1949 M S
Assenting 4, 01 1910 large_ — - --11134 144
12 July'30 --__
105/1011012
10438 96 10112 10412
External s 1 69
Assenting 48 of 1010 email_ - _ _
1955,3 J 10418 Sale 104
1012 14
1118 July'30 --__
_
11412 90 1094 11412
External 30-year e I 78_1955 .1 D 11412 Sale 113
Trees 6s of 13 assent(large)'33
18
25
18 June'30 -20
17
110
103 107 11014
Small
N 10914 Sale 109
Stabilliation loan 7s
124 2514
1956
1278 July'30 - _ _
Bergen (Norway)s f 89
1945 M N 11014 Sale 11014 11038 19 110 1124 Milan (City. Italy) eat! 6148 '52 A 0 8938 Sale 8938
9078 86
85
95
101
8 99 10258 Minas Geraea (State) Brazil—
16-year oinking fund 64_1949 A 0 101 10258 101
96
Berlin (Germany) a 1 6349_1950 A 0 96 Sale 954
13
65
83
19
External a t 034s
71
11211 29912
69 Sale 69
91
49
6912 8212
Ertl sec 6419 series A.._...1951)
External sink fund 89__1958 1 I) 91 Sale 8834
75 July'30
944
74
85
14
95' 61
51 8 69
5
9612
9614 93
9
9814 103
10034
9212 994 Montevideo (City of) 75_1959 J D 100 1004 100
Bogota (City) extl f ..._ _1945 A 0 94
8834
8
Bolivia(Republic of) extl 8s _1947 NI N 88 Sale 8758
5
01
External s 1 69 series A _ _ _1959 51 N 92 Sale 02
8118 100
964
7112 Sale 7018
7358 17
22 103 107,
65
1958 .1 .1
8514 Netherlands 68 Mai prices) _1972 M
2
Externalseeuritles7s
107 Sale 10512 107
48
7114 Sale 71
72
8312 15, 80 90
New So Wales(State) eat' Us 1957 F A
6218 84
1969 Pd)
Externals 17,
8312 Sale 8212
go
Bordeaux (City of) 15-yr 68_1934 SIN 10578 Sale 10514 10578 34 10214 105%
Externals f 59
80
824 20
8238 83,2 82
1051,
10414
Sale
71
10012
10012
101
101
105
35
43razil(U S of) external 88_1941 .1 0
94 10212
teearr eix
.
.
t.
l 6s.......)943
Ar r4
411) 1044 Sale 105
96
7618 Sale 7534
77
106
73 102,4 106
External s f 644s 01 1939-1857 A
7211 8818 Norway2oyear20-exy
10514 Sale
111:44 F
103i4 18 1014 104
30
7634 111
7214 28812
1057 A 0 7534 Sale 7512
Eat! 5 6 419 of 1927
-year
10314 Sale 103
external 613
5.2 :
90
47
40-year 91 0%
10234 28 10019 1(13
75(Central Ftanway)
80 9312
1952 .1 D 8912 Sale 8912
1965.3 D 10178 Sale 10158
,
6
9614 100
83
744s(coffee secur) (flat) 1952 A 0 10212 Sale 10112 10212
External a( 58_ _ _ _Mar 15106358 8 9918 sale 9020 100
95 105,8
1441i 994
98,4 994 98
29
9912 16
Munielpal Bank exit f 58 19
Bremen (State of) exti 79
1935 51 S 10312 Sale 1034 104
9812 104
8
"
8212 Sale 8114
9812 20
7
973 984
82,2
Municipal Bank 9808 t Is 970
Brisbane (City) 8 Is
D 9712 9812 98
8114 90
1957 111
8418
80
8112 17
8538 14
9212
82
8114 81
88
Sinking fund gold be
1958 F A
4 O
801s 88,
kc
Iihnitugyr)
it (City) extl fle....1952IF A 85
NsUslroleI
77% 22
10212 Sale 10112 10212 14 100 10214
Budapest(City) eat' sf 68..1962
D 7714 Sale 76
8512
73
9
101
98%
2
9812
983 10212
Buenos Aires(City)64492 B 1955 J .1 99 100
10038 10112 101
964 10012
2 10018 103'2
97
7
9634
External s f 69 eer C-2._ 1960 A 41 9512 97
981. Panama (Rfu
10338 10234 10234
91
eW
inleea5
xtie/83 54
f 69:
11119955'3571 ND 10234 Sale
9234
97
93
10
25
894 954
External f 6s ser C-3
Esti f 59 ecr A __May 15 196
A 93
90
1960 A 0 9512 9714 95
F N
984
46
3'M
7112 90
834 19, 1,104 91
8312
auerms Alva (Prov) extl 65_1961 M 8 834 Sale 8234
4
8312 8312
Pernambuco (State of) extl 78'47 M
80
5
8012
Bulgaria (Kingdom) a 1 78_1967 J
7912
9314 15
91 21014
7634 8534 Peru (Rep of) external 7s_ .1959 al S 93
9314 93
714
7112 sale
81
82
Nat Loan anti slOe 1st see 1960'J
69
81
8134 29
7112 38
84
Stabll'n In &I 7441 Nov lb '68
81
004
8.51,
8
87
C aides Dept of(Colombia)7 48'46 'S .3 86 Sale 86
Nat Loan extl s I 682(1ser 1961 A 0 7114 Sale 7012
69
714 22
9312
81
75 • 21
Canada (Dominion of) 59
74
84
7514 74
9934 10114 Poland (Rep of) gold (is__ _1940 A 0 74
1931 A 0 10078 Sale 100% 10114 19
05
118
as
79
883.
Stabilization loan 5 I 75_1947 A 0 85 Sale 8418
1952 SIN 10138 Sale 10412 10514 26 10214 106
9412 21
axs
92
1/8
External sink fund g 88_1950
9734 1024
9418 Sale 94
1936 F A 101 101% 10112 10214 15
9312
Cariebad (City) 5 1 85
3
91 10(1
103 109% Porto Alegre (City of) 68_ _1961 J D 9312 Sale 9338
1954 1 J 10612 1084 10712 July'30
85
87
Cauca Val(Dept) Colom 754841.) A 0 88
5
89 July'30
Extl guar tank fund 7%5.1968 J
834 9411
92
8312 87
8312 95
105
14 104 1)0
Owns!Agri,' Bunk (Germany)—
Queensland (State)anti s175 1941 A 0 10212 104 104
5
6
954 10414
94
084
25-year external 68
Faun Loan s i 74 Sept 15 1950 M
934 Sale 9358
9212 9812
9858 Sale 9734
98
18
Var.', Loan I 19 July 15 1960 J J 8438 Sale 84
90 1011
8514 119
7A
F
7714 9032 Rio Grande do Sul esti s f 881946
9512 Sale 95,2
68
42
Fern, Loan 5 1 6, Oct 15 1960 A 0 8414 Sale 837
6414 8014
85
133
External sinking fund es_ 1968
7734 90
D 6612 Sale 65%
78
2
Farm Loan de ser A Apr 151939 A t) 9014 Sale 00
74
9034 72
934
7812 78
External 5 1 75 of 1926_ _ _1966 58 N 78
841s 94
73
Chile (Ren.)—extl s 17s. __ _1942 MN 10134 Sale 10112 102
4
73
73
8912
994 103,4
16
External 0178 mimic loan 1967 1 1) 7318 75
9812 11
a.
dte
921s 1054
External sinking fund 09_1960 A 0 9058 Sale 90
eJ
ra
.a
nies
908 35
944 RlE
88
lro
,2
654
-yaear sf 88-1946 A 0 98 Sale 97
47
7014 85
734 Sale 7212
74
17
Externals 151,
91
88 c9412
1961 F A 0014 Sale 90
914 94
87 90
Rome (City) anti 64421
Ity ref extl f es
904 10
94
88
901 i Sala 90
1961 .1 J 9012 Sale 90
1:N
:
1 108 10511
Exti sinking fund 68
9012 21
Rotterdam (City) extt 68.. 1964 M N 1044 Sale 10134 10434
8934
91
94
88
1961 M S 90
8278 14
82 85
Eat) sinking fund 69
9012 14
8934
1862 M S 8934 91
9414 Roumania (alonopollee) 7e 1959 F A 8212 834 8214
88
8638
1
Exit sinking fund es
80t 9072
9012 91
1963 M N 8934 Sale 8912
8814 914 Saarbruecken (City)
_1953 J J 8412 8639 8638
9934 100
2
95 107
Sao Paulo (City) s t 89_Mar 1952 M N
9934 101
Ohne Mtge Bit 6419 June 30 1957 1 13 934 Sale 9312
99
23
92
95
74
22
70
84
97
40
8 I 645 01 192(L_June 30 1961 J I) 07 Sale 96
External 9 t 0148 of 1927_1957 MN 6612 72,2 70
94 10034
San l'aulo (State) eat' al 88_1936 J J 100 Sale 9912 10138 17
96 10214
25
Guar 5 16e
$619 94
88
Apr 30 1961 A 0 S712 Sale 8712
94
10
Guar e t 69
90 101
89
96
External ate s I 85
94 Sale 93
1962MN 89 Sale 88
8713 91
9014 15
Chilean Cons Manic 7s
7934 934
9414 26
External 51 75 Water L'n_195
9212 048
1960 NI S 9212 9112 92%
a1 S
I 9038 Sale 87
19°
16 j
6812 12
6812 67
(.blnese (Hukuaug ity) 5e 1951 j D 21
65
81
2118
1
2118
30
22
External s 1 ea
21
194(8 J J 67
90
Sale
9012
164
8914 9614
Christiania (Oslo) 30-yr sI es '64 al S 10212 10234 101 July'30
Securer'f
9032
79
2A
m
100 102,4
940
Rep) 7. 1194
9178
9214
Cologne(City)Germany 64481950 M
4
3
87
9314
9514
9134 92
93 03
92
9018 r984 Santa Fe (Prov Arg
9812
COlombla (Republic) O,
8628 c83
98'x,
14
1
93 100
Saxon State Mtge Inst 78_ _1915 J D 9812 99
76
76 Sale 75
1961 J J
0414 July'30 ____
Externals I 6, of 5928...._1961 A 0 75 Sale 75
tanking fund a 6548.-Den 1946.3 D 90
68
88
7512 21
97
96
81%
Onlotubla lattg Bank II ;is of 1947 A 0 777 Sale 77
18
777
654 8214 Seine. Dein of(France) eat'78'42 J J 108 6.1126 10738 10812 34 101332c1(4912
7712 7814 7714
97
81
Slaking fund 78 of 1926._1946 51 N
87
7814
99
Serbs, Croats .t Slovene, 88 '62 M N 07 Sale 9534
Se
7
71
Sale
88
8778 154
Sinking fund 7s of 1927..1947 F A 7712 79
7514 88
2
78
78
External see 79 ear B.......1962 M N 8612
70
88
openbagen (City) 5s
74
52
Sliesla (('rov of) extl 78....._1958 3 D 73,2 Sale 72
99
7
19524 D 987 Sale 98
954 99
66
e2
25-year g 4349
83
le
884 93,2 Silesian Landowner, Assn Os 11447 F A 83 Sale 82
72
8472
24
93
1953 MN 0214 Sale 924
106
88
Cadoba (City) ext.! s I 7s. _1957 F A 84
46 10158 1(6
8812 July'30
764 93
Soissona (City of) ext1 Os... _19'38 58 N 106 107 105
9312
02
5
Externals I 7i._ Nov 16 1937 MN 91
86
1
9112
82
984 Styria (Prov) external 79.._1946 F A 92 Sale 9114
95 944
Cordoba(Prov) Argentina 791942 J J 9312 95 94
Sweden external loan b Sia._1984 MN 1074 Sale )054 10714
14 10314 10714
7
95
92 100
1074 Sale 10714
SW188 Confed'n 20-yr 91 85....1940 J
2
85
91
, este !Bea (Repub) eat) 7s 1951 at N
85
85
10734 29 1071421091s
106
28 10212 11534
13
Switzerland Goat ext.) 648_1946 A 0 10578 Sale 104
uba (Republic) 59 of 1904.1944 M S 997 Sale 98
98 101
997
79
Tokyo City 69 loan of 1912_1952 M S 7812 Sale 78
External 59 of 1914 iier 4_1949 F A 9934 10012 994 July'30 ____
7474 82
12
994 102
90% Sale 9034
Exte-nal loan 4 4sser C__1949 F A 9318 9338 9312 July'30 --__
913
External 5 t 541s guar _1961
53
8714 934
90,2 9534
•
8711 87
g bind 5148 Jan 18 1 1131 1
7212 31
21
101
10034 Sale 100
99 1011, Tolima (Dept of) esti 79_1947 58 N 7212 Sale 71
974 Sale 974
Public wks 5448 June 30 1945 J D 944 Sale 94
98
9112 Trondbion (City) let 6%9_1957 M N
13
934 98'1
9112 50
91
Cntallnamares (Dept) Colombia7
924 974
9712
Upper Austria(Prov) 79_1945 J D 9738 Sale 97
T1
91
on
nn
T+Tte•rn I • I 11 l4.
onil 16 '
tI
14 Inc
1959 MN
Externals f 64s
476
11 91
71
71
71 Sale 71
the
bails
sale.
of
e
On
35 to the X sterling.
e Casa
S. Government.
Hick
Ask Low
MO
Inn Liberty LoanJ D 10014, Sale 100"af 101
34% of 1932-1947
1 I)
101 July'30
Cony 4% of 1932-47
J
Cony 441% of 1932-47
102142 Sale 102142 102142
.1 D
90 cony 44% of 1932-47
993142 Feb.30
Javirtb Liberty LoanA 0 103
Sale 102114, 103144
4%,a4 of 1933-1938
1947-1952 A 0 1121142 113 112144 113111
Tres,ury 4 Las
1944-1954 J D 10814,108,342 108142 108134,
Srreaeury 48
1946-1956 M S 10614,1060u 1052142 106122
Treasury 3qe
1943-1947 I D 101142 Sale 1011421011,u
Treasury 348
Treasury 334, June 15 1940-1943 .1 D 1011%210110n 10111421011.0
Stat• and City S4 curities.
8538 Oct'29
N Y C 344% Corp st_Nov 1954 M N
8814 Aug'29
334% Corporate sa—May 1954 M N
94 Feb'30
1956 af N
46 registered
10012 9758June'30
4% corporate stock
1957 51 N
104 alar'30
454% corporate stock .._1957 MN
105 alar'30
454% corporate stock.......11.457 MN
9414 Nov'29
4% corporate stock
1958 51 N
98 June'30
4% corporate stock
1959 M N
100 July'30
434% corporate stock __ 1931 A 0
0934 June'30
9978
1960
434% corporate stock
99 Mar'29
434% corporate stock.,_)964 M 8
101 Mar'29
4it % corporate stock
1966 A 0
9912 Oct'29
yi % corporate atock
1972 A 0
10034 Sept'29
44% corporate atock
1971 J 13
107
10812 107
/4% corporate stock _ __ _1963 M S
1104 106 June'30
434% corporate stock. _ _ _1965 J D
10134 Nov'29
414% corporate9tock July 1967.3 J
1014 Mar'29
Now York State Canal 4s_ _1980
10114 July'29
• Canal
Mar 1958
101 June'30
Canal Impt 4s
1961 J J
109
Jan'30
Svs
J
1904
524
2
r
A
A
New York Bond Record-Continued-Page 2
BONDS
II • STOCK EXCHANGE
Week Ended July 25.
it
Price
Friday
July 25.
Week's
Range 01
Last Sale.
112
02Q
Bid
Ask Low
High No.
Foreign Hoyt. & Municipals.
1
107
'Uruguay(Republic) ext1 84_1948 FA 106 107 107
9614 44
1960 MN 96 Sale 954
External a f 84____
May 1 1964 MN 9412 Sale 94
9412 57
EMI f 65
9678 95
9618 11
Venetian Prov Mtge Bank 74 '62 40 95
Manna(City of) exti If 84-1952 MN 86 Sale 86
8658 47
6
77
'Warsaw (City) external 75.-1958 FA 7612 Sale 76
9712 25
'Yokohama (City) sill 85_1961 in 97 Sale 97
Railroad
10312 May'30
GtSou let cone A 5s____1943 3D 10412
1943 J o 9438 -08 9412 June'30
let cone 48 ser B
8734 July'30
Alb & Suety let guar 3)313„ _1946 * 0 8858 -87 July'30
Alleg & West let g gu 48._ -1998 40 8734 -S OR
1942
_ 9534
9534 26
Ailed Val gen guar g 4a
84
8212
83
82
20
Ann Arbor let g 48____July 1995 Q
Ateb Top dr S Fe-Gen g 44_ /994 A0 9634 Sale 96
9611 81
40
5
Regletered
9414
944
2
Adjustment gold 4a__July 1996 Nov 92_ 9134
92
Stamped
July 1995 MN 93 Sale 9114
8
93
MN
8814 Feb'30
Registered
3
9314 9214
Cony gold 4a of 1909
1954 in 92
9238
Cony 4e of 1905
4
1954 in 9058 Sale 9058
92
/
4
Cony g 44 Issue of 1910
1960 i13 921
92 June'30
Cony deb 4345
1948 in 132 gide 129
63
132
1
4
'
3 92
Rooky Mtn Div let 44_ _ _1965
2
92/
9234 221
/
4
Trans-Con Short L let 44_1958 3' 9414 95 92
7
9414
Cal-Ariz let & ref 44e A_1962 MS 10034 10214 10058 10034 27
Atl Knoxy & Nor let g 64.__1946 J
/
4 Apr'30
10412
- 1011
.4tl& Chad A L lst 4 He A 1944 3' 96 1-61i 9612 July'30
.• 1 104
_ 10314 July'30
let 30-year 54 aeries B_-_.1944
Atlantic City let eons 4a-1951 ii 8834 9313 87 Jan '30
All Coast Line let cone fle July'52 MS 9478 Sale 9412
21
95
MS
Registered
9212 May'30
1964 ID 10114 Sale 10114 10114
General unified 4 (a
2
t & N coil gold 44_-- Oct 1952 MN 9134 92
9112
9112
3
1948 3' 6018 61
60 July'30
.411 & Dan let g 40
bb
1948 ii 52
264o
5212
5212 20
- 8818 84 June'30
1949 *0
All & Fad let guar 48
Austin & N W let gm g 58-1941 ii 101 10214 101 July'30
Balt&Ohio let g 4a _ _July 1948 A 0
July 1948 Q
Registered
1933 M
20-year cony 4344
M S
Registered
Refund & gen 15 eeriest A _ -1996 ./ D
3 D
Registered
July 1948 A 0
let gold tie
1995 3 D
Ref & gen 64 aeries C
P LE& W Va Sys re144..1941 MN
• 19503 J
Southw Div 1,1 55
Tol & Cln Div let ref 48 A _1959 J J
Ref & gen to series D__ _ _2000 M 13
1980 F A
Cony 410
J
Bangor & Aroostook let 54-1943
19513 J
Con ref 44
Rattle Crk & Slur let gu 34_1989 J D
Beech Creek let gu a 48-1936 J J
Registered
J ./
2d guar g 56
19363 J
Beech Crk Ext lat g 8 Hs._ 1951 A 0
Belvidere Del cow gu 330_1943 J 3
1944 J D
tllgSandy let 43 guar
Bolivia By let to
1927.1 J
doeten & Maine let 58 A C 1987 M S
lat m ba ser 2
1955 M N
,Boston & N Y Air Line let 4a 1955 F A
Brune & West let gu g 4a 1938 J J
Buff Roch & Pitts gen g bs _ _1937 M S
1957 MN
Cowl4Hs
Burl C P.4 Nor let & coil 54_1934 A 0
96 Sale 9514
96
32
93
93
1
10012 Sale 10014 10058 120
99 Mar'30 - -10314 gife" 10334 c10512 64
102
15512 Sale 1054 May'30
105/
1
4 13
110 Sale 10912 11018 27
9514 Sale 9412
9514 23
104 Sale 10358 10438 62
8658 87
87 July'30 ---10334 Sale 103/
1
4 10334 34
10158 Sale 10138 102
424
10312 103/
1
4 10311 103/
1
4
1
8918 901 89
90
21
62 Apr'30
6214
9634 -6.
714 9634 June'30 - 95 Aug'29
100 Jan'30 -8112
78 Feb'30
8634
9312 1312.
9313 10
Canada Sou cone gu 58 A-1962 A 0
Canadian Nat 4344.Sept 15 1954 M S
30-year gold 44a
1957 3 1
Gold 4 Ne
1968 J D
Guaranteed a ba___July 1969 J J
Guaranteed g ba.---Oot 1969 A 0
Canadian North deb of 74-1240 3 D
25-year et deb Ohs
19463 3
Regiatered
10-yr gold 4 Ne _ _ _Feb 15 1936 F A
Canadian Pao By 4% deb stock.3
Col tr 4 Ns
194)1 M s
54 equip tr temp etfe.
1944 3 J
Coll tr g 68
Dee! 1954 J D
Carbondale & Shaw lat g 45_1932 M
Caro Cent 1st cone g 4e
1949 J J
Caro Clinch &0 let 30-yr 50_1938 1 13
let & eon g 64 eer ADee 15 '62 J
Cart & Ad let gu g de
19813 D
,L sat Branch UP let g 41).. ISMS 3 D
4..entrat of Oa let g 66-Nov 194610 A
Consol gold 64
1945 M N
Registered
MN
Ref & gen 5144 series 13___1959
Ref Lk gen 58 series C
19594 0
Chatt Div par money 48_1951 3 D
Mao & Nor Dly let g 5s._ _1946 J J
Mid Oa & Atl Div put m 54'47 J J
Mobile Div let g 54
1946 J J
Cent New End let gu 4,1
1961 J J
Central Obi°reorg let4 W..1930 M S
Cent RR & Bkg of Oa roll 56 1937 MN
Central of NJ gen gold 54_1987 3 J
Regletered
1987 Q J
General 4a
1987 J J
0-lent Pao let ref 1111 g 45---1949 F A
Registered
F A
Through Short L lit gu 61.1954 A 0
Guaranteed a to
1960 F A
10534 10612 10514 10534 12
9718 9734 97
9712
8
97 Sale 9612
9712 37
9634 Sale 96
97
67
10334 Sale 10338 104
28
10312 Sale 10312 10378 42
11118 Sale 11012 11118 15
11612 117 11658 117
11314 Jan'30
100 Sale 9934 100
8
90 Sale 8778
90
138
9914 Sale 99
9914
6
103 Sale 10312 10312 18
10234 Sale 10214 1021
/
4 79
9712
9819 May'29
83 -85
8012 July'30
102 Sale 10134 102
22
108 109 10812 July'30
8978
_ 8534 June'30
8412 -8612 85 June'30
10418 -- 105 June'30
10212 Sale 102
10278
.100 Feb'30 10
jai; lg 10412 July'30
10034 101 10034 10034 26
8714
8612 June'30
103
1011
/
4June'30
10214 Sale 10214 10214
3
10338
_ 10212 May'30
8434 Sale 8434
84/
1
4 15
100
_
9934 June'30
98 coi 9812 July'30
111 11212 1111
/
4 July'30
111 11112 10918 June'30
95/
1
4
. 8414 July'30
9412 Bare 9412
931
31
90 Mar'30
9212 9438 92 May'30
_
10334 Sale 10358 10578 25
10034 Sale 10014 -1E34
09's Sale 9572
9912
85
86
8478 June'30
9578
9512 July'30
10014 1-03- 10134 July'30
9212 9234 9234
9278
101 10111 101
101
92
89
49
2
8.3nerleston & elav'h let 74_1936 33 1114
108 Dec'29
Choi & Ohio let con g 54-__1939 MN 10534 Sale 10512 10534 18
Registered
1
4 --- 10212 July'30
1939 MN 102/
General gold 4 Ne
1992 MS 10034 Sale 10014 101
24
Registered
-_
MS
99 June'30
Ref & %met 414e
1993 A0 9878 994 9838
9878 22
Registered
_
FA
9034 Sept'29
Ref & Imps Cis set B. -1995 I J 99 Sale 9858
9914 79
Craig Valley let 5a.-May 1940
.• 1 10014
102 July'30
Potts Creek Branch let 44_1946 3' 90
92 9112 May'30
& A Div lat con g 44____1989 J J 9138
9058 June'30
, 2d ooneol gold 40
92
1989• J 88
88 June'30
Warm Spring V lot g 5e._1941 MS 10078 ---- 100/
1
4 July'30
Chomp Corp cony Se,. May 15'47 MN 10012 Sale 10014 1001 296
Ohio & Alton RR ref g 3e..1949• ci 6612 6734 6734
6734
2
6612 72 6612 July'30
Ctf dee etpd Apr 1930 int-Rallicap first lien 3 NB.--1950 Ii 66
70 6518
6518
1
Certificates of deposit......
65
69
65 June'30
8812 89
Oble Burl & Q-111Dly 3H8-1949
8812
8812
Registered
J J
8418 Feb'30
1111note Division la
1949 ▪ J 98'2 97
9614
9614 22
1958 MS 9434 9518 94/
General 40
1
4
oh
43
1977 FA 10058 10112 100
let & ref 4144 eer B
100
aeries
A
1971 FA 108 10812 108
1st & ref 54
10812
9
Chicago & East Ill let64_ _ _1934 40 10334 ____ 10312 July'30
C & E III By(new(o) con 68_1951 MN 7012 Sale 69
72
69
Chic & Erie let gold 58
1982 MN 10412 ____ 103 June'30
C:s1c8ge Great Wost lat lu
'
'
1 S 7112 S7,l?, 70
7117 139
c Cosa sale.
Rano
Singe
Jae. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 25,
605
Price
Friday
July 25.
Week's
Range or
Lae1 Sale.
Itasige
Slaw
Jan. I.
B14
Ask Low
Higk
Nigh No. Lose
H1.1
ChicInd & Loulsy-Ref 6s__1947 33 113 115 114 July'30
112 114
Refunding gold 58
1947 3' 10334 ____ 104 July'30
10434 10914
10134 1044
9218
_ _ 92 June'30
Refunding 4.3 series C
934 991a
1947 .1
92 92
94
1011
/
4 10314 12
let & gen ta aeries A
9814
1986 MN 10238 103
go 10412
let & gen 65 ear B-May 1968 33 10734 109 10711 June'30
88 498
111412 10918
J 9212
-- 92 July'30
Cale Ind & Sou 50-year 63-1956
82 495
89
412
a
10014 10014
7014 8334 Chic L 84 East let 4144.--1989 3D 10114
9334 10014
'
3 8434 8534 8514
8534
96
9814 Ch M & St P gen 48 A _May 1989
13dla 877a
Q J
_
85 Mar'30
Registered
11114 50
79
Gen g 3Ne ser B-.MAY 1989 33 7212 74
15
79
10034 10314
7218 79
9412
5 9258 97
Gen 4344 aeries C___May 1989 33 9534 Sale 9558
92
9534
96 944
9412 10
Gen 4 Ne series E_ _ _May 1989 JJ 95
834 8814
9233 964
9914 9834
Gen 448 series F___ _May 1989 33 99
85
974 100
9914 31
87
9213 9574 ChM Milw SIP & Pao Ss__ 19745 FA 8612 Sale 8612
8714 149
85
9634
A0
290
533
4
54
Sale
56
76
8918
4913 7812
Cony ad) 58
Jan 1 2000
53
7912
81
914 9714 Chic & N'west gong 348- _1987 MN
7714 81
Q F
77 June'30
90 9414
77
Registered
76
2
9112
9112 91
871s 93
8714 924
General 48
1987 MN 91
9112 July'30
8778 93
Stud 4s non-p Fed in tax '87 MN
8814 93
1
4 10534 37 100 10534
Gen 41
854 8814
/
4s stpd Fed Inc tax_1987 MN 10454 Sale 104/
Gen 58 and Fed Inc tai 1987 MN 10938 110 10918 July'30
87
9211
107 112
MN
10812 July'30
_
88
94
105 10814
Registered
5 10065 102
10114 10138
Sinking fund deb 58
8914 92
1933 MN ibi
MN 991
/
4
12012 141'99 Feb'30
99
99
Registered
4 10714 110
15-year secured g 64s..._1936 MS 109 10912 109
88
109
9212
1 10434 107
1
4 10738 0678 106/
1st ref g 511
9012 9414
1
4
May 2037 J D 106/
let & ref 434s
97 10114
9812 29
95 99
May 2037 in 9812 Sale 9718
10214 104
Cony 484e series A
9714 10514
1949 MN 10078 Sale 994 1004 326
95 974
as
9275
9218
9273 23
9218 94
Chien.14 P Railway gen 4a-1988
1004 104
90
6
88
87
J
8814
87
8512 90
Registered
236
c99
90
96
Refunding gold 40
9512 99
1934 * 0 9852 gire 98
924 9212
AO
95 Jan'30
Registered
95
95
96
108
964 10114
Secured 4 As series A
9234 98
1952 MS 9578 Sale 9512
Cony g 4348
8812 9318
9512 10134
1960 MN 10018 Sale 9934 10014 281
Ch
68
•
D
104
St
L
104 July'30
7312
& N 054-June 15 1951
10318 10411
6238 6212
102 Mar'30
3D 103
102 102
Registered
Gold lids
81 July'29
She 86
June 16 1951,D 8618
8814 92
99 101
Memphis Div iota 45_1951 3D 9012 -92 9012 Mar'30
0581 L& P let cone g 5a- __I932 40 10018
10018 July'30 _
9972 10012
914 9814
40
10158 June'29 _Registered
90
94
ChIcTIl & So East Int be _ _1960 J O 96 Sale 96
0634 13 -0512 11a;
Inc gu ba
8812 June'30 _
86
9818 10034
38
94"'
Dec 1 1960 M S 80
_ 100
984 99
Chic Un Sta'n lat gu 434e A_19633' 10012
10034 31
97 10034
101 410512
let bs series B
7 103 10,34
1963 J J 10538 k-kil-e 10514 10512
102 102
10418
8 10134 1144
Guaranteed g 6s
1944 ▪ D 104 Sale 104
let guar 6 34s series C__ _1963 33 11512 11534 11512 11512 10 114 11678
10118 106
108/
1
4c111
Chic & West Ind gen 6s_Dee 1932 QM 10178
- 10258 July'30 -- 100/
1
4 10262
9012 22
91
Consul 60-year 45
9512
8512 92
1952• J 9014 We 90
105
3 103 106/
10012 104/
let ref 51.4s series A
1
4
1962 MS 105 Sale 105
1
4
102 June'30 -84
8712 Choc Okla & Gulf cons ba _ _1952 MN 101
9972 102
9612 June'30
10114 10412 Cm fi & D 26 gold 4 34e. _ _1937
l937 J J 9638
9512 96/
1
4
8 9612 July'30
9812 10434 C I St L &(' let g 4a_Aug 2 1936 Q F 97 -9979514 97
95 Feb'30
10158 105
Registered _ _ _. _Aug 2 1936 Q F
94 944
941
/
4
9418 July'30
84
Cin Lob & Nor let con gu 44_1942 M
90
8834 9‘14
82 62
941
___ 100 July'28
954 9634 Clearfield M Mali Istgu 54_ _1943 .11
4-9412 9218
92/8
(level-1n Ch & St 1.gen 48_ _ 1993 in 9214
5 8812 Wig
10038 10038
1
4
'
3 100/
20-year deb 4 49
1931
9914 1004
108 Apr'30
General 6e seam B
105 108
1993• D 10818
2 103 1064
Ref,&;impt 64 aer C
1941• J 10518 1-0514 10518 10518
Ref.& Inapt 54 aer 13
100 10514
1963 J J 10412 Sale 10418 10412
99 Sale 9838 100
241
Ref& impt 44a eer E
1977 J
9313 400
97
.• 1 97 Sale 97
20
Cairo Div let gold 45
96 101%
92
1939
97
88 July'30
Chi W &,M Div lat g 4s_ 1991 3' 8712
98% 99%
8412 88
88/
1
4
1
8834
81
St 1. Div let coil tr g 4e_ 1990 MN 90
87
84H 8914
93 Apr'30
92% 95%
Spr & Col Div 1etg4s.. 1940 MS 9258
93 941
93 Jan'30
W W vat Div let g 4s _ _1940 3'
99%103
90 93
104 June'30
90
CCC&lgenconeg6el934 J J 10314
95
103 10414
101 July'30
9984 101
9914 10112 Clev Lot & W con I st g be__ _1933 AO 101
10018
9912 Apr'30
Cleve & Mahon Vale be
98 99/
1
4
_1938 j
100 Mar'30
10214 10534 Cl & Mar let gu g 44a_ _ _ _1935 MN 964
100 100
10034 Mar'28
9318 9712 Cleve & P gen gu 448 ear 13.1942 A0 9912 -_
87 Mar'29
9214 9712
&Mee B 334e
1942 AO 8712
9512 Nov'29
9214 97
Series A 4 34s
1942 J J 9912
9914 104
info 135ii
Series(' 334s
1948 MN 8612 _- 8614 June'30
_ 8618 May'30
10114 104
8618 861s
&Nest)3348
1950 FA
5 971s 10338
8612101- 10078 1007s
10934 112
Cleve Shot Line let gu 440_1961 *0 1004
27 106/
113 118
1
4 110/
1
4
Cleve Union Term lat 5Na-1972 * 0 10914 10934 1094 110
_ 10618 10512
8 10212 10634
11314 11314
let f 5a aeries B
1973 *0 105
1
4
9818 10ft/
96 100/
1
4
lets f guar 433e tier C
1977 40 10018 10012 9954 10018 122
8312 90
1
4 9212 9158 July'30
93
96/
1
4 tow, Coal River By let gy 4a__1945 J D 91/
88
Sale 99/
1
4 10018 107
1
4
loos, 10334 Colo h. South ref & ext 4145_1935 M N 10018
97 103/
1
4 Sale 9534
9634 102
10111 103
1980 M N 96/
95/
1
4 96/
1
4
Genl to 44s ser A
91 July'30
88/
1
4
Col & NV ist ext g 4s
1948 AO 9218
June'30
873
8
____ 88
88
88
1955 FA
-5-&12 Col & Vol let ext 4a
___ 8612 Feb'30
9911 10212 Conn & Pasaum Riv lot 48_1943 *0
86/
1
4 86/
1
4
70
73 June'30
73
106 110/
1954 3' 8770
76
1
4 Congo! By non-cony 48
7112
7112
1
70
TO
8534 85/
Non-cony deb 45
1955 343 7112 Sale
1
4
_ 7318 June'30
82
8512
Non-cony deb 48
7318 7318
1955 40 6712
72
76 June'30
'
3 08
Non-cony debenture 48._ _1956
10114 105
70
78
55
25
1007a 104
Cuba Nor By let 534s
1942 S D 55 Sale 50
50
75
7312 Sale 73
75
30
100 100
Cuba RR let 50-year 644-1952 J
73 84
87
20
104 10534
let ref 74s series A
1936 3D 87 Sale 8534
80
9914
2
7534
7534
984 10274
1s1 lien & ref 65 ear B
1936 J O 7312 82
7212 92
844 89
10018 July'30
100 1013s Day & MIch let cone 4348_1931 3' 10018
994 10014
9458 96
98 10214 Del & Hudson let & ref 44___1943 MN 9414 Sale 94
9114 044
100 103
1935 AO 9614 104 104 July'30
30-year cony 64
9615 107
1
4
1
4 104/
6 1004 1064
15-year 514e
1937 MN 104 10478 104/
8114 8533
964
Aug'28
963
4
_
7
-FA
D RR & Bridge let gu g 44_1938
994 100
9514 79
1936 J J 9434 sale 94
9512 102
Den R G let cone g 4s
9218 97 99
10
'
3 98 Sale 99
1936
10714 113
Coneol gold 4344
95.
3 99
9414 31
107 111
Den & R G West gen 5e_ Aug 1955 MN 9418 Sale 94
8
874 9912
92
36
844 93/
Ref & impt 65 ser B_Apr 1978 MN 9114 Sale 91
1
4
8712 95
25
25
27
July'30
33
Des
M
911
43 Ft D let gu 44_ _ _1935
/
4 9512
2814 30
25 June'30
30
Certificates of deposit
90 90
25
31
97 May'30
9035 034 Des Plaines Val !Blum 4He.1947 MS 9758 -96 97
50
_
6314
June'30
1955 ▪ n
10034 10412 Det & Mac let lien g 4a
63 744
Gold 44
1995 3D 50 -6973 60 May'30
60 6'
100
100
Detroit River Tunnel 4134_.1961 MN
9542 100
'
104 May'30
'
3 103
102 fa% Du! Missabe & Nor gen 56..1941
lot
1044
10012 Apr'30
Yon, my, Dui & Iron Range let 5a._ _1937 40 10258
10014 Ina
793
4
79
80
July'30
'
3
Dul Sou Shore & All g 65.. 1937
9714 102
72
8434
98
99
East By Minn Nor Div 1st 45'48 * 0 9412_ 9212 Feb'30
924 924
/
4 102
94
6 100 166
East T 31a& Oa Div let 58_1956 MN 10534 171012 1011
99
1031
/
4
10312 10358 July'30
Elgin Joliet& East let g ba_ _1941 MN
102 10334
1
4 10138 June'30
-Ws -211; El Paso & S W lat be
1966 * 0 103 103/
10114 10314
964 102
86/
3 10014 1014
1
4 95/
1
4 Erie let consol gold 7s ext_1930 M S 1004 101 10014 10014
8734 15
1998 J 3 8712 Sale 8658
864 9058
let cons g 48 prior
86 egg
8014 May'30
831
/
4 8914
Reghstered
8214 84
3.1
3 82 Sale 8114
97 1011
82
9996 3
/
4
15t consul yen lien g 48_-_19
55
79
84
79
May'30
98 10113
Registered
7813 79
3 ifii" 104 101 July'30
F A
1j
6514 72
Penn coll trust gold 4a
996
196
101
101
1953 A 0 851 8614 8512 8511
6371 8914
60-year cony 48881'1es A
827s a612
1953 A 0 8512 87 85 July'30
59
Seriee B
7012
824 8618
80
82 83 July'30
Gen cony 45 aeries D
814 7013
81
84
9312
Sale
923
4
937
8
73
Ref
&
Mi
Mint
be
881
:
8514
9034 98
N
5996
75
73 M
A O
8414 8418
-19
9314 222
ef 93 Sale 9214
R & Im Pt 54 of 19301
90
9584
921s 1)8
Erie & Jersey 1st a f de_ _ _1955 J J 11258 Sale 11212 11258 12 11034 1104
89 c9612
Cenessee River let a I 5e._1957 J J 11218 11212 113 July'30
109 114
1
4 Apr'30
96 10014 Erie & Pitts gii a 334e set B 1940 3 .1 8878 93 86/
864 8834
8578 Oct'29
10403 3 8878
10412 109
Series('34n
105
/
1
4
N
1954 M
Sale 10514
Est RR extl a f 7s
100118c105
10534 15 1004410%
59
99/
1
4 July'30
Fla ent & Pen let eons g 5a 19433 J 9878 99
84
97
9434
1
4 89
87 July'30
102 105
Florida East Coast let 4422_1959 1 1) 87/
794 90
73
e4
_1974 114 S 4714 Sale 46
4712 19
40 61
Low
606
BONDS
Ni Y. STOCK EXCHANGE
Week Ended July 25.
New York Bond Record-Continued-Page 3
t3
t
Price
Friday
July 25.
'Week•
Range or
Lass Sale,
ra
fi
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 25.
t3
st
Prize
Friday
July 25,
Week's
Range Of
Lag Sale.
e
R4111/11
Mace
Jan. 1
Ask Low
LW
High No. Low
Bid
High
Ask hoto High
Mph
Loy
8
2634
Mich Cent Det & Bay City 55_ '31 MS 10014 ---- 10018 July'30 -2512 35
Fonda Johns & Glov let 45O1952 MN 26 Sale 26
100 101
9812 9712 June'30
94% 9712
Registered
Fort St 1:1 D Co 1st g 414e_ _ _1941 J J 96
QM ---100
Jan'30 ---- 100 100
13
June'30
Mich
107
107
Air
_1961
C
1st
32
g
514e. _
10513 107
Line 48
1/8 W & Den
95 Feb.30 - 1940
9418 95
Jack Laos dr Sag 3145___ _1951 Mb
From Elk A Mo Val lit 68_1933 AO 10418 - - 10434 July'30
10218 105
79 Mar'26 -let gold 3143
GH&SAM &P let 5e____1931 MN 101 --- 10034 July'30
99 101
87 July'30 - 831s 88
1952 MN 8518
J
Ref
J
July'30
&
9938 1005s
10034 -- 10012
impt 434s ser C
1931
2d extens 58 guar
9912 10012
1979 JJ 100 10012 100
10012 68
2
99%
9434 9938 Mfd of N J let est 5s
_ _1933 *0 9918 Sale 9918
9438 94
Gal,Hoes & fiend 1st
9438
94 96%
1940 AO 93
Mil & Nor 1st ext 4lie(1880)1934 3D 9858 100
84 June'30
8113 85
Cla & Ala Ry let cons be Oct 1945 J J
9712 Mar'30 -96% 9712
J
J
Cons ext 414e (1884)1934 3D 98
Ga Caro & Nor let gu g 511-1929
9912 0978 June'30 -9534 9972
99 10214 Mil Spar & N W let gu 48_ _1947 MS 9212 ____ 9178 July'30 -- -Extended at6% to July 1_1934 J J ____ 9914 100 July'30
90 923e
6512 73 _ Milw dr State Line let 3As_ _1941 22
Georgia Midland lit 3e _A946 AO 7012 7414 73 Mar'30
90 Apr'28
b:3
024
00
Ieuely
_ 0
98% j
Minn & St Louis let cons 58_1934 MN 2114 31
1942 JD 10
2
Gotiv & Oswego lit Es
30
30
30 -Oa
100
Temp ctfa of deposit_ _1934 MN 2514 33
0613 1g12
1
Gr R & I ext let gu g 414s.._1941 .1 .1
3018
3018
41%
30
18 10912 11214
lit & refunding gold 48. _ _1949 MS
Grand Trunk of Can deb 78_1940 AO 11058 111 11012 111
5
914 1012 918
912
9
16
Ref & ext 50-yr 515 ser A_ _1962 Q F
1936 MS 10534 Sale 10534 10578 29 104 10678
16-year a f Bs
813 20
1112 June'30
1112 1618
9612 June'30
9552 9732
Grays Point Term 1st 5e__ _1947 JO 9573 99
Certificates of deposit
13 June'30
121g 16
'185
j
1103
4
11114
Sale
M St P & SS M con ads int gu '38 j11114
10934 113
Great Nor gen 75 aeries A _ 1936
21
8812 89
8812
89
8738 9113
JO 11034 Sale 11034 11034
let cons Si
Registered
11013 11034
9212 9338 9358
9338 16
1938 2
9278 98
8
9812
let cons 6s gu as to int_ _1938
9415 9812
lit & ref 4)45 series A ___196I 2 J 9812 Sale 9712
8
98 Sale 98
98
9512
9912
43
J
10-year coil trust 614e. 11112 Sale 11014 112
General 5.34s series B___ _1952
107% 112
99 10112
-1931 11.1 S 10013 Sale 9934 10012 49
27 10314 10714
Let & ref Si series A
General Si series C
1973 J J 10618 10612 10558 106
__ 9578 92 July'30
1946 23
92 100
2
9838
9912
9814
26
July'30
General 410 series D
-year
99
95
53413
1976
2
8312
8312
1949 MS 8312 85
91
81
1st Chicago Term 5 f 4s 1941 MN 9234
9812 37
General 4%5 series E_ _ _ _1977 22 9814 Sale 9734
96
9812
91 July'30.--92
91
9814 126
General 412s eeries Etemp 1977 J J 98 Sale 9614
97
9814 Mississippi Centrai list 6a
1949 J3
95's June'30' --95
99
Mo-Ill
85 80 June'30
Green Bay & West deb Mrs A__ - Feb 80
RR lit Is ser A
80
80
1
7858 Sale 7858
7858
1959 .1
79
75
10
Feb 2414 2734 2414
2414
Debentures etfs B
32% Mo Kan & Tex lit gold 4s_ _1990
D 8758 8812 8812
23
3
8812
8513 89
Greenbrier Ry 1st gu 48_ _ _ _1940 MN 9414 -_-- 9314 Mar'30
91% 9314 Mo-K-T RR pr lien Is ser A..1962 J J 10334 Sale 10234 104
7
9912
1008
3
40-year 4s series B
10434 10434
98 10512
Gulf Mob & Nor lit 6118-1950 AO 103
8912 Sale 8734
8912 22
1082 J
8512 8912
31
Prior lien 434s ser 13
lit M 58 series C
98 101
1950 AO 100 Sale 9912 100
1978 32 9778 9934 9612 July'30
9212 9612
Cum adjust 5e ser A Jan 1967 AO 102
Gull & S f let ref & ter 58_8_1952 J J Ion ____ 105 May'30
103 10518
4 100 10812
102
102
4
Hocking Val lit cone g 4148_1999 J J 9912 Sale 9912
9912
A 10134 Sale 10078 10134 11
96,4 9913 Mo Pao 1st & ref Si ser A.._ _1966
9914 10214
9712 Apr'30 -- -General 48
Registered
1999 2 .1
9378 9712
7834 96
1975 MS 7854 Sale 78
7414 8175
9912 June'30 - let & ref 68 series F
Housatonic Ry cons a 5e..._1937 MN 100 203
974 9912
1977 MS 10078 Sale 10034 101
97 102
let dr ref g 68 ser G
2 100 1-0514 10138 July'30 --9954 102
& T C let g 56 int guar
1937
1978 MN 10034 Sale 10058 10078 34
9634 102
100
1
Cony gold 594e
J 100 10012 100
958, 10034
MN
Houston Belt & Term let 5s A937
10912
1937
40
10812
Sale
10912
1940
10614
113%
_
June'30
MN
Mo
9912
100 10034
Pac 3d 7s ext at 4% July 1938 MN 9358
Houston B & W Tex lit a 58_1933
9912 10112
9358 July'30 -94
91
2
Mob & Bir prior lien g 58_1946 J
lit guar Si redeemable _1933 MN 10012 Sale 10012 10012
9718
100 Mar'30
9934 101
100 100
Small
965
8
Bud & Mantua 1st Suer A _ 1957 FA 100 Sale 9934 10012 89
J
J
96)4 June'30 -93 10015
95
9613
95
80
let M gold 4s
Adjustment Income be Feb 1957 AO 80 Sale 7914
90 July'30 -7514 8453
1945 j
871s 91
___ 97 July'30
Small
Illinois Central let gold 4a_ _ _1951 J J 975
87
86 July'30 91
97
1945 J 3
80
87
8458 June'30 ---85 8-87
let gold 3348
1951
9514 July'30
81
8653 Mobile dr Ohio gen gold 4a_1938 DI S
92%
96
---- _ 8234 June'30 --889560
1114
Registered
Montgomery Div let g 58_1947 FA 10
10034 July'30 --8234 8234
gg48 10034
1
85
Ref
&
11.1
Extended lit gold 3;46_.._1951 AO 85 -86-12 85
impt
96
85
9712
4345
3
83
1977
9414 98
Mob & Mal 1st gu gold 4a 1991 M
73 Mar'30 - lit gold 3s sterling
1951 M
8712 June'30
73
68
86,4 8834
808
6
753
9234 66
Collateral trust gold 40.. _ _1952 AO 9234 Sale 9218
78 Ili' 10678 July'30 -- 105 le678
895a 9413 Mont C let gu (is
1937 J J 10
_6.,i3;3 8712 Mar'30
MN
en 8712
1st guar gold be
Registered
J
05
J
June'30
1937
05 10034
16
94
93
lit refunding 4s
Morris & Essex let gu 334s,.,2000 JO
8012 June'30
1955 MN 94
95
90
77
82
Purchased lines 334s
1°5
218
%
8 1-i
Conetr M 5e eer A w 1_
06
C713
4 10612 10612 16 10314 107
1952 22 8612 8712 8712 July'30
82
8712
1955 MN 1
4
91
8934
9078
Collateral trust gold 48_ _ _1953 MN 90
Conatr M 4 ha ear B w 1_1955 MN 9955 10014 9914 100
99
87% 92
96%
100
10
88
MN
88
_
Registered
8712 8912
8 10718 July'30
Refunding fs
9273 10
78 10211955 MN 151-3
104% 10718 Nash Chatt & St L 4s sec A._1978 FA 9278 Sale 9218
9273
90
1 10713 11014 N Fla az El let gu g 5s
110
15-year secured 694s g _ _1936 22 110 11034 110
10212 16 100 10212
1937 FA 10134 ---- 102
20-year 4148
J ---- ---- 18 July'28
Aug 1 1966 FA 10118 Sale 10034 10114 59
97 c102 Nat By of Mix pr lien 4348_1957
9114 July'30 -- -Cairo Bridge gold 4s
J
723
J
July
4
July'28
---1960 JO 9038
1914 coupon on
-8812 9114
77 June'30.7758
Litchfield Div let gold 38_1951 J
Assent cash war rct No 3 on
712 734 718
734 21
7473 77
--813
8612 87. 87 July'30 -Louis, Div & Term g 3948 1953 J
8718 Aug'29
Guar 70-year f 48
-CF/
8212 87
1977
742
Omaha Div 1st gold Is_._1951 FA 7778 8312 7858 June'30 -812 July'30
Assent cash war rct No 300
7413 7858
7
14
91s
76
834 _8.
i_ 7712 June'30
3512 July'28
St Louis Div & Term g 36_1951 J J 8
7614 7712 Nat RR Mex pr lien 4168 Oct '26 ii
1434 13
Gold 334s
-1412 Sale 14
Assent cash war rct No 3 on
1951 J
We 88
12
15's
3
2
9
8
7
2
734 S
je
ulpYt:
22 Apr'28
151 corm]45
Springfield Div lit g 3348 1951 J J 84
1951
9038 July'30 ---714 Sale
Western Lines 1st a 4e. _1951 FA 9158
858 12
Meant cash war rct No 3 on
714
514 -1;5-5
92
89
9212 Apr'30
PA ---86 Mar'30
Registered
88
9213 9212 Naugatuck RR let g 4a- - -1964 MN 83
86
86
9912
111 Cent and Chic St L & N 0
9958 June'30
New England RR Cons 56_1945 23
101
9953
9614
10512 38 10214 107
Joint let ref be series A _ __1963 JO 10512 Sale 105
- 92 July'30
guar 4s
MN 92
1945 J J 8814
5 95 99 N Como!
let & ref 434e series C__1963 JD 9858 99 98
J June RR guar let 4s_ _ _1986 FA 88
4%12
3
88
90 88
85
90
8914 June'30
Ind Bloom & Weet let ext 41 1940 *0
1
95
95
97
8914 8914 N O&NE let ref & imp 414e A '52 J2 95
9278 96
9334 95
9358 June'30
106 111 dr Iowa 1st g 4s
1
9012
9058 94
0012
1950 J
90
9358 New Orleans Term 1st 4s.._ 1953
8714 91%
8612
____
8614
July'30
NO Texas & Mei n-c Inc be
Ind dr Louisville 1st go 4s,, 1958
5
99
9918
9934 99
1956 J J
A
84
88
95% 9972
1935 j
101
____ 101 July'30
let be series 13
Ind Union Ry gen baser A...1985 J
38
95
100 10112
92% 99
1954 * 0 9,5 Sale 9414
____ 10014 Feb'30
Gen dr ref 58 aerie!! B
1st 55 series C
99 • 8
1965 J J 101
FA 9818 9934 9812
100 101
96 10034
NMI
10214
29
Sale 10118 10214
1st 4948 series D
lot dr Grt Nor let 6s eer A _ 1952 J J
9238 9234 June'30
0978 106
00% 94
1956 FA
8434 Sale 8413
8512 55
22 101 10512
let 5138 aeries A
102
Adjustment 85 ser A July 1952
7212 9212
1954 * 0 102 Sale 10114
93
6
Sale
93
Ii
N
9418
lit Si seriesB
9714
&
C
June'30
1956
91
13dge gen guar 4148_1945 23 9778
97
95
OM
9
9234 9312 9312
1st g Si series C
9312
NYB&M 13 1st eon g 58_1935 AG 98 100 100 May'30 _
1956
90 WO
9834 100
6
72
73
72
14 106 1073
lot Rya Cent Amer let Se _ _1972 MN 72
10612 Sale 10612 107
72
8118 N Y Cent RR conv deb 68_1935 M
4
June'30
87
903
8
94
lit coll tr 6% notes. __ _1941 MN
Consul 45 series A
9234 49
9012 9412
8818 9234
1998 FA 9212 Sale 92
2
9314
let lien de ref 6lis_
Ref &
28
90
_ _1947 FA 9314 Sale 9314
9812
4348 series A 20I3 40 101 Sale 10054 101
97 10114
10712
Ref
dr
Iowa Central lit gold 58. _ _1938 JD 2012 2514 25 July'30
24
108
95 105 108
3,5
impt 544 series C
2013 * 0 10712 Sale
2012 2578 23 July'30
23
Certificates of deposit-----3412
11
N I'Cent az Hud Riv M 3%s 1997• 3 83 Sale 81%
6
812 658
83
59
Refunding gold 4s
7
1951 MS
65s 10
7814 83
933
3
____
933
2
933
8
J
D
7712 June'30
James Frank az Clear let 48_1959
Registered
8753 9338
75
1997 ▪ 2
81
9912 26
Kan A & 0 R let gu g e_ _ _ ig38 22 102 ____ 10114 Apr'28
Debenture gold 4s
1934 MN -5618 W1-2 9918
97
9912
86 June'30
88
30
965
8
July'30
-year
83l 8814
9612
Kan &
1st gu g 4a
1990 *0 86
97
J
4
J
debenture 4s
93
1042
963
4
29
Lake Shore coil gold
97
5
9412 9714
8034
PC C Ft SAM
r
Ry ref g 48_ _1936 AO 9612 Sale 9612
7514 8114
3148-199/ FA 8014. Sale 7912
7718
7734 18
Kan city'Sou lit gold 35. 1950 *0 7718 78
7412 Si)
Registered
8014 79 July'30
75% 80
199/ FA 79
52
1013
4
102
1007
8
J
Mich
101
14
793
4
99
Ref & Inlet 65
10212
80
18
Cent coll gold 310_ 1998 FA 80
8014
Apr 1950
7613 8112
54
93
7812 Apr'30
79
Kansas City Term let 4s__1960 J J 9278 Sale 92
Registered
8818 93
8013
1901 FA
78
2
9034
4
Kentucky Central gold 4s__1987 J J 8958 ____ 9034
9812
8712 9034 N Y Chic dr St L let g 4a1937 A0 9812
9812
981g
94
Mar'30
8512
0314 Mar'30
Kentucky & Ind Term 4140_ Igo J2
8514 8512
Registered
1937 AG
9314 9314
25-year debenture 4s
Stamped
88
9212
Sale 10038 10012 12 97 10012
1961 J J 9012 9212 9212 July'30
1931 MN
89 Apr'30
2d Si series A BC
Plain
89
89
1961 J J
1931 MN 10184 Sale 10012 10134 26 100 10334
6% gold notes
Lake Erie & West lit g 513.--1937 J .1 10138 ____ 10134 July'30
100 102
10258 17 10134 103%
1932 * 0 10258 Sale 10214
2d old 5e
99 103
Refunding 534u series A _1074 * 0 10712 10734 10712 10712 21 10512 1074
1941 2J 10013 103 10134 10134 10
82 July'30
Lake Sh & Mich So g 314e_ _1997 JD 8218 83
Refunding 514s series B_ _1975 J J 10714 10712 10714 10712
7914 8212
6 105% 10734
7838 July'30
Ref 494e aeries C
Registered
7734 7834
1997 ID 7834 81
9758 169
S 9712 Sale 9634
1978
9358 98%
25-year gold 45
987010158 NY Connect 1st gu 414e A_1953 FA 10014 Sale 9958 10014 53
1931 MN 10012 Sale 10038 1005s 46
9012 10014
June'30
10014
tat guar Si series 13
MN
Registered
9913 10014
10334 July'30
1953 P A 10458
100 1031r
Leh Val Harbor Term gu 53_1954 FA 10,-1r4 10612 10,5 June'30
9418 June'30
103 10634 N Y & Erie let ext gold 45....1947 MN 9018 _
89
9413
3d ext gold 4355
Leh Val NY lit gu g 413/L..1940 JJ 9934 Sale 9934
9934
9634 100
100 June'30
1933 MN
100 100
90741 32
Lehigh Val(Pa)cons it 48._2003 MN 9034 Sale 9014
4th ext gold Si
8650 9138
100
3 100 10018
100
1930 A0 100
_ 8712 Apr'30
_
RegIstered
MN
874
86
General eons 410
964 1004 N Y & Oreenw L gu g 5e.._ _1946 MN 0152
2003 MN 6534 116 8912 look 35
9612 June'30
95
9613
1 105 110
NY & Harlem gold 3 Ms_ _ _2000 MN 8218
Lehi Valley RR gen &eerie' 2003 MN 1088 10912 10834 10834
82 June'30
80% 82
Leh V Term Ry 1st gti g Ss 1941 AG 10258 10412 10258 July'30
10158 10312 N V Lack & W lit & ref gu 58'73 MN
9718 Get'29
-_I 90 July'30
Leb & NY 1st guar gold 4,1_ _1945 M S 9158-_
151 2, ref gu 4548 ser 13
8638 91
1973 MN 100 10212 9912 Apr'30
9854 Oft
Lax A East lit 50-yr Is gu._1965 A0 109 11334100 July'30
NY LE& W let 75 ext
10414 109
100
10058 Dee'29
1930 11,1
Little Miami gen 4e series 4_1982 MN 88_ _ _ I 90 July'30
8713 9078 N Y az Jersey let Es
4 -SW1T2 111-14
1932 FA 10038 10-678 10012 1001z
N Y & Long Branch 4s_ _ _1941 M
Long Dock consol g 6s
1033s 107
1935 AG 10418 1-0658 10312 July'30
88
1
88
8618 88
Long hid Int con gold beJuly1931 Q J 10012 ____ 101 July'30
NY&NE Bost Term 48... _1939 *0
9914 101
7512 July'28
9858 Mar'30
let consol gem 40._ _July 1931 Q J 9014
98% 9858 NYN11&
n-c deb 4s__ _1947 MS 8814 8838 8814
3 -Aois
8814
General gold 4a
93 June'30
Non-cony debenture 310_1947
1938 in 9412 -25
8813 89512
8212 8312 82 July'30
Gold 4s
9658 Dee'29
Non-cony debenture 3140_1054 AO 79
1932 J D 9738 99
7978 7918 July'30 _78
3
1)% 80
6
3::
20
Unitled gold 4,8
8713 01
Non-conv debenture 4s
91
1949 M S 8912 __-- 8912
8512
J J 8512 86
8512 10
1065
9914 10012
Debenture gold 56
Non-conv debenture 45_ 1956 MN 8514 8534 8514
1934 J 13 10018 ___ 100 July'30
8534
9
5
1001
4
100
20-year p m deb Is
12
10012
Cony debenture 3148
9712 10078
1937 PA N
7812 July'30
7814 79
1956 J
Guar ref gold 48
Cony debenture Si
8934 12
9134
87
1949 61 S 8958 913-4 8958
12218 12234 122
12278 50 12
1948 J
9
74
0
1:1; 871368°
9914 10058
Nor SD B let con gu be Oct'32 Q J 10038 ____ 10053 July'30
Registered
120 June'30
J
120 131
39
Louisiana & Ark let Si ser A 1989 J J 8412 Sale 84
8412
8134 87
Collateral trust 65
106
8
* 0 105j2 l05725 10434 106%
106
1940
5
9338 Sale 9338
Louis & Jeff Bdge Co gd g 45_1945
8942 9338
9338
Debenture 45
81
80%
813
4
MN
26
81
1957
3 101 10314
Louisville & Nashville 65_1937 MN
101
-101
let & ref 414e ger 01 1027.1967 JO 9418 Sale 9312
9414 114
9
70
7
811
96:
Unified gold 48
9634 9714 9634
967,1 26
Harlem R & Pt Ches 1st 4s 1954 MN 8918 9414 97
1940 J J 102348938 July'30
' 87313 91
Registered
9412 Mar'30
J
9234 9412 N Y 0& W ref let g 40-June 1992 MS 50 -5212 52
5212 12
4515 5514
Collateral trust gold 68._ 1931 MN 15558
_ 101 July'30
General 4,1
9934 101
45
1955 3D 45 Sale 45
42
64
N Y Providence & Boston 45 1942 * 0 9053 -- 9013 June'30
1st refund 6145 merles A-2003 A 0 10558 10612 10512 10718 11 10312 108
:
6
91
4 6
92
013
4
4
0924 10612. NY dr Putnam 181 eon gu ts 1933 40 9212 Sale 9158
let & ref Si series 11
2003 A 0 10538 106 10614 10614
9214 21
98
N Y Stem 44 West 1st ref 58_1937 J J 80% 82
lit dr ref 4)45 series C__ _ _2003 A 0 100 Sale 9914 100
96 100
8112
2
8112
80
8612
When issued
96 Mar'30 _
A 0
2d gold 432s
9434 96
7112 73
75 Mar'30
1937 FA
75
75
__ 9358 June'30
Paducah & Mete Div 48_1946 F A
9148 9352
935
General gold Is
73
1
1940 FA 71
- 73
7113 79
7
67 8-6812 6614
St Louis Div 2d gold 3s___1980 M
6614
Terminal 1st gold Is
136
6812
99 100
98 June'30
MN
1943
04'e
Mob & Montg let g 4%8_1945 M S 99 .__ 9734 July'30
9758 97$4 N Y
& 181st ser I 4945 '48 J
8718 Sale 87
8812 48
9112 July'30
South Ry joint Monon 45_1952 J J 92
94
89
9312 Nord Ry ext'l sink fund 6948 1950 AO 10512 Sale 10514
88
212 199
10512 21 10
06
2:
9%11
9418 July'30
96
Atl Knox,& CM Div 48_ _1955 M N 94
6613
9114 9512 Norfolk South let & ref A 68_1981 FA 5512 58
6714
3
5512 79
1
Louisv CM& Lex Dly g 410'31 MN 10018
100
_ 100
983s 10014 Norfolk & South let gold 58_1941 MN 9712 9814 9814 July'30
Mahon Coal RR let Si
--- 10018 Apr'30
9958 100,
1934 .1 J 10034 10212
. Norfolk & West gen gold 62_1931 MN 10158 ---- 10212 July'30
10034 10212
Manila RR (South Lines) 48_1939 MN 7533 Sale 7538
16
751
improvement & ext es _ _1034 FA 10438 -- 10438 June'30
7312 7612
10314 104%
72 6534
let ext 48
New Rlver 1st gold Ss_., _1932 A0 10218
1959 M N 66
66
5
50
69
10214 June'30
18
09
214 10
98
258
N & W Ry let cone g 68_1996 AO 9555 -964 9512
984 100
Manitoba B W ColonIza'n Si 19343 D 9914
8
9914
100
9I1
3
9512
78 87 May'30
Man OB&NW 1s1 3148_1941,J J 87 -8-9_Registered
87
89
99
904 9258
1998 A0 9314 ---- 9258 July'30
444 6
3
6 July'30
Mei Internal 1st 48 naiad...10771M S 1178 Sale
.
0 Cash sale. b Due February.
607
New York Bond Record-Continued-Page 4
BONDS
.1J
N Y. STOCK EXCHANGE
Week Ended July 25,
Price
Friday
July 25.
W4'i
Range or
Lasi Rate
co-
&Ma
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 25.
F.> ti
it
Price
Friday
July 25.
Week'e
Range or
Las! Eli.
4.•5
Range
Since
Jas. 1.
.4.1 Low
11408 No. Low
0 Bed
Elfgle
66 June'30 ---6004 7014
Seaboard Air Line 1st g 40-1950A
1950 A 0
6434 65 June'30 ____
86
71
Gold 4a stamped
4934 4934 July'30 -- -494 6034
Oct 1949 9 A 41
Adjustment 55
1959 A 0 4412 Sale 4312
4412 35
601,
40
Refunding 4a
57
80 '45
79
1945 M 5 57 Sale 4934
let & eons 6s series A
0412 89
Atl &'Bun 30-yr lot g ts_d1933 M 8 - _ _ 8234 86 May'30 ____
Seaboard All Fla let gu 6s A-1935 9 A 4414 Sale 4134
4412 73
4
4
0
2
45
42
43
7
72
1935 F A 42
Series B
98 June'30 __- 94
9813
Seaboard & Roan 1st be extd 1931 1 J
1938 F A 102
___ 102
102
1 10034 102
S & N Ala cons gu 8 5a
1
4
Gen eons guar 50-yr 53-.1963 A 0 10812 1-0914 10814 June'30 ___- 10558 108/
94
12
891
/
4 94/
1
4
So Pac coil 48(Cent Poe cell) 1949 .1 D 94 Sale 9312
994 48
948 101
lot 41
/
4s(Oregon Lines) A.1977 M S 9918 Sale 9838
102
4 100 10212
1034 J D 10118 10358 102
20-year cony 53
9814 28
93114 99
1968 M S 9818 Sale 9714
Gold 4148
100
188
961e 101
Gold 41
/
4s with wan' -.3969 M N 994 Sale 9914
9212
9314
3
89
94
San Fran Term let 43
1950 A 0 9314 94
A 0
87 Feb'30 ---87
87
og A L cham In g
,
g to. 1948 j j 7758 7812 78 July'30 ____
77
83
Registered
103
9 100 103
9218 9218 So Pac of Cal lot con gu g 58_1937 M N i55" gale- 103
Ohio Connecting Sly let 4s__1943 M S 93 ___ 9218 Mar'30 ____
96
Jan'30 _--96
96
102
10 100 102
So Pac Coast let gu g 4s____1937 1 J
0010 River RR lots as
1936 J D 102 Sale 102
4 94
9412 20
95
1013e July'30
91
99 102
So Pac
1955 1 / -9±4 -9±3ref 4a
General gold bs
1937 A 0 10114
3 .1 _ _ _ _ 91
Jan'30 --91
91
91
9312
Registered
Oregon RR & Nay con g 44_1946 1 D 9352 -2.512 9318 July'30 ____
9212 May'30 --_9212 100
Stamped (Federal tax)_1955 1 1 ---_
Ore Short Line 1st cons g 50_1946 I J 105 ____ 10412 June'30 ____ 10418 1057s
_ 10372 106
Guar etpd eons be
1946 3 .1 10512 -- -- 10512 July'30
68 10614 112
93
8812 9314 Southern Sly 1st cone g 5:1_1994 I J Ill Sale 11012 112
37
Oregon-Wash 1st & ref 4s-1961 1 .1 93 Sale 92
J J ____
10512 June'30 -ili10512 10814
55 June'30
55
021
/
4
Registered
Pacific Coast Co 101 g 55-1946 .1 D 5512 GO
1
9214 954
9534
8812 93
Devel & gen 4s series A-.1.956 A 0 9012 Sale 90
Pee RR of Mo 1st ext g 43-1938 9 A 9534 ---- 9534
7
996
58 A 0 11712 11812 11514
1938 j j 100
___ 10012 May'30
11714 -39 11414 120
9714 10012
Devel & gen Os
24 extended gold Es
12334 Sale 12314 12418 28 120 12612
99
5
98
9914
D
&evlop gen 61
/
4s
Paducah & Ills let a I 41
/
45._1955 J J 99,8 1-0012 99
10412 45 102 10412
Mem Div lot g Os
1996 3 J 10734 10912 10734 10734 12 10612 108
Parts-Lyons-hied RR exel (Is 1958 9 A 104 Sale 104
92
9
St Louts Div lot g 4a
1951 3 2
Sinking fund external 73_1958 M 5 1054 Sale 10458 1054 22 10314 107
87
54 10
90
24
7
9
9934 10514
East Tenn reorg lien g 5s 1938 M S 10058 ___ 10012 July'30 --_1_
5
Paris-Orleans RR oat 5,kis_19138 191 S 10312 10438 10312 1043
95 103
Mob & Ohio coil tr 4.4.-1938 M 5 9434 -9512 9434
9404 14
2
901e 9612
Paulista Re 1st & ref e f 711-1942 M 5 10034 10212 10034 101
.1
e__
61
9712
923
4
9712
J
613
8
66
9712
5
Spokane
Internet lst g 5s
1955
Pennsylvania RR cons g 46_1943 M N 963
lain 7
8:12
'30 ___4
_
954 13
Staten Island Sly 1st 4SZ11--1943 i D 8534 ____ 85 9016
92% 97
Cousol gold 40
1948 M N 96 -963-4 95%
96
95 June'30 _
9214 96
___ 95 Apr'28 ____
Sunbury & Lewiston lot 42_1936 J J 921
(tasted send dollar_May 1194$ M N 95
4-96
96 July'30 _ ___ -419
-- 9314 May'30 __
9212 9312 Tenn Cent let Os A or B___ A947 A 0 9512
i2
1 0.14
Registered
99
100
2
9
8 10134 1017e 16 9834 10234 Term Assn 01St L lat g 410_1939 A 0
0
Cense' sink fund 4345,._.1960 F A 1.5158 fo231
4 164
9712 10112
let cons gold 56
1944 9 A --------104 July'30 _-__ e99/
General 445 series A--1965 1 ID 101 Sale 10058 10114 25
9034 21, 87/
1
4 9112
56 106 110
1953 .1 3 9034 Sale 9058
1968 J D 110 Sale 10812 110
General 58 aeries B
10934 28 108 110
Texarkana & Ft S let 534s A 1950 9 A 10534 10614 10514 10512
1936 F A 10934 Sale 10914
8 l0
e3
i7
i44 1
6
08
4:
15-year secured 6345
_
1083g May'30
10814 108% Tex dr N 0 corn gold 5s
9852 101
F A
1943 1 i --------101 July'30 ---Registered
l2 111 11014
10412 - 16 1094 10434 Texas & Pee lot gold ba____2000 1 D
11012 3 10612 III
40-year secured gold 58-_1964 M N 15i" gafe- 104
95 Mar'291-___
9414 9738
2d ine5s(Mar'28cp on)Dec2000 Ma
1970 A 0 9678 Sale 9612
9714 310
Deb g 41
/
411
if.&-4 S;I-e- 10218
10212 15
90
91
Oen & ref 5s series B
1977 A
pa Co g,3%8 mil tr A reg_1937 M 5 90% ---- 91 May'30
1024 15
9874 104/
/
4 July'30 .._ _
8912
Gen & ref 58 series C
87
1970 A 0 10258 10234 102
1
4
Guar 33.4s coil trust ser 13_1941 F A 8714 ____ 891
1931
J
.1
10012
Sale
10012
_
1001
/
4
4
8918
____
___
0
83%
Sept'28
.
Iy
B
L
9934 10134
ls
t
g
J
Gear 3.145 trust etre C___I942
G
107
3 10
07:
8434 July'30 -_-_-__1 Tel Pee-Mo Pae Te58
r 594s. _1904 M 5 10614 107 107
98
4 100
giag 1
Guar 3/
1
43 trust ctfs Ii,1944 3 D 8514
.1 10012 ........ 10012 10012
1
10014
Tol A Ohio Cent lot gu 56_1935 J 0
5 987, 1008
Guar 15-25-year gold 4,1-1931 A 0 10014 ____ 100
10018 ____ 10018 July'30 _ ___
8914 91,8
western Div lot 2 be
1935 A
Guar to ser E trust etta_ _1952 m N 9134 ____ 9134 July'30 __
1935 J J 10018 ____ 9714 June'30 -___
97
1
4 100
98
98/
97 10174
10112 91
Gen gold 55
1963 5,1 N 10138 Sale 10034
Secured gold 414e
9412 100
9812
1
Toledo Peoria & West let 4a.1917 1 J --------91 Sept'28
Pa Ohio dr Pet let & ref 4s1
/
4 A'77 A 0 9812 Sale 9812
9312
5 -We V3-1-11
8714 July'30 ..__
04
8834 Tol St LA W 50-yr g 43-.1950 A 0 9312 Sale 9255
Peoria dr Eastern let cons 48_1940 A 0 8714 88
A wl ,
1 90 Apr. 25
____ 9812 Jan'30 __ __
31% 26 June'30
26
3771 Tol W V & 0 gu 43.1e A___ _1931 1 J 100
9812 9812
Income 45
101 10412
let guar 4148 series B_19333 1 9958 ___ _ 9914 Mar'30 ____
981a 99/
1
4
Peoria & Pekin Un let 510 _1974 9 A 10314 --- 10312 June'30
10434 10434 -16 10214 10514
1942 M 5 93__ 9212 Mar'30---9212 9212
let guar 4s series C
Pere Marquette let ser A 58-1956 J J 10434 10514
92/
1
4 Toronto Ham & Buff ling 431940 1 D 9012 -9212 904 July'30 --__
90
88
9013
let Os series B
19563 j 9158 9212 9158 July'30 __
/
4 Sale 9834
9912 131
9578 9972
let g 41
/
45 series C
1980 M 13 991
96
90 July'30 ---_
79
ma
_
93/
1
4 95
Pride Bait & Wash ist g 4e 1943 M N 9534 9618 95 June'30
Ulster dr Del let cones 5a-1928 .1 D 75
70 June'30 _ ___
8714
_ 10634 1091a
& 3'ne '29int -------- -81
SW as to Dec '28den70
General ba series B
1974 F A 10934 -_ -- 10834 July'30
75
_ 7014 June'30 ____
70/
1
4 704
1st cony be ctIs of
4014 June'30 __ _ _
29
1952 S-.--0 ____ ii,v
2812
1
24
2812
32
40
66
let refunding g 4s
Pb1111ppine Sty let 30-yr I f 4.'37 J J 27
14 9
9,
772
a7
le 96
57
18
2
96
7% 7
24
7
93
1%
4:
7
i S9
1 96
19
02 10
97
23e 13nloRe
nP
gat2c2.212e
stdRR &Id gr 4s _1947 .13 j
Pine Creek reg 1st 68
193' J D 10218 -_ -- 10214 June'30
Pitts & W Va let 434e ear 4_1958 .1 D 93 -.__ 92 July'30 -_-_-_-_
9314 27
88/
7 M 5 9234 Sale 92%
1
4 9304
968
92
96
100
1st lien 4 ref 4a____June 2
let M 41
/
4e eeries B
195 A 0 925e 9412 93 July'30
46
J J 9934 Sale 9934 100
92
9334 --4
9378
Gold 4 kie
let M 41
196 A 0 9312 Sale 93
/
4s series C
I94 A g, 9912 ____ 9912 July'30 ____
2 1710
112
0
96
7114
df4.
55
June 2008 M 5 10938 111 10958 July'30 ___ _ 18
4
10sty/ra,
n trle
1
142 100
PG 0 & St L gu 44-52 A
96
7/
9034 38
1908 J D 9034 Sale 9014
Series B 41
/
4a guar
194 A 0 994 --- 9912 July'30 _
3
9512
931a 96
1942 M N 9934 __ 9713 Dee'29
Series C 41
__ --------03 NJ RR & Can gen 4a____1944 M 8 9514 ____ 9514
/
4e guar
J 1 0818 ____ 96 Nov'29 ____
9414 97
Utah & Nor lot ext 4e
Series D 4s guar
1945 M N 97 ---- 9734 July'30 _
35
3 F A 9414 ___ 9412 July'30 _ __ -ei- -9-44
_9358 95. Va&du
195
nasegritsB
erlea A_ _1
alia
s feo
u
Series E 3/
1
4e guar gold-1949 9 A 9612 ____ 95 June'30 ____
SIN 94 _ _- 8212 MaY'28 ---- ---- Series F 4s guar gold .____1953 J D 9634 ____ 9634 May'29 ___
9
7
7 July'30 ____
758 -8
7
7;3 --_- 9
94
634
4 July'30 _
90
1957 F
M N
A , 10,
5E914 -9-0-4 Vera Cruz & P assent 41/48-A1993547
Series 0 de guar
____ loo Apr'30 _ __ 98/
1
4 101
9452 94% Virginia Mid 58 series F
1931 iki -i3 loo
Series 11 cons guar 4.s. _ _ _1960
ma MN 10012 ___ 10012 June'30 _ ___ 100 10112
1-&2.- 10038 10038
97 101
General 51
Series I cons guar 41
/
4e-1963 F A
foo 99 July'30 ___ 95 10112
Series J eons guar 430_1964 hi N 10038 102 10014 July'30 _ _3_
9913 100/
1
4 Va & Southven let gu 56.-2003
85 July'30 -- -_
A 0
8314 9234
110
18 10614 11012
1958 j
'1 85
let oons 50-year be
28'2 88
General M Si aeries A____1970 1 ID 10934 Sale 109
5
le 10
05
34
34 106
3%
3
24 N 1100363142
10218 107
064
4 109
07%
__ 1073
2 Virginian fly let be aeries A-1962 51N
.1 D --------10714 Mar'30
Registered
105
104
11018
101
10918
231
A
o
iz
July'30
W2
ad
bas
8h
old
R11
521st gold be
Gen mtge guar 5a aer 13_1975
1939
2
F A 10112 102 10114 10114
10212 July'30 _ _ 10112 DUI
PhD McK .4 Y 10 gu 558, .1932 J J 10034
10412 29 10
99
11'
4 105
2'142
104112
10412 10412
Ref & gene f 51
/
4seer A _11997359 M S 104 10412 103
2d guar Os
__ 9818 May'29 -- - _
/
4
j 1.01i4 -_-_-_-_ 101 4 May'30 ____ 100% 1011
A O
Debenture B 6e regletered_1939 1 1 ---Plate Sh & L E let g be- _1194
4j
930
___ .. __
10034 Aug'29
let eons I gold 5e
lot lien 50-yr g term 4s___1954 1 J __ -883-4 85 May'30 -___ "ii- lisii
1943 .1 J 10112
102 July'30 ____ 109 193
38 _
1941 J J 101__
-- 9234 Mar'30 _
9234 9234
N34
Pet & Chic eat let be
Pitts Va & Char 1st 4s
1943 M N
93
92
-9-512 95
9112 95
95
2
Dee Moines Div 1st R 48-1939 J 1 9118 9278 93 July'30 ____
Pitts Y & Ash let 413 ear 4_1948 J 1)
8114 8834
105 June'30 _
1_0_2_14 105
159 gen be aeries B
1962 F A 104%
/
48-1941 A 0 8534 ____ 854 July'30 ____
Omaha Div let 51 91
July'30
913
8
____
9012
S
---881
9004
M
4
_____
1941
14
let gon be series C
Tol & Chic Div g 4e
1974 1 p 1N58
June'309
72
7:
1 10
72
712
14
76
_
79
Wabash Ry ref dr gen 58 B-1976 A 0 10012 10034 10014 10034 27
Providence Secur deb 4e.___19.57 NO IN
9312 53
8834 9512
86
1978 9 A 9312 Sale 9234
804
/
4s series C
Providence Term 1st Is _ _ _1956 M 53 8634 ____ 8634 June'30 ____
Ref & gen 41
8014 771
/
4 Mar'30 __ _ _
8
90
74 19
03
Reading Co Jersey Con coil ite '51 A 0 9212 9312 9318 July'30 ___
134 v
W
ves
arrbec
n e10
1 r1e
212 IN
old
g 48”48.- 2000 F A 72
glI
1948 Q M 8512 ____ 87 Mar'30 ---83% 90
100
Gen 4, ref 441 sorter; A__ _1997 1 .1 100 Sale 1005
8818 ____ 864 July'30 ---1945 F A
8414 8834
Gen dr ref 41
10018 168
9958 10018 Wash Term let gu 31
/
45
19071 J 100 Sale 99
/
4s ser 13
9212 ____ 8412 June'30 ---8314 90
Rensselaer & Saratoga tie___1941 M N 10612 ____ 10018 Mar'21 __
19451' A
---- ---let 40-year guar 45
9934 9934
Rich & Meek let g 4,8
,,.... ____ W Mbn W & N W let gu 5e-1930 9 A 9934 __ 9934 Apr'30 __ __
1948 hi N -_ -- 797 7818 May'28 __
85
96
____ 101
Apr'30 _
1952 A 0 85 Sale 8414
80
55
Richm Term By let gu 6e_1952 J J 102
101 101
W Maryland let g to
100
69
1977 J J 9912 Sale 9918
014
Rio Grande June Isles 50__1939 I 0 97 100
94
9712 Jan'30 ____
9712
94
8% 102
lot & ref 5948 series A
11
7 May'28 ___ ---- ---- West N Y & Pa lat g 58.-1937 J J 10134 103 10134 102
Rio Grande Sou lot gold 0_1940 J 1
712 Apr 29 __
1943 A 0 9318 9834 9258 July'30 ---Guar 45 (Jan 1922 coupon) '403 1 ---- -881e 9204
---- _ Gen gold 4a
9812 29
1946 M 5 9734 981 983
Rio Grande West let gold 46.1930 3 1 93
91
9512 99
9334 9412 .11111,'30 _
-9..74 Western Pac lot tier A 5e
M S --------07 Feb'30 ____
97
97
let con & coil trust Ls A __11149 A 0 8514 8614 8512
86
5
8112 885e
Registered
9214 90/
1
4
9014
fi I Ark & Louis let 411
9934 41
2361 J J 89
2
9514 9934 West Shore lift 4.8 guar
8534 91
/
4e-1934 M 0 9934 Sale 9938
,g 4g ____ 1849 j 2 7514 78
8714 15
2361 31 3 8712 8914 874
Rut-Canada let g
7514 June'30 ____
75
8558 89
78
Registered
9434
2
89 June'30 ____
Rutland let eon g 41is
86
8758 9434
1941 J J
9112 Wheel & L E ref 43is ger A__1966 M 8 9434 Sale 9434
98114 101
Refunding be series B____1966 M 5 --------10034 June'30 ---885g
88% 10
1949 M 5 888 90
81 JON & Grand DI let 0_1947 ./ 1 875s ---- 8734 July'30 ____
85
89
8712 8934
RR 1st consol 4s
64
667
64
1
July'30 -___
9634 Nov'29
_ ___ Wilk & East let gu g be
131 Lawr & Mir let g 5a____1990 J
1942 J D
_ 10112 Feb'30 -_--_- jOi
2d gold eis
1938 J D 10214 ___ 102 May'30 _ _ 16
_ _ 1011: Will & S F let gold 56
1998 A 0 _
024 10
72
1
1931 1 J 100 ____ 100
St L & Cairo guar g 4a
10014 - 2
9814 10014 Winston-Salem bi 13 lot 4e__1980 J J 8534 ___ 8614 Apr'30 ---8614 8614
76 Sale 755
76
11
fit L Sr Mt & 51 gen song 56_1931 A 0 10078 102 10078
102 _23_ 10_0_ 102
7558 834
Who Cent 50-yr let gen 4a___1949 1
8614 861 86
3
8534 91%
Stamped guar tie
1931 A 0 ____ ____ 10134 Dee'29
8612
M N ---- 937s 9034 June'30 --__
Illy & 0 Div 101 g fie_ _ _1933 M N 9878 Sale 9812
19*4
33
61
9034 9034
99
1711_43
50 -9514 -99-- wo
41
/
4
str91
erup
lavsa
t 11e
&d'
Co
Dnunb d
RI L M Bridge Ter NOI g bs 1930 A 0 9934 10058 9934
9934
2
997k 1001e
al L-fian Fran or lien 4:1 A 1950 M El 9034 Sale 9012
907g 64
INDUSTRIALS
874 9274
9314 139
Con M 4 kis series A
1978 M 53 93 Sale 9214
8514 68
8812 9534 Abitibi Pow & Pap lot 5s___-1953 J D 8514 Sale 84%
82/
1
4 885a
Prior Hen be iseries B
/
4 103 10214 103
1950 3 1 1021
24 100 c10414 Abraham & Straus deb 6;48.1943
A 0 9934 100
994 100
Eit Louts & San Fr Sly gen 68_19312 J 10134 Sale 10134
10134
1 10(54 102
30
With warrants
97 1034
991 99
General gold Is
1931 3 J 10114 10114 10118
1952 A 0 98
99
10114
4
2 IOU 1011: Adriatic ElecCoext1 7s
96 1001:
80
9 Sale
6le 8
6
6990
312
65
611 L Peet & N W let gu 58_1948 I J 10418 _ _ 1034 July'30 __ 10214 104
9
82
90
Adams Express coil tr g As_ 1948 M
9912 99
13$ Louie Sou let gu g to
1931 M 5 99
99
941a 99
Ajax Rubber let 15-yr et 83_1936 1 0
1
451
:
14 8(
1
1 3,
June'30
85
St L S W lat g Ea bond etta_1989 hi N 88 Sale 88
8814 23
8912 Alaska Gold M deb 68 A _ ___1925 IS
2114 ;
12 21144
2d g to Inc bond etts Nov 1989 J J ---- 8034 8014 June'30 __
-_-_-_8-_
76% 82
2
Cony deb 61 series B
Consol gold Is
1932.2 D 9904 Sale 99,8
9714 110
19
94
26
8
9912 53
9312 934 9312
9312
6
Albany Pefor Wrap Pap 6a_ _1
A 11000112
T 0
let terminal & unlfyirug 5:1_1952 J J 10034 Sale 100
96 101
100
10034 27
10112 6
88
5
9
85
7 104
96
042
1
Allegheny Corp col tr &L.-1944 MA
/
48_1941 F A 9818 Sale 9712
99
St Paul & K C Sh L let 41
9814 18
941a 9814
100
Coll & cony bs
9614 Sale 194
112
otos
7
g
9V1
9612 89
St Paul & Duluth let 5e____1931 F A 10034 ____ 10018 Feb'30 ____ I(1018 100,4
92
Coll & cony 5e
10218 Sale 0 ,
1st consol gold Ls
1968 1 D 94 Sale 94
9112 94
94
N
10218 37
1
Ailla-Chalmere Mfg deb 5(3_1 3
9934 10212
871
/
4 Jan'29 ____ -___
St Paul Ear Tel, let 410_1947 J .1 9412 _
96
4
__. Alpine-Montan Steel lot 7s.1955 M 8 9512 Sale 9512
91 100
90 --9
9
St Paul Minn & Man con 45.19333 1 9812 -___ 99 June'30
An Agile Chem Ist ref ,f 7148'41 T A 104 Sale 10334 104
28 10212 10512
consol
g
as
1933
3
.1
103%
10414
A
66
let
104
1 103 1054 A iner Beet Sug cony deb (Is _ _ 1935 F
71
104
68
68
5
68
87%
(je reduced to gold 43s,.,,19333 1 100 102 100
100
1
97% 10014 American chain deb s f 6s___1933 A 0 10114 10112 101
10114 20
97 102/
1
4
Registered
3 J --------98 Feb'30
1003
_
98
10
98
Am Cot 011 debenture be _._ _ 1931 MN 1003e Sale 1003
99 101
A
0
951
Moat ext let gold 45
1937 .1 D 9578 97
/
4 June'30 _
9712 9814 96
92
1942
984 AM Cynamid deb 5s
14
9412 1004
Pacific ext guar ts (sterling)'403 .1 97 Sale 97
8934 97
97
10
Am & Foreign Pow deb 5s 2030 M S 8734 Sale 8712
?I7
77b
:
1953 J D ____ 8934 8814
5$ Paul Un Dep let & ref 58.1972 1 J 106% ___ 10714
10714
5 10458 1074 Amer Ices f deb 5s
8814 56
1
8631 9
80
9
9404 12
S A & Ar Paw 1st 5115 4s____1943 1 J 9434 Sale 937
/
40-.A949 M N 10512 Sale 10418
1054 114 100 108/
1
4
90% 9411 Amer I G Chem cony 51
5
Santa Fe Pres & Phan let 65_042 M 5 10155 103 101
101
9912 10114 Amer Internet Corp cony 5M7'
9618
0g J
98
A oi
42
107
103 10372 Am Mach & Fdy a f (19
417 '159 105 July'30
Bev Fla & West 1st g 6s____1934 A 0 103% __ _ 103% July'30
06
114
10
93
314 10
1934 A 0 10114
9934 Jan'30 ___
1st gold bs
0934 9934 Amer Metal 51411
97% 51
9612 994
8814 94
7:
7
l Pare
Scioto V & N E let gii a 0_1989 M N 9212 Sale 91
9212
2
Am Nat Gas 6%e (with war)11112 A g ?7
9258
79
10
70
Due June.
c Cash sale. 6 Due May. S Due August.
BM
Norfolk & West (Concluded)Div'l let lien & gent 411-1944 J
Pocah C & C joint 43--1941 J
North Cons gen & ref be 4_1974 M
Gen &ref 111
/
4e ser A stpd_1974 M
North Ohio let guar g ba _ _ _1945 A
North Pacific Prior lien Ng- -1997 Q
Registered
Q
Oen lien ry & lug 3e...lan 2047 Q
Registered
Jan 2047 Q
/
4a series 4..2047 J
Ref dr imin 41
Ref & ImPt 63 aeries B----2047 J
lief & impt 58 series C----2047 3
Ref & Inlet 513 Fairies D_ _ _2047 J
Nor Pao Term Co let g 65_1933 J
Nor fly of Calif guar g 5a-1938 A
1
D
B
S
0
J
J
F
F
J
J
J
2
j
0
Aik Low
Higb A's. Log
____ 9514 July'30 ____
96
943
9458
2
9434 -96
100
100 Sale 100
2
98 100 100 July'30____
9414
1
9414 9512 9414
74
94
9314 Sale 9314
8914 9112 89 June'30 ____
6734 32
6714 Sale 6678
05 Sale 65
65
1
99
9938 98
9912 17
11334 Sale 11318 11334 74
I
10514 10512 10518 10518
10512 Sale 10518 10512 13
10312 ___ 10512 Jan'30
10012 ____ 101 Mar'30
High
9134 98
9234 95,,.
100 104/
1
4
98 100
93
98
8812 94
86% 90
63% 7014
62
05
9512 9912
11112 11512
10312 10614
10312 10534
/
4
10512 1051
101 101
.
1 SN'
Sale
F0
608
BONDS
N. Y STOCK EXCHANGE
Week Ended July 25.
New York Bond Record—Continued—Page 5
11.3
r:t
YrIc.4
Friday
July 25.
Week's
Range or
Lan Sale.
r, •
Ask bow
81.2
FOgS
AM Sm & R 1st 30-yr be Fier A '47 AG 102 Sale 10134
10214 36
Amer Sugar Ref 15-Yr 68---- 1937 J J 104 Sale 10312 10414 27
Am Telep & Teter; cony 414_ _ 1936 M S 98 10012 100
10012 11
2
SO-year cony 4 As
1933 MS 102 104 10114
102
30-year colt tr 56
1946 JO 10614 Sale 10578
106,4 32
D
Registered
10312 May'30
55-yr f deb 5e
99
1960 J J 10512 Sale 10512 106
20-year f 5345
1943 MN 108 Sale 10712 10814 72
J 16412 Sale 163
Cony deb 4;0
124
1939
166
FA
85-yr deb 56
10534 Sale 105
1965
10578 295
Am Type Found deb 6tio
194(1 AO 10412 105 10412 July'30
•m Wat Wk8 & El col tr 56_1934 AG 10118 Sale 10034 10114 26
Deb g 6seerles A
60
1975 MN 108 Sale 107
108
Am Writ Pap let a 811
79
8014 13
1947 J J 78
7914
Anglo-Chilean at deb 79_ _ 1945 MN 97 Sale 9634
9712 81
Antilla(Comp Asue) 7 As
28
21 July'30
1939 J J 24
Ark & Mem Bridge & Ter 56_1964 MS 102
_-- 101 July'30
Armour de Co let 4 As
1939 SD 9134 Sale 8912
9134 98
Armour & Co of Del 544s..1943 J J 8278 Sale 8114
827s 55
Associated 0116% gold notee 103.5 M S 10212 1031z 103
6
103
Atlanta Gas L let 58
1947 .1 1) 105 - - 10318 June'30
Atlantic Fruit 7s ctfs dep__.1934 J
118
125s MaY'28 _
JO
Stamped ctfs of depoelt
118
- 1258 May'29
tl Gulf & W I SS L. col tr 55 1959 .1 .1 7338 -74-12 7358
74
J 103 Sale 10212 103
Atlantic Refit deb be
14
1937
Baldw Loco Works 1st 58. _ _1940 MN
Baragua (Comp AO 7 As.__I937 J J
Hatay Ian Pete gen deb 4345__1942 J J
Beld1ng-Hemingway Gs
1936 J J
Bell Telep of Pa 58 series B..1948 J J
let & ref 56 series C
1960 AO
Berlin City Elec Co deb 6 A91951 JO
Deb sink fund 6346
1959 FA
Berlin Elec El & Uudg 6348_1956 AO
Beth Steel let & ref Sc guar A '42 MN
30-yr p m & imp s f 59_
J
1936
Bing & Bing deb 6545
1950 MS
Botany Cons MI1154130
1934 AO
Bowman-Mit Hotels 75
S
1934
B way & 7th A•1st con9 59_ _ 1043 JO
Brooklyn City RR let 59
194I J J
Bklyn Edison Inc gen 50 A _ _ _ 1949 1 J
Bklyn-Man R T sec&
1968 J J
Bklyn Qu Co & Sul)con gtd Ss'41 MN
1st 58 stamped
1941 J J
Brooklyn R. Tr let cony g 48.2002 .1 .1
3-yr 7%6 ecured notes _ _1921 J J
Bklyn Un El let q 4-56
1950 FA
Stamped guar 4-be
1950 FA
Bklyn Un Gas 1st conga 56. _1945 MN
let lien & ref 69 aeries A _ _ _1947 MN
Cony deb g 5449
1036 JJ
Cony deb 5.9
1950 JD
Buff& Susq Iron let s f 59. _1932 JD
Bush Terminal 1st 46
1052 AG
Consol 5.5
1955 J J
Bush Term Bldgs be gu tax-ex '60 A 0
By-Prod Coke 1st 5348 A _ _ _1945 MN
Rano.
Mises
Jan. 1.
Low
Blob
9914 10'214
10178 1055s
9433 10012
9913 105
103 10614
103 10312
10614 106
10454 10812
13714 19312
1001s 106
103 107
9912 103
104 108
69
84
831s 9813
21
55
98,4 101
8738 9134
8012 8634
102 10312
10134 1034
7214 1)0
WO 103
107 10718 107
10 105 10712
107
74
74
83% 74
2
74
91
9434 9178 9458
95
20
92
95,2
77 Sale 77
17
77
81
67
107 Sale 10612 107
30 102 107 .
10918 Sale 10834
10938 38 10358 109%
9158 Sale 91
9158 Si)
98 r9734
Sale
92
9058
9238 15
8434 96
90
90
9012 89
24
86
06
103 Sale 102
104
13 191124105
103 Sale 10134 103
12
9954 104
90
86
86 July'30
91
86
36 Sale 353s
36
3
35
47
102 103 102
10214
4 100 106
0 Sale
9
1012 10
9
44,2
8178 8138
10
82
8138 87
_ _ 105 July'30
103,2 10558
99 gale 9655
351
99
9412 101
68
80
76 July'30
69
77
8312 Dee'29
74
75
9212 June'29
105- 10614 Noy'29
88 S'aile 8614
88
41 -/W -98.14
8334 May'30
8334 8912
195 1-6i 103 10314 6 1027
8 107
1165s ---- 11512 June'30
114 117
200
306 May'30
306 306
10314 Sale 103
10314 50 10254 10312
Jan'30
96
96
96
8714 51014
92%- - 9014 July'30
100 gale 9912 100
16
94 100
10158 10134 102
10234 11
99 10234
10112 10214 101
10112 25 10014 10418
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 25.
Elk Horn Coal lilt & ref 6 As 1931
(Deb 7% notes(with warr)1931
Equit Gas Light let con 55_1932
Ernesto Breda Co let m 76..1054
With etk purch warrants
Federal Light & Tr 1st 59_ 1942
let lien e t 58 stamped__ A942
let lien &stamped
1942
30-year deb 68 series B
1954
Federated Metals S f 76
1939
Flat deb 78(with ware)
1946
Without stock purch warrants _
Fisk Rubber lets f 88
1941
FramerIcan Ind Dev 20-yr 7548'42
Francisco Sugar let s f 7549 _ _ 1942
French Nat Mall SS Lines 791949
Gannett Co deb 69 _____ _ _ _ 1943
Gas & El of Berg Co cons g be 1949
Gelsenkirchen Mining(
/
1
4._ _1934
Genl Amer Investors deb 5s .l962
Gen Baking deb 5 f 5Ms____1940
Gen Cable let 81 5 As A_ _ __1947
Gen Electric deb g 334s
1942
Gen Else(Germany)is Jan 16'45
S f deb 654s with wart
1940
Without warr't8 attach'd_1940
20-year e I deb 69
1948
Gen Mot Accept deb 6s
1937
Genl Petrol 1st a f Si
1940
Gen Pub Serv deb 554s
1939
Gen'l Steel Cast 5345 with war '49
Gen Theatres Equip deb 65_1940
Good Hope Steel & I sec le_ _ 1945
Goodrich(BF)Co let654s_ 1947
Goodyear Tire & Rub let 58_1957
Gotham Silk floillery deb 69_1936
Gould Coupler lets 168
14140
Gt Cons El Power (Japan) 781944
1st & gen s 11340
1950
Gulf States Steel deb 5AB_ .1942
Hackensack Water 1st 49_1952
Herrin Mb:dna 6s with stk purch
war for corn stock or Am She'49
'Hansa SS Linos Cs with warr_1939
Hartford St Hy let 44
1930
Havana Elec consol g 5s_ _ _1962
Deb 5349 serle8 of 1926_ _.A951
Hoe(R)& Co 1st 6349 ser A_ 1934
Ilolland-Amer Line 85(flan _1947
Hudson Coal let s 55 ser A_ 1962
Hudson Co Gas 19t g 59
1940
Humble Oil& Refining 5 348_1932
Deb gold 56
1937
Illinois Bell Telephone be
1956
Illinois Steel deb 4348
1940
Raeder Steel Corp mtge Cs_.._ 1948
Indiana Limestone 1st 6 f 815_1041
Ind Nat Gas & 01156
1936
Cal0& E Corp unit& ref 59.1937 MN 10212 ____ 10258 10258
9 10033 10274 Inland Steel 1st 454s
1978
Cal Petroleum cony deb 8 f 561939 FA 904 Sale 9944 100
18
94 10012 Inspiration Con Copper 8348 1931
Cony deb e f g 530
1938 MN 10214 Sale 10214 10214 22
9813 10212 Interboro Metrop 4349
1956
Camaguey dug 1st 9 f g 76_ _ 1942 AO 38 Sale 38
39
4
38
lnterboro Rap Tran let 5a 1966
60
Canada NS 1, 1st & gen 69. 1941 AD ____ 9314 9514 July'30
9478 97
Stamped
Cent Dist Tel let 30-yr 66 _ 1943 JO 10412 105 105
105
1 10218 105
Registered
Cert Foundry 1st s f 66 May 1931 FA
8014 95
8112 June'30
_
10-year 65
7914 8112
1932
Cent Hud & E 56
10438 - - 10418 June'30
Jan 1957 M
10-year cony 7% notes_
1024 10414
1932
Central Steel 1st get 89.....1941 MN ___ 120 125 May'30
Int Agrle Corp let 209-yr 59_1932
121 125
Certain-teed Prod 5545 A _ _1948 MS 50 Sale 4638
52
65
3712 Cl
Stamped extended to 1942_
Cespedes Sugar Co lets f 7 As'39 M
60 June'30
60
7814 Int Cement cony deb be_
1948
Chic City & Conn Rye 59Jan 1027 AO 59
5312 Mar'30
75
5312 53,2 Internet Hydro El deb 6.9
1(144
Ch0I..12 Coke let gu g 59...1937 J
10214 103,8 10318 104
21 100 104
Internat. Match s 1 deb 66_1947
Chicago RY8 1st 59 stamped
Inter Mercan Marine em 69_1941
8112
Aug 1 1929 Int 10% paid _1927 PA 8112 84
84
27
84
89
Internet Paper 58 ser A & 15_1947
Chile Copper Co deb 59
1947 ii 96 Sale 9558
964 75
Ref S I (18 series A
94
9814
1055
Cln 0& E let rn 4s A
1988 AO 9034 Sale 9034
9112 83
8612 9158 Int Telep & Teleg deb g 434s 1952
Clearfield Bit Coal 1st 4
74 May'30
1940 ii 7058 74
63
74
Cony deb 4 Ao
1939
Colon 011 cony deb 69
5912
62
89
/
1
4
1938 FA 6312 66
63,2 12
Del) 55
1955
Colo F & I Coact)s f 59
9978 9912 July'30
1043 J J 96
95 10018
Col Indus let & coil bs gu
1
96%
9212 98
Kansas City Pow & Lt 59
1934 FA 9612 9634 9634
1952
Columbia GA E deb be May 1952 MN 10218 Sale 102
10258 114
9858 102,
let gcld 4 Asseries 18
4
1957
Debentures be _ _ _ _A pr 15 1952 AO 1021s 10234 102
10234
6
9834 10358 Kansas Gas & Electric 69
1952
/
4 9912 98
Columbus Gas let gold 55_1932 J J 971
2
98
95
98
Karstadt(Rudolph) 69
1943
Columbus Ry P & L 1st 434s 1957
J 95 Sale 9134
957g 14
90
Keith(B F)Corp let 6
96
/
1
4
1946
N 100 - - 100
CommercialCrellt f 66_ 1934
100
9334 10012 Kendall Co 554s with warr 1948
97
0712
J
Col tr 61 554s notes
Sale
97
25
1935
85 100
Keystone Telco Co let 5s_ _ _ 1935
CommlInvest Tr deb 6s
1948 MS 9914 Sale 9914
86 10014 Kings County Elk P g
0934 42
1037
Cony deb 5As
95
1949 FA 9412 Sale 9412
106
83
0712
Purchase money 68
1997
Computing-Tab-Bee a f 68_1941 21 10534 -- 10534 106,8
5 10312 10618 KingsCounty
Elev let a 414_1949
Conn Ry & I. let & ref g 44481951 I
9512 100
9812 --- 9812
0812
Stamped guar Is
1949
Stamped guar 4 Me
9812 Sale 9812
1951 .;
Kings County Lighting 5s. _1954
1
934 99
98M
8312 Sale 8312
Coneol Agricul Loan 6548.._ _ 1985 J
8412 15
764 90
First & ref 8 As
1954
Consolidated Hydro-Elee Works
Kinney(OR)& Co 734% notes'36
of Upper Wuerternberg 79_1956
9334
J 9312 94
94
25
89 49534 Kresge Found'n coll tr 88._ _1938
Cone Coal of Md latdrref 68_1950 JO 50 Sale 4913
5212 19
42
63
Kreuger& Toll 59 with war 1959
Consol Ga9(N Y)deb 5 As_ _1045 FA 10634 107 10634
58 105 108
107
Lackawanna Steel let Si A _1950
Consumers Gas of Chic gu 581936 J
102 Sale 102
102
3
9812 10212 Lad Gas of St L ref&ext be _1934
Consumers Power 1st 58._ _1952 MN 105 Sale 10434 105
22 10214 105
Col & ref 5449 series C
1953
Container Corp let 69
ID
93
93
93
8918
9212
1
Coll & ref 534e ner D
1948
9534
1960
16-yr deb 59 with warr _1943 ID 75
74
1
7678
87
76
7678
Lautaro Nitrate Co cony 69.1954
Copenhagen Telco be Feb 15 1954 F A 95
96
1
9612 96
9134 97%
Without warrants
Corn Prod Refg let 25-yr s 58'34 MN 1034 ____ 10212 July'30 _ _ _
9712 10212 Lehigh C & Nays f 4 As A
Crown Cork & Seal 9 f 69_ ....1947 JO 9834 Sale 9834
94 10134 Le
@FedFRASER