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financial
The
liraturie
VOL. 133.
SATURDAY,JULY 4 1931.
NO. 3445
he consulted leaders of both political parties, in the
House
and the Senate alike, and got their approval
PUBLISHED WEEKLY
before
hand.
A partial list of those whom he conTerms of Subscription—Payable in Advance
Including Postage—
sulted
was
given
in the statement itself. Then he
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
got
approv
the
al
of
the United States Ambassador
11.50
6.75
Other foreign countries, U.S.Possessions and territorie
s
13.50
7.75
The following publications are also issued. For the Bank
to
Great
Britai
Charle
n,
s G. Dawes, who drew up
and
Quotation Record and the Monthly Earnings
the subscription price is
$6.00 per year; for all the others is $5.00 Record
the
Dawes
plan,
and
he
also
year
per
each.
cents
Add
50
to
obtained the approval
each for postage outside the United States and Canada.
of Owen D. Young, the author of the Young plan,
COMPENDIUMS-•-.
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(semi-annually)
BANS AND QUOTATION RECORD
RAILWAY & INDU5TRIAL—(101IT a year) MONTHLY
under which German reparations are now being paid.
EARNINGS RECORD
STATE AND Mnstetym.—(semi-ami.)
At the same time he stated with uncommon directTerms of Advertising
ness just what he proposed doing. He said: "The
Transient display matter per agate line
45 cents
Contract and Card rates
On request purpose of
this action is to give the forthcoming year
CHICAGO Oynez—In Charge of Fred. H.
Gray, Western Representative,
208 South La Sane Street, Telephone State 0613.
to
the
econom
ic recovery of the world and to help
LONDON Dynes—Edwards & Smith, 1 Drapers'
Gardens, London, E. C.
free the recuperative forces already in motion in
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
the United States from retarding influences from
Published every Saturday morning by WILLIAM B. DANA COMPANY. abroad." Enlarging upon
that point, he argued that
President and Editor, Jacob Seibert; Business Manager, William
D. Riggs;
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office
of Co. "a world-wide depression has affected the
countries
of Europe more severely than our own. Some of
The Financial Situation.
these countries are feeling to a serious extent the
Negotiations for reaching an accord on President drain of
this depression on national economy. The
Hoover's proposal for a one-year suspension of inter- fabric
of intergovernmental debts, supportable in
governmental debt payments, including German normal
times, weighs heavily in the midst of this
reparations, have been prolonged, but the fault depres
sion." The attitude of France has blocked
plainly has not been that of Mr. Hoover, who has
the way for Mr. Hoover and prevented the quick
displayed infinite patience and a most accommodataction which was so much desired. But no harsh
ing disposition, even while insisting that the underfeelings ought to be entertained towards France on
lying spirit of the proposal must not be sacrificed.
that account. France lies contiguous to Germany,
A large part of what Mr. Hoover hoped to achieve
and during the war suffered worse from invasion
through his proposal, namely, a change in public
than any other country, and also sustained larger
sentiment from the extreme gloom and lack of conlosses in men and material things than any other
fidence previously prevailing, has already been ac- countr
y. Besides this, it is not strange that France
complished, while the condition of the Bank of Ger- should
want to insist upon the binding character of
many has also been greatly improved as a result of
the Young plan, so solemnly entered into only about
the $100,000,000 international bank credit which was
two years ago. The unqualified support which the
placed at its disposal when its troubles reached an
Laval Ministry received in both the Chamber of
acute stage. Thanks to the resolute action of Mr.
Deputies and the French Senate goes to show how
Hoover, the feeling referred to has been almost enstrong is French sentiment against concessions of
tirely dispelled, and a greater measure of hopefulthe kind and extent demanded.
ness now exists than at any time since the advent of
Perhaps there may be further delay for the same
the business depression which closely followed the
reason, but in any event we may be sure that the
stock market crash of 1929.
advantage already gained in starting business reFrom present appearances there is not even a
covery will not be lost. Business men now talk difremote chance of the country getting back to that
ferently and act differently than they did before the
state of extreme depression which existed when Mr.
launching of the Hoover plan, and this is sure to
Hoover entered upon his task. A definite start has
be reflected in growing trade revival, even though
now been made towards a better state of things, and
the progress at first be slow. Of course, in an occathere is little probability that the advantage gained
sional instance it may happen that the start made
will be lost, though unquestionably the forwar
d was a false start. That would appear to have been
movement would proceed with greater celerity if a
the case as respects copper, the price of which last
complete accord could be effected.
week spurted to 9c. from 7%c. on large orders both
But Mr. Hoover has not been remiss at any stage
on
home account and for export, but which the
of the process. No one can read the detaile
d state- present week has dropped back to 8/
1
4c. What hapment of his plans and purposes, which were
given pened in that case apparently was that numer
ous
out a week ago last Saturday, without
being im- consumers who had deferred placing their
orders
pressed by the way in which he proceeded
step by now got scared and bid against one anothe
r, the
step, seeking by every means at his comma
nd to pre- resulting quick downward reaction showing
that the
vent failure and to insure success. For
one thing, rise lacked enduring foundation, but this
is only a
financial Chronicle
2
FINANCIAL CHRONICLE
[VOL. 133.
weeks of
single instance of the kind, and, speaking generally, cars loaded with grain than in the closing
source
this
gain
from
there can be no doubt that confidence in early trade June last year. However, the
other
in
the
losses
offset
to
is far from sufficient
recovery is now more strongly rooted.
other
on
the
Northwest,
the
In
of
freight.
In the meantime constructive forces are at work items
outlook
the
crop
section,
wheat
spring
in
the
hand,
in other directions which must ensure further recovery. Foremost among these is the plan for rais- is poor, and there the railroads appear destined for
ing railway transportation rates. The petition for some time to come to show losses in their grain trafa 15% advance was filed with the Inter-State Com- fic in addition to the losses in other items of freight.
merce Commission on June 17, and the Commission In the end everything will depend on how the railhas now set a definite date for the beginning of the roads fare at the hands of the Commerce Commishearings, that date being July 15. From this it is sion. And nothing is better calculated to insure
evident that the Commission means to act with rea- trade revival than the placing of the railroads firmly
sonable promptness upon the proposition. Railroads on their feet once more. When that has been done,
to-day are in a desperate plight. Such leading trunk other advantages will follow and the whole country
line systems as the Pennsylvania RR. and the New will share in the resulting benefits.
York Central, ranking among the strongest and best
The United States Treasury on Monday of this
managed properties in the land, failed to earn even
their fixed charges in the first three months of the week disposed of another issue of Treasury bills bearcurrent calendar year, and it is of even more vital ing no interest but sold on a discount basis to the
importance that these great transportation agencies highest bidders. The bills were for an aggregate
shall be placed upon their feet, than that the eco- of $100,000,000 and consisted of two series of bills of
nomic system of Germany and other countries of $50,000,000 each. The Government succeeded in
8 of
/
Europe shall be put on the way to business recovery. placing them both on a discount basis of only 5
a
most
certainly
is
notable
That
annum.
per
1%
Interthe
to
as
reported
railroads,
The returns of the
State Commerce Commission for the month of May, achievement, but merely serves to furnish another
are now beginning to come to hand, and they direct illustration going to show the extreme congestion
attention anew to the urgency of the need for higher of the money market and the superabundance of
rates or for some other means which shall ensure loanable funds for which it is difficult to find ema reasonable amount of net earnings, thereby bring- ployment. Treasury officials are now putting out
ing these carriers back to a state where they can statements from day to day intended to show at
once more earn a proper return on the capital in- what low rates the United States is able to place
vested in the properties. As showing how their rev- new Government issues, even those of long-term, and
enues have been reduced as a result of business de- how these rates keep steadily declining. All this
pression, we may again refer to the case of the New is well enough, but it should not be forgotten that
York Central and the Pennsylvania and a few others there is also a reverse side to the picture. For in00,in other parts of the country. The New York Central stance, the Treasury early in June offered
only.
bearing
bonds
Treasury
of
long-term
for the month of May the present year had net operat- 000,000
8% interest, and yet received aggregate subscriping income of only $2,852,462 as against $5,877,522 31/
in the huge sum of $6,315,524,500. But as in
tions
other
In
in May 1930 and $10,009,703 in May 1929.
of Treasury certificates of indebtedness it
the
case
this
of
important
words, the net operating income
let the proceeds of the sales of these bonds
to
offered
28%
of
that
only
about
was
year
present
the
system
deposit with the depositary institutions
on
remain
the
ia
manner
Pennsylvan
like
In
ago.
years
two
of
RR.shows net of only $3,690,063 in May the present through whom or on account of whom these subscripyear as against $9,640,633 in May last year and $13,- tions were made. On such deposits the depositary
institutions are required to pay the Government now
251,731 the year before.
Nor is the experience of these two great East-and- interest at the rate of only y2 of 1% per annum,
2%
West trunk lines different from that of the other where formerly the Treasury was able to obtain
ns
Out
of
subscriptio
deposits.
such
on
annum
per
from
nor
territory,
big railroad systems in the same
00,
the
aggregating
$6,315,524,5
instance
this
in
of
the
parts
other
in
that of the trunk line systems
country. In the Northwestern part of the United Treasury Department made allotments aggregating
21,116,000. Of this $821,116,000, $326,110,900
States we find the Chic. Milw. St. Paul & Pac. showsubscriptions in payment for
ing a net loss of $195,203 for May 1931 against represented exchange
of indebtedness due
certificates
Treasury
$735,416 surplus for May 1930 and $1,824949 sur- which
were cash
$94,000,000
accepted;
were
1931
15
June
plus for May 1929. In the Southwest the Atchison
subscrip0
represented
$401,006,00
and
ns
subscriptio
shows net income of only $879,733 for May 1931
with
book
credit
made
was
payment
which
for
tions
against $1,217,911 for May 1930 and $3,520,413 for
.
institutions
depositary
the
at
same,
the
is
May 1929. In the South the record much
In other words, $401,006,000 of Government dethe Southern Railway showing net of but $700,529
grew out of the sale of these bonds. On such
posits
for
May
and
1930
$1,499,716
for May 1931 against
deposits the depositary institutions have to pay the
$2,390,557 for May 1929.
Treasury interest at the rate of only
These rail carriers are in every way in a desperate United States
as against the 2% per annum
annum
per
state, and it is imperative that something should y2 of 1%
t regularly received up to
Governmen
the
which
be done for their relief, and done quickly. Later on rate
deposits often remain
these
And
1930.
December
they may receive aid also from a larger movement of
for a long period
institutions
depositary
the
with
agricultural products in certain sections of the count by reason
the
Governmen
to
loss
the
that
so
time,
of
an
unusually
try. In the Southwest, for instance,
paid
becomes
interest
of
quite an
rate
lower
the
of
the
wheat
for,
heavy movement of wheat is looked
of
rate
the
lower
to
at
offset
interest
an
as
item
of
been
having
harvest in that part of the country
are
put
In
out.
obligations
the
case
new
the
which
of
part
that
in
roads
unusual proportions. A few
the country are already moving a larger number of of the certificates of indebtedness issued on April 15
JULY 41931.]
1
FINANCIAL CHRONICLE
3
last, and which resulted in Government deposits of Exchange members further decreased during the
$258,633,000 the last call in amount of $12,146,000, month from $1,434,683,650 to $1,391,324,922. Before
did not come until the present week, that is, on June this further reduction the aggregate of this Stock
29, and under this call payment had to be made on Exchange borrowing was already the lowest for the
July 3. As against the $401,006,000 of Government whole of the period since the Stock Exchange has
deposits growing out of the sale of $800,000,000 long- been compiling the figures, and the further decrease
term bonds no withdrawals were announced during during June establishes another new low record. At
June, but on July 1 two calls appeared, one for the re- $1,391,324,922 for June 30 comparison is with $1,908,payment of $20,047,500 each, on July 6, and the other 810,494 on May 29 4931; with $5,063,131,359 on April
on July 7. It is easy to figure that for the 15 days 30 1930, and with the peak figure of $8,549,383,979
from June 15 to June 30, in which the $401,006,000 reached on Sept. 30 1929.
of deposits were not encroached upon, the GovernThe weekly figures, however, of the reporting
ment lost a considerable sum, as compared with what member banks in New York City do reflect the
would have accrued to its credit if it had continued activity which developed on the Stock Exchange in
to receive 2% as against the 1/
2 of 1% now realized. response to President Hoover's moratorium proAnother point bearing in mind with reference to posal. In that case we find an increase of $73,these Government deposits is that they are especially 000,000 in the total of loans on securities
to brokers
desirable because the banks are not required to carry and dealers, this total having risen from $1,406,any reserves against the same, whereas against the 000,000 June 24, to $1,479,000,000 July 1. This
inordinary deposits such reserves are required.
crease, however, follows 10 consecutive weeks of de
It deserves to be noted, too, that Government creasing loan totals, during which the
aggregate consecurities of one kind or another are finding lodg- traction reached no less than $443,000,00
0, of which
ment in increasing amounts, both with the Federal $73,000,000 has now been cancelled. This
increase
Reserve Banks and the member banks. The 12 Re- of $73,000,000 is shared in in two of the loaning
cateserve banks have during the last two weeks been gories. The loans for own account of the reporting
adding greatly to their holdings of United States member banks increased from $1,065,000,000
to
Government securities. Previously for a long time $1,129,000,000 and the loans for account of out-ofthese holdings of Government securities had remained town banks from $170,000,000 to $181,000,000. Convirtually unchanged at an aggregate somewhat less trariwise, loans "for account of others" decreased
than $600,000,000, but between June 17 and June 24 from $171,000,000 to $169,000,000.
the total of the Government securities held by the
In the condition statements of the Federal Reserve
12 Reserve institutions ran up from $599,004,000 to banks themselves, the chief feature of the returns
$618,503,000, and this week there has been a further has already been notes, namely, a further large inincrease to $663,399,000. The holdings of certificates crease in the holdings of Government securities.
and bills during the two weeks were reduced from Last week the 12 Reserve institutions increased their
$429,562,000 to $414,263,000, but the holdings of holdings of Government securities from $599,004,000
Treasury notes increased from $52,223,000to$60,741,- to $618,503,000; this week there is a further increase
000, while the holdings of Treasury bonds have risen to $663,399,000, making the addition for the two
in the two weeks from $117,209,000 to $188,395,000.
weeks over $63,000,000. On the other hand the FedThe member banks are also all the time enlarging eral Reserve banks are unable to add to their holdtheir holdings of Government securities. In the re- ings of acceptances purchased in the open market,
turn for June 24 it appears that the reporting mem- notwithstanding that their purchasing rate is down
ber banks which are far from including all the banks to only 1% per annum. The past week the aggreof the country held no less than $4,004,000,000 of gate of the holdings of acceptances actually declined
Government securities on the date named, which was from $106,390,000 to $103,341,000. At the same time
an increase of $1,217,000,000 as compared with the the discount holdings, representing direct borrowing
corresponding date a year ago. The banks them- by the member banks, have been reduced from $197,selves are the largest and the most active bidders 678,000 to $150,200,000. It was doubtless these
and takers of Government obligations, owing to the shrinkages in the other items that induced the Revast accumulation of loanable funds they hold for serve banks to enlarge so materially their holdings
which they experience great difficulty in finding em- of Government securities, as they seem intent on
ployment. Their active bidding serves to drive in- keeping a certain volume of Reserve credit outstandterest rates on Government obligations down to such ing all the time. The item of foreign loans on gold,
low figures.
which last week counted for $16,700,000, has the
present week disappeared. This apparently was a
Two statements of brokers' loans have made their loan on German gold in transit to this country, and
appearance the present week. One of them, the which has since arrived.
Stock Exchange monthly report for the even month
With the elimination of this item of $16,700,000,
of June, and the other the regular weekly return of the total of the bill and security holdings the presthe New York Reserve Bank for the week ending ent week, notwithstanding the large addition to the
Wednesday night, July 1. As there was a revival of holdings of United States Government securities,
activity in the stock market the latter part of the stands at only $927,541,000 the present week (July 1)
month as a result of the action of President Hoover against $947,334,000 last week (June 24). The volin proposing a suspension for one year of all inter- ume of Federal Reserve notes in circulation shows
governmental debt payments, including German a further large expansion, the total having risen from
reparations, one might have supposed the Stock Ex- $1,674;189,000 June 24 to $1,738,396,000 July 1. Gold
change return would show an increase in the amount reserves have also increased, and stand at $3,412,of member borrowing, after the sharp and continu- 041,000 the present week against $3,382,589,000
last
ous contraction in previous months. Not so, how- week.
ever. Instead, the total of borrowing by Stock
4
FINANCIAL CHRONICLE
[voL. 133.
The stock market this week has quieted down, and against 581%; Montgomery Ward & Co. at 221/
4
after the large and exceptional trading of last week, against 223%;Woolworth at 717
/
8 against 70/
1
2; Safedealings the present week have been of relatively way Stores at 55/
1
2 against 573%; Western Union
moderate proportions. Interest has centered en- Telegraph at 119/
1
2 against 116/
1
2; American Tel. &
tirely on the negotiations between our Government Tel. at 1837
/s against 1821/
8; Int. Tel. & Tel. at 367
/8
and the French Government for the approval of against 351
/
4; American Can at 114 against 112%;
President Hoover's proposition for a year's suspen- United States Industrial Alcohol at 33% against
/8;
sion of intergovernmental debt payments. The 29/
1
2; Commercial Solvents at 151% against 157
8 against 22; Corn Products at
French Government, on occasions, showed decided Shattuck & Co. at 221/
opposition to the spirit of Mr. Hoover's proposition, 73% ex-div. against 75, and Columbia Graphophone
and in this was backed up by overwhelming majori- at 10% against 9%.
ties first in the Chamber of Deputies and then in
Allied Chemical & Dye closed yesterday at 132
the French Senate. Thus, doubts arose as to whether against 131 on Friday of last week; E. I. du Pont de
the proposal could be carried into effect. This natu- Nemours at 92 against 901/
8; National Cash Register
8; International Nickel at 161/
8
rally had a weakening effect on Stock Exchange at 271/
4 against 271/
prices and also dampened the ardor for indulging in against 16; Timken Roller Bearing at 39% against
new buying on any but a limited scale, quite in con- 39; Mack Trucks at 33% against 34%; Yellow Truck
1
2; Johns-Manville at 59
4 against 9/
trast to the enthusiasm and activity which were such & Coach at 91/
1
2 against
striking features last week. In this situation the against 58; Gillette Safety Razor at 24/
stock market was naturally reactionary, most of the 27/
1
2; National Dairy Products at 363% against 36%;
/8; Associated
time, though the declines have not been large, National Bellas Hess at 8 against 67
1
2against 22/
1
2; Texas Gulf Sulphur
especially in view of the prodigious advances of last Dry Goods at 22/
week, and the market rallied as often as it reacted, at 37/
1
2 against 38; American & Foreign Power at
and yesterday closed quite strong.
8 against 37%; General American Tank Car at
381/
4 against
Hopeful statements respecting the outcome of the 621%. against 60y8; Air Reduction at 861/
8 against 311%;
negotiations with the French Government continued 89; United Gas improvement at 311/
to be given out at Washington, notwithstanding the Columbian Carbon at 81 against 75; Universal Leaf
1
2bid; American Tobacco
/
8 against 35/
serious obstacles that appeared to stand in the way Tobacco at 347
of an agreement. A general disposition developed at 121 against 120½;Liggett & Myers at 77% against
/
8; Reynolds Tobacco class B at 52 against 52;
to think that the discussion of the proposal had 767
and Tobacco Prod4 against
already had a decidedly beneficial effect in paving Lorillard at 191/
the way for a recovery in trade and business. Other- ucts class A at 10% bid against 10%.
wise there were no developments of moment in the
The steel shares have advanced notwithstanding
market. There were some more dividend reductions the quiescent state of the steel trade. U. S. Steel
and omissions, but they related mainly to minor Closed yesterday at 105 against 102 on Friday of last
corporations. Tidewater Associated Oil omitted the week; Bethlehem Steel at 53% against 511/2; Vanasemi-annual dividend of 30c. per share ordinarily dium at 36% against 35%; Republic Iron & Steel at
4 against
payable in August, and the United States Radiator 17 against 16%, and Crucible Steel at 471/
4. The motor stocks have moved quietly outside
Corp. deferred the quarterly div. of $1.75 a share 421/
due July 15 on the 7% cumul. pref. stock, par $100. of Auburn Auto, which closed yesterday at 190
The Royal Typewriter Co., Inc., declared a semi- against 196 on Friday of last week; General Motors
4 against 22%;
annual div. of only $1 a share as compared with $1.50 at 39/
1
2against 39%; Chrysler at 241/
29%;
Packard
against
Motors
311
/
8
Motors
at
a share previously. New low prices for the year Nash
/8 against 81/8; Hudson Motor Car at 15%
were established during the week in the case of 29 at 77
stocks, new high figures in the case of 25 stocks. The against 16, and Hupp Motors at 8% against 81/2. In
call loan rate on the Stock Exchange again continued the rubber stocks Goodyear Tire & Rubber closed
1
2ex-div. against 42 on Friday of last
yesterday at 42/
unchanged at 11/
2% all through the week.
1
2 against 16, and
Trading dwindled and dropped back to only mod- week; United States Rubber at 16/
1
2.
erate figures. At the half-day session on Saturday the preferred at 27 against 27/
The railroad stocks have been inclined to sag.
the sales on the New York Stock Exchange were
RR. closed yesterday at 49% against
Pennsylvania
1,919,240 shares; on Monday they were 2,137,760
of last week; Erie RR. at 25% against
Friday
on
/
8
shares; on Tuesday, 1,944;550 shares; on Wednesday, 517
/8; New York Central at 941% against 97%; Balti1,711,000 shares; on Thursday, 1,332,790 shares, and 267
4
1
2against 67; New Haven at 771/
on Friday, 2,052,110 shares. On the New York Curb more & Ohio at 63/
/8 against 174½;
Exchange thesaleslast Saturday were345,531 shares; against 78%; Union Pacific at 1717
on Monday, 393,985 shares; on Tuesday 345,354 Southern Pacific at 86 against 87; Missouri Pacific
/8
1
2 against 29; Missouri-Kansas-Texas at 167
shares; on Wednesday, 312,090 shares; on Thursday, at 29/
against 181%; St. Louis-San Francisco at 21 against
257,975 shares, and on Friday, 389,795 shares.
1
2against 41½; ChesaAs compared with Friday of last week, prices show 21½;Southern Railway at 37/
40%; Northern Pacific
against
at
381
/
4
slight changes as a rule. General Electric closed peake & Ohio
Great
Northern at 52
and
47
/
1
2
,
against
/
8 against 45 on Friday of last week; at 45
yesterday at 447
.
/
8
547
against
2 against 8%; Elec.
Warner Bros. Pictures at 81/
The oil stocks have moved lower. Standard Oil of
2; United Corp.
Power & Light at 43% against 441/
1
2 against 41 on Friday
J. closed yesterday at 39/
N.
American
at
721
/
4
against
at 25 against 2514; North
of N. Y. at 17% against
Standard
Oil
week;
last
of
against
/
2
47;
481
Standat
Elec.
717
/8; Pacific Gas &
1
2 against 38½;
ard Gas & Elec. at 691/
4 against 691/2; Consolidated 181%; Standard Oil of Calif. at 38/
1
2 against 17; Texas Corp.
1
2; Columbia Gas & Atlantic Refining at 16/
Gas of N. Y. at 99% against 100/
/8 against 1%;
Elec. at 34 against 34; International Harvester at at 24 against 24; Richfield Oil at 17
48 against 48%; J. I. Case Threshing Machine at Phillips Petroleum at 8% against 9, and Pure Oil
8 against 8%.
90/
1
2 against 88½; Sears, Roebuck & Co. at 57% at 81/
1
JULY 4 1931.]
FINANCIAL CHRONICLE
The copper stocks have also displaye weak
d
ness
as the price of the metal, after last
week's sharp rise,
has dropped back again. Anaconda
Copper closed
yesterday at 30% against 317
/8 on Friday of last
week; Kennecott Copper at 22% against 24%
;'Calumet & Hecla at 71/4 against81/8;Granby Cons
olidated
Copper at 151/
4 against 1614; American Smelting &
Refining at 391/
2 against 38%, and U. S. Smelting &
Refining at 193/
4 against 18%.
5
culties were in the way of an early agre
ement on the
debt moratorium. The break in the
upward trend
caused no heavy,recessions, however,
and prices finished with only small net losses. Trading
tended to
slacken, as there was increased conc
ern regarding
the future. Dealings Tuesday reflected
a better opinion of the debt discussions in Paris
and stocks advanced quite generally. Suez Canal
shares were
especially in demand, but almost all
issues finished
with small gains. After an uncertai
n opening WedStock exchanges in the important European
finan- nesday prices again moved forw
ard. Small initial
cial centers were slightly irregular this
week, with losses were recovered and
quotations at the close were
attention centered everywhere on the cour
se of the about even with those of the
previous session. With
debt suspension negotiations in Paris.
The marked the belief gaining ground
in Paris that the debt susgains established last week after Pres
ident Hoover's pension differences will
soon be settled, stocks adannouncement were well maintained
as a whole, but vanced on the Bourse
Thursday. Some public buying
there was no resumption of the upsw
ing. The vary- was reported, and bear
s gave additional support by
ing daily reports on the progress
of the discussions covering operations.
The market was firmest at the
provided the chief basis for stock move
ments in Lon- opening, but most of
the gains were maintained.
don, Paris and Berlin, as well as New
York. Since Prices improved subs
tantially on the Bourse in an
they were inconclusive, however, defin
ite trends were active session yesterda
y.
lacking. The trading volume also dimi
nished from
Nervousness on the Berlin Boerse
the heavy totals reported in all mark
over the debt
ets during the proposal conversations
occasioned a decline in quodays immediately following Mr. Hoov
er's proposal. tations Monday. The trad
ing volume was moderate,
Offsetting to a large degree the continued good
effects but liquidation was on a suffi
cient scale to cause
of the debt proposal was the anxiety
in all markets losses of two to four points
throughout the list. Unover the delay in its application. The nerv
ousness favorable rumors added to
the unsettlement. Dealwas not allayed by the plain indicati
ons that the Ger- ings on the Boerse Tues
day were again nervous and
man financial crisis remained acut
e, with the con- prices dropped, owin
g to the delay in settling the
tinued flight of capital from the Reich stra
ining the debt suspension difference
s. Reports of the unfavorresources of the Reichsbank. With
these matters able trend in New York also
contributed to the weakdominant in the financial sphere, relat
ively little ness. Declines of three to
five points appeared in the
attention was paid this week to the cour
se of industry more speculative issues.
Business on the Boerse
and trade. There were, however, no chan
ges of any dwindled to small proporti
ons Wednesday and prices
significance.
drifted slowly lower owing to a lack
The London market was strong in the
of buying interopening ses- est. The general down
ward trend was interrupted
sion of the week, and brokers reported
a brisk turn- by minor recoveries duri
ng the day, but at the close
over in industrial stocks. Chemical
and artificial prices were down quit
e generally. A greater degree
silk stocks were especially in demand
until shortly of confidence prevaile
d Thursday, owing not only to
before the close, when profit-taking caus
ed a mod- optimism regarding the
debt negotiations, but also
erate decline. International stocks foll
owed a simi- to indications that the
demand for foreign currencies
lar course of improved quotations thro
ugh most of was much diminish
ed, lessening the strain on the
the day and a set-back toward the end. Brit
ish funds Reichsbank. Prices impr
oved after early uncertainty,
were quiet and unchanged. The open
ing Tuesday and the better trend
was
supported by buying orders
was dull, owing to overnight reports
of a decline at for American account.
A firm opening yesterday
New York. This, added to the uncertai
nty over the was followed by weak
ness at Berlin, and losses of
result of the debt suspension negotiat
ions, brought two to four points resu
lted.
further liquidation early in the day,
but improvement set in later and most stocks
advanced. At the
All the world waited breathlessly
close quotations showed little net chan
this week for a
ge. British satisfactory outcome of the
negotiations between the
funds were turned over in small
volume, but with French and American
Governments regarding the
sterling exchange hardening prices
were firm. Busi- application of Presiden
t
Hoover's proposal for a oneness was on a much redu
ced scale Wednesday, as year susp
ension of all payments on intergovernm
traders tended to await the outcome
enof the Paris dis- tal debts. The move
announced by Mr. Hoover two
cussions. • British Government
issues came into weeks ago was rapi
dly assured of a substantial measgreater demand, but other securities
were neglected. ure of success and
the great hopes built upon it in all
The underlying tone was firm, howe
ver, with the in- financial mark
ets last week were, doubtless,justified.
ternational section showing a few
good features. Also apparent
, however, were the practical difficulThursday's session was again dull and
price trends ties to be faced in
its application, and it is only with
were irregular. British funds continued
to advance these difficulti
es, and not with the underlying prinowing to a belief that the bank rate will
soon be re- ciple, that the
present negotiations are concerned.
duced. Important changes were lacking
in - the With the discussi
ons proceeding in a semi-public,
British industrial division, but the internat
ional list semi-private fash
ion, too much weight is clearly
reflected more optimistic advices from New
York. placed on the daily alterati
ons of views on relatively
The session at London yesterday was
quiet and minor points and
on the conjectures that such changes
cheerful, with international issues show
ing the stimulate. It may be well
to remember that the two
greatest gains.
Governments are doubtless striving in
Slight losses were registered in stocks on the
the most
Paris friendly fashion to reconcile their
Bourse during the initial session of this
viewpoints to the
week, owing end that acceptan
ce can be secured both in the
to the week-end realization that some
Paris
serious diffi- Parliament and the
Congress in Washington. The
6
FINANCIAL CHRONICLE
[Vot. 132.
annuity payments by Germany. A
Government of Premier Pierre Laval already has a unconditional
much interest was mentioned in a
of
point
further
vote
mandate from its Parliament in the favorable
, although apparently the
of 386 to 189 received early last Saturday on the number of press reports
concern to the United States GovFrench counter-proposal published the preceding matter is of no
was said, will request assurday. Mr. Hoover is bound in a similar sense, if not ernment. France, it
regarding "Anschluss," or
y
so definitely, by the preliminary exchange of views ances from German
,in return for agreement
Austria
political union with
with legislative leaders in Washington.
was surmised that the
It
l.
proposa
Personal conversations on the problem were to the Hoover
ador Von Hoesch and
Ambass
between
ations
started in Paris last Saturday between high digni- convers
this stipulation.
to
related
s
official
French
taries of the two Governments. The Parliamentary the
French and
between
ations
convers
the
When
being,
question having been settled for the time
Monday,
Paris,
d in
Premier Laval and his Ministerial and other assist- American officials were resume
they
but
fast,
and
ants gathered with Secretary of the Treasury Andrew announcements followed thick
t
interes
Much
nature.
W. Mellon, Ambassador Walter E. Edge and their were all of a non-committal
lantransat
the
of
use
the
liberal
by
secretaries to talk over the differences between the was occasioned
an negotiators, who natuParis and Washington viewpoints. With M. Laval tic telephone by the Americ
with the Administration
touch
closest
in
kept
were Foreign Minister Briand, Finance Minister rally
Laval stated that
Paris,
In
gton.
Washin
in
Flandin,Francois Pietri and Andre Francois-Poncet.
the
Premier's office
at
place
taken
had
meeting
a
re
Mr. Mellon and Mr. Edge were aided by Theodo
ations would continue, with the
Marriner and Robert Pell, of the Embassy staff in and that the convers
scheduled for Wednesday morning.
Paris. After a three-hour conference a laconic state- next discussion
ment in Washington announced
ment was issued to the effect that examination had The State Depart
that "no ihgreement has been
briefly
been made of the American proposal and the French almost as
several technical questions still
are
there
as
,
reply. A further meeting would take place early this reached
was added, significantly, that
It
ed."
discuss
be
to
week, it was added. Soon after this meeting ended,
accepted which do not fall
be
will
ls
proposa
"no
Herr Von Hoesch, the German Ambassador to Paris,
within the spirit and purpose of the
was received by the French officials, and a further completely
offer." President Hoover, Washington
simple statement was issued to the effect that the President's
Monday said, sought additional expert
conversation dealt with the proposal of President reports of
to the involved nature of the negotiaHoover and the questions it has raised. In view of advice owing
officials. It was remarked that
French
these terse pronouncements, it was clear that views tions with
Morrow of New Jersey arrived
W.
Dwight
of the two Governments remained unreconciled and Senator
a prolonged stay, while Alanfor
House
White
the
that protracted negotiations were probable. Secre- at
Ambassador to Germany
former
on,
Hought
B.
son
tary of State Henry L. Stimson, who sailed from
Britain, also was with the President.
New York for Europe last Saturday, expressed him- and Great
In view of the fact that 15 nations are involved
self before his departure as "very optimistic as to the
l by President Hoover, much imporultimate result." In Washington President Hoover in the proposa
s to an official statement, issued in
conferred at length with Acting Secretary of the tance attache
Monday, to the effect that only the
late
gton
Treasury Ogden L. Mills, and Acting Secretary of Washin
in the way of a general accord
stood
views
State William R. Castle, Jr., with reports current French
announcement, made by Acting
The
matter.
the
thereafter that a "feeling of optimism prevails in on
"It is our understanding
stated:
Castle,
ry
Secreta
Administration circles."
all governments have now agreed in principle
The basis of the divergencies in the French and that
the President's plan except the French GovernAmerican views was made fairly clear over the last to
ment.- Some differences have arisen in reconciling
week-end. In the official note of June 26, it will be
French position with the spirit of the President's
recalled, France objected to like treatment of condi- the
proposal. Discussions are still continuing between
tional and unconditional annuities from Germany,
ador Edge and Secretary Mellon with the
Ambass
stating that she has a "moral interest of the first
French Ministry." It was reported unofficially
order in not postponing in any way the payment of
from both Washington and Paris that the French
the unconditional annuity." At the same time,
Government desired to make the postponed reparaFrance expressed willingness to forego retention of
tions payments by Germany due and payable immethe unconditional annuity due in the year beginning
diately, or almost immediately after the expiration
July 1, and suggested that the sum due on this acdeof the proposed moratorium, while Washington
count be placed with the Bank for International Setfor
such
year
25
to
up
of
period
longer
Sired a
tlements for the improvement of credit conditions in
ent. The French Senate, in a meeting Tuesrepaym
es.
an
countti
Europe
Germany and other Central
reflected the Parliamentary opinion
again
day,
The major point of difference, it appeared, concerned which Premier Laval must take into consideration
the period of time over which the postponed pay- in his negotiations. By a vote of 197 to 5 the Senate
ments by Germany were to be spread in the future. upheld the attitude taken by the Ministry in regard
A further point concerned the •investment by the
to the inviolability of the Young plan.
B. I. S. of the unconditional annuity in "other Ceny. The
tral European countries," as well as German
After a further unproductive conference between
said,
was
it
stand,
the
took
tors
negotia
American
French and American officials in Paris, Wednesday,
that all of the funds should be placed within the
the Administration in Washington gave out for pubReich in order to make possible a greater oppor- lication Thursday morning the full text of a memotunity for financial recovery in that country. There
randum presented to the French Government, which
were also some questions raised regarding the method
explained in detail the differences in viewpoints and
of utilizing the funds within Germany and regarding
suggested a more complete French adherence to the
the guarantee fund which France is obligated to pay
and letter of the Hoover proposal. The tone
spirit
into the B. I. S. in the event of any suspension of
JULY 4 1931.]
FINANCIAL CHRONICLE
of the note was conciliatory and concessions were
mffered to bring about an accord. Unofficially, it
was disclosed at the same time that several features
of exceptional gravity have come up in connection
with the proposal. Germany has made known, it
was indicated in a Washington dispatch to the New
York "Herald Tribune," that she would find it necessary immediately to exercise her right for a moratorium under the Young plan if the negotiations
between France and the United States were unsuccessful. "Other information," the dispatch continued, "was to the effect that France has called
upon Germany to make certain political promises in
return for support of the Hoover plan. France, it
is said, wants Germany to promise to forego further
expenditures on 'pocket-battleships to fdrop the
Austro-German customs union, and to cease certain
relationships with Soviet Russia."
The memorandum of the United States Government, after restating the purposes of the Hoover proposal, remarks that all the interested Governments
with the exception of France have given their approval. "The French conditions, if we understand
them," it was added, "seem to us to withhold the
intended relief to Germany and not to conform to
the spirit of the President's proposal, which contemplated a complete suspension of all payments on
intergovernmental debts during a period of one year.
In order that we may now cover one point left open
in the original proposal, we may add that it is our
view that all postponed payments should be funded
over a long period of, say,25 years, and to bear interest at the average rate paid by the creditor governments on their own public debt at the end of the
preceding fiscal year. It is, of course, an essential
part of the President's proposal that payments under
all existing agreements shall be resumed at the end
of the year. Thus, the continuing force of these
agreements is in no way impaired." Two points of
agreement were specified: first, that France will
forego the retention of any payments by Germany
for the one-year period, and second, that the principle of continuity of payment of unconditional
annuities is recognized, while complete relief to Germany is afforded.
Four points of difference were singled out, however, and treated at considerable length in the American note. The first of these, considered incompatible with the President's proposal of relief to
governments, was a French suggestion that the
B.I. S. reloan the unconditional annuities to German
industrial and finance concerns, rather than to the
German Government. The second point of divergence concerned the French suggestion that $25,000,000 of the payments be diverted to other Central
European countries. The note remarked that this
suggestion is a violation of the broad proposal of the
President, and practical disadvantages also were
mentioned. The third point of difference related to
the time over which the suspended payment should
be funded. Without modifying the suggestion for
a 25-year arrangement, the note states, an agreement on this matter might be reached, provided the
other questions could be disposed of, especially if
no repayments are to be made in the next two years,
as suggested by the French. It was indicated that
the length of time for repayment by Germany will
of course apply also to the debt payments due from
the former Allies to the United States Government.
The fourth point, "involving the greatest diffi-
culty," according to the note, is that referring to
the guarantee fund. "We recognize," the note continued, "that under the terms of the Young plan
France is obligated in case of suspension by Germany
of conditional reparations to pay into the Bank for
International Settlements on demand the sum of
approximately $120,000,000, to be applied in part to
increasing payments to be received by other creditors
during the period of suspension." This portion of
the American note is considered to contain a clear
hint to France that in the event of failure of the
negotiations, the debt proposal will be allowed to
lapse and payments expected from the former Allied
Governments, notwithstanding any moratorium
application by Germany. Two aspects of the suggestion of France with reference to the guaranty fund
were treated in the American note. The first concerned the French desire to be sure that suspension
of payments will not throw upon her the obligation
to pay the guarantee fund into the B.I. S. This fear
was considered groundless in the note, as under a
general agreement on the American proposal, no demand by a creditor government could arise. The
other aspect of the question with reference to the
guarantee fund was described in the note as more
serious. "The French Government," it was remarked, "apparently desires her postponement of
unconditional payments to take the form of a payment into the B. I. S. and a loan back to Germany.
When, however, the French Government couples
with this suggestion the further suggestion that the
loans back to Germany be considered exactly as
though cash payments had been made by Germany
to France and cash loans had been made back by
France to Germany, and that these loans shall be
considered in all future times as funds available to
France to reduce or satisfy her guarantee as to subsequent years, she is departing substantially from not
only the spirit but the substance of the President's
offer."
"To state the problem a little differently," the note
proceeded, "France appears to be insisting that the
funds paid by Germany into the B. I. S. during the
year of suspension and reloaned to Germany must
be credited to the guarantee fund just as if France
herself had actually made the deposit, thus relieving
France of any future obligation in respect of the
guarantee fund. This seems to us to be inconsistent
with the suggestion that the payment by Germany
into the B. I. S. during the period of suspension is a
mere matter of form, in order to assure the continuity of unconditional payments. What was regarded as a matter of form in the first instance is
now evidently to be treated as an actual payment.
In any event, it seems clear that this particular proposal involves a modification of the Young plan,
which we understand the French Government was
particularly anxious to avoid. The American Government, not being a signatory, of course cannot
undertake to negotiate a change."
Asserting that there is, perhaps, some misunderstanding on the part of France as to the sacrifices
which would be required from her under the proposed plan, the note remarks that in the light of a
combination of the present situation in Germany
and failure of the American proposal, it can be
assumed that Germany will unquestionably give
notice for postponement of all conditional payments
under the Young plan. An examination is accordingly appended of the probable results of a situa-
FINANCIAL CHRONICLE
tion of this nature. "If the American proposal
should fail, and the suspension provisions of the
Young plan be invoked by Germany," it is concluded,
"then France will be the loser during the forthcoming
year of general postponement by over $100,000,000."
A conference on the basis of this memorandum
was scheduled to take place in Paris late Thursday,
but it was postponed until noon yesterday. Both
in Washington and Paris, press dispatches said,
optimism increased with respect to the negotiations.
Premier Laval and others were said in a Paris report
to the New York "Times" to feel confident that the
whole matter would be settled satisfactorily very
soon. It was not denied in Washington, dispatches
from that city stated, that a harmonization of the
major divergent views was in sight. "This was a
day of conferences between officials at the White
House and the State Department," a dispatch of
Thursday to the New York "Times" reported. "It
was evident that important developments were expected. One of these conferences was understood
to have been devoted to arranging an international
loan of $25,000,000 for some of the smaller European
nations in which the central banks, including the
Federal Reserve System, would participate. Such a
loan would be intended to overcome France's purpose of taking $25,000,000 out of German reparations
payments and placing it at the disposal of some of
her European allies, a course to which the United
States Government objects." It was suggested in
Paris reports that the problem of lending the German
unconditional annuity as well as that relating to
the guarantee funds might be submitted to a conference of Young plan signatories. The B. I. S., it
was remarked, cannot lend the unconditional annuity back to the German Government, as the institution is expressly forbidden to make loans to governments.
Little doubt remained yesterday that an agreement between the French and American negotiators
in Paris would be signed to-day, some news services
anticipating the formal announc:ement by fairly
definite accounts of the expected accord. Both
Washington and Paris reports expressed the greatest optimism. After prolonged telephone conversations between Mr. Mellon and Washington officials,
Acting Secretary of State Castle indicated that a
final agreement probably would be signed at the
end of a conference scheduled to begin last night.
It was intimated that the agreement will provide
for a complete acceptance in principle by the French
Government of the proposal placed before the world
by President Hoover. Only minor details regarding
the application of the debt suspension proposal remained to be settled, it was said, and these will be
worked out by the experts of all the nations involved,
probably at a meeting to be held in Berlin. With the
exception of these details, the proposal is to become
operative immediately.
That some of the obstacles remaining yesterday to
a formal accord were of formidable proportions was
plainly indicated in a statement made before the
British House of Commons by Chancellor of the
Exchequer Philip Snowden. The remarks by Mr.
Snowden were considered a clear intimation to
France that Britain is not prepared to make further
sacrifices on reparations unless France bears her
share. "The latest news from Paris is not very
satisfactory," the Chancellor stated. "The British
Government is quite willing to shoulder the sacri-
[VOL. 133.
fices which they have declared their willingness to
bear, but they are not prepared to make further
sacrifices unless other parties are prepared to cooperate."
The acute interest of other nations in the progress
of the Franco-American negotiations on a one-year
intergovernmental debt suspension was reflected
this week in numerous reports from Berlin, London,
Rome and other capitals, and in a highly important
suggestion on the part of the British Government.
Berlin dispatches reflected a growing concern within
the Reich regarding the progress of the negotiations,
but there were no official statements. It was reported yesterday, however, on the basis of the last
Reichsbank statement and the known subsequent
foreign exchange operations of the institution, that
the entire credit of $100,800,000 placed at the disposal of the German central bank by international
banks of issue and the B. I. S. had been used up.
"It was declared to be apparent," an Associated
Press dispatch said,"that the Reichsbank was again
near the danger line. If this should be passed, the
bank will be compelled to resort to credit restriction
measures." On the strength of a speech by Chancellor Bruening last week, and comments by Premier
Laval, Berlin officials were said to be expecting an
invitation from France to pay a visit to that country
similar to that recently paid Great Britain. Chancellor Bruening and Foreign Minister Curtius, it
was suggested, will probably go to Paris soon after
the current debt negotiations are concluded. It was
disclosed last Sunday that an invitation of these
officials to visit Rome had been extended by Premier Mussolini and accepted. The German statesmen are not expected to go to Italy before the end
of August.
The significant disclosure was made in London,
Thursday, that the British Government has indicated its desire for a meeting of the representatives
of the powers chiefly concerned in the debt suspension negotiations, in the event that no satisfactory
solution is found to the difficulties faced at Paris.
Several interpretations were placed on this move in
London reports. The most important relates to the
known British anxiety that the debt proposal by
President Hoover be placed in early effect. It was
also suggested that the British announcement might
be connected with the view that the French proposals
in regard to the guarantee fund constitute an alteration of the Young plan and thus would prove unacceptable to Britain. The London Foreign Office
issued the following announcement, which was published yesterday: "His Majesty's Government earnestly hopes that the discussions now taking place in
Paris regarding Mr. Hoover's proposal will be successful. Should no early solution be found,they have
expressed their willingness, in order that agreement
may be reached with minimum delay, to hold a meeting of representatives of the powers chiefly concerned
at an early date." Official statements in London,
earlier in the week,showed that the Hoover proposal
will result in a loss to the British Exchequer during
the current British fiscal year of $55,090,000. Prime
Minister MacDonald announced in the House of
Commons, Monday, that the entire British Empire
had accepted the proposal. South Africa, it was
stated, is the only Dominion not taking advantage
of the British Government's offer to postpone payments similarly on inter-Empire war loans.
JULY 41931.]
FINANCIAL CHRONICLE
The Italian Government also took an exceedingly
important step in connection with the Hoover proposal. Announcement was made in Rome, Tuesday,
that the debtor nations of Germany, Austria, Hungary and Bulgaria had been advised that, pending
negotiations for a definite agreement between all the
Governments coocerned, Italy would not collect
sums due July 1 on reparations account. Great
Britain and the United States were advised at the
same time that sums due them will be laid aside
until a definite scheme is evolved. Official quarters
in Rome described this move as an "application in
advance of the Hoover proposal." Indicative of the
favorable attitudes of Poland and Czechoslovakia
was an official announcement in Washington, last
Sunday, to the effect that these two countries welcomed and will accept the Hoover debt proposal.
A Belgian note indicative of acceptance of the plan
in principle was dispatched from Brussels to Washington Monday. The Portuguese Government made
plain its acceptance on the same day. Rumania informed Washington of its unconditional acceptance
Thursday.
A plea for agreements on genuine reductions of
world armaments at the 1932 Geneva Disarmament
Conference was voiced by Ramsay MacDonald,Prime
Minister of the British Labor Government, in the
course of a debate in the House of Commons Monday.
In preparation for the Geneva meeting, Mr. MacDonald asked all British parties to pledge their support
to his policy of drastic reductions in naval, military
and air forces. He cited comprehensive statistics
purporting to show that Great Britain is the only
world power which has reduced its naval and military expenditures in recent years. Britain, he
added, has gone as far as she can go unless the other
nations follow suit. These comments were regarded,
a London dispatch to the New York "Herald
Tribune" said, as a warning that Great Britain expects other nations to take the initiative in the 1932
conference. Stanley Baldwin, Conservative leader,
and Sir Herbert Samuel, speaking for the Liberals,
supported Mr. MacDonald warmly, and both warned
that sacrifices cannot be made on one side only, and
that other nations also must show willingness to
reduce their armaments. "At the same time," it
was reported, "spokesmen of all parties went out of
their way to pay compliments to France and to indicate that it was not to France that they looked to
take the lead in disarming."
Also of interest in view of the present status of the
disarmament problem were reports from Paris last
Saturday to the effect that the Franco-Italian naval
negotiations may be reopened by Henry L. Stimson,
American Secretary of State, in the course of his
visits to Rome and Paris. Mr. Stimson sailed from
New York last Saturday with the announced intention of visiting Rome,Paris, London, Berlin and possibly other European capitals. "It is expected here
in diplomatic circles," a Paris dispatch to the New
York "Herald Tribune" said,"that Mr. Stimson will
utilize his week's stay in Rome to exchange ideas
with Italian officials, including Foreign Minister
Dino Grandi, in the hope that a new start toward
ending the Paris-Rome sea-power deadlock may be
made. If the American Secretary of State receives
any encouragement in Rome,it is believed that upon
reaching Paris about July 15 he will find himself
in a position to place the whale question again before
9
the French Government." Contributing to the belief
that Mr. Stimson would make an effort to end the
deadlock in the negotiations was said to be the
"known anxiety of the Washington Administration
for the success of the world conference on disarmament to be held in Geneva next February, and the
certainty that the continued failure to solve the
Franco-Italian naval differences is one of the
stumbling blocks thereto."
Republican and Socialist groups in Spain were
overwhelmingly successful in the national elections
held last Sunday to select the 470 members of the
Constituent Cortes who are to draw up a new Constitution in sessions scheduled to begin July 14.
The elections were arranged some weeks ago by the
Government of Provisional President Alcala Zamora,
which came into power April 14, when the monarchy
was overturned. The political campaign that followed was the tensest ever known in Spain. Mounting excitement gripped the nation, with torchlight
parades and mass meetings held everywhere. An
incipient revolt against the Provisional Government
developed at the last moment in Andalusia, where
the irrepressible Major Ramon Franco, Spain's leading airman, was reported to have planned an uprising in the hope of establishing an independent Andalusian Republic. This movement was nipped in the
bud by the Madrid Government,reports said,through
a skillful combination of diplomacy and a threat
of force.
Some 25 parties of all political persuasions entered
candidates in the election Which took place Sunday.
The Monarchists were represented by only six candidates, and the Communists by 25. The Republicans
and Socialists, who have maintained a working alliance for the past year, entered the greatest numbers
of candidates, and they swept the country by their
joint efforts. In the larger centers, such as Madrid,
all the Republican-Socialist coalition candidates
were successful, and the vote is thus considered a
sweeping victory for the moderate groups which have
upheld the present regime. Important representation was gained, however, by the Catalonian autonomists, led by Colonel Francisco Macia, who will hold
42 seats in the Cortes. Separate elections will be
held to-morrow to choose Basque Nationalist, Accion
Nacional and other minority candidates. The voting last Sunday was calm in most places, but martial law had to be declared at several points because
of syndicalist strikes and outbreaks. The ballot was
granted to all men above 23 years old, as against the
former limit of 25 years. Women did not have the
right to vote.
A draft of the Constitution to be presented the
Constituent Cortes by the present Provisional Government when it meets July 14 was published
throughout Spain Monday. This document, consisting of 110 articles under nine chapter headings, will
form the basis for the debate in the newly elected
assembly. It declares unequivocally that Spain is
democratic and republican, and in view of the results
of the elections it is clear that the republican form
of government will be maintained. The draft declares that provinces can become autonomous for
political and administrative ends under certain circumstances. It also posits the following "inalienable rights" of the Spanish State: Naturalization
of aliens, control over the relations between the
Church and the State; control of international rela-
10
FINANCIAL CHRONICLE
[VOL. 133.
tions and diplomatic and consular representatives; as do all private debts, solely a relationship between
regulation of the debt of the State; declaration of the debtors and creditors. Our bankers have given
war; control of the army and navy, fortifications, aid during the depression to various South American
coast defense and national defense, maintenance of countries, and so far as the Administration is aware,
order and public security, imposition of tariffs, those countries are making every effort fully to
judicial and penal organizations, education, extradi- maintain their credit and confidence."
tion rights, weights and measures, the monetary sysSimultaneously with the issuance of the White
tem and banking, postoffice, telegraph, telephones House statement, it was disclosed in Washington
and radio; control of public documents and official that the Federal Reserve Board is actually contemcommunications, social legislation; control of elec- plating the extension of limited credits to South
tric water power when the water power lies outside American countries. It was also stated that the
the autonomous territory; control of national re- Federal Reserve Board has loaned the services of
sources and mines, the Supreme Court to have the W. R. Burgess, Deputy Governor of the New York
final power except in the case of strict application Reserve Bank, to a group of British and American
of the civil law in autonomous regions; protection bankers who are sending a mission to Chile to study
of men, animals and plants, and all powers not that country's condition and determine what may
granted specifically to autonomous regions.
be done to relieve it. Following a conference in
Senor Don Salvador de Madariaga, who arrived Washington last Saturday between George L. Harriin the United States last week, presented his creden- son, Governor of the Federal Reserve Bank of New
tials to President Hoover Tuesday as the first Am- York, and Ogden L. Mills, Under-Secretary of the
bassador of the Spanish Republic accredited to this Treasury, it was stated that the New York institucountry. The new regime, the Ambassador declared tion would await developments with regard to the
in the course of the ceremony, is based on principles financial situation in South America before extendwhich have been consubstantial with the Republic ing credits. "As official quarters here view the
of the United States from its very birth. "The cor- situation," a Washington dispatch to the New York
dial relations which already obtain between the two "Herald Tribune" said,"the most that might happen
countries," he continued, "are bound to find an in- would be an extension of limited credits by the Fedcentive to further cordiality in this harmony of the eral Reserve Board, accompanied by a mere suggesideals and principles which animate them. That tion to the private bankers that they suspend collecsuch is the case is already shown concretely by the tions of payments on their loans for a stipulated
drastic reduction of the military forces of Spain period to give South America, like Europe, time to
effected by the Government of the Republic." Mr. recover from the shocks of depression and political
Hoover, in reply, expressed pleasure at the recep- revolution." The credits, a dispatch to the New
tion of the credentials. "The Republic of Spain has York "Times" explained, would take the form of the
done honor alike to itself and to the Government for purchase of foreign bills or acceptances, properly
which I speak in appointing so distinguished a citi- backed by the South American central banks. In
zen to represent the interests of Spain in this coun- authoritative private banking circles in New York,
try," the President stated. "I wish to express however, such suggestions were discounted. It was
appreciation for your kind comments respecting the pointed out that the usual procedure of purchasing
mutual ties and common aspirations linking our two prime commercial bills could hardly be applied by
countries. The traditions which bind the New the Federal Reserve banks in the case of Chile, owing
World to the Old are nourished and rendered eter- to the insufficiency of such Chilean paper. Steps
nally youthful by the sympathetic understanding were admittedly under consideration in these private
which is accorded by each to the problems of the banking circles to provide Cihile with necessary dolother. To strengthen these ties and to assist in the lar exchange to meet debt service due in August.
fulfillment of these aspirations, I can assure you of
An official announcement at Santiago, Ohile, disthe sincere and friendly co-operation of the American closed last Sunday that negotiations are nearing
Government."
completion for a visit to Chile by a group of American and British banking experts to investigate the
Reports circulated late last week that the Admin- country's financial situation. "With their assististration in Washington was considering the exten- ance," an Associated Press dispatch said,"it is hoped
sion of United States Government aid of an unspeci- that a way may be found to provide for service
fied character to Latin America,in order to stabilize charges and amortization for the balance of the year
the financial and economic situation in that broad on Chile's national debt, thus avoiding the necessity
territory, drew a firm denial from the White House for the Government to seek a moratorium or to take
on June 27. It was hinted in a dispatch to the New any other severe measures." The Washington reYork "Times" that President Hoover was contem- ports occasioned official statements in several South
plating a request to the more important governments American countries to the effect that all payments
of South America that they "get together for the due from such countries will be met with customary
purpose of formulating a plan for concerted effort punctuality. The Argentine Government announced
which would prevent a national and economic disas- through Finance Minister Enrique Uriburu that
ter to any of their number." As a preliminary move Argentina neither expects nor needs a moratorium
it was suggested that credits might be extended Latin and will continue to meet all foreign obligations as
American countries by the Federal Reserve System. they fall due. President Olaya Herrera of Colombia
Such reports were dealt with conclusively in a White declared before the Congress in Bogota that foreign
House statement issued late last Saturday, which payments will be made punctually and that his counstated: "There is absolutely no foundation for the try's credit would be maintained at a high level.
stories circulated in the press to the effect that this "We consider the conservation of our credit vital
Government is considering plans for or discussions for the nation's progress," he reniarked, "and will
concerning South American debts. These remain, cultivate it sedulously, knowing nothing is more
JULY 4 1931.]
FINANCIAL CHRONICLE
11
remunerative for a nation or an individual than comparison of the various items for the past three
respect for one's word. Colombia has the determina- years:
tion and the material capacity to do this."
HANK OF FRANCE'S COMPARATIVE STATEMENT.
The National Bank of Yugoslavia on Tuesday
raised its rate of discount from 5/
1
2% to 6/
1
2%.
There have been no other changes in the discount
rates of any of the central banks of Europe. Rates
are 7/
1
2% in Austria;7% in Germany and Hungary;
6% in Spain; 5/
1
2% in Italy; 4% in Norway; 31/2%
in Denmark and Ireland; 3% in Sweden; 2/
1
2% in
England and Belgium, and 2% in France, Holland,
and Switzerland. In the London open market discounts for short bills yesterday were 17
/8(4)1 15/16%
against 21/16% on Friday of last week, and for
three months' bills 1 15/16% against 21/16% the
previous Friday. Money on call in London on Fri4%. At Paris the open market rate reday was 11/
mains at 17
/8%,and in Switzerland at 11/
8%.
• The Bank of England statement for the week ended
July 1 shows a gain of £407,522 in gold holdings but
as circulation expanded £4,598,000, reserves decreased £4,190,000. The Bank's bullion holdings
now aggregate £164,421,108 in comparison with
£157,228,008 a year ago. Public deposits fell off
£13,759,000 while other deposits increased no less
than £38,329,293. The greater part of the increase
occurred in bankers accounts which rose £37,758,021
bringing the total up to £99,401,807. Other accounts
rose £571,272. The reserve ratio decreased almost
13% from 59.11% a week ago to 46.20%. Last
year the ratio was 40.20%. Loans on government
securities increased £2,530,000 and those on other
securities £26,303,270. The latter consists of "discounts and advances" and "securities" which increased £24,686,046 and £1,617,224 respectively.
No change was made in the discount rate which remains 23/2%. Below we show a comparison of the
various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931
July 1
1930
July 2
1929
July 3
1928
July 5
1927
July 6
Circulation
357,430,000 383,583,008 389.100,858 137,167,000 138,257,93
0
Public deposits
11.491,000 11,670,598 28,296,091 19,68.6,000 19,205.447
Other deposits
133,493,071 122,367.940 112,850,286 126,830,000 104,376,681
Bankers'acc'ts__ _ 99,401,807 84,305,246 75,558,462
Other accounts
34,091,284 38,062,694 37.297,824
Gov't securitlee _ _ 32,930,906 49,075.547
37,281,855 28,769,000 47,546,982
Other securities _. 83.065,472 49,324,739
75,278,746 79,742,000 61,488,071
Disc. & advances_ 34,319,300 29,910.820 52,321,206
Securities
28,716,172 19,407.919 22,957,540
Reserve flutes & coin 68,991,000 53,645,000
46.605,073 56,013,000 32,566,516
Coln and bullion.. _164,421,108 157,228,000
155,705,931 173,428,234 151,074.446
Propor. res. to Habil.
46.20%
40.02%
33.01%
38.24%
26 5-16%
Bank rate
214%
3%
53-5%
414%
414%
a On Nov. 29 1928 the fiduciary currency was
amalgamated with Bank of England
note issues, adding at that time Z234,199,000
to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
June 27, shows a loss in gold holdings of
99,636,380
francs. The total of the item is thus
reduced to
56,425,623,386 francs, in comparison with
44,052,192,124 francs last year and 36,624,
700,705 francs
the year before. Credit balances abroad
increased
682,000,000 francs while bills bought
abroad decreased 634,000,000 francs. Notes in circulat
ion rose
453,000,000 francs raising the total of notes
outstanding to 76,926,976,530 francs. Circula
tion the
corresponding date last year aggreagted
72,593,949,840 francs and two years ago 64,921,466,170
francs.
French commercial bills discounted and creditor
current accounts record gains of 921,000,000 francs
and
260,000,000 francs while advances against
securities
declined 15,000,000 francs. Below we furnish
a
Changes
Status as of
for Week.
June 27 1931. June 28 1930. June 29 1929.
Francs.
Francs.
Francs.
Francs.
Gold holdings____Dec. 99,636,380 50,425,623,386 44,052,192,124 36,624.700,705
Credit bals. abr'd_Inc. 682,000,000 6,419,776,941 6,904,685,425 7,299,514,300
French commercial
bills discounted_Ino. 921,000,000 5,311,734,111 6.144.874,617 8,122,550,305
Bills bought abed_Deo.634,000,000 19,765,168,969 18,697.279.707 18.432,740,088
Adv.agst.securs__Deo. 15,000,000 2,777,948,792 2,692,645.588 2,321,823,410
Note circulation—Inc. 453,000,000 78,926,976,530 72,593,949,840 64,921,468,170
Cred. cure. acc'ts_Ino. 260,000,000 23,699,852.254 15,353,255,025 18,115,696,841
The Reichsbank's statement for the last quarter
of June shows an increase in gold and bullion of
9,922,000 marks. Owing to this gain the item now
aggregates 1,421,095,000 marks, but compares with
2,618,874,000 marks in the corresponding date last
year and 1,911,384,000 marks the year before. Increases also appear this week in reserve in foreign
currency of 206,980,000 marks, in bills of exchange
and checks of 302,552,000 masks, in advances of
218,528,000 marks and in other assets of 275,883,000 marks. Silver and other coin, notes on other
German banks, and investments decreased 13,485,000
marks, 20,390,000 marks and 151,000 marks while
deposits abroad remain Unchanged. Notes in circulation expanded 568,705,000 marks raising the total
of the item to 4,294,685,000 marks. Total circulation
a year ago was 4,721,436,000 marks and two years
ago 4,838,647,000 marks. Other daily maturing obligations records a decline of 35,094,000 marks while
other liabilities rose 323,228,000 marks. Below we
furnish a comparison of the various items for the
past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
June 30 1931. June 30 1930. June 30 1929.
Assets—
Reichsmarks.
Reichsmark,. Reichsmark*. Reichsmark:.
Gold and bullion
Inc. 9,922,000 1,421,095,000 2,018,874,000 1,911,384.000
Of which depos.abed. Unchanged
198,112,000 149,788,000
80.095,000
Res've In torn curr_Ino. 206,980,000 299,574,000 358.836,000
380,528.000
Bills of exch. & checksIne. 302,552,000 2,652,327,000 1.783,605,0
00 3,001,218,000
Silver and other coin_ _Dec. 13,485,000 200,991,000 142,521,000
115,862,000
Notes on oth.Ger.bks_Deo. 20,390,000
2,318,000
4.443,000
3,324,000
Advances
Inc. 218,528,000 355,179,000 185,829,000 194,331.00
0
Investments
Dec.
151,000 102,765,000 101,022.000
92,889,000
Other assets
Inc. 275,883.009 855,863,000 589,270.000 582,049,000
LinSftides—
Notes in clrculatIon—Ino. 568,705,000 4,294,685,000 4,721,430,0 4.838,647.
00
000
Oth.dally matur.oblig.Deo. 35,094,000 397,949,000 491,624,000
631.313,000
Other liabilities
leo. 323,228,000 587,147,000 213,822.000 329,227.000
Money rates in this market showed no deviations
of consequence this week from earlier levels. Call
loans were again 1/
1
2% on the Stonk Exchange for
all transactions, whether rcnewfth or new loans,
while in the unofficial outside market transactions
were arranged every day at 1%, or a concession of
/
1
2% from the official rate. Some maturities of time
loans were slightly firmer in the early sessions and
the increases were maintained. Two incidents reflected the extremc ease prevailing in the mar!:et.
Bids submitted Monday on $100,000,000 of 90- art!
91-day Treasury bills resulted in awards at figures
equivalent to an interest rate of about 0.625% on an
annual basis. This is much th3 lowest rate ever
achieved on United States Government borrowing
by means of these instruments. It was announced
at Albany, Wednesday, by State Comptroller Morris
S. Tremaine, that the interest rate on the State's
general fund deposits in banks throughout New York
State would be reduced from 2% to 114%,owing to
the complaints of bankers that they could not afford
to pay the higher rate, plus the cost of the sutety
bond required on State deposits. Two compilations
of brokers' loans against stock and bond collateral
were made available this week. The report of the
Federal Reserve Bank of New York for the week
12
FINANCIAL CHRONICLE
to Wednesday night showed an increase of $73,000,000. The New York Stock Exchange tabulation
for the entire month of June reflected a decline
during that period of $43,358,728. Gold movements
reported by the Reserve bank for the week ended
Wednesday night consisted of imports of $30,193,000,
and exports of $17,000. There was a net decrease
of $700,000 in the stock of gold held earmarked for
foreign account.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no
deviation at any time from the figure of 1/
1
2%, this
having been the quotation both for new loans and
for renewals on every day of the week. Time money
has continued in the doldrums. The amount of business has been extremely limited, and every transaction was at a special figure, as prevailing quotations
are wholly nominal. Quotations now are 1/
1
4% for
30 days; 1/
1
4@1/
1
2% for 60 days; 1/
1
2@13
4% for 90
days; 1/
1
2@1%% for four months, and 13
/
4@2% for
five and six months. Prime commercial paper was
in good demand throughout the week, but the supply
of paper has continued short of the requirements.
Rates for choice names of four to six months' maturity remain at 2%. Names less well known and
shorter choice names are still quoted at 21/
2@23
4%.
[VOL. 133.
from 4.86 1-32 to 4.86 9-16 for bankers' sight bills,
compared with 4.8614 to 4.864 last week. The
range for cable transfers has been from 4.86 9-32
4a
to 4.86 11-16, compared with 4.863/ to 4.863
week ago. Foreign exchange traders hesitate to
take a positive position in the market until the
general credit situation clears. The hesitancy has
been aggravated this week by the expectation that
the Bank of England would reduce its rediscount
rate from the present 23/2% figure which has been in
force since May 14, to 2%. When Thursday brought
no announcement of a change in the Bank of England
rate the market became firmer and a considerable
volume of sterling transactions was reported in
New York. The probability of a decline in the
London bank rate seemed the more imminent by
reason of the sharp drop in London bill rates on
Wednesday. Two-months bills were marked down
to 1 13-16% from 2 1-32%, while three-months
bills dropped to 1 15-16% from 2%,and four-months
maturities were quoted 1 15-16%, against 2 1-32%.
Six-months paper continued unchanged at 2 1-16%.
London bill rates have been declining gradually
since the removal of unofficial peg on May 8. Up
till then three-months bills had held unchanged
for a month around 2 9-16%, but immediately
dropped to 2 5-16%. After the Bank of England
cut its rate to 23/2%, there was an attempt to hold
The market for prime bank acceptances was slow three-months bills at around the new level, but
this week. Transactions were down to the minimum. this was speedily abandoned and the Bank rate
The supply of paper was abundant, but the demand has been ineffective since that time. Considering
was negligible. The quotations of the American Ac- the low level of bill rates in London, bankers seem
ceptance Council continue at: For bills up to 90 confident that the Bank of England will be com7870 asked;for four months' bills,1/
days,1% bid,/
1
2% pelled to adopt rates nearer those in other centres
bid, 1% asked; for five and six months, 1%%.bid where money is abundant. The New York rate
4% asked. The Federal Reserve banks suf- is at 13/2%, while Paris, Amsterdam, and Switzerand 11/
fered a further decrease in their holdings of accept- land have 2%. However, an expression of opinion
ances during the week from $106,390,000 to $103,- in the market is that an immediate lowering by the
341,000. Their holdings of acceptances for foreign Bank of England is inadvisable as a reduction
correspondents dropped from $367,700,000 to $335,- might point the way to severe inroads by Paris
334,000. Open market rates for acceptances also upon the Bank's gold holdings. While the London
remain unchanged, as follows:
check rate on Paris continues firm in favor of London,
SPOT DELIVERY.
rate has been inclined to go more in favor of
the
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid, Asked.
Bid. Asked. Paris during the past two weeks. The view is held
1%
Prime eligible bills
134
134 134
134 1
both here and abroad that the proposed debt holi—90Days—
—80Days—
—30Days—
Bid. Asked,
Bidi Asked,
Bid, Asked
day will do much to relieve the continual strain on
1
1
1
Prime eligible bills
34
34
34
sterling, because of which it has been necessary to
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134 bid keep the British Bank rate above other international
134 bid
Eligible non-member banks
centres in the last several months. The bullion
position of the Bank is strong enough to warrant
There have been no changes this week in the redis- a reduction in the rate now, especially in view of
count rates of any of the Federal Reserve Banks. The the fact that £5,000,000 of gold was reported on
following is the schedule of rates now in effect for Monday as being shipped from Australia to London.
the various classes of paper at the different Reserve This week the Bank of England bows an increase
banks:
in gold holdings of £407,522, the total standing at
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
£164,421,108 as of July 1, which compares with
AND MATURITIES OF ELIGIBLE PAPER.
£157,328,008 on July 2 1930. On Saturday the
Date
Rate in Effect
Previous
Established.
Rate.
on July 3.
Bank of England sold 0,995 in gold bars and exported
Federal Reserve Bank.
May 7 1931
234
2
£4,000 in sovereigns On Monday the Bank exBoston
May 8 1931
2
134
New York
May
7
1931
334
3
Philadelphia
ported £7,000 in 13 vereigns. On Tuesday the Bank
May 9 1931
3
234
Cleveland
May 15 1931
334
3
Richmond
£602,594 in gold bars, exported £4,000 in
bought
334
Jan. 10 1931
3
Atlanta
May 9 1931
3
23f
Chicago
set aside £750,000 in sovereigns, and
sovere'gns,
May 9 1931
3
St. Louis
235
Sept. 12 1930
4
334
Minneapolis
foreign gold coin. The gold bars were
£11
in
bought
May 21 1931
334
Kansas City
3
334
May 8 1931
Dallas
3
offerings. There was also a small
African
South
3
May 22 1931
San Francisco
234
amount of Australian and New Zealand gold availSterling exchange is dull and irregular, ruling this able in the open market on Tuesday, which being
week on balance fractionally easier. The entire higher in quality than South African gold, was taken
foreign exchange market continues, as throughout by the trade and India. On Wednesday the Bank
June, to be dominated by the critical German of England released £500,000 in sovereigns and exfinancial situation. The range this week has been ported £6,000 in sovereigns. On Thursday the Bank
JULY
4 1931.]
FINANCIAL CHRONICLE
sold £47,200 in gold bars, received £72,000 in sovereigns from abroad, exported £13,000, and bought
£54 in foreign gold coin. On Friday the Bank released £400,000 sovereigns, sold 02,961 gold bars,
exported 01,000 sovereigns and bought £4,326 gold
bars.
At the Port of New York the gold movement for
the week ended July 1, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$30,193,000, of which $26,010,000 came from Germany, 84,010,000 from Canada, and $173,000
chiefly from Latin-American countries. Exports
totaled $17,000 to Switzerland. There was a decrease of $700,000 in gold earmarked for foreign
account. In tabular form the gold movement at the
Port of New York for the week ended July 1, as reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, JUNE 25—JULY 1, INCL.
Imports.
Exports.
$26,010,000 from Germany
$17,000 to Switzerland
4,010,000 from Canada
173,000 chiefly from Latin
America
$30,193,000 total
$17,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $700,000.
Yesterday approximately $450,000 of gold was
received at San Francisco from China.
Canadian exchange continues at a heavy discount,
which accounts for the gold imports from Canada
this week. It is thought that more gold will have
to be shipped by Montreal, but bankers are not prepared to say how far the movement may go. On
Saturday last, Montreal funds were at 3j of 1% discount, on Monday at % of 1% discount, on Tuesday
at 13-32 of 1%, on Wednesday at 13-32 of 1%, on
Thursday at 13-32 of 1%, and on Friday at 11-32 of
1% discount.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull and easier. Bankers' sight
was 4.86 7-32@4.863A; cable transfers 4.86 7-16@
4.863/2. On Monday exchange was irregularly
easier. The range was 4.86 1-32@4.86h for bankers'
sight and 4.86 9-32@4.86 7-16 for cable transfers.
On Tuesday the market was still easier. Bankers'
sight was 4.86 1-16@4.863j; cable transfers 4.86 5-16
@4.869. On Wednesday sterling was quiet with a
firmer undertone. The range was 4.861A@4.86 5-16
for bankers' sight and 4.86%@4.86 13-32 for cable
transfers. On Thursday sterling was in demand and
firm. The range was 4.86 3-16@4.86% for bankers'
sight and 4.86 13-32@4.86 for cable transfers. On
Friday sterling was still firmer with the range 4.863.j©
4.86 9-16 for bankers' sight and 4.86@4.86 11-16
for cable transfers. Closing quotations on Friday
were 4.86 9-16 for demand and 4.86 11-16 for cable
transfers. Commercial sight bills finished at 4.86%,
60-day bills at 4.84 7-16; 90-day bills at 4.83 9-16;
documents for payment (60 days) at 4.84 7-16, and
seven day grain bills at 4.86. Cotton and grain for
payment closed at 4.869'.
Exchange on the Continental countries presents no
new trends. The delicate situation in German exchange overshadows all transactions in other Continental centres. The Reichsbank has been hard
pressed to support mark exchange and has on the
whole been remarkably successful in keeping mark
rates steady around 23.721A-23.731A for cable transfers. According to well-informed bankers it is understood that the Reichsbank has utilized the major part
13
of the recent $100,000,000 credit extended by the
Bank for International Settlements, the Bank of
England, the Bank of France, and the Federal Reserve Bank of New York to tide the German market
over the severe half-yearly drain normal in the last
weeks of June. It is believed that the pressure on
the Reichsbank should come to an end before July 15,
when the international credit should be liquidated.
Now, however, there is talk of extending the credit
beyond the 21 days contemplated originally and even
of increasing the amount of accommodation. It is
understood that the Reichsbank is beginning to
scrutinize carefully paper offered for rediscount by
private banks and that it contemplates a rationing of
credit for as long as the necessity persists. Daily
money in Berlin is quoted 81A%-11% and monthly
money at 73/2-8%%. According to well-informed
banking authorities, while the Reichsbank was in an
admittedly serious position and was compelled to
wage a fierce battle to support the mark, there never
has been the slightest doubt of the Reichsbank's
ability to weather the storm. Ultra-conservative
bankers have expressed the belief that the worst of
the crisis has been passed and that gradual improvementfor the next month and a half may be expected.
Considerable satisfaction is expressed in foreign exchange circles over the decline which took place last
week in Swiss and guilder exchange as this indicates
that Swiss and Dutch withdrawals from the German
market have ceased.
Thus far there are hardly any signs of a return
flow of capital to Germany and bankers do not
expect to see a perceptible improvement in the situation until the proposed debt holiday has been put
into effect. Some money is nevertheless returning
to Berlin to take advantage of the high money rates
in that market. As noted above, the Federal Reserve Bank of New York reports the receipt of $26,010,000 gold from Germany during the week June 25July 1. That this gold was to be shipped was known
in the market two weeks ago. The Reichsbank statement for the week ended June 30 shows a greatly
improved position over that for June 23. The
Bank's holdings of foreign currency and other bills
of exchange are considerably increased. Its gold
reserves show an increase of Rm. 9,922,000; the total
standing at Rm. 1,421,195,000, as against Rm.
1,411,173,000 on June 23. This, however, compares
with gold holdings on June 30 1930 of Rm. 2,618,874,000. The bank's ratio of gold and foreign currency to notes, however, is at the exceedingly low
point of 40.1%, which compares with the legal minimum of 40% and with last year's ratio of 65.7%. The
reduction in the ratio is due to extreme demand for
circulation to meet mid-year requirements. It is expected that circulation will drop off sharply after the
first of July, so that the forthcoming statement of the
bank should show a greatly improved position. The
present Reichsbank ratio of reserves to total circulation is the lowest percentage since the currency was
stabilized.
French francs are steady. The French exchange
and financial situation is unchanged in all important
respects from the past several weeks. For the first
time in more than a year the weekly statement of
the Bank of France shows a decline in gold holdings.
The decline for the week ended June 26 amounting
to 99,636,380 francs leaves total gold holdings of
56,425,623,386,000 francs, which compares with
44,052,192,124 francs on June 28 a year ago. Money
14
FINANCIAL CHRONICLE
[VOL. 133.
continues excessively abundant and cheap in Paris. pesetas continue to ,fluctuate rather widely, though
The official Bourse carry-over rate on Tuesday was on several occasions this week there was evidence
A of 1%, while daily money was quoted at % of 1%. of in ervention by the Bank of Spain to arrest
Italian lire are steady. The foreign trade position speculation in the peseta. From a clo-ing rate of
of Italy shows considerable improvement in the first 9.49 for cable transfers on Friday of last week
five months of this year so far as the net balance of pesetas ranged this week to as high as 9.82 in Tuespayments is concerned. In keeping with conditions day's trading to a closing quotation on Friday of
in all other countries the total figures are consider- 9.50. According to recent dispatches from Paris,
ably below those of last year, but the import balance, the quarrels between Republicans and Socialists in
which has been one of Italy's most pressing problems, Spain render the chances for ear.y stabIzation of
is steadily shrinking. For the first five months im- the peseta remote.
ports totaled 5,236,301,565 lire and exports 3,986,Bankers' sight on Amsterdam finished on Friday
831,114 lire. Imports for the corresponding period at 40.233, against 40.233 on Friday of last week;
of 1930 were valued at 7,551,057,296 lire and exports cable transfers at 40.243/
2, against'40.243%, and
at 5,173,711,871 lire. Thus, while both classes of commercial sight bills at 40.20, against 40.21. Swiss
trade have suffered the imports have declined 30%, francs closed at 19.37 for bankers' sight bills and
at
while exports are down only 22%. In the same 19.373/i for cable transfers, against 19.353 and 19.36.
period the visible trade deficit has been cut almost Copenhagen checks finished, at 26.773/ and cable
in half, the exact figures being 1,249,470,451 lire transfers at 26.783/
2, against 26.773 and 26.78.
against 2,377,345,425 lire, a decline of 1,127,874,974 Checks on Sweden closed at 26.813 and cable translire or 47%.
fers at 26.823, against 26.803% and 26.82, while
The London check rate on Paris closed at 124.28 checks on Norway finished at 26.773/i and cable
on Friday of this week, against 124.28 on Friday of transfers at 26.783/2, against 26.773 and 26.783/2.
last week. In New York sight bills on the French Spanish pesetas closed at 9.49 for bankers' sight
centre finished at 3.91 9-16, against 3.91 5-16; cable bills and at 9.50 for cable transfers, against 9.48
transfers at 3.91%, against 3.91 7-16 and commercial and 9.49.
sight bills at 3.91%, against 3.913. Antwerp belgas
finished at 13.933 for checks and at 13.94 for cable
Exchange on the South American countries is dull
transfers, against 13.92 and 13.93. Final quotations and irregular, showing an easier undertone and
prefor Berlin marks were 23.73 for bankers' sight bills senting no new features from the past several months.
and 23.733/ for cable transfers, in comparison with Exchange on Argentina is somewhat firmer this
week,
23.73 and 23.733%. Italian lire closed at 5.239/i for owing to improvement in the export trade and
to
bankers' sight bills and at 5.23 9-16 for cable trans- positive announcement made by Felipe Espil,
the
fers, against 5.233 and 5.233/
2. Austrian schillings new Ambassador from Argentina to the United
closed at 14.05, against 14.05; exchange on Czecho- States, when asked about reports of measures
of
slovakia at 2.96, against 2.96; on Bucharest at 0.593/2, assistance to Latin American countries on the
part of
against 0.593/2; on Poland at 11.20, against 11.20, United States bankers. Sr. Espil said that
the
and on Finland at 2.51%, against 2.51%. Greek Argentine Government regarded the subject in the
exchange closed at 1.293/i for bankers' sight bills spirit of a public statement issued by its Minister
of
and at 1.29 11-16 for cable transfers, against 1.293/2 Finance and which its Government had instructed
and 1.29 11-16.
him to reiterate, that it was the traditional policy
of Argentina to comply with its usual punctuality
Exchange on the countries neutral during the waX in meeting all its financial obligations contracted in
is dull and irregular, governed by events in Europe the country and abroad. "Argentina finds itself
arising out of the German situation rather than by in the position of doing this without any necessity of
seasonal factors. The Scandinavian currencies are a moratorium or any other kind of arrangement."
slightly easier in sympathy with the easier tone of A dispatch from Buenos Aires on Sunday said that
sterling exchange and with the hesitancy of all "with reference to the report from Washington that
markets pending a definite upturn in German ex- a move was on foot to arrange a moratorium for
change. Swiss francs and Holland guilders have Latin American republics. Minister of Finance
been steady since last week's decline in these cur- Enrique Uriburu has cabled to the Ambassador in
rencies, which was taken as an indication that with- Washington that Argentina neither expects nor needs
drawal of Swiss and Dutch balances from Germany a moratorium and will continue to meet all foreign
has ceased. The market seems to be strongly of obligations as they fall due." According to disthe opinion that both Swiss and Dutch funds will patches from Basle, Switzerland, the Bank for Intergradually return to Germany as the situation im- national Settlements has taken a direct interest in
proves, as money rates in Germany are higher than South America through the establishment of a corin any other market, while in Amsterdam and in respondent relationship with the Bank of Chile.
the Swiss centres money is in great abundance and Chilean difficulties, it is understood, have attracted
practically unlendable at the lowest rates of interest. the attention of European financial circles for some
Money rates in Holland are at record low levels. time. Efforts are being made, it is understood, by
According to Dr. G. Vissering, President of the Bank the Bank for International Settlements to have the
of The Netherlands, bankers' call averaged 1.31% Federal Reserve Bank of New York make active
in 1930-31, against 3.86% in 1929-30 (fiscal year of studies of the financial condition in Chile and other
the bank). Call money (prolongatia) averaged South American countries with a view to promoting
1.76% against 4.40%, while the open market rate credits which may carry them over the present world
for prime bankers' acceptances averaged 1.54% trade depression.
against 4.32%. The official discount rate of the
Argentine paper pesos closed at 31% for checks,
Bank of The Netherla ds, which has been at 2% against 31 11-16 on Friday of last week and at
32
since May 16, is the lowest since 1853. Spanish for cable transfers against 313
4. Brazilian milreis
JULY 4 1931.]
FINANCIAL CHRONICLE
15
are nominally quoted 7.65 for bankers' sight bills
The Objections of France and the Attitude of
and 7.70 for cable transfers, against 7.70 and 7.75.
the American Government.
Chilean exchange closed at 12.10 for bankers' sight
bills and at 12.13 for cable transfers, against 12.09
The American memorandum which was handed
and 12.14. Peru at 27.85, against 28.
to the French Government on Wednesday by Ambassador Edge is so comprehensive a review of the objecExchange on the Far Eastern countries is dull and tions raised by France to Mr. Hoover's proposal
irregular. The Chinese units show an uneven trend. regarding reparation and war debt payments as to
Silver prices have been ruling higher, frequently constitute, in this respect, virtually a summary of
above 29 cents an ounce compared with and average the week's news. In language which, while courprice of 289/i cents last week and with 26% cents teous and conciliatory, does not fail to combat
the week before. Shanghai taels were prompt to frankly the French position, the memorandum
respond to the better silver quotations but Hong traverses the whole ground of the French contenKong dollars seem hardly to have reflected the tions. The only point at which it offers a further
better rates. Japanese yen are steady and the explanation of the American proposal is in regard
exchange situation presents no new features from to the length of time over which the deferred Gerthe past several months.
man payments should be spread. "It is our view,"
Closing quotations for yen checks yesterday were the memorandum states, "that all postponed pay49.34@49.50, against 49.36@49.50. Hong Kong ments should be funded over a long period of say
closed at 26%@26 3-16, against 25%
3 @25 11-16; 25 years, and to bear interest at the average rate paid
Shanghai at 33 1-16@331
/
8, against 31 15-16@32; by the creditor Governments on their own public
Manila at 49 8, against 49 8; Singapore at 561
/
1@ debt at the end of the preceding fiscal year." Even
56 8, against 5634.@56%; Bombay at 361
/s, against on this point, however, a hope of compromise is held
363/
8, and Calcutta at 361
out elsewhere in the memorandum in the statement
%.
/s, against 361
that "without at this time modifying our suggestion
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
that 25 years is the proper length of time, we do not
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 27 TO JULY 3 1931, INCLUSIVE.
believe that it would be impossible to reach an agreement on this point provided the other questions
Moon Buyiny Rate for Cable Transfers in Mese York,
Country and Monetary
Value in United Stales Money.
could be disposed of, especially if no repayments are
UnU.
June 27. June 29. June 30. July 1. July 2. July 3.
to be made in the next two years, as suggested by
EUROPESt
$
$
$
a I $
the French Government. But, of course," the stateAustria,:chilling
.140441
,
.140166 .140468 .140446 .140450 I
I .140470
Belgium, belga
.139223 .139222 .139243 .139275 .139309 I .139330
I .007200
ment adds, "the same length of time will apply to
Bulgaria, lev
.007200
.007200
.007200
.007200
.007186
Czechoslovakia, kroneJ .029619 .029619 .029619 .029622 .029622 .029622
Denmark, krone
the payment on account of the American debt."
.267790 .267709 .267737 .287711 .267719 .267759
England, pound
sterling
14.864671 4.863303 4.863214 4.863735 4.864318 4.865133
Coming directly to the objections raised by the
Finland, markka
I .025171 .025172 .025167 .025166 .025168 I .025166
France, franc
.039140 .039140 .039139 .039145 .039149 I .039151
French
Government,the memorandum takes up first
Germany, reichsmark .237319 .237312 .237313 .237293 .237248 I .237263
Greece, drachma
I .012955 .012955 .012953 .012948 .012954 I .012955
the
insistance
of France, "as a matter of principle,
Holland, guilder
I .402367 .402292 .402326 .402238 .402242 I .402289
Hungary, pengo
.174534 .174451 .174457 .174459 .174459 I .174436
that unconditional reparations amounting to apItaly, lira
.052340 .052336 .052343 .052351 .052350 .052350
Norway, krone
.267798 .267715 .267738 .267718 .267716 .267759
proximately $131,000,000 for the year should be paid,
Poland, zloty
.112030 .112015 .112004 .121031 .112002 .112006
Portugal, escudo
.044145 .044131 .044130 .044145 .044131 .044117
in order that there might be no interruption of the
Rumania,leu
.005954 .005951 .005947 .004950 .005952 .005949
Spain, peseta
.094190 .094607 .098005 .096254 .094559 .094723
Sweden, krona
continuity of the payment of unconditional annui.268125 .288111 .268111 .268106 .288111 .268108
Switzerland, franc.193383 .193345 .193572 .193622 .193832 .193641
Yugoslavia, dinar
This demand the American Government an.017696 .017690 .017683 .017690 .017883 .017688
ties."
ASIAChinanounces
its willingness to recognize "to the extent
Chefoo tael
.337083 .333125 .331041 .331875 .336041 .338958
Hankow tadl
.330937 .328541 .325156 .325468 .331458 .332656
agreeing
that the payments should be made to the
of
Shanghai tad
.324642 .319553 .321875 .322083 .323214 .327410
Tientsin tael
.342083 .337708 .335625 .336458 .340625 .343541
International
Bank
for
Settlements,provided they be
Hong Kong dollar._ .255714 .253214 .254553 .253910 .254589 .258035
Mexican dollar _ _.. .233750 .231875 .233437 .234062 .234062 .236250
immediately
reloaned
to
the German Government."
Tientsin or Pelyang
dollar
.237916 .235416 .236866 .237500 .237500 .239583
American
Government
The
rejects, however, the
Yuan dollar
.234583 .232083 .233333 .234166 .234166 .236250
India, rupee
.359766 .359916 .359866 .359866 .359883 .359866
proposal
that
the
sums
so reloaned be paid
French
Japan, yen
.493815 .493828 .493828 .493803 .493746 .493715
Singapore (5.8.) doll
.560566 .580500 .560500 .560416 .560500 .560566
to German industrial and financial concerns instead
NORTH AMER.
Canada, dollar
.997120 .997408 .996396 .996093 .996144 .996029
of to the German Government, on the ground that
Cuba, peso
.999162 .999112 .999112 .999112 .999112 .999112
Mexico, peso
.490500 .490000 .490000 .490000 .490000 .490750
such a course would be "incompatible with the PresiNewfoundland, dolls .995000 .994875 .993780 .993678 .993750 .993595
SOUTH AMER.
Argentina, peso (gold) .723045 .728880 .729936 .923317 .721267 .624529
dent's proposal of relief to governments." The furBrazil, milreis
.076142 .076281 .076618 .076140 .076390 .075953
Chile, peso
.120835 .120757 .120983 .120988 .121010 .121016
French suggestion that $25,000,000 of the
ther
Uruguay, peso
.683333 .580500 .582166 .578000 .580916 .583250
Colombia, peso
.965700 .9135700 .965700 .965700 .965700 AMMO
unconditional payments paid into the Bank for
International Settlements "should he made available
for loans to Central European countries, more parThe following table indicates the amount of bul- ticularly those whose budgets are affected by the suslion in the principal European banks:
pension of reparations payments," is also rejected
on the ground that "the diversion of this sum from
July 2 1931.
July 3 1930.
Banks of
Germany is a violation of the broad proposal of the
Cold.
Myer. 1 Total.
Gold.
Sliver,
Total.
President
to suspend all payments of intergovern£
England.. 164,421,108
164,421,108157,228,008
mental
debts,"
and on the further ground that "if
157.228,008
d
France a_ - 451,404,987
451,404,9873l2,415,122
d
352,415,122
Germany b 61,149,150 c994,600 62,143,750 123,454.300
994.600 124,448.900 any of the other countries who have already accepted
Spain ____ 96,985,000 27,552,000124,537,000 98,842.000 28,744,000127,586,000
Italy
50,489,000
50.489,000 58,301.000
the President's proposal should make a similar sug3,369,000 43,242.000 25,994,000 2,238,000 .58,301.000
Neth'Iands 39.873,0
28,230,000
Nat. Boltz_ 40,947.
0.947,000 34,333,000
34.333,000
gestion
with reference to loans to particular counSwItrland, 29,411.
29,411,000 23,156,0001
23.156.000
Sweden_ _ 13,270,
13,270,000 13,491,0001
13,491.000 tries, the reconciliation of all these differences would
Denmark. 9,551.
9,551,000 9,570.000;
9,570,000
8,132,
Norway
8,132,000 8,143,000'
8,143.000 be practically impossible." The suggestion is made
Total week 965,633,245 31.915,600 997,548,845 902,927,430, 31,974,600 934.902,030
that if the "relatively small amount of relief" that is
Prey. week 963,312,714 32,075,600995,388,314 913,064.062. 31,831,800944,895,662
a These are the gold holdings of the Dank of France as reported In the new form proposed is needed, it may properly be extended
of statement. b Cold holdings of the Bank of Germany are exclusive of gold held
"through cooperative action of the central banks or
abroad, the amount of which the present Year is 69,905,600. c As of Oct. 7 1924.
d Silver 1s now reported at only a trifling sum.
through the Bank for International Settlements."
16
FINANCIAL CHRONICLE
[VOL. 133.
The greatest difficulty raised by the French Gov- posal should fail and the suspension provisions of
ernment, the memorandum recognizes, has to do with the Young Plan be invoked by Germany, then France
the so-called guarantee fund. 'Under the Young Plan, will be the loser during the forthcoming year of genas the American memorandum recognizes, "France eral postponement by over $100,000,000."
is obligated, in case of suspension by Germany of
The discussions between Premier Laval, Ambasconditional reparations, to pay into the Bank for sador Edge and Secretary Mellon which were exInternational Settlements on demand the sum of pected to be resumed on Thursday were postponed
approximately $120,000,000, to be applied in part to in order that the American memorandum might be
increasing payments to'be received by other creditors considered by the French Cabinet. Although it was
during the period of suspension." It is the desire of reported that a basis of agreement would probably
France, in case Mr. Hoover's proposal is adopted, to be reached, no effort was made to dissemble the seribe relieved from making this payment. The Ameri- ousness of the situation. The political position of
can Government, while expres4ing sympathy for Premier Laval is difficult. A heated debate in the
France at this point, frankly states that it regards Chamber of Deputies,extending through most of the
the fear that such payment may be demanded as night of June 26-27, resulted in a vote of confidence
groundless, since "if all governments agree to the in the Government, as did an equally heated debate
American proposal, then there can be no demand of in the Senate on Tuesday. Both debates were marked
a creditor government for payment." The sugges- by outspoken aid even violent attacks upon the motion is made that if the fear of France is "real," the tives of the United States, which was represented as
other governments concerned "should expressly free seeking to impose its will upon Europe primarily for
France from this anxiety."
the safety of its own investments and claims, and
There is a more serious aspect to the matter, how- with showing more consideration for Germany than
ever. "Not only the spirit of the President's pro- for the nations whose reparations receipts would be
posal," the memorandum declares, "but the express deferred. With these proceedings as an indication
provision thereof is that the offer of the American of political opinion, the Laval Government would
Government is conditional on a like postponement hardly survive long if its action ran counter to the
for one year of all payments on intergovernmental principles which the Chambers approved, provided
debts owing the important creditor Powers." When the Chambers were still in session. A possible loopthe French Government, after expressing its desire hole for the Ministry appears in the report that
that the postponement of unconditional payments M. Laval may adjourn Parliament, thereby leaving
shall take the form of a payment into the Bank for him and his colleagues free to reach an agreement
International Settlements and a reloan to Germany, with America while trusting to time to allay the
"couples with this suggestion the further suggestion opposition which it might arouse.
that the loans back to Germany shall be considered
The possible isolation of France, on the other hand,
exactly as though cash payments had been made by has apparently had some influence on the GovernGermany to France and cash loans had been made ment. The Belgian note of acceptance which was reback by France to Germany, and that these loans ceived on Tuesday did, indeed, assert the "impreshould be considered in all future times as funds scriptible right" of Belgium to reparations and made
available to France to reduce or satisfy her guaran- the reservation that "it would manifestly be inadmistee as to subsequent years, she is departing substan- sible that the proposed mutual assistance should imtially from not only the spirit but the substance of pose on Belgium unduly onerous conditions and exthe President's offer." The French proposal, in pose it to serious financial difficulties," but the prior
other words, as the American Government sees it, acceptances of Poland and Czechoslovakia, together
would credit France with a payment to the guaran- with Rumania's acceptance on Thursday, were uncontee fund to the extent of the German payment, and ditional, and the Italian Government has announced
thereby not only relieve France from further obliga- its intention to apply the Hoover plan as far as Italy
tion regarding the fund, but convert a payment which is concerned without waiting for the action of other
was first regarded as a mere matter of form into an Powers. The British Government, in addition to
actual payment. "In any event," the memorandum standing solidly with the United States, is reported
declares,"it seems clear that this particular proposal to have informed France that the French reservainvolves a modification of the Young Plan, which tions regarding the guarantee fund were unacceptwe understand the French Government was particu- able, and that it could not undertake to make any
larly anxious to avoid. The American Government, further sacrifices than it had agreed to make unless
not being a signatory, of course cannot undertake the other powers co-operated.
to negotiate a change."
Late dispatches from Paris on Friday expressed
The final argument of the American note is a brief confidence that acceptance of the American proexposition of the financial consequences to France if posal, in principle if not in every detail, was near
Mr. Hoover's proposal is not accepted. With the at hand. According to these reports, the French
present situation in Germany, a failure of the pro- Government was not disposed to press its request
posed plan would "unquestionably" be followed by for the allocation of a part of the German payments
notice from Germany of the postponement of all con- to Eastern European countries in the form of loans,
ditional payments under the Young Plan. Assuming in view of the likelihood that such loans might be
that the unconditional payments were maintained, forthcoming from central banks. The offer of the
the share of France in those payments, after cer- British Government to summon a conference of the
tain priorities are excepted, is estimated by the powers signatory to the Young plan was also, it was
American Government at approximately $105,- said, regarded as a sufficient assurance that France's
000,000. Against this France would be obliged to obligation in the matter of the guarantee fund would
pay $106,000,000 to the guarantee fund, and about be equitably adjusted. If the agreement that
is
$110,000,000 in war debt payments to Great Britain reported as imminent contains no more important
and the United States. "Thus if the American pro- qualifications than these, it would appear
that
.
•
JULY 4 1931.]
FINANCIAL CHRONICLE
17
There is nothing in present conditions to suggest
France, after two weeks of hesitation and protest,
is in fundamental accord with the United States in a renewal of this old discussion. As long as our
the plan which Mr. Hoover has outlined for relieving "capitalistic system" endures, and we believe this
will be as long as our present form of government
the financial strain in Europe.
endures, the owners of capital must dictate the
proper division of profits. Those who own shares
Sharing the Profits.
in the company that employs them are not soon likely
There was a time when profit-sharing schemes to seriously object to this division. These sharewere plentiful. It was a time when there were more owners are constantly increasing. What outside inprofits to share than can be claimed for the present. fluences, such as "unionism," have to do with the
We are surprised that the advertising men should division must come from the sole interest of labor.
suggest, at their recent annual meeting, that a more What advertising men have to do with the question
equitable division of profits would tend to alleviate we do not know. Wages cannot forever be blind
present conditions and that the subject is worthy a to the rights and interests of capital. If out of our
more intensive study. If unionized labor, at war present debacle in economics we are to reap only a
wages,is not getting a lion's share of present profits few more socialistic doctrines, we are not soon to
who is getting it? In other words, with lowered recover our wonted prosperity. What we need is
prices and lessened sales, is capital getting an undue rest from agitation, not a new revolution!
The saved-up-wages form of capital is increasing
share of the profits of industry in general? Certransportation!
such a rate as to compel our mutual, and other,
at
not
tainly not agriculture; certainly
Just what manufacture is getting may be more de- savings banks to reduce the rate of interest and limit
batable, but as a whole, having reached the point the amount of the per capita deposits. Commercial
of saturation in many lines, it cannot be affirmed banks have already lowered the rate on current dethat a larger share of profits should be disbursed. posits, contributing to this limitation. What is the
There are many facts to affirm this. Industrials are object of this incipient plea for a larger division of
not issuing stocks or bonds for improvements and profits? We do not know. We can find only one
extensions in the ratio they did a few years ago. probable reason—the inevitable decline in wages!
Member banks are not rediscounting at the Federal Labor, so-called, never loses an opportunity to look
Reserve Banks. Central commercial bank customers out for its own interests. But in a time of strain
are not borrowing low-rate money with which to and stress like the present why does it agitate for a
operate. These items indicate reduced business vol- larger division of profits, if it does really do this?
Where are the profits? Why are bonds so low in
ume—and consequent lessened profits.
True, the advent in the last two decades of multi- price if capital surpluses are increasing at such an
plied labor-saving machines has augmented produc- inordinate rate? Why are stocks so low and
tion, and to some extent lowered prices, and in this nervous? The truth is that in time of "depression"
way has increased profits--but in a time of depres- those who are looking for some magical relief catch
sion, when taxes and costs of operation in overhead at any straw which blows in the wind of doctrine.
have not materially decreased, any calculation as to
We shall be sorry if this dead issue takes hold on
the amount of profits retained must be applied to the the public mind. What we need now is to make the
single industry, not the whole. "Labor" has lately profits—we can divide them afterward. We do not
offered some statistics to show a disparity in the deny that in the unstable present some industries
ratio between the increase of volume in business and are making handsome profits. It is always so in
the increase in the volume of wages, due to machin- seasons of inequality. It always will be so. But
ery. But technological unemployment, through this little good comes from a renewed discussion of these
cause, is not warrant for claiming a larger division abstract questions. They are not germane to a time
of profits. Where are the profits to go—to capital that needs courage in investment and initiative in
or labor? Who is to decide the proper division be- planning. The present time is ripe for the practical.
tween the two—the owners of capital or the owners Capital is timid. It requires the encouragement of
of labor? And how about the losses; who is to share probable profits in order to operate. Legislation
these? In this period of great trade depression, it for a greater "division of profits," if it should follow
is not profits we have to do with, but losses.
agitation, would be very detrimental to renewal of
In any event, there are no profits until labor is enterprise. The "proletariat" can do much by a
paid. Labor must be paid first. Capital must be give-and-take policy to hasten our recovery. It can
content with what it can make over and above labor- do much by theoretic and ill-advised demands to
costs. Machinery is a part in the capital of the retard recovery. Let us first make the profits.
plant. It must be bought and installed before profits
Those who manufacture sentiment against capital,
can be made. If anyone thinks that these labor-sav- and its uses and profits, contribute to the growth of
ing machines, coming now so thickly and rapidly into Bolshevism. !Capital is respectable and should be
the market, are not a heavy cost to operation he is respected. Capital is entitled to its tithe and canvery much mistaken. The owner is bound to install not live without it. Capital must'be used or it dulls
them or lag behind in the race. He must lay by a and wastes away. America's inexhaustible resources
surplus out of profits out of which to pay for them. are nothing until touched by the magic wand of
If he give all his profits to labor he cannot do so. human energy. This touch remains through all busiIf, subsequently, he must let workers go, it is not ness and trade—then it becomes saved-up labor;
as much from inclination as from necessity. Labor, another name is "capital." As long as individualism
on the other hand, is not compelled to lay by a sur- exists this increment will belong to those who earn
plus of its share of the profits for replenishment and or inherit it. There is nothing dishonest about
replacement. It retains all its share for its own use. accumulation. There is nothing restrictive about it.
It cannot, therefore, inherently become a dictator Accumulation provides opportunity and vitalizes
of shares in the division.
labor. To crusade against capital is to deny the
FINANCIAL CHRONICLE
natural evolution of industrial forces. Capital is
the backbone of civilization. It is the progenitor of
culture. To war against it is to war against the best
interests of humankind. Impersonal, it makes only
demands that foster its perpetuity. Contrast the
acquisitiveness of those who have and those who
have not! Labor should thank capital, gathered
out of toil and hardship, that it exists, and its existence depends on the first share in profits.
The Cancellation of Indebtedness.
There is what may be called an economic phase
in President Hoover's movement toward the creation
of a one-year moratorium for interallied debts and
German reparations we may consider regardless of
the monetary statistics involved or the political
aspects sure to creep into the discussion. Senator
Bing,in cummenting on the moratorium, calls attention to the vastness of the debts of the world. We
have before this in our columns done the same thing.
We have, ourselves, more than once called attention to the duty of each generation to its successor—
the duty of living frugally and contentedly, that we
do not discount the future in the present; do not
progress faster than is our due through our own
exertions; do not borrow the toil of the unborn and
do not ravish the resources of earth to gratify our
ideas and ideals at the expense of those who are to
come after us. The crime and folly of the World War
is chargeable to the era that made and fought it.
Duty demands extinction of its debts as soon as
possible. Yet not so fast that mankind of to-day
makes a gift of all its benefits (or of such as it had)
to the mankind of to-morrow. Peculiar circumstances in this instance have made the United States
the great creditor nation. This movement of a
"moratorium" fastens still more that burden upon
us, for it is a burden as well as a benefit. Whether
'tis better to cancel or not to cancel goes far deeper
than a matter of honest payment of honest loans.
We pass this by.
Many sins, as in the case of liberty and patriotism,
are committed in the name of progress. Now credit
is the lifeblood of trade. But live credits alone
fortify banks—not dead ones. Banks are our greatest agencies for the cancellation of indebtedness.
Customers' checks and notes offset each other. If
we had no such agency and our bills of exchange had
no chance to offset each other until they accidentally
met on the highways of trade, our very enterprise
would clog and reach a standstill. And so through
all our uses of debts and credits. In our exultant
endeavor to "progress" in the last quarter of a century, all over the world, we have ignored this truth.
Consequently, the States, peoples, institutions and
individuals of the world are hundreds of billions
embroiled in interdependent debts. Probably, if a
buyer could exist or be found, the world, if sold,
would not bring enough to pay these debts. This is a
fearful burden to bequeath to posterity.
Though credit is a blessing, debt may become a
curse. That the world's credit is overextended admits of no doubt. Senator King estimates that a
burden of $300,000,000,000 rests on the United
States. Try to estimate it—first Federal, State,
municipal, county, township, and the smaller subdivisions; then railroads, public utilities, industrials,
realty mortgages; then banking, commercial, and
personal. The world is halted at the door of debt.
All that is, is mortgaged. All that is fixed and stable
[VOL. 133.
is already pledged. We must project new plants,
machines, manufactured things on which to borrow.
These risks are uncertain. How much of "hard
times" is due to this situation?
Are we herein advocating immediate cancellation,
the burden of which would fall on the United States
and the benefit on Germany? Hardly. Yet the argument for is apparent. What becomes of a business
that can borrow no more—save stagnation, apathy,
and possible closing down? What,in fact, since all
new borrowing is for other generations to pay, are
we doing by our war preparedness expenditures but
going deeper in debt—phantasmic debt, to tax the
toil and trade of an already impoverished world we
are bequeathing to posterity?
As a people we are not without blame for the evils
that have fallen upon ns. We are at least interested
in total disarmament. Some of us make bold to say
cancel all war debts as far as the United States is
concerned. The two naturally combine. But what
of the future, what of the cancellation of "adversity"? We must find our answer in the past. We
overborrowed for what? To increase, unnaturally,
the momentum of trade—to "make money" faster
and faster—to boast of an inflated "progress"—to
speculate in stocks and bonds to the end of collapse.
Now,we have the cheapest money in history,the most
abundant potential credit—and do not use either!
Certainly we do not want the former kind of "prosperity." We want peace, prosperity, progress, of the
normal kind—we want a state of "business" wherein
we are willing to borrow for a rational and courageous extension of industry that can and will be paid
in a reasonable time. But over us hangs the black
cloud of a World War that taught us extravagance,
and we are afraid the lightnings will break and the
deluge fall. If we ever do cancel and disarm as a
prelude to prosperity let us then "go slow and
comprehend."
How to Handle "Dead Funds."
The Federal Treasury is in receipt of $15,726
which the Postmaster at Philadelphia regards as a
"dead fund." The remittance is a reminder of the
intensity of the Liberty Loan drives in order that
money might be available to support the American
Army and Navy then engaged in the World War.
While men of large means were being urged to
buy bonds until it hurt, local committees were making house-to-house canvasses in order to obtain subscriptions to bonds from every citizen, and many
persons of very limited resources actually did "buy
until it hurt." Some of them were unable to keep
up their payments and they deliberately abandoned
the small sums they had already paid upon account.
Diligent efforts have failed to find claimants for the
above named sum, which is now turned over to the
Government.
Numerous States have enacted laws which require
savings banks and commercial banks conducting
savings accounts to publish a list of depositors with
the respective amounts due to them after the various
sums have been unclaimed for a fixed period of years.
In this way persons who have removed to other
localities or heirs of depositors are frequently reminded by friends of the sums awaiting proper claimants. Restitution is thus made and payment of the
deposits by the banks to the State is avoided.
In view of the action taken by the Postmaster at
Philadelphia, which no doubt is proper under the
JULY 4 1931.]
FINANCIAL CHRONICLE
circumstances, the question is raised whether the
Federal Government ought not to make provision for
advertising funds which remain in the hands of public departments after the elapse of a fixed period of
years.
The money obtained by the Government during the
four Liberty Loan campaigns was not a gift; it was
an advance payment and a partial payment for Liberty bonds which were never delivered because the
subscribers failed to complete the contract by making payment in full. Nevertheless, the subscribers
are probably justly entitled to have their payments
refunded without interest.
As it is demonstrated that the sum of $15,000 was
abandoned in a city of two million population, the
total amount thus neglected in the entire country
19
is undoubtedly a considerable sum. Before other
Postmasters follow the example set in Philadelphia,
possibly Federal authorities should arrange for
notice by publication in cases where the sums are
sufficiently large to justify the costs of giving such
notice.
Some State officials are so strict in complying with
laws intended to produce revenue that their methods
actually incur a loss. Instances are cited where
the agent of a State wastes postage and stationery
in an endeavor to collect a tax of three cents due to
the Commonwealth. Judges exercise discretion in
administering the law, but when a statute undertakes to direct an official in imperative terms it
should be so framed as not to defeat the very purpose
of the Act.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 3 1931.
The great event of the week has been the negotiations in
Pars between'Secretary of the Treasury Mellon and Premier
Laval of France with a view of arriving at a settlement of
Preiident Hoover's one year moratorium plan for Germany's
war:debt. To-night it looks as though daylight was ahead.
It is understood that Mr.Mellon to-day telephones President
Hoover that a formula had been agreed upon with some
details still to be arranged which suggest no danger of a disagreement. London expects the pact to be successfully
arranged. Wall Street has faith that it will be and stocks
to-day advanced sharply. Exchange was higher, silver
advanced noticeably and some commodities were also up.
Cotton jumped 30 to 35 points, rubber 12 to 15, hides 5 to
12, cocoa 10 to 15, silver at the Metal Exchange was Mc.
higher on Wall Street, and Chinese exchange was the highest
for months past, all of which was directly or indirectly traceable to the more cheerful news from Paris. Apart from this
the sentiment in trade circles has been improving. Retail
trade has been stimulated by hot weather and preparations
for the Fourth of July holiday. It is still noticeable, to be
sure, that cheap or moderate priced merchandise sells the
most readily. Wholesale and jobbing trade is still in poor
shape, but it is a little better than it was, even though the
orders are still for small lots. Steel output has been reduced, but as in so many other lines of trade there is a more
hopeful feeling. The output of automobiles in June was
smaller than in May. Petroleum stocks have decreased and
the condition of the industry seems to be better, but East
Texas proration litigation is still unsettled. Coal strikes
continue in Ohio and Pennsylvania. The weather has been
very hot, in fact there has been a great heat wave in the
West which has latterly struck the East with marked
severity. Within the last 48 hours, however, temperatures
on the Atlantic Seaboard have moderated. In the northern
part of New York there have been some violent storms. A
tropical storm struck the southern coast of Texas and rainfalls in a single day of some 5 to 73/i inches occurred there.
In the West the heat has been so intense that farm horses
have been dropping dead in the fields and there were many
prostrations. The effect of the high temperature has been
to reduce operation in the industries, but, as already observed, they have helped retail business. Collections
throughout the United States are slow. Sales of automobiles
are unsatisfactory. Heavy hardware is not selling well.
There is a fair demand for light hardware. A slight increase
in the sales of furniture is noticed, but this business is
noticeably below the normal. For men's clothing there is
only a light demand and the same is true of drygoods and
millinery. The wholesale grocery trade is on a fair scale.
Silk and woolen piece goods are dull.
On the other hand the leather trade in Boston has been
more active. Wool has been steady and some grades are
reported in excellent demand. In this city the wholesale
and jobbing sales of knit wear woolen goods hosiery and
worsteds are fully equal to those of a year ago. Another
noticeable fact is that the failures in both wholesale and retail
lines have latterly necreased. Steel sheets are reported
higher. Structural and pipe steel are in thelbest demand.
The June production of automobiles is estimated at 275,000
to 300,000 for the United States and Canada against
300,000 for the United States and Canada against 315,000
in May. The dullness in the automobile business has unfavorably affected the glass industry. Coal prices are
stronger, due to the strikes in Pennsylvania and Ohio of some
6,000 to 8,000 men, and also to increased demand from consumers. Lumber is quiet in general, though in the Far
West the demand is a little better. Tobacco manufacturing
in the South is reported brisk. In tho cotton mills of the
Carolinas it now seems that the Fourth of July holiday will
not be so prolonged as was predicted recently; in fact, it
seems likely to be no more than what is usual.
Wheat declined 2 to 23/ cents, with export trade light,
some beneficial rains in the Northwest and In Canada,
large offerings by Russia in English markets and prospects
that the Farm Board will continue to sell some of its holdings.
Corn has declined 3 cents or more except on July which fell
only Mc. as there was a large short interest in it. September
and December corn have declined because of beneficial
rains at the West and reports that the recent hot weather had
not damaged the crop. The oats crop was injured, however,
alia this grain has declined only a fraction in response to the
drop in other grain. The corn crop is maturing rapidly
and is expected to be about 3,000,000,000 bushels. Rye
has declined M to 2c. with little business, and no sign of an
export demand. Cotton was sharply lower at times as the
stock market declined and the news from Paris about the
Hoover Plan seemed rather hopeless. But of late there has
been a sharp rise, especially to-day when prices advanced
$1.50 to $1.75 per bale on better nevis from Paris and a good
demand coincident with a sudden scarcity of contracts.
Worth Street, too, was reported more active. Rubber has
declined slightly as a not unnatural reaction after the
recent sharp ad--ance, and the tone in this branch of business
seems to be better. Hides have advanced 55 to 60 points
on a good demand and a stronger tone in Chicago, where
prices indeed have recently advanced Mc. Cocoa advanced
27 to 24 points and silk 14 to 15.
Raw sugar has advanced 2 points net and refined has also
risen with a better demand. Coffee has advanced 2 to 18
points on covering and at times rather better cables. Cotton
goods for a time were much quieter, but to-day a larger business was reported. Percales sold pretty well for July and
August delivery and so did popular dress fabrics. But
denims at the recent advance met with a slow demand. A
better inquiry was reported for fine and fancy cotton cloths.
A fair business was done in certain constructions of sheetings
from converters and bag manufacturers.
Boston reported that the plan for consolidating Hoosac
Cotton Mills, Butler Mill and New Bedford Cotton Mills
Corp. into one company all of whose common stock will be
owned by Associated Textile Companies, has been approved
by all classes of stockholders of Hoosak Cotton Mills and
Butler Mill by majorities in excess of the 66 2-3% necessary.
Plan also offers alternatives of exchange of Hoosak and
Butler preferred stocks for Associated Textile Companies,
or purchase of preferred stock of the new consolidated corn-
20
FINANCIAL CHRONICLE
pany. Lawrence, Mass., activity was reported at the
highest point. Various mills abandoned holiday closedowns
in worsteds. The agent of one of this city's biggest textile
plants said: "We haven't been so busy since the late World
Wax." One mill has been speeding up production of fancy
men's wear and women's coatings, which are meeting with
generous response from the cutters. Woolen and cotton
mills are likewise having a busy period. Many departments
of the Pacific Mills have been operated on a night and day
basis for some time. Night work has also been the rule in
the Arlington, Washington and Wood mills and recently
some night work was started in the Aver Mill.
At Charlotte, N. C., mill executives seem to be more
optimistic. Curtailment continues and the mills in this
section are not consuming as much cotton in June as they
consumed in May but some mills that were contemplating
a two weeks holiday are now talking of only closing down
the week, including July 4th. At Spartanburg, S. C., mills
have been anticipating a shutdown of one or two weeks beginning July 4th, but since the recent improvement in the
cloth market some textile executives are not so sure that the
shutdown for the holiday will be as lengthy as anticipated.
At Greenville,S. C., the general feeling now seems to be that
with the exception of the regular closing down for the holiday
period around July 4th there will not be any additional
curtailment any time in the near future.
Sales for Montgomery Ward & Co. for June totalled $19,219,335, against $23,989,300 for the corresponding month
of last year, a decrease of 19.88%. Sales for the six months
ended June 30 totalled $107,791,365. They compared with
$130,175,103 for the first half of last year. The decrease
was equal to 17.22%.
The stock market has been backing and filling as the
news and rumors fkom Paris, London, Berlin and Washington dictated. To-day the market here took the bit in
its teeth and raced upward one to seven points spurred by
brighter news about the prospects of the proposed moratorium of one year on Germany's war debts. United States
Steel advanced to 1053
4,a rise of 33' points, a new high on
this movement, the low for this year being 833'. Auburn
Automobile rose 73/i points, Case Threshing Machine, 23';
Consolidated Gas, 3; American Telephone, 3; International
Telephone, 23g; New York Central over 3 points; du Pont,
3; American Foreign Power, 2%; Johns-Manville, 1%
3;
Worthington Pump,2%; Radio, 1%; General Electric, 1 Wi;
and Westinghouse Manufacturing, 3% points. Sterling
exchange was in active demand and advanced to 4865A, a
rise of 5-32e. on the Paris news. The official call money
rate was 1 M% but outside it was 1%. Silver at the metal
Exchange here was 55 to 85 cents higher. Chinese exchange
was sharply higher. Taels were above 33c. and Hongkong
dollars crossed 26 cents the highest prices for months past.
Bar silver advanced half a cent in Wall Street and was up
In London. French francs were steady. German markets
were easier.
On July 2nd, in expectation of a moratorium settlement,
stocks advanced with United States Steel common in the
van. It led with a net rise of 23 points, with Santa Fe
4,Eastman Kodak 23z, Woolworth
up 2%, Auburn Auto 23
/s. Sales on the Stock Exchange
29/i and American Can 23
were 1,708,000 shares, or some 200,000 shares less than on
the previous day. There was an average decline on the
whole list, but it hinted at a better state of things for it was
smaller than on the previous day. The attitude of the
United States, England and Italy was suggestive. Bonds
were irregular. German Government 532s sold as low as
70, but rallied to 7234 at the close and was 3 point net
higher. German Government 7s ended unchanged. German corporation issues were lower. Argentine Government
bonds were strong. Uruguayan ended 1 to 43/2 points lower.
Marking the first material advance in 20 months the
commodity index figure for June prices stands at .7756, an
advance of 1.5% over that of a month ago and the largest
percentage of increase since October 1927.
On June 27th it was 70 to 80 degrees here, but the heat
was mitigated by a comparatively low humidity. At 8p. m.
when the heat was at 85 degrees the humidity was 85. The
maximum of 88 degrees was at 5 p. m. and 6 p. m. It was
79 at midnight. It was hot all over the United States. The
hot wave which has prevailed in the Central West swept to
the East last Saturday and in New York City it was the
hottest June 27th in 30 years. In Yuma and Phoenix,
Ariz., it was 110 degrees, in Nebraska and South Dakota
104, and 10 other States reported temperatures of 100
[Vol,. 133.
degrees or more. One unofficial report, according to the
Associated Press, said it was 120 degrees in the shade at
Hoover Dam, Nev. It was 100 to 102 degrees in many
parts of the South. It was over 100 in 12 States of the
North. The grain belt was hot and serious damage was done
to oats in Illinois and Iowa. The waterfront of Corpus
Christi, Tex., was deserted after the Government had
warned of a tropical storm approaching from the Gulf of
Mexico.
On June 28 it was hot in many parts of the country
especially in west and south. Here the mercury did not go
above 82 but for a time the humidity was rather heavy.
A north wind kept down the temperatures. It was 108 at
Huron, N. Dak., the highest ever recorded there. Chicago
had 100 with 103 in its suburbs half a mile from the lake,
an all time high record. In Iowa, Kansas and Missouri
farm horses have been dropping dead in the fields and in
many districts all field work has been suspended until late
in the afternoon and far into the night. While the hot days
and nights were forcing the growth of corn at a rapid rate
the dry heat is working destruction to oats. It was the
tenth day of great heat at the south with temperatures of
100 to 102 and as high as 105 during the week. Boston had
only 60 to 76, Cincinnati,72 to 98; Denver,66 to 96; Detroit,
70 to 82; Kansas City, 80 to 100; Milwaukee, 72 to 98;
St. Paul, 80 to 102; Montreal, 62 to 82; New Orleans, 78
to 96; Omaha, 82 to 102; Philadelphia, 70 to 88; Phoenix,
82 to 108; Portland, Me., 56 to 76; Portland, Ore., 52 to
70; San Francisco, 54 to 68; St. Louis,82 to 102; Winnipeg,
74 to 96.
The low point registered here yesterday was 66 at 5 a. m.
and the day's average was 80, eight points above normal.
On July 2, temperatures here were 65 to 76 in contrast
with 89 to 92 Tuesday and Wednesday. On the 2d inst.,
Western New York had been very hot as the heat advanced
from the Central West. Record temperatures were reported in Rochester, Syracuse, Watertown, Batavia and
Binghamton. Fifty employees were overcome by the heat
at the Remington Typewriter plant in Syracuse, and it was
closed for the day. Leading department stores and factories
suspended business earlier than usual. After the storm in
Western New York the temperatures dropped rapidly in
some cases falling 24 degrees in 20 minutes. In Knoxville,
Tenn., where the temperature had wavered between 90
and 100 degrees for the past two weeks, the mercury
dropped from 98 to 76 in 45 minutes during the storm here.
Guaranty Trust Co. of New York Looks for World-wide
Trade Recovery as the Result of President Hoover's
Proposal.
The immediate and enthusiastic response of financial markets to the announcement that the United States Government would favor a one-year moratorium on all intergovernmental debts, including the reparations obligations, suggests that this step, if the negotiations for Its execution are
successful, should be a powerful influence, working toward
world-wide trade recovery, states the Guaranty Trust Co.
of New York in the current issue of the "Guaranty Survey,"
Its monthly review of business and finance. The "Survey"
continues as follows:
"The actual economic significance of the war debts is a controversial
subject. Some authorities point out that the yearly service charges on
account of the debts constitute a relatively small item in the international
balance of payments, while others maintain that the tax burdens and transfer
problems arising from the settlements are much snore important than their
actual magnitude would suggest.
Optimism Created by War Debt Proposal.
"The comment of business leaders and public officials in this country
has been almost unanimously favorable. Typical of the general attitude
of approval was the statement of a prominent industrial executive, who
said he regarded the proposal as 'the first great constructive move we have
made for the world's economic recovery.'
"The most important immediate effect of the proposal is psychological.
It has served to revive hopes for economic recovery and political stability
where widespread doubt and pessimism were acting as deterrent influences
without much regard to actual facts or real values. The economic effects
of a restoration of confidence will be great, even if the processes of readjustment move slowly and actual business improvement does not come
rapidly or in appreciable volume.
"It would be a mistake to overemphasize this proposed debt adjustment
as an economic factor in itself, but as a stimulant to constructive effort
and thought, both here and abroad, it carries great weight and may well
mark the change in business attitude which precedes and helps to vivify
business recovery.
Effects on Financial Markets.
"The publication of the Government's plan was followed by sharp advances in values in all the great financial markets of the world. Prices
on the New York Stock Exchange rallied strongly in the heaviest trading
in several months, and similar movements were reported from the financial
JULY 4- 1931.]
FINANCIAL CHRONICLE
centers of Europe. The condition on the Berlin Boerse
was described
as a buyers' stampede. Optimism in this country was
reflected also in
commodity markets. The day's advance in prices of
four major farm
products was estimated to have added $300,000,0
00 to the aggregate
value of those crops. Export sales of copper at
New York reached the
highest daily total reported so far this year.
"Preliminary estimates by United States Treasury
officials placed the
total amount of German payments affected at approximat
ely $406,000,000,
of which 8246,000,000 would be sacrificed by the United
States, $87,000,000
by France, $20,000,000 by Great Britain, $9,000,000
by Italy, and $44,000,000 by other countries. These payments,
of course, would not be
cancelled, but merely suspended for a year, so that
the amounts actually
sacrificed would be equivalent to one year's interest
on all future sums
payable under the various debt agreements.
Ritziness Outlook Improving Slow/y.
"American business has passed through the first half
of 1931 at a
practically unchanged level of activity. Such variations
as have occurred
have been mainly seasonal in character and have
failed to show any convincing signs of a fundamental change in trend. The expansion
of industrial
operations during the first quarter brought some
encouragement, but its
possible favorable implications were surrounded with a
good deal of doubt,
due to the fact that the revival was accompanied by no
indication of price
stabilization. Subsequent events have proved that
doubt to have been
justified.
"Although no definite improvement has yet
become visible, there is
some basis for the growing belief that the lowest
level of depression has
been seen or will he seen within the very near
future, and that some
degree of tangible recovery should manifest Itself during
the second half
of the year. The very fact that six months have
passed without bringing
further significant recession can reasonably be regarded
as a sign that
the process of readjustment is nearing completion.
Moreover, the general
level of activity appears to have reached approximat
ely as low a point, in
comparison with what is generally regarded as normal,
as it ever did in
the course of past depressions. The recent behavior of security
and commodity markets has also been considerably more reassuring
than it was
during the earlier part of the year. Many corporation statements
for the
first half year are certain to be unsatisfactory and will have
some depressing effects, which will, however, be lessened if the returning
faith in future
developments grows stronger, as seems likely. The importance
of looking
forward, rather than backward, is now being realized.
"The financial situation has been strengthened
by the elimination of
certain weak spots, notably in the Middle West. The wave of
bank failures
In Chicago, while necessarily unsettling in its immediate
effects, was,
nevertheless, an essentially favorable development, since
it corrected a
condition that contained elements of danger. The removal
of such an
obstacle without greater ill effects should, in the end, contribute
to the
restoration of confidence.
"The condition was attributed, in part at least, to the decline
in real
estate values, a factor that has caused recent banking difficulties
in
various parts of the country. With our abnormally large
gold reserves,
bank resources increased rapidly during the last decade; and this
increase,
combined with the growing tendency for corporations to finance
their
operations by issuing securities instead of borrowing from the banks,
forced the latter to seek employment for their funds outside of
the usual
channels. The result has been apparent in the steady
increase in bank
investments, which has proceeded to a point where more
than one-third
of the total amount of earning assets of reporting member
banks of the
Federal Reserve System is represented by investments, as
distinguished
from loans in the usual banking sense. The same set of
conditions is held
responsible for the large-scale flow of bank funds into
loans and investments based on real estate values."
Decrease of 15% in Department Store Trade in New
York Federal Reserve District in May Compared
With Same Month Last Year.
The July 1 "Monthly Review" of the Federal Reserve
Bank of New York states that "reporting department stores
in the New York Federal Reserve District showed a 15%
decrease from a year ago in their May sales, but May of
this year had one less selling day than last year, and, in
addition, unseasonable weather probably had the effect
of deferring some purchasing until June. Preliminary
reports indicated that sales during the first half of June
compared much more favorably with the comparable period
of last year." Continuing, the "Review" says:
May reports of department stores located in the
metropolitan area and
In Buffalo showed larger decreases from a year ago
in daily average sales
than have previously been reported to this Bank.
The declines in sales
In the other sections of this District ranged
from 11 to 20%. with the
exception of the Westchester section, and stores
there reported a decline
for the first time since January. Apparel sales
were especially affected by
conditions in May, and the sales of the
reporting apparel stores showed
an unusually large decline from a year ago.
Stocks of merchandise on hand at the end of
May, at retail valuations,
continued to show the same substantial decrease
from
as in April.
The percentage of outstanding charge
accounts collected during May
continued to be smaller than a year ago.
1930
Percentage Change from
a Year Ago.
Locality.
Net Sales.
May.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N.Y.State
Southern N.Y.State
Hudson Riv. Valley Dist..
Capital District
Westchester District
All department stores
Apparel stores
--15.5
--21.4
--12.4
--10.9
--13.3
--16.8
--14.1
--13.4
--12.9
--11.4
--19.9
--7.3
--15.2
--18.8
Jan. to
May.
Stock in
Hand
End of
Month.
-8.1
-9.3
-6.8
-8.3
-6.7
-10.1
-8.6
-8.0
-8.7
P. C. of Accounts
Outstanding
April 30 Collected
in May.
1930.
1931.
--13.9
20.5
-9.2
-14.6
12.8
12.3
10.8
49.9
48.4
42.0
32.2
45.7
42.0
39.8
51.4
41.3
41.8
28.8
41.3
37.6
36.7
-14.1
-11.9
47.2
46.7
45.8
44.0
21
Sales and stocks in the principal groups of departments are compared
In the following table with those of a year previous. Apparel departmen
ts
are prominent among those showing large declines in sales from the May
volume.
1930
Net Sales
Percentage Change
May 1931
Compared with
May 1930.
Stock on Hand
Percentage Change
May 31 1931
Compared with
May 31 1930.
+3.9
-3.5
--14.0
--7.9
--19.5
--11.9
+4.0
--16.2
--23.1
--19.5
--23.2
--16.4
--14.3
--5.8
--15.0
-198
--19.9
--21.0
Toilet articles and drugs
Silverware and jewelry
Woolen goods
Books and stationery
Toys and sporting goods
Home furnishings
Furniture
Hosiery
Luggage and other leather goods
Women's ready-to-wear accessories
Men's furnishings
Cotton goods
Linens and handkerchiefs
Shoes
Men's and Boys' wear
Women's and Misses' ready-to-wear
Silks and velvets
hiuslcal instruments and radio
Miscellaneous
--4.3
---8.8
--10.0
--11.0
--14.6
--14.9
--15.8
--16.7
--18.6
--18.7
--19.4
--22.0
--23.4
--24.5
--33.4
---9.8
--14.0
Chain Store Sales in New York Federal Reserve District
During May 5% Smaller Than Same Month Year
Ago.
The Federal Reserve Bank of New York has the followin
g
to say regarding chain store trade in its July 1
"Monthly
Review":
Sales of the reporting chain stores during May
than a year ago. After making allowance for oneaveraged 5% smaller
less business day in
May this year than in
the adjusted sales of most types of chain stores
were still somewhat below a year ago, but the
declines were smaller than in
April. In fact, sales of candy chains in May were
above those of a year
previous for the first time since May
Sales per store continued to show a decline from a
year ago in all types of
chains except candy stores, the number of which
for some time past has
been smaller than in the previous year.
1930,
1930.
Percentage Change May 1931
Compared with May 1930.
Type of Store.
Number of
Stores.
Total
Sales.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+4.2
+3.0
+0.7
+11.4
+5.4
-3.4
-4.7
-8.0
--13.9
-5.4
+0.3
-22.7
-10.3
+3.9
Total
+4.2
-5.3
-9.1
Sales per
Store.
-8.7
-7.4
Decrease of 21% Under Year Ago in Wholesale Trade
in New York Federal Reserve District During May.
The July 1 "Monthly Review" of Credit and Business
Conditions by the Federal Reserve Agent at New York will
contain the following item on wholesale trade:
"The dollar volume of salts of the reporting wholesale
dealers in the New York Federal Reserve District during
May averaged 21% below a year ago, a somewhat larger
decline than in the two preceding months. Grocery
sales
showed an unusually large decrease from the previous
year,
and the sales of men's clothing, cotton goods, stationery,
and paper continued to be substantially smaller than last
year, says the July 1 "Monthly Review" of the Federal
Reserve Bank of New York which reports further as follows:
The decline in sales of hardware, after diminishing in
March and April,
was rather large again in May,and the yardage sales of silk,
reported by the
Silk Association of America, were below those of a year previous
for the
first time since October. Sales of shoes, diamonds and
jewelry, however,
showed smaller decreases than in any previous month this
year. The
National Machine Tool Builders Association reported
decrease in
a
machine tool orders for May compared with
which was also a somewhat smaller year-to-year decline than in April.
The value of merchandise stocks held at the end of May continued to
show substantial decreases from a year previous in all reporting lines.
except drugs. Collections in May of this year were somewhat slower than
in
although the difference was not great.
1930,
36%
1930,
ConamodUy.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools••
Stationery
Paper
Diamonds
Jewelry
Percentage
Change
May 1931
Compared with
April 1931.
Percentage
Change
May 1931
Compared with
May 1930.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
-4.0
-31.8
-5.9
-30.7*
-16.6
-26.8
-6.0
-4.6
-__
-4.0
+0.9*
-3.7
+4.6
-2.8
-23.1
-5.0
-25.2- - -29.9 -3-1.0
-9.6* -11.1*
-10.3 -42.2
-8.7 +27.0
-20.1 -13.5
-16.2
-4.8
+20.4
+18.3
---- ---4.9
-3.0
-19.3
-23.9
-8.4
-27.3
Net
Sales.
-----21.1
--29.4
Percent of Accounts
Outstanding
April 30
Collected in
May.
1930.
1931.
76.0
30.2
37.4
44.1
48.8
31.4
48.5
73.5
30.4
33.3
45.1
44.4
35.8
45.4
719
62.2
123.9
f
73.9
58.3
118.7
-14.7
Weighted average
---- -20.6
---_
49.8
• Quantity, not value. Reported by Silk Association of America.
•• Reported by the Nat onal Machine Tool Builders' Association.
48.2
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" weekly index of wholesale commodity
prices advanced again to 102.2 on Tuesday, June 30, a
gain of 0.4 from last week's 101.8, and of 1.7 from the postwar low of 100.5 on June 9. Food and textile products,
fuels, and metals continued their advance, carried along
by the wave of better feeling that followed the President's
debt proposal, while farm products, building materials and
the miscellaneous group declined moderately.
TEE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
June 30 1931
June 23 1931
July 1 1930
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
88.8
110.2
97.0
122.6
103.9
117.4
99.7
85.1
89.2
109.6
:95.6
120.0
101.7
118.1
99.7
85.7
115.3
130.3
118.0
154.2
110.9
142.7
108.0
104.8
All nnrnmnr10.11.3
102.2
101.8
125.2
June 1931
May 1931
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
87.8
108.6
95.5
121.7
101.9
118.8
99.7
85.6
90.9
109.7
96.5
125.1
102.7
120.1
99.8
85.8
oco 4.ea
CobiaEnio
x Revised.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(Monthly Averages-1913=100)
All commodities
101.1
102.9
1281
June 1930
Forest products loading totaled 30,614 cars, an increase of eight cars
above the preceding week this year but 19,023 cars under the same week
in 1930 and 40,289 cars below the corresponding week two years ago.
Oro loading amounted to 30,640 cars, an increase of 3,026 cars above
the week before but 32,553 cars below the corresponding week last year
and 44,792 cars under the same week in 1929.
Loading of merchandise less than carload lot freight totaled 217,133
cars, a decrease of 1,577 cars below the preceding week this year and
23,623 cars below the same week last year. It also was 42,243 cars under
the same week two years ago.
Coal loading amounted to 109,337 cars, 2,934 cars above the preceding
week but 23.160 cars below the corresponding week last year. It also was
44,316 ears under the same week In 1929.
Coke loading amounted to 5,451 cars, a decrease of 11 cars below the
preceding week this year and 3,883 cars under the same week last year.
Compared with the same week two years ago, it also was a reduction of
6,642 cars.
Live stock loading amounted to 19.554 cars, an increase of 1,482 cars
above the preceding week this year but 1,771 cars below the same week
last year and 3,799 cars below the same week two years ago. In the
Western Districts alone, live stock loading for the week ended June 20
amounted to 15,172 cars, a decrease of 1,344 cars compared with the same
week last year.
All Districts reported reductions in the total loading of all commodities,
compared not only with the same week in 1930 but also with the same
week in 1929.
Loading of revenue freight in 1931 compared with the two previous
years follows:
1931.
1930.
1929.
Five weeks in January
3,490,542
4.246.552
4,518,609
Four weeks in February
2.835,680
3,506,899
3,797,183
Four weeks In March
2,939,817
3.515,733
3.837,736
Four weeks in April
2,985.719
3,618,960
3,989,142
Five weeks in May
3,736.477
4,593.449
5,182,402
Week of June 6
935,582
760,890
1,055,768
Week of Juno 13
732,453
926,066
1,069,670
Week of June 20
739,116
920,645
1,069,874
Total
Remarks of Chester D. Pugsley on Unemployment at
the Round Table on Unemployment Conference
at the Institute of Public Affairs of the University of Virginia on Monday Morning, July 6.
"The volume of unemployment at the present time is
probably over five million, not counting those unable to
work through disability and senility. There is always a reservoir of idle, due to displacement occasioned by improved
industrial processes and rationalization. This idle labor is
naturally greatly augmented in periods of depression such
as the present, when it cannot be readily absorbed by new
and expanding industries. Another factor in the problem
Is that labor is static, and therefore is not mobile enough to
avail of jobs in other parts of the country.
"A constructive formula for the complete solution of unemployment is difficult. The development of our foreign
commerce, which now only consists of about 10% of the
total trade of this country, would be a factor in its amelioration.
"I am not sure that saving beyond a reasonable amount
for sickness and unemployment by the mass of the people
is desirable. Their expenditure on a better scale of living
promotes the general prosperity as evidenced by the great
market for merchandise we have built up through instalment
buying. Any increase of expenditures by the rich does not
have very much effect, but their contribution is largely in
prdviding the capital to carry on industry.
"I think possibly insurance companies might devise a
form of unemployment insurance so that labor could be
Insured against it as well as sickness. In the same way that
life insurance companies have endeavored to promote the
longevity of their policy holders by urging periodic medical
examinations, the unemployment insurers would endeavor
to establish employment offices for their policy holders as
well as engage in research to obviate the frequent labor
turnovers and cyclical and seasonal employment."
Revenue Freight Continues
Small.
Loading of revenue freight for the week ended on June 20
totaled 739,116 cars, the Car Service Division of the American Railway Association announced on June 30. This was
an increase of 6,663 cars above the preceding week this
year but a decrease of 181,529 cars below the corresponding
week last year and a reduction of 330,758 cars under the
same week two years ago. Details follow:
18,220,694
Miscellaneous freight loading for the week of June 20 totaled 293.624
cars, a decrease of 995 cars below the preceding week this year, 70.582 cars
under the corresponding week in 1930, and 136,113 cars under the same
week In 1929.
Grain and grain products loading for the week totaled 32,763 cars. an
Increase of 1,796 cars above the preceding week this year but 6.934 cars
under the same week last year and 12,564 cars below the corresponding
week two years ago. In the Western Districts alone, grain and grain
products leading for the week ended on June 20 totaled 22.060 ears, a
decrease of 5,234 cars compared with the same week last year.
22,263,886
24.520,384
Electric Power Output in the United States During
May Approximately 6% Below that of the Corresponding Period Last Year.
According to the Division of Power Resources, Geological
Survey, electric power produced in the United States by
public utility plants during the month of May 1931 totaled
about 7,623,104,000 kwh., a decrease of about 5% as eons..
pared with the same month a year ago when production
amounted to approximately 8,063,776,000 kwh. Of the
total for May 1931 there were produced by fuels 4,507,995,000 kwh. and by water power 3,115,109,000 kwh. The
Survey's statement shows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED STATES
(IN KILOWATT HOURS).
Total by Fuels and Water Power.
Diriston.
March.
April.
May.
Change in Output
from Precious Year.
April.
May.
New England
564,278,000 528,692,000 522,352,000 +1%
Middle Atlantic_
2,094,081,000 1,942,863,000 1.911.854.000 -5%
East North CentraL 1,848,766,000 1,755,673,000 1,742,221,000 -8%
West North Central_ 478,805,000 467,485,000 482,882,000 -6%
889,627,000 924,156,000 917,396,000 -8%
South Atlantic
East South Central_ 350,306.000 321,334,000 332,828.000 +2%
West South Central_ 350,957,000 355,706,000 367,478,000 -13%
267,793,000 263,085,000 272,510.000 -12%
Mountain
1,032,454,000 1,083.651,000 1,073.583.000 +5%
Pacific
+2%
-8%
-8%
-4%
0%
-5%
-12%
Total for U. S
7,875,967,000 7.642,645,000 7,623,104,000
-5%
-15%
0%
-5%
The average dai y production of electricity for public use in the United
States in May was 245,900,000 kwh., 3.5% less than the daily output for
April.
The curves of average daily production of electricity shows that the
reduction In demand for electricity from April to May in 1931 was about
the same as in 1930. The normal reduction in the use of electricity from
January to May, duo to the seasonal decrease in use, is about 4.4%. This
year the decrease from January to May was 4.1%, which indicates that
the demand for electricity has been affected about normally by the usual
seasonal decline.
The daily production of electricity by the use of water power in April
was apparently a maximum for the year, as the daily output in May was
less than in April. Any increase in the production of electricity by the use
of water power is dependent on a marked increase in precipitation throughout the United States. So far this year the precipitation has in general
been below normal.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY Pew=
UTILITY POWER PLANTS IN 1930 AND 1931.
Loading of Railroad
[Vol,. 133.
FINANCIAL CHRONICLE
22
January_ _ _ _
February ___
March
April
May
June
July
August
September_.
October.___
November__
.
December_.
Total
1930.
KW.Hours.
1931.
KW.Hours.
1931
Under
1930,
1930
Under
1929,
8,663,206.000
7,626,574,000
8,186,894,000
8,018,769,000
8,063,776,000
7,783,762,000
7,899,144,000
7,905.978.000
7.791,702,000
8,195,499,000
7,692,979,000
8,107,814,000
7,946,776,000
7,159,882,000
7,875,967,000
7,642,645.000
8%
6%
4%
5%
a5%
83%
a2%
.2%
7,623,104,000
5%
95.936.097.000
Produced by
Water Power.
1930.
1931.
30%
30%
34%
41%
41%
-2%
-5%
-3%
-41%
-7%
-5%
34%
36%
40%
41%
40%
39%
37%
32%
29%
28%
20%
29%
-1.5%
3481
____
•Increase 1930 over 1929
The quan Ides given in the tables are based on the operation of all power
plants producing 10.000 kwh. or more per month, engaged in generating
electricity for public use. Ineluding central stations, both commercial
and municipal, electric railway plants, plants operated by steam railroads
JULY 4 1931.]
FINANCIAL CHRONICLE
23
generating electricity for traction, Bureau of Reclamation plants, public retarded growth. excep io fhay and grain. Root and truck crops are
backworks plants, and that part of the output of manufacturing plants which ward, but good yields o !berries small fruits and apples are promised.
is sold for public use. The output of central stations, electric railway and
Quebec.-The harvest o la heavy crop of hay is beginning under much
public works plants represents about 98% of the total of all types of plants. more favorable weather than that of 1930. The prospects for fruit and
The output as published by the National Electric Light Association and forage crops are good. The cereals are variable, but promising on the whole.
the "Electrical World" Includes the output of central stations only. ReOntario -Haying is just beginning with particularly fine crops in the
ports are received from plants representing over 95% of the total capacity. east, becoming lighter towards the West. Grain crops are all very promThe output of those plants which do not submit reports is estimated: ising. Strawberries are plentiful and the fruit prospects of the Niagara
therefore the figures of output and fuel consumption as reported In the Peninsula are well up to average.
accompanying tables are on a 100% basis.
The Prairie Provinces.-A further marked deterioration of Western crop
(The Coal Division, Bureau of Mines. Department of Commerce. co- prospects has resulted from the high temperatures and meager rainfall of
operates in the preparation of these reports.]
the past week. Precipitation was reported rather generally but In wholly
inadequate quantities. The only significant falls occurred in regions where
wheat production Is not important-as in northwestern Manitoba and
Flour Production Again Falls Off.
extreme southeastern Saskatchewan. There were high winds in BOMA
localities, and the amount of moisture received in western Manitoba;
General Mills, Inc., summarizes the following comparative southern
and central Saskatchewan and southern and east-central Alberta
flour milling activities as totaled for all mills reporting in was quite insufficient to maintain even the restricted crop growth of these
areas.
the milling centres as indicated:
Most of Manitoba has received only light showers. Ineffective with the
PRODUCTION OF FLOUR.
prevailing intense heat and high winds. The northwest was an exception,
receiving the first good rains for some weeks. Wheat Is generally heading
Production Production Cumulative Cumulative
out considerably less than a foot high, while the failure of hay and pasture
4 Xeeks
Same
Production
Production
growth forecasts a serious winter feed problem, even if rains occur soon.
Ended
Period
Sure July game Period
June 27.
The
cutworm menace is over for this year, but grasshopper damage is
Year Ago.
30 1930.
1929-1930.
increasing.
Barrels,
Barrels,
Barrels,
Barrels.
Excessively hot weather and decidedly limited rainfall have further
Northwest
1,359,862
1,616,540 21,769,925
22,834,774
Southwest
1,523,088
1,954,217 24.543.146
28.053.816 reduced the poor crop prospects of Saskatchewan. The large central and
Lake. Central and Southern.. 1,679,060
wheat area is still suffering from acute drouth, with much of the
southern
1,899,827 25,217,228
25,739.985
Pacific Coast
345,879
299.647
4,555.907 crop bordering on complete failure and frequent and heavy rains required
4.281,808
to produce feed in most of this large territory. The pasture and feed
Grand total
4007 RA0
5770 911
71 519 107
70 Ins .1/2
problem requires immediate attention. In northern districts the crop
Note.-This authoritative compilation of flour milling activity represents
aDDroxiprospects remain fair.
inately 90% of the milli in principal flotr-producing centres.
In the past week there has been a distinct reduction of prospects in
southern Alberta, an evident need of rain in the centre, and continued
Activity During May in Boston Federal Reserve District excellent conditions in the north. In the south hot, dry winds have burned
the crops, in some cases beyond recovery. In the centre the crop Is spott3r
Slightly Below April.
due to earlier depreciating conditions and rains are now needed to suppleThe Federal Reserve Bank of Boston in its July 1 ment those of mid-June. In the north wheat is the highest on the prairies,
the late-sown grain having very promising stands.
"Monthly Review" states that during May there was a with
Meteorological Report.-The precipitation reported by the Dominion
slight recession in the level of New England activity from Meteorological Service, Toronto. for the week ending 8 a. m., June 29.
April, but only a small amount of the increase which took was as follows (In inches): Saskatchewan.
Saskatchewan (Cond.).
place during the first four months was lost, and the level of DauphinManitoba.
0.4 Lioydminster
0.7 Saskatoon
0.2
Brandon
0.4 Prince Albert
0.2 Kamsack
0.3
industrial activity was higher in May than in any other Russell
1.6 BattIetord
0.05 Melton
01
River
1.1 Vidor&
month this year except April, due chiefly to the unusual Swan
0.6 Broadview
0.1
Virden
0.7 Aastnibola
0.2 Yorkton
0.2
improvement occurring between April and May in two Minnedosa
0.1 Elbow
0.3 Indian Head
0.1
Cypress River
1.2 Swift Current
0.8 Moosomin
0.3
industries. The Bank further states:
Boissevain
0.5 Shaunavon
0.2
Alberta.
0 4 Regina
0.6 Edmonton
These gains, however, were counterbalanced by further declines in build- Portage Is Prairie
0.05
Morden
0.4
Humboldt
0.7 Vegreville
04
ing and carloadlng. Boot and shoe production in this district usually de- Pierson
0.3 Qu'Appelle
0.2 Drumheller
0.1
creases between April and May. whereas this year a distinct increase Emerson
0.6 Estevan
1 5 Calgary
Trace
0.2 Moose Jaw
occurred, and preliminary figures corrected for seasonal influences indicate Winnipeg
0.6 Lethbridge
0.05
Yellow Grass
0.2 Medicine Hat
that May production was larger than in any month since the autumn of
0.1
Outlook
0.2
1929. Textile activity in New England during May was of mixed character.
For the past taelve hours the following precipitation (In inches) was
cotton consumption declining moderately from April and silk machinery
activity falling off sharply, while, on the other hand, wool consumption reported:
Manitoba.
Saskatchewan.
increased considerably, although it is usually smaller in May than in April.
Albegta.
2.04 Saskatoon
2.48 Edmonton
086
A seasonally corrected series for carloadings (merchandise and miscellane- Brandos
Minnedees
0.94 Battietord
0.16 Calgary
0.24
ous) in New England showed May to be the lowest month this year, but Prince Albert
Swift
0.66
current
0 84 Medicine Hat
0
78
there was not much difference between April, the highest month, and May.
Qu'Appelle
0.86
New building contracts awarded in this district continued to remain at
Hail Damage.-The following report from our correspondent in Regina
unusually low levels during May; in fact, when customary seasonal changes
had been allowed for, the volume (square feet) of residential building in describes recent hail damage in Saskatchewan: "Hail damage referred to
in last report for June 21 is more extensive than was anticipated and covers
May was the smallest total for any month so far this year. while commercial
crops in territori s adjacent to Biggar. Springwater, Leipzig, Revenue.
and industrial building dropped to a new low level. The continued small
Tramping Lake, Salvador and Unity. Storm reported on June 24 damaged
volume of building seems to emphasize the relation of supply and demand,
crops around Sovereign. Harris and McGee, also at Nokomis, Seamans,
despite low money rates. Between April and May. according to the MassaYoung and Kadahar. Small damage reported at Bienfait on June 26.
chusetts Department of Labor and Industries, there was a reduction of
Apparently fairly heavy damage has been sustained in these storms on
1.9% in the number of wage-earners employed, a decrease of3.1% In aggreearly
crops; upon later sown grains the damage will be siren." ti,la
gate weekly earnings, and a decline of 1.3% in average weekly earnings per
person employed. Sales of more than 100 New England retail stores in
May were 14.8% less than in the corresponding month a year ago, with Industrial Production
Decreased More Than Usual in
each of the six States reporting a decrease. Cumulative sales for the first
Philadelphia Federal Reserve District During May.
five months in 1931 were 7.3% below those of 1930. Sales in May in every
major merchandise classification of a representative group of Boston stores
According to the Philadelphia Federal Reserve Bank,
were considerably less than in May last year:among the Departments showing decreases were: radios.37%; piece goods,27%; men's and boys'clothing business is now passing through a period of general quiet,
and furnishings. 18%; women's, misses' and juniors' ready-to-wear, 17%: characteristic of this season. Industrial production in May,
home furnishings. 13%:and women's, misses' and juniors' accessories, 12%.
after advancing for three successive months, declined someAt the end of May total accounts outstanding in Boston stores were 12.9%
smaller than a year ago. The number of commercial failures in this district what more than usual and continued substantially lower
In May was 6.7% less than in May 1930, and total liabilities were 34.7% than in recent years. The bank, in
its July 1 "Business
less.
Review" continues:
Factory employment and payrolls also fell off more than the average rate
of decrease in past years. Wholesale trade in the aggregate showed an
increase instead of decrease as is customary, while retail business has just
about held its usual volume; dollar sales of both, however, were smaller
than In other years, reflecting the Influence of declining prices. Building
operations have shown some further seasonal expansion, while coal mining
has been curtailed recently. The agricultural situation is satisfactory and
crop and livestock conditions are more favorable than last year. ComThe Dominion Bureau of Statistics Issues to-day the second of six tele- modity prices,
following a relatively long period of recession, have shown
graphic reports for Canada. based upon advices received from agriculturists some
firmness lately.
of the Dominion and Provincial Departments of Agriculture, and from a
There has been slight change in member bank loans to customers during
number of special correspondents In the Prairie Provinces.
the past month. Currency demand has varied little and borrowings from
the Federal Reserve Bank have shown small fluctuation. The reserve
General Conditions in Canada.
The variation in crop prospects which normally becomes apparent in ratio of this bank has been in excess of 85% over the past three months
Canada at this season has been heightened this year by very favorable and on several days has exceeded 90%.
growing weather in the East and Far West. and by critical drouth in the
Manufacturing.
Prairie Provinces. The harvest of a heavy hay crop is proceeding in the
The market for manufactured goods is seasonally quiet, although sales
East, with all other crops making good growth. The greatest part of the have
been in fair volume in a number of Individual industries. Unfilled
Western wheat area will have a drastically reduced production, with average
orders generally have declined since the middle of last month and continued
yields indicated in northern regions. Heavy rains in British Columbia smaller
than a year ago. Commodity stocks at manufacturing establishhive damaged hay and cherries, but have encouraged rapid growth of ments
have been reduced further and are lower than last year. Most
other crops.
reports show further price recessions, although lately wholesale quotations
The Maritime Provinces -Prince Edward Island has been favored with for many
commodities displayed a noticeable strength.
excellent growing weather, with splendid prospects for all field and orchard
Factory employment declined somewhat more than usual as did wage
crops. In Nova Scotia the weather has been fine hut cool and crops are Payments
All groups, except that which comprises
and working time
making good growth. Blight is attacking strawberries In the Western
certain food lines, report reductions in employment and payrolls from April
part of the Province, while apple scab is causing damage in orchards that to May. A slight rise in employment in the chemical
products group was
were not carefully sprayed. In New Brunswick cold and dull days have due to paints and varnishes and petroleum refining.
Conditions in Canada-Extreme Regional
Variations-Damage from Drouth.
The agricultural branch of the Dominion Bureau of
Statistics furnishes the following telegraphic report of
the condition of the grain crop in Canada on June 30 1931:
Crop
24
[Vol.. 133.
FINANCIAL CHRONICLE
The output of manufactures in this district declined more than is customary for May, following a steady rise for three successive months from
the low point in January. In comparison with a year ago, our index of
productive activity was 18% lower, declines varying from 10% for paper
and printing to 39% for metals; the textile and leather groups were the
only ones that showed increases.
The metal fabricating industry, after a considerable gain in the previous
month, fell off sharply in output to the lowest level in several years. This
was due principally to a larger than usual decline in the output of steel
works and rolling mills. More than the usual drop in the operations of
electrical apparatus plants also weighed heavily in this recession.
Manufacturing activity of the transportation equipment group showed
more than seasonal let-down although operation of shipbuilding yards
expanded after an almost steady decline since the latter part of last year.
The output of textile products, which showed a steady rise from January
to April. decreased somewhat more than usual in May and further seasonal
slackening was noticeable in early June. • Nevertheless, production of
such items as hosiery, cotton goods, woolen and worsted fabrics, and
floor coverings has continued increasingly active. Textile prices again
declined in May but showed strength in the second half of June. particularly in some of the raw materials. Stocks of finished goods appear to
be moderately light and are smaller than a month or a year ago.
Such gains as occurred in the manufacture of divers food products were
not as largo as expected, and there has been little change since May, save
for some of the highly seasonal lines. Output of cigars was smaller, while
that of tobacco and snuff was larger than a month ago, after allowance is
made for seasonal changes. Paper and printing also curtailed their output owing to slackened demand and prices are lower than four weeks ago.
Output of shoes decreased, while activity of local tanneries increased in
the month. Production of leather exceeded that of a year earlier. The
demand for kid and sole leather has improved since the middle of May and
unfilled orders in some instances are above the volume of a year before.
The goat skin market is still unsatisfactory in spite of recent gains, but
the demand for hides Is fairly active, and some prices have advanced lately.
Manufacturers of building materials reported that the increase in output
during May did not measure up to the usual rate of gain except in lumber
and planing mill products, paints and varnishes, and structural materials.
The demand for cement since the middle of last month has been on the
increase, owing partly to active purchases by builders of streets and highways.
Prices of building materials continued downward and on June 20 were
about 12% lower than a year earlier.
slightly in May and was about 8% below one year ago. Accounts receivable
are down, but not to the extent that sales have declined. The ratio of
collections in May on accounts outstanding at the end of the preceding
month was 33.8 against 36.2 in the same month last year, a reduction of
about 6%.
Wearing apparel store sales were 20% smaller in May and were down 11%
in the first five months compared with corresponding periods of 1930.
Sales at 51 furniture stores continued to recede and in May and the first
five months of this year were over 20% smaller than in the same periods
of 1930. The reduction in sales of furniture at department stores has
been less drastic than at the stores selling furniture only.
Chain grocery stores recently have been reducing the number of units in
operation by closing the less profitable stores. Sales per unit operated
in May were 6.7% below May 1930, but in the first five months were
down only 3.5%. This reduction was smaller than the decline in retail
food prices from a year ago. Chain drug store sales were down 3.7% In
May and 0.7% in the first five months, compared with similar periods
of one year ago.
Wholesale Trade.
Of the various types of wholesale lines reporting, drug sales have held
up better than others, being only 7% smaller in the first five months of
the year than in the same period of 1930. Wholesale grocery sales were
down 18%, hardware 24%, and dry goods 27% in the same period. In
May grocery sales were 22% below last year, with dry goods sales 30%,
hardware 24%, and drugs 13% under May 1930. Stocks of all lines are
below one year ago, only a minor reduction being shown in grocery stocks.
Collections, though down slightly from last year, are holding up rather well.
Industrial Employment Conditions in Chicago Federal
Reserve District-Slight Improvement Reported.
The Federal Reserve Bank of Chicago states in its
"Monthly Business Conditions Report," under date of
June 30, that "aggregate employment and payrolls of reporting establishments in this district gained slightly in May,
contrary to the usual trend." The bank also gays:
While the increase in the totals was not large, it was participated in by
six manufacturing and two non-manufacturing groups. Local differences
in trend were evidenced by the totals for individual States-greater manufacturing activity in Michigan offsetting declines in all other States, while
Relatively Little Change in Business Conditions in gains in Wisconsin were largely responsible for increased non-manufacturing
Cleveland Federal Reserve District During May as totals.
Among manufacturing industries, seasonal expansion occurred in stone,
Compared with Previous Month.
and glass, food products, vehicles, and paper and printing. Gains
clay
DisGeneral business in the Cleveland Federal Reserve
in canning and preserving, slaughtering and meat packing, dairy products,
trict in May and the first part of June showed slightly more manufactured ice and ice cream influenced the food products totals, and
vehicles group a larger number of men and increased time schedules
than the usual seasonal drop from the level prevailing in in the
at automobile plants offset declines in car and locomotive shops. Rubber
changes,
seasonal
for
allowing
after
reversal,
first
the
April,
products and the leather group reversed their usual trend for the month,
payrolls. Seasonal declines
since the beginning of the year, says the July 1 "Monthly recording moderate gains in both men and
occurred in lumber, chemicals, metals, and textiles.
Bank,
Reserve
Federal
Cleveland
the
of
Review"
Business
In non-manufacturing lines, a substantial increase occurred in construcwhich continues:
tion, and a small gain was recorded in merchandising. Coal mines in
operaIllinois curtailed operations, and the utilities failed to show the increase
Weakness is generally expected at this time of year in industrial
tions, particularly in this district, where dominance of the automobile characteristic of May. The Department of Agriculture report on farm labor
and allied Industries prevail, but the fact that the decline developed with indicates a larger surplus in Illinois, Indiana, and Iowa on June 1 than a
more than seasonal intensity from the low levels which have so long prevailed month earlier, while a reduction took place in Michigan and no change in
was not encouraging. Despite the reduction, operations in general are still Wisconsin. The supply of farm workers in the five States averaged about
10 or 15% greater than on June 1 1930, and the demand was 8 or 10%
above the bottom touched at the beginning of the year.
Not all branches of trade have declined, however. Industries such as smaller.
remust
be
which
products
Reports from free employment offices show an tncrease of applicants
shoe, clothing and textile, and tire, making
placed at intervals, have shown real improvement recently. Goods that in relation to the number of jobs available in the four States represented.
have worn out are being replaced and dealers who have allowed stocks to In Iowa the ratio declined sharply, but this reduction was more than offset
decline are now replenishing, according to reports. Shoe production in the by increases in Illinois and Wisconsin, while the ratio for Indiana remained
past three months has exceeded the same period of 1930, and clothing stationary.
concerns did not reduce operations by the usual seasonal amount between
REGISTRATIONS PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
the spring and fall periods. Demand for replaaement tires has increased
declined
production
as
automobile
receded
sales
equipment
also, but original
v..weal
Wisconsin Four otat
Iowa
Indiana
Most weakness occurred in the iron and steel industry, chiefly due to
Illinois
Month
retrenchment in automobile specifications, since requirements from other
197 i
338
218
108
218
large industries have been negligible this year in comparison with former 1931-May
, 172
447
206 11
108
215
April
135
285
175 r4
105
periods. Iron ore receipts at Lake Erie ports this season to June 1 were 1930-May
196
300
period
of
159
same
118
last
186
the
in
tons
190
3,997,000
with
April
only 608,000 tons compared
volume.
in
been
reduced
have
also
shipments
lake
other
and
Coal
year.
EARNINGS-SEVENTH FEDERAL RESERVE
AND
EMPLOYMENT
DISTRICT.
Retail distribution declined in May. Building activity was down also.
Coal production was about the same as in April and sales of life insurance
Week of
Changes from
in Ohio and Pennsylvania were 12% smaller than in May 1930. Crop
from April 15.
.ifay 15 1931.
conditions were excellent in most sections until late June, and large fruit
even
communities,
agricultural
to
encouraging
were
and grain prospects
Wage
No. of Number
EarnIndustrial Group.
Repordg of Wage Earnings. Earners. ings.
though prices are low. Severe storms in the northern part of the district
Earners.
Firms.
and
wheat.
fruit
to
damage,
particularly
considerable
did
26
June
on
Employment conditions remain unfavorable.
-2.2 --4.4
690 182,976 64.377,000
Metals and products_a
+2.4
159 234,426
7,186,000
+8.0
Molt price indexes continued to recede during May and early June, the Vehicles '
-1.2 -4.3
540,000
31,476
153
Bureau of Labor Statistics wholesale index dropping to 71.3% of the Textiles and products
1,377.000
55,696
+2.9
378
+1.3
products
and
in
Food
month
for
since
1915.
any
Reflected
than
lower
May,
1926 average in
12,501
+7.0
315,000
146
+8.4
Stone, clay and glass
586,000
31,288
310
-4.1
terms of purchasing power, a dollar now will buy more goods at wholesale Lumber and products
-2.3
439,000
16,361
95
-1.4
years.
16
past
the
products
in
Chemical
time
any
than at
+2.7
271,000
14,426
73
+1.7
Leather products
302,000
+5.7 +13.3
9
6,766
products_b
The Bank states that the number of commercial failures Rubberand
+1.1
1,304,000
45,197
333
+0.5
printing
Paper
Increased seasonally in May, but numbering 101, were only
2,346 631,113 $16,597,000
+0.5
+2.2
Total mfg., 10 groups
ri
two more than in May 1930. Liabilities, however, in the
Cleveland Federal Reserve District were much increased.
Bank debits declined sharply in May and early June compared with earlier months of this year and a year ago.
Merchandising_c
Public utilities
Coal mining
Construction
Retail and Wholesale Trade.
All reporting lines of retail and wholesale trade except chain drugs
declined seasonally in May. The reduction in department store sales was
considerably greater than seasonal, the daily average adjusted index dropping
about 6% to 85.5% of the 1923-1925 monthly average. This was approximately the level of January and February, the gains shown in March and
April being practically wiped out. Daily average sales in May were about
12% smaller than a year ago, and sales in the first five months of 1930
were down nearly 10%.
Stocks showed less-than-seasonal contraction In May for the first time
since last November, but the dollar value was 16% smaller than at the
end of May a year ago. The ratio of credit sales to total sales declined
St. Louis Federal Reserve Bank Finds Business Conditions Slightly Downward as Compared with Two
Previous Months.
179
77
29
190
31,138
94,882
6,467
10,032
784,000
3,099.000
120,000
257,000
+1.9
+1.9
-0.8 -3.2
-12.6 -12.9
+23.8 +16.4
+0.6
-1.6
Total non-mfg., 4 grOUPs---- 475 142,519 $4,260,000
2,821 773,632 $20,857,000
+0.5
+1.4
Total. 14 groups
a Other than vehicles. b Michigan and Wisconsin. c Illinois and 1VisconsIn.
Summarizing conditions in the Eighth District, the
Federal Reserve Bank of St. Louis in its June 30 "Monthly
Review" says:
1
Jinx 4 1931.]
FINANCIAL CHRONICLE
The trend of commerce and industry in this District during the past 30
days was slightly downward as contrasted with the two months immediately preceding. The recession both in production and distribution, however, was due in large part to seasonal considerations, and in some industries the gains recorded in March and April were fully maintained. Considerable spottiness and irregularity were in evidence, both with reference
to the several lines and different localities. Taken as a whole sentiment in
practically all parts of the District underwent improvement, and there
was more of a disposition to fill requirements by both merchants and the
public than was the case earlier in the year. This was true particularly of
commodities for ordinary consumption, the lines dealing in goods of the
heavier and more permanent sort making a relatively poorer showing than
those in the former category. Iron and steel fire clay, lumber, glass and
other building materials failed to maintain the pace of the preceding 90
days. Production ad distribution of automobiles declined from May to
June. and sales of farm implements was considerably below the seasonal
average . No improvement whatever was noted in the bituminous coal
industry from the dull conditions existing in recent months.
Distributions of season commodities through retail channels was retarded to some extent during May by unusually cool weather. Since
June 1, however, higher temperatures have substantially assisted the movement of summer goods, notably apparel, electrical supplies, beverages,
outing and tourist supplies. There was a decrease from May to June
in wholesale distribution of boots and shoes, groceries, men's hats, packing
house products and farm implements. Increases in the same comparison
were recorded in drugs and chemicals, furniture, dry goods, hardware
and electrial supplies. In all wholesaling and Jobbing lines investigated.
the volume of May business was below that of the same month lastyear.
The most hopeful aspect of the situation is the generally favorable conditions of crops throughout the District. Prospects at the middle of June
were for the heaviest yields obtained in a number of years. While prices of
all farm products continue at low levels, the large outputs willserve to offset
smaller cash returns per units, besides giving employment to a greater number of persons and heavier tonnages to the railroads. Conditions in the
drouth areas have undergone distinct betterment since the end of March.
Department store sales in the principal cities of the District in May
showed a decrease of 12.5% as compared with the same month last year,
and for the first five months this year the volume was 12.8% smaller
than for the corresponding period in 1930.
Combined sales of all wholesaling lines investigated showed a decrease in May of 16% under.the same
month in 1930, and of 11% under the April total this year; for the first five
months this year a decrease of 15% under the same period in 1930 was
shown. Charges to checking accounts in May were approximately 3%
larger than in April. but more than one-fifth smaller than in May last year.
The amount of savings accounts increased slightly between May 6 and
June 3, and on the latter date were about on a.parity with the corresponding
time last year.
According to officials of railroads operating in this District, the volume
of freight traffic handled in May was considerably smaller than during the
corresponding period a year and two years earlier. The movement of early
fruit and truck crops was up to expectations, but all other classifications
of freightshowed appreciable declines. For the country asa whole,loadings
of revenue freight for the first 22 weeks this year,or to May30.totaled 15.988,235 cars, against 19,481,593 cars for the corresponding period last year
and 21,325,072 cars in 1929. The St. Louis Terminal Railway Association,
which handles interchanges for 28 connecting lines, interchanged 186.779
loads in May. against 174,668 in April, and 217,226 loads in May 1930.
During the first nine days of June the interchange amounted to 55,529
loads against 53,434 loads during the corresponding period in May and 62,388 loads during the first nine days of June 1930. Passenger traffic of the
reporting roads decreased 15% in May as compared with the same month
last year. Estimated tonnage of the Federal Barge Line between St. Louis
and New Orleans in May was 99.500 tons. against 82,465 tons in April.
and 124.924 tons in May 1930.
Reports relative to collections in the district reflect moderate improvement as a whole, though conditions are still spotty and irregular. June 1
settlements with wholesalers in the large distributing centres were in considerable volume,and compared very favorably with results a year ago.
Generally through the agricultural sections, but more particularly where
early fruits and vegetables are important crops, retailers report moderate
betterment in payments. Good liquidation with both country banks and
merchants has been the rule in the tobacco sections. Backwardness in
meeting bills is complained of by merchants in the bituminous coal sections,
and generally through the lead and zinc belt. Retailers in the large urban
centres report little change in conditions as compared with the preceding
several months. Questionnaires addressed to representative interest in the
several lines scattered through the district showed the following results:
Poor.
Fair.
Excellent.
Good.
May 1931
10.4%
.0%
13.5%
76.1%
April 1931
63.1
23.8
13.1
May 1930
1.0
26.5
14.0
58.5
over April. Distribution of automobiles, both at wholesale and retail.
fell off noticeable during May.
The breaking of the drouth in practically all sections of the district generally improved agricultural conditions, and prospects for good crops are
most favorable. Wheat receipts and shipments gained in May over the
preceding month and a year ago, but the movement of corn and oats was
small. Meat production and sales declined during the month from April
and from last May, while manufacture and distribution of butter totaled
larger in both comparisons. Cheese production gained over April, although
sales declined, and an opposite trend was shown in comparison with the
same period of 1930.
An unusually heavy demand for currency during the period from May
13 to June 10-the outgrowth of banking disturbances in some sections of
the district, notably in outlying areas in Chicago-and an increase in member
bank reserve balances were the principal changes among the factors making
for increased member bank borrowing at the Reserve bank. Offsetting
these developments were a considerable excess of local Treasury expenditures
over receipts and a moderate gain to the district in funds arising from interdistrict settlements for commercial and financial transactions. The net
result of the foregoing changes, together with a few minor developments in
the basic elements affecting the volume of member bank borrowing, was
an increase of about 44 million dollars in loans to member banks on June
10 as compared with May 13. A detailed analysis of changes in these
factors is presented in the table below:
FACTORS IN MEMBER BANK BORROWING AT THE FEDERAL
RESERVE BANK OF CHICAGO.
Changes Between May 13 and June 10 1931.
(In millions of dollars)
Changes making for increase in member bank borrowing:
1. Increase in demand for currency
94.02
2. Increase in member bank reserve balances
15.62
3. Increase in non-member clearing balances
0.80
4. Sales of gold to industry
0.06
Total
110.50
Changes making for decrease in member bank borrowing:
1. Excess of local Treasury expenditures over receipts
81.25
2. Funds gained through inter-district settlements for
commercial and financial transactions
21.85
3. Increase in holdings of acceptances (local transactions)
1.20
4. Increase in holdings of U. S. securities (local transactions)
0.77
5. Decrease in unexpended capital funds
0.45
Increase
in reserve bank float
6.
0.36
Total
105.88
Excess of changes making for increase in member bank borrowing:
4.62
Absolption of this excess: Incre.ase in member bank borrowings (discounts
for member banks)
4.62
Industrial Employment Conditions.
Aggregate employment and payrolls of reporting establishments in this
district gained slightly in May, contrary to the usual trend. While the
increase in the totals was not large, it was participated in by six manufacturing and two non-manufacturing groups. Local differences in trend were
evidenced by the totals for individual states-greater
manufacturing activity in Michigan offsetting declines in all other states, while gains in
Wisconsin were largely responsible for increased non-manufacturing totals.
Among manufacturing industries, seasonal expansion occurred in
stone.
clay and glass, food products, vehicles, and paper and printing. Gains in
canning and preserving, slaughtering and meat packing, dairy products.
manufactured ice and ice cream influenced the food products totals, and
in the vehicles group a larger number of men and increased time schedules
at automobile plants offset declines in car and locomotive shops. Rubber
products and the leather group reversed their usual trend for the month.
recording moderate gains in both men and payrolls. Seasonal declines
occurred in lumber, chemicals, metals, and textiles.
In non-manufacturing lines, a substantial increase occurred in construction, and a small gain was recorded in merchandising. Coal mines in
Illinois curtailed operations, and the utilities failed to show the increase
characteristic of May. The Department of Agriculture report on farm
labor indicates a larger surplus in Illinois, Indiana, and Iowa on June 1
than a month earlier, while a reduction took place in Michigan and no
change in Wisconsin. The supply of farm workers in the five States averaged about 10 to 15% greater than on June 1 1930, and the demand was
8 or 10% smaller.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of May 151931..
Industrial Croup.
Decided
A noticeable lessening of activity occurred during May in
Seventh District manufacture and distribution of commodities says the "Monthly Review" of the Federal Reserve
Bank of Chicago under date of June 30. Declines in many
instances were partly seasonal in nature, although in others
comparisons with a year ago were less favorable than at
any time so far in 1931. The report continues as follows:
Chanve From
April 15.
Report(no
Firms
No.
Wave
Earners
No.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Lumber and products
Chemical products
Leather products
Rubber products_b
Paper and printing
690
159
153
378
146
310
95
73
9
333
182,976
234,426
31,476
55,696
12,501
31,288
16,361
14,426
6,766
45,197
4,377
7,186
540
1,377
315
586
439
271
202
1,304
Total mtg., 10 groups
2,346
631,113
16,597
+0.5
+2.2
179
77
29
190
31,138
94,882
6,467
10,032
784
3,099
120
257
+1.9
-0.8
-12.6
+23.8
+1.9
-3.2
-12.9
+16.4
.o
Chicago Federal Reserve Bank Reports a
Lessening of Activity.
25
Merchandising_c
Public utilities
Coal mining
Construction
Earnings
(000
Omitted)
Wage
Earnera
Earnings
-2.2
+2.4
-1.2
+2.9
+7.0
-4.0
-2.3
+2.7
+5.7
+1.1
-4.4
+8.0
-4.3
4-1.3
+8.4
-4.1
-1.4
+1.7
+13.3
+0.5
Total non-mfg., 4 groups
-1.8
+0.6
4,260
475
142,519
Production of automobiles fell off slightly in May, as is usual for the
month, and steel mills were seasonally less active. Casting foundries inTotal, 14 groups
20.857
+1.4
2.821
+0.5
773,632
creased the tonnage of their shipments, but production and new orders
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin,.
shipments
furniture
by
manufacturers
in
decline
was
decreased. The
Furniture.
larger than usual for the period, while orders booked totaled smaller contrary
to seasonal trend. Shoe production declined from April, but that of leather
Contrary to the seasonal trend in May, orders booked by reporting
awarded
contracts
in
the
district again furniture manufacturers in the Seventh District fell off considerably from
gained. The volume of building
fell off, totaling the lowest since February. Manufacturing employment the preceding month, the decline amounting to 29% as against an average
increased during May, largely owing to continued expansion in the au to- increase for the month of 17%; and the index for this item stood at a new
mobile industry the early part of the month, to seasonal gains in the food low point in the depression, being about four points under the previous low
in December. Shipments totaled 21% under those of April, as compared
and stone, clay and glass groups, and to increases in paper and printing.
Distribution of commodities for the most part diminished in May, fol- with an average decrease for the period of 6%; cancellations, also, were
lowing seasonal gains in the preceding two months. Declines in reporting low. Accordingly, the decline in unfilled orders outstanding at the close
lines of wholesale trade were general, and in most groups were larger in of the month fell a little short of that in new orders, the aggregate of unthe comparison with a year ago than had been the case in April. Depart- filled orders amounting to SI% of orders booked as compared wits a ratio
ment store sales likewise totaled smaller in May than a month previous. of 77% a month previous. Comparisonewith a year ago are very unfavorwhile the decline from the corresponding month of 1930 was greater than able, the decline in orders booked of 38% being about three times that of
for any month so far in 1931. Chain store sales and the retail shoe trade a month previous, and that in shipments of 24% twice as great. Unfilled
experienced declines, but the retail furniture trade recorded some expansion orders were 34% under the May 1930 total. The rate of operations main-
26
capacity, or four points under a
tamed during the month was 51% of
obtaining in May 1930.
month ago and eight points below that
Lumber Movement Balanced in Latest Week's Report.
y
Lumber orders, shipments and production approximatel
in
balanced during the week ended June 27, it is indicated
telegraphic reports from 748 leading hardwood and softwood
mills to the National Lumber Manufacturers Association.
Their cut for the week amounted to 219,895,000 feet. A
week earlier 812 mills reported orders 7% below and shipments 5% below a cut of 228,471,000 feet. Comparison by
identical mill figures for the latest week with the equivalent
week a year ago shows-for softwoods, 452 mills, production 28% less, shipments 26% less and orders 14% less
than for the week in 1930; for hardwoods, 193 mills, production 33% less, shipments 8% less, and orders 44% above
the volume for the week a year ago.
Lumber orders reported for the week ended Juno 27 1931,
by 566 softwood mills totaled 194,276,000 feet, or 4% below
the production of the same mills. Shipments as reported
for the same week were 201,416,000 feet, or approximately
100% of production. Production was 202,019,000 feet.
Reports from 199 hardwood mills give new business as
25,800,000 feet, or 44% above production. Shipments as
reported for the same week were 18,708,000 feet, or 5%
above production. Production was 17,876,000 feet. The
Association's statement further adds:
Unfilled Orders.
Reports from 476 softwood mills give unfilled orders of 640,543,000
This is
feet, on June 27 1931, or the equivalent of 14 days' production.
-and may be
based upon production of latest calendar year-300-day year
compared with unfilled orders of 512 softwood mills on June 28 1930, of
845,211,000 feet, the equivalent of 16 days' production.
The 414 identical softwood mills report unfilled orders as 619,816.000
on June 27 1931,
feet. or the equivalent of 14 days' average production,
days' average
as compared with 783,095,000 feet, or the equivalent of 18
production for the same week a year ago. Last week's production of 452
it was 265,a
ago
and
year
feet,
100,529,000
identical softwood mills was
316.000 feet; shipments were respectively 191.163,000 feet and 256,830,000;
case of
and orders received 185,037,000 feet and 215,153,000. In the
hardwoods, 193 identical mills reported production last week and a year
and
feet
20.077,18,478,000
shipments
26,373,000;
ago 17.631,000 feet and
000; and orders 25,310,000 feet and 17,563,000 feet.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 222 mills reporting for
the week ended June 27:
-SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Coastwise and
Domestic cargo
Domestic cargo
intercoastal _ 50,007.000
delivery_ _ -184,825,000
_ 43,761,000
delivery_
19,950,000
101,730,000 Export
22,454,000 Foreign
Export
36,726,000
84,236,000 Rail
35,612,000 Rail
Rail
7,428,000
Local
7,428,000
Local
Total
374,791,000
114,111,000
Total
109,255.000
Total
Production for the week was 108.433,000 feet.
orders
mills
0.8%
reported
above
For the year to June 20, 166 identical
production, and shipments were 3.3% above production. The same number
as compared
of mills showed a decrease in inventories of 3.6% on June 20,
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
128 mills reporting, shipments were 22% above production, and orders
20% above production and 2% below shipments. New business taken
during the week amounted to 32,886,000 feet, (previous week 32,424,000 at
135 mills); shipments 33,579,000 feet, (previous week 33,915,000): and
production 27,487,000 feet, (previous week 28,248,000). Orders on hand
feet. The 111 identical
at the end of the week at 108 mills were 79,023,000
new business a
mills reported a decrease in production of 37%, and in
decrease of6%,as compraed with the same week a year ago.
Ore., rePortland,
of
Association,
The Western Pine Manufacturers
ported production from 86 mills as 36,656,000 feet, shipments 26,089,000,
mills reported a 26%
and new business 27,727,000 feet. The 59 identical
decrease in production and a 30% decrease in orders, compared with the
same week last year.
of San
The California White & Sugar Pine Manufacturers Association,
Francisco, reported production from 24 mills as 17.988,000 feet, shipments
of
mills reported
number
17.426,000 and orders 15,218,000 feet. The same
week in 1930.
production 37% less and orders 18% less than for the same
Minn.,
reported
Minneapolis,
of
Manufacturers,
Pine
The Northern
and new
production from 7 mills as 4,149,000 feet, shipments 2.176,000
number of mills reported a decrease of
business 2.921,000 feet. The same
of 46% in orders, compared with the
in production and a decrease
same week last year.
Hardwood Manufacturers Association, of
The Northern Hemlock and
mills as 1,532.000 feet, shipOshkosh, Wis., reported production from 17
889,000. The 16 identical mills reported
ments 1,232,000 and orders
than for the same week
less
32%
business
new
Production 34% less and
TO PROCURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS 21
WEEKS.
DUCTION FOR THE WEEK ENDED JUNE 27 1931, AND FOR
TO DATE.
---P. C
Ship- P. C.
Producof
Orders
of
ments
lion
Association,
Prod
Prod. M Ft.
M Ft.
M Ft.
Southern Pine:
33,579 122
27,487
Week-I28 mill reports
978,621 109
898,070
25 weeks-3,379 mill reports
West Coast Lumbermen's:
114,111 105
108,433
Week-222 mill reports
2,686,033 2,792,138 104
25 weeks-5,557 mill reports
Western Pine Manufacturers:
26,089 71
36,656
Week-86 mill reports
719,930 103
699,866
25 weeks-2,198 mill reports
California White & Sugar Pine:
17,426 97
17,988
Week-24 mill reports
380,189 153
247,811
24 weeks-578 mill reports
Northern Pine Manufacturers:
2,176 52
4,149
Week-7 mill reports
69,709 99
70,651
25 weeks-175 mill reports
:
wood(softwoods)
No.Hemlock&Hard
1,232 80
1,532
Week-17 mill reports
36,716 65
56,425
25 weeks-679 mill reports
Pine:
Carolina
Northern
6,803 118
5,774
Week-82 mill reports
173,202 119
145.653
25 weeks-2,150 mill reports
Softwood total:
Week-566 mill reports
25 weeks-14,714 mill reports
Hardwood Manufacturers Inst.:
Week-182 mill reports
25 weeks-5,195 mill reports
Nollemlock&Hardwood(hardwoods)
Week-17 mill reports
25 weeks-679 mill reports__ 'Iardwoods total:
Week-199 mill reports
25 weeks-5,874 mill reports
3rand total:
Week-748 mill reports
25 weeks-19,909 mill reports
in 1930.
Association, of Norfolk, Va., reported proThe North Carolina Pine
feet, shipments 6,803,000 and new
duction from 82 mills as 5,774.000
mills reported a decrease of 23% in
identical
business 5,380.000. The 41
in new business, compared with the
production and an increase of 12%
same week last year.
Hardwood Reports.
of Memphis. Tenn., reported
The Hardwood Manufacturers Institute.
shipments 17,191,000 and
production from 182 mills as 15,755,000 feet,
mills reported a 33% decrease
identical
new business 24,384,000. The 177
business, compared with the same
In production and a 46% increase in new
week in 1930.
of
The Northern Hemlock and Hardwood Manufacturers Association,
Oshkosh, Wis., reported production from 17 mills as 2,121,000 feet, shipments 1,517,000 and orders 1.416,000. The 16 identical mills reported
production 37% less and new business 22% more than for the same week
32,886
978,558
12C
101
109,255
2,844,081
101
106
27.727
692,131
76
99
15,218
393,363
85
159
2,921
68,666
70
97
889
36,245
58
64
5,380
134,317
93
92
201,416 100
202,019
4,804,509 5,150,505 107
194,276
5,147,361
96
107
17.191 109
513,789 118
24,384
523,354
155
120
72
65
1,416
65,228
67
62
18,708 105
582,171 108
25,800
588,582
144
109
220,124 100
219,895
5,346,001 5.732,676 107
220.076
5,735.943
100
107
15,755
436.713
2,121
104.779
17,876
541,492
1,517
68,382
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 220 mills show that for the week ended June 20
1931 a total of 111,681,332 feet of lumber were produced,
110,978,277 feet ordered and 105,814,584 feet shipped. This
compares with 112,702,492 feet of lumber produced, 105,748,409 feet ordered and 116,148,134 feet shipped during
the preceding week. The Association's statement follows:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
222 mills report for week ended June 20 1931.
(All mills reporting production, orders and shipments for last week.)
111,705,332 feet (100%)
Production
111,049,761 feet (0.59% under production)
Orders
105,882,584 feet (5.21% under production)
Shipments
PAST PRODUCTION AND WEEKLY
AND
CURRENT
COMPARISON OF
OPERATING CAPACITY (343 IDENTICAL MILLS).
(All mills reporting production for 1930 and 1931 to date.)
126,884,745 feet
Actual production week ended June 20 1931
126,783,536 feet
Average weekly production 24 weeks ended June 21) 1931
feet
158,860,610
1930
Average weekly production during
195,660,399 feet
Average weekly production last three years
feet
298,599,042
Weekly
operating
capacity
x
x Weekly operating capacity is based on average hourly production for the twelve
last months preceding mill check and the normal number of operating hours per week.
WEEKLY COMPARISON (IN FEET) FOR 220 IDENTICAL MILLS-1931.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
May 30,
June 6.
June 20.
Week Ended111,681,332 112,702,492 116,845,371 112,829,790
Production
110,978,277 105.748,409 112,695,703 108,447,252
Orders (100%)
33,069,382
32,726,603
36,114,117
37,222,316
Rail (34%)
42,169,390
47,899,811
40,481,624
Domestic cargo (42%).- -.. 47,089,888
17,431,349
26,603,670
19,011,537
17,966,683
Export (16%)
10,853,261
10,389,489
10,141,131
8,699,390
Local (8%)
105,814,584 116,148,134 105,293,891 127,579,403
Shipments (100%)
37,670,044
41,378,803
35,688,821
36,976,206
Rail (35%)
41,743,560
53.573,837
Domestic cargo (36%)__.. 37,236,417 43,150,898
22,237,274
15,027,026
27,167,284
22,902,571
Export (22%)
10,853,261
10,389,489
10,141,131
8,699,390
Local (8%)
391,570,723
380,986,633
379,059,210
379,133,115
Unfilled orders (100%)
88,473.596
93,983,561
87.766,393 88.742,652
Rail (23%)
188,983.649 182,177,114 185,700,903 181,900,192
Domestic cargo (50%)
102,383,073 108,139,444 117,296,224 105,102,880
Export (27%)
194 IDENTICAL MILLS.
are complete for 1930
(All mills whose reports of production, orders and shipments
and 1931 to date.)
Average 24
Average 24
Weeks Ended
Weeks Ended
Week Ended
June 20 1931, June 20 1931. June 21 1931.
105,415,481
156,490,202
108,064,659
Production (feet)
107.196,249
144,551,740
108,914,134
Orders (feet)
109,495,332
148,294,591
103,307,196
(feet)
Shipments
'31
20
(104 mills).
DOMESTIC CARGO DISTRIBUTION WEEK ENDED JUNE
CancelOrders on
lotion
Orders
Hand Begin's Week Received. AdJustm'Is
June201931
43%
last week.
[VOL. 133.
FINANCIAL CHRONICLE
Shipmenu.
Unfilled
Orders
Week Ended
June 20 31.
Washington dt Oregon
Feet.
Feet.
Feet.
Feet.
Feet.
(99 Mills)54,847,846 13.429,424 1,600,107 16,516,062 50,161,101
"Jallfornin, 68 mills
964,829 17,560,313 123,115,091
4tlantio Coast,80 mills. 113,087,152 28,553,081
470,000 3,199.861
200,000
670,644
\-11scellaneous, 19 mills_ 3,199,217
Total Wash. er Oregon 171,134,215 42,653.149 2,764,93634.546,375 176,476,053
Reporting dom. cargo
256,646
None
638,869
154,386
741,129
only. 4 mills
Totals
Brit. Col. (10 Milla)Dallfornia. 2 mills
ktlantio Coast, 10 mills_
111scellaneous, 10 mills_
171,875,344 42,807,535 2,764,936 34.803,021 177,114,922
125.000
472,975
5,004,352 1,543,000
4,834,443 2,614,353
None
None
8,000 1,126,043
274,000 1.307,353
597,975
5,413,309
5,867,443
Total Brit. Columbia_ 10.311,770 4,282,353
leporting dom. cargo
None
None
only
282,000 2,433,396 11,878.727
10,311.770 4,282,353
282,000 2.433,396 11.878,727
15.1 157 114 47 MC RRR
5 540.5.411 17 910
..div loo nr.9 ....
Totals
Tistal dninrat10 martrn
None
None
None
JULY 4 1931.]
FINANCIAL CHRONICLE
Commodity Prices Continued Downward Trend in
Kansas City Federal Reserve District During MayWholesale and Department Store Trade Also
Decreases.
The Federal Reserve Bank of Kansas City, In its July 1
"Monthly Review," states that the majority of wheat prices
In the Kansas City Federal Reserve District reached the
lowest levels in some 25 years. The "Review" also says:
Wheat harvest commenced in the southern part of the district about
June 15, and the June 1 estimates of the United States Department of
Agriculture, although slightly lower than the May 1 estimates, placed this
year's Tenth District crop above that of last year and the five-year average.
Labor was reported plentiful, with little or no outside help needed for
harvest. Early threshing returns indicate yields equaling expectations, and
the wheat of good quality. Oats and rye prospects are good. Corn and
cotton planting are completed, and fields are reported clean but some
replanting was made necessary because of cutworm damage.
Tenth District commodity prices continued to decline in May. Grain
prices held steady throughout the month, but wheat was somewhat lower
by June 23, selling at the lowest price in 85 years. Livestock prices declined
sharply the latter part of the month, cattle reaching the lowest level since
1911 and hogs the lowest level since 1908. During the first two weeks in
June there was a sharp upturn in market quotations on cattle and hogs
but sheep were lower. Prices of butter, eggs, and poultry were unchanged
to lower, fluctuating narrowly throughout the month. There NM a slight
increase in flour prices at the close of the month but millfeed prices
were lower.
On June 1 posted prices for crude oil were reduced 44%, on the average,
to the lowest level since 1909, and resulted in lower quotations on refined
products. Zinc ore increased $1 per ton during the month, but lead ore
declined $5 per ton.
By June 1 cold storage holdings of meats other than pork, and of lard,
eggs, poultry, butter, and cheese were below those of one year ago, and
stocks of beef, poultry, lard, eggs, and cheese were below the June 1 fiveyear average. Reports also indicate less livestock on feed June 1 than on
the corresponding date in 1930, with replacement costs and feed costs
lower than a year ago.
Department store trade in May was seasonally smaller than in April, and
the dollar volume was 9.6% less than in May 1930. Five wholesale lines,
dry goods, groceries, hardware, furniture, and drugs, reported their May
sales as slightly less than in the preceding month, and somewhat less than
In May 1930. Retailers' stocks were smaller on May 31 than one month
or one year earlier. Wholesalers' stocks were increased slightly during the
month, but were smaller than a year ago. Department stores reported
collections during May were less than one month or one year earlier.
Mineral production in May in all lines except cement, which was seasonally
larger than in April, was less than in the preceding month or the corresponding month last year. Building operations were at a standstill, the
value of permits issued in Tenth District cities being the smallest May
total reported in the 12 years for which records have been compiled.
Regarding trade conditions, the Bank says:
Retail Trade.
Department store trade in this district during May declined by about
the usual seasonal amount. Thirty-seven stores reported their May sales
as 3.8% below their April sales and as 9.6% less than in May 1930.
Cumulative totals for the five months of the current year reflect a decline
in sales for the period of 7.3%, as compared to the like period last year.
Every reporting city in the district reported smaller sales in May and
the five months this year than in the corresponding May and five months
of 1930.
Stocks of merchandise on hand May 31 were 4.3% smaller than one
month earlier and 11.8% less than one year ago. Every city showed a
decrease for the month and for the year.
Wholesale Trade.
Each of the five reporting wholesale lines, dry goods, groceries, hardware,
furniture, and drugs, reported their May sales as slightly under their April
sales and substantially under sales for May 1930. Total dollar sales of the
five lines combined for May were 5.2% less than in the preceding month,
and 18.7% less than in the corresponding month in 1930. All lines except
dry goods reported stocks as of May 31 smaller than on April 80 this year,
and May 31 last year. Wholesalers of dry goods reported their stocks
as 1.3% larger on May 81 than one month earlier, but 16% smaller than
one year earlier.
Collections.
Collections reported by department stores during May on accounts outstanding at the end of the preceding month averaged 87.6% as compared
with 38.6% in April, and 40.5% in May 1930.
All of the five representative wholesale lines reported their outstanding
accounts at the close of May, and their collections during May, as below
a year ago, the decrease in outstandings and the decrease in collections
being in approximately the same ratio.
27
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in May 1931 from previous months.
Per Cent Change From
New Cars:
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand May 29-Number
Value
Used Cars:
Number sold
Salable on hand-Number
Value
,..
Companies
Included.
April 1931.
May 1930.
-17.5
-19.5
-19.9
-18.9
-5.2
-8.7
-28.3
-38.4
-32.0
-33.3
-43.8
-37.7
55
-13.4
-5.5
-1.1
-25.1
-31.9
-38.3
55
55
24
24
54
54
as
as
Furniture.
Contrary to the seasonal tread in May, orders booked by reporting furniture manufacturers in the Seventh district fell off considerably from the
preceding month, the decline amounting to 29% as against an average
increase for the month of 17%, and the index for this item stood at a new
low point in the depression, being about four points under the previous
low in December. Shipments totaled 21% under those of April, as compared with an average decrease for the period of 6%; cancellations, also,
were low. Accordingly, the debline in unfilled orders outstanding at the
close of the month fell a little short of that in new orders, the aggregate
of unfilled orders amounting to 81% of orders booked as compared with a
ratio of 77% a month previous. Comparisons with a year ago are very
unfavorable, the decline in orders booked of 88% being about three times
that of a month previous, and that in shipments of 24% twice as great.
Unfilled orders were 84% under the May 1930 total. The rate of operations
maintained during the month was 51% of capacity, or four points under a
month ago and eight points below that obtaining in May 1980.
Plymouth Motor Corp. Brings Out New Auto Line.
The Plymouth Motor Corp., a division of the Chrysler
Corp., announces a new line of four-cylinder cars ranging
in price from $535 to $645, f. o. b. Detroit. The previous
price range was from $535 to $625.
The major features of the new line include floating power,
free wheeling, easy-shift transmission. Safety-steel bodies,
double drop frame and internal hydraulic brakes, in addition to many other refinements.
Prices of the new Plymouth are as follows: roadster, $535;
coupe, $565; sport roadster, $595; sport phaeton, $595;
coupe with rumble seat, $610; convertible coupe, $645; two-
door sedan, $575, and four-door sedan, $635.
Willys-Overland Co. Announces New Models.
George Graham Vice-President of Willys-Overland, Inc.,
announced a new line of Series 95 Willys-Knight cars,
which have the same V-type radiator as the big WillysKnight "6". This car comes in five body types, 113-in.
wheel base. The factory prices are: the Coach, $845; Five
Window Coupe, with rumble seat, $875; Victoria Coupe de
Luxe,
95; Sedan (5-passenger), $875; Two-passenger
Coupe, $845. At slight extra cost, all of these types may
be equipped with free wheeling. All the Willys-Knights
have six wire wheels as standard equipment.
Mr. Graham announced that the Willys "6," which is
equipped at slight extra cost, with free wheeling, is the first
low-priced car to appear on the market with free wheeling.
This car is priced at $495 factory.
New York Cotton Exchange Service Finds Index Number for Cotton at Approximately 46-Farm Products
at 64.
Cotton continues to sell below past relationships with
either farm products as a group or with all commodities in
the United States, as it has during all of this cotton season
to date, according to the New York Cotton Exchange Service.
This is true it says, whether one takes as a basis the average
relationships prevailing in the four years from 1926 to 1920
Inclusive, those in the five years from 1909 to 1913 inclusive,
or those in the five years from 1895 to 1899 inclusive. The
Decrease in Midwest Distribution of Automobiles Ac- Exchange Service under date of June 9 says:
cording to Chicago Federal Reserve Bank-Fewer
Orders Booked by Furniture Manufacturers.
In indicating a decrease in the Midwest distribution of
automobiles, as well as decreased orders booked by furniture
manufacturers, the Federal Reserve Bank of Chicago, in
Its "Monthly Business Conditions Report," under date of
June 30, says:
Recessions were recorded during May in wholesale distribution and retail
sales of automobiles in the Middle West subsequent to the expansion shown
In the early months of the year, and sales continued to total much smaller
than a year ago, although about one-fourth of the distributors and dealers
reported gains in these comparisons. Stocks declined further and remained
well below the 1930 level. Sales and stocks of used cars followed the
trend of new cars. The proportion of deferred payment sales to total retail
sales of 84 dealers increased somewhat in May over a month previous and
the corresponding month last year, a ratio of 45% in the current period,
comparing with 43% in April and 39% in May 1980.
"Taking average prices in 1926 to 1929 as 100, the index number for
cotton is at present approximately 46 while that for the farm products
group is 64 and that for all commodities is 72. Taking average prices
In 1909 to 1913 as 100, the index number for cotton is 65 while that for the
farm products group is 92 and that for all commodities is 101. Taking
average prices in 1895 to 1899 as 100, the index number for cotton is 123
shIlitthatfor the farm products group is 151 and that for all commodities
while
is
"In submitting these index numbers, it is left to the reader to decide
to what extent present and prospective supply and demand conditions in
the raw cotton trade justify the wide divergence between prices of cotton,
farm products and commodities in general, and may or may not justify a
continuance of such divergent price levels. Acreage changes, consumption
of American cotton and the carryover at the end of the season, and production and consumption of foreign growths of cotton, are among the factors
which will determine the relationships between prices of cotton and of other
commodities in coming months.
"It is also important to note the fact, that the index numbers for all
commodities cover about 550 articles, including farm products, foods, raw
material', semi-manufactured articles, and fully manufactured products.
28
FINANCIAL CIEBONICLE
are goods made entirely for
Many of the articles in the all-commodity list
of highly paid unionized labor
domestic consumption, and are the product
farm products list there are many
and are protected by the tariff. In the
domestic markets. Consequently
articles which are made exclusively for
-making influences than affect
price
different
to
subject
are
such articles
n is sold abroad, is dependent
American cotton, of which half the productio
foreign countries, and enters into direct
on the economic condition of
Egypt, Brazil and other foreign
competition with the cotton of India,
countries."
Forwardings
New York Cotton Exchange Service Finds Above Same
to Cotton Mills of World Running
Period Last Year.
stocks of
In its weekly statistics on movement and
Service,
ge
Exchan
Cotton
York
American cotton the New
the world
of
mills
to
ings
forward
that
2
June
on
states
in good
have been subnormal, as measured by forwardings
at this
years, but they have been running well above those
larger
running
been
have
e,
likewis
,
Exports
time last year.
total
than those in corresponding weeks last season, and the
to
those
to
equal
nearly
are
date
to
season
exports for the
supply
the same date last season. Furthermore, the visible
has been declining in recent weeks faster than at this time
last season. The Exchange Service also says:
the last four
"The average weekly forwardings to mills of the world in
same weeks
weeks have been 207,000 bales, compared with 179,000 in the
forwardings during the
last season and 266,000 two seasons ago. Total
0 to this date
season to date are 9,539,000 bales, compared with 11,617,00
now left availlast season and 13,404,000 two seasons ago. The balance
with 5,527,000 a year
able for forwardings is 8,629,000 bales, compared
ago and 4,293,000 two years ago.
been 78,000
"Average weekly exports during the part four weeks have
and 71,000 two
bales, compared with 40,000 in the same weeks last season
are 6,261,000 bales
seasons ago. Total exports during the season to date
7,497,000 two seasons
compared with 6,330,000 to this date last season and
which amount is
ago. The ex-mill stock of cotton in the United States,
or for export, is now
available either for forwardings to domestic mills
2,419,000 two
and
ago
year
a
6,584,000 bales, compared with 4,040,000
years ago."
Cigarette Price Increase Greatly Improves Outlook for
Leading Manufacturers.
The increase in the wholesale price of cigarettes announced
last week has materially improved the earning prospects of
d
the four leading manufacturers for 1931 and is regarde as
particularly significant because of the so-called "depression
proof" character of the industry, according to P. F. Cusick,
Kent & Co., in an analysis of the four leading companies
which are generally conceded to account for 95% of total
cigarette production in the United States. Cigarette manufacturing is one of the few businesses which, despite the
unsatisfactory business conditions which prevailed throughout 1930, was able to report continued expansion of both
production and earnings, and this uptrend has continued
throughout the first quarter of this year. This new advance
nt factor
may also be construed as likely to prove an importa
and is
tactics
cutting
price
of
renewal
a
ting
in prohibi
enabling the retailer to maintain a stable price for the
popular brands.
As was the case in 1930, this increased revenue should be
reflected, it is contended, directly in net earnings as no
corresponding expansion of expenses accompanies it. Of
s
course, such portion of the increased revenue may be
ing
diverted by individual manufacturers toward advertis
ed
increas
further
in
result
may
turn
in
which
expenditures,
y
ze
sales, it is pointed out. Students of this industr recogni
nes
determi
factor,
other
one
any
than
more
sing,
adverti
that
As a result of
popular demand for the individual brands.
which have been made
efforts
sing
adverti
ve
intensi
more
the
it seems logical to
by the leading manufacturers in 1931
tion.
anticipate continued growth in cigarette consump
—A 25%
Sheffield Farms Co. Cuts Price of Cream
Reduction.
price of all grades of cream
A reduction of 25% in the
Sheffield Farms Co., Inc.,
by
30
June
was announced on
tely. Benjamin S. Halsey,
immedia
e
effectiv
become
to
said that other distributors
Vice-President of the company,
area would probably follow
of dairy products in New York
cuts had so far been anprice
no
that
but
the example,
sold for 18 cents a half
be
will
nounced. Heavy cream
and the cut of 6 cents
cents,
24
of
instead
d,
delivere
pint,
pre-war days, Mr.
since
price
lowest
brings cream to the
Halsey said.
est Fruit
New System of Marketing of Pacific Northw
.
Season
g
Cannin
of
g
Openin
with
les
and Vegetab
are
atives
co-oper
Pacific Northwest fruit and vegetable
of
system
new
a
under
season
.oDening the present canning
[VoL. 133.
marketing. Six local canning organizations in Oregon and
Washington have unified their sales efforts through a growerowned and cont-olled regional co-operative known as the
North Pacific Canners and Packers, Inc., Portland, Ore.
The new sales agency was established on March 25 with the
assistance of the Oregon State College and the Federal
Farm Board. In making this known on May 25 the Board
•
further said:
are members of the
Below are the names of the six associations that
North Pacific Canners and Packers, Inc.:
Wash.
Washington Canners Co-operative, Vancouver,
Gresham Berry Growers. Gresham, Ore.
Ore.
ook,
Springbr
Springbrook Packing Co.,
Sllverton Food Products Co., Inc., Silverton, Ore.
Ore.
Puyallup and Summers Fruit Growers' Assn., Puyallup,
Stayton Canning Co. Co-operative, Stayton. Ore.
the oldest
ives,
co-operat
ed
establish
well
The members of the regional are
its
having been organized in 1902 as a bargaining association. It began
ons was organcanning operations in 1924. The newest of the six associati
ized in 1928.
The following officers of this new regional were elected on April 18:
J. J. Fisher. Gresham, Ore., President.
C. E. Newhouse, Springbrook, Ore., Vice-President.
L. M. Jones, Vancouver. Wash., Secretary-Treasurer.
ng
The regional's six member associations handled a business aggregati
approximately $3,000,000 during the 1930-31 season. Sixteen different
kinds of fruits and vegetables are delivered to these co-operatives by member growers. These crops include apples, blackberries, raspberries, cherries, currants, gooseberries, huckleberries. loganberries, pears, plums,
prunes, rhubarb, strawberries, tomatoes, beans and carrots.
and vegetables, the six
In addition to canning 327,431 cases of fruits
associations packed under the cold-pack method more than 800,000 gallons
ately 7,000,000
approxim
also
ons
shipped
associati
of berries in 1930. These
to private canning companies
pounds of fresh berries to central markets and
90% of the coldduring the 1930-31 marketing season. Approximately
in Oregon and Washpack berries produced in the United States are packed
ington.
g contract of the new
The articles of incorporation, by-laws and marketin
legal division. It is
regional have been approved by the Farm Board's
the co-operative
with
deal
will
contemplated that in the future the Board
the North Pacific Canners
canneries in Oregon and Washington through
and Packers. Inc.
ultimately expect all
While the associations co-operating in this project
they anticipate that it will
of their sales to be handled by the new regional,
selling as individual organizabe necessary to continue, at least this season,
tions a part of their products.
canned and cold-pack prodThe associations have been marketing their
and the regional plans to conucts through brokers in the large markets,
member canneries have sold
tinue this practice. It is estimated that the
under their own brands
not more than an average of 25% of their products
increase the percentage of sales
during the last few years. It is their plan to
and to establish a
brands
Packers
under the North Pacific Canners and
in the principal markets.
trade demand for the products of this co-operative
associations and
The regional will disseminate information to its member
co-operative canneries.
help groups of farmers interested in forming new
of information
lack
a
that
Co-operative officials are working on the theory
In the past has caused a great many failures in the canning industry.
Petroleum and Its Products—East Texas Fields Placed
on New Allowable—Special Session of Texas Legislature to Revise State Proration Laws Called—
California Oil Program Approved.
With Governor Ross Sterling of Texas indicatinethaehe
would call a special session of the State Legislature to cope
with the repeated violation of the State's proration rulings,
sentiment in the petroleum industry appears to favor a
more optimistic view of the market picture this week. With
prices at their lowest levels for many years, the nation's
markets need only the spur of a definite check on production
until the present depressed conditions of the oil industry
are over, to rise to levels nearer their true worth, according
to leaders in oil circles here.
Governor Sterling made his intentions known in discussing
the new production schedule in the East Texas fields issued
during the week by the Railroad Commission, which places
the fields on a 250,000 barrels daily allowable for a 30-day
test period, using the 20-acre unit plan as a basis. If the
trial is successful, the Commission intends to issue a 90-day
order in these fields, with monthly increases in output if
needed. However, if the Legislature does not pass more
stringent laws than are currently in force, widespread violations of the Commission's rulings are expected.
Much opposition to the new ruling of the Commission
has appeared from operators who favor the old method of
computing the allowable by a certain percentage of the potential output of each well. Under the new plan, which applies
only to the East Texas fields, new wells shall be permitted
to run 100 barrels daily until the end of the proration period,
after which they will be merged into the general curtailment
picture. Where there is now more than one well to a 20-acre
unit, the allowable may be increased to not exceeding 750
barrels each daily, which is the outside maximum for any
unit.
One phase of the new ruling that has aroused much opposition from major operators in the fields is the requirement
JULY
29
FINANCIAL CHRONICLE
4 1931.]
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery.
that connections be made by pipe lines with unconnected
$.04-.0431
Arkansas
N. Y.Y.(Bayonne).05-.07
wells, estimated at approximately 160. The major com- N.Stand.
Colonial-Beabon--$0.634 California
Oil, N.J-20.54
Angell:MX 0454-.07
LOB
Levick
06
Crew
*Stand.
011,
N.Y.
.0534
panies maintain that they cannot make connections with
0434-.05
Coast.
ex
Gulf
.0534
Texas
Tide Water OD Co .0534
.0534 North Louisiana .04-.0434
Gulf
Richfield 011(Cal.) .0634
these wells for the reason that they have all the oil they can
North Texas- .0354-.0354
Continental
Warner-QuinFnCo .0534
offsets.
wells
from
handle
and
own
must protect their
now
.0234-.0234 Oklahoma-----0334-.04
Pan-Am.Pet. Co- .0534 Chicago
Pennsylvania.-.0534
.0331
New
Orleans,
ex-Shell
Eastern
Pet_
.0554
Conditions on the Pacific Coast are showing further signs
•Plus freight.
of improvement following the price advances there recently
Included.
Gasoline, Service Station, Tax
2.149
with apparently all factors in the industry working towards New York
5.16 Kansas City
5.153 Cincinnati
.162
.16 Minneapolis
.20 Cleveland
Atlanta
betterment of State's markets. A program sponsored by a Baltimore
.114
OrleansNew
.18
154 Denver
.16
.13 Philadelphia
.155 Detroit
committee of Los Angeles industrial and business leaders Boston
.17
18 San Franelsoo
Buffalo
.148 Houston
.19
has been approved by the Oil Producers' Sales Agency, Chicago
.14 Jacksonville
which controls approximately 40% of the State's output,
Keromene.41-43 Water White, Tank Car Lots, F.O.B. Refinery.
$.024-.0334 I New Orleans. ex--.8.035
and the oil operators association has promised full co- N.Y.(Bayonne).-- 5.0434 I Chicago
.0434-.0334
Tulsa.
North Texas-- .02)4-.03 I LoaAngeles.ex. .0434-.06
operation in the Committee's efforts.
Fuel Oil. F.O.B. Refinery or Terminal.
With no practical result, but having an important psychoGulf Coast"C"- 2.85-.70
York (Bayonne)- I California 27 plus D
logical effect on the outlook of the nation's petroleum market New
$.75-1.001 Chicago 18-22 D...4254-.60
5.85
Bunker "C"
.90
Orleans
"0"---Diesel
28-30D
1.55
New
is the report that the four major importing companies which
Gas Oil. F.O.B. Refinery or Terminal.
signed a "gentlemen's agrrement" in March to curtail
I Tula/IY.(Bayonne)I Chicagoimports 'until the present depressed conditions of the Amer- N UD
32-36D Ind-S.0134-.02
91111-6.00(-.0554 I 32-38D Ind-8.0154-.02
ican oil industry improved, have renewed their agreement.
Present prices from East Texas make it far cheaper to buy Crude Oil Production in the United States Increased
oil here than import it from South America. However, the
During May-Inventories of All Oils Decline.
assurance that the major importers will co-operate in this way
According to reports received by the Bureau of Mines,
removes the fear of a large flood of cheap imported oil
Department of Commerce, the production of crude petroleum
flooding the market when any improvement develops.
in the United States during May 1931 amounted to 77,164,000
There were no price changes posted this week.
barrels, a daily average of 2,489,000 barrels. This represents
Prices of Typical Crudes per Barrel at Wells.
an increase over the daily average in April of 52,000 barrels;
(AU gravftles where A. P. I. degrem are not shown.)
but was 103,000 barrels below the daily average of a year
$0.87
Bradford, Pa
$1.75 Smackover, Ark., 24 and over
.25 ago. The Bureau's statement continues:
Corning, Ohio
.65 Eldorado, Ark.. 40
CabeII, W. Va
Illinois
Western Kentucky
Midcontinent, Okla., 37
Hutchinson, Texas,40 and over-Spindletop, Texas, 40 and over....
Winkler. Texas
1.05
.55
.50
.37
.26
.60
.25
.20
Rusk, Texas, 40 and over
.78
Urania La
Salt Creek, Wyo.. 40 and over -----37
.85
Sunburst, Mont
Santa Fe Springs, Calif..40 and over .75
.72
Huntington, Calif.. 26
1.60
Petrol's. Canada
Texas was chiefly the source of the gain in crude output in May;the daily
average output In that State rose from 893,000 barrels in April to 951,000
barrels in May. The major portion of the gain in Texas in May was registered in the East Texas field, where the daily output rose from 251.000
barrels in April to 308,000 barrels in May. A total of 247 producing wells
were completed in East Texas in May as against 197 in April; the May
completions had a much smaller average daily initial output than the April
REFINED PRODUCTS-CUTS RE/VIVRE BULK GAS MARKET- completions. Daily average production in the other two major producing
LEVELING OFF PROCESS SEEN-NO TRUTH IN RUMOR OF States, Oklahoma and California, increased slightly in May, the former as
the result of a gain in output in the Oklahoma City field, the latter from the
RUSSIAN GASOLINE SHIPMENT.
completion of large wells at Kettleman Hills.
The increase in crude production was offset by a gain in throughput at
The week's market was featured by several additional
and crude stocks continued to decline. The major portion of the
reductions in the bulk gasoline field although the trade held refineries
decline occurred in stocks of West Texas crude. Stocks of East Texas
that these cuts were more in the nature of "leveling off" crude showed a material gain as production exceeded the refinery demand.
movements to meet recently posted cuts than indicative of Crude stocks in California continued their slow decline as evidence of the
being made there to balance supply and demand.
any further weakness in the market. Other products re- efforts
The daily average crude throughput in May totaled 2,533,000 barrels.
mained quiet.
a gain over April of 43,000 barrels, but a decline from a year ago of 165.000
The rumor which gained wide circulation last week that a barrels.
fuel production continued to increase and the daily average output
Detroit independent had purchased 7,500,000 gallons of in Motor
May amounted to 1,259,000 barrels as against 1,220.000 barrels in April.
gasoline to sell in the spasmodic price war that had been Daily average imports declined from 45,000 barrels to 34,000 barrels, daily
raging there off and on for the past year has been proved average exports rose from 140.000 barrels in April to 161.000 barrels in
May. The daily average indicated domestic demand for motor fuel amounted
unfounded. Several large oil companies spent much time to
1,152,000 barrels, an increase of4% over April, but a decline from a year
and trouble trying to ascertain the truth of the story but ago of 2%. Stocks of motor fuel on hand May 31 amounted to 47,948.000
barrels
which, though a decline from the April stocks of 639,000 barrels.
The
Amtorg
were unable to obtain any confirmation.
larger than expected due to the material gain in output. The May
Trading Corp., official agent of the Soviet Government in stocks
represent 37 days'supply as compared with 39 days'supply on hand
the United States, denied the story. In view of the present a month ago and with 40 days' supply on hand a year ago.
The
refinery data of this report were compiled from schedules of 356
low prices, it would not be profitable for the Soviets to ship
with an aggregate daily recorded crude-oil capacity of 3.784,490
gasoline for sale in American markets, according to the trade. refineries,
barrels, covering, as far as the Bureau is able to determine, all operations
market,
aided
by
during May 1931. These refineries operated during May at 67% of their
While sentiment in the local gasoline
marked improvement in midwestern gasoline demand with recorded capacity, given above, as compared with 349 refineries operating
at 67% of their capacity in April.
resulting firming up of prices improved, price reductions
SUPPLY AND DEMAND OF ALL OILS.
continued to be the rule rather than the exception. Standard (Including wax, coke and asphalt in thousands of barrels of 42 U. S gallons.)
VMS
Oil of New York, Cities Service and Pan American Petroleum
Were among the companies to announce reductions in markets
along the Atlantic Seaboard. The cuts ranged he. to le
and the present range for U. S. Motor gasoline is 534c.-64c.
tank car, refinery. However, some independents are aecepting bids at 5e. a gallon, it is reported. Some further
buying in anticipation of the expected consumption of
gasoline over the holiday week-end was noted.
Kerosene remained dull during the week, with little de/0. a gallon, tank car, refinery, and the
mand shown at 43
trade holds that further reductions are in line before any
large-scale buying activity will result. Fuel oils likewise
were inclined to be dull, with prices remaining unchanged.
Some improvement in lubricating oils developed during
the week with a fair demand noted. A slight gain in export
Inquiries lately was an important factor in the improved
feeling.
Price changes follow:
June 28.-Standard Oil of New York announced reductions ranging from
Mc. to lc. a gallon in the company's bulk gasoline prices, effective immediately. while Texas Co. lowered its tank quotation 34c. a gallon
June 30.-Effective yesterday. Cities Service Co. announced a reduction
of Mo. a gallon in gasoline tank car
prices at Boston, Portland and New
Haven to 6c. a gallon in the latter two, while the former is now posted at
5
July 3.-Meeting cuts posted by other companies during the week, Pan
Au4111 can Petroleum announced that, effective June 30, tank car gasoline
prices had been revised to 5Hc. a gallon at New York. with corresponding
reductions at other Atlantic Seaboard markets.
May
1931.
Ayrft
1930.
'.4141a." 4
May Jan.-may Jan-map.
1931. ‘1930. I I
1930.
77,164
2,489
3,814
186
81,164
2,618
73,101
2,437
3,824
187
77,112
2,570
80,342
2,592
4,521
254
85,117
2,746
4,512
2,847
88,523
2,856
4,162
3,458
84,732
2,824
25,363
4,984 21,531
16,888
17,560
3,603
93,704 405,097 455,441
2,683 r i3,016
3,023
a81
56
88,604
2,858
84,676
2,823
91,981 414,955 444,095
2,942
2,967
2,748
2,268
9,837
76,499
2,468
1,826
8,164
74,686
2,490
2,203
9,309
9,469 43,325
80,309 362,321
2.591
2,399
9,588
56,838
377,771
2,502
150
80
29
230
354,306
140,816
495,122
996
160,094
658,212
Grand total stocks, all oils
230
Days'supply
Bunker oil (included above in do4,364
mestic demand)
a Decrease. b Includes residual fuel oils.
356,565
141,418
497,983
1,006
157,304
New SupplyDomestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Increase in stocks, all oils-DemandTotal demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
Production over domestic demand
Stocks(End of Month)Crude petroleum:
East of California
California_ la Total crude
Natural gasoline at plants
Refined products
Mb
1,723
155
?"-346,298 389,097
2,577
2,293
22,183
19,457
1,238
923
366,678 412,518
2,732
2,428
a9,858
11,248
385,019 354.306 385,019
148,472 140,816 148,472
533,491 495.122 533,491
920
996
920
166,001 160,094 166,001
656,293 700.412 656,212 700,412
232
236
238
239
4,044
4.657
19.240
21.285
FINANCIAL CHRONICLE
30
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U. S. gallons.)
May 1931,
April 1931.
Total. Dailyito.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illinois
Indlana-Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest of State
Total Louisiana-Michigan
Montana
New Mexico
New York
Ohio-Central a: Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City
Seminole
Rest of State
Total Oklahoma....
Pennsylvania
Tennessee
Texas- Gulf Coast
East Texan
West Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek....
• Rest of State
Total Wyoming
Total.
DailyAv.
Jan.May
Jan.maa
1931.
1930.
1,363
44
1,381
46
7,086
8,376
1,189
2,666
2,233
10,361
16,449
130
382
66
39
86
72
334
531
4
13
2
784
2,638
2,149
10,233
15,804
128
378
66
26
88
72
341
527
4
13
2
69
3,245
477
736
1,155
1,891
225
257
1,400
278
368
93
461
5,931
4,702
7,794
18,427
925
2
105
15
24
37
61
7
8
45
9
12
3
15
191
152
251
594
30
69
3,172
528
880
1,141
2,021
261
256
1,197
269
375
90
465
5,431
4,596
7,723
17,750
926
2
106
18
29
38
67
9
9
40
9
12
3
15
181
153
257
591
31
4,531
9,554
6,701
8,699
29,485
373
771
SSOi
1,327
146
308
216
281
951
12
25
18
43
4,511
7.533
6,820
7.921
26,785
376
778
556
1,334
150
251
228
264
893
13
26
18
44
4,221
13,628
10,804
51,382
80,035
658
1,917
325
18
343
15,842
2,686
4,071
5,938
10,009
1,281
1,261
6,050
1,371
1,879
470
2,349
21,057
23,233
38.443
82,733
4,539
4
22,356
20,742
35,678
40,966
119,742
1,850
3,887
2,655
6,542
2,052
15,614
22,532
60,184
100,382
714
2,535
405
22
427
17,183
3,178
3,007
5,981
8,988
1.791
1,227
1,952
1,782
2,243
567
2,810
13,806
38,791
44,856
97,453
6.116
5
26,228
[Vol,. 133.
the week ended June 28 1930 of 2,610,950 barrels per day,
the current figure represents a decrease of 169,000 barrels
daily. The daily average production East of California for
the week ended June 27 1931 was 1,932,450 barrels, as
compared with 1,961,250 barrels in the preceding week, a
decrease of 28,800 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedJune 27'31. June 20'31. June 13'31. June 28'30.
Oklahoma
557,450
666,950
544,300
557,850
Kansas
101,050
103,100
134.200
102,100
Panhandle Texas
58,000
108,000
59,450
58,900
North Texas
55,450
81,800
58,300
60,350
Wait Central Texas
26,900
61,000
29,550
29.550
West Texas
214,900
307,350
209,850
213,750
East Central Texas
60,700
40,100
59,800
60,150
East Texas
329,000
359,700
371,350
Southwest Texas
78,100
60.950
58,650
57,650
North Louisiana
40,200
35,700
37,400
35,950
Arkansas
57,300
44,200
44,850
45,350
Coastal Texas
140,000
187,000
148,300
143,700
Coastal Louisiana
23,250
25.900
22,650
28,050
Eastern (not Including Michigan)
100,750
101,800
126,000
99,650
Michigan
7,850
10,100
7,900
8,350
Wyoming
40,150
48,800
41,500
42,900
Montana
7,600
8,100
9,450
8,050
Colorado
4,650
4,450
4,400
4,850
New Mexico
44,550
43,950
43,450
26,550
509,500
California
521,100
528,600
597,300
2,441,950
Total
2,482,350
2,463,100
2,610,950
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
49,506 West, East Central. East and Southwest Texas, North Louisiana and
48,579
124,313 Arkansas, for the week ended June 27 1031 was 1,563,650 barrels, as com2,312 pared with 1,589,350 barrels for the preceding week, a decrease of 25,700
4,489 barrels. The Mid-Continent production, excluding Smackover (Arkansas)
3,064 heavy oil, was 1,533,600 barrels, as compared with 1,559,250 barrels, a
7,553
decrease of 25,650 barrels.
The production figures of certain pools in the various districts for the
77,164
2,489 73,101
2,437 346,298 389.097
U. S. total
current week, compared with the previous week, in barrels of 42 gallons.
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.a
follow:
-Week Ended-Week EndedOklahomaSouthwest TexasJune 27 June 20
June 27 June 20
April
May
Jan.-May
Jan -hay
May
2,900
3,100
15,000 15,300 Chapmann-Abbott
Bowlegs
1931.
1930.
1930.
1930.
1931.
20,650 18,650
Bristow-Slick
12,850 12,850 Darst Creek
8,100 8,200
Burbank
13,150 13,150 Luling
519
1,233
2,337
5,503
498
Oil
11,500 12,200
Carr city
12,350 14,950 Salt Flat
152
213
932
997
178
Gas
North LouisianaEarlsboro
17,800 18,050
393
649
2,790
1,967
355
Dry
1,200
1,000
East Earlsboro
16,350 19,000 Sarepta-Cartemdlle
7,200
7,000
South Earlsboro
5,450 Zwolle
5,050
1,031
1,064
2,095
5,236
9,290
Total
Konawa
7,900 8,200
a From 011 & Gas Journal and California office of the American Petroleum In- Little River
Arkansas23,300 24,500
stitute.
3,900
3,900
East Little River
4,700 Smackover, light
5,250
30,050 30,100
Maud
2,400 2,550 Smackover, heavy
Coastal TexasMission
8,500 9,250
21,150 22,900
Oklahoma City
Weekly Refinery Statistics for the United States.
155,500 161,950 Barbers Hill
7,350
7,600
St. Louis
21,300 22,100 Raccoon Bend
27,550 29,200
Reports compiled by the American Petroleum Institute Searight
4,750 Refuglo County
4,450
11,100 11.200
Seminole
13,350 13,700 Sugarland
for the week ended June 27, from companies aggregating East Seminole
1,650
1,750
Coastal LouisianaKansas3,646,100 barrels, or 94.7% of the 3,848,500 barrel esti- Ritz
750
900
5,650 5.450 East Hackberry
700
750
15,250 14,750 Old Hackberry
mated daily potential refining capacity of the United States Sedgwick County
Voshell
Wyoming16,350 15,900
indicate that 2,416,900 barrels of crude oil were run to stills
24,300 24,900
Panhandle TexasSalt Creek
Gray County
Montana41,900 43,650
daily, and that these same companies had in storage at Hutchinson
4,400
4,400
County_ __. 10,200
9,000 Kevin-Sunburst
North TexasNew Mexicorefineries at the end of the week, 41,868,000 barrels of Archer
County
37,800 37,250
12,900 12,600 Hobbs High
4,300
4,250
gasoline and 131,045,000 barrels of gas and fuel oil. Reports North Young County... 9,200 9,100 Balance Lea County
12,000 10,900
County
Californiareceived on the production of gasoline by the cracking Wilbarger
Elwood-Goleta
25,600 27,000
West Central Texas20,700 20,200
Young County_.. 3,550
3,500 Huntington Beach
process indicate that companies owning 94.9% of the poten- South
13,200 14,000
Inglewood
1Vest TexasKettleman
Hills
60,500 59,300
Upton
Counties
21,000
21.550
Crane
dr
units
manufactured
tial charging capacity of all cracking
76,500 77,000
6,300 5,850 Long Beach
Ector County
49,000 50,300
29,900 28,900 Midway-Sunset
3,236,000 barrels of cracked gasoline during the week. The Howard County
25,300 25,600
27.300 29,500 Playa Del Rey
Reagan County
complete report for the week ended June 27 1931, follows:
63,700 65,300
42,400 42,600 Santa Fe Springs
Winkler County
11,400 11,500
Seal
Beach
71,200
68,550
Yates
CRUDE RUNS TO STILLS, GASOLINE AND GAS AND FUEL OIL STOCKS,
40,300 42,000
3,100 Ventura Avenue
Balance Pecos County.- 2,900
WEEK ENDED JUNE 27 1931.
Pennsylvania GradeEast Central Texas7,750 6,850
(Figures in Barrels of 42 Gallons)
49,950 49,600 Allegany
van Zandt County
21.600 21,300
Bradford
East TexasKane to Butler
6,600 6,700
County:
Rusk
Per Cent
Per Cent
6,650
6,150
114,400 114,100 Southeastern Ohio
Joiner
Gas and
Oyer.
Potential
Crude
3,400
163,100 188,900 Southwestern Penna.-- 3,400
Kilgore
of Total
Gasoline
Fuel Oil
Runs to
Capacity
District.
13,250 13,750
Longview 82,200 68,350 West Virginia
County,
Gregg
Stocks.
Stocks.
Capacity
ReportStilts.
Report.
in°.
7,558,000
1,558,000
6,311,000
3,284,000
7,927,000
1,541,000
1,833,000
*11,856,000
9,424,000
1,235,000
3,766,000
4,692,000
10,342,000
2.602.000
862,000
98,122,000
100.0
East Coast
91.8
Appalachian
Ind., Illinois, Kentucky 96.6
Okla., Kans., A issouri. 89.6
91.3
Texas
98.9
Louisiana-Arkansas_ __ _
89.3
Rocky Mountain
96.5
California
3,229,000
758.000
2,249,000
1,976,000
3,830,000
1,243,000
323,000
3,310,000
72.8
78.8
76.2
64.9
71.5
77.0
32.4
53.7
94.7
16,918,000
2,416,900
17,039,000
2,434,100
66.3
41,868,000
131,045,000
66.8
b42.300,000
130,251,000
Total week June 27
Daily average
Total week June 20._
Daily average
94.7
Total June 28 1930
Daily average
95.7
18,392,000
2,627.400
74.5
49,700,000
139,437,000
eTexas Gulf Coast
-•...,..... n...• n,....•
99.8
inn 0
2,902,000
832.000
78.0
80.6
6,777,000
1.433.000
7,377,000
1.662.000
a In all the refining districts indicated except California, figures in this column
represent gasoline stocks at refineries. * In California they represent the total
Inventory of finished gasoline and engine distillate held by reporting companies
wherever located within continental United States (stocks at refineries, water terminals and all sales distributing stations, including products in transit thereto).
b Revised in California District due to certain companies having incorrectly reported.
New totals are: California, 11,788,000 and United States, 42.300,000. c Included
above in table for week ended June 27 1931.
Note -All figures follow exactly the present Bureau of Mines definitions. Crude
oil runds to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and
Fuel Oil Stocks."
Crude Oil Output in United States Declines.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended June 27 1931, was 2,441,950 barrels, as
compared with 2,482,350 barrels for the preceding week, a
decrease of 40,400 barrels. Compared with the output for
•
U. S. Supreme Court Upholds Interior Department's
Right to Refuse Prospecting Permits for Oil on
Public Lands-President Hoover's Oil Conservation Plan Sustained.
The right of the Secretary of the Interior to refuse to
issue prospecting permits for oil and gas on public lands
under the general leasing law of 1920 was upheld on May 18
by the -United States Supreme Court, in an opinion affirming
the decision of the Court of Appeals of the District of Columbia in four suits brought to compel the issuance of such
permits. The New York "Journal of Commerce" in reporting
this, also had the following to say:
The decision of the Appellate Court had reversed that of the District of
Columbia Supreme Court, which had ordered issuance of the permits.
In its opinion the Supreme Court pointed out that under the established
rule the writ of mandamus, sought in these cases, cannot be made to serve
the purpose of an ordinary suit, and will issue only where the duty to be
performed is ministerial and the obligation to act peremptory and plainly
defined.
In these cases, it was commented, the provisions of the Leasing Act
"quite plainly indicate that Congress held in mind the distinction between a
positive mandate to the Secretary and permission to take certain action in
his discretion." Having examined the Act, the Court said, it could not be
said that by any clear and indisputable language it refutes the position taken
by the Secretary that the granting of prospecting permits is discretionary.
"Certainly," the opinion continues, "there is ground for a plausible, if not
conclusive argument, that so far as it relates to the leasing of oil lands it
goes no further than to empower the Secretary to execute leases which,
exercising a reasonable discretion, he may think would promote the public
welfare.-
a
31
FINANCIAL CHRONICLE
JULY 4 1931.]
The decision of the Court is considered by officials of the Interior Department to mark an important forward step in the program for affording
relief for the oil industry. Under it, it was pointed out by Secretary Wilbur.
the Government can take a fixed position in the orderly method of development of national resources. The action of the Court. he said, should be an
incentive to the States now contemplating an interstate compact to include
therein drilling operations as well as production to eliminate waste and at
the same time help in solving the industry's overproduction problem.
Notwithstanding the possibility of further favorable developments, the
low
steel industry can scarcely escape at least another month of very
operations. The average rate this week for the entire country is not
to
above 35% of capacity, without considering the loss of output incident
the shutdowns over the holiday. In only one district, Cleveland, has
steel production gained. Elsewhere, it lost further ground or is barely
holding it own.
Sonic of the smaller steel plants will be closed for periods of one or
weeks, or perhaps longer, during July, and a few of the larger interests
two
Ray
Secretary
Daily,"
According to the "United States
are concentrating work at their efficient plants in cost-saving efforts.
Lyman Wilbur, in commenting orally on the decision, said One of the medium-sized companies is staggering its activities by one
that the legislation supported by the Supreme Court "gives week of work followed by a week of idleness.
industrinal consumers of steel have announced July shutdowns of
the administrator some power of discretion to prevent waste twoMany
weeks, giving their employees a vacation en muse. Nearly all of
and to make the program of conservation effective. This the automobile plants will suspend activities for two weeks for vacations
decision allows for the encouragement of oil production and and inventories between July 15 and Aug. 15. June output of motor carsa
against 315,115 in May, and
coining as it does at the same time as the decision on Hoover is not expected to be above 270,000 units,
further drop indicated for July. Steel orders from the automobile indusDam, and since both have a bearing on conservation, try continue to decline.
together it may be said that they mark an epoch favorable
Railroads, on the other hand, perhaps stimulated by the hope of an
advance in freight rates, have been ordering a little more freely, although
to the important conservation program."
the steel tonnage from this source is still far below normal. With the
From the Washington account to the "Wall Street Jour- exception of one company, the steel industry has entered no formal protest
nal" we take the following:
against the proposed freight rate rise, many units of the industry believing
Effective March 12 1929, Secretary Wilbur rejected all applications for that the increased buying power of the railroads will offset any disadvantages.
policy
Moreover, it is expected that higher freight rates will add strength to the
prospecting on the public domain in line with the oil conservation
enunciated by President Hoover. This action was contested in the four cases steel price structure.
Outstanding railroads orders are 10,000 tons of rails bought by the
carried by the Supreme Court on the ground that it was unlawful for the
secretary to suspend an Act of Congress under which he was directed to Union Pacific and 9,000 tons of rails and 7,000 tons of tie plates for the
Issue permits upon application.
Seaboard Air Line. The Norfolk sc Western will open bids July 8 on
20,000 tons of rails and the necessary track fastenings.
Other Cases Await Decision.
Although some dormant pipe line projects may be revived if the general
Pending outcome of this appeal, the District of Columbia Court had business situation improves, the only immediately prospective order is
suspended judgment in approximately 200 other cases involving the same 25,000 tons of 20-in, pipe for the Lyeorning Natural Gas Co. for a Pennquestion. The suit in the present instance was instituted by Ethel M.
sylvania-New York State line, which may be placed this week.
McLennan, H. H. Simpson Roy G. Barton and W. B. Pyron, and briefs
The arrival of the third quarter has been accompanied by a relatively
were filed in the case by the States of Wyoming, Utah, Colorado, New
small amount of steel contracting. Except for sheets and hot-rolled strip
Mexico and Montana.
steel, prices are unchanged. All mills are now quoting the new base prices
on sheets, which are up as much as $5 a ton on some grades. The tonnage
lower-priced seoond quarter contracts was
Production of Natural Gasoline Declined Further that buyers specified against
not large, considering the sharp advance in prices, their attitude being
During May-Inventories Also Fall Off.
the risk of paying more later on than to
run
to
prefer
that they would
According to the United States Bureau of Mines, natural lay in stocks beyond present needs. Third quarter hot-rolled strip contracts
been made at a $1 a ton advance over recent quotations.
gasoline production registered another material decline in have
Pig iron buying has shown a slight spurt in some districts. Further
May, when the daily average output amounted to 5,170,000 curtailment in blast furnace activity is in prospect. On a small amount
gallons as compared with 5,350,000 gallons daily in April, of buying, steel scrap has turned stronger at Pittsburgh, raising The "Iron
Age" composite price to $9.17 from $9.08 a week ago, the first advance
and with a daily average of 6,130,000 gallons a year ago. since
•
February.
a
only
showed
State,
producing
California, the leading
Of possibly stimulating effect upon steel prices is the marked activity
decreases
and price advances in nonferrous metals. Export sales of copper in June,
small decline in daily average output. The largest
tons, were the largest for any month in more than a year,
in output were recorded in the Panhandle and Seminole at about 77,000sales
in the month were fully 95,000 tons. The domestic
while domestic
districts and in the Eastern States. Stocks of natural copper price has risen to Sc. a lb., delivered. Tin, lead and zinc have all
gasoline reflected the decline in production and showed a advanced on large buying.
The "Iron Age" composite price of finished steel has advanced from
decrease, the first in several months. The total on hand at
2.102c. a lb. to 2.137c., based on revised sheet quotations, and is now only
the plants on May 31 amounted to 996,000 barrels, and at slightly below the high of 1931, 2.142e. recorded in January. The pig
the refineries to 2,207,000 barrels. The Bureau's statement iron composite has declined from $15.68 to $15.59, the lowest figure since
November 1915. A comparative table follows:
further shows:
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Finished Steel.
Baaed on steel bars, beams, tank Plates:
June 30 1931,2.137e. a Lb.
One week ago2.1020.1 wire, rails black pips and siseeca.
2.1020. These products make 87% of the
One month ago
Jan.2.1850,1 United States output.
One year ago
May
April
May
May
April
May
High.
Low.
1931. 1931,
1931.
1930.
1931.
1931.
2 142e. Jan. 13
2.1020. June 2
1931
2
7
Jan.
362c.
Dee, S
2.121o,
1930
5,574
5,601
6,700 37,600
6,800
5,900
Appalachian
2.412e. Apr. 2
2.362e, Oct. 26
4,600
543 1929
1,000
497
800
700
Illinois, Kentucky, dm
11
Dec.
2.391o.
Jan.
2.314e.
3
1928
42,600 41,600 54,000 209,900 15,867 15,505 1927
Oklahoma
2.453o. Jan. 4
2.293e. Oct. 25
2,477
2,142
3,000 13,500
2,800
2,500
Kansas
2.453e.
18
Jan.
May
2.4030.
6
1926
11,473
9,095
189,800
35,700 37,200 42,100
Texas
2.5600. Jan. 6
2.396e. Aug. 18
1,159 1025
805
6,000 23,200
4,700
4,100
Louisiana
254
222
2,800 12,600
2,500
2,500
Arkansas
Pig Iron.
1,016
1,118
4,600 27,400
5,500
6,100
Rocky Mountain
Based on average of basic Iron at Valley
30 1931. $15.59 a Gross Ton.
4,653 OneJune
5,590
60,100 58,700 69,700 298,600
California
$15.63 furnace and foundry Irons at Chicago.
week ago
Philadelphia, Buffalo. valley and Sir16.631
One
ago
month
Total
160,200 160,600 189.900 817,200 41,837 42,254 One year ago
17.421 mingham.
-5,450
6,130
5,350
5,170
Daily average
High.
Low.
1,006
996
4,521 19,457
3,824
3,814
Total(thousands of bbis.)
$15.90 Jan. 6
$15.63 May 26
---- 1931
---130
146
127
123
Daily average
18.21 Jan, 7
16.90 Dec. 16
1930
18,71 May 14
18.21 Dec. 17
1929
18.59 Nov,27
17.04 July 24
1928
19.71 Jan, 4
17.54 Nov. I
1927
Copper Offered at 83 Cents.
21.54 Jan. 5
19.46 July 13
1926
22.50 Jan. 13
18.96 July 7
Some first-hand copper was available at 83.- cents a pound 1926
Production.
Stocks End of Mo.
on June 30, although producers are still asking nine cents a
pound for the metal for domestic shipment. On July 2
according to the New York "Times" some first-hand copper
was available at 83( cents a pound. The leading producers,
however, were still holding prices at nine cents a pound for
domestic shipment. There was little demand for the metal
even at the lower price.
Steel Scrap.
IBased on No. 1 heavy melting steel QuoJune 301931,$9.17 a Gross Ton.
One week ago
$9.08 Wiens at Pittsburgh, Philadelphia
One month ago
9.67 and Chicago.
13.08
One year ago
Low.
High.
$9.08 June 23
$11.83 Jan. 6
1931
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dos. 8
1929
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
18.25 Jan. 11
14.00 June 1
1926
17.26 Jan. 5
15.08 May 5
1925
20.83 Jan. 13
Decline in Steel Operations Unchecked-Price of
Finished Steel and Steel Scrap Advances-Pig Iron
Price Lower.
Although the seasonal downward trend in steel operations
is unchecked, the week brought a sufficient revival of buying interest to suggest that the successful outcome of the
proposed international debt suspensions might well mark
the end of the long decline and possibly the beginning of
at least a moderate turn for the better, states the "Iron
Age" of July 2, which further adds:
Sentiment in the steel industry continues to improve in
anticipation of a larger volume of business late in the summer, but at present seasonal influences appear more pronounced, and at least temporarily are affecting practically
all lines of steel consumption, reports "Steel" of July 2, in
Its summary of iron and steel conditions. Marking the
Industry's transition into the second half of the year, and
to some extent reflecting the effect of the July 4 holiday,
steelmaking operations are down 2 points to 34-35%, the
lowest since the last week in December.
The reversal of business sentiment, following the announcement of President Hoover's moratorium plan, has not had a widespread effect upon the
orders of the rank and file of steel buyers, but it has brought renewed life
to a number of large projects that have been dormant for months.
Chicago is down 6 points to 30%; Pittsburgh down 3 points to 36%,
and Buffalo is down 6 points to 40%. Eastern Pennsylvania is off 1
point to 33%. Youngstown is unchanged at 41%; Cleveland at 41%,
and Birmingham at 45%.
j
FINANCIAL CHRONICLE
[VOL. 133.
Structural steel awards for the week total 29,284 tons about 9,000 tons
less than the weekly average this year. Fresh inquiry also has diminished,
amounting to 22,737 tons, approximately half the volume that developed
in the preceding week. Concrete bar awards at 8,472 tons for the week
are the largest in five weeks.
Rail and track fastening releases at Chicago have improved slightly.
Seaboard Air Line has placed an additional 8,600 tons of rails. Norfolk &
Western will rebuild 450 all-steel hopper cars at its own shops, and
General American Transportation System has placed 250 refrigerator cars.
The Koppel Industrial Car Co. has booked 200 freight cars for China.
Pig iron and steel production figures for June, when they become available, will show reductions from May. It is probable that the daily rate
for pig iron was the second lowest of the year. With June estimated,
output for the first half of the year totaled approximately 11,250,000
gross tons, about 15% less than in the last half of 1930. Less deflection
Is apparent ,in production of steel ingots, which /or the first half totals
about 15,282,000 tons, or 424,000 tons below the last half of 1930.
With output of passenger cars and trucks in the United States for June
estimated at 275,000 units, production in the first half was 1,603,000,
72% of the number built in the first half of 1930.
The third quarter begins with practically no disturbance to prices, except
sheets and strip, which under the new classifications now in effect are
$2 to $5 higher for comparable grades. The willingness of producers
to book sheets and strip to July 1 at June prices, and to ship the material
in July drove in a considerable volume of orders and specifications,
assisted in some instances by actual concessions below the June prices.
June shipments of pig iron were below May. Substantial sales have
been made at Buffalo for eastern delivery at $15.50, base, furnace. Westinghouse Electric & 311g. Co. has closed for its second half requirements
at Cleveland. Scrap prices show more resistance, and are comparatively
stable; heavy melting steel at Pittsburgh is up 50c. a ton on sales.
Premium brands of beehive furnace coke are down 25c.
"Steel's" single price composite for iron and steel products is up 12c.
this week to $31.11, reflecting the advance in sheet prices. With this
issue, "Steel" inaugurates a price composite for finished steel, and a
composite for steelworks scrap. The finished steel composite is $48.82,
up 30c. from last week, responsive to the rise in sheet prices. The scrap
composite is $8.52, up 10a, reflecting the stronger situation at Pittsburgh.
BITUMINOUS COAL.
The total production of soft coal during the week ended June 20 1931
Including lignite and coal coked at the mines, is estimated at 6,644,000
net tons. This is a decrease of only 30,000 tons, or 0.4% from the output
In the preceding week, and compares with 7,998,000 tons produced during
the week in 1930 corresponding with June 20.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
1930
CalYear
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
June 6
8,151,000 203,170,000
6,585,000 167,197,000
Daily average
1,098,000
1,253,000
1,359.000
1,522,000
June 13
7,986.000 211,156,000
6,674,000 173,871,000
Daily average
1,112,000
1,247,000
1,331,000
1.514,000
June 20..b
6,644,000 180,515,000
7,998,000 219,154,000
Daily average
1,242,000
1,333,000
1,107,000
1,506,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision.
The total production of soft coal during the present calendar year to
June 20 (approximately 145 working days) amounts to 180,515,000 net
tons. Figures for corresponding period in other recent years are given
below:
1930
219,154,000 net tons 11928
223,783,000 net tons
1929
244,348,000 net to0s11927
260,454,000 net tons
1922
184,344,000 net tons
As already indicated by the figures above, the total production of soft
coal for the country as a whole during the week ended June 13 1931 amounted
to 6,674,000 net tons. This is an increase of 89,000 tons or 1.4% over
the production of the preceding week. 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
June 1923
June 13
June 6
June 14
June 15 Average.
State1931.
1931.
1930.
1929.
(a)
Alabama
220,000 227,000 264,000
324,000
387,000
Arkansas
10,000
7,000
15,000
15.000
22,000
Colorado
57,000
72.000
91,000
103,000
175,000
Illinois
661,000 673.000 718,000
825,000 1,243,000
Indiana
212,000 225,000 230,000
275.000
416,000
Iowa
48,000
50.000
48,000
58,000
88,000
Kansas
30,000
32,000
25.000
43,000
73,000
Kentucky-Eastern.. 616,000 587,000 726,000
876,000
661,000
Western
105,000 118,000 152,000
191,000
183.000
30.000
29,000
38,000
55,000
47,000
Steel ingot production in the past week, as compiled by Maryland
Michigan
9,000
2,000
2,000
15,000
12,000
Missouri
41,000
41,000
43,000
61,000
55,000
Dow,Jones & Co.,and published in the "Wall Street Journal" Montana
34,000
33.000
36,000
41,000
38,000
Mexico
26,000
27,000
33,000
45,000
51.000
2%,the industry being New
of July 1, showed a drop of about 11/
North Dakota
17.000
17,00012,000
10,000
14,000
435,000 414,000 393,000
445.000
888,000
2% of capacity, compared with 35% in the Ohio
placed at 331/
Oklahoma
21,000
19,000
28,000
44,000
48,000
preceding week and a shade under 38% two weeks ago. The Pennsylvania (bit) 1.759,000 1,844.000 2,344,000 2,802.000 3,613,000
88,000
Tennessee
68,000
97,000
64,000
113,000
Journal adds:
Texas
7,000
9,000
11,000
18,000
21,000
39,000
29,000
36,000
55,000
89,000
The U. S. Steel Corp. is between 83%% and 34%, against 35% a week Utah
Virginia
197,000
190,000
181,000
239,000
240.000
earlier and a fraction under 39% two weeks ago. Leading independents Washington
24,000
27,000
34,000
35,000
44,000
are down nearly 2% to a little over 33%, contrasted with 35% in the West Virginiaprevious week and 37% two weeks ago.
Southern_b
1,438,000 1,301,000 1,711,000 1,990,000 1,380.000
Northern_c
728,000
At this time last year the U. S. Steel Corp. was at better than 69%,
525,000 479,000 623,000
856.000
73,000
79.000
86,000
62.000
104,000
Independents at 59%, and the average was between 63% and 64%. In Wyoming
1.000
2,000
2.000
Other
States_d
1,000
5.000
1929 the Steel Corp. was running at 97%, independents at 91% and the
/
2%. In the oorresponding week of 1928 United
average was about 931
Total bitum. coal_6,674,000 6,585.000 7,986,000 9,478,000 10,866.000
States Steel was at 75%, independents at 69% and the average was around Penna. anthracite_ - 850,000 957,000 1,182,000 1,175,000 1,956,000
71%%.
Total all coal
7,524,000 7,542,000 9,168,000 10,653,000 12,822,000
Production in the current week will be lower. Independence Day is a
a Average weekly rate for the entire month. b Includes operations on
recognized holiday in the industry and this will result in many of the the
C.
&
0.;
Virginian, and K.& M. c Rest of State, including
N. & VV.;
leading and more active plants being closed down at midnight Friday, Panhandle. d Figures are not strictly comparable in the several years.
be
started
about
midnight Sunday for the first heat next
with fires to
PENNSYLVANIA ANTHRACITE.
Monday morning. Smaller companies are planning to take advantage of
The total production of Pennsylvania anthracite during the week ended
the holiday period to keep some of their mills idle for a week or two, so
that it is evident further reductions for a full week will be reported before June 20 is estimated at 950,000 net tons. This is an increase of 100,000
tons or 11.8% over the output in the preceding week, and compares with
the end of the month. Predictions in the trade are that a 30% average
1,096,000 tons produced during the week in 1930 corresponding with that
rate is likely to be broken In the downward trend whiah is still in existence.
of June 20.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1931
1930
Production of Bituminous Coal and Pennsylvania
Week.
Daily Average.
Week. Daily Average
WeekEnded1.192,000
957.000
159.500
198,700
Anthracite Continues Below that for Correspond- June 6
141,700
1,182,000
850,000
June 13
197,000
ing Period Last Year.
158,300
950,000
1,096,000
June 20_a
182,700
Subject to revision.
a
According to the United States Bureau of Mines, DepartBEEHIVE COKE.
ment of Commerce, there were produced during the week
The total production of beehive coke for the country as a whole during
ended June 20 1921 a total of 6,644,000 net tons of bituminous the week ended June 20 is estimated at 21,200 net tons. Compared with
output in the preceding week this shows an increase of 1,100 tons,
coal, 950,000 tons of Pennsylvania anthracite and 21,200 tons the
or 5.5%. The production for the week in 1930 corresponding with that
of beehive coke, as compared with 7,998,000 tons of bitu- of June 20 amounted to 67,800 net tons. The following table apportions
minous coal, 1,096,000 tons of Pennsylvania anthracite and the tonnage by regions.
Estimated Weekly Production of Beehive Coke (Net Tons).
67,800 tons of beehive coke in the corresponding period last
Week Ended
1931
1930
year and 6,674,000 tons of bituminous coal, 850,000 tons of
June 20 June 13 June 21
to
to
Region1931.b 1931.c 1930.
Date.
Date.a
Pennsylvania anthracite and 20,100 tons of beehive coke Pa.,
Ohio and W.
18,200
17.000 61,100
649,600 1,449.100
Tennessee and Virginia_ 2,200
2,300
4,700
66,100
137,600
during the week ended June 13 1931.
Colo., Utah and Wash-800
800
2,000
22,500
57.400
During the calendar year to June 20 1931 production of
bituminous coal amounted to 180,515,000 net tons of bituminous coal as against 219,154,000 tons in the calendar year
to June 211930. The Bureau's statement follows:
United States total-- 21.200 20,100 67,800
738,200 1,644,100
3,633
3,350
11,300
5,022
Daily average
11,184
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision. c Revised since last
report.
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 1, as reported by the
Federal Reserve banks, was $954,000,000, a decrease of
82,000,000 compared with the preceding week and of
877,000,000 compared with the corresponding week in 1930.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On July 1, total Reserve Bank credit amounted to $950,000,000, a
decrease of $10.000.000 for the week. This decrease corresponds with a
decrease of $68,000,000 in member bank reserve balances and increases of
$39,000,000 in monetary gold stock and $32,000,000 in Treasury currency
adjusted offset in part by increases of $107.000,000 in money in circulation
and $22,000,000 in unexpended capital funds, &c.
Holdings of discounted bills declined $23,000,000 at the Federal Reserve
Bank of San Francisco, $7,000,000 at Chicago, $6,000,000 at New York,
$5.000,000 at Richmond and $48,000,000 at all Federal Reserve banks.
The System's holdings of bills bought in open market declined $3.000,000
and of Treasury certificates and bills 814.000,000. while holdings of U. S.
bonds increased 851,000.000 and of Treasury notes $7,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly conditions statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not pre-
33
FINANCIAL CHRONICLE
JULY 4 1931.]
Juts 1 1931. June 24 1931 Jule 2 1930.
viously included in the condition statement, such as monei
$
$
tary gold stock and money in circulation. The Federal Reserve with Federal Reserve Bank-- 175,000,000 169.000.000 175.000.000
14,000,000
20,000,000
Cash In vault
21,000,000
Reserve Board explanation of the changes, together with
Net demand deposits
1,170,000,000 1,164.000.000 1,261,000.000
the definition of the different items, was published in the Time
539.000,000 539,000.000 633.000,000
deposits
9,000,000
25,000,000
Government deposits
25,000,000
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended July 1, in com- Due from banks
197,000,000 136,000.000 188,000,000
354,000,000 331,000,000 378,000,000
parison with the preceding week and with the corresponding Due to banks
1,000,000
2,000,000
Federal
1,000,000
Borrowings
from
Reserve
Bank.
date last year, will be found on subsequent pages—namely,
pages 77 and 78.
Changes in the amount of Reserve Bank credit outstand- Complete Returns of the Member Banks of the Federal
ing and in related items during the week and the year ended
Reserve System for the Preceding Week.
July 1 1931 were as follows:
As
explained
above, the statements for the New York and
Increase (-I-) or Decrease (—)
Since
Chicago member banks are now given out on Thursday,
July 1 1931. June 24 1931. July 2 1930.
$
$
simultaneously with the figures for the Reserve banks themBills discounted
150,000,000 —48,000.000 —110,000.000
Bills bought
103,000,000
—3,000,000
—54,000,000 selves, and covering the same week, instead of being held
United States securities
663,000,000 +44 000 000
-1-67 000,000 until the following Monday, before which time the statistics
Other Reserve bank credit
33,000.000
—5,000,000
—23,000,000
covering the entire body of reporting member banks in 101
TOTAL RES'VE BANK CREDIT
950,000,000 —10,000,000 —120.000,000
Monetary gold stock
4,954,000,000 +39.000,000 +418,000.000 cities cannot be got ready.
Treasury currency adjusted
1,766,000,000 +32,000,000
—20 000,000
In the following will be found the comments of the Federal
Money in circulation
4,840,000,000 +107.000,000 +287,000,000 Reserve Board respecting the returns of the entire body of
Member bank reserve balance
2,389,000,000 —68,000,000
—17,000,000
Unexpended capital funds, non-memreporting member banks of the Federal Reserve System for
ber deposits, &c
441,000,000 +22,000,000
+9,000,000
this previous week, namely the week ended with the close of
business on June 24:
Returns of Member Banks for New York and Chicago
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on June 24 shows decreases for the week of
Federal Reserve Districts—Brokers' Loans.
$82,000,000 in loans and investments and $22,000,000 in time deposits
Beginning with the returns for June 29 1927, the Federal and increases of $31,000,000 in net demand deposits and $6,000,000 in
Reserve Board also commenced to give out the figures of borrowings from Federal Reserve banks.
Loans on securities declined $9.000,000 at reporting member banks in the
the member banks in the New York Federal Reserve District Chicago district,
$7,000.000 in the New York district and $17,000,000 at all
as well as those in the Chicago Reserve District, on Thurs- reporting banks. "All other" loans increased $28,000.000 in the New York
district,
and
declined
$15,000.000 in the Chicago district, $11,000,000 in the
days, simultaneously with the figures for the Reserve Banks Philadelphia
district, $9,000,000 in the Boston district and $25,000.000 at
themselves, and for the same week, instead of waiting until all reporting banks.
Holdings of United States Government securities declined $13.000.000
the following Monday, before which time the statistics
the Chicago district, $8,000.000 in the San Francisco district, $7,000,000
covering the entire body of reporting member banks in the in
in the Philadelphia district and $6,000,000 in the Boston district and
different cities included cannot be got ready.
increased $31,000,000 in the New York district and $3,000.000 at all
Below is the statement for the New York member banks reporting banks. Holdings of other securities declined 824,000,000 in the
York district, $17,000,000 n the Chicago district and 843.000,000
and that for the Chicago member banks for the current New
at all reporting banks.
week as thus issued in advance of the full statement of the
Borrowings of weekly reporting member banks from Federal Reserve
Banks aggregated $63 000 000 on June 24, the principal changes for the
member banks, which latter will not be available until the week
being increases of $9.000.000 at the Federal Reserve Bank of San
coming Monday. The New York statement, of course, also Francisco and $4,000 000 at Richmond and a decrease of $3,000.000 at
includes the brokers' loans of reporting member banks. Cleveland.
A summary of the principal assets and liabilities of weekly reporting
Since Dec. 11 1930 the totals are exclusive of figures for the member
banks, together w h changes during the week and the year ending
Bank of United States in this city, which closed its doors June 24 1931, follows:
on that date. The last report of this bank showed loans
Increase (÷) or Decrease (—)
Since
and investments of about $190,000,000. The grand aggre24 1931. June 17 1931. June 25 1930.
gate of brokers' loans the present week records, an increase Loans and investments—total. 22,343,000.000 —82,000,000 —797,000,000
of $73,000,000, the total on July 1 1931 standing at $1,479,—42,000,000 —2,519,000,000
14,540,000,000
000,000. The present week's increase of $73,000,000 follow Loans—total
securities
6,703,000,000
—17,000,000
—1,776,000,000
On
decreases in the preceding 10 weeks amounting to $443,7,837,000,000
—25.000,000 —743,000,000
All other
000,000. Loans "for own account" rose during the week
7,803,000,000
—40,000,000 +1,722,000,000
Investments—total
from $1,065,000,000 to $1,129,000,000 and loans "for
4.094,000,000
+3,000,000 +1,217,000,000
U.S. Government securities
account of out-of-town banks" from $170,000,000 to $181,3,709,000,000
—43,000,000 +505.000,000
Other securities
000,000 but loans "for account of others" decreased from Reserve with Federal Res've banks 1,879,000,000 +63.000,000 +100,000.000
Cash in vault
232,000.000
+16,000,000
$171,000,000 to $169,000,000.
13,286,000,000
7,169,000,000
309,000,000
+31,000,000
-,22,000,000
—1,000,000
—280,000,000
—104,000,000
+97,000.000
1,523,000,000
3,339,000,000
—32,000,000
—53.000,000
+165,000,000
+241,000,000
63.000.000
+6.000,000
+9,000,000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 1 1931. June 241931. July 2 1930.
Net demand deposits
Time deposits
Government deposits
Loans and investments—total
7,844,000.000 7,621,000,000 8,123.000,000
Borrowings from Fed. Res. banks_
Loans—total
5,191,000,000 5,028,000,000 6,058,000.000
On securities
All other
2,862,000,000 2.791,000,000 3,652,000,/00
2,329,000,000 2,237.000,000 2,406,000,000
Investments—total
2,653,000,000 2,593.000,000 2,065,000,000
U. S. Government securities
Other securities
1.607,000,000 1.521.000,000 1.095.000,000
1,046,000,000 1,072,000,000 969,000.000
Reserve with Federal Reserve Bank.... 825,000,000
Cash in vault
44,000,000
917,000,000
43,000,000
796,000,000
56,000.000
Net demand deposits
Time deposits
Government deposits
5,863,000,000 5,611,000,000 5,659,000,1100
1,189,000,000 1.192,000,000 1,438,000,000
108,000,000 108,000.000
64,000,000
Due from banks
Due to banks
135,000,000 107,000,000 142,000,000
1,406,000,000 1,107,00,000 1,131,000,000
Borrowings from Federal Reserve Bank_
Loans on secur, to brokers & dealers
For Own account
1,129.000,000 1,065,000,000 1,709,000,000
For account of out-of-town banks_..._ 181,000,000 170,000,000 654,000,000
For account of others
169,000.000 171,000,000 856,000,000
Total
On demand
On time
Loans and investments—total
LO£1118—totfil
On securities
All other
Investments—total
U. S. Government securities
Other securities
1,479,000,000 1,406,000,000 3,219,000.000
1,098,000,000 1,032,000,000 2,580,000,000
381,000,000 374,000,000 639.000.000
Chicago.
1,829,000,000 1,857,000,000 1,964,000.000
1.256.000,000 1.279,000,000 1,532,000,000
718,000,000
538,000,000
736,000,000
543,000,000
905,000,000
626,000,000
573,000,000
578,000,000
433,000,000
339,000,000
234,000,000
338,000,000
240,000,000
170,000.000
263,000,000
Due from banks
Due to banks
Secretary of State Stimson Sails for Europe—To See
Mussolini.
Henry L. Stimson, Secretary of State, sailed on the Lloyd
Sa,baudo liner Conte Grande on Saturday, June 27,for
Europe, where he is to spend more than two months resting
and interviewing State officials of foreign countries. Mr.
Stimson declined to issue a formal statement on his hopes
as to the outcome of the war debt moratorium proposed by
President Hoover, but when asked if in his opinion the
approval voted by the French Chamber of Deputies indicated the possibility that France would agree to an adjustment, he replied by saying he was optimistic of the outcome.
He had indicated to a reporter who walked with him down
the pier as he boarded the liner that he felt the vote of the
Deputies to be an indication that the French Government
was willing to reach an adjustment with the American Government on the proposal. When asked later to amplify
this, he said:
I have been asked to comment on the vote last night and I decline except to say that I am very optimistic as to the ultimate result.
He added, according to the New York "Times" of June
28, that any conclusions to be reached at forthcoming conferences would have to be ratified by the parliaments of
both countries, but that he felt the apparent willingness of
[Vol. 133.
FINANCIAL CHRONICLE
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MONEY OUTSIDE OF THE TREASURY.
Britain Asks Parley if Paris Talks Fail—Foreign Office
Informs France of Willingness to Meet Powers
Chiefly Concerned.
In fear of a possible breakdown of the Hoover debt'.
holiday negotiations in Paris, the British Government now
proposes, said a special cable to the New York "Times"
from Charles A. Selden at London, July 2, that a further
opportunity be given to save the situation by an early meeting
of representatives of "the powers chiefly concerned." The
suggestion for such a meeting was sent to the French Government, Wednesday night, but was not revealed in London
until Thursday, July 2, when the Foreign Office, issued the
following communique:
His Majesty's Government earnestly hopes that the discussions now
taking place in Paris regarding Mr. Hoover's proposal will be successful.
Should no early solution be found, they have expressed their willingness
—in order that agreement may be reached with minimum delay—to hold
a meeting of representatives of the powers chiefly concerned at an early
now excluded, and gold held abroad for Federal Reserve
banks is now included; (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for May 31 1931, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$4,702,275,432, as against $4,652,414,437 April 30 1931
and $4,551,467,934 May 31 1930, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,458,059,755. The following is the statement:
MONEY HELD IN TREASURY.
France to negotiate further offered "hope of success."
The "Times" also said:
Mr. and Mrs. Stimson, accompanied by several assistants who will
accompany him abroad, and a group of secret service operatives, arrived
at the liner an hour and a half before sailing time. At the gangway he
was greeted by Captain Antonio Lena, master of the Conte Grande, who
escorted him to his suite on Deck B. aft of amidships. Captain Lena then
escorted Mr. Stimson to a private office that has been fitted up as a conference room for the Secretary of State and his aides.
Later they returned to the suite, after a visit to the sun deck, where
Mr. Stimson posed for photographers and spoke a few words for the newsreel cameras. He remained in his cabin, with guards posted at the outer
door to keep away unofficial visitors.
Ten days from sailing the party will land at Naples, and Mr. Stimson
plans to spend about a week in Italy, including a few days' visit to Rome,
where he will see Premier Mussolini. Later he will go to Paris, Berlin
and London. In August he plans to devote a few weeks to grouse shooting
in Scotland.
His trip was planned originally wholly as a vacation, but after President
Hoover's proposal for a war debt moratorium it was indicated in Washington that the Secretary of State would confer with foreign national leaders
and also would make personal surveys of the countries he visits to obtain
a general knowledge of conditions abroad.
Accompanying him, besides Mrs. Samson, are Henry L. Klotz, special
assistant to the Secretary of State; Captain Eugene A. Regnier, military
aide, and George A. Morlock. State Department expert on codes.
The Conte Grande sailed with a total of 1,500 passengers.
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Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
Instead of for the first of the month; (2) gold held by Federal Reserve banks under earmark for foreign account is
c212.420.402
1,007,084.4831
1
8.682,179,320 c4,171,968,497
8.325,418,198 c4,009,071,208,
8,479.620,824 (2,436.864.5301
5.396,596,677 c2,952.020.313I
3,796.456,764,c1.845.575,888I
6.304,208
4,609,220
3.045,769
1,32.5,595
26,644
18,185,998
494,097,761
498,498,028
3,667,241,552 1,698,669,219
Total.
Although no place is mentioned in the communique, it is
C,f
presumed the government has London in mind. The New
York "Times" report went on to say:
0
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mention any such refusal by France to Foreign Minister Henderson.
a ci .4 CO .;
Although the communique refers to "the powers chiefly concerned," it
,,.
Is interpreted here as meaning the powers which aresignatories to the Young
8
t:
Plan, which would not include the United States. This was based on the
CC
CV
assumption that the British Government may propose a way out of that
0;
CO
part of the present difficulty at Paris which results from France's insistence
that she be relieved from putting up a guarantee fund of$120,000,000,which
VI
under the terms of the Young Plan, she would be called on to pay the Bank
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for International Settlements should Germany call for a moratorium next
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However, that may be..it is a matter to be settled by the Young Plan
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signers, which do not Include the United States, so that one obstacle to the
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acceptance of the American plan would be eliminated. The British Govern00000M
unqualified
already
manifested
by
its
own
acceptance
that
it
is
has
ment
extremely eager for the Hoover plan to go into immediate effect. Just what
.OsMOOMMO
new responsibilities England is ready to assume for the sake of its success
,C,
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•
are not known, but the supposition is that she will offer to share the guargPiL02"g
."rA8i4.q
with
France
if
necessary.
obligation
fund
antee
5 8mcdP 1Qisc4p4Z ET.0
If the meeting now proposed by the British is for Young Plan signatories
a Does not include gold bullion or foreign coin other than that held by the Tressonly, it is hoped In London, that Secretary of the Treasury Mellon will ury, Federal Reserve banks and Federal Reserve agents. Gold held by Federal
for foreign account is excluded, and gold hold abroad
attend as an observer and adviser. If "the powers chiefly concerned" was Reserve banks under earmark
Reserve banks is included.
intended to include America it is taken for granted that Secretary Mellon forb Federal
amounts are not included in the total since the money held in trust against
and possibly Secretary of State Stinson will be there as official represent- goldThese
and silver certificates and Treasury notes of 1890 is included under gold coin
atives.
and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and
'I he Associated Press learned Thursday night, July 2, Treasury notes 01 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
said a London dispatch on that day, that Great Britain had States.
d This total includes $32,613,538 gold deposited for the redemption of Federal
French
the
the
proposal
regarding
that
advised France
Reserve notes ($997,400 in process of redemption), $28,241,835 lawful money do'
posited for the redemption of National bank notes ($18,143,142 in process of reHoover plan constitutes an entire alteration of the Young demption,
including notes chargeable to the retirement fund), $1,350 lawful money
plan m regard to the question of guarantees, and it is under- deposited for the retirement of additional circulation (Act of May 30 1908),
and
$11,818,448
lawful money deposited as a reserve for postal savings deposits.
Britain.
stood that the proposals are unacceptable to Great
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
Officials would not confirm this information.
8
!The money In circulation includes any paper currency held outside the continental limits of the United States.
NOte.—Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039.088 held in the Treasury. This rcserve fund
may WHO be used for the redemption of Treasury notes 01 1890. which are able
secured dollar for dollar by standard sliver dollars held in the Treasury: these notes
are being canceled and retired on receipt. Federal Reserve notes are oblIgationa
of the United States and a first lien on all the assets of the Issuing Federal Reserve
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper
as Is eligible under the terms of the Federal Reserve Act. Federal Reserve banks
must maintain a gold reserve of at least 40%, including the gold redemption fund
which must be deposited with the United States Treasurer, against Federal Reserve
notes in actual circulation. Lawful money has been deposited with the Treasurer
of the United States for retirement of all outstanding Federal Reserve bank notes.
National bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A
5% fund is also maintained In lawful money with the Treasurer of the United States
for the redemption of National bank notes Secured by Government Nelda.
JULY 4 1931.]
FINANCIAL CHRONICLE
Text of the New Note of the United States to France
Regarding Moratorium for Intergovernmental Debt
Payments.
The way was opened on July 1 for.further negotiations on
the debt moratorium, when Secretary Mellon presented a
memorandum from President Hoover on the American viewpoint to Premier Laval during a conference in the afternoon.
Shortly after the receipt of the memorandum Premier Larval
•
announced that negotiations would be recessed until the
following night to allow the French Cabinet to study the
American document. Ambassador Edge and Secretary Mellon met again with Premier Laval, Foreign Minister Briand
and other ministers of the Cabinet during the day, but the
course of their negotiations was not made public. After
reading the Hoover memorandum,the French Premier issued
the following statement:
"During this afternoon's conversations, Secretary Mellon and Ambassador Edge communicated the text of a document designed to enlighten the
position of the United States Government in the conversations actually
under way.
"This memorandum reveals simultaneously the desire of the American
Government to continue the negotiations and the divergence in the viewpoints of the two Governments.
"The document will be published at Washington by the United States. It
will be studied by the French ministries interested and at a special Cabinet
meeting Thursday morning. The next conversations are scheduled for
Thursday at 9:30 P. iu."
The receipt of the American Memorandum brought new
hope in Paris for the ultimate success of an agreement. It
was felt that Hoover had reopened the way for further consideration of issues which were considered irreconcilable.
Laval's stand on the French reply had been further reinforced the day before when the Senate voted approval of
his debt action by the overwhelming margin of 197 to 5. This
almost unanimous vote would have made it very difficult
for the Premier and his Cabinet to recede from their stand
had not Hoover made a move for compromise.
The following is the text of the memorandum which the
American Government, through Ambassador Walter E. Edge
at Paris, presented on July 1 to the French Government in
an effort to reach an agreement in the debt crisis. It was
made public by the State Department at Washington:
"The American Government recognizes with appreciation the cordial
spirit of the French reply to the President's proposal of June 20 and
now desires to review the situation which has grown out of the American
proposal, the French Government's note in reply of June 24 and the subsequent negotiations which have taken place between Ambassador Edge,
Secretary Mellon and the French Ministers.
"While the President's offer was the direct result of the crisis in Germany,
which, from all reports, appeared imminent and is still imminent, I am
sure the French Government will realize that the purpose of the United
States was to give general relief to the world. The President believed that
it would prove an important step in advancing world recovery from the
present economic depression. The plain purpose was, by relieving one element of strain in world economy, to give the forthcoming year to economic
recovery, and to help free the recuperative forces already in motion, thereby
contributing to the relief of unemployment throughout the world and
to lighten the burdens of unduly low prices to agriculture. The offer met
with a world-wide response. What it meant in the way of restoring confidence is reflected in the rise of commodity and security prices throughout
the markets of the world.
Says French Plan Withholds Relief.
"All of the interested governments have signified their acquiescence.
France, however, suggests certain conditions which, if we understand
their import, seem to us to withhold the intended relief to Germany and
not to conform to the spirit of the President's proposal, which contemplated a complete suspension of all payments on inter-governmental debts
during a period of one year. In order that we may now cover one point
left open in the original proposal, we may add that it is our view that all
postponed payments should be funded over a long period of, say, 25 years,
and to bear interest at the average rate paid by the creditor governments
on their own public debt at the end of the preceding fiscal year.
"It is, of course, an essential part of the President's proposal that payments under all existing agreements shall be resumed at the end of the
year. Thus, the continuing force of these agreements is in no way impaired.
United States Largest Contributor.
"In this proposal to postpone for the forthcoming year the payments
due under its own international agreements, the American Government
will be contributing a total of 2262,000,000, which is the largest contribution made by any government. It recognizes, however, that substantial
sacrifices will be called for by other governments, including that of France.
"It is obvious that on the success of the plan Germany will be the largest
immediate beneficiary, since the payments which she is obligated to make
during the coming year on account of inter-governmental debts are about
$400,000,000. Other nations and dominions also will •benefit by various
sums in addition to the $400,000,000. It must be remembered, however,
that Germany is in the most difficult economic situation of any country.
We feel that in a larger sense all the nations will benefit from the improvement in their economic life which will follow the adoption of the President's program.
In Accord on Two Points.
"Our government welcomed the statement of France on the 24th of
June, expressing her keen desire to collaborate, and especially the specific
statement that France 'would abstain as a provisional measure and during
a period of one year from retaining any payment, sent by the German
Government.' In this connection we emphasize again 'the provisional' character of the President's plan.
35
"The French Government insists, however, as a matter of principal that
unconditional reparations amounting to approximately $131,000,000 this
year should be paid, in order that there might be no interruption of the
continuity of the payment of unconditional annuities. Our government is
willing to recognize this point of view to the extent of agreeing that tae
payments should be made to the Bank for International Settlements, provided they be immediately reloaned to the German Government. This
would maintain the principle of continuity of payment and at the same time
constitute no drain on the German general economy. We seem, then, to be
agreed on two all-important points:
"First, that France will forego the retention of any payments from Germany for the period of one year, and
"Second, that the principle of continuity of payment of unconditional
annuities is recognized while complete relief to Germany is afforded.
Four Points of Difference.
,
"There would seem to remain four points of difference:
First, we understood that the French Government desired to have the
Bank for International Settlements reloan the sums paid to German industrial and finance concerns rather than to the German Government. We
feel this would be incompatible with the President's proposal of relief to
governments, as the French suggestion would give no direct relief to the
German Government.
"Second, the French Government suggests that $25,000,000 of the unconditional payments paid into the Dank of International Settlements should
be made available for loans to Central European countries, more particularly those whose budgets are affected by the suspension of reparations
payments. The diversion of this sum from Germany is a violation of the
broad proposal of the President to suspend all payments of inter-governmental debts. Moreover, the practical disadvantage of this exception to
the President's proposal is that if any of the other countries who have
already accepted the President's proposal should make a similar suggestion
with reference to loans to particular countries, the reconciliation of all
these differences would be practically impossible. Could not the principle
of the President's proposal be preserved and this relatively small amount
of relief be given to particular countries through co-operative action of the
central banks, or through the Bank of International Settlements?
Time for Suspended Payments.
"Third, the two governments differ as to the time over which the suspended payments should be funded. Without at this time modifying our
suggestion that 25 years is the proper length of time, we do not believe
that it would be impossible to reach an agreement on this point provided
the other questions could be disposed of, especially if no repayments are
to be made in the next two years, as suggested by the French Government.
But, of course, the same length of time will apply to the payment on account
of the American debt.
"Fourth, the question involving the greatest difficulty is that referring
to the guarantee fund. We recognize that, under the terms of the Young
plan, France is obligated, in case of suspension by Germany of conditional
reparations, to pay into the Bank for International Settlements on demand
the sum of approximately $120,000,000, to be applied in part to increasing
payments to be received by other creditors during the period of suspension.
Aspects of Guarantee Fund.
"There are two aspects of the suggestion of France with reference to
the guarantee fund:
"A. France desires to be sure that the suspension of payments during
the forthcoming year shall not throw upon her the obligation to pay into
the Bank for International Settlements the guarantee fund. We sympathize with France in this aspect of the question. We think this fear
is groundless because if all governments agree to the American proposal,
then there can be no demand of a creditor government for payment. If
France, however, has a real fear on this subject, then the other governments concerned should expressly free France from this anxiety.
"B. The other aspect, however, of the question with reference to the
guarantee fund is more serious. Not only the spirit of the President's proposal, but the express provision thereof, is that the offer of the American
Government is conditional on a like postponement for one year of all payments on inter-governmental debts owing the important creditor powers.
It appears to us also to seriously impair the spirit of the declaration of
France to the effect that she wishes no benefits from the payments. The
French Government apparently desires her postponement of unconditional
payments to take the form of a payment in the Bank for International
Settlements and a loan back to Germany.
Departs From Spirit of Plan.
"This naturally contemplates that those loans back to Germany should
be on the same footing so far as length of time of postponement, etc., as
similar arrangements made by any other government. When, however,
the French Government couples with this suggestion the further suggestion that the loans back to Germany shall be considered exactly as though
cash payment had been made by Germany to France and cash loans had
been made back by France to Germany, and that these loans should be
considered in all future times as funds available to France to reduce or
satisfy her guarantee as to subsequent years, she is departing substantially
from not only the spirit but the substance of the President's offer.
"To state the problem a little differently: France appears to be insisting that the funds paid by Germany into the Bank for International Settlements during the year of suspension and reloaned to Germany must be
credited to the guarantee fund just as if France herself had actually made
the deposit, thus relieving France of any future obligation in respect of
the guarantee fund. This seems to us to be inconsistent with the suggestion that the payment by Germany into the Bank for International Settlements during the period of suspension is a mere matter of form in order
to assure the continuity of unconditional payment. What was regarded
as a matter of form in the first instance is now evidently to be treated as
an actual payment. In any event, it seems clear that this particular proposal involves a modification of the Young plan, which we understand the
French Government was particularly anxious to avoid. The American Government, not being a signatory, of course cannot undertake to negotiate
a change.
French Sacrifices.
"The American Government feels that perhaps there is some misunderstanding on the part of France as to the sacrifices which would be required from her under the plan proposed.
"We must assume that with the present situation in Germany and the
failure of the American proposals, then Germany will unquestionably give
notice for the postponement of all conditional reparations as provided in
the Young plan, and that this portion of inter-governmental payments will
not be forthcoming. Therefore, in measuring the sacrifices necessary, there
can only be considered the effect of the unconditional payments if Germany
36
FINANCIAL CHRONICLE
is able to find a foreign exchange necessary to meet these payments. If
the American proposal shall fail and if unconditional payments are postponed under the provision of the Young plan, and even assuming that unconditional payments are maintained, France would receive from these
unconditional payments, after priorities have been accepted, approximately
$105,000,000. She would be obliged to pay: (a) The guarantee fund of
$106,000,000 under the Young plan; (b) $110,000,000 to Great Britain
and the United States, approximately.
France a Loser by $100,000,000.
"Whereas, her receipts from the unconditional reparations, even if they
be maintained, would be less than one-half of this sum. Thus, if the
American proposal should fail and the suspension provisions of the Young
plan be invoked by Germany, then France will be the loser during the
forthcoming year of general postponement by over $100,000,000.
"There is no escaping the fact that the world will not emerge from the
present depression without temporary sacrifices by all. Our government
believes that co-operative action in the carrying out of a well-conceived
and agreed-on program will not only diminish the burden but contribute
materially to the restoration of normal conditions which all of the nations
so earnestly hope for. In the light of this major objective the American
Government hopes that the French Government, whose co-operation is so
essential, will find a method to reconcile existing differences so as to permit a concerted effort by all in the carrying out of the President's program."
The text of the memorandum was made public at the State Department.
Chancellor Snowden of Great Britain Issues Warning
to Paris—Says Britain Has Yielded to Limit on
Debts.
A plain intimation to France says a United Press dispatch
from London, July 3, that Britain is not prepared to make
further reparations sacrifices unless France bears her share
was given in the House of Commons on that day by Philip
Snowden, Chancellor of the Exchequer.
"The latest news from Paris is not very satisfactory,"
Snowden said. "The British Government is quite willing
to 'shoulder the sacrifices which they have declared their
willingness to bear, but they are not prepared to make
further sacrifices unless other parties are prepared to cooperate." Snowden's attitude toward making reparations
concessions to France says this dispatch was amply illustrated
at the Hague conference in 1929, where he belligerently
protested against the share of unconditional annuities
allotted France, and demanded and obtained a larger share
for Great Britain, forcing the Powers to meet his unyielding
demands after days of heated dispute.
What Induced President Hoover to Act for the Relief
of Germany—State Department Summary Showed
Reichsbank Was Near Crash When President
Acted.
The story of the disturbing negotiations between France
and the United States over President Hoover's proposal
for a year's holiday in inter-governmental debt payments
was disclosed at Washington on June 30 and Richard V.
Oulahan furnished an outline of them in the New York
"Times" on July 1. The story told by officials revealed
that what amounts to a deadlock in the negotiations centred
almost entirely in modifications offered by France, which the
United States contends not only would deprive a sadly
depresged Germany from using the money conserved by the
year's suspension, but would compel her to pay double
the amount of unconditional reparations annuities at a
time when it is thought, for the sake of Germany's financial
salvation, to relieve that government of the burden of meeting her reparations obligations for a twelve-month period.
The account went on to say:
Rumors of Leaving France Out.
Reports in various parts of the world that an effort was in the making
to carry out President Hoover's proposal without the participation of France,
if that government declined to conform to the spirit and purpose of his
program, aroused interest here.
One such report came from Rome, where it was rumored that Premier
Mussolini felt that the Hoover plan could be put into effect without French
concurrence. There was a similar rumor in Geneva, with the embellishment that the United States had threatened the French that, if they did
not modify their counter proposals, there would be no permission by the
United States for the suspension of France's payments on her war debts
to this country during the Hoover moratorium year.
The suggestion embodied in these reports came to the fore in Washington in questions asked of officials by newspaper men as to whether there
was a possibility that the contemplated aid to Germany would be carried
out without French participation. Officials who were asked this question
Indicated that it presented an entirely new suggestion to them, and the
Impression was obtained that nothing of the sort was in the administration's
mind.
One official admitted smilingly, when he was pressed, that such a thought
might possibly enter into the situation ultimately, but he appeared to believe that the contingency was extremely remote.
Another official said that to leave out France would be difficult from
the economic side, the political side and every other side, and his whole
attitude rejected the suggestion.
Issue of Resumed Payments.
A serious issue, as shown in the summary of the Paris negotiations, but
one which presents an opportunity for agreement, is furnished by France's
Insistence upon a shorter time than the 25 years proposed by the United
States within which Germany would pay back, on the instalment plan, the
[VOL. 133.
annuity whose payment would be suspended during the moratorium year
proposed by President Hoover.
France, which suggested originally one year for repayment, has agreed
to extend the period for five years in the understanding that this period
might be renewed for similar periods of five years each so as to make the
total period for repayment twenty years.
But, according to the specifications put forward by France. the extension • ach time would depend on circumstances, and to this representation
the United States has taken the position that France might find faults in
Germany's conduct of her reparations obligations which would be used as a
reason for refusing to make extensions.
The United States wants agreement in advance that the period of repayment should be a flat 25 years. If France should assent to the principle
Involved, there might be a reduction of the American range to 20 years
or even less.
There are other points of divergence, but they are interwoven with
the two main factors of disagreement and serve to complicate the virtual
impasse which has developed at Paris in the exchanges between Secretary
Mellon and Ambassador Edge,representing the United States, and Premier
Laval and the other representatives of the French Government.
Incident to the disclosure of the present status of the negotiations and
What led up to it, it was revealed in one authoritative quarter when the
Bank of England, early in the month, came to the aid of the Kreditanstalt.
of Vienna, the largest bank in Austria, which finances about 250 important
Industries, this great financial institution was within 24 hours of collapse.
The Bank of England furnished a loan of $22,000,000 and the Federal
Reserve Bank of New York participated in an additional international loan
designed to stabilize the Kreditanstalt.
Warning as to Reichsbank.
It was disclosed also that when on the night of June 20 President Hoover
announced his proposal for a year's suspension of intergovernmental debt
payments. the German Reichsbank was within 48 hours of collapse.
On account of this serious condition, with the threat that Germany
and Austria might go to pieces financially, the President made public his
proposal sooner than he had intended. Officials expressed themselves as
satisfied that the President's course had saved a very critical situation.
The existing crisis has its foundation chiefly in circumstances surrounding
that portion of the reparations annuities which Germany would be compelled
to pay, even if the moratorium provided for in the Young plan of reparations payments were invoked by the German Government.
President Hoover's proposal was that these so-called non-postponable
or unconditional reparations annuities should also be suspended for a year.
France responded with a stipulation that Germany should pay the amount
ofthe unconditional reparations into the Bank for International Settlements,
with the understanding that this money should be reloaned in part to Germany for her immediate uses and other portions of it loaned to other Central
European countries.
Part of the French stipulation was that there should be deducted from
the unconditional annuity payment an amount necessary to guarantee
contracts for what is known as payments in kind. Germany already has
indicated that this is a fair proposition and it is regarded as adjusted.
But the United States, while it stressed that it was not a party to the
Young plan, asserted that if Germany was to have any real benefit of the
proposed year of grace, France should lend back to her the amount of the
unconditional reparations payments with the exception of the deduction
mentioned and agreed to.
In other words, the United States felt that it would be unfair to Germany
for France to loan part of this reparations money to any of Germany's
neighbors. All of it available, this government contended, should go to
Germany.
Young Plan Factors Involved.
Other complications have come into the picture, in relation to the Bank
for International Settlements and the provisions of the Young Plan, especially proportionate payments to France and her smaller allies.
It was provided in Annex 8 that, if Germany declared a moratorium,
France should deposit in the Bank for International Settlements the sum of
500,000.000 reichsmarks, which is equivalent to the total amount of the
non-postponable annuities. This was a guarantee that France would
distribute among the smaller nations the proportion of non-postponable
annuities to which they were entitled.
Now France comes forward and says that, if at any time during the proposed Hoover debts holiday before the unconditional annuity is paid Germany should declare a moratorium, France would not be required to deposit
the guarantee fund of 500,000,000 reichsmarks. More than that, France
contends that in this event part of the unconditional annuity paid by Germany in the moratorium, and reloaned to her by France,should be refunded
Immediately by Germany into the Bank for International Settlements
to the credit of the French guarantee fund,
This, the United States contends, amounts to compelling Germany to
make a double payment in a time, in President Hoover's opinion, when
it is necessary for her to be relieved of all payments. It is a very dangerous
snag in the negotiations now in progress. If a complete agreement is to
be reached, it will require much conversation and considerable cabling
and telephoning between Paris and Washington to remove the snag.
The temper of the President and his chief advisers is such that they regard the French counter-proposals as being entirely contrary to the spirit
and purpose of the President's plan. That plan, it was explained authoritatively, was to improve the economic situation In thc world, and it was said
that the United States had consistently in the negotiations adhered to the
spirit of that plan and was holding fast to it.
As a reply to France's contention that the proposal as set forth by President Hoover would jeopardize the Young plan, it was disclosed that the
President felt that the postponement of all intergovernmental payments
for one year would in no way invalidate any contracts entered into under
the Young plan or in funding the debts of the allied nations.
Reaction Elsewhere Is Pleasing.
There was no effort on the part of officials to minimize the great satisfaction that had been felt in Washington over the reaction to the President's
proposal. It was said that it had brought about a rise in commodity
prices in nearly every part of the world. In this connection it was mentioned
that practically every interested nation with the exception of France had
accepted it.
This went along with the announcement that the Belgian Government
had assented to the proposal with stipulations of her own rights and that
Greece had accepted in part and Yugoslavia had accepted in spirit. It
was apparent that officials desired to emphasize that France was virtually
Isolated in her resistance to conforming to President Hoover's desire.
There has been a hint that if our allied debtors were not placed on the
same plane as Germany as to repayment. Congress would not approve
of such an arrangement.
Apparently from what was made known in an authoritative way to
-day.
there was intense discussion over the counter-stipulation of France that
the
unconditional payment made by Germany in the moratorium year
should
JULY 4 1931.]
FINANCIAL CHRONICLE
be loaned back only in part to Germany and that other countries of Central
Europe should obtain a share of the loans.
It was in this connection that France called attention to the fact that
a statute of the Bank for International Settlements provides that money
shall not be loaned to governments. France's current purpose, it was indicated, was to make loans to German industrialists and financiers but not
to the German Government.
To overcome the difficulty of the statute of the World Bank. this Government, it is gathered, would devise some plan by which the bank would
reloan Germany's non-postponable annuity to the Reichsbank, which, in
turn, would place it at the disposal of the German Government.
When France suggested that the money paid by Germany on unconditional reparations account and reloaned to Germany should be paid back
Into the Bank of International Settlements to France's credit, the American
negotiators said that the United States was debarred from being a party
to any such arrangement, as it had not participated in the Young plan.
In discussing this phase of the negotiations, officials here said that the
point at issue could not be settled between France and Germany alone,
but that Great Britain. Italy and other recipients of reparations must
take part in determining the course to be followed.
What induced government officials to give a picture of the FrancoAmerican negotiations. including an explanation of the proposals and counter-proposals now before the Paris conferees, was not disclosed. There is
reason to believe, however, that the administration was annoyed by "leaks"
to the French press, which, when printed, were clothed in language leading
to the suspicion that a propagandist effort was being made to give the best
appearance to the French position and perhaps furnish a wrong conception
of the attitude of the United States.
Effect of Debt Suspension Plan on Great Britain.
The full effects of the Hoover plan on the British budget
as calculated by Chancellor of the Exchequer Snowden
were presented to Parliament on June 29. As South Africa
is the only dominion not taking advantage of the British
Government's offer to forego payment on interempire war
loans, the loss for the present financial year is figured at
$55,090,000. Mr. Snowden's calculations recognize the fact
that the British financial year commences on April 1 and
President Hoover's proposals would take effect from July 1.
According to Mr. Snowden, Britain has already received
$65,165,000 of the $217,645,000 due Britain under various
reparation and war-loan headings and has already paid $67,775,000 of the $164,320,000 due for the present financial
year to the United States. Receipts from reparations and
from war loans to the Allies allowed for in the British budget
for the present financial year were: From reparations, $79,000,000; from war loans to allies, $88,750,000. The following sums allowed for in the budget also are affected by the
debt holiday proposals: From dominion and colonial war
loans, $34,350,000; from Indian war contribution, $4,180,000; from loans for reconstruction and relief, $11,365,000. A sinking fund payment of $4,070,000 on the Australian war debt had already been excluded from the budget's
estimate of receipts.
The entire British Empire has now accepted President
Hoover's proposal for a one-year moratorium on war debts,
according to a statement of Premier Ramsay MacDonald
in the House of Commons on June 29. The Prime Minister
informed the House that the governments of Canada,
Australia, New Zealand, South Africa and India cordially
welcomed Mr. Hoover's proposal and agreed in principle
to the suspension of reparations payments, subject to acceptance by other creditor governments. With regard to wardebt obligations to the United Kingdom, all the British
overseas governments concerned had expressed gratitude
for the British Government's offer, Mr. MacDonald said,
and it had been accepted by all of them, with the exception
of South Africa. The South African Government will continue to pay her debts to the heavily taxed people of Great
Britain.
Confidence Restored in Austrian Bank—Creditanstalt's
Reorganization Promises to Save Institution.
The financial position of the Creditanstalt, Austria's
most important private bank which lately was reorganized,
promises now to emerge from its strained situation satisfactorily, according to oral statements, June 30, at the
Department of Commerce, based on cabled advices. These
advices said:
A decision by the Austrian government, June 29, to guarantee
local
deposits was regarded by Gardner Richardson. commercial
attache at
Vienna, as indicating almost complete return ofconfidence. It was
explained
at the Department that the government's action which followed a
contribution 100.000,000 schillings at the time of the reorganization likely
means
a restoration of confidence. Additional information was made available
as
follows:
The difficulties of the Creditanstalt which first became known In early
May are generally credited with having disclosed to the world at large the
serious financial situation that had developed in Austria, as well as Germany. A loss of 140.000,000 schillings, about $20,000.000, was recorded
dy the bank for 1930 and this together with depreciation in securities that
continued to go on early in 1931 threatened disaster for the institution.
Central Europeans long have looked upon the Creditanstalt as one of the
outstanding financial houses of that part of the world, and its unfavorable
position obviously reacted badly on the whole economic structure of its
own and contiguous territory.
37
With the assistance tendered by the Austrian Government, first through
a contribution of funds, and second by the guarantee of deposits, the
Creditanstalt can be expected to regain its former position rapidly. The
Bank of International Settlements, at Basle, again has agreed to rediscount
bills of the Creditanstalt, which in effect restores its standing in the international banking field.
The Government guarantee of local deposits was expected by the observers in Vienna to mean that hundreds of local depositors who had withdrawn their funds during the days when the bank was in difficulties would
now redeposit. Advices from the commercial attache showed a considerable
return of confidence among depositors immediately upon announcement of
the Government's decision, and it was believed that this feeling would do
much to relieve the bank of the strain it was undergoing from local demands
as well as from outside of Austria.
German Reichsbank Applies Strict Credit Curb—Early
Maturity of Central Bank Credit Causes Uneasiness
A special cable to the "Journal of Commerce" from
Berlin on July 1 stated that the Reichsbark again lost
25,000,000 reichsmarks of foreign exchange. As a result,
it is applying credit restrictions more rigorously, which in
turn is reflected in the relations of the banks with their
customers. The Reichsbank is feeling some uneasiness over
the fact that the international $100,000,000 credit advanced
by the Bank for International Settlements and three leading central banks, including the Federal Reserve Bank of
New York, has been largely utilized. Since this credit
comes due at the mid-month settlement date, when special
requirements arise again in the home market and possibly
abroad, a stricter credit policy is felt necessary to permit
the reduction or repayment of the credit, if possible, at
that time.
Austrian House of Rothschild May Liquidate—Former
Financial Pillar of State Said to Have Lost $30,000,000 on Bank.
Louis von Rothschild, it is announced in the newspapers,
says a Vienna cablegram,June 29, to the New York "HeraldTribune" is planning to liquidate most of his Austrian lands
and properties, and there are rumors even that the Austrian
Rothschilds will withdraw from active business. The dispatch further remarks:
Though no definite news on these points has been obtainable from
the
Rothschild family, for obvious reasons, it is generally known that
through
difficulties with the Oesterreische Kreditanstalt alone, which sailed
under
the Rothschild flag, the Rothschilds have lost a sum estimated
at $30.000,000.
A great deal of the family property in Austria consists of houses,lands
and
art treasures which are costly to maintain while bringing in
little or no
interest, this presenting a situation which will have to be
thoroughly
examined in order to balance the complex agglomeration of
values of all
kinds known as the Rothschild interests.
The chief of the Vienna branch of the Rothschilds Is Baron
Louis, who is
known as a sportsman and who is believed to care more for polo
than for
business.
The family fortune was derived from Nathaniel Rothschild,
who was
childless and left $120,000,000 to his brother, Albert. The
latter increased
the sum to $200,000,000,leaving it to five sons and one daughter.
Of these.
Moritz Rothschild was insane and was kept in a special
pavilion or asylum
at Maueroebling, Lower Austria.
The youngest brother, Oskar,committed suicide. Eugene
Rothschild,who
had to leave the firm because he married Countess Kitty
Schoenborn, a
Catholic, against the family tradition, now lives most of
the time in Paris.
Louis was President of the Oesterreische Kreditanstalt and is also President
of his own family bank in Renngasse, the status of
which is now being
investigated.
Palaces Source of Deficits.
Alfonso, Louis and Eugene own about 60 big buildings in
the centre of
Vienna, among them being a number of palaces.
While apartment and
business buildings bring in little owing to the particularly
low rents still
enforced by law, the palaces swallow big yearly amounts
on account of the
high taxes. The palace of Eugene stands empty because
it is cheaper to
have It closed. The only sister in the family,
Valentine. married to Baron
Springer,leads a retired life at Sitzenberg Castle.
Baron Louis owns huge estates, including some 40,000
acres. near
Waidhofen, on which timber industries are located.
A buyer is now being
sought for this estate. Besides all this. the Rothschilds maintain hospitals
and spend large sums to other humanitarian ends. It Is
likely that these
expenditures will have to be curtailed.
The Austrian Rothscbilds own half of the big coal mines and steel works
at Vitkovitz. Czechoslovakia, which bring to them 10,000,000 schillings
a
year.
The losses incurred by the Kreditanstalt do not include those incurred
by the failure of the Amstelbank in Amsterdam which was a dependency
of
the Kreditanstalt, founded during the Austrian inflation when the
Kreditanstalt wanted to have a Dutch bank for foreign currency transactions.
Plan for Super-Bank Proposed by J. F. Darling of Midland Bank of London to Stabilize Silver.
The establishment of a super-bank which would buy and
control all the gold and silver resources of the British Empire
—possibly also those of the United States—was advocated
at Ottawa on May 15 by J. F. Darling, director of
the
British Midland Bank of London before the House
committee on Banking and Commerce. A brief reference
to
Mr. Darling's proposal appeared in our issue of
May 16,
page 3633. The Montreal "Gazette" in advices
from,its
Ottawa correspondent May 15, said:
38
FINANCIAL CHRONICLE
Calls for Super-Bank.
hment of a super-bank, which
Mr. Darling's plan calls for the establis
nts of the day, and there would be
would belong to the different governme
a dominating part in it. It would
no part of the British Empire having
g machine as between the values
act very largely as an automatic adjustin
and silver. "The bank," he said, "must
of the two money metals, gold
metals, by means of which
be given something with which to buy these
the adjustments could be made."
form ofa bookkeeping unit,
the
in
There would be a monetary unit, really
in the bookkeeping unit. To
and it would buy and pay for these metals
y gold in the British Empire would
purchase the initial stock of monetar
There would be required about
require at present about 225.000,000 "res."
stock of silver held against Indian
90,000,000 "rex" to purchase the Initial
silver, the issuers of currency
currency notes. Thus, in lieu of gold and
nk 315,000.000 "rex,"
would hold amongst them in the Empire's super-ba of the Empire.
for the currencies
basis
initial
the
become
would
which
whether created by gold or
The value of the "rex" would be uniform,
to any part of the Empire
silver, and balances would be transferable
at a published tariff
where the bank had an office, by a mere ledger entry
would be opened in London and
of transfer charges. An office of the bank
India. Thus the gold produced
in convenient places in the Dominions and
spot as It came from the mines.
in the Empire would be purchased on the
a subsequent paragraph,
This would be ensured by legislation. If, under
would raise its buying price,
the bank raised its selling price for gold, it
the advantage.
also, so that the Empire's gold producers would gain
the mal-distribution of
More important, even, than the adjustment of
of the equilibrium between
gold was, Mr. Darling urged, the restoration
a value of about 70 times
gold and silver. Gold has now been accorded
on of the two metals
producti
relative
that of silver, despite the fact that the
. By pooling
has been what it now is for the last four or five centuries nd reserving
as above—a
the Empire's gold—gold below the ground as well
the Empire
arise.
need
the all-important right to raise its price should the
of silver and do much to
could at the same time rehabilitate the value
prevent the undue accumulation of gold in any one country. world than
the
Fundamentally, silver money was more important to
virtually disappeared,
gold, Mr. Darling contended. Gold as money had
was a necessity.
money
silver
,
countries
but in the east and in most tropical
and as a store of value.
It had been used both as a medium of exchange
by the nations of
This value, however, had been filched from them first
With the value of
the west, and then by the Government of India itself.
be a natural flow from the
silver restored and stabilized, there would
of honest silver money,
vaults of the Empire's super-bank into the coinage
on.
for use as currency by at least half the world's populati
currency matters and
in
"The 'rex' would be symbolic of Empire unity
because of the
effect
cal
psycholgi
a
great
would, said Mr. Darling, have
Affiliated to the
fact that the Empire occupied a great part of the globe.
Gold standard
'rex' through silver would be the silver-using country.
hoard gold, but
countries would probably find it advantageous not to
not be a
would
It
the
'rex.'
with
harmony
in
rather to have it function
their dollars
paying proposition for the United States and France to have
exports.
at a premium over the 'rex' as it would interfere with their
would you not
If you raised the value of silver to one dollar per ounce
D. Chaplin
J.
Hon.
asked
silver?"
on
of
greatly increase the producti
(Conservative, Lincoln).
case it would be an
Mr. Darling—"Yes, but it is a by-product. In any
hope the production of
argument in favor of its rehabilitation. I should
e. The upward move
silver would increase. It would be a great advantag
must start somewhere."
ive, Mackenzie),
Answering a question of M. N. Campbell (Progress
degradation of
as to the responsibility of the British Government for the
agent in this matter,
silver in India, Mr. Darling said India was really a free
world prices, not
and he said, moreover, that "my plan would send up
want."
the prices in any one country. That is what we
Centre), Mr.
North
g
Replying to .1. S. Woodsworth (Labor, Winnipe
great advantage in the
Darling said a metallic basis for currency was of
the Canadian Club here
western countries. Mr. Darling will address
to-morrow on his plan.
administration officials found cause for encouragement on
June 28 in formal notification that two European nations
which are especially close to France had accepted the proposal. These nations were Poland and Czechoslovakia. In
post-war political moves they have lined up with the French
Government. Their affiliation with France was particularly marked, says the New York "Times" in the sessions
of the preparatory commission for a disarmament conference which laid the foundation for the League of Nations'
call for a world disarmament conference in 1932. Their
attitude indicated a community of interest with France which
might have been expected to be reflected in a sympathetic
feeling for the French Government's reservations to President Hoover's plan. The action of Czechoslovakia may
have especial significance, it was thought, in that it furnishes
the first instance of any country in the Little Entente
conforming to the Hoover proposal. The Little Entente
composed of Rumania and Jugoslavia, in addition to
Czechoslovakia, has an affiliation with France of marked
political implications. Rumania has informally expressed a
sympathetic attitude toward the proposal. Announcement
of the agreement of Czechoslovakia and Poland to the President's debt-payment holiday was made by the State Department in the following statement.
Says
Greece Makes Move Against Hoover Plan—Premier
Country Would Lose $3,000,000 a Year to Accept
Without Conditions.
l
France's reluctance to accept the Hoover debt proposa
to
the
cable
a
said
ous,
infecti
be
to
unreservedly seems
"New York Times" from Athens, July 2. Greece, which
it
originally had shown every sign of willingness to accept
without reserve, has followed the French example and made
conditions. The cablegram added:
y. Premier Venizelos revealed that
In a speech to the Chamber yesterda
had offered to compromise, but declared
the United States Government
ctory.
that even this compromise was unsatisfa
help and would collapse ecoAfter admitting that Germany needed
remarked there could be no
Premier
the
soon.
came
nomically unless it
inspired the Hoover proposal. He said, howdoubt of the nobility which
would damage Greece to the extent of 83,000.000
ever, that its acceptance
for example, benefit Czechoslovakia by $9.000.would
it
whereas
year.
a
000 annually.
had forgotten that 72% of the reparations
President Hoover apparently
flowed into the Greek exchequer, he conBulgaria
and
Hungary
Paid by
unrestricted acceptance of the Hoover plan Greece
through
and
tinued,
any other State.
would lose more relatively than
deny the truth of this clear argument," he
"The United States could not
settle the question in such a way that Greece
went on, "and was inclined to
annually. We must explain to the President,
00
$1.750,0
only
lose
would
his plan even in this changed form. It is
however, that we can't accept
onal agreements should be treated as scraps
impossible that valid internati
of paper."
s speech with applause and, as he exThe Chamber greeted the Premier'
decision was unalterable, he received an
plained in conclusion that his
ovation from all parties.
explained to Parliament that the Greek
The Finance Minister later
due July 15. would be paid into
war-debt payments to the United States,
decision on the Hoover plan.
She American Bank here to await final
Debt Plan—
Poles and Czechs Accept Hoover's War
Allies of France Accede.
Amid the uncertainty over the outcome of President
of
Hoover's proposal for a year's suspension of payments
debts
tal
vernmen
intergo
other
German reparations and all
[VOL. 133.
In a telegram dated June 27 1931. the Hon. A. C. Ratshesky, American
Minister to Czechoslovakia, reported to the Department of State that
Foreign Minister Benes had assured him that Czechoslovakia will accept
in
the President's debt proposal. The Czechoslovakia answer is expected
Washington early next week.
to
of
Poland
indicated
interim
ad
On June 27 1931. the Charge d'Affairs
the Acting Secretary of State that Poland welcomes President Hoover's
debt proposal.
With President Hoover resting at his camp on the Rapidan, after a week of effort in behalf of his debts-suspension
plan, activity on the part of those who are serving as the
President's lieutenants in the negotiations with France over
its reply to the proposal continued here.
William R. Castle Jr., Acting Secretary of State, was at
his office of the State Department for part of the day and
was joined there by Ogden L. Mills, Acting Secretary of the
Treasury, who is the President's closest adviser with respect
to the financial details involved in the proposal.
All Governments but France Agree to Debt Proposal—
Acting Secretary Castle Says Paris Must Meet the
Spirit and Purpose of President Hoover's Offer.
All governments with the exception of France have now
agreed in principle to President Hoover's plan for a war
debt moratorium and the United States will accept no
proposals from France which "do not fall completely within
the spirt and purpose of the President's offer," the Acting
Secretary of State, William R. Castle Jr., stated June 29.
Mr. Castle's prepared statement regarding acceptance of
the plan by all nations except France was made at the
Department of State following a late afternoon conference
L. Mills,
by President Hoover with Mr. Castle and Ogden
Acting Secretary of the Treasury. Earlier in the day Secretary Castle, in an oral statement, outlined the United
States' stand and said that the United States will accept no
proposals from France other than those which fall within
d
s
the spirit of Mr. Hoover's plan. Mr. Castle' prepare
statement as published in the "United States Daily" on
June 30 was as follows:
now agreed in
principle
nts have
It is our understanding that all governme
Government. Some difficulties
to the President's plan except the French
of
the
Presispirit
the
with
position
have arisen in reconciling the French
continuing between Ambassador
dent's proposal. Discussions are still
ministry.
Edge and Secretary Mellon with the French
Mr. Castle added orally that there would be no discussions
.
June 30 as the French Senate would be in session Mr. Mills
the transby
Mellon
ry
Secreta
with
talked
llad
said he
Atlantic Tadio-telephone. Both the Secretary and Ambassador Edge, he declared, are fully conversant with the
developments in this country. He added he could not talk
freely concerning the negotiations because there are many
"technical" points involved.
The Department of State also made public a note from the
Austrian Minister, Edgar Prochnik, in which his Government formally accepted the debt holiday proposal. The
Department's announcement follows in full text:
ent by Edgar
The following note has been delivered to the Departm
Washington.
L. G. Prochnik, the Austrian Minister at
of
"His Excellency Henry L. Stimson, Secretary State, Washington, D.C.
"Confirming my oral statements made on Monday, June 22, to the
to
renew to Your Excellency
Undersecretary. Mr. Castle, I have the honor
ent of the Republic of Austria
the assurance that the Federal Governm
greatly pleased to unconditionally accept the proposal of the President of
ns.
the United States in regard to debts and reparatio
"Accept, Excellency, the renewed assurance of my highest consideration."
(Signed) EDGAR PROCHNI1C.
JULY
4 1931.]
•
FINANCIAL CHRONICLE
Italy Declares Debt Proposal Operative June 30—Notifies Four Debtor Nations It Will Not Claim Reparations Payments Now Due—Acts Independent of
Paris—Willing To Continue Under Partial Operation of Plan.
The Italian Government on June 30 provisionally put
into effect the debt moratorium proposal of President Hoover,
-at least as far as it is concerned with the reparations payments under the Young plan, by notifying the Governments
of Germany, Austria, Hungary and Bulgaria that it would
not claim the regular July 1 reparations payments due
on that date. At the same time the Government notified
its war debt creditors, Great Britain and the United States,
that the sums due to them on the same date were being held
"awaiting instructions." The New York "Herald Tribune"
in reporting this in copyright advices from Rome, went on
to say:
The decision to put President Hoover's proposal into effect as far as
possible was reached after a long conference between Foreign Minister
Dino Grand' and Finance Minister Antonio Mosconi, and considerable
baste was shown in communicating the decision to the Governments
affected, as only a few hours remained for halting the payments due under
the Young plan to-morrow. Notice of the decision was sent also to the
Bank for International Settlements.
Although the official communique issued to-night at the Palazzo Chigi
said the Government had acted "while awaiting the outcome of the negotiations actually under way," it was said that its course would not necessarily be altered should the conversations now being held by Andrew W.
Mellon, American Secretary of the Treasury, with the French Government
fail to win France to an acceptance of the Hoover plan. According to
an authoritative explanation, Italy would be willing to allow the suspension
of reparations payments to continue in effect even under a partial application of the Hoover plan so long as the United States and Great Britain did
not claim debt payments from Italy.
Clearly, such a stand is designed to dissociate this country from any
share in the hesitant attitude of France. The official communique said
that Italy had taken to-day's action "as a consequence of its attitude of
full and cordial adhesion to the proposal of Pres,dent Hoover." Should
none of the Nation's follow out that proposal, however. and Italy were
called upon by Great Britain and the United States for its debt payments,
this country would claim its payments due under the Young plan. Even
In that respect, however, it is unofficially said. Italy might be willing only
to ask for a sufficient amount of reparations to most the war debts payments, renouncing a margin of about 2,500,000 lire ($130,850)•
The suggestion that all creditor Nations should renounce the similar
margin of payments due to them in order to help Germany through the
economic crisis was made in Italy before the more important proposal of
President Hoover was presented to Europe. As far as reparations payments are concerned, Italy's action was taken Just in time to halt the
transfer of the sums due to her to-morrow and the war debt payment
to Great Britain, also due July 1 (the Italian payments to the last named
country being made monthly), but, concerning the United States, the
notification that the sum due is being held to await instruction is somewhat
more theoretical.
The annual payment on principal and the six months interest payable
under the war debt agreement with the United States fell due and was paid
on June 15. The remaining six months' interest is not due until Dec. 31
next.
French Senate Votes 197 to 5 Against Debt Plan Concessions—Laval Declares After Vote "We Cannot
Abandon Our Right to Reparations"—American
Reply Is Expected To-day.
The French Senate, 197 to 5, at Paris on June 30, voted
emphatic approval to Premier Pierre Laval's firm stand in
his negotiations with the United States on President Hoover's
debt moratorium plan. The vote came after a bitter debate
in which Senators talked of the United States "taking France
by the throat" and Premier Laval stated the Government's
position as follows, according to the Paris "Herald Tribune"
Bureau at Paris:
The situation is the most delicate that we have known since the war.
Reparations cannot be placed in question. The Young plan and the Hague
agreements must be maintained. We cannot abandon, we will not abandon, our rights to reparations.
One hundred Radical Socialists abstained from the ballot to
avoid the appearance of opposing the Government. The
vote was supplementary to the 386-189 poll by which the
Chamber of Deputies indorsed the Government's program
on Saturday morning, June 27, and doubly tied the Premier's
hands against any concessions in his negotiations to reconcile
the French and American positions on Mr.Hoover's proposal
to suspend for one year payments on reparations and war
debts. The "Herald Tribune" account went on as follows:
The order of the day upon which the vote was taken based the Senate's
confidence in the Government upon the statement that "respect for treaties
and conventions constitutes the only solid basis for international relations"
—that the principle of the maintenance of the Young plan must be assured
along the lines already laid down by Premier Laval in his note to Washington.
Laval Explains Stand.
In the Senate debate, Premier Laval reiterated the reasons why France
can accept the American proposals only under certain conditions. "If we
had wanted an easy success in Parliament all that would have been necessary
was to decline Mr. Hoover's suggestions. We could refuse them, but we
could not accept them without reserves."
After that Premier Laval tried to exonerate Washington from any false intentions in the suddenness with which the Hoover announcement was made,
although admitting that the event had surprised public opinion. He ended
39
with this strong plea for the Senate's support: "The Government needs
strong authority. It is the reinforcement of this authority that I expect
from you."
The debate was opened by Senator H. Lemery, of Martinique. who set
forth two points which have stirred much concern in France—what would
happen if in December the American Senate rejected the Hoover plan, and
that the Hoover plan had been announced only four days after France had
made its semi-annual payment to the United States on account of war debt.
With regard to the first point he said that if the American Senate rejected
the plan the United States could still claim Frances' semi-annual debt
payment, whereas France would already be without the total cash from
Germany which ordinarily she would have at that time to meet that obligation. "Do not forget," Senator Lemery said amid loud applause "that there
Is no peace possible if contracts are not respected."
For the second point, concerning the time of payment of the last installment of the French war debt, the coincidence undoubtedly has served to
heighten French apprehensiveness and must be taken into account in the
psychological reaction which has resulted in unanimity for safeguarding
the Young plan at all costs.
Later,Senator Henri de Jouvenel,added a third cause for French anxiety,
"How much better the Hoover proposal would have been." he said, "if
it had been preceded by deliberations between the creditors."
Third Cause for Anxiety.
A fourth point was supplied by this Senator when he said: "How can you
lead peoples to renounce armaments if they are not first of all persuaded of
the binding force of contracts."
In these four points alone is a summation of the psychological reaction in
France which appears to render any marked deviation by the Laval government from the counter-proposal already sent by it to Washington impossible
in the face of parliamentary opinion.
The text of Premier Laval's address to the Senate on June
30 was reported by the Associated Press as follows:
The situation is delicate—more delicate than it ever has been since the
war, and I thank all those speakers who have declared that their only view
is to strengthen the position of the French Government in the discussions
which now are going on.
The reparations must not be called into question and the Young plan
and The Hague accords must be maintained. They still represent a definite
and complete settlement of the reparations problem.
The present economic crisis is grave, notably for Germany, and the German government turned toward the United States.
Mr. Stimson,the American Secretary of State,informed our Ambassador.
M.Claude], that President Hoover was preparing to issue a message to the
world. Two hours later that message was published.
One cannot complain that the French government was left out of the
American President's decision.
We have accepted Mr. Hoover's proposal. The Senate should know that
all countries have adhered to that proposal. I had confirmation of this last
night by letter from Ambassador Edge.
If we had wished to score a facile success in our assemblies it would have
sufficed to reply to President Hoover with a refusal, but what would have
happened on the morrow?
We have not refused, but we cannot accept without reservations.
Henri de Jouvenel said Just now that America is the creditor and France
a victim. Certainly France is a victim, but America is not with us as
creditor.
There may have been for a time some misunderstanding. Public opinion
was deceived. If the publication of President Hoover's letter was a little
abrupt it was solely to avoid divulgations.
We never have been the victims of any maneuver. The country ought to
know that. However that may be, we made reservations called for by our
special situation and the importance of those reservations must not be
ignored for they are real and effective. In making them we are conscious
of having done our duty.
4
Recalls Sufferings Since War.
In the negotiations which we will continue to-morrow we will be inspired
by a legitimate care for the dignity of France. We will recall what we did in
1926 to overcome a crisis analgous to that from which Germany suffers.
We recall our sufferings and the burdens which resulted for us since the war.
In the circumstances through which we are passing our diplomatic agents
should not be deprived of the country's confidence. The attitude of our
diplomats cannot be criticized, and yet we have been surprised by events
both in the case of the Austro-German customs accord and of President
Hoover's letter.
To avoid similar surprises, we consider it fitting that the German and
French governments enter into full and frank conversations. These conversations will take place shortly, and I am confident they will yield results.
During these delicate negotiations I cannot make any other disclosures,
and you will understand my reserve. The government, more than ony one:
is mindful of the national interest. It needs strong authority, and to
strengthen that authority I expect a massive patriotic vote from the
Senate.
Lemery Opens Debate,
Senator Lemery opened the debate with particular reference to the manner in which President Hoover's proposal was announced.
"Two years ago," said he, "the United States took us by the throat to
force from us money for war debts. Now they take us by the throat to
prevent our collection of reparations from Germany."
He mentioned again the fear that Germany might use capital released by
the moratorium to build an attacking fleet of vessels such as the new vestpocket cruiser Deutschland, and he asserted that the Hoover plan of a oneyear moratorium would be too short lived to do any good, or would extend
over too long a period in which France would have to foot the bill.
"Our reply does not satisfy me," he said, "it was written in unjustifiable
haste. American prestige is so great that our government was blinded."
Senator De Jouvenel, attributing the crisis in Germany to Hitlerism and
other nationalist movements rather than to the reparations obligations,
asserted: "When we recall President Hoover's great soul and his service
during the war, we are ars,,ed that he should forget the victims of that
war and the debts contracted by the Invader."
Says Talks Began in January.
Senator De Jouvenel declared the German negotiations with the United
States really started last January through United States Ambassador
Sackett in Berlin. After the Germans had sufficiently impressed Mr.
Sackett with the necessity of doing something, he went home and the
Germans saw that things were going the way they wanted them to go, the
Senator said.
"They didn't want to resort to a moratorium, but preferred some such
action as the Hoover proposal to come from outside of Germany," the
Senator continued.
Reports were circulated in the lobbies of the Chamber of Deputies this
afternoon that Senator De Jouvenel, former editor of "Le Matin"
and
40
FINANCIAL CHRONICLE
be named Ameditor of the magazine "La Revue Des Vivants" would
M. De Jouvenel at
bassador to the United States to succeed Paul Claudel.
Nations. He is an advocate
one time represented France in the League of
Briand.
of the peace policies of Foreign Minister Aristide
that "so many
Former President Alexandre Millerand told the Senate
want to lose its precious
ties bind us to the United States that we don't
a war such as
of
friendship, but that friendship might not resist the renewal
we have just suffered."
to go to Ger"In accepting the Hoover proposal we have undertaken
are necessary."
many's aid, and thus conversations with the Germans
be
Andre Port,eu de Morandiere told the Senate that French capital must
He
protected against foreign aggression, particularly American aggression.
world's capital. In 1927,
said that in 1910 France possessed 18.33% of the
about $10,600,000,000. against
he continued, the nation's fortune was
$12,000.000,000. 17 years earlier. During the same period, he declared, the
fortune of the United States had risen to $36,000,000,000.
foreign
"We must defend our capital every instance," he said, "against
capital and particularly American capital which is superabundant.
practice
would
she
"If America became mistress of our enterprises
equalizing of unemployment and rationalization of production. This
would have very grave consequences for our economic organization as it
would also for our national defense."
Reservations Made in Belgium's Reply to President
Hoover's Moratorium Proposal—Accepts Plan in
Principle.
The text of the Belgian reply to President Hoover's wardebt proposal, made public to-day, accepts in principle
but makes reservations for the application of the plan to
Belgium.
"The Belgian Government welcomes the proposal of the President of
reply says.
the United States as an act of the highest importance," the
..zt sees in it the beginning of a great undertaking of international solidarity
conditions,
the mere
tending toward the recovery of general economic
prospect of which has already given birth on every hand to a feeling of
confidence and hope.
"Grave difficulties of the moment can only be overcome if the nations
realize their common interests, thrust behind them all motives for unrest
and discord and unite their efforts in a•wide spirit of co-operation and
mutual help.
"The Belgian nation sincerely wishes for the success of the American
proposal.
Stresses Special Right.
"The nation, however, is unanimous in recalling that Belgium retains
an imprescriptible right to reparations for war damage which she unjustly
suffered.
"That right was consecrated both by solemn pronouncements of the
Governments and by the agreement concluded between them. It was
never contested and it earned for Belgium in the settlement of reparations and war debtsspecial treatment which there is no reason for abrogating.
"In these conditions it would obviously be inadmissible that the proposed mutual aid should impose on Belgium particularly onerous consequences and should expose her to grave financial difficulties.
"Under the reservation of these considerations. the Belgian Governraent adheres very sincerely to the principles of the proposal, being convinced that the United States Government will appreciate the necessity
to reconcile
of determining methods of execution in such a manner as
the projected scheme with the special situation and with the rights of
Belgium."
Ambassador Hugh S. Gibson to-day praised President
Hoover's proposal as indicative of real courage and true
statesmanship. "There is no reason to ifelieve," Mr.
Gibson said in a statement, "that Belgium's special situation
will not be taken into account when it comes time to consider the methods of applying the scheme. The Hoover
plan is not meant to squeeze anybody."
Despite denials in offciial circles that Belgo-German
negotiations have taken place concerning the maintenance
of payment for the marks left in Belgium after the war, the
newspaper "Le Peuple" to-day printed a story saying that
Germany had agreed to continue such payments during the
projected debt moratorium. It is the suspension of these
payments, which amount to $5,000,000 annually, against
which Belgium has most strenuously objected.
The newspaper further reported that negotiations concerning other Belgian loans on which a moratorium is
sought included the $3,000,000 reconstruction and $1,250,000
colonial loans, and expressed /the hope that American
bankers would extend the debt holiday to Belgian reconstruction loans listed on the New York Stock Exchange.
The Department also received from the Italian Ambassador a note from Foreign Minister Grandi formally stating
that Italy was prepared to put the Hoover plan into effect
to-morrow so far as her own collections and payments were
concerned.
Americans Hold $1,600,000,000 German Paper—Mr.
Coolidge Estimated Total in 1924 at $1,100,000,000
and It Has Grown Steadily.
The Washington correspondent of the New York "Herald
Tribune," under date of June 25, reported that in the light
of the present economic crisis in Germany it was estimated
in Washington that private American holdings of securities
issued in that country totaled around $1,500,000,000 to
$1,600,000,000. Similar investments in other countries were
placed at *16,000,000,000 or more. It was recalled that
[VOL. 133.
President Coolidge, in his Armistice Day speech In 1928, said
that since 1924 "American investors have purchased a little
over $1,100,000,000 of German securities." He said these
investments "must 'have been a large factor in rendering
Germany able to pay" her reparations, and added:
"Europe, on the whole, has arrived at a state of financial stability and
prosperity where it cannot be said we are called on to help or act much
beyond a strict business basis. The needs of our own people require that
any further advances by us must have most careful consideration."
The lending of money by American bankers to Germany
continued, however, and the net amount of her securities,
Government, State, municipal and corporations, totaled
$279,052,000 in 1930 alone. Among the big issues of German
bonds offered through American bankers prior to President
Coolidge's speech were the following:
1924—German Reich, $110,000,000; J. P. Morgan & Co. and National
City Bank.
1925—City of Berlin, $15,000,000; Speyer & Co.
1926--German Savings Banks, $23,000,000; Harris, Forbes & Co.
1927—Central Bank of Agriculture, $80,000,000; National City Co.
1927—Central Bank of Agriculture, $3,000,000; National City Co.
1928—Central Bank of Agriculture, $3,000,000; National City Co.
1925—German General Electric, $1,000,000; National City Co.
1926—United Steel Works Corp., $30,000,000; Dillon, Read & Co.
1926—Free State of Prussia, $20,000,000; Harris, Forbes & Co.
1926—Rhine-Elbe Union, $25,000,000; Dillon, Read & Co.
1926—State of Hamburg, $10,000,000; Kuhn, Loeb & Co.
1925—Saxon Public Works, $15,000,000; National City Co.
1926—Saxon Public Works, $18,000,000; National City Co.
These represent only a part of the securities taken by
American bankers and offered in this country. Some of the
issues undoubtedly have been refunded by others. In 1930
some of the big issues of Government, State and municipal
German bonds brought out here were:
Bavaria Refunding Credit, $15,000,000.
German 5%s, 1965, $98,250,000.
German Treasury Loan, 1932, $75,000,000.
Of the loans to German corporations in 1930 some of the
large ones were:
German General Electric, $12,500,000.
Siemens-Halske 6s, 2030, $32,655,000.
Rhine-Westphalia 6s, 1955, $20,000,000.
Saxon Public Works 5s, 1932, $10,000,000.
North European Oil Corp., $5,000,000.
Since American investments abroad in 1930 were about
the same as in 1927, it is held to be fair to assume that the
Investments in Germany were likewise about the same. So
that the $279,000,000 of 1930 doubled would be $558,000000
for 1929 and 1930, and this added to the $1,100,000,000 total
estimated by President Coolidge in 1928 would make the
American investments in Germany around $1,600,000,000.
According to figures compiled by the Department of Commerce, total American investments abroad in all countries
at the end of 1929 were $17,657,432,676. If war debts were
added, the total would be about $29,000,000,000.
President Receives Canadian Minister—W. D. Herridge
Says Diplomatic Ties Are Strengthening the Two
Nations' Friendship—President Hoover Praises
Vincent Massey,
W. D. Herridge presented his credentials to President
Hoover on June 23 as the Canadian Minister to the United
States. The ceremony, held in the White House, was restricted to an exchange of cordial sentiments concerning the
friendly relations of the two countries. No mention was
made of the St. Lawrence waterway or other problems which
confront the two governments, and anything that Major
Herridge has to say on such subjects will be reserved for
Informal discussions which he may hold with officials in the
next few days. He plans to return to Canada late this week
and to establish his residence here in the fall. Major Her.
ridge's remarks to the President, in full, were us follows:
Mr. President: I have the honor to place in your hands the letters by
which his Majesty the King accredits me as his Envoy Extraordinary and
Minister Plenipotentiary to represent the Dominion of Canada in the United
States, and also the royal letter which terminates the mission of my
distinguished predecessor, Mr. Vincent Massey.
It is the earnest wish of his Majesty's Government in Canada that the
harmonious relations which have long prevailed between the United States
and Canada shall be maintained and strengthened.
Mr. Massey, in presenting his credentials in 1927 as the first Canadian
Minister in Washington, expressed the confident hope that the establishment of a Canadian Legation in Washington would serve to strengthen those
cordial sentiments which exist between CaLada and the United States as
well as between the United States and the Empire of which Canada is part.
I feel that I can say with conviction that this hope has been fulfilled
during the four years which have passed since direct diplomatic relations
were established between the United States and Canada. From to-day it
becomes my duty and my privilege to contribute as best I may to the
fulfillment of these high aims.
JULY 4 1931.]
FINANCIAL CHRONICLE
I enter upon my duties conscious both of the honor and of the responsibility which will be mine. I look forward, Mr. President, in my task, to
receiving your friendly support and that of your Administration.
President Hoover replied as follows:
Mr. Minister: It gives me pleasure to receive from you the letters by
which his Britannic Majesty accredits you as his Envoy Extraordinary and
Minister Plenipotentiary to represent the Dominion of Canada in the
United States.
You have likewise delivered to me the letters of recall of your distinguished predecessor, the Honorable Vincent Massey, whose residence in
this capital as the first Minister of the Dominion of Canada to this country
is most happily remembered.
The harmonious relations which have so long subsisted between Canada
and the United States will, 7 am confident, be augmented through your
mission to Washington.
I share your conviction that the establishment of direct diplomatic relations between Canada and the United States has served to strengthen the
cordial sentiments which exist between our countries, as well as between
the United States and the Empire.
In welcoming you to Washington, I desire to assure you, Mr. Minister,
that you may rely upon my hearty co-operation and that of the officials of
this Government and to express the hope that your stay among us will be
pleasant.
Big Bucharest Bank Suspends Payments—Loan from
Other Institutions Fails to Meet Heavy Run on
Bence Generale.
The Banca Generala, one of the largest Bucharest banks,
in which the late King Ferdinand kept his fortune and
which Princess Ileana used, on June 25, according to a
wireless to the New York "Times"from Bucharest, June 26,
decided on a moratorium. On the fact becoming known,
an unprecedented run set in on the bank. The gendarmerie
intervened several times to control panic-stricken depositors.
The dispatch also said:
The bank has deposits of$5,000.000. which it is unable to repay, although
it is declared it will be able to do so within three years, satisfying all its
creditors.
During the last few days Bucharest banks, including the Banes Rumaneasca and the Dance Marmoroach, had provided the Bence Generale
with $600,000 to avert a threatened run.
It is stated In financial circles that Princess Ileana and other members
of the royal family withdrew their money yesterday. Thanks to the
provision of funds by other Bucharest banks, it was possible to satify
these royal creditors.
The Bence Generale is the bank of the Liberal Party, with M. Duca,
the Liberal leader, as its Vice-President.
Colombian Government Appoints Its Bankers in
United States and Europe.
The Colombian Government has appointed The National
City Bank of New York and The First National Bank of
Boston as official bankers in the United States and Lazard
Brothers & Co., Ltd., and Lazard Freres et Cie. to act in a
similar capacity in Europe. Notification of the appointments was made by German Olano, Colombian Consul
General in New York, who made public the following declaration signed by His Excellency Dr. Enrique Olaya Herrera,
President of the Republic of Colombia, and Dr. Francisco
de Paula Perez, Minister of Finance:
Designation of The National City Bank of New York and The First
National Bank of Boston and Lazard Brothers & Co., Ltd., London, and
Lazard Freres et Cie., Paris, as the Government's official bankers in the
United States and Europe, respectively, means that the Government proposes to handle its financing in the American and European markets exclusively through those institutions, reserving the right, of course, to
terminate the official banker relationship as and when it chooses so to do.
Nevertheless, while such relationship exists on a satisfactory basis, the
Government does not wish to invite or encourage loan proposals from
other bankers.
41
of Venezuela, on that day, to fill the unexpired term of
Dr. Juan Bautista Perez, who resigned last week at the
demand of Congress. The term runs until April 1936. Dr.
Perez submitted his resignation on June 13. He was elected
to the Presidency In May 1929 for a term of seven years. He
succeeded General Gomez, who went. into retirement,
although holding the title of War Minister.
Dr. Perez stepped down after Congress had made a formal
request for his resignation, declaring that the supreme interests of the nation required that he withdraw from office.
Previously a letter had been sent to General Gomez by members of Congress stating that the internal condition of the
country was unfavorable, urging a change in administration
and requesting General Gomez to resume the Presidency.
General Gomez has been a steadying Influence in Venezuela and has succeeded in keeping comparative quiet, says
the New York "Times." Whether as dictator, President or
Commander-in-Chief of the army, he has stood out above all
other Venezuelan leaders since he took over the Government
when President Castro was ill in Europe in 1909.
Gomez, who had been associated with Castro many years,
amassed a fortune through a meat monopoly which he shared
with the President. When Castro left for Europe, Gomez
was Vice-President and Acting Chief Executive. There was
general rejoicing in the outside world when he announced
his usurpation of the Presidency.
One of his first acts was to proclaim a conciliatory foreign
policy. In line with this he acknowledged foreign claims
which Castro had resisted. Concessions which had been
the cause of endless rows under Castro were developed.
The dull oil market, the low price of coffee and other economic disturbances have created unrest in Venezuela recently. This unrest led to the demand that Dr. Pezer retire.
Colombia To Pay Debts—President Tells Retiring
Congress of Plans to Preserve Credit.
Maintenance of Colombia's credit was the keynote of the
speech by President Olaya, Herrera on June 27 at the closing
of the longest session of Congress in the history of the
country. He stressed that efforts would be to keep the
republic's credit at a high level. Colombia will make
loan payments punctually so creditors will not have the
slightest uneasiness, he continued. "We consider the conservation of our credit vital for the nation's progress and
will cultivate it sedulously, knowing nothing is more remunerative for a nation or an individual than respect for
one's word," he went on. "Colombia has the determination and material capacity to do this." The newly elected
Congress, which is scheduled to convene July 20, will have
only a slight Conservative majority, it is stated. The
Congress just ended had a substantial Conservative majority.
Argentina Gives Notice of Ability to Pay All Debts—
Ambassador Here Instructed to Inform Washington
Republic Can Meet Its Bills.
Argentina became the second South American Republic
on June 29 to issue a reassurance to foreign investors that
all obligations will be met without special arrangements or
The Continental Illinois Bank & Trust Co., Chicago, and moratoriums, said a United
Press dispatch from Buenos
the International Manhattan Co. will be associated with
Aires on June 29, adding:
The National City Bank of New York and The First National
Instructions have been cabled to Ambassador Felipe Espil in Washington,
Bank of Boston in any eventual financing for Colombia in Enrique Uriburu, Minister of Finance,
announced, to make clear in the
this market. These institutions have participated in the United States that Argentina can and will meet her obligations. Minister
instructions to Ambassador Espil followed circulation of reports
recent advances which have been made by the official Uriburu's
in the United States referring to the possibility that South American
bankers. These advances on the part of the international countries
needed financial assistance.
Referring to Minister Uriburu's action, "La Nacion" here declared
group are estimated to be approximately $17,000,000.
to-day that "it was necessary to dissipate for once and all the
Announcement of the appointment of official bankers for editorially
suggestions that our finances are involved and that we are a nation of
the Colombian Government was received with interest be- beggars. The Government's cable
must be interpreted as the only attitude
cause of the rapid strides which the Government has made possible to assume under the circumstances."
in the matter of budgetary reform and strict economy of
Felipe Espil, the new Ambassador of Argentina to the
administration. Since the election of Dr. Olaya in February United States, arrived in Washington on June 27. When
1930 the legislature has enacted a debt limitation law, a new asked about reports of measures of financial assistance to
customs law, a new oil law, a law providing for the creation Latin-American countries from bankers of the United States,
of an autonomous railroad board and other constructive laws. Mr. Espil said the Argentine Government looked at the
subject in the spirit of a public statement issued by its
Venezuela Elects Gen, Gomez President—General Minister of Finance, and which his Government had inReturns from Retirement to Succeed Perez, Or- structed him to reiterate—that it was a traditional policy
of Argentina to comply with its usual punctuality in meeting
dered Out by Congress.
An Associated Press dispatch from Caracas, Venezuela, all its financial obligations contracted in this country and
June 19, reported that General Juan Vicente Gomez, former abroad. Argentina finds herself in the position of doing
President and dominating figure in Venezuelan politics for this without any necessity of a moratorium or any other
arrangement," said the Ambassador. Concerning
more than 20 years, had been unanimously elected President kind of an
the Chilean Government's invitation to a conference on
42
FINANCIAL CHRONICLE
financial and economic matters, Ambassador Espil said that
his Government had accepted it in principle out of regard to
continental solidarity and because the conference had been
sponsored by Chile, with which Argentina had a very old
and traditional friendship.
Sixth Drawing for the Sinking Fund of the Greek
Government Loan of 1928.
Speyer & Co. and The National City Bank of New York
announce that the sixth drawing for the sinking fund of the
Greek Government 40-year 6% secured sinking fund gold
bonds (Stabilization and Refugee Loan of 1928) has taken
place, and that the $63,500 bonds so drawn will be payable
on and after August 1 1931 at par at either of their offices.
[Vol.. 133.
made this year, with average yields, will result in a crop not much smaller
than that obtained with the high yields of last year."
Preliminary reports reaching the Department on world production indicate a probable crop this season of about 3,075,000.000, about 225.000,000
bushels below that of the 1930-31 season. This estimate does not include
production in China or Russia.
Consolidation of Union Joint Stock Land Bank of
Detroit and Ohio Pennsylvania Joint Stock Land
Bank of Cleveland Under Name of the Former.
The Union Joint Stock Land Bank of Detroit and the
Ohio Pennsylvania Joint Stock Land Bank of Cleveland,
both units of the Guardian Detroit Union Group, Inc.,
consolidated on June 30 and are now operating under the
name of the Union Joint Stock Land Bank of Detroit, according to an announcement by Frank W. Blair, formerly
president of each of the banks, and now president of the
consolidated institution.
Portugal Accepts Hoover Moratorium Plan.
"The purpose of the consolidation of the two banks is to make possible
According to Associated Press advices from Lisbon, June
economies and more efficient and concentrated operation," said
29, Portugal on that day accepted President Hoover's plan substantial
Mr. Blair. "The offices of the combined banks will be In the Union
for a year's moratorium on war debt payments, saying that Guardian Building where additional space adjoining the former offices of
she was willing to make the sacrifice for the good of the the Union Joint Stock Land Bank has been secured."
The consolidated institution, it is stated, is the seventh
world. The announcement it is stated was contained in a
budget statement which was approved by a special meeting largest joint stock land bank in the United States, with total
of the Cabinet to-day, presided over by President Carmona. assets of over $23,500,000. The bank will operate in
Michigan, Ohio and Pennsylvania. Directors of the bank
are:
Reichsbank Uses Bulk of Central Banking Credit.
Charles H. Adams. Merrill C. Adams, Thomas J. Anketell. Charles H.
According to Berlin, dispatches July 2, the Reichsbank Bender,
A. G. Bishop. Frank W. Blair, Harry C. Bulkley. Douglas Camphas already called upon the Bank for International Settle- bell, William A. Comstock, Walter R. Craven, Frederick W. Freeman,
A. B. C. Hardy, Parmely W. Herrick.
ments for 319,000,000 reichsmarks of the international cen- Edward Frensdort, 0. P. Gossard,
John G. Hibbard, Thomas H. Hogsett, J. Arthur House, N. P. Hull.
tral banking credit aggregating $100,000,000, which was E. K. Klbshman, A. G. Masters. Murray B. Lincoln. Samuel L. McCune,
granted it to meet the present exchange crisis. The bulk John C. McHannan, William S. McKay, Duncan J. McNabb, Frank W.
R. V. Mitchell. E. R. Morton, W. E. Moss. John R. Russel,
of the advance has thus been used up in meeting end-of-the- Merrick,
Henry H. Sanger, Edmund Secrest, A. H. Seibig, Albert E. Sleeper, Hal H.
month requirements. The credit is called upon as foreign Smith, John N. Stalker, L. J. Taber, J. R. Thompson, R. A. Wilbur,
exchange is demanded at the Reichsbank. These accounts James B. Wood and W. H. Yeasting.
Officers are Frank W. Blair, president; 0. P. Gossard,
are now kept separate from the rest of the operations of the
bank, so that the current withdrawals from the institution executive vice-president; John G. Hibbard, vice-president
have no effect on its position. The withdrawals of exchnage and treasurer; A. G. Masters, vice-president and attorney;
July 2, amounted to only 20,000,000 reichsmarks.
Merrill C. Adams, secretary; J. E. Fouser and M. M. Breen,
assistant secretaries and assistant treasurers. The Union
the Federal
Federal Farm Board Gets Final $100,000,000—$270,000,- Joint Stock Land Bank was chartered under
in 1922.
institution,
Ohio
the
1923;
May
in
act
Loan
Farm
000 Obligations Out—May Ask Congress for More
The capital structure of the consolidated institutions shows
Money.
capital and surplus of over $1,850,000. The Guardian
Opening the new season with an established policy of
Detroit Union Group, Inc., is composed of 23 banks, trust
by
Grain
of
the
wheat
sales
Stabilization
restricting the
and other affiliated institutions in lower Michigan,
companies
Corporation to 5,000,000 bushels monthly, the Federal Farm
resources exceed $500,000,000.
total
whose
Board was to-day (July 1) says the Washington Bureau of
of
Commerce" credited by the
the New York "Journal
Treasury Department with an additional $100,000,000 to Federal Farm Board Agrees to Limit Wheat Sales to
continue its agricutural relief work, the final allotment
5,000,000 Bushels a Month for Year, Plus Pending
under the Board's $500,000,0000 authorization. With
Contracts—Acts After Suggestion for Statement of
but approximately $60,000,000 in cash remaining from the
Definite Policy from President Hoover.
$400,000,000 already turned over to the Board by the
The Federal Farm Board at night on June 30 issued a
Treasury Department, the Board entered the new crop statement defining its policy relative to stabilization of
season to-day with $160,000,000 in cash on hand. The state- wheat holdings. It agreed to limit its sales to 5,000,000
ment continues as follows:
bushels per month during the next year, exclusive of pending
In view of this small amount and despite the fact that loans which have
for export wheat. This declaration, approved by
contracts
been made by the Board are being paid back at regular intervals, the Board
York "Times" says,
has made commitments to give financial aid to co-operatives totaling nearly President Hoover, was issued, the New
$270,000.000, which will probably necessitate the appropriation of addi- in compliance with his request of Saturday (June 27) for a
tional funds by Congress in the not far-distant future.
definite statement on the 1930 wheat owned by the StabilizaThe policy announced last night by the Board limiting the sales of wheat
excess of 200,000,000 bushels.
by the Grain Corporation to 5.000.000 bushels a month, excluding foreign tion Corp., estimated in
contracts now under negotiation, will undonbtedly have a strong bearing While declining to withhold the entire supply from competion future Congressional battles over Agricultural Relief. The Democratic
1931 wheat crop, as demanded by the wheat
National Committee in a statemnt issued to-day under the name of Repre- tion with the
sentatives John M. Evans of Montana, already has attempted to make farmers of the Southwest and the Senators representing these
political capital out of the situation by blaming President Hoover for the States, the board compromised by its decision to sell not
policy adopted by the Board.
60,000,000 bushels of the surplus wheat in the
It Is a known fact that President Hoover had much to do with the estab- more than
lishment of the new policy as he brought the whole matter into the open next year, exclusive of the export contracts that may amount
by requesting the board to establish a more definite policy with regard to to about 50,000,000 according to the New York "Times."
its activities In wheat. Many conferences between the Farm Board ChairIt is stated that the board experienced great difficulty
mend and the President immediately followed, during which Chairman
Stone sought to convince Mr. Hoover that the establishment of a rigid in reaching a final agreement. A brief statement of policy
policy would prove more harmful than good. The result of these confer- was agreed upon at a morning session and submitted to
ences is considered to be a compromise.
President Hoover, who, it is averred, suggested some amHits Farm Board.
plification and slight changes in phraseology. Chairman
Representative Evans in his statement considered it "very unfortunate
stated, to the President
that the Farm Board had yielded to the wish of the President," and de- Stone ca:ried the tentative draft, it is
clared that "while 5.000.000 bushels per month is not a great amount. It still and after two hours' conference at the White House rehas a very great tendency to depress the price of wheat now being harturned with the President's suggestion, which the board
vested In this country."
Just how great a task the Board will face in its attempt to stabilize prices finally adopted after a three-hour session. The final draft
on the new crop remains to be seen, but present prospects, according to the was issued at 8.30 p. m., although the board's first stateDepartment of Agriculture to-day, Indicate a world supply for the 1931-32
adopted at the noon meeting. Chairman
season of about 250.000,000 bushels less than for the previous season. Not- ment had been
withstanding this reduction, however. the Department added, the present Stone said that the statement was a clear presentation of
prospects for the world wheat crop and indications of probable demand
the board's position assumed on March 23, and did not
conditions point to another year of low prices for the world as a whole.
"Though no bumper world crop is expected this year," the department represent a surrender to either the President or the farm
said. "the very large stocks remaining in the exporting countries indicate associations. "We have not modified our program and
a fairly large world supply even though yields should be very low in some
Chairman Stone said. "We have
countries. Furthermore, increases in the Rue*Din acreage which have been have not surrendered,"
•
JULY 4 1931.]
FINANCIAL CHRONICLE
43
amplified our position as conditions of the market warranted." The board reversed its program radicatiy, Outstanding Brokers' Loans on New York Stock
Exchange on June 30, 31,391,324,922—Drop
however, as in that its original policy was for the unlimited
of
$43,358,728 in Month.
sale of wheat at home and abroad, while the present action
The June 30 total of outstanding brokers' loans on the
limits sale during the next year of 1930 holdings to 60,000,000
New York Stock Exchange reached a new low level, the
bushels. The Farm Board's statement reads:
amount being reported as $1,391,324,922. These figure
On March 23 1931 the Federal Farm Board issued a stateme
nt in regard
s
to dealing with the surplus wheat problem. This stateme
nt urged again represent a decline of $43,358,728 since May 29, when the
the reduction in planting and said that "it is too early now
to set forth in total was $1,434,683,650. On June
30 the demand loans
detail what the sales policy of the Grain Stabilization
Corp. will be in the
new crop year, except to say that stabilization supplies
stood at $1,102,285,060 compared with $1,173,508,350 on
of wheat will be
handled in such a way as to impose the minimum
of burden upon domestic May 29; the time loans at the latest date are $289,0
39,862
and world prices."
against $261,175,300 on May 29.
A review of the domestic situation shows an increase
in the surplus.
The domestic overproduction of wheat, therefore, continue
The June 30 figures were made public as follows by the
s. The board
wishes to urge that the only final solution of the
wheat growers' difficulty Stock Exchange on July 2:
is a sharp reduction in the forthco
ming wheat plantings. The situation
to-day would have been clear and prices at much
higher levels had the
recommendation of a year ago been more
generally followed.
It is therefore most desirable that organized action
should now be taken
among the farmers, with the co-operation of the
State agricultural authorities, to reduce the acreage of winter wheat
planting. Without such reduction there is little hope of any long-te
rm continued profitable wheat
production in the United States in
competition with new wheat countries
abroad. With such action there
would be an immediate reflection in increased prices of this year's crop.
World Market Held Improred.
The world market for wheat shows
improved prospects for the next
year, as it appears that on the
present outlook there will be some reduction
in the production of commercially
important countries outside the United
States. This, together with the more
favorable international situation
that will be created by the Presiden
t's debt plan, gives hope of a generally
more favorable export market
for farm products during the forthcoming
year.
The purchase of wheat from the 1929
and 1930 crops has successfully
protected American agriculture from the world-w
ide panic in agricultural
prices, and gave it an opportunity
to readjust itself without the enormous
losses and bankruptcy which would have resulted
from the precipitant
fall in prices which took place elsewher
e. It would greatly benefit agriculture if a systematic beginning be made
to liquidate these holdings and
remove their overhang from the market.
The improved situation abroad and co-opera
tion in reducing production
make this possible.
Since March 23 wheat stabilization
purchases have been completed
and the grain stabilization corporat
ion now holds as actual wheat in storage. unhedged, a large portion of the entire
domestic carry-over, bought
to protect American farmers, and
the new crop is moving in volume.
Taking all these factors into account, the
board is now prepared to announce its plan and recommendations
which will be followed until July 1
1932 in carrying out the policy of March 23.
Sales Plan Outlined.
The Farm Board has been requested from
numerous quarters to have
the stabilization corporation announce specific
prices below which the
corporation would not sell its stabilization holdings
.
The proposal that prices be fixed at which the
corporation would sell
Is not in the interest of the farmers. If
a high price were fixed, then the
stabilization holdings would never be disposed
of, and would continue to
overhang the future of American agricult
ure. If a reasonable price were
fixed on to-day's outlook, such a declarat
ion would tend to keep the price
depressed below such limits. It would
distort the whole movement of
wheat and congest storage by inducing
excessive shipments whenever the
price began to approach the figure set.
The grain stabilization corporation will
limit its sales of wheat from
July 1 1931 to July 1 1932 to a cumulative
maximum of 5,000,000 bushels
per month.
This is approximately 7% of the estimat
ed bushelage of the 1931 crop.
This limitation, however, shall not apply
to sales to foreign governments
or their agencies now being considered.
Any sales for the purpose of
clearing trade channels or for other efficien
t merchandising purposes
will be promptly replaced by purchase of an
equal quantity of wheat.
Such transactions will not be considered
as a part of the sales program.
The sales program will be conducted in such
a fashion as not to depress
the movement in prices. It is not the
purpose of the corporation to make
any immediate sales even of those limited
amounts at the present range
of prices.
It is the view of the board that
taking into consideration the world
situation, sales of such moderate
amounts can be made without interference to the general market.
Total net loans by New York Stock Exchange members on
collateral,
contracted for and carried in New York as of the close of
business June
30 1931 aggregated $1.391,324,922.
The detailed tabulation follows:
Demand Loans. Time Loans.
Net borrowings on collateral from New York
banks or trust companies
$945,837,264 $275,686,882
Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
others in New York City
156,447,796
13.353.000
$1,102,285.060 $289,039,882
Combined total of time and demand loans
1,391,324,922
The scope of the above compilation is exactly the same
as in the loan
report issued by the Exchange a month ago.
The compilation of the Stock Exchange since the issuan
ce
of the monthy figures by it, beginning January 1926,follow
s:
1926—
Jan. 30
Feb. 27
Mar.31
Apr. 30
May 28
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
Demand LOOMS,
$2,516,960,599
2,494,846.264
2,033,483,760
1,969,869.852
1,987,316.403
2.225.453,833
2.282.976.720
2.363.861.382
2.419,206.724
2,289.430.450
2,329.536,550
2,541.682,885
Time Loans,
5966,213.555
1.040.744,057
966,612,407
865,848.657
780,084,111
700,844.512
714,782,807
778.286.686
799.730.286
821,746,475
799.625.125
751.178.370
Total Loans.
$3,513.174.154
3.536.590,321
3,000,096.167
2,835,718.509
2,767,400.514
2,926,298,345
2.996,759.527
3.142,148.068
3,218.937.010
3.111.176.925
3,129,161.675
3,292.860.253
1927—
Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dee. 31
2,328.340.338
2.475.498.129
2,504,687.674
2,541,305.897
2,673,993.079
2,758,968,593
2.764,511.040
2.745.570.788
3.107.674.325
3,023.238,874
3,134,027.002
3.480.779.821
810,446.000
780,961.250
785,093.500
799 903.950
783,875.950
811.998,250
877,184,250
928,320.545
896.953.245
922,898,500
957,809,300
952.127.500
3,138,786,338
3.256,459.379
3,289.781,174
3.341,209,847
3,457.860,029
3.568,966,843
3.641,695.290
3.673,891.333
3,914,627,570
3,948.137,374
4,091.836,303
4.432,907.321
1928—
Jan. 31
Feb. 29
Mar. 31
Apr. 30
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov. 30
Dec. 31
3.392.873.281
3.294.378.654
3,680,425,172
3,738,937.599
4.070,359,031
3,741.632,505
3,767.694.495
4,093.889.293
4,689,551.974
5,115,727,534
5,614.388.360
5,722,258.724
1.027,479,280
1,028,200,260
1,059,749,000
1.168.845.000
1.203,687,250
1.156.718.982
1.069.653.084
957.548.112
824.087.711
763.993.528
777,255,904
717.481,787
4.420,352.516
4.322.578.914
4.640,174,172
4,907.782.599
5.274,046,281
4.898.351.487
4,837,347.579
5.051,437.405
5.513.639,685
5.879.721.062
6.391.644,264
6.439,740,511
1929—
Jan. 31
Feb. 28
Mar.30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
5,982,672.411
5.948.149,410
6.209,998,520
6,203,712.115
6,099,920,475
8.444.459.079
6,870,142.664
7,161.977,972
7,831,991,369
6,238.028.979
3,297,293.032
3,376.420,785
752.491.831
730,396,507
594.458,888
571,218.280
565,217.450
626.762.195
603.851.630
719,641,454
717.392.710
870,795,889
719,305,737
613,089.488
6,735,164,241
6.678,545.917
8,804.457.108
6,774.930.395
6,665.137.925
7.071,221.275
7.173.794.294
7,881.619.426
8,549,383.979
6,108.824.868
4.016.598.769
3,989,610,273
1930—
Jan. 31
Feb. 28
Mar. 31
Apr, 30
May 29
June 30
July 31
Aug. 30
Sept.30
Oct. 31
Nov. 30
Dec. 31
3,528.246.115
3,710.563.352
4,052,161,339
4,362,919,341
3.966,873.034
2,980.284.038
3.021,363.910
2,912,612,666
2,830.259,339
1.980,639.692
1.691,494,226
1.519,400.054
456.521.950
457.025.000
604.141.000
700.212,018
780,958,878
747,427,251
868.118.387
686,020,403
651.193,422
569,484,395
470,754,776
374.212,835
3.984,768.065
4.167.588.352
4,656.302,339
5.063.131,359
4,747,831.912
3.727,711.289
3.689.482,297
3,598.633.069
3.481.452.761
2,556.124.087
2,162.240,002
1,893.612.890
See Free Market Maintained.
The board is convinced that this
method will establish a free market,
which any fixed price would
interfere with, and will distinctly improve
the situation by the knowledge
that the present holdings will slowly
be
disposed of and thus systematically
clearing up the position for the future.
It must be understood that if
the
radically by which the whole surplusworld production should be altered
1931—
could be disposed of it is in the in- Jan. 61
terest of the farmer that this
1,365,582,515
354.762.803
1.720.345.318
should be done, but no such policy
will be Feb. 28
undertaken without ample notice
1.505.251,689
334.504,389
1.839.756.058
mar. 3l
and until farmers' representatives
1.629.863,494
278,947.000
can Apr. 30
be consulted.
1,908.810,494
1.389.163.124
261,965.000
1.651.128,124
American farmers and the Grain
May 29
1.173,508.350
261.175.300
1,434.683.650
Stabilization Corp., which is their June 30
own agency, control virtually
1,102.285,060
289.039,862
1,391.324.922
all the wheat in the
United States. If
farmers will co-operate among
themselves and with their own
agency
in the orderly merchandising of these
stocks and reduce their acreage
this New York Stock Exchange Makes Inquiry Regarding
fall to approximately a domestic
consumption basis and continu
co-operative effort in the future,
e such
Employee Trading—Exchange Asks for Names of
their surplus problem
will be largely
solved.
Specu
lating Clerks.
The American wheat producers, as
represented by their co-opera
associations, generally concurred
For the purpose of informing itself regarding the extent
tive
in the March 23
announcement. The
board is gratified that the plan of co-opera
of margin trading operations of employees of Stock Exchange
tion as set forth in this
statement
Is in harmony with the recommendations
made by these associat
firms, the Committee on Quotations and Commissions of
ions.
the Exchange has sent a questionnaire to members reading
President Makes Suggestion.
• The following statement was made
as
follows:
orally at the White
House on Saturday last, June 27:
NEW YORK STOCK EXCHANGE.
Although the President has no authority
in determining the
policies of the
Federal Farm Board, he has suggested to
the
conditions of the depression, that he thought board, in view of the unusual
It wise for it to consider
a more
definite policy In respect to sales of the
holdings of the stabilization
corporation. The board Is considering the matter.
Committee on Quotations and Commissions.
July 1 1931.
To the Members of the Exchange:
I am directed by the Committee on Quotations and
Commissions to request that you furnish it with the Information request
ed below, on the
attached form:
44
FINANCIAL CHRONICLE
[VoL. 133.
but the
your employees permitted were subject to much quiet criticism from fixed trust sponsors,
(a) Are any of your customers' men or other of
new rulings in no way affect the requirements to which they must adhere.
to trade on margin for their own account?
these
with
associated
firms
The Exchange has decided that member
with a list ofsuch indivi(b) If so, will you kindly furnish the Committee
than 5,000 shares types of trusts may continue in their present positions until such time as a
more
aggregate
accounts
trading
personal
duals whose
following information: bulletin lists all the trusts to which there is no objection to a member
within the past six months. This list to give the
firm being connected. The member, however, must immediately submit
(1) Name;(2) Capacity in which employed.
to the Exchange a statement that the trust appears to have no features
ASHBEL GREEN, Secretary.
objectionable to the Exchange, or that, if it has, these will be properly
in- altered so that the trust conforms to the letter and spirit of the conditions
The inquiry is believed to be part of the movement
ago to eliminate imposed by the Exchange even before official sanction has been announced.
augurated by the exchange about a year
'
the practices followed by a considerable number of customers
d
widesprea
to
led
which
market
bull
men during the 1929
criticism. It was suggested in several quarters says the
New York "Sun" that the exchange is particularly anxious
to learn whether any member firms are employing traders in
the guise of customers' men. It is common knowledge in the
Street that firms have been approached by traders with
various schemes for obtaining rebates on their commissions.
Most of these traders operate actively, and their business
usually runs into large commissions. On more than one
occasion, it is said, Stock Exchange firms have been solicited
to put such traders on their pay rolls as customers' men to
circumvent the Exchange rule forbidding any rebating of
commissions. Any employee of a Stock Exchange firm who
wishes to trade on margin is required by the rules of the
Exchange to have the written permission of his employer.
This is covered by the general rules governing margin trading
by employees of banks, insurance companies and other
financial concerns. Some houses will not carry margin accounts for employees and forbid such accounts with outside
firms. Other houses will allow employees to trade on margin
with their own firms, but such accounts are usually under
the close scrutiny of the partners, so that any employee
trading more actively than his means warrant may be
promptly called to account.
Stock Exchange Itself to Establish Rates To Be Paid
for Borrowing of Securities.
last week completed arrangements
Exchange
Stock
The
for the establishment, beginning on Monday of this week
(June 29), of official lending rates on stocks borrowed in the
"loan crowd." This step was approved at a meeting of the
Governing Committee of the Exchange on Wednesday,
June 24, but the announcement was delayed. It is pointed
out in the New York "Times" that for many years there
has been a recognized "loan crowd" on the floor of the
Stock Exchange which has established lending rates on stocks
after the close of the market each day. Aside from this
group, however, there were many informal lenders in Wall
Street who established lending rates by private negotiation
with borrowers. The rule now reads that "unless otherwise
agreed, all loaned securities shall carry the renewal rate of
interest or the renewal premium established on the floor of
the Exchange, for the securities."
Ashbel Green, Secretary of the Exchange, announced that
in order to carry out the provisions of this rule the Committee on Arrangements had provided means by which the
renewal rate of interest and premiums were to be established
on the floor of the Exchange. The announcement issued
yesterday was as follows:
To the Members of the Exchange:
of Section 6, Chaptle VI, of the rules
In order to carry out the provisions
June 24 1931, to take
adopted by the Governing Committee, amended
follows:
effect Monday. June 29 1931. as
shall carry the renewal
"Unless otherwise agreed, all loaned securities
established on the floor of the
rate of interest or the renewal premium
Exchange, for the securities in question."
Committee on Arrangement has
I am directed to advise you that the
rate of interest and premiums are
provided means by which the renewal
Exchange.
floor of the
to be established on the
amendment it will be unnecessary. beginning
Under the terms of this
confirmations or to make daily agreements with
exchange
to
June 29 1931,
loans which are to be renewed. Members are
respect to premiums on
renewal rates of premiums 5,2 soon as possible
advised, however, to ascertain
daily.
and to send out bills therefor
Governing Committee of New York Stock Exchange
By MemAmends Rules Governing Participation
Trusts.
Fixed
of
ion
Organizat
bers in
will carry its
Noting that the New York Stock Exchange
nt
manageme
investment
restricted
and
investigation of fixed
to amendtrusts further than was first indicated, according
20,
the New
May
on
adopted
rules
ments to the original
York "Times" of May 21 said:
full list of all such companies
It will prepare and mail to all members a
rather than merely passthat it deems worthy of association with them,
submitted to it for approval by
ing Judgment on such affiliations as are
members or trusts.
rulings issued
The new rulings also clarify and modify the previous
trusts and Stock
en May 7, particularly in respect to the association of
to the definition of
Exchange members now in existence and in respect
the type of association that will be scrutinized. The previous rulings
Agreements Made With Trusts.
Under the new provisions. Exchange firms may also enter into agreements with these trusts providing that as soon as such agreement is made
the Stock Exchange is informed and a similar statement regarding the
trust is submitted. The bulletin with the list of approved trusts will fix
a date after which association with any trust not listed wlll be ruled as
objectionable.
The Exchange has now ruled, in response to several queries on the
subject, that all Stock Exchange firms are to be included, even if the
association is confimed to a member of the firm who is not a member of
the Exchange, unless this association is only a directorship in the depositor
corporation for the trust. In this latter contingency the Exchange is
to be informed and a ruling will be made.
Furthermore, the term "association" does not extend to the execution of unsolicited orders solely as broker, provided no commission or
dealer's profit is received directly or indirectly from the trust or the depositor corporation. The committee on stock list is now authorized,
furthermore, to make new rules from time to time in regard to the fixed
trust situation.
The announcement by the Exchange on May 20 follows:
The Committee on Stock List, under the authority conferred upon it
by the Governing Committee, hereby changes and amends the rules announced in a statement approved May 7 1931 regarding association of
member firms with Investment Trusts by striking out the words:
"except that members who on May 7 1931 were so associated with an
from the operation
investment trust may relieve themselves temporarilyon
or before May 31
of this rule by filing with the Committee on Stock List
1931 a letter setting forth in detail any such existing association.
in
"The exception is made in order that members may not be disturbed or
carrying on for the time being their existing associations with fixedthe
for
restricted management type investment trusts. Their obligation
moment is limited to making to tho Committee on Stock List a full statement of any such association.
"As soon as the Committee on Stock List concludes that a reasonable
to present
time has been allowed for all members having such associations
the facts so that the Committee on Stock List may be able to determine
will fix a
whether the association is objectionable or not, the Committee
time after which the association of members with fixed or restricted management type investment trusts will be limited strictly to such trusts as
shall have met the requirements of the Committee."
and by amending said rules to read as follows:
"The Governing Committee at its meeting on May 7 1931 on the joint
recommendation of the Committee on Business Conduct and the Committee on Stock List, amended Sec. 2 of Chapter XIV of the rules adopted
,
by the Governing Committee pursuant to the Constitution so as to read:
shall be as'Sec. 2. No member or firm registered on the Exchange
man,
restricted
management
sociated with an Investment trust, whether
or manageagement or fixed type, either by participating In its organization
the
unless
Committee
securities,
its
distributing
ment or by offering or
no objection to
on Stock List shall have previously determined that it has
n.'
such association and shall not have changed such determinatio
"and adopted the following resolutions:
by the
on
it
conferred
powers
"RESOLVED that, in addition to the
to make such
Constitution. the Committee on Stock List is authorized
to
the
associaregard
in
necessary
deem
rules and regulations as it may
tion of a member or firm registered on the Exchange with an investment
trust.
'FURTHER RESOLVED, that the Committee on Stock List is authorized to determine the time and manner in which it shall give effect to
the recent amendment of Sec. 2 of Chapter XIV of the rules adopted by
the Governing Committee pursuant to the Constitution.'
Pursuant to the authority conferred on it by these Resolutions, the Committee on Stock List has adopted the following rules:
as"No member or firm registered on the Exchange may hereafter be
type investment trust,
sociated with a fixed or restricted management
by
or
offering
management
or
organization
its
in
participating
by
either
on Stock List shall
or distributing its securities, unless the Committee
the association of a memhave determined that said trust is one with which
foregoing capacities
the
of
any
in
Exchange
the
on
registered
ber or firm
have changed such determination;
appears unobjectionable and shall notthe
Exchange may hereafter be as"No member or firm registered on
typo of investment trust,
sociated with a fixed or restricted management
or management or by offering or
either by participating in its organization
on Stock List shall have
distributing its securities unless the Committee
association of a member
determined that said trust is one with which the
foregoing capacities appears
or firm registered on the Exchange in any of the
determination.
such
changed
have
not
shall
and
ble
unpbjectiona
an announcement
"The Committee on Stock List does not intend to make
membership association with any
of its determination as to whether it findsble
such
time as may
after
until
unobjectiona
particular investment trust
prior to a short
prove to be necessary to examine all applications received
in order to
is
n
determinatio
This
nt.
announceme
such
before
period
enable it to announce simultaneously its decision as to a number of investment trusts without preference of one over the other.
"At the time of such announcement, a bulletin will be sent to members
managegiving the names of all investment trusts of the fixed or restricted
ment type as to which the Committee on Stock List shall have determined
firm
registered
or
member
a
by
that it has no objection to association
on the Exchange. The bulletin will fix a date after which association
with any investment trust not listed in such bulletin or in a later bulletin
will be deemed objectionable.
"In the meantime, as a temporary measure and until the issuance of the
first bulletin, the Committee on Stock List will deem association by members or firms registered on the Exchange with investment trusts of the
fixed or restricted typo unobjectionaole irrespective of the date of the
formation of such investment trust or of the date when such association
began and irrespective of whether or not any information in regard to
such investment trust has heretofore been filed with any Committee of
the Stock Exchange, provided the following conditions are aobserved:
1. The member of firm registered on the Exchange shall file letter with
the Committee on Stock List stating the name of the investmenttotrust
any
and the detailed facts concerning such association. With.respect
With respect
existing association, such letter should be filed immediately
of this
to any association formed subsequent to the date of the 13911unCe
statement, the letter should be filed within three days after any such
association.
on the
'2. The letter should state that the member or firm registered
named or from its
Exchange has received a letter from the investment trust
heretofore been made
depositor corporation reciting (a)that no objection has
features of such
by the Committee on Business Conduct as to any of thethe
objectionable
investment trust;(b) if such objection has been made that
(c) that it is the infeatures of such investment trust have been removed;
to the Compromptly
application
make
tention of the investment trust to
respect to the association of
mittee on Stock List for determination with
with such investment
Exchange
Stock
the
on
firm
registered
or
a member
that it can. pursuant to the
trust: (d) that the investment trust believes
that such association with such
requirements heretofore issued, establish
on the Exchange is unregistered
firm
or
investment trust by a member
action upon such application to the
objectionable; and (e) that pendingall
conform to the letter and
respects
in
will
it
List
on
Stock
Committee
to the best of its ability..
spirit of said requirements in good faith and
JULY 4 1931.]
FINANCIAL CHRONICLE
"The foregoing temporary regulations are made in order not unduly to
hamper the conduct of business between members and fixed or restricted
management type investment trusts during the period of the examination
of what may prove to be a large number of applications.
"The obligation of members and of firms registered on the Exchange.
with respect to the rules and regulations promulgated by the Committee
on Stock List, will not, for the immediate present, extend beyond compliance with the conditions above stated. It will not be necessary for members who, prior to the date of the issuance of this statement, have advised
the Committee on Stock List of their associations existing on May 7 1931,
to take any further action as to the investment trust named by them in such
advice, except as may be indicated by correspondence with the Exchange
arising out of such notification.
"For the purpose of these requirements, the association with a fixed or
restricted management type investment trust, of a partner in a firm registered on the Exchange,even though such partner is not himself a member.
will be regarded as association on the part of the registered firm with such
investment trust. In cases, however, where such association of a nonmember partner of a registered firm is confined to a directorship in a depositor corporation and where no toher member of the firm is connected in
any capacity with the investment trust, consideration will be given to the
facts and circumstances which should be set forth in writing. In the discretion of the Committee on Stock List,an exception to the general rule may
. be made in such case.
"Dealing in the certificates of a fixed or restricted management type investment trust in the execution of unsolicited orders solely as a broker or
over the counter will not be reagrded as an association with such an invesment trust, or as bringing a member within the foregoing rules, provided no
commission or dealers' profit is received directly or indirectly from the investment trust or the depositor corporation.
"Under the Statement and Requirements recently sent out, it will be
necessary for all investment trusts of the fixed ot restricted management tYne
desiring to retain the association of a member or firm registered on the
Exchange to make application to the Committee on Stock List, irrespective
of whether or not information concerning such trust has heretofore been
filed with any Committee of the Exchange and irrespective of the previous
action of any Committee of the Exchange.
"The requirements, including instructions regarding the application and
agreement to be submitted, have been prepared and are now available for
distribution.
"Members are urged to bring this matter promptly to the attention of
fixed and restricted management type of investment trusts with which they
are or plan to become associated.
"For the time being, the existing requirement that members must submit
for approval all documents relating to management type investment trusts
in the organization or management of which they participate will be continued, except that in the future all such documents shall be submitted to
the Committee on Stock List instead of to the Committee on Business
Conduct as heretofore."
45
The indictments naming Caldwell, Frank D. Marr, J. Dewitt Carter and
E. J. Heitzeberg charges a'conspiracy to get possession of $30.000 of Rowan
County bonds and to appropriate the proceeds to themselves.
Chase Harris Forbes Merger Effective July 1—Now
Country's Largest Investment Banking House.
. The consolidation on July 1 of the security underwriting
and distribution businesses of Chase Securities Corp. and
Harris, Forbes & Co. creates the most extensive business of
its kind in the country, both from the standpoint of geographical ramification and participation of the two previously
separate organizations in the financing of public utilities,
municipalities, industrials, railroads and governments. It
is estimated that the Chase Harris Forbes consolidation links
interests having assets of a market value of five billions of
dollars, principally in public utility and industrial corporations, the scope of whose operations are in many instances
international.
The strength of the consolidation is made equally manifest
by the enlarged distributing organization which the Chase
Harris Forbes Corp. now enjoys in association with innumerable investment banking houses in this and other countries
and through its own far-flung organization. In the United
States the new corporation has offices in 53 cities in 26 states
and the District of Columbia. Canadian offices are located
in the two principal provinces of the Dominion, at Montreal
and Toronto, the company name in these cities to be known
as Harris, Forbes & Co., Ltd., the same as heretofore. In
London, where an extensive business has been carried on for
many years by Harris, Forbes & Co., the name of the company will be Chase Harris Forbes, Ltd. In Paris the name
will be Chase Harris Forbes & Cie. It is expected that in
addition, the Harris, Forbes and Chase representatives in
Berlin, Rome and Buenos Aires will be continued as in the
past. In each of the three last-named cities, operations of
the two organizations have included many major underwritings of public utility, railroad and government issues.
The rulings announced by the Exchange on May 7 were
In addition to the headquarters offices of Chase Harris
given in our issue of May 16, page 3649.
Forbes Corp. in New York and Boston, the foreign offices,
and regional offices in Chicago, Atlanta, Baltimore, PhilaStatement By President Whitney of New York Stock delphia, San Francisco and Los Angeles, the combined inExchange Regarding Amendments to Rules Re- stitution will have offices also in the following cities:
garding Association By Members With Fixed InAlbany. N. Y.; Bridgeport, Conn.; Buffalo, N. Y.; Cincinnati. Ohio;
Cleveland, Ohio; Columbus, Ohio; Denver, Colo.; Detroit, Mich.; Duluth,
vestment Trusts.
Minn.; Easton, Pa.; Harrisburg, Pa.; Hartford, Conn.; Indianapolis, Ind.;
Richard Whitney, President of the New York Stock Jacksonville, Fla.; Kansas City, Mo.; Lancaster, Pa.; Louisville, Kr.:
Exchange, issued the following statement on May 25 re- Memphis, Tenn.; Milwaukee, Wis.; Minneapolis, Minn.; Newark, N. J.;
garding the rules affecting participation by members in New Orleans, La.; Omaha, Neb.; Pasadena, Calif.; Pittsburgh, Pa.; PortMe.; Portland, Ore.; Providence, R. I.; Reading, Pa.; Rochester.
investment trusts of fixed or restricted management type: land,
N.Y.; St. Louis, Mo.; St. Paul, Minn.; Salt Lake City. Utah; San Diego,
It has been brought to my attention that the statement made by the
Stock Exchange as to an amendment of its temporary rules in regard to
member-association with investment trusts of the fixed or restricted management type has been misunderstood, and in some instance has had an effect
exactly the opposite of what was intended.
The object of the recent amendment was to meet a practical situation
involving a time element by enabling any member to associate himself, for
the time being, with any investment trust of the fixed or restricted management type under conditions to which it is believed the great majority of
investment trusts that intend to apply for such association will readily be
able to conform. The announcement was made in order to dissipate the
idea that the Stock Exchange has made objection to fixed or restricted
management type investment trusts, as such, and to provide adequate
time to enable an orderly examination to be made of applications aubmitted,
without discrimination between applicants in the meanwhile. While, of
course,eventual approval cannot be guaranteed until applications have been
examined, there is reason to believe that a large proportion of those
investment trusts which are able to write the letter to their distributors, outlined
in the amended Statement, will be able to qualify.
It is hoped that the present announcement will remove from
the minds
of both distributors and the public the thought that the Stock
Exchange is
taking any position in regard to the movement in so far as
reputably managed and properly advertised fixed or restricted
management type investment trusts are concerned. If this had been the case, we
would not now be
in the process of determining the basis for the association
of member firms
with fixed or restricted management type investment
trusts which comply
with Stock Exchange requirements.
Any past criticisms of practices appearing to the
Exchange to be unsound
or improper should not be interpreted to
indicate an opiniion that fixed
trusts generally pursue such practices.
Rogers Caldwell, Head of the Failed Nashville, Tenn.,
Firm of Caldwell & Co., and Four Others Connected with the Company, Indicted in Kentucky.
Indictments charging Rogers Caldwell of Nashville, Tenn.,
and three other men associated with the bankrupt firm of
Caldwell & Co., with obtaining property under false pretenses and another representative of the company with unlawful conversion of property were made public on Tuesday
of this week, June 30, according to Associated Press adviees
from Morehead, Rowan County, Ky., on that date, which
likewise said:
Members of the Rowan County Fiscal Court were indicted on
charges of
misfeasance in office. All the indictments were returned by
the Rowan
County Grand Jury.
Calif.; Scranton,Pa.; Seattle, Wash.; Springfield, Mass.; Syracuse, N.Y.;
Toledo, Ohio; Troy, N.Y.: Uniontown, Pa.; Washington,D.C.; WilkesBarre, Pa.; Williamsport, Pa.; Worcester, Mass,
The New York offices are now located at 60 Cedar St. and
Madison Ave. at 41st St.
Supreme Court Approves Agreement to AvoidBankruptcy Proceedings by Affiliated Companies of the
—"Failed Bank—of- United' States—J. A. Bro-derick7
— State Banking Superintendent, to Co-operate—
Move Hailed As Gain for Depositors.
On Tuesday of this week, June 30, Supreme Court Justice
Valente approved an agreement among counsel for Banking
Superintendent Broderick as liquidator of the failed Bank
of United States of this city and its safe deposit companies,
the Irving Trust Co., as trustee in bankruptcy of the bank's
securities affiliates, the Bankus Corp., the City Financial
Corp., and the Municipal Financial Corp., and the Chase
National Bank as a secured creditor of the affiliates. This
agreement settles the claims of the various companies against
each other. The New York "Times" of July 1, from which
we have quoted above lathe matter, continued as follows:
The plan is the result of negotiations carried on since last February
to prevent action in the bankruptcy courts and to enable the creditors to
obtain recognition of their claims and to "unscramble" what Federal Judge
Woolsey described as a "corporate omelet." It will save years of litigation,
said Fred W. Piderit, Special Deputy Banking Superintendent and liquidator
of the Bank of United States, in his petition to the Supreme Court. Various
benefits under the plan "will inure almost exclusively" to the Bank of
United States and the three safe deposit companies, Colonial Bank Safe Deposit Co., City Safe Deposit Co., and the Municipal Safe Deposit Co.
Under the agreement $320,000 in securities delivered to the Superintendent
on Dec. 11 by the security affiliates of the closed bank as
further collateral for loans will be returned to the Irving Trust Co. as
trustee.
Mr. Piderit's petition said that the bank, the three safe-deposit companies and the Premier Development Corp., which also is permitted to
enter into the plan, filed claims against the affiliates for "many millions
of dollars." The trustee resisted the claims on many grounds, including
the three repurchase agreements which have figured extensively in the
Prosecution of Bernard K. Marcus, Saul Singer and Herbert Singer, *be
1
46
FINANCIAL CHRONICLE
[VOL. 133.
The New York Trust Co. earned $2.68 per share, which compared with
legality of which the trustee denied. The Bank of United States claimed
were calculated
$2,470,000 on other repurchase agreements which the trustee declared could $5.32 for the first half of 1930. Total earnings for the period
not be proved in a bankruptcy court. It was asserted also that since the at $1,339.340.
Sterling National Bank & Trust Co. reports deposits of $9,310.000.
bank dominated the affiliates none of its claims could be upheld to the
on March 25 and $8,053,000 on December 31
diminution of the claims of other creditors. The Chase National Bank compared with $8,791,000
Total resources of the institution stood at $13,066.000, compared
1930.
others.
also insisted that the bank's claims should be subordinated to all
with $12,764,000 and $13,926,000, respectively. The ratio of quick assets
The bank held as part security for claims against the City Financial real
to deposits was higher than at the time of either of the previous statements,
estate bonds appraised at more than $1,000,000, while the safe-deposit
the aggregate of cash on hand and due from bankers, United States Governcompanies held stock of the Premier Development Corporation appraised ment
securities and State and corporate bonds being $6,302,000. compared
at more than $600,000.
with $5.432,000 on March 25 and $5,849,000 on December 31. Capital
"The agreement is extremely beneficial to the bank because it allows surplus and undivided profits were given as $3,109.487, against $3,108.011
In full all the major claims," said Mr. Piderit.
on March 25 and $3,107,436 on December 31.
The agreement is expected to provide complete co-operation between
Total assets of $1,120,645.127.58 and total deposits of $962,423,938.96
in
actions
affiliates
the
of
trustee
the
and
Superintendent
the Banking
are disclosed in the semi-annual statement of the Bank of America National
against the directors and others for the recovery of assets, which will Trust & Savings Association and the State affiliate of the same name,
increase the dividends to be paid to the depositors.
Issued at San Francisco last evening. Changes in the various asset accounts
include an increase of $10,864,812.96 in the holdings of United States
Government and other bonds, bringing the total of Government securities
Agreement Between New York City and Federal Govern- held by the bank to $161,160.116.08.
ment for Removal of Post Office Building in
City Hall.
The Sinking Fund Commission on July 1 approved an
agreement between th -ity and the Federal Government providing for the removal of the old Post Office Building at the
southern end of City Hall Park and the erection of a new
Post Office Building in the proposed Vesey St. block.
Under this agreement the City Hall will sell to the Federal
Government a site for a new Federal courthouse at the fixed
price of 82,450,000. This site is now occupied by the
Health Department Building and is bounded by Pearl St.,
Park St., Duane St. and New St.
For the expense of the new Post Office site the city agrees
to repay the Federal Government an amount in proportion
to the area occupied by the present Post Office Building
as compared with the total area of the new Post Office
Building.
The new Post Office site is bounded by Vesey, Barclay,
Church Sts. and West Broadway. No conditions are attached to the agreement except that the city retains an
easement under both buildings for subway purposes. The
understanding is the site for the new Federal Courthouse
will be cleared early in September.
Earnings of Banks for First Half of 1931 Drop from
Previous Year—Irving Trust and Central Hanover
Bank & Trust Create Special Reserve Funds.
Bank earnings for the first half of 1931 were considerably
below profits for the same period of the previous year.
Second quarter earnings, however, did not show appreciable
declines from the previous quarter despite the lowering of
money rates, says the New York "Journal of Commerce"
in its issue of July 2, adding:
Two of the banks set aside special reserve funds. The sum of$10,093.030
:Pr ve is tn
was taken out of surplus by the Irving Trust Co. Half of t
be used in reducing the book value of the new building at 1 Wall Street.
The Central Hanover Bank & Trust Co. created a contingency reserve of
85.000,000, taking this amount from its undivided profits.
Irving Trust's Reserve.
The action of the Irving Trust Co. in creating its reserve fund was commented upon as follows in a letter to the stockholders by the President,
Harry Ward:
"The company has just completed the first quarter year of occupancy of
Its headquarters building at 1 Wall Street. Substantial benefits are already
being realized through consolidation under one roof of activities formerly
conducted at several locations. The new building is now slightly over
90% rented.
"In keeping with the company's policy of conservative valuation of its
assets the board of directors at its regular meeting to-day authorized the
transfer of $10,000,000 from surplus. Approximately one-half of this
amount has been used to reduce the book value of the new building and the
balance has been added to general reserve, these changes are reflected in the
statement of the company as of this date."
The indicated earnings of the Irving Trust Co. for the first six months
of the year were $4,039.000 before transferring the sum of $10,000.000 to
the reserve fund. This would amount to 80c. a share for the period, as
compared with $1.01 for the previous year.
Central Hanover.
Before creating its $5.000.000 reserve the Central Hanover showed
to $4.29
earnings of $4.503.000 for the first half, which would amount
per share, as compared with $3.02 per share for the same period last year.
last
December.
$660.778.8e0
with
compared
as
Deposits were $647,205,901.
The Guaranty Trust Co. reported an increase of $2,041.472, or $2.26
per share, in undivided profits, since last year. For the second quarter
there was a gain of $358,366. or 39c. per share. The condensed statement
of condition of the Guaranty as of June 30. 1931. Issued yesterday,shows a
time of the last published
gain in deposits over the figures reported at the
total $1,352,734,statement. March 25 1931. The company's deposits
933.50, as compared with $1,224,015,893.12 on March 25.
Chemical Bank Strong.
The Chemical Bank & Trust Co. earned $2,724,958 for the first half
which would equal $1.30 Per share. EarEings for the same period last
Year were $1.31 per share. The bank was in a strong liquid position reporting cash of $145,626,720 and $57,658,378 in Government securities. In
addition there were large holdings of bankers acceptances. Deposits totaled
$379,776.335.
The Continental Bank & Trust Co. for the first half earned 8263.362. or
44c. per share, which compared with 72c. per share for the same period last
year. For the entire year of 1930. earnings were $1.32 per share.
President Wallace of National Association of Mutual
Savings Banks Urges Legislative Action to Compel.
Segregation of Savings and Commercial Deposits—
Large Increase in Savings Deposits in New York
State.
Representatives of ten and a half billion dollars of mutual
savings bank assets met in Washington on May 20 for their
eleventh annual conference, bringing together the custodians
of deposits belonging to 13,000,000 people in 17 States.
The relationship of capital, industry and unemployment
had a prominent place on the program. The savings bankers
were in agreement that the great total of small capital in
their hands would go far to provide a basis for recovery.
The arc of savings is still rising, it was said, and shows little
if any signs of slackening. Thomas F. Wallace, President of
the National Association of Mutual Savings Banks and President of the Farmers and Mechanics Savings Bank, Minneapolis, addressed the delegates, and said in part:
This has been a period of deflation and depression for nearly every line
of business with the exception of the savings bank business, which has not
seen such a record inflow of money since the immediate post World War
period. This Influx of money coming at a time when every class of securities
should receive the closest scrutiny and when interest returns are at a low
rate, while a subject of congratulation, should also be a matter for our most
sober thought, for of those to whom much is given, much is required, and
we cannot afford to consider lightly the stewardship of the savings deposits
entrusted to our care.
Savings banks and savings depositors should unite in an insistent and positive demand that the legislative bodies of our respective States and Congress
enact such legislation as will compel the segregation of savings and conamercial deposits.
I would call your attention to the fact that during the ten year period
1921 to 1931, about 6,000 commercial banks failed, or about 20%. In
the same period, but two mutual savings banks have failed. These figures
are given not by way ofdisparagement of the commerical bank, or in criticism of its way of doing business, but to emphasize the fact that the two operate in entirely distinct fields in the banking world.
The invasion of the savings bank field by commercial banks and trust
mpanles while now an accomplished fact, was never justifiable from a
sound economic standpoint, unless accompanied by legislation which would
give to savings deposits in all such institutions the same protection that
depositors in mutual savings banks now have.
Recent failures of commercial banks in Now York and other of our large
cities brought to light the glaring defects of the present system, a system
which in most cases resulted in the savings depositors in these banks being
left with the bank's most unrealizable assets as their only source of payment.
Governor Roosevelt of New York made a strong appeal this year to the
legislature of that State to remedy this situation by requiring commercial
banks to segregate their savings accounts, and while no action was taken,
it is hoped that the publicity that has thus been given to this matter will
bear fruit in the near future.
Our marvelous record of stability since October 1929 has not been announced by glaring headlines in the daily press, nor proclaimed by political
orators, but that it has nevertheless become known in the homes of the
great middle class which constitute the very backbone of our country.
morally, politically and financially, is shown by the fact that in 1930 the
assets of mutual savings banks increased by more than $650,000.000 to an
all time peak on January 1 1931.
That this was not the result of panic or hysteria is evidenced by the
amazingly large increase in savings deposits in mutual banks in the State
of New York during the first three months of this year, totalling $226,141,803. This was within 15% of the total gain in savings deposits in all banks
and trust companies in the United States for the whole year ending June
1N'e can look back over more than a century of continuous growth in this
1930
country and truthfully say that the results achieved have fully Justified
our existence. But even more important than this, in an intensely class
conscious and class antagonistic period in our country's history, mutual
savings banks stand forth as successful,intelligent and painstaking guardians
of the savings of the masses, untainted by any suspicion of selfish gain, and
so form an immovable barrier to the arrayal of class against class.
Bank Legislation by Congress Urged—Representative
Luce Contends Action Will Lessen Failure and
Improve Situation.
Failure of Congress properly to legislate on banking
problems was criticized on June 8 by Representative Luce
(Rep., Mass.), a member of the House Committee on
Banking and Currency, who contends that some remedy
will have to be provided whereby to lessen the number of
bank failures and otherwise to better the banking situation.
The New York "Journal of Commerce" from which we
•
JULY 4 1931.]
FINANCIAL CHRONICLE
quote, also has the following to say in its Washington
account:
Representative Luce sees in the recommendations of Comptroller of the
Currency Pole for "trade area" branch banking a probable solution for
at
least part of the ills attributed to the unit system of banking. This
problem was brought directly before the Senate banking investigation,
where
there developed difficultues in delimiting "trade areas."
Supports Comptroller.
His attention called to this dilemma, Representative Luce declared
that
It well could be left to the judgment of the Comptroller as to the extent
of
the territory to be served by metropolitan banks in each area, conforming
to the regional requirements and situations, just as it is now left to
his
determination as to the expediency of setting up National banks in
any
locality.
Mr. Luce does not see any difficulty in an agreement being reached
between the Comptroller and the banking interests involved in such
a matter
on the question of territorial division. On the other hand, be suggests
the
folly of trying to set out in legislation an exact definition of "trade
areas"
applicable to every city.
The Massachusetts member deplores the fact that there are two
systems
of banking in the United States, Federal and State, and foresees
in the
future the decadence of the former or the elimination of the latter
because
of law or competition. He argued that a Natioanl bank
cannot continue to
do business under the strict supervision and regulation
provided by Federal
law in face of the elasticity of operations permitted a State
bank.
The State banks inevitably will thaw business
away from the nationally
chartered institution, unless Congress from time to time enacts legislation
that will keep the latter on a business parity with
the former. There is a
marked disinclination on the part of Congress so
to do, the desire being to
keep the National banks on an exceptionally high plane.
It is the belief of Representative Luce
that some time in the future
there will come a crisis, just as occurred in
the Civil War.
State
banks will be taxed out of existence. That, however, he added,when
appears far
in the future.
Urges Congress to Act.
"We (Congress) have shown our futility and our inability to accomplish
things by not settling the question of taxation of National banks," he said.
"That is still up in the air and goes over from session to session without
action. That problem has been evaded or postponed for six or eight years.
It is one of the deep questions Congress is remiss in not settling."
In the consideration of these and other legislative problems, Mr. Luce
would cut the Congressional red tape. He is looking forward to the December session of the House, during which it is planned to liberalize the house
rules in the interest of expediting legislation. He complains of some of the
archaic practices that still are in vogue in that body which lead to great
consumption of time and often block the passage of desired legislation.
It is understood that the technical staff of the Senate Banking Probe
Committee is continuing its analysis of the data presented during and subsequent to the public hearings held early this year. A vast amount ofstatistical material has been obtained which must be digested and then will
follow the formulation of a bill revising the Federal Reserve and National
Banking Acts.
Chairman Norbeck has deplored the fact that the independent bank in
the Northwest territory from which he comes faces terrific competition
from the other forms of banking.
"The successful experience of the group system covers such a short time
that it is difficult to pass judgment on its merit," said Senator Norbeck.
"It is feared by many that the banks gradually will go over to the practice
of deciding everything at the Central office. The holding plan is not sug
gested by State or Federal law. The holding company is pretty much outside the law. It is not examined by State or Federal banking authorities.'
Governor Pinchot of Pennsylvania Signs Bill Amending
Banking Act—Expected to Facilitate Reorganization of Bankers' Trust Co. of Philadelphia.
On May 28 Governor Pinchot signed the bill of Representative Philip Sterling, of Philadelphia, which, the Governor
believes, will be of particular benefit in the reorganization
plan of the Bankers' Trust Co. of Philadelphia. The plan,
already formulated, had been held in abeyance pending
passage of the measure, said Harrisburg advices to the Philadelphia "Public Ledger," from which we also take the following:
"I have to-day approved House Bill 1176, which amends
the Banking Act
by prescribing the method to be followed in either
the liquidation or the
reorganization of banks, trust companies and building and loan associations
which have been taken over by the Secretary of Banking,"
said the Governor.
"This bill was made necessary by the hitherto
rigid provisions of the
Banking Act, which acted to preclude the reorganization
of institutions in
cases where the condition of the closed bank or trust company
was found to
Indicate that such reopening will benefit the depositors.
"This bill has the hearty approval of the Secretary
of Banking, who has
found the old Act too cumbersome and rigid in some
particulars to meet
the unusual conditions that have arisen in recent months.
It also provides
the necessary flexibility to enable the Secretary of
Banking to proceed
along the lines which promise to give the greatest
aid to the depositors and
stockholders of closed institutions.
"House Bill 1175 will especially aid the 105,000 depositors
of the Bankers' Trust Co., in that it will enable the depositors of this
institution to
proceed with a plan of reorganization which they have already
formulated
and held in abeyance pending the passage of this legislation.
"It should afford similar relief to the depositors of other closed
institutions. The reopening of a closed bank cannot help but aid in the
restoration
of public confidence in our financial institutions, which, as
everybody
knows, are fundamentally sound. Any bill that will tend in
this direction
will hasten the end of the present depression and therefore is
worthy of
my support. I have, therefore, affixed my signature to this
measure."
W. D. Gordon, Secretary of Pennsylvania Banking
Department Says Latter Will Prosecute Circulation of False Rumors Affecting Banks.
The intention of the Pennsylvania Banking Department
to prosecute those who spread false rumors affecting finan-
47
cial institutions was indicated in a recent statement by
Dr. William D. Gordon, Secretary of the State Banking Department. He is quoted as saying:
"During the past two weeks it has come to my attention that the circulation of unfounded rumors with regard to the soundness of certain banks and
trust companies in Philadelphia and its vicinity has resulted in the abnormal
withdrawals of deposits.
"As Secretary of Banking, I wish to call the attention of the public to the
Act of Assembly, which makes it a misdemeanor, punishable by a fine of
$5,000 and imprisonment at hard labor for five years for any person to
make any statement untrue in fact, derogatory to the financial condition of
any bank, banking hoese, banking company, trust company, or other financial institution in this Commonwealth.
"This law will be enforced to the utmost of my power and I shall rigorously prosecute any and all persons violating the Act."
The Philadelphia "Public Ledger" of May 23 stated that
according to Dr. Gordon unfounded rumors were responsible
for the unusual withdrawals of several days on the First
Penny Savings Bank. The unexpected withdrawals ceased
on May 22. The account in the "Ledger" also said:
Dr. Gordon spoke at a Real Estate Board luncheon in the Bellevue-Stratford. His auditors were bankers and real estate men from this city and
nearby points. About 400 persons were present, and they applauded the
remarks of the head of the Banking Department.
First Suspect Caught.
"Detectives and representatives of the Banking Department are on the
trail of these that are spreading the false statements," Dr. Gordcn said.
"Yesterday we got the first one. It is my intention to prosecute personally
anyone arrested for the spreading of ill-founded rumors concerning banking
Institutions. Certain persons are against our institutions and the good
citizenship of this country."
Dr. Gordon opened his address by calling attention to the fact that even
in the face of the business depression Pennsylvania banking institutions and
building and loan associations had made progress and added that although
there had been institutions and associations closed in recent months that
the losses to depositors in the closed banks and the stockholders in the
building and loan associations would be comparatively small.
"Since Jan. 1, 15 National banks and 13 State banks in Pennsylvania
have closed their doors," the speaker said. "Their assets comprise only
81/100 of 1% of the total assets of the banks in this State, and I can
safely say that the losses to the depositors of the closed institutions will
not exceed 4/10 of 1%. Where is there a record as good as that in any
line of business?
B. and L. Losses Small.
"With respect to the building and loans in the Greater Philadelphia territory that have ceased operations, the loss to the stockholders will be small,
as the associations had only 12h% of the total assets of all the building
and loan associations in the territory."
Dr. Gordon included in the Greater Philadelphia territory this city and
the counties surrounding and adjacent to it.
The speaker said that the banking and building and loan structures of
Pennsylvania are on firm foundations, and then vigorously started to call
attention to adverse propaganda.
He said there was no question but that the unrest among the depositors
of the First Penny Savings Bank had been caused by unfounded rumors;
that the institution was solvent and that the men who are members of its
Board of Trustees are among the outstanding business leaders of the
community.
Strong As Gibraltar.
"The First Penny Savings Bank is as strong as the Rock of Gibraltar,"
he added.
Indianapolis Clearing House Warns Against Circulation of False Rumors.
Warning against the circulation of "maliciously false
rumors" which have -"affected seriously the walfare and
orderly conduct of business in the entire community," members of the Indianapolis Clearing House Association issued
a statement on May 15, signed by 10 Indianapolis banking
institutions, represented by their executive officials, asserting that the Indiana statute relating to slander of financial
institutions will be enforced. The Indianapolis "News."
from which this is learned, also said:
Members of the Clearing House group announced their intention of
co-operating and assisting each other in every reasonable way to meet any
necessity that might arise as a result of the circulation of such rumors,
saying they were determined that the law relating to the slander of financial
institutions should be enforced.
The statement assured the public that the rumors were malicioua and
entirely without foundation, and that they have been circulated to such an
extent as to affect the business life in the entire community.
The text of the statement, issued by Frank D. Stalnaker, President of the
Association, following the meeting, is as follows:
"The undersigned, all the members of the Indianapolis Clearing House
Association, deplore the fact that- during the past few days maliciously
false rumors concerning the soundness of some of our members have been
started, circulated and repeated to such an extent as to affect seriously
the welfare and orderly conduct of business in the entire community. We
assure the public that there is no foundation for such rumors, and that
each of us, members of the Indianapolis Clearing House Association, announce
our determination to co-operate and assist each other in every reasonable
way to meet the stress or necessity which may result from such unfounded
rumors. We have a fixed policy of helping each other and are determined
that the law relating to the slander of financial institutions shall be
enforced."
The banking institutions signing the statement are the Bankers' Trust Co.,
by Howard C. Binkley, President; Fletcher American National Bank,
by
Elmer W. Stout, President; Fletcher Trust Co., by Evans Woollen, President; Indiana National Bank, by Frank D. Stalnaker, President; Indiana
Trust Co., by Fred 0. Dickson, President; Live Stock Exchange Rank, by
A. S. Benson, President; Merchants' National Bank, by John P.
Frenzel,
•
FINANCIAL CHRONICLE
48
Security
Chairman; People's State Bank, by Felix M. MeWhirter, President;
Arthur
Trust Co., by Irving W. Lemaux, President, and Union Trust Co., by
V. Brown, President.
[VoL. 133.
Ohio's Bank Resources.
Ohio ranks fifth among the States of the country in aggregate State banking resources, maintaining a position in this respect it has held for a number
of years. A statement issued under authority of the National Association
of Supervisors of State Banks shows that New York, Pennsylvania, Massachusetts and Illinois are the only States which have a larger volume of bank
ing assets than Ohio has to its credit.
L. M. Ballou Named Bank Commissioner of Rhode
Island.
Latimer W. Ballou of Woonsocket, manufacturer, trustee
and director of the Woonsocket Institution for Savings and
Liberalize
a close associate of the late Governor Aram J. Pothier was Bill in North Carolina Legislature Would
Branches by
of
Establishment
for
Requirements
Island
Rhode
of
Commissioner
Bank
appointed
22
April
on
State Banks.
to succeed the late George H. Newhall according to the
Providence "Journal" which also said:
The following from Raleigh, N. C., May 15, is from the
Governor Case sent the nomination to the Senate and it was confirmed.
"United States Daily":
of the Woonsocket Common Council
Mr. Ballou is a former president
and at one time held the chair in the Board of Aldermen. He was for
six years Senior Aide on the personal staff of the late Governor Pothier
with the rank of colonel.
Mr. Ballou has held important posts in banking circles. He is at the
present time a trustee and a member of the investment board of the
Woonsocket Institution for Savings. He is also a member of the Board
of Directors of the Morris Plan Bank of Rhode Island and a member of
the discount committee of the Woonsocket branch of that banking firm.
He is a director in various corporations in Woonsocket and elsewhere.
A bill (H. 1296) has been introduced into the North Carolina Legislature
which would make it possible for State banks with a capital of $100,000
to maintain branch offices in towns of less than 1,000 population without
meeting the additional requirements as to capital for branch operation
now in the State law.
The present legal requirement is that there must be sufficient capital
to provide for $25,000 capital for the parent bank and $25,000 additional
for each branch established in towns of 8,000 population or less; $30,000
for each branch in towns of 8,000 to 10,000; $50,000 in towns of 10,000
to 25,000, and $100,000 for each branch in cities larger than 25,000.
The proposed bill would add a proviso reading as follows: "Provided,
however, for the purpose of giving small towns banking facilities, that
banks with a capital stock of $100,000 or more are permitted, with the
approval of the Commissioner of Banking, to maintain offices in towns
of less than 1,000 population, for the purpose of accepting deposits, cashing checks, and furnishing change, without capital requirements."
Stronger System of Banking Planned in Ohio—Department in Annual Report Says Institutions Are
Arranging to Withstand Brunt of Recession.
Progressive bankers of Ohio are planning to further
strengthen the banking situation in the State that its financial institutions may better withstand the brunt of business Iowa Banks Gain Right to Set Up Branch Offices—
troubles which come to the country in cycles, the State
Six Other Notable Changes Made by Recent General
Banking Department has informed Governor George White
Assembly, According to Superintendent Andrew.
in its annual report, according to Columbus, Ohio advices,
L. A. Andrew, Superintendent of Banking of the State of
June 6 to the "United States Daily" from which we also Iowa is quoted as fo.lows in the "United States Daily" of
quote as follows:
June 4:
The report was compiled by 0. 0. Gray, who has been superseded as
State Superintendent of Banks since the report was drawn, by Ira J.
Fulton. The section of the report dealing with the present banking situation in Ohio follows in full text:
Like every other State in the Union, Ohio has been more or less affected
by the business depression which has been world-wide the year now brought
to a close. Like every other line of business, Ohio's financial institutions
have had their share of trouble as a result of the prevailing subnormal
conditions. However, without attempting to minimize the extent and
severity of the widespread economic slump, it can in truth be stated that
Ohio is weathering the storm of adversity far more successfully than is
the case with a majority of her sister commonwealths. The manner in
which the Buckeye State is meeting the strain and stress of the times
reflects the abundance of its resources, natural and acquired, and the inherent strength of its commercial, mercantile and industrial structure.
It is inevitable that, sooner or later, better days will come. That has been
the history of the country, and cultivation of a spirit of optimism on the
part of every body will hasten business recovery.
The 44th General Assembly of the State of Iowa, which recently adjourned, passed seven acts of particular interest to banks. Of the nearly
1,000 bills which were considered, 141 had to do with the banking business
more or less. Many of these were defeated, however, and the ones that
are of particular interest are included in the following set-up:
Senate File 146 recodIfied the sections governing the public funds deposits and reduced the interest rate during the months of April and October
on said deposits from 2% of 90% of the collected daily balance to 1%
of 90% of the collected daily balance. This was done to relieve the banks
from paying interest at the higher rate during the two months that the
largest amount of taxes are deposited, and these deposits being left only
a few weeks, it is impossible for the banks to properly employ these funds.
April and October are the two months of the year when the County Treasurers have taxes paid in and hold the same for distribution to the different
cities, towns, schools, Sm.
Senate File 288 amended the laws regarding the preference of drafts In
closed State, savings banks and trust companies by eliminating cashiers,
checks and the further requirement that they be drawn against actual
Lessons to be Learned.
existing values. The General Assembly of two years ago sought to make a
Out of the economic disturbances which have so generally upset business, draft or cashiers' checks given in payment of clearings or for the actual
valuable lessons can be learned by banking institutions. Out of evil can transfer of funds a preferred claim in case the issuing bank closed.
come good. The pressure of hard times had had the effect of bringing
No Question of Preference.
the financial world sharply to account. We are brought face to face with
This new law clarifies the old and makes it so that there is no question
the stern necessity of taking stock of ourselves and giving careful consideration as to what it is best to do in the present exigency. The pro- as regards the preference of drafts given in payment of clearings or for
gressive bankers of this State, with a complete awareness of th, issues the transfer of funds. The purpose of this law was to stabilize the value of
confronting them, are planning to further strengthen the banking situation the bank draft. In former years many customers were drawing their
in this State that its financial institutions may better withstand the brunt money from supposedly weak banks and transferring funds by money order
or express orders. Also when a bank became in a questionable position,
of business troubles which come to the country in cycles.
other banks in the same town would demand cash for clearings, which in
Duties of Directors.
some Cases compelled their closing or at least serious embarrassment.
Events of the past year, give added emphasis to the fact that safe and
Senate File 289 makes clear the law permitting banks to deduct their
sound administration policies must be closely adhered to if serious banking real estate holdings from capital, surplus and undivided profits for the purtroubles are to be avoided. It is of utmost importance that bank directors pose of taxation. The General Assembly of two years ago changed the
realize the responsibilities which rest upon them in their official capacities. taxation law in regard to banks by putting surplus and undivided profits
They should never lose sight of the fact that it is their duty to keep in under the head of "Moneys and Credits." There arose from this change
intimate touch with the affairs of their bank. They should ever bear in a question as to whether the value of real estate could be deducted also
mind that the safety of the depositors' money and the interests of the stock- from surplus and undivided profits. This new law says that it can and
holders are, in largo measure, dependent upon their judgment and watch- clears up the disputed question.
fulness. They should particularly scrutinize applications for loans and
Senate File 290 requires a written order for stopping payment on checks
the collateral offered in connection therewith. Loans on call should be or drafts and said order is good for 60 days. but may be renewed from time
be
necessary.
can
if
they
realized
upon
dhay
immediately,
nature
of such a
to time for periods of 60 days. This law will eliminate a great deal of
One of the important lessons which the business depression teaches is unnecessary detail, as in Iowa we had no definite time when a stop payment
that the assets of a bank should be kept in liquid form. Most of the bank- order expired. These were a great nuisance to banks and also the cause
ing troubles which have occurred throughout the country during the present of considerable loss at different times. This law is not the most important,
slump are the result of so-called frozen meta. The banks which have perhaps, passed during the last General Assembly, but at least is one of the
kept their assets in a satisfactory liquid state are coming through the de- most beneficial as regards the detail work in banks.
pression with colors flying. Maintenance of a strong secondary reserve
Computed on Latest Census.
aids greatly In keeping assets liquid.
Senate File 356 placed the capital requirements of banks under the latest
Excessive Interest Rates.
Iowa census instead of the Federal census, as there is a difference in the
Payment of high Interest rates by banks for the use of public funds and methods used. The Federal census, for instance, includes the inmates
policy
a
such
practice
and
theory
In
discouraged.
be
should
upon deposits
of different State institutions in the town where they are located, while
Is manifestly unsound. High interest rates cut deeply into the profits, the State census puts the inmates as the inmates to the towns from which
which are all too meager in the case of many institutions, especially those they come.
in rural Communities. The danger of wild speculation cannot be too
Senate File 106 changes the law and clears up a former section giving
strongly condemned. The stock market crashes in the fall of 1929, with trust companies specific authority to issue debenture bonds upon certain
their almost irreparable damage to business, furnish convincing argument conditions and with certain securities. The new law reads that trust
of the folly of trying to acquire wealth overnight by "playing the market." companies can Issue "debentures or bonds, the payment of which shall be
Conservative bankers deprecate all such questionable practices. In secured by the actual transfer of real estate securities for the benefit and
view of what has happened to the large number of persons caught by the protection of purchasers of said debentures or bonds, provided said securities
fever of speculation, it should not be necessary to issue a warning against shall be at least equal in amount to the par value of such debentures or
this evil.
bonds, and be first liens upon unencumbered real estate worth at least
The Division of Banks continues to rigidly adhere to its policy of refusing twice the amount loaned thereon."
is
there
conclusive
where
except
to permit the organization of a new bank
House File 123, permitting banks to establish offices in their own county
evidence of its need. During the present year but two new banks were
probably the most important bill passed by
authorized. In addition, by permission, a private bank was converted or contiguous counties, was
Into an incorporated bank, and In two cities there were bank reorganiza- the last General Assembly. The new Act starts in reaffirming the Iowa
tions, each reorganization forming one bank. These two banks, however, law against branch banking and then specifically authorizes the establishare not considered as being new institutions. In 1929 four banking charters ment of offices for the purpose of receiving deposits and paying checks
and performing such other clerical and routine duties as may be necessary.
were issued.
•
JULY 4 1931.]
FINANCIAL CHRONICLE
Believed Help to Communities.
Offices cannot be established in towns that already have banks and must
discontinued
immediately when a new charter is granted for a bank.
be
We believe that this now law will be a great help to the banking business
in this State in several ways and also help to a large number of communities
that have no banking facilities. We believe this law is different from any
other law of the same kind enacted in any other State. In a survey of
the banking situation made by the Iowa Bankers Association previous to
the passage of this Act, it was found that 381 towns and villages having
post offices in Iowa had no banks and of this number 171 formerly had
banks.
These towns and villages had a combined population of 74,960 and the
contiguous territory probably had a farming population of 50,000. For
the present at least the privileges of this Act are open only to banks under
supervision of our State Banking Department and not members of the
Federal Reserve system. National banks, on account of the McFadden
Act, are not allowed to take advantage of this law, and the provisions of
the Federal Reserve Act also make it impossible for members of the Federal
Reserve system to take advantage of the Act as this law provides.
It Is expected that this new law will be a benefit not only in giving many
Iowa communities banking facilities that are too small to support a bank,
but it will enable a number of small banks unable to make expenses to be
convertedlinto offices from a neighboring strong institution.
Minnesota Opposed to Branch Banking—Legislature
UrgesiCongress Not to Sanction It.
The recently adjourned session of the Minnesota Legislature passed a resolution memorializing Congress not to
enact any law which would permit branch banking in Minnesota according to St. Paul (Minn.) advices May 12 to the
"United States Daily" which gives the resolution as follows:
Whereas the policy of the State of Minnesota has always been opposed
to branch banking, as evidenced by Laws 1923, chapter 170, which absolutely prohibits any State bank or trust company from maintaining a
branch banking house; and
Whereas national banks under the existing Federal statutes are likewise
not allowed to establish or maintain branch banks in this State; and
Whereas it is believed that the establishment of branches by banking
Institutions operating under Federal charters would be detrimental to the
best interests of the people of the State, and especially detrimental to the
Independent State banking corporations;
Now therefore be it resolved by the House of Representatives of the
State of Minnesota, the Senate concurring, that the Senate and House of
Representatives of the United States be and they are hereby urged not
to enact any law under which national banks would be permitted to
establish branches in States wherein such branches are prohibited by State
statutes, in so far as State institutions are concerned.
Ile if further resolved, that the Chief Clerk of the House be and he is
hereby directed to forward an authenticated copy of this memorial and
resolution to each representative of the State of Minnesota in the United
States Senate and Rouse of Representatives, and to the presiding officers
thereof.
49
In the District Court of Travis County Judge J. D. Moore has entered
a judgment in the cause styled J. C. McNair et al. v. Farmers' State
Bank et al., which case has generally become known as the "Guaranty
Fund Case".
The trial of this case was begun on April 7 1931 and concluded after a
little more than a month. The judgment entered disposes of the claims
of some 868 State banks, formerly members of the Depositors' Guaranty
Fund system of banking, and some several thousand depositors of nine
banks which failed prior to the repeal of the depositors' guaranty fund
law; the banks being the Commercial Guaranty State Bank of Longview,
Commercial State Bank of Cisco, Altoga State Bank of Altoga, Farmers' k
Merchants' State Bank of Mount Calm, Guaranty State Bank of Trinidad,
Farmers' State Bank of Kemp, Guaranty State Bank of Gunter, Addison
State Bank of Addison, and First State Bank of Bolton.
This case brings to conclusion litigation which bad been going on for
nearly five years, and which had kept impounded more than $2,000,000 for
that length of time.
Depositors to Receive Balance.
Under the terms of the judgment the balance remaining unpaid to the
depositors of the above-named banks whose deposits have been allowed by
the Banking Commissioner as claims against the guaranty fund go to the
depositors, who receive the full amount of their deposits remaining unpaid.
That is to say, of the nearly $2,000,000 involved $117,000 will go to the
depositors, that being the amount of their claims unpaid at this time,
and the remainder, of more than $1,500,000, will go to the banks according to the proportion to which they contributed to said fund.
The judgment provides for an audit to be immediately made to determine
the interest each claim has in said fund, and the audit, when made, is to
be returned in the court, subject to the approval of said court.
"I am very happy to have been able to bring this long-drawn-out litigation to a close during my four months in office as Attorney-General, and
I feel sure that each claimant of this fund, depositors and banks, when
they understand the effect of this decree in dollars and cents, will be
more than pleased with the judgment entered. Just as soon as the audit
has been completed, I shall send to each bank a statement showing the
amount of money they will receive under this decree. The judgment of
the court follows, with slight modification, the order entered by the State
Banking Board early in April of this year."
The above is a statement given out by Attorney-General James V. Allred
In connection with the judgment entered by Judge Moore.
Claimants Represented.
Every class of claimant to the funds involved was represented in court,
and all the evidence obtainable was presented for Judge Moore's consideration.
The 759 banks that withdrew from the Depositors' Guaranty Fund prior
to Sept. 29 1926 were represented by Dan Moody and William A. Wade.
The banks which remained in the Depositors' Guaranty Fund after Sept. 29
1926 were represented by Boyles, Brown & Scott, of Houston, and Clan
It. Van Zandt.
The depositors were represented by J. F. Hair, of San Antonio, and G. 0.
Crisp, of Kaufman. The State Banking Board, and the individual members thereof, was represented by Everett L. Looney and Maurice Cheek,
assistants to the Attorney-General, James V. Allred.
Bankingjin Minnesota Federal Reserve District in 1930 Senator Norbeck Sees Independent Bank Facing Competition from Three Systems.
—235 Fewer Banks in District.
advanced to prove that the independent or
Arguments
From the Monthly Review, dated April 28, of the Federal
unit bank is not safe or satisfactory overlook the fact that the
Reserve Bank of Minneapolis, we take the following:
shows this type of banking instiComplete banking figures for the year 1930 are now available for all experience of 50 years
states and parts of states in the Ninth [Minneapolis] Federal Reserve tution to have been "very successful," Senator Norbeck
District. The number of banks in the District decreased by 235 during (Rep.), of South Dakota declared in an address June 3,
1930, leaving the number at the end of the year, 2,118 banks. Deposits
before the convention of the Independent Bankers Assodecreased 87 million dollars to a total of $1,547,457,000. Loans decreased
981
/
2 million dollars to a total of $836,291,000. The deposit total was ciation of Minnesota. The Senator declared that the unit
above the low point of 1921-1922, but loans decreased to the lowest point bank is an American institution and must be preserved.
since 1910. Other significant changes during the year were a reduction of He further asserted that the independent bank now faces
18 million dollars in investment holdings; a reduction of 7 million dollars
In borrowings from other banks; a reduction of 7 million dollars in "other competition from three systems, viz., chain banking with
real estate," and an increase of 8 million dollars in cash and balances due personal control, group banking with corporate control,
from banks.
and branch banking with a completely centralized organizaCity banks and country banks in the District experienced opposite deposit trends during 1930. City banks gained 11 million dollars in deposits, tion. Something can be said for group banking, according
whereas country banks lost 98 million dollars in deposits. City banks to Senator Norbeck, with its local advisory board which
and country banks both experienced decreases in loans and investments. represents the interest of the community. Some groups, he
City banks, on account of their gain in deposits and decrease in loans,
were able to pay off practically all of their borrowed money and to in- continued, serve their communities though their managecrease their cash and balances due from banks materially. Country banks ment is remote.
were forced to increase their borrowings slightly and to reduce their cash
The banking failures of the last 10 years should be conand balances due from banks.
It is interesting to note that banks in rural Minnesota, which is the trasted with the 50 years of successful unii bank operadon
most thorough exponent of diversified farming among the northwestern which preceded them, and the independent bank should not
states, suffered a decrease of only 8% in deposits during 1930. In con- be condemned without further experience, he said. In the
trast, deposits in North Dakota decreased 18%, in South Dakota 21%, in
"United States Daily" of June 6, Senator Norbeck is quoted
Montana 9%, in Wisconsin 7%, and in northern Michigan 5%. Minnesota
country banks and banks in Montana and northern Michigan increased as follows:
their investment holdings during 1930.
Bank Guaranty Case in Texas Now Concluded—More
Than $2,000,000 Has Been Kept Impounded for
Nearly Five Years by Litigation in Matter—Depositors to Receive Funds.
Litigation in connection with the guaranty of bank deposits in Texas which has been in progress for nearly five
years, and which has kept Impounded more than $2,000,000
for that length of time, has been brought to a conclusion,
according to Assistant Attorney General Everett L. Looney
by judgment in the case of J. C. McNair et al. v. Farmers'
State Bank et al. In stating this, Auxtin, Tex., advices,
May 15, to the "United States Daily" added:
A memorandum prepared by Mr. Looney in explanation of the
situation
follows in full text:
"The independent bank or unit bank is an American development and an
American institution," he said. "It is owned and managed by the citizens
and property owners of the community, who have their money invested
in the enterprise. They are a substantial part of the community and their
success depends upon its welfare and progress. The independent bank of
the northwest now faces competition, or danger, from three different
systems—for there are four banking systems in the United States (without
regard to their charters being State or National).
"We are not unfamiliar with the man, or group of men, owning a 'string
of banks.' These are called chain banks. They have not been numerous
but have succeeded where the owners have been men of exceptional ability
and integrity.
Discusses Group Banking.
"I think of the group bank as the third system. A large number of unit
banks are acquired and gathered into a group under a central control. It
seems to be a northwestern development and is generally referred to as
'chain banks,' because each bank continues to be operated under Its own
Charter though most of the stock is held by a holding company, which in
turn is owned and controlled by a large central bank.
"The bank retains a board of directors and local officials who own a tiny
Dart of the stock but have no responsibility. They are, in effect, dummy
directors subject to the whims and will of the holding company. But
50
FINANCIAL CHRONICLE
something can be said for this plan. They serve as a local advisory board
themselves
as long as they continue their interest in the work and find
working in harmony with the non-resident owners.
"The successful experience of the group system covers such a short time
that
that It is difficult to pass Judgment on its merit. This we do know,
than
all groups cannot be placed in the same class. We find some better
is
others. Some serve their communities better though the management
remote.
Control Is Indirect.
"It is feared by many that they will gradually go over to the practice of
office. The holding company plan is not
central
deciding everything in the
suggested by State or Federal law. The holding company is pretty much
outside of the law. It is not examined by State or Federal banking authorities. It may be said that the various banks scattered over the country
are indirectly owned by the central bank, but that is only indirectly.
"The central bank has no legal responsibility for the holding company or
the banks under the same, as in the branch bank system where the branch is
owned directly by the central bank. But the holding company and the
various banks are pretty much the property of the central bank, therefore
success is important.
"The fourth system, or the branch banking system, is in existence in
our large cities where branches in the locality are permitted by law. There
are also some States, notably California, that permit branch banking where
both State and Federal banks are being absorbed, where bank officers and
a board of directors are being dispensed with. The work is done entirely
by clerks from the central office under instructions from the central controlling board.
"It is quite natural that Canada would adopt something like the English
banking system. They did so and we have many Americans who never get
tired of pointing to that great success of the Canadian chain banking system.
In my Judgment it has certain advantages as well as disadvantages, but
certainly I would not entice the Canadian Government for the handling
of their affairs.
"I recently read with much interest an article in a Washington magazine
written by E. Ingles, Vice-President, I. B. E. W.. Toronto. From this we
are informed that there has been only 26 bank failures in Canada during
the last 62 years. This gives us quite a thrill, until we read further and
get a better understanding of the matter, but we find that Canada has
only 11 banks and these in turn have over 4.000 branches.
"The hoax is that branches are not counted when bank failures are mentioned. According to this the ratio of failures in Canada is as 26 to 11.
It is more than 2 to 1. I find little comfort in these figures, but I do know
the attitude of the Canadian Government has been one of protecting the
depositors. When a large bank of$2,000.000 capital failed with all its
branches, after the war, the Canadian Government actually appropriated
large sums of money to pay the depositors.
"They had no bank guarantee law. It was no legal obligation, but it
was the attitude ofstatesmen who foresaw that bank failures would paralyze
a country. They knew they could not afford them. They took the
taxpayers' money to reimburse depositors, but serious business distress
was thereby averted.
Tested Half Century.
"I think we might all agree that if there were only 11 banks in this
country it would not be long before they would all be controlled by New
Yorkers, and the bankers of the Twin Cities finding themselves out of
business and out of opportunity might decide to protest by way of Joining
a radical political movement. The Twin Cities bankers think the first
step in centralization is a safe one but the second step might be dangerous.
I think that both would be dangerous.
"Many arguments are used to prove the independent or unit bank is
not safe or satisfactory. We are so often reminded that the last 10 years
has shown weaknesses. The fact is entirely ignored that for 50 years
preceding it was very successful and that there were no more failures in
agricultural States than in Industrial States. Why should the result
of 10 years experience be accepted when the longer 50 years experience
is a more reliable guide."
United States Treasury Bills Oversubscribed—Government Borrows $100,000,000 on 91 and 90-day Bills
at 5-8ths of 1%.
The U. S. Treasury disposed of its latest issue of Treasury
bills for $100,000,000, in two series for $50,000,000 each,
at the remarkably low interest rate of 5-8ths of 1%. Acting
Secretary Mills announced on Monday, June 29, the day
on which bids for the bills were opened. This was the best
price by far ever realized by the Government on any offering
of bills on a discount basis. Mr. Mills made the following
statement:
"With respect to the offering of $50,000,000 or thereabouts of 91-day
bills dated July 11931. and maturing on Sept. 30 1931, the total amount
applied for was $201,227,000. The highest bid made was 99.848,equivalent
to an Interest rate of about .60% on an annual basis.
"The lowest bid accepted was 99.833, equivalent to an interest rate
of about .66% on an annual basis. Only part of the amount bid for at the
latter price was accepted. The total amount of bids accepted for the
91-day bills was $50,026,000. The average price of the bills to be issued
in this series is about 99.840. The average rate-on a bank discount basis
is about 5-8ths of 1%.
"With respect to the offering of $50,000,000, or thereabouts. of 91-day
bills dated July 2 1931. and maturing on Sept. 30 1931, the total amount
applied for was $180,034,000. The highest bid made was 99.850,equivalent
to an interest rate of .60% on an annual basis.
"The lowest bid accepted was 99.835, equivalent to an interest rate
of.66% on an annual basis. Only part of the amount bid for at the latter
Price was accepted. The total amount of bids accepted for the 90-day
bills was $50,050,000. The average price of the bills to be issued in this
series is about 99.842. The average rate on a bank discount basis is about
5-8ths of 1%."
United States Fiscal Year Shows Deficit of $903,000,000—Receipts Decline $801,000,000, Expenditures Increase $226,000,000-0gden L. Mills Attributes Increased Spending to Farm and Veterans'
Aid and Public Construction.
With a deficit of $903,000,000 and an increase in the outstanding public debt of $616,000,000, the Federal Government
on June 30 closed a most unfavorable fiscal year. Acting
[VOL. 133.
Secretary Ogden L. Mills issued a detailed statement on
that day showing that Treasury receipts were $3,317,000,000,
a decline of $861,000,000 from 1930, and expenditures chargeable against ordinary receipts were $4,220,000,000, or $226,000,000 more than last year, when there was a surplus of
$184,000,000. The gross debt on June 30 amounted to $16,801,000,000. Money market conditions during the year,
however, permitted refunding at unusually low rates, so
that there was a reduction of $48,000,000 in interest charges.
Revised figures for yesterday on the average rate of interest
showed 3.56%, compared with 3.80% the year before.
The decline in the major sources of Federal revenue refleeted for the most part the effect of the business depression, Mr. Mills said, while the increase in expenditures was
attributed largely to those for agricultural aid and relief,
for additional benefits to war veterans and for the accelerated governmental construction activities. The annual
report of Secretary Mellon, submitted to Congress last
December, estimated the deficit for 1931 at $180,000,000.
"The discrepancy was due to the difficulty at that time of
measuring the severity and duration of the business depression and the extent to Which internal revenue and customs
receipts would be affected," Mr. Mills declared. The total
income tax collection, including back taxes, was $1,860,000,000, a reduction of $551,000,000 from the 1930 fiscal year.
Current corporation taxes amounted to $892,000,000, a reduction of $226,000,000, and current individual taxes $731,000,000, a loss of $330,000,000. Customs duties fell from
$587,000,000 in 1930 to $378,000,000 in 1931. Mr. Mills's
statement was as follows:
"A considerable reduction in Federal revenues during the fiscal year
1931 and an increase in expenditures resulted in a deficit of 903,000,000,
as compared with a surplus of $184,000,000 for 1930.
"Retirements of United States obligations to meet sinking fund and
other statutory retirements chargeable against ordinary receipts totaled
$440,000,000, so that the deficit, exclusive of debt retirement, amounted
to $463,000,000. The total gross debt outstanding was increased by $616,000,000. As the general fund balance increased $153,000,000, the net debt
increased but $463,000,000.
"The total ordinary receipts amounted to $3,317,000,000, which represents a decline of $861,000,000 from 1930. The decline reflects, for the
most part, the effect of the depression on certain major sources of Federal
revenue—income taxes and customs receipts.
"Expenditures chargeable against ordinary receipts aggregated $4,220,000,000, and were $226,000,000 larger than for the previous year. The
increase was due largely to expenditures for agricultural aid and relief,
for additional benefits to war veterans, and for the accelerated governmental construction activities, which more than offset other reductions.
"In the annual report of the secretary for the fiscal year 1930, the
deficit for 1931 was estimated at $180,000,000, or $723,000,000 less than
the actual deficit shown for the year. Total ordinary receipts were $518,000,000 less than the $3,835,000,000 estimated last autumn.
"The discrepancy was due to the difficulty at that time of measuring
the severity and duration of the business depression and the extent to
which internal revenue and customs receipts would be affected. Expenditures exceeded the estimated $4,015,000,000 by $205,000,000, largely as
a result of emergency expenditures.
Decline in Receipts Cited.
"The aggregate amount of customs and internal revenue receipts during
the year was $2,803,000,000, or $818,000,000 less than for 1930. Income
tax receipts totaled $1,860,000,000, which was $551,000,000 less than during the fiscal year 1930.
"Preliminary reports from collectors of internal revenue indicate that
current collections of corporate income taxes totaled about $892,000,000
and were about $226,000,000 smaller than for last year.
"Corporation taxes during the six months January to June 1931, which
were collected on 1930 incomes, showed a decline of $206,000,000, or about
38% from collections during the corresponding months of 1930, reflecting
reductions in taxable corporate income during a period in which the volume
of industry and trade and the level of most commodity prices were rapidly
declining.
"This decrease in collections was not, however, as marked as the reduction in incomes, due to the higher rates affecting collections during the
calendar year 1931, as compared with the preceding year.
Drop in Individual Incomes
"Current individual income tax collections were $731,000,000, or $330,000,000 less than during the fiscal year 1930. The contrast with former
years is accentuated by the fact that during the period of rising security
prices, taxable incomes were largely augmented by profits from dealings
in securities. Collections during the six months, January to June 1931,
based on 1930 incomes, declined $258,000,000 or about 49%, from the
corresponding period of the preceding year. This comparison is also affected
by rate changes during the period.
"Collections of back taxes showed little change as compared with the
fiscal year 1930.
"Indicated income tax receipts of $1,860,000,000 for the fiscal year 1931
compare with an estimate of $2,190,000,000 in the annual reports of the
secretary for 1930. The Treasury underestimated the severity of the
depression and the effects which the fall in prices of commodities and of
securities and the reduction in volume of business operations would have
on taxable incomes.
"Receipts from customs duties, including tonnage tax, were $378,000,000, as compared with $587,000,000 in 1930. The decline is to be
accounted for primarily by a reduced volume of imports, and, in the case
of commodities subject to ad valorem duties, by the lower prices of imported
commodities.
Fall in Values of Imports.
"For the ten months ended April 1931, the value of dutiable imports
fell off 43%, and of non-dutiable 35% as compared with a like period in
JULY 4 1931.]
FINANCIAL CHRONICLE
51
the fiscal year 1930. It may be observed in addition that the
marked men from Clare College
increase in dutiable imports just prior to the close of the
. Mr. Mellon had been spending
fiscal year 1930,
when the new tariff act was passed, doubtless affects
thd comparison of several days here with his son, who had just passed the
customs collections for the two fiscal year periods.
first part of the historical tripos, or examinations for honor
"Customs receipts were $124,000,000 below estimates.
At
estimates were made in the autumn it seemed not unlikely the time the degrees. The decision to confer a degree on the father as
that the turn
of the year would witness some business improvement, with
corresponding well as the son was made only yesterday. Few of the genincrease in imports and customs receipts.
eral public were aware of what was taking place until the
"Miscellaneous internal revenue and other miscellan
eous
also somewhat smaller than for the preceding year. Miscellanreceipts were printed lists of recipients of degrees, headed
by the name
eous internal
revenue receipts totaled $569,000,000, or about $59,000,
000 less than for of Mr. Mellon, were distributed to relatives and friends in
1930. Reports through May indicate that tobacco
tax receipts, which the Senate
account for over 70% of the total, were slightly
House this morning. The New York "Times"
smaller than
documentary stamp taxes declined about $30,000,000, primarily in 1930; correspondent describes
the ceremony as, follows:
as a result
of smaller receipts from taxes on capital stock transfers
and on capital
Fifteen minutes before the picturesque ceremony began Mr. Mellon,
Issues; estates taxes declined by about $15,000,000.
wearing a scarlet robe and round black velvet doctor's bonnet, arrived with
"Miscellaneous receipts other than internal revenue
amounted to $509,- his son, who was in a black gown trimmed with
white fur. The two sat
000,000, and were $43,000,000 less than in 1930, reflectin
g declines in numer- together on a bench near the dais, the father's
ous items throughout the various government departme
white hair in striking
nts.
contrast with the black of his son.
Preceded by the dignitaries of the university bearing silver maces,
Increase in Expenditures.
TiceChancellor A. B. Ramsey, master of Magdalene
"Total expenses chargeable against ordinary receipts
College, took his seat.
were $4,220,000,000, Mr.
as compared with $3,994,000,000 for 1930, an
Mellon
then
walked
forward
and
stood
before
the
for
Vice-Chancellor
increase of $226,000,000.
Expenditures chargeable against ordinary
the only honorary degree conferred to-da
y.
receipts do not include loans on
adjusted service certificates; these are made,
as provided by law, from
Oration Brings Applause.
assets in trust funds administered by the Treasury
, especially from the
Deputy Public Orator B. L. Hall-Ward, of Peterhou
adjusted service certificate fund.
se College, presented
the scroll to Mr. Mellon, delivering an oration
"Additional loans to veterans, recently authorize
in Latin wherein he observed
d, are reflected in that the circumstance of father
and son taking their degrees the same
expenditures chargeable against ordinary receipts
only to the extent of day was a piece of piety of which
the additional appropriation to the adjusted
the Romans would have approved. "Mr.
service certificate fund, which Mellon has been Secretary of the
was made in order to increase
Treasury of the United States for more
the assets of the fund by advancing the than 10 years," he said,
"which no other man has achieved in a period
regular appropriation for the fiscal year 1932.
of
great
difficulty
and
financial collapse. Now his visit to England coin"The preliminary information now available
concerning the details of cides with a better and brighter
outlook in international relations."
expenditures shows the following principal items
of increase: For the
The orator was interrupted several times by
War Department an increase of $25,000,000,
spontaneous bursts of aprepresenting
of construction activities for the most part in connectio chiefly the cost plause from the spectators and the demonstration was prolonged when the
n with rivers and Vice-Chancellor grasped Mr. Mellon's
harbors, flood control, the army housing program,
hand
in
the
conferment ceremony.
and increased outlay The Secretary was then shown
to a seat
for the Air Corps; for the Department of Agricultu
re an increase of $119,- the students of the various Cambridg at the rear of the dais, and watched
000,000, reflecting largely additional outlays for
e colleges, including his son, receive
Federal aid for highway their degrees. He showed
the keenest interest in the traditional ceremony,
construction and for emergency relief in drouth-st
ricken areas; for the which is different in many
ways from that of American universities.
Federal Farm Board, for additional net leans under
the agricultural marketing act in the amount of $41,000,000; an
increase in the expenditures of
Son in Traditional Ceremony.
the Department of Commerce of $7,000,000; an
increase of $54,000,000
Paul Mellon was one of a hundred students who
In the postal deficiency, and the advance
advanced in rows of form
appropriation in 1931 of $112,- Each member of the group of four,
as its turn came, clasped one of the
000,000 for the adjusted service certificate fund
which ordinarily would fingers of their college provost, who told
have been appropriated in 1932.
them in Latin that their good
name and work and upright character
merited the award they were about
"Expenditures of the Veterans' Administration
included an increase of to receive.
about $53,000,000 as a result, largely, of liberalize
d provisions for military
Then,
placing
their
mortar
-boards on the floor beside them, each stepped
and naval compensation to war veterans.
forward as his name was called, kneeling
and clasping his hands as in
prayer while the Vice-Chancellor held
Where Cuts Were Made in Outlay.
the hands and addressed him in
Latin, declaring he had been recommended
"The more important reductions in expenditures
by his college and those who
for 1931, as compared had watched his progress
with the previous fiscal year, include
considered him to be worthy of the honor cona decrease of $20,000,000 for the ferred, concluding
with
this sentence:
Navy Department, due to a reduction in armament
s; a decrease of $48,"I pronounce this degree in reeognition
000,000 in interest paid on the public debt
of your progress in the Camand a reduction in tax refunds bridge halls of learning
of $64,000,000.
in the name of the Father and of the Son and
of the Holy Ghost, and of his Majesty the
"Expenditures exceeded the budget estimates by
Ring
and Cambridge University."
$205,000,000. The major
increases included an excess of $93,000,000
over estimated expenditures
of the Department of Agriculture, due largely
to activities under agricultural relief measures and Federal aid
to highways; an increase of Arrivals of Immigrant Aliens Again Are Reduced$91,000,000 over the estimated amount of
loans under the agricultural
Deportations in May Number 1,767, Department
marketing act; an increase of $35,000,000
of
in the postal deficiency, and the
Labor
advance appropriation of $112,000,000
Reports.
to the adjusted service certificate
fund, which ordinarily would have been
An 80% drop in the drop in the number
made in the fiscal year 1932.
of immigrant
"The major decreases from the estimates
included $59,000,000 for the aliens permitted to
enter the United States in May was
Treasury Department, $21,000,000 for the
Navy
Departme
nt $28,000,000 shown
for tax refunds and $14,000,000 for
by a comparison with the total for May 1930, accordShipping Board loans.
"The fiscal year 1931 closed with the total
gross public debt at $16,- ing to a statement issued July 1 by the Department of
801,000,000, as compared with $16,185,
000,000 on June 30 1930. The net Labor. Deportations
numbered 1,767. The full test of the
balance in the general fund was $472,000
,000 on June 30 1931, or $153,statement follows:
000,000 more than at the end of the preceding
fiscal year. The net increase
in the public debt less the increase
There were admitted during the month
in the general fund balance was, there3,799 (1,325 male and
fore, $463,000,000, as compared with
an actual increase in gross public 2,474 female) immigrant aliens, as compared with 19.414 (9,463 male and
debt outstanding of $616,000,000.
9.951 female)in the same period a year ago,
constituting a decline of 15,615.
or 80%. Only one male immigrant is now coming where
seven came a year
Borrowings Offset Retirements.
ago: the ratio of female immigrants this year as to
last year is as one to four.
"Retirements of public debt were made as
Europe supplied 2.501 immigrants, over one third
required
by
law,
$392,000
,000
(925) of whom arrived
from the sinking fund and $48,000,000
from other receipts. These reduc- from Italy-a larger number than came from any five other European
tions were, however, more than offset by
borrowing which was made neces- countries: Great Britain, with 303, was second, and Germany, with 291,
sary by the excess of current expenditu
res of the government over its was third. Canada supplied 612 and Mexico 195. During May of last year
receipts.
13,317 immigrants were admitted from Europea
n countries. 4.216 from
"Moreover, treasury borrowings in the open market
were further increased Canada. and 476 from Mexico.
as a result of the liquidation of special
Aliens
deported
from
the United States during May numbered 1,767.
United States securities held for
account of the adjusted service certificate
fund in order to finance the making a total of 16,625 for the 11 months of the current fiscal year, as
additional loans on veterans' adjusted service
compared with 15,608 during the same period last
certificat
year.
es authorized by
recent legislation. The securities thus disposed
During April and May last, 331 (249 male
and 82 female) indigent aliens
000,000, resulted in an increase in the volume of, which totaled $745,- were at their own request returned
to their native lands. Ninety-five per
of United States securities
held outside the treasury, in addition to
the net increase in the gross cent of the 331 aliens thus removed were of European birth, 147 returning
to Great Britain, 52 to Germany
public debt.
,26
Netherlands: 23 each to Ireland
and Scandinavia, 17 to Italy, and to The
"Money market conditions during the year
27 to other Europe. Of the remainder six
permitted
the issue of new went to Cuba,
debt at unusually low rates, with consequent
five
to Mexico. four to the Dominican Republic. and one to
reduction in annual interest tosta
Rica.
charges on the public debt.
The following figures cover aliens of all classes admitted during the month
"There were two issues of bonds during
the period: Treasury bonds of May of
each year beginning with 1925, when the Quota Immigration
of 1941-43, issued on March 16 1931, in the amount
of $594,000,000 and Act of 1924 went
bearing interest at 31
into effect. The heaviest reduction occurred this year
/
2%, and treasury bonds of 1946-49,
issued on June in quota immigrants, natives of
15 1931, in the amount of $821,000,000 and bearing
non-quota countries, and husbands, wives.
interest at 31
and unmarried children of American citizens.
/
2%.
"On March 15, $1,109,000,000 of 31
The bulk of these three
/
2% treasury notes, Series A
groups,
and B,
together with a portion of the miscellaneous group, comprise the
maturing in March and September 1932, were called
and retired.
immigr
immigra
nt
t
.
o
r
newcomers for permanent residence; all the others are non"The annual rate of interest on the interest-bearing
1931 was 3.56, as compared with 3.80 on June 30 1930. debt on June 30
Total interest pay1925. 1926. 1927. 1928. 1929. 1930. 1931.
ments during the year were $611,000,000, or
$48,000,000 less than dur- Quota immigrants
15,000 17,445 15,585 13,544 14,536 13,300 1,673
ing 1930."
Natives ototalnon-q
f
uota countries,
13,498 16.185 12,728 9,828 7,980 3,575
698
Canada
Cambridge University Honors Andrew W.
6,425 7,667 4,409 3,488 4.247 2.421
439
Mellon and
Mexico
4,622 7,324 6.939 4,994 2,850
480
107
Others
His Son.
2,451 1,194 1,380 1,148
883
674
162
Husbands, wives, and unCambridge University, June 23, conferred an
married children of United
honorary
States citizens
1,051 1.011 2,184 2,632 2,815 2,189 1,144
degree of Doctor of Laws upon Andrew W. Mellon,
Returning residents
6.856 7.748 9,864 8,045 8,375 6,884 5.897
United Temporar
y visitors
4,190 6,412 7,058 6,480 6.768 7,131 5,440
States Secretary of the Treasury, and he later saw
In
continuous transit
1,881 3,073 3,358 2,712 2.687 2,954 2,438
his son Miscellan
eous classes
474
900 1,943
951
Paul take his B. A. degree in company with other
976
907
571
honor
All classes
42,950 52,777 52,718 43,972 44,137 86,940 17.861
1
52
FINANCIAL CHRONICLE
Assist Independent
Resale Price Law Is Asked to
tion of
Stores—Representative Kelly Says Opposi
us
Previo
of
l
Reversa
Is
sion
the Trade Commis
Attitude.
report regardThe Federal Trade Commission's adverse
the fundamental
entirely
evaded
ion
legislat
price
ing resale
inting to every beissues involved and is distinctly disappo
Representative Kelly
dising,
merchan
honest
in
liever
25 in a prepared state(Rep.), of Pittsburgh, Pa., said June
is imperative to meet
ion
legislat
that
said
Kelly
Mr.
ment.
decision was anion's
Commiss
The
cut-throat competition.
on price maintenounced June 22 as a report to Congress
sees no present
nance and set forth that the Commission
is co-author
need for resale price legislation. Mr. Kelly
Kelly
Capperthe
of
,
Kansas
of
(Rep.),
Capper
with Senator
s. Mr. Kelly's
fair trade bill, considered by the last Congres
statement follows:
special study of price mainteto the subject. Our committee is snaking a
Prof. E. R. A. Seligman.
nance under the direction of the leading economist,
to private interests,
This study is being conducted without any reference
definite announcement.
and until the survey is completed we can make no
Federal Trade Commission,
I may say, however, with all respect to the
insufficient data. The
entirely
upon
based
be
to
me
to
seems
that its report
received questionnaires from 849
Commission, in preparing its first report,
maintenance. For It;
manufacturers, of whom 69% favored resale price
questionnaire so complicated and
second report the Commission sent out a
only 691 replies, of which 61%
so difficult to understand that it received
favor of price maintenance
expressed no preference, while 29% were in
. If any one will read this
opposition
expressed
10%
only
and
n,
legislatio
it will clearly appear the
questionnaire sent out by the Commission,
not made a study of the
average merchant and even a lawyer who had
nd its purport. The report
subject would find it very difficult to comprehe
not express an opinion on a
shows that 61% did not and probably could
ire. Of those who
questionna
the
of
point
essential
the
was
subject Which
in favor of this legislation
were
who
those
views
their
state
and
form
did
who took the opposite
were about three times more numerous than those
on based its conclusions
position. Furthermore, the fact that the Commissi
silent on the main subject,
on only 691 questionnaires, of which 69% were
on. There are hundreds of
shows that there was no adequate presentati
interested in this
thousands of manufacturing and mercantile concerns
questionnaires constitute any
matter. Can It be said that 89% of 691
the Commission did
sufficient basis for a decision? No; it is clear that
the opinions of those manunot have before it any proper cross section of
. To my mind,
facturers and merchants who are so profoundly concerned
is entirely unsatisfactory and
therefore, the report of the Commission
study of this subject and
Inconclusive. The Commission should reopen its
base its findings.
should obtain adequate data upon which to
t that in every country of
"In this connection it is highly significan
except our own, contracts for resale
Importance, so far as I am informed,
indeed encouraged by law. If it be
price maintenance are permitted and
that the rules of trade used by older
said that ours is a new country and
that Australia, a still
civilizations will not be applicable, it can be replied
of its Mother England in allowing
younger commonwealth, follows the lead
conditions in our country are not so
such contracts. Surely mercantile
that we must have a special
different from those of the rest of the world
rule on this subject.
much economic depression, there is a
"At this time, when there is so
volume of our business by
corresponding necessity for increasing the
high tariff provisions have imposed
removing the limitations which unduly
too drastic clauses of the Sherman
as well as the restrictions caused by the
are removed, then the energy and the
and Clayton Acts. If these obstacles
men will rapidly restore our commerce
genius of our American business
of world leadership—to the imand our industry to its former position
and the consumer."
measurable advantage both of the producer
Position of Commission.
Commission in the matter of
The newspaper release of the Federal Trade
ting to every believer in
resale price legislation is distinctly disappoin
and false logic, evading
honest merchandising. It contains half truths
involved.
issues
tal
fundamen
the
entirely
on called upon Congress
Twice in the past the Federal Trade Commissi
was made solely because
for resale price legislation. The present inquiry
position because of the lack
the Commission found itself in an impossible
worse every month, it reports
of legislation. Now, with conditions growing
that there is no need for legislation.
Confusion Claimed.
conditions since the
There has been no improvement in merchandising
"the question of resale
Federal Trade Commission officially declared that
with which the Commisprice maintenance is one of the most troublesome
due to conflicting court
sion has to deal." After portraying the confusion
on will be required to
decisions, the Commission declared that "legislati
s."
condition
tory
unsatisfac
present
the
cure
complete change of
Not a word of the statement given out explains this
the legislation so badly
front. Not a syllable gives a reason as to why
needed three years ago is unnecessary now.
Problems of Regulation.
s it. Much is made
The report sets up a straw man and then demolishe
of price agreements.
of the difficulty of providing governmental regulation
s to be legalized are
That question is not involved since the agreement
competition with other
between independent manufacturers in open and fair
who are prohibited
manufacturers of the same class, and their distributors,
on is the regulator of prices
from acting in combination. Fair competiti
would be involved. It is
under this plan and no governmental agency
built on such a false
report
a
accept
to
men
thinking
expect
to
absurd
premise.
rers questioned expressed
The report states that 61% of the manufactu
price maintenance. If that proves
no preference, while 10% opposed resale
lly price bill is not
anything, it is that my contention that the Capper-Ke
of fact, 10% and more of
a manufacturers' bill, is correct. As a matter
aims to permit the small
the manufacturers would oppose a measure which
will by agreement just
maker of trade-marked goods to protect his good
consignment. Resale price
as the large manufacturers do by agency and
agreements would mean more competition.
all of the wholesalers and
The report truthfully states that practically
Chain, department
independent retailers favor resale price legislation.
price cutting on standard
and dry goods stores, the elements which use
in evidence for many years
goods, are opposed. This situation has been
is somewhat surprising that
and there is nothing new in it. However, it
aside, without consideration,
the Federal Trade Commission should wave
to protect themselves from
the right of 1,500,000 independent retailers
malicious competition.
Ruling.
Supreme Court
rers now have the legal
The Commission admits that large manufactu
retaining ownership through
right to control the price of their products by
asserts that to give the
consignment and agency methods. However, it
of distribution, the
smaller manufacturer, who uses the regular channels
from established practice.
same right would be inconsistent and a departure when the Supreme Court
1911,
The fact is that the departure came in
that the resale price agreereversed all previous court decisions and held
an agreement was held legal
ment was invalid. Prior to that time, such
to standard trade-marked
and necessary in the conduct of business relating
merchandise.
will be possible to study the
When the printed volume is available it
this preliminary statement is based.
results of the questionnaires upon which
statement itself carries so many inconsistencies
It can only be said that the
it only confuses, instead of clarifying the issue.
that
views
mistaken
and
y just as it was when the Commission underThe situation remains to-da
far as the need for legislation is concerned. It Is
took its investigation as
competition, which means the death of honest
Imperative that cut-throat
manner.
business, be dealt with in effective
Report Regarding Resale
Federal Trade Commission
by George Gordon Battle
lusive
Inconc
Held
Prices
Trade.
of
Board
of New York
Trade Commission's investigaThe report of the Federal
public early this week,
tion of price maintenance, made
George Gordon Battle,
y,
seriousl
too
should not be taken
of Trade Special Commitmember of the New York Board
which he chartee on Retail Pricing, said in a statement in
pointed out that
acterized the report as inconclusive and
price maintenance is permitted and is workable In every
other country but this. Mr. Battle said:
"The New York Board of Trade has appointed a committee to consider
this matter of price cutting, of which Edward Plaut, President of Lehn dt
Fink, Inc., is the Chairman. This committee has been giving much study
[VOL. 133.
Board Finds Little
National Industrial Conference
Reductions—DeWage
Evidence of Widespread
Curtailment of
to
Due
gs
Earnin
Weekly
in
cline
Working Hours.
ead reductions
"There is little evidence of decided widespr
industries
few
a
in
while
In wages. On the other hand,
compared
as
1930
in
higher
were
s
earning
actual weekly
ly lower."
with 1929, in most industries they were decided
ed in the
This summary is based on facts and figures present
just
report on "Wages in the United States, 1914-1930,"
Board.
nce
Confere
ial
Industr
l
Nationa
the
by
ed
complet
This volume is the eighteenth contribution by the Conference
Board to the knowledge of wage conditions in the United
ed
States, and is the result of a system of study develop
through 11 years of constant effort.
The wage studies of the Conference Board were originally
limited to the Board's own extensive inquiries into earnings,
hours, and employment in manufacturing industries. They
have now been expanded to include other important branches
of business activity. For public utilities the Conference
Board collects and tabulates wage figures; for railroads and
the building trades, it presents its own combination of
printed data; and for agriculture it reports the findings of
the United States Department of Agriculture. The summary, made available May 21, concludes:
Real weekly earnings in the 24 manufacturing industries combined were
lower in 1930 than in 1929, although they were slightly above those of
1923. In the public utilities and on the railroads, however,- real weekly
earnings were distinctly higher in 1930 than in the preseding year. The
decline in actual weekly earnings, wherever noted, was apparently brought
about principally by curtailment in the number of hours of those actually
at work. Finally, the employment level in the 24 manufacturing industries
was decidedly lower in 1930 than in 1929. On the whole, however, the
current business depression does not appear to have been quite so severe
in its effects on wages and employment as was the depression of 1921.
The Board's survey also says:
Average hourly earnings in the 24 manufacturing industries combined in
1930, as a whole, were exactly the same as in 1929, namely, 58.9c., and
were one cent higher than in 1928. Weekly earnings, on the other hand,
fully revealed the effects of the present economic depression.' The decline
of weekly earnings of all wage earners in the 24 manufacturing industries
combined in 1930 as compared with 1929 averaged $2.68, or 9.4%. They
were also $2.04, or 7.3% less than in 1928. At the end of 1930 they were
decidedly lower than during the early part of the year, the reduction
amounting to $3.22, or 11.8% between the first and fourth quarters of the
year. They were still, however, slightly over $1 higher in the fourth
quarter of 1930, or 6%, than they were during the depression of 1921.
The real significance of changes in money earnings is revealed only when
these changes are considered In relation to changes in the cost of living.
A rise or a fall in money earnings entails financial gain or loss, respectively,
only in so far as changes in the prices of the commodities and services,
for which the wage earner's income is spent, do not offset the variations
JULY 4 1931.]
FINANCIAL CHRONICLE
in money earnings. How the wage earners really fared may be seen by the
indexes of real earnings.
The indexes of real earnings indicate that in 1930 as a whole real hourly
earnings in the 24 manufacturing industries were 4% higher than in 1929,
and that in the last quarter of 1930 they were 14.7% greater than in 1923.
Real weekly earnings in these 24 industries, on the other hand, declined
5.9% between 1929 and 1930, and in the last quarter of 1930 they were
3.2% lower than in 1923. Referring specifically to some industries, real
hourly earnings in the gas industry were 3.9% higher in 1930 than in
1929, and 9.6% higher than in 1923. In the electric industry the rise in
real hourly earnings between 1929 and 1930 amounted to 6.3% and between
1923 and 1930 to 15.8%. Real weekly earnings in the gas industry rose
2.1% between 1929 and 1930 and 13.4% between 1923 and 1930. In the
electric industry real weekly earnings were 6.6% higher in 1930 than in
1929 and 18.2% higher than in 1923. On the railroads, both real hourly
and real weekly earnings were higher in 1930 than in 1929 and also higher
than in 1923; the increase in real hourly earnings in 1930 over 1929
amounted to 5.4%, and the increase over 1923 to 14.6%; the rise in real
weekly earnings in 1930 was 0.9% over 1929 and 7.9% over 1923.
Thus it will be noted that real weekly earnings in the 24 manufacturing
industries as a whole were lower in 1930 than in 1929 and only 0.9% higher
than those of 1923, but in the public utilities and on the railroads real
weekly earnings in 1930 were above the level of 1929 and distinctly higher
than that of 1923.
Freedom of Press Upheld In Decision of U. S. Supreme
Court Declaring Unconstitutional Minnesota"Press
Gag" Law.
The Supreme Court of the United States, on June 1, declared unconstitutional a provision of the so-called Minnesota "gag law" making the publication and circulation of
any "malicious, scandalous and defamatory newspaper,
magazine or other periodical" a public nuisance and providing for an injunction to restrain its continued publication.
The provision of the statute was declared by a majority
of the court to constitute an infringement of the liberty of
the press guaranteed, as construed by the Fourteenth
Amendment to the Constitution of the United States. The
"United States Daily" of June 2, in thus reporting the
findings of the Supreme Court, further summarized the
latter's conclusions as follows:
Five-to-four Ruling.
The members of the court divided five to four in their conclusions as
to the validity of the statute as applied to enjoin publication of "The
Saturday Press," formerly published in Minneapolis. Chief Justice Hughes
delivered the majority opinion of the court which was concurred in by
Mr. Justices Holmes, Brandeis, Stone and Roberts. The dissenting
opinion was delivered by Mr. Justice Butler, and concurred in by Mr.
Justices Van Deventer, McReynolds and Sutherland.
53
Mr. Justice Butler. dissenting: The decision of the Court in this case
declares Minnesota and every other State powerless to restrain by injuncion
the business of publishing and circulating among the people malicious,
scandalous and defamatory periodicals that in due course of judicial procedure has been adjudged to be a public nuisance. It gives to freedom of
the press a meaning and a scope not heretofore recognized and construes
"liberty" in the due process clause of the Fourteenth Amendment to put
upon the States a Federal restriction that is without precedent.
Confessedly, the Federal Constituion prior to 1868, when the Fourteenth
Amendment was adopted, did not protect the right of free speech or press
against State action. Barron v. Baltimore,7 Pet. 243, 250. Fox v. Ohio.
5 How. 410, 434. Smith v. Maryland, 18 How. 71. 76. Withers v.
Buckley, 20 How. 84, 89-91. Up to that time the right was safeguarded
soley by the constitutions and laws of the States and,it may be added,they
operated adequately to protect it. This Court was not called on until 1925
to decide whether the "liberty" protected by the Fourteenth Amendment
includes the right of free speech and press. That question has been finally
answered in the affirmative. Cf. Patterson v.Colorado,205 U.S.454,462.
Prudential Ins. Co. v. Cheek, 259 U. S. 530, 538, 543. See Gitlow v. New
York, 268 U. S. 652. Fiske v. Kansas, 274 U. S. 380. Stromberg v.
California, 283 U. S.—.
Way Statute Might Be Construed is Irrelevant.
The record shows and it is conceded that defendants' regular business
was the publication of malicious, scandalous and defamatory articles concerning the principal public officers, leading newspapers of the city, many
private persons and the Jewish race. It also shows that it was their purpose at all hazards to continue to carry on the business. In every edition
slanderous and defamatory matter predominates to the practical exclusion
of all else. Many of the statements are so highly improbable as to compel
a finding that they are false. The articles themselves show malice. (Note
No. 1.)
The defendant here has no standing to assert that the statute is invalid
because it might be construed so as to violate the Constitution. His right
is limited solely to the inquiry whether, having regard to the points properly raised in his case, the effect of applying the statute is to deprive him
of his liberty without due process of law. This court should not reverse
the judgment below upon the ground that in some other case the statute
may be applied in a way that is repugnant to the freedom of the press
Protected by the Fourteenth Amendment. Castillo vs. McConnico, 168
U. S. 674, 680. Williams vs. Mississippi, 170 U. S. 213, 225. Yazoo at
Miss. RR. vs. Jackson Vinegar Co., 226 U. S. 217, 219-220. Plymouth
Coal Co. vs. Pennsylvania, 232 U. S. 531, 544-546.
This record requires the Court to consider the statute as appliedrto the
business of publishing articles that are in fact malicious, scandalous and
defamatory.
The statute provides that any person who "shall be engaged in the business of regularly or customarily producing, publishing or circulating" a
newspaper, magazine or other periodical that is (a) "obscene, lewd and lascivious" of (b) "malicious, scandalous and defamatory" is guilty of a
nuisance and may be enjoined as provided in the act. It will be observed
that the qualifying words are used conjunctively. In actions brought
under (b) "there shall be available the defense that the truth was published with good motives and for justifiable ends."
The complaints charges that defendants were engaged in the business
of regularly and customarily publishing "malicious, scandalous and defamatory newspapers" known as the Saturday Press, and nine editions
dated respectively on each Saturday commencing Sept. 25'and ending
Nov. 19 1927, were made a part of the complaint. These are all that
were published.
Action of State Court.
The publication of the weekly newspaper was abated under the law after
nine issues had appeared. The provision of the statute and the proceedings
thereunder had been upheld by the Minnesota Supreme Court. Its action
Lower Court's Ruling Defines Aims of Statute.
has now been reversed by the Supreme Court of the United States. In the
On appeal from the order of the district court overruling defendants*
argument of the case before the court it was pointed out that articles had demurrer to the'complaint, the State Supreme Court said
(174 Minn.
charged city and county officials with gross neglect of duty and "with 457, 461):
illicit relations with gangsters and organized crime." The articles charged
"The constituent elements of the declared nuisance are the customary
In substance, according to the majority opinion, "that a Jewish gangster and regular dissemination
by means of a newspaper which finds its way
was in control of gambling, bootlegging and racketeering in Minneapolis. into families, reaching the young as well as the mature, of a
selection of
and that law enforcing officers and agencies were not energetically per- scandalous and defamatory articles treated in such
a way as to excite
forming their duties."
attention and interest so as to command circulation. . . . The statute
is not directed at threatened libel but at an existing business which,generally
Constitutional Immunity.
The provision of the statute, as applied, Chief Justice Hughes declared, speaking, involves more than libel. The distribution of scandalous matter
Is invalid, even though the purpose of the statute be to prevent the circula- is detrimental to public morals and to the general welfare. It tends to
tion of scandal which tends to disturb the public peace and to provoke disturb the peace of the community.
"Being defamatory and malicious, it tends to provoke assaults and the
assaults and the commission of crime, and although the fact that the truth
was published with good motives and for justifiable ends was available as commission of crime. It has no concern with the publication of the truth,
with good motives and for justifiable ends. . . . In Minnesota no agency
a defense to the publisher.
Liberty ofthe press,as guaranteed by the Federal Constitution. the major can hush the sincere and honest voice of the press; but our Constitution
was
never intended to protect malice, scandal and defamation when untrue
ity ruling held, provides immunity from previous restraints of censorship.
The fact that liberty of the press may be abused by "miscreant purveyors" or published with bad motives or without justifiable ends. . .. It was
of scandal was said not to make such immunity any the less necessary never the intention of the Constitution to afford protection to a publicain dealing with official misconduct, particularly since "subsequent punish- tion devoted to scandal and defamation. . . . Defendants stand before
us upon the record as being regularly and customarily engaged in a busiment of such abuses is the appropriate remedy."
The decision of the court was said by Justice Butler to declare "Min- ness of conducting a newspaper sending to the public malicious, scandalous
nesota and every other State powerless to restrain by injunction the busi- and defamatory printed matter."
The case was remanded to the district court.
ness of publishing and circulating among the people malicious, scandalous
Near's answer made no allegations to excuse or justify the business or
and defamatory periodicals that in due course of judicial procedure have
been adjudged to be a public nuisance. It gives to 'freedom of the press' the articles complained of. It formally denied that the publications were
a meaning and a scope not heretofore recognized and construes 'liberty' malicious, scandalous or defamatory, admitted that they were made as
in the due process clause of the Fourteenth Amendment to put upon the alleged, and attacked the statute as unconstitutional. At the trial the
plaintiff introduced evidence unquestionably sufficient to support the
States a Federal restriction that is without precedent."
The fact that for approximately 150 years there has been almost an entire complaint. The defendant offered none.
The court found the facts as alleged in the complaint and specifically
absence of attempts "to impose previous restraints upon publications relating to the malfeasance of public officers is significant. Chief Justice that each edition "was chiefly devoted to malicious, scandalous and defamatory
Hughes declared "of the deep-seated conviction that such restraint would
articles" and that the last edition was chiefly devoted to malicious,
scandalous and defamatory articles concerning Leach (Mayor of Minneviolate constitutional right."
The Chief Justice said that "the fact that the liberty of the press may be apolis), Davis (representative of the law enforcement league of citizens),
abused by miscreant purveyors ofscandal does not make any the less neces- Brunskill (Chief of Police). Olson (County attorney), the Jewish race and
sary tho immunity of the press from previous restraint in dealing with members of the grand jury then serving in that court; that defendants in
and through the several publications "did thereby engage in the business
official misconduct."
Mr. Justice Butler declared that "existing libel laws are inadequate of regularly and customarily producing, publishing and circulating a malieffectively to suppress evils resulting from the kind of business and publica- cious, scandalous and defamatory newspaper."
tions that are shown in this case. "The doctrine," he concluded. "that
Declares Identical Issues Already Passed Upon.
measures such as the one before us are invalid because they operate as
Defendant Near again appealed to the Supreme Court, In Its opinion
previous restraints to infringe freedom of press exposes the peace and good
order of every community and the business and private affairs of every (179 Minn.. 40) the court said: "No claim is advanced that the method
individual to the constant and protracted false and malisious assaults of and character of the operation of the newspaper in question was not a
any insolvent publisher who may have purpose and sufficient capacity to nuisance if the statute is constitutional. It was regularly and customarily
contrive and put into effect a scheme or program for oppression, blackmail devoted largely to malicious, scandalous and defamatory matter. • * •
The record presents the same questions,upon which we have already passed."
or extortion.
Defendant concedes that the editions of the newspaper complained of are
Further below we give the majority opinion; in part the "defamatory
per se." And he says: "It has been asserted that the Condissenting opinion (as reported in the "United States Daily") stitution was never intended to be a shield for malice, scandal and defamation when untrue, or published with bad motives, or for unjustifiable
ends.
follows:
• • • The contrary is true; every persons does
have a constitutional
54
FINANCIAL CHRONICLE
matter though
right to publish malicious, scandalous and defamatory
ends, in the first inuntrue, and with bad motives, and for unjustifiable
therefor afterward." The
stance, though he is subject to responsibility
requires that conrecord, when the substance of the articles is regarded,
validity of the State
cession here. And this court is required to pass on the
[VOL. 133.
Without attempting to summarize the contents of the voluminous
exhibits attached to the complaint, we deem it sufficient to say that the
articles charged in substance that a Jewish gangster was in control of gambling. bootlegging and racketeering in Minneapolis, and that law enforcing
officers and agencies were not energetically performing their duties.
Most of the charges were directed against the Chief of Police: he was
charged with gross neglect of duty, illicit relations with gangsters, and with
participation in graft. The county Attorney was charged with knowing
remedy
the existing conditions and with failure to take adequate measures to
them. The mayor was accused of Inefficiency and dereliction. One memgangsters.
the
with
sympathy
in
ber of the grand Jury was stated to be
A special grand jury and a special prosecutor were demanded to deal with
the situation in general, and, in Particular, to investigate an attempt to
assassinate one Guilford, one of the original defendants, who, it appears
from the articles, was shot by gangsters after the first issue of the periodical
had been published. There is no question but what the articles made serious
accusations against the public officers named and others in connection with
the prevalence of crimes.
At the beginning of the action on Nov. 22 1927, and upon the verified
complaint, an order was made directing the defendants to show cause why
dea temporary injunction should not issue and meanwhile forbidding the
fendants to publish, circulate or have in their possession any editions of
from
and
Inclusive,
1927.
the periodical from Sept. 24 1927 to Nov. 19
publishing, circulating, or having in their possession, "any future editions
of said 'The Saturday Press'"and "any publication, known by any other
name whatsoever containing malicious, scandalous and defamatory matter
of the kind alleged in plaintiff's complaint herein or otherwise."
law on that basis.
concerning the releNo question was raised below and there is none here
or other matters
vancy of weight of evidence, burden of proof, justification
to enforce it or the
of defense, the scope of the judgment or proceedings
ng the
notwithstandi
made
character of the publications that may be
injunction.
may not interpose
There is no basis for the suggestion that defendants
open to them in a
any defense or introduce any evidence that would be
that the publishowing
by
libel case or that malice may not be negatived
that at the time and
cation was made in good faith in belief of its truth or
on public affairs
under the circumstances it was justified as a fair comment
duties as such.
or upon the conduct of public officers in respect of their
10113.
10112,
See Mason's Minnesota Statutes, Sections
Scope of Judgment Declared Not Reviewable.
opinion of the
The scope of the judgment is not reviewable here. The
because deState Supreme Court shows that it was not reviewable there
form of the
the
to
fendants' assignments of error in that court did not go
to modify
judgment and because the lower court had not been asked
the judgment.
of police, and this
The Act was passed in the exertion of the State's power
the contrary is
court is by well-established rule required to assume, until
state of affairs that
clearly made to appear that there exists in Minnesota a
Demurrer to Complaint Filed by Defendants.
peace and good order
justifies this measure for the preservation of the
The defendants demurred to the complaint upon the ground that it did
U. S., 61, 79;
220
Co..
Gas
Carbonic
Natural
vs.
Lindaley
State.
the
of
vs. Lowe, not state facts sufficient to constitute a cause of action, and on this demurrer
Gitlow vs. New York, supra. 668-669; Corporation Commission
282 U. S., challenged the constitutionality of the statute. The district court overruled
281 U. S.. 431, 438; O'Gorman & Young vs. Hartford Ins. Co..
the demurrer and certified the question of constitutionality to the Supreme
251. 257-258.
Court of the State. The Supreme Court sustained the statute (174 Minn.
States
457). and it is conceded by the appellee that the Act was thus held to be
The majority decision, as given in the "United
valid over the objection that It violated not only the State Constitution,
Daily" is annexed.
but also the Fourteenth Amendment of the Constitution of the United
Attorney.
County
States.
J. M. Near v. State of Minnesota ex eel, Floyd B. Olson,
the
from
appeal
On
91.
&c.. Supreme Court of the United States. No.
e
Thereupon the defendant Near. the present appellant, answered the
He averred that he was the sole owner and proprietor of the
rn" Supreme Court of the State of Minnesota.
Edward C. complaint. in question. He admitted the publication of the articles in
and
Ellis
Howard
Latimer,
E.
(Thomas
Kirkland
Weymouth
publication
Caldwell with him on the brief), for the appellant: James E.Markham, the issues described in the complaint, but denied that they were malicious.
Deputy Attorney General of Minnesota, and Arthur L. Markve, scandalous or defamatory as alleged. He expressly invoked the protection
of
Assistant County Attorney (Henry N. Benson. Attorney General
of the due-process clause of the Fourteenth Amendment.
Minnesota, Ed. J. Goff and William C. Larson, Assistant County
The case then came on for trial. The plaintiff offered in evidence the
Attorney, with him on the brief), for the appellee.
verified complaint. together with the Issues of the publication in question,
which were attached to the complaint as exhibits. The defendant objected
OPINION OF THE COURT,JUNE 1 1931.
to the Introduction of the evidence, invoking the constitutional provisions
Mr. Chief Justice Hughes delivered the opinion of the Court.
to which his answer referred.
Chapter 285 of the Session Laws of Minnesota for the year 1925 (Note
The objection was overruled, no further evidence was; presented, and the
a "malicious,
No. 1) provides for the abatement, as a public nuisance, of
plaintiff rested. The defendant then rested, without offering evidence.
scandalous and defamatory newspaper, magazine or other periodical." The plaintiff moved that the court direct the issue of a permanent injunction,
Section one of the Act is as follows:
or employe and this was done.
Section 1. Any person who, as an individual, or as a member
The district court made findings of fact, which followed the allegations
officer, director, member
of a firm or association or organization or asinanthe
or of the complaint and found in general terms that the editions in question
regularly
of
business
engaged
be
shall
corporation,
a
of
or employe
sellpossession,
in
having
were "chiefly devoted to malicious, scandalous and defamatory ar lc es,"
customarily producing, publishing or circulating,
ing or giving away,
concerning the individual named. The court further found that the deor
other
magazine,
newspaper,
and
lascivious
lewd
(a) An obscene,
fendants through these publications "did engage in the business of regularly
periodical,or
newspaper, magazine or and customarily producing, publishing and circulating a malicious, seandal(b) a malicious, scandalous and defamatory
nuisof
such
guilty
persons
all
and
other periodical, is guilty of a nuisance
out, and defamatory newspaper," and that "the said publication" "under
ance may be enjoined, as hereinafter provided. a commission of such nuis- said name of"The Saturday Press." or any other name,constitutes a public
Participation in such business shall constitute
orders
proceedings,
the
nuisance under the laws of the State.
ance and render the participant liable and subject to
in whole or in part,
Judgment was thereupon entered adjudging that "the newspaper. magaand judgments provided for in this Act. Ownership,
or
in
stock
interest
any
of
or
such
periodical,
any
of
Press," as a public„nuisanCe.
directly or indirectly,
in whole or in part zine and periodical known as The Saturday
any corporation or organization which owns the same
'be and is hereby abated."
participation.
or which publishes the same,shall constitute such
the
defense
available
be
In actions brought under (b) above, there shall
Periodical Ordered Abated as Nuisance.
justifiable ends and
that the truth was published with good motives and for
right to report (sic) to issues
The judgment perpetually enjoined the defendants "from producing,
In such actions the plaintiff shall not have the
the
before
editing, publishing, circulating, having in their possession. selling or giving
or editions of periodicals taking place more than three months
commencement of the action.
away any publication whatsoever which is a malicious. scandalous Or
Attorney.
defamatory newspaper, as defined by law." and also "from further conProvision for Action by County
or ducting said nuisance under the name and title of said The Saturday Press
Section 2 provides that whenever any such nuisance is committed
is or any other name or title."
exists, the county attorney of any county where any such periodical
The defendant Near appealed from this judgment to the Supreme Court
published or circulated, or, in ease of his failure or refusal to proceed upon
General or of the State. again asserting his right under the Federal Constitution, and
written request in good faith of a reputable citizen. the Attorney
may main- the judgtiwnt was affirmed upon the authorley of the former decision.
upon like failure or refusal of the latter, any citizen of the county.
of the State 179 Minn. 40.
tain an action in the district court of the county in the name
With respect to the contention that the judgment went too far, and
maintaining any such
to enjoin perpetually the persons committing or
such evidence as prevented the defendants from publishing any kind of a newspaper, the
nuisance from further committing or maintaining it. Upon
may be granted. court observed that the assignments of error did not go to the form of the
the court shall deem sufficient, a temporary injunction
answer, and the judgment and that the lower court had not been asked to modify it.
The defendants have the right to plead by demurrer or
The court added that it saw no reason "for defendants to construe the
plaintiff may demur or reply as in other cases.
and procedure judgment as restraining them from operating a newspaper In harmony
practice
the
by
"governed
be
to
is
3.
Section
by
action,
The
with the public welfare. to which all must yield." that the allegations of
applicable to civil action; for injunctions." and after trial the court may
found guilty of the complaint had been found to be true, and though this was an equitable
enter judgment permanently enjoining the defendants
and by such action. defendants had not indicated a desire "to conduct their business
violating the Act from continuing the violation and. "In
empowered. in the usual and legitimate manner."
is
court
The
abated."
be
wholly
may
nuisance
such
judgment.
From the judgment as thus affirmed, the defendant Near appeals:te
disobedience to a temporary or
punish
to
contempt,
of
cases
other
as in
this court.
permanent injunction by fine of not more than $1.000 or by Imprisonment
This statute, for the suppression as a public nuisance of a newspaper
months.
in the county jail for not more than 12
or periodical. Is unusual, If not unique, and raises questions of grave ImSought to En'oin Publication of Periodical.
portance transcending the local interests involved In the particular action.
county attorney of HenneIt Is no longer open to doubt that the liberty of the press, and of speech,
Under this statute (Section 1. clause) (b). the
dewas
what
to enjoin the publication of
is within the liberty safeguarded by the due process clause of the Fourpin County brought this action
magazine
newspaper,
defamatory
and
teenth Amendment from invasion by State action. It was found imposscribed as a "malicious, scandalous
"The Saturday Press." published by the de- sible to conclude that this essential personal liberty of the citizen was left
and periodical." known as
Minneapolis.
unprotected by the general guaranty of fundamental rights of person and
fendants in the City of
on Sept. 24 1927. and on eight property. Gitiow vs. New York. 268 U. S. 652. 666; Whitney vs Calif.,
The complaint alleged that the defendants,
and
circulated
published
1927.
274 U. S. 357. 362, 373: Fiske vs. Kansas, 274 U. S. 380. 382; Stromberg
subsequent dates in October and November.
were "largely devoted to malicious. vs. Calif., decided May 18 1931.
editions of that periodical which
concerning Charles G. Davis. Frank
In maintaining this guaranty. the authority of the State to enact laws
scandalous and defamatory articles"
Tribune." the "Minneapolis Journal,- to promote the health, safety, morals and general welfare of its people. is
W. Brunskill. the "Minneapolis
the
of
members
Jewish race, the
necessarily admitted. The limits of this sovereign power must always be
Melvin 0. Passolt. George E. Leach. the
In November, 1927. and then determined with appropriate regard to the particular subject of its exercise.
grand jury of Hennepin County impaneled
fully appeared In exhibits annexed Thus, while recognizing the broad discretion of the Legislature In fixing
holding °Mee, and other persons. as more
the articles described and consti- rates to be charged by those undertaking a public service, this court has
to the complaint, consisting of copies of
decided that the owner cannot constitutionally be deprived of his right to
tuting 327 pages of the record.
s fair return, because that is deemed to be of the essence of ownership.
Substance of Articles in Question Quoted.
Commission Cases, 116 U S. 307, 331; Northern Pacific Railway
the briefs of both Railroad
While the complaint did not so allege. It appears from
Co. vs. North Dakota. 236 U. S. 585, 596.
officer
enforcement
employed
law
parties that Charles 0.Davis was a special
So, while liberty of contract is not an absolute right, and the wide field
by a civic organization. that George E Leach was Mayor of Minneapolis. a activity in the making of contracts is subject to loglalativr. supervision
that Frank W Brunskill was its Chief of Police, and that Floyd B. Olson (Friable vs United States. 157 U. 8. 161. 165) this court has held that the
4.- LI- '.:P
(the relator in this action) was County Attorney.
power of the State stops short of interference with what are deemed to be
certain Indispensable requirements of the liberty assured, notably with
1. &WOWS Minnesota Statutes, 1927, 10123-1 to 10123-3.
JULY 4 1931.]
FINANCIAL CHRONICLE
respect to the fixing of prices and wages. Tyson vs. Banton, 273 U. S.
418; Ribnik vs. McBride, 277 U. S. 350: Adkins vs. Children's Hospital,
261 U. S. 525. 560, 561. Liberty and speech of the press, is also not an
absolute right, and the State may punish its abuse. Whitney vs. Calif.,
supra; Stromberg vs. Calif., supra. Liberty, in each of its phases, has its
history and connotation and, in the present instance, the Inquiry is as to
the historic conception of the liberty of the press and whether the statute
under review violates the essential attributes of that liberty.
55
This suppression is accomplished by enjoining publication and that
restraint is the object and effect of the statute.
Effective Censorship for the Publisher.
Fourth. The statute not only operates to suppress the offending newspaper or periodical but to put the publisher under an effective censorship.
When a newspaper or periodical is found to be "malicious, scandalous and
defamatory," and is suppressed as such, resumption of publication is
Punishable as a contempt of court by fine or imprisonment.
Thus, where a newspaper or periodical has been suppressed because of
the circulation of charges against public officers of official misconduct, it
would seem to be clear that the renewal of the publication of such charges
would constitute a contempt and that the judgment would lay a permanent
restraint upon the publisher, to escape which he must satisfy the court as
to the character of a new publication. Whether he would be permitted
again to publish matter deemed to be derogatory to the same or other
public officers would depend upon the court's ruling.
In the present instance the judgment restrained the defendants from
"publishing, circulating, having in their possession, selling or giving away
any publication whatsoever which Is a malicious, scandalous or defamatory
newspaper, as defined by law." The law gives no definition except that
covered by the words "scandalous and defamatory," and publications
charging official misconduct are of that class
White the court, answering the objection that the judgment was too
broad, saw no reason for construing it as restraining the defendants "from
operating a newspaper In harmony with the public welfare to whit h all
must yleid." and said that the defendants had not indicated "any desire
to conduct their business In the usual and legitimate manner." the manifest
Inference is that, at least with respect to a new publication directed against
oMcial misconduct, the defendant would be held. under penalty of Punishment for contempt as provided in the statute, to a manner of publication
which the court considered to be "usual and legitimate" and consistent
with the public welfare.
Statutes Tested by Operation and Effect.
The appellee insists that the questions of the application of the statute
to appellant's periodical, and of the construction of the judgment of the
trial court, are not presented for review; that appellant's sole attack was
upon the constitutionality of the statute, however it might be applied.
The appellee contends that no question either of motive In the publication,
or whether the decree goes beyond the direction of the statute, is before us.
The appellant replies that, in his view, the plain terms of the statute were
not departed from in this case and that, even if they were, the statute is
nevertheless unconstitutional under any reasonable construction of its terms.
The appellant states that he has not argued that the temporary and
permanent injunctions were broader than were warranted by the statute;
he Insists that what was done was properly done If the statute is valid,
and that the action taken under the statute is a fair indication of its scope.
With respect to these contentions it Is enough to say that in passing
upon constitutional questions the court has regard to substance and not
to mere matters of form, and that, in accordance with familiar principles.
the statute must be tested by its operation and effect. Henderson vs.
Mayor. 92 U. S. 259, 268; Bailey vs. Alabama, 219 U. S. 219, 244; United
States vs. Reynolds. 235 U. 61. 133, 148, 149: St. Louis Southwestern Railway Co. vs. Arkansas 235 U. S. 350, 362; Mountain Timber Co. vs. Washington. 243 U. S. 219, 237.
That operation and effect we think is clearly shown by the record In
this case. We are not concerned with mere errors of the trial court, if
there be such, In going beyond the direction of the statute as construed
Denunciation in England of Press Censorship.
by the Supreme Court of the State. It Is thus important to note precisely
If we cut through mere details of procedure, the operation and effect of
the purpose and effect of the statute as the State court has construed it.
the
statute in substance is that public authorities may bring the owner or
First. The statute is not aimed at the redress of individual or private
wrongs. Remedies for libel remain available and unaffected. The statute, publisher of a newspaper or periodical before a judge upon a charge of
said the State court, "is not directed at threatened libel but at an existing conducting a business of publishing scandalous and defamatory matter—
in particular that the matter consists of
business which, generally speaking. Involves more than libel."
charges against public officers of
It is aimed at the distribution of scandalous matter as "detrimental to official dereliction—and unless the owner or publisher is able and disposed
public morals and to the general welfare," tending "to disturb the peace to bring competent evidence to satisfy the judge that the charges are true
of the community" and "to provoke assaults and the commission of crime." and are published with good motives and for Justifiable ends, his newspaper
In order to obtain an injunction to suppress the future publication of or periodical is suppressed and further publication is made punishable as a
the newspaper or periodical, it is not necessary to prove the falsity of the contempt. This is the essence of censorship.
The question is whether a statute authorizing
Charges that have been made in the publication condemned. In the
such proceedings in
present action there was no allegation that the matter published was not restraint of publication Is consistent with the conception of the liberty of
true. It is alleged, and the statute requires the allegation, that the publi- the press as historically conceived and guaranteed. In determining the
cation was "malicious." But. as In prosecutions for libel, there is no extent of the constitutional protection it has been generally, if not univerrequirement of proof by the State of malice in fact as distinguished from sally, considered that it is the chief purpose of the guaranty to prevent
malice inferred from the mere publication of the defamatory matter. previous restraints upon publication.
The struggle in England, directed against
(Note No. 2). The judgment in this case proceeded upon the mere proof
the legislative power of the
of publication. The statute permits the defense, not of the truth alone, licensor. resulted in renunciation of the censorship of the press. (Note No.
4).
The liberty deemed to be established
but only that the truth was published with good motives and for justificwas thus described by Blackstone: "The liberty of the press is indeed
able ends.
essential to the nature of a free
It is apparent that under the statute the publication is to be regarded State; but this consists in laying no previous restraints upon publications.
as defamatory if it injuries reputation, and that it is scandalous if it cir- and not in freedom from censure from criminal matter when published.
culates charges of reprehensible conduct, whether criminal or otherwise. Every freeman has an undoubted right to lay what sentiments he pleases
and the publication is thus deemed to invite public reprobation and to before the public; to forbid this, is to destroy the freedom of the press;
but if be publishes what is improper.
constitute a public scandal.
mischeivious or illegal, he must take
The court sharply defined the purpose of the statute, bringing out the the consequences of his own temerity." 4 BI. Com. 151. 152;
see Story
precise point. in these words: "There is no constitutional right to publish on the Constitution, secs. 1884. 1889.
a fact merely because it is true. It is a matter of common knowledge that
The distinction was early pointed out between
the extent of the freedom
prosecutions under the criminal libel statutes do not result in efficient with respect to censorship under our constitutional
system and that enjoyed
repression or suppression of the evils of scandal. Men who are the victims in England. Here, as Madison said, "the
great and essential rights of the
of such assaults seldom resort to courts. This is especially true if their people are secured against legislative as well as
against executive ambition.
sins are exposed and the only question relates to whether it was done with They are secured, not by laws paramount
to prerogative. but by constitugood motives and for justifiable ends. This law is not for the protection tions paramount to laws. This security of
the freedom of the press requires
of the person attacked nor to punish the wrongdoer. It is for the protection that it should be exempt not only from previous restraint by the Executive,
as in Great Britain, but from legislative
of the public welfare."
restraint also." Report on the
Second. The statute Is directed not simply at the circulation of scanda- Virginia Resolutions, Madison's Works, Volume IV, page 543.
This Court said, in Patterson vs. Colorado.
ous and defamatory statements with regard to private citizens, but at the
205 U. S. 454. 462: "In the
continued publication by newspapers and periodicals of charges against first place, the main purpose of such constitutional provisions
is 'to Prevent
public officers of corruption, malfeasance in office, or serious neglect of all such previous restraints upon publications as had been practiced
by
duty. Such charges by their very nature create a public scandal. They other governments,' and they do not prevent the subsequent punishment
are scandalous and defamatory within the meaning of t he statute, which of such as may be deemed contrary to the public welfare. Commonhas its normal operation in relation to publications dealing prominently wealth vs. Blanding, 3 Pick,364,313. 314: Respublica vs. Oswald, 1 Dallas,
319, 325. The preliminary freedom extends
and chiefly with the alleged derelictions of public officers. (Note No.3).
as well to the false as to the
true; the subsequent punishment may extend
as well to the true as to the
Purpose of the Law as Defined by Court.
false. This was the law of criminal libel apart from statute in most cases,
Third. The object of the statute is not punishment, in the ordinary if not in all. Commonwealth vs.
Blanding, ubl sup.;4 BI. Com,150."
sense, but suppression of the offending newspaper or periodical. The
Ground of Criticism of Blackstone's Statement.
reason for the enactment, as the State court has said. Is that prosecutions
The criticism upon Blackstone's statement has not been because immuto enforce penal statutes for libel do not result in "efficient repression or
nity from previous restraint upon publication
suppression of the evils of scandal."
has not been regarded as
Describing the business of publication as a public nuisance does not deserving of special emphasis, but chiefly because that immunity cannot
obscure the substance of the proceeding which the statute authorizes. It be deemed to exhaust the conception of the liberty guaranteed by State
is the continued publication of scandalous and defamatory matter that and Federal constitution. The point of criticism has been "that the
constitutes the business and the declared nuisance. In the case of public mere exemption from previous restraints cannot be all that Is secured bY
officers it is the reiteration of charges of official misconduct, and the fact the constitutional provisions" and that "the liberty of the press might be
that the newspaper or periodical devoted to that purpose, exposes it to rendered a mockery and a delusion, and the phrase Itself a by-word. if,
while every man was at liberty to publish what he pleased. the public
suppression.
In the present Instance the proof was that nine editions of the newspaper authorities might nevertheless punish him for harmless publications?'
or periodical were published on successive dates, and that they were chiefly 2 Cooley, Const. Lim. 8th ed., p. 885.
But it Is recognized that punishment for the abuse of the liberty accorded
devoted to charges against public officers and in relation to the prevalence
and protection of crime. In such a case these officers are not left to their to the press Is essential to the protection of the public, and that the Common
law
rules that subject the libeler to responsibility for the public offense, as
ordinary remedy in a suit for libel, or the authorities to a prosecution for
well as for the private injury, are not abolished by the protection extended
criminal libel.
Under this statute a publisher of a newspaper or periodical, undertaking In our constitutions, id pp. 883. 8S4. The law of criminal libel rests upon
to conduct a campaign to expose and to censure official derelictions, and that secure foundation. There is also the conceded authority of courts
devoting his publication principally to that purpose, must face not simply to punish for contempt when publications directly tend to prevent the proper
the possibility of a verdict against him in a suit or prosecution for libel, discharge of judicial functions. Patterson v. Colorado. supra; Toledo
but a determination that his newspaper or periodical is a public nuisance Newspaper Co. v. United States. 247 U. S. 402. 419 (Note No. 5.) In
to be abated, and that this abatement and suppression will follow unless the present case, we have no occasion to Inquire as to the permissible scope
Mills prepared with legal evidence to prove the truth of the charges and also of subsequent punishment. For whatever wrong the appellant has comto satisfy the court that, In addition to being true, the matter was published mitted or may commit, by his publication. the State appropriately affords
both public and private redress by its libel laws. As has been noted, the
with good motives and for Justifiable ends.
statute in question does not deal with punishment, it provides for no punish2. Mason's Minn. Statutes, 10112, 10113; State vs. Shipman; 83 Minn. 441, ment. except
in case of contempt for violation of the court's order, but
445: State vs. Minor. 163 Minn. Hi% 110.
for suppression and injunction, that is. for restraint upon publication.
3. It may also be observed that In a prosecution for libel the applicable Minn.
statute (Mason's Minn. Statutes, 1927, secs 10112, 10113), provides that the pub4. May, Constitutional History of England, vol. 2, chap. TX. p 4; DeLoime;
lication Is Justified "whenever the matter charged as libelous is true and was pub- Commentaries
on the Constitution of England, chap. IX, pp. 31g, 819,
lished with good motives and for justifiable ends," and also "Ls excused when hon5, See Huggonson's Case. 2 Atk. 469: RespublIca vs. Oswald, 1 Dallas 343;
estly made, in belief of Its truth, and upon reasonable grounds for such belief, and
consists of fair comments upon the conduct of a person In respect to public affairs." Cooper vs. People, 13 Col. 337, 37'3: Nebraska vs. Hosewater, 60 Neb, 438: State
vs. Tugwell: 19 Wash. 236: People VS. Wilson, 64 111, 195;
The clause last mentioned is not found in the statute In question.
Stem vs. People, 9
Ill. 45; State vs. Circuit Court. 97 Wis. 1.
56
FINANCIAL CHRONICLE
immunity from
The objection has also been made that the principle as to
restraint is deemed
previous restraint is stated too broadly, if every such
even as to
protection
the
true;
to be prohibited. That is undoubtedly
limitation has been
previous restraint Is not absolutely unlimited. But the
is at war many
recognized only In exceptional cases. "When a nation
hindrance to its effort
things that might be said in time of peace are such a
as men fight and that no
that their utterance will not be endured so long
Schenck
court could regard them as protected by any constitutional right."
one would question but that a
v. United States, 249 U. S. 47, 52. No
or
service
recruiting
its
to
Government might prevent actual obstruction
or the number and location
the pubdcation of the sailing dates of transports
the primary requirements of
of troops. (Note No.6) On similar grounds,
The security of
decency may be enforced against obscene publications.
to acts of violence
incitements
against
the community life may be protected
constitutional
and the overthrow by force of orderly Government. The
guaranty of free speech does not "protect a man from an injunction against
Buck
uttering words that may have all the effect of force. Gompers v.
supra.
Stove & Range Co.,221 U. 8.418.439." Schenck v. United States,
These limitations are not applicable here. Nor aro we now concerned
order
with questions as to the extent of authority to prevent publications in
the exercise
to protect private rights according to the principles governing
7.)
No.
of the jurisdiction of courts of equity. (Note
Quotes View of Chief Justice Parker.
The exceptional nature of its limitations places in a strong light the
general conception that liberty of the press, historically considered and
not
taken up by the Federcal Constitution. has meant, principally although
exclusively, immunity from previous retrainst or censorship. The concepexition of the liberty of the press in this country had broadened with the
gencies of the colonial period and with the efforts to secure freedom from
especially
was
liberty
That
8.)
No.
(Note
oppressive administration.
cherished for the Immunity it afforded from previous restraint of the publication of censure of public officers and charges of official misconduct.
As was said by Chief Justice Parker. in Commonwealth v. Blending.
3 Pick. 304, 313, with respect to the constitution of Massachusetts: "Besides, it is well understood and received as a commentary on this provision
for the liberty of the press, that it was intended to prevent all such previous
restraints upon publications as had been practiced by other Governments,
and in early times here, to stifle the efforts of patriots towards enlightening
their fellow subjects upon their rights and the duties of rulers. The liberty
of the press was to be unrestrained, but he who used it was to be responsible
in case of its abuse."
In the letter sent by the Continental Congress (Oct. 26 1774) to the inhabitants of Quebec, referring to the "five great rights" it was said: (Note
No. 9)"The last right we shall mention, regards the freedom of the press.
The importance of this consists, besides the advancement of truth, science.
morality, and arts in general. In its diffusion of liberal sentiments on the
administration of Government, its ready communication of thoughts between subjects, and its consequential promotion of union among them.
whereby oppressive officers are shamed or intimated, into more honorable
and just modes of conducting affairs." Madison, who was the leading
spirit in the preparation of the First Amendment of the Federal Constitution. thus described the practice and sentiment which led to the guaranties of liberty of the press in State constitutions:(Note No. 10)•
In every State, probably, in the Union. the press has exerted a freedom
in canvassing the merits and measure of public men of every description,
which has not been confined to the strict limits of the common law. On
this footing, the freedom of the press has stood, on this footing it yet stands.
. Some degree of abuse is inseparable from the proper use of everyand in no instance is this more true than in that of the press.
It has accordingly been decided by the practice of the States, that it is
better to leave a few of the noxious branches to their luxuriant growth
than by pruning them away, to injure the vigor of those yielding the proper
fruits. And can the wisdom of this policy be doubted by any who reflect
that to the press alone, chequered as it is with abuses, the world Is indebted for all the triumphs which have been gained by reason and humanity
over error and oppression; who reflects that to the same beneficent source
the United States owe much of the lights which conducted them to the ranks
of a free and independent nation, and, which have improved their political
system into a shape so suspicious to their happiness?
Had "Sedition Act," forbidding every publication that might bring the
constituted agents into contempt or disrepute, or that might excite the
hatred of the people against the authors of unjust or pernicious measures,
been uniformly enforced against the press, might not the United States have
been languishing at this day under the infirmities of a sickly Confederation?
Might they not, possibly be miserable colonies, groaning under a foreign
yoke?
Long Absence of Attempts at Previous Restraints.
The fact that for approximately 150 years there. has been almost an
entire absence of attempts to Impose previous restraints upon publications
relating to the malfesance of public officers Is significant of the deep-seated
conviction that such restraint would violate constitutional right. Public
officers, whose character and conduct remain open to debate and free
discussion in the press, find their remedies for false accustIons In actions
Under libel laws providing for redress and punishment, and not in proceedings to restrain the publication of newspapers and periodicals.
The general principle that the constitutional guaranty of the liberty of
the press give immunity from previous restraints, has been approved in
many decisions under the provisions of State constitutions. (Note No. 11).
The Importance of this immunity has not lessened. While reckless assaults upon public men, and efforts to bring obloquy upon those who are
endeavoring faithfully to discharge official duties, exert a baleful Influence
and deserve the severest condemnation in public opinion, It cannot be said
that this abuse is greater, and it is believed to be less, than that which
characterized the period in which our Institutions took shape.
Meanwhile, the administration of government has become more complex
multiplied, crime has
the opportunities for maifesance and corruption have
proportions, and the danger of Its protection by
grown to most serious
of
Unfaithful officials and of the impairment of the fundamental security
and official neglect, emphasize the
life and property by criminal alliances
great
in
cities.
especially
press,
courageous
and
primary need of a vigilant
The fact that the liberty of the press may be absused by miscreant pure. Chafes. Freedom of Speech. p. 10.
7, Bee Harvard Law Review. 640.
the Press in Massachu8. Bee Duniway, "The Development of Freedom of
setts." p. 123; Bancroft's History of the United States, vol. 2, 261.
1, DD. 104, 108.
vol.
ed.,
1904
9. Journal of the Continental Congress,
10. Report en the "Virginia Resolutions," Madison's Works, vol. IV.. 544.
St Co. vs. Town11. Dailey vs. Superior Court, 112 Cal. 94, 98; Jones, Vacuum
Judge, 34 La. 741, 743:
send's Adms., 21 Fla. 431 450: State ex rel. Liversey vs. vs. Montana Federation
Commonwealth vs. handing. 3 Pick. 304, 313; Lindsay
Co., 100 Neb, 39, 42:
of Labor, 37 Mont. 264, 275, 277; Ilowell vs. Bee PublishingBrandreth
vs. Lane, 8
New Yorker Staats-Zeltung vs. Nolan, 89 N. J. Eq. 387;
188; Ulster
Paige, 24; New York Juvenile Guardian Society vs. Roosevelt, 7 Daly,170
Brush,
Id. 987;
vs.
Co.
Star
Square Dealer vs. Fowler, 111 N. Y. Supp., 16;
172 Id. 851; Dopy vs. Doll, 9 Ohio Dec. Rep. 428: Respublica vs. Oswald, 1 Dail,
269; Es parts Neill, 32 Tex. Cr. 275:
319, 325; RespublIca vs. Dennle. 4 Vesta],
Mitchell vs. Grand Lodge, 56 Tex, CIA, App.
267.306, 309; Sweeney vs. Baker, 13 W.
Va. 158, 182; Citizens Light, Heat & Power Co. vs. Montgomery Light dr Water
1004 1010' Dearborn Pub171
Co.,
Fed. 553, .556; Willis vs. O'Connell 231
lishbv Co. vs. Fitzgerald, 271 Fed. 479;485,
'
Fed*
[Vol,. 133.
veyors ofscandals does not make any the less necessary the immunity of the
press from previous restraint in dealing with official misconduct. Subsequent for such absuses as may exist is the appropriate remedy, consistent
with constitutional privilege.
In attempted justification of the statute, it is said that it deals not with
publication per se, but with the "business" of publishing defamation. If,
however, the publisher has a constitutional right to publish, without previous restraint, an edition of his newspaper charging official derelictions,
it can not be denied that he may publish subsequent editions for the same
Purpose. He does not lose his right by exercising it.
If his right exists, it may be exercised in publishing nine editions, as in
this case, as well as in one edition. If previous restraint is permissible, it
may be imposed at once; indeed the wrong may be as serious in one publication as in several. Characterizing the publication as a business, and the
business as a nuisance, does not permit an invasion of the constitutional
immunity against restraint.
Similarly, it does not matter that the newspaper or periodical is found to
be "largely" or "chiefly" devoted to the publication of such derelictions.
If the publisher has a right, without previous restraint, to publish them,
his right can not be deemed to be dependent upon his publishing something
else, more or less, with the matter to which objection is made.
Nor can it be said that the constitutional freedom from previous restraint
is lost because charges are made of derelictions which constitute crimes.
With the multiplying provisions of penal codes, and of municipal charters
and ordinances carrying penal sanctions, the conduct of public officers is
very largely within the purview of criminal statutes. The freedom of the
press from previous restrains has never been regarded as limited to such
animadversions as lay outside the range of penal enactments. Historically,
there is no such limitation; it is Inconsistent with the reason which underlies
the privilege, as the privilege so limited would be of slight value for the
purposes for which it came to be established.
The statute in question cannot be justified by reason of the fact that the
publisher is permitted to show, before injunction teems, that the matter
published is true and is published with good motives and for justificable ende.
Ifsuch a statute, authorizing suppression and injunction on such a basis,
is constitutionally valid, It would be equally permissible for the Legislature
to provide that at any time the publisher of any newspaper could be brought
before a court, or even an administrative officer (as the constitutional
protection may not be regarded as resting on mere procedural details) and
required to produce proof of the truth of his publication. or of what he
intended to publish, and of his motives, or stand enjoined.
If this can be done, the Legislature may provide machinery for determining in the complete exercise of its discretion what are justifiable ends and
restrain publication accordingly. And it would be but a step to a complete
system of censorship.
The recognition of authority to impose previous restraint upon publication in order to protect the community against the circulation of charges
of misconduct, and especially of official misconduct, necessarily would
carry with it the admission of the authority of the censor against which the
constitutional barrier was erected. The preliminary freedom, by virtue
of the very reason for its existence does not depend, as this Court has said,
on proof of truth. Patterson v. Colorado. supra.
Statute Held Infringement of Liberty of the Press.
Equally unavailing is the insistence that the statute is designed to prevent
the circulation of scandal which tends to disturb the public peace and to
provoke assaults and the commission of crime. Charges of reprehensible
conduct, and in particular of official malfeasance, unquestionably create
a public scandal, but the theory of the constitutional guaranty is that even a
more serious public evil would be caused by authority to prevent publication.
"To prohibit the intend to excite those unfavorable sentiments against
those who administer the Government, is equivalent to a prohibition of the
actual excitement of them; and to prohibit the actual excitement of them is
equivalent to a prohibition of discussions having that tendency and effect;
which, again, is equivalent to a protection of those who administer the
Government, if they should at any time deserve the contempt or hatred
of the people, against being exposed to it by free animadversions on their
characters and conduct." (Note No. 12.)
There is nothing new in the fact that charges ofreprehensible conduct may
create resentment and the disposition to resort to violent means of redress,
but this well-understood tendency did not alter the determination to
protect the press against censorship and restraint upon publication. As was
said in New Yorker "Stash; Zettung" v. Nolan, 89 N. J. Eq. 387,388:
"If the township may prevent the circulation of a newspaper for no reason
other than that some of its inhabitants may violently disagree with it, and
resent its circulation by resorting to physical violence, there is no limit to
what may be prohibited."
The danger of violent reactions becomes greater with effective organization of defiant groups resenting exposure, and if this consideration warranted
legislative interference with the initial freedom of publication, the constitutional protection would be reduced to a mere form of words.
For these reasons we hold the statute, so far as it authorized the proceedings in this action under clause (b) of section 1, to be an Infringement
of the liberty of the press guaranteed by the 14th Amendment. We should
add that this decision rests upon the operation and effect of the statute.
without regard to the question of the truth of the charges contained In the
'mirth ular periodical. The fact that the public officers named in this case,
and those associated with the charges of official dereliction, may be deemed
to be impeccable, can not affect the conclusion that the statute Imposes
an unconstitutional restraint upon publication.
Judgment reversed.
12. Madison, op. cit. p. 549.
Inter-State Commerce Commission Sets July 15 As
Date of First Hearing on Petition of Railroads for
15% Advance in Rates.
The Inter-State Commerce Commission on June 30 made
good its promise to expedite action on the railroads' request
for a 15% increase in freight rates. It assigned the first
hearing in the case for July 15 and at the same time assigned
Dec. 3 as the effective date of its recent revision of the class
freight rate structures in the East and West. This revision
is expected to increase the revenues of the roads by 850,000,000 to $70,000,000 a year. The railroads estimated the gross
earnings increase from the proposed 15% rise at $400,000,000
annually.
The hearing on the proposed 15% increase will be devoted,
said a Washington dispatch of June 30 to the New York
1
JULY 4 1931.]
FINANCIAL CHRONICLE
57
"Times"to testimony by the petitioners and those supporting
the application. Other hearings, beginning Aug. 31, will
be held for further cross-examination of the witnesses presented at the first hearing, and for submission of evidence by
the protestants. In announcing the hearing the Commission
declared:
The document in question is one of the most remarkable ever presented
to the Commission, said the reply, with reference to the railroad application. Although the law contemplates full hearing, and although it has
been the invariable practice of the Commission through all the years to
proceed in a deliberate manner and to decide important questions only
after the taking of complete evidence, this "statement and application'
plainly contemplates a summary dispostion of the matter.
This, we respectfully submit, is an attempt to apply summary police
It is requested that all who desire to offer evidence in opposition notify court methods to a matter involving many millions of dollars which the
the Commission on or before July 20, indicating the general character of shipping public is expected to pay.
the evidence and the approximate amount of time required. It is deAsserting that railroad managers had shown a minimum
sired, however, that evidence be presented as concisely as possible, using
of enterprise, the Southern organizations contended the
exhibits to curtail oral testimony.
As far as practical, exhibits should be made available to all parties of railroads are "letting huge volume of tonnage get away to
record in advance of the time at which they are offered in evidence.
the trucks, instead of adopting aggressive measures to preHearings will probable be held at points other than Washington, but
the number of such places will be limited. Following receipt of requests vent it." This is what Commissioner Eastman had in
for a hearing, a schedule will be prepared and announced covering dates, mind, the brief added, "when he said in a recent address in
places and the order of testimony.
Assignment by the Commission of an effective date for
its orders in the revised Eastern and Western class freight
rate structures followed long litigation before the Commission
and a summary dismissal last January of numerous requests
for reopening and reargument of the case. Separate opinions
by individual Commissioners, concurring with the decision
of the majority in the revision, contained the estimates which
put the probable increased revenues at between $50,000,000
and $70,000,000 annually. An increase of between $10,000,000 and $20,000,000 in the revenues of Eastern carriers was
predicted.
Negotiations, meanwhile, are in progress for joint conferences to be held July 7, at various points in the four rate
groups by representatives of the State Railroad Commissions.
The New York "Journal of Commerce" in a news dispatch
from Washington, June 30, discusses the revision of the class
freight structures in the East and West as follows:
Class Rate Order Made.
In an apparent effort to show that it has been trying to give the railroads
an opportunity to raise some rates, which they have not taken advantage
of, the Commission to-day also issued formal orders directing the roads to
put into effect on Dec. 3 the general revisions of class rates in Eastern and
Western trunk line territory which it prescribed about a year ago,estimating
that they would result in a considerable increase in railroad revenues, but
which the railroads have delayed putting into effect, from time to time,
on the ground of the enormous amount of tariff revision work required,
and as to which they have said that the Commission's estimates were
too optimistic.
The Western trunk line class rate revision, which is the outcome of an
application originally filed by the Western roads in 1925 for a 5% emergency
Increase in rates, the Commission estimated, would increase the revenues of
the Western roads by $10,000,000 to $12,000,000 if the State Commissions
make similar readjustment in the intrastate rates. The roads said the
Commission's estimate was too high and asked for a reconsideration particularly on the ground that the Commission on the same day had ordered a
bigger reduction in grain rates.
In the Eastern case the roads asked for a reconsideration, stating that the
increases were mostly on short haul rates where they could not take advantage of them because of truck competition, while the Commission had
reduced the rates for long hauls and the heavier classes of traffic. They
expressed the opinion that the net effect would be a reduction of$25,000.000
a year, but in denying the petition for reconsideration the Commission
estimated that the result should be an increase of$20,000.000 to $25,000,000.
There had been an earlier estimate of $40,000,000 to $60,000,000, based on
the traffic of 1926 and a proposed report of an Examiner which was later
modified.
The Commission recently, in announcing that the railroads desired to
further postpone the effective date of the class rate revision, stated that it
would expect the rates to go in effect on Dec.3, but to-day it issued a formal
order to that effect.
New York that the railroad executives are not using their
brains."
Florida Shippers Oppose Request for Rate Rise.
A formal protest against the proposed increase of 15% in
freight rates was filed with the Inter-State Commerce Commission by the Growers and Shippers League of Florida on
June 29. The statement said that present conditions of the
Florida horticultural and agricultural industry seem to
make it reasonably clear that an added burden of transportation charges at this time would be unwise and inexpedient
and that "Florida in recent times has suffered a succession
of calamitous circumstances from which it has not yet recovered." The League particularly protests against any
authorization of the rate increase without suspension and full
inquiry into the reasonableness and propriety of the proposed rates.
Fruit Rates in South Cut—Inter-State Commerce
Commission Rules on Complaint of Shippers
Against Railroads.
Rates on apples in carloads from Virginia, West Virginia
and Maryland to certain Southern points were ordered reduced by the Inter-State Commerce Commission on June 27,
according to Associated Press advices. The Commission
also found that rates on peaches in carloads from Longsdorf,
,
Pa., and points in central territory to Birmingham, Ala.,
and Tennessee points, and from Parrot, Ga., to Asheville,
N. C., were unreasonable and ordered them reduced. Rates
on fruits and vegetables, except peaches and apples from
Western and Eastern trunk line and central territory and in
Massachusetts to Southern destinations, were found reasonable and complaints were dismissed. The decision was on
complaint filed by the Southern Traffic Association against
the railroads on behalf of the southern shippers.
Special Rail Rates for Drouth Cattle—Inter-State
Commerce Commission Authorizes Cuts to Allow
Movement of Stock From Dry Areas.
The Inter-State Commerce Commission and four Northwestern railroads on June 26 acted to relieve a serious drouth
situation in Montana and North and South Dakota through
the establishment of emergency freight rates on live stock to
be removed to greener pastures. The roads receiving
authorization to make the special rates were the Great
Northern, the Northern Pacific, the Chicago, Milwaukee,
St. Paul & Pacific, and the Minneapolis, St. Paul & Sault
Ste Marie. Requesting authority to establish the emergency
rates, the carriers declared:
"There is a serious drouth in western North Dakota and
eastern and central Montana, resulting in an acute shortage
of both feed and water for live stock. In order to move live
stock from drouth areas, shippers desire to forward shipments
in territory where feed and water is more abundant and to
reforward to market points under feeding and grazing in
transit, arrangements which are now in effect in common
with rates from stations in Montana and certain parts of
western North Dakota."
Southern Shippers Assail the Petition of the Railroads
for an Increase in Rates—Their Brief Accuses
Railroads of Trying to Rush Rise by Police-Court
Methods.
The first formal "reply" to the application of the steam
railroads of the United States for a 15% increase in the
present level of freight rates was filed with the Inter-State
Commerce Commission on June 27 in a joint brief by association of Southern shippers, manufacturers and traffic
men. It requested primarily that no action be taken on the
application without complete investigation as required by
law. The reply referred to the application for an increase
as illustrative of a "lack of diligence" and "disuse of brains"
on the part of railway officials and attacked the railroads for
injecting into the issue an indirect appeal to the White
House in connection with the maintenance of wage levels. Southern Ry. Shopmen Vote on Five-Day Week—
Reduction in Time Asked by Line to Cut Expenses.
The reply stated with reference to this appeal:
be
decided
by
the
White
Douse
or
in
question
to
line
Shopmen
this
with
employed by the Southern Railroad ballotted
Nor is
what the present administration may or may not desire. Reference is on June 9 on a proposal for a five-day week, according to
made in the "statement and application" to a policy of the Federal GovernAssociated Press advices, that date from Washington, pubment to maintain existing wages.
A question which involves the taking of millions of dollars away from lished in the New York "Evening Post."
the industries of this country under present circumstances must be judicially
H. J. Carr. Vice-President of the International Association of Machinists.
determined and without executive interference.
said Southern officials had informed workers' representatives that a further
It Is not our purpose to suggest that the general level of railroad wages reduction in expenses was necessary and that a five-day week would make
is excessive. But at a time when millions of men are idle and hunting in it possible without laying off additional men.
vain for work, and when industries are unable to.employ them because of
About 8,000 workers would be affected if the five-day-week proposal is
inability to find a market for their products, it is incumbent upon railway accepted. Carr said that so far as he knew, the Southern was the only road
executives to show that they have made every reasonable effort to reduce which had made such a proposal. Officials of the railroad declined to
costs before proposing an increase in the cost of transportation.
comment.
58
FINANCIAL CHRONICLE
[VOL. 133.
First National Old Colony Corporation and Ralph A.
New Haven RR. Closes Shops.
Stephenson of the Guaranty Co. of New York at the annual
From New Haven the "Wall Street Journal" of June 10 May
meeting of the Board of Governors of the Investment
reported the following:
The New Haven RR.has closed its car shops here and at Reedville, Mass., Bankers Association of America. Reports of the meeting,
as of June 9. Lay-off likely will last until July 7. Statement which accom- which was held the current month at White Sulphur Springs,
panied the closing order said the road had on hand a surplus of good order W. Va., were made public at the
Association's office in
cars as a consequence of decreased demand for cars. About 250 skilled men
Chicago on May 22 and include proposals by Colonel Pope,
are affected at local shops and about 1.000 at Reedville.
as Chairman of the Association's foreign Securities ComRoads Ask Rate Cut in Fight on Buses—Propose Re- mittee, that the Association develop further means of obduction on Iron and Steel in East and Cotton in taining and disseminating information on foreign countries
in which Americans now have 173 billion dollars invested
South.
Although the railroads are asking the Interstate Com- exclusive of war debts.
For more than a year, says the report presented at the
merce Commission to let them raise freight rates 15% in an
effort to increase revenues, that fact is not keeping them Association's board meeting,foreign governments and foreign
from continuing to propose reductions from time to time in bankers have been accumulating foreign bonds from American
rates on articles particularly subject to motor truck or water investors at advantageous prices because of the ignorance
competition, says the Washington Bureau of the New York or fear of foreign conditions, in the minds of American in"Journal of Commerce" under date of June 23, nor is it keep- vestors. The report also says that the American investing
ing the commission from granting such authority occa- public has made little use of the Institute of International
sionally. In railroad circles it is explained that this does Finance which the Association established five years ago at
not necessarily imply any inconsistency, even if rates now New York University to study and report periodically on the
reduced are raised later, because the roads feel that if they credit position of foreign governments that have bonds
were authorized to increase all their rates 15% the truck outstanding in the United States. It was suggested that the
and large operators, many of whom they say have cut rates institute's work be broadened to meet the situation, which,
to an unprofitable extent, would be inclined to raise many with other proposed plans, was referred to the Board of
of their rates somewhat proportionately, although keeping Governors of the Association for further study. The report
below the rail rate level, so that the present keen competition of the Association's Foreign Securities Committee follows:
Your Committee feels that the Investment Bankers Association of
between them would be continued but on a somewhat more
America should at this time take such further steps as may be practicable
profitable level.
to overcome the difficulties besetting the average American investor, who
Steel Rate Cut for East.
Reductions in freight rates on iron and steel articles for hauls up to 100
miles are proposed by the railways in Eastern territory, to become effective
on July 1, in an application filed with the Interstate Commerce Commission for permission to publish the tariffs on less than the usual 30 days'
notice. The new rates, which in some cases will be as much as 50% less
than the mileage rates prescribed by the commission in its general investigation of iron and steel rates under the Hoch-Smith resolution, are intended
to meet water and motor truck competition as well as to re-establish rates
for ehort hauls such as were in effect before the commission's investigation.
The new rates proposed also correspond to rates which the Pennsylvania
Public Service Commission recently authorized the roads to make for
Intrastate application in Pennsylvania.
The rates proposed begin with 3 cents per 100 pounds for hauls of five
miles and under, whereas the mileage scale prescribed by the commission
In June 1929, begins with 6 cents per 100 pounds. The proposed rates for
longer hauls are: Ten miles and over five, 3.75e; 20 miles and over 15,
5.25c; 40 miles and over 35, 8c; 55 miles and over 50, 10c; 75 to 80 miles,
13.25c, and 95 to 100 miles, 16c.
Before the revisions begun by the commission in recent years the railroads made very low rates for short hauls for iron and steel articles, particularly for shipments from one mill to another for further processing, but
since the commission prescribed its mileage scale, which increased the
rates for the shorter hauls, according to the railroad representatives, the
motor trucks and barges on the Ohio and Monongahela rivers have been
handling increasing quantities of this traffic. The proposed rates do not
apply on cast iron pipe and cast iron pipe fittings.
Railroads serving New Orleans were authorized by the Interstate Commerce Commission to-day to make further reductions in their freight rates
on cotton *from Mississippi Valley territory to New Orleans, where such
action is necessary to meet truck competition, without maintaining the relation which the commission had prescribed between the rates to New
Orleans and those to Mobile, Ala., where corresponding reductions are not
made necessary by truck competition because of the longer hauls involved.
The reductions to be made are limited by a mileage scale prescribed by the
commission for distances up to 200 miles and by a requirement that for
hauls of more than 200 miles the reductions shall not exceed 35% under
the rates prescribed.
Similar reductions were recently allowed by the commission as to cotton
rates from points in the Southwest to the Texas ports. In both cases the
permission is given by postponing until June 25 1932, the effective date of
portions of the commission's order in part 3 of its rate structure investigation
which prescribe the relationship to be maintained.
The report says that since the original hearings in the cotton rate investigations trucks have become an important factor in the transportation of
cotton and the roads have already established reduced rates to both New
Orleans and Mobile in an effort to meet the competition. However, they
have found that still lower rates are necessary to New Orleans from portions of the Mississippi Valley from which the truck movement to Mobile
Is of no consequence.
It is said that truck competition for cotton to New Orleans made its appearance for the first time during the 1930-1931 shipping season and
extended north from New Orleans approximately 150 miles. The annual
production of cotton in this territory is approximately 250,000 bales and
It is estimated that notwithstanding the establishment of truck competitive
rates early in September 1930, approximately 10,000 bales moved to New
Orleans by truck during the season which otherwise would have moved
over the Illinois Central.
Also the trucks carrying cotton frequently make low rates for shipments
of merchandise on the return movement. The question of whether the
reduced rates shall be allowed for a longer period will be taken up later.
In each case the railroads must furnish to the commission a showing of
the nature and extent of the competition which makes the proposed rates
necessary.
Investment Bankers Association of America Committee
Reports on Plans for Safeguarding Investors in
Foreign Securities.
Plans for safeguarding American investors in foreign
securities were presented by Col. Allan M. Pope of the
has had little opportunity personally to observe the credit standing offoreign
countries, by making accessible to a greater degree such information as may
be necessary to form an opinion on foreign credits.
Since the world war it has fallen to the lot of this country to become
a creditor nation. There are outstanding to-day in American investments
outside the boundaries of the United States, exclusive of war debts, approximately 17% billion dollars, of which approximately 10 billion dollars
consists of bonds, debentures and other interest-bearing securities of foreign
governments, municipalities and corporations, held by American investors.
If it had not been for this closed exportation of capital abroad, it is difficult
to see how many foreign countries could have overcome the financially
chaotic state in which they were placed after the World War.
The unusually advantageous position, from a credit standpoint, which
fell to the lot of this country at the close of the war attracted gold to the
United Statesin such quantities that it was not only fatal to many countries
that lost gold but was a decided hindrance to this country as a power in
world trade. It was largely due to the extraordinary amount of capital
seeking investment in this country which permitted the vast amount of
foreign dollar bonds to be floated and which influenced purchasers to buy
them, although lacking as they were in knowledge, due mostly to inexperience of the fundamental facts in many cases upon which the American
investor is accustomed to base his judgment when investing.
Once the pressure of surplus funds seeking investment was relaxed, the
class of securities to feel the greatest effect was foreign dollar bonds, which
were not being absorbed as fast as they were being sold by holders more
fearful of possible foreign conditions of which they were ignorant than
of actual facts definitely known.
Beginning with the year 1930, at a time when the confidence in foreign
securities, as expressed by foreign bond values, was very low, a marked
increase in purchases of foreign dollar bonds by foreign investors began.
In many cases, however, these purchases had been steadily going on to the
extent that in some cases practically entire issues of dollar bonds had already
been absorbed by investors abroad.
The difference between the type of purchasing by the European investor
which began in 1930 and that which preceded it was characterized by the
fact that in previous years the absorption of issues was largely due to purchases by investors and by foreign governments of the issues of their own
countries. In 1930 began to a greater extent purchases by foreign-minded
bankers and individuals in Europe of foreign dollar bonds of various countries other than their own in which they had confidence at prices which
were extremely advantageous.
Thousands of American investors have sacrificed their holdings of foreign
securities to the advantage of the European investor largely because the
European investor, through years of contact, has become more familiar
than the averageAmerican investor with the racial characteristisc of people
throughout the world, with the moral credit standing, and with the internal
conditions.
The conditions following the depression of 1921 are in many respects
different from those that will confront us at the conclusion of the depression
of 1930-1931. but there are at least two outstanding points of similarity.
One is the lack of working capital in most foreign countries and the other is
the extraordinary accumulation of gold in the United States.
The two principal means of reversing the flow of gold to this country
are to be found in the purchase of foreign goods and in foreign loans. After
the depression of 1921 the rapidity of world recovery was in the largest
measure due to the exportation of capital from this country through loans
abroad. It is erroneous for the American investor to consider that the
legitimate borrowing capacity of foreign countries in general has been
reached. The logical working of the gold standard, on which the currency
of most of the major countries of the world is based,should reverse the flow
of gold to this country which has now reached the peak of gold holdings
of all time. Such a reversal is necessary for the general recovery of business.
Whereas it must be admitted that the rush of many bankers in this country in extraordinary competition to meet the demands ofinvestors in foreign
bonds, which reached a culmination in 1927 and 1928, resulted in some
Instances in unwise loans being made, which is the inevitable result when
extreme demand forces the often inexperienced into a new field, it cannot
be denied that, broadly speaking, the results were entirely justified, not
only from the standpoint of the investor in this country, but from the standpoint of the position of the United States as a creditor nation and a leader
in world trade.
It is an obvious result of financial difficulties besetting the world in
general in the last year and a half, which have resulted in several cases in
governmental changes and in a very small number of cases in actual tern-
JULY 4 1931.]
FINANCIAL CHRONICLE
porary defaults, that confidence in general in foreign securities will be
shaken to a certain degree. There is no question, however, but that as a
whole the American people have in the main exaggerated the adverse
conditions, undoubtedly due largely to lack of information and it is equally
certain that if this exaggerated lack of confidence continues the almost universal depression at the present time will be greatly retarded in its recovery.
The Investment Bankers Association of America, in 1926, founded the
Institute of International Finance, which in this country to-day is the only
public medium attempting to publish, through regularly issued bulletins,
facts, not opinions, pertaining to the credit of foreign countries which the
careful investor can use to base his judgment of foreign investments.
This Institute has been successful to a surprising degree, in spite of the
general lack of public interest. Since its inception it has published 38
bulletins on the credit standing of 28 foreign countries, in addition to 8
special studies, each bulletin averaging 25 pages of facts and figures. Its
lack of sensationalism, its lack of new interest for press articles, and the
general loss of interest by the American public in foreign bonds, have
restricted its use and the knowledge of its possibilities to a comparative
few, largely members of the Investment Bankers Association.
ALLAN M.POPE, New York City, First National Old Colony Corp., Chairman.
HARRY M.ADDINSELL,New York City, Harris. Forbes de Co., Vice-Chairman.
R. A. DALY, Toronto, It. A. Daly dc Co.. Ltd.;
MARSHALL FORREST, Chicago, Ames, Emerich & Co.. Inc.
ROBERT 0. HAYWARD, New York City, Dillon, Read dr Co.:
ELLERY S. JAMES, New York City, Brown Brothers Harriman & Co.:
DeWITT MILLHAUSER, New York City, Speyer dc Co.:
RALPH A. STEPHENSON, New York, Guaranty Company of New York.
CASIMER I. STRALEM, New York City. Hallgartan & Co.
Tariffon Magazines Deferred by Canada—Additional
Time Needed to Study Publishers' Protests.
The Dominion Government of Canada has postponed the
effective date of its new tariff of 15 cents a pound on magazines from July 1 to Aug. 15, according to an oral announcement, July 1, at the Department of Commerce, at Washington. The Department's announcement was based on telegraphic advices from Oliver B. North, Assistant Commercial
Attache at Ottawa, who said that the duty will apply on
magazines and periodicals, printed in either the English or
French language. Additional information was supplied as
follows:
While Mr. North's telegram gave no reason for the decision of the Government to postpone the effective date of the new duty which was announced
with many other tariff increases June 1, it was the assumption that the
Ministry of Finance was taking additional time to consider scores of protests that have been entered by American publishers.
Protests of Publishers.
These protests, for the most part, have stressed the necessity for maintenance of circulation among the Canadians of periodicals published south
of the International Boundary and have alleged that it was denying to the
Canadian people material which they desire to have, as evidenced by large
subscription lists of Canadian addressees in the offices of publishers in the
United States. These protests have been filed directly by publishers and
business interests and without participation by the Government of the
United States which to date has not offered criticism of the rate advances.
Department advices following the announcement from Ottawa, June 1,
of the original schedules have shown that many publishers in the United
States immediately decided to eliminate circulation efforts in Canada.
Some of the largest publishers declared that the Canadian circulation would
prove expensive to them and ordered their agencies in Canada to discontinue
acceptance of subscriptions.
There was no inference in Mr. North's telegram that a further postponement might be directed by the Minister of Finance, and as far as the Department knows,therefore, the higher rates will be made operative Aug. 15.
This postponement, while comparatively short, is expected to enable
publishers in the United States to renew their objections and will also provide time for them to adjust their circulation problems even though the
effective date is not again postponed.
Banking Situation in South and Middle West.
In the State of Kentucky, the New York "Journal of
Commerce" of July 1 stated that the Guaranty Bank & Trust
Co. of Lexington, Ky., had been reorganized under the title
of Citizens Bank & Trust Co. and would be reopened this
week, according to an official announcement on June 30.
The suspension of the bank in February last resulted in
the tying up of $2,300,000. It was furthermore stated that
the new bank would be capitalized at $200,000 with surplus
of like amount.
In the State of North Carolina, Asheville advices by the
Associated Press on July 1 reported that the Bank of Black
Mountain at Black Mountain would reopen; that the liquidation of the Biltmore-Oteen Bank at Biltmore had been
materially aided and that Buncombe County's Criminal
Court docket had been cleared of more than a score of cases
as the result of settlement agreements reached in Asheville
between Gurney P. Hood, State Bank Commissioner for
North Carolina, and officer of the defunct institutions. The
officers, paid in something more than $200,000 to the Commissioner, $56,375 of the amount being in cash. The dispatch went on to say in part:
Mr. Hood said the Black Mountain settlement would allow that bank to
reopen as a solvent institution.
A. A. Hegeman, its President, paid $40,000 in cash, gave a deed of trust
on his home valued at $10,000 and assigned to the bank notes totaling
$15,000.
Four directors, indicted with Hegeman on various charges, including
making false reports, false entries and receiving deposits knowing the
bank to be insolvent, also aided in the settlement.
59
Fred Perley paid $6,500 in cash. Dr. L. G. Beall and R. L. Woodard
paid $5,500 together and Woodard paid $875 individually. Dr. T. E.
Cotton paid $2,000.
In the Biltmore-Oteen case, Dr. J. A. Sinclair deeded to the commissioner, for the bank, his entire properties, including his palatial Beaver
Lake home valued at more than $100,900. Clyde S. Reed, another director
deeded property valued at $20,000, and paid $500 in cash. W. A. Geachy,
President of the bank paid $1,000 in cash. They, along with Wallace B.
Davis, director, and W. L. Crown, Cashier, were charged with making
false reports and accepting deposits knowing the bank to be insolvent.
Solicitor Zeb V. Nettles, who took part in the settlement conferences,
agreed to drop the criminal charges on suggestion of Commissioner Hood,
and the formal dismissal was made by Judge W. F. Harding, presiding
in Superior Court.
Solicitor Nettles said the action would also result in killing cases against
seven officers and directors of the Central Bank ez Trust Co., charged with
making loans to an insolvent corporation—the holding company for the
Black Mountain bank. Those indicted in this case were Wallace B. Davis,
President of the Central, who already faces a five to seven year prison
term for snaking false reports; Russel C. Davis, S. A. Hubbard and Clarence
Rankin, Vice-Presidents; C. N. Brown and Dr. J. A. Sinclair, directors.
To-day's announcement brought to several score the number of
bank
cases which have been cleared from the Buncombe docket since the
opening of a Special Term of Court here April 27 to try the
first of the asses.
Through acquittals and dismissals, the number of defendants still
facing
trials has been reduced from 27 to 10.
In the State of West Virginia, a Charleston, West Va.,
dispatch by the Asociated Press on July 1 reported that the
Bank of Kingwood at Kingwood had been closed on that
day by the State Banking Department. The dispatch likewise said:
The bank was turned over to the Department with a view
to reorganization, "owing to the unrest in the community and to conserve
the assets
for depositors." In a statement on Mar. 25 the bank
listed resources at
$595,855.12, deposits of $415,497.77, capital stock, $75,000 and
surplus
$75,000.
In the State of Indiana, the Gary Trust & Savings Co. at
Gary, that State, was closed the latter part of last week by
order of its directors and its affairs placed in charge of
Thomas D. Barr, Deputy State Banking Commissioner for
Indiana, according to the Indianapolis "News" of June 29,
which added:
H. L. Arnold is President of the bank. Capital stock is $100,000,
and
deposits amount to approximately $825,000, it was announced by the
Banking Department. The reason for the closing was not announced.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale
of a Chicago Stock Exchange membership for $11,000 as
against $10,000 the last preceding sale.
The New York Coffee & Sugar Exchange membership of
Joseph C. Monier was reported sold this week to Philin G.
McFadden for $9,000.
The published statement of the Bankers Trust Co. of
New York for June 30 1931, shows an increase in deposits
of $14,000,000 over March 25 1931. Since Dec. 31 1930,
$905,000 has been added to undivided profits after allowing
for the usual dividends of $3,750,000. This represents earnings at the rate of 37.24% per annum. Comparison of this
statement with that of March 25 1931, shows an increase in
the real estate item of $7,093,000. This is accounted for
by the fact that, at the time of the purchase of the Hanover
Building at 5 Nassau St., ownership of the property was
vested in a fully owned real estate company formed at the
time called Bantrusco Realty, Inc. The bank has now
added to its real estate holdings the property formerly held
by the realty company. The completion of plans for the
new building program of the bank, involving the demolition
of the Hanover Building, has terminated the usefullness of
the realty company and it has been dissolved.
The Harriman National Bank & Trust Co. of this city
on July 2 declared the regular semi-annual dividend of 5%
together with an extra dividend of 5%. In addition to this
dividend thew will be paid to the bank stockholders the
usual dividend of $7.50 per share on the no par value stock
of the Harriman Securities Corp., which is held by them as
an incident to their ownership of the bank shares. The
three dividends are payable on July 3 to stockholders at the
close of business July 2 1931.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of June 30 1931, issued July 2,
shows gains in deposits, total resources, and surplus and undivided profits over the figures reported at the time of the
last published statement, March 25 1931. The company's
deposits total $1,352,734,933.50, as compared with $1,224,015,893.12 on March 25; total resources are $1,863,116,541.07, as compared with $1,806,380,221.71, and the capital
3
60
FINANCIAL CHRONICLE
The
[Vol,. 133.
in September
& Second National Bank is the result of a merger
account of $298,426,966.48 reflects a gain in undivided profits 1929 ofFirst
the First National Bank of Oswego, founded in 1864, and the
$2,041.472.97
of
and
1931,
25
of $358,366.79, since March
Second National Bank of Oswego founded the same year. John Mott is
is capital is $90,000,000 Chairman of the Board and John R. O'Connor, President.
since June 30 1930. The company'
The addition of the First & Second National Bank will bring the number
and surplus fund $170,000,000.
in
The statement of condition of the American Express Bank
& Trust Co. as of June 30 1931 shows total resources of
$50,581,407. Cash holdings and due from banks amounted
to $3,103,280, United States Government bonds $7,297,819,
State and municipal bonds $3,593,533, other bonds and
securities $6,316,187 and loans and bills purchased $18,417,154. The capital, surplus and undivided profits account
totaled $15,502,270, consisting of $10,000,000 capital,
$5,000,000 surplus and undivided profits of $502,270. Deposits totaled $22,312,543.
National Exchange Bank & Trust Co. of New York,
which began operations in April 1930, reports as of June 30
1931, total resources of $5,750,094 as compared with $5,486,308 reported on Dec.31 1930. Their deposits have increased
$233,000 for the six-months' period to a total of $3,288,224.
Undivided profits now total $307,000, an increase of $5,000,
and reserves stand at $140,000, an increase of $24,000.
That the depositors and creditors of the World Exchange
Bank at 174 Second Avenue, this city, which was closed on
March 20 last by New York State Banking Superintendent
Broderick, will receive payment in full in the near future
as the result of the approval on June 29 by Supreme Court
Justice Walsh of an agreement to sell for $240,000 all the
bank's assets, except its cash, to the Community State Corporation of No. 2 Avenue A, was reported in the New York
"Times" of June 30, from which we quote furthermore as
follows:
In asking approval of the agreement Mr. Broderick said that when he
took over the bank it had net liquid assets of $400,000 and owed $1,060,000 to depositors, "mostly people of limited means, to whom any loss of
their money would work a great hardship." The Banking Department
Increased the net liquid assets by the collection of debts and other assets
by more than $240,000, and by set-offs to depositors decreased the liabilities of the bank by $240,000.
The $240,000 to be paid by the community State Corporation will enable
the Banking Department to wipe out all the claims. Under the plan agreed
upon $27,000 is to be allowed to the corporation for liquidation expenses,
and after it has regained from the liquidation of the assets purchased the
$240,000 paid the Superintendent Broderick it will return the assets nndisposed of and unrequired for the further coat of the liquidation to the
stockholders or their representatives. The plan now needs only the approval
of two-thirds of the stockholders, which is expected to be given at a meeting already called.
Superintendent Broderick, who said that in no other way could the
depositors and other creditors be paid in full in the immediate future,
made the following comment:
"The liquidation of the World Exchange Bank has been conducted by
Special Deputy Superintendent of Banks Arthur J. McQuade with such
success that within three months of the time of closing there is now on
hand cash sufficient to pay depositors and other creditors approximately
careful considera70 cents on the dollar. The Banking Department, after
tion of the agreement which was submitted to the Court, is confident that it
will assure payment in full to depositors and other creditors of the World
Exchange Bank in the near future."
The closing of the World Exchange Bank was noted in
our March 21 issue, page 2125 and its affairs referred to
April 4 and April 18, pages 2519 and 2903, respectively.
The First & Second National Bank of Oswego, N. Y., the
only commercial bank in Oswego and one of the outstanding
financial institutions in the northern part of New York
State, will become a member of the Marine Midland
group of banks as soon as the stockholders of the First
of
& Second National have ratified the recommendation
announcement
an
to
according
directors,
of
the board
made June 25 by George F. Rand, President of the
bank
Marine Midland Corporation. Acquisition of this
an outstandwill give the Marine Midland Corporation
State where it is
ing institution in a part of New York
& Second National
not at present represented. The First
$400,000 and surplus
has, deposits of $5,700,000; capital of
and H. Edmund Macfunds of $469,000. Floyd L. Carlisle
and will also be
hold will remain as directors of the bank
Midland Corporation.
added too the Board of the Marine
the Niagara
Floyd L. Carlisle is Chairman of the Board of
the New York
Hudson Corp., Chairman of the Board of
Gas Corp. of
Edison Co., a director of the Consolidated
New York, a director of the National !City Bank and President of F. L. Carlisle & Co. H. Edmund Machold is a VicePresident of F. L. Carlisle Co., Vice-President of the St.
Regis Paper Co., a director of the Chase National Bank,
and an officer and director in many other corporations.
The official announcement went on to say:
New York
of institutions in the Marine Midland Group to seventeen, all
State. Resources of the banks on Dec. 31 1930, were more than $586,000,000, and the Marine Midland Corp. showed on that date more than
$24,000,000 in cash among its assets. Other banks in the group include:
The Marine Trust Co. of Buffalo, The Marine Midland Trust Co. of New
York, Union Trust Company of Rochester, Power City Trust Co., Niagara
Falls, the Manufacturers National Bank, Troy, Niagara County National
Bank & Trust Co., Lockport, Peoples Trust Co., Binghamton, the First
Trust Co. of Tonawanda, Tonawanda, State Trust Co., North Tonawanda,
Workers Trust Co., Johnson City, Lackawanna National Bank, Lackawanna,
Union Trust Co., Jamestown, the Bank of East Aurora, East Aurora, N. Y.,
Cortland Trust Co., Cortland, Orleans County Trust Co., Albion, Bank of
Snyder, Snyder.
-4_--
According to Associated Press Advices from Watertown,
N. Y., on June 26, the directors of the Northern New York
Trust Co. of that place on the date named rejected the offer
of the Marine Midland Corporation of Buffalo for a consolidation. The rejection followed an all-day meeting between
representatives of the Buffalo house and the Trust Co.
directors. The dispatch added that a brief announcement
was made that the negotiating parties were unable to agree
on terms.
Stockholders in the Savona National Bank, Savona, N. Y.,
closed April 29 by order of its officers, will be assessed $100
on each share of stock for the protection of creditors of
the bank, according to Jonas J. Hulse of Blossburg, Pa.,
receiver for the bank, as reported in a dispatch from Bath,
N. Y. by the Associated Press on June 19, which continuing
said:
Most of the stockholders are residents of this village and Bradford.
The bank had a capital of $25,000 in shares of $100 par value. When the
bank was organized several years ago the stockholders paid $120 for each
share. They not only will lose their investment but will be obliged to pay
an extra $100.
Federal bank examiners announced a shortage of $39,000. Closing of
the bank followed the disappearance of W. B. Ross, Cashier of the bank
for five years. Nothing has been heard of him since April 27, when he
went to New York on bank business.
On July 1 the First National Bank of Genoa, N. Y., a
small institution with total deposits listed at $180,000, closed
its doors, according to advices by the Associated Press from
that place on the date named.
At a recent meeting of the directors of the Millbury
National Bank, Millbury, Mass., Ralph W. Brigham, heretofore Vice-President and Cashier of the institution, was
advanced to the Presidency to succeed Alvan J. Winter, who
retired from office in order to devote his full time to his
business interests in Boston. Other appointments made at
the same meeting were that of Warren B. Harris as VicePresident and of Charles C. Riley as Cashier. Mr. Brigham,
the new President, has served as Cashier of the institution
since 1914 and has been a director since 1918. He has been
connected with the banking business for 30 years and received his early training in Worcester. He is the first active
working President to be appointed by the bank, this change
being necessary because of the growth of the institution.
Mr. Harris, the new Vice-President, has been a director
since 1920, and Mr. Riley, the new Cashier, has been employed at the bank since 1924, serving as Assistant Cashier
since January 1930. The bank is one of the oldest in the
country, having been organized in 1825 as the Millbury Bank,
and made a National institution in 1864.
Referring to the affairs of the Riverside Trust Co. of
Hartford, Conn., which in December last was closed by the
State Bank Commissioner for Connecticut (as noted in the
"Chronicle" of Dec. 27, page 4158) plans for reorganization
of the institution will go forward at least until Sept. 18,
as a result of the action of Judge Carl Foster of the Superior
Court on June 26 in ruling that the assets of the closed bank
should not be liquidated at present. The Hartford "Courant"
of June 27, from which the above information is obtained,
continuing said in part:
Judge Foster denied without prejudice the motion of Attorney Liming
F. Robinson of counsel for the Hartford-Connecticut Trust Co., temporary
receiver, for confirmation as permanent receiver. The Court also denied
a motion for the payment in full of deposits of not more than $20 and
of a 15% dividend on savings accounts and a 30% dividend on commercial
accounts. He allowed the payment of $12,099.15 to the firm of Robinson,
Robinson tz Cole for its work during the last six months as counsel for the
receiver.
Attorney Solomon Elsner, appearing for committees of stockholders and
depositors, opposed the motions of Mr. Robinson fcr liquidation of the
JULY 4 1931.]
FINANCIAL CHRONICLE
61
closed bank. In response to questions by Judge Foster he said that he
thought the plans for reorganization would be completed by the time Court
reconvenes in September and if they were not the Court would be informed
of that fact.
Mr. Robinson said that the receiver was being pressed to distribute the
$800,000 of the assets on hand. Ile said the possibility of reorganization
was uncertain and of doubtful wisdom and that the officers of the receiver
bank feel that the situation will not change within the next two months.
He insisted, however, that the receiver did not want to shut the door on
the efforts of those Interested in the reorganization if there is a reasonable
hope for it.
Judge Foster, after questioning Mr. Elsner, said he was inclined to agree
with the judgment of the officers of the receiver bank but that the large
group of people represented by Mr. Elsner would feel that they had been
wronged if not given a further opportunity to carry out their plans. . . .
Following the hearing Mr. Elsner issued a statement setting forth some
of the plans for reorganization of the bank and giving reasons why those
interested in the project believe it can be carried through successfully.
Pointing out that the plan has the approval of Bank Commissioner Lester E. Shippee, the statement says that 60% of the 2,350 depositors in
the commercial department of the bank, representing between 70 and 75%
of free deposits totaling more than $1,350,000, are behind the reorganization plan.
The plan involves a new capital structure; assurance of deposits sufficiently substantial and selection of a strong board of directors and an
executive personnel capable of holding the confidence of the community.
There is approximately $800,000 on hand and it is planned to add at
least $600,000 to this amount. It is proposed to reduce the par value of
the 4,000 outstanding shares of stock from $100 to $25 a share, which would
give the bank a capital of $100,000 and a surplus of like amount. At the
same time it is proposed to issue 6,000 additional shares, each of the par
value of $25, at the price of $50 per share, thus adding $150,000 to the
capital and $150,000 to the surplus, making the outstanding capital $250,000 and a surplus of the same amount. In addition it is proposed to
Increase the deposits by at least $300,000.
The statement says that reopening of the bank is dependent upon a conservation of the liquid funds in the hands of the receiver.
In its issue of the next day, June 29, the "Herald Tribune"
stated that Henry C. Steneck, of this city, President of the
closed trust company, had the previous day confirmed reports that the bank's holdings of overdue securities of the
Township of North Bergen, N. J., were responsible for the
condition resulting in the closing of its doors. We quote
further in part from this paper as follows:
unable to realize the $1,000,000 the State officials deemed
necessary to create a surplus, which was exhausted, and to
repair its capital. The bank's undivided profits were also
wiped out. On March 25 of this year, the date of the last
previous visit of the State banking examiners, the institution
had a capital of $1,000,000, surplus of $500,000, and undivided profits of $297,900. The New York "Herald Tribune"
of June 28, from whose account of the closing the preceding
matter is taken, continuing, said, in part:
The Steneck Trust Co. was organized in 1866 by the
father of Henry C. Steneck, the present head of the institution. At first it was only a money exchange, but gradually
developed into one of the leading banking institutions of
Hudson County. Besides Henry O. Steneck, the President,
its officers are: Charles Rohe (President of the North
River Savings Bank of New York) First Vice-President;
George W. Steneck, Second Vice-President; Herbert Weffling, Third Vice-President; and Joseph A. Tighe, Secretary
and Treasurer. On Tuesday, June 30, Mr. Steneck, President of the trust Co., retained Marshall Van Winkle, a
Jersey City lawyer, to seek an injunction restraining the New
Jersey State Banking and Insurance Commissioner, Frank
H. Smith, from keeping the institution closed. The "Herald
Tribune" of July 1, in its report of the matter, went on to say:
Though overdue, he said, the securities were good and so highly regarded
by the bank that it had refused to take a 10% loss on them, although by
by doing so it could have raised the sum deemed necessary by the State
authorities to keep the bank open. Negotoations were under way for the
payment of the township obligations, Mr. Steneck said, and when this was
done the bank would re-open. The bank holds $5,000,000 in North Bergen
securities which are three months overdue.
"We hope," said Mr. Steneck, "to be able to resume business. It all
depends on how soon we can collect what is due the bank on securities of
the Township of North Bergen."
A committee of directors of the bank had been appointed, he said, to
take up with the municipal finance commission of the State, which has
taken over the direction of the financial affairs of North Bergen, the
matter of redemption of the township's overdue securities.
"It is not true," said Mr. Steneck, "that the bank had extended excessive loans in inadequate security. The'State Department of Banking and
Insurance questioned only $35,000 of our loans. Neither is it true that
we suffered in our mortgage loans to a greater extent than was to be expected in view of the business depression. Our whole difficulty is due to
the North Bergen Township securities, and I have a letter from Walter R.
Darby, State Commissioner of Municipal Accounts, stating that the North
Bergen receivership commission, of which Mr. Darby is Chairman will take
care of the matter."
The bank, Mr. Steneck declared confidently, would not lose a penny
through its holdings of North Bergen securities. The State Department of
Banking and Insurance, he said, had given the bank a certain period within
which to raise $1,000,000 if it wished to keep its doors open, and that
sum could have been obtained within the time limit set if the bank had
been willing to take a 10% loss on its North Bergen Township securities.
"We refused to take this loss," said Mr. Steneck. "because the North
The Steneck Trust Co. of Hoboken, N. J., at River and Bergen
Township securities, though about three months overdue, are
First Sts., an institution capitalized at $1,000,000 and with perfectly good. The Township of North Bergen is entirely solvent. Its
real
property
has a valuation of $150,000,000 and its obligations total only
resources of approximately $21,000,000, was closed last Saturday morning, June 27, by the Banking Commissioner of $24,000,000."
Mr. Steneck made no reference to a report that State funds aggregating
New Jersey, and its affairs taken over by the State Depart- $5,000,000 had been withdrawn from the bank May 4. William H. Gilfert,
ment of Banking and Insurance. A subsidiary institution, Director of Revenue and Finance of Hoboken, confirmed the report that
the city had $1,000,000 on deposit at the bank when its doors were closed.
the Steneck Title Mortgage & Guaranty Co., was also closed. There was a balance of $600,000 in a checking
account, he said, and
The institution was closed at 8 o'clock in the morning, an $400,000 of the sinking fund in the bank. Mr. Steneck is Treasurer of the
hour before its regular opening hour, because it had been Sinking Fund Commission of the city.
The decision to close the bank was reached after a six-hour conference
held in the bank between its officers, representatives of other banks in
Hudson County and Theodore B. Furman, State Bank Examiner. The
Inevitable happened when the necessary aid was not forthcoming.
Mr. Furman said that his audit was not yet complete and that he could
not say until he had finished how much is due depositors, but that the
deposits were "approximately $10,000,000—a little more, or perhaps a
little less—but approximately that."
Mr. Furman said his estimate of "approximately $10,000,000 was
predicted on the last published statement of the bank and his audit thus far.
Joseph G. Parr, President of the Northern New Jersey Clearing House
Association, issued the following Statement simultaneously with the closing
of the bank:
"The Associated Banks of Hudson County regret that it has been necessary for the Commissioner of Banking and Insurance to close the Steneck
Trust Co. of Hoboken, and realize that no other course was open to him
under the circumstances, but it was decided to give aid and assistance to
such neighboring institutions as might require it, due to any sympathetic
disturbances. In the opinion of the bankers all the other institutions
throughout the county are in a sound condition."
An unconfirmed report was that one of the reasons for the bank's difficulty
was that it had more than $4,000,000 in bonds of the Township of North
Bergen.
Former officials of North Bergen—one of them is doing a five-year term
In prison for embezzlement and twenty others are out on bail as a result
of an investigation into wastage of the towns funds—favored this bank
to the chagrin of other bankers in the county.
John F. Gough, Supreme Court Commissioner, in the report of his five
months' investigation, criticized the town's officials because there was no
competition on bond issues, and said:
". . . The Steneck Trust Co. was invariably, over a long period of
years, the successful bidder for the securities of the township. . . . I
can only conclude that this was another evidence of the general system of
favoritism that has prevailed in the administration of the affairs of the
township."
There are $24,000,000 of the township bonds outstanding, and there
has been a default on $1,500,000 of them.
According to Mayor Julius L. Reich, who was elected on a reform ticket
by the people of North Bergen, the taxpayers were robbed of $8,000,000
to $9,000,000 in former administrations.
The City of Hoboken has a current account of $1,000,000 in the closed
bank.
In its last annual report the bank reported resources of approximately
$21,000,000.
Edward H. Markley, Deputy State Banking Commissioner, said that the
examination disclosed a shrinkage in the securities held by the bank which
was responsible for the impairment of its capital.
Mr. Van Winkle said yesterday (June 30) that he probably would apply
for the injunction on Monday, after a report on the bank's finances was
given by auditors of the Banking and Insurance Department. The application will be made on Mr. Steneck's claims that the bank is sound and that
the Commissioner took unwarranted action in closing it.
A group of stockholders retained William Schlosser, Hoboken lawyer,
yesterday, and will meet in his office at 68 Hudson 'Street, Hoboken, at
10 a. m. to-day to decide on what action they should take to protect their
Interests.
Hoboken city officials arranged with the Trust Co. of New Jersey,
Jersey City, for the payments of salary checks to city employees. The
city has $1,000,000 on deposit in the closed bank.
Mr. Steneck issued a statement that the directors of his bank were willing to put up $1,000,000 cash, "notwithstanding the claim of Hudson
County members of the New Jersey Clearing House Association that the
bank was closed for reasons other than the North Bergen financial snarl
and the inability of the directors to put up $1,000,000 in cash specified
by the Banking Commissioner."
On Wednesday, July 1, the City Commission of Hoboken
made a written demand that city funds totaling $713,769 on
deposit with the Steneck Trust Co. the two days preceding
its closing last Saturday be returned on the ground that
the sum had been deposited "for the special and specific
purpose of cashing checks and warrants issued to city employees, under a long-standing agreement." The New York
"Times" of Thursday, July 2, from which we have quoted
above, went on to say:
It charged in the demand that "the city of Hoboken was, in making said
deposits, induced to part with the moneys belonging to the city, by the
fraud of the Steneck Trust Co., its officers, agents and employees."
The demand, which was signed by William H. Gilfert, Director of Revenue
and Finance, for the Mayor and Commission, was served on Banking Commissioner Frank H. Smith, Theodore B. Furman, examiner in charge of the
closed bank, and upon the trust company.
It contained the charges that at the time the deposits of city money
were accepted "the Steneck Trust Co. . . . was irretrievably insolvent
62
FINANCIAL CHRONICLE
and its officers and agents knew that the said Steneck Trust Co. was on
the verge of closing."
The return of the city's deposits was demanded on the grounds that they
were made "pursuant to a long-existing custom. They involved no profit
to the bank and were made solely as a matter of accommodation to teachers
and employees of the city of Hoboken."
These amounts, it was held, were not to go into the bank's general funds,
but were to be used for "the special and specific purpose of meeting checks
and salary warrants issued to city employees," according to an arrangement under which the Steneck Trust Co. acted as bailee in behalf of the
city. The funds did not, and were not intended to, become the property
of the trust company, the city maintained.
Horace Allen, corporation counsel, was empowered in a resolution
adopted by the commission to claim and move to recover the deposits.
Court action, however, will probably be delayed until the officials of the
closed bank have an opportunity to execute their plan of attempting to
enjoin the State Banking Department from keeping the bank closed.
Marshall Van Winkle, attorney for the officers, announced at his offices
In Jersey City that he would probably have the papers in the Chancery
Court action ready by Monday.
Depositors of the closed bank organized into several groups yesterday
(July 1) and retained counsel to represent them. They indicated also that
they had no intention of instituting court proceedings until the injunction
application of the bank's officials is heard.
[VOL. 133.
approval by Frank H. Smith, State Banking Commissioner
for New Jersey, of a proposal to sell the bulk of the assets
of the institution to the Elizabeth Trust Co. of Elizabeth,
according to Trenton advices July 1 to the Newark "News,"
which went on to say:
The proposition must be approved by the Court of Chancery. A rule to
show cause, issued last night (June 30) by Vice-Chancellor Buchanan, is to
be heard here Tuesday.
If the proposal should be approved by Chancery 80% of the deposits will
be available soon.
The arrangement approved by Smith will transfer to the Elizabeth Trust
the Broad Street office of People's. The other two offices of People's are
not affected by the proposal. It is expected, if the Court approves the
taking over the assets that the Elizabeth Trust then will take over the
El Mora State Bank, controlled by the same interests.
The consideration for the transfer was payment of $250,000 for the Broad
Street office and fixtures and the assumption of 80% of the deposit liability.
The agreement with Smith and the request for approval of Chancery were
made by John J. Stamler, Vice-President and counsel of Elizabeth Trust.
Stamler also is President of the New Jersey National Bank & Trust Co.
of Newark.
Our last reference to the affairs of the People's Banking
& Trust Co. of Elizabeth, which was closed Jan. 28 last,
On Monday of this week the bankers of Hudson County, appeared in our Apr. 4 issue, page 2520.
N. J., through a committee representing all the banks in the
Joseph McCulloch, former President of the defunct Union
cb7iaty, raised a fund of $5,000,000 to protect themselves
from "runs" by depositors alarmed by the closing of the Bank & Trust Co. of Philadelphia, was acquitted June 12
Steneck Trust Co. of Hoboken by the State Banking Depart- on charges of embezzling and misapplying $280,000 of the
ment last Saturday, according to the New York "Herald bank's funds. The jury was out four hours and 15 minutes.
Tribune" of June 30. Aside from heavier than normal with- The Philadelphia "Ledger" of June 13, from which the
drawals from two of the banks, however, there were no above information is obtained, continuing, said:
McCulloch, who is 66, and is a city representative on the Board of Direc"runs" Monday. The committee instrumental in raising the
tors of the P. R. T., smiled but made no comment when the jury dismissed
$5,000,000 "protection" fund was headed by General William the accusations that had been pending against him more than a year. The
C. Heppenheimer, President of the Trust Company of New basis of the charges was his alleged unauthorized use of $280,000 of Union
funds, March 22 1929, to buy 700 shares of its stock at $400 a. share.
Jersey, Jersey City. Others on the committee were: Frank Bank
A few days later the affairs of the bank became embroiled in the investiC. Ferguson, of the Hudson County National Bank; J. H. P. gation of the special Grand Jury, which was investigating accounts of
Reilly, President of the Hudson Trust Co.; Dr. James Gor- certain depositors suspected of being bootleggers. McCulloch resigned as
President of the Union Bank.
don, Vice-President of the Weehawken Trust Co., and Walter
The stock, which he testified in court was bought for E. Monroe Harris,
C. Gardner, Vice-President of the Title Guaranty & Trust Co. one of the bank's directors, on prospects of a merger, was never lifted.
To-day the stock has little, if any, value, as the Union Bank has passed out
of existence.
The trial began Thursday (June 11), with Assistant District Attorney
Barr prosecuting and William A. Gray defending the former bank President. It reached the jury at 12:55 p. m. yesterday. McCulloch had been
under $25,000 bail pending the outcome of the trial.
Closing testimony for the Commonwealth militated against it when
John Arthur Brown, widely known attorney, testifying as a rebuttal witness,
said that in "fairness" to Mr. McCulloch he could not recall McCulloch
having said the bank stock was being bought for his Own account.
Mr. Brown was attorney for the Henry F. Mitchell estate from which
the $280,000 block of stock was purchased and delivered to McCulloch.
The deal was negotiated with McCulloch over the telephone, Mr. Brown
said, "but I had no knowledge," he explained, "whether or not Mr.
McCulloch had any personal interest or was buying for someone else.
"Mr. McCulloch told me he had a deal on for the purchase of the
Most of the 14 officers of the Morsemere Trust Co., of Palisades Park,
stock of the bank. He did not tell me what it was."
Indicted by the Bergen County Grand Jury for illegalities in the manageAssistant District Attorney Batr pleaded "surprise" at Mr. Brown's testiment of the bank's affairs, are expected by Special Prosecutor Hobart of
mony, and was allowed to cross-examine him despite objections of Mr.
. .
Bergen County to surrender to-day (June 26).
Gray. In the course of the cross-examination the prosecuting attorney
Seventy-seven indictments were voted. The charges in most cases were
referred to Mr. Brown's testimony at the trial of a suit in Common Pleas
making false entries in books, misappropriation of the bank's funds, lendCourt No. 1 by the Corn Exchange National Bank against the Girard Trust
ing of money without security, obtaining money under false pretenses and Co., co-executor
of the Henry F. Mitchell estate, to recover for the Union
conspiracy to do these things. There were 15 indicted, one being a deposiBank the $280,000 paid for the stock.
tor and the other officers of the bank.
That civil litigation still is pending. The Corn Exchange Bank took over
Hobart said to-day that Horace I. Poole, of Palisades Park, one of the
the affairs of the Union Bank April 12 1929 to safeguard Union Bank
Vice-Presidents, and Royal E. Peterson, of Ridgefield Park, New Jersey
depositors and creditors.
manager for Clucas & Co., of the New York Stock Exchange, and a director
In resting the defense case with the jury, Mr. Gray stressed the delay
of the bank, bought and sold bonds on the bank's credit, but failed to report of 14 months after the alleged misapplications by McCulloch
before be
this to the other officers.
was arrested in May 1930. Gray said "somebody wanted to collect the
The indictments were voted after a six weeks' investigation, in which
$280,000, and it was thought by arresting Mr. McCulloch they could
Hobart employed an accountant, Martin Fowler, to examine the bank's expedite the collection of it."
records.
Harris, the Union Bank director and owner of 2,500 shares of its stock,
Warrants were sworn out yesterday (June 25) for the arrest of those
for whom McCulloch said the 700 shares were bought, "repudiated the
Indicted, but in most cases they were requested by telephone to surrender. deal when there was a run on the bank and the price of the
stock fell,"
Detective John Quidetti, who visited the home of six of those indicted last
Gray told the jury. "Naturally Harris would not want to testify that he
night, found only Fanner home. It is not believed, however, that any of authorized the purchase of this stock," Gray said, "because the bank
could
those indicted will attempt to flee.
then sue him for the $280,000. For that reason we did not have Harris
Others indicted, the number of indictments against each, and their office here to testify."
are:
Henry Meyerhoff of New York, Vice-President, five; Poole, nine; PeterAt a meeting of the Board of Directors of the Provident
son, one; Charles A. Naegeli of Maywood, Vice-President, three; Nicholas
Volk of Ridgefield, two; Halpern, two; Linton S. Marshall of Ridgefield, Trust Co. of Philadelphia, on June 25, William W. Bodine
one; Richard R. Dechert of Ridgefield, three; Samuel Limenfeld of was made a director to fill
the vacancy caused by the death
Palisades Park, eight; Edward H. Miller of Palisades Park, three; George
of Levi L. Rue, according to the Philadelphia "Ledger" of
Koch of Ridgefield, three; all directors.
At the time of the collapse the bank's capital was $100,000, with a June 25. Mr. Bodine is Vice-President of the United Gas
$25,000 surplus. Deposits amounted to approximately $250,000 when
Improvement Co., a director of the First National Bank of
the crash came, though at one time they totaled $800,000.
From a reliable source it was reported the depositors would lose approxi- Philadelphia, a trustee of the Penn Mutual Life Insurance
mately 25% if the bank is not reorganized, according to present indica- Co., and a Manager of the Western Saving Fund
Society
tions. The percentage has not been definitely determined because there
of Philadelphia, it was stated.
are assets of undetermined value.
Shortly after the bank closed it was announced it would be reorganized
In a few weeks. In the intervening seven months no plan has been put
Robert R. Hays, former President of the First Bank &
before the State Banking Department or its agents.
This has caused State officials to take lightly the recent announcement Trust Co. of Washington, Pa., which closed its doors on
of Douglas H. Strachan, Chairman of a depositors' committee, that he had May 4, and also of the Farmers' National Bank of Hickory,
reached an agreement with five bankers from Jersey City by which the bank Pa., which failed to open
two days later, died by his own
was to reopen July 1.
With reference to the affairs of the Morsemere Trust Co.
of Palisades Park, N. J. (the closing of which, on Dec. 6
1930, was noted in our Dec. 13 issue, page 3820), it is
learned from the Newark "News" of June 26 that George
H. Richenacker, of Hackensack, former President of the
institution; William H. Luckey, a director, and Allan
Farmer, Secretary, were arrested on June 25, and that
Herman Halpen, of Ridgewood, N. J., a director, surrendered
the same day, and that subsequently all four men were released in $2,500 bail. The paper mentioned said, in part:
hand on July 1 at the age of 54. Mr. Hays' death was due
Hope was given July 1 for the reopening of the People's to a nervous breakdown. Since the closing of the banks he
Banking & Trust Co. of Elizabeth, N. J., as a result of the had worked tirelessly in the reorganization movement until
JULY 4 1931.]
FINANCIAL CHRONICLE
63
two weeks previous to his death when he became ill. The plan has been put in the hands of an executive committee
late banker was born at Dinsmore, Pa., and was graduated consisting of Eugene Abegg, President of the bank, John
from Washington and Jefferson College in 1892.
B. Anderson, Dr. Christopher S. O'Neill and Lewis F.
Jacobson, it was announced June 19. The paper mentioned
Advices on June 29 from Warren, Ohio, to the Pittsburgh furthermore said:
"Post," stated that John U. Anderson, who resigned last
Details of the plan will await the completion of the audit now being
week as Treasurer of the Republic Steel Corp., on that day, made by the State Auditor. Investigations to date are said to indicate
had been appointed President of the Union Savings & Trust that a substantial amount of the assets are liquid and can be made available
immediately.
Co. of Warren and would assume his duties at once. Mr.
Anderson succeeds W. Manning Kerr, who was given the
Closing of the Guaranty Trust Co. of Detroit, Mich., by
newly created post of Vice-Chairman of the Board of Direc- the State Banking Department, was reported in the following
tors. The dispatch furthermore said:
dispatch on July 2 to the "Wall Street Journal":
The Union Savings & Trust Co., in which the Eaton Interests have a
financing share, had resources of $5,203,015 at the close of business
March 25. It is the oldest bank in Trumbull County.
The Peoples State Bank of Indianapolis announces the
promotion of Montgomery S. Lewis to be Manager of the
investment department and of Marcus R. Warrender to be
in charge of sales of that department, effective July 1.
Raymond D. Jackson, who for the past 10 years has been
Manager of the investment department, has resigned to
enter the investment field at the head of his own office at
9081Fletcher Trust Building, Indianapolis. Felix M. McWhirter is President of the institution.
A consolidation of two Fort Wayne, Ind., banks, the Old
National Bank and the First & Tri-State National Bank &
Trust Co., with combined resources of more than $36,000,000,
was announced on June 24, according to United Press advices from that city on the date named. The new organization, which will be known as the Old First National Bank,
will have combined capital and surplus of $3,500,000, according to the announcement. New capital stock in the amount
of $2,500,000 will be issued. The dispatch furthermore
said:
•
Guaranty Trust Co. of Detroit has been closed. Resources as of March
25 last. totaled $16,852,744. Trust deposits on that date totaled $420,497
and certificates of deposit $177.959. The number of depositors affected
at time of closing was only five and amount of deposits only $40,000. The
bank had very little deposit business and what it had was reduced by withdrawals to $40,000 before State Banking Department closed it.
The First National Bank of Blissfield, Mich., closed its
doors on June 24, according to the "Michigan Investor" of
June 27. A notice posted on the door stated that the institution had been closed to conserve the assets and protect the
interests of depositors. The bank, which is capitalized at
$60,000, was organized in 1920, it was said.
From the "Michigan Investor" of June 27 it is learned that
the Belding Savings Bank, Belding, Mich., the only banking
institution in the town, closed its doors voluntarily on
June 22. The paper mentioned went on to say:
The move was made to conserve assets and protect depositors, according
to W. S. Lambertson, Vice-President. He said receivership would not be
sought for the present, and asserted depositors would receive 100% on their
deposits. The Belding bank is capitalized at $100,000.
The People's State Bank of Glencoe, McLeod County, a
small Minnesota bank, was closed on June 26, pending an
audit of its affairs ordered when its President, H. A. WeekThe two institutions will operate temporarily under direction of Frank H. worth, disappeared,
according to the Minneapolis "Journal"
Cutshall, President of the Old National, and Henry C. Paul, Chairman of
the Board of Directors of the same institution, it was announced. Charles of that date, which furthermore said:
M. Niezer was President of the First ft Tri-State.
The merger, described as one of the largest in Middle West banking
history, is to provide greater strength and security, and to avoid expenditure of $1,500,000 on a building expansion program which would have
been necessary for the Oal National.
It is learned from the Chicago "Journal of Commerce" of
June 24 that formation of a bondholders' protective committee was announced on June 23 to supersede all committees now functioning in connection with defaulted securities
underwritten or sold by the Foreman-State National Bank,
the Foreman-State Trust & Savings Bank, or the State Bank
of Chicago. We quote further from the paper mentioned
as follows:
Holman D. Pettibone, Vice-President of the Chicago Title ft Trust Co.,
has been named Chairman of the new committee, which will succeed to all
the rights of committees previously organized in connection with the
securities in question. The new committee will have the full co-operation of
the First National Bank interests, it was stated.
It was announced that the formation of the new committee was considered necessary to enable holders of securities on each property involved
to take concerted action with respect to the collection of rents, of managernent, refinancing and reorganization of the various properties and such
other matters which the security holders, without such centralized representation, could not expeditiously accomplish.
In addition to Mr. Pettibone as Chairman the members of the new
committee are: Perkins B. Bass, C. Edward Carlson, Oscar II. Haugan
and William A. Peterson. The Chicago Title ft Trust Co. is depositary.
That physical consolidation of the two Chicago banks, the
Central Trust Co. of Illinois and the National Bank of the
Republic, will be completed by the end of July, was indicated on June 24, when calls were issued for stockholders
of each institution to meet July 25 to ratify the action of
the directors in arranging the merger. The Chicago "Journal of Commerce" of June 25, from which the preceding
information is taken, continuing, said:
The notice to shareholders stated that the actual combination of the
banks would take place as soon as the necessary legal formalities have been
disposed of and it was stated officially that most of these arrangements
would be made by the date of the meeting. In the meantime business will
be conducted by the constituent units in their present quarters.
It was stated at both banks that deposits of shares under the merger
plan were coming in rapidly and that practically all the stock necessary
for ratification was in the hands of the respective committees.
John N. Peyton, Minnesota Commissioner of Banks, said a checkup so
far had disclosed no irregularities and that the closing was not due to any
unfavorable banking conditions, but simply because of Mr. Weckworth's
disappearance.
Weckworth left town Saturday (June 20), saying he would return that
night. His wife later received a letter from him saying he would not
return, and saying "Good-bye." He was about 45 years old.
After completion of the checkup, if no irregularities are discovered,
the bank may either be reopened or consolidated with another bank, Mr.
Peyton said.
William Bart Berger, Vice-President of the Colorado
National Bank of Denver, and for many years prominent in
financial circles in that city and the State of Colorado, died
on June 26 after a prolonged illness. The deceased banker
was born in Denver on May 1 1872. Following his early
education in the Denver public schools, he was graduated in
1893 from the Sheffield Scientific School of Yale University.
Immediately after his graduation he entered the Colorado
National Bank as an Assistant Cashier. Several years later
he was promoted to the Oashiership and in 1911 was made
a Vice-President of the institution, the office he held at
his death.
Robert W. Barr, a Vice-President of the First National
Bank of Chattanooga, Tenn., and dean of Chattanooga
bankers, died in that city of June 26 after a prolonged
illness. Mr. Barr was born in Columbus, Ohio, in 1862, but
moved to Chattanooga with his parents as a child. While
a boy he entered the employ of the First National Bank as a
runner. Later, however, he joined the Merchants' National
Bank as a teller and subsequently assisted in the organization of the Chattanooga Savings Bank in 1889. He served
as Cashier and as a Vice-President of the Chattanooga Savings Bank and retained the latter office when the institution
was merged with the First National Bank a few years ago.
J. M. Brewer and T. E. Bobbitt, former President and
Cashier, respectively, of the defunct Citizens' Bank of Wake
Forest, N. C., which failed on March 28 1929, were sentenced
on June 30 by Judge M. V. Barnhill in Wake Superior Court
to serve no less than one nor more than three years each in
the North Carolina State Prison. The Raleigh "News
It is learned from the Chicago "Journal of Commerce"
and Observer" of July 1, from which the above information
of June DO that a group of depositors in the South Side is
obtained, went on to say in part:
Savings Bank & Trust Co. of that city recently closed by the
The judge tempered his judgment In the case of Cashier T. E. Bobbitt.
State Auditor of Public Accounts, have undertaken plans however, announcing that if he and his friends could raise a fine of $2,500
for reorganization of the institution, Development of the and the court costa he would relieve him of the prison sentence, and indicated
that he might provide an alternative course for President
J. M. Brewer.
64
FINANCIAL CHRONICLE
whereby he could escape serving a term in the prison, of which he formerly
was a member of the board of directors, by paying a cash fine, but stated
that he would have to sleep over the matter.
Conditions of any alternative must be met by Saturday, as Judge Barnhill
concludes the special two-week term over which he is presiding then, and
Judge Small comes here Monday to begin the regular July criminal term.
Brewer and Bobbitt were convicted Monday, June 29. after a trial lasting
three days. S. W. Brewer. who was a director, was acquitted. Judge
Barnhill granted a non-suit in the cases against R. M. Squires, Vice-President, and T. M. Arrington, a director, on the grounds that the State had
produced no evidence against them.
A large crowd of Wake Forest citizens, friends of the defendants, were
In court when sentence was pronounced after Attorneys Chas. U. Harris
and Willis Briggs had offered powerful pleas for leniency.
Judge Barnhill was visibly moved by the pleas, and stated that it was
indeed a painful duty his office imposed upon him.
"I am satisfied, though, that the bank was insolvent since it invested
Its funds in real estate, and these officers must have known it. By virtue
of their conduct, many innocent people were induced to put their money
In the bank and lost it." he said, adding that at the same time he thought
they were induced and encouraged to keep the bank open after it was insolvent by the State Banking Department, which until its divorce by the
last Legislature, was a part of the Corporation Commission.
Explaining his willingness to change Bobbitt's prison term to a 32.500
fine, he stated that he was a subordinate officer and subject to discharge
If he did not obey instructions.
Both defendants gave notice of appeal and bond was fixed at $1,000.
Mr. Harris delivered a forceful plea for Brewer, member of a well-known
Wake County family, Representative in the 1927 Legislature and former
member of State's Prison Board.
He pictured him as a man without means, whose last property had gone
under foreclosure last month. He admitted that he had made mistakes,
but had been guilty of no moral turpitude.
The attorney suggested that Judge Barnhill might save the men from
losing their citizenship as well as serving a prison term by setting aside
the felony verdict, and permitting the defendants to waive a bill and plead
guilty to a misdemeanor on account of the overdraft of the W. C. Brewer
Co.,of which J. M.Brewer is an officer.
He said he was sure friends of the two men could make good the over-.
draft of $3,000.
The failure of the Citizens' Bank of Wake Forest was
noted in the "Chronicle" of April 13 1929, page 2406.
That organization of a new bank at Douglas, Ga., to be
known as the Coffee County Bank, with combined capital
and surplus of $60,000, had been perfected, and that the
institution would open for business in the old Union Banking
Co.'s building between July 1 and 5, was reported in Douglas
advices from that place on June 24, printed in the Savannah
"News" of the next day. Officers of the new bank were
listed as follows: C. L. Lott, President; R. B. Evans, Chairman of the Finance Committee; H. L. Shannon, Executive
Vice-President and Cashier, and E. E. Roberts, Assistant
Cashier. The dispatch went on to say, in part:
Among the out-of-town stockholders are H. L. Shannon of Atlanta, who
will have active charge of the bank, and William Murphey, President of
Citizens & Southern National Bank, and Mills B. Lane, Chairman of the
Board of Directors of Citizens & Southern National Bank, both of Savannah.
The local stockholders represent some of Douglas' most substantial men,
and with the out-of-town stockholders the strength of the institution will
be unquestioned. Ample finance arrangements to take care of the Douglas
tobacco market, which will open on July 28, have already been made.
The bank will have outside financial connections which will be ample
to take care of any business which may arise in the future.
Douglas and Coffee County have been without a bank since Dec. 20 last
year when the Union Banking Co. failed. The new bank will have nothing
to do with the liquidation of the Union Banking Co., which is now being
liquidated by the State Banking Department.
The Merchants' National Bank of Mobile, Ala., on June
22 took over the Mobile National Bank of that city for liquidation, guaranteeing and assuming its deposits and all other
liabilities except that to shareholders. This was undertaken with the protection of guaranties in which the other
Mobile banks shared. It is expected now that liquidation will result more favorably than it was at first thought,
and that in all probability it will not be necessary to have
recourse to the guaranties. A portion of the staff of the
Mobile National Bank is being retained by the enlarged
institution. No additions nor changes have been made in
the official staff of the Merchants National Bank incident
to the absorption of the Mobile National, which is as follows:
Ernest F. Ladd, President; G. A. Michael and J. F. McRae,
Vice-Presidents; J. S. Norton, Assistant Vice-President;
Thomas M. Taul, Cashier; Porter King and S. E. WhiteSpunner, Assistant Cashiers; E. W. Faulk, Manager of
Foreign Department, and M. B. Slaughter, Trust Officer.
The institution has combined capital and surplus of $2,000,000 and deposits of more than $11,000,000.
At a recent meeting of the stockholders of the JacksonState National Bank of Jackson, Miss., the proposed increase
In the bank's capital from $200.000 to $300,000 and in surplus account from $50,000 to $100,000, were authorized. In
addition the institution has undivided profits amounting to
$98,923. Subsequently, the increase in capital was approved
by the Comptroller of the Currency and became effective as
[Vol,. 133.
of June .12. At the same meeting earl L. Faust, President
of Faust Brothers Lumber Co., of Jackson, was added to
the Board of Directors.
That the Seaboard National Bank of Los Angeles had purchased the lease of the quarters and fixtures of the Fidelity
Building & Loan Association at the Northeast corner of
Sixth and Spring Streets, that city, was announced on June
27 by George L. Browning, President of the Seaboard
National Bank. The head offices of the bank, Mr.Browning
said, would be established in the new location on July 6.
He described the quarters as one of the finest banking rooms
in the Western part of the country, containing safety deposit
vaults equal to those possessed by any bank in the United
States. The Los Angeles "Times", which we have quoted
above in the matter, continuing said:
"We are paying the same rental as was paid seventeen years ago on this
property," said Mr. Browning, in making the announcement. "We
obtained the lease at the original rental cost of $5,000 a month, and it is
our opinion that the present rental value is approximately $12,000 a month
or $100 a front foot for the 120 feet on Spring Street."
The lease on the property was originally made in 1913, 17 years ago.
and runs for thirty years. The unexpired term of the lease is approximately
12 years.
Fixtures, vault and equipment were purchased at a net cost of $150,000.
Mr. Browning said, plus the Seaboard's old fixtures at its present location
at 612 South Spring Street. He estimated the pre-war cost at excess of
$650,000, and present cost in excess of $1,000.000.
The Seaboard National was opened for business in the latter part of 1924
with a paid-in capital of $1,000,000, which was later increased to capital
and surplus of $2,500,000. The original quarters on Spring Street were
retained, Mr. Browning said, until the bank had built up sufficient volume
and earning power to expand into larger space.
Dividends have been paid by the Seaboard for some time, and earnings
for the first six months of this year, according to Mr. Browning, were
greater than for any like period in the history of the bank.
Total assets of $1,120,645,127.58 and total deposits of
$962,423,938.96 are disclosed in the semi-annual statement
of the Bank of America National Trust & Savings Association
and the State affiliate of the same name,issued at San Francisco, Wednesday evening, July 1.
Changes in the various asset accounts include an increase
of $10,864,813 in the holdings of United States Government
and other bonds, bringing the total of Government securities
held by the bank to $161,160,116.
The items of cash and due from banks, plus the bond investment, which totals $391,738,707 in the aggregate, compares very favorably with the deposits of $962,423,939.
It is regarded as significant that the deposits of the two
banks, approximating a billion dollars, show a decrease of
less than $20,000,000 by comparison with deposits on the call
date of March 25.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for the brisk upturn on Saturday and the splurge
yesterday, the stock market has drifted irregularly downward
during most of the present week. There have been occasional
rallies, but the gains were not maintained for any lengthy
period. Trading has been light during most of the week
and the tickers have frequently been silent for 10 to 15
minutes at a time. On the whole, the market appeared to
be marking time, pending the outcome of Secretary Mellon's
conference on the debt holiday question. The weekly
statement of the Federal Reserve Bank issued after the
close of the market on Thursday showed an increase of
$73,000,000 in brokers' loans in this district. This increase,
coming after 10 consecutive weeks of decline, brings the
total outstanding loans up to $1,479,000,000. Call money
renewed at 14% on Monday, and continued at that rate
throughout the week.
Prices on the New York Stock Market again pushed up-.
ward on Saturday, though there was some hesitation during
the early trading due to the French angle of the moratorium
4 and was off
situation. United States Steel opened at 1013
Ui from the previous close. Bethlehem and Republic were
active and closed fractionally higher. Railroad stocks,
which were in sharp demand on Friday met considerable
realizing and closed on the side of the decline. The principal
changes were New York Central, which declined to 96,
with a loss of 134 points; Chesapeake & Ohio, which was off
4 points; Baltimore & Ohio, which dropped to 38, with a
23
loss of about a point, and New Haven, which was also down
about a point. Public utilities were lower, though there were
occasional strong spots like American Water Works, which
gained 1 point to 56; American Power & Light, which improved 1% points to 41%, and Brooklyn Union Gas, which
advanced 134 points to 1174. Other prominent stocks
closing on the side of the advance were American Tel. &
Tel., which closed at 18434, with a gain of 2% points;
JULY 4 1931.]
Bethlehem Steel, which gained 23
% points to 538%; Brooklyn
& Queens Traction pref., which registered an advance of
43% points as it reached 643
%; Consolidated Cigar, which
3 Johns-Manville, which gained
jumped 3q points to 37%;
23' points; Youngstown Sheet & Tube, which advanced 4%
points to 593, and Eastman Kodak, which closed at 1568%
and registered a gain of 43. points.
Stocks lost ground on Monday and while there was no
acute weakness, the declines were large enough to cut in
half the advances of most of the speculative favorites.
United States Steel, for instance, got down to 1018% and
closed at 10234, with a net loss of 28% points. Selling was
apparent throughout the session, though the turnover was
about 1,000,000 shares less than on Friday last. Among the
important declines of the day were American Can, Allied
Chemical & Dye, Auburn Auto, Westinghouse Electric,
New York Central, Union Pacific, Santa Fe,Johns-Manville,
Consolidated Gas and Eastman Kodak. Stocks again
drifted downward on Tuesday, and while the price changes
were mixed at times, they were, on the whole, generally on
the downward side. The day's turnover was 1,944,550
shares or about 200,000 less than on the previous day. The
principal changes were on the side of the decline and involved such stocks as United States Steel common 18%
points; Auburn Auto 434 points; Bethlehem Steel 234 points;
Ingersoll-Rand 934 points; Eastman Kodak 334 points;
National Biscuit 234 points; Southern Pacific 334 points;
Worthington Pump 334 points, and American Can 134
points.
The market moved briskly upward on Wednesday,following the report that Secretary Mellon had reached an agreement with the French representatives on the Hoover debt
holiday plan and while the report was without official confirmation, it furnished, for a time, the stimulus to carry
prices to higher levels. United States Steel led the rally
and forged ahead to 102, where it was up more than a point
on the day. Most of the popular speculative stocks followed
the lead of United States Steel. Auburn Auto,for instance,
shooting ahead 28
4 points to 184, followed by American
Can which moved ahead 28% points to 1123s and Worthington Pump which advanced 134 points to 54. Other prominent stocks closing on the side of the advance were Woolworth, 28
4; points; Union Pacific, 2 points; American &
Foreign Power, 234 points; Atlantic Coast Line, 5 points;
Union Bag & Paper, 3 points; Eastman Kodak, 234 points;
% points; and Amer. Tel. & Tel., 134 points.
Santa Fe, 23
Stocks moved irregularly lower on Thursday and while the
declines were generally small, the greater part of the losses
were made up in the modest rally near the close. The total
turnover was very light, the sales reaching 1,332,790 shares,
as compared with 1,711,000 shares on the previous day.
Public utilities were generally higher and so were some of the
more popular of the speculative favorites. Stocks closing
on the side of the advance included among others, American
Stores, 2 points; Auburn Auto, 15
% points; Ingersoll-Rand,
738 points; General Railway Signal, 1 points; and Worthington Pump, 1 point. Railroad shares were off and so were
the motor stocks, oil stocks, copper issues and specialties.
Trading was more active on Friday and the market moved
steadily forward in anticipation of favorable news of the
Paris debt parley. The upward drift carried most of the
active stocks to higher levels, though the actual gains were
not particularly noteworthy. Leading issues like United
States Steel, which was depressed during the early part of the
week, were in many cases higher by a point or more. Public
utilities were in good demand and many of the industrials
were fractionally higher. The principal changes on the side
of the advance were Allied Chemical & Dye, 334 points to
132; American Can, 28% points to 114; Brooklyn Union Gas,
334 points to 117; Rock Island, 434 points to 4734; Peoples
Gas, 3 points to 207; Westinghouse, 33% points to 7334;
Western Union Telegraph, 3 points to 1198%, and Eastman
Kodak, 434 points to 15334. The market was slightly off
at the close due to realizing.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
July 3 1931.
Saturday
Monday
Tuesday
Wednesday....
Thursday
Friday
INItal
Stocks,
Number of
Shares.
Railroad,
& Misc.
Bonds.
53,818,000
5.480.700
5,585,000
6,169.000
6,219,000
7,704,000
Stale,
Municipal &
Poen Bonds.
United
States
Bonds.
Total
Bond
Sales.
52,078,000
2,738.000
3,078,000
2,789.000
2,837,000
3,433,000
8215,000
423.450
566,500
372,500
313,5()0
1,727,000
56,111.000
8.642,150
9,229.500
9,330.500
9.369.500
12,864,000
11 AO7 4SA £34 4175.700 216.952.000
58 517 eto
Ice KIM AKA
1,919,240
2,137,760
1,944,550
1,711,000
1.332,790
2.052,110
65
FINANCIAL CHRONICLE
Sales at
New York Stock
Exchange.
Stocks-No. of shares_
Bonds.
Government bonds...
State& foreign bonds_
Railroad & misc. bonds
Total bonds
Jan. 1 to July 3.
Week Ended July 3.
1931.
1931.
1930.
1930.
11.097,450
7,323.870
337,089,360
497,582,940
83,617,950
16,953,000
34,975,700
$1,964,000
11,940,500
23,844.000
590,627,200
408,784,100
946,299,700
561.120,900
355,039,000
1,072,670,500
855.546.650 337,748.500 81.445,711.000 81.488.830.400
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philade2phia.
Boston.
Week Ended
July3 1931.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
32,502
40,913
36,806
29,092
17,132
23,254
$500
4,000
7.550
5,000
3,000
4,000
19.467
a36,380
a43,736
24.791
020.967
4,960
821.000
28,000
21.000
27,000
26,000
674
1,862
1,855
1,041
1,297
1,518
827,200
7,000
5,000
11,700
14,200
6,000
179,699
824,050
150,301
$123,000
8,247
871,100
$93,900
12,257
Prey, week revised 331,249
$26,500 312,526 $162,900
a In addition, sales of rights were: Monday, 500; Thursday, 300; sales of warrants were, Tuesday, 200.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Sal.,
June 27.
Sire ,p. oz_d_ 13 13-16
Gold, pline on. 849.834d.
Consols.235 %- 60
British, 5%___ ---- •
British. 434%French Rentes
(in Parls).fr.
French War L'n
(in Parls)_fr.
Mon.,
June 29.
1334
84.5.9,14d.
6034
103
10134
88.20
103.10
Thurs.,
Tues.,
Fri..
Wed.,
July 3.
July 2.
July 1.
June 30.
1354
13
9-16
139-16
1334
848.10%cl. 848.11d. 848.1134a. 84s.103id.
60%
6034
60%
603i
10334
103
10334
103
101%
101,4
10154
1014
87.80
103.70
87.50
87.40
87.90
103.90
103.70
103.90
The price of silver in New York on the same days has been:
Silver in N.Y., per oz. (cts.):
2934
2934
Foreign
2934
2934
2934
2934
Course of Bank Clearings.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country indicate that for the week ended to-day (Saturday, July 4), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 22.2% below those for the corresponding
week last year. Our preliminary total stands at $8,653,592,843, against $11,126,336,196 for the same week in 1930.
At this center there is a loss for the five days ended Friday of
1.7%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended July 4.
New York
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
Ban Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
Per
Cent.
$5,991,471,499 $6,097,000,000
528,895,791
364,054,868
426,000.000
*398,000.000
413,000,000
384,000,000
*110,000.000
76,071,908
94,300.000
83,200,000
158.754,000
142,830,075
No Longer will re port clearings.
104,019.705
131.473,919
129.655,152
118.261.033
105,855,663
100,190,228
89.403,630
78,422,209
37.398.891
59,557,653
-1.7
-31.2
-7.1
-7.0
-31.1
-11.8
-10.1
-32.3
-8.8
-5.4
-12.3
+59.3
Twelve cities, five days
Other cities, five days
87.885,533,392
768,059,451
$8,384,282,832
863,962.080
-5.9
-11.1
Total all cities, Rye days
All cities, one day
$8,653.592,843
Holiday
$9,248.244,912
1.878.091,284
-8.3
..--
To2a1 all eltlea for weekSR
•
KKR SQ2 R42 211.126.336.196
-22.2
•Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 27.
For that week there is a decrease of 30.9%, the aggregate of
clearings for the whole country being $7,883,620,250, against
811,405,162,569 in the same week of 1930. Outside of this
city there is a decrease of 27.9%, the bank clearings at this
center recording a loss of 32.3%. We group the cities now
according to the Federal Reserve Districts in which they
are located, and from this it appears that in the New York
Reserve District, including this city, there is a contraction of
32.0%, in the Boston Reserve District of 31.5% and in the
Philadelphia Reserve District of 29.4%. In the Cleveland
[VOL. 133.
FINANCIAL CHRONICLE
66
The volume of transactions in share properties on the
Reserve District the loss is 27.5%, in the Richmond Reserve
District 21.7% and in the Atlanta Reserve District 7.3%. New York Stock Exchange each month since Jan. 1 for the
In the Chicago Reserve District the totals are smaller by years 1928 to 1931 is indicated in the following:
33.0%,in the St. Louis Reserve District by 32.6% and in the
1928.
1929.
1931.
1930.
No. Shares. No. Shares. No. Shares. No. Shares.
Minneapolis Reserve District by 19.5%. In the Kansas
42,503,382 82,308.290 110,805,940 56,919.895
City Reserve District there is a decrease of 23.9%, in the Month of January
64,181,836 67.834,100 77,968,730 47.009,070
February
Dallas Reserve District of 18.8% and in the San Francisco
65,658.034 96452,040 105.661,570 84,973,869
March
Reserve District of 24.3%.
294,436,240 188,902,334
First Quarter
172,343,252 226,694,430
Month of April
May
June
54,346,836 111,041.000
46,659,525 78,340,030
58,643,847 76,593,250
SUMMARY OF BANK CLEARINGS
1931.
Week End. June 27 1931
1930.
Inc.or
Dec.
1929.
1928.
4
4
5
%
4
Federal Reserve Diets.
491,743,494
656,418,690
580,248,010 -31.5
397,134,368
let Boston __12 eiti
2nd New York__12 " 6,393,103,152 7,934,999,181 -32.0 8,816,442,246 7,065,835,640
572,102,906
643,201,049
538,100,836 -29.4
379,828,705
3rd Philadelpla 10 "
412,407,107
454,274,208
399,191,648 -27.5
289,268,842
4th Cleveland__ 8 "
175,283,955
170,166,327
156,823,194 -21.7
122,872,184
5th Richmond. 6 "
157,961,655
159,225,484
132,999,605 -7.3
123,299,911
6th Atlanta____11 "
959,094,346
955,990,159
849,166,717
-33.0
568,627,671
7th Chicago ___20 "
204,829,337
196,648,145
181,426,191 -32.6
120,750,749
8th St. Louis... 8 "
111,660,565
116,645,968
105,098,924 -19.5
84,511,349
9th Minneapolis 7 "
194,150,649
204,683,133
176,476,018 -23.9
134,259,039
10th KansasCity 11 "
64,876,075
67,037,010
52,112,756 -18.8
42,337,603
5 "
11th Dallas
339,392,693
335,651,460
300,754,121 -24.3
227,626,677
12th Ban Fran 14 "
124 cities 7,883,620,250 11,405,162,569 -30.9 12,678,383,879 10,749,328,322
Total
2,615,067,662 3,628,520,260 -27.9 4,041,271,907 3,838,081,260
Outside N. Y. City
Canada
82 cities
310.166.813
391,522,307
418.612.146 -35.9
429,600,942
82,600,470
91,283,550
69,546,040
80,478,835
82,398,724
63,886,110
Second quarter
159,650,208 265,974,280 243,430,060 226,763,669
Six months
331.993.460 492.668.710 537,866,310 415,668,003
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
June and the six months of 1931 and 1930 are given below:
Month of June.
Six Months.
Description.
1931.
1930.
1931.
Stock, number of shares_ 58,643,847 76,593,250
Bonds.
Railroad dr misc. bonds__ $166,455,700 5153,092.000
State,foreign, etc., bonds 83,521,500 60,494,000
15,041,150 12,372,900
U. S. Govt. bonds
331,993,480
1930.
492,668,710
$926,207,700 $1,055,870,500
399,725,100
346,096,500
88,214,200
59,942,900
We also furnish to-day a summary by Federal Reserve
$265,018,350 $225,958,900 61,414,I47,000 $1,461,909,900
Total
Districts of the clearings for the month of June. For that
compilation
covers the clearings by months
The
following
month there is a decrease for the entire body of clearing
houses of 20.8%, the 1931 aggregate of clearings being since Jan. 1 in 1931 and 1930:
•
MONTHLY CLEARINGS.
$39,329,382,860 and the 1930 aggregate $49,665,416,433.
In the New York Reserve District, the totals show a loss
Clearings Outside New York.
Clearings, Total All.
of 21.2%, in the Boston Reserve District of 14.6% and in Month.
1931.
1930.
1931.
1930.
Cleve19.1%.
In
the
the Philadelphia Reserve District of
$
land Reserve District the totals show a diminution of 21.6%, Jan_ _ _ 39,779,233,608 50,568,328,394
-21.3 14,478,773,431 18,537,023,844 --21.9
11,801,139,522 15,619,879,001 --24.4
in the Richmond Reserve District of 13.1% and in the Feb., 33,024,413,114 41,607,527,908 -20.6 13,222,507,190
17,372,856,606 --23.9
Mar__ 39,390,892,172 51,137,914,733-23.0
Atlanta Reserve District of 15.6%. The Chicago Reserve
District has a decrease of 24.9%, the St. Louis Reserve Dis- let qu_ 112194538894 143313771035-21.8 39,502,420,143 51,529,759,451 --23.3
39,946,774,818 50,768,541,656 -21.3 13,565,966,654 17,232,403,124 --22.8
trict of 27.5% and the Minneapolis Reserve District of April___ 37,977,937,309
48,594,609,595 -21.9 13,034,328,426 17,165,691,675 --24.1
May.
12.6%. In the Kansas City Reserve District the totals June_ _ 39,329,382,860 49,665,416,433-20.8 13,269,171,738 16,516,696,095 --19.7
have dropped 22.5%, in the Dallas Reserve District 12.5% 2d qu_ 117254094987 49028567684 -21.4 39,869,466,818 50,914,790,894 --21.7
and in the San Francisco Reserve District 20.1%.
6 mos_ 229448633881 292342338719 -21.5 79,371,886,961 102444550345 --22.6
June
1931.
June
1930.
inc or
Dec.
June
1928.
June
1929.
$
2,275,356,574
35,412,033,176
2,698,132,039
2,012,047,650
778,405,751
741,883,823
4,260,226,076
905,324,582
572,981,258
1,101,088,373
491,364,058
1,597,927,373
The course of bank clearings at leading cities of the country
for the month of June and since Jan. 1 in each of the last
$
$
Federal Reserve Dists.
%
-14.6
2,328,922,381 four years is shown in the subjoined statements:
let Boston -- _..14 cities 1,906,579,671
-21.2
35,524,919,820
2nd New York_..13 " 26,692,124,014
BANK CLEARINGS AT LEADING CITIES.
1,960,025,389
-19.1
2,839,608,693
3rd Philadelpla 14 "
Jan. 1 to June 30-June
1,410,153,175
-21.6
1,965,190,316
4th Cleveland...15 "
(000,000s
1931. 1930. 1929. 1928, 1931. 1930. 1929. 1928.
-13.1
853,438,137
646,349,222
Richmond
_10
"
5th
omitted.)
$
$
778,371,386
8
$
2
$
8
537,202,393
-15.6
8
6th Atlants___16 "
26,060 33,149 34,561 34,739 150,077 189,898 228,492 196,805
-24.9
4,794,732,799 New York
7th Chicago ___28 " 2,819,002,824
1,795 2,481 2,655 3,18311,112 15.126 18,025 19,081
628,204,645
970,337,759 • Chicago
-27.5
8th St.Louts___10 "
9,922 12,053 12,654 13,340
1,708 1,991 1,988 2,041
452,892,776
-12.6
587,043,633 Boston
9th Minneapolls13 "
1,831 2,239 2,529 2,651 10,399 14,157 15,446 14,772
760,083,972
-22.5
1,100,206,948 Philadelphia
10th KansasCity 14 "
3,652 8,745
575
635 2,470 3,231
416
544
-12.5
484,814,929 St. Louis
362,431,805
11 "
11th Dallas
826
823 3,648 4,628 4,960 4,649
586
772
-20.1
1,057,117,247 Pittsburgh
12th San Fran...24 " 1,154,332,974
San Francisco
599
785
834 1,042 3,746 5.078 5,295 5,866
240
318
345 1,493 1,687 1,964 2,004
278
182 citles 39,329,382,860 49,665,416,433 -20.8 62,854,770,943 54,039,865,321 Cincinnati
Total
336
387
426
479 2,004 2,452 2,569 2,727
13,269,171,738 16,516,696,095 -19.7 18,404,573,068 19,301,123,309 Baltimore
Outside N. Y. City
567 2,298 3,199 3,474 3,370
Kansas City
380
518
579
.593 2,711
3,457 3,876 3,297
463
576
662
meads.
32 tittles 1.420d57.538 1.745.215.577 -18.6 1.899.740.903 2.067.482.620 Cleveland
192
227 1,083 1,219 1,333 1,476
181
174
New Orleans
358 1,626 1,980 2,067 1,984
292
334
364
Minneapolis
We append another table showing the clearings by Federal Louisville
997
998
160
594 1,006
98
166
152
912 8,486 4,628 5,843 4,823
715
964
Detroit
580
Reserve districts for the six months back to 1928:
628
788
885 1,074
151
189
103
128
Milwaukee
427
413
292
365
58
69
72
48
Providence
194
918 1,117 1,159 1,132
6 Months Inc.or 6 Months
149
175
189
6 Months
Omaha
6 Months
236 1,033 1,355 1,570 1,362
226
272
Dec.
1929.
1928.
172
1931.
1930.
Buffalo
774
607
732
135
529
104
111
90
St. Paul
599
566
630
105
101
449
$
73
91
3
3
Indianapolis
%
Federal Reserve Diets.
$
870
637
841
960
150
145
112
132
let Boston ....__14 cities 11,123,062,048 13,555,150,010 -17.9 14,3E3,627,663 15,061,886,458 Denver
1,089 1,111
171
184
883 1,136
148
187
2nd New York__13 " 153,686,083,644 94,306,523,813 -21.0 233,220,791,072 201,028,045,900 Richmond
525
502'
554
79
77
327
52
72
3rd Pbiladelpla 14 " 11,194,443,196 15,084,873,106 -25.8 16,524,569,643 15,881,520,511 Memphis
1,314 1,261
828
1,036
171
219
223
141
4th Cleveland __15 " 8,664.184,757 10,830,992,109 -20.0 12,058,590,598 11,170,542,694 Seattle
416
509
502
75
78
292
4,775,717,598
47
65
-17.1
4,936,163,250
3,815,783,444
4,600,680,521
Hartford
"
5th Richmond _10
475
454
83
79
367
457
60
74
668 Atlanta......16 " 3,397,228,236 4,363,711,636 -22.2 4,957,057,168 4,990,599,629 Salt Lake City
7th Chicago .._28 " 17,366,220,114 23,284,870,677 -25.4 27,818,954,873 27,919,311,371
36,760 46,532 49,299 50,468 213,852 272,985 320,951 289,011
Total
868 St. Louis--10 " 3,778,605,819 6,293,438,211 -28.6 6,843,917,477 5,856,518,158
2,569 3,133 3,556 3,572 14,597 19,357 22,597 20,891
0th M/1111ISPOU113 " 2,535,727,228 3,027,707,897 -16.4 3,313,947,096 3,262,993,985 Other cities
10th Ransasat,y 14 " 4,568,245,810 6,117,529,178 -25.3 6,722,549,179 6,487,383,404
39,329 49,665 52,855 54,040 229,449 292,342 343,548 309,902
Total all
11 " 2,271,182,900 2,746,663,459 -13.7 3,297,453,884 3,015,905,234
Ilth Dallas
1268 San Fran...24 " 7,047,866,686 9,130,198,102 -22.8 9,915,781,539 10,290,661,030 Outside N. Y. City 13,269 16,517 18,405 19,301 79,372 102,445 115,056 113,097
3
2,231,369,545
33,884,376,220
2,391,355,313
1,799,179,592
743,717,663
635,224,299
3,755,769,611
867,530,090
517,733,959
980,205,140
413,322,644
1,445,602,367
182 cities 289,448,633,881 292,342,338,719 -21.5 343,548,259,283 309,901,543,624
Total
79,371,886,961 102,444,550,345 -22.6 115,055,857,271 113,096,513,188
Outside N. Y. City
Mknone.
92 Aides a 779 093 381 10.159.847.610 -13.6 12.057.433.554 11.765.096.603
We now add our detailed statement showing the !figures
for each city separately for June and since Jan. 1 for two
years and for the week ended June 27 for four years:
CLEARINGS FOR JUNE,SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 27.
1931.
1930.
$
$
First Federal Rose rye District-Boston3,387,093
2,981,292
Maine-Bangor
15,671,475
13,104,479
Portland
Mass.-Boston
1,707,953,225 1,990,886,010
4,865,742
Fall River
4,381.695
2,403,623
2133 836
Holyoke
2,454,486
Lowell
2'140:170
4,291,241
New Bedford
5:160,853
21,715,726
19,596,246
Springfield
15,586,614
Worcester
13,195,000
64,822,912
Conn.-Hartford
46.760,787
34,234,378
New Haven
29,850 261
10,463,800
Waterbury
9,085:300
R. I.-Providence
57,587,400
47,761,300
N. H.
-Manchester
2,999,045
2,475,227
Total(14 eitles)
Week Ended June 27.
6 Months Ended June 30.
Month of June.
Clearings at-
Inc. or
Dec.
1931.
%
3
1930.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
1928.
$
%
$
$
%
$
$
16,781,346 -6.3
15,737,283
98,527,849 -19.2
79,651,429
9,922,156,182 12,052,578,000 -17.7
31,078,760 -17.4
25,678,126
14,832,063 -8.6
13,568,578
12,347,663
24,053,845 -49.5
23,525,321
26,973,937 -12.8
118,307,567
126,524,861 -6.5
75,526,068
92,161,781 -18.1
415,764,815 -27.4
301.800.788
179,560,104
212.051,305 -15.3
48,646,900
59,288,500 -16.3
365,344,900 -19.8
291,604,700
14,891,339
19,188,048 -22.4
561,562
2,821,373
360,000,000
804,529
1,906,579,671 2,231,369,545-14.6 11,123,062,048 13,555,150,010 -17.9
-12.0
-16.4
-14.2
-9.9
-11.2
-12.8
-8.6
-9.8
-15.3
-27.1
-12.8
-13.2
-15.3
-17.5
606,660 -7.4
3,491,384 -19.2
531,000,000 -32.2
953,468 -15.6
595,608
3,867,959
494,000,000
1,341,597
554,840
3,487,082
439,000,000
999,402
430,968
630,821
3,486,580
2,774,791
8,940,294
6,773,023
543,300
853,749
4,746,048
3.715,436
13,290,511
7,950,182
-20.7
-26.1
-26.5
-25.3
-32.7
-14.8
1,190,104
1,160,360
5,930,061
4,550,464
17,406,619
8,983.104
1,063,532
890,296
5,663,940
3,420,803
14,500191
8.157:303
9,438,300
472,127
12,397,200 -23.9
700,072 -32.6
16,623,900
769,014
13,149,000
657,105
397,134,368
580,248,010 -31.5
556,418,690
491,743,494
JULY 4 1931.]
FINANCIAL CHRONICLE
67
CLEAR!NGS-(Continued.)
Month of June.
6 Months Ended June 30.
Week Ended June 27.
Clearings at1931.
1930.
$
$
Second Federal Re serve District New York/. Y.-Albany
28,335.108
25,333,619
Binghamton
4,579,200
5,998.048
171,853,125
226.182,649
Buffalo
Elmira
4,714,240
4,416.783
Jamestown
4,186,952
5,519,353
New York
26,060,211,122 33,148,720,338
Rochester
50,491,656
43,725,756
Syracuse
21,234,479
26,616,223
:onn.-Stamford
14,359,311
19,514,426
1. J.-Montclair3,948,564
4,163,764
157,566,727
Newark
161,184,188
171,132,806
Northern N. J
193,167,498
9,278,113
Oranges
10,066.186
Inc. or
Dec.
1931.
%
$
1930.
Inc. or
Dec.
1931.
1930.
inc. or
Dec.
1929.
1928.
$
%
9
9
%
$
9
-10.6
164,718,685
175,735,950
-23.7
29,973,458
35,719,309
-24.0 1,032,643,351 1,354,512,750
+6.7
27,672,712
26,515,383
-24.2
25,648,748
33,407,386
-21.4 150,076,746,920 189,897.788,374
-13.4
258,984,225
317,878,584
-20.2
127.695,817
149,965,151
-26.4
84,081,067
106,859,078
-5.2
19,487,968
21,133.985
-2.2
819,515,695
924,989,316
-11.4
978,675,021 1,215,815,790
-7.9
42,239,977
46,202,757
4,627,577
8,319,508
-6.3
855,490
1,292,116
-16.1
36,073,328
49,198,743
-16.4
847,427
847,747
+4.4
779.008
1,239,558
-23.2
-21.0 5,268,552,588 7,776,642,309
10,760,251
7,953,070
-19.2
3,763,034
4.811,347
-14.9
3,803,586
2,736,571
-21.4
547,958
696,099
-7.3
29,782,495
35,645,543
-11.4
36.584,608
43,742,374
-19.5
-8.6
-26.8
55.367.918
5.506.022
-33.8
1.323,502
1,005,423
-26.7
61,163,336
47.448.891
-0.1
1,121,856
1,099,991
-37.1
1,143,258
1,086.747
-32.3 ,635,111,972 6,911.247,042
-26.1
15,662,385
12,163.716
-21.8
7.012,012
10,000,000
-28.1
4,641.485
4.565.533
-21.1
974,401
870,198
-16.4
37,046,713
31,691,674
-16.4
45,873,408
39,150,403
Total(13 cities).- 26,692,124,014 33,884,378,220 -21.2 153,686,083,644 194,306,523,813 -21.0 5,393,103,152 7,934,999,181 -32.08,810.442.246 7,065,835,640
Third Federal Res erve District -Philadeiph a'a.-Altoona
2,829,013
6,104,085 -53.7
21,543,304
35.318,888 -39.0
Bethlehem
13,772.207
22,852.908 -39.7
86,623,223
124,467,155 -30.4
Chester
3,662,869
4,327,068 -15.4
23,627,191
28.248,275 -6.2
Harrisburg
15.307,577
18,531,867 -17.4
91,421,338
114,622,101 -20.2
Lancaster
10,865,734
80,807,011
8.135.005 +33.6
53,654,283 +13.6
Lebanon
2,474,393
3.053,121 -19.0
14,506.043
20.1
18,156,982
Norristown
2,858,808
3,222,354 -11.3
16,838.289
19,267,900 -12.7
Philadelphia
1,831,000,000 2,239,000,000 -18.2 10,399,000,000 14,157,000,000 -26.5
Reading
12,632,548
15,588,434 -18.9
79,490,579
96.030.155 -17.2
Scranton
17,777,870
20,536,378 -13.4
125,747,877 -10.6
112,427,729
Wilkes-Barre
12,790,512
13,973,200 -8.5
80,753,397
88,322,684 -8.6
York
7,186,858
8,756,551 -17.9
46,588,614
53,196,908 -12.4
l.1.-Cam den
8,128,000
10,110,342 -20.3
48.450,878
59,184,898
18.1
Trenton
18,739,000
17.164,000 -9.1
113,655,000 -1.2
112,367,600
Total (15 cities).- 1,410,153,175 1,799,179,592 -21.6
Fifth Federal Rese rve District- RichmondV. Va.-Huntington_
2,688,007
4,715,231
7a.-NoVolk
16,229,592
17,735.716
Richmond
148,312,043
187,122,300
V'. C.-Raleigh
7,498,866
9,082,686
I. C,-Charleston.._
6,999,140
9,966,212
Columbia
9,149,682
7,106.157
3d.-Baltimore
387,225,535
335,374,155
Frederick
1,903,912
2,011,692
Hagerstown
2,081,432
2,471.788
3. C.-Washington115,114,393
116,280,346
646,349,222
537,202,393
1,974,523
612,000,000
4,244,194
5,925.601
3,605,834
2,152,787
540.000.000
3,974,189
5,096,369
3,992,440
1.711,756
358,000,000
2,558,357
3,755,145
2,358,724
1,416,304
511,000,00(1
3,648.503
4,996,666
3,280,073
1.841.389
7,762.207
572,102.906
4,409,000
3,860,748
63,515,383
122,759,929
13,558,100
-29.4
-45.2
-23.1
-22.4
-29.4
7,087,000
4,484,118
77.000.000
149,985,029
15,409,500
5,785.000
3,627,115
75.899,947
127,909,406
14.535,300
1,279,804
2,727,265
2,131.448 -40.0
4,358.489 -37.4
1,812.523
6.804,027
1.312,857
5,607.197
126,830,084
184,598,553 -31.3
191,892,011
177,430.285
8,664,184,757 10,830,092,109 -20.0
289.268,842
399,191.648 -27.5
454,274,208
412.407,107
-42.1
-16.0
-22.4
22.4
-18.5
1.3
-18.3
13.4
-12.3
-2.7
590,610
3,015,594
30,999,043
995,298 -40.7
3.626,101 -16.8
45,455,000 -31.8
951,943
4,741,287
39,706,000
1,064,350
4,884,471
41,320,000
Ca
Ca
4,692,183
643,201,049
126,230,000
111,846,672
1,687,191,857
3,457,357,958
408,997,400
25,284.731
9,481,553
49,244,446
138,716,794
11,613,144
4.775,153
27,488,87.
4,627,785,572
47,197.805
97,800,150
I I I I I I I I I I I I I I I
85,706,000
81,776,398
1.492,947,351
2.711,003,995
337,998,500
20,103,240
7,610,135
38,772,525
97,122,379
8,774,818
3,752.464
22,509.303
3,648,249,763
32,367,965
75,496,921
3,111,000
1,728,639
48,844,382
05,135,968
9.582.600
16,822,833
91.197,142
882,680,568
44,844.238
45,205,645
56,614,089
2,004,255,257
10,441,040
13,928,534
649.794,098
29,017,451
108,461,958
1,136,119,800
57.818,667
55,491,867
57.340,543
2,452,223,082
12,067,335
15,889,600
676.250.208
743.717.663 -13.1
3,815,783,444
4,600,680,521 -17.1
122,872.184
-38.3
-39.6
-12.3
-20.7
-19.1
-46.8
-1.2
+5.8
-34.5
-23.8
-18.2
-39.9
-37.4
-47.5
-20.3
+4.3
52,500,000
346,028.311
957,815,274
35,318,849
18,928,447
21,441,582
336,734.980
41.843,231
364,039,260
37,192,712
19,076,521
31,123,000
38,539,581
10,270,895
3,869,182
1,082,505,431
75,885,751
571,258,997
1,169,811,330
44,675,488
26,754,143
37,695.996
394,166,722
51,341,993
578,115,544
49,689,240
30,220,366
38,965,000
51,881,538
18,818,382
5,228,897
1,219,381.199
-30.6
-39.5
-18.1
-20.9
-29.3
-43.1
-14.6
-18.5
-37.0
-25.1
-36.9
-20.1
-23.8
-45.4
-26.0
-11.3
*1,500,000
11,632,327
32,664,673
1,016,506
2,151,803
20,289,869
37,199,279
1,457.422
635,254,299 -15.8
3,397,228,236
4,363,711,636
867,530,090 -27.5
-24.7
-29.9
-24.8
-28.1
-23.1
3,817,000 +28.6
3.778,805,819
I
1,356,304
2,023,518 -33.0
2.000,000
2,002,239
64,479,390
80,451,346 -19.9
96.460,577
100,221,784
22,431,243
24,271,931
-7.6
26,308,520
25,791,111
156,823,194 -21.7
170,166.327
175,283,955
-30.3
-42.7
-12.2
-30.3
3.000,000
22,842,906
46,192,609
1,766,557
2,870,633
18,413,834
42,546,628
1,642,898
626,846
10,449,303
1,196.025 -47.7
10,634,035 -1.8
1,443,147
13.473.260
1,762.219
14,398,955
11,779,008
1,071,902
20,791.844 -43.4
1,418,023 -24.5
21.838.976
1,725,329
21.807,705
1,456,202
912,000
1.296,000 -21.9
1,640,567
1,580,672
92,566
51,554,780
134.075 -31.9
36.431,230 +41.5
290,276
45,011,857
386.571
51,105,538
123,299,911
132,999,605
-7.3
159,225,434
157,951,655
124,164
803.687
144.333,847
152,355 -18.5
626.625 +28.2
187,263,558 -22.9
270,628
1,101,153
243,559,437
478,740
999,313
109,664,022
3,947,187
4,968,944 -20.6
6,494,838
8,160.569
2,324,366
3,423,987
2,894,073 -19.7
2,819.148 +21.4
3.860,000
3.805.998
3,704,177
3.165,835
14,946,000
1,049.262
3,648,158
19,893,000 -24.9
2,198,716 -52.3
5,878,393 -36.3
25,194.000
2,902,185
6,007,057
20,836.000
4.528,900
5.627,334
21,869,305
28,333,524 -22.8
32,632,481
38.679,199
2,348.550
3.027,962 -22.6
2,825.747
2,366,424
5,459,986
6.300,418 -13.3
8,546.959
10.000,000
3,773,867
530,037
4,768.617 -20.9
1,054.109 -49.7
6,233,867
1,559,312
6.480,078
1,229,786
1.288,747
352.484,176
767,396
2,531,289
1,118,200
1,857,460
1,843,585
567,098,687
1,087,168
4,139,712
2,652,413
2,165,709
.
30.2
-37.9
-29.4
-38.8
-57.8
-14.2
1.500.000
596,729,186
1,275,201
5,730,412
3,419,806
2,341,892
1,496.914
640,794,041
1,186,552
4,361,391
3,259,041
2,206,030
568,627,671
849,166,717 -33.0
955,990.159
959.094,346
'HMV%
a.wwwww
•-cm.p.opooww
Total (28 cities).- 2,819,002,824 3,755,769,611 -24.9 17,366,220,114 23,284,870.677
Eighth Federal Re serve District -St. Louis17,185,013
tad -Evansville - 20,210,538 -15.0
113,271,723
118,970,306
*1,000,000
New Albany
773,893 +29.4
6.648,777
4,248,136
415,812.516
543,799,400 -23.5 2,470,245,720 3.231,697,537
Mo.-St. Louis
Ky.-Louisville
165,582,295 -40.7
98,186,081
594,055,262 1.006,031,616
1,186,074 -22.9
915,562
Owensboro
8.074,934
11,665,925
8,639,018 -43.2
Paducah
4,895,653
35,691,766
56,735,818
72.105,228 -27.2
52,475,263
Tenn.-Memphis _ _
327,278,534
501.798,933
49,177,000 -30.0
33,429,182
Ark.-Little Rock_ _ _
198,537,555
321,421,815
606,201
796,300 -23.8
4,099,417
III.-Jacksonville
5,923,49(
3,699,174
5,280,344 -29.9
20,602,131
Quincy
34,943,63).
628,204,645
1,880.597
538,100,836 -29.4
Seventh Federal R eserve Distric t-ChIcag.o%Iich.-Adrian
890,936 -21.8
696,312
4,450,782
5,875,104
4,146,438 -8.2
Ann Arbor
22.259,949
3.807,165
24,691,302
714.909,312 -18.9 3,485,741,737 4,628,227,245
579,771,628
Detroit
-24.7
12,630,121
Flint
9,516,876
59,351.968
79,234,373
22.004,131 -9.8
19.845,431
Grand RapidS
121,302,747
145,249,963
4.253.982 -14.8
Jackson
3,621,900
21,909.051
35,742,969
11,531,546
13,274,086 -13.1
Lansing
73,559,850
91,464,596
11,592,020
13,787,510 -15.8
Ind.-Ft. Wayne
66,053.638
87,882,832
16,089,045
22 247,568 -27.7
Gary
98.472,007
136,620,606
72.506,000
90,762,000 -20.1
Indianapolis
449,216,000
566,484,000
10,908,972 -28.3
7,823,960
South Bend
55,001,896
69,347.281
21.308.315 -13.5
18,425,859
Terre Haute
115,834,742
134,965,382
Wis.-Madison
10,318,752
10,493,273 -1.7
63,494,902
71,829,023
102,853,281
128.080.416 -19.7
Milwaukee
627,691,777
787,613.603
3,785,232 -38.4
Oshkosh
2,677,336
17,198,858
20,943,526
11,172,351
12,955,429 -13.8
Iowa-Cedar Rapids_
68,836.047
79,876,137
43,479,071
60,913,487 -28.6
Davenport
291,306,590
336,462,827
28,018,524
32,958,099 -14.9
Des Moines
177.913,860
247,364,041
1,590,035
1,956,111 -18.8
Iowa City
10.140,970
12,360,543
17,665.900
24,601,151 -28.2
Sioux City
103,595,438
162,284,175
3,170,391
5,629,155 -43.7
Waterloo
21,526,108
38,626,585
3,887,963
Illinois-Aurora
4,406,728 -13.6
23,294,274
28,817,081
Bloomington
8.361,445 -23.4
6,407,167
40,677,071
48,962,304
Chicago
1,795,175,859 2,480,832,486 -27.7 11,112,426,363 15,128,433,633
3,997.650
5,004,135 -20.1
Decatur
24,468.709
32,156,126
13,234,155
Peoria
20,155,421 -34.1
87,692,801
130,256,848
Rockford
*11,000,000
13 430,614 -18.1
63,552,775
86,031.429
Springfield
9,075.1347
11,012,058 -17.6
59.249,206
69,057,343
Total(10 citica)
1.781.045 +16.3
-43.0
-8.5
-20.7
-17.5
-29.8
+28.8
-13.1
-5.4
-15.8
-0.9
Sixth Federal Rese rye District- Atlantarenn.-Knoxville_ _ _.
*7,000,000
11,338,207
Nashville
53,953,775
89,310,512
3a.-Atlanta
151,152,767
172,225,722
Augusta
5,155,531
6,505,994
Columbus
2,078,605
3,681,369
Macon
3,340,161
6,281,596
Fla.-Jacksonville-52,322,598
52,945,286
Tampa
6,831,736
6,455,389
kla.-Birmingham
54,075,589
84,158,306
Mobile
5,842,444
7,406.550
2,704,914
3,306,563
Montgomery
Msg.-Hattiesburg
6,530,000
3,922,001
Jackson
8,181,000
5,121,000
Meridian
2,642,516
1,387.010
Vicksburg
706,920
553,500
La.-New Or1eans
173,577,369
181,060,763
Total(16 eities)
2,072,979
.pmww0004.commw.0.-4=,...wOOM&Ooomp,f.c...
Total(10 cities).-
1,468.851
4,945.967
1,176,604
4,900,000
.-..,...oprok-.0o4o-,-,7,W
.
r
-39.5
-50.8
-13.8
-19.6
-21.8
-29.3
-28.1
-23.5
-32.5
-36.0
-26.1
-38.4
-24.1
-25.5
-26.0
1,581.701
5.729,952
1,388,200
379.828.705
1.960,025,389 2,391,355,313 -19.1 11,194,443,196 15,084,873.106
Fourth Federal Re serve District -Cleveland)hlo-Akron
13,116,000
21,653,000
Canton
8,593,275
17,454,472
Cincinnati
239.580,052
277,820,217
Cleveland
463.216,664
575,885,359
Columbus
51,519,800
65,883,200
Hamilton
2,911,124
4,117,491
Lorain
1,304,859
1,812,998
3dansfleld
8,295,487
8,233,392
Youngstown
14,448,058
21,385,486
'a.-Beaver Co
1,350,940
2,108,891
Franklin
640,831
867,090
Greensburg_ __ _ ...
3,728,552
6,045.481
Pittsburgh
586,179,354
772.389,862
Ky.-Lexington
4,495,373
6,035.577
V. Va.-Wheeling-.
12,773,008
17,487,076
1,352,068 -54.1
5,545,356 -17.2
838,738 -20.9
Ca
Total(14 cities)
620,222
3.483,508
663,466
5,293,438,211 -28.6
2,835,400
3,835,588 -28.1
5,291,715
4.764,003
80,000.000
19,890,937
190,634
113.000,000 -29.2
35,737,754 -44.3
235,962 -19.2
127,800,000
33.337,606
286,035
137,100,000
35,872.217
249,499
-31.7
-34.7
-32.0
-12.5
16,599,887
11.834,560
317,452
1,380,910
14,721,043
10,348,823
305,835
1,467,917
179,191,559 -32.6
196,648,145
204,829,337
10.254,060
6,629,3813
112,066
838,266
120,750,749
15,003,184
10,141,826
164,873
1,072.372
[VOL. 133.
FINANCIAL CHRONICLE
68
CLEARINGS-(Concluded.)
6 Months Ended June 30.
Month of June.
Clearings at1931.
1930.
Inc. or
Dec.
S
s
%
1931.
$
Week Ended June 27.
1930.
Inc. or
Dec.
1931.
1930.
Inc. or
Dec.
1929.
$
%
$
a
%
s
1928.
$
Ninth Federal Res erve District- -Minneapolis26,396,273 -4.5
25,214,441
Minn.-Duluth
333,571,914 -12.6
291,575,464
Minneapolis
2,816,698 -46.2
1,516,683
Rochester
103,826,337 -13.0
90,373,196
St. Paul
8,358,236 -0.1
8,357,033
N. Dak.-Fargo
6,676,000 -9.8
6,026,000
Grand Forks
1,714,566 -18.3
1,400,000
Minot
4,467,622 -16.0
3,751,816
8..Dak.-Aberdeen
9,335,830 -24.4
7,060,575
Sioux Falls
2.608,948 -7.9
2,403,383
Mont.-Billings
4,449,474 -18.4
3,630.497
Great Falls
13,093,783 -14.5
11,201,218
Helena
418,278 -8.6
382,470
Lewistown
108,535,495
1,626,197,565
8,669.978
529,282,365
49,585,459
35,241,000
7,527,777
22.208,097
44,044,152
14.108,932
20,598,079
68,040,088
1,688,241
125,576,298
1,979,614,434
15,177,101
606,919,117
51,424,253
38,997,000
9,822,386
25,981.001
53,125,263
15,947,229
26,770,360
76,246,942
2,106,513
-13.5
-17.2
-42.9
-12.8
-3.6
-9.6
-23.4
-14.6
-17.1
-11.6
-23.1
-10.8
-19.9
3,117,346
58,645,072
4,728,703 -34.1
72,611,045 -19.2
7,449,570
79,019,801
6,196.461
73.154,438
17,464,201
1,686,050
21,783,844 -29.9
1,631,367 +3.4
23,537,452
1,836,199
26,243,736
1,622,027
796,249
939,924 -15.3
1,178,963
1,155,328
456,767
546,914 -16.5
566,583
526.575
2,345,664
2.857.127 -17.9
3,007,400
2,762.000
517,733,959 -12.6
2,535,727,228
3,027,707,897 -16.4
84,511,349
105,098,924 -19.5
116,645,968
111.660,565
Tenth Federal Res erve District- -Kansas City1,342,423 -9.3
1,217.797
Neb.-Fremont
2,342,682 -3.5.9
Hastings
*1,500,000
Lincoln
14,410,073 -11.2
12,803,363
148,748,000
Omaha
174,709,761 -17.1
9,305,810 +18.4
11,259,735
Kan.-Kansas City
15,226,279 -20.2
12,147,165
Topeka
Wichita
30,941,676 -27.6
22,390,206
4,391,764 -55.4
Mo.-Joplin
2,001,927
Kansas City
517,746,886 -26.5
380,048,793
22,500,949 -21.0
St. Joseph
17,773.000
0kla.-Tulsa
43,480,177 -33.5
28,870,556
Cob -Cob. Springs.
4,469,112
5,577,268 -20.0
Denver
131,701,984 -15.1
111,822,190
Pueblo
6,327,408 -20.5
5,032,128
7,229,748
10,067,719
77,062,966
918.394,892
58,611,911
73,975,430
137,144,376
13,221,889
2,298,386,148
110,578,003
168,825,923
25,727,173
637,362,721
31,656,911
9,162.391
13,670,548
92,140,602
1,116,826,298
58,163,016
86,649,037
184,452,989
26,737,421
3,199,346,279
158,030,142
260,128,462
31,472,589
840,637,606
40,111,798
-20.0
-26.4
-15.3
-17.7
+0.8
-14.6
-25.7
-61.7
-28.2
-30.1
-35.1
-18.3
-24.2
-21.1
196,915
261,144
2,558,129
31,552,173
195,065 +1.0
340,220 -23.3
3,063,985 -16.5
36,958,346 -14.6
284,151
490,343
3.206,268
42,656,256
302,230
459,628
6,126.115
40,497,201
3,369,750
5,131,083
4,287,951 -21.4
7,763,388 -33.9
3.881,832
8,699,514
3,738,084
9,518,472
85,604,449
3,732,496
116,579.763 -26.5
4,763,671 -21.7
136 344,875
6.210,999
125,135,702
5,991,637
799,859
a
1,053,041
1,178,270 -32.1
a
a
1,347.359 -21.9
1,327,948
a
1,580,947
1,2471,364
4.568,245,810
6,117,529,178 -25.3
134,259,039
176,476,018 -23.9
204,683,133
194.150,649
Total (13 cities).
Total(14 citics).....
452,892,776
760,083,972
980,205,140 -22.5
Eleventh Federal Reserve Distr ict-DallasTexas--Austln
5,615,920
7,114 916
Beaumont
8,076,000
6,018,977
161,405,438
119,625,488
Dallas
El Paso
23,302,125
19,293,152
41,557,704
31,143,949
Fort Worth
Galveston
11,237,000
10,362,000
130,390,215
Houston
117,225.451
3,181,275
Port Arthur
2,014,705
1,839,244
1,253,377
Texarkana
8,451,384
Wichita Falls
4,186,000
La.-Shreveport
18,266,339
14,193,790
Total(11 cities) _ __ _
362,431,805
+26.7
-25.5
-7.3
-16.2
-25.1
-7.7
-10.5
-36.7
-31.9
-50.3
-22.3
413,322,644 -12.5
Twelfth Federal It eserve Distric t-San Franc taco4,347,000 -31.0
*3,000,000
Wash.-Bellingham__
141,431,229
Seattle
170,628,365 -17.1
49,670,35" -15.9
41,768,000
Spokane
3,534,404
4,264,298 -17.1
Yakima
6,074,399 -1.2
5,998,607
Idaho-Boise
2,060,364 -28.3
1,478,000
Oregon-Eugene
127,690,458
149,723,079 -14.8
Portland
5,675,895 -20.2
4,531,775
Utah-Ogden
59,533,176
74,433,083 -20.0
Salt Lake City
15,449,000 -13.2
13,403,000
Arizona-Phoenix__
8,748,736 -54.0
4,028,399
Calif.-Bakersfield
17,519,849 +3.5
18,136,234
Berkeley
30,261,016 -23.2
23,214,268
Long Beach
No longer will report clearing S.
Los Angeles
4,493,469 -23.2
2,409,602
Modesto
19,237,821
24,828,692 -22.5
Pasadena
3,928,276 -4.2
3,763,298
Riverside
28,886,341 +19.9
34,538,610
Sacramento
21,503,657 -22.6
16,645,781
San Diego
785,497,236 -23.8
599,134,137
San Francisco
11,130,110 -11.9
9,813,323
San Jose
8,220,108 -18.3
6.712,739
Santa Barabra
8,105,871 -15.5
6,849,113
Santa Monica
1,851,658 -56.8
*800,000
Santa Rosa
8,301,500 -19.9
6,650,900
Stockton
Total(24 eities)
1,154,332,974 1,445,602,357 -20.1
38 986,337
40,572,908
927.735,322
126,294,645
197,955,060
66.077,000
725,181,253
12,475,777
9,120,356
32,175,000
95,209,242
2,271,182,900
39,762,433
51,437,000
1,079,947,124
161,906,640
277,164,629
86,457,290
827,001,862
19,032,439
13,405,505
55,040,384
135,508,153
-2.2
21.1
-14.1
-22.0
-28.6
-23.6
-12.3
-34.4
-31.9
--41.5
-29.9
2,746,663,459 -13.7
1,110,216
1,296,370
1,036,435 +25.1
1,577,401
1,139,041
30,219,875
34.455,930 -12.2
43,277,147
42,523,407
6,294,341
1,579,000
10,311,911 -49.9
2,488,000 -36.5
13,794,268
4,391,000
12,379,878
4,425,000
2,948,017
3,820,480 -22.8
3,997,194
4,408,749
42,337.603
52,112,756 -18.8
67,037,010
64,876,075
29,154,462
7,783,000
581,392
35,748,860 -18.4
10,157,000 -23.3
809,596 -28.2
48,256,078
11,381,000
1,343,991
44,200,933
11,809,000
1,227,588
25,717,195
33,136,974 -22.4
36,791,165
36,253.706
12,520,570
16,504,806 -24.1
19,884,400
17.375,343
7,436,823 -32.4
5,027,389
No longer wiLl report clearin go.
8,132,545
7,106,254
5,484,652 -33.0
5,640,165
5,651,266
-4.0
-26.1
-26.0
-23.8
-32.8
-20.0
5,431,577
5,111,046
185,494,023
2,771,842
1,540,772
1,867,956
5,937,182
4,897,083
196,640.000
2,640,503
1.313,520
1,895,118
•
25,339,000
1,035,742,294
282,027,469
28,724,629
33,489,808
11,369,239
893.132,716
39,094,004
457,186,724
110,731,000
44,316,486
119,024.260
190,312,727
-32.9
-20.0
-15.5
-21.2
-1.3
--29.9
-18.5
-27.7
-19.7
-22.7
-42.7
-15.9
-20.8
25,895,149
15,054,630
132,448,634
158,537,263
23,181,171
27,873,623
177,729,620
183,135,273
146,033,557
118.626,207
3. . . . 5,077,557,008
76,067,057
63,393,518
46.717,026
51,810,724
50,444,060
43,587,957
12,112,691
11,113,380
55,647,000
41,430,300
-11.9
-16.5
-16.8
+3.0
-11.9
-26.2
-16.7
-9.8
-13.6
-8.3
-25.5
5,518,477
3,283,755
128,506.417
1,832,967
1,153,298
1,384,817
1,497,000
1,665,800 -10.1
2,004,900
2,445,100
9,130,198,102 -22.8
227,626,677
300,754,121 -24.3
335,651,460
339,392,593
17,419,000
828,084,166
238,332,000
22,623,463
33,062,613
7,972,000
718,219.285
28,266,245
367,282,692
85,656,000
25,419,419
100,189,737
130,772,060
7,047,866,685
3,665,938
5,747,730
4,446,721
173,761,889
2,405,680
1,716,797
1.730,793
rots' I
Grannotal(182 cities) 39,329,382,860 49,665,416,433 -20.8 229,448,633,881 292,312,338,719 -21.5 7,883,620,250 11405 162,569 -30.9 12676 383,879 10749 328,322
llimpstOlfilllom
13,289,171,738 16,516.696,095 -19.7 79,371,886.961 102,444,550,345 -22.6 2,615.067,662 3.628.520,260 -27.9 4,041,271,907 3,838,081,280
Outside:New York
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 25.
PrOsil 019 ,s1•In,
$
%
607,204,377 -19.2
532,533,134 -17.3
209,097,566 -19.1
78,488,285 -9.3
32,539,619 -10.8
29,620,231 -25.0
14,566,762 -18.3
25,957,878 -11.6
40,152,288 -30.2
10,461,832 -10.7
11,276,373 -28.7
14,847,335 -10.4
26,015.390 -20.5
18,805,806 -25.0
2,098,685 -15.8
2,400,149 -25.9
10,427,971 -30.2
5,392,113 -41.7
4,900.000 -10.4
3,574,480 -15.9
4,106,616 -33.4
1,414,830 -25.0
3,800,000 -14.3
3,991,795 -15.5
5,397,445 -9.8
22,496,308 -39.8
1,953,165 -18.2
5,734,791 -33.3
4,140,596 -25.1
2,915,479 -26.6
3,567,134 -32.2
5,337,144 -29.4
--1 A onGOO 1 714 91C 577 -18.6
$
490,767,480
440,613,678
169,027,460
71,170,248
29,015,823
22,230,988
13,791,482
22,940,981
28,019,433
9,341,243
8,041,398
13,299,045
20,700,517
14,118,177
1,766,157
1,798,366
1,278,167
3,143,599
4,392,357
3,009,714
2,734,209
1,060,592
3,257,921
3,376,420
4,866,966
13,543,498
1,598,899
3,822,398
3,101.729
2.139,202
2,420,861
3,768,530
allo longer reports weekly clearings. *Es I i Med.
1931.
1930.
1931.
%
-10.4
-10.2
-19.0
-20.2
-12.9
-14.1
-6.1
-18.5
-28.9
-3.8
-23.1
-10.8
-23.9
-25.3
-17.9
-28.4
-21.3
-34.5
-11.8
-24.0
-29.4
-29.2
-14.9
-10.1
-11.0
--33.6
-6.3
-24.0
-21.7
-11.8
-23.4
- 34.8
$
98,389,271
98,278,995
44,731.164
15,610,467
6,726,581
3,982,928
2,386,549
5,180,743
6,588.683
2,079,804
1.705,718
3,017,231
4,314,487
2.926,343
375,129
343,544
1,506,277
610,264
926,527
622,269
553,772
231,572
692.822
612,152
822,439
3,059,354
395,547
797,557
652,623
433,731
613,930
948,340
8,779,093,381 10,159,847,610 -13.6
310,166,813
$
3,152,807,848
2,836,829,554
937,165,822
404,820,300
163.139,322
140,130,811
77,346,490
128,415,438
166,902,738
59,657,523
43,542,412
74,834,971
114,454,937
84,708,904
10,157,873
10,138,736
43,659,750
20,357,278
25,416,664
15,719,291
15,673,875
5,730,398
19,047,243
19,226,962
28,177,559
82,227,583
10,299,728
19,398,529
16,150,145
14,336,952
13,787,377
19,020,368
$
3,519,872,169
3,157,619,662
1,157,374,624
507,303,791
187,322,716
163,109,947
83,447,918
157,881,960
235,057,301
62,035,449
63,150,515
83,883,785
150,295,859
113,419,860
12,365,833
14,155,002
55.432,149
31,066,265
28,798,777
20,673,759
22,171,551
8,088,834
22,388,169
23,766,368
31,668,246
123,962.707
10,987,977
25,655,287
20,636,602
16,258,025
19,293,866
30,702,637
Inc. or
Dec.
1930.
Inc. or
Dec.
1929.
%
-31.4
-23.8
-18.9
-17.9
-2.1
-28.1
-26.5
-15.1
-34.1
-12.8
-32.4
-9.7
-23.0
-33.9
-11.0
-34.7
-27.9
-46.7
-25.4
-17.5
-37.1
-25.3
-24.1
-22.8
-71.1
-36.3
+29.5
-41.3
-25.8
-25.8
-32.2
-32.2
$
114,134,349
120,376,679
55.834,404
22,584,220
8,720,417
5,729.274
3,548,454
6,445,092
12,390,249
2,845,017
2,659,601
3,369,566
6,189,318
3,520,948
624,878
594,552
2,621,065
1,288,552
1.498,755
1,035,791
1,062,702
470,700
957,591
934,759
1,220,091
6,498,947
484,417
1,281,831
892,192
790,724
947,122
418,612,145 -35.9
391,522,307
$
143,300,705
128,923,578
55,160,556
19,027,430
6,872,060
5,535,878
3,242,015
6.103,680
9.984,135
2,372,347
2,522,401
3,342,460
5,600,749
4,426,672
421,334
526,326
2,090,405
1.146,527
1,242,894
753,840
880,521
309,887
912,336
792,420
2,839,944
4,802,238
305,567
1,337,454
879,878
651,417
905,950
1.398,491
1928.
cAto...wt0.40.p4000000014,
..03.-00b000(00(0
oc.-4to-qw.00pww-4.P.o=0.--ww000-ao.o0.-40ww0
P CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
FortYWilliam
New Westminster_ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1930.
Inc. or
Dec.
b:mww
axtnwt.:w...mwo..100-44.
v,womulA.Ictowc.7.406,
0c,00000!0!0mmeuw00..co..cov.0v0-4
1931.
Week Ended June 25.
6 Months Ended June 30.
Month of June.
I- Clearings aty
429,600,942
JULY 41931.]
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
Trading on the Curb Exchange was very quiet with prices
in the early part of the week showing slight declines on
profit-taking. Later values were naturally higher and the
Week closed with prices firm and tending upward. Utilities
were of chief interest. Electric Bond & Share, corn. after a
5 and closed to-day
drop from 455% to 415% recovered to 45%
at 455%. Amer. & Foreign Power warrants, sold down at
first from 22 to 175%, then up to 225% with the final transaction to-day at 215%. American Gas & Elec. corn. after a
decline from 703
4to 66 ran up to 715%, the close to-day being
at 703
%. Middle West Utilities, corn. over two points to
1734 but recovered to 185% and closed to-day at this figure.
North Amer. Light & Pow. sold down from 685% to 655%
and up to 68. Among the oils, Humble Oil & Ref. gained
about six points to 695% in the forepari, of the week but
reacted finally to 66. Socony-Vacuum Corp., new "when
issues" sold between 1734 and 1834 and finished to-day at
175%. Standard Oil (Indiana) receded from 28 to 263
4
but sold back to 28. Vacuum Oil was down from 445% to
425% with the close to-day at 43. Gulf Oil of Pa. fell from
62 to 565%, recovered to 64 and ended the week at 62/
38.
Among industrials and miscellaneous issues, LStutz Motor
was conspicuous for a break from 195% to 11 though it recovered finally to 435%. Aluminum Co. of Amer. corn.
weakened from 1435% to 1313, but to-day reached 1465%
the close being at 146. Insull Utility Invest. corn. declined
from 345% to 31, sold up to 315% and closed to-day at 33.
Parker Rust-Proof, corn. lost four points to 955%, recovered
to 97 and sold finally at 965%.
A complete record of Curb Exchange transactions for the
week will be found on page 97.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 3 1931.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Stoats
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Donsesttc. Government. Corporate.
Total.
345,531 $1,974,000
393,985 3,272,000
345,354 3,194,000
312,090 2,954.000
257,975 2,965,000
389,795 3,283,000
$57,000
72,000
147,000
110,000
109,000
142,000
$116,000 $2,147,000
132.000 3,476,000
132,000 3,473,000
153,000 3,217,000
102,000 3,176,000
112,000 3,517,000
2.044,730 $17,622,000
Week Ended July 3.
$637,000
$747,000 $19.006,000
Jan. 1 to July 3.
1931.
Stocks-No. of shares_
2,044,730
Bonds.
Domestic
$17,622,000
Foreign Government_
637.000
Foreigncorporate
747,000
1930.
1931.
1930.
2,252,300
65,954,093
84,563,585
$7,124,000
603,000
653,000
$484,258,000
15,499.000
22,185,000
$458,358,000
17,170,000
22,016,000
Total
$19,006,000 $8,380,000
$521,942,000
3497,547,000
Note.-In the above tables we now give the foreign corporate bonds separately.
Formerly they were included with the foreign government bonds.
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:
69
June June June July July July
27.
29. 30.
1.
2.
3
Per Cent ofParAllg. Deutsche Credit (Adca) (5)
87
87
87
87
87
87
Berlin Hendeis Gee.(8)
108 119 107 106
117 105
Commers-und-Privat Bank (7)
104 102 101
101
101
100
Darmstaedter u. Nationalbank (8)
112 112 110 107 106 105
Deutsche Bank u. Disconto Gee. (6)
102 101
101
101
101
100
Dresdner Bank (6)
103 101
101
101
101
100
Reiclashank (12)
144 138
136
135
138 135
Algermeene Kunstslide (Aka) (0)
81)i 803, 80
805( 83
Aug. Elektr. Gas. (A.E.G.) (7)
98
95
94
94
95
94
Deutsche Ton- u. Steitaeugwerke (11) ---- 56
51
48
47
47
47
Ford Motor Co.. Berlin (10)
180 179X
178
178 177
Gelsenkirchen Bergwerk (8)
73
73
73
71
71
70
Gestuerel (9)
113 109 108
108
111
109
Hamburg-American Line (Hayes) (6)
51
50
50
49
48
47
Hamburg Electric Co. (10)
111
106 107 108 109 108
Harpbner Bergbau (6)
63
61
59
59
62
62
Hotelbetrieb (10)
92
92
91
91
92
90
I. G. Farben Indus.(Dye Trust) (12)
140 135 135 135 138
135
Karstadt (12)
26
25
26
27
29
27
Mannesmann Tubes (7)
69
67
66
66
67
67
North German Lloyd (6)
54
51
52
50
51
50
Phoenix Bergbau (434)
51
48
47
48
48
47
Polyphonwerke (20)
124 117 117 118
120 118
Rhein-Westf. Elektr. (R.W.E.) (10)
122
118 118 113
113. 116
Sachsenwerk Licht u. Kraft (734)
79
77
77
74
74
72
Siemens & Halske (14)
164 158
157 157 158
157
Var. Stahlwerke (United Steel Works) (4)__ 49
46
46
48
46
45
Public Debt of the United States-Completed Returns
Showing Net Debt as of April 30 1931.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued April 30 1931,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1930:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
April 30 1931. April 30 1930.
$
Balance end of month by daily statement. &a
158,637,719
Add or Deduct-Excess of deficiency of receipts over 330,797,827
or under disbursements on belated items
-10,882,213
-3,894,707
319,915,614
152,743,012
Deduct outstanding obligations:
Matured interest obligations
39,234 182
40 297 837
Disbursing officers' checks
140.464,871
74,728,015
Discount accrued on War Savings Certificates
4,823,600
5,258,010
Settlement on warrant checks
1,725,598
2.101,476
Total
186,248,251
122,385,338
Balance, deficit (-) or surplus(+)
+133,667,383 +30,357,874
INTEREST-BEARING DEBT OUTSTANDING.
InterestApril 30 1931. April 30 1930
Title of Loanpayable.
$
2s Consols of 1930
Q.-5. 599,724,050
599.724,050
2e of 1916-1936
Q.-F.
48,954,180
48.954,180
25 of 1918-1938
Q.-F.
25,947,400
25,947.400
35 of 1961
Q.-M.
49,800,000
49,800.000
35 conversion bonds of 1946-1947
28,894,500
Q.4,
28,894.500
Certificates of indebtedness
5.-J. 2,432,191,500 1,384,689.000
334s First Liberty Loan, 1932-1947_ _ .......
1,392.241.350 1,392,256,250
4a First Liberty Loan converted. 1932-1947-5.-D.
5,003,950
5,005,450
434s First Liberty Loan,converted, 1932-1947 J.-D. 532,793,850
532,798,500
434s First Liberty Loan. 2d oonv.. 1932-1947...J.-D.
3,492,150
3,492,150
434e Fourth Liberty Loan of 1933-1938
A.-0. 6,288,222,950 6.268,251,550
434e Treasury bonds of 1947-1952
.984,30058. 8 ,300
44 Treasury bonds of 1944-1954
1,036,834,500 1,036,834,500
3Sda Treasury bonds of 1948-1958
489,087,100
489,087,100
3s Treasury bonds of 1943-1947
493.037,750
493,037,750
3e Treasury bonds of 1940-1943
359.042,950
359,042,950
3345 Treasury bonds of 1941-1943
594,230,050
2)is Postal Savings bonds
22,834,880
19,224.720
534s to 5345 Treasury bonds
8.58,076,450 2,531.430,500
Treasury bills, series maturing May 4 1931
c30,000,000
Treasury bills, series maturing May 5 1931
c30,000,000
Treasury bills, series maturing May 18 1931
c154,281,000
Treasury bills, series maturing July 1 1931
450,427,000
Treasury bills, series maturing July 2 1931
c50.428.000
Treasury bills, series maturing July 27 1931
c53,510,000
Treasury bills, series maturing May 19 1930
56,108,000
Treasury bills, series maturing July 14 1930
51.316,000
Aggregate of interest-bearing debt
16.368,039,840 16,134.878,850
Bearing no interest
229,574,683
230,378.190
Matured. Interest ceased
57.759,360
28.476.180
Total debt
al6,655,373,683 18,393,733.220
Deduct Treasury surplus or add Treasury deficit-- +133.887,363 +30,357,674
Net debt
b16,521,706,320 18,363,375,548
a Total gross debt April 30 1931 on the basis of daily Treasury statements WAS
$16,655,379,119.72, and the net amount of public debt redemption and receipts
in transit, &c., was 25,436.50.
b No reduction is made on account of obligations of foreign Governments or Other
Investments
c Maturity value.
June 27 June 29 June 30 July 1 July 2 July 3
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. France.
Bank of France
16,900 17,000 16,700 17,100 17,100
Banque Nationale de Credit......
1,190 1.160
1,160 1.170
Banquede Paris et Pays Bas....
2,340 2,390 2,390 2,410 2,430
Banquede Union Parisienne
1,305 1,255 1,255 1,265
Canadian Pacific
750
732
720
742
726
Canal de Sues
18,100 16,500 16,500 18,600 16.700
Cie Distr. d'Electricitie
2,720 2,700 2,650 2,675
Cie Generale d'Electricitie
2,840 2,860 2,910 2,960 2-,950
Cie Ole. Trans-Atiantique
230
221
221
230
Citroen B
670
660
660
680
690
Comptoir Nationale d'Escompte
1,570 1,580 1,570 1,600 1,590
CotY, Inc
560
550
540
540
550
Courrieres
920
900
890
900
Credit Commerciale do France_
Breadstuffs figures brought from page 151.-All
1,142
1,135
1,135
1,135
Credit Lyonnais
2,510 2,580 2,570 2,580 2-,580 the statements below regarding the movement of grain
Eaux Lyonnais
2,870 2,850 2,880 2,930
Energie Electrique du Nord
receipts, exports, visible supply, &c.-are prepared by us
905
880
875
910
Energie Electrique du Littoral..
1,315 1,299 1,308 1,300
from figures collected by the New York Produce Exchange.
Ford of France
201
201
205
203
210 First we give the
French Line
receipts at Western lake and river ports
220
220
230
230
240
Gales Lafayette
HOLI120
120
130
130
130 for the week ending last Saturday and since Aug. 1 for
Gas Le Bon
DAY
890
910
920
900
920
each of the last three years:
Kuhlmann
520
510
510
510
520
L'Air Llquide
1,010
990 1,010 1,010 1,020
Lyon (P. L. M.)
1,510 1,505 1,500 1,510
Receipts atFlour.
Batter.
Rye.
Oats.
Wheat.
Nord Ry
2,230 2,230 2,220 2,230 2:220
Paths Capital
160
159
160
bbls.19612os. bush.60 lbs.bush. 56 lba.bush.32 lbs.bush.481bs.bush.581be.
162
Pechiney
2,030 2,020 2,040 2,070 2,100 Chicago
158.000
166,000 115,000
1,357.0001
755,
11,000
Rentes 3%
88.20 77.80 87.50 87.40 87.90 Minneapolis
142,000
111,000
94,
71,000
780,
Rentes 5% 1920
136.90 130.90 137.30 137.00 137.00 Duluth
8,000
22,000
15,000
1,149,
Rentes 4% 1917
103.90 104.00 104.00 104.30 104.50 Milwaukee
13,000
18,000,
75,000
86,000
139.000
Rentes 5% 1915
103.10 103.20 103.90 103.70 103.90 Toledo
159.0001
11,000
89,
Rentes 6% 1920
101.80 102.20 102.80 102.80 103.00 Detroit
12.000
4,000
4 000
15,000
2,000
2,500 2,600 2.510 2,530 2,560 Indianapolis...
Royal Dutoh
124,000
221,000
61.000
Saint Cobb, C.& C
2,990 2,935 2,950 3,010
St. Louis
101.000
71.000
429,000
5.000
604,000
1,000
1,375 1,355
Schneider & Cie
Peoria
1,375
268,000
40,000
41,000
1,355
85,000
22,000
65,000
Societe Lyonnais
2,940 2,
2,845 2,820
487.000
14,000
1,033,000
---- Kansas City.,
Societe Niarseillaise
Omaha
900
-925
194,000
4,000
60,000
915
325
Tubize Artificial Silk, pref
.St. Joseph.,
324
320
94.000
20,000
8,000
310
1,120 1,140 1,150 1,160
Union d'Eleetricitie
Wichita
8,000
480,000
Union des Mines
520
520
510
16,000
18,000
520
510 Sioux
235
Wagons-Lits
230
235
250
Tot. wk.'31
312,000 5.213,000 3,301,000
731,000 448,000
Same week '30 405,000 4,940,000 2,570,000 1,288,000 426,000 150,000
59,000
Same week '29 491,000 7,509,000 5,985,000 2,387,0001 772,000
'
PRICES ON BERLIN STOCK EXCHANGE.
157.000
Closing quotations of representative stocks on the Berlin Since Aug.1I
I
1930
19,402.000413,242,000 189,937,000102,965,00046,
Stock Exchange as received by cable each day of the past
839,000 20,563,060
1029
20,125,800 348,734,000245,543,000 130,428,00063,008,000
week have been as follows:
1928
22,805,000464,933,000257,i83,000 136,508,00091,081,000 23,097,000
25,497,000
Mannnerciaiand glisceliatteroasBeIVS
[VOL. 133.
FINANCIAL CHRONICLE
70
for
Total receipts of flour and grain at the seaboard ports
the week ending Saturday, June 27, follow:
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
bbls.196lbs.bush.80 ibe.bush.56 lbs.bush.32 lbs.bush.481bs.bush.561bs.
513,000
30,000 247,000
14,000
464,'''
200.000
New York.- 8,000
2,000
137,111
22,000
Philadelphia _
27,000
7,000
13,000
321.000
13,000
Baltimore-168,000
N'port News_
27,000
21,000
207,000
66,000
New Orleans *
120,000
Galveston_..
258,000 506,000 114,000
61,000 1,423,'''
Montreal __ __
1,000
10,000
2,000
18,000
Boston
Receipts at-
340,000 753,000 1E1,000
5,681,000 14.311,000 1,675,000
----3,000
96,000,
119,000
471,000, 4,268,111
Week 1930_
Since Jan.1'30 12,405,0001 53,333,000 2,425,000 2,484,000. 372,000 391,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
380,000 2,840,000
Tot. wk '31
Since Jan.1'31 10,228,000 70,474,000
52,000
1,683,000
1
New York Produce Exchange Securities Marke.tFollowing is the record of transactions at the New York
Produce Exchange Securities Market, June 27 to July 3,
both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocker-
Admiralty Alaska Gold---1
1
Amer Sealcone
5
Andes Petroleum
*
Associated Dye v t c
*
Atlas Util $3 pref
1
Bagdad Copper
*
British Can
*
Col Investment
1
Como Mines
Corporate Trust Shares.
Detroit & Can Tiumel_•
1
Eagle Bird Mines
•
Flag Oil
10
Fuel Oil
Homestead Oil dr Gas_ ___1
*
Int Nat Gas
Internal Rustless Iron-1
•
Jenkins Television
Keystone Consol Mine_l
*
Kildun Mining
Rights
1
Mamma Mines
•
MaMadden
New York Rio warrants..
Nitrate Co Chile _100 pesos
North Amer Trust Shares__
$2.50
North Butte
Petroleum Conversion...*
*
Photocolor
1
Pioneer Gold
5
Radio Securities A
*
Railways
*
Royalties Man
Seaboard Conti
10
Seaboard Fire
Shortwave & Televielon--1
•
Splitdorf
Super Corp A
1
Tom Reed Gold
•
Trent Process
U S Electric Light B
•
UM! Hydro W W
York Share
10
Wisconsin Hold
1
Zenda Gold
No par value.
.98
3
.22
50
4
134
.95
.75
1.84
634
1-64
.34
434
5
351
1334
1034
.98 85,500
1,700
3
.22 7,000
100
34
700
3714
.50 1,700
100
4
100
834
.25 1,500
900
534
134 7,000
200
2.25
.30 1,000
200
334
1.05 1,700
100
1534
.84 12,700
200
434
1.87 2,300
500
034
1-16 2,300
.36 1,200
100
1734
100
34
2
500
534 1,400
1.85
100
400
5
.20 2,000
600
2.50
234
100
600
1234
100
234
100
2
1034
100
21,400
4
200
134
100
8
.75
400
.50 3,100
100
634
200
334
700
1834
1034 1,900
500
.13
.88
234
.15
34
3634
.39
4
834
.22
414
134
2.00
.21
334
.94
1534
.45
414
1.80
6
1-64
.31
1735
g
134
434
1.85
434
.20
2.25
234
1034
214
2
1034
334
1
6
.75
.42
1334
331
18%
10
.13
Range Since Jan. 1.
High.
Low.
.20 May
134 May
.11 Feb
34 June
33 June
.39 July
2 May
834 June
.05 Feb
434 June
% June
1.60 Mar
.15 May
8 June
.90 June
1534 June
.41 May
zg Jan
1.14 Apr
534 June
1-64 July
.24 May
Jan
15
3-16 June
34 June
434 June
1.10 June
334 June
.15 June
2.25 July
Feb
1
6 June
1% Apr
2 June
734 Jan
134 Feb
34 June
534 June
.75 June
.25 Mar
534 June
Apr
3
1834 June
July
10
.10 June
.98 July
3 July
.44 Mar
Mar
2
4034 Feb
1.48 Feb
Jan
7
834' June
.90 Apr
634 Mar
Feb
4
3.25 June
134 Mar
Feb
7
1.55 May
1934 Feb
1.20 Feb
534 Apr
1.87 July
95% Mar
1-16 July
.56 Apr
20
Apr
% Jan
July
2
6% Feb
3.25 Feb
734 Jan
2% Jan
2.65 June
234 June
1834 Mar
214 June
434 Feb
14
Feb
4 June
334 Jan
754 Feb
1.50 Apr
% Jan
834 Mar
434 Jan
1834 June
1031 June
.26 Feb
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Imports.
Month.
1929.
1930.
July
AugustSeptember
.
October
NOvember
December_
99,990,234 166,191.360
99,083,287 168,711,6
100.496,855176.248,040
124,376.643208,743,389
102,937,471 172,556,543
99,742.695 157,091.612
Exports.
1929.
1930.
98.069.398 168,829,725
97,722,024 143,450.080
92.325,970 149,465,106
95,822,991,155.150,632
94,543,8041136.372,069
95.875,5091133.176,017
Customs Receipts
al
New York.
1930.
1929.
15.617,549
16.700.854
20,672,440
22.811.11
19,881,97
15,596,668
29,419,142
30,684,237
31.741,943
35,438,544
26,103,378
21.949,691
1931.
1930.
1930.
1931. I
1930.
1931.
24,678.913
January -.87,278,807152.812.382 94,604,323 158,679.252 15,764,232
15,741,196
20,705,240
143,650,298
February _ 83,741.723138.999.034 91,336,302 143.299,606 17.612.782 23,765,513
101,718,797 139.891,390 85,927.653
March
90,924,314 148 366 031 80,714,212132.003,459 14,702,264, 23,010,593
April
1627706415l26,942,1871464083224 175,081,119 267,495,194
990,292.826
_
_
Total_
Movement of gold and silver for the ten months:
Saver-New York.
Gold Movement at New York.
Imports.
Month.
1929.
1930.
July
August..
September
October
November
December.
13.156,577
4,592,811
5,264.013
17,825.288
21,480,1171
11,317,784
1
Exports.
1930.
1929.
773,959
6 30,001,977
30,949,7:,
706,269
14,178.797 35,314,272
780.040
14,920.507 3.974.842
30,000 3.730,667
10,613,977
30,191,332
1,200
2,950,395
72,269,793
3,562,520
1930.
1931.
January_..
9.404.452 7,201.382
February
March...... 11,409,143 14,593,919
20,320,531 7,108,051
April
April
36,213,539 40,686,11
1931.
2000,
1930.
8,874.560
158.467
265,000
90,600
Imports.
Exports.
1930.
1930.
1,605,074
1,203.352
907.631
1,247.26
887.427
935.430
2,862.830
2,881,163
2,303.494
2,635,268
2,944,421
2.772.983
1931. I 1931.
1.034.436j 2,930.317
839,418
7,038.826
485,838 1.687,617
1,136,582 2,196,882
117,871,487 10,481,885172,064,383
Total.-- 150,984,258,146,765,399 69,324,291
regarding
National Banks.-The following information
Comptroller of the
national banks is from the office of the
Currency, Treasury Department:
APPLICATION TO
WITH TITLE REQUESTED.
Capital.
June 27-The Florida National Bank & Trust Co.at Miami. Fla- 8400.000
Correspondent. J. G. Bright, Jacksonville, Fla.
25 1927.
AUTHORIZED UNDER ACT OF FEB.
June 17-First National Bank at Pittsburgh,Pa. Location of branch;
No. 424 Federal Street, Pittsburgh. rat-
ORGANIZE RECEIVED
BRANCH
LIQUIDATIONS.
VOLUNTARY
5100,000
June 22-The First National Bank of Kaufman. Texas
Effective June 16 1931. Lig. Agent, J. A. Nash,
Kaufman, Texas. Absorbed by the Farmers' & Merchants' National Bank of Kaufman, No. 10,757.
50,000
June 22-The First National Bank of Ashdown, Ark
Effective May 19 1931. Liq. Agent, C. E. May, AshBank
First
National
the
by
Ark.
Succeeded
down,
in Ashdown, No. 13,534.
June 22-The First National Bank of Mount Angel, Ore
Effective June 10 1931. Liq. Agent, N. M. Lauby,
Mount Angel, Ore. Absorbed by Bank of Mount Angel,
Ore.
June 26-The First National Bank of Clarence. Iowa
Effective June 19 1931. Lig. Committee,J. R.CialleY.
0. E. Read and R. G. Kelly, all of Clarence, Iowa.
Absorbed by Clarence Savings Bank, Clarence. Iowa.
150,000
June 26-The Liberty National Bank of Paris. Texas
Effective June 23 1931. Liq. Agent, Ed. H. McCulstion, Paris. Texas. Succeeded by the Liberty National
Bank in Paris. No. 13,541.
50.000
June 26-The First National Bank of Borger, Texas
Effective May 161931. Lb.Agent, Roy F. FormwaY.
Borger,
Bank.
State
Roby,Texas. Absorbed by Borger
Texas.
APPLICATIONS TO ORGANIZE APPROVED.
$25,000
June 27-Northwestern National Bank of Dawson, Minn
Correspondent C. M. Johnsob, Dawson, Minn.
50,000
June 27-The Klein National Bank of Madison. Minn
Correspondent, Peter Galle, Madison, Minn.
30.000
30,000
Auction Sales.-Among other securities, the following,
not actually dealt in at he Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ Per Sh.
$ Per Rh. Shares. Stocks.
Shares. Stocks.
3 Lebanon Holding Corp
$15 lot
12.900 Guanajuato Con.sol. Mining
$8 lot 5 Dennison Mfg. Co., 7% pref---- 60
& Milling Co., par $5
33,159 Venezuela Syndicate, corn.,
990 Teriutlan Copper Mining &
$8 lot
so
Dar $2
Smelting Co.. no par
200 interborough Cons. Corp., pref.$2 lot
Per
Cent.
Bonds.
21
par
no
corn.,
Co..
Mfg.
10 Westfield
$300 Hebrew Tabernacle Assn.,
5 Tyson Co., Inc., pref.;5 common,
6% bldg. bonds, due May 1 '35_555 lot
$1 lot
no par
Richardson dr Boynton Co
$3,000
Co.,
20 Richardson & Boynton
15-yr. a. f. 634s, Dec. 1 1937-- 48
8
partic. pref., no par
1
By Wise, Hobbs & Arnold, Boston:
$ Per Rh.
$ Per Sh. Shares. Stocks.
Shares. Stocks.
20 North Boston Ltg. Properties.
40 First National Bank, Dar $20- 73
48
2251
Pref. (undep.). par $50
1 Arlington Mills
734 200 United Securities Trust Assoc 24
3 'Tonne Cotton Mills, pref
Co.,
pref.Service
National
.2334-30
194
6634
10 Pepperell Mfg. Co
3334-34 12 Lowell Electric Light Corp.
30 Farr Alpaca Co
53
(undeP.), Par $25
5(1 Heywood Wakefield Co., com ,
1034-10% Associated Textile Cos. as follows:
2 at 35: 5 at 35: 5 at 35: 11 at 35:
35
100 Exolon Co.. common
Sat 35: 5 at 35: Sat 3655.
20 Renaud et Cie of Amer., pref.- 77
59
10 units Thompson's Spa, Inc
By R. L. Day & Co., Boston:
$
SS.
$ Per Sh. Shares. Stocks.
Shares. Stocks.
15 Merchants Nat. Bank__--500 ex-dly. 100 United Securities Trust Assoc_ 24
1 Boston Athenaeum, par 3300-.....500
130
40 Second Nat. Bank, par $25
50 National Service Cos.. pref----184
2 Framingham (Mass.) Nat. Bank_168
Associated Textile Cos. as follows:
18 National Bank of Commerce.
Sat 35; Sat 35; 185t 35: Sat 3634
6534
Providence, R. I., par $50
251
10 Providence National Bank
Per Cent.
Bonds.
7034
20 Naumkeag Steam Cotton Co
$2,000 Central Service Co. 1314s,
30 Naumkeag Steam Cotton Co- 71
dr int.
60
1941
Oct.
25
common_
12 Dartmouth Mfg. Co.,
$2,000 American Community Power
20 Merchants Bank Real Estate Co 1
6334 & int.
Co. 534a, July 1953
50 National Service Cos., pref.- 2334
80 $1,000 National Service Cos. 13s,
2 Fiberloid Corp., pre
80 dr lat.
Dec. 1932
54 North Boston Lag. Properties.
Note for $20,000 dated Aug.29 1930
50
certifs.,
par
350
pref. trust
due in one year, int. 6%. signed
1534
3 wilts First Peoples Trust
by Herbert B. klabey. see, by a
3
1 special unit First Peoples Trust
chattel mtge. on the yacht
75 Massachusetts Bonding dr Insur.
$10 lot
Bonita III
70 ex-div.
Co., par 825
By Barnes & Lofland, Philadelphia:
$ Per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
26 Central-Penn Nat. Bk., par 310- 47
7 First Nat. Bank of Philadelphia...365
30 Penna. Co. for Insurance on
5 Mitten Men & Management Bank
72
Lives, &c., par $10
44
az Trust Co., par 950
535
60 Adelphia Bk.& Tr.Co., par $10- 634 10 Fidelity-Phila. Trust Co
4 John B. Stetson Co., common- 25
2 Tradesmens Nat. Bk. & Tr. Co_ _250
5 John B. Stetson Co., common_ 2434
22 Corn Exchange National Bank &
6034
8735 8 Pa. Salt Mfg. Co., par $50
Trust Co., par $20
1734
100 Fire Assn. of Philadelphia
42 Real Estate-Land Title dr Trust
Co.,
Motor
Brothers
Goldner
156
28
Co., par $10
$200 lot
common
5 United Security Life Insurance
150
& Trust Co
By A. J. Wright & Co., Buffalo:
$ per Sh.
$ per Sh. Shares. Stocks.
Shares. Stocks.
150.
130. 5 The Como Mines, par $1
25 Zenda Gold Mines, par $1
4 Niagara Falls Hotel Corp., Prof..
100 Boston & Montana Devel. Co.,
$25
par
no
lot
corn.,
she.
2
with
lot
$1
par $5
By Baker, Simonds & Co., Detroit, on Friday, June 26:
Per Cent.
Bonds.
$ per Sh.
Shares. Stocks.
63,000 Crowley, Milner & Co. de30
10 Peerless Cement. pref
92
1937
bentures,
lot
$50
common
Neon.
Flasher
256
$2,000 Union Trust Bldg. 20 mtge.
$281.25 ctf. of ben. int. Edison
9031
6345, 1947
Synd., Julia Barker, trustee- $10 lot
'
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Ateh. Topeka & Santa Fe. com.(euar.)East Pennsylvania RR
Massawippi Valley
Paterson & Hudson River
Pittsb., Ctn., Chic.& St. Louis
Shamokin Valley dr Pottsvllle
Stony Brook RR
Utica Clinton & Binghamton. deb atk
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
*234 Sept. 1 *Holders of rec. July 31
•$1.50 July 21 *Holders of rec. July 11
*3 Aug. 1 *Holders of tee. July 1
*31.75 July 1 *Holders of rec. June 29
July 20 *Holders of rec. July 10
*$1.50 Aug. 1 *Holders of rec. July 15
July 6 *Holders of rec. June 30
*234 June 25 *Holders of rec. June 16
Public Utilities.
Amer. Water Wks.& Elec. $6 18t pf.(qu) $1.50 Oct.
134 July
'
Androscoggin Else. Co.(quer.)
*2
July
Arizona Power,8% preferred (guar.)
.114 July
7% preferred (guar.)
1 Holders of tee. Sept. 11
1 *Holders of rec. June 25
1 *Holders of rec. Junei24 1
1 *Holders of rec. Junei24
JULY 4 1931.]
Name of CompanY
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Book& Mee,
Days Inclustee.
Name of Company.
Public Utilities (Concluded).
July 1 *Holders of rec. June 15
*53
Attleboro Gas Light Corp.(guar.)
Barcelona Tract. Lt. & Pow., corn -DI vidend deferre d.
'234 July 15 *Holders of rec. June 30
British Columbia Elec. By., pref
Brockton Gas Light (guar.)
*50c. July 15 *Holders of rec. July 3
Calif.-Ore. Pow.6% pt.ser. 1927 (qu.)_
135 July 15 Holders of rec. June 30
Central Hudson Gas & Elec. corn. (qu.). *20c. Aug. 1 *Holders of rec. June 30
Preferred (guar.)
*134 July 1 *Holders of rec. June 27
Chesapeake & Pot.Tel., Bait. pf.(gu.)_ _
July 15 *Holders of rec. June 30
Cincinnati St.By.(guar.)
The. July 1 Holders of rec. June 24a
*1 34 July 15 *Holders of rec. June 30
Commonwealth Tel., pref.(guar.)
Community Water Serv.(in corn.stk.).Aug. 1 Holders of rec. July 10
*135 July 15 *Holders of rec. July 6
Concord Elec. Co., prof (guar.)
Diamond State Telep., coin.(guar.)_ _ _ _ 04500. June 30 *Holders of rec. June 30
*51.75 July 1 *Holders of rec. June 27
Dixie Gulf Gas,$7 pref. (guar.)
Eastern Utilities Associates, corn.
50c. Aug. 15 Holders of rec. July 17
Electric Power Co. of North of FranceAmer.dep.rots. for A bearer shs_*to29. 75 fr. July 7 *Holders of rec. June 29
Electric Power & Light 2d pref. A (c61.)_ *IN Aug. 1 *Holders of reo. July 11
1235c Aug. 1 Holders of rec. July ha
Allotment Ws.full paid (guar.)
Allotment otfs. 80% paid (guar.)._
10c. Aug. 1 Holders of rec. July lla
El Paso Electric Co.(Del.), pref. A (qu.)
July 15 *Holders of reo. July 1
Preferred B (guar.)
July 15 *Holders of roe. July 1
Empire Public Service, $6 pref. (guar.)._ *31.50 July 1 *Holders of rec. June 15
Fitchburg Gas & Elec. Light (quar.)
"69c. July 15 *Holders of rec. July 3
Florida Telephone, pref. (guar.)
*52
July 1 *Holders of rec. June 20
Green & Coates Sts.Phila.Pass.Ry. (qu.) *51.50 July 7 *Holders of rec. June 23
Hamilton Bridge, common-Dividend o milted
% preferred (guar.)
*135 Aug 1 *Holders of rec. JULY 15
*3
Holyoke Water Power (guar.)
July 3 *Holders of rec. June 26
Extra
July 3 *Holders of rec. June 26
*1
Home Telep.& Teleg.(Ft. Wayne)Common (guar.)
'62340 July 1 *Holders of rec. June 28
Honolulu Rapid Transit (guar.)
*35o. June 30 *Holders of rec. June 23
Illinois Commercial Telep., pref. (qu.)
*134 July 15 *Holders of rec. June 30
Illinois Northern Utilities, pref.(gu.)
*51.50 Aug. 1 *Holders of rec. July 15
6% preferred (guar.)
*134 Aug. 1 *Holders of rec. JULY 15
Kansas Utilities, pref. (111nr.)
*$1.75 July 1 *Holders of rec. June 20
Lenox Water Co
•$2.50 July 2 *Holders of rec. June 15
Lexington Telep.,634% pref. (quar.)_... *135 July 15 *Holders of rec. June 30
Lockhart Power, preferred
*53.50 Sept. 30 *Holders of rec. Sept. 30
Lorain Telep., Pref. (guar.)
'$1.50 July 1 *Holders of rec. June 25
Lowell Gas Light (guar.)
*750. July 1 *Holders of rec. June 15
Mass. Utilities Associates, pref. (qu.) *62 34c July 15 *Holders of rec. June 30
Mexican Utilities, pref. (guar.)
*131 July 15 *Holders of rec. June 30
Michigan Gas az Elec., prior lien (guar.)' Aug. 1 *Holders of rec. July 15
Preferred (guar.)
*134 Aug. 1 *Holders of rec. July 15
Middlesex Water Co., pre'
'334 JULY 1 *Holders of recs. June 20
Middle West Utilities, corn. (quar.)
"12
Aug. 15 *Holders of rec. July 15
$8 preferred (guar.)
•$1.50 Aug. 15 *Holders of rec. July 15
Milwaukee Elec. By.& Light, pref. (g11.) *135 July 31 *Holders of rec. July 20
6% pref., series of 1921 (guar.)
*134 Sept. 1 *Holders of rec. Aug. 15
Mississippi Val. Utll., pr. Prof. (quar.).. 411.50 Aug. 1 *Holders of rec. July 15
Missouri Edison Co., pref. (guar.)
*51.75 July 1 *Holders of rec. June 20
Missouri Public Service, $7 pref (au.)... *51.75 July 1 "Holders of rec. June 15
$6 preferred (guar.)
*51.50 July 15 *Holders of rec. June 30
Montana Power Co., pref.(guar.)
*134 Aug. 1 *Holders of rec. July 13
Montreal Tramways Co. (guar.)
234 July 15 Holders of rec. July 8
Mount Holly Water
*60c. Oct. 1 *Holders of rec. Sept. 9
.48c. July 31 *Holders of rec. July 18
Mutual Telephone (Hawaii)(monthly)_
National Electric Power, corn. A (quar.) *45c. Aug. 1 *Holders of rec. July 10
*250. July 15 *Holders of reo. June 30
National Fuel Gas (guar.)
Me.July 1 *Holders of rec. June 30
N. Y. Mutual Telegraph
July 1 *Holders of rec. June 30
New Jersey & Hudson River By.& Ferry *3
•131 July 1 *Holders of rec. June 15
N. Y. & Richmond Gas. pref. (quar.)
Aug. 15 Holders of rec. JULY 20
North Amor. Light & Power, corn. (qu.) f2
411.50 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
July 15 *Holders of rec. JULY 3
No. Boston Lighting Prop., corn. (gu.). *51
4.75c. July 15 "Holders of rec. July 3
Preferred (guar.)
*500. June 30 *Holders of rec. June 18
Norwood Gas
134 July 1 Holders of rec. June 240
Ohio Telephone Service, pref. (guar.)._
Aug. 1 *Holders of rec. July 25
*2
Orange & Rockland Eleo (guar.)
Pacific Public Service, corn. A (guar.)_ *32350 Aug. 1 *Holders of rec. July 15
Philadelphia & Camden Ferry
*37350
July 7 *Holders of rec. June 30
412
Phila.& Grays Ferry Pass. RY
*51.25 July 1 *Holders of rec. June 30
Pittsburgh & Birmingham Traction
500. Aug. 20 Holders of rec. July 31
Power Corp. of Canada, corn.(guar.).
Public Serv. Co.of Colo.,7% pt.(Inth134.) 58 1-3c Aug. 1 Holders of rec. July 150
500. Aug. 1 Holders of rec. July 150
6% preferred (monthly)
41 2-3c Aug. 1 Holders of rec. Ally 150
5% preferred (monthly)
Public Service Co. of Nor. IllinoisAug. 1 *Holders of rec. JULY 15
Common (no.par) (guar.)
*52
Aug. I *Holders of rec. July 15
Common, $100 par (guar.)
*2
.1,1N Aug. 1 *Holders of rec. July 15
7% Preferred (guar.)
*134 Aug. 1 *Holders of rec. JULY 15
6% preferred (guar.)
Randolph & Holbrook Pow.& El.(qu,). *5634o June 30 *Holders of rec. June 18
•22c. Aug. 1 *Holders of reo. July 15
Rockland Light & Power (guar.)
June 30 *Holders of rec. June 20
San Antonio Pub. Serv.,8% pref.(qu.). *2
*134 July 15 *Holders of rec. July 1
Seattle Gas, pref.(guar.)
Aug. 10 *Holders of rec. JULY 31
Sioux City Gas & Elec., pref.(guar.)
Aug. 15 Holders of rec. July 20
Southern Calif. Edison, corn.(guar.)-250. Aug. 15 Holders of rec. July 31
Southern Canada Power, COM.(quar.)
Springfield Gas Light (guar.)
*750. July 15 *Holders of rec. JULY 3
Toledo Edison Co.,7% pref.(mthly.).- 58 1-3c Aug. 1 Holders of rec. July 150
6% preferred (monthly)
500. Aug. 1 Holders of rec. July 150
41 2-3c Aug. 1 Holders of rec. July 150
5% preferred (monthly)
411.50 Aug. 1 *Holders of rec. July 20
Utica Gas & Elec. $8 Pref.(guar.)
Vermont Lighting, pref. (guar.)
*1M July 1 *Holders of rec. June 20
Warren (0.) Telep.(guar.)
'134 July 1 *Holders of reo. June 20
Aug. 15 Holders of rec. July 20
West Penn. Elec. Co., 7% pref. (guar.).
135 Aug. 15 Holders of rec. July 20
6% preferred (guar.)
Weymouth Water Power, pref. (guar.)._ *134 June 30 *Holders of rec. June 18
71
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Oct. 15 *Holders of rec. Oct. 8
Aspinook Co.(guar.)
*52
Associated Standard 011 Stocks
* 17.64c July 15 *Hold. of Coup. No. 3
July 1 *Holders of rec. June 27
Athol Mfg. common (guar.)
*51
'334 July 1 *Holders of rec. June 27
7% preferred
Atlantic City Sewerage (guar.)
*250. July 1 *Holders of rec. June 30
Atlas Powder, pref.(guar.)
134 Aug. 1 Holders of rec. July 200
Bakelite Corp., pref. B (guar.)
*134 July 1 *Holders of rec. June 28
Balaban az Katz, common (guar.)
'750. Oct. 3 "Holders of rec. Sept. 15
*134 Oct. 3 *Holders of rec. Sept. 15
Preferred (guar.)
Bandlni Petroleum (monthly)
.450. July 20 *Holders of rec. June 30
Bansicilla Corp., class A az B
•735c July 10 *Holders of no. June 30
July 1 *Holders of rec. June 30
Barrymore Cloth. Co.,Ltd.,8% pf.(qu.)_ *2
Beatty Bros., 1st pref. A (guar.)
134 Aug. 1 Holders of rec. July 15
July 1 *Holders of rec. June 20
Benjamin Elec. Mfg., 1st pref. (guar.)._ *2
Bituminous Casualty Co. (guar.)
*500. June 30 *Holders of rec. June 20
Extra
*250. June 30 'Holders of rec, June 20
Boots Pure Drug Co., Ltd.
July 8 *Holders of rec. June 26
Amer. dep. rcts,for ord. reg.shares._ *we
Brandram-Henderson, Ltd., corn. (qu.). *500. Aug. 1 *Holders of rec. July 2
Brewing Corp. of Canada, Ltd., pref.-D Widen d omitt ed
Bridgeport Machine, pref.(guar.)
134 July 1 Holders of rec. June 20
British & Foreign Invest., pref.(quar.).. '02340 JULY 2 *Holders of reo. June 30
Browning Crane az Shovel, pref.(guar.)- .4,1;41July 1 *Holders of roe. June 20
Bunker Hill & Sullivan Mining& Concentrating, pref. (guar.)
*51.50 JulY 6 *Holders of rec. June 30
*60e. July 6 *Holders of rec. June 30
Preferred (extra)
Burger Bros., corn.(guar.)
*25o. Julb, 1 *Holders of rec. June 15
Business System, Ltd.(guar.)
*134 June 30 *Holders of rec. June 30
California Basic Industries
*25c. July 1 *Holders of rec. June 15
California Conserve. pref.(guar.)
4.43.34c July 1
California Consumers Co., pref.(guar.). *51.75 July 1 *Holders of rec. June 15
Campo Corp., pref. (guar.)
4,135 Aug. 1 *Holders of rec. July 15
Canadian Bronze,tom.(guar.)
0234c Aug. 1 Holders of rec. July 20
134 Aug. 1 Holders of reo. July 20
Preferred (guar.)
Canadian Car & Fdy. ord..(quar.)_ _ __ _
43e. Aug. 31 Holders of rec. Aug. 15
Canadian Dredge az Dock, corn.(quar.)_
75c. Aug. 1 Holders of rec. July 16
134 Aug. 1 Holders of rec. July 18
Preferred (guar.)
Canadian Eagle Oil, Ltd., ord
•120. June 29 Holders of Coup. No. 2
Participating preferred
'23.88o June 29 Holders of Coup. No. 2
2
July 2 Holders of rec. June 26
Canadian Foreign Invest.8% pref
Canadian Power & Paper, pref.(guar.)._ 62)40. Aug. 15 Holders of reo. July 20
Canadian Wineries (guar.)
12 Ho. July 15 Holders of rec. June 30
Cartier, Inc., pref.(guar.)
*$1.75 JULY 30 *Holders of rec. Juts, 15
Cent. Franklin Process, lst & 2d pf.(qu.) *134 July 1 *Holders of rec. June 30
Sept. 1 *Holders of rec. Aug. 20
Century Ribbon Mills, pref. (quar.)
.700. Aug. 1 *Holders of rec. July 15
Century Shares Trust, partic.shares_
Chain Store Real Estate Trust (quar.)- - slu July 8 *Holders of rec. JI117 1
Charlottesville Woolen Mills Co.,corn*58 July 1
*$1.75 July 1
Preferred
*54.25 July 1
Preferred (extra)
Cheney-Bigelow Wire Works, pi.(qu.).. *8735e July 1 *Holders of ree. June 25
Cincinnati Post. Term. Realty, Pl. (qu.) $135 July 15 *Holders of rec. July 3
Citizens Wholesale Supply.7% pt.(gu.)_ *8735c July 1 *Holders of rec. June 29
•25o. July 1 *Holders of rec. June 25
Cleveland Graphite & Bronze (guar.)_
Cleveland Tractor-Dividend omitted
$1 July 15 *Holders of rec. June 24
Collins Co.(guar.)
Coen Companies, Inc.. class A-Dividen d omit fed
Colgate-Palmolive-Peet Co., corn. (qu.).. '6234c July 21 *Holders of rec. July 11
Collateral Loan Co.(guar.)
412 July 1 *Holders of reo. June 9
'134 July 15 *Holders of rec. July 1
Colonial Finance Corp., prof
•31.75 July 15 *Holders of rec. June 15
Colorado Utility, prof
Columbus Dental Mfg., oom. (guar.).- .4$1 June 30 *Holders of rec. June 25
*134 June 30 *Holders of reo. June 25
Preferred (quar.)
Connecticut Invest. Mgnt. Corp., tom... *10c. Aug. 1 *Holders of rec. July 20
Consolidated Ice (Pittsb.), Pre/.(gaur.)_ 4,750. July 15 *Holders of rec. July 3
Consolidated Industries
20c. Aug. 1 Holders of rec. July 15
*4
July 1 *Holders of rec. June 20
Consol. Investors Plan, Inc., pref
Consol. Lithograph Corp., cl. A (guar.). •500. July 1 *Holders of rec. June 25
Cons. Oklahoma Sand&Gravel, pf.(gu.). "134 July 1 *Holders of rec. June 25
4100. June 30
Consolidated Trust Shares
Construction Materials, Prof. (guar.)... *8735c Aug. 1 *Holders of rec. July 20
Continental Sec. Corp., corn. (guar.)... *50c. July 15 *Holders of rec. July 1
Corporation Sec. of Chic., pref. (guar.). n75c. Aug. 1 *Holders of rec. July 10
Courtaulds. Ltd4.234 July 8 *Holders of rec. June 24
Amer. dep. rcts. for 5% pref
Credit Utility Banking Corp.. el. B (gu.) 37340. July 10
July 1 *Holders of rec. June 15
Crescent City Bldg.& Homstead Assn__ *53
Crowell Publishing, preferred
*335 Aug. 1 "Holders of rec. July 24
Crump(B. T.) Co., pref.-Dividend del erred.
*6234c Aug. 1 *Holders of rec. July 15
Cuneo Press. corn. (guar.)
*135 Sept.15 *Holders of MC. Sept. 1
634% preferred (quar.)
Curtis-Wright Export Corp.. pf. (qu.) *51.50 July 15 *Holders of rec. June 30
*15c. July 16 *Holders of rec. July 6
Detroit Motorbus
Dictaphone Corp., corn.(guar.)
*50c. Sept. 1 *Holders of rec. Aug. 14
*2
Sept. 1 *Holders of rec. Aug. 14
Preferred (guar.)
Discount Corp. of N. Y.(guar.)
"214 July 1 *Holders of rec. June 30
District Bond Co., corn. (guar.)
*50c July 1 *Holders of rec. June 27
41734c July 1 "Holders of rec. June 27
Preferred (guar.)
Duplan Silk Corp.,common
*50c. Aug. 15 *Holders of rec. Aug. 1
475e. July 11*Holders of rec. June 26
Eagle Lock (guar.)
Eastern Bakeries, Ltd., pref. (guar.)--* 51.625 July 1,*Holders of rec. June 30
*334 July 11*Holders of roe. June 30
Eau Claire Saw Mills, preferred
Electric Household Utilities (guar.)- _ - _1 50c. July 28 Holders of rec. July 11
Equitable Management Corp. (guar.).- *10c. July 10 *Holders of rec. June 30
July 1 *Holders of rec. June 29
Erskine-Danforth Corp.. pref.(cm).-- *2
Aug. 1 Holders of rec. July 15
$1
Eureka Pipe Line (guar.)
*60c. Aug. 1 *Holders of rec. July 21
Fair (The), corn. (guar.)
*194 Aug. 1 *Holders of rec. July 21
Preferred (guar.)
.8235c Oct. 1 *Holders of rec. Sept. 15
Faultless Rubber (guar.)
"$1.75 Aug. 1 *Holders of rec. July 15
Federal Electric, $7 pref.(guar.)
"11.50 Aug. 1 *Holders of rec. July 15
56 preferred (guar.)
Banks.
•134 Aug. I *Holders of rec. July 15
7% preferred (old) (guar.)
Harriman National Bank & Trust
*52
Sept.15 *Holders of rec. Sept. 5
*5
Federal Terra Cotta (guar.)
July 3 *Holders of rec. July 2
Extra
July 1 'Holders of rec. June 25
'$2
*5
July 3 *Holders of rec. July 2
Fifty Associates (Toldeo), corn
*134 July 1 *Holders of rec. June 25
Preferred (guar.)
Trust Companies.
Finance & Trading Corp.. pref.(qu.).- 134 July 1 Holders of rec. June 26
Bank of Sicily Trust (guar.)
•150 July 10 *Holders of rec. June 30
Finnell System, Inc.. pref. B-Dividend omitte d.
Corn Exchange Bank & Trust(quar.)_ $1 Aug. 1 Holders of rec. JULY 23
First All-Canadian Trustee Sh.(No. 1). *30c. June 30 *Hold, of coup. No. 1.
Corporation Trust (guar.)
*4
June 30 *Holders of rec. June 20
First National Corp.A & B (Portland, Ore.) (guar.)
*50c. July 15 *Holders at rec. June 25
Fire Insurance.
Five-Year Fixed Trust Shares(No. 1) *1 5.560. June 30
Amor. Alliance (guar.)
*400. July 15 *Holders of roe. July 8
4100 June 30
Fixed Trust Oil Shares
American Reserve (guar.)
•750. July 15 *Holders of rec. Ally 6
*50c Aug. 1
Ford Hotels Co., Inc
Groat American (guar.)
*40o. July 15 *Holders of rec. July 8
*50c Oct. 31
Ford Hotels Co., Inc
Lincoln Fire (guar.)
•130e. July 15 *Holders of rec. July 6
Foreign Power Securities, Pref.(guar.).- 135 Aug. 15 Holders of rec. July 31
Frank (A. B.) Co., pref. (guar.)
'134 July I *Holders of rec. June 20
Miscellaneous.
*10c. July 6 *Holders of rec. June 27
Franklin Capital Corp
*50c July 15 *Holders of rec. June 30
Fyr-Fyter Co., classA (guar.)
7.585 c June 30 *Hold. of Coup. No. 1
A. B. C. Trust Shares, Series E
Gelsenkirchen MiningAcme Wire Co., common-Dividend defe rind.
July 16 *Holders of rec. July 9
Am.dep.refs.(subl.to meet. July 8)... *we
•335 June 30 *Holders of recs. June 29
Alamo Iron Works. pref
*U.July 1 *Holders of rec. June 15
General American Corp.(guar.)
Allied Chemical & Dye, corn. (guar.)._ $1.50 Aug. 1 Holders of rec. July 10
General Amer. Securities, class A MO_ *350. July 1 "Holders of rec. June 26
*50c. Aug. 15 *Holders of rec. July 24
Allis-Chalmers Mfg. (guar.)
General Electric, Ltd.75e. Aug. 1 Holders of rec. July 15
Altorfer Bros. Co., $3 pref. (guar.)
sto10 July 28 *Holders of rec. June 26
Am. dep. rcts. ord. reg. shares
$1
Aug. 15 Holders of rec. July 31a General Foods Corp., corn. (guar.)
American Can, common (guar.)
•75c. Aug. 1 *Holders of rec. July 15
(guar.)._
*15c. June 25 *Holders of rec. June 11
75c. Aug. 1 Holders of rec. July 15a
Amer. Cash Credit Co.,class A
General Mills, Inc., corn. (guar.)
411
Aug. 1 *Holders of rec. July 11
50c. Aug. 1 Holders of rec. July 15
American Coal (guar.)
General Stock Yards, corn.(guar.)
July
1
(quar.)__.
$1.75
25c. Aug. 1 Holders of rec. July 15
"Holders
of
•
Glanzstoff
rec.
Corp.,
Pref.
June 24
Amer.
Common (extra)
July 1 *Holders of rec. June 28
$1.50 Aug. 1 Holders of rec. July 15
Amer. Hair & Felt, 1st & 2d pref.(gu.)_ _ *2
Preferred (guar.)
*130. July 1 *Holders of rec. June 25
35o. Aug. 1 Holders of rec. July 14a General Utilities (guar.)
Amer. Home Products Corp.(monthly)_
400. July 15 Holders of rec. July 3
3.50. June 30 Hold, of coup. No. 3
Amor. Investment Trust Shares
Georgian, Inc., pref. A (guar.)
*3
July 1 *Holders of rec. June 20
35c. Aug. 1 Holders of rec. July 17
Amer. Mach.& Fdy., common (quar.)
German-Amer. Bldg. &Lean
*335 July 15 *Holders of rec. June 31)
134 July 1 *Holders of rec. June 21
Amer. Med. Spirits, 6% pref.(guar.).-'
Gramm Motors, Inc., pref
4150. July 31 *Holders of rec. July 15
American Meter (guar.)
Grand (F.&W.)5-10-25c. Sts.,com.(qu) 4,25c. July 20 *Holders of rec. July 13
•135 Aug. 1 *Holders of rec. July 13
July 10 *Holders of rec. June 30
Amer. Rediscount Corp., 1st pref. (gu.)Preferred (guar.)
41134 July 2 *Holders of roe. June 30
Andale Co., pref.(guar.)
Grand (F.& WO-Silver Stores, com.(qu) 4,250. July 23 *Holders of rec. July 13
Anglo-Persian Oil Co., Ltd.
Granite Gold Mining (Colo. Brigs.) (qu.) *lc July 1 *Holders of rec. June 22
Aug. 8 *Holders of rec. June 26
.14°4
Amer. dep, rots, for 1st Prof
Great Northern Bond & Share, pref.-D1 vidend deferred.
*134 July 1,*Holders of rec. June 16
"w434 Aug. 6 *Holders of rec. June 28
Amer. dep. rots. for 2d pref
Greening (B) Wire. pref. (guar.)
4.154 July 15 *Holders of rec. June 30
Annapolis Dairy Products, prof.(guar.). *51.75 June 30 *Holders of rec. June 28
Guardian Realty. prof. (guar.)
(guar.).•134
Aug. 15 *Holders of rec. July 29
prof.
Ansbacher Siegle Corp., pref. (guar.).- *60c. July 1 *Holders of roe. June 25
let
Guggenheim & Co..
*1H
*1H
*1H
134
"34
500.
134
'
134
[VOL. 133.
FINANCIAL CHRONICLE
72
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Miscellaneous (Conitased)•
Smythe Mfg. (guar.)
11.50 July 1 *Holders of roe. June 24
'10c. July 15 *Holders of rec. June 6
Hammond Clock (guar.)
Aug. 15 *Holders of rec. July 15
Solvay Amer. Investment, pref. (quar.)_
17.50 July 3 *Holders of rec. July 2
Harriman Securities
Southeastern Invest. Trust. $5 pf.((PO - '1.25 June 30 *Holders of rec. June 27
Hartford-Aetna Realty. com.-DivIdend passed
Southern Ice. pref.-Dividend omitted.
.75e. Aug. 15 "Holders of ree. Aug. 1
Hartford Times. Inc., pref.(guar.)
*350. June 30
Southern Weaving, corn
334 July 1 "Holders of rec. June 16
'
Hershey Creamery, preferred
*15c. June 30
Common (extra)
Hi'Wrest Collieries, pref.-Dividend pass ed.
Preferred
*334 June 30
Holeproof Hosiery. pref.-Dividend omit ted.
Steneck Title & Mtge. Guar. div. dec. pa y. Jun e 30 res eluded.
Hotel Gibson (Cincinnati), pref.(guar.). *1.34 July 1 *Holders of rec. June 24
Sturtevant(B.F.) Co.,com.-Dividend deferre d.
Houghton Elev. & Mach., pref. (guar.). *51.75 July 1 *Holders of rec. June 20
*1234c July 1 *Holders of rec. June 20
Preferred (guar.)
*1.34 July 15 *Holders of rec. June 29
Ideal Fin. Assn.. class A (guar.)
July 1 *Holders of rec. June 20
Suburban Elec. Securities, 1st pref.(qu.) '134 Aug. 1 *Holders of rec. July 15
Preferred (quar.)
The. Aug. 1 Holders of rec. July 20
"50e. July 1 *Holders of rec. June 20
Sun Investing Co., pref. (guar.)
Convertible preferred (guar.)
"75e. Aug. 1 *Holders of rec. July 21
Sun Realty Co., pref.(guar.)
"9134 July 1 *Holders of me. June 25
Illinois Pacific Coast Co.. pref.(guar.)
*300. June 30
Super Corp. of Am.Tr.Shs.series C.Imperial Royalties, pref. stocks-Divide nds om Itted.
26 4-5c June 30
11.50 July 1 *Fielders of roe. June 20
Serles D
Indiana Ice & Fuel, pref.(guar.)
250. Aug. 15 Holders of ree: July 24
Superior Portland Cement,el. A (mthly.) 1730 Aug. 1 'Holders of rec. July 23
Indiana Pipe Line (guar.)
100. July 1 *Holders of rec. June 30
Surety Credit Co., Inc
Internat. Business Machines, corn. (qu.) *51.50 Oct. 10 *Holders of rec. Sept. 22
*40e. July 1 *Holders of rec. June 30
Aug. 1 Holders of rec. July 17
Preferred
Internat. Cigar Machinery (guar.)
. July 15 Holders of rec. June 30
2''4cc.
*15e. July 1 *Holders of rec. June 24
Swann Corp., class A & B (guar.)
Internat. Paints, Ltd.. partic. pref.(qu.) 65631
15e. Aug. 1 July 18 to July 31
Teck-Hughes Gold Mines,Ltd
Inter. Secure. Corp. of Am.corn. A (qu.) 25c. Sept. I Holders of tee. Aug. 15
(guar.)
1
preferred
Sept.
%
194
15
Holders
Aug.
Bar
rec.
of
Temple
'134 July 1 *Holders of rec. June 30
Bldg.,7% pref.(guar.)634
Sept. 1 Holders of rec. Aug. 15
6% preferred (guar.)
Third Twin Bell Syndicate
*50c. July 2 *Holders of rec. June 29
July 1 *Holders of rec. June 20
Internat. Textbook. corn.-Dividend omi tied.
Thompson & Co., pref. (guar.)
*2
Investment Trust Associates, COM.(qu.) 12tie. Aug. 1 Holders of rec. July 15
Thomson-Houston Co.(Paris)550e. June 30 *Holders of rec. June 29
Amer. dep. rots. A bearer shs-_*to 24.16 f auly 3 l*Holders of roe. July, 14
Jamison Coal & Coke (4=1%1
yeomen Knitting Mills, common (guar.) .15c. Aug. 1 *Holders of rec. July 15
Tide Water Assoc. Oil,com.-Dividend o mined
en,/ Sept. 1 *Holders of rec. Aug. 20
Tie Water Oil, pref.(guar.)
in Preferred (guar.)
*1.34 Aug. 15 *Holders of me. July 16
*Holders of rec. June 15
Traders Finance Corp., pref. A (guar.)._ *1.34 July
Jones (J. Edward) Royalty Tr.ser A at. *5440 June 25 *Holders of rec. May 30
July 1 *Holders of rec. June 15
*2
(guar.)
B
certificates
Preferred
*57.69
30
June 25'Holders of rec. May
Series B
Series C certificates
Transamerica Corp., 6% pref. (quar.)_ _ 3734c. July 1 Holders of roe. June 26
19.20 June 25 *Holders of rec. May 30
Tung-Sol Lamp Works,Inc., corn.(cm.). •25e. Aug. 1 *Holders of rec. July 20
15c. Aug. 1 *Holders of rec. ..11113, 15
Kayser (Julius) & Co., cons.(guar.)
415e. Aug. 1 *Holders of rec. July 20
Preferred (quar.)
Kelley-Koett Mfg., pref.(guar.)
c July 1 *Holders of rec. June 20
July 2 *Holders of rec. June 29
13
Twin Bell Oil Syndicate (guar.)
Keystone Watch Case, corn.-No action taken
*j34 July 1 *Holders of roe. June 30
*El0 July 2 *Holders of rec. June 29
Extra
Knott(A.J.) Tool& Mfg., pref.(qu.)
Union Mfg. Co.(New Britain)(guar.)- 15e. June 30 *Holders of rec. June 20
*19e. July 1 *Holders of rec. June 25
Kroehler Mfg.(guar.)
'334 July 2 *Holders of ree. June 23
United Dairies, Ltd., 1st pref
•lg July 1 *Holders of rec. June 25
Preferred (guar.)
United Financial & Realty Tr. (quar.)-- '30e. July 10 *Holders of rec. June 30
L'Air LiguideUnited Linen Supply, Class B (guar.). •$1.50 July 20 *Holders of rec. July 1
Am.depMets.,0,bear. abs. 24.613 fra ncs
July 7 *Holders of rec. June 30
U.S.& Brit. Internat. Co., corn. A (qu.) 10c. Aug. 1 Holders of roe. July 15
Lamont, Corliss & Co., corn
"21.50 July 10 *Holders of rec. June 25
75e. Aug. 1 Holders of rec. July 15
$3 preferred (guar.)
Langendorf United Bakeries, Cl. A (qu.)_ *50c. July 15 *Holders of tee. June 30
U. S. Elec. Power Corp., pref. (quar.).. *51.50 Aug. 1 *Holders of rem July 2
Lawbeck Corp., pref.(guar.)
'134 Aug. 1 *Holders of rec. July 20
U. S. Radiator. pref.-Div. omitted.
Lazarus(F.& R.) Co., pref.(guar.).- '194 Aug. 1 *Holders of rec. July 20
•30c. July 15 *Holders of roe. June 30
Universal Trust Shares
Lefcourt Realty Corp., corn.(quar.)
40c. Aug. 15 Holders of rec. Aug. 5
July 1 *Holders of me. June 15
111
Upressit Metal Cap., prof. ((Plan)
Preference (guar.)
75e. July 15 Holders of rec. July 6
elm
July 1 *Holders of nee. June 22
30
Company,
June
rec.
Upson
pref.
of
(Uttar.)
Liberty Limestone Corp..7% pref.(qu.) '13 July 1 *Holders
July 1
3
Virginia Bridge & Iron. common
*25e. Sept. 9
Lincoln Stores
July 1
1
Common (extra)
Little. Brown & Co., pref. (guar.)
11.75 July 31 *Holders of rec. July 1
*3734c June 30 *Holders of rec. June 20
Washburn Wire (guar.)
15e. July 1 *Holders of roe. June 25
Locomotive Fire Box (guar.)
Waterbury Farrell Fdy. Mach. (quar.) '234 June 30 *Holders of rec. June 23
*50e. July 1 *Holders of roe. June 13
Loomis-Sayles Mutual Fund (quar.)
Werner(F.) & Co., corn.-Div. omitted.
Louisiana Disc. & Sec. corn. & pref--• 51.875 July 2 *Holders of tee. June 18
July 1 *Holders of rec. June 30
First pref. A & B (guar.)
Lyons (J.)& Co., Ltd.Westchester First National Corp.. Prat 1735e July 20 *Holders of roe. June 30
sw10d June 30 *Holders of rec. June 24
Am. dep. Ms.A ord. abs. reg
Dec. 20 *Holders of rec. June 30
*8730
30
June
rec.
of
*Holders
Preferred
15
July
(guar.)
15c.
pref.
Mahon(It. C.) Co.,
West Michigan Steel, corn.-Div.=Me d.
27e. June 30
Major Corp. Shares
Western Reserve Invest, part. pref.(qu.) 194 July 2 Holders of rec. June 300
•15e. June 30 *Holders of rec. June 20
May Oil Burner (guar.)
*30e. Oct. 1 *Holders of rec. Sept. 15
Westmoreland, Inc. (guar.)
11.50 Aug. 1 *Holders of rec. July 15
Maytag Co., 1st pref.(guar.)
Wico Electric, corn -Div. omitted.
*75c. Aug. 1 *Holders of rec. July 15
Cumulative preference (guar.)
July 1 *Holders of rec. June 25
*2
8% preferred (guar.)
McLennan, MeFeelig & Prior tat pf.(qu.) e.1% July 1 *Holders of rec. June 25
15e. July 31 *Holders of roe. July 20
Wilcox Rich Corp., class 13
*25e. July 15 *Holders of rec. July 1
Mead Corporation (guar.)
'131 July 1 *Holders of roe. June 25
Wristley (A. B.) Co., pref. (guar.)
'134 July 15 *Holders of rec. June 30
Medicine Hat Greenhouses,Pf.(qu.)
ee
*42c. July 15 *Holders of tee. June 30
Holders of coup. No. 4
York Share Corp.(No. 1)
Mercurbank (Vienna)
11.94e July 14 Holders of coup. No. 23
Mexican Eagle 011, ordinary
15.92c July 14 Holders of coup. No. 30
announced in previous weeks
Participating preferred
dividends
the
give
we
Below
15e. Aug. 15 Holders of rec. Aug. 5
Meyer Blanke Co.. common
I 34 July 1 Holders of rec. June 19
and not yet paid. This list does not include dividends anPreferred (guar.)
1734e July 3 *Holders of rec. June 11
Mid West Dairy Prod., pref. A
nounced this week, these being given in the preceding table.
Mlles Detroit Theatre-Dividend °mitt ed.
Milton Mfg., let pref.-Div. omitted.
15
July
pref.(gu.)
rec.
prior
of
*Solders
1
Aug.
11.50
Invest.,
Utility
.Val.
Miss
Books Closed.
When
Per
July 15 Holders of rec. July 1
Moloney Electric, common A (guar.)... $1
Days inclusive.
Cent. Payable.
Name of Company.
*750. July 15'Holders of rec. July 14
Morris Plan Bank (Bridgeport)(quar.)
24
(qu.).
June
rec.
of
*Holders
1
pref.
July
Consol..
*134
Cafeteria
Morrison
Railroads (Steam).
July 1
Mortgage Savings & Transportation, pf_ 1
Aug. 16 Holders of red July 10
Alabama Great South., ordinary prof...- $2
June 30 Holders of rec. June 30
Mount Royal Hotel Co.(Montreal).-- 141
$1.50 Aug. 15 Holders of rec. July 10
(extra)
Preferred
15
July
rec.
of
*11.75
*Holders
1
Aug.
Mullins Mfg., pref. (guar.)
Aug. 1 Holders of rec. June 26a
234
Santa
&
pref
Topeka
Fe..
Ateh..
Nassau & Queens Bond & Mtge.(guar.). '134 June 30
*435 Sept. 1 *Holders of roe. Aug. 20
Atlanta & Charlotte Air Line Ry
*13X c Aug. 1 "Holders of rec. July 14
National Tea, pref.(guar.)
10 Holders of me. June 124
July
331
common
Atlantic'
BR..
Line
Coast
_
*18.9e July 1 'Holders of coup. No. 27
Nation Wide Sec. Tr. ctfs., series A _
Augusta & Savannah
'234 July 5 *Holders of rec. June 15
National Acme, corm-Dividend ommit ted
•25e. July 5 *Holders of rec. June 15
Extra
(qu.)
29
pf.
June
rec.
of
Creosoting,
*Holders
30
June
12
&
Lumber
National
134 Sept. 1 Holders of roe. July 186
Baltimore & Ohio,tom.(guar.)
*2830 July 1 *Holders of rec. June 23
National Oxygen. class A (guar.)
Sept. 1 Holders of reo. July 18a
1
Preferred (guar.)
10c. July 1 *Holders of rec. June 27
National Sewing Machine (War.)
Oct. 1 *Holders of reo. Sept. 19
•234
(guar.)
Providence
&
Boston
June
rec.
20
1
July
(quar.)
of
*Holders
'134
New Departure Mfg., Pref.
July 10 *Holders of rec. June 30
1
preferred
Holding,
RR.
Boston
New Eng. Cream. Prod., 634% pf.(qu.) '194 July 1 *Holders of rec. June 30
11.5 Aug. 1 Holders of tee. June 266
Canada Southern
12
June
rec.
of
*Holders
25
June
*15c.
(quar.)
Credit.
Cash
pref.
Jersey
New
10 Holders of rec. Junei30a
July
1
com.(qu.)
Ohio,
&
Clinchfield
Carolina.
Newborns Petroleum, class A (guar.)... *Me July 20 *Holders of roe. June 30
134 July 10 Holders of rec. June 30a
Stamped certificated (guar.)
N. Y.Realty & Impt., pref.-Div. passe d.
Aug. 15 Holders of roe. Aug. 56
2
N. J. (guar.)
of
RR.
Central
seed.
pa
end
pref.-Divid
corn.
&
Holding,
N Y State
50e. July 20 Holders of rec. June 256
Chicago Great Western, pref
June 30
*3
Northern Bond & Mtge.. pref
Ott. 1 *Holden; of rec. Sept. 1s
(qu.)...
Cincinnati Union Terminal.
:I§ Jan.P32 'Holders of tee. Dee. 19
Nutley Mtge. & Title Guar.(quar.)____ *134 July 1 *Holders of rec. June 26
Preferred
(Oust.)
12
July
rec.
of
*Holders
15
July
*15c.
Oahu Ry. & Land (monthly)
31 *Holders of rec. July 21
cons
July
Louis,
*55
&St.
Chic.
Cinn.,
Cleve.,
*10c July 15 *Holders of rec. July 6
Oahu Sugar Co. (monthly)
'134 July 31 *Holders of rec. July 21
Preferred (guar.)
*10c June 30 *Holders of rec. June 15
Oilroyalty Invest. (monthly)
1
Aug.
*3
Passumpsio
Rivers
&
Connecticut
10
July
*20e July 20 *Holders of rec.
Onomea Sugar (monthly)
234 Soptd21 Holders of roe. Aug. 28a
Delaware & Hudson Co.(quar.)
July 1 *Holders of rec. June 30
Oransky (L.) & Sons. pref. (quar.)
July 20 Holders of rec. July 6a
Delaware Lackawanna & West. (guar.) $1
20
July
rec.
of
Holders
1
Aug.
(quar.)
$I
Outlet Co., common
July 8 Holders of roe. Juno 250
2
Detroit Hillsdale & Southwestern
131 Aug. 1 Holders of rec. July 20
First preferred (guar.)
July 15 Holders of too. July 8a
4
Detroit River Tunnel
134 Aug. 1 Holders of rec. July 20
Second preferred (guar.)
231 July 15 Holders of rec. July 1
&
RR.
Georgia
Banking
(riar.)
30
June
roe.
of
Pacific Portland Cement, pref.(guar.).- '194 July 3 *Holders
Aug. 1 Holders of roe. June 30a
134
preferred
Northern.
Great
Aug. 15 Holders of rm. Aug. 5
$I
Penmans Ltd., common (guar.)
Internat. Rys. of Cent. America, pt.(qu) 134 Aug. 15 Holders of rec. July 31a
134 Aug. 1 Holders of rec. July 21
Preferred (guar.)
July 6 Holders of rm. Juno 26a
134
&
Jollet
(guar.)
Chicago
'734c Aug. 1 *Holders of roe. July 15
Penn Traffic Co
50c. Aug. 1 Holders of rec. June 306
Kansas City Southern, corn.(quar.).
1734c July 1 Holders of rec. June 26
Perfection Petroleum (guar.)
July 15 Holders of rec. June 30a
1
Preferred (guar.)
'1834c June 30 Holders of rec. June 20
Perfection Stove (monthly)
July 15 June 13 to July 15
$1.11
Coal.
&
RR.
Nay.
Schuylkill
Little
134 Aug. 1 Holders of rec. July 20
Phillips-Jones Corp., pref.(guar.)
234
Aug. 10 Holders of tee. July 15a
common
Louisville & Nashville,
Pittsburgh Steel Fdy.. common (guar.).'1234c July 15 Holders of rec. July 8
$12.50 Aug. I Holders of rm. July 15a
Coal
RR..
(guar.)
COM.
Mahoning
116
July
131 Aug. 1 Holders of rec.
Pittsburgh United Corp.. pref.(quar.)
1
Aug.
*3
RR
Valley
Massawippi
Planters Nut & Chocolate, pref. (guar.) •$1.50 July 1 Holders of rec. June 15
125 July 31 *Holders of rec. July 21
Michigan Central
*750. July 1 Holders of roe. June 25
11.25
Plume & Atwood Mfg.(guar.)
*Holders of roe. July 8
9
July
RR
&
Nev.
HUI
Mine
&
Creek
Mill
July 7 Holders of rec. June 30
Polygraphic Co. of Amer., pref
134 Sept.30 Holders of rec. Sept. 56
Missour3•Kansas-Texas. pref. A (qu.).
15e. Aug. 1 Holders of rec. July 15
Port Huron Sulphite & Paper (guar.) _
134 Aug. 1 Holders of me. June 26a
RR.(guar.)
Central
Y.
N.
Potter & Co.. common -Dividend passe d
234 Septa() Holders of rec. Aug. 31a
Norfolk & Western, corn. (quar.)
150. July 1 Holders of rec. June 20
Aug. 19 Holders of roe. July 3Ia
1
Progress Laundry (quar.)
Adjustment pref.(guar.)
*334 July 1 *Holders of roe. June 23
•334 Aug. 1 *Holders of rec. July 20
Publication Corp., orig. pref. (guar.)._
stook_
guar.
7%
1111...
Carolina
North
30
$2
15 Holders of roe. June 30a
July
Public Service Trust Shs.ser. A reg___*1 8.932e July 15'Holders of rec. June
Central
Northern
*I 8.932c July 15 Holders of coup. No. 3
134 Aug. 1 Holders of roe. July fla
Series A coupon
Northern Pacific (guar.)
4334e July 1 Holders of rec. June 30
Holders of rec. Aug. la
Putnam (F. L.) Securities Co., pref
31
Aug.
75e.
Pennsylvania
(guar.)
RR.
July 1 *Holders of reo. Juno 25
Queen Dyeing Co., pref. (guar.)
20e. Sept.15 Holders of ree. Aug. 14
Pennroad Corp
114 Aug. 1 Holders of roe. July 8a
Raymond Concrete Pile, corn -Dividend omit ted.
prior
and
pf.
pf.
Marquette,
(qu.)
Pere
20
July
*7.5c. Aug. 1 *Holders of rec.
Preferred (guar.)
'294 July 10 "Holders of roe. June 80
Philadelphia & Trenton (guar.)
*500. Aug. I *Holders of rec. July 21
Reed(C.A.) Co., class A (guar.)
Pitts. Ft. Wayne az ChM., pref. (qu.)_. 131 July 7 Holders of roe. June 150
'1234c Aug. 1 *Holders of rec. July 21
Class B
2.5(1 Aug. 1 Holders of rms. June 26a
Erie
Lake
&
Pittsburgh
June 25
Reliable Stores Corp., 1st pref.(guar.)- - *13I July 1 *Holders of rec. June
Aug. 13 Holders of rec. July 10a
$1
Reading Company. common (quar.)._
25
134 July 1 *Holders of rec.
Preferred A
50e. Sept. 10 Holders of rec. Aug. 206
(guar.)
preferred
First
Republic Finan. & Invest., el. A & pref.- Divide rads omitted.
0 Holders of roe. June 18a
July
500.
(guar.)
preferred
Second
Resource Finance & Mtge., pref.(qu.).- *8734 c July 2 *Holders of roe. June 29
50e. Oct. 8 Holders of me. Sept. 170
Second preferred (guar.)
Robinson(D.P.) & Co., 1st pref.-Divid end me eluded.
1 Holders of me. July la
Aug.
134
(qu.)_
pref.
6%
Francisco.
Louis-San
St.
25
June
1X July 1 *Holders of roe.
Rochester & Pittsb. Coal,5% Prof
134 Nov. 2 Holders of roe. OM. is
6% preferred (guar.)
'31340 Aug. 1 *Holders of roe. July 15
Roos Bros., common (guar.)
'k350. Aug. 1 Holders of rec. July la
corn
Ky.,
Southern
15
July
tee.
of
*Holders
1
Aug.
* 51.625
Preferred (quar,)
k1.65 Aug. 1 Holders of rec. July la
Common
*151 July 1 *Holders of rec. July 15
Rosenbaum Grain Corp.. pref
14 July 15 Holders of rec. June 22a
Preferred (guar.)
July 17 Holders of rec. June 10
$I
Royal Typewriter, common
H July 10 *Holders of roe. June 19
(guar.).
Cos.
Canal
&
RR.
J.
N.
United
10
July
rec.
of
Holders
7% pref.(for first quarter of 1931).
131 July 17
*3
Aug, 1 *Holders of rm. July 18
preferred
Virginian By.,
(for.
134 July 17 Holders of rec. July 10
second guar. of 1931)_
7% Pref.
15
July
roe.
of
*Holders
1
Aug.
Salt Creek Producers Assn.(guar.)
15c
Utilities.
Public
7
• San Carlos Milling (monthly)
100 July 15 *Holders of rm. July
$1.25 Aug. 1 Holders Of roe. July 15
Alabama Power, $5 pref. (guar.)
Second Twin Bell Syndicate
July 2 *Holders of rec. June 29
Am.Com'wealths Pow.com.A&B (qu.)_ I 234 July 25 Holders of rec. June 30
Segal Lock de Hardware, pref. (guar.)._ *87350 July 15 *Holders of rec. June 30
$1.75 Aug. 1 Holders of rec. July 15
A
series
pref.
(guar.)
First
Beton Leather, common (guar.)
150. Aug. 1 *Holders of me. July 16
$1.62 Aug. 1 Holders of rec. July 15
$6.50 first preferred (guar.)
Sharp & Dohme,Inc., pref. A (quar.)___ 8734C. Aug. 1 Holders of roe. July 17
51.50 Aug. 1 Holders of Me. July 15
(guar.)
preferred
first
$6
Silver (Isaac)& Bros. Co., corn.(qu.)_ _ 15e. July 20 *Holders of rec. July 13
51.75 Aug. 1 Holders Of rec. July 15
Second preferred series A ((luar.)
Preferred (guar.)
'131 Aug 1 *Holders of rec. July 13
•
JULY 4 1931.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued).
Amer. Cities Power & Light, cl. A (qu.) ee75c Aug. 1 'Holders of rec. July 3
Class B (in class B stock)
55
Aug. 1 Hoiden of reo. July 3a
Amer. Dist. Teleg. of N. J., corn. (au.)_ •1
July 15 'Holders of rec. June 15
Preferred (guar.)
*134 July 15 *Holders of rec. June 15
Amer. Gas dr Elec., pref.(quar.)
$1.50 Aug. 1 Holders of rec. July 8
Amer. Light & Tract., cam.(quar.)
6234e. Aug. 1 Holders of rec. July 170
Preferred (quar.)
37440. Aug. 1 Holders of rec. July 170
Amer. Telep. & Teleg. (quar.)
234 July 15 Holders of rec. June 254
Amer. Water Wks.dr Elms.. core.(qu.L
75e. Aug. 1 Holders of rec. July 10a
Common (guar.)
75c. Aug. 1 Holders of roe. July 10
Associated Gas & Elec.,class A (quar,)-aa Aug. 1 *Holders of rec. June 30
$4 pref.(guar.)
aa Aug. I *Holders of rec. June 30
Associated Telep. Utilities. core.(uu.)-- 12
July 16 Holders of rec. June 30
Bangor Hydro-Elec., coin.(quar.)
*554. Aug. 1 *Holders of rec. July 10
Bell Telephone of Canada (guar.)
2
July 15 Holders of rec. June 23
Bell Telephone of Pa...654% Pret.(qu.)_
154 July 15 Holders of rec. June 20s
Bridgeport Hydraulic Co. (qua?.)
*40e. July 15 *Holders of roe. June 30
British Columbia Power, el. A (qu.)....50e. July 15 Holders of roe. June 30
Broad River Power,7% pref.(quar.)___ *134 Aug. 1 *Holders of
rec. June 30
Brooklyn Borough 689. coin.(guar.)---- 1.50 July 10 Holders of
rec. June 300
Brooklyn-Manhattan Transit,COM.(qu.) $1
July 15 Holders of rec. July la
Preferred series A (quar.)
$1.50 July 15 Holders of rec. July la
Preferred series A (quar.)
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred series A (qua?.)
$1.50 Jan15'39 Holders of rec. Dec. 310
Preferred series A (guar.)
$1.50 4/15/32 Holders of rec. Aprr32a
Buff. Niagara & Emit PowerFirm preferred (quar.)
"$1.25 Aug. 1 *Holders of rec. July 15
California-Oregon Power,7% pret.(qu.)_ 154 July 15
Holders of rec. June 30
6% Preferred (quar.)
1% July 15 Holders of rec. June 30
Canada Northern Power. eons.(quar.)
20e. July 25 Holders of roe. June 30
Preferred (quar.)
154 July 15 Holders of tee. June 30
Central Ills. Pub. Serv..6% prof.(qui- '134 July
1 *Holders of rec. June 30
116 preferred (quar.)
*$1.50 July 16 *Holders of roe. June 30
Central Power,7% pref.(guar.)
*1%
July
15 *Holders of
June 30
6% preferred (quar.)
rtti July 16'Holders of rec.
rec. June 30
Central & S. W. UtU.. corn.
15 Holders of ree. June 30
Cent. Vermont Pub. Serv.,$6 pref.(qu.) $1.50 July
Aug. 15 Holders of rec. July 31
Chester & Philadelphia Ry
c July 15 *Holders of rec. July 8
Cin. Newport & Coy. L & Tr., corn.(qu.) .3714
41.50
July
15'Holders
rec. June 30
Preferred (quar.)
• $1.125 July 15 *Holders of roe.
of
June 30
Cities ServIce.Pow.& Lt.17 p1.
58 1-34, July 15 Holders of reo. July la
$ti preferred (monthly)
50o. July 15 Holders of rec. July la
$5 preferred (monthly)
412-3.July 15 Holders of ree. July la
$7 preferred (quar.)
5814e. Aug. 15 Holders of rec. Aug la
$6 preferred (guar.)
50e. Aug. 15 Holders of rec. Aug. la
$5 preferred (quar.)
41 2-3c Aug. 15 Holders of reo. Aug. la
Cleveland Elec. Ilium., pref. (quar.)•144
Sept. 1 *Holders of rec. Aug. 15
Clinton Water Works, pref. (guar.)
July 15 *Holders of rec. July 1
Columbia Gas & Elec. corn.(guar.).- '154
50e.
Aug. 15 Holders of rec. July 20a
6% preferred (quar.)
'
154
Aug. 15 Holders of rec. July 200
5% preferred (quar.)
134 Aug. 15 Holders of rec. July 20a
Commonwealth-Edison Co.(quar.)
*2
1 *Holders of rec. July 15
Consolidated Gas of N.Y., pref.(quar.)_ $1.25 Aug.
Aug. 1 Holders of roe. June 300
Consolidated Traction, N. J.
*2
July 15'Holders of rec. June 30
Detroit Edison Co.(quar.)
2
July 15 Holders of rec. June 20a
Diamond State Tel., 634% prof. (qu.)
July 15 *Holders of rec. June 20
Duquesne Light, 5% first pref.((lnar.)-- *154
July 36 Holders of rec. June 15a
134
Edison Elec. Ill.(Boston)(guar.)
3.40 Aug. 1 Holders of rec. July 10
Electric Bond dr Share, COMMOD (quar.) f134 July
15 Holders of roe. June 5
$6 preferred (quar.)
$1.50 Aug. 1 Holders of roe. July 6
$5 preferred (quar.)
$1.25 Aug. 1 Holders of roe. July 6
Electric Power Associates. corn.& el. A__
25c. Aug. 1 Holders of rec. July 15
ElectricPower & Light. corn.(Qum.)--25e. Aug. 1 Holders of roe. July Ila
Empire Dist .El. Co.,6% pf. (mthly.). 50e. Aug.
1 Holders of roe. July 154
Em pire Gas & Fuel Co..8% Pf.(mthly.) 66 2-3c Aug.
1 Holders of rec. July 150
7% Preferred (monthly)
58 1-3c Aug. 1 Holders of rec. July 150
634% preferred (monthly)
54 1-6c Aug. 1 Holders of rec. July 15a
6% preferred (monthly)
50o. Aug.
Holders of rec. July 15a
English Electric (Canada)class A (rm.)._ *75e. July 11 *Holders
of rec. June 30
Fairmount Park Transit, pref. (quar,).... *1734c July
*Holders of rec. June 30
Federal Pub. Berv., 634% pref. (guar.). 0134 July 1
15
*Holders
of
rec. June 30
Gardner Electric Light, corn
*4
July
*Holders of reel June 30
Gas & Elec. Securities Co.. corn.(mthly.) 50c. Aug. 15
1
Holders
of
rec.
July 15a
Common (payable in corn. Stock)
flf Aug. 1 Holders of rec. July 15a
Preferred (monthly)
581-30 Aug.
Holders of rec. July I50
Gas Securities Co., corn. (monthlY)---- 044 July 1
1 Holders of rec. June 15a
Common (monthly)
034 Aug. 1 Holders of rec. July 150
Preferred (monthly)
50e July 1 Holders of roe. June 15a
Preferred (monthly)
50e. Aug. 1 Holders of rec. July 150
General Gas & Elec.. corn. A (quar.),.
1714e. July 1 Holders of rec. May 254
Common B (quar)
115c. July 1 Holders of rec. May 29a
$7 preferred (guar.)
$1.75 July 1 Holders of rec. May 254
$8 preferred (quar.)
$2
July 1 Holders of rec. May 29a
Georgia Power Co., $8 prof. (quar,)
$1.50 July 1 Holders of rec. June 15
$5 Preferred (quar.)
$1.25 July 1 Holders of rec. June 15
Germantown Pass. Ry.(quar.)
•11.3134 July 7 "Holders of rec. June 16
Gold & Stock Telegraph (quar.)
134 July 1 Holders of rec. June 300
Gt. Western Pow. of Callf.7% of.(qu.) '134 July 1 *Holders
of roe. Juno 5
8% Preferred (guar.)
'134 July
*Holders of roe. June 5
Greenwich Water & Gas Sys.. pfd.(W.). 134 July 1
I Holders of roe. June 20
Gulf Power Co.,$8 pref.(quer.)
$1.50 July 1 Holders of roe. June 20
Hackensack Water, class A (guar.)
4354c June 30 Holders of rec June 154
Harrisburg Gas, pref.(quar.)
*134 July 15 *Holders of roe. June 30
Hartford Electric Light (guar.)
"6854c Aug. 1 *Holders of rec. July 15
Hartford Gas Co..corn.(quar.)
*50c. June 30 *Holders of rec. June 15
Common (extra)
*25c. June 30 *Holders of rec. June 15
Preferred(guar.)
•50e. June 30 *Holders of rec. June 15
Havana Elec.& Utilities, cum. pref.(Clu.) $1.25 Aug. 15 Holders of roe.
July 18
First preferred (quar.)
134 Aug. 15 Holders of rec. July 16
Haverhill Gas Light (quar,)
580. July 1 Holders of roe. June 15
Home Tel.& Tel.,7% pref
*11.75 July 1 *Holders of rec. June 21
Houston Natural Gas,7% pref.(quar.). *8744c June 30 *Holders of
rec. June 19
Illinois Bell Telephone (quad.)
*2
June 80
of roe. June 29
Illinois Power Co.,6% pref. (quar.)_.. 134 July 1 *Holders
Holders of roe. June 15
7% preferred ((Mar.)
134 July 1 Holders of roe. June 15
Illinois Power & Light.6% prof.(guar.) '134 July 1 *Holders
of rec. June 10
86 preferred (quar.)
$1.50 Aug. 1 Holders of roe. July 10
Indiana General Service, pref. (quar.)._'
1 3.4 July
1 *Holders of rec. June 5
Indiana & Mich. Else.,6% prof.(War.)
July 1 *Holders of rec. June 5
7% preferred (qua?.)
•1ti July 1 *Holders of
rec. June 5
Indianapolis Pow.& Lt., 634% pi. (qu.) 134 July 1
Holders of rec. June 5
6% preferred (guar.) (No. 1)
134 July 1 Holders of roe. June 5
Indianapolis Water. pref.(qua.)
114 July 1 Holders of rec. June 12e
Inland Power dr Light, 7% p1. (quar.)
'134 July 1 *Holders of rec. June 15
Internat. Hydro Elec. System,cl A(qu.)_ (II)
July 15 Holders of rec. June 250
$3.50 convertible pref.((Man)
8734e. July
Holders of rec. June 25
International Power, Ltd..7% pref.(gu.) 134 July 15
2 Holders of rec. June 15
Internat. Superpower (guar.)
25e. July 1 Holders of re*. June la
International Tep. dr Teleg. (quar,)..._
50e. July 15 Holders of rec. June 19a
Internat. Utilities Corp., class A (guar.) 8744e. July 15 Holders
of rec. June 26a
$7 preferred (guar.)
$1.75 Aug. 1 Holders of roe. July 170
Joplin Water Works,6% prof.(quar.)._ '134 July 15 *Holders of
roe. July 1
Kansas City Gas Co.,corn.(quar.)
*2
July 10 *Holders of rec. June 30
First and second pref.(guar.)
"134 July 10 *Holders of rec. June 30
Kentucky Securities Corp.. pref. (guar.) 134 July 15 Holders of
rec. June 254
Kentucky Utilities, pref. (guar.)
'134 July 15 *Holders of roe. June 25
Keystone Telephone, $3 pref. (quar.)
75e. Aug. 1 Holders of rec. July 22
Lawrence Gas & Elec.(guar.)
*135c. Aug. I "Holders of rec. July 15
Lincoln Telep. Secur.cl. A & B (qu.)...
*50c. July 10'Holders of rec. Juno 39
Preferred (guar.)
'13.4 July 10 *Holders of rec. June
30
Lincoln Telep.& Teleg., corn.(guar.).- - "2
July 10 *Holders of rec. Juno 30
Long Island 14g., COM.(quar.)
15e. Aug. 1 Holders of rec. July 15
Louisville Gas & Elec.(Ky.),7% pt.(qu) I% July 15 Holders of
rec. June 30
6% preferred (qua?.)
134 July 15 Holders of rec. June 30
5% preferred (guar.)
154 July 15 Holders of rec. June 30
Maine Gas Co. mom.(guar.)
*50c. July 15 *Holders of rec. July 1
Preferred (quar.)
*134 July 15 *Holders of rec. July 1
Mass. Ltg. Cos., 8% pref. (guar.)
*2
July 15 "Holders of rec. June 25
6% preferred
•134 July 15 *Holders of rec. June 25
Memphis Natural Gas. corn. (guar.)
15o, July 15 Holders of rec. June 30
Missouri G.& E.Sere., prior lien (guar.) '1 34 July 15 "Holders of rec. June
20
Name of Company.
73
Per
When
Cent. Payable.
Books Closed.
Days Inclusise.
Subtle Utilities (Concluded).
Midland LTtilities, 7% prior lien (quar.)_
Holders of rec. June 22
54
6% prior lien (guar.)
1.1
July 6
8 Holders of rec. June 22
7% preferred A (guar.)
1% July 6 Holders of roe. June 22
6% preferred A (guar.)
1% July 6 Holders of rec. June 22
Missouri Riv.-Sioux City Bdge.. pf.(qu.) $1.75 July 15
5 Holders of rec. June 30
Mohawk Hudson Power Co., 1st pf.(qu.) *151 Aug. 1 *Holders of roe. July 15
Monongahela Valley Water, pref.(qu.) '
,1M July 15 *Holders of rec. July 1
Montreal Lt, Ht.& Pow. Consol. (qu.).. 3
00
e.. July 31 Holders of rec. June 30
88
Montreal Telegraph (quar.)
Holders of rec. June 30
Montreal Tramways (quar.)
23.4 July 15 Holders of roe. July 8
Mountain States Power. met. (quar.)
13.4 July 20 Holders of ree. June 30
Mountain States Tel.& Tel.(quar.)- - - *21
15
1 *Holders of rec. June 30
Municipal Service Co.. prof.
Holders of reo. July 15
3.4 Aug.
National Fuel Gas(guar.)
*25e. July 15 'Holders of rec. June 30
National Power AC Light, $8 prof.(guar.) $1.50 Aug. 1 Holders of roe. July 11
Nevada-Calif. Elec.. pref. (guar.)
1% Aug. 1 Holders of rec. June 300
New Bedford Gas & Edison Light 0111.1..
75c. JULY 15 Holders of roe. June 25a
New Brunswick Telephone (guar.)
.20.3. Ally 15 'Holders of rec. June 30
New Engl, Power Assn.. Dom.(attar.)--50o. JULY 15 Holders of rec. June 30
New Engl. Pub. Service, adj. pref.(qu.) $1.75 July 15 Holders of rec. June 30
.7
50
5 July 15
5 Holders of roe. June 30
$
31.
$7 preferred (gnat.)
$13 preferred (guar.)
Holders of tee. June 30
.3
$21.50 July 15 Holders of reo. June 30
$6 cony. preferred (quer.)
July 1 'Holders of rec. June 17
New Haven Water
New York Telephone Co..844% pf.(qu.) 1
1 44 Juiy
uly 15
5 Holders of rec. June 20
Holders of reo. June 20
Preferred (guar.)
Newark Telephone (Ohio),6% pf.(an.). olyi July 10 *Holders of rec. June 30
NorthAmerican Edison. prof.(qua?.)Holders of rot. Aug. 150
$1140 S
Ju
ert
Nor. Indiana Pub, Serv., 7% pf.(q.)
y.14
1 Holders of rec. June 30
154 July 14 Holders of rec. June 80
6% preferred (guar.)
1% July 14 Holders of rec. June 30
514% preferred (quar.)
'2% July 15 *Holders of rec. June 30
Northern N. Y. Telephone (qua?.)
154 Aug. 1 Holders of roe. July 10
Northern N. Y. Utilities, pref. (quar.)
Northern Ontario Power Ltd..com.(qu) 500 July 25 Holders of rec. June 30
154 July 25 Holders of rec. June 150
6% Preferred (guar.)
Aug. 1 Holders of rec. June 30
Northern States Power, com. A (gust.).. 2
154 July 20 Holders of rec. June 30
7% preferred (qua?.)
1% July 20 Holders of rec. June 30
8% preferred (guar.)
N'western Bell Telep.. 644% prof. (qu) 134 July 15 Holders of rec. June 20
Ohio Public Service, 7% prof. (Int81Y.)- 58 1-3 Aug. 1 Holders of rec. July 154
50c Aug. 1 Holders of rec. July 150
6% Preferred (monthly)
151 Holders of rec. July 150
41 2-503o
5% preferred (monthly)
Pacific Gas & Electric. corn.(guar.).
July 15 Holders of rec. June 300
Pacific Lighting Corn. (quar.)
75c Aug. 15 Holders of rec. July 20
$1.50 July 15 Holders of ree. June 80
$6 preferred (guar.)
Pacific Telep. & Teleg., pref. (quar.)
144 July 1 Holders of rec. June 30a
Pennsylvania Power,$6.60 prof.(nfthlY) 55550 Aug.
Holders of ree. July 20
86.60 preferred (monthly)
Holders of roe. Aug. 20
Sept.c
$6 preferred (guar.)
61.50 Sept. 1 Holders of rec. Aug. 20
Peoples Gas Light & Coke (guar.)
July 37 Holders of rec. July 30
2
Philadelphia City Passenger Ry
1 *Holders of roe. June 21
05 July 3
42
35
.7
Philadelphia Co.. corn.(qua?.)
Holders of rec. July la
Common old, ($50 Par) (guar.)
$1.75 July 8 Holders of rec. July la
Philadelphia Electric Co.. $5 prof.(qu) *$1.25 Aug.
*Holders of rec. July 10
Philadelphia Elec. Power. 8% of. (au ) *50c. Oct. 1 *Holders of rec. Sept. 10
Phila. Suburban Water Co., pref.(guar) 144
ul7 35
1 Holders of rec. Aug. 120
1. 4 Sept,
Power Corp. of Canada 6% pref. (guar)
Holders of rec. June 30
Participating preferred (qua?.)
75e July 15 Holders of tee. June 30
Pub. Serv. Co. of Ind.. $7 pr. Pt.(au.). $1.75 July 15 Holders of rec. June 30
Public Service Corp. of N.J.corn.(au.).
85e. Sept.30 Holders of rec. Sept. la
8% preferred (guar.)
Sept. 30 Holders of ree. Sept. la
2
7% preferred (guar.)
154 Sept.30 Holders of roe. Sept. la
$5 preferred (guar.)
$1.25 Sept.30 Holders of rec. Sept. la
6% preferred (monthly)
50e. July 31 Holders of rec. July la
6% Preferred (monthly)
50o. Aug. 31 Holders of rec. Aug. la
6% preferred (monthly)
500. Sept.30 Holders of rec. Sept. la
Puget Sound Power & Light. $6 pref.(qu) *$1.50 July 15 "Holders of roe. June 19
$5 prior preferred (guar.)
"51.25 July 1 *Holders of rec. June 19
Quebec Power (qua?.)
JJavuly 5 Holders of roe. June 25
San Diego Congo!. G.& E., pref. (qu.)...
Holders of tee. June 80
134
Sedalia Water Co., pref. (guar.)
*154 July 15 'Holders of rec. July 1
Shawinigan Water &Power,corn,(oust.) 8234c July 10 Holders of roe. June 15
South Pittsburgh Water,7% pref.(lu.)- •154 jUlY 15 *Holders of rec. July 1
6% Preferred (guar.)
July 15 *Holders of reo. July 1
5% preferred (guar.)
Aug. 19 *Holders of rec. Aug. 8
Southern Calif. Gas Co., pf.& O.A (lU.) *3714c July 15 *Holders of rec. June 30
Southern Calif. Ed. Co., orig. pl.(guar.) 500. July 15 Holders of rec. June 20
53.4% preferred series C (guar.)
34% July 15 Holders of rms. June 20
So. Calif. Gas Co., pref.& pt. A (<111.) *37%e July 15 *Holders of tee. June 30
Southern Canada Power.6% pref.(gu.). 134 July 15 Holders of me. June 20
Southern Counties Gas,6% pref.(an.)... •134 July 15 *Holders of rec. June 30
Southern N. E. Telephone (guar.)
•2
July 15 *Holders of rec. June 30
gorIngfleld City Water. met. A (gust,)... *$1.75 Oct. 1 *Holders of rec. Sept. 20
Stamford Gas & Electric (guar.)
412.50 July 15 *Holders of rec. June 30
Standard Gas & Elec., corn, (guar.)
87540. July 25 Holders of rec. June 300
$6 prior preference (guar.)
$1.50 July 25 Holders of rec. June 300
$7 prior preference (quar.)
$1.75 July 25 Holders of roe. June 30a
Standard Pow.& Lt.,com.& corn. B(au) 50o Sept. 1 Holders of roe. Aug. 11
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 16
Standard Telephone. $7 pref. (quarj_
*11.75 Aug. 1 *Holders of rec. July 15
Telephone Bond dr Share. corn.(gnat.).. e50e July 15 Holders of rec. June 25
Preferred (quar.)
1% July 15 Holders of ree. June 25
Pardo. preferred (guar.)
$1
July 15 Holders of roe. June 25
Tennessee Elec. Pow.,5% let pf.(qu.)
144 Oct. 1 Holders of tee. Sept. 15
6% first preferred (quar.)
13.4 Oct. 1 Holders of tee. Sept.15
7% first preferred (quar.)
1% Oct. 1 Holders of roe. Sept.15
7.2% first preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
50e Aug. 1 Holders of rec. July 15
6% first preferred (monthly)
50e Sept. 1 Holders of rec. Aug. 15
6% first preferred (monthly)
50e Oct. 1 Holders of roe. Sept. 15
7.2% first preferred (monthly)
600, Aug. 1 Holders of rec. July 15
7.2% first preferred (monthly)
60e Sept. 1 Holders of tee. Aug. 15
7.2% first preferred (monthly)
60c Oct. 1 Holders of rec. Sept. 15
Union Telephone, pref. (qua?.)
"42 44e July 15 "Holders of rec. JUM1 30
United Gas& Elec. Co.,pref
July 15 Holders of rec. June 30
234
United Gas Improvement, corn.(guar.). 30e. Sept. 30 Holders of
reo. Aug. 310
$5 preferred (quar.)
$1.25 Sept.30 Holders of rec. Aug. 310
United Lt.& Pow.. corn. A dr B (quar.l_ _
25e Aug. 1 Holders of reo. July 1541
United Ohio Utilities. 6% pr. pref. (qu.)
Aug. 1 *Holders of rec. July 10
United Pr. & Lt.(Kan.). pref. (quar,)....
Sept. 1 *Holders of rec. Aug. 15
United Securities, common (guar.).- 50o. July 15 Holders of roe. June
23
United Telep. (Kan.), corn. (quar.)--- •2
July 15 *Holders of tee. June 30
7% Preferred (guar.)
*It( July15
*Holders of roe. June 30
15
West Penn Power Co..7% pt.(guar.)
- 1,4 Aug. 1 Holders of rec. July 6a
6% preferred (guar.)
1% Aug.
1 Holders of rec. July 6a
uly 15
Western Union Telegraph (guar.)
2
July 15 Holders of rec. June 25a
Wichita Water. 7% pref. (quar.)
*Holders of rec. July 1
•134
Wisconsin Gas dr Elec., Prof. A (quar.)- *154
Yuly 15 'Holders of rec. June 30
Preferred 13 (guar.)
•154 July 15 *Holders of rec. June 30
Preferred C (guar.)
*Holders of rec. June 30
Trust Companies,
American Express Bank & Trust (qu.)-Empire (guar.)
Federation Bank & Trust (gust.)
Quarterly
Fire Insurance.
American Phenix,general stook
Continental
Fidelity-Phenix
Hanover Fire (quar.)
Home Insurance Co.of N.Y.(quar.)
Insurance.
North River leg.(guar.)
1
July 15
80e July 1
Beet.30
3
Deo, 31
a
Holders of rec. July 6
Holders of rec. June 190
Holders of rec. Sept.80
Holders of rec. Dec. 31
50e July 10 Holders of rec. June 30
$1.20 July 10 Holders of rec. June 30a
$1.30 July 10 Holders of rec. June 30a
*40e. Jule 1 "Holders of rec. June 18
500. July 1 Holders of rec. June 15
50e. Sept. 10 Holders ot roe. Sept. I
Miscellaneous.
Abraham & Straus. Inc., pref. (quar.)..- 154 Aug. 1 Holders of rec. July
15a
Acme Farmers Dairy, Ltd., pref
'33.4 Aug. 10 *Holders of tee. July 31
Air Reduction (guar.)
75e. July 15 Holders of rec. June 300
[VoL. 133.
FINANCIAL CHRONICLE
74
Name of Company.
When
Per
Cent. Payable.
Books Closet.
Days Inclusive.
Miscellaneous (Constuned).
(0Addressograpb-Multigraph Corr).
35c. July 10 Holders of rec. June 22a
Common (guar.)(No. I)
be. Aug. 1 Holders of rec. July 100
Alaska Juneau Gold Mining (quar.)_
10o. July 18 Holders of roe. June 304
Allegheny Steel, common (monthly)
*1% Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
*1ST Dec. 1 *Fielders of rec. Nov.18
Preferred (guar.)
750. July 21 Holders of rec. July 7a
Alliance Realty, common (guar.)
Sept. 1 Hoideni of rec. Aug iro
1
(guar.)
Preferred
flea. I Holders of tee Nov. 20
14
Preferred (444.sr.)
7.50. July 15 Holders of rec. June 30
Allied General Corp., $3 pref. (guar.)
July 25 Holders of rec. July Is
25c.
(quar.)..
coin.
Cement,
Portland
Alpha
30 *Holders of roe. Sept. lb
Aluminum Manufactures, Inc.. corn.(qu) *50o. Sept.31
"Holders of rec. Dec. 15
*50o. Dec.
Common (quar.)
"Holders of roe. June 15
30
June
•1%
Preferred (aunt.)
01% Sept.30 *Holders of roe. Sept. 15
Preferred (a uar.)-*I% Dec. 31 'Holders of me. Dec. 15
Preferred (quar.)
"33.50 July 15 *Holders of rec. June 15
Amalgamated Laundries, pref
.1% July 15 Holders of tee. June 30
American Art Works (guar.)
July 15 *Holders of rec. June 30
"2
(quar.)_
pref.
Roofing,
Asphalt
Amer.
10c. July 15 Holders of rec. July 6
American Electric Securities, corn
250. Aug. I Holders of rec. July 20
Participating prof.(bi-monthly)
slot
rec. Aug. 25
American Envelope. 7% prof. aular.)_ _ •14 Sept. 1 *Holders of
Dec. 1 *Holders of rec. Nov. 25
7% preferred (guar.)
*15e. July 10 *Holders of rec. June 30
American Factors, Ltd. (monthly)
July 3
American Fork & Hoe. pref. (quar.)-- - - 0114 July 15'Holders of rec. July 2
Amer. Founders Corp., 1st pref. A (qu.)_ 87%o Aug. 1 Holders of rec. July 2
rec.
of
Holders
1
Aug.
87%c
B
series
(quar.)
First preferred
75c. Aug. I Holders of rec. July 2
First preferred series D (guar.)
Amer. Furniture Co., pref. A (quar.)--- "1% July 11
25e. Sept. 30 Holders of roe. Sept. 154
Amer. Hawaiian Steamship, (quar.)____
25c. Dm. 31 Holders of roe. Dee. 164
Quarterly
July 25 Holders of rec. July 64
75e.
(guar.)
common
Ice,
American
$1.50 July 25 Holders of rec. July So
Preferred (guar.)
$1.50 Oct. 26 Holders of rec. Oct. 20
Preferred (guar.)
50c. July 15 Holders of rec. July 3z
American News (bt-monthly)
Sept. 19s
American Optical Co., lit pref. (quar.). 1% Oct. 1 Holders of rec. Dec. 2042
1% Dec. 31 Holders of rec.
First preferred (guar.)
15
July
'40c.
Amer. Railway Trust Shares
30
Amer. Rolling Mill. old pref.((Mar)--- *1% July 15 *Holders of rec. June
81.25 Aug. 1 Holders of rec. July 15a
Amer. Shipbuilding. corn. (guar.)
15
July
rec.
of
Holders
14 Aug. 1
Preferred (quar.)
50c. Aug. 1 Holders of rec. July 100
Amer.Smelting & Refining, corn.
Aug. 7a
rec.
of
Holders
1
1%
Sept.
Preferred (guar.)
I% Sept. 1 Holders of rec. Aug 7a
Second preferred (guar.)
250 July 15 Holders of rec. July la
American Steel Foundries. cons. (quar.)_
July 20
Amer. Thermos Bottle, corn. (guar.)._ _ •15c. Aug. I *Holders of rec. July
3a
July 15 Holders of rec.
2
Amer. Type Founders, corn.(quar.)
3a
July
roc.
of
Holders
15
July
14
Preferred (guar.)
a
11
July
res.
of
Holders
37%0 Aug. 17
Anaconda Copper Mining (guar.)
250. Aug. 10 Holders of rec. July 114
Anaconda Wire & Cable (guar.)
22
July
roe.
of
*Holders
1
Aug.
*2
Anchor Post Fence,8% pref. (quar.)
'14 Aug. 1 'Holders of reo. July 22
7% Preferred (quar.)
50c. July 15 Holders of rec. July 3
Anglo National Corp., corn. A (guar.)Anglo-Persian Oil, Ltdto10 Aug. 6 Holders of roe. June 26
Amer. dep. Ms ord. reg
Apollo Steel-Dividend omitted
Aug. 1 Holders of rec. July 21a
Archer-Danlels-Mtdland Co., pf. (qu.)
July 15 *Holders of rec. July 8
*82
Aspinook Co.(guar-)
30'Holders of reo. Sept. 10a
114
Sent.
(au.)
Atlantic Gulf & W.1. B.S.Lines. pf
14 Del. 30 Holders of res. Dec. 104
Preferred (guar.)
15 *Holders of rec. July 1
July
•50o.
(guar.)
Plywood
Atlas
75c. Aug. 1 Holders of rec. July 154
Austin Nichols & Co.Inc.pr.A stk.(qu.)'87%c July 15 *Holders of roe. June 30
Auto Finance, pref
Automobile Banking Corp.. common... .31 July 10 *Holders of rec. June 30
*25o. July 10 'Holders of reo. June 30
Common (extra)
July 10 *Holders of rm. June 30
*4
Preferred
Oct. 1 *Holders of rec. Sept. 20
Babcock & Wilcox (guar.)
Bancroft (Joseph) & Sons Co., pf. (qu.)_ 1% July 31 Holders of ree. July 15
America
of
Trust
Investment
Bankers
*150. Sept.30 *Holders of roe. Sept. 15
Debenture stock (guar.)
*15e Dec. 31 *Holders of tee. Dec. 15
Debenture stook (allot.)
The. July 15 Holders of rec. June 304
(guar.)
corn.
Inc.,
Bayuk Cigars.
I% July 15 Holders of rec. June 300
First preferred (guar.)
I
Beech-Nut Packing, pref. A (quar.)---- 081.75 July 15 *Holders of rec. July
July 15
Belding Corticoid, Ltd.. common (guar.) 1% Aug. 1 Holders of rec. July 184
81 Aug. 15 Holders of reo.
Bethlehem Steel, coin.(guar.)
Oct. 1 Holders of rec. Sept. 20
Bliss(E. W.)Co.,corn.(pay.In com.stk) 12
.37350 Aug. 15 *Holders of rec. Aug. 10
Bloch Bros. Tobacco, corn.(guar.)
'37%c Nov. 16 "Holders of rec. Nov. 10
Common (guar.)
•114 Sept.30 *Holders of rec. Sept.24
Preferred (guar.)
•11.4 Dee. 31 *Holders of roe. Dec. 24
Preferred (quar.)
200
Bloomingdale Bros.. Inc.. pref. (guar.). 1% Aug. 1 Holders of rec. July
dd Sept. 1 Holders of rec. Aug 5
Blue Ridge Corp.. Pref. (guar.)
$1 July 31 Holders of roe. July las
Bon Aml Co., common A (guar.)
al July 31 Holders of rec. July 15s
Common A (extra)
July 15 Holders of roe. June 20
2
Brantford Cordage. pref. (quar.)
'11 Sept. 1 *Holders of rec. Aug. 20
Brennan Packing.cl. A (Clean)
"Holders of rec. Nov. 20
Dec.1
•31
Class A (guar.)
"250. Sept. I *Holders of rec. Aug. 20
Class B (guar-)
1
*Holders of roe. Nov. 20
Dee
.2.5e.
(guar.)
Claus B
3734c July 25 Holders of roe. July 10
Briggs Manufacturing (guar.)
*60. Aug. 31 "Holders of tee. July 31
British Typo Investors, class A
July 8 'Holders of rec. June 23
*3
Builders Exchange Bldg.(Bait.)
July 8 *Holders of rec. June 23
*7
Extra
Oct. I 'Holders of roe. Sept.15
*31
Barger Bros., 8% pref. (guar.)
I Holders of rod. June 15a
July
14
Burns Bros.. pref. (guar.)
62%e Aug I Holders of rec. July 100
Bush Terminal, corn. (guar.)
Holders of rec. July la
15
July
131
(guar.)
Debenture stock
111 Aug. I Holders of roe. JI119 154
Byers (A. M.) Co., pref. (guar.)
*Holders of rec. June 30
Calaveras Cement. 7% Pref. (quar.)....... '14 July 15
25e. July 15 Holders of rec. June 30
Canada Bud Breweries, corn. (quar.)_ _
750. July 15 Holders of rec. July la
Canada Dry Ginger Ale (aunt.)
July 15 Holders of rec. June 30
37%0.
_
(qu.)__
A
el
Forge
dr
Foundries
Canada
"12%c July 15 *Holders of rec. June 341
Canada Wineries, Ltd.(guar.)
Sept.15 Holders of roe. Aug. 31
Canada Wire & Cable, clam A (guar.)._ $1
Dec. 15 Holders of roe. Nov.30
$1
Class A (guar.)
44c. July 10 Holders of rec. June 25
Canadian Car & Fdy.. prof.(guar.)
Aug. 15 Holders of rm. July 31
1
Ltd.
(guar.)
Converters.
Canadian
134 July 15 Holders of rec. June 30
Canadian Fairbanks-Morse. pref. (qu.)
*62 Mc July 31 'Holders of rec. June 30
Canadian Industries, Ltd., coin.(quar.)_ •500. July 31 *Holders of roe. June 30
Common (extra)
*14 July 15'Holders of rec. Juno 30
Preferred (guar.)
*131 Oct. 1 *Holders of rec. SePt. 20
Carnation Co., pref. (guar.)
4.1% Jan 2'32 *Holders of roe. Dec. 21
Preferred ((Plan)
15o. Aug. 15 Holders of rec. Aug. 5
(quar.)
Pine
Centrifugal
15o. Nov. 16 Holders of roe. Nov. 6
Quarterly
Oct. 21
2
Century Co
*3134e July 15 'Holders of rec. June 25
(guar.)
Cream
Chapman Ice
Oat. 1 *Holders of roe. Sept.20
*134
Chatham Mfg.7% Pref.(guar.)
•134 July I *Holders of roe. June 20
6% Preferred (qua!'.)
'134 Oct. 1 *Holders of ree. Sept.20
8% preferred (guar.)
•134 Aug. 1 *Holders of roe. July 15
Cherry-Borrell Corp.. Prof (quar.)..__
250 Aug. 1 Holders of rec. July 204
Chicago Yellow Cab (monthly)
2543 Sept. 1 Holders of rec. Aug. 20a
Monthly
25c June 30 Holders of too. June la
Chrysler Corp.. common (guar.)
.350. Aug. 15 *Holders of rec. Aug. 1
Churngold Corp. (guar.)
*350. Nov.16 'Holders of rec. Nov. 1
Quarterly
"75e. Oct. 1 *Holders of roe. Sept.19
Cincinnati Advertising Products ((Iuar4) •75c. Jan 1'32 *Holders of rec. Dee. 19
Quarterly
Sept.15 *Holders of rec. Sept. 1
"3
Cincinnati T.and Shares
'114 July 15 *Holders of roe. June 30
Cincinnati Milling Mach., pref.(qu.)
*Holders of rec. Sept. 1
Sept.15
"1.14
Cincinnati Rubber Mfg.,6% pref.(au.) •114 Dec. 15 *Holders of ree. Dee. 1
rt% preferred (guar.)
1 Holders of rec. July 150
Aug.
2940.
Cities Service Co.. corn.(monthly.)
Holders of rec. July 154
Corn.(payable In corn. stock)(mthly.) pi Aug. 1 Holders of roe. July 150
5e. Aug. 1
Preference B (monthly)
Holders of rec. July 15a
1
Aug.
50c.
Preferred and pref. BB (mthly.)
Coats (J. it P.) Ltdtee. May 22
w 9pence July 7 Holders of roe.
Am. dep. rein. ord. reg. aluz.
July 3
250. July 15 Holders of
Coca Cola Bottling (quarterly)
5
25c. Oct. 15 Holders of roe. Oct.
Quarterly
Name of Company.
Whets
Per
Cent. Payable.
Books Close.
Days M4248106.
Miscellaneous (Continued).
25c. July 15 *Holders of rec. June 30
City Linton Corp., coin.(guar.)
•250. Oct. 15 'Holders of tee. Sept.30
Common (qua?.)
Jan 15'31 *Holders of tee. Dee. 31
•25e.
(guar.)
Common
1
Commercial Disct., Los Angeles,pf.(qu.) *17%c July 10 *Holders of rec. July
rec. June 30
Conn(C. G.), Ltd.,7% pref.(guar.)._ "14 July 5 *Holders of
30
June
rec.
of
*Holders
5
July
'1%
6% preferred (guar.)
*14 July 15 *Holders of rec. June 30
Consolidated Car Heating (guar.)
July 15 *Holders of rec. June 30
*2
Extra
Aug. 1 *Holders of roe. July 15
*37%c
Consol. Chem. Industries, class A
$1.25 July 15 Holders of rec. June 23
Consolidated Mining & Smelting Co
July 15 Holders of rec. June 23
Stock div.(P eh. for each 20 held)
'Sc. July 25 *Holders of rec. July 15
Consolidated Royalty Oil (guar.)
750. July 20 Holders of roe. July 3a
Corn Products Refining, cons. (guar.)._
50c July 20 Holders of rec. July 3a
Common (extra)
1% July 15 Holders of rec. July 3a
Preferred (guar.)
July 10'Holders of rec. July I
*50c.
corn.
(qu.)
Creamery Package Mfg.,
'1% July 10 "Holders of rec. July 1
Preferred (guar.)
"1.0. July 10 *Holders of rec. June 30
Cresson Consol, Gold M14120,1111. (qu.)..
•25e. July 15 'Holders of rec. July 3
Crum it Forster, corn. (guar.)
'33k Aug. 3 •144414fers of rec. Aug. 3
Crunden-Martin Mfg
July 15 Holders of rec. July 3a
51
Cudahy Packing Co.. corn. (guar.)
rec. July 20
Curtis Publishing, corn. (mordhly)____• 33 I-3c Aug. 3 *Holders of
51.75 Oct. I Holders of rec. Sept. 194
Preferred (guar.)
rec. Sept. 20
of
*Holders
30
Sept.
(guar.)
•1%
pref.
Co..
Davidson
441% Oct. 1 *Holders of roe. Sept.20
Preferred (guar.)
'14 Dec. 31 *Holders of rec. Dec. 20
Preferred (quar.)
'1¼ Jan 1'32 *Holders of roe. Dec. 20
Preferred (quar.)
Aug. 20
'looker (Alfred) it Cohn. Prof. (guar.). .14 SoOt. 1 *Holders of rec.
134 Aug. 1 Holders of rec. July 20
Dennison Mfg., pref.(guar.)
July 20
rec.
of
Holders
1
Aug.
2
Debenture stock (guar.)
dOo. Sept. l Holders of rec. Aug. 15
Dr. Pepper Co., common (guar.)
Nov. 15
rec.
of
1
Holders
30e.
Dee.
(guar.)
Common
25o. July 20 Holders of rec. June 304
Dome Mines, Ltd
75e. Aug. 15 Holders of rec. July 31
Dominion Bridge, corn. (guar.)
75c. Nov. 14 Holders of me. Oct. 31
Common (quar.)
194 Aug. 1 Holders of rec. July 6
Dominion Tar it Chemical. pref. (qu.)
July 15 Holders of rec. June 30
(guar.)...
pref.
134
Ltd.,
Textile,
Dominion
DuPont (E. I.) deNemours it Co.13.4 July 25 Holders of rec. July 104
Debenture stook (guar.)
25e. Aug. 1 Holders of me. June 30
Eastern Dairies. Ltd., corn. (quar.)
•1% July 15 *Holders of rec. June 30
Preferred (quar.)
334 July 31 Holders of rec. June 30
Eastern Theatres. Ltd., pref
of rec. June 30
Eastern Utilities Investing, part. pf.(gu) 81.75 Aug. 1 Holders of rec. July 31
51.50 Sept. I Holders
$6 preferred (guar.)
$1.75 Sept. 1 Holders of rec. July 31
$7 preferred (aunt.)
$1.25 Oct. 1 Holders of rec. Aug. 31
$5 prior pref. (guar.)
•400. Aug. 1 "Holders of rec. July 15
Eaton Axle it Spring, corn. (guar.)
25c. July 15 Holders of rec. July 1
(quar.)
Stores
Economy Grocery
*12%c July 20 *Holders of rec. June 30
Edison Bros. Stores. corn. Marl
1 *Holders of roe. Juno 15
Electrical Securities Corp., $5 pref.(qu.) *$1.25 Aug. 15
Holders of rec. July 3
July
Ely it Walker Dry Goods, first pref.... 3% July
15 Holders of rec. July 3
3
Second preferred
of rec. Aug. 5
*Holders
15
Aug.
*60o.
Ewa Plantation (aean)
.01% Aug. 1 *Holders of ree. July 20
Faber, Coe & Gregg, Prof. (guar.)
"14 Nov. 1 "Holders of rec. Oct. 20
(quar.)
Preferred
441% Febl'32 *Hold, of roe. Jan. 20'32
Preferred (qua?.)
200. July 15 Holders of me. July 6
Finance Co.of Am.Balt., com.A4413(qu.)
43%e July 15 Holders of rec. July 6
7% preferred (quar.)
July 15 Holders of rec. July 6
8ile
7% Preferred class A (guar.)
25c. July 20 Holders of rec. July 30
Firestone Tire it Rubber, corn.(guar.)._
Co.
H.)
Fishman (M.
'1% July 15 *Holders of rec. July 1
Preferred A it B (quar.)
Holders of tee. June 30a
Food Machinery Corp., corn. (quar.)..... 37%c July 15
•50c. July 15 *Holders of roe. .1017 In
(monthly)
634% preferred
of roe. Aug. 10
'Holders
15
Aug
*50c.
614% preferred (monthly)
•50c. Sept.15 "Holders of rec. Sent. 10
614% preferred (monthly)
of rec. July 31
Holders
15
Aug.
25c.
Foundation Co. of Canada. corn.(qu.)_
July 15 Holders of roe. June 30a
Fox Film Corp.. corn. A it B (guar.)._ _ _ 6234e Sept.
of me. Aug. to
*Holders
1
'8734r
(guar.)
Laundry
Mercantile
Gallant'
•874c Dec. I *Holders of rec. Nov.15
Quarterly
•14 Aug. 1 *Golden of rec. July 20
Gardner-Denver Co.. pref. (guar.)
40c July 25 Holders of rec. June 264
General Electric, common (guar.)
150 July 25 Holders of rec. June 264
Special stock (guar.)
rec. July Ss
General Motors Corp., pref.(guar.)._ $1.25 Aug. 1 Holder, of
Aug. 1 *Holders of roc. July 10
"$1.50
General Public Service. $6 pref. (guar.).
'$1375 Aug. 1 *Holders of rec. July 10
$5.50 preferred (quar.)
of rec. June 204
General Realty it Utilities, pref. (guar.). (r) July 15 Holders
•650. Oct. 1 *Holders of roe. Sept. 19
Gibson Art Co., common (mar.)
•650 Janl'32 *Holders of res. Dec. 19
Common (guar.)
81.25 Aug. 1 /folders of roe. July la
Gillette Safety Razor, pref. (guar.)
441.4 Aug. 1 "Holders of rec. July 15
Gimbel Bros., prof. (guar.)
•25o July 15 'Holders of roe. July 1
(guar.).
corn.
Finance,
it
Globe Discount
44435e July 25 *Holders of rec. July 7
Globe Knitting Works, prof.
6294c Aug. 1 Holders of rec. July 104
Gold Dust Corp., common (guar.)
75c. Aug. 1 Holders of rec. July 30
(guar.)._
cora.
Goodyear Tire it Robb.,
134 Aug. 1 Holders of rec. July 104
Gotham Silk Hosiery. 7% pref. (guar.)
25e Aug. 1 Holders of tee. July I7a
(qu)
Pow.
it
Smelt.
Min.
Consol.
Granby
•40o. July 31
Grant Lunch Corp.. eons
*200. June 30 *Holders of tee. June 29
8% preferred (guar.)
•20e Sept.30 *Holders of rec. Sept. 30
8% preferred (guar.)
•200. Dee. 31 *Holders of reo. Doe. 15
8% preferred (guar.)
•300. Aug. 15 "Holders of tee. Aug. 1
Greenway Corp., corn
"300. Aug. 15 *Holders of rec. Aug. 1
Common B
*31.50 Aug. 15 *Holders of tee. Aug. 1
Participating preferred
•50e. Aug. 15 "Holders of roe. Aug. 1
Participating preferred (extra)
•114 Aug. 1 *Holders of too. July 29
Gruen Watch, pref.(guar.)
July 15 *Holders of tee. June 30
*2
Hamilton Woolen,corn
Holders of roe. July 104
Harbison-Walker Remo., prof. (guar.). 13.4 July 20 *Holders
of rec. Aug. 15
Aug. 31
*1
Hart, Schaffner it Marx. oom.(guar.)._
Nov.30 "Holdme of rec. Nov. 14
*1
Common (gnat.)
of tee. June 31)
15
Holders
July
250.
(qu.)
pf.
B
01.
Hathaway Bakeries. Inc..
14 Aug. 15 Holders of rec. Aug. 4a
Hercules Powder, pref. (quar.)
"31.25 Aug. 15 "Holders of rec. July 25
Hershey Chocolate, corn.(quar.)
Aug. 15 *Iiolders of rm. July 25
*$1
Preferred (quar.)
Oct. 1 *Holders of rec. Sept.20
*2
Hewitt Bros. Soon. Pref.(guar.)
1'32 "Holders of reo. Dee. 20
Jai
*2
Preferred (guar.)
50e. Aug. 1 Holders of rec. July 15
Heyden Chemical, corn.(guar.)
200. July 31 Holders of rec. July 24
Hibbard. Spencer, Bartlett Co. (m'thly)
200. Aug. 28 Holders of rec. Aug. 28
Monthly
200. Sept. 25 Holders of rec. Sept. 18
Monthly
Sc. July 15 Holders of too. June 30
Mines
Gold
Consol.
Hollinger
'623.4c July 15 *Holders of roe. June 30
Holly Development (guar.)
"25e. July 10 *Holders of reo. Juno 30
Honolulu Plantation (monthly)
1 Holders of roe. July 11
Horn it Hardart Co. of N.Y., corn. (au.) "6234e Aug. 15
Holders of reo. June 30a
90e. July
Household Finance, corn. A it B (att.)._
15 Holders of roe. June 300
July
$1
prof.
(guar.)
Participating.
of rec. June 304
15
Holders
July
500.
Howe Sound Co.(guar.)
4014 oct. 1 Holders of rec. Sept. 2u
Howes Bros.,7% preferred (guar.)
of
ree. Dec. 20
31
Holders
Dee.
414134
(guar.)
7% preferred
*1% Oct. 1 Holders of rec. Sept.20
5% preferred (quay.)
441 % Dee. 31 Holders of rec. Dee. 20
5% preferred (guar.) ______ .___ ._
50c. Aug. 1 Holders of ree. July 16
Ilumberstone Shoe, common (guar.)...
•300. July 15 Holders of rec. July 3
Illinois Brick (guar.)
Oct. 15 Holders of rec. Oct. 3
*300.
Quarterly
•$1.75 Oct. 1 Holders of too. Sept. 20
Imperial Sugar,$7 pref. (guar.)
•$1.75 anl'32 "Holders of rm. Dm. 20
$7 preferred (guar.)
"250. July 15 'Holders of rec. June 18
Incorporated Investors (guar.)
442% Oct. 15 *Holders of me. Sept. 21
Stook dividend
Sept. 1 *)iolders of roe. Aug. 1
.25e.
Securities
(gnarl
Power
it
industrial
*25e. Dec. 1 *Holders of rec. Nov. 1
Quarterly
Instill Utility Investments. corn. (q11.)- 114 July 15 *Holders of tee. June 15
•20. July 31 *Holders of reo. June 12
Insurance Investment Corp., Prof.(all.)
•10. July 31
Preferred (extra)
100. July 15 Holders of tee. June 30
Insurance Securities Co., Inc.(guar.)._
350. July 15 Holders of roe. July 10
Interallled Investing, Corp., el. A
Internat. Business Machines, corn. (qu.) $1.50 July 10 Holders of too. June 204
Oct. 1 *Holders of roe. Sept. 25
International Cellucotton, corn. (guar.). *El
Janl'32 *Holders of rec. Dee. 25
*El
Common (guar.)
Oct. 1 "Holders of roe. Sept.25
•114
(guar.)
preferred
First
•114 Jan1'32 *Holders of roe. Doe, 25
First preferred (guar.)
International Harvester. cam.(guar.)._ 62340 July 15 Holders of rec. June 200
JULY 4 1931
Noma of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boots Closed.
Days Inclusive.
Miscellaneous (Continued).
International Match. coin. (quar.)
SI
July 15 Holders of reo. June 250
Participating preferred (guar.)
$1
July 15 Holders of roe. June 250
Internat. Nickel of Can., pref. (guar.)._
134 Aug. 1 Holders of rec. Julyi 2a
Internet.Printing Ink, pref.(guar.)._ _ _
134 Aug. 1 Holders of rec. July 13a
International Products, preferred
3
July 15 Holders of rec. July 30
Internat. Shoe, pref. (monthly)
*50c. Aug. 1 *Holders of rec. July 15
Preferred (monthly)
*50c. Sept. 1 *Holders of rec. Aug. 15
Preferred (monthly)
*50c. Oct. 1 *Holders of roe. Sept.15
Preferred (monthly)
*50o. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
*50e. Dec. 1 *Holders of rec. Nov.15
Intertype Corp., corn. (guar.)
25c. Aug. 15 Holders of rec. July 310
Jewel Tea, Incl.. corn. (quar.)
$1
July 15 Holders of roe. July la
Johns-Manville Corp.. corn. (quar.)__..
750. July 15 Holders of rec. June 240
KalamazooVegetable Parchment(qu.). "15e. lops.30 *Holders of rec. Sept. 19
Quarterly
*15c. Dec. 31 *Holders of rec. Dee. 21
Kaufmann Dept. Storm, corn. (guar.).- "25e. July 28 *Holders of rms. July 10
Kaybee Stores, Inc., common (guar.)
150. July 15 Holders of rec. July 1
.
Kelsey Hayes Wheel.PLeer.W.W.(a11.). 134 Aug. 1 Holders of rec. July
21
Preferred ser. K.H.(guar.)
134 Aug. 1 *Holders of rec. July 21
Kemper-Thomas Co., oom. (quar.)*75e Om. 1 *Holders of mu Sept.90
Common (guar.)
*750 J'n 1'32 *Holders of rec. Dec.
Preferred (guar.)
0134 Sept. 1 *Holders of roe. Aug. 20
20
Preferred (guar.)
*1U Dose. 1 *Holders of rea. Nov
20
Keystone Steel & Wire. pref. ((Mara
'
134 July 15 *Holders of rec. June 30
com.
Corp.,
Knott
(guar.)
'c4-25c July 15 *Holders of rec.
Knudsen Creamery.el A & B (guar.)- - *3734c Aug. 20 *Holders of rec. July 3
July 31
Kroger Grocery & Bak., 2nd pref.(qu.)_ *134 Aug. 1 *Holders
of rec. July 21
Land & Bldg. Investing Corp., pref
334 July 15 Holders of rec. June 30
Landis :Amebic uotemon (quar.)
The. Aug. lb Holders of rec. Aug. 5
Common (guar.)
75c Nov.15 Holders of roe. Nov. 5
Preferred (guar.)
*134 Sept.15 *Holders of rec. Sept. 5
Preferred Or um.)
*134 Dec. 15 *Holders of rec. Dec. 5
Lane Bryant. Inc., pref.(guar.)
19( Aug. 1 Holders of
Langendori United Bakeries, el. A (qua *50e July 15 *Holders of rec. July 15
res. June 30
tares & Bro. Co.. preferred (quara
e2
Oct. 1 *Holders of roe. Sept. 23
Lehigh Coal & Navigation,corn
30e Aug. 31 Holders of reo. July 31
Limestone Products,7% pref.(qua?.)
9,62H Oct. 1 *Holders of roe.
Sept. 15
7% preferred (guar.)
'6234e Janl'32 *Holders of roe. Dec. 15
7% Preferred (guar.)
'8234c Aprl'32 *Holds, of ree.Mar 15'32
Link-Belt Co., corn. (quar.)
50c Sept. 1 AUg. 16 to Aug. 31
Liquid Carbonic Corp., corn. (quar.)..
75e Aug. 1 Holders of rec. July 20
Lock Joint Pipe Co.. pref. (guar.)
Oct. 1 *Holders of rec. Oct. 1
*2
Preferred (guar.)
Dec. 31 •Hoiders of roe. Dec. 31
*2
Loewe, Inc., preferred (guar.)
51.825 Aug. 15 Holders of rec. July 3Ia
Loew's (Marcus) Theatres,(Tor.) pref.- 334 July 15 Holders of rec. June 30
Loose-Wiles Biscuit, corn.(Mara
fibo Aug. 1 Holders of rec. July 17a
Common (extra)
100 Aug. 1 Holders of ree. July 170
Lord & Taylor, 2nd pref. (guar.)
Aug. 1 Holders of rec. July 170
2
Lucky Tiger Combination Gold Min.Common
*30. July 2 *Holders of rec. July 10
Common
4.30. Oct. 20 *Holders of rec. Oct. 10
Common
*30. Jan203 *Holders of rec. Jan. 10
Common
*30. Ap20'3 *Holders of rec. Apr. 10
Lunkenhelmer Co.. preferred (quar.)--- *134 Oct.
*Holders 91 rec. Sept-31
Preferred (guar.)
O1% Jam 1'32 *Holders of rec. Deo. 22
MacAndrews & Forbes. corn.(0i:tr.)50o. July 1 Holders of rec. June 30a
Preferred (guar.)
134 July 1 Holders of rec. June 30a
Macfadden Publications, $6 pref
July 1 Holders of rec. June 30
$3
MacKinnon Steel Corp., Ltd., pf. (qua
134 Aug. 1 Holders of rec. July 15
Macy (R. 11.) ds Co.. corn.(guar.)
75e. Aug. 15 Holders of roe. July 240
Madison Square Garden Co.(guar.)
15e. July 1(3 Holders of rec. July 80
Magma Copper Co. (guar.)
25e. July 15 Holders of roe. June 300
Magnin (1.) 4/9 Co., common (quar.).-- *37340 July 15 *Holders of rec. June 30
•134 Aug. 15 *Holders of rec. Aug. 5
8% preferred (guar.)
0% preferred (guar.)
lei
Nov. 15 'Holders of rec. Nov. 5
Mansfield Theatres. pref
"335 July 31 *Holders of rec. June 30
Marathon Raior Blade, Inc.(ntonth11)- 01135o. July 15 *Holder, of roe. July 1
Monthly
03350. Aug. 15 *Holders of roe, Aug. 1
Monthly
0330. Sept.15 *Holders of rec. Sept. 1
Monthly
*334e. Oct. 15 *Holders of rec. Oct. 1
*335e. Nov.15 *Holders of rm. Nov. 1
Monthly
'34.. Dec. 15 *Holden of roe. Dee. 1
Monthly
Merchant Calculating Machine
*350 July 15 *Holders of ice. June 30
May Department Stores. corn.(Qua?.)._ 6235e Sept. 1 Holders of reo. Aug. 15e
McCall Corp. (quar.)
6234e Aug. 1 Holders of ree. July 200
McColl Frontenae Oil, pref. (guar.)._
134 July 15 Holders of roe. June 30
McCrory Stores Corp., pref. (quar.).,.... 114 Aug. 1 Holders of reo. July 203
McKee(Arthur G.) Co.. class B(qu)
'8734c Oct. 1 *Holders of roe. Sent.20
Merchants de Mfrs. Secur., p1. (quar.). "8734c July 16 *Holders of rec. July 1
Metal Textile Corp., partici. pt. (guar.). 813(e Sept. 1 Holders of reo. Aug. 20
Metal Thermit Corp.. corn.(guar.)
*$1.50 Aug. 1 *Holders of roe. July 20
Mexican Petroleum, pref. (guar.)
2
July 20 Holders of rec. June 300
Miekelberry's Food ProductsCommon (payable in coin. eteek).
ofBii Aug. 15 *Holders of roe. Aug. 1
Common (payable In corn. Mockl
'124 Nov.16 *Holders of roe. Nov. 2
*13( Aug. 1 *Holders of roe. July 20
Minnesota Valley Can, pref.(itUar.)
*134 Nov. 1 Holders of reo. Oat. 20
Preferred (guar.)
el% Pebl'32 *Holders of rec. Jan.20'32
Preferred (guar.)
Missouri Portland Cement (guar.)
50e
Holders of rec. July 16
Mitchell (Robert) Co., Ltd.. corn. (qu.)
25e July 15 Holders of rec. June 30
Mohawk Investment ((Mara
*500 July 15 *Holders of rec. July 1
Monarch Mtge.& Inv., pref.(quar.)...„ 2
July 15 Holders of ree. June 30
25e July 15 Holders of roe. July I
Morris (Philip) & Co., Ltd
Munelngwear Corp.. corn.(guar.)
50e Sept. 1 Holders ot rec. Aug. 141
Common (quar.)
50o Dec. 1 Holders of rec. Nov. 101
7013 July 15 Holders of ree. June 19e
National Biscuit, coin.(guar.)
700 Oct. 15 Holders of rec. Sept. 18a
Common(guar.)
134 Aug. 31 Holders of rec. Aug. 14a
Preferred (qua?,)
National Carbon. pref. (qua?.)
2
Aug. 1 Holders of rec. July 204
National Distillers Products. corn. (qua
50,3 Aug. 1 Holders of ree. July 15a
National Ilreproofing. prof.(guar.).- 75e July 15 Holders of roe. July 1
Nat. Guar.& Fin., lot & lad pref.(qua'
134 Aug. 1 *Holders of rec. JU1Y 10
National Industrial Loan Corp.(mtlely.)_
glie July 10 *Holders of reo. June 30
National Lead, preferred B (guar.)
134 Aug. 1 Holders of rec. July 170
National Short Term SecuritiesCommon A (guar.)
15c Aug. 1 Holders of rec. July 10
j7j.( Aug. 1 Holders of rec. July 10
Preferred (guar
•13,l July
Neilson (Wm.), Ltd., pref. (guar.)
15 *Holders
•15i Sept, 1 *Holders of rec. July I
Neiman-Marcus Co., Prof. (guar.)
of rec. Aug. 20
Preferred (guar.)
•13( Dec. 1 *Holders of roe. Nov. 20
Neptune Meter. Preferred(qua?.)
2
Aug. 15 Holders of rec. Aug la
Preferred (guar.)_
2
Nov.15 Holders of roc. Nov. Is
New England Grain Prod.
Corn.(1-100 share in Prof. A stoat)
Aug. I *Holders of rec. July 14
Corn.(1-100 share In pref. A Moak)Febl'32 *Hold,of rm. Jan. 14'32
*$1.75 Oct. 1 *Holders of rec. Sept. 20
$7 preferred (guars)
e$1.75 Jan2'32 *Holders of me. Dee. 20
$7 preferred (guar.)
*$1.50 July 15 *Holders of rm. July 1
Preferred A (guar.)
*11.50 Oct. 15 *Holders of ree. Oat. 1
Preferred A (aura
o$1.50 Ja 15'32 *Hold, of rec. Jan. 2'32
Preferred A (guars)
50e. Aug. 10 Holders of rec. July 20a
New Jersey Zinc (guar.)
25e. Aug. 1 Holders of rec. July 7a
New York Air Brake (guar.)
N. Y. de Foreign Investing, pref.(guar.) 134 July 15 Holders of rec. July 10
July 15 Holders of roe. July
New York Investors, Inc., lizt pre/
150 July 15 Holders of roe. June 26
New York Transit (gnu.)
100. July 15 Holders of roe. June 28
Extra
Newberry (J..1.) Realty, prof. A (guars)- 1% Aug. 1 Holders of roe. July 18
Aug. 1 Holders of rec. July HS
Preferred B (guar.)
134 July 15 Holders of roe. July 1
Newhall Bldg. Trust, pref. (guar.)
_
Northern Discount. pref. A (mthlY.)--• 662-Se Aug. 1 "Holders of me. July 15
•662-30 Sept. I *Holders of roe. Aug.
Preferred A (monthly)
15
682-50 Oct. 1 *Holders of rec. Sept.15
Preferred A (monthly)
662-3c Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthly)
•602-30 Dee. 1 *Holders of rec. Nov.15
Preferred A (monthly)
*Holders of rec. Dec. 15
662-3c Jan!
Preferred A (monthly)
4,1
Aug. 1 *Holders of rec. July 15
Preferred C (monthly)
4.1
Sept. 1 *Holden, of ree. Aug. 15
Preferred C (monthly)
4•1
Oct. 1 *Holders of roe. Sept.lb
Preferred C (monthly)
Nov. 1 *Holden of roe. Oct. 15
O1
Preferred 0 (monthly)
Dee. 1 *Holders of rec. Nov.15
Si
Preferred 0(monthly)
Jn P32 *Holders of rm. Dee. 15
Preferred 0(monthly)
Name of Compatsy.
75
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
MIscelleneou• (Continued).
Niagara Arbitrage Corp.(No.1)
*200. Aug. 1 *Holders of rec. July 25
Nlagara Share Corp. of Md.(quar.).___
100. July 15 Holders of res. June 25
Nineteen Hundred Corp., el. A (wear.)
*50c. Aug. 15 *Holden of lee. Aug. 1
Claws A (guar.)
*50e. Nov.15 *Holders o/ tee. Nov. 1
Northern Securities Co
44 July 10 June 20 to July 10
Northland Greyhound Lines, pt.(qua -• 51.825 Oct.l 1 *Holders of rec. Sept.20
Northwest Engineering (Quer.)
*25e. Aug. 1 *Holders of rec. July 15
Ohio Braes, corn. A & B (qua?.)
50e. July 15 Holders of roe. June 30
Preferred (guar.)
134 July 15 Holders of rect. June 30
Oliver United Filters, class A (qua?.)... *50e. Aug. 1 'Holders of rec. July 20
Ontario Tobacco Plantations. pref.(qua
1
July
Preferred (quarterly)
Oat.
1
Preferred (quarterly)
1
Jan.'32
Otis Elevator, common (guar.)
823443 July 15 Holders of rec. June 304
Preferred (guar.)
134 July 15 Holders of ree. June 304
Packard Electric (quar.)
25e. July 15 Holders of rec. Juno 300
Pan-Amer.Petr.& Transp.. oorn & 0013111
400. July 20 Holders of rec. June 304
Parke, Austin & Llpscombe, pref. (qu.) *50c. July 15 *Holders of rec. July 1
Peabody, Coal, pref. (quar.)
'134 Aug. 1 *Holders of rec. July 15
Peabody Engineering. prof. (guar.).*13( Sept.00 *Holders of rec. Sept.20
4,1% Dec. 31 *Holders of roe. Dec. 30
Preferred (qua?.)
Peaslee-Gaulbert Corp., pref. (qua?.).... 01% Oct. 1 *Holders of rm. Sept. 25
Peck Bros. & Co., pref. (guar.)
*3735c July I "Holders of ree. June 30
Penn Federal Corp., pref. (quar.)
*134 July 1 *Holders of rec. June 20
Penn Investment Co. (Phila.)
July 2 *Holders of rec. June 16
*2
Pennsylvania Bankshares & See. pt.(qu.) *8234e Sept. 1 *Holders of roe. Aug. 15
Preferred (qua?.)
'62340 Dec. 1 *Holders of rec. Nov. 15
Pennsylvania Industries, Inc. pref.(qu.) *134 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
*134 Nov. 2 *Holders of rec. Oct. 15
Pennsylvania Salt Mfg.(quar.)
730. July 15 Holders of rec. June 30
Petroleum Landowners Corp.(monthly) *25e. July 15 *Holders of rec. June 30
Philo Insulated Wire
$1.30 Aug. 1 Holders of rec. July 15
Phoenix Finance Corp.. pref.(quara
*50e. July 10 *Holders of rec. June 30
Preferred (guar.)
*50o. Oct. 10 *Holders of rm. Sept.30
Preferred (guar.)
*50e. Jn10•32 *Holders of roe. Dee. 31
Pitney-Bowes Postage Meter (in stock)._ *el Oct. 1 *Holders of rec. Sept. 15
Pittsburgh Screw & Bolt (guar.)
1734c July 25 Holders of rm. June 300
Plymouth Cordage (quar.)
'13.4 July 20 *Holders of rec. June 30
Porto Rican Amer. Tobacco, el. A (qua
50o. July 10 Holders of rec. June 20a
Premier Shares. Inc.(quar.)
1834e July 15 Holders of roe. JU1Y
Procter & Gamble Co.,8% pref.(qua?.). 2
July 15 Holders of rec. June 254
Producers Royalty,corn.(guar.)(in stk.) 123.4 July 15 Holders of rec. June 30
Prudential Investors, Inc., $6 pf.(qua
*S1.50 July 15 *Holders of roe. June 30
Pullman.Inc.(guar.)
Si Aug. 15 leaders of rec. July 290
•$1 July 15 *Holders of rec. July 1
Quaker Oats, eoM.(guar)
Preferred (guar.)
*134 Aug. 31 *Holders of rec. Aug. 1
Queen City Petrol Prod..7% pref.(qu.)_ •134 July 14 *Holders of rec. July1 1
Railway & UM.Inv,$335 of.(qu.)
4334e July 9 Holders of rec. June 27
$3 preferred (guar.)
37He July 9 Holders of reo. June 27
Randall Corp., class A (guar.)
*50e. Aug. 1 *Holders of rec. July 25
Republic Stamping & Enamel,oom..(qua 40e. July 10 Holders of rec. July la
Republics Supply Co.(guar.)
75c. Oct. 15 Holders of ree. Oct.
Revere Copper & Brass, pref. (quar.)... *134 Aug. 1 *Holders of roe .July 10
Rollins Hosiery Mills.pref.(qUar.)
*90e. Aug. 1 *Holders of roe. July 15
Russell Motor Car., common (qua?.)...
75e. Aug. 1 Holders of rec. July 15
Preferred (quar.)
13/ Aug. 1 Holders of ree. July 15
Ruud Manufacturing common (quar.).. *50e. Aug. 1 *Holders of rec. July 20
Common (guar.)
*50o. Nov. 1 *Holders of rec. Oct. 20
St. Joseph Lead Co.(qua?.)
250 Sept.21 Sept.11 to Sept.21
Quarterly
250. Dec. 21 Dee. 11 to Dec. 21
Saranac Pulp & Paper, stock dividend.. 005
Sept. 1 *Holders of rec. Aug. 15
SavageArms, 2nd pref. (guar.)
0135 Aug. 15 *Holders of rec. Aug. 1
Schnebbe Fire Protect-Hag., corn,(au.). *1234a July 15'Holders of rec. July
1
Class A (qua?.)
*80c July 15'Holders of roe. July 1
/3 preferred (quars)
*75e July 15 *Holders of rec. July 1
Scott Paper Co., pref. A (qua,.)
134 Aug. 1 Holders of rec. July 17
Preferred B (guar.)
134 Aug. 1 Holders of rec. July 17
Seagrove Corp.. coin.(Guar.)
15e July 15 Holders of rm. June 30a
Sears, Roebuck & Co.. corn.(quar.)8234c Aug. 1 Holders of rec. July 94
Seeman Bros., 00III.(guar.)
780 Aug. 1 Holders of roe. July 15
Service Station, Ltd., 8% pref. guar.). 134 Aug. 1 Holders of rec. July 15
*134 Aug. 1 *Holders of rec. July 18
6% Preference, series A (qua?.)
Shattuck (Frank G.) Co. (guar.)
250 July 10 Holders of rec. June 204
Shaw-Walker Co.. preferred
0335 July 5 *Holders of reo. June 30
Sheaffer (W. A.) Pen Co.. common.... *Si
Sept.16 'Holders of rec. Sept. 1
Preferred (guar.)
•2
July 20 'Holders of roe. June 30
Preferred (guar.)
*2
Oct. 20 *Holders of rec. Sept.30
Shenandoah Corp.,cony. pref.
bb
Aug. 1 Holders of rec. Jule 3
Southern Franklin Process, pref.(qua
*Mt July 10 *Holders of roc. June 30
Southland Royalty (guar.)
'Sc July 15 *Holders of rec. July 1
500 July 15 Holders of rec. June Kw
Spalding (A. G.) & Bros., corn. (guar.)
Spicer Mfg., pref. A (guar.)
75e July 15 Holders of rec. July la
Standard Cocoa Thatcher. pref. qu.)
*134 July 15 *Holders of rec. July 15
Standard 011 (Ohio) pref. quar.)
1% July 15 Holders of rec. June 300
Stand. Wholesale Phoe.& Acid Wks.(qu) *300 July 15 *Holders of rec. June 30
Stanley Works, corn.(guar.)
*5013 July 1 *Holders of rec. June 13
Preferred (guar.)
*3731e Aug. 1 *Holders of roe, Aug. I
State Street Investment (guar.)
*75e. July 1 *Holders of roe, July 1
Steel Co. of Canada, corn. & pfd.(guar.) 43340 Aug. 1 Holders of roe. Jule 7
Stein (A.) & Co., pref.(guar.)
134 July 1 Holders of rec. June 15
Stetson (John B.) Co., Met
July 1 *Holders of me. July 1
*31
&ix Baer dr Fuller, pref.(guar.)
'4334e Sept.30 *Holders of roe. Sept.15
Preferred (qua?.)
043340 Doe. 31 *Holders of rec. Dec. 16
Stone & Webster, Inc. (guar.)
75e. July 15 Holders of rec. June Ida
Superheater Co. (guar.)
6234e. July 15 Holders of recs. July 34
Sweets Co.of America, Inc.(guar.)
25e. Aug. 1 Holders of rec. July 15
Swift International
81.50 Aug.d15 "Holders of rec.((Jule 15
Telautograph Corp., corn. (qua?.)
35e. Aug. 1 Holders of roe. July 153
Thatcher Mfg., cony. pref. (qua?.)
900. Aug. 15 Holders of rec. Aug. 5
Tobacco Products Corp., class A (guar.)
20e. Aug. 15 Holders of rec. July 24
Tooke Bros., Ltd., pref. (quar.)
134 July 15 Holders of rec. June 30
Toronto Elevators, Ltd., 7% pref.(4311.) *134 July 15 *Holders of reo. July 1
Transamerica Corp.(guar.)
10o. July 25 Holders of rec. July 60
Transue & Wins. Steel Fore. (qua?,). 25e. July 15 Holders of roe. June 300
Truscon Steel, corn. (guar.)
Me. July 15 Holders of rec. June 250
Common (guar.)
15o. Oct. 15 Holders of rec. Sept.254
•13,4 Sept. 1 *Holders of roe. Aug. 21
Preferred ((Mar.)
Trust No. 100 (guar.)
*100. July 10 *Holders of rec. June 30
'Puckett Tobacco, pref. (guar.)
1% July 15 Holders of roe. June 30
Twenty Wacker Drive Bldg.. pf.(qua- *31.50 July 15 *Holders of rec. June 30
Ulan & Co., corn.(guar.)
40e,July 15 Holders of rec. July la
United Biscuit of America, corn. (qu.)....
50o. Sept. 1 Holders of tee. Aug. 154
Preferred(guar.)
13.4 Aug. 1 Holders of roe. July 161
United-Carr Fastener, common
100. July 15 Holders of roe. July 1
United Clear Stores of Amer.. pref.(qu.) 134 Aug. 1 Holders of rec. July 10a
Preferred (guar.)
134 Nov. 2 Holders of rec. 0c4. Pa
United Piece Dyes Works.corn.(duar.)
500. Aug. 1 Holders of roe. July 15a
Common (quer.)
500. Nov. 1 Holders of rec. OM. 154
Preferred (guar.)
134 Oct. 1 Ilelders of rec. Sept. 196
Preferred (quer.)
134 Janl'32 Holders of rec. Dec. 194
United Retail Chemists. pref.(guar.).- .87340 July 1 *Holders of rec. June 22
Hulled Shoe Machinery, corn. (quar.).. 8234c July 6 Holders of rm. June 16
Preferred ((Mara
3734e July 6 Holders of rec. June 18
U.S. Capital. clam A special)
*134 July 1 *Holders of rec. June 15
U.S.& Foreign Securities, 1st pref.
(qua $1.50 Aug. 1 Holders of rec. .ILUY Ila
United States Pipe & Fdy.. cone.(OW
we. July 20 Holders of rec. June 304
Common (quar.)
50e. Oct. 20 Holders of rm. Sept.30a
Common (guar.)
50e. M20'32 Holders of rec. Dec. 3Ia
Pint preferred (qua?.)
aele. July 20 Holders of roe. June 300
800. Oct. 20 Holders of rec. Sept.30a
First preferred (quar.)
Pim preferred ((marl
30c. Jn20152 Holders of lee. Doe. 31a
U.S.Smelt., Refg.& Mining,cons.(au.)
25c. July 15 Holders of rec. July 24
Preferred(guar.)
8716c. July 15 Holders of rec. July 2a
United Verde Extension Mining (Guar.)
250. Aug. 1 Holders of rec. July 2a
ye°. Aug. 1 Holders of rec. July
Universal Leaf Tobacco, corn. (qua,,)..
17a
Vapor Car Heating, pref. (guar.)
Sept.10 *Holders of
.1% Dee. 10 *Holders of rec. Sept. I
Preferred (guar.)
ree. Doe.
1
Vulcan Detinning. corn.(guar.)
July 20 Holders of rte.
76
Common (guar.)
1
Oct. 20 Holders of rec. July
Oct. 7a
Preferred (guar.)
134 July 20 Holders of nse.
711
Preferred(quar.)
134 Oct. 20 Holders Of me. JU17
Oct. 7a
[VOL. 133.
FINANCIAL CHRONICLE
76
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
*50e. Oct. 1 *Holders of rec. Sept.'21
Waltham Watch,6% pref. guar.)
25e. July 15 Holders of roe. June 300
Warner Co., common (guar.)
July 6 *Holders of rec. June 28
*$1.50
West Coast Oil, pref. (guar.)
Holders of rec. Aug. 1
West Vs. Pulp & Paper,6% pref. qu.). 134 Aug. 15
Nov. 16 Holders of rec. Nov. 2
134
6% preferred (guar.)
Holders of rec. June 30
7
July
600.
Westchester Title & Trust(Qum.)
- 144 July 15 Holders of rec. June 20a
Western Grocers. Ltd., pref.(guar.).
of ree. July 15
*Holders
1
Aug.
*62340
(gu.)A
el.
security.
Western Insurance
'13.4 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
50e. July 31 Holders of rec. June 30a
Westinghouse Airbrake (guar.)
Holders of rec. July 6a
Westinghouse Elec. Mfg.,corn.(guar.)._ $1 July 31
$1 July 31 Holders of rec. July 60
Preferred(guar.)
Holders of roe. Aug. 1
15
Aug.
10e
(guar.)._
corn.
Candle,
Baumer
&
Will
334 Aug. 15 Holders of rec. July 15
Wilson Line,Inc..7% pref
4'251 Aug. 1 *Bottlers of roe. July 16
Winated Hosiery, coin. (guar.)
*234 Nov. 1 *Holders of rec. Oct. 15
Common (guar.)
Aug. 15 *Holders of rec. Aug. 8
Worcester Salt Co., pref. guar.)
*50o. July 15 *Holders of rec. June 30
Worthington Bali. class A (guar.)
Aug. 1 Holders of roe. July 20a
25e.
Co.
Jr.
(monthly)
Wrigley(Wm.)
500. Sept. 1 Holders of roe. Aug. 20s
Monthly
25e. Oct. 1 Holders of rec. Sept. 20a
Monthly
25e. Nov. 2 Holders of rec. Oct. 20a
Monthly
*134c. Oct. 2 *Holders of roe. Sept. 5
Enke Renewing Shoe Corp.,00M•
Oct. 2 *Holders of roe. Sept. 15
*30.
(guar.)
Preferred
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending June 27:
•From unofficial sources. t The New York Stook Exchange has ruled that
:Mock will not be quoted ex-dividend on this date and not until further notice.
2 The New York Curb Exchange Association has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
b Rosenbaum Grain Corp., declared dividends of $1 payable on July 1 in 1931,
1932, 1933, 1934, 1935 and 1936.
Correction. e gayable In stock.
f Payable in common stock. g Payable in scrip. /4 On account of accumulated
dividends. 1Payable in preferred stock.
American Commonwealth Power corn. A & B dividends are payable in cool. A
Cock at rate of one-fortieth share.
k The dividend of 35e. on Southern fly, corn, stock is payable out of 1930 earnings
and with the 51.65 declared out of 1929 earnings makes 82 payable Aug. 1 on common stock. No further dividend will be paid in 1931 on common stock.
1 Dividends on common A dv B stocks will be applied to the purchase of corn. A
stook at the rate of $5 per share unless written notice is given prior to June 10 of
the stockholders' desire to take cash.
m jantzen Knitting 511115 pref. stock dividend reported in last week's issue as
payable July 1 was an error.
n Corporation Securities Co. pref. dividend is payable In common stock at rate
of 1-40th share. Holders desiring cash must notify company on or before July 10.
p American Cities Power & Light class B div. is payable In class B stock.
r General Realty & Utilities 88 pref. div. will be paid in common stock 80-1000ths
of a share unless holder notifies company on or before July 1 1931 of his desire to
take cash, $1.50.
I Addressograph-Multigraph July dividend is the first dividend under the new
name and will be the third payment under the recent consolidation.
Internat. Hydro-Elec. System class A dividend is optional, either 50c. cash or
1-50th share class A stock. Stockholders desiring cash must notify company before
July 8.
bb Shenandoah Corp. pref stock dividend will be paid one-thirty-second share
corn, stock unless holder notifies company on or before July 13 of his desire to take
cash-75c. Per share.
cc Knott Corp. corn. div. Is payable In cash or two-twenty-fifths share corn, stock.
dd Blue Ridge Co. pref. dividend will be paid 1-32d share common stock unless
holder notifies company on or before Aug. 15 of his desire to take cash-75c. per sh.
A stock.
aa Associated Gas & Electric class A dividend is 1-50th share class
place of the
Holders have option of taking 1-200th share of $5 pref. or 25c. cash in1-70th
either
share
optional
is
dividend
preferred
$4
The
dividend.
class A stock
$4 preferred stock or $1 cash. Holders desiring cash must notify company on
or before July 10.
class B stock
ee American Cities Power dc Light class A dividend is payable in
of his desire to
at rate of 1-32d share unless bolder notifies company by July 14
take cash-75c.
RI Weekly Return of New York City Clearing House.Beginning with March 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. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House A ssociation,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $186,248,000
to the net demand deposits and $103,803,000 to the Time
deposits. We give the statement below in full:
HOUSE
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 27 193
Clearing House
Members.
Bank of N.Y. de Tr. Co-Bk. of Manhattan Tr. Co
Bk.of America, Nat. Assn
National City Bank
Chemical Bank & Tr. Co_
Guaranty Trust Co
Chat. Phenix N.13.&Tr.Co
Central Hanover Tik.dar_
Corn Exch. Bank Tr. CoFirst National Bank
Irving Trust Co
Continental Bk.& Tr. Co_
Chase National Bank
First Avenue Bank
Bankers Trust Co
Title Guarantee tic Tr. CoMarine Midland 'fr. Co
Lawyers Trust Co
New York Trust Co
Comm'I Nat.Bk.& Tr.Co.
Harriman N.Bk. dr Tr.Co.
Public Nat. Bk. dr Tr. Co_
Manufacturers Trust Co
Clearing Non-Member.
Mech. Tr. Co.. Bayonne.
• Capital.
*Surplus and Na Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
$
$
$
$
15,600,000
62,157,000
14,368,800
6,000.000
54,868,000
259,622,000
54,517,900
22,250,000
48,140,000
125,432,000
33,423,200
38.775,300
110,000.000 114.744,200 a1,029,061,000 191,362,000
30,494,000
230,312,000
43,709.800
21,000,000
90,000,000 208.088,600 6894,258,000 154,134,000
33,057,000
151,261,000
16,528,000
10,200,000
86,913,000
401,522,000
88.207,800
21,000.000
36.510,000
171,332,000
32,579,200
15,000,000
23,431,000
262,326,000
10,000,000 115,830,900
55,606,000
358,628,000
85.285,400
50,000,000
1,297,000
10,909.000
11,341,900
6,000,000
148,000,000 210.812,700 c1,342,368,000 176,383,000
2,899.000
26,282,000
3,897,100
500,000
81,802,000
87,395,200 (3436,041,000
25.000.000
1,934,000
31.747,000
24.988,800
10,000,000
8,018,000
52,082,000
9,551,400
10,000,000
2,870,000
14,870,000
4,526,500
3,000.000
42,075,000
169,185,000
30,051,800
12.500,000
6,265,000
48,876,000
10,013,800
7,000,000
6,530,000
25.492.000
2,642,200
2,000,000
35,057,000
40.275,000
13,805,400
8,250,000
58,756,000
145,973,000
23,947,700
27,500,000
500,000
909,700
2,628,000
5,298,000
ncn 475 non 1 247.148.000 6,290.637,000 1,169,324.000
Totals
*As per official reports: National, March 25 1931; State, Marola 25 1931; trust
companies, March 251931.
Includes deposits in foreign branches: a 3290,675,000; b 8119,289,000; c $128.437,000: (1859,417,009.
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JUNE 27 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Disc. and
Invest.
OtherCash Res. Dep., Dep. Other
Gross
Including N. Y. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposits.
$
$
ManhattanBryant Park Bk_ 1,320,000 51,200
Grace National-- 19,324,307 1,600
BrooklynBrooklyn Nat'l- 8,314,400 15,400
Peoples Nat'l--- 6,850,000 5,000
5
$
$
$
1,084,000
280,900
49,300
87,375 2,011,955 2,152,395 18,709,658
115,000
106,000
508,600
454,1100
548,900
76,000
5,758,100
0,630,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Invest.
Cash.
Res. Dep.. Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
$
5
Manhattan-112,143
689,670
Bank of Europe & Tr 13,331,400
72,088,400 *4,044,500 14,080,500
Empire
107.857 1,072,174
16,257,566
Federation
614,000
19,247,000 *2,318,400
Fulton
71,857,372 5,200,000 12.634,707
United States
Brooklyn110,703,000 2,282,000 38,714,000
Brooklyn
29,482,743 1,905,340 2,230,209
Kings County
Bayonne, N. J.-778,203
258,711
8,365,081
Mechanics
Grass
Deposits.
$
$
12,404,100
3,151,300 77,494,500
205,850 15.863,072
141,300 17,312,000
59,948,159
749,000 127,864,000
26,943,121
306,686
8,288,231
'Includes amount with Federal Reserve Dank as follows: Empire, $2,625,000
Fulton, $2,124,600.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended Changesfrom
Previous
July 1
Week.
1931.
Week Ended
June 24
1931.
Week Ended
June 17
1931.
$
$
$
$
94,075,000
94,075,000
-200,000
93,875,000
Capital
97,216,000
97.219,000
97,219,000 Unchanged
Surplus and profits
Loans, disets & investle_ 1,001,791,000 -5,590,000 1,007,381,000 1,007,308,000
818,524,000 +11,824,000 606.700,000 619.279,000
Individual deposite
145,170,000 +3,398,000 141,772,000 151,367,000
Due to banks
+515.000 269,140,000 271,783,000
289,655,000
Time deposits
8,698,000
18,862,000
+5,000
18,667,000
United States deposits.18,614,000
15,258,000
21,181,000 +5,923,000
Exchanges for Cig. House
Duo from other banks... 116,574,000 +11,930,000 104,038,000 111,701,000
81,418,000
79,999,000
-190,000
79,809,000
Rea've In legal deposit'les
6,075,000
6,172.000
-173,000
5,999,000
Cash in bank
3.272.000
3.188.000
-420,000
2.768,000
Ree've in excess In F.R.Bk
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
June 27
1931.
$
83.202,000
Capital
258,561,000
Surplus and profits
Loans, dlscts. and invest. 1.512,524,000
25,947.000
Exch.for Clearing House
137,382,000
Due from banks
225.244,000
Bank deposits
767,658.000
Individual deposits
426,849,000
Time deposits
1,419.751,000
Total deposits
Reserve with F.R.Bank_ 118,759,000
Changesfront
Previous
Week.
Week Ended
June 20
1931.
Week Ended
June 13
1931.
$
E
$
Unchanged
83,202,000
83,202,000
Unchanged
258,501,000 258,561,000
-3,179,000 1,515.703,000 1,498,198,000
-4,187,000
30,134,000
33.540,000
-4,721.000 142,103,000 163,916,000
-2,587,000 227,831,000 248,570.000
-12,886,000 780,544,000 763,058,000
+2,742,000 424,107,000 426,214,000
-12,731,000 1,432,482,000 1,437.842,000
-1,325,000 120,084.000 121.108000
JULY 4 1931.]
FINANCIAL CHRONICLE
77
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 2, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 32. 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 1 1931
July 1 1931. June 24 1931. June 17 1931, June 10 1931
Jung 31)131. May 27 1931. May 20 1931. May 13 1931 July 2 1930.
assoURCES.
$
0a61 with Federal Reeerve agents
1,933,564,000,1,903,284.000 1,908,344,000 1,883,674,000 1,778,164,000 1,792,384,000 1,790,864.000 1.757.864.000 1,568,014,000
Gold redemption fund with U. S.'Tress_
30,167,0001 30,166.000
32.666.000
32,614.000
33,114,000
32,623,000
32,514.004.1
32,514,000
36,675,000
Gold held exclusively agst. F. R. notee 1,963,731,000 1,933.450,000 1,941,010,000 1,916,788,000 1,810,778,000 1.824.878,000 1,823.378.000 1.790,487.000 1,604,689,000
Gold settlement fund with F. R. Board
514,492,000 475,278.000 468,969.000 492,820.000 685,115,000 579,154.000 583,418,000 604,223,000 610,593,000
GM and gold oertlfiestes held by banks_ 933,818,000 973,861.000 947,310.000 867,395.000 863.217,000 8.55,241,000 816.491.000 815.899.000 778,127,000
Total gold reaerven
Resterves other than gold
3.412,041,000 3,382.589,000 3.355.289,0003.277,003.000 3,259,110,000 3.259,273,000 3,223,287,000 3,210.609.000 2.993,409.000
167,257,000 175,059,000 170,985.000 167.599,000 167.948.000 173.241,000 176,615,000 178.276.000 157,835,000
Total reserves
3,579,298,000 3,557,648.000 3,526,274.000 3.444.602,000 3.427.058)3003,432.514,000 3.399,902.000 3.388.884.000 3,151,244,000
Nou-reeerve cash
65,011,000
74,673,000
71,114.000
74,422,000
70.730,000
67.930,000
71,461,000
75.046.009
55,003,000
Bills discounted:
Secured by U. S. Govt. obligations- 46,395,000
76.323.000
50,489,000
67.140,000
77,098,000
86,008,000
48,832.000 105,234,000
49.875,000
Other bills diseounted
109,065,000
102,363.000
103,805,000 111,672.000
107,657,000 105.686.000
96.072,000 155,179,000
99.001.000
Total bills discounted
Bills bought in open market
13. S. Government securities:
Bonds
Treasury notes
Certlliestes and bills
150,200,000
103,341,000
197.678,000
106.390,000
185,388,000
106.814,000
184.755,000
127,217,000
172,826.000
134,155,000
152,852,000
124.501.000
148.876.000
131.007.000
144,904,000
153.108,000
260,413,000
157,485,000
188,395,000
60,741,000
414,263,000
136,840.000
53,882.000
427,781.000
117,209,000
52,233,000
429,562,000
77,118,000
52,227,000
469.679,000
73,715,000
52.228,000
472,405,000
59.085.000
52.227.000
487.056,000
59,171,000
52,231,000
457.134.000
59,015,000
52,228.000
487.171.000
47,531,000
236,519,000
311,903,000
'total 12,8. Government securities.Other securities (see isms)
Foreign loans on gold
663,399,000
10,601,000
618,503.000
8,063.000
16.700.000
599,004.000
9,248.000
599,024,000
1.687,000
698.348,000
1.687.000
598.3138,000
768.000
598.536.000
767.000
698.414.000
1,118,000
595,953,000
7,301,000
Total bills and aceuritles (see 5016)__._
Duefrom foreign banks (see natal
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
927,541,000
1.426,000
14,942,000
533,070,000
58,783,000
26,425,000
947,334,000
2,699,000
17,464.000
446.117,000
68,782.000
22.702.000
900.454,000
699,000
15.467.000
570,441,000
58,730,000
22.692.000
912,683,000
698.000
15,309,000
468,173,000
58,618,000
21.045,000
907,016,000
698,000
15,121,000
547,349,000
58.585.000
.20,917.000
876.489.000
699.000
15.463,000
451,313.000
58,580,000
19.393.000
879.186,000
699,000
16,492,003
512.172,000
58.580.000
19.130.000
897.644.000 1,021,152,000
706,000
698,000
19,950,000
15,478.000
542.306,000 663,567,000
59,561,000
68,482.000
12,083,000
18.760,000
Total resources
5.044.674.000 4.925.181,000 4.961,207.000 4.993.703.000 4,983,265,000
5,206,496,000 5,127,168,000 5.165,871,000 4.995.801.000 .
B.B notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
2,389,211,000 2,457,474.000 2,401,114,000 2.397,856,000 2.388,535.000 2.424,670.000 2,410.799,000 2,420,793.000 2,406,376,000
19.267.000
43.573,000
15.445,000
24,899,000
59,459.000
41,182.000
14,313,000 *58,482,000
36,200,000
7.396.000
6,542.000
5,676,000
19,987,000
5,727.000
6,693,000
6,467,000
35.625,000
5,819.000
19.772.000
22.136,000
19,918,000
20.653.000
30.379,000
21,149,000
36,063,000
20,369.000
34,830,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,500,848.000 2.556.838,000 2,472,499,000 2.440,011,000
511,815,000 435.785,000 564.842,000 453,037,000
168,170,000 168,244.000 168.325,000 168,370.000
274,636,000 274.636,000 274.636,000 274,636,000
17,256.000
17,476,000
17.798,000
12,631,000
1,738,396,000 1,674,189,000 1,668,313,000 1,641,949.000 1,583,574,000 1.551.808.000 1.551.458,0001.528,310,000 1,432,252,000
*2.431,913,000 2.471.105,000 2,452,524,000 2.483.181,000 2,473,805,000
617,116,000 442,526,000 497.812:000 522,909.000 615,924,000
168.419.000 168.428,000 168,476.000 188.453,000 169,626,000
274.636,000 274,636,000 274,636.000 274.636,000 276.736,000
16.678,000
16,991.000
16,301.000
14,722,000
16,214,000
Total liabilities
5,044,674,000 4.925.181.000 4,961.207.000 4,993.703,000 4,983,265,000
5,208,496,000 5.127.168.000 5.165,871,000 4.995.801,000'
Ratio of gold reserves to deposits and
81.0%
81.0%
79.9%
F. R. note liabilities combined
80.4%
80.5%
80.1%
76.7%
80.3%
80.0%
Ratio of total reserves to deposits and
85.3%
85.2%
84.1%
84.4%
F. It. note liabilities combined
84.9%
84.2%
80.7%
84.4%
84.5%
Contingent liability on bills purchased
335,334,000 367.700,000 378,717.000 370.185.000 375,331,000 381.570.000 383.698.000 394.007.000 481,269,000
for foreign correspondents
Afattally Dtuributton of Bills and
Mort-Terns &nattier1-15 days bills bought in open market1-15 days bills discounted
1-15 days U. B. oertif. of indebtedness1-15 days municipal warrants
16-80 days bills bought in open market
16-30 days bills discounted
16-30 days U.S. certif. of indebtedness
16-80 days municipal warrants
31-60 days bills bought in open market
31-60 days 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.earth. of Indebtedness
61-90 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 days Oertii. of indebtedness
Over 90 days municipal warrants
Federal Reserve NotesIssued to F. R.13k. by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
$
s
$
$
$
s
52,167,000
82,508,000
57,073.000
126.332.000
49,808,000
116.017.000
9.300,000
52,076.000
116,071,000
19.617.000
62.110,000
107,645.000
22.352.000
46,582,000
86.762.000
50,995,000
83.721.000
74.812,000
83,371.000
19,200.000
92,947,000
159,844,000
31,188.000
18,788.000
12,509,000
10,500,000
27,832,000
14,470,000
15.500.000
32,025,000
15.101,000
20.500,000
39,003,000
16,426,000
39,300.000
33,242,000
14,893.000
39,300,000
30.805.000
13.313.000
65.376,000
36.368,000
14,460.000
81.866.000
36.598.000
13.926.000
31,189,000
19,839,000
16,157,000
19,765,000
37,550,000
76,000
16,223,000
15,976,000
124.597,000
17,280,000
22,208.000
57,550,000
63,000
4,088,000
15,907.000
131,615.000
20,665,000
20.938,000
31,850,000
48.000
4,200,000
14.767,000
155,297,000
30,927,000
21,433,000
51,350.000
34,418,000
21.324,000
35,500,000
42.768.000
23.513,000
52.300,000
35.799,000
22,806,000
51.300.000
32.877.000
21.722,000
133.207.000
117,000
18,761,000
223,116.000
116.000
18.565.000
212.615.000
4,008.000
12,185.000
59.050,000
37,000
377.000
16,779.000
316,203.000
3,848,000
12,864,000
67,550.000
18,000
498,000
16,400,000
831,000
7,233,000
12,573,000
56,550,000
17.000
612,000
15,316,000
297.418.000
8,584,000
11,929.000
30.850.000
6,000
19,442,000
241,616,000
5.034,000
13.330.000
50.125,000
37.000
177,000
17,495,000
309.287,000
28,692,000
32,429,000
43.145,000
51,000
3,912,000
24,102,000
119,692.000
237.000
13.956.000
303.914.000
18.000
745,000
24,199,000
117,378,000
COCCIOCIOIC
2,111,944,000 2,097,809,000 2,099,019.000 2,076,103,000 1.964.821,000 1,957,603,000 1,955,838,000 1,934,945,000 1,744.679.000
373.548,000 423,620,000 430,706,000 434,154,000 381.247,000 405,795.000 404,380,000 403.635,000 312,427,000
1 738,396,000 1,674,189.000 1,668,313,000 1.641,949,000 1,583,574,000 1,551,888.000 1,551,458,000 1,523,310,000 1,432,252,000
Collateral Held by Agent as Security for
Notes Issued to Bankfly gold and gold certificates
612,334,000 612,354.000 612,364,000 612,394,000 608,384,000 616,884,000 616.884.000 616,884.000 402,908,000
Gold redemption fund
GeR1 fund-Federal Reserve Board
1.321,230.000 1,290,930,000 1,295,980.000 1,271,250,000 1.169,780.000 1.175.480,000 1,173.980,000 1,140,980,000 1,165,106,000
By eligible paper
222.597,000 285,405.000 277,190,000 301,972,000 284,062,000 267.779,000 269.780.000 276.288.000 375,000,000
2,156,161,000 2,188,689.000 2.185,534,000 2.185,646.000 2.062 228.000
Total
2.060.143.000 2.060.644.000 2 034.152.000 1,943,914,000
statement of Oct. 7 1925. two new veins were added in order to show separately the amount of
NOTE.-Beginning with the'
balance held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Cress t Bank debentures was changed to "Other
securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted
the total of the discounts.
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, as a more accurate description ofitems
included therein.
which, it was stated. are the only
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT(MOSE OF BUSINESS JULY 1 1931
Two Miters (00) omitted.
Doable. New York. 1 Phila. Cteselatid. Richmond
Total.
Federal Reserve Bank ofAtillata. 1 C5014470. tift. Louts. MissesP. ICan.City. Dallas. Sen Frani
-RESOURCES.
$
$
S
,
S
$
$
$
Gold with Federal Reserve Agents 1,933,564.0 149,917.0 386,919,0 160,000,0202.550,0 62,570.0 118.100,0436,900,0 70,230,0 47,765.0 61,000.0 21,850,0 215,763,0
30,167,0
1,097,0
12,060,01
Tram_
U.S.
with
918,0
fund
red'n
2,403,0 1,234,0 1,172,0, 3,936,0 1,494,0
Gold
658,0 1,326,0 1.054,0, 1,915,0
,
Oold held excl. ages.F. R.notes 1,963.731,0 151,014,0 399,879,01 160,918,0 204,953,0 63,804,0 119,272,01440,836,0 71,724,0 48,423,01 62,326,01 22,904,0,217,678,0
Gold settle't fund with F.R. Board 514,492,0 28,407,0 151,727,0 70,489,0 49,760,0 14,524,0 11 269 0 73 757 0 23,045,0 13,268,0 23,007,0 14.337,0 40,902,0
Gold sod gold otfa. held by banks. 933,818,0 33,882,0 631,798,0 28,102,01 65,273,0 5,208,0 7,937,01 91,754,01 10,503.0 4,474,01 10,081,0 3.448,0 41,358,0
3,412,041,0 213,303,0 1,183,494,0259,509,0 319,986,0 83,536,0 138,478,0,606,347,0 105,272,0 66,165,01 95,414,0 40,689,0 299.938,0
Total gold reserves
167,257,0 11,334,0
56,796,0 6,672,01 15,510,0 11,190,0 8.078,01 21,210,0' 8,525,0 3,952,0, 7.946,0 8,163,01 7,881,0
• Reserve other than gold
3,579 298,0 224,637.0 1,240,200,0 266,181,0 335,496.0 94,726,0 146.556,0 627,557.0 113,797,0 70,117,01103,360,0 48,852,0 307,819,0
Total reserves
65,011,0 7,748,0
17,328,0 3,410,0 3,875,0 3,816,0 4.952,01 8,560,0
Bon-reserve cash
2,883,01 4,665,0 1,514,01 1,633.0 3.073,0 4,437.0
Bills discounted:
46,395,0 5,647.0
15.413,0 5,292,0 9,535,0 1.372,0
Sec. by U. S. Govt. obligations
359,01
3,220.0
853,0
437.01
481,0
903,0
12,455,0 11,224,0 8,076,0 15,223,0 11,032,0 7.339,01 4,654,0 3,666,0, 7.888,0 9,130,0
103,805,0 5,922,0
Other bills discounted
7,196,0
27,868,0 16,516,01 17,611,0 16,595,0 11,469,0, 10,222,01 7,874,0 4,025,01 8,741,0 9,611,0
150,200,0 11,569,0
Total bills discounted
33.700,0 1.045.0 8,584.0 3,173.0 9,251,0 8,491.0. 5,446,0 3,703,0 5,874,0 4,041,0 8,099,0
103,341,0 9,278,0
Bills bought in open market
10,775,0
[VOL. 133.
FINANCIAL CHRONICLE
78
Two Ciphers (00) omitted.
RESOURCES (Concluded)I. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U. S. 00v1. securities-.
Other securities
Total bills and securities
Due from foreign banks
P. R.notes of other banks
Incollected items
Sank premises
111 other resources
Boston.
Total.
Ma. Cleveland. Richmond Atlanta. Chicago. St, Louis. Minneap. Kan.City. Dallas. SanFran,
New York.
663,399,0 49,789,0
485,0
10,601,0
$
$
$
$
$
$
$
$
$
3
47,998,0 11,045,0 10,544,0 5,382,0 2,826,0 34,357,0 5,090,0 11,535,0 6,599,0 13,891,0 29,587,0
9,591,0 5,761,0 13,156,0 1,218,0 4,332,0 3,887,0 4,666,0 1,153,0 2,117,0 1,220,0 10,784,0
110,152,0 34,164,0 43,844,0 23,383,0 13,583,0 51,027,0 18,299,0 15,077,0 27,802,0 15,919,0 23,621,0
167,741,0 50,970,0 67,544,0 29,983,0 20,741,0 89,271,0 28,055,0 27,765,0 36,518,0 31,030,0 63,992,0
550,0
180,0
255,0
301,0
225,0
835,0
230,0
245,0
635,0
750,0
5.910,0
927,541,0 71,121,0
52.0
1,426,0
278,0
14942.0
533,070,0 68,578,0
58,783,0 3,458,0
680,0
26,425,0
235,219,0 69,281,0 94.354,0 49,996,0 41,691,0 108,819,0 41,600,0 35,794,0 51,388.0 44,862,0 83,416,0
48,0
21,0
20,0
16.0
25,0
94,0
25,0
28,0
71,0
69,0
957,0
235,0 1,477,0
920,0
758,0
696,0
905,0 1,754,0 1,136,0 1,724,0
190,0
4,869,0
26,538,0
15,395,0
24,628,0
9,174,0
160,117.0 51,902,0 45,765,0 38,570,0 12,380,0 62,588,0 19,435,0
15,240,0 2,614,0 7,484,0 3,538,0 2,572,0 8,061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
892,0 2,111,0
613,0
859,0
10,194,0 1,034,0 1,884,0 1,367,0 3,321,0 2,323,0 1,147,0
5
$
$
188.395,0 9,541,0
60,741.0 2,856,0
414,263,0 37.392,0
430.467,0
5,206,496,0 374,552,0 1,684,124,0 394,681,0 489,834,0 193,795.0 212.633.0 819.726.0 185.000.0 120,158.0 186.365.0 115.161,0
Total resources
LIABILITIES.
62,348,0 27,578,0 178,449,0
F. R.notes in actual circulation 1.738,396,0 136,300,0 306,521,0 145,981,0 202,116,0 71.890,0 120,134,0 364.345,0 72,931,0 49,803,0
Deposits:
55,023,0 184,508,0
84,688,0
47.421,0
70,916,0
324,824,0
58,841,0
59,692,0
190,818,0
148.382,0
1,030,090,0
134,008,0
2,389,211,0
Member bank-reserve amount
712,0
10,270,0 4,108,0 3,055,0 5,312,0 2,392.0 4,005,0 2,609,0 3,338,0 2,127,0 2,054,0
41,182,0 1,200,0
Government
970,0 2,200,0
938,0
744,0
13,921,0 3,202,0 3,267,0 1,294.0 1,164,0 4,367.0 1,132,0
35,625.0 2,426,0
Foreign bank
8,205.0
34,0
58,0
232,0
192,0
1.030,0
89,0
119,0
2,258,0
230.0
22,345,0
38,0
34,830,0
Other deposits
195,625,0
2,500,848,0 137,672,0 1,076,626,0 155,922,0 199,398,0 66,417,0 62,486.0 334,226,0 74,889,0 51,695,0 87,811,0 58,081,0 25,935,0
Total deposits
511,815,0 67,299,0 151,703,0 48,895,0 42,788,0 36,961,0 11,930,0 59,558,0 20,512,0 7,761,0 22.894,0 15,579,0 11,420,0
Deferred availability Items
65,454,0 16,757,0 15,689,0 5,692,0 5,195,0 19,848,0 4,816,0 2,997,0 4,223,0 4,242,0
168,170,0 11,837,0
3apital paid in
80,575,0 27,065,0 28,971,0 12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8.702,0 8,936,0 18,475,0
274,636,0 21,299,0
lurplus
563,0
745,0
387,0
758,0
721,0 2,031,0 1,813,0 1,290,0
872,0
61,0
3,245,0
145,0
ill other liabilities
12,631.0
430,467,0
Total liabilities
5,206,498,0374,552.0 1,684,124,0 394,681,0 489,834,0 193,795,0 212,633,0 819.726,0 185,000,0 120,158,0 186,365,0 115,161,0
Memoranda,
82.3
77.0
89.8
69.1
57.0
68.8
80.3
68.5
83.6
88.2
89.7
82.0
leserve ratio (percent)
84.4
3ontingent liability on bills purchased for foreign oorrespondls 335.334,0 25.996.0 102.759,0 34,314.0 35,008,0 13,864,0 12,478,0 46.792,0 12,131,0 7,972,0 10.052,0 10,398,0 23,570.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston.
Total.
NSW
$
3
Two Ciphers (00) omitted.
Federal Reserve notes:
Issued to P.R. bk. by F.R. Agi. 2,111,944,0 158,200,0
Held by Federal Reserve bank_ 373,548,0 21,900,0
In actual circulation
1,738.396,0 136,300,0
Collateral held by Agt.as security
for notes Issued to bank:
Gold and gold certificates
612,334,0 35,300,0
Gold fund-1r. R. Board
1,321.230.0 114,617,0
Eligible paper
222,597,0 20,788,0
Ton, 1
Phila,
Cleestand, Richmond Atlanta. Chicago. St. Louis ilinneap. Kan.City. Dallas. SanFran.
$
$
5
8
$
5
3
5
$
5
426,559,0 171.749,0 225,810,0 80,017,0 137,367,0 446,673,0 81.389,0 54,837,0 68,642,0 34,001,0 226,700,0
120,038,01 25,768.0 23,694,0 8,127,0 17,233,0 82,328,0 8.458,0 5,034,0 6,294,0 6.423,0 48,251.0
5
1
1
306.521,0 145,081,0 202,116,0 71,890,0 120,134.0 364,345,0 72,931,0 49,803,0 62,348,0 27,578,0 178,449,0
8,300,0 50,000,0
351,919,0 38,700,0 12,550,0 10,070,0 10,900,0 73,900,0 13,930,0 6,765,0
35,000,0 121,300,0 100,000,0 52,500,0 107,200,0 363,000,0 56,300,0 41,000,0 61,000,0 13.550,0 165,763,0
41,324,0 15,067,01 24,860,0 18,344,0 20,507,0 16,821,0 12,578,0 7,378,0 14,034,0 13,117,0 17,781,0
2.156.161.0 170.705.01 428.243.0 175.067.0 227.410,0 80,914,0 138,607,0 453,721.0 82.808.0 55.141.01 75,034.0 34,967.0 233,544,0
Total collateral
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
end 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 Dee. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 33, immediately preeeding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and Inwith loans:
etude all real estate mortgagee and mortgage loans held by the bank. Previously acceptance, of other banks and bills sold with endorsement were Included
the total of loam on
and some of the banks included mortgagee in Investments. Loans secured by U. S. Government obligations are no longer shown separately, only
emitted
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
was for a time
by Commercial paper, only a lump total being given. The number of reporting banks Is now omitted; In Its place the number of cities included (then 101)
Investand
loans
with
district
Francisco
Ban
the
in
bank
a
exclude
to
revised
been
also
given, but beginning Oct. 9 1929 even this has been omitted. The figures have
ment. of $135,000,000 on Jan. 2 1929 which had then recently merged with a non-member bank. The figures are now given In round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS JUNE 24 1931 (Is millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila,
Cleveland Richmond Atlanta. Chicago, St. Longs. hilt:neap. KatiCity. Dallas. Sa nFrani
Loans and inymtments-total
$
22,343
$
1,446
$
8,835
$
1,362
$
2,252
Loam-total
14,540
971
5.814
815
1,381
6,703
7,837
380
591
3,147
2,667
423
392
648
733
On amurides
All other
369
640
435
5
1,973
2,232
414
231
368
299
1,219
1,071
1,161
169
245
59
172
102
266
94
205
334
885
$
3,183
417
379
161
256
115
264
642
$
$
3
5
7,803
475
3,021
547
871
225
185
951
228
138
272
136
754
4,094
3,709
212
263
1,687
1,334
226
321
486
385
104
121
95
90
546
405
78
150
66
72
122
150
79
57
393
361
1,879
232
13,286
7,169
309
1.523
3,339
94
14
839
517
19
94
136
980
55
6.179
1,726
114
174
1,195
89
14
785
391
29
119
237
33
9
295
226
21
77
100
9
245
46
1,742
1,241
35
242
473
5
46
7
376
235
6
78
112
24
5
215
152
1
90
89
53
13
447
204
4
156
206
2
31
7
264
148
12
105
101
1
106
18
720
1,055
21
182
233
24
lavestmento-total
C. B. Government seourttles
Otter securities
Reserve with F. R.Bank
Cub in vault
Net demand deposits
Time deposits
Doverument deposits
Due from banks
Due to banks
642
564
$
$
Aq
'
38
138
15
29
328
1,095
262
1,011
18
29
83
123
102
355
AS
of about $190,000,000.
•Exclusive of figures for one bank In New York City,(dosed Dec. 11. Last report of bank showed loans and investments
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 1 1931,
In comparison with the previous week and the corresponding date last year:
July 1 1931. June 24 1931. July 2 1930
Resources (Concluded)2.230.000
957,000
232,000
258,594,000 Due from foreign banks(see note)
5,819,000
4,360,000
6,302,000
14,852,000 Federal Reserve notes of other banks...
160,117,000 125,733,000 192,858,000
Uncollected Items
15.240.000
15,240,000
15,664,000
273,446,000 Bank Premises
8,075,000
10,194,000
4,737,000
175,568,000 All other resources
482,342,000
1,684,124,000 1,707,322,000 1,521,741,000
Total resources
931,356,000
48,824,000
Stahlitttss980,180,000 Ferri Reserve notes In actual circulation 306,521,000 278,854,000 172,870,000
12,035,000 Deposits-Member bank, reserve acct._ 1,030,090,000 1,119,476.000 1,010,281,000
10,270,000
16,812,000
2,742,000
Government
13,921,000
11,337,000
2,374,000
Foreign bank (see sots)
29,362,000
22,345,000
9,089,000
18,361,000
Other deposits
19,259,000
July 1 1931. June 24 1931. July 2 1930.
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U.S.Treasury__
386,919,000
12,960,000
386.919,000
12,960.000
Gold held exclusively agst. F.R.notes_
Cold settlement fund with F. It, Board__
Gold and gold efts. held by bank
399,879,000
151,727,000
631.798,000
399,879,000
164,725,000
671,440,000
Total gold reserves
Reserves other Num gold
1,183,404,000 1,236,044,000
62,310,000
56,796,000
1,240.200,000 1,298,354,000
Total reserves
22,464,000
17,328,000
Non-reserve cash
Bills discounted21,555,000
15,413,000
Secured by U. S. Govt. obligations-12,504,000
12,455,000
Other bills discounted
Total bills discounted
Bills bought in open market
U.S.Government securitiesBonds
Treasury notes
Certificates and bills
Total U.S. Government securities....
Other securities(se.nolo)
Foreign loans on gold
27,868,000
33,700,000
34,059.000
35,195,000
47,998,000
9,591,000
110.152.000
36.785,000
11.849.000
102,790,000
167,741,000
5,910,000
151.424,000
3,235,000
5,494,000
1,076,626,)00 1,156,714,000 1,033,758,000
Total deposito
48,621,000
151 703,000 120,396,000 165,023,000
55,793.000 Deferred availability Items
65,454,000
65,489,000
65,300,000
Capital paid in
80,575,000
80,575,000
80,001,000
4,391,000 Surplus
3,245,000
5,294,000
4,789,000
77,661,000 All other liabilities
118,017,000
1,684,124,000 1,707,322,000 1,521,741,000
Total ilablUtlea
200,069,000
5,250,000 Ratio of total reserves to deposit and
89.7%
90.4%
81.2%
Fed'I Reserve note liabilities combined_
Contingent liability on bills purchased
102,759.000 119.101.000 158,942,000
for foreign correspondents
309,733,000
235.219.000 229,407,000
Total bills and securities (see note)
items were added in order to show separately the amount of balances held abroad and amounts due to
NOT-E.-Beginning with the statement of Oct. 7 1925, two new
oredgn correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities." and the caption,"Total earning assets" to "Total bills and securities." The latter term was adopted ass more accurate description of the total of the discount,
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are tho only items included therein.
JULY 4 1931.]
FINANCIAL CHRONICLE
gnat&
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
antic.
Maturity.
Rat.
B68.
Asked.
Maturity.
ltd.
Bale.'Bid.
Asked.
Elept.15 1931.-- 254% 100"n 100un Mar.15 1932-- 2%
10028n 1003•82
Wall Street Friday Night, July 3 1931. Sept.15
1931- 134% 100% 1007n Dec. 15 1931-32 334% 101nts 101"n
Railroad and Miscellaneous Stocks.—The review of the Dee. 16 1931- 114%- 100"st 10017n
Stock Market is given this week on page 64.
United States Liberty Loan Bonds and Treasury
The following are sales made at the Stock Exchange this Certificates on the New York Stock Exchange.—
week of shares not represented in our detailed list on the Below we furnish a daily record of the transactions in Libpages which follow:
erty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
Range Sines Jan. 1.
Range for Week.
STOCKS.
Sales
given in a footnote at the end of the tabulation.
Week Ended July 3.
for
Lowest.
Week.
Highest.
Lowest.
Highest.
per share. $ per share.$ Per share.
RailroadsPar. Shares. per share.
Feb
10 89 June30 89 June30 85
Jan 92
Caro Clinch & Ohio 100
Apr
40 9631 July 3 9634 July 3 9634 July 102
Ctfs stamped_ _100
20 77 July 3 79 July 3 75 June 80% Mar
Cleve & Pittsburgh 100
20 1 Juty3 1 July 3
Market Street Ry--100
% Jan 3% Feb
50 8134 June29 8334 July 2 70 May 85% Apr
Morris & Essex
50
10 110 June30 110 June30 105
Y Lack & West-100
Jan 110 June
30 134 July 1 134 July 1 1% June 8
Pacific Coast 2d p1.100
Jan
Phila. Rap Tran pf_50
20 21 June30 21 June30 21 June 26% Feb
Indus. & Miscellane's
Amalgam Leather p1100
Am Agric Chem (Del)•
Amer Beet Sugar pf_100
Amer Chain pref._ _100
American Ice pref--100
American News
•
Amer Radiator & Stan
Sanitary prat_ _ --100
Amer Water Works ei
Electric (Vs
Arch Daniels Mid p1100
Art Metal Construct.10
Asso Dry Gds 1st p1100
2d preferred
100
Austin Nichols prior A•
100
900
160
100
100
20
20
16
11
82
6836
50
July 2
July 3
June30
June30
July 3
July 1
20
18%
12
82
68%
50
July 2
June27
June27
June30
July 3
JIIIY 1
13
11%
7
67
64
48%
Apr
June
June
June
June
June
20
29,2
17,4
88
77%
5734
Jan
Feb
Jan
Jan
Jan
Feb
100140
July 1 140
July 1 133
June 150
400 5034
10 100
100 1334
400 9334
300 80
10 2334
July 3 52
July 2100
July 1 13%
July 3 94%
June29 80%
June30 23%
June29
July 2
July 1
June29
June29
June30
38
98
13%
85
80
18%
June 8032
May 102
June 2034
Jan 98
Jan 84
June 24%
Feb
Jan
Jan
May
Feb
Mar
200 25
120 24%
10 13%
100 89%
49,400 934
30 10134
110 75
1,100 13%
1,300 30
4.200
%
120107
90100
20100
.5,000 19%
20 21
35
July 2 2534
June30 25
June30 1334
June30 8934
June27 1131
July 210234
June27 77
June27 14
June27 30
%
June30
June30 10734
June27 102
July 2100
July 3 2034
July 2 21
July ii 35
July 2 11
June30 18
June30 1234
June30 8934
July 2 6
June27 10134
June29 6434
June27 1134
June27 2932
June27
34
July 2 100
June30 95
July 2 100
June29 1934
July 2 21
Apr 4934
Jan 2534
may 38
May 25
June 9734
June 1134
June 104
Jan 80
June 1534
June 3434
May 134
Jan 112
Jan 107
June 109
July 2134
Mar 23
Jan
Mar
Feb
Feb
May
July
Mar
Apr
Mar
Feb
Jan
Mar
Mar
Mar
June
Jan
Fairbanks Co pi ctfs 100
20 434 July 2 434 July 2 454 July 12
General Baking
5 13,700 20% June30 2234 June27 1734 June 25%
General Cigar pref __100
21011434 July 1 1434 July 1 10734 Jan 116%
Gen Gas & El pf A (7)-*
10 68 July 1 68 July 1 67 June 90
Class B
Apr 10
1,600 8 July 2 8 July 2l 4
Gen Printing Ink
20 23% July 2 2334 July 2 15 May 31
*
Preferred
•
30 69 June27 70 July 1 5934 June 76
Gen Ry Signal pref..100
50106 June30106 June30 10434 Jan 114
Gold Dust pref
300 111 June3011134 June30 104
Jan 117%
Gotham Silk Hosiery
preferred xwar.....100
20 7134 June29 72 June29 52
Ma 73%
Grand Silver Stos p1.100
100 70 July 2 70 July 2 70 May 85%
Haelesack Water pf A25
60 2732 June30 28 July 1 2634 Mar 30
Ilarb Walk Refr 01.100
30106 July 2108 June30 106
July 117
Hawaiian Pineapple_ 20
90 3034 June27 3134 June29 25% June 4234
Houston Oil new__ 25 22,500 934 June30 10% June29 6 June 14,4
Apr
Apr
May
Feb
May
Mar
Jan
Mar
MAY
June
Mar
Apr
Mar
Jan
Feb
Internal Silver pref_100
10 65
Kresge Dept Stores
*
110 534
Kresge (8 5) Co pf_ 1
10 113
Laclede Gas pref--_10
30 98%
Lily Tulip Cup
* 1.700 24
Loose-W Bis 1st p1_100
10 120
Lorillard Co pref.._100
100 99%
McLellan Stores pref100
42 68%
Mexican Pet pref.__100
10100
Noranda Mines
* 29,000 1834
Mar
Jan
June
May
June
Jan
June
June
Jan
May
Budd (E G) pref
100
1st preferred
100
Chile Copper
25
City Stores class A- -•
Columbia 088E pf B 100
Columbia Graph° ctfsComm Inv Tr 6,4 pf 1
Cons Cigar pref (7)_100
Consol Laundries
*
Crown Cork & Seal pt.*
Cuban Dwain Sugar_ _*
Cushrn Sons Pf(7%)100
Preferred($8)
•
Devoe & Rayn 1st 01100
Douglas Aircraft
•
Durham Hos M p1..100
June29 65
June30 5%
July 2113
July 3 99
July 1 2634
June30120
July 3 99%
July 2 70
July 3100
July 1 2134
June29 5834
June30 434
July 2 107
July 3 97
June30 24
June30 118
July 3 9034
July 3 42
July 3 100
June27 1554
May 9034
June 634
Jan 113
June101%
July 2634
Jan 12634
Jan 102
May 70
Jan 100
May 2934
Apr
Outlet Co
20 4934 June30 4934 June30 45
Jan 55
Feb
Pac Tel & Tel pref_.100
3013134 June27 132 July 2 124
Jan,132 July
Panhdle Pr de Ref p1100
10 1034 June30 10% June30 10
Marl 20
Apr
Peoples Drug Sts pf.100
10102 June29102 June29 9634 Feb 103
Apr
Plana Co6% pf new_
400100 July 2100 July 2 9534 Jan'10234 May
Phoenix Hosiery p1.100
100 60 June27 60 June27 60
Apr 7034 Jan
Pierce-Arrow Co pf.100
200 61
June29 62 June27 5834 June 7234 Feb
Pitts Terminal Coal_100
400 3 July 2 3 July 2 234 June 5
Mar
Revere Cop & Br p1100
50 55 June27 55 June27 45 May 8334 Jan
Rhine Westph El Pr .
100 2634 July 3 2634 July 3 2134 June 3234 Mar
Scott Paper
20 4634 July 2 47% July 3 40
Jan 50
Apr
110 27 June29 20 June29 20 June 39
Sloss-Sheff St & I 121100
Feb
Spear & Co
100 232 July 1 232 June29 234 July 4
Feb
United Dyewood_ -.100
410 232 June29 3 July 3 2
Jan 3% May
10 45 June27 45 June27 403.6 Feb 47 June
Preferred
100
Unit Piece Dye p1..100
5010234 June27 104 July 1 102
Jan 10834 Mar
Linty Leaf Tob pref_100
20 102 June27 10334 July 1 102
Feb 110
Mar
Utah Copper
20100 June27100 June27 9834 May 12434 Feb
10
Van Raalte
120 123.4 June27 12% June27 10
Feb 14
Jan
let preferred
30 50 June29 55 June29 2234 Feb 60 June
100
200 9234 June30 93 July 1 90
Walgreen Co preL.100,
Feb 9834 June
Webster Elsenlohr p11001
160 35 June30 36% June30 35 June 60
Jan
Wilcox-Rich class A..*
100 26 June29 26 June29 20
Jan 30
Mar
Class B
50 15 June27 15 June27 15 June 20
Mar
Zonite Products
1 2.600 12 June30 1334 July 3 11
June 14 June
• No par value.
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.8654@
4.86 9-16 for checks and 4.8634 @4.86 11-16 for cables. Commercial on
banks, sight, 4.86@4.5634; sixty days, 4.83M @4.84 7-16; ninety days,
4.82X @4.83 9-16, and documents for payment, 4.83@4.84 746. Cotton
for payment, 4.86, and grain for payment, 4.86.
To-day's (Friday's) actual rates for Paris hankers' francs were 3.91 3-16
ig3.91 9-16for short. Amsterdam bankers guilders were 40.2134 @40.2334.
Exchange for Paris on London, 124.28; week's range. 124.28 francs high
and 124.23 francs low.
The week's range for exchange rates follows:
Checks.
Sterling, ActualCables.
High for the week
4.8634
4.8634
Low for the week
4.86 1-32
4.86
2
Paris Bankers' Francs3.91 9-16
High for the week
3.91X
3.91 3-16
Low for the week
3.91/-16
Germany Bankers' Marks23.738/
23.7354
High for the week
23.71 X
Low for the week
23.72X
Amsterdam Bankers' Guilders40.24 X
High for the week
40.2334
40.2134
40.22X
Low for the week
Daily Record of U. S. Bent Prices. June27 June29 June30 July 1
--- - —
First Liberty Loan
IHigh 1027112 10277st 10277n 102"ii
334% bonds 011932-47-- Low_ 1021288 10222:8 1021282 10212n
(First 3348)
Close 1021122 1021122 102un 10278ii
60
53
193
44
Total sales in $1,000 units-Converted 4% bonds ofHigli
1
----------1932-47 (FIrst 4s)
Total sales in $1,000 units__
Converted 4%% bondsrigi
of 193247 (First 4,28) Low_
Close
Total sales in $1,000 unitsSecond converted 432% High
bonds 01 1932-47 (First(Low_
Second 434s)
Total sales in $1,000 units-Fourth Liberty Loan
{High
Low_
4Si% bonds of 1933-38
Close
(Fourth 4%s)
Total sales in $1,000 units__
Treasury
(High
Low430, 1947-52
Total sates in $1,000 units-(High
Low_
Close
Total sales in $1,000 units{CloseHigh
331s, 1946-1956
Low_
4s, 1944-1954
Total sales in $1,000 units{High
Low
Close
Total sales in $1,000 units__
illigi
332s, 1940-1943
Low.,
Close
Total sales in $1,000 units__
High.
Low_
3345, 1941-43
Close
Total sales in 81,000 untlt__
(High
3%s, 1946-49
Low_
Close
Total sales in $1,000 units3348, 1943-1947
July 2 July 3
-10278st 102"n
1021282 1021282
102ien 10277si
17
19
-------
-3-lin 10
31;22 10-3-12-22 Minn
1033in 10.
3.142 1010370n 10370n 10370n 10310.2 103"ri 103un
1031222 1031082 1031082 1031022 1031222 1037711
45
6
32
53
18
14
---------------------------- -------------------- _---1042222 104":, 10427ii 1041in 10475,1 104",,
104",,
10477ss 104"n 104",, 104",, 104",,.
1047482 104"ii 1047in 1047in 104"22 1047in
103
175
147
38
191
59
--------- 11377n
-_-_ 11377n
.------ 113"12
------- 11317n
3,711
1
_
100
---..
------------10810,,
10815i, 10-8Wn 108un
---- 1081088 1081182 1081118, 108H.
-..----- 1081088 108"s: 10850as 108",2
1
50
1401
-1
106",, 106',,
— 106",, 106",, 1061832
10014,, 106',,
---- 101377,2 1061% 106",,106w
10674ii 1067ai
---- 106"si 1067% 106"st
1
2
50
6
75
---- 102"ts 103
---- 1022022
__ 1022282
____ 1022382 1021282 1021722
---- 1022,81
---_ 1021222 103
1023282
---- 1022228
12
1
-11
10ii632 102Isst 1022832 1022,31
---- 102"ta
1022228 1022382 1022222 1022722
____ 10277n
10278n 10277n 1027in 10277n
---- 10211n
3
16
101
1
1021628 102•388 1022222 1021282
------102%3 1021,32 10277n 10207as
-----10278,1 102771, 102%1 102"32
-----5
47
30
15
----1014n 1017n 1101",,10110. 10-1"ss 10115rs
101113 101% 1018,2 10101.'n
%
1.
101"st
101in 101 en 1018,1 10110,1 101% 101nw
19
88
53
123
61
59
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 let 434s
103,
s, to 1037n
45 4th 4148
104"si to 10477si
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 69.
A complete record of Curb Exchange transactions for the
week will be found on page 97.
CURRENT NOTICES.
-James Talcott, Inc., has been appointed factors for the Dark Manufacturing Co. of Doylestown, Pa., manufacturers of upholstery fabrics,
the William Mendelson & Co., Inc., converters of textiles, and Brucetown
Wollen Mills, Inc., of Clearbrook, Va.
-Pierrepont E. Grannis, formerly of Grannis, Doty & Co., and John H.
MacMurdy, formerly of Mann, Pell & Peake, have organized the firm
of Grannis, MacMurdy & Co. to deal in bank and insurance stocks. Their
offices will be located at 24 Broad St.
-R. DeF. Boomer, formerly a director of E. H. Rollins & Sons, Inc.,
is to be addmitted on July 1 to general partnership in the firm of Noel,
Berman & Langley, members New York Stock Exchange.
-The New York Stock Exchange firm of Stokes, Hoyt & Co. announces
the admission to partnership of Sanford Griffith, formerly associated
with Otis & Co. and with Dillon, Read & Co.
-Farnum, Winter & Co., 120 W. Adams St., Chicago, and 141 Broadway, New York City, announce that John Coleman Jr. will retire as Partner
at the close of business on June30 1931.
-J.H.Holmes & Co.,120 Broadway,N.Y. City, announce that Ralph T.
Ryan has been appointed manager of their bond department and will
be assisted by Robert C. MacCorkle.
-Robert Glendinning & Co.,Philadelphia,announce that J. A. Harris 3d,
who has been associated with them for some time has been admitted as a
general partner in the firm.
-The New York Stock Exchange firm of C. D. Halsey & Co., established
over 35 years, announce the removal of their main offices to 90 Broad
St., New York.
-F. B. Keech & Co. are opening their seasonal branch office at Bar
Harbor, Me., on July 1 under the management of John J. Kearns, resident
Partner.
-Grenville D. Montgomery, formerly a special partner of West & Co
has become associated with Graham, Parsons & Co.
-Dewey, Bacon & Co. have opened a Chicago office at 105 W. Adams
St. under the management of Hardin W. Masters.
-George W. Hall & Co., 61 Broadway, N. Y. City, announce that
Eugene J. Brady is now associated with them.
-The Chicago office of Babcock, Rushton & Co. has been removed
from 137 S. La Salle St. to 112W. Adams St.
-Bramley & Smith announce the admission of Henry L. McVickar as
a general partner in the firm.
-Charles E. Bayliss Jr. has become associated with Kidder, Peabody
& Co.
1 Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
AID
For males during the week of stocks net recorded here. see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 27.
Monday
June 29.
TuesdayWednesday , Thuiday
July 2.
June 30. I July 1.
Friday
July 3.
i
1
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER MARE
Range Since JO's.
On Oasts of 100-ebarm tots.
Lowest.
11103381.
PER SHARE
Rano for Prato's'
Year 1030.
Lowest.
Highest.
per Mars
Par $ per there 3 per share $ per share
Raiiroad3
per share $ per shorel 5 per share Shares
$ per share $ per share $ per share
7,500 Atoll Topeka & Santa Fe 101) 13234June 2 20334 Fob 24 168 Dee 24212 Mal
4 169 1 16714 1691 4 16612 170
/
172 17334 166 16814 166 16814 1641
4 Sept
1
100 1001zJune 2 10814 Apr 13 100 Dee 108/
Preferred
•104 1041 4 104 10414 104 104 I 10412 10412 .10418 10514 10434 105,4 1.100 Atfautle Couill Line RR...100 78 June 3 120 Jan 23
0514 Dec 1754 Mar
400
100 103
*95 100
101 101
96 .95 101
96
.96 101
Dee
4 Mal
1
/
122
4
1
/
55
24
Feb
4
1
/
87
2
4312June
100
Ohio
&
13altiinore
6478 29,000
6111 6214 63
6112 6412 5912 64
6578 6734 6412 67
4 July
1
7014 Dee 84/
100 6512June 4 8012 Feb 27
Preferred
1,500
71
71
7012 71
71
7012 7034 7034 7034 7012 7012 *70
Dec
June
47
28
Feb
4
1
/
68
2
5018
50
4 Mar
/
841
Aroostook
&
Bangor
200
55
*5512
56
*5412
56
5712 .52
58 .55
4 5938 58
1
59/
June
4
/
1131
11614
Dee
4
/
1061
9
Mar
3
9934June
100
Preferred
90
110 110 *110 111
•10812 111 .110 111 .110 111 ..110 111
44 Dec 112 Feb
100 32 Juno 4 66 Feb 20
Maine
&
Boston
50
.35
50
.40
60
*35
I
60
.40
50
.40
50
.40
557 May
Dee
4
/
61
20
June
4
/
131
2
712.fune
Queens
Par
Tr_No
&
Brooklyn
103
.1114
1318
131, 1318 *1038 1318 •10
1318, .1114 1212 *1114 1318
83 May 6612 MAY
No par 5134May 4 6434June 27
Preferred
800
0312
6412 63
6112 .63
8413 .63
4 6312 6312 *63
1
64/
63
4 Apr 29 8938Mar 2
1
4 Mar
1
554 Dee 78/
624 6112 6218 6138 0212 4,700 Bklyn-Manh Tran v $0 No var 53/
6312' x62
4 6212 634 63
1
64/
64
83 Dee 0834 Bent
11
Feb
9414
21
Jan
per
No
4
1
/
85
vie
Preferred
9212 1.300
8334 90 .90
4 9212 0212, .9012 91
1
9278 92/
.9212 93
4 Apr
1
514 Nov 33/
4 Feb 10
1
9/
3 May 27
512 512 1,600 Brae/wick Perk Ry See No pi?
4 512I •4/
/
41
4 434 *4/
1
4 534
1
534 57,
4
/
4 61
1
5/
4 May
/
3514 Dec 521
4 Feb 24
1
25 2118June 19 45/
4 28,4 23,900 Canadian Paolfle.
1
2814 27/
4 27
1
4 28/
1
26/
4 2634 2738. 2634 28/
1
2814 29
e,
Deo
6 D
36
323
'26 27 June 2 464 Feb 10
4 34,300 Cheepeake & Ohio
1
4 38/
1
3738 3812 37/
4 38
1
33121 35/
4 37
1
4 39/
1
3934 33/
38
"s izet
110
4 Jan 12
1
/
6
2
2
4June
100
3
Alton
&
Chicago
114
1,600
*118
112
112
4
1
/
1
8
13
2
*112
4
1
/
1
112
4
/
114 11
14 Dee 10/
4 Jan 12
/
11
4 Apr
1
38June 18
100
Preferred
72 2,100
34
1
78
1
1l
I
8
1
1
4 1
1
/
4 Dec 1714 MI40
1
4/
4 Feb 10
1
7/
4 June 2
4 3,500 Chicago Great Weetern_100
1
612 7/
4
1
4 6/
/
61
612 7
4
1
4 714 .658 6/
1
6/
714 712
May
Doe
12
25
Feb
4
/
261
52¼
3
4June
153
100
Preferred
26
6,700
2414
2412
24
2412
24
24181
24
25
2434 2538 24
414 Dee 2638 Fab
4 Jan 23
1
8/
318June 2
64 614 3,900 Chicago Milw Si Paul & Pee...
4
/
4 51
1
5/
6
6
6,4
8
612 634
4 7
1
6/
4 Dec 4614 Feb
1
7/
4 Feb 10
1
414Juno 2 15/
Preferred
4 1012 10/
/
1012 101
4 8,300
1
934 11
4 1118 1018 1034'
1
1134 10/
11
2812 Dee 8978 Feb
4,900 Chleago & North Weetern_100 25 June 2 4512 Feb 24
4 34
1
33/
3412' 3312 3412 3312 34
3512 3612 34
3412 36
100 89 June .1 116 Mar 18 101 Deo 1404 June
Preferred
96
*92
200
92
92
92
92 .81
*81
92
92
96
O92
4514 Deo 12154 Feb
27
Jan
4
/
651
2212June
3
&Paelfic_100
Isi
4
1
/
Rook
43
43
Chicago
43
4,800
48
45
42
44
43
4
453
44
47
46
92 Dee 11038 Ma,
100 50 May 29 101 Mar 24
7% preferred
sa
80 .78
80 .74
80 .74
80 .76
*76
80
*77
81 Doe 10414 Ma,
100 50 May 29 PO Jan:18
70
100
70 .68
6% Preferred
70 .68
70 I .67
70 .65
*65
69
69
404 Dee 95 Feb
4June 1 48 Jan 9
1
100 24/
100 Colorado & Southern
4 *2518 404 *2518 45 .254 45 , *2513 45
1
*2518 40/
35
35
Dee 62 Apr
30
24
Feb
424
3
June
25
100
pref
Cuba
of
RR
Cousol
4
/
311
.26
4
/
200
311
*26
31
31
32
32 •25
32
*3112 32
100 10712June 3 1574 Feb 25 13018 Dec 181 Feb
13312 13312
800 Delaware & Hudson
13312 13412 *13312 135
134 134
135 135 *134 135
694 Deo 153 Feb
8
Jan
102
2
eireetern_10()
&
Lark
4514June
Delaware
6712
68
68
1,200
6812
.67
4
683
68
68
4
673
4
673
70
6912
2518 Dec 80 Mar
4June 3 453.4 Feb 10
/
.2318 26
400 Done & Rio Or Weet oref_100 111
2512 .2318 26
25
26
27 .25
26
.2512 29
2218 Dec 6334 Feb
100 1312June 2 3934 Feb 24
4 2538 2434 2534 8,300 Erie
1
2678 2514 2678 2412 26,4 2414 2512 25/
26
27 Dec 6738 Feb
27
Feb
4512
3
June
100
25
preferred
First
200
*35
36
.34
34
34
3412
3412
3512
3712
38 .34
36
.
26 Dee 6218 Feb
5
Jan
4018
1
1712June
100
Seoond preferred
3612
27 .18
*24
35
37 •16
*17
40
4112 •17
*40
51 Dee 102 Mar
4June 3 6934 Feb 24
/
5314 5112 5212 7,100 Great Northern preferred 100 431
5112 5212 53
5434 5314 5412 x5112 54
54
4 Feb
1
1018 Nov 63/
17
Feb
2714
5
1333June
100
Northern_
&
Mobile
Gulf
*1414
20
100
*13
2612
25
*13
17
*14
15
15
18
•18
4 Nov 9814 MAC
1
55/
100 5112 Feb 10 75 Jan 9
Preferred
*20
46
46 I *20
42
20
46 .
.20
46
46 .20
.20
4 Mar
1
3478 Dec 53/
4413 Feb 17
1
/aline
337
100
Manhattan
&
Hudson
2,700
41
40
40
40
.40
4014
4
1
/
40
40
4012
394
3914
38
4 Apr
/
6534 Dee 1861
100 414June 3 89 Feb 24
53
4,900 filInoic Central
5112 5312 5212 5312 52
5112 53
55
54
534 56
58 Des 77 May
37 May 25 61 Jan 23
RR Sec Mock oertirtestrs___
41
170
*40
41
41
4012 41 I 41
*38
42
4112 4134 .41
394 Mar
Jan
6
3
20
2
Mar
34
2
1912June
clOO
vi
'Pros
Rapid
Interboro
1,300
2314
2212
23
2212
2218
2218
4
1
/
23
22
24
24
25
25
34 Dee 8536 Mar
100 25 June 3 45 Feb 26
10 Kansek City Southern
*3012 32
321_ .
31
3112 33 *30
3312 *31
*33
33
33
53 Dec 70 Apr
100 40 June 2 84 Feb 9
Preferred
300
4812 4812
4 4712 4712 *4712 50
1
47/
*46
.4712 51
51
50
.
4 May
1
Nov 84/
40
9
Jan
61
1
80
3714June
Valley
Lehigh
400
4318
4
44,
.42
4212
4318 *4312
44,4 4412
*42
4212
43
.42
84 Dec 13812 Apr
100 6114June 3 111 Feb 9
1,000 Louisville& Nashville
83
83
80
80
80
7812 7812 79
80
80
80
.75
24 June 4213 Sept
4 3314 334 3314 1,700 Manhat Elev modified guar100 30 May 2 39 Feb 28
/
4 3312 3354 3314 3334 *321
1
3414 3414 3334 33/
13 Dec 261
3
413
A,
21 F
Market St Sty prior pref 100 12 June 3 22 Feb 1.8
13
13 .12
314 13
*8
1314 •12
4, *8
34
123
•12
14 Oct
34 Jan 12
*14 1312 .812
14 Apr 18
*14 12
14 14 900 Minneapolis & St Loubi...._100
2,
*14
19
4
1
/
814 Dee 85 Feb
5 June 1 1118 Feb 1))
400 Minn St Paul.888 Marle_100
712 712
7
.5
7121 *5/
4 7
1
4' *5/
1
4 5/
1
714 *6
7
41 Nov 694 Feb
100 29 July 3 45 Mar 11
Leased lines
20
29
29
38
*25
38
.25
31
38 I 31
*25
38
•28
1478 Doe 6556 Apr
_No par
978June 3 2634 Jan 20
4 17
1
8.900 Mo-Kan-Texas
1612 16/
4 15
1
4 16/
/
1612 18
4 1778 161
1
1714 183s 16/
60 Doe 108/
4 Mar
1
100 3934June 3 85 Jan 16
Preferred
61
6112 6112 61
2,500
60
4 6012 60
/
6012 6112 601
61
60
2034 Dee 084 Mar
4 Feb 115
1
100 14 June 3 42/
16,100 Missouri Paeiflo
4 2934 2812 30
1
27/
2538 29
29141 2714 28
3018 28
29
79 Dec 14512 Mar
100 50 June 2 107 Feb 11
Preferred
5,100
72
74
74
75
7212 7212 72
7512 73
4 7534 73
1
74/
70 Dee 132 Mar
100 47 June 11 80 Feb 23
10 Nash Chatt & St Louts
60
*55
55
60
*55
55
60
60 I .55
*51
60
55
.
1 18 July
4 Dec
1
/
18 Jac, 5
*14
1
*1
145lay 28
1
I,'
Nat Rye of Mexleo 28 prof_100
4
1
/
4
1
*/
33
*14
*14 12 94.14
4 Feb
1
Feb 2,4 10518 Dec 192/
13214
2
7112June
New
100
Central
York
96
4
1
/
93
53,960
9412
9212
941
904
9414.
9112
1
97
4
1
/
4
1
/
98
96
Feb
144
Dee
73
11
Feb
88
11
June
40
100
Go....
Louis
48
St
&
Chic
NY
48
47
2.100
47
47
4514
50
4912 50 .48
4912 51
75 Dec 11034May
Preferred
100 50 June 2 let Mar 9
200
*6712 70 .6712 70
*6712 70
*6712 72
73
70 .68
69
Feb
324
Dec
142
24
Feb
227
2
1.1712June
Harlem
&
60
N.Y.
176
*167
20
.16812
176
16712
*167
179
4
/
1681
4'
1763
•167
•16.5 177
4 Dec 13818 Mar
1
67/
7638 7714 5,100 N.Y. N. H. & F1ar1ford_100 63 Juno 2 1)47s Feb 24
76
76
7414 77
4 7612 77 I 7514 77
1
7714 77/
4 Feb 24 10612 Dec 13518 Mar
1
10412June 8 119/
Preferred
114 115
500
113 114
.11114 11334 11212 11212 11212 11212 •113 114
4 Mar
1
4 Dec 17/
1
3/
4J une 26
/
131
538 Jan
4 1134 1238 5,600 N.Y. Ontario & Weetern__100
1
12/
4 1133 12/
/
4 131
1
4 12
1
4 1234 1314' 12/
1
13/
13
Oct
4 Jae
1
4/
1
2 Fee 27
1
1
1
1
600 N. Y. Railways pret___No par
4 1
1
/
4 .
1
/
4
1
/
1 I
78
.
1
1
4 Feb
1
418 Dec 33/
814 Jan 9
e 25
1 y
1:
7 17%1'
24'
100
500 Norfolk Solithern.
4 *412 512
1
4 .518 5/
1
4 .412 5/
1
5/
4. *5
1
5/
*5
6
6
Feb
Dec
265
18118
26
Feb
217
2
139
June
100
Western
&
Norfolk
179
.175
4
1
/
172
SOO
4
1
172/
172 172
183 183 .180 185 I 171 178
83 Feb 9218 Ont
100 89 Jan 8 93 Mar 31
Preferred
91
91
91
30
4 91
1
9058 90/
•0058 91
4 91
1
*90/
.9058 91
4 Dec 97 Fen
1
42/
4 Jan 27
1
3012May 18 60/
100
Pacific
Northern
4
443
7,900
4
1
/
45
4
/
451
45
4
4
/
441
433
45
44
4
1
/
47
46
4734
47
318 Dee 1978 Apr
7 Mar 23
114June 1
100
Pacific Cow t
.134 234 *134 212
3
*2
3
3 I .2
.2
3
.2
4 Mai
/
60 4218June 2 64 Feb 11) 83 Dec 881
4 50/
/
491
4 33,000 Pennsylvania
1
4 4814 49,2 4912 50
1
4 4938 5112, 4815 49/
/
514 511
4 Mao
/
418 Dec 341
0
Jan
4
910
ii
May
100
Eastern
&
Peoria
8
100
•418
8
.4
8
.8
8
7 I *6
7
8
.5
7613 Dee 1644 Apr
100 25 June 11 86 Feb 10
1,500 Pore !Marquette
52
.40
52
*40
45
*40
46
46
47
47
45
44
Dee
May
101
90
25
Feb
924
1
June
50
100
Prior preferred
130
*6212 70
60
60
*5818 60
60
60
58
58
59
.58
9118 Oct 99 AV
100 50 May 28 80 Jan 8
Preferred
10
59
*54
59
*54
59
*54
59
60 .54
*58
59
58
.
4
/
481
Dec
9
Jan
Feb
12112
86
4
June
4
1
/
49
100
Virginia
West
rk
Pittsburgh
50
50 .42
*42
50
50 .35
*35
59
*35
55
.40
4 Feb 11
1
4 Feb
/
78 Dec 1411
50 60"e Apr 27 97/
75
700 Reading
75
78
*7212 78 .73
72
77
72
*72
74
74
Mar 53 Feb
4416
5
Jan
46
50
3
Juno
37
preferred
First
4
1
/
44
.43
4
1
/
44
*43
4
1
/
4478 *43
44
4 *43
1
44/
4478 .43
.43
46 Dee 67 Feb
50 41 May 29 47 Jan IC
Second preferred
100
*4214 4412 .4214 4412
43
43
4 43
/
*4214 43 .421
*4212 43
4 Dec11878 Mar
1
30/
9 June 2 6234 Jan 27
22
6,100 St Louis-San Franols00__100
4 1934 zn 18% 1912 194 1958 20
1
2112 2212 204 22/
tio 17
12;4 De
8
9
27
i
n
r
,
.3.
.1a
Aanyr
4
1,4m
06
3
6
3
7
1
27
e
y
444:
,
7
15
100
First
38
5,500
36
Preferred
35
*34
35
4 x35
1
4 3334 35/
1
4 38/
1
4 35/
1
3534 38/
1,600 it. fouls Southweestern......100
2034 21
21
4 19/
1
4 19/
1
4 2118 •20
1
2019 19/
4 *20
/
211
21
3512
July
94a4
16 May 27 80 Feb 24
100
Preferred
200
40
33
*30
40
.30
1
3314 *29
40
30
.
40
4
1
/
36 2 *28
18 Dec 12/
4 Feb
1
4May 21
1
/
138 Jan 12
No par
34
34
34 28,300 Seaboard Mr Line
18
14
12
%.
5s
53;
12
4
1
/
12
Dee 28 Fell
218 Jan 12
38May 21
100
11
41
Preferred
1
1
2,400
112 112' 112
4
/
112 11
112 112
Dec
88
11
Feb
10918
127
100
Feb
1
6714June
Co
Pantile
Southern
881
8,800
85
86
8512
8678
8612 8234 8412, 83
86
88
87
4 Dee 136/
/
461
4 Jan
1
100 27 June 2 6578 Feb 10
371
4,700 Southern Railway
37
4 39
1
4 33714 3812 38/
1
4 39 I 3734 38/
1
4 38/
1
40/
40
76 Dee 101 Mar
100 53 June 3 83 Feb 10
Preferred
59
4
1
/
59
700
8
,
58
58
,
62
58
•
I
62
6012
62's
6214 6312 62
.
85 Dec 145 Mal
100 90 Mar 10 100 Jan 14
Texas & Paofflo
4 85 .5014 85 •5014 85 .5014 85 I *5014 95 .5014 85
/
*501
4 Dee 1518 Mar
100
5,2 Apr 29 1458July 3
4 1458 7.200 Third Avenue
/
141
141
4 1278 1278, 1314 1412 14
1314 12,4 12,
13
4 Oct 3118 Jan
1
7/
17
Feb
4
/
171
5
*8
June
4
1
/
6
1130
Transtl
Rapid
City
Twin
10
400
10
.8
10
.8
858'
.8
84 9
814 814
4 Dee 79 Feb
448
9
Feb
82
3518June
1
100
Preferred.
*3518 45 I .3518 45
35 I .3518 45
*34
45
*34
35
.34
100 137 June 2 20518 Feb 21 16618 Dee 24334 Mat
Pacific
Union
172
8.000
16812
167
170
4
1653
16812
170
168
83-, J„„ 5 87 May 18
174 17514 16912 173
R214
len 8844 Seta
100
Preferred
700
8
852
8618 8518 8512 .8518 86
85/
4, .85
1
8512 8512 8512 85,2
4 Dec 11741 Aps
/
111
8 June 1 28 Jae 9
100
4 1514 18
/
4 151
/
151
2.900 Wabash
1414 1478' 1414 15
16
15
1614 17
39 Dee 8014 Acir
100 19 June 4. 61 Jan 9
Preferred A_
27 I 2514 27
830
27 .28
29 I .25
2914 2912 2712 2712 .27
10 Dec 35 Mer
9 June 2. 1938 Feb 24
100
4 14/
1
4 12,100 Western Maryland
1
4 14/
/
4, 131
1
4 1312 1412 13/
1
1434 1514 1314 1438 1314 13/
114 Do,, 38 mar
100
914June 3' 20 Feb 24
Second preferred
100
•1312 1674 •1312 161
1512
4
/
•131
8I
167
•1312
15
15
1578
•15
718 Dec 3012 M113
4 Feb 9
1
4 June 2 14/
100
Pacific
Western
*8
10
.9
400
934
9
9
9
9
812 812 *758 10
23 Dee 534 Mao
4 Feb 24
/
100 108May 25 311
Preferred
193
200
1934 .17
4 .18
1
1612 1934 .1712 19/
1918 .1712 1934 .
18
Industrial & Miscellaneous
4May 21 1414 Feb 26
1
3/
8 Dee 4216 ADS
2,900 Abitibi Power & Paper_ No par
4 5
1
4/
5
5
434 434
5
5
4
/
51
5
458 434
36 Nov 6611 Aga
100 15 June 3 52 Feb 36
Preferred
*18[4 1912, •1814 1015
4
/
300
191
.18
4,
181
1912 18
1912 .18
•18
Dec 66 Apt
21
13
2MaY
,
38
&
Abraham
.1131122
Par
37
Straue--No
25
100
*3218
I
37
*3112
37 I .3112 37
37
37
.33
3812 .30
100 100 Jan 8 10612MaY 4 102 Nov 1101
4 Aux
/
Preferred
100
4 *10314 10534 .10314 10534
1
010314 1053.1 .10314 10414 10314 10314 *10314 105/
1414 Dee 3714 M30
24
Feb
2311
par
3
Expreas
1118June
Vo
Adam*
1714
8
163
22,300
1614
41
,
18
1614
4
1
/
4, 15
/
161
4 1618 1738 16
1
1638 17/
8014 Dec 94 Sept
8312 Jan 5 92 Ark 8
Preferred
60
8 8778
87,
88
88 I 8714 87,4 *87
•8518 88 .87
.8518 88
71
Oct 82 Map
No par 22'8 Jan 14 3316 Apr 1
200 Adams Millie
4 2712
1
2514, .23/
2712 25
2712 •25
.2358 2712 *25
2712 •25
4 Dee 344 Juno
4 Feb 2
/
19
900 Addreseograph let CorpNo par 18 Apr 24 231
•1812 10
4 1912 .1812 1912 .1812 19 .1812 19 I .1812 6
1
18/
4 Mar 17
/
412June 3 111
600 Advance Rumely new. No par
6,2 *534
6
812 812
.614 712
.638 714 •614 7
100 1112 .13, 29 2018 Feb 16
10 Dec ON Jan
_.
Preferred..
1
is Feb 27
4 Dee
11
18June 4
Ahumada Lead
4 Mar
/
4 Feb 21
1
par 7014June 1 109/
8713 Dee 166/
Reduetion
Mr
4 Junil
1
2
.
3
ii11;165
..iTY14
IrCi4
8412
itifi
";;F?.
-8734 16 i4i4 I7i4
Feb
6
3
10
30
Apr
21
64
312
Dec
Per
38
ACMlianeeNo
Elea
-way
Mr
Mar
514 *5 5131 *5 5'3
514, .5
514 *5
*5
14 Jan 2
No par
la fan 5
4 Deo
24 Jae
Alas Rubber the
2018June
2
Jan
4
.._.10
Mtn
Gold
VI
Juneau
7
June
Alaska
Jan
014
55
,
1757
Ii"
2T2
"if
1i-1
Is
-iiii:i
-11 -111-4 -Iirs -111-8 "iY
1
•1316 4-1'-* eked prices; no saiee on this day. a En-di ddenil and ex-dents. 0 60% stook dividend paid.
Ex-div deed. p Es-rights.
•
1
New York Stock Record-Continued-Page Z
81
For sales during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 27.
Monday
June 29.
Tuesday
June 30.
Wednesday
July 1.
Thursday
July 2.
Friday
July 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee Since Jan. 1.
On baqis or 100-s1)are lots.
Lowest.
I
•B16 and asked prim; no sales on this day.
Er-dividend. s Et-tient..
Monett.
Highest.
$ per share 5 per share $ per share $ per share 5 per share $ per share Shares Indus. gr Miseell. (Coax.) tor
per shore $ Per share
.7
812
8
8
*8 .
812
812 814
812 Feb 10
800 A P W Paper Co
814 84 *814 812
5 June 3
No par
84 914
84 9
74 814
74 812
8
812
44June 2 1234 Feb 24
No par
84 834 40,300 Allegheny Corp
34
364 35
36
35
36
3334 334 3234 334 3314 3312 3,300
Pre( A with $30 werr___100 2014June 3 591s Feb 25
35
35
3312 34
*3212 40
*30
32
34
32
*31
34
Pre/ A with 840 wart ____100 15 June 3 59 Feb 11
500
32
34
*30
41
*29
*30
35
36
*28
35
*23
35
Pref A without warr____100 14 June 3 5512 Feb 25
200
12834 13314 12713 13213 126 13013 12613 13038 128 13114 12934 133
46,700 Allied Chemical Dye_No per 10234June 1 18234 Feb 24
124 124 *12313 12438 •12478 12913 *125 12938 *125 12918 *125 1294
100
Preferred
100 12178June 12 128 Apr 7
2634 2734 2712 2734 2512 27
2634 2714 2678 2714 264 27
5,000 Allle-Chalruers Mfg___No par 19sJune 3 4234 Feb 26
*13
1578 15
1534 *13
*1234 15
10
5311
15
15
412 2
15
*1
18
200 Alpha Portland Cement No par
8 /day 27 184 Feb 9
1712 1712 17
17
17
174 1774 174 18
1814
2,500 Amerada Corp
No par 1512June 2 23 Mar 21
43
43
4234 4312 *4134 43
*4114 43
*4114 43
*4114 43
400 American Bank Note
10 3434June 3 6234 Feb 15
*5734 60 .574 60
*5814 60
*5814 60
60
61
*5814 61
210
130 54 June 4 6614 Feb 26
Preferred
3
3
212 212
212 212
214 3
314
314
314 314 1,200 American Beet Sugar No Par
44 Jan 9
112June 15
*30
31
3014 3012 *30
3012 *30
3012 *3012 31
3012 3012
300 Am Brake Shoe A Fdy _No par 2578May 27 38 Feb 24
*11414 120 *11414 120 *11414 120 *11414 120 *11414 120 *11414 120
100 115 June 1 1211
Preferred
/
4 Mar 10
734
778
738 .778
7
738
714 714
71s 714
714 734 2,600 Amer Brown Boverl ELM/ par
558June 3 1238 Feb 24
69
69
69
69
69
681, 70
69
69
69
5912 70
400
Preferred
100 31 Apr 29 72 June 12
11078 11434 11014 11312 10914 112
10838 11234 11012 11314 111513 114's 172,200 American Can
25 9214June 1 1204 Mar 26
*149 150 *149 150
149 150 *149 1541
150 150 *14912 15212
Preferred
300
100 145 Feb 4 15212 Apr 30
22121 2074 20741 1972 20
214 2214 22
1934 2014 21
2134 2,800 American Car & Fdy__No par 14 June 3 334 Feb 24
6234 6314 6434 67 1 6514 6778 6518 66
65
65
Preferred
66
550
100 5814June 22 80 Mar to
66
22
2312 2212 2212 1912 2014 *20
201s 1934 20
1,700 American Cnaln
1914 20
No par
15 June 2 4316 Feb 21
4314 4314 4334 44 1 4318 4312 *43
44
44
44
4314 4312 1,400 American Chicle
No par 3312 Jan 2 4858 Mar 20
*1212 1313 • 1312 1313 14
1312 1312 13
13
14
"13
400 Amer Colortype Co _ _ __No par 10 June 11 2114 Feb 27
14
8
912
8
914, 8
918.
834 834
8
574 Apr 29 1412 Feb 16
84
812 812 14,703 Am Comml Aloohol--.No Par
*618 712 *64 712
7
7 1
612 64 *612 712
54June 2 16 Mar 2
712 712', 1,103 Amer Encaustic Tiling...NI° Par
264 27 I 26
2612 2512 2512 254 254 •2514 26
2541 1,100 Amer European Sec*n__No par 1812June 1 3318 Feb 24
26
3534 334 3514 37141 3334 364 334 36121 3534 3712 374 334539,000 Amer A Porn Power___No par 2114June 3 5134 Feb 24
89
8934 *8812 90
90
90 1 *8812 90 I *3312 90
No par 854 Jae 3 190 Mar 20
Preferred
400
90 I
90
65
6612 6412 65
64
64
62
20 preferred
65 t 6434 6414 65
o par 4612June 3 7912 Feb 25
8512 2,603
.79
82 I *78
82
*7914 8178 *78
81
74 Jau 3 90 Feb 26
*78
*78
No
81 j
82
$6 preferred
734 734:
714 714
7
713 *718 8
1,300 Am Hawaiian S S Co
10
614 Apr 27 1034 Jan 9
*734 8
74
741
*412 6 1
6
6 I
612 612 *512 634 *6
500 Amer Ride & Leather_ No par
612 6731
612
11
8 Mar 31
/
4 Jan 7
21
21
21
2114 214 2178 *2114 22
500
100 1012 Jan 8 30 Apr 6
Preferred
22
*21
22 I
22
58
5834 6812 5812 59
59 1 5812 5812 584 5818 584 5912 1.700 Amer Home Pr000cte__No par 4.74June 2 64 Mar 20
2434 2478 2413 2412 2358 2414 2312 2312 2414 2414 244 2412 2.900 American Ion
No par
1814May 20 3138 Feb 9
1534 16141 154 1618 14
1518. 14
914June 3 20 Feb 26
15
144 1512 1514 18 I 17,200 Amer Internet Corp-No Par
*4 1 I
4 1 I
1
114
1
118 Ps
118 *1
112 Jan 9
12June 1
1141 4.009 Am 1., FrancehFoatnne_No Par
1014 1014, *10
1478 1478 1478' *15
412May 1 15 July 3
100
140
15 I
2213, 15
Preferred
23
*15
2114 21741 20
2184 1918 1918' 1814 19
1978 19781 1912 1912 2,300 American Locomotive-No Par 131gJune 3 8014 F'eo 26
*7212 80I •731g 78 1 *70
AmerProteered
75 I *7018 75 *70
100 8934June 25 8434 Mar 6
73
78 I *70
344 3512 3418 3514 3334 3414' 3234 3312 3312 3414 3312 3412 8,700
Mitch A Fdy new_No Par 28 June 3 4334 Mar 19
.3
8318
par
Metals_No
312
Amer
3
312
Mach
2 May 27
3
Js
7 Mar 2
100
*3
3131
312 *3
*3
3141
15
1514 14
1518 1334 1334 1238 1314 13
81sJune 3 234 Feb 24
1314 1314 1312: 3,600 Amer Metal Co Ltd-No Par
*5612 81
*52
100 5312May 21 8912 Feb 5
Preferred(8%)
81 I *524 81 I *5212 81
*5612 81 '
*5612 81
.
1513 16
5 May 29 8972 Jan 20
270 Amer NM Gas pref____No par
154 1574, 1414 14121 14
1112 1112 1378 14 I
14
4014 424 4038 421g 1 3814 42141 3918 4114 40
4134 4034 4158 18,900 Am Power as LI,gbt____No par 304June 2 8478 Feb 26
8912 8912 89
No par 83 June 17 102 Mar 27
Preferred
400
8912 *8958 91141 *9038 9112 9038 9938 *9034 91
7412 7412 74
Preferred A
7414; *7334 74 I 7334 7334 *74
700
No par 7334July 1 84 Apr
7414 7334 7334
7412 7412 *7414 74381 7413 7412 7412 7412 7334 7334 7414 7412
No par 7314July 2 85 Apr 4
Pref A stamped
700
1478 1538 1414 15 I 1334 1418, 1312 1438 134 143s 1334 1414 25,100 Am Rad &Stand San'y _No Par 1112June 1 2112 Mar 20
7341
1
714 738
7
5 Apr 27 1238 Feb 27
734'
712 712 1,000 American Republies.. No par
612 612 *612 712
714
23'4 24
2314 237s 2178 23 I 21
25 1518June 2 3738 Feb 20
234 2318 2412 2338 2414 19,100 American Rolling Mill
49
4934 4914 4914 49
*43
600 American Safety Rasor-No Par 48 June 3 66 Feb 26
4334
49
*48
4914 *48
49
*4
512 *4
Amer Seating v I. o___ -No Par
4 June 2
9 Feb 13
512 *4
512
512 *4
512 *4
512 *4
Amer Ship A COMM__ _No par
12May 29
*38
Ps Feb 27
34'
"8
*38
*3.3
*38
34
34
3
41
*32
34
3012 31
2912 2913
610 Amer Shipbulicling new_No par 284June 29 42 Jan 6
29
2818 31 I 2818 2834 29
29
29
3914 4034 3734 3878 3614 3858' 354 404 374 3918 3312 394 26,500 Amer Smelting &Refg-No Par 2413.1une 3 584 Feb 24
*11812 12013 *11812 120 ,*11934 12013 12012 12012 *122 128 *122 128
100 11712May 14 13312 Mar 27
100
Preferred
90
91
100 8312June 5 10234 Mar 12
92 .9214 02
92
6% mini 2d pref
2,600
*90
92
92
93
92
92
3634 3634 37
500 American Snuff
38
25 3514June 3 42.4 \far 10
37
*37
37
37
33
3714 3714 *37
*10314 106
50
108 108 ,*103 108
Preferred
10234 10312 103 10312 *1034 108
100 102'3 July1 110 June 22
14 14 •178 2 !
175 1,200 Amer Solvents A Chern_No Par
178
*178 2 . •173 2
2
412 Feb 16
l',Juna 16
2
378 378 "314 334 *334i 334 1,100
44 412
314 412
4
par
4
214June 17 1112 Feb 24
Preferred
1912 20 , 18
1918
Z163 1714 1774 1774 18
184 5,400 Amer Steel Foundriee_NVO
111sJune 2 3114 Feb 20
*104 10834,I*104 107 1.104 107 i*104 107 *104 107 *104 107
100 10012June 4 113 Feb 20
Prefemal
*43
4414', 4212 43
*4912 44
4212 4212 42
44
42
44
600 American Stores
No par 37 Jan 7 4814 Mar 10
55
5513' 5414 544 53
58
56
53 I 53
5514 5512 3,300 Amer Sugar Refining
55
100 42 June 2 60 Mar 25
•10234 106 I 104 104 I 104 104 1 3'10412 106 *10412 106 *105 105
200
Preferred
100 98 Jan 2 10812 Mar 16
*834 914
914 914' 9
.812 9
9
*8
84 *812 84
400 Am Sumatra Tobacco_NO Par
634June 3 1118 Feb 13
Amer Teleg A Cable Co
100 154 Jan 12 2312 Feb 18
i.A0i4 1-8434 18014 1843g 179 18212 179 183
8 131.- 1-813151-4 1-i3i38 0-5:665 Amer Tele") A Telat
100 15612June 2 20134 Feb 26
12012 12134 11914 12114 119 119 I 118 119
118 119
11812 121
2,600 Amerleau Tobacco new w I 25 9818June 2 12834 Apr 14
12514 12612 12312 12534 12234 12434 121 125
12238 12413 12312 12538 21,800
Common elms B new w 1.25 10218June 2 132 Apr 14
*129 130 I *129 12934 *129 12934 *129 12914 12912 130 *12912 130
300
100 12414 Jan 3 132 May 5
Preferred
*65
70
*61
70 1 *65
70 1 *65
70
*60
70
*130
70
American Tyne Founders_ _100 58 June 4 105 Jan 16
*90 100
*90 100
*90 100
*90 100
*90 100
*90 100
Preferred
100 85 June 2 11011 Feb 28
5418 5638 55
5638 54
54
57
5558 5314 55
12,600 Am Water Wks h Elee.No par 403sJune 3 8034 Feb 26
5338 55
9918 9938 9912 9912 *9312 9934 9878 9878 9934 9934 *9878 109
181 preferred
400
9834.1u11e 23 107 Mar 19
712 8181
7,8 712
078 714
078 714
514June 3 117s Jan 12
714
7
74 5,300 American Woolen
714
100
2813 3134 3013 31 1 2812 2912 2818
2978 30
30
30
6.800
Preferred
100 2038June 2 394 Mar 23
2
2 1
212 3
24 24
2
24 *214 3
214 *2
700 Am Wilting Paper erfe_Ne Par
112 Apr 21)
4 Jan 23
.10
15 .10
15
*10
15
15 1 .10
*10
16
*10
16
Preferred certificates__ ._100 10 June 2 18 Feb 20
614 614
64 612
534 6 I
6
6
534 534 1,400 Am Zinc 1,...ad & Smelt _No par
534 6
34kIay 26
834 Feb 26
.35
38 1 *35
3914 *3712 3918 *37
39
*33
Preferred
39
*36
39,8
25 26 Jun 1(1 4034 Mar 11
3118 3238 2938 3158 2814 3014 2738 2978 2814 2914 2878 3012 230,509 Anaconda Copper Mlning_50 1834June 3 4314 Feb 27
24
24 I *23
2413 23
23 1 *23
2412 *23
2413 *23
2413
200 Anaconda Wire h Cable No Dar 20 Juno 10 2614 Mar 10
24
24 I *2313 24 I 24
24 I 24
25 1 24
24 1 1.400 Anchor Cap
24
24
No par 1914June 2 $6 Feb 21
•1334 16 I *1334 16 I 13
13 I •12
13 I
15
13
*1178 15
400 Andes Copper Mining..No par
9 June 13 1914 Feb 27
*1114 1134 1012 1114 104 104 1012 1012 1012 1012 *1038 1034. 2,800 Archer Daniels MidI'd_No Par
8 May 18 18 Feb 4
46
47 I 46
4612 46
48 I 49
52 I 4,800 Armour dr Co.(Del) pref...1.00 32 June 2 72 Jan 7
5212 *4714 52
52
2
218
2
218
2
218
212' 10,800 Armour of Illinois class A___215
238
2
218
214 212
612 Jan 6
112May 29
138 112
114
138
114 114 *114 138
113
114
113' 3.500
Claes B
112
1 May 28
25
274 Jan 7
•1414 14341 1312 1434 13
13 i 1313 16
17 I 1,800
113
1634 *16
Preferred
100 1018June 2 47 Jan 8
*534 6 I
6
6 I *512 6 I
6
6
10,600 Arnold Constable Corp_No par
6
7
738 9
358 Jan 2
9 July 3
*534 634' *534 634 *534 634 *534 634 *534 634
30 Artloom Corti
534 534
5 Jan 13 1013 Feb 20
No Par
8
8 1
818 814' 778 818
818 10
914 14.400 Assoaiated Apparel Ind_No par
914
918 1014
534 Apr 24 2878 Feb 10
22
2218 2013 2012' 21
21 I 2112 2112 *21
22
2'
, 2213 1,900 Assoc Dry Goods
No par
1614June
3 2938 Mar 20
"2013 26 .2012 26 I *2012 26
•2013 26
*2013 26
*2012 ^6
Associated Oil
25 20 May 26 31 Feb 18
*1714 1734 1718 1718 *1612 1734 1612 1612 .1613 1714 *16
300 AllGAWISSLine_No par
1734
1612July
1 39 Jan 7
307
.30
32 I 304
30 I *29
81 30
31
*29
*29
31
31
300
Preferred
100 31 June 30 5312 Jan 21
1678 17141 1513 17
1518 164 1534 16
1512 16
1578 1612 13,200 Atlantic Refining
25 1118June 2 234 Fob 24
37
37 I *3718 38
*3718 38
38
38
3734 38
*38
400 Atlas Powder
39
No par 30 June 3 64 Feb 11
8458 85
•85
*8412 86
86
*86
83
86
210
86
86
86
Preferred
100 8433June 27 994 Jan 16
*834 914 "878 9
9
9
878 878 *734 918 *818 918
200 Atlas Stores Corp
No par
7 May 29 1312 Feb 10
*2
3
*2
3
*2
3
n
3
*213 3
*213 3
Atlas Tack
par
No
2 May 15
34 Jan 5
193 20058 185 19512 18012 19013 18014 18712 18112 18812 186 19134 59.500 Auburn Automobile.
No par 1014 Jan 14 29012 Apr 14
•114 134 *114 134 *114 134
1,4 114 *1
134 "1
134
100 Austin Nichols
No par
1
June
17
214 Mar 30
112
•118
114 *14
114
114
112 218
2
213
158 2
5.400 Autosales Corp
No par
2:2July 2
1 Jan 2
*2
314 *2
314' *2
338
2
238
234 413
318 312
750
Preferred
50
2 Apr 28
6 Feb 27
378 4
378 378
334 378
334 4
338 334
334 378 12,700 Aviation Corp
No par
3 Jan 2
61s Mar 2
1538 1714 1512 1713 15
16131 15
1534 1512 1512 1558 16
17,2001 Baldwin Loco WorksNo par
91sJune 2 2774 Mar 19
7514 7533 *7514 83
*7514 78
*76
85
78
78
78
73
80
Preferred
100 70 June 22 10414 Mar 19
•103 104
103 10312 103 103 *103 10412 *103 1041 2
104 104
100 Barnberger(L).t Co prel....100 1014 Apr 30 107 Feb 11
4
4
*338 4
*338 4
*358 4
*338 4
*338 4
30 Barker Brothers
No par
24June 3 10 Jan 2
•3333 40
*3338 40
*3338 40
*3338 40
*333s 40
*3338 40
Preferred
100 3934 Apr 30 60 Mar 10
834 9
878 9
812 9
814 878
834 878
838 0
13,600 Barnsdall Corp elms A
25
53
4June 2 1412 Feb 26
*2314 3113 *2358 3113 *2278 3112 *2278 3112 *227s 3113 *2278 3112
Bayuk Cigars Inc
No par 22 Apr 27 33 Jan 19
*85
8612 8613 8612 *8414 90 I *8414 86
8414 8414 *8414 80
70
First preferred
100 83 June 3 90 Mer 5
*64
6234 6038 603g 6138 63 .62
88
62
644 65
6334 1,200 Beatrice Creamery
50 53,2June 2 31 Marl))
•103 110 *10834 110 *10912 110
110 110 *110 11014 *110 1104
100
Preferred
.10(1 106 Jan 15 111 Mar 16
*5038 53
*511
/
4 53
53
5114 5114 *51
*51
53 .51
53
100 Beech-Nut Peeking Co____20 4412June 2 62 Apr 9
*212 3
*212 3
*212 3
*212 3
*212 3
*212 3
Belding Eleneway Co...No par
4 Jan 30
134June 1
.7712 7778 *7712 7734 7712 7712 7713 7734 7738 7738 7738 773g
500 Belgian Net Rye Dart
7718June 25 804 Jan 22
Prer--- 215, 2212 21
2038 2113 21
2258 1938 20781 1912 21
2134 58.000 Bendix Aviation
Feb 21
2512
8June
No
2
147
par
3914 4018 39
40
38
3914' 3812 3884 3834 39
6,100 Best & Co
32
39
No par 3114June 3 4614 Mar 19
51
64
5134 5312 5038 52,1 50
5218 5114 527g 5214 5312 113,600 Bethlehem Steel CorpNo par 3812June
1 705 Feb 28
11134 11134 109 1114 .10312 110 *109 11012 11014 11134 11034 11014 1,400
Preferred(7%)
100 9678June 8 1234 Mn? 6
•1934 2014 2014 2012 *1934 20
1912 20
*1913 23
*19
20
600 Blew-Knox CO
18 June 2 29 Feb 21
No per
*1858 20
•1858 20 I *183fi 20
20
*1838 20
20
1838 1838
180 BloorningdeJeBrothere_No par 1513 Jan .5 20% Mar 20
_ *94
__ *94
*94
_1 *94
____ *94
Preferred
May 15 98 Ian 9
85
100
•____
*94-8-i '*____ --82 ,•____ -82
-82 *____ 82 *____ 82
Blumenthal dr Co Deer.._._100 63 June 3 8212May 11
34
35
3312 3514 3214 3334' 32
33
33
34
34
34
9.000 Bohn Aluminum & lir„No Per 2013 Jon 2 404 Apr 9 I
In 18i4
PER Sllei
Range for PreTlass
Year 1930.
$ Per *hare $ per star.
el Dec 1512 Fe2
534 Des 354 Mar
3614 Dec 10714 Yet
374 Dee 9914 Ape
8434 Oct 9614 Feb
17014Dec 843 Apr
Dec 1284 Apr
8114 Dee 68 MAO
1112 Dec 4214 Mar
1612 Dec 314 Jung
4512 Nov 9714 Mar
6014 Nov 664 Jan
Jen
24 Dec 12
30 Dec se's Mal
118 July 128 Feh
64 Oct 2134 Apr
38 Oct 84 Sept
104/
1
4 Dec 15612 API
, Oct
1104 Jan 1507
2418 Dec 824 Pet
Jan
70 Dec 110
27 Dec 6974 AM
35 Dec 5114 Apr
Oct
1574 Dee 22
Jan
Nov 83
8 Nov 304 "Iar
17 Dec 594 Mar
25 Dec 1014 Apr
84 Dec 1114 Apr
6312 Dee 10014 June
73 Deo 101 May
1
4 Mar
54 Dec 33/
7
AM'
Vs Dec
812 Dec 3474 Apr
484 Dec 69% Mar
2412 Dec 417a Mn;
le Dec !Ws Apr
4 Dec
4 API
7 Dec 35 Feb
184 Dec 105
Jan
6814 Dec 1184 Mar
2934 Dec 45 Sept
3 Dec 144 July
134 Dee 5112 Feb
80 Dee 116 Feb
20 Dec 95 Mar
3$4 Dec 119% Apr
90 Dec 107 Mar
7412 Dot 874 Sept
744 Dee 8912 Sept
15 Dee 3934 Apt
Dec 87 Mar
28 Dee 1004 Feb
5213 June 67/
1
4 Apr
5 Dec 2612 Feb
332 May
12 Dec
85 Dec 5412 Jun!
3712 Dee 7912 Apr
131 Deo 141
Apr
93/
1
4 Dec 1034 A112
35711 Dec 434 Jan
1004 Jan 112 Sept
2 Dee 2212 Mar
54 Oct 834 Mar
2312 Dee 524 Mar
110 Dec 116 Feb
3812 Des 5512 Apt
3914 Dec 694 Mar
95 Nov 110 Apr
5 Nov 2814 Feb
15 Doc 2713 Feb
17038 Dec 27414 Apr
9812 Dec 127 Sept
9914 Dec 13078 Sent
120 Feb 129 Sept
95 Nov 14114 Apr
1034 Nov 114/
1
4 July
4731 Dec 12472 Apr
98 Nov 1084 Oat
5/
1
4 Nov 2014 Feb
153s Nov 4478 Feb
11
/
4 Dec
9 May
1014 Dee 443t Feb
34 Dec 1774 Feb
26% Dec 7974 Jan
28 Dec 8112 Apr
19 Dec 5314 Feb
24 Dec 51% Apr
10/
1
4 Dec 3714 Apr
134 Dec 2914 Apr
80 Dec 8374 June
234 Nov
84 Mar
434 Mar
112 Nov
2514 Nov 65 June
4 AD?
34 Dec 13,
04 Dec 2018 Apr
20 Nov
Ms Mar
19 Dec 5012 Apr
50 Dec 51 June
33 Dec 80/
1
4 Jan
48 Dee 654 Feb
1.61
/
4 Dec 511
/
4 Apr
42 Dec 106 Mar
97 Nov 106 M*
734 Dec 37 May
812 Mar
24 Oct
1
4 Apr
0038 Nov 263/
7 May
leis Dec
Decls
10/
1
4 Mar
4 Deo 25 Mar
97/ AM'
2/
1
4 Dec
38 Feb
1934 Jun
Dec
116
84
Jan
103 Dee 1104 Feb
8 Nov 2034 Mar
58 Dec 91 Mar
Si, Dec 34 Mar
23 Nov 68 Pet
89 Dec 101 July
62 Des 92
Apr
10114 Mar 1094 Sept
034 Nov 704 Jan
214 Dec
53s Jet
761.. Dec 854 Met
144 Nov 57/
1
4 Apr
3038 Dec L(114 Api
4718 Dec 11014 AD!
1124 Dec 184 Ma:
23
Oct 4113 Am
1614 Dee 3978 Au?
98 Dec 1(14
Oct
74 Feb 90 Apr
1514 Nov 69 Apr
1203,
New York Stock Record-Continued-Page 3
82
For sales during the week of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday
Saturday
June 27. I June 29.
Tuesday
June 30.
Wednesday
July 1.
Thursday
July 2.
Frida1/1
July 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis .1100-share
Lowest.
Highest.
PER SHARE
Range for Pref1011,1
Year 1930.
Lowest.
Molest,
Shares Indus.& Miscall.Won) Par $ Per share $ per share $ par share $ Per slate
SiPer Share 1 $ per share $ per share $ per share I $ per share $ Per share
No par 60 Jan 6 x8614 Apr 15 59% Oct 78 Apr
Bon AIM class A
*6014 65
*6014 65 *6014 65 *6014 65 *6014 85 *6014 65
8 Feb 20
1 June 13
5 Mar
No par
1 Oct
1 100 Booth Fisheries
*1
112
112
112
112
*1
112 *114 112 *114 2
*1
let preferred
100
3 June 13 1714 Feb 20
5% Dee 83% Jan
7
300
*5
7
*5
9
*5
8
'35
15I 714 8
*6
Mar
20
47
June
1
76%
Jan
DO%
Ma1
Borden
Co
25
6012
61
29.600
607
8
597
8
5918
5934
5812
6014
591s
601s
61
6034 6114
10 1412June 2 3034 Feb 27
15 Nov 50% Mae
21
2134 2013 2112 1932 2014 1918 2018 1934 2012 2014 2034 13,800 Borg-Warner Corp
232 Mar 18
5 Mae
114May 22
34 Dee
50 Botany Cone Mills class A__60
114 *1
114 *1
114
11
*1
114
114 114 *1
'
1
1212 Oat 25% July
1412 44,500 Brim Manufacturing_No par
814June 2 22% Mar 25
1312 1412 1338 1414 1358 1438 14
15
1378 1438 14
15% Nov 35% Apr
18
1,200 Briggs & Stratton
No par 15 June 1 2412 Mar 24
1712 1712 18
1812 1813 19
1812 1812 1812 1812 *17
2 Jan 2
1% Dec 2214 Mai
500 Brockway Mot Truck-No par
5% Mar 2
212 212 *212 3
212 212
234 234 *214 2341 *214 213
13 Dee 25 Ape
20
Preferred 7%
100 1012 Apr 22 26 Feb 17
*1212 19 *1212 19
19
O1218 1912 *1218 1912 1914 1914 19
98% Dee 17814 Mal
5,400 Brooklyn Union Gea_-_No par x99 June 1 129% Mar 19
114 11214 114 11334 115 11413 117
1
1161z 11734 11414 116113
33% Nov 42 Fob
No par 3234 Jan 22 4314 July 1
34134 4213 1,600 Brown Shoe Ce
1
4 4278 4278 '
42 42 *40 4112 4112 43/
397,1 41
10 Dec 30% Mar
*912 10
500 Brune-Balke-Collender-No par
10
8 May 4 15 Feb 13
10
10
10
11
10
10
1112 1112 *10
11% Dec 81% Max
14
1,000 Bucyrus-Erie Co
19 1134June 2 20% Feb 19
1412 1412 *1314 1414 1314 1414 1313 1313 14
1412 15
Preferred
3
34%
Feb
10
21
Deo 43 Mar
2413
2412
2
4
412
0
0
0
10
2012June
1:
2412
2413
24
2412
I
*2314
2514 2514 23
,
4 25
Preferred (7)
100 104 June 24 114 Apr 21 107% Jan 117 Sera
*10214 109 *10214 109 *10214 109 *10214 109 *10214 109 *10214 109
532 Feb 25
Budd (E (31) Mfg
3 Dec 16% Apr
No par
*312 4
212,June 1
*334 4
418 418 *334 4
418 414
No Zolf
918 912
938 938
912 10
978 10
8,300 Budd Wheel
712 Apr 29 13 Feb 27
6% Oat 1432 Feb
912 934
912 10 I
No par
812.7une 6 1534 Jan 30
912 Dec 413 Mar
934 1014 1034 1034 1038 1112 *1012 1078 *1018 1078 1014 1013 2.300 fiulova Watch
No par
1258 1214 12141 2,100 'Millard Co
812June 3 23 Feb 26
Ws Dec 74 Apr
1258 1338 1313 13121 1214 1212 1114 1218 12
Burns Bros new olAnew No par 1212June 2 1212June 2
1612
1612 *11
1613 *11
1612 *11
*10
101 *1012 16121 *11
8112 6
New ohms B v t(3.---No par
3 June 23
3 June 23 ---- -*112 6
*112 6
*112 6 1 *Ds 6
*112 6
100 22 Mar 17 115 Jan 20
Preferred
7134 Dec 155" Feb
*5113 63 *5112 63 *5112 63 *5112 63 *5112 63 .5112 63
18% Dee
2518 263a 2518 2638. 2438 2558 2434 2618 2434 2534 2518 2618 14,000 Burroughe Add Meets...No par 1918June 1 3814 Feb 9
No par 17 Apr 23 31 Feb 24
2112 Dee 48% May
2212 2312 2212 2234 2214 2214 2214 2234 23 2314 2,600 Busk Terminal
2112 23
100 70 Apr 23 104 Jan 23
Debenture
*8112 90
110
85
85
97 Nov 110 Mae
85 85 I 85 85 *8034 85
*85
90
29
Bides
pre/
100
9512
Apr
Bush
Term
113
Mar
17
101
101
80
101
101
Oct 118 Apr
*101
105
108
*99 100 100 100 10018 101
vs *1
134 Feb 20
*1
%May 7
100 Butte & Superior Waled-10
13±
1
118
1
1181 *1
12 Dec
514 Jan
11
*1
*1
5
ramie 19
212 212 7,000 Butte Copper & Zinc
238July 2
212 258
212 213
1% Dec
414 Feb
238 212
2
212.
2
2
9 June 2 2032 Feb 26
NO par
1112 1,000 Butteriak Co
10 Nov 29% Feb
*978 10 *10
10
1162 11341 1114 1134 10
111
11
3638 3778 58,500 Byers & Co (A 181)
No Par 2332June 2 9934 Feb 20
33% Dec 112% Apf
3412 375± 3618 38
38
3858 3612 39141 35
36
100 80 June 2 1067, Feb 24 106 Dee 114 Jan
Preferred
*8014 95 *8014 95
95 *8014 95 *8014 95
95 *81
.081
2614 26381 2.500 California Paoldng-No Par 2012May 1 53 Feb 16
411
/
4 Dee 77% Mar
26
26
2534 2638' 2512 2578 251s 2518! 2534 28
10
IzJune 29
1%Mar 2
2% Feb
58
V 2,200 Callahan Zlne-Lead
% Dee
52
52
*12
52' *12
581
*12
511
58
12
35 '3412 37
2832 Dec 89% Jan
800 Calumet & Arnim:re Mitring-20 2312June 2 43% Mar 17
1
4, 35
38
36
3634 3514 35/
38
38 *36
25
5 June 2 11% Feb 24
734 Dee 83% Jan
714 714 3,400 Calumet & Heels
7
7141
7
714
818 858, 713 8
812 81
10 Nov 30 Ma.
200 Campbell W &0 Vary-No par 1014June 20 16% Mar 25
1134 113 *1012 1134' *1012 111 *1012 1112 *1013 1138 *1034 1138
3011 Des 75% Ma'
44
44s 4234 44781 4234 43 24034 424' 4114 4234 42 4212 8,400 Canada Dry Ginger Ale Na Par 29% Jan 19 45 June 25
1724 Jan 2 26 Mar 24
No pa
1612 Dec 3414 Mal
400 Cannon Mills
/
4 203± 2012 *201s 2112 *2014 2112
*2014 213 *2114 2134 2034 211
0% Jan 8 16 Feb 26
100 Capital Admirals el A.-No Dar
*15
16 I 1534 1534 *1518 16
712 Dee 28% Apr
*1538 171 *1538 16 *1514 16
60 29 May 18 36% Feb 25
29% Dec 42 Mar
Preferred A
*3014 39 '53014 39 *3014 39 *3012 3713 *3012 3713 *3014 3712
100 5912June 3 13112 Feb 24
83% Die 36234 AP
8738 9112, 8758 9314 8918 9338 . 8813 9358 8934 92 472,603 Case Gil CM
8734 917
Preferred eertifleates-100 95 May 14 116 Mar 21 118 Dec 132 May
*100 105 *100 105 *100 105 *100 105 1*100 105 *100 105
22 Die 7934 Apt
2578 2638 12,700 Caterpillar Tractor----No par 2112June 3 5212 Feb 17
2714 25
2678 273± 26
2612 2518 2534 2518 26
2 June 5
4 Feb 27
Cavanagh-Debbi Ine-No par
1% Dee 13% Jan
2 3
*213 3I
'2'2 3
*234 312 *212 312' *212 31
100 15 June 9 26 Mar 7
24 Dec 75 Jan
Preferred
*1012 2212 *1012 2213 *1012 221 *1012 2234 *1012 2234 *1012 2284
res Dec 2032 Oot
814May 20 16 Fob 25
1312 1,400 Celanese Cory of Am__No par
131
1234 1234' *1234 1334 *13
1334 13
1212 1212 13
No par
518 Apr 24 1432 Mat 2
8 Dee 60 Mar
*613 8
712 712' *7
8
500 Celoter Corp
7
8/
1
4 *814 912 *612 8'±
334June
Mar
21
No
par
3
13
3
4
3
Dec 12 Sept
Certificates
*512
71
*513
712
8
*512
7
*6
*512
714
*7
8
17% Doe 84% Apr
Preferred
No par 14 June 1 8734 Mar 21
181 *1812 20 I 20
20
*1812 20
40
18
25 *19
24
25
12 Dee 3012 Ma/
22
22
227
2334' 24
24 '
32378 2418 3,100 Central Aguirre Asso....No par 1712June 3 24% Jan 9
*23 2314 23 23
212 Jan 6
614 Feb 21
51
2% Dee
512' 5
*434 512 1,500 Century Ribbon Meis..No par
5
8% Mar
512 5'2
434 434
514 512
100 50 May 28 70 Feb 26
51 Feb 6914 July
60
Preferred
60 1 *55 60 *55
50
60
60
*58 60 *58 60 *58
21 Dee 65% Jan
2014 21
19/
1
4 204 19
20
20
20
9,500 Cerro de Paseo Copper.No Par 14 June 3 3012 Feb 24
22
23 233s 20
2% Jan 2
714 Mar 23
2 Dee 15% Feb
2,200 Certain-Tied Producaa-No Par
538 578
514 514
538 6
6
6
*534 6
*512 6
82% Dec 49 Fen
NO par 30 June 17 37% Feb 25
3114 3134 *31
317
3134 3134
000 City Iee as Fuel
3138 3134 *3118 313
31
31
77%
Jan
14
90
Apr
21
Oct 98% Feb
100
79
7978
80
80
Preferred
80
8018
8012
8012
160
80
80
80
80 80
14% Dee 57% Mar
No Par
73sJune 1 23% Feb 7
*1078 11
12/
1
4 11
11
11
11¼ 1034 1118 1,600 Checker Cab
12
1238 11
No par 2712June 2 5412 Feb 24
3214 Dec 8212 Mar
41
4,000 Chesapeake Corp
40 42
3834 3914 3834 40
4014 4084 41
418 43
612 Apr 29 15% Feb 26
7% Nov 37 Mar
912 10
878 914
814 814
834 9'4
918 918 2,300 Chicago Pneumat Tool.No Par
10
10
221s Nov 55% Mar
No par 1512Jtuae 2 35 Feb 26
2018 19
19
Preferred
2018 *1914 20311 19
900
2012 2012 2013 2013 *18
19
19 *19
17
1938
1912 20
20
150 Chicago Yellow Clah-No Par 17 July 3 23 Jan 9 2012 Dec 32 Mar
1912 1912 *___ _ 19
10% Dec 3211 Apr
10 10 June 3 1234 Mar 30
1013 '
310
1012 10
10 *10
1012 *10
1012
100 Chickaaha Cotton Oil
1012 *10
O10
No par 17%June 3 3334 Feb 10
22% Dec 6732 June
2212 2113 2212 2212 2234 2214 2212 3,000 Childs Co
2112 2112 2112 2112 21
2534
Mar
1212June
2
9
14%
Dec 43 AP
No
par
21
2238
2118
23
243
4
Chrysler
Corp
225
8
2213
2314
299,200
223
s
2218 2234 2112
432 Feb 11
No par
2 June 2
212 Dec 13% Ape
312 1,100 City Stores new
31g 312 *3
358 358
312 312' 318 312
312 312
1512 Dee 4412 Apr
1513
Clark Equipment
No par 14 June 8 22% Mar 25
1512 *15
1512 *15
1512 *15
*15
1512 *1518 1512 *15
32
21 Dee 60 Apt
31
*2813 31
*30
31
400 Cluett Peabody & Co.No par 24 May 19 3412 Feb 17
30 *2812 31
*2834 30
30
0114 Jan 105 Ape
100 95 Jan 28 103's July 2
110
Preferred
*102 103 1'3102 103 10278 10318 *103 _--*101 103 *101
No par 133 June 3 170 Feb 24 133% Jan 191% June
14518 146 14638 14638 147 14712 147 147
2,100 Cow Cola Co
147 1473s 14534 147
*5178 52
Class A
No par 5012 Jan 2 5312June 4 48% Jan 53 Mar
52
5214 *52
5214 52
100
5218 *52
*52 5214 *52
45
4514 1,900 Colgate-Palmolive-Peet No per 40 June 2 5012 Mar 18
44 Dos 64% May
45 45
4478 45
47
46
4612 4514 46
46
100 101% Apr 21 104 Feb 16
6% preferred
97 Mar 104 Dee
600
*1024 10212 10238 10238 102313 10212 10238 10238 *10214 10238 10238 10238
9 Jan 30 1712Juno 28
1512 1578 16
No par
12 Oct 3534 Feb
1613 11.700 Collins & Allman
1512 1612 1512 16
164 1714: 1558 17
Preferred nos-vetleg.....100 71 Apr 30 84 July 2 73 Jan 92 May
84
84 '
8414
80 83 I '
382 84
84
500
8334 8334 *83 84
9
*8
9
200 Colonial Beacon 011Co_No par
712.7une 6 1014 Jan 8
*8
9
712 712
8/
1
4 814 *8
884 Dee Ws Ape
*738 9 I
17 I 1614 1714 1678 177s 1812 1834 4.900 ColoradoFuel&Iron new No por
934June 2 1912.1une 27
18
1912' 1658 1912 16
80
Dec ICI id
82 25,900 Columbian Carbon ye co No par 55 June 2 111% Feb 25
78 82
79
8118 79
82
8312 7934 84
a;
76
3438 3358 3478 67,000 Columbia Gas & Elee-No Par 20%June 2 4532 Mar 19
80% Dee 87 Apr
3312 35141 33 3434 3218 3312 3112 3414 33
Preferred
100 98 June 3 10912 Mar 18
,
99 Nov 110 Ape
'102 10434 *104 10434 104 10414' 103 104 10414 10414 105 105
8 June 2 1614Mar 13
7% Dee 3732 API
9
511 11
1012 1114 1038 1138 108,300 Columbia Graphophone
934 10'4
988
958 1114
934 1038
15% Die 40114 AIM
*1714 1734 1,400 Conneerolai Oredit-.....No Par 13 May 27 2314 Feb 26
18
18
18
18 I *1712 1814 1712 1878 18
18
81412 3514 *3412 35
50 30%June 3 3512 Feb 26
3012 Dec ‘482 Ape
35
Class A
3412 35
*3412 3518 3412 3488 35
600
25 21% Jan 20 2412 Mar 111
2012 Die 28 APe
24
24
21
333
Preferred B
23
24
2378 2378 23
*2212 24 I *2212 24
7614 Jan 9515 Sept
8812
lit preferred (635%)-100 75% Jan 29 89 June 30
60
89 .85 8812 *85
8812 *85
8534 8534 *85 8512 89
21% Die 56 Mae
2358 2834 2,500 Corn Invest Trust---Ne Par 22 May 26 34 Mar 19
28
28
28
2734 2858 28
29
2714 2878 *27
Cony preferred
80 Jun
86
300
No par 82 Jan 20 90 Jan 26
87 Ma,
86
89
85 85 *85
*84 85 I *85 87 *85 87
7
re ilea
8 Feb 27
Warrantsstamped
2% Dee
6 Oet
.338 458 *33± 412 *358 411 *318 412 *318 412 *318 4
No par 1034June 2 21% Feb 24
14 Des 38 Apr
1518 1418 15
1434 1518 1434 1514 26,100 Comm Solvents
1558 15781 1518 1534 14
Feb
24
Dec
No
par
2June
2
12
712
AO
Commonw'1813
i
Sou-Yu
20%
67
39,000
812
87
8
85
8
87
8
858
81
,
83
4
9
812
98
1
5s
8%
8312 Dec 104% June
16 preferred seriee
No Dar 90 June 8 10032 Mar 18
9512 9512 9534 2,000
05
9534 95 95
9458 9458 95
95
95
Conde Nest Publioa-No Dar 30 June 3 34% Feb 16
31% Die 57 Max
31
*31
32
*30
31
*30
31 '
330
*30
31
*3014 31
6% Jan 2 1234 Mar 27
512 Dec 19% Mar
1114, 107s 1114 1114 1134 1105 1138 5,400 Congoleurn-Nairn Ine-No Par
1134 1214 1112 1238 11
No par 1812June 2 8024 Mar 10
18% Sep
66% Mar
20
200 Congress Cigar
2312 1914 1914 *1912 2313 20
21
*19
23 *19
*20
24% Die 59% Mar
*3412 37
600 Consolidated Cigar_No par 25% Jan 8 3734June 27
3414 3734 *3412 37 *3412 37 *3412 37 *3412 37
100 55 Jan 2 73 Mar 19
53 Dec 80 Mar
Prlor preferred
70
68
68 *65
68 *65
6412 6712 6512 6513 65 65 *65
715
7
718 73±
71, 7t
334June 3 15 web 17
7% Die 27% Mar
7
71,
713 734
712 712
3,100 Carmel Film indua....No pat
18 8
1212 Dec 28% Jan
Preferred
No Par 10161une 2 18% Feb 17
*1418 1412
14
400
1413 14
1418 1418: 1412 1412 1413 1412 *14
No par 8212 Jan 2 109% Mar 19
7814 Die 136% Ard
9812 1003± 9614 9938 9514 9734 9538 9812 9634 99
9812 100 121,200 Consol Gas(NT)
No par 10112 Feb 27 x10614June 30
9912 Jan 10512 Sept
Preferred
10514 10558 2,300
10514 105141 10514 1053±210434 10613 10512 10534 10538 106
1% Mar 18
14 Jan 2
14 Dec
2 Jan
52 11,800 Consolidated Textile...No par
513
12
52
4
12
52
12
84
34
34
78
814 Jan 0
3 June 3
612 De
3212 Feb
*334 4
500 Container Corp A vo2 No pat
338 338 *334 4
334 378
*312 334' *312 334
29
par
118May
Dec
B
voting
No
3
Jan
12
2
*118
11
Clam
114
/
4
400
Feb
114
*118
114
*118
8%
118
138
*114
11
/
4
114
1634 De
914June 2 80 Feb 26
5212 Feb
1414 1512 5,300 Continental Bar el A_No par
14
1334 1414 14
14
15 I 14
1412 144 14
2 De
3% Feb 2
Class B
No par
114June 3
7 Feb
178 2
3,300
178 178
134 134 *134 178
178 2
178 178
62 Dec 0412 Feb
100 44% Apr 30 TN Feb 27
Preferred
5834 6012 1,900
57 57
58
58
5612 5612 55 5638 5514 57
4312 Dec 71% Max
19,900 Continental Can Ine__No par 403sJune 3 6234 Mar 26
5212 5378 5234 54
5348 5534 5334 5514 5214 5334 5218 54
11
11
11
*1012
Fibre_No
par
Feb
27
9% Dee 87% Apr
Diamond
Is1sJune
2
167
8
1118
Cont'l
900
*1012
1114
*1012
1112
*1012
1078 1158
10 34 June 1 5178 Fob 24
8714 Dee 77% Mar
4334 43 4334 4312 4312 1,900 Continental Ins
445 4478; 437 4414 24234 4334 *43
212 Nov
413 Feb 27
214J une 3
258 278 3,500 Continental Motors...No par
258 234
234 234
814 Feb
25s 258
238 234' 238 234
5 June 2 12 Feb 13
734 Dec 30% ADI
N par
834 918 32,100 Continental 011
838 9
838 878
838 914
812 038
912
9
-No
par
Feb
24
8%
Die
534 64! 53± 588
514 512
514 558
Continental
Shares
312May
2
12
538
40%
13,400
Apr
5'8
534 6
8658 Feb 17
65 Doe 111% Ayr
13,900 Corn Prod eta Refining.......25 5534June
7218 7538 741g 7512 27312 75
74
753± 7312 7412 7234 74
100
146%
Preferred
Jar
6
152%
Apr
2
140
Feb
151%
80
Oct
1493
4
14918
14918
14934
1493
4
14913
15312
*149
3
4
*14934 15312 *14934 15312
No par
18 Feb 27
712 Dee 83 Feb
614June
912 978 6,200 Coty me
97 1014
834 9,2 *914 918
878 938
938 1038;
3413Mar 11
Wheat
No
par
Jan
Cream
of
2612June
3
25%
29
300
353.
2812
*28
Mar
29
*28
*28
28
28
*2734 29
2812 2812
100 1214June 1 19% April
0 Jan 2912 Mae
1812 *1512 1858 187e 1912 2,600 Ores Carpet
1884 1834 187s 1878 1812 1914 *17
412 Jan
834 Feb 25
$14 Dec 22 Jan
800 Crosley Radio Corp....No par
5
512 *434 7
'6
712 *6
712 *513 712 *512 712
2412
gibs
Seal......No
par
1814June
Feb
Crown
Cork
&
24
81
Dee 5932 Apr
*23
2412
*23
2412
*23
25
I
*23
2412
*23 25 *24
87. Jan 12
2 June
4% Dee 1812 Feb
Crown Zellerbesh
No par
314 *278 314 *234 314 *Vs 314
*3
31
312 *3
33
Steel of Ameoloa 1
3038June 2 63 Feb 11
6012 Dec 03% Max
Crucible
52
4714
4714
11.900
4614
5234
50
5112
473
4
4978
47
50
4814
100 80 June
106 Jan 8 10112 Dee 117 Mar
8912 90
90
93
*8714 90
8918 8918' *8912 90 I *8912 90
No par
3 May 1
2% Deo 591* May
5% Jan 8
*438
5
5
47/1 538
478 478
5 I
5
412 41
eProducts_
1 Oct
15
e
C
arr
atr
e
d
No
3
sJune
2% Jan 8
112
1s
13,300
0
Cu
Pr
ba
Par
178
7 Mar
112
114
13±
112
15±
18 138
18
212 Apr 30
6% Mar 24
2 Dec
8,500 Cuban-American 8ugar__10
9 Feb
434 5
432 45
434 5511
Ai 534
458 514
412 434'
Preferred
16 June
35 Jan 9 20 Dec 5532 Feb
29
*28 29100
29
30
26
29 I 30
26
28
31 I 29
50 3534May 2
48% Mar 10
41
38% June 48 Jan
a?) Cudalay Packing
4112 4112 4112 *40
4132 411
4113 42 I *41
100 Feb 7
500 Curtis Publishing 00..-No par 69 June
85 Dec 126% May
*73 74
74
72 *72
73 4 74
7313 7312 7234 7234 72
par
No
11212June
2Mar
6
Preferred
1
1183
112
11312
500
Dec 12112 Max
11314
1133
4
.113
*11234 HA *11314 11334 113/
1127
8
1127
8
11312
1
4
218June
No par
Vs Feb 27
1% Dec 1412 Apr
312 334 29,100 Ourtise•Wright
VS 314
358 378
353 4 I
338 334
33a 358
100
Class A
3 June 2
812 Mar 2
5
518 4,300
3 Dec 1234 Apt
518 513
518
roa 538
5
5/
1
4 si2
434 5/
1
4
600 Cutler-Hammer Mfg---Ne par 173±June 2 III Jan 7 85 Dec 90% Mar
22/
1
4 2214 23 23 i 22 22 I *2214 2212 *224 227e 2213 2212
Patine 2 23 Feb 24
10 Deo 43% Mu
14
1314 1314 1312 6,300 DaVillOn Chemical
No Par
1412 13/
13
1
4 14
1234 1332 1214 13
1
l•--e
•Bid and asked Woes; no sales on 1101± day. 8 Ex-dlvidend. y Es-dividend and
rights.
517, Mae
4114 4114,
New York Stock Record-Continued-Page 4
83
For sales during the week of stocks not recorded here. see fourth page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT. 1 Sales
, for
Wednesday , Thursday , Friday
1 the
July 1. I July 2. 1 July 3. I Week.
, Saturday I Monday , Tuesday
June 27. I June 29. I June 30.
STOCKS
NEW YORK STOCK
EXCHANGE.
1
PER SHARE
Range Since Jan. I.
On basis of 100-share tots.
1
PER SHARE
Range for Previous
Year 1230.
Lowest.
Highest.
Lowest.
Higlesl,
$'Per share! $ per share , $ per share $ per share 1$ per share !$ per share i Shares Indus. & Miscall.(Cosa
618 $ per share $ per slate
ea712
Par $ Per share 311,62p:iri FebjsL
.7 , ei2' *738 10 1 *738
10
*738 10 1 .7% 10 I *74 10
Debonham SecurItlea___-5 Bch
614MaY
25
913 Dec 30 Apt
•1934 20 .1934 1978 1978 20
*1978 20 ; 20
20 .1978 20
2,200 Deere & Co pre(
20 1914June 9 22 Jan 5
20 June 244 Mai
155 ,155
157 157 i 156 157
15514 15514 15312 157 *15512 157
900 Detroit Edison
100 14014June 2 la%
161 Dec 25534 Apt
14
14
141 15 1 *14
16
1414 1114' 1434 1434 *1412 174 2,000 Devoe & Reynold5 A__No par
June
11
17
1112 Deo 4234 Mat
1912 197
1918 20 , 19
199 19
19 I 1914 20 I 1034 2014112,200 Diamond Matab
No psr 144 Jan 15 23 Mar 6
*2534 25% 2578 26 1 26
26 I 2612 2612 26% 2678 .2713 2811, 5,200 Preferred
25
2438 Jan 7 26o July2
1112 11% 1134 1178 x1138 11% 1114 11141 1114 11141 1114 11%1 2,200 Dome Mines
x1312
Mar 31
6% Jan 1038 Sept
Ltd
8% Jan 2
No par
.
22
2258 22
22 I 2113 22 I 2134 22141 2214 22%1 2238 2234 2,900 Dominion Stores
1418 Jan 2 24 Apr 13
No pa
es
12 Nov 30% Apr
7214 728 7114 7258 7114 7134 71
7134 71
72
7112 73
No par 8112 Jan 2 784 Mar 20
12,600 Drug Inc
57% Dee 87% Mar
*514 6 I
518 518 .5
6 I *5
6 1 .5
6 I *5
6
200 Dunhill Internatlonal_No par
814 Mar 19
5 June ii
5 Dec 4312 Apt
•12
19781 .12
1978 *12
1978 .12
197 ; .12
1978 .12
Duplan Silk
194
No par 11 June 3 1484 Feb 9
13 Oct 19 SePt
•10512 10712 *10512 10612 *10512 10612 •1054 10612' 10612 10612 *10512 10712
100 Duquesne Light lot Prat-_100 102 Jan 5 10834June 3 100
Jan 10835 Oct
*753 812' .75k 812 .758 812 *753 81z1 .78 8121 .
Eastern Rolling Mill___No par
753 812
834June 1 1314 Mar
814 Dec 2513 Jan
150 1561i 15112 154 1 14712 15012' 14514 151 I 149 151121
3
3 25
.le
4%3F
ab
,n 1424 Dee 25514 Apt
*13012 ____ *13012 __ 1 13059 13038 13013 13012 .130 ____' 150 153341 18,400 Eastman Kodak Co-No F.(10 118 June ,
_
30 8% gum prof
1204 Feb 134 NOT
1759 1834 1712 1814 1612 1712 1612 17341 17
1759 17 -1-7-12' 21,000 Eaton Axle & Sprieg___No V
11% Dec 3714 Pet
90
9238 8914 9134' 88
90341 8758 90341 8913 91% 9012 9234; 64,303 E 1 du Pont do Nem
804 Dee 14514 API
*12214 123
12212 12212 .12234 123 I 123 123 1.123 12334 12334 12334:
1pr
400 8% non-vot deb
aarr II 11412 Feb 123 Sept
1g0 1I9
4751:
8:4j.TJ
1 F3E1
nneo
114 uuan
*712 734 *712 734 .712 734 *74 734 *712 734
712 712.
No pa
200 Eltingon Schild
34 Jan 2 1118 Feb 17
213 Oct 1078 Fea
•55
5612 *55
5838 .55
53141 .55
5614' *55
5614 5559 5081
100 Preferred 634%
100 3511 Jan 5 69 Feb 181 8.5 Nov 82 Feb
46
4714' 4418 4659* 4318 4513' 4214 45 I 4359 4512 45
46141 43,930 Electric A utollte
No Par 3418June 2 7438 Mar 10
32 Oct 114% MA,
•107 108 .107 108 ;*107 108 *107 108 *107
108
107 108
10 Preferred
100 106 May 29 110 Jan 7 1034 Oat 1104 Jan
312 312'
314 312
314 314
34 314
312 334
3 8 38 2,200 Eleotrio Boat
No par
4 May 22
2 May 7
24 Dee
4313 4434 4158 4414! 414 43
934 Mn
4013 43 I 4214 4418 4314 44141116,300 Electric Power & Lt__ -No par 3018June 1 604 Feb 26
343s Dee 1034 Ayr
994 100
99
9912' 99
99 I 99
994 99
994 99
99121 2,000 Preferred
208June 6 10818 Mar 20
No pa
99 Dec 112
.
86
API
90 .86
90 I 8813 90
*8834 904' 8959 8958 *89% 91 I 1,100 Preferred (8)
No'a? 80 Juin 8 9814 Mar 17
844 Dee /02 0801
57
5712 .5312 5612 5478 55
5259 53 I 52
5218 55
1,600 Elea Storage Battery
55
•38
4918Jun 2 63 Mar 19
4' *38
No Pa
47li
5s Nov
pee 77
12
*38
9/
1
12
4 Feb
*38
58,
*38
12
*3
8
12
Elk
•1
Horn
Coal
Corp
4Ma
15
114
I%
26
Feb
NO
4 Dec512 Mae
3
ers lr :
103
*3
17
.1,78 178
*58 178
*88 l7'
Emerson-Brant ol A---Pia Pa
84 Apr 24
24 Mar 25
3818 385g •39
Jan
40 I *3813 40
._ 2
40
40
394 41 I 1,100 Endleott-Johnson Cor9.__50 30 Feb 10 41 Jan 7
3878 Dec 59% Jan
*106 115 *106 115 *106 115 .106
115
*106
115
*109
115
Preferred
10 10212 Apr 15 113 Feb 10 1074 Jan 118 No,,
.
36
37
*35
37
*35
37
37
37 .36
374 3712 3712
200 Engineere Public)Sere-No Pa
28'2June 3 49 Mar 12
3678 Nov 874 Apt
*77
8518 .
77
8513 *7578 81
*7578 81
*76
81
.77
81
Preferred 45
7814June 3 87 Jan 27
Ns pa
8059 Dec 1074 Map
•80
83
*SO
82 I .80
82
SO
80
*79
7978 *79
200 Preferred (63f)
279%June 18 91 Mar 12
794.
Vo
pa
894
D*3 10473 Apt
27
28
27
28 .28
2814 .28
2814 .28
204 *2778 28 I
6001Equltable omoe Bldg__No pa
27 June 25 35% Jan 12
354 Dec 5054 June
64 618
612 612 *614 613
64 64
6
614 .6
500 Eureka VATUU711 Clasu-No Pa
612
518June 11 1234 Mar 171
833 OctWI Mae
5
5
5
5 I *5
512
5
5
5
5
*5
5141
609 Evans Auto Loading
4 June 2
5
859 Feb 24
4 Oct3034 'Fob
1812 1812 1812 1812 .1734 18
*1734 18 .1734 18
.1734 18 I
50 Exchange 13uffet corp-No Par 17 June 22 25 Jan 7
2152 Dec274
*38 212
114 114'
114 114 *114 234 .114
234 *114 234
200 Falrbanks Co
Jan 3
3 Mar 23,
28
184 July
7
13
94 Sept1 Jan
9
10 1
83 9
*8
9
9
9
*8
9 I
170. Preferred
411 Feb 25 13 June 271
100
•19
312 Dec,304 Jan
20
*17
20
•17
19
*17
19
1834 1718, .1634 1712
500 Fairbanks Moine
69371,2M
641: 1912 Dec504 May
No par 1578June 2 2
2 14,_,.eear 226
'381
83 *81
83
83
83 . .81
83
81
81 1 83
83 '
30, Preferred
11110 81 July 2 10978 Feb 2 102
Jan 1114 Map
*338 41
*338 414 *333 4141 *313 4
Fashion Park Aasee____No par
I .312 418 •312 4181
3% Jan 21
212 Dot 274 Felt
*33
41
.31
41
*31
35*3012
I
35
35
35
Federal
200
343
I
4
343
Light
4.
&
2
May
Trao
30
1"
481
*84
4 Dec 9014 Mat
88 .84
94
•84
94 .84
94 .81
94 .84
94 I
Preferred
No par 84 June 2
92 Mar 25
85 Dec 984 Ald
*6
61
*6
64
54 6
*512 54 .512 54 .512 5781
200 Federal Motor Truck_No par
512 5;
eb2
5 Apr 28 17
24
,
612 64' *55
812 Nov 1314 FeD
5% Fob
712
312 378. *312 534
54
54
Federal
00
Screw
Woriu_No pa.
1712 1712 1712 1712 17
10 Dec 2512 Feld
413June
171 1718 18 I 1712 1814 174 18 I 1,600 Federal Water Serv A
30 Jan 31
No par 1114June 1
26
174 Dec 43 MAY
26
2534 2534 •25
26
*25
6
.24
3
2512
500 Federated Dept Storee_No par 1512 Jan
514
4712 473
1
,
2
26 May 2
1218 Dee, 33 Apr
40 47
*441 46
441
45
4512
4512
.453
4
46
1.700
I
Fidel
Phan
Fire Ins N Y____10 3614June
•74 94 *712 012 *74 912 *712 912
42/
1
4 Deol 8934 Mae
*712 912 *712 912
Fifth Ave Bus
.
21
No par
678 Jan 16
9 Feb 21
26
878 Dee 104 Apr
*21
26
*21
26 1 *21
26 I .21
28
*21
26 I
Filene's Sons
No par 16 Jan 27 22 Feb 25
.93
99 .93
16 Dec 4012 Jan
99 .95
96
9914 9914 .99 100 .95 103 I
10 Preferred
100 8514 Fob 10 104 May 12
20
20
89 Dec 10014 Sept
20
20
19
1914 19
19 1 1914 1914 .19
900 Firestone Tire .5 Rubber___10 13. Apr 27 20 Jima 26
1934'
.6514 61
1559 Oct 331g Jan
65
6618 64
64 1 •634 64 I 6414 6414 6412 6412
900 Preferred
100 5914 Apr 29 63
56% 58
9
64.11u,e
nt
e 27
532 Oct 87% Mar
564 56% 55
5612 5412 5512 5212 5434 53
5412 7,800 Flrat National Stores-No par 41
an
2
June
23
Des 6138 Jan
59
38
3859
58
12
12
12
4
4
%
4
12
58
38. 1,800 Flak Rubber
V,, par
%June 16
Fob
.
12 Dee
54 Ara
134 214 •134 214 *134 24 .134 21
'134 214 *134 214'
let preferred
100
•112 284 *113 234 *112 212 *158 212
1 May 19
114
Dec 21
Apr
*158 234 .
let pref *Invertible
153 234
•2518 2512 *25
100
1,
8May 15
3 1sfsr 24
114 Dac 2134 Apr
3
26
*25
2512 .25
2512
*25
2512
25
2512
500
Florshelm
Shoe
clam
par
•100 ____ *100 102
A _No
22 June 2 3512 Jan 3
30 Dec 52% Mar
100 100 r31.00 102 I•100 102 .100 102 I
300
Preferred 6%
1114 13
100 9612May 28 10212 Mar 18
*1212 13
94 Dec 10012 Ord
1212 13 1 *II
13 1 *10
13 .11
13
609
3214 35
No var
8 June 2 1984 Feb 25
31
12 Dec 597y Mar
3534 3014 3214 294 3112 2934 3113 3034 3134I 47,100 Follansbee Bros
Foster-Wheele.
12
No pat 21 12June 3 3412 Feb 24
12
.9
374
Dec 10413 June
11
.8
1014 .912 11 1 *334 11
9
9
200 Foundation Co
par
312 Dec 284 Ayr
2738 2753 2759 2734 26
No
44
Jan
5
1613
Mar
9
2634 2612 271z 274 27% 2712 28 I 3,800 Fourth Nat
Invest w iv
I 2012Juna 2 302 Feb 94
1814 Dee 50 Apr
21
2278 2112 2212 z1912 20381 1918 204 194 2012 2018
2134 66,800 Fox Film class A
Na par 1158May 21
2834 30
8 Feb 17 I We Jan 15738 AP:
2834 2958 2734 28121 2753 2812 202 2812 2838 29
9,800 Freeport Texas Co___ _No par 22 June 2 383 Mar
•____ 70 •____ 70 •____ 70
23 I 244 Dee 5512 Apt
65 I._ _ 85
____ 65
Fuller Co prior pref._ _No par 75 Jae 5 4314
.4
412 *312 412 *313 4
85 Apr 6
75 Dee 9511 Mar
.3
312
*3
313
100
03
512
Gabriel
Co
(The)
fa A__No par
45
45
3 May 7 7867358::: :
46
.1vi4''e
e
e
b
b
4612 .
2
1219
5
65
24 Nov 1134 Api
4612 47
47
47
I
47
47
.4612
4712
140 Gamewell Co
34
No par 42 June 2 60 Feb 28
4
*34
78
60 Oct 80 Mat
34
34
58
38), 1,300 Gardner Moto
34'
*53
34
53
5
612 678
53May 2
634 634 *614 64 .
1 Nov
24Mar 23
734 Feb
614 812'
6
6
.6
612'
1,203
Gen
Amer Inveators___No par
*80
82
*80
412 Jan 15
82 .80
Mar
82
318 Dec 1812 Feb
80
80 I .80
85
*82
85 I
100 Preferred
6038 61
100 74 June
5913 6018 5834 5913 5913 60
74 Dec 105 Apr
5934 6013 60
62181 14,100 Gou Amer Tank Car-_No par 5278June 1 83 Mar 12
2513 268 25
1
2659 2312 2514 2314 2434 2434 2534 2514 26 I 19,100 General
531s Dee 111% Apr
AsphalS
64 7
No par 1314June 2 47 Mar 26
7
7
7
7
22% Dec 714 Apr
612 6121 .618 7
614 614 1,000 General Bronze
713 71
No pa
5 June 3
.7
8
*7
,7
8
54 Dec 3812 Feb
712 7121 *7
4
73
8
I
200
General
Cable
•14 I 18
No par
*16
314May 26 13 Feb 24
18
16
4312 Dec 3413 Mar
16
16
16 I 1412 1413 *14
15
300 Class A
.3514 40
No pa
7 June 3 2512 Feb 24
4113 414 4159 4159 40% 41
134 Dee 741
/
4 Fell
4114 4114 *35
4138
260 7% cum prof
3914 3914 38
100
2712May 26 85 Jan 12
3834 38
18 Dec 10984 Apr
3813 3712 3712 *37
37
37
378
I
1,600
General
Cigar Inc
No par 31 June 2 4812 Feb It,
4418 4614 4412 4514 43
4458 4234 45 1 4312 45
30 Dec 61 Mita
4418 45 157,600 General Electria
1114 1114 1118 1114 1118 1114 1118 1118; 1118 1114 1114
No par 33 June 2 54
83143 Feb,
26
4112 Dec 9538 APT
1
1114 5,300 Special
484 4973 4814 488 4814 488 4818 4918' 4813 49
10 1113 Apr 29 1213 Jan 27
1114 Oct 12 Aug
4858 4912 14,300 General Foe&
No
par
514 538
43
June
518 58
Apr 13
56
1
5
1
4 Dee 8114 May
44/
518
5
5181
5
518
5
518; 10,100 Gan'l Gaa & Elea A___ _No pa
.
57
412
60
Jan 2
5934 5934 •57
60 .57
34 Dec 1833 Apr
60
•57
5834 5812 5812
200
Cony
prof
ser A
No par 54 Jan 2 7034 Mar 20
.
30141_ .27
3112 303 303 .30
88
3112
Dec 10812 Apt
*3018
3112
*3018
3112
100 Gen Ital Edison Elea Corp__
313,
3iuI
84
8111, 3814 3814 3712 38 1 39
27 Jt1112. 9 3534 Mar 6
2844 Dee 44/
1
4 Feb
3813 3815 3818, 3,600 General Mills
.
96
'to par 36 June 3 50 Mar 21
9714 .96
9713 *96
404 June 594 Apt
9714 .9313 9714 9714 9712
9714 .96
2001 Preferred
100 96 Jan 19 100 Apr 15
89 June 9833 Des
3878 40
38% 3938 378 3812 373 38121 384 3914 3858 40 1282,50010e0eral
Motes)
10 3118June
100 100
43 Mar 21
10012 10112 101 101
314 Nov 5414 ADS
102 102
10214 10212 10214 10212 5,600 35 preferred carp
Vs par 95 Jan
14% 148 *14
10314 Mar 21
1412 1412 1413 *14
9178 DTO 101.17a Sant
1412 144 1418 14
14 I
800 Gen Outdoor Adv A __ __No par
14
.
518 54
Jan
28
July
28
514 512 .518 512 .518 512
20
34 Dec 411
/
4 Ain
5
518 518
518,
600 Comon
m
No par
5 July
15
16
1014 Feb 25
143 16
1434 15 1 1312 1434 1434 1512 1478 1559 6,200 Gen 1
5 Sept 214 Apt
.113/10 Service
V.,par
818June
58
5812 56
23 Feb 26
55
577
55
5512 1,800 Den Ry Signal
5512 *5473 56
56
56
1254 Deo 5278 Apt
No par
413 414
8418 Mar 2
4
84
56
Oct 10633 Mat
4
48
34 4
4
4
3,900 Gen Realty & Militlea.No par 4612June
*37
41
234June
*37
912Mar 6
40
37
37 I *37
84 Des 1988 API
44 .3718 42
*37
40
200 333 preferred
No Dar 31 June
39
3912 3834 39
7418 Mar 10
3812 3813 38
49 Doe 100 Ard
3938 3914 40
3913 40
1,900 General Refraotorial
Ne par 29 June
.
30
50 .35
57% Feb 28
50 •35
50 I .35
89 Dec 90 Mar
50 .35
50 .35
50
Gen Steel Cast $6 pref _No par 35 June
45
434 518
44 5
11 85 Apr 9
434
412 434
60 Dec 101 Mall
413 434 16,700 GenTheatreeEqulp
412 434
v $0 No Par
2678 2778, 2412 2718 2438 2559 2418 247
3' Apr 2
1512 Feb 18
512 Dee 10 Dee
2418 2514 24
25
45,100 Gillette Safety Razor_No
par
74
2118 Jan
7438 7314 75
7314 7314 •7134 73'2 72
3834May 11
1.8 Dee 1061, Jan
72
72
7314 1.600 Cony preferred
6
6
6
6
7678May 26
*534 614' .6
638
5614 Dec 7034 Nov
618 612 1,800 Gimbel Bros
6% 612
No par 64
O50
508 50
2114Jjuane 22 7% Feb 18 414 Dec 204 API
60
48
48
*4658 50
*4658 50 .48
50
400 Preferred
100 3612June 3 504June 26
11
11
1018 104 1014 1058I 10
39 Dec 824 Apt
101 .10
1014 1014 1014 1,890 Glidden Co
No par
)
65
66
66
66 .
64
734June 3 1818 Feb 20
65 I 65
65 I 64
7 Dee 88 Mar
6578 65% 6578
200 Prlor preferred
6% 7
638 638
48 May 4 78 Jan 15
634 7
612 678 '3612 634
8313 Dec 10518 Mar
612 612 2,000 Chattel (Adolf)
314 3218 30
No
par
32
2959 3078 2918 3034 30
4 Jan 2
a Dec 19 Feb
973Mar 9
304 29% 318 38,200 Gold Dust Corti vi
144 158 1334 1518 13
a__No par 21 June 1 4218 Mar 20
1418 1212 1359 1358 14
29 Dec 4774 Apr
14
14 2 8,800,Goodrieh Co CB
1 2 2078 Feb 21
E)--__Ne par
'
501 5413 50
50
*48
55 I .50
814June
1514 Oct 5811 Mar
5213 5214 5214 4914 4912 1,800; Preferred
4234 448 42
44
4118 4234 4034 424; 4114 4234 x1134 43 1
100 35 Apr
62 Dec 10411 Mar
14,2001000dyear 'Fire ..t Rub__No var 3059June 27 08 Feb 10
O82
85
8313 8312 83
83 I 83
354 Oct 9$75 'Mar
2 521s Feb 21
83 1 8312 8312 8312 8334
GOO let preferred
No vat 71 June 2 91 Feb 25
7814 Oct 1024 Api
•1012 11
11
11
*1012 11 1 *1012 11121 1114 1134 *1034 1114
330 Gotham allk Hoa
.
70
73
No
70
par 478 Jan 5 1334 Apr 11
as, Dec 284 MU
71
.70
80 .70
80 I .70
80 .70
80
109 Preferred
213 3
100 50 Ian 26' 72 Apr 28
.24 3
Nov 8212 Apr
50
*214 3
.213 3
0218 3
*218 3
400 Gould Coupler A
334 4
No par
334 38
4 Dec 15% Apr
2 June 22
334 34
638 Feb 4
353 3781
34
4
4
3.200 Graham-Paige Motore_No
par
3 Dee 1859 Apr
34June 2
612MaY 5
.
_
Certificated
-i6T4 -firs "iii- 167-8 -14i.4 15V4 "144 -15.1-4 -1434 15 -iir'g Ii1-4 .-5-,i00 Granby
No par
34 Nov 1044 Apr
434 Feb 9
Ils Feb 28
Cone M Sm & Pr__100 10 June 3', 2258 Feb 24
1714 1714 *1614 1634 9514 1678 *1518 1674. 1614 1634 1634 1714
12 Nov 5978 Aps
800 Grand Silver
1634 1734 1573 1733 1512 1614 18
No par 13 June 19 234 Mar 24
le Dec 52 Apr
1614, 1558 1618 16
1613 5,403 Grand Haien Stores
Ca
42
10 June 2053 Feb
4314 42
No pa* 104 Jan 161 18% Mar 24
4214 42
4212 4234 424 4234 4314 424 43
2,600 Preferred
24
81 Dec 44 Aug
24
No par 3e1 Jan 15 40 May 13
24% 25 1 2413 2412 241 24
*234 24 .24
244
700 Granite City Steel
130 Dec 50% Apr
No par 1878June 3 294 Feb 251
388
3853 3918 3814 39
1 39 1 384 39
304 39
3834 394 3,600 Grant(W
T)
•19
1912 19
20% Dec 42
NO par 2514 Jan 2, 394June 22
194 19
19 I 19
Jan
19 .19
1914 1914
1,100 Gt Nor Iron Ore Prop_Ne
95 10% 10% 1012 1014 1912
938 934
1713 Deo 25/
914 912
913 98
1
4 mar
par iitzhme g 2311 Apr 9
1014 7,000 Great Western
Sugar-No per
83
Maxine 11 Ilq Jan 8
7 Dee 3413 Jan
83
83
8314 83
83 I 84
83 I 83
86
8312 84
330 Preferred
31
85
19)
Dec 120 Mar
8012May 26, 9012 Jan 8
38 44
378 4 1
33
334 34
333
312 334
334 6,100 GrIgaby-Grunew
Na kw
2%June 3; 04 Mar 10
212 Dec 28 June
*34
78
*34
73
34
8
.58
78 '
53
78
.53
73
200 Guantanam
1712 1814 17
lls Jan 8
No par
ay Jan 61
14 Dec
4 Feb
17 1 .15
1814 1612 1612 .15
1612 1714 1714 1,000 Guilt States o Sugar
Steel
8June
.21
Feb
3712
2;
24
15 Dee 80 Feb
No par 10,
48
*3813 51 1 .3812 51 I .35
51 I .37
51 .
37
41
Preferred
.
27
2814 *27
8314 Dec 109
100 37 June 24I 80 Mar 4
274 .27
27% .27
2734 2734 28 .
2718 28
Apr
200 Haakenaack Water
612 67
ju
ar
un
26 26118
%3I
rN
me 1; 319
2.I
20
Jan 38 July
614 64
6
638
533 6 1
553 6
6
612 10.000 Hahn Dept
57
Stored____No Par
V
*55
V 1 .54
Des 234 Apr
et,
5612 .55
5813 .55
4
5613 5518 5518
200
Preferred
_100 50 Jan 31 6378 afar 30
451s Dee 8813 Apr
1512 16
1512 1511 1412 15 ; 15
1512 .15
1514 1512 1534 2,100,11111 Printing
10 12 May 81 1938 Mar 21
IS Dee 314 Mar
1
•Bid and asked prlees no Bake on this da
I Ex-dividend.
y Ex-rtzbUi. 6 Ex-dividends.
71 5
84
New York Stock Record-Continued--Page 5
•o• ..in. aoerna the week or *torte not reworded bore. en firth Page Preceding.
PER SHARE
PER SHARE
STOCKS
Range for Preefons
Sales
CENT.
Range Since Jan.!.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER
NEW YORK STOCK
Year 1930.
for
On haste of 100-share lots.
EXCHANGE.
the
Friday
Tuesday 'Wednesday Thursday
Monday
Highest.
Saturday
Lowest.
Highest.
Lowest.
Week.
July 3.
2.
July
1.
July
30.
June
29.
June
27.
June
share $ per sears
per
share
share
Per
I
$
Par
(Con.)
Per
Stilwell.
I
bc
Indus.
Shares
share
Per
Jan 105,8 Oct
per share $ per share S per share S per share $ per share
90
10 Hamilton Watch pref___100 94 June 18 103 Jan 6
9314
*95
9314 *95
95
95
Jan 98 Ape
*____ 95 *____ 95 *___ 95
85
No par 86 June 22 94 Feb 19
60 Hanna prof new
90
*87
90
*87
90
"86
90
086
DO
86
Dec 7214 Apr
90 .
90
38
16
Feb
4
441
11
2412.1une
Herbloon-Walk
Par
Refrae_No
1,000
2812 2713 27%
*2718 2813 *27
2712 2814 2814 2812 2738 28
24 Dee 20 Feb
7% Feb .:4
2%June 2
200 Hartman Corp class B_Ns par
312
*34 352 *3
3
3
314
714 Dec 2314 May
34 318 •312 312 *3
4 June 18 1058 Fob No par
Claes A
100
*412 5
*312 5
5
*4
5
5
*412 6
*412 5
8 Nov 17% Apr
27
6
Mar
8
3
212June
Par
No
600 Hayes Body Corp
4
*3
314 312 *3% 312 *314 4
4
4
378 378
774 Dec 9258 Feb
25 81 June 2 100 Feb18
Helm,(0 W)
93
*83
91
*83
92
*33
92
*83
95
Apr
*83
95
*85
1314 Dec 31
24
Mar
18
1
972June
par
No
Motors
Hercule,
700
1113
"1012
11 • 1012 1012
1178 104 1018 *10
1178 •10
*10
51.) Dee 85 Jan
40 May 7 258 Mar 13
No par
Here,'lee Powder
46
*45
46
*45
48
45
46 .
"45
46
*45
*43
46
11912Mar 10 11612 Nov 12324 June
11
June
111
100
of
cure
37
Hercules
Powder
310
11214
112
115
*11214
115
•11214
11473 114%
11113 11112 *112 115
Jan 109 May
70
No par 834June 1 103% Mar 27
9514 *9434 9512 9412 9512 9412 9613 1,700 Henthey Choeolate
9614 95
9612 96
*95
8312 Jon 108% June
No par 93 Jan 2 104 Mar 27
Preferred
700
101 101 •10112 10253 1024 1024 1014 102 •10112 10213
101 101
4 Oec 2514 Feb
3
2Ntar
22
334June
81
Co
par
&
No
(R)
Hoe
5
*41
*414 5
*414 5
.414 5
*414 5
*414
2614 Jan 414 MM
No par 20 Jan 3 37 Feb 27
300 Holland Furnace
2814 3134 28% 2912 *2918 3134
3134 .
*29
29
*2812 2838 29
5 June 1252 Jan
538 Jan 2 191s Apr 8
1553 15% 1534 2,700 Hollander & Sons(A) No par
15
15
1518 1534 1512 1512 15
•1412 15
July 83 Sept
72
31
Mar
104
6
Jan
81
100
Mining
Homestake
200
95
*87
95
8978 8978 *87
98
*90
91
*91
9512 91
4 Dec 29 Feb
10
Mar
4
3
6
414 Jan 2
5,4 5,2 2,800 Houdaille-Herehey el B No par
538
5
514 512
514 514
.5% 572
578 6
49 Mar 53% Oct
17
5814June
65.Mar
5
part
Finance
p1.50
Household
1,000,
4
553
4
583
4
593
4
*583
60
58%
6034 .
*5814 5912 5912 60% x59
294 Dee 116% AIM
4412 45% 4614 47141 22,1001 Honidon Oil of Tex tern etts 100 27 Juno 2 6812 Feb 24
43
43
4612 4334 46
4612 44
45
20 Nov 41% Poll
No par 13 June 3 2012 Feb 24
2218 2218 4,600 Howe Sound
2118 22
2178 x2018 2078 2014 22
21
21
21
18 Nov 6278 Jan
1534 6.500 Hudson Motor Car_ _No par 11 June 1 26 Jan 3
15
15
1514 15
1478 1513 15
1638 1578 167
16
74 Dee 26% Apr
534June 1 134 Feb 24
814 834 8,100 Hupp Motor Car Corp____10
818 818
813
8
84
8
834
8
852 378
2 Nov 17 Mar
434
par
27
May
Feb
2
28
No
600 Indian Motocycle
214 214 *214 212 *24 213
213 212
212 258
213 212
3 Dec 2832 Max
11
Feb
2
452
10
15
May
Refining
Indian
1,000
3
*218
3
23
212
*213
2%
258
258
23
213 212 •
Jan
Oct 124
31
No par 214June 3 86 Feb 24
18,500 Indintrial Rayon
3312 35
3434 3234 34
32
3512 3678 3212 35
36
32
'Jo par 74 May 28 182 Jan 3 1474 Nov 231/ Apr
3,300 Ingereoll Rand
101 107
104 105
9778 *100 104
103% 10812 10713 10712 95
98 Mar
Nov
27
Feb
71
58
2
39%June
par
No
Steel
Inland
500
4818
*48
60
*46
47
46
47
4978 47
*47
60
*47
6% Dee 3078 Feb
418June 2 II% Feb 24
712 814 2.700 Inspiration Cons Copper___20
712 7%
734 8
814
8
834
8
914
9
5 Dec 1312 July
932 Feb 24
534June 8
600 Insuransharee COB Ine_No par
612 634 *6% 7
612 653 *64 7
*64 7
64 6'4
3
July
9
1014June
11's
__I
Del_
of
Cory
Insuranshares
1114
200
1114
*1034 12
12
*II
12
*11
13
*1034 12
*11
44
712 Apr
24
Apr
Feb
14 Dee
21
1%
par
5,400 Intereont'l Rubber_ _ No
*238 3
.214 3
*238 3
*234 3
3
3
272 312
ii14 Disc 2878 Apr
5 June 3 15 Jan 28
No par
84 812 2,100 Interleke Iron
8
8
734 734 *734 814
7% 7%
734 8
Dec
Apr
812
24
Feb
514
8%
15
par
8May
21
No
Internal!
400
Agrieul
2
2
213
2
*214 2% *218 253 *24 258 *218 25*
424 Oct 6714 Apr
100 1612June 3 5114 Feb 24
Prior preferred
19
*18
1912 *1712 19
1913 *1712 1913 *1712 1912 *18
*18
Oct 19712 May
21
Feb
4
1793
131
2
June
117
par
Machinea_No
Burdneas
Int
3,300
8
1507
148
1484
15214 15214 147 15112 14412 14834 143 1507 146
8% Dec 19% Mar
634Inne 10 12% Feb 24
812 872 2,800 Internet Carden Ltel_No par
9
9
8/3 9
834 9 1 *832 87
912
9
4912 Dec 75% Apr
10
3334 3412 3414 3512 3,100 International Cement. No par 2734May 21 6213 Feb
3312 3434 344 3512 3312 3414 *3312 35
14 Dec 1418 Mar
2
Feb
4
1
par
114June
Corp_No
Eng
Comb
Inter
2
3.000
2
218
*2
2
2
2
2
218
2
212 238
13 Dee 78 Apr
100 13 May 28 3934 Feb 16
Preferred
600
19
•18
18
197u 18
17 •17
19 I 17
18
20
*19
4514 Dee 115% Apr
3352June 3 6012 Mar 2
par
__No
Harvester__
Internal
49
3
47
20,000
47
47
8
457
46
4
453
4841
47
47
49
48
100 131 Jan 2 11312 Mar 21 133 Dee 14314 Sept
Preferred
1343 1347 13434 13434 1344 13434, 1,700
13414 13414 134 135
•13412 135
181s Dee 54 Apr
244 26 I 12,000 Int Hydro-El Bye Cl A_No 'oar 1634June 3 31 Feb 26
2412 2414 25
24
2313 24% 2313 2418 2318 24
524 Dec 92 Apr
International Match pref....25 50 June 2 7314 Mar 20
64
4
633
5,200
6313
62
8
617
2
613
63
4
623
I
65
6514 63
64
15 Nov 33 Apt
8 8Nlay 20 1618 Jan 5
*878 10
800 Int Mercantile Marine etts_100
9
9% 97
9
934
•9
912 e7
10
10
1234 Dee 4432 Apr
912J08e 2 204 Feb 24
1538 15% 1552 1632 188,100 Int Nickel of Canada_No par
1578 1612 1514 1632 154 1534 1434 157
loo 112 June 2 123 Mar 31 114 Dee 123 Apr
Preferred
200
119
*116
119
*116
119
•117
119
117,e117
117
•117 119
26 Dec 83 Are.
80 Internal Paper Ore! (7%)_100 18 June 3 42 Mar 26
23
29 .24
25 I 2772 2778 2712 2712 29
25
23
23
54 Dec 3118 Mn
4 June 2 1014 Feb 26
*512 6
6
800 Inter Pap & Pow el A_No par
*5
513 6
5
5
534 534 *512 6 ,
838 Dec 22% Apr
6 Jan 26
30
Apr
24
pal
No
13
Clean
100
312
*3
312
*318
312
312' *3
334 *3
*3
3
3
2 Dee 18 Apr
26
Feb
412
2
4June
13
par
No
C
Claes
1,200
232 23
234
214 214 *21 1
2% 2%
214 24 *212 23
21 Dec 88 Mar
100 184.1une 31 4312Mar 27
Preferred
245
24%
1,400
2518
2518
25
*24%
2412
2413
25
25
25
2412
10 Dee 5834 Apr
7 June 21 164 Feb 26
100 Int Printing Ink CorpNo par
10
10
*813 9
*813 12 I 0812 10
*812 12
*814 10
Apr
55 Dec 101
100 54 Feb 111 6912May Ii
Preferred
65
*58
65
*58
65
*58
65
*58
65
*58
65
*58
Oct 4534 June
31
2 42 Feb 9
294June
100
7
7
Salt
International
1.600
35
35
36
35
35
35
3512
3413
8
367
36
36% 3672 .
Dec
Jan
62
12
47
29
June
54
19:
4614Juns
par
__No
Shoe__
International
5253 5234 23,700
524 5313 5114 53
51% 53
54
51
51% .53
28 Dec 119 Feb
100 24 June 291 61 Mar 10
International Silver
30
2934 *25
*16
30
*20
30
30 .23
*25
30
.23
5 Feb 24
1711 Dec 77% Apr
38
2,
Jan
183
par
__No
_
Telog_
&
'Pelee
Inter
3
5
418,500
3
37
3
3512
36
34
35
3253
3234 35
35
34% 3618 33
1453 Dee 40 Feb
900 Interstate Dept Storen_No par 1112June 2 2132 Feb 20
1412 1412 15
1413 *14
*14
15
147 15 .14
*1412 15
513% Dec 80 Aug
Preferred ex-warrants.100 58 Jan 26 8712 NI ar 24
*6113 64
*6113 64
*6112 64
*6112 64
*6112 64
*6112 64
24
12 Dec 82 AM
Feb
10
1812
25
May
par
No
o
7
Intertype
7
Corp
g
7
51312 13
*1314 13%
*1314 13 .1314 137s, '
*1334 15% *1314 13
24
414 Dec 29 Feb
Feb
914
2
338June
No par
512 512 *512 5521 .512 534 *513 53
6
6
2,000 Investors Equity
6'4
6
25 Oct 43 Mar
2 31 Jan 14
June
20
Coal
1
Creek
Island
600
27
27
2713
27
28
*2712
2712
2712
28
2612 2612 *2713
Dec 6614 Apr
37
11
Feb
5712
2
3618June
par
No
Inc
Tea
Jewel
4434
2.100
45
45
45 1 *4312 46
43
45
4518 4614
46
45
48% Dec 1492 Feb
No par 4038May 27 8034 Mar 19
584 603 106.100 Jobne-Manville
573 61
5958 56% 60
564 6012 56
5712 61
Apr 10 117 Dec 123% Nov
126
19
June
105
100
Preferred
I
121
40
0'119
121
*118
141
*117
118
118
*116 118% 11812 11812
160 Jones & Laugh Steel pref....100 11614June 19 12312 Mar 21 113 Deo 12312 Apr
11912119k!
118 118 *118 120
119 119 I 118 120
*118 119
64 Apr
4 Oct
114 Feb 21
14May 8
No par
Jordan Motor Car
Jan 110 Nov
20 K C P& Lt lat pf ser B No par 11314 Mar 17 11512 Apr 9 108
*iTh"
--ICE"
*iii*Hi"
*Hi" 1-fi"
*iii"
Dee
144
1312
Jan
5
Jan
7
2
11
June
*234
(Rudolph)
Karstadt
400
-2%
*238 212 *213 3
*212 234 212 212 214 14214 .1313
14 Dec 2012 Mar
Kaufmann Dept Storee_212.50 12 June 8 18 Feb 16
*1313 14
14
*1313 14
*1313 14 , *1312
*1312 14
414
Dee
Jan
2412
19
Mar
8
243
1012June
3
v
Co
par
2
(.1)
__No
_
Kayser
Ia_
1,700
13%
*13
14
14
137 14
1338 1358 1378 14 I *134 137
Jan 45 Apr
81
Keith-Albee-Orpheum ____100
____ 39
39 •_._ 39
39 •____ 39 *____ 39
Jan 150 Apr
5
9 1014 Feb 9
May
80
7%
100
Preferred
8412
*70
8413
90
*75
*70
8412
*70
8413
8412 *70
*75
Dec
1
312 Mar 20
615 Apr
13 Jan 2
218 24 4,500 Kelly-Springfield Tire__No par
214
2
24 213
218 23s
213 214
214 234
Jan
29 Dec 42
100
94 Jan 5 26 Mar 21
8% preferred
16
270
16
16
16
1438 1458 1512 1558 153 1534 *1414 16
Dec
Jan
17
55
24
Mar
45
5
June
28
100
preferred
6%
34
*28
34
*28
34
*28
I
34
*28
34 I
34 I *28
28
.
Apr
8912
Oct
25
Feb
4
3
29
94
3
June
8
Wheel
par
Hayee
___No
Kelsey
900
1112 114 1112
*11
114 1218 *1114 1112 1034 11
12
12
265e Apr
7% Nov
No par
818June 2 154 Mar 19
Kelvinator Corp
1112
11
34.900
1112
1072
1134'
1113
1012
8
107
8
115
11
4
113
11
25 Dec 89 Mar
No par 20 Jan 6 60 Apr 6
290 Kendall Co prof
4038 43
393 4014 4014 4014 4014 4014 4034 4034 *4033 45
2018 Dec 6234 Feb
No par 1138June 3 3112 Feb 24
2133 223 111,600 Kennecott Copper
217
244 25 I 2134 2334 201 4 22 I 2018 224 21
3/3 Dec 59 Mar
Apr 29 41 Jan 9
30%
par
No
Klmberley-Clark
*3112
4012
39%
*3113
4012
*3113
4612
*3112
I
46
*3112
, .3112 43
1712 Dec 404 June
No par 11 May 5 2012 Jan 9
1713
100 Kinney Co
1713 *13
14
*13
1712 14
1712 *14
1713 *14
*14
51 Dec 97 Apr
100 2334Ntay 2 70 Jan 21
Preferred
24
37
37
40
*30
38
31
30
2912 30 1 30
.2618 32
34 Doe
812 Apr
2% Feh 25
4 Mar 31
Holster Radio Corp__ No par
3 July
1% Feb 26
I4 Dec
4 Apr 16
Certificates
2618 Oct 36% Jan
10 25 tan 29 29 May 8
Co
Kresge
($8)
,
/it;
27
2758
if
712
-27
Nov 70 Jan
24
Feb
39
55
3
June
42
par
No
Co
Kreee
46
*4318
*4318 46
46
*44
46 1 *4318 44
50 • *45
*46
20% Dee 3538 Apr
x1778.1une 8 2734 Mar 25
2312 62,200 Kreuger er Toll
23
2238 23
223
2213 2318 22
223
2338 22
23
1718 Dee 48,3 Jan
13 Jan 2 23512May 8
2912 284 29131 2918 30321 20,600 Kroger Gra@ ec Bak_ ___No par
31 I 2914 30781 2812 2912' 28
30
7034 Nov 113 Apr
No par 56 June 3 8773 Mar 19
6912 6814 6978 69% 70141 5,300 Lambert Co
72 I 6813 7014 63
70
713 72
6
Jan
17 Dee 2312 Oct
1712
27
Apr
par
10
No
Bryant
Lane
100
*1014 1034 *10,4 101*,
11
1213 104 1014 *10
1212 *10
•10
4% Mar 20
34 Nov 11 Mar
214 Apr 28
No Par
31
300 Lee Rubber & Ture
312 31*312 378
*312 37
*312 37
*312 37
*312 37
11 Dec 42 Apr
25
Feb
18%
3
_60
914June
Cement_.
Portland
Lehigh
500
1114
*1012
11 I *1012 12 1 1012 1138 *1012 12
1012 1012! 11
Dec 10812 may
3
Feb
98%
20
884June
10112
100
7%
Preferred
60
8814 90
9612 .90 100
88141 8814 8914' *8814 9612 *90
414 Dec 174 Mar
*85
412May 14
838 Jan 14
523 6s8 •638
512 6
1,700 Lehigh Valley Coal_---No Par
613 618,
678
57
4.513 6141
4
/
147
3713 Mar
July
Dee
2
2831
3
Mar
18
50
Preferred
,500
2858 2812 285*
*27
28
28 I *27
28
2614' *2612 28
26
51% Dee 974 API
4538June 2 6918 Feb 24
5612 5634 5734 5834 6,700 Lehman Corp (Thel_ _ _No Par
57
564 5614 57
5778 5938 553 57
21
Oct 36 lot
par 2232June 2 3414 Feb 27
No
Fink
&
Lehn
1,100
27
27
26
26
26
26
27
2634
27 I 2613 27
27
1012 Nov 3113 Mat
No par 1114 Jail 28 2078 Apr 16
23,700 Libby ()wane Glass.
1714 1818 1752 1778 1712 18
1812 19
1814 20
1712 177
7612 Deo 113% Apr
1,000 Liggett & Myere Tobaceo_25 60 June 1 91 Feb 7
*7512 7634 7734 773
76
75
78
7812 7812 7934
77
Dee 114% Apr
24
Feb
7814
28
91%
1
6012June
B
Series
12,500
7712
7814
7712 7712 7734
76
79
78
793 8112' 7912 81
100 13712 Jan 7 146 May 13 12712 Dee 146 Sept
Preferred
100
14212 14214 14214
*1413 143 I•14134 14212 *1413 14213 *1413 14212 *14134
1812 Oct 4914 Feb
1914June 3 8434 Feb 26
Works_ No par
L000mot
Lima
3
700
8
245
8
245
253
26
.24
25
8
265
26%
2634 2634 2634 26%
28 Dec 4532 Feb
No par 22 June 10 33 Feb 11
500 Link Belt Co
30
•29
30
30
30
30 1 •29
*29
30
29 I 30
29
39 Dec 81% Mar
No par 204June 2 554 Feb 24
2,100 Liquid Carbonic
3112 3112 3112 3112 3212 323
3113 32
3212 3213 3234 34
par
No
4 Dee 05% May
0318
413
Incorporated.
16
Feb
364June
2
3
Loewe
7
57,600
48
4714
47
4613
4414
4534
474, 4618 4814 4518 46
4' 45
No par 83 May 15 99 Mar 10
8558 Jan 112% June
Preferred
600
90
90
874 83
90
90 I *86
.86
90
*8712 90 I *86
7/158 May 99% Oct
No par 83 Jan 2 98 Feb 7
Prof ex-warrants
5,4 _5_1_2 _
64 Feb
Vo par
2% Jan 2
34 Dee
014 Apr 24
- 6,200 Loft Incorporated
f2 1•5;
-15;
par
212May 18
8 Dee 153 Mar
37
4 Jan 6
Long Bell Lumber A.
•134 378 *1
•134 37
*I% 37
*14 4 I *134 4
Dec
Apr
Remit
4014
25
704
25
Mar
June
8
401
54%
7
1
Loose-Wiles
3
1,600
49
49
8
"435
4818
49
48%
49
50 1 5034 5034 *47
50
834 Doe 3318 Mar
25 11% Jan 2 2078June 25
4 55,200 Lorillard
1858 1914 1832 1914 183 194 1918 19,
195
Apr
12
Dec
1953 19781 19
34
par
Vs
10
Feb
011
2
44
Stay 22
200 Loulelana
3
3
312
3,8 315 *3
312
312 *3
312 *3
3
.
80 Dec 90 Sept
100 35 June 15 55 Jan 15
Preferred
10
35
*30
35
*30
35
35 I *30
35 .30
35 1 35
.30
Apr
Dec
par
5114
A___No
26
Feb
El
35%
&
25
0
Louisville
1
June
25
1.200
2914 3018 2913 2912 *2912 29%
424 Dec 4478 Mar
3014 30% *2914 3038, 2913 30
No par
818June 2 19 Mar 19
4,600 Ludlum Steel
12,4 1238 1212 1253 1213 123
1213 1318 1212 12% 1218 1214 *28
3434 Dee go% Mar
par
No
17
Fob
Preferred
5214
3312June
25
600
36
*33
31
3312
3312
3312
*28
32
35 I •22
*25
20 Dec 39% Apr
100 MaeAndrews & Forhea_No par le June 1 25 Feb 24
19
*17
19
*14
19
1978 19
19% *19
20 I *19
*19
3358 Dec 8812 Mar
No par 21 12June 2 43% Feb 24
3212 3334 7,000 Mack Trucks Inc
32
3034 3212 32
33
32
347
3472 33
34
8 Dec 13914 Feb
815
27
par
Feb
No
Co
Many
10614
2
7.400
88
6614June
8618
87
864 81
85
418 Dec 1538 June
8834 8512 88
884 8813 84
No par
753 Nt al. 25
100 Madison Bq Garden
8
5 Jan 3
6
*553 6%
*612 8% *553 67
1914 Dec 5234 Jan
*64 67s *534 7
Feb 24
27%
Copper
par
No
17
Magma
3
3,200
10'4June
.1513
16
*14%
16
1512
14% 16
151 16
*1678 18
134 Dec 13 July
414 Mar 2
2
700 Mention (H R) dr Co. No par
112 Apr 25
2
2
17
2
2
*vs 2
'l's2
12 Dec
Jan
6
*134 2
5 Mar 25
50 Ntaneti Sugar
100
*212 314
3
3
4 Jan 2
212 253 •212 3
*258 3
514 Dee 60
*212 3
Jan
8
814
*544
Jan
g%
12%
2
Jan
Preferred
34
20
100
513 *618
5
813' *512 812
*5
Dec
*612 9
5
Jan
15
16
June
8
200 Manned Bros
31 1June 2
No par
732
6
8
*6
8
.6
8 I *6
8 I *6
64 Dec 2458 Jan
*6
714 Ian 2 12 Feb 25
25
10
Manhattan Shirt
*9
10
*9
10
.9 1012 *9 1012 .9 912 *9 2 *134 212 *134 213 300 Maracaibo Oil Explor__No par 1 May 22 3114 Feb 14 14 Dec 1038 Mar
2
2 1
2
214
212 *2
*2
17ss Dec Ms Aug
10 1814May 27 2414 Feb 24
2034 2073 3,900 Marine Midland Corp
21
2012 2012 20,2 204 2014 20% 22
21
2053 21
Feb
2114 Dec 5.5
22
100 Marlin-Roekwell.. ......No par 1831June 3 3252 Feb 24
*2112 23
•2212 24
24 1 42134 23
*22
•22
24
414 Dec 30% Apr
25
Feb
10
18
May
5.500 Marmon Motor CRT.-- Ne few
2
5
4
4% *414 412
4
478 478
514
5
45* 512
24 Dee 484 Apr
21 32% Feb 24
Jan
234
par
4,100
_No
_
2653
.
Co
Morahan
&
264
Field
2618
25
26
26
2613 2412 26 t 2538 26
26
21 4 Dee
Oct
318 Jan 56
8
24 Jan 15
.No rose
100 Martin-Parry Corp . _.
•112 212 *14 212
212 212 *112 212 *112 212 *112 212
• Bid and eased prime: n)sales on tate day. z Fs-dividend. y Ex-rights.
New York Stock Record-Continued-Page
85
Pot sides dewing the week of erects not recorded nere ere, meth veg. tee...dine
HIGH AND LO1V SALE PRICES-PER SHARE. NOT PER CENT.
Saturday 1
June 27. I
Monday I Tuesday , Wednesday , Thursday 1
June 29. 1 June 30. I July 1. I July 2. I
Friday
July 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share! $ per share : $ per share I $ per share . $ per share i $ per share Shares Indus. ec Mlaceli.(Con.) Par
22l 2334 2212 2378 214 224 22
2212 2214 22781 2238 2314 4,500 Mathleson Alkali WorksNo par
•111,18 121 1.111/318 121 ,*11818 121
11818 11318 *115 11818 e11e' 11318
50
Preferred
100
3514; 34
3538 341
35
/
4 36 1 3514 384 3514 3678 3534 37
33,100 May Dept Storni
25
412 412 *478 5 ,
*458 5 1
412 458 *414 434 *414 4,
8
500 Maytag Co
No par
1512 154 •1512 1712 *15k 1712 1512 1512 1512 15121 1514 1514
SOO
Preferred
No par
.
63
64 I *63
64
83
63 1 63
63 1 *63
6312 63
63
Prior preferred
700
N p
2912 30
28,
4 283
29
*29
29
2938 29
29
*29
293
1,000 McCall Corp
No par
.41
44
45 .44
44
46
46
.44
*44
46
46
*44
500 McCrory Stores alma A No par
41
46114 41
1138
*42
4614 *41
43
42
42
1142
20
Clash 13
463
par
No
l
.
81
82
82
82
*83
85
85
*83
•8312 85
*83
85
50
Preferred
*24
25
25 .24
1124
25
*2414 25
*2434 25
25
25
100 McGraw-1101 Publloa's No par
22
22
22
22
2178 22 I *2178 2214 22
22
*2112 2218 1,800 McIntyre Porouplue Mines_ _5
8614 8838 855s 8634 8512 863
86,
4 89
8512 87,4 86
8738 18,500 McKeesport 'Tin Plate_No pa.
1012 Ilh 1038 1112 104 10,
8
934 1114 10
108 104 1038 42,500 McKesson & Robbina No par
3112 31
3112 30
31
32 I 31
31
3014 304 *30
1,400
31
Preferred
50
612 612
6s 64
612 678
618 714
7
718
94 912 4,900 McLellan Stores
r
No par
27'2 2712 *2614 27 I *2614 2612 2614 2614 *26
2612 2612 2612
600 Melville Sboe
No
par
5
.
412 5
5 I *412 5 1 *412 5
*412 5
5
500 Mengel Co(Tee)
5
No par
2434 .2412 25 1 *2414 2434 *2414 2434 *2412 2434
.2418 24% *24
Metro-Goldwyn Pie pref_._27
1612 1514 16121 15
16
17 I 1538 1638 1534 1618 1618 1678 33.200 Mexican Seaboard 011__No par
74 8
8
81 ;
714 7,
4
834 7
6h 6,
4
64
Miscal Copper
4
5
912 1018
9, 10 I
94 104
914 912
9"
4, 8
93
934
3;0
6
93
201 Mid-Cone Petrol
No par
2114 2134 2038 2038 19
20 1 1878 19' •1912 2012 2012 2114 3,100 Midland Steel Prod
No
par
.74
80 .74
80
*74
80 .73
SO
*73
80
*73
SO
8% sum 1s1 pref
100
44
*40
*394 44
*3918 44
*394 44
*3918 44 .3918 44
Mhan-Honeywell Regu_No par
4
4
4
4
378 378
3/
1
4 334
1
4 *312 4
358 3/
2,200 Minn-Mollne Pow Impl No par
*2812 35
*2812 35
*20
35
*20
35
35
*20
35
*20
Preferred
No par
1312 1312 1314 1314 *13
14 1 *13
14 .13
14
•13
14
200 Mohawk Carpet Mills_No par
2314 2314 23
2314 23
23
2312 2334 2314 24
•2358 24
1.400 Monsanto Chem Wits No par
2212 2318 2112 2312 203 2178 2012 217g 2112 2214 213 223 185,400 Mont Ward Co MCorp
No par
*38
4012 *38
4012 *38
4012 *38
4012 *3812 401
/
4 *3812 4012
Morrell (.1) & Co
No par
4
4
4
08
4
4
4
513 2.200 Mother Lode CoalitIon_No par
4
58
4
4
*2
218
2
2 I
2
2 I
2
2
*2
2
2
218 1,200 MotoMeter Cauge,k EQ No par
*2912 3114 .28
30,
4 *23
30 1 *28
30
*28
*2814 30
30
Motor Produme Corp_ _No par
12
12
*1012 12 I .1014 1111 1014 1011 01012 1114 *1014 1114
300 Motor Wheel
No par
25
2638 25
2534 24
25
1
2312 2512 25
2512 25 4 253
5,200 Mullins Mfg Co
No par
60
*54
*45
60 I *50
57
*45
60
60
*52
*52
60
Preferred
No par
*1912 20
19
19
19
19
*18
*18
19
20 .13
20
300 Munsiagwear Inc
No par
914 9/
1
4
814 9
8% 938
*812 9
84 838
8.009 Murray Body
84 9
No par
413 413 *41
42 •4112 411
418; *41
/
4 *4112 411
/
4 1140
42
100 Myers F & E Bros
No par
29/
/
4 2912 301
1
4 311
/
4 2812 2918 2812 2912 29
3014 2912 31,8 30.600 Nash Motors Co
No par
712 74
64 73
678 7
678 678
6s 638
658 64 1,4001 National Acme etamped____10
10
10
*101
/
4 12 •104 12
•1018 12
*1018 12
*1018 12
100 Nat Air Transport
No par
1612 6%
7
612 612
714
614 638
612 63
6,100 Nat Bellies Hate
638 8
No par
•19
25
1120
25
25
29
*20
30 .20
*2112 30
30
100
Preferred
101)
6578 6778 6638 68
64,
8 67
623 65
6212 6334 59/
1
4 6312 67,600 National Biscuit new
10
*1504 15214 150 150 *15012 15112 15034 15034 *15118 15112 *151 18 15112
400
7% Tim pre
100
278 2818 27
2838 26
2712 2618 27
14,400 Nat Case Register A w 1No par
2638 2718 2034 28
3638 3778 36h 273
3538 3612 3514 3614 36
36/
1
4 3612 374 44,800 Nat Dairy Prod
No par
*31
*312 4
4
34 3
,
8 *312 4 I *3,
8 4
.312 4
100 NM Department Store, No par
39
40 • 40
39
*3012 40
*3512 40
*35
*35
40
40
Preferred
80
104)
2712 288 28
2878 2778 2912 2312 2872 2812 2812 274 2812 7,000 Nat Distil Prod etfs
_No par
*2212 2278 22
22 •21
22
*21
22
*21
*21
22
22
100 Nat Enum k StampIng
100
*11814 125 *121 122
122 122
11812 121
121 121. *11814 125
500 National Lead
100
141 141 *141 150 *141 150 *141 150
14118 1411
/
4 *141 14338
Preferred A
110
100
119 119 *119 121 *120 121 *120 121
119 120 *119 121
Preferred B
140
100
2812 291s 27,11 291, 2612 27,
4 26
2812 2718 2812 2778 281s 37,000 National Pr & Lt
No par
•14
38
*14
32
03,
3
*32
12
,8
200 National Radiator
39
No Par
39
•14
*14 2
*14 218
*14 2
*14 2,8
212
*14 2
Preferred
No par
4414 4412 42
4112 41
4312 41
41
41
41
41
4134 2,600 Nat Steel Corp
No par
28
28
294 30
29
3012 2914 3014 30
3012 3012 2,200 National Supply
30
50
•73
78 .73
78
*73
78
*73
78
78
.73
*73
Preferred
78
100
3812 3812 38
3812 3634 37
*36
33
.37
38
*37
500 National Surety
38
60
•1614 17 1 •1638 17
1514 1514 *15
17
*1512 17
•1512 16k
1001 National Tea Co
No par
1012 1012 10/
1
4 1034 •101
/
4 111
/
4 *1012 12
.1034 12
•11
12
300 Nelsner Bros
No pa,
114 124 llk 1238 1014 1138 1014 llk 1012 11
114 Ilk 19,100 Nevada Coneol Cut/per-No par
16
16
16
16
16
17
*1412 184 16
16
I6k 16k
No par
600 Newport Co
51
*43
*43
51
*43
51
•43
*434 50
57
*4312 51
Class A
50
1012 1112 1114 1214 1138 1214 1114 118
1112 1218 1178 1212 8,300 Newton S teal
No par
*1412 1684 16
16
1614 17
16
16
*1412 1714 *15
No par
174 3,000 NY Air Brake
17
1714 .16 . 30 .115
35
*15
35
*16
35
•16
35
100
300 New York Dock
*20
55
55 .20
*20
55 .20
55
*20
55
*20
55
Preferred
100
els 638
638 834
614 6h
639 64
612 612
6,4 6,
par
2.700 N Y Investor* me
4
No
10412 10412 10412 10412 *10438 10512 *10434 10512 *1004 10512 10512 10512
GO NY Steam pre (0)___ _No pa
.1143 ____ *114,
4 115 *1143 115
115 11512 11512 11512 115/
1
4 11512
lot preferred (7)
110
No pa
71,
4 7312 70,
4 734, 7014 7178 6958 7138 71
7212 70/
1
4 103,100 North American Co..
1
4 72/
No par
*5512 56 I *5512 56 I 554 5512 *554. 58
55
1,200
55
5112 55
Preferred
50
878 9 I
878 912
918 938
9
918 912 35,300 North Amer Avlation__No pa
94
918 9/
1
4
•1041
/
4 10434 10458 10438 10434 104/
1
4 *104/
1
4 105
104/
1
4 105
105 105
800 No Amer Edison prof. No pa
2434 243 .24
26
3.24
26
24
24
*2312 24
24
24
300 North German Lloyd
*444 45
*4412 45
*4212 45
45
45
*44
4438 4434 4434
70 Northwestern Telegraph ___50
*7
1
*78
..7
1
1
•h
*78
1
1
1
100 Norwalk Tire & Rubber__ _10
11
1114, 1058 111
/
4 1038 1139 1032 11
104 1138 10/
1
4 111
18,800
Ohio Oil Co
No par
/
4
4312 332
318 312
312 338
*312 31
3
3
*3/
1
4 312
400 Oliver Farm Equip New No par
•1518 1612 15
16 1 *1412 15
*1412 15
1412 15!
1512 1512 1,000
Preferred A
No
par
6
5 I
438 5
412 412 *412 5
428 4,
8
51
/
4 518 1,100 Omnibtug Corp
No par
.21
2314 *20
23
23
23
*20
22/
1
4 *20
23
*20
23
109 Oppenhelm Coll & Co_ _Ne par
.
40
5612 497 497 *4012 493 *40
3
49 4 *4214 4934 •35
49%
10 Orpheum Circuit Inc pref_100
393 41 I 3938 4114 537
3878 37
394 3814 3912 3918 4038 0,200 003 Elevator
Na par
•127,
__ •127,
8
_ •12618 ____ 12618 126,8 *1234 ---- *12618
Preferred
10
100
---8912
11
-10
12
1012 11
1012 1012 1012 11
11
11
2,000 Otis Steel
No par
3912 3912 3912 3938 43
44
*404 4484 4434 4434 45
45
Prior pre/creole
90
100
3114 3112 313 3214 3114 32
32
3212 *3212 33
33
33
1,800 °wane-Illinois Oisee Co____25
47
475 24614 474 47
4738 47
47Is 47
4712 47
4312 5,300 PselfIe Gan & Electric
25
56
56
57
5604 5434 5512 5412 55
*5412 5538 5534 5534 2,100 Pecific Lne Corp
No par
.
19
*19
2038 *1912 22
2112 19
19
*1814 23
•1814 23
100 Pfeifle Mills
100
12414 12412 125 125
124 124
125 125
125 125
125 1251g
440 Peelle, Telep & Telog
100
818 838
8
83s
738 818
738 77
734 77
7
,
4 84 36,300 Packard Motor Car_ _No par
.24 4 35
*2412 30
1124
35
*24
33 .24
45
*24
35
Pan-Amer Pete & Trana........50
*2512 35
*25
35
*2514 35 .2518 35
*2518 35
Claw B
60
*618 712 *618 74 *612 712 *618 712 *2518 30
712 *6
712
*382 334
Park & TlIford Inc
312 312
382 332 *232 338. *6
No par
34 314 *318 3,4
700
Parmelee
Transportieu_No par
*2
24
11
/
4 21
/
4
2
2
.2
214, *2
21
*0
214
SOO Panhandle Prod ,k Ret_No par
2714 2838 27
281
26
2678 2512 27 I 2618 27
No par
112 112 *14 1,
112
8
112
112 112, *112 14 267s 2818 70.600 Paramount Publix
300 Park Utah C M.
*112 11
/
4
113 134
112 lk
1
112 112
112 lk
1
,
8
14
3
53
1 4 21g 27,400 Pathe Exchange
No
5
par
478 51
534
512
512 534
3
5
6.4
27,800
Claus A
1112 12
1112 1312 1114 11,4 10,4 104 11 4 612'
No par
1114,
11
3.700
11
7
2
Patine Minor & Entrepr___ _20
.3 8 312
3
338
358 338
338 338
312 312 *3/
1
4 312
400 Peerlare Motor Car
3612 3714 •36
3612 36
50
3814 36
3612 3612 3672 37
3778 4.300 Peale% & Ford
3412.3438 34
344 33
No par
3418 33
34 I 3338 34
3334 3414 6,400 Penney(30)
Na par
*95'4 96 1 96
96
*9512 96 I 95
95 I 95
95121 .0312 95121 1,500
Preferred
100
234 278 *234 278
254 234
234 234 *212 234 .21
27 1
500 Penn-DieJeCement--....No par
*114 15 I *1118 15 1 *11 18 15
1114 *1118 15
•11
•121. 15
Preferred
*28,2 33
*284 33 1 *2312 _33
*2314 33 I *2812 33
100
*282 33
People', Drug Sterne_.vo Par
206 209
202 20312 200 206
210 212
20134 206 X205 270
3.200 People's 0 L &0(Chle)___100
*12
14
14 . *12
14 I .12
.312
14 .12
14
*12
14
ess 734
Pet Milk
7/
1
4 71g
No par
738 71
712 74
74 714
712 734, 2,600 Petroleum Corp of
15
16
Am_No par
17 I 158 16
1438 1514 15
16
151
/
4 •151s 1612; 5,000 Phelpa-Dedge Corp
28
*100 200 *100 200 *100 200 .100 200I*10'J 200 .
10a 200 I
Philadelphia Co (Pittsb)-- -80
*54
55
55
55 I 54,
8 543s •551g 5612
200
6% preferred
*8t
60
811 1 *14 134
814 838
814 84
84 8,4
814
858,
3,700 Phlia 04 Reed C & I_ _ _ _No par
1112 1112 '1l'
*1112 1178 2111g 111
/
4 111
/
4 12
1112 1112 1,400 Phillip Morris & Co Ltd
12
10
1412 •11
1412 ell
*11
1412 *11
1412, *11
1412 •11
1412;
Phillipn Jones Corp__--No Par
1
4 4938 *4814 50
*4814 4958 49/
*4814 50 I *4838 50
*4314
50
10 Phillip" Jane, oref
87
100
9 I
834 9
838 0
8'8
812 Sh
4
8/
1
4 87o1 10.000 P4111414 Petroleum
No Pa,
10
*7
10
*7
*7
*7
10
10 I *7
10
*7
10
Phoenix Bleelery
5
15
.11.4
*13
15
*13
15
*134 157 .13
15
*13
15
38
Pleree-Arrow Wags A_ _ _No Pa,
34
24
31
31
"1
78
*
78
ki
3
4
*4
/
1
4
601
PIerce
e
Oil
35
.10
14 I .10
12
12 .1034 12 1 12
12
12
1212 1212,
5001 Preferred
100
e1% 17
2
2
2
2
214
2
214 24
218 2141 8,900! Pierce Petroleum
Ne Par
*2812 30 1 *29/
1
4 30
271
/
4 30
2814 2314 2314 2814 2918 30
2,200, Pillebury Flour MIlls_...No pae
*33
3638 *30
36,4 33
3518, *33i2 3558
3338 *33
334,
600, P138 relll Cool Italy
I
I
•131.4 aucl asked prim*, no sales op thIs day. b Ex-dIvidend ancl
en-right,, a Ex-divelend. Ex-righta
PER SHARI
Range Since Jan. 1.
On basis of 100-stars lots.
eit A SR
flange for Preotous
Year 1930.
Lowast.
Highest.
Lowest.
Highest
$ per altars
1758June 2
112 Apr 29
23 May 27
412June 18
1434 Apr 29
63 June 22
23 June 3
34 Jan 24
35 Jan 19
76 Jan 22
2434June 24
1978May 27
7112 Jan 2
71
/
4June 3
20 June 20
414June 3
2211June 16
318June 2
22 May 29
1038 Jan 2
412June 3
538June 2
134June 3
6614June 2
38 Apr 22
212June 19
2812/day 14
104 Jan 3
1812 Apr 2S
I 584 Jan 2
37 June 9
34June 5
134.1une 8
2338June 2
814June 2
8/
1
4 Jan 2
36 Feb 10
1612June 15
618June 2
36 June 3
20 June 2
478May 8
812 Jan 5
814 Jan 2
17 Jan 3
59 June 1
148 Jan 8
183elune 2
2634June 1
3 May 11
29 Apr 30
19/
1
4 Jan 6
18 June 19
35 June 2
136 Jan 2
118 Jan 8
2014June 2
'*May 29
114 Mar 8
33 June 1
26 June 3
75 Jure 18
31. June 2
13 June 21
10 June 19.
618June 11
1012June 2.
41 Juno 51
7 June 31
12 May 27
8 May 28
32 Apr 271
5 May 8
100 Jan 7
14114 Jan 3
fe334June 3;
53 Jan 51
4/
1
4 Jan 21
102 Jau 2
2112June 9,
43 Jan 311
12 Jan 9
7 June 2
2 June 21
10 June 2
358 Jan 8
'20 June 19
35 June 9
3178June 3
124/
1
4 Feb 16
614Juue 2
30 June 2
2512June 3
38 June 3
4812June 2
15 May 28
116 Apr29
514June 2
25 May 26
.4 June 3
5/
1
4 Jan 2
214 Apr 25
112May 19
19383nue 2
1 June 3
1 Slay 26
3 Jae 16
0 June 3
238June 2
2812June 2
981
/
4 Jan 2
$ Per share
311, Jan 3
1254 Mar 24
39 Mar 2
8% Feb13
241
/
4 Mar 21
Wilder 24
36 Jan 7
51/
1
4 Feb 17
5153 Feb 16
9312Mar 30
29 Feb 26
2612Mar 31
10312 Apr 2
17 Jan 30
3738 Feb 26
1012 Mar 6
34 Mar 5
Ms Feb 24
27 Apr 10
2034 Apr 11
1038 Feb 24
16/
1
4 Jan 8
311
/
4 Feb 24
94 Feb 25
581s Feb 9
712 Feb 10
48 Mar 2
2158Mar 10
261
/
4 Mar 21
2914 Feb 28
58 Feb 16
BA Feb 20
41
/
4 Mar 24
47/
1
4 Apr 6
1978 Feb 18
38% Mar 26
7212Mar 5
3114 Jan 26
181
/
4 Mae 10
4512 Mar 20
40% Mei.20
1034 Mar 6
13 Mar 20
10 Feb 26
32 Feb 27
83/
1
4 Feb 24
15314hlay 8
3914 Feb 26
50/
1
4 Mar 25
7/
1
4 Feb 26
60 Jan 9
3838 Feb 24
2778 Feb 20
132 Jan 9
143 June 4
120 Jan 14
4414 Feb 24
118 Feb 3
3/
1
4 Jan 7
5818 Feb 27
704 Feb 27
111 Feb 27
7612Mar 20
2478Mar 24
254 Feb 9
14/
1
4 Feb 24
207s Mar 24
53 Mar 24
24 Feb 20
25 Jan 23
37/
1
4 Jan 29
80 Jan 26
1218 Jan 27
107/
1
4efer12
118 Apr20
904 Feb 26
67 Mar 27
11 Apr 13
10614May 6
3538 Apr 7
47125,lay 5
112 Mar 12
1911 Jan 8
5/
1
4 Feb 3
26 Jan 12
612Mar 27
2811 Feb 28
72 Mar 11.
88/
1
4 Jan 12
1291
/
4Mar 30
164 Feb 28
6912 Feb 2
3934 Jan 20
54/
1
4Mar 10
894 Mar 20
264 Mar 23
18114 Mar 10
1178 Feb 2A
254 Jan 29
3412 Jan 9
11 Mee 19
47 Jan 21
414 Feb13
504 Feb 24
214 Mar12
27
.Feb 20
838July 3
154 Feb 24
4/
1
4 Feb 24
1
4 Feb 19
46/
89/
1
4 Feb 17
9"Mar 27
5h Feb 111
29 Jan 30
8512 Mar 31
wel Feb 16
/
4 Jan 30
171
;errs Feb 26
2512 Fob 94
156 June 23
6012 mar 12
1214 Mar 23
I212June 25
1218 Mar It
52 Jan 3
1614 Jan 6
101,Apr 8
3714 Feb 11
112 Feb 28
2834 Feb 27
Ms Feb 27
37 Mar 9
39/
1
4 Mar 5
$ per share
3014 Dec
Jan
115
2734 Dee
5 Nov
1414 Nov
68 Dee
33 Dec
37 Dee
384 Dee
78 Oct
27 Dec
1414 Jan
Jan
61
1012 Nov
25/4 Oct
6 Doe
2,5 Nov
5 Dec
23 Dec
914 Nov
7 Dec
11 De
1512 Nov
74 Nov
37 Dec
314 Deo
44 Deo
1
4 Dee
9/
1818 Dee
1518 De
48% Oct
12 Dec
11
/
4 Oo
25 Dec
144 Dee
614 No
35/
1
4 Dec
2518 Dec
9 No
34
Oct
2114 Dec
54, Dec
6 Dec
214 Dec
1312 Dee
68/
1
4 Nov
1421
/
4 Jan
2738 Deo
35 Dec
3/
1
4 Dec
60 Dec
1818 Dee
174 June
114 Dec
135 Dec
116
Jan
30 Nov
/
1
4 Dec
144 Dee
41 Nov
CO Dec
1061
/
4 Aug
35 Dee
13 Dec
20 Dec
9 Dec
154 Dec
30 Duo
11/
1
4 Dec
211
/
4 Dee
22 Dec
$ per Mari
514 Maa
Oct
138
611
/
4 Jae
23 Mn
40/
1
4 Apt
8412 Mat
50 Apt
Jan
74
70 .11413
97 Mar
44 ADf
2034 Dee
80/
1
4 Jung
3711 Apr
4914 Ape
204 Jan
42 AD/
2334 MM
2634 May
87 APP
83% Feb
33 Apr
53 Feb
110 Feb
7644 Mar
28% Mar
9214 May
40
Jan
01414 Apr
4974 Jan
73 Feb
Jan
2
Ilex Apr
AM
31
34 Mar
2014 Feb
044 Jut/
5312 Feb
254 Apr
43/
1
4 Mar
88/
1
4 Jan
2614 Feb
394 Are
20 At r
82
Jan
93 Mall
152
Oet
8311 Feb
62 June
241
/
4 Feb
90 Jan
3912 Feb
33/
1
4 afar
18912 Feb
144 Sept
120 Nov
5834 Apr
41
/
4 Jan
11
Jan
63 July
12414 Apr
116 Jule
11811 Mar
4178 Feb
54 Apr
3248 Jae
1714 Dee
85 Mar
58 AIN
47 Feb
68 Apr
79
212
98
10814
574
51
414
9214
8
38
24 Arr
10012 Sept
117 Aug
13278 AM
57 June
14% Apt
105/
1
4 OM
90 Jan 8
2 May 29
10 June 9
73 1tin 2
13314June 2
1012June 4
6 June 3
11 June 3
150 May 21
5211 Jae 5
614June 2
9 Jan 6
11 An f
4814 Apr 1
434June 2
9 'Feb 14
14 June 2
121.1ay 26
612June 3
1 June 2
25 June 2
2814June 2
13*
Dec
Dee
Doe
Dec
Jan
Dec
Dec
4
28
17182 Dec3
8
52Ts;
164 i)"
Dee
37
1)48
43
12/
1
4 Dec 9034 Mal
218 Oet
818 Mar
22 Dee 56 AM
60 Dec 2974 Apr
4814 Nov 804 Mai
11810 Jan 123/
1
4 8eP1
212 Dec 887k Mar
76 Dec 99 !ter
32 Dec 00/
1
4 Vet
4012 Dec 7471 Mat
66 Dec 10774 Mel
15 Dec 80 Feb
1141
/
4 Dee 178 Feb
714 Nov 23/
1
4 Mar
42 Nov 644 Mar
30 Dec 67/
1
4 Ma>
5 Dec'35a4 AM
/
4 Mar
253 Dee 241
le. Dec 12/
1
4 May
Ekti Dee 7714 Mal
44 Apr
Ile, Dee
14 Dec
9 Apr
2/
1
4 Dec 19/
1
4 Apr
818 Dee 32% Feb
8 Nov 14 Feb
2111
/
4 Jan 65 Apr
2714 Dec 801
, Jet
90 Dee 1011
/
4 Sept
314 Dee 12 Mar
16 Dec 5512 Mat
214 Der
0012 AD!
1854 Dec 52.5 May
17 Dee 2212 Aug
574 Dec 274 June
12/
1
4 Dee 444 Apr
170 Oct 24314 Apr
504 Jan 67% Sept
6/
1
4 Dee 2518 May
84 Jan
15/
1
4 Mar
1014 Dee 2778 Fee
53 Dee 78 Feb
1112 Deo 44/
1
4 Apr
7 Dec 2012 A Dr
16 Dee 33 Apr
/
1
4 Dee
211 Mar
74 Dec 52 Mey
14 Dee
714 Apr
354 Dee 371
/
4 Ace
80/
1
4 Dee 57, Vet
86
New York Stock Record-Continued-Page 7
For sales during Ma weal( of stocks not recorded here. see seventh page Preceding
HIGH AND LOW SALE PRICES.PER SHARE, NOT PER CENT.
Friday
Wednesday Thursday
Monday I Tuesday
Saturday
July 3.
July 2.
July 1.
June 30.
J24716 29.
June 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
per share 5 per share 5 per share $ Per share Shares Indus.& Miscoll.(Cos.) Par
5 per share $ per share
Pittsburgh Coal of Ps
100
1378 17 *1378 20
17
*1378 17 .
20 *14
*14
18
*14
Preferred
100
300
57
57
57 *____ 57 *____ 57
57
.
57 65 *57 60
per
Pittsb
Screw
&
Bolt-No
1,200
10
10
1
10
10
10
*10
10 2
*10
1034 x10
11
11
Pitts Steel 7% cum pref
100
61
*58
01
*58
61
*48
61
*48
61
*58
61
*58
25
*512 612 *512 8
100 Pittsburgh United
8
*513 8
578 578 *6
*512 8
Preferred
100
60
8212 *80 83
*80 83
83 *80
83 *80
8014 8014 *80
Pittston Co
No per
*1338 15
*1338 15 *1338 15 *1338 15
*1338 15
*1338 15
800 Poor & Co elan 13
No Par
*814 912
9
9
912 912 *838 10
9
912
938 98
2,500 PortoRlean-AmTob ell.--100
1214 12% 1214 1212 1112 1258 1134 1134 1238 1238 1212 125
Clan B
300
No par
334 4
414 414 *334 4
*334 4%
*3% 4
4
*37
25
2618 1,900 Podal Tel& Cable 7% pref 100
27
2618 2618 24
26
27
26
265s 26% 27
25
1012 1018 1018 1038 1012 1014 1014 2,100 Prairie Oil & Gas
1014 1012 1018 1038 10
25
1858 1734 1812 12,100 Prairie Pipe Line
1738 1913 1814 1834 18
2038 1912 20
20
par
1,600
No
Pressed
Steel
Car
41
5
*412
*414
5
*414
45
8
413
478 478
473 5
Preferred
100
500
3134 3134 *2912 3134
3014 *3014 32
3112 3112 30
31
31
No par
6434 3,600 Procter Gamble
6434 64
6434 6314 65 *64
6478 6514 6434 6512 64
600 Producers & Refiners Corp...59
314
8 *3
3,
338 *3
38 *3
318 314 *3
3
3
*9
Preferred
100
50
9
*8
9
9
*8
9
*8
9
834 8% •8
8612 8712 85 8634 8412 8658 8414 86% 8412 8678 85 8678 25,400 Pub Ser Corn Of N J....No par
preferred
55
No
far
6,900
997
8
99
,
4
993
4
9912
9912
9918
993
8
993
8
9914
99
99
99
100
600 6% Preferred
11714 11714 11712 11712 11734 11734 *11634 11734 11714 11758 *11718 11734
100
700
7% preferred
137 137 137 137
.137 13738 137 137 *137 ____••137 138
Preferred
100
300
158
3%
1573
4
157
*156
.156
157
*155 157 *15412 157 *156 158
10414 10414 10414 10412 10438 10412 10438 10434 1044 10434 10434 10434 3.400 PubBervElee&Gas Pt$5 No par
3914
Pullman
Inc
No
Par
5,500
39
3912
384
40
,
4
393
4
373
4
39
3812
39
4012
40
78 1
50
3,700 Punta Alegre Sugar
78 1
1
114
78 1
1
Ia
114 114
26
818 5,400 Pure 011 (The)
8
8
8
734 83s
778 8%
812
8
814 812
87 preferred
100
12
77
76
76
7634 76
77
77
75
7238 7513 *7318 77
No par
3238 3278 3178 3234 6,300 Purity Bakeries
3114 32
3034 33
32
3158 33'
2038 2138 284,000 Radio Corp of Amer---No Par
1878 20
1834 2014 1914 21
2012 2112 1934 21
50
Preferred
400
50 5034 50 .50
50 *4912 5034 *4912 51
50
Preferred B
No per
3,600
4214 43
4112 4112 43
42 4478 4012 4112 41
4378 44
1614 1512 1638 1618 1634 93,100 Radio-Keith-Orp el A-No Par
1614 1718 1538 1658 1478 1578 15
22
3,200 Raybeetos Manhattan_No par
2218 2112 2112 2112 2113 '22
2212 2234 21
2173 24
10
8,
8
9
918
812 878
8
834 878 7,100 Real Silk Hosiery
98s 1012
778 934
100
Preferred
20
*24
49%
30
*32
*30
.30
4712
4712
4712
*39
No par
Reis(Robt)& Co
1
*72
*78 1
4
*78 1
*78 1
100
First preferred
10
2434
88 858
2434 *812 2434 *812 2434 *10
2434 *10
.10
No per
1078 1112 1034 1112 1014 1078 1018 1034 1014 10% 1014 10% 10,600 Remlnalon-Rand
100
First preferred
6212
100
*5812 61
6212 *51
6212 *51
61
61
*58 6212 *51
100
Second preferred
69
69 •65
69 *65
69 *65 69 *61
.
54 69 *65
10
658 634 3,500 Reo Motor Car
6% 612
612 612
618 612
612 678
634 7
Cerp-No
pa
Republic
Steel
17
30,000
15
1638 1534 16,2 19
1738 1618 1712 1538 165
16
3612 3634 1,600
Preferred eonv 6%
100
36
36
36
3612 3612 36
38
3812 36
38
*6
Revere Copper & Brass No par
878
878 •6
87
878 *6
878 .6
834 *6
*6
*71, 25
*7% 25
Class A
No par
*7
*7,2 25
*7
25
*713 25
25
No per
13
1338 1314 1314 1318 1312 1,900 Reynolds Metal Co_
13% 1412 14% 1414 •1312 14
*7
91
912 *7
918 918 *7
918
100 Reynolds Spring new - _No par
•7
914 *7
938
5134 52 22,700 Reynolds (It J) Tab slass 13.10
5118 52
52
5212 5158 5212 51% .5134 511,2 52
Class A
10
77
170
70 .70
70
70
70
70
70
7018 70
72
*70
178 178 5,800 Richfield 011 of Calif_ __No par
134 184
112 134
172 2
158 2
1% 2
No par
438 412 3,600 Rio Grande 011
438 438
438 438
488 478
438 434
434 4%
No Par
23
2278 2278
400 Ritter Dental Mfg
23
23 *2212 23 •22
23 *2012 23
23
10
2134 1.400 Ross% Insurance Co
2112 *21
2112 21% 2012 2112 2018 2012 *2112 2178 *21
3334 11,800 Royal Dubai C.(,N Y abuts)
3278 3278 33
32% 3314 3118 3178 3134 3212 3178 33
2012 9,100 St Joseph Lead
10
21 t 2014 2114 20
1978 19
207
, 19
2012 21% 20
No Par
4,900 Safeway Stores
5558 5478 56
56
55
5538 55
57
54
5818 55
57
100
Preferred(8)
70
8934 90 *8612 90 *8912 90 *8913 90 *8912 90
*8612 90
Preferred(7)
100
*10512 10612 *10512 10612 *10614 10613 *106 10612 *106 10612 *106 10612
1218 1214 1218 1214 1238 1412 9,400 Savage Arms Corp
NO per
1478 1512 1212 1412 12% 13
1,900 Schulte Retail Stores_No par
814
734 8
714 712
4
714 713
714 71
*712 7,
8
13
Preferred
100
*5118 55
*50
*51
55 *5112 55
55 *5118 55 *5118 55
*5
614 *5
No par
6
*412 6
100 Beagrave Corp
*5
512
5
5
513 *5
5818 574 5838 37,900 Sears, Roebuck & Co No per
5558 57
5512 5838 57
59
5813 5938 56
418
418
438 *418 414
1
*912 478
600 Second Nat Investors
412 412 *4
414 413
1
Preferred
500
47
4712 4712
4413 4413 *4313 47 *4313 4712 47
*4412 47
No par
138 138 1,100 Senora Copper
138 138
114 138
113 112 *114 138
112 112
No par
918 914
958
914 912 43,200 Serval Ins
9
9
934
914 958
4
914, 9,
2218 5,500 Shattuck (.11 (3)
No par
21
2134 2113 217s 22
2278 2112 22
2218 2278 22
Sharon Steel HOOD
10
*8
*7
No per
10
*7
10
*834 10
978 *634 10
*8
No p47
1314 3,400 Sharp ee Dohme
*1212 1258 1214 1234 1212 1212 1213 1378 1312 1313 13
NO par
Preferred
5812 .57
5812
100
5812 *57
5814 *57
5812 5712 5712 *57
*57
No per
712 773 24,100 Shell Union 011
738 734
714 784
634 738
738 734
758 8
Preferred
55
55
55
180
5512 541 5514 2,500
53
4914 5013 50
47 48
33,
314 314 *318 314 *3
900 Shubert Theatre Corp_No par
318 314
314 314
338 333
No par
1638 1618 1818 53,500 Simmons Co
1723 1518 1612 1514 1638 16
1514 1614 16
10
*7
1.400 Simms Petroleum
8
7
*514 8
8
814 *64 8
8,3 51
934 11
97 1013
11% 84,200 Sinclair Cone 011 Corp-No per
101s 1078 1053 1118 11
1014 1012
Preferred
100
93
95
*85
*85
93 *85
94
95 *85
93 *85
*85
512 512 1,700 Skelly 011 Co
25
512 *518 512
512 512 *5
512 6
6
Preferred
100
25 *2212 25 *2212 24% *2212 25
25 *22
*20% 25 *22
No par
100 Snider Packing
3
*113 212 *112 212 *113 212
218 218 *2
218
*2
*812 14
Preferred
No par
14
*8
7
14
200
838 838
8
8
*7
14
Solvay Am Inv Trust Pref-100
89 *8512 88 *8612 89
89 *88 89 *88
90 *88
•88
No par
15
1334 1413 23,800 So Porto Rico Sugar
1438 14
1112 1238 12
13
137s 1212 13
Preferred
100
*101 10212 *102 105 *102 105 *102 105 *104 105 *104 105
26
4414 4418 4458 4434 45
5,300 Southern Calif Edison
4412 44
4434 4514
% 4412 4538 44
*358 5
Southern Dairies el BN0 par
*358 4
*314 5
*358 5
*318 5
*318 5
No
Par
30
Spalding
Bros
*26
29
*26
100
*26
29
29
*26
2934 2934
30
*26
100
let preferred
•11212 114 *11212 114 *11213 114 *11212 114 *11212 114 *11212 114
Spang Cludfant&GoIne No Per
20
20 *15
20 *15
20 .15
20 *15
20 *15
*15
100
Preferred
38
*3012 6812 *6712 78 *3012 78 *3012 78 *3012
2113
2 3V182 3,700 Sparks WithInston----No par
9
914
9
9
834 9,8
8% 878
812 8,
4"
Kellogg
Spencer
OS
Sou
NO
par
*14
1512
200
17
15
15
17
15
15
.15
*15
16
*14
No par
300 Spicer Mfg Co
*913 1012
934 934
10
10
1134 1134 *912 12
15
*10
Preferred A
No par
*25
28
100
28 *25
28
26 *25
28 .25
26
28
*25
812 9
1.600 Spiegel-May-Stern Co-No Par
812
878 912 *812 9
*8
1034 10% 1018
10
No par
1834 33,300 Standard Brands
1838 18
1818 1838 18
1814 18
1818 19
1858 19
Preferred
No par
*1223
132
200
124
130
*12212
124
124
*1223
4
124
*12212
124
*12212
Stand Comm Tobaseo-No per
*21z 278
*212 3
*213 3
*212 3
*212 3
*2% 3
6912 6878 7033 24,000 Standard Gas & Elea CoNt. par
6834 7012 6734 6912 x6638 6812 67 6933 68
No per
Preferred
600
*59
5978 60 60
6014 6014
5978 5978 5934 5934 60 60
9812
300
$6 aura prior pref---.510 Par
9812 *92
9812 *92
9658 9653 9658 9658 29718 9718 *92
sum
prior
prat$7
-No
Par
500
104
104
*103
10412
101
10112
*9814
10412
10312
10312
104
*101
400 Stand 1J:waiting corp-No per
3
314 *234 3
234 24 *258 318 *258 314
*258 314
200 Standard 011 Export pref_100
*10214 103 *10218 103 10212 10212 *102 103 *102 103 *102 103
3718 3914 28,300 Standard Oil of Calif-No per
3912 3778 3938 3714 3813 3718 38
3812 3913 38
25
1234 1234 1234 1,300 Stand 011 of Kansas
1334 1212 1212 1312 1312 *1234 1312 *12
13
4038 104,000 Standard 01101 New Jersey_ 25
408 3812 4038 3818 3933 3834 3978 39
4058 4112 39
York_25
New
Standard
011
of
1713
173
4
1712
177
8
1712
177
8
66,600
81
183
18
1834 1818 1812 1712
1912 1913
200 Starrett Co(The) L S-No per
*1912 20 I *1912 20 i *1912 20
20
20
20
*19
1
4
4
*353 4
1,100 Yterling Securities 01 A-No Per
312 358
I5 4
414
312 312 *312 4 I
Preferred
No par
8
85
8
811
87
8
13,300
812 812
838
*8
r 812 812 *8
81
3812 •3712 381
Convertible preferred__-50
*3712 39 *3712 3834 *371 39181 *37% 3834 *372 1212 1214 13 2
Stewart
-Warner
Sp
Corp_18
12
6,300
4
12121
113
1212!
1112
1234 1358 124 13
No per
36
37 24,500 Stone & Webster
36181 3458 36141 3512 37
3818 35
3534 3834 36
Corp
Studeb'r
(The)......NO
7a1
195
8
1914
2012
10.800
1914
1912
18
18121
18
1934 20
19
19
Preferred
100
311018 1117*11018 11178 *11018 11178
1
7 *
*11018 11134 * ----------------------------------------Submarine Boat
No par
No per
31
loo- Sun Oil
2 3
101z3 Preferred
100
90
10112
101
1018 1014 10112 10112 *10114 10112 *10114 10112 *10114
*3353 35
800 Superheater Co(The)--No sier
35
35
35
35 I 35
3514 3514 *3414 3514 35
per
Superior
011
No
800
7s
7
8
8
3
8
78
34,
24
34
34
78
78
100
12
1212 12
3,800 Superior Steel
12
12
105s, 10
*1114 1112 *1012 11 .10
Co
of
America
Sweets
60
*13
14%
200
*13
14%
13
13
*13
1
14 *13
14
14 .13
112
112 *1
112 *1
Symington
No pas
112 *1.
112 *1
112 *1
•1
312 *3
No par
Clam A
323 *3
312
400
*314 312
3
314 *3
312 *3
19
191
1,300 Teisutogra161 CorP
No per
19
19
19 *18
19
19
19
191 1958 *18
_No Pe
73
1,300 Tennessee Corp
67s 63 *634 7
7
638 Vs
734
612 73
7
25
2312 2438 2314 2414 29,800 Texas Corporation
2312 2414 2313 2413 23
24% 22% 24
367 3734 3638 3773 19,300 Texas Gulf Sulphur_..No per
3753 381
3718 3914 37
3814 3612 377
*312 4
500 Team Pacific Coal &011-10
333 418
*312 4
334 334 *358 4
*338 4
1
113 10,300 Texas Pao Land Trust
104 118 1012 104 1018 1112 1012 1078 1034 1118 11
p
5 Bid and asked prices; no sales on this day. z Ex-dividend.
Ex-rbilas.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share
1514June 17
54 June 17
934June 16
45 June 2
4 May 27
7412June 2
1372June 4
6 Apr 28
10 May 22
234June 2
18 Apr 29
612June 2
143sJune 3
234May 29
26 May 19
.56 June 3
172June 3
612May 7
72 Jan 15
95 Jan 2
10934 Jan 3
12814 Jan 3
148 Jan 6
10338June 4
28 June 2
38 Jan 8
512 Apr 28
66%May 27
2414June 2
12 Jan 2
45 June 23
z3112June 1
1114Jtnie 1
1712June 3
5 June 11
22 July 1
% Jan 5
858July 6
578June 2
4934June 4
51 June 17
8 May 21
10 June 2
27 June 17
814May 8
27 Jan 6
11 June 3
513 Feb 18
60% Jan 2
69 June 25
1 June 1
312June 2
20 May 21
1534June 1
247sJune 2
1414June 6
38% Jan 15
86 Jan 19
98 Jan 21
121sJune 30
4 Jan 13
40 June 8
312May 28
447,
1 Jan 2
212May 27
33 June 2
12May 26
418 Jan 2
1614June 1
612June 1
1012June 3
5314 Jan 23
412May 15
2512MaY 8
212June 22
10%June 3
5 June 17
614June 2
77 June 11
312.1tme 3
10 May 28
112May 19
6 May 19
80 June 10
714June 1
9812Mar 9
36 June 3
3 Apr 18
21 June 3
111 Jan 13
2212 Apr 16
6812June 22
6 June 2
10 Jan 3
838 Apr 22
2412May 22
5% Jan 13
1472June 2
118 Jan 5
Patine 19
551/aline 2
50% Jan 3
99% Jan 15
101 July 3
Panne 2
9972June 3
3112June 2
834June 3
30%June 2
1372June 3
161sJune 2
per share
mg Jan 12
80 Jan 27
15% Feb 24
87 Jan 15
15 Feb 27
100 Apr 24
1814 Jan 5
1334 Jan 10
27 Feb 28
8 Feb 27
3912 Jan 9
2038 Feb 26
2612 Feb 26
7% Feb 19
47% Feb 19
7114/gar 10
6 Feb 27
18 Feb 27
98% Mar 19
10212May 16
11818May 19
13734 Apr 9
128 July 3
10434June 23
5812 Feb 27
2 Jan 9
11% Jan 5
101% Jan 8
5514 Mar 17
2712 Feb 25
55% Mar 26
80 Mar 21
2412Mar 21
29% Mar 25
30% Feb JO
90 Feb 3
17i Jan 8
13 Apr 22
1934 Feb 27
88 Jan 7
98 Jan
1013 Feb 11
253e Feb 24
64 Feb 19
13 Jan 2
30 Jan 8
22% Mar 10
1833 Mar 12
5412June 24
Mk Feb 19
683 Jan 6
1014 Feb 24
41% Mar 2
26 Feb 24
42% Feb 10
Was Feb 20
65% Mar 24
96 Mar 20
107 Apr 15
201., Feb 27
1118 Mar 30
65 Mar 27
11 Feb 27
6314 Feb 26
612 Feb 27
58% Feb 27
134 Feb 11
1134 Ape 9
291s Feb 20
1378 Feb 18
21 Ma225
6112Mar 25
1014 Jan 12
78 Feb17
9114Mar 6
2334 Feb 26
11 Feb 26
1572 Feb 26
103 Mar 14
1278 Jan 7
82 Jan 8
434 Feb 16
1538 Fob 18
95 Mar 19
in Jan 8
112 Jan 9
5413 Feb 26
5 Mar 12
36 Jan 6
11512May 7
2712 Feb 17
9212 Jan 21
13% Mar 16
1612Mar 25
17% Feb 21
33% Feb 20
17% Mar 24
20% Feb 25
124 July 1
4 Feb 10
8838 Mar 10
6478 Mar 23
101 Ma 23
10934 Mar 6
414 Feb 13
105% Apr 13
5154 Feb 18
19 Jan 5
5212 Feb 24
26 Feb 10
3414 Feb 24
PER SHARE
Range for Previous
Year 1930.
Highest.
Lowest.
$ per share
18 Dec
66 Dec
1313 Dec
8412 Dec
11 Dec
9112 Dec
1814 Dec
101s Dec
1434 Dec
4, Oct
20 Dec
1114 Dec
1638 Dec
314 Nov
26 Dec
5238 Jan
1 Dec
1112 Dee
65 Dec
9134 June
10434 Doe
121 Jan
142 Dec
10714 Feb
47 Dec
13 Oct
7'e Dee
9012 Dec
36 Dec
1188 Dec
47 Dee
31% Dee
1438 Dec
167e Dec
2212 Dec
83 Dec
38 Dee
8 Nov
1418 Nov
84 Nov
95 Jan
754 Dec
101s Dec
28 Dee
514 Dee
84 Dec
10 Dee
$ per share
7812 Jan
110 Jae
2278 Feb
103 Jan
19% Oct
103 Oct
2272 Apr
3418 May
8038 J1117
2714 Mar
103 Jan
54 Ape
6012 Feb
163s Feb
7613 Feb
7878 June
1138 Mar
40 Mar
12334 Apr
100 Oal
117 Sept
13614 Oel
158 Juns
112 Map
8938 Jan
812 Jan
r
2714
11414 Air
8878 Feb
6938 Air
57 Air
85 Al r
60 Air
58% Air
64% Mar
100 Mar
57s Feb
37 Jan
4612 Apr
10078 Mar
104 July
1472 May
7912 Apr
9512 May
30 Jan
72 Jan
3434 Apt
40 Dec
70 June
418 Dec
6 Dec
2538 Dec
1434 Dee
3634 Dec
1914 Dec
3834 Dec
84 Dec
95 Oct
1214 Dee
4 Dee
35 Jan
538 Dee
431s Dec
214 Dec
35 Dec
1 Dec
318 Nov
2018 Nov
9 Dec
1118 Dec
54 Jan
514 Des
65 Dee
4112 Nov
11 Nov
538 Dec
934 Deo
86 Deo
10% Dec
42 Dec
112 Nov
8 Dec
110% Dec
10% Dec
103 Aug
A018 Dec
312 Jan
32 Dee
108 Jan
1972 Jan
92 Jan
8 Dee
Pi Dec
732 Dec
25 Dec
44 Dee
1418 Nov
114, Nov
213 Dee
5318 Dec
55 Dec
92% Dec
9312 Dec
1% Nov
98 Feb
4214 Dee
1435 Dec
4312 Dee
1934 Dec
19 Dec
6833 Mao
80 Jan
934 Dec
2534 Air
5934 Feb
6834 Mar
5612 Ape
5714 Feb
122% Jan
9978 Feb
10978 Mar
3184 An,
1312 Jan
75 Jan
1414 Mal
10058 Jan
28 lab
8234 May
312 Jan
1312 Apr
52 Apr
3234 Feb
2734 Mar
0334 Mar
2512 Apr
10614 ADP
35 Apr
944 Jan
37 Mar
Apr
3
11214 Apr
42 Apr
99% June
8 Jan
We Feb
12112 Apr
2014 Jan
121 :an
72 Apr
9 Mad
45 Mar
115 Aug
3784 June
96 *an
3012 Apo
25 Apr
8612 Feb
4518 Mao
62 Feb
2914 Feb
12112 Sept
714 Feb
12914 Apr
67 May
104 Sept
11414 Sept
1518 Mar
10638 Oct
78 Apr
49 Ape
8478 Apt
4038 Apr
4714 ADP
2013 Map
1484 Mat
48 Mal
47 Apr
11338 Apr
6714 Feb
125 Mae
138 Mar
70 Apr
10812 Sept
4514 July
938 May
29% Mar
1678 Mar
7 ADO
1738 Apr
2614 Apr
17 A DI
0011 Map
6752 Mae
1412 Mar
323s Mal
238 Dec
Vs Feb 10
212May 27
5 Dec
934 Feb 16
5 June 2
awn Nov
2912June 3 40 Mar 213
1434 Dec
8 May 27 2172 Mar 10
3712 Dec
2512June 2 6412 Mar 21
1818 Nov
1418June 2 26 Mar 26
110 May 26 11814 Apr 6 116 Jan
Is Dec
Is Jan 5
12 Jan 2
39 Dec
31 June 2 45% Feb 25
94 May 18 10412 Feb 2 9734 Dec
30 Nov
30 Apr 16 4038 Feb 9
34 Dec
114 Feb 17
Jan 2
534 Dec
6 May 27 1874 Mar 5
812 Jan
1178 Jan 7 13% Feb 20
138 Dec
2% Feb 2
1 Feb 4
Dee
6% Jan 28
212June 2
1532 Jan
1634June 3 2112 Mar 6
91/ Jan 5
734 Dec
518June 2
2814 Dec
18 June 2 3578 Jan 7
4014 Dec
2912June 3 5534 Feb 24
612 Jan 9
4 Dec
212June 2
10 Dec
712June 1 1718 Feb 13
New York Stock Record-Concluded-Page 8
87
Po,sale. during the week of stocks not recorded here. see eighth
page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER CENT.
Saturday
June 27.
Monday
June 29.
Tuesday
June 30.
Wednesday
July 1.
Thursday
July 2.
Friday
July 3.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Pregfons
Year 1930.
Lowest.
Highest.
Lowest.
Hijhest.
6 per share $ per share 16 per share $ per share: per
$
share $ Per share Shares Indus.& Misceil.(Coaci.) Par I per share
DOT Share
.1238 13
Per share I per share
1212 13
12
1238 .12
*12
13
132
1278 1278 1,100 Thatcher MU
No par
914June 2 22 Feb 27
3512 3512 *35
121i Dec 355 Apr
38 .35
38
*35
38
*35
38
*35
38
100
Preferred
No par 33342une 3 41 Mar 5
•1812 1934 *1812 1912 .1812 1912 .1814 1912 19
35 Dee 48 Mar
19
*19
1912
100
The
Fair
par
Nei
1814June 2 23 Jall 9
•____ 102 *____ 102
2114 Dee 32 Jau
10012.__ 10012 •____ 102 *____ 102
Preferred 7%
100 99 June 19 10512 Feb 26 102
*434 5
Jan 110 Feb
434 4341 *453 434
458 458 *4
458
412 412
300 Thenn old Co
4 May 29
No par
9 Feb 13
*2112 2313 22
338 Dec 267k May
23341 *22
23
23
23
2314
233
8
2314
1,100
23
Third
Nat Investor'
/
1
4
1 16 June 2 27 Feb 21
*1514 1634 *1514 16
151k
Dec
5654 Apr
*1514 16
*1514 16
1514 1514 1512 1512
200 Thompson (J R) Co
25 1514July 2 35 Mar 2
12
23 Dec 471 Mar
1214 1134 12
*1018 12
*1018 111
/
4 *1018 1178 *1018 1178
500 Thompson Products IncNo par
954June 1 18 Feb 24
*414 434
1k Apt
10
Nov
418 434 *4
39
412 *4
412
4
418
4
418 1,000 Thompson-Starrett Co_No par
312Jun0 2
8% Mar 7
31 Dec 187
*29
3012 .29
,Mar
31
*29
31
*29
31
*29
31
*28
31
$3.50 turn pref
No par 2412 Feb 4 34% Mar 19
6/
1
4 612
235$ Dec 4938 May
534 638
578 as
6
6
51
/
4
57
8
7.700
5
/
1
4
57
Tideware
8
Assoc
011
No par
r
4 June 2
9 Jan 7
57 Dec 1754 Apr
*4412 45
4412 4412 4412 45
45
47
47
47
47
48
1,500
Preferred
IOU 38 June 2 68 Jan 8
*1014 15
53 Dec 89% Mar
*1014 15
*1014 15
*101
/
4 15
*10
15
*10
15
Tide Water 011
100 1012 Jan 31 18 Mar 16
.55
60
12 Dec 31 Apr
*55
60
*54
60
*54
60
*54
60
*55
60
Preferred
714 712
100 64 June 4 83 Feb 26
712 712
714 714
68 Dec 947k Apr
714 714 .634 714 *634 73
8 1,500 Timken Detroit Axle
10
512June 10 12 Feb 20
3912 4014 3813 3978 38
8 Oct 2133 Apr
3814 3712 38
3834 3834 39
Timken
5,600
391
Roller
/
4
Bearing_
June
32
3
Par
NO
59 Feb 17
212 213
4038 Dec891.4 Apr
234 234
212 212
238 212
238 212 .
212 2/
1
4 1,400 Tobacco Products Corp No par
153June 3
11
3% Apr 9
11
*1034 1114 1078 11
2 Dec
11
51, Jan
11
1034 10/
1
4 *1034 11
3,300
Class
A
par
No
14
1014June
17
Apr
10
814 834
7% Jan 1314 July
814 834
8
812
778 833
778 814
8
812 52.500 Transamerica Corp
25
6%June 1
18 Feb 20
1053
Dec
2538
Sept
•12
14
*1012 1378 *1058 13
*12
1212 *1012 1212 *1014 13
Frannie & Williams St'l Nil par
7% Jan 3 1711 Mar 6
51 Nov 2853 Jan
912 978
912 934
914 9/
1
4
914 912
914 9/
1
4
914 912 7,200 TY-Continental Corp__No par
5% Jan 2 1154 Feb 24
55, Dec 20% Apr
.93
9312 9314 9314 *9314 9334 93/
1
4 9314. 9313 9312 *9314 9334
700
100 29214 Mar 16 9414June 15
5% preferred
361
/
4 3714 3612 3678 3618 3618 *36
8914 Apr
Mt Sept
3612' *36
3612 3638 3638 1,100 Trieo Products Corp_-_Ns par 2818J une 1 45% Feb 27
4
5
2614 Oct 4138 Mee
4
4
*4
5
*4
412 *4
412
Trinex-Fr
412
400
par
eer
Coal
438
No
4 June 15 10 Jan 20
*12
14
911 Dec 22 Mar
*13
14
*13
1318 1312 1378 •1313 1334 *1334
200
Trusoon
1412
10 12 June 2 24 Feb 24
Steel
1212 1212 *13
2014 Nov 8733 Mar
1353 1212 1212 *1214 1212. *111
/
4 12
*12
300 Ulen cir Co
9126lay 29 21% Mar 10
No par
121
/
4
5678 6114 5914 6114 58
1433 Dec 24 Sept
60
57
58
58
58
5914 7,100 Under Elliott Fisher Co No par 40 June 2 7534 Feb 27
11
11
1118 1118 1012 1012 1112 5812'
49 Dec 138 Mar
1312
*12
13
.12
1,200 Union Bag&Paper Corp No par
13
814June 3 131s Mar 27
5314 5538 53
Ws Dec 1933 Sept
5514 5134 5414 5178 5433' 5258
5418 53
54,4 60,400 Union Carbide & Carb_No par x1312June 2 72 Feb 24
1913 1914 18/
5212 Dec 1065s Mar
1
4 19
1814 1878 18
18581 18
1814 1814 18/
26 14 Apr 28 26% Feb 13
1
4 4,900 Union Oil California
*2112 2318 2134 2134 2178 2178
201, Dec 50 Apr
2112
2112'
2113 2112 *20
2112
400 Union Tank Car
No par 20 Apr 1 251s Jan 3
2912 3114 3014 3214 3012 3218
23 Dee 381k Apr
291
/
4 31341 3038 3214 3058 3134 300,800 United Aircraft &Tran_No par 20%Jwse 3 38%
57
Mar 26
5934 59
188k Dec 99 Apr
6018 5912 6038 *59
5912' 5938 5978 59
5912 3,400
Preferred
•15
50 40 Jai, 2 60/
16
1
4June 30
15
415
4 Dec 7754 Apr
15
*1434 15
*14
/
1
4 15 1 15
15
16
16
400 United Am Beach Corp No par 10 May 28 271s Mar 2
3934 3934 3914 40
15%
Dec 547 Feb
3918 3918 38
3718 3718 1,400 United Biscuit
38
3738 38
No par 31 June 2 41% Mar 26
116 116 *114 117
321k Dec 5E% May
117 117 .114 117
*117
119'
.2
117
117
Preferred
110
100 11314 Feb 2 122 Mar 23 115
1778 1914 1612 1818 16
Oct 162 May
1714 15/
1
4 1612 16
1634 1612 17
11,30 United Carbon
No par 13 June 2 2854 Feb 11
5/
1
4 5.8
5
1433 Deo 34
514
5
Arr
514
5
618 512 3,900 United Cigar Stone- No par
5 I
518 514
.601
4 Jan 2
/
4 72
712 Apr 9
*6013 66
314 Dec
813 Jure
*6018 65
*60
643
41
*60
66
*60
Preferred
6512
100 5218May 29 t76 Apr 10
2478 2512 2373 2518 231
28
Jan 68 June
2414 2338 24341 2418 25
2438 2514 296.300 United Corp
No pa
151
,
5038 5938 5038 5012 50 2 503
Jan
3114
2
Mar
19
187a Dec 52 Apr
8 501
/
4 50381 5014 5034 5014 50381 12,200
*6
Preferred
No pa
4454 Jan 2 52% Mar 26
612
4312 Dec 534 Apr
6
6
*518 638
518 4,_5181 *512 534 *518 612
203 United Electric Coal-No pa
3 Jan 2 12 Feb 27
214 Dee 1974 Feb
59
6012 5812 5812 5738 57/
1
4 5414 5714 53
6,500 United Fruit
5834 5618 57
No pa
4814June 2 67% Feb 27
3012 3118 3014 3114 2973 3012,
461, Dec 106
Jan
2912
305
8
30
3
8
United
Improve
307
3112
Gee
50.800
30
8
&
/
1
4
_No
pa
39%
25
/
1
4June 2
•10353 104
Mar 17
3414 Dee 491k May
10314 10358 10378 104
104 10412 10412 10514 10434 10434 3,500
Preferred
No pa
9812 Jan 30 10.534May 18
.21
/
4 3
97
*218 3
Jan 104% Oct
*218 3
*218 3 * *21
United Paperboard
/
4
218
100
218
1013
213July
3
24
2412 24
3
/
1
4
Jan
7
21 Dec 16 Mar
24
2312 2312 .2312 2412 .2318 2313 .2318 1,100 United Piece Dye Wks_No ea
21 May 27 $1% Feb 19
534 534
201s Dec 327/ Apr
512 5/
1
4
518 51
/
4
5
5
5
5
5,4 578 3,500 United Storea el A____No par
43
4 Juno 9
41 Jan 1475 Jule
9% Apr 9
43
*4212 4478 *4212 4478 4212 4212
.3712 4214 *3838 4214
Preferred clean A____No par 35 June 23 52 Apr 9
200
3812 3634 36
151k Jan 5014 July
36
361
/
4 3613 3418 3518 *3334 34/
900 Universal Leaf Tobacco No pa
1
4 3478 3478
28 Jan 2 4112 Apr 11
*29
33
197
*30
,Aug 39 Mar
33
*30
33
*3012 33 , 30
30
*30
10 Universal Pictures 1st p1d100 24 May 6 42 Mar 21
33
11
/
4 2
*134 218 *178 218
27 Dec 75 May
17
8
2
*17
Universal
8
•I7
Pipe
400
8
&
2
/
1
4
Rad__No
26
114May 26
Pa
4 Feb 9
261
/
4 2512 26/
2
Dee
9 Apr
1
4 x2412 25
247
8
257
3 2514 2538 2578 2633 10,800 U. El. Pipe & Fdy
2
20 June 3 371$ Mar 26
1834 1834 1812 1812 *18
181, Jan 3833 AP
19
1818 1818 .18
1st preferred
19
.18
1,300
19
No per 1714 Apr 2g 2014 Mar 26
.8
912 .8
158 Jan 21 May
912
8
8
*712
*8
912
912
S
II
DIstrlb
.8
200
Corp
912
No pa
678June 2 10 Mar 20
*1
/
4 1
*58 1
7 Dec 2038 Jan
*58
*58
1
1
*58
1
13 S Express
100
'8 1
54Jene 8
2278 22/
1% Jan 7
1
4 *1938 2234 *1938 2234 2018 223
54 Dec
4% Apr
4 1912 2018 1934 20
1,200 U Ei Freight
No pa
1034May 27 3011 Mar 24
914 938
938 912
1812
Dec 103 Apr
9
9
8
/
1
4
8
/
1
4
878 81
1,300 US & Foreign Scour- --No Pa
812
/
4
82
6 June 1 12% Feb 24
67
82
*80
Dec 327k Mar
8814 .80
88
82
82
82
82
*82
Preferred
400
843
4
No
76
41
pa
June
90
2
41
Feb 17
40
41
73 Dee 101 Mar
3912 40
3912 4014 .39
4012 40
1,700 US Gypsum
40
2
11
33 June 2 50 Mar 27
1158 1134 1134 1114 1114 *11
1112 *11
1134 1114 1114 1,000 U S Hoff Mach Corp_ __No pa
2914 3312 30
87a Jan 2 12% Apr 1
3234 28
5 Dee 30% Mar
3212 30
3238 311
/
4 3213 3134 3312 20,700 US Industrial Aloohol_ No par 2438June 19 77% Feb
713 71/4
25
50% Dee 1395
734 7/
1
4,
, Jan
738 7/
1
4
7
714
712 712
778 814 3,300 U 8 Leather
No par
•11
3% Jan 2 1054 Mar 19
1158 1118 11/
1
4 11
314 Dec 15% Apr
111
/
4
2 11
12
12/
1
4 1338 3,400
Claes A
No par
.83
7 Jan 2 157/Mar 19
83/
1
4 *83
8334 *83
514. Dec 28 Apr
8334 8353 8353 8334 8334 *8212 8518
Prior preferred
200
100 69% Jan 7 853,51ay 5
ask Dec 94 June
1812 19
1814 1834 1712 1712 171
/
4 1712 19
20
19
1934 3,100 US Realty & Impt__ _ _No par
1614 1738 16
17
25 Dec 75% Mar
15
1534 15
1614 1512 1534 1512 1614 20,800 United States Rubber__No par 1312June 1 864 Feb 26
2713 2934 2812 29
101,June
208g
2
Mar
20
26
11
Oct 35 Apr
27
2612 2612 2614 2614 2634 27
let preferred
3,000
100 17 June 2 361861w 21
9812 19
18
18
*18
1912
Dec 6371 Apr
1912 .1712 19
*173
4
193
8
1914
1914
300 U S Smelting Ref & Min-50 1314June 3 25% Mar 10
*42
4312 *4318 45
43
43
1711 July Ms Jan
4212 4212, *4012 45
*41
45
Preferred
200
50 41) May 22 47 Apr 1
10034 10434 10118 10353 9934 10238 99 10312
40 Dec 5312 Jan
, 10112 10414 103 10534 475,100 United StatesSteel Corp__100 8318June
14014 14078 14038 14078 140 14078 14034
2 152% Feb 26 134% Dee 198% Apr
14112 141 141
14112 14134 3,600
Preferred
69
89
100 13612June 2 150 Mar 20 140
*6813 69
6812 69
*67
Jan 15114 Syst
881
/
4 *65
68/
1
4 6334 6834
U
0
40
Tobacco
2412 25
par
No
2433 25
6018
Jan
6
717
,Mar 11
2334 2433 2338 2484 2414 25
5933 Dec 88 Feb
241
/
4 2478 42,200 Utillea Pow & Lt A
*72
1
NNoo par 196
1
1
181‘y
2A
iapr 27
29 31
2 Fe
Feb 26
/
1
4
8
19% Dec AA Apr
/
1
4
/
1
4
/
1
4
34
34
"4
78 1,000 Vadsoo Sales
.14
par
18,3 *14
181
/
4 •14
1818 .14
20
*14
121 Oct
71. Mar
20
*14
20
Preferred
3478 383
100 14 May 19 28 Feb 16
36
381_ 3434 3634 33/
1
4 3614 3513 3634 361
1212 Dec 697, Apr
/
4 3734 157,200 Vanadium Corp
*11
/
4 17
No par 2318June 2 768 Mar 25
*134 11
/
4 •134 11
/
4 *134 1/
44% Nov 14314 Apr
1
4
134 134 *184 11
/
4
Virginia100
•12
Caro
Chem
13
par
No
•12
1
13 .1114 13
June
3
3
14
*1114 12
Feb 20
15$ Dec
*1112 13 .1134 12/
8% Apr
50
.63
1
4
70
0% preferred
64
IGO
64
718June 4 17 Feb 19i
63
63
*62
66
9 Dec 3414 Apt
*63
651 *64
9512
300
10512 1051 10538 10533 10612 10612 *10512 10614
7% Preferred
100 5914June 10 7114 Jan 7
6713 Dec 82% Apr
10534 10534 *10512 10618
Virginia
30
5112 54/
El
1
4 51
&Pow
par1
p1(6)
No
98%
531
Jan 2 109 May 121 100 Dec 10712 Gel
5158 52
51
51
511
/
4 511
/
4 52
52
550 Vulean Detinning
2512 26
25
100 3812June 1 715
26
25
2512 2412 25/
,Feb 24
1
4 251
86% Dec 156 Mar
/
4 2578 25
2514 4,100 Waldorf System
7,2 7,2
No pa
934 738
21 Apr 29 277, Feb 17. 21% Dec 31% Apr
7
734
7
7
.7
714
63
4
7
1,900
.1514 1634 *15
Walworth
Co
No par
5 June 1 15 Feb 18
15
16
15
15
1512 *15
101, Dec 43% Arr
17
/
1
4
*1514
19
300 Ward Bakeriea clam A No par
4/
1
4 458
412 458
418 4/
814 Apr 29 2712 Mar 12
1
4 *4
434 '414 41
12% Dec 54 Mar
/
4 *4
459
SOO
46
Class B
45
45
45
45
No par,
3 June
4613 46
48
858 Jan 30
*45
8 Dec 15/
47
1
4 Apr
*46
47
600
Preferred
83s 878
8/
1048 24 Apr 29 5712 Jan 30
1
4 53
772 8/
1
4
8
814
45 Dec 77% Apr
8
812
8/
1
4 853 68,600 Warner Brat Picture..._Ns part
43461ay 191 20% Feb 17
•19
914 Dec 8014 Mar
20
19
20
19/
1
4 1934 *1712 20 .1718 20
1934 1934
500
Preferred
.3/
1
41 3/
1
4
3/
No pari 1054May 22 40% Jan 9
1
4 35
3
*3
3
314 *318 318
31 Dec 7014 Mar
3
3
600 Warner Quinlan
2414 26
2414 26'2 23/
72 Feb 4
No par
1
4 2412 2214 2334 24
15$June 2
414 Dec 27 AV
25
2412 2514 8,200 Warren Bros new
*36
39
•36
393
3818 39 '
No
pal 1412.1dne 1 455
,Feb 27
351
39,
/
4
26% Dec ash Apr
8 *3518 39
*351
/
4 39
40
Cony
25/
1
4 2534 "25
prof
25
2212 24
par
No
30 June 3 41,97s Feb 27
22
2312 2212 221/ 2212 2212 5,000
601,Nov 55 Sept
Warren
Fdy & Pipa___ _No par 22 July 1 32 Feb 20
314 318 *3
31
.212 31
*3
312
212 3I4 *214
22% Dec ash May
312
100 Webster Eisanlohr
.22
23
*22
23
22
22
No per
22
2 June 5
22
8 Feb 24
912 Mar
22
3% Dec
22
.2134 22
900 Weeseefn
*5612 59
err
Oelidd: Snowdrift Naps? 17%May 28 2614 Mar 20
*5512 5712 5512 561
5512 5512 55
5512
19
5
,Dec 29% Mar
*5512
5612
600
Prof
11513 120
11712 11933 11534 1173 11412 117
Ns par 51 June 2 571* Feb 11
11612 11814 117 1191
50% Jan mut Apr
5.400 Western lJnion Telegraph_100 061sJune
2712 2812 28
2814 x2612 2738 2534 2611 261
15084 Feb 24 1221,Deo 211738 Pet
/
4 2638 2614 261
3.900 Weatingh'se Air Brake_No Par 20 June 2
6953 73
6918 711
/
4 8813 713
6758 7214 6973 7272 7138
1 8618 Feb 21
11114 Dec 62 Feb
74 282,700 Westinghouse El & 608_5
98
99
9813 9934 9818 931 10012 10072 10012 101
0 5414June 18 10734 Feb 26
881, Dee 201% Apr
10012 101
470
let
*20
2114 21
21
.20
preferred
21
*20
50 871$ Apr 30 11912 Feb 27 107% Nov 197% Apr
21
*20
21
.20
21
100
Weston
*32
34 .32
on Elee
A
34
*32
34
Inatrum
•32
par 15 June 2 28 Feb 21
l_No p
34
*32
34
17% Dec 48% Mar
532
34
*9518 100
*9513 100
*9518 100
*9514 100
No par 3214June 11 3514 Jan 5
33 June 86 Jan
•10312 10412 104 104 *10334 1041 10212 10412 *9514 100 .9514 100
Vieatecerr
ene
%Elea Walla A _No par 9514June 26 10514
106
Apr
22
106
INA 110 Apt
95
106
103
/
1
4
200
95
Preferred
95
95
9812 *95
9612 95
100 10212July 1 112 afar 27 102 Nov 112% Sept
9812 95
98/
1
4 95/
1
4 961
*118 119 *118 119 *118 119
260
Preferred (6)
118 119 4 11712 1171 *11712 1193
100 92 June 3 103 Mar 19
00% Dec 106 July
11038 11012 11012 11012 11012 11012 11012 11012
80
West
Penn Power pref
100 114 Jan 5 120 Feb 17 113% Jan 118% June
1101* 1101 11012 1101
920
*25
27/
1
4 .2512 23
26/
8% Preferred
1
4 27
27
29
1031s Jan 2 1121, Apr 1 10314 Dec 11114 Sept
2914 30
*29
303
800 West Dairy Prod el A_ _No 100
8
814
8
81
/
4
8
912
8/
1
4 9
par 1712June 2 44412 Feb 20
9
10
20 Oft 50 Mar
912
10
12,500
24/
1
4 2614 26
Class B
27
2614 27
26
2658 26
No
par
414 Jan 2 127g Mar 25
41s Nov 241s Apr
273
4
2612 271
5,800 Westvaco Chlorine ProdNo
14
14
14
38
12
14
par 18 June 2 60 Mar 16
18 Dee Ws Feb
5.400
Wortark
Radio Sterea_Ne par
*19
20 .
%June
15
1812 20
7a Dec 21
Jan
Jan
7Is
3
*1812 20
•1812 20
*1812 20
1912 1912
100 White Motor
40
*39
*39
40
*39
40
3818 3818 .3914 40
No per 1512Juue 3 3814 Jan 12
21% Dec 63 Apr
3918 391
/
4
300 White Rook Wu Spring et1.60
312 3/
1
4
334 378 *338 338
314 3/
1
4
Dec
318
Mar
318
3612June
47%
6
2U
5471 Mar
52
3
3
1,300 White
714 714 •712 8
dng Maohine_Ne Par
734 7/
1
4 •71,
•7I8
778 *5
5 Apr 6
212 Jan 3
218 Deo 187
,Mar
8
400
Preferred
*5
5,
6
4 534
512 5/
53, 6
1
4 *512 6
4 Dec 39% Apr
6 Jan 5 1034 A pr 13
6
6
414 438
900
412 434
l
Whoo
Oil
414 438
&
pM
O
41
/
4 4/
No
1
4
41
/
4 412
6% Dee 21
312June 3
95$ Mar 26
Apr
4/
1
4 41
9,600 WIllys-Overleed (The)
*4512 461
/
4 .45 -- -- *4514 ---- *4514 ____ 4514
3% Oct 11 Api
oo pPaar
8 Mar 19
; 334June 2
4314 *46
80
100
*2
2
2
212
Preferred
*112 2
•112 2
*112 2
100 4414 Jan 30 5614May 9 (81, Nov 85 Apr
*112 2
*534 914
600
Wilson
512 5/
&
1
4 *5
Co
Ins
5/
1
4 *5
6
I% Dee
118June 1
Vo par
534 534 .512 53
4 Feb 10
7% Mar
300
*35
Claes A
3538 35
35
33
34
32
32
Caen(' 1 1054 Feb 171
No var
4% Nov 18 Mar
*3012 35
*32
35
1,200
6938 7078 881
/
4 70/
Preferred
1
4 68/
1
4 8953 6814 7114 7038 72
35 Dec 54% Mar
100 21 May 25 8134 Jan 12
7118 7214 120,900 Woolworth
5612 5812 5412 5778 52
(F
W) Co
5534 5112 55
81% Dec 72% Jan
5314 5634 5434 571 51,600
10 5458 Jan 2 725,May 13
89
.70
*70
Worthing P & M
89 •70
89
*70
89 ;_ •70
67 Dee 169 Apr
100 3718June 1 10671 Feb 24
89
"70
89
64 .
64
64
Preferred A
65
*64
65
65
65) •63
88 Jan 107
100 6612June 17 95 Mar 7
70
*80
ADt
70
200
*21
21
24
Preferred
21
21
B
21
.1558 21 ' *1558 2012 *1558 21
63 Dec 98 Mar
64 June 24 8358Mar 9
30 Wright Aeronautical_ _ No 100
7414 74/
1
4 7334 75
7212 7334 7334 7414 7334 7412 74
par
10% Dec 521y Mar
9 June 3 27 Feb 25
74
5.300 Wrigley
25
.24
2418 2412 2434 2434 .24
y
ifl
a
eo
(W
o
Tw.
66%
%
.
).1r (Del)_No par
Jan 2 80% Mar 4
25
65 Dee 60 July
24
24
24
24
600
91
/
4 9/
9/
1
4 1018
1
4
8/
1
4 912
81
/
4 914
25 21 May 28 30 J141123
25 Dec 77 Mar
915 9/
1
4
918 93 33,700 Yellow Truck
4878 49
48
*46
49
*45
It Coach el B_10
49
538June 2 151/Mar 20
48
*45
812 Nov 8234 Apr
4778 .45
477
160
19
19/
1
4 20
Preferred
1914 18/
1
4 1834 18
1814 1834 18/
100 42 June 4 75 Mar 19
50 Dee 105
187
8
187
1
4
Apr
1,800
Young Spring & Wire__No Par 1412May 29 29 Feb 24
57
5934 54
54
*53
56
19 Oct 47 Mar
52/
1
4 5234 *53
56
800 Youngstown Sheet
234 :1%4278
273 2/
1
4 *284 218 •284 3
2
3912June
78 Feb 28
&
09% Dec 159
*2,
Par
4 3
*234 27
Am
400 Zenith Radio Corp__T_No
__No par
1
4 Jan 2
2/
ISia Feb 27
2 Dec 16% June
•Bid and asked prices: no 'Mee on this day. 5 Ex
-dividend. p Ex-righta.
88
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
ye now "and woven"-most ler enemas and delaules.1 bond,.
Jan. 1 1909 122 geataisee welded of Quog4so &me/ was slanged and prime
BONDS
Y. STOCK EXCHANGE.
Week Ended July 3.
4'
E
Price
Prolay
July 3.
Week's
Range or
Las! Sale.
High No.
Ask Low
1084
U. S. Government.
First Liberty LoanJ D 1021744 Sale 102144410210a, 369
334% of 11332-47
102 June'31
J D
Cony 4% of 1932-47
.31) 15512;, g;,11" 10310,4 10312,4 168
Cony 4 % of 1932-47
_
Jan'31
102
ID
2d cony 43e% of 1932-47
Feurtb Liberty LeanAO 1042444 Sale 10421441041244 708
431% of 1933-38
_ 100 Sept'30
J J
Conversion 3$ coupon
101
1947-1052 AO 11311,4 Sale 11315,21131,a 1455
Treasury 434a
1914-1954 J D 108163, Sale 10e10,2108.44
ereaeury Is
128
44
10611
106744
Sale
106014
S
•
1946-1956
Treasury 33(s
103 37
1943-1947 ▪ D 1022244 Sale 1022444
Treasury 3328
1022084102044 126
Treasury 334s June 15 1940 1943 D 10211,4 Sale
34June'31
10210
Registered
10123441012444 10212,41023244 97
1941-1943 M
Treasury 31414
364
Treasury 31es June 15_1046-1949'ID 1011144 Sale 101144 1011244
9834 Sept'30
1961 QM 101
Panama Canal 3s
State and City Securities.
92 Nov'30
NY C 343% Corp et_Nov 1954 MN
9234 Apr'31
1955 MN
10012 Apr'31
1930 Si N 101
de registered
Jan'31
9912
MN
195/
aa registered
102 May'31
1957 MN
6% corporate etock
Apr'31
107
MN
1957
_
AA corporate eteck
109 May'31
434% corporate stock _ -_-1957 MN 10002
-- 10012 Apr'31
1958 MN
1% corporate stock
_
10012 Apr'31
2
1001
MN
1959
a% corporate stock
____ l001u Mar'31
"4% corporate atock -1060 MS 101
0814 Nov'30
D
J
1971
_
stock
34% curporate
_
0614 Dee'30
414% corporate stock _ _ _1963 MS
11028 10512 Dee'30
682% corporate otock ___ _1965• I)
Nov'30
10718
J
1967
July
44% corporate etock
101 June'30
New York State canal imp 4e 1901 .1.3
Jan'31
_112
1963 55 S
41es
Range
Since
Jan, 1.
BONDS
N. Y 8T01'K EXCHANGE.
Week Ended Ally 3.
41'
Price
Fridzy
.hey 3,
Wet'*
Range or
Leer Sale.
g"z3
a:1,n
Ranee
Mere
Jan. 1.
HOP
High No. Low
Ask Low
rita
High
Low
Cuba (Republic)(Conerueled9012 99
2
9212
9212
04
Sinking fund 514e Jan 15 1953 J J 93
10111..10211n
2 81
52,
124
68
Public wks 5345 June 30 1945 Jo 6714 Sale 59
102 1021112
109.33 103"u Cundlnamarca (Dept) Colombia_ MN 5812 Sale 5734 5912
45 6912
50
1959
,
External
10348
102 102
11 105 111
108
105
Csectioelovakta,(Rep of) 8s_1951 AO 108 Sale 10812 June'31
10812 110'4
1952 A0 107 10814
Sinking fund 88 ser 18
10219,410573,
10673 22 111412 10718
J 10614 Sale 10618
Denmark 20-year esti 6e-1942
10014 103
3.5
10112
4
1003
Sale
A
101
1955
External g 514e
93/8 9978
9873 85
External g 414e_ _Apr 1.5 1962 AO 9812 Sale 9814
10522,410932e
90 19012
9734 139
9612
Sale
S
55
9712
es-1932
ett
Am
part
Ite.
11)42,410731,4 Deutehe
96
e6
10
c91
8718
Sale
MS
8718
100224,103u,, Dominican Rep Cust Ad 51eti '42
91
86
21
90
-1940 AO 3718 8834 89
10011.40314„
1st eer 51414 of
94
84
25
89
89
AO
9112
89
1940
534,
fund
1926-2d series Mulling
10212441021044
96
7912
5
85
84
11111344 Dresden (City) external 75_1945 MN 8312 867s
101
21 1007a 10212
102
10114
Sale
.3.1
10114
1947
6s
ext1
Indies
East
Dutch
101344410117a
10253
101
37
10218
10114
MS
Sale
10114
1962
40-yr external 6e
7 10034 10312
1953 MS 10114 10134 10134 10134
30-yr external 6348
1 10014 10234
1953 MN 10114 10112 10112 10112
30-yr external 6148
99 107
12
1025s
100
.1'
100 Sale
-5234 92-371 El Salvador (Republic) 811-1948
72
52
8
61
60
11967 J J 5912 61
10012 10012 Estonia (Republic of) 78
107
80
10
8414
MS
84
Sale
8414
08-1941
ext1
)
Sing 9912 Flnlaud (Republic
99
8612
13
94
91
93
92
External diuking fund 76_1950 M
102 102
8018 93
21
S 86
M
88
87
89
1956
614e
hind
staking
External
10612 1075s
7134 8834
30
81
External slaking lund 54351958 PA 80 Sale 79
10712 109
94
78
A0
84
8712 84
10012 111012 Mullah Men Loan 61es A 1954 A0 84
7712 9311
11
8418
8412
8414
1954
Sale
B
wiles
6349
External
100 10012
87
60
8
737
6
M79
7258
Sale
8
737
1(1014 10034 Frankfort (City of) a t 6348_1953
12514 81 124 127
12458 Sale 125
French Republic ext 7}48_ 1941 J
117 1217a
36
JO
118
11818
11814
1942
_
1924_
7809
External
German Government Interna83 84
7614 1064
75 Sale 70
tional-35-yr 534801 1930_1965 'ID
9358 10612
0
Sale 9824 10012 345
German Republic cal 7e_ _1919 A N 100
9358 10113
12
96
9514
Sala
96
1951
8e_
lity)
(Municipa
Gras
10612
106
112
FA
8
108
10812
Sale
1083
(It Brlt & Orel (IJK of) 534e-1937 PA
107 107
107 June'31
Foreign Goat. & Municipals.
d
Registere
75
45
54
4
4
673
692
9414
erit3a
Sale
4
e93
A
693
June'31
MN
4
e931
2
1
943
F
1947
1960_1990
ed
e
opt
Bank
Mtge
Agree
c4% tend loan
4.5
44
7312
72
29834 1014
JD 0938 10012 el00 June'31
einklier fund de A_ _Apr 15 1948 A 0 72 Sale 6778
e5% War Loan £ opt 1929_1947
9614 19
9412 97
2 103 106
103
N 103 105 103
7115_1952
1963 NI N 9614 Sale 95323
(City)
Akarelies (Dept) ext 58
Prague
Greater
69
43
25
69
27
0518 10214
N 0014 Sale 9738 101
1964
An:Jamie (Dept) col 78 A_1945 J J 62 Sale 603g
43 *3912 Greek Government ti t ser 7e 1968 PA 8414 Sale 83
42
63
8812
82
8478 28
1945.1 .1 6134 Sale 6012
External s f is tier 13
/Milking fund sec On__ _
118
43
17
64
97
79
2
6213 61
88
901s
AO
Sale
9018
1952
J 60
1945
166
External d t 78 ser C
)
(Republic
Haiti
68
43
31
6318
23
8
02
81
60
787
8
6228
787
AC
Sale
60
81
.1
.1
1946
1945
External a I 78 ser D
6658 Hamburg (State) 6e
:35
17
56
53
8212 9812
.55
J J 90 Sale C05 June'31
34a'50
exti
7
)
External 8178 lat ser,.,,1957 A 0 51
(Germany
g
Heidelber
67
37
14
tio
57
91,4
54
8512 28
55
8514 84
85
External see a 1 is 2d ser_1957 A 0 51
Heisingfors (City) ext(13es_ _1960 A0
65
37
7
57
7412 9423
21
83
5412 5278
Sale 7938
.1
External Hoc 8 f 75 341 ser_1957 A 0 31
Hungarian Menlo Loan 734,1945 .1J .1 8112
9614 104
19
71 8778
10012 10212 10118 102
7912 12
7612 78,4 7712
11948
Sept
,17.
Antwerp (City) external 5e_1958 J
External
9828
67
1
95
8734 76
8418
77
8418 8014
31 N 81
A routine Govt Pub Whs68_1960 A 0 8914 00 85
Hungarian Land M last 734s '43l MN
702 9412
6
8014
80 Sale 80
Areentine Nation (Govt 01)Sinking feud This ser 13_1961
9818
58
9012 146
1/3 102
9012 Sale 8514
0878 13
FA 0814 Sale 98
7148_1041
s
of)
Sink fund (3d of June 1925_1959 J
(Kingd
1)812 Hungary
9012 45
62
8412
1960 MN 10718 Sale 0718 1071s 14 10113 10718
Ertl a 1 13s of Oct 1925_1959 A 0 9012 Sale
9.312 Irish Free State extl s 1 5s
132
120
90
92730101
J
10018 Sale 0934 1001, 161
6106 fund 68 series A_ __. _1957 M. S 110 Sale 8514
9814 Italy (Kingdom of) ext1 78-1951
62
113
90
2
9214 100
00 Sale 8412
9814
9814
'37 MS 9814 99
A
714
um
External da aeries fl_ _Dee 1958.1
Consorti
8 Italian Cried
983
66
68
8514
9012
29
88
Sale
85
4
9018
953
MN
95
Sale
M
05
Ext1 a I (Is of May 1926_ _1060
External sec of 7s ser 13 -1947
9834
65
8512
8978 123
97
36
94
78
J
93 Sale 92
52
ext17a_19
External 8168 (State Ry).1960 M S 8117g Sale 86
Utility
Public
Italian
661e n812
103
90
272 10234 10712
10712
10614
Sale
A
F
107
Ent 68 Sanitary Works_ _ _1901 F A 90 Sale 8434
JapanegeGovt30-yeare 103411 1954 MN
983a
65
123
90
403
Sale
90
981a
913
4
MN
9712
8
965
9712 Sale
Extl 68 pub wks(May'27)-1961
Mal Kinking fund 53.4g_1965
44
92
82
60
7614
Public Works e311 5148-1962 F A 82 Sale 78
Jugoslavia (State Mtge Bank)
88
2
69
7914 19
80
7634 8513
1957 A0 79 Sale 77
Areentine Treasury 5$ .e._ _ _ A945 M S 80 Sale 6838
a / g 7s
Secured
76
259
6212
4
713
3
Sale
7014
85
7724 95
8512 85
1947 PA 85
Au/trans 30-yr 58_July 15 1955.1 J
7112 65
75
I-eiPeig (Germany)s f 7a
62
5
83 10014
9114
91
Sale
Jo
91
0
734sl95
External 5s of 11327 Sept 1967 el S 70 Sale 6814
(Prow)
129
6914 Lower Austria
48
4
6212
653
20
4 10612
Sale
64
MN
1033
8
1057
1956
1053
4
MN
1928
1057
8 ---External g 43-4s of
(City of) 15-year 64_1934.
1913.3 D 106 Sale 10512 c10812 53 1033410812 Lyons
A itariau (Govt) s t 76
21
89
8412 97,2
34 10372 10712
87
106
10554
Sale
MN
19117.1 J 8734 89
10578
68-1934
15-yr
International a I 73
of)
Maraeilles(City
12
80
75
55
JO 5378 Sale 52
8712 Medellin (CO10011)10 6340- 1954
8012 40
71
80 Sale 7712
534
7
734 7 Mar'31
6
Bavaria (Free State) 83es_ _1945 F A
Mexican Brigat MAN:4346_1943
10834 10914 37 10738 111
Sale
8
1087
111
Apr'30
10114
26
J
Q
extl
0
d
25-yr
'45
SS
.g
Belgium
Melte°(CS) extl Le of 1899
1
612 1114
812
812
812 12
./ 10334 Sale 10334 10414 34 10158 105
1055
1945
Exterual f 68
1899
of
5d
Assenting
111318
11412
65
11012
11418 Sale 114
1128
11
Fele31
11
10
7
External 30-year a1 79. --1955 J
10912 121 10734 111
Aesentleg be large
812
10
5
1956 el N 10912 Sale 10884
873 1034 612
StebillzatIon loan 78
Assenting 414 of 1904
558 1134
634 June'31
8
67
6
Bergen Norway)48011910
Assenting
100
99
9812
6 95
99
1
1614
18
5
712.110103
.....
Ext1 sink tend 5a-Oct 16 1949 A 0 97
Assenting 4501191(1 large
22
0412 100
9834 Sale 9834 100
434 034
---- 6 June'31
-External sink fund 58.-1960 55 S 7758 Sale 75
91
Aesenting 4s of 1910 small
68
7778 25
1358
2
812
____
,
May'31
8
J
3
'33
ge)
Berlin (Germany) a t 634a 1950 JA 0 67 Sale 64
aseent(lar
'13
of
54
Trees lie
69
57 /84
1958
5,5 1314
8 June'31
External elnk fund 6s
Small
92
54
7912 38
0 78 Sale 75
7582 91
507s 105
Bogota (City) mull of 8a_ _ _1946 A N
24
55
15
Milan (City, Italy) cell 6154 1952 A 0 8078 Sale 8738
36
34 Sale 34
s
.1939
13ruellBolivia (Republic of) eat!88_1947 M
28
Mines Geraeo (State)
34
1258 38
4412 32
2312 65
44 Sale 40
.1 2638 Sale 24
M
External aecurities 78 Wail '68
2612 39
External of 6 34s.1112 3834
4414 30
2312 66
13 2612 Sale 2178
194M_
4414 Sale 4114
External, I is (llW)
25 10384 106
Ext1 see 611s serial A ___I959 M S 74
106
7712
92
10578 Sale 10534
55
12
50
N
76
76
8s.1934
15-yr
of)
(City
13
Bordeaux
166
92
Montevideo (City of) 711-1952 J
81
49
D 8012 Sale 78
8
45
8434
65
5714
_-__1959 MN 6518 68
A
Brash (1.1 8 of) external 8a_1941 J
6aserlea
t
a
701e
External
33
256
64
54
6314 Sale
1 10318110614
1051,
10514
105
8
1041
S
M
-1972
prices)
(flai
External 81 610 of 1938 1957 A 0 6312 Sale 5414
d,
6e
70
Netherlan
32
179
63
88
6312
4
3
0
6912
6012
39
A
Salo
1957
A
6212
F
1957
F,xt1 s 6 he of 1927
36
7812 New So Wales(State) extl ba
6234 75
8812
41
62
40
1952 J D 61 Sale 55
Apr 1958 A 0 6112 Sale 6114
7e (Central Railway)
Externals I 58
99 105
17 10412310812
0 101 104 10112 10378 15
10(3
10612
A
Sale
2
106
(flat).19b
F
A
1943
£
becur)
6s
esti
(coffee
712e
9978 Norway 20-year
9314 25
85
9212
Sale
10612
35
4
8
933
10714
1055
10414
S
55
Sale
A
10618
F
-1935
1944
Bremen (State of) rad 7s_
20-year external 115
39e 7212
30
62
39 10114 103
0258 103
1957 M 8 59 Sale .5714
1952 A 0 10214 103
Brisbane (City) a 1 50
30-year external 68
3978 de
9
68 10134 101478
1958 F A 58 Sale 57
1965 1 D 10338 Sale 10318 10358
Slaking fund gold be
40-year at 5 eis
4434 83
June'31
49
74
8
65
1013
10018 1(2
65
101
Sale
10138
J
e
1900
Externals I 5a_Mar 15 1063 M D
20-year a 168
78
62
7018 00
6912
6
71
10013
D 70
100 Sale 100
1407e 10214
1967.1
be
t
cells
Bank
Municipal
Budapest(City) cull s t 6s-1962
95
84
8614 10
80
3
87
102
102
1001s 109
8214
1023
4
4
1013
1953.1
D
0
B
DUCCotAlres(City)03482
Municipal Bank extl 8158_197
9611
70
77 June'31
11
68
4 85
6012 8312
tis....1952 F A 63 Sale 67
exti
(City)
g
External s ea ger C-2__ _ A960 A 0 773
Nurember
9314
3
69
77
77
10234 12 1004 10414
1055 MN 10258 Sale 10218
1960 A 0 7714 82 611g
External a t 68 ter c-3
495s 8312 0810(City)30-year a t tiu
c69
9912 1021,
69 Sale
1946 F A 10134 Sale 10018 10114 19
Sinking fund beie
Buenos Aires (PrOv) e551 68_1961 111 A 6712 Sale 6334
4912 8518
6712 72
D 10312 Sale 10312 10412 32 1004 11 41
1953.1
1.061 F
_
bees
ext1
(Rep)
Panama
Extl s 1 ts4e
77
60
6518 13
17
Sale 63
Oak
85
75
Sale
6518
N
88
8811
J
M
J
1963
16
19111
78
1
May
A
8
)
Ext1 el ria tier
Bulgaria (Kingdom
85
7
69
1012
79
3518 23
Sale 7.5
S 35 Sale 27
Pernambuco (State of) ext175'47 M
Stabil'n a f 7148 Nov 15 '68 ---- 70
3
3834
3414 35
25
61
33
M
S
-1959
7876
40
40
Peru (Rev 00 external
70
14(1,
15
2534 77
Sale 23
J
.1 70 Sale 68
Nat Loan ext1 s 1 6a lot tier 1960 AO 2412 Sale 22
°aides Dept ot(Colorrible)7343'48 J
9411 97
9512 88
2614 36
1612 40
0 9512 Sale 9434
Nat Loan eat's tile 26 set-1961 AC) 23
Canada(Domin 01) 30-yr 43_1960 A N
40 1031g 1081,
33
71
63/4 73
67
Sale 0534 107
Sale
6718
M
10073
1952
1940
09
gold
58
Poland (Rep 00
7714 108
71
83
1936 F A 10314 Sale 0212 10314 37 10058 10314
1947 AC 77 Sale 7334
Stabilisation loan a / 7s
eie
3 103 10912
8378 84
73
90
J 82 Sale 80
1954 J J 10614 10758 0634 10634
External elnk tend if 88-1950
Carlsbad (City) a I 85
7718
44
7
5712
6912
is
56
68
28
6712
Jo
60
65
0
ell
A
56
'46
7e1a
-1961
88Colom
of)
(ewes Val (Dept)
Porto Alegre(City
4812
8
2112 71
J 4512 Sale 43
714a-1966
Y)hold
sink
guar
Ext1
95
Central Aerie Bank (Germau1950
76
19
8778
7758 96
7138
8712
70
S 8778 Sale 8518
Sale
4
MS
M
763
'51
15
6348
pt
extl
7e-Se
f
State)
a
(Free
Prussia
Farm Loan
6614 84
7612 70
7658 206
7612 Sale 71
68 83
11860.1 J
1952 AO 7658 Sale 7014
Extorted 8168
8314
173
66
Farm lean t 0a_July 15 1900 A 0 76 Sale 71
70
yg
8812 36 (19
AO 88
0014 8414
7438 8934 Queensland (State) extl s 17a 1941 PA 68
Farm Loan a t lia_Oct 16 1938 A 0 8434 Sale 79
8434 87
1
7.113
7402
72
5014 8758
lb
1947
Apr
A
6s
25-year ()eternal
100
67
22
Farm Loan 68 eer
87
8018
2
Sale
8812
70
35
N
8112
65
M
Sale
AO
70
1942
Rio Grande do Sul extle 1 8s-1946 .1 13 36
Gaiie (Rep)-ext s tie
481e 86
135
64
109
36
2134 5514
Sale 34
A 0 59 Sale 5712
External eluting fund 64-1988
86
49
External elnitIng fund 68_1960
6334 44
41
65
4712 21
5812 Sale 58
29
47
1061 F A
External a f it of 1926--1966 M N 42
80
50
99
Exterual 14 f 68
64
5512
27
Sale
4
45
J
583
37
43
27
64
J D 36
1961.3
loan_1967
17smucle
a
162
External
a
esti
87
60
75
6334
RI ref
87%
8
S 59 Sale 5712
44
4
623
(37
0
A
M
66
6512
1961
86_1946
et
-year
26
Rio de Janeiro
86
51
78
64
Extl renkhig fund tie
4518 GO
Cs
22
1953 F A 4212 Sale 3914
1962 M S 59 Sale 59
Externals 1 63-4s
86
50
6314 SO
Ext.' sinking fund (te
120
el) Sale 58
91
773
1)114
1952 A (J 91 Sale S014
1963 M N
Rome (City) ext1 834s
88
54
105
67
Fxt1 nicking fund de 30 1957 JO-) 0018 Sale 60
4
1
105
051
103
10514
N
1043
8
108
4
M
6c.__19144
Rottetelatn (City) extt
00
54
28
75
Calle Mtge Ilk 61e8 June
7712 37
6112 64
7614 Sale 76
715e 83
1961 .31) 62
Rottruania(Mom/pollee)73-1959 F A
85
50
6212 82
1 6e4 e of 11326..June 30 1001 AO 5418 Sale 5418
8158 11
7912 89
1953.3 .3 815s Sale 7912
APr 30
ieutrbrueeken (City)(is
85
10
6212 57
Guars tad
5712 54
3912 93
65
7
54
80 61
N 65
19(12 MN
8612 Sao Paulo(City)a I Ss_ _Mar 1952 M
50
6212 30
Guar s I tia
4358 23
2512 6473
55 S 5934 Sale 58
_1957 M N 4358 Sale 41
1960
1927_
of
614s
1
a
Exteenal
78
4
3
:duple
28
14
1
202
Chilean Cone
18
38
J D 2112 2434 2112
93
1 J 8018 Sale
1 410 10:33s San Paulo(State) ext.: at 88.1936 1 1 5914 Sale 53
Ebineeie (Iiukuang Ry) 58_1951
5914 32
25
51 S 101 10314 102 June'31
844
MO
is
of
gee
External
8914
6912
10
77
8
Christiania (Oslo) 30-yr s t 54 '54 M
Sale 767
40
59
77
4712
Sale
59
7612
S
M
2512
L'n_1956
1950
Water
7s
t
e
External
78
42
73
Cologne(CItyGermany 634M
4234 72
20,8 537g
.1.3 7212 Sale 6912 c7312
1068 J .1 4234 Sale 40
External II f ils
4173 78
7234 135
Colombia (Republic) 614.... 1061 AO 7214 Sale 60
84
150
65
88
1940 A 0 8312 Salo 79
61
it.
11128-19
1
a
Secured
of
73
4814
68
If
9
62
External
77
19
6 77 Sale 75
61
90
AO 5858 Sale 56
Banta Fe (Free Arg Rep) 72-1982 51 D
50 83
9
6458
Colombia Mig Bank 6348 01 1947 el Ii 62 Sale 62
14
83
77
7514 Sale 80
1945 .1
98
7818 Saxon State Mtge Inst 73
4
13
3
10
Sinking tend 78 of 1926_1948
7,514 77 J11ne'31
Sale
6034
c6314
73
0
73
3
A
1940
F
_Dee
614e_
I/
1927_1947
fund
Steklni,
0612 101
Sinking fund is of
4
6132
60
4 10
0314
60
107
10718 46 Moll (08
1952.1 D 10034 Sale 10
8 Seine, Dept of (France)ext175'42 1 J 107 Sale 89
1193
9314
3
eopenhagen (City) 58
9618
8
957
9012 18
9612
64
89 Sale
93
1953 M N 96
Beres, Croats & SIOVOLien 88.1962 MN
75
40
25-er g 43es
3
58
33
80
SO Sale 7812
55 Sale 52
70
8412
External see 7s Der in -1962 M N
99
55
Cordoba (City) esti 8 t 7s_ _1957 F A
5
7012
58
13
58 Sale .57
70 Sale 70
40
1055 F A
7e
8814 Sydney (City)8 t 5349
External a t 7s__ _Nov 15 1037 55 N
80
26
76
7318
D 60 Sale 37
60
7,573
43
J
74
63
1958
.1
61.14
it
'42,J
esti
of)
is
,
(Prim
ArgentIna
ellesia
7914
fordoba (Pray)
55
3
7
212
,
7
9
2
314
70
70
10
71 Sale 9
60
80
Silesian Landowner:. Aeon(38_1947 F A 6914 72 16812 1072
Costa Rica (Repute, exti 7e_19511M N
98
9212
4
95
6 103 e10814
1936 M N 1071e -- - 0773
9018,8011R (City of) e551tie
Cuba (Republic) 5a of 1904.19441a! S 04
08 100
9678 10
9612
Plat F A 8634 Sale 8634
87
5
8512 0512
el:bane' 58 of 1914 aer A.19491F A 9678 Sale 73
8784 Rtierlm (Prowl orternal 7m
73
1
73
78
73
Eeternal loan 4 tee eer C. 19491 F A
sale
Option
8
sterling
£
c Caah Bale.
e Ou the bade' of S.5 to
HZ"
112
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 3.
g
P.,
Pries
Friday
July 3.
Ti
s
Range or
Last Bale
co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 3.
t
t
89
Prize
Friday
July 3,
Week's
Ranye or
Lan Sale.
in!
Foreign Govt. & Municipals.
Mon No. Low
M.1
Ark Lore
High
Low
Myra Na.
Sweden external loan 510_1954 MN 10512 Sale 105
Chicago & East Ill 18t Os...1934 A 0 8ta
10014 46 1041e 107
4133 9
Al
2'78 99 May'31
Switserland Govt esti 554s_.1946 40 woe Sale 10513 10612 16 10378 107
35 Sale 30
C & E r11 H7(sew co) con 5e _1951 M N
3612 40
7712 83% ChM & Erie let gold ris
2
Tokyo City Sc loan of 1912_1952 MS 8314 8414 8338
8338
I982 MN 105 10712 105
10514
4
External I 514e guar__ _ _1961 AO 96 Sale 9514
0638 67
8812
1
4 Chicago Great West let 48_1959 50 S 6714 Sale 6534
4010 06/
c68
129
en
5833
10
Tolima (Dept of) sill 78_ _ _1947 MN 5912 63
Chi,' Ind & Louisv rot 65_ _ _1947 J J 10512 Sale 10513 10513
62
1
3
Trondhjem (City) lot 5)0.1957 MN
Refunding
97 1001
9612 100
gold
100
58
/
4
1937 J 1 ____ 98% 101
Apr'31
D 10018 Sale 9934 10014
Upper Austria (Prov) 7s....._1945
Refunding 46 series C__ _ _1947• J 6212 90
97 c104
91
6
Apr'31
3
89
External et 61413 June 15 1957 3D 88
let & gen Sc series A
87
91% 89
9184
75 Sale 6778
1966 MN
75
12
9
9318
let & gen 81 oar B_May 1988
70 104
Uruguay .Republic) esti 88_1946 FA 90 Sale 8812
.1 7514 80
75
75
1
75
73
49
External 8 t da
8878 Clue Intl & Sou 50-yr Co
9433___ 95 June'31 _
1960 MN 71 Sale 70
1956
73
66
Esti s f ea
5114 883s Chic I. E3 & East let 4)0_1969 jj
3
J
May 1 1964 MN 70 Sale 69
100
41182
10014
10014
4
June'31
61 10014
____
Venetian Prey Mtge Bank is '52 AO 60
933a 10078 Cb M & SIP Sends A_Nlay 1989 J J 83 -83-12 8312
84
22
8334 77
V1(1111A1 (City of) eat) f 68_1952 MN 8814 Sale 8814
8353 89 ,
Registered
84
Oct'30
_
33
61
1
4
Gen g 3)0 ear
Warsaw (City) external 78_1958 FA 61 Sale 59/
5158 70
_May 1989
72
7314
6
50
Gen 430series C __May 1989 J .) 9338 94
Yokohama (City) esti 88_1981 3D 10012 Sale 10018 101
95 101
9338
9338
2
Gen 43.0 &idea E _ _May 1949• J 93% 94
933e
94
18
Railroad
Gen 411(e aeries F__ __May 1989 J J 9512 99 95
96
3
13 10238
104 June'31
Ala GC Sou 1st cons A 5a ____1943
10234 105
Chic 13111w St .k Pat, 54_1975 F A 6612 Sale 6312
67
284
9413 June'31
1943.1 fl 9414
lit 00013 48 8er B
92/
1
4 0112
Cony ad)55
2812 493
Jan 1 2000 A0 28 Sale 2513
13
88%
4
June'31
8918
A
330_1946
0
9112 9
Mb & Sue let guar
9214 Chic & No West gen g 8140-1967 Si N
--7514 77
77
7778
5
9014 June'31 ____
Alleg & West let g gu 4e___ _1998 A 0 89.
86
9014
Regfiltered
Q F 70
80
79% Mar'31
9918 Sale 994
1942 M
5
Aileg Val gen guar g 48
96% 9912
9913
General 49_
8578
1937 131 N 85% 87
87
15
75 63 June'31
Ann Arbor lot g he__ _July 1995 Q J 70
S014
68
Stpd 4s non-p Fed Inc tax'87
N ____ 90 88 May'31
Atch Top & 13 Fe-Gen g 48_1995 A 0 99% Sale 99
10012 193
Gen 43Seetpd Fed Inc tax_1987 M N 10214 Sale 10214
97/
1
4 101
10214
4
Registered......------------A. 0
9812
9
9812
96
99
Gen Is etpd Fed Me tax 1987 M N 10134 10214 10612 June'31
Adjuatment gold 48__July 1905 Nov 97
__
2
0313 97,
MN
9714
8
Registered
10512 July'30 _ _
9714
Stamped
9
9673
July 1995 MN 9618 Sale 95
94
98,2
Striking fund deb 58
162- 101 June'31
1933 M N i8
Registered
MN 9118 9512 9413 May'31
93,8 91,2
M
99 June'31
Registered
N
Cony gold 4s of 1909
9634 June'31
1955 J D 95
15-year secured g 6348_1936 Psi S 100T4 6;1-e- 10614 107
94/
1
4 9634
6
Cony 4e of 1905
9714 14
0553 D 9714 Sale 9518
lot ret g 58
94/
1
4 9711
92
May 2037• D 92 Sale 92
30
Cony g 48 issue of 1210_ _1080 J D 9414 9734 9414 Apr'31
let & ref 414s
0114 9414
8112
82
Stay 2037 3D 81
6
Cone deb 41.0'
1948 3 D 11614 Sale 115
11614 110 11112 122
1st it ref 410ser C May 2037 J
8213 Sale 8134
83
42
Rocky Mtn Div let 45_ _1965 J
98 June'31
9718 98
9334 98
Cony 4122 series, A ____1949 MN 8112 Sale 7814
8112 280
Trane-Con Short L 1st 413.1958 J J 9878 10012 10014 June'31
95 10014
Cal-Arls let & ref 410 A_1062 M S 10412
104% 10434 24 102 106
Chic R. I & r Railway gen 4e 1988 1
00 Sale 8418
C9012 33
All Kamm & Nor 1st g 5s 1946.1 13 10234
Registered
19313 10312
• J
91
Jan'31
- 10312 Feb'31
A tl& Chad AL let 4)0 A_..19443 J
OS
9712 91334
V9-14 9914 June'31
Refunding gold 4e
226
1931 A0 9473 Sale 93
95
let 30-year Ss series 13
2 10213 10432
1034
Registered
AO
19443 J 103 10412 103
9614 Apr'31
Atlantic City let eons 42_1051 J J 91
89 Mar'31
Secured 410 series A __1952 M
88
941
/
4
85 Sale 8212
85
26
A tl Coast Line let cone he July'52 M
9714 Sale 9634
Cony g 4148
98
9714 18
95
81
191
1960 MN 81 Sale 78
Registered
9213 May'30
Ch St LA N 0 58_June 15 1951
M S
D 10278 Sale 10278 1027e
1
General unified 410 _1961 J 13 1.6513 f66371 10012 June'31
-65 102
Regbrtered
3D 981
_ 100 June'31 _
L & N coll gold 4e __Oct 1952 M N 88
Gold 310
8912 88
6
86
8834
9214
8 -8-6
8512 May'31
June 15 1951 3D 8232A tl & Dan lat g 4s
4414 Salo 44
Memphis Div let g
40
4414 12
62
11)483
9112 May'31
90
_1951 3D
204a
ChStL& P let cons g 6.2_1932 • 0 10113 ____ 10178 Mar'31.____
41
3614 June'31
30
40
11)483 .1 37
MI Yad let guar 4e
8
6214
Registered
1941) A 0 5612 6214 6014
6014 75
A0
101 Feb'31.____
Austin & NW let gu g 58_1941 J J 104 105 104 May'31
10114 10414 Chia T 11 & Ho East let 58_ _1980 3D 74
78
75
75
3
Balt st Ohio 1st g 4a- July 1948 A 0 9838 Sale 98
Inc, gu Sc
96
0812 53
9912
6812 53 June'31
Dec 1 1960 MS 63
Registered
9712 June'31
9513 98
92% 9712 Chic fin Sta'n let Cu 4)0 A_1983
July 1948 Q
J 10378 10412 1041.1
10114
1
20-year cony 431a
1st Is series B
10013 Sale 10018 10012 85
98 101%
1933 M
1
1963• J 106___ 10612 10612
9934 Dec'30
Registered
Guaranteed g 58
M S
1944 3D 105 1-0518 105 June'31
Retund & gen Is series A 19953
1004 Sale 100
let guar 63'0 aeries C -1963 3, 116 Sale 11534 116
10012 164
974 17644
8
9912
1
Registered
991,
9912 103 Chi)& W.210 Ind con 4a
J D
91 Sale 9012
91
61
1052 J
let gold 50
1st ref 5He aeries A __..1062
107% 43 104% 109
July 1948 A 0 107 Sale 107
S 105 10512 10412 105
10
Ret & gen 66 serlea C _ _ _1095 J D 109 Sale 10734 109
48 1054 11012 Choo Okla & Gulf cone 513_1952 MN 10112 ____ 10312 Apr'31
Cln 11 AD 211 gold 4900._..1937 J J 9918 ____ 994 May'31
PLE&WVe Sys ref 4s_ _1941 M N 9758 Sale 97
97% 16
9513 99
0
102%
10312
Soutnw Div let 5e
I
Sale
39
10334
St LA C let g 48..Aug 2 1936 Q F 9918 ____ 9912 June'31 _ _
10018 10512
1950 3 J
Vol & Cho 131y let ref 45 A _1959
84 8418
7
85
83
Registered
J 83
8673
__ 9818 Apr'31
Aug 2 1938 Q F 9833
Ref & gen 511 serlee D
2000 M S 10012 Sale 9913 10078 42
99 10434 CIa Leb & Nor let con gu 48_1942 MN 944 -96
9413 June'31
911 216
Cln Union Term lst 410_2020 33 105% 10613 106 June'31
Cony 410
1960 F A 9113 Sale 9013
86 c99
Clearfield & Mah lot gu 55 _ _1913 33 101
Bangor & Aroostook 1st 5E1_1043 .1 J 10312 105 10313 June'31
103 105
____ 9814 Apr'31
901
Con ref 4e
2
1951 J J 9012 Sale 9014
8813 9212 Cleve Cm Oh & StL gen 45..1993 3D 934 Sale 9312
9314
2
71 Feb'31
Battle Crk & Stur let gu 39.1989 J D
'11
General So series B
71
1993 3D 101.._. 110 Feb'31
9713 100
100 June'31
Beech Creek 1st gu 4s
1938 J J ioo
Ret&impt Ogees C
1941 ▪ J 10412 105 10412 105
2
2d guar g 55
100
Jan'30
19303 J
Ret & inapt besot D
1963 33 10434 Sale 104
1044
6
Beech Crk ext let g 8)4 e...1981 A 0 8714
88 Mar'31
Ref & West 410 ear E
-1-3E4 88
9812 15
1977 J J 9813 Sale 97
Belvidere Del cone gu 310_1943 J J 8914
When limed
10112 Jan'31
Big Bandy let 424 guar
1944 J 13 95% 9712 9534 June'31
Catro Div let gold 4e_ _ _ _1939 33 9713 __ 9814 June'31
94/
1
4 9712
Boston & Maine let 6e A 0_1967 M S 9914 Sale 9818
9914 62
9718 10314
ClnW&MDly let g 48...1991 J J 9134 -973-4 92 June'31
lot m 5n series 2
99
32
1955 MN 99 Sale 9812
St L Div let coil tr g 4s___1990 MN ---- 92
9434 10314
92 June'31
9512 33
1st g 43-3s ser J J
1961 A 0 9513 Sale 94%
Spr h Col Div let g 43 -_ _1940 MS 9612 ____ 9534 Feb'31
9473 9.513
13oeton & N Y Air Line let 45 1955 1" A 8312 85 85 June'31
W W Val Div lot g 4s____1940 I J 965 ... 9518 Apr'31
81
83
Bruns & West lot gu g 48_1938 .1 J
98
_ 98 June'31
98
9814 CCC&I gen consist 138- _1934 ".5 104% 10514 10414 June'31
_
13011Roch & Pitts gen g toe_ _1937 MS 10314 1-0414 10314 June'31
10/12 10314 Cloy Lor & W con let g 5s__1933 AO 10118 Sale 10118
101to
1
Consol 410
1957 M N 8012 Sale 784
8012 29
Clovel & Mahon Val g 5s---1938 33 10134 ____ 10112 May'3 -7234 90
Burl C R & Nor lat & coil 513_1934 A 0 10218 Sale 102
10218 15 100 102/
1
4 CI & Mar let
g 43.0
____ 10012 MaY'3 -1935 MN 101
Cleve & P gen gu 414s tier 13_1942 AO 10113 __ 98 Dec'30
Canada Sou cone gu Sc A
19132 A 0 10653 10713 107 June'31
105 10812
Series 13 3315
A0
924
__
87 Mar'29
1942
Canadian Na;430-Sept 15 1954 NI S 1008 Sale 100
10078 38
98 10212
Berke A 4 tie
1942 3J 10018 ____ 10114 Nov'30
_
30-year gold 410
19573 J 10118 Sale 100
10118 45
97/
1
4 10258
Series C 3949
MN
914 __ 9233 Jan'31
1943
Gold 4148
19883 D 101 Sale 9934 101
32
9713 10211
Series D 310
1950 P A 8833 ____ 8618 klay'26
Guaranteed g La____Jtily 19693 .11 10614 Sale 10533 10078 17 104 108,4
Gen 4)0 ser A
P
A
103
____ 104 June'31
1977
Guaranteed g be __Oct 1060 A 0 10678 Sale 10538 1067e 78 10358 10814 Cleve Sher Line
0
lot gu 410_1961 AO 1101.112
_ 10414 10412
6
Guaranteed g 58
1070 F A 10618 10613 106
10614 17 104 10734 Cleve Union Term let
1103
-- -4 110 June'31
530_1972 A0
Guar gold 4315__June 15 1955 .11 D 10214 Sale 102
103
46 10038 104
let e t So settee 13
AO 106 Sale 10614
10712 18
1973
Canadian North deb a I is...19403 D 11234 Sale 11234 113
32 11018 11312
let et guar 4)Is series 0_1977 A0 10312 Sale 10278 10312 23
25-year e deb 63411
59463 J 11934 Sale 119
11934
5 11512 121
Coal River By 181 gu 4s_ _ _1945 3D 9558 ____ 92 Apr'31
10-yr gold 4 As __Feb 15 1935 F A 10212 103 10134 102
31 10018 10338 Colo & South ref & ext
430_1935 MN 10153 Sale 10012 101% 35
Csrutdlan Pao Ry 4% deb stock__ .1 .1 8558 Sale 8514
8618 122
85
8912
Geni m 4105er A
8712 10
1980 MN 863 Sale 8634
Col tr 410
194851 S 100 Sale 98
100
26
98 10111 Col & II V lst ext g 40
94% ____ 9514 June'31 _ _
1948 A
Si equip to etfe
1944 3 .1 10412 10513 10412 10558 15 102 107
Col & Tol let ext 40
June'31
961
1055
Coll tog 5s
Dee 1 1954 J D 102 10212 10134 10212 15 1011
/
4 10512 Conn & Paseum Itly 1st 48_1943 A 0
_ 90 Dec'30
Collateral trust 4)0
19603 J 9818 Sale 9738
9934 66
9738 101/
Cowed Ry non-cony 45 _1954
90--73
76
74 June'31
Cerbondale & Shaw let g 45_1932 M 13
_
98* Oct'30 Non-cony deb to
7313 76
7313
76
3
1958.3
Caro Cent 1st eons g 4e ...1949J J 9850
677- 68 Mar'31
68 1ENon-cony deb 49
73
7
72
514 Apr'31
1955 A 0 73,8
Caro Clinch &0 lot 30-yr5o_1938 J D 10312 10414 10311 10318
1 102 104
Non-cony debenture 40_1956 ii
75
5
1sl&roug0oerADeo15'6'2J D 108 10814 108
108
11 107% 10913 Cuba Nor Ry let 590
1942 3D 3912 Sale 3612
3912 83
Cart & Ad lst gu g 45
19813 D 8012
__ 92 Apr'31
92
91
Cuba RR let 50-year As g
J J 63 Sale 5812
6312 17
1952
Cent Branch 13 F lat g 48
1948 J D
-/9 78 May'31
78
83/
let ref 730 aeries A
1
4
75
17
1938 3D 7312 7073 74
Central of Gs let g Le-Nov 1915 F A 152;3 __ 10334 1033
5 101 103/
151 lien & ref 65,5er B ..1930 J D 66
1
4
7414 6912
7012 10
Comte gold 56
1945 M N 9514 Sale 9514
0514
94 10214
1
Registered
50 N
100 Feb'30
Del & Hudson let & rot 48_1943 MN 963 Sale 9633
97
58
Rat & gen 5)0 seriee B___1950 A 0
85714 fai"
-83 8534
2
8534
30-year cony 56
1
1935 A0 10412 107 106
106
1.:ef & gen 58 aeries C
1959 A 0
77 70
73
5
15-year 534s
70
9518
1937 MN 105 Sale 10434 1044 35
Chatt Div pur money g4s_1951 J 13 83 ____ 8712 May'31
D RR & Bridge let gu g 4131936 F A
87
88
100 Apr'31
Mao & Nor Div 1st g 68_1946 J I 93%
9314
9334
4
Den & R G let cons II 4s
0314 102
5
1936• J 94 Sale 03
94% 97
& Atl Div per ra be '47 .1 J
IWO" 10213 Sept'30
Congo! gold 430
8
94%
9412
1536 1
Mobile Div let g Se
1946 J J 93 ____ 10112 Apr'31
1013* Rich; Den & HG West gen 611-A10( 1955 P A 64
43
9413 Sale
64
le 61
Cent New Eng let gu 45_ _ _1061
89
8914
8914
85
1
Ref & Inapt 53 ser B_Ap: 1978 AO 71 Sale 7012
8914
11
71
Cent RR & ilkg of Oa colt Se 1937 MN
95 9434
94%
2
9434 9914 Dee M at Ft I) let fru 4e1935 33
8 Apr'31
753 20
Central of NJ gen gold 513
1987 3 J 1.134 11838 11314 11313
6 11218 115
Certificates of deposit
558 15
5 June'31
Registered
1987 Q .1 1127 Sale 11258 11253
2 10913 11413 Dee Plaines Val let gen 430_1947 MS 8112 ____ 94 Mar'30
General 48_
1987 3 .1 97
8712 9812 Dot & Mao let lien g 40
9734 Jan'31 _
35 Apr'31
1955 3D
Cent Pao lot ref go g de_ _ _ -1949 F A 9838 Sale 9818
983s 34
9513 99
Gold 4e
40. 38 Dec'30
1995• D 25
Registered
lf A 958..._ 96
96
1
95
97
Detroit Meer Tunnel 448_ _1961 MN 10213 ---- 10214 June'31
Through Short I. let gu 4s 1954 A 0 96% 98
98 June'31
Dul allesabe & Nor gen 5/9_ _1941 J J 18
9514 98
_l_e_ 10418 June'31 -00
4112
2 sa
1960 F A 103 Sale 102
Guaranteed g Se
103
42
9934 1054 Dul Sr Iron Range 1st 5& _..5937 A0 10312 Sale 10312 10312
4
Charleston & Say'h let 75_1936 J
110_... Ill June'31
Dul Sou Shore & Atl ft
109 111
.
47 1 .....2
9
47314 .
5_0_ 947714
Chas & Ohio lot con g 15e
1939 MN 10618 107 106
107
4 10434 10712 East Ry Minn Nor Div51_ _ _1937 J
May
'
3
41 '48 AO
Registered
1939 M N 104 ____ 10314
101 10312 East T Va & Oa Div 151 let
MN 10712 11012 10712 June'31
General gold 4)4e
1993 M S 105 Sale 10452 105
18 10313 10671 Elgin Joliet & East let 5s_ _1958 M
107 ___. 10712 June'31
Registered
10212 ____ 10238 May'31
M
102 10238 El Paso & SW let 5e g 55_1941 A0 103 104 106 June'31
1965
_1993 A 0 10153 ____ 10178 102
Ref & linpt 430
20
9813 10318 Erie let cony g 4s prior
9
86
'
3
80 Sale 85
1996
57
Ref & inapt 430 oar]) _ _1995 J J 102 Sale 10138 102
9913 10234
Registered.
1
87
1;2 138
8
70
8
70
612
1996 J J
Craig Valley let 611.-MaY 1940 J J 10234 106 1015e 102
6 101% 10312
let censei gen lien g
Sale
78%
33
_1996
Potts Creek Branch let 18_1946 J J 951
9538 June'31
9413 11538
Dec'30
68
Registered
3
1996
R & A Div let con g 48_1989 J J 9058 -98
9712
9
9314c102
9833
Penn coil trust gold 40 _1951 FA
101 June'31
1989 .1 3 9313 ____ 9253
211 cousol gold,48
933
9214 9412
6
60-year cony.48 aeries A 1953 AO
76
76
2
Warm Spring V let g 6s.1941 M
10214 _ _ 10434 May'31
104/
1
4 10-134
Series
13
AO
1953
Clomp Corp cony 58.May 15 '47 MN 99 Sale 93
99
125
8834 10138
Gen cony 4e series D
1953 A0
Chic & Alton RR ref g 38_1949 A 0 68 Sale 6712
68
16
6712 73
Ref & impt Ss
1967 MN
Ctt dap Med Apr 1 1931 Int_ _ _
6518 Salo 6518
6518 10
65/
1
4 70
Ref & imet 5801 1930._ 1975 A0
Railway :fret lien 3110 __ _1950
7934 ____ 7934
7934
1
79/
1
4 7934
n
1878
7774
88351:
;
I2 2 2
Erie & Jersey let dOs _1955 J
e6
2
131i :::
2 1:1
7
188771551111-184 SaleEIS.3
-73-51 eel:2
.
1:_964-3___
Ohio Burl & Q-1111/1,3;42_1949 J
9114 Sale 91
9113 45
89
921
/
4
,
2 11412 0358 May'31June'31
Genesee River lot 5 1 65..1957• J 1121
Registered
.7 J
91
Jan'31
91
91
Erie SePitts gu g 31Se ser B 1910 J .1
May'31
Illinois Division 48
J l00T4 gale 9914 10014 20
1949
9632 10014
Series C 3146
1940 3' 9478 ____ 857 Oct 20
99l Sale 09
General Is
1958 M
9953 27
9613 100
Fla Cent & Pen let cone g Se '43
'
85
3
843 June'31
1977 F A 10212 10314 102
let & ref 410 oer B
10210 11 100 104% Florida East Coast let
75.13 75 7212 75
4 Re_1959 3D "7
7
lst & rat Ss 'steles A _ _ _ _ 1971 F A 110 111 110
110
4 1073o 1101 1
1st .4 ref 55 aeries A
11174 Sc S 2211 Sale 211
23
28
C Cash sale. s Option sale.
-ia- §-;,,-.-
FIGIVC7
Since
Jan. la
Low
Iitz5
9fo 1003
30
50
10413 108
58
flie/
1
4
104/
1
4 110
10034 10234
91
9334
6772 9034
72% 100
9318 96
99% 10118
7934 87%
-64 15-4
90
9612
8811 9612
95 101
50
76
15
35
7514 81
7712 7912
85/
1
4 91
8612 91
1021341031s
105 1101s
100
09
106
88
SO
78
65
1-62-3-4
10112
10912
103
98
95/
1
4
93
86
96
01
91
8518 9912
96/
1
4 981s
75
9538
6512 9212
102 3 10414
100 100
8512 85/3
90
9113
101 1017.:
101 101
60
88/
1
4
51
75
102/
1
4 10514
104/
1
4 10004
10338 10512
11435 116/
1
4
8712 93
10032 105%
10114 1051s
98 100
08
9912
98/
1
4 9818
93
96
10234 109
9814 9814
92
97
109/
1
4 110
103/
1
4 105
10312 105
9614 10134
100 10134
97
9913
91
94
90 9312
0514 9534
9518 9513
103% 10438
10118 101%
101 10115
10011 101
921,
101
.9-i1i
105
1920 10412
10814 11114
10413 10911
10112 104%
92
9612
1
4
99 162/
85/
1
4 37/
1
4
96/
1
4
92
oh 9614
09t
68
70
6835
351s
45
70
59
741,
76
728.
75
47
764
8013
7034
9514 9912
10012 11.6
10612 10612
91313 100
8914 99
9312 101
42
83
6412 8534
8
8
5
8
35
-95""
IOl1a 10413
1041e 10418
102 104
381s 501s
9634 971s
10444 1011
104 10712
10213 19634
8414. 8934
8012 8712
70
794
-9314 10115
6812 7812
68
78/
1
4
7012 7312
6513 84,12
66
84
109 11214
109/
1
4 114112
93/
1
4 93/
1
4
81
93
6718 83
17
31
90
BONDS
N. Y. tel'Ocir EXCHANGE
Week Ended July 3.
Fonda Johns & 010-1 151 4345 1952 MN
J
Port St D Co let g 4)45_1941
g 5 Ms-1961 J 0
Ft W & Del] C
Frern Elk & Mo Val 1st es 1933 A 0
GH&SAM&P2dext5s gu'31 I J
Oatv Huns & Rend 1st 58.._1933 A 0
13a & Ala Ily lst cone 68 Oct 1946 I I
Oa Caro & Nor 1st gu g 55 '29Extended at6% to July 1_1934 J
1946 A 0
Georgia Midland let 3s
I)
Gouv & Omega tchle let 51.1_ _1942
Or it & ext let gu g 4)45_ _1941 J .1
Grand Trunk of Can deb 75_1940 A o
1936 M 5
15-year it65
Grays Point Term let 54 --1947 J D
Great Northern gen 75 ear A_1938 I J
J 13
Registered
let & ref 434e series A--1961 .1 J
General 5 Me series B
1952 J J
1975 .1 .7
General .5a aeries C
197(1J .1
General 4 Msseries D
19771 .1
General 4 Ms series E
Green Ray & Weer deb ctfs A.. Feb
Feb
Debentures ctes 13
Greenbrier Ry 1st gu 4,1„ _1440 MN
Gulf Mob & Nor 1st 5 Me-1950 A 0
let M Si series C
1950 A o
Gulf& S I let ref & tor 66-Feb'62
Hocking Val let eons g 434s-1999
199(1 J
Registered
Housatonic Ry cons g 55_ _ _ _1937 MN
HATC
g 55 int guar _1937.1 II
Houston Belt & Term 1st 58.88371
Houertou E & W Tex 1st g 55.1933 M N
Mt guar %redeemable _ _1933 M N
and & Manhat let 56 ser A.1957 F A
Adjustmentincome Se Feb 1957 A o
New York Bond Record-Continued-Page 3
Prize
Prtdov
Ads 3.
Bid
17
95%
105
10418
_35
Week's
Nano or
Last Sale.
13
alt1
Range
Since
Jan, 1.
.4 *1 rev
Blob Na Low
High
Sale 17
18
39 17
2812
9712 9618 Aug'30
_
10578 June'31
Hes 11714
105 10418 June'31
10312 10512
_ 10014 Mar'31
99% 10058
9714 97 Jun
@FedFRASER