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The
olumerrial
VOL. 132.
financial
lirontde
SATURDAY,JUNE 13 1931.
Financial Throutcle
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The Financial Situation.
The clearing up of local banking troubles in
Chicago must be looked upon as the foremost development of the week, and the results cannot but be
decidedly beneficial, with the benefits accruing, not
alone to Chicago, but extending beyond the confines
of that city, since it has been known for quite some
time that some sore spots existed there which might
break at any time and possibly have wide disturbing
effects. Fortunately, through prompt action of the
larger banks and the Chicago Clearing House, the
disturbances have been kept strictly within local territory and no ill effects need now be feared outside
the local precincts. The Chicago banking world
itself may,now be said to have undergone a marked
change for the better as a result of this week's happenings and the effective means taken to prevent any
general breakdown. In other words,the crisis which
had long threatened has now passed and been happily surmounted. The outcome had been looked forward to with more or less dread by those conversant
with the facts, but is now definitely known, and
while it eventuated in a calamity of no mean size,
the resolute way with which it has been dealt is occasion for congratulation. The Chicago banking and
financial world can now breathe freer and utter
a sigh of relief that what was impending has been
safely passed, and that the ill consequences, while
serious, have not proved quite so bad as it at one
time seemed quite likely would be the case.
The fact is, a state of things had developed in the
Chicago banking world not unlike that which found
its culmination in this city last December when the
Bank of United States and the Chelsea Bank & Trust
Co. came to grief and general disaster was averted
only by the collective action of the other banks of
this city acting through the Clearing House. Perhaps
the Chicago situation was even worse than that
NO. 3442.
which had existed here—not in being of greater magnitude, but in being more widespread, at least as
far as the suburban districts were concerned. The
larger phase of the Chicago trouble found its disclosure on Monday morning of this week; the aftermath came on Tuesday and Wednesday in the outcropping of a long list of failures of banking institutions in the outlying districts of Chicago, the most
of them quite small but two or three of them of
fairly large size. The announcement on Monday
morning, after negotiations and conferences which
had, according to press accounts, been in almost continuous progress since the previous Saturday afternoon up to 5 a. m. Monday, was to the effect that
the First National Bank and the First Union Trust &
Savings Bank of Chicago, an affiliated institution,
had become "the sole owners of the banks, buildings
and other properties of the Foreman-State National
Bank and the Foreman-State Trust & Savings Bank."
It was also stated that the First National group had
"guaranteed unequivocally all deposits of the Foreman Banks." Simultaneously there came the announcement that proposals for the merger of the
Central Trust Co. of Illinois and the National Bank
of the Republic had been approved by the respective
boards of directors of the two institutions, and now
needed only ratifications by the stockholders. The
Central Trust has long been known as the "Dawes"
bank, and Charles G. Dawes, for many years honorary Chairman of the Board,and now United States
Ambassador to Great Britain, but at present on a
visit to the United States, was prominent in the conferences leading up to the definite approval of the
merger proposition.
Newspaper headlines have featured the magnitude
of the large banking institutions thus to be created.
The First National combination, as a result of the
acquisition of the Foreman institutions, would have
total resources of approximately $883,000,000, it was
pointed out, making it rank second only to the Continental Illinois Bank & Trust Co., with resources
of approximately $1,122,950,000, while the Central
Trust-National Bank of the Republic fusion would
give that entity, we were told, resources of more than
$350,000,000 and establish it as the third of Chicago's
banking institutions.
But the importance of these developments lay not
in the size of the two institutions thus created, but
in the solution it provided and corrective it furnished
of the local banking troubles. The deep significance
which attaches to all this appears in the statement,
already quoted, that the First National group had
guaranteed the deposits of the Foreman institutions,
thus removing all ground for worriment on that account on the part of the depositors.
What the situation was with which the First National Bank and the other Chicago banks had to cope,
4286
FINANCIAL CHRONICLE
becomes evident from the activity of the Chicago
Clearing House in the matter and its announcement
of its part in the affair. The Clearing House came
into the arrangement through its indorsement of the
absorption of the Foreman institutions and its guaranty of $10,000,000 of Foreman deposits during readjustment of its affairs into those of the First National. The Chicago "Journal of Commerce" stated
that to indemnify the First National Bank against
loss in the liquidation of Foreman assets a fund of
$12,550,000 in cash was set up, this fund being contributed in amount of $10,000,000 by the Chicago
Clearing House banks and $2,550,000 by leading individuals in the Foreman bank group. The New York
"Times," in its Chicago advices, under date of
June 8, said that "The Foreman-State Bank and the
Central Trust-Republic merger were the outcome of
one of the most hectic series of conferences ever held
by banking officials in Chicago."
But besides the aid extended to the Foreman-State
institutions, assistance was also extended to many of
the outlying banks where a very acute situation
arose. Over 20 of these outlying banks went to the
wall, 12 of these belonging to the chain of banks
known as the John Bain group, and the others being
mostly identified with the Foreman-State banks,
but which were so seriously embarrassed that they
were beyond hope of saving, and, accordingly, were
left to their fate. As it happened, however, owing
to the failure of all these institutions serious runs
were experienced by other of the outlying banks, but
these, being solvent, received every assistance needed
to tide them over the emergency. Six outlying small
banks, allied with Foreman, closed voluntarily on
Monday pending adjustment of their status resulting
from the taking over of the Foreman banks by the
First National. The largest of these six outlying
banks was the Sheridan Trust & Savings Bank, concerning which the directors announced that "with
deposit liabilities of $5,200,000" they had requested
the Illinois Auditor of Public Accounts to take
charge pending reorganization. The '12 outlying
banks under the sponsorship of John Bain, South
Part Commissioner, with deposits of approximately
$16,000,000, closed their doors on Tuesday as a
result of runs on those institutions. Then on
Wednesday six more outlying banks with combined
deposits of nearly $20,000,000 either did not open or
were closed during the day when they encountered
unusually heavy withdrawals. Two of these were
affiliated with the Foreman-State banks and were
"orphaned" when the Foreman institutions were
taken over by the First National Bank group. Subsequently one or two more small banks succumbed.
But where the condition of banks which encountered runs warranted the step, the Chicago banks
came to the rescue without hesitation. For instance,
Melvin A. Traylor, President of the First National.
First Union Trust group, offered full guarantee to
the depositors of the Chicago City Bank & Trust Co.,
a $17,000,000 institution, which experienced a run.
"We have promised to loan the bank enough money
to pay every one of its depositors to-morrow, if they
insist," Mr. Traylor was quoted as saying. It was
also stated in Chicago advices on June 10 that the
First National and the Continental Illinois Bank &
Trust Co. had guaranteed unlimited loans to the
$10,000,000 Pioneer Trust & Savings Bank. Arthur
Reynolds, Chairman of the Continental Illinois
Bank & Trust Co., also gave assurance of support
[VoL. 132.
to all banks involved in suffering heavy withdrawals
without cause. "We are supporting the outlying
institutions to the fullest extent consistent with
sound banking, and we will continue to do so," he
said. "We have sent out millions of dollars in the
last few days and stand ready to send out additional
millions should they be needed. It is a curious thing
that some of the strongest neighborhood banks in
Chicago have been subjected to heavy withdrawals,
but conditions to-day appear to be improving and
there are signs that uneasiness is lessening."
We go thus at length into the banking situation
with which Chicago has had to deal the present week
in order that there may be no underestimating of
the seriousness of the crisis through which the city
has passed, and also that there may be a proper
appreciation of the effective and conclusive way
with which it was handled. High credit for this is
due. We notice that John W.Pole, the Comptroller
of the Currency, was quoted as saying in a statement given out by him in Washington that beneficial results would follow the consolidations effected
as the outgrowth of this week's developments. He
is represented as saying: "I think the mergers will
have a clarifying effect on banking conditions. The
benefits to be derived from these two mergers should
be very great. Public confidence should be inspired
by the concentration of funds in these institutions.
A great city like Chicago necessarily requires great
banking institutions. The great Loop banks always
have been progressive, and the present combinations
undoubtedly will be in position to serve Chicago
financial interests better than ever." And thus good
may eventuate all around.
Andrew W. Mellon, United States Secretary of
the Treasury, certainly is showing unbounded confidence in the Government's ability to finance all its
needs in coming months, imperious though those
needs are likely to be at a time of falling revenues
and in face of the numerous demands upon the money
and investment markets he has been obliged to make
in recent months. The present week he has actually
issued a call for the redemption of a considerable
amount of United States obligations a year in, advance of their maturity. And what is more, these
1
2% interest per annum. The
obligations bear only 3/
notice came on Monday, and by it $451,719,450 of the
3/
1
2% Treasury notes of series 0-1930-32 still outstanding are called for redemption on Dec. 15 1931.
This would ordinarily be considered not a mean task
in view of the different issues of Treasury bills and
certificates of indebtedness which will fall due in
the six months between now and next December, and
at all events it certainly requires a good deal of courage to add such a considerable amount to the other
maturing obligations that will have to be provided
for in the interval.
The Secretary's purpose is said to be a commendable desire to save interest, and in this he is likely to
succeed, judging by recent experience. Only last
week, it will be recalled, he offered for subscription
$800,000,000, "or thereabouts," of long-term Treasury bonds bearing only 31/
8% interest and was overwhelmed with subscriptions aggregating $6,315,524,500, out of which he made allotments to a total
of $821,410,350. These subscriptions unquestionably
exaggerate the amount of the bonds really wanted,
since many subscribers, especially banks, feeling certain that the offering would be oversubscribed and
JUNE 13 1931.1
FINANCIAL CHRONICLE
that the allotments accordingly would have to be
pared down, increased the amount of their subscriptions, so that in the allotment they would come
nearer, as they hoped, to the amounts actually desired by them. But allowing for that, there can be
no doubt that the demand for United States obligations of all kinds is so avid that any reasonable
amount of obligations that the Government may
want to put out will find ready takers, and at very
low rates of interest, too. There can be no question,
therefore, that the Secretary will be able to refund
the Treasury notes now called for payment at an
important saving in interest.
Signs of any revival in trade still appear to be
lacking, and certainly in the steel trade operations
are proceeding on a greatly diminished scale, though
in many quarters the slackening is looked upon as
being merely seasonal and therefore not as significant as might otherwise be the case. At all events,
steel operations are continuing on the decline. The
"Iron Age" this week reports the steel mills of the
United States engaged to only 40% of capacity as
against 42% last week and 57% at the peak towards
the close of March. The "Age" says that the
automobile industry is chiefly responsible for the
further decline, and that the demand from that industry will strongly influence the course of ingot
output during the next two months. As to this,
there appears very little likelihood of much more
active conditions in that industry in the near future.
Unfilled orders on the books of the different steel
companies also are continuing to fall off, making
the prospect of any considerable revival in the demand for raw steel rather slim.
The United States Steel Corp. this week made
public the customary monthly statistics showing the
unfilled orders on the books of its subsidiary corporations. At the end of May these orders were
reported at only 3,620,452 tons as against 3,897,759
tons at the end of April, 3,995,330 tons at the end of
March, and 4,132,351 tons at the end of January.
On May 31 last year, the backlog on March 31 1930,
was 4,059,227 tons and 4,570,653 tons—from which
it will be seen that last year's falling off in the unfilled orders for the two months was larger by a good
deal than the falling off during the same two months
the present year.
In the railroad world somewhat more hopeful
views appear to be gaining ground. This is not because there is any increase in the volume of traffic
or because of any improvement in the returns of
earnings for current periods as they come to hand.
On the contrary,the comparisons continue just about
as they have in all recent months. The feeling of
greater confidence is based on the action of railroad
executives on Thursday in unanimously deciding to
make an appeal next week to the Inter-State Commerce Commission for a 15% advance in rates in all
parts of the country, this applying to all groups.
Higher freight rates are necessary for the carriers
to preserve their credit and earn a fair return on
their invested capital.
It would certainly be occasion for rejoicing if the
railroads could depend upon even a slight increase in
rates. Unfortunately, however, there is sure to be a
long delay, and the move is certain to be opposed by
shippers, even though it may have the support of
railroad labor as represented by the different railroad brotherhoods. In the meantime the best solu-
4287
tion would be for the different brotherhoods to agree
to some scaling down of wages. The need of relief is
urgent, while delay may have unfortunate consequences, for the plight of the railroads is most desperate. There is some comfort, of course, in the
thought that the railroads have reached a point in
the great shrinkage in railroad traffic and revenues
where it hardly seems possible that the extreme of
depression can go much further and that, accordingly, a change for the better must soon be impending.
This view has been expressed this week by Carl R.
Gray, President of the Union Pacific RR. "I think
it will be fair to say," Mr. Gray declared, "that for
the past five or six months freight revenues of roads,
in the Western territory at least, have reached an
irreducible minimum." He was careful to add that
"there should be no sudden change, and the turn
should be practically imperceptible, but we will look
back on it as the turn." If it be well to bear in mind
that sooner or later we must in the natural course
of events reach the "irreducible minimum," it is important also not to overlook the qualifying consideration which forms part of Mr. Gray's well-considered statement.
Dividend reductions and omissions are still coming to hand with unpleasant frequency, but must be
expected so long as trade continues so depressed as
at the present time, and the railroads, in particular,
remain in such a slough of despond. The directors
of the New York Central RR. did not feel it incumbent to make a still further reduction the present
week in their quarterly declaration, after having reduced from a basis of 8% per annum to 6% three
months ago. A further cut had been feared since,
as has been pointed out in these columns several
times, the company did not even fully earn its fixed
charges during the first quarter of 1931. On the
other hand, the Southern Railway, in declaring a
dividend of 35c. a share on the common stock, out of
the unappropriated remainder of the 1930 earnings,
making with the $1.65 a share previously declared
out of 1929 earnings a total of $2 a share payable on
Aug. 1, made it known that this would end dividend
payments for the present year. Their statement on
this point read: "The Board also stated that it does
not contemplate the payment of any further dividends on the common stock during 1931 and that the
subject of resorting to the unappropriated balance
of 1930 earnings for dividends on the common stock
to be paid in 1932 would be considered at its December meeting in the light of conditions and prospects at that time." The Chicago Indianapolis &
Louisville omitted altogether the semi-annual dividend on both the common and the preferred shares,
the same observation being made as in the case of
the Southern Railway, namely, that the whole matter will be reviewed next December. This road is
owned jointly by the Southern Railway and the Louisville & Nashville.
In the industrial world many dividend decreases
and suspensions have marked the course of the week.
These are reported in their proper places on subsequent pages, and it is possible to notice here only a
few of the more important ones. The Sinclair Consolidated Oil Corp. omitted declaration of the quarterly dividend on the common shares. The Container
Corp. of America passed the quarterly dividend on
its preferred stock, while the Real Silk Hosiery de-
4288
FINANCIAL CHRONICLE
ferred the dividend on its preferred stock and rescinded the dividend previously declared on the common shares. Devoe & Reynolds made its quarterly
dividend on common only 15c. a share against 30e.
previously. Western Elec. Go. declared only 75c.
a share quarterly on the common stock as against $1
per share paid previously per quarter. Over 98% of
this stock is owned by the American Tel. & TeL
Columbia Pictures Corp. cut its dividend in half,
making the quarterly declaration on common only
4c. against 37I/2c. previously. Flour Mills of
/
183
Amer. declared only $1 per share for the quarter on
the $8 accumulative preferred stock as against $2
a quarter previously. Liberty Share Corp. made its
quarterly dividend only 10c. against the preirious 25e..
The St. Regis Paper Co. declared 15c. for the quarter against the previous 25c. The Fox Film Corp.
2c. on the class A
declared a quarterly dividend of 621/
and class B common stocks, which compares with the
previous $1 a share. The Truscon Steel Co. declared
two quarterly dividends of 15c. each, placing the
common stock on a 60c. annual basis against $1.20
previously. Warren Bros. declared 50c. for the quarter against the previous 75c. United Verdi Extension made a quarterly declaration of 25c. a share as
against 50c. a quarter from Aug. 1 1930 to May 1
1931.
•Brokers' loans, as given in the weekly returns of
the Federal Reserve Bank of New York, are still
undergoing contraction. This week the further reduction is $49,000,000, and it is the more noteworthy
as it follows $310,000,000 decrease for the seven consecutive weeks preceding, making the total contraction for the eight weeks $359,000,000. The total now
(June 10) is down to $1,490,000,000 as against
$3,998,060,000 12 months ago on June 11 1930.
Of the further decrease of $49,000,000 the past week,
$34,000,000 is in the total of the loans made by the
reporting member banks on their own account, this
having fallen from $1,169,000,000 June 3 to $1,135,000,000 June 10. The loans for account of out-oftown banks have diminished from $199,000,000 to
$177,000,000, but loans "for account of others" increased from $171,000,000 to $178,000,000.
The Federal Reserve banks in their own returns
for the week disclose no changes of any great consequence. Discount holdings, representing direct borrowing by the member banks, show a slight further
increase, having risen .(for the 12 Reserve institutions, as a whole) from $172,826,000 June 3 to $184,755,000 June 10. On the other hand, holdings of
acceptances are somewhat lower at $127,217,000
against $134,155,000. Holdings of United States
Government securities are not greatly changed,
though slightly higher at $599,024,000 against $598,348,000. The final result is that total holdings of
bills and securities, reflecting the amount of Reserve
credit outstanding, stand at $912,683,000 against
$907,016,000 a week ago. Federal Reserve notes in
circulation still keep expanding, and the present
week stand at $1,641,949,000 against $1,583,574,000
last week and $1,515,716,000 on April 15. At the
same time gold holdings also continue to expand, a
further addition of $17,893,000 having occurred the
present week, which brings the total up to $3,277,003,000 as against $3,141,858,000 on April 15 last.
[Vol,. 132.
during the growing season, deteriorated somewhat
during May. The indicated yield, however, based on
the Department's calculation, was only slightly
under the May estimate, and continued far in excess
of the actual production last year, as well as in
excess of every other year but one back to 1919. The
June 1 condition of winter wheat was given by the
Department of Agriculture in its June report, issued
on Tuesday of this week at Washington, as 84.3% of
normal. This percentage compares with the unusually high ratio of 90.3% for May 1, and with
71.7% the latter the June 1 1930 condition of the
winter wheat crop harvested last year. The decline
in condition during May of six points is somewhat
above the average, although not unusual. A year ago
there was a reduction during May of five points, and
in the past 10 years•several seasons showed a loss
in condition during May of 10 points or more.
The yield for this year from winter wheat is now
placed at 649,000,000 bushels, as indicated by the
June 1 condition. A month earlier the production
was placed at 652,902,000 bushels, but last year's
yield was 604,237,000 bushels.
In all of the important winter wheat States a good
yield is now counted upon. The condition is particularly good in Ohio, as well as in the other Northern Central States. For Kansas, Nebraska and Oklahoma the prospects are very satisfactory, and the
same is true of the other winter wheat States further West, as well as those on the Pacific Coast:
For Texas the condition is somewhat lower than
for the other winter wheat States, although a good
yield for that State is now promised. Rainfall in
some of the Central and Western States in May was
deficient, the Department reports, and the month
was marked by extremes of temperature in many
areas, with some damage from late frosts in the
Northern Central section.
Spring wheat prospects have been seriously
affected by the lack of rain, and the condition on
June 1 of 67.9% of normal was the lowest ever reported for spring wheat on that date. On June 1
1930 the condition of spring wheat was 85.7% of
normal. Rye prospects fell off very materially during May and the condition of barley was the lowest
on record for June 1.
The stock market the present week has continued
to display the strength, with advancing prices, which
was such a conspicuous feature last week. The further rise this week has been much less pronounced
than that of last week, and some few stocks have
suffered moderate losses. At the half-day session
on Saturday the market was rather weak, with declines of 2 and 3 points in most of the active specialties. This rather suggested the termination of the
sharp upswing in prices which had been in progress since the opening of that week. On Monday,
however, the market resumed its upward course.
In the morning the market again met with considerable selling pressure under the effects of which last
Saturday's recession in values was carried somewhat further. This was owing to the news from
Chicago regarding the banking difficulties at that
point. A sharp rallying tendency, however, soon
developed, as a result of which the early losses were
not only regained, but a generally higher level of
prices established.
On Tuesday there was again some manifestation
Winter wheat prospects, measured by the Department of Agriculture's monthly estimate of condition of weakness, due to the announcement of further
JUNE 13 1931.]
FINANCIAL CHRONICLE
bank failures from Chicago. Another adverse development on that day was the news of a reduction
from 4% per annum to 3% in the dividend on Western Electric stock, nearly the whole of which is
owned by American Tel. & Tel. This sent the latter
stock down about 5 points from its best price of the
day, but the market quickly regained tone and American Tel. & Tel. closed on that day at a net loss of
only 3/
1
2 points. A number of other stocks kept it
company in also showing net losses for the day. The
losses, however, were not large, and the greater number of shares actively dealt in recorded moderate
advances following the sharp rise of Monday. On
Wednesday the action of the New York Central in
maintaining its dividend at the reduced rate declared during the previous quarter instead of further reducing it, as had been feared would be the
case, exerted a stimulating effect on the market generally. And, indeed, the railroad stocks showed a
strong front throughout the whole week on the
knowledge that the rail executives were planning an
appeal next week to the Inter-State Commerce Commission for an advance in rates. The market continued to display a good tone on Thursday, with the
course of prices generally, but irregularly, higher,
and on Friday the market registered still further improvement. The steel stocks have been laggards on
account of the unfavorable state of the steel trade,
and the oil stocks have likewise lagged under the
influence of the omission of the dividend on Sinclair
Consolidated Oil. Call loans on the Stock Exchange
have not deviated from 1/
1
2% at any time during the
week. Only 84 stocks touched new low figures for
the year this week.
Trading was on only a moderate scale. At the
half-day session on Saturday the sales on the New
York Stock Exchange were 832,670 shares; on Monday they were 1,707,910 shares; on Tuesday,1,889,495
shares; on Wednesday, 1,803,930 shares; on Thursday, 1,745,380 shares, and on Friday, 1,586,980
shares. On the New York Curb Exchange the sales
last Saturday were 153,992 shares; on Monday,
233,783 shares; on Tuesday,283,617 shares; on Wednesday, 249,646 shares; on Thursday, 305,692 shares,
and on Friday, 254,125 shares.
As compared with Friday of last week, prices are
irregularly changed, but mostly higher. General
Electric closed yesterday at 401/
8 against 393
/
4 on
Friday of last week; Warner Bros. Pictures at 81/
4
against 7; Elec. Power & Light at 36/
1
2against 34%;
United Corp. at 22% against 20%; North American
at 65 against 64%; Pacific Gas & Elec. at 44 against
42; Standard Gas & Elec. at 627
/8 against 61/
1
2;
Consollidated Gas of N. Y. at 92/
1
2 against 90½;
Columbia Gas & Elec. at 267
/8 against 24%; International Harvester at 42 against 41; J. I. Case
Threshing Machine at 731/
8 against 717
/8; Sears, Roebuck & Co. at 52/
1
2against 50%; Montgomery Ward
& Co. at 19/
1
4 against 17%; Woolworth at 691/
8
against 66%; Safeway Stores at 521
/
4 against 49½;
Western Union Telegraph at 112 against 107½;
American Tel. & Tel. at 170 against 1683
/
4; Int. Tel.
/8; American Can at 103%
& Tel. at 27% against 247
against 99%; United States Industrial Alcohol at
29/
1
2 against 30%; Commercial Solvents at 13%
against 13; Shattuck & Co. at 197
/8 against 19½;
Corn Products at 64% against 65, and Columbia
Graphophone at 71/
2 against 7.
Allied Chemical & Dye closed yesterday at 1193/i
against 113 on Friday of last week; E. I. du Pont de
4289
Nemours at 80% against 80; National Cash Register
at 253
4 against 22; International Nickel at 11%
against 113
%; Timken Roller Bearing at 35 against
34; Mack Trucks at 313 against 27%; Yellow Truck
& Coach at 7% against 73'; Johns-Manville at 53
1;
against 51; Gillette Safety Razor at 24 against 25%
National.Dairy Products at 325
% against 333/2; National Bellas Hess at 53% against 4%; Associated Dry
Goods at 193/i against 20; Texas Gulf Sulphur at
323/2 against 333; American & Foreign Power at
261A against 253/2; General American Tank Car at
57 ex-div. against 573'; Air Reduction at 80 against
78; United Gas Improvement at 283
% against 27%;
Columbian Carbon at 68% against 64; Universal Leaf
Tobacco at 323/ against 301
% bid; American Tobacco
1 against
at 108 against 107%;Liggett & Myers at 65%
643/
2; Reynolds Tobacco class B at 491A against 49;
%;and Tobacco Products
Lorillard at 141% against 143
class A at 103% bid against 11.
The steel shares have been inclined towards weakness on account of the unsatisfactory state of the steel
% against
trade. U. S. Steel closed yesterday at 913
923 on Friday of last week; Bethlehem Steel at 443
4
against 443/2; Vanadium at 3P4 against 303
%; Re%;and Crucible
public Iron & Steel at 123% against 123
Steel at 393
4 against 383. In the motor stocks
Auburn Auto closed yesterday at 1661% against 167
on Friday of last week; General Motors at 343/2
% against 163/
2; Nash
against 34%; Chrysler at 171
Motors at 243
% against 253/8; Packard Motors at 7
% against 133/8;
against 63%; Hudson Motor Car at 131
and Hupp Motors at 6% against 7. In the rubber
stocks Goodyear Tire & Rubber closed yesterday at
3 on Friday of last week; U. S. Rubber
36 against 35%
at 123 against 123/
8,and the preferred at 223 against
22.
The railroad stocks have moved sharply higher
on the increasing probability that the Inter-State
Commerce Commission would be directly petitioned
for an advance in freight rates. Pennsylvania RR.
4 on Friday of
closed yesterday at 513/2, against 493
%; New York
last week; Erie RR. at 20% against 183
Central at 891% against 811%; Baltimore & Ohio at
/
2 against 52; New Haven at 76 against 721%;
561
Union Pacific at 162% against 1583/2; Southern
Pacific at 813/ against 773I; Missouri Pacific at 22
against 183.; Missouri-Kansas-Texas at 15% against
133%; St. Louis-San Francisco at 193
1 2;
% against 18/
%; Chesapeake
Southern Railway at 343 against 311
& Ohio at 367
/
8 against 34; Northern Pacific at 42
3 against
against 381A, and Great Northern at 55%
53m.
The oil stocks have only just about held their own.
Standard Oil of N. J. closed yesterday at 353j
against 34 on Friday of last week; Standard Oil of
N. Y. at 16 against 14%; Standard Oil of Calif. at
36 against 34%; Atlantic Refining at 14% against
133/
2; Texas Corp. at 20 against 201
%; Richfield Oil
at 1% against 1%; Phillips Petroleum at 6% against
3 and Pure Oil at 63 against 5%.
5%,
In the case of the copper shares, the low price
which the metal commands has militated against
any great advance in the price of the shares. Anaconda Copper closed yesterday at 211% against 21
on Friday
last week; Kennecott Copper at 17
Calumet
& Hecla at 5% against 6;
against 163
%;
Granby Consolidated Copper at .11 against 113/
2;
American Smelting & Refining at 291% against 29,
and U. S. Smelting & Refining at 15 against 14%.
4290
FINANCIAL CHRONICLE
Price movements on Stock Exchanges in the important European financial centers were irregular
this week, owing both to the unsettled political outlook throughout Europe and to the continued economic depression. Dullness prevailed at London,
Pa ri.; and Berlin, while quotations moved upward
and downward in spasmodic fashion. The trend in
the main was steady on the London Stock Exchange,
but the Paris Bourse and the Berlin Boerse witnessed declines that outranked the recoveries.
Largely accountable for the further recessions on
the Continental markets were the discussions at
Chequers over the last week-end, and the accompanying decree and proclamation by the German
Government, all of which threw an unfavorable light
on the plight of German industry. Since the AngloGerman conversations appeared to emphasize the
possibility of German action toward a reduction of
reparations payments, they also exercised a depressing effect on all other markets. As in recent months,
moreover,the several markets had their own peculiar
troubles to contend with. The mood of the London
market was indicated by the results of a £5,000,000
5% short term loan of the New Zealand Government,
offered Monday at 99%. Underwriters were left
with 68% of the amount. On the Berlin market liquidation was the rule, with a flight of capital from the
Reich reported in progress owing to increased taxation and the gloomy forebodings occasioned by the
pPoclamation of the Bruening Government.
The London Stock Exchange was dull in the initial session of the week, with most securities inclined
to seek lower levels. There was considerable discussion regarding the Chequers conversations, reports said, and the impression received caused selling
at the opening. British funds fell slightly, while
heavier losses were registered in British industrial
issues and the Anglo-American list. Tuesday's session was more cheerful, with British funds recovering on important gold acquisitions by the Bank of
England. British industrial stocks remained uncertain, but international issues moved upward on
favorable reports from New York. The improved
tone was maintained Wednesday, with British Government securities again advancing on further gold
receipts. The gilt-edged list was irregular otherwise,
while in the industrial section stocks were slightly
better. International issues were down at the opening, but the losses were regained later. Encouraging
advices from New York and a favorable reception of
a share offering by F. W. Woolworth, Ltd., occasioned a cheerful session Thursday. British funds
were firm and most foreign government securities
also advanced. Home rail stocks were in,demand,
and good features also predominated in the British
industrial list. The international section was quiet
and lower. The London market was unsettled yesterday, most stocks moving to lower levels.
Quotations moved rapidly downward on the Paris
Bourse as trading started Monday. General uncertainty regarding Germany's financial position and
its possible effects on reparations payments brought
a rush of selling, and the entire market dropped.
Bank of France shares showed the spectacular loss
of 620 francs for the session, and there were also
heavy recessions in Citroen, Suez Canall'and the steel
stocks. Tuesday's dealings were better at Paris,
due partly to good overnight reports from New York.
A strong rally developed at the start, with the higher
Prices general. Although the gains were not fully
[v., 122.
maintained, most stocks closed with •dubsta.ntial
advances. After a weak opening Wednesday, prices
on the Bourse moved upward, with particular firmness reported in the bank, copper, steel, chemical and
utility groups of stocks. Gains were sizable, and
trading also tended to increase. The price trend
was reversed Thursday, most stocks losing ground in
an exceedingly dull session. Large selling orders for
account of German interests were reported and these,
together with local liquidation, occasioned general
recessions. A Government hearing revealed that
France's largest shipping concern, the Compagnie
Generale Transatlantique, is encountering financial
difficulties, and this disclosure also produced selling on the Bourse. Dealings yesterday resulted in
further small recessions on the Bourse.
Few transactions were recorded on the Berlin
Boerse in the first session of the week, and prices did
not vary greatly from their previous close. The opening was soft, but it was succeeded by a modest rally.
Investors and speculators alike were inclined to
await further developments • in the international
political situation before taking action, it was reported. A fairly confident opening Tuesday was
followed by a moderate volume of liquidation and
general declines. These were kept within narrow
limits, however, owing to a slight rally at the close.
The Boerse was weak Wednesday, with the downward movement starting after news was received of
the speech by Foreign Minister Briand of France
against revision of the Young plan. Many issues
lost 5 to 7 points in the session, while an extreme
drop of 18 points developed in Burbach potash shares.
Extreme weakness prevailed on the Boerse Thursday, with large selling orders received from abroad.
German bonds as well as stocks were offered in volume, and buyers were hard to find. The banks were
unable to intervene owing to the need for placing
funds at the disposal of the Government,it was said,
and the decline continued unchecked throughout the
session. Losses of 7 to 10 points in leading stocks
resulted. Renewed liquidation yesterday caused further severe declines in quotations on the Boerse, the
losses in leading issues amounting to 5 and 7
points.
The long and widely heralded conversat.orm between the political leaders of Great Britain and
Germany over the last week-end occasioned a veritable deluge of conjecture and official and semi-official comment regarding German reparations payments and the debt payments by the former Allied
Governments to the United States Government. Discussions at Chequers between the German visitors
and the British Ministers would appear to have been
directed in large part to the current economic depression and to inter-governmental obligations.
Even the brief and cautiously worded official announcement issued in London after the discussions
were concluded last Sunday gives color to the surmise that the inter-acting effects of the depression
and the debts were carefully weighed. These indications, together with an array of comments to press
representatives by German officials, as well •as
formal and informal statements in Berlin, London,
Paris and Washington, have given rise to the belief
that action of an as yet indefinite nature may be
taken in connection with the debts later this year.
The play of varied national interests around the
Chequers conversations brought out more than one
JUNE 131931.]
FINANCIAL CHRONICLE
4291
"trial balloon," while attempts to direct public opin- decreased, as predicted, but have increased, accordion also were not lacking. After giving due weight ing to Dr. Bruening, by $600,000,000 in the last 14
to such factors, it would appear that little more is months," a London dispatch to the New York
contemplated at present than a resort by Germany "Times" said. "The moratorium provided by the
to the Young plan provisions for postponement of Young plan was not sufficient, according to the
conditional annuities.
Germans,to meet their present emergency and would
Virtually all elements of the present world situa- not relieve them of the necessity of raising money
tion were brought to bear in the numerous and varied for the payment of the postponable part of their
interpretations of the Chequers conversations by ob- annuity, even if it did delay its transfer to the
servers in all the leading capitals. The comments creditor nations. What the Germans now want, and
reflected the wide diversity of national views on the what they say is essential to the staving off of either
World War and its consequences, the economic de- Fascism or Communism in their country is a real
pression and its probable duration and differing in- moratorium, which will enable them immediately to
tensity, and even the desire in some countries for a relieve the people of part of their burdens, to be folgreater measure of international security and dis- lowed by a re-examination of the whole question of
armament. The precarious political situation in all reparations by an international conference or comthe European countries, and especially in Germany, mittee." An impartial international examination
also was an important element in the comments, and of the German economic position was suggested, the
probably in the conversations themselves. In almost dispatch added, while it was further stated on the
every authoritative, if unofficial quarter, stress was strength of the press reports, that Germany is
laid on the possibility of serious political conse- willing to undertake continued payments of the unquences in Germany, such as a turn toward Bolshe- conditional annuities, amounting to about $175,vism or Fascism, unless a measure of relief is 000,000 a year. Revision of the postponable portion,
granted the sorely tried German people. One ele- amounting to about $300,000,000 a year, together
ment in this complex situation that gained increas- with present postponement of the revised payment,
ing prominence in all countries is the forthcoming was definitely included in the German plan, it was
visit by Secretary of State Stimson to the leading said.
European capitals. Surmise turned, in the absence
A statement issued to the press by Dr. Bruening
of official intimations, on the possible connection late June 5 expressed the thankfulness of the Gerof the visit with reparations, debts and disarmament man representatives for the invitation of the British
matters. It was made clear in Washington last Sat- officials. "We propose to speak frankly about all
urday, in addition, that Secretary of the Treasury these things which are now troubling every land in
Mellon also would go to Europe this week. The two the world, and particularly we shall talk about the
leading Cabinet officers will seek rest in Europe on difficulties we are having in Germany with our budtheir annual vacation sojourns, but it is broadly get and our economic life generally," the statement
hinted that they will not try to avoid informal talks said. After citing the four separate efforts of the
with leading European officials on debt and dis- German Government in the last 14 months to inarmament questions.
crease taxation and reduce expenditures, the stateParticipants in the conversations last Saturday ment added that reductions in reparations payments
and Sunday at Chequers, the official country resi- effected by the Young plan had been unavailing in
dence of British Prime Ministers, were Chancellor reducing the burden on German taxpayers. "We
Heinrich Bruening and Foreign Minister Julius Cur- have been forced to increase taxes and cut down
tius of Germany, and Prime Minister Ramsay Mac- expenditures, thereby effecting budget economies
Donald, Foreign Secretary Arthur Henderson, and in 14 months to the extent of 2,500,000,000 marks,"
the President of the Board of Trade, William the statement continued. "The present German GovGraham. The two German officials were invited for ernment will do all it can to have a sound financial
the week-end of "friendly discussions" early in April, policy.
. . The political difficulties in Gerand the brief announcements indicated that no sub- many are very urgent. Radicalism is growing there.
ject would be ruled out of the conversations. Imme- We know very well that the solution of all these
diately after the arrival of the Reich representa- problems is not possible if we are to rely upon ourtives in London, late June 5, Dr. Bruening made selves alone. These are questions common to all
statements to newspaper correspondents which countries. The present German Government is conclearly indicated the probable trend of the Chequers vinced that the solution can come only from the
talks. It was remarked in dispatches that he made frank co-operation of all nations of the world."
no reference to disarmament as one of the topics
While the British and German Government heads
in which he is interested, but said that he would
conferred at Chequers, discussion raged in all countalk about the economic depression and the financial tries
regarding their aims and purposes. The British
plight of his country.
view was summarized in a London dispatch of last
Taxation burdens borne by his countrymen were Saturday
to the New York "Times," which remarked
outlined by Chancellor Bruening, and he also em- that Chancellor Bruening and Dr. Curtius evidently
phasized the rapid growth of radicalism in Germany, are determined to make the most of the opportunity
it was reported. "The present German Cabinet is presented by the meeting for letting the whole world
convinced that the solution can come only from the know how serious is their country's financial plight
frank co-operation of all nations of the world," Dr. and how much it needs easier terms than those of
Bruening stated. It was suggested in the press the Young plan. Hostile criticism of the Germans
reports that such remarks could hardly be inter- was not absent, it was added, but appeared to emapreted otherwise than as presaging an attempt to nate from French and Polish groups in London, who
convince the British Ministers of the need for re- accused the Reich representatives of maneuvering to
vision of the present system of reparations payments. win Britain as an ally in a new move for revision
"German burdens under the Young plan have not of reparations. This view, it was specifically
indi
4292
FINANCIAL CHRONICLE
cated, does not accord with the opinion of the British
public or the British Government.
England, the dispatch said, does take Germany's
situation very seriously and does believe there is
grave danger of political disturbances in that country which might be followed by a Soviet or Fascist
regime under which there would be a cessation of
reparations payments, instead of a mere decrease in
the annual totals. "The British Government also
believes the United States alone could avert such a
situation, if she would," the report continued. "But
beyond such an expression of sympathetic agreement
and a reminder of the Young plan moratorium device,
the German Ministers will get no satisfaction from
Premier MacDonald and Foreign Secretary Henderson at Chequers on the question of reparations. The
attitude taken by Great Britain in this matter ever
since the Anglo-American debt settlement is more
a matter of sportsmanship than politics and remains
the same regardless of which party is in power. The
British Government will not ask for relief for herself from Washington and will not assume the
position of an intermediary between America and
any European country. That is why Chancellor
Bruening and Dr. Curtius will return to a harassed
Berlin next Tuesday without any encouragement
to believe this country will participate in any joint
endeavor to get a re-examination of Germany's
ability to pay, if such an effort could be interpreted
as a preliminary to a campaign to bring about a
reversal of Washington's policy. England is sure
it could not be interpreted in any other way. It is
also quite certain that Dr. Bruening and Dr. Curtius
will return to Berlin without leaving in the breasts
of Mr. MacDonald and Mr. Henderson any added
assurance concerning the success of the general disarmament conference at Geneva next February,
which was the one question for discussion which was
uppermost in the minds of the British Ministers when
they invited the Germans over for frank and friendly
discussions."
After the conversations ended last Sunday evening, an official statement was issued by the Foreign
Office in London to indicate the nature and course
of the discussions. Representatives of both Governments agreed upon the wording of the communication, it was said. The document related that conversations had taken place between the two German
and three British 'Ministers, and it also listed those
present at a luncheon last Sunday. "The visit was
arranged several months ago as a means of establishing personal contacts," the statement continued.
"The opportunity of these informal meetings was
taken for friendly talks on the position in which
the German Reich and other industrial States now
find themselves. Special stress was laid by the
German Ministers on difficulties of the existing
position of Germany and the need for alleviation.
The British Ministers, for their part, called attention to the world-wide character of the present depression and its special influence on their own country. Both parties were agreed that in addition to
efforts and measures of a national character, a
revival of confidence and of prosperity depended
upon international co-operation. In this spirit both
Governments will endeavor to deal with the present
crisis in close collaboration with the other Governments concerned."
Quite as significant as the contents of this official
memorandum was its omission of all reference to dis
[Vou 18t
armament, London reports pointed out. In a dispatch to the New York "Times" it was remarked that
the subject was indeed discussed, but only in the
course of the luncheon on the second day, when A. V.
Alexander, First Lord of the British Admiralty,
joined the conversations. "In the face of Chancellor
Bruening's insistence that his country needs immediate assurance of early economic alleviation, even
the pacifist dreams of Mr. Henderson for next year
had to take second place in the conversations," it
was said. "Another reason why nothing official
appears in the report concerning disarmament is the
fact that Mr. Henderson is to be President of the
Geneva conference and must not commit himself in
advance at any international parley. It is renewed
effort along the lines of economic collaboration
among the European States, especially with a view
to obtaining a tariff truce, that is meant by the reference in the communication to close collaboration
with the Governments concerned. It is understood
here that Chequers was not looking to Washington
but to Geneva in this instance. The present desire
of the British Government, in which the Germans
are acquiescing because nothing 'better,.is in sight,
is to have the commission already appointed under
Aristide Briand's scheme of European economic
unity get to work immediately in the present emergency. It is among the possibilities that Germany
might be helped over the crisis by an international
loan, as Austria was helped in 1922. In addition,
the Pan-European Commission will be urged to formulate its all-inclusive customs union plan, talked
of as a substitute for the German-Austrian scheme,
which France denounces as tantamount to political
union. The British Ministers urged their guests
not to try to put the customs union with Austria
into effect, as it would render any peaceful settlement impossible."
While Chancellor Bruening and Foreign Minister
Curtius were on their way back to Germany, interpellations in the French and British Parliaments
foreshadowed some of the numerous difficulties that
would face any broad reopening of the reparations
and debt settlements. Foreign Minister Briand was
attacked in the French Chamber of Deputies by his
old opponents Tuesday, with much of the debate
centering about recent demonstrations at Breslau
Of the Steel Helmet organization of German war veterans. M. Briand minimized the demonstrations
and remarked that no appeals for war were made by
the German veterans. Alluding to the Chequers
conversations, he admitted the possibility that Germany "had attempted to put forward her bad economic situation." That is her right, he added. "But
our right, when anybody proposes anything contrary
to France's interest, is to say 'No,'" M. Briand
stated. "The Young plan has been recently applied.
There can be no question of revising it, since it has a
definite character. It contains within itself possibilities for Germany. She will use them, perhaps;
it is to her interest to do so. But from that to proceed to talk of a new international conference on the
debt question is a long transition!'
In the British House of Commons, Wednesday,
Prime Minister MacDonald stated that his Government has no present intention of making any moves
toward an international war debt conference. Questioned by a Conservative M. P. on the possibility of
mutual cancellation of debts on a large scale, Mr.
MacDonald replied that the "attitude of this country
JUNE 131931.]
FINANCIAL CHRONICLE
in regard to war debts is well known, and action_on
the lines suggested would not in the present circumstances serve any useful purpose." He stated that
the Chequers conversations resulted in no definite
conclusions or decisions beyond those set forth in
the official communications. A rumor that Mr. MacDonald and Foreign Secretary Henderson might
pay a return visit to Berlin on the invitation of
their recent German guests at Chequers was confirmed by the Prime Minister, who said that such an
invitation had been accepted but that no definite
date had yet been fixed for the occasion.
In view of the widespread discussion of a possible
moratorium by Germany, an official denial was
issued in Berlin Tuesday that any demand for a
moratorium is now under preparation by the German Government. "At the same time it is agreed,"
an Associated Press report said, "that the Government realizes the people will demand something more
tangible regarding the war debts than they have yet
received. It is expected that some action toward
that end may be taken late this month or early next
month." En route to their own country, where they
arrived Wednesday, the two German officials were
said in an Associated Press report to have expressed
renewed conviction of the importance of the part
American public opinion will play in any attempt
to revise the reparations and war debt settlements.
"They are looking forward to conversations with
Secretary of State Stimson and Secretary of the
Treasury Mellon, who will be in Europe this summer, and they are fully aware of the fact that economic problems have made both reparations and
war debts the most unpopular topics imaginable in
the United States," the dispatch added.
Official comment on the Anglo-German conversations at Chequers was lacking in Washington, but
all informal reports reflected the keen interest taken
by administration circles in the progress of the meeting. Because of the inveterate practice in all European and many American quarters of linking reparations and war debts, it may be said, indeed, that
the Washington reaction was of hardly less interest
than the !Chequers conversations themselves. Contributing not a little to the numerous reports were
the projected vacation trips of Secretary of State
Stimson and Secretary of the Treasury Mellon to
Europe this summer, and the intimations that both
officials will hold informal conversations with leading European statesmen. All the reports were conjectural in nature, however, with the exception of a
few authoritative indications that the American attitude with respect to war debt payments, and the
insistence that there is no connection between such
payments and reparations, remains unchanged.
State Department authorities were reported in the
New York "Herald Tribune," Wednesday, as saying
the administration has determined that the present
time requires no change in the attitude of this Government with respect to war debt payments. "Despite reports that a change in policy was in the
offing," the dispatch said, "the administration
spokesmen made clear that the United States
planned neither to make proposals nor to encourage
them." It was also emphasized officially that the
United States has no intention of bargaining on the
war debts.
It was disclosed in Washington last Saturday that
Mr. Mellon, as well as Mr. Stimson, will journey to
4293
Europe. The earlier report regarding the trip to
be made by the Secretary of State indicated that
Mr. Stimson would talk with leading Europeans.
His itinerary includes London,Paris, Rome and Berlin, and although the journey will be informal, Mr.
Stimson expects to become better acquainted with
the European situation. In Washington reports
these and other indications were cited to show that
"serious thought" will be given to the problem of
war debts. "There seems to be no doubt that both
Mr. Stimson and Mr. Mellon will discuss the debts
informally with European statesmen in the next
few weeks," a dispatch to the "Herald Tribune" said.
"The State Department makes no secret of the fact
that Mr. Stimson will not hesitate to discuss the
debts or any other question that might be broached
to him by foreign officials. That leading statesmen
abroad will open the debt question in their talks
with him, and also with Mr. Mellon, is taken for
granted." Mr. Mellon, it was said, will return the
recent American visit of Montagu Norman, Governor of the Bank of England, and it was assumed that
reparations and war debts will come up in their
discussions. When sailing for Europe Wednesday,
however, Mr. Mellon denied that he would discuss
financial or official matters abroad.
Prominent in many Washington reports of the
past week were suggestions that official Washington
might look kindly on attempts to secure a reduction
of reparations and war debts, provided greater
progress were made toward disarmament. "The
apparent intention of Germany to seek a postponement of reparations payments is considered here to
foreshadow a move looking to the reopening of the
entire question of inter-Allied debts, while at the
same time it promises to be linked with the world
disarmament conference which is scheduled to convene at Geneva next February," a dispatch to the
New York "Times" said. Significant on this point
was a statement by Senator William E. Borah,
Chairman of the Senate Foreign Relations Committee, modifying his stand against debt reductions
to the extent of suggesting willingness to allow
cancellation if accompanied by a definite agreement
for European disarmament. It was in connection
with such suggestions, however, that the State Department made known informally Wednesday that
there is no intention of bargaining on the war debts.
"'Reports that debt remission would be traded for
disarmament have already caused embarrassment at
the State Department, it was learned, and at least
one Ambassador has had to be assured that the proposal was not of official origin," the Washington
correspondent of the New York "Herald Tribune"
said. "The fact of the matter, according to administration officials, is that various members of the
administration have simply stated that the people
of this country would never tolerate consideration
of debt reduction while debtor nations continued to
spend many times the amount of the debt payments
on preparations for war," the report added.
Clearly timed to coincide with the Anglo-German
discussions at Chequers were an emergency decree
of the German Government imposing additional tax
burdens, and a proclamation which amounted to a
formal first step in the direction of a moratorium on,
or downward revision of, reparations payments.
Amply foreshadowed in recent weeks, these official
pronouncements of the Reich Government were pub.
4294
FINANCIAL CHRONICLE
lished last Saturday as the Chequers conversations
were beginning. The need for heavier taxation in
order to effect a balance in the Reich budget has
long been apparent, and a number of steps in this
direction were taken last year. Drastic economies,
as well as increased taxes, were decreed under the
authority of Article 48 of the Weimar Constitution,
with Parliamentary ratification following in every
instance. Such moves have made the tenure of office
of the Bruening Cabinet a highly precarious one,
however, as their natural unpopularity has been enhanced by the current economic depression and the
growing feeling in Germany against the reparations
payments, to which much of the tax burden is attributed by the people. Berlin reports indicated clearly,
in these circumstances, that greater burdens could
be placed on the German people by their Government
only if they were accompanied by definite steps
toward revision of reparations commitments.
The proclamation, issued as a sort of preface to
the emergency decree, was by far the more important
document from any international viewpoint.
Termed "historic" in Berlin reports, this manifesto
was assumed to mark the beginning of a new phase
in the protracted struggle to settle the twin problems
of reparations and inter-Allied debts. "The Berlin
official attitude is," a dispatch to the New York
"Herald Tribune" said, "that the world-wide economic crisis can be ended by laying aside the uneconomic debts arising from the World War. The Government holds that the Young plan has been thrown
upon the scrap-heap by the universal trade depression, and that not merely a moratorium but a
thoroughgoing revision of that settlement is required
if a business revival is to come." Especially significant, it was pointed out, was the use for the first
time in an official document of the term "tribute" in
referring to the reparations payments. This reflects
the growing bitterness in the Reich, even in responsible governmental circles, toward the settlement
of 1929, it was said. Much of the bitterness is due
to the unforeseen rise in the value of gold, which has
increased the burden far beyond the intentions of
the framers of the plan.
"The expectation that the world economic crisis
would ebb in 1931 and thereby relieve distress and
unemployment in all industrial States and still more
in the raw material and agricultural countries has
proved deceptive," the proclamation begins. Citing
the extent of German foreign trade, the document
states that the Reich cannot save herself from the
common distress under which even nations victorious
in the war are suffering severely. Added to the
effects of the general crisis are the special burdens
imposed upon Germany as the vanquished in the war.
"These payments were undertaken," the proclamation relates,"on presuppositions which have not been
realized, and they deprive our economic system, impoverished by the war and by inflation, of the capital
it needs for its preservation and development. Deprivation of capital means the stoppage and restriction of plants, unemployment, diminution of private
income and last, but not least, diminution of the
revenues of the State. In addition, our purchasing
power in the world's markets is diminished by the
amounts we have to pay in reparations for which
we do not receive any returns. The tribute payments
weaken us as purchasers and compel us to restrict
our imports. They compel us to increase exports,
against which other countries are raising stronger
[VOL. 132.
and stronger barriers. The consequence is embittered intensification of the struggle for the world's
markets."
The added burdens imposed at the same time on
the German people are necessary in order to maintain the Reich's solvency, the proclamation states.
Reproaches that German affairs have not been managed economically were declared to be unjustified,
as the Reich expenditures will have been decreased
by the several reductions in the huge sum of 1,500,000,000 marks. German States and communes also
have economized drastically, it was pointed out, and
even further sacrifices will have to be made. "We
have harnessed all our forces in order to meet our
obligations incurred through losing the war, and
we have had to call on foreign assistance in the
widest measure to do this," the manifesto continues.
"This is no longer possible. The putting forth of
the last power and reserves of the nation entitles
the German Government,and makes it its plain duty
to the German people, to tell the world: The limits
of the privations we have imposed on our people have
been reached. The presuppositions upon which the
Young plan came into being have been shown by the
course of world development to have been wrong.
The alleviations the new plan was to bring the German people, as was the intent of the participants and
which at first it gave promise of bringing, have
failed to be realized. The Government is conscious
of the fact that the direly menaced business and
financial position of the Reich calls imperatively for
alleviation of the unbearable reparations obligations. The economic recovery of the world also depends upon it."
The new emergency decree, issued at the same
time, was signed by President Paul von Hindenburg
and placed in effect under Article 48, which permits
the assumption of dictatorial powers by the Executive in case of a public crisis. It provides means for
covering a deficit of approximately 574,000,000
marks in the Reich budget, most of which is due to a
decline in revenues. The budget is reduced 120,000,000 marks to begin with, mainly by lowering the
salaries of officials and by cutting the unemployment insurance benefits for Germanyos army of
workless. Pensions of partially disabled war veterans also are reduced. Increased revenues are
sought in additions of 1 to 5% in the income tax,
in a doubled tax on sugar, in a heightened tariff on
imported petroleum, and in a readjustment of the
sales tax. The decree also includes a provision
whereunder the German railways are to place orders
amounting to more than 200,000,000 marks over their
1931 estimates for replacement of trackage. This
measure is designed to aid the iron and steel industry
and to provide work for 120,000 of the unemployed.
Publication of these measures unloosed a storm
of indigation throughout the Reich, Berlin dispatches said. The position of the Government became critical, as even the habitual supporters of
the Bruening Cabinet turned to a fierce attack on
the fiscal measures. Leaders of the important
Socialist party, on whose support Dr. Bruening relies, were assailed by their followers with a demand
for relinquishment of the policy of "tolerating" the
Bruening Government on the theory that Fascism
or Communism could thus be staved off in the Reich.
"Chancellor Bruening will find an ominous assortment of storm signals flying from the political mastheads on his return to Berlin," a dispatch to the
JUNE 131931.]
FINANCIAL CHRONICLE
New York "Times" remarked. The return of the
two Reich representatives from Chequers on Wednesday was marked solely by jeering crowds of
Fascists, further dispatches said. Rioting directed
against the new decree was instigated by Communists, Associated Press reports said, in such
widely separated cities as Mannheim, Kassel, Frankfort a/M., and Gelsenkirchen. Fascists and Communists alike are attempting to force the calling
of an early session of the Reichstag for discussion
of the decree, the Berlin correspondent of the New
York "Herald Tribune" reports, but such efforts
are being contested by Dr. Bruening.
A growing possibility of an overturn of the British
Labor Government is seen in conflicting views of
Labor and Liberal party leaders on the application
of the land tax proposal which Chancellor of the
Exchequer Philip Snowden included in his budget
presentation. This measure, which provides for an
eventual levy of a penny in the pound on capital
values of land, is widely regarded as one of the
strongest bids by the Labor Government for the
support of the Liberal members of Parliament. The
life of the MacDonald Government depends on the
continued support of the Liberals, who hold the
balance of power in the Commons. General application of the land tax, as embodied in the Snowden
proposals, was not viewed favorably by leading Liberals. The latter preferred a levy on undeveloped
land only, and after protracted discussion an amendment to the budget restricting the tax accordingly
was presented last week. Mr. Snowden, on the other
hand, is understood to have set his face definitely
against any alternation of the bill, so that a LaborLiberal "split" on the amendment may develop next
Tuesday, when the land tax item comes to a vote in
the House.
David Lloyd George, as the nominal leader of the
Liberal party, declared at Edinburgh, Thursday,
that his followers will back the amendment to the
bitter end, while Prime Minister MacDonald indicated on the same day that the Government would
treat the matter as a question of confidence and
would resign following an adverse vote. The suggestion is made in some quarters that the land tax proposal will be redrafted and the Labor Government
thus continued in office through further Liberal support. An additional dilemma faces the Labor Government in the recent report of the Royal Commission on the unemployment insurance scheme. The
suggestions for downward revision of some payments
are distasteful to many Laborites, but they are
favored by the Conservatives and Liberals alike. Recent London reports indicate that Parliamentary
consideration of the Royal Commission findings may
be delayed and a conflict on this matter thus avoided
for the time being.
4295
pointed out, so that the schedule announced in February has been followed. Withdrawals will now
cease until after the Nicaraguan elections in November 1932, but it was reiterated that all forces will be
brought home soon after that event. Forces remaining at present are retained because of the arrangements for American supervision of the election and
in order to train the National Guard. Governmental
activities in Haiti, Mr.Stimson said, are being turned
over to the native administration more rapidly even
than was called for in the recommendations of the
Forbes Commission. Withdrawals of American
forces from that* country have so far affected only
the Service Technique, which supervises agriculture
and public works. A force of 700 marines remains
intact, and Secretary Stimson said that might be
withdrawn after the Garde d'Haiti is- considered sufficiently efficient to maintain order. "He indicated,
however, that this probably would not be done until
the bonded indebtedness of the Republic was retired," a Washington dispatch to the New York
"Times" said.
The National Bank of Austria on June 6 raised
its rate of discount from 5% to 6%. Rates are 6%
in Spain and Austria; 5/
1
2% in Hungary and Italy;
5% in Germany; 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 21/
8% against 21/16@
21/
8% on Friday of last week, and for three months'
bills 21/
8@23/16% against 21/16@2/
1
2% the previous Friday. Money on call in London on Friday
was 11/
4%. At Paris the open market rate remains
at 17
/8%, and in Switzerland at 11/
8%.
The Bank of England statement for the week ended
June 10 shows a gain of £3,353,445 in gold holdings
and as this was attended by a contraction of £2,120,000 in circulation, reserves increased £5,473,000.
The bullion holdings of the Bank now aggregate
£156,287,523 which compares with £157,180,407 a
year ago. Public deposits increased 0,082,000 and
other deposits decreased 0,301,279. The latter consists of bankers accounts and other accounts which
fell off £2,647,856 and £653,423 respectively. The
reserve ratio rose sharply from 50.19% a week ago to
55.16% now. The ratio last year was 51.90%.
Loans on Government securities decreased £5,375,000
and those on other securities 093,596. Other securities consist of discounts and advances which contracted £509,033 and securities which rose £215,437.
The rate of discount remains 23/2%. Below we
furnish a comparison of the different items for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.
1931.
1927.
June 11.
June 12.
June 13.
June 10.
June 15.
£
E
£
£
£
Circulation.*
354,251.000 364,002,267 362,058,951 135.073,700 136,500.070
Public deposits _ _ _ _P 9,628.000 8,238,879 10.580,976 18.250.466 19,113.088
Other deposits
102,828,381 94,205,674 96,623,619 122,792,735 97,922,748
Bankers accounts. 69,561,406 58,822,236 61,100,497
Other accounts._ _ 33,266.981 35,383,438 35.523,122
Governm't securities 33,120,684 46,310,547 36,211.855 34.439.963 50,385,975
Other securities-- 35,123,247 20,747,452 26,682,121 51,667,827 49,162,361
Disct. & advances 6,597,037 6,804,409 5,675,391
28,526,210 13,943,043 21,006,730
Securities
Reserve notes & coin 62,036,000 53,178,140 62,152,449 52,775,828 35,360.865
Coln and bullion_156,287,523 157.180,407 164,211,400 168,099,528 152,110,935
Proportion of reserve
1St
to liabilities
51.99%
57.97%
55.16%
53.60%
30gre%
Bank rate
3%
414%
255%
535%
434%
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note issues adding to that time £234,199,000 to the amount of Bank of England
notes outstanding.
Steady progress is reported from Washington in
the program for withdrawing American forces of
occupation from Nicaragua and Haiti, announced
by Secretary of State Stimson on Feb. 13. These are
the only Latin American countries in which marines
are now stationed. A contingent of 178 officers and
men sailed from Corinto, Nicaragua, late last week,
in accordance with the immediate aim of reducing
the forces in that country by about 500 men, SecreThe statement of the Bank of France for the week
tary Stimson said. This leaves only 970 officers and
ended June 6,shows an increase of 299,234,880 francs
men of the Marine Corps and Navy in Nicaragua, he in gold
holdings. Gold now aggregates 55,933,295,-
I
4296
383 francs, which compares with 43,817,559,650
francs the corresponding week last year and 36,602,835,956 francs the year before. An increase appears
in credit balances abroad of 33,000,000 francs and a
decrease in bills bought abroad of 35,000,000 francs.
French commercial bills discounted record a large
decline, namely 1,447,000,000 francs. Notes in circulation contracted 382,000,000 francs reducing the
total of the item to 77,798,870,810 francs, as compared with 72,558,992,600 francs last year and 63,486,422,815 francs two years ago. An increase is
shown in advances against securities of 63,000,000
francs and a decline in creditox. curtent accounts of
568,000,000 francs. Below we furnish a comparison
of the various items for the past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Change.
June 6 1931. June 7 1930. June 8 1929.
for Week.
Francs.
Francs.
Francs.
Gold holdings_ ....Inc. 299,234,880 55.933,295,383 43,817,559,650 36.602.835.956
7,512,884.493
6,878,200,666
5,462,990,157
bats.
Credit
abed_Ine. 33,000,000
French commercial
bills discounted_Dee.1447,000,000 4,722,456,986 4,923,900,271 6,643,332.677
Bilis bought abeci_Dee. 35,000,000 20,669,507,804 18,643,906,663 18,398,885,109
Adv. alt. securs__Inc. 63,000,000 2,869,350.865 2,720,393.837 2,429,466,510
Note eireulation.-Dee. 382.000.000 77,798.870,810 72.558,992,800 63,486,422,815
Cred. curr. accts.-Dee. 568,000,000 22,041,055,404 13,487,092,072 18,317,210,384
The Imperial Bank of Germany, in its statement
dated June 6, shows a loss in gold and bullion of
90,397,000 marks. The total of bullion now stands
at 2,299,930,000 marks, in comparison with 2,618,781,000 marks last year and 1,764,424,000 marks
the year before. Decreases appear in reserve in
foreign currency of 73,225,000 marks, in bills of
exchange and checks of 52,472,000 marks and in
advances of 97,306,000 marks. Silver and other
coin, notes on other German banks, investments and
other assets reveal increases of 2,650,000 marks,
7,819,000 marks, 26,000 marks, and 1,172,000 marks.
Note circulation fell off 219,827,000 marks, bringing
the total of the item down to 4,078,295,000 marks,
as compared with 4,572,744,000 marks last year and
4,372,539,000 marks two years ago. Other daily
maturing obligations and other liabilities show decreases of 82,801,000 marks and 940,000 marks,
while the item of'deposits abroad remains unchanged.
A comparison of the various items for the past
three years is furnished:
REICHEIBANK'S COMPARATIVE STATEMENT.
Changes
June 6 1931. June 6 1930. June 7 1929,
for Week.
Reichsmarks. Reichstnarks. Reichsmarks.
Assets—
Retchsmarks,
Gold and bullion
Dec. 90,397.000 2,299,930,000 2,618,781,000 1,764,424,000
59,147.000
207,638,000 149,788,000
Of which demo.abed. Unchanged
Reserve in for'n cum -Dec. 73,225,000 112,956,000 379,545,000 308,548,000
Bills of exch.& checks_Deo. 52,472,000 1,763,960,000 1,803,516,000 2,856,514,000
Silver and other coin—Inc. 2,650,000 176,965,000 131,325,000 120,009,000
12,172,000
9,822,000
12,939,000
Notes on oth.Ger.bks_ Inc. 7,819,000
67,113,000 113,410,001)
69,876,000
Dec. 97,306,000
Advances
Investments
26.000 102,723,000 101.046,000,891,000
Inc.
Other assets
Inc. 1,172,000 542,661,000 612,753,000 491,699.000
bOttles—
Notes in circulation_ _Dec. 219,827,000 4,078,295,000 4,572,744,00014,372,639.000
Oth.dally matur.oblig.Deo. 82,801,000 270,481.000 448,833,000 632,125,000
Other liabilities
940,000 243,078,000 210.952,000.1 310,257,000
Dec.
No deviations in money rates were recorded this
week from the extremely low figures that have now
prevailed so long as to have become almost a commonplace. Call loans on the New York Stock Ex2% for all transactions,
change were quoted at 11/
whether renewals or new loans. The larger banks
are not lending below this figure on stock and bond
collateral, it is understood, but there were, nevertheless, substantial offerings of call money in the
unofficial "Street" market. Such offerings, apparently made by investment bankers, were reported at
1% in all sessions excepting Tuesday, when the
2% also prevailed in the "Street"
1
official rate of 1/
market. Funds were in heavy supply at all times,
but the demand remained small. Brokers' loans declined $49,000,000 in the week to Wednesday night,
Mit. 132,
FINANCIAL CHRONICLE
according to the figures of the Federal Reserve Bank
of New York. Gold movements reported for the
same weekly period consisted of imports of
$4,064,000. Equivalent to an import was a decrease
for the period of $2,480,000 in the stock of gold held
earmarked for foreign account. The daily statements for Thursday and yesterday reflected further
decreases of $8,882,000 and $4;600,000, respectively,
in the earmarked stock, which is now computed unofficially at about $107,000,000.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no
2%, this
deviation at any time from the figure of 11/
and
loans
new
for
both
having been the quotation
for renewals. Time money continues in the doldrums, there being practically no business in this
2% for 30
1
line of loaning. Rates continue at 1@1/
days, 1%@1/
2% for 60 days, also for 90 days and
1
2@13
1
for four months, and 1/
4% for five and six
/
are nominal,
quotations
months. However, these
special
given
is
transaction
and practically every
commercial
prime
for
market
consideration. The
paper was extremely quiet until Friday, when there
was a sharp increase in the demand for choice accommodation. The supply of paper obtainable was extremely limited and business was greatly restricted
on that account. Rates for choice names of four to
4%. Names
six months' maturity remain at 2@21/
less well known and shorter choice names are still
2@23
1
4%.
/
quoted at 2/
The market for prime bank acceptances has been
extremely quiet this week, both supply and demand
being down to the minimum until Friday, when there
was a sharp increase on the demand side, but the
paper available was insufficient to meet the requirements. Rates show no change. The quotations of
the American Acceptance Council continue at: For
/8% asked; for four
bills up to 90 days, 1% bid, 7
for five and six
asked;
8% bid, 1%
months' bills, 11/
The Federal
asked.
4%
/
11
months, 1%% bid and
holdings
their
in
decrease
a
suffered
Reserve Banks
of acceptances during the week from $134,155,000 to
$127,217,000. Their holdings of acceptances for foreign correspondents further declined from $375,331,000 to $370,185,000. Open market rates for
acceptances also remain unchanged, as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
1
134
134
134
I%
Prime eligible bills
1%
—30 Days—
—80 Days—
—90 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
34
1
14
Prime eligible bills
1
1
34
FOR DELIVERY WITHLN THIRTY DAYS.
134 bid
Eligible member banks
134 bid
Eligible son-member banks
There have been no changes this week in the rediscount rates of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
BostonNew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallae
San Francisco
Rate in Effect
on June 12.
Date
Established.
Precious
Bate.
2
1%
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
234
2
338
3
334
334
3
a
238
3
3
234
234
338
3
3
234
a
4
334
338
a
JUNE 13 1931.]
FINANCIAL CHRONICLE
4297
Sterling exchange is dull and irregular, with the Reserve Bank of New York, consisted of imports of
market extremely hesitant but on the whole slightly $4,064,000, of which $2,541,000 came from Argentina,
easier. The entire foreign exchange market in both $1,240,000 from Cuba and$283,000
chiefly from other
New York and throughout the European centres is Latin-Americ countries.
There were no gold exan
under the domination of the German situation. The ports. There was decrea
a
se of $2,489,000 in gold
flight of capital from Germany is assuming large earmarked
for foreign account. In tabular form the
proportions. The range for sterling this week has gold movem
ent at the Port of New York for the week
been from 4.86 1-32 to 4.863/ for bankers' sight ended June
10, as reported by the Federal Reserve
bills, compared with 4.863j to 4.865A last week. Bank of
New York, was as follows:
The range for cable transfers has been from 4.86 7-32 GOLD MOVEMENT
AT NEW YORK,JUNE 4-JUNE IO,INCLUSIVE.
to 4.86 946, compared with 4.863/ to 4.863
Imports.
Exports.
4 a week
00 from Argentina
ago. This is the season of normal strength for $2,541,0
1,240,000 from Cuba
None
sterling exchange. The pound is receiving good
283,000 chiefly from Latin
American countries
support from tourist requirements and a better feeling prevails in the London market owing to the $4,004,000 total
Net Change in Gold Earmarked for Foreign Account.
steady acquisition of gold by the Bank of England.
Decrease: $2,489,000
However, the exceptionally large increase in gold
On Thursday the Reserve Bank reported a further
holdings this week is not welcomed by the London
decrease of $8,882,000 in gold earmarked for foreign
market because it was derived chiefly from sales made
account and on Friday the release of $4,800,000
by the Reichsbank and the untoward German situamore earmarked gold.
tion is giving cause for anxiety.
Canadian exchange is decidedly weaker and in
The pound continues relatively firm with respect
Thursd
ay's trading the discount on Montreal touched
to French francs, but has receded considerably from
7-16 of 1%,compared with a discount of 11-64 of 1%
the exceptionally firm condition of a few weeks ago.
on Tuesday. One explanation for the weakness in
Bankers both here and in London are hesitant about
Canadian is that goods are being rushed into Canada
taking a positive technical position with regard to
as fast as possible to avoid the new tariff duties which
exchange, whereas a week or more ago it was believed
in many quarters that the sterling might go momen- become effective on July 1. The present rate for
tarily to 4.87 for cable transfers. The London mar- Montreal funds is well below the theoretical gold
ket attributes the weakness of sterling in terms of point, but thus far no shipments of metal from Montcertain Continental currencies, notably French and real to New York have been announced. The last
Swiss francs, and the slump of European values, to movement between these two points took place during
several causes. One is the Austrian financial crisis, the first week in January, when $7,500,000 gold was
which has been greater in intensity and reaction than received in New York. Montreal funds were then
was at first considered probable. Another is the quoted at about 3-16 of 1% discount. The withpolitical situation on the Continent arising out of holding from the market of Canadian wheat, comthe proposed German customs union. Added to bined with the general fall in the dollar volume of
this has been the lack of encouragement in the Amer- Canadian exports is also given as contributing to
ican business position, profound depression in home the weakness in exchange.
Referring to day-to-day rates, sterling exchange
trade and further collapse in leading commodity
on Saturday last was dull but steady. Bankers'
prices. The German Reichsbank was compelled to
sell approximately £1,000,000 in gold to.the Bank of sight was 4.86 5-16@4.863/2, cable transfers 4.86 9-16.
England on Tuesday for the support of the Reichs- On Monday the market continued quiet. The
mark, and according to London bullion dealers an- range was 4.8614@4.863/ for bankers' sight and
2@4.86 9-16 for cable transfers. On Tuesother sale of £1,600,000 was effected on Thursday, 4.863/
day
the
market was dull and irregular. Bankers'
while at least another £1,000,000 will have to be sold
sight
was
4.86 9-32@4.86 7-16; cable transfers
in London to support the mark.
4.86
17-32@
4.86
9-16. On Wednesday sterling was
This week the Bank of England shows an increase
dull
with
an
easier
tone. The range was 4.8631.@
in gold holdings of £3,353,445, the total standing at
4.86
7-16
for
banker
s'
sight and 4.86 15-32@4.86 9-16
£156,287,523, which compares with £157,180,407 a
for
cable
transfe
rs.
On
Thursday sterling was dull
year ago. On Saturday the Bank of England reand
again
easier.
The
range
was 4.86 1-16@4 86 5-16
ceived £10,000 in sovereigns from abroad and exported £2,000 in sovereigns. On Monday the Bank for bankers' sight and 4.863i@4.86 7-16 for cable
bought £1,011,170 in gold bars and exported £12,000 transfers. On Friday sterling still further weakened.
in sovereigns. On Tuesday the Bank bought The range was 4.86 1-32@4.86 3-16 for bankers'sight
£1,891,238 in gold bars, sold £3,442 in gold bars, and 4.86 7-32@4.86 5-16 for cable transfers. Closbought £53 in foreign gold coin, and received £1,150 ing quotations on Friday were 4.86 3-16 for demand
and 4.86 5-16 for cable transfers. Commercial sight
in sovereigns from abroad, and exported £10,00
0 in bills finished at 4.86 1-16;
60-day bills at 4.84 1-16;
sovereigns. According to dispatches from
London, 90-day bills at 4.83
3-16; documents for payment
bullion dealers on Tuesday, an unknown buyer,
believed to be the Bank of England, outbid Swiss pur- (60 days) at 4.84 1-16, and seven-day grain bills
chasers and secured the bulk of £1,038,000 South at 4.85 1-16. Cotton and grain for payment closed
African gold available in the open market on Tues- at 4.86 1-16.
day at a price of 84s.11hd. On Thursday the Bank of
Exchange on the Continental countries is exEngland bought £1,600,000 in gold bars, sold £50,648
tremely dull so far as the New York market is conin gold bars, and exported £16,000 in sovereigns. On
cerned and, as in the case of sterling, all the ContiFriday the Bank sold £108,200 gold bars, exported
nental currencies are affected by the uncerta
inties
£27,000 sovereigns and bought £7,621 gold bars.
arising out of the German situation. German
marks
At the Port of New York the gold movement for
are displaying an extremely weak undert
the week ended June 10, as reported by the Federal
one, but
cable transfers have held fairly steady
this
week
4298
FINANCIAL CHRONICLE
around 23.733/2, owing to official support on the part
of the Reichsbank. Nevertheless on Thursday German cable transfers sold as low as 23.71. Berlin
dispatches state that frenzied efforts are being made
in Berlin to obtain foreign exchange. Undoubtedly
another renewed flight of the mark is under way.
The withdrawal of foreign balances from Germany
began around June 1, but was sharply accelerated
this week beginning on Monday. Despite the relative steadiness of marks in New York the Berlin rate
in London declined to the gold point, touching 20.50
marks to the pound. The decline to this level met
with prompt response by the Reichsbank, which
immediately sold £1,000,000 gold to the Bank of
England, and according to the views of London bullion brokers, another transaction of £800,000 was
carried through. It will be recalled that last week
the Reichsbank sold rm. 70,000,000 of earmarked
gold in Paris. The Reichsbank's statement as of
June 6 shows gold holdings of rm. 2,299,930,000, a
decline of rm. 90,397,000 on the week. Up to the
close of business on Tuesday the Reichsbank had
lost approximately rm. 116,400,000 in defending the
exchange. At the same time the Reichsbank has
used its foreign balances to supplement gold transactions. The statement of May 23 showed foreign
balances of rm. 196,564,000. Sales of exchange after
that date and until Saturday last showed that rm.83,600,000 had been disposed of, and that the total reduction in the reserves of the Reichsbank up to the
last statement, that of June 6, was 200,000,000
marks. Since the issuance of the statement the
Reichsbank has suffered further heavy losses in gold.
According to well informed London authorities L1,600,000 ot German gold was disposed of in London
on Thursday and negotiations have been made for
the sale of at least another £1,000,000 to the Bank of
England for the purpose of supporting mark exchange.
The Federal Reserve Bank of New York never
divulges what central banks are involved in its gold
earmarking transactions, but bankers here are convinced that the heavy decrease in gold earmarked for
foreign account at the Federal Reserve Bank this
week was for the account of the German bank of
issue. Until this week the market was convinced
that the Reichsbank would be compelled to reduce
its rate of rediscount from the present 5%, as this
rate was clearly out of line with the extremely low
rates prevailing in other major centers, but the
present untoward position of mark exchange seems
to make the reduction wholly improbable. The
market would not now be surprised if the Reichsbank should be compelled to increase its rate in order
to protect its gold holdings and offset the flight of
capital from Germany.
French francs are dull and relatively steady.
French bankers, like those in London and New
York, are watching the mark situation with some
anxiety. Except for this condition, the French
exchange situation is no different from the past few
months. This week the Bank of France shows an
increase in gold holdings of 299,234,880 francs, the
total standing at 55,933,295,383 francs, which
compares with 43,817,559,650 francs on June 7
1930. This week's increase in gold holdings of the
Bank of France, like most of the increases reported
since the cessation of large acquisitions from London,
results partly from the return of hoarded gold for
exchange into franc notes, a movement which has
been in progress since the stabilization of the franc,
[voL. 132.
but more largely it is believed from sales by Germany.
Italian lire and other Continental exchanges are
steady and relatively quiet, although receiving considerable support from tourist requirements.
The London check rate on Paris closed at 124.21
on Friday of this week, against 124.29 on Friday of
last week. In New York sight bills on the French
centre finished at 3.91 7-16, against 3.91 7-16; cable
transfers at 3.913/
2, against 3.913/i and commerc
sight bills at 3.91 5-16, against 3.91 5-16. Antwet
belgas finished at 13.929. for checks and at 13.933/2
for cable transfers, against 13.923. and 13.93. Final
quotations for Berlin marks were 23.72 for bankers'
sight bills and 23.723/i for cable transfers, in comparison with 23.723
%. Italian lire closed
4and 23.723
at 5.23 5-16 for bankers' sight bills and at 5.233/i
for cable transfers, against 5.23 5-16 and 5.233/2.
Austrian schillings closed at 14.051
/
1, against 14.0514;
exchange on Czechoslovakia at 2.96 against 2.963/s;
on Bucharest at 0.59 7-16, against 0.59 7-16; on
Poland at 11.20, against 11.20, and on Finland at
2.51%, against 2.515
%. Greek exchange closed at
% for
1.29% for bankers' sight bills and at 1.295
cable transfers, against 1.29M and 1.29M.
Exchange on the countries neutral during the war,
with the exception of exchange on Spain,is dominated
largely by the reversal in German marks. The
Scandinavian currencies are easier. Swiss francs and
Holland guilders are exceptionally firm. The firmness in guilder and Swiss exchange is due chiefly to
the flight of German as well as Spanish capital to
Amsterdam and the Swiss centres. All the neutrals
are quiet so far as the New York market is concerned,
although most of them are receiving support from
seasonal factors, especially tourist requirements.
Spanish pesetas have fluctuated rather widely this
week, moving up from 9.58 for cable transfers on
Friday of last week to as high as 10.10 on Thursday.
The firmness which developed in the peseta in the
latter part of the week is attributed in some quarters
to advices received from Madrid to the effect that
negotiations for a French credit to Spain are proceeding rapidly and that the Socialists in Spain are
believed to be in favor of stabliization. However,
the market for peseta futures is at a heavy discount
below spot. One-month futures are quoted 10 points
discount from spot and three-month futures around
23 points discount, which would indicate that the
peseta situation is considered extremely unsatisfactory by foreign exchange traders.
Bankers' sight on Amsterdam finished on Friday
at 40.22k, against 40.22 on Friday of last week;
cable transfers at 40.24, against 40.233, and commercial sight bills at 40.203/2, against 40.20. Swiss
francs closed at 19.413/ for bankers' sight bills and
1©
at 19.42 for cable transfers, against 19.38Y
19.3914. Copenhagen checks finished at 26.763/i
and cable transfers at 26.773, against 26.78 and
26.79. Checks on Sweden closed at 26.783.1 and
cable transfers at 27.7934., against 26.793/ and
26.803/2, while checks on Norway finished at 26.7631
and cable transfers at 26.773, against 26.78 and
26.79. Spanish pesetas closed at 10.08 for bankers'
sight bills and at 10.09 for cable transfers, against
9.57 and 9.58.
Exchange on the South American countries, especially on Buenos Aires and Rio de Janeiro, continues
to display an undertone of weakness. Brazilian
JUNE 13 1931.]
FINANCIAL CHRONICLE
milreis are firmer, however, than they were a few
weeks ago. The advance in the exchange this week
was accompanied by an unusual burst of strength in
Brazilian bonds, both in New York and in London.
Apparently the upward turn was due to reports from
Rio v, de Janeiro to the effect that the State of Sao
Paulo will pay interest and amortization charges on
its foreign obligations for the next year in milreis at
the old conversion rate of 6d. These milreis are to
be kept on deposit in Brazil and it is understood that
orders for remittances totaling £400,000 have already been cancelled. This is in line with the reports
from Brazil last week that the country would seek a
solution of its exchange problems in just such a
manner. Local banking circles are inclined to believe that this procedure is the most logical one for
Brazil to follow in the present crisis, as the depreciation of the exchange is due largely to the continued
necessity of purchasing foreign exchange for debt
payments in amounts far exceeding the constantly
favorable trade balance. Argentine paper pesos have
fluctuated rather widely, indicating that the market
has not settled down toward any fixed trend despite
the Bank of the Nation's efforts to bring about the
stabilization of exchange through an agreement with
private bankers that they prevent speculation. The
weakness and fluctuation in the peso is attributed
largely to uncertainties regarding the political situation in Argentina.
Argentine paper pesos closed at 30 7-16 for checks,
against 30 3-16 on Friday of last week, and at
303/ for cable transfers, against 303i. Brazilian
milreis are nominally quoted 7.70 for bankers' sight
bills and 7.75 for cable transfers, against 7.10 and
7.15. Chilean exchange closed at 12.10 for bankers'
sight bills and at 12.15 for cable transfers, against
8. Peru at 28, against 27.80.
12 1-16 and 123/
4299
tureless. Japanese yen are steady. Banking circles
seem confident that the yen can be held to within
narrow limits of fluctuation. The world-wide business depression is the chief adverse factor affecting
yen exchange. Closing quotations for yen checks
yesterday were 49.33@491/2, against 49.34@491/2 on
Friday of last wek. Hong Kong closed at 23/
1
4@
23 11-16, against 23%@23 11-16; Shanghai at 287
/8
@29 1-16, against 28%@29; Manila at 497
/8, against
49y8; Singapore at 561/
4@563/8, against 561/4@56%;
Bombay at 36/
1
2, against 361A, and Calcutta at
36%, against 361A.
The following table indicates the amount of bullion in the principal European banks:
June 12 1930.
Juno 11 1931.
Banks of
Gold.
SOrer.
Total.
Total.
England_. 150,287,523
156,287,523 157,180,407
157,180,407
France a__ 447,466.363
d
7.466.363350,540,47
350,540,477
Germany b104.614,600 r994.600 105,609.200 123,449,650
994.600 124,444,250
BPaln ---- 96,962,000 28,033.000124.995.000 98.823,000 28,732,000127,555,000
Italy
67,461,000 56,279,000
57,461,000
56,279,000
Netherrds 37,498,000 3,184,000 40.682.000
• 2,189,000 38,164,000
Nat. Beig_ 41,374,000
41,374.000 34,280,000
34,280,000
20,102.000 23,153,®
SwitzerPd_ 26,102,000
23.153.000
Sweden _ _ _ 13,301,000
13,301,000 13,506.
13,506,000
9,552,000 9.587.
Denmark
9,567.000
9,552,000
8,133,000 8,144,
8,144,000
8,133,000
Norway
Total week 998,751,486 32,211,600 1030963086 910,917,534 31,895.600942,813,134
Prey. week 997,076,012 31,774,600 1028850612 909,073,374 31.935,600941,008,974
a These are the gold holdings of the Bank of France as reported in the new form
Of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £10,380.900. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum.
After the Chequers Conference-Reparations,
War Debts and Disarmament.
While it seems reasonably certain that the conversations of the British and German statesmen at
Chequers lacked the definitive character which advance rumor and prediction ascribed to them, there
is no disguising the fact that the conference, taken
in connection with the issuance of the emergency
decree imposing further financial burdens upon the
German
people, has raised again, with some novelty
Exchange on the Far Eastern countries, while rulof
form,
the whole question of reparations and war
ing low, is for the most part steady as the silver mardebts.
be sure, the official communique issued
To
ket has been firm this week, though quiet and feaat London on Sunday contained no intimation whatFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ever of the ultimatum, involving a moratorium on
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 6 1931 TO JUNE 12 1931, INCLUSIVE.
the reparations payments under the Young Plan and
a possible request for an investigation by the Bank
Noon Buying Rate for Cable Transfers tn New York.
Value in United States Money.
Country and Monetary
for International Settlements, which it was freely
June 6. June 8. June 9. June 10. June 11. June 12.
predicted Chancellor Bruening was prepared to de$
EUROPEs
$
$
$
$
.140475 .140479 .140482 .140474 .140485 .140466
Austria,Baffling
liver
unless some assurance of immediate financial
.139278 .139303 .139297 .139293 .139267 .139228
Belgium, beige
.007169 .007202 .007169 .007158 .007150 .007158
Bulgaria, ley
forthcoming. Instead, the communique reaid
was
Czechoslovakia, kron .029625 .029622 .029625 .029622 .029622 .029624
.267838 .267794 .267805 .267808 .267749 .267700
Denmark, krone
called
that
the meeting at Chequers was "arranged
England, pound
4.885355 4.864943 4.865193 4.864895 4.862562 4.862276
sterling
several
ago as a means of establishing permonths
.025165
.025166
.025166
.025166
Finland, markka
.025172 .025168
039150 .039155 .039154 .039150 .039160 .039148
France, franc
sonal contacts," and stated that there had been
Germany, relchsmark 237275 .237311 .237311 .237321 .237038 .237094
012953 .012949 .012950 .012949 .012947 .012945
Greece, drachma
"friendly
talks on the position in which the German
.402329 .402299 .402322 .402407 .402511 .402460
Holland, guilder
174426 .174428 .174429 .174505 .174461 .174496
Hungary, pengo
Reich
other industrial States now find themand
052352 .052350 .052351 .042353 .052349 .052348
Italy, lira
.267834 .267800 .267820 .267819 .287750 .267702
Norway, krone
German Ministers, it was said, had
selves."
The
.112006
.111982
.111934
.112011
Poland, zloty
.112015 .112015
.044505 .044281 .044116 .044200 .044181 .044079
Portugal, escudo
emphasized the "difficulties of the existing position
.005948 .005946 .005949 .005946 .005947 .005948
Rumania,leu
.096085 .096002 .096817 .099666 .100642 .100673
Spain, peseta
of Germany and the need for alleviation," while the
.268026 .268009 .288011 .268009 .267950 .267789
Sweden, krona
Switzerland, franc_ _ _ .193934 .193916 .193982 .194025 .194161 .194210
.017688 .017686 .017683 .017680 .017683 .017676
Yugoslavia. dinar
British Ministers had called attention to "the. worldASIAChinawide character of the present depression and its
.299791 .299791 .299375 .296875 .297083
Chefoo tact
.294375 .293750 .293437 .290937 .291718 .297500
Hankow tadl
special
.292031
influence on their own country." The note
.288928
.288214 .287857 .285000 .285892
Shanghai tael
.304166 .304166 .303750 .301250 .301458 .286517
Tientsin tael
.301875
concluded
by announcing that "both parties were
.232678
.232857
.232464
dollar
.231250 .231428 .232232
Hong Kong
Mexican dollar_ __ _ .209062 .209375 .209062 .206562 .207187 .208125
agreed that in addition to efforts and measures of a
Tientsin or Pelyang
.211666 .212916 .212500 .210000 .210000 .211250
dollar
national character, a revival of confidence and of
.208333 .209583 .209166 .206666 .206666 .207916
Yuan dollar
.360300 .360116 .360000 .359800 .359595
.380337
India, rupee
Prosperity
depended upon international co-opera.493809 .493784 .493656 .493631 .493625 .493637
Japan, yen
.560000 .560416 .560416 .560416 .560416 .560416
Singapore (8.8.) do
"in this spirit both Governments will
tion,"
that
and
NORTH AMER.
.999278 .999200 .998964 .997636 .996935 .993920
Canada, dollar
with the present crisis in close col.999155
endeavor
deal
.999217
.999123
to
.999218
Cuba, peso
.999203 .999143
.490400 .490066 .490000 .490566 .490066 .490566
Mexico, peso
laboration with the other Governments concerned."
.906781 .996671 .996498 .995436 .994587 .991487
Newfoundland, dot
SOUTH AMER.A fair reading of the communique seems to sugArgentina, peso (gold) .696510 .702228 .700619 .696980 .697325 .693672
.071981 .072171 .073218 .077388 .079562 .078388
Brazil, mitres
.120833 .120888 .121023 .121021 .121001 .120999
gest
that while the German situation was discussed,
Chile, peso
.600712 .600369 .594413 .581598 .582280 .583098
Uruguay, peso
965700 .965700 .965700 .965700 .965700 .965700
it was dealt with primarily as a phase of a general
Colombia, peso
4300
•
FINANCIAL CHRONICLE
world crisis, with such international co-operation
as should aid in bringing about general economic
recovery as the only promise of relief. If there was
at any time some apparent reason for believing that
one of the results of the conference would be a joint
European effort to reopen the question of the war
debts, it was weakened by Prime Minister MacDonald's statement in the House of ICommons on Wednesday, in reply to a question as to whether he
would "consider calling a conference of Powers interested in international settlements with a view
to mutual cancellation of obligations on the largest
possible scale," that "the British attitude regarding
war debts is well known, and action on the lines suggested would not,in the present circumstances, serve
any useful purpose." The Commons were further
assured that nothing had occurred at Chequers beyond what was reported in the communique.
On the other hand the German emergency decree,
published on June 6 while the Chequers conversations were in progress, puts the responsibility .for
the grave financial plight of Germany squarely upon
reparations. "We have done everything we could,"
the preamble declares," to meet those obligations.
. . . After drawing upon the last ounce of reserve
and the last atom of strength still possessed by our
people we have the right, nay, it is our duty to our
country, to announce openly before all the world
that we have reached the limit of the sacrifices we
are able to lay upon our people. The hypotheses
upon which the Young Plan was constructed have
proved wrong. The relief which all the participants
in the new plan expected would devolve upon Germany has failed to appear. The Government is convinced that the economic and financial condition of
Germany, threatened as it is in extreme degree, demands relief from the insupportable reparation
obligations."
Unable, by reason of the capital losses which it
sustained and the consequent depletion of its industrial strength, to continue the payments demanded,
and debarred from recouping itself through exports
because of increasingly high foreign tariffs, the balancing of the German budget, the decree points out,
can be attained only through a well-nigh ruinous
increase in taxation. The changes proposed are
drastic. They comprise, in addition to grants to
industry from the expected receipts in the hope of
increasing employment, further reductions of salaries of from 4% to 8% for many civil emphlyees
(this in addition to a 6% cut last February), a 30%
cut in the salaries of Cabinet Ministers, a 5% cut
in the unemployment dole with a withdrawal of aid
for youths under 21 and married women and heavy
reductions for seasonal workers, an increase in the
"crisis tax" for the benefit of such unemployed as
are no longer entitled to the benefits of unemployment insurance (those, that is, who have been for
26 weeks out of work), changes in the income taxes
on lower rather than higher incomes, a sugar tax
of 3 cents a pound, and an increase of 70% in the
tax on mineral oils. The new revenue is expected to
extinguish a deficit variously estimated at from
$325,000,000 to $500,000,000, but the success of important parts of the scheme depends upon the stabilization of unemployment, a future contingency
admittedly of a very doubtful character.
Out of a veritable welter of rumors and predictions which has developed during the past week
there appears, as unfortunately was to be feared,
132.
a revival of the old contention that reparations and
war debts are so far bound together that one cannot
be dealt with without the other, and a renewal of
the charge that the United States, by insisting upon
payment of the war debts due to it, is throttling the
economic life of Europe and directly impeding economic recovery. The essential fallacy of both of
these contentions was clearly exposed by Alanson
B. Houghton, former Ambassador to Germany and
Great Britain, in a Commencement address on Tuesday at the Carnegie Institute of Technology at Pittsburgh. When the former Allies, following the principle of the Balfour note under which Great Britain
asked of its war debtors only what was needed to
pay its own debt to the United States, agreed to
fix the total of German reparations at substantially
the total of their joint indebtedness to us, they
"simply transferred to Germany," Mr. Houghton
pointed out, "the whole burden" of their indebtedness to this country, and inferentially at least"made
their payments to us conditional upon Germany's
payments to them. Naturally, to these arrangements our Government has not agreed. It still maintains that those who borrowed from us, and not a
third party, are responsible to us for payment....
Whether, in case of German default, the Allied
Powers either would pay us or could pay us we do
not know. The final responsibility has not been
fixed."
Mr. Houghton was unable to see that the disturbance of international trade due to the debt payments
was a factor of much significance. "If we think of
the situation in terms of international trade," he
said,"we know that international trade goes up and
down as conditions vary and that it goes up and
down in thousands of millions of dollars. The 200,000,000 odd dollars now paid us annually, which is
perhaps 1% of that trade, seems a wholly disproportionate amount to affect it seriously either way."
The sum of the annual budgets of the debtor nations
"amounts roughly, if we take for comparison the
year 1930,to something like $12,000,000,000 per year.
In other words, the payments made us represent
about 1y2% of their annual budget expenditures.
Under such conditions surely it is mere exaggeration to assert these payments constitute an unbearable burden." Germany, on the other hand, appeared to Mr. Houghton as "gradually being driven
into an impossible situation. . . . If Germany no
longer possesses in herself the power to carry on
indefinitely, if the reparation payments are slowly
but surely draining her dry, then either she must be
left to go under when finally exhausted, or she must
be given the necessary assistance. ... If Germany
is to be afforded relief by the remission or suspension
of her reparation payments for two years or five
years, or until her economic and financial situation
is sufficiently improved to enable her again to take
up the burden of those payments without probable
collapse, that relief must be afforded by all the nations concerned and not by America alone."
It seems unfortunate that, with some relief for
Germany apparently necessary, and at the same time
with a renewed attempt to cast discredit upon the
attitude of the United States and involve it in a
controversy to which it is not in any way a party,
reports from Washington regarding the position of
the Administration should be so conflicting as to be
difficult to reconcile. It is certainly to be hoped
that there is no foundation for the report that Mr.
JUNIO 13 1931.]
FINANCIAL CHRONICLE
Hoover might be willing to consider some modification of the debt settlements in return for substantial
progress in land disarmament in Europe. Disarmament in itself is a highly desirable thing, but there
is no reason whatever why the United States should
help pay for it, as it clearly would do if debt reduction were offered as a consideration. Moreover, no
good, it seems to us, could result from the participation, official or unofficial, of the United States
in any conference over reparations. The United
States has no concern with reparations, and it has
never admitted, as Mr. Houghton very properly
reminded his Pittsburgh hearers, that the arrangements agreed upon in the Young Plan affected in
any way the obligation of the debt settlements.
Whatever share of responsibility the United States
may have for the reparations obligations in general
imposed by the Treaty of Versailles, it has none for
the present financial plight of Germany in so far as
the reparations payments prescribed by the Young
Plan are a cause of Germany's difficulties. The responsibility is with the creditor Powers in exacting
from Germany more than Germany can pay.
The position of the United States regarding both
reparations and war debts has been so often stated
that there should be, it would seem, no uncertainty
in Europe as to where this country' stands. The
"feelers" that are being put out in Europe, however,
as well as at Washington, in regard to a reparations
conference, or a remission of debt obligations in return for disarmament, make it incumbent upon the
Administration to reaffirm the policy to which the
United 'States has adhered from the beginning, and
which the overwhelming sentiment of the country,
we feel sure, does not wish to see changed. There is
no unfriendliness to Germany in an attitude which
insists that reparations are a European and not an
American issue, and no unfriendliness to Europe in
insisting that the obligation of the debts is in no
way dependent upon Germany's ability to pay war
damages. There is much to be gained by clear statements as well as by clear thinking now that an issue
which the United States has certainly exerted itself
to settle has again been raised, and renewed efforts
are being made to induce the United States to take
part in a controversy in which it has consistently
held it is not involved.
The Meeting of the Governors.
If anything is needed to prove that the people of
the Republic are under the domination of the political state, the meeting of the Association of Governors is ample testimony. Losing sight of the fact
that they were elected to enforce the laws, they proceed,from a high sense of "responsibility," to declare
and inaugurate policies and procedures for the
public welfare. Governor Pinchot has discovered a
huge conspiracy to advance the interests of the public utilities into a combined monopoly sweeping over
State lines, charging the people excessive (graft)
prices for heat, light and power, and obliterating
State rights and control. Governor Roosevelt has
discovered a third class of citizens, farm-industrial,
as a sort of go-between for rural and city dwellers,
a class that prospectively will solve many of our economic difficulties, and which should be recognized
and fostered by the political State. Governor
Ritchie contents himself with pleading for a closer
attention to the menacing problems of unemploy-
4301
ment and interfering laws. Other Governors propose other plans—and it would seem that if these
elective officers of high estate do not urge the people
forward to "do something," we are all in danger of
perishing.
Governor Roosevelt, after developing the theory
of "factories established in rural communities" to
provide winter work for the rural population and
to give industrial workers the advantages of country
living, went on to expound, as a part of State planning, the work of reforestation. He said: "This
State program calls for an intensive development of
the good land. For the farms that are on a permanent basis, we have definitely embarked on a policy
of providing a farm-to-market road that is passable
at all times, available electric power, telephone lines,
hospital facilities, and a good high school. We believe that as a general State policy it is better, under
present-day conditions, to provide these services and
use the good land intensively rather than attempt to
use the sub-marginal land." . . . "The first
definite step was to start a survey of the entire State.
This involved a study of all the physical factors both
above and below the surface of the soil, and a study
of social and economic factors, such as market possibilities, what the area is now being used for, for
what it is best adapted, and so detailed that it gives
separate data for each 10-acre square. Already one
whole county has been thus surveyed, and we expect
to cover the entire 18,000,000 acres involved within
the next 10 years or less." . . .
"By the same token it may have been profitable
when land was first cleared to farm this land, but
to-day, with the tremendous competition of good land
in this country and in other parts of the world,it has
become uneconomical to use land which does not produce good crops. . . . Therefore, we propose to
find out exactly what every part of the State is
capable of producing. From the surveys already
made we have come to the belief that a certain percentage of the farm land in the State now under cultivation ought to be abandoned for agricultural use.
This may run as high as 20 to 25%. We are faced
with a situation of hundreds of farmers attempting
to farm under conditions where it is impossible to
maintain an American standard of living. They are
slowly breaking their hearts, their health, and their
pocketbooks against a stone wall of impossibilities,
and yet they produce enough farm products to add
to the national surplus. Furthermore, their products are of such low quality that they injure the
reputation and usefulness of the better class of farm
products of the 'State which are produced, packed
and shipped along modern economic lines." . . .
"What, then, are we to do with this submarginal
land which ought to be withdrawn from agriculture?
Here we have a definite program. First, we are finding what it can best be used for. At the present time
it seems clear that the greater part of it should be
put into a different type of crop, one which will take
many years to harvest, but one which, as the years
go by, will, without question, be profitable and at
the same time economically necessary, the growing
of trees."
But suppose, after the 10-year period (is this not
too short a time in which to reap results?), it is
found that artificial lumber made from corn-stalks
and what not has come into popular use, and that
other materials are in large use in the building of
houses, will not this thin reforested land again be-
4302
FINANCIAL CHRONICLE
come submarginal? What then? Having evicted
the "poor farmer" who unwisely or wisely struggles
on, what will the State do with this reclaimed and
economically perfected land, covered with scrub
timber? Or suppose, further, that in 10 years the
tariff hindrances, by some magic of national and
international rule, are removed and the ports of the
world opened, can this product of reforestation cornpete with the importation of the vast forests in Russia, South America and other parts of the world?
More, and of deeper import, what is to become of
the farmer-owner of this submarginal land, sent
adrift by the "plan"? Is the growing of trees the
only relief? What changes, rapid and forced, in
the use of the "poor land," may come about in the
period of tree-growing, making it profitable to keep
the submarginal acres and continue to farm them
for new crops, now unknown, but which may prove
revolutionary in profits? What official or State
can plan, with any certainty, against the tremendous
changes that may come unpredicted in the next quarter century?
But we may pass these queries by. The most important aspect that engages our attention is the
socialization involved in the scheme. The present
State does not own this land,for it must be acquired,
through the use of taxes levied on the "good" land,
When did the citizens of the State vote an authorization of or for this "plan"? If the benighted present
farmer-owner wishes to continue to produce a nonpaying crop, who shall say him nay? If he adds to
the "surplus" he must produce something of worth,
It is kis land, privately-owned. Shall it be confiscated because his wheat, corn, oats, apples, potatoes
are not in quality equal to the.best in the markets?
This is a new form of standardization, with the
State playing the role of judge at a County Fair.
What is paternalism, if this be not it? It is the
acme of generosity and kindliness to prevent the
farmer from "breaking his heart," but if he cannot
make the land pay, must the good land and good
farmer buy 'him off?
These brilliant exploits, scintillating ideas, may
look helpful, but under our system of political rule,
is it the province of the Stale to play god-father to
all the schemes of diligent and masterful Governors
and Legislatures? Is the great State to become the
puppet of its elected officials, because a tool in the
hands of triumphing politicians? There is too much
of this thing going on all the time, and in too many
fields. Where is the necessity for this separation of
the sheep from the goats by a distortion of the intents
and purposes of representative government? In
how many ways might government act in manufactures as well as agriculture to prevent submarginal
returns! As time goes on these "plans" will increase
in number and in scope until the individual will become the ward of a benignant and omniscient rule.
No matter how good it sounds, no matter how wise
and kindly the intent, it is rank Socialism. Ownership will become dubious tenantry. Initiative will
sink into slavery. And enterprise will be a guess
and a lottery subject to politico-economic ideas.
Is it too much to say that we accentuate our
troubles by always trying to remove them? We have
enough to bear in the economic disorder of our cornmon war-legacy. Trying to standardize all our endeavors, to save every ounce of waste, to utilize every
acre of soil, to crystallize every human endeavor,
and to remove every appearing difficulty and
[Vol- 132.
hindrance, constitutes an insuperable barrier to that
natural equality of opportunity and of progress that
comes from the free and liberal living of "all for
each and each for all." We submerge our individual
citizens in reform movements. We make binding
laws born of the conceits of self-ordained lead.
ership. Will there ever come a time of courage in
modesty?
The Summer Harvest of Degrees.
All over our land universities, colleges, and even
high schools, are holding their commencement exercises, granting degrees to their graduates, sending
thousands of young men and women out into lifework, ostensibly better prepared for its duties and
responsibilities. As a people we are proud of our
institutions of learning. Yet we do not hesitate to
inquire into their methods, to question their value
to good citizenship, to demand of them an accounting for the care we bestow upon them and the money
we spend upon them. Perhaps there is no welldirected supervision on our part; perhaps our inter.
est springs more from pride than conscious civic
duty; perhaps we are a little indifferent to the real
substance of the "education" they present to us; but
we attend the closing ceremonies of the year with
rare fidelity and unconcealed delight—especially
when our own sons and daughters are in the "class"
and receive the long-desired "degree."
Year by year the summer harvest grows larger.
This year Columbia University proffers degrees to
nearly five thousand students. The output of colleges grows. High schools pour a veritable flood
into the walks of life—for a large proportion of students go no farther in this magic preparedness for
better living. "Education," even in times of economic stress, loses none of its appeal; and, in fact,
seems to gain in our devotion, as a way out, in proportion to our "depression." There may not always
be as many students, but there is a growing sense
that to neglect learning is to invite greater difficulties in times of adversity.
Considering the meaning of the various degrees
conferred, we are compelled to dwell upon the
broader aspects of our general education. A few
cabalistic words and letters upon a parchment often
conceal as much as they reveal. Our educational
system, in as far as it may be called a system, has
come to link itself into a chain of preferments that
mark time as well as measure study. From lower to
higher, points and percentages are counted as steps
in the ladder of advance. Matriculations are based
upon previous mathematical awards. School boards
have come to require certain degrees precedent to
admission. Teachers and professors are required to
possess these mystic evidences of fitness. And while
their value is not to be cast aside, they are being
questioned as to being the sole requisites of ability
and skill in "leading out the mind." A movement
continues for the creation of a Department of Education in the Federal Government but does not
make much headway. For, it is argued that any
attempt to unify an educational system by national
supervision tends to cramp the very spirit of education that only begins in the school and broadens into
all the endeavors of actual life. Yet, to repeat, we
are proud of our equipment in education ;
Dr. Nicholas Murray Butler, talking to the graduating class, said: "You have spent these years in
an urban university, surrounded on every side by
JUNE 13 1931.]
FINANCIAL CHRONICLE
the human touch and the human appeal. Whether
you know it or not, you have gained much by your
contact with all that a metropolis has to offer in
art, in music, in the publication of books, and in
great personalities passing to and fro every day."
. . . "No matter what else may happen, keep on
growing, keep on learning, and keep on thinking, and
make companionship with the best." This little bit
of the usual advice suggests the thought that pride
in educational institutions is not enough without a
corresponding pride on the part of parents and
adults in all the agencies that mould character in
the years that follow school life.
The essays, orations, sermons, addresses, ought to
be stimulating to the citizenry as well as to the
students. "Commencement" applies to one as well
as to the other. We need not waver or hesitate over
vocational training or that of civic duty, these extend
to the end of every life. Education has a beginning
but no end. It is the social character of a people
that is always open to improvement. Life is a school
with a thousand thousand teachers, and no day
passes without something learned perforce by "contacts," circumstances, cautions. The parent-citizen
must think on all the agencies that make for higher
living after the "degree," that it find some meaning
in service to good and good-will in the general
advance.
Problems of intricate complexity confront us all
the way to the end of life. If the influence of character on those with whom we live depends upon our
acts and thoughts along the way, we become teachers
by example and there is no stopping while we live.
The field is open, the opportunity unending. We
cannot wash our hands of education after "putting
the boy through school"—he is ever present in the
sons and daughters of friends and in the being of
friends themselves. It is this after school education that should interest us more. Simple, sincere
service in our "contact" with others—not self-glory
in faddish reforms to make others do as we think
they ought to do.
Forgetting never that we learn as we teach and
teach as we learn, "school" no more ends for the
parenthood than for the youth of our land. Publicists say that the cure for crime is education. Relying upon this, when we note the recurring "waves"
that seem to sweep over the country, the adult
teacher-citizen must remember that example, both
social and civic, is imperative all through the decades that lead on to the three-score and ten. Paying
school taxes is not enough. Sending Mary and Paul
to "college" is well, but must not be the end. Serving on the board of the city or district, and occasionally visiting the local school are incidental—
living right is more important.
Specialization, like standardization, narrows.
Our adult educative influence, too, often follows
straight lines of light, when floodlighting by way of
general example is the forceful method. Obsessed
with a passion for reform, citizens often undertake
to fashion the school curricula after the latest
fashions in economics, politics, or social endeavor.
The A B C's are taken for granted; then begins the
sway of training for this or that in practical affairs.
It is said that "business" prefaces civil life; that
political economy prepares for patriotic service to
government; or that science precedes the mind-training that supports trade and industry. None of these
constitute the true basis of an education which
4303
reaches the heart that bleeds for the good of a neighbor and the welfare of a friend.
Education cannot be defined without defining life
itself. So that the best a citizen can do is to study
human relations-and follow the golden rule. If we
wonder why "schooling" does not lessen crime, may
it not be because there is a certain hypocrisy in living for fame, wealth or power? Parenthood example
consists not in following precept or principle alone,
but in so living that others may live and love and
prosper.
We must realize the benefits others are to us all
along the way—that a kind word and a helping deed
are sometimes more than the transmission of
knowledge. We cannot escape the intellect; we must
not forget the heart. If we would that "depressions"
end and come no more, though we become adepts in
agriculture, manufacture and banking, though we
secure degrees from great universities, endowed and
State supported, we must be willing to live soberly,
simply, severely frugal, that the larder never
grow bare and that prosperity never fill us with
boasting.
Youth emerges from college with an array of facts
and a phethora of fancies. It is gripped by romanticism and plunges into realism. It fails to accomplish, and revolts against the straight-laced rules of
conduct laid down by professional education steeped
in puritanic religion. It wants to be guided by freedom, and thinks it discovers that the only apparent
release from law is in license. What shall change
this while society continues to fasten thongs upon
liberty, breaking them by indifferent customs and
questionable morals? Education of right living, if
it is to save youth by example, must go deeper into
conduct than schools and systems.
It is a far cry from the "learning" of the monastery
to that of the modern university, but solitude is as
essential to philosophic thought as society. The
"geographic center" in which Columbia exists and
functions, where the "urban contacts" are so beneficial, is not paralleled by Harvard, Yale, Princeton.
Distractions accompany the location. The groves
of Greece were temples of contemplation. And so
we may say the quiet life of the countryside is also
essential to a thorough self-acquired education.
Not the degree or diploma, not the prescribed or
elective course of study, not the creed or environ of
the institution, are the sole requisite or index—
libraries, conservatories of music, museums of science and art, are helpful adjuncts—the real education, life-long in extent, consists in pressing the soul
against the human nature in which it has its being
and is a part.
Many men become well educated without attendance at any school by their business, professional,
political contacts with other men. No man can say:
"I know more than others in my time and place," for
the educated man is a secret thinker in a living community, moulded by observation, comparison, judgment, burnished by travel, reading and personal investigation. There is no tape-line to measure the
power of mind or the hidden stores of knowledge.
'What is most needed in our disordered relations of
the present time is that the man live his education
in his conduct, that he lift others up by his example
as teacher. When we consider how much our neighbor knows along lines wherein we are ourselves
ignorant, we come to respect our fellows for what
they are!
4304
FINANCIAL CHRONICLE
[VoL. 132.
Gross and Net Earnings of United States Railroads for the
Month of April
Our compilation of the earnings of United States
railroads for the month of April is of the same unfavorable character as the returns for all preceding
months, it recording heavy losses in gross and net
earnings alike. The losses, too, are cumulative, those
for the present year being piled on top of very heavy
losses last year, which last was also a feature of the
exhibits for the months preceding, giving additional
significance to them, though this feature derives
additional importance with each additional month,
since the comparison is coming to be with increasingly heavy losses in 1930, making the shrinkage for
the two years combined correspondingly larger.
Stated in brief, gross earnings for April 1931 fall
$81,461,009 behind those of the same month of 1930,
or 18.08%, and while this was attended by a reduction in expenses (not including taxes) in amount of
$57,575,039, or 16.58%, there remained a falling off
in the net earnings (before the deduction of the
taxes) in amount of $23,885,970, or 23.21%. The
1930 gross earnings, in turn, fell $63,195,964, or
12.32% behind those of 1929, and the net earnings
fell behind in amount of $34,815,878, or 24.54%.
What is involved in the shrinkage in such large
amounts for two successive years will appear when
we say that gross earnings for April 1931 stand at
only $369,106,310 against $513,733,181 in April 1929,
showing a falling off for the two years in the huge
sum of $144,626,871 for this single month, while the
net earnings (before the deduction of the taxes) foot
up no more than $79,144;653 against $141,930,648 in
April 1929, the falling off in this instance being,
roughly, 45%. It is common to compare experience
and results for the current year with those of 1921,
when the country also suffered a relapse in trade,
but the total of the gross for April 1931, as reduced
by the losses of the two years, is the smallest of any
preceding April back to 1917, while the amount of
the net is less than in any preceding April since 1921.
1930.
Inc. (-I-) or Dec. (—).
IrlIonth of April—TIMM
1931.
242,574
+58 0.02%
242,832
Miles of road (169Droads)--__
5369,108,310 5450,587,319 —581,461,009 18.08%
Gross earnings
—57.575,039 16.58%
289,961.657 347,536,695
Operating expenses
+1.43%
77.13%
Ratio of expenses to earnings78.58%
Net earnings
579,144,653 $103,030,623 —523,885,970 23.21%
It is almost superfluous to say that as in preceding
months the underlying cause of the great contraction
in railroad earnings and income is the paralysis of
trade and business which has been afflicting the
country the last 18 months and which appears to be
deepening with each succeeding month instead of
finding alleviation, even in part, as so earnestly
wished. In casting about for the usual evidences of
the presence of trade prostration, as reflected in
the trade statistics of one kind or another, we find
them in the customary abundance. Unquestionably,
the automobile industry has been hit hardest of all
by the prolonged depression in business, and the
statistics unmistakably attest the fact. According
to the Bureau of the Census, the number of motor
vehicles produced in the United States in April 1931
was only 335,708 against 444,024 in April 1/30 and
621,910 in April 1929. It will be noticed that the
number in 1931 was but little more than half that
of two years ago. In the case of the figures for the
four months combined, from January to April, inclusive, the 1931 production is actually less than onehalf that of 1929, for in the four months of 1931 the
number of motor vehicles produced was only
1,003,901 against 1,444,047 in the four months of
1930 and 2,074,820 in the first four months of 1929.
It will be noted that 1,070,919 fewer automobiles
were turned out the present year than in the corresponding four months of 1929. That tells the story
of business depression more impressively than anything else possibly could.
Of course the iron and steel trades suffered in the
same way,in part as a result of the diminished orders
coming from the automobile concerns, and in part
from the collapse in other lines of trade and business. The make of iron in the United States in April
1931, according to the compilations of the "Iron
Age" of this city, was only 2,019,529 tons, as against
3,181,868 tons in April 1930 and 3,662,625 tons in
April 1929—that is, the 1931 product was 1,643,096
tons less than that of April 1929. Steel production
suffered a similar heavy decline, the calculated output by the American Iron and Steel Institute being
2,722,479 tons for April 1931 against 4,109,492 tons
for April 1930 and 4,938,025 tons in April 1929. This
shows that over 2,200,000 less steel was turned out
during the month this year than in the month two
years ago.
The coal statistics tell a story all their own as
an indication of the falling off in trade, as far as
trade in general is concerned, and since they furnish
the greater part of the fuel for the country's manufacturing activities. Only 28,478,000 tons of bituminous coal were mined in the United States in the
four months of 1931 against 35,860,000 tons in 1930,
37,565,000 tons in April 1929, and 44,057,000 tons
back in 1923. The Pennsylvania anthracite product,
as it happens, was a little larger the present year
than last year, though far from being equal to that
of April 1923. The anthracite product in April 1931
was 5,700,000 tons as against 4,829,000 tons in April
1930, but comparing with 6,205,000 tons in April
1929 and 7,885,000 tons back in April 1923.
No one need be told that building continues on a
very restricted scale, and th,e effect of this on the
lumber trade can easily be imagined, as also the
effect on many allied trades. The F. W.Dodge Corp.
reports that the construction contracts awarded during the month of April in the 37 States east of the
Rocky Mountains had a money value of $336,925,200
as against $482,876,700 in April 1930 and no less
than $642,060,500 in April 1929. In addition, the
grain movement in the West showed virtually no
recovery from the poor total of the previous year,
while the cotton movement in the South also remained small. The composite result of all this is
seen in the statistics showing the loading of revenue
freight on the railroads of the United States. For
the four weeks in April only 2,985,719 cars were
loaded with freight on the railroads of the United
States against 3,618,960 cars in the corresponding
four weeks of 1930 and 3,989,142 cars in the same
four weeks of 1929. In other words, over a million
less cars were loaded with revenue freight in April
the present year than in April 1929.
That the effect of all this was to cause a huge decline in railroad earnings follows as a matter of
course. The extent of the falling, off, as far as the
railroad systems of the country as a whole are eon-
JUNE 13 1931.]
cerned,'has already been shown. As far as the separate roads are concerned, it need only be said that
their separate losses are no less striking. A few
illustrations will suffice for the purpose. As in the
previous months, the great East and West trunk
lines have been the heaviest sufferers, at least as far
as mere amount is concerned, and that appears
natural seeing that they serve the great manufacturing districts of the Middle and Middle Western
States, besides the moving of enormous amounts of
coal. The Pennsylvania RR. shows a falling off of
$9,617,081 in gross and of $5,177,598 in net. This
follows $6,384,027 decrease in gross and $2,980,454
decrease in net in the previous year. The New York
Central, if we include the Pittsburgh & Lake Erie
and the Indiana Harbor Belt, is found to fall behind
$8,621,724 in gross and $2,560,386 in net, which
follows $8,158,660 loss in gross and $3,633,024 losses
in net in April last year. The Baltimore & Ohio in
like manner has suffered a large contraction, having
fallen $4,203,496 behind in gross and $1,179,664 in
net, after having fallen behind $1,505,300 in gross
and $560,816 in net the previous year.
In other sections of the country, the leading railroad systems have suffered proportionately just as
severely. In the Northwest, the Chicago Milwaukee
St. Paul & Pacific shows a shrinkage of $2,499,008 in
grdss and of $787,625 in net; the Northern Pacific,
$1,148,192 in gross and $232,006 in net; the Great
Northern $1,583,530 in gross and $36,086 in net, and
the Chicago & North Western $1,776,404 in gross and
$582,102 in net. In the Central West, the Union
Pacific reports $1,130,912 decrease in gross and
$463,147 decrease in net, and the Chicago Burlington
& Quincy $2,271,204 decrease in grpss and $829,860
in net. The Rock Island in turn has suffered a re
duction of $2,104,172 in gross and of $957,480 in net.
In the Southwest, the Southern Pacific reports $4,489,402 falling off in gross and $1,470,787 in net;
the Atchison $3,889,102 in gross and $108,784 in net,
and the St. Louis San Francisco $1,281,821 in gross
and $320,525 in net. In this Southwestern territory
there is one conspicuous exception to the rule in the
case of the International Great Northern, which far
from having suffered the common experience of
being obliged to report heavy losses in earnings is
able to show an addition to gross of $668,280 and an
addition to net of $375,446. The growth here follows
as a result of the wonderful development of the East
Texas oil fields. The distinctively Southern States
in the territory ,East of the Mississippi River and
South of the Ohio and the Potomac, where trade depression was a feature long before it began to spread
over the country at large, earnings gross and net
continue to shrink. Thus the Southern Railway
reports a decrease of $1,941,151 in gross and of $1,020,838 in net, and the Louisville & Nashville $1,874,437 in gross though only $3,814 in net. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increases
or decreases and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL 1631.
Increase.
Decrease.
$668,280 Illinois Central
International Get North_
$1.957,900
Southern Railway
1,941.151
Norfolk
Western
$668,280
Total(1 road)
1.930,431
Louisville & Nashville..._ 1.874,437
Decrease. Chicago & North Western 1,776,404
59.617.081 Great Northern
Pennsylvania
1,583,530
li& Ohio& a
rd
a7,650,030 Chesapeake
New York Central
1.507,865
Southern Pacific (2 rds)- 4,489,402
1.302,724
4,203,496 St Louis-San Fran(3 rds)
Baltimore & Ohio
1,281,821
Atch Top & S Fe (3 rds) 3,889,102 Wabash
1,279,380
Chic Milw St P & Pac-- 2,499,008 Erie (3 roads)
1,212,006
Chic Burl & Quincy-- 2,271,204 Northern Pacific
1,148,192
Rock Island Lines(2 rds) 2,104,172 Union
1,130,912
brar
igg
CP
2,004,690
Missouri Pacific
943,575
4305
FINANCIAL CHRONICLE
Decrease.
Decrease.
$278.575
Reading Co
$913.058 Maine Central
278,558
856.335 N 0 Tex & Mex (3 rds)_
Missouri-Eansas-Texas__
833.413 Union RR (of Penn)___260.200
Pere Marquette
258,395
800.029 Virginian
Pittsburgh & Lake Erie239,540
Yazoo & MISS Valley-776.874 Seaboard Air Line
236.331
774,259 Chicago Great Western_
Central RR ofNew Jersey
226.670
711.209 Los Angeles & Salt Lake
Elgin Joliet & Eastern....
215.205
688,356 Delaware & Hudson_
Detroit Toledo & Ironton
212,481
654.196 Term RR Assn of St L..
Boston & Maine
205,053
650.051 Buffalo Rock & Pittsb_
Minn St P & S Ste Marie
175.099
640,457 Western Maryland
Grand Trunk Western
172,247
573,052 Alabama Great Southern
Texas & Pacific
171,665
569,431 Indiana Harbor Belt_ _ _ _
St Louis Southwestern
169.028
445,580 Louisiana & Arkansas_ _ _
Wheeling & Lake
156,489
415.228 Atlantic Coast Line
Del Lack & Western
153.334
409.910 Minneapolis & St Louis_
Colorado & South (2 rds)
152.390
396,005 Gulf Mobile & Northern
Chic St P Mimi & Omaha
150.899
390.837 Belt Ry of Chicago
Chicago & Alton
149,013
372.225 Spokane Portland & S__
Central of Georgia
146,734
368.789 Long Island
Chicago & Eastern Ill_
146,699
Nashv Chatt & St Louis
357.466 Lehigh Valley
132.591
350,463 Monongahela
Bessemer & Lake Erie__
112,663
349,223 New Orleans & N E___
Kansas Southern
Pacific_
_
_
111.403
Northwestern
334.062
Florida East Coast
104,018
Cin New On & Tex Pac
332.404 Bangor & Aroostook____
331.487
Mobile & Ohio
$79,095,871
Total (90 roads)
302.777
Denver & It G Western
Chic Indianap & Louisv
284.902
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $8,621,724.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF APRIL 1931.
Decrease.
Increase.
$299,902
Bessemer & Lake Erie
$375,446
International Get North
299,429
Lehigh Valley
343.753 Reading Co
281,516
243,644 Illinois Central
Atlantic Coast Line
268,419
Central RR ofNew Jersey
154.812 Chesapeake & Ohio
257.514
Y Ontario & Western..
141.479 Pere Marquette
Northern Pacific_ _
232,006
$1,259,134 Newburgh & South Shore
207,034
Total(5 roads)
194.865
• Decrease. CM New On & Tex Pac185.483
$5,177.598 Virginian
Penns_ylvania
182.683
New York Central
a2,276.686 Texas & Pacific
182,297
Southern Pacific (2 rds). 1.470.787 Pittsburgh & Lake Erie_
174.067
Baltimore & Ohio
1,179,664 N Y Chicago & St Louis
165.147
Southern Railway
1,020,838 Wheeling & Lake Erie__
149,707
Norfolk & Western
995,203 St Louis Southwestern__
147.971
Rock Island Lines(2 rds)
957,480 Union RR (of Penn)____
144.683
Chic Burl & Quincy
829,860 Florida East Coast
144.580
Chic Milw St P & Pam787.625 Minn St P & S Ste Marie
128,786
Chicago & North Western
582,102 Colorado & South (2 rds)
116,333
Detroit Toledo & Ironton
473,567 Chic St P MIMI& Omaha
114.570
Union Pacific(4 roads)_
463.147 Nashv Chatt & St Louis
113.219
Missouri-Kansas-Texas__
454,732 Central of Georgia
108.784
Wabash
423,914 Atch Top & S Fe (3 rds)
108.671
Grand Trunk Western
418,183 Mobile & Ohio
102.894
Yazoo & Miss Valley___
416,878 Missouri Pacific
101.403
Elgin Joliet & Eastern__
370,570 Indiana Harbor Belt
N YNH& Hartford__
353,508
St Louis-San Fran (3 rds)
$23,384,130
Total (54 roads)
320.525
a These figures cover the operat ons of the New York Central and
Central,
St.
Michigan
Louis.
leased lines-Cleveland Cincinnati Chicago &
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is a decrease of $2,560,386.
When the roads are arranged in groups, or geographical divisions, according to their location, it
is again found, as would be expected from what has
been said further above, that all the leading districts
and all the different regions in those districts have
had the common experience namely that one and all
show'reduced revenues. Moreover, this is in that
particular a repetition of the experience of the same
month a year ago. Our summary by groups is given
below. As previously explained, we group the roads
to conform with the classification of the Inter-State
Commerce Commission. The boundaries of the different groups and regions are indicated in the footnote to the table.
SUMMARY BY DISTRICTS AND REGIONS.
Gross Earning
District and Region.
Month of April.
1931.
1930. inc.(+)or Dec.(-).
Eastern Ms:Ha$
New England Region (10 roads)- 17,898.586 20.559,000 -2,660,434 12.95
Great Lakes notion (31 roads)
74,397,148 89,402,984 -15,005,836 16.79
Central Eastern region (23 roads)._ 77,074,785 96,577,843 -19,503,058 20.19
Total (64 roads)
Southern DistrictSouthern region (30 roads)
Pocahontas region (4 roads)
169,370,499 206,539,827 -37,169,328 18.02
48,836,919
17,670,955
Total (34 roads)
66,507,874
Western District39,253,390
Northwestern region (17 roads)
Central Western region (24 roads). 60.666,341
Southwestern region (30 reads)...-. 33,308,206
58,686,946
21,453,317
-9,850,027 16.78
-3,782,362 17.63
80,140,263 --13,632,389 17.03
48,442,460 ---9,189,070 18.98
73,909,968 --13,243,627 17.02
41,534,801 --8,226,595 19.83
133,227.937 163,887,229 ---30,659,292 18.70
Total(71 roads)
Total all districts (169 roads)
369,106,310 450,567,319 -81,461,009 18.03
Na Earnings
District and Region.
1931.
1930. Inc.(+)sr Dec.(-)
Month of April. -Mileage$
$
$
%
Eastern District1931. 1930.
New England region_ 7,329 7,348 5,375,537 5,850,878 -475,341 8.12
Great Lakes region__ 27,896 27,917 16.010,102 19,881.026 -3,870,924 19.46
Central Eastern region 24,219 24,252 16.085,996 24,423,850 -8,337,854 34.17
Total
59,444 59,517 37,471,635 60.155,754-12684,119 25.29
Southern District40,042 40,097 10,459,911 12,976,766 -2,516,855 19.43
Southern region
Pocahontas region.._ _ 6,040 6,015 5,921,128 7,280,266 -1,359,138 18.67
Total
Western DistrictNorthwestern regionCentral Western reg'n
Southwestern region._
Total
46,082 46,112 16,381,039 20,257,032 -3,875,993 19.02
48,948 49,054 4,132,541 6,503,248 -2,370,707 36.45
52,778 52,702 13,256,607 16,543,234 -3,286,627 19.90
35,380 35,189 7,902,831 9,571,355 -1,668,524 17.44
137,106 136,945 25,291,979 32,617,837 -7,325,858 22.36
Total all districta_242,632 242,574 79,144,653 103,030,623 -23885,970 23.21
4306
[vol.. 132.
FINANCIAL CHRONICLE
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New Enplane: Region.-Thls region comprises the New England States.
Great Lakes Region.-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River. and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River tat is mouth.
SOUTHERN DISTRICT.
Southern Repton.-This region comprised the section east of the Mississippi River
and south of the Ohio River Co a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
Pocahontas Region.-Thie region comprises the section north of the southern
boundary of Virginia. east of Kentucky and the Ohio River north to Parkersburg,
W.Va.. and south of a line from Parkersburg to thesouthwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Regton.-This region comprises the section adjoining Canada lying
wen of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprised the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-Thle region comprises the section lying between the Mississippi River south of St. Louis and IS line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
only 6,126 and 6,493 carloads, respectively, against
6,673 and 7,500 cars, respectively.
As to the Southern cotton movement, this was
slightly larger than last year for the month under
review in the case of shipments overland, but the
receipts at the Southern outports were the smallest in many years. Gross shipments overland
aggregated 67,332 bales in April 1931 against
46,607 bales in April 1930; 47,514 bales in 1929;
54,395 bales in 1928; 81,489 bales in 1927, and
69,720 bales in 1926. Receipts of the staple at the
Southern outports reached only 184,785 bales in
April 1931, as compared with 185,664 bales in 1930;
230,269 bales in 1929; 330,258 bales in 1928; 490,556
bales in 1927; 392,471 bales in 1926 and 281,678
bales in 1925. The cotton port movement in April
and since Jan. 1 for the three years is shown in the
following table:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND SINCE
JAN. 1 TO APRIL 30 1931, 1930 AND 1929.
Since Jan. 1.
April.
The grain traffic over Western roads in April the
present year, as already indicated, was only slightly
larger than the small movement of 1930 and 1929.
This appears from the fact that the receipts of wheat,
corn, oats, barley and rye, combined, at the Western
primary markets, aggregated 43,582,000 bushels in
the four weeks ending April 25 1931, as against 43,511,000 bushels in the corresponding period of 1930,
and 43,811,000 bushels in the same four weeks of 1929
but comparing with 51,041,000 bushels in the same
four weeks of 1928. A larger volume of wheat and
rye was moved-18,898,000 bushels and 660,000
bushels, respectively, as compared with 12,088,000
and 297,000, respectively, in April last year-but
the receipts of the other cereals were on a diminished
scale. The receipts of corn were only 15,538,000
bushels, as against 20,114,000 bushels; the receipts of
oats but 6,449,000 bushels, against 8,749,000 bushels,
and of barley 2,037,000 bushels, as against 2,263,000.
The details of the Western grain movement, ill our
usual form, are set out in the table we now subjoin:
WESTERN FLOUR
4 WeekslEnd. Flour
Wheat
Apr. 25.
(Ms.)
(bush.)
Chicago1931_..._ 722,000 1,685,000
1930_ _
834,000
724,000
Minneapolis1931_
4,711,000
1930-2,173,000
Duluth1931..
2,128,000
1930._
1,655,000
Milwaukee1931_
52,000
106,000
1930-84,000
134,000
Toledo1931_ _
816,000
339,000
1930-Detroit1931
101,000
1930110,000
Indianapolis and Omaha2,901,000
1931775,000
1930_.._
St. Louis1931_ _ 520,000 1,860,000
1930_ _ - 516,000 1,952,000
Porta76,000
1931._ __ 232,000
78,000
1930---- 187,000
Kansas City3,871,000
1931_
3,508,000
1930St. Joseph221,000
193L_..
198,000
1930_
Wichita393,000
1931_
346,000
1930_
1931CitySioux
29,000
_
96,000
1930_ _ -
AND GRAIN RECEIPTS.
Corn
Oats
Barley
(bush.)
(bush.)
(bulb.)
Bye
(bush.)
822,000
4,173,000
5,859,000 1,965,000
268,000
326,000
41,000
4,000
467,000
558,000
729,000
866,000
775,000
864,000
242,000
194,000
28,000
7,000
41,000
27,000
53,000
54,000
13,000
81,000
537.000
1,068,000
435.000
371,000
482,000
622,000
11,000
11,000
65,000
90,000
238,000
202.000
2,000
17,000
41,000
62,000
50,000
38,000
5,000
3,339,000 1,048,000
4,183,000 1,765,000
2,000
2,068,000 1,852,000
2,203,000 1,836,000
148,000
30,000
6,000
690,000
1,426,000
322,000
465.000
241,000
361,000
347,000
2,871,000
2,788,000
443,000
738,000
1,026,000
1,057,000
268,000
230,000
168,000
355,000
5,000
6,000
20,000
89,000
479,000
184,000
228,000
10,000
6,000
Total AU1931-. 1,526,000 18,898,000 15,538,000 6,449,000 2,037.000
1930____ 1,621,000 12,088,000 20.114,000 8,749,000 2,263,000
660,000
297.000
The Western livestock movement was also somewhat smaller than in April 1930. While at Chicago
the receipts comprised 15,625 carloads in April the
present year, as compared with only 14,825 carloads
in April 1930, at Omaha and Kansas City they were
Ports.
1931.
Galveston
Texas City, ara
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola, Sec
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1930.
1929.
23,248
26,277
1,922
948
77,280
25,539
4,901
13,564
3,612
812
1,621
5,061
31,188
33,395
1,320
48,886
51,162
79,230
15,243
257
10.129
6,606
983
2,824
4,509
83,434
16,595
184,785
185.664
15,567
4,780
3,206
6,839
1931.
1930.
1929.
242,998
353,005
15,596
4,750
387,356
181,597
13,637
134,500
39,719
13,430
16,067
29,035
68
244,856
302,179
10,126
789
356,168
80,918
4,432
48,998
22,659
2,465
14,370
28,641
520,508
510,536
470,646
75,629
624
65,727
23,699
20,732
35,076
230,269 1,431.758 1,116,601 1,723,177
RESULTS FOR EARLIER YEA U.
As already remarked further above, the 1931 loss in earnings ($81,464,009 in gross and $23.885,970 loss in net) follows
$63,195,964 loss in gross and $34,815,878 in net in April last
year, as compared with the year before, and these losses
need no explanation beyond the statement that business
depression, prolonged, is responsible for the heavy contraction in both years. On the other hand in April 1929, in the
period preceding the Stock Market panic, whidh came later
in the year, the record was a favorable one, our compilations
then showing $38,291,124 improvement in gross and $25,937,085 improvement in net. It is to be noted, however,
that the April 1929 gains themselves followed losses in gross
and net alike, not only in April 1928, but also in April 1927,
though losses not of the same extent, the 1929 gains amounting to a full recovery of these earlier losses. In April 1928
our tables showed $24,437,149 falling off in gross and $2,910,862 falling off in net. In April 1927 there was also a
falling off, though it was not large, amounting to only $1,464,574 in the gross and $774,126 in net. In 1926, on the
other hand, the showing was quite satisfactory, our compilations then revealing $25,818,489 gain In gross and $11,764,296 gain in net. Going back further, we find that in April
1925 there was then a small loss in gross,pamely, $1,696,103,
but $5,389,790 gain in net. In April 1924, however, there
were very heavy losses in gross and net alike-$48,242,116 in
the gross and $21,294,242 in the net. It will be remembered
that 1924 was the year of the Presidential election, when
trade and industry slumped with frightful rapidity after
the early months of the year, and the earnings statements
of the railroads reflected the slump in large losses in income.
It is only proper to note that these large losses in April 1924
'came after prodigious gains in April 1923. The year 1923 was
one of great trade prosperity, and some of the roads, particularly in the great manufacturing districts of the East,
then handled the largest traffic in their entire history.
As a consequence, our compilation for April of that year
showed an addition to gross in the prodigious sum of $105,578,442 and a gain in net in the amount of $38,240,343.
However, it must be remembered that these gains followed,
not alone from the activity of general trade, but were also
due, in no inconsiderable measure, to the fact that comparison then was with the period of the colossal coal strike
in 1922. That strike began on April 1 of that year and
in the anthracite regions involved a complete shut-down,
while in the bituminous regions all over the country there
JuNE 13 1931.]
FINANCIAL CHRONICLE
1918, 233,884:10 1919. 232.708:10 1920,
4307
235,121; in 1921.
in 1917, 248,723; In
in 1924, 235,963; in 1925, 236,664:
union mines, 615:
235,570; In 1922, 234,955; In 1923, 234,970;
was complete abstention from work at all the
1928,239,852; in 1929, 240,956; In 1930,
236,518; in 1927, 238,183; in
1926,
In
at
continued
cases
most
in
mines
non-union
though the
242,375: in 1931, 242,632.
work, their output ranging from 4,500,000 tons to 5,000,000
traffic
Misrepresentation
tons a week. Speaking of the roads as a whole, coal
A "$600,000,000 A Year"
.
in April 1922 may be said to have been reduced fully 50%.
Waterways
Regarding
Fortunately, in the net, the loss was offset, and more than
Lytle Brown,
-General
Major
'Correspondence between
offset, by economies and increased efficiency of operations,
the "Railway Age",
and
Army,
the
of
Engineers
with the result that though the gross fell off $15,866,410 as Chief of
paper, dispublished in a recent issue of that
compared with the year preceding, the net registered an which was
annual saving now
$600,000,000
a
of
estimate
the
closes that
improvement of $23,040,083.
Government expenditures upon waterAnd this gain in net in April 1922 was the more impreisive being made due to
has been used as an argument for
repeatedly
which
ways,
because it came after very striking improvement in gross
and rivers, actually was arrived
canals
and net alike in the corresponding month of 1921. Our expenditures upon
upon freight rates on the
entirely
based
computations
by
in
at
compilation for April 1921 recorded $31,075,286 increase
The Board of
railways.
the
and
ocean,
gross, attended by $24,720,476 decrease in expenses, the Great Lakes, the
made any
never
has
shows,
correspondence
two together producing $55,795,762 gain in the net. The Engineers, the
resulting solely from
rates
freight
in
savings
country then was in the midst of intense business depres- estimate of
upon rivers and canals.
sion, but the carriers were in enjoyment of the higher freight past expenditures
movement is dependent for its sucwaterway
"The inland
schedules put into effect towards the close of August the
of misthe "Railway Age", "upon a tissue
previous year (1920), and which on a normal volume of cess," declares
annual sav$600,000,000
a
of
claim
the
and
traffic would, according to the estimates, have added $125,- representations
n costs stated in such a way as to imply
000,000 a month to the aggregate gross revenues of the roads. ing of transportatio
is made upon inland canals and rivers,
it
of
part
These higher rate schedules served to offset the loss in that a large
of it is made upon them, is the most glaring
revenues resulting from the shrinkage in the volume of when not a cent
and the Great Lakes were made deep
ocean
of
The
these.
business. The plight of the carriers was a desperate one
No person ever has questioned that
and expenses had to be cut in every direction, and the task and wide by nature.
n upon them is much less than by
transportatio
the
of
cost
was made increasingly difficult because of the advance
cost of transportation upon them is no
In wages promulgated the same time that the Commerce railroad; but the
of what the cost is or ever will be on
whatever
measure
Commission authorized the higher rate schedules already
referred to. The wage award added $50,000,000 to the rivers and canals."
adThe late Secretary of War Good, in a widely-quoted
monthly payrolls of the roads figured on a full volume of
total
the
that
stated
death,
his
before
business. On the other hand, the $55,795,762 improvement dress made shortly
in this country had been about
in net in Arrril 1921 was in comparison with a period in expenditures upon waterways
in an annual saving in
resulting
were
the preceding year (1920), when the amount of the net had $1,500,000,000, and
$500,000,000 annually. Soon
about
of
costs
n
transportatio
been completely wiped out. The truth is, expenses had been
Secretary of War Patrick J. Hurley,
steadily rising for several successive years prior to 1921, afterward his successor,
-quoted address, that the annual
widely
another
in
stated,
while the net had been as steadily diminishing, until in 1920
was about $600,000,000. In
costs
n
transportatio
it reached the vanishing point. Thus in April 1920 our saving in
Review" of January
"Business
Harvard
an
the
in
article
in
tables showed $59,709,535 augmentation expenses and $47,expended "upon
been
had
there
said
Brown
592,111 loss in net, while in April 1919 our compilation 1931, General
harbors, canals and fraand
including
the
system,
entire
registered $17,986,895 increase in gross but accomplished
$1,500,000,000, and that "it has been conby no less than $63,080,697 augmentation in expenses, thus rivers" a total of
that the saving in transportation costs
estimated
servatively
in
April 1918 our
cutting net down by $45,093,802, and
in our harbors, canals and inland
channels
due
to
improved
tables, though recording no less than $50,134,914 gain in
something like $600,000,000 anto
amounts
Waterways
net.
Even
in
1917 an
gross, yet showed $1,696,280 loss in
addition of $37,819,634 to gross revenues yielded only $60,- nually."
The "Railway Age" wrote to General Brown saying, "the
155 gain in net. It was because of these cumulative losses
controversy relates entirely to the economic justifipresent
in net that the roads in 1920 fell $2,875,447 short of meeting
expenditures to improve rivers and construct
cation
of
of
speak
taxes),
whereas
bare operating expenses (not to
asking him to furnish figures regarding the
and
canal,"
In both 1917 and 1916 the total of the net for the month had
that have been made upon rivers and canals,
expenditures
we
give
the
following
April
run above $93,000,000. In the
savings in transportation costs resulting
and
estimated
"the
comparisons back to 1906. The totals are our own except
of rivers and the construction of
from
improvement
the
the
Inter-State
use
we
that for 1911, 1910 and 1909
Commerce
Brown said: "This departGeneral
reply
his
In
canals."
figures, the Commission having for these three years inof the annual savings in
estimate
an
prepared
ment
not
has
while
country,
since
then
the
cluded all the roads in the
the improvement in
from
resulting
costs
n
transportatio
smaller roads have been omitted. Prior to 1909 the figures
The estimate of the
canals.
of
are also our own, but a portion of the railroad mileage of the rivers and the construction
which you refer was
to
.
.
.
n
in
savings
transportatio
country was then always unrepresented in the totals owing
most important of the
to the refusal of some of the roads in those days to furnigh based on a study . . . of the
including the Great Lakes and
systems,
n
water
transportatio
monthly figures for publication:
the seacoast harbors. It did not, in point of fact, include
the
estimated savings of the inland waterway transportaNet Earnings.
G'ross Earnings.
Year
tion
system, this for the reason that such system is in a
Year
Year
Year
Increase or
Year
Increase or
Given.
Given.
Preceding.
Preceding.
Decrease.
Decrease.
development status."
April
General Brown stated that the total expenditures upon
8
1906 _ 109,998,401 104,598,565 +5,399,836 31,548,66 30,137,5
+1,411,064 Inland canals and rivers, not including "the accumulated
1907_ 142.884.383115863354!+27,021,029 42.521,549 33,639,11
+8,882,437
1908 134,513,53 165,058,478 -30,544,943 37,441,98 47,537,11 -10,095,121
charges during the entire periods for Which
1909.. 196 993 104 175,071,604 +21,921,5
62,380,52 50,787,44 +11,593,087 maintenance
1910 _ 225,856,174 197,024,777 +28,831,397 66,725.89 62,409,63
+4,316,266 work has been prosecuted", amounted to $422,625,093.
1911 _ 218,488,587 226,002,65
-7,514.07 64,768,
66,709,72 -1,941,639
+4,538,251 57,960,871 63,888,4
1912 _ 220,678,465216,140,21
"General Brown sent us a list of 343 canal and river
-5,927,619
1913 245,170,143220,981,3731+24,188,77 60,122,20 58,082,336 +2,039,869
Age," of which 148 are shown
1914 _ 236,531,600245,048,870!-8,517,27 59,398,711 60,024,23
-625,524 projects," says the "Railway
1915 237,696,378241,090.842 -3,394,46 67,515,
59,266,32
+8.249,222 by his own figures to 'have been completed, but he estimates
1 93.092,39 67,396,
1916 288,453,700237,512,648 +50,941,052
+25,695,857
+37,819,63 93.318,041 93,257,88
1917 _ 326,560,287 288,740,6
+60,155 the savings made upon only two rivers. He estimates sav1918.369,409895319,274,981 +50,134,914 89,982,41 91,678,69
-1,696,280
1919 _ 388,697,894{370.710,999 +17,986,89 44,850,09 89,943,898 -45,093,802 ings of $13,000,000 a year on the Monongahela River, but,
1920 _ 401,604,695 389,487,271 +12,117,42 012,875,44 44,716,66 -47,592,111
Board of Engi1,863,451 +55,795,762 as was stated in the 'Interim Report' of the
1921 .433,357,199402,281,913 +31,075,286 57,658,21
106,6471 -15.866,41 80,514,943 57,474,860 +23,040,083
1922.
has an 'excepthe
Monongahela
refers,
he
which
to
neers
1923 521,387,412415,808.97( +105 578,442 118,627,158 80,386,..._. +38,240,343
1924 _ 474,094,758,522,336,87 -48,242,116 101,680,719 122,974,961 -21,294,242 tionally convenient system of traffic,' including 'river bank
-1,696,1031102,861,475
1
7,768
97,471,68
1925.472,591,665474,28
+5,389,790
1926 _ 498,448,309'472,629,820 +24,818,489 114,685,151 102,920,85 +11,764,296 mines from which coal can be delivered without rail haul,'
-774,126
1927 _497,212,491 498,677,065 -1,464.574113,643,766114,417,89
1928 _ 473,428,231 497,865,380 -24,437,149110,907,453113,818,31 -2.910,862 and $11,000,000, or 85%, of the estimated savings on the
1929 _ 513,076,026474,784,002 +38,291.124135.821,660110,884,57 +25,937,085
on coal from these 'river bank
ism _ 450,537,2171515,733,181 -63,195.964107.123.770 141,939,
-34,815,878 Monongahela were made
-81,461,009 79.144,653103,030,6
-23,885,970 mines.' General Brown concedes that there was a 'small
Note.-Includes for April 91 roads In 1906 91 In 1907; In 1908 the returns were deficit' in 1925 on the Ohio, the other river the savings on
based on 153,007 miles of road; in 1909, 233,829: In 1910, 239,793; In 1911, 244,273;
which he mentions, but Intimates that as a result of an
In 1912, 236,722; In 1913, 240,740; in 1914, 243,513; in 1915, 247.701:10 1916, 246,-
4308
FINANCIAL CHRONICLE
increase of traffic this deficit has been wiped out. The
Bureau of Railway Economics has shown, however, that on
the basis of 1928 traffic the average cost of moving a ton
of freight on the Ohio River between points 100 miles apart
by rail was $1.25, of which the public paid 25c. in taxes and
only 60c. was paid in rates, while the average revenue
derived by the railways in the same territory from moving
a ton of freight the same distance was only 88.3c.
[you 132.
"What,then,is the case for large future expenditures upon
canals and inland rivers? Excepting the Monongahela and
Ohio Rivers, no estimates of savings made even on the 148
completed inland river and canal projects can be obtained
from the highest official source, and therefore there is no
real basis in experience for the claims made as to savings
that will result from future expenditures upon canals and
rivers."
rIndications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. decreased owing to low prices. Iron and steel have been
quiet, structural steel sells the most readily, but there is no
Friday Night, June 12 1931.
Retail trade has been better. That is one of the outstand- activity in any branch of the business. The automobile
ing features of the week. The improvement has been trade is buying sparingly as automobile output decreases.
brought about by special efforts, but the improvement is Lumber has been very dull.
there just the same, especially in cotton goods. Special sales
One significant thing is that the cheapness of cotton
at the department stores and the unusual activity traceable clothing is attracting attention and that silk apparel sells less
to the "Cotton Week"figure for a good deal in the expanded freely than it did a year ago. Jewelry business naturally
sales. At the same time wholesale and jobbing trade lag suffers; it is not even fair. Where there is any business in
very plainly behind retail business. Yet there has been more jewelry, it is not for the more costly kinds, but rather
in
inquiry in the wholesale line even if actual sales have not the medium-priced articles. The trade in men's clothing
increased much. The tone of the stock market has on the has been slow. The furniture market at Grand Rapids,
whole been better, as it has been for two weeks past. Mich., is now in its second week and the attendance is larger
Whether it can yet be definitely said that the bear movement than at the meeting a year ago, or at that in January.
in Wall Street has shot its bolt remains to be seen. What is There is no disguising the fact that the furniture trade is
clear enough is that the stock market shows more snap and slow, but the feeling at the moment seems to be rather more
less of that supine spirit which characterized it for so many cheerful. Leather has been dull, especially in Boston.
weeks. The country takes note of this as a perhaps signifi- Wool is somewhat firmer with the demand mostly for the
cant sign of the time. Wheat is lower for the week by a finer grades. Coal has been quiet except for certain grades
couple of cents but to-day some deliveries advanced 23'2c. in the Pittsburgh section, where mining has been reduced
The wheat crop is turning out smaller than had been ex- by strikes. Wholesale jobbing and retail failures are smaller
pected, but of course visible supplies are very large. More- than they were last week. The glass industry at Pittsburgh
over the export demand still lags both for Canadian and is still dull, and about 40% smaller than a year ago. In tile
American wheat. Other grain has declined slightly, though manufacturing there is a decrease in employment of 65%
rye shows a better tone with some bad crop reports. And as as tiles seem to figure among the luxuries. In Philadelphia
regards wheal, the Northwest and Canada could stand more the hosiery mills are dull owing to strikes, but some similar
rain than they have had. In fact, more moisture is highly mills at the South are running at 100%. Towel mills are
desirable.
also very busy. Vacation supplies, garden and household
Cotton has advanced a little with a better technical posi- tools, paints and soft drinks have been in good demand.
tion, some improvement in the stock market and a steady Electrical appliances have also sold pretty well. Mining
trade demand, both for home and foreign account. English, of silver as well as of copper has been reduced owing to low
German and French mills have been buying here. The co- prices.
operatives have bought to some extent and apparently
The stock market in the main has acted better though
Japanese interests have been buying The Japanese cotton sinking spells have not been absent. But the alarmists
mills, it is said, are doing a better business than some of the proved to be wrong who predicted that New York Central
other foreign mills. Manchester has been more or less un- would reduce its dividend. And the falling off in unfilled
settled by recent fluctuations in raw cotton and by the fact orders in steel during May of 277,000 tons was nothing more
that its trade with India and China has remained dull. than had been expected and so fell flat. In fact a good deal
The East Indian boycott does not relax. Cotton goods here of the bearish ammunition turned out to be burnt powder,
of late have been in somewhat better demand after touching with the technical position of the stock market as a
whole
the lowest prices for many years for 383/
2-inch 64x60 print to all appearance bullish. Bonds have been conspicuously
cloths which sold down to 43'c. at first hands and 43/8c. strong. One drawback was the continued depression in the
from second hands. The cotton crop is a couple of weeks late Berlin Stock market and a fall in the mark together
with
in Texas and perhaps fully as much on the average in much some violent outbreaks by communists there over
the Govof the rest of the belt. The Mississippi Valley needs rain ernment program of reduced wages for its employees,
though
and the whole belt needs warmer nights. The day tempera- these demonstrations were more noisy than significant.
Of
tures have been very satisfactory. Provisions have been late railroad stocks which were recently under somewhat of
firmer and lard is up 5 to 12 points. Coffee has advanced a cloud here have taken the lead in an advance headed by
30 to 33 points with reports that the Brazilian export tax New York Central. Money on call of late has been
will be increased, perhaps doubled. Covering of shorts and Wheat and cotton advanced to-day, wheat gaining as13/2%.
much
foreign buying have been among the features and spot coffee as 23c. German marks rallied. Trading in stocks here of
is higher. Sugar advanced 1 point on futures and during the late has fallen off, the total on Thursday being 1,745,380
week there has been very heavy buying by refiners here and shares and to-day 1,586,980 shares, or 1,200,000 less
than a
in Philadelphia and New Orleans, while there has been a fair week ago. But as trading has quieted down the tone has
amount of withdrawals of refined sugar. Rubber declined become steadier. Copper stocks it is true were inclined to be
28 to 40 points despite some rather bullish features in the rather weak with unfavorable statistics in regard to supplies
statistics. But of a big demand from the factories there has of refined metal. Oil shares acted pretty well in spite of a
been no signs, stocks are large and speculation for a rise has further decline in crudes. The time is near at hand when
been anything but aggressive. Hides have declined 20 consumption naturally improves very noticeably; Without
points. Silk advanced 5 points. Cocoa declined 1 to 7 points. particularizing further it may be said that the undertone of
Collections during the week have perhaps improved just the stock market is steadier with obviously greater rea trifle, but there is plenty of room for improvement, with sistance to pressure.
wholesale and jobbing trade slow. Trade at the South has
The retail trade in textiles and other merchandise has
shown improvement. In the Far West it is said that there latterly increased very noticeably at big department stores
has been no improvement at all. Retailers there are cautious here and it is believed that retailers stocks cotton goods are
in their buying, owing to the prolonged and severe general down to a low ebb. The number of visiting buyers in the
depression which has unnaturally begotten a certain degree dry goods district it said to be the greatest ever known at
of timidity or at any rate caution. Petroleum business has this time of the year.
been very quiet and gasoline has declined. Copper sold
Washington wired to-day that railroad employment during
down to 8c. to the domestic trade. Copper mining has April increased for the second consecutive month, amounting
1
JUNE 13 1931.]
FINANCIAL CHRONICLE
4309
to 1,331,405 employes, compared with 1,319,315 in March 60 to 74. On the 11th inst., Boston had 48 to 56 degrees;
an increase of 12,090, according to the Inter-State Commerce Chicago, 62 to 78; Cincinnati, 56 to 80; Cleveland, 56 to 72;
Commission. Chicago wired that business in general had Detroit, 58 to 76; Kansas City, 68 to 84; Milwaukee, 62 to
a better tone. There was no spurt, but a steady betterment. 76; St. Paul, 66 to 78; Montreal, 56 to 70; Omaha, 70 to 84;
One feature that stands out prominently is a notable in- Philadelphia, 56 to 62; Portland, Me., 50 to 56; Portland,
crease in revenue freight loadings on railroads indicating a Ore., 54 to 70; San Francisco, 58 to 66; Seattle, 54 to 64;
greater movement of merchandise. Trade leaders are St. Louis, 62 to 84; Winnipeg, 46 to 74. New England
optimistic despite the hand-to-mouth buying. San Fran- cotton mills, in some cases, were threatened with floods.
To-day the temperatures here were 60 to 75 degrees.
cisco wired that employment appeared to be on the upgrade,
although there seemed to be a larger supply of skilled labor The forecast is fair and warmer on Saturday and Sunday.
than there is a demand for, especially in the office workers' Overnight, Boston was 56 to 62; Philadelphia, 62 to 78;
Portland, Me., 56 to 66; Chicago, 70 to 86; Cincinnati,
group.
St. Louis reported that the agricultural situation and the 68 to 86; Cleveland, 64 to 72; Detroit, 64 to 80; Milwaukee,
reports of increased hours in small town industries has served 58 to 72; Bismarck, 56 to 74; Kansas City, 64 to 72; St. Paul,
to improve general conditions in that territory. Pittsburgh 66 to 80; Oklahoma City, 68 to 90; St. Louis, 79 to 86;
wired that more activity in the booking of advance orders San Francisco, 54 to 66; Seattle, 54 to 63; Hamilton, Beris now being shown by the small retail merchants than at muda, 68 to 80. Montreal, 56 to 74; Winnipeg, 56 to 64.
any time in the last several years. Business is not booming
because the depression is still on, but a healthier tone is Federal Reserve Board's Preliminary Report on Department Store Sales in May.
shown.
country
are
the
of
said
be
to
Retailers in all sections
In its report of department store trade in May,the Federal
reporting. high record sales of cotton dresses as National Reserve Board states that preliminary figures on the volume
Cotton Week drew to a close and sales are said to have been of department store sales show a decrease of 6% from April
accelerated by the warm weather of the past few days. One to May on an average daily basis. The Board's index, which
of the leading manufacturers reports that his sales rooms makes allowance both for number of business days and for
have been literally mobbed by buyers of dresses, while usual seasonal changes, was 95 in May, on the basis of the
linens and fine cotton voiles are said to have been active. 1923-1925 average as 100, compared with 106 in April and
The Cotton Textile Institute reports also indicated that 97 in March. In comparison with a year ago, the value of
National Cotton Week resulted in greatly increased retail sales for May, according to the preliminary figures, was
sales. This event, in the opinion of many merchants in 14% smaller, and the aggregate for the first five months of
this country, marks the beginning of a continuous and cumu- the year was 9% smaller.
lative activity in all lines of cotton fabrics.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
R. H. Macy & Co.report an increase of 42% in transactions
No. of
No. of
Jan. 1
Reporting
Cities.
to
over the like 1930 week and substantial increase in dollar
May.*
Federal Reserve District.
Stares.
Mav 31.
volume. Slightly more than a 12% gain in sales over last
102
30
—7
—15
year has been recorded by the piece goods department of Boston
29
56
—8
—16
New York
42
18
—10
—14
James McCreery & Co. during the past four weeks. Of the Philadelphia
16
43
—10
—16
total increment, cottons account for about 5% and silk 8%. Cleveland
23
55
—4
—9
Richmond
14
26
—10
—8
F. W. Woolworth Co. earnings for the first week of June Atlanta
33
66
—11
—16
Chicago
9
20
—13
—12
showed an increase of $391,979, or 7.77%, over the corre- St. Louis
12
21
—4
—13
Minneapolis
17
31
—7
sponding week last year.
—10
Kansas City
17
7
—10
—12
Dallas
At Fall River, Mass., cotton goods were quiet. Man- San
26
—10
67
—13
Francisco
chester, N. H. wired that a large part of the Amoskeag
234
540
—9
—14
Total
Co.'s worsted division is operating at capacManufacturing'
• May figures preliminary: the month had 25 business days this year and 28
ity. Increased production is due to large orders for men's last year.
wear worsteds. The worsted division of the Pacific Mills
Conditions in Cleveland Federal Reserve.
at Lawrence, Mass., has resumed night work in its men's Building
regarding building conditions in the Clevefollowing
The
wear department. It was reported that cotton goods
District is taken from the June 1
Reserve
land
Federal
a
by
number
notified
of
cotton
merchants here are being
of the Cleveland Federal
Reivew"
Business
"Monthly
mills that it is proposed to extend the July 4 holiday to a
Reserve Bank:
period of 10 days at least.
Building activity in the Fourth [Cleveland] District in April increased
Woonsocket, R. I., reports say textile mills in that section much
more than seasonally, chiefly because of an upturn in public works
were threatened with damage by water as rivers swollen and utility contracts awarded during the month. The improvement in
which if excluded
by the torrential rains of the past few days approach flood this class was caused by large railway building contracts,unfavorable.
Inwould make the comparison with April last year very
stages. Charlotte, N. C., reported that while cotton has cluding
were
nevertheless
contracts
utility
these figures public works and
been very much in the public eye there was no relief from the about 11% below April 1930. In the first four months of 1931 highway
dullness of trade with the manufacturers and new business contracts awarded were less than half as large as in the same period of
last year.
came in slowly. The unfavorable staple situation is said
Total contracts awarded in April in this District were valued at $36.to have continued to dominate the market and buyers were 888,000, according to the F. W. Dodge Corp.. an increase from March of
year. This was a much smaller discrepancy
slow and hesitant while aside from small filling in business 40%, but still 21% below last
than was shown in the first quarter when total building awards were 54%
there was little interest in future needs.
below the same period of 1930. Contracts let for residential building in
Paris cabled that fifteen independent textile firms of April totaled $9,558,000 compared with $7,779,000 in March and $12,first four months of 1931 residential contracts
northern France have made a separate offer to the strikers 651,000 last year. In the
were
behind last year. Educational buildings begun had a higher
of a wage reduction of only 3% to be applicable from Sept. 1. value27%
than in April 1930. Commercial and industrial buildings showed the
The offer has not yet been accepted by the operatives. greatest loss from a year ago of any of the groups.
Further improvement in this locality in the first half of May was inNegotiations are continuing between employers and strikers
dicated by the Dodge reports. Public works and utilities and non-residential
for a general ending of the strike which was called in protest contracts
awarded for the first 13 business days were considerably more
against the textile mills proposals of a general wage reduc- than half as large as those awarded in the entire month of April, but residential contracts were very small.
tion of 10%.
Retail lumber and building supply dealers in this District reported
The first week of June, it is said, brought a sharp decrease rather diversified conditions. Some have experienced an increase in destill very
in automobile production which is said to be according to mand for material recently, but others state that conditions are
much depressed. Building material prices are considerably below other
precedent and the adjusted index for the week ended June 6 recent
years being only 80.7% of the 1926 average in April. Last year this
is given as 72.3 compared with 75.3 the preceding week, and index was 94.7%. Wage scales have changed but little in the past year.
100.5 for the corresponding week last year.
The wholesale price index of the National Fertilizer F. W. Dodge Construction Contracts for May Much
Below Last Year.
Association is now 68.6, against 69.5 in the previous week,
last
89.4
year.
and
prepared by the F. W. Dodge Corp.
Trading
in
month,
tables
will
silver
last
71.6
We give below
begin on Monday at the National Metal Exchange here. showing the details of construction contracts awarded in
It rained here from Sunday to Thursday and reservoirs the 37 States east of the Rocky Mountains in May and
are full. The danger of a water famine has thus been averted. for the five months of this year as compared with the correHeavy rains this week included, it seems, nearly 5 inches at sponding periods a year ago. The table also shows the
Boiton, and New England streams and rivers have been details of the work contemplated for the same periods.
at a high stage. Some floods are reported. On the 10th These figures, it is stated, cover 91% of the construction
inst. temperatures here were 54 to 60 degrees; on the 8th, in the whole United States.
4310
(VOL. 132.
FINANCIAL CHRONICLE
CONSTRUCTION CONTRACTS AWARDED-37 STATES.
Month of
May 1931.
Month of Jan. 1-June 1 Jan. 1-June 1
1931.
May 1930,
1930.
Residential
$88,899,600 $116,568,500
Non-residential
108,231,100 188,719.600
Public works and utilities 108,948,400 152,127,900
Total
$418,001,900
490,827.900
567,517,300
$482,597,100
851.376,000
703.466,800
$306.079,100 $457.416.000 $1.476,347,100 $2,037.439.900
CONTEMPLATED WORK REPORTED.
Month of
May 1931.
Month of Jan. 1-June 1 Jan. 1-June 1
1931.
1930.
May 1930.
Residential
$129,300,700 $140,765,200
Non-residential
120,993,500 294,228,800
Public works and utilities 162,057,000 208,411,900
Total
$589,604,200 $800,501.800
865,641,200 1,570,657.400
963,319,200 2,195,728,900
3412.351.200 5643.405.900 $2.418.564,600 $4.566.888.100
It will be seen that the contracts awarded in the 37 States
east of the Rocky Mountains represented an outlay of only
$306,079,100 in May the present year, as against $457,416,000 in May last year, and that the outlays for the five
months since Jan. 1 foot up no more than $1,476,347,100,
against $2,037,439,900. The F. W. Dodge Corp. sees some
favorable symptoms, nevertheless. These are summarized
by them as follows:
Forward movements of certain major construction classes during May
are pointed to by F. W. Dodge Corp. in seven out of the 13 territories
which comprise the 37 States east of the Rockies. When contrasted
with May of last year, records for the seven territories disclose go-aheads
during the month just ended in one or more of the three major construction
classes, residential, non-residential, and public works and utilities.
The metropolitan area of New York was alone in reporting a gain over
May 1930 in residential contracts. Three districts—Upstate New York,
Kansas City, and Texas—produced gains in non-residential building over
May last year. In public works and utilities five districts showed gains
over May 1930; they were the Middle Atlantic, Pittsburgh, Central Northwest, Kansas City, and Texas territories.
The total in new construction contracts for the month was $306,079,100.
Public works and utilities, with $108,948,400, took a slight lead over
non-residential building, which amounted to $108,231,100. Residential
building totaled $88,899,600 in the 37 States east of the Rockies.
Pointing out advances in the sections named and also the fact that
May showed a larger loss from April than is customary, the Dodge statistical report says: "Though the general trend of construction still
appears downward, there are important local exceptions. In the past
these local exceptions, particularly as respects the metropolitan New
York territory, have signalized major turns in the general trend several
months in advance. Whether the present conditions in this territory as
respects residential building may now be foreshadowing a definite revival
for the country at large is difficult of determination. At any rate we are
now approaching that period of the year when comparisons on a floor
space basis, with the corresponding months of 1930 may be expected to
look more favorable so far as residential building goes."
New Orleans territory is unique in that its cumulative total of $58,408,700 in total construction for the first five months of 1931 is ahead of
the $54,418,900 reported during the similar period of 1930. Its only companion in this feat is the Central Northwest territory with a cumulative
total of $41,163,600 for five months this year as compared with $38,065,900
in 1930.
Likewise the Central Northwest district (comprised of Minnesota, the
Dakotas, northern peninsula of Michigan, and northwest Wisconsin) shows
a favorable residential cumulative total for the five months as does metropolitan New York and vicinity.
Corporation Earnings, First Quarter of 1931, as Compiled by Ernst & Ernst.
In announcing on June 10, a compilation of corporation
profits for the first quarter of 1931, Ernst & Ernst, Accountants, called attention to a number of factors which they
point out, make the comparison with 1931 less gloomy than
the bare facts would suggest. The compilations from published reports of corporation earnings show the following
aggregates for the first quarter of 1931 as compared with the
first quarter of 1930:
For 313 industrials, profits were
58.84% less
For 171 railroads, net operating income was
39.34% less
For 100 public utilities, profits were
4.41% less
For 105 telephone companies,operating income was
2.08% more
For all groups,689 companies, profits were
37.03% less
The public utility group does not include telephone companies.
Of the 25 classified groups of industrials, decreases are
shown by 23, and increases by 2—aeronautics and coal
mining. Despite the shrinkage of earnings, it is noted, there
were operating profits in the first quarter for 69.33% of the
industrials, and deficits for only 30.67%.
Points mentioned in the Ernst & Ernst statement as
deserving consideration in any attempt to get a balanced
perspective on the 1931 earnings situation, include the
following:
Comparison of the first quarter of 1931 with the first quarter 1930 is a
little unfair to 1931, for 1930 was a year of declining profits and the first
quarter was the highest of the year. If profits for the 313 industrials in
1930 were to be divided into four equal parts, the comparison of the first
quarter of 1931 would show 45.42% shrinkage, instead of 58.84%.
In retrospect, the year 1930 appears a period of less severe depression
than is commonly assumed on the basis of the precipitate decline from the
abnormal boom year of 1929. Aggregate profits of 375 industrials In 1930
were only 8.45% below the average for the same corporations in the more
"normal" years of 1923, 1924 and 1925. This does not prove anything, says
Ernst & Ernst, but it suggests that comparison is being made between an
acknowledged depression period of 1931 and the year 1930 which as a whole
Itself was not as much subnormal as is perhaps generally assumed.
The relative soundness and good position of corporations in 1930 as
compared with the depression of 1921 also needs to be considered, for this
relative soundness is an element of fundamental or back-log strength at the
present time, in 1931.
In 1930 aggregate profits of 407 representative corporations were 6.49%
on their aggregate capital investment, whereas in 1921 these were only
1.39%. In 1930 aggregate profits were 5.70% on sales, whereas they were
only 0.41% in 1921. The 1929-30 decline in aggregate earnings of 400
corporations was 43.16%, whereas the 1920-21 decline for the same corporations was 83.93%. Furthermore, the 69.96% shrinkage from the first
quarter of 1929 to the first quarter of 1931 (two years) was not as great as
the 83.93% shrinkage from 1920 to 1921 (one year).
At the end of 1930 the liquid position of corporations was far stronger
than at the close of 1921, as shown by a balance sheet study of 433 leading
corporations. At the close of 1930, the composite ratio of current assets to
current liabilities was 3.34:1, whereas at the close of 1921 the ratio was only
1.98:1. At the close of 1930 net working capital represented by inventories
was only 55%, as compared with 66% at the close of 1921.
"Thus, although the current earnings situation in 1931
must be regarded as difficult, yet it is not as serious as a
mere two-dimension comparison with 1930 suggests," says
the Ernst & Ernst statement. "A better-balanced threedimension perspective is yielded by various considerations,
of which only a few are summarized above."
Loading of Railroad Revenue Freight Continues Light.
Loading of revenue freight for the week ended on May 30
totaled 710,934 cars, the Car Service Division of the American Railway Association announced on June 9. Due to the
observance of Decoration Day, this was a decrease of 44,137
cars below,the preceding week this year and a reduction of
149,130 cars under the corresponding week last year. It
also was a reduction of 261,891 cars below the same week
two years ago. The usual details follow:
Miscellaneous freight loading for the week of May 30 totaled 281,633
cars, a decrease of 16.808 cars below the preceding week this year and
59,618 cars below the corresponding week in 1930. It also was a reduction of 102,520 cars under the same week in 1929.
Grain and grain products loading for the week totaled 34.822 cars, a
decrease of 1,759 cars below the preceding week this year as well as 597
cars under the same week last year and 2,458 cars below the corresponding
week two years ago. In the Western districts alone, grain and grain
products loading amounted to 23,895 cars, an increase of 267 cars compared with the same week last year.
Forest products loading totaled 31,332 cars, a decrease of 2,311 cars
below the preceding week this year and 18,684 cars under the same week
in 1930. It also was a reduction of 35,242 cars below the corresponding
week two years ago.
Ore loading amounted to 25.884 cars, an increase of 5,154 cars above
the week before but 32,875 cars below the corresponding week last year
and 47,585 cars under the same week in 1929.
Loading of merchandise less than carload lot freight totaled 197,242
cars, a decrease of 25,058 cars below the preceding week this year and
18,493 cars below the same week last year. It also was a decrease of
34,235 cars under the same week two years ago.
Coal loading amounted to 115.871 cars, 862 cars below the preceding
week as well as 12,295 cars below the corresponding week last year and
29,212 cars under the same week in 1929.
Coke loading amounted to 6,217 ears, a decrease of 408 cars below the
preceding week this year, 3,310 cars under the same week last year, and
6,105 cars below the corresponding week in 1929.
Live stock loading amounted to 17,933 ears, a reduction of 2,085 cars
below the preceding week this year and 3,258 cars below the corresponding
week last year. It also was a decrease of 4,534 cars below the same week
two years ago. In the Western Districts alone, live stock loading amounted
to 13,783 cars, a decrease of 2,660 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:
1929.
1930.
1931.
4,518,609
4,246,552
3,490,542
Five weeks in January
3,797,183
2,835,680 3,506,899
Four weeks in February
3,837,736
3,515,733
2,939,817
Four weeks in March
3,989,142
3,618,960
2.985,719
Four weeks in April
5,182,402
4,593,449
3,736,477
Five weeks in May
Total
15,988,235
19,481,593 21,325,072
National Fertilizer Association Reports Wholesale
Prices Decline During Week of June 6, Despite
Number of Price Gains.
Despite the fact that a comparatively large number of
commodities showed price gains during the latest week,
the general index number for wholesale prices declined
nine fractional points as measured by the wholesale price
index of the National Fertilizer Association. This index
declined from 69.5 to 68.6 during the week ended June 6.
A month ago the index stood at 71.6, while a year ago it was
89.4. (The index number 100 represents the average for
the three years 1926-1928.) The Association also says:
Three of the 14 groups constituting the Index advanced slightly, five
declined and the remaining six showed no change. The fuel group (which
includes petroleum and its products) showed the largest drop during the
latest week. Other declining groups were fats and oils, other foods, metals
and textiles. The groups which advanced were building materials, fertilizer materials and the group of miscellaneous commodities.
Advances were shown in the prices for 16 commodities, the largest number in several weeks. Prices for 44 commodities declined during the latest
week. Among the important commodities that advanced were cotton,
lard, cottonseed oil, sugar, cattle, hogs, corn, brick, lumber and hides.
Listed among the commodities that declined were wool, silk, burlap,
JUNE 13 1931.]
FINANCIAL' CHRONICLE
butter, linseed oil, tallow, eggs, beef, ham,flour, apples, wheat, oats, bay.
sheep, heavy melting steel,copper,zinc,silver, cement, petroleum,gasoline,
bituminous coal, coffee and rubber.
The Index number for each of the 14 groups is shown in the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928.---1.00).
All Groups (14)
Textiles
Fats and oils
Other foods
Grains, feeds and livestock
Fertilizer materials
Mixed fertilizer
Metals
Agricultural Implements
Automobiles
Building materials
Fuel
Chemicals and drugs
House furnishings
Miscellaneous commodities
68.6
58.9
54.9
70.7
59.2
81.4
85.7
76.4
95.4
88.4
81.0
56.9
88.8
92.2
68.7
cocCoot0000.100000.-70.0.0
,
cobaC000mcn..nnowbacnceo
;P•10 iZ 00;I.
`.1 i•D ;P:.44
Latest Week Preceding
June 6'31. Week.
Month
Ago.
Year
Ago.
71.6
62.3
56.4
75.3
65.6
82.1
86.4
78.4
95.4
87.8
80.8
61.0
89.0
92.2
69.0
89.4
83.3
76.3
93.8
90.0
90.1
97.1
89.2
95.7
95.7
91.8
85.8
95.6
97.6
82.3
4311
21.2 cents per pound, or 20% less than on April 15, about 42% less than
a year ago, and the lowest figure reported during the period covered by
the record (1921-1931). The decline in butterfat prices has been due
primarily to continued heavy production with relatively small increases in
consumption of butter.
Lower farm prices of butterfat and other dairy products have been reflected
in the farm price of milk cows which averaged only $54.00 a head on May 15
compared to $57.00 a month earlier, and 280.00 a head a year ago.
Farm Land Values in Many Areas Approaching Investment Level, According to L. C. Gray.
Probability that farm land values have reached a level
In many areas at which farmers could earn a fair return
under a moderate improvement in prices of farm products,
was expressed by Dr. L. C. Gray, United States Department
of Agriculture economist, addressing the National Association of Real Estate Boards, in annual convention at Baltimore, on May 28. Dr. Gray said:
"It is not improbable that we have reached a level of farm land values
Annalist Weekly Index of Wholesale Commodity Prices. In areas of good land adapted to modern technical methods which will not be
recession. Some recovery in prices of farm
The Annalist Weekly Index of Wholesale Commodity subject to serious further
products during the coming year might make it possible for farmers of
Prices was unchanged at 100.5 on Tuesday, June 9, com- average ability to make a fair return at current real estate values and a
pared with the same figure (revised) for the preceding Tues- recovery of confidence that would lead to a revival of mortgage lending on
day (June 2) and 129.6 for the corresponding week last year. farm property would greatly relieve the pressure on the farm lands market."
Dr. Gray traced the decline in farm land values the last
Advances in the farm and food products and building mateyears and cited some reasons for the fall in prices-the
11
rials groups were offset by losses in textile products and
drastic decline in prices of farm products, decline in netfarm
fuels, with the miscellaneous group also participating.
incomes, high taxes, interest on indebtedness, and other
fixed charges on real estate. Values in the New England
States, he said, have shown less weakness than in any
June 9 1931. June 2 1931. June 10 1930.
other group of States, and extreme weakness has been evi*86.2
86.6
123.4
dent in the great food producing States of the Mississippi
'
108.0
*106.9
133.5
94.7
*95.2
121.6
Valley from Ohio west to the wheat States. He continued:
121.8
*125.5
155.1
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
•Revised.
101.3
120.2
99.7
85.6
100.5
101.3
*119.7
*99.7
85.7
*100.5
113.4
142.7
108.0
106.4
129.6
Farm Prices Reach New Low at 86% of Pre-War Level
in Period from April 15 to May 15.
The index of the general level of farm prices on May 15
was at 86% of the pre-war level, 38 points below al year ago,
and the lowest since 1910, according to the Bureau of Agricultural Economics, United States Department of Agriculture, which further states:
The general course of prices paid producers for individual agricultural
commodities was downward from April 15 to May 15, except for minor
upturns in farm prices of wheat, barley, rye, flaxseed, apples, and lambs.
Increases in prices of wheat, barley and rye were sufficient to maintain the
Index of grain prices at the April level, but indexes of farm prices for the
other groups of commodities showed the following declines: Poultry and
poultry products, 18 points; dairy products, 8 points; meat animals, 7
points; cotton and cottonseed, 4 points, and fruits and vegetables, 1 point.
The price index for fruits and vegetables on May 15 was the only index
above the pre-war level.
The group indexes of May 15 farm prices were below those of a year ago
by the following amounts: Fruits and vegetables, 74 points; cotton and
cottonseed, 45 points; meat animals, 43 points; poultry and poultry
products, 33 points; dairy products, 32 points, and grains, 31 points.
The average farm price of hogs declined about 8% from April 15 to
May 15, and at $6.35 per hundredweight the middle of May the farm price
was approximately 29% less than that of a year ago. The recent decline
In hog prices has been accompanied by an accumulation of storage stocks
of pork and lard with but little change in the rate of marketings. The
corn-hog feeding ratio for the United States declined from 12.0 to 11.3
during the month; the Iowa ratio dropped from 14.2 to 13.0.
Heavy market receipts of cattle and a continued light demand for beef
(both for consumption and for feeding) combined to effect a 5% reduction
In the average farm price of beef cattle from April 15 to May 15. At $5.67
per hundredweight, the mid-May farm price was approximately 32% less
than a year earlier, and at the lowest May figure recorded since 1912.
Latest available feeding reports indicate about 7% fewer cattle on feed
In the Corn Belt States than a year ago.
The average farm price of corn declined approximately 2% from April
16 to May 15, and carried the farm price to 56.8 cents a bushel, the lowest
May figure recorded since 1911. The low level of corn prices is accounted
for primarily by poor feeding demand which, in turn, results from plentiful
supplies of relatively cheaper feed grains and the prevailing low prices of
livestock and livestock products.
Continued unfavorable crop and weather conditions in areas of spring
wheat production accompanied a 1% increase in the farm price of wheat
from April 15 to May 15, the average farm price was about 32% less than
a year earlier.
The average farm price of cotton declined approximately 5% from April
15 to May 15, principally on account of declines in the sales of cotton
textiles and general declines in prices on other commodity markets. At
8.8 cents a pound on May 15, the farm price was about 39% less than a
year previous.
Abundant supplies of old crop potatoes, rapidly increasing shipments
from the early States, and prospects for a considerable increase in production in the second-early States resulted in a 4% decline in the United
States average farm price of potatoes from April 15 to May 15. Prices
declined generally throughout the country except in the West North Central
States where old crop supplies are becoming somewhat limited. At 87
cents a bushel on May 15, the farm price averaged 63 cents lower than a
year ago.
Prices of butterfat made the most striking decline of all farm commodities
from April 15 to the middle of May, when the farm price averaged only
"In the principal cotton States there has been a drop of from 8 to 16%
in willies during the last year. Georgia and South Carolina are now •only
90% Cif pre-war. However, the liquidation of farm land values in the
South had been retarded by high cotton prices from 1922 to 1925, except
in Georgia and South Carolina, and the level of prices from 1927 to 1929
was sufficiently high to prevent a disastrous slump in realty values. The
beginning of the present period of severely low cotton prices, therefore,
found farm realty values at from 22 to 58% above the pre-war level, except
in Georgia and South Carolina, where severe liquidation had occurred
earlier in the decade.
"In spite of the extreme weakness of wheat prices, the decline in the
Mountain and Pacific States has not been so severe in the last year as in
the Central and Southern States. Nevertheless, values in Montana are
only 70% of pre-war and in Colorado little more than 80%. In general,
values in the Mountain and Pacific States did not rise so extremely in the
war-time boom as did values in some of the States of the corn belt and
cotton belt; therefore, most of these States have not experienced so marked
a decline."
Dr. Gray said further that "the immediate prospect for
improvement in the volume of the farm real estate business
depends principally on some improvement in the prices of
farm products. This, in turn, awaits the upturn of general
business activity. It is even possible that in the early stages
of a period of general recovery farm prices of many agricultural commodities might advance more than the prices
of non-agricultural commodities."
•
William Randolph Hearst Proposes Appropriation of
Five Billion Dollars by Federal Government for
Public Works to Provide for Unemployed and
Restore Prosperity.
A proposal for "a gigantic appropriation by the Government, not for a dole, but for the unemployment of a vast
amount of labor at the prevailing rate of prosperity wages,"
which he said "would not only stabilize wages but would
immediately set the machinery in motion for the restoration
of prosperity" was made by William Randolph Hearst, the
publisher, in a speech broadcast over station WABC through
the Columbia network, on June 2. Mr. Hearst discussed
"The Causes and Cures of Depression," and, a,ccoiding to
the New York "Herald Tribune" he held that the real reason
for the depression was not in China or India but at home,
and the cause was not lack of money, since America has today all the money it had in times of prosperity. He said
that at a time when mass production was cutting the cost
of producing to half the former cost and industry was greatly
increasing its profits, wages were not increased proportionately and hours of labor were not cut.
He is also quoted in that paper as saying:
Obviously some reasonable part of the increased profits should have gone
to the management of industry, but the greater part of it should have gone
to the working masses. In other words, the Increased profits should have
been distributed largely in higher wages and shorter working hours. If
this had been done, the shorter hours obviously would have prevented any
lack of employment, because a greater number of men would have been
employed to fill out the working week. And if wages had increased in
Proportion to the productivity of modern machinery and the consequent
Increase in the profits of industry, the purchasing power of the public
would have been increased and the consumption of all kinds of goods and
4312
FINANCIAL CHRONICLE
[VOL. 132.
tically every New York City automobile firm was busier than in April,
but heavy losses up-State caused a net drop of more than 1%% in employment in the industry.
The stone, clay and glass group was the only one of the 11 main industrial
divisions to show a decided gain in employment in May. This gain was
confined to the up-State sections and was caused largely by further recovery
Mr. Hearst likewise said:
In brick firms which more than offset continued losses in New York City
"Billions of dollars were taken from the hard-earned hoardings of little glass and miscellaneous stone and mineral concerns. The chemical indusspeculators and stored away in the already bulging vaults of the big specu- tries showed continued improvement in New York City but lost ground in
lators. Not only were companies formed of amalgamated cats-and-dogs the State as a whole due to decreases in up-State drugs and industrial,
and sold to the publlc at a hundred times their value, but investment trusts photographis, and miscellaneous chemical concerns.
were formed and, after the public appetite for cats-and-dogs had waned,
More than twice as many workers were laid off in New York City as in the
the investment trust, guided by the big speculators, absorbed the remainder remainder of the State, due to the larger number of clothing and leather
of the issue of amalgamated cats-and-dogs which the public would not goods firms in the city and the smaller number of brick and textile mills.
knowingly buy."
Improvement in tin textiles was responsible for a gain in Utica which was
The New York "Times" reports Mr. Hearst as follows: the only industrial center in the State to show a gain in both employment
and payrolls in May. Among the other up-State cities, Buffalo suffered a
Recalls Hoover's Wide Program.
general recession of activity in practically all industrial lines which resulted
of
public
improve- in a drop of 4% in employment from April to May. The Syracuse loss of
Recalling President Hoover's pre-election program
Columbia
East,
the
of
the
waterways
ments which "embraced the inland
nearly 3% was concentrated largely in the c,othing industry and was acRiver development of the Northwest, the water and power dams of the companied by a 4% loss in payrolls. Rochester factories reported big
Southwest and a gigantic plan for both flood control and water and power payroll cuts together with a 1% loss in employment which was caused by
conservation on the Mississippi and its tributaries," Mr. Hearst remarked: reductions ,n chemical concerns. Changes in the metals were responsible
"What a splendid thought was this plan of national development for any for both the 1% loss In employment and the 1% gain in payrolls in Albanytime, but what a particularly glorious idea for the present moment of de- Schenectady-Troy. Binghamton facteries reported little change in employpression. But Mr. Hoover appears, since his election, to have abandoned ment since April but showed a payroll gain of nearly 2%. due to increased
to some degree his own ideas and to have adopted an attitude more in earnings in a few shoe factories.
conformity with the ideas of the international bankers."
FACTORY EMPLOYMENT IN NEW YORK STATE.
In a part of his prepared address, which he did not have time to read,
(Preliminary).
Mr. Hearst also wrote:
"It would be inspiring if Mr. Hoover would think of these patriotic
Percentage Change
purposes now, regardless even of Mr. Mellon's ultra-conservative plans for
April to May 1931,
Industry.
the conduct of the Treasury Department. Mr. Mellon's ideas of what
Total State. N. Y. City.
cannot be done by the Government to dissipate the depression are not
quite as inspiring or convincing as his ideas usually are. The distinguished Stone, clay and glass
-8.3
+1.4
about
his
record
in
more
concerned
Secretary of the Treasury seems to be
-19.7
-6.5
Miscellaneous stone and minerals
+2.6
+8.4
Lime, cement and plaster
reducing the national debt than he is about the far greater question of
-1.2
+8.1
Brick, tile and pottery
restoring national prosperity.
change.
-4.4
No
Glass
"This is not the time to reduce the national debt through burdensome Metals and Machinery
-3.6
-1.4
-3.9
-2.8
Silverware and jewelry
taxation and thereby reduce prosperity. It is a time to increase the
-0.2
+5.1
Brass, copper and aluminum
national debt and increase the expenditure of the Government in public
+5.8
Iron and steel
works in the employment of labor and thereby increase prosperity. Than,
-13.4
-8.4
Structural and architectural iron
out of prosperity, to pay off the debt."
+0.4
-0.1
Sheet metal and hardware
-7.3
-2.1
Firearms, tools and cutlery
His final suggestion was that the Government "end this folly of pro-9.4
+1.0
Cooking, beating, ventilating apparatus
hibition which does not prohibit," and substitute Government control of
+3.4
-1.8
Machinery and electrical apparatus
the manufacture and distribution of alcoholic beverages, thereby eaining
+5.9
-1.6
Automobiles, airplanes, Sic
-1.1
an additional national income, he estimated, of 81,000,000.000 yearly.
-1.0
Railroad equipment and repair shops
-18.3
Boat and shipbuilding
-18.0
-17.3
-2.6
Instruments and appliances
-2.9
Wood manufactures
-2.9
New York State Factory Employment Decreased 1.9%
Saw and planing mills
+5.0
+3.5
-15.1
Furniture
-6.4
and
cabinet
work
in May-Wages Dropped 3.2%.
Pianos and other musical instruments
-7.2
-3.6
-0.4
Miscellaneous wood, &c
-0.2
Factory employment in New York State decreased 1.9% Furs,
-5.4
leather and rubber goods
-1.7
Leather
-0.9
from April to May and payrolls dropped 3.2%, according
+4.0
Furs and fur goods
+4.0
-5.0
Shoes
-0.7
to a statement issued June 11 by Industrial Commissioner
-20.7
Gloves, bags, canvas goods
-11.3
+0.3
Frances Perkins. Practically every industrial 'division on
Rubber and gutta percha
-2.0
+1.0
Pearl, horn. bone, &c
-0.4
• the Department of Labor's list shared to some extent in Chemicals,
-1.9
+0.7
oils, paints, &0
-0.7
-4.1
Drugs and industrial chemicals
these losses, which lowered the index of employment to 75.7, Paints
-2.4
-1.6
and colors
+2.4
+0.2
only slightly above the record low set in January of this year. Oil products
+3.1
-2.4
Photographic and miscellaneous chemicals
No change.
The average weekly earnings of factory workers fell to $26.83 Pulp and Paper
-0.8
-0.8
-0.9
Printing
and
paper
goods
In May. This represents a decrease of 52 cents since April
-2.0
-3.3
Paper poxes and tubes
-1.6
No change.
Miscellaneous paper goods
and is the lowest earning on record for any-month since
-0.7
-0.7
Printing and bookmaking
-8.1
+0.1
Textiles
the
Commissioner
conFebruary 1923. The survey by
-4.2
-11.3
Silk and silk goods
+1.6
+11.2
tinues:
Woolens, carpets, felts
-1.1
Cotton goods
These statements are based on the regular reports of about 1,700 manufac+1.3
+5.7
Knit
goods,
except
silk
turing concerns located in all sections of the State which report monthly
-4.2
-8.8
Other textiles
-6.7
-8.4
to the Division of Statistics and Information. Index numbers are con- Clothing and millinery
-8.6
-13.2
Man's clothing
structed with the monthly average for the three years 1925-1926-1927 as
-1.7
+0.6
Men's furnishings
100.
-12.2
-13.2
Women's clothing
The Mdy losses followed gains in employment and payrolls in February
-4.4
-3.7
Women's underwear
-14.2
-14.2
Women's headwear
and March and a less than seasonal loss in April. Although employment
+18.8
+21.7
Miscellaneous sewing
usually shows continued losses in May due to the closing of the spring
+1.5
+1.4
Laundering
cleaning
and
season in the clothing industries, the cuts this year were more severe than Food and tobacco
-0.7
+0.2
+4.1
No change.
have been recorded for any May since 1926. The decreases in May 1930
Flour, feed and cereals
+6.4
+7.0
Cleaning and preserving
were 1.8% in employment and 2.9% in payrolls.
-2.1
-5.6
Sugar and other groceries
The largest reductions in employment were made in the clothing industries
-5.3
-4.0
Meat
and
daily
products
Where more than 3,500 persons were laid off by reporting factories between
+2.1
+2.1
Bakery products
-1.1
Candy
-0.8
April and May. The only industries within this division to report improve+2.0
+2.7
Beverages
ment over April were laundering and cleaning and miscellaneous sewing.
+1.9
Tobacco
+1.7
The gain in the latter industry was due to the reopening of a factory which Water,
+0.5
-0.9
light and power
had been temporarily closed in April. Men's and women's clothiers and
-1.9
Total
-4.0
milliners continued to lay off the additional forces which they had taken
on during their busy season. Almost none of these firms was using more
workers in May than in April, and many were working broken or irregular
hours. The average weekly earnings of workers in millinery and women's Relatively Little Change in Business Conditions in.
clothing shops had dropped more than five dollars since April. Men's
Cleveland Federal Reserve District During April
furnishings continued to hold up better in New York City than up-State,
but showed a net loss of more than 1 % in employment in the State as a
As Compared with Previous Month.
Whole.
During April and the first half of May relatively little
Furs and fur goods was the only industry in the furs, leather and rubber
goods division to report increased activity in May. Gains in a few large change occurred in the level of general activity from that
up-State shoe firms could not compensate heavy losses in the New York which prevailed during March in the Cleveland Federal
City factories. Gloves, bags and canvas goods showed a seasonal downward
trend which was greatly aggravated by a strike in the pocket book industry. Reserve District says the June 1 "Monthly Business Review"
Short time was still prevalent in textile mills where only knit goods and wool- of the Cleveland Federal Reserve Bank, from which we
ens, carpets and felts were using more workers than in April. Other textile also quote as follows:
mills reported decreased employment following last month's gains.
Weakness in some lines, chiefly seasonal, was offset by expansion in
All of the metal industries reported slackening activity in May except
slightly
the basic iron and steel industry and the manufacture of cooking heating Others so that on the whole, business appeared to be maintaining a
higher
position, after allowing for seasonal changes, than at the beginning
as
industries
well
as that in
and ventilating apparatus. The gain in these
year.
of
the
renewed
activity
in
building
in
May.
reflects
saw and planing mills probably
Of the two industries, iron and steel and automobile, upon which directly
Reporting iron and steel mills showed a net increase of nearly 500 workers
District depend, the
since April in spite of continued reductions in several large plants. Average or indirectly the greater part of those employed in this
former
was able to maintain a higher level of operations in 801310 centers of
weekly earnings for workers in this industry had decreased by more than a
because
the latter industry
this
District
chiefly
machinery
and
than
electrical
in
the
entire
country,
apmetals,
dollar, however. Among the other
steel until the third
Paratus continued its downward trend. Shorter hours were reported, continued to specify for rather sizeable quantities of
from 56 to 59% Of
even.in plants which already had been working only part time. Most of the week of May. Steel production at Cleveland ranged
the latter part Of
large loss in instruments and appliances was caused by unusual circum- capacity during the period and was at the higher level in
operations
at about
kept
May.
At
orders
reduction
in
general
Youngstown the lack of pipe
this
stances and should not be taken as indicative of a
latter half of May
Industry. Most railroad shops were less active than in April: repaits con- 42% of capacity, though sheet orders received in the
tinued to holdup better than the manufacture of new equipment. Practi- caused 16 mills to be lighted. Pittsburgh mills operated at 48 to 45%.
products would have been maintained at a high level, or raised to a still
higher level.
"Excess capitalization took money away from the masses when money
ought to have been given them in the way of increased wages and shorter
hours."
JUNE 131931.1
FINANCIAL CHRONICLE
4313
Is smaller at present than at the same time last year. On the other hand,
bank deposits are higher than those of May 1930, increased time deposits
more than offsetting a moderate decline in demand deposits. Debits to
Individual accounts figures for four weeks ended May 13 showed a moderate
seasonal reduction in comparison with debits in the four weeks ended April
15 1931. but were materially lower than aggregate debits in the four weeks
ended May 14 last year. However, lower price levels this year partly
account for the decline in 1931 debits figures. The commercial failure
statistics for April in the Fifth District made about the worst showing for any
April on record, although the district record in liabilities involved in April
failures compared more favorably with April 1930 figures than the National
liability figures. Employment conditions last month showed less than seasonal improvement,and the fact that the large number of people who are out
of employment or who are working only part time are unable to make their
usual purchases is an influence in the lower level in all lines of trade. Bituminous coal production in April declined materially from March production
and was much below production in April 1930. The textile industry in the
United States made further progress in April over March, but Fifth district
mills did not keep pace with the rest ofthe country. South Carolina and Virginia mills increased their cotton consumption in April over March. but consumption last month in North Carolina mills fell behind that of the earlier
month. Cotton prices in April and May ruled lower than in the preceding
two months or the same time last year, declining on May 15 to the lowest
since the World War. Department store sales in April averaged 8.2%
The Bank states that the number of Commercial failures figure
ess in dollar amount than sales in April 1930, but a considerable part of
in the Cleveland Reserve District decreased seasonally from the decline was due to the earlier Easter date this year, which threw a large
the first four
233 in March to 166 in April but in the latter month they part of the special buying into March. Total sales during
months of 1931 averaged only 2.7% less than sales in the first four months
were still 22% more numerous than in April 1930. Liabili- of
1930, a very favorable comparison in view of price changes during the
ties, it is stated, were smaller than in March, but were 80% year, practically all of which changes were downward. Wholesale trade
in
five leading lines was in considerably less volume in April 1931 than in
greater than in the same month last year. In the first four
April 1930, but groceries, dry goods and hardware showed increased sales
months of this year there were 877 defaults, 27% more than In
comparison with March sales. All five lines report lower sales for the
in the corresponding period of 1930.
first four months this year than sales in the corresponding period last year.
prices for agricultural products this year
Trade conditions in the Cleveland Reserve District are Although the outlook for good and
soil conditions are quite favorable for
is not good at present, weather
indicated as follows by the Bank.
large yields of most of the crops grown in the Fifth reserve district. The
supply of moisture in the ground, which was badly depleted by the record
Retail Trade.
and fall, has been restored by frequent rains in April
as
distribution,
retail
changes
reflected drouth of last summer
After allowing for usual seasonal
and May, and early crops are making good progress. On the whole, grain
by sales of 57 large department stores in this District, advanced quite prospects in the district are good, and farmers appear to be planting consharply in April, the adjusted index rising from 86.2% of the 1923-1925
siderably more food and feed crops this season,in an attempt to make themmonthly average in March to 91.5% in April. This was In line with the selves
more nearly independent of their money crops. Farming expenses
was
and
the
country
second
the
of
consections
experience of most other
are also being held to the lowest possible levels this spring.
secutive month to show a greater-than-seasonal improvement and the third
In its report as to retail and wholesale trade the Bank
month this year to reveal an increase.
Compared with a year ago, the dollar value of retail sales in April was says:
off 11.2%, but much of this loss was caused by the variation in the Easter
Retail trade In the Fifth Reserve District in April, as reflected in sales
date. In 1930. Easter occurred on April 20 and most pre-holiday buying by 35
stores, was in smaller amount than trade in April 1930.
consequently occurred in that month. This year Easter was on April 5 partly department
earlier date of Easter this year which caused a relatively
and since the weather has been so moderate much spring purchasing large due to the
part of spring buying of clothing to be done in March. Sales in the
occurred in March. After allowing for this discrepancy, April sales were 35
stores last month averaged 8.2% less than sales in April 1930, but a
only about 9% below last year and sales for the first four months were
majority of the reporting stores showed larger declines, the average being
down 8.4% from the same period of 1930.
reduced by the relatively good record made by the reporting stores in WashAs has been pointed out on previous occasions much of the decline in
ington. Washington's record during earlier months this year also brought
dollar sales is due to the reduction in prices. The Bureau of Labor Statistics' up
the
sales percentage for the first four months of the year,
index of wholesale prices in April was only 73.3% of the 1926 average, a these cumulative
sales averaging only 2.7% less than sales in the corresponding period
drop in the past year of about 20% and was only about 7% above the 1913 of the
preceding year.
average. This drop has been accompanied by a reduction in retail prices
Stocks carried by the 35 reporting department stores increased an average
at a less rapid rate, but the National Industrial Conference Board's index of
1-10 of 1% between the first of April and the first of May, but at the end
of the cost of living was about 9% lower than a year ago.
of April average stocks were 13.7% smaller in selling value than on April
The dollar value of stocks at retail stores continues to recede after 30
1930, the decline being due partly to closer buying and partly to lower
allowing for seasonal variations. At the end of April it was only 73.6% prices
for most lines of merchandise this year. The stores turned their
of the 1923-25 monthly average, compared with 75.7 in March and 86.1
stock .329 times in April and between Jan. 1 and April 30 turned them 1.207
to
sales
has
of
average
stocks
ratio
or
a year ago. The stock turnover rate
times, a better record than 1.047 times stock was turned in the first four
been somewhat higher this year than in 1930, the cumulative figure for
months of 1930.
the first four months being 1.15 against 1.09 in the same period last year.
Collections in April were better than in April last year. In April 1931
The proportion of total goods bought In April on credit was slightly less
the reporting stores collected 28.8% of receivables outstanding on April 1.
of
proportion
the
installment
though
than in the same month last year.
In comparison with 27.2% of outstanding receivables collected in April
sales remained practically unchanged. Collections improved slightly in
1930. Both Baltimore and Washington reported better collections last
April, but were only 33.8% of the total value of accounts ou standing on
month, but the other cities reported a decline, chiefly because in 1930 the
March 30, compared with 35.6% in April last year. The greatest fallingRichmond stores were included in this group.
off in collections from a year ago occurred at Cleveland and Pittsburgh.
Wholesale Trade, 65 Firms.
April chain grocery sales, per individual unit operated, were about 1%
Wholesale trade in April in the Fifth Reserve district exceeded that of
smaller than a year ago, and chain drug sales were slightly larger.
March in groceries, dry goods and hardware, but was less in shoes and drugs.
Trade Wholesale.
In comparison with April 1930 sales, those of April 1931 showed material
increased
from
sales
March
Wholesale dry goods, grocery and hardware
declines in all five lines for which statistics are available, the declines being
to April, but the current dollar volume of sales in all three groups was due in part to lower prices this year. In total sales since January 1 all
much below last year. Grocery sales were 16% smaller than in April 1930. lines show smaller sales than in the first four months of last year.
with Pittsburgh sales showing the smallest decline. In the first four months
Stocks carried by the reporting wholesale firms decreased seasonally in
grocery sales were off about 17%.
all lines during April,and at the end of the month were also lower than stocks
ago
year
and
a
April
cumulative
sales
below
24%
were
Dry goods sales
a year earlier.
for the first four months were down 27% from the same period of 1930.
Collections in April in wholesale lines were better its all lines except drugs
Of all reporting wholesale groups, drugs showed the smallest reduction than in March this year, but three of the five lines reported slower collecthe
in
first
those
and
four months
from last year, April sales being 6.6%
tions in comparison with those of April 1930. Dry goods and shoe collections
5.6% below the corresponding periods of 1930.
in April 1931 were better than collections in April 1930, but groceries,
Grocery stocks were reported slightly larger than a year ago, but other hardware and drugs reported lower percentages of receivables collected in
stocks have been reduced sharply. Accounts receivable and collections April than in the same month last year.
are down.
Automobile production in April increased 21.5% from March, consider-.
ably more than the usual seasonal amount. Though a slight contraction
was reported in the third week of May, production schedules were maintained in the first half of the month at as high or higher levels than in
April, in most cases. This benefited parts and accessory, plate glass, and
tire and rubber companies operating in this District.
Most tire factories increased schedules in early May, which resulted in
the recalling of some employees and an expansion in the number of bolus
worked. Part of this was a result of greater demand for replacement tires,
a seasonal development.
Retail distribution increased more than seasonally in April. Shoe
production in April was greater than a year ago and clothing factories have
been operating at fair levels. Paint factories reported larger sales.
The lake shipping season opened in a rather moderate manner, with
loadings of bituminous coal to May 1 about 28% below the same period
of last year. Ore receipts are also down.
Building activity in April and early May was relatively better in this
District than in the entire country, chiefly because of an upturn in public
works and utility contracts awarded. Compared with last year sizeable
declines are still shown.
The employment situation remained practically unchanged in April
from March, though weakness was apparent in some sections. particularly
at Cleveland and Pittsburgh.
Business Conditions in Richmond Federal Reserve
District-Dry Goods and Groceries Among Wholesale Lines Showing Increases in April-Decline in
Department Store Trade as Compared with Year
Ago.
In its summary of business conditions in its District, the
Federal Reserve Bank of Richmond has the following to say
in its Monthly Review dated May 31:
Business in the Fifth Federal Reserve District showed conflicting tendencies in April and the first half of May. In some lines of trade developments followed seasonal trends, while in others unseasonal results were
noted. Business activity in all lines, whether showing seasonal progress or
retrogression or not, was on a lower level than in other recent years. At
the Federal Reserve Bank of Richmond, the volume of rediscounts failed
to show a normal seasonal Increase last month, and at the middle of May
only 7 of 53 of the District's largest member banks were borrowing at the
Reserve Bank. Deposits in reporting member banks increased between the
middle of April and the middle of May, both demand and time deposits
increasing, but loans by the same banks decreased, contrary to custom at
this time of the year when credit for crop planting is needed. The volume
of both Reserve Bank and member bank credit outstanding in this district
Slight Improvement Reported in Distribution of Merchandise in Dallas Federal Reserve District.
Stating that a further slight improvement in the distribution of merchandise in its District was discernible in the past
month, the Monthly Business Review, dated June 1 of the
Federal Reserve Bank of Dallas, added:
Sales of department stores in larger centres were 6% larger than in the
Previous month and while sales were 12% less than a year ago in April as
compared to 11% in March, the difference is more than accounted for by
the fact that Easter came two weeks earlier this year than in 1930. Wholesale distribution reflected an expansion in April as compared to March
contrary to the usual seasonal trend, and comparisons with a year ago
were more favorable in a majority of reporting lines than in the earlier
months of the year. It should be borne in mind, however, that merchants
are following the policy of buying for immediate needs and purchases at the
beginning of the season were not as heavy as usual; consequently, the improvement in consumer demand has necessitated frequent reorders from
wholesale concerns. While collections are still slow, they were in larger
volume during April than in the previous month.
The physical condition of the agricultural industry continued generally
favorable, yet some untoward developments occurred during the past thirty
days. According to the Department of Agriculture small grains are in
4314
FINANCIAL CHRONICLE
[Vol,. 132.
good condition and promise heavy yields. There has been sufficient rainStocks of merchandise held at the close of April reflected a decline of
fall to maintain good surface and subsoil seasons in all sections of the dis- about 1% as compared with the previous month, and were 15.0% less than
a
year
progress
with
planting
ago. The rate of stock turnover during the four months of the
trict and farmers generally have made fair to good
operations and the cultivation of the crops. The weather, however, has current year was .97 as against .93 in the same period of 1930.
Collections during the month were the most favorable since November
been too cool for the proper germination of seed and the growth of row
crops has been retarded. The record emergence of insects, together with 1930. The ratio of charge accounts collected during April was 34.4% as
weather favorable to their propagation and growth, presents a potential compared to 33.1% in March. and 35.2% in April 1930.
danger to this year's cotton crop. A betterment in the condition of livestock and their ranges occurred in practically all sections of the district and
Lumber Orders Trail Production.
good summer grazing is practically assured. Grass-fat sheep are moving
to the market in record volume and heavy movements of fat cattle are under
New business received by lumber mills during the week
way. The market prices of livestock, however, have worked to lower levels.
ended June 6 was approximately 7% less than their proThe daily average of combined net demand and time deposits of member
banks in this district amounted to $801,150,000 in April, which represents a duction, it is indicated in reports from 765 leading hardwood
decline of $1.085,000 as compared to March and $66,153,000 as compared and softwood mills to the National Lumber Manufacturers
to April 1930. While the decline this spring has not been as marked as a
year ago, it has been due to the fact that deposits of reserve city banks Association. These mills reported a total production for
have increased and have tended to offset the withdrawals from country the week amounting to 234,001,000 feet. Shipments were
banks. Federal Reserve Bank loans to member banks increased $1.024,000 also below the cut by about 9%. A week earlier 769 mills
between April 15 and May 15 and on the latter date were slightly larger
than a year ago. The demand for funds at Reserve city banks continued reported orders 4% below and shipments 7% above proslack and the loans of these banks reflected a further sharp decline during duction of 229,271,000 feet. Comparison by identical mill
the month. The Federal Reserve Bank of Dallas reduced its rediscount figures for
the latest week with the equivalent period a
rate from 33,6 to 3%,effective May 8.
The valuation of building permits issued at principal cities reflected an year ago shows: For softwoods, 453 mills, production
increase of 34% over the low March volume, yet it was 43% below April 28% less, shipments 27% less, and orders 24% less than
1930. The production and shipments of cement from Texas mills again for
the week in 1930; for hardwoods, 207 mills, production
reflected a large increase over the previous month but were considerably
36% less, shipments 21% less, and orders 2% above the
smaller than a year ago.
Wholesale and retail trade conditions in the District are volume for the week a year ago.
Lumber orders reported for the week ended June 6 1931
further indicated as follows by the Bank:
by 562 softwood mills totaled 195,877,000 feet, or 9% below
Business-Wholesale Trade.
the production of the same mills. Shipments as reported
The month of April witnessed some improvement In the distribution of
for
the same week were 191,617,000 feet, or 11%, below
which
was
district,
significant
merchandise in wholesale channels in this
by reason of the fact that a seasonal slowing down usually occurs at this production. Production was 214,298,000 feet.
season. While sales in all lines continued to be considerably smaller than
Reports from 219 hardwood mills give new business as
a year ago, they reflected a general increase as compared to March. Business in the wholesale hardware and farm implement lines was noticeably 22,084,000 feet, or 12% above production. Shipments
improved, partly because of the present good prospects for agricultural as reported for the same week were 22,474,000 feet or 14%
production. While distribution in all lines appears to be gradually im- above
production. Production was 19,703,000 feet. The
proving, merchants still show a disposition to defer forward orders and to
buy only as consumer demand arises. Wholesalers and retailers alike are Association in its statement also reports as follows:
continuing to operate on a cautious basis and to proceed slowly, because of
price readjustments and the uncertainty of the future. Inventories in all
lines showed a tendency toward reduction, and they were smaller than at
the close of April last year. Although collections were reported to be slow
in many sections, there was a general improvement over the previous month.
Contrary to the usual trend at this season, distribution of dry goods
through wholesale channels reflected an increase of 2.7% as compared to
March. There was, however, a decrease of 27.4% from the volume of
April 1930 and aggregate sales for the first four months of the current
year were 32.0% below the level of a year ago. Retailers continue to follow
a hand-to-mouth buying policy and are purchasing in small lots, but the
better consumer demand has necessitated frequent reorders. Prices of
cotton goods have reacted in sympathy with the downward trend of raw
cotton. April collections showed a further increase of 4.9% as compared
to the previous month.
A sizable gain in the business of wholesale farm-implement firms was in
evidence during April, being attributable in part to the good physical outlook
for crops. Contrary to the usual seasonal trend, sales during the month
showed an increase of 42.5% as compared to March, but they were still
40.2% below the level of April a year ago, and for the first four months of
the current year they reflected a decline of 55.5% from the corresponding
period in 1930. For the first time since October last year. the volume of
collections reflected an increase over the preceding month.
There was a further perceptible pick-up during April in the demand for
hardware at wholesale in the Eleventh (Dallas) District. While the improvement was general, it was most apparent in those parts of the State
which are deriving benefits from the growth of the East Texas oil fields.
Aggregate sales during the month, although 18.1% less than in April 1930.
were 15.9% greater than in March. During the months from January to
April. inclusive, sales were on the aveiage 26.0% smaller in volume than
in the same period last year. Collections reflected a substantial improvement over the preceding month.
The demand for drugs at wholesale was well sustained during April,
being on practically the same basis as it was in the previous month. Total
sales, however, reflected a decrease of 10.3% as compared to April last year.
The volume of business transacted from Jan. 1 through April 30 was 11.0%
smaller this year than it was in the same period in 1930. The month of
April witnessed a small improvement in collections.
Sales of reporting wholesale grocery firms during April, while 3.4%
larger than in the previous month, were on a 15.2% smaller scale than in
the same month last year. A majority of the reporting firms showed a
larger volume of sales in April than in March, but most of the firms reflected
a substantial decline from April 1930. Although there were no substantial
price changes, a further downward trend was in evidence. Collections
turned upward during the month and were slightly larger than in March.
Unfilled Orders.
Reports from 479 softwood mills give unfilled orders of 650,242,000
feet on June 6 1931, or the equivalent of 14 days' production. This is
based upon production of latest calendar year-300-day year-and may
be compared with unfilled orders of 521 softwood mills on Juno 7 1930
of 937,645,000 feet. the equivalent of 17 days' production.
The 418 identical softwood mills report unfilled orders as 633,268,000
feet on June 6 1931. or the equivalent of 14 days' production, as compared with 863,702,000 feet, or the equivalent of 20 days' production,
for the same week a year ago. Last week's production of 453 identical
softwood mills was 202,210,000 feet, and a year ago it was 279,450,000
feet; shipments were respectively 181,661,000 feet and 247,985,000; and
orders received 183,159,000 feet and 239,779,000 feet. In the case of
hardwoods, 207 identical mills reported production last week and a year
ago 19,413,000 feet and 30,111,000; shipments 21,920,000 feet and 27.829,000; and orders 21.681.000 feet and 21.311,000 feet.
West Coast Movement,
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 220 mills reporting
for the week ended June 6:
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
Feet.
Feet.
Fed.
Coastwise and
Domestic cargo
Domestic cargo
deliver).- - 42,169,000 delivery- _ _ _185,701,000 intercoastal _ 41,744,000
15,027,000
117,296,000 Export
Export
26,604,000 Foreign
88,574,000 Rail
37,670,000
Rail
33,069,000 Rail
Local
10,853,000
Local
10,853,000
391,571,000 Total
105,294,000
112,696,000 Total
For the year to May 30 165 identical mills reported orders 4.3% above
production, and shipments were 5.5% above production. The same
number of mills showed a decrease in inventories of 5.9% on May 30 as
compared with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
128 mills reporting, shipments were 7% below production, and orders
4% above production and 12% above shipments. New business taken
during the week amounted to 34,944,000 feet (previous week 41,475,000
at 122 mills); shipments, 31.122,000 feet (previous week 39,396.000);
and production, 33,561,000 feet (previous week 32,434.000). Orders
on hand at the end of the week at 111 mills were 83,181,000 feet. The
114 identical mills reported a decrease in production of 30%, and in new
business a decrease of 15%,as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore., reported production from 88 mills as 36,076,000 feet. shipments 28,192.000
and new business 26,190.000 feet. The 61 identical mills reported producCONDITION OF WHOLESALE TRADE DURING APRIL 1931.
tion 35% less and orders 28% less than for the Mlle weak last year.
The California White & Sugar Pine Manufacturers Associat'an of San
Percentage of Increase(+) or Decrease(-)in
Franc sco reported production from 24 mills as 16,854,000 feet, shipments
16,545.000 and orders 14,875,000 feet. The same number of mills reRatio of
Net Sales
Jan. 1
Collections
ported a 41% decrease in production and a 16% decrease In new business,
Stocks
to Date
During
Net Sates
with the same week of 1930.
compared
April 1931
Aprti to
Compared
April 1931
The Northern Pine Manufacturers from Minneapolis, Minn., reported
Compared with
with
Accounts ck
Compared with
Same
Notes Out- production from seven mills as 4,143.000 feet, shipments 2,810,000 and
April
March standing on new business 2,303,000 feet. The same number of mills reported a decrease
Period
March
April
1931, March 31.
Last Year. 1930.
1931.
1930.
of 44% in production and a decrease of 58% in new business, compared
with the same week last year.
-2.2
-13.9
69.1
-17.9
+3.4
-16.2
Groceries
-4.5
The Northern Hemlock & Hardwood Manufacturers Association of
-36.6
22.2
-32.0
+2.7
-27.4
Dry goods
-4.7
3.8
-5.2
-55.5
+42.5
Oshkosh, Wis., reported production from 16 mills as 1,251,000 feet, shipFarm implements -40.2
-1.5
34.8
-1.3
-26.0
+15.9
-18.1
ments 1,051,0000 and orders 855,000. The 14 identical mills reported
Hardware
-16.3
-1.4
38.1
-11.0
+0.1
-10.3
Drum(
production 21% less and orders 65% less than for the same week last year.
The North Carolina Pine Association of Norfolk, Va., reported proRetail Trade.
the Eleventh District duction from 79 mills as 5,568,000 feet, shipments 6,603.000 and new busiThe business of department stores in larger cities of
Sales held up very ness 4,014,000. The 39 identical mills reported a decrease of 18% in prowitnessed some improvement during the past month.
March.
While sales duction and a decrease of 12% in orders, compared with the same week
over
6.1%
of
increase
an
well after Easter and showed
decline was only slightly of 1930.
the
1930.
April
from
of
12.0%
decline
a
reflected
Hardwood Reports.
favorable when It
larger than in the previous month, and may be considered
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
April, whereas
Is recalled that in 1930 most of Easter shopping was done in
Sales during the first four production from 203 mills as 17,046.000 feet, shipments 20,940,000 and
S. large Part of it occurred in March this year.
new business 20,532,000. The 193 identical mills reported a decrease of
months of 1931 averaged 10.8% less than during the like period of 1930.
Total
JUNE 131931.]
37% in production, while orders were the same, compared with the corresponding week last year.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported production from 16 mills as 2,657,000 feet, shipments 1,534,000 and orders 1,552,000. The 14 identical mills reported
production 26% less and new business 43% more than for the same week
In 1930.
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
ProducHon
M Ft.
Association.
Southern Pine:
Week-128 mill reports
22 weeks-2,991 mill reports
West Coast Lumbermens:
Week-220 mill reports
22 weeks-4,891 mill reports
Western Pine Manufacturers:
Week-88 mill reports
22 weeks-1,999 mill reports
California White & Sugar Pine:
Week-24 mill reports
21 weeks-504 mill reports
Northern Pine Manufacturers:
Week-7 mill reports
22 weeks-154 mill reports
33,561
Orders
M Ft.
116,845
105,294 90
2,353,026 2,455,829 104
112,696 96
2,517,944 107
Week-16 mill reports
22 weeks-597 mill reports
North Carolina Pine:
Week-79 mill reports
22 weeks-1,911 mill reports
36,076
589.921
28,192 78
629,925 107
26,190 73
605,298 103
16,854
193,685
16,545 08
330,427 171
14,875 88
344,464 178
4,143
58,382
2,810 68
61,967 106
2,303 56
60,651 104
1,251
47,913
1,051
31.342
84
65
855
31.616
68
66
6,603 119
154,050 120
4,014
118,799
72
92
5,568
128,454
191,617 89
214,298
4,184.466 4,544,322 109
195,877 91
4,561,339 109
20,940 123
459,217 118
20,532 120
464,705 120
Hardwood Manufacturers Institute:
Week-203 mill reports
22 weeks-4,596 mill reports
No.Hemlock & H'dw"ds(hardwood)
Week-16 mill reports
22 weeks-597 mill reports
17,046
388,031
2,657
95,914
Hardwoods Total:
Week-219 mill reports
22 weeks-5,193 mill reports
19,703
483,945
00 .........-17 lidg rIliii ronnrta
P. C.
of
Prod.
34,944 104
882,567 109
No.Hemlock&Hardwood(softwoods):
Grand total:
Week-765 mill reports
P. C.
of
Prod.
31,122 93
880,782 108
813,085
Softwood total:
Week-562 mill reports
22 weeks-13,047 mill reports
Shipments
M Ft.
1,534
81,682
58
64
1,552
59,969
58
63
22,474 114
520,899 108
22,084 112
524,674 108
234,001
214,091 91
4 AAR 411 A nAR 021 ins
217,961 93
A ma rilg 'no
Production and Shipments of Pneumatic Casings and
Tubes Again Increased During April-Inventories
Show Little Change as Compared with Previous
Month.
According to statistics compiled by the Rubber Manufacturers Association, Inc., from figures estimated to represent 80% of the industry, a total of 3,955,491 pneumatic
casings-balloons and cords-and 11,610 solid and cushion
tires were produced during the month of April 1931. This
compares with 3,730,061 pneumatic casings and 11,424
solid and cushion tires turned out in the previous month
and 4,518,034 pneumatic casings and 17,335 solid and
cushion tires in the corresponding month last year. Shipments during April 1931 amounted to 3,945,525 pneumatic
casings and 15,445 solid and cushion tires as compared with
4,071,822 pneumatic casings and 24,232 solid and cushion
tires in the same month a year ago and 3,297,225 pneumatic
casings and 16,152 solid and cushion tires in March 1931.
Pneumatic casings on hand at April 30 1931 totaled 8,025,135
as against 8,011,592 a month earlier and 10,461,208 twelve
months ago.
Production of balloon and high pressure inner tubes in the
month of April of this year totaled 3,693,222, as against
3,559,644 in the preceding month and 4,408,030 in the corresponding month in 1930. Shipments amounted to 3,708,949
inner tubes, as compared with 3,878,697 a year ago and
3,031,279 in March last. Inventories at April 30 1931 totaled
8,330,155 inner tubes, as compared with 8,379,974 at March
31 last and 11,027,711 at April 30 1930.
The association, in its bulletin dated June 6 1931, gave
the following statistics:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the industry.)
Pneumatic Casings.
Inner Tubes.
loves107y.
OutPut.
Shipments.
Inventory.
Output.
Shipments.
7,165,846
7,628,520
8,011,592
8,025,135
2,939,702
3,188,274
3,730,061
3,955,491
2,995,479
2,721,347
3,297,225
3,945,525
7,551.503
7,936,773
8,379,974
8,330,155
2,898,405
3,132,770
3,559,644
3,693,222
3,249,734
2,720,135
3,031,279
3,708,949
19309,539,353
January
9,928,838
February
10,010,173
March
10,461,208
April
10,745,389
May
10.621,634
June
9,449,318
July
8,678,184
August
September_ - 7,849,411
7,842,150
October
November- - - - 7,675,786
7,202,750
December
3,588,862
3,644,606
3,890,981
4,518,034
4,573,695
4,097,808
3,193,057
3.332,489
2,692,355
2,865,933
2,123,089
2,251,269
3,505,404 10,163,267
3,356,104 10,428,988
3.773,865 10,543,026
4,071,822 11,027,711
4,173,177 11,081,523
4.234,994 10,889,444
4,357,836 9,325,602
4,139.900 8,689,304
3,524,141 8,052,121
2,799,440 8,413,578
2,267,465 8,250,432
2,688,960 7,999,477
3.685,410
3,707,066
3,952,921
4,408,030
4.428,367
3,959,972
3,151,107
3,836,880
3,053,424
3,161.048
4,143,609
2,448,195
3,885,717
3,469,919
3,781,789
3,078,697
4,058,847
4,212,082
4,684,182
4,609.856
3,632,458
2,777,985
2,230,654
2.729.973
x Production.
Consumption.
Calendar Years.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED JUNE 6 1931 AND FOR 22
WEEKS TO DATE.
1931January
February
March
April
4315
FINANCIAL CHRONICLE
1926
1927
1928
1929
1930
Month of Jan. 1931
Month of Feb. 1931
Month of Mar. 1931
Month of Apr. 1931
Cotton
Fabrics
(80%).
(Pounds)
165,963,182
177.979,818
222,243,398
208,824,653
158,812,462
12,738,467
12,002,161
14,040,803
15,243,625
Crude
Rubber
(80%).
Gasoline
(100%).
(Pounds)
(Gallons).
518,043,062 10,708,068,000
514,994,728 12,512,976,000
600,413,401 13,633,452,000
598,994,708 14,748,552,000
476,755,707 16,200,894,000
36,318,980 1,127,832,000
36,651,119 1,097,208,000
41,850,638 1,303,302,000
45,016,344 1,402,800,000
Passenger
Cars.
Trucks
(100%). (100%).
3,929,535
3,093,428
4,024,590
4,811,107
2,939,791
144,878
189,264
241,728
299,736
535,006
486,952
576,540
810,549
569,271
33,521
39,975
47.606
53,131
x These figures include Canadian production and cars assembled abroad, the Parts
Of which were manufactured in the United States.
Note.-WIth the exception of gasoline consumption and car and truck production
the figures shown above since January 1929, are estimated to represent approximately 80% of the Industry as compared with 75% for prior years.
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Crop Reporting Board of the United States Department of Agriculture made public on Tuesday, June 9, its
forecasts and estimates of the grain crops of the United States
as of June 1, based on reports and data furnished by crop
correspondents, field statisticians and co-operating Boards
(or Departments) of Agriculture. This report shows that
the production of winter wheat is now placed at 649,115,000
bushels which compared with 604,337,000 bushels harvested
in 1930 and a five-year average production of 547,427,000
bushels. The June 1 condition is given as 84.3% of normal,
which compares with a condition of 71.7% of normal last
year and a 10-year average condition of 75.7%. The condition of spring wheat June 1, is placed at 67.9% of normal
as against 85.7% on June 1 1930 and a 10-year average of
86.2%. The report is as follows:
Crop prospects for the country as a whole were below average on June 1.
The month of May was not particularly favorable for plant growth, especially for corn and garden crops. Rainfall is still deficient in most of the
Central and Western States. The month was marked by extremes of
temperature in many areas with considerable damage from late frosts
through the North Central States extending as far south as Kansas. Cutworms have been unusually destructive and much corn has had to be replanted on account of the cold weather.
Winter wheat prospects are slightly below those of a month ago, but still
well above average. Some declines in the Great Plains and far Northwestern States have been largely offset by better prospects in the soft
winter wheat States from Illinois east.
Rye prospects declined markedly during the month of May. The condition of spring wheat is the lowest on record for June 1, due to drouth in
the Dakotas and Montana. The condition of barley is also the lowest
on record, while that of oats is semewhat above average. Tame hay crops
are below average and wild hay prospects are extremely poor. The condition of pastures is also below average.
Prospects are well above average for both apples and peaches, while
Pear prospects are slightly below. The citrus fruit prospects have declined
more than usual during the month. Early potatoes are yielding well.
Winter Wheat.
A winter wheat crop of 649,115,000 bushels in the United States is indicated by condition on June 1. On May 1 a crop of 652,902,000 bushels
was indicated. In 1930 production was 604,337,000 bushels and the
5-year average 1925-1929 was 547.427.000 bushels.
Condition for the United States on June 1 1931 was 84.3% of normal,
compared with 90.3% on May 1, 71.7% on June 11030. and a June 1 10year average 1920-1929 condition of 75.7%•
A decline in probable production since May 1 is indicated in a group of
Important wheat producing States from Missouri westward through Kansas
and Nebraska, Montana and Wyoming to the Pacific Northwest. East
of the Mississippi River some increase in probable wheat production is
Indicated. In a number of States no change is shown since May I. While
condition reported by crop correspondents in Texas was much lower than
on May 1. their reported probable yield shows an increase.
Continued dry weather in the Mountain and Pacific States and freezing
weather and high winds upon the comparatively shallow-rooted plants in
the Great Plains area account for the decline in prospects in those areas.
East of the Mississippi somewhat short but sufficient rainfall in the leading
wheat States permitted the crop to maintain its relatively high condition.
Considered by classes, the probable crop of hard red winter wheat in
1931 is indicated at about 401,800,000 bushels, which is about 10% more
than the 365,600,000 bushels of this class produced in 1930; the probable
production of soft red winter wheat is 207,800,000 bushels, about 7%
more than the 194,200,000 bushels produced in 1930; and the probable
crop of fall-sown types of white wheat at about 39,500,000 bushels. compared with 44,600.000 bushels produced in 1930, including all the Arizona
and California white wheat.
Spring Wheat.
The condition of spring wheat, at 67.9% of normal, is the lowest ever
reported on June 1. The previous low record was 78.5 in 1926. Condition on the same date last year was 85.7 and the 10-year average (1920-29)
was 86.2. The lowest conditions are reported in the important spring
wheat areas of the Dakotas. Montana and the Pacific Northwest, where
development of the crop has been seriously retarded by lack of moisture.
Rye.
The rye crop suffered from continued drouth In the Dakotas and Montana, where the bulk of the crop is grown. Reduced prospects are indicated in other West North Central and Far Western States. Elsewhere
the condition of the rye crop remained unchanged or improved slightly.
For the United States condition on June 1 is reported at 74.8% of normal,
compared with 85.4% on May 1, 81.4% on June 1 1930, and a 10-year
average (1920-29) June 1 condition of 82.7%.
The prospective United States yield per acre of 11.5 bushels is the lowest
in over 40 years. with the single exception of the yield of 11.4 bushels in
1926.
4316
[VOL. 132.
FINANCIAL CHRONICLE
The indicated production on June 1 of 43,766.000 bushels is about 14%
less than indicated by condition on May 1, about 13% less than the crop
of 50,200.000 bushels in 1930, and about 5% less than the 5-year average
production of 46,100,000 bushels.
Oats.
The condition of oats in the United States on June 1 1931 of 84.7% of
normal was slightly above the 10-year average June 1 condition of 82.6%.
The spring has been favorable to this crop in all parts of the country except
In the drouth area extending from the Dakotas westward to the Cascade
Mountains and in California.
Potatoes.
The early crop in ten Southern States continues to show a very favorable
prospect generally, the average condition reported on June 1 being 80.5%
of normal, compared with 71.1 on the same date last year and 74.4, the
average condition for June 1 the preceding six years. Excellent yields are
reported or expected, particularly in the Atlantic Coast States. The commercial or shipping portion of the early potato crop in the second early
States is forecast at 21,396,000 bushels, or 11% more than in 1930, while
in the five intermediate States the crop is forecast at 10,691,000 bushels,
or 3% more. The entire commercial early production in 19 States is now
indicated to be 48,527,000 bushels, or 13% more than last year.
The condition of wild hay on June 1 is reported at 69.6%,compared with
an average condition of 82.9%. The condition this year is the lowest
for June 1 for any year since 1917, when the June 1 condition of this crop
was first reported. The low condition for the United States results from
very low conditions in the Northern Great Plains area where the bulk of
the wild hay acreage is located.
Milk Production.
Milk production did not show the usual increase during May for pastures
were poor nearly everywhere from Michigan west to Oregon and the intensive feeding of dairy cows was made less profitable by the 20% drop
in the price of butterfat during the month. In the herds kept by crop
correspondents, milk production per cow was only a half of 1% lower on
the first of May than on the same date last year, but on June lit was 3%
lower than last year, averaging 17.63 pounds compared with 18.18 pounds
on June 1 in 1930, 17.89 pounds in 1929 and 17.62 pounds in 1928. The
figures appear to indicate that milk cows are being fed less grain, for
the lower production per cow compared with last year does not appear to
be due to any decrease in the proportion of the cows being milked and it is
nearly everywhere greater than could be explained by the change in the
condition of pastures.
Egg Production.
The average number of hens and pullets on hand June 1 in the flocks of
crop reporters remains about 5% below numbers on June 1 last year, the
same difference as shown on May 1. The number of eggs laid per hundred
hens on June 1 was about 3% greater than on June 1 last year. Judging
from these indications, the total daily production of eggs at the beginning
of June for the United States as a whole was about 2% less than on June 1
last year. The most marked gain in the June 1 rate of laying this year
over last is reported from those States that were earliest and most seriously
affected by the great drouth of 1930. In the States of Ohio, Indiana,
Illinois, Missouri, Virginia, West Virginia, Kentucky, Arkansas, Louisiana
and Mississippi the number of eggs 'mid on June 1 this year was greater
by from 5 to 12% than a year earlier, averaging about 7% higher. The
remaining States show an average gain of about 2%. These figures
reflect the changes shown in the returns for about 25,000 flocks reported by
crop correspondents, including commercial as well as farm flocks.
Barley.
The barley crop in the United States shows the very low condition of
77.2% of normal, as compared with 86.4% at this time last year and a tenyear average (1920-1929) condition of 84.5%. The reported figure this
year is the lowest June 1 condition on record. It was approached only
In 1924, when 79.5% was reported, and in 1898, when 78.8% was reported
for this crop. Drouth in the important barley producing States of California. Montana and the Dakotas is mainly responsible for the low average
for the United States.
Apples.
Present prospects in practically all sections of the country are quite
favorable for a large apple crop in 1931, although no forecast of the actual
quantity is available at this time. The June 1 condition is reported
to be 75.7% of normal, which is very much better than either the June 1
Farm Labor.
condition last year or the average of the preceding ten years,56.8 and 68.2%
Little change took place in the farm labor situation during May. On
respectively. Compared with last year, present conditions in the Northhigher,
but
in
the
June
1
slightly
Central
crop
eastern and the Western States are
and
correspondents reported the supply at 109.5% of normal
Southern States they give promise of exceptional production in contrast as compared to 109.3% a month earlier. Declines in the supply of hired
workers in South Atlantic States and the Far West were slightly more than
with the short crop of a year ago.
offset by advances in the remainder of the country during this period.
Peaches.
Reports indicate that the demand for farm labor increased at a slightly
Peach prospects in 10 Southern States indicate a probable production faster rate last month. being 72.6% of normal on June 1 as compared with
of 18,651,000 bushels, which is slightly larger than was forecast a month 72.1% on the first of May. The movement of demand was also irregular,
ago. In 1930, 10,173,000 bushels were produced in these 10 States. For declines being shown in the North Atlantic, West North Central and Far
the country as a whole,the June 1 condition is reported at 78.5% of normal, Western divisions, while some improvement was made elsewhere.
Compared to a year ago, the supply of farm labor was about 11% larger
compared with 47.1% on June 1 a year ago and 64.3, the average of the
previous 10 years. The condition indicates a total peach crop of 78.091,000 on June 1, while the demand for the services of these workers was approxibushels, which, if it materializes, will be 46% larger than last year's pro- mately 13% less. Widespread industrial unemployment accounts for
duction. The 1930 crop was slightly below the average of the previous this year's large supply of farm workers, while the greatly reduced level of
prices of agricultural products has forced the farmer to drastically cut his
five years.
labor expenditures, and resulted in a considerable decline in demand.
Pears.
June 1 condition of pears is reported to be 61.4%, or somewhat lower
than a year ago and below the average for June 1 the preceding 10 years.
For the present, indications are for a production of 23,572.000 bushels this
year compared with 27,577,000 last year and 22,123,000, the average crop
of the preceding five years. Conditions are comparatively low in all sections of the country except the Southeast. The present prospect is much
better than last year in the Central and Southern States, but is appreciably
lower than on June 1 a year ago in the important Eastern and Western
States. The crop in the Pacific Northwest was damaged by freezes and
high winds and has suffered from lack of water.
Pastures.
Pastures, which were slightly below average on May 1, were seriously
below average on June 1, most of the change being caused by lack of rainfall west of the Mississippi River combined with freezes from Kansas north.
On June 1 the condition of pastures was reported by crop correspondents
as 78.5% of normal, compared with 80.4% last year and an average condition of 85% on that date during the previous ten years. On June 1
pastures were a little above average in most of the area extending from
Illinois through Missouri, Kansas, New Mexico and Arizona. They were
a little below average in the remainder of the South and sharply below average in a large area extending from the Canadian line south through MichiCitrus Fruits.
gan, Iowa, Nebraska, Colorado and California. The drouth is particularly
More than the usual decline occurred in the conditiOn of oranges and serious in North Dakota, Montana and California. The condition of
grapefruit during May in most of the States concerned, much of the heavy pastures in Montana is reported as 47. which is the lowest June 1 pasture
bloom failing to set. Condition declined nine points on California Oranges, condition reported for any State during the last ten years with the excep14 points on Florida oranges, and 12 points on Florida grapefruit, compared tion of New Mexico in 1925.
with a usual decline of three to four points. California lemons and Florida
limes show only about the average decline for the month. In California.
Crop Report As of June 1 1931.
Navel oranges have set very irregularly. but Valencias are apparently
holding a good set.
Reporting Board of the United States DepartThe
Crop
Cherries.
The June 1 condition in ten States for which total production is annually
estimated is reported at 67% of normal, compared with 59% on June 1
last year and 63% the year before. In the principal Eastern and Central
States, the crop appears to have more favorable chances than a year ago,
with the exception of sour cherries in New York, which are lower in condition than last year, due largely to frosts in early May. The crop in the
Western States, except California, indicates a generally less promising
outlook than in either of the past two years, chiefly due to frosts and wind
damage, and In some areas poor pollination.
Plums and Prunes.
Conditions are extremely variable in different localities in Washington
and Oregon. While June 1 condition is reported moderately better than
a year ago in the Northwest, it is substantialy lower than two years ago.
A combination of weather factors-frost, wind and dust storms-is held
accountable for damage. Lower condition is reported for drying prunes
than for the fresh crop. In California a relatively good crop of plums Is
expected, but prune production will be much 'ess than the large crop of 1930
Hay.
ment of Agriculture makes the following forecasts and estimates for the United States from reports and data furnished
by crop correspondents, field statisticians and co-operating
State Boards (or Departments) of Agriculture and Agricultural Colleges:
Acreage for
Harvest 1931.
Crop.
Acres
Per
in
Cent
Thouof
1930. sands.
Winter wheat-- 104.7 40,432
101.9 3,793
Rye
Peaches,tot.crop
Pears, total crop
Total Production in
Millions of Bushels.
Yield per Acre
In Bushels.
Indicat.
Indicat.
by Con- 10-Year
by Con5- Year
Average 1930. dition Average 1930. dition
June 1 19201925June 1
1929.
1931.4 1929.
1931.a
547
46.1
55.2
22.1
604
50.2
53.6
27.6
649
43.8
78.1
23.6
14.9
13.5
15.7
13.5
16.1
11.5
Condition.
The condition of tame bay meadows made about the usual seasonal deJune 1 June 1 May 1 June 1
Croy.
1931
10-yr.ay. 1930
1931
cline during the month of May. On June 1 1931 condition is given at
1920-29
77.4% of normal, compared with a 10-year (1920-29) average condition of
Per Cent.
Cent.
Cent.
Per
Per
Cent.
Per
condition
of
hay was 79.4%.
83.7% on June 1. On May 1 the growing
84.3
90.3
compared with an average of 86.4%. The condition on June 1 is above Winter wheat
71.7
75.7
72.4
86.0
average in the New England States, New York, Missouri. Kansas and the Durum wheat
67.9
All
spring
wheat
85.7
86.2
South Atlantic States. Condition is below average in Pennsylvania, the Oats
84.7
83.2
82.6
North Central States except Missouri and Kansas, and in the South Central Barley
77.2
88.4
84.5
85.4
74.8
81.4
82.7
States. It is much below average in all the Western States except New Rye
76.2
78.7
83.6
Mexico and Arizona. The present condition of hay meadows indicates Hay, all
69.6
Hay, wild
85.7
82.9
a yield per acre of about 1.45 tons per acre. No estimate of acreage to be Hay, all tame
79.4
77.4
77.6
83.7
77.3
cut will be made until July 1, but on the basis of the 57,846,000 acres indi- All clover and timothy hay_b
75.2
r81.8
79.4
tons
hay
would
indi84.4
1.45
Alfalfa
87.5
cated by the March 1 "Intentions" report, a yield of
78.5
7
.
8:8
80.4
85.0
cate a production of about 84,000,000 tons, compared with an average Pasture
75.7
_56.3
Apples, total
68.2
production of 94,000,000 tons.
__ 78.5
Peaches, total
47.1
64.3
61.4
_ -Condition of alfalfa on June 1 was 79.4%, compared with an average Pears, total
62.6
65.5
reported
at
77.3%,
condition of87.5%. Condition of clover and timothy is
a Indicated yield and production increase or decrease with changing conditions
during the season. b Except in Southern States. c Short time average.
compared with the six-year average (1924-1929) of 81.8%.
JUNE 13 1931.]
WINTER WHEAT.
Condition June 1.
WOOMotepo.4000444,44.4.44.1-4...1-4.4000000[4.4-4.
4-4WWWW,q
03444-4W40004.4-4414.0NOW0000-4 .C.W.420W 0W 00444p -4N.
Poi00-4414,
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota_ ___
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
United States
%
73
84
83
64
72
69
82
80
79
89
71
86
84
69
82
86
76
78
78
70
73
80
76
70
77
74
59
55
75
89
85
77
46
94
93
89
64
84
79
%
93
91
81
98
97
91
90
83
84
85
93
73
85
83
83
78
89
85
88
81
82
93
91
81
84
85
84
77
60
85
81
80
89
91
81
90
78
81
54
1930.
1,0 00 bushels.
5,105
4,630
1.224
1,222
20,629
25,110
26,952
28,640
24,951
28,998
31,319
37,584
16,478
19,246
1,155
924
2,944
3,020
7,295
8,325
19,090
19,740
1,308
2,016
52,011
70,267
130,748
158,422
1,936
2,067
9,934
11,707
9,476
9,982
1,865
2,345
5,287
4,288
751
538
1,127
588
2,927
3,284
4,713
3,542
66
40
78
68
336
351
47,672
33,696
23,454
28,270
8,858
5,440
11,089
13,520
940
1,605
12,552
16,632
2,283
1,361
1,108
1,288
3,267
3,735
106
48
25,792
20,240
17,454
18,538
13,147
13,020
75.7 71.7 84.3 547.427
CONDITION JUNE 1 1931.
Spring Wheat (AU).
Oats.
604.337
1931
Forecast
from
Condition
June 1.
4,914
1,000
17,272
37,980
31,450
41,200
16,380
840
2,242
6,026
22,890
2,025
57,980
167,776
1,656
7,140
8,320
1,822
5,994
770
1,188
3,564
4,320
60
126
459
52,500
46,174
6,750
11,960
1,814
14,400
6,300
1,086
2,737
75
37,858
16,687
5,400
845115
%
92
0000001 000040
I 050042411 1-.00t01-,0
nine
Hampshire_
rmont
:
i
issachusetts.
-ode Island
-nnecticutw York ._
ii
w Jersey
usylvaiala _-3
17
1
lo
74
liana
75
bola
83
chigan
86
sconsin
89
nnesota_ - - 87
7/11
90
ssouri
70
irth Dakota.
84
5th Dakota.
92
.braska
92
lfloss
80
laware
__
xryland
__
rginia
__
:.st Virginia_
__
irth Carolina
__
uth Carolina
__
brgia
__
nicht
__
__
;Mucky
nneasee
_-%barna
.
Isslasippl
--kansas
uislana
lahoma
ass
MOM
86
53
also
84
94
81
91
yoming
84
87
lorado
91
iw Mexico
76
trona__
83
ah
ii
84
nrada
91
68
ashington
75
78
egon
90
__
__
Littorals
os
United States 86.2 85.7 67.9
•Short-time average
%
91
92
89
91
92
89
84
88
86
79
79
80
82
89
88
87
73
85
85
84
73
87
85
83
85
81
79
76
74
83
80
76
78
76
76
71
69
86
91
93
89
82
88
94
94
90
92
83
82.6
%
96
93
95
91
93
89
87
85
87
74
76
76
86
88
88
92
74
83
92
88
78
82
73
64
64
70
72
74
74
61
64
63
60
77
58
73
65
88
94
93
87
80
93
94
93
86
94
84
83.2
%
%
%
%
95
90
91
94
95
.-94
88
93
92
94_88
93.
89
84
86
87
90
*90
91
89
90
86
85
87
87
82
76
89
82
79
80
81
89
87
85
89
87
82
86
87
87
89
89
87
85
88
87
84
88
89
91
89
88
82
78
88
67
85
83
70
72
85
91
72
85
85
92
82
85
74
79
77
90
90
85
88
68
90
84
74
77
88
87
.83
75
88
83
83
83
85
82
77
92
82
81
72
92
84
84
---82
87
84
73
60
81.
86
71
55
81
52
88
87
56
86
92
94
87
83
94
93
84
87
88
88
85
88
84
71
88
90
00
93
88
84
94
93
86
74
94
92
85
83
86
80
80
84
90
92
82
56
81
84
52
84.7
84.5
as 4
779
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
in foreign countries, as reported by the Foreign Service of
the Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington and given out
on June 9 is as follows:
The indicated winter wheat acreage for the 1931 harvest in 17 foreign
countries now reporting is 98,090.000 acres compared with 98,967,000
acres for the 1930 harvest in the same countries, according to reports received by the Foreign Service of the Bureau of Agricultural Economics.
The winter wheat acreage for the 13 European countries reported totals
60,508.000 acres, a decrease of approximately 1% from last year's acreage
In the same countries. Weather conditions in France have recently been
more favorable and plant growth is making rapid progress. Conditions
are improving in Italy, especially Apulia, with good prospects reported
for the crop. The condition of winter wheat in Germany on June 1 was
reported above average and spring wheat above average and a little better
than winter wheat. Winter killing of wheat was officially reported at
3.8% of the area sown, which leaves 4,160,000 acres for the 1931 harvest.
In general, however, crop conditions in Europe are not up to those of last
Year when they were exceptionally good.
The 1931 rye acreage in the 11 European countries reporting at this time
is placed at 19,987,000 acres compared with 21,691,000 acres in the same
countries in 1930. Germany reports winter rye as about average and spring
rye a little above average on June 1 this year. Winter killing of rye is
reported at 3% of the area sown, which leaves approximately 9,985,000
acres for the 1931 harvest. Winter rye in Poland was above average
on May 1.
BREAD GRAINS-WINTER ACREAGE IN SPECIFIED
AVERAGE 1909-1913. ANNUAL 1925-1931.
COUNTRIES
Harvest Year.
Average
1909
Crop and Countries Reportage 1913. 1928.
Per Cent
1931. 1931 Is
01 1930.
•
1,000 1,000 1,000 1,000 1,000
Acres. Acres. Acres. Acres. Asses.
WheatUnited States
Canada
Total North America (2)
Belgium
Luxemburg
France
Spain
Italy
Germany
Czechoslovakia
Hungary
Yugoslavia
Bulgaria
Rumania
Lithuania
Finland
Total Europe (13)
Algeria
Tunis
Total Africa (2)
India d
Total above countries (18)
1929.
1930.
28,382 36,213 40,059 38,608 40,432
834
815
819
819
51,019
104.7
100.5
29.401 37.032 40.893 39,423 41,251
104.6
346
409
403
389
396
21
25
25
37
27
16.500 12,802 12,673 12.990 12.494
9,547 10.479 10,622 10,531 10,872
11,793 12.318 12,272 11,759 11,893
c4,029 3,836 3,632 3,997 4,160
1,718 1,765 1,932 2,022 1.978
3,712 4,131 3,735 3,993 3.954
c3,982 4,478 5,075 5,246 5,239
2,409 2,782 2,634 2,908 2,908
9,515 7,281 6,130 6,873 6,154
345
271
362
410
211
26
30
32
8
26
95.1
100.0
96.2
103.2
101.1
104.1
97.8
99.0
99.9
100.0
89.5
113.2
106.7
63,847 60,609 59,443 61,145 60.508
99.0
78.1
100.0
3,521
c1,310
3,656
1,730
3,795
1.730
3,944
1,730
3,081
1,730
4,831
5,386
5,525
5,674
4,811
84.8
c29,224 32,128 31,855 31,333 31.952
102.0
127,303 135,155 137,716 137,575 138,522
100.7
Rye-United States
Canada
2,236
117
3,480
599
3,331
687
3,722
818
3,793
944
101.9
115.4
Total (2)
2,353
4.079
4,018
4,540
4,737
104.3
567
648
26
15
3,095 1.900
1,988 1,384
c12,713 11,229
2,605 2,480
496
732
458
542
637
91,286
1,749 1,161
550
589
[..00c00.44MONN....mm ,
W.M.WOOON...445
011000t' 050
110
%
06
-90
---84
-85
88
90
88
92
86
83
86
85
67
73
77
80
--__
----
Russia has made good progress in spring sowings since May 1. On that
dato total spring sowings amounted to 33,734,000 acres, while 163.978,000
acres are reported as having been sown up to May 25. Though sowings
have been progressing faster than last year, many important regions are
still late. The acreage sown to spring wheat totaled 49,148,000 acres on
May 25 against 45,219,000 acres last year on that date. There are complaints of slowness in sowing in Siberia and on individual peasants' farms
everywhere, according to the last cable from Agricultural Attache Steere
at Berlin. An Associated Press dispatch from Moscow states that sowings
up to June I were officially reported at 188,500,000 acres, of which 55.213,000 acres consisted of wheat. Total spring sowings on that date a year
ago were given as 174,433,000 acres.
The intended Canadian spring wheat acreage as reported May 1 was
22,152,000 acres compared with 24,083,000 acres in 1930, or a decrease
of 8%. According to a telegram from the Dominion Bureau of Statistics
on June 2, practically the entire western region, which normally has the
heaviest grain production, was in a critical condition due to intense and
prolonged drouth combined with damage from high winds, frost and cutworms. Only the districts on the edge of the main area reported fair conditions. The regions suffering most are western Manitoba, all of southern
and central Saskatchewan and southern and central Alberta. Pastures
are short and water supplies for livestock are seriously low in range areas.
Canada reported 8% of the area sown to whiter wheat in the fall of 1930
as winter killed, leaving 819,000 acres for the 1931 harvest.
India officially reports a wheat crop this year of 344,437.000 bushels
harvested from 31,952,000 acres compared with a revised figure of 383,301.000 bushels produced on 31,333,000 acres last year.
Barley.
10-Yr.
10-Yr.
10-Yr.
Aver.
Aver.
Aver.
1920- 1930. 1931. 1920- 1930. 1931. 1920- 1930. 1931.
1929.
1929.
1929.
400058 004 I I 044 C4.4
10004.00000,
444000004,
t4.4i4.40 40-4.40:414.4t4044 0001 4,4 4 I pi •-•.•
State.
Production,
10Year
5-Year
Aver. 1930. 1931.
Average
19201925-1929,
1929.
State.
4317
FINANCIAL CHRONICLE
564
22
1,905
1,446
11,462
2,609
625
614
914
974
556
553
22
1,745
1,544
9,985
2,493
505
583
865
1,136
556
98.0
100.0
91.6
106.8
87.1
95.6
80.8
95.0
94.6
116.6
100.0
Belgium
Luxemburg
France
Spain
Germany
Czechoslovakia
Yugoslavia
Bulgaria
Rumania
Lithuania
Finland
Total (11)
Algeria
25,973 20,877 21,705 21,691 19.987
3
4
3
3
5
92.1
166.7
54.3
Total above countries (14) • 25 320 24.980 25.726 26.234 24.729
a Figures in parenthesis represent number of countries reporting. b Four-year
average. c Total crop. d May estimate.
Reduction of European Domestic Wheat Supplies Helps
American Market.
Diminishing supplies of domestic wheat in Europe, a
continued fair demand for fruit, dullness in cotton and heavy
supplies of pork are features of the foreign agricultural situation affecting the demand for American farm products,
according to the Bureau of Agricultural Economics, U. S.
Department of Agriculture. Under date of June 9, the
Bureau said:
"Continental European demand for wheat improved considerably during
May. Supplies of domestic grain are now indicated to be unusually low
In practically all European countries, and there is some reason to believe
that the true extent of the reduction is not yet fully realized. France and
Germany have liberalized considerably their regulations governing the utilization of imported wheat. In Japan,there was increased interest in American wheat in the latter part of May.
"British cotton spinners'requirements remain low as a result of continued
restricted demand in important markets for finished goods, notably India
and China. Weakness in raw cotton prices has hindered mill activity in
Continental European countries. The Oriental cotton markets continue to
4318
[Vou
FINANCIAL CHRONICLE
show a relatively greater interest in American cotton than does the
European market. Japanese mills in China are increasing their spindles
for making higher count yarns requiring American cotton.
"Prevailing cured pork prices in the British market are higher than in
March and early April, but well below those of last year. British markets
continue to receive record quantities of bacon from the European continent.
Continental demand for American apples continues very favorable in spite
of bad economic conditions, because of unusual shortage of home supplies."
The bureau's index of United States exports of 44 principal farm commodities is placed at 68 for April, as compared with 87 in March, and 65
In April a year ago. The 5-year period 1909-1914 is used as a base of 100.
Continued decreases in exports of wheat and cured pork were registered
during April.
132.
"It is just a case," he said, "of too much economists and the eating of
too many vitamines and not enough grub."
He advised Americans to cease importation of jute from India and use
cotton for wrapping cotton and for fertilizer bagging. He said Russia is
developing an agricultural system which will mean shortly that the country will be lost as a market for wheat and cotton exported from the United
States. As a result, he said, the United States will have to use more wheat
and cotton itself.
Congressman Wright told of the efforts in Washington to aid the cotton
farmer through imposition of tariffs on jute and other like commodities.
Particular emphasis is being laid on the use of cotton for sacking fertilizer.
Feedstuffs, sugar, cement and other products ordinarily packed in jute
containers. Use of cotton bagging on cotton bales also is being stressed.
Western Beet Growers Petition Tariff Commission for
Increased Retail Sales Reported as Result of National
Increase in Sugar Duty.
Cotton Week.
Western beet growers have petitioned the Tariff ComAdvance reports received by the Cotton-Textile Institute
mission for an increase in the sugar duty, according to
early this week indicate that National Cotton Week reAssociated Press advices from Washington June 12, which
sulted in tremendously increased retail sales. This event,
added:
in the opinion of many of the outstanding merchants of the
country, marks the beginning of a continuous and cumulative sales activity in all lines of cotton fabrics. Never in
the history of the industry, it is stated, have cottons been
advertised so vigorously as during National Cotton Week.
The helpful co-operation of retail and wholesale merchants
In directing the attention of the public in this way to the
Cuba Seeks Cut in United States Sugar Tariff.
present values in cotton textiles is held to have contributed
United Press adviees from Havana, Cuba, June 12, said:
greatly to the success of this particular effort and to inA reduction on the sugar tariff will be asked of the United States Concreased retail sales in general.
gress shortly, it was indicated today.
A bill is to be introduced into the Cuban Congress next week by Dr.
"While the full benefits of National Cotton Week are
Juan Cronlier authorizing the government formally to request the United
yet to be realized," said George A. Sloan, President of the
States to reduce its tariff on sugar from Cuba.
The bill provides that both houses in a joint resolution will ask the Cotton-Textile Institute, "one of the most encouraging of
United States Congress to cut the tariff in accordance with the reciprocity the
immediate results is the expressed intention on the part
treaty between the two countries.
It was believed the bill would pass both houses. It goes to the Senate of merchants to continue indefinitely with the promotion of
first. The move is popular, the legislators being convinced that reductions cotton goods. In
a number of instances the department
of this tariff would mean the solution of the present economic crisis in Cuba.
stores are already planning periodical store-wide promotions
of cotton items that were so successful last week." He
Frank M. Inman at Meeting of Cotton Growers and
added:
Repeal of Tax
This rate, which caused more debate in the last Congress than any
Other of the more than 20,000 in the 1930 tariff act, is now 2 cents a
pound on Cuban raws. Before 1930 it was 1.76 cents. The Cuban refined
levy is 2.12. In the 1922 law it was 1.91. J. C. Bailey. of Colorado
Springs, presented the application for a raise under the flexible provisions
In the duties on raw and refined sugar, edible and blackstrap molasses,
and cane syrup.
on
Others in Atlanta Proposes
Egyptian Cotton.
Repeal of the tariff of 6 cents a pound on Egyptian cotton
as "means of effecting abolition of retaliatory foreign tariffs
to enable United States cotton growers to dispose of their
surplus crop was advocated on June 3 by Frank M. Inman,
Atlanta cotton factor, and former head of the American
Cotton Mfrs. Association, before the organization meeting
of the National Association for the Increased Use of Cotton.
Mr. Inman spoke before a group of Congressmen, bankers,
business men, manufacturers and cotton growers assembled
in the State Capitol says the account in the New York
"Journal of Commerce" from which the following is also
taken:
W. J. Vereen of Moultrie, was elected president of the Georgia division
of the National association. Other officers elected were: Mark Cooper,
Rome, First Vice-President; Miss Frances McLanahan, Athens Second Vice.
President and Eugene Talmadge, Atlanta, Secretary and Treasurer.
Officers were authorized by the meeting to select seven directors. No
date was set for a future meeting.
lirarns of Cotton Bagging Solution.
Before the election of officers, Mr. Inman warned against attempting
to snake "cotton bagging a panacea for carrying growers out of their
present trouble."
Mr. Inman said the meeting had been devoted entirely to a discussion
of the substitution of cotton for jute being used as cotton bagging, material
for fertilizer bags and in other Instances, but that if the substitution was
made only 200,000 bales of cotton could be consumed for the purpose by
the nation and "200,000 bales is not going to raise the price of cotton to
any noticeable extent," he said.
Mr. Inman said if the whole world could be induced to use cotton instead
of jute it might help, but it could not be done. He suggested that the first
step to relieve the situation was lifting of the tariff on Egyption cotton by
Congress.
Harry D. Wilson, Louisiana Agricultural Commissioner, interrupted Mr.
Inman to ask if he wanted to bring more cotton into the country when the
farmers already have more than they can sell. Mr. Inman replied that he
wanted to bring in more cotton if it would destroy the prejudice existing
in Europe against American cotton because of the tariff.
W. J. Sheeley, South Carolina Agricultural Commissioner, said the
farmers were raising too much cotton. He lauded the efforts of co-operatives
In his State in aiding the present situation. Mr. Sheeley said times were
not as bad now as they were in 1892, when cotton was selling at 5c. a pound.
"Farmers are spending too much time in growing cotton, with which to
buy food," Mr. Sheeley said. He urged the raising of more foodstuffs,
which be said would make it possible for the farmer to sell his cotton and
not spend the money in buying food.
Congressman W. C. Wright of Newnan, and Commissioner Talmadge were
among the other speakers.
Other Meetings to Follow.
The meeting was one of several similar gatherings to be held throughout
the cotton belt during the present week, which is devoted to a nationwide
educational program on the economic value of cotton.
Commissioner Harry D. Wilson of Louisiana declared that it is time "to
quit missing cotton and start using cotton." He said cotton was the
South's only money crop. Bearing that in mind, he continued it is up to
the people of the South either to use cotton they grow or stop growing it.
This, he said, they can not afford to do. He spoke of cotton's difficulties.
"Department store executives in particular have been unhesitating
in
declaring that National Cotton Week has directly
increased their sales.
Accordingly both wholesale and retail merchants
are displaying new vigor
in amplifying their current merchandising policies.
In still another direction, National Cotton Week stands now revealed as an
effective agency in
strengthening the public's confidence in present retail values."
Japanese Claim no Profit on Production of
New Season Silk.
Present selling prices of new season silk combined with
prevailing production prices are said by the Japanese Silk
Trade to yield no profit, according to a cable received by the
Department of Commerce from Commercial Attache Halle&
A. Butts. In order to improve the position of the silk industry an attempt is being made, it is reported, to reduce
the output of summer and autumn cocoons, 30% from the
average of the last 3 years, says the Department on June 6,
which gives the cablegram as follows:
May raw silk imports approximately 50,000 picul bales. First sale of
spring cocoonsindicates silk production cost amounting to 520 yen for yellow
silk and 550 yen (yen equals approximately 50 cents) for white silk. Forward silk contracts call for approximately the same prices which indicates
no profit on the operation. Trade endeavoring to reduce summer and
autumn cocoon crops 30% from average of last three years.
Imports of Raw Silk and Approximate Deliveries to
American Mills Higher in May-Inventories Lower.
According to the Silk Association of America, Inc., imports of raw silk increased during the month of May 1931 to
42,264 bales, as compared with 29,446 bales in the preceding
month and 22,596 bales in the corresponding period last year.
Approximate deliveries to American mills in May of this year
amounted to 45,073 bales, as against 41,356 bales in April
last and 40,823 bales in May 1930. Raw silk in storage at
June 1 1931 totalled 32,688 bales, as compared with 35,477
bales a year ago and 35,497 bales at May 1 1931. The
amount of Japan raw silk in transit at the end of last month
is estimated at 36,900 bales, as against 7,700 bales a year
ago and 24,800 bales at the end of April 1931.
Raw silk imports for the first five months of 1931 amounted
to 226,222 bales, or 21.9% higher than in the corresponding
period of last year. Deliveries to American mills for the
five months ended May 31 1931 were 251,964 bales, or an
increase of 4.6%. The Association's statement follows:
RAW SILK IN STORAGE JUNE 1 1931.
(As reported by the principal public warehouses in New York city and Hoboken.)
(Figures in Bales.)
Total.
European, Japan. AU Other.
In storage. May 1 1931
35,497
8,377
26,386
734
Imports, month of May 1931.:
42.264
3,976
36.319
1.969
Total available during May
In storage, June 1 1931-s
2,703
668
82,705
24,223
12,353
7,797
77.761
32,688
Approximate deliveries to American mills
during may 1931-Y
2.035
38,482
4,556
45,073
JUNE 13 1931.]
FINANCIAL CHRONICLE
SUMMARY.
Imports During the Month.x
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1931.
49,294
47,827
57,391
29,446
42,264
226,222
45,244
1930.
43,175
42,234
39.990
37,515
22,596
22,369
47,063
51,147
58,292
65,594
55,293
64,616
1929.
58,384
43,278
48,103
47,762
49,894
54.031
46,795
65,516
59,970
66,514
62,885
58,479
549,884
45,824
661.611
65,134
Approximate Deliveries
to American Mills.y
January
February
March
April
May
June
July
August
September
October
November
December
Storage at End of Month z
1931.
51,814
45.399
47,407
35,497
32,688
42,561
1930.
76,264
68,646
57,773
53,704
35,477
28,450
35,565
44,978
47,621
51,278
49,238
58.430
1929.
49,943
46,993
45,218
39,125
39,898
47,425
42,596
48.408
55,104
64,129
76,452
90,772
50,619
53,839
Approximate Amoun of Japan
Silk in Transit Between Japan
and New York End of Month.
1931.
1930.
1929.
1931.
1930.
1929.
55,910
54.242
55,383
41,356
45.073
57,683
49,852
50,863
41,584
40.823
29,396
39,948
41,734
55,649
61,937
57,333
55,424
57.349
46,228
49,878
53.855
49,121
46,504
51,624
59,704
53.274
57,489
50,562
44,159
37,700
37.700
21,300
24,800
36,900
37,000
24,000
17,800
8,000
7.700
16,300
31,200
41,700
51,600
46.400
45.500
35,600
31,000
30,000
29,000
30,700
28,000
21,200
34,100
41,600
39,000
49,000
41,000
38,000
Total
251,964 582,226 619.747
Average monthly
50,393
51,646
48,519
31,680
30,375
34,383
x Covered by European manifests. 18 to 22,incl., Asiatic manifests.9410 118,incl.
I Includes re-exports. z Includes 1,685 bales held at terminals at end or month.
Stocks in warehouses include National Raw Silk Exchange certified stocks, 1.350
bales.
New York Hide Exchange Has Record Year.
A record turnover representing an increase of more than
100% over the previous year's business, was the outstanding
feature of the New York Hide Exchange during the year
ended June 3 1931. During the last five months, the
volume of business transacted was almost 200% larger than
during the same time in 1930, the total volume for the year
being in excess of a half billion pounds.
In commenting upon the record activity of the Exchange
during the past year, E. L. McKendrew, President, said:
This increase in business in the face of the widespread economic disturbances which exerted such restricting influence upon other markets, is
attributed to a broadening participation, which can be considered as
recognition of the favorable trading facilities the Exchange affords and the
important position it has attained in the industry.
The review released by the Hide Exchange on June 4
states:
The Exchange, during last year. established a new high record trading
day when, on Oct. 17, 6,360.000 pounds changed hands, while all trading
records for a month were broken last March when there was a turnover of
approximately 100,000,000 pounds.
During the year hide prices fluctuated widely which is characteristic of
this commodity, inasmuch as hides are primarily a by-product of the
meat packing business. Therefore it follows that the supply of hides is
not increased by the demand for leather, nor is the production of hides
reduced when the leather demand is curtailed. Many prominent commission houses and tanners acquired memberships during the year.
In the spot market, hide prices declined steadily and in February reached
the lowest point in 30 years, but quickly recovered about 3%c. a pound, or
50% of their value, within the ensuing month. Since that time the market
has declined somewhat but has been able to maintain most of its gains, in
contrast with the many other commodities which are still hovering around
their lowest points.
Shoe Production for April Reaches Highest Point for
the Month Since 1923.
An analysis of Shoe production during April issued June
9 by the New York Hide Exchange reports that:
Shoe production during April was the largest for any month since October
1929 and the highest April output since 1923 amounting to 29,746,542
pairs against 29,363,616 pairs in March. While the output for the first
four months of 1931 was 6.4% below the corresponding periods In 1930,
the production during March and April, thls year. showed a gain of 2%
over the same two months in 1930 when the output totalled 57.627.000
pairs against 58,902,000 this year. The production during March and
April this year also reflected a large increase over the production in the
preceding two months which amounted to 43,860,000 pairs.
Soviets Seek Larger Tobacco Production to Meet
Domestic Demand.
Soviet Russia needs to increase her present tobacco production by approximately 136% if her domestic demand is
to be met and if the requirements of a normal export trade
are to be satisfied, according to Soviet information forwarded
by Consul Lloyd D. Yates at Hamburg, Germany, and
made public by the Commerce Department's Tobacco
Division, on June 5. The Department's announcement
adds:
This increase would mean a total tobacco area of 229,000 hectares
(565,000 acres) and would involve the opening up of new areas where
tobacco is not now grown. Recent tests have shown the soli and climate in
certain parts of the Ukraine to be most suitable and at the next sowing it is
planned to put 10,000 hectares (24,700 acres) in yellow tobacco. Continued
experiements will be made and Increasing areas sown in tobacco in an effort
to make Russia self supporting in this respect, the Soviet advices state.
4319
Makers of Popular Brands of Cigarettes Withdraw
Special Discount Offer of 10% to Dealers.
The offer of 10% in additional packages, which was presented to dealers who purchased popular brands of cigarettes
in tins of fifty, was withdrawn on June 11 by the P. Lorillard
Co., the Liggett & Myers Tobacco Co., the R. J. Reynolds
Tobacco Co. and the American Tobacco Co. This is noted
in the New York "Times" of June 12 which also said:
The special inducement, which was equivalent to a discount of 10%,
had been in effect for a year and a half. Its effect was to make the cost
of cigarettes in tins of fifty less than the cost of packages of twenty
cigarettes. With the withdrawal of the special offer the price on fifty
cigarettes became the same as on twenty, which is $6.40 a thousand, less
the regular trade discounts of 10% and 2%.
Petroleum and Its Products-Interest Centers in Improved California Situation-No Change in East
Texas or Mid-Continent Status.
With conditions unchanged in East Texas and MidContinent fields, where record low crude prices were established last week, the interest of the industry this week centered on California, where constant improvement in the
working of the proration orders has led to a belief that prices
in that State may shortly return to the level obtaining on
March 10, when excess production led to a drastic reduction of posted prices.
Readjustment of California crude prices to the former
levels would mean an advance of 40c. per barrel in the average
price of the higher gravities, bnnging them to a level of
75c. per barrel. Such action would also bring about a
revision of gasoline prices to a consumer price of 15c. per
gallon, as against the present 8c.-10c. scale.
The new proration schedule, effective June 1, sets the
allowable at 427,500 barrels daily with the exception of
Kettleman Hills, providing the latter field holds to its own
allowable of 60,000 barrels daily.
Crude oil production for the country averaged 2,474,950
barrels daily for the week ended June 6, as compared with
2,462,150 barrels daily the previous week. Output continues excessive in East Texas, despite constructive proposals
Governor Sterling,
made to improve conditions there.
in conference with oil men concerning the proposal to call a
special session of the Legislature to consider measures for
curtailing the East Texas production, declared that "some
of the brainiest men in the industry say they don't know
the solution or what should be done, so what can be expected
of a poor governor. The wells in East Texas may go to
water soon, and that in itself would be a deciding factor.
Everyone might as well go fishing for a week, for it appears
no decision can be reached until then."
The Central Pennsylvania Oil Producers' Association plans
continued curtailment of crude oil production, and is considering a suggestion for a complete shut-down of wells in
that district for 30 to 60 days. Six large leases are already
shut down completely and others are curtailing output as
much as 90%. The daily production of Pennsylvania crude
is estimated at 60,000 barrels, while current demand is
about 56,000 barrels.
There were no further price revisions in crude oil this week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$0.37
Bradford, Pa
$1.75 Smackover, Ark., 24 and over
Eldorado, Ark., 40
.67
Corning, Ohio
.67
Cabell, W. Va
1.05 Rusk. Texas, 40 and over
Illinois
.75
.55 Urania, La
Western Kentucky
.61
.50 Salt Creek. Wyo., 37
Sunburst, Mont
1.55
Midcontinent, Okla.. 37
Hutchinson. Texas,40 and over.. .27 Santa Fe Springs, Calif., 40 and over .35
.72
.80 Huntington, Calif.. 26
Spindletop. Texas, grade A
1.50
Spindletop, Texas, below 25
.60 Petrone, Canada
Winkler. Texas
.25
REFINED PRODUCTS-EXPORT PRICES DROP DUE TO OVERPRODUCTION-LOCAL CONDITIONS BRING DECLINE IN
GASOLINE QUOTATIONS.
An average decline of /
3 1c. per gallon in export prices on
gasoline and kerosene at Gulf markets developed this week.
The drop is attributed directly to the increasing operations
of new refining units located in the East Texas flush producing area.
According to a current survey by the "Oil and Gas Journal"
there are now six new refineries with daily capacity aggregating 35,000 barrels operating in this territory. These
plants, running on extremely low priced crude with a relatively high gasoline content are in position substantially to
undersell the market both on domestic and export sales, and
East Texas gasoline is rapidly forging to the front as a
dominating factor in these markets.
While there were slight changes in gasoline prices due to
local conditions, the general market continued unchanged
this week, although with a slightly weaker tendency. The
crude price collapse of last week is exerting its effect and is
offsetting the normal improvement in the market resulting
from greater consumption of gasoline. Effective June 8
tank wagon and service station prices were reduced lc. a
gallon at Buffalo and Rochester by the Standard Oil Co. of
New York. The new prices are 10.8c. tank wagon and
12.8c. service station, exclusive of the 2c. State tax.
The bulk gasoline market in Chicago continues to sag,
8c. to 278c. a gallon. In
with U. S. Motor available at 2/
the New York territory tank car prices on U. S. Motor range
from 53'c. to 63c. per gallon.
Kerosene is in light demand with 41-43 water white offered
at 53.c. per gallon, tank car at refineries, and little business
being done on this basis. It is understood that a firm bid
of 5c. would be acceptable, due to the large stocks on hand.
Lubricating oils are quiet. Grade C bunker fuel oil is
fairly steady at 85c. per barrel, at refineries, and Diesel oil
continues at $1.55 per barrel, refinery.
Price changes follow:
June H.-Effective as of June 8, Standard Oil Co. of New York reduces
tank wagon and service station price on gasoline lc. per gallon at Buffalo
and Rochester. New prices are 12.8c. service station and 10.8c. tank
wagon, both exclusive of State tax of 2c. per gallon.
Gasoline. U. S. Motor. Tank Car Lots, F.O.B. Refinery.
Arkft1351113
1.04-.0434
N. Y.
N. Y.(Bayonne)California
.05-.07
Colonial-Beacon._S0.6
Stand. Oil, N.J__$0.55(
.0634 Los Angeles,ex .0454-.07
Sinclair Ref
*Stand.011, N.Y. .06
.0434-05
ex
Coast,
Gulf
06
Levick
Crew
Tide Water 011 Co .06
0531 North Louisiana .04-.045j
Texas
Richfield 011(Cal.) .07
.06A North Texas_ .0354-.0334
Gulf
Warner-QuianCo .06
Oklahoma_
.03 A-.134
.0634
Continental
Pan-Am.Pet. Co. .0554
.0531
03H-.03ih Pennsylvania
Chicago
Shell Eastern Pet- .06
New Orleans, ex..-- .04A
•Plus freight.
Gasoline. Service Station. Tax Included.
$.149
$16 Kansas CIty
New York
1.153 Cincinnati
.162
.16 Minneapolis
.20 Cleveland
Atlanta
.118
.18 New Orleans
.159 Denver
Baltimore
.14
13 8Philadelphia
.155 Detroit
Boston
Francisco
San
.12
.18
Buffalo
.148 Houston
.19
.14 Jacksoaville
Chicago
Kerosene, 41 43 Water White, Tank Car Lots, F.O.B. Refinery.
1.0214-.0334 I New Orleans, ex__10.5
N.Y.(Bayonne)S.0534-.0534iChIcago
.0434-.0334
North Texas... .0234-.03 I LosAngeles,ex. .004-.06 I Tulsa
Fuel 011, F.O.B. Refinery or Terminal.
Gulf Coast "C".$.65-.70
California 27 plus D
New York (Bayonne)8.76-1.001 Chicago 18-22 D..4234-.50
Bunker "C"
S.85
90
.
"C".......
1.551New Orleans
Diesel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
I TulsaN.Y.(Bayonne)Chicago-.
1813 plus.....1.0454-.053.( I 32-36D Inci.S.0151-.02 I 32-361)'n(1_11.0154-.02
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended June 6, from companies aggregating
3,646,100 barrels, or 94.7% of the 3,848,500 barrel estimated
daily potential refining capacity of the United States indicate
that 2,418,400 barrels of crude oil were run to stills daily,
and that these same companies had in storage at refineries
at the end of the week, 44,225,000 barrels of gasoline and
130,508,000 barrels of gas and fuel oil. Reports received
on the production of gasoline by the cracking process indicate
that companies owning 93.4% of the potential charging
capacity of all cracking units manufactured 3,073,000 barrels
of cracked gasoline during the week. The complete report
for the week ended June 6 1931, follows:
CRUDE RUNS TO STILLS, GASOLINE STOCK AND GAS AND FUEL OIL
STOCKS, WEEK ENDED JUNE 6 1931.
(Figures in barrels of 42 gallons each.)
Distrid.
Per Cent
Potential
Capacity
Reporting.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 96.6
Okla., Kans.. Missouri. 89.6
Texas
91.3
Louisiana-Arkansas._ 98.9
Rocky Mountain
89.3
California
96.5
Total week June O.__
Daily average
Total week May 30....
Daily average
94.7
Total June 7 1930_ _ _
Daily average
95.8
95.7
z Texas Gulf Coast.- 99.8
z Louisiana Gulf Coast_ 100.0
Per Cent
Ore?.
of Total
Capacity
Report.
Gasoline
Stocks. x
3,459,000
652,000
2,366.000
1,906,000
3,718,000
1,114,000
377,000
3,337,000
78.0
67.8
80.2
62.6
69.4
69.0
37.9
54.2
8.156,000
1,626.000
6,327,000
3,653,000
7,848,000
2,084,000
1,924,000
*12,607,000
9,291,000
1,202,000
3,776.000
4,443,000
9.718,000
2.472.000
848,000
98,758.000
16,929,000
2,418,400
17,322,000
2,474,600
66.3
44.225,000
130,508,000
18,701,000
2,671,600
75.7
2,900,000
751.000
77.9
72.7
Crude
Runs to
Silas.
69.3
44,795,000
Gas and
Fuel Oil
Stocks.
y53,257,000 y138,389.000
6,656,000
1.939,000
Imports of Petroleum at Principal United States
Ports Again Declined in May.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined oils) at
the principal ports for the month of May totaled 6,202,000
barrels, a daily average of 200,065 barrels, compared with
6,724,000 barrels, a daily average of 224,133 barrels for the
month of April.
Imports at the principal United States ports for the week
ended June 6 totaled 860,000 barrels, a daily average of
122,857 barrels, compared with 1,728,000 barrels, a daily
average of 246,857 barrels for the week ended May 30.
The Association reports:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS
(Barrels of 42 gallons)
Month of
At Atlantic Coast Ports-'
Baltimore
Boston
New York
Philadelphia
Others
Total
Daily average
At Gut,Coast PortsGalveston district
New Orleans and Baton Rouge..
PortArthur and Sabine district_
Tam pa
Total
Daily average
At All United States PortsTotal
Daily.average
6,922.000
1,544.000
Week Ended
June 6.
May.
May 30.
934.000
272,001)
3,317,000
789,000
828,000
1,050.000
316,000
3.150,000
803,000
1.066,000
65,000
30,000
580,000
145,000
195,000
103,000
878,000
308,000
182,000
6.140,000
198,065
8,475,000
215,833
820,000
117,143
1,666.000
238.000
62,000
82,000
102,000
a65,000
62,000
40,000
62.000
2,000
249,000
8.300
40,000
5,714
62,000
8,857
6,202,000
200,065
6,724,000
224,133
860,000
122,857
1,728,000
246.857
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons)
Month of
May.
Crude
Gasoline
Gas oil
Fuel oil
Total
a Revised.
April.
Week Ended
June 6.
May 30.
3,871,000 n3,728.000
1,106.000 1,156,000
47,000
1,225,000 1,793,000
477,000
214,000
52,000
117,000
1,146,000
300,000
6.724,000
860,000
1.728,000
6,202,000
282,000
Receipts of California Oil at Atlantic and Gulf Coast
Ports Again Fell Off in May.
Receipts of California oil (crude and refined oils) at Atlantic and Gulf Coast ports for the month of May totaled
1,465,000 barrels, a daily average of 47,258 barrels, compared with 1,647,000 barrels, a daily average of 54,900
barrels for the month of April, according to the American
Petroleum Institute.
Receipts at Atlantic and Gulf Coast ports for the week
ended June 6 totaled 438,000 barrels, a daily average of
62,571 barrels, compared with 142,000 barrels, a daily
average of 20,286 barrels for the week ended May 30.
The Association's statement shows:
CALIFORNIA OIL RECEIPTS AT ATLANTIC AND GULF COAST PORTS.
(Barrels of 42 gallons.)
Month of
May..
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others.
Total
Daily average
At Gulf Coast PortsTotal
Daily average
At Atlantic dC Gulf Coast PortsTotal
Daily average
April,
Week Ended
June 6.
May 30.
138,000
95,000
617,000
348,000
194,000
151,000
55,000
25,000
576,000
495,000
302,000
143,000
190.090
50,000
117,000
1,392,000
44,903
1,527,000
50,900
438,000
62,571
142,000
20,286
73.000
2,355
120,008
4,000
1,465,000
47,258
1,647,000
54,900
438,000
62,571
142,000
20,286
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 gallons.)
Month of
May.
129.463,000
x In all the refining districts indicated except California, figural in this column
represent gasoline stocks at refineries. •In California they represent the total
inventory of finished gasoline and engine distillate hold by reporting companies
wherever located within continental United States (stocks at refineries. water terM1nals and all sales distributing stations, including products in transit thereto).
y Revised due to change in California. a Included above In table for week ended
May 30 1931.
Note.-All figures follow exactly the present Bureau of Mines definitions. Crude
Oil runs to gills 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 011 Stooks."
[vol.. 132.
FINANCIAL CHRONICLE
4320
At Atlantic Coast PortsGasoline
Kerosene
Fuel oil
Lubricants
Total
At Gulf Coast PortsGasoline
Gas oil
Total
1,294,000
95,000
3.000
1,392,000
April.
Week Ended
June 6.
May 30.
1,389,000
42,000
96,000
438.000
142,000
1,527,090
433,000
142.000
73,000
120.000
73.000
120,000
Crude Oil Production in United States Shows a
Further Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
JUNE 13 1931.]
for the week ended June 6 1931, was 2,474,950 barrels, as
compared with 2,462,150 barrels for the preceding week,
an increase of 12,800 barrels. Compared with the output.
for the week of June 7 1930 of 2,588,050 barrels per day,
the current figure represents a decrease of 113,100 barrels
daily. The daily average production East of California for
the week ended June 6 1931 was 1,945,850 barrels, as compared with 1,933,750 barrels for the preceding week, an
increase of 12,100 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
June 6 '31. May 30 '31. May 23 '31. June 7 '30.
Week EndedOklahoma
552,400
527.700
542,700
667,600
107,000
Kansas
106.800
100,551
134,600
Panhandle Texas
59,900
61.800
59,250
111,100
North Texas
55,750
56,500
55,750
81.400
25,850
West Central Texas
26,400
25,800
58,450
209,000
210,600
West Texas
211,100
302,100
56,750
East Central Texas
55,600
53,400
40,750
East Texas
351.500
350,900
303,750
58,800
60.550
Southwest Texas
59,650
69:700
37,750
38,600
38,900
North Louisiana
40.750
45,700
46,250
Arkansas
46,650
56,400
149,750
150,500
156,450
Coastal Texas
184,000
28,950
29,900
Coastal Louisiana
30.800
23,050
101,500
102,800
103,001)
Eastern (not including Michigan)
125,500
8,150
8,200
8,300
10,300
Michigan
42,250
42,050
42,950
Wyoming
49,550
8,650
8,100
8,100
Montana
9,200
4,050
4,050
3,950
Colorado
4,350
45,700
42,900
New Mexico
43,400
19,850
528,400
529,100
536,700
California
599,400
2,474,950 2,462,150 2,437,150 2,588,050
Total
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North. West Central,
West, East Central. East and Southwest Texas, North Louisiana and
Arkansas, for the week ended June 6 1931, was 1,560,400 barrels, as compared with 1.541,700 barrels for the preceding week, an increase of 18,700
barrels. The Mid-Continent production, excluding Smackover (Arkansas)
heavy oil, was 1.529,650 barrels, as compared with 1,510,400 barrels, an
Increase of 19,250 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follows:
-IPeek Ended-Week EndedSozghwest TexasJune (i. May 30.
OklahomaJune 6. May 30.
13,200 14,900 Chapman-Abbot
3,400 3.500
Bowlegs
Bristow-Slick
12,850 12.800 Darst Creek
18,950 20,000
Burbank
13,050 13,000 Luling
8,600 8,050
Carr City
11,600 13,150 Salt Flat
11,950 12,500
Earl:there
15,700 19,400
North Louisiana
East Earlsboro
15.100 17,900 Sarepta-Cartervllle
1,200 1,200
South Ear!shore
5,700 5,300 Zwolle
7,050 7,550
Konawa
8,600 8,950
Arkansas
Little River
22,700 24,800
4,150
4,250
East Little River
5,400 5,750 Smackover, light
30,750 31,300
2,050 2,500 Smackover,heavy
Maud
6,350 8,900
Coastal TexasMission
174,950 133,000 Barbers Hill
Oklahoma City
25,700 26,000
22,700 22,950 Raccoon Bend
St. Louts
7,700 7,950
3,950 4,350 Refugio County
Searight
29,100 29,500
13.500 13,950 Sugarland
Seminole
11,100 11,200
1,500 1,750
East Seminole
Coastal LouisianaKansasEast Hackberry
1,400 1,450
6,900 6,600 Old HackberrY
Rita
750
750
16,700 16,550
Sedgwick County
Wyoming17,950 18,200
Voshell
Salt
Creek
24,850 24,800
Panhandle TexasMontanaGray County
44,600 45.600
4,450 4,400
Hutchinson County.... 9,200 9,650 Kevin-Sunburst
New MexicoNorth Texas36,000 38,800
Archer County
12,000 12,100 Hobbs High
4,500 4,350
North Young County- 8,400 8,850 Balance Lea County
CaliforniaWllbarger County
10,000 10,050
Elwood-Goleta
36,200 34.200
West Central Texas20,500 21,000
South Young County-- 3,300 3,300 Huntington Beach
Inglewood
15,500 16,000
West Testis44,500 37,800
Crane & Upton Counties 23,650 23,500 Kettleman Hills
84,200 85.500
Ector County
6,300 7,700 Long Beach
52.300 51,600
Howard County
30,200 29,200 Midway-Sunset
29,500 30,000
Reagan County
18,700 18,950 Playa Del Rey
70,500 72,300
Winkler County
44,300 44,400 Santa Fe Springs
12,000 13,500
Yates
70,600 71.300 Seal Beach
42,300 42,400
Balance Pecos County- 2,800 3,250 Ventura Avenue
Pennsylvania GradeEast Central Texas6,850 7,100
Van Zandt County
46,100 45,000 Allegany
Bradford
22,000 22,050
East TexasKane to Butler
7,050 7.200
Rusk County:
6,800 7,150
119,200 123.800 Southeastern Ohio
Joinertield
165.600 156,100 Southwestern Penns... 3,200 3,400
Kilgore
13,600 13,400
Gregg County. Longview 66,700 71.000 West Virginia
Import Duties on Kerosene, Gasoline, Sugar and
Tobaccos Increased in Federated Malay States.
The Federated Malay States import duties on kerosene,
gasoline, sugar and all tobaccos and manufactures thereof,
were increased, effective June 1 1931, according to a cablegram received in the Department of Commerce from Trade
Commissioner Don C. Bliss at Singapore. The following
are the new rates of duty, in local currency, with the former
rates in parentheses:
Kerosene, 15 cents per Imperial gallon (10 cents); gasoline, 35 cents per
Imperial gallon (25 cents); sugar, 3 cents per pound (1 cent). All tobacco
products were increased 10 cents per pound; cigars and snuff, $1.60 ($1.50);
cigarettes, $1 (90 cents); unmanufactured tobacco, 70 cents (60 cents):
manufactured tobacco not otherwise provided for, 81.10 ($1).
(Straits Settlements dollar equals approximately U. S. $0.57.)
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 May
30 1931 there were produced a total of 112,829,790 feet of
lumber, 108,447,252 feet ordered and 127,579,403 feet
shipped. This compares with 118,492,959 feet produced,
102,366,619 feet ordered and 121,615,690 feet shipped by
the same number of mills during the preceding week. The
Association's statement follows:
4321
FINANCIAL CHRONICLE
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (324 IDENTICAL MILLS.
(All mills reporting production for 1930 and 1931 to date.)
131,872,364 feet
Actual production week ended May 30 1931
123,412,541 feet
Average weekly production 21 weeks ended May 30 1931
158,599,829 feet
Average weekly production during 1930
195,377,959 feet
Average weekly production last three years
298,249,042 feet
x Weekly operating capacity
:Weekly operating capacity is based on average hourly production for the 12 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 9.
May 23.
May 16.
May 30.
Week Ended112,829,790 118,492,959 116,900,018 117,130,774
Production
108 447,252 102,366,619 108,879,917 110,426,499
Orders (100%)
32,726,603 41,833,717 40.566,498 41,429,165
Rail (30%)
38,426,240 50,433,5813 40,206,696
Domestic cargo (44%).--. 47,899,811
19,959,593
9,413,326
17,431,349 13,341,953
Export (16%)
8,831,045
8,764,709
8,466,507
10,389,489
Local (10%)
127,579,403 121,615,690 128,765,601 114,969,166
Shipments (100%)
41,378,803 44,707.349 42,666,287 40,838,642
Rail (33%)
Domestic Cargo (42%)--- 53,573,837 42,150,127 46,881,843 41,586.184
22,237,274 25,993,505 30,750,964 23.713,295
Export (17%)
8,831,045
8,466,507
10,389,489
8,764,709
Local(8%)
380,986,633 400,757,913 421,858,390 446,188,210
Unfilled Orders (100%)
93,983,561 102,243,031 106,092,487 109,154,645
Rail (25%)
Domestic Cargo (48%)- _181,900,192 188,357,942 192,480.588 190,270,056
105,102,880 110,156,940 123,285,315 146.763,509
Export (27%)
194 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1930
and 1931 to date.)
Average 21
Average 21
Weeks Ended
Weeks Ended
Week Ended
May 301931. May 30 1931. :Kay 311930.
109,213,103
102,552,834
158,298,407
Production (feet)
107,557,281
146,213,280
106,079,284
Orders (feet)
108,319,573
148,334,019
124.708,049
Shipments (feet)
WEEK
ENDED
MAY
30
1931
(110 Milli).
DISTRIBUTION
DOMESTIC CARGO
Orders on
Hand Begin'g Week
May30 '31
Orders
Received.
Cancellations.
Shipmeats,
Unfilled
Orders
Week Ended
May 30 '31.
Washington dh Oregon
Feet.
Feet.
Feed.
Feet.
Feet.
(94 Mills)59,900 17,594,306 63,276,217
63,931,548 16,998,875
California
262,520 30,193,759 100.003,964
103,922,360 26,537,883
Atlantic Coast
291,000 5,550,876
684,457 --204,896
4,952,523
Miscellaneous
Total Wash.& Oregon 172,806,431 44,221,215
Reporting domes, cargo
142,500
1,267,863
only (4 mills)
117,52448,079,065 168,831,057
174,074,29444,383,715
Totals
Brit. Col.(12 Mills)550,000
1,346,748
California
940,216
6,713,726
Atlantic Coast
8.223,174 2,045,880
Miscellaneous
117,52446,308,405 170,012,080
Total Brit. Columbia_ 14,283,648 3,536,096
Reporting domes, cargo
None
None
only
666,000 5,265,632 11,888,112
14,283,648 3,536,096
666,000 5,265,632 11,888,112
Total domestic cargo_ 188.357,942 47,899,811
783,524 53,574,037 181,900,192
Totals
None
229,340
285,000
613,773
281,000 1,918,128
100,000 2,733,731
None
None
1,181,023
997,975
5,454,814
5.435,323
None
Output of Venezuelan Crude Oil Declined During
May-Shipments Higher Than in Preceding Month.
According to O'Shaughnessy's "Weekly Oil Bulletin,"
the estimated production of crude oil in Venezuela amounted
to 9,514,909 barrels (a daily average of 306,932 barrels)
during the month of May 1931, as compared with 10,918,419
barrels (a daily average of 352,207 barrels) during the corresponding month last year and 9,262,503 barrels (a daily
average of 308,749 barrels) in the month of April of this
year. Estimated shipments during May 1931 totaled
9,048,694 barrels (a daily average of 359,126 barrels), as
against 8,585,690 barrels (a daily average of 286,190 barrels)
in the previous month. The "Bulletin" shows:
PRODUCTION IN VENEZUELA (PARTLY ESTIMATED) IN
OF 42 GALLONS,
BARRELS
By Companies.
May 1931.
Per Day .
May 1930.
Per Day,
V. 0. c
Lago
Gulf
Caribbean Petroleum-- Creole Petroleum
Colon 011
B. C.0., Ltd
General Asphalt
2,718,016
2,676,928
1,697,899
969,369
640,900
641,504
162,543
7.750
87,678
86,352
54,771
31,270
20,672
20,694
5,243
250
3,105,103
3,166.960
1,938,671
1,580,039
472,197
399,912
210,137
44,900
100,165
102,160
62,538
50,969
15,232
12,900
6,795
1,448
Total
By Fields.
Lagunillas
La Rosa-Ambrosio
Benitez
Concepcion
La Paz
NIene Grande
Tarra
El Merle
Quirequire
Guanoco
9,514,909
306,932
10,918,419
352,207
5,444,681
1,493,858
35,110
445,101
78,184
969,369
641,504
162,543
236,809
7,750
175,635
48,189
1,132
14,358
2,522
31,270
20,694
5,243
7,639
250
5,912,308
2,480,344
73,868
191,022
25,389
1,580,039
399.912
210,637
190.720
80,011
2,383
6.162
819
50,969
12,900
6,795
44,900
1-,448
9.514.909
306.932
10,918.419
352,207
Tntal
SHIPMENTS OF VENEZUELAN CRUDE OIL (IN BB1,13. OF 42 GALLONS).
Month ofv.0.C
Lag°
Gulf
Caribbean Petroleum
Creole Petroleum
Colon Oil
B. C. 0., Ltd
General Asphalt_ .--
May 1931. Aprll 1931. March 1931 Feb. 1931. Jan. 1931.
2,603,597
2,661.817
1,533,000
751,440
728,000
619.100
161,740
None
2,609,173
2,525,430
1,370,000
673,607
661,000
587,880
158,600
None
3,171.672
3,475,474
1,638,000
493.000
810,000
625,500
146,700
None
2,864,736
3,097,269
1,602,000
570,080
657,000
565,040
159,600
None
3,203,518
3,481,548
2,079,000
634,400
583,360
660,920
144,543
None
0 048 694 b8.585.690 c10.362.346 d9.515.725 el0.787 2Re
a Equivalent to 359,126 barrels per day. b Equivalent to 286,190 barrels per
day. c Equivalent to 334,269 barrels per clay. d Equivalent to about 339,347
barrels per day. e Equivalent to 344,997 barrels per day.
'rn+ol
4322
FINANCIAL CHRONICLE
[VOL. 132.
Production of Refined Copper Higher-Shipments were in excess of 10.000 tons, a good showing in view of the buying in the
two preceding weeks.
Again Off-Inventories Increase.
Most of the copper sold to domestic consumers in the past week was
Total stocks of refined copper in North and South America booked at 8h cents, the trade paper says. Lead business was fair at
finchanged prices.
on June 1 1931 amounted to 398,667 tons, an increase of
30,746 tons, or 61,492,000 pounds, over stocks of 367,921
Zinc Price Is Advanced.
tons on May 1, and compares with 308,646 tons on June 1
From the Brooklyn "Daily Eagle" of last night (June 12)
1930, according to figures released by the American Bureau
we take the following:
of Metal Statistics and given in the "Wall Street Journal"
Zinc buying is
better volume with fair inquiry in forenoon to-day
of June 12. Stocks of blister copper on June 1 were 190,578 and good sales lateinThursday
so that prime Western zinc is up five points
tons compared with 193,876 tons on May 1 and 198,811 to 3.40 cents a pound East St. Louis.
tons on April 11931, continues the "Journal," which further
says:
Price of Platinum Advanced.
Total stocks of refined and blister copper In North and South America
The following is from the "Wall Street Journal" of June 9:
on June 1 were 589,245 tons, compared with 561,797 tons on May 1 and
Price of platinum has been advanced to $37.50 per ounce from £25.
553,016 tons on April 1 1931.
Production of refined copper in May was 102.695 tons or a daily rate of
3.313 tons, against 100,501 tons, or a daily rate of 3,350 tons in April,
and comparing with 132,183 tons or a daily rate of 4,264 tons in May 1930. Employees at Mansfield (Ohio) Plant of Empire Steel
Shipments in May amounted to 71,949 tons, of which 45,265 tons were
Co. Voluntarily Cut Wages.
for domestic shipment and 26,684 tons were for export, compared with
Associated
Press
advices from Mansfield, Ohio, June 8
total shipments of 86,785 tons In April, of which 54,567 tons were for
domestic shipment and 32.218 tons were for export. In May 1930 total stated:
shipments were 124,875 tons, of which 75,760 tons were for domestic
Sixteen hundred employees of the Mansfield plant of the Empire Steel
shipment and 49,115 tons were for export.
Co. have voluntarily cut their wages 5% to help tide the company through
The following table gives, in short tons, the output of United States Its receivership. Not long
before the company went into receivership
mines, blister and refined copper production of North and South America, last week the
same employees struck when a 5% and later a 10% reduction
Great Britain, &c.:
was announced. The strike was settled when the firm rescinded the
wage cut.
May.
April.
Profuetion.
January. February. March.
45,871
68,812
24,812
210,637
363,827
206,224
363.829
198.811
354,205
193,876
367,921
190,578
398,867
574,464
566,853
553,016
581,797
689,245
7,431
1,747
8,899
1,784
9,887
1,723
12,784
1,584
15,183
1,374
9,178
3,920
6.142
10,483
3,785
7.898
11,610
6,393
8.351
14,348
8,646
Y
18,537
11,045
Y
Total
Havre
Japan
Includes direct copper. y Not yet available.
The following table shows in short tons shipments and production of
refined copper by North and South Ameecan producers and refineries:
Shipments.
Production.
1931-May
April
March
February
January
1930-December
November
October
September
August
July
June
May
Aprli
March
February
January
26,684
32,218
38,797
39,415
45,597
42,265
54.567
74,685
80,836
60,209
71.949
86,785
111.482
100.051
105.806
106,366
112.646
118.229
116.004
120,778
123.179
124.821
132.183
7124,531
127,064
121,195
132,374
3,431
8.755
3,814
3.867
3.898
3,974
4.161
4.264
4,151
4,099
4,328
4,270
39,169
45,051
38,248
37.873
38,319
42,466
44,818
49,115
29,196
30,523
29,597
30.358
69,854
62,693
75.703
65,169
56,810
75.436
71,887
75,760
50,017
73,844
61,879
69.932
109,023
107,744
113,949
103.042
95,129
117,902
116,705
124,875
79,213
104,187
91,476
100,290
1,459.370
3,998
454,731
808.784
1,263,515
138.203
145,376
152,840
134,343
148.848
153,513
156,447
161,784
161,285
163,561
141,385
154,472
4.458
4,846
4.930
4.478
4,795
4,952
5,215
5,219
5,376
5.276
5,049
4.983
93,802
106.858
159,190
143.954
142,005
138,924
143,719
148,868
156,759
185,808
148.921
157,189
Total.
1,811,857
4,964
588,594
1,119,409
1,708,003
1.627,849
1,478,508
1,440.454
1.352,309
1.300.332
4.448
4,045
3,946
3,705
3.553
674.221
641,865
525.881
584,553
566.395
983,480
824.844
902.174
831.171
753,389
1.657,881
1.466,709
1,428.035
1,415.724
1.319.783
00000a.w.**0ww
-40m..100000,4-40
Total 1929
Total 1928
Beginning 1026, includes shipments from Trail refinery in British Columbia,
3
,Includes imports of cathodes.
The following table shows production in short tons by United States
mines, according to types of mines:
Prophyry mines
Lake mines
Vein mines
Custom:ores
Total crude produced_
Partly estimated.
JanuaryMay 1931.
February.
March.
April.
May.
18.332
4,500
21,372
3.300
18,575
4,531
22.037
3,559
18.514
5.229
19,740
11,9139
18,838
4,727
19,408
:2,700
93,068
23,294
103.782
16,246
47.504
48702
46.452
45,871
238,388
SLAB ZINC STATISTICS (ALT. GRADES) 1929. 1930 & 1031 (Tons of 2,000 lbs.)
Produced
During
Month.
Shipped
During
Month.
50,862
48.057
55,107
55,203
57,475
52,532
54,447
55,708
51,994
54,513
48,411
47,292
50,234
52,395
58,463
58,334
58,226
49.182
47,943
51,980
47.202
48,777
43,148
36.717
Total
1930.
January
February
March
April
May
June
July
August
September
October
November
December
631.601
602,601
52,010
44,628
48.119
44,435
44,556
43.458
40,023
41,012
40,470
40,922
32,097
32.733
40,704
41,296
41,820
40,597
38.681
36.448
35,389
31,901
32,470
32,430
30.285
34,254
Total
1931.
January
February
March
April
May
504.463
436.275
32,522
29,562
32,328
29,137
25,688
31,084
30,249
35,224
27,418
25,851
Month.
1929.
January
February
March
April
May
June
July
August
September
October
November
December
Retorts Unfilled
Stock at a Ship- Overage Orders Daily
End of pet for End of End of Aver.
Month. Export. Month. Month. Prod,
63,608
68,127
88,015
70,455
70.533
69,703
69.911
59,408
69.468
67.636
58.723
57,999
58,726
59,610
79,995
55.571
42,883
38,127
32,031
24.283
20,270
14,844
11,872
18.585
1,6411
1,716
1,778
1,840
1,854
1,751
1,756
1,797
1,733
1,758
1,814
1,526
59,457
57,929
51,300
50,038
52,072
52,428
46,030
50,404
44,974
41,004
37,492
33,640
39.017
32,982
29,330
29.203
30,516
28,979
34.135
28,972
27,108
29,510
24,481
26,851
1.678
1,594
1,552
1,481
1,437
1,449
1,291
1,323
1,349
1,320
1,070
1,056
35,635
35,518
34,221
29,072
23,024
30,251
33,453
31,216
36,150
31,148
1,049
1,056
1,043
971
829
8,352
apoor-vsocrom
100000'
000340.-)
00000.
00r0'0'm....0
0000010t.
Domestic.
3,313
3,374
3,292
3,586
3,305
58.150
68,979
105,729
98,043
96,970
98.720
95,258
93,743
99,051
105,860
98,771
100,135
1929-December
November
October
September
August
July
June
May
April
March
February
January
1927
1926
1936
1924
Export.1
102,695
100.501
102,058
99,853
102.458
jstanntg=r4
Total 1930
Total.
Dailg
Rate.
Output and Shipments of Slab Zinc Again Off During
May-Inventories Slightly Lower.
According to the American Zino Institute, Inc., a total
of 25,688 short tons of slab zinc were produced during the
month of May 1931 as compared with 44,556 tons in the
corresponding month a year ago and 29,137 tons in April
1931. Shipments during May last amounted to 25,851
tons as against 27,418 tons in the preceding month and
38,681 tons in May of last year. Stocks at the end of
May 1931 were 143,049 tons as compared with 143,212 tons
a month previous and 106,080 tons a year ago.
Production of slab zinc during the first five months of the
current year totaled 149,237 short tons as against 233,748
tons in the corresponding period in 1930, while shipments
amounted to 149,806 tons as compared with 203,098 tons in
the five months ended May 31 1930. The Association's
statement shows:
..620ta00'03100303...0
46,452
65.509
24,613
1411,
48,702
71,244
24,551
ecolAlm814
47,504
88,786
24,124
000 WWWW000
00INC.PONWW.P.00'
Total
Great Britain:
Refined
Other forms
48,059
86,770
24,064
.410000.0.WWWW4.4.
0,A00100000=00-4
Mines, United States
:Blister, No. America
z Blister, So. America
Stocks (End of Month)North and South America:
Blister (Incl."In process")
Refined
20
6
17
26
31
37
31
17
11
0
0
0
196
145,078
144,389
141,493
143.212
143,049
1
0
0
0
20
Total
149,237 149.806
21
a Export shipments are included in total shipments.
Average Retorts Operating During First Floe Months.
May.
April.
January
March.
February.
1931
23,032
35,137
29,165
33,047
38,823
1930
52,104
81.812
50,281
54,809
58,403
Note.-The foregoing figures have been adjusted to includes number of corrections
made by slab zinc producers in their reports as originally submitted to the Institute.
The corrections were made to Insure uniformity in the method of reporting, and
particularly to include in "Stock on Band" all slab zinc at the reporting Plants
regardless of whether sold or unsold.
Copper at 83 and 8 Cents During Week.
Copper sales this week have been at 8 and 83j cents. Better Inquiry in Non-Ferrous Metals-Copper Turns
Quiet After Good Sales at 8.25 Cents.
The New York "Evening Post" of June 11 had the following
Improved sentiment in Wall Street, coupled with a feelto say:
P The copper market was quiet to-day at 8h cents a pound. with little ing that production of most of the major non-ferrous metals
demand at this figure.
will soon show the effects of prevailing low prices, resulted
Iwo A canvass of the metal situation by "Metal and Mineral Markets" has
shown that the settlement on custom smelter contracts revealed no sales in a better inquiry, if not in actual business, "Metal and
of the metal at 8 cents a pound. Domestic sales of copper for the week Mineral Markets" reports adding:
JUNE 13 1931.]
FINANCIAL CHRONICLE
Most of the copper sold to domestic consumers in the past week was
booked at 8% cents, delivered Connecticut, an advance of one-quarter
cent from the recent low. Lead business was fair at unchanged prices.
Zinc statistics, released during the period, revealed a sharp contraction in
output, and, on the assumption that further curtailment is inevitable,
consumers appeared eager to take on a good tonnage of the metal for thirdquarter delivery. Tin was higher on plans of the London group to withdraw a good tonnage of surplus metal from the market.
Domestic sales of copper for the week were in excess of 10,000 tons, a
good showing in view of the buying that took place In the two preceding
weeks Foreign buyers appear willing to acquire copper around current
levels and export sales so far this month amount to more than 18,000 long
May statistics, to be released soon, will probably show a greater
tons.
Increase in stocks than first estimated. This news got around the trade in
the last day or two and buyers generally were disposed to hold off from
placing further business to see what influence the statistics will have on the
situation. Producers believe that current prices very nearly discount anything that the actual figures might show.
Total sales of lead for June shipment are already in excess of 25,000
tons, and the total for the month is expected to show an increase over May.
Zinc moved up five points, closing at 3.30 cents.
Unfilled Orders of United States Steel CorporationSteel Backlog off 277,277 Tons.
Unfilled orders on the books of the subsidiaries of United
States Steel Corp. at May 31 were down 277,277 tons to
3,620,452 tons. At April 30 the backlog was 3,897,729 tons
while at May 31 1930 the figure was 4,059,227 tons. Below
we show the monthly figures back to January 1926. Figures
for earlier periods may be found in the "Chronicle" of April
• 17 1926, page 2126:
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
1928.
1927.
1929.
1926.
End of'Month. 1931.
1930.
4,132,3514.468,710 4,109,487 4,275,947 3.800.177 4,882,739
January
4,398,189
4,144,341
3.597.119 4,616,822
4,479,748
3,965.194
February
March_
3,995,330 4,570,653 4,410,718 4,335,206 3.553,140 4,379.935
April
3,897,729 4,354,220 4,427,763 3,872,133 3.456.132 3,867,976
May
3 620,452 4,059,227 4,304,167 3,416,822 3,050,941 3,649.250
3,968,064 4,256,910 3,637,009 3,053,246 3,478,642
June
4,022,055 4,088,177 3,570,927 3,142,014 3.602,522
July
3,580,204 3,658,211 3,624,043 3,196,037 3,542,335
August
3,424,338 3,902,581 3,698,368 3.148,113 3,593.509
September__
3.481,763 4,086,562 3,751,030 3,341,040 3,663.661
October
3,639,636 4,125.345 3,643,000 3,454,444 3.807.447
November_
3.943.596 4.417.193 3,976,712 3,972.874 3,960,969
December
4323
car material. The Virginia Bridge & Iron Co. has placed 4,000 tons of
steel for car bodies to be built for the Norfolk & Western.
The Canadian tariff will not seriously affect American steel mills, since
increases in duty are offset by reductions. Coke, however, which was
formerly on the free list, was made dutiable at 81 a ton.
The "Iron Age" composite price for heavy melting scrap has declined
from $9.67 to 89.50 a ton. The finished steel and pig iron composites are
unchanged. A comparative table follows:
Finished Steel.
Based on steel bars, beams, tank plates,
One
o9 1931, 2.102c. a Lb.
2.1020. wire, rails, black pipe and sheets.
week ago
2.1140. These products make 87% of the
One month ago
2.2140. United States output.
One year ago
Low.
High.
2.102o. June 2
2.142c. Jan. 13
193
030
1
2.121c. Dec 5
2.3620, Jan. 7
2.3620. Oct. 25
2.412o. Apr. 2
1929
2.3140. Jen. 3
2.391o. Dec. 11
1928
2.293c. Oct. 25
2.453o. Jan. 4
1927
2.403o. May 18
2.453o. Jan. 5
2.396o. Aug. 18
2.5600. Jan. 6
16
92
25
6
Pig Iron.
Based on average of basic Iron at Valley
June 9 1931, $15.63 a Grass Ton.
$15.63 furnace and foundry irons at Chicago.
One week ago
15.79 Philadelphia, Buffalo. Valley and BlrOne month ago
mingham.
17.50
One year ago
Low.
High.
515.63 May 26
Jan. 6
$15
.90
1931
15.90 Dec. 16
18.21 Jan. 7
18.21 Dec. 17
18.71 May 14
1992390
17.04 July 24
18.59 Nov. 27
1928
17.64 Nov. 1
19.71 Jan. 4
1927
19.46 July 13
21.54 Jan. 5
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on No. 1 heavy melting steel quoJwunek91931,
$9.50 a Gross Ton.
n0
tations at Pittsburgh, Philadelphia
89.67
week ago
9.83 and Chicago.
8114
ago
13.42
One year ago
Low.
19289.50
811.33 Jan. 6
June 9
1931
11.25 D.
Dee. 9
15.00 Feb. 18
11902300
14.08 Dec. 3
17.58 Jan. 29
13.08 July 2
18.50 Dec.Deo. 31
13.08 Nov.22
15.25 Jan. 11
1927
14.00 June 1
17.25 Jan. 5
15.08 May 5
20.83 Jan. 136
19
92
25
Steelworks operations this week are on the verge of
breaking through the 40% rate which many leaders of the
steel industry believed would represent the summer low,
reports "Steel" in its issue of June 11. While building, pipe
line and general manufacturing needs for steel appear
thoroughly liquidated, no important gains may be expected
Steel Output at 40% of Capacity-Price of Steel Scrap from them over the near future. But automotive and railroad demand continues to ebb, hence it is not illogical to
Again Drops.
The automobile industry is chiefly responsible for a fur- expect moderate further recession. "Steel" further states:
Of the four major production districts. Pittsburgh, down fractionally this
ther decline in raw steel production from 42 to 40% of week,
is already at 40%. Chicago is off one point to 40-42%. Eastern
capacity and it will strongly influence the course of ingot Pennsylvania is unchanged at 37%. and the Youngstown district has
output in the next two months, the "Iron Age" of June 11 advanced one point to 42%. Of the less important production areas,
Buffalo is unchanged at 40%. Birmingham remains at 50%. Cleveland is
announces. Demand for iron and steel from other sources down
nine points to 44%•
is holding fairly constant, suggesting that the irreducible
In general, neither producers nor consumers manifest noteworthy interest
in
third
quarter contracts or prices. Important Mahoning valley sheet
has
been
reached,
but
motor
car
requirements
minimum of
strip makers indicate their intention beginning with the third quarter
manufacture has been receding steadily since the premature and
to adhere firmly to the new classification bases, which for many flat rolled
contraction of retail sales in May, and seems to be headed Products is tantamount to an increase. There is no doubt, however, that
old bases will militate against imfor a very low operating rate in July, with suspensions such the usual carryover of business on the
mediate, widespread application of the new prices. Apparently a start
as occurred a year ago a possibility, adds the "Age," which is to be made with a firm stand on the higher finishes.
Sheet prices for third quarter, based on the new classifications, are
further states:
These expectations, however, fail to take into account the sensitivity
of motor car demand to changes in general business sentiment. If the
automobile trade is justified in the belief that the recent stock market
decline checked its retail sales, the later recovery of securities prices should
have the opposite effect.
But regardless of automotive developments the steel industry sees nothing
that will bring about a revival of activity in the next two months unless it
be the coal strike. So far the strike is limited to relatively few mines in
western Pennsylvania and West Virginia and is not regarded seriously.
It is interesting to recall, however, that a coal strike in the same region
came to the turning point of our last severe depression nine years ago,
driving up prices of coke, pig iron and finished steel. For example, furnace coke which was quoted at 33.25. Connellsville, at the beginning of
April rose to $7.50 before mid-year was reached.
Aside from possibly some narrowing of variations in behive coke prices,
the present disturbance has had no visible effect in any of the markets.
Meanwhile, Iron and steel producers are preparing for a dull summer by
making every possible effort to cut operating expenses. Reductions in
salaries and operating personnels have been made by some companies, and
a number of the larger interests which had previously attempted to prorate work among their various plants have finally shut down at certain
points and are concentrating at their low cost centers.
Prices of finished steel are being given little test, since mills are not
pushing forward contracting. Makers of sheets and strips will accept
second quarter specifications until Juno 30 for shipment until the last
day of July. As this means that many users will have enough steel to
carry them well into August, there is little interest in third quarter contracts. Spot orders are still bringing out concessions in some products,
notably in cold-rolled strip and galvanized sheets.
Scrap has given further ground at Pittsburgh and Detroit, heavy melting
grade declining 50c. a ton at both centers. At Pittsburgh an important
steel interest wiiich had not bought for several months c.osed for considerable tonnage, and dealers made heavy purchases of railroad offerings,
indicating their willingness to build up yard stocks at present market levels.
Tin plate is the most active among finished steel products, with output
holding at 65 to 70%. Producers expect 1931 production to compare
favorably with the 1930 total, which fell only 83-i % below the 1929 peak.
Operations of seamless and electric weld line pipe plants are still being
stepped up, and sales of standard pipe from stock show an encouraging
increase. The Instill interests of Chicago are in the market for 200 miles
of 24 to 26-inch gas line, 35,000 tons, to be laid in Texas. Export inquiry
for tubular products has improved. Fabricated steel awards of the week,
at 48,000 tons, are above average proportions.
The downtrend of rail mill operations at Pittsburgh has been checked by
heavier specifications. The Seaboard Air Line has ordered 6,000 tons
of rails from the Ensley mill. Chicago mills have booked 15.000 tons of
expected to be announced by leading producers late this week. In some
districts, wire and nail prices have been extended into third quarter, as
already done on bolts, nuts and rivets. The recent attempt to strengthen
strip prices indicates the levels to be asked for third quarter, and no change
appears in prospect for semi-finished steel, plates, shapes or bars.
Due in large measure to the award of 25.000 tons for the Marshall Field
Estate building in Chicago to the McClintic-Marshall Corp., this week's
structural awards amount to 61,329 tons, the largest since early in April.
This is more than double the 26,704 tons awarded last week. While a
number of small projects are not materializing, the balance is maintained
by large bridge jobs, of which three alone require 185,000 tons.
The decline in automobile production which carried May output 4%
under the 335,000 of April is being accelerated this month. It appears
that June production will certainly fall below 300,000 units, and may not
better the 275,000 rate of March. Ford requirements for some products
have been reduced by half, and sentiment in Detroit, which had visioned
a moderately good summer, has been sharply deflated.
Indicating the approaching end of their primary rail orders and absence
of secondary buying. Chicago rail mills now are operating at no better
than 40%. Seaboard Airline has placed 3,500 tons of rails with the Birmingham maker. Freight car awards in May totaled only 20, an unheard-of low number.
Steel pipe line orders are conspicuously absent, although mills could book
substantial business if willing to accept long-term obligations. Chicago
plate mills this month will increase shipments of skelp to the Milwaukee
pipe fabricator, but these will be against old orders.
The reduction of 8% in the daily output of steel ingots in May. from
104,711 gross tons in April to 93,065, was not unexpected in view of the
five
persistent decline in operations. The daily average for the first
months this year is 102,191 tons, compared with 155.076 tons a year ago.
blowing
Further loss in pig iron production is indicated by the banking or
out of four additional stacks this week. Scrap prices are tending to level
off and short interests are less active. To the extremely low prices of
scrap and its availability is ascribed the fact that iron ore shipments this
year are only one-fourth the volume of the same period of 1930.
"Steel's" price composite this week is unchanged at $31.03.
•
avergs8 ot
inhae
Steel ingot output for the week ended June 4,7
shade over 39%, compared with a little under
preceding week and about 43% two weeks ago, reports the
"Wall Street Journal" of June 10, which goes on to say:
The U. S. Steel Corp. is credited with a fraction over 40% against 42%
/
2% two weeks ago. Leading independents are at
a week earlier and 441
/
2%, contrasted with a slight fraction below 40% in the previons
about 381
week and 42% two weeks ago.
4324
FINANCIAL CHRONICLE
There was a small increase in the activities in the Youngstown district
during the past week, but this was offset by larger reductions in other
Important steel producing centers. It is contended that the upturn in
Youngstown was insignificant and that the trend will be downward again
In the coming weeks, although there is likely to be more resistance to
lowering the rate in the future.
At this time last year the U. S. Steel Corp. was at 75%, independents
around 67c, and the average was about 70%. In 1929 the Steel Corp. was
running at capacity, with independents better than 94% and the average
was 96%%. In the same week of 1928 the Steel Corp.'s rate was 79%, that
of independents 73%, and the average about 751
/
2%.
Mechanization of Ruhr Coal District in Germany
Closes 83 Mines in 7 Years.
Since 1924, mechanization in the Ruhr district coal industry has forced the permanent closing of 83 mines, capable
of producing 16,000,000 tons annually, according to German
figures presented at a recent meeting of German coal trade
associations in Berlin, forwarded to the Department of
Commerce by Trade Commissioner William T. Daugherty
at Berlin. On June 3 the Department also said:
Furthermore, in the last 1;,6 years. 94.000 laborers have been let off,
and stocks on hand have reached the large total of 12,000,000 tons, the
German statistics indicate.
A prominent German industrialist addressing this meeting, said that
mechanization had not brought about profit-showing, and that it was not
effected to attain "a senseless production increase." It was done to permit
German mining to compete against world competition, he said. The
German coal industry is threatened continually with competition from imports, especially of British coal on this market, he stated.
Output of Bituminous Coal Declined, Due to Occurrence of Memorial Day Holiday-Anthracite Production Higher.
The total production of bituminous coal during the week
ended May 30 1931 is estimated at 6,466,000 net tons, a
decrease of 162,000 tons as compared with the preceding
week, the loss being due to the occurrence of the Memorial
Day holiday on May 30. During the same week 1,384,000
tons of Pennsylvania anthracite were produced. This
compares with 6,628,000 tons of bituminous coal and
1,264,000 tons of Pennsylvania anthracite in the previous
week and 7,590,000 tons of bituminous coal and 1,226,000
tons of Pennsylvania anthracite in the week ended May 31
1930.
During the calendar year to May 30 1931 the output of
bituminous coal amounted to 160,597,000 net tons, as
against 195,019,000 tons in the calendar year to May 31
1930. The Bureau's statement follows:
BITUMINOUS COAL.
The total production of bituminous coal during the week ended May 30
1931 including lignite and coal coked at the mines, Is estimated at 6.466.000
net tons. This is a decrease of 162,600 tons, or 2.4%,from the output in the
preceding week, the loss being due to the occurrence of the Memorial Day
holiday on May 30. Shipments indicate that many mines remained open
on the holiday, and that the average time worked was equivalent to 0.4
of a normal working day.
Estimated United Slates Production of Bituminous Coal (Net Tons.)
9
1931
Cal. Year
Cal. Year
Week Endedto Date.a
Week
to Date.
Week.
May 18
8,169,000 179,157.000
6,783,000 117,503,000
Daily average
1,131,000
1,362.009
1,272,000
1,543,000
May 23 b
8,272,000 187,429,000
6,628,000 154,131,000
Daily average.
1.263.0001,379.000
1.535,000
May 30 c
6,468.000 160,597,000
7,590.000 195.019.000
Daily average
d1,197,600
1,408.000
1,261,000
1.530.000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision. d May 30
weighted as 0.4 of a normal working day.
[VOL. 132.
The total production of soft coal during the present calendar year to
May 30 (approximately 127 working days) amounts to 160.597,000 net
tons. Figures for corresponding periods in other recent calendar years are
given below:
1930
1929
195,019,000 net tons 1928
216,301.000 net tons 1927
198,231.000 net tons
235,267.000 net ton.s
As already indicated by the revised figures above,the total production of
soft coal for the country as a whole during the week ended May 23 is estimated at 6,628,000 net tons. Compared with the output in the preceding
week, this shows a decrease of 155,000 ton.s, or 2.3%. The following table
apportions the tonnage by States and gives comparable figures for other
recent years.
Estimated Weekly Production of Coal by States (Net Tone.)
Week EndedMay 21
May 16
May 23
May 25
State-1931.
1930.
1931.
1929.
Alabama
248,000
245,000
276,000
334,000
Arkansas
12,000
7,000
10,000
12,000
Colorado
121,000
78,000
90,000
109,000
Illinois
771,000
814,000
668,000
887,000
Indiana
245,000
254,000
226,000
309.000
Iowa
54,000
49.000
62,000
58,000
Kansas
28,000
36,000
37,000
34.000
Kentucky-Eastern__ _ _
607,000
770,000
686.000
844,000
Western
132,000
135,000
119,000
210,000
Maryland
32,000
31,000
30.000
45.000
Michigan
9,000
2,000
2,000
14.000
Missouri
53.000
41,000
40,000
69,000
Montana
46,000
48,000
31,000
30,000
New Mexico
35,000
40,000
31.000
27,000
North Dakota
11,000
11,000
17.000
18,000
Ohio
365,000
465,000
405.000
382.000
Oklahoma
18,000
17,000
22,000
36,000
Pennsylvania
1,868,000 1,816,000 2,380,000 2,743,000
Tennessee
68,000
83,000
83,000
95,000
Texas
11,000
7,000
19,000
4,000
Utah
42,000
49,000
36,000
63,000
Virginia
188,000
242,000
204,000
214,000
Washington
39,000
24,000
26,000
38.000
West Va -Southern b
1,341,000 1,339.000 1,687,000 1.868,000
Northern c
608,000
711,000
479,000
414,000
Wyoming
89,000
83,000
81,000
80.000
Other States d
2,000
2,000
1.000
1,000
May 1923
Aver a
398,000
20,000
168,000
1,292,000
394,000
89.000
75,000
679,000
183,000
47,000
12.000
56,000
42,000
57,000
14,000
860,000
46.000
3.678.000
121,000
22,000
74.000
250,000
44,000
1,380,000
862,000
110,000
5,000
Total bituminous coal_ 6,628.000 6,783,000 8,272.000 9,332,000 10,878,000
Pennsylvania anthracite. 1,264,000
875.000 1,280,000 1,485,000 1,932.000-Total all mai_
7,892,000 7,058,000 9,552.000 10.817.000 12,810,000
a Average weekly rate for the entire month. b Includes operations on the N.dr W.;
C. dk 0.; Virginian, and K. & M. c Rest of State. including Panhandle. d Figures
are not strictly comparable for the several years.
PENNSYLVANIA ANTHRACITE.
Despite the fact that no anthracite was mined in Pennsylvania on May 30.
Memorial Day, the total production for the week amounted to 1,384.000
net tons, a gain of 120,000 tons, or 9.5%, ov r the preceding week. To
meet requirements in tne holiday week, an average daily rate of 276,800
tons was maintained,as again.t 210,700 tons in the six day period preceding.
During the week in 1930 corresponding with that of May 30, production
amounted to 1,226,000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tone.)
1931
1930a
Daily
Daily
Week EndedAverage.
Week.
Week,
Arerage,
May 18
190,000
14.5,800
875,000
1,140,000
Vey 23
213.300
1,280,000
210,700
1,264,000
May 30
278,800
1.384,000
a !sures for 1930 revised slightly to Insure comparability; witli 1931.
BEEHIVE COKE.
The total production of beehive coke during the week ended May 30 is
estimated at 18,300 net tons. This is In comparison with 20,400 tons in the
preceding wea, and 61,400 tons during the week in 1930 corresponding
with that of May 30.
Cumulative production of beehive coke since Jan. 1 amounts to 676,400
net tons. Compared with 1,451,600 tons produced during the corresponding
period in 1930, this indicates a decrease, in 1931. of 775,200 tons, or 53.4%.
Estimated Weekly Production of Decisive Coke (Net Tons.)
RegionPa., Ohio and W.Va___
Tennessee dc Virginia_ _
Colo Utah & Wash....
Week Ended
May 23
May 30
1931.c
1931.b
18,400
16,400
1,300
1.200
700
700
•
May 31
1930.
53,800
5,500
2,100
1931
1930
to
to
Date.
Date.a
597,500 1,277,200
59,200
122,800
19,700
51,800
United States total-.
678.400 1,451,600•
20.400
61.400
18,300
Daily average
6,243
10,233
3.400
11,253
3,050
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 June 10 as reported by
the 12 Federal Reserve Banks, was $934,000,000, an increase of $10,000,000 compared with the preceding week and
a decrease of $60,000,000 compared with the corresponding
week in 1930. After noting these facts, the Federal Reserve
Board proceeds as follows:
viously included in the condition statement, such as monetary gold stock and money in circulation. The Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended June 10, in comparison with the proceeding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 4368 and 4369.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
June 10 1931 were as follows:
On June 10 total Reserve Bank credit amounted to $929,000.000, a decrease of $9,000.000 for the week. This decrease corresponds with increases of $10.000,000 in monetary gold stock and $52.000,000 in Treasury
currency,adjusted,and a decrease of 38,000.000 in unexpended capital, &c.,
offset in part by increases of $51.000,000 in money in circulation and
$9,000.000 in member bank reserve balances.
Holdings of discounted bills increased $6.000.000 at the Federal Reserve
June 10 1031.
Bank of San Francisco, $5,000.000 at Chicago, $4,000,000 at Cleveland
and $12,000,000 at all Federal Reserve Banks. The System's holdings of Bills discounted
185,000,000
127,000,000
bills bought in open market declined $7,000,000 and of Treasury certifi- Bills bought
United states securities
599,000,000
bonds
States
increased
United
of
cates and bills $2,000,000, while holdings
Other Reserve bank credit
18,000,000
$3,000,000.
TOTAL RES'VE BANK CREDIT
029,000,000
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not pre-
Monetary gold stock
Treasury currency adjusted
4,803,000,000
1 799,000,000
Money in circulation
4,723,000,000
Member bank reserve balances
2,398,000,000
Unexpended capital funds, non-member deposits, &o
409,000,000
Increase (1-) or Decrease (-)
Since
June 111930.
June 3 1931.
3
-25,000,000
+12,000,000
-21,000,000
-7,000,000
+20,000,000
+1,000,000
-19,000,000
-15,000,000
+51.000,000
+9.000,000
-45,000,000
+277,000,000
+13.000,000
+264,000,000
-11,000,000
-8,000,000
-9.000,000
-9,000.000
+10,000.000
+52,000,000
•
4325
FINANCIAL CHRONICLE
JUNE 13 1931.]
System for
Returns of Member Banks for New York and Chicago reporting member banks of the Federal Reserve
this previous week, namely the week ended with the close of
Federal Reserve Districts—Brokers' Loans.
business on June 3:
Beginning with the returns for June 29 1927, the Federal
The Federal Reserve Board's condition statement of weekly reporting
Reserve Board also commenced to • give out the figures of member banks in leading cities on June 3 shows decreases for the week of
the member banks in the New York Federal Reserve District $61,000.000 In loans and investments, $20,000.000 in net demand deposits,
in time deposits and 829,000.000 in Government deposits,
as well as those in the Chicago Reserve District, on Thurs- $52,000,000
and an increase of $16,000,000 in borrowings from Federal Reserve Banks.
days, simultaneously with the figures for the Reserve banks
Loans on securities declined $50,000,000 at reporting member banks in
themselves, and for the same week, instead of waiting until the New York district, $11.000,000 In the Chicago district and $61.000,000
all reporting banks. "All Other" loans declined $8,000,000 in the
the following Monday, before which time the statistics at
Boston district, $7,000,000 in the St. Louis district and $22,000,000 at
covering the entire body of reporting member banks in the all reporting banks.
Holdings of United States Government securities increased 819,000,000
different cities included cannot be got ready.
In the New York district, 318,000.000 in the St. Louis district, $13.000.000
Below is the statement for the New York member banks In
the Chicago district and $52,000,000 at all reporting banks. Holdings
and that for the Chicago member banks for the current of other securities increased $14,000,000 in the New York district, and
week as thus issued in advance of the full statement of the declined $34,000,000 In the St. Louis district 810,000.000 in the Chicago
and $30,000,000 at all reporting banks.
member banks, which latter will not be available until the district
Borrowings of weekly reporting member banks from Federal Reserve
coming Monday. The New York statement, of course, also Banks aggregated $45,000,000 on June 3, the principal change for the week
includes the brokers' loans of reporting member banks. being an increase of $14.000,000 at the Federal Reserve Bank of San FranSince Dec. 11 1930 the totals are exclusive of figures for the cisco.
A summary of the principal assets and liabilities of weekly reporting
Bank of United States in this city, which closed its doors member banks, together with changes during the week and the year ending
on that date. The last report of this bank showed loans June 3 1931,follows:
Increase (4-) or Decrease (—)
June 3 1931. Meg 27 1931. June 4 1930.
and investments of about $190,000,000. The grand aggregate of brokers' loans the present week records a decrease Loans and Investments—total-- _ _22,537,000,000 —61,000.000 —420,000,000
of $49,000,000, the total on June 10 1931 standing at $1,490,- Loans—total
—83,000,000 —2,308,000,000
14.730,000,000
000,000. The present week's decrease of $49,000,000
—61,000,000 —1.731,000,000
6,867,000,000
On securities
—22,000,000 —578.000,000
7,863,000,000
follows a decrease of $35,000,000 last week and a decrease
All other
+22,000.000 +1,888,000,000
of $275,000,000 in the six preceding weeks. Loans "for Investments—total
7,807.000.000
own account" fell during the week from $1,169,000,000 to
+52,000,000 +1,190,000,000
U.S. Government securities--3,989.000,000
—30.000,000 +698,000,000
3,818,000,000
Other securities
$1,135,000,000 and loans "for account of out-of-town banks"
+15,000,000
from $199,000,000 to $ $177,000,000, but "loans for account Reserve with Federal ReeVe banks 1,790,000,000 —57,000,000
—6,000,000
—11,000,000
215,000,000
of others" increased from $171,000,000 to $178,000,000. Clu3h in vault
—28,000,000
--20.000,000
13,605.000,000
Net
demand
deposits
The total of these loans on June 10 1931 at $1,490,000,000 Time deposits
7,347,000,000 •--52,000,000 +186,000,000
—19,000,000
--29,000,000
9,000,000
is the lowest since July 2 1924, when the amount was Government deposits
+468.000,000
--14,000,000
1,718,000,000
$1,465,218,000.
Due from banks
+641,000.000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 10 1931. June 3 1931. June 11 1930.
Loans and investments—total
7,756,000,000 7,804200.000 7.975200,000
Loans—total
5,060,000,000 5,107,000,000 5,986,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
2,876,000,000 2,920,000,000 3,630.000,000
2,184,000,000 2,187,000,000 2,356.000,000
2,696,000,000 2,697.000,000 1,989,000.000
1.553,000,000 1,525,000,000 1,049,000,000
1,143,000,000 1,172,000,000 939.000,000
Due to banks
Borrowings from Fed. Res. banks-
8,705,000,000
+73,000.000
45,000,000
+16,000,000
—22,000,000
* May 27 figures revised (Chicago District).
Decree of President von Hindenburg of Germany
Imposing New Taxes.
decrees of President Paul von Hinfinancial
the
June
5
On
denburg of Germany to re-establish the budgetary balance
were signed. Berlin advices in the matter on that date to
the New York "Journal of Commerce" said:
In view of the fact that the Reichstag is not in session, the new decrees
were promulgated under Article 48 of the Reich constitution directly by
Net demand deposits
5,729.000,000 5,775,000.000 5,574,000,000 Parliament.
Additional taxes to yield an estimated increase in revenue of 1,800,000,000
1,217,000,000 1,215,000,000 1,399,000,000
Time deposits
2,000,000
2.000,000
Government deposits
7,000.000 marks are understood to be levied in the decrees, the terms of whicli will
-morrow, when they will be published in the
122,000,000 100,000,000 109.000.000 not become known until to
Due from banks
1 203,000,000 1,189,000,000 952,000,000 official gazette. In addition, drastic further governmental economies are
Due to banks
said to have been put into effect, so that the indicated deficit of 1,250,000,000
Borrowings from Federal Reserve Bank
marks is transformed into a surplus of 550,000,000 marks for the year
1931-1932.
Loanson secur. to brokers & dealers
1,135,000,000 1,169,000,000 1,799,000,000
For own account
The new financial decrees are issued on the occasion of the absence of
177,000,000 199,000,000 1,053,000,000
For account of out-of-town banks__
Foreign Minister Curtius in England. President
178.000,000 171,000,000 1,146,000,000 Chancellor Bruening and
For account of others
von Hindenburg, immediately after signing them, left the capital for a
1,490,000,000 1,539,000,000 3.998,000,000 summer vacation at his estate in Last Prussia. Hence, the storm of protest
TotaL
result will find the heads of the State away
1,128,000,000 1,190,000,000 3,383,000.000 and dissatisfaction expected to
On demand
362,000.000 349.000.000 615.000.000 next week.
On time
The President did not write a direct appeal to the people in support of
Chicago.
decrees, as was done on the last occasion. Instead, he
1 911.000,000 1,935,000,000 1,918,000,000 the new drastic
Loans and investments—total
leaves it to Chancellor Bruening to make an explanation in a preamble. It is
1,301,000,000 1.328.000,000 1.522.000.000 hoped that expectations of reparations concessions will tend to moderate the
Loans—total
the new imposts.
736,000.000 759,000,000 918,000,000 public reaction to
On securities
As expeaed, leaders of the radical parties are already issuing vociferous
565,000,000 569.000,000 604,000.000
All other
new decrees. Leaders of the National Socialist party
the
protests against
610,000,000 607,000,000 397,000,000 were especially insistent that the Reichstag should be reconvoked so that
Investments—total
a parliamentary hearing on the new financial measures would be obtained.
Reserve with Federal Reserve Bank
Cash in vault
805,000,000
45,000,000
792,000,000
44,000,000
793,000.000
49,000.000
353.000,000
257,000,000
352,000,000
255,000.000
168,000,000
229,000,000
Reserve with Federal Reserve Beak— _ 189,000,000
33,000,000
Cash in vault
178,000,000
14,000,000
182,000,000
13,000,000
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1,175,000,000 1,193,000,000 1,274,000.000
615,000.000 664,000,000 554,000,000
1,000,000
1,000,000
1,000,000
150,000.000
332,000,000
172,000,000
336,000,000
5,000,000
1,000,000
107,000,000
339.000,000
•Revised.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
According to a Berlin cablegram, June 6, to the New York
"Times," three things were uppermost during the drafting
of this new decree, with which it is hoped to meet a deficit
officially totaling $500,000,000. The cablegram continued:
The first was to try to build up again the national income, which has
fallen off almost $2,000,000,000, by the revival of industrial activities and
the use of national funds to aid private industry as far as possible.
The second was to place the cost of unemployment doles upon the shoulders of the whole population, it having been found that the receipts from
the workers' insurance premiums do not suffice to care for 4,000,000 jobless.
The third was the reduction of social expenditures, including doles, pensions and the support of war cripples, and another cut ranging from 4 to 8%
In the salaries of all civil service employees.
No Reserve Available.
These new burdens are necessitated, the decree explains, because no
reserve is available from which to take enough to tide over, and the possibility of getting credit abroad at reasonable rates is non-existent.
Chief among the measures to revive industry is the presentation of
$50,000,000 of the expected receipts to the Reichsbahn [Federal Railway]
for placing orders, particularly for rails. It is hoped that 120,000 men in
the iron industry will find work for six months as a result. This is also
expected to move some of that 12,000,000 tons of coal piled up unsold in
the Ruhr district. Furthermore, the coal industry will be relieved of
social burdens as far as underground work is concerned in the effort to
start the wheels of economic life turning again.
4326
FINANCIAL CHRONICLE
[VOL. 132.
Whereas all the civil service employees had to accept a cut salary of
last February, the new cut envisages a reduction by 4% of salaries
under $750 a year, rising to 8% for salaries over $3,000. Those stationed
in country districts and small and middle-sized cities will have to take an
extra 1% cut. The cuts will be effective July 1.
Nor are the Cabinet Ministers letting themselves off lightly, for including
the February cut and the added "crisis tax" their salaries are reduced 30%.
All railway employees, public service corporation employees and the
Reichsbank staff are also subject to these cuts.
Secretary, Arthur Henderson, at which the subject of reparation payments were injected into the discussions. Detailed
reference to these conversations appears elsewhere in our
issue to-day. The text of the manifesto to the German
people accompanying the new tax decrees issued by that
Government is given as follows by the New York "Times"
in Associated Press accounts from Berlin on June 6:
5% Cut in Dole.
Another reduction in expenditures envisages a cut of 5% in the dole
for all the jobless—a very bitter pill for the struggling State-supported
unemployed. In addition, the dole will no longer be paid to youths under
21 nor to married women, while seasonal workers will only get aid for
20 weeks and then at "crisis rates," which are about half the normal
unemployment insurance.
Among the new taxes the heaviest is the increased "crisis tax," designed
to enable the Government to provide those unemployed who are no longer
entitled to insurance—after 26 weeks out of work—with the barest essentials of life.
The "crisis tax" roust raise almost $100,000,000 in this budget year.
Fixed wage earners must pay 1% on incomes under $60 monthly, while
salaries of $375 monthly, among the highest paid, will be docked $15 a
month.
"Little Fellow" Hard Hit.
The tax on incomes not derived from fixed wages is about the same
except that the higher categories—over $5,000 a year—get off lighter
than the little ones. This is frankly done for fear of renewing the "flight
from the mark"—among the more well-to-do. Since the little fellow has
no opportunity to send money abroad, it is felt safe to tax him harder than
those who might try to dodge.
There is also a sugar tax of Sc. a pound, and a 70% increase in the tax
on mineral oils.
The gravest danger for the success of the new decree in balancing the
budget appears to lie in the probably somewhat optimistically reckoned
average unemployment figure for the current year. This is set at 4,500,000,
whereas to-day in the most favorable season the number of unemployed is
but slightly under 4,250,000 and will probably rise again rapidly with the
approach of cold weather. Enraged howls in many sections of the press,
particularly the extreme Right and Left, greeted publication of the details
of the decree to-day. All agreed, however, with the Government which
issued it that this was a last attempt to bring order out of chaos, and that
even this attempt could not succeed without far-reaehing concessions from
abroad on the reparation question.
The expectation that the world economic crisis would ebb in 1931 and
thereby relieve distress and unemployment in all industrial States and still
more in the raw material and agricultural countries has proved deceptive.
Germany is involved in the goods exchange of the world to the extent of
23,000,000,000 marks [approximately $5,520,000,000] annually. She cannot save herself from the common distress under which even nations victorious in the war are suffering severely.
Our cares and difficulties are aggravated because in addition to the
general crisis in which we live we have to carry the special burden of
having to make payments as the vanquished in the World War.
These payments were undertaken on presuppositions which have not been
realized and deprive our economic system, impoverished by the war and by
inflation, of the capital it needs for its preservation and development.
Deprivation of capital means the stoppage and restriction of plants, unemployment, diminution of private income, and last, but not least, diminution
of the revenues of the State.
In addition, our purchasing power in the world's markets is diminished
by the amounts we have to pay in reparations for which we do not receive
any returns. The tribute payments weaken us as purchasers and compel us
to restrict our imports. They compel us to increase exports, against which
other countries are raising stronger and stronger barriers. The consequence
is embittered intensification of the struggle for the world's markets.
The Reich's Government is compelled to ask the German nation to shoulder most heavy burdens and sacrifices in order to maintain the Reich's
solvency. This is a prerequisite for the continuity of Germany's economic
system; from it depend the existences of millions of war veterans, the
recipients of public relief, civil servants and employees.
Both here and abroad the reproach has often been raised that we have
not managed our affairs economically enough. This reproach, as far as Germany at the present juncture is concerned, is wrong. All along the line the
strongest efforts have been made to throttle expenditure to the lowest bearable point. After the new emergency decrees have gone into effect, the
Reich's expenditure, including the cuts of last year, will be less by the
gigantic sum of 1,500,000,000 marks. So far as can be forseen under
present conditions, the Reich's budget for the current year will thereby
be balanced. The firm will of the Reich's Government is that these emergency
decrees shall be the last step toward that goal.
In view of the possibility that the crisis may continue, our strength
must not be consumed by despair and discontent. It is the statesmanlike
duty of the Government to make preparations now to master the coming
difficulties. That this cannot be done without hardships affecting all
classes of the population can readily be conceived by men of discernment.
It is better, even though it hurts, in orderly fashion to reduce outlays
and demand contributions from those who still possess incomes than to run
the risk that payments upon which the subsistence of the broad masses rests
can no longer be effected.
The German States and communes find themselves in a position similar
to the Reich's. They too have economized drastically and will have to
restrict themselves even more. The Government is under no illusions about
the heaviness of the sacrifice the nation will make, but the maintenance of
budget equilibrium and considerations for our economic system, in view
of its difficult position and the serious competition in the world market,
justify the measures taken.
We have harnessed all our forces in order to meet oar obligations incurred
through losing the war, and we have had to call on foreign assistance in the
widest measure to do this. This is no longer possible.
The putting forth of the last power and reserves of the nation entitles the
German Government and makes it its duty toward the German people to
tell the world: The limits of the privations we have imposed on our people
have been reached.
The presuppositions upon which the new plan [Young plan) came into
being have been shown by the course of world development to have been
wrong. The alleviations the new plan was to bring to the German people,
as was the intent of the participants and which at first it gave promise of
bringing, have failed to be realized.
The Government is conscious of the fact that the direly-menaced business
and financial position of the Reich calls imperatively for alleviation of the
unbearable reparation obligations. The economic recovery of the world
also depends upon it.
The German nation is engaged in a decisive struggle for its future.
A Government with a sense of responsibility must warn against the superstition that fruitful success can be obtained without sacrifice. If the German people has faith in its future, it must resolve to stake everything
for it. Often Germans in their past history failed to perceive that in a
critical situation not a battle between the parties but the will of the entire
nation is decisive in holding out.
Such an hour has come. The Government cannot believe that the new
generation has become so small-minded and the older so feeble that they
are incapable of uniting in peaceable contest for a rebirth of the greatness
and idealism of the German nation as in previous fateful hours.
The Government will carry on with full confidence in the strength and
will of the German people to live.
(Signed) THE REICH'S GOVERNMENT.
Berlin, June 6 1931.
6%
German Economy Decree Before Cabinet—Communist
Outbreaks.
United Press accounts from Berlin are taken as follows
from the "Wall Street Journal" of June 11:
The Cabinet met and agreed at least to listen to proposals for modifying
the new Presidential economy decree, although it was understood Chancellor
Henrich Bruening intimated the entire Cabinet might resign if its foes tried
to defeat the decree.
Herr Bruening and Finance Minister Julius Curtius reported on their
reparations talk with the British. The former was reported to have
threatened the Government's resignation if the Reichstag's steering committee voted for an immediate special session of the Reichstag to enable the
Government's opponents to try to rescind the decree.
Chancellor Bruening was understood, however, to have finally suggested
the readiness of the Government to hear the various parties proposals for
modification of the decree.
Next Friday the Chancellor will proceed to Neudeck, West Prussia, to
inform President von Hindenburg. vacationing there,regarding the Chesuers
conversations.
The Chancellor meanwhile conferred with party leaders, who he told
that reconstruction of the Cabinet at present was undesirable. He referred
especially to the Conservatives' demand for removal of Dr. Curtius and
Herman Robert Dietrich, Minister of Finance.
Further United Press adviees from Berlin are taken from
the "Wall Street Journal" of June 12, viz.:
Violent Communist outbreaks in protest against the Presidential decree
calling for drastic wage reductions in a program of Government economy
were reported. The riots occurred in half a dozen cities, notably at Lauenburg, Hamburg. Bremen and Berlin.
The decree calls for economies which will entail reductions of wages in
nearly every branch of the Government, and also will affect pensions and
the dole.
Manifesto of German Government Says Financial
Position of Reich Calls for Relief from Reparation
Obligations.
In a manifesto issued on June 7 by the German Government, it is declared that "the German nation Is engaged in
a decisive struggle for Its future." It is asserted that "we
have harnessed all our forces in order to meet our obligations incurred through losing the war, and we fhave had to
call on foreign assistance in the widest possible measure to
do this." "This," it is added, "is no longer possible." "The
alleviations the new [Young] plan was to bring to the GerSchlubach, Thiemer & Co., German Exporters,
man people," continues the manifesto, "have failed to be
Suspend Payments.
realized." "The Government is conscious of the fact," the
From Hamburg, June 11, a cablegram to the New York
document adds, "that the direly-menaced business and financial position of the Reich calls imperatively for alleviation "Times" said:
Schlubach, Thiemer & Co., one of the largest and best-known German
of the unbearable reparation obligations. The economic
export and import concerns,
yielded to the pressure of the economic
recovery of the world also depends upon it." The issuance depression and announced thathas
it has been compelled to suspend payments.
of the manifesto at Berlin on June 7 occurred while the Its liabilities are estimated at $3,500,000. An attempt is being made to
the concern on a new basis.
conferences between the German Chancellor, Heinrich reorganize
The principal creditors are foreign banks and bankers and the amount
Bruening, and Foreign Minister Julius Curtius were con- of German money involved is comparatively small, aside from the holdings
ferring at Chequers (in England) with the British Prime of the Schlubach and Thiemer families.
Two years ago there were rumors of insolvency. and It was said that
Minister, J. Ramsay MacDonald, and the British Foreign Henry
J. Schroder & Co. of London had prevented the concern from
JUNE 13 1931.]
FINANCIAL CHRONICLE
failing through a credit of about $5,000,000. A large proportion of the
English credit has been paid back. The concern was founded in 1867.
4327
Reticent on Communique.
"Yesterday's and to-day's discussions took place under the most agreeable circumstances imaginable and we were afforded the most splendid
hospitality. We expressed our gratitude to our English colleagues, especially Mr. MacDonald and his daughters, and our desire that it might some
day be our pleasure to reciprocate. We hope this will be soon."
Questioned as to the meaning of the communique when it mentioned
"International collaboration," Dr. Curtius was more reticent.
"It is our duty to set all wheels in motion to master the present crisis."
he declared.
The German Minister attached special significance to the fact that Montagu Norman. Governor of the Bank of England, and other financial
experts were present at Chequers.
Conversations at Chequers (Eng.) Between German
Chancellor and .1. Ramsay MacDonald of Great
Britain—Communique Indicates Both Governments
Will Seek Collaboration With OtherlNations on
Reparations Question.
Following the conclusion of conversations at Chequers
(England) on June 7 between the British and German
Ministers, a communique was issued in London on that date
The New York "Times" reported the following from
by the British Foreign Office in which it was indicated that Berlin June 7:
the talks converged upon "the difficulty of the existing
A dispatch from London to the Vossische Zeitung, 1711stein's leading
position of Germany and the necessity for alleviation." It morning newspaper, gives the following interview with Dr. Curtius:
"We are not returning from a conference. We sought an opportunity
was further indicated that both parties "were agreed, that
for a friendly exchange of views and found it.
in addition to efforts and measures of a national character,
"The chief theme of our conversations was the economic situation In
revival of confidence and prosperity depended upon inter- Germany and the world crisis. Dr. Bruening presented the German
in all its aspects and we all spoke with complete candor.
national co-operation," and that "in this spirit both Govern- situation
"We agreed that international co-operation was indispensable to the
ments will endeavor to deal with the present crisis in close solution of the problems now oppressing the world. These cannot be
collaboration with the other Governments concerned." The solved through autonomous action by individual countries."
Dr. Curtius emphasized that the visit had proceeded under the most
conversations, which were brought under way at Chequers favorable
circumstances and that the German Ministers had been the
on June 6, took place between J. Ramsay MacDonald, recipients of splendid hospitality. They hoped soon to be able to greet
British Prime Minister, Arthur Henderson, British Foreign the English Ministers in Berlin.
The question of disarmament only played a secondary role in the conSecretary and Chancellor Heinrich Bruening and Foreign versations,
being referred to but not discussed in detail. The subject of
Minister Julius Curtius, both of Germany. The latter reparations, on the other hand, was thoroughly canvassed, as was the
attitude concerning them.
arrived in London on June 5 in anticipation of their mission, question of the interallied debts and the Americancrux
of the two days' talks
The existing economic situation constituted the
and on that day a London cablegram to the New York and such
signatories of that pact
the
relations
of
the
issues as Locarno and
"Journal of Commerce" reported that Chancellor Heinrich were not mentioned.
Dr. Bruening carried on his conversations in English, while Dr. Curtius
Bruening, for the first time, openly raised the question of a availed
himself of the services of Dr. Schmidt, a Foreign Office interpreter.
thoroughgoing revision of reparations payments before an
international group at a conference granted the press on his Prime
Minister MacDonald of Great Britain Tells House
arrival in London. The German Chancellor (said the
of Commons That Calling of International Concablegram) clearly stated the issue when he said, 'It is not
possible for us to solve our economic troubles singlehanded."
ference on War Debts Is Not Planned—Mr. MacThe cablegram further said in part:
Donald and Foreign Secretary Henderson to
Although he did not go into the matter in detail, the German Chancellor's
Visit Germany.
remarks were interpreted to mean that a moratorium on postponable
annuities. under the procedure provided in the Young Plan itself, was not
Prime Minister J. Ramsay MacDonald of Great Britain
regarded as an adequate remedy for the present situation. The decline in
told the House of Commons on June 10 that the Government
commodity prices, as well as the inability of countries like Germany to sell
securities abroad, were held to make a return to the Young schedule of has no present intention of making any moves toward an
reparations payments even after a respite of several years extremely ques- international war debt conference.
tionable. Furthermore, a mere moratorium, it is held, by piling on addiAssociated Press accounts from London from which we
tional obligations to be met in the future would further undermine confiquote went on to say:
dence in the country, it is indicated.
Asked by a Conservative member whether he considered "calling a conAsks Friendly Co-operation.
international settlements with a view to
"Four times during the past fourteen months," Dr. Bruening said, "the ference of the Powers interested in
mutual cancellation of obligations on the largest possible scale," the Prime
German Government has tried to do everything possible to keep in sound
Minister replied:
financial condition. It has reduced expenditures and introduced new taxes
"The attitude of this country in regard to war debts is well known and
on each occasion. But political difficulties in Germany are increasing, action
on the lines suggested would not in the present circumstances serve
radicalism is growing, and a solution requires the friendly co-operation of any useful purpose."
the whole world."
No conclusions or decisions were reached in the British discussions with
In a reply to a speech of welcome by the Mayor of Southampton early in Chancellor Bruening and Dr. Julius Curtius, German Foreign Minister,
the day, as they landed, Chancellor Bruening said:
during the visit that has just ended other than those set forth in the com"I need hardly say that the chief topics of our conversations at Chec- munique issued after the Chequers conference, Mr.MacDonald told another
quers no doubt will be the ceonomic crisis from which the whole world questioner.
suffers and the problem of disarmament, I am sure solutions for these
"These discussions took, as always had been intended, the form of a
problems can best be promoted by open exchange of views."
general exchange of views." the Prime Minister said. He added that the
Government had great pleasure in accepting the invitation of the Germans
The communique issued at London on June 7 follows:
to himself and to Arthur Henderson, Foreign Secretary, to pay a return
During the week-end the German Chancellor, Dr. Bruening, and the visit,
the date for which has not yet been fixed.
German Foreign Minister, Dr. Curtlus, visited Chequers. The British
Despite pressure from various sections of the House of Commons the
Ministers present were the Prime Minister, the Secretary of State for Prime
Minister declined to go further in elucidating the Chequers disForeign Affairs and the President of the Board of Trade.
On Sunday the Prime Minister and Miss MacDonald gave a luncheon cussions.
He was reminded by one member that there had been no general discusat which were present the German Ambassador and Baroness von Neurath,
sion of inter-Allied debts of reparations during the present Parliament and
Mr. and Mrs. Arthur Henderson, Mr. and Mrs. A. Y. Alexander, the
was
not think the matter of such importance that it ought to
Governor of the Bank of England, Mr. and Mrs. George Bernard Shaw, be asked if he did
considered by the House
Sir Robert van Sittart, Sir Clive and Lady Wigram, Miss Sheila Mac"Yes, when the time comes," was his laconic reply.
Donald, Miss Byvoets, Count Bernstorff, Sir Frederick Leith Ross and
Mr. Malcolm MacDonald.
The visit was arranged several months ago as a means of establishing United States Declines to Alter War Debt Policy to
Personal contacts. The opportunity of those informal meetings was taken
Abet Arms Bargain—Capital Sees No Need of
for friendly talks on the position in which the German Reich and other
Change.
industrial States now find themselves.
Special stress was laid by the German Ministers on difficulties of the
The Administration has determined that the present time
existing position of Germany and the need for alleviation. The British
Ministers,for their part, called attention to the world-wide character of the requires no change in the attitude of this government with
Present depression and its special influence on their own country.
respect to war debt payments, it was stated authoritatively
Both parties were agreed that in addition to efforts and measures of a
at Washington on June 9, says
national character, a revival of confidence and of prosperity depended in State Department circles
upon international co-operation.
the New York "Herald Tribune," which in its Washington
In this spirit both Governments will endeavor to deal with the
present account added in part:
crisis in close collaboration with the other Governments concerned.
Despite reports, growing out of new official consideration of the whole
A cablegram (copyright) from London June 7 to the New problem, to the effect that a change in policy was in the offing, the Adminisclear that the United States planned neither to
York "Herald Tribune" stated that Dr. Curtius was opti- tration spokesmen made
proposals nor to encourage them.
mistic that night in discussing the week-end conference. make
It also was emphasized officially that this government had no intention
of bargaining on its war debts. Despite contrary reports which have been
From the cablegram we take the following:
suggestions of Senator William E. Borah.
"We sought and found human contacts and the opportunity for a friendly cabled to Europe and despite the
Chairman of the Foreign Relations Committee of the
exchange of ideas," Dr. Curtius said. "I deem it of great importance to Republican of Idaho.
it was said, never has even proposed indirectly
emphasize that it is not a conference from which we return, but a friendly Senate, the United States,
that war debts be revised in return for agreement by European countries
conversation.
"As you see from the communique, Germany and the world-wide Crisis on a disarmament program.
Samson to See Leaders.
occupied the foundation of the discussions. We were in a position to discuss thoroughly and frankly the financial and eoncomic condition of
This statement was stressed again to-night when news reached Washingnecessity
of
and
the
lightening
Germany
her burden. We met with a ton of the possibility of a "European emergency conference" to consider
courteous understanding. The friendly and confidential nature of the the economic and financial situation of Europe. The State Department
discussions would not permit my disclosing the details.
had not heard of such a proposition, and it was made plain that no en"We agreed with our British colleagues that, side by side with measures couragement would be given if the conference was inspired by the reports
which every country must take in its own interest, international co-opera- of a disposition on the part of the United States to bargain on disarmament.
tion is essential. We are both fully in accord on that.
Henry L. Stimson, Secretary of State, will be in Europe in July at the
4328
FINANCIAL CHRONICLE
[vol.. 132.
reported time for the proposed conference, but his decision to make a
European tour was not inspired by any idea that such a conference would
be held. He plans to talk with the government leaders of the principal
European countries, but participation in a conference would be quite
another thing and would require entirely new consideration.
the masters. As long as there is a possibility of collaboration with Germany
I will take advantage of it."
The Foreign Minister denied hotly that as a result of the Chequers conversations France was going to stand the expense of the new revision of the
reparations scheme.
"Prance can envisage," he said, "all the events in Germany with a calm
State Department Embarrassed.
and serene eye. It is sufficient to look at Frances position on the map of
Reports that debt remission would be traded for disarmament have Europe and the friendships with
which she is surrounded. She can remain
already caused embarrassment at the State Department, it was learned, cool even when faced with unpleasant
events."
and at least one ambassador has had to be assured that the proposal was
He maintained, however, that the idea of peace had made undeniable
not of official origin.
progress in Germany. It should not be forgotten, he added, that "victory
The fact of the matter, according to Administration officials. Is that is on the side of the frontier
and that the German people have been troubled
*various members of the Administration have simply stated that the people by their economic situation which, to say the
least, is sad."
of this country would never tolerate consideration of debt reduction while
"It is possible that during the London conversations Germany attempted
debtor nations continued to spend many times the amount of the debt to put forward her bad economic situation,"
he continued. "That is her
payments on preparation for war.
right. But our right, when anybody proposes anything contrary to Prance's
This was interpreted to-day as being simply a statement of fact and a interest is to say 'No.'
notice to European countries that they would be in a much better position
"The Young plan has been recently applied. There can be no question of
to talk of debt reduction after they had disarmed. It was no hint that a reversing it, since it has a definite character. It
contains within itself
promise to disarm would win a remission of debts. According to State possibilities for Germany. She will use them. perhaps. It is to her interest to
Department spokesmen here, such a bargain would be all in favor of the do so. But,from that, to proceed to talk of a new international conference
debtor nations, for they would be winning a great deal while giving up on the debt question, is a long transition. Be sure that France's Foreign
nothing so far as this country was directly concerned.
Minister will not let himself be pulled into anything."
U. S. Arms Already Reduced.
Disarmament, it was pointed out, would in itself lighten the financial
burdens of European nations. Remission of debts would make it a double Foreign Exchange Demand in Germany Becomes
blessing. In return, the United States could count on very little in the way
Frenzied—Reichsbank Sells Gold on World Marof reward outside of a feeling of self-righteousness for its armaments already
kets to Maintain Mark—Berlin Banks Want Bank
have been reduced virtually to the minimum, it was said.
for International Settlements to Intervene—
The intention of this Government, Administration spokesmen said, was to
continue its old attitude with respect to debt payments until some definite
Foreign Bank Withdrawals Called Large.
emergency should demand new reconsideration of the problem. That
The following Berlin account June 10 is from the New
emergency, It was said, had not yet arrived. On the contrary, the feeling
was expressed that press accounts had exaggerated the nature of Germany's York "Journal of Commerce":
plight.
Demand for foreign exchange in Germany has taken on a frenzied
Ambassador Sackett in Berlin Says International
Conference on War Debts Would Be Unpopular
in United States.
Although Ambassador Sackett was noncommittal regarding his conversations with Chancellor Bruening and
Foreign Minister Curtius, Associated Press accounts from
Berlin on June 10, said that it was understood he explained
that an international conference for the revision of reparations and war debts would be unpopular with the people
of the United States at present. The cablegram added:
it is believed he explained to the German statesmen that only gradually
character during the past two days. Gold and foreign exchange losses of
the Reichsbank yesterday and to-day have amounted to more than
150,000,000 reichsmarks, so that total losses since the outflow of funds
from Germany became marked at the beginning of the month amounted
to about half a billion reichsmarks.
The Reichsbank to-day acid gold in all financial centers, to maintain the
quotation of the currency.
Ask B. I. S. to InUrvene.
Financial circles here are demanding that the Bank for International
Settlements shall intervene to stem the tide of uneasiness.
Particular attention is being paid the large volume of foreign funds held
by the large banks, subject to withdrawal. The total volume of funds
owed abroad by the large Institutions still amounts to the vast sum of 4,500,000,000 reichsmarks at present,despite withdrawals already accomplished.
Of this total, 1,750,000.000 reichsmarks are documentary credits against
Is the man in the street in the United States becoming accustomed to the shipments of goods,leaving 2,750,000,000 of unsecured advances. Against
this,
the banks have approximately 1,750,000,000 marks of readily available
Idea that the Young plan does not represent the final solution of the reforeign currency assets.
parations problem.
Capital Flight.
Chancellor Bruening and Foreign Minister Cutting, who emphasized
with Prime Minister MacDonald and Arthur Henderson that nothing must
The insistent demand for foreign exchange, however, Is being sharply
be done except by international co-operation, may be depended on to take increased, over and above that resulting from withdrawal of foreign bank
Ambassador Sackett's advice not to force any action until international credits, by the flight of capital and sales of German shares from abroad.
public opinion is ready for it.
An increase in the Reichsbank discount rate is not expected as yet, since
No positive step is likely to be taken immediately, unless the domestic the demand for foreign exchange chiefly reflects the desire to withdraw
situation in Germany forces Chancellor Bruening's hand prematurely. funds from Germany. A change in the rate, under the prevailing circumCertainly nothing is expected before the arrival of Secretary of State stances, would be virtually without effect, it Is felt. The premium for risk
Samson at Berlin, and probably not before Prime Minister MacDonald on short term advances in Germany is regarded as being greater than warand Foreign Secretary Henderson return the visit of Dr. Bruening and Dr. ranted outside of this development.
Curtius by coming to Germany.
In its issue of June 11 the New York "Times" said:
There was no attempt to disguise, however, that the domestic situation
here is precarious for the Bruening Cabinet. Bot a single political party
Reichsbank Gold Sales.
has approved the emergency decree.
The Reichsbank is apparently continuing its efforts to support exchange
It is up to the Social Democrats to decide whether to join in the demand in the face of weakness caused by withdrawal of foreign short-term balances.
of the Communists, Nationalists and National Socialists for a convocation Gold to the amount of £451,400 received yesterday by the Bank of England
of the Reichstag, or whether, for the sake of averting possible disaster, Is believed to have been a further sale on the part of the Reichsbank, while
they will once more support the Cabinet's desire to have parliament remain a decrease of $1,239,000 in earmarked gold at the Federal Reserve Bank
atlhome and not endanger the government.
here may also have been for the account of the German bank of issue.
In London the suggestion has been advanced that the policy of the Dank
of England in outbidding Switzerland for Cape gold may mean that GovSir Abe Bailey Urges Great Britain to Defer Debt ernor Norman is building up the Bank's gold supplies with a view to the
possible necessity of lending support to the mark if a moratorium on repaPayments in United States.
rations is declared.
A cablegram as follows from London, June 6, is from the
New York "Times":
Sir Abe Bailey, who occupies an important position in world finance,
says in an interview being pulbtshed in "The Sunday Times":
"Britain should force reconsideration of the whole question (ofreparations
and war debts) and side with the Continental debtor countries by postponing
her debt payments to the United States.
"World peace and the removal of paralyzing uncertainty will come
with a closer relationship between the British Empire, Germany and the
United States."
Foreign Minister Briand of France Opposed to Revision
of German Reparations.
From Paris, June 9, Associated Press accounts stated:
The recent Steel Helmet manifestations at Breslau have made it difficult
to continue peace efforts with Germany, Foreign Minister Aristide Briand
told the Chamber of Deputies to-day, in declaring that the government
was opposed to any revision of the Young plan.
"There can be no question of revising the Young plan," Mr. Briand sa.(t,
"since it has a definite character and contains in itself possibility for Germany." France, he said, would be on her guard against any attempt to
lead her into an international conference for the revision of the reparations
scheme of the Young plan, following the Anglo-German conversations at
Chequers.
The Foreign Minister's speech quieted the turbulence of the Deputies
and resulted in a majority of60 votes for Premier Pierre Laval's government.
Answering a hot fire of questioning from his critics, M. Briand reiterated
his faith in his attitude toward Germany, although he criticized such manifestations as that of the Steel Helmet organization. He reminded the
Deputies, however, that "a Bruening government is preferable to a Hitler
government, which might one day come into power."
He conceded that there are nationalists in Germany. "There are always
several 'Germanies,' but the nationalists are not in power. They are not
It was stated in the "Journal of Commerce" of June 12
that despite the efforts of the Reichsbank to protect German
exchange, the market again broke sharply on June 11;
reaching its lowest level since the spring of 1929, when the
Young plan was being worked out in Paris. At the same
time German bonds and particularly the reparations issue
brought out last year were heavily sold, many of them
dropping to new low levels. Continuing, the paper quoted
said:
Gold amounting to $8,882,000 held for foreign account at the Federal
Reserve Bank of New York was released from earmark yesterday. This
gold, plus $2,489,000 which had been released during tho week, was widely
reported to have been held for German account.
The rate for cable transfer of the mark during the day dropped to 23.71,
but advanced before the close to 23.71 M. At the rates for mark exchange
which obtained yesterday, it was held that gold might be shipped from Berlin to practically any of the important financial centres. In addition
to the release of gold from earmark in New York. the Reichsbank this
week made large shipments of gold to London and in Paris sold metal which
had been held for German account in the vaults of the Bank of France.
The decline in mark exchange was matched by the heavy selling of German bonds led by the Young plan issue. The Young plan bonds, which
were issued a year ago at 90, yesterday reached 64 Yy and closed at 65. The
net decline for the day amounted to 2 M points. The Dawes bonds dropped
2 points and closed at 9634, which marked a new low for the year. The
declines included municipal and German bank issues, while a few German
utilities advanced.
American Withdrawals.
According to reports from Berlin, the heaviest withdrawals of funds from
Germany are for American account. It was reported that In order to
supply dollar exchange the Reichsbank was forced in addition to releasing
gold in New York, to draw on funds held in the European centres, which
JUNE 13 1931.]
FINANCIAL CHRONICLE
led to general weakness in the foreign exchange market. On the other
hand, reports from London stated that American balances which had been
held in Berlin were being invested in the British market, leading to a pronounced easing of rates in London.
According to reports in local financial quarters, several of the large
downtown banks are said to have been making heavy withdrawals from
Germany. One bank which was said to have been carrying a huge volume
of German exchange early in the year was reported since then to have
liquidated approximately 75% of the funds invested in short-term German
credits. Not all of the Wall Street banks are taking funds from the German market, however, according to the heads of large institutions.
As far as could be learned,little central banking support has been extended
to the mark. The Federal Reserve Bank of New York occasionally purchases bills drawn in foreign currencies, but there were no indications yesterday of mark purchases. Local bankers said that no reports had reached
Wall Street of added support for the mark by the Bank for International
Settlements.
From the "Wall Street Journal" of June 11 we take the
following from Paris:
4329
He was hopeful that negotiations for the issuance of 150,000,000 schlllinge
in Austrian treasury bonds ($21,000,000) would be soon completed satisfactorily, but stressed that this question, although of great importance in
the general Austrian problem, was outside the competence of the World
Bank itself. It is not connected with the 100.000.000 schilling credit. -.amyl
By another source it was reported that a group of private banks in Paris
had finally agreed to take half of the above treasury bonds without political
conditions. It is believed this will improve matters considerably.
ell
If the immediate situation in Austria is considered to be slightly brighter.
the general prospects for Europe in the next few months are still regarded
as gloomy in high banking circles. Although reports that Secretary Mellon
is coming to Europe increase the hopes Secretary Stimson's prospective
visit has aroused, bankers are not jumping quickly to happy conclusions.
Bankers Are Cautious.
At the World Bank it is stated that no news has yet been received of
the results of the Chequers conversations. Lack of them helps to explain
why the Board's meeting to-day was one of the shortest it has had—the
bankers want to know first where the debts and reparations questions stand.
It is expected that the next meeting,July 13, will be unusually important.
The passage of the communique dealing with the monetary policy of the
World Bank and intermediate credits reads:
The Board took note of a report drafted by the committee on Middle
Term Credits during its meeting in Brussels. It instructed the management of the bank to study the best methods of financial operations of the
kind by creation of an international credit bank or by any other means,
but without, under present circumstances, immobilizing the funds at the
disposal of the Bank for International Settlements.
American Credits Withdrawn.
Continuance of withdrawal of American credits from Germany and
Central Europe have been confirmed in several quarters here, while at
the same time it is asserted that for the most part British and French credits
placed in those countries have not been reduced, although about one-third
of the total outstanding French acceptances are in Germany. The Reichsbank is understood to have lost over $75,000,000 of gold and exchange
In a cablegram from Basle, June 7, in noting the meeting
since June 1 in defence of the mark exchange, but is prepared to let a considerably greater amount go. Evidence of the exodus of capital from Ger- of Governors of Central banks who are members of the
many is to be found in the popular demand for dollar bills for which the
German banks have now fixed a rate of 4.28 marks, compared with the Bank for International Settlement said:
par of mark exchange on New York of 4.198 marks to the dollar.
Three new members of the Board elected a fortnight ago, Messrs. BachAccording to information here, the German Ministers at Chequers de- man, Roth and Viasering. Governors respectively of the Banks of Switzerclared against the applicalton of the Young plan provision for summoning land. Sweden and Holland, attended to-day their first of these regular
an advisory council as being too dilatory and were against the invocation of informal meetings of the Governors, the other Governors present being
the transfer postponement clause as that would be likely, it was believed, those of the Banks of France, Germany, Italy and Belgium.
to accentuate the flight of capital and gave no promise of budget relief.
A conference of the governments Interested, including the American. was
advocated to reconsider reparations. Bankers think that it is possible Revised Reparations Accord Suggested in View of
that Germany will be forced ultimately to appeal to the Bank for InterDepression—Senator Borah Says Nothing Can Be
national Settlements for aid.
Gained by Forcing Germany Into Complete Economic Breakdown—Attitude of Secretary Stimson.
World Bank For International Settlements Opens
Medium Loan Study—Stipulation Is Made That
Revision of the reparations settlement seems economically
None of Its Funds May Go for Such Financing-- expedient and fundamentally just, Senator Borah (Rep.),
Austrian Credit Approved.
of Idaho, said in statement issued June 6. Noting this,
The monthly meeting of the directors of the Bank for the "United States Daily" added:
He said that in considering this question it ought not to be overlooked
International Settlements at Basle, Switzerland on June 6,
resulted in decisions and tendencies regarding the two main that one of the great contributing causes of the depression in Europe which
has made it more difficult for Germany to meet her obligations is the conissued before it—the underlying question of how to promote stantly increasing burden of armaments superinduced by the nations other
intermediate credits, and the special immediate question of than Germany in violation of the clear intent of the Versailles treaty.
Senator Borah's statement follows in full text:
Austria. A cablegram to the New York "Times" from
Effect of Depression.
which this is learned, also says:
The policy tentatively approved a month ago, of promoting intermediate
credits directly through funds ofthe World Bank itself, has been abandoned
for the time being. It was decided that the World Bank must concentrate
on its monetary function of aiding Central banks to keep their currencies
stable as the most important now, and therefore must maintain its extreme
liquidity.
The Board has consequently swung back toward the old idea of establishing an independent international institution to finance intermediate
credits. The kind of institution most favored now is one backed not by
the Central banks, as Montagu Norman suggested, but by a consortium
of private banks connected with big industries along the lines your correspondent reported in mid-April.
Officials of the World Bank have been instructed to make soundings
and report next month, among other things, on whether it would be possible
to start this new bank with purely European capital if American bankers
and big industries decline to participate.
One of the figures seriously if tentatively mentioned as the capital for
the proposed bank is $200,000,000.
Austrian Deal Confirmed.
Regarding Austria the Board approved the previous arrangements the
World Bank made to help the Austrian National Bank, and approved new
arrangements to the same end subject to Austrian acceptance of certain
conditions.
Previous arrangements, it was explained, consisted of putting at the
disposal of the Bank of Austria 100,000,000 schillings($14,000,000).
40.000.000 of which would be an advance from the Bank for International Settlements and the remainder to be Bank of Austria paper rediscounted by 11
Central banks—the United States Federal Reserve and the Banks of
France.
England, Belgium, Germany, Italy, Switzerland, Holland, Czechoslovakia,
Poland and Greece.
The new arrangement was described as consisting chiefly of an
agreement
to advance, if necessary. another 100.000.000, divided in the same
way,
but subject to stricter conditions.
Francis Rodd. Chief of the World Bank's Central Banking
Department,
will return to Vienna to-morrow to negotiate these guarantees.
A communique Issued to-day announced:
The Austrian National Bank, having decided to call for the
appoint
ment of a foreign adviser, requested the Bank for
Settlements
to suggest a highly qualified financial expert who International
would be ready to accept
this office.
Professor Bruens, Commissioner of the Relchsbank under the
Dawes
Plan, was proposed by the Bank for International Settlements
and appointed by the National Bank for the period of the present Austrian
difficulties.
The Board took cognizance of proposals made by Professor Bruens for
clearing up the situation and expressed full approval of them. Consequently in order to permit execution of the program in view, the Board
approved the means required by Professor Bruens for support of the
program suggested by him.
To Serve Indefinitely.
The main thing in the program so cryptically mentioned is the new
100,000.000 schilling advance already explained. It is also noteworthy
that Professor Bruens, who is a Dutchman, has been appointed for an
indefinite period. But the peculiar wording of the communique gives the
proper atmosphere, for, as one official said, the Austrian situation is still
"very complicated."
Another in close touch with the proceedings, however, felt that they
aejeast were beginning now to get somewhere.
"Revision of the reparations settlement seems to be expedient economically
and also fundamentally just. Nothing is to be gained by the nations of
whom reparations are due and nothing is to be gained by anyone forcing
Germany into a complete economic breakdown. Assuming Germany could
have met her reparations obligations according to the Young plan had conditions continued favorable, yet in the light of the late depression it would
seem impossible for her to do so now.
"No nation ought to want to grind down into unspeakable misery the
working people of Germany, and there is where the great weight of this
burden is falling. Great middle class families are being sacrificed. That
is a calamity the evil consequence of which, to say nothing of its inhumanity, no tongue can properly express.
Armament Burden.
"In considering this question of reparations and the ability of the German people to pay, it ought not to be overlooked that one of the great
contributing causes of the depression in Europe and which has made it more
difficult for Germany to meet her obligations is the constantly increasing
burden of armaments superinduced by the nations other than Germany and
in violation of the clear intent of the Versailles treaty.
"It was agreed and understood that the disarming of Germany should be
the beginning of the disarming of Europe. Had that followed or if they
had not greatly increased their armaments economic conditions in Europe
would have been much better and Germany would have been in a much
better way to meet her reparations."
Attitude of Mr. Samson.
The Secretary of State, Henry L. Stimson, declined to comment, June 6,
on the decree issued by President von Hindenburg of Germany proclaiming
certain cuts in the German budget and stating that Germany had reached
her limit in payments under the Young plan.
Asked whether an American observer would participate in the discussiona
at Chequers by Chancellor Bruening, Foreign Minister Curtius and Premier
MacDonald and Foreign Minister Henderson, Secretary Stimson answered
in the negative.
A. B. Houghton Former Ambassador to Germany
Warns We Must Aid Reich—United States Should
Be Ready to Share in Help if Others Move, He
Says—Collapse Would Be Peril—Allied Debt Cancellation Is•Scouted As Help to Recovery.
Holding that nothing could be more unfortunate for the
world than the collapse of Germany, Alanson B. Houghton,
former Ambassador to Germany and Great Britain, declared
before the commencement audience at Carnegie Institute of
Technology, at Pittsburgh, on June 9, that this country must
be prepared to make its contribution toward relief if other
nations agreed to remission or suspension of reparation payments. Mr. Houghton said that to impoverish the German
people might prove an expensive experiment. "Behind Grer-
4330
FINANCIAL CHRONICLE
many stands Russia with a program not of co-operation but
of destruction," he warned, according to the dispatch to the
New York "Times," which gives the following further
account of his remarks:
Reviewing the war and its aftermath, Mr. Houghton recalled the feeling
that Germany had wantonly brought on the conflict and must stand its cost.
His review led up to the agreements for reparations to be paid under the
Dawes plan and, finally, under the Young plan.
"That, however, was only half the problem," Mr. Houghton declared.
"The financial relations between the allied powers and between them and
the United States had still to be determined. Indebtedness existed. . .
And when the accounts were finally made up and the balance drawn it
appeared that the principal creditor nations were France, which had owing
It about $2,600,000,000, mainly uncollectible; Great Britain, which had
owing it about $11,000,000,000, a large part of which was uncollectible,
and the United States, which had owing it about $12,000,000,000, which,
for the most part, was collectible.
Holds Our Plan Not Ungenerous.
"A bitter controversy instantly arose between the allied powers and the
United States. Our Government, as you will remember, took the position
that, having paid our own bills and taxed ourselves to the quick to help
those associated with Us, the nations owing us should, in all fairness,
repay, so far as they could, the amounts they had borrowed."
Mr. Houghton then detailed the negotiations over the debts, our stand
that they should be paid and the demand from the Allies for cancellation.
"Finally, Britain issued the so-called Balfour note and declared that It
would demand of its creditors only such amounts as would pay its debts
to the United States," Mr. Houghton said. "That put the issue definitely
up to us. And our Government then proceeded to make settlements with
all the nations indebted to us.
"Much has been said about those settlements. They were made professedly on the basis of capacity to pay. If you will examine those settlements I think you will find, however, that, speaking broadly, we neither
sought to collect, nor did collect, the direct war debts at all. They were
remitted.
"All we asked our friends to pay was what they had borrowed for such
other
have enumerated. And unless we, who, to say the least,
'ere not primarily responsible for the war, had been willing to assume so
large a share of its indirect costs—a share running into billions—it seems
to me, I confess, that the settlement made was not ungenerous. At any
rate, that is what we did.
And the allied powers thereupon promptly decided to follow the procedure outlined by the Balfour note, which was, as you recall, that Britain's
debt to us should be paid by her debtors.
Sees Shift of Responsibility.
"Inferentially, you will note, that involved a possible shift of responsibility.
"And in the arrangements subsequently worked out, Britain, France and
the others, by making the sums owing us a part of the German reparation
payments, simply transferred to Germany the whole burden of their indebtedness to us, and, inferentially at least, as I said, made their payments to
us conditional upon Germany's payment to them.
"Naturally, to these arrangements our Government has not agreed. It
still maintains that those who borrowed from us, and not a third party, are
responsible to us for payment.
"So far, no difficulty has arisen. Germany has made the necessary payments to her creditors. The United States has been paid by them in turn.
And there, at the moment, the matter rests. Whether, in case of German
default, the allied powers either would pay us, or could pay us, we do not
know. The final responsibility has not been fixed.
"There, for a while, as I said, the matter rested. The settlements had
been made. The debts were in actual process of payment. Conditions were
improving. Industry and commerce were, apparently, again on the high
road to recovery. . . .
"Then came the collapse. First in one country, then in another, business
began to slacken. Unemployment began to assume formidable proportions. . . .
"Naturally, we asked ourselves the reasons for so tremendous a change.
Many reasons have been advanced. But during the past few months, in
particular, many good people . . . are inclined to think of the debt
problem as if nothing whatever had been done about it during the years
which lie between. They are disturbed lest, by our unwisdom, we have
caused the depression.
Allies Held "Not Groaning."
"They fear that we have demanded more of our debtors, already weakened
by the war, than they could safely pay, and that they have broken down
under the strain of our demands, and that, as a consequence, we are now
floundering in an economic slough of despond.
"These good people point out that the depression is costing us untold
sums annually and that what we are recovering by way of payments on
the war debts is negligible by comparison. In grasping for the shadow we
have lest the substance.
"We cannot ourselves prosper unless those in other countries who want
our goods are in position to pay for them. Either we shall all prosper
together or we may be sure none of us will prosper very much or very long.
"Now, whatever else may be said regarding this argument, it must be
obvious to you that it rests upon a misunderstanding of the facts. The
allied peoples are not groaning under the burden of what they owe us.
They pay us nothing. They act merely as transfer agents and pay us out
to pay them. The
of the reparation payments they have forced Germany
burden of our war debts rests directly upon the German people.
discover whether the
"What we are interested in at the moment is to
restoration of normal
remission of our war debts will materially aid in the
that would depend,
And
world.
the
conditions of economic life throughout
trade fairly chargeable
it seems to me, upon the degree of disturbance of
burden which
against the annual payments now made us and upon the
these payments, in fact, impose on industry.
discover that
"And, in comparative figures, at least, it is not easy to
neither of those factors have much significance.
we know
trade,
international
"If we think of the situation in terms of
that international trade goes up and down as conditions vary and that it
goes up and down in thousands of millions of dollars.
"The 200,000,000 odd dollars now paid us annually, which is perhaps
1% of that trade, seems a wholly disproportionate amount to affect it
seriously either way. If we think of the situation in terms of the burden
our debts impose, the nations with which we were associated during the
[vol.. 132.
war now pay us, as I said, by means of German payments to them, a little
more than $200,000,000 per year.
"Yet the sum of their annual budgets—that is, what they are spending
annually, and what must be paid for by them in taxation of one sort or
another—amounts, roughly, if we take for comparison the year 1930, to
something like $12,000,000,000 per year. In other words, the payments
made us represent about 11
/
2% of their annual budget expenditures. Under
such conditions surely it is mere exaggeration to assert these payments
constitute an unbearable burden. . . .
"I think we must conclude, therefore, from this more general point of
view, that, even if We remitted the payments now coining to us, our action
would have little, if any, direct effect upon existing world conditions of
depression and unemployment."
Germany, Mr. Houghton said, is now so situated that she is unable to
emerge from her present economic and financial difficulties without help.
"And that is a very serious problem indeed. You need no assurance
from me that we cannot expect a prosperous Europe or, for that matter, a
prosperous United States, if Germany is in economic and financial distress
and nearing the point of collapse. Germany plays too important a part
in the Western world to enable it to function normally without her active
participation.
"If Germany is gradually being driven into an impossible situation, the
fact has tremendous significance. It is well worth our examination.
Germany Was "Bled White."
"Now, all the great industrial nations are suffering from the prevailing
depression. Germany is suffering from its effect like the rest. But there
are two respects in which it seems to me Germany's position differs from
the position of the others. In the first place, Germany was a conquered
nation.
"Germany came out of the war bled white and exhausted, her territory
curtailed, deprived of some of her most valuable raw materials, her colonies
gone, her governmental system destroyed, her entire economic structure
disrupted and dislocated, her accumulated wealth largely dissipated, and,
following this, passed through a period of inflation which rendered her
money valueless.
"No one who did not live through that period of inflation in Germany
can imagine what it meant. It wiped out whole classes and left them
penniless. Prices changed every few minutes. Wagts paid Saturday night
lost half their purchasing power by Sunday morning. . . .
"Bear in mind, too, that what Germany was required to pay by way of
reparations had to be paid outside of Germany. That meant Germany must
pay either in goods or in gold. She found it impossible to sell enough
goods. Her supply of gold is sharply limited. She has kept her payments
up only by borrowing, with a consequent loss of her capital. And such a
process, of course, cannot be kept up indefinitely. Sooner or later it must
reach an end. . . .
"To impoverish the German people, to convince them that for the next
60 years they will be held to the letter of a bond whose justice they deny,
and that we regard them as moral outlaws, may prove an expensive
experiment.
Says Germany Has Reached Limit.
"I am speaking to you very frankly. It seems to me, in the interests
of America, that the time for frankness has come. . . . Germany, I am
inclined to believe, has been pushed about as far as she can go. That
this is partly her own fault, I have no doubt whatever. That, however,
does not affect the net result. And it is that we must consider.
"If Germany no longer possesses, in herself, the power to carry on
indefinitely, if the reparation payments are slowly but surely draining her
dry, then either she must be left to go under when finally exhausted, or
she must be given the necessary assistance.
"I can think of no good to the world which would come from Germany's
complete breakdown. I do not like to think of the possible effect on Western
civilization of Central Europe in social chaos.
"But of this I do feel sure, such events would not aid us, or the other
nations, toward economic recovery. They might even postpone that recovery
for a generation. And we must not forget that the extension of the relief
may give the necessary lift to take the economic machinery of the world
off the dead center on which, apparently, it now rests.
"And there, ladies and gentlemen, I leave the matter for your consideration. While the responsibility is not ours alone, we share in it.
"If Germany is to be afforded relief, by the remission or suspension of
her reparation payments for two years or five years, or until her economic
and financial situation is sufficiently improved to enable her again to take
up the burden of those payments without probable collapse, that relief must
be afforded by all the nations concerned and not by America alone.
"We should be prepared, it seems to me, if the other nations are ready,
to make our contribution. I am not sure that we are so prepared. I am
sure only that we ought to be."
Bank for International Settlements Begins Reporting
Reserve—Statement for May Shows Profits, Legal
and General Funds Listed Separately—Balance
Grows $35,000,000, but June Payments Will Cut
$110,000,000 from $408,841,505 Total.
The Bank for International Settlements issued at Basle,
Switzerland, on June 5, its regular monthly statement
which showed the Bank's assets and liabilities balanced on
May at $408,841,505, a gain of $35,000,000 in a month.
According to the Basle cablegram to the New York "Times,"
after calling attention to the fact that the Bank had passed
the $400,000,000 mark, the Bank officials hastened to
warn that there likely would be a slump now, since a total
of about $110,000,000 will be withdrawn in a few days by
Britain, France, Italy and Belgium to meet the regular
semi-annual debt payment to Washington on June 15. In
other words, the Bank will lose one-fourth of its entire funds
within a week. The cablegram continued:
The bank officials explain the situation thus; the Germans pay into
the World Bank one-twelfth of the $400.000.000 reparations annuity every
month, which M divided by the bank as trustee among the French, British,
Italians, Belgians, &c. The French, Italians and other European debtors
of Britain have ordered the Bank to pay each month enough of their portion
of the reparations to Britain's account to meet this debt service and they
JUNE 131931.]
FINANCIAL CHRONICLE
set aside another portion to meet the semi-annual debt payments to the
United States.
Withdrawals Twice a Year.
Regularly in December and June the British. French, Italians, &c., hand
over to Secretary Mellon the funds thus accumulated here, all of which
are really paid by Germany alone. Since, however, the United States
wants no legal connection between debts and reparations, the World Bank
does not make payment to the United States and theoretically the money
passes through London, Paris and Rome on its way to Washington.
Bank officials say they are now concerned chiefly with their task of
straightening out the financial muddle in Austria, which they add will be
a big question for discussion when the Board meets here on Monday. The
present position, as they explain it, is this: The Austrian Government
has approved giving its guarantee to the depositors of the Kreditanstalt,
but the Austrian public, which, from its experience with inflation, has become very nervous, is inclined to ask what is the value of this guaranty
unless there are stronger indications of outside financial support.
Such foreign support could be shown by the flotation of 150,000,000
sehillings of treasury bills which the Geneva control committee recently
authorized, but first these bills have to be issued. Charles Rist, on behalf of the World Bank, is now negotiating this matter with Vienna and
strong desire is expressed here that the bonds will be issued soon, if only
to check the effects of persistent reports of withdrawals of American and
other foreign money from Central Europe.
Middle Term Funds Considered.
The Board meeting also will consider the question of middle term investments on which a sub-committee is now meeting. This policy is not
yet in effect and to-day's statement shows the Bank's investments for more
than a year total less than $9,000,000 or only 2% of its resources, which is
only a small increase over last month.
The statement shows the usual extreme liquidity, bank officials stressing that their first purpose is to help gold standard countries keep their
currency stable. They stress also the increase of $19.000.000 in deposits of
Central banks for their own account and say this is a result of the tendency
to use Basle as a central reserve for foreign exchange and that it represents
some important new Central bank deposits.
Four thousand new shares were issued to the Bank of Norway.
From the "Times" we take as follows the May statement,
signed by Gates W. McGarrah, President, with Swiss gold
francs converted into dollars at 5.20 to the dollar:
Bank for International Settlements.
(Situation as of May 31 1931.)
Assets—
S1.715.760
I. Cash on hand and on current account with banks
It. Sight funds at interest
25,673,457
Rediscountable bills and acceptances at cost:
(1) Commercial bills & bankers'acceptances $87,674,472
40,462,645
(2) Treasury bills
Total
IV. Time funds at interest:
(1) Not exceeding three months
(2) Between three and six months
$128,137.117
5199,805,190
5,711.697
Total
V. Sundry investments (at cost):
(1) Not exceeding one year
(2) Between one and two years
205,516,887
$36,238,337
8,836.616
45.074.953
2,723.331
Total
VI. Other assets
$408,841.505
Total
Liabilities—
I. Capital (authorized capital. 200.000 shares of 2,500 Swiss
gold francs each: 169,600 shares issued, $81,538,460,
20,384.615
one-fourth paid in)
II. Reserve:
$107,563
Legal reserve fund
210 420
2 Dividend reserve fund
420,842
3 General resrve fund
Total
111. Long -term deposits:
unt
en
tran%o
uvse
a go
j
t Annuity
1
t deposit
i3 French Government guarantee fund-
738,825
S29.653.180
14.826.590
13,228,951
57.708.721
Total
IV. Short-term and sight deposits:
(1) Central banks for their own account:
) Betweenthree and six months.-- 51.672.170
98,983,298
1% Not exceeding three months
64,160.798
c) Sight
{
Total
164,816,264
(2) Central banks for account of others:
(a) Between three and six months— -4130.885.960
30,575,708
(b) Not exceeding three months
Total
(3) Other depositors:
(a) Sight
V. Profits allocated for distribution on July 1
1931:
(1) Dividend to shareholders at the rate of
6% per annum
(2) Participation oflong-term depositors,as
Per article 53E of the Statutes
Total _
VI. Miscellaneous liabilities
Total
181,481.868
184,993
$991.587
420.842
1,412.429
2,153,990
$408.841.505
French Loan Called—Department of Seine to Redeem
$25,000,000 7% Issue of 1922.
From its Washington bureau the "Wall Street Journal"
of last night, June 12, reported the following:
The General Counsel of the Department of the Seine has authorized the
prefect to make advanced redemption, beginning from Jan. 1 1932. of
the amount outstanding of the $25.000,000 7% loan contracted by the
Department of the Seine in New York in 1922, Commerce Department is
advised.
To this end the prefect is authorized to contract a loan of 600.000.000
francs redeemable in 20 yt ars. This new loan may be issued in whole or
by sections, by public offering, by negotiations on the Boerse, or by Private
agreement. The service charge of the loan cannot exceed 5.50% and in
case of public subscription the cost of issuance must not be over 5% of
the nominal capital of the loan. Definite conditions governing the issuance of each section of the loan will be fixed by the prefect. At present,
the money market Is favorable for the issuance of the new loan, the advices
state, under date of April 13.
4331
Because of the difference in conditions of the dollar loan and that now
envisaged, the sums which are at present necessary for the interest service
alone of the dollar loan will not only cover the interest, but also the
amortizen
of the new loan, it is pointed out.
France to Accord French Line Financial Relief.
United Press advices as follows from Paris are taken from
the "Wall Stteet Journal" of June 11:
The French Government has agreed to accord relief to the French Line,
which has reported a deficit of 300,000,000 francs (about $11,730,000.
Premier Pierre Laval and the Government believes this to be necessary,
inasmuch as the French Line is the only French company operating a passenger service on the North Atlantic.
It has also been decided to continue construction of a superliner for the
North Atlantic trade.
French Deputies, Cut Naval Budget—Socialist Victory
Said to Menace 1931 Program.
),
II
From the New York Sun of last night we take the following from Paris June 12:
The Chamber of Deputies to-day passed a Socialist motion reducing the
Ministry of Marine budget by 23.000,000 francs (about $920,000)•
Such reduction is said to endanger the naval building program for 19311932.
The Socialist motion was in the form of an amendment reducing the
amount allocated for provisioning the fleet. The Government had asked
39.000.000 francs (about $1,560,000) for that item alone.
The Socialist motion was carried by a vote of 261 to 251.
The House later took up discussion of internal finances, but Minister of
Marine Dumont remained on the Government bench ready to ward off any
renewal of the Socialist attack.
The "Sun" adds:
MC 1931-1932 naval building program advocated by the chamber's naval
committee provides for a 23.000-ton battle cruiser. two 7.500-ton light
cruisers and smaller craft bringing the total tonnage to 30,000. The
Minister of Marine told the chamber last week that the general total of
construction credits would be approximately $42,000,000 for 70.000 tons
of ships spread over the period between 1931 and 1936.
Bank of Spain Reported as Having Completed Negotiations with Bank of France for £4,000,000 Loan.
Madrid Associated Press advices June 10 said:
The Bank of Spain has completed negotiations with the Bank of France
for a loan of £4,000,000(about 520.000,000). It was reliably learned to-day.
The loan would be guaranteed by the Bank of Spain, it was understood,
to aid Spanish bankers to repatriate funds now involved in currency transactions abroad. The guaranty would consist of 6% treasury bonds.
Julio Caravas, Governor of the Bank of Spain, and other officers are understood to be awaiting word from the Bank of France before going to Paris.
Bank of Spain to Liquidate Forward Foreign Exchange
Commitments.
From the "Wall Street Journal" of last night (June 12)
we quote the following from Madrid:
Finance Minister confirms report that the Bank of Spain intends to
liquidate its forward foreign exchange commitments by installments.
within 18 months at the maximum. New operations, where absolutely
Justified, will be effected with exchange assured for fixed dates. The
Government is placing high hopes in the results of this policy, combined
with the proposed French banking credit.
Moroccan Budget Cut.
A cablegram as follows from Madrid June 10 is taken
from the New York "Times."
Minister of War Azana announced tonight that the Moroccan military
budget would be cut from 300,000.000 to 100,000,000 pesetas (from about
$30.000,000 to about $10,000,000) a year.
Twenty haughty Spanish Kings and Queens might have turned over in
their graves at the Escorial tonight, for the Republican Spanish Cortes,
the first Spanish Parliament to be convoked in nearly a decade, will have
the option of meeting at this burial place of Spanish monarchs, thirty
miles from Madrid.
President Alcala Zamora stated today, after inspection of the grim
monastery, "The Escorial is capable of holding the Spanish Cortes. The
Cortes will open in Madrid, but the delegates will be allowed to vote immediately to decide whether they want to escape the Madrid heat by
going to the Escorial."
Reported Credit to Hungarian National Bank.
In its June 10 issue the "Wall Street Journal" reported the
following from Paris:
According to reports from Basle, the National Bank of Hungary has
obtained an emergency credit of $8.000,000 for six months from the Bank
for International Settlements to protect itself against repercussions of the
Creditanstalt collapse. Withdrawal of American funds from Central
Europe is declared to be Increasing the strain on central banks there.
Actions Brought by Bank of France Against Chase
National Bank and Equitable Trust Co. To Recover
Gold Shipments Decided in Favor of Defendants—
Question of Recognition of Soviet Regime.
As was indicated in our issue of June 6 (page 4154), the
actions brought by the Bank of France against the Chase
National Bank and the Equitable Trust Co. of New York
for the surrender of shipments of gold received for the
account of the State Bank of Soviet Russia, was decided
on June 5 by Federal Judge Francis G. Caffey, who gave
4332
FINANCIAL CHRONICLE
his decision in each of the cases on the issues therein in
favor of the defendants and directed judgment dismissing
the complaints on their merits, with costs. A resume of
the proceedings and the conclusions of Judge Caffey has
been made available as follows:
[VOL. 132.
regime, either as a de jure or a defacto government, that this regime is a
government.
It has got an organization, an executive branch, a legislative branch, a
Judicial branch, local unions called republics, which roughly may be said
to correspond to our states, and a union of those republics roughly corresponding to our Federal Government.
There are public officials throughout Russia, courts of the republic and
of the union, and they have a scheme all written out. We call them constitutions in this country. Both the republics and the union function in
that regard certainly.
These two actions were commenced against the respective New York
banks early in March 1928. The Chase National Bank had received from
the Garantie und Kreditbank of Germany for the account of the State
Bank of the Union of Socialist Soviet Republics, a shipment of gold in the
Judge Caffey also said:
form of refined gold bars alleged by the plaintiff to have a value of $2.529,We are not concerned with the policy of Russia under its old regime or
551.53. The Equitable Trust Co. had similarly received, at about the
same time, a similar shipment from the same bank and also for the account under its new regime. Although they may have opinions of which we may
disapprove, or which we may like or dislike, from the standpoint
of the State Bank of the Union of Socialist Soviet Republics of similar gold approve or
American court it is none of its affairs what may be the policy, past or
alleged by the plaintiff to have a value of $2,670,674.45, making a total of an
present, in any foreign country.
in all of gold received by the two banks of $5,200,225.98.
We are not concerned with what is the policy of the United States or
The Banque de France, through its attorneys in N. Y. City, served
what
should be the policy of the United States with respect to recognition
written demand upon the two New York banks for the immediate delivery
of
Russia, or the present regime in Russia, either de jure or defect°. The
and surrender to the Banque de France of all of this gold, claiming that
in 1915 and subsequently until early in 1917 the Banque de France had sole concern of this court in regard to that is not to go outside of its own
domain and to venture into the domain of the political departments of this
purchased from two private Russian banks,'known as the Banque RUSSOCongress or the Executive Department.
Astatique and the International Bank of Commerce of St. Petersburg, Government, of
I think that diplomatic recognition—de jure recognition of the Soviet
alloyed gold bars aggregating in value in excess of $9.000,000. Inasmuch
as this was during the period of the Great War, gold exports from Russia Republic by France—removed the issues of this case as between the Bank
were forbidden, but in order to establish a credit which the two private of France and the Soviet State.
What was the consequence of diplomatic recognition? Russia, the new
banks above referred to could avail themselves of in Paris, it was claimed
Russian Government, derived all the attributes of a sovereign. A governthat an arrangement was made whereby the gold so purchased would be
suit by outsiders. If a national of one
lodged with the then Imperial State Bank of Russia, Petrograd Branch, mental sovereign is exempt from
government or one of Its branches, he
the scheme being that, against the receipt of Imperial State Bank stating country have a claim against the
the fine gold content of the aforesaid gold bars, a credit in francs would cannot sue that recognized sovereign
Soviet
The
of the government of Russia from the
State
Bank
was
a
part
be issued to the two Russian banks by the Banque de France in Paris, on
outset of the litigation and confined the claim unavoidably to the realm
an agreed basis of exchange.
of American law. That is not a
The Banque de France further claimed that upon the occurrence of the of diplomacy. That is not a question
international law—no escape,
Soviet coup d'etat on Nov. 7 1917, all of the gold stock of the Imperial question of French law. It is a question of
recognition
as removing from the
as
I
see
it
from
diplomatic
treating
State Bank of Russia bad been seized by the revolutionary forces and
later decrees of the Russian Socialist Federated Soviet Republic had Jurisdiction of the court a claim which a national of one government has
confiscated all gold in all banks in Russia, including the plaintiff's gold. against the government of another.
and commingled it with other gold. A few hours after the service of the
From the New York "Times" of June 6 we take the
demand on the Equitable Trust Co., and the following morning after the following:
service of the demand on the Chase National Bank, suit was commenced
Soviet Gold.
against these institutions by the Banque de France in the United States
The possibility of future shipments of gold from Russia to this country
District Court for the Southern District of New York replevin suits were
started in which judgment was asked for either for the gold itself or its is opened up by yesterday's decision in the United States District Court
value, as above stated. As the refined gold bars in question were returned denying the claim of the Banque de France to possession of gold shipped
by the two New York institutions to the consignor after the commencement by Soviet Russia to the Chase National Bank here. So long as the receipt
of the suits, the result was that the suits continued as actions for damages of gold from Russia laid a bank open to the prospect of a lawsuit it was
not to be expected that any institution would care to accept shipments of
against the two New York banks in the amounts mentioned.
In preparing the case for trial depositions were taken in Paris by the Soviet gold. Whether or not shipments of gold will actually be made for
purpose ofcreating balances here in favor of the Soviet remains to be
the
former
officials
France
and
of
de
plaintiff of various officials of the Banque
of the Imperial State Bank of Russia and of Czarist Government officials seen. In the opinion of bankers no great likelihood of any large transfers
and others. The defendants, on the other hand, took depositions in Berlin exists, for the simple reason that Russia probably has no great amount of
of various officials of the State Bank of the U. S. S. R. and of the Soviet gold to send.
Refineries in which the gold bars in suit were refined and of others.
The trial of the case commenced on April 6 1931 before Hon. Francis G. Economic Recovery in Sight According to S. H. Strawn
Caffey. The principal issues litigated on the trial were as follows:
of United States Chamber of Commerce—Calls
First: Whether the plaintiff ever acquired such title to the gold claimed
Soviet "Dumping" Greatest Danger to Stability of
to have been deposited with the Imperial State Bank of Russia as would
give it ownership in or title to any particular gold bars as contrasted with a
World Markets.
general gold credit.
Silas H.Strawn of Chicago, President of the United States
Second: Whether the plaintiff had identified the refined gold bars received by the defendants in 1928 as the same gold which the plaintiff Chamber of Commerce, speaking at La Salle County's
claimed to have been deposited for its account in the Imperial State Bank
6, asserted
of Russia, or that such refined gold bars had come out of a mass of gold into Centennial Celebration in Ottawa, Ill., on June
that signs of economic recovery were already on the horizon.
which the bars claimed by the plaintiff had been commingled.
Third: Whether the recognition de jure by the Republic of France of He saw a danger in Russian "dumping" and denounced as
the Union of Socialist Soviet Republics in October 1924 did not have the
effect of validating insofar as French nationals were concerned, all con- "slander and bolshevistic propaganda" the assertion that
fiscation decrees of the Soviet Government as to property within its terri- the wealth of the country was concentrated in the hands
torial jurisdiction at the time and preclude nationals of France thereafter of a few men. A dispatch to the New York "Times" from
from asserting any claim against the Soviet Government or property owned
which we quote goes on to say:
or claimed by it, except through diplomatic channels.
Fourth: Whether, in spite of the fact that the Soviet Government had
In the last 55 years there have been seven depressions, and from all
not been recognized by the United States, the Courts of this country would of them this country has receovered, going on to greater prosperity and
nevertheless pass upon the validity of the decrees of that Government, higher standards of living, Mr. Strawn said.
and whether the property owned or claimed by that Government was not
"I believe there are already encouraging signs on the horizon," he
Immune from judicial process.
stated. "When that recovery will come no one is able definitely to forebe
extended
should
Whether
or
not
the
Fifth:
comity of this nation
cast. Certainly it is that it can only be brought about by co-operating
by its Courts to a foreign claimant, the Government of which had accorded individual effort, not by governmental action."
recognition de jure to the Soviet Oovernment, particularly where the
Perhaps the most ominous cloud overhanging the whole economic situresult might impose hardship upon American nationals, the defendants ation of the world, Mr. Strewn said, was the throwing into the world
In this case.
markets of large quantities of grain, raw materials and semi-finished
Sixth: The defendants further asserted that the refined gold bars which products by Soviet Russian at prices less than the normal cost of production.
they received did not contain any of the gold claimed to have been deposited
"The business men of the world realize that there is in the Russian
by the plaintiff Bank with the Imperial State Bank of Russia, but on the situation a perhaps not very remote peril." he continued. "It is immemanufactured
was
from
gold
which
were
these bars
contrary, that the
diate, because of the constant dislocation of the world markets by the
derived from sources other than the gold claimed by the plintiff. In dumping of materials. It is remote, because the industrial nations are
this connection, the defendants introduced in evidence over 10.000 written furnishing to the Soviets materials and skilled experts to enable Russia
documents, for the most part in the Russian language, with translations to become a great industrial country."
Discussing the statement that, while the United States is the richest
annexed, tracing the 26,000,000 grams of gold which the defendants claim
was the only gold from which the refined gold bars in suit could have been country, 4% of the population owns 80% of the wealth, Mr. Strewn said:
manufactured.
"I have no patience with the type of mind that would punish the frugal
After the trial had proceeded for nearly nine weeks and voluminous and prosperous by unduly imposing upon them the share of public burden
testimony had been introduced of international banking practices, metal- which should ratably, equitably and in justice be borne by the indolent
lurgical practices, and a tremendous mass of accounting and documentary and the profligate."
evidence, both sides agreed to the discharge of the jury, and that all questions of fact as well as of law be submitted to Judge Caffey for his decision.
Judge Caffey gave his decision in each of the cases on the issues therein A. V. Alexander, First Lord of British Admiralty,
in favor of the defendants and directed judgment dismissing the comPessimistic—Asserts Europe Is an Armed Camp.
plaints on their merits, with costs. In the course of announcing his deA. V. Alexander, First Lord of the Admiralty, to-day told
cision. Judge Caffey stated at some length the grounds on which be based
the same. He held first, that the question as to whether the plaintiff had a meeting at Folkestone that he sometimes had "misgivings"
acquired such title to the gold bars claimed to have been deposited by about disarmament. An
Associated Press dispatch from
It with the Imperial State Bank of Russia in 1915 as to support an action
for replevin was governed by the Russian law as it existed at the time of London June 8, to the New York "Times" also quotes him
such deposits, and that the plaintiff had failed to establish title to such gold as follows:
either under Russian law, or otherwise.
"After all, It is nearly 17 years since the World War began and nearly
Secondly, he upheld the defendant's contentions with respect to all of 13 since the Armistice
and Europe is still largely an armed camp," he
defenses.
law
international
the so-called
declared.
Finally. Judge Coffey held that the plaintiff's theory of the tracing
Mr. Alexander expressed the belief that Great Britain had contributed
of its gold was untenable.
more than any other nation toward world disarmament.
"Unless we can remove from the minds and hearts of nations the hate
In his opinion Judge Caffey said:
we might destroy
I cannot escape the conclusion that although there has been no recognition and fear of one another and the suspicion of motives,
For with all the
by the State Department of this country of what has been called the Soviet all our armies and navies and yet not destroy war.
JUNE 13 1931.]
FINANCIAL CHRONICLE
developments of science and the tremendous mechanism of modern industrialism we could go to the greatest war in history within a short time
by harnessing modern industrialism to the chariot of war."
David Friday Predicts Boiling Market by September in
Gilt Edge Bonds—Expects 25% Increase in Production Before January.
David Friday, speaking at Ettinger & Brand luncheon,
predicted a boiling bond market by September which would
run 18 months and be very much like the bond market of
1901, according to Detroit advices to the "Wall Street
Journal" of June 5, which also Said:
4333
It is understood, however, that he would regard this only preliminary
to action of some sort by the Governments. An independent move in
the situation, it is felt, would be of some advantage and might develop a
program that the Governments could take up. In the opinion here. such
an informal conference would do no harm.
Interest in suggestions for an international conference on
the silver questions was stimulated on June 8,(said the same
paper in Washington advices) when J. F. Darling, a member
of the board of directors of the Midland Bank of London,
called on President Hoover and later took lunch with
Senators Borah of Idaho and King of Utah, two advocates of
such a conference. The account also said:
The call at the White House was said to be formal. Mr. Darling was
presented by Sir Ronal Lindsay, the British Ambassador, and they remained for only five minutes.
With Senators Borah and King, Mr. Darling discussed the matter of
an international conference, which he has urged. He appeared before a
Senate sub-committee Dec. 2 1930 expressing the opinion then that appliwas not for the advantage of the
The same paper on June 8 stated that Mr. Friday, speak- cation of the gold standard to Indiagold
standard had created "an acute
and that the use of the
people
Indian
at
dealers
Withington
Jackson,
Sparks
ing at convention of
effect" both in India and China.
Mich., predicted that before next January we will see pro- "It is up to the United States to call an international conference,"
"The United States should lead the way to
duction in this country 25% higher than last January. He Senator King said later.
solve the problem. It should call a conference immediately."
is also quoted as saying:
"The prestige of the United States would inspire a successful issue.
This will not mean a runaway market in securities, nor will it mean Substantially every Nation would attend. Canada would rejoice in such
are
we
the
that
on
way up. a conference."
the return of boom times, but it will be proof
In fact, business is on the way up now. Production as measured by the
Mr. Darling left to-night for Canada and will discuss the matter of an
Federal Reserve index began rising the first of the year and has continued international conference with Dominion officials.
the upward trend through April, the last month reported.
Investigation has shown that during depressions the income of the
people as a whole falls only 15% to 18% from the high levels. Income Senator Pittman Believes Informal Conference on
from dividends this year will be within 15% of the buggest year we have
Silver Would Prove Futile—Senator Smoot's Statehad, 1929.
He predicted that dividends in 1931, in spite of all the reductions made
to date, would aggregate not more than 15% to 16% less than in 1929 and
1930.
He said he expected the Secretary of Treasury to issue Government bonds
at 2%% unless there are unforeseen political upsets.
'Drying Up of International Capital Market Mainly
Responsible for World Collapse in Prices and Trades,
Says J. Henry Schroder & Co.—U. S. and France
Regarded As Best Able to Correct Situation.
The drying up of the international capital market is the
most important reason for the collapse of prices and of world
trade, according to J. Henry Schroder & Co., London, in
their "Quarterly Review" issued in May. It follows, they
believe, that the restoration of the flow of foreign lending,
if it can be achieved, will be a sound and effective method
of curing the depression. The article goes on to say:
ment.
Associated Press cablegrams from Shanghai, June 8,
stated that charges that Great Britain is opposing the Calling
of an international silver conference emanated that day from
Senator Key Pittman of Nevada, who on June 4 predicted
that such a conference would be held within three months
The cablegram as given in the "Times" continued:
Senator Pittman asserted the British opposition was being used by the
London Government as a "trading point" by which Great Britain hoped
she might obtain readjustment of her war debts to the United States.
Sharply commenting on President Hoover's recent telegram to Senator
Smoot, in which the President was reported as saying the United States
was willing to:participate in an informal international silver conference, but
believed the present was not opportune for a formal session, Senator
are
task
this
about
set
to
able
best
Obviously, the countries that are
Pittman said:
America and France, with their immense and unprofitable hoards of gold
"It is amazing that foreign influence can be brought to bear on such
that have drifted to them because their policy of high protection has pre- high American official circles."
vented the settlement of their favorable balances by imports of goods and
Senator Pittman, who came here to study the admittedly serious silver
because they have been unwilling, for different reasons, to lend abroad— situation in China said President Hoover's telegram to Senator Smoot
and
her
France
because
boom
her
with
busy
was
she
because
America
had been made public at•"critical" moment.
investors have been hard hit by their losses in Russia and also, it is said,
Calls Informal Moves Futile.
because there is much apprehension among them concerning the state of
In a statement to the Associated Press, Senator Pittman said:
.
European politics. .
"The informal conference on silver suggested by Senator Smoot, and apIf business opinion in the leading countries—especially in America and
President Hoover, is in my opinion a futile move.
France—were convinced that revival of the international capital market parently approved by
I
am
afraid it would be suspected by certain Governments most interested
is essential to world trade and seriously set about promoting it, there need
as a subterfuge. Such an informal conference, net initiated by Governbe little doubt that the investing public would follow.
Governments are responsible, will be but a repetition
There remains yet another difficulty, that of official or semi-official ments and for which
held, namely, the United States Chamber of
restrictions on foreign issues, dictated by political and other considerations. of the two conferences already
subject and the similar conference of the
Such restrictions have been in force in France and in some other countries Commerce conference on the
Commerce.
for many years, but have the disadvantage of being ineffective as long as International Chamber of
"No more representative informal conferences than these could be obthere is a market in securities. Unless a censorship, as rigid and inquisiunanimously recommend the calling of a formal
torial as existed during the war, is imposed on all correspondence and tained, Both conferences
as the London Conference for the Limicommunications, no Government can stop a Frenchman or an American conference by governments such
or an Englishman from investing his money abroad, for the movement of tation of Armaments.
"The result of that conference was a treaty signed by President Hoover
capital from Bourse to Bourse and from Stock Exchange to Stock Exchange
governments and ratified by the United States
is one of the few activities that no Government can trace or atop. Em- and the heads of other
kind of a conference got immediate action.
bargoes on new issues merely mean that the center in which they are applied and other governments. This
the silver situation.
have to forego the commission attached to the business, as large investors, That is what is demanded by
"There was every indication that the Chinese and Japanese Governtrust companies and insurance companies are always willing to purchase
considering immediate action.; relative to the calling
attractive issues in foreign markets whether in dollars, francs or other ments were seriously
silver conference between governments when Hoover's
sound currencies, and in this way London has absorbed the bulk of many of an international
Smoot discouraged such action.
good issues made abroad. These embargoes cannot stop an outward flow telegram to Senator
"It is impossible to conceive, in view of all the circumstances, that the
of capital if the country's citizens want to send it abroad.
Japan could be satisfied with the holding of
Something has been done, and much more has been discussed, towards Governments of China and
conference. It might be denominated silly if it were
securing the freer movement of capital. At the beginning of March a new a useless informal
international mortgage bank was founded in Basle, following a recom- not tragic.
"It Is unfortunate the trading schemes of one government could be permendation of the League of Nations Financial Committee urging the
conference of all nations upon so vital a subject. I do
creation of an institution to lend money to agriculture in Europe. It has mitted to block a
for long."
a capital of 25.000,000 Swiss francs, of which 5,000,000 are to be paid up not believe it will be blocked
and will raise further funds in the form of debentures. Dr. Rudolph
date of June 8, Associated Press accounts from
Under
Miescher, of Basle, is President, and the Vice-Presidents are Dr. Arnaud
said:
Dreyfus of the Swiss Bank Corporation and Dr. Adolf Johr of the Credit Salt Lake City
Commenting here to-day on Senator Pittman's statement in Shanghai
Suisse, The Bank is described by the "Economist" of March 7 as having
a lengthy and influential list of sponsors drawn from Zurich, London,Paris, criticizing President Hoover's decision not to call an official silver conBerlin, Stockholm and New York: and its creation was welcomed on the ference at this time, Senator Smoot said:
"President Hoover, in the case of calling an international conference for
ground that, apart from the requirements of agriculture, there is a crying
need for the diversion of a part of the existing plethora of short money the consideration of the future of silver, foilowed the universal practice of
ascertaining, before an official call was made, whether or not the foreign
Into medium and long-term channels.
governments, whose participation was necessary, would approve of and
accept an invitation to such a conference.
President Hoover Not to Oppose Informal Study of
"The result was that the ii.1sh Gosernment, and if I am correctly
government, let it be understood that they
Silver Situation by International Chamber of Com- Informed, one other interested
would not accept such an invitation at this time.
J.
Agency—E.
Other
Darling, of London, "Time may change the attitude of these governments, but an internamerce or
Advocate of Silver, Calls on President.
tional conference on silver without them would be absolutely useless.
No one knows this better than Senator Pittman."
In a Washington dispatch, June 5, to the New York
Previous utterances by Senators Smoot and Pittman were
"Times" it was stated that President Hoover will not oppose
to in our issue of June 6, page 4156.
referred
silver
the
by
situation
the International
an informal study of
Chamber of Commerce or some such independent agency,
now that the effort to have a conference of governments in Senator Shipstead Sails for Europe on Silver Mission.
question has met a set-back because of objections of Great
United States Senator Shipstead of Minnesota sailed on
Britain. The dispatch in part, continued:
June 8 for Europe aboard the United States liner America
4334
FINANCIAL CHRONICLE
to further arrangements for an international conference on
silver, asked by the meeting of Chambers of Commerce of
the World recently. We quote from the New York "Evening
Post" which also noted that Senator Shipstead, a member of
the Senate Foreign Relations Committee, asserted that the
proposed conference would go a long way toward relieving the
present depression. A Washington dispatch, June 6, to
the New York "Times" quoted Senator Shipstead as follows:
"The Senate has recommended that an international conference be called
to study the question. The International Chamber of Commerce voted to
request their respective governments to favor such a conference.
"Many phases of the question have been discussed and many methods
for relieving the emergency have been' devised. It is plain that if anything is to be done in the matter it must be done by international agreement.
If a solution for the problem is to be found, I believe it can be found only
by approaching the problem from the possible effect of what action is taken
upon the general domestic and foreign trade.
"Possibility of agreement can only come through informal conferences.
If such informal conferences reveal that a solution to the silver problem
would bring some economic relief, as very many economists seem assured
It will, then a formal conference would be more likely to be successful.
"The question of debts, public and private, has been doubled and trebled
by the constantly descending price level. Many things must be done to
restore the purchasing power of the people and make it possible for them
to pay their debts. Many economists believe that we will have a partial
remedy when we find the solution for the silver problem.
"Unless the price level is reversed soon, either by natural economic
causes or necessary remedial action, I anticipate either a moratorium or a
wholesale default on debts, public and private."
[VOL. 132.
employment, and forwarded to the Department of Commerce by Trade Commissioner Harvey A. Sweetser of
Ottawa. According to the Department's advices, June 9,
at the end of April the total number of individuals given
employment through the Dominion wide relief scheme was
272,690, and the total number of man-days work provided
was 5,651,576; comparative figures at the end of March
were 248,274 and 4,857,217, respectively. In addition, it is
stated, all Provinces and municipalities have provided
direct assistance to individuals and families. Quebec Provnce accounts for 33,490 .families including 171,000 individuals and Ontario Province, 19,000 individuals. The
cities of Montreal and Quebec have also provided 274,000
nights' lodging to single men and 1,577,000 meals.
Decline in Employment in Silk Industry.
Employment in the silk industry declined 2.5% during
April as compared with the previous month, and 10.6% as
compared with the April 1930, figure, the Silk Association of
America, Inc., reports. Broad loom employment declined
0.7% in April as compared with March, narrow loom employment 3.7%, and spinning spindles 4.1%. Broad silk
loom operation decreased 3.1% in April compared with
March, spinning spindles 11.6%, while narrow loom operJapan Decides Not to Take Initiative in Calling World ation increased 0.9%.
Conference on Silver.
President Hoover Urged by Peace Advocates to Exert
From Tokio, Associated Press advices, June 11 said:
Influence to Insure Success of Geneva Conference
The Japanese Government has instructedrAmbassador Debuchi in
on Limitation of Armaments—Budgetary Limita
Washington to inform the United States Government it has decided definitely not to take the initiative in the promotion of an international contion Also Recommended.
ference on the silver question, fearing the situation might be aggravated in
In view of the conferences now being held by the President
case of failure.
with Secretary of State Stimson, Ambassador Hugh Gibson,
Mexican Business Men Favor International Silver Senator Dwight W. Morrow and others, incident to formulating the policy to be pursued by the United States at the
Conference.
The following Mexico City account, May 31, is from the forthcoming World Conference on Disarmament, to be held
at Geneva early next year, 66 officials and members of 38
New York "Times":
The newspaper "El Imparcial" sal4to-day that prominent Mexican national organizations, in a statement addressed to President
business men were preparing a petition to President Ortiz Rubio, requesting Hoover and made public on June 8 urged the Government
that the govtrnjent take the initiative in efforts to solve the world silver of the United
States to exert every influence at its command
depreciation problem by provoking an international conference.
Japan recently declined to call such a meeting, and suggested moves by to insure the success of the Geneva parley.
the United States toward that end also have been fruitless.
It was further recommended that the Washington adMexico, the largest silver-producing country:in the world, is hard hit by
ministration give serious consideration to the principle of
the depreciation.
budgetary limitation as one of the steps to be taken in
Mexican Finance Secretary Against Plan to Buy India's effecting a drastic reduction of the world's armaments.
The policies which the United States is asked to consider
Silver Reserves.
Mexico City advices as follows are taken from the "Wall in connection with theforthcoming Disarmament Conference,
as suggested by the individuals whose names are attached to
Street Journal" of June 9:
The solution for the world silwr ailment recently proposed in the United this "Statement of Objectives and Program" include the
States calling for purchase by producers of India's government silver following:
reserves, would not be feasible in the opinion of Luis Mentes de Oca. Secre"Acceptance of the principle of budgetary limitation, including all exof Finance in Mexico.
The plan proposes that producers purchase India's silver at the current
low price in view of the fact that it is the constant outpouring of this on the
world market that is causing the present oversupply. In the bands of producers this reserve could be used in accordance with demand, it was argued.
"In principle this solution appears simple and effective," said Secretary
Montes de Oca, "but there is little probability that it could be accepted
by thi mining companies,in view of the fact that the acquisition of 500.000,000 ounces would require an immediate disbursement of $140,000,000 which
would mean a large capital tie-up for many years and with the danger that,
with the establishment of the gold standard in the countries that now are on
a silver basis, such a sacrifice would be useless."
Silver valued at £256,926 was sold by Mexico to Great Britain during
March, off.cially reports the Mexican consul in London to the Ministry of
Industry, Commerce and Labor
French Employers Delegate Charges Dole Causes
Much Unemployment—Tells Geneva Meeting That
Insurance Handicaps Some Workers.
Geneva advices as follows, June 5, are taken from the
New York "Times":
The view that "unemployment insurance developed in some countries
has been definitely a cause of unemployment" received its strongest defense
In the International Labor Conference here to-day from Lambert Ribol,
delegate of French employers.
He argued the dole was a factor in unemployment because "it permits
the stabilization of wages at a certain level and does not permit those
wages to be adapted to the economic situation and leads to unemployment.
"The result is a paradoxical situation in which the standard of the
majority of workers is maintained t We expense of certain of their comrades," he continued.
As for the workers' demand for collaboration with employers, he said
he desired it as much as they did, but explained there was difficulty in
getting collaboration between the heads of industrial undertakings.
Dr. Brauns for the German Government stressed unemployment in
Germany and said "this crisis will influence history for centuries."
Largo Caballero, Spanish Minister of Labor, outlined the Republic's
Socialist labor policy, saying its chief aim was to help the farm worker.
Canadian Unemployment Relief Shows Further Gains.
Further relief of unemployment in Canada is indicated by
figures recently released by the Canadian Director of Un-
penditures on land, sea and air forces as a whole, and on material (ships,
guns, aircraft, &c.) of each force separately;
"Proposals for a drastic cut in total expenditure, such as 10% a year
for five years; and continued advocacy' of direct limitation and reduction
of the weapons of land warfare, which are not so limited in the Draft
Treaty;
"Proposals for further direct reduction of naval armaments, including
the abolition of submarines and of all surface war vessels over 10.000 tons
and the reduction in aircraft carrier tonnage;
"Prohibition of the preparation for and use of poison gas and bacteriological methods of warfare;
"Acceptance of the establishment of a Permanent Disarmament Commission to watch over the execution of the Treaty."
It was announced that this statement was arrived at as a
result of an intensive study by the various national groups
covering a period of two months.
Making it clear that they were speaking not in behalf of
their organizations the individuals signing the pronouncement
unite in urging "the United States to formulate a policy
setting forth what steps we would be prepared to take to
preserve the peace in case of a threatened violation of the
Kellogg Pact." "We believe," it was added, "that the
first step toward making the pact more effective would be
to provide by treaty agreement for conference with the
other Powers."
It was also urged that the Washington Administration
appoint the strongest possible delegation to the General
Disarmament Conference composed of civilians, with at
least one outstanding statesman not officially connected
with the Government. Ratification of the World Court
Protocols before the opening of the General Disarmament
Conference was called for. The preamble to the "Statement of Objectives and Program" describes the forthcoming
Conference as "the most important crisis in world history
since Versailles." It is stated therein:
"The disarmament of Germany was imposed by the Treaty of Versailles
as the first step toward a general reduction and limitation of armaments.
The preamble to Part V of the Peace Treaties, including the Treaty of
JUNE 131931.]
FINANCIAL CHRONICLE
Berlin between the United States and Germany, and the letter of Clemenceau to the German delegation, written June 16 1919 on behalf of the
Allied and Associated Powers, contain a moral if not a legal obligation to
disarmament. The General Disarmament Conference has been called
for February 1932 to carry out this obligation to which the United States,
as well as all members of the League of Nations, is committed."
The Kellogg-Briand Peace Pact is looked to by the officials
of these national organizations as paving the way for a
drastic reduction of land, naval and air armaments, and not
mere limitation at existing levels. "This Pact," the signatories go on to say, "logically calls for immediate steps
toward general disarmament and requires nations to put
the same reliance for security in their Peace Treaties that
they have hitherto put in military alliances and armaments."
Among those signing the document transmitted to the
President are:
Alanson B. Houghton, former Ambassador to Great Britain;
James T. Shotwell, Director of the Carnegie Endowment for International Peace;
James G. McDonald, Chairman of the Board of Directors of the Foreign
Policy Association;
Sidney L. Gulick. Secretary of the Commission on International Justice
and Goodwill of the Federal Council of Churches;
Stephen P. Duggan. Director of the Institute of International Education;
Raymond T. Rich, Director of the World Peace Foundation;
Fred B. Smith, Chairman of the Executive Committee of the World
Alliance for International Friendship;
Miss Dorothy Detzer, Executive Secretary of the Women's International
League for Peace and Freedom;
Frederick J. Libby, Secretary, National Council for Prevention of War.
Loss in Case of Private Banking House of AuspitzLieben Co. of Vienna Set at $1,000,000—Charges
Reported Lodged Against Two Partners of Closed
Institution.
With regard to the Auspitz-Lieben Bank of Vienna, the
reported financial difficulties of which were referred to in
our issue of May 30, page 3977, a cablegram from Vienna,
June 5 to the New York "Times" said that clients are
lodging charges with the police in increasing numbers. In
part the cablegram stated:
435
representing about 111,000,000 dinars, in the Bank of International
Settlements.
Items regarding the stabilization of Jugoslavia's currency
appeared in our issues of May 2, page 3255, and May 16,
page 3635.
$3,039,978 Available for Service on Province of Upper
Austria 7% Bonds.
According to an official statement received by Blyth &
Co., Inc., bankers for the Province of Upper Austria, the
revenues securing the external 7% bonds of this Province
for the year 1930 amounted to $3,039,978, which was more
than 6.5 times the $468,000 of annual interest and sinking
fund charges on this issue. Figures covering the real estate
tax and Upper Austria's share of Federal tax revenues for
the past five years, it is stated, have been as follows:
1926
1927
1928
1929
1930
Real Estate Provincial Share in
Taxes.
Total.
Federal Revenues.
$1.008,382
$1,515,423
$2.523.805
1,207,909
1,547.700
2,755,609
1,161,759
1,786.890
2,948,649
1,350,155
1,887,213
3.237.368
1.829.125
1,210,853
3.039,978
The external 7% issue, originally offered in the amount
of $5,000,000, has been reduced to $4,139,000 through the
operation of a cumulative sinking fund.
Bonds of Republic of Estonia Retired Through Sinking
Fund.
Hallgarten & Co. announce that they have purchased for
the sinking fund $20,000 principal amount of Republic of
Estonia (Banking and Currency Reform), 7% loan, 1927,
due July 1 1967. These bonds have been retired and there
now remains outstanding $3,883,000 par value of bonds.
Bank of Republic to Act As Medium For Paying Interest
on Loans of Colombian Government.
Associated Press adviees from Bogota (Colombia), June 6,
said:
A woman depositor to-day charged that it had misappropriated shares
amounting to more than $200,000.
The French Metal Works to-day entered an action demanding the repayment of $18,000, declaring that two days before the failure the bank,
The Bank of the Republic and the Colombian Government have entered
with which the French company had just opened an account, accepted the into an agreement under which the bank will act as a medium for paying
money paid in for it by the Vienna Gas Works, but did not hand it over. interest on all internal loans contracted by the Government after 1931.
According to the Ullstein Agency's sta.ement, $1.000,000 has been embezzled.
Theodor Auspitz, brother of Stephen Auspitz, who is head of the house, Argentina Exports Gold—Shipment of $881,630 for
is said to have refused to do anything to enable the bank to meet its liaNew York Improves Peso Exchange.
bilities, despite his large fortune and valuable art collection. Much indignation has been aroused by the statement that Stephen Auspitz in the
The following from Buenos Aires, June 6, is from the
Spring built a villa costing more than $76,000 and only a few months ago
New York "Times":
bought a Frans Hale painting for his collection costing $17,000.
The Bank of the Nation shipped $881,630 in gold to New York to-day
It is admitted by tho bank that its second partner, Ludwig Zweig, lost
nearly $357,000 in speculation on the American stock market. One official on the liner American Legion to pay the interest and service charges soon
falling due on the New York market.
has an outstanding debt to the bank of $180,000.
This shipment of gold, coinciding with almost daily conferences between
Creditors are forming an advisory board of Austrian lawyers to investigate to what extent Theodor Auspitz can be forced to bear a share of the the Bank of the Nation and private bankers regarding measures to improve
exchange, is credited with causing an improvement from 146.40 gold pesos
losses. He himself owes $107,000.
for $100 on Wednesday to 144 yesterday, following Thursday's Corpus
Christi holiday.
Jugoslavia's Currency Stabilized.
Wednesday's quotation made the paper peso worth 30 United States
cents, compared with a par value of 42.46 cents. Yesterday's quotation
Legal stabilization of Jugoslavia's currency becomes was 30.55 cents.
effective on June 28 1931, according to a new law of May 11,
Pesos fell slightly to-day, closing at 144.30 to $100.
signed by the King. Its value is fixed at $0.01761 (26.5
milligrams of pure gold to 100 dinars) at which figure it Redemption of Bonds of National Economic Bank of
has been practically stable since the latter part of 1925,
Warsaw, Poland.
according to Commercial Attache Emil Kekich at Belgrade,
The Irving Trust Co. of New York has been appointed
in a report to the Department of Commerce. Under date agent to redeem 1,098,966 gold zlotys par value 7% mort.of June 9 the Department also has the following to say:
gage, 2nd, 3rd, 4th and 5th issue gold bonds of the Bank
For this stabilization operation a part of the loan recently obtained
from a foreign banking group, comprising French, Swiss, Czechoslovak. Gospodarstwa Krajowego (National Economic Bank, WarSwedish and Dutch banks, will be utilized. This loan totaled 1.025,000.000 saw, Poland) drawn for redemption on May 21 1931. PayFrench francs ($40.180,000) and was secured under an agreement signed
ment for the drawn bonds will be made in gold dollars or the
at Paris on May 8 1931.
The note issue privilege is vested in the National Bank and the restric- equivalent beginning June 30 1931 at the coupon paying
tions on the export of capital are absolished. The legal reserve require- department, 1 Wall Street, New York City, after which
date
ment against outstanding notes and other demand obligations is fixed
at 35% gold and stable foreign currencies (25% gold within the country the drawn bonds will cease to bear interest. On this latter
or deposited abroad and 10% foreign currencies).* The total cover for date the coupons maturing on both drawn and undrawn
notes in circulation and demand obligations is expected to approximate
bonds of these issues will be paid.
50%; or 3,000,000.000 dinars. Subsidiary coinage is limited under
the
present law to 650,000.000 dinars. Heretofore the National Bank covered
notes in circulation to the extent of 35% in gold, silver, and foreign currencies; but no cover was obligatory for other demand obligations, which
often ranged as high as 1,500.000,000 dinars.
The new law also provides for the adjustment of the State debt to the
National Bank, which at present totals approximately 3,900,000,000
dinars. Included in this debt are 2,000,000,000 dinars,exclusive of interest,
for expenses arising from the war in the organization of the new State
and for debts contracted through the purchase of Austrian crowns that
were in circulation in the Kingdom after the unification. Since 1922,
however, the National Bank has made no advance to the Government.
Under the present agreement it is expected that the debt will be reduced
by approximately 2,400,000,000 dinars through valorization of the actual
gold cover by conversion of the pre-war dinar into the new dinar. This
cover is shown at present on the balance sheets of the National Bank at
the pre-war rate, totaling 99,000,000 dinars, whereas under the new rate
It will equal approximately 1,120.000,000 dinars, a large part of which
will be utilized for reducing the State debt as mentioned above. Present
Plans also provide for the purchase by the National Bank of 4.000 shares,
Department of Caldas, Colombia, Reports $2,757,790
Revenues from Taxes Pledged Under 7i% Bond
Issue for 1930.
An official report just released by the Finance Minister of
the Department of Caldas, Republic of Colombia, states
that revenues from taxes pledged under the external 73. %
secured bonds of 1946 for the year 1930 were $2,757,790, as
compared with annual interest and sinking fund charges on
this loan of $978,600 or a coverage of over 23
4 times. Including the gross revenues for 1930 of the Caldas Ry., which
revenues are also pledged under this loan, the annual service
charges, it is stated, were covered over 33i, times. It is
also noted:
FINANCIAL CHRONICLE
4336
[VOL. 132.
in order to prevent that undesirable elements may enter the naThe external 73 % bonds due 1946 are the only external bonds of the country,
tional territory;
Department now outstanding. This issue, originally offered in the amount
Until the financial crisis through which the country is passing Is solved
of $10,000,000, is gradually being retired through operation of a cumulative
for re- and while the necessary measures are taken to create sources of work.
sinking fund. The New York Trust Co., trustee, has just called
principal
Decreesdemption on July 1, at 100 and interest, an additional $164,400
1. To prohibit the entrance into the country of foreign immigrants
outamount of bonds, upon retirement of which there will be $8,591,000
to Peru with third-class fare seeking occupation, excepting those
are
coming
revenues
standing. Under the terms of the loan contract the pledged
Department who by notarial act have signed a contract for work, previous to the endeposited in a special account in a Colombian bank and the
equivalent to six trance into the country;
agrees to maintain on deposit at all times an amount
A sum
2. In' order to enter into the country the foreigners referred to in the
months service charges on all the bonds issued and outstanding.
the police
charges is remitted last part of the preceding article must carry a certificate issued by
equivalent to one-sixth of the semi-annual service
trustee will have authorities of their place of origin, accrediting their good antecedents;
monthly to the trustee in New York City in order that the
herein,
contained
3. For the purpose of complying with the dispositions
days prior to the
on hand interest and sinking fund payments at least 30
at the the Peruvian Consulates abroad shall deny visas on passports of peopoe
Consequently,
payable.
and
due
are
date when such requirements
a
service requirements intending to come to Peru with third-class tickets, unless they present
Present time there are funds on deposit for a full year's
testimony of the contract of work referred to above and a certificate from
of these bonds.
entheir
to
the Direction General of Civil Guard and Police with respect
trance, and unless all other requisites mentioned herein are complied with.
Republic of Salvador Bonds Offered.
M. J. McHale Co. is offering a limited amount of Republic Nicaragua Pays Interest—British Loan Taken Care of
of Salvador customs lien 7% bonds, series C, maturing July
and Service on 1918 Issue Expected.
1 1957 at prices to yield about 12.25%. The pledged reveA
from Managua (Nicaragua) June 10 to the
message
nues collected by representatives of trustees in Salvador New York "Times" says:
equalled over 5.30 times total service requirements in first
Irving A. Lindberg, High Commissioner and Collector General of
to the
four months this year. We learn that this is not a new Customs, announced to-day that sufficient funds had been remitted
1909 sterling bonds to cover the regular
Nicaraguan
the
agents
for
London
total
amount
the
of
1923;
1
July
issue; the bonds are dated
Interest and amortization due July 1.
Issued ($10,500,000) there are outstanding $9,176,000.
Holders of these bonds consented to a reduction from 6 to 5% interest
Bonds of Agricultural Mortgage Bank of Republic of
Colombia Called for Redemption.
Hallgarten & Co., and Kissel, Kinnicutt & Co., as fiscal
agents for the guaranteed 20-year 7% sinking fund gold
bonds dated Jan. 15 1927 and due Jan. 15 1947, of the Banco
Agricola Hipotecario (Agricultural Mortgage Bank), Republic of Colombia, announce that there have been called
by lot for redemption on July 15 1931, out of sinking fund
moneys payable to the fiscal agents, $47,500 principal amount
of the bonds. Payment will be made at the office of either
of the fiscal agents on July 15 1931, and interest will cease
to accrue on the bonds on that date.
Panama Seeks Loan in United States.
Panama City Associated Press accounts, June 9, stated
that Tomas Guardia, Chairman of the National Roads
Board, will leave Friday for Washington to investigate the
possibilities of a loan to Panama to enable the country to
continue its road-building project. He said that he would
ascertain conditions in the United States before determining
the amount needed. The dispatch, as given in the New
York "Times," continued:
Permission to borrow $3,000,000 was recently requested at a special session of the Assembly, but the request was denied by the President and
Cabinet.
Senor Guardia, who is Chairman of the Inter-American Highway Commission will also confer with members of the Commission's Finance
Committee in Washington and with officials of the Pan-American Union.
Bermuda Cruise Tax Fails—Parliament Rejects Bill on
Second Reading, 17 to 11.
From Hamilton, Bermuda, June 3 the New York "Times"
reported the following:
The cruise ship tax bill was rejected by Parliament on second reading
to-day by a vote of 17 to 11 after two and a half hours of debate before a
crowded spectators' gallery.
Among those in the gallery were Clay Merrill, American Vice Consul;
the Governor's secretary, Lord Carew, and J. Norwood Smith, local tours
agent.
The vote represents a victory for The Mid-Ocean, the only local newspaper to oppose the measure. Passengers on cruise ships will continue to
pay a $3 head tax, the same as passengers on.other lines.
The approval by Parliament of the proposed cruise tax
was noted in our issue of May 2, page 3255.
acted as
several years ago, provided an American collector of customs
trustee and fiscal agent. The High Commissioner also said that revenues
estimated for service on the 1918 internal issue of bonds would undoubtedly
be sufficient to cover the regular amortization and interest due July 1.
Uruguay Will Meet All Loan Charges—Council Rejects
President's Plan to Suspend Payments—Approves
1931-32 Budget.
According to a Montevideo cablegram, June 9 to the
New York "Times." Uruguay will not suspend the interest
or sinking fund payments of any of her bonds, the Administrative Council having voted not to accept President
Gabriel Terra's suggestion to that effect. The cablegram
added:
The decision was taken at the same time that the Council approved the
project for the budget for 1931-32, which balances expenditures against
revenues and indicates a surplus of slightly more than 100.000 pesos.
[At par exchange the peso is worth $1.03 4-101•
The budget figures were not published, but the Minister of Finance
informed the Administrative Council that expenditures had been reduced
with the exception of those for education, which were slightly increased.
Several classifications of taxation were abolished, and lighthouse taxes on
steamers were reduced. The revenue is expected to be increased by new
taxes on imports, especially luxuries, tobacco and alcoholic beverages.
The Finance Minister promised to present a separate project for liquidating this year's deficit of 6,000,000 pesos. He said It was desirable that
Uruguay should maintain her high credit standing abroad, regardless of
sacrifice, and, therefore, "will pay strictly as agreed and without recourse
to foreign credits, or increasing of"the floating debt,all interest and service
charges on all foreign and internal loans."
Bolivia Reduces Army as Congress Adjourns—Cut is
Characterized As Daring Step in View of Territorial Dispute With Paraguay.
Under date of June 6 advices from La Paz, Bolivia, said:
Congress will adjourn to-night until Aug. 6 after finishing the revision
of all budgetary toms. The army budget is Wing drastically cut. Besides
a reduction in officers'salaries and a cut of 10 to 15% in the La Paz garrison,
four regiments and their sub-officers are eliminated.
Bolivia will not have any foreign military mission. The Argentine
mission to Paraguay a few months ago caused much criticism. Bolivian
public opinion interpreting the move as an unfriendly act. Well-Informed
circles said that the Bolivian Government had officially objected, but the
Argentine Government denied that the sending of such a mission to Paraguay had political significance and offered to send a military mission to
Bolivia, which was declined by the Bolivian Government. The Bolivian ,
army reduction finds favorable comment here and is characterized as a
daring step, not only from the internal viewpoint but in regard to the
International situation, because the Bolivian-Paraguayan territorial controversy Is still in the same situation as before 1928.
Change in Bolivian Cabinet—Sanchez Bustamante
Resigns As Foreign Minister—Canelas Returns.
following cablegram from La Paz (Bolivia) June 10
The
as
Measure.
Depression
Immigration
Restricts
Peru
Following the practice of some other countries faced by is from the New York "Times":
President Salamanca has accepted the resignation of Daniel Sanchez
heavy unemployment in a depression period, Peru has set Bustamante
as Minister of Foreign Affairs, the Minister pleading reasons
accordregulations,
up new and more stringent immigration
of health. The finance portfolio has again been entrusted to Demetrio
ing to a report received in the Commerce Department from Canelas, who a fortnight ago resigned in order to occupy a seat in Congress
as Oruro representative.
Assistant Trade Commissioner Julian D. Smith at Lima.
Under date of June 5 the Department gives as follows the
American Officials in Haiti to Be Withdrawn by United
decree as issued by the Peruvian Government:
States—Only Collector of Customs Will Remain—
The President of the National Junta of Government:
Marines Evacuating Nicaragua.
Considering—
the country is
That the present unemployment crisis through which
The
United States is planning to withdraw all American
tend
to
will
solve
that
measures
efficient
of
naming, demands the adoption
of
and
society
State
the
from Haiti, except the Collector of Customs, prior
of
officials
interests
the
contemplates
fully
It in a form that
In general;
of the treaty in 1936 according to an
the
expiration
to
That the entrance into the country offoreigners lacking the Indispensable announcement made June 5 by Secretary of State Henry L.
this
crisis
aggravate
would
means to attend to their most urgent needs
Stimson. The "United States Daily" of June 6 states that
and make its solution more remote and difficult;
That it may be presumed that foreigners traveling in third class Into the Secretary Stimson also announced that the plan to bring the
Porte of the country lack the money indispensable for their maintenance;
proceeding on schedule, and that,
foreign element arriving at the Marines out of Nicaragua is
is
to
That again it
necessary
select the
JUNE 13 1931.]
FINANCIAL CHRONICLE
•
4337
Banco de Mexico, the Mexican central bank of issue, has undertaken to
on June 4, 178 officers and men had left Corinto. This, it is
acquire all the gold mined by prospectors at the rids placer fields of 21
stated, leaves less than 800 officers and men in Nicaragua. Tambor in state of Sinaloa. Strike at this field resulted in one of the
The "United States Daily" continues:
greatest gold rushes in Mexican history. The bank has established a field
office staffed by an inspector and assayer and the office and staff are
Total Withdrawal by 1933.
under military guard. The bank has contracted with the largest group
Additional information made available by the Secretary follows:
of miners to acquire all metal they produce which is practically the entire
This total includes an instruction battalion of 508 men and 32 officers
fields. In explanation of the action, the bank stated
plus 175 men who are officers in the Guardia. There is also an aviation output of the new
enable prospectors to sell gold at fair prices instead
force in Nicaragua. The plan is to bring all Marines out of Nicaragua by that it is an effort to
of being obliged to sell to buyers at low market rates who in turn sell the
Jan. 1 1933, and there is no reason for any change in this.
principally in the United States. The instiThe number remaining in Nicaragua is somewhat more than the 500 metal at higher prices abroad,
metal obtained in this
which originally it was intended to have left in Nicaraugua on June 1. tution proposes to have minted immediately all
Mexico.
This is due to the violence on the east coast which necessitated the sending manner in an attempt to relieve the acute shortage of gold coin in
of additional air forces to Nicaragua.
The strength of the aviation force is 238 men and 27 officers.
Mexican Farm Aid—Banks to Loan Upwards of $2,000,Twofold Problem.
000 at8% to 10%—Small Farmers Get Warning.
considered
from
two
points of view. In
The situation in Haiti has to be
the first place, there is the problem of the Service Technique, and in the
From the "Wall Street Journal" of June 9, we take the
second place there is the question of the American Collector of Customs and
following
from Mexico City:
the Marines.
Upward of 4,000,000) pesos (a,pproxlmately $2,000,000 American)
The Forbes Commission sent to Haiti last year made certain recommendations in regard to surrendering to native Haitians duties now per- will be loaned soon to farmers chiefly in Northern Mexico, according to
formed by Americans. The Department of State has been carrying these semi-official sources here. Banks mentioned as arranging to make these
out, but has found that they can be carried out faster than the Commission loans are: Banco de Mexico, Banco Nacional de Mexico, and Banco
recommended.
Nacional de Credit° Agricola. The last, it is reported, proposes to advance
Financial Situation.
fanners about 1,500,000 pesos, and Banco de Mexico a similar or perhaps
Regarding the financial situation, the Department of State feels that it greater sum. Banco Nacional de Mexico will loan agriculturalists in Coahuila
Is obligated to those who bought Haitian bonds, since at that time the State 500,000 pesos, and a similar amount to farmers in other regions
United States gave its word to keep a collector of customs in Haiti until where large wheat, corn, bean and other cereal crops are expected. Loans
the bonds had been amortized.
will be made at interest rates ranging from 8% to 10%. Crops will
The United States also agreed to keep either American Marines or a guarantee loans, which, it is expected, will greatly accelerate harvesting
National Guard trained by American officers in Haiti until that Govern- and distribution of prime, necessity cereals. Ministry of Agriculture is
ment had fulfilled its indebtedness.
urging small farmers not to deal with Mexican or foreign money lenders.
These two obligations can not be abridged, since it is clear that people
lent money on the understanding that these obligations would be followed
out.
Central Control Body for Japanese Cement Industry.
However, the Service Technique is another part of the treaty upon
The Cement Sales Association in Tokyo and six other
which the bonds are not dependent. This service is for the purpose of giving
the Haitians training in agriculture and other works, and this is the main Japanese towns are planning the establishment of a central
thing which the Department of State is hurrying up.
organization so as to attain complete control of sales throughout the country, according to Japanese information received
New York Supreme Court Rules for Minority in Mexico In the Department of Commerce. The latter's report, June
Bond Suit—Holds Gallopin Group, Opposing 10,
goes on to Say:
Lamont Committee, Is Entitled to Protection.
A draft plan has been prepared by the Onoda, the Chichibu and other
Gustavo Gallopin, member of an association of Mexican committee members, and it has been laid before the all Japan cement sales
held in Nagoya.
Government bondholders who has been suing in the interest conference
The projected organization resembles the Cement Producers Rengokai
of the minority holders to restrain Thomas W. Lamont, as which aims at a control of production. The new organization is In control
Chairman, and other members of the International Com- the marketing quantity and to attain an even distribution of goods throughthe country. At present the distribution is disappointingly irregular.
mittee of Bankers on Mexico from carrying out an agree- out
A certain company, for instance, is selling more than its appropriation
ment with Mexico on its debt payments, received a ruling in Osaka and less than specified in Nagoya, in both cases paying fines.
In its favor in a decision of Supreme Court Justice Valente A uniform distribution is highly desirable, and the proposed central organwill answer the need.
on June 6. The New York "Times" reports as follows the ization
No agreement has, however, been reached, and the matter is to be disCourt's decision:
cussed further.
The Court ruled that as to the minority holders who have not deposited
their bonds with the Lamont committee in a prima facie case is preNew Zealand Offers £5,000,000 Loan.
sented entitling them to the conservation of the collateral still on decablegram as follows June 7 is taken from the
A
London
posit, and that it will be determined later "what is the exact amount to
New York "Times":
which a receiver for their benefit is entitled." The Court added:
"It will not exceed that proportion of the total gross collections (of
As a result of the recent failure of the £10,000.000 India loan, there is
Mexican export and import duties), without the deduction for expenses, much speculation here regarding the fate of the £5,000,000 issue for which
which the non-depositing minority bears to the total bond issue protected the New Zealand Government is inviting subscriptions in London toby the collateral."
morrow. The loan will be in the form of 5% bonds, offered at 99.
Of the proceeds £4,000,000 will be allocated to productive purposes, as.
Entitled to Injunction
railways. The remaining £1,000,000
Justice Valente also decided that Gallopin is entitled to an injunction for example, material for the State
in behalf of the minority "to restrain the defendants from holding them- will be applied to the redemption of current treasury bills which were issued
outstanding in the dominion.
selves out as representing any other bondholders in their negotiations In London in place of the debt
Repayable at par not later than July 16 1934. the bonds may be redeemed
with the Mexican Government except those who have made deposits
any time after July 16 1932. If the bonds run their full course their yield
with the committee."
would be about
The application was opposed before Justice Valente on the ground
Unlike Australia, New Zealand has fairly well maintained her credit,
that the defendants got an order recently from Justice Ford granting
owing to more straightforward handling of her finances.
their plea to make the Mexican Government a party to the suit, and that
From the "Wall Street Journal" of June 9 we take the
a stay of proceedings was granted until this had been done. They asserted
that the present application was a violation of the stay, but the Court following from London:
remarked that the necessary papers to accomplish this purpose have been
Underwriters have been left with 68% of the £5,000,000 5% New Zealand
served but that Mexico has not appeared in the case.
bond issue on their hands. Dealings in the new issue opened at 1% discount
"Since the plaintiff's grievance primarily is against the committee, I and quotations later fell to 13i% discount.
cannot construe this motion, after what plaintiff has done to comply
with the previous order, as a violation of the stay," the Court held.
Finances—State Officials Agree That
The plaintiff asserted that the committee has violated the terms of the Australian
original agreement and "has allowed certain other bonds not entitled to
Are Necessary to Prevent National
Economies
share in the collateral to participate and secure preferences," but the
Default.
Court believes that the right of the depositing bondholders to relief is not
clear, even in the face of the charges of "breach of trust."
The "Wall Street Journal" of June 9 reported the followBees Bondholders Hurt
ing from Melbourne:
The Gallopin organization, known as the Mexican Preferred Debts InterAfter deliberating for over a fortnight, conference of State premiers.
national Protective Association and headed by the plaintiff's brother, Luis
Federal ministers and leaders of the opposition in the Australian Federal
Gallopin, has charged that the International Bankers' Committee has
Parliament have agreed that, in order to prevent national default and
received more than $50,000,000 in Mexican customs revenue and "has general failure to meet government payments, all expenditures, including
refused to pay the value of the bonds held by widows, orphans and impov- interest, salaries, wages, pensions and social services, must be reduced
erished estates to the extent of nearly $10,000,000 and has insisted on the substantially.
deposit of these bonds with the committee."
The Mexican Government announced last December that Luis Gal- Australia Votes Voluntary Plan of Loan Conversion.
lopin had been expelled from the country as an undesirable foreigner,
Melbourne a,dvices (Associated Press) June 9 are taken
but he retorted that he had been "kidnapped" by protagonists of the
agreements between the Lamont committee and the Mexican Government. as follows from the New York "Evening Post":
The action was referred to In these columns March 28,
The principle of a voluntary conversion loan instead of a compulsory
loan by which Australians would be asked to convert their Government
page 2303 and April 4, page 2486.
internal securities into issues bearing one-fifth less interest was approved
by the Conference of Premiers in a resolution to-day.
The resolution was passed unanimously after the opposition of Premier
Mexico Buys New Gold—Banco de Mexico Contracts to Lang
of New South Wales had been allayed somewhat with a promise that
Purchase Output of El Tambor Fields.
he would not be called upon to make a 20% reduction in his internal issues
until after voluntary conversion had been proved successful.
The "Wall Street Journal" of June 8 reported the follow- services
If unsuccessful, the people will be warned, compulsory conversion or
ing from Mexico City:
even more drastic measures are inevitable. Voluntary conversion which
4338
FINANCIAL CHRONICLE
will reduce the interest on internal issues from 5 to 4% is being advocated
as a desperate measure to forestall national bankruptcy and default on the
external bond issues, a large quantity of which is held in America.
Offering of $20,000,000 Federal Intermediate Credit
Banks Debentures.
Offering of a new issue of $20,000,000 Federal Intermediate
Credit Banks debentures was announced on June 1 by
Charles R. Dunn, Fiscal Agent. Issued for refunding
purposes, the debentures dated June 15 1931 and maturing
in 3,6,11 and 12 months were priced on application. Created
under an Act of Congress, approved April 4 1923, to provide
agricultural credits for an intermediate period, the banks are
located in Springfield, Baltimore, Columbia, Louisville,
New Orleans, St. Louis, St. Paul, Omaha,Wichita, Houston,
Berkeley and Spokane. The authorized capital of the Banks
totaled $60,000,000, all subscribed by the Treasury of the
United States. Of this amount $30,000,000 has been paid
in and the balance is subject to call. Secured by loans and
discounts representing advances made for production and
marketing of crops and livestock, the debentures are exempt
from all income taxes and are direct obligations of the banks.
The consolidated statement of the banks as of March 31
1931 shows loans and discounts of $138,083,212. Earnings
for the three months ended March 31 1931 as reported
to the Federal Farm Loan Board amounted to $446,946.
Previous offerings were referred to in these columns Dec. 6
1930, page 3637: Jan. 10, page 212; Feb. 14, page 1146;
March 7, page 1717 and April 4, page 2489.
Sale of Kansas City Joint Stock Land Bank to-A. 0'
Stewart—Protest Filed Against Sale.
Regarding the sale of the assets of the Kansas City Joint
Stock Land Bank to A. 0. Stewart (brief mention of which
appeared in our issue of June 6, page 4161) the Kansas City
"Star" of June 4 in reporting that the the sale is a formal
step in the reorganization of the Bank, said In part:
The bid figure, 26% million dollars, measures the size of the future
Institution, the Phoenix Joint Stock Land Bank, expected to be actively
operating before the end of the month as one of the four or five larg,st
.joint stock banks in America.
Ready for New Loans.
An important aspect to this section is that the new Phoenix Bank
will have some six million dollars in ready cash-to put into desirable farm
loans in this section. It will take two or three weeks to effect the transfer
of assets. The Federal Farm Loan Board in Washington, on approving
to-day's sale, will set the closing day.
The sale this afternoon took the form of a public auction, but actually
the details had been worked out far in advance. The bid price had been
agreed upon between the Washington authorities and A. 0. Stewart, Pacific
Coast land bank man, who is effecting the reorganization with the co-operation of the men and women who held bonds in the Cravens venture. . .
Walter Cravens, convicted on charges brought by the Government, is at
liberty under bond pending an appeal from a 6-year sentence. Miss Alice
Todd, his associate executive and hailed once as a business woman extraordinary, is appealing from a penal sentence of a year and a day. .
[VOL. 181
Titles to Another Company.
In addition to gaining formal approval in Washington, the receiver in
the next fortnight or so must arrange for the transfer of some 5,000 mortgages and 600 farms. Title to the farms will go to the liquidation
company.
Mr. Stewart said this afternoon he would not be in position to announce
the directorate of the new bank for several days. He takes the Presidency. The Kansas City bank will be under the immediate direction of
E. 0. Aldwell, as Vice-President and General Manager. Mr. Aldwell has
been a Bancamerica executive in San Francisco and has extended experience
in land bank management. . . .
A Two-Million Reserve.
The new bank will have a capital and reserve of two million dollars in
cash and government bonds. The land bank is chartered for Kansas and
Missouri, with the added right to do business in Oklahoma, Arkansas and
Illinois.
Mr. Stewart, with the bondholders' protective committee supporting him
with more than 98% of old bonds, appeared as the only bidder to-day. He
alone qualified as required two days ago.
The bondholders' committee made an unusual record in assembling outstanding bonds and in uniting the widely scattered bond interests on a
common course. The chairmanship of the committee was taken by W. S.
McLucas, who was drafted to the job as a public duty, although neither
himself nor the Commerce Trust Company had any interest in the land
bank.
With 1% of the holders "lost" as far as any record goes, the actual
"holdouts" were only a fraction of 1%.
A Protest Is Filed.
A protest against to-day's sale was filed by F. D. Bennett of St. Louis,
holding $6,000 in bonds and now suing in the Federal Court. His lawyers,
who made the protest, are Lee W. Hagerrnan of St. Louis and Inghram
D. Hook of Kansas City.
The sale brought to Kansas City Louis Ferrari, prominent San Francisco lawyer, counsel for Mr. Stewart and his backers; David W. Sowers, of
Buffalo, Chairman of the stockholders' committee, and his counsel, Lyman
Bass; five of the men who served with Mr. McLucas as spokesmen for
the bondholders, Frederick A. Carroll, Vice-President of the National
Shawmut Bank of Boston; P. T. White, Vice-President of the Cleveland
Trust On.; Roger K. Ballard of New York, Vice-President of the Bancamerica-Blair Corporation; Arthur W. Brady of Anderson, Ind., a traction
man, and Ruel W. Poor, Vice-President of the Chase Nations. Bank of
New York.
A Check Not Necessary.
Mr. Langworthy, as Receiver, conducted the sale to-day. Mr. Stewart
appeared with a carefully prepared written document, confirming his oral
bid. With the bondholders pledging their bonds behind him, Mr. Stewart
alone of the possible bidders was able to bid the many millions without
writing a check.
The cash assets, including government bonds, that went with the other
assets to-day, amount to about 14 million dollars. Something like 10
million dollars of this will go to the bondholders who elect to take a cash
discount and step out of the picture.
S. R. McKelvie of Federal Farm Board Returns from
Europe Following Participation in International
Wheat Conference—Meeting in London Not Failure
He Says—Expects New Conference Next Year.—
U. S. Export Market Fixed—Russia Balked Agree-.
ment, but Will End Export Secrecy.
Samuel R. McKelvie, member of the Federal Farm Board
and chief delegate of the United States at the recent international conference of wheat exporting countries, returned
to New York on June 10 from London. He announced, according to the New York "Herald Tribune" that there
would probably be another conference of the world delegates
this year, but would not admit that the London sessions
terminated in failure. He cited certain accomplishments
which may alleviate somewhat the wheat crisis, but which
obviously have not completely solved present problems.
The paper from which we quote further reported:
Stockholders Lose All.
The sale to-day gives measurement to the losses of those who bought
the Cravens securities. The stockholders, of course, lose all, but they
have been supporting the Stewart plan as relieving them from an assessment equal to the par of their stock. Bondholders who elect to take cash,
60 cents on the dollar, will lose 40% of their principal and slightly less
than four years' interest. Those who chose bonds in the new bank face a
direct loss of 15% of their principal, and the interest loss.
Cities Three Achievements.
A direct loss to bondholders of slightly more than 10 million dollars,
Mr. McKelvie, who arrived on the *United States liner "Leviathan,"
in addition to loss of interest, is indicated, while stockholders paid sometabulated the achievements of the parley as follows:
thing less than half that sum for their ride with Mr. Cravens.
First—A recognition of the principle of reduced acreage in order to bring
Bond Holdings Wide.
supplies of wheat to a consumption basis.
Second—Creation of a clearing house of Information with reference to
The bonds were held in every State in the country, but were not extensively bought in Kansas City until after the Crfavens collapse had cut their acreage, crop conditions and supplies in import countries.
Third—Exploration of possible avenues of increased distribution in such
value in half.
Possibly the largest bondholder at this time is W. T. Kemper, who de- countries as China and India, which are considered markets of great
posited on behalf of himself and associates bonds with a face value of potentiality.
He was of the opinion that there would no longer be uncertainty as to
more than two million dollars. These bonds were nearly all bought at low
figures. Mr. Kemper elected to exchange for bonds in the new land bank. the actual production and exports of Russia, Inasmuch as her representative
the conference agreed to supply adequate statistics. This, in itself, will
at
The choice made by the old bondholders of the three courses open to
inestimable aid to other exporting countries, in the opinion of
them was in this proportion: A third chose to take cash at 60 cents on the prove of
Mr. McKelvie.
dollar. The majority, 51%, elected to take new 5% bonds, reduced to
He further said that all delegates admitted the Immediate need for
85% of their former holdings. The other 15% will take 4%% bonds reduction in wheat-growing
acreage, and that there was no question but that
(85% of their old holdings) and a stock participation with the Stewart economics would result In a steadily
increasing reduction of planting In the
syndicate.
United States, as this country can expect to sell in foreign markets, but
Transfer Assets Now.
75,000,000 to 100,000,000 bushels annually. Beyond this figure exporters
The procedure this month, based on to-day's sale, will be to transfer 26% here are "stopped" for lack of adequate markets.
million dollars in assets to the new bank. The other assets will be transRussia Balked Agreement.
ferred to a liquidation company which Mr. Stewart is organizing and which
He insisted that the Russians are only too anxious to obtain increased
will guarantee the new bank's assets to the extent of $500,000 annually for prices immediately for export wheat, despite dumping, as higher prices are
three years, in addition to retaining assets against the $1,600,000 of new needed for the Soviet to accomplish its development plans.
dock.
Mr. McKelvie added that naturally, It would have been unwise for the
Mr. Stewart with the financial backing of the Bancamerica group, countries to agree on an export quota, when Russia was willing to agree to
obligated himself to put the necessary new cash into the land bank, depend- such a program only with the provision that her export allotment be at the
ing on the choice the old bondholders made in their three options. The pre-World War figure of 164,000,000 bushels, her high In post-war years
highest call that could have been made upon him was 11 million dollars. being, at the most, 100,000,000 bushels. He was unable to give the approxThe new Phoenix Joint Stock Land Bank will use the top f oor quarters imate date of the next Parley.
In the Land Bank building, which was included in the unpledged assets
The international wheat conference was referred to in
sold to-day. The pledged assets accounted for 25 million dollars of to-day's
these columns May 30, pages 3979, 3980.
bid and the unpledged assets 1% million dollars.
JUNII 13 1931.]
FINANCIAL CHRONICLE
Chairman Stone of Federal Farm Board Believes Wheat
Outlook "Bullish."
Associated Press advices from Kansas City June 11 stated:
James C. Stone, Chairman of the Federal Farm Board, to-day believes
the wheat outlook is "bullish."
"It is bound to be," he explained. "Wheat growers will not continue
to produce wheat to be sold at less than cost. It isn't natural."
Stone will address the American Institute of Co-operation to-morrow at
Manhattan, Han. He said information reaching him was that wheat
acreage in Australia had been reduced 30%, in Argentina 25% and the
Canadian crop was worse than it had been for a long time.
Farmers' Seed Loans Total $47,250,150.
Loans to finance crop production from the $57,000,000
Federal funds available for that purpose totaled $47,250,150
on June 5, according to a tabulation made public by the
Farmers Seed Loan Office, Department of Agriculture.
In indicating this the "United States Daily" of June 12 said:
The figures are practically complete, it was explained orally at the
Department, nearly all applications having been passed upon, and small
changes only are expected because of action on applications which had to
be returned to applicants for correction. The following information also
was made available at the Department:
In the case of the regional office at Memphis, Tenn., the amount of loans
approved actually declined, because of farmers' decisions that they could
operate without loans which had been approved. These rejections were
subtracted from the total. The amount loaned from the Fort Worth,
'Fez,, regional office remained stationary for the week preceding the date
of the report.
Of the total loaned, $39,881,315 is from the original appropriation of
$45,000,000 for loans in drouth and storm areas; $5,467.237 is from the
$10,000,000 fund for "agricultural rehabilitation," including loans for
purchase of food for the farm family: and $1,901,598 is from the $2,000.000
fund for loans in storm, drouth and hail stricken regions of the Southeastern
States. An additional $10,000,000 was set aside for loans to assist in
financing agricultural credit corporations, and only a small proportion of
this has been loaned.
Action to Protect Loans Made Under Federal Farm
Loan Act Ordered—Federal Attorneys Directed to
Prevent Attachments.
The following is from the "United States Daily" of
June 10:
Instructions have been issued by the Department of Justice to United
States attorneys throughout the country to prosecute any cases arising to
prevent creditors from attaching or garnisheeing Government loans made
under the Farm Loan Act, it was announced orally at the Department
June 9.
This action, it was said, has been taken on request of the Department of
Agriculture, and already one case has been successfully prosecuted in favor
of the Government. This case was in Texarkana. Ark., it was declared.
The following additional information was made available.
The issues involved in these cases arise from the fact that under authority
of the Famr Loan Act money is loaned to farmers and secured to the Government by crop mortgage. Upon receipt of this money it is deposited by
the farmer and creditors have been garnisheeing or trusteeing the deposits
to satisfy prior debts.
Claim is made on behalf of the Government that the loans made under
the Act in question are charged with an equitable claim on behalf of the
Government, since, under the terms of the loan, security of the United
States is dependent upon the proceeds being applied to the purchase of
seeds, and other expenses in planting a crop upon which the lien of the
Government is to attach. The Government claims the right to enjoin
Interference by any person who seeks to divert the fund for other purposes
by legal proceedings of otherwise.
Loans to Be Available By Federal Farm Board On
Holdings of Wool—To Advance 15% of Total Value.
The program of the Federal Farm Board in aiding the
National Wool Marketing Corp. financially this season has
been formulated, the Board agreeing to lend 15% of the
value of the wool held, after 65% has been obtained from
banks, Carl Williams member of the Board, stated orally
June 11. The following information was also given by Mr.
Williams, according to the "United States Daily":
In no case will the total loan exceed 30% of the value of the wool at the
time of delivery. No arbitrary price will be fixed as a basis for the loans,
the actual value being used.
The Board has made no plans for operations to stabilize wool prices as was
done in the case of wheat and cotton. It is expected that co-operatives
this year will handle a larger quantity of wool than last season, when about
130,000,000 pounds of wool and mohair were handled.
Cheaper Loans for Farmers Depend on Better Farm
Management and Stronger Credit Institutions,
According to Eric Englund of Department of
Agriculture.
Stronger credit institutions, better farm management,
and education for mutual responsibility and collective action
among farmers are jointly necessary to effect comprehensive
improvement of production credit in agriculture, according
to an address prepared by Eric Englund, Assistant Chief,
Bureau of Agricultural Economics, U. S. Department of
Agriculture, and read in his absence on June 11 at the American Institute of Co-operation, Manhattan, Kans. Reviewing the damage to farm credit in recent years, Mr. Englund
said:
4339
Since 1920, approximately 6.000 banks have failed, most of them in
agricultural districts. Bank failures reached a peak in 1930, so that this
very important source of production credit is now seriously impaired. The
drouth of 1930 partly or wholly destroyed the crops in many areas, obliterating a principal form of security for loans. Agricultural credit corporations and livestock loan companies have been organized in large
numbers in the last few years. Many of them have been successful, many
others have been forced into liquidation. Paraleiling these difficulties
among financial institutions has been the insolvency of thousands of farmers
who have lost their possessions through foreclosure and bankruptcy.
Resulting from these reverses, he pointed out, efforts
have been made to improve banking institutions. The
unit banks are being strengthened through stricter legal
requirements and more adequate supervision and experiments in multiple banking have gained significant headway
in agricultural regions.
Mr. Englund expressed the belief that "the agricultural
credit corporation and livestock loan company are destined
to play an increasingly important part in the field of farm
finance."
The drouth of 1930, he said, combined with Federal and
State laws making available funds for the capitalization of
credit corporations and livestock loan companies, has given
impetus to the development of this type of institution.
There are now about 330 credit corporations and livestock
loan companies in the United States. Co-operative marketing
associations have pioneered with credit corporations,
particularly in the Cotton Belt.
Mr. Englund also emphasized the need for those improvements in credit which depend on individual farms as going
business concerns. He went on to say:
Every credit institution must take into account risks inherent in the
business it would finance. In farming, these risks are due not only to the
unavoidable uncertainties to which farming in a region is subjected, but
also to faulty credit management and to the moral risk inseparably associated with the individual borrower. Every advancement in scientific
farming and in farm organization and management that results in greater
net income and in a more dependable flow of income,strengthens the farmer
as a credit risk and gives to the credit institutions a better chance to meet
his needs for production credit.
Discussing the farm production credit situation, MrEnglund cited studies by the Bureau of Agricultural Economics indicating that banks supply about 67% of the production credit used on owner-operated farms, and that
merchants and dealers supply about 10%. Various estimates
place the volume of production credit used in agriculture at
about 25% of the total volume of agricultural credit. He
continued:
The merchant credit system of the South, is one of the sore spots in the
entire agricultural credit system. The high level of bank rates in many
agricultural districts is another sore spot. Underlying both, is the unsatisfactory financial condition of hosts of farm borrowers.
Much of the responsibility for securing satisfactory production credit
rests upon the individual farmer. In addition to such improvements as
may be made now in credit institutions, further improvement in production
credit is largely a matter of education in better farming whereby more
farmers may approach or attain, for example, the standard of our master
farmers; education in individual credit management, personal responsibility
and thrift, wereby a portion of the returns in good years may be laid aside
as a safe and reasonably liquid investment that will be available in time of
adversity, and education in collective action, a field in which the co-operative movement is making large contributions.
The fact that many farmers who laid aside a part of their earnings in good
years, lost their savings in bank failures is a challenge to financial authorities to devise some plan whereby farmers may safely invest their
small earnings in years when returns exceed current requirements.
Sweden Adopts Grain Monopoly Under Government
Control.
The Swedish Riksdag has adopted the proposal to establish a grain monopoly under Government control, according
to a radiogram just received from Commercial Attache T.0.
Klath at Stockholm. On June 10 the Department adds:
The "Grain Association." established in accordance with this measure,
composed of Swedish flour millers, has monopoly rights for the importation of rye and wheat and rye and wheat flour. It will purchase all wheat
and rye of milling quality, of the 1930 crop, which is offered to it between
June 15 and July 311931, at 20.50 crowns for wheat and 17.50 crowns for
rye, both prices per hundred kilos, delivered at coast mills, pursuant to a
decree effective June 1 1931.
Theodore D. Hammett to Join Grain Futures
Administration.
Appointment of Theodore D. Haammatt as senior marketing specialist in the Grain Futures Administration, U. S.
Department of Agriculture, was announced on June 11 by
Dr. J. W. T. Duvel, Chief of the Administration, effective
June 16. Mr. Hammatt is a graduate of Williams College.
He was President of the Crosby Roller Milling Co., Topeka,
Kans., for several years, and since 1914 has been engaged
continuously in public work. From 1919 to 1923 he served
as chief statistician and special Assistant Secretary to the
Kansas State Board of Agriculture. In 1923 he was appointed by the Secretary of Commerce, Herbert Hoover, to
issist in the "Survey of World Trade in Agricultural Prod-
4340
FINANCIAL CHRONICLE
[VOL. 132.
nets." Following the completion of the survey, he was Minnesota Has Lost $6,000,000 in Farm Aid—But
placed in charge of the Grain and Flour Section of the
Investigator Believes Rural Credit Bureau Has
Bureau of Foreign and Domestic Commerce, which position
Served Useful Purpose.
he leaves to join the Grain Futures Administration. He is
The following special correspondence from St. Paul,
author of several bulletins and publications dealing with Mimi., June 4, is from the New York "Times":
grain marketing and export trade. His duties in the Grain
Eight years ago the Minnesota Legislature, desiring to relieve the
Futures Administration will be to handle and to be respon- depressed condition of agriculture, could think of nothing better than to
credit at the
sible for the statistical and analytical work of the Adminis- organize a State Rural Credit Bureau and place the public committed
to
of the farmer. As a result, the State finds itself
tration, as it pertains to future trading and the grain markets convenience
the extent of about $60,000,000 in the farm mortgage, farm sale and farm
in general.
rental business.
Farm Co-operative Aids Wheat Market—Farmers National Company's Plan to Handle Grain on Large
Scale Indicates that Surplus Will Be Held.
The Government has given up its efforts to stabilize the
wheat market, says a dispatch, June 7, to the New York
"Times," but it adds the Farmers' National Co., the Government's supported co-operative, is going into the handling
of grain on a larger scale, and has incorporated an elevator
company that is to be a big factor in competition with privately owned and operated grain elevators scattered
throughout the country. The dispatch further says:
The system, it is understood, will be one of the largest. The latter
announcement coming at the end of the week attracted little attention except
among the cash grain handlers, while early in the week, when the Stabilization Corp. announced its withdrawal from buying cash wheat, there was a
break of 131
2c. in Minneapolis within about an hour, and of 5/
/
2c. in
1
Chicago. The grain markets immediately adjusted themselves to the new
condition and a large part of the losses was regained within two days
after the break.
Grain traders feel that, despite the fact that the Government has more
than 200,000,000 bushels of cash wheat, it is to be held for better prices,
and will incur a carrying charge of about 18 to 20c. a bushel a year. There
will be little old wheat sold except at prices materially higher, around 85c.
or more, if possible. In the meantime the grain trade is preparing to take
care of the new winter wheat crop, harvesting of which is starting in the
Southwest, and will soon be a big factor. A few sales of new No. 2 red
wheat were made in central Texas at 55c. per bushel, the weight test being
63 pounds, with around 14% moisture. At Chicago new No. 2 red wheat
sold at 57c., Aug. 15 to Sept. 15 shipment.
Millers are expected to absorb the first run of neW wheat in the Southwest, and the impression prevails that they will not want to hedge it, owing
to the low prices. Elevators and railroad facilities are in the best possible
shape all over the winter wheat belt for carrying the new wheat which will
be moving in volume by the end of this month in Texas and Oklahoma.
One of Governor Olson's first acts was to start an investigation of the
Bureau. Of 12,257 loans made up to the first of this year the State had
acquired possession on foreclosure of 2,178 farms, of which it still held on
that date 1,785. In 1930 the Bureau spent more than 3500,000 repairing
and reconditioning buildings on these farms. The present loss to the State
is estimated at about $6.000,000 though the final cost of the venture will
not be known until the books are closed several decades hence. Incidentally
the Bureau still has about $10,000,000 of authorized but unused capital.
Nevertheless V. F. Gaarenstrom, who made the investigation, believes
that the Bureau has served a very useful purpose and under conservative
'business management can do much to establish interest rates on farm
mortgages and possibly be instrumental in causing a general reduction of
farm interest rates.
The Bureau apparently made the bulk of its mistakes in its first two
years of existence, when nearly $40,000,000 was loaned. Political influence seems to have had free run of the Bureau and some favored banks
were able to unload large quantities of doubtful paper on the State. In
1925, however. the Bureau was reorganized and a system of double appraising was instituted. The loan limit was reduced to 50% on land and 30%
on buildings. Since then the affairs of the Bureau have improved, but the
burden of that early period of bonanza finance remains.
Report of Canadian Grain Commission Headed by
Sir Joseph Stamp—Trading in Futures Viewed As
a Whole As Beneficial.
The report of the Royal Grain Commission into Canadian
grain marketing methods was tabled in the Canadian House
of Commons on June 4. The effect of future trading in
the grain industry, especially as it affected the producers,
was under review by the Commission, which, as was indicated in previous items in these columns (April 18, page
2874, and May 2, page 3250), was headed by Sir Josiah
Stamp, the British economist. Canadian press advices from
Ottawa on June 4, published in the Montreal "Gazette" of
June 5, state that, while admitting some distrust and suspicion arose in the minds of farmers from the future system,
encourage
Protection Urged for Federal Farm Loans—Agriculture and granting also that dealing in futures might
view the
the
expressed
report
the
minor
oscillation,
price
to
Department Requests Proceedings
Prevent
the probenefited
It
beneficial.
a
as
was
system,
whole,
Garnishment.
the handling of his
from
insurance
furnishing
by
ducer
The following is from the "United States Daily" of
grain, by providing an ever-ready and convenient means of
May 29:
marketing and was of distinct advantage to him in the
of
to
creditors
farmers
by
garnishee
made
funds
Efforts have been
summary of the report,
derived from Federal loans for the purchase of feed and seed, which the price received. In presenting a
farmers have deposited in banks, and the Department of Agriculture has the dispatch continued:
asked the Department of Justice to take action to protect the borrowers
As a check upon certain features of the grain exchange, the report sugand the Government against such action, E. L. Marshall, Solicitor of the gested closer Government observation, and, possibly. control. An official
Department of Agriculture, stated orally May 28. The following informa- "behind the scenes at all times" might be installed in the grain market.
tion also was given orally by Mr. Marshall:
Complaints from individual farmers of participators in future trading,
The loans to farmers are made under the express requirement that they would be relayed to him and investigated. He might be able to direct
on
crops
specific
land,
of
tracts
of
and
production
the
the
be used for
the attention ofthe grain trade to possible improvements and self-regulation.
prospective crops are the security for the loans. If creditors of farmers are If these suggestions were not accepted by the council of the grain exchange,
permitted to attach the funds so loaned, the farmers may be unable to the officer would have the right to relay them to the Government, which,
purchase the required seed, the Government's security for its loan may if it deemed it desirable might order public investigation of the point in
be destroyed, and the farmer may be unable to raise a crop.
dispute.
The Department of Agriculture maintains the position that it retains an
While noting the subject was outside the perview of the inquiry, the
Interest in the nature of an equitable trust in the funds, and that they report mentioned, granting representatives of the various co-operative
must be used for the specified purpose. Whether such an equitable interest bodies, membership on the council of the grain exchange and on its imactually exists will be a matter for the courts to decide.
portant committees.
Attempts to garnishee such funds have been made in a considerable
The Commission held public hearings throughout the West and in some
number of cases, but the amount of money involved is small in comparison United States cities.
to the total of nearly $50,000,000 loaned from Federal funds to farmers in
Summary of Report.
drouth and storm areas. In numerous cases, creditors abandoned their
The summary of the report follows:
attemptsto attach the funds when the situation was explained to them, but
The Commission on Trading in Grain Futures consisted of:
in some cases they refused to do so.
Sir Josiah Stamp, G.B.E. (chairman).
Action by the Department of Justice will not only protect the GovernThe Honorable J. T. Brown, Chief Justice, Court of King's Bench,
permitting
by
ment against loss of its loans, but will also benefit the farmer
Saskatchewan.
him to use the funds for crop production.
William Sanford Evans, Esq., Winnipeg. Manitoba.
Travers Sweatman, K.C., Winnipeg, and L. B. Pearson, First Secretary,
Savings of $31,000,000 Expected to Be Effected by Department of External Affairs, Ottawa, acted as Counsel and Secretary
to the Commission.
Department of Agriculture—Secretary Hyde Con- respectively
The terms of reference were:
fers with President Hoover.
"To inquire into and report upon what effect, if any, the dealing in grain
has upon the price received by the producer."
Conferences between President Hoover and Secretary of futures
The Commission held sessions in Winnipeg, Regina, Calgary, and inthe
for
next
fiscal
that
disclosed
have
Agriculture Hyde
formal meetings in Minneapolis and Chicago. It began its work on April
year the Agriculture Department expects to save $20,- 13th at Winnipeg,and ended it on April 28th in New York.
The inquiry was an economic and not a judicial one, and every effort
000,000. Associated Press accounts from Washington, was
made to receive evidence from all sections of opinion that wore interested
June 2 added:
in the question under consideration. In this connection it may be stated
In addition, it was said at the White House to-day, during the present that 51 witnesses were heard; 21 were interested in the commercial aspects
fiscal year, which closes on July 1 there will be a further saving of of the grain business, 22 were farmers or represented farmers as officers
of agricultural organizations, 3 were professors of economics, 2 were agri$11,000,000.
cultural statisticians, 2 were bankers, and 1 was the administrator of
The White House statement said:
"Secretary Hyde and the chiefs of the Department of Agriculture report the United States Grain Futures Act.
that out of the appropriations available for expenditure by the Department
Report of Commission.
during the fiscal year ending this month, together with unexpended balances
The report of the Commission is divided into an introduction and four
carried forward from last year, they have, during the year, saved about
parts.
311,000.000.
Part 1 consists of an examination of the terms of reference as a problem
"Considerable unexpended balances will be carried forward. Of approriaof
economic theory and practice, and advances various methods of approach
about
$20,000.000
tions for this next year and these balances, it is expected
by which an attempt may be made to solve that problem.
will be saved next year."
FINANCIAL CHRONICLE
JUNK 13 1931.]
Part II makes a statistical and economic analysis of the problem.
These parts deal primarily with the theoretical side of the question.
Part III summarizes the evidence obtained at the hearings, relating
that evidence more especially to the following subject divisions:
(1) The organization of the system of futures trading;
are af(2) The practice of different sections of the community which
fected by this system, namely, the farmers, the pool, the country elevator
owner, the miller, the exporter and the banker;
of the system, e.g., hedging as in(3) Certain aspects of the working
and
surance, the spread of prices, the inter-relation between Winnipeg
world prices, the nature and effect of the increased speculation in a "bull"
speculation
the
between
relation
market,the effect ofshort selling on prices,
and hedging, and the nature and effect of gambling in grain futures;
bears directly on the main question,
(4) Summary of the evidence which
namely the effect, if any,of dealing in grain futures upon the price received
it may be stated that the report
(4)
with
by the producer. In connection
shows that the evidence of grain dealers, bankers, and economists—all,
indeed, except that of the farmers—was unanimous that the futures market, in making possible insurance in the form of hedging by which the rises
of price fluctuations are borne by speculators,and by providing a continuous
and liquid market for the farmers' grain, enables the marketing of grain
to be conducted on a very small margin, the advantage of which is reflected
in part,at least in the price which the farmer receives.
So far as the farmers were concerned, their evidence was divided on the
main question. some approved of the futures system,some were against it.
Those who were opposed to it, and these included the representatives of
the farmers' organizations who appeared before the Commission, relied
upon general theories of its injuriousness rather than upon specific instances
of abuses. They seemed to feel that some one was unfairly making money
at their expense in the futures market by inside knowledge and undesirable
practices; that this market, by encouraging gambling, encouraged fluctuations in prices: that this gambling in turn had demoralizing effects upon
those who Indulged in it; and, finally, they were incllned to be suspicious
of a system of grain marketing which, to them, was carried on in "mystery"
and where there was the possibility at least of abuses and manipulation.
Part IV of the report gives the conclusions arrived at by the Commission,
some of which, however, are to be found in part 2, section 5, under the
heading "proposals for supervision."
Such supervision, it is believed, would not be harmful to the trade itself
or repugnant to the feelings of those who conduct it, but would do much to
allay the long prevalent suspicion among farmers referred to above.
The report also mentions, though admitting it to be outside the terms
of reference, another method of "reassurance" which had emerged from
the evidence, viz., granting to the various producers' co-operative bodies
which are now members of the exchange, adequate representation on the
council of the exchange and on the various committees to which the council
delegates its power for the purpose of the active administration of its
functions.
In recapitulation: The report, while admitting that there is some distrust and suspicion of the futures market on the part of the farmer, a
distrust, which, by its recommendations, it hopes to remove, and while
admitting also that dealing in futures may encourage minor price oscillations, expresses the view that futures trading not only benefits the producer
by
by furnishing a system of insurance for the handling of his grain, and
the same,
providing an ever-ready and convenient means for marketing
receives,
but is also of distinct advantage to him in the price which he
Conclusions Drawn.
The conclusions are, naturally, that part of the report which is of most
immediate interest and it might therefore be well to summarize them.
The report accepts the findings of the Turgeon Commission of 1925,
insofar as these findings covered its own terms of reference, but it goes
somewhat beyond the results of the earlier Commission.
It distinguishes, for instance, and regards the distinction as fundamental,
between normal and abnormal times in the working of the futures system,
and suggests that no inferences drawn from the practical observation of
the behavior of prices and markets In abnormal times have any necessary
validity as indications of the economic value of a futures market under
normal conditions. Such abnormal periods were those of 1920-21 and
1929-31.
It distinguishes also between fluctuations for the world as a whole and
those for merely one market, and indicates that the abolition and restriction of futures trading in one market only would give quite different results
from those obtained if similar changes were made throughout the world.
Finally, a distinction, considered as of vital importance, is made between
year to year and month to month "fluctuations" on the one hand, and day
to day "oscillations" on the other.
With these distinctions in mind, the report expresses a view that trading
in futures has no effect upon the long-period, major trends of price which
must find, In the long run, their positions according to economic law, and
economic law only. Futures trading, however, does materially lessen
major fluctuations in price, thus giving greater relative steadiness to the
producers' position. It may, on the other hand, increase minor shortperiod oscillations. Some of these oscillations are essential to the efficiency
of the hedging market, but some are not essential and are, therefore, undesirable. To check these undesirable oscillations, without interference
with the economic value and smooth functioning of the futures machinery,
would be difficult if not impossible. As the report puts it:
"There is no doubt that the existence of an activity which is directly
interested in the constant and rapid movement of price, through commisMons, and to whom an active market in this sense is a livelihood, may tend
to the stimulation of multiplicity of changes which have no economic value,
and which may even be taken advantage of by some sections of the expense
of others. But the case with which this almost fluid market equates itself
all over the world and enables complete continuity to be observed and
hedging to he obtained at all times, are features which cannot well be
endangered.
On the other hand, these oscillations do tend to create, on the part
of the producer, suspicion and distrust of the futures market, especially
as the exchange where that market is conducted functions, in his opinion.
In secrecy: is without outside supervision, and is the Judge of its own cause
in any complaints that may arise.
World Wheat Acreage Reduction in Prospect.
A reduction in world wheat acreage outside Russia and
China for the 1931-32 season is definitely in prospect, according to the Bureau of Agricultural Economics, United States
Department of Agriculture. Under date of May 23 the
Bureau says:
Indicated wheat acreage in 19 countries, including the intended spring
wheat acreage of the United States and Canada, is 181,865,000 acres for
the 1931-32 season compared with 185,278,000 acres last year. These
countries represent about three-fourths of the world wheat area outside
Russia and China. Acreage reductions in Argentina and Australia, not
apparently
included in these figures, are expected. These reductions are
owing to the generally low wheat prices of the past two years.
a
World crop prospects are reported as less favorable than at this time
is rated as
year ago. The condition of winter wheat in the United States
as
Canada
and
States
United
the
in
"excellent", but that of spring wheat
as "appar"less favorable". The condition of wheat in Europe is reported
ently poorer than a year ago". Russian sowings are reported to be much
delayed as compared with last year's.
half of
Strengthening of world wheat prices during April and the first
to a low level in
May is attributed largely to reduction of wheat stocks
restricmilling
and
of
importing
relaxation
many European countries; some
crop prospects
tions in certain of these countrieri, and somewhat unfavorable
the United
in some parts of Europe and in the spring wheat regions of
States and Canada.
Supervision Proposals.
The report, therefore, makes certain suggestions which, it hopes, without
ministering to idle curiosity on the part of individuals or introducing elements of publicity which would unfairly handicap this business as compared
with others, and without introducing the bureaucratic touch of regulation
and inquisitorial restriction into the day to day smooth conduct of a valuable
commercial organization, would alleviate, if not remove, this feeling of
suspicion and distrust.
These proposals are based on the analogy of government rights of inquiry
into banking, and they canvass the idea of a responsible person not beholden in any way to the trade as a whole but having it under adequate
review and possessing the right to be behind the scenes at all times and places
in the grain exchange. Such a person might be regarded, the report states,
as having three functions:
(1) It would be possible for any farmer or other participator in futures
trading to bring to him his specific difficulties or complaints or suspicions,
and the officer would be thus moved to inquire into the particular point
and the principles that it might illustrate, and without communicating any
confidential matter to the person who initiated the question, he might be
able to give him the necessary assurances that the question had been looked
into and dealt with on satisfactory lines.
(2) By his general observation and inspection of the proceedings be
might direct the attention of the grain trade to possible improvements
and self-regulation. It would be open to the authorities of the exchange
either to accept his suggestions or to convince him that they were unnecessary.
(3) But, in the event of the officer remaining of the opinion that some
corrective measure should be adopted and the council of the grain exchange maintaining a contrary view, the officer should be at liberty to
make reports from time to time to the Government, who could make
such inquiry into the matter as they thought desirable with a view to
regulation or restriction or:other measures,
4341
Alberta to Vote on 100% Wheat Pool.
The Alberta Wheat Pool has officially announced that its
members, between July land 15, will vote on the 100% wheat
pool, the Department of Commerce of the United States is
informed in a report from John A. Embry, American Trade
Commissioner in Winnipeg. In announcing this, on May 25,
the Department said:
Action of the executive in taking steps for the ballot is to clarify the
attitude of all pool members on the question, and follows instructions given
by delegates at the annual wheat pool convention last November. Ballots
head office before
will be sent to all members by mail and returned to the
July 15.
executives would take
Announcement of the vote declared that the pool
100% pool plan, but
no initiative regarding support or opposition to the
which pool farmers might
would provide all information, pro and con,
delegates at their
before
placed
be
request. The result of the vote will
1931 convention, to be held late in the autumn.
Rules Governing Manitoba Wheat Pool Modified—
Members Now Permitted to Pool Grain Voluntarily
or Sell Through Pool on the Open Market.
Modification of the regulations of the Manitoba, Canada,
wheat pool, to allow its members either to pool their nheat
voluntarily or sell it through the pool on the open market
have been placed in effect, and it is indicated that the other
two great grain producing provinces, Alberta and Saskatchewan, may adopt a similar plan, It was stated orally June 8
at the Department of Agriculture at Washington, says the
"United States Daily" of June 9, from which the following
is also taken:
This modification makes available to the Canadian farmer two of the
three courses open to members of the National Grain Corp. system in the
United States, according to the Federal Farm Board. American farmers
enjoy the additional right of delivering wheat to the co-operatives far
storage, retaining the right for sale on call at any time.
to advocates of
The action by the Manitoba pool is interpreted as a "blow
of State
the 100% pool," according to advices received by the Department
from the American legation at Ottawa.
Have Separate Pools.
and
The three great grain producing provinces of Alberta, Saskatchewan
at the Department of
Manitoba have separate wheat pools, it was explained
turned their grain over to a
Agriculture, but heretofore all three pools have
the selling business.
central selling agency which has handled all
plan of permitting farmers to
Trade reports show, it was added, that the
the pool in Manitoba has been
order the immediate sale of their wheat by
is on a voluntary basis now in that
placed in effect, and that pooling
sources, it was said, that the
province. There are indications from trade
similar plan. Previously, the contracts
other two provinces may adopt a
the pooling of all their grain, partial
of members of the pool have required
the time of delivery of the grain, with
payment being made to the farmers at
final settlement at the end of the year.
orally that an arrangement by
At the Federal Farm Board it was stated
the pool for immediate sale
which farmers could deliver their wheat to
brings the Canadian method of operation nearer to the method of the
4342
FINANCIAL CHRONICLE
Farmers' National Grain Corp., recognized as the national grain co-operative
for the United States by the Board. Farmers who belong to the corporation's system have the option of selling their wheat directly to the co-operative at the market price, or delivering it to the co-operative for storage with
the right reserved to call for its sale at any time, or delivery for inclusion
in a pool. The Canadians will have courses open to them similar to the first
and third courses mentioned as available to United States farmers.
(Vol.. 132.
On the same date Charles Sincere was elected a member of
the Governing Committee to fill the vacancy created with
the election of Mr. Davis as President.
Market Value of Listed Shares on New York Stock
Exchange June 1, $42,533,985,679, Compared with
$48,569,988,485 on May 1-Classification of Listed
Stocks.
As of June 1 1931 there were 1,297 stock issues aggregating 1,305,516,716 shares listed on the New York Stock
Exchange, with a total market value of $42,533,985,679.
This compares with 1,297 stock issues listed on May 1,
aggregating 1,304,765,685 shares with a total market value
of $48,569,988,485 on April 1 there were 1,300 stock issues
listed on the Exchange, aggregating 1,298,492,276 shares
with a total market value of $53,336,394,495. In making
public the June 1 figures the Stock Exchange said:
Speech of Minister.
The Department of State's summary of the reports to it follows in
full text:
The maiden speech in the House of Commons of Mr. Robert Weir, Minister
of Agriculture, refrained from making any mention of the wheat problem.
He outlined carefully the steps taken by the Government to improve the
dairy, hog raising and cattle industries, but his failure to discuss the wheat
problem robbed his speech of any real importance.
The decision reached by the board of the Manitoba Wheat Pool to allow
its members to either pool their grain voluntarily or sell it through the pool
on the open market has been widely approved except by the extreme advocates of co-operative marketing. Members of the pool will be consulted
concerning the board's decision, and if it is approved it will go into effect
on June 1 1931.
The wording of the Board's proposals is as follows:
"(1) The pooling of grain to be placed on a purely voluntary basis.
As of June 1 1931, New York Stock Exchange member borrowings on
"(2) All grain not pooled to be sold through Manitoba Pool Elevators, security collateral amounted to $1.434,683,650. The ratio of security
Ltd., on the open market.
loans to market values of all listed stocks on this date was therefore 3.37%.
"(8) That the proposed changes be submitted to the 94 pool locals at meetAs of May 1 1931 Stock Exchange member borrowings on
ings which will be held in the last week of May, in order that every member
may have an opportunity to become acquainted with them.
security collateral amounted to $1,651,128,124. The ratio
"(4) That the plan came into force on June 1 1931."
of security loans to market values of all listed stocks on that
Views of Newspaper.
The Liberal Manitoba "Free Press" supports the proposals in these words:
"The recommendation of the directors of the Manitoba Wheat Pool that
the members of the pool be given the right, in their discretion, to sell their
wheat next season in the open market is a recognition that, as things have
been for the past two seasons and as they promise to be for some years to
come, the pool system, as heretofore practiced, has been too rigid to meet
the necessities of some of the members.
"The 'bootlegging' of wheat, which was somewhat in evidence during the
past season, was an indication of a growing intention on the part of members
to have more freedom in the matter of the disposal of their own grain; and
the pool directors are to be commended for their wisdom in seeing that the
way to meet this situation is not by the devices of injunction and penalty,
somewhat too freely resorted to in the past, but by frankly conceding to
pool members the right to ask the pool management to sell their wheat outright instead of pooling it."
Benefits Forecast.
It concludes: "The result will be to restore to farmers a freedom of
action which many of them regretted in losing; and to safeguard the co-operative wheat marketing enterprise of Manitoba from almost certain disruption. The decision will no doubt be very displeasing to those to whom
marketing by controlled selling in place of the open channels has become
a religion; but its wisdom will probably be amply vindicated. The Manitoba
Wheat Pool may now become to those of its members who had lost confidence in the marketing methods which have hitherto been followed, a
friendly and obedient agent instead of a hard taskmaster. All who believe
that in the free association of men for cooperative action lies the greatest
hope for progress will commend the action of the directors of the Manitoba
Wheat Pool."
This action by the Manitoba pool, although supposed to be of a temporary nature, is interpreted as a further blow to advocates of a 100% wheat
pool who have suffered a number of reverses lately. The continued depression in the West has tended to make the farmers more and more dissatisfied
and the recent Supreme Court decision declaring the Saskatchewan Grain
Marketing Act to be unconstitutional greatly weakened the compulsory pool
movement.
Paul H. Davis Elected to Succeed R. Arthur Wood As
President of the Chicago Stock Exchange.
Paul H. Davis was on June 1 elected President of the
Chicago Stock Exchange, succeeding R. Arthur Wood.
Mr. Davis is the senior partner of the brokerage firm of
Paul H Davis & Co., organized in 1916. He became a
member of the Chicago Stock Exchange on Feb. 9 1920 and
was elected to the Governing Committee on June 11 1926.
During the last four of the five years he has served as Governor, Mr. Davis had been Vice-President of the Exchange.
In retiring from the Presidency Mr. Wood completes his
fourth consecutive term as President of the Exchange.
In a statement following his election, Mr. Davis said in
part:
date was therefore 3.40%. As of April 1 1931 Stock Exchange member borrowings on security collateral amounted
to $1,908,810,494; the ratio of security loans to market
values of all listed stocks on April 1 was 3.58%. In the
following table, covering June 1 and May 1, listed stocks
are classified by leading industrial groups, with aggregate
market value and average share price for each.
June 1 1931.
Marta
Values.
Autos and accessories
Financial
Chemical
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchandising
Railroads and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. alt radio).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
MAP operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U.S.companies operating abroad
Foreign companies(hml. Can.& Cuba)
All listed companies
Aver.
Price.
2,411,012,586 22.19
1,330,571,826 22.44
3,184,157,104 47.51
350,839,699 21.75
1,431.335,462 34.92
2,561,084,855 35.90
235,872,324 19.18
420,925,512 37.50
312,927,734 14.80
94,734,741 17.86
1,168,890,638 23.75
1,091,210,997 18.78
2,680,973,925 16.65
385.096,079 24.32
2,378,992,458 33.37
5.692,985,321 49.28
2,096.614,054 54.53
151,256,026 13.89
3,492,004,583 50.93
2,971,639.505 31.05
3,755,947,496 100.32
252,589,468 24.81
153,031,808 8.74
286,744,844 27.46
25,546,861 12.26
25,596.385 3.03
145,042,525 24.34
254,842,874 36.25
1,547,634.415 48.52
24,269,478 12.06
852,867,189 23.63
765,846,907 17.49
May 1 1931.
Market
Values.
Ater.
Price.
5
1,881,384,037 26.45
1,474,096,638 24.84
3,607,965,743 54.52
418,508,959 26.12
1,605.559,602 39.17
2,891,605,383 40.64
251,085,047 20.40
464,975,588 41.43
395,194,457 18.72
115,243,373 21.81
1,416,208.159 28.78
1.317,477,311 22.68
3,123,429,353 19.40
423,307,318 26.62
2,480.850,756 34.80
6,771,269,174 58.63
2,505,475,556 05.07
173,866,907 15.92
3,860,073,610 56.31
3,287,690,558 34.37
4,095,081,702 109.57
276,184,628 27.12
172.336,824 9.84
341,404,642 32.70
28,928,976 13.88
28,160,039 8.84
155,394,496 28.61
256,536,289 36.49
1,742,414,815 54.64
25,391,945 12.61
982,449,958 27.22
1,000,436,591 22.84
42,533.985,579 32.53 49,569,988,485 37.23
The March 1 and April 1 figures were given in our issue of
April 11, page 2695.
Henry & Kirkbride Failure-Permission Granted to
Sell Brokers' Collateral.
Further referring to the failure on June 2 of the Philadelphia stock brokerage firm of Henry & Kirkbride (noted in
our issue of June 6, page 4165), the Philadelphia "Ledger"
of June 12 stated that Henry W. Brande, referee in bankruptcy for the firm, on June 11 granted permsision to three
Philadelphia trust companies to sell for the receiver collateral
securing loans made by them to the firm. The paper mentioned continuing said:
My first thought in accepting the responsibility as President of The
Chicago Stock Exchange is to carry on the constructive policies laid down
The granting of permission follows a ruling made Wednesday (June 10)
by the retiring President, R. Arthur Wood. I have in mind particularly by Judge
Dickinson in the United States District Court for the Eastern
the widening of our market, the extension of our quotation ticker service,
Pennsylvania District, who held that the eixsting practice of liquidating
and a still closer tie-in throughout the Middle West with the industrial
collateral loans of stock brokers and business houses immediately upon the
and business life of other communities-in other words, I will attempt to
bankruptcy of the pledgor is not permitted by the bankruptcy laws and
carry on the work that is so well under way."
that holders of the securities must get the permission of the referee In
At the meeting on June 1 Harold E. Foreman was re- bankruptcy before selling.
The three trust companies which were granted permission to sell the
elected Treasurer. At the same time the following elections securities
and the amounts of their claims were: Pennsylvania Co. for
took place:
Insurance on Lives & Granting Annuities, $33,500; Provident Trust Co.,
Members of the Governing Committee, to serve three years: Arthur M. $59,150, and the Real Estate-Land Title & Trust Co., 541,000.
Betts, Morton D. Cahn, Robert J. Fischer, Thomas F. Furness, Leeds
Mitchell, M. J. O'Brien, Charles Swift, Virgil C. Webster; member of
Chicago Stock Exchange Calls upon Members To
the Governing Committee, to serve one year: John E. May.
Of the nine elected to the Governing Committee six succeeded themselves. The three new ones are Messrs. Betts,
Furness and Swift. The three retiring Governors are Walter
S. Brewster, Talton T. Francis and Latham R. Reed. On
June 3 M. J. O'Brien was elected Vice-President of the
Exchange, succeeding Mr. Davis in that office.
Report on Short Selling.
The Committee on Business Conduct of the Chicago Stock
Exchange on June 5 sent a request to all members of the
Exchange to report at the close of 'business that day the
names and number of all shares of stock borrowed, a list
of all stocks loaned, a list of all intraoffice borrowing, and
JUNE 13 1931.]
FINANCIAL CHRONICLE
a list of all stocks which they have failed to deliver, which
are listed on the Chicago Exchange. This information was
required to be in the hands of the Committee not later than
Tuesday, June 9. Members with offices more than one day's
distance by mail from Chicago were given an additional day
to file the required data.
In addition, the Committee notified the members that
they must furnish this same information daily until further
notice. Sales for cash with stock not yet received from the
seller, sales where it is actually known without further
inquiry that the securities are in the hands of the seller, or
where the seller has a corresponding long position in the
same stock do not have to be reported.
The action of the New York Stock Exchange in the matter
of seeking data respecting short selling was referred to in
these columns June 6, page 4130.
Cash of $497,466, which the brokers had in bank at the time of the bankruptcy, is listed as an asset notwithstanding that the banks where it was
deposited have appropriated it toward the payment of loans to the brokers.
Another entry is $169.937 as the cash surrender value of 23 insurance
policies of a face value of $1.800,000 on various members of the West firm,
notwithstanding that the policies have been assigned to the Chase National
Bank of New York as collateral for loans.
are
Securities amounting to $5,886,035. pledged with New York banks
transfer,
also listed, as are stocks and bonds totaling $1,258,230, in "box,
free and safe keeping in New York."
Stocks and bonds which the appraisal allocates to the Philadelphia
office are set down at $4,962,416.40, many of which have been liquidated,
as well as $378,157 in securities found in the safe-keeping department.
Philadelphia
The firm's memberships in the New York, the Curb and
call
Exchanges, are set down at a value of $349,100. but the appraisers
filed by
been
have
claims
attention to the fact that "a large number of
seats."
these
of
value
the
against
members of the Exchange
these assets, the
The appraisers explain they have not charged against
it their duty only
liabilities of the brokerage firm, because they deemed
many of the
that
to inventory the assets, even without regard to the fact
house,
securities no longer remain in the possession of the brokerage
the house to the
leaving the disclosure of the exact financial status of
latter
brokers when they file their schedules of liabilities and assets. This
firm.
report, it is expected, will be flied shortly by the
West & Co. Failure—United States District Court
Approves Plan Under Which the Customers'
Accounts of the Firm Are to Be Transferred to
Montgomery, Scott 8c Co.—Appraisal Report Filed,
On Monday of this week,June 8,Judge W.H.Kirkpatrick
of the United States District Court, approved the plan under
which the customers' accounts of the Philadelphia stock
brokerage firm of West & Co., now in the hands of receivers,
will be transferred to Montgomery, Scott & Co. with offices
in the Fidelity-Philadelphia Trust Building, that city. The
failure of West & Co. on April 27 last was noted in the May 2
issue of the "Chronicle," page 3261. The Philadelphia
"Ledger" of June 9, from which the above information is
obtained, continuing said:
Our last reference to the affairs of West & Co. appeared
May 30, page 3980.
Galloway, Cleary & Co., Western Canada Brokerage
Firm, Fails.
The stock and grain brokerage firm of Galloway, Cleary
& Co, of Regina, Sask., has made an assignment to the
Canada Permanent Trust Co. for the benefit of its creditors,
according to Regina advices on Wednesday of this week,
June 10, printed in the Montreal "Gazette" of the next day.
Members of the firm are John J. Galloway and Edward J.
Cleary. The Regina dispatch furthermore said:
Eighty-four per cent, of the 1,400 marginal customers of the insolvent
firm assented to the plan, the other 16% remaining quiescent. When
these facts were placed before the Court, Judge Kirkpatrick signed a
decree approving an arrangement whereby Frank M. Hardt, Vice-President of the Fidelity-Philadelphia Trust Co. and Chairman of a customer's
committee of the West firm, will acquire the assets from John Arthur
Brown, receiver of West & Co., and later turn them over to Montgomery,
Scott & Co., who are members of the Philadelphia and New York Stock
Exchanges and other trade organizations.
Under the plan, Montgomery,Scott& Co..will take over the satisfactorily
margined accounts of those West customers who are willing to transfer
their business to the purchaser, and those unwilling and those also of
the customers whose business Montgomery, Scott & Co. do not want,
will be liquidated, and the customers paid a proportionate share of the
amount due them from a liquidation of the remaining assets of West & Co.
In urging to Court to sanction the plan, J. Howard Reber. attorney for
the receiver, told Judge Kirkpatrick that all free securities and cash balances due customers would be delivered as soon as the Court had approved
the arrangement and a trustee had been elected. Mr. Brown, the receiver. then was elected trustee at a meeting of the creditors. Bond
for the trustee was fixed at $100,000.
Morris Wolf, attorney for the owner of the 1616 Walnut St. building,
where the West firm had its main office on the 22d. 23d and 24th floors,
objected to the plan "reluctantly." he said, "because he realized the plan
would be of great benefit to a large number of persons. Nevertheless, I
am bound to protect the rights of my client, who leased the property to
West & Co., about six months before the bankruptcy, at a yearly rental of
$65,000 per year for a term of 15 years."
To put the property In shape for the brokerage business the landlord
spent $150,000, Mr. Wolf continued.
Judge Kirkpatrick said ho was not certain that an objection of the sort
made by Mr. Wolf would be sufficient to prevent the consummation of the
plan. The Court suggested a conference between the attorneys interested,
and following a discussion in Judge Kirkpatrick's chambers, Mr. Reber
said that the matter had been adjusted.
Following the Court approval of the plan, Mr. Reber went to New York
to seek an order from the United States District Court there directing
the Irving Trust Co., ancillary receiver. to turn over to the trustee all
the securities it has in its possession belonging to West & Co.
The New York "Times"in its issue of Wednesday,June 10,
stated that Montgomery, Scott & Co. on that day would
take over the operation of branches of the defunct firm of
West & Co. in Altoona, Harrisburg, Williamsport, York,
Reading, Pottsville, Lancaster and Johnstown, all in Pennsylvania, according to an announcement made June 9.
A subsequent issue of the "Ledger," June 10, stated that
an appraisal:report filed in the United States District Court
at Philadelphia on Tuesday, June 9, shows that West & Co.,
as of April 27, the day on which they went into voluntary
bankruptcy, carried on their books stocks, bonds, cash and
other assets of a value of $14,718,371. The paper mentioned
continuing said:
The report, which was submitted by Howard D. Sordon, W. N. Hackett
and Charles T. Carpenter, who were appointed by Federal Judge Kirkpatrick, to inventory the assets of the brokerage house, does not, however,
distinguish what proportion of the securities belonged to the brokers and
their customers, nor give a statement of the liabilities which are to be
charged against these assets, nor what portion of them have been already
liquidated by banks and other financial institutions on collateral loans
extended to the brokers, whose business is to be taken over by Montgomery,
Scott & Co., under a decree signed by Judge Kirkpatrick Monday.
One asset item of $1,070,670.28. which West & Co., carried on its
books under the heading of "deferred syndicate settlement with Pynchon &
Co.," has been wiped off by the appraisers, who state that their investigation discloses that instead of being an asset, this item has become a
"substantial liability," to West & Co.
4343
Official announcement of the assignment was made by John J. Galloway,
one of the partners. The company has suffered serious losses during the
past few months and general customers, Mr. Galloway said, will be the
ones to be chiefly affected by the company's failure.
The company carried on a general stocks and bonds trade as well AB
Insurance and real estate departments.
F. E. Kingston and His Brother, H. E. Kingston,
Former Partners in the Hartford Brokerage House
of F. E. Kingston 8c Co., Sentenced to Prison Terms
—Subsequently Released in $40,000 and $20,000
Bail, Respectively, Pending Appeal to Supreme
Court—Other Defendants Freed.
After a trial in the Superior Court at Hartford, Conn.,
which lasted ten weeks, Frederic E. Kingston and his
brother, Harold E. Kingston, were convicted on May 28 on
six counts of perjury, fraud and conspiracy in connection
with the $5,000,000 failure and receivership last December
of their brokerage firm, F. E. Kingston & Co., and sentenced to prison terms, according to Hartford advices on that
day to the New York "Times." Frederic E. Kingston, the
head of the concern, received from five to twelve years, the
minimum term for the first count, constituting the total
minimum sentence under the law, and his brother received
from one to five years.
Three officials and employees of the firm, which had its
headquarters in Hartford, were acquitted on all counts.
They were Colonel Lewis L. Field, general counsel; Frank
H. Smith, public relations director, and Edmund J. Grandahl, cashier. The dispatch furthermore said:
of
Judge Frank P. McEvoy sentenced Frederic E. Kingston, the head
to seven
the concern, to prison terms to run consecutively as follows: Five
Trading
Connecticut
in
$102.000
Years on a count charging fraud in selling
lawyer: three years
Corporation stock to Robert H. 0. Schultze, a Boston
a count
on a count charging common law conspiracy and two years on
counts
charging conspiracy to violate the State Securities Act. The other
promotion.
fraudulent
involved perjury, false advertising and
brother,
his
as
counts
same
the
on
sentenced
Harold E. Kingston was
on the
the terms also to run consecutively, as follows: One to three years
fraud count, and one year each on the other two counts.
Frederic
increased.
was
Pending appeal to the Supreme Court, bail
him, was
E. Kingston, unable to provide the $40,000 bonds required of
set in his case.
remanded to jail, but his brother furnished the $20.000 bail
According to the Hartford "Courant" of May 30, F. E.
Kingston was released from the county jail on the afternoon
of May 29, after friends had furnished the required $40,000
bonds. The failure of the firm was noted in our issue of
Dec. 20 last, page 3981.
Trial of Rogers Caldwell, Former Head of the Failed
Firm of Caldwell & Co., Begins—Pleas for Postponement and Change of Venue Denied.
The trial of Rogers Caldwell, former head of the Nashville
banking investment firm of Caldwell & Co., now in receivership, was begun in Nashville on Monday of this week,
June 8, according to the Nashville "Banner" of that date,
which in its report of the matter said in part:
Selection of a jury in the case of State vs. Rogers Caldwell, charged with
fraudulent breach of trust, grand larceny and receiving stolen property, &c..
4344
FINANCIAL CHRONICLE
in connection with Hardeman County road bonds, began in Division 1 of
Davidson Criminal Court before Judge Chester K. Hart, Monday afternoon
at 12:30 o'clock. . . .
The selection of jurors was begun following an hour's recess ordered by
Judge Hart after he had overruled renewed notions by defense counsel for
postponement of the case and for a change of venue. Similar motions were
entered June 1 and overruled by Judge Hart on June 3.
As additional grounds for continuance of the case because of "public
excitement" and "prejudice against the defendant," counsel for Mr.
Caldwell brought into the record charge that "one of the most damaging"
articles against defendant appears in the current issue of "Time" a weekly
news magazine, in which defendant's picture along with those of Col.
Luke Lea and Governor Horton appears with the cut lines reading:"These
men have robbed and stolen from the taxpayers of Tennessee," and also
referred to the characterization of defendant and others in a nationwide
radio hook-up by which the magazine illustrates its news articles, all of
which, it was insisted, tends to create further prejudice to defendant.
It was further insisted by defense counsel that the frequent references
to defendant in speeches made on the floor of the House of Representatives
in arguments in connection with pending impeachment proceedings against
Governor Horton also add to public excitement and tend to prejudice defendant's case, and that thousands of citizens of the county have either
heard or read these speeches, and also tuned in on the broadcast.
A supplemental affidavit by defendant setting out these matters was filed
by counsel and the article in "Time" captioned "Empire Dust" was read to
Judge Hart in its entirety and filed among the exhibits by defense counsel.
Judge Hart promptly overruled both motions of defense counsel, to which
exceptions were noted.
Attorney-General Richard M. Atkinson and Assistant Attorney-General
Canton Loser spoke briefly, insisting that the article in "Time" was merely
"cumulative" of matters which had been previously published in connection with conditions in Tennessee, and the latter insisted that he had not
heard of the broadcast and doubted if any member of defense counsel had
heard it. General Atkinson insisted that the people of Davidson County
were not the type to be swayed by outside publications and broadcasts, and
said that, in his opinion, there was no reason why defendant could not receive a fair and impartial trial at this time.
At 11:20 o'clock the regular jurors, who had been ordered from the Court
room during argument of counsel, were directed to return. At 11:30
o'clock Judge Hart ordered an hour's recess before starting on the selection
of jurors.
The case of State vs. Rogers Caldwell, involving two indictments, is
numbered 1,887 and 1,889 on the docket, and the present trial will be on
No.1,887,involving transactions in connection with a $200,000 bond issue of
Hardeman County for highway purposes. The other count embraced in
No. 1,889 has to do with a transaction in road bonds of the same county
amounting to $270,000. Both amounts were the same bond issue, but
were handled in two separate transcations by Caldwell & Co. Mr. Caldwell
was indicted in connection with both transactions although there is a slight
difference in the trust agreements relating to substitution of securities.
[Vol,. 132.
The bill requires 30 days' notice to be given through newspaper publication of notice ofsale by the Governor,State Comptroller and State Treasurer
of securities held by the State as collateral for public funds whenever a
bank faits to meet a demand for any portion or all of the deposit. After
the sale, the balance of the money secured for the securities after the
obligation of the bank is met, is placed to the credit of the financial institution,
Two Banking Measures Passed in Florida—One Limits
Deposit Withdrawals in Case of Run.
The Florida Legislature according to Tallahassee advices
June 8 to the "United States Daily" has passed two banking
measures (H. 403 and H. 847), the first permitting banks
to limit withdrawals to 20% of deposits if the bankers sense
a run on the institution and the other specifying the types of
securities that may be purchased for trust funds.
Losses Sustained in Banking Stocks-44 Million-Dollar
Holdings Against 128 a Year Ago Reported in
Chicago—Harris Estate Heads List.
The following Chicago dispatch June 8 is from the New
York "Evening Post":
How Mid-West financiers took stupendous losses in the past year on
bank stock holdings was revealed in a survey here to-day showing that
only 44 individuals, corporations or estates hold more than $1,000,000
worth of Chicago bank stocks, against 128 in the $1,000.000 class a year,
90 in 1929 and 59 in 1928.
The Marshall Field estate, with a $7,000,000 loss, was the biggest loser,
with the N. W. Harris estate running second.
The decrease is due almost entirely to the lower market prices prevailing
to-day, since the important holdings have either remained intact or in
some cases even added to.
The N. W. Harris estate again heads the list with a value of $7,439.850
for its holdings in the Harris Trust and Savings Bank. Although the
holdings in that name increased by nearly 1,000 shares during the last year,
there was a slump of nearly $5,500,000 in the market value of the investment.
The Marshall Field estate again was second, its investments in the Continental Illinois, First National and Northern Trust, having a value of
$4,789,980, which compares with $11,835,000 for practically the same
holdings.
A. W. Harris jumped into third place with a total of $4,152,515. while
the National Life Insurance Co. of the United States ranked fourth with
a total of $3,654,176. In 1930 the position was reversed, with $8,243,000
for National Life and $7,767.000 for Harris. The Price McKinney estate
continued in fifth place with a total of $2,762,405. Stanley G. Harris
jumped from eleventh to sixth place with a total of $2,574.900, succeeding
George Woodruff, who is twenty-sixth.
Dawes Brothers, Inc., moved up one notch, taking seventh place held
in 1930 by Guy H. Mitchell, who now ranks eighth. Ninth place went to
Robert Allerton, the M. H. Milton estate, which occumpied that position
a year ago, having dropped out of the million-dollar class. The Miami
Corporation ranks tenth, Elizabeth S. McElwee, who held that position
in 1930, having dropped to eleventh.
Fleming & Marvin, Toronto Brokerage Firm, in Hands
of Interim Receiver.
From the Toronto "Globe" of June 9,it is learned that the
brokerage firm of Fleming & Marvin,45 Richmond St., West,
Toronto, members of the Standard Stock & Mining Exchange, who closed their doors on the morning of June 5
because they could not make their clearings on the exchange
the previous night, through some financial difficulties, have
placed their affairs in the hands of F. M.Moffat, of Moffat, Restrictions on Amounts of Deposits Which New York
Savings Banks Will Receive—Rate of Interest Paid
Hudson & Co., interim receiver, to give this accounting
April 1.
firm an opportunity to determine the exact financial position
In
its News Bulletin June 5 the Savings Banks Associaof the brokerage house. The Toronto paper added:
tion of the State of New York prints the following regarding
It is expected that three days will be sufficient for this purpose. The
interim receiver's staff is already at work making an audit of the firm's restrictions on the amount of deposits which savings banks
books and valuation of the securities. This is being done In connection in this city will receive:
The "Globe" of the previous day, June 8, in referring to
the affairs of the closed firm, said in part:
The direct cause of the embarrassment of the firm was due,"The Globe"
was also informed, to the purchase of a large amount of stock by one customer, who subsequently found he could not make payments.
On Friday and Saturday the firm had some dealings on the exchange
through the floor members of another brokerage firm. The directors of
the Exchange are holding a seat on the exchange in trust for the Fleming
& Marvin firm.
In its issue of June 6, the paper mentioned in reporting
the closing of the firm, printed the following statement
issued by the company.
"We regret to announce that the banks have called our loans and as
a result we are forced to discontinue business, but, we hope, only temporarily.
"Owing to shrinkage in the value of stocks held by the banks as collateral and the difficulty in getting from customers sufficient extra margin
to cover the shrinkage in their stocks, we have been unable to increase the
banks' security by the amount required. The banks refusing to give up
any securities whatever of those held by them as margin except on payment
at-, full market value of same, a cessation of business has become unavoidable.
"As our statement shows a surplus, we hope that the result of negotiations now being carried on will enable a speedy resumption of business,
but a petition in bankruptcy having been filed, our doors must be closed
in the meantime."
Florida Senate Approves Bank Securities Proposal.
The following Tallahassee (Fla.) advices June a are from
the "United States Daily":
Clarification and strengthening of existing statutes covering sale of
securities held by the State as collateral for public funds is provided through
Passage Jane 1 by the Senate of the Florida Legislature of a bill (II. 854),
substituted for a Sente bill (S. 141).
So many questions have been asked about the new restrictions which
have been placed by some of the banks on the amount which will be accepted on deposit on new accounts and in some cases on old accounts, that
we are publishing here, for reference, the names of the savings banks in
Manhattan, the restriction imposed, if any, the rate of interest paid April
1 1931 and the interest rule:
Deposit Restriction.
Rule,
Rate.
American
None
B
4
Bank for Savings
None
B
4
Bowery
$1,000 as an initial deposit
A
4
$1,000 every three months
on new accounts.
Broadway
B
4
Central
N initialdeposit
$3,000 as an
A
4
$1,000 every three months
on new accounts.
Citizens
$3,000 as an initial deposit
A
4
Commonwealth
None
B
4
Dry Dock
$1,000 every three months
A
4
on new and old accounts.
East River
$3,000 as an initial deposit
•
4
$1,000 every three months
on new accounts.
Emigrant Industrial- —45,000 as an initial deposit
4
Empire City
None
Excelsior
None
B
.1
Franklin
anklIn
G
None
4
Greenwich
h
$1,000 every three months
4
on new and old accounts.
Harlem
None
4;4
Irving
None
4;i
Italian
None
4
Maiden Lane
$1,000 88 an initial deposit
4
Manhattan
4
None
Metropolitan
$3,000 as an initial deposit
43i
New York
4
None
North River
4
$2,000 every three months
on new and old accounts.
Seamen's
4%
ery three months
B
$1,000 every
on new and old accounts.
Union Dime
4
A
None
Union Square
4
$5,000 as an initial deposit
13
Use discretion after that.
4
United States
B
None
W
4
West Side
B
None
A—Allow interest from date of deposit to date of withdrawal. Credit
quarterly. B—Allow interest from date of deposit if left until the end of
the quarter. Credit quarterly. C—Allow interest from the first of each
month, if left until the end of the quarter. Credit quarterly.
In Brooklyn, only one bank has so far placed a restriction on the amount
of deposits. That is the Brooklyn Savings Bank, which accepts $1,000
every three months on new and old accounts.
0;-
with negotiations that are being carried on for the putting into the firm
of new capital.
"We have real hopes that these negotiations will be successful, as offers
of assistance have been made, but it is necessary to arrive at the exact
financial position of the firm before anything can be done." a member of
the firm stated last evening.
JUNE' 13 1931.]
FINANCIAL CHRONICLE
The savings banks are recently making stricter regulation against accepting corporation accounts. Fourteen of the 22 banks in Brooklyn will
not do so. In Manhattan, where there are 27 savings banks, only six will
accept corporation accounts.
Announcement of Pittsburgh Clearing House Regarding Reduction in Interest Rates on Savings and
Time Accounts.
Since the publication, in our issue of May 16, page 3642,
of the item bearing on the action of the Pittsburgh Clearing
House Association, in the matter of reduced interest rates,
the notice of the Association has come to our attention and
we give it herewith:
On May 13 1931 the members of the Pittsburgh Clearing House Association unanimously recommended that on and after June 1 1931. the
member banks of said Association would not accept new savings or time
accounts at a rate of interest to exceed 3% per annum.
This reduction was deemed absolutely necessary and in keeping with
sound banking as a result of the prevailing low rates of returns upon those
types of liquid investments in which banks must carry a large proportion
of their funds for the protection of their depositors and stockholders.
For those reasons the following banks have agreed to comply with the
letter and spirit of said resolution:
Monongahela National Bank
Bank of Pittsburgh N. A.
Mellon National Bank
Exchange National Bank
Kyestone National Bank
First National Bank
Union Trust Co.
Third National Bank
Farmers Deposit National Bank Commonwealth Trust Co.
Colonial Trust Co.
Union National Bank
Fidelity Trust Co.
Diamond National Bank
Peoples-Pittsburgh Trust Co.
Second National Bank
Pennsylvania Trust Co.
Duquesne National Bank
Cleveland Clearing House Banks Reduce Interest Rates
on Deposits.
Another reduction of one-half of 1%, the second of the
year, was announced on June 11 by the Cleveland Clearing
House Association, bringing interest rates on savings deposits
to 3from 33-%, and on checking account balances to 134%.
The new rates will go into effect on July 1, says a Cleveland
dispatch to the New York "Times," from which we also
quote the following:
The action affects savings accounts in the American Savings Bank,
Central United Nacional Bank, Cleveland Trust, Guardian Trust, Lorain
Street Savings & Trust, Midland, National City, Society for Savings and
the Union Trust.
Several banks did not make the initial reduction and are paying 3%%
on savings accounts. The majority, however, will pay only 3% after the
first of next month.
Reduction in Interest Rates in Baltimore Effective—
Maryland Bankers' Association Advocated Consideration of Lower Rate on Savings Accounts.
Twenty banks in Baltimore put into effect on June 1
previously announced reduction in interest rates on savings
deposits from 4 to 3%,says the Baltimore "Sun" of Julie
2, from which we also take the following:
The reduction applies to commercial banks holding membership in the
clearing house or clearing their transactions through such members, but
has no effect on the interest paid by mutual savings banks.
Through a resolution adopted by the Maryland Bankers' Association.
steps will be taken to consider also a reduction in interest rates on savings
deposits by members of that organization outside Baltimore city. These
discussions will take place through "group committees" acting for banks
in designated counties in the State.
An item regarding the action of the Baltimore Clearing
House Association appeared in our issue of May 9, page 3447.
St. Paul Clearing House for Reduced Rate
on Deposits.
The following St. Paul advices are from the "Wall Street
Journal":
Action by
A reduction in savings account interest rates to 3% from 4% has been
decided upon by the St. Paul Clearing House. Most of the larger banks
have been paying 3%, but this action will make the rate uniform.
Banks in Columbia (S. C.) Clearing House Reduce
Interest Rate on Savings Deposits From 4 to 3%.
Following the lead set by banks in Charleston and Greenville, members of the Columbia (S. C.) Clearing House Association voted on May 30 to reduce, effective July 1, the
interest rate on savings deposits from 4% to 3% per annum,
compounded quarterly. The foregoing is from "The State,"
of Columbia, S. C., which,in its issue of May 31, also said:
The reduction brings the Columbia interest on savings to the lowest rate
in the memory of any clearing house member at the meeting yesterday.
Small returns from high-grade investments were given as the cause of
the reduction. The Clearing House statement said that banks "generally"
in the country were reducing the rate on savings accounts.
Member banks of the Association are:
National Loan & Exchange Bank, Lower Main Street Bank, the South
Carolina National Bank, the People's State Bank of South Carolina, and
the Central Union Bank of South Carolina.
4345
All member banks in Greenville and all except one in Charleston have
recently reduced the savings interest rate, J. B. Baxter, manager of the
Association, said.
"In view of the small return now available from investment of funds in
high-grade security and commercial paper acceptable for reserve purposes,
banks generally over the United States have found it essential to sound
banking practice to reduce the rate of interest paid on savings deposits,"
the statement read from the Clearing House.
Taking a bright side of the picture from a depositor's point of view,
W. J. Roddey, Jr., President of the Central Union Bank, said that low
money tends to improve business. Reduction of interest rates, he said,.
is one of the things helpful to start an upgrade in oonditions.
Montreal Stock Exchange Reduces Marginal
Requirements.
W. E. J. Luther, Vice-Chairman of Montreal Stock Exchange, issued the following statement, according to Montreal advices to the "Wall Street Journal" of May 19:
"The leading banks and trust companies, in order to show their confidence in the present situation, have agreed to reduce their marginal
requirements on call loans to stock exchange houses to 15% with a minimum
of $5 on low priced stocks. Other lenders will probably take like action
to-day."
Newark (N. J.) Clearing House Lowers Interest Rates
on Deposits—Action by Howard Savings Institution and Other Banks.
From the Newark "News" of May 28 we take the following:
Action of the Howard Savings Institution and the United States Savings
Bank in reducing interest rates on deposits from 4%% to 4% is expected by
bankers to be followed by similar reductions by the Franklin and Dime Savings institutions.
The Howard board acted yesterday; that of the United States to-day.
The reduction by the savings banks was accompanied by a cut by the Newark
/
2%. The comcommercial banks of the rate on savings from 4% to 31
mercial banks also will put in effect, June 1, reductions on other classes
save
them
$2,000,000
a
year.
of accounts that are estimated to
The Newark Clearing House Association yesterday reduced for the second
time in a year the rates its member and associate banks will pay on
deposits. The rates of the commercial banks will be effective June 1.
The savings banks are not members of the clearing house.
The newest rates fixed by the Clearing House are: On demand deposits,
after a free balance of $1,000, 1%; on time certificates of deposit from
/
2%; more than three months, 2%; on accounts
30 days to three months, 11
/
2%; on special accounts with 30 days' notice
of mutual savings banks, 11
/
2%.
of withdrawal, 11
/
2%. On savings deposits the maximum rate is 31
This is a reduction of 1% on all classes of deposits, except savings, since
paid
4%
on thrift accounts.
last August, when the commercial banks
1
2%, except on savings, was made effective by
A general reduction of /
the clearing house Jan. 1 last.
Reduction in Oranges.
Banks in the Clearing House Association of the Oranges also will cut the
interest rates on time deposits, according to Wilbur Munn, President.
Action already has been taken by several banks whose interest will be
computed from Monday, while others with later interest dates are expected
to follow suit.
The Savings Investment & Trust Co. of East Orange announced to-day that
effective at the next interest period, Monday, interest on savings deposits
would be computed at the rate of 31,4% instead of 4% as heretofore.
H. H. Thomas, the President, explained the change in the following
statement:
"The present yield on high-grade investments is such that commercial
banks cannot continue to pay 4% on savings deposits and make a reasonable
profit. To obviate this condition our directors have reduced the rate paid
1
2%, and I am sure that our depositors will realize
on time deposits to 3/
that this is done in the interests of conservative banking."
The bank also has reduced interest on checking accounts from 2% to 1%,
according to David A. Inglis, Treasurer.
The Essex County Trust Co., East Orange, whose next interest date is
Monday, also cut its rate to-day, but has made no change on its rate of
2% on checking accounts.
Orange,
T. H. Powers Farr, President of the First National Bank of West
said to-day that while the trend in rates undoubtedly is downward his bank
would take no action until its June meeting of directors. Interest date
is July 1.
The Orange National Bank and the First National Bank of East Orange
Probably will cut their time deposit rate front 4% to 31,4% at their next
interest date of July 1.
Other banks of the Clearing House Association which are expected to
follow suit are the Orange Valley, Second National of Orange, South Orange
Trust Co., Trust Co. of Orange, West Orange Trust Co., and East Orange
Trust Co.
Philadelphia Clearing House Association Again Reduces Interest Rates on Deposits—Banks and Trust
Companies Cut Interest on Savings Accounts.
Fourteen banks and trust companies in Philadelphia on
May 28 reduced their interest rates on savings accounts from
4% to 3% a year, effective July 1. At the same time the
Clearing House Committee of the Philadelphia Clearing
House Association announced a general reduction of of 1%
In demand and time money rates. The Philadelphia
"Record" of May 29, in reporting this, had the following to
say regarding the action of the Clearing House:
The Clearing House Committee yesterday announced that demand and
1
2 of 1%. Deposits of other
time deposit interest rates had been reduced /
banks and trust companies and private bankers in the United States and
Canada, except mutual saving fund associations, under yesterday's ruling
/
2% rate which was
will now bear interest at the rate of 1% against the 11
placed in effect April 7 last.
4346
FINANCIAL CHRONICLE
Deposit interest of mutual saving fund associations was reduced to 1%%
from the 2% previously in force.
Interest on deposits or certificates of deposit payable on less than 30 days'
notice from individuals, firms and corporations (other than banks, trust
companies, private banks and mutual saving fund associations) was reduced
to 1% from 1%%.
A new rate of 2%, compared with the previous rate of 2%%, also was
placed in effect on time certificates of deposit and time deposits payable
on 30 days' notice or more.
It was pointed out by Clearing House members that interest rates on
'commercial deposits in this city still are higher than in many of the leading
financial centers of the country. In contrast with Philadelphia's 1% interest
rate on demand deposits, New York, Chicago, St. Louis and Boston pay only
% of 1%. Philadelphia's rate of 2% on time deposits provides a spread of
1% above the 1% rate paid on such balances in the city's mentioned.
Such cities as Albany, Minneapolis and Detroit maintain a 1% rate on
demand deposits, so that Philadelphia's reduction merely brings this city
into line with a number of the smaller cities, but still holds the rate higher
than that paid in municipalities comparable in size to Philadelphia.
As to the action of the banks and trust companies, on
May 28 the "Record" said:
Yesterday's action reducing savings account interest rates brings to 20 the
number of leading institutions which have lowered their rates since last
April. Other institutions are expected to announce similar reductions within
the next few days.
Institutions which took definite action yesterday included: Erie National
Bank, Frankford Trust Co., Industrial Trust Co., Remington National Bank,
Kensington Security Bank & Trust Co., National Bank & Trust Co. of
Germantown, Ninth Bank & Trust Co., North City Trust Co., Northern Trust
Co., Olney Bank & Trust Co. Richmond Trust Co., Second National Bank,
and Wyoming Bank & Trust'
Co.
Formal announcement following the meeting of heads of these banks and
trust companies stated:
"In the interest of conservative banking and to enable us to continue
to buy high-grade securities for the fullest protection of our depositors, the
interest paid on savings fund accounts will be at the rate of 3% per annum
beginning July 1 1931 and until further notice."
New accounts opened after June 1 will be subject to the new rate.
None of the city's mutual savings fund organizations is included in the
banks and trust companies snaking interest reductions yesterday. The five
mutual savings fund societies continue to pay interest at rates of 4%
[VOL. 132.
Secretary of Treasury Mellon Sails for Europe—Sir
George Paish Also Sails.
Secretary of the Treasury Andrew W. Mellon, was a
passenger on the Cunard liner Mauretania, which sailed for
Europe on June 10. Mr. Mellon's principal objective in
his trip is to attend the graduation exercises of Clare College,
at Cambridge University, his son Paul being one of the
graduates. According to the New York "Times" Secretary
Mellon denied that he would discuss financial or official
matters abroad. The following is from the same paper of
June 11:
When informed that there were rumors that he was going to Europe to
discuss the question ofreparations, Mr. Mellon smiled and said:
"I am sorry if people should think so, but I am not."
Lord Rothermere, owner of the "London Daily Mail," "Daily Mirror"
and other English newspapers and magazines, visited Mr. Mellon's stateroom to be introduced to him.
Mr. Mellon's name was not on the passenger list, as he had said that he
did not wish any publicity. The approach to his room was blocked by
photographers, but he refused to pose.
Asked if he would say anything about the present economic conditions
in the United States, Mr. Mellon said:"No.I do not wish to say anything.
Please excuse me."
Lord Rothermere Meets Mellon.
Lord Rothermere, who arrived at Quebec on June 1 on the Canadian
Pacific liner Empress of Britain and motored down from Montreal, said
that he did not think there was any possibility of action toward the debt
reduction and reparations revision through the recent conferences between
England and Germany. "Franco will block it," he said. . . .
Sir George Petah, English economist, also sailed in the Mauretania',
He was gloomy about the economic future of the world. "I am not a
pessimist," he said,"but we must admit facts. If the nations of the world
do not get together and co-operate then there will be revolutions and chaos
everywhere."
Total Subscriptions of $6,315,524,500 Received to 3%
Treasury Bonds Offered to Amount of $800,000,000
2%.
/
or 41
$821,410,350.
—Allotments
commercial
bank
large
first
the
First National Bank of Philadelphia was
Total subscriptions of $6,315,524,590 were received to the
In this city to reduce interest on savings accounts to the present 3% rate.
This reduction became effective April 1. On May 15 five more banks and new issue of
33 % Treasury bonds, offered to the amount
trust companies reduced interest payments effective June 1. These were:
Fidelity-Philadelphia Trust Co., Corn Exchange National Bank dr Trust of $800,000,000 or thereabouts. The offering was referred to
Co., Girard Trust Co., Provident Trust Co., and Pennsylvania Co. for in these columns June 6, page 4166. Of the total subscripInsurances on Lives, Ike..
tions, Secretary Mellon announced, $572,106,500 repreThe reduction in rates by the Philadelphia Clearing House sented exchange subscriptions in payment for which Treasury
Certificates of Indebtednebs maturing June 15 1931 were
in April was referred to in our issue'of April 11, page 2696.
tendered. Such exchange subscriptions were allotted 57%
21,or $326,110,300. The total amount allotted was
New Jersey State Treasurer Cuts Interest Rate on 410,350; the allotments on cash subscriptions were $495,State Deposits to Aid Banks—Reduction Hoped 300,050. Secretary Mellon's announcement of June 6,
To Be Temporary.
regarding the subscriptions, follows:
Secretary Mellon to-day announced that the total amount of subscripThe following Trenton (N. J.) advices are from the
tions received for 33 % Treasury bonds of 1946-1949, dated June 15 1931,
Newark "News" of June 10:
$572,106,500 represented exchange
Announcement by State Treasurer Middleton yesterday afternoon that
beginning July 1 the rate of interest on state deposits would be reduced
to 1),i% means that for the first time in 29 years New Jersey will receive
less than 2% interest on its cash deposits. Mr. Middleton hopes the
lower interest rate will be temporary. It is designed to relieve banking
Ins tuitions from losses which Mr. Middleton said many of them suffer
on State deposits under existing financial conditions.
which
The reduction is made under authority of an Act passed in 1902
provided that the interest rate on State deposits should not exceed 2%.
The act, however, conferred upon the State Treasurer authority to deposit
State funds, under certain limitations, without requiring interest whenever
in his judgment the 2% charge might be incompatible with public safety.
% to
Mr. Middleton pointed out that with call loans bearing only 1
decrease
19 % intereseand other liquid securities showing a corresponding
In earnings, it is a hardship upon financial institutions of the State to exact
approximately
the 2% rate. The amount of State cash now in banks is
saving to
$25,000,000. The reduction in interest therefore would effect a
banks at the rate of $125,000 a year.
The amount of cash on deposit is subject to considerable variation,
average.
according to the season. At the present the amount is below the
It will be increased substantially before the end of the year with the receipt
of taxes from railroads, franchises and other sources.
was $6,315,524,500. Of this amount,
subscriptions in payment for which Treasury certificates for indebtedness
maturing June 15 1931, were tendered.
Such exchange subscriptions were allotted 57% or about $326,000,000.
Allotments on cash subscriptions were as follows:
Subscriptilons in amounts not exceeding $10,000 for any one subscriber
were allotted 30% but not less than $50 for any one subscriber. Subscriptions in amounts over $10.000. but not exceeding $100,000 for any one subscriber, were allotted 20% but not less than $3,000 for any one subscriber.
Subscriptions in amounts of over $100,0000, but not exceeding $1,000,000
for any one subscriber, were allotted 10%, but not less than $20,000 for any
one subscriber.
Subscriptions in amounts over $1,000,000, but not exceeding $25,000,000
, but not less than $100,000 for
for any one subscriber, were allotted
any one subscriber.
Subscriptions in amounts over $25.000,000 but not exceeding $100,000,000
for any one subscriber were allotted 4% but not less than $1,750,000 for any
one subscriber.
Subscriptions in amounts over $100,000,000 for any one subscriber were
allotted 3% but not less than $4,000.000 for any one subscriber.
Further details as to subscriptions and allotments by Federal Reserve
Districts will be announced when final reports are nuelved from the Federal
Reserve Banks.
Details of the subscriptions and allotments were made
Banks in Buffalo Clearing House Association Cut available as follows on June 9 by Secretary Mellon:
Acting Secretary Mills to-day announced that the total amount of subInterest Rates on Accounts.
scriptions received for WI% Treasury bonds of 1946-49, dated June 15
The following is from the Buffalo "Courier Express" of 1931, was $6,315,524,500. Of this amount, $572,106,500 represented exchange subscriptions in payment for which Treasury Certificates of InJune 2:
the Buffalo debtedness maturing June 15 1931. were tendered. Such exchange subEffective yesterday, the rate of interest paid by members of'
carrying
Clearing House Association on accounts of commercial banks
The previous
balances in Buffalo was reduced to 1% on daily balances.
rate was 13%.
of
This new rate on accounts of banks compares with rates of one-half
1% allowed on such accounts in New York, Boston, Chicago and other
The maximum rates to be allowed on all three months certificates of
deposit issued yesterday and thereafter Is 234% compared with the former
rate of 3%.
Industrial National Bank of New York Reduces Rate
of Interest on Deposits.
At the regular monthly meeting of the Board of Directors
of the Industrial National Bank of New York, the rate of
interest paid on time deposits in the compound interest department was reduced to 3%, payable quarterly.
scriptions were allotted 57%, or $326.110,300. Allotments of cash subscriptions were made on a graduated scale.
Subscriptions and allotments were divided among the several Federal
Reserve Districts and the Treasury as follows:
Total
Total Exchange
Total Cash
Subscriptions
Subscriptions
Subscriptions.
Received.
Received.
Received.
1405,570,050
$390,097,550
$15,472,500
Boston_
379,843,000 2,455,702,100 2,835,545.100
New York
511,128,250
491,167,250
19,961,000
Philadelphia
434,593.650
420,162,650
14,431,000
Cleveland
198,829,150
194,348,650
3,980,500
Richmond
190,873,250
188,677,750
3,995,500
Atlanta
769,840,700
693,453,700
76,387,000
Chicago
118,288.700
82,698.700
35,592,000
St. Louis
50,539,400
46,071,400
4,468,000
Minneapolis
119,080,650
114,090,150
4,990,500
Kansas City
137.870.650
128,641,150
9,229,500
Dallas
541,103,750
537.387,250
3.716,500
&La Francisco
2,461,200
2,421,700
39,500
Treasury
TotaL
3572.106,500 $5,743,418,000 36,315.624.600
JUNE 13 1931.]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total
FINANCIAL CHRONICLE
Allotted
on Exchange
Subscriptions.
$8,819,400
216,511,250
11,377,950
8,226,300
2,269,050
2,277,400
43,542,000
20,287,500
2,551,000
2,845,700
5,261,400
2,118,750
22,600
Allotted
on Cash
Subscriptions.
533,361,200
170,093,500
45,122,050
38,421.550
31,754.850
27,270,300
68,381,700
11,129.350
6,466,000
12,892,850
17,525,350
32,502,700
378,650
$326,110,300
5495,300,050
Total
Allottei.
$42,180,600
386,604,750
56,500,000
46,647,850
34,023,900
29,547,700
111,923,700
31,416,850
9,017.000
15,738,550
22,786,750
34,621,450
401.250
5821,410,350
W% Treasury Notes Series C-1930-32 Called
4347
Whether there will be a bond issue prior to December officials would not
say. In September the maturities in certificates amount to $384,211,000,
bearing 234% interest, and $300,176,000 bearing 134% interest. Bill
maturities in July and August amount to about $444,000,000, the first
blocks of which amounting to $100,855,000 fall due July 1 and 2.
Petition For 15% Increase in Freight Rates To Be Filed
in Behalf of Eastern, Western and Southern
Railroads.
Following a conference in New York on June 11, of executives of Eastern, Western and Southern railroads it was
announced that a petition would be filed with the InterState Commerce Commission and State Commissions in
behalf of these carriers for a 15% increase in freight rates.
The announcement follows:
for Redemption.
Announcement was made on June 7 by Secretary of the
At a meeting of executives of the Eastern, Western and Southern groups.
Treasury Mellon that the 3M% Treasury notes of Series it was unanimously decided to apply to the Inter-State Commerce Commission and to the State commissions for a 15% increase in all rates and
0-1930-32 have been called for redemption on Dec. 15 1931, charges.
on which date the principal of notes outstanding will be
A committee consisting of the three groups was authorized to prepare
payable, together with the interest then accrued thereon. and file a joint application with the respective commissions. It is hoped
that this can be done within a week.
Interest on the 33% Treasury notes of Series C-1930-32
The application will contain a full statement of the reasons for the action
will cease on the redemption date, viz.: Dec. 15 1931. The of the carriers. Measures will be taken to afford the public adequate
Secretary states that of the $607,399,650 originally issued, access to the statement and the application of the carriers.
Noting that the conference was the first of its kind in
there remain outstanding about $451,000,000. The Secrenearly a decade, the New York "Times" of June 12, said
tary's announcement follows:
The Secretary of the Treasury announces that all 3M% Treasury notes in part:
of Series 0-1930-32 have been called for redemption on Dec. 15 1931, on
The increase, designed to offset some of the reductions in freight tariffs
which date the principal of any such notes then outstanding will be payable. made since 1921, would bring to the railroads an estimated increase in
together with interest then accrued thereon. Accordingly, interest on all revenue of 10%, or about $400,000,000 a year.
3M % Treasury notes ofSeries 0-1930-32 will cease on said redemption date,
The petition, described as an emergency measure to meet a slump in
Dec. 15 1931.
revenues which has brought the earnings of railroads to their lowest level
The Series C-1930-32 334% notes were issued on Jan. 16 1928 and were in ten years, will be in the hands of the Inter-State Commerce Commission
made redeemable on six months' notice on any interest payment date on
within a week if the plans of the railroads carry through. The railroads
and after Dec. 15 1930. Of the $607,399,650 originally issued, there
hope the Commission will give the petition the emergency treatment to
remain outstanding about $451,000,000.
which they believe it entitled, so that the rate change might become effecThe Treasury Department circular, calling the bonds for tive within possibly three months.
Southern Roads Join Move.
redemption,follows:
The action of the railroads was made possible by the prompt response
REDEMPTION OF 3M % TREASURY NOTES OF SERIES 0-1930-32. of the Southern roads to the effort of the Eastern and Western companies
1931
to recover some of the revenue lost by rate cuts in recent years. Eastern
Department Circular No.439.
and Western executives met here a week ago and after making final arTreasury Department,
rangements for united action by their group, appointed a delegate to exOffice of the Secretary,
Public Debt.
Washington, June 8 1931. press their views to a meeting of Southern railway officials held in Washington on Tuesday.
To the Holders of 3M% Treasury Notes of Series 0-1930-32:
These officials, representing the traffic departments of their roads,
1. Call for Redemption.—Pnblie notice is hereby given that in accordance
thereupon agreed to recommend to their Presidents that the Southern lines
with the terms of their issue and pursuant to the provisions of Treasury
act with the other two sectional groups.
Department Circular No.392, dated Jan. 9 1928, all of the 334% Treasury
Officials of the Southern roads who met here yesterday, while pointing
notes of Series 0-1930-32, which by their terms were made redeemable on out that the move to adjust rates did not originate in their region, expressed
and after Dec. 15 1930, are called for redemption on Dec. 15 1931, on which their willingness to make united action by all railroads possible.
date the principal of any such notes then outstanding will be payable,
While the railroads will ask for authority to increase rates by 15%. it
together with the interest then accrued thereon. Interest on all 334% is not their intention to raise all rates by this amount. The reason for
Treasury notes of Series 0-1930-32 will cease on said redemption date, drawing up a petition of this kind is a desire for prompt action in what the
Dec: 15 1931.
railroads describe sea serious situation. By asking for permission to increase
2. Presentation for Redemption on or After Dec. 15 1931.—All 334% rates generally by 15%, the railroads make the issue one of revenue and
Treasury notes of Series 0-1930-32 should be presented and surrendered not a many-sided one involving numerous individual rates which might
for redemption to any Federal Reserve Bank or branch, or to the Treasurer be the subject of protracted debate.
of the United States at Washington, D. C. The notes must be delivered
Would Omit Suspension.
In every case at the expense and risk of the holder, and should be accomOrdinarily, rate increases are subject to automatic suspension for 90
panied by appropriate written advice.
Commission will give emerFacilities for transportation of the notes by registered mail insured may days. It is the hope of the railroads that the
be arranged between incorporated banks and trust companies and the Fed- gency treatment to the petition and issue an order omitting the suspension
proposed
is
not
only on the ground of
suspension
of
eral Reserve Banks, and holders may take advantage of such arrangements. clause. Omission
when available, utilizing such incorporated banks and trust companies as emergency, but also on the fact that under a general increase the charge
their own agents. Incorporated banks and trust companies are not agents of discrimination cannot be raised. * * *
of the United States under this circular.
Three Named on Committee.
3. Interest Coupons.—Interest coupons dated Dec. 15 1931, should be
The executives appointed a committee to present the petition to the
detached and collected in regular course when due. Coupons dated June 15 Commis.don. It includes John J. Pelley, President of the New York, New
1932, and Dec. 15 1932, must be attached to the notes when presented. Haven 84 Hartford; H. A. Scandrett, President of the Chicago Milwaukee
In the event that any notes are presented for redemption with the June 15 St. Paul & Pacific, and W.R Cole. President of the Louisville & Nashville.
1932, or Dec. 15 1932, coupons detached, the notes will nevertheless be According to the announcement, they will file the petition as a joint appliredeemed, but the full face amount of any such missing coupons will be cation of all the railroads.
deducted.
The charges mentioned in the statement refer to terminal or switching
4. An further information which may be desired as to the redemption charges.
of 334% Treasury notes of Series 0-1930-32 may be obtained from the
Express Rise May Follow.
Commissioner of the Public Debt, Treasury Department, Washington,
The possibility that an increase in express rates may follow the increase
D. C., or from any Federal Reserve Bank or branch. The Secretary of
In freight rates was admitted in railroad circles. This, it was asserted.
the Treasury may at any time or from time to time prescribe supplemental
would be logical if the present competitive status between the two forms
or amendatory rules and regulations governing the matters covered by this
of service should be maintained. There is no intention of changing pascircular.
senger rates, the trend of which has been downward in recent months.
A. W. MELLON,
The three regional divisions are represented in the present effort by
Secretary of the Treasury.
three general committees. Those of the Eastern and Western groups
The New York "Journal of Commerce," in referring to the were formed some weeks ago. The Southern committee was formed at
the meeting yesterday.
calling of the Treasury notes, said:
Mr. Pelley, who represents the East on the committee appointed yesBringing the total retirements of Treasury securities Dec. 15
1931, to terday, is Chairman ofthe general committee formed recently to act for
$995,218,450, Secretary Mellon to-day announced that the remaining the Eastern roads in the situation. R. N. Collyer. Vice-Chairman of
block of the 33,4% notes issued in 1927 and 1928,amounting to
$451,719,450 this general committee and Chairman of the Trunk Line Association, was
will be called at the December tax payment date, a year ahead of its the representative of the Eastern lines who conferred with the Southern
maturity.
Officials at Washington on Tuesday. Other members of the Eastern
The total amount of the 334% notes issued was $2,587,351,800. Of the committee are:
entire three issues there were outstanding June 30 1930, a total of $1,6
W. W. Atterbury, President of the Pennsylvania RR.
115,500. Last March, Series A and B, amounting at the time to approxiDaniel Willard, President of the Baltimore & Ohio.
mately $1,100,000.000. were called at the time of the issuance of the
P. E. Crowley, President of the New York Central.
$594,230,050 in 334% bonds of 1941-1943.
J. J. Bernet, President of the Chesapeake & Ohio.
J. M. Davis, President of the Delaware Lackawanna & Western.
United Slates to Save Interest.
C. H. fix. President of the Virginian RR.
In calling the 334% notes for Dec. 15 the Treasury was actuated by the
Other railroad officials at yesterday's meeting were Elisha Lee. Vicedesire to save possibly one-half of 1% interest since, according to present President of the Pennsylvania RR.; Agnew T. Dice, President of
the
conditions, it appears likely that a bond issue carrying around 3% interest Reading Co.; G. R. Loyall, President of the Norfolk &
Western; R. B.
may be issued at that time. The fact that the notes have been called, White, President of the Central of New Jersey; E. E. Loomis,
President
coupled with the fact that two blocks of 134% certificates of $268,381.000 of the Lehigh Valley; George B. Elliott. President of the Atlantic
Coast
and $275,118,000 mature at the same time and considering the tremendous Line: J. E. Tiller& Chairman of the Southern Freight Association; L. E.
oversubcription of nearly eight times on the offering of $800.000.000 in Jeffries, Vice-President and General Counsel of the
Southern
Ry.;
FE.
.
334% bonds to be dated June 15 indicated to experts the comparative cer- Williamson, President of the Chicago Burlington 84 Quincy
RR.: .1. E.
tainty of a bond issue Dec. 15.
of
the
Chicago Rock Island & Pacific; L. A. Downs,
Gorman, President
4348
FINANCIAL CHRONICLE
President of the Illinois Central; Clyde Brown, General Solicitor of the
New York Central RR.; and Herbert Fitzpatrick, Vice-President and
General Counsel of the Chesapeake & Ohio Ry.
Largest Request Since 1920.
The proposed freight rate adjustment would be the most important since
1920. In that year the Inter-State Commerce Commission authorized
increases in both passenger and freight rates averaging 33% for the entire
country. In 1922, the Commission ordered a general freight rate reduction
of 10%.
•
The railway executives acted with unusual swiftness in their efforts to get
an increase in freight rates. The first meeting to consider the proposal
was held by the executives of the Eastern railroads on May 21, when it was
decided to petition the Inter-State Commerce Commission to restore freight
rates "to a level which will restore the credit and the service of the carrier."
A special committee was appointed to study the freight rate structure with
a view to deciding what increase should be sought.
Before the special committee held its first meeting on May 27, Daniel
Willard, President of the Baltimore & Ohio, as a representative of the Eastern railway executives, asked the Inter-State Commerce Commission to
start on its own motion an investigation into the general railroad situation
with a view to enabling the carriers to improve their financial condition.
In an announcement on May 26, the Commerce Commission formally rejected this request.
In the meantime executives of the Western railroads were holding meetings
in Chicago. Some opposition developed among the Western executives as
to the advisability of asking for an increase in view of business conditions.
However, at a meeting here on June 5, the Western executives agreed to go
along with the Eastern executives.
(VOL. 132.
according to the New York "Journal of Commerce"
pointed to the example of Australia in a warning that, if
the United States Government is allowed to multiply the
field of its activities and at the same time increase taxation
to finance unprofitable undertakings such as the Federal
Farm Board and the Grain Stabilization Corporation, a
dangerous situation is bound to ensue. The account in the
paper quoted went on to say:
"There is practically no industry in the country that has not suffered to
some extent from Government competition or overregulation," Mr. Groesbeck asserted. To-day, he said, one out of every persons employed is
carried on some Government pay roll. The fact that these people are to
some extent freed of tax responsibilities has increased the burden of taxation
on those employed in private business.
Mr. Groesbeck attributed the Australian dilemma to the fact that there
are in that country fewer taxpayers and higher taxes. Concluding his
remarks Mr. Groesbeck said:
Government interference with private enterprise is paternalism; taxation
for paternalism is tyranny, and an aroused and intelligent people will not
permit this noxious growth to embarrass their progress and impair their
prosperity.
Failure of the Government to co-operate with the utilities in their construction program inaugurated 18 months ago Is responsible for the fact
that the return of prosperity has been delayed, according to Merle Thorpe,
editor of the "Nation's Business." Mr. Thorpe said that instead of cooperating with the utilities everything has been attempted by legislators
which could possibly embarrass industries in their effort to bring back
industrial stabilization.
References to action by heads of Eastern and Western
roads toward the restoration of rates to a level to protect
the credit of the roads was referred to in these columns Nathan L. Amster Maintains a Freight Rate Increase
May 23, page 3824; May 30, page 3991-3992, and June 6,
Would Help Restore Prosperity.
page 4173.
Nathan L. Amster, President of the Citizens' National
National League of Commission Merchants Opposed to Railroad League, Inc., commenting on the general business
outlook makes the statement that "a freight rate increase
Freight Rate Increase.
The following United Press advices from Washington are will, in my opinion, do more at this time to restore prosperity
than any other single move. Our national prosperity,"
from the "Wall Street Journal" of June 9:
purchasing power. The
While Eastern railroad leaders who initiated the campaign for increased says Mr. Amster, "depends upon
freight rates are seeking to enlist the support of all lines in the country. railroads, with their vast purchasing power, have been
It has become evident that the proposed increases will be vigorously op- deprived of it to an enormous and critical degree through a
posed before the Inter-State Commerce Commission.
The National League of Commission Merchants, representing shippers constant whittling down of freight rates to a point where
of 1.000,000 carloads of produce yearly, asserted that freight charges al- to-day they are as low as they were before the 1920 increase.
ready are excessive and announced a program of "strenuous opposition to This, in my opinion, is the largest single cause for our present
the proposed higher rates." The organization predicted that producers and
widespread unemployment and business depression." Mr.
farmers generally would join the battle.
The League is an organization of growers, shippers and distributors of Amster continued:
fresh fruit and vegetables. It is headed by Robert F. Blake of Cleveland.
National Electric Light Association Acts to Stabilize
Employment—Names Committee to Study Problem
Following Plea by Gerard Swope—C. E. Groesbeck
Sees Dangerous Situation with Increase in Government Activities.
An organized movement to insure stability of employment for several hundred thousand workers in the power
industry was launched at Atlantic City on June 11 at the
convention of the National Electric Light Association.
The New York "Times" from which we quote, also said:
Following a lengthy discussion of methods of promoting a return of prosperity and combating periodic unemployment, W. Alton Jones of New
York, President of the association, appointed a committee of leaders in the
Industry to study the problem, and expressed confidence that a system
would be worked out which might apply to all lines of business. His action
followed an address by Gerard Swope, President of the General Electric
Co., favoring co-operation of employers and workers in administering and
contributing to old age, accident and job insurance.
In part Mr. Swope's remarks were given as follows in the
New York "Journal of Commerce":
"The important questions that young people ask themselves and each other
on entering any industry are what is the opportunity for advancement and
how steady will the work be," said Mr. Swope. "The aspects of life's
questions of which they think constantly are how to make provision for
their responsibilities with, first, insurance against uncertainty of life;
second, provision for old age; and, third, the assurances of steady employment or amelioration of the tragic circumstances of unemployment.
Unemployment Insurance.
"Something has been done in this industry and other industries on the
first two problems, but very little in this country on the third. There has
been so much consideration given to it now that unless industry finds a
way the Government may feel itselfcompelled by public opinion to endeavor
to solve the problem. If it Is done by the States then the cost thereof will
be distributed through taxation, and there will be no economic restraints
either on the collection of the funds or their distribution.
"Indeed. it may be that the public utilities can work out this problem of
stabilization of employment rather than unemployment insurance, which,
of course, is much more to be desired. This becomes largely the responsibility of management, but even in this case the co-operation of the employe
should be enlisted so that his interest may be aroused so that he may cooperate and be fully cognizant of what the solution of this problem really
means."
The Employment Stabilization Committee is as follows:
Charles L. Edgarlof the Edison Electric Illuminating Co. of Boston,
Chairman.
0. E. Grosbeck, head of the Electric Bond & Share Co.
Martin J. Insull, President of the Middle West Utilities Co.
John B. Miller of the Southern California Edison Co.
Frank L. Dame of the North American Co.
Charging that increased governmental activities constitutes one of the principal brakes of prosperity, C. E.
Groesbeck, President of the Electric Bond & Share Co.,
It should be realized that the railroad industry, which represents a very
large proportion of our entire wealth, is also the very largest employer of
labor and the very largest consumer of coal, steel, lumber and supplies in
this country. Unfortunately, however, railroads, through inadequate
freight rates, have been restrained from making legitimate income even
when business was good, and, in consequence of which, they have never
been able to build up sufficient surplus with which to continue property
improvements in periods of depression such as the present. This accounts
for the recent necessity of our railroads cutting their labor forces and their
equipment and supply purchases.
A freight increase at this time would change that situation immediately.
Railroads would at once add to their working forces and place orders for
materials and supplies, furnishing employment for thousands of railroad
workers and workers in other industries.
It has been suggested that a cut in wages might help the railroad to
make a better showing in their net income, but the opinion of some of the
ablest minds in business and public affairs is that a wage reduction at this
time would hurt business rather than help, and I agree with such views.
So we have but one alternative by which to restore the railroads' purchasing
powers and normal working forces, and that is through an immediate increase in freight rates.
If it is argued that it would be unwise to increase freight rates in this
period of business depression, there is the experience that has proved the
contrary. It should be remembered that from 1910 until 1918 (when the
Government took over the operation of the railroads) every attempt to
obtain a freight-rate increase met with definite failure.
The argument then used against freight rate increases was that it would
be the beginning of a vicious circle in increased cost of living and also a
menace to business. In the face of those arguments, however,commodities
and merchandise of all kinds rose to double, treble and quadruple in price,
notwithstanding the fact that railroad rates remained the same all through
the war period and up to 1920, entailing losses of hundreds of millions of
dollars to the railroad companies and losses of over a billion dollars to the
United States Government in its railroad operations.
In 1920 however, when the Government returned the railroads to private
ownership when this country was going through the worst period of depression and price deflation in its history, then—and not until then—did the
Inter-State Commerce Commission order a horizontal freight increase
approximating 40% in Eastern territory and 33% in Western territory.
The result was magic—general business, instead of being hurt, started on
a march of progress and prosperity that was phenomenal,and the prosperity
lasted until 1930, when the present depression began. It is because of these
known facts that I am of the firm belief that a freight rate increase to-day
will have the same magical effect on business as it had in the depression
of 1920.
Walter S. Gifford a Member of the Board of Trustees
of Cooper Union.
Walter S. Gifford, President of the American Telephone
& Telegraph Co., has been elected a member of the Board of
Trustees of Cooper Union to succeed Thomas Snell, who
died May 5 at the age of 94. J. P. Morgan presided at the
meeting of the Board in the absence of the President, R.
Fulton Cutting, who is ill.
Mr. Gifford's election continues a tradition of service to
Cooper Union by men in the forefront of industry and public
affairs that has existed since the Union was founded as a
JUNE 131931.]
FINANCIAL CHRONICLE
free school in 1859 by Peter Cooper for the advancement of
science and art.
Mr. Gifford was recently elected president of the Charity
Organization Society of New York. He is a member of the
Board of Overseers of Harvard College, and a: Trustee of
Johns Hopkins University, and of the Buckley School
Foundation.
Mr. Gifford, besides being president and a director of the
American Telephone & Telegraph Co., is a director of the
Associated Telephone Companies of the Bell System, of the
First National Bank of New York, of the United States
Steel Corp., and of the Bank for Savings in the City of New
York.
Mr. Gifford was graduated from Harvard College in 1905.
He received the degree of doctor of laws from Williams in
1928, and from Colgate in 1929. He became a doctor of
science of Oberlin College in 1929.
Mr. Gifford's associates on the Cooper Union Board are
R. Fulton Cutting, who has served since 1896, and who has
been president of the Board since 1915; J. P. Morgan, who
has been a trustee since 1912; Gano Dunn, whose service
began in 1924; and Elihu Root Jr., who joined the Board
in 1929 in succession to the late Charles W. Gould. Percy
R. Pyne Jr., has been treasurer of the Union since 1925.
Past members of the Board have included Andrew
Carnegie, who was a trustee from 1901 to 1917; Edward
Cooper, a former mayor of New York, and a son of the
founder of the Union;'Abram S. Hewitt, also a former mayor
of New York, and a son-in-law of Peter Cooper; and John
E. Parsons, noted lawyer.
Bank Consolidations and Closings Feature Week's
Developments in Chicago Financial Affairs—First
National Takes Over. Foreman Banks, While Central Trust Co. and National Bank of Republic Act
to Consolidate—Closing of Over 20 Outlying Institutions—Statement by G. M. Reynolds of
Clearing,HouselAnent Mergers.
4349
has in recent years been Honorary Chairman of the Board. He attended
many of the week-end conferences, and was seen as late as 5 a. m. to-day.
With the consolidations the First National became an institution with
aggregate resources of approximately $883,000,000, making it second only
to the Continental Illinois in Chicago.
Statement of G. M. Reynolds of Clearing Howse.
George M. Reynolds, Chairman of the Board of the Continental Illinois
Bank, issued the following statement at 6 o'clock this morning as Chairman
of the Chicago Clearing House Association:
Fore"Under an arrangement mutually satisfactory to the directors of the
the
man-State National Bank, and Foreman-State Trust & Savings Bank, and
Loop Bank members of the Chicago Clearing House Association, the First
Bank
have
Savings
National Bank of Chicago and the First Union Trust &
assumed the payment of deposits and taken over the assets respectively of
the Foreman-State National Bank and Foreman-State Trust ez Savings Bank.
:
[Incidentally the following information has come to the "Chronicle."—Ed.
of
Mr. Reynolds further stated that William C. Cummings, President
has
Bank,
Savings
the Drovers' National Bank and the Drovers' Trust &
interest
acquired all of the stock of these banks, representing the small
Foreman
formerly owned by the Foreman family; and that Oscar G.
and Harold E. Foreman have resigned as directors.]
the
"Mr. Traylor, President of the First National group, stated that
over
arrangement was the result of negotiations which had been conducted
of
approval
entire
several days by the officers of the two groups with the
members of the
the directors of the several institutions and the loop
Clearing House Association.
"Mr. Traylor stated that temporarily the business of the Foreman-State
direction of the
National Bank will be conducted under the authority and
The savings;
First National at the office of the former Foreman banks.
be immediately
will
Bank
business of the Foreman-State Trust & Savings
Bank.
transferred to the office of the First Union Trust and Savings
to the
"Mr. Traylor was particularly complimentary in his reference
of the Foreman
splendid co-operation shown by officers and directors
W. Head,
banks, particularly Oscar, Harold and Gerhard Foreman, Walter
W. W. Jaques, Charles
Albert D. Lascar, John D. Hertz, Philip K. Wrigley,
Haugen.
and
Oscar
Dole
N.
John
Poole,
A. McCullough, Ralph Hines, Marvin
their depositors and the
These men showed loyalty to their organization,
of every citizen of
community which should have the hearty approval
Chicago.
the Foreman banks will
"For the present, all officers and employees of
Traylor expressed his
be retained by the First National organization. Mr.
Chicago for their co-operation and
gratitude also to the other Loop banks of
entire transaction."
assistance in working out the detail of the
The developments in banking affairs in Chicago have been
outstanding among the financial matters of the week—
arrangements for the amalgamation of several of the larger
institutions and the closing of over 20 banking institutions
In the outlying districts marking the course of events. The
approval of plans for the consolidation of the Central Trust
Co. of Illinois, at Chicago, and the National Bank of the
Republic, of that city, was announced on June 8, and on the
same day it was made known that the First National Bank
and the First Union Trust & Savings Bank of Chicago had
become "the sole owners of the banks, buildings, and other
properties of the Foreman-State National Bank and the Foreman-State Trust & Savings Bank." It was also stated that
the First National group had "guaranteed 'unequivocally all
deposits of the Foreman banks." Associated Press dispatches from Chicago, on June 8, had the following to say
regarding the developments:
Prime movers in the combinations were Melvin A. Traylor, President of
the First National; Charles G. Dawes, Ambassador to the Court of St. James
and honorary Chairman of the Central Trust, and George M. Reynolds,
Chairman of the Continental Illinois National Bank and of the Chicago
Clearing House Association.
The Clearing House came into the merger through its indorsement of the
absorption of the Foreman Bank with a guarantee of $10,000,000 on Foreman
deposits during readjustment of its affairs into those of the First National.
Business went forward as usual at all four banks while arrangements for
transfer of business were completed. But six outlying small banks allied
with Foreman closed voluntarily pending adjustment of their status resulting
from the merger.
The largest of the outlying banks to close was the Sheridan Trust & Savings Bank, an affiliate of the Foreman-State. Directors announced that
"with deposit liabilities of $5,200,000" they had requested the Auditor of
Public Accounts to take charge pending reorganization plans. "This action
was taken to protect the depositors, owing to low cash reserve," said the
directors' statement.
Directors of- the South Side Savings Bank & Trust Co. announced that
"in view of the withdrawal of the support of the interests identified with
the Foreman-State National Bank, and deeming it for the best interest of all
depositors," they had decided not to open.
Other small banks which did not open to-day were:
The Cheltenham Trust & Savings Bank,
The Inland-Irving National Bank,
The Industrial State Bank, and
The Washington Park National Bank.
and
The consolidation of the Central Trust Co. of Illinois
announced
formally
was
Republic
the National Bank of the
on June 8 by Philip R. Clarke, President of the Central Trust
Co., in the following statement, according to the Chicago
"Tribune" of June 9:
the respective
"Pursuant to subsequent ratification by the stockholders,
National Bank
boards of directors of Central Trust Co. of Illinois and the
terms
following
of the Republic at meeting held this morning, approved the
of the anticipated merger:
& Trust Co.,
"The new bank will be known as Central Republic Bank
Co. of Illinois
and will be located in the present quarters of Central Trust
will probably amount
at 208 South La Salle Street. The total capitalization
capital stock of the
to $33,000,000, of which $14,000,000 will represent
and undivided profits.
bank and $14,000,000 will be allocated to surplus
and surplus of the
capital
the
The remaining $5,000,000 will constitute
investment affiliate.
of personnel of the new
"Other features, including the appointment
consolidation committee within a few
institution, will be determined by a
physical consolidation, but this
days. No date has been set for the actual
legal details will permit."
will be accomplished as soon as the various
capital of $12,The Central Trust Co. of Illinois has a
25 exceeded
March
on
profits
and
surplus
000,000, and its
capi$11,000,000. The National Bank of the Republic has a
between
were
profits
and
surplus
its
and
$11,000,000,
tal of
$5,000,000 and $6,000,000 in March. The Chicago "Journal
of Commerce" of June 10 said:
The approximate basis on which the two banks will participate in the
new Central Republic Bank & Trust Co. was confirmed officially yesterday
to be 8/14 to the Central Trust and 6/14 to the National Bank of the
Republic.
Basis of Set-up.
This would indicate allotments of $8,000,000 of the new bank's $14,000,000 capital stock to the Central Trust and $0,000,000 to the Republic.
The equivalent in present shares would be one $100 par share of Central
Republic for each one and one-half of Central Trust stock and one of the
new bank shares for each nine and one-sixth of the present $20 par value
shares of the National Bank of the Republic.
The ratio for outstanding shares woula be approximately one of Central
Trust for six of the smaller par value Republic shares. The market yesterday fluctuated in rough proximity to this basis, Central Trust closing at
167 bid and 172 asked, while Republic stood 30 to 31 at the close.
Another factor which enters the stock valuation at the moment is the
liquidation of assets of both banks, which will not go into the consolidation.
According to an official of one of the banks, certain assets not to go into
the new bank will be liquidated over the course cf time by trustees for the
benefit of the present shareholders.
Surplus of $14,000,000.
will
In addition to the $14,000,000 capitalization of the new bank, it
start operations with $14,000,000 in surplus and an additional $5,000,000
a
represent
represented in the investment company affiliate, which will
Co.,
consolidation of the Central-Illinois Co. and the National Republic
investment organizations of the present banks.
become
Consolidations Decided To-day.
It was also explained yesterday that the Chicago Trust Co. would
merged with the Republic
The consolidations were decided upon early to-day after almost continuous a direct part of the new bank. This institution
of the
a year ago but maintained its corporate identity as the trust unit
conferences since Saturday afternoon.
of the latter organizabenefit
its
stock
with
the
for
bank
trusteed
National
in
coming
frequently
statements
out
of
conthe
appeared
Two names
ferences—Mr. Traylor as the leading figure in the absorption of the Fore- tion's stockholders.
man-State by the First National, and Ambassador Charles G. Dawes as the
In its June 9 issue the Chicago "Tribune" stated that the
man whose return from London brought about the consummation of the following information and instructions for the thousands of
oft-rumored Central Trust-Bank of Republic merger. The Central Trust
banks were
has long been known as the "Dawes bank," and the former Vice-President depositors and customers of the Foreman-State
4350
FINANCIAL CHRONICLE
issued on June 8 by Melvin A. Traylor, President of the
First National and First Union Trust & Savings banks:
"The First National Bank and the First Union Trust & Savings Bank at
4 o'clock this morning became the sole owners of the banks, buildings, and
other properties of the Foreman-State National Bank and the Foreman-State
Trust & Savings tank. We have guaranteed unequivocally all deposits
of the Foreman banks.
"All transactions with the Foreman-State Bank from to-day on, and
including to-day, are with the First National Bank. Customers of the
ForetnareState banks to-day make their deposits at the Foreman-State banks
and the checks on Foreman-State banks are honored the same as if they
were First National Bank checks.
"All persons to-day presenting their bank books at the Foreman-State
banks will have them stamped First National, and savings bank books
First Union Trust & Savings Bank, until new bank books are issued, but we
are doing busixiese to-day at the Foreman-State Bank on First National Bank
stationery. New pass books and he* check books of the First National
Bank will be issued to all cuatomers if requested. However, checks on the
Foreman-State banks by customers will be honored just the same.
"To-night the books and records, as well as the assets, of the Foreman
Trust & Savings Bank will be moved to the First National Bank Building
and the bUsiness of customers will be transacted beginning to-morrow morning from First Union Trust & Savings Bank. To-morrow night the assets
of the Foreman-State National Bank will be moved to the First National
Bank Building and the business of customers will be transacted beginning
Wednesday morning from the First National Bank."
[VoL. 132.
Under the merger the First National acquires total resources of approximately $883,000,000, ranking second only to the Continental Illinois Bank St
Trust Co., with resources of approximately $1,122,950,000.
The Central Trust-National Bank of the Republic fusion will give that
entity resources of more than $350,000,000, and establish it as the third of
Chicago's banking Institutions.
The First National and Foreman banks have total deposits of $730,645,000,
of which the First National and Union Trust, its affiliated bank, contributes $572,403,000, and the two Foreman banks $158,242,000.
• The Central Trust-National Republic deposits will total $288,594,000, of
Which the Central Trust has $189,354,000 and the National Republic
$149,249,000.
In its Chicago advices, June 8, the New York "Times"
said:
While the officers of the four big banks of the Loop were busy completing
the detailed work of the consolidations, the only really unusual activity
among the downtown institutions was at the Foreman-State Building at
La Salle and Washington Streets. These banks opened promptly on time
this morning, with a throng waiting outside.
Depositors and customers were greeted by large placards announcing
that the First National and the First Union Trust & Savings Banks were
guaranteeing all deposits of the Foreman-State banks and had taken over
the business. Posters on all the windows also announced that the banks
were being operated by the new directors. . . .
The bulk of withdrawals that occurred during the day was accomplished
in the first two hours, and these were somewhat offset by deposits. At the
end of the day officials of both banks expressed surprise at the comparatively
small net withdrawals. On the basis of these withdrawals officials of the
First Natienal-First Union Trust group held high hopes of retaining the
great bulk of the Foreman-State deposits, which aggregated close to
$200,000,000.
Many Bankers in Conferenees.
From the Chicago "Tribune" of June 9 it is further learned
that the details of the consolidation of the Central Trust
Co. of Illinois and the National Bank of the Republic will
be worked out by joint committees of both banks with equal
representation, according to an announcement by John W.
The Foreman-State acquisition and the Central Trust-Republic merger
O'Leary, PreSident of the Bank of the Republic. Continuing, were
the outcome of one of the most hectic series of conferences ever held
the "Tribune" said:
by banking officials in Chicago.
He emphasized that the Merger, creating a bank with a third of a billion
On June 9, when 13 outlying banks (12 of which are in
dollars in resources, will help materially to advance Chicago's financial
the John Bain group) were closed. It was announced that
position. It will be the third largest Chicago bank.
the Liberty Trust & Savings1Bank,tRoosevelt Road and
Lawwdale National and 26th St. State Bank Consolidate.
Kedsie Avenue, had acquired the State Savings Bank &
Yesterday morning the merger of two outlying banks also was announced.
The Lawndale National Bank, 3337 West 26th Street, and the 26th Street Trust Co., 3159 Roosevelt Road. The announcement was
State flank, 3856 West 26th Street, consolidated, the latter institution being made by Walter M. Heymann, Vice-President of the First
moved to the quarters of the former over the week-end. . . .
National Bank and Chairman of the board of the Liberty,
The statement of the Foreman-State banks on March 25 showed combined
capital, surplus and undivided profits of about $30,000,000. One of the according to the Chicago "Post," which also said:
difficulties in liquidating assets is the fact that the Foreman-State interests
hold the Foreman-State Bank Building and also the old State Bank of
Chicago Building at La Salle and Monroe Streets, the latter being acquired
when the State bank was absorbed several years ago. Disposal of these
buildings probably will have to await a more favorable real estate market.
Through the transaction, effected early this morning, the Liberty became the sole owner of the bank, building and other properties of the
State Savings Bank, and also assumed and guaranteed the deposit liabilities of the latter. Checks made out to the State Savings will be honored
by the Liberty.
The State Savings Bank was one of the outlying institutions in which
Mica on Bank Stocks.
the Foreman family was interested, but both Edwin G. Foreman Jr. and
The effect of the conSolidations on the market quotations of Chicago bank Alfred K. Foreman resigned from the institution yestsrdayaThe Liberty
shares also was interesting to stockholders. Only a nominal market was Trust as of March 25 last, the date of the last bank call statement, had
reported for Foreman-State National shares, with scattered offerings at $75 assets of $9,038,265 and deposits of snore than $7,200,000. The State
a share but no bids. National Bank of the Republic stock sagged to around Savings had resources of $4,520,538 and depoetts in excess of $3,500,000.
Melvin A. Traylor, President of the First National Bank of Chicago, in
$35 for the $20 par value shares, a decline of 5 or 6 points.
"The Liberty Trust is a strong and
On the other hand, First National stock advanced some 30 points to commenting on the transactinn, said:
intimate knowledge...Our contact
around $415 a share, and Central Trust stock advanced some 5 points to solvent institution, or which we have
is close since Walter M. Heymann. a Vice-President of the First National,
around $173 a share.
Is Chairman of the board of directors of the Liberty Trust & Savings Bank."
In the Chicago "Journal of Commerce" of Rine 9 it was
The Chicago "Evening Post" of June 9 reported as folstated:
lows the closing on that day of 13 banks:
Indemnity Fund Set Up.
The First National Bank acquired the aSseta of the Foreman banks thrbugh
the assumption of liabilities, with a stipulation to pay a fixed percentage
fee for deposits retained at the close of a year. To indemnify it against loss
in the liquidation of assets, a fund of $12,550,000 in cash was put on
deposit to-day, this fund being contributed in the amount of $10,000,000
by the Chicago Clearing House banks and $2,550,000 by leading individuals
In the Foreman bank group.
There will also remain the privilege of invoking the double liability provisiOn against Foreman National stockholders in the event that the assets,
when liquidated, should prove insufficient to pay depositors. The capital
of the bank was *11,000,000.
Banking Items Acquired.
Included among the itsOts acquired are the banking items or the loans,
discounts and investments, the 40-story Foreman-State Building at Washington and La Salle Streets, the former 22-story home of the State Bank at
Adams and La Salle Streets, and the Foreman-State Corp., the investment
affiliate of the Foreman banks.
The deposit fee will be established June 1 1932, or approximately one year
after the effective date of the consolidation. For the demand deposits the
consideration will be 1% of the average balances retained for the three
months, March, April and May 1932. For the savings deposits, the consolidation will be calculated at 2% on the flat balances on June 1 1932.
It Is understood that the Foreman National Bank will continue in existence
or will be succeeded by a new liquidating corpOration to receive ally residual
assets or such payment for deposits as arise.
In the Chicago "Tribune," also, Comptroller of the Currency John W. Pole was quoted as making the following
statement in Washington, on June 8:
"I think the mergers will have a clarifying efted an banking conditions.
The benefits to be derived from these two mergers should be very great.
Public confidence should be inspired by the concentration of funds in these
institutions. The mergers unquestionably will meet with public approval.
"The consolidations fill Chicago's need for great banking institutions.
A great city like Chicago necessarily requires great banking institutions.
The great Loop banks always have been progressive and the present combinations undoubtedly will be in position to Serve Chicago's financial
Interests better than ever."
BaNged tdi reports received by the Treasury, the following
additional Information was made available in Washington,
on June 8, according to the "United States Daily":
Twelve outlying banks under the sponsorship of John Bain, South Park
Commissioner, with deposits of approximately $16,000,009, closed their
doors to-day as a result of runs on those Institutions. This was the largest
number of banks to close in any one day since the Chicago banking field
began going through a drastic reorganization earlier this year:
The Elmwood Park State Bank, Elmwood Park, also was closed to-day
by the State Auditor. The bank as of March 25 heat had deposits of slightly
more than $1,000,000, surplus of $25,000, and capital of $150,000.
13aM banks which closed their doors to-day were the following (capital,
surplus, and deposit figures by State Auditor's Office):
Armitage State Bank, 3400 Armitage Avenue—Capital, $25,000; surplus,
$65,000; deposits, $617,000.
Auburn Park Trust & Savings Bank, 724 .West 79th Street—Capital,
$300,000 ; surplus, $100,000; deposits, $803,000.
Brainerd State Bank, 8646-48 South Ashland Avenue—Capital, $200,000;
surplus, $100,000; deposits, $311,000.
Bryn Mawr State Bank, 2110 East 71st Street—Capital, $200,000; surplus, $50,000; deposits, $722,000.
Chatham State Bank, 7850 Cottage (have Avenue—Capital, $100,000;
surplus, $110,000; deposits, $1,279,000.
Chicago Lawn State Bank, 3152 West 63d Street—Capital, $420,000;
surplus, $400,000; deposits, $2,314,000.
Elston State Rank, 4332 Elston Avenue—Capital, $200,000; surplus,
$80,000; deposits, $887,000.
Ridge State Bank, 7048 South 'Western Avenue—Capital, $200,000; surplus, $99,340; deposits, $255,000.
Stony Island State Savings Rank, 6760 Stony Island Avenue—Capital,
$400,000; surplus, $250,000; deposits, $2,615,000.
West Englewood Trust & Savings Bank, 1620-24 West 63rd Street—Capital, $750,000; surplus, $540,000; deposits, *4,529,000.
West Highland State Rank, 7900 South Ashland Avenue—Capital,
$300,000; surplus, $250,000; deposits, $1,324,000.
West Lawn Trust & Savings Bank, 3942-44 West 63rd Street—Capital,
$200,000; surplus, $100,000; deposits, $291,000.
Total capital of banks, $3,720,000; surplus, $2,094,340; total deposits,
$15,957,000.
A statement issued by John Bain placed deposits at approximately $13,000,000 and capital and surplus at $6,400,000.
The statement said;
"The Bain banking organisation deemed it best to dose their banks this
morning to conserve the interest of their depositors and stockholders.
"The closing of the banks is due to their inability readily to dispose of
the assets of the bank without undue losses due to prevailing conditions.
It is expected that the depositors and the stockholders will be paid in full."
JUNE 13 1931.]
FINANCIAL CHRONICLE
4351
According to reports received in the financial district yesterday three
Auditor Called In.
All of the banks had opened this morning, but the unsettlement of the banks in Chicago no longer are paying out savings deposits in advance.
days' notice permitted to them
outlying banking situation by the developments of yesterday resulted in The banks instead are calling for the 30
heavy withdrawals at the BaM institutions. It was therefore decided to by law.
call in the State Auditor's Office and close the banks in order to protect
depositors.
Banking Situation in South and Middle West.
John Bain, organizer and active head of the 12 banks, has had a noteIn the State of North Carolina, Associated Press advices
worthy rise in the banking, real estate and other fields in recent years.
He was born in Stornoway, Scotland, Nov. 26 1868, and came to this country from Charlotte, N. C., on June 9 reported that on that day
when he was 21 years old. He located in Englewood, then a suburb of
J. M. Logan, receiver for the First National Bank of CharChicago, and worked as a plumber for years.
December last, had announced
In 1897 he entered the real estate business and was engaged in that line lotte, which closed its doors in
exclusively for 11 years. His entrance into the banking business occurred that the Comptroller of the Currency had authorized payin March 1906 when he and several others established the West Engle- ment of a first dividend of 17% on proven claims against the
wood Bank, now known as the West Englewood Trust & Savings Bank, of
bank. The dispatch went on to say:
which he has been President and active head since its inception.
His banking interests were broadened in 1921 when he organized the
Dividend checks will not be ready for distribution before July 1, Mr.
Chicago Lawn State Bank. The following 10 years were spent in further Logan said. The 17% will represent payment of approximately $300,000.
expanding his connections, either through the purchase of control of
The major assets of the bank are tied up in its $1,900,000 20-story
existing banks or the opening of new institutions. At the present time he building, which has not been sold, and the $400,000 building site.
holds the widest interest in Chicago banks of any individual or corporation.
In the State of Indiana, advices from South Bend by the
According to a dispatch, June 10, to the New York "Times"
six outlying banks with combined deposits of nearly $20,000,000 dither did not open or were closed during the day
when they encountered unusually heavy withdrawals. The
dispatch further said:
Associated Press on June 8 stated that the Union Trust Co.
of South Bend, an institution with 10,000 depositors, was
closed on that day by a resolution of its directors, and Stat
Banking officials took charge of its affairs. The dispatch
continuing said:
The banks ordered suspended during the day by Oscar Nelson, State
Auditor, were:
Northwestern Trust & Savings Bank, 1201 Milwaukee Avenue.
West Town State Bank, 2400 Madison Street.
Second Northwestern State Bank, 2956 Milwaukee Avenue.
Italian Trust & Savings Bank, 495 Milwaukee Avenue.
Cragin State Bank, Grand and Armitage Avenues.
Lincoln State Bank, 3150 South State Street.
Aftermath of Foreman Action.
The suspension of the two Northwestern banks Was an aftermath of the
Foreman-State Banks on Monday. These outlying institutions had been
affiliated with the Foreman-State banks and were "orphaned" when the
Foreman institution was taken over by the First National-First Union
Trust group.
The Northwestern Trust reported deposits of about $14,600,000 on
March 23, and the Second Northwestern State had deposits of about
$3,150,000, but it was said these totals have shrunk considerably since then.
The Italian Trust was reported to have deposits of about $800,000, the
Cragin State of about $700,000, the Lincoln State less than $300,000, and
the West Town State Bank $4,000,000. '
The Northwestern Trust had capital and surplus of $1,600,000; the Second Northwestern State, $500,000; the Gragin State, $240,000; the Italian
Trust, $225,000, and the Lincoln State, $500,000.
Melvin A. Traylor, President of the First National-First Union Trust
group, offered full guarantee to the depositors of the Chicago City Bank &
Trust Co., a $17,000,000 institution, which encountered a run.
"We have promised to loan the bank enough money to pay every one
of its depositors to-morrow, if they insist," Mr. Traylor said.
Reynolds Announces Aid.
Arthur Reynolds, Chairman of the Continental Illinois Bank & Trust Co.,
also assured support for banks at which trouble was indicated.
"We are supporting the outlying institutions to the fullest extent consistent with sound banking, and we will continue to do so," he said. "We
have sent out millions of dollars in the last few days and stand ready to
send out additional millions should they be needed. It is a curious thing
that some of the strongest neighborhood banks in Chicago have been subjected to heavy withdrawals, but conditions to-day appear to be improving
and there are signs that uneasiness is lessening."
The Associated Press dispatches from Chicago on June 10
said:
The First National and the Continental Illinois Bank & Trust Co. guaranteed unlimited loans to the $10,000,000 Pioneer Trust & Savings Bank.
Officials said their depositors had been reassured.
Regarding the closing of two banks on June 11, we quote
the following from a Chicago dispatch on that date to the
New York "Times":
Despite the closing to-day of two mom Chicago banks, with aggregate
deposits of $8,500,000. a general subsidence was reported in the wave of
uneasiness and runs that spread through the city this week and brought
about a four-day total of 26 bank suspensions. The combined deposits
of the closed banks were reported at the last call as $70.500,000.
Officials of several closed banks announced plans for reorganization.
While varying periods of time may be required to accomplish this, and
while some of the suspended institutions will be liquidated, hope was expressed by leading financiers that many may be reopened.
The two banks that closed were the Garfield State Bank. 4010 West
Madison Street. and the State Bank of Beverly Hills, 9443 South Ashland
Avenue. The directors of both banks requested State Auditor Nelson to
take charge of their affairs.
The Garfield State Bank had deposits of about 87.600,000 on March 25,
the date of the last official statement, while the State Bank of Beverly
Hills had deposits of about $9,000,000.
The "Wall Street Journal" of last night (June 12) carried
the following from Chicago:
State Bank Examiner has closed the Illinois State Bank, Evanston, Ill.
Bank has deposit liabilities of $600,000.
The New York "Journal of Commerce" of June 9 said:
Local bankers kept in close touch yesterday with the Chicago banking
situation. The difficulties being experienced in Chicago were ascribed
principally to the heavy real estate commitments on the part of the smaller
banks in the outlying districts of Chicago.
The absence of branch banking, it was held, led to the development of
neighborhood banks, which were forced, in order to carry on a community
business, to become involved in real estate deals which later caused
difficulties.
It was also pointed out that there are no mutual savings banks in Illinois,
and that the savings banks are permitted much more freedom in the investment of their funds than would be the case in New York.
It was said the closing was voluntary and is designed to permit continuance of plans for reorganization. Efforts are being made to refinance
the bank's $600,000 capitalization. It is estimated $1,000,000 will be
required to liquidate frozen assets.
Money on deposit in the bank includes $784,000 in public funds, of
which $425.000 was deposited by St. Joseph County. The public funds
are protected by sureties posted by bank officials.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale
of a New York Stock Exchange membership for $212,000.
Last preceding sale $210,000.
The following is from the New York "Herald Tribune"
of June 10:
of
Physical merger of the Chase Securities Corp., investment affiliate
the Chase National Bank, and Harris, Forbes & Co.. investment house
to be effected late
acquired by the Chase group last satilliner, Is expected
Since the acquithis month or early in July. it was learned yesterday.
been maintained sepasition ten months ago the two organizations have
and distributing
underwriting
in
rately, although working in co-operation
securities.
consolidation of
A provision in the merger agreement makes possible a
years, with a "hedge"
the organizations under a joint name within two
it is believed,
latter,
clause making Possible action within one year. The
Corp.
Is about to be exercised. A name such as Chase-Harris, Forbes
investment houses are
will be chosen, it is understood. Officers of the
now conferring on details of the merger.
The proposed affiliation of the above was noted in these
columns Aug. 2 1930, page 733.
York on
The New York Title and Mortgage Co. of New
floor of
ground
the
on
quarters
new
June 2 located in its
its building at Broadway and Liberty Street. This change
Mortimer,
is made desirable, as explained by George T.
President, since it provides executive offices directly accessible from Broadway. Under the new layout, space is
provided for all the Executive Officers and for the Mortgage
Sales and Lending and Title Examination and Search
Departments. The offices have been remodeled to correspond
with the affiliated Bank of Manhattan Trust Co. offices
at Broadway and Cedar Street.
At the organization meeting of the Board of Directors of
The National City Co. of New York held June 8 following
the meeting of Trustee Shareholders, at which the present
Board was re-elected, all executives of the Company were
re-appointed with the exception of Ronald M. Byrnes, who
has retired as a Vice-President of the Company. In addition the following executives were elected: Hendrik R.
Jolles, Vice-President; Gordon M. Morier, Resident VicePresident, with headquarters in London, and Henry
Mann, Resident Vice-President, with headquarters in
Berlin. Mr. Jolles entered the National City Co. organization early in 1925 when he opened its Amsterdam Holland
office, after having previously been engaged in the banking
business for about 10 years. Although American born, Mr.
Jolles, whose father is a banker in Amsterdam, was educated
abroad. Mr. Moiler Joined the N. W. Halsey Co. in their
Geneva office in 1912 as Assistant Manager. In December
1918, after service in France, he returned to the Geneva
Office which in the meantime had been taken over by The
National City Co. In February 1924 he was made manager
of the London Office. Mr. Mann, who was born in Germany,
came to the United States at an early age and joined the
staff of the General Paper Goods Manufacturing Co. Brooklyn, as a Cost Accountant. In 1917 he resigned from that
4352
FINANCIAL CHRONICLE
company to join the Crown Cork and Seal Company, of
Baltimore, as Comptroller and Assistant Treasurer. He
continued his association with it until he joined The National City Co. in February 1926. Since then, Mr. Mann
has spent most of his time as a National City representative
in Germany and other parts of central Europe.
[voL. 132.
Fifteen of the former 2,800 depositors were on hand at the opening. They
had certificates of deposit from the federal receiver of the Port of Newark.
The certificates entitled them to the deposits in full with 6% interest
from August 8 1930, when the Port Newark was closed.
It is expected the majority of the depositors will redeposit their certificates in the Merchants & Newark. Mr. Rippel said he expected many more
new accounts from neighboring manufacturers who had assured the new
branch of support.
On June 2 a charter was issued by the Comptroller of the
It is learned from the Bos- ton "Herald" of June 6 that
Alexander Winsor and William N. Oedel have been appointed Currency for the First National Bank in Sea Bright, Sea
Vice-President and Treasurer, respectively, of the Kidder Bright, N. J., capitalized at $50,000. Edwin R. Conover will
head the new institution with P. S. Walton as Cashier.
Peabody Trust Co. of that city.
Swayne P. Goodenough, p- rominent in Rochester, N. Y.,
business activities for a number of years, recently became
a Vice-President of the Lincoln-Alliance Bank & Trust Co.
of that city. For the past two years Mr. Goodenough has
been associated with the brokerage firm of Hibbard, Palmer
& Kitchen. Previous to that he was with the Morgan Machine
Co. from 1919 to 1929 as a director and Sales Manager. Mr.
Goodenough went to Rochester in 1909 and graduated from
the University of Rochester in 1913. Later he accepted a
post of teacher of English in East High School of Rochester,
and in May 1917 entered the Officers' Training Camp at
Madison Barracks. Receiving a commission, he was stationed at Camp Hancock until January 1918, when he went to
France us a First Lieutenant with the 17th Artillery,
Second Division, this unit being part of the famous Marine
Bridage. He served on six different fronts and was cited
at Chateau Thierry. Following the Armistice, his division
formed a part of the Army of Occupation in Germany.
With reference to the affairs of the Bankers' Trust Co.
of Philadelphia, which closed its doors the latter part of
'December 1930, the Philadelphia "Ledger" of Thursday,
June 11, contained the following:
A special meeting of the consenting stockholders to the plan looking to
the reorganization of the Bankers' Trust Co. of Philadelphia was held in
the Bankers Trust Building yesterday, June 10. Stockholders were addressed
by Samuel H. Barker, President of the institution; R. J. Goerke, Chairman of the Special Committee of the Board of Directors, and Harry U.
Sundheim, counsel for the bank. They pointed out the advantages of a
reorganization of the bank along lines previously announced. If the present
plan is approved the reorganized bank would open with deposit of $13,000,000
and cash of $11,000,000, it was said.
Mr. Sundheim stated that Mr. Barker would or would not take the
Presidency of the new institution as might seem best to assure reopening
of the bank and its subsequent success. He added that no man has worked
harder or more loyally than Mr. Barker in the effort being made to reopen
the bank, which has 1,313 stockholders.
V. Gilpin Robinson, a stockholder and one of the oldest members of the
Philadelphia bar, announced that he favored the plan and said that he
believed that the bottom of the business• depression had been reached and
that the present was no time to sell property or securities.
At the conclusion of the meeting a number of the stockholders entered
subscriptions for capital stock in the proposed new bank and others signiAccording to Buffalo, N. Y., advices by the Associated fied their intention of doing so. It was stated that 80% of the amount
by stockholders and 65% of the amount required
Press on Wednesday of this week, June 10, the Marine Mid-- required to be subscribed
to be subscribed by depositors to make the plan operative had been reland Corp., Buffalo, confirmed reports on that day that ceived prior to the opening of yesterday's meeting.
they were negotiating for the purchase of the Northern
Broadcasting on WCAU last night, Sidney J. Burgoyne, Chairman of the
three days
New York Trust Co. of Watertown, N. Y., and the First & Bankers Trust Depositors Committee, said that in the last
assents to the plan for opening the new bank had been received from
Second National Bank & Trust Co. of Oswego, N. Y. 1,260 depositors, in amount totaling approximately $2,000,000. He asked
We quote furthermore from the dispatch as follows:
depositors to submit to the committee names of those they think qualify
George E. Becker. President of the Marin.) Midland Group, Inc.. said to act as directors and officers of the new Bankers Trust Co. who they
negotiations were under way but would not discuss the plans. It was think "will enhance the new institution and would be well fitted and
pointed out by financial men here that the books of the Oswego and Water- willing to handle the situation."
town banks had to be audited and the proposition placed before the stockholders.
'Announcement was made June 6 that the Mortgage SecurThe Marine Midland Corp. has large interests in sixteen banks in New
Trust Co., a small Philadelphia bank at the Southwest
ity
York State with resources of more than $586,000,000. On Dec. 30 1930
the corporation showed more than $24,000,000 in cash among its assets. corner of 18th St. and Fairmount Ave., had suspended busiWhether part of this cash would be used in further acquisition of banks
ness and that William D.Gordon, State Secretary of Banking
could not be learned.
Floyd F. Carlisle, Chairman of the Niagara Power Corp., is reported to for Pennsylvania, had taken over the business and property
own the controlling interest in the Watertown and Oswego banks, and it of the company. The Philadelphia "Ledger" of June 7 in
was said here that if the contemplated negotiations were successfully coninstitution furthermore said:
summated Mr. Carlisle might become a member of the Marine Midland reporting the closing of the
board.
The following notice was posted on the door of the institution: "William
Marine Midland Corp., of which George E. Rand is President, is a D. Gordon, Secretary of Banking of the Commonwealth of Pennsylvania,
holding company only, chartered in Delaware. Marine Midland Group, has taken possession of the business and property of the Mortgage Security
Inc.. of which George E. Becker Is President. is a New York corporation. Trust Co." It was signed by Mr. Gordon.
As Marine Midland is not allowed to operate in the State, all operating
A recent report of the bank showed deposits, including savings accounts,
matters are carried on by the Marine Midland Group, Inc.
of $900,000.
The company had no connection with any other banking institution.
An Associated Press
dispatch from Watertown, N. Y.,
on the same date (June 10) contained the following:
Auditors from the Marine Midland Corp. of Buffalo have been in this
city a week working on the books of the Northern New York Trust Co.,
mentioned in connection with a reported deal by the Midland. The work
will require about ton days more, it was learned at the bank. The Northern
New York Trust has deposits of more than $10,000,000 listed.
The First & Second National Bank & Trust Co. of Oswego, also mentioned in the reports from Buffalo, has $5,000,000 deposits. According to
Information received here, the personnel of the Watertown Bank would
not be disturbed. The present market value of the Northern New York
Trust Corp.'s capital stock was given as $175 a share.
Levi L. Rue, for many years a prominent financier of
Philadelphia, died at his home in that city on June 7 of heart
disease from which he had suffered for nearly a year. On
July 14 last Mr. Rue retired as Chairman of the Board of
the Philadelphia National Bank after 52 years of service
with the institution. The deceased banker, was born in
Philadelphia on July 14 1860. The Philadelphia "Ledger"
of June 8 in outlining Mr. Rue's career, said in part:
After studying in the public schools of Philadelphia, Mr. Rue at 17
applied to Benjamin B. Comegys, President of the Philadelphia National
Bank, for employment. He was told there was no position open except
for a stenographer.
Undiscouraged, the young man went away, studied shorthand, returned a few months later to ask once more for employment—and entered
the service of the bank, to remain with it 52 years, to become its President
and to aid in growth of the institution to resources 60 times greater than
when he began his business career with it.
As time went by he was promoted to be teller, and then, in 1893, to
Assistant Cashier. During that year he was sent on a journey to strenthen
the Bank's Western connections. While on that expedition he became
convinced that serious financial conditions faced the country. He telegraphed to Mr. Comegys that he thought it would be well for him to return at once to Philadelphia and help put the affairs of the Bank in condition to weather a national financial storm. The President answered that
In reporting the opening on Monday of this week, June 8, he saw no reason for apprehension regarding business conditions, but to
his own judgment about returning.
of the Port Newark National Bank of Newark, N. J., as a useMr.
Rue returned to Philadelphia, helped effect preparedness for difbranch of the Merchants' & Newark Trust Co., the Newark ficult times—and the event soon justified his warnings.
The President was ill at the time the panic of 1893 came on and the
"News" of that date had the following to say:
Cashier of the Bank away. The burden of meeting the situation fell on
What was the Port Newark National Bank, was opened to-day (June 8) Mr. Rue's shoulders. He handled his heavy responsibilities so successas a branch of the Merchants & Newark Trust Co. under such conditions fully that he was rewardeethe following year by promotion to Cashier.
that Julius S. Rippe!, Chairman of the Board of the Merchants, was encour- In 1900 he became Vice-President and in 1907 President, succeeding N.
aged to believe that the branch would do much more business than the Parket Shortridge.
former bank .
Mr. Rue became Chairman of the Board on the merger of the PhlladeIMr. Rippel was present when the branch was opened at 9:30 A. M. He Phia National Bank with the Girard National Bank April 1 1926. Aprll
Installed as manager Frank C. Riggs, a former Assistant Secretary of the 9 1928. the Franklin-Fourth Street National Bank also was merged with
Guaranty Trust Co. of New York.
the institution, Mr. Rue continuing as Chairman of the Board.
That stockholders of the Lawrence Trust Co. of Lawrence,
Mass., at a special meeting had voted to affiliate with Federal National Bank of Boston, which results in the Federal National Bank having affiliations in nine cities in
the State of Massachusetts, was reported in Boston News
Bureau advices, June 1, to the "Wall Street Journal." With
the Lawrence Trust Co., the Federal National will now have
affiliated bank or trust company interests in Brockton, Cambridge, Lowell, Lynn, Gloucester, Salem, Worcester, the
dispatch said.
FINANCIAL CHRONICLE
JUNE 13 1931.]
4353
The Fullerton State Bank, at 1423 Fullerton Avenue,
for
Chicago, was closed on June 5 by the State Auditor
the
to
according
directors,
the
of
request
Illinois at the
Chicago "Journal of Commerce" of June 6. The closing
was necessitated by continued heavy withdrawals, which,
In
the last 18 months, reduced deposits from approximately
Greensnear
Pa.,
Delmont,
of
Bank
The People's National
to about $1,400,000, when the auditors were called
$3,600,000
burg, was closed June 4, according to Associated Press adsaid. The institution was capitalized at
dispatch
in,
the
was
bank
The
closed
date.
that
on
vices from Greensburg
a surplus of $75,000.
had
and
$250,000
the only one in Delmont.
D. Dwight Douglas and Ma- rk A. Wilson have been made
of Juniata at Altoona, Pa., with
The First National Bank
of the People's Wayne County Bank, according to
directors
effective
liquidation
voluntary
capital of 810,000, went into
June 4, to the "Wall Street Journal."
advices,
May 25. It was taken over by the First National Bank of Detroit
Altoona.
The 23 banking institutions comprising the Guardian
Union Group, Inc., united on June 2 in congratulatDetroit
appointed
has
been
Pa.,
Dr. H. C. Winslow of Meadville,
National Bank & Trust Co. of Battle Creek,
President of the First National Bank of Conneautville, Pa., ing the City
the important units of the group, upon the
of
one
Mich.,
the
headed
institution
has
who
to succeed C. H. Thompson
its 60th anniversary. The Michigan "Inof
celebration
since 1922, according to Meadville advices June 9 by the
is
vestor" of June 6, from which the above information
Associated Press.
part
He served long as a member of the Federal Advisory Council, a
of the Federal Reserve System, and eventually was President of the council.
Philadelof
Association
House
Clearing
He served also as President of the
Trust Co.. Provident
phia and as a director of the Fidelity-Philadelphia
Trust Co., Provident Mutual Life Insurance Co., Pennsylvania Railroad
and other corporations.
An Associated Press dispa- tch from Washington, D. C.,
June 5 stated that Harry W. Haynes on that day was convicted by a jury in the District of Columbia Supreme Court
on 14 counts of irregularity while President of the Farmers'
& Mechanics' National Bank of Georgetown (Washington).
The dispatch went on to say:
The jury deliberated two hours before announcing the verdict of guilty
on every count of the indictment, which included charges of misapplying
the bank's funds.
Haynes, former President of the District Bankers' Association, received
the verdict stoically, as did his wife and daughter, Mrs. C. H. Young, who
were with him in the courtroom.
After the verdict bad been returned Haynes was taken to the District
jail to await sentence.
obtained, went on to say:
City National was founded in 1871 and at the outset had resources of
$35,294, its capital stock amounting to but $35,000 and Its deposits $5,000.
The growth of the Bank typifies the growth of Battle Creek, for 10 years
later, 1881, resources had increased to $365,922; in 1891 resources were
and this figure was in$612,868; 1901 showed resources of $1,383,000,
an Increase
creased to $1,740,000 In 1911. The following 10 years showed
The past 10
$4,764,189.
being
figures
of approximately $3,000,000, the
City National, for the
Years have been the period of greatest growth for the $8,696,000.
last call, on!March 26, showed resources exceeding
Morton, ViceTherofficers are: Charles C. Green, President; Edwin R.
Kaye. VicePresident; Nelson E. Hubbard, Vice-President; C. Edwin
and Glenn
President: George F. Aldrich, Vice-President and Trust Officer.
Van Denbergh, Cashier.
As a result of negotiations covering several months, a
plan for the consolidation of the First National Bank and
the Peoples National Bank, both of Georgetown, Ohio, has
been worked out by their respective directorates, according
to "Finance & Industry" of June 8. The new institution,
It was stated, will take the name of the First National Bank
and will be housed in the quarters of the Peoples National
Bank. The officers will be as follows: Thomas W. Weaver,
Chairman of the Board of Directors; Charles L. Thompson,
President; Rufus L. Fite, Fred Risch, E. H. Kennedy and
Isaac M. Rainey, Vice-Presidents; Wayne Cahill, Cashier,
and Charles Stephen and Vernon Woods, Assistant Cashiers,
MerTwo'BentonMarbor, Mich., banks, the Farmers &
$150,000,
of
with
capital
Co.,
Trust
&
Bank
chantsiNational
of $200,and the Merchants & Union Trust Co., with capital
title of the
the
under
6
June
on
consolidated
000, were
Farmers7AMerchants National Bank & Trust Co. of Benton
Harbor,',withw ca,pital of $275,000.
On May 29 last, the Lainb-'s National Bank of Michigan
voluntary
City, N. D., with capital of $25,000, went into
Lamb's Bank of Michigan
liquidation. It is succeeded by the
City.
The proposed consolidation of the Eau Claire National
Bank and the State Bank of Eau Claire, both of Eau Claire,
Wis., was consummated on June 8 under the title of the
Eau Claire State Bank, according to Eau Claire advices on
that date, printed in the "Minneapolis Journal" of June S.
Reese B. Jones, former Pre-sident of the First State Bank The approaching merger of these banks was noted in our
of Newton Falls, Ohio, was sentenced on June 1 in the May 30 issue, page 3995.
Federal Court to serve seven years in Atlanta Penitentiary
and pay a fine of $10,000, following his plea of "guilty" to
Failure of the Millville Sta- te Bank at Millville, a small
nine of 18 counts contained in three indictments on violation Minnesota bank, was reported In the Minneapolis "Journal"
of Federal banking laws. "Finance & Industry" of June 8, of June 3, as follows:
from which the above information is obtained, continuing
The Millville State Bank of Millville in Wabasha County was closed
to-day (June 3) by its Board of Directors to conserve assets, according to
said:
N. Peyton, State Commissioner of Banks. The bank
announcement of J.
Jones pleaded guilty to having misappropriated $40,000 of the bank's had deposits of $133,000, capital of $10,000 and surplus of $8,000.
funds; extracting $105,000 in bonds from the bank's vaults, and making
false reports to Federal bank examiners.
Arsmall Kansas City, Kan., bank, the Armourdale State
Through his attorney, Miles H. Evans, former Assistant U. S. District
with deposits of approximately $250,000, was placed
Bank,
the
bank
that
Judge
West
was insolvent when he took
Attorney, Jones told
over ita Presidency in 1922.
in the hands of the Kansas State Banking Department on
Directors forced him to make loans to them totaling $350,000 over a June 5, according to Associated Press advices from Kansas
period of years, he said.
Inability to realize on loans, it
He also said that in 1929, in order to make a profit on the market rise of City on the date named.
100 shares of National City Bank of New York stock which the bank owned was said, was given by the directors as the reason for the
the Institution purchased an additional 100 shares. He said that while the closing.
bank was preparing to sell its holdings the stock dropped from the $580
mark to $200 a share. He said he then put profits of his own brokerage
The Citizen's National Bank of Northwood, N. D.,
account with his broker into the bank's account in an attempt to make up
instithe loss. The loss to the institution was $60,000.
placed in voluntary liquidation on May 29 last. The
succeeded by
tution, which was capitalized at $25,000, was
Effective May 26, the First National Bank of Rockford, the Northwood State Bank.
Ohio, with capital of $50,000, went into voluntary liquidaNational Bank
Effective May 22 1931, the Commercial
tion. The institution has been taken over by the Rockford
was placed in vol$50,000,
of
capital
with
Colo.,
Salida,
Rockford.
Bank,
of
National
National
untary liquidation. It was absorbed by the First
Emmett R. Curtin, Sr., Chairman of the Board of the Bank of the same place.
was
Co.
and prominent business
Lima First American Trust
man of that city, died on June 7. Mr. Curtin was Presiuntil the recent merger of the
Institution with the First American Bank & Trust Co.
when he became Chairman of the Board of the enlarged
bank, the office he held at his death. He was also President, at the time of his death, of the West Ohio Gas Co.
and of the Lima Telephone & Telegraph Co. The late
banker was born in Franklin, Pa., in 1867.
dent of the Lima Trust Co.
In order to provide increased service and greater facilities
for its customers, the Citizens National Bank & Trust Co.
of Sioux Falls, S. D., recently joined the First Bank Stock
Corporation with headquarters at St. Paul and Minneapolis.
The Citizens National Bank & Trust Co., according to its
President W. E. Stevens, will continue to be a strictly local
institution, devoting its resources to the Sioux Falls trade
area, but enlisting the support and co-operation of the
group system which includes 112 of the leading banks and
4354
FINANCIAL CHRONICLE
trust companies in the Northwest. Combined resources of
the affiliated banks are in excess of $474,000,000. Including
the Citizens National Bank & Trust Co., the First Bank
Stock Corporation system now has 12 South Dakota units,
the other banks being the Aberdeen National Bank & Trust
Co., the First National Bank of Bison, the Clark County
National Bank of Clark, the Potter County National Bank
of Gettysburg, the First National Bank of Highmore, the
Security National Bank of Leola, the First National Bank
of Miller, the First National Bank of flee Heights, the First
National Bank of St. Lawrence and the First National Bank
& Trust Co. of Vermilion.
Although it has been operating only five years, the Citizens National Bank & Trust Co., under Mr. Stevens' management has made rapid progress. It is capitalized at $125,000
with surplus and undivided profits of $55,000, and has
deposits of approximately $1,500,000. In addition to Mr.
Stevens, the other officers are: Ray G. Stevens, Vice-President and Cashier; John M. Toohey, Vice-President,
and
Frank J. Cinkle, Assistant Cashier. W. E. Stevens
has
been prominent in Sioux Falls banking circles for
the past
24 years. From 1911 to 1919, when he sold his
interest to
W. Z. Sharp, he was President of f: .! Security
National
Bank. In January 1926, be and his l'..other,
Ray G. Stevens,
organized the Citizens' National Bank & Trust Co.
in association with a group of Sioux Falls business
men. The
present stockholders retain an investment
interest in the
bank, but exchange their stock for shares of the
First Bank
Stock Corporation. Mr. W. E. Stevens will
become a member of the Board of Directors of the bolding
company.
-4--The Hillsview State Bank at Hillsview, S.
D., was recently
merged with the Farmers' State Bank at
Hosmer, S. D. No
change has been made in the officers or
directors of the
acquired bank.
[voL. 132.
The first dividends, or return of deposits to depositors,
by the Bank of Oakley, at Oakley, Cal., in liquidation, was
announced on May 15 by Edward Rainey, Superintendent
of Banks for that State, according to the San Francisco
"Chronicle" of the following day. The Bank of Oakley, a
small institution, went into liquidation in December and
the dividends have been declared at the earliest possible
moment under the law. The paper mentioned furthermore
said:
The dividends will amount to 218,691.81 in the commercial department
and $35,516.84 in the savings department, being a 25% dividend to the
depositors in each department of the bank. The total approved claims of
depositors amounted to $74,768.44 in the commercial department and
$142,087.36 in the savings department.
The board of directors of Barclays Bank, Dominion,
Colonial and Overseas (head office, London) has declared
interim dividends for the half year ended March 31 last
at the rate of 8% per annum on the cumulative preference
shares and 4%% per annum on the A and B shares. This
rate is the same distribution as was made for the corresponding period of last year.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Prices on the New York Stock Exchange the present week
have continued their upward course, though with occasional
reactions, and aside from the Chicago bank failures, the
action of the New York Central RR.in not further reducing
its dividend and the determination of the railroads to ask
for a 15% advance in rates, there has been little of noteworthy importance. The railroad stocks have been a strong
feature all week. The weekly statement of the Federal
Reserve Bank issued after the close of the market on Thursday showed a further drop of $49,000,000 in brokers' loans
in this district, making the eighth consecutive drop in as
many weeks and carrying the total down to $1,490,000,000.
As of May 26 1931, the Western
National Bank of Here- Call money renewed at 154% on Monday and remained unford, Tex., with capital of $50,000
changed at that rate on each and every day of the week.
went into
liquidation. The institution was absorbed by voluntary
The stock market again went into reverse during the two
the
First
State Bank of Hereford.
hour session on Saturday, and while the recessions were not
particularly large, they served to check, to some extent, the
The proposed union of the First National
Bank of ,Corsi- gains of the opening hour. Profit taking and an abundance
cana, Tex., (capitalized at $500,000) and
the Corsicana of offerings were apparent during most of the morning and
National Bank (capital $300,000), mentioned
in our May at the close the final prices were down from one to three or
30 issue, page 3995, became effective June
2. The enclosed more points. United States Steel was under considerable
bank, which is known as the First National Bank
of Corsicana pressure due to a rumor that the report of May 31 would
is capitalized at $600,000.
show a loss of from 250,000 to 300,000 tons. Railroad
shares also yielded to pressure with declines ranging from 1
The Alba National Bank of Alba, Tex.,
capitalized at to 5 or more points registered among such leaders as Pennsyl$40,000, was placed in voluntary liquidation on
May 19. vania, New York Central, Atchison, Baltimore & Ohio and
The institution was absorbed by the First
National Bank of St. Louis-San Francisco. Copper stocks were heavy, and
Mineola, Tex.
oil shares and tobacco issues were generally lower. Auburn
Auto yielded 8 points and Norfolk & Western was off 133.The Comptroller of the Currency on June 1
granted a points at the close. Following an early reactionary
period,
charter to the First National Bank of
Meridian, Miss., the stock market suddenly turned upward on Monday
and
capitalized at $400,000. Levi Rothenberg is
President and substantial gains were recorded in all sections of the
list
C. M. Lawrence, Cashier, of the new institution
.
before the closing hour. United States Steel followed an
erratic course, being pushed up and down within a range of
Stockholders of the Jackson-State National Bank,
Jack5 points and finally closing with a gain of 1% points. Among
son, Miss., have authorized a proposed increase
in the bank's
the prominent market favorites showing gains at the close
capital from $200,000 to $300,000. C. L. Faust,
President were such stocks
of Faust Brothers' Lumber Co., recently
as Allied Chemical & Dye 738 points,
became a director
American Can 43 points, Amer. Tel. & Tel. 33
of the institution.
4 points,
J. I. Case Threshing Machine 43' points, Eastman Kodak
Charles J. Summers, Cashier of the Union
Bank of Win- 4% points, Electric Power & Light 2% points, International
chester, Va., committed suicide by shooting
Business Machine 5Y
4 points, Johns-Manville 3Y1 points,
himself, early
Woolworth
on the morning of June 2, in the bank
points,
3
Worthington Pump 33
4 points, Westbuilding. Mr. Sumern Union 4 points, American Can 4 points, Houston Oil
mers, who was 50 years of age, had been with
the institution
4 points, Shell Union Oil pref. 7 points, American Power &
for 31 years. A dispatch from Winchester,
on June 2, to
Light 2 points, American Express 12 points and Columbian
the Baltimore "Sun," stated that Immediately
after dis- Carbon 43
4 points. Auburn Auto had another of its semi,
covery of the body the directors made a thorough
inventory tional run ups and
climbed back 15 points to 176.
of the bank's affairs and announced that all accounts
were
The market was somewhat irregular on Tuesday and most
correct and in order. The same dispatch said:
of the early gains were erased as stocks reacted downward
During the day bank directors met, with H. B. McCormick presiding
for
the first time since his recent election as President to succeed James B. following the report of the closing of 12 or more Chicago
Russell, who was not a candidate for re-election. J. Fred Thwaite was banks in the outlying districts, in
addition to those of the
elected Vice-President.
day before. Railroad shares were the outstanding feature
Mr. Russell has been a director since the bank was established in 1870 and
of the early trading, Atchison shooting ahead nearly 4
had been President nearly 15 years.
points at one time, while Norfolk & Western closed with
F. H. Fries, President of the Wachovia Bank & Trust Co. a gain of 5 points. Rock Island also showed a gain of 5
of Winston-Salem, N. C., and for many years one of the out- points at the close. Other gains included American Car &
standing financiers of that section of the country, died at Foundry, 2 points; National Lead, 23/i points; Pacific Tel. &
his home at Winston-Salem on June 5. The deceased banker Tel., 2 points; Youngstown Sheet & Tube, 2 points, and
was 76 years of age.
United States Tobacco, 4 points. The break in the final
hour was quite severe, United States Steel ending the day
1
4355
FINANCIAL CHRONICLE
JUNE 13 1931.]
THE CURB EXCHANGE.
with a decline of 23% points, followed by American Can,
some strength in the early part of the
exhibited
stocks
Curb
which was off 234 points; Amer. Tel. & Tel., 434 points;
wiped out a good part of the im5
%
selling
of
period
a
but
week
points;
3
Pont,
du
points;
3
J. I. Case Threshing Machine,
since have been irregular
movements
Price
.
provement
Eastman Kodak, 434 points; Westinghouse Electric, 2%
significance. Business has
without
and
points, and Federal Water Service, 6 points. Stocks again with changes small
prominent. Humble Oil
were
Oils
dull.
exceedingly
been
ent
announcem
the
following
,
moved upward on Wednesday
Standard Oil (Indiana)
5634.
to
52
from
up
&
sold
Ref.
by the New York Central that its quarterly dividend was
and closed to-day at 24/. Vacu2434
to
22
from
readvanced
was
it
which
to
6%
of
rate
annual
the
unchanged from
4 and ended the week at 39/.
to 393
duced last March. The changes, however, were within um Oil rose from 3134 from 423j to 3834 sold up to 4934
loss
early
narrow limits and the transactions were down to 1,803,930 Gulf Oil after
at 47/. Among utilities Electric Bond
shares. The closing figures showed many of the popular and finished to-day
7 to 323
4but recovered
at first from 34%
off
was
&
corn.
list
Share,
speculative favorites on the side of the advance, the
& Foreign
Amer.
.
4
at
353
being
including among others, such stocks as United States Steel to 363%, the close to-day
15/ with the final
to
points
3
about
35%
gained
warrants
General
Power,
points;
common, 2% points; American Can,
14/. Amer. Gas & Elec., corn. was
Motors, 134 points; Western Union, 634 points; Auburn transaction to-day at
from 55 to 53, then up to 58/, and
5
%
first
at
down
in,
traded
points;
3
Machine,
Threshing
Case
I.
J.
Auto, 834 points;
lth-Edison Co. sold down from
Commonwea
finally.
at
5834
points,
5
Lead,
Allied Chemical & Dye, 53 points; National
to 197. United Gas Corp.,
finally
recovered
4but
and New York Central, 4 points. Public utilities were 201 to 1923
4and
to 5/ sold up to 73
from
weakness
634
early
after
corn.
to
followed
19634,
points
4
stronger, Peoples Gas advancing
us
miscellaneo
and
industrials
Among
73%.
at
week
the
ends
by Consolidated Gas with a gain of 3 points to 93; American
reand
4
263
to
21
from
advanced
corn.
& Foreign Power, which improved 134 points to 264; issues Derre & Co.,
4. International Cigar Machry., corn.
American Power & Light, which advanced 1 point to 35/, acted finally to 243
from 39 to 45. Parker Rust
and Public Service of New Jersey, which closed at 8034, on few transactions improved
3.
and reacted finally to 91%
to
89
9434
from
up
sold
Proof
day.
the
with a net gain of 24 points on
the
for
s
transaction
Exchange
Curb
of
record
upA complete
The market turned dull on Thursday, stocks moving
4389.
ward and downward within a narrow range. During the week will be found on page NEW YORK CURB EXCHANGE.
AT THE
NS
TRANSACTIO
and
DAILY
e
activity
considerabl
early trading Fox Film displayed
Bonds (Par Value).
at one period showed a net gain of 3 points, but yielded later
Stocks
(Number
8. Railroad
Foreign
in the day and closed 13/8 points higher at 19/
Foreign
Of
Week Ended
Total,
Domestic. Gosernment Corporate.
Shares).
June 12 1931.
shares were strong. The principal changes on the side of the
$1,580,000
&
to
$83,000
1573/2;
points
Baltimore
585,000
$1,412,000
534
Atchison,
were
153,992
advance
117,000 2,749,000
151,000
233,783 2,481,000
3; Saturday
Monday
129.000 3,138,000
97,000
Ohio, 33% points to 5634; Rock Island, 234 points to 353/
283,617 2,912.000
Tuesday
3,630.000
176,000
94,000
3,360,000
249,646
Chesapeake & Ohio, 2 points to 36; Wabash, 1% points to Wednesday
141,000 3,706,000
268,000
305,692 3,297,000
Thursday
5,445,000
250,000
118.000
York
to
and
New
5,077,000
434
points
Pacific,
254,125
813/3,
123%; Southern
Friday
$896.000 $20,248,000
$813,000
$18,539,000
Central, 3 points to 8734. Other shares showing gains on
1,480,855
Total
the day included such active issues as Santa Fe, Lackawanna,
AIM.lb June 12.
Week Ended June 12
Sales al
Can,
Steel,
American
States
Pacific.
United
Erie And Union
New York Curb
1930.
1931.
1930.
1931.
Exchange.
General Motors, Westinghouse, General Electric, J. I. Case
68,814.335
59.330,771
9,497.500
1,480,855
the
on
shares.
down
of
all
were
and
Johns-Manville
Stocka-No,
Machine
Threshing
Bonds.
$423,260,000
$427,646,000
$18,539.000 $19,179,000
day. Trading was dull and without noteworthy incident on Domestic
14,297,000
13,338,000
1,740,000
813,000
Government._
19,164,000
19,191,000
916,000
896,000
Friday as stocks moved upward and downward within a Foreign
Foreign corporate....
$456,721,000
$460,175,000
narrow range. In the early trading gome realizing developed
$21,835,000
$20,248,000
Total
foreign corporate bonds taParateLY.
in the railroad group, but this was quickly absorbed and the
Note.-In the above ables we now give the government bonds.
of
the
remainder
the
session.
during
they were included with the foreign
Formerly
forward
rails moved
The principal changes were on the side of the advance and
COURSE OF BANK CLEARINGS.
included such stocks as Atlantic Coast Line, 3 points to
as
Bank clearings this week will again show a decrease
53% points
903/2; Atchison, 2 points to 15934; Union Pacific,
Preliminary figures compiled by
ago.
year
a
with
compared
%; Southern Railway, 2 points to 343'I; New York
to 1623
cities of
us, based upon telegraphic advices from the chief
Central, 2 points to 8934; Rock Island pref., 434 points to
(Satto-day
ended
week
the
for
that
the country indicate
65H;Central RR. of New Jersey, 7 points to 180, and Norexchanges for all the cities of the
bank
13),
June
urday,
folk & Western, 334 points to 165. Copper stocks were
weekly
United States from which it is possible to obtain
under pressure and moved sharply downward under the leadthose for the corresponding
below
26.2%
be
will
returns
off
on
the day:
ership of Anaconda and motor shares were
year. Our preliminary total stands at $8,274,Public utilities, on the other hand, were fairly steady and week last
$11,201,265,821 for the same week in 1930.
against
782,257,
moved toward higher levels.
At this center there is a loss for the five days ended Friday of
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
27.8%. Our comparative summary for the week follows:
DAILY, WEEKLY AND YEARLY.
Week Ended
June 12 1931.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Total
Bond
Sales.
United
States
Bonds.
$327,000 $4,875,000
$1,599,000
2,735,000
225,000
8,247,000
3,545,000
388,000
9,659,000
719,000 11,207,000
3,928,000
3,945,000
310,500 10,817,500
3,639,000
258,000 11,237,000
1
9.566.365 534.424.000 319.391.000, $2.227.500 ass 1149 cm
832,670
1,707,910
1,889,495
1,803,930
1,745,380
1,586,980
$2,949,000
5,287,000
5,726,000
6,560,000
6,562,000
7,340,000
Jan. lbo June 12.
TYeek Ended June 12.
Sales at
Now York Stock
Exchange.
1930.
1931.
Stocks-No, of shares_
Bonds.
Government bonds__
State di foreign bonds.
Railroad .f.r misc. bonds
Total bonds
• Stale.
Municipal &
Porn Bonds.
Railroad,
& Misc.
Bonds.
1931.
1930.
1930.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,421,883,669 $6,127,000,000 -27.8
486,608.864 -23.5
372,366,432
455,000,000 -21.5
357,000,000
336.000,000 -18.4
301,000,000
101,256.736 -32.8
67,940,689
105,800,000 -31.2
72,800,000
160,817.000 -32.7
108,319,000
No longer will re port clearings
154,090.443 -33.2
102,881,4.51
124.209,372 -18.1
91,714,910
116,505,441 -30.6
80,896,153
72,763.150 -16.1
61,050,661
-4.3
42.011,785
40,197,804
22,266,560
298,657,226
448,065,080
Twelve cities, 5 days
Other cities, 3 days
$6,077,990,769
817,661,120
$8,312,062,791
902,968.980
-26.9
-9.5
$2,227,500
19,391,000
34,424,000
$2,792,000
14,176,000
37,485,000
$78,878,050
353,722,600
834.983,000
$52,222.500
311,344,000
969.361,500
Total all cities, .5 days
All cities, one day
$6,895,651,889
1,379,130,378
$9,215.031,771
1,986,234,050
-25.2
-30.6
$8.274.782.257 811.201.265.821
--26.2
$56,042,500 $54,453,000 31,267,583,650 $1,332,928,000
Boston.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1931.
9,566,365
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
Week Ended
June) 12 1931.
Clearings-Returns by Telegraph.
Week Ended June 13.
Philadelphia
Baltimore
Shares. BondBales. Shares. 'Bond Sales. Shares, Bond Sates,
16,591
25,411
27,599
22,029
27,299
6,561
19,0041
$1,t100
85.000 629,285
5,000 628,650
12,000 a32,267
9,000 047,162
3,925
6,000
$21,300
50,000
45,200
22,500
54,500
1
388
1,179
2,382
2,510
4,485
2,313
$10,200
5,200
13,000
14,100
14,000
5,000
13,257
861,500
125,480 $118,000 160,293 $193,500
Total
14,917
$83,700
$64,100 314,561 5176,3301
Prey, week revised 230,838
a In addition, sales of tights were: Monday, 100; Thursday, 100. Sales of war400.
rants were: Tuesday, 100: Wednesday,
Tntal all Allan far wixt.k
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
day
until noon to-day. Accordingly, in the above the last
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
presentfurther below, we are able to give final and complete
results for the week previous-the week ended June 6.
For that week there is a decrease of 7.2%, the aggregate of
clearings for the whole country being $10,835,098,016,
against $11,678,998,511 in the same week of 1930. Outside
of this city there is a decrease of 10.4%, the bank clearings
4356
FINANCIAL CHRONICLE
at this center recording a loss of 5.7%. 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 decrease
of 5.8% and in the Philadelphia Reserve District of 8.6%
but in the Boston Reserve District there is an increase of
7.1%. The Cleveland Reserve District suffers a loss of
12.8%, the Richmond Reserve District of 2.0% and the
Atlanta Reserve District of 19.2%. In the Chicago Reserve
District the ,totals show a contraction of 16.7%, in the St.
Louis Reserve District of 17.0%, and in the Kansas City
Reserve District of 22.3%. In the Minneapolis Reserve
District the decrease is 0.3%,in the Dallas Reserve District,
11.4%, and in the San Francisco Reserve District, 12.2%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended June 6 1931.
1931,
1930.
Federal Reserve Dist.
$
lat Boston.. _..12 011168
101,303,735
2nd New York _12 "
7,690,648,755
3rd Philadelphial0 "
604,903,415
4th Cleveland__ 8 "
348,464,107
5th Richmond. 6 "
170,453.107
6th Atlanta....11 "
• 115,749,160
7th Chicago_._20 "
738,699,013
8th St. Louis__ 8 "
169,362,803
9th Minneapolis 7 "
116,379,207
10th KanassCity 11 "
147,736,383
11th Dallas
5 "
50,636,372
12th San Pran14 "
280,863.959
1,55.0?
Dec.
1929.
1928.
$$
$
468,914,805 -P7.1
533,913,406
515,720,597
8,159,569,355 -5.8 8,323,273.881 7,716.761,472
552,181,547 -8,6
633,832,116
609,393,944
399,760,515 -12.8
448,629,484
428,327,882
180,815,152 -2.0
182,113,767
183.146,533
143,260,732 -19.2
169.715,552
166,640,449
886,640,531 -16.7 1,016,177,572 1,059,694,218
203,983,599 -170
220,173,592
223,274,246
116,668,436 -0.3
142,164,214
135,816,255
190,168,235 -22.3
213,802,880
203,340.365
70,688,803
57,032,783 -11.4
67,418,468
320,022.794 -12.2
365,948,977
382,406,384
Total
• 124 cities 10,835,098,016 11,678,998,511 -7.2 12,310,332,224 11,590,940,811
Outside N. Y. City
3,316,987,276 3,702,437.976 -10.4 4,187,511,819 4,058,037,034
Canada
12 eltlasi
2R1.15.9.5141
417.909.309 -1.3.7
393.952.936
601.599.303
We now add our detailed statement showing last week's
figures for each city separately, for the four years:
Week Ended June 6.
C7ear6ngs at
1931.
1930.
First Federal Reserve Dist rict-Boston
Maine-Bangor__
838,455
840,201
Portland
3,776,582
3,751,320
Mass.-Boston
448,047,649 412,808,950
Fall River
912,129
1,208,451
Lowell
644,598
509,627
New Bedford_ _
877.457
1,133,690
Springfield. _ _ _
5,474,861
5,883,023
Worcester
3,606,809
3,601,253
Conn.-Hartford
17,276,456
15,016,400
New Haven_ _
8,895,011
8,632,295
R.I.-Providence
12,473,000
12,479,300
N.26.-1Manclo'r_
777,942
703,081
Inc.or
Dec.
1929.
1923.
5 .
+0.2
865,109
-0.6
4,511,819
+8.5 470,055,907
-24.5
1,416,750
-20.9
1,199,956
-22.5
1,374,403
+7.5
6,506,197
-0.1
3,823,086
-13.0
18,961,908
-2.4
8,201,689
+0.1
16,318,000
-9.6
678,582
[VOL. 132.
Week Ended June 6.
Clearings at1931.
1930.
Inc.or
Dec.
1929.
1923.
$
$
$
$
Seventh Fedler al Reserve D istrict-Chi ca%
goMich.-Adrian - 203,430
232,384 -12.4
314,708
264,313
Ann Arbor_ -.
1,059,951
1,256,499 -15.7
1,288,405
1,301,836
Detroit
__ 139,413,385 152,109,539 -8.3 212,586,429 188,475,426
Grand Rapt Is.
5,261,380
5.791,946 -9.2
7.462,390
9,121,322
Lansing__ _ _ - 3,050,545
4,521,000
3,538,884 -13.8
3.214,305
Ind.-Ft. Wa 'ne
2,960,707
3,607,898 -17.9
4,834,030
4,196,891
Indianapolis
19,045,000
22,364,000 -14.8
25,373,000
23,949,000
South Bend_ __
2,799,249
3,054,022 -8.4
3,812,770
3,370,750
Terre Haute -3,951,486
4,824,882 -18.1
5,087,512
5.104,097
Wis.-Milwau tee
25,211,487
32,601,142 -22.7
38,491,227
43,084,084
Iowa-Cad. Ha lo2,955,061
3,655,105 -19.1
3,577,348
3,633,927
Des Moines_ -7,894,280
9,049,371 -12.8
11,898,839
11,011,587
Sioux OILY- 4,663,579
6,610,886 -29.5
7,639,837
7,661,997
Waterloo_ _ -843,801
1,548,061 -45.5
1.802,945
1,618,608
111.-Bloom'g' 1,744,987
2,263,934 -22.9
2,310,078
1,716.942
Chicago__ --. 507,805,818 620,695,490 -18.2 670,436,015 738,728,701
Decatur_ _ _ - _ _ • 1,079,069
1,310,645 -17.6
1,187,700
1,291,625
Peoria
3,590,785
5,122,271 -29.9
6,203,971
5,382,803
Rockford_ _ _ -.
2,790,765
3,721,221 -25.0
4,352,895
3,628,932
Springfield_ -2,374,248
3,282,351 -27.7
3,016,473
2,937,070
Total(20 chi58) 738,699,013 886,640,531 -16.7 1,016,177,572 1,059,694,216
Eighth Fed ra (Reserve Die trict-St. L outs-Ind.- Evansvllie
3,908,406
4,634,653 -15.6
Mo.-St.Louis-- 118,300,000 127,200,000 -7.0
Ky.-Louisvill t _
23,563,013
40,314,427 -41.6
Owensboro..
237,982
336,109 -29.2
Tenn.- Memp hIs
14,175,018
17,489,960 -18.9
Ark.-Little R ck
8,058,581
12,203,409 -34.0
Jacksonv Ile
169,856
221,655 -23.4
Quincy
949,947
10583,386 -40.1
4,791,312
144,000,000
36.475,157
348,615
18,874,985
13,313,430
525,312
1,844,781
4,909,124
149,500,000
35,725,893
378,331
18,139.973
12.341,897
368,983
1,910,045
220,173,592
223,274,246
Ninth Fade Isi Reserve Die trict-Minn eapolisMinn.-Dulut ,....
10,686,458
7,513,033 +42.2
14,379,162
Minneapolis -_
81,716,857
77,847,197 +5.0
93.191,647
St. Paul_ __ -_
20,309,231
23,970,364 -15.3
26,4441,247
N. Dak.-Fa 0_
2,071,410
2,237,378 -7.4
2,260,086
S.D.-Aberd 0_
876,118
1,189,804 -26.3
1,463,375
Mont.-Bil
719,133
8.
752,325 -4.4
776,727
Helena
2,668,081
3,148,335 -15.2
3,647,000
13,263,798
83,736,744
30,981,262
2,186,976
1,447,517
702,958
3,497,000
Total(8 citi 0_
Total(7 clti 0.
169,362,803
203,983,599 -17.0
116,379,2071 116,658,436
142,164,214
135,816,255
Tenth Fede ral Reserve Din Wet-Kans as CityNeb.-Fremon
427,661
485.491 -8.1
521,561
Hastings...,-.
406,475
559,76 -27.4
725,425
Lincoln
3,561,440
3,811,276 -8.1
4,232,438
Omaha
36,845,597
-43,971,963 -16.2
47,581,125
Kan.-Topeka -2,394,272
2,934,286 -8.4
3,752,548
Wichita
5,339,629
7,707,396 -30.7
8,567,386
Mo.-Kans. liy
92,354,375 121,981,316 -24.3 137,032,135
St. Joseph_ _4.004.076
5,635,710 -28.9
8,067,737
Colo.-Col. 519Is.
1,189,568
1.430.735 -16.9
1,355,055
Denver
a
a
a
a
Pueblo
1,270,290
1,670,302 -24.0
1,967,470
495,071
552,153
5,162,522
46,559,395
4,229,738
8.967,458
126,028,462
8,148,140
1,905,513
a •sl (5
1,286,915
-0.3
712,677
3,857,007
450,000,000
1,219,672
(Total 11 citl 19) 147,736,383 190,168,235 -22.3 213,802,880 203,340,305
1,243,181
Eleventh Fe de cal Reserve District-Da las1,119,966
6,191,941 Tex.-Austin-__
993,711
1,878,187
1,657,664 -40.1
2,193,855
Dallas
4,076,130
36,879,272
44,076.784
38,602,414 -4.5
44,870,714
20,587,316
Fort Worth.-6,439,432
9,255,314 -30.4
14,998,206 *12,000,000
9,306,027
Galveston_ -.
2,661,000
2,677,000 -0.6
3,844,000
4,282,646
16,519,900 La.--Shreveno t3,562,957
4,840,388 -26.4
4,784,028
5,180,851
886,780
Total(5 citi )50,536,372
67,418,468
57,032,780 -11.4
70,688,803
Total(12 cities) 501,303,735 468,914,805 +7.1 533,913,406 515,720,597
Twelfth Fedor al Reserve 13 strict-San Franci'coSecond Feder al Reserve D istrIct-New York
Wash.-Seattle36,171,291
42,771,240 -15.4
50,535,000
52,405,252
N. Y.-Albany_ _
7,466,294 --3.0
7,240,310
6,418,830
5,883,068
Spokane._
12,478,000
10,727,000
13,045,000 -17.8
12,957.000
Binghamton_ _ _
1,525,526 --16.5
1,271,018
1,663,509
1,501,940
Yakima _ _ _ ..
1,111,543
1,287,633 -13.6
1,875,344
1,470,718
Buffalo
48,257,090 --11.4
58,714,149
42,768,930
53.575,119 Ore.-Portland._
32,345,332
36,594,593
-11.6
41,060,584
38,504,482
Elmira
1,085,999 A-10.8
1.370,956
1,202,175
1,267,099 Utah-S. L. C ty
14,877,690
18,220,204
17.342,683 -14.3
18,864,261
Jamestown___ _
--14.5
1,542,153
. .
1,437,719 Cal.-Long Beaeh
7,563,235 -19.6
6.083,176
9,299.350
7,901,333
New York_ -- _ 7,518,110,740 7,976.560,535 --5.7 8,122,820,405 7,534,903,777
Los Angeles_ __ No longer will report clear InesRochester
14,024,973 A-1.8
19,091,596
14,270,410
24,016,432
Pasadena_ _ _ _
6,190.094 -14.6
5,289,936
8,452,421
6,560,208
Syracuse
8,842,013
7,155.949
8,089,467 --11.5
9,491,051
Sacramento_ . _
7,734,241
5,754,476 -34.4
8,314,253
11,253,433
Conn.-Stamford
4,386,059
4,572,998
5,481,599 --16.6
5,340,598
San Diego_ _._
4,421,140
5,482,516 -19.4
5,864,039
5,284,938
N. J.-Montclair
1,716,214
1,546,650
1.698,270
1,204,911
San Francisc 3_ 154,508,182 175,307,025 -11.9 188,855,210 218,317,408
Newark
42,729,067
47,592,483
45,261,376 +5.2
33,979,932
San Jose_ _ _ 3,022,904 -10.1
2,718,175
3,274,947
2,909,979
Northern N. J.
53,976,930
43,656,868
48,644,540 -10.3
44,159,826
Santa Barber o..
1,864,104
1,972,585 -5.5
2,097,196
1,672,199
Santa Mont a_
2,011.510 -16.8
1,673,049
2,447,972
2,239,530
Total(12 cities) 7.690,648,755 8,159,559,355 -5.8 8,323,271,881 7.716,761,472
Stockton____._
1,338,100
1,677,300 -20.2
2,530,400
2,604,700
Third Federal Reserve Diet rict-Philad elphla
Total(14 chi s) 280,862,959 320,022,794 -12.2 355,948,977 882,405,384
806,117
1,511,485
1,602,900 -49.7
1,632,901 Grand total (1 24
Bethlehem_ _ _
3,636,238
4,693,415
4,714,148
4,305,056 -15.5
_ 10835098016 11 678 998 511 -7.2 12 310 332 224 11 590940811
cities)
Chester
1,171,691
1,327,811
1,301,838 -10.0
1,419,775
Lancaster
3,099.033
2,320,666
2,36(3,293 Outside N.Y__ ._ 3,316,987,276 3,702,437,976 -10.4 4,187,511,819 4,056,037,034
2,084,844 +48.7
Philadelphia_
478,000,000 525,000,000 -9.0 601,000,000 674,000,000
Reading
3,582,678
4,610,700
4,308,473
3,980.510 -10.0
Scranton
4,896,357
7,089,042
4,453,904 +9.9
6.871.807
Wilkes-Be.3,356,071
3,909,455
3,312,346 +1.3
4,021,010
Week Ended June 4.
York
1,971,232
2,064,118
1,992,149 -1.1
Cleating! at
2,170,388
N.J.-Trenton4,384,000
5,305,424
4,148,000 +5.7
7,289,149
Inc. or
1931.
1930.
Dec.
1929.
1928.
Total(10 cities) 504,903,415 552,181,547 -8.6 833,832,116 609,393,944
Canada$
$
$
$
%
Fourth Feder al Reserve D strict-Clev eland
Montreal
138,007,788 143,620,139 -3.9 114,134,349 174,839,308
Ohlo-Akron_
3,038,000
4,577,000 -33.6
8,258,000
6,283,000 Toronto
114,526,299 127,467,769 -10.1 120,376,679 155,002,166
Canton
2,187,454
4,305,175 -49.2
4,302,012
4,509,782 Winnipeg
35,837,993
43,180,511 -17.0
55,834,404
65,455,634
Cincinnati_
60,154,796
63,309,615 -5.0
73,922,594
74,124,745 Vancouver
15,422,944
22,917,451 -32.7
22,584,220
22,079,815
Cleveland
114,107,548 135,871,280 -18.0 141,096,511 126,197,081 Ottawa
6,541,599
8,072,689
-19.0
9,057,958
9,659,160
Columbus
13,232,800
15,888,300 -16.7
15,511,600
10,634,600 Quebec
5,711,239
8,711,617 -34.4
5,729,274
8,571,279
Mansfield
1,404,018
1,545.974 -9.1
2,027,471
2,002,743 Halifax
3,400,285
4,293,101
-20.8
3,548,454
41741,149
Youngstown
3,358,093
4,342,409 -22.6
8,411,276
6,049,518 Hamilton
6,023,730
6,313,285 -20.4
6,445,094
7,416,854
Pa.-Pittsburgh _ 150,981,398 169,920,792 -11.2 195,000,000 192,526,413 Calgary
6,945,369
8,271,978 -27.0
11,391,168
10,590,586
St. John
1,987,537
2,237,246 -11.1
2,845,017
2,992,977
Total(8 cities). 348,464,107 399,760,545 -12.8 448,529,464 428,327,882 Victoria
1,881,474
2,628,697 -28.4
2,659,601
3,144,643
London
2,967,731
3,612,593 -17.9
3,369,566
4,746,383
Fifth Federal Reserve Dist rict-Richm ondEdmonton
4,949,668
8.735,525 -43.3
9,162,409
7,672,206
717,772
1,203,250 -40.4
W.Va.-Ilunt'g'n
1,208,256
1,328,756 Regina
3,344.343
4,702,185 -28.9
4,782,075
3.520,948
4,685,284 -11.9
4,157,859
Va.-Norfolk
4,707,583
5,143,375 Brandon
421,717
549.652 -23.3
710,333
624,878
36,519,851
44,870,000 -48.6
Richmond_ _ _ _
41,978,000
39,306,000 Lethbridge
392,956
580,277 -32.3
738,162
594,552
1,773,190
2,798,000 -36.6
S.C.-Charleston
2,500,000
2,300,000 Saskatoon
1,511,163
2,772,230
2,708,329
-45.5
2,621,065
95,094,412
96,897,858 -1.9
Md.-Baltimore.
99,460,825 105,225,479 Moose Jaw
.544,251
1,286,663
1,154,848 -52.9
1,288,552
30,380,760 +5.6
32,259,103
32,189,023
D.C.-Washing'n
29,842,923 Brantford
929,500
1,524,115
1,164,934 -20.2
1,498,755
Fort William.._
692,376
1,513,091
950,688
-27.2
1,115,866
Total(6 cittes)- 170,452,107 180,815,152 -2.0 182,113,787 183,146,533 New Westminster
647,855
916,416
918,068 -29.4
1,062,702
Medicine Hat...
225,879
513,617
528,915 -57.3
470,700
Sixth Federal Reserve Dist rict-Atlant aPeterborough__._
969,614
526,185
957,691
984,816 -45.5
3,500,000
*2,700,000 -37.0
•1,700,000
3,094,585 Sherbrooke
Tenn.-Knoxville
1,165,835
839.496
934,759
1,190,802 -29.5
22,314,019
22,074,491 Kitchener
22,003,259 -39.0
Nashville
13,432.069
1,563,952
1,220,091
1,137,338
1,427,793 -20.3
51,115,243
42,915,524 Windsor
38,948,126 -14.6
Georgia-Atlanta
33,275,046
4,983,601
2,817,813
6,498,947
5,279,722 -46.6
1,968,655
*1.500,000 -9.0
1,589,207 Prince Albert....
Augusta
1,365,946
505,494
493,309
484,417
477,618 +3.3
1,606,848
1,914,342 Moncton
1,397,456 -35.3
Macon
903,203
1,102,674
1.281,881
839,960
1,629,995 -48.5
16,567,915
16,254,793 Kingston
13,831,751 -5.5
Fia.-Jack'nville.
13,061,019
1,050,293
892,192
707,996
933,027
-24.1
22,154,801
23,020,666 Chatham
18,285,439 -36.3
Ala.-13irming'm.
11,647,554
802,543
790,724
403,754
587,049 -31.2
1,954,710
1,963,006 Sarnia
Mobile
2,181.554 -34.2
1,436,262
840,336
956,124
*809,000
985,713 -18.8
2,324,000
1,845,585 Sudbury
Miss -Jackson._
2,097,000 -32.9
1,408,000
683,172
38.4
1,108,576
288,702
363,369
Vicksburg
25.4
188,166
138,896
50,604,881
45.920,659
La.-NewOrleans
40,128,981 -6.8
37,381,165
Total(32 cities) 361,162.519 417,909,309 -13.7 393,952,935 504,599,303
Total(11 cities)
115,749,160
143,260,732 -19.2
169.715,552
165,640,449
No longer retorts weekly clearings. •Estimated.
4357
FINANCIAL CHRONICLE
JUNE 13 1931.]
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
June June June June June
9.
8.
11.
6.
10.
Per Cent of Pa
86
86
86
86
85
Aug. Deutsche Credit (Ada) (5)
105 104 104 103 102
Berlin Hendels One.(8)
100 100 100
100 100
Commers-und-Privat Bank (7)
117 117 117 115 113
Darmstaedter u. Nationalbank (8)
100 100
100 100 100
Deutsche Bank U. DIsconto One. (6)
100 100 100 100 100
Dresdner Bank (6)
125
113
128 126
119
Reichsbank (12)
60t 603 5734 56
62
Algermeene Kunstzlide (Aku) (0)
84
85
80
83
77
Aug. Elektr. One. (A.E.G.) (7)
52
53
50
46
Deutsche Ton- u. Steinzeugwerke (11) ___ 56
181
___
180% 181
179
Ford Motor Co., Berlin (10)
61
62
67
62
60
Gelsenkirchen Bergwerk (8)
88 • 82
89
78
90
Gesfuerel (9)
43
45
46
39
45
Hamburg-American Line (Hapag) (6)
104 104 104
102
99
Hamburg Electric Co. (10)
50
49
50
51
48
Harpener Dergbau (6)
82
84
85
79
86
Hotelbetrieb (10)
113 110
118 118 118
I. G. Farben Indus.(Dye Trust) (12)
21
21
26
29
31
Karstadt (12)
50
54
47
55
55
Mannesmann Tubes (7)
45
47
47
41
46
North German Lloyd (6)
45
42
45
45
36
Phoenix Bergbau (4M)
123 119 113 112
126
Polyphonwerke (20)
100
104 105 104 102
Rhein-Westf. Elektr. (R.W.E.) (10)
75
77
72
77
76
Sachsenwerk Licht u. Kraft (7 44)
131
125
137 137 137
Siemens & Halske (14)
43
44
40
34
Vex. Stahlwerke (United Steel Works)(4)- 44
June
12.
85
102
100
110
100
100
116
55%
75
43
175
53
76
38
96
46
75
110
22
45
40
35
109
94%
72
123
32
1
Corn.
Wheal. I
Receipts al- ! Flour,
Oats.
Rye.
1 Barley.
bb13.1961bs.bush.60 lbs. bush. 56 lbs.lbush.32165. bush.48lbs. bush.58lbs.
6,000
60,001/ 554,000
11,000
230,000 1,048,000
New or _ .._
51,000,I11.000,
Philadelphia__
26,000
3,000
37,000'
37,000
16,000
99,000,
19,000
Baltimore....
33, '
12,000
207,000
63,000
New Orleans•
Looe
365,000
Galveston....
1,251,000 436,000
771,000
46,000 3,263,000
Montreal ____
1
•
15,000
3,000
20,000
Boston
496,000,
Sorrel
1
927,000! 1,805,000 445.000
43.000!
Total wk.1931 404.000 5,529,000!
Since Jan.1'31 9,176.000 61,276.000, 1,549,000, 4,623,00011,266,000 1,087,000
21,000
25,000
95,000
7,000
514,000 „
Week 1930_
Since Jan.1•30 11,095,000 41,995,000 2,137,000 2,217,000 355,000 306,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 6 1931, are shown.in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Sorel
New Orleans
Galveston
Montreal
Houston
Quebec
Wheat.
Oats.
Flour.
Corn.
Barley.
Rye.
Barrels. Bushels. Bushels. Bushels.
597,000
57,000
106,727
83,000
1,000
1,000
50.000
80,000
1,000
80,000
1,000
9,000
3,000
9,000
46,000 771,000 436,000 1,251,000
Bushels. Bushels.
869,000
80,000
496,000
224,000
644,000
3,263,000
56,000
Total week 1931._ 5,632,000
A nov non
0...',., ..,.....a. ,non
1,000
3,000
I non
174,727
425.556
909,000
34.000
436,000 2,061,000
25.000
17.000
PRICES ON PARIS BOURSE.
The destination of these exports for the week and since
Quotations of representative stocks on the Paris Bourse July 1 1930 is as below:
as received by cable each day of the past week have been
Corn.
Wheal.
Flour.
as follows:
Exports for Week
June 6. June 8. June 9. June 10, June 11. June 12
1931. 1931. 1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs. Francs. Francs.
15,900 16,100 18,200 15,800 15,900
Bank of France
1,070 1.080
1,075
1,075
Banque Nationale de Credit.
2,110 2,070 2:080
2,050 2,070
Banque de Paris et Pays Bas1,080 1.075 1,109 1,080
Banque de Union Part:llama
696
701
695
705
719
Canedtan Pacific
14.000 14,200 14,400 14,300 14,200
Canal de Sues
2,250 2,280 2,320 2,305
Cie Distr. d'Electrieltie
2,380 2,430 2,440 2,420 2,420
Cie Generale d'Electricitte
283
298
288
Cie ale. Trans-Atiantique
255
570
560
590
Citroen B
570
570
1,490 1,490 1,490 1,490 1,490
Comptoir Nationale d'Escompte
530
530
Coty. Inc
530
530
520
812
815
Courrieres
813
795
1,025 1.020 1,015 1,010
Credit Commerciale de France-2.260 2,270 2,330 2,310 2,260
Credit Lyonnais
2,480 2,480 2,650 2,550 2,550
Eaux Lyonnais
814
825
830
848
Energie Electrique du Nord....
1,205 1,211
1,219 1,235
Energle Electriquo du Littoral
181
HOLI183
186
182
182
Ford of France
280
300
290
DAY
240
260
French Line
120
120
110
110
110
Gales Lafayette
880
880
890
890
890
Gas Le Bon
510
510
520
510
510
Kuhlmann
850
840
870
860
850
L'Air Liquid°
1,470 1,480 1,470 1,480
Lyon (P. L. M.)
2,020 2,030 2,040 2,050 2.040
Nord fly
150
151
154
152
Pathe Capital
1,700 1,720 1.740 1,710
1,710
Pechiney
89.10 89.00 89.10 89.10 89.10
Routes 3%
136.60 136.70 138.80 136.80 136.80
Rentes 5% 1920
103.40 103.40 103.40 103.50 103.50
Rentes 4% 1917
103.00 103.00 103.10 103.10 103.20
Rentes 5% 1915
101.80 101.80 101.70 101.80 101.70
Rentes 6% 1920
19.60 20.40 20.80 20.60 20.40
Royal Dutch
2,840 2,860 2,940 2,840
Saint Cobin, C.& C
1,320 1,230 1,305 1,280
Schneider & Cie
2,480 2,505 2.550 2,545
Societe Lyonnais
944
941
941
Societe Marseillaise
224
222
214
205
Tubize Artificial Silk, Prof
999 1,001
1,002 1,002
1.002
Union d'Electricitie
500
510
500
500
500
Union des Mines
212
234
232
232
Wagons-Lila
gaminertialantipitsceliatteonsSews
Breadstuffs figures brought from page 4444.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
&WWI at-
Flour.
I
Corn.
Wheat.
I
Oats.
Barley.
Rye.
.1
bbl3.1961bs bush. 60 Um bush.56 lbs bush. 32 lbs.bush.481bs.bush.58lbs.
786.000j
876,000
196.0001
176,000
54,000,
Chicago
8,000
1,830,000
295,0001
Minneapolis.
269,000;
81,000
1,143,000
13.000
Duluth
21,000
7,000:
9,000
12
727,000
Milwaukee_
128,000;
11.000 145,000'
39,000
13,000;
515,000
Toledo
1,000
27,000
11,000,
14,000
2,000
Detroit
2,000
100,000
82,
293,000,
Indianapolis._
127,000 1,170,000
01
410,000,
325,0
5,000
1,000
St. Louis
211,000
47,000
214,000,
69,000)
76,00
Peoria
87,000
2,947,000
567,0001
Kansas City
38.000
729,000
332,000,
48,000
Omaha
124,000,
156,000
18,000
St. Joseph_
201,000
30,000,
Wichita
9.000
36,000,
10.000
Sioux City--
1
Total wk.1931
Same wk.1930
Same wk.1929
384,000 10,165,00
438,000 4,546,000
465,000 5,461,000
3,252,000
5,484.000
3,589,000
1
I
1
1,438,000
2,092,000
1,707,0001
560,11 I
691,???
994.
189,000
1:000
1141,
Since Aug.118,409,000397,596.000 181,147,000 99,879,00045,384,000;20,040,000
1930
118,882,000 335,555,000233,006,000 125,563,00061,554,000 22,827,000
1929
21.429.000445.576,000240.627,000 130,124,00088,842.000 25,042.000
1928
• Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 6 1931 follow:
and Since
July 1 to-
Week
June 6
1931.
Since
July 1
1930.
Week
June 6
1931.
Since
July 1
1930.
Week
June 6
1931.
Since
July 1
1930.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
90,000
United Kingdom. 91,483 3,646,967 1,237,600 45,410,000
114,000
75,224 4,208,007 4,341,000 135,102,000
Continent
4,000
1,886,000
1,223,910
1,000
So.& Cent. Amer..
82,000
3.000
87,000
5,000 1,186,050
West Indies
2,000
21,800
__
Brit. No.Am.Col
54,000 3,215,000
430,799
Other countries__. 2:000
290,000
186,302,000
3,000
5,632,000
10,717.533
174,727
Total 1931
366,000
1,000
425,556 10,160,784 4,092,000 140,490,000
Total 1930
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 6 were as follows:
GRAIN STOCKS.
Barley,
Rye.
Oats,
Corn,
Wheat,
bush.
bush,
bush.
bukh,
bush.
United States41,000
45.000
9,000
717,000
New 'York
1,000
5,000
Boston
61,000
5,000
44,000
436,000
Philadelphia
66,000
19,000
3,000
25,000
4,575,000
Baltimore
463,000
Newport News
33.000
117,000
53,000
•3,322,000
New Orleans
3,473,000
Galveston
2,000
6,000
29.000
74,000
6,012,000
Fort Worth
488,000
439,000
12,533,000 2,160,000 1.256,000
Buffalo
4,000
181,000
2,000
14,000
2,210,000
Toledo
18,000
24,000
6,000
15,000
146,000
Detroit
914,000 2,444,000
392,000
27,528,000 2,003,000
Chicago
774,000
277,000
afloat
217,000
78,000
505,000
554,000
4,186,000
Milwaukee
2.218,000
246.000
2,837,000
583,000
33,714.000
Duluth
314,000
"
afloat
84,000 1,635,000 3,426,000 2,424,000
36,038,000
Minneapolis
71,000
11,000
223,000
453,000
Sioux City
7,000
18,000
114,000
342,000
6,436.000
St. Louis
106,000
110,000
7,000
608,000
25,520,000
Kansas City
4,000
1,296,000
Wichita
17,000
5,414,000
Hutchinson
212,000
813,000
4,254,000
St. Joseph, Mo
8,000
Peoria
209,000
1,435,000
911,000
Indianapolis
181.000
14.464.000 1.032.000
14 011011:002
Omaha
9,752.000 4,409,000
8,338.000
10,091,000
1931.-194,415,000
Total June 6
9,822,000 4,611,000
Total May 30 1931...193,730,000 11,412,000 9,439,000 12,155,000
5.290,000
Total June 7 1930-114.483,000 10,266,000 12,644,000
York, 2,000 bushels:
Note.-Bonded grain not included above: Oats-New against
166,000
bushels
bushels,
164,000
total,
83,000;
Buffalo,
Baltimore, 79,000;
256,000; Buffalo afloat,
In 1930. Barley-New York, 30,000 bushels; Buffalo,bushels,
against 2,376,000
231,000; Duluth, 2,000; Canal, 334,000; total, 853,000
bushels in 1930. Wheat-New York, 1,153,000 bushels; Philadelphia, 12,000;
Duluth, 3,000:
Baltimore, 110,000; Buffalo, 4,114,000; Buffalo afloat, 732,000;
Canal, 1.663,000: total, 7,787,000 bushels, against 15,424,000 bushels in 1930.
Canadian792,000 1,003.000
920,000
4,781,000
Montreal
2,795,000 8,799.000 8,418,000
Ft Wllliam & Pt Arthur 35,689,000
967,000
1,209,000
1,484,000
6,197,000
Other Canadian
5,199,000 10,800,000 10,388,000
Total June 6 1931- 46,667,000
10,785,000
10,681,000
5,291,000
48,573,000
Total May 30 1931...
4,964,000 6,383,000 15,491,000
Total June 7 1930-- 57,970,000
Su mmary194,415,000
American
46,667,000
Canadian
1931-241,082,000
Total June 6
Total May 30 1931-242,309,000
Total June 7 1930.-172,453,000
10,091,000 8,338,000 9,722,000 4,309,000
5,199,000 10,800,000 10,388,000
10,091,000 13,537,00020,522,000 14,697,000
20,503,000 15,396,000
14,730,000
11,412,000
10,266,000 17,608,000 18,538,000 20,781,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, June 5, and since July 1 1929 and 1928,
are shown in the following:
Corn.
Wheat.
Exports.
Week
June 5
1931.
Since
July 1
1930.
Since
July 1
1929.
Week
June 5
1931.
Since
July 1
1930.
Since
July 1
1929.
I
1
I
Bushels,
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
20,000 1,542,000! 3,429,000
North Amer. 9,850.000347,234,000 299,969,000
27,857,000
434,000
32,641,000'
24,835,000
728,000105,142,111
Black Sea-Argentina... 4,534,0001105,415,Ii'154,674,000 7,491,000 235,603,000 164 178 000
Australia -__ 3,872,000 122,416,000 61,373,000,
I 9,008,000 336,000
India
383,000 40,723,000 29,106,000
Oth. countes, 280,000 38,280,000 41,980,
' I
Total __'19,264,000 727.495, I 583,167,000 8,328.000 310.509.000 224.570.000
I
4358
FINANCIAL CHRONICLE
Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure armla
on for National
Bank Notes.
$
May 31 1931
867,419,300
Apr. 80 1931
668,503,700
Mar. 31 1931
687,982,300
Feb. 28 1931
667.434,800
Jan. 81 1931
886.204,350
Dec. 31 1930
668,550,850
Nov.80 1930
669.222.350
Oct. 31 1930
669.128,450
8e98.30 1930
867,819,250
Aug. 30 1930
667,320,950
July 31 1930
666.408,250
June 30 1930
*668.824,750
May 81 1930
867.158,250
April 80 1930
667.650,750
Mar.81 1930
667,231,240
Feb. 28 1930
667,108.740
Jan. 81 1930
667,464,790
Dec. 31 1929
667,774,660
Nov. 30 1929
667,635,650
Oct. 31 1929
666,736.100
Sept. 30 1929
667,093,770
Aug. 81 1929
666,864,280
July 31 1929
666.407,040
June 30 1929
666,199,140
May 31 1929
666,233.140
Apr. 30 1929
666,221,390
Mar.81 1929-- 666,630,890
Feb. 28,1929
688,432,090
Dee. 31 1928
667.013,840
Nov.30 1928
667,508,440
Oct. 31 1928
667,168,440
Sept.29 1928
667,318,040
Aug. 351928
666.732.700
July 81 1928
666.643.200
Tune 30 1928
665.058.650
May 31 1928
667,491,900
Apr. 30 1928
668,198,460
Mar.81 1928
668,868,710
Feb. 29 1928
667,011,210
Fan. 31 1028
666.230.710
Dee. 81 1927....
667.127.710
June
June
June
National Bank Circulation
Afloat onJune
Bonds.
Legal
Tenders.
Total.
$
865,889,688
666.770,878
666,682,898
684,220.805
664,451.097
667,078,250
668.033,075
668,017,938
685,853,557
664.838,833
663,528,038
665,607,070
665,719.485
665,974.780
665,107,343
664,928,197
664,468,092
1383,823.167
684,115.977
661,822.047
652.823,980
649,297.990
657.764.443
662,773,570
663,328,203
663.364.517
661.924.472
659,651,580
662,904.627
663.931,957
662.705,675
660,463,912
660,518.182
658,463,423
658,732,988
861,522.45()
661,127,600
682.412,992
661,481,322
859,332.017
662.380.082
$
30,709.438
31,278,173
32,566,685
33.892.703
31,939.088
31,358.445
31,911,805
32,137.965
33.414,773
32,984 335
33.025,390
32,710.398
31,933.193
31,225,248
81,066.745
31,669,548
32.115,298
84.118,073
37.465,128
38,506,768
38,554,685
38.652.573
39.707,650
41,520,872
39,661.731
38.720,772
86.750.627
35,231.759
35,877,502
36,248.802
37,4443,779
87,688,747
38,299,802
38,926.224
40,887.664
39,757.992
38,814,509
86,802,227
38,260,372
38.407,517
88,623.507
$
696.599,126
698.049.051
699.249,583
698,113,508
696,390,165
698,436.695
669,944,880
700,155.900
699,268,330
697.823.168
696,553,428
898.317,488
697,652,678
697.200,028
696.174,088
696,597,745
698.583,390
697.941.240
701,581,105
700.328,815
691.388,605
687.950,563
697,471.993
704,294,442
702,979,934
702,085,289
698.675,099
694,883.339
698,782,129
700.180,759
700,152,454
698.152.669
698,817,984
697.389,647
699,620,652
701,280,442
699.942,169
699,215,219
699,731.694
697.739.534
701.003.589
June
June
June
June
June
[Voi.. 132.
Capital1-The Alba National Bank, Alba, Texas
40,000
Effective May 19 1931. Liq. Agent: The First
National Bank of Mineola, Texas. Absorbed by The
First National Bank of Mineola, Texas, No. 5127.
1-The First National Bank of Bennington, Okla
25,000
Effective May 27 1931. Liq. Agent: L. P. Ring, care
of the liq. bank. The liquidating bank has no successor.
1-The First National Bank of Rockford, Ohio
50,000
Effective May 26 1931. Liq. Committee: Carl C.
Smith, David L. Brumback and 0.L. Disbar, care of the
liquidating bank. Absorbed by The Rockford National
Bank, Rockford, Ohio, No. 11804.
3-The First National Bank of Juniata, Altoona,Pa
25,000
Effective May 25 1931. Liq. Committee: J. W.Parks,
W. S. Simpson and N.E. Roher,care of the liquidating
bank. Absorbed by The First National Bank of
Altoona, Pa., No. 247.
3-The Long Island National Bank of New York, N. Y._ _ _ 250,000
Effective May 29 1931. Liq. Committee: Max Shindler,
F. R. Funke and Saul B. Miners,care of the liquidating
bank. Absorbed by The National City Bank of New
York, N. Y., No. 1461.
4-The Western National Bank of Hereford, Texas
50,000
Effective May 26 1931. Liq. Agent: B. C. D. Bynum,
care of the liquidating bank. Absorbed by First State
Bank of Hereford, Texas.
4-The Commercial National Bank of Salida, Colo
50,000
Effective May 22 1931. Liq. Committee: H. Preston,
S. W.Sandusky and I. W.Haight,care of the liquidating
bank. Absorbed by The First National Bank of Salida.
No. 4172.
4-The Lamb's National Bank of Michigan City, N. D.__ - 25,000
Effective May 29 1931. Liq. Agent: J. S. Lamb,
Michigan City, N. D. Succeeded by Lamb's Bank of
Michigan City, N. D.
5-The Citizens' National Bank of Northwood, N. D.-25,000
Effective May 29 1931. Litt. Committee: Theo I.
Tufte, John E. Peterson and A. A. Halverson, all of
Northwood, N. D. Succeeded by the Northwood State
Bank, Northwood, N. D.
CONSOLIDATIONS.
June 2-The First National Bank of Corsicana, Texas
500,000
June 2-The Corsicana National Bank, Corsicana, Texas
300,000
Consolidated to-day under Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and corporate
title of "The First National Bank of Corsicana,- No.
3506, with capital stock of $600,000.
June 6-Farmers'& Merchants' National Bank & Trust Company
of Benton Harbor, Mich
150,000
June 6-Merchants'and Union Trust Company, Benton Harbor,
Mich
200.000
Consolidated to-day wider Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter and corporate
title of "Farmers'& Merchants' National Bank & Trust
Company of Benton Harbor," No. 10529, with capital
stock of $275.000.
$2,973,962 Federal Reserve bank notes outstanding June 1 1931 secured by
lawful money, against 83,268,042 on June 11030.
•'The total bonds reported held for circulation by the U.FL Treasury were $605.000
less, due to not having received this amount until July 1 1930.
Auction Sales.-Among other securities, the following
not actually dealt in at the Stock Exchange were sold at auction
in New York, Boston, Philadelphia and Buffalo on WednesThe following shows the amount of each class of Unitei, day of this week:
By Adrian H. Muller & Son, New York:
States bonds and certificates on deposit to secure Federal
Shares. Stocks.
$ per Sh. Shares. Stocks.
$ Per Sh•
Reserve bank notes and National bank notes May 31 1931: 75
Eagle Funding Corp., class A.$260 lot 1,500 Findley Gold Mining Co. of
U. S. Bonds Held May 31 1931 to Secure
Bonds on Deposit
June 1 1931.
2s, U. S. Consols of 1930
23, U. S. Panama of 1936
28, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank NationalBank
Notes.
Notes.
Total
Held.
593,176,800
48,511,760
25,730,740
$
593,178,800
48,511,760
25,730,740
667,419,300
667,419,300
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits May 1 1931
and June 1 1931 and their increase or decrease during the
month of May:
National Bank Notes-Total AfloatAmount afloat May 1 1931
Net decrease during May
Amount of bank notes afloat June 1
Legal Tender NotesAmount on deposit to redeem National bank notes May 1
Net amount of bank notes redeemed in May
8698,049,051
1,449,925
3698,599,128
331.278,173
568,735
Amount on deposit to redeem National bank notes June 1 1931.... $30,709,438
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
1-First National Bank in Meridian, Mississippi
$400,000
President: Levi Rothenberg. Cashier: C. M.Lawrence.
June 2-First National Bank in Sea Bright, N. J
50,000
President: Edwin R. Conover. Cashier: P. S. Walton.
VOLUNTARY LIQUIDATIONS.
May 25-The First National Bank of Hemphill, Texas
$25,000
Effective May 21 1931. Liq. Agent: R. A. Smith,
Hemphill, Tex. Succeeded by First National Bank in
Hemphill No. 13526.
May 25-Arst National Bank in Plainview, Texas
$100,000
Effective May 15 1931. Liq. Agent: Guy Jacob, Plainview, Tex. Absorbed by The Plainview National Bank,
Plainview, Tex., No. 9802.
May 27-The First National Bank of Dyersville, Iowa
250,000
Effective May 21 1931. Liq. Committee: L. B. Blanchard, J. P. Miller and A. L. Yogi°, Care of the liquidating bank. Succeeded by The Dyersville National
Bank. Dyersville, la., No. 13508.
May 28-The First National Bank and Trust Company of East
Chicago, Indiana
$200,000
Effective May 15 1931. Liq. Agent: Carl A. Westberg,
care of the liquidating bank. Succeeded by The First
National Bank in East Chicago, Ind. No. 13531.
May 28-The United States National Bank of Indiana Harbor at
$200,000
East Chicago,Indiana
Effective May 15 1931. Liq. Agent: Carl A. 1Vestberg,
care of the liquidating bank. Succeeded by The Union
National Bank of Indiana Harbor at East Chicago, Ind.,
No. 13532.
June 1-The Athens National Bank, Athens, Texas
50,000
Effective April 8 1931. Liq. Agent: Dan Royal', care
of thong. bank. The liquidating bank has no successor.
June 1-The First National Bank of Minneota. Minn
30,000
Effective May 20 1931. Litt. Agent: M. F. Ahern,
Mlnneota, Minn. Absorbed by The Farmers St Merchants National Bank of Minneota, No. 6917.
June
200 Astor Financial Corp., class B,
no par
55c
50 Astor Financial Corp., class A
no par
20
50 Wico Electric Co., corn., no par_ 20
100 Walton Manhattan Apts., Inc.,
common, no par
10
20 White Rose Coffee Pot, Inc_..310 lot
1 common stock purchase warrant
of Associated Chain Store Realty
Co., Inc. (Del.)
Si lot
100 Manhattan Financial Corp.,
class B (N.Y.)
$100 lot
10 Metropolitan Body Co.. Pref.
(Conn.)
$100 lot
Second mtge. and bond accompanyMg same originally for $20,000,
reduced to $15,000, and int.
from May 11931, guar.; principal
payable $750 on May 1, Aug. 1,
Nov. 1 1932, balance Feb. 1 1933,
on 1326-1328 Commonwealth
Ave.. Bronx, to be sold subject to
all existing prior liens, encumbrances &o
$150 lot
Georgia, par 31
$1 lot
900 Earl Radio Corp., no par; 100
General Industrial Alcohol Corp.,
corn. V. t. c., stpd., no par;
5 units Tudor City Eighth Unit.
Inc., (consisting of 5 shs, pref.,
par $100,and 5shs.com.,no par);
344 Canadian Puget Sound Lumher* Timber Co., Ltd.,7% pref.,
par $10; 83 Canadian Puget
Sound Lumber & Timber Co.,
8114 lot
Ltd., corn., par $10
Bonds.
Per Cent.
813,000 Meigs Bldg. Co. (Conn.),
20-yr. 69, April 1 1950
35,000 lot
$1,000 Elm Realty Co.(Conn.), let
mtge. leaseh'd s. I. 65, July 1
1948
3500 lot
$1,000 Associated Chain Store
Realty Co., Inc. (Del.), s. f.
rent trust etfs. 8s. Feb. 15 1957.3450 lot
$31,000 Du Bold Silk Throwing Co.,
let mtge. 6s, payable July 15
1932 to Jan. 1 1935
$10,000 lot
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per Rt.
$4,800 demand note, dated July 10
1930, given by Samuel Friedman
to Betty G. Seim int. 6%,, secured by note given by Elizabeth
0. Sleeves at at. to Jacob Friedman, dated Jan. 8 1930, in the
sum of $17,730 and mtge. given
originally by Elizabeth 0.Steeves
et al. to Jacob Friedman, dated
Jan. 6 1930
$3,500 lot
Shares. Stocks.
$ per Sh.
5 Associated Textile Cos
85
6 Associated Textile Cos
35
5 Associated Textile Coo
36H
20 Parker-Young Co., prof
4
100 B.B.& R. Knight Corp.,63A%
cumulative preferred v. t. o
53,4
300 Roister Radio Corp.(ed. dep.)-32Iot
150 El. M. Howes Co., preferred- 5
117 National Service Cos., pref..2434-30
By R. L. Day & Co., Boston:
Shares. Storks.
$ per Sh.
1 Atlantic Nat. Bk., par $25..81 Li ex-dlv
10 National City Bank, Lynn
140
10 Associated Teitile Cos
35
121 Corticelli Silk Co., corn
IX
5 Associated Textile Cos
3634
8 Ludlow Mfg. Associates
105
Shares. Stocks.
$ per Ma,
200 Pepperell Mfg. Co
6034
45 Russell Box Co pref
25
25 Wico Electric Co., common__ 49
500 Old Colony Trust Associatee_. 24
500 United Securities Trust Assoo.- 213i
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh. Shares. Blocks.
$ Per Sh
1 Philadelphia National Bank
100
50 Peoples Light & Power Corp.,
10 Mitten Men & Management Bk.
$6 pref., no par
13
& Tr. Co., par $50
48
200 Pennsylvania Investing Co..
SO Northwestern National Bank &
class A, no par
9
Trust Co., par 310
89
100 Fire Assoc. of Philadelphia.... 1734
14 Commercial National Bank &
4 Pennsylvania Salt Mfg. Co.,
Trust Co., par $10
16
par $50
59
100 Central Tr.& Say. Co., par $10 10
10 Borrow Bros., Co.,7% pref.- 75
25 Pa. Co. for Ins. on Lives, &c.,
5 Camden Finance Co
40
par $10
66
10 Integrity Mtge. Co. of Camden,
10 Merlon Title & Trust CO.,
25
preferred, par 350
Ardmore,Pa
90
10 Integrity Mtge. Co. of Camden,
45 American Banking Trust Co.,
10
common
Mahanoy City, Pa., par 350._ 82
20
14 Tioga National Bank
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per SC
$ per Sh. Shares. Stocks.
A Como Mines, par $1
30c. 5 Angel International Corp., corn500 Creighton Fairbanks mines,
280.
moo, par $1
par 31
81.50 lot
$1 lot 100 Peer Oil, no par
By Baker, Simonds & Co., Detroit, on Friday, June 5:
Shares. Stocks.
Per Cent.
Bonds.
$ Per Sh.
5 Peerless Cement, preferred
40
$2,000 Eleetromaster 7%, gold
Bonds.
Per Cent.
notes, 1931 series, with warrants
35.000 Finsterwald Furniture 1st
64
due Feb. 1 1932
lessehold coll. tr. On, July 135.. 55
JUNE 13 1931.]
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.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
3
July 1 Holders of rec. June 20a
Allegheny & Western
*24 July 1 *Holders of rec. June 12
Atlanta Birmingham & Coast pref
*254 July 5 *Holders of rec. June 15
Augusta & Savannah
*25e. July 5 *Holders of rec. June 15
Extra
690. June 25 Holders of reo. June 15a
Belgian Nat. Rye..Amer. shares
July 1 *Holders of rec. June 16
Burlington Cedar Rapids & Northern._ *3
*14 Aug. 1 *Holders of rec. June 26
Canada Southern
Chic., Indianan. & LouLsv., corn. de pf.- Dividend omit ted.
*51
Dayton & Michigan pref.(guar.)
July 1 *Holders of rec. June 15
*4
July 15 *Holders of rec. July 8
Detroit River Tunnel
*$1.61 July 1 *Holders of rec. June 30
Elmira & Williamsport. Peel
June 19 "Holders of rec. June 14
Greene RR
*S3
*5
June 26 *Holders of rec. June 19
Indiana Harbor Belt
*IX July 6 *Holders of rec. June 26
Joliet & Chicago (guar.)
*2
July 1 *Holders of rec. June 24
Lake Erie & Eastern
*52.50 Aug. 1 *Holders of rec. July 15
Mahoning Coal RR., corn. (guar.)
*51.25 July 1 *Holders of rm. dune 22
Preferred
•94340 July 1 *Holders of rec. June 20
Nashville & Decatur
New London Northern (quer.)
'234 July 1 *Holders of rec. June 15
14 Aug. 1 Holders of rec. June 26
N.Y. Central RR.(guar.)
*154 July 1 *Holders of rec. June 8
Northern RR.of N.H.(guar.)
July 1 Holders of rec. June 10
Norwich dr Worcester, pref. (guar.). _
2
4.234 July 10 *Holders of rec. June 30
Philadelphia dr Trenton (guar.)
Pittsburgh Ft. Wayne & Chi.. corn.(qu.) 134 July 1 Holders of reo. June 100
Preferred (guar.)
151 July 7 Holders of rec. June 10a
Pittsburgh & Lake Erie
*24 Aug. 1 *Holders of rec. June 26
Pitts!). McKeesport & Tough
$1.50 July 1 Holders of rec. June 15
*24 June 30 *Holders of rec. June in
Providence & Worcester (guar.)
July 1 June 16 to June 30
4
Rensselaer & Saratoga
July 1
St. Louis Bridge, 1st pref
•3
July 1
Second preferred
*1
7c35c. Aug. 1 Holders of rec. July 1
Southern Hy., con)
14 July 15 Holders of rec. June 22
Preferred (guar.)
June 30 *Holders of rec. June 26
*3
Toronto, Hamilton & Buffalo
July 1 *Holders of rec. June 15
*3
Tunnel RR. of St. Louts
Aug 1 *Holders of rec. July 18
*3
Virginian Ry., preferred
West Jersey & Seashore, common
$1.50 July 1 Holders of rec. June 15
Public Utilities.
Amer. Community Pow.,$6 let pt. Wu.) $1.50 July 1 Holders of rec. June 15a
$1.50 July 1 Holders of rec. June 15a
56 preference (guar.)
July 15 *Holders of rec. June 15
Amer. Dist. Teleg. of N. J., corn. (qu.). *1
*15; July 15 *Hblders of rec. June 15
Preferred (guar.)
July 1 Holders of rec. June 15a
$1
Amer.Power & Light $5 pref. A (qu.)
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June 15a
Appalachian El. Pow., $7 pf• (guar.)
*31.75 July 1 *Holders of rec. June 5
$6 preferred (guar.)
•$1.50 July 1 *Holders of rec. June 5
Appalachian Gas Corp., pref. (quar.)
*81.75 July 1 *Holders of rec. June 20
500. July 1 Holders of rec. June 16
Associated Tel. dr Tel., Cl. A (partio.div.)
7% first preferred (guar.)
134 July 1 Holders of rec. June 16
$6 first preferred (guar.)
$1.50 July 1 Holders of rec. June 16
$4 preference (guar.)
July 1 Holders of rec. June 10
$1
Boston Elevated Ry., corn. (guar.).- '154 July 1 *Holders of rec. June 18
July 1 *Holders of rec. June 18
*4
First preferred (guar.)
*34 July 1 *Holders of rec. June 18
Preferred
14 July 2 Holders of rec. June 15
Calgary Power, common (quar.)
July 1 Holders of rec. June 13
Capital Trac., Wash., D. C.(quar.)....... 1
June 30 *Holders of rec. June 27
Central Maine Power, corn
'5
*134 July 1 *Holders of rec. June 10
7% preferred (guar.)
*154 July 1 *Holders of rec. June 10
6% preferred (guar.)
*51.50 July 1 *Holders of rec. June 10
$6 preferred (guar.)
Central Massachusetts Power, corn.& pr ef.-D ividen ds omitted.
Chic. North Shore & Milw.. pr. lien(qu.) *I% July 1 *Holders of rec. June 15
Chicago Rap.'Fran., pr. pf. A (mthly.). "650. July 1 *Holders of rec. June 16
*60c. July 1 "Holders of rec. June 16
Prior pref. series B (monthly)
*134 July 1 "Holders of rec. June 15
Cincinnati Gas & Elec., pref. A (qu.)_
*33.60 July 1 "Holders of rec. June 20
Citizens Pass. Ry. (Phila.) (quar.)
*134 July 15 *Holders of rec. July 1
Clinton Water Works, pref. (guar.)
Columbus Del. & Marion Elec., pf.(qu.) *51.75 July 1 *Holders of reo• June 20
Commonwealth Water & Light, pref.(qu) *151 July 1 *Holders of rec. June 20
254 July 2 Holders of rec. June 15
Consumers Gas (Toronto) (quar.)___._
Continental Telephone, 7% peel.(guar.) *13.4 July 1 *Holders of rec. June 15
*14 July 1 *Holders of rec. June 15
64% preferred (guar.)
Eastern Gas & Fuel Associates14 July 1 Holders of rec. June 15
454% prior preference (guar.)
6% preferred (guar.)
134 July 1 Holders of rec. June 15
July 1 *Holders of rec. June 15
Eastern N. J. Power,8% pref. (guar.)._ *2
*151
, July 1 *Holders of rec. June 15
7% Preferred (guar.)
•14 July 1 'Holders of rec. June 15
634% preferred (guar.)
"158 July 1 *Holders of tee .June 15
6% preferred (guar.)
*500 July 1 *Holders of rec. June 15
Fall River Electric Light Co
Florida Power & Light, $7 pref. (qtr.).- $1.7 July 1 Holders of rec. June 9
Foreign Light & Power, $6 let pref.(qu.) $1.50 July 1 Holders of rec. June 20
$1.75 July 1 Holders of rec. June 15a
General Public Utilities, $7 pref. (qu.)
* 81.314 July 7 *Holders of rec. June 16
Germantown Pass. Ry.(quar.)
'154 July 1 "Holders of rec. June 30
Gold & Stock Telegraph (guar.)
*15e June 20 *Holders of rec. June 15
Hawaiian Electric Co. (monthly)
'$1.75 July 1 *Holders of rec. June 21
Home Tel. dz Tel., 7,
" pref
*150 June 20 *Holders of rec. June 15
Honolulu Gas (monthly)
Houston Natural Gas,7% pref. (guar.). '8734c June 30 *Holders of rec. June 19
Indiana General Service, pref. (guar.)._ *14 July I "Holders of rec. June 5
Indiana & Mich. Elec.,6% pref. (guar.) *154 July 1 "Holders of rec. June 5
'134 July 1 *Holders of rec. June 5
7% preferred (guar.)
Indianapolis Pow.& Lt., 634% pf. (qu.) 14 July 1 Holders of rec. June 5
14 July 1 Holders of rec. June 5
6% preferred (guar.) (No. 1)
Inland Power & Light, 7% pt. (guar.)._ *154 July 1 *Holders of rec. June 15
International Power, Ltd.,7% pref.(qu.) 114 July 2 Holders of rec. June 15
International Tel. & Teleg. (guar.)
50o. July 15 Holders of rec. June 19
Iowa Southern Utilities, 7% pref.(guar.) "114 July 1 'Holders of rec. June 13
*14 July 1 'Holders of rec. June 13
64% preferred (guar.)
6% preferred (quar.)
*134 July 1 *Holders of rec. June 13
Jamestown Telephone Corp., class A
"254 July 1 *Holders of rec. June 15
*115 July 1 *Holders of rec. June 15
Preferred (guar.)
Joplin Water Works,6% pref.(guar.).- •134 July 15 *Holders of rec. July 1
Kansas Elec. Power, pref. (guar.)
"134 July 1 "Holders of rec. June 15
6% preferred (guar.)
'154 July 1 *Holders of rec. June 15
Kansas power & Light,7% pref.(guar.). "134 July 1 *Holders of rec.
Juno 20
*154 July 1 *Holders of rec. June 20
6% preferred (guar.)
July 1 *Holders of rec. June 15
Kentucky Power Co..8% pref. (guar.)._ *2
7% preferred (Mum)
*134 July 1 *Holders of rec. June 15
634% preferred (quite,)
'134 July 1 *Holders of rec. June 15
Lexington Utilities, 654% prof. (quar.) *81.625 June 15 *Holders of rec. May 29
134 July 1 Holders of rec. June 190
Manhattan RY., 7% quar. stk. (qu.)
15c July 15 Holders of rec. June 30
Memphis Natural Gas, corn. (quar.)
$1.75 July 1 Holders of rec. June 20
$7 preferred (guar.)
Mexican Tel. & Tel., prior pref. (guar.). '51.75 June 30 *Holders of rec. June 20
Michigan Public Service, 7% pf. (qtr.)._ '134 July 1 "Holders of rec. June 15
*134 July 1 *Holders of rec. June 15
6% preferred (guar.)
"51.50 July 1 *Holders of rec. June 15
$6 preferred (quar.)
Midland Utilities, 7% prior Hen (guar.). 154 July 6 Holders of rec. June 22
14 July 6 Holders of rec. June 22
6% prior lien (guar.)
134 July 6 Holders of reo. June 22
7% preferred A (guar.)
14 July 6 Holders of rec. June 22
6% preferred A (guar.)
Mississippi River Power, Prof. (guar.)._ '154 July 1 *Holders of rec. June 15
Miss. Valley Pub. See.,6% p1. B (qu.)_. *154 July 1 *Holders of rec. June 20
Mohawk Hudson Power, pref. (guar.)._ •154 July 1 "Holders of rec. June 15
*25e July 1 *Holders of rec. June 19
Montana Power Co. (guar.)
*234 July 15 *Holders off ec. July 8
Montreal Tramways (quar.)
Mount Vernon Telep. Corp.(01110)'$1.75 June 30 *Holders of rec. June 2n
Preferred (mar.)
4359
FINANCIAL CHRONICLE
Name of ComPatlY.
Per
When
Cent. Payable
Books Closed.
Days Inclustre.
Public Utilities (Concluded).
June 15 *Holders of rec. June 1
Muncie Water Works,8% pref.(qu.)..
. •2
4.80. July 1 *Holders of rec. June 17
Mutual Telep.(Hawaii)(monthly)
Nat Gas & Elec.,654% pref.(guar.).- "14 July I *Holders of rec. June 20
154 Aug. 1 Holders of rec. June 30o
Nevada-Calif. Elec., pref. (guar.)
"154 July 1 *Holders of rec. June 15
Newport Electric Corp.,6% pf. (qu.)
New Bedford Gm dt Ed!son Light (qu.). *75e. July 1 *Holders of rec. June 25
New England Power Co., pref. (guar.)._ 14 July 1 Holders of rec. June 10
New Engl. Pub. Service, corn,(gu.)..._ •254). June 30 *Holders of rec. June 15
*51.75 July 15 "Holders of rec. June 30
Adjustment pref. (guar.)
*81.75 July 15 "Holders of rec. June 30
$7 preferred (guar.)
•$1.50 July 15 *Holders of rec. June 30
$6 preferred (guar.)
•$1.50 July 15 *Holders of rec. June 30
$6 cony. Preferred (guar')
New York Telephone Co.,654% pt.(cm.) 134 July 15 Holders of rec. June 20
Nor. Amer. Light & Power, pref. (guar.) "$1.50 July 1 *Holders of rec. June 20
North Continent Utilities, class A (6u.). "37540 July 1 *Holders of rec. June 15
•11•1 July 1 *Holders of rec. June 15
7% preferred (guar.)
"155 July 1 *Holders of rec. June 15
6% Preferred (guar.)
134 Aug. 1 Holders of rec. July 10
Northern N.Y. Utilities. Pref. (quar.)
*14 July 1 *Holders of rec. June 15
Northwest States Util.6% pref.(qu.)
July 2 Holders of rec. June 20
Nova Scotia Light & Power, ord.(qu.)... $1
"$2.50 July 1 *Holders of rec. June 16
Ohio Miss. Tel. Co
*51.50 July 1 *Holders of rec. June 15
Otter Tall Power, $6 Pref. (guar.)
*$1.375 July 1 'Holders of rec. June 15
$5.50 preferred (quar.)
Ottawa Light Heat &Power,corn.(cm.). *14 June 30 *Holders of rec. June 15
*134 July 1 *Holders of rec. June 15
Preferred (guar.)
*50c. July 1 *Holders of rec. June 15
Pacific & Atlantic Teleg
*81.50 July 15 *Holders of rec. June 30
Pauifie Lfg.. $6 Pref. (guar.)
July 1 Holders of rec. June 15
$1.75
(qu.).
Pennsylvania Pow.& Lt.,$7 Pref.
$1.50 Jai, 1 Holders of rec. June 15
56 preferred (guar.)
$1.25 July 1 Holders of rec. June 15
$5 preferred (quer.)
July 1 *Holders of rec. June 20
•51
Philadelphia & Darby Ry
Porto Rico Power, Ltd., pref.(quar.)- 111 July 2 Holders of rec. June 15
take rt.
act
ion
No
pref.Corp.,
Cable
Postal Telegraph &
•300. July 1 'Holders of rec. June 15
Providence Gas Co
Puget Sound Power & Light,$8 pref.(qu) *$1.50 July 15 *Holders of rec. June 19
*51.25 July 15 *Holders of rec. June 19
$5 prior preferred (guar.)
Richmond Water Works,6% pref.(qu.). *14 July 1 "Holders of rec. June 20
Rochester Telep. Corp.. Pref. (guar.).-- •1.54 July 1 'Holders of rec. June 13
July 1 'Holders of rec. June 12
Savannah Elec.& Pow., 1st pref. A (qu.) *2
*114 July 1 *Holders of rec. June 12
First preferred B (quer.)
July 1 *Holders of rec. June 12
*134
First preferred C (guar.)
'134 July 1 *Holders of rec. June 12
First preferred D (quar.)
50July 'Holders of rec. June 20
OM(qua
let
$6
pf.
Power,
Carolina
South
South Pittsburgh Water,7% peel.(MO- '134 July 15 "Holders of rec. July 1
*154 July 15 'Holders of rec. July 1
6% preferred (guar.)
'134 Aug. 19 *Holders of rec. Aug. 8
5% Preferred (guar.)
131 July 1 Holders of rec. June 20
Southwestern Bell Telep.(guar.)
July 1 "Holders of rec. June 20
*2
Springfield Railways
July 1 *Holders of rec. June 20
•75o.
Extra
corn. (guar.)._ 8754c. July 2 Holders of rec. June 30
Standard Gas &
July 25 Holders of rec. June 30
$1.50
$6 prior preference
Elec..(quar.)
$1.75 July 25 Holders of rec. June 30
$7 prior preference (guar.)
50c. Sept. 1 Holders of rec. Aug. 11
Standard Pow.& Lt.,com.& com.B(qu)
$1.75 Aug. 1 Holders of rec. July 16
Preferred (guar.)
14 July 1 Holders of rec. June 15
Toledo Light es Power, Pref. (quar.)..
July 1 *Holders of rec. June 15
*81.50
(quar.)
Tel.
Tri State Tel. &
Twin City Rap. Transit, Minneapolis- corn.- Dividen d action deferred until Deg
Union Electric Light & Power, Illinois*14 July 1 *Holders of rec. June 15
6% preferred (guar.)
Union Electric Light & Power (Mo.)*134 July 1 *Holders of rec. June 15
Preferred
(quar.)
7%
United Lt. & Rys., 7% pr. pf.(mthly.)' 58 1-30 July 1 *Holders of rec. June 15
*530 July 1 *Holders of rec. June 15
6.38% prior preferred (monthly)
*50e July 1 *Holders of reo. June 15
6% prior pref. (monthly)
United Public) Service, $7 and $6 pref.-- Divide nds pas sed
*31.50 July 1 *Holders of rec. June 15
United Public CUL, $6 pref. (guar.)
*5 1.4334 July 1 "Holders of reo. June 15
55.75 preferred (guar.)
50o. July 15 Holders of rec. June 23
United Securities, common (guar.)._ __
(mt.)._
*154 July 1 *Holders of rec. June 15
pref.
Electric,
Washington Gas &
Western Massachusetts Co. (quar.)____ 8.85.10 June 30 Holders of rec. June 15
. (au). *15i July 1 *Holders of rec. June 15
Western Pr., Lt.& Telep., Part.A
July 15 *Holders of rec. June 25
*2
Western Union Telegraph (guar.)
Western United G.& E.,634% pf.(qu.) *14 July 1 *Holders of rec. June 15
*14 July 1 *Holders of rec. June 15
6% preferred (guar.)
.1.134 July 15 *Holders of rec. July 1
Wichita Water, 7% pref. (War-)
Banks.
Fifth Avenue (quar.)
Extra
()First National Bank (guar.)
Trade (guar.)
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
30
30
25
23
'trust Companies.
*Holders of rec. June
Hance Commerciale Mariana Trust (qu.) *$1.25 July 1
Bank of New York & Trust Co.(guar.).- *44 July 1 *Holders of rec. June
"25o. July 1 "Holders of rec. June
Bronx County (guar.)
45e. July 1 Holders of rec. June
Chemical Bank & Trust Co.(quite.)
50c. June 24 June 20 to June
Marine Midland (guar.)
15
19
20
16
24
Fire Insurance.
American Salamandra Corp. (guar.).City of New York Insurance (guar.)._
Home Insurance Co. of N.Y.(guar.).-
6
35
25
14
July
July
July
July
50c. July
July
4
50c. July
1
1
1
3
1 Holders of rec. June 19
1 Holders of rec. June 15
1 Holders of rec. June 15
Miscellaneous.
Admin.& Research Corp., class A (qu.)_ *25e. July 1 *Holders of rec. June 16
"25e. July 1 *Holders of rec. June 16
Class B (qua?.)
*40c. July 1 *Holders of rec. June 10
Aetna Casualty & Surety (guar.)
*40e. July 1 *Holders of rec. Juno 18
Inc
Affiliated Products.
Agnew-Surpass Shoe Stores, pref. (qu.). 111 July 2 Holders of rec. June 15
75c. July 15 Holders of rec. June 30
Air Reduction (guar.)
*134 July 1 *Holders of rec. June 20
Airway Electric Appliance, pref. (qu.)
*25c. July 1 *Holders of rec. June 18
Alles & Fisher, Inc. (qua?)
Allied Laboratories, cony. Mut (c111.).-- 4.8734e July 1 *Holders of rec. June 15
Anted Products. class A-Dividend omitt ed.
*14 July 1 "Holders of rec. June 15
Aluminum Co. of Am., pref. (guar.).
30e. July 1 June 21 to June 30
Aluminum Goods Mfg.. corn. (quar.).rec. June 9
American Capital Corp., pr. pref. (qu.). 31.375 June 10 Holders of
July 1 Holders of rec. June 15
75c.
$3 preferred (guar.)
Holders
of
rec. July 6
July
15
10o.
American Electric Securities, corn
25c. Aug. 1 Holders of rec. July 20
Participating pref.(bi-monthly)
rec.
June 19
of
Holders
1
July
Express14
(quite.)
American E
134 July 1 Holders of rec. June 19
American Felt, pref. (quite.)
June 5
of
rec.
*Holders
June
15
(guar.).
*374c
common
Hoe,
Fork
&
American
'134 July 15 *Holders of rec. July 3
Preferred (guar.)
*500. June 1 *Holders fo rec. May 27
American Hosiery (guar.)
*50c. June 30 *Holders of rec. June 18
Amer. Maize Products. corn. (quar•)
*154 June 30 *Holders of rec. June 18
Preferred (guar.)
"37,
4c July 1 *Holders of rec. June 20
com.(gu.)
(Toledo).
Co.
National
Amer.
'154 July 1 *Holders of rec. June 20
Preferred A dz B (guar.)
American Products, pref.-Dividend om Med
*40c. July 1
Amer. Railway Trust Shares
*Holders of rec. June 30
Amer. Rolling Mill, old pref.(guar.).- *134 July 15
*14 July 1 *Holders of rec. June 15
Preferred B (quar.)
*Holders
of rec. June 20
1
July
"874c
Amer. Thermos Bottle, pref. (guar.)---*3754c July 1 "Holders of rec. June 15
American Wringer(quer.)
*Holders
of rec. June 15
1
July
*50e.
pref.
(qu.)..
Inc..
Co.,
American Yvette
.1,134 July 1 *Holders of rec. June 20
Andover Realty, peel. (wan.)
Anglo-Chilean Consol. Nitrate CoDivs. 4 shares Compania de Salitre
June 30 *Holders of rec. June 18
de Cosach ord. B stock
*50c. June 30 *Holders of rec. June 11
Apponaug Company, corn. (guar.)
July 1 *Holders of rec. June If
*14
654% pref. ((Man.)
Art Metal Construction, corn.(guar.).. "25() June 30 *Holders of rec. June If
July 1 *Holders of rec. June 20
*3734c
(guar.)
Mtge.
&
Assee'd Bankers Title
July 1 Holders of rec. June 11
Assoc. Indust. Bankers, corn. A (qtr.).- $1
*354e. July 1 *Holders of rec. June 11
Common B
'87540 July 15 "Holders of rec. June 31
Auto Finance, pre!
•134 July 1 'Holders of rec. June 21
B-O Sandwich Shops, pref. (guar.)
Hanorontt corn corn. & cl. A (guar.)._ *25c. July 1 *Holders of rec. June li
4360
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VOL. 132.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Coratnued).
Beath (W. D.) & Son, Ltd., class A-DI vidend omitte d.
Guilford Realty (guar.)
415e. July 1 *Holders of rec. June 20
Bell View 011 Syndicate (guar.)
*50c. July 1 *Holders of rec. June 10
6% preferred (quar.)
*114 July 1 *Holders of rec. June 20
Brantford Cordage, pref. (guar.)
Gulf Oil Corp. (quar.)
2
July 15 *Holders of rec. June 20
*37340 July 1 *Holders of reel June 20
Brennan Packing ,el. A (guar.)
*81 Sept. 1 'Holders of rec. Aug. 20
Gypsum Lime & Alabastine (quar.)
200. June 30 Holders of rec. June 16
Class A (quar.)
Hackmeister-Lind Co., Pref. A (guar.).- *51.50 July 1 *Holders of ree. June 15
*51 Dec. 1 *Holders of rec. Nov. 20
British Mortage & Trust
Hall Baking, pref. (guar.)
*8
July 2 *Holders of rec. June 25
"8744c July 1 'Holders of rec. June 15
Broad Street Invest. (guar.)
Hamilton Cottons (guar.)
"300. July 1 *Holders of rec. June 22
500. July 2 Holders of rec. June 15
Brunswick-Balke-Collender Co., pf.(qr.) 134 July 1 Holders of res. June 20a Hanes (P. H.) Knitting, pref. (guar.)...
4134 July 1 °Holders of rec. June 20
Bucyrus-Monighan Co., Cl. A (guar.).45e July 1 Holders of rec. June 20
Heath (D. C.) dc Co., pref. (quar.)
*134 June 30 *Holders of rec. June 27
Budd Realty Corp. (quar.)
Holly 011 (guar.)
June 1 *Holders of rec. May 25
*32
"250. June 30 *Holders of rec. June 15
Buffalo Gen. Laund., panic. pf.(qu.)__ '5634i June 30 'Holders of rec. June 20
Holmes(D. H.), Ltd., corn. (quar.)
*234 July 1 'Holders of rec. June 20
Bunker Hill dr Sullivan Min'g & Concen'g Divide nds Cob e omitted.
Holt Renfrew dr Co., pref.(quar.)
4'134 July 2 *Holders of rec. June 25
Burco, Inc., pref. (guar.)
750. July 1 Holders of rec. June 19
Home Credit Co., 7% pref
*81.75 July 1 *Holders of rec. June 20
Burt(F. N.) Co.,corn.(qua:.)
Home Dairy, class A (guar.)
75c. June 30 Holders of rec. June 15
*50c. July 1 *Holders of rec. June 20
Preferred (guar.)
134 June 30 Holders of rec. June 15
Home Title Insurance (Bklyn.) (quar.)
*750 June 30 *Holders of rec. June 24
Byllesby (ii. M.)& Co., corn. Adc13 (qu.)
Holders
rec.
June
Homestake
of
15
50e. June 30
Mining (monthly)
*50e. June 25 *Holders of rec. June 20
Preferred (guar.)
Horn & Hardert Baking,corn.(quar.)
50c. June 30 Holders of rec. June le
July 1 *Holders of rec. June 20
411.75
Cambridge Invest. Corp., el. A (gu.)
"35e. July 1 *Holders of rec. June 22
Hoskins Manufacturing (guar.)
*750. June 26 *Holders of rec. June 11
Campbell Baking, pref. A (guar.)
Household Finance, corn. A dr B (qu.).- *90e. July 15 *Holders of rec. June 30
July 1 *Holders of rec. June 15
*51
Canadian Converters, Ltd. (quar.)
Aug. 15 *Holders of rec. July 31
*1
Participating, pref. (guar.)
July 15 *Holders of rec. June 30
*51
Canadian Westinghouse. Ltd. (guar.)
'500. June 25 *Holders of rec. June 15
Howes Bros. Co., 2nd pref. (quar.)
*51.75 July 1 *Holders of rec. June 20
Canadian 11,(rebound Boxes el A (qu.)
25e. June 30 Holders of rec. June 15
Hunt's Ltd., el. A and B (quar.)
*350 July 2 *Holders of rec. June 18
Carey Philip Mfg.,corn.(quar.)
*2
Huylers of Delaware, pref. (quar.)
June 15 *Holders of rec. June 10
*134 July 1 *Holders of rec. June 20
Preferred (guar.)
4•114 June 30 'Holders of rec. June 20
Hydro-Electric Securities, corn
35e. June 19 Holders of rec. June 3
Carnation Co., common
*75e. July 1 *Holders of rec. June 20
Hygrade Lamp, corn. (quar.)
40e. July 1 Holders of rec. June 10
Preferred (guar.)
"134 July 1 'Holders of rec. June 20
Preferred (guar.)
$1.625 July 1 Holders of rec. June 10
Central Aguirre Associates (qu.)
3734c July 1 Holders of rec. June 22
Interbane Invest. (quar.)
*10e. June 30 *Holders of rec. June 20
Chartered Tr. dr Exec. Co.(quer.)
•114 July 1 *Holders of rec. June 25
Intereolonial Coal, common
•1 July 2 *Holders of rec. June 20
Chatham-Phenix Allied Corp., com
*50c. July 1 'Holders of rec. June 16
Preferred
*4
July 2'Holders of rec. June 20
Chic. Jet. flys.& Un.Stk.Yds. corn.(gu.) •234 July 1 'Holders of rec. June 15
Internat. Button Hole Sew. Mach.(On.) 20e. July 1 Holders of ree. June 16
Preferred (guar.)
*114 July 1 *Holders of rec. Juno 15
lnternatiomal Cellucotton, corn. (guar.) *81
July 1 *Holders of rec. June 25
Chicago Towel, corn.(quar)
of
*Holders
rec.
June 20
411.25 July 1
Common (guar.)
Oct. 1 *Holders of rec. Sept. 25
*31
Preferred (quar.)
411.75 July 1 *Holders of rec. June 20
Common (guar.)
Janl'32 *Holders of rec. Dec. 25
81
Chic. Transf. & Clearing cony. pf. (qtr.). *114 July 1 *Holders of rec. June 20
First preferred (quar.)
*114 July 1 *Holders of rec. June 25
Cincinnati Milling Mach., pref. (qtr.).- 4.134 July 15
First preferred (quar.)
4.134 Oct. 1 *Holders of rec. Sept.25
Cincinnati Union Stk. Yds. coin. (qu.)._ "40c. June 30 *Holders of ree. June 20
*134 Jan1'32 *Holders of rec. Dec. 25
First preferred (guar.)
Common (extra)
4.250. June 30 *Holders of rec. June 20
International Match, corn. (guar.)
July 15 Holders of rec. June 25a
Si
Cities Service, bankers shares
• 15.458 July 1 *Holders of rec. June 15
Participating preferred (guar.)
July 15 Holders of rec. June 258
81
City Machine & Tel(gutu•.)
"20e. July 1 *Holders of rec. June 20
Interstate Bakeries Corp., com• (guar.).
250. July 1 Holders of rec. June 15
Clark (D. L.) Co
of
3134e. July 1 Holders
rec. June 15
8634 preferred (guar.)
51.625 July 1 Holders of ree. June 15
Clorax Chemical, class A (guar.)
•500. July 1 *Holders of rec. June 20
Interstate
pref. A (guar.)... 4.50e. July 1 *Holders of rec. June 20
Columbia Pictures Corp., coin. (qua:.) - 1834 July 2 Holders of rec. June 22a InvestmentPetroleum,
Co. of America, pref. A & B -Divi dends p eased
Commercial Credit (New On.) pt. (qu.) *50c. June 30 *Holders of rec. June 20
Investment Fund of N. J.(guar.)
•150. June 15 *Holders of rec. June 10
Congress Cigar, Inc., corn. (qua:.) •
June 30 Holders of rec. June 15a Island Creek Coal, corn.(quar.)
$1
81
July 1 Holders of ree. June 22
Consolidated Film Industries, pf. (qu.).
50c. July 1 Holders of rec. June 19a
Preferred (quar.)
$1.50 July 1 Holders of rec. June 22
Consolidated Retell Storm, pref.(qu.)
July 1 Holders of roe. June 22
2
Jenkins Bros., corn. (guar.)
July
*250
1 *Holders of rec. June 15
Container Corp. of America, pref.-Div'(lend o mitted
Preferred (guar.)
41% July 1 *Holders of rec. June 15
Continental Casualty (Chic.) guar.)._ 4•40e. July 1 *Holders of rec. June 15
Kaufman (Chas. A.) Co. (quar.)
*134 July 1 'Holders of rec. June 20
Conveyancers Title Insur.& Mtge
June 15 Holders of rec. June 10
3
Keith-Albee-Orpheum Corp., pt. (gu.)
M.% July 1 *Holders of rec. June 22
Corroon dr Reynolds, pref. A (quar.)
*51.50 July 1 *Holders of ree. June 19
Keith (Geo. E.) Co.. 1st pref. (guar.)._ *134 July 1 *Holders of rec. June 15
Counselors Sec. Trust (guar.)
*50o. July 1 *Holders of rec. June 20
Kent Garage Inv. Corp., Cl. A (guar.). •50c July 1 "Holders of ree. June 16
Courier Post Co., common (guar.)
July 1 *Holders of rec. June 15
*2
7% preferred (guar.)
4134 July 1 'Holders of rec. June 16
Preferred (guar.)
4.134 July 1 *Holders of rec. June 15
Key Boller Equipment (guar.)
4150 July 1 *Holders of rec. June 25
Creeson Consol. Gold Min.&1V191. (qu.). •10. July 10 *Holders of rec. June 30
King Royalty Co., pref. (qua:.)
June 30 Holders of rec. June 15
2
Crook (J. NV.) Stores, pref. (quar.)
41715e July 1 *Holders of rec. June 20
Knight-Campbell Music, pref. (guar.).- *134 July 1 *Holders of rec. June 15
Crown Cork International, class A-No action taken
Kuppenhelmer
(B.)
dr
Co.,
Inc.,
11
cornJuly
4
1 *Holders of rec. June 23
Cuban Tobacco, preferred
234 June 30 Holders of rec. June 15
Leath & Co., pref.-Dividend omitted
Curtis Publishing, pref. (qua:.)
$1.75 Oct. 1 Holders of rec. Sept. 158 Lenolt Nat. &cur., cl. A & B (quar.)
*25o July 1 "Holders of rec. June 15
Dairy Corp. of Canada,Ltd.,0% pt.(qu) '134 July 1 *Holders of rec. June'15
7% preferred (qua:.)
4'350 July 1 *Holders of rec. June 15
Davenport Hosiery Mills. Inc., com.(gu)
50e. July 1 Holders of rec. June 20
Liberty Share Corp.,coin.(quar.)
*10e June 30 *Holders of rec. June 10
Preferred (guar.)
134 July 1 Holders of rec. June 20
Linde Air Products, prof. (guar.)
July 1 *Holders of rec. June 19
"134
Davidson Co., pref. (qua:,)
•114 June 30 *Holders of rec. June 20
Long Island Safe Deposit
'32
July 1 *Holders of rec. June 20
Preferred (quar.)
4,134 Sept. 30 *Holders of rec. Sept. 20
Lo dream Disconat dr Se:. corn & pf s$1 .875 July 2 *Holders of rec. June 18
Preferred (niew.)
'134 Dec. 31 *Holders of rec. Dec. 20
Mager Car Corp., pref. (quar.)
*134 June 30 *Holders of rec. June 23
De HavUend Airco of Canada, pref-Div Idend passed.
Merchant Calculating Machine
"35o July 15 *Holders of rec. June 30
Delsel-Wemmer-Glibert Corp. (guar.)._ .3714c June 15 *Holders of rec. June 10
Marlin-Rockwell Corp., corn,((man)._ *50e July 1 *Holders of rec. June 20
7% preferred
*334 July 1 *Holders of rec. June 15
Maryland Casualty, corn. (quar,)
*Me June 30 *Holders of rec. June 12
Dennison Mfg. el. A (quint.)
134 June 30 Holders of rec. June 20
Maud
Muller
Candy
Co.
-Dividend omi tted
_ Preferred (quer.)
134 Aug. 1 Holders of rec. July 20
McAleer Mfg. (guar.)
'
43734 July 1 *Holders of rec. June 20
Debenture stock (guar.)
2
Aug. 1 Holders of rec. July 20
McCall Corp. (guar.)
"6234 Aug. 1 *Holders of rec. July 20
Detroit Gray Iron Foundry, common- Dividend omit ted
McColl Fronteneo Oil, Prof. (guar.).- 4.154 July 15 "Holders of rec. June 30
Detroit Majestic Products, pref. A (qu.) 41214c July 1 *Holders of rec. June 20
McCord Radiator & Mfg., el. A (qua:.). 4•750 July 1 *Holders of rec. June 24
Devoe dr Reynolds Co.. corn. A&B (qu.). .15e. July 1 *Holders of rec. June 20
McGraw Hill Publishing (quar.)
50e July 1 Holders of reo. June 20
First and second preferred (quar.)
*134 July 1 *Holders of rec. June 20
McKee(Arthur G.) Co..class B (qu.).-'8734a July 1 *Holders of rec. June 20
Diamond Shoe, corn. (qua:.)
41734e July 1 *Holders of rec. June 19
Class
B
(guar.)
Oct. 1 *Holders of rec. Sept. 20
*8734
614% preferred (guar.)
•4154 July 1 *Holders of rec. June 19
Mercantile Discount Corp., pref. A (qu.) •500 July 1 *Holders of rec. June 19
Dominion Rubber, Ltd. pref.(quar.)_. •134 June 30 *Holders of rec. June 20
Merchants & Mfrs. Securities, cl. A (qU.) 41734 July 1 'Holders of rec. June 15
Driver-Harris Co., 7% pref.(guar.).- •lti July 1 *Holders of rec. June 20
Preferred (guar.)
41734 July 15 *Holders of rec. July 1
Dunham (J. H.) & Co.. corn. (guar.)... *134 July 1 *Holders of roe. June 18
Merchants dr Miners Transportation (qu) 41234 June 30 *Holders of rec. June 15
First preferred (guar.)
*114 July 1 *Holders of rec. June 18
Metal & Thermit Corp., pref. (guar.)... 4154 July 1 'Holders of rec. June 20
Second preferred (qua:.)
*134 July 1 *Holders of rec. June 18
Metropolitan Ice, pref. (guar.)
4•134 July 1 *Holders of reo. June 15
Eagle Warehouse & Storage (guar.)._ "114 July 1 *Holders of rec. June 25
Preferred (extra)
4100 July 1 *Holders of ree. June 15
Extra
July 1 *Holders of rec. June 25
*1
mickeTherry's Food Prod., pref. (quer.) *8734 July 1 *Holders of rec. June 20
Eastern Dairies, Ltd. (guar.)
*25c. Aug. 1 *Holders of rec. June 30
Midland Steel Products, corn.(guar.).- *75e July 1 *Holders of rec. Juno 22
Preferred (guar.)
*134 July 15 *Holders of rec. June 30
First preferred (guar.)
*2
July 1 *Holders of rec. June 22
Eastern Steel Prod., corn. (guar.)
500. June 30 Holders of rec. June 15
82 preferred (quar.)
4100 July 1 *Holders of rec. June 22
Prior preferred (quint.)
Mill Factors, class A (quint.)
134 June 30 Holders of rec. June 15
4.750 July 1 *Holders of rec. June 20
Eastern Theatres, Ltd., pref
4134 July 31 'Holders of rec. June 30
Miller Wholesale Drug (quiet.)
410e July 1 *Holders of rec. June 20
Eaton Crane dc Pike, Prof. A (quar.)
Minn.-Honeywell Regulator, pf. (rm.).- *134 July 1 *Holders of rec. June 20
•134 July 1 *Holders of rec. June 20
Electric Vacuum Cleaner (guar.)
"el
Minnesota Min. dr Mfg. (quer.)
July 1 *Holders of rec. June 23
•15e July 2 *Holders of ree. June 20
Elgin Sweeper, cum. pref. (guar.)
•10c. July 1 *Holders of rec. June 20
Missouri Portland Cement (guar.)
410e July 31 *Holders of rec. July 16
First preferred (quar.)
Mitchell (J. S.) & Co., Ltd., prof.(qu.). 134 July 2 Holders of rec. June 16
"50e. July 1 *Holders of rec. June 20
Empire Safe Deposit Co. (guar.)
June 29 Holders of rec. June 220 Mock Judson & Vocrhmger, pref. (qu.). •134 July 1 *Holders of rec. June 15
3
Exeter Oil class A-Dividend omitted.
Model Oils, Ltd. (guar.)
*3o June 20 *Holders of rec. June 10
Fairmont Creamery (quint.)
"40e July 1 *Holders of roe. June 20
Monarch Mtge.& Inv., Prof.(quar.)
2
July 15 Holders of rec. June 30
Preferred (quar.)
'
51.625 July 1 *Holders of ree. June 20
Morris Plan Bank (New Haven) (qu.)... '12
June 30 *Holders of ree. June 20
Farbenindustrie (I. G.)
Holders of Coupon No.9 Mortgage Guar., Los Angeles (guar.)._ 4.2
12
July 1 *Holders of reo. June 25
Farr Alpaca (quiet.)
*1
June 30 *Holders of rec. June 20
Murphy (G. C.) Co., pref. (guar.)
2
July 2 Holders of rec. June 20
Fear (Fred) & Co., common (quar.)____
50e June 15
Murray (J. W.) Mfg., pref. (quar.)
41
July 1 *Holders of ree. June 20
FederelComprees & W'hse. pf.(guar.)._ *134 July 1 *Holders of rec. June 24
Muskegon Piston Ring, common (guar.) *50c June 30 *Holders of rec. June 15
Fidelity & Deposit Co.(Salto.) (air,)... '82.25 June 30 *Holders of rec. June 17
Mutual Invest. Trust (Milw.), pref._ *75e July 2 *Holders of rec. June 15
Fidelity Union Title dc Mtge. Guar.(qu.) 415c June 22 *Holders of rec. June 15
Mutual System Corp.,com.-Dividend o mitt° .
First Custodian Shares
4100 June 15 *Holders of rec. May 29
National Candy, corn. (guar.)
50c. July 1 Holders of rec. June 12
First Finance Co. of Iowa, el. A (qu.)_ _ 4•3714e July 1 *Holders of rec. June 20
First and second preferred (quar.)
134 July 1 Holders of rec. June 12
Class A (extra)
*25c July 1 *Holders of rec. June 20
National Licorice, pref. (guar.)
1% June 30 Holders of rec. June 18
Preferred (oust.)
41714e July 1 *Holders of rec. June 20
National Screen Service (guar.)
4100. July 1 *Holders of rec. June 20
First Invest. de See.(Cincinnati) (quer.) .500 July 1 'holders of rec. June 22
National Supply of Del., pref. (qtr.).- 134 June 30 Holders of rec. June 20
Fisher Flour Mills, pref. (guar.)
4.134 July 1 *Holdars of rec. June 15
Neet. Inc., class A dr B (quiet.)
410e. July 3 *Holders of rec. June 18
Flatbush Invest. Corp. (quer.)
•134 June 30 "Holders of rec. June 15
Nat, Com'l Title dr Mtge., Newark (qu.) 4.20e. July 1 *Holders of rec. June 15
Preferred
4134 June 30 *Holders of rec. June 15
Newman Mfg., common (quar.)
4.43340 July 1 *Holders of rec. June 20
Flour Mills of America, pref. A (guar.)._
El July 1 Hold2rs of rec. June 15
Newberry (J. J.) RealtY, prof. A (guar.). 154 Aug. 1 Holders of reo. July 18
Formica Insulation (guar.)
'50e July 1 *Holders of rec. June 15
Preferred B (guar.)
134 Aug. 1 Holders of rec. July 10
Fourth Nat. Invest. Corp., corn. (No. 1)
55e July 1 Holders of rec. June I6a New England Equity Corp., pref. (qu.). 41
July 1 'Holders of rec. June 15
Fox Film Corp.,cam. A dr B (quint.).... 6254e July 15 Holders of rec. June 30
New York Trap Rock Corp., prof.(g11.). 411.75 July 1 *Holders of rec. June 20
Freeman Dairy, preferred (guar.)
"134 July 1 'Holders of rec. June 15
Niagara
Wire
Weaving, common (guar.) 37%c. June 30 Holders of rec. June 20
Freihofer Baking, 1st preferred (guar.)._ 411.75 July 1 *Holders of ree. June 20
Preferred (quar.)
75e. June 30 Holders of rec. June 20
Fruehauf Trailer, preferred (guar.)
"8714c July 1 *Holders of rec. June 25
NoblItt Sparks, Inc., common (guar.).75e. July 1 Holders of rec. June 20
Galveston Wharf (monthly)
*50e June 15 "Holders of rec. June 13
Common (payable In common stock)._ /134 July 1 Holders of rec. June 20
Gardner-Denver Co., common (guar.)._ *We July 1 *Holders of rec. June 20
Norfolk dr Washington Steamboat (qu.). "3
Preferred (guar.)
July 1 *Holders of rec. June 22
*134 Aug. 1 *Holders of tee. July 20
North American Creamery, cl. A (qu.)
4158. July 1 *Holders of ree. June 16
Gary (Theodore) & Co.. common (qu.)
15e July 1 Holders of rec. June 30
North Star 011, preferred
July
1 Holders of rec. June 15
834a.
Preferred (quint.)
400 July 1 Holders of rec. June 15
Northwestern Yeast (guar.)
June 15 *Holders of rec. June 12
*3
General Realty dr Utilities, pref.(quint,). (r) July 15 Holders of rec. June 20
Novadel-Agene Corp., common (guar.). $1 July 1 Holders of rec. Juno 20
General Tire dr Rubber,6% pref.(guar.) *134 June 30 *Holders of rec. June 20
Preferred (guar.)
141 July 1 Holders of rec. June 20
Gillette Safety Razor, pref. (quer.)
•81.25 Aug. 1 *Holders of rec. July 1
Nova Scotia Shipb., pref. (quer.)
•134 June 1 *Holders of reo. May 29
Glen Alden Coal (quer.)
411
June 20 "Holders of rec. June 10
Ogilvie Flour Mills, common (guar.)... 412 July 2 *Holders of rec. June 20
Godchaux Sugars, Inc., class A (guar.)._
50e. July 1 Holders of rec. June 17
Ohio Finance, common (guar.)
*50e. July 1 *Holders of rec. Juno 10
Preferred (guar.)
134 July 1 Holders of rec. June 17
8% preferred (quer.)
July 1 *Holders of rec. June 10
*2
Goderich Elev. dr Trans. (quer.)
'35c. July 1 *Holders of rec. June 15
011stock
Ltd.
class
A
&
B-Dividen
d
oml
tted.
Godman (H. C.) Co., 1st & 2d pref.-Dt vidend s omitted.
Ohmer Fare Register, pref. (quer.)
411.50 July 1 *Holders of rec. June 24
Goodrich (B. F.) Co., pref. (guar.)
134 July 1 Holders of rec. June 19
Old Colony Trust Associates (quer)
*50o. July 1 *Holders of rec. June 15
Goodyear Tire &Rubb.(Can.),com.(gu) $1.25 July 2 Holders of rec. Juno 15
Ontario Loan & Debenture (guar.; $1.50 July 2 *Holders of rec. June 15
Preferred (guar.)
134 July 2 Holders of rec. June 15
Ontario Mfg., preferred (quer.)
•134
July 1 *Holders of reo. JIM 20
Granger Mfg., pref. (gr.)
'134 June 1 'Holders
"Holde of rec. May 26
Orpheum Circuit, Inc., pref.(qua:)
July 1 'Holdersof rec. June 22
41
Greyhound Corp.. S7 prof.(guar.)
411.75 Ally 1 *Holders of rec. June 20
Otis Elevator, common (quar.) • - - - - 132%c July 15 Holders of rec. June 30
Gray Processes Corp
*50e. July 1 *Holders of rec. June 20
Preferred (quiet.)
15 Holders of rec. June 30
July
1%
Extra
"500. July 1 *Holders of rec. Juno 20
Pacific Commercial Co
TOc. June 30 Holders of rec. June 15
Green (Daniel) Co., pref. (quar.)
134 July 1 Holders of tee. June 19
Pacific Freight Lines Corp., pref. (qu.). 43.4e. July 1 Holders of rec. June 10
Gross (L. N.) Co., 7% pref. (guar.)._ "134 July 1 *Holders of rec. June 20
Pacific Indemnity (quint.)
*35e. July 1 *Holders of ree. June 15
Guardian Detroit Union Group (guar.)._ *50e. July 1 *Holders of rec. June 22
Packer Corp.(guar.)
"37"4c July 1 *Holders of rec. June 20
Guenther (Rudolph) Russell Law (qu.).
25e, July 1 Holders of rec. June 20
Pan-Amer.Pete,& Tramp..cam & corn B •40e. July 20 "Holders of rec. June 30
Name of Company.
Name of Company.
JUNE 13 1931.]
Name of Company
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Peaslee-Gaulbert Corp., pref. (guar.).- *18% July 1 *Holders of rec. June 25
Oct. 1 *Holders of rec. Sept. 25
*1
Preferred (guar.)
47.48fr June 13 *Holders of rec. Juno 8
Pechiny, Am, dep. rots. A bearer shs_
Pennsylvania Glass Sand, $7 pref. (an.)., *51.75 July 1
*$1.75 June 1 *Holders of rec. May 26
Perkins Mach. & Gear, pref. (quar.)
Phila. Dairy Products, pr. pref. (qu.)--* 51.625 July 1 *Holders of rec. June 19
8 c July 1 *Holders of rec. June 20
*434
Picardy Candy, Ltd., pref. (guar.)
500. July 1 Holders of rec. June 15
Pie Bakeries of America, class A (guar.).
1% July 1 Holders of rec. June 15
Preferred (quar.)
*30. July 2 *Holders of rec. June 12
Pioneer Gold Mining (guar.)
*114 July 20 *Holders of rm. June 30
Plymouth Cordage (guar.)
*300. June 1 *Holders of rec. May 22
Pneumatic Scale, common
*51.75 June 15 *Holders of rec. June 1
Pollock Paper & Box, pref. (guar.)
Port Huron Sulph & Paper, pref. (guar.) *1 M July 1 *Holders of rec. June 15
July 1 *Holders of rec. June 15
*$1
Pratt & Lambert, Inc.. corn. (quar.)
30. July 3 Holders of rec. June 11
Premier Gold Mines (guar.)
July 15 Holders of rec. June 25a
Procter & Gamble Co.,8% pref. (quar.)_ 2
*51.50 July 15 *Holders of rec. June 30
Prudential Investors, Inc., 56 pf.(au.)
'18% July 1 *Holders of rec. June 15
Public Utility Invest,7% pref.(qu.)
43)4c. July 9 Holders of rec. June 27
Railway & Util. by.$314 PI. (qu.)
378%c. July 9 Holders of roe. June 27
$3 preferred (guar.)
Rath Packing, com.-Dividend omitted.
Real Silk Hosiery Mills, pref.-Dividend °mitt ed.
Stock dividends all rescinded.
*350 July 1 *Holders of rec. June 15
Reece Button Hole Mach.(guar.)
*50 July 1 *Holders of rec. June 16
Reece Folding Mach. (guar.)
*25c. June 30 *Holders of rec. June 20
Reed Roller Bit, corn. (guar.)
*18% July 1 *Holders of rec. June 20
Regal Shoe, pref. (guar.)
*750. July 1 *Holders of rec. June 22
Richman Bros., corn. (quar.)
500. July 2 *Holders of rm. June 13
Riverside Silk Mills. class A
Robinson Consol. Cone, corn. (guar.)... 378%c July 1 Holders of rec. June 15
Robinson (D.P.)& Co., let pref.(guar.) *18% July 1 *Holders of rec. June 24
July 1 *Holders of rec. June 30
St. Louis National Stockyards (guar.)._ *2
150. July 1 Holders of roe. June 15
St. Regis Paper Co., corn. (guar.)
18% July 1 Holders of rec. June 15
Preferred (quar.)
250. July 1 Holders of rec. June 15
Sangamo Electric Co., corn. (quar.)
18% July 1 Holders of rec. June 15
Schulze Baking, pref. (guar.)
*75c. July 1 *Holders of rec. June 15
Convertible preferred (guar.)
*200. June 15 *Holders of rec. May 29
Second Custodian Shares, corn
Second National Investors, $5 pfd. (qu.) 55125 July 1 Holders of rec. June 16a
Shaler Co., class A-Dividend omitted.
Sinclair Consol. Oil-Dividend omitted.
*214 June 30 *Holders of rec. June 10
Singer Manufacturing (guar.)
*214 June 30 *Holders of rec. June 10
Extra
'18% July 1 *Holders of rm. June 20
Slattery (E. T.) Co., pref. (guar.)
*250. June 1
South Texas Cotton Oil (quar.)
Southern Acid & Sulphur, pref. (guar.)._ 1.18% July 1 *Holders of rec. June 20
Southern Bond & Share, pref.(quer).- *75e. July 1 *Holders of rec. June 15
*25c. June 30 *Holders of rec. June 10
Sparks-Withington Co. (guar.)
*550. June 30 *Holders of rec. June 20
Square D Co., pref. A (guar.)
*1
June 30 *Holders of rec. June 20
Standard Steel-Spring (guar.)
*51
June 15 *Holders of roe. June 5
State Street Exchange (guar.)
Stedman Rubber Flooring, pref. (quar.)_ *1.41 July 1 *Holders of reo. June 26
3
Steel Co. of Canada, corn. & pfd. (quar.) *43%e Aug. 1 *Holders of rec. July 7
Strawbridge & Clothier, 7% pref.(guar.) *1M July 1 *Holders of rec. June 15
*150. July 1 *Holders of rec. June 20
Stroock (S.) & Co. (guar.)
6214c. July 15 Holders of rec. July 3a
Superheater Co. (quar.)
Superior Portland Cement, class A (qu.) *2715c July 1 *Holders of rm. June 23
*$3.50 July 1 *Holders of reo. June 13
Supersilk Ilosiery Mills, pref
Tamblyn (G.) Ltd., pref. (quar.)
1M July 1 Holders of rec. June 20
*200. July 1 *Holders of rec. June 20
Telephone Invest. Corp. (monthly)_ _
550. July 1 Holders of reo. June 16n
Third Nat'l Investors Corp., corn. (qu.)
*250. July 1 *Holders of rec. June 23
Thompson (John R.) Co. (guar.)
*30c. July 1 *Holders of rec. June 20
Thompson Products (guar.)
Timken Detroit Axle, corn.-Dividend o mitted
July 2 Juno 16 to June 29
3
Toronto General Trusts (quar.)
Transcontinental Storage & Distributing
*18% June 1 *Holders of roe. May 22
let preferred (guar.)
Traung Label & Lithograph, el. B (qu.)_ *18Me June 15 *Holders of rec. June 1
•15e. July 15 *IIolders of rec. June 25
Truscon Steel, corn. (guar.)
*15c. Oct. 15 *Holders of rec. Sept. 25
Common (guar.)
*18% Sept. 1 *Holders of rec. Aug. 21
Preferred (guar.)
United N. Y. Bank Tr. She., ser. C 3_ 20.8710 July1 1 *Holders of rec. June 1
United Printers & Publishers. pref.-Div idend omitted .
United Retail Chemists, pref. (guar.). *8714c July 15 *Holders of rec. June 223
*50c.
United Securities, Ltd., common (qu.)
United Shoe Machinery, corn. (guar.)._ 628%c July 6 Holders of roe. June 16
3714c July 6 Holders of rec. June 16
Preferred (guar.)
*$2.50 July 1 *Holders of rec. June 20
U. S. Gauge, corn
*61.75 July I *Holders of rec. June 20
Preferred
United Verde Extension Mining (guar.) *25e. Aug. 1 *Holders of rec. July 2
Universal Leaf Tobacco, corn. (guar.)._ *750. Aug. 1 *Holders of rec. July 17
*2
Preferred (guar.)
July 1 *Holders of rec. June 19
*2
Universal Pictures, prof. (guar.)
July 1 *Holders of rec. June 20
Valley Mould & Iron, pref.-Dividend p assed.
*18% July 1 *Holders of rec. June 115
Valve Bag Co., pref. (guar.)
*18% July 1 *Holders of rec. June 201
Victor-Monaghan Co., pref. (quar.)
50c. July 1 Holders of rec. June 22 1
Warren Bros. Co., common (guar.)
250. July 1 Holders of rec. June 22 1
First preferred (guar.)
29 1-6o July 1 Holders of rm. June 22
Second preferred (quar.)
75e. July 1 Holders of rec. June 22
Convertible preferred (guar.)
Webster-Eisenlohr. Inc.. pref.-Dividen d defer red.
Wellman Engineering Co., pref. (guar.) *1M July 1 *Holders of rec. June 20
Wentworth Radio & Auto Supply. pref. -Divl dend de ferred.
*75c. June 30 *Holders of rec. June 25
Western Electric Co., corn. (quar.)
18% July 15 *Holders of rec. June 30
Western Grocers, Ltd., pref.
*100. Juno 30 *Holders of rec. June 16
Western N.Y.Securities, corn.(No. 1)..
Western Tablet Sr Stationery, pref. (qu.) *1M July 1 *Holders of roe. June 20
*1
July 1 *Holders of rec. Juno 15
West Point Mfg.(guar)
Westvaco Chlorine Products, pref. (qu.) •81.75 July 1 *liolders of rec. June 15
*500. July 1 *Holders of rec. June 20
Winn & Lovett Grocery, cl. A (quar.)_
"1
July 1 *Holders of rec. June 20
Preferred Mar.)
*10c. July 1 *Holders of rec. June 15
Wolverine Tube Co., corn. (guar.)
*25c. July 1 *Holders of rec. June 20
Woodruff & Edwards, class A (quar.)
'18% June 1 *Holders of rec. May 20
Worumbo Mfg., pref. (quar.)
Wright (Oscar) Co., class A (quar.)-Div Wend deferred ,
Wright-Hargreaves Mines, Ltd. (quar.)_ 2 Mc. June 30 Holders of rec. June 15
2140. June 30 Holders of rec. June 15
Bonus
Yosemite Holding Corp., pref. (quar.)-- *87)40 July 1 *Holders of rec. June 15
Youngstown Sheet & Tube.58%% pf.(au) *18% July 1 *Holders of rec. June 13
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
52 June 29 Holders of rec. May 25
Alabama Great Southern, ordinary
$1.50 June 29 Holders of rec. May 25
Ordinary (extra)
32 Aug. 15 Holders of rec. July 10
Preferred
$1.50 Aug. 15 Holders of rec. July 10
Preferred (extra)
414 July 1 Holders of rec. June 15a
Susquehanna
Albany &
214 Aug. 1 Holders of rec. June 26a
Atch., Topeka & Santa Fe., pref
•414 Sept. 1 *Holders of rec. Aug. 21)
Atlanta & Charlotte Air Line Ry
4
June 30 Holders of reo. June 20
Point
Atlanta & West
314 July 10 Holders of ree. June 12a
Atlantic Coast Line RR., common
(guar.)
87e.
July 1 Holders of roe. May 29a
corn.
Aroostook,
&
Bangor
18% July 1 Holders of rec. May 29a
Preferred (guar.)
50c. July 1 Holders of roe. June 15a
Beech Creek (guar.)
214 June 30 Holders of rec. May 29
Boston & Albany (quar.)
Boston & Maine, 7% Prior pref. (guar.). 18% July 1 Holders of ree. June 10
(guar.)
class
A
114 July 1 Holders of roe. June 10
preferred,
First
2
July 1 Holders of rec. June 10
First preferred, class B (guar.)
114 July 1 Holders of roe. June 10
class
C
(guar.)
preferred.
First
l
2)4
July 1 Holders of roe. June 10
class
D
(guar.)
First preferred,
114 July 1 Holders of rec. June 10
First preferred. class E (guar.)
134 July 1 Holders of rec. June 10
preferred
r 6%
4361
FINANCIAL CHRONICLE
Name of Contyany.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam)(Coaclantel).
234 July 1 Holders of rec. June 20
Boston dr Providence (guar.)
41214 Oct. 1 *Holders of roe. Sept. 19
Quarterly
Juno 30 *Holders of rec. June 15
*2
Buffalo & Susquehanna, preferred
31 Mc June 30 Holders of rec. June la
Canadian Pacific. ordinary (guar.)
75e. July 1 Holders of roe. June 8a
Chesapeake Corporation (guar.)
82140 July 1 Holders of rec. June 8a
Chesapeake ,k Ohio, corn. (guar.)
311 July 1 Holders of rec. Juno 86
Preferred (guar.)
June 25 Holders of rec. June 185
5
&
Chicago Burlington
Quincy
June 30 Holders of roe. June la
1
Chicago & North Western, corn
114 June 30 Holders of roe. June la
Preferred (guar.)
June 30 Holders of rec. June 12a
1
Chic. Rock Isld. & Pao., common
314 June 30 Holders of rec. June 12a
7% Preferred
30 Holders of rec. June 12.2
June
3
Preferred
6%
June 24 *Holders of rec. June
CM. N.0.& Texas Pacific, corn.(quar.) *4
•13.1 July 1 *Holders of rec. June 20
Cincinnati Union Terminal, Pref.(au)
1111.34 Oct. 1 *Holders of rec. Sept. 19
Preferred (guar.)
.11.14 Jan.1'32 *Holders of rec. Dm. 19
Preferred (guar.)
June 30 Holders of me. June 160
2
Colorado & Southern, let prof
Consolidated Railroads of Cuba, Pt.(qu.) 114 July 1 Holders of rec. June 100
244 June 20 Holders of rec. May 286
Delaware & Hudson Co. (guar.)
"31 July 1 *Holders of rec. June 16
Delaware RR
July 8 Holders of rec...lune 20a
2
Detroit Hillsdale & Southwestern
June 30 Holders of rec. June 150
2
Erie RR., first preferred
214 July 15 Holders of rec. July 1
Georgia RR.& Banking (guar.)
July 5
July 1 June 12 to
2
Illinois Central, leased lines
6214c July 1 Holders of rec. June 13e
Lehigh Valley, corn. (guar.)
$1.25 July 1 Holders of rec. June 130
Preferred (quar.)
$1.11 July 15 June 13 to July 15
Little Schuylkill Nay. RR.& Coal
234 Aug. 10 Holders of rec. July 15a
Louisville & Nashville, common
75c. July 1 Holders of roe. June 15
Maine Central, common
111.25 July 9 *Holders of rec. July 8
Mill Creek dr Mine Hill Nay. & RR
114 June 30 Holders of rec. June ba
Missouri-Kansas-Texas, prat A (qu.)
131 July 1 Holders of rec. June 12a
Missouri Pacific. mg.(quar.)
July 1 Holders of tee. June la
2
Mobile & Birmingham, Prof
$1.75 July 1 Holders of rec. June 60
Morris & Essex
N.Y. Chic.& Bt. Louis, corn.& pf.(QU.) 134 July 1 Holders of rec. May 15a
N. Y.& Harlem, common & preferred_ $2.50 July 1 Holders of rec. June 15a
111 July 1 Holders of rec. June 15a
N. Y. Lackawanna & Western (guar.).114 July 1 Holders of rec. June 5a
N.Y. N.11, & Hartford, corn. (quar.)..
13,4 July 1 Holders of rm. June 56
Preferred (guar.)
Norfolk & Western. common (quar.)_.. 214 June 19 Holders of rec. May 29a
Aug. 1 *Holders of rec. July 20
*314
stock
guar.
RR..
7%
North Carolina
1.14 July 1 Holders of roe. June 13
Old Colony RR. (guar.)
Pere Marquette, pf. and prior pf. (11.1.) 13,4 Aug. 1 Holders of rm. July 84
50c. July 9 Holders of rec. June 18a
Reading Co., 20 preferred (qua?.)
114 Aug. 1 Holders of rec. July la
St. Louis-San Francisco.6% pref. (qu.)_
Nov. 2 Holders of rec. Oct. Is
114
6% preferred (gear.)
1% July 1 Holders of rm. May 28a
Southern Pacific Co. (guar.)
1.65 Aug. I Holders of rec. July lo
Southern Ry.common (guar.)
.214 July 1 *Holders of rm. June 1
Southwestern RR.of Ga
0334 July 1 *Holders of roe. June 20
Tennessee Central, preferred
114 June 30 Holders of rect. June 12a
Texas & Pacific) Ry., corn.(quar.)
234 July 1 Holders of rec. June la
Union Pacific, common (quar.)
United N. J. RR.& Canal COS.(quar.). *214 July 10 *Holders of rec. June 19
'23,4 July 1 *Holders of rec. June 18
Valley RR.(N. Y.)
June 30 Holders of rec. June 20
4
Western Railway of Alabama
Public Utilities.
$1.75 July 1 Holders of rec. June 15
Alabama Power.$7 pref. Mari
31.50 July 1 Holders of rec. June lb
$6 preferred (guar.)
$1.25 Aug. 1 Holders of rec. July lb
$5 Preferred (guar.)
American Cities Pow. h Lt.Aug. 1 Holders of roe. July 8
pb
Class B (in class B stock)
Amer. Electric Power, $7 pref. (quar.). $1.75 June 15 Holders of rec. May 29
$1.75 July 1 Holders of rec. June 15a
Amer.& Foreign Power, $7 pref.(qu.)
$1.50 July 1 Holders of rec. June 15a
$6 preferred (guar.)
25e. July 1 Holders of rec. June 11
Amer. Gas & Electric. common (guar.).
(f) July 1 Holders of rec. June 11
stock).corn.
share
Corn.(one-fiftieth
$1.50 Aug. 1 Holders of rec. July 8
Preferred (guar.)
114 July 1 Holders of rec. June 15
Amer. Public Service, pref. (guar.)
Amer. States Public Serv., corn. A (aU.) sti40e. July 1 *Holders of rce. June 20
*$1.50 July 1 *Holders of rec. June 20
$6 preferred (quar.)
Amer.Superpower Corp., let pref.(qu.). $1.50 July 1 Holders of rm. June 15
$1.50 July 1 Holders of roe. June 15
$6 preference (guar.)
211 July 15 Holders of rec. June 204
Amer. Telep. & Teleg•(
(Mar.)
Amer. Water Wire.& Elec., corn.(qu.). 75e. Aug. I Holders of rec. July 104
750. Aug. 1 Holders of rec. July 10
Common (guar.)
$1.50 July 1 Holders of rec. June 12a
$6 first preferred (guar.)
July 1 *Holders of rm. June 24
.2
Arizona Power, 8% pref. (guar.)
•144 July 1 *Holders of rec. June 24
7% preferred (guar.)
July 1 Holders of rec. June 15a
15e.
(quar.)....
pref.
Arkansas Natural Gas.
Arkansas Power & Light,$7 Pref.(guar) $1.75 July 1 Holders of roe. June 15
$1.50 July 1 Holders of rec. June 15
$6 preferred (guar.)
Associated Gas & Elec., orig. pref. (au.) 118714.8 July 1 *Holders of rec. May 29
$1.25 June 15 Holders of rec. May 15
$5 preferred (aunt.)
*51.75 July 1 *Holders of roe. May 29
$7 preferred (guar.)
*54
July 1 *Holders of roe. May 29
$8 int. bearing allotment Ws
*51.60 July 1 *Holders of rm. May 29
$1.60 int. bearing allotment Oki
July 1 *Holders of rec. June 16
Associated Telep. & Teleg.. class A (CU)•31
41500. July 1 *Holders of reo. June 18
Class A (participating dividend)
'134 July 1 *Holders of rec. June 18
7% preferred (quar.)
July 18 Holders of rec. June 30
12
Associated Telep. Utilities. corn.(qu.)
$1.75 June 15 Holders of rec. May 30
$7 prior preferred (quar.)
31.50 June 15 Holders of rec. May 30
36 prior preferred(guar.)
81.50 July 1 Holders of rec. June 15
$6 cony. preferred (quar.)
•1% July 1 'Holders of rec. June 10
Bangor Hydro-Elec.7% pref.(quar.)
"134 July 1 *Holders of rec. June 10
6% preferred (guar.)
July 15 Holders of rec. June 23
2
Bell Telephone of Canada (guar.)
134 July 15 Holders of rec. June 20s
Bell Telephone of Pa..6)4% Pref.(qu.)_
Binghamton Light. Heat & Power"31.50 July 1 *Holders of rec. May 29
$6 preferred (guar.)
*31.25 July 1 *Holders of rec. May 29
$5 preferred (quar.)
Birmingham Electric Co., $7 pref. (au.) $1.75 July 1 Holders of rec. June 9
31.50 July 1 Holders of rec. June 9
$6 Preferred (guar.)
Birmingham Water Works, pref. (quar.) "134 June 15 *Holders of rec. June 1
Brazilian Lt., Trac. & Power, pref.(qu.) 144 July 2 Holders of roe. June 15
'60c. June 30 *Holders of rec. Juned17
Bridgeport Gas Light(guar.)
•400. July 15 'Holders of rec. June 30
Bridgeport Hydraulic Co. (guar.)
50c. July 15 Holders of rec. June 31)
British Columbia Power, el. A (qu.)
$1.25 July 1 Holders of rec. June la
Brooklyn Union Gas(guar.)
Buff. Niagara & East. Pow., pref. (an.) *400. July 1 'Holders of rec. June 15
*51.25 Aug. 1 *Holders of rec. July 15
First preferred (guar.)
Butler Water Co., 1st pref.(quar.)
*1% June 15 *Holders of rec. June 1
California Elec. Generating, pref. (qu.) *134 July 1 *Holders of rec. June 5
Central Public Serv. Corp., cl. A (guar.) 343)4 c June 15 Holders of rec. May 20
31.75 July 1 Holders of rec. June 11
$7 preferred (guar.)
$1.50 July 1 Holders of tee. June 11
26 preferred (guar.)
July 1 Holders of rec. June 11
51
$4 preferred (guar.)
20o. July 25 Holders of roe. June 30
Canada Northern Power, com.((ivar.)
134 July 15 Holders of rec. June 30
Preferred (quar.)
Carolina Power & Light. $7 Pref. (guar.) $1.75 July1 1 Holders of rec. June 9
31.50 July 1 Holders of tee. June 9
$6 preferred (quar.)
Central Ills. Pub. Sere.,6% pref. (qu.)_ '114 July 15 *Holders of rec. June 30
•$1.50 July 15 "Holders of rec. June 30
$6 preferred (guar.)
July 1 Holders of rec. .tune3 5
Central States Elec.. corn. (In corn. stk.) 15
144 July 1 Holders of rec June 5
7% preferred (guar.)
July
1 Holders of rec. June 5
144
Preferred
6%
(quar.)
(o) July 1 Holders of rec. June 5
Cony. pref. opt. series, 1928 (guar.)
(o) July 1 Holders of me. June 5
Cony. pref. opt. series, 1929(quar.)
Cent. States Power & Light,$7 pfd.(q11.) $1.75 July 1 Holders of rec. June 5
1144 July 15 Holders of rec. June 30
Central & S. W. UHL, corn. (guar.)_
Central States Utilities. $7 pref. (guar.)- 31.75 July 1 Holders of rec. June 10
July 1 'Holders of rec. June 19
"$1.12
(quar.)_
Telep.
Bell
Cincinnati & Sub.
Cities Service Pow.& Lt. $7 Df.(mthly.) 58 1-3e June 15 Holders of rec. June 16
50c. June 15 Holders of rec. June la
$8 preferred (monthly)
41 2-30 June 15 Holders of rec. June la
$5 preferred (monthly)
58 1-3e July 15 Holders of rec. July la
$7 pref. (monthly)
500 July 15 Holders of rec. July la
$6 preferred (monthly)
412-30 July 15 Holders of rec. July la
$5 preferred (monthly)
Citizens Water of Washington, Pa.
134 July 1 Holders of roe. June 20
Preferred (guar.)
4362
FINANCIAL CHRONICLE
FoL. 132.
Pet
When
Books Closed.
When
Per
Books Coml.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Continued).
Public Utilities (Continued).
Coast Counties Gas & El., 1st pf.
*184 June 15 'Holders of rec. May 25
Middle Western Telephone. CI. A (guar.) .43Sic June 15 *Holders of rec. June 5
Columbia Gas & Elec., corn. (quar.).._
50c. Aug. 15 Holders of rec. July 20a Minnesota Pr. & Lt., 7% pref. (quar.)
154 July 1 Holders of rec. June 15
6% preferred (guar.)
1 84 Aug. 15 IIolders of rec. July 20a
$8 preferred (quar.)
$1.50 July 1 Holders of rec. June 15
5% preferred (quar.)
134 Aug. 15 Holders of rec. July 20a Monongahela West Penn Public Service
Com'wealth & Sou. Corp.. $8 pf.(qu.)
$1.50 July 1 Holders of me. June 5a
7% preferred (quar.)
4334e. July r Holders of tee. June 15
Commonwealth 13th., corn. A & 13 (qu.) '3734c June 30 'Holders of rec. June 20
Miss. Power Co..57 pref.(quar.)
$1.75 July 1 Holders of rec. June 20
Preferred A (quar.)
"51.75 July 1 'Holders of rec. June 20
$6 preferred (quar.)
31.50 July 1 Holders of rec. June 20
Preferred B (guar.)
.51 50 July 1 *Holders of rec. June 20
Nassau dr Suffolk I-tg.. pref. (quer )_
134 July 1 Holders of rec. June 16
Community Telephone, partie. stk. (qu.) "50e. July I *Holders of rec. June 19
National Electric Power, corn. B (q114).450. June 30 Holders of rec. June 10
Community Wet. Ser., corn. firti.)(No. 1) 12340 June 15 Holders of ree. June 1
7% preferred (guar.)
July 1 Holders of ree. June 10
14)4
Compagnie Generale D'Electricite6% preferred (quar.)
1% July 1 Holders of rec. June 10
American dep. refs. for A bearer shs__ (m) June 16•
National Public Service, corn. A Mar.).
40o. June 15 Holders of me. May 07
Concord Gas
June 15 *Holders of rec. June 5
*4
Preferred A (guar.)
134 July 1 Holders of rec. June 10
Connecticut Elec. Service. corn. (quar.)
"750 July 1 'Holders of rec. June 15
Newark Telephone (Ohio),6% pf.(qu.). "134 July 10'Holders of ree. June 30
Consolidated Gas of N. Y., corn. (quar.) $1
June 15 Holders of rec. May 124 New Engl. Power Assn., corn.(guar.)
500. July d15 Holders of rec. June 30
Preferred (quar.)
$1.25 Aug. 1 Holders of rec. June 30a
36 preferred (rear.)
"51.50 July 1 "Holders of tea. June 10
Consolidated Gas El. Lt. & Pr., Bait.$2 preferred (oust.)
*50c July 1 *Holders of rec. June 10
Common (quar.)
*90c July 1 *Holders of rec. June 15
New Engl. Gas & El. $55.50 pf.(qu.)___ 51.375 July 1 Holders of rec. May 29
5% preferred Series A (quar.)
*154 July 1 'Holders of rec. June 15
$7 second preferred (Oust.)
'51.75 July 1 'Holders of rec. May 29
6% preferred, Series D (quar.)
*134 July 1 *Holders of rec. June 15
New England Investment & security... 2
July 1 "Holders of rec. June 20
534% preferred. Series E (guar.)
.1.134 July 1 'Holders of rec. June 15
NewEngland Public ServiceConsumers Power, 7% pref. (quar.),,
I% July 1 Holders of rec. June 16
prior
lien pref. (quar.)
57
'51.75 June 15 'Holders of rec. May 29
6.6% preferred (quar.)
1.65 July I Holders of rec. June 16
$6 prior lien pref. (quar.)
"31.50 June 15 "Holders of roe. May 29
6% preferred (quar.)
134 July 1 Holders of rec. June 15
New England Telep.& Teleg.(guar.)._ _ 2
June 30 Holders of rec. June 10
$5 preferred (quar.)
51.25 July 1 Holders of roe. June 15
N. J. Power & Light, $6 pref. ((lust.)... '51 50 July 1 "Holders of ree. May 29
6% preferred (monthly)
500 July 1 holders of rea. June 18
$5 preferred (quar.)
.51 25 July I "Holders of rec. May 29
6.6% preferred (monthly)
550 July 1 Holders of reo. June 15
New Jersey Wat. Co.. 7% pl. (quar.)... 154 July 1 Holders of rec. June 20
Continental Gas & Elec., corn. (quar.)
$1.10 July 1 Holders of rec. June 120 N. Y. Central Electric, pref. (quar.).... *154 July 1 'Holders
of tee May 29
Prior preference (quar.)
134 July 1 Holders of rec. June 12a N,Y.Power & Light Corp.,7% Pt.(IOL) I% July 1 Holders of rec. June 15
Continental Passenger Ry., Phila
$2.50 June SO Holders of rec. May 290
$6 preferred (qoar.)
51.50 July 1 Holders of ree. June 15
Cuban Telephone, corn. (quar.)
2
June 30 Holders of rec. June 150 N. Y. & Queens Elec. Light dr Pow.
Preferred (quar.)
134 June 30 Holders of rec. June 154
Common (quar.)
*31.50 June 15 *Holders of rec. June 5
Denver Tramway, pref. (quar.)
3734e July 1 Holders of rec. June 15a New York Steam Corp., 57 pf. (qu.)
51.75 July 1 Holders of rec. June lba
Detroit Edison Co.(guar.)
2
July 15 Holders of rec. June 20a
$6
$1.50 July 1 Holders of tee June 154
preferred
(War.)
Diamond State Tel., 654% pref. (qu.)
*134 July 15 *Holders of rec. June 20
N. Y. Telephone. pref. (quar.)
134 July 15 Holders of rec. June 26
Duke Power. corn. ((luar.)
154 July 1 Holders of rec. June 15
New York Wat. Sets'.. pref. (guar.)._ - 1)4 June 15 Holders of rec. June 5
Preferred (quar.)
134 July 1 Holders of rec. June 15
Niagara Falls Power (quar.)
*750. June 30 "Holders of tee. June 15
Duquesne Light, 5% first pref. (quar.)_. 134 July 15 Holders of rec. June 15a
Niagara Hudson Power Corp.,com.(qu.)
10c. June 311 Holders of rec. May 280
East Koltenay Power, pref. (guar.)..._
134 June 15 Holders of rec. May 30
North American Co., corn. (In comma.) 1234 July 1 Holders of rec. 311tre 5a
Eastern Gas & Fuel Assoc., pr. pf. (on.) 134 July 1 Holders of rec. June 15
Preferred (Oust.)
750. July 1 Holders or ree. June ha
8 6% preferred (quar.)
154 July 1 Holders of rec. June 15
Northern Ontario Power Ltd..corn.(qu)
50e. July 25 Holders of tee. June 30
Electric Bond Sr Share, common (guar.). fl 54 July 15 Holders of rec. June 5
6% preferred (quar.)
134 July 25 Holders of roe. June se
$6 preferred (quar.)
$1.50 Aug. 1 Holders of rec. July 6
Northport Water Works. pref. (quar.)-July 1 Holders of roe. June 16
134
$5 preferred (quar.)
$1.2 Aug. 1 Holders of rec. July 6
Northwest Utilities, prior Ilea (quar.)--- •134 July 1 "Holders of roe. June 15
Elactrio Power & Light Corp..$7 Pf.(qu.) $1.75July 1 Holders of rec. June 6a Northwestern
Telegraph
$1.50 July 1 June 16 to June 30
$6 preferred (quar.)
51.50 July 1 Holders of rec. June 6a Ohio Edison Co. 55 pref.(quar.)
$1.25 July 1 Holders of rec. June 130
$7 pref. allot. efts., full paid
$1.7 July 1 Holders of rec. June 6a
$6 preferred (quar.)
$1.50 July 1 Holders of rec. June I30
$7 pref. allot. ctfs., 80% paid
$1.40July 1 Holders of rec. June 6a
$6.60 preferred (quar.)
51.65 July 1 Holders of tee. June 13a
Empire Dist. El. Co.. 6% pf. (mthly.).
500 July 1 Holders of rec. June 15a
$7 preferred (quar.)
$1.75 July 1 Holders of rec. June 13a
Ern pire Gas A, Fuel Co..8% pf.(mtbly.)- 66 2-3c July 1 Holders of tee. June 15a
$7.20 preferred (quar.)
$1.80 July .1 Holders of rec. June 130
7% preferred (monthly)
58 1-3c July 1 Holders of rec. June 150 Ohio Public Service,
7% pref. (mthly.) 58 1-30 July 1 Holders of rec. June 156
654% preferred (monthly)
541-dc July 1 Holders of rec. June 15a
6% preferred (monthly)
50e. July 1 Holders of rec. June 15a
6% preferred (monthly)
50c July 1 Holders of rec. June 15a
5% preferred (monthly)
41 2-3e July 1 Holders of rec. June 15a
Empire Power Corp., $6 pref. (quar.)_.,.. $1.50 July 1 Holders of rec. June 16
Ohio Cities Water Corp.. $6 pref. (CAL). "51.50 July 1 'Holders of rec. June 20
Participating stock (quar.)
560 July 1 Holders of rec. June 16
Oklahoma Gas & Electric.6% prof.(qu.) 1% June 15 Holders of rec. May 29
Engineers Public Service, corn. (quar.)...
50c July 1 Holders of rec. June Ifla
7% preferred (quar.)
194 June 15 Holders of rec. May 29
$5 convertible preferred (quar.)
$1.25 July 1 holders of rec. June 16a Orange & Rockland Elec. 7% prof.
(111.) •134 July I 'Holders of rec. June 25
$5.50 preferred (quar.)
$1.375 July 1 Holders of roe. June ifia
6% preferred (quar.)
*114 July 1 'Holders of rec. June 25
$1.80 July 1 Holders of rec. June 16a Pacific Telen. &
$6 preferred (guar.)
Teleg.. corn. (quar.)._
*134 June 30 *Holders of rec. June 20
Feather River Power. pref. A (quar.)
•154 July 1 'Holders of ree. June 5
Preferred
*154 July 15 *Holders of rec. June 30
Federal Light & Traction, corn. (quar.) 3754c July 1 Holders of rec. June 130 Penn Central(rear.)
Light & Power $5 pf.(qu.) $1.25 July 1 Holders of rec. June 100
Common (payable In common stock). /1
July 1 Holders of rec. June I3a
$2.80 preferred ((oar.)
Mc. July 1 Holders of rec. June 10
Federal Pub. Serv., 654% pref. (quar.). "134 July 15 'Holders of rec. June 30
Pennsylvania Garr & Elec., 57 prof.(q11.) "51.7e July I 'Holders of rec. June 20
Federal Water Service. $6 pref. (quar.). $1.50 July 1 Holders of rec. June 15
7% preferred (guar.)
July 1 *Holders of rec. June 20
'14
Preferred
July 1 Holders of rec. June 15
$4
(quar.)
$1
Pennsylvania Water & Power (guar.)--750. July 1 Holders of rec. June 12
36 50 preferred ((buar.)
51.625 July 1 Holders of tea. June 15
Peoria Water Works. prof. (guar.)
154 July 1 Holders of rec. June 20
$7 preferred (quar.)
$1.71 July 1 Holders of tee. June 15
Philadelphia Co., corn.(quar.)
35e. July 31 Holders of rec. July 1
Frankford & Southwark Phila. Pass. Ky.
Common old, ($50 Par) (guar.)
$1.75 July 31 Holders of rec. July la
(quar.)
•$4.50 July 1 "Holders of rec. June 1
$6 preferred ((luar.)
51.50 July 1 Holders of rec. June la
Gas & Elec. Securities Co.. corn.(mthly.)
1
July
Holders
50c
of rec. June 15a
$5 preferred (guar.)
51.25 July 1 Holders of rec. June 1
Corn.(pay. In corn, steel (monthly)- 134 July 1 Holders of rec. June 153 Philadelphia Elec.
Power.8% pt.(quar.)
50o. July 1 Holders of rec. June 10
Preferred (monthly)
58 1-3c July 1 Holders of tee. June 150 Power Corp. of Canada 6% pref. (quar.) 154 July 15 Holders of tee. June 30
Gas Securities Co.. corn.(monthly)
9 yi July 1 Holders of rec. June 154
Participating preferred (guar.)
75c. July 15 1'1-folders of rec. Juno 30
Preferred (monthly)
500 July 1 Holders of rec. June 15a Pub. Ser. Co. of Col., 7% pt.(mthly.)- 58 1-30 July 1 Holders of tee. June 150
General Gas & Elec.. corn. A (guar.).- 1718e July 1 Holders of rec. May 29a
6% preferred (monthly)
50o.
July 1 Holders of rec. June 15a
Common B (guar)
1150 July 1 Holders of roe. May 29a
5% preferred (monthly)
412-30 July 1 Holders of rec. June 15a
$6 pref. ser. A & B (quar.)
31.50 June 15 Holders of tee. May 15a Public Service of N. it.. $6 pref.(mum) "51.50 June 15 *Holders of rec. May 29
$7 preferred ((oar.)
$1.75 July 1 Holders of rec. May 29a
$5 preferred (quar.)
"51.25 June 15 *Holders of tee. May 29
$8 preferred (guar.)
July 1 Holders of rec. May 29a Pub. Sets', Co. of N. J., corn. (quar.)....
53
85e. June 30 Holders of rec. June la
Georgia Power Co.. $6 Prof. (quar.).... $1,50 July 1 Holders of rec. June 15
8% preferred (quar.)
2
June 31) Holders of rec. June la
$5 preferred (guar.)
$1.25 July 1 Holders of rec. June 15
June 30 Holders of rec. June la
7% Preferred (quay.)
154
at. Western Pow, of Calif. 7% pf.(qu.). •154 July 1 *Holders of tee. June 5
$5 preferred (guar.)
$1.25 June 30 Holders of rec. June la
preferred
'Holders
of rec. June 5
6%
•154 July 1
(guar.)
6% preferred (monthly)
50o. June 30 Holders of reo. June la
Greenwich Water & Gas Sys.. pfd. (qtr.).
134 July 1 Holders of rec. June 20
Public Service Co. of Okla., corn.(quar.) 2
July 1 June '21 to July 1
Gulf Power Co.,$6 pref.(grist.)
$1.50 July 1 Holders of tee. June 20
7% Prior lien (quar.)
July 1 June 21 to July 1
134
Gulf States Utilities. $8 pref.(GU.)
"51.50 June 15 "Holders of rec. June 1
6% prior lien (quar.)
July
1 June 21 to July 1
134
• $1.375 June 15 *Holders of rec. June I
$5.50 pref. (quar.)
Public Serv. Elec. & Gas,7% pf.(qu.).. 154 June 30 Holders of rec. June la
Hackensack Water, class A (quar.)
4384c June 30 Holders of rec. June 16a
6% preferred (quar.)
1)4 June 30 Holders of rec. June 1
Haverhill Gas Light (quar.)
Quebec Power (quar.)
560. July I Holders of rec. June 15
6218e July 15 Holders of rec. June
Illinois Bell Telephone (quar.)
Queenaboro Ga3 & Elec., 6% pf. (qu.).. •134 July 1 "Holders of rec. June 25
June 30 *Holders of rec. June 29
"2
19
Illinois Power Co.,6% pref. (quar.)
Ridge Ave. Pass. Fly.. Phila. (guar.).- "33
134 July 1 Holders of rec. June 15
July 1 'Holders of rec. June 15
7% preferred (guar.)
Rochester Central Power, 6% pf. (qu.) "134 July 1 *Holders of rec. May 29
134 July 1 Holders of rec. June 15
Illinois Power & Light. 6% pref. ((uer.) •188 July 1 'Holders of rec. June 10
San Joaq ul n Light & Pow., prior p1.(qu.) "194 June 15 'Holders of rec. May 29
$6 preferred (quer.)
Prior pref. series A (guar.)
"31.50 Aug. 1 "Holders of roe. July 10
•134 June 15'Holders of reo. May 29
Indiana Hydro-Elec. Power. pref. (qu.) 134 June 15 Holders of rec. May 29
Preferred A (guar.)
•154 June 15 'Holders of rec. May 29
Indianapolis Pr. & Lt.. 634% pref.(qu.) 134 July 1 Holders of rec. June 5
Preferred B (quar.)
"154 June 15 *Holders of rec. May 29
6% preferred (guar.)
134 July 1 Holders of roe. June 5
Second & 3d Sis. Pass. Hy., Phila.(gM).53
July 1 'Holders of rec. June I
Indianapolis Water. pref. ((Oar.)
134 July 1 Holders of rec. June 12s Shawinigan Water & Power.corn.(guar.) 62140 July 10 Holders of rec. June
15
International Power Securities, $6 pf. A .13
Southern Calif. Ed. Co., orig. pf. (quar.)
June 15 *Holders of rec. June 1
50e. July 15 Holders of rec. June 20
Internat. Superpower (quar.)
250. July 1 Holders of roe. June 16
7% Preferred, scrim B Bluer.)
4334c June 15 Holders ot tee. May 20
Interstate Natural Gas
*250. June 15 "Holders of rec. June 5
6% preferred, series It (quar.)
3734c June 15 Holders of rec. May 20
Interstate Power, $7 pref. (guar.)
51.75 July 1 Holders of rec. June 5
554% preferred series C (guar.)
343.4 July 15 Holders of rec. Juno 20
$6 preferred (quar.)
51.50 July 1 Holders of ma. June 5
Southern Canada Power,6% pref.(qu.). 134 July 15 Holders of rec. June 20
Iowa Electric Co.. 7% pref. A (quar.)
'I% June 30 *Holders of tee. June 20
Southern Colorado Power,7% pf. (qu.).. 154 June 15 Holders of rec, May 29
634% preferred B ((mar.)
*134 June 30 'Holders of rec. June 20
Southern Union GasIowa Ky. & Light, pref. A (quar.)
•134 June 30 *Holders of rco. June 15
Common (quar.) (In common stock)._ "12
July 1 'Holders of rec. June 20
Preferred B (quar.)
•134 June 30 *Holders of tee .June 15
Preferred A (guar.)
*50e. July 1 'Holders of rec. June 20
Preferred C (quar.)
"154 June 30 *Holders of rec. June 15
7% Preferred (quar.)
"4330 July 1 'Holders of rec. June 20
Jamaica Public Service, common (quar.)
25e. July 2 Holders of rec. June 15
Southwestern Gas & Elec.. pref. (quar.) "134 July 1 'Holders of rec. June 15
7% preferred (quar.)
134 July 2 Holders of rec. June 15
Southwestern Light & Power, pref. (qu.) •134 July 1 "Holders of rec. June 15
Jersey Cent. Pow.& Light,7% pfd.(ilU.) 134 July 1 Holders of rec. June 10
Springfield City Water. pref. A (guar.)._ *51.75 July 1 *Holders of tee.
June 20
6% preferred (fluor.)
134 July 1 fielders of roe. June 10
Preferred A (Guar.)
*51.75 net. 1 *Holders of rec. &M.20
Kansas City Pow.& Lt.. 1st pf. B(qu.). $1.50 July 1 Holders of rec. June 180 Springfield (Mo.) Gas & El. pf. A
51.75 July 1 Holders of rec. June 15
(qu)
K11125119 Gas & Elec., 7% pref.(qUar.)...
134 July 1 Holders of roe. June 22
Standard Gas & Elec., $4 pref. (guar.)._ $1
June 15 Holders of roe. May 250
$6 preferred (quar.)
51.50 July 1 Holders of reo. June 22
Tacony-Paimyra Bridge, corn. (quar.).. *75c. June It 'Holders
of reo June 10
Kentucky Securities Corp.. cone. (quar.) 134 July 1 Holders of rec. Juned20
Preferred A (guar.)
75c.
June
30 Holders of
154 July 15 Holders of rec. June 20
Preferred (quar.)
Telephone Bond & Share, coin.(quar.)_ "z50c July 15 *IIolders of rec. June 10
rec. June 25
Keystone Pub. Sent., $2.80 pref.(qu.).. "700. July 1 *Holders of rec. June 15
Preferred (guar.)
134 July 15 Holders of rec. June 25
Kings County Lighting, corn. (guar.)._ "51.50 July 1 "Holders of rect. June 18
Tenn. Elee. Power Co.,5% 1s1 pfd.(qu.) 1% July 1 Holders of rec.
June 18
•134 July 1 "Holders of rec. June 18
7% preferred (quar.)
6% first preferred (quay.)
134 July 1 Holders of ree. June 15
6% preferred (quar.)
•134 July 1 "Holders of rec. June 18
7% first preferred (guar.)
July
134
June
1
Holders
15
of
rec.
June 15 Holders or rec. June la
Laclede Gas Light, common (quar.).,.. 2
7.2% first preferred (quar.)
1.80 July 1 Holders of tee. June 15
234 June 15 Holders of rec. June It
Preferred
5% first preferred (monthly)
500.
June
July
Holders
15
1
of
rec.
*Holders
June
*22c.
30
of
rec. June 15
Lone Star Gas, corn. (quar.)
7.2% first preferred (monthly)
600. July 1 Holders of rec. June 15
Long Island Lighting, 7% Pref. (quar.) I% July 1 Holders of rec. June 16
Toledo Edison Co.,7% pref.(mthly.)..._ 58 1-3c July 1 Holders of rec. June 15a
134 July 1 Holders of tee. June 16
6% preferred series B (Misr.)
6% preferred (monthly)
July 1 Holders of rec. June 150
50c.
Louisville Garr & Flea., Cl. A & B (guar.) 4354e June 25 Holders of rec. May 29a
5% preferred (monthly)
41 2-3c July 1 Holders of rec. June 150
July 1 Holders of rec. June 12a Twin City R. T., Minneap..
1
Mackay Companies. pref. (quar.)
July 1 Holders of rec. June 12a
pt.
(CM).
134
"Holders
of ree. June 20
*51.75 July 1
Marlon Water Co., pref. ((uar.)
Union Passenger Ry. (Phila.)
y 1 Holders of rec. June 15
54
150. July 15 Holders of tee. June 30
Memphis Natural Gas, oom. (quar.)-Union Traction of Philadelphia
Holders of reo. June 9a
51.50 July
Holders
of
tee.
$1.75
1
July
June
20
Preferred (War.)
United Corporation, common (quar.)__ 1675430 July 11o Holders of tee. June ba
Memphis Power & Light,$7 pref.((Mar.) 51.75 July 1 Holders of rec. June 13
Preferred (guar.)
Holders of rec. June 5a
July
$8 preferred (quar.)
51.50 July 1 Holders of rec. June 13
United Gas & Elec. Corp., pref. (guar.) 134 July 1 Holders of roe. June 16
Metropolitan Edison, corn. (quar.).-.. .51
July 1 *Holders of roe. May 29
United Gas Impt., common (quer).30
0 Holders of reo. May 294
une 3
3
10Ju
2%. jrne
$7 preferred (guar.)
311.75 July 1 'Holders of tee. May 29
55 preferred (guar.)
Holders of rot. May 29a
$
$6 preferred (quar.)
"51.50 July 1 *Holders of rec. May 29
United Lt. & Pow., corn. A dr B (quar.)..
Aug. 1 Holders of me. July 150
25o July
$5 preferred (quar.)
*31.25 July 1 i*Holders of ref,. May 29
$6 preferred (guar.)
Holders of rec. June 15a
Michigan Elec. Power. 7% pref. (quar.) •134 July 11*Holders of rec. Juno 15
Utilities Power dr Light. corn. (quar.)-- $v2
0
. July 1 Holders of tee. June 5
11550
6% preferred (quar.)
•134 July 1 1*Holders of too. June 15
Class A (quar.)
o50e. July 1 Holders of rec. June ba
Midland United Co., common (quar.)_ f13.4 June 24 Holders of tee. June 1
Class B (quar.)
v25c. July 1 'bolder, of roe. June 5
Prof. A (cash or 1-400 share corn.stk.)
75e. June 24 Holders of rec. June 1
Preferred (quar.)
154 July 1 Holders of reo. June 5
Name of Company.
4363
FINANCIAL CHRONICLE
JUNE 13 1931.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Bo As Closed.
Days 'mingled.
Miscellaneous (Continued).
Backstay Welt Co., common (quar.)___ 1.25c. July 1 *Holders df rec. June 20
June 27 *Holders of rec. June 15
Balaban & Katz Corp..coin.(guard.
•111 June 27 'Holders uf roe June 15
Preferred (guar.)
•11.$ June 15 *Holder of rec. May 29
Baldwin Co.. preferred A (guar.)
334 July 1 Holders of rec. June Ca
Baldwin Locomotive Works. preferred
*37350 June 30 *Holders of rec. June 20
Baldwin Rubber, class A (guard
Bankers Investment Trust of AmericaJune 30 *Holders of rem June 15
Debenture stock (guar.)
1.15o Sept.30 'Holders of roe. Sept. 15
Debenture stook (guar.)
•15o Dec. 31 *Holders of tee. flea. 15
Debenture stook (guar.)
1% July 1 Holders of rec. June 15
Barker Bros. Corp., pref. (guard
"25c. July 1 *Holders of rec. June 30
Beaton dr Caldwell Mfg.(monthly)
July 1 Holders of rec. June I5a
Si
Beatrice Creamery, common (quar.)
1% July 1 Holders of rec. June 15a
Preferred (guar.)
750. July I Holders of MO. JULIO 120
Beech-Nut Packing, corn.(guard
1% Aug. 1 Holders of rec. July 15
Belding Corticelli, Lta., common (guard
1St June 15 Holders of rec. May 30
Preferred (guar.)
25e July 1 Holders of reo. June 10a
Bendix Aviation Corp. (guar.)
50o. June 15 Holders of rec. May 25a
Best & Co.(guar.)
Aug. 15 Holders of rec. July 180
St
Bethlehem Steel, cons.(guar.)
July 1 Holders of rec. June 56
131
Preferred
Banks.
(guar.)
July
1 Holders of rec. June 20
300.
50c July 1 Holders of rec. Juno 20a Bickford's. Inc., common (guar.)
Bank of America N. A. (guard
621.1c. July 1 Holders of rec. June 20
Preference (guar.)
July 1 Holders of rec. June 12a
51
Chase National (guar.)
1
Bliss
(E.
"Holders
of
rec.
June
July
W.) Co.
15
Chatham & Phenix Nat. Bk.& Tr.(au.) *SI
July 1 Holders of rec. June 20
12
National City Bank
Common(Payable in(Ammon stock)
Oct. I Holders of rec. Sept. 20
Common(payable In common stock)- e2
July 1 Holders of rec. June 6
}$1
National City Co
Aug.
15 *Holders of rec. Aug. 10
*3735
c
Bloch Bros. Tobacco, corn.(guar.)
City Bank Farmers Trust Co
.37150 Nov. 16 'Holders of reo. Nov. 10
July 1 'Holders of rec. June 15
*2
Common (guar.)
Commercial Nat. 13k. & Tr. Co.(qu.)
'Holders of rec. June 24
30
June
•115
*Holders
of
rec.
1
Preferred
June
20
July
(guar.)
Public Nat Bank & Trust Co (guard-- 1.51
•115 Sept.30 *Holders of rec. Sept. 24
Preferred (guar.)
•135 Dee. 31 *Holders of rec. Dec. 24
Preferred (guard
Trust Companies.
Holders of rec. June I3a
Blumenthal(Sidney) &Co.• Pref.,
75c July 1 Holders of rec. June 11
(Ou.);- 1% July 1
Bankers Trust (guar.)
Bohn Aluminum & Braes, corn. (guar.).. 3715c July I Holders of rec. June I5a
June 15 *Holders of rec. June 1
*6
BronxvIlle Trust
.$1
31 *Holders of reo. July 15
July
A
(guar.)
Holders
15
Bon
Am(
common
of
rec.
June
5
June
Co.,
300
Continental Bank & Trust (guard
•$1
July 31 *Holders of roe. July 15
June 30 Holders of rec. June 30
Common A (extra)
3
Federation Bank & Trust (quat.)
*50c. July 1 *Holders of roe. June 19
Sept.30 Holders of roe. Sept.30
Common 13 (extra)
3
Quarterly
July 1 *Holders of rec. June 19
*50o.
Holders
of
rec.
Dec.
31
Dee.
31
Common
B (extra)
3
Quarterly
Boots Pure Drug, Ltd.
June 30 Holders of rec. June 5
5
Guaranty (guar.)
lperre June 24 *Holders of rec. May 29
Am,dep, rets, for ord. reg. shares
40o. July 1 Holders of reo. June
Irving (guar.)
250. July 1 Holders of rem June 15a
July 1 Holders of rec. June 15a Borg-Warner Co., corn. (guar.)
51
Manhattan Co.(guar.)
▪ % July 1 *Holders of rec. June 15
July 1 Holders of rec. June 19
15
Preferred (quer.)
United States (quard
June 15 *Holders of rec. June 5
*2
Holders
Co
of
rec.
June
Boston
Investment
19
10
July 1
Extra
250. Juno 30 Holders of rec. June 15
Boston Personal Property Trust (guar.).
3% June 30 Holders of rec. June 1
Boston Wharf
Insurance.
bee. Sept. 10 Holders of rec. Sept.
Boston Woven Hose & Rub., coin.(qu.). 51.50 June 15 Holders of roe. June 1
North River Ins (guar.)
3
June 15 Holders of ice. June 1
Preferred
55e. July 1 Holders of rec. Juno lea
Rossia Insurance Co. of Amer.(guard- 1.25e. June 15 *Holders of rem June 1
Boudoirs, Inc
1 *Holdera of rec. June 1
July
.
1115
Brandram-Henderson,Ltd.. Pref.(guar.)
Miscellaneous.
*31 Sept. 1 *Holders of roe. Aug. 20
Brennan Packing Mass A (gust.)
*Holders of rec. Nov. 20
*51
Dee.
1
1
Holders
of
July
rec.
June
6215c.
18
Class A (guar.)
Abbott Laboratories (guar.)
*250. Sept. 1 *Holders of rec. Aug. 20
134 July 2 Holders of rec. June 20
Class B (quar.)
Abitibi Power & Paper. 7% pref.(qu.).
1.25e Dec. I "Holders of roe. Nov. 20
*6234c July 1 *Holders of rec. June 20
Class B (guar.)
Acme Steel (quard
50c. June 30 Holders of rec. June 20a
25e. June 30 Holders of roc. June 13o Briggs & Stmton Corp. (guard
Adams Express, common (guar.)
15c. July 1 Holders of rec. June I5a
June 30 Holders of roe. June 13a
Bello Mfg. Common (guard
Preferred (guar.)
50o. July 1 Holdero of reo. June 15a
Class A (guar.)
Addressograph-Multigraph Corr).July 2 June 14 to July 1
20c.
35c, July 10 Holders of rec. June 22a British American Oil, reg. shares
(I) Common (guard (No. I)
20o. July 2 Holders of coup. No. 5
1% July 1 Holders of rec. June 15
Coupon shares
Aetna Rubber, pref. (guar.)
stock
reg.
ord.
115
July
2
Holders
of
roe. June 15
British-Amer. Tobacco,
Agnew Surpass Shoe Stores. pf.
(f) June 30 Bee note (7).
15c, June 18 Holders of rec. Mayd29a
Allegheny Steel, cam.(monthly)
(interim) A (guar.)
(6) June 30 Hold. of coup. No. 140
*115 Sept. 1 'Holders of rec. Aug. to
Preferred (guar.)
Ordinary coupon stock (Interim)
June 16 Holders of rem Apr. 27
Si
▪ % Dec.1 'Holders of roe. Nov. 13
Preferred (q mud_
Buckeye Pipe Line (guar.)
25e, July 1 Holders of rec. June 18a
135 Sept. I Holders of rec. Aug 20
Alliance Realty Co., preferred(011ar.)
Bucyrus-Erie Co.. cons. (guar.)
July
1 Holders of rec. June 18a
1%
1
3
5
Deo.
1
Holders
of
roe
Nov
20
Preferred Wear
__ _
7% preferred (guar.)
62150. July 1 Holders of rec. June 180
1)4 July I Holders of roe. June lla
Allied Chem.& Dye Corp.. Pref. (qu,)
Convertible pref.(guar.)
25o. June 30 Holders of rec. June 100
Allied Laboratories, stony pref.(guar.).- "8715(3July 1 *Holders of rec. June 15
Budd Wheel, common (guar.)
1% Juno 30 Holders of rec. June 10a
June 15 *Ilolders of rec. June 1
Participating preferred (guar.)
Alpha Portland Cement. pref.(qu.)
75a. June 30 Holders of rec. June 100
Participating pref. (extra)
Aluminum Manufactures. Inc., com.(qu) *500. June 30 *Holders of rect. June 16
50e. July 2 Holders of reo. June 15
1
.500.
Ltd.,
ol.
A
(11U.)
Sept.30
*Holders
of
Products,
rec.
Sept.
15
Building
Common (guar.)
'
St July 1 *Holders of rec. June 15
1.500. Dec. 31 'Holders of reo. Doe. 15
Burger Bros. 8% pref. (guar.)
Common (auar.)
*$1 July 1 *Holders of reo. June 15
1.1% June 30 *Holders of roe. June 15
preferred (guar.)
Preferred (guar.)
8%
Oet. 1 'Holders Of tea. Sept.15
4
.51
*1% Sept.30 'Holders of rec. Sept.15
Preferred (guard
8% Preferred (guar.)
'1% Deo. 31 *Holders of roe. Dee. 16
Burmah Oil, Ltd.Preferred (gnat.)
June 18 •Holders of rec. May 20
*1235
she...
reg.
.37350
June
15
ord.
'Holders
of
for
roc.
May
29
Am.
dep.
receipts
Aluminum Industries (guar.)
1% July I Holders of rec. June 15a
$3.50 July 15 *Holders of rec. June 15
.
Burns Bros., pref. (guar.)
Amalgamated Laundries, pref
hi% June 15 Holders of rec. May 290
.750. July I *Holders of rec. June 17
Preferred (acct. secure. dive.)
American Bakeries, class A
.82 rie Aug. 1 "Holders of rim. July 10
•I
July 1 "Holders of roe. June 17
Bush Terminal, corn. (guar.)
7% preferred (guar.)
•1% July 15 *Holders of rec. July 1
50c. July 1 Holders of roe. June 100
Debenture stock (guar.)
American Bank Note. com.(guar.)
134 July 1 Holders of rec. June 120
(guardJuly
1
Pref.
Holders
of
roe.
June
750.
Binh
10a
Terminal
Bldgs,
Preferred (guar.)
1 14 Aug. 1 Holders of rec. July 150
Amer. Brown Boyer' Elec., pref. (quard 1% July 1 Holders of rec. June 20a Byers (A. M.) Co., pref. (guar.)
1.500 July 1 *Holders of rec. June 20
American Can. pref. (guar.)
1% July 1 Holders of rec. June 16a California Ink class A & B (guar.)
July 1 *Holders of roe. June 16
.87
25c. July I Holders of rec. June I50
Dal Corp., 7% Peet(No. 1)
American Car & Foundry. corn. (guard_
50e June 15 Holders of rec. May 29a
1% July 1 Holders of rec. June 16a California Packing (guar.)
Preferred (guar.)
30 Holders of me. May 30
June
134
pref.
(guar.)
June
Cement.
30
Holders
of
rec.
June
20a
Canada
American Chain,7% pref.(quard
1%
June lb Holders of rec. May 31
50c. July I Holders of rec. June 12a Canada Wire & Cable, clam A (guar.)- SI
American Chicle (guar.)
Sept. 15 Holders of rec. Aug. 31
$I
25o. July 1 Holders of roe. June 12a
Extra
Class A (quard
Dec. lb Holders of rec. Nov. 30
31
Amer. Colortype, common (guar.)
Cla s A (guar.)
200. June 30 Holders of roe. June 12a
4334 June 15 Holders of rec. May 31
American Envelope, 7% prof. gular.).- •115 Sept. 1 *Holders of rec. Aug. So
Class B (guard
115 June 15 Holders of rec. May 31
7% preferred foxier.)
Preferred (guar.)
'1)4 Dec. 1 "Holders of me Nov 20
July 2 Holders of rec. June 15
3
American Fork & Hoe, corn. (guard-- *3735e June 16 *Holders of rec. June 5
Canada Permanent Mtge.(guar.)
$1 June 15 Holders of rec. May 31
Preferred (guar.)
Canada Wire & Cable, common A
*135 July 15 *Holders of rec. July 3
43 Sic. June 15 Holders of rec. May 31
Amer. Furniture Mart Bldg., Pf.
Common B
1% July 1 Holders of rec. June 20
13.4 June 15, Holders of rec. May 31
Amer. Hawaiian Steamship. (quar.)
50o. June 30 Holders of rem June 15a
Preferred
to
June 15
$1
Tune 151 May 31
Quarterly
25o.'Sept. 30 Holders of rec. Sept. 153 Canadian Bakeries, lot pref. (guard
121
.5c. July 2 Holders of rem June 15
(guar.)
Quarterly
25c. Dec. 31 Holders of roe. Dee, 16a Canadian Canners, corn.
20e. July 2 Holders of rec. June 15
Amer. Home Products Corp. (montblY)350. July I Holders of reo. June 15a
Convertible preferred (guar.)
134 July 2 Holders of roe. June 15
American Locomotive, common (guard_
25c, June 30 Holders of rec. June I2a
First preferred (guar.)
440. July 10 Holders of rem June 25
1% June 30 Holders of roe. June 12a Canadian Car & Fdy.. pref.((Mord
Preferred ((ward
33.4 June 30 Holders of rec. June 13
(Amer. Manufacturing Co., corn.(quer., d5Ocz July 1 Holders of rec. June 15
Canadian Celaneee, Ltd., pref
July 4 Holders of reo. June 20
115
(qu.)
pref.
rec.
June
15
1
Holders
of
(Preferred (anal-)
'4 IJuly
Canadian Cottons, Ltd..
*50c. June 15 *Holders of rem June 1
American National Finance, pref
Canadian Fairbanks-Morse corn. (guard "500. June 15 *Holders of rec. May 30
July 1 Holders of rec. June 13
American Optical Co., lst pref. (Clear.). 1% July 1 Holders of nto. June 206 Canadian General Electrio, corn. (guar.) 1
8735c. July 1 Holders of rec. June 13
115 Oct. 1 Holders of rec. Sept. 190
First Preferred (guar.)
Preferred (guar.)
lb( Dee, 31 Holders of reo. flee, 206 Canadian General Invest, Trust
* 662-30 July 1 *Holders of rec. June 15
First preferred (guar.)
July 1 Holders of roe. June 20
2
Amer. Pneumatic Service, 1st pref.(qu.) 8715c June 30 Holders of rec. June 20
Canadian Oil, preferred (guar.)
134 June 30 June 20 to June 24
Canfield Oil, corn. & pref. (guar.)
Am. Radiator & Stand. Sanitary Corp..
15c. June 80 Holders of rec. June I la Cannon Mills (guar.)
40c, July 1 Holders of rec. June 18a
Common (quard
$1.25 June 30 Holders of ree. June 10a Canton Company
Juno 30 *Holders of rec. June 26
*$3
Amer. Safety Razor (guar.)
750. July 1 Holders of rec. June ha
June 30 'Holders of rec. June 26
*$1
American Snuff, common (quard
Extra
115 July 1 Holders of rec. June 1la Carnation Co., pref.
July 1 *Holders of rec. June 20
"115
Preferred (guar.)
(guar.)
250. July 15 IIelders of rec. July la
'134 Oct. I *Holders of roe. Sept. 20
American Steel Foundries, com.(guard_
Preferred (gust.)
June 30 lIolders of rec. June 15a
"115 Jan 2'32 *Holders of rm. Dec. 21
Preferred (guar.)
Preferred (guard
50e. July 1 Holders of rec. June 15a Carolina Dis-o Int pref. (guard
*51.75 June 30
American Stores Co.(quard
July 2 Holders of rec. June 5a Carreras, Ltd.
Amer. Sugar Refg., corn.(guar.)
13-4 July 2 Holders of ree. June 5a
June 19
*15
Preferred (guar.)
Am. dep. ran, for ord. A mg
June 30 Holders of rem June 13a
June 19
$1
*15
Amer. Surety Co. (guar.)
Am. dep. rots, for ord B tog
1235c July 1 Holders of rec. May 30a Carter (Wm.) Co., pref. (guar.)
American Thread, preferred
134 June 15 Holders of rec. June 10
115 July 1 Holders of rec. June 106 Case (J. I.) Co.. corn. (guar.)
115 July 1 Holders of roe. June 12
American Tobacco. pref. (guard
0250 June 1 *Holders of rec. May 15
American Yvette, corn.(No. 1)
134 July I Holders of rec. June 12
Preferred (guar.)
*51.50 July 3 *Holders of roe. June 20
1% July 1 Holders of rec. June 13
Amoskoag Company, common
Celanese Corp. of Amer., 7% pf.(gu.)
•
52.25
July
3
"Holders
of
rem
June
20
334 June 30 Holders of rec. June 13
Preferred
First partic. pref. (quard
Ifro Aug. lb Holders of rec. Aug. 8
60e. July 1 Holders of rec. June 20a Centrifugal Pipe
Anchor Cap Corp., con. (guar.)
(guar.)
81,625 July 1 Holders of roe. June 20a
15c Nov. 16 Holders of roe. Nov. 5
Preferred (guar.)
Quarterly
pref
Oct. 21
June
30
Ltd..
334
Holders of rec. June 23
2
Anglo-Norwegian Holdings,
Century Co
July 1 Holders of rec. June 15a
el
1)4 July 1 Holders of rec. June 20a Century Electric Co.(guar.) (in stock)
Apex Electrloal Mfg., prof. (guar.)
July 1 *Holders of rec. June 20
*3735c
1%
July
1
Holders
of
roe.
Del.).
(guar.)
(of
pref.
(quar.)--pref.
June
10a
Products.
Co.
Armour &
Chain Store
•1$$ July
1 *Holders of rec. June 20
'250. July 1 *Holders of rec. June 18
Armstrong Cork, common (guar.)
Champ. Ctd. Pap., pf. dr spec. pf. (qu.)_
•115 July 1 'Holders of rec. June 20
Champion Fibre. tat pref.(guar.)
Arnold Print Works, 1st & 26 pf. (qu.)... .11.35 July 1 **Holders of rec. June 20
1 *Holders of roe. June 20
•115
July
250.
June
30
Holders
rec.
corn.
(qu.)
of
JUDO
of
Can..
AssociatedBreweries
15
Chatham Mfg.7% pref.(guard
.1% Oct. 1 'Holders of too. Sent. 20
134 July 1 Holders of re.. June le
Preferred (guar.)
7% preferred (guar.)
1 "Holders of reo. June 20
•115
July
350. June 30 Holders of rec. Junel3a
Associated 011 (guar.)
6% preferred (guard
*114 Oct. 1 *Holders of rec. Sept.20
June 30 Holders of reo. June 20
6% preferred (guar.)
Associate Investmenta Co., corn. Mud_ $1
.11.15 Aug. 1 *Holders of rec. July 15
1% June 30 Holders of rec. June 20
Cherry-B mrell Corp., prof. (guard
Preferred (guar.)
June 30 Holders of rec. June 90
31
115 June 30 Holders of tea. June 10a Clsesebrough Mfg, Coosol.
Atlantic Gull & W.1.6.8.Linea, M.4111.1
50o June 30 Holders of roe. June 96
115 Sept.30 Holders of tea. Sept. 10a
Extra
Preferred (guard
June 30 *Holders of rec. June 20
r.$1.50
1%
Dec.
(quard
30
pref.
A
Holders
of
rec.
Dec
10a
Copper
Brass
dr
Chase
Preferred (guard
$1.75 July 1 *Holders of rec. June 20
250. June 15 Holders of rec. May 21a Chicago Daily News. pref.(guar.)
Atlantic Refining, corn. (guar.)
St July 1 Holders of rec. June 250 Chicago Trans!. & Clearing 6% pf. (qu.) 1.3135 July 1 *Holders of rec. June 15
Auburn Automobile (guar.)
250 July 1 Holders of rec. June 19a
e2
July 1 Holders of rec. June 20a Chicago Yellow Cab (monthly)
Stock dividend
25e Aug. 1 Holders of rec. July 20a
"80c. July 1 *Holders of roe. June 15
Monthly
Axton Fisher Tobacco, ClaBB A ((Ward
25c Sept. 1 Holders of rec. Aug. 20a
*115 July 1 Holders of rec. June 15
Monthly
Preferred (guard
3735c June 29 Holders of rec. June 5a
Ally 1 Holders of tea. June 20a Chile Copper Co.(guard
Babcock & Wilcox CA.(oear.)
Public Utilities (Concluded).
Utah Power & Light. $6 pref.(guard-- $1.50 uly 1 Holders of rec. June 5
91.75 July 1 Holders of rec. June 5
57 preferred (guard
Virginia Elec. & Power,$6 pref.(guar.)- $1.50 June 20 Holders of rec. May 296
Virginia Public Service, 6% pref. (guar.) 115 July 1 Holders of rec. June 15
115 July 1 Holders of rec. June 15
7% preferred (guar.)
Washington Water Power, $6 pf.(qu.). •$1.50 June 15 *Holders of rec. May 25
$1.50 July 1 Holders of rec. June 20
Weetmoreland Water. $13 pref. (guar.)
S1.75,June 30 Holders of rec. June 17a
West Penn Electric Co., cl. A (guard_
115 lAug. 1 Holders of rec. July 6a
West Penn Power Co.,7% pf.(guard
1% Aug 1 Holders of rec. July 66
6% preferred (guar.)
54.25 July I Holders of rec. June 15
West Philadelphia Pass. BY
*51.50 July I *Holders of rec. June 15
West Texas Utilities, pref. (guar.)
I% July 1 Holders of rec. June 6
Winnipeg Electric Co.. pref. (guard
Wlsconoin Mich. Power, 6% pref. (IN.') •115 June 15 *Holders of rec. Slay 29
Wisconsin Power & Light,7% Pref, Mud 1.1% June 16 *Holders of rec May 30
•135 June 15 'Holders of rec May 311
6% preferred (guar,)
Wisconsin Public Service. 7% Pref.(qu.) I% June 20 Holders of rec. May 29
1% Ruse 20 Holders of rem May 29
635% preferred (guard
1% June 20 Holders of rec. May 29
6% preferred (guard
115
•115
115
115
134
4364
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Close.
Days inclusive.
[Tor,. 132.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneou
s
(Continued).
Chrysler Corp., common (guar.)
25e. June 30 Holders of reo. June Is Equity Savings & Loan
•36 June 15 *Holders of reo. May 31
(Cleve.)
Churngold Corp. (guar.)
•35e. Aug. 15 *Holders of rec. Aug. 1
Extra
•39 June 15 *Holders of ree. May 31
Quarterly
•35e. Nov.16 "Holder, of reo. Nov. 1
Ewa
Plantation
(guar.)
•600. Aug. 15 *Holders of rec. Aug. 5
Cincinnati Advertising Produots (guar.) •75e. July 1 *Holders of reo. June 20
Faber, Coe & Gregg, Pref. (guar.)
*134 Aug. 1 *Holders of rec. July 20
Quarterly
*750. Oct. 1 *Holders of reo. Sept. 19
Preferred (guar.)
"11‘ Nov. 1 *Holders of rec. Oct. 20
Quarterly
•75c. Jan 1'32 'Holders of roe. Dee. 19
Preferred (guar.)
'134 Febl'32 *Hold. of reo. Jan. 20'32
Cincinnati Land Shares
Sept. 15 *Holders of roe. Sept. 1
*3
Fairbanks-Morse de Co., corn.(quar.)
40e. June 30 Holders of rec. June 12a
Cincinnati Rubber 1.11g., 6% pref.(au.) *114 June 15 *Holders of rec. June 1
Famous Players Canadian Corp.(guar.).
500. June 27 Holders of rec. June 5
6% preferred (guar.)
"1.14 Sept. 15 *Holders of reo. Sept. I
Fanny Farmer Candy Shops, corn. (qu.)
25c.
July 1 Holders of rec. June 15
6% preferred (guar.)
'134 Dec. 15 *Holders of rec. Dec. 1
Preferred (guar.)
60c. July 1 Holders of rec. June 15
Cincinnati Tob. Warehouse(annual).- *31 June 15 *Holders of reo. Juno 6
Faultless Rubber. corn. (guar.)
62He July 1 June 16 to June 17
Cities Service, common (monthly)
23.40. July 1 Holders of reo. June 15a
(Fred) de Co. (guar.)
*50c. June 15 *Holders of rec. June 1
Corn.(payable in corn.stock)(mthly.) fSi July 1 Holders of rec. June 15a Fear (Fr
Federal Bake Shops, prof. (guar.)
*1H July 1 *Holders of rec. June 8
Preference B (monthly)
50. July 1 Holders of reo. June 15a Federal Mining
& Smelt., pref. (guar.).- 1% June 15 Holders of reo. May 25a
Preferred and pref. BB (monthly).50o. July 1 Holders of reo. June 15a Federal Motor Truck
(guar.)
10o. July 1 Holders of rec. June 20a
City Union Corp., corn.(guar.)
•25e. July 15 *Holders of reo. June 30
Federal Terra Cotta (guar.)
•2
June 15 'Holders of rec. June 5
Common (guar.)
•25e. Oct. 15 *Holders of reo. Sept.30
Feltman de Curme Shoe Stores, pf.(qu.). 154 July 1 Holders
Common (guar.)
of reo. June 10
•25e. Jan 15')) *Holders of rec. Dec. 31
Fifth Avenue Bus Securities (quar.)....
16e. June 29 Holders of rec. June 120
Clark Equipment Co.,corn.(guar.)
50o. Juno 15 Holders of reo May 29a Filene's(Wm.) Sons,
pref. (guar.)
134 July 1 Holders of rec. June 20a
Preferred (guar.)
•31.75 June 15 *Holders of reo. May 29
First
First
National
al Stores
Stores,
(ga
u,rI3c., corn.
m.(qu.)
6231e July 1 Holders of rec. June 5a
Claude Neon Elec.Prods., corn.(gu.)
•40e. July 1 *Holders of rec. June 20
preferred
Preferred (guar.)
"134 July 1 *Holders of reo. June 5
"35o. July 1 'Holders of reo. June 20
8% preferred (guar.)
•200. July 1 *Holders of rec. June 5
Claude Neon Genl. Adver., pref.(q.).- *1.11 June 15 *Holders of rec. May 31
First Security Corp.(Ogden) A & B(qu.) *50o. July 1 *Holders of
Cleveland-Cliffs Iron, Preferred (quar.)_ *31.25 June 15 *Holders of rec. June
rec. June 20
5
First State Pawners Society (guar.)._ *134 June 30 *Holders of rec.
Clifton Manufacturing
June 20
$2
July 1
1;4 July 1 Holders of rec. June 18a
Cluett, Peabody & Co., Inc., pref. (au.) 134 July 1 Holders of reo. June 20a Florsheim Shoe, 6% pref.(guar.)
Follansbee
Bros.
Co..
•31.50 June 15 *Holders of rec. May 30
pref. (guar.)
Coats (J. dr P.) Ltd-Food Machinery,634% pref.(mthly.)
*500. June 15 *Holders of rec. June 10
Am. dep. rots. ord. reg. she,
w 9pence July 7 Holders of rec. May 22
614% preferred (monthly)
•500. July 15 *Holden; of reo. July 10
Coca Cola Bottling (quarterly)
25e. July 15 Holders of reo. July 3
(tH % preferred (monthly)
.50o. Aug 15 *Holders of roe. Aug. 10
Quarterly
250. Oct. 15 Holders of reo. Oct. 5
614% preferred (monthly)
•500. Sept.15 *Holders of rec. Sept.10
Coca-Cola Co.,corn.(guar.)
31.75 July 1 Holders of reo. Juno 120 Ford Motor of Canada,
class A & B
60o. June 20 Holders of reo. May 29
Common (extra)
25o. July 1 Holders of reo. June 120 Foster Wheeler
Corp., cam.(guar.).-50e July 1 Holders of rec. June I2a
Class A
$1.50 July 1 Holders of rec. June 12a
Preferred (guar.)
31.75
July 1 Holders of rec. June 12a
Coca-Cola Internat. Corp., corn. (qu.)
314 July 1 Holders of reo. June 12a Foundation Inv. Co.,
_ •134 June 15 *Holders of reo. June 1
Common (extra)
50o. July 1 Holders of rec. June 12a Fuller (George A.) 6% pf.(guar.)
$1.50
Co.,
July
prior
1 Holders of rec. June 10a
pref.
(all.)
Class A
$3
July 1 Holders of reo. June 12a
Second preferred (guar.)
$1.50 July 1 Holders of rec. June 104
Colgate-Palmolive-Peet Co.. pref. (qu.). 114 July 1 Holders of reo. June 10a
Oalland Mercantile Laundry (quar.)
•873
-ft Sept. 1 *Holders of rec. Aug. 15
Colt's Patent Fire Arms Mfg.(quar.)
•38c. July 1 *Holders of rec. June 12
Quarterly
•8734c Dec. 1 *Holders of roe. Nov.15
Columbia Broadcasting CO.(stock div.). *e15 June 15 *Holders of rec. June 10
Ga
corn. (guar.)
31.25 June 15 Holders of reo. June 5a
New stock (No. 1)
"31 June 26 *Holders of reo. June 22
Preferred (guar.)
"31.50 Je
June 15 *Holders of rec. June 5
Commercial Credit of Bait., corn.(qu.)
500. June 30 Holders of rec. June 10a Garlock Packing,
30e. July 1 Holders of reo. June 15
corn,
7% first preferred (guar.)
4334o June 30 Holders of rec. June 10a Gaol Amer.
$1.50 July 1 Holders of rec. June 19a
Investors. prof. (rivar.)
634% first preferred (guar.)
134 June 30 Holders of rec. June 10a General Amer.
Tank Car (guar.)
$1.
July 1 Holders of rec. June 13a
8% preferred, class B (guar.)
50c. June 30 Holders of reo. June 10a General Asphalt,
75o. June 15 Holders of rec. June 15
$3 class A cony.stock (quar.)
75e. June 30 Holders of rec. June 10a General Baking corn (guar.)
Co., cam, (guar.)
50c. July 1 Holders of ree. June 205
Commercial Invest. Trust, corn. (qu.)
50o. July 1 Holders of rec. June 5a
Preferred (guar.)
$2
July 1 Holde
Holder, of rec. June 20a
7% first preferred (guar.)
134 July 1 Holders of rec. June 5a General Electric.
common (guar.)
40c. July 25 Holders of rec. June 26a
614% first preferred (guar.)
134 July 1 Holders of ree. June 5a
Special stock (quar.)
July 25 Holders of rec. June 26a
Cony. pref. opt. series of 1929 (guar.) n$1.50 July 1 Holders of rec. June 5a
General Mills, pref. (guar.)
134 July 1 Holders of rec. June 150
Commercial Solvents,corn.(qua?.)
250. June 30 Holders of rec. June 10a General Motor,
rs Corp., pref.(Cillan)
Aug. 1 Holders of reo. July 63
Compressed Industrial Gases (guar.)... •500. June 15 Holders of rec. May 29
era
feln.
Perr
(
tqin
ug
ar
l
)
nk,common
•62340
July 1 *Holders of roc. June 16
(guar.).Conde Nast Publications, corn. (quar.)_
50c. July 1 Holders of rec. June 17a
•$1.50 July 1 *Holders of rec. Juno 18
Consol. Bakeries (Canada) (guar.)
25c. July 2 Holders of rec. Juno 15
Gene
General
Public Service, $6 pref. (quar.)_ '31.50 Aug. 1 'Holders of reo. July 10
Consolidated Cigar Corp.. corn. (guar.). $1.25 July 1 IIolders of rec. June 15a
$5.50 preferred (quar.)
* 31.375 Aug. 1 *Holders of rec. July 10
Consolidated Laundries, corn. (guar.).2.50. July 1 Holders of reo. June 15a General
c0
Preferredram
corn, .(
quar.)__ $1.25 July 1 Holders of reo. June 10a
)
Preferred (guar.)
• 31.875 July 1 *Holders of rec. June 15
r:jignal.
uy
ar.
a
gua
(
ilqw
i
o (
1H July 1 Holders of rec. Juno 10a
Continental Baking Corp., pref. (guar.) 2
July 1 Holders of reo. Juno 15a Gibson Art
Co., common
•650. July 1 *Holders of reo. June 20
Contin.-Diamond Fibre Co., corn. (qu.)
250. June 30 Holders of reo. June 15s
Continental Steel. pref. (guar.)
•65o. Oct. 1 *Holders of reo. Sept. 19
.0134 July 1 'Holders of rec. June 18
Common (guar.)
•650. Janl'32 *Holders of reo. Dee. 19
Cooksville, Co., Ltd., pref.(guar.)
1
June 15 Holders of reo. May
Glidden Co., prior pref. (guar.)
Cooper-Bessemer Corp.. pref. (guar.).- •750. July 1 *IIolders of rec. June 30
134 July 1 Holders of reo. June 180
10
Globe Discount & Finance, corn.(guar.)
*256. July 15 'Holders of reo. July 1
Corporation Securities Co., corn. (qu.)-. 1114 June 20 Holders of rec. May 21
Preferred (guar.)
•87Ho June 15 'Holders of reo. June 1
Crane Co.. corn.(guar.)
•25o. June 15 *Holders of roe. June 1
Globe
Grain
ds
milling corn.(quar.)
.25e. July 1 'Holders of roe. June'20
Preferred (quar.)
•111 June 15 *Holders of reo. June 1
First preferred (quar.)
Cream of Wheat Corp. (guar.)
'4334e July 1 *Holders of rec. June'20
50o. July 1 Holders of reo. June 200
Second preferred (guar.)
*50e. July 1 *Holders of roe. June 20
Extra
250. July 1 Holders of rec. June 203 Globe Knitting
Works. pref
*35e. July 25 *Holders of reo. July 7
Cresson Cons. Gold Min. dr Mill(qu.). •10. July 10 *Holders of reo. June
30
Goderich Elevator & Trans. (guar.).- *35o. July 1 *Holders of
Crowell Publishing, corn. (guar.)
rec. June 15
*750. June 24 *Holders of reo. June 13
Goldblatt
Bros.,
corn.
•37Ho July 1 *Holders of reo. June 10
(guar.)
Crowley Milner & Co., corn. (quar.)
•500. June 30 *Holders of reo. June 10
Gold
Corn
p.us
(rajoarbp1c
r
.lpn ecoi. m
wm
tm
or
n.)stock)._
*PH July 1 *Holders of reo. June 10
Crown Cork & Seal, common (guar.)
60e. June 18 Holders of rec. May 290
$1.50 June 30 Holders of reo. June 173
Preferred (guar.)
68c. June 15 Holders of rec. May 290 Goodman Manufacturin
g (guar.)(qu,)..*75o. June 30 *Holders of rec. June 30
Crown Willamette Paper. 1st pref. (au.) $l
July 1 Holders of rec. June 135 Goodyear Tire de
Rubber,
let
pt.
111 July 1 Holders of rec. June la
Crucible Steel, pref. (guar.)
134 June 30 Holders of reo. June 153 Gorton Pew Fisheries
(quar.)
•75o. July 1 *Holders of rec. June 20
Crum & Forster, pref. guar.)
2
June 30 Holders of rec. June 20
Graham-Palge Motors, 1st pf. (guar.).- '154 July 1 *Holders of rec. June 16
Crunden-Nlartin Mfg
.331 Aug. :3 *Holders of rec. Aug. 3
Grand Rapids Varnish (guar.)
•126
14 June 30 *Holders of ree. June 20
Cuban Tobacco, Preferred
234 June 30 Holders of rec. June 15
Granite City Steel (guar.)
50o. June 30 Flolders of rec. Juno 15a
Cumberland Pipe Line (guar.)
50c. June 15 Holders of rec. May 29
Grant(W. T.) Co.(guar.)
25c. July 1 Holders of reo. June 12a
Cuneo Press. preferred (guar.)
'134 June 15 *Holders of rec. June 1
Grant Lunch Corp., corn
*40o. July 31
Curtis Manufacturing (quar.)
25c. July 1 Holders of rec. June 15
8% Preferred (guar.)
•200. June 30 *Holders of reo. June 29
Curtis Publishing, corn. (monthly)
33 1-3c July 02 Holders of rec. Juno 20a
8% preferred (guar.)
Sept. 30 *Holders of ree. Sept. 30
•200.
Preferred (guar.)
31.75 July 1 Holders of rec. June 206
8% preferred (quar.)
*20e. Dee. 31 *Holders of rec. Dee. 15
Dairy League Co-Operative Corp., Pfd
.51.75 July 1 'Holders of reo. June 15
Graymur Corp. (guar.)
"250. July 1 *IIolders of rec. June 15
David de Frere, Ltd., class A (guar.)... *570. June 15 *Holders of roe. May 30
Gray Telep. Pay Station (guar.)
*50o. July 1 *Holders of reo. June 18
Davidson Co.. prof. (quar.)
•150 July 1 *Holders of rec. June 20
Extra
*50c. July 1 *Holders of rec. June 18
Preferred (quar.)
•I% Oat. 1 *Holders of roe. Sept. 20
Great Lakes Towing,corn.(guar.)
June 30 *Holders of reo. June 15
'134
Preferred (quar.)
•1I1 Jan 1'32 *Holders Of
Dec. 20
Preferred q
'134 July 1 *Holders of rec. June 15
Decker (Alfred) & Cohn. pref. (quar.).... .134 Sept. 1 *Holders of re0.
re°. Aug. 20
Great Lakes Transit, pref. (guar.)
"154 July 1 *Holders of reo. June 25
Deere & Co.. old common (guar.)
$1.50 July 1 Holders of rec. June 15a Great Northern
$I
Juno 25 Holders of rec. June 5a
New common (guar.)
30c July 1 Holders of rec. June 15a Great Western Iron Ore Properties
Sugar, pref. (guar.)
134 July d2 Holders of rec. June 15a
De Long Hook & Eye, corn. (guar.).50o July 1 Holders of reo. Juned20
Greening (B.) Wire, pref. (guar.)
.01% July 1 *IIolders of rec. June 15
Denver Union Stock Yards (quar.)
'St
July 1 *Holders of rec. June 20
Greenway Corp., core
*300. Aug. 15 *Holders of rec. Aug. 1
Detroit Bankers (guar.)
•850 June 30 'Holders of reo. Juno 20
Common B
•300. Aug. 15 *Holders of reo. Aug. 1
Detroit & Cleveland Navigation (qu.)_.
20c July 1 Holders of rec. Juned15
pPararttlicippaattlingng
d (extra)
031.50 Aug. 15 *Holders of reo. Aug. 1
Detroit Gasket & Mfg.. corn.(ad). div.). *26o. June 18 'Holders of rec. June
3
preferred
•50e. Aug. 15 *Holders of reo. Aug. 1
Distributors Group. Inc. (guar.)
25e July 1 Holders of rec. June 20
Greif Broe. Cooperage, corn. A (guar.)._
40o. July 1 Ilolders of reo. Juno 15a
Dr. Pepper Co., common (guar.)
:300. Sept. 1 Holders of roe. Aug. 15
Gruen Watch, Prof.(guar.)
'150
Aug. 1 *Holders of roe. July 29
Common (eller.)
30e Dec. 1 Holders of rec. Nov. 15
Gurd (Charles) Co., Ltd.. corn.(qu.).
50e. July 2 Holders of reo. June 15
Doehler Die-Casting,7% pref. (guar.)._ 873-Oo July 1 Holders of reo. June 20
Preferred
(guar.)
15-4 July 2 lloiders of rec. June 15
$7 preferred (guar.)
$1.75 July 1 Holders of reo. June 20
Habirshaw Cable & Wire (guar.)
250. July 1 Holders of rec. May 20a
Dome Mines, Ltd
25e July 20 Holders of rec. Juno 30a Hahn Department Stores, pref. (guar.).
15-4 July 1 Holders of rec. Juno 225
Dominion Bridge. corn. (guar.)
75e Aug. 15 Holders of rec. July 31
Hall (II. C.) Lamp (quar.)
*10o. Juno 16 *Holders of roe. June 1
Common (quar.)
75o Nov. 14 Holders of rec. Oct. 31
lIalold Co., cone. (guar.)
•250. July 1 *Holders of rec. June 15
Dominion Glass Co., Ltd., corn. (guar.) 154 July 2 Holders of rec. June
15
Preferred (guar.)
*1.54 July 1 *Holders
Preferred (guar.)
134 July 2 Holders of rec. June 15
Hamilton Unit. Theatres, Ltd.. pfd.(qu.) 15-4 June 30 Holders of rec. June 15
Dominion Stores, corn. (guar.)
of rec. May 30
30e July 1 Holders of reo. Juno 150 Hammermill Paper, pref.(guar.)
'13-4 July 1 •Ilolders of rec. Juno 20
Dominion Textile. Ltd., corn.(guar.).- .31.25 July 2 *Holders of
rec. June 15
Hanna (M. A.) Co., pref. (guar.)
31.75
June
20
Holders
Preferred (guar.)
of
ree. June 5a
•134 July 15 *Holders of ree. June 30
Harbison-Walker Refrao.. pref. (guar.)
134 July 20 Holders of roe. July 10a
Draper Corporation (guar.)
31
July 1 Holders of rec. May 30
Harnischfeger Corp., pref.(guar.)
•114 July 1 *Holders of rec. June 16
Duplan Silk Corp., pref. (guar.)
2
July 1 Holders of rec. Juno 15
Hart, Schaffner & Marx, Corn. (guar.)._ *1
Aug. 31 *Holders of rec. Aug. 15
Dupont (E.I.)deNern. & Co.,com. (qu.) $1
June 15 Holders of rec. May 280
Common (guar.)
•1
Nov.80 *Holders of rec. Nov. 14
Debenture stock (guar.)
134 July 25 Holders of reo. July 10a Hathaway Bakeries, Inc., pt. el. B (qu.)
25c.
July
15 Holders of rec. June 30
Early & Hanle! Co., corn. (guar.)
•500. June 30 "Holders of reo. June 20
Hazel Atlas Glass (qUar.)
*50o.
July
1 'Holders of rec. June
Preferred (guar.)
•111 June 30 *Holders of reo. June 20
Extra
•25e. July 1 *Holders of rec. Juno 18
Eastern Steamship Lines, corn. (guar.).50c. July 1 Holders of rec. June 19
18
Special
•255.
July
1
*Holders of rec. Juno 18
First preferred (quar.)
134 July 1 Holders of rec. June 19
Reda Mining
*10e. June 15
Preferred (quar.)
8734e July 1 Holders of reo. June 19
Helme (George W.) Co., corn.(guar.)... 31.25 July 1 *Holders of rec. May 15
Ilolders of reo. Juno 10a
Eastern Util. Invest.. $5 prior pf. (qU.). $1.25 July 1 Holders of reo. May 29
Preferred (guar.)
154 July 1 Holders of rec. June 10a
Eastman Kodak, corn. (guar.)
$1.25 July 1 Holders of reo. June Sc Hercules Motor, corn.
(guar.)
•2130. July 1 *Holders of rec. June 20
Common (extra)
750. July 1 Holders of reo. June 6a Hercules Powder, corn. (guar.)
75o Juno 25 Ilolders of rec. June 120
Preferred (quar.)
134 July 1 Holders of rec. June 55 Hewitt Bros. Soap.
Pref. (guar.)
•2
July 1 *Holders of reo. June 20
Ecuadorian Corp.. Ltd., corn. (quar.)_
Sc. July 1 IIolders of rec. June 10
Preferred (guar.)
•2
Oct. 1 *Holders of rec. Sept. 20
Ordinary
Mr. July 1 *Holders of reo. June 10
Preferred (guar.)
*2
Jaul'32 *Holders of rec. Dec. 20
Preferred
334 July .1 Holders of roe. June 10
Flibbard Spencer Bartlett ec CO.(mthly.)
25e June 26 Holders of reo. June 19
Preferred ((Man)
"3.14 July 1 *Holders of reo. June 10
Holland Furnace, corn. (guar.)
6234c July 1 Holders of reo. Juno 153
Edison Bros. Stores. pref.(alien)
*134 June 15 *Holders of rec. May 30
Preferred
•314 July 1 *lIolders of rec. June 15
•37340 June 15 *Holders of reo. May 29
El Dorado 011 Works (guar.)
Hollinger Congo!. Gold Mines
5o Juno 17 Holders of reo. June 3
Electric Auto-Lite Co., corn. (guar.)... $1.50 July 1 Holders of reo. June 15a Honey Dew, pref.
(guar.)
$1.75 July 2 H
Holders of roe. Juno 15
Preferred (quar.)
134 July 1 Holders of rec. June 15a Hotel Stotler Co.. corn.
(guar.)
"31.25 June 30 'Holders
*Holde of rec. June 15
Electric Controller & Mfg., corn. (guar.) *sl.25 July 1 •Holdere of reo. June 20
6% preferred (guar.)
'3734c June 30 *Iloiders of rec. June 15
Electric Storage Battery. corn.,Sr 111.(qu) 31.25 July 1 Holders of reo. June 8a
7% preferred (guar.)
"I% June 30 'Holders of roe. June 15
Emerson e
ilromoua
tzer, cl. A & B (qu.). "501. July 1 "Holders of rec. Juno 15
Srl
e)
Houdaille-Hershey Co., cl. A (guar.)._ •6234o July 1 *Holders of reo. June 20
*50c. July 1 *Holders of reo. June 15
Bowed Bros., 7% preferred (guar.)
'134 July 1 *Holders of roc. June 20
Employers Group Associates (Qttar.)
25c. June 15 Holders of reo. June 1
Preferred
7%
(guar.)
*1H Oat, 1 *Holders of rec. Sept. 20
Endicott Johnson Corp., corn. (guar.).75o. July 1 Holders of reo. June 18a
7% Preferred (guar.)
n11 Deo. 31 *Holders of rec. Dee. 20
Preferred (quar.)
134 July 1 Holders of rec. June 18a
6% preferred (guar.)
•11.4 July 1 *Holders of rec. June 20
Equitable Mtge. de Title Guarantee
•234 June 30 'Holders of rec. June 20
6% preferred (guar.)
Oct. 1 *Holders of rec. Sept. 20
•131
Extra
•134 June 30 *Holders of reo. June 20
6% preferred
red (guar.)
(quar.)
S4 Doe, 31 *Holders of rec. Dec. 20
Stock dividend
Hudson Motor Car (guar.)
25o. July I Holders of rec. Juue lla
Equitable Office Bldg., corn,(quar.)-___*3
623HO
13 July 1 Holders of rec. June 15a Humble 011 & Rafe. (guar.)
•50e. July 1 *Holden) of rec. June 1
Preferred (guar.)
134 July 1 Holders of reo. June 15
Humphreys Mfg. Co., pref. (guar.).- •50o. June 30 *Holders of reo. June 15
Equity Corp.. preferred (guar.)
075o. July 1 *Holders of rec. June 15
HUMID &Erie Mortgage(guar.)
July 2 Holders of reo. June 15
2
Name of Company.
Name of Company.
Gerum
JUNE 131931.]
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
4365
Books Closest.
Days Inclusive.
Name of Costivany.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Doss Inclusive.
Miscellaneous (Continued).
Miscellaneous (Conitnued)•
Hydro-Elec. Secure. Corp., corn. ((01.)-350. June 19 Holders of rec. June 3
McLellan Stores Co. (qua?.)
Illinois Brick ((uar.)
21.50 July 1 Holders of rec. June 250
*30o. July 15 *Holders of roe. July 3
Mead, Johnson dr Co.. corn.(Qum.)
Quarterly
*75e. July 1 *Holders of reo. June 15
*30e. Oct. 15 *Holders of rec. Oct. 3
Common (extra)
Imperial Sugar,57 pref.(guar.)
"50c. July 1 "Holders of rec. June 15
•51.75 July 1 *Holders of reo. June
20
Preferre
d
57 preferred (guar.)
"35c. July 1 "Holders of rec. June 15
•$1.75 Oct. I *Holders of reo. Sept. 20
Meletto Sea Food (anat.)
$7 preferred (quar.)
July 1 "Holders of rec. June 25
Janl'32 *Holders of tea.
20
Imperial Tobacco of Canada, ord. (qu.)•51.75
Merchants Refrigerating (guar.)
.050o. June 30 *Holders of rec. June 22
85.1o. June 30 Holders of rec. Dec.
June
3
Merck Corp., preferred (guar.)
Incorporated Investors (guar.)
July 1 Holders of reo. June 17
2
*25o. July 15 *Holders of reo. June 18
Mercury Mills, corn
Stock dividend
5o. July 2 Holders of reo. June 15
*234 Oct. 15 *Holders of roe. Sept.21
Industrial & Power Securities ((uar.)Mercury Oils, Ltd., corn. (qua?.)
Sc. July 2 June 16 to July 1
4.25o. Sept. 1 *Holders of tee.
1
Mergenthaler Linotype (guar.)
Quarterly
$1.50
June 30 Holders of rec. June 30
*25e. Dec. 1 *Holders of rec. Aug.
Nov. 1
Industrial Rayon (guar.)
Mesta Machine,corn.(guar.)
*50c. July 1 *Holders of rec. June 15
2f1
July 1 Holders of reo. June 220 Metal
Ingersoll-Rand Co.. pre(
Package Corp., common (quar.)... 21 July 1 Holders of reo. June 10
f3
July
1
Holders
of
reo.
June 80 Metal Textile Corp., partio. pf. (quar.). 811(o. Sept. 1 Holders
Insult Utility Investments, corn. (gu.).- fl% July
of rec. Aug. 20
15 "Holders of rec.
Metro-Goldwyn Pictures, pref.(qua?.) 4744c. June 15 Holders of rec.
$5.50 prior preferred (guar.)
$1.38 July 1 *Holders of ree. June 15
May 290
Insuranshares Ctfs. Inc., corn.(qu.)
June 15
Metropolitan Paving Brick. pref.(guar.) 144 July 1 June 18 to
10o.
June
15
June 30
Holders
of ree. June 12a
Internat. Business Machines, corn. (qu.) $1.50 July
10 Holders of reo. June 200 Mickelberry's Food ProductsInternational Carriers, Ltd. (quar.)
Commo
stook).
n (payable in corn.
..„ *1234 Aug. 15 *Holders of me. Aug. 1
1234o July 1 Holders of reo. June
Internat. Cement (guar.)
Common (payable In corn. stock).*1234 Nov.16 *Holders of reo. Nov. 2
June 30 Holders of reo. June 16e
$1
International Harvester, corn.(guar.)
*3
July 1 *Holders of rec. June 20
July 15 Holders of reo. June Ila Midland Grocery. pref
Internat. Nickel of Can., corn.(qu.) .- 6234e
200
Midland Royalty, $2 pref.(Qum.)
*50o June 15 Holders of reo. June 4
15o. June 30 Holders of reo. June
Preferred (quar.)
la
Midvale
(quar.)
Co.
51 July 1 Holders of reo. June 16
134
Aug.
1 Holders of me. July 20 Miller
Internet Petroleum, reg. stock (quar.)
Hart,
&
me..
pref. (guar.)
*400. July 1 *Holders of rec. June 15
25o. June 15 June 1 to June
Coupon stock (quer.)
15
Minnesota Valley Can. pref.(quar.)..1M Aug. 1 *Holders of reo. July 20
25e. June 15 Holders of coup.
International Proprietaries. el. A ((PONo.29
Preferred (guar.)
'154 Nov. I *Holders of rec. Oct. 20
65c. June 15 Holders of rec. May
Internat. Pulp Co., pref. (quar.)
25
Preferred (guar.)
*144 July 1 *Holders of rec.
*151 Febl'32 *Holders of rec. Jan. 20'32
International Salt (quar.)
June 18
Monroe Chemical, pref.(quar.)
4.87)40 July 1 "Holders of rec. June 15
750. July 1 Holders of
June 150 Monsanto Chemical Works(Mier.)
International Shoe, corn.(quar.)
31440 July 1 Holders of reo. June 10a
750. July 1 Holders of reo.
reo.
June
Preferred (monthly)
15a Montgomery Ward & Co., class A (gm).•81.75 July 1 *Holders of
500. July 1 Holders of tee.
rec. June 20
Preferred (monthly)
Montreal Cottons. Ltd., corn. (quar.).
134 June 15 Holders of ree. May 30
*50e. Aug. 1 "Holders of reo. June 15
July
15
Preferred (monthly)
Preferre
d (qear.)
144 June 15 Holders of rec. May 30
*50o. Sept. 1 *Holders of tee.
Preferred (monthly)
Montreal Loan & Mtge.(guar.)
75e. June 15 Holders of reo. May 31
*500. Oct. 1 *Holders of reo. Aug. 15
Preferred (monthly)
Morrell (John) dr Co., Inc., corn. (qtr.)._
750. June 15 Holders of rec. May 280
*50e. Nov. 1 *Holders of rec. Sept. 15
Preferred (monthly)
15
Morris Finance Co., Cl. A (quar.)
"134 June 30 *Holders of rec. June 20
Dec. 1 *Holders of reo. Oct.
*50o.
Nov. 15
International Sliver, pref. (quar.)
Class B (quar.)
*27110 June 3 *Holders of rec. June 20
July 1 Holders of reo. June
120
Interstate Department Stores, com.(qu.) 1.34
Preferred (quer.)
'154 June 3 *Holders of reo. June 20
50o June 30 Holders of reo. June 20
Intertype Corp., first Pref. ((Mar.)
Morris Plan Bank (Baltimore)
•2
*30o. June 3 *Holders of roe.
July 1 *Holders of ree.
21
June 15
Second preferred
Morristown Secure. Corp.,cont.(qu.)-- 1234o. July 2 Holders of rec. June
53
July
*Holders of rec. June 15
June 15
Investors Corp. of R.I., let & 2d pf.(qu.) '134 July 1
Preferred
214 July 2 Holders of reo. June 16
1
*Holder
s
of
rec.
Convertible pref.(guar.)
20
Mortgage-Bond Co. (aunt,)
1
June 29 Holders of reo. June 22
*134 July I *Holders of rec. June
Irving Air Chute (guar.)
Mtge.-Bond & Title Corp.. pfd.& pfd. B 244 June 80 Holders of rec. June 22
*25e. July 2 *Holders of roe. June 20
June 15
Ivanhoe Foods, Inc., $3.50 pref. (qu.) *87340 July
Prior preferred
*244
June
3 *Holders of rec. June 22
1
*Holder
s of rec.
Jefferson Electric Co. (quar.)
Motor Products (guar.)
.July 1 Holders of reo. June 190
*50o. July 1 *Holders of ree. June 20
June 15
Jewel Tea, Inc.. corn. (quar.)
Mountain Producers (guar.)
250. July 1 Holders of rec. June 150
July 15 Holders of reo. July
,
Johns-Manville Corp.. corn. (guar.).- 750. July 15
le Munsingwear Corp., corn.(guar.)
.Sept. 1 Holders of rec. Aug. 140
Holders of ree. June
Preferred (quar.)
Common (guar.)
50e. Dec. 1 Holders of rec. Nov. 160
134 July 1 Holders of rec. June 29a
10a Muskogee Company, common
Jones & Laughlin Steel, pref. (quar.)
I% July 1 Holders of rec.
21
June 15 Holders of reo. June 5
Kalamazoo Stove (quar.)
12a Mutual Chemical. pref.(guar.)
4.114 June 29 *Holders of rec. June 18
6231o. July 1 Holders of reo. June
Kalamazoo Vegetable Parchment(qu.)
Myers(F. E.) & Bros.. common (guar.)50o. June 30 Holders of reo. June 156
.150. June 80 *Holders of rec. June 19
June
Quarterly
20
Preferred (guar.)
*15a. Sept.30 *Holders of tee.
134 IUDS 30 Holders of reo. June 150
Quarterly
National Battery. prof. (guar.)
550. July 1 Holders of rec. June 150
*150. Dec. 81 *Holders of reo. Sept.19
Dec.
Katz Drug,corn.(quar.)
National Biscuit, corn.(guar.)
700. July 15 Holders of rec. June 160
50e. June 15 Holders of reo. May 21
Preferred (quar.)
29
Nationa
l
Bond
250.
&
June 15 Holders of roe. June 1
31.625
Share
(gum)
July
1
Holders of ree. June 15
Kaufmann Dept. Stores, pref. (quar.)
National Breweries, corn. (qua?.)
144 July 1 Holders of
400 July 2 Holders of reo. June 15
rec. June 10
Kellogg (Spencer) & Sons (qua?.)
Preferre
(quar.)
d
440
July 2 Holders of tee. June 15
200.
June
30
Holders
of rec. June 15a National
Kemper-Thomas Co., corn. (quar.)Casualty Co. (Detroit) (qu.)
*300. June 15 "Holders of tee. May
-- .75e. July 1 "Holders of reo. June
Common (mar.)
National Dairy Products. corn.(guar.)- 650. July 1 Holders of reo. June 29
*75o. Oct. 1 *Holders of reo. Sept.20
30
Common (quar.)
Preferred A & B (qua?.)
'154 July 1 *Holders of tee. June 3
'750. rn 1'32 "Holders of ree. Dee. 20
Preferred (guar.)
20
•154 Sept. 1
National Distillers Products, corn. (qu.) 50e. Aug. 1 Holders of reo. July 154
*Holders of reo. Aug. 20
Preferred (qua?.)
*rational Industrial Man Corp.(mthly.)- .5e. July 10 *Holders of rec. June 30
*14( Dec. 1 *Holders of rec. Nov. 20
Kennecott Copper Corp.(quar.)
National Lead, common (guar.)
134 June 30 Holders of rec. June 12a
250. July 1 Holders of reo. June
Kimberly-Clark Corp., corn. (guar.)._
lba
Preferred A (qua?.)
134 June 15 Holders of rec. May 29a
62340 July 1 Holders of reo. June 12a
Preferred (quar.)
•1% July 1 *Holders of
Preferred B (quer.)
114
Aug. 1 Holders of roe. July 17a
reo. June
Kirsh Co., corn., preferred (quar.)
National Mfrs.& Stores, class A (guar.)- *131 July 1 "Holders of rec. June 15
*45e. July 1 *Holders of reo. June 12
Klein (D. Emil) Co.. corn. (quar.)
16
First preferred (qua?.)
July
*25o.
1 *Holders of reo. June 15
July
1
*Holder
s
of
reo.
Koppers Gas & Coke, pref. (lear.)
June
1,134 July
National 011 Products. corn. (quar.)
411
July 1 *Holders of roe. June 20
1 *Holders of tee. June 21)
Kresge (S. S.) Co., Corn. (quar.)
Common (extra)
*50o. July 1 *Holders of rec. June 20
400. June 80 Holders of rec. June 11
Preferred (guar.)
10a
$7 preferred (guar.)
*51.75 July 1 *Holders of rec. June 20
134 June 30 Holders of reo. June 100
Kreuger & Toll, American Shares
National Sewer Pipe, corn.(aunt.)
e1.01 July 1 Holders of
*500. June 15 *Holders of reo. May 30
reo. June 8ct
Kroger Grocery & Baking, 1st pt.(qu.)_ 1
82.40 pref A (guar.)
N300. June 15 *Holders of me. May 30
July
.134
1
*Holder
s
of
rec.
Second preferred (quar.)
20
National Standard Co. (quar.)
•750.
July 1 *Holders of rec. June 19
Aug. 1 *Holders of rec. June
•134
July
Lake Shore Mines, Ltd. (guar.)
National Steel Car Corp., cont. (qu.)... 50e. July 2 Holders of rec. June 170
30o. June 15 Holders of reo. June 21
1
Extra
National Sugar Refg., corn. (guar.)50c. July 1 Holders of rec. June 1
300. June 15 Holders of rec. June 1
Lambert Company,corn. (guar.)
National Surety (quar.)
50e. July 1 Holders of reo. June 180
July .1 Holders of rec. June
92
Land Title Bldg. Corp., PhIle
17a National Tea,corn.(guar.)
111
250. July 1 Holders of tee. Junedlea
June 30 *Holders of reo. June 13
Landis Machine, common (quar.)
National Transit (qar.)
me. Aug. 16 Holders of reo.
June 1 *Holders of reo. May 29
.25e.
4
5
Common (quar.)
Neiman-Marcus Co., prof. (guar.)
750. Nov.16 Holders of rec. Aug.
el 44 Sept. 1 *Holders of reo. Aug. 20
Nov.
Preferred (quar.)
Preferred (alter.)
June 1 *Holders of reo. June 5
'134 Dec. 1 *Holders of rec. Nov. 20
*134
Preferred (quar.)
5
Nelson Baker & Co., corn. (quar.)
MI% Sept.15 *Holden of reo.
*150. June 3 *Holders of reo. June 27
Sept. 5
Preferred (quar.)
Neptune Meter, common A & B (quar.)
500. June 15 Holders of rec. June 1
$134 DSO. 15 *Holders of reo. Dec.
Lane Bryant, Inc., corn. (quar.)
5
250, July 1 Holders of reo.
Preferred (quar.)
Aug. 15 Holders of rec. Aug. la
2
June 120
Lens & Bro. Co.. preferred ((IMO
Preferred (quar.)
Nov.18 Holders of tee. Nov. la
2
July 1 *Holders of tee. June 24
---- *2
Preferred (quar.)
Nevada Consol. Copper Co.(man).
*2
25c. June 30 Holders of reo. June 12a
Oat. 1 *Holders of res. Sera.23
Lawrence Portland Cement ((Mar.)
Newberr
y
"1
*2744c
June
(J.
J.)
July
(qua?.)
Co..
1 *Holders of rec. June 16
coin.
30
*Holder
s of rec. June 15
Lawyers Mortgage Co.(quar.)
New England Grain Prod.
700. June 30 Holders of rec. June
Lawyers Title Guaranty Co.(guar.).- 3
Corn.(1-100 share In pref. A stook)
Aug. 1 *Holders of tee. July 14
July 1 Holders of rec. June 18
20a
Lehigh Portland Cement, pref. (guar.)
Corn.(1-100 share In Prof. A stook)
Febl'32 *Hold,of rec. Jan. 14'32
- 134 July 1 Holders of rec. June 13a
Lehigh Valley Coal Corp., pref.(qu.)
750, July 1 Holders of
67 preferred (guar.)
*21.75 July 1 *Holders of reo. June 20
reo. June lie
Lehigh Valley Coal Sales (luer.)
$7 preferred (guar.)
900. June 30 June 11 to June
*51.75
1 *Holders of tee. Sept. 20
Oct.
Lehman Corp.(quar.)
30
750 July 3 Holders of
$7 preferred (guar.)
*$1.75 Jan2'82 *Holders of tee. Dee. 20
tee. June
Lerner Stores Corp.. corn.(guar.)
Preferred A (guar.)
500. June 16 Holders of reo. June 22a
July
'Holders of tee. July 1
16
*31.50
Lessing's, Inc. (luer.)
Preferred A (aunt.)
350 June 30 Holders of rec. June 5
41.50 Oct. 15 *Holders of reo. Oat. 1
Libby. McNeil & Libby. 1st prof
Preferred A (guar.)
334 jay 1 Holders of me. June 11
J515'82
*51.50
*Hold, of rec. Jan. 2'82
Second preferred
New York Investors, Inc.,1st prof
3
July 1 Holders of reo. June 19
3
July 15 Holders of rec. July 6
6% preferred
19
New York Transit (qnal'.)
*3
July 1 *Holders of rec. June
15o. July 15 Holders of me. June 26
19
7% Preferred
•334 July 1 *Holders of
Extra
100. July 15 Holders of reo. June 26
rec.
Liggett & Myers Tob., pref.(quar.)--- _
New York Transportation (quar.)
114 July 1 Holders of rec. June 19
*50e. June 27 *Holders of reo. June 12
June 10a Niagara Arbitrage Corp.
Lily Tulip Cup Corp., cont. (quar.)--- *37140 June 15
(No. 1)-4'20c. Aug. 1 *Holders of reo. July 25
*Holder
s
of
rec.
June
Preferred (quar.)
5
Northern Discount, pref. A (mthly.)--• 66 2-3c July 1 *Holders of reo. June
•IM June 30 *Holders of rec.
15
Lock Joint Pipe Co.,com.(mthly.)
Preferred A (monthly)
•66 2-3c Aug. 1 'Holders of rec. July 15
4160. June 30 "Holders of reo. June 5
June 30
Preferred (qua?.)
Preferred A (monthly)
• 662-3c Sept. 1 *Holders of rec. Aug. 15
*2
July
1
*Holder
s
of
rec.
July
Preferred (qua?.)
Preferred A (monthly)
*2
•562-3c Oct. 1 *Holders of
Oct. 1 *Holders of reo. Oct. 1
Sept.15
Preferred (qual.)
Preferred A (monthly)
•60 2-3c Nov. 1 *Holders of reo.
*2
Dec. 81 "Holders of tee. Dee. 1
reo. Oat. 15
Loewe. Inc.. cont. (quar.)
Si
Preferred A (monthly)
•662-50 Dec. 1 *Holders of rec.
75c. June 30 Holders of
Nov.15
reo. June 13a
Loudon Packing (quar.)
Preferred A (monthly)
•66 2-3c Jan1'32 *Holders of rec. Dec.
•760. July I *Holders
15
of
June 16
Loose-Wiles Biscuit, corn. (quar.)
Preferred 0(monthly)
650. Aug. 1 Holders of tee.
*1
July 1 *Holders of res. June 15
reo.
July
Common (extra)
17a
Preferred C (monthly)
100. Aug. 1 Holders of reo.
el
Aug. 1 *Holders of rec. July 15
July 17a
Preferred (guar.)
Preferred C (monthly)
134 July 1 Holders of reo.
Sept.
el
1 *Holders of reo. Aug. 15
Lord & Taylor,common (Otter.)
June 18a
Preferred C (IneetAlY)
el
Oct. I *Holders of roe. Sept.15
*234 July I *Holders of me. June
Lorillard (P.) Co. pref. (quar.)
17a
Preferred 0(monthly)
el
134 July I Holders of reo.
Nov. 1 *Holders of tee. Oct. 15
Lunkenbeimer Co. (quar.)
June
15a
Preferre
d
C
*37340 June 1 *Holders of
(monthly)
Dec. 1 *Holders of tee. Nov.15
*1
Preferred ((uar.)
Preferred 0(monthly)
el% July 1 *Holders of reo. June 5
*1
rn 1'32 *Holders of reo. Dec. 15
Preferred (quar.)
Niagara Share Corp. of Md.(quar.)... 100. July 15 Holders of rec. June 25
*1% Oct. I *Holders 91 rec. June 20
Preferred (guar.)
reo.
Sept
-21
Preferred (guar.)
*144 Jan l'8 *Holders of
$1.50 July 1 Holders of roe. June 20
MaoBeth-Evans Glass Co.(guar.)
Dec. 22
Niles-Bement-Pond Co.(guar.)
*750. June 30 "Holders of tee.
250. June 30 Holders of rec. June
Mack Trucks, Inc., corn.(quar.)
reo. Juno 20
Nineteen Hundred Corp., el. A (quar.). *50o. Aug. 15 *Holders of rec. Aug. 20
75c. June 30 Holders of rec.
1
Magnin (I.) & Co., common (guar.)
June
154
Glass A ((mar.)
*50c.
*37440
.
Nov.15 *Holders of rec. Nov. 1
July
15
*Holder
s
of
6% preferred (guar.)
North Amer. Provision, pref. (quar.)
0134 Aug. 1 *Holders of rec. June 30
*144 July 1 *Holders of reo. June 10
rec. Aug. 5
6% preferred (quar.)
•1M Nov.
North
Central Texas 011 (qua?.)
144 July 1 Holders of rec. June 10
15 "Holder
ManIschewitz(B) Co.. pref.(guar.)
Northern Pipe Line Co
.0134 July 1 *Holderss of rec. Nov. 5
$1.50 July 1 Holders of rec. June 12
of me. June 20
Mapes Consolidated Mfg.(qua.)
Extra
*750. July 1 *Holders of reo.
50c. July 1 Holders of rec. June 12
June
Extra
15
Northern Securities Co
"250. July 1 *Holders of
434 July 10 June 20 to July 10
reo. June 15
Marathon Besot Blade, Ins.(monthly) *8140. June
Norwich
Pharmac
(quar.)
Co.
al
$1
July 1 Holders of rec. June 20
1
*Holders of tee. June 1
Monthly
Nunn-Bush-Weldon Shoe, corn. (quar.). '25o. June 30 *Holders of rec. June 15
0344e. July 1 *Holders
rec. July 1
Monthly
First preferred (quar.)
411140. Aug. 1 *Holders of
*131
June
30 *Holders of rec. June 15
of
Monthly
Second preferred (quar.)
*134 JUDO 30 *Holders of rec. June 15
*344e. Sept .1 *Holders of rec. Aug. 1
Monthly
Oahu Ry.& Land (monthly)
4.314e. Oct. 1 *Holders of reo. Sept. 1
*15o. June 15 *Holders of rec. June 12
ree.
Oct. 1
Monthly
Oahu Sugar (monthly)
41340. Nov.1 *Holders of
*10e. June 15 *Holders of reo. June 6
reo. Nov. 1
Monthly
Ohio Electric Mfg. (qua?.)
0340. Dee. 1 "Holders of
4,20c. June 15 *Holders of rec. June 10
Marine Midland Corp. ((uar.)
Dee. 1
Ohio 011, preferred (qua?.)
30e. June 80 Holders of tee.
*114
June 111 *Holders of reo. May 16
reo June la Ohio Seamless
M.& T. Securities, common (guar.).- 4.20e. June 80
prof.
*144
July 1 *Holders of reo. June 15
Tube.
((Mara
*Holders of
Mathieson Alkali Works, corn. (quar.)
June 20
Omnibus Corp., pref. (qua?.)
2
July 1 Holders of reo. June 12a
50o. July 1 Holders of reo.
rec.
June 12a Oneida Community. eommon (quar.)--* 1214c June 15
Preferred (quar.)
144 July 1 Holders of
*Holders of fee. may 29
reo. June 12a
May Department Stores, corn.(quar.)_. 62 kic Sept. 1 Holders
Preferred (aunt.)
*4354c June 15 *Holders of ree. May 29
of
Mayflower Associates (guar.)
*200. June 20 *Holders of rec. June 10
•150c. June 15 *Holders of reo. Aug. 15a Onomea Sugar (monthly)
McColl Frontons° 011, core. (guar.)
Ontario Tobacco Plantations, pref.(qu.) 1
15e. June 15 Holders of reo. June 1
July
McCrady-Rodgers Co., pref. (quar.)
Preferred (quarterly)
1
*8744e June 30 *Holders of rec. May 15
Oct.
reo. June 20
McKeesport Tin Plate (guar.)
Preferred (quarterly)
1
Jan.'32
21 July 1 Holders of reo. June
10a Otis Steel, prior pref.(guar.)._
Extra
1)4 July 1 Holders of tee. June 190
500. July 1 Holders of rec.
June
10a
McKesson & RobbIns,(Md.) com.(quar.)
Owens Illinois Glass preferred (Cluar.)
144
250. June 15 Holders of reo.
1 Holders of rec. June 15
June 5a Paelno Southwest Discount A & B (au.). *10o. July
Preferred (guar.)
87140. June 15 Holders of rec.
June 15 *Holders of reo. June 1
June So PackageMachinery, coin.(extra).*21
July 1 *Holders of reo. June 20
$
*134
4366
Name of Company.
[Vol.. 132.
FINANCIAL CHRONICLE
Pei I Whom
Cent. 1Payable.
Books Closes
Days Inclusite.
Name of Company.
Per I When
Payable.'
C ent.
Books Closed.
Days Inclusive.
I
Miscellaneous (Continued).
Miscellaneous (ContInued).
1
46240 July 1 Holders of rec. June 15
Standard 011 (Ohio), corn. (guar.)
$1.25 July 1 Holders of reo. June 20
Page Hershey Tubes, corn. (quar.)
14 July 15 Holders of rec. June 30
Preferred
(guar.)
20
June
rec.
of
Holders
1
July
(guar.)
134
Preferred
24 :June 30 Holders of roe. June 9a
Standard Oil Export Corp., pref
June 27 Holders of rec. June 17
31
Parafflee Col.. Inc., corn.(guar.)
75e. July I Holders of rec. June 15
A
6234e. June 27 Holders of rec. June 5a Standard Steel Construe.. Prof. (uti.)Paramount Publix Corp., corn.(quar.)
50c. June 30 Holders of roe. June 18a
Starrett (L. S.) Co., corn, (guar.)
"25c. June 30 "Holders of rec. June 19
Parke. Davis & Co. (guar.)
4 June 30 *Holders of rec. June 18
"1
(guar.)
Preferred
19
•10c. June 30 "Holders of rec. June
June 15
Extra
Starrett Corp..$50 par. pref.(guar.).- •75o. July 1 "Holders of rec. Juno
*14 June 15 'Holders of reo. May 30
20
Paton Mfg., Ltd., pref. (guar.)
"2
1July 1 'Holders of rec.
(guard_
pref.
State
Theatre
M.
S
.
%If
30
(Boston),
.1,,m,
1)1
110iil•
.
30
etnoody hoginf.)erieg, pre/. (guar.)._- '134 1 June
June 20
rec.
of
"Holders
30
June
'300.
(guar.).
(g
&
,
n
r
o
c
Stearns (Frederick)ck
Co., co.
r
'134 Sept.30 *Holders of rec. Sept .20
20
June
Preferred (guar.)
rec.
of
"Holders
•14 !June 30
Preferred
•1.4 Dee. 31 'Holders of res. Dec. 30
15
Preferred (guar.)
J
134 !July 1 Holders of rec. June
25c. June 15 Holders of rec. June la Stein (A.) & Co., Prof. (guar.)
Penick & Ford, Ltd. (guar.)
•43Sto June 30 "Holders of rec. J11110 15
600, Juno 30 Holders of rec. June 20a Stix Baer & Fuller, pref. (guar.)
Penney (J. C.) Co., corn. (guar.)
.43Sie sept. 30 "Holders of tee. Sept. 15
(guar.)
20a
Preferred
June
rec.
of
Holders
30
June
14
Preferred (guar.)
•4334o Deo. 31 *Holders of roe. Dec. 15
Preferred (guar.)
Pennsylvania Bankshares & Sec. pt.(qu.) '6234c Sept. 1 *Holders of rec. Aug. 15
750.1July 15 Holders of rec. June 16a
Stone & Webster. Inc. (guar.)
'62340 Dec. 1,*Holders of rec. Nov. 15
Preferred (guar.)
25c. June 15 Holders of rem May 25a
San
20
011,
oom
June
(guar.)
rec.
of
*Holders
'51.75 June 30
Peoples Collateral Corp., corn
July 1 Holders of tee. June 12
25c.
Supertest Petroleum, corn. & ordinary_
June 30 *Holders of rec. June 20
"52
8% preferred
June 12
r
,ec
July 1 Holders of.
14
Preferred A (guar.)
"51.75 June 30 'Holders of rec. June 20
7% preferred
1 Holders of rec. June 12
July
3740
(quar.)
B
Preferred
8a
June
tee.
of
25e. July 1! Holders
Peoples Drug Stores, corn. (guar.)
June 10
roe.
of
Holders
1
50e. July
1/4 June 151 Holders of roe. June la Swift & Co. (guar.)
Preferred (guar.)
2c.1June 30 Holders of too. May 29
Sylvanite Gold Mines, Ltd
SOc. July 1 Holders of rem June 20
10
June
rec.
Perfect Circle (guar.)
of
Holders
1
6240.1July
(guar.)._
Milling
l
y
a
TenantT
Taylor
*150. June 15,'Holders of rec. June 1
Personal Banking Service, cl. A (qu.)
*500.1June 15 'Holders of rec. June 16
Finance, corn.
134 July II Holders of rec. June 10
Pet Milk, preferred (guar.)
15'Holders of rec. June 10
June
)'c
"87
Preferred
2
(guar.)
June
rec.
of
"25c. June 15 'Holders
Petroleum Exploration (guar.)
15 Holders of roe. May 296
12clune
1-4
Tennessee Corporation (guar.)
May 31
Petrol. Landowners Corp.,Ltd.(mthly.) "250. June 15 *Holders of ree. Juned13a
500.1July 1 Holders of rec. June ha
Texas Corp. (guar.)
25c. July 1 Holders of rec.
Phelps Dodge Corp. (guar.)
15 Holders of tee. June la
June
750.
Texas
Gulf
(guar.)
Sulphur
30
•50e. July 10 "Holders of rea June
10a
Phoenix Flnance Corp.. pref.(quar.)
Teton 011 & Land, common (guar.)._ *250. June 30 *Holders of tee. June
•50o. Oct. 10 'Holders of red. Sept.30
Preferred (guar.)
July I Holders of tee. June 20a
40c.
Mfg.
31
Thatcher
(guar.)
Dee.
roe.
of
"Holders
*50.e. Jn10'32
June 10
rec.
of
Preferred (guar.)
'Holders
15
June
'134
ew
Shovel, Prof. (guar.)
3c. July 2 Holders of rec. June 12
rec. June 10
Pioneer Gold Mines
10
Thompson's Spa, Inc., 56 pref. (guar.)._ *$1.50 July 1 'Holders of
Plttsburgh Plate Glass. corn.(q u ar.)_ _ _ _ •50c. July I 'Holders of reo. June
Holders of rec. June 110
TihdoemW
T
e-rSo
ttar.).... 8740. July 1 Holde
)
psaotn
.(g
fsr
rgeu
(
10
.,np
oo
tailr.rectotC
mm
rec. June 130
Pittsburgh Thrift Corp., 7% pref. (qu.) *14 June 20 "Holders of roe. June
of
Holders
30
June
0.
5
1;
1
June 24
Pittsburgh Steel Foundry, pref. (guar.). *14 July 1 'Holders of rec. June 20
July 1 Holders of rem June 13a
Tide Water Associated 011, pref.(guar.).
rem June 26
of
Porto Rican Amer. Tobacco, cl. A (qu.) *500. July 10 "Holders of rec. June 15
'Holders
3
July
"w8
TIM
dep.
rota
(Leonard),
Amer.
Powdrell & Alexander, pref. (quar.)__, *14 July 1 'Holders of reo. May 29a Todd Shipyards (guar.)
.111 June 20 'Holders of rec. June 5
750. June 30 Holders of rec.
Prairie Pipe Line (guar.)
July 1 Holders of rec. June 15
$1.50
Toronto
la
June
roe.
of
Mortgage
Holders
(guar.)
14 June 30
Pressed Steel Car, pref. (cow.)
75c. July 1 'folders of tee. June 15
Torrington Co. (guar.)
500. July 2 Holders of rec. June 15
Price Bros. & Co., Ltd., Con. (guar.)_
624c July 1 Holders of tee. June 106
Trico Products Corp. (guar.)
13-4 July 2 Holders of reo. June 15
Preferred (guar.)
July 1 Holders of too. June 160
134
.
(guard
pref.
May
251
6%
rec.
Corp.,
Trl-Continental
134 June 15 Holders of
Procter & Gamble Co.,5% pref.(qu.).
(x) July 1 Holders of rec. Jtmex23
TM-Utilities Corp., corn. (guar.)
June 30
Producers Royalty, corn.(guar.)(In stk.) 124 July 15 Holders of rec. May 25
1 X July 15 Holders of rec. June 30
(guar.)
pref.
Tuckett
Tobacco,
rec.
of
Holders
15
20e. June
Public Investing (guar.)
40e. July 15 Holders of tee. July 10
Ulan & Co.. corn.(guar.)
75c. July 1 Holders of rec. May 29
Public Utility Holding, $3 pref. (qu.)....344 July I Holders of rec. June 20
Preferred
•80c. July 1 "Holders of rec. Juno 20
Publication Corp., corn. (guar.)
June 30 Holders of rem June 120
31.25
(qu.)
COM,
20
Elliott
Fisher
Co.,
Underwood
June
rem
of
*134 July 1 'Holders
Ortglnal pref. (quar.)
134 June 30 Holders of rec. JUDO 120
Preferred (guar.)
'134 June 15 *Holders of rec. Juno 5
7% preferred (quar.)
65c. July 1 Holders of reo. June 2a
Union Carbide & Carbon (guar.)
14 July 1 Holders of rec. June 10
Pure 011, 534% pref.(guar.)
75c. July 1 Holders of rem June 10a
United Aircraft de Transport, pf.(qu.)114 July 1 Holders of rec. June 10
Juno 15 *Holders of rec. May 31
6% Preferred (quar.)
July 1 Holders of rec. June 10a United Amusements,Ltd.,cLA & B (q11.) "50o. June 15 *Holders of roe. June 1
2
8% preferred (guar.)
'134
(q11.).
pf.
United
Artists
Circuit,
Theatre
1
roe.
July
of
'Holders
15
*SI July
Quaker Oats, corn. (guar.)
Sept. 1 Holders of rec. Aug. 150
500.
United Biscuit of America, corn. (gu.)
•134 Aug. 31 "Holders of rec. Aug. 1
Preferred (guar.)
1% Aug. 1 Holders of rec. July 16a
Preferred (guar.)
Radio Corp. of Amer., pref. A (guar.)- 87140 July 1 Holders of rec. June la
Aug. 1 Holders of rec. July 10a
14
(qu.)
pref.
of
its
United
Cigar
Amer..
Stores
rec.
of
June
$1.25 July 1 Holders
Preferred (B)(guar.)
1% Nov. 2 Holders of rec. Oct. 9a
Preferred (guar.)
10c. June 15 Holders of rec. May 25
Railroad Shares Corp. (quar.)
July 1 Holders of red. June 120
United
1
Dyewood,
of
June
pref.
rec.
"Holders
(guar.)
15
•500. June
Rapid Electrotype (guar.)
40e. June 24 Holders of rec. June 10
65c. June 15 Holders of rec. May 29a United Elastic Corp. (guar.)
Raybestos-Manhattan, Ice. (guar.)July 1 Holders of rec. June la
$1
United Fruit (guar.)
Real Silk Hosiery Mills-Stock diva. dec. pay. J uly 1,0 1 and Jan.. 1 1932 all United Guaranty Corp., corn. (in stock) •e5 Juno 15 "Holders of rec. June 1
rescinded.
June 15 "Holders of rec. June 1
'CS
Claus A (payable in stock)
'3734c June 15 'Holders of rec. May 29
Reeves (Daniel) Inc., corn. (guar.)
Sic Aug. 1 Holders of rem July I5a
United Piece Die Works.000/1.(gust.)..
'134 June 15 'Holders of rec. May 29
64% preferred (guar.)
Nov. 1 Holders of roe. Oct. 154
ooe
(gust.)
Common
1/4 June 15 Holders of rec. May 31
Reliance Grain, Ltd., pref. (guar.)
134 July 1 Holders of tee. JUDO 20a
Preferred (guar.)
'134 July 1 "Holders of rec. June 19
Reliance Mfg. of Ill.. pref. (guar.)
1 Holders of refl. Sept. 19a
Oct.
134
(guar.)
Preferred
of
20
rec.
June
'Holders
1
'134 July
19a
Remington Arms, 1st pref. (guar.)
191 Jan 132 Holders of rec. Dee. 290
Preferred (guar.)._
134 July 1 Holders of roe. June 9a
Remington Rand, Inc.. 1st pref. (qu.)
June 15 Holders of roe. May
Si
Stores Corp., pref.(guar.)
United
roe.
June
9a
of
1
Holders
July
2
2nd preferred (guar.)
'Holders of roe. June 1
1
July
.25c.
A
S.
U.
class
(gum.)
Capital,
June
10a
rec.
100 July 1 Holders of
15
Reo Motor Car (guar.)
'134 July 16 'Holders of rec. June
Class A (special)
75c. Oct. 15 Holders of tee. Oct. 1
Republto Supply Co (guar.)
July 1 Holders of rec. June 150
U. S. Foil, corn. A & B (guar.)
of roe. June 15a
Reynolds (R. J.) Tobacco-Holders
1
July
1%
(guar.)
Preferred
75e July 1 Holders of rec. June 18a
Corn. and corn. B (quay.)
40c. June 30 Holders of rec. June ltia
U.S. Gypsum, corn. (guar.)
15
Rice-Stlx Dry Goods, lot Jr 20 pfd. (qu.) 13-4 July 1 Holders of rec. Juno 15
1% June 30 Holders of rec. June 15a
Preferred (guar.)
'154 June 30'Holders of rec. June
Rich's, Inc.. 614% pref. (guar.)
July 1 Holders of tee. June 10a
13--4
U. S. Leather, prior pref. (guar.)
550 July 1 Holders of reo. June 15
Hike-Humbler Co., corn. (guar.)
50e. July 20 Holders of roe. June 30a
United Stares Pipe & Fdy.. win.(Mid
'134 July 1 'Holders of roe. Juno 23
Oct. 20 Holders of rec. Sept.300
Preferred (guar.)
50c.
16
rec.
June
•10c June 29 *Holders of
Roes% International Corp. (No. 1)
50c. Jn20'32 Holders of roe. Dee. 31a
miQ
Com
C°
on(
mo
uar.
riu
(g
)
.
"500 July 1 "Holders of rec. June 20
Ross Gear & Tool, corn. (guar.)
30c. MY 20 Holders of reo. June 30a
First preferred (guar.)
25e July 1 Holders of rec. June 8a
Oct. 20 Holders of rec. Sept.30a
Royal Baking Powder, corn.(quar.)___.
30c.
(guar.)
First
preferred
134 July 1 Holders of roc. Juno 8a
Preferred (guar.)
30c. Jn20'32 Holders of roe. Dec. 3Ia
First preferred (guar.)
June 15 Holders of rec. June 1
51
1 'Holders of rec. JUDO 20
July
Ruberold Co.(guar.)
*6214.3
Card
(gust.)
30
U.
Playing
May
S.
rec.
of
134 June 15 Holders
Ruddy Mfg., pref. ((mar.)
50o. June 15 Holders of roe. May 16a
U.S. Realty & Impt.(guar.)
June 13
rec.
of
*Holders
1
July
"31
Holders of roe. June hi
29
&
June
Car
Heating
Safety
Ltg. (guar.)
1%
$1.25 July 1 Holders of rec. Junedi8a United States Steel Corp.. corn.
$1.10 July I Holders of rec. June 15a
Safeway Stores. [no., corn,(guar.)
1% July 1 Holders of rec. Juned18a U. S. Tobacco. common (guar.)
July 1 Holders of rec. June 150
1%
7% preferred (guar.)
Preferred (guar.)
134 July 1 Holders of reo. Juned18a
*14 June 30 *Holders of rec. June 15
6% preferred (guar.)
Universal Crane, pref. (guar.)
250. June 20 June 10 to Juno 21
$1.50 June 30 Holders of rec. June 12a
St. Joseph Lead Co.(guar.)
Utah Copper Co.(guar.)
25e. Sept.21 Sept. 11 to Sept. 21
500. June 20 Holders of tee. May 20
Quarterly
Vacuum 011 (guar.)
25c. Dec. 21 Dec. 11 to Dec. 21
31.50 June 17 Holders of tee. June 13
Quarterly
011, common (guar.)
Valvoline
July 1 'Holders of rem June 18
'2
St. Louis Rocky Mt. & Pacific Co.Preferred (guar.)
25e. June 30 Holders of roe. Juno I5a
*50c. June 30 'Holders of roe. June 20
Common (guar.)
(guar.)
14 June 30 Holders of rec. June 15a Vanadium Alloys Co.pref.
Sept. 10 "Holders of toe. Sept. 1
•14
Preferred (guar.)
(guar.)
Vapor
Car
Heating,
20
*50c. July 1 "Holders of rec. June
•14i Dec If •Holders of ree. Dec. 1
S. M.A. Corp.(guar.)
Preferred (guar.)
"200. June 15 *Holders of roe. June 7
"600. June 15 "Holders of rec. June 1
San Carlos Milling (monthly)
Viking Pump,pref.(guar.)
Sept. 1 "Holders of rec. Aug. 1b
Saranac l'ulp & Paper. eters dividend-.
2)4 July 1 Holders of rem June 134
pref
Coke,
de
Coal
Virginia Iron,
Mti Aug. 15 "Holders of rec. Aug. 1
*25e. July I 'Holders of rem June 16
Savage Arms, 2nd pref. (guar.)
Vogt Mfg. (guar.)
50e. June 15 Holders of rec. May 30
'bee. July 1 'Holders of tee. June 20
Schiff Co.. corn.(guar.)
Cup
(guar.)
Co.,
com.
Vortex
rec.
May
30
1 "Holders of rec. June 20
tilly 20
134 June 15 Holders of
Ju
'62340 j
Preferred (quar.)
Preferred A (gum.)
July 11 Holders of roe. June 12a
Holders of rec. July To
Schulte Retail Stores Corp.. pref. (qu.). 2
(gust.)....
35c. June 30 Holders of rec. June 16a Vulcan Detinning, common
July 20 Holders of roe. July 70
1%
Scott Paper. corn. (guar.)
(guar.)
Preferred
of rec. June 20
Holders
/2 June 30 Holders of roe. Juno 16a
1
July
1.4
Corn.(payable in common stock)
Wagner Electric Corp.. pref. (guar.)*50c. July 1 *Holders of roc. Juno 15
"200. June 30 "Holders of tee. June 15
Scoville Mfg. (gust.)
Want & Bond, class B (guar.)
20e. July 1 Holders of roe. Juno 15
of rec. June 200
Holders
1
July
374e
Second Internat. Securities, corn. A (qu.)
-(guar.).
corn.
Inc.,
Waldorf System,
75e. July 1 Holders of rec. June 15
First preferred (guar.)
20o July 1 Holders of rec. June 13
Preferred (guar.)
el% July 1 'Holders of rec. June 20
75c. July 1 Holders of rec. June 15
Second preferred (guar.)
(guar.)
pref.
Co.,
Walgreen
134%
12
'12 34c June 18 *Holders of rec. June
Holders of rec. May 22
Segal Lock & Hardware (guar.)
Walker(filr.)-Gooderham & Worts(qu.) 1234e June 15
of roe. June 16
50c. July 1 Holders of reo. June 22
Selected Indus., Incr., $534 pr. stk. (qu.) $1.375 July 1 Holders of
Waltham Watch. 6% pref. (guar.)
rec. June 15
40e. July 2 Holders
I *Holders of roe. Sept. 21
Oct.
*500.
Service Station, Ltd., cl. A & B (guard.
(gum)
preferred
6%
14 Aug. 1 Holders of me July 15
114 July 1 Holders of rec. June 176
8% preference (guar.)
Ward Baking Corp.. prof. (guar.)
•1 4 Aug. 1 'Holders of roe. July 15
250. July 15 Holders of roe. June 3oa
6% preference, series A (guar.)
common (guar.)
25c. July 10 Holders of roe. Juno 20a Warner Co.,
July 1 Holders of rec. June 156
31.75
Shattuck (Frank G.) Co. (guar.)
preferred
First and second
'(opt 15 *Holders o/ reel Sept
.51
Hneaffer(W A.) Pen Co.. common
500. July 1 Holders of rem June 15a
Pipe (guar.)
&
Foundry
Warren
30
June
tee.
of
*Holders
July 20
'2
July 1 *Holders of tee. June 15
575o.
Preferred (guar.)
Co.
(guar.)
Motor
Waukesha
So
Oct. 20 *Holders of rec. Sept
*2
ne. Juno 15 *Holders of rec. May 29
Preferred (guar.)- - - - - - - 011
134 July 1 Holders of roe. Juno .100 Wellington
500 July 1 Holders of ree. June 15a
Shell Union 011 Corp., pref. (guar.)
Weeson 011 & Snowdrift, corn. (guar.)._
"$1.50 July I *Holders of roe. June 26
Sherwin Wllllame CO. of CanadaWest Coast 011. pref. (guar.)
400. June 30 Holders of tee. June 15
June 15 Juno 11 to June 14
Common (guar.)
West Side Securities Co., earth). prat_ 3
134 June 30 Holders of rec. June 15
144 A UR. 15 Holders of roe. A. g. 1
Preferred (guar.)
West Va. Pulp ,t Paper.6% pref. Wad_
Ltd.
Co.,
Mfg.
134
Nov. 16 Holders of rec. Nov. 2
Singer
6% preferred (guar.)
*203 June 13'Holders of rec. May 15
Amer. dep. rcts. for ord, reg. she
Western Canada Flour Mills, Prof.(go.). 1% June 15 Holders of roe. May 30
July 1 'Holders of rem June 15
June
20
*24c
Borg (Paul A.) Paper Co.. Prof.(guar.)
Western Exploration (guar.)
*250. June 30 "Holders of rem June 15
July 1 'Holders of tee. June 20
South Penn 011 Co. (guar.)
July 1 Holders of rec. Juno 120 Western Maryland Dairy, pref. (guar.) '$1.75
2
1 Holders of rec. June 16
July
300.
Inc.
South Porto Rico Sugar. prof. (quar.)
Westmoreland.
(gum)
July 1 Holders of rec. June 15
$1
21e. July 1 Holders of roe. June 196
Instrument, corn. (guar.).
South West Pa. Pine Lines (Iluar-)
50o. July 15 Holders of rem June 300 Weston Elec.
(guar.)
1 Holders of tee. JUDO 190
50e.
July
(guar.)
A
Spalding (A. G.) & Bros., corn. (guar.)
Class
I50
June
tee.
of
Holders
114 July 1
15
tipang, Chalfant & Co.. Inc.. pf.
Weyenberg Shoe Mfg.. pref.(guar.)._ •I34 June 16 'Holders of rec. June 12
of rec. June 15
Holders
30
June
500.
July 1 'Holders of rec. Juno
'2
Wheeling Steel, pref. A (guar.)
Sparta Foundry Co. (quar.)
.June 20
July I *Holder of re,
*4
rec. Juno 12
of
'Holders
1
July
'234
Spartan Mills
B
Preferred
(guar.)
10
25c. June 30 Holders of rec. June
250. June 30 Holders of ree. June 120
Spencer Trask Fund, Inc. (guar.)
750. July 15 Holders of rem July la White Motor Co., common (guar.)._
June 30 Holders of roe. June 12
Spicer mfg.. pref. A (guar.)
July I Holders of rec. May 29a White Motor Moor. Corp., prof. (qu.).- 134 July
30c.
(quar.)...corn.
1 Holders of rec. June 194
Inc.,
Brands,
Co.,
Mineral
51
corn..
Springs
Standard
July 1 Holders of rem May 29a White Rock
134
134 July 1 Holders of ree. June 19
First preferred (guar.)
Preferred (guar.)
June 26 Holders of rec. May 26
$1
1 Holders of rec. June 19
July
5
(guar.)
Standard Chemical, Ltd
preferred
Second
20
June
June 20
•50o. July 1 'Holders of rem
'6234c June 30 *Holders of rec. Aug. 1
Standard Coosa Thatcher, corn. (goat.).
Wileox-Rmb Corp.. close A (guar.)
July 15
rec.
of
'Holders
15
July
'14
10e. Aug. 15 Holders of reo.
Preferred (guar-)
JULIO 16
June 15 Holders of rec. May 164 Will de Baumer Candle, Coin. (guar.).
roe.
of
6240.
Holders
1
July
of
011
Calif.
(guar.)
2
Standard
Preferred (quay.)
Jul/ 15
"500 June 15 *Holders of rec. May 16
*234 Aug. 1 "Holaers of tee.
Standard 011 (Indiana) (guar.)
Winated Hosiery, corn. (guar.)
15
"Holders of ree. Oct. 15
•40o Juno 30 *Holders of roe. JUDO 20
1
Nov.
'24
(guar.).
Standard 011 (Ky.) (guar.)
Common
May 29 to June
May 29
roe.
20
of
June
*Holders
500.
15
June
*500.
Standard 011 (Nebraska)(guar.)
16
Worthington Ball, class B
Holders of roe. June 100
230. June 15 Holders of rec. May 18
Standard 011(N.J.). $25 par (guar.)
Worthington Pump & Marsh'1, pf. A(gu.) 134 July 1 Holders of tee. June 104
15 Holders of rem May
June
25c.
1
July
stock
134
par
(extra)
$25
Preferred B (guar.)
June 15 Holders of rec. May 18
1
25o. July 1 Holders of roe. June 204
3100 par stock (guar.)
Wrigley (Win.) .1 Co.(monthly)
20
June 16 Holders of tee. May 16
1
"1% July 1 *Holders of rec. June
$100 par stock (extra)
Wuriltser (Rudolph). Prof. (guar.)
of rm. May Sa
Holders
15
June
400.
(guar.)
Standard 011, New York
JUNE 13 1931.]
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Yale Sr Towne Mfg.(Qum.)
50e. July
Young (L. A.) Spring Sr Wire (guar.)
.
- 750. July
Youngstown Sheet & Tube, com.(quar.) 50o. July
Zhao Renewing shoe Corp.. coin.(Wt./- •13e. July
Common (quar.)
•19o. Oct.
Preferred (quar.)
•30. July
Preferred (guar.)
'Sc.Oct.
Zonite Products Corp.(quar.)
25e. June
Books Closed.
Days Inclusive.
1 Holders of rec. June 10a
1 Holders of rec. June 15a
1 Holders of rec. June 130
2 *Holders Of rec. June It,
2•Holders of rm. Sept. 5
2 •Holders of rec. June 15
2•Heldem of roe. Sept. le
10 Holders of ree. June 20
4367
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 6:
•From unofficial sources. t The New York Stock Exchange has ruled that
sto:k will not be quoted ex-dividend on this date and not until further notice.
t The New York Curb Exchange Association ha ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JUNE 6 1931.
a Transfer books not closed for this dividend.
NATIONAL AND STATE BANKS-Average Figures.
b Present First National Bank dividend is on the bank's stock alone. Previously
dividends had been divided between the First National Bank and the
First Security,
the April dividend being 15% on the Bank's stock and 10% on the Security
DAM.
&be:Calla Rea. Dep., Dep. Other
stock. Previous to this the division had been 5% for the bank and company's
20% for the
including N. Y. and Ranks and
Disc. Cad
Security company.
Oross
Invest.
Gold. Bk.Noles. Elsewhere. Trutt Cm. /Maurits.
d Correction. a Payable In stock.
ManhattanI Payable In common stock. y Payable in scrip. h On account of accumulated
$
$
$
$
$
$
dividends. J Payable le preferred stock.
Bryant Park Bk_ 1,329,700 48.800
67,700
311.300
1,088,90(
Grace National__ 18,465,812 1.200
70,285 1,801.553 1.897,027 17.876.821
(American Mfg. Co. dividends reported in previous Issues as having been
declared
Brooklynfor the full year on both classes of stock was an error. The July
555,700
491,900 6,171,301
common stock just declared was 50o. not $1 as previously reported dividend on the Brooklyn Nat'l__ 8.556,100 14,500 157,100
Peoples Nat'l__ 6.800,000 5,000 104,000
469,000
67.000 6,690.001
k The dividend of 350. on Southern Ky. cora,stock is payable out of 1930 earnings
and with the $1.65 declared out of 1929 earnings makes $2 payable Aug. 1
on common stock. No further dividend will be paid in 1931 on common stock.
TRUST COMPANIES-Average Figures.
I Dividends on common A & 13 stocks will be applied to the
of corn. A
stock at the rate of 15 per share unless written notice is given purchase
prior to June 10 of
the stockholdem' desire to take cash.
Loans,
Res. Dep.. Dep. Other
m Dividend Is 37.851 trance less deduction for expenses of depositary.
Disc. and
N. Y. and Banks and
Gnus
Cask.
Infest.
Elsewhere. Trust Cos. Deposits.
n Commercial Investment Trust convertible preferred dividend will be
common stock at rate of 1-52d share unless holder notifies company on paid In
or
before
Manhattan6
$
$
$
June 16 of his desire to take cash.
1
Bank of &Rope dc Tr 13.113.780
676,100
147.000
12.458.200
o Central States Electric Corp. convertible pref. dividends are as
79,836.900 •4.189,800 7,013.200 3,222,000 78,473,80e
series, 1928. $1.50 cash or three-thirty-seconds share commonfollows: Optional Empire
15,373.557
129,448 1,096.337
Federation
171,840 15.961,503
series 1929, $1.50 cash or three sixty-fourths share common stock. stock: optional Fulton
19.709.500 *2,230.500
374.300
177,300 18,022.700
p American Cities Power 6, LIgnt class A divide:la will be paid in class
71.017.688 4,983.333 17.201.676
United States
83,498.184
B
stock
at rate of 1-32d share, unless holder notifies company by April 14 of his desire
Brooklynto
take cash. 75c.; class B dividend is payable in class B stork.
114,136,000 2,353.000 49.147.000 1,378.000 142.850.000
Brooklyn
30,250,627 2,295,668 3,749,075
Kings County
1 29,653.749
British American Tobacco interim dividend Is 10 pence for each
unit of
Bayonne.
ordinary stock. Transfers received in London on or before June 6 will El
be in time Mechanics N..1.261,924 1.016,082
8.365,695
314.8048.609.501
for payment of dividend to transferees.
r General Realty dr Utilities dividend is 60-1000ths share common stock.
a Central Public Service Corp. class A dividend is payable In class A
• Includes amount with Federal Reserve Bank as follows: Empire $2,888,700;
stock at Fulton, 52.052.400.
rate of 1-40th share for each share held.
t Addressograph-Multigraph July dividend is the first dividend under
the new
name and will be the third payment under the recent consolidation,
u American States Public Service Co.common A dividend will be paid in
common
A
stock at rate of 1-40th share unless holders notify company of their desire to
Boston Clearing House Weekly Returns.-In the foltake cash.
•Utilities Power & Light common stock dividends will all be paid
in
stock
as
follows: Corn., 1-46th share corn,stock: class A. 1-40th share class
lowing
we furnish a summary of all the items in the Boston
A
1-40th share elms B stock. Stockholders desiring cash must notify stock; class B.
company on or Clearing House weekly statement for a series of weeks:
before the close of business on June 13.
to Lees deduction for expenses of depositary.
BOSTON CLEARING HOUSE MEMBERS.
z Tri-UtIlitiee Corp. dividend is one-twentieth share
participating stock, first
series, authorized at stockholders' meeting June 16, the
holders of record date
being changed from June 15 to June 23.
Week Ended Changes from Week Ended Week Ended
y Segal Lock & Hardware dividend is 12I5e. cash or 2;4% in stock.
Precious
June 10
Stockholders
June 3
Map 27
desiring cash must notify company in writing on or before
June 15.
Week.
1931.
1931.
1931.
e Telephone Bond dr Share dividend is 50c. cash or one-fiftieth share
of class A Mk.
s
S
$
s
94,075,000 Unchanged
Capital
94,075.000
94.075.000
97,216,000 Unchanged
Surplus and profits
97.216,000
97.218.000
Weekly Return of New York City Clearing House.
- Loans,awls & investls. 997,883,000 -7.031.000 1.004.914.000 1.013.325.000
618,809.000 -6,537,000 623.346.000 816.972.000
Beginning with March 31 1928, the New York City Clearing Individual deposits
159,191,000 +8,520,000 150.671,000 149.028.000
Due to banks
House Association discontinued giving out all statements Time deposits
-877.000 272.136.000 277.917.000
271,259,000
+60,000
1,221,000
1.161,000
United States deposits
4,547,000
previously issued and now makes only the barest kind of Exchanges for Clg. Rouse 17,823,000
-6,777,000
24,600,000
16,013.000
-403,000
114,889,000
115,092,000
banks._
Due
other
from
102,017.000
a report. The new returns show nothing but the deposits, Res've In legal deposItles 83,212,000
+764,000
82.448,000
82.550.000
+326,000
6.292,000
5,966.000
In bank
along with the capital and surplus. The Public National Cash
8.404.000
new..in pee,seu,in F.R.Ek
4.027,000
+397.000
3.630,000
3.714.000
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
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, $180,737,000
to the net demand deposits and $105,455,000 to the Time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE
6 1931.
Clearing House
Members.
bank of N.Y.& Tr. Oo_
Bk.of Manhattan Tr.Co
Bank of Amer.Nat.Atern
National City liank.--Chem. Bk.& Trust0oGuaranty Trust Co
Chat. Pls. N. Bk.etTr.0o
Cent. Han. Bk.& To. Co
Corn Each. Bk.Tr. Co
First National Bank__
Irving Trust Co
Continental Bk.drTr.Co_
Chase National Bank__
Fifth Avenue Bank
Bankers Trust Co
Title Guar. dr Trust Co
Marine Midland Tr. 00_
Lawyers' Trust Co
New York Trust Co
Com'l Nat. Bk.& Tr. Co
Harriman Nat. Bk.&'Tr
Publle N.B.dr Tr.0o
Manufacturers Trust Co
•Capital.
*Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
Time
Dynastic
Average.
2
$
$
11
6,000,000
14,368,800
62,060,000
15.408.000
22.250,000
54,517.900
276,818,000
55.632.000
30,775,300
33,423,200
130 866 000
47,703.000
110,000,000 114,744.200 01,019,959,000
212.1199,000
21,000,000
43.709.800
236.888,000
31,845.000
90.000.000 208,068,600 6909,28.5,000
159.541.000
16,200,000
16,528,000
153,326,000
33,288.000
21,000,000
88.207,800
426,940,000
80.070.000
15,000,000
32.579,200
172,589.000
37.504.000
10,000.000 115.830,900
278.476,000
31,118.000
50,000,000
85,285.400
362,284,000
59.764.000
8.000.000
11.341,900
12,250,000
1,270,000
148,000,000 210,812,700 c1,398.290.000
187.770.000
500.000
3.897,100
26.101.000
2.728,000
25,000.000
87,395,200 d448.199.000
74,046.000
10,000,000
24,988,800
37.085.000
2.013.000
10,000,000
9.551.400
44.591,000
8.027,000
3.000.000
4,526,500
16.240,000
2,748.000
12.500.000
38,051.800
178.370,000
44,815.000
7,000,000
10,013,800
4Q.588.000
4.646,000
2,000,000
2,642.200
26,204,0001
8,170,000
8.250,000
13,805,400
38,8t8.000I 35.171,000
27,500.000
23.947,700
142.724,000
69.064.000
Clearine Non-Member.
Mech. Tr. Co., Bitymule
500.000
909.700
2.937.000
5,294,000
_ 868.475.3001.247 149 Ono A 4;0Z:tonna , ono goo nne.
* As per Official reports: National. March 25 1931; State, March 25
1931; trust
companies. March 25 1931.
Includes deposits In foreign bmnehes as follows: (a) 3279.936.000; (6)
$123198,000. (c) $129,535,000: (d) $58,998,000.
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 Faded Changesfrom
June 6
Previous
1931.
Week.
Week Ended
May 30
1931.
Week Ended
May 23
1931.
83,202,000 Unchanged
Capital
83,202,000
83,202,000
253,561.000 Unchanged
Surplus and Profits
258.561,000 258.561,000
Loans, Maris. and Invest_ 1,494.525,000 -2.346,000 1,496,871.000 1,496,900,000
Exch. for Clearing House
33.847.000 -2,504.000
36.151.000
31.430.000
168,524.000 -3,093,000 171,617,000
Due from beaks
Bank deposits
253,227,000 +2,123.000 251,104,000 181,733,000
243,511,000
Individual deposits
760,233,000
-276,000 760.509.000 75
7.677.000
Time deposits
429,539,000 -8,524,000 438.063.000
Total deposits
1,442.999,000 -6,677.000 1.449,678,000 1 439,054,000
,440,242,000
Reuerre with P.R. Bank
122,815.000 -4-1,257,000 121.558.000
123.620.000
FINANCIAL CHRONICLE
4368
[VoL. 122.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 11, 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
year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the
returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the
Discussions."
and
Events
"Current
of
department
our
in
item
first
the
being
latest week appears on page 4324
CLOSE OF BUSINESS JUNE 10 1931
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
22 1931. June 11 1930.
June 10 1931. June 31031. May 27 1931 May 20 1931. May 13 1931. May 6 1931. Apr. 29 1931. Ayr.
s
a
5
8
$
$
3
$
$
RESOURCES.
1,782,314,000 1,782,614,000 1,626,214,000
1,883,674,000 1,778,164,000 1,792,364,000 1,790,864,000 1,757,864,000 1,774.714,000
Gold with Federal Reserve agents
37,336,000
32,529,000
32,529,000
32,624.000
32,623,000
32,514,000
32,514,000
32,614,000
33,114,000
Gold redemption fund with U. B. Treas
1.814.843.000 1,815,143,000 1,663,550,000
Gold held exclusively ages. F. R. notes 1,916,788,000 1,810,778,000 1,824,878,000 1,823.378,000 1.790,487,000 1,807.338,000
579,154,000 583,418,000 604,223,000 578,498,000 553.543,000 557,493.000 598,097,000
Gold settlement fund with 1.11. Board- 492,820,000 585,115,000 855,241,000
806.323.000 790,187,000 817,849,000
786.441.000
816,491,000
815,899,000
863.217.000
867,395,000
banks_
by
certificates
held
Gold and gold
3.162.823,000 3,079,496,000
3,174,709,000
3.277,003.000 3,259.110,000 3,259,273,000 3,223,287.000 3,210,609,000 3,172,277,000 177,359.000 183.527,000 164,708,000
Total gold reserves
167,599,000 167,948,000 173,241,000 176.615,000 178.275.000 172.704,000
Reserves other than gold
3.348,350.000 3,244,204,000
3.444,602.000 3,427,058,000 3,432,514,000 3,399,902,000 3,388,884,000 3.344.981,000 3.352,068,000
Total reserves
66,344,000
72.118,000
70,673,000
88.033.000
71.461,000
75.046,000
70,730,000
67,930,000
74,673,000
Non-reserve cash
Bills discounted:
69,862,000
44,415,000
61.468,000
58.297,000
48,832.000
49.875,000
50.489,000
67.140.000
77,098.000
U.
by
B. Govt. obligationsSecured
90.835,000 140,622,000
93,683,000
91.905,000
96.072.000
99.001.000
107,857,000 105.686.000 102,363,000
Other bills discounted
155,151,000 135,250,000 210,484,000
150.202.000
144,904.000
148,876.000
152,852,000
172.826,000
184,755,000
Total bills discounted
151,611.000 148,172,000
127,217.000 134.155.000 124,601,000 131,007,000 153,108,000 193.869,000 169.765,000
Bills bought in open market
U.S. Government securities:
52,001,000
65,711,000
60.457,000
59.080,000
59,015,000
59.171,000
59,085,000
73,715.000
77,118,000
Bonds
52.232.000 259,106,000
52.229,000
52,227,000
52,228,000
52.231,000
52,227,000
52.228,000
52.227.000
Treasury notes
487.044,000 485,820,000 480.586,000 267,600,000
487.171,000
487,134.000
387,056,000
472.405.000
469,679,000
CertZicatee and bills
598,529,000 578,707,000
599,024,000 598.348,000 598.368,000 598.536.000 598,414.000 598,351,000 598,306.000
Total U.5. Government sectuitles
5,850,000
350,000
1,100,000
1,118,000
767.000
768.000
1,687,000
1,687.000
Other securities (eee note)
923,572,000 885,390,000 943,213,000
Total bills and securities (see note)._ 912,683,000 907.016,000 876,389.000 879,186,000 897,544,000 943,522,000
710,000
697,000
697.000
697.000
699.000
698.000
690,000
698.000
698,000
Due from foreign banks (see note)
19.694,000
16.159.000
15.302,000
15,202,000
16,478,000
16,492,000
15.463.000
15.121.000
15,309,000
Federal Reserve notes of other banks
512,172.000 642.396,000 491,987.000 489,010.000 523,411,000 603,883,000
451.313.000
547.349,000
468,173,000
Uncollected Items
59,499,000
58,420,000
58,420,000
58,424,000
58,482,000
58,580,000
58,580,000
58,618,000 .58,585,000
Bank premises
13,655,000
18,741,000
17.102,000
19.393.000
18,351,000
18.760.000
19.130.000
21.045.000 *20,917,000
All other resources
4,951,202,000
4,995,801,000 *5,044,674,000 4,925,181,000 4.961.207.000 4.993,703,000 4.941.197,000 4.906,844.000 4.919,286.000
1,446,999,000
1.526.511,000
1,527,740,000
1,540,783,000
1,583.574,000
1,651.808,000
1,628,310.000
1,551,458,000
1,641,949,000
2,407.529,000 2,379.785,000 2,408,796,000
2.424,670.000
2,417.734.000
3.338,535,000
2,410.799.000
2.420.793.000
2,307,856,000
30,090,000
29.638.000
31,037,000
24.716,000
19.267,000
15.445.000
36,200,000
14,313,000 *38,482,000
5,788,000
5,495,000
5.883,000
7.396.000
6,542,000
5.819.000
5,727.000
5.575,000
6,603,000
18,523,000
20,874.000
18,591.000
23,515,000
19.772.000
20.369,000
20,553.000
30.379,000
21.149,000
2,462,840,000 2.435,792,000 2,463,197,000
2,440,011,000 *2,433,938,000 2.471,105.000 2,452,524.000 2,483,181,000 2.471,540,000
Total deposits
573,912,000
453,037,000 517,116.000 442.526,000 497.812.000 522,909,000 469,628,000 457.272.000 408,113,000
Deferred availability items
188,612.000 168,690,000 170,555,000
168.370,000 168.419,000 168,428,000 168,476,000 168.453,000 168,590,000 274,636.000
Capital paid in
274,636,000 276,936,000
274,636,000
274.836,000
274.636.000
274.636,000
274.636.000
274,636,000
Surplus
19,603,000
15.544,000
15.744.000
18.678.000
16,020.000
16,991,000
16,214,000
16,301,000
17,708,000
AU other liabilities
4,910,286,000 4,951,202,000
4,906,844,000
4.941,197,000
4,925.181,000
*5,044,674,000
4.993,703,000
4,961,207,000
4,995,801,000
Total liabilities
Ratio of gold reserves to deposits and
78.7%
79.8%
81.0%
79.5%
79.0%
80.5%
80.0%
80.1%
80.3%
F. R. note liabilities combined
Ratio of total reserves to deposits and
83.0%
84.5%
85.3%
84.0%
83.4%
84.9%
84.5%
84.2%
84.4%
F. R. note liabilities eomblned
Contingent liability on bills purchased
422.880,000 459,520,000
370,185,000 375,331.000 381,570.000 383,698.000 394,907.000 402,752,000 410,078,000
for foreign correspondents
8
$
8
8
8
$
8
8
$
Maturity Distribution of Bills and
Short-Term Secur4ties79,187,000
95,439.000
101,395.000
105,496,000
/4,812,000
50,995,000
46.582,000
82.110,000
market52,078,000
open
in
days
146
bills bought
78.833.000 116,491,000
98.316.000
92,593,000
83,371,000
83.721,000
86,762,000
116,071,000 107.645.000
1-15 days bills discounted
32,139,000
5,000.000
5.000.000
19,200.000
19,200.000
22.352.000
19,617,000
1-15 days U. EL certif. of Indebtedness1-15 days municipal warrants
37,021,000
29,167,000
27,521.000
34.172.000
30,805.000
36.368,000
36,598,000
33.242,000
39,003,000
16-30 days bills bought In open market
23,723,000
12.684,000
13,083.000
12,246,000
13,313,000
13,926,000
14.460,000
14,893.000
16,426,000
40,000
16-30 days bills discounted
19,200.000
19,200,000
85.375,000
81.866,000
39,300.600
39,300,000
16-80 days U.S. certif. of Indebtedness23,434,000
16-80 days municipal warrants
13.097,000
22,301,000
38,183,000
35,799,000
42.768,000
32.877,000
34.418,000
30,927,000
31-60 days bills bought in open Market29,228,000
19,451,000
19,123,000
20,613.000
21,722,000
23,513,000
22,806,000
21,324,000
21,433,000
51-80 days bills discounted
44,500,000
91,716,000
89,716,000
51,300.000 133,207.000 129,186,000
52.300,000
35.500.000
51,350,000
3140 days U.S. certif. of indebtedness
31-60 days municipal warrants
7,283,000
13.800.000
18.440.000
15.680,000
8,584,000
7,233.000
3,848,000
4,008.000
5,034,000
61-90 days bills bought in open market
18,122,000
12.333,000
13.143,000
11.655,000
11,929.000
12.573,000
12,864,000
12,185.000
13,330.000
61-90 days bills discounted
60,689,000
40.300,000
45,300,000
80,850,000
30.850,000
67.550.000
56,550,000
59,030.000
50,125,000
61-90 days U.S.certif. of Indebtedness.17,000
18.000
37,000
37,000
61-90 days municipal warrants
1,247,000
108,000
508,000
338,000
237,000
612,000
498,000
377.000
177,000
22,920,000
Over 90 days bills bought In open market
12.069,000
12.504.000
13,095,000
13,956,000
15,316,000
16,400,000
16,770.000
17,495,000
138,232,009
Over 90 days bills discounted
324,370,000
326,404,000
831,000 297,418,000 303,914,000 307,828.000
300,287,000 316,203,000
Over 90 days certif. of indebtedness
18,000
Over 90 days municipal warrants
Total resources
LIABILITIES.
F.IL notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
FED. RESERVE NOTE STATEMENT.
F. R. notes received from Comptroller_
F.B.notes held by F. R.Agent
Issued to Federal Reserve Banks
1.939,247,000 1,788,611,000
1,641,949,000 1,964,821,000 1.957,803.000 1,955,838.000 1,934,945,000 1,940,192,000 1,932,278,000 _
Collateral Held by Agent as Bscuritg for
Notes Issued to Boat612,034,000 620,184,000 402,508,000
612,393,000 608,384,000 616,884,000 616,884,000 616,884,000 610.434,000
By gold and gold certificates
Gold redemption fund
1,162,480.000 1,223,706,000
1.170.280.000
1,271.280,000 1,169,780.000 1.175,480,000 1.173,980.000 1,140,980.000 1.164.280,000
Gold fund-Federal Reserve Board
281,546,000 352,662,000
301,972,000 284,062,000 267,779,000 269.780.000 270,288,000 311,017,000 300,069,000
By eligible paper
2,044,160,000 1.978,876,000
p......19IRS Axe nnn 2 ne2 226.000 2.060.143.000 2,060,644,000 2.034,152.000 2.085.731.000 3.083.283.000
end amounts due 10
abroad
held
balances
of
amount
the
show
to
separately
order
in
added
were
items
NOTE.-Beginning with the statement of Get. 7 1025, two new assets," previously made up of Foreign Intermediate Credit Bank debentures, wae changed to "0 h et
foreign correspondents. In addition, she caption."AU other earning
deseription of the total cm the d isaccurate
more
a
as
Item
adopted
latter
was
The
securities."
and
bills
Securities," and the caption, "Total earning assets" to "Total
Sections 13 and 14 of the Federal Reserve Act which, it was stated, are the only Items Includel therein,
counts. seeeetaneee and securities saluired wader the provision of
•Revised figures.
OF
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
Two Ciphers (00) omitted.
Federal Resort. Bast of-
Total.
Boston.
New York.
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 10 1881
Fran.
Ma. Cleveland. Mamma Atlanta. Micas°. St. Loris. Minneap. San.City. Dallas. San
s
s
s
s
a
$
s
$
s
s
a
21,135,0 210,763,0
386.919,0 160,000,0 197.550,0 61,570,0 123,600.0 401,900.0 68,230,0 44,090,0 58.000.0 1,058,0 4,424,0
663,0 1,339,0
13,092,0 1.004,0 2,360,0 1,265,0 1,210,0 3,958,0 1,605,0
--22,193,0 215,187,0
161.004,0 200,010,0 62.835,0 124.810,0 405,853,0 69.735,0 44,753,0 59,339,0 14,122,0 20,446,0
20,227,0
Gold held excl. NM.F.R.notes 1,916,788,0 151.053,0 400,011,0
14,044,0
26,039,0
93,073,0
65,057,0
49,137.0
9.169.0
8,202,0
143,264,0
lold settle's fund with F.R.Beard 492.820,0 29,950,0 574,515,0 26,348,0 66,171,0 5,831.0 8,529.0 79.560,0 11,743,0 5,190,0 10,682.0 2.49,0 42.231,0
Iola and gold MIL held by banks- 867,395,0 34,246,0
277.864,0
63.987.0 90.248,0 38.664,0
8,490,0 8.544.0
3,277,003,0 215,249,0 1,117,790,0 252,409,0 315,318,0 77,835,0 141,631.0 578,491.0 107,517.0
Total gold reserves
7,263,0 16,229,0 10.871,0 8,028,0 18.173,0 8,872,0 3,870,0 0,482,0
58,543,0
12,245,0
167,599,0
tame other than gold
286,408,0
67,866,0 96,710,0 47,164,0 4,030,0
3,630,0
3,444.602,0 227,494,0 1,176,333,0 259,672,0 331,547,0 88,706,0 149,659,0 506,684,0 116,389,0
Total reserves
5,139,0 1.847,0 1,048,0
3.711,0
8.287,0
3,718.04,560,0
5,300,0
23,566,0
8,027,0
74,673,0
W02-reserve cash
248.0 23,943,0
960,0
till, discounted:
376,0
534,0 7,084.0 1,788,0
6,096,0
17.019,0 7.754,0 8,943.0 4,978.0
77,098,0 3,471.0
See. by U. B. Govt. obllgationa
3,583.0 10,145,0 0,446,0
5.064,0
9.766,0
12,014.0
8,587,0
14.057.0
11,927,0
11,982,0
107,657,0 5,990,0
Other bills discounted
9.694,0 29,039,0
11.105,0
3,959,0
20,001,0 19,788,0 17,530,0 19,035,0 12,461,0 16,850.0 6)852,0 5,646,0 7,836,0 4,854,0 9,118.0
184,755,0 9,461,0
Total bills discounted
106.0 14,167,0 4,580.0 9,207,0 17,194,0 7.435,0
31,788,0
127,217,0 15,286,0
tills bought In open market
$
$
'.5
RESOURCES.
201d with Federal Reserve Agents 1,883.674.0 149,917,0
33,114,0 1,136,0
]old red'n fund with U.S.Tress_
JUNE 13 1931.]
Two Ciphers (00) omitted.
FINANCIAL CHRONICLE
Total.
Boston.
New York.
Phila.
$
$
$
$
RESOURCES (Conclv441)U.S. Government securities:
Bonds
Treasury notes
Certificates and bills
77,118,0 2,715,0
52,227,0 1,501,0
469,679,0 41,964,0
Total U. S. Govt. seceritlee
Other securities
599,024,0 46,180,0
1,687.0
Total Mlle and securities
Due from foreign banks
r.R. notes of other banks
Uneolieeted Items
Bank premises
ill other resources
Total resources
LIABILITIES.
4369
Cleveland. Rkhmond Atlanta, Chicago. SI. Louie. Minneap Kan.City. Dallas. SanFras,
$
$
$
3
$
$
$
S
$
21.066,0 2,229,0 2,272,0 2,285.0
809.0 22,201,0 1,380,0 8,182,0 1,502,0 10,848,0 1.629,0
11,380,0 4,607,0 11,549,0
490,0 3,874,0 1,972,0 3,976,0
600.0 1,110,0
623,0
112,724,0 42.517,0 48,869,0 27.208,0 15.990,0 57.724,0 20,086,0 16.843,0 31,168.0 17,768,0 10,545.0
36.818.0
145,170,0 49,353,0 62,690,0 29,983,0 20.673,0 81,897.0 25,442.0 25.625,0 33,780,0 29,239,0 48,992,0
1,650,0
37,0
912,683,0 70,927,0
698,0
52,0
15,309,0
213,0
468,173,0 51,338,0
58,618,0 3,458,0
21,045,0
586,0
207,609,0 69,227,0 94,387,0 53,598,0 42,341,0 115.941,0 39,729,0 35,267,0 52,721.0 43,787,0 87,149,0
229,0
69,0
71,0
28,0
25,0
94,0
25,0
16,0
20,0
21,0
48,0
4,803,0
138,0
898.0 1,105,0 1,203,0 1,716,0 1,579,0
616,0 1,178,0
381,0 1.479,0
121,630,0 42,850.0 43.875.0 36,389,0 13,339,0 58,775,0 20,243,0 9,756,0 27.462,0 16,277,0 26.239,0
15,240,0 2,614,0 7,319.0 3,537.0 2,573,0 8.061,0 3,635,0 1,926,0 3,803,0 1,831,0 4,621,0
6,875,0 1,127,0 1,934,0 1,283,0 3,415,0 1,313,0 1,204,0
819,0
551,0
952.0
963.0
4,995,801,0 362,095.0 1,556,285,0 379.408,0 483,769,0 189,206,0 217,855.0 790,851,0 187,943,0 118,113,0 184,396,0
114,043,0 411,837.0
r.R.noted In actual circulation
1,641,949,0 134,781,0 271,144,0 146,669,0 193,905,0
Deposits:
Member bank-reserve account 2,397,856,0 141,297,0 1,003,738,0 146,805,0 197,894,0
Government
14,313,0
625,0
3,708,0
964,0 1,135,0
Foreign bank
6,693,0
473,0
2.460,0
625,0
637,0
Other deposits
21,149,0
110.0
9,159,0
298.0 2,470.0
Total deposits
2,440,011.0 142,505,0 1,019,065,0 148,692,0 202.136,0
Deferred availability Items
453,037,0 51,244,0 114,508,0 39,698,0 41,666.0
Capital paid In
168,370.0 11.837,0
65,495,0 16,775,0 15,740,0
8urplus
274,636,0 21,299,0
80,575,0 27,065,0 28.971,0
All other liabilities
17,798,0
429,0
5,498,0
509,0 1,351,0
72,146,0 124,715,0 322,545.0 72,521,0 46,819,0 62,826,0 27,192,0 166,686,0
61,328,0 60,132,0 346,283,0 75,065,0 50,169,0 80,482,0 55,415,0 179.248,0
1,161,0 1,029,0 1,656,0 1.181,0
617,0 1,091,0
289,0
857.0
252,0
852,0
221.0
145,0
227,0
183,0
189,0
429.0
134,0
192,0 1,322,0
277,0
194,0
133,0
76,0 6,784.0
82.8750 61 580,0 350,113.0 76,744,0 51,123,0 81,889,0 55,969,0 187,318,0
35.494,0 13.330,0 56,082,0 21,931,0 9,115,0 26.132.0 16,773,0 27.064,0
5,694,0 5,194,0 19,880,0 4,818,0 3,006,0 4,224,0 4,273.0 11.434,0
12,114,0 10,857,0 39,936,0 10,562,0 7,144,0 8,702,0 8,936,0 18,475,0
883,0 2,179,0 2,295,0 1,367,0
904,0
623,0
900.0
860,0
Total liabilities
4,995,801,0 362,095,0 1,556,285,0 379,408,0 483,769,0 189,206,0 217,855,0 790,851.0 187.943,0 118,113,0 184,396,0 114,043,0
411,837,0
Memoranda.
Reserve ratio (per Sent)
84.4
82.0
91.2
87.9
83.7
88.7
63.7
78.0
69.3
80.3
66.8
56.7
80.9
Contingent liability on bills Purchased for foreclEn enrresnond.es 370.185,0 27.790,0 121,555.0 36.683.0 37.424.0
14.822.0 13.339.0 50.022,0 12.969,0 8,522,0 10,746.0 11,116,0 25.197,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent al-
Boston.
Total.
New York.
Phila.
$
5
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R. Aim 2,076,103,0 158,358,0
Held by Federal Reserve bank_ 434,154,0 23,577,0
5
5
5
$
$
$
$
$
$
425,212,0 173,159,0 220,086,0 83,376,0 144,673,0 410,302,0 81.753,0 52,827,0 60.977,0 33.833,0 225,547,0
154,068.0 26,490,0 26,181,0 11,230,0 19,958,0 87,757,0 9,232,0 6,008,0 4,151,0 6.641,0 58,861.0
271,144,0 146,669,0 193.905,0 72.146,0 124,715,0 322,545,0 72,521,0 46,819.0 62,826.0 27,192,0 166,686.0
In actual circulation
1,641.949.0 134,781,0
Collateral held by Agt.as security
for notes leaned to bank:
Gold and gold certificates
612,394,0 35,300,0
Gold fund-F.R.Board
1,271,280,0 114,617,0
Eligible paper
301,972,0 24.688,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Ifttuteas. Kan.Otty. Della:. San Frac
351,919,0 38.700,0 12,550,0 10,070,0 9,900,0 73.900,0 13,930.0 6,790,0
9.335,0 50,000,0
35,000.0 121,300.0 185,000,0 51.500,0 113,700.0 328,000.0 54,300,0 37.300,0 58,000,0 11,800,0 160,763.0
57,214.01 15,696,0 31,290,0 23.411,0 21,536,0 33,768,0 13,925,0 9.454,0 18,626,0 14,347.0 38,017,0
444,133,01 175,696,0 228,840,0 84,981,0 145,136,0 435,668,0 82,155.0 53,544,0 76,626,0 35.482,0 248,780,0
2,185,646,0 174,605.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which
weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions
the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec.of
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 4325, immediately preceding which we also give the figures of New York and Chicago reporting
member banks for a week later.
Beginning with the statement of Jan. 1929,
9
the loan figures exclude "Aooeptanees of other banks and bills of exchange or drafts field with endorsement, and Inelude all real estate mortgages and mortgage loans held
the bank. Previously acceptances of other banks and bills sold with endorsement were included with loam,
and some of the banks Included mortgages in Investments.by
Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on
easurities being given. Furthermore, borrowing at
the Federal Reserve te not any more subdivided to show the amount secured by U.S. obligations and those secured
commercial
BF
Paper, only a lump total being given. The number of reporting banks ki now omitted: In Its place the number of cities Included
(then 101) was for a time
given, but beginning Oct. 9 1929 even this has been omitted. The
figures have also been revised to exclude a bank In the San Francisco district with loans and investManta 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 01? ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 3 1931 (In millions of dollars).
Federal Reser*. District-
Total.
Boston. New York
Phila.
Cleveland. Richmond' Atlanta, Chicago. St. Louis Minrump. Ean.City. Dallas. SanFrau.
Loans and investments-total
5
22,537
$
1,444
$
9,009
$
1.349
$
2,241
II 623
Loans-total
14,730
984
5,896
819
1,388
6.967
7,863
389
595
3,281
2,615
420
399
646
742
7,807
460
3,113
530
3.989
3,818
203
257
1,681
1,432
1,790
215
13,605
7,347
9
1,718
3,705
97
14
861
516
1
106
156
856
56
6,365
1,744
2
177
1,287
451
7
On securities
All other
Invanmente-tota3
G. B. Government seouritieo
Other securities
Reserve with F.It. Bank
Cash In vault
Net demand deposits
Time deposits
Government delimits
Due from banks
Due to banks
Rnprenalnax frnm 17 11 flank
n
552
$
3,263
419
384
160
259
117
267
853
204
211
319
466
387
87
117
91
14
799
390
1
141
278
143
26
1,119
1,013
1
140
396
41
16
341
261
1
97
132
0
$
$
$
$
648
368
635
424
1
1,981
2,290
421
230
368
301
1.230
1,096
1,194
170
251
58
172
101
267
92
209
337
893
168
_
81
87
973
227
138
267
123
751
552
421
69
158
66
72
114
153
68
55
391
360
38
8
306
228
1
90
119
261
34
1,776
1,371
1
288
497
49
7
379
244
27
5
218
154
51
10
444
204
30
7
268
147
81
134
99
97
181
228
115
116
106
18
729
1,075
1
203
265
.
7
9
1
17
•Excluelve of figures for one bank In New 'York City, closed Dee. 11.
Last report of bank showed loans and investments of about $190,000,000.
Condition of the Federal Reserve Bank
of New York.
The following shows the condition of the Federal Reserve Bank of
New York at the close of business June 10 1931,
In comparison with the previous week and the corresponding date
last year:
June 101931, June 3 1931, June 111930.
June 10 1931. June 3 1931. June 111930.
Resources (Concluded)$
S
$
258,594,000 Due from foreign banks(see note)
229,000
234,000
229,000
14,940,000 Federal Reserve notes of other banks
4,803,000
4,441,000
5,460,000
Uncollected
items
121,630,000 154,859,000 157,394,000
Gold held exclusively agst. F.B.notes_ 400,011,000 400,011,000
Bank premises
Gold settlement fund with F. It. Board__ 143,264,000 185.562.000 273,534.000
15.240,000
15,240,000
15,664,000
197,010,000 All other resources
6,875,000
Gold and gold ctfs, held by bank
6,416,000
5.548,000
574,515,000 571,207,000 506,582,000
Total resources
1,556,285,000 1,633.539,000 1,506,483.000
Total gold reserves
1,117,790.000 1,156,780,000 977,126,000
Reserves other than gold
58,543,000
59,647,000
55,654,000
LiabilitiesFed'
. Reserve notes in actual circulation 271.144.000 288.508,000 182,640,000
Total reserves
1,176,333,000 1,216,427.000 1,032,780,000 Deposits-Member
bank, reserve acct __ 1,003,738,000 1,003.345,000 1,005,500,000
Non-reserve cash
23.566,000
17,562,000
16,138,000
Government
3,708,000
39,105.000
7,160,000
Bills discountedForeign
bank
(see
note)
2,460,000
1,335,000
2,100,000
Secured by U. S. Govt. obligations__
17,019,000
16,686,000
11,986,000
Other deposits
9,159,000
12,823,000
8,383,000
Other bills discounted
11,982,000
13,241,000
16,155,000
Total
deposits
1,019,065,000 1,058,608,000 1,023,143,000
Total bills discounted
29,001,000
29,927,000
28,141,000 Deferred availability Items
114,508,000 137,445.000 147,916,000
Bills bought In open market
31,788,000
41,633,000
40,747,000 Capital pald In
65.495,000
65,504,000
66.230,000
U.S.Government securitiesSurplus
80,575,000
80,575,000
80,001,000
Bonds
21,066,000
17.566,000
9,214,000 All other liabilities
5.498,000
4.899,000
6,553,000
Treasury notes
11,380,000
11,380,000
78,277,000
Certificates and bills
112,724,000 116,209,000 113,036,000
Total liabilities
1,556,285,000 1.633,539,000 1,506,483,000
Total U.S. Government securities__ 145.170,000 145,155,000 200,527,000 Ratio of total reserves to deposit
and
1,650,000
Other securities (see note)
1,650,000
3,850,000
Fed'i Reserve note liabilities combined_
91.2%
90.4%
85.7%
Contingent liability on bills purchased
and securities (see nOte)---- 207,609,000 218.365,000 273,265,000
Total bills
for foreign correspondents
-.
121,555,000 123,414,000 147,872,000
NOTE.-Begiwaing with the statement of Oct.7 1975, two new items were added in
order to show separately the amount of balanoes held abroad and
forelgn oorreepondents. In addition, the caption "All other earning assets." Previously made up of Federal Intermediate
amounts due to
Credit Bank debentured wad
securities." and the caption, "Total earning assets- to -Total 1:4118 and securities."
The latter term was adopted as a more accurate description of the changed to "Other
total of the
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, It
was noted, are the only Items Included disooUnt
therein..
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U.S.Treasury...
386,919,000
13,092,000
386,919,000
13,092,000
[Vol.. 132.
FINANCIAL CHRONICLE
4370
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty
Loan and Treasury certificates on the New York Stock Exchange. The transactions in registered bonds are given
Wall Street, Friday Night, June 12 1931.
Railroad and Miscellaneous Stocks.—The review of the in a footnote at the end of the tabulation.
Stock Market is given this week on page 4354.
U. S. Bond Prices. June 6 June 8 June 9 June 10 June 11 June 12
•
The following are sales made at the Stock Exchange this Daily Record of
High 102wn 10210,1 10210n 1021en 1021022 102%,
First Liberty Loan
the
on
list
detailed
our
in
not
represented
week of shares
34% bonds of 1923-47-- Low- 102",, 102uss 102"n 10211:2 10211n 102on
Close 102on 102on 10220n 102", 102",, 102"n
(First 314)
pages which follow:
13
63
61
2
1
50
Total sales in 81,000 snits—
gankers'
STOCKS.
Week Muted June 12
azette.
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
Highest.
Lowest.
Highest.
Lowest.
Par. Shares.
per share.
Per share. $ per share.$ per share.
Railroads—
Feb
Jan 92
20 87 May 1 87 May 10 85
Caro Clinch & Obio.1
Apr
Feb 102
98 May 8 98)(May 8 98
1
Ctbs stamped......100
Feb
230
May
165
12
May
500 174 May 12 180
Central RR of N J.dOO
III Cent leased line_ 100
Inter Rap Tran etts 10
Jut Rye of Cent Amer.*
Minn St P & Sault Se.
100
Marie
New Orl Tex & Max 10
.100
Pac Coast lot
2d preferred
100
Indus. & Miscall
Amer Agrie Chem(Del)*
Am Express
10
American News
Amer Water Works &
•
Electric etfs
Arch Daniels Mid p1100
Asso Dry Gds 1st p1100
Austin Nichols pr A.. _*
Barnet Leather pf_ _10
Budd (E
pref.-10
4C 63 May 12 63 May 1
90C 21.)4May 8 23,‘May 1
8 May
2( 8 May
40( 834May
2( 94 May
5( 5 May
4
13-1 May
1,
2
11
8
9
12
Jan
61% Ma 78
May 3234 Feb
20
8 Jun 1314 Mar
11 May 12 811 Jun 11
94 June 145
94 May
5 Jun 12
53-May
8
134May 12 13-1 Jun
June
Feb
Mar
Jan
151(May 8 19 May 11 1134 Jun 293 Feb
Jan 212 June
212 May 8212 May 8 182
4816May 8 48)6 aY 8 4814 Jun 574 Feb
2,200
50
300
110
38 May
99 May
93SiMaY
20 May
6 10
40 45
8
6
8
9
4114May
99 May
9314MaY
2014MaY
9
6
12
11
38 June 8031 Feb
Jan
May 102
08
May
Jan 98
85
1834 June 2411 Mar
May 10 12 May 9 7% Mar 15% May
Apr 49% Jan
May 8 45 May 8 35
May 25
June 9731
June 8%
Jan 23%
June 153-1
Jun 3431
Jan 112
Feb
May
May
Jan
Mar
Feb
Mar
Mar 23
Junc 25
Jan
Mar
General Baking
2,611 1814MaY 8 193iMaY 9 1734
Preferred
50 103 May 12103 May 12 98
Gen Gas& Elec pf A(7)*
10 09 May 12 69 May 12 6831
350 18 May 6 2231MaY 12 15
General Print Ink_
•
Preferred
7 6214May 11 64 May 12 5914
10109%Ma7
109%May 010434
Gen RI' Signal pre_ lo
4 107hmaY °1124May 12,104
•
Gold Dust pref
Gotham Silk Hosiery
100
Pref x-warr
330 70 May 1 70 May 10! 52
1
SO 28,
Hackensack Wat pf A25
4MaY 8 201.(MaY 12. 2614
20 25%May 11 25%MaY 111 2531
Hawaiian Pineapple_2
Houston Oil new.-_25 9.800 7 May 6 814May 9, 6
1034
Insuransh (Del) new_ _1
600 1014MaY 9 11 May 6
1 60.14MaY 9 60%MaY 9 5834
Internat Silver preLlOO
June 259-4
Jan 114
June 90
May 31
June 76
Jan 114
Jan 117%
Apr
Mar
Feb
Mar
Jan
Mar
May
8
l'vlay
12 20511MaY
11 97 May
11 12314MaY
8 5014MaY
6 1314MaY
10 98 May 6 98 May
200 (30 May 8 60 May
10 110 May 6 110 May
4,600 103 May 8 104%MaY
10 13 May
City Stores class A__ -*
100 91)4May
Col Gas & El pf B._100
6%May
Col Graphophone ctfs_ - 1,60
1.00 22 May
Comm Cred met (7).2
• 1,00 12 May
Colsol Laundries
300 291tMaY
Crown Cork & Seal pf.*
120 107 May
Cushm Sons 91(7%)10
Ducts Hos Mills pf_ _100
Fasts Park Assoc pf_100
111 12%
10 8931
9 6
820
11 114
10 2934
12 100
30 21 May 8 21 May 8 21
13
1,1
13 May 9 1335MaY
Kresge Dept Stores_ _*
6341%1'87
3°I205
May
200
100
Laclede Gas
10 97 May
100
Preferred
30 1233IMay
LooseWlles Bis 1st p1100
50 50 May
McLellan Storm p1.100
Noranda Mines
10,600 1611May
Peoples Drug Stores p1*
Pierce-Arrow Co p1.100
Proctor &(lamb pf_100
Pub Serv El & G pf w 1*
11 13 May
10 914May
8 73-May
6 22% MaY
11 1311MaY
9 30 May
9 109 May
M
7114 May
Mc
June
Junc
June
May
30
4214
1434
11
9034
Apr
Jan
Feb
June
Mar
8 4U
11 205
11 97
11 118
42
9 15%
Jan 631
June 207
June 10114
Jan 126%
May 68%
May 2934
Jan
Mar
May
Jan
Mar
May
6 96,5
g 5834
6 107
11 1033.1
Feb103
June 7231
Feb112
June 1049-1
Apr
Feb
Mar
June
Revere Copp& Br pf100
Reo Motor Cars etts_10
Rhine Westphalia El Pr
May 83% Jan
20 47 May 11 47 May 11 45
100 0 May 12 6 May 12 434 May 84 Feb
May 32% Mar
200 24 May 9 24 May 9 24
Southern Dairies el A_*
United Dyewood_ _ _1001
1001
Preferred
United Piece Dye pf 1001
linty Leaf Tob pref_100
Unit,Pipe & Rad 91.100
100 103(May
3 May
1
1 47 May
5 103 May
60j104 May
9kiMay
14
Vulcan Detinning 91100
Webster Elsenlohr p1100
Youngstown S & Tube(Blue) cats
1
Zonite Products
0 103
-May
11 3 May
6 47 May
8 104 May
81053iMaY
12 12 May
9 1034
11 2
6 4034
8 102
9 102
12 934
June 1634
Jan 3%
Feb 47
Jan 108%
Feb110
June 60
Mar
May
June
Mar
Mar
Jan
May 11 90
May 8 50
Apr 9534 May
Jan
June 60
100 39%May Id 39HMay 10 35
2,200 11%May 8 1234mai 12 11
Junei 40 June
June' 1394 May
2
4,50
95 May 11- 95
50 May 6 52
* No par value.
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:
Fri.,
Thurs.,
Wed.,
June 10. June 11. June 12.
12 5-16d.
12 5-16d. 12 3-16d. 124d.
Silver, p. oz_d_ 12 5-16d. 124d.
Gold. p. fine oz. 848.1134d. 843.114d. 84s.11.4d. 845.114d. 848.114d. 84s.114d.
594
60
60
5974
594
Consols,24%. 597-I
103
103
103
103
103
____
British. 5% _
1014
1014
1014
1014
1014
0_
British, 447
Sat.,
June 6.
Mon.,
June 8.
French Retails
(tnParls)_fr-----89.10
French War L'n
103.00
(ln Parls)..fr_ ____
Tues.,
June 9.
89.00
89.10
89.10
89.10
103.00
103.10
103.10
103.20
------___
___
Total sales in $1,000 units—
Converted 4%% bondsilligh 103"; 103"ss
103uss 103uss
of 1932-47 ()First 4)(e) Low
close 10314n 103uss
5
2
Total sales in $1.000 units__ Second convened 434% High
bonds of 1932-47(Finn LowSecond 434s)
-Total sales In $1,000 wit's---.-104".:
(High 104"ss
Fourth Liberty Loan
41-1% bends of 1933-38_ Low- 10411s: 10420s:
Close 10410n 10411n
(Fourth 4148)
60
116
Total sales in 11,000 units__
114iii
{High 114
Treasury
Low_ 11311n 11314:
44e, 1047-52
Close 113"ss 114
38
51
Total sales in $1,000 units- iHlih 10911,1 109ess
Low_ 109,1” 1099n
4a. 1944-1954
ss
Close 109I2n 109)
3
100
Total sales in $1,000 units__
---{High 107":1
---Low_ 10711s:
311(s, 1946-1956
---Close 107142
____
25
Total sales in $1,000 ones__
(High 103111 103iss
Low_ 10341 103%
348, 1943-1947
came 103111 1034ii
30
5
Total oleo Its $1,000 units-rLoib 10210, 1022)::
w_ 102", 1021%
834s, 1940-1943
Close 1021on 102"ss
3
12
Total sales in gl.000 unks___
(High 102",, 102",,
Low_ 102",, 102"ss
8341, 1941-43
Close 102)01: 102"ss
AR
C
Total sales (11 11 mu fonts
------____
____
103"ss 103uss 10-3-on 10314n
103"st 103uss 10314, 103on
103)4s: 103"ss 103,41 10314n
4
29
24
12
—
------10410s: 104":
,
10418n 1041)
1041):: 10419:1
77
138
114,
114
si
113uss 114
113uss 114
4
30
109"n 10914,1
109111, 1091111
109uss 109"ss
210
10
107uss 107uss
107,01: 107"ss
107)•ss 107"ss
201
1
1031n 1031n
1034n 103'n
103.41 1034ii
20
5
102"ss 103
102141 103
10211s: 103
25
15
102",,103112
102"ss 102"ss
102"s: 1031n
121
109
105
104"ss
105
22
1141,1
1141n
114in
210
109"st
109uss
1091'n
6
1071181
10718n
107on
1
103',, 103,42
103',, 103,n
n
1031:2 103,
1
36
1031ss 103iss
1031ss 103
1031n 1031ss
3
5
103012
1031.4
ss
103)
3
105
1042in
104"as
143
114
114
114
5
109"1:
109us:
109uss
8
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1038n to 103,n
104"11 to 104un
40 1st 4145
64th 41(s
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 4.86 1-32@
4.86 3-16 for checks and 4.86 7-32(04.86 5-16 for cables. Commercial on
banks, sight. 4.85 25-32@4.86 1-16; sixty days, 4.834(04.84 1-16; ninety
days, 4.8234@4.83 3-16; and documents for payment, 4.83@4.84 1-16.
Cotton for payment, 4.85 11-16, and grain for payment, 4.85 11-16.
To-day's (Friday's) actual rates for Paris bankers francs were 3.0134(0
3.9134 for short. Amsterdam bankers guilders were 40.22%@40.24%.
Exchange for Paris on London, 124.21; week's range, 124.27 francs high
and 124.21 francs low.
The week's range for exchange'rates follows:
Checks,
Sterling. Actual—
4.864
High for the week
4.86 1-32
Low for the week
Cables.
4.86 9-16
4.86 7-32
Paris Bankers Francs—
High for the week
Low for the week
3.9134
3.914
3.91 9-16
3.9134
Germany Bankers Marks—
High for the week
Low for the week
23.734
23.69
23.73 y,
23.7034
Amsterdam Bankers Guilders—
High for the week
Low for the week
40.24
40.214
40.2534
40.23
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 4355.
A complete record of Curb Exchange transactions for the
week will be found on page 4389.
CURRENT NOTICES.
—Gartler, Devlet & Co., brokers in Municipal and Land Bank bonds,
announce that John F. Bull is now associated with their New York office.
Mr. Bull was formerly with T. L. MacDonald & Co.
—Grannis, Doty & Co. of tnis city announce that William R. Halligan,
formerly with Goodwin-Beach & Co., Is now associated with them in their
insurance stock department.
—R.M.Snyder & Co., Philadelphia, announce that Ralph C. Goodman,
formerly with West & Co., has become associated with them in their
trading department.
—McClure, Jones & Co., 115 Broadway, New York City, have prepared
a list of low-priced stocks with present dividend rate covered by first
quarter earnings.
The price of silver in New York on the same days has been:
Sliver in N. Y., per oz.(eta.):
2634
Foreign
2634
{HIstcs
Converted 4% bonds of
1932-47 (First 40-- - 1.0w-
2634
2631
263-1
2034
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
(All price* dollars per share)
—Bond & Goodwin, Inc., has prepared a circular on traction bonds,
with special reference to Interborough Rapid Transit 6s, due 1962.
—Wm.C. Orton & Co., 43 Exchange Place, New York, are distributing
a booklet containing quotations on over 3,000 real estate bonds.
Com—James Talcott, Inc. has been appointed factor for the Drexel
pany, New York City, distributors of hosiery and knit goods.
have lust
—Newburger, Loeb & Co. of New York and Philadelphia
issued a description of Standard Brands, Inc.
Asked.
—Frederic H. Hatch & Co., Inc., 63 Wall St., this city, has prepared
, an analysis of Standard Cap & Seal Corp.
100„.
10013ss
Sept.15 1931— 21i% 100on 100"n Mar. 15 1932--- 2%
Philadelphia
—Hemphill, Noyes & Co. announce the removal of their
Rept.15 1931... 114% 100'n 100,31 Dec. 15 1931-32 34% 100",, 1001 n
office to 1,500 Walnut St.
Dees 15 1931_-- 114% 10014, 10Orn
fat.
Maturi4v.
1.
Rf11,
via.
Asked.
ilfoturity.
Inl.
Rate.
Bid.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here,see
preceding Page.
HIGH AND LOW SALE PRICES-PER SI1ARE, NOT PER CENT.
Saturday
June 6.
Monday 1
June 8. I
Tuesday i Wednesday ThursdayFriday
June 9. I June 10. I June 11. I June 12.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan.1
On basis of 100-share lots.
Lateen.
Highest.
$ Per share $ per share $ per share $ per share $ Per share I $ per share Shares
Railroads
Par $ per share $ Per share
14534 150
141 147
145 14934 148 152 148 15713 154 16034 19,700 Atob Topeka
& Santa Fe_ _100 13234June 2 20333 Feb 24
*10338 10478•10338 105 •10333 10478 10312 10412 103 104 •104 105
7,800
Preferred
100 10012J une 2 10814 Apr 13
*8712 101
*88 101
*9012 101 1 *9012 101
91
91
290
9012
400 Atlantic Coast Line 11R-100 78 June 3 120 Jan 23
5012 61
4812 51
4934 52
4914
577 33,000 Baltimore & Ohio
52
57
53
100 4312June 2 8714 Feb 24
6612 66.12 *6612 70 *6613 70 *6612 63
70 *6612 70
6634 6834
300
Preferred
100 6512June 4 8013 Feb 27
5213 5212 52 52
52
52 *51
53
53 54
55
5678 2,000
Bangor & Aroostook
50 47 June 2 6634 Feb 26
•103 109 *103 105
103 109 '*103 104
10334 105
105 10578
160
Preferred
100 9934June 3 11312Mar 9
.31
40 831
40 *31
40 .31
40 *31
40 •33
40
Boston & Maine
100 32 June 4 66 Feb 20
*9I 1113 *10
10
10
10
11
1034 *10
1034
1034 2,400 Brooklyn & Queens Tr-No Par
712June 2 11 June 8
5834 5834 59 6014 *58 6034 *58 6034 5913 5912 .10
59h 60
1,800
Preferred
No var 5134May 4 6014June
5838 5838 5814 62
6014 62
6038 6178 6034 6173 5912 6034 9.900 Bitlyn-Manh 'Fran•t 0 No Par 537 Apr 29 6911s Mar 8
2
*8934 91
91
91
*9014 9114 91
9112 9138 92
*91
9112 1,200
Preferred v t e
No par 85118 Jan 31 9414 Feb 11
*4
438
414 414 *4
434
4
414
4
4
*418 5
500 Brunswick Ter& By See NO Va
3 May 27
gh Feb 10
2618 27
2518 2638 25714 2638 2573 27
2638 2712 2634 2712 30,300 Canadian Pacific
25 2434June 2 4531 Feb 24
3312 3434 23112 3312 3214 3314 3213 34
3378 3618 3434 3678 34,000 Cheepeake & Ohio
25 27 June 2 4613 Feb 10
*38 118
*3,
118
"4 118
"4 118
"4 118
118 118 1,100 Chicago & Alton
100
*38 1
214 Jan 12
34June 2
*34 1
*kt 1
*34 1
*34 1
h
1
300
Preferred
100
lh Jan 12
34 Jon 2
412 5
5
5
514 514
478 513
478 534
538 578 6,400 Chicago Great Western
100
4 June 2
773 Feb 10
1812 19
18h 1813 1913 1978 1913 2012 19
2114
2012
2212
4,800
Preferred
100 1534June 3 2638 Feb 25
*44, 5
412 413
47
438 5
438 478
534
514 512 6,900 Chicago Mtlw BO Paul & PM...
318June 2
873 Jan 23
718 714
7
734
7h 738 *733 734
778 98
812 938 12.400
Preferred
434June 2 1533 Feb 10
SO
31
2978 30
2912 3012 2938 3034 30
3338 32
35
Chicago
5,600
Western_100
25
&
June
North
4512
380
2
Feb 24
95 *8014 90 •8018 90 *804 go
*8013 90
90
90
800
Preferred
100 89 June 4 116 Mar 18
3014 32
30
34h 33 3412 32
351 23413 3734 13,200 Chicago
33
33
Paciflo_100
2212June
Rook
6512
388
Id
3
&
Jan 27
73 *68
70 . 70
71
71
*67
*67
71 .72
75
400
100 50 May 29 101 Mat 24
7% Preferred
*61
70 *6012 70 I 60 6012 *60
70
64
64
26512 6512
500
Preferred
May
50
100
29
6%
90
Jan 28
*21
303s 82014 3018 *2014 301s *2014 3018 *2014 30 *2018 3018
Colorado & Southern
100 24satine 1 48 Jan 9
*27
2812 28
28 826
2912 *26
28 •26
29
29
31
600 Consol RR of Cuba pref
100 2.5 June 3 4212 Feb 24
120 12212 117 121
120 12012 120 121
119 123
121 125
15714
Delaware
6,000
& Hudson
Feb 25
100 10712June 3
*53 55 I 53 53
5238 5238' 52h 63
53
5634 5534 5714 3,100 Delaware Lack & Western-100 4514June 2 102 Jan 8
20
20 I •16
20 •16
21
*17
21
*18 21
18
18
100 Den• & Rio Or West pref_100 1138June 3 4514 Feb 10
1738 17313 1712 18
18
19
4 18
2038 20
20h 7,300 Erie
100 1312June 2 zwa. Feb 24
['27
31
3112 29
*29
2914 *2738 35
31
3112 .
337
29
500
First preferred
100 25 June 3 4513 Feb 27
[ 815
*18
31
24 *15
24 *18
24 *19
24
*19
24
Second preferred
100 1712June 1 4013 Jan 5
r, 4914 51
5014 51
50
52
51
5214 5214 5414 5334 5534 6,000 Great Northern
preferred-1W 4318June 3 5984 Feb 24
,. *512 17
8512 20
*514 20 *10
14 *10
14
*10
14
Gulf Mobile & Northern
100 1318June 5 2714 Feb 17
46 .10
*5
46 *15
48 *10
46 *20
46
*712
46
Preferred
100 5112 Fen 10 75 Jan 9
35
35
1.*3521 38 *3534 38
35
35 *3414 3612 *3513 3712
500 Hudson & Manhattan
100 3372June 1 4412 Feb 17
4412 4718 45
47
45
4712 4413 46
45
4812 4634 4912 9,000 Mao& Central
100 4112June 3 89 Feb 24
, *39
3934 .37
3934 *37
3934 *37
3934 *38
3912
*39
3934
RR See stock oertifleatee.-- 37 May 25 61 Jan 23
, 2014 21
2078 2278 2112 23
22
2238 2314 2434 2314 241
/
4 11,700 Interboro Rapid 'Fran v 1 2_100 1912June 2 84 Mar 2
31
*30
*30
31 I 30
31
30
30
30
31
30
31
1.300 Kansas City Southern
100 25 June 3 45 Feb 26
I *43 45 *42
50 *4312 50 *44
50 *44
50 *44
.50
Preferred
100 40 June 2 64 Feb 9
40
41
*40
40
*40
*40
4412 *42
41
4212 242
4438
500 L1301811 Valle'?
50 3714Jtme 1 61 Jan 9
*63
7012 *65
70
70
74
70
70
70
70
*70
74
400 Louisville & Nashville
331 35341
100 6114June 3 111 Feb 9
33
33
3578 3478 3538 34
3512 3412 3412 10,800 Manhat Ely, modified
30 May 2 39 Feb 28
guar100
*
14 *1213 14 •13
1312 13
34120
13 *1212 14
*1212 14
100 Market 82 By prior prof 100 12 June 3 22 Feb 18
04
32
s14
32
*14
•14
34*
33
*14
as
*14
Minneapolis & 82 Louis__ _100
38
14 Jan 12
14 Apr 18
6
6-- 6 *---- 6
534 6
500 Minn St Paul & 85 Marie-100
5 June 1 11% Feb10
*25
39 *25
38 I 325
38 *25
38
*25
38
*25
38
Leased
lines
Mar 11
45
100 38 June 1
13
13
1278 1334 1214 1374 1338 141
1178 13
1334 153 12,400 Mo-Kan-Tusa 11R----No Par
.4642 47
978June 3 26% Jan 20
4612 4612 4612 4612 46
47
47 48
50
478
2,000
Preferred
33
Jan 16
3914June
100
3
1712 1734 17
1812 1814 20
1818 1914 19
213s 20
221
5,200 bdiseouri Paoli&
100 14 June 3 5224 Feb 16
57
57 *5413 56 *52
57
58
50
59
611 160
621
3.400
Preferred
•go
11
Feb
107
June
50
100
2
55 *50
55 *50
55
55 *50
47
50 *46
50
30 Nash Chats & Bt Loule
s14
100 47 June 11 80 Feb 25
2
12
*14
*14
*14
12
12
*14
1
*14
Nat By.of Mexico 2d pref_100
12
12 Jan 5
14May 28
7712 8034 7438 8034 7812 8212 795
8314 8734 8C4 91 144.500 New York
8 851
Central
100 7112June 2 18214 Feb 25
*35
40 *35
50 *35
40 40
43
50 *35
4214 45
400 NY Chia & St Louie Ce
88 Feb 11
100 40 June 1
5.5
55 *53 60 *53 60 *53 60 *53 60 *53 60
100
Preferred
100 50 June 2 94 Mar 9
170 178 *165 175
172 17212 170 175 176 177 175 18212
440 N.Y.& Harlem
ao 14712June 2 227 Feb 24
7013 7012 6834 7014 7014 72
7034 7334 72h 7473 7312 76
8,200
N.Y.
N. H & Hartford---100 83 Juno 2 9472 Feb 24
105 106h 10412 105
107 107 *10633 1073 10634 10634 *10712 109
1.700
Preferred
10412June 8 110118 Feb 24
8h 812
812 9
9
9
914
938 1118 1012 1138 14.100 N.Y.Ontario & Western_
91
538 Jon 2 1112June 12
_100
*og 1 I .
*34 1
18 1
"8 1
*h 1
1
1
800 N. Y. Railways pref---Ns Par
;June 5
2 Feb 27
412 *312 41
412 *4
*312 413 *4
412
472
800
Norfolk
212May
Southern
2
100
814 Jan 9
14512 157 i 14612 14612 152 152 •155 175
16112 16112 161 165
1,400 Norfolk & Western
217 Feb 28
100 139 June
*9038 91h *9038 9118 9038 90h *90% 913
9134 9134 *9034 9134
40
Preferred
100 89 Jan 8 98 Mar 31
351 36
3614 37
39
37
391
36
38
4038 3914 4234 8.200 Northern Pacific
100 3012May 18 6012 Jan 27
*112 212
*112 3
2
2
•lh 278 *113 27
•112 3
200 Pacific Coast
100
lhJune 1
7 Mar 23
47
50
4434 4738 4638 4834 46
4778 4634 5034 4834 52 84,100 Pennsylvania
ao 4218June 2 66 Feb 10
*4
11 1 *4
*4
6
5
6
5
514 514 *4
6
200 Peoria & Eastern
4 May
100
912 Jan 9
•25
50 *25
31
31
30
30
30
28
28
31
37
3,100 Pere Marinette
100 28 June 11 85 Feb 10
*5014 60 .55 60
*55 60 *55 60 .55
59
*55
60
Preferred
Prior
100
50
9214
June
Feb 25
1
*4018
*35
50 *35
50
50 *35
50
50
50
*35
36
10
Preferred
100 50 May 28 80 Jan 8
*35
50 *35
50 *35
50
50 *35
50
50
50
50
200 Pittsburgh & West Virginia 100 4978June 4 36 Jac 9
*63 66 *64 66
66
76
66 *67
65
671 6712
67
900 Reading
ao 6014 Apr 27 9712 Feb 11
*40
4213 *4112 4212 '411 421
4212 •40
4212 4212 .
40
4213
100
Flat preferred
4.42
ao 37 June 3 56 Jan 5
45 *41
44 *41
44 *41
44 *4112 44
*4113 44
Second
preferred
41 May 29 57 Jan 16
8
16
1612 1514 17
17
17
17
18
1714 1813 18
1934 5.800 St Louis-San Francisoo____100
9 June 2 6224 Jan 27
29
3114 27
28
2614 2614 *25
29
2612 2912 29
2913
1,600
First preferred
100
1 76 Jan 27
1078 1078 1078 11
1112 1134 1212 13
13
14
1414 1514 5,800 Bt.Louts Southwestern-4_100 1518June
7 Mai 27 8312 Jan 9
17 816
16
25 •1612 25 *15
25 *16
25 •17
25
200
Preferred
33
100 16 May 27 80 Feb 24
12
12
12
12
38
38
38
12
13
12 2,200 Seaboard Air Line
38May 21
Ps Jan 12
34
No pa
*34 1
38
*34 1
1138
*511
38
*3ti 1
400
Preferred
7812 7818 72
38May 21
100
214 Jan 12
76
7738' 7738 8112 79
7513 7712 76
8112 15,900 Southern Pacific Co
100 6714June 1 10912 Feb 11
3038 311s 30
3138 31
31
32 I 29
32
3212 3014 3414 16,200 Southern
Railway
100 27 June 2 65/4 Feb 10
531s 531/3 *54
5812 *54
5812 *54
5812 *5412 5813 *54
5812
100
Preferred
820
95 •22
100 53 June 3 83 Feb 10
95 024
95 *20 95 *22
95 •20
95
100 90 Mar 10 100 Jan 14
818 81s
812 914
973 12
938 1034
111 1214 1112 1213 15,200 Texas & Pacific
*612
Third Avenue
512 Apr 29 1214June 11
100
•612
8
*638 814 •631 8
712 77s
*638 773 .
Twin City Rapid Trane1S-100
•35
45 •3513 45 *35
638June 5 1778 Feb 17
42 .3518 41
*3518 41
*3518
41
Preferred
15212 157
14812 152 151 155 152 153 152 15712 15714
100 3518June 1 62 Feb 9
16312 13,600 Union Pacific
*85 86
8512 8512 .85
100 137 June 2 20314 Feb 24
8612 8618 8614 86
86
8614 8614
500
•11
12
Preferred
1014 11
100 8338 Jan 5 87 May 18
11
11 . •11
12
11
1314 12
1312 3.300 Wabash
8 June 1 26 Jan 9
100
22 •20
*20
23 •20
23 *20
22
20
22
22
2418 1,200
Preferred A
10.58 1112 1114 1113 11
100 19 June 4 51 Jan 9
1112 11
11
11
1238 1134 1234 11,800 Western
9 June 2 1912 Feb 24
Maryland
100
•9
1234 •10
1334 *918 1334 *913 1334 *1212 1334 13
13
300
Second preferred
100
*6
7
914June 3 20 Feb 24
7
*6
7
6
6
6
738
7
7
700 Western Pacific
4 June 2 les Feb 9
•1112 18 •1314 18 *14
100
15
15
15
15
15
15
16
1,200
Preferred
100 1018May 25 8111 Feb 24
PER SHARE
JOAO for Prestos.
Year 1930.
L010611. i Highest.
$ par share S per elate
168
25312 Mai
100 Dec 10814 Sept
9514 Dec 17512 Mu
55114 Dec 12212 Mal
7014 Dec 8433 July
5014 Dec 8412 Mar
10012 Dec 11614 Jane
44 Dec 112 Feb
el. Dec 151's May
53 May 6612 May
5512 Dec 78/
1
4 Mer
83 D
98388,91
514 Nov 3314 Apr
8514 Dec 5314 Mal
8233 Dec 6138 Sept
Is Deo 10 Apr
14 Deo 1014 APT
634 Dec 1734 Mar
12 Dec &3'e Ma;
414 Dec 2638 Feb
784 Dec 4614 Fob
2812 Dee 8978 Feb
101 Dee 16014 June
4514 Dec 12513 Feb
92 Dec 110118 Mat
81 Dec 10411 Ma)
4014 Dec 95 Feb
80 Dec 62 Apr
13014 Dec 181 Feb
6912 Dee 153 Feb
2512 Dec 80 Mal
2214 Dee 6334 Feb
27 Dec 6718 Feb
26 Dee 6212 Feb
51 Dec 102 Mar
1014 Nov 5612 Feb
551s Nov 9814 Mar
3473 Dec 5338 Mat
6534 Dec 18634 Apt
58 Dec 77 May
20is J
3913 Max
34 Dec 3538 Mar
53 Dec 70 Apt
40 Nov $574 Mat
85 Dec 13812 Apr
24 June 4212 Sept
la Dec 2512 Feb
14 Oct
212 Ayr
824 Dec 85 Feb
41 Nov 5912 Feb
Lase Dec 6552 Api
60 Dec 10812 Mar
2038 Dec 9811 Mar
79 Dec 155'2 Mar
70 Dec 182 Mas
14 Dec
111 July
1054 Dee 19214 Feb
73 Dec 144 Feb
75 Dec 11051 may
153 Dec 324 Feb
67•2 Dec 12814 Mat
10612 Dec 13512 Mar
834 Dec
174 Mal
41 Jab
1 Oct
Ms Dec 331 Feb
18112 Dec 265 Feb
83 Feb 9212 Oct
4212 Dec 97 Feb
31s Dec 1914 40r
53 Dec 86% Mar
412 Dee We Mar
7612 Dec 164% Api
90 Des 101 May
9112 Oct 99 A6:
4812 Dec 12114 Feb
78 Dec 14112 Feb
5414 Mar 53 Yet
46 Deo 67 Feb
394 Dee 1181s Mar
6212 Dec 101 Au
1711 Doc 7684 Mid
85 Dec 941•4 July
12 Dec 1212 Feb
12 Dee 98 Feb
88 Dec 127 Feb
6612 Dec 13614 Jan
76 Dee 101 Mar
85 Dee 145 Apt
4 Dec 1512 Mae
l'oOot $112 Jan
4434 Dec 79 Feb
16812 Dec 24214 Mar
821.4 Jan 8854 Sept
1114 Dee 67•4 APT
$9 Dee 8914 AS.
10 Dec 30 Mac
1114 Dee 38 Mat
712 Dec $0% him
id Dec. Ws Mat
Industrial & Miscellaneous
334 414 1,600 Abitibi Power & Paper_Ne par
312May 21 1414 Feb 26
8 Deo 4214 &ix
16
16
500
Preferred
100 15 June 3 62 Feb 26
36 Nov 8612 Aps
*32
367
Abraham & Straue____No par 25 Jan 22 3812May 13
21 Doe 66 Apr
10314 10314
30
Preferred
100 100 Jan 8 10612May 4 102 Nov 11012 Au
3134 1414 14,100 Adam, Expreas
No par 1118June 3 2818 Feb 24
1414 Dec 11712 Mar
*8334 88
50
Preferred
100 8312 Jan 5 92 Apr 8 8012 Doe 94 Sept
*2318 25
100 Adams Millis
No par 2218 Jan 14 8338 Apr I
21 Oct WI Mat
*1814 19
100 Addressoteraph lot CorpNo par 18 Ape 28 234 Feb 2
Dec 3414 Jane
6
6
200 Advanee Mime!, new. No Per
412June 3 1133Mar 17
Preferred
-.1
.
4
100 1112 Jon 29 2013 Feb 16
10 Deo 4114 his
-"is --18
2.12
-18
--1
.
i
-,666 Ahumada Lead
%June 4
...l
74 Feb 27
14 Dee
7512 7734 7514 81
78
82
De May
7818 8134 79 8178 7834 8078 24.600
Air Reduction Ine----Na per 7014June 1 10938 Feb 241 8712 Dec 166% AIM
412 411 •412 434 *413 434
•4h 412
*412 434
412 4h
200 Air-way Klee APPlianeeNo
312 Apr 30 1032 Feb 24
614 Dec 26 Mar
Max Rubber Inc
42 fan 5
Ns Par
14 Jan 2
18g 19l "3812 19*2 -18i2 .-344172 "ii- )11; -13T2
14 Dec
212 ISM
"1314 14'2 383.000 Alaska
Juneau Gold Mln___10
7 Jan 2 2018Jtme 4'
64 June
gh Jar
•Bld and asked
no gala on this day. a Ex-dividend and ex-rights.
060% stook dividend paid. z Ex-dividend. y Ex-rights
312 338 *338 334
20
15 *14
15
367s •28
*28
3673
•10314 107 *10314 107
1238 1312 1238 1312
885 88 *85 88
*2114 25
•22
25
•19
1918 •18h 1918
•412 7
85
7
*338 334
338 318
334 334
•15
20 *15
1612 15
16
*28
3678 *30
3412 *3112 367
10314 10314 *10314 107 •10314 107
13
14
1238 1318 1313 137
85 85
8712 8712 CS
38
•22
25
23
23 *2234 25
19
19 *1814 19 *1814 19
4.8
7
•512 612
6
6
New York Stock Record-Continued-Page 2
4372
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 6.
Monday
June 8.
Tuesday IlVednesday
June 10.
June 9.
Thursday
June 11.
Friday
June 12.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARI,
Range Since Jan. 1.
On basis of 109-share tots.
Lowest.
Highest.
PER a
Range for Previous
Year 1930.
Lowest.
Highest.
Per share
Per share $ Per share $ per share
share Shares Indus. & Miscell.(Con.) Par
IS per share 5 per share 5 per share l$ per share $ per share 5 per
6 Dee 1513 Feb
811 Feb 10
5 June 3
No par
A P W Paper CO
6'8
53
618 .
*6
'53
*534 6
6
*534 618 '534 6
Mar
354
Dee
54
24
Feb
124
2
Corp
57
418June
No par
6% 23,000 Alleghany
558 614
538 578
514 53 .
518 558
5% 573
Prof A with $30 warr___100 2018June 3 5918 Feb 25 364 Dec 1071s Feb
700
22
234 22
21
24
•21
2312 2312 2312 2212 2212 "20
9934 ADP
Dee
374
11
Feb
59
3
with
A
Prof
warr____100
$40
June
15
200
24
*2218
26
*22
'22
*2118 26 I '2018 26
22
22
26
8438 Oct bella Feb
Pref A without warr____100 14 Juno 3 554 Feb 25
100
*1718 26
30
"17
32
"15
28
32
'21
*17
19
19
18214 Feb 24 17014 Dec 343 Apr
11012 115
10912 1174 11514 12112 115 12034 117 12112 117 12012 67,700 Allied Chemical & Dye_No Par 10234June 1 126
36 Dec 12614 Apr
120
7
Apr
12
1214Juee
Preferred
100
200
12118 12178
•12234 12412 '1223 12412 '123 12412 12334 12334 *12178 124
314 Dec 68 Mar
1838June 3 424 Feb 26
2338 6,600 Allis-Chalmers Mfg___No par
2312 23% 23
2334 24
2314 23
23
2378 2312 24
Dec 424 Mar
114
9
Feb
184
27
May
Portland
Alpha
par
No
Cement
8
12
*10
12
12 '10
*10
12
*10
12 '10
*10
12
154 Dec 3112 June
No par 1512June 2 23 Mar 21
2.900 Amerada Corp
154 16
16
1634 16
1638 1612 1512 1512 16
16,4 16
454 Nov 974 Mat
,Feb 13
10 343.6June 3 623
300 American Bank Note
*3712 3812 *37
37
37
37
37
3812
3812 3812 3312 *36
604 Nov 664 Jan
Preferred
50 54 June 4 6615 Feb 26
30
55
55
61
'55
61 I '5412 61
51
54
61
"54
*54
Jan
24 Dec 12
44 Jan 9
2 May 27
300 American Beet Sugar_No par
3
"2
.3
*2
2
2
3
214 214 "2
'214 3
30 Dec 544 Mar
24
Feb
38
257
83lay
Brake
Am
par
Fdy_No
1
&
27
Shoe
500
4
*273
2
28
2812
*274
'27
2814 2878 '278 2812
28
2734 28
Feb
128
July
118
10
1244Mar
Preferred
100
1
June
115
10
*115 120 *115 120
120 120 1'11518 120 "11518 120 *11518 120
64 Oct 214 Apr
538June 3 1288 Feb 24
738 8,4 6,500 Amer Brown Boverl El_No par
712 734
814
8
812
714 878
8
812
8
38 Oct 84 Sept
Preferred
100 31 Apr 29 72 June 12
1,160
72
6978 68
6612 70
6912 6512 69 I 6614 6878 63
67
Dee 15611 AV,
1044
261
25 9214June 1 1294 Mar
9734 10018 9714 10238 9912 10312 9958 10312 102 10114 101 104 290,100 American Can
Jan 15073 Oct
1304
301
Apr
1524
145
4
Feb
Preferred
100
100
*14912
15212
150
150
1
151
*149
*14818 151 *14818 151 *14818 151
244 Dec 824 Feb
1614 1714 3,203 American Car & Fdy__No Par 14 June 3 384 Feb 24
"17
18
17
1614 153 16
*16
1738 1634 17
Jan
116
Dee
18
70
Mar
•
86
3
4June
Preferred
100
593
203
60
63
*60
65
8014 6014 60
65 "60
*60
65
"60
27 Dee 694 Apr
American Chain
15 Juno 2 434 Feb 24
No par
197
19% *15
1912 *15
*15
1912 *15
18% *15
2012 *15
Apr
514
Dec
20
Mar
85
8
483
2
Jan
Chicle
American
par
No
3S12
603
4
423
"41%
42
41
41
4314 *4214 4314
424 4234 *4118 43
1578 Dec 22 Oct
10 June 11 214 Feb 27
600 Amer Colony pe Co _ _ _ _No par
1038
1012 210
10
11
1114 11
1114 '11
1114 •11
•11
9 Nov 33 Jan
No par
54 Apr 29 144 Feb 16
803 Am Comml Absohol
*634 71z
659 7
6% 714
758' *7
*7
712 *714 8
8 Nov 304 Mar
2
Mar
16
2
Amer
54June
Encaustic
par
Tiling_No
4
53
634 *618
634 *618 64 *618 64 *614 64 *6
*6
Dec 594 Mar
17
24
Feb
800 Amer European does No par 1812June 1 334
*1912 198 1912 1912 *1912 20
20
19 I 20
•1812 2034 19
25 Dec 1014 Apr
No par 211 1June 3 8184 Feb 24
2412 2612 2512 2658 2514 273o 93,400 Amer & For'n Power
24
2534 23% 26% 248 27
Dec 1114 Ape
84
20
Mar
100
3
Jan
854
Preferred
par
No
300
87
37
*8612 92
.8614 90 I 8612 8918 *8612 88 '8612 92
634 Dec 1004 Junt
2d preferred
No par ,1612June 3 794 Feb 25
300
5334 *5014 5412
4912 51
5012 5012 *4912 521 *4812 5212 *50
Dee 101 Mal
73
26
Feb
90
3
Jan
par
74
No
preferred
$8
830
7
7712
7712
1
76
7412
•74
75
7414 74 4 '7414 76 I 7414 76
512 Dec
3338 Mar
*74 8
6,4 Apr 27 1038 Jan 9
10
600 Am Hawaiian S 8 Co
7% 7181 *7
714
714 714 7,2 77 •712 8
7 Apr
14 Dec
8 Mar 31
7
Jan
Amer
de
s
13
Hide
Leather_
par
No
100
412
"4
418
4%
5
*4
5
5141 *4
*4
5 1 '4
3478 Apr
Dec
811
6
Apr
30
8
Jan
104
Preferred
100
500
1912
1912
19
19
1918 *1814 19
19 I *1814 19 I 19
19
464 Doe 694 Mar
5512 56
5612 56,2 2,300 Amor Home Products-No Par 4538June 2 64 Mar 20
56
55
5'
5214 5414' *54
558 51
2413 Dec 4178 Mar
No par 1814May 20 314 Feb 9
2112 1,200 American lee
21
22
22
23
23
24
*2212 2334
4.. 2212 23 I '23
16 Dec 5538 Apr
914June 3 28 Feb 26
1134 1218 1218 1212 9,100 Amer Internal Corp_ _ _No par
11
1114 121
1112 1231 1114 12
117
4 Dec
6 Apr
14 Jan 9
%June 1
1,000 Am!,Franee&FoamIte_No Pa
*52
h
58
.12
*72
84'
34
.12
58
58
12
34
7 Dee 35 Feb
Jall 9
12
1
412May
Preferred
12
100
50
*613
10
10
12
*612 12 1 *612 12 I "10
612 12 I
.
Jan
105
Dec
184
2(1
Feb
3034
1318June 3
16
500 American L000motIve_No pa
*1538 1614 16
1614 16% *1553 1614 1538 153 x16
16
6815 Dec 1184 Mar
Preferred
100 70 May 7 844 Mar 6
490
7018 *6814 7512
7058! 70
*70
70
7034 704 *7018 78 I 70
Sept
45
Dec
294
19
Mar
434
3
June
Amer
&
Mach
28
803
Fdy new_No pa
3112
30% 3018 3138 31
3018 3012 30
3034 3014 3112 30
3 Dec 144 July
7 Mar 2
2 May 27
300 Amer Mach & Metals_No par
258 258 "211 314
212 212
314 314 '24 3581 "234 3121
134 Dec 514 Feb
97
Amer
Metal
Co
1,10
Ltd___No par
•912
131sJune 3 234 Feb 24
*914
4
10
93
912
9141
9
834 9 I
*834 9
Dec 116 Feb
80
6
Feb
8918
21
(6%)
53i2May
Preferred
*5212
100
81
7738
*5212 7738 .5212 7738 *5212 77% *5212 7738 *5212
20 Dec 95 Mat
5 May 29 394 Jan 20
210 Amer Nat Gee pref._ __No par
612 612 *714 1112
7
7
9
64 78
"7
Dec 11938 Apr
26
364
Feb
84%
Am
2
304June
Power
&
No
7,800
_
3634
Light_
par
3512
36%
3538
35%
34% 32
33
3418 3512 34
35
90 Dec 107 Mar
Preferred
No par 8878June 2 102 Mar 27
300
9114 *9018 9112 *0118 9112
9212 *91
"92
*9138 9134 91
93
WI Dee 87% Sept
Preferred A
_
No par 7612June 4 84 Apr 9
"7638 80
*7633 80
*7638 SO
'7638 80 "7638 80 "7638 80
743, Dec 891e Sept
4
Apr
7
85
4
stamped
A
Prof
par
No
200
8
767
7312June
*75
8
767
*7538
*7512 76% "76
768 76% 7659 76
76
Dec 3934 Ain
20
15
12Mar
1212 1278 24,300 Am Rad & Stand Elarey_No par 1112June 1 21
1212 1214 13
12
124 13% 1238 1314 21219 13
518 Dec 37 Mar
*7
712
5 Apr 27 1238 Feb 27
712 *7
700 American Republics_ _No par
6
6
'5
64 712
6
7
7
Dee 10078 Feb
Feb
3715
28
20
1.1
25
American
2
Rolling
1218June
7,600
Mill
18
1712
1812
1614 1712 1634 177
1738 188 1712 18% 1734
5215 June 674 Apr
800 American Safety Rasor_No par 46 June 3 66 Fob 26
4734 4734 '4612 4814
48
48
4812 '47
464 478 248
48
2612 Feb
Do
5
13
Feb
9
par
e____No
Amer
v
June
4
Seating
512
"4
512
"4
512
5
*4
*4
512 *4
*4
5
338 Me7
4 Dec
Pe Feb 27
100 Amer Ship & Comm...No par
1:Mae 29
78
*58
12
*12
12
12
58
*12
58
*12
58
*12
35 Dec .544 June
32
90 Amer Shipbuilding new_No par 31 June 3 42 Jan 6
32
33
*32
33
*32
32
32
31
.31
31
32
374 i)e
794 Apr
24
Feb
par
584
Refg_No
Smelting
Amer
3
24%June
10,600
&
30
2818
30%
4
29,
2812 2912
2612 2978 2812 30
2714 29
11818 119
Preferred
100 11712May 14 13812 Mar 27 131 De 141 Apr
500
11814 11814 '119 120
•11818 128 "11818 121 *11814 121
934 De 10388 Aug
6% ourn 20 prof
85
100 8312June 5 1024 Mar 12
400
85 '83
85
90
90
90 '85
'85
*85
*8' 00
434 Jan
354 De
American
Snuff
25 3514June 3 424 Mar 10
38
*3414
38
3812 *3714 3812 '34
. *3614 3812 *37
*3614 381
Preferred
100 104 June 3 1094 Mar 13 1004 Jan 112 Sept
*10312 1094 *1038 10734 .10378 110 *10412 110 *10212 110 *10212 10731
221$ Mar
De
2
15
16
Feb
44
12
Amer
Chem_No
&
112Juno
Solvents
par
1.600
112
4
13
4
13
4
13
*112 2
134
2
*112
*112 2
4 Oct 334 Mar
1
5/
3 June 10 1112 Feb 24
*318 4
4
Preferred
No par
500
*314 4
314 "3
*314 334
3
38 338
234 Dec 524 Nice
1414 1414 1412 1438 1412 2,300 Amer Steel Foundriee_No par 1118Juno 2 314 Feb 20
1418 14
14
1378 14
1414 13
Preferred
' 100 10012June 4 113 Feb 20 110 Dec 116 Feb
10418 10418
210
104 104
*10112 104 *10014 104
104 104 '102 103
354 Deo 654 Apt
37 480 7 484 Mar 10
No pa
43
490 American Stores
4012 4012 "41
"3938 40,1 *395 43
*3938 4112 3953 40
394 Dee 6978 Mar
100 42 June 2 60 Mar 25
47% 47% 1,400 Amer duffer Refining
4718 48
4712 48
*4512 48
*4718 4834 4734 48
95 Nov 110 Apr
43u 2 10812Mar 16
1011
100
10034
4
1003
Preferred
700
4
1003
4
1003
101
4
1003
10034 10034 *9913 101 *10012 101
5 Nov 2634 Feb
6%June 3 1113 Feb 13
100 Am Sumatra Tobacco_ _No pa
712 712
*734 8
812 "738 8
*734 8,2 *734 812 *73
15 Dee 2713 Feb
Amor Teleg & Cable Co_100 1514 Jan 12 2311 Feb 18
1704 Dec 27414 Apr
26
Feb
2014
2
15612June
100
Telt*
1703
&
167
Telep
Amer
1Y2:;(56
iiiiTs
igili
168:1;
9812 Dee 127 Seen
10734 10812 5,100 American Tobacco new WI 25 981sJune 2 12834 Apr 14
105 107
108 108 *106 10734 10712 103
105 105
994 Dec 13073 Bent
Common class B new w 1.2 10218June 2 132 Apr 14
109 110
107 11134 109 11134 10914 11138 11014 1127 11012 11314 21.200
Feb 129 BePt
120
5
May
132
3
Jan
12414
100
300
12912
Preferred
129 12912 '12714
*12712 130 "12712 130
130 130 "12712 130
95 Nov 14114 Apr
American Type Founders 100 58 June 4 105 Jan 16
60 "5312 58
*53
*53% 60
57
"54
"53% 58 '54
57
1104 Feb 28 10312 Nov 1144 July
2
June
85
100
Preferred
10
88
"35
88
'85
88
88
88
88 '85
*85
88 '85
474 Dec 12478 Apr
40%June 3 5035 Feb 26
4512 464 4534 4612 8,200 Am Water Wks & Eleo_No pa
4218 45
4412 464 4438 457
4158 45
98 Nov 1084 Oct
10034Juno 6 107 Mar 19
151 preferred
200
*9838 100
*9978 100
10034 10034 10178 10178 *997 100 I *997 100
Vs Nov 204 Feb
12
Jan
8
117
3
514June
100
7
Woolen
American
400
13
•113
612 612
63
634 '6
*6
7
7
7
7
154 Nov 6478 Feb
100 2058June 2 891e Mar 23
Preferred
2612 2612 2,500
26
26
26
2512 2612 2618 2634 2512 2712 26
9 May
las Dec
Jan 23
Apr 29
Os
par
otts_No
112
Am
112
400
Paper
Writing
2
'112
2
"112
'112 ___. .112 212
112 112
1018 Dec 444 Feb
Preferred certificates__ _ _100 10 June 2 18 Feb 20
100
15
•10
15
15 '10
15 I "10
*10
15
*10
15
•10
1s Feb
17
D6C
34
26
Feb
834
26
338May
412 412 1,200 Am Zinc Lead & Smelt_No Par
4'4 414
*418 412
4
4
4
*33
4
4
2614 Dec 797A Jan
25 26 Jan 10 4034 Mar 11
Preferred
300
29
28
23
23
28
28 , *25
*25
27
27
28
'27
Apr
814
Dec
25
27
Feb
4514
3
4June
183
2112 2278 2138 2238 2158 2212 20% 22% 93.700,Auaconda Copper Mining-50
2034 2112 2034 23
19 Dec 5314 Feb
600, Anaconda Wire & Cable No par 20 June 10 264 Mar 10
20
2014
20
2012 20
2012 2012 2012 20
2014 20% "20
Dee 514 Apr
24
21
Feb
86
2
1918June
par
No
Anchor
400;
21
2212
Cap
2259
25 '21
2118 213 2134 •21
2114 2114 21
1058 Dee 374 Apr
914June 2 194 Feb 27
Andes Copper Mining_ _No par
10
"9
*912 10
*914 12
"912 13
13
"9
12
"9
1315 Dec 2914 Apr
8 May 18 18 Feb 4
10% 1018 1014 1,700 Archer Danielle MidI'd_No par
934 934 10
912 912
912 912
10
"9
60 Dec 8278 June
Jan 7
72
2
June
32
_100
pref
&
Armour
(Del)
Co.
3,200
4211
433
4
41
242
4912
47
4314 41
48
40
42
42
818 Mar
24 Nov
6
Jan
413
20
112May
_25
__
A
class
Illinois
134
134 1,100 Armour of
17
2
1% 17
134 178 "178 2
18 17
438 Mar
14 Nov
24 Jan 7
1 May 28
25
Claes B
114 1,500
114
114
114
114
114
114
114
114
114
114 114
Nov 65 June
254
6
Jun
47
2
1012Juno
100
*1312
Preferred
141i
1412
700
*1318
14
14
14
13
13
13
13
•11
34
Apr
134
4
Dee
Apr
712
2
Jan
368
500 Arnold Constable Corp_No Dar
42
43
43
534
512 558 *5
434
*5
559 *412 559
44 Dec 2018 Apr
5 Jan 13 1012 Feb 26
No par
100 Artloorn Corp
678 678
'678 7 1 '678 7
*678 7
"678 7
*578 7
Mar
4618
Nov
20
24
10
Feb
284
Apr
par
4
53
Ind_No
Apparel
Associated
900
612 612
678
634 6%. 67
7
7
634 63
7
7
19 Dec 5011 Apr
164June 3 20% Mar 20
No par
194 2014 2012 1912 19% 1.600 Assoc Dry Goods
"1812 19
2034 *1912 1934 *19
19
80 Dec 51 June
25 20 May 26 Si Feb 18
Associated 011
"2012 25
25
25I.,'21
*21
"2059 26
*2012 25
"2012 25
Dee 804 Jon
7
83
Jan
ear
39
LIne_No
June
17
8
G&WISS
200 Atl
*1812 17 "1612 17
17
17
18
17 "17
17
18
"17
48 Dec 654 Feb
100 32 June 8 5313 Jan 21
Preferred
200
33 '3014 33
34 "30
•30
34
*31
33
32
37
"33
De
24
Feb
514 Apr
16ss
234
111sJune
25
Refining
Atlantic
14,600
1412 14
1538 148 1514 1412 1518 1378 1434
1312 1338 13
42 Deo 106 Max
No par 30 June 3 54 Feb 11
200 Atla4 Powder
39
*38
39
39 '34
48 '38
"38
3712 371, "37,8 42
Mar
Nov
16
Jan
106
97
8
997
3
June
86
101)
Preferred
20
90
"85
90
*86
90
*86
90
14
90 '86
86 '86
86
7% Dec 37 May
No par
7 May 29 1313 Feb 10
712 712 *7
100 Atlas Stores Corp
*712 812 *712 812 •7I2 8t2 *712 8 8
8%
813 Mar
213 Oct
2 May 15
No par
34 Jan 5
Tack
Atlas
3
"2
3
*2
3
"2
3
"2
3
'2
3
"2
604 Nov 2634 AD/
Auburn Automobile_ No par will Jan 14 29512 Apr 14
16012 17212 155 17712 157 17812 154 17014 16034 16712 15912 174% 120,200 Austin Nichols
No par
7 May
24 Mar 30
14 De
111 Apr 29
200
134
*114
13
158 153 "114
114 114
•114 14 '114 184
Dec 1038 mat
16
Feb
par
No
2%
Core
Jan
1
Autosala
2
200
118
118
"1
I
1
1%
Ds
1
*1
118
118, "1
•1
map
5
25
Dec
It
2
Preferred
27
50
Fob
28
Apr
3%
35
359 "2
353 *2
353 *2
*2
"Vs 338' "2
No par
64 Mar 2
274 Apr
24 Dee
8 Jan 2
338 312
3% 3% 6.409 Aviation Corp
338 338
338 338
338 338
'3311 312'
38 Feb
274 Mar 19
193s Jun
915June
1314 1234 1334 6,900 Baldwin Loon Worke_No pa
1359 13
1338 13
1133 11381 1214 1214. 13
Jae
100 75 June .1 1044 Mar If)
84 Dec 115
Preferred
20
80
30
80
80 '76
*76
80
80 I *76
80 I "76
•76
40 Bamberger(L)& Co pref._100 1011, Apr 30 107 Feb 11 103 Doe 1104 Feb
10212
10212
104
*10212
*10212
104
10412
*10212
105
*10212
105
*102%
Mar
204
No
8
Brothers
2
Barker
No
41g
pa
Jan
10
10
3
418
8Juno
27
4%
418
"4
4% *4
418, "4
4% *4
*4
53 Dec el Mar
Preferred
100 394 Apr 30 80 Mar 10
50
*35
50
50 "35
50 '35
50 1 *35
40 1 •35
"35
34 Mar
84 De
25
534June 2 144 Feb 26
654
678 7,4
718 14,700 Barnedall Corp ease A
68 7,4
64 7%
638 658! 612 7,81
68 Feb
par
Cigars
23 No
Inc
3112
22
19
Bayuk
Jan
No
27
Apr
'2212
3112
33
*2212
*2212 3112' "2212 3112 *2212 3112 '2212 3159
89 De 101 July
First preferred
100 83 June 3 90 Mar 5
50
8612
'84
84
84
85
"84
85
'84
85
'84
85 I
*84
93 AD,
62 1)8
50 5312June 2 81 Mar 19
58,
4 5834 1,500 Beatrice,Creamery
5812 60
*5812 60
61
60
5912 60
60
60
Preferred
300 106 00, 15 111 Msr 16 10111 Ma 1024 Sept
'108 110
•10712 10914 *10712 110 *108,8 110 *10318 110 *108 110
4634 Nov 704 Jan
9
Beech-Nut
Apr
700
Peeking
0o____20
2
444June
62
X4914
52
4914
"5072
50
50
50
50
'4812 54 I *4914 52
Os Jae
2ta Dee
Belding Fiern'way Oo_ No pa
21
4 Jan 30
Flaunts 1
8 "214
4 2,4 '214 2% *214 25
*214 212 *214 238 "1,
7615 Dee 854 Mar
100 Belgian Nat Rye part pref ____
774.1une 11 8041 Jan 22
777 777 *774 78
*7734 7912' '7734 784 *7734 7914 *777 79
1414 Nov 574 API
24
17
Feb
1612
Aviation
Bendix
10,300
2511
14,
par
No
2
,June
'
16%
16%
1612
163 x16
1578 16,4,1 1512 1658 16
304 Dec 564 ADP
4.700 Beet & Co
No par 311,Juna 3 4614 Mar 19
3458 35
3558 3412 36
36 I 35
35
3414 34141 3334 34
474 Deo 110% Apr
4418 4538 4334 4514 109,500 Bethlehem Steel Corp_No par 351:June 1 704 Feb 26 11214 Dee 136 Mar
4258 443
4212 45
4338 44% 4212 45
1041
6
Mar
3,500
1234
Preferred
100
8
(7%)
964June
103 10312 10412
9638 9814 9812 10034 9934 102
9812 100
23 Oet 41,3 Apr
500 Blaw-Knox Co
No par
16 June 2 29 Feb 21
1734 18 '1734 19
18 I '1712 191
1714 1714 1712 1712 18
1613 Dec 294 Apr
Bloomingdale Brothers_No per
Ms Jail 5 2038 Of ar 25
*1818 25 '1818 25 "1818 25
OM
*1818 25
•1818 25
*1818 25
95 Deo 104
11
Jan
Preferred
94
100 R5 May 15 95
"91
94
*91
94
"91
94
"91
95
"91
94
'91
Feb 90 Apr
74
Blumenthal & Co pref._ _100 63 June 3 8211151ay 11
85
____ 85
*---- 85
1514 Nov 09 Apr
Apr
291
404
If
2
4.6
204
Aluminum
Bohn
par
1,409
Br.
&
No
2912
27
27
2612 278 2712 2812 2878 28% 2912 2912
iai- ff7, iev., 171,2 64, ç ;
e Bid and Mind Macs; no sales on this day. a Ex-dividend. y Ex-righte
New York Stock Record-Continued-Page 3
4373
For sales during the *reek of stocks not recorded here, see third page preceding.
HIGH AND LOW SALE PRICES-PER SII/IRE, NOT PER CENT.
Saturday
June 6.
Monday ! Tuesday !Wednesday I Thursday
Janet).
June 8.
June 10.
June 11.
Friday
June 12.
Sales
for
the
1Vee
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rattail Since Jan. 1.
On basis of 11.10-share tats.
PER SHARE
Rang.for Previous
Year 1930.
Lowest.
Highest.
L•weal,
Highest.
$ per share S per share $ per share I $ per share
Per share
Per share Shares Indus. & Miscell.Won.) Par
per share $ per share I per share :per share
63
63
*6014 65
*6014 65 I '6014 65 "6014 65
*6014 65
100 Bon Am! class A
No par 60 Jan 6 :6614 Apr 15
59/
1
2 Oct 78 ADP
*114 2
.114 2
114
114 *1
114 *1
114 *1
134
114331310 9
200 Booth k laheries
No par
3 Feb 20
1
Oct
5 M31
*533 15
*558 15
514 538 *338 5
*412 5
5
5
1s6 preferred
600
100
5 June 12 17/
1
4 Feb 20
5/
1
4 Dee 33/
1
2 Jail
5318 5534 5318 5558 5334 5633 5334 5512 5458 5534 5453 5578 34,900 Borden
Co
23 47 June 1 7612 Mar 20
6013
Jan 9032 May
1613 1634 1578 17
1818 1733 16
1612 1634 171
/
2 1634 1114 5,400 Borg-Warner Corp
1412June
10
2
30
3
4
Feb
27
13 Nov 50/
1
4 Mar
*1
114 *1
114 *1
114 *I
114 "1
114 *1
114
Botany Cons Mills clan A_ _50
114May 22
234 Mar 18
3, Dee
5 Mal
934 1058
914 10
934 1013 1014 1012 10
1038
973 1012 10,900 Briggs Manufacturing_No par
814June 2 2234 Mar 25
121a Oct 2532 July
•1512 1558 *1533 18
*1512 16
*1538 17
*1513 17
*1534 1634
Briggs
par
Stratton
No
15
2412
Juno
&
1
Mar
24
15/
1
4 Nov 3512 Apr
212 212
3
3
.214 3
.214 3
*212 3
273 278
500 Brockway Mot Truek_No Par
2 Jan 2
514 Mar 2
11
/
4 Dec 2214 May
*12
19
*12
1912 *12
100 1012 Apr
19
*12
1912 '12
1912 *12
1912
Preferred 7%
22 28 Feb 17
13 Dec 85 Apr
'10612 10712 105 106
104 107
108 108
108 108
108
108
Brooklyn
2,300
Gas___No
par
June
Union
539
1 120/
1
4 Mar 19
98/
1
4 Dec 17814 Mar
*38
39
*38
39 '3812 39 '
'1 3812 39
3812 3812 *38
39
100 Brown Shoe Co
1
4 Jan 22 40'8May 13
No par 32/
33/
1
4 Nov 42 Feb
*8
814 *814 9
'814 812
814 814 *8
853 *8
100 Bruns-Balke-Collender_No par
858
May 4 15 Feb 13
10 Dee Ws Mar
*1314 1414 12
1338 1212 13
13
13
121 12113 1238 1212 2,800 Bueyrua-Erie Co
10 1134June 2 2072 Feb 19
1118 Dee 81/
*23
1
4 Mar
2414 2213 23
2334 24
23
2312 *221 4 2314 2234 23
140
Preferred
10 2012June 3 84/
1
4 Feb 10
21 Dee 43 Mar
•109 110
110 110 "109 110
10934 110
*J612 109
109 109
1,400
100 169 June 12 114 Apr 21 107/
Preferred
1
4 Jan 117 Bain
312 312
312 313
314 314
314 312 *332 332 *382 37, 1,900 Budd CH 0)(7)
No par
212June I
5/
1
4 Feb 25
Dec 16/
Mfg
1
4 ADP
8
812 *778 838
813 813 2818 818
734 8
*773 812 1,700 Budd Wheel
718 Apr 29 13 Feb 21
No par
584 Oct 1458 Feb
8,2 834
812 812
812 834
812 85s
834 834 *834 9
1,609 Bulova Watch
No par
812June 6 15/
1
4 Jan 30
8/
1
4 Dec 43 Met
10
10
934 1012 1058 10,
8 1078 1078 *1013 11
1033 1033 1,200 Bullard Co
No par
812June 3 23 Fob 36
9/
1
4 Dee 74 Apr
•1012 1612 *3
1612 "8
16,2 *8
1612 *8
1612 *8
1613
Burn, 13roa new elA new No par 1212June 2 1212June 2
*I
6
*3
412 *134 412 *3
412 "3
413 *3
412
212May 11 10 Jan 7
New class B oom--No Par
3 Dec 85 Ape
*5814 65
*5814 65
58
58
•58
65
58
58
*5314 65
Preferred
20
100 22 Mar 17 85 Jan 20
7134 Dec 100 Feb
2112 2112 2078 2212 "2112 2234 *215 2234 2212
2212 *2112 2234 1,900 Burrougha Add Mach__Ne par 1918June I 3314 Feb 9
18/
1
4 Dee 5171 Mai
21
2118 21
21
21
21
*21
23 '2018 23
20
21
17 Apr 23 31 Feb 24
1,000 Blab Terminal
No Par
2112 Dec 6814 Mar
72
72
•73
7934 '73
7934 .73
7934 *73
7934 *73
7934
Debenture
30
100 70 Apr 23 104 Jan 23
97
Nov 110 Mar
"100 10018 *10018 101 *10012 101
101 101 *10012 101
.9833 101
10 Bush Term Bldgs prof
100 5512 Apr 29 113 Mar 17 108 Oct 118 Apr
*8, 1
1
*34
*34 1
*34
78
*34
79
Butte & Superior 3.1b31ng___10
*34
iliMay 7
78
11
/
4 Feb 20
/
1
4
Dec
514 Jan
114 114 *118
114 *1,8 134
114 114
114
114
114
114
114MaY 7
5
400 Butte Copper ek Zino
2 Jan 29
114 Dec
4/
1
4 Feb
*1012 1014 10
10
1013 1034 *1014 1012 10
10
934 1014
900 Butterick Co
No par
9 Juno 2 2032 Feb 25
10 Nov 29/
2858 3114 2733 3134 2912 3214 2834 313
1
4 Feb
3 3033 3253 3034 3212 53,900 Byera 02 Co (A M)._ No Par 2358June 2 804 Feb 20
3318
Dec
112
*8012 85
/
1
4 Apr
*8013 85
*8018 85 "8018 85
8018 8913 *8013 98
10
100 80 June 2 1061
/
4 Feb 24 106 Dec 114
Preferred
*2213 2234 2312 25
Jan
2312 24
2338 2338 24
2418 2358 24
1,800 California Packing__ No Par 2012May 1 383 Feb 16
Dec
4114
77
/
1
4 Mar
*32 1
*12
52
*52
72
*12
58
58
58
58
/
1
4 Jan
400 Callahan Zine-Learl
10
132 Mar 2
31 Dec
*26
218 Feb
30
*27
30
29
29
27
27 '27
30
"20.
30
Mlning_20
Calumet
300
2312June
433
2
2
&
Arizona
Mar 17
28/
1
4 Dec 8972 Jan
534 534
6
6
6
6
578 573
6
6
5 June 2 111
2,1(10 Calumet & Bede
25
/
4 Feb 24
578 6
7/
1
4 Dee 83/
•11
1
4 Jan
1114 1114 1158 1134 1178 .1112 1173 '1112
1114
1173 11
800 Campbell W & 0 Irdry_Ne Par 1012June 2 1632 Mar 25
10 Nov 80 Mar
3912 4013 40
4012 41
4312 42
43
4 4312 4214 4333 17,900 Canada Dry Ginger Al* No par 29/
423
1
4 .1111119 4333June 12
3012 Dee 75/
1
4
20
Mar
20
*2014 2212 "2013 2212 *2013 2213 "21
2212 2073 2078
400 Cannon Mills
No Dar 1714 Jan 2 25 Max 24
1818 Dec 3414 Mar
•13
1373 .13
1351 *13
1358 1312 1414 1313 1312 1373 1378 1,000 Capital Adedni2 *I A No Par
912 Jan 3 10 Feb 26
714 Dee 28/
1
4 Apr
*30
34
*31
34
*31
34
34
*34
38
3413
34
34
400
Preferred A
50 29 May 18 3832 Feb 25
23/
1
2 Dec 42 Mao
7012 7314 6834 75
7114 7638 7134 7538 7378 7633 x7138 7432 278,000 Cage(5 I Co)
100 5912June 3 13112 Feb 24
8312 Dec 382/
1
4 Apr
.100 105
104 101
102 102
10234 104
102 10312 *10114 104
95
14
May
eertificales-10
190
Preferred
21
0
Mar
116
Dec 132 May
113
23
2378 2214 2412 2314 24
2234 2334 2314 24
2312
Tractor____No
par
2414
2118June 3 5212 Feb 17
7,100 Caterpillar
23 Dec 7934 Apg
"2
278 *212 278 *212 273 *212 278 "212 27g
*212 27g
Cavanagh-Dobbs Ina_ _No Par
2 June 5
Feb 27
11
/
4 Dee 13/
1
4 Jan
•1012 15
•1012 15
15
15
*1012 22,2 *1012 2212 .1012 15
100 15 Juno 9 26 Mar 7
100
Preferred
24 Dec 75
Jan
*9
10,2 *9
1014 *914 1014 *912 10,4 '1014 1034 '10
1012
81
Celanese Corp of Am__No par
/
4May 20 18 Feb 25
9
/
1
4
Dec
20
/
1
4
Oct
*6
7
*518 7
*513 6
*512 634
*518 6
*513 6
5/
1
4 Apr 24 1432 Mar 2
Celotex Corp
No par
3 Dec 60 Mar
5
*413 514
5
412 412 *412 512
43
4
43
5
4
38June
5
3 1334 Mar 21
GOO
CertifIcatee
.No par
3 Dec 12 Sept
*15
1934 16
18
1514 1514 1514 1514 *1414 1514 *1414 1514
14 Juno 1 3734 Mar 21
Preferred
70
No par
1714 Dec 8478 Apr
•15
18
19
19
19
1912 1934 1973 "1914 20
20
20
/
4June 3 2478 Jan 3
700 Central Aguirre Airao__No Par 171
18 Dee 30/
1
2May
*334 4,4 *334 434 *334 43
412
4
*4
*33
413
4 478
212 Jan 6
433
614 Feb 21
200 Century Ribbon Mills_No per
2/
1
4 Dee
*5114 60 '50
814 Mar
54
*5114 54
*5114 60
*5114 60
*5114 60
100 SO May 28 70 Feb 26
Preferred
51 Feb 8978 July
•1534 16
•1513 16
16
1612 15
15
.15
1514
16
1514
Cotiper_No
June
301
14
par
Corrode
/
4
3
Feb
24
800
Fuca
21 Dec Ws Jan
*4
412 *4
412
4
4
*4
412 *4
714 Mar 23
4
412
4
214 Jan 2
4P0 Certain-Teed Produets_No Par
2 Doe 15/
*3012 3112 *3012 31
1
4 Feb
31
31
31
31
31
31
31
31
700 City lee & Fuel
No Par 3018 Apr 29 3732 Feb 25
3278 Dee 69 Pea
"8133 84
"8133 84
8133 8133 8133 8138 7933 8038 *7913 8012
771
/
4 Jan 14 90 Apr 21
270
Preferred
100
79 Oct 98/
1
4 Feb
934 934
9
912 10
0,4
1
912 9 2
978 97s 1,700 Checker Cab
9,2 934
7.18.Tune 1 2314 Feb 7
No par
14/
1
4 Dee 67/
34
1
4 Mar
3412 23234 33
3334 3514 3414 3478 3413 36
*7
3512 3738 5.800 Chesapeake Corp
/
4 Feb 24
No par 2712June 2 541
*7
32/
1
4 Dec 82/
1
4 Mar
814 *712 8
*712
8
*712 778
712 712
613 Apr 29 1518 Feb 26
100 Chicago Pneumat Tool_No Par
7
/
1
4
Nov
87
*16
Mar
17
16
16
1558 1612 *1513 18313 *1512 1838 *1512 1832
400
Preferred
No par 1512Juce 2 85 Feb 21
2318 Nov 5572 Mar
•__-- 191.•____ 1912 19
19 '19
1913 •
21
21
10 Chicago Yellow Cab.__?lo par 19 June 9 23 Jan 9
2012 Dec 32 Mar
.10
12 - 10
10
*10
11
*10
1012 '10
1012 *10
1012
100 Chickasha Cotton 011
10 10 June 3 123t Mar 30
10/
1
4 Dec 3212 Apt
2038 2034 2034 2073 21
2138
8 207s 2014 20,
8 2053 2053 2,800 Childs Co
17:Wen° 3 33/
1
4 Feb 10
No Pa
2278 Dec 07/
1534 1612' 1534 1714 1614 1738 203
1
4June
1618 1714 1858 1714 1612 1738 86.200 Chrysler Corp
No ya
1212June 2 2534 Mar 9
141s Dec 43 Apr
'278 3
234 3
278 3
278 3
314 *314 312 2.700 City Storey new
3
es Feb 11
2 June 2
No Pa
2/
1
4 Doe 1314 Apt
•14
1413 14
141.4 1438 15
1412 1412 *1412 16
*1412 16
600 Clark FAiutymen2
No par 14 June 8 227:Mar 25
1512 Dec 44/
1
4 Apr
2512 2512 *2514 2312 *2514 2612 '2514 2612
'2514 Ms *2534 2613
100 Cluett Peabody & Co No ya
24 May 19 3413 Feb 17
21 Dec 60 Apr
*101
*101
__ •101
'101
____ 10012 101
100
Preferred
Mar
4
Jan
102
95
25
1
0
1(
9114
Jan
105
13833 139141
Apr
____,*10113634 1397
__8 140 1401- 2 13912 14114 14158 14538 5143 14612 10,801) Coca Cola Co
No pa 133 June 3 170 Feb 24 13314 Jan 19182 June
*53
54
*53
5312 5313 5314 *5112 52
5312 5312 531 *53
500
Clam A
No pa
50/
481
1
4 Jan 2 5312June 4
/
4 Jan 53 Mar
45
45
4478 4478 *4434 45
45
45
4434 4434 4312 4413
900 Colgate-Palmolive-Peet No par 40 June 2 5012 Mar 18
44 Dee 6472 May
*10212 10314 103 103 "103 10314 *10218 10212 10218 10212
*10112 10314
600
6% preferred
100 10134 Apr 21 104 Feb le
97 Mar 104 Dec
*11
1172 1134 12
12
12
1234 12
1214 121 *121 1212 1,600 Collins & Alkman
Jan
Feb
173
9
30
26
8
12 Oct 3534 Feb
No
Pa
.75
79 .73
78
"73
82 •73
79
*7612 7818 .7612 82
Preferred non-voting--100 71 Apr 30 78 May 18
73 Jan 92 May
72 712
8
8
*712 8
8
8
*71
.
S
8
8
1,500 Colonial Beaton 011 Co_ No pa
1014 Jan 8
712June
8/
1
4 Dec 20/
1
4 Apr
1213 1278 1212 1278 1314 1313 *1212 1314 1213 '1212
*1212 1314 1,400 Coloradoluel& Iron new NoTor
9/
1
4June 2 1534May 20
6214 64
6212 68
6412 69
66
6812 67
6812 66
6378 9.400 Columbian Carbon•2 e No Par 55 June 2 11138 Feb 25
85/
1
4 Dec 192 Mar
2418 2514 2338 2534 25
2434 27
265
263
8
4
273
8
26
2873 57,400 Columbia Gss & EleeNo Par 2058June 2 45/
1
4 Mar 19
3032 Dec 87 Apr
9934 100
9933 9934 9934 10018 9934 9934 *9912 10018 100
10018 1,500
Preferred
101) 93 June 3 10912 Mar 18
673 718
99 Nov 110 Apr
618 714
7
713 713
712
713 733
714
712 26,000 Columbia GraPho2/109,
June 2 1614 Mar 13
1614 1678 16
712 Dec 3733 Apr
1612 1538 1712 x17
17
1612
17
*1614 17
3,000 Commercia Crodlt__No par 13 May 27 2314 Feb 26
•33
1512 Dec 4034 Apr
34
*33
34 .33
3412 *3214 33
3214 3214 *33
34
200
Class A
50 30/
1
4June 3 3578 Feb 28
.22
2312 *2212 2312 22
3012 Dec 441
/
2 Apr
22
*2112 2312 •23
2312
2312
*23
30
25 2112 Jan 20 2415 M ar 18
Preferred D
*8038 82
20/
1
4 Dec 29 Apr
8038 8038 82
82 z8212 8212 83
83
*83
85
150
let preferred (014'10-100 764 Jan 29 85x4Mar
24
2434 24
7814 Jan 95/
24
1
4 Seca
2438 2513 25
2572 26
27
2614
287
3
Corn
4,000
siar
22
In
veer
May 28 34 Mar 19
Trust __.
.No
85
8512 *8412 85 "8412 85
2134 Dec 55 Mar
8412 84,2 '84
85
*84
89
300
Cone preferred
No par 82 J au 20 90 Jan 28
*314 434 *314 412 *414 434 *312 434
80 June 87 Mar
434 434
412 413
200
Warrants stamped
27s Jan 7
8 Feb 27
212 Doe
6 0e3
12
1234 1178 1338 13
14,3 51234 1312 1314 1373 1314 1418 47,000 Comm
No par 10/
Solventa
1
4June 2 211
/
4 Feb 24
14 Dee 88 Apr
758 773
758 8
sis
778 813
734 813
8
77
3
8
42,600 Cominonwlth & Sou-rn Nn par
678June 2 12 Feb 24
92
712 Dec 2014 A112
94
90
9212 "92
9312 92
92
9273 9278 92
9212 2,200
$O preterred seriee
*31
8612 Dec 10434 June
No Par 90 June 8 10038 Mar 16
33
*31
33
*31
33
*31
33 •31
33 .31
33
Conde Nast Publica-No Par 30 June 3 341
3/1
/
4 Dec 57 Mar
/
4 Feb 15
10
1012
Ps 1034 10
1034 1014 1014 1013 1114 1032 11
20,000 Congeleum-Nairn Ine_No Par
67
8
Jon
12
/
1
4
Mar
5/
27
1
4 Dec 193.1 Mar
•2014 2912 1912 1012 "19
25
*1812 25
1834 1834 1834 1931 1,500 Congreera
Cigar
1812June 2 3934 Mat 10
No Par
1814 Sept 5874 Mar
3278 3278 '32
34 '32
33
3233 3233 '3012 32,2 3212 3312
700 0002olidated Cigar__ No Par 2511 Jan 8 3714 Mar 12
24/
1
4 Dee 59/
62
62 '63
1
4 Mar
64,2 *6212 6412 6438 6438 *6312 65
6434 6434
50
Prior preferred
100 55 Jan 2 73 Mar 19
53 Dec 80 Mar
438 458
412 4,2
413 458
414 412 *438 5
412 412 1,500 Consol Film Indue___No Par
334June 3 15 Feb 17
1312 1312 13
re Dec 27/
13,4 13
1
4 Mar
1314 1238 1314 13
13
123
4
1234 1,700
Preferred
No Par 1012June 2 1872 Feb 17
12/
1
4 Dee 2814 Jan
88
8978 8714 91,2 8918 .9214 89
9318 913g 9334 91
9312 107,700
No par 8218 Jan 2 10932 Mar 19
10433 10438' 10414 105,4 10433 105
78/
1
4 Dec 1367g 1.0a.
10412 10478 10433 10478 104,2 10412 2,900 C011901 OM(N an
9912 Jan 10512 Sept
Preferred
s8
No par 10112 Feb 27 10538May 9
12
ki
*58
12
.4,12
34
34
34
5
8
5/1
1,600 Consolidated Textile_ No Par
14 Jan 2
11
/
4 Mar 18
3
13 Dec
3
2
313 313 *3
Jan
334 *312 334 *312 334
3,g
318
300 Contaluer Corp A rot No Par
3 Juno 3
•118
518 Dec 22/
813 Jan 9
114
114
1
4 Feb
114
1 14
112
112
1,4 *114
112 •114
112
400
Clara D voting
118May 29
1012 1013 1012 1158 1112 12
No par
3 Jan 12
2 Dec
8
/
1
4
Feb
10,
18 11
11
11
1034 1114 2,200 Continental Dar al A.
134 134
914June 2 30 Feb 28
1834 Dee 5212 Feb
112 112
No Par
112 112 •112 134
112 112
112 112
600
Claes 13
"54,
3 5512 54
332 Feb 2
2 Dec
No par
114June 3
54
7 Feb
54
54,2 54
54
54
5312 5312 1,300
54
7712 Feb 27
4514 4618 4438 48,4 4612 4838 4633 4734 4734
Preferred
447
100
s
Apr
30
83
Dec 94/
1
4 Feb
4833 4714 4872 10.800 Continental Can Ine__No par
'
401
/
4June 3 62/
1
4 Mar 26
912 934 *913 934
43/
1
2 Dec 711
/
4 Mar
*9
934 934
9,4 914
8,
8 8,
8
912
500
Cont'l Diamond Fibre_No par
3834 3934 38
8Juno 2 1678 Feb 27
3912 3814 3934 3838 38% 39
Den
37
51
/
1
4 Apr
93*
403s
3912 4014 4.600 Continental Ins
214 212
214 2,4
10 31 June 1 511
/
4 Feb 24
3714 Dec 77/
238 2,2
1
4 Mar
2l
238 238
214
2',,
214
21 4
1.600 Continental Motors.
512 534
_ _ No Par
214June 3
412 Feb 27
21s Nor
572 678
814 Feb
634 734
634 758
714
71. 7
73s 31,200 Continental Oil
N par
714 Dec 8012 Apr
5 June 2 12 Feb 13
434 5
5
5
478 514
434 472
434 518
478 5
8,500 Continental 8hared_ _ Ns Par' 312May 21
6373 6012 6412 63
61
12 Feb 24
812 Dec 61)/
66
1
4 Apr
6212 64
6313 65
8434 16,500 Corn Prod cts Refining55
149 15014 "14918 15012 *14934 15013 *14934 1501* •11934 15033 63
,
2
8638 Feb 17
65 Dee 11132 Apr
8June
---25
•14934 15038
30
Preferred
100 146/
712 734
1
4 Jae 6 15213 Apr 2 140 Feb 1511
714 714
8
/
4
75j 8
812
Oct
8
834
8
8
pis DOC 33 Feb
*2712 29
614June 1
No par
18 Feb 27
*2712 29
*2713 29
*2712 2813 2812 2812 2812 2812 2,700 Coty Inc
200 Cream of Wheat
No par 2612June 3 3112 Mar 11
35/
1478 1478 "1314 1518 15
1
2 Jan 353* Mar
15
1533 153a 1558 1573 1613 1638
700 Ore: Carpet
100 1214June 1
3., Jan
.412 6
19/
*412 6
1
4 Apr II
2918 Mar
'5
612 '5
612 *5
7
5
5
200 Crogiey Radio Corp___No pa412 Jan 2
834 Feb 25
314 Dee 22
*2112 2234 *2134 23
*2134 23
2134 2134 2113 22
Jan
*2113 22
300 Crown Cork & Seal__ _No par 18i4.1 tine 1
3834 Feb 24
212 253 *212 3
*258 3
31 Dee 59/
1
4 Apr
212 212 *212 234 "212 234
500
2 June 2
404 Dec 1812 Feb
No Par
672 Jan 12
3613 3318 37
3712 39
3834 37
3338 3634 3712 3718 3934 4,200 Crown Zellerbaeb
Crucible
Steel
AmerIcei10(6
30
/
1
4
of
50/
1
4 Dec 9338 Mar
June 2 63 Feb 11
89
.89
89
89
9014 89
89
89
8812 8918 89
89
200
Preferred
1110 80 June 4 1001 Jan S 10112 Dee' 117 Mat
*3
314 *272 314 .
3,4 *3
212 314 *3
318
318 3,8
100 Cuba Co
78
3 May 19
73 1
78
No Par
5/
1
2/
4 Jan 8
1
4 Dec 1912 May
7
*34
1
78
7
8
7
3
73
118
3,800
Cuba
Cane Prod acts _ _ _No Par
*318 318
%June 1
232 Jan
1
Oct
318 318
234 3
212 3
7 Mar
3
3
3
314 3,400 Cuban-American Sugar_.10
21
/
4 Apr 30
534 Mar 24
2 Dec
*1734 19
17
•17
16
19
19
19
9 Feb
20
20
1812 20
300
Preferred
100 16 June 8 35 Jan
20 Dee 6553 Feb
38
38
38
37
37
3812 38
38
38
3814 38
3814 1,800 Cudahy Packing
50 3531May 21 4878313r 19
3812 June 48
71
70
70
69
70
70
7012 70,2 70
7012 70
Jan
71
1.700 Curtis Publishing Co...-No Par 69 Juno 8 100 Feb 7
85 Dee 12818 May
114 114 .11134 114
•114 116 *114 116
11212 11212 *116 116
200
Preferred
No Par 11212June 11 11832 Mar 5 112 Dec 12118 Mar
234 273
278 3
234 3
234 273
234 3
234
273
17.000 Curti,,-Wright
No par
218June 2
5/
1
4 Feb 27
Pt Dee 14/
414 412 *412 438
418 414
378 412
418 414
1
4 Apr
418 418 2,909
Clam A
100
3 Juno
8/
1
4 Mar 2
3 Dee 1934 Apr
1014 1973 1914 1914 1912 1912 *19
1978 *193j 1973 1978 1973
400 Cutler-Ham mer Mfg._ _No par 1712June 2 41 Jan 7
•1073 1073 10,4 1214 •1012 1178 10,4 11,4 111 1 1134 11
85
Dec
9012
Mar
1112 3,100 Davison Chemical
9-5June 2 23 Fob 24
No Par
10 Dee 43/
1
2 Mae
• Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-dividend and
ex-rights.
4374
New York Stock Record-Continued-Page 4
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT. i Sales
for
Monday 1 Tuesday 'Wednesday i Thursday i Friday i the
Saturday
June 8. I June 9. I June 10. ! June 11. 1 June 12. 1 Week.
June 6.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basil of 100-share lots
Highest.
Lowest.
PER SHARE
Range for Pivot:rest
Year 1930.
Lowest.
Highest
per share
Der share
j Shares Indus. tic Miscall.(Cos.) Par $ per *bare $ per share
$ Per share $ per sharel 8 per share! $ per share ; 5 per share $ per share
012 Dee 30 Apr
611May 25 1212 Jan 2S
Debentiam Securities____5 Sch
*638 10
*658 912' *638 10 I *618 10
*638 10
.634 10
20 June 341k May
20 1934June 9 22 Jon 5
pref
Co
&
Deere
400
20
4
*193
20
7
20
•1934 20
1978 19
1934 1934' *1934 197
100 14042une 2 1115 Feb 11 161 Dee 2654 API
146 14712 1,400 Detroit Edison
146 146
145 145 I 146 146 I 144 145 , 146 150
4 Dee 424 Ma`
/
111
1112June 12 194 Feb 18
A__No par
1112 12 1 1132 114 114 11181 1,000 Devoe & Raynolds
14
13
13
1214 1214 •12
per 14/
No
4 Jan 15 23 Mar 6
1
Match
Diamond
9,900
81
173
1718
174
1714 1638 1712 1634 168 1678
164 17
17
95
24
Feb
26
7
Jan
8
243
Preferred
900
*2534 26 , *2534 26 I 2538 2534 25% 25% 2512 2512!
*2534 26
64 Jan 104 SePI
818 Jan 2 21312 Mar 31
No par
1212 1138 1134 114 11781 36,000 Dome Mines Ltd
1218 1212 1218 1314 1214 1318 11
12 Nov 3054 AD?
No par 1418 Jan 2 24 Apr 13
1,700 Dominion Stereo
19 I *1812 1918 1918 1914 1914 1938 1338 19 , 12,700
*1814 1914 19
Dec 8738 Mar
574
20
Mar
4
783
par
2
Jan
6111
No
Drug 100
70181 6914 7018'
7012 6712 70 I 69
6634 6834 6618 70 I 68
5 Dee 4312 AD,
814 Mar 19
5 June 1
Dunhill International_No par
*54 57sj
618 *578 64 *518 64 *5,8 6,8' *54 64 *12
*5
Oat 19 SOP:
13
9
Feb
4
143
3
Juno
11
par
Silk
No
Duplan
1314
1314 01114 13141 *1114 1314
*1114 1314 *1114 1318 *11
Jan 10638 001
Duquesne Light 1s1 prof ___100 102 Jan 5 10634June 3 100
8
*10612 1074 *10612 10738 *10612 1074 *10612 10738 *10612 1074 *10612 1073
614 Des 354 Jan
634June 1 1014 Mar 2
par
MII1___No
Rolling
Eastern
7400
4
33
•64
63
'647
25514 Ape
Des
14218
24
Feb
1854
par
3
June
118
Eastman
CO-__No
Kodak
19,400
12914 133781
126 12734' 12.112 13138 1264 13278 127 13214 129 133
100 12834 Jae 8 13412Mar 23 120% Feb 134 Not
7 sum ref
20 6,
_ *130 13012 13012 13012 *130 .
*127 ____:•128__ *130
3714 Feb
Dee
1158
19
Mar
2178
3
par
une
914J
Spring___No
&
Axle
Eaton
3,000
4'
1
10
4
,
10
1038 1034' 10 1133 1114 1 14 1012 11 I 1012 1114
4 Apt
/
8012 Dec 1401
20 71 June 3 107 Mar 19
8178 784 81.14,131,300 El du Pont de Nom
774 7941 7638 8038 774 8112 774 8138 7912 122
0 121 Apr 9 11412 Feb 128 Snit
Jan
100
deb
non-vot
8%
1183,
600
12112'
12112
4
1213
120 121 *120 123 "12014 123 , 12112 12112
8 Feb
107
Oat
24
17
Feb
1118
par
2
Jan
No
314
9:Bingen
Sohlid
1,500
734 74 '712 8 1
712 712 *712 8 I
*74 8
758 738
33 Nov 62 Pea
1011 3512 Jan 5 69 Feb 18
100 Preferred 645%
*5518 637 *5514 637 *5212 63781 40,000
*5518 64 I 551455141 *5518 64
s Mar
1147
Oct
33
4 Mar 10
1
No oar 344June _2 74/
Electric Autolite
4238,
4212 41
41
42
3912 4012 3838 414, 3934 4212 40
;'9 110 Jan 7 10312 Oct 11634 Jan
100 106 May ,
110 Preferred
10912
4 Mar
93
Dec
*--- 10812*____ 1081.1 •____ 10812 looll lova 10712 103:2 *10712
212
22
May
4
7
May
2
No
Electric Boat
358
3
358
8 318
,
3
3
3
312
314 311
8438 Dee 1034 Apr
par 3018June 1 6044 N ob 26
8 3734 160,800 Electric Power &
3258 3514 3458 371 1 35,
3138 344 3118 34% 3234 35
Apr
112
Dec
99
20
Mar
10818
par
6
921June
No
Preferred
2,000
I
96
9714 9714 9712 96
*96
97
9238 9814' 9312 9334. 97
8434 Dec 102 Sept
80 Jun. 8 9814 Mar 17
8312900 Preferred (6)
8534 8534 .84
84
84
84
82 I 84
8412 8412 80
4712 Nov 794 Feb
19
Mar
66
2
4918Jun
r
pa
par
No
.No
Battery__
Storage
3
Eleo
200
41
533
4
53
*5114 54
"5112 54
55
*52
512 Mar
5514 5514 *5112 54
18 Deo
34Ma 15
114 Feb 26
Elk Born Coal Corp....-No par
34
*38
34
*38
34
03s
*4
34
*38
34
58 Dec
*4
732 Jan
4
234 Mar 25
34 Apr 24
Emerson-Brant Si A._No par
*58 1121
*58 112
112
.38 112'
*88
*53 1'2
3678 Dee 594 Jan
7
Jan
*58 112
41
10
Feb
30
Cory____50
Endloott-Johmion
500
3618
*33
36
36
36
36
35
*33
35
3314 3412 *32
Nov
110
Jan
10712
10
Feb
113
15
Apr
10212
100
10612
200 Preferred
106 106 "105 10612 10812
*10412 110 *10412 106 .10412 106
3672 Nov 6712 Ara
36
500 Eriglueere Public Serv_NO Par 2812June 3 49 Mar 12
304 "30
:10
32
32
36
31
31
*28
34 .30
10712May
Dec
8
803
27
Jan
87
3
7814June
5
4
Preferred
82
*7713
*7718 82
*7718 82
*7718 82
*7718 82
'7718 82
8918 Dec 104% Apr
ar 84 June 2 91 Mar 12
pM
Afoo i
Preferred (514)___t N
83
8318 "81
834 *81
*8112 8318 *81
8318 "81
*81
85,2 Dec 5034 June
08 Jan 12
30% 2812 29% 1,500 Equitable Office Bldg-No Par 2712May 1' 85
3012 *30
3034 *30
*30
2912 30 I *2912
638 Oct 4358 Ma?
17
Mar
4
123
11
5%June
par
Clean_No
400 Eureka Vacuum
518 518
518 6
64 6,8
*613 6141 *618 612
64 618
Oet 804 Feb
4
84 Feb 24
4 June 2
.._5
414
100 Evans Auto Loading
414 *4
*312 414 *312 414 *4
414' 4
4
*4
2138 Deo 274 SePt
7
Jan
25
28
Apr
8
177
Corp-NO
Var
Buffet
Exchange
18
8
'177
*1778 18
97 Jan
*177 1812 •1778 18,2 *177 18 I *1778 18
July
4
13
20
Mar
3
3
Jan
1
25
Fairbanks Co
.
21
212 *Da
*1
312 Dee 3934 Jan
212 •114 212 *114 212 *114 212 *114
412 Feb 25 1114 Mar 20
10
5414 6
10 Preferred
*414 6
412 412 *412 6 I *418 6 , *418 6
5012May
Dee
1912
8
293
2
6
Mar
8June
157
Dar
No
o
501) Fairbanks
161 4 '154 13
1614 1614 1614 1614 16
1512 17 I *1512 17
100 87 J11110 8 10978 Feb 2 102 Jan 11113 May
MonPref red
110
37
87 I 87
90 ,•____ 87 •____ 87 *. ___ 87 *212 Dee 2714 Feb
612 Feb 24
318 Jan 21
par
__No
Amon_
Park
Fashion
100
1
8
41
33
*34
4
33
8
334 3341 *352 3 4 *33
4334 Dec eolt Mar
*334 418 *334 44
15 30 May 26 497g Feb 24
iOO Federal Light gc Trao
23238 324
*304 35
Dec 0858 Apr
*30
40 1 *3018 40 1 *3038 35 i *3038 35
35
'25
Mar
92
26
May
No par 85
94 I
10 Preferred
*84
85
35
94
*85
94
*85
1214 Feb
94
94
*85
*85
512 Nov
758 Feb 24
5 Apr 28
57
518 572. 1,000 Federal Motor Truok_ _No par
6
534 534
534 578'
*578 6
Dec 2512 SeL9
10
24
*578 6
Feb
1512
6
41211011
pa
No
512'
200 Federal Screw Works
512 *412
412 412
412 412 *412 512 *412 514, *452
1712 Dee 43 Mar
1114June 10 30 Jan 81
No pa
A
Serv
Water
Federal
25,700
4
173
l61z
1612
15
1412
1114
1914:
19 1 1818 19 I 13
19
APT
124 Dec 88
1512 Jan 5 20 May 12
26 I
200 Federated Dept Storea_No pa
2418 2418 *22
23
*21
2418. 820
2418 *2112 23 I 23
4214 Dec 8014 Mar
1,500 Fidel Phen Fire Ins N Y___ _10 3614June 2 5614 Feb 24
43
42
4238 41 4 42
*42
.40
43
43 I 39
40 I *40
67 Dec 1012 AC,
9 Feb 21
6'8 Jan 16
pa
No
Bus
Ave
Fifth
912
2
*73
912
*758
3
*73
2 912
9,2 *7,
"738 912 *738 912
16 Dee 4012 Jan
16 Jun 27 22 Feb 25
No pa
Filene's Sons
*1614 22 !
"1614 22
22 . *1614 22
"15
"15
22
89 Dee 10014 Sept
100 8514 Feb 10 104 May 12
12
Preferred
*100 101 *100 101 *100 10112 •100 10112 *100 10112 '100 101
1538 Oct 8318 Jan
25
Feb
1944
27
Apr
13
Rubber___10
&
Tire
Flreetone
1,400
18
18
17%
1912 1712
1912 *18
19
19
1912 1912 *19
5350 Oct 877 Mar
100 5614 Apr 29 6318Juno 6
61
1,700 Preferred
6338 634 6038 6012 6012 6114' 604 6038' 6014 6012 *6014
8838 Dee 6138 Jan
7
an 2 55 Mar 2
41
No pa
Stores.
National
1
First
3,200
51
2
51
52
"51%
52
5212 5012
4912 50 I 51
812 Apr
498 51
12 Deo
78 Feb 24
1E1 3,900 Fisk Rubber
No pa
12 Jan 5
12
12
12
12
12
12
12
12
12
12
Apr
12
114 Dec 21
3 Feb 7
1 May 18
100
1.38i
120 let preferred
112 112 *112
152
2
1,
134 *112 134
•133 134 *112
114 Dec 2124 APT
312 Mar 3
14May 15
100
convertible
prof
234
let
35
8
*13
4
23
8
*13
8
*13
112
138
234 *138 234
•Ps 234
Mar
2
537
Deo
30
3
Jan
3512
2
June
22
pa
A_No
class
Shoe
24
100 Florsheim
2412 *2314
2412 *22
24 1 *22
2412 24
.24
2412 *24
94 Dec 10012 Oa
100 9612May 28 10212 Mar 18
99
Preferred 6%
"96
99
99 I *96
*96
99
99 I *96
•96
*96
99
12 Dec 507 Mar
8 June 2 1934 Feb 21"
No pa
400 Follansbee Bros
*812 12
*812 12 I *834 12
12
12
*9
84 9 I *9
3712 Des 10412 June
24
Feb
6412
3
2112June
pa
No
x2612 2778 12,600 Foster-Wheeler
2912 2714 2834 274 29
264 2712 2558 2812 27
47 Jan 5 1.612Mar 9
312 Dee 2834 Apr
No pa
4
Foundation Co
734 *612 734 *634 734 *634 7,
712 *6
734 *6
07
1814 Dee 60 Apr
1 2012J00e 2 3212 Feb 24
w IV
2412 2438 2438 2412 245s 2412 2458 2,300 Fourth Nat Invest
24
2412 24
24
24
4 API
1
No par
1138MaY 21 384 Feb 171 1618 Jan 07/
153,100 Fox Film class A
16
1634 157 17141 1638 1718 1614 1734 1814 2012 1878 2018
2412 1.)se 5512 Apr
par 22 June 2 4311 Mar 23
2514 2618 2514 2534 2578 2578 4,200 Freeport Texas Co___ _No
2518 2538 2434 25121 2518 26
75 Dec 9512 Mat
5 85 Apr 6
Jan
76
Dar
No
pref
prier
Co
Fuller
70
70
*7314 79'z'____ 70 *____ 73
70
212 Nov 1134 AD,
638 Feb 25
3 May 7
130 Gabriel Co (The) Cl A_ _No par
312
3,4 34 *3
338
3341 *318 34 *3
414 *3
Oct 80 Mar
*3
50
No par 42 June 2 60 Feb 20
30 Gamewell Co
45
45
46
4738 "45
734 Feb
1 Nov
47121 474 474 47
*4512 4712 *45
2314 Mar 23
8May 2
,
24
Motor
*4
Gardner
400
24
*58
34
*58
Doc
318
1612 Feb
34
34
19
Mar
s
34
77
*58
15
Jan
44
54 512 2,500 Gen Amer Investors___No Dar
54 534
512 512
512 512'
74 Dee 105 AD?
514 538
*512 5,2
June 1 88 Mar 12
74
100
Preferred
77
*73
83
*72
82
*73
82
*73
82
*73
82
*73
5318 Dec 11172 Apr
14,200 Gen Amer Tank Car.__No par 5278Juno 1 734 Feb 26
57
4 Apr
/
5712 554 5612 5534 5612 x55
2238 Dec 711
5718 5718 56
5753 56
No par 1514June 2 47 Mar 26
2058 10,800 General Asphalt
2012 2114 20
21
54 Dec 3812 Feb
1814 18% 1734 2114 1914 2218 20
94 Feb 16
5 June 3
par
No
Bronze
General
900
4
53
*553
Mar
558 534 "512 534
3412
Dee
64
534 534
24
Feb
13
26
*534 6
534 514
314M3y
No par
101 General Cable
4
4
5
*4
5
*4
434 *44 5
1314 Dec 7434 Feb
*4
*334 5
7 Juno 3 2513 Feb 24
No par
100 Class A
12
*8
9
9
12
*9
12
*8
ao Dec 10934 API
12
'8
12
Jan
66
*812 9
26
2712May
100
7%
150
prof
cum
28
*2734
*2734 28
28
28
2818 28
30 Dee 61 Mat
2818 2934 28
No par 31 June 2 4812 Feb 10
600 General Cigar Inc!
3314 34
:14
4 34
4 Dee 953s Ain
/
*3212 3434 *3212 3412 *3234 3412 3214 33,
411
No par 36 June 2 5434 Feb 26
4012 148,6001General Electric
4012 3912 40% 39
4012 3918 4078: 39
3814 3934 38
1114 Oct 12 Aug
27
Jan
1218
29
Apr
1118
10
111144
1111
3,600 Special
1114 1114 1114 1138' *114 1138 1114 114 1114 1138
4 Doc 5114 may
1
/
44
13
Apr
56
1
No par 43 Juno
10,000 General Foods
37 Dec 1818 AP
4638 4634 464 4734 4638 4712 464 4714 3634 4738 3632 474
812 Feb 21
418 Jan 2
No par
6,700 Gen'l Gas & Dice A
434 5
.134 5
434 5
434 4%
434 47
4 Apr
/
Dec 1001
88
20
434 434
Mar
1
761
2
Jan
54
par
No
100 (kinv prof see A
69
59% *56
*57
60
5934 5934 *57
60
5918 *57
*57
284 Dee 444 Feb
27 Ju,,r 0 3534Mar 6
500 Gen Ital Edison Elea Corp. __
27 .2715 2938 27% 27% '274 294
*264 2834 *2638 2812 27
4018 June 5934 Apr
3 50 Mar 21
June
36
par
No
Mills
General
000
38
*3712
5374 39
38
3712 *37
3712 37
38
89 June 08114 Dee
100 96 Jan 19 100 Apr la
200 Preferred
98
98
97 I *9718 98
*9714 98 "9714 98
*96,2 974 97
8112 Nov 0414 Apr
10 311
4June 21 48 Mar 21
/
3414 351,327,900 General Motors Corti
357
7
7
7
7
7
34
35
33
35
33
9171 Dec 10078 Sept
334 3438 3338 3514
95 Jan 2 10314 Mar 21
No par
10012 10012 6,300 46 preferred
•10014 101
28
99% 100,4 10012 10034 10012 1008 100% 101
2018 Dec 411s Apr
2
28
Jan
1418June
pea
_No
A___
Adv
Gen Outdoor
1612 *1518 1612 *1518 1612
5 Stun 2134 API
•1518 164 *154 1612 •1518 1612 *1518
538June 3 104 Feb 25
No par
Common
700
2
67
6
*512
5%
2'
*512
67
312
4612
•ai2 5%
512 5%
4 Dec 527 Apt
1
12/
gioune 2 .3 Feb 26
par
No
Servloe
Public
Gen
1.400
1138
8 1138 1138 11
10
Oct 10678 Mar
934 10% 1012 1012 107 10,
56
2
Mae
10
8418
3
4612June
PG,
- No
GOO Gen Ry Signal
51
54
54
*50
54
•50
5212 *50
312 Dee 1038 Apr
5212 5014 5014 52
912 Mar 6
24June 2
Utilities.
par
No
&
1
Realty
314
Gen
1,400
4
3
7
312 3%
334 3,4
312 358
334 3
100 Apr
Dee
49
10
Mar
7418
2
June
*334 37o
34
par
No
preferred
$6
200
4212 4212
45
040
4014 4014 *40
45
45 "40
45
311 Dee 90 Mar
*40
900 General Refractories__ _No par 29 June 2 5738 Feb 26
3334 3334 3334 3334 3312 33,2
3334 337
34
34
34
80 Dec 101 Mar
33
65 Apr 9
18
May
40
par
pref_No
$11
Cast
Steel
Oen
90
*35
40
40 "35
*35
40
40 "35
*35
54 Dee 10 Dee
40
*35
338 Apr 27 1512 Feb 18
434 32,000 GenTheatreeEquip v to No Dar
414
37
418 4%
334 4
4
3% 4
18 Dee 1061s Jan
3% 4,8
Safety Itaaor_No par 2118 Jan 2 3834May 11
2512 2314 2538 235s 2638 2234 2412 2318 2458 2318 2438 41,600 Gillette
Dec 7034 Nov
24
5614
26
81May
767
21
Jan
4
623
100
preferred
Cony
1,200
73
*7112 7314 7114 7114 73
7212 7212 "7234 7312 7318 74
44 Dec 20% Apr
Vs Feb 18
4 June 2
No par
4.500 Gimbel Broe
5
.5
5
5
412 514 .44 5
412 412
412 412
39 Dec 8212 Ape
3 48 Feb 24
304June
100
Preferred
1,000
43
4514
4234 4231
43
*38
38
38
*364 38
*3538 33
7 Dec 38 Mar
4June 3 161e Feb 20
7,
No par
2,600 Glidden Co
83
8
84
8
814 814
814
8
814 84
838
*8
9312 Dec 10512 Mat
100 48 May 4 78 Jan 15
220 Prior preferred
6534 66
66
63
8 66
,
6578 65
3 Dec 19 Feb
9
Mar
674 6712 6712 6712 64
972
2
Jan
4
par
No
Gobel
(Adolf)
3,400
514
5
5
5
518
5
8
5,
5
538
5
5
5
29 Dec 471k Apr
2832 27,400 Gold Duet Corp v 8 o_No par 21 June 1 4218 Mar 20
2758 2534 27,4 2634 281i 27
254 2514 2434 264 26
2072 Feb 21
1514 Oct 5812 Mn?
2
4June
,
8
(.B
Co
F)
Par
No
Goodrich
6,500
2
113
8
,
11
1134
12
11
4
113
1212 *11
1038 10,2 1012 124 11
62 Dec 1044 Mar
.100 35 Apr 27 68 Feb 10
300 Preferred
46
*37
46
*37
55
5018 *36
6212 46
'50
6212 *46
354 Oct 9678 Mat
12,600 Goodyear Tire & Rub__No par 3032June 2 524 Feb '21
3534 3634 3412 36
3558 36
3318 3614 3414 37
3312 34
7814 Oct 10214 Apr
25
Feb
91
2
Juno
71
Dar
No
preferred
lot
100
78
78 I *734
*73
"7318 78
*734 78
*7212 78
77
77
47 Jan 5 1334 Apr 11
34 Dec 2872 Mar
No par
990 Gotham Bilk Hoe
•1012 1118 *1012 11
*1012
10%
4
103
1018
1012
1014
11
10
60 Nov 8212 Apr
100 60 Jan 26 72 Apr 28
Preferred
80
80 "70
*70
80
*70
80
*70
80
*70
1633 Apr
80
4 Dec
6
Feb
24
8
*70
63
29
Apr
par
No
Gould
A
Coupler
215
212 *2
2,2
*2
212 *2
212 *2
212 "2
3 Deo 1332 API
*2
612May 5
*June 2
1,900 Graham-Pelee Motore_No ear
334 4
353 334
4
334 3,
334 4
10h Apr
334 44
4
34 Nov
4
34 eel)28
434 Feb 9
No par
Certificated
51/72 Apr
12 Nov
1,900 Granby Coos M Sm at Pr__100 10 June 3 2258 Feb 24
11
1058 1038 11
1E1
-111113
Apr
52
"iiT8
1118
Dee
"His
16
;ii" Tit;
900 Grand Silver Stores._ __No par 11 June 2 2513 Mar24
164 1612 1612
164 "16
1612 1634 *15
June 2032 Feb
1512 16
10
24
Mar
1538 16
2
par
87
1
Co
10
No
Union
Grand
1,800
Jae
154
154
4
16
10
1612 1518 1.538 16
Aug
44
Dee
1614 16
16
31
13
May
1534 16
7g
46
16
No par 36 Ian
300 Preferred
40%
40
42 "3812 41
40,2 4012 "39
40
18 Dee Mad Apr
4012 4018 *39
1878Juno 3 294 1. et, 25
Vs NV
600 Granite City Steel
2012
2012 '20
*20
1912 20
20
Jan
1914 20
19
2638 Dec 43
20
20
No par 254 Jan 2 3912May 13
36% 36% x3618 3612 6,000 Grant(W T)
8
363
8
3
35
36
3518
174 Dec 2538 Mar
4
,
36
4
343
354 36
18
1712June 8 234 Apr 9
2.500 Glt Nor Iron Ore Prop_No par
18
8 18
8 17,
,
17
7 Dee 344 Jan
1712 1812 1712. 1734 1758
8
18
Jan
18
1173
1
712.1une
Western
Great
Sugar.
1,800
731
Par
_No
712
8
3
8
75a 7%
7 4 734
Ss Dec 120 Mar
7,2 71z
*712 8
MO 8012May 28 9454 Jan 8
83
100 Preferred
83
84
84
83
8212 83
212 Dec 28 June
8212 *81
"81
85
*81
634 Mar 10
24June 3
14,600 Grbothy-Orunow
No par
334 4
31
35
334 41.1
4 Feb
i4 Dee
34 458
8
Jan
314
3
14
3,8 3,4
6
Jan
300
4
Guantanamo
Sugar_
_ --No Par
38
*32
12
12
2
Dee 80 Feb
2
16
8
3
24
*12
Feb
s
,
*12
10'8June 2 374
52
*12
15
par
No
States
Gulf
Steel
1,000
*1212
15
Apr
*1212
109
1212
Dek)
1212
14
8314
1238 1238 131 1312 14
48
50 Preferred
100 3714JUne 5 80 Mar 4
*35
48
*35
48
Jan 88 July
*35
33
26
3714 37,2 3712 38
25 2618June 5 3012 Mar 29
Haokeremok Water
*2614 27
Apr
27
*2614
234
27
Des
*2614
64
27
*2614
211
*2614 2678 *2614 27
934 Mar
412June 2
578 5% 1.200 Halm Dont Storet___ _No par
Ws Deo 864 Apr
614 *534 614 *534 6
6
5% 6
512 512
100 50 hill 3 6372 Mar 30
8
55,
200 Preferred
Mar
*5534 57 '55
4
313
Deo
*5512 57
16
56
21
Mar
5534 5534 5534 56
054
le%
10 12 May 6
13
200 Hall Printing
13
*1212 13
*1212 13
•1212 13
1312 *1214 13
•13
• Bid and asked price.% no aides on this day.
s Ex-dividend.
y Ex-rights.
b Ex-dividends
New York Stock Recora-Continued---Page 5
4375
For rates dude'the week of stacks not recorded bore,.eo fifth page precoding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 6.
Monday
June 8.
Tuesday !Wednesday
June 9,
June 10.
Thursday
June 11.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PRA SHABA
Ranee Since Jan. 1.
On Dario of 100-share(M.
tAR ad AAA
Range for Yrootosu
Your 1930.
boecaor. I Illobstr.
Friday
June 12.
LOWS2f.
Elrobosi
per share $ Per share $ per share
per share $ Per share 6
.iter share
13 Shares Indus. & Misoeil.(Con.) Par $ per Mare 1 $ vs> Mars $ per *Auto 2 Per +WI
*--_ 9812 *___ 9812 *____ 9812 ____ 9812 090
9812
Hamliton Wideli pre!____100 9834June 4 103 Jan 6
99 Jan 105/
1
4 Oer
.
87
08612 SS
88
*8613 88
8612 87
8613 8658
*8612 88
110 HRLIIIR Dud new
No ire, 8612June 8 94 Feb 19
85
Jan 98
4.9n.
28
28
28
2718 2413 27
2838 2734 2838 26
2514 2712 6,300 Herb,mon-Walk Rsfrao.No par 2412June 111 114 Feb 16
Dec 7214 Apr
88
312 381 *3
*234 312 *234 3,2
31. *3
312 .3
358
500 Hartman Corp class B_No par
2
,
2June 2,
.33 Feb '4
214 Dec 20 Feb
*5
6
6
*5
6
*5
6
6
*518 714 *5
6
Class A
100
41
/
4June 11 1034 Feb . 1
par
714 Doe 2314 May
318 313 *313 314
318 31s *312 312
318
314
314 358
27o Nov 1734 Apt
700 Hayes Body Corp__.N
212June 3' 8 Mar 6
No
o par
*81
90
90
*81
*8012 90
*8013 90
*8312 90
*82
00
Henna(0 W)
25 81 June 2; 100 Feb 18
771,Deo 92/
1
4 Feb
11% •1018 1178 •1018 1178 *1018 1178 *1018 1012 *1013 1012
*10
Hercules Motors
91
/
4
June
No
liar
1
Par
24
18
1312
Dec 81
Apt
*43
4512 *43
44
*43
43
41
43
44
44
*43
45
Jar 40 May 71 zbS Ma: 13
200 Ilereulei Powder
50 De /45
Jan
•_-__ 113
113 • __ 113 *____ 112
111 111
111 111
110 Hercules Powder $7 Cum pf 100 111 June 11 119/2Mar 11) 11612 Nov 12334 June
90
90
90
90
90
92
9178 92
9258 9258 93
94
2,310 Hershey Chooelate
Noo par 831sJune 11 10334 Mar 27
N
70
Jan 109 Mal
99
*9713 99
99
9812 9812 *98
9914 *98
99
99
99
93
la.
Preferred
par
r
2 104 Max 27
o
83/
1
4 Jan 10834,1=e
*3
*3
5
0313 5
5
5
*4
0312
5
*4
*3
5
300 Ho
5 June 2
No par
812Mar 3
s Deo 2514 Feb
& Coed
2812 2812 2812 2812 .
.1
28
29
*2834 29
29
29
*29
Si
400 Holland Furnace
No Par 26 Jae 3 87 Feb 27
2614 Jan 4158 Mac
1334 14
1312 1334 14
1412 1434 1478 1434 15,4
1514 1514 2,900 Hollander .h Sons (A) No par
534 Jan 21 1914 Apr 8
5 Jane 12/
1
4 Jan
8311 8512 *84
90
86
*84
86
90
85
8512
500 Homeetake Mining
100 81 Jan 6 )0( Mar 31
72 July 83 Bent
*478 514
5
514 512
518
5
5
5
518
5
518 1,800 Houdaille-Herstey ci B No Par
414 Jan 2:
934 Mar 10
4 Dec 29 Ft.
5958 5958 *58
60
60
*58
*58
60
60
60
*58
60
400 Household Finance part 111-50 584June 51
85 Max 17
49 Mar 1187s Oer
3112 3112 31
36
35,4 39
35
3614 37
38
368 3734 6,800, Houston 011°1 Tex tam otis 100 27 June 21 681:Feb 24
294 Dec 1161
/
4 Apr
1512 1512 1612 1612 16
16
15/
1
4 16
1612 1612 016
163
No
4
par
Howe
1,300
13
3
I
June
2911
Sound
Feb
241
20
Nov 411
/
4 Fee
121
/
4 13
1234 1313 1234 1358 13
1338 r13
1314
1312 1:112 4,30(1 Hudson Motor Car
No par 11 June 1 24 Jan 3
18 Nor 6278 lee
658 658
613 714,
714
7
634 714
612 634
612 6% 10,500 Hupp Motor Car CO21),Nivv_000 pvp11:
534June 1
70
00
7/
1
4 Dec 26/
1.314 Feb 24
1
4 AM
•21
/
4 238 *218 212
23u 233
218 218 *218 238
218 218
500 Indian Motocyole
2 Slay 28, 434 Feb 27
2 Nov
17 Mat
*214 214
214 214
218 218. *218 213
218
218
218 218 1,100 Indian Refining
2 May 151
4/
1
4 Feb 11
3 Dec 28'8 Mar
2513 2734 2534 2812' 27
1
4 *25% 2634 204 2734 2712 27% 2,500 Industrial Rayon.
28/
No par 2112June 3' 815 Feb 24
Ott 124
31
Jar
9112 9112 9112 9112 8914 90
*85
92
90
92
91
92121 1,100 Ingersoll Rand
74 May 28 182 Jan 3 14714 Nov 239
Apr
41
41
40
40
41
41
4112 4112 *4112 4334 *42
43341
GOO Inland Steel
3914June 2 71 Feb 27
58
Nov
98
Mat
534 6
6
6
6
614
512 614' *512 6
*558 6 I 1,200 Insalratlon Cons Copper_ 20
413June 2, 1132 Feb 24
8% Dec 30% Feb
6
614
534 534 *572 7
5% 578 *57
7
x61
/
4 61
/
41 1,300 Insuransharee Ctfs lno.No Par
938 Feb 21
511June 8
5 Dee 13/
1
4 Jolt
5
518
1,500 Lnsuranshares CorD.--No Par
458June 51
914 Feb 25
4 Dec 1758 Ms,
*2
314 -;2- --i1-4 -'
7`2T4 -11-4 -;;F -1141 -;iT.1 --;i1-1 -.":"- -11711
Interoont'l Rubber____No Par
11
/
4 Apr 24
41
.Feb 21
11
/
4 Dec
7/
1
4 Apr
*618 (378
6
558 534
618
6 I *6
6
612 *6
612' 1,700 Interlake Iron
a June 3 15 Jan 28i 114 Dec Ms AP(
No par
9.34 214
11
/
4 134 *2
214 *2
2141
2
2
2
214
153May 21
54 Feb 241
400 Internet! Agrloul
No par
31
/
4 Dec
8/
1
4 AP'
•1314 1612 *1313 1612 *1314 1612 *13
1612' 1612 1712 *1712 20
400
Prior preferred
1612June 3 5114 Feb 24
424 Oct 874 Apr
12714 134
126 133
13214 13834 13414 135I 135 139
13614 141
5,800
Maehines_No
par
lot
117
Feb
June
179
24
/
1
4
Bacteria&
2
131
Oct 19712 Mar
714 714
7
7
714
714
634 7
7
711
758 734 2,909 Internet Carriers Ltd.. Aro par
87
64June
123
2
10,
Feb
24
Dec 1934 Ma•
32
32
3012 3112 31
32
*2914 31
32
32
32
32
2,100 International C81119111_ _No par 2714May 211 6212 Feb10
4912 Der. 7513 Apr
*138 158
112 2
178 218
134
I78
133 134
11
/
4 178 7,200 Inter Comb Eng Corp_No Par
4 Feb 2
114June 11
14 Dec 1411 Mar
•1412 147
15
18
1778 18
16
16 I 1712 18
*17
58
2,30
Preferred 0100 13 May 28 39/
1
4 Feb 181 13 Deo 73
apt
4012 4134 3934 4214 42
43
417 4214 41
42
6,300 Internal Herveeter____No par 38/
42781 41
1
4June 31 6012 Mar 2; 4514 Dec 110/
1
4 Apr
•13514 137
13514 13514 13514 13514 *135 13512 *135 13512, 135 135
700
Preferred
100 131 Jan 2 14312 alat 211 133 Dec 146/
1
4 See.
19
19
18/
1
4 19
1872 19
1812 1913' 1833 1913: 19
19
2,400 Ins Hydro-El Sill el A-Ns Far 1634June 3 81 Feb 261 1812 Dec 54 Apr
5334 54
5114 53 I 5358 5434: 5434 5534 5413 55141 54
5432 4,630 Internat1onaJ Match pref___25 50 June 2 7314 Mar 20
624 Deo 92
Ain
234 *878 934 *87u 912 *814 912 *872 9 2 *
*9
1?
..7
;
1
1
Jut Meroantile Marine otte_100
7
7
3
89,7001
8
2
814May 26 1412 Jan 5
11 Nov 33 Apt
11
1112 1034 1158 1112 12141 1111 1214 111
/
4 12111
lot Nickel of Canada_No par
912June 2 2014 Feb24
12/
1
4 Dec 4433 Apr
115 115 1.115 116 i 116 116 1116 117
117 117 1116 117
600
Preferred
112 June 2 123 Mat 31 114 Dec 123 Apt
•22
25 1 22
2218 22
22
2218 2214 *21
25
*21
25
160 Internal Paper Prof (7%)..100 18 June 3 42 Mar 26
20 Dec 88 *or
*378 412 *418 412 *4
412 *4
413 *414 412 *4
412
4 June 2 1014 Feb 261
Inter Pap & Pow el A_ _No par
5/
1
4 Doe 8112 Mar
*234 314 *212 312 *3
314 *3
314 *3
3141 *234 314
30
214
Apr
6
Claes
Jan
B
261
No
par
358 Dec 2204 AD:
2
2
*2,8 214 *2
214 *2
218
134
1:4
30
No par
00
4'2 Feb 26
Class Cl
11
/
4Juno 2
2 Dec 18
Apr
2214 2214 2134 2178 20
2114 20
20
*2112 23
171 2?
2?1144
Preferred
21 Dec 86 Mat
100 1812June 3 4812 Mar 27
*712 914' *758 914 *712 914 *734 934 *731,1 814, *77
lot Printing Ink Corp_ _No par
2 814
7 June 2 1614 Feb 26
10 Dec 581
/
4 Apr
*58
6212 .58
6212 .58
6212 .58
62
*58
593
4'
*58
5914
Preferred
55 Dee 101
100 54 Feb 11 6912May 6
*3034 31 I 03014 3012 31
Apr
31
31
3114 3014 31341 3134 3253 3,300 International Salt
100 2914Juno 2 42 Feb 91 81
Oct 4534 June
.
47
4712 *47
4712 *47
4712 *47
4712 47
4712 4753 4758 3,600 International Shoe_ ___NO Dar 47 Jan 10 48/
1
4 Jan 23
4712 Dec 82 Jan
•15
25 1 *15
25 1 2434 2434 .15
25
*15
25
*15
25
100 International Sliver
100 2414June 9 51 Mar 10
28 Dee 119 Feb
2334 2474 23/
1
4 2534 2412 2578 2418 2534 2514 26
254 2814 165,90(1 Inter Telep & Toleg.___No par 1834 Jan 2 3834 Feb 24
1711 Dec 77/
1
4 Apr
14
1418 *1258 14 I 1312 14
*13
14
14
14
1458
/
4 Feb 20
600 Interstate Dept Storoa_No par 1112June 2 211
1432 Dec 40 Feb
*5912 5934 *5958 5934 *5938 5934 05953 5934 5914 5934 *1312 593
4
30
Preferred ox-warrants......100 58 Jan 26 8712 Mat 24
581
/
4 Dec 80 Aug
*11
1178 *1114 1178 •1114 1178 1112 1112 01112 11% 5934
117 1232 1,200 IntertypeCorD
12 Dec 82 Apr
No par 10 Slay 25 1812 Feb 241
412 412 *418 412
414 414
412 412
438 412
412 458 1,300 Investors Equity
914 Feb 24,
No par
334June 2
44 Deo 29 Feb
*2312 25
*2312 25
*2312 25
25
25
25
25
257
8
°13
800
Jan
Island
31
2
Creek
June
Coal
20
1411
1
25
Oct 43 Mar
40
40
*29
40
*38
40 .39
40
40
40
3934 3934
500 Jewel Tea Ins
/
4 Feb111 87 Dec 6612 Apr
Na par 3514June 21 571
4918 5112 4838 54
5158 5518 5134 5433 5218 5412 5233 5334
1
4 Deo 14834 Feb
No p
pat 4058May 271 8034Mar 191 48/
.
116 11978 *106 11874 *106 11878 *105 11878 *105 11878 *105 1187 118,100 Johns-Manville
8 __ ._ __
Preferred
100 11712May 181 128 Apr 101 117 Dec 123/
1
4 Nov
*119 11933 119 119
119 119
119 11978 11812 11812 11712 11712
380 Jones & Laugn Steel pref _100 11712.Tune 12 12312Mar 21 118 Dec 12313 Apr
11810
__. _.
Jordan Motor Car
14May 8
114 Feb 21
No par
4 Oct
511 Apr
4iErs
*i.I5F4 :::: •1.1.51.4 ::::*ii5i4 ---- ______ KC P & 1,1 let pf ser B No par 11314 M or 17 1151:Apt 9 108 Jan 110 Nov
*30
31
24 4.2
2,2 2,2 *212 234 *2
2
214.
500 Karstadt(Rudolph)
7 JaR b
2 June 11
141
/
4 Doc 1312 Jan
1212 1212 12
1212 •12
1312 *12
1312' *12
1312 12
12
600 Kaufmann Dept Storee_51..50 12 June 8 18 Feb16
14 Deo 2012 Mar
1034 1078 1078 1112 11
1112 *1034 12
11
L.19
. ._1
.1_, 111 600 Kayser (J) Co v I e____No var. 1012June 2 2438 Mar 19
241
/
4 Dec 411,
5____ 39
39
1 Ketth-Albee-Orpheum _ __ _100;
81
Jan 45
Apr
.61
8212 *70
SO
*61
8112 •70
82/
1
4 .80
8212 80
80
10t? Preferred 7%
5 .Tan 150 Apr
1001 80 May 9 10112 Feb 9
112 11
/
112 11.
4 *112 158
11
/
4 134
112 11
/
4
11
/
4 11/4 1,090, Kelly-Elpringneld Tire_ _No par
312 Mar 20
133 Jan 2
1
Dec
614 Apr
•10
12 .
10
O10
12
12 .10
12
*10
12
*10
12
nferr0
912 Jan 5 28 Mat 21
22 Dec 42
100
t.0
d
2re
87. 0
01 6
,
Jan
*28
30
*28
•28
*28
29
29
29
*28
29
17 Dec 415
100 28 Juno 5 45 Mar 24
Jan
*011 1012
934 10,2 1012
10
10
10
10
*10
1031 1,500 'Kelsey Hayes Wbeel___No par
1
4 Feb 25
8 June 3 29/
914 Oct 3912 Apt
91
/
4 9/
874 912
1
4
103
8
912
973 1038 10
912 1038
1014 19,500 Kelvinator Corp
151
/
4
Mar
2
19
Nov
No
814June
734
par
264
Apr
*4234 45
*4212 45
3934 42,2 *40
45
40
4014 *3913 40
100 Keodall Co prof
NO par 20 Jan 6 60 Apr 6
25 Dec 89 Mar
1614 1634 1614 18,4 1734 1812 1714 18
217
177
1634 171
/
4 28,600 Kennecrat Copper
No par 1432Jurre 3 3112 Feb24
20/
1
4 Dec 82/
1
4 Feb
•3212 37,8 *3218 3718 •3213 3713 •3214 3712 *32
3512 *32
374
No
par 3038 Apr 29 41 Jan 9
Kimberley
-Clark
38 Dec 59 Mar
*14
1712 *14
1712 .14
1712 •14
1712 *14
1712 *14
1712
'Gulley
Co
No par 11 May 5 2012 Jan 9
1714 Dec 4013,7"e
*26
2712 *26
2712 26
2613 .26
2712' 26
26
*25
26
130
100 2334May 2 70 Jan 21
Preferred
51 Dec 97 Apr
---- ---- ---- ---- ---- ---- --__ ____ ______ Roister Radio
258 Feb 25
Corp_ ___No 9R2
12Mar 31
34 Dec
812 Apr
1, Dec
Cent(teat re
/
1
4 Apr 16
1/
1
4 Feb 26
3 July
2613 -271E8 Ws;
2
_
1;56O
6
1
3
E
K
r
es
Jan
ess
29
25
g
e
c
(
0
81
10
29
May
28
/
1
4
S)
8
Oct 3634 Jan
Co
*42
441. *43
*43
48
50
*43
49
*43
49
*43
49
No par 42 June 3 55 Feb 24
89 No7, 70
Jan
2018 2038 21778 1878 1834 1914 1834 1914 1814 1874 1814 1834
57,400 Kreuger & Toll
21.7%June 8 2724 Mar 25
2032 Dee? 3538 Ain'
26
2634 2512 2734 267 277
27
271: 2714 2778 2618 2778 27,3001 Kroger Gros & Bak ____No par 18 Jan
4351.May
2
8
17
/
1
4
Deol
4812
Jut,
65/
1
4 6612' 6334 66
6814 67
6534 6612 6412 66
6638 7012 6,100, Lambert Co
No par 56 Juno 3 8778 Star 19
70/
1
4 Nov 113 Apr
•10
1212 *10
121: *10
1212 *10
121.2 1014 1014 *10
1212
100 Last Bryant
No par 10 Apr 27 1714 Jan 6
17 Dec 2312 Oot
*2% 3
3
3
3
3
*274 3
3
3
3
600
Lee
Rubber
4/
dr
1
4 Mar 28
Tun_
214 Apr 28
par
__
_No
3/
1
4 Nov 11 Mar
*1012 12 .1012 12
*1012 12
01012 12
10
1014
974 10
520
Lehigh
Cement___50
914June 3 1814 Fob 25
Portland
11 Dec 42 Apr
•90
94
9334 93/
1
4 .90
92
92
92 .90
8814 8814
91
70
Preferred 7%
9834 Dec 10812 Ms'
100 8814June 12 10112 Feb 3
5
5
558 534
57
58
512 614
5/
1
4 523
85 Jan 14
52s 534 4,500 Lelinth Valley Coal___No par
412May 14
414 Dec 1758 Mar
*2012 21
2114 2214 2238 2238 21
22 I x2014 2014 2012 21
2,600
Preferred
147 Dec 3712 Mar
50 18 Mar 31 2212May 1
503.4 517
4912 517
51
5218 51
5178' 8112 52
5014 5113 5.200 Lehman Corp (Thel_No par 4532June 2 6934 Feb 24
511
/
4 Dec 9714 Apr
*2534 257
251j 25,2 255 2614 25
25 1 25
25
*23
25
800 Lehn & Fink
21
Oct 30
No par 22%June 2 3434 Feb 27
*16
Apr
17
16
1732 *1618 1633 16
1714, 1712 1711 171
/
4 19
1018 Nov 311
6434 6434 63
/
4 Mar
63
64
65 1 6514 65141 6512 6513 6512 6512 8,300 Libby Owens Glans_ _ _..No par 11 14 Jon 28 2078 Apr 16
1.100 Ltagett & Stymy Tobeneo_25 60 Juno 1 91 Feb 7
78/
1
4 Dec 11334 Apr
5434 6534' 6312 65
6434 66
6433 65/
1
41 6534 6734 6533 6714 18,00(
Series 14
25 6012June 1 911
/
4 Feb 24
7814 Dec 11434 Apr
*14212 143/
1
4 *14212 14334 .14212 14334 *14112 143341 142 142 *14112
14314
140
Preferred
100 1371.Jan 7 146 May 13 1271, Dee 146 Br pt
*21
22 I 2012 2012 *21
22
2014 2114 2134 217e 2172 2314
1,200 Lima L000mot Werke_ _No par 1914June 3 311
1812 Oct 494 Feb
*2234 23 I 2214 2234 *22
/
4 Feb 26
2212 22
22
22
22
22
22
1,000 Link Belt Co
No par 22 June 10 33 Feb 11
28 D60 451 Feb
*2514 2612 27
2712 2612 27/
1
4 25
25
2514 2012 2612 2612 1.900 Liquid Carbonic__ .__No par 20,3June 2 5514 Feb 24
3914 40/
39 Deo 811
1
4 38/
/
4 Mar
1
4 4112 401
/
4 4212 40
4214 417 4312 x41
4314
56.500
Loew's
Ionorporated
No par 3614June 2 6313 Feb 10
*8514 8712 *8514 8712 .85
4134 Der 95/
1
4 May
87
*85
88
*85
8712 *85
88
Preferred
1351
/
4 Jan 112/
No par 83 May 15 99 Mar 19
1
4 June
Prof ex-warrants
781
/
4 may 2934 Oct
614 112
No par 83 Jail 2 98 Feb 7
iirs -13; --518 558 47 558 --4S3
511 -.5-7; 18,7766 Loft Incorporated
•134 4 1 *134 4
8,2 Apr 24
No par
3/
1
4 Dec
yst Jan 2
8/
1
4 Feb
*134 4
*134 4
*11
/
4
*11
/
4 4
m
LB
u
rn
in
bu
Jan
ei
8
*44
r
par.
s
A
6
No
4512 45/
2121May
4
Dec 15/
IS
1
4 4534 46
1
4 Mar
46
46
46
*46
4612 463g 4612 1,600 Looelmnge-BWellli
41114 Dec 701
251 4013June il 54% Mar 35
. Apr
1
4 1434 1412 147
1432 15 1 13/
141g 1412 13/
1
4 1514 1438 15,4 26,800 Lorillard
834 Dec 284 Mar
25 11% Jau 2 2014 Mar 19
.1.3
4
*238 4
2/
1
4 232
212 212 *233 233
252 2%
400 Louisiana Oil
Dec
No
Fob
8
par
/
1
4
Slay
10
41
/
4
22
2
12
Apt
3838 I..-- 3838
3838 38
38
*35
3838 *35
3834
50
Preferred
100 38 June 10 55 Jan 15
60 Dec 90 Sept
27 1 26% 27
27
27
2714 2612 27/
1
4 0265, 2814 2734 2734 1.300 Loulaville
0 & El A___No par 25 June 1 3538 Feb 26
2.5 Dee 514 apt
1012 1014 1014 1012 11
•10
1014 1012 1014 1034 *10
1018 1.1100 Ludlum Steel
No par
813Jtme 2 19 Mar 10
914 Dec 441
/
4 Mar
39
*22
28 .22
39
•22
*30
39
*30
39
•21)
39
No par 35 Jul. 3 5214 Feb 17
Preferred
2434 Dec 904 MAT
17
17
*1612 19
17
17
1612 1613 *1612 18
*1512 18
600 MaoAndrewe & Furnes N3 par
16 June 1 25 Feb 24
20 Dec 8934 Apr
27/
1
4 2612 2814 2814 30
27
2812 3013 30
3058 3012 3114 9,900 Mack Trucks Inc
No par 21 12J111]e 2 43/
334 Dec 8812 Mar
1
4 Feb 24
76
751
/
4 7814 7412 77
7134 7134 71
7618 7814 .76
7712 6.500 Macy Co
No par 6414June 2 10814 Feb 27
811
/
4 Der 15914 Feb
618 618 *618 658 *1.l18 653 •618
*618 658 *61/1 658
500 Madifion SQ Gardea
65,
No
Mar
41
/
par
4 Dec 155,Jane
24
J1T1
712
3
5
1312 •11
1114 1212 *1134 12% *12
13
12
12
*11 14 12
300 Magma Copper
No par 1014June 3 37/
1
4 Feb 24
1914 Dec 52/
1
4 Jan
2
2
*15e 2
23
.2
*11
/
4 2
2
2
134
134
300 Mallisou (1.1 ID & Co No par
4/
1
4 Mar 2
1 n Apr 25
134 Dec1 13 Jul;
212 212 *112 2
*112 212 *11z 212
*112 2
*1 12 2
60 Menet! Sugar
100.
Is Jan 2
5 Mar 26
12 Dec
8
4
Jan
4
/
4 414
*334 414 *334 414 *31
*4
814
30
10(11
314 Jan 2 1274 Jan 8
Preferred
514 Dec 50
*6
10
*6
912 *6
Jan
812 *5
812 *6
812 *
*11.I
r1/41'
Manael Bros
8 Feb 14
No par
314June 2
5 Dec 15
858 858 *858 10
Jan
1012. *812 912
*9
*858 10
*83
2
10
100
Manhattan
251
2
74
12
,as
Shirt
Feb
25
81
/
4 Dec 2423 Jan
2,114
18
134! •114
•114
112 *114
112
114
114 •14
113
300 Maraealbo Oil Raptor_ No par
I Slay 22
3/
1
4 Feb 14
11
/
4 Dec,1038 Mar
1938 1958' 1914 1912 1914 1912 191a 20
1912 19% 191s 191
/
4 5,100 Marine Midland Corn
10: 1814May 27 2414 Feb 24
17/
1
4 Dee 3212 Aar:
20
*19
*19
20 1 20
20 1 *19
23
197 20
*19
312 21
par;
Marlin-Ftookwell__
_No
._.
1814June 3 324 Feb 24
2114 Deo 55
333 35,
332 353
3/
1
4 333
*314 3141
314 313
Feb
4
2,1111g Marmon Motor Car...No par
2 Slay 18 10 Feb 25
414 Deo 3f178 Apr
*2614 27 I 26
2614 2513 2614 25
2658 2614 27
2634 27
5,500 Marshall Field & Co.__No par 23 3 Jan 2/
1358 Feb 24
24 Dec 48's Apr
*1132
212 *---212 *---212
2,2 *---212 *____
Martin-Parry Corp
-No par
214 Jan 15
3/
1
4 Jan 30
214 Dec:8
I
Oct
* Bid and ailed prices: no wales on this day. 2 Ex-dividend. y Ex-tights
-iaT8
-Nr8
iiii8 -idii ,i,H,T8 -i6; -,-2u.,
New York Stock Record--continued-Page 6
4376
Fos soles during the week of nooks not recorded here son sixth page preosidlng
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Monday
June 8.
I
Tuesday 'Wednesday I Thursday
June 11.
June 10.
June 9.
Friday
June 12.
SalesSTOCKS
NEW YORK STOCK
for
EXCHANGE.
the
Week.
PER SHARE
Range Since Jan. 1.
On Nuts of 100-shars Ids:
Highest.
Lowest.
PER SHARE
lance for PrOSIOSS
Year 1030.
Highest.
Lowest.
--per slate
$
share
per
3
share
per
aliars
$
per
(Co..)
$
Par
Pc
Indus.
?Miceli.
share Shares
304 Dec 5132 Mal
3 per share 1$ per share IS Per share' $ Per share 5 Per share 5 per
3
204 3,900 Mathlesion Alkali Workallo par 1738June 2 3113 Jan
2018 204 x20
20
2034' 20
Oet
1918 1918 194 20
19
115 Jan 130
24
88.far
1253
29
Apr
112
100
Preferred
123
*114 123 *114 123 1.116 123 ;•114 123 *114 123 *114
2734 Dec 61as Jan
25 28 .May 27 39 Mar 2
3213 15,400 May Dept Storm
3114 3241 3114 3212 3012 3334 31
32
3178 3178 31
5 Nov 23 MU
878 Feb 13
5 JUDO 8
par
No
Co
Maytag
100
5
*412
5
5 1 *412 5 1 *44
___
5
144 Nov 4013 Apr
534
*5
No par 1434 Apr 29 2438 Mar 21
Preferred
400
5,*-144 15121 1513 1512 *1434 1638 *1434 164
.1434 1734' 1434 14341
68 Deo 844 Mao
No par 64 June 8 7111 Mar 24
Prior preferred
900
75
*64
75
64 I *64
64
64
65 I 64
65
64
65
33 Doc 50 ADf
Jan 7
36
3
June
23
par
No
McCall
Coro
3.200
28
25
2612
27 1 2534
27
Jan
*2712 28
28
1127
2834 *27
37 Dec 74
4 Feb 17
/
300 McCrory Stores Class A No par 84 Jan 24 511
44
*41
44
4112 4113 .41
Jan
4214 4214 *4112 42
42
42
334 Dee' 70
Class B
No par 35 Jan 19 5178 Feb 16
464
4634 *38
*38
41
*38
41
45
4634 *38
1138
*38
Oct 97 Mat
78
30
Mar
9312
22
Jan
70
100
Preferred
120
85
*82
85
85
85
Apr
*82
82
82
85
at
1133
*82
85
Deo
27
26
Feb
29
9
May
25
McGraw-Hill Puhlioa4 No par
25
*24
2'
*24
25
*21
25
*24
25
*24
25
*24
1434 Jan 2034 Deo
4,800 McIntyre Porcupine Minos_ _5 194May 27 2612Mar 31
2214 2312 2214 2234 2118 2278 2234 2234 50,200
2138 2178 2218 23
Jan 8913 June
81
McKeesport Tin Plato-No par 7112 Jan 2 10313 Apr 2
8514 8214 8434 8118 8314
x80
794 774 8012 8034 84
7$
1013 Nov 374 API
30
'Patine 3 17 Jan
7.900 MoKoseon & Robbins...No par
813
812
833
810
834
8
814 9
734 9
84
8
4 Oct 4914 Apr
26
253
Feb
374
12
8June
247
50
Preferred
500
244
8
247
2614
1 _ __
02712 29
2612 2634 •___ _ 2614 *2478 2814.
6 Dec 204 Jan
414June 3 1013 Mar 6
No par
100 McLellan Storee
534 534
*54 612 *A 64
*54 6
6
*512 26I
*512 6
25 Nor 42 Apf
No par 2412June 12 34 Mar 5
400 Melville Shoe
2512 2412 25
*25
*2512 26
26
*25
26
*2618 27
5 Dec 234 Mav
24
Feb
813
2
318June
par
(The)
No
Co
Mengel
400
378 34
34 34
*334 414 *378 414
334 4
*334 4
23 Dec 264 May
100 Metro-Goldwyn Pic pref. _--..27 22 May 29 27 Apr 10
25
25
*2414 25
*2412 2518 *2412 2534 *2413 2512 *2412 25
37 Apr
934 Nov
11
Apr
4
203
1412 51,600 Mexican Seaboard 011 No par 104 Jan 2
1538. 1313 144 144 1478 14
1212 124 1278 1412 14
7 Dee 334 Feb
412June 3 1078 Feb 24
5
300 Miami Copper
6
*5
6
*5
6
*5
6
*5
APT
54
33
*5
Dec
11
410 5
8
Jan
4
153
2
4June
53
Mid-Cont
par
No
Petrol
734 S14 9.200
778 8
818
8
818 838
738 814
154 Nov 53 Feb
714 74
Ns par 134June 3 3113 Fab 34
1934 1938 1978 174 1878 4,9110 Midland Steel Prod
1712 17
1618 1638 1512 1612 17
74 Nov 110 Feb
20
Feb
94
2
sum
6614June
8%
prof
100
1,8
200
85
*75
75
75
85
*73
75
85 I 75
*70
85
*70
37 Deo 7634 Mar
Minn-Honeywell Regu_No par 38 Apr 22 584 Feb 9
*3918 42
*3914 44
*394 44
*3918 44
*394 44
*3918 45
314 Dec 237s Mar
74 Feb 10
3 June 1
318 •214 314 1,800 Minn-Moline Pow Impl No par
3
318
318
314 *318 314
3
Doc 9214 May
44
2
Mar
34 338
48
14
2312May
par
Preferred
Ns
35
*20
35
*29
35
Jan
*20
25
25
35 I *20
*20
*20
1,318 Doc 40
10
3Mar
217
300 Mohawk Carpet MIlle_No par 1078 Jan 3
*1212 1314 *1212 1314 1212 1212,
12
12
13
1314 .12
*12
1838 Dec 634 Apr
Mar 21
2613
28
Apr
1813
par
Chem
_Ns
Wka_
MOnsanto
1,000
21141
2114
21
21
721,8 2118
22
*21
Jan
8
497
Doe'
2014 2014 2018 21
1518
26
Feb
2914
2
Jan
4
153
par
Na
Corp
1834 1978 184 194187,000 Mont Ward Co III
194 1818 19
1812 18
1714 1778 17
484 Oct 72 Feb
No par 37 June 9 68 Feb 10
200 Morrell(J)& Co
38
*37
38
*37
37
37
Jan
2
37
38
38 , 37
1137
*37
13 Doe'
34 Fob 20
38June 5
700 Mother Lode Coalltion_No par
13
N
N
*38
12
13
*38
13'
38
38
113
33
111 Oct 114 Apr
26
Mar
418
8
4June
13
134 *134 14 *134 178 1,400 MotoMeter Gauge& E,2 No Pas
134
0131
134 134
Apr
134 134
178
25 Dec 81
4778 Apr 6
2
8June
237
par
Motor
No
200
Products
Corp
2812
*26
29
*2513
29
*26
29
254 2534 *26
*2578 29
1414 Des 34 Mar
834June 2 1978 Feb 18
No par
1013 1018 2,400 MotOr Wheel
10
104 10
1034 1034 *10
11 1 1014 104 *10
814 Nov 204 Feb
84 Jan 2 3673 Mar 26
No par
2213 234 12,000 Mullins Mfg Co
234 2213 24
234 22
1918 2018 1871 2178 21
3513 Dec 644 Jan
3
7212Mar
10
Feb
36
par
Preferred
40
Na
55
*4613
55
*4613
56
*43
50
47
Dec 5312 Feb
47
4812 4812 50
2518
20
Jan
314
11
par164June
200 Munsingweat Ine
No
17
1673 1673 *16
20
*1813 23 I 1712 1713 *17
22
*18
9 Nov 254 Apr
613June 2 1834 Mar 10
No par
71s 7,503 Murray Body
7
712 7,2
74
7
713
878 84
678 713' 7
34 Oot 4912 Mar
20
4513Mar
3
June
36
far
E
Pc
F
'Myers
Brea
Ns
*3614 3714 *3614 3714 *3678 3714 *3513 3714 *364 3714 *Ws 37,4 6.700 Nash Motors Go
214 Den 5812 Jan
01t.r 21
No par' 20 Juno 2 40,
2478 247s 2418 244
25
234 254 2314 2414 2418 2538' 24
54 Dee 2614 Feb
478Ma7 8 1034 Mar 6
400 National Acme stamped____101
*54 513
*514 6
*514 54
514 54
538 538 *614 6
6 Dec 3233 At r
13 Mar 30
5
Jan
Air
812
Nat
par
Na
Transport
10
*7
10
*7
12
*7
12
12 I *7
*7
12
•7
214 Dec 20 Al r
314 Jan 2 10 Feb 26
No par
514 533 1,500 NM Belles /Mos
538
514 512
518 518
5
8
Jan
5
5
sI
Dec 82
134
27
Preferred
100 17 Jan 3 32 Feb
*878 25
*84 25
•878 30
•878 30 1 *878 , 25
*814 30
Nov 98 May
684
24
Feb
4
3
82
1
June
59
new
10
National
Biscuit
16.500
6813:
8
643
664 644 664 6514 6678
Oct
6634 65
152
6414 6538 63
Jan
14212
8
15314May
7% aim pret
100 146 Jan 8
100
152 152 *15018 15214 *151 15173
.15018 15212 .15013 152 *15018 152
274 Dec 8313 Fob
Feb 26
2418 20331 2514 2618 36,800 Nat Cash Register A w IN° par 1812Juno 2 3934 Mar 25
June
214 2378 224 24
52
2078 2218 2013 22
Dec
85
4
501
1
4June
263
Dairy
NM
par
No
66,500
Prod
33
32
3118 334 3218 334 3112 3234 3134 32781 314 3278
34 Dec 2412 Feb
74 Feb 26
3 May 11
900 Nat Department Stores No var
*34 4
*34 4
3
3
34
3
*34 4
*315 4
00 Dee 90 Jan
100 29 Apr 30 80 Jan 9
Preferred
50
03018 39
*3018 3212 294 3013 *2914 3212 .294 3212 .2914 3312 2,600 Nat Distil Prod otfi--NO Par 1934 Jan 6 3010 Feb 24
Dee' 391s Feb
181s
2514
2513 25
2638 2414 2434 25
*2413 254 2412 26
26
171t June 3312 Mel
100 18 June 19 2773 Feb 20
200 Nat Ena.m & stamping
20
2012 2012 20
23 I *2013 2212 .2012 2213 *2012 23
*21
Dee' 18911 Feb
114
9
Jan
132
2
June
100
85
6,800
National
Lead
102 107
108
9734 100 I 9512 9713 99 10112 100 10578 10312 146
_100 136 Jan 2 143 June 4 135 Doe 144 Sept
Preferred A
60
140 140
140 140 *140
•140 146 *140 146 *140 146
Jan 120 Nov
14 116
Jan
120
8
Jan
118
100
B
1110
Preferred
121
*118
118
118
118 118
118 118
*118 121 *118 121
30 Nov 5834 Apr
No par 2014June 2 4414 Feb 24
254 50,500 National Pr & Lt
2418 2514 24
4.4 Jan
4 2314 2134 2438 2234 2478 224 25
1
21/
4
Dee
118 Feb 3
'May 29
No par
200 National Radiator
N
•N
33
",s
38
le
Jan
38 '
*4
14
14
as'
*14
4 Dcc 11
1
1/
34 Jen 7
114 Mar 3
No par
*4 218
Preferred
*14 218
*14 24
*12 213
*12 213
July
38 2181
.
62
Nov
41
27
Feb
5813
1
364 3718 1,600 Nat Steel Corp
37
No Pat 33 June
37 .364 374 -37
*36
364 37
36
36
50 Dec 12434 Apr
Feb 27
704
3
June
28
50
National
1,600
28
Simply
27
4
293
28
30
28
33
33
32
*28
*30
33
100 73 May 28 111 Feb 27 10612 Aug 116 Juir
Preferred
84
*79
84
*79
84
*79
84
1179
80
84 .79
1179
35 IJec 984 Mar
60 31 June 2 7612 Mar 20
3 354 3512 35,3 1,200 National Surety
3213 3434 *3313 3512 35,
36
*3312 36
*34
13 Doc 414 Feb
par 13 June 2 2478Mar 24
No
1,700
1472
National
Co
Tee
8
147
8
147
144
*1518 1513
15
15
15
16
15
15
20 Dec 54 Apr
9
Feb
2514
2
June
11
No par
Noisner Bros
16
*12
12
*12
16
*12
16
*12
18
14
*12
*12
9 Des 3213 Jan
04Juno 1 1434 Feb 24
233.3 6,600 Nevada Consol Coppor-No Par
8
8
8
84
8
818 812
712 84
818
8
154 Doc 1714 Dee
Vs par 1012June 2 204 Mar 24
___ _ Newport Co
*1234 14
*1234 14
*1234 14
*124 14
Dee 85 Mar
*1212 14
111178 14
30
24
Mar
63
5
Juno
41
50
A
Class
47
*42
47
*42
46
*41
46
*41
*404 46
47
*40
1114 DOO 68 Ape
7 June 3 24 Feb 20
93,
No par
600 Newton Steel
9
*94 10
10
94 938 *9
813 813
*734 812
214 Dec 47 Feb
28 Jan 93
27
May
12
Par
NO
Brake
Air
Y
N
300
17
*13
17
*13
17
*13
17
•13
22 Dec 48 Apr
1312 134 1313 *13
8 May 24 374 Jan 21)
10
New York Doak
25
*12
25
25 I *13
*12
25
*12
20
25
*11
*12
7771 Dec 8812 Apr
100 32 Apr 27 BO Jan 28
Preferred
57
*25
57
*15
57
*15
57
*20
94 Dew 82 Apr
57
•20
57
.15
Jan 27
1218
8
may
5
pa
No
One
NY
3,300
Invintors
8
63
614
*534 6a'S 634
6
534
534
98 Doe 10512 Sept
513 634
513n
N8 par 100 Jan 7 1074 Mar 12
140 NY Steam prof(8)
1054
10512
106
10512
8
1057
*10512
106
106
10614
*106
*10513 10614
Nepal' 1114 Jan 3 118 Apr 20 10831 Dec 117 Aug
121 preferred (7)
_
50
__ 11578 1164
, AIX
116 116 *11614
574 Dec 1327
__ *116
*116
-- 92,800 North American Co
NO par 5634June 3 904 Feb 26
6314 6514
8 6138 1412 6314 6434 •11578,
Jan 57 June
51
6134 83371 5933 8312 6138 64
50 53 Jan 5 57 Mar 27
Preferred
300
56
551s *55
55
56
*55
56
*55
56
*55
44 Dee 147s Apr
56
*55
2 11 Apr 13
Jan
8
43
par
North
Aviation__Ns
Amer
11,900
8
77
4
73
77s 74
712 8
74 814
712 8
9984 Dee 10818 Oct
74 734
200 No Amer Edison prof __No par 102 Jan 2 10814May 6
2878 Doe 5534 June
10334 10334 105 105 *104 1044 *10334 10434 •10334 10434 *10334 1044
2117J00e 9 3538 Apr 7
100 North German Lloyd
*1834 204 *1812 20
15
.2138 2238 *2178 2312 2113 2112 *2013 22
4112 Dec $04 Mar
4712May
31
Jan
43
_Iiii
_
Telegraph_
Northwestern
100
42
444 4112 *4112
45
45
4 Mar
45
*44
*44
Is Dec
45
45
•44
12
Mar
112
9
12 Jan
1
.72
Norwalk Tire & Rubber____10
1
434
*78 1
1
1
*34
*34
16 Dec 32 Ang
1
*34
June 2 194 Jan 8
7
par
No
Co
011
Ohio
8,100
84
8
87
0
84
9
84
934
9
812 9
818 878
Feb
3
54
2
June
2
par
No
Farm
New
Oliver
Equip
500
234 234
234 234 *231 278
238 24
3 Dec 9014 May
*214 234 *218 234
No par 10 June 2 26 Jan 13 12314
200
Preferred A
12
1218 1218 *11
12
12
14
•11
833 Mar
1412 *1118 14
*11
2 Oct
612Mar 27
34 Jan 8
No par
44 434 1,600 Omnibus Corn
412
413 *4
44 418 *4
414 414
Dec 56 Apr
418
4
22
Feb
23
2812
3
June
21
par
No
_
Co.
Oppenbe1m Coll &
27
.20
25
25 I *20
*20
25
*20
s Apr
25
274 *20
997
•20
Dee
60
11
Mar
83 Orphoum Circuit 1no prel_100 35 Juno 9 72
474
45
43
35
35 I *36
35
35
43
48 I 35
*35
ON Nov 804 Mat
3178Juno 3 584 Jan 12
par
Na
Elevator
Otis
3,800
3613
36
3612
3614
38
354 364 36
37
35
35
35
100 12178 Feb 16 129123.1ar 30 11513 Jan 19834 Sept
Preferred
10
_ ._ 127 127
_ __ *127
_ __ *127 _.*127
94 Dec 884 Mar
•127 _ __ *127
61 4.11ine 2 1638 Feb 26
. _No liar
701) Otis Steel
7
7
-7.12
*7
-8
75 Dec 99 Apr
818 -818 *74 812 *714 -i12 *7
100 30 June 2 6912 Feb 2
Prior
preferred
20
39
*374
39
39
39
*374 39
6
414
•36
Dec 604 Feb
82
41
90
Jan
4
*36
3
39
3
2512June
Co____25
Glue
Owens-Illinois
60()
28
2714 274 28
•2778 28
28
illins Dee 744 Mar
2612 264 2634 2634 •27
25 38 June 3 547,2 Mar 10
6,900 Pacific Gan dr Electric,
4278 44
4212 43
43
46 Dec 10778 Mar
4134 414 4212 4214 4334 -42
6913 Mar 20
41
2
4812June
par
No
Lt.&
Paciltio
Corti
2,500
52
534 52
52
51
5114 5114 5238 51
15 Per 80 Feb
5014 50
50
106 15 May 28 2614 Mar 23
50 Pacific Mills
*1712 1812 1712 1713 *1712 1913 171* 1712 *1712 23
•1613 23
100 116 Apr 2i 13147slar 19 1144 Dec 178 Feb
250 Paottio Telop A Telex
12234 1224
12178 12178 12112 122
123 125
121 121
1178
24
Feb
712 Nov 234 Mar
2
123 123
4June
51
pat
Car____No
Motor
Packard
35.300
634 7
1
678 7
013 64i
42 Nov 644 May
614 64
613 634
__.,...._ _ Pan-Amer Pete A Trans_ _60 25 May 20 3513 Jan 29
35
3018 *24
3018 *25
*24
30
30 i *24
•25
30
.24
30 Dee 671, May
3513 Jan 9
3
June
24
50
IA
Class
200
35
2613 2712 *2812 2912, *284 2912 *2812 3212 *2812
5 Dee 8534 Ape
•254 29
54 Jan 2 11 Mar 19
No par
Park &'illford Ito
*534 613 *534 64
278 Deo 261s Mar
67s Jan 21
*534 712 *534 6 I *534 738' *54 6
214 Apr 25
800 Parmelee Transporta'n_No VW
*212 234
2,2 278 *212 3
24 24, 24 278
414
13
Feb
4 Dec 124 May
/
11
19
*24 334
112May
par
Ref_No
A
Prod
Panhandle
1,300
*178 2
24 *178 214 *173 2
2
14 2 I
173
4 Dee 774 Mar
1
34/
*112
No par 1972June 2 5014 Fob 24
2434 66.100 Paramount Publix
234 224 234 23
224 2178 2312 2218 2331 22
438 Ala
118 Dec
211 Mar 12
22
1 Juno 3
1
CM
Utah
Park
300
118
1
114
118 *118
118
114
114 *118
114 *118
9 Apr
2(1
•14
Den
Feb
8
14
37
26
May
1
par
No
Exchange
14 1.200 Pathe
1,4
14
14
138
114, *114
14
l's
138 914
278 Dec 1214 API
114
612 Apr 1
3 Jon 16
No Per
A
Class
800
4
*313
312
34
313
333 341 *3
*34 312
4
*3
3
Feb
June
6
1913
324
24
Feb
Dee
84
Entrepr____20
A
Mines
Patin('
900
812 *734 9
812 *8
8
778 7341
712 712
714 714
3 Nov 14 Feb
44 Feb 24
238June 2
50
2 34 1,600 Peerless Motor Car
3143141 *314 312 34 318 *31
3
3
314
85 Apt
Feb 10
4613
2812June
2
3
par
Jan
264
No
Ford
&
Penick
3,000
32
3112
:
321
3238
324' 3112 32
3218 32
32
32
32
2714 Dee 803s Jet
No par 284 Jan 2 3978 Feb 17
3234 3.000 Penney (J Cl
3234 324 32
32
3112 33 I 32
324 3078 31
31
4 Semi
/
100 90 Jan 8 9933 Mal'27
30 Dee 1011
Preferred
100
97
*96
96
96
96
*9518
*954 96
96
*95
54 Feb 10
2 May 29
97
214 Doc 12 Mal
*95
700 Penn-DI:1e Cement__ __No par
24 *213 3
24
24
214
3
11214
214
214
Dee
213
10
100
Mal
June
15
29
5512
9
30
Jan
.214
Preferred
100
14
*10
14
*10
*1014 14
10
10
18
*10
13
204 Dee 6018 Apr
•11
People's Drug Stores_ _No par 23 Jan 2 3512Mar 31
31
*28
31
1.28
31
•28
31
*27
31
Mar
325
*27
Dee
31
.0
1854
33
18314June
(Chic)__i00
2
15
Feb
*27
LAO
0
192 19613 195 1974 195 19834 9,500 PooDlo's
192 196
188 194
No par
17 Dee 224 Aug
1012June 4 174 Jan 30
190 195
Pet Milk
14
*12
13
*12
14
*12
14
1112
14
*12
57s Dee 2714 JUJU
14
6 June 3 ity4 Feb 28
*12
612 678 6,800 Petroleum Corp of Am_No par
64 7
614 64 64 74 64 678 13
644 614
1934 Dee 444 Am
11
3
24
Corp.
25
Feb
Juno
254
*1214 1314 1,500 Phelps-Dodge
13
14
1414 *13
13
21 170 Oot 24838 Am
May
150
150
21
Co
•1214 1312 1312 14
May
(Pittab)___50
Philadelphia
200
•100
200
*100
200
501e Jan 677s BMA
•100 200 *100 200 •100 200 *100
50 5212 Jan 5 5612 Mar 12
700
6% preferred
55
5512
55
54 Dec 254 Mal
*5312 5334 5313 5312 534 5312 *5312 74
6,4June 2 1214 Mar 23
*5312 55
74 7'2 2,000 Phila & Read C & 1._ __No par
74
734
718
71
71
1511 Mal
314 Jan
712
26
714 714 *7
Mar
12
Co
6
&
.
Morris
9
Ltd_
_10
_
Jon
Phillip
800
10
10
1018 1013
10
10
10
DO., 274 Feh
10
1014
104
•1018
18
Misr
1014
_
Corp__
•10
_No par 11 Jan 8 1218
PhillIpe Jones
12
1412 *11
*11
12
*11
12
*11
12
52 Dec 75 Fet
8
12 1 •11
Jan
•11
52
4814
1
100
Apr
Jones
peel
Phillips
494
--*4814
4938
1
*481
4978
114 Deo 4434 API
114814 4941 *4814 494 •4814 4973 *4814
No par
434June 2 167s Jan 5
612 672
838 634 18,500 PhIllipe Petroleum
638 63,1
714
6
7 Dee 2013 Am
54 614
9 Feb 14 1014 Apr 6
6
Phoeuix Hosiery
573 5341
84
*7
10
*7
81
*7
10
lel Deo 33 Am
11
812 *7
Fob
8131 *7
14
27
•7
-Arrow
2
June
14
par
class
A___No
Pierce
15
*13
*1314 15
211 Mal
15
*13
13 Dec
•134 15
12N/sy
25
26
25
Fob
112
15 I *1312 15
12
•13
12
88
1,700 Pierce 011 Corp.
•I2
58
(03
58
I.,
4
sia
asi
•18
712 Der 52 Ma,
612June 3 2334 Feb 27
RIO
Preferred
700
1014
1012 *9
.0
01
710 API
Dee
4
11
1038 1012 *9
27
912 10
Feb
1012
*9
34
2
June
1
par
No
Petroleum
113 112 3.800 Flares
173
112 178 *las
4 API
1
134
254 Dec37/
14
118
138
138
138
No par 25 Juno 2 37 Mar 9
800 Pillsbury Flour Mills
27
3734 2814 27
27
3414 1)e0 607s Bel
*2612 274 2712 2712 27
Mar IS
28
•27
4
3
34
2
2814June
Cool
Italy
Pirelli
300
304
8
*297
•2878 304 *2838 3018 11294 304 *2978 3014 3038 3038
Saturday
June 6.
and ex-rights z Ex-dividend. y Ex-rights.
-•Bid and asked price; no wiles on this, day. b Ex-dividend
New York Stock Record-Continued-Page 7
131:'
For sales during the week of stocks not recorded here. see seventh page
orecediag
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
! June 6,
Monday
June S.
Tuesday
June 9.
1 Wednesday • Thursday
I June 10. 1 June 11. 1
Friday
June 12.
Sales
for
the
TVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sinus Jan. 1.
On basis of 100-share lots.
Limos!.
Llipheot.
8 Per share $ per share'$ Per
@FedFRASER